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FINANCIAL TIMES 


No. 27,726 


Tuesdav November 28 1978 r \J3lp j 


King 8- Co. 

Industrial and 
Commercial Property 
Tel: 01-236 3000 Telex: 885485 


CONTWgNTAL SELL ING PRICES': AUSTRIA » Wl .BELGIUM Fr 2 1: DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM2.0: ITALY L 500; NETHERLANDS Fl 2.0: NORWAY Kr 3.5;. PORTUGAL Esc 20: SPAIN Pta 40; SWEDEN Kr 3.25: SWITZERLAND Fr 2J) : EIRE ISp 



GENERAL 


BUSINESS 




by Teng 


Chinese Vicc-Preinicr Tcng 
Hslao-ping lias turned down an 


up 5; 
Gold 
falls S3i 


Government to go | J r . el “ nd 
ahead with Ford | to joL 
sanctions today 


{IRELAND is dor- almost certain 

BY HAZEL DUFFY, 'RICHARD EVANS and ALAN PIKE Jto join the projected European'. 

■ 1 Monetary System whether Bnlam! 

goes in or not. provided ber 

The Government will announce its pay policy sanctions against frord this major condition or a tranter or 
afternoon in spite of a powerful plea from Sir Terence Beckett, Ford ’ Britain decide n«.t io 


ALLEGATIONS BY STRIKERS 
AT CENTRAL BANK 

Iran leaders 
‘moved £lbn 
funds abroad 


BY ANDREW WHITLEY 


TEHRAN. Nov . - m . 


• eqlities rallied throagh chairman, lbat the 17 per cent pav settlement is not inflationarv. 

the improved investment ^ ’ r r ■ : 

t-nthusiaxm. the Ordinary- Sir Terence, who had a im>>- sanction* a gainst Ford last week. pricing policy :i 

Index closing five point* un hour meeting with Ministers but was peisimdert by Sir Hie Govern ni*m'- 

a & p yesterday aflcrn'ioti. where lie Terence to delay pending ihe single figure. 1 *. 

' ' '-X plained the pay suitivment. reimn in mirk of Ford cinpluy- j, has a 4!# pc: 

• GILTS were also firm. The wiM Minisicrs again this ees yesterday. , n ,j ie pipeline , 


participate. Irish membership - ALLEGATION'S ihal Iran's overall inflow and mil llo-.v of 
will inevitable aican a break in i ruling elite transfer lull nearly current:, cmiiil be umniiiired. It 


{n. t rom c J. anna ” nu ff £uo- closed 0.18 up at 68.38. ht * suacl,ons - men! that the se it lenient is nut 

..according to Peking If sir Terence agrees, I lie inltal ionary, the Government 

)?: reports. •COCOA was boosted by specu- sand ions will lie included in the lakes the view ihal there can he 

Mr. Teng is said to have told lative haying to new 1978 highs general statement. They will no guarantee that the supple- 


J-'"' visiting U.S. journalists that the on the London f attires 
Chinese leadership was meeting _ 
r; to discuRs modernisation and LjQ pLm »ow 
'ir u sqrt things out.” IIp aho 

defended Hie policies of the late L I 111 OA 

Chairman Mao Tse-tuns. [ vvwvrt 

tn a sudden upsurge of puli- 2 ^ 0 o|- HUMS 
tieol activity, including new wall 2fi^P8SINIS 

pasters, recently in China, there I 10TB Iff? 

i,. have already been calls for Mr. I 

Teng n» repim-e Chairman Hua. •,«/*,! A,, J 

Back- and Pages 3 and 4 

^ Newton ‘hired \ * JT 

% to kill Scott 9 181,0 A j| jJf- 


ees yesterday. , n , [|e pjpenn.- to recover eusF Mr. .lack Lynch. -the Irish Prime! made today »,y dissident em- have documentary evidence to 

In spile of Sir Terence's Malt- increases incurr.-.l in the past j Minister. and Mr. James ; ploy«*S of the central lunk. • back up their claims 

mcnl that the settlement is nut six months. follows a J.& jCal/a^tiun. Documents being cin. dialed . ,JrtL ‘ , esplanuiion being pur 

inlblienary, lhe Government per cent increase scren months; ji r t .-neh accompanied hv Dr. by the disaffected " members of forward here for the large kuiiis 

lakes the vkw ihal there can he ago. 1 George Colley, the Irish Finance the Central Bank of Iran-ihe J"™ ^“L^'ihe 

no gu arm ice that the supple- The company pledging that i Minister, wa* apparently told that Bank Mariai'i — who staged a L‘ L,. s e m< ! ,Ti!!r‘in >ni Iphi-itinn 


s rearkrt. definitely include an instruction im-nlaiy payments plan, which «s j, w n I not seek to recover the in-; Britain accepted that Ireland lightning strikt 

to Government Departments and designed t*. curl. linonivial L . rn; , <e \ n labour costs from the' would need a transfer 0! claim that tile 

1 r 'l nationalised industries not tn buy strikes, will work. In this light. rurrem settle no. -tit bev.md the! re&Allives a Move what she now Iranians invi.lv. 

: 1 Ford vehicles, but it is possible the seitlcuienr .-Iciirly m c.vre-s - yer l>ont penuitted in the autdc - receives from the Common j relatives of li 


thal Dus will not lie extentled tn of the pay guidelines. 

local authorities because of the tj„. rle.-isiun 1*» iiho-kiisl Kurd 


current setll«*ni..*!ii beyond the resj»u rces above what she now Iranians involved include close 

5 per cent permitted in the guide- receives from the Common relatives of t in* Shah, senior 

lines Agricultural Police and the EEC Generals, former M ini-tier*, and 

In other words. Sir Terence re £" nal ^d social funds top officials si. II at i heir posts, 

c-.irf if »h#» ■; i-vru-.-i.-ri fro... Brtam would vapporl Ireland > The dneuments. which arc so 


an i a n a - involved include close 

la fives of the Shah, senior lb«? OppoMtu-n claitiicd t.»- 
jnerals. former Minisler* and n»Shl hat t.tv m.l.larys acton 

p officials Mil) a t their posts. 0,1 ,? a ’ l } ,d:, l > opening the 
■ h central bank sinkers from iheir 

The dneuments. which arc so nltices. and arresting >nioe of 


dillicuhv of iniplcni.-nting it with was , ak ., n Uy ;1 t: :i l.„iel ...iimui- sa ‘J ,f ^ ,.,‘vin J'cxiifd from Br,a,n A'^ldMapporl Ireland's | T , ]C dneumems. which arc so offices ’nd irreVi!n« “Jme of 
(.wiservaiiviM-ontrollftl councils. lc - 0 . haiml bx Mr l»ni- Umley. j hc st . lt | e , ne nt d-» noi uiak-rialisc i l for . a * ^‘ asl l ? r “““Wanliak-d by indepen- tiieir number «-j s precipitated 

Other sanctions which may he Clumelb.r of the hi. Iiwiucr. lh(t compaai - -...i; the full V 10 1 r fc " ^e-.-ear trai nn deni cormhoraiive evidence, arc n „i bv tiic strike u»eir but l>v 

impnsnl against Ford arc with- after Kiiirirmaiinii ihal l ord hn pact on il4 profits. | • tonal period, itw insn i...vern- nevertheless very detailed and fears over Uu* conseiiuenees of 


Former airline pilot Andrew — 1 pL — -j — : — i— j — c . ase 10 J ne , l a "J 

Newton told the court in Mine- Wl } 1 P i closely involved wit 

\ ' bead. Somerset, yesterday that 16 ooL5_ I 1 < 13??1 Sjjwliw 1 * 

... he had been hired to kill Norman ' MJJASOhl Indust r>Sea elan. 

Scott, for £10,000 by David T ??*} \S? 9 J£ "fc* 

K-. Holmes, one of the three men By the close March delivery the Pri«3 Secrefirv 
V' ttc ® u S* < *. w| Tb - T eremy Thorpe in ebcoa was quoted at £2£123 a if thought that 
... a conspiracy lu murder Scfilt. tonnr _ ^ alM)vc fti4l y s n .cnt 3 t " a, 

Earlier, he said he had been closing level. 

lold. of the plot by nnnlhei- 

accused. George Dcakin. After a • STERLING rose 45 points (o 
- plan In kill Scott with a chisel S 1.0425 gad the trade-weighted 

had failed. Newton took Scull to index was 62.4 (62.3). The JH 11 1^ 11 
... Bxmoor-HJth *h e ajm of shooting lloHar A0 uerally showed mtxed A UJHLli 
1 . TTn ’ . - changes. Its depreciation 

Xuwluir satd he got mu ol the narrowed lo 8J. per cent (&3). a, 

■ car and shot Scott s dog. bul pre- ■?- . 1 J r-, 

tended the. pistol was jammed O GOLD fell $5j to 4n *J I ■ ilT 

when it game lo shooting SeuLT. New'Vork the Novcmbt-r Cbtoex til IVi 
Later -he. surrendered the gun tu S19b.b0 (S201AOK 


Other sancl inns which maj he t. , liaiu-elb»r of the Kxim 
impnsni against Ford are wilh- a Tier i onfirmatiim ihal 
dratvai of some Export Grediis uurkerv h.ui a>-i opted the t 
Guarantee Depnrlmenl support l-cui pay sottlemeiii 
and future Giivcnuncnt financial Ml . Healey was n<u ai y 
assistance on investment pm- day's iiieeiinv with Sir Tx*r 
Jectji. Tiic Bridgend engine plant an i| it may he m-n ss.iry f* 
v.-il! not he affecled. ihn-r Mmi.-tciv, i«» i-oniuli 

Sir Terence spelled out his before the sanctions annr. 
case to Ihe three Ministers most lucm k made, prohaidy 
closely involved wilh pay sane- IT«*ss nnti*»' from the Trea 
lions policy, Mr. Eric Varley. tire There is no intention at 
Industry Secretary; Mr. Albert sent of making a Minis 
Booth, the Employment Secre- statement lo the Commons 
tary; and Mr. Roy Hatlerslcy. there are certain to In- p 
the prices Secretary. torn demands from MPs fc 

It is thought thal the Govern- emergency debate 
ment wanted to announce ils Fnrd maintains ihal tu 


iinpuc; on it' prottis. I ~ ^ 

Sir Terence said that, as rord>. grant form. 


‘ . |T‘ . "r ,' IO!l nciaiwu :mu fears over ihe conseijuences or 

fl- i c,;,n " J' 131 ibe transfers were n u . publicaiiun uf tliu bank s 


ui usay have to niade during the height of the fj] es . 


‘Traitors’ 


In a covering note attached 
to the list, the central hawk offi- 
cials' syndicate says: ■* By read- 
ing litesc pages know some of 


Later he. surrendered the gun tu pne*. Ul ts S196.tifl (S2R1A«K - 

the. police. . . r i 

. Under - CfamLi-x Jm (nation he • 5YALL STREET closed 3%>. 
. agreed he. soraeUtues had dim- higher at 813^4 in qnict iradtag. 

v cuTlv in disDngui.diing fact from j- 

’ fantasy. He- al-*d agreed he had".®. b-S.' TREASURY Bill rates 1 
. been 'given immunity by the were:* tbrc«*s .0.166 per cent 
1 Director of Public Prosecution. (&69ti) and sixes ‘J.33 per cent 
. The trial contitmes: ; ‘ (8.91)6). ■ - •' . 

Secrets ‘blunder 9 • AIRCRAFT purchases Wtirib 

i - Mr C. J ,„ giiL. in a tirirnnv ««* lhaT » £lhn are . anticipated 

Mr. S<*ir> SilKm. the Atlerney bv jj r j lisb Airvfayn over the next 

r Genera should not Irn-e allowed The ne w.- aircraft will 

•: .the recent secrets irial oi two 1M |..hu u .tinmnii 747 inmi.n 


Fukuda to step down 
after primary defeat 


■ cninpicivs a roumi or taiKS whu r . — md Mohr from Au'misi ^ 

! Heads of EEC Governments. Vi° £3a , om fr T a , raa . ,n st,n when maisivl ■ <?,-r-V k n .ns r,- 
i holding one of Iran $ top -'.non iiij»siu 7 * ,ri lumnnsir.i 

: _ vcnnomic posts ,l0ns ■cd direclly io Ihc unposi- 

Fvnorts The disuihuiion of the list \' on ^ weeks 

U 'P UI 13 . coincided with the appointment »a ,c *r»' Ddoher .2. Hus was 

Mr. L- nch is seeing Herr ; of All Asghar Amin, a jurist. (■< days before the military giixem- 
llclmut ’ Schmidt, the West. lead Die Inquiry into the royal oiem s takeover and the sub>c- 

Cerman Chancellor, in Bonn to-, family’s financial affairs r ”’’ . n , l . mp,,v U "' n " F 

dav Last week he saw President; bmee the crisis began nianv of exchange enn tints 
I Lard dWo’r Franc,. «h»i g. « m*m n «r fl* . *». ,** 


AVAIL STHEET closed 3&1 « CHMiS SMITH Mr’''”' 

her at 813444 in quiet trading. _ ..... 

. MR; MASAYOSHI OlUWA. secre- Mr. Ohtra’s surprise victory in elect ton result, how et 

V.S. TREASURY Kill rates tary Sjeneral of Japan's ruling the month-long primary, whose that support for Mr. 


* m .fMin. the Auntie b y British Airways over the next Fufudathc Prtine Miinsier Mr ^‘ ,l!ns ^ nftn " 
eQ. should not lu»ve allowed - H * vp ., rs Thp ntf >w aircraft will wCrS 8, 1 c ™ 1 1 {-4 . Democnuie men 

«"J -«!!L.'5Sf«-25 Sa^TSMSS' »?T«iu2 '™}~. 


approaches 


lie of its commitment lo the anti- in large sums. i<i buy land ur 
curmptinn drive now' in full business's in \Y«*«1ern Europe 
swing, the publication of this and the U.S.. has luen a nurmal 
four-page list of names and and acceptable activity here for 
figures is considered here tn lie at least the pasi Hi let* years, but 
political dynamite, in both its the rush accelerated during the 
content and liming. summer. 




J. Jie-lmd agreed to drop ebum SJcndent Tdrllue has ordered g?" - a 

MyS lhe Law fhm. gSSs r 

Society Gazelle. n.nge jet airliners. Page 6 P Mr 

Oil spill risk • BP Chemicals is to build a seems t 

Oil ™,W coniimie w b« spilt "l?” 1 5R5 


Britannia . A I run vs the UK in- VV«.T i,« aecmen io aveepi me xcnuci m uichhul; turuiu win need more man mourn, since 

rieuendoD'i Artine has ordered ■ surprise defeat by Mr. lhe i. 3m parly members who the more centrist or the four 47 per cent of exports still go- 

'riSre ‘'Siinn “37 sSorf ’1 unprecedented ^ In lhe primary after being - progressive opposition parties to Britain. 

n.nge jet airliners. Page 6 Mr Fukudn’s withdrawal through So * its nmcluMun would market appeared disappointed'by |i r ih“ Jfind 3 wS? appreciate 2 re sl ine T!L!J r - >e hi f b !u damn3 l n? - '"^rcial banks are turning their 

• BP Chemicals is to build a ^ ?radi ug Nikkel^ow | -akin S exports: of tali^ctffwni ifs'n EcSi Allies ,™ re^md? lf«r Vila 


’ ment was thereby showint? sn owned Bank Mellis eentrai 
, . little faith in the future or the branch. Many smaller com- 
■ i regime will be highly damaging, merciul banks are turning their 


around. Britain and some ^pU- ”7^3 in"tb^ Tr^” are' eitSmeb' betatadiraltalbu^ 4 m^hT'tS ’SrelKd did' 1 T. n ' ly "T" f° lr ? n,fcr 

toi. wild oe U D b limited. better Organisation withih the a bout 10 from the previous close. 1 ^oi fwwi reform of the Rtru^ ^ e,r ^ « re !. 0<,|0M 

thousands o/ ions.. Mr. Jobn Mor. hy iss.. rage w[ll . however, bring a Ohira r:unp and 10 ihe support or By the end of the session after . Vure of the Gomn cS V-rieu?tiiml a ,r ? ad . bec!,u,,e of lhe now 

ns. Ihe Welsh iSeerexary. told the * EMERGENCE committee ol clunfe or political style within the powerful and wealthy Tanaka election reports circulated; p n] I,v « V,7iT n .apri w .u r 

Commons. The risk was pail Xattonal Union of Journalists the Liberal Democrats, particu- Faction— the intra-parly group slock prices had slumped 10.32 .Britain -.nd rh.i in int « V eni V* 1 * ,hL * fonnal liuposiiirm uf 
■of topric* for our modern way mee is to-day lo discuss sacking larly as regards the handling or surrounding the former Prime points to dose at 5979.44— break- 1 pap -hmMH bSili c * m " i,B •>" Novemh.-r 

of life. Page 8 uf KMJ Boitoo journalists in the the party's relations with the Minister Mr. Kakuei Tanaka. im T an ciahl-sesston clfmh. : „ nt i r _| v r: ,, H r r ...„ ,hf p\ic i- 0D '-' icsai ^tjUiremeni w:rf 

.... . -.uoL- jilil n?itinn:il eainnairn of Gnnrieii 4 "ni-olimfrturv .,n : ,ivcic of ih n FdifoHrH comment. Paee -«i ■ entirety separate from me bNb. f Dr the commercial banks 10 in- 


ign economic policy coangcs th»- parly. 1 ratling the 225-stock AifcRel Dow 

only because Japan's options . The election upset was being Index had risen to a new histori-1 


more expensive. 


by all those who have subse- small foreign remittances. 


JC in New York 


posit inn uf 
Xcivemhiw 


Of life. Page 8 ,,f hkj Bolton journalists in the 

Bill rhnfAn-r rf week-old national campaign of j Opposition. 

! V * 1 * Mayor snot dead mdu^iai action, page « | 

iKna 

1 c ere - 5,1,01 d ^3d ye^a.v. A 19a according to estimates 

T ; i\ *■ ! " l { 0rai ?L en,pl ° yCc hHS beeQ by an Edinburgh firm of stock- 

.arrested. brokers. Page 6 


nf HKJ Bolton journalists in the (the party's relations with the Minister Mr. K:\kuei Tanaka. 


A preliminary analysis of the 


io- T an cishl-sesston clfmh. 

Editorial comment. Page 2(1 


Labour committees demand 
British veto. Back Page 


form the Central Bank of indi- 
vidual transfers, so that the 


1 IIMTnill 

hi- -m 1 1 — 

1"> ■linin'.. 


•; f.-M [,•. 

Li.2l-0.U-ai- 0.«i< 0.:0-u* 


IAvOJIT .ii- 
J.I.H-S.I’) -ii- 


] . 1 . 0 ? . ti- 

ll h -.V.iJP. .lit 


6 Saye Times’ plea to Callaghan 


Wixon advice 


brokers. Page 6 

• PRODUCTION Of BMW cars LAST-MINUTE 


BY CHRISTIAN TYLER. LABOUR EDITOR 


delegates, representing predominantly non-union 


Portakabin 


^••Ptorner US President Hit-hard rose 13 per cent -in Lhe first nine made last night lo persuade the some 5.000 Nl/.A members, unani- mingham paper. Papers in 
said " in' ParU that he n,oulbs “f Th ‘3 year. BRfW awe Prime Minister or the TUC 10 mously carried a resolution Portsmouth and Sunderland had 


bn «aid ' in' Paris that he 1T,0Ulbs t, » Th ‘s year. BMW awe Prime Minister or the TUC 10 mously carried a resolution Portsmouth and Sunderland had 

.ij.,. _ lir ?r, PH v un anf i reports demand far outstrippm*’ prevent The Times, its three which said: •‘This. meeting offers fried a cmiplc of years ago to 

% ■ 1 , 1 1 Tn I fhL- group's ability to deliver supplements, and The Sunday wholehearted support for the msial “ direct inputting,*' but 

affair but planned no page 2g Times disappearing from the stand taken by the national failed. 

PK^.wuiet)»-L lie was gwn„ .« */*,- „ u „„ streets from Thursday nighL rouni-U (of the NGAj in its fight He said tbit whate-er eleven th- 

8dSc polS!' ; on T^ide ?3«“ed for many weekS ' - hour intervention there was. "our 






is talks 



B OSident Sarkis of Lebanon . r ,, mmnn p UK .. x • day — it .looked improbable that support to loe national council jj l( , n t reaffirming iLs “total 

rived in Paris in search of on J common aaie “ Times Newspapers would lift its a‘ ,he appropriate lime. Niijipnri" for the action taken by 

gheh arms and other aid tn his q PAPER and board production threat to suspend publicaiiun on The principle referred to is the executive board, 

inis' to restore nnlitical j n ihe UK should increase by that day. Times Newspapers' plan tu intro- Following the NGA chapel 

Mlily to bis country. Page 3 about 2 per cent Ibis year com- Thomson British Holdings is “ uc ? computer-linked type-selling n Hi vials' decision. Mr. David Cole. 

_ '= ; pared with 1977. the industry's now facing the possibility uf cm moment, some of which would managing director of Thomson 

fcSfiripftv Federation forecasts. Page 7 sympathetic , action at some or ! n ! **- v J'm/halisls and Ttexhmul Newspapers, said: “1 

g ggfc: • r ' . all of the 54 -titles in another «' rls - not NoA printers, ^u not think that anything staff 

S^Frinee - Charles will join the PQMPANIES . - * publishing division. Thomson A decision on what kind of do to nur papers will inttuencc 

Sgbgrd of the Commonwealth - Regional Newspapers. support to ask from the regional Times Newspapers one iota, no 

i-»&re]opment Corporation .for •/. KL FENNER arid Co. (Hold- Delegates of the National chapels will be taken by the more than the other way round.” 

years from January I. but j n n S ) pre-tax "profits improved Graphical. Association from TRN union's national council next The two businesses were quite 

• : iftthotit the £1,000 a year fee. f r nm £S.41ni to £9.06m in the chapels (office branches) met week. Fleet Street NGA chapels separate, he said, and technology 

Avres his iccented “sub* 'ear lo September 2. This in- yesterday lo consider widening have pledged £25.000 a week policy :.l The Times was not the 

in thP Hifih cluilet a five-month comribution the battle in the event of the from a voluntary £5 a head levy, same as in provincial papers. 

^-'Srt over a Lndav ixp^s from Janies Dawson and Soft, suspension occurring. The NGA Mr. Joe Wade. general Some TRN papers had had 

:■.. article casrin" doubLs 00 lhe acquired in April. Page 25 alone of the seven main print secretary, said after the meeting computer-typesetting for years. 

-r.r-. . ut,J nlrnt . . unions has refused tn negotiate that The Times was attempting hut the keyboards were operated 

•c‘c-,2^ lgina u - 0T ner poems - •TRU'ENTROL is roplawng with. The Times until the suspen- suinclhinc that operated nowhere by NGA men. 

'Floodlit cricket starts in Sydney, most of its Government-guar®!*? s ],j n threat is removed. else in Britain, except at one Continued on BackPagc 

. ;f. tonight using a. black ball and production loans wilh. a 


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white slghtscreeus. £60m commercial facility. The 

W Bookmaker William Hill is Offer- loan, which owWaSl per coni 
...v tag 16-1 auainst a White Christ- royalty. l ®. J^SSi/ISS 
mas in London-snowfall on ibe trors share of * b ® tS 

Weather Centre in Holborn now on stream. Page 2- and Lex 


CONTENTS QF TODAY'S ISSUE 


fc* l 


European news 2 

Overseas news 3 

Americau uews 4 

World trade news 4 

Home news — general 5-6-7 

— labour 8 

—Parliament ... R 


Rhodesia: Unenviable task 

for Cledwyn Hughes 20 • 

British Gas has gadget Tor 

testing pipelines 21 

Film. 1 ;- . it Video: Manage- 
ment films with a puncture 12 


Anatnincrti ..... 
Aspvtauwnls 

Bw Rales 

BwllMW OpFtS- 

CMmrtiS 

Enumlnmenl CuMe 
Enspsan -Opts. 


Technical' page 9 

Management page 10 

Arts page 19 

Leader page 20 

UK Companies 22 & 25 

Mining 25 


FEATURES 

Defence strategy in Eastern 

Europe 2 

Problems deeper than 

Bhutto in Pakistan 3 

Kuwait Dinar market: Oslo 
Issue eases doubts 28 


Inti. Companies 26-28-29 

Euromarkets 26 

Moncv & Exchanges 31 

World Markets 34 

Farming, raw materials ... 35 
UK slock market 36 


Uncertainties facing seabed 

mining 30 

International 1 capital: Vene- 
zuelan steel 26 

FT SURVEY* 

Swiss capital markets ...13-18 



33 

FT-Aouarkes Indices 

3k 

Saleroom 

S 

ANNUAL STATEMENTS 

32 

Job niumn 

32 

Share Inferrauton -- 

WJl 

A. Beckman 

25 

M 

« 

Letter* 

Leu 

a 

40 

Today’s Evens .... 

TV and Radis .. . 

21 

12 

City A InU. Trul'.,. 

a 

12 

Lombard 

1Z 

UnK Trusts 

37 

J. H. Fencer .... 

zz 

12 

Men and Hauer* ... 

X 

Weather 

« 

Nellsa Ltd 

21 

M 

Racing ■ 

12 

World value of E 

31 

W. A. Tyrach 

25 


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Financial Times Tuesday XovemW 2S 1978 


EUROPEAN NEWS 


reement near 


on uivi issues 
of U.S. bonds 


W. German 
business 
mood rising 


EEC loans facility go-ahead 


BY GUY.OE JONQUIERES, COMMON MARKET CORRESPONDENT 


BRUSSELS, Nov, 271 ' 


reports 


loans and adminster summit of - Common '• -V 

II .lu, lia racnnncihlA laaXer<i .in BrUESfilS, WuKD'UlS' * 


system are [West German MS money supply 
. . . 7 [rose .'TIJSh*;. marks: seasonably 


BY ROBERT MAUTHNER 


PARIS. Nov. 27. 


By Adrian Didcs 

BONN, Nov. 27. 
BUSINESS confidence in West 
Germany, steadily rising for 
several months now, increased 


account (about Mm) were the first applications will be borrowing on capital marse m. - rose nans: seasonally 

finally given the go-ahead today solicited from potential bor- Xhe facility was first proposed . No time limit “fSS' VlS!! 

with the signature oF a formal rowers. in the spring of last year by .far the life oj : the Mggiy Mft SS 

convention between the Euro- Among the possible invest- M. Fran cott-Xavter Ortoli. tne will be made iw 

pean Commission and the Euro- ments which have aroused Comnnsioner for Economic tranches up lo a ^ ^ w 

^ 7 KK"* 2 !tf ‘“L. interest in the C-rt-teffS Ato « » *» £*»* « »“JMg .$£ 


AGREEMENT HAS been reached cent" countries will have 
on most of the detainer the first moderate surpluses after their 
instalment of foreign currency- heavy deficits over the past Tew 
denominated U.S. Treasury years. 

Bonds, to be issued in West Ger- The lower growth rate in the 
many in mid-Deceraber as part of U.S- nest year— little more than 
President Carter's package to 2 per cent according to the 
stabilise the dollar, officials said revised Forecasts — will help to 
here today. bring down the U.S. current 

The U.S. decision to sell $10bn deficit to about $ 8 bn in 1979. 
of Treasury Bonds abroad, the after a shortfall of nearly 820bn 
first ever tn he issued in foreign j n 197&. This is $4bo less than 
currencies, and which will carry the forecast made by the OECD 
an unconditional guarantee of secretariat just before the 
the U.S. Government, was one of announcement of President 
the subjects discussed today by Carter's package of economic 
the OECD's Working Party measures. 

Three, which deals with halance expected tn be reduced to $12bn 
nf payments problems. } n 1979 From S20.5bn this year. 

The sources >:iid that some while West Germany’s surplus 
DJI *J.5t<n to DM 3l»n i about ; 5 expected to come down to 
Si .John to si.5hn> wonh of the .-pt nowhere around S3bn from 
Bonds wiki Id bo fluiUed on liie $6 75 hr in 1978. 

West German casual market to These estimates have been 
he followed by another issue m.ole on the assumption that 
nevt year. ihere will be no more than a 

About onv-ihird oT tile total of modest increase of ahout fi per 
SlObn of blind? is i.-xpeu-ied to be coni in the price of oil. 
issued in Wet German>. Most delegates considered that 

The Treasury officials and the conditions were now Favour- 
Central Rankers at today's meet- able for a stabilisation of the 
in-j were generally satisfied dollar, which would he greatly 
wiih the current trend of balance helped not only by the progres- 
nf payments adjustments. sive reduction of the U.S. pay- 

According to the latest OECD ments deficit, but also by the 
forecasts, the surpluses of the large disparity between interest 
stronger economies will be rates in the U.S. and the stronger 
sharply reduced next year, while Western economies, particularly 
moft of the so called “ convales- West Germany. 


amuuj 110 U 1 £ ivi l uum' » • lUlCJcdL III IUT miuiHWSitfu t nudu-ii m * * T cranflS .' 9 [ ETBff- 'JfarRS: {Tip 

several months now, increased ^ he f? cai J2’ wj'c* 1 ^as been tiie proposes being studied EIB’s normal len^ng activities that it vnll e disbursed "Bundesbank said?lalet io axejiort 

further durins October the Under discussion for the past IS jointly in Britain and France to Last year, the EtB lent almost 800m LUA have been disbuMed thafTSKThas CTotitt-st'an "annual 

rrA rLn?rn.r «J<!^ .n7« I" 001 **- is intended tn boost the J const ru C t a cross-channel grid l.fibn EUA anti almost all of It to or after two years, which ever ^ S 

ii-o economic Research in so- level of investment in the Com- linking electricity networks in borrowers ioside the Community.- comes first. i , : sir* months, far abo.vfr the S per 


tute of Munich reported today, m unity by providing partial the two countries. EEC funding : ^ i h taken on new Progress in putting The .fifrw centl grovrth- nwl ^Sthe .-Centra] 
The Institute’s index of the funding for projects in selected would, however, have to he re- • - _ i j: fo^utv fntb- nnaMtion Rant . j&t M' thiil EnnmWJ ni> 


The Institute’s index of the 
business climate, widely re 
garded as one of the most 
reliable German economic indi- 
cators, now stands at a higher 
level than at any time since 
1972. 


' r . ~ .7^ V. : . 3 The plan nas xasen on new. rrogi»» -.wo ,-vot 

funding for projects in selected would, however, have to be re- ^prUficance recently in the light lending facility into- operation Bank net :*t the beginning 
sectors. These are eject e d to nested to tb, "itioeal XtoSSta oSaSStaSS ' 25 hSa stalled by a pr&acted stxttyer t 

include energy programmes electricity authorities concerned, i ess ji e velat>ed EEC countris dispute with the European annum cate in- the last afx mot 

certam industrial ventures and _ iMK' HffiEL J ' tn 3 ES 


pose to the Counci of Ministers tie aner oeing veirea nuuuir pmw* ^ uu ™ *™« 8 U 1,1 ^ came* -from- feraimf- eanltal 

more detailed criteria for pro- by the Commission The EIB European Monetary System, partly unresolved tha-Mg 

jects to be financed bv the fim will have final authority over These demands are expected to meat has agreed to let the af ~ neemBnt . “ 


Average capacity use Tor the jects to be financed bv the first will have final authority over These demands are expected to raent has agreed t 
whole of the manufacturing tranche of loans, which could lending decisions and will set be discussed at next week’s programme go ahead. 


Industry improved from 80.3 
per cent in July to S1J3 per 
cent last month, and was as 
high as 88.-1 per cent for the 
group of industries turning out 
current consumer goods. For 
Uu- capiiaf goods sector, often 
seen as ihe key. there was a 
further hotstering of order 
hooks and a higher proportion 
nf companies judging the 
current situation ns "favour- 
able." Virtually ail ihe indivi- 
dual industries included under 
the heading reported an in- 
crease in production, with the 
etinliniiing exceptions of steel, 
shipbuilding and aluminium 
fabrication. 


Equal social security for women by 


arrangements. f argUnc . capital 

* inflows rose 34bn marks’ in the 

• nlotub, compared te a decline of 
l«m marksiti-SepteKber and an 

• tncreasr- of c 3 Jbn .marks m 
October 3977.- *- 


BY GILES MERRITT 


Brussels, Novi 27. •; ISpansfrioaufepaid, 


AN EEC directive under which period during which meraher based on administrative dif- French objections Rt. iob 

women will gain equal social Governments must remove :n- ficulues prompted the miois-. creauoo by t central Govern- af spaiti ‘ lotta-^ghfltt-te^gust 
® . (>ntt-,lirio< ho r ween rne «>«■>£ ...... . j * .tL; \ . . ut.rmsuM. 


women will gain equal social Governments must remove -.n- ficulues prompted the mime-. creauoo by? ceotraJ Govern- of spaiti, =' lofln-^giidtF-ta-^ Aagi iSt 1 
security and uneniDlovment equalities between tne sexes leri2l socjal 00U ncil to drop' ments have, resulted. Jn- the 197#, ‘ Robert. "Gratem" ' reports 
b,ne«., during" U.e ne« * ■«•■.****• * « **“>“ . ..&*«.* * 2 ™.’ 


Policy split amoo; 
Frendi Socialists 


Manufacturers of consumer 
durables also reported a con- 
tinued improvement in their 
business expectations, with a 
farther period of booming 
domestic sales ahead. As in 
the past few moulhs. motor 
cars, electrical aopliances and 
household ceramics led the 
Held, while textiles and furni- 
ture sales vlout'd down. 


roc, . „ mu i.wi we ^«» ww^-eeo • .. • = aavamage."-. of . country’s • 

f98m plan aimed at crejtm 0 an and £30m bv 1J)sg Q n quest i on 0 f youth &■ The plan also provides-', for strong far£W- kfeerVo "posuion 

additional 100.000 jobs tyr Th|? ^eme to harmonise employment, which, at about employers to qualify for a'.^ob^ to lesSien. thp'^cragn -pf. 'g^debt - 
school-leavers and young people SDC j a | security structures inside 2.5ro people under 25. oow vention of SO ECUs. (£20) a .week" contracted at. a jspreattbf.lji^fover- •• 
throughout the Nine next year. the c omracm Market will not accounts for over a third of the for each new employee trader 2S W After 1 ^ .-repayment -of ; . 

The directive on equal benefit cover the allowances payable to EEC’s jobless total, the council taken on dtkdllg ’• 1979. /."No; i j ^TO*tf|WLvte!Ei*Sjlr.’- , 


for women complements two women with dependent chil- agreed on a one-year plan aimed 'national .quotas have ’-been -ya , s ~- - -P- y : reserves 

earlier EEC moves which dren or those covered by private at creating up to 100.000 now established. 'so ' that'- ttie^degrte. 5^°“ 

directed "in 1975 and 1976 that pension schemes, operated, for jobs. Half of ihe £SSm total Is to which member. -nations, draw • ; : v.lr-”- • " ■ 

women should receive the same instance, by their employers. to be allocated from the Com- upon social fund payments is PflThl gal nrjffljrkpfc:,v>. 
pay and professional conditions Both types of .social security munity’s social fund, with expected to bg decided at- official ^ ^ 

as men. The third directive lays were originally to be included in national Governments eontribut- level during the- course Of. next "ortugaJV consumer:' price index 
down a six-vear transitional the directive, hut objections ing the remainder. year. ‘ ”' ■'•■ i*! registered 

■ ••-• . .... 51S.1 and 52-tq ,in .September, up 


BY ROBERT MAUTHNER 


PARIS. Nov. 27. 


THE DISAGREEMENTS within tion and the pre-eminence of 
the French Socialist Party over centralised planning. the 
its future policy, following the Socialist Parly would lose us 
defeat of the Socialist-Corn- identity. “What would be the use 
munisr alliance in the general of hecoming a vague copy of 
election last March, were thrown those eternal reformist parlies 
in in stark relief at a national who always endjfl up in ihe bed 
convention which ended yester- of the ruling class? 1 ' M. . 
day. Mitterrand asked. 

Though M. Francois Mitter- M. Rocard. on the other hand.] 
rand, the party leader, is still in wants the French Socialist party; 
the saddle, bis position is being to adopt more flexible and realis-j 
threatened increasingly by a tic economic policies, which 
vociferous minority led by 48- would preserve the essentials of] 
year-old M. Michel Rocard. who a free market economy and would 
wants the party to adopt a new be closer to those of other Euro- 
political and economic line. pean Social Democratic parties. 

Behind the clash of per- So far a complete split has 
son ali ties lie profound been avoided and an attempt 
differences between supnortors of will be made over the next few 
M. Mitterand and M. Rocard on weeks to try to reach a com pro- 
what French Socialism is about, mise between the two factions. 
While M. Mitterrand accepts that But M. Mitterrand himself has 
the Socialist-Communist pro- not ruled out the possibility that 
gramme over which the two he might stand down as party- 
pa rties quarrelled so bitterly leader at the next Socialist 
during the months leading up to congress in April, if his authority 
the general election is a dead continues to be undermined. If 
duck, he still firmly adheres to he does so, M. Rocard is not 
its basic philosophy and to the necessarily assured of taking 
concept of a union of the Left, his place. He may well he 

The Socialist leader again pipped at the post by M. Pierre 
emphasised during the conven- Mauroy. the Mayor of Lille and 
tion that, unless the party came leader of the powerful Nord 
out clearly in Favour of a com- Department Federation, who has 
plete break with capitalism, played a clever mediating role 
which implied an extension of the throughout the policy dispute 
puhlic sector through nationalise- which has rocked the party. 


In its nun comments mi (his 

nuinSh'>, survey results. Ihe IFO 
Institute observes that the 
cyclical upsulng it has been 
'ecording cut since the .spring 
has been broadening out tn an 
increaving range of indU’iinvs 
with -.‘eniatid slrimniiiq from 
the foreign as well as the home 
market. 


Common Fund deadline extended Europeaii 

BY DAVID HOUSEGO GENEVA, Nov. 27. . . patents 


a .year awfer»'-accor^ing‘:.:{o .the = 
National- Institute-.? of Statistics 
AP-DJ “reports’ from Lisbon^ Tbi* 


GENEVA, Nov. 27. 


ling etcr since the spring iTHE DEADLINE for concluding road position within the EEC They want formal recognition 
ren broadening tuil l« an negotiations (o establish a '-on- group. ihas 

ving range of imiutoirio. llroversial new multilateral insti- Of the developing nations, the • The pivot for the Fund would 
-Jem a nd stemming from 'finon with a role in stabilising African group is the most lie in the pooled resources of 

reign as ueil as the home •'-■ommodity prices was today opposed to accepting the West's commodity associations; . 

■t. -extended by 24 hours until proposals, as it stands to gain ® The proportion of direct edm 

i no; mi,. rni*Lfli, • , 1 , 1 . I tomorrow night. least from a Common Fund tributions to the u first window” 

... . ! Delegates from over 100 based on the buffer stocking of raised through cash and callable 


index showed - increases of - 1 per 
rent. from August.:* 

■- -v *-j -• i • . • 


for Italy 


By A. H. Hermann, 
Legal. Correspondent 


uoij . yax amcsmijpi--. ... . 
TtaEan.- new. velti(^~re^tretions ; 

declined 2.5. petu»nVdih -Septem- 
ber from- the. ^comparahte'mohth 


Tin* Institute reckons ihis ] n e ieeati 
year s increase in net industrial Countries 

^ n r Ji M " 3 ! “ PC 1 ‘ 0 ^ nL . risi , n? i conference h< 
to i per cent in 19j9. It aisu postponement 


noints out thai th<* n..i iuy..cu.e«.i m u.c Many other developing coon- liquidity at the Fund's disposal; . Briti-h patent as ents have been .V -' 

Jt*i* ion or the tuanufaciuriVj !jr,n ® | ,n 3 discussions »»n the Fund rnes seem to have unrealistic • Contributions to the “ second pleas an tly P surprised by the speed ' - t-r-v’- 

scctor to gross duiacstic pr^ to^ V S uSf C hl /P es thal ‘ndustrialised nations window” should be voluntiuy, tith which TSlian.authonues French pit impwfa 

££.« !&«, »■ their 'demand° S ’or °a o* were meeting 


greater than this figure would 
suggest, owing (o the diffiruliv 


of quantifying qualitative ini- insistent today that before they * n 9Utions to the buffer stoclnn| an agreed document setting out tries for which a patent Applfca- tons, AP-DJ reports From Parts, 
provements. 2l?Z&i£rT&2*VL “RjfSSKStfi ^ «“ 


Of the major industrialised 


S500m-S550m. member states 


.Fund will embrace' also' Italy cart ' nertf [ * aste ni" .MedSterraneMi 


slates Janarv seemed readiest to contributions is S500m-S550m. member states to thd Fund will emhrace^ 'aho- -Italy 'cmrnb*' ?a«eim ^ ^edlt*rranea& 7 ports- 

l\OsU Sian as oy mX departure though their proposal so far should be SfiOO.OOO-a proposal be taken as December !;- 1978. ; ^creased 26J per^cent to 2^7^74 

^ from its nomiajVi ; deigh stand un **n rt «nts to $400rn-$4a0m. rejected by other industrialised This date has been determined was the 


Carstens 
for President 


from its norniajVi ; deiqh stand on an ^’“ nl . s t0 S400m-$450m 


BONN. Nov. 27. 


HERR HELMUT KOHL, the 
Christian Democrat leader, 
said to-day he will propose 
Herr Karl Carstens. a former 
Nazi Party mpmber. fur lire 
Wesj German Pre>idency next 
year. 


I.l\ L I rUJ V '.iirifl.’ItTI'.r III nidlilltf u-ww.uuw. rvj«>w.aa . ui? itrui wuruuuui 10 ■ aic v . ; - • 

should pass off without a serious Common Fund from a new of rhe present Western figure, effective- in Italy and require. lUtL- DTICte SlOWei? ' 
rlasU between developing and Third World banking institution Any outstanding . amount in implementing, legislation: -After ■. -"i” ‘ jT- J . 

industrialised nations. Britain to a financing facility oF assist- direct contributions would be" in the great delay- experienced. after y* P«um er . price rSea- jn the 
has been taking a middle of the ance !o commodity associations, callable capitaL the ratification - of the London, a . wh«^e 


Lockouts threat to IG-Metall 


Senators criticise SALT 


LISBON, Nov. 27. 


U.S. SENATOR Henry Jackson required to cover targets in the 
said today the emerging Soviet Union. 

Strategic Arms Limitations Jhe ljemwraac Senator asked 


Treaty" (SALT) failed to check a^eemem “e" 8 ;, 


the Soviet heavy missile threat military committee of the North 
to the United States and would Atlantic Assembly, a group of 
limit NATO's chances to regain NATO parliamentarians bolding 
military equity in Europe. its annual meeting in Porteual 

Sen. Jackson said the SALT. f or the first time this week. The 
a major foreign policy goal of Assembly debates political, 
ihe Carter Administration, is military and economic issues and 
likely to affect adversely the recommends policy in a series of 
Easi-West balance by allowing non-binding resolutions, 
ihe Soviet Union to deploy the Sen. Jackson told a news con- 
Backiire bomber and rhe SS-20 ference he wanted a new arms 
mobile multiple-warhead ballistic treaty with “balanced, equal 
missile. He .-.aid the agreement and verifiable ’’ provisions re*ult- 
is likely to restrict severely ing in a genuine mutual reduc- 
NATG's use of Cruise missiles tion of forces, 
with the 1.500 mile range AP 


Herr Waller Sclreel's five- 
year term as Head of Slftte 
expires next year. He has in- 
dicated that ho Mill not seek 
another term despite the sup- 
port of the ruling Social 
Democrats and ihe Free- Demo- 
crats. Herr School has also 
been accused of Nazi party 
membership before the Second 
World War. 

Herr Carsleos. a (.'DU mem- 
ber, who is Speaker of the 
Bundestag, has been criticised 
because of his Nazi past, but 
argues that be dearly under- 
estimated the importance of 
Hitler's party at that lime. 

A statement today from the 
Christian Democrats said that 
the party presidium repre- 
senting the CDU and .their 
Bavarian ally, the Christian 
Social Union, bad unanimously- 
accepted .Hcit Kohl's sugges- 
tion to nominate Henr Carstens 
for President. 


BY ADRIAN DICKS 


BONN. Nov. 27. 


text of . the- Paris pateqt conveo- j° Odp^l^ ytth tho . 

tion in 1*54— when it took 14; 

European Patent COtivenbop may jSwostaL S^C rtitSSsfoBfi^ 
suffer a similar fate. These now since the beghming of the year, 
seem to have been dispelled...... * . rTr • 


WEST GERMAN steel em- in? the Ruhr). Bremen and above all with components, 

pi oyer s. faced with the indus- Osnabrueck. Several were believed to be 

try's first strike in half a cen- Thysscn. ilie biggest steel com- attempting to arrange for their 
tnrv tomorrow mornine an- pjnv in Western Europe, will be sheet s ] e . el requirements to be 

nminced tonight that they will thehardest hit but other leading u,e ^uration^f ^ strike 31 ^ 

hit back with a series of selec- urmwA including tried J\rupp uie duration of the strike. 


‘Pndrivp’ FFP lawyer acq^ifted - 

'A U3III V C JTorr Wolf-DioreV -AhAirire 


* . TTerr Wolf-Dieler -Rhelhhaxd. a 

inow nn C n oin lawyer, was amiittted/ywterday 
VieW Oil t3PalI). . of v charges of supporting a 
r - terrorist gang. AP reports from 

BRUSSELS- Nby.2T; ; - Hamburg;-' The...state vore ordered- 


ive lock-outs, affecting about ^ u ^WtiweTk e M a7inesmann and the heart of the dispute is l~gn T.-p hpnr. p n rar.l/n qflTHt n to bear Lbe costs of the trial after 


2 S .000 workers. 


Ho^eh will also be struck. The IG-Metall's demand for progres- isnaSri Minister fort Common “art fouod that the prosecu- > 
lock-outs, which come into effect sive introduction of a 35-hour (SfiJcJ “InrtSviES!! .^ons chief vyiiness was^msuffl- 


«■««" neuneriney wimwpw are not yet o D the Hi-Mctai) list end rbev produced a last-minute «utuiuvu«ajflj|ns - 

1 ^ iirenfnf to hlS tu <truck - offer of six weeks' holiday for 2S“*S. Spi " llh Housing starts id IS Netherlands 

off thestrike b ^ LmSSSuK SflkJ A,! lhe P lants ■*»«■■*«! are everyone io the industry- plus a ^ dfvo' sotelo declined to cinr.to 

J'J major suppliers to the booming 3] per cent average wage increase. fhfl nrilniftri fn ranrintAwr- ^ aaj^IU^ — 


rrmfident of maintainin'; produc- West flerman industrial rcla- 


Sr. Calvo Sotelo also, met ; J*® -1° months of this vear 

r. Finn Olav. Gundslach andj "PMslugistarts ..were down 5^ per - 
. Etienne Davignon. ihe respec-1 5? nt to S7>232 units (82,092), Also 


principles involved. 


DEFENCE STRATEGY IN EAST EUROPE 


itive Commissioners for Agricuki number of com-, 

ture and Industrial Affairs. - .homes at 84.711- < 88 ^ 80 j, a 

— , ■ : — . — . . ... . 1 ■ I decline of. 4.8: per cent- 



omanian defiance creates a crisis for the Warsaw Pact 


(Etna activity' 


BY PAUL LENDVAJ IN -VIENNA 


Monnt - Etna, fiurOpe’s highest 
volcano, ^emitted ash’.^rfd ambke"- 
ror uie sixth day- yesterday -AP 
remtro frdm-.Qttotji. ..Expert* 
said that activity, was decreasing 
after reaching a peak over the 
weekend. ■ - 


ROMANIA'S public defiance of 
the Kremlin over military 
expenditures and closer com- 
mand integration coupled with 

lhe reaffirmation uf iLs "go-it- 
alone" line on ihe Middle E:ist 
and China have created the must 
serious crisis wilhin the Warsaw 
Pact since the invasion of 
Czechoslovakia in August. 1988. 

The dramatic speeches or 
Prcsdient Nicolae Ceausescu 
since his return from whai must 
have been one of the stormiest 
Soviet Bloc summits ever, under- 
line the ominous implication* 
of the conflict, it involves not 
only the relations between 
Romania and its powerful Snvifir 

neighbour, but might have 
serious repercussions also on 
political developments in 
Eastern Europe. These in lurn 
could direcfl v affect both Easi- 
West relations and the Sin*»- 
Soviet conflict. 

Even the official siatemenU 
from Bucharest indicate at least 
three major areas of crucial dis- 
agreements between Rumania 
and the rest of the Soviet- 
dominated Bloc: — 

© Evidently under the pretext 
of higher defence spending 
by NATO, the Soviets demanded 
an across-the-board increase of 
military expenditures by the 
smaller pact members. 

0 Romania was also confronted 
with renewed efforts in set up 
a NATO-style, Siiviet-conirnlled 
unified command which would 


automatically pre-empt national 
control over the Romanian army. 
• Last, but not least, the 
Kremlin must have asked for 
tangible support probably in the 
form of arras shipments and 
credits, for Vietnam, that t-s 
against China. 

The Romanian answer to these 

three demands was a firm " No." 
The way in which President 
Ceauscscu explained the rejec- 
tion of the Pact proposals must 
have both embarrassed and in 
furiatod the Soviets. Such bluna 
statements that there “ is nn 
Immediate danger of a war" 3 nd 
that It would he a “big mistake 
to increase military spending " 
can only breed suspicion? both 
in the East and the West thal 
lhe Saviors «n*e bent on an 
expansive eoui’.ie. 

To add insult to injury. Mr. 
Ceausi-scu fur the first time 
directly linked Lhe rejection of 
tin* demands in Moscow with the 
domestic economic situation. He 
made ir clear ihe higher arms 
spending would exclude the 
possibility of the projected in- 
crease of the standard of living. 
After a miners’ strike in tbe 
summer of 1977, the Romanian 
Government decided to increase 
real earnings by 32 per cent 
instead of the projected 18 to 
20 per cent during the 1976-SO 
period. He thus implied that the 
defence of independence was a 
precondition for improving the 
still low living standards. 


m? 


1 1: 

i?> v j r i 


/n East* . \ 
Germany 1 Poland i 

>x v V 

V_ . '/>. 1 • 


jTenttany^w^/o vaJua , ■' 

Huiiiary / ' 

- Romania 1 


0^ 


' Bulgaria 

5 v 




The fact that tbe President 
emphatically stressed that the 
Romanian armed forces would 
only answer a call issued by the 
party. Government and state 
leadership if another significant 
pointer to the substance of the 
quarrel. Under the terms of the 
Warsaw Treaty, signed in 1955. 
the joint high command was only 
in charge of the armed forces 
assigned to the command. It 
must function “ on the basis of 


jointly established principles." 

Since the reorganisation in 
March 1969 the Council of 
Defence Ministers (of all mem- 
ber stales) is the highest military 
body. The Soviet Union. Bul- 
garia. Czechoslovakia. East Ger- 
many. Hungary. Poland and 
Romania belong to the pact. 
Albania left it in September 1968. 

But the Romanians, who have 
not allowed the holding of Pact 
military manoeuvres on their 


territory since 1962, insist that 
ihe principle of consensus must 
he respected and decisions in lhe 
military sphere, just like in 
Cornecnn. can only he taken 
unanimously. It 15 of course a 
matter of conjecture how far the 
extent of actual command inle- 
sratinn in the Bloc with Romania 

has already gone. 

The point is that Romania 
rince June 1958 is the only 
country in Eastern Europe 
where neither Soviet troops nc.r 
even Soviet “advisers" fas m 
Bulgaria) are staticned. During 
the Iasi major debate in 1966 
over the Soviet demand for 
progress towards a >upra- 
uatinnal joint command. 
Romania also protested that all 
key positions, beginning with 
the posts of the commander in 
chief and the chief of staff of 
the joint command have always 
been In Soviet hands. A similar 
pomMaint was publicly voiced 
by the Czech general Prclik, 
chief of the central committees 
nulilary department in Prague 
in the summer of 1968. 

Thus the truth of the matter 
is that apart from signing high- 
sounding communiques and 
allnwine "map exercises” at 
staff officer level. Romania has 
remained alonf from real mili- 
tary integration wilhin the 
Soviet-dominated alliance. Now 
however the sharpening Sorter 
conflict with China has created 
an even more dangerous . situa- 


tion. According to unconfirmed 
rumours, tbe Soviets or one of 
their allies proposed the admis- 
sion of Vietnam 10 the Pact. In 
any case. President Ceausescu 

and the Romanian Politburo 
reaffirmed that ihe army would 
fulfil its obligations only in case 
of “an imperialist aggression in 
buropo ' in accord with the 
letter and spirit of the treaty. 

But the defence obligations 
under the hifatera! treaties of 
friendship and mutual assistance 
linking the Soviet Union with all 
other pact members, including 
significantly Romania contain 
defence obligations extending 
beyond Europe. Thus Romania 
has defence obligations if the 
Soviet Union is "subject to 
attacks by any state or group of 
states." The Romanians of course 
already argue that it is up tn 
their supreme bodies to decide 
under wbal conditions the 
Romanian troops would be 
involved in a war. 


_ - - . $3bn Sabe! project ' v 

Polish or East German . con- President D&wds liiian nf 
sumers when informed by - the, Sif Ud ' yefeay tfiat the 
numerous Western broadcasting i BBC Jus^s&ow* -interest m\refo-- 
5JJS 1 AnV RoD1 ^ n Ja ’ s defiant j ing. to^ finance'. . a $3bh project ! 

w - hat „ ^ r ® the j designed ■ to make, several’. West 
options of- the Soviets? . . j African couhtries seti-sufficienr in 

Short of ao invasion solve their 

Soviets cannot hope to cunttin I SSni^nniSSfriS porls - 
Mr. Ceausescu whose indepeod- j SspSi /a w S 

atidftfori to world miblip hninlnn-i . ls 


2SSP 1, ab0Ve non-l tffisohiation or «|fai 'courirfE 

ahgnerf moveraeat. But with- south of the Sahara. . • ;/“7. 

1,500 mites of common borders. . *• • • ■' ■ 

with the Soviet Union. Hungary ■" “ v- •- ■ 

and Bulgaria and a virtually in- T* - t • • - ” * •' ' « 

defensible 150-mile coastline FrCHCH VIYIPV^ril 
on the Black Sea. Romania must . * a£l * . 

stop short of unforgivable provo- f A {sX fluafTAnfliJ 
cations. Regardless of the. *0 D 6 aliCllODCG 


Meanwhile the Romanian 
challenge put all the other 
smaller Bloc member states in 
The, defensive. Are their leaders 
witling to sacrifice national eco- 
nomic interests and the promised 
increase of the standard of 
living fur the sake of what their 
Romanian comrade publiclv 
called. “ unneccessary " addi- 
tional military expenditures? 
What will be the response of the 
already grumbling Hungarian, 


enthusiasm of the hundreds of ^ 

thousands volunteer “Patriotic 

Guards " set up ip 1968. the ■ 1?™* Nort “ Nottlngbamsfcre, 
1SO.OOO strong regular Romanian . bas bean:. given a, 

forces with their increasinghr wmmtSsion to^ .auction a- PrencS 
obsolete Soviet-made 

would be no match for the Red < . 

T ^ e Soviets, are likely, to qpf jjroduc^j ' . redr-- white - and - 
as before for. a combination of sparkUng^wirie offerS 

indirect pqli.tiraLcoucner-aTtack^ Sbuf - ' " 
and cconoatic pressures. But the S3: “^yonc 
S!™! 1 ™; 1 * !***&*. Wlth dangers., the" v&iewrl ^ 

s nol ‘ a bqylng will be ‘Offered^. of : - 

sood guide nr asses^ fus*re 

Soviet actions. The crucial ouca- • ~ r ~.*- ^ :• 

"°",r en l aij f h ®? e ! i: unf or- ^xancul t^s. wcy, e5^ - : 

livable Is the. latest. Romanian- Scgtyarana- iwftfliyg.-. t;.s;-si iaft cri adu a ~ . 
provocation in the eyes Of the ^* 5 .™ irelahji' -sksjb f«« maiiv-' 
angTy men. in- Moscow’ ' • ^ t ^J*°?*?*#*x* * t ^ 




pn s their demands for a total of The two sides were meeting which surrounded to induiou I 

wS Smany were S roiSt »WmJ n direct government con- tonight in an attempt to' draft of Italy . ra theputnberof - 

inKt^l/irtf ff\#Vnn kofAVA fllOU tributions to the buffer stocking an agreed document setting out! fries for which a patent amrifea I ton* AF-lir fining. 


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ly.v.-. : 


Financial Times T^iesdav- November 28 1978 



Peking wall-posters make 
new civil rights demands 


THE PAKISTAN ECONOMY 




eeper 


a tcs 






BY CHRIS SHERWELL iN ISLAMABAD 


BY JOHN HOFFMANN 

NEW DEMANDS for civil righ!*, 
nnd Uic punish writ of political 
criminals appeared on Peking 
wall -pastors today. 

One poster, addressed la the 
(JUinesv Supreme Court, call* for 
the immediate sentencing of The 
".■wng or four " and suggest* the 
d-ath penally. The Gang, a 
radical ^ruup which alhiusi 
^euted political, power in Chin* 
before its overthrow in 1976. was 
led by jll;io Tstc-lungV third wire. 
Chiang Chin?. Mao himself has 
been accused in the present 
poster campaign or cumptjcitv 
with the group. 

"Ordinary citizens who cummil 
cuoies against the siyii? would 
be executed." says the po.sier. 
" An emperor’s son who 
committed crimes v.uuid have 
been punished. The Can:- of 
Knur should not ti« treaied 
differently." 

The poster campaign has 
mounted steadily in ibe past 
week as a niorm uf iroelj 
expressed . opinion lias *wcp't 
through Pekin?. 

The general tenor of pu.-ters 
has been critical uf Man's 
dogma Lie ideology and in praise 


»r Ten Itsiao-ping. Die Vnt- 
P vernier who was twice di&niissod 
from office under Mau and who is 
now ruuiourcd.to.be close 'to 
taking i h« position or Premier 
from Ilua Kuo-feng, the Com- 
munis* Parly chairman. 

Some observers ' of Chinese 
politics have suggested that the 
poster campaign may have been 
si age-man aged by prn-Tcny 
officials dr ' by the Vice- 
Preniier hiniseTf. 

It seems tn have at leasr the 
implicit blessing .nf Ten? Hsiao- 
ping, who said yesterday that 
the Governmeni would nut infer, 
fere with the campaign, Jt cer- 
tainly has the almost unanimous 
support of Peking residents — 
“ Long live the wall of demo- 
cracy." said a poster in the main 
street today. 

Tiie entiiidenuc -with ilh 
citizen- are exerrising the fri-e- 
dom lo speak .their minds is 
illustrated by a- unique invita- 
tion issued last night id foreign 
reporters in Peking. .They were 
a*kcd by a group of ' Chinese io 
attend an informal street meet- 
ing later tonight to. discuss the 
views ni Tcng supporters. 


PEKING. Nuv . 27. 

Until icccuMy it was unihink- 
able ih.ii a Chinese nian-in-llie- 
blred would dare to converse 
with any foreigner on a political 
subject. 

C.olina MacUougall adds: 
Amnesty lnlei-nannn.il ye«iurdu> 
published a report on the ireai- 
mcm of political prisoners in 
China which describes how- 
political disse liters can lie 
arrested. questioned. tried and 
punished without a fair trial. 

The draft repori was sub- 
mitted In the Chinese Govern- 
ment last June but no reply has 
been received. 

Amnesty expresses particular 
concern abuui legislation allow- 
ing political imprisonment and 
the categorisation of groups of 

people as “class enemies." It 
also notes that political arrests 
have been made du ri np mass 
campaigns used by the Chinese 
leadership to whip up siippoit for 
particular policies. 

It exp r esses ei intern at the 
detention of political offenders 
lor long periods before trial, 
poor conditions of detention and 
the lack of formal guarantees of 
the right to defence. 


Egypt discusses treaty position 


BY ROGEIR MATTHEWS 

A TOP-LEVEL earn in it tee headed 
by Vice-President Hy>uy 
Mubarak continued work today 
on a document that wilt spoil 
mil Egypt’s position in relation 
to the peart: ireaiy negotiation:? 
‘a ilh Israel. President Anwar 
Sadat yes let-day suggested fur- 
ther amendments to I he docu- 
ment ami it in not now expected 
!<► L>* forwarded to tin* United 
Slaie» until sometime tomorrow. 

Egypt is insisting that the 
pi*!! re treaty should he linked to 
a timetable for Palestinian self* 
rub- un the IsLaeli-brcupied Gaza 
strip ;-.nU West Bank and i* also 
seeking same amendments to the 
wording of the treaty itself. 
Israel’s Prime Minister Mcnahem 
Begin has however indicated 
that his cabinet will accept the 
American compromise draft 
treaty but is not prepared lo 
return in Washington fur further 
necotiatiuTTv 

\lr. Sadat's nc?o!ia!in? 
position is rather mure flexible 


than might at first appear. 
Allbough he has several limes 
repeated that ho will not sign a 
treaty unless it i*» firmly linked 
lo a Palestinian self-rule time- 
table. In* again said last nis-lil 
that " Miirner ur later we shall 
he signing an agreeuienL and 
inn i» a fact.’ 

Because of the . widespread 
acceptance in Cairo that a peace 
Ireaty i* only a matter of time, 
there is a marked abser.ee uf 
anxiety in the capital. Ev-n in 
oflici.il cireies ii is believed thal 
Prcsideut Sadat is looking mure 
tor a formula ol word< ruber 
than significant Israeli conies- 
sicins. " Whenever we seek a 
resumption (of talks); we should 
find the proper laftjrnage 10 
fulfil what public opinion wants 
all over the world."- said .Mr. 
Sadat yesterday. 

© David While reports from 
Paris: Supplies of. Kiu.eh 

military equipment to help 
rebuild the Lebanese annv into 


CAIRO. Nov. 27. 

an effective peace-keeping force 
arc being discussed here during 
:t i href-day “ working visit " hy 
Mr. Elias Sarkis, the Lehan-.'Sc 
President. 

For Mr. Sarki-i is due in meet 
President Valery Gi-->.-ard 
d'tlsiaing on Tuesday. 

O AP-DJ reports front Kuunil: 
Members of OPEC have r greed 
lu raise the price of oil hy 2 per 
cent per quarter in 1979. 

The well-informed Al-Walan 
daily said the iiu-rease — iri'aliin? 
8 per cent hy the end of 1H79 — 
will be formally adupled during 
next month's regular «ix-m-inlhly 
OPEC meeting in Ahu Dhabi. . 

The staggered increase ap- 
peared to he a L-nuiprnmise 
between the view of the tvor'd's 
largest oil producer. Saudi 
Arabia, favouring either a f reeve 
nr a minimum increase Ti rluges. 
and that nf militants 'ike I rat; 
3 mi Kuwait, which supp* rted a 
hike or al least 1U per cent right 
av. ay. * 


AMID GKriWINi.. eui'i'.-rn that 
1 P.ifiNian'N in i hi ary i a (>v eminent 
is I'OMponuiL 1 1 1 iuiptirijnr pubcy 
' 1 dee is mns until lhe future or 
\ Mr. ZuLlika Bhuuo is dii-lded. 

■‘ ! clear wanting sign? are eiilerg- 
1 ; ing on lhe cconomie from which 
point lu lunimuing uoi-eridmiy 

■ | regardless of the former Prime 

Minis ter ' .n fa to. 

j; The be>l indication of the diffi- 

• cullies jhejd came this month 
, when Pakistan warned its 
j Western creditors that it would 

j default on its loan repayments 

'-unless iia debt was rescheduled 
' I hy January. Although no default 
"I is expected, the warning high- 
1 1 lighted I he Government's 
. anxieties about the balance of 
. payments and the future or its 
J development programmes. 

. Gonrcrn has also been registered 
[I about the build-up of inflationary 
l j pressures in the economy. The 
‘j Slate bank, .-iflt-r reporting a y— 
M per cent real growth raic for 
. I977-7S in its annual renori— a 
I figure which fc-.v people believe — 
,! -.yarned of the sharp impact 
. I which the G nver n mem'.-* in- 

' I ere as in gly large budget deficit 

[ I and llit* ruritinuing flood of 
j remittances from workers abroad 
will haw on prices. 

I All bough Numc Wcsiern 
enun tries. such as Britain. 
Sweden and Sw ilzerlaud. have 
moved individually to help in a 
small way on rescheduling, the 
broad position of the aid-tu- 
Pakistan consortium — which 

OXbCnil.tlly means the U.S.. 
Pakistan's principal creditor — 1> 
(that unle¥s the Guvcrnmeni 
i introduce j some politically difii- 

* trull economic reform-' any 
i rescheduling exercise will have 
j lo he repealed when the- u!d 

■ problems re-emerge. 

; Put at its vltldesi. this nw-anf 
j th.i» Pakistan should moderate 
■its tK-r.Nisu.-n! tendency in live 
! beyond i!n means. This is linked 
■wilh the inflation problem, 
i lieeause il means that I’aki.sian 
.slum Id iry to reduee. if not 

'wipe uui. its Imd gel delhiis. 

; How this should be done 
j is a matter <>i debate, hut it is 
Irlcar that if the attempt is made, 
.'rescheduling will he more : 
i favourably considered. 

I The most obvious candidate for ' 


budgetary i, Paki-Un'.- 

sy stent of M!!jNidi"«. particularly 
for wheal, the country"-, .-lapic 
fund. Th.; G-iVvrnment eors- 
Niders thjN .--Nenti-ii r ur price 
stability. -,ut because of a short- 
fall id dome-uc pradueiiun iasi 
year and the consequent need 
for i mper*-. i I k* wheat subsidy 
climbed 7n t-.it cent above the 
planned i'vm-; *o almost ihn 
Rupees (aoiiiit £5i)mi. The 
I9TS-79 susisnly j A l-udgoted to 
rise anorh«:r '34 per cent, hut 
with Impor's :m some L‘.3m 
»»mnes it cuuld be higher. An- 
other lm tiinni-s is e.vuccted to be 
irnportcd v.rr.t year. 

If fanners could he c nc-ou raged 
tc grow more. >uch an enormous 
import bordeTi — draining about 


PRESIDENT Zia-ul llaq of 
Pakistan has agreed to tbc 
formation or eiiilian Cabinets 
for Uu" country's four pro- 
i inces. the leader of the six- 
party Pakistan National Alli- 
ance iPNA). Maulana Mufti 
Mahmoud, disclosed yesterday . 

:?H5nm-.?U00;.i ::i f >reign exchange 
Uii? year — -.loulri lie reduced. To 
this end th..* Govern mem has 
raised the —heat procurc-meiil 
price for farme.-a. from Rs 37 
tu lls 45 a -iiiitind I about !i7 kili>- 
grautsi. But w I'.houi a politically 
controversial rise id the selling 
price in :h.* '.oun try's wheat 
ration sh'<p; from the present 
level of R> :.f_\ this move will 
simply enirirro »he Government’s 
already lar;c budget deficit and 
increase i;- inflationary borrow- 
ing. 

The Govern. nem lias promised 
the consorium countries that n 
will raise th- nrice next -prin? 
in order lu reduce tin* auhsirly. 
Indeed, il "j- ;> prrt-nndtlion To* 
.idditional' -uppU'-s Miii voar tu 
meet the Bui whether 

the rise maU-na!:--**? --vniains tu 
I*-.- seen, in: it \,i|i be u »!ini-k 
when it cof.io-. 

Su far ib-.* • iiivt-rnment has 
bitten haul and aciori un the 
wheat issue, m the point where 
it has oven huustit essential rust- 
rosistant veed from India, an- 
other pniitiijlly dillicult decision. 


The army has a!«*« been iikivl-lI 
ini i • Karachi port to iu-ominaie 
i he rurimn? of th*- ili-tribuudn 
system sr> thal imported wheat, 
.-.long wsih o:h.*r items ip short 
supply such ai cement and 
lerulisi-r. reaches the hinierlaod. 

To a largo extent, however, 
these move; are the product of 
sheer neccssiTy . Some observers 
believe tha: if Government had 
not acted There v.c-uld have been 
burid riots before the end of the 
year. Certainly, it is not yet 
rlear whet her {he actions have 
worked. And now '.be next move 
is already awaited. 

Precisely what this should be 
i? unclear! Subsidies- form *> per 
cent uf Pakistan's non-develop- 
ment revenue expenditure, while 

The an noun cement cuds att 
important difference between 
lhe military leadership stud 
those parties participating in 
General /.la's civilian Cabinet 
at the national level ubo are 
opponent uf Mr. Zulfikar AM 
Bhuito the former Premier. 
But while it appears io mark a 


offer- a wjy mind llit- ptoWt-m 
oi Pakistan* persistent jnd 
inlhitionai-y budeet deficits and 
a puientiul quid pro quo i or 
ni'ivcnivnt .»n rcsclieduling. 

The debt sen rnng huiden. 
cmistiiuling no less than pet- 
i-en* uf mm -development revenue 
expenditure in th:* yejr's budsei. 
is eeriainly larger than normal 
for Pakistan. Repayments of 
interest and principal this year 
amount to almost KtSOOin. roue lily 
twice the lu:id of recent years, 
but le-s than expected tbaiiks to 
the rescheduling hy Iran of one 
of iLn loans and the eonversiun 
of certain loan*; to grants hy a 
few Western cotinim-s. 

The pnsiiion ol the induj- 

ftirther step along the ruad u> 
civilian rule, it does not mean 
the country is any nearer io 
elections. 

Office-hifldep- in the proposed 
provincial gutcrnmculs and i:i 
local hollies to he formed 

simultaneously will be no ruin- 
ated. 


d(* fence i> closer to -Li per cent. 
But after India s recent arms pur- 
chases. and with Iran's descent 
into turmoil and Die emergence 
of a Soviet-oriented socidli s i 
regime in Afghanistan the 
climate i* hunisy stiitahle for 
making demands on a military 
Gocemmert to substantially re- 
duce defence expenditure — par- 
ticularly cs Jjf.it* of that is 
Capital spending. 

Ti:at leaves the debt bunic-n 
os the best way of reducing the 
deficit if a reassessment of 
devlopment cxnenditure is to be 
avo.dcri. ?tui sg-.h a reassessment 
may be unavuidob’e. Spending 
on l he '.onu-oversial Karachi 
st-ei .v.ili pro.u-i.". for example, 
wili take 53 :.er •.vnl (if all public 
inve::ine."*t ’-ndt-r the Five Year 
Plan ti::;: hcgai. this year. 

Tuugn u-.tien on the* tiihcr .side 
of the ac-mint. lo brnadon the 
tav ba-e a: vi improve the *.-oMci.* 
tir*n system, is virtually dis- 
JMunK'd. to the c.mstemation of 
all Vi>y!ern conn tries. Bui 
action on this, too — politically 
unpalutabio "ihcu-rh it rvv hr* — 


trialisvd i. min tries, al llu- cun* 
surtium meeting in Paris in 
June. v. hen Paki>tan a.-ked for a 
eontiiTuatinn uf the then lapsing 
rescheduling arrangement, was 
that Pakistan was u.:l in im- 
minent danger of default: its 
request was therefore nut 
granted. Bui Pakistan's view i- 
tbat il should nor run tluwn its 
sizeable foreign reserves to a 
poini enough :oi-]u>; two months' 
import!: wh'-.v they nuy imt be 
large c-nnu^h m rover an emer- 
gen*. > and m»ilrt >.\*.*n jeopardise 
future ■ .'I'-J.'iiy ti> Imrrov. 

The i o;is-ir;iiirn feels things 
arc not as bleak a« this. Put it 
is thought that Pakistan li.ia 
iried uiiNiii- a .-e>sliiil;. in diieit 
Saudi Arabian ;u njet » .ml t i 
oilier pur;nisv.N and that i! ; e 
rerenr S-mdi visit r.:‘ fliepi.-r.il 
Zia-ul Haq. Paki.* Ian's miiilary 
leader \;as to took fu- financial 
StlppiTI :i.n well its l" • isil Men.:* 
on pilgrimage. The lack of news 
from his trip, beyond confir- 
mation of a rein.. 1 ,ijil next 
month by Prince Fuhd. suggests 

II.-1 I, .! .. 


The key ipie:liii;i in assessing 
Pakistan's debt repa; n-c-ril Lapa- 
etty --oncerns in*-- size uf lhe 
remillan- cs from Pakistani 
worker- anrnaci. Indications arc 
that liu- rejisittanees will be 
large enough to keep the balance 
of p-sjmeiits a lie at again This 
year Rand th.il live t ounti-y will 
nn! fa< e Die predii tod overall 
payments deficit. 

This means lhat even alluwlns 
for little ex-port nnpravcnient 
and higher imporu. Paki^i.in is 
well oiaev'J to make i:j de 1 ** 
repay Hieiits this year. But the 
iriHo.v a I threatens ir.i-a'ion 
Remilian: money typic-.ri’y goes 
ir.fi lanil and consumci" goods 
rather lhan savings : r.-i-.mii. 
Will; more money in cir-. iflutiun 
Leca-jM.* trie f i'jvcrnnienP-% elloil? 
in cliaunel it product i*.j‘y' utc 
d-vrtsorj. prices are risiici. 
e-jpeciaily in real c.-talc. 

As D>'- ei'inpljiRtN aboii I inlla- 
!!un jf.iw imiiii-r. p.:ri!-irl.i-iy 
from iniildle-dass people on fixed 
inct.ineo. :he need in take aeio-n 
is certain tn ineiv.isi-. nu j:;*j 
the full impact of Die G'jvci u- 
ntenl's deficit yet :<i he felt. 
This will Ik- i-mi-hasisi-d uh«n 
the G.'Vernuieni carries (".it iis 
ii"nmiis'Tcni tn lilt the v lu-at 
lirice. because this will arf".-! the 
general price Ic-Vt 1 dirprup.T- 
tinna*ely. 

\-. iih ;h? nnluavy Gin-eriirioint 
faem? 'Ueh a pnti-iuial puiincal 
headache ;r ;s no a under tnaf 
lhe C-ITm-In •■> align tile «-i-Mnmiiy 
Miii the req Mire men is if i-ii-piic 
lav have yjven i ise fn f-a.-s that. 
Du nio.-i talented ufli .-Mis a**- 
be*::--- di tr.i'-ti'd Irani ir.nre 
important task.**. 

up uf its y’.iciiipis to fur- 
iiiulaie the iniercsi-iriv s*. s'-ut 
of bunking .uk! Die tax Os on 
•...•Ji b and : icuuee t'.eni.ni’lcd 
liy Dlaii’ii- 'av. . lire Adin ntslrj- 
>i»:i Ii. a:.-.i oC-hii i:;. ! .i;g lu 
i. ,, uli:.-e ai: i*'.d:t»i!'..il mvc'iment 
s -M.-fltDe to ro-’iv.' :lj-n«in? 
ivtv )■•*?; i.i she ;>ni a lu recior. 
Bill i-i^ini*-: m- n. h a \ ' i. g 

w.iVhed Dig i>»kC‘r.iiKgni's Man 
to hir.fi I* j.-!-: inJusir'es taken 
over under Bhutto founder on 
the r icV uf Sabei.r r***t*'tince. 
are i-eftisin? t(* :uL until lue 


Namibia gap narrowed at UN 


BY OUR OWN CORRESPONDENT 


MK. Pli: BOTHA, tin: South 
African . FbreL-n Minis ter. 
opened a new round uf ,ta.J!-.s on 
I ho Namibia problem today v.-ilh 
senior -Umted ; Nations nilicialtf. 
including Dr. Kurt Waldheim. 
Die secretary-general. There u 
Ni-uie sign of a narrowing uf 
dilTcrcncL-s between the two 
aides. 

Mr. Buth.i arrived in New York 
yesterday, at -Dr. Waldheim's 
invit Klimt, and was also expected 
to have djscuxsions with th** T7N 
representatives of Briluin, 
Franco, lhe L'.S., Wes l Germany 
and Canada. 

The t'N so". Dement pl^n Tor 
Namibia, devised by Uu- live 
slates, rails for llit* dispatch of 
some 7.500 UN troops and more 
than 1 .000 civilian ofiiciah tn «ho 
territory to supervise and con- 
1 1'ul privin dependence elect iuns. 
in advance .»r Mr. Botha's 
arrival, his prim ipal .a.ssisinlil- 
Mr. B. G. Fnitiie. had three, 
meeting.* v< i’.li Dr. Waldheim last 
work. The results .formed Die 
basis Of a repiiri which the 
aCcreiary-general gave to Die 


Securiiv Council :D the weekend. 

Allhougli Mr. Fuurie reaffirmed 
South Africa's rejection; of _ a 
retpicst by she Cuuncil that the 
inicrnrD vioriiuiis -M-luNliDed fur 
D^.-Einhc:- 4-8 in N urtthia vhou!»l 
he cancelled, ho slated, accord- 
ing lo I he re pur:, rh.it Pretoria 
was ready io co-opcralc ;vilh ihc 
UN in a furl her pull next year. 
In tain j in Ptvluria in mid- 
Oc tuber. Dr: David 0*A'en. 
Bril ain's Ku reign Secretary. Mr. 
Gyrus Vance, the L'.S. Secretary 
of -State, and Ministers of the 
three uJher Western member 
slates nf Die Security Council, 
-.vere able uniy lo obtain South 
Xfrira's nrumi>e to u<e its good 
nfflc«!« with leaders elected in 
the' December elections to hold 
a further UN-supervised ballot 

Thus. Mr. Fount's slalcment 
represented a step forward, but 
be also insisted lhat a date 
xhould be sc*t for ' suoorvised 
e lectio n-r and lhat nn parly 
-.hnul.l be allowed to change it 
once it was agreed, even if 
hostilities in Namibia v.ore con- 


L NITED NATIONS. Nov. fi7. 

ii miing and there was nu reduc- 
tum in Soul Ii Africa n iruup 
sircnglh. 

Dr. Waldheim said he wuuld 
ne-.-d timn* specili-.- answers ror 
:h>-. Si'curiiy Oiutu-il. and 
tvidi-nily he iried to obtain 
lht*Ni* to day from Mr. Botha. 

The quphiun of Soiilli African 
troops is especially troublesome, 
because- the Western plan which’ 
Pretoria accepted on April fia 
requires that all hut 1.500 or 
i he;n should be withdrawn 
before election--. Mr. Fourie 
appears tn have indirated a 
policy shirt this matter. 

A*=ked luday whether there 
xtill wax roiiui for compromise. 
Mr. Botha said this was whal he 
was discussing with Dr. Wald- 
heim. 

Whether or not th** Security 
Council moves lo apply further 
sanctions against Smith Africa, 
which have hem threatened, 
deppnds largely on the outeom? 
of th'* present talks. An arms 
embargo has heen mandatory for 
more than a year. 


wmmm. 





SSE 1 S I 











White exodus j Labour refuses to admit 
from Rhodesia defeat in NZ election 


Vv 




a JL «&*&!**'*' M 


WELLINGTON. Nov. 27. 


By Tony Hawkins ) BY DAI HAYWARD ’ WELLINGTON. Nov. 27. 

SALISBURY, Nuv. _(. • , ZEALAND'S Labour Labour is also col lee ling 

RHODESIA LOST 1.582 wbile& i ea d er . Mr. Wallace Rowling is evidence of voting irregularities 
through emigration last month refusing to concede defeat in^ caused by the confused state : or 
Ih * hiMtai such monthlv SaturdaVs general election until the electoral roll. llr. John 
-the highest^ suUi ui nin a,, H™ special votes are counted- Wybrow. Ibc party s general sec- 
exudus in 13 years 0ffi . c , UVour believes it has a good reiary. sav s the evidence wilt be 
-figures released here today show . . of n j C ^- mg ap SO me of the used in court battles over mar- 
that ibere wfcfe LS34 white , uur riovermnent seals retained cinal seats if Labour thinks such 
emigrants in October and only bj , j ess 200 voles. This action will change the results. 

252 white immigrants to give a could reduce still further the *|- u . 0 Cabinet Ministers were 



mi 




*<■ f >i 




252 white rmmrgranis iu give a cuuiu reuutc .*■■- two Uahinei minisiers were 

net loss of 1.5S2 a s against an National Party’s c ^ ctIO fl n ; n . , ^. l defeated at lhe poll, three more 
u ut flow Cif 1.490 in Septoinl*er. majority of six in a House m . j iave re \ired and a sixth may djvp 
S o far this year. TDiodesia has The result was a dramatic si ump y, give up his portfolio because 
• Inst 9,104 whites ns a result of : for Mr. Bohcrt Muldoon from the 0( . jjj y^eultht. so Mr. Muidoon is 
umijrraUon and with tv.-ii months” 21-seat majority previously xiciu tCl carr y 0 ul a major 

figures to come il is clear thal by bis Government. ... . reshuffle. 

«* «“*««' fnr T j 1 from S* wS The cffovl of the abortion iwue 

iHr'fnd "u re-.cn Z™ .nior? t-hf ha^Tri th.; in lhe elect.on ™ reflee.ed ,n 

I0.90h and wm re.itn countn- in the past two vears will the dramatic rail in the vote for 

levels of around UMW- „ . £e ,n^ The-Mr. Frank Gill, tbe Health 

In mid-year. Rhodesia s white _ mhe _ " of special votes cast in Minister. Mr. Gill sponsored 
population was oJhcuDiy . .. was t j, a n double tough anti-abortion laws and 

estimated at 260.00P as against ' mbp j. j n tbc 1975 election, became a target for a campaign 
GSm blacks. Since then. iDei "'' *»00 000 special votes by pro-abortion supporters. His 

country has lost 5.428 Europeans I ; jn t 0 " be counted by majority dropped to 1,300 from 
as a result of emigration— just , 5<500 in 1975. 

over 2 per cent uf the white , Decemoei a. 

population. By the end of this; — — 

year the white population is 

iiian y 252 ,000- 6 Severs 1 ' here ; II IJPg-fOllblG TJltC SCttlcd 

expect very heavy enugramm i- iVUpvL ivuuiv * ^ 

figures in December and January | 

though there may be a slight ; y K . shaRMA new DELHI. Nov. 27. 

reduction this month. 'The post- ; . BY K. K. 5 HAR«a 

ponement nf the elections a - nd : T ., P SOVIET UNION has and now to be repaid. No figure 
uf tin- hand uver dale 101 ii= unvietv to is mpn tinned but it is thought 







-■ v.- : S 




Rupee-rouble rate settled 


BY K. K. SHARMA 


NEW DELHI. Nov. 27. 


ponement nf the elections and SOVIET UNION has and now to be repaid. No figure 

isw« r £ 

U?e e t .3u"™ SSl nJ e by proLnjin? . from 155 4I » 

and deepening tbe -,in certain l > . lh rupc( * and the Under the agreement, the new 

they are likely tu have an . rc ,ub\e rale will be Ita 10 to the rouble 

adverse impact. . and all past payments by India 

Our Foreign Staff adds: Chi el ! The agrcemenL signed un a| old rale of r s S.3 lo the 

Jnmniah Chirriu- one of the four : Saturday and annuum.ed jn rtmb i e wilJ be treated as final 
„r .h«> Rhodesian 1 Parliament today bj Mr. H. M. no extra liability. Other 


members of the Rhodesian ' miiameni iuv-> wlin no extra iiaomiy. umer 

Narional Council flew into .Patel, tbe Finance Minister, goes details of the agreement are aLso 


reaothe T -^*»--mvf3msiaiEwr0 NPAf:E” 


Russia has made a number of 
gestures to New Delhi recently, 
including tbe grant of substan- 
tial credits. 

Talks are in progress on long- 
term economic co-operation and 
a draft agreement is to be 
initialled this week. 

It is expected ru be signed 
i when Mr. Leonid Brezhnev visits 
India next year. 


If your company mns irs own transport and 
employs drivers, there are probably good 
operational reasons. 

But what about the financial side of it? The 
. capital investment, low return, 'opportunity cost', 
and now the extra employment protection 
liabilities. 

It’s a fair question, particularly when you can 
have the exclusive use of our transport resources 
instead of your own - and retain the same 
standards. With BRS Contract Hire, for example, 
we’ll even take over your existing facilities. 


What’s more, we've the close appreciation of 
local needs and the nation-wide resources (over 
150 branches) to ensure the right help with any 1 
transport problem. 

It can be anything from a one-day, one-truck 
rental ... to a total distribution service. 

We see ourselves as transport problem solvers, 
finding solutions that fit individual situations. 



-just say ■’Superbriz" 




Dorfliwjy House, H>oh ftiwl, Wheistone. L-.-nd-w 50.’ irt.O Tsicpfitne. C’!--]-;b l^vO. 





Financial Times Tuesitoy Wovem&r 28 1978. ; 


N LVVS 


WORLD TRM)£ NEW !>. 



Reorganisation may scrapSomoza China ‘to allow direct 

n investment 




BY J'JREK MARTIN, U.5. EDITOR 


WASHINGTON, Nov. 27. 


PEKING, Nov. 27<‘ 


THE ABOLITION of the United that If Congress ratifies the its extremely large National 
States Commerce Department in creation of a new Department of Oceanic and Atmospheric 
its present form has emerged as Education^- which Congress did Administration performs duties 
one of the mam options being not pass in its last session but which might be boiler pulled to- 
considered by white House staff- which will be re-submitted next gether under the aegis of the 
dealing with bureaucratic re- year— she could well become its Interior Department,' one of 
-organisation. new secretary. whose principal responsibilities is 

■ No firm, recommendations ha>e Bureaucratic reorganisation is natural resources. 

.yet reached I the desks of either no t a p0 p u!ar sibj^rt on Capilil ^Aeed, one of the options 
President Jimmy Carter or of congress sanctioned under consideration is to enlarge 

Mr. James MacIntyre, the head .of the c „, a iion of a new Department both bousing and urban develop- 
.the Office of Management and of Energv and passed the Air- meilt 311,1 intcnor by the pro- 
Budget, under whose purview the ij npc n£.Vpwulatirin Rill «-hi<*h cess of absorption, perhaps call- 
studies are being carried out wil f ^ ,ti me mean ffe end of the *■«« tbe Department of 

; P™' erfu ‘ Civil Aeronautics Board. But it Natural Resources, 

inside the White House that the bauUted over the Education De- President Carter has also pro- 
Commerce Department is the partment and many Congress- mised to &i ve assistance to ex- 
sort of hydra which gives men whose own committee fief- P orts b * . providing greater 
bureaucracy a bad name and that dom are intimately tied to the bureaucratic support. This 
many nf its junctions could he existence 0 f the federal bureau- cou ld include the creation of a 
airbed by other Government cracv | n jt s preseni form are new agency for international 
agencies, thus improving effici- unwilling to- see their * own t™** perhaps loosely modelled 
u o authority diminished. oa th e. Japanese example. Such 

'J-« Juan-ta Kreps. the Setre- , . an entity would have to embrace 

MT "f rnmmerce. is reputed to Underlying the reorganisation some 0 f th e duties now carried 
fichtina the reorganisation Philosophy is President Carters on a t Commerce, 
prnpora is and i i an he expected to ° v/n b^hef that bureaucracy must Equally, Commerce is a 
ppn,-. a l fnp support From Con- be made more responsive— a cam* voluminous producer of econo- 
zr*s«. who=e approval would he P a, S n theme in 1976. mic and other statistics {the 

n sa ry for su^h a re-allocation The Commerce Department is Census Bureau is one of its 
of Government responsibilities, a natural focus for reform be- arras) which, the argument runs. 

Mr-' Crops' oerfnrmance is not cause it is so diverse and because could also find appropriate 
a* .■«ue in to** current debars, some of its functions appear to homes elsewhere in the Govern- 
Sh-' ! * -nr-airt-rorl a popular and bo duplicated elsewhere in the ment. 

p“o?tivr* member of the Cabinet Government. Its economic de- President Carter could well 
and Mr. Carter would almost velopment division, for example, decide to sit on all these, and 
r o-fvniy assign her commensur- is involved in areas like housing other schemes, concentrating in- 
s’- duties should the reorganisa- policy, in conjunction with the stead of splitting off education 
tio- through. existing Department of Housing from the current Department or 

Indeed, there is speculation and Urban Development, while Health. Education and Welfare. 


IN AN apparent aboutface, China switch in Peking’s policy is that tia ting contracts t^th ^French 
has offered to allow foreigners to joint, ownership lightens China's 9“ 

make direct investments. so long ow n _ investment burden jeCtS Rnd .tntinn onH.fijnlr 


By William Chirfettin Managua 

LIKE A dying man clinging to a] disclosed here 
raft. General Anastasio 


«*£ 51 per cent ° f “ y i0int Chi c "1 e io" t e ve“tu 3 “hiS: “m." whuTSe^ Atoi- 
The eew PO.i V ,s receniig ^ ^g^^SSTSSS 


Declme hi 


. By Darid Satter •L.yv’r’V 

. MOSCOW; No?;;27 

S0VIET-FE£N£2 ; trade declined 
11 per cenr tfujine- the .first- nine 
months of 1378 casting-4ffl»ht on 
■whether the Soviet ^Umon and. 
France .will irieet tbes -- . ambitious 
goal' of trebling trade turnover 
Iri- i97S79 over the prevrobs five 
year. period. " - ^ •• - 
Trade volume iorthe first three- 
quarters, of. thjsjrear fcq&a^yahie 
of FFr8.'54bn (ahout flbn) down 
fronTthe~ turnover of PFr &57bn 



5 io economic delegation which was borrowing liability would be sion to sellMi Amenran-de^^ 

Somoza, the NicagarguiS led by Francois Giscard removed from China's shoulder* . nuclear power gwt to Cwm, 

President, is still holding on d’Estaing. president Banque This would permit ^bina to «corfiag added e that approv ^ 

to power. The possibility of a Francaise du Commerce make better use ^of toe credit rthinn'aafism!, 

peaceful settlement has 
become increasingly remote 

following the rejection by both vice premier Kang aiuu-nu auu succums -vr-- . - Twiorted.to Sreiich exDorts,.-tiHit^^ ofl 

llje presrien^aad th e opposi- “ e 

S e fte ,0 coX° P S,c™ r h“" Ml officiids'haTe 1 reiterated £» RuStaD^WtSsM Fr^ce n. Wd «. ,J MJjgJ 

the country on the verge o£ oolicvlo several British business- an a week-long visit to China with the sale of one rnd PQK^hiy. 

bankruptcy. men 'while Mr. Yuji Okazaki, accompanied by 60 leading indas- two Westinghouse reactors boat qBai^cOTP^^a^.value 

General Somoza, whose family representative in Peking of the tri a lists, bankers and business- under bcenseinF^re. jLStblttS&J 

have ruled Nicaragua for 4J japan Association for the Pro- men. Officials said M. Deneau -..The deal could mark the first] JMa«y. -to September .tost, year. 

y ea rs, f-ml** k>»n !-.-»*>♦ In _ •* -P T^*i*aa«.fifi«i<il u'flT Vi 

power 

This is now arounn lu.uuu Tmonese comoanies also nave «iua »m uj w >*j* •*“•* *«**wn*a - — -- -^.ul 

strong— a 2.500 increase in ^ aP pro ac hed bv Chinese possibly sign a trade agreement also surpass tbe level of v 

strength since the September authorities about forming joint with China worth up totion. on atomic. re«a^„t^tj^3fSbn 
civil war with the Sandinist ventures. 



Carter warning on the budget 


The apparent reason for the 


guerrillas. Deserted by the 
business community, intensely 
hated in the areas' where the 
fighting was worst. Somoza is 
also an embarrassment to the 
U.S. Although it was that 
country which allow-ed his 
father to install himself in I by JOHN LLOYD 
power in 1936 after taking over! 

command of the U.S. Marine- 1 THE DOUBLING of 


FFr 50 hn. existed between the Soviet Union] quarters of W?: Tte -tradHioBal 

The Chinese have been nego and China in the 1950s. I 

FFrT.65bn in 1377. . ‘ : R'V . 

. French commercial sources 
said • the' decline -in' ' French 
exports responsible for the fall 
iii irade WiU • be . reverses "when 
deliveries .. on major .contracts 
. , signed in late 197fi -suclr as the 

China's These forecasts appear as a orders can oe planned .efficiently, jpfr ;2.5Bn Technip contraa; for 
team from the Nadooal Coal - '. Mr. Hsiao said that tDC first flie-flurd^tage of 1310 - Orenburg 

■ <n m ■ nf vinid nTrturth' \n m rnal r jt. ‘ TlR* 1 ^ . f. .. ?• 


Coal industry expansion 



trained euard it now wants his I . n9 i in ten vears team, trom me ^auanai \*oai mr. ^ , me ^-mira TStage , 0 £ me urantmrg 

ttmneagu^. it now *ants Ills coal production in ten years Board . g ne „ otiatin g for a con-- stage of rapid growth' in' coal gas drying^- purifying: 'plai{ 

possible S bSi Q SomoS EoWowed by 3 fur ? er doub ; , ° s sultan cy contract with the- output was to- tap the potential: indtheTFt-L2bn Fei^Sy^COT^ 

*of production by the year 2000, Chinese Government, bel.eved of. existing raues, then- , to tratrt foran. alumhuumplaht-at 


BY DAVID BUCHAN 


WASHINGTON, Nov. 27. 



WARNING THAT next year's creases and a reduction in price spending that directly affects 
federal budget will be “very, rises of l per cent on the aver- American forces and equipment 
very tight." President Carter age increase in the past two in Europe, and not the whole 
today travelled to St. Louis to years. span of the U.S. defence budget 

give the nation's mayors the Hitherto, the President has "From St. Louis. Mr. Carter 
unwelcome message that they only said that the federal then flies on to SalL Lake City 
will get little money for new government would take sanctions to receive an award from the 
social programmes in their cities, against companies that did not Mormon church there — a con- 
Addressing the conference in comply with the new guidelines troversiaJ award in the light of 
Missouri of the National League . fay denying them government that Church's fight against the 
of Cities, the President under- contracts. Equal Rights Amendment < ERA) 

scored bis Administration's new- Federal budget cuts are likely to which the Carter Amdinistra- 
found commitment to budget to bear disproportionately on tion is committed. The Mormons 
austerity, as one : of the ways by social welfare programmes and have succeeded in preventing 
which it hopes to bring inflation on urban policies, because the ratification of the amendment, 
down below the current rate of Administration seems deter- which would enshrine equal 
more than R per cent. The goal is mined to stick to its commitment rights for women into the coa- 
to reduce th? budget deficit from made to its NATO allies to stitution. in three stales where 
just helm,- ?40bn in the current increase defence spending by 3 their influence is extensive: 
fiscal year to SSOhn or less in per cent in real terms. This Utah, Nevada and Arizona. Mr. 
1979-SO. NATO commitment was in fact Jody Powell, the White House 

At the same time, Mr. Carter inspired by the Carter Admini- Press Secretarv, totlav sought to 

appealed to the i 

refuse to do business 
panies which breach 
slra lion's new 
guidelines. These 
per cent ceiling 


Supreme Court dodges 
Press freedom issue 

BY OUR OWN CORRESPONDENT WASHINGTON. Nov. 27. 

THE UNITED STATES Supreme case had been dormant for vears 
Court refused today to hear but was re-opened following 
appeals against contempt of articles in the Times by Mr. 
court citations levied against the Faber. In the course of the trial, 
New York Times and one of its Dr. Jascalevich's lawyers had 
reporters In the celebrated recent asked to inspect all Mr. Farber’s 
“ Ur. X " murder trial notes and background material 

In effect, therefore, the court in order to ensure that their 
ducked the opportunity to pro- client received a fair trial, 
nounce on one^of the most con- Mr. Farber and his newspaper 
troversiaJ constitutional issues oF refused to comply, eveD after - the 
recentl. years— ithat' pitting the judge hearing the case ordered 
right of a .free Presrto guard its them to turn the documents oyer 
source's of information against to him for his perusal to deter- 
the rigfit of a defendant on trial mine what was and what was hot 
to be given reasonable access to relevant As a result Mr. Farber 
material information. . went to jail for two separate 

The court's action also . saddles periods and the Times was 'fined 
the Newj-York Times -with con- S5.000 a day for refusing to com- 
tempt fines jamoiraftng to $255,000 Ply plus a further 3100,000 for 
stemming: .'.firhttr the case and criminal contempt, 
leaves its- reporter, Mr. Myron Both Mr. Farber’s imprison- 
Farher. with a criminal record: ment and the daily fines were 
Mr. Farber served several weeks only ended last month after -Dr. 
in jail for contempt of court. 'Jascalevich’s acquittal. While the 
The case in question was the trial was going on. the Supreme 
murder trial in New Jersey of Court bad also declined to in- 
Dr. Mari Jascalevich. who was.tervene. 

accused of causing the death of' While the -Press here has 
three of his patients by use of normally been unanimous -in its 
the drug curare 12 years ago. Dr. defence of its right to protect 
Jascalevich was finally acquitted its sources of information, this 
of all charges last month after case has -prompted some division 
what i» believed to have been the of opinion inside the Fourth 
second longest murder trial in Estate, largely because the ques- 
thc country's history. tin of defendants' rights were 

Police investigation of the so clearly integral to it. 

New Eximbank credit line 

WASHINGTON, Nov. 27. 

THE U.S. export-import hank has authorised to the Banque Quest 
announced the establishment of Africaine de Development 
a new line of credit with the fBOADi which is headquartered 
West African Development Bank, in Lome. Togo. BOAD is the 
“The Export-Import bank said: regional development bank for 
The line of credit was set to the six member states of the 
support the sale of S2m of U.S. W est African monetary union: 
exports to western African B cnln * Ivmr Coast. Upper Volta, 
buyers, an increasingly more Senegal aad Togo. In 

important market for U.S. goods addition to these countries. West 
and services" Germany and France are share- 

The announcement came as holders of this bank which began 
the bank's vice-chairman, Mr. operations January 19i6 with 
H. K. Allen, and other senior a central office m Lame, Togo 
officials departed on a 14-day regional offices in each of 
trip to Nigeria and the Ivory tbe contributing countries. 

Coast. Mr. Allen's tour was 
arranged to consult with high 
level African Governmental 

officials and business executives 
about Export-Import Bank 


obstinately refuses to budge. 
Asked 
weekend 
the 

Government fin the light of 


. further- orders for UK mining bases, mostly in .he east, central- nf tr aTn s itifm-aTufriB vim pointed *rot ; 
tts rejection of the urnnosed I present out P ut Chinas equ ip men L ..south and norti-eas: oi ;the that -deliveries _tm 

referendum^o determine 0 Wis "SS* «. t0 mafee the 


persuading the IMF~ to "put off ced by Mr. Hsiao will almost the 
its decision on granting a $20m certainly make it the world s so 
compensatory credit) General largest coal producer by the 
Somoza said with his torn of the century 
customary ambiguity: I don’t Writing in the annual survev 
think the U.S. supports ray of the world coa] industry in 
overthrow.’ ''World Coal" magazine, Mr. 

This is true to the extent that a Hsiao says that “the key to 


e oruenug ui equipuitui wbiu, i™.™ eaxjy ucxi year.^iiiey mere 

e Chinese on a regular basis, China basically self-sufficient ■ in were good prospects ‘ibr- fijesign- 
that producioa for export- coal in about ten: years. fng of a number of .contracts - by 

tfae enff uf the yearj; -^'^“_'. i';' 

Butch in port project TWiira h* 

--, THE HAGUE, Nov. 27, Uhii| 


SSgSJK?"* “V, r r 1 S^YM.'wTSS'bJiSSf ■S^SZSSB.SSS&i 

radical sation of the industry lies in mechanisation - 2 cont r act with a Dutch consor- - ' Mr. Ye h said the harbour pro- 

nrftmnt^Ati^^oli^PAiItapnn The target is to achieve full tium for a survey on a deep water Ject would be carried out first, By John Lloyd '• ■■■ 
^^nlhlr’ri.hn mechanisation within the next pon for coa i ships would be with the survey being conducted . .. r - .^vs - 

no todtoe the nlea^ure that t le ° years ’ signed by the end of the year. in the firstTtaJf of -next yeirj; : ;STEE*)PKODUGTfp57 ta-'^he 29 

would cl*e the 51 were the “ China must rely on ib own China decided in principle to Following the survey <h e conr member -coimtae^ which : are. 
General to bow out Carefully abilities to achieve this aim. but award a Sibn contract for the 'sort turn would submit ptons for nrambers - oT the ^Tnteraational 
ioEtead Of Jragrtng tie at the same time will not hesi- harbour project, at Lien Yun the modernisation of the har- toon and Steel In stituter-and 

■ UBiL.au ui ■ _ r L-... -7/in i-u r .n,nti«r nnrtli Knur with astimitsc Whon uiliii-)ii-nmil„i<a' D9 m-'-mnl nf 


THE HAGUE, Nov. 27, 
COMMUNICATIONS- Kalis Westminster Groep. EHC 


couotTy down with him. 


tale to import some of the Kang. ab*mt 700 kilometres north bour, with cost estimate. When .wturi)'- produce 9S:.'per T -cent of 
world’s most advanced tt chni- of Shanghai, and for 3 deepwater completed In 1986 the port would Western world .. steel— broke 


orders rise 

By David Lascelles 

NEW YORK, Nov. 27. 

ORDERS for machine tools, an 
Important though variously- 
interpreted economic indicator, 
reached record levels in the j 
U.S. in October, the National 
Machine Tool Builders Associa- 
tion has reported. Total orders 
were $414m, up 24 per cent on 
fbe previous month and up 
73 per cent on October last 
year. 

The association said that the 
rise was partly accounted for 
by a special tirade fair in 
September, but. even so, 
demand was running excep- 
tionally high. Opinions are 
divided, however, about what 
this strong trend means. Some 
people fake it as an indication 
that behind all the talk of 
recession, business is basically 
confident and happy to invest. 
Others point out that the threat 
of higher prices and a credit 
crunch Is causing business to 
bny sooner rather than later. 

Whatever view Is correct, 
many machine too makers say 
thev have so many orders that 
they cannot deliver until 19SI) 
and that this is opening np the 
market to foreign competition. 


dum cannot be held until 
General Somoza leaves the 
country and the President’s 
proposal for a plebiscite to 
enable, him to form a new 
government on the basis of the 
relative strengths of the 
parties. 

In politically-aware parts of the 
country like Esteii In the 
north, where more than 20.000 
people have moved out of the 


British lead 
Middle East 


Jordan phosphatemines 


By Doina Thomas 

BAHRAIN. Nov. 2 f. 


op, on the same nionflr last' year. 
ProdurttonmthfiEuroge^jvConi- 
mtiiiity was up lT3,^»et <eent ui 
that period, wMle U.S. produe- ' . 
tion /went; upjby K2^per-. eonti. 

'..tfbved ,a. ®ore..-aiddMt - 
riro;:of . 6:4 per cent,wldle-;dther 
nSI countries, ~ incTudir^ ' Jndia * 
„„ n , ul _ Airu-Aivr na» arid -the Iiatih 'Asbi&rSdili-' steel ■' 

BY RAMI G. KHOUR1 AMMAN , Nov. 27i .. producers, , .went tq» -ty-8.4. per .’ 

Jordan has signed a $10m anticipated arrival here -within ce ^ a riCT t .^i: 
contract to buy a walking drag- the coming two months of a tj aJ« tl»t ftie 
line from the British firm Soviet team of experts to study UKs pyodnetion weatinp. jiy .7^ 



Ecuadorian 
candidate 

By David Ms-nh 

SK. JAPtr. ROLDOS AGUIL- 
ERA. who won the first 
round of (Ik- Ecuadorian presi- 
dential elections in Juiy. >,airi 
in London jeiU-rday :hai :u- is 
confldrui iha; liio eoiinlr.v’s 
m; iii ary gbw-rjim»-:if uiil keep 
to Lhe exle:i<ied lianMahle set 
for a kauilc-.er to civilian rule. 

Sr. Roidos face.s a run-off elec- 
tion on April 3 with Sr. Sixlo 
Duran Baileu. the moin Govern- 

meiil-supnorlf'd candidate. This 

will dccid»* composition of the 
civilian government which is 
due to take office by August 
10 next year. 

The 37-year old lawyer, 

generally thought of as a left- 
ward-leaning technocrat, gained 
28 per cent of the vote in j financing services. 

July's I The $850,000 credit line was 


VS. COMPANY NEWS 


Troubled outlook for car- 
makers; Sears Roebuck to buy 
back up to 10m shares: Kaneb 
to boost coal output — Page 26 


mSit nCe it ™nnJ? >mb d ( !,;to2 ™E BRITISH form the largest ^ so raTandTapte which wiH - Ipweg W ': 

w^mhpr JEHU a d U iin S national group exhibiting at ^5SSlv"atW & toe coSSl phosphate at ShidlyaTin south. the EEC countries.,-; Ei^nce,--.- 
dous discontent Arab- Build 7S which opened in p h 0S ph a t e production capacity in eastern Jordan about 100 km was t he^d d PMut/cu t,in - . 

Get"r S a . d Som“l m as he showed m nd3y ” ,d VSSS.- from theportot Aqaba. 

the highly-Iegallstic seven-page L1 J ' „ ... . The walking dragHne wUl he During: his official- visit to the tokia was the only btiret mem- ’ 

reply to the mediators, is Eight ly-seven British com- ^ Brst of its Kind in the Middle Soviet Union laat month. Crown . 

doggedly sticking to the Panics, under the umbrella of EaFt< and w n be used to expand Prince Hasan asked the Soviet _ -10J _ er ce ntSrlS caM.^fhMa 
country's constitution as bis tbe British Matenals Export production at the country’s main Foreign Trade'., Ministry to ^Qy,^ huge rises-^Beleiiim 
reason for maintaining his Group, have taken space lor the miDes al M Hasai 150 kilometres consider developing the lbn tons t ^ hr over 
position, saying that there is exhibition. - south of Amman. of indicated and proved reserees Donmarik hJ 79 6 rent 

no legal way to force him to The British companies partici- The cost of the W2000 model at -badiya^aiong ^ same lwies Taiwan by over 06 per-cent- 

leave the country. So with Lhe pating include a number of sub- dragline covers only provisin of iilSSSf though the last two grew.: from 

President detenumed to carry sidiaries of the Delta group, toe equipment f.o.b. to England coniparatively small outputs/, 

on ^intil toe next general elec- Portakabin, Austin Hall Inter- when .it is shipped, assembled yelcomed .'Over the. 1 first- teii ^ monffis -of 

tion. in 1931 and the opposition national, Alcan Building fln d p U j into operation, the total *r e ?“*“•; . ; j the year;- 'the- TISI -members 

adamant that he must go there Materials. British Gypsum. Inter- C05t tQ the Jordan Phosphate Jordan would like toe Soviet showed a -cumulative growth of 
is littie room for manoeuvre national System Building, some as nes Company will be *20-25m. Union to develop toelShadiya 48 per cenL- All the major -steel . 
The present lull is either the of whom are searching for according to senior company reserves as a package deal, producing countries’ o utput was 
cutiet before the storm or a agents in the Gulf States. The officials. including the design, planning, up to this- period compared"vrith 

sign that the problem is going biggest individual British exhibi- These officials also told the construction and finance i, of an the same period last year, except 

to drag on for a long time, tor is Idea! Standard. Financial Times that more pur- entire nnne site and benefioation j or ^ xjk fdown 3.4 per rent) 

u e , Sanainistas have Bahrain's Minister of Works, chases of milking dragJtoes may plant at snatnya, vntn repay- and - Japan {down- 1.7 - per- cent) J 

threatened to step up power and Water, Mr. Majid Al be made in the future, though a being made in phosphate ■ The Institute comments that 

.their attacks and there is a Jishi, said yesterday that fears decision would have to' await rocK mined mere. _ . M this improvement is due tb the 

feeling among a large nurpber 0 f serious recession to the con- the experience of using this one. Jordan's role as an inter- continued strengthening - ’ of..: de^.. 

of people that more violence struction' industry in the Gulf The dragline will enter service national phosphate producer jnand in the domestic markets 
_ may be the only way out : States were groundless. in two years' time, when pro- remains relatively small, with of - the main ' st'eel-prodncnig 

Many businessmen believe -that was gi v j n g the opening duclion from the country’s three production aad exports averag- countries,, and to greater export 

the political crisis has wrought address at the Bahrain Society phosphate mines will total 6m tog around L5m tons over the activity.” However, it notes 4h at 

such havoc tool economic .... " - — • 

disaster faces the c 
After a GDP increase 

terms averaging 6 per ^ _ 

since 1970. the economy this | runningToocurrently^ wilh Arab- carice ‘ to 'the industry’s ever, a psychological barrier of I many member countries last 

year will probably register a [Build T8. development, however, is toe some local significance. - 1 October, 

negative growth raLe of 43 perl 



SOT 3 CONFERENCE 



price urged for exports 



‘offers Beagle mediation’ 


BY ROBERT LIND LEY 


BUENOS AIRES, Nov. 27. 

Last week. Argentina accepted if most of the points of conflict 


IN THE Archil line Foreign 

Ministry here today reports 3 Chilean proposal that the bad been settled, 
were circulating that King Juan Fnreign Ministers of the two She months of bilateral Chilean- 
Ciirln.s nf Spam had acceded to countries meet to choose a media- Argentine negotiations ended on 
.4"geni:n^'s petition that the tor. It will be impossible for November 2 without any agree- 
Spaaish government mediate in ihe meeting ib'take place before ment on the crucial point: Who 
The Beagle Gunnel boundary December 11, because oT the owns certain islands and waters 
dispute wilh Chile, which is ro-al visjr and, in December, a ar toe soutoern tip of South 
threatening armed conflict. meeting of ihe Foreign Ministers America? It is a dispute which 
If so, it remains t» be sew of the River Plate Basin has been going on for a century 
whether Chile would accept countries. and repeatedly has threatened 

Spain as a mediator. The Pino- Later today a 'Foreign Ministry war. 

chet regime is understood to be spokesman here said, that even Last year, a special inter- 

displeased that Juan Carlos and if Sptiago should accept the national arbitration tribunal 

Queen Sofia, who arrived here Spanish government as a appointed by the British Crown 

yesterday on lhe third leg of mediator, it is unlikely that this banded down an award in the 

their South American trip, have could be realised. He said the dispute favourable to Chile. The 
by-passed Chile on iheir way to Spanish position is that it would award was unilaterally declared 
Argentina from Peru. step into the mediator role only null and void by Argentina. 


cent. 

Unemployment is estimated at 
■between 50 and 60 'per cent 
and inflation between 10 and 
20 per cent (officially about 
3 per cent). Five construction 
companies are on the verge of 
bankruptcy (eight having 
folded last yean. The last 
straw for the economy would 

an evceUent h cortn"n I ^ , iwi S pnffpp | that - ’quality "of' "product »s of highest “international test stan- better to try, because it is essen- marketing’ and technical net- 

. ' u “ uu SUOee ,'mnnrf.nn,. in rha hvtrla fnr (hair npAHnfffe In aw(jp rt,I rtt at nrrr lnrfn<M,l efpnnhin* rniftr In .Ite'wwHiwf fr ltw -I»m> 

harvest 

The opposition's strategy over 
general strikes has been to 
hold them when they would 
not cause too much damage, 
but now there is talk of further 
strikes in December as cotton 
picking gels into fuij swing and 
there is mention of a campaign 

of violence by the Sandtoists 

lo coincide with this. 

Destruction of the cotton and 
coffee crops would alienate 
the Sandinistas. whose popu- 
larity remains high among the 
people, and their targets 
would, therefore, probably be 
confined lo attacking the 
National Guard. 

The country's public foreign 
debt stands at S983m and the 
Central Bank has ' already 
indicated that it is finding it 
increasingly difficult to m^et 
even interest payments. Tax 
receipts are dnwn 13 per cent 
this year on 1977. 

Were an acceptable political 
solution lo he found, it is likely 
that the IMF would agree to 
Nicaragua's request for a 
standby credit to put the 
country back on its feet and 
restore financial respectability. 

This would lead to foreign 
hanks starting to lend agato 
to Nicaragua's commercial 
banks. But it is most unlikely 
that such a credit would he 
agreed to by the IMF until 
there is a political solution in 
sight. 


BY LORNE BARLING -- " ^ " 

The increasingly popular view ihe need for them to meet the drift, downwards. I believe it Is deficient to establish tog- overseas 
at quality of ’product is of highest international test stan- better to try, because it is essen- marketing’ and technical net- 
prime importance in the flattie dards for their products, to order tial that our Industrial structure works; to its 'productivity' level 
for exports, exemplified by the to be able to sell ihem at all. be kept within the top league.” and to meeting -delivery dates." 
success of Japan and West Ger- As a result both companies he said: - Perhaps the best illustration of 

many in overseas markets, is one say. the products concerned soon The real testing ground for the overall problem Js the 
which will be strongly advocated gained a reputation for quality, British, exports, -particularly in British clothing industry, which 

at a British Overseas Trade although in the case of Lucas relatidir to their quality, -is now ts critzeiECtLfcr literally faffing 

Board conference in London this ideal was nothing new. Harry accepted by most exporters, as to fit its .overseas customers* 
today. Lucas, its second chairman and being to Europe. But due to the requirements. 

The conference, which was son of Joseph Lucas, apparently fact that mosi EEC countries have *Both imports and. exports of 
initiated by the board’s chairman, once said. “Memory of quality higher standards of living than doth ing we adversely affected bv 
Sir. Frederick Caiherwood. will remains long after price is for- Britain, there is a dear need to the' UK tendency to hold quality 
lake a number of successful gotten, ” presupposing of course upgrade product quality. “The and design down - to - a DFice 
quality-product companies as a that the product was sold in the belief that what is good enough rather, than up' to constoner 
starting point for discussions first place f 0r Britain is good enough for reOTfrekenls for fit and eertaln ' 

which will hopefully touch on Although the West Germans the rest of the world is no longer features. Yet some hieh auaUtv - 

the problems of smaller com- and toe Japanese have proved true.” -Sir Frederick «ays. ' . - - British tarmfints sen ' wti^rr 
parties facing high development that quality products are However, it is clear that quality toteratioSs^ markets' 
costs fur such goods. relatively price inelastic. Sir of product cannot be divorced NEDC-«iml - r ’ — 

The underlying theme, how- Frederick points out that the from other price and noo-prire Atth^ if-to riMr+h^aiT--- 
« the frequently premium created by toe rise to factors to exporting. A recent exSSttoa 


ever, will be 


expressed certainty that unless their currency values has led "to report” bjTthe" National Economic Mran»f 
industrialised countries, pariieu- a feeling of vulnerability, in Development Council pKSTJ OStoi ‘SSSSSSS-” 


larly Britain, concentrate on the those countries. Nevertheless number. of sectors where the aodoveiSaaSkettot^^^ 1 
development of hign trehnoloev these problems or success remain advantage of product Quality is not 
products, they will suffer from remote from those of Britain. lost toStogh neSect in otoe? 
low-wage competition which will “We are still very dependent areas - 

destrnv more and more sectors in upon price for the majority of For example, the UK pumps Sze?f their 
industrv. our exports. Sir Frederick says, and valves todustnr rhn,.«h™« '• • - ■' 

Sir Frederick hope^ that one "We now have to choose between sidered to be teSnically (Sm- eaSlhSnlfft eo “' ' 
impnrtant conc-’pl will emersc staying with the leading trading petitive. may lack^ 
d urine the meeting that there is nations or admitting that we can organ isktionaT support and SSte^ com^i^^V^- 8 ? 
no virtue in a company being no longer compete on equal resources necessary tor the r 

good at producing the wrong terras.” ketine delirorv -^ , -^ et . t ^ e f e, * uu:en! ®Ote • 

product The companies which He believes that If the British pertonaaoreof ore 

will be discussed are those which Government had taken toe view petitors the- ^ on vdudt their -jobs may .. 

ir name or a pro- that it could not enter the pro- suggests ' ■" .-. •’/-.’T-Tr 

- **- " - - Sb - " But ft0WCTer-stfocw»f.i3.A.A^- 



; tv -1 * 

LIl*A 

a 


-C -O-. £ 

\ f 

i V D. v 




;« ’2* ; 
VTA'.* . • 








Com 

Sche 


s ' :?.? 


-’i,— 




. tlf--. 

tl~ v ■' 
t'r- • ■'• 


^er-Oi 

i'wi 




have made their 


duct's name by its excellence, posed European Moneary System Similarly. - the ^tnc smG*SstvH> tjcoai-. 

These are Beechanii. Kenwood on the grounds that UK Industry motor Industrv is. said tn prodnrixigaiHisH 

, n „w p.rt.rttalTon. group). msuuU.t.rt.Mt.wiMeS: Tmt^£El££*£ 

Lucas and \an Heu*en. ditions, it would be a depressing dard.'penfonnan^jdoualiwto *■&& £*&**& that;...- 

One common factor in the state of affairs. those of its malar ~ es8 «^ re is raade' ’ 

success of Kenwood and Lucas "If we admit we cannot com- competitors. - But ; arLStnl? n ^ - ^®® u ; . deHver .. l - and service 
in their export activities has been pete then we will continue to the report “theUK^dus^- ” effictenti V. fte-efforTfisay be otozC " 



fir .1 


■iy..;- i. : ...... 

" -l ’- - 


W ( 

UP for 


K :: ^'^.1, 

y.l. 

■ .. ■“ 

■yf'i ’-'r:' i ii 

>,y i 







Financial Times Tuesday Ndvembet 28 1978 



NEWS 



BYjOHN ELLIOTT, INDUSTRIAL EDITOR 

Unuin" *^ 11 cjKn^ii , ' S ' ri i ls i Con ; roonufaciurins companies during 
J™ 1 "*, VL- CjniC , ,tie JeveJ or Hie first three weeks of this 
demand for goods m manufac- month. 

bD^r Jn "bS; : a J^fi U r h any lT ws » during tiuiperiod that 
hit hv f^ confidence is the Government failed ro agree 

Snre^t oieJ^?/™ eS P 0l i?.fons “ '£1*2 statement 


Kirkby co 
offered 

BY JOHN ELLIOTT. INDUSTRIAL EDITOR 



leaders 


Jessel and associates! Thermos 
to leave board 


fry to save the 


THE TWO leaders of the troubled comimuj In 
Kirkby Manufacturing and eo-npcraiite. 

Engineering workers' eo-oper.-.- Bur w „rcestcr m^Jil after- 
ttve are 10 be offered cnnsultnnU Infi jh en i the t-onsulunis' jnhs 
positions at about IR.OOOOa.CKM) a as ■■ srtlll( * ;i «|v, " «... Hire.- 
year by Worcester Engmeenng. ycar com ran-. It am. oar.., thar 
tbc central heating company now no d av tl> manag.-mrni nr 
negotiating to take over the other work w.iulri Ijl- involved 
co-opera live. and it in nui clc«r how ufien 

,, The two men are Mr. .lack the men would be required at 

Th«fl ..m>i,' • v; ilh lhL> TL'C and t&c concern | Spriggs and Mr. Dick Jenkins the Muis*.\v*.idu laciury. 

nr CD 5o '^ on ^ l b a *'. Ul « has caused among: who were militant shop stewards Meanwhile Wu reciter is still 

inHncir^s i n of BnUsh companies is; shown by reports • until the co-operative was set up nr 201 m line with the 1 ;«.vcrr»m**nr 


BY CHRISTINE MOIR 

MR. OLIVER JESSEL and two 
follow directors at London 
! Invcsuncnt Trust (formerly Caiel 
'Trust!. Mr. Thumus l-cwis and 
‘.Mr. Alan Lamuoll are votin. 


rioint m detailed talks -.ill tlio . A;*" Lamuoll are voung 

iju-sic financial ...sues had been ^emseves out and proposing a 
. 1 ■ i'ii nnlidi*!'. ni'ii 1 hftnrn 


resolved. 

AL the same nine. Mr. Springs ’ 


cumplctci;. new board. 

In a surprise announcement 


confederation 


Industry's monthly industrial from ' regional 
trends survey and regional re- offices. 

ports today, which followed the "The worries being generated 
general hue of recent economic by unccrtaintv nver pay. and bl- 
ind indurftriaL reports. fears of unsettled industrial reln- 

Rut there is comiderable eon- resulting from difficult and 
.corn about the 
Vi: ports 
overseas 


in 1B74. Since then, thev have and the cu-operativu's creditors 
held a dual role as cunvencr- abuui Uiunci.il arraiigL-ui'.-niA It 
directors 00 salaries of £5.000 a also has to ft mi a -a ay .if deal- 
year. ing will) icihniral and Una mu! 

Their future has been a *uh- ‘I u-d Hi eat 101 is M.h „n...„sed 

jecl oF some controversy ameu f -ikovei rceisicrcd tv.u ur-.-ts 


out the prospect for Prom.elod . pay negotiations. ■» f urnre or Th,- V^oerai ve »V° ''.Vlhu i;.ivcriiiiH-ni'« Imbi- 
be cause. the levels 0 f undermining any recovery in ; which !?7as?nc ahout^O OOo Tu »-veli»piiu-ni A.ivi,„r;. 

order books seems io busiaes-s confidence -that might j cJ?fnnn ,s ° S Ct hnVL « B, ’ jrd A financi.d un..lt.-iiicni 



sectors. “In addition. The rise in been interested in taking over has been ciiiisiilu red. 

The fact thaL cr'-msnW inlercsl fates H, already reported 1 1, “-* co-operative, whos'e main A ihkmIiI* pru-e of Elm *»r 

tntal order honk,’ are eunitnulnv tQ be j^opardishig some of the business is making radiators, mure f»»' the pun-haw ..f :fn c»- 

to improve in snli* nf U ih2 n ? urc mar S*naI invesUneni deci- would have wanted to gel rid of operatives luuldmc- fn.i.i iheir 

worsening of export orders "bviouslj* especially: Ibem. 

shniv S ihSi ih* i ZI™™ ' unwelcome at a time when firms 


shows that the improvement in „ .. 

tome demand J ilroBg ‘ £ JStaE™"® P0,>r le,C '“ 

in spite df uncertainty over 
pay negotiations, reports arriv- 


certaio areas. 

" Although total order honks 


owner. Inh-i'nutmnal r 'rup».-riy 
Dcvi.'lopmcni. lias a!s<> l.cun 
under disru^ton 
Tough negotiations have also 
started a l I he ru- opera rive over 
260 redundancies anion.: Hu- 7'Jff 
Jenkins would have to leave workforce and over c:;tensu.:i< 
Worcester Engineering in the present 35-loiur winking 


How often 

There has also been specula- 
tion that Air. Spriggs and Mi 


cent, ui participant*. the irn- d : ,[ U yank show that rau*l deak; s,ncc - - 7- - . - 7. 

prove inert in demand for manu- arc being struck for close to the : emerged in a Department of week. These continued yi-ieiday 
fact unng in dusuy over the most Government's official limit 0 r 5; Industry working party report when the cu-opcraiuf’s «lio;i 
recent noitilhs has been main- u P r 'two weeks ago as the favoured vie wards said then- wiv little 


and Mr. Jenkm,- are involved Tn . :hc board said simp y 

Left-wing Campaign wiihu, ihc "'at me voiupanj s interests 

Labour Party to have the co- *““ ld °c netlcr served by 

operative taken over hv the. “'rectors not engaged in the 
National Enterprise Board. development nf any other public 

n.T^oieo. *?."! ,b L e ‘ ‘‘‘“SSer. shareholders would 

Department or imhisTrv s work- • , .... ... , „„ ... ... _ 

ing parly reconvened lo consider l.J'.' . r Thl f /.„m 

allegations , hul . during i 

original work, it came under tL* T , r 

strong pressure from senior . ^ ’ reporI .,“ nd . i r ?J! 

dcpartmcnt.il Ministers to reject ^ ,\ 1 <f3r 0 ' i r . d ' re * ,d > 
ups r-itn, , r * .overdue, and the board cannot 

any NEB Mreo.or. . |« fl - e 3 fir!IJ (iulc wht .„ (hey may 

tt There w.is a boost yesterday 1 be expected, 
for business at the nmturvycle The slafemcni says only that 
workers’ Ct»-o|.«.»rauv<* fuctorv atl*he annua! ineetins “will be 
Meriden, near Guv entry. "The 5 adjourned u nisi a date tarly next 
Triumph nmirircyele firm, now ; >'var when the 3i-conn!> will be 
run by fifiO nu-n and women, said j available.*’ 

u encouraged «<y the strung ' apparently The problem lies 
p. i«sibility of again becoming the 
main suppliers of machines In 
police forces Devon and Corn- 
wall police i»:r< bought six 750 
c- machine-* i|.:-.%pue crmciMii of 
the 3rcriden product by other 
police force-. 

Thu workers’ ■.o-riju-r.iTivp »:ti«i 
it was a bre-iV-ihrniivh and the 
sale could well ciflm-nce pros- 
pec'ive buyer- Several forces, 
including Wist Midlands and 
Warwickshire have rci-entiv 
opted for liir German BMW ; cien: t« 0 IT set the losses from 


is nne part of the Jessel empire 
to escape the collapse of Jessel 
Securities in 1975. At one stage 
it was to have bought a sub- 
sidiary of J. S. Jessel Britannia 
Unit Trust, but the deal was 
called off when a receiver was 
called in t» the parent company. 

Late last year it was again 
involved in controversy when 
.Mr. Jessel opposed the takeover, 
by Maurice James Industries of] 
George Doland. in which Cat cl . 
(now LIT 1 was a susbtantial- 
shareholder. At one stage he I 
sought a court injunction against . 
a key part of the takeover, but 
this was refused. 


allowed 
to raise 
prices 


uilh RKC-Hightnwer. a company 
in which LIT bought a iwo-Third 
stake from the reciver in 1976. 

Last year. Hightower lust 
£358.000 before lax. This year, 
accurding <0 the board, n may 
have lost only £102.000. inn the 
figures are nul yet complete. 

The rest of LIT is said '«.* have 
operated at a .sumli profit in the 
12 months to March, hut nn divi- 
dend i* proposed, presumably 
because pit profit will be msuili 


....... „ . — per cent. 

‘^■ (e fpe ^nfederatiun say^. But only 197 pay .deals, cover- 
- ,™ s IS ,nr *' noriceahle for ing 540.000 workers, hare so far 
finns m consumer goods indus- been reported. The maiu signifi- 
i.jps. Fur firms maJf/ng inter- cance of the figures ‘is Ihat thev 
module goods, and in particular, show ihai the annua! pav round 
those engaged m metal manufac- is considerably delayed. Pay 
la ™* s ’ d:?n|iin u remains weak." claims remain high, with 65 per 
The survey on which these cent of those . reported wanting 
results arc based, was con- increases nf up to 30 per cent 
ducted among more than 2.000 ur mure. 


in rich me 
Tfimnnh 


in preference In the 


High tower. 

LIT. under the name of Catel. 


Curbing building 
site thefts 

A SYSTEM designed to speed 
up the recovery nf stolen build- 
ing equipment bjs been set up by 
ihc National Association . of 
Scaffolding Cun tract ors. 

Under the plan, a contractor 
reporting a loss will nntify the 
construction security advisory 
service of the National Federa- 
tion of Building Trades Em- 
ployer:; which, in turn, will relay 
information on the properly lo 
security officers in four member 
companies These w ill then each 
inform four other members, ac- 
cording to an agreed rota, until 
the end or the list is reached or 
information concerning the pro- 
perty arise?. 


By Our Consumer Affairs 

Correspondent 

PRICES of Thermos flasks are 10 
Su up by a maximum of 15p 
despite a Price Commission in- 
vestigation into the company's 
prices. 

The rises, of a weighted 
average nf 5.33 per cent over a 
range of products, have been 
allowed as an interim measure 
under the safeguard regulations 
pending the outcome of the in* 
Ycstigaiion report. This is due 
Tor completion by January 5. 

Thermos would not sav yester- 
day exactly when its new prices 
would come into effect. Prices 
were last increased by some 9 
per cent in January ibis year. 

The commission’s investigation 
was unsual in that it did not fol- 
low a notified price rise bv the 
company. Companies with a turn- 
over of more than £15m have to 
give the commission 2S days' 
notice of price rises, but Ther- 
mos' turnover is less than this. 

The commission decided to in- 
vestigate under its powers, which 
enable it to prnbe any comoany’s 
prices. As prices nrc frozen 
during such an investigation, the 
company had Lo seek permission 
for an increase under the safe- 
guard regulations. 

Thermos is based at Brent- 
wood. Essex, and is n subsidiary 
of King-Seelcy Thermos of the 
U.S. It is the leading supplier 
of vacuum ware in the UK. 



airy on 




BY HAZEL DUFFY. INDUSTRIAL CORRESPONDENT 


THE relationships between 
Government Parliament and the 
nationalised industries are to 
be investigated by the Select 
" Committee . on Nationalised 
Industries daring the present 
session of Parliament. 

This choice of subject follows 
the Government White Paper on 
nationalised industries published 
in the summer, and supports the 
Committee’s view that it should 
be the- subject of a general 
: debate in the House of Com- 
mons. 

A new subcommittee has been 
formed to look at the subject, 
and particularly at various pro- 
posals contained in the White 
Paper. These include Ministers, 
being given powers "of specific 
direction, and the genera] ques- 
tion of the structure and 
appointment of Boards. 


The select emu mi lice had been 
concentrating on specific indus- 
tries, one of its most controver- 
sial investigations' involving the 
British Steel Corporatism The 
decision to inquire inta more 
general subjects affecting all Ihc 
nationalised industries marks a 
departure in the comihiUee’.-* 
approach. ~ 

- It has also decided lo -continue 
holding hearings. on. subjeeKuut. 
lined in the Queens Speech, in 
advance of legislation being 
drafted. The cantrulilee did thir 
in the case of the reurganiautiun 
of the electricity, supply industry, 
and intends -to' hold a similar 
inquiry’ into tbe proposal that the 
consumer vof-e uri nationalised 
industries should he strength 
ened. A. sub-cam millee is also 
being formed for this purpose. 


Community Land 
Scheme rules change 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


THE GOVERNMENT is to allow 
local authorities greater freedom 
in their operation of the Com- 
munity Land Scheme. 

A guidance note issued by the 
Department of the Environment 
yesterday allows councils lo 
■ apply, for loan sanction on a 
programme of acquisitions and 
enables them to retain a greater 
pronortion of the profit made on 
land dealing carried out tinder 
the scheme. 

Yesterday's guidance note 
gives effect, ro Government 
promises in the summer to case 
the controls on Community Land 
Scheme loans. - 

Until now local authorities 
have had to seek Government 
sanction for loans to buy every 
single area of land acquired 


under the scheme. Now. once the 
general lines of a community 
land programme “and iLs finan- 
cial implications " have been 
agreed with ' the Environment 
Department, a council will be 
able tn go ahead with land 
acquisitions without further 
approval for Individual projects. 

Councils keen to use the 
scheme as part of '* positive plan- 
ning " programmes have been 
anxious to shed the laborious 
procedure of applying , for loan 
sanction for each individual, 
purchase. . 

While ihe new guidance note 
resolves this problem, il does nol 
alter the overall budget for Land 
Scheme loans set al £64m this 
year. £S3m in 1979-SO, and £102m 
the following two years. 


Liverpool surcharge cut 


IE tndia-Pakista/i-Banqladeih 
ipping conference, which fiws 
union freight rates and' sail- 
; :tinietables for operators on 
; route, has reduced from 
lay its surcharge on cargo 
[idling at The Port of 
ferpool to 12} per cent 
Mriously there was an inward 
trge of 19 per cent and an 
tward one. of 17| per cent, 
rhe Mersey Docks and 
rbour Company has ora- 
[gned throughout the year 


against the surcharge because 
of the improved productivity 
through tbe port. 

Mr. James Fitzpatrick, manag- 
ing director of the company, 
said yesterday ihat although the 
reduction was weJcotae, the sur- 
charge was no longer justified 
in any shape or form. 

At the beginning of this 
month the UK-Sri Lanka con- 
ference. a sister association, 
announced that it was reducing 
115 surcharge to 5 per cent. 


Navy charts 
sell for £40, 

TLASES, MAPS and books 
dating to travel and topography 
•tailed £*217.561 in a wff 
icoessful auction at Soihcoys 
?sterda>; with just 2 per cent 
resold. , . 

Top price was £40.000, plus the 
) per cent buyer’s commission, 
lid by an American private 
iyer for The AtlanUc Neptune, 
series of charts by Des Earrcs 
x the use of the Royal Navy, 
thlished in 1780-81. 

They were sent for sale by the 
ike of Northumberland .and far 
needed their estimate o‘ 
2,eQ0-£15,000. 

Other high prices were £-4.000 
r.the Theatrum Orbis Tcrruimm 
r Abraham Ortelius. published 
Antwerp in 1595: £14.500 1 par a 
r a German dealer for Civitales 


of 1780 


Orbis Terrarum by Braun and 
Hogcnburg; and £11.000 for the 
Blaeus' Le Theatre du Monde, 
ou Nouvel AUas. published in 
Amsterdam in 1645. .. 

A wooded landscape by Jan 
Brueghel ibe Younger sold for 
£8.500 'to Richard Green, the 
London dealer, in a sale or Old 
Master paintings at Phtlhps 
which totalled £121.890. Evans 


SALEROOM 

BY ANTONY THORNCROFT 


paid £7.000 for a still life of a 
globe and desk acoutrcmeniS:by 
Evert Collier, 


BARCLAYS BANK HELPS EMI 

BRING THE 

LIFE-SAVING SCANNERTO SPAIN 


Barclays Bank International 
provided finance to help develop and 
sell the EMI -Scanner. In just live years 
over 9UU systems have hecn installed 
throughout the world, in Spain and 
-iO other countries. 

The EMI-Samner was a brilliant 
technological breakthrough. It benefits 
.doctors and patients everywhere. 

These computed X-ray systems 
produce diagnostic pictures of any 
section of the body with unique detail 


and accuracy. Doctors can examine 
patients quickly, and determine life- 
threatening conditions which might 
otherwise be difficult or impossible to 
diagnose. 

Barclays were able to help EMI 
Medical market the Scanner because 
v we have our own people and our own 
offices worldwide where they are 
needed for international business. 

We can help you in Madrid, 

Horig Kong and Brussels. 


In Los Angeles and Melbourne. 

And in Toronto, Tokyo and 
Dubai... 

The Barclays International 

group is in more than 75 countries. 

In all five continents. We have more 

branches in more countries than anv 

* 

other bank in the world. 

We help most of the world s 
successful international companies. 
Somewhere there is a market where 
we can help you. 






BARCLAYS 

International 


l i 





6 


HOME NEWS 




ISSffllP 


• Fiianeial Times .Ta«day NeveiabeE^ ;l^:_ 




BP Chemicals plans 

plant 



8Y SUE CAMERON, CHEMICALS CORRESPONDENT 


BP CHEMICALS is to build a 
£50m ethanol plant -at its Grange- 
mouth chemicals complex in 
Scotland. 




New wave 




BY MAURICE SAMUELSON 


unemployment in the area. early 19Sfls. It said il was looking \ 

The company said the project for "an annual growth rate of| 

marked a further step in its about 5 per cent over the next! 

three-year-old programme to few years, and expected that! 

The plant which will be modernise and develop all plants prices would “stay fairly bard." ! 

capable of producing 155.000 using ethylene as a feedstock. Ethanol, which is often sold in ; 

tonnes of 
alcohol — a 

o^onK’ 3 50,000* * tonnes" between ba * ls - aod s . orae of the extra a wide range of outlets. It is, 

them The new plant, which will ethanol produced at Grange- use d as a solvent in adhesives.: 

use ethylene as a feedstock, is mouth would be exported. printing inks and insecticides jTHE OVERALL benefit to the 

due to be completed in 1982. “The new plant will provide an d as an intermediate in the.jjK balance of payments from i that 
Mr. Eric Varley. the Industry BP Chemicals with additional niahufacture of fine chemicals. It North Sea oil should rise from i 
Secretary, said yesterday the capacity to allow for growth of is also used in toiletries and cos-| j us t under £2bn In I97S io more 

Government would be contribut- its existing business, both in the mettcs. : than £4bn by 1980. according to 

ing £4.95m towards the cost of IIK and overseas," the company BP Chemicals has already j a revised estimate based on the 

the project, under the Industry said. “A major feature of the started expanding and moderms- 

modemisation programme is the mg its Grangemouth complex, 
replacement of smaller, out-of- and a benzene and a polyethylene i 


ALTHOUGH THE Provisional 
IRA did not immediately claim 
responsibility for Sunday’s 
murder of Mr. Albert Miles, 
deputy governor of Northern 
Ireland's Maze orison, the killing 
bore the hallmarks of the Provos. 

The killing of Mr. Miles in his 
own home in front of his wife by 
ia single gunman was timed to 
j coincide with a march mostly by 
Catholics in the town of Armagh 


NEWS ANALYSIS 

ULSTER ASSASSINATION 

BY STEWART DALBY 


Act Selective Invesiment Scheme. 

BP Chemicals said yesterday 
that the project would safeguard 
factory jobs at the Grangemouth 
site, with employees being moved 
from the old ethanol plants. The Chemicals to compete 
scheme would also provide about national markets." 

500 construction jobs over the 
four to five years il would take 
to build the plant. This would 
make a small but significant con- 
tribution to easing the high 


forthcoming likely oil price rise. 
During that time, the Govem- 


I in sympathy with prisoners being two weeks ago with car 

i held in the so-called H blocks m bombs in nine towns, there were 

! the Maze. . 338 explosions this year. 

< I* represented the most bombings in the province 

i serious blow so far tn the cam- gre m0 st likely to continue, and 
[paign— which the Provos have tben bave beeQ strong hints l* 
encouraged— by prisoners for from anony7 nous leaders that - $ 
the restoration of political rights. j be campaign will be carried to 
There is little doubt among Q reat Bri ta in when an election jg 

called, to make Northern Ireland 
once more an issue. - 
In a key interview last August 
in a Dublin magazine, a Fro- 
visional IRA leader said the 
severe logistical problems in- : 
v<five<j in placing bombs in Great 


Government officials in Belfast 
the Provos now want to 


remacemeru oi smaller, oui-oi- ann a oenzene ana a poiyeinysene i ft---.,!, war 7 j “ 

date units with larger sized plan! — each costing about £20m ] J* om £0^bo 1^978 : The ' lolbng sent shock-waves 

plants employing the latest tech- —are due to be completed there to hist oler £lb n in °979 and I through the province, because England a 

nnioay which will enable BP by the end of this ye.-r The | ™ S,S ' Mr MOes who was responsible The obj< 


inter- company said that the new 
ethanol plant, which will employ 
The decision to go ahead with the Veba-Chemit direct hydration 
the project shows the company's process, would bring its total 
belief that market conditions in investment in Grangemouth over 
the chemical industry will have the last few years to more than 
improved significantly by the £ 100 m. 


Barristers in 
industry earn 
28.2% more 


Interest rates ‘likely 
next year’ 



BY DAVID FREUD 


By A. H. Hermann, 

Legal Correspondent 

THE SALARIES of barrister.* J INTEREST RATES are likely to siderably lower than forecast if 
employed m commerce, nuance; f 3 u sharply from February, carninss grow more than 7 per 
and industry, mainly as in-noiisej according to City stockbrokers cent under Phase Four, 
legal advisers, have increased on Lain? and Cruickshanfc. The excess growth would swell' 

average by 28.2 per cent during. In it* latest economic bulletin, income tax receipts by more than! 
the two years ending on October ; published today, the firm bays public sector wage costs, says the 
1, 197S. ] rates are likely to remain at their firm. It also expects the Govern - 

| present high level for two months, ment to stick fairly rigidly to its 
_ure is based ort -»**i From then “there Is every cash limits, so that if public 
responses to inquiries addressed j reason to suggest that the pres- sector wages rose by much more 
to the blL members of the Ear j sores of excess credit demand will than the 5 per cent limit there 
Association for Commerce, j diminish significantly, and rates might be cutbacks in the volume 
Finance and Industry, who, in lean then be brought down." of public expenditure. 

turn, represent only a fraction j The firm argues that the mone- 

of all employed barristers, [ tary squeeze was brought about 

through purely domestic prob- 
lems and therefore will be re- 
lieved only when domestic 
demand for funds is cut back. 

■Some guidance to tbc turning 
point comes, says the firm, from 


This figure is based __ _ 

According tn the revised esti- 
mates. Norway's balance of pay- 
ments will be boosted by oil 
nrodu'-tion to the tunp of *2.3bn 
in ' 1991 . comnared with £ 0 . 6 bn 
this veer. Govern merit income 
would ri'<» from €0.25bn in 1978 
and nearlv F0.6bn in 1979 to 
<•1 *-’Sti hv 1981. 

[rt Tb° nrice of. North 8*0 crude 
in the first quarter of 1979 could 

. - -.Jen nn from <14.60 tn 815.30 per 

elsewhere are pronably lower, [the process of .credit switching electrical industries was opened | u-.-f.pi OPEC daciriec no a 10 

Barristers in large ro m pa n i es ■ frorfi ou Lside to inside the banking in London yesterday by British npr pg nt i ncrPa co o* to* Arahinn l 

seem to have kept well ahead; system as corporate liquidity Distributing, the electrical whole- i:,,*., «f m^rn'r-pr hin-pl 1 

of inflation— the Retail Price ; falls, and also by the demand for sa | er . „ WnS Mack^zie 

Index increased over the period . credit to pay mainstream corpora- The centre is claimed to beJ However 'it mav he «li C WW 
under review by 22.4 per cenL-tlon tax j .toe Grst of its kiad in Europe.' H " may 

The middle band of salaries j si 5 SJXIPJJ?. b “£- CT .!L , i l . t . because it will be open through 


numbering about 4,000. 

It can be assumed that the 
survey is fairly representative of 
salaries earned by lawyers in 
large companies, while salaries 


Exhibition 
centre opens 

A NEW exhibition centre for the 


more than £2bn in 19SI. 

The figures are published by 
Wood, Mackenzie, the Edinburgh 
stockbrokers, who assume a 6 
per cent inflation of the oil price 
in money terms, compared with 
the $14 a barrel fixed price on 
which they previously calcu- 
lated the economic benefits of 
North Sea developments. 

Benefit to the national income 
will come not only in taxation 
revenues but in the cash flow of 
UK companies involved in the 
North Sea and the money these 
companies spend on UK goods 
and services. By 1955. Govern 
ment revenues are expected to 
reach 70 per cent of total North 
Sen income. 

However, this is still only a 
minor part of overall national 
inenni** — rising from 0.8 per 
cent this year to 2.6 oer cent in 
19SL 


Sojite tfOfrjrf: tiie prisoners to 
the Maize,- ‘which bolds 1^00. MB 
ha vs. political status. - The 330 
are those sentenced after Mr. 
Meriyn . Rees, :then tile Northern 
Ireland ' Secretary, ~ abolished 
political stains sear!;' three 
years ago,. ' _. - 

. Should .toe campafenprove 
successful -and it -ought to be 
remembered that : Mr. ’William 
Whitelaw in a step he bas since 
puWicly_ regretted,' totrodured 

poase /to- prolonged :hinjger 
strike, : ,it: ■ worried provftfe .an 
enormous ideological- boost to 
lithe PwrrtsfonaL . 

Waging war 

' As the '^overameQtr'ww " it, . 

force the pace over the H blocks a “kev intenfew last August .wftld -almcsf: be/ trotaiBOnDt 

-so-called because of their shape in In a nSita^l^ine to to toe Provos that 

-sod. try to re-establish the the Hi I^MriTO — ~T - ---■ 

principle that prisoners being logistical problems • COkmfalMs. in thfi r forin _ of the 

held in these blocks are not P i 3 Mn° bmnhs w Great Tmli rilniil TwMiiiTinl i wilin' flnil 

! c ? rainon crimiliais - but pnsoners Britain bad been overcome. This 

‘ far H M blocks W w°as'thl mnrt°^or U>e 

prison officer to be attacked so —Mr. Males js the sixth pnson 
far. But althoush the H officer to be murdered in three SKg&S 

blocks campaign prnvid*?s the years— is to crush the assertions BSBMk ^ .^orQw™.- - I ^ ela ? d .^? e< 

immediaie focus for the Provos’ by Mr. Roy Mason, Northern - 

irrevocable goal of driving Ireland Secretory, that toe - °°f 

Britain out of the province, it U security situatton has vastly Mr Eo? Mason -' 

only one aspect of a much wider improved and that although the . 3Hr ‘ y ““ . ; . - 

operation. Provos bave not been wiped out -" - , j h egan, ‘appe^e a; to 

completely their operations are For a year, 330 prisoners in be sooreeniag. Jhe nnmrer_^- 
T?nmh hink down to containable levels . Jr “H" block in the Maze prison: • 

AJUIilU lUUlo follows from this that a return have been refusing, to wear J- 3 . (T . 

In the past two weeks the to normal economic life, ir normal prison clothes.? Seveh.iL^iP; 197 ? ^ win ch ,itse tf ?riU: : A 

Provos have, besides keeping possible. months ago they stepped up^great iiWTOV^enE ^^y^ 

H blocks on the boil launched Mr. Mason bas used these .their campaign by refusing to ' -.*■ ' . 'C. ■' 

their long predicted u winter arguments with some .success to wash or slop out their oefls. ■ > • By -rahnmg tog t Be.TOMe pcg \ 

! offensive." Some 120 bombs have persuade foreign companies to. Although no joumahsts: bave w. lessentng ana tne Frovos ^e 
been planted in the province. Not set up in the province, and help been allowed- In toe cella, variou® ■ on . the run^Mr^ Mason- n^S .been 

all of them bave gone off and solve Ulster's chronic unemploy- priests have , made vi sits, ; and «Me -to jrewVe ggmpmtc.. ure a , 

amazingly only one person bas ment have given details of horrendous little- ' _ ’ 

been killed, although dozens have The specific value of the “H" squalor. The Catholic Arch- .. Yet. - .ir toe/J - B ^ , ^ blocg 

been injured and £l2rn worth of block aeration is the enormous bishop of ’ Amargh, Thomas p risone rs - gca orat y , gopa z ?$ym- 
daraage has been caused. publicity and sympathy if' O'Fee, • said toe prisoners are^patoyr; /(even - v toeir - • 

Just what an intensification engenders particularly among incarcerated in conditions which troiib&s^ ^ are;. fe^F-infficted-Jirand 
this spate of explosions repre- the large Irish population of the should not be inflicted on a dog, if tou bombingk .couwtfng; ^Und 
sents is shown in the army’s U.S. They are encouraged ‘to- let alone on human beings, r. -spread ^.to Great Britarn^^the' 
figures for bombs. In 1977 there see the Treatment of the All of the 330 prisoners are small progress towards normality 
were 368 bombings of one kind prisoners as a legitimate civil Catholics, who. have been con- sq. fax.. achieved jWill be^ quickly 
or another. Until toe campaign rights abuse. -Evicted of crimes of terrorism, undone: • ■ - 



may 

he. in* thjq hppgusp the current 
3n a barrel nremuim nn North! 


Welsh TV • 
drive brings 
in industry 

By Robin Reeves, 

Welsh Correspondent 


ine miuuic oanu oi salaries j f " FebVuan— r a tesmav 11 wn ' ue ™ a i^rrel nremuim nn North; paign by the Welsh Development 

‘5 ! *wt to dJK lSCSSVr a SS‘ , f?.t! , L.Mh?, u 5S?S2L!£l: s :’.' r,il " 1 “' ^"‘'‘^lAsencs- to .ttnet jmmvy to 


A TELE\TSION advertising cam- 
paign by the Welsh Development 


British Airways 
to 




BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS expects to- this stage, tbe airline is not com- 
spend more than £lbn on new mitted to buying more 757s and 

£11.999. and 11 per cent earned , ‘"redurtion *as V ”d?clSino be able t0 exhibit new products ! n f the ?nH C ‘n?ited OPEC increase, j Wales* and Vnoiurage “eadsttoe I aircraft over toe next five years, 737s, but this is considered 
°y*T ^P-0°0. Those who changed ; demand for credit in toe personal « soon as they are announced r n - r-nort adds 'businesses to expand, bas already a °<* is Planning a series of certain during the- mid-to-late 

their jobs during the period sector gathers pace. without having lo wait for a trade I in fn- North Sea. ttw> shortnee landed two firm applications for additional maintenance bases 1980s. 

reported increases averaging 44.6 Stockbrokers Fielding. Newson- exhibition, toe company says. j of the lighter crudes with a low! a d Va nce factories I outside Heathrow Airport to To cope with the engineering 

per cent compared with 2S.2 per (Smith and Co., in its latest buUe- The centre, called Centrex, is ■ stiToliur content had appeared! Tfa £o<)000 campaign believed ;hand,e and maintenance needs of these 


on 
fireproof 
furniture 


By Lisa Wood 


cent increase 
stayed put 


for those who 


tin. says the public sector borrow- in North London and consists of ! even before the troubles began ' V? 7“ s a 7° i. New short-haul aircraft fleets extra aircraft British Airways 
inc requirement could be con- 3.000 sq ft on two floors ! in Iran.. 1 j. 1 already announced include 19 wants to make more use of 

1 > Boeing 757 twin-engined jets, Glasgow' '- and MaaSter- 

J thT ! worth £400m. and 19. smaller Gatwick.. south of London, is aSj 



Metal casting techniques were introduced into 
Japan around 300 BC. and by 750 AD this tech- 
nology made possible the casting of the 250 ton 
Great Buddha in Nara, Japan. When Kubota 
started in the casting business some 88 years 
ago, it was with the technology developed over 
many centuries. Over the years Kubota has 
refined and developed new and more efficient 
ways to cast, like our centrifugal cast steel for 
Cargo oil pipe that resists corrosion caused by 
crude oil and sea wafer. 

Kubota also custom makes reformer tubes for 
many complex purposes. The advanced centrif- 
ugal casting method is also employed to make 
Suction roll shells for paper mills. The controllable 


stainless steel pitch propellers on many ships are 
made by our revolutionary DPM process and we 
made a 30 metric ton one-piece pump case for 
a nuclear power plant. Kubota guarantees strict 
adherance to your specifications as well as the 
ASME code. Kubota's stringent quality control 
system assures you of quality products. For more 
information regarding Kubota castings write. 


Wclsh^ DevHGDmen? A 2 enS -Sd ! Boein S 737s. worth over £110m. seen as developing into a major 
ending D with P the slogan ^ Our i 1116 rest of the money win ** maintenance base for the other 
business is to help your business 
to' grow.” 

Mr. Ian Gray, managing direc- 
tor the Welsh Development 
Agency, said that besides tbe two 
firm applications, the promotion 
had produced a substantial 



Please write: Kubota. LM. 

London Office: 11/12 Hanover Street. London WIR OH?. U K. 
Phone: Ot-629-6471 -4 Telex: 263235 KUBOTA G 
Athens Office: 20. 23ih o! October Street FUothei. Athens, 1 Greeca 
Phone: 6825646. 6B3060S Telex: 218261 KBT GH 



Inumbcc of. otoer inquiries for 
[both industrial premises and in- 
j vestment capital. 

In toe first six months of tbe 
present financial year, tbe agency 
let 35 factories, compared with 
1 29 in the whole of the previous 
12 months. The agency also cal- 
culates that £2m or 20 per cent 
of its investment in Welsh manu- 
facturing industry has stemmed 
from promotional work. 

Meanwhile, a 24,000 sq ft fac- 
tory to allow Pearl Paints to 
expand its operations on The 
Treforest Estate, near Ponty- 
pridd. is to be formally handed 
over to Mr. Willi Stern. Pearl 
Paints chairman today. 

The company makes specialist 
industrial paints ' for product 
finishing including some S5 per 
cent of the mirror-backing paints 
used by the UK mirror manu- 
facturing industry. 


spent on increasing the long- types of jets, including 757s and 
haul Boeing 747 Jumbo jet fleet 737s. as British Airways’ use of 
from toe present 27 aircraft to Gatwick for scheduled passenger 
41 and buying another nine Lock- services increases, 
heed TriStars to bring the fleet Under • this reorganisation, 
to 24 by 1983-84. Cardiff’s airport would become a 

Further purchases of both 747s big • maintenance base for 
and Tri-Stars are likely during Viscount turbo-prop and 


toe 19S0s as traffic grows. At Eleven jets. 


One?. 


Rank group’s 
charities give 
£4.8m more 

A FURTHER £4.Sm bas been 
given to charities and otoer 
institutions by toe Rank group 
charities, according to toe 
trustees' latest report. 

In toe Four years to October 
31, 1977 grants totalling 

£4.828.252 were made from an 
income of £6,269,201. In tbe pre- 
vious four years, grants of 
£5,256.962 were made from an in- 
come of £5,724,600. 

Causes' that hare received 
support include the Anchor 
Housing Association. Arthritis 
and Rheumatism Council. The 
Haemophilia Society and the 
WjJdfowi Trust, 


Britannia Airways 
orders three Boeipgs 

BRITANNL4 AIRWAYS, the He said that the air^ne was 
UK independent airline which is also considering other types of 
part of the Thomson Travel aircraft that could meets traffic 
group, bas ordered three more growth in the 1980s. Although 
Boeing 737 short-range jet air- no decisions have been taken, 
liners for delivery in 1980, he said toe airline was “very 
worth about £18m. writes interested in Boeing’s 787." 
Michael Donne. This is a twin-engined 200- 

Tbis will bring the airlines 

fleet to Bonin? 7^7q -> n ri ir i« —is summer and which has been 

planning* wtetertW- furihir ord ,f red ■*“*! JY 
purchases of these aircraft by 35 Umted ’ American and 

sls v “ DavisOT - st'Wr'irE ss 

„ ' . growing airlines in the UK 

Mr. Davison was in Seattle Next year, it expects to carry 
yesterday to take delivery of tbe about 3m passengers from 22 UK 
airline's 18th 737 from Boeing, airports.' " ' -V. 

I AT A to raise agents 9 
commission to 9% 


WORLD'S scheduled air- Transport Association, and they: 1 
are to raise from 8 per took their decision at a 'recent 


THE 
lines 

Tel Pay toav^aSoHn^kS SST* °/ 

sales, from next April 1. * committee deaHng with 

The decision will mean that travel agents affaire. Tbe move 
30.000 travel agents world-wide. “ “W* 1 to approval by all the 
but excluding the U.S., will a 1 ™ 116 ® governments. . -• 
collectively earn another £110m Because of- a recent order by 
id commission, bringing their U.S. aviation authorities prohi bit- 
total annual income from the ing ; fixed commission rates in 
airlines to nearly £ib» a year on that country, the new decision 
ticket sales at present estimated does not cover ticket sales in tbe 
at m-ore than £llhn a year. U.S, and that country’s airlines 
The airlines involved are all did not participate in the 
members of toe International Air Geneva meeting. 


THE FURNITURE industry bai 
been urged* in k Home : Office 
report - -published yesterday, . to 
investigate urgently, methods by 
which . the fire . resistance of 
upholstered Juxniture .. can be 
improved. _ . 

.IntoeopmionbT- toei report, 
upholstered furniture is prob* 
ably the "largest single; poten- 
tial -for contributing to -fire arid 
toxicity hazardi't. ■ 

While not advocating that any : 
new materiarih the upholstery 
industry, or any of.th^' other 
industries Investigated, should be 
banned, toe report has urged 
that Government departments, or 
toe British Standards Institution, 
should prepare codes of prac- 
tice. Such codes would give 
adyice Ton .the. qualities' pebded 
In the design, choice of material 
and manufacture of upholstered 
furniture,, and. how these -quali- 
ties should be realised. 

The report,' by the . technical 
sub-committee- on the fire risks 
ofnew materials, 'documents the' 
substitution ... .of . tra diion al 
materials by, new ones in the 
building, ’ agricultural, decorat- 
ing, manofacturing and furniture 
industries. ..... . 

Drawing . . on. ... ' information - 

obtained from fixe . reports and • 
laboratory efcperimentsMhe: com- 
mittee. ha^ exanuned tbetoflam*. 
inability of new materials, tbe 
rate of spread of . ftre, «noke 
production and toxicity. 

The- committee: bas noted that 
fixes . involving • polymeric 
materials often grow faster than 
those involving “natural" 
materials,- and that they, also 
produce a greater amount of 
thick and unpleasant smoke in 
a relatively short time, nils, it 
is said by the . Home Office, Is 
consistent with views expressed 
by fire ' officers, that there has 
been a change in the" nature of 
fires over .the .past- 10 .years, 
mainly in- toe production and 
behaviour of smoke, and that 
this is associated with certain 
plastic materials..' . 

' .Furniture .'' makers . and re- 
tailers •: or - “dott-yourself " 
materials,. are -urged not to sub- 
stitute structural foamed poly- 
urethaxre for timbeT “untee and 
until its fire characteristics are, 
at best. no- worse than those of 
timber.” . 

Mattress and bedding manu- 
facturers are asked ;far improve 
the- standards .of. fire, perform- 
ance byworiting .together-iin : tfae 
combiiiatioa. of products. - 
. “ Brie . JTisfer of Nob 
M aterial*?. Obtainable from the 
Home Office Library, SO 1 Queen ' 
Anne’s Gate^Londou SW1HMT. 


New metal-plating process developed 


BY JOHN LLOYD 

A NEW metal- plating technique 
claimed lo be considerably 
superior to present methods, has 
been developed by a British 
research team in partnership 
with the Dubilller electronics 
company. 

The process, known as ion 
transfer, is a by-product of the 
European space programme. It 
is said to be faster, cleaner and 
more adherent than the electro- 
chemical processes now in use. 

Mr. Tom Cockhill. managing 
director of DubiJlier Scientific, 
a subsidiary of the Oxfordshire- 
based company created to 
develop and market the system, 
claims that the market for it will 
be almost unlimited. 

Initial funding for the project 
will be £550,000, of which 


£240,000 will be borne by the 
Department of Industry. 

The technique developed from 
work done for the space pro- 
gramme three years ago by a 
team from Culhara research 
laboratories of the Atomic 
Energy Authority. 

When the programme was run 
down, the team was left with a 
device known as an “ ion 
engine," for which it could see 
possible commercial applica- 
tions. 

Early this year, the Culham 
team was put In touch with 
Dubillier by the Government 
Requirements Board, set up to 
encourage the development and 
marketing of research pro- 
grammes. 

Since then, Dubillier Scientific 


and toe Culham team have 
worked together to produce the 
ion transfer . system. The first 
system produced — : which Is 
aimed mainly at the sfcientlfic 
and research market— is to go 
on the market shortly. 

Ion transfer allows a Surface 
to be bombarded with ions of 
given metal within a vacuum, 
building .up a . solid coating of 
that metal oa toe surface. 


more . .adherent, because J Of toe 
force- of the bombardments . - 

Ihibiliicr reckons 'it will have 
a- commercially *• -applicable 
system- on; -toe- market . by--, the 
end of • next .year; as a -'second 
Stage to _ ihe" 1 research system- 

.now. coming:; out' .; 

Mfc Cockhill -'. hUA toat-WWle 
toe - marker -for tile firstsfcge 
machines would] be qtiite-small. _ 
-rraiid;, woito^but-SSOfiOhiB- 


Th e advantages- claimed over .toe ' ' 5 rst -■ yeat;^^ coiimi.wTmf 
the present chemical deposition iriarWnM- .> 

and evaporation methods are 
that it is much faster— toe Ibizs 
are powered by about 10.000 
volts as 'against 30 volte In the 
chemical processes; Cleaner, 
since it is done -in a vacuum 
rather than a ■ . chemical; and 


machines? teiild "doumiBiid^: te 

enormous , BurkeL A ;' w , ^ '• 

Dttoilier Scientific. wSl .shortly . 
move away Jhmn its parent, efin- : 
panyr. in. Blcester to ^ew head*-. 4 
quarters ; ■ ‘SC. [ Abingdon, /-Whenr * ' 

development of .the process wuH. 
be cantinnerT. '■ •- •- 


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.'financial Times Tuesdav November 28 iriT? 


home news. 


production 
to rise by 2% 


. BY MAX WILKINSON 

THE UK. paper and board 
industry's production should 
prow by shout 2 per ern; Dus 
y ear compared with 1077, ihe 
. industry* federation says. 

; The latest estimate, from ;he 
British Paper and Board Industry 
Federation. wa* issued follow 10^ 
a xeceni forecast that prodiiciion 
ui the whole of Europe would 
increase by 2.£> per cent this 
year. : . 

Ip sprte or the slightly town- 
production increase m Britain 
cnrppared with the rest of 
Europe.. UK consumption is 
expected to be up by ft per cons, 
because of an increase in 

UPPOrLx. 

Imports in the UK are expected 
to .reach the record level of 
4S. per cent of toial sales 

The federation says the only 
other year in which import's 
Tdached such a high perentage 
was 1974, when demand, was mi 
strong that UK in ills were ail 
running at 'full capacity. 

.’’In 'most sectors. however, 
demand on UK mills i* rea>»tn- 
ably .healthy, with coated paper* 
among the strongest and pari- 
aging grades :it the weaker end " 

■The European Confederal inn 
o£ Pulp Paper and Board Indus- 
tries (CEPACi said after a 
recent meeting in Brussels 1h.1t 


the industry wus-jinw morn or 
less stagnant lollow.ns :« -.igni- 
ticart upturn at Die beginning of 
tin? >ear. Tlowf'YCr.synie lurlki-r 
improvement was. expected m the 
DL-.ft few month:-'. 

By ibi* end cifllu* >e»r lii»* 
industry. employing . -I'P.opn 
pen pic >□ luc EEC cuun tries. ,vdi 
have achieved' ! an cslinrjlcil 
SI5hn in sales:’ How* ter. CEP AC 
sa>>- this Scare teflects tjie com- 
parative Mssnntiun of r,i lr-s 
prices m relation- to increasing 
manufacturing carts-. 

Modernisation 

“ if the price nr wood pulp 
won' in ri«-»; suin:fh;pnily. ii i« 
unlikely' lhat m ;fiWli«y ’s climate 
an adequate com .rbenvc ry could 
he injdi- in fbe -paper and board 
uiarJ-ci." 

ll pki'-'I current mvesl- 

mvni n aimed at rational isa lion 
and modernisation rather than 
in making significant- Increase 
lo < apatiiiC. . - 

Total consumpimn of p-'ip'T 
and board ;n the EEC is u-d 
to roach 31m tonnes ;n 197$. ih* 
icv«-i reached :n the peak year 
of SfC4. However, imports min 
Ihe EEi". as i whole- have been 
in {.rearing a* consumption hay 
risen. 


Crown Estate has 
surplus of £5.86m 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


RISING LONDON rents helped 
The Crown Estate to increa.-e 
its income surplus by a third to 
£5 56m last year. 

The estate, which derives its 
income from a&scii handed lo the 
Exchequer by the Queen m 1852 
in exchange for her Civil List 
income, is now beginning in 
benefit from rent reviews on its 
commercial and agricultural pro- 
perties. 

.Crown rents, and royalties : use 
from £Il.3m to ri3.4m m the 
year in the end of March, with 
most nf the increase rnming from 
newly agreed rents nn nihcc pro- 
perties in cenrral London 

.In whai ihe commissioners 
describe as a “year of consolida- 
tion rather than nf spectacular 
achievement." the final 1.4 acres 
of a 27-acre development site on 
thfe 1 ■'MiJJhank Estate were 


acquired. Planning d.iscus«inn- 
fnr a n*»w headquarters office for 
the Confederation of Brit si. 
Industry, and for a 93.000-?q-(i 
office development over Pimlico 
-Station, which forms .pari of the 
Millbanfc site, are progressing 
The commissioner? hope in make 
a Mart on this scheme nrxr year. 

The commissioners hold 179.34$ 
acre* of agricultural land in 
England, and n further S-S.498 
acres in Scotland producing a 
fiMjl rrni rnl! nf £.1.4 in. And 
al trough Dutch Elm disease, bad 
weather, and fire took their toll 
of the commissioner's- ll.oor. 
acres nf dedicated woodland:; 
income from ihe forestry sales 
contributed £357.000 10 last year’s 
gross receipts uf n5m. . 

Thr Crmcii Ustotc C rnnwit-v- 
Jticmrr'x Report for 1977-78: 
HMSQ fin * j 


Council-home target 
‘cut 90% by Tories’ 


. BY PAUL TAYLOR 

A 1 MINORITY Lahmir group 
report on housing, which will be 
debated hy Greater London 
Council today, claims that since 
the. Conservatives took control of 
County Hall tbe housebuilding 
programme has been cut by up 
ttf 90 per cent. 

.Mins. Gladys Dimpson. Labour 
housing spokesman, is to tell the 
council that since May 1977. 
when the Conservatives gained 
cpntfol. housing starts have 
fallen from about 5,000 or 6,000 
a year ro only 500. 

This-lew level of council house 
hfuTiding forms the second siring 
to the Labour group's attack on 
Conservative housing policy 
which centres nn the con- 
troversial decision to sell the 
lore I authority's housing stock. 

- 'Mrs. Diinpsnn will give a warn- 
ing .- lhat unless the council 
increases Its housebuilding prn- 
srramitfc, particularly in inner 
London, its Labour group will 
till : on the Government to 
redirect bousing finance from the 
council to the 14-Labour-con- 
trolled boroughs in London. 


The report, based on figures 
supplied by the council's housing 
department- shows Uvif between 
April and Hie end of October thus 
year only 319 council homes 
were started by the ULC. 

Conservatives have a Unpled a 
policy of noi huilding any new 
council home-; in the outer 
London boroughs tn concentrate 
resources on inner London. How- 
ever, Mrs. Dimpson will claim 
that rais is “completely fraudu- 
lent." 

The report calls on the council 
to use the full allocation of 
Government finance under ihe 
housing investment programme 
for starting new hnmes and 
suggests that unused GLC hous- 
ing finance should go lo the 
stress boroughs which are short 
of finance for housebuilding. 

Mrs. Dimpson will suggest that 
the Government should intervene 
and redirect GLC housing 
finance to enable the inner Lon- 
don boroughs mih liifJc develop- 
ment land available to buy land 
in the diner boroughs 


Higher tax allowances 
proposed in Guernsey 


BY OUR GUERNSEY CORRESPONDENT . 


HIGHER PERSONAL and other The Government's estimated 
income tax allowances, with no ordinary income for next year is 
Kies it. diral or indirect pul .t £3S.=m. W winch rartme 
taxation are proposed in tax will provide an esumated 
Guernsey’s budget lor nest year, £22m r lh !*'* w 

published yesterday. and 0 n l > m 1 ^ f 

DecMiber 13. the new allowances pound »nce 18b0. 

will save taxpayers an estimated • t 1 1 

^THe maximum saving, of up m RAF 3ld Jie3dS 

SSJ^JSrJSy^iSXS 1 ^ for record 

assessable incomes of less than y^nr AMOUNT pf money 
£6400 3 year — the. present rr . c .,jj rf . c | bv the RAF BcnevoicDt 

income limit j? £ 5.000 [ .- ljnrl fftr j- P |j c f „f distress ro^c 

- Those with assessable incomes , IV £.144.000 during ike first nine 
of more than i’6.500 per year will u u,nili«; nr ihjs year in £1.472.000. 
gain . a maximum nf £46. .-, ri increase of per cent. 

•Other tax allowance changes Air Marshal Sir Denis Lrow cy- 
would proridc extra relief and Millinc. . the Furtd s cnnlrollcr. 
exemption for people on low in- .said 11 seemed in ^ v,, f. h ' e 
comes, particularly by old age expenditure on aid this >ear 
pensioners. would be the highcM since the 

In its budget report f° r ncv1 fun<l was in anfl 

vtar t which ihe^land Govern- would lead to an appreciable gap 
m^foiSSnary expenditure is >«t»-»n evponditure and 
put at about £Mra. Am is a »^ , ,* r ? rf , "“? ,c ; ncreJB . was in 

warges and superannuation, and There was no increase 
vm§h this year totalled £12.Sm. bcntland or Wales- 


CbuiHRcd Accountants, Office Manaaen. 

Banking, the Law and horn ihe Armed Foreej- 

j RE.AO THE KIF.NZLE \niTBTISEMEVTON PAPE 


Sometimes, renting cars seems 
to be the last thing we do. 

Take the time a man arrived 
in a panic at Heathrow to return his 
Avis car. Not only was he late for his 
flight, but he also had to arrange 
transport for his dog . 

Thats when Avis girl Kay Honey 
took control. They leapt back into his 
car, and she drove him ‘round to the 
animal freight section, made all the 
necessary arrangements, then came 
back to check in the cat: 

Both he and the dog made the 
plane by a whisker. 

It isn't just for the setvice that 
people come to Avis. 

There are our cats. Most are 
spanking new, few more than nine 
months old. 

There's our one-way rental 
seivice. You pick up a car. and drop 
it at anyone of nearly 70 offices in 
the UK. 

At Avis, we really do by harder. 


U£o 






Vauxliall Cavalier. 


■ Aits features- 1 '! 
! \auxhallcar£ : 


70 SE£=Fi£ A CAR C* lL YOL‘5 7iW=L * i=MT 05 YCHJR NEArfST AViS RESERVATION CENT?£: LCl'-OCN AMSSOUTri EAST ,:■ i' ■ -53 VJ^T ;:’J '^^2 LCC7--AUT >• C"' .G'.i' .I^r.-s-HHirffiF.TrSPNE.s'AiSftSSLSaS, 





Hnancial Times Toesflay NoroBife: ^ 197% 


V * .-2 



BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


By Msue Wilkinson 


LABOUR NEWS 


v. ' - , ?y r 





.-S- . i .v’--- 


DECISIVE action to protect 
Press freedom from possible 
damage bv a trade union closed 


THE GOVERNMENT last night Evidence to the committee had In such cases, there would be In particular. Mr. Nott wanted 
rejecttd an accusation from the shown that the DOT could pollution of our shores— the to know the Government's view 

Commons Science and Tech- handle a spiliage involving 6,000 ouantity of oil would be so of the action takeo by the _ 

Jiology Committee that the tons of oil per day on the South great that neither we nor any- French who bad introduced new shop was urged hy Mr. Leon 

Department of Trade’s arrange- Coast one else could prevent it hap- regulations penalising tanker Brittan (Con, Cleveland and 

-- * — ” * - — Whitby), yesterday. 

Anxieties about the effects 
of closed shop legislation on 
the freedom of the Press bad 
been very deep, he said. 

As a result, the 1976 Trade 


meats for dealing with oil pollu- The Department could muster pening. owners whose vessels pollute 

lion from tankers left the South 20 vessels within 48 hours to 'The risk is part of the price waters within 12 miles of the 

Coast of Britain virtually un* deal with such incidents and we have to pay for our modem French coastline: . 

protected. these could be augmented from way of life and our dependence Mr. Nott argued that if Britain 

The denial cavie from Tttr. ether parts of the country or on the use of oil." pursued a similar course, we 

John Morris, Welsh Secretary, from France. Mr. John Nott, Conservative would be inviting retaliation 

opening a Commons debate on Mr. Arthur Palmer (Lab, spokesman on trade, wanted to against our ships within the 12- * . La hoar Relations 

oij spillages off the coast of Bristol North East), chairman of know why the £19.5m corapensa- mile limit of other countries. «ilf*d a n nbUeation on the 

Britain. the select committee, intervened tion fund for oil pollution had At the same time, there was no 

Mr. Morris announced that the to protest that its findings had not been doubled as was envis- guarantee that we would catch 
Department of the Environment been based on the evidence given aged under the International offenders who caused pollution 
is setting up a central govern- to it. That evidence did not bear Maritime Consultative Qrganisa- within our own 12-mile limit, 
ment stockpile of specialised out what 3Ir. Morris was saying lion (LMCO) agreement Mr. Palmer claimed that in the 

equipment to be made available to the House. Mr. Stanley Clinton Davis, case of the Eleni V, there was a 

to" local authorities to deal with Mr. Morris, however, retorted: Under-Secretary for Trade, told lack of independent authority 
oil pollution from tankers. “On this issue, certainly, .there is him that at a meeting of IMCO given to the Department of 

The Secretary of State also a disagreement between the Gov- two weeks ago. Britain and Trade's principal officer on the 

told the House that the Govern- ernment aDd the committee." France had pressed for this to scene. 

meat research laboratory at He repudiated the suggestion be done but the other member- There had been complacency 

Warren Springs, in co-operation that there was a total lack of countries had not come Into line, at th6 Department of Trade 
v.jih the University or Wales, is protection, although he agreed Mr. Nott was critical of which the report of his select 
now experimenting on a bac- that there could be an argument Government policy and recalled committee on the Eleni V might 
reriological method for the de- about the degree of protection. the long series of tanker have cured, he alleged, 
composition of oil. Mr. Morris said the House aud disasters off the coast of Britain “ Once the thing occurred. 

If successful, it would be a the country had to face up to going back to the Torrey Can- everything took very much 

useful supplement to the the harsh reality that tankers yon in 1967. longer than it should have done, 

present anti-pollution measures, would continue to be involved in “We can't have government The committee's view was that 
The accusation about the South accidents and that oil would con- by catastrophe," be declared, the average oil tanker wreck 
coa«t was made hy the com- tinue to be spilt. “The impression remains that needed to be better handled in 

mittee earlier in the year in its From time to time there would we only move forward after each the future by better advanced 

report of the wreck of the tanker he spillages measured in thou- incident, instead of being pre- planning and better technical 

Sloai V. sands of tons of oil pared." decisions at the time. 

The committee pointed that 
the sire of taDkers and the 
frequency of their using the 
Channel made the likelihood 
of any incident involving a 
spillage of over ■a.OOO Lons very 

high. BY PAUL TAYLOR 

caoacitv'm 01 any one par^oFthe THE DEPARTMENT of Trade separate reports as yet un- made of the Department's anti- 
Channel was too small to deal vesterdav published a detailed published by the Greek Govern- pollution measures by the 

with oollution on this scale.' account of its fight to combat meat and a preliminary report recently published report by the 

From this, thp committee the oil-pollution threat posed by by the department), it does give Parliamentary committee which 
deduced that the Department of the Greek-owned tanker ChrisFos a detailed account of the deci- investigated the Eleni V tanker 
Trade's preparation in the Bitas when it hit rocks off the sions made and why they were accident 

Channel bore no relation to the South Wales coast last month. made. It accepts, the need for a 

likely size of any oil pollution The r „, ort _ the first of its time , A question and answer section special cache of salvage equip- 
inddent - and leaves the South Dr eoared bv the DopartmeJt ^ the dea] s wlth “W of UK. calls for quicker 

Coast wrtually unprotected." Seals with avente sunwmSlns ** <- ritl 1 cls ™ s made at time methods of obtaining particular 
Mr. Morris said last night that jEf incident and makeTrecom® of ^ J“ c iw eiU ° f ?* Depart- about tankers in trouble, and 
the Government's re pi v to the Slnd^tions 'foT thffuSr ” ment 5 bandlin S of affair for ™proved facilities at opera- 



Secretary of State to produce 
a draft charter on Press free- 
dom. . _ 

But so far no charter can 
been produced, Mr. Brittan 
told' members of the Newspaper 
Society at their Technical Con- 
ference and Exhibition in 
Brighton. 

“ We have been wailing for 
it since March 1977, and 
whether it can really be an 
effective means of securing 
Press freedom is extremely 
doubtful and rem a i n s to be 
seen." 

“If the charter would not 
work, it was essential to con- 
sider an alternative way of 
safeguarding Press freedom. 

“ 1 regard the closed shop as 
wrong in principle, objection- 
able in practice, and in fact a 
sign of weakness on the part of 
the trade union movement," he 
declared. 

Even if the closed shop were 
allowed to continue, it should 
be operated in such a way as to 
prevent any interference with 
the freedom of expression and 
freedom of publication. 

•■Even the present legisla- 
tion permits closed shop 
agreements to be closely de- 
fined, so as to be severely 
limited in scope and to con- 
tain substantial exemptions 
and exceptions.” 

These opportunities for 
exploiting the flexibility of the 
present law should he fully 
taken. A Code of Practice 
should be drawn up to help 
in this. 

■* A Conservative Govern- 
ment would seek the help of 
ail involved in the newspaper 
industry to produce just such 
a code." 

Robert Maxw ell 
hopes to be 
Euro-candidate 

MR.- ROBERT MAXWELL, 
former Labour MP for Bucking- 
ham, and head of Pergamon 

CHANGES IN pricing policy by imports into the EEC and there market la October — reflected Replying to Mr. Tom Littertck pre ??x b °P®* 

Britain's EEC partners may be had not been any significant increased imports by the Araeri- (Lab., Birmingham, Solly Oak! . candidate for East btanorasture 

on tba way io bring some relief export retaliation. can multi-nationals in the UK. the Minister stated that in the 12 in the European ejections, 

tor the hard-pressed Sheffield- The Minister told the House this situation partlv but not months to October, 1978, imports He bas > been nominal ted by « 
based special steels industry. Mr. that in the 1 ? months to October, wholly neglected current indus- of manufactured goods accounted Burton-on-Trent -<abour Party 
Michael Steadier. Under-Secre- 197S. 3.85m tons of ingots SS mmbK 63 per cent by value of brancc i after a meeting at which 

tary for Trade, revealed in the finished and finished steel were „ , . * .. . . . Britain’s total imports, compared 2,°“. he » Lewrrey ce 

Commons. imported and 4.16ui tons were He described the imports by 53 p €r ceot f or the year Freitas, MP for lettering. 

He announced that represent a- exported. companies in this . MOT. m IMS. addressed members. 

‘ions made in Brussels had Mr. John Nott. Conservative . ve fu but pointed out that jj? (j en i e ^ that this showed a The Euro-division of East 

brought a response from Soado-f Trade Secretary, ashed ln of . \ 0 . rd - . a decline in British manufacturing Staffordshire covers Stoke-on- 

Viscount Davignon, EEC Indus- how the moves which the Govern- number of the vehicles imported industry, and pointed out that Trent, Leek. Tamworth and 
try Commissioner, which had meat were supporting, to aid inl ° Eur °P e contained untish year there was an 8 per cent Lichfield. Stafford and Burton-on- 
already gone some way towards domestic industries in temporary componeilts - growth in fanufacturing exports. Trent, 

meeting Britain's case. difficulties, could be reconciled “ We certainly look to increase 

Mr. Meacher. who stressed with the Commission's competi- production by these companies 

that the Special steels sector had tion policy. in future." the Minister added. 


no to new pay- 

BY OUR LABOUR CORRESPONDENT 

BT?mSH SHIPBUILDERS’ plans ' 'they have been, approved by able. and con-profitable- yards. 

‘ r-oiace its fragmented bar- fee Government, British Ship- u Tbe b^inguut of lanae a ticks* 
ia : uinz system with annual Miners and the confederation s at. the expense; of^yards m^iog 
cSS aupbuflaing » hL got Id atop^ Si 

date from January were rejected Mr v Porter .added;. to 

by a mass meeting of 2500, Swan a : SS " tte fatiure : of . BritkL !Ship- 

Hunter employees on Tyneside mey «e hkmyto he aro^w buildersttr^ve 'assuranees^bn 
yesterday. , 

The new pay system would re- ^ General and Municipal ^ 



trai Mtyred 

rejected out of band." ' ■ . to Georg^-.CIari^a; ; iBvtier this 

Leaders of the Confederation - Mr. Porter said the reason for year .as' there ^Was a.rndi'tb.get 
of Shipbuilding and Engineering tire men's rejection of ' the it cOmpleted^he^saiiL ^'Brow. if 
Unions unveiled the proposals to proposals was that under centra- the e ngi asr-1s,vtoi.Sfr Sirislie d, 
a conference of their members iisation it would be 

earlier this month. ' to differentiate^ ^ between profit- 'in.' Sunderteid?* • 


End action, 
railway 


urged 


report would he published before 
’hristi:ias. But. meantime, he 
wished to “ emphatically reject " 
the suggsstion about the South 
Coast 


__ _ , ... A section on the lessons learnt tion centres. 

Mr. Stanley Clinton Dans, from the incident, which lasted These lessons will be the 

Parliamentary Under-Secretary 9$ weeks and resulted in 31.300 subject of further consultation 

o. State, the Department of tons of oil being pumped from and will then be embodied into 

Trade, said yesterday that^ the yj S stricken tanker before -it Department sub-committee re- 


Accordina 10 Mr. Morris, the reP 151 " 1 described “ what I believe was finally sunk In .the North, ports into such matters as 
committee harj based irs findings v, " as a skilful and successful Atlantic, concludes that the liabilitv and comn^nsntinn 
oa 


Atlantic, concludes that 


o .. ■ ■ .l. „ - — the liability and compensation, 

w the a5?u:nption that the operation to minim^e the poilu- operation ‘.‘demonstrated the salvage and salvage equipment. 

Department could only deal with tion arising from the casualty, value of planning ahead for and command, control and cora- 

an oil spillage up to 3 total of ’ Although the report does not possible eveotual!ties.” raunications which are at present 

6.800 tons in any one incident, deal with the causes of the The report’s conclusions also being prepared by the Depart- 

But this was incorrect, accident (this is the subject of consider some. of the criticisms meat. 



aciter 


BY IVOR OWEN 


By Nick Garnett, Labour Staff 

SOUTHERN REGION train 
drivers were yesterday recom- 
mended by their union officiate 
to suspend all industrial action 
over their bonus payments dis- 
pute at least until after Christ 
mas. 

The recommendation was 
agreed on yesterday by the 
Southern Region district council 
of ASLEF, the drivers’ union. 

The council delegates are also 
asking the executive to sanction 
official industrial action over the 
dispute if a solution is not found 
by January S. 

Officials said yesterday that if 
the executive failed to do this, 
unofficial industrial action on 
the Southern Region would be 
resumed. 

The drivers originally agreed 
on a policy of one-day strikes, 
3oree of which have already 
taken place, followed by twokday 
strikes from January 2. 

Inquiry report :... 

The drivers' union is claiming 
special bonuses for all drivers 
related to what it believes is' im- 
proved productivity over the past 
year. 

It has rejected the report vf 
ah independent inquiry whftfi 
proposes special payments 
solely for drivers of the High 
Speed Train. 

A working party to look *t 
ways of improving drivers’ pis* 
ductivity and related payments 
is almost certain to be set tip By 
the ibree rail unions and- the', 
British Railways Board. / 

A meeting of the Railway Staff 
National Council is due .to meet 
tomorrow to discuss the issue, 
ASLEF is saying that this- work- 
ing party should provide a solu- 
tion by January. 


been hard hit by exporls from 
Germany. Italy and to some 
extent France, said Mr. Eric 
Vartey, Industry Secretary, had 
just received a letter from 
Viscount Davignon. 

This made it clear that the 


Mr. Peter Hardy (Lab., Holier 
Valleyj suggested that changes 
in currency values had not been 


Treasures © 


Car imports 

Mr. Meacher replied that the FORTHCOMING 20 per cent pay clergymen due ui 

Commission had already estab- J k d - f th £ Government had nSM for Britain's parsons seem from next April, 
lisbed a mandatory minimum .15- unlikelv to invite sanctions from Mr. talker. 1 


tinder Phase Four 


Commission would examine 5EL^f_ tion to the principles governing 


?T C “ 4V- unlikely to invite sanctions from Mr. walker. Labour MP for 

taken thte ]mo_ account ln j-ela- G 0 varmS n L Kingswood. told Mr. Dennis 

Cana van (Lab.. Stirlingshire 1: 
The Church Commissioners 


the Government 
But Mr- Arthur Latham (Lab.. 
Paddington), said in the Corn- 


price practices forspeciaisteels Sc? 3 & 

on the basis of Article 60 of the 5“^““ s - vstera for oth er 
European Coal and Steel Treaty. pr ^-i, uc „ * , , 

Mr Meacher explained that ™ e , Goverement wanted to COmpetltlOD 
this would entail an examination eJktend “« policy, which bad so r 

if B S/on^SS n J*SS C I ed t0 - U , lk T?' r m - Mea ?? r / eplied on rent increa.es of 120 

discipline through the harraoni- “ f| »* bring special steels Government nad received repre- 
ss tion of price lists. ’ ,r> 


would regard a maximum 5 per 


mons yesterday .that he thought cent stl p end increase for the 
someone— the ^Government or clersy in 1 g 79 as altogether 
the Almighty' snould take inadequate, since clergy stipends 

are currency up to £1.000 per 


within its amhiL 


"This is not as much as we ^FAN;S exports of cars and ing, and had^ examined the miners 


UDvenraiem uuq receiveu t whIc i. he c i a 5med. bad 

sa“ ‘.z xsztfis Kn^w - s? a: 


11m. or 30 per cent below 
hat on any reasonable assess- 


be emphasised. 

Wider issues 


property ment t b cy ougi ht to be." 

The increase would be financed 


were wanting but it i< a helpful light commercial vehicles to evidence submitted. He urged j* ^ lh 
JSV* he SSasteei P Britain W* year ™y t0 Mr- Hardy to produce .any evi- administered by them 

yij. uc bp below tile total shipments dence available to him. Pay policy and the Church was mainly by voluntary giving, and 

made in 1977, Sir. Meacher told The correlation between the the question time topic y ester- would not give rise to price in- 

the Commons. Ford strike and the increase in day when Mr. Terry Walker, the creases, added Mr. Walker, 

He spoke in optimistic terihs, imports was inquired into by Cbuch Commissioners’ Parlia- apparently to anticipate enm- 

Dealing with the wider issues bul stressed that it was too early Mr. Hal Miller TCon., Bromsgrove men tary representative, answered ments about possible “sane- 


concerning Britain’s steel for “certainty" about the final and Redditch). 
industry, Mr. Meacher said there outcome and the impact made by He also asked if a further 
was no doubt that the Davignon the understandings reached with increase was likely to result from 
pian had produced a measure of the Japanese industry on limit- the imposition of sanctions 
discipline particularly within the ing exports to Britain. against the company for breach- 

EEC. Mr. MeacKer stated that the ing the Government's 5 per cent 

This had assisted the balance recent rise in car imports — pay guideline, 
of trade because there had been imported vehicles accounted for Mr Meacher made no comment 
some restraint in the growth of 57.7 per cent of the British car on this aspect. 

Refurbishing for the Assembly: Ray Ferman reports 


or new law-makers 



a question about the rise for lions.” 

Oil sanctions inquiry 

BY PHILIP RAWSTORNE 

THE PARLIAMENTARY" inquiry and terms of reference of the ic- 
intp Rbodesi3n oil sanctions quiry inio the Bingham Report's 
busting is expected to be given disclosures on Thursday. 
access to the Cabioet papers of The Government's plans 
the Wilson Governmem. appear to centre on a fairly 

This proposal is included in small investigating team drawn 
Government plans for the in- from members of both Commons 
quiry now being discussed with and Lords. Membership is un- 
leaders of the Opposition parties, likely 10 be confined to Privy 
Sir Harold Wilson, the former Counsellors, but would include 
Prime Minister, has himself other prominent backbench 


Journalists in 
crisis talks 
after sackings 



Yemenis would also be 

t _ , . . . . . . available. made to ensure that the Coramit- 

t.sh Assembly will be sutatanti- the powers and sbtuw the uw,™ Mr. Edward Heath, the former lee could continue its inquiry 

ally completed before the March Government envisages for it. The method of voting will also Tnpv . prime Minister however even if Parliament were dis- 

1 referendum, which will decide will want to do the same before be left to the Assembly to £^rp? S ed such a mov? solved for a General lilctiom 

whether it is wanted or not. **““ ‘ ' 


_ j IJ | 1 • m - j . uni ui-iiuavu 42 uivvt;.. ovi* v u u 'jcuciui uivvutiu, 

very Ions, decide, doles ere being l<iid to ir agrpement ran h© rAsichcd Under the normal rules P^rlit* 

Mr. Harry Eweiog Scottish This consideration has, in fact, enable decisions to be taken at ^ the Opposition. Mr. Ses mentary select committees are 


Callaghan the Prime Minister— dissolved at the same time at 
will announce the membership Parliament. 


FINANCIAL TIMES REPORTER 


Office Minister, yesterday defen- coloured the Government's think- the press of a button, 
ded the decision to go ahead with ing and costs have been kept to John Lloyd writes: The com- 
the £3.75m project (compared to a minimum. Other provincial munication system for the 
£2.25m estimated in 1973 before governments elsewhere in the Scottish Assembly will be 
the first devolution Bill was with- world are having money lavished supplied by Pye. at a cost of 
drawn) by saying that if the Gov- on - them by comparison. £250,000. 

ernraent had waited for the re- Queensland Is spending £9m Based on the Westminster 
ferendum result, there would on its building. New Sonth Wales model, it will have the facility 
have been ‘a two-year gap befOTe £6m, and in New Zealand, film for adding on an electronic 

the Assembly could have started is being spent on an extension voting system, should the „ ... 

work. to the existing Parliament Assembly wish to record their THE LINE-UP for the standing is Sir Stephen McAdden (Con- 

Tee referendum is likely to be building. votes in that way. committee on the Companies servative), Mr. Cecil Parkinson, 

closely-fought, since more than Despite it$ cramped conditions. The Assembly Is not suffici- Bill, which starts work on Torv front bench spokesman on 
40 per cent of the Scottish eSec-. the 150 Scottish Assembly ently large to incorporate a December 5, includes nine Trade will lead the Oppositions 
torate will have to vole Yes be- members will -at least have a Seat "lobby" vote, as in the House Labour MPs, eight Conservative attack, 
fore an Assembly can be set up. each in the oval debating of Commons, and thus voting in and one Plaid Cymru. . : other conservatives on the 

Mr. Ewing refused to be drawn .chamber, in contrast to their the first place will probably be So far, the most controversial committee win ne air. Tim 
into speculating what use the' counterparts in the House of by a show Of hands. changes In the biil have beep Kraton, wr-.^reiter BroojKe, Mr. 

building might be if the vote Commons, who have to jostle for The system includes 15S TV proposed legislation against deal- John Mr. ^rence Hl^ins. 
goes against devolution. places during important debates, receivers in offices and corridors in? in securities on the baste of jonn maouxegm, sar iiran- 

He declined to say when the They will also all have desks throughout the building, display- “inside" information and a pro- williams ana far. joji 

first Assembly elections could be and telephones in a nearby ing the time, subject of debate posed duty of directors to take ”rT nan _, ... _ 

held if the referendum goes the former Civil Service building, and speaker, a “speech rein- account of employee interests- Otncr representatives For the 

Government's way. but they will have to share ooe forcemeat system" for the main The Government team is Labour siae wii l be Mr. Donald 

The impressive neo-classical room between two. chamber and main committee headed by Mr. Robert uewar. jut. jonn fivans. !«r. 

building, standing on Carlton Organisational details have room, a central recording room MacL-ennan, Parliamentary gfonrey ' ^ortnouse, Dr. oonagh 
Hill, which is the site of a been left to the Assembly to equipped to record from the Under-Secrctarv of State. Prices McDonald, .ir. George Robert- 
numher of 19th century follies, decide for itself, although the Assembly chamber and the major and Consumer Protection, ana Ma ft *r. 

has been extensively and taste- Government has provided exten- committee rooms, microphone Mr. Michael Meacner, Parljamen- r'.j' 

fully refurbished in keeping with give committee rooms, believing mixing systems for the smaller tary Under-Secretary of 5tate, Tnc riaia f-ymru comrniftec 

its Georgian grandeur. lhai the new body wUJ want to committee rooms, and a division Trade. Js to oe iflr. Dafydd 

The school that once occupied conduct much of its business in bell system. The chairman of the committee wigivy. 


By Our Labour Staff 

THE National Union . .of 
-Journalists is to hold a meeting 
of its emergency committee 
today to discuss the sacking, of 
100 journalists on the Bolton 
Evening News hit by the week- 
old national campaign of indus- 
trial action by - provincial 
journalists over a £20 pay claim. 

The union claimed yesterday a 
programme of sanctions was 
being supported by about 95 per 
cent of the 9,000 ^provincial 
journalists involved in the 
present pay dispute. 

They have been holding 
mandatory chapel (union 
branch) meetings and taking 
other forms of action in various 
degrees which have redneed 
pages in a number of daily news- 
papers and lost certain editions 
to the evening papers. 

The Newspaper Society, repre- 
senting about 260 employers, 
will this week be preparing a 
case to present to the Depart- 
ment of Employment for a pay 
increase in excess of the Govern- 
ment's 5 per cent pay guidelines. 

It has previously offered 
increases of 9 per cent con- 
tingent on Government approval, 
but the union is insisting on free 
collective bargaining. 

Jlr. Noel Howell, NUJ national 
organiser, said that an increasing 
number of employers were 
■■going their own way", and 
offering pay increases nearer to 
the union’s demands. - These 
included the Southampton Even- 
ing Echo where about SO 
journalists bad called off -action 
following the offer of a 15 per 
Cent increase With productivity 
bonuses. , 



BY NICK GARNETT. LABOUR ST ARP ' 1, ■ • /' /. r. 

A j SECOND pay offer,- within the r suni; of c 156 in excia&ge.ior 
S- per cent limit, m&d6 to 3,000 maving the settlement date from 
tarry drivers at Scottish road ^November. to January. - 

haulage companies has been re- v The : night - work *: shi£fr - -rate • 
jected by onion ^ negotiators,-. \ -troulff -be unproved by. 5 per ,c«it. 
‘.ilis appears to -bring dosef -and 4he ■ subsisteiree. allowance 
fttjier- a lorry drivers' strike In increased from £6 j65‘ 

Scotland or a significant breach Fpqr> weeks’ holida y . wouMt ; -be 
of- the S per cent pay policy- by, -granted ^ ^ after two -yeaT^sdnfKS^ 
the- Road Haulage Association, instead , of . ffie present jythreft- 
whose individual member - coin-: years'- from JSay-- nexLyeari 
panles are faced with disruptioh. •: Fringe.- benefit - impravemeilts 
■ . A previous offer was over- would include compensatoiy. pay- 
ideetings. . Negotiators for the ments of up to £7® for theft -.or 
Whelm ingly rejected at mass damage tn.personal effects anta 
Transport and General Workers’ rednctieai •in ; -' Cne: 'quanfyihff 
Union, who say they will not ac- period for issuing compenaatoiy 
copt a deal within S per cent, money for loss of licence due to 
told employers lit the weekend medical reasons. ' -t .' 
t ha t the latest offer would also There would also be dischwious 
be put to mass meetings with a on productivity, related to oew 
recommendation to reject EEC- regulations for -the. bandage 
...Other regions of the assoela- industry, •• which cbitld“\ ;■ yield 
tion have made 5 per cent offers, farther morrey; . ’-' .-.v" 

fcait Scotland is leading the in- " ■ - Sottlemeols. wifh'h the a c 5xicia- 
dnstry's wage negotiations this tion last year averaged Iff- per - 
year and the rest of the associ-. cent, in hreadirbrihc *heir -Phase . 
diioo's areas are waiting for the Threh lO per cent.gujdellne^after . 
Outcome there. ; strike actiob-^was ;taken . gt 

The drivers have submitted a . individual Mffipanm aM jwltiim 
national claim of 20-30 per cent, particular: regions. ^ ; ; 

including an increase is . the Government ■ Ministers .'have - 
present basic rate of £53 for 40 already - , warned association 
hours to £65 for a 35 hour week, members that they fa^e .sanc- 
The Scottish employers' offer tiohs* particularly Ln the; use of 
involves a 5 per cent, rise pn Price Commission ' controliL, if 
basic rates and a compensatory - they bread) , the pay .^guidelines. 



BY PAULINE CLARK, LABOUR STAFF 


HOPES of a solution to the the essentially vnlimtary servioe 
West Midlands ambulancemen's can continue to - covet, -aocal 
ispute rose yesterday when Mr* needs'. 

wand Moyle, Minister of State Health, officials , conceded 
at the Department of Health, yesterday that patients in certain 
gave the go-ahqad for discussions categories could be ' suffering. . 
to start on a proposal to “ buy These include old people and out- - 
out" bonus pay anomalies in the patients needing physiotherapy 
area. 7 - and other forizrs of care essential 

After meef Bg *>»*»*«* 

he TOet 3 joint delegation .nf . 
^ ve nT ^? OD i:l n /SSS tl0 ™ii uu 1011 representatives' and lead- 

ing officials in the West Midlands '* 
unions to ge tegether urgently Health Authority. , . . j- - 

to discuss a solution. s AmbnianceSSi in the cmmty 

Since the West Midlanddyhealth have been protesting at widc.dis- 
autborities suspended soiqe GOO parities In bonus payments 
of its ambulancemen more ; than ; arising slnee. thcr l974 remrganisa- 
a week ago because of industrial tion of the .' National .. Health 
action over bonus pay anomalies, areriee-. - - .- • • • 

a_ major part of hte county has . When the ^mbipanre serv^a 
been without an official ambu- was taken away from the-. various 
lance emergency service, v • - ' ' local autborifies and made>nfo a - 
Birmingham and Coventry are -united service. Gfwernroetrri nay - 
among the areas of dense papula-' policy -prevomed-tita Intro^ctipn 
tion ; which are now relying of unrequitable bonus sysfentv ; . 
entirely on the Red Cross, SL. The- health- antfrorirfies. wautfto • 

John and police back-up ambu- buy out- the present •hoicbrpofeh . 
lance fleets to respond to 999 .of bonus schemes with a, Ittihp- 
emergency calls. Fears . are sum 7 payment to enable: a hew - 
already mounting 'over how long structure to be negotiated. 7 ' r.v: ' 


North Sea Ferries’ ships 
blacked at Hull 


HULL dock lock 
fused yesterday 


K gate men re- .. The dockers' action J - ' -it 
to handle North unofficial. The shop -stewards 
Sea Ferries ships, which were have said, they wfll - maintain 
unable to get to their terminals their attitude . until the port 
to discharge and load cargo-. employers present an acceptable 
Docks board officials "feared pay offer which includes not only 
that tfie dispute would spread to ah 'extra £15 . a week <m Ttormal 
involve other ships. . working week pay of £78 71p, but 

The: port dockers, who have alsoJmprovedoveitimeandheU- 
bannea. overtime for the past day pay.',.. ..- 

three weeks, are in dispute over The port employers have said 
a20 per cent pay rise demand, .they will not breach theGovtah- 
Tney extended their action to menfs 5 per cent guideliEfl,. arid 

include a wnrk-to-rnle which will, this was tetteitted -last' week 

- • When negotiated from the Trahs- 

SL2S, o? cargo port and General Worker’s Union 
P*** 1 ?® through the port . is demanded pay talks on the basis 
handled ixt overtime periods. of free co Swtlvd bargdniag. 


Leyland strikers go back 
on eve of crucial talks 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 
THE IMMEDIATE - threat- toper cent. increase, higher over- 


Mr. David Buckle, Oxford 


Austin Morris production was time and shift payments, and district secretary of the , TriinS 

mflVM -tnwflprle “ asuvituj oi me . iraUS- 



returned to work. ' BL-Uyland had.no, right s try^to 

The men walked out on Friday : J2t5Sr S?*!* r ®Lp B coaditions. on a'SaSonS 

in protest at a management 22S££ t. meet l n S agreement 

cision to stop the pay of 20^ ' i-J!!?' ^vnniwSiS? j f0r The .t^Mons Taccepted -the :: «in- • 
operatives accused of disrupting vieiv-Jhat the : terms 

production. The men, who SSftfc W ; 3PSn»i? • 

assemble front suspension units : WO; . .'cahnh't agree ^-'■' 

for Austin Moms vehicles, have *2J™5 an ^ finance national agreement' sE^d be - 

aa-SSSI 

central negotiations to be held and-the enjrth'eefliia miblovers Sc ^ ’V" 

m Coventry today. The com- only if wSS^teSS^E 

paoy’s pay paekage mvolves a 5 package came under fire. Slat!' ' & 


Isjicte ear - factories: said. ’ th^t : 


or rtumm muw.a milltiut, usve t i,_ 

creed to work normally while 1 *1,- 

talks continue on theip *Jut iart night -U m 

grievance. 




tnh 1 


Qii/ 


fi ?• X 

g i-r.r c. 
“ $■ 
>n v. > 

’’•jvv.llf 


't • 

'in .i?::* 

uira 


•*-•.»■: v, 

ilM‘ CL 


* •«* * - 

' V 
*» 


; v * 


Financial Times Tuesday November 2S 3978 



r 



EDFTED EV ARTHUR BENNETT AMD TED SCHQETERS 


© PROCESSING 

Shredding without _ 
danger of blockage 

TWO PCVE-Vnoxs. by four (DUV.Si hi Or 'jnfiuid. Tiih «m;-n "* 
V-ranRi-ld InuliliUi- of Twcimuln^y intuit-e*-.# Miulent group m i 
siuUenb. have orouvlif .n.-iinr mre and ie.-i:ti:; 

,l i?* ,r ?j’ t ' ,, ’ enrs J n .' v * !5le t> r a new machine - - * 

shredding machines. and patent:- repaired uv an indu-ir,;.; li.hj- 
fr.r tiiu design:- Jisu- beer applied pj;r.. 

for hy Meui Box Diversified Profejsij,- Hat .MuKeiiwri. head j 
Products. which fi.nted -hi* Tull of tile fit- pu mount. bclimcs th#* \ 
rnr yne projpn In lie carried out UkV need at the nccsent nine i-s > • 
ai UT. lnwndvd it* «flv( a mninr i.. enhance -Jill’s in proiiiiel 
prrinii’iii in contemporary -hrc*,l- innovation ::nd then in«Tej-i* 
dmij machine-: the pmjn > ’.-.as eflic‘pncy and prufitubilii . in -a 
sponsored hy mivcmianc r»:vj- ni.-nufaKurm:; and uiarkciin.: \dj 
”e n u‘ ,r J !S! eldl1 * OK 'hem This i» v.hat the ivo-yv:., 

Shrpdnin*;. maehnie.- morkci-d cour**.* in design . i»f prnduci i>m 
hy PulviTmatie tur som.- ie;ns machine? and s< Alenas is for — - 

can Take and proem* 1 * ihi* ton training hieh-falibn* Rnaim-erx 1 
icnis of a lypit.il tiiiilMn nnrt -. jih tie -;;n experience in bei-ume asso 
more ear tvres. vacuum cleaners competent '-•.-leins engineerm:; l ,rwj ; 
and washing iiim*Qiili;s. Tin* designer-. «*rg,ne?rin*.r tunnel 

s ' : *.'r: '*f iajnav:«T'«. »»r lechnolnviLal a Ci 

all rne-a- waste uem,. reducing erHreju'.-r.eur- ** 

:hom to one-inch strip- which \1 /-an white a n**.e \e< urily aid tt** 
can nr chcnv.i'iilly pruresieri to fr.r '•vi.-inc c - executives i; an rvll 
reclaim the valuable element*; r.iii. r—r-'c .ii-ifiicjiraio;-. vhi.-ii MJU 
I’roiilcsis arise >A-hi.-i! .« mjJhJ de-:r.r * Ciinfidi.Tilia: rnaieiiaJ 
imshr^d(Lih!i- Uimr- cmnes .in '■-■jeh a- mic-MHir. jmcr-irM-hf. T>r\ 
enniaci with t)ie. faticr- of in** ;:rnl hi?h ti'fjrity . i|ncuinen , i 
shrcildms m.i(hinr. Tl:c maehin'’ .n-tanr!' 


u 3 /> 



^ ^5 \ 







5 S**- 



^4 SeSS 




~ ^a m » © plastics 

Eagle eye 
on complex 
product 



TlMelsec Ltd. .Oldbury, 
v-fest Midlands B69 4HE 
TeP021-552 1541 




Adjtisinients in iirujircus »n an nllieniise nilml .iuUiinnti , il 
s|i»i and arc-w elding in-fallal inn desi.^in-d and hnili >i\ 
Lnimatiun (ICiirupcl In v oid up it. dim rar seal frames .i day 
prior In sjti|iiitpni in Italy. U'ilh Him> Lniiualc "linn, 
associated i-lcrlrnnic- and romr>fir line, tin* unit ran Ik* 
program mcil to weld cnnipuiii'ids for sc%en ilifTcn-iTt |\pcs nf 


c«r srnis. 'iiir ru!ini in the foreurmtm! is 'III ■ v.Hdiit” ihe 
tup sid«‘ a ear -im» lia-c frame Vt the next v»«rk -lalinu 
K|ittl-uriiii(;“ i> t. ii in |.i rird lirliirr till' Ui'lllilt^ ji" i - aut<>- 
ntaticail.‘ l.rriii'd to -in- the third l nimjic access t<> 

uHd I lie muli-rsnli' <>f the -i-ai frame. Further <m tiUaJ til SIC 1 


TEMFEKATt !«E MuN I TORI NO 

anti .ilann equipmcnr has been 

supplied by Case Ten System- ■‘i-nihiicd .I’.-.ii; ; »:ili •.•a?-.- and 
to Shell i.lieiincalr< for real-lime tin: eeatmiV .iii:i-si‘ii:r properly 
emiipre-sur liH.miijnnu on a poly- iji^imira'je: dnM sclllinv "n it 
eMixicne plant .it Shell OIiciim- cmiii|>!>-ip >; rleiii ran be 

cal’- inanufaciiiriiej coiiijilex .■[ n.m>i.. II- ..ppliej m uni;- ivn 
Carniiyion Manchester c>'.i«r — In ■■■•nerele. plaster, or 

I; «iJ1 replace con' •■rumnul snfi uni turd -mcl- nl .in;, 
miiflipoiiil rneorili-r-. imlic.itor- t uni. .on! piei I”.im';. p.i:;ii'.'d 
.on I alarm cutiiii.-. anil i- lu-cd Miitiicfr* 

■ ■n till* Maen- ->-icm. c-.mlnnmc 

pit (ai* code iniidiilanoii data- - — , „ . 

.leijuisilion lecli n»|ties null t fO/Oti 

in icroeum pu ter Loni.ro I iitirr^ .« \J M * 1 

UEC anil m 

The I ein pel am re mnniiunn^ prif n/tf | An 
array looks ai performance of jLJi. L t L. 1 1 U 1 1 
emu pressor » u-«'d in pnl> ethylene *7 ,. .. , . 

j»rudnclion H eontinuously FKOTEt.TlU.. I- t_»l. bun men and 
monitors- up -Jo* lempvraUire *. ru,,r -' ajjam^i damag- by 

pninu-. lakine. inputs from a niiv- Pt'oeati lan iralne and solar heal 
lure of ihcrnp'icouplc and re- i'fdijdvi ule-- 


anon dal..- ^ m 

Gives root- 
protection 


.-isianee .'leincm.-. and convert ina 


ia.-s reinfnrved cement 


Slops and an nperawr has IO Voliuii^tp' J> the 

hint ihrriugh a hoiK'iT-flil: of Tdb |; j- the -;^c "f a -m.'.ii i 
nihbi-sh to b».:ili> and rcim.'.e film” ■■■jbme:. cp'eiri.'ally , 
rbe lunip—.i'hieJi may h.'t''f; nr-v. "rerf. .-nd ■- ir;:i.cl'. ; silriti m i 
bnd‘»*n one nr mure rut:.?#;, nm-raima 1: r?diue.i Up- 

rpsulltna in ■mvcrul hours’ d>r.vr.- •m.tei'i.rl p. !in;iilci — a :nu J 

limn ■.I'htl** tiiov are renlai.-i-il, .unfeiti fo r, n ’ilueb does i 

Thp students '-a. ue up v.ilb nr,: rnn-f.rr .ii'inpntliun. 
pA'n inventions: th."- rede-ijned | • • i j de-.trav all ijpo '-f j 

the v'lttnr^. m.ikine them fi-ru. p.ini-r ..nd nrhe >»< u-n 
stmnerr, cheaper and cisii-r i.. 1 1 n : i ■ i ^ -.. 'inotii jain'idn^* 

3 ce *.'mhle: thm thev huilt it; Pec;« i-r of tne fineness of I hr J 

amomaiir hydrau-'c mei.-hani-Mi oisrl-o •■od uc:. care na> hepn i.iketi . 


• SECURITY. 

Builds a 
portrait of 
a villain 


DATA PROCESSING 


the resultim: a nab mu- -mnuU I'tlktHiiloii Brother-, 

into d i vita I d.u:. nl. analovue Pr ,*-'- f. 1 -, l, .' r, .V;-.X , ..'T rKCV ' 
presenialn.iii »f p-mjieralure =>*‘b' MU -.It ii. i44 
intnriv: * hey ar,- ivilb'd prouienarli* 


,, , a . ■ tiles and ‘.wll y:vr .i decorative. 

«'*d nuiMiloriny of -elecled in|»ui> ^ ““ pr : „7iGiS,,- 

i.in- T;L ' 'ZiZZZr?'”! V„T ^ ami highly re 


rcuif.M. nim: .-joinp!. eU'i-tn.-ally , l-v l-i. * T i v. r-...i-.i 1 

,y have ne^rM. -nd ynu*l? -.Inn, -n numbed - 

rs- dV- xsr 1 JS$:r n ^ ■■ 

, f,,r,n : KhKtl dl -" fa hir.n 10 the manuai mrtl.oL • h ' ,r ‘ I ' !' ^ 


IVs.M'.. 111!.’ LI ■ <■! i:i ■■ .< . uiipikir : i. 
oro.ii.ii ! a <n (i'iit 1 iui'i.-.-u o; :-.ii Lave 
NEB. til- -ivn-rl .i punt nacka. 1 .* 
l”R ,1'Jl IS' I it. 'Ill i|li, >PI.. pr#i-.:i'.»tTl 

■.n- of tl - tiM'iidu'!' ■ oai- 11 : 111 ' ?uj'|‘".i 
pjnt'*- t ri.t.-r ’lie a-.TC- au'.i:. .icce?-* 

In-ac and SHI jo.nii.. fund : ! i>.- "u res 

il.'Velopiii.-n!. marvel ill. 1 .m.i Senes ! i 
in:i in I'im no 1 »i tin' Sera- I -uiicd l<> 1‘- 1 I 
w'r.sibii "f |!’l l./'j !'.<•: It ■■ i ; I .-mb' niase- 


■; ■■ hcr,-M ■; ,\:i: and munilonn^ of -clecled inpiiis. 

:• ii- To i- I'. F.'S-fi Tae Si-rie- 1 with mdicalioi! \ ia \ i.-ual-displas 

.f. ;t-'-- for R l -i i T . .n; ;.;c »jme ian- umi. t'onlrul t«ain.'l and operaior 
■•■ni’ ■cfpocs. as all loy.-. 

oihe 1 ' . up «.'.i:*::iT.iTion- Trend information i- mam- 

.•yrieiii T:u' .ire up na- otwre-il a nvw tamed for all puini.s foi up to a 


Malam to ale:.e 

Apart fro in bcinv coiiipldely 


Invh siren via 


r-.'M-av'i i- a hieh rep re- 1*4-1 lour period, and Cjii do- ■' ei-ini rwiio 

• it. nen i by played sraplik-aliy on .. ' L ‘ o,.' ^'1 "’i .T^'h ‘ ’ hlv,, ‘ 

li'il SHI. | i.-.n..; Kinanmally display unit or printer lor record ‘ T 1 , ,, a 'n'. . 

in;- :„ov... and purposes Mam system -laliii. re. n '[ r y l -' n 

:u 'i ml in b. r .is cm^.iio dion nf ports ar»* also prixluced on ' ■ V’, l ; 


has i hi- .olt'antiicCs that ilv 
'Litidaril fe-alurci cun he mcrvi'd 
tnio .« face. I he lui.al ran.vc i-ip 
lie adjusted and even th'* shape 


V hi. h In calcs the ipoip. Hfls' 1h- to rn-nre Hta: there is nn dl-i. ; n ” rtilieJ - *" 

- - b> conventional method- 


“brad' of nnshre.ifl.yd rub' i-h Th" d:-nncc.i of ihmusn -• .o..-. ■•»...««- 

out of *hc v.a" iip^n ' a door i»'i >!t-:t« .ic'Pim unit which a!-" Tim system uv-s a dmp':.;- 
in the ; 'rip of the machine and c(i' I Cel s coni pacts the "ca-ie Icru'iin.d cunuccled In a emu- 
rejects th" lunm The machine f.-,r e-.sy ■ 1 1 -- nr, sal. ' PiiliT in which is stored a i.'al.i- 

Th f, n carries on i.peraliny :.s Tip.. p..>. hine i- 44 1 inehe-* !, ank of standard facial feaiure* 

hefore. h Si b* ■_'! m<'hc- wide b. Thi-i' fealures are used m rom 

'•ie»aJ F.iiv h.'.S ,.r>plier| for :rjohe: dei'o. Ii* -aiiacifv runs o-i buianon uilb ene ,i n fi I ? i< ■ #' to 

na vents «n these invent tons m tu jr-i .beets of paper or film build up. on a display terminal 

I5^*'nuntrn*s. .. Iinr ,.. nr . ^ „ ntK , n<l | ext i .i eu id posit*.* fair ilia, .ii:o*riK THK _ MEOVVA’. l;u: .*n.;h ai. -lorej 

Tite students were on a '.»r>- r ri0 ,i r , r wilh the description uf wilnesi.-s. 

year >JSc curse , n ihe desivn nf ‘ ... n..ee».muen, »Crk- 


■fnr*- .n ibi- 

- 1 f *1 r*-.< 

: 1 1 ■ ■ - 

iM.u'hiiie - 

i s •# 

in 

eii.*Hi'ii(i ,lir*n „f 

ri^ Tile 

**i* .*1.1 ei 

|t. 

,iKlf,.-«in- ••• 

. . 

i'*-r: :r>* :ii r ‘>:i 


In- i*M:ii- 

be IiVjil.it. fro, is ■! ■ 

ldT:*. 

>Pt.’¥ 

■ . ::ti.;_* 

'.-ill ■; 

ijl. 

li- m:ii 0 

.111,1 Alii .Kf.l 

. *■! I *i ,1* 1 .< !’ 

re., - 

:' it: 

• • .->•• .' .-. ; i. Jn-.-e 

e-« r i 

’•V TtlC 

Pj-e;,! 

lui'i* !.-• :i“ii.i*_*-- 

p:.*dii. ' :• 

> ih" 

*.-■.■,'■• 

. * «<5 l •' Seri,*- 

!:n.*:i:..i*. I"* - .* 

I . * r 

'em «**.*n- 

r.*j,*Tt f‘> • 

til:- 

H.’.'i 


; i.t .*•• till* -:i!il>* 

,,,-s 

i wlir-** 

. RTI./2 

proiltii-: 



■b*e,i!iienLjt . 

..:.i::i!-*li.i'.e,*. 

in-a: <i ,‘-.r i\ 

: ruin 

1 Ul-S'tt 

In ■ >n 

•ait!. 

ii! ..-■«■ 

i -l:> , > 

• • *:,-i -i-r- 

75" W. '. 1 •.■. :: 

i • .m: 

,.f u:u-*T- 

RTI./2 p.ieiia.JC" 

>. :*><•. 


Vi- -. ... 

- 1 r 

in; .i.-. u:tic*. 

. :i.c L 

i. YY'fat 

ter.* tun ill i 

.if* : i - ** ;;.-i i 

II.!.,. 

l‘M "7". 

i '. i. lll'.CI da. a. 

i.H i - 




interval-; eslr, -' 1, ie.s »f livat or void. 
mrP'ises. 

is sum- T 1 T j e 

Heater lor 


9 TRANSPORT 


comolex car 


mncroJiTi'! feeder 


will, the description uf wilnesoa. 
Deveiopmem work was imder- 


THK MEOW A’. f :■#; i»n.:h :iv. -inri** . *r Ar*'e— i*> Thu-. *; .lUlomaticaJly lakes 

t'liimcil i laijiiis i*. mu' Me. ine-[ r lii.* car parr- i*. n:C!i «"onu' -oiip- acciiuii -pec.al rales for rush 

:ii<-io-i1:il> ami wr-atib' iruiic -ar spa ^■■ir.piieau-il hrmr-. Bans lio’ida-.s. special 

control -;.-iei.« ; d "n.» b. bemv ‘i lei.-M etveis it, . : ,- n is. !* i- ai;fi’ .-.,id lu be 

f his will Mpei de i:i ti:.u- be di/T -tenl pi.e:"- i.. „ 

tilin.-ilmu'. .it .. car pari: Tuc ijo. m •.•:l ; r.*j.|.,f.* :■ - . ? r ! , 

eiali’il »• lib ibi* I'l'Hi.l Jtill Shull- '' 'i:.'. -.md-dls* 'II’.I I V - f -J‘t*t'‘i - Oij t:dd:.f!C. ;<!IU can 


Base Ten. Inn -L l.uvei' l'.iru- 
haul Road. Alder- lux. **252 
n 12911. 


© CONSTRUCTION 

, Improved 
S finish 


X'a'u-i. r,-.pn*e- r n,ic. Ueveiopnit-ni work was under- , , , , , r , . • , •* • -■ - ■ ■ •* J - V ‘* , ‘ ii 

Proditenon maehmes and s* stems ' -'•‘ , *i- 1 f \ r " ‘ , ;ikrn hv lht . r\n ,>mre ai Mi,- " f * 1 ’ 'J- . ■" *■ «• . ■.■•m.-. ••:<:. !* :• .-.,id lu be „ 

— -mi hv top nen:,rt;npnj >r»r ir,e ilmi-c. «-:,i»f'* id r.o.«,|. ■ . ,, fhi.s will upi-i <!,■ i;> 1 1 :.i ■ • for <jj/. -ienl pl.i*."* . r . - . in . , JJ II_ 

m,M or «■*=**■ «**»-'• uV.olop n,™ ^OF ^ alls 

.u l t ' f l. ^ ; A :! , K .F. l ’Z Mins «Vnin* :.I Cmuhaai rn N* nr. ,u*-rd now b.'inv b;. -from- hr r, ” ! men at most— in apart FROM CHiimifla 

© POWER n '"in-ik-mf mi ! 1 *,I " Tt^ -mri i- a mu ro:>r<».'ov.u- \ t -built* " n:i I :.*te ' P“i :1 c::-h, rtp,e:n.-h jrrevulantie;. surface* car 

rt-fHJ'li approjch il. I .y* CMfl | iri| j| 1 . < | |.|.e dcMvmd .•'i-l lire kv> feaiuip- r.f me t ; ‘.*sol s-i;>p.u*. f-tc enhanced !»:- the use ,,f a 

rr/X Allinf " C , ' u , ^ ,,n in r"':' maniil.iepued b<*t..i,i*u:i U’.uT, - s;.*l.':ii fur »».-i..-,y:s ,if iirvr- I.r lo!|f,*u:iv th** Chalha'ii Uider. build jnull ir-r.lour co.iiiii" fn 

compressors go quiet r ,; c ™ j t ; vr..,*, eu.micx .,r f ., .»,.* ., r u w ^ ^ ^ r : ,-.k* ? 

-s..nnr--- . • o ,-r. ” * . miLr' ,h' r i 'i« " r *' ^ ■»* 1 TAJ'S *c*.’ii- jijuj. i 1 1 1 ' 1 i. • ! -. • • irtii.dly f’.li-.etsmd , "f *.I\N» Bu**k invt):iiii MKIS 1 EI.I «0 

UTMPRLSM. 1 B i.RtiL P .*! UpeiMiiiu! on -deurunic ^ eum- PUIW ■ ri-ei! ..uiouiam pari.mv c .■ for :mmedj.My!r reenv-i _i. order ’ 20 SI i. 

Da n f u-s ims new contort for iiiu.almn. Bii co:npre->ur> can ••#■ 1 "»l hardw.111 Jrxcl mi.iciu. Siflll . mi ;>nt ] Jlf ; ci.niinl jouvrammin : :ar::T clt.rvrs on from Hr, hand, and .-ay.- that iTallcd S-vimilto. u is .1 

F_V and 24 \ dr <nai:ery 1 fijK'iv* lined wiih all mechanical lj’pi* s **f he .idtanceu «»aj*h oi-j> <y ,i , rri|1 ; , n ,f tiw e\u lanes :,u hourly ?,-.■• *,p in year ;\ : iern< in si died, or 0:1 order, in odnur ruaiiiiv with a low r 

non in refrivvral.irs and :re"?er? th**rnmstat m he .ound in modern tirniinal Bu._sturt which M . n! „y l,„ih a iwo-.-imcy ear- m art vane*, umr.' Mian u ; t;.iliy lit#- EK -n,i Europe far e;<cve*l and offerin'; a imizh ri-jisi 

in trucks, buses .md montlc re ins? ration appliances. UM ‘I ,n developing the s. stem. p.n-i.iu^ . t rej ..l-oi** i!u* I'ei.iavi-u fxotproof run 1 -, f:,ci!;ii>.*-. ,md a H- budncteil fiviirc in the ftrsi to .ibmsrun. Stain-;, say: 


l TOM PRESSOR ORliLf at 
Danfu-s has new comorc-mr.* for 
12V and 24 V d«- (natiery j Ojjeia* 
non in refrivvrai.irs and frtv*?er- 
in trucks, buses .md montlc 
homes, caravans, imab- de. 

Designated lype BO. the new 
senes is for (ijjcralirin on RI2 
refrigerant in cabinets of up to 
IfiO litres 

Low noise level i« one 
advantage and live robust 24V 
model ts 01 heavy duly construc- 
tion. suitable for severe transport 
application i c trucks, buses etc 
Roth models liuu: a UisidaceuK-nt 


.M.T’Ht.d'l ill intended fr»r u so 
in veil vanilla led area.- — such :*s 
bmldinv .-i:r*. va rages, factories. 
• * i *■- . a r-m vi ,,r nuiliib' direel* 
iir#'d oil luM'er* fn-iii Heyln 
< iiiibil of ^:^r^;.•rlt. YVe-d 
•iei'many. van al-*> dv-ic diesel 
engines, building materials arid 
plant, etc. 

t'nlikc imliivcT-ii rod healer* 
1 which require a fixed tine eon - 
ncciioni ih«?*e are rm.iveahlv and 
able to lip iciofated ijiiirkly and 
conveniently, -ay.. M,c company . 


. . ; racncal.v proof again-; WClIlc? ncciioni the-se are rnyveable and 

; , r " djit-r.: . r,.j •fidd::ne - am! can it/I W dllS bi !»r re, orated qim fcly and 

i.d. pi..- , ... 1 .. eonvenienily. -ay-. ,tic company, 

•■..y-fruiii* '‘■'•.'-.'X.’ l r- h ' ,i h APART camouflaging A further :,dxaii»:.vc is said to 

:•* I 1 -., ’ ' 1 C h trrevularmet. surface- can he |„. ,hc- fa el ih.it dircel-llrml 

i.f me . i -e enhanced !»;. the use of a high* healers ln-e rm energy hy veni- 

1-irve or l* o!ke*. me th** Chalhtfii mder. build jniill ir-r.lour coating fnrmu- ine hot cumbu<Mon vase- 'imside 

:!i«* ..tun- ilo* company (part uf the Kiri It lsteJ by Sivm.i. Fa-'tle Mill-. — ihus. heater efficiency * i« 
‘■iruiatly I'.li-.olsnil -tiii-gimi'i of *iK\» Bii'-kingbain A3KIS 1EI.* * 02 SI) 2 - erutal ,0 the cr,;uliii-ii>iii *.*fiieieney' 
o p pi'*- :m media rcci :\ — I _n order 20SI of ,he btiiii-iu ' pics-urc jc’r 


caravans, ima 1 ei e. Danios-. Perivaie indusirial Thuuuh the technique ha* i>nt,v! and an adjacent linked low level **i . 1 . nninv 

•signated Ivpc BD. the new E-t.iie. llur-endcn Lane. SoiMij | JL . rn f u ji y dev eloped, u 

s is for opera lion on F.12 tireenfurU. London l : Rfi 7QE. 01- », em g handed over 10 HSDB 

gerant in cabinets of up to 99$ 2041. tor practical teeing, in ihe __ 


j-3r of production. 


« Tailed S' v mult 11 . it is .1 low- burner, 
odnur 'online with a !**w relief Th.- UK -ubaidnrv t- Heylo 
and offering a lough i-i'sistan-e Healing and Ventil.'iiing. ft.T 
tu .ibrasron. Stains. p;,yi Hv.* F’eei Sfooi London EC4V ICE 
com pany . can he repe3 1 e*i iy 1 0 1 -353 -SHO | , 


. 11 • j intends to carry 01 

Standby unit 

j . ventional systems 

easy to provi* possdtlc tn 


for practical testing, in ihe 
immediate Tuture rho HSDE 
intends to carry out a detailed 
e\alu3l' : pn of the advantages of 
the new system over the con- 
ventional systems u e ed. The 
long-term hope is Liiat it will 


Roth models have a displacement VHiJ j lu ■ OlUl l prove possible to produce a 
of :il eubic centimetres per proVIDIXU KULLV automatic rortable unit that eould be 
revoUUion. protection asams; mains fad,. re a domestic TV and 

, 255 kVA 3 phase power l, * ed '• P ,,l ! c y ,he 

m e* hi- n db. set inirnduved by Swan of an mc.denr to hmld 

Of PUFPIiFB Lenc rating Sets. Swan Close *. !»«•■ «« ,,f - SU ^ W<1 fr . ft,n ,h - 


»r 


: -r 

t ■ 

f'; **v iv 


• • ’ Zt- 


•• .* 


BEAT THE POWER 
CUTS WITH A 
STANDBY 
GENERATOR 

New WARDPOWER 
G ensvts 
20-1000 KVA 

Immediate deliver/ on manr 
moods 

For immediate quotation, 
contact: — 

That. W. Ward limircd. 

Machinery Dhhiw 

Alhion Works 

ff THo WARD 

Tr rn 54119 


and cheaper rimning cost.s. Mure 
important, however, is the 'd's 
use for standby applications 
where an engine may sit idle for 
long penutL-. 

Xo co ! d start aid is required 
for ;*mb:ent tempera lures down m 
— 15 degrees C — but. !>l«ui,ld it lie 
required Jor exceptionally cold 
starts, the engine is fitted as 


Grain moved 
through p?^ 

any angle gg 







PORT AI.’THORITIF.S and uthcr 


standard with an excess fuel ttjnL, v‘rned with inn 

!e\er for cold si a 1*1 reliability. bi,,k of granular 



it New leasehofd factories and serviced sites 
aie ready NOW. 

★ Government cjranls are a\'aiJabie and 
substantial rent concessions may apply. 
Mew motorways, fast trunk roads. H,Qh 
Speed Trains and modern docks link, you 
with aff your suppliers and markets. 

•* New Town housing availability. 

1' wmhi .in 1 ~ on*- of i*ritu 1 n ' « m< •- 1- r.i;-_-.'«*.-?fn 7 
mdiifi.vial itrvr-lnpruvm^ • bu)f r:ioi^ ihj*n Jh'vir 1 * 
from T jjnaon 5 j> M 1 nr 1 ■ i,nun b*. H12JJ -Si -**- -1 Ti .. • n 
soil I} liuuv-fu-m Birrr.inuhdm nail r, i mow*, «..,*. 
«!'u inl'n, r. nevr-lopmc-nu C v m por.it i->n n.i , ■ 

1 |t. fowl I-?*, moi 0 ! ii.i n J JJ fa**,.>>i'i*-«. * r.-1 ! li*» 

1 . ■;* i-'iit r.iuliljiiu pro. rj mm*.* pre- v irt»5 a 1 <1 ^ <:h • • : -:4 . 
c.fnujii<*nj.],-a.-'?imM in-lu-irwl r , '£»ii , .-*“ :n 19T?. 
>'n!ly:o:-v-jr'rit. I'-.i-i-onlit -.u^.- -*rv .iVAiIaM* - . 
v.v h *i-.- 4 T-.ri p ii,p<fipio. ox, **lient atu.'ia-*..-, Iw.-T 
an-I Hin-’cin*---. i n: r.pniriml tilery- Jn,i •' --pTondi.! 
shopptns i-*jni,** --t mayii'-i lor iliv logir.n. 

•Jor rhe t'.iv; ■* iibnu' indu, tr:., : i>|.'i»rUiT!;! <*: 
and I'lnv-rnmonr ut rw.*nl*ni» - :IJ 

tv p, /•vi'jfit sor all work* r- :n iift-v jn-i:,-'. t? . m.i 
Jfi^- key n,**ri v.-htM'Rme v.ith you icitiul’iv wiii ,-e 
Jw,ii-*d immoii>*»t**lv. rnnAV 

/7-.-0..1. ,rr?!v. p/'.v t > r ;*:*'.' : .’v*t P‘ - / UUA Y . 


mule rials ar<* ]*rmnUed mujor 
benefits with rhe iiiiruiliiction of 
the Sim purler frmu Siniun 
Ensinforing. Ho Box 21. Stock- 
port. OiL'.-lm ** SKTi ORT tUSl-L-S 
.'J60U I . 

This convoy* srain ** smulv.u.-h 
fashion” liclv'v,*ii tun uiyvnig 
belts held together :n the ciIlts 
by air lircssurr l Irani) lav 
matrial.- can h«* iran.-poricd 
vertically, iim i/onirilly or ai any 
mtcrmcriiat** anglr wit hum 
degradation, -ays tin* i-ompany 

Its typical single l**mm (ravel- 
ling intake plain consist* nf an 
overship caiilry limn which ».- 
stLspcmicd the vortical Icy and 
feeder, mounted uii a steel Miner* 


■> / .ft: N V ;*> h- V ‘ : v . . ■ ,"••••.. . • : . 

j".. » ^ * ■■ - •”* • ; 




; • /&.*>< .. 
• ’V' V, 


-i’ 








r • 

r .. • 
£3» i*"*- 


*'. y^,*».- •“*>■- .2T" 


structure which .-.lands «<n j Sr. M •ft'* •* 4 <.r- y •* >, , w ^- -m****"-- ^ -t • ; c -•••♦-'•. v_. •• 

wheeled ponal frame •.mb r- 'C- ‘-vF TT"^ 1 . M r jff iaaggRBiB BBeP^ ■ **..*■ '*N ,>V * •>.:.** ‘V*- ’• ^ .'’>2 

The plant can br operated from ’’.‘v **; • *•* ^ ' - • * ' . ' ^ ;*’• .V ■ tir '>%' a. 

post suucture or by portable V *- Z* • ’•*. \?'r~ • * ' .•/-'**; # * .* - * *• • -V*' i ^ 

npfprppnt ?£&%': safi r -ji f -^v*' 1 ' * -V ■ •' - 


n.VV Heeler uJen-mlMnnacrr . 

i.HTwiM-.in 1 > velonae n' r. m i pora Her. C t ir.bro,. C » t ..I - 1 . .-.i ■ 

Telephonr C.-cobrun « . « , • 

Pleajjta-ina me iiilMrnv.livin iwaii.: -. 


electricalwire&cable? 


(9 NO MINJMi 
ORDER 



m NO MINIMUM 
LENGTH 


Thousands of types and sizes in stockfor 

LONDON 01-561 SMS ABEHOEENmW235S/Z 

MANCHESTER 061-B72 4915 

. lVLADLT acccpteP 

34 H *EME F Gf N'lT NUMBEH 0l->37 


Detergent 

powder 

dispensed 

EQUIPMENT which can ronrerl 
powdered detergent into seini- 
liquid concent rate, and dispense 
it directly into dishwashinr 
machines, is called the Guardian 
System and has been launched 
by Suiktx. S30 A etivtl Road. ; 
Trading Estate. Slough SL1 4JL 
(Slough 3421!i. 

Because the powder, called 
Guardian Plus, siured in its 
dry state in the dispenser, it does 
□oc lose Us chlorine, and there 
is no “caking." 

Apart from the economy or 
using powdered detergent, says 
Ihe company, further savings art 
realised by an electronic sensing 
device which detects detergent 
concentration in th** wash and 
= ignals the equipment It* dis- 
pense only as - much as necessary 
lu i»a in lain -ulnlinn m -irenglh. 

The signal actuates a water 
spray which is directed up 
Ihrouuh a screen in ih»* disp»*n-- 
,nc unit. ;*iid :mmedi:,lel\ *<*n- 
irrls the required .mtnunl uf 
powder into nuiren'ra:*- which i- 
; Ihen dispensed at once. 



is nearer. 

- :r ;-. c ' .60 MFiz, systems* a;te:cfioQfogy'-tjiat-.^'^ 

. a lot forfhbserv:'Hp ; are: : cp;n(^me^^^ 
;teiecommunieations/'''rH : %^^i^6^^'^' .0-" 

■■ ; . ■. The. iongVsUnst^tionw . 

irr-the- ••worfdi' ^is t ri.ic. t hevin al ri‘-.ciTirei.s;L^ " 

; " fha Saubuf?qst a^letes^Muni^bns^ 
::Mini'stFy-6^;0n^ iu p-V*r^^6i; 



irti 


Kalian workforthedeveiopment 
of the teleconmwicationshthe world. 




J 







Financial TimcsTrirafey Kovembgr. 



EDITED BY CHRISTOPHER LORENZ 



owater defies 




BO*V.ATER. rh» pulp and papn* 

giant i* irimplflinv * major 
rev i p*«- nf 1 1> involvement m 
commndiucs — an involvement 
ihst has kepi Hie City conyfwnily 
«<:epucaj nhoui iho i-ompani in 
recent years hcoau*-e oi the 
affect tins ha.-. «m iln 1 -r » ud 
balance -hoe!. A.-, a resull. n 

flight *p<- , i.-u!aii\r- r:.itinE hap- 
pen added i» Biutatri - '-. share 
pnee. 

Bui. rather than n-duve. >>r 
^«'en dispo 1 "'. of tty i-ommofli- 
ttp* aetiviUe> Bovau-r i>* think- 
ing it! expanding thvm. Ii mice- 
i he view that they art- nul only 
profilohle i?ui an- a in it- Iu:d«c 
against downturn-, tn it- tradi- 
tional group activities. Bnwjlvr 
coni ends ihaf halaner- -he< , i 
minuses arc mon* than nfTsel 
Hv piusc- -ueh as «io«-k n-iu-f 
nn commodity imenlone?. And 

eo in mndi no- “•■m.-raii- pmiii- 
ihai enable more of the croup's 
oversea* earn ins'* to t»* retained 
for funding local deveto pment. 

Bnwarer has had an a«soei.i- 
rion with eom modi lies for many 
year- through Ms trad Minna I 
pcuvitie... bui ii* rurreii: 
intere-?! stems from iho venial 
shoiyiin m.-rger with Malii 
Fuf.i? manorial >iv year's ag" 
Bowater v.-as having a major 
profit slump, it was assn rich 
and it had i.he iheii mi-ivurnd 
,tim Slater as a sulistanlial 
.■sliamholdi-r Hath a Slater 
sateiliie run ny lus ynunv 
acolyie. M.d«-olm llnrsman. v.a>. 
in a dramatic arnwi h pha-.- A 
niertrer. M was. hoped, von Id 

£]\ t- Bnuater p rote. -I ion whil rt it 
re hull i ;is i radii mnrl pro til 
ha«e. gr.e M an injection nf 
dynamic- innnssxinrni and 
launch m into .iciii M ms Ui.m 
wpi> iIip .inlMhests nf ms high 
rapirai.'hicji la hour mien.s’ie 
pulp .'in. I paper operation-'. 

Ralli In'iornaiioiiai wa-. Ms. If. 
i he product of ,i rallmr mcon- 
:ru«<ii' in - limi.-e " Slater 
mercer i'Ci veen a listed com- 
pany. Th” oriental Carpel 
Manufacturer* |.p| and Ralli 
Bro* (Tradinci — a commodities 
and fin*n-i«l services group 
whn-l: Slahrr bought rrotn Sir 
Isaac V.ojfson l.'nder !lor.-.ni;jn 
m rxp*n<!?tl rapidly hath oicani- 
isUy and tlironnh Acquisition 
from a pr°-ta\ profit of £392 uuu 
in lflfiS to £id I m hy ijie end of 
pecemhrr. 1ST? 


For most of TB7.1. vilh the 

worldwide commodity boom in 
•'-.ill ; win". it appeared Unit iho 
hopes of the merger would b«* 
fulfilled. Bit! tin- Arab oil 
embargo plus the price rise pul 
an i-nd in iln- enmniudity boom 
and in 197-J commodity profits 
dropped. Shortly afterwards 
FIdlli was ensnared in the 
secondary banking debacle 
ih neigh us property and finance 
activities and the l radii ional 
Bn valor activities were called 
upon in pick up l lit? slack. 
<;roi!|i .proSts. which had 
rec'ivep-d from ihc nadir 

in 1!>71 .-lipped II per com to 
£5*- *m in 1P75 
Tie- proti* i-hei-I; •■■lm.-ided 
t)i i lie !i r-t major review nf 
th'- l'all: operat'nns and led tn 
,i p; i n In. .innoiMicrmcm on 
Dcc'.mher 22. i97-"i spelling mii 
Bi»M-^:er'« «-h a nued altitude to 
j : - f- .-im r bright star. 


Expertise 


T!..- i-niiipany -atrl iti’i in 
future. Kill! Bros v.-milil ru.-j- 
line .o tivme- In ci i m mod i ty 
broking and merchant mg tn r?w 
. -«it i •>]-.. mu-, jute goiiili. sisal 
and -ni-.hcr - These arc all 
area- ••her-- :h»- group ha- long- 
st.uid-.K' exucrti-r and where 
Ralli e a world leader m each 
parti, tilar irjrl*». " Bov.-aicr -aid. 

The -j roupS dc-is:>*n to per-t-t 

vnii Hie inicrnational tradin'.' 
ai-nvi' r-- -urpribPd -cciors of 
liie (.'ll.-. Tin- rather Oiolic 
-Aorid "f enmmodtiy i lading 
with it*- prod; peaks and trough- 
was -'t hr <>u i of stop v.-fib an 
til vo-!;' i ^nt cl: ina lo winch l;kc.*l 
steadny rt-ins profit-, dividends 
and >.elri- The rnajoriiv nf 
aualy-!- toil that cither i-om- 
mcdUics v.-ould heciipir an 
in;ci”-7i:ig Bowatcr sideline or 
p.'rhai'* be -old off after cslah. 

lishing a mure saleable prolit 
trend. 

Bur the .-.nil mod My -uJc. p.ir- 
ticnlariy raw rollon. wa< 
eypaiKied rapidly and profitably. 
Nov.- ;ho latest review yuggesi- 
t hat tin’s i-.'.pansiou will i-ihi- 
tsntie even fun her. I.oih 
organ 1 1 ally and ibrtmgli .i*-f|ii.- 
sMionj and through mnve.- min 
new market* 

For M -how - i hat now the 
iunuilt and I!i»' -lion: ms have 
died dm-. iv. it ha* a rHatuclj 


By TERRY OGG 

auloiioiuoiis group of inter- 
nal losial trading operations, 
employing «ni3li amounis of 
labour and capital that arc 
capable ni -generating sterling 
denominated pruhU uf a size 
m i Hie K* lit lo meet a large ponion 
of ihc group's -terliny dividend 
tn-eds. 

This la*t point is iinpnriani 
hecau-o it means that ihc bulk 
nf profits earned by the Austral- 
asian. F.S. and Canadian opera- 
tions can be used in fund growth 
and expansion in iho.se areas. 

Kaih Bro.-. (Trading) is the 
principal curimratc vehicle for 
inmiimuiiie- iraded by ns sub- 
-idiarie-'. mdudin” jide. julc 
goods, iwine. -i-al. Ilax. hemp, 
m liber, iaiov. colTee. haricoi 

beans and beeswax. But I he 
major revenue and pm lit- 
spinu»T i- Rail! Bros, and 

tloney. a raw- oil tun inerchaiu. 

l-'i* nned :n llfd- ih rough ihe 
merger m ihe original Ralli 
Bros, and Smith C.uiey and 
Barren, a Liverpool cot ion 
merchant *|»cviali»mg in Fa -l 
Africa, the i-ntimi .-uhsidiary 
iioiv \ fade-- in i inin* i ha n :Ui 
cou mne». In IM77 il t-artu-d 
pro- 1 a:; proliis m £6-1 m from 
.-aie- ul £34uni 

1 1 is a major force in uiu.-r- 
natmnal cot tun trading and la-» 
year took the llr.-l steps, luward- 
hi •coining a signilicam presence 

in the U.S. domestic- cufton hu.si- 
n«-ss with the acquisition id' Hie 
i^nlifnrnia ('nmpre.*- I’.ompany 
and the fonnarion of iho Cali- 
fornia I'nrtun Market my i.'um- 
pany. The t\vr* moves, tosether 
with thi- new wari-liuiisinc com- 
plex a i Frc.-no m Califrinua and 
the lai-iliiie- ar Mom phis in 
Tennessee, are designed in 
enable ihe company tn maintain 
Up impressive -ales growth rat”. 

Profit growth ha*- been a bit 
erralic In 1371. pre-tax profits 
were £427.0(111 and the fn| lowing 
year they Him bed in I7fi".00n. 
\ year later ihe figure reached 
£2.2 m and. dr-piie Falling mar- 
kets ami massive d”s picking hy 
iiidust rial iserj countries in ihe 
wak'- nf the ml price induced 
recn— -inn. it hn an all-time high 
of El 2,m in 1374. Th'» fnliowinc 
vear it siipneil back to 
and rose *li?hily to £7.8m in 
IP7H before settling hack m 
tfi.dm Iasi yr-ar. 


This problem of Irregitlar 
prnfiL- i.- created by the mer- 
chant being essentially a 
j-eryanr: huying irnm grower.-, 
grower.-' agents and central sell- 
ing authorities and -cllh'S to 
manufacturer* and mills. Il 
•lassifies. .stores, ship- and 
delivers cotton 'aiul duos it «»ti 
borrowed money across a wide 
spread ul international cur- 
rencies. 

Apart front a brief period in 
the mid-lH7lts col tun prices a re 
not spectacularly volatile but 
they arc one of the factors m 
the management equation. 

The key niaitagemcni figure 
l- ihe Earl of Car rick who has 
been with the Rail: 'ottoii 
busmn.s since I9.iS. He is a 

main board director uf Bowaier 
and a member nf m- four man 
executive committee— a dc facto 
huard committee which meets 
once a week tn as.-u.-n the man- 
aging director review and plan 
Buwater's operations. 

Lord Carrick is al<n chan man 
and managing dlreclMi' **f Rati: 
Bro.*. i Trading V and chairman 
uf Ralli Bros and i.'nney. Ult- 
ra v cottnn merchant. The other 
member- uf the Ralli Bros 
(Trading) hoard have either a 
corporate function nr are m 
charge of one of the vuimnd.ty 
trading subsidiaries. 

The cotton busine-- i> hasr-d 
in Liverpool: it ha? v:.i rehouses 
in Holland and California a- 
well a$ the t'K and has a major 
regional .-ales office in Hong 
Kong. The company divides tin- 
world iii[n .gengraphn-al area* 
under the control nf a senior 
exccuiive. Each area has a 
buying and a selling umciion. 

Cardinal rule 

It is very much a r-i-ni rally 
funlmlled organisation and each 
level ha* specific limit* on the 
position it can take The 
ultimate decision on ruminil- 
mems come* from the Bowater 
Board. According in Lord 
(larriek there is a cardinal rule 
within the organise turn that 
nobody, however. u-r. r-an 
make a decision while they are 
travelling- That is d--*tgn'*rt to 
prevent irt-lagged executives 
acting un information that may- 
be a little old. I» also stop* 
people being dazzled by deal- 


Tt is a highly ;?ared business 
with share capital and reserves 
of £9iu at the end of 1977 and 
bank burruwmcs uf £25.2ni. 
Current a>seis stood at £78.9nt 
and current liabilitte.s were 
£66.Sm. 

The business tan he run un 
minimal capital because banks 
are happy to lend *horl-lcrnt 
against trade documents such as 
warehouse receipts and bills uf 
lading. At one time all the 
financing was arranged m 
sterling but in the past lew 
year- u lias been done m 1 -S. 
dollar-, both domestic and 
Eurodollars. 

Tlte latent review of the 
cotton operations is likely to 
show that Ralli. and therefore 
Bowater. lias around 25 per cent 
of the international cotton trade 
— that is the raw trade between 
producing and consumins 
nations. .So furl tier scope for 
growth beyond that of the in- 
dustry i- somewhat limited. Bin 
Ms share or I lie L’.S domestic 
market is less than 5 per cent 
so them arc abo\e normal 
giowih opportunities there, by 
both organic means and aequisi- 
uun. 

The other com mud i tics i! 
trades in have a somewhat 
restricted market and. particu- 
larly m Liie jute and jute pro- 
ducts. sisal and twine areas it is 
already u world leader. 

In the definitive December 
1073 statement un Internationa! 
i radio 5 Bowater mentioned ihe 
-mall Commodity Management 
Services operation which 
manages private clients' funds 
for invest my nt in commodity 
market* un a discretionary basis 
and --aid that it was it- inten- 
tion to expand this activity. No: 
a lot ha* been heard from H 
?in«-c then bui. with the current 
wave of interest in rnmmodiiy 
iiivp-tmenls and commodity 
syndicates hy investors, it is 
tik°ty that more effon will he 
concent ra red on it in the future. 

The hopes of ihe original 
Buwa ter /Ralli merger are thus 
yomew-haf. belatedly coming to 
fruit inn. K i* providing a low 
r-apual/low laboc.r aUernativc 
profit source and key members 
nf ;h a Raili. management are 
now plavine -igrulirant roles in 
the development of Bowater, 




Why a 
should 


MULTINATIONAL companies 
in many countries of Ihe world 
are now providing shareholders 
and others with financial state- 
ments which go •« lony vvay 
beyond ihe requirements of 
•heir national laws. The trend is 
most obvious in Europe, in 
countries such as- France. 
Switzerland Sweden and even 
Italy. 

Nut surprisingly, many ««£ 
tln-.-c companies seek to -pice 
credibility to this new extra- 
statutory information by bring- 
ing in one or the international 
account ms! firms to report on it 
in sonic fro-m or other. AU sorts 
of opinions are published: some 
almost say the accounts are true 
.and fair, while most seem to 

amount >o little more than say. 
mg: "v.i.- have checked the 
additions." 

Simplifying the 
procedure 

uue uf i Tie most common 
references found in these audit 
opinions is something like: " our 
examinations were earned out 
in accordance with generally 
accepted auditing standards.” 
and occasionally thi* is backed 
: up by some reference to 
- generally accepted accounting 
principles." At first sight‘ : this. 
sounds vF-r>’ advanced — until it 
is realised that the countries nf 
ihe companies eoncerned do not 
have anything approximahnn to 
auditing standards or generally 
accepted accounting principles. 

Another possibility is that 
these auditors arc referring to 
U.S accounting and auditing 
standards, though they do not 
say so. and the quality of Ihe 
information generally belies the 
likelihood. 

How much caster it would all 
be if we had international audit- 
’ing standards to refer to. just 
like we are now having tnter- 
nfdiona! accounting standards. 
The benefit? would not be 
limited io multinational*. The 
development nf an international 
I set uf standards would make it 
'easier for underdeveloped 
accounting countries — which, 
incidental^, includes most, of 
Europe — to produce domestic 
auditing standards. 

It i? therefore- most -timely 
that Professors Ed»ar<J Stamp 
and Maurice Mooiti;« should 
devote thetr time to a bonk on 
this very subject, [rifernafinnal 
Auditing Standard-* is one of 
tns mo>t readable and well- 


i 9 A 9 



_ hook? to appear on thR Brazil, -.Canad?; .Frapct. J^patb : 
L^mtiiv scene m recent: Netherlands. '.aJK. and 

vS 1 The professors’ con- West Genhany. SuijjrlRPgly. Tio 
clusto'n i- that the - need for a fewer than six of litese already 
sef of international audiung have auditing tbwr 
stendard? is now suflicieiiHy ow^'and the bh fe-tMWrln the: 
Snt to justify- Ihc establish, process «#ljsb^ts.:wn. 
m?nr of an International AnAiv slandards. - Only - France .and 
7ng aSnd.nL Committee, . 

lAudSC for short. Indeed, they - _q^ the. Question of ./which - 
say.thal they believe so strongly - argacusatioKi: / ./ -.ihould.: . .... .be 
ip. rhe i mporta nee or inter-; responsible fordevelt^iuig. Inter- 
national auditing standards auditing' standards, the 

ihdy are planning to v^it. nin^ aathprs. favcHirvthe/nev liiteT- 
countries vital to the project 10 nation^. Tederation of Accuunt- 
get it off the ground. :ahts ^IFACVi which .is basrf in 

The suruna point of thc/argifc 'Ne* Yprk. ;,;However,- : .they say 
ment is the definition of audit-' theeyidenceat tbe-morpent does 
' S- a - *■ the supreme manj* npt /surest IFAu is: exactly 
festat ion of the an a -the. matter. In 

-d^ncej of financial repdrtfng 1 .' W JgJ: 

The auditor ,* 

lie lendi credibility to Snamciat^ Xo - tne-'.iash.. — inc 

if , ^gi^s|r r -r^S!{?S. 

sider. , re .M «ly™ JS5rjg“'StfiSS.: 23 in ; - , 

, ea t n ' v ; pfanmnn to enrer. -Further into 

likely to iu- Yh^' fieid " "of: . -\iiitematidnal . 

“So the auditing prof^icmVaccoantirig standards,-. while ar 
4lself needs a set of, .auditing "lime build ing . up. ;tts 

standards, in. order to Jend Hata ^ase of iitformation. ph 
credibility To the role of^ the. ; multiqa.tionk.ls ioy<: pi 

.auditor and hi? : functions; ii*- m eutber : st ales: "l' •*' 

much the ^me way that the :• " 

work uf the auditor ' Tends \- 

credibility tu Ttrana^emcriU. ::\^ijlnpr3n|p jn 
financial statement.".. In other - , 

Words, it is necessary, for-' the. r -&* 

profession to have an objective.- '.’p.' 

.and impressive set of-standards.'- •• • . 

that an- clearly accepted - and 1 Another usefirt /feature of the : : 
enforced by all members of the fopQk . ^ ‘Tls' survey- ; p& the 
profession. ’ ? ; ...\presiai^^'Mate. pr.i(cQ)4fili^iil.'piTri(' ! 

"As international accounting a uriitina in; the -vital cauntries.; 
standards acquire more authV Among - the- pfqTe^r^-Jcon- 


concnmitairt international audit- tj ie t’K 'has' been-: left 

ing standards “lust as witer- undisturbed '• io tralii . its 
national investors can more uw. ra b e rs. to discipline.-. them, 
readily comprehend a .sou of and to co-operate with'* n^er 
financial statements drawn, up ^ p pnnipfi i-g the-financtal spbere- 
in another country on a hnmyn l0 .^prove financial Teportfng. 
set of international accounting anrf ^counting-' aad auditing 
standards, so also the confidence • • •*;.■■■ ' 

of such Investors in financial-.! 1 *^ 1 *' ' ^ ^ 

starements prepared in ^ ' ‘ T ^ e .f U{ i lt,n f fn ^?^2 J ° n J* 
count rv other than their owft vulnerable to reforai frpm the . 

will i«e greater if • they rknow outside as a result .pF ^ series 
They ran rely on the standards °f cases myolying aiidtted finao- 
adnpted hv the foreign audiLor ctal statements, that were based 
in h is work.” :• -“.'.on. -questionable or* _ even 

*' . . . blatantly erroneous accounting 

F.ut how do we .go about jaandaj-ds; . subsequent,, investi* 
gening an lAudSC? Statnp. and: nations . uncovered "cases 'of 
Moonitz go for the concept of ttcficiencros on -' the " part of . 
vital countries — an idea- .first, auditors m the course of their 
moored- by Professor Slamp s, - c □garment" -. i ‘ 

tltar no set of international 'W?; b.u Eduard Stamp and 
auditing- standards will sucked M™' 

without the active part id pa Hon . International.London. 

and support of most if not .all .. r 

of iho following: Australia. • Michael- LaHerty 



Ur-v. 

U<f- 

tcK 


•f u 1 

1 1 i a 

It ul 


•3 T( 

kA. 


V l i '-1 
u. 

revc 

sme 

i«i« * •** 

iiVU 

abs( 


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Si) 


Trading and Transportation. 

STE'JI'jES and EAAE iZARCHER 
are the Group companies that 
specialize in worldwide trading 
and transportation. Their activi- 
ties include freight forwarding 
and handling, ocean and inland 
shipping as well as pioneering 
new markets. 




TheVEBA Group, one of Germany’s major energy producers, 
is at the same time a broadly based industrial and service organi- 
zation with a total annual turnover of more than DM 27 billion, about 
67.000 employees and close on I million shareholders. This vast base 
represents the Group’s basic strength. 

Electricity. VEBA’s corporate backbone is electricity generating 
and supply providing millions of households and numerous industrial 
users with power generated from various fuels such as coal, oil. 
natural gas and nuclear energy. This operating sector absorbs more 
than 70 r -.< of total group investments which are close to DM 2 billion 
per year 






-'i 


M 






:£iA 


ill 


m 


$ 


Ti 






m 






WS0® 


m$' 

WWl. 






:S. 




m 


Exploration. VEBA’s worldv/ids oil exploration is undertaken by 
its subsidiary DEMINEX which has started to benefit extensively 
from its successful finds in the Thistle Field in the British sector of 
the North Sea of which it controls about 40S. DEMINEX will provide 
the VEBA Group with crude oil on an increasing basis. 

Petroleum & Chemicals. The Group’s petroleum and chemical 
activities ranging from jet fuels to petrochemicals, from plastics to 
fertilizers are concentrated with VEBA-Chemie. a multiproduct oil" 
and chemical concern, encompassing several specialized com- 
panies. 


sCl& | & 


For further infonnatiori and ycur copy of the Annual Report please get In touch v/ith VEBA AG, F.O.Box300o06, D^OOO Diisseldorf 30 


Business 


courses 

Designing Systems with the 
6800 Microprocessor. London. 
Januarv- 15-26. Details from 
Bleasdale Computer Systems. 7. 
Church Path. London. SW19. 
Develop ymir Management 
Personality. London. January 
22-23 fee XI 35 plus VAT. 
Deiails from Eurotech Manage- 
ment Development Service. 
PO Box 2S. Camber ley. Surrey 
GUlfi 5 HR. 


DO YOU ALWAYS COMMUNICATE 


The Company is Fiat. 

Not Fiat cars. Not Fiat commercial 
vehicles. ‘ 

We are Fiat Industrial and Marine Engines. 
One of the world's major producers of 
diesels since 1907. 

Up to now, supply of our diesels In the 
U.K. has been restricted. Now we ire geared 
up and ready to meet demand, wit^ a wide 
choice of engines tailor-made to your 
requiremen ts from the largest range aval table. 
50 hp lo 540 hp to cover every industrial and 
marine application, with or without ancillary 
equipment. 

Fiat Diesels have become renowned the 
world over for their power, reliability, 
performance and quietness of operation. 

Add to this their superb engineering and 
long life and you’ve got a powerful argument 
for specifying them. You can rely on our 
delivery dates too, with prices that are very 
competitive. 

And it is reassuring that your customers 
will be well served by the Fiat world wide 
spares and service organisation. 

Whether your need Is one engine or 
many, contact our nearest distributors for 
more information. 


50 HPT 0540 IHP 







^Mr': 


Irkwitnsb 

\ mr-CM 


- ' '**#*v * c- irk uKfcoe 5iuw,ccivwi C Ri^f ttfUlei 


mor 










I V 



The Financial Times 


A SERIES OF INJECTIONS TO 

BOOST PERFORMANCE. 




\ . 



S* J j£0 ' 

hat Hasi®: 


- -a? 



& 


For those 

who wish to combine 
the superlative comfort 
of travelling in a Citroen CX 
with extra performance, Citroen offer 
a series of solutions. 

Namely, the CX GTi, the CX Pallas Inject- 
ion and the CX Prestige; three CX models all with 
Bosch L-j etronic fuel injection and electronic ignition. 

Each offers the kind of performance that could leave many a J 
red-blooded sports car driver green with envy. 

Matched to the electronic fuel injection is a wind cheating design 
that’s only too willing to accommodate the extra performance. 

It also accounts for some pretty miserly fuel consumption. The 
CX GTi, for example, returns 34.9mpg at a constant 56mph 
(8.1 1/100 km at 90 km/h). 

Those who grew up associating ‘performance’ with 
a bone-shaking ride and the deafening roar of an 
engine will find the CX comes as nothing short of a 
revelation. 

A ride in the CX is remarkably 
smooth with Citroen’s celebrated 


f.?K. 




. } , . v .•*.* rf'. S 1 ini:. 










absorbing all the bumps 
and road shocks. 

There isn’t a 
more comfortable 
suspension 


mm 


n 


ftV ■ ■?. : 


i 










system many car 
at any price. 

Aerodynamic styling 
makes the CX an exceptionally quiet 
car to drive at any speed. 

Steering is Citroen’s unique VariPower 
system. No other car’s steering can match it. 
When parking it’s finger light, and power 
returns to a straight line position immediately the 
steering wheel is released On the open road it grows 
progressively firmer with increasing speed. 

The combination of VariPower steering and aero- 
dynamic styling ensures that deviation from a straight 
line is negligible in the CX, even when driving on a motor- 
way in strong cross winds. 

A number of subtle variations differentiate the three inject- 
ion models in the CX range, each of which has tinted windows, 
rear sunblinds, electronic ignition and electrically adjustable 
exterior mirror. 

The GTi is all its name implies, with a close ratio five-speed gearbox, 
alloy wheels, matt black window surrounds, front and rear fog lamps and 
specially designed head restraints. (£6979.05.) 

C-matic transmission is standard on the CX Pallas Injection, the most 
luxurious of the standard wheelbase CX models. (£699777) 

The Prestige is the ultimate CX. Longer wheelbase and body, wider rear 
doors, extra head and leg room Air conditioning 
is standard. Probably the most lavish of all saloon 
cars available at its price. (£9254.70.) 

It remains only for us to offer you a few parting 
words as we leave you to ponder the choice.Whichever 
of our injections you decide to 
take,you can rest assured 




it will make you feel a 
lot better. 


A selection of the 16 models in the CX range 

Model 

BHP Top Speed 

Price 

CX 2000 

102 

109mph 

£4966.65 

CX 2000 Super 

102 

109mph 

£5199.48 

CX 2400 Super (5 speed) 

115 

112mph 

£5813.73 

CX 2500 Diesel Super (5 speed) 

75 

97mph 

£6040.71 

CX 2400 Pallas (5 speed) 

115 

112mph 

£6398.73 

CX 2400 Pallas (C-matic) 

115 

lllmph 

£6582.42 

CX 2400 Pallas Injection (C-matic) 

128 

112mph 

£6997.77 

CX 2400 GTi Injection (5 speed) 

128 

118mph 

£6979.05 

CX 2400 Safari Estate 

115 

109mph 

£5971.68 

CX 2500 Diesel Safari Estate 

75 

90mph 

£6315.66 

. . CX 2400 Familiale . 

115 

109mph 

£6081.66 

%E|-. CX Prestige Injection (C-matic) 128 

112mph 

£9254.70 






Y<? _ 


IliV-L 



ALL CX MODELS HAVE RECOMMENDE 
SEAT BELTS BUT EXCLUDE NUMBER P 
FHwSsCHEME CHECK YELLOW FOR W 






CITROEN a cx 








Financial Hines 




ement films with a 



BY SAMUEL BR1TTAN 

THE LAG in British growth 
rates behind most other in- 
dustriaiiscd countries, goes back 
at least a century. So it is absurd 
in pm the biamc on one or other 
recent Government. Since about 
19fiQ, however, the gup has been 
not merely between growth 
rates— which are matters for 
statisticians— but between actual 
iivma standards, visible to the 
cajua’t traveller. Another un- 
fortunate aspect is that the more 
recent fiove'rnnicnts have talked 
about this problem and have 
been seen in fuss about it, the 
worse the sap has become. In 
many ways the UK did leasl 
badly under Prime Ministers 
such s- Mr. Harold Macmillan 
and under Chancellors such as 
Mr Boy Jeakin*. who mainly 
tried ;o keep things afloat and 
riid not become ton aritated 
s>bout ihis particular siructural 
problem. 

Two diagnoses 

If the CTCrtMh gap is to do 
with economic policy at all. one 
is faced with an apparent choice 
between two con diet ins 
di&3 cores. There arc those who 
■ay that the trouble has been 
too much >'talc intervention. 
There ?re those who sav that it 
has been too inlle. At ibis level. 
Lh? debate can go on forever. 
But ^ little comparative history 
can /cad us In slichtly more 
ln^er citing conclusions. 

For the greater part nf the 
post-war period there is no evi. 
d'-r.cc that there was more State 
intervention in the UK than in 
other Western countries. During 
th' ; 1950*. and most of the Ififi!)*- 
— even during ihc Labour 
Governments of 1964-70 — most 
industrial decisions were made 
in the market place. Moreover, 
among industrial economies there 
iv little conncctinn between 
provth rates and the degree nf 
State involvement in the 
economy. 

Germany ha? prospered und«T 
free market conditions, while 
.Tap.<n and France have pros- 
pered fat least until the recent 
change of course under Mr. 'Ray- 
mond Enrrcl under a sort of 
Right-wing dirigisme — a com 
tnbn front between Government 
and industrial organisations 
designed to by-pass the market 
whenever possible. 

Yet there is still a generalisa- 
tion which I would venture. This 
is that a country can get away 
with a great deal of State inter- 
vention in the market place nT 
with a creat dead of egalitarian 
poliev. hut not with the two 
tngpt.her. Sweden. For instance, 
until only a very few ypars acn : 
was a model market economy, hut ' 
bad a high level nf social ser- : 
rices and fiscal redistribution. 
At the same time, industrial ■ 
policy was geared to enccurag- 


TA. {Tiriecd But is metahhor of tfus may. trill’ suedewi Ui maldtig' 
IF THERE is a need to explain punctures that wav any more, by no means a great film, not p! I k a ^SJanement / ' jjiy the best way of people? tectiiy ,shorta>BHais in. 
to someone bow to perform a but nonetheless such a descrip- even a classic example of the laung soccer to man s teachlS managers, on film, bow, their :Orgat|iSaUtm v : t\1j#reVfii e 

particular task— especially one tion — however graphic— is still training film. But it makes the training .® rti visnaJ to he better' managers? Ind£eflr’fShif'ft''dtoi(Su£^^ .' 

demanding dexterity — word? open ^ to- considerable- interprets- points clearly enough, and some- my doubts. ±wnk u , in . j -^jngly wonder bw. to cope w^out a seeritJtiy ¥ .ttia . 
alone are seldom enough. A tion that a film of the operation thing of the elusive quality of a has taken just s t-s-s-g amen ahie to correction by train- subject, of one of tiie iou^-case 

film is clearly invaluable: it would avoid. Row. exactly, do manual skill, the emotional ele- one of its HleA nwam amenable to^co rf ^ compleX histories,;’ -C - -i, - 

takes the viewer through the you insert the levers under the. ment. comes over. ^ ms * The A 1 ° s ^ blems 0 f human relations, .This is -.often tbe ^hcomplU 

steps, concentrating and ponder- tyre, and how much pressure It is even better demonstrated ing. With the bicycle punctu re. rated a im/tefifnd' quife sopBisd- 

ina worker: to shift as ouicklv in S on the details wherever do you exert? How do you in snatches of a film senes I saw it scrutinises the management infomatlon or dexterity (at^tritliidnc films- inc&^the - 

as 8 possible to the most profitable necessary. This is almost the extract the tube from the outer coincidentally the day after the style oE ®°“J5SSJ2w an? ra" are paramount, there .ran be highly ^successful Guild Sound 

industries: and investment was -‘mending a bicycle puncture” easing? A film would leave no golf production. Focus on boss Laune McMenemyand re- . P d * uljt w{ien . th e jjj m an a : vision-film, Safety hndtke 

guided by world markets rather metaphor so often quoted by room for error; in watching the Soccer. Made in co-op era a on lates it to the succes^ul tue . have been-iet-:5«n r eri3^'>Tm^»^^cr^h» 

than by Government planning, film producers (although, process, you not only receive with the Football League, and methods of a leading business . _s - aa( j it becomes codes'. of tirtctice 1 effect— it - -vOu 

In France and Japan on the other curiously, l have never seen a unambiguous information but already seen on UK television, man. Sir Hector Laing of United tmg it ® gut how really don’t. look What' czn'hinoJn\ ‘ 
□and. Government industrial about mending bicycle also gather the feeling of doing this seven-part senes covers Biscuits. It is also a 800 d rasy to recUfy. look 

fhigwfSeJia 5 ! P^cturesi. the job correctly. basic skUls and the specialised example of the film-maker’s do you change a fc 1 ^ e n r B 1 ^ 


income; and the bulk of taxa- 


FILM AND VIDEO 

BY JOHN CHITTOCK 


niinrtiirrai the i«ih rarrert-Iv basic skUls ana tne specialised example of tne rum-masers w 

P Words alone may well Feeling how to do it is the techniques needed in various craft using visual parallels and feult is rooted I m t h^ rme 

tiont ended" ttTcome * from Mies describe the process of mending secret experience that film, and positions on the field. On the me^phor and -^ r P 1 ^mp^ssibUity of ■ the tat -■ 

and turnover taxes, which a puncture, although not every- only film (or video) can convey. c ° uld be * Potential jumble of sheer i P »« j a y on imposes' in'IhTftew' Year to' 

notoriously do not take from one will have the facility for Thus Shell UK Oil has recently elements into a coherent film, system the or 0 amsauon p «..■£ it -ajad 

tta rich or rive to the poor. writing dear and simple used film to teach a manual FILM AND VIDEO Pardcular praise too for the per- upon him: _ Judge its : 

There is another even more instructions. With luck I could skill: but a skill that is so farmances by employees Of -Tiims pcdomi ni t 

uncomfortable generalisation. qualifv a , a succes sful practi- elusive and so dependent on BY JOHN CHITTOCK United Biscuits one of whose when the codTs .® : W* n \ htedium , &r-expk«ing 

This is that the more democratic if a ^ * „ e mi« SeSna that words alone could factories features in the film; required is unmistakable and comp la, processes l afid 'idfiis, , 

5lSy nl 2 r ' Goverament' mferven- equally reliable: remove the never suffice in teaching mere performances is really the wrong when the a ^ n ce ln ' 

u5n to hold bl™ rather th^ ?o outer cover with tyre levers, mortals: the perfect golf swing, sample I saw. it looks like an word because everyone comes to be motivated 

encourage growth. In the W as pull out portion of inner tube Clearly, golfers the world excellent us e of the medium, over with consummate natural- pmethmg altoirt it By I^ng 

distinct from France the direc- and inflate, immerse part of over dream about this, get into illustrating very cogently the ness. in some light and ^^ m&.TOim3ag.m^^^-arider6d. 

tion of state-control and subsidy tu b P j n water, progressively a rage about it, lose sleep over techniques. and inter-cutting Yet I do begin seriously to. emotions. mayDe-toe .auwtmra ;j^rv;att;.-w--«»}y. |krow JHta 
has always been subject to a move whee | r01im i t o Immerse it In The Swings the Thing, practice demonstration with wonder about this increasing will leap from their seats at tqe ^nderstod -^oug^ about, these 

great deal of day to day political other parfa of tube— saupezina Tommy Horton (captain oF'the edited examples of full-blooded plethora of management train- end and resolve to put- right- inmah-- ^rdcessOff-' 4$^alialys& 

pressure by an enormous variety umiJ ^ bubble revea i s i tc n'f Professional Golfers Associa- League matches. How better ing films where subtle and .very what is clearly wrong: m^ybe rthein-cOn^ucBvely-on ilm?: If 

t Ln D nckher^a Gau lliit regime puncture; dry tube where tion) demonstrates as he talks can the positioning of a foot complex aspects of human re- even indifference ^ b0 / ^ 
nr.r an a" crtive and anolftical puncture is located and clean as he swings as the camera uses or the swing of a body be seen Iations are repeatedly presented, changed into caring. • - ■ Stat on , 

civil service, to put aside the this area with emery paper: its tricks to make it even easier than on film, which at the in simplistic terms. In Rank's This, potentially, is tne ^^tie irormti; ' .wfe. |SbaH ; Bipw . soon 

pressures. smear rubber solution over area to follow. Slow motion analysis, critical moment “ freezes' 1 the film, a footballer says “he knows. of four other new Rank films ,^npuffi ffFtnte Tm mpyyi ge.- Is 

Put one does not have to be _ an d when dry attach mending different camera ancles that action for closer study? me. how to get the best out of which each provide one . veryiaj bumpyy-tfde - iir hinnanvrela- • 

cither a genius or a born con- pateh ( a f ter ‘ first removing help to emphasise salient points. Few would argue the point me — we’re all individuals ah d short case history (under. 

trovcr*ia!ist to notice that since whjte back j ng paper— nearly aU contribute to the sum total But if the bicycle puncture he has to get us in the right general title . Case Historier.in jaiid .is ^Jie-.rim.edy ^quite^^O: : . 

about 79i2 there has been a foraQt that . , of feeline the swine. metaphor is taken a leap for- frame of mind to get a team.' Management). Because they are simplfe. 'sis;, putting fee. patefi, bn 

S?*?mwnment e intereentto^to Perhaps they don't mend It has to be said “that this is ward with a much more com- performance.” Pungent speaking .tackling simple issues, the.fflm&.r^rigK way'rti.uoa? -'T.,';;;: ;-; : 

the UK and a deterioration in its 
quality. We have had a 
multiplication of discretionary 
subsidies to industrial concerns, 
which have no realistic prospects 
of paying their way. and which 
do not involve any genuine 
■spillover benefits to justify the 
.'■ubsic:." The standard of living 
of UK consumers has been 
reduced and a development of 
poorer countries impeded by 

putting harriers on low-cost FOR ANYONE contemplating book like this had been published is available from bookshops or 

import' the problem of Christmas years ago because I would love direct from Stud and Stoble, 

The UK is not overtaxed on presents Stud and Stable has a to have been able to study in High Street Ascot. Berkshire, 

ary impartial intern at inn al com- new publication which could detail some of those great Fields have again cut up 

pn risen, but the marginal tax appeal to the racing enthusiast moments.” badly today and Huntingdon in 

rates both at the top. and at the —Racing ‘TS. gj r Gordon comments along particular has been badly hit. 


ENTERTAINMENT lit I i>f 


CC — Th«w theatres atees* ratuln credit 
cards by telephone or at the Bo* (mice. 


OPERA & BALLET 


....... J ci " I me ounuay nimui. me certainty nave snarpeneu up succesitui i wtovabia " Gdn. Thur. 7.M 

of envy or resentment, bmee a { fiHinc several caps. Primarily some of the detail or some trulv six days ago, follow up with a the Biww Magpie ■■ c«rr km 

1972 their perverse effects have superb moments.” " win in the Massey Ferguson ESrt , r u ?n tr^ 4 io?oo n «i a Sr 

been enormously increased as a _ .. Farmers Hurdle: while half an of t*m. n o w booking tm- Dcmnber. 

resuit of inflation and wage con- _ ___ , of th e many outstanding hour later Vulabafoo looks to coven t garden cc 2 . q lnftK 

trol policies d^libera'.ely photographs, which T had not proverbial “good thins” <G«rdencmrgr o'edit ctnts bsb° 69osJ 

designed to reduce differentials. M »«:*« 2°uble for ^ ' the Jim Holden Chase. t^-c.. F ^Vo R o°I%,g 7.'*v 

Is it a coincidence that this BY DOMINIC WIGAN pa&e spread of Lester PioeOtt . ; . . ,. . . ii iwbiwt <i sivtgiia. 

tun Zrie 7 n the “ualiv ^ Alleged « fte peir forge u. 

of intervention hes coincided — — thelr in so itarj- splendour HS». MS, £S ,n £.... J S 


BY DOMINIC WIGAN 


THE ROYAL OPERA 

TOfl't.. F'l. 7.00 L'AIrKalno. Sal. 7.30 
II barblere «fl sivtgiia. 

THE ROYAL BALLET 


'TT 



w I tb a p r e o c cupat i ono n tho part at filling the apace in the ahclvea toward, a eecond “Arc -: and the Ch». h™ «Mc> Bach: elorj SrgS^ frt gWf*. 
of politician., and officials with of boohahona just before photograph of the Queen caught JM I «d Midnight .Court have cova»rj.»«» T c M . n v 
securinclradc onion co-operation Chriatmav when there are eas- op Jn the excitement of the ''7™?’™ for H„Pv SilLnnr^ “wr”™ ‘'jSS: 
in wage restraints? Or is it more cades of annuals about other gerby fi 5 ls . h ., as she “ r ? es K on HHI an^Lords” 1 f ° H 

corrret 10 say thv. both the snorts— hut not one about racing. Shirley Heights .owned by her Hill and Lords. n mtiy — nminRynL, „ the two 

preocmipaMon with pay policy Th^ hook al'o rets out through friend Lord Halifax and his son. 

and the other P^rvrrsitin.-s listed extensive picture roveraqe. Lord Irwin. HUNTINGDON 

are the Inevitable ra'uli of high including photo-finish film strips. Although Racing TS has the 12.45— Crook of Devon 

and rariabl*' inflation rales? the nwti accurate picture nf the occasional error it seems to fill 1,15— Go to Town 

“Inevitable” not in any logical lai port ant races of the year. a vacuum, and it is to he hoped t 45_n»arintcn».** 

snn«c, bus in the way in which There are two forewords— one that it will prove a worthwhile “ ^ 

real world Ministers and officials bv Sir Noel Murless and the proposition for its publishers in z-i- — \maoaioo* 

. . . . 2.45— Purdo 

3.15— Hot Tomato* 


wili react in the political market other by Sir Goidon Richards, coming years. Ft is to be pub- 
place. Sir Noel writes: ”1 only wish a lisped cn Thursday ar £9.75 and 


Family Entertainment. THE TWO 
FIDDLERS bv Peter Maxwell Davie*. Dec. 
27. 28 at 5.00. Dec 29. 30. Jan. 1. 
2. 3. 4. 5. 6 at 2.30 and 9.00. TkB. 
El -SO from Royal Oneca Home (Postal 
only). Send S-AJE. lor detain to 
Marketing} Dent. R.O.H. 


SADLER'S WELLS THEATRE. Roce6err 
Ave.. ECI. B3S 1672- Evas. 7-30. 
_ LONDON CONTEMPORARY DANCS' — 
Tonidht 6 tomorrow: Sohiir*: Solo R We; 
Rainbow Bandit. Thur. to San Forest: 
When Summer", Breath: Box; Man. ' 



5.55 Nation" itle iLondon and Scotlunt! — fl.3K-!).3K am For ’ T *nseiher. 4.45 ' ' Magpie: ' ~5.15 

South-East) Schools. 5.55-6*0 Heportlns Sent- Lmmeidale Farm. 

6^0 Nationwide land. 6.30-7J20 Songs of Scotland. 5.45 News 

6.50 The Osmonds (London and 10.45 Tuesday Night. 11.50 News 6.00 Thames at 6 

Souih East! and weather for Scotland. 6.23 Help! 


T Indicates prog rain mo:, in 
black and white 


South East) and weather for Set 

1 2 jL a ™! Burkc ' s Connections Northern rre , nnd _s 53 -3.5S pm 
ono Northern Ireland News 5.55-5.20 

BBC 1 o'SS Pbv Pnr Tnriav Srone Around Sis. fi.50-7i!0 Civic 

„ c . , _ ,, in jr TnniJfrt TDday Concert by the ReLfas) Youth 

? 5B am For Schools Cofleges. O.to Ton ght Orchestra. 11.50 News and weather 

h- J ,F m n CWS v- l 00 r, P o eb o 1 , e . (TH f«r Northern Ireland. 

l.in I io*.» Do You Do? 2.14 For Palestinian ProbJem) 

fchoois. Colleges. 3J20 Pobol v H-SO Weather; Regional News England— 5.5-3-6.20 pm Lent. 

Cjm 3.33 Regional News for All Regions a.s P.P>Cl except at East t Norwich); Look North 
England (except London). 3.35 Urn following times: < Leeds. Manchester. \ewr 3S t»el: 

Flay School (as BB>J2. 11.00 am). Wales — 10.00-10 JO am I Midland'! Today. iRirminghami: 
4-Ttl Deputy Dawg. A2o .lackanory. Ysgolion. 5.55-6^0 Wales Today. Points West l Bristol): South To- 

4.40 Screen Test. 5.05 John 6.50 Hcddiv. 7.10 Pobol y Cwm. day (Southampton): Spetlleht 

Craven? Ncwsround. 5.10 The 7.40-S.10 It Ain’t Hair Hot Mum. - Sn t»fh West (Plymouth). n.50-7"0 

Record Breakers. 11.25 Dcchrnu Siarad 11.30 News East t Norwich) Spot On! Mid- 

5 (A V- , . « r ... . | r. r, J „ TC ■ 


England— 5 . 53 - 6.20 pm 


6.00 Thames at 6 

6.23 Help! 

6.35 Crossroads 

7.00 Rotanic Man 
7-30 Charlie's Angels 

R.30 The Upchat Connection 
O.flO Fallen Hero 
10.00 News 


L2B pm Report West Headlines. U5 
Report Wales Headlines. 2E0 Honseparty. 
5.20 Cro-stroada fi.oo Repon West. SOS 
Repon Wales. 6 JO Botanic Man. T4» 
Three LllUe Words. TJO Fantasy Island. 
1X30 Code R. 


THEATRES 


mn wwn west neaaiines. La __ 

teport Wales Headlines. 24M Honseparty. ADELPH| CC. QJ-836 Tstl. 

i“-£ ro ^. d * 5««- 5^ Mat*. JhJSSinm, sSlurd.7. 4.00. 


All Regions n.s P,P.a cxeepl at Erst i Norwich): Lo<->k North JJ-J2 Lou %, rant 


7-30 Charlies Angels HTV Cymm/Wales-As HTY General 

R.30 The Upchat Connection service eserpe ijh-ijs pm Penawdau 
DflO Fallen Hero Newyddion y Dydd <UB-c« Goglh 

10 00 Stoll. V ,#JD BrosrA 1U5 

I*-™ S e . World II) Action. U- (5-12. 45 am Evening 

10.30 Evening News Bntish Film News Brnirt FOm Award*. 

lt-o i^frrali*! 78 HTV w L tt_As HT '’ r ’ enera} Service 

*^° u tirant excepir L2o-uo pm Repon West Head 


r. Ysgolion. 5.55-6J20 Wales Today. Points West l Bristol): South To- Stravinsky 

n 6.50 Heddiv. 7.10 Pobol y Cwm. day (Southampton): Sper.Heht V 1 J, . ‘'Cglons ns London 

e 7.-J0-S. 1 0 It Ain’t Half Hot 3Ium. West (Plymouth! 0.30-7^0 repl at the following times: 


12J25 am Clo.'C: A painting by Ones. LIS-AJO Report West. 
Picasso with music by 

..SSi _ SCOTTISH 


3.-10 News 


and weather for Wales. 


F.T. CROSSWORD PUZZLE No. 3,834 



lands (Birmingham] Action! 7R: AIVGS IA 

North i Leeds) Lifelines: North ,. B rm AncT in iW Row-wm. 

East i Newcastle ) Tuesday .';orrh: >.oo o>«ui iiwiia 7.m The Rolf Karri? 
North Wc*i i Manchester) Sh Thi '' KvA - Wwinde McdieaL 12J2S am 
Deawn; South (South'.nipion) Ll,rfP, ' >r Jnd ' e, ’* e 
Ctisden on Location' South W*«t 
i Plymouth i Peninsula, West ATV 

(Bristol) Day Out. 1.20 pm ATV Ncw-idr^V 3J5 Thr 


125 pm News and Road and Weather. Oliver 

5.15 Cannon. 5.20 Crossroads 6.00 5cm- " MIRACULOUS ^llSir AL.” fin. Times, 
land Today *30 Whirs Your Problem: _,Yi , J;_ R oy A S^2»T 

TW Emmerdale Farm. 1U0 Late CalL G m B n N 
UJS Pro-Celebnty Snoolwr. Brtra CerlrtinM Mus. Book Now. 


An Enchantmo *le« Musical 
BEYOND 
THE RAINBOW 

' £e^7f E ct$ n . d .a MBSMP 

PRODUCTION." Vartetv. 

MERE IS A HAPPY FAMILY SHOW,** 
The Times. 

“ BOUND TO RUN FOR EVER." 
Evening News. 

"SUNNY. TUNEFUL AND 
SPECTACULAR." 

DsMy Tplsprapti. 

CrwJtt Card Bookinp* D1-B36 7611. 


ALBERT. 83B 3B7B. CC. Bkgs. 836 1071-3 
From 8.30 am. Party rale Mon.. Tue.. 
W*d. and FH. 7.45 pm. Thurv end Sal. 
4.30 and 8-00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARrS 
OLIVER 

"MIRACULOUS MUSirAL." Fin. Times, 
with ROY HUOD. 


SOUTHERN 

1.20 pin sootbern N>hx. 2.00 Honse- 
party 5i5 The Undersea Adventures ol 
C.-ipui.-i V.-mo. SJO Crossroads. 6-00 Day 
P.v Day incIudiriE SouUispon. 7410 Emmer- 


BBC 2 


F’-.-ir-i- rhe.-./r'’ 5hoi> 5.J5 Hr. and Mrs d.il,- Kami. 11.30 Southern News Extra. 
6 00 ■.TT' Today. 7.M Emmet-dak Farm 11.40 Pro-Celcbrlty Snooker. 


7.J3 f'a n:sF.v ls;.inrt 11.30 (Hear P.-icrson 
r r-T-i„ count Ba«le. 12J» Somclhlne 
Ditr.-rjnt. 


!(>."<) am WnrVina For Fafpiy Diff.Tjni. TVNE TEES 

Tt.oy Play School 1ST BBCI. 3.35 nflI) 9.25 am The Good Word followed by 

r, dUK L>i:K North Easi News Headlines 1.20 pm 

2...D Th*? Encmeprs t 1.20 pm p.,jr-jer N.ms 2.M HouscpartT 5C nl ' E, ‘** a " d L'»'(4mnnd. 505 

.T.fll) Propsaanda With Facts S.lS t-niv-r^ir; OisHenre & W Loot-.irr.unil *- M Nirthem Life. 

3.30 The Living City T...-ni.,v 7.00 Emmerdale Farm 7.J0 Fan- Lunrf ii'a* 7J °» 

M.OpM V.innlp SSSL. ”** **""'*’■ “ - 

o.sw tmpire noan 

7-20 The Birds Fall Down TTT CTrn 

8.13 The Voyage of Charles CHANNEL ULoILR 

Darwin 1.1B pm Channel Lunchtime Neva and l-®> Lunchrime. <L18 Ulster News 

9.15 WodC ho use Playhouse Wha.-'S On WTniy. 5J5 Mr and Mrs. Headlines. 5J5 Cannon. 5.28 Crossroads. 

g jc \{->n Aliw Porks TVip Rcr^in ai Six. T.00 Treasure Hum. 6 .'^ 0 HcPorw 635 The Mary Tyler Moor^ 

».4S .Man All -re Perks— ine 7, 0 Fantasy island. 13.28 Channel Laf- Show 7.03 Emm.-rdale Farm. 7J0 

Finstripe Faycoae Ne„s. 11.30 Pra-C-:lrbrUy Pnooker 12 JO Fantasy island. u_30 BcdUme. 

10.35 Floodlit Busby League For am Com men; a Ires et Provisions Mereoro- 

the BBC2 Trophy sinues. h/cctu/ a nn 

11J!0 Late News ^ WESTWARD 

11.30 Rock Goes To Collese. GRAMPIAN lia Pm Guv Honertun-a Birthdays. 


BORDER 


9.25 am The Good Word followed by 
North Easi News Headlines 1.29 pm 


Tl.29 pm Bor-)rr N.*ws 2-M HousenartT ^T r,i ' E,, « ! ^wl and Lookamnnd. 505 AM8ASTAOOR5. CC. 01.B3S 1171. 

5.15 rtiiv-rmr: Owllrnre l.m Loot-.irr.iind 6.M Nntlheni Life. Evaa. 8.00. Tm. L a 5 Sat. 5.00. 8.00. 

T-'-'d.iv 7.00 EmraerdMe Farm 7.J0 Fan- Em ?l c, 2 ak e . -E™' “..S 1 *?! "A su^pertoSiVn?*.-' FT. 


Island 11.30 Ski inu witb Gina. 12.00 
Border News Summary 


Island. 11^0 Emergency. 1245 am 
Bpildpue. 


OLD VKT. 4 -928 761*. 

PROSPECT AT THE OLD VIC 
Todav. Fri. 7.30. sat.-, z.so 
. . Anthonr Ouivk-A- 
KJNG LEAR ~ 

By popular demand mere will be foor- 
e»lr» ports.. Dk. 19. 20. 22. 23jit 7.30 
"Nobadv. with, any respect i ror. the 
thellrfr wbuld want to mill .Mr.>QiAyte’f 
• - Lr*'. Financial Times. 

• -Wed.. Thur*.. Sat. 7 JO ' 
Margaret* Courtenay. Anthony Qi/ayle In 
, THE RIVALS . .. _ 

Sheridan’S comedy, with . James Jaabrny 
8t«fr. Kenneth Gilbert. Carol 
•Clfll» Matthew Guinness... Trevor 
Martin. Me Martin, Christopher Neame. 

The .tunideM Mr*. Mala prop I • fuve 
seen. * The Guardian. . ■■ Mr. Ouavle'y 
Sir Anthony— a wonderful pertormance, 1 ' 
Tne Tine*. „• 

.TWELFTH NIGHT last 3 Mrh. 

Dec. 4. 5. 6 

’ ’ fVAWOV returns Ort. 7 

, L *E Y ‘5. NOT FOR BURNING : 

last 2 Pet-13. Dec. »h 2J0 and 7.S0. 


m 


m 


rrm 


CHANNEL 


ULSTER 


A sunero performance." FT. 
GERALD FLOOD 
In a NEW THRILLER 
"WHO KILLED 
AGATHA CHRISTIE . . ." 


OPEN SPACE. 387 6969. 

Brecht's RESPECTABLE WEDDING 
HOOK now. Reduced prkc orev*. Dec. 7. 1 o 
B pm. Deem Dec. 12 7 30 pm. From 
Dec. .13 T ua -Sorts, B pm. .. 


HWWMLL THEATHE CC. 01-437. 6312 
Twice . Nightly 8.00 and . TO OO. Sun. 

• 6.00 and. SJO 

- ; PAUL RAYMOND presents 

THE 1 EROTIC EXPERIENCE OF THI 
• • MODERN ERA 

Take* -to unprecmenimf limit* vnn la 
-permissible- on our. stapes." Ncwi. 

• TnlRD GREAT YEAR 


1.10 pm Channel Lonotatiro* New* and *■« nm Lunchtime. 0.18 tnater News 

Wha.-'s i>n Wlwro. 5JS Mr and Mrs. Headline*. 5J5 Cartoon. 5.28 Crossroad*. 


I APOLLO. CC. 01-437 2663. Eros. S.OO. 
1.20 nm Lunchtime. 0.18 UUlM News I Mat*. TnurB- 3.00. Sal. 5.00 -J5J ®lO0. 




London gsr- TJ n5 a*7 itissws aEi-Fli 1 ? — M c«*, 

9.30 am Schools Programmes dmmn.ao'lfie Lnf S er ‘ ™ *“ F * ,lb r ° r S.ob - Jn” F‘ , r£ 9, a4 l 3 s.£ ,, V.6o M ?nV 7 5.45; 

12.00 Chorlton and The Wheel ies. ^ “ m CramD,an La,e ** hl >esT MUS , c JEtvis ^ 

12.10 pm Stepping Stones 1220 ro*M,n* vooL'ctimr evening standard award 

A Rioe Old Aee. 1.00 News, nlus If KAMA DA I OKK.5HLKE second great year 


WESTWARD 

GRAMPIAN 12.27 pm Gu* Honertuns Birthdays. 

9.25 am Firs Thins 1.20 nm Grarnplan Vro - 1, *3*51 „ .. , !S"S ,n r- 

News Headlines. 5J5 air. and Kn. 6.00 t f B w W '’ S ’VA^ uES' 

Gramman Tmfnv (Lin I i«r»> and ?:°9. “ryOSUrC HUM. 7J0 FUldSy Island. 


PAUL DANE MAN. LANA MORRIS 
DENNIS RAM'-OEN 
CARMEL McSHARR Y 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
"2nd WICKEDLY FUNNY YEAR. Very 
»cry funny— 9 real entertalnmcnl." NoW. 


ARTS THEATRE. OI-S3S 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

"Hflarloin . - - IC Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday 7.00 and 9.1 S. 


rTTrr 


lUJUa 




12.10 pra Stepping Stones 12J30 
A Ripe Old Age. 1.00 News, plus 
FT Index. 1.20 Thames News. 1.30 


1-20 pm Thin Is Your Rishr SJO What'* 1-20 pm Calendar News. 3.20 Calendar I CAMBRIDGE. 


At. ItiOSS 

1 Statvnicn l concerning wine (61 
4 Surprised v.ilh frifilit and 
I'og.'in lo accept direction (8) 
Hi Uryc a team lo postpone (4. 5) 


Crown Court. 2.00 After Noon 5JS Crossroads. 6J» Granada Tuesday. 5.15 Ynn're Only Youhb Twice. 

991; n.in.t «*a TT. Keporn 6.30 L'm.n.Trlale Farm. 7.00 6.00 Calendar lEmlo Moor and Belmont 
ABA **”«■» A 1Pj •' '.’mrorsiiy Challenge. 7 JO Kaniasy Island, cdltonsi. 7.00 Emmcrdalc Farm. 1L30 

3.50 Tbe Sullivans. 4 JO Got it u_io Djo ausiul Emerpencr. 


11 A good man v/ith spirit may 9 Warning to unload (3-3) 


6 Dash about and hasten three 3.50 Tbe Sullivans. -4 -SO Got it ujo djii ausxui. 
minutes in the ring (4. 6) 

7 Conducted round the old city ~ 

and enticed (5) |— ^ — n»un 1 ■ n ■ 1 ■ ■ 

S Fruit for mother and child (6) I ... „ 1 


1 1053k Hz. 'SSm 
1089ft Hr r75m 

2 69 Jk Hz- 033m 
909ft Hz (350 m 
& SS-91vbf nnrM 


play without skill fat 14 Bird followed like a wooden 

IS Warrant Officer with party „ joint (10) 

returning from trees (4) 1" Came up befnre T consumed 

13 Affect with pity and leave, but «^rt of diet, but it's wasted 
it's a narrow escape i5, 3. 2) ' . ... .. . .. 

15 Go first using metal no longer W Well-built its said round old ■ 

available (4. 3) „„ city (S) 

16 Oriental travelled with demo- 20 Takes away some French D*r)i{) t 
cratic leader and ate away (61 channel* 1 1 ‘ 

19 Rely upon some French to be 21 P°Jtce leader lias to pull in r M 

uncertain (6) and connect tn the mains (4. 2 CM ,_ E 

21 Bookish person admits Pole 2 " Tot (0 drink. It makes sense. 

could be hanging (7) «* i 4, Ll . ■ . ,, 

23 Penniless as a boxer may be 24 Je™>ver of rauidrops could 

(d^3) be drier (ol 

25 Present soldier with this ®.* rd descending and birds I RADIO 2 

paper M> risul g (4 > 

27 Part of flower from friend Solution to Puzzle No. 3JS33 


BBC Radio Hew Wavelengths 


1215k H*. Wm 
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4 2«BrH7'150Dm 
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BBC Radio Londao: 
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Can it at Rndio: 

15«ftHr. ram & «^vhf 

London Broadcast iny: 
1151kHz. 261m St CTJvhf 


CAMBRIDGE. CC. 01-B36 6056. 
Bon OH ice now open for 
TRDURAoain? 

A mw mmlut ulSi-Hno 
KIM BRADEN. JOHN WATTS 
Red. price orcviews from Dec. 13. 
Opening December 19. 


COMEDY. CC. 01-930 2S7B. E«. 8.00. 
Island Discs. 12J5 Weather: programme Titor*. 3 op ; ,_***};. S.J ^ and B.30. 

"S:**, JtSSLfeSLJf 9 Si ■ The «H-» B, iai^ H !^ W B«iR. seen 

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■-IS i)iiejiii>n3 to Hi'.- Prime Minister live .Molly 

fmra Hie Ho uni: of commons. JJ5 Vanity •• iMTFNiri v Moviur. -- t M#w( 

fair >Si. flJO Annnui'1-Di'’ni*;. 4J5 Story -ferociously erotic.- s’. Times. 
Time. 5J» PM. News Mjs.inne. S.S8 last week, ends Saturday. 

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Po,e 22 t4. 1 2) drlnk ‘ ^ makes sense! W CffSln.-'SS "BE » 

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with this 26 Bird descending and birds RADIO 2 cssimis «s. sjs Jan Today ,.k, uondon uve. uii m can in. 2.ri duchess, ase 3243. Mon. to Tn^*. 

ristnu (4) Sin am \»«4 SiimniaiT s.as Toiiv '■ 5I - ,! ’ 1 - S* 1 ® Showcase. *L83 Homo Run. 6-1® Evenings a 00. Fri. Saf 6 is and s.ao. 

- . - / 8 _ .. rEEiJT.*. litaES^ Si IZJ fZ «««••:. >1®* L or Two stop. Listen. 7J0 Blacfc Londoners. Calcutta: 




quEEM'S. Crrf.t c»rt)j. -flt-7S4 1166. 
Eros. E. DO. Wed. 3.C0: Sat. zaa a 30. 

GEORGE CH4F IRIS. ROY OOTRfCE- 
RICHARD VERNON. JAMES VILtlERS 
THE PASSION OF. DRACULA . 
■■CAZZtlNG." E. Stand. "MOST 
SCENICAUY^ SPECTACULAR SHOW IN 
TOWN." Punch. "THEATRE AT. ITS t 
MOST MAGICAL *■ Times Ut.. Sue. 1 


from the south-east (S) 

ZS Sporting type makes insect 
hesitate (9) 

29 Is appearing in display m 
garden (8) 

30 Frank is able and acted (6) 

DOWN 

1 Acrobatic feat in spinning- 
shed? (4-4) 

2 Father's to tax clergyman's 
office (?) 

3 Bring up soldier" with more 
soldiers cominc up (4i 

S Airman left ir. tree is in a 

sticky. me&s (Ti 


rising (4) 

Solution to Puzzle No. 3JS33 


SJ06 am \»m Sumniary. 5.33 Tony 
Brandon 'S' including 6JL5 Fauss for 


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7-70 Folk 72 preS*o« Tom Fayinn m 6-00 am Fn-lins. *P0 Farnons i/|i- r kuhi. 9.00 .Yicbiljne. 1.06 atn 5»1urrt«ys S-00 ■ 

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i. H.IH 6EU 12.02 nm Vtu a<i'1 Yours 17.20 TJ"*er(‘ Duncan Johnson '» Nishi FlisM <Si. 


GARRICK. CC. 03b 450’ 
Nnargi. Wfd. J.lJO 5 'll 5 

DENIS QUILLET in |B 
OEATHTRA 
A N-w thriller 
MICHAEL Bl 
■ ronpi CHt£ft5 ro« 
MARVEUOU? EN1 
Sunday Te 




















.. . 'Jinandar Times Tuesday. November 28 1978 

FINANCIAL TIMES 

Tuesday November 28 1978 



Swiss Capital Market 


To countries with weak currencies the problems of the Swiss authorities 
in dealing with their bounding franc must at times be a source of rueful reflection. 

But: the damage to export industries of an excessively strong currency can be considerable, 
and is one of the reasons for Switzerland’s current corrective measures. 


ALTHOUGH ACCOMPA*TED 
by less fanfare, the shift on 
October 1 last in the Swiss 
National Bank's strategy to fight 
the rise in the Swiss franc was. 
on a Swiss scale, a more remark- 
able. development than Presi- 
dent Carter's package io help 
the dollar a month, later. After 
years of rationing the avail- 
ability of the Swiss franc to 
foreigners the central bank 
moved to give them more of 
. the .francs they wanted. If 
"rationing- had merely encour- 
aged their. interest, the' argu- 
ment went, perhaps conspicuous 
largesse would derer them. The 
central bank confirms that “the 
trend is now towards de- 
regulation.” 

. . The largesse came chiefly iu 
the form of intervention on an 
un precede nted scale, with the 
money supply no object, but 
also in the rejection of still 
tougher foreign exchange con- 
trols and in some small relaxa- 
tions in the formidable array 
of barriers to currency inflows 
erected by the Swiss authorities 
over the previous six years. In 
the first three days of October 
the _ National Bank bought 
dnllars to the time of SwFr 3 bn. 
equal to about 6 per cent of 
Switzerland's narrowly defined 
money supply. The total for the 
mouth was twice that figure. 

At the same time the central 
bank effectively washed its 
hands of the dollar-franc ex- 
change rate and publicly 
focused its attention on the 
D-mark. In laying a floor of 
SwFr 0.80 to the D-mark the 


National Bank wedded the Swiss 
franc to the suaRfr— or left at 
least a strong impression of 
engagement. 

Two months later the Swiss 
authorities car. show satisfaction 
at the resulr of this piece of 
monetary judo and of the con- 
certed efforts towards monetary 
stability of which ii-furmed part 
The trade-weighted appreciation 
of the Swire franc St;i*c 
December 1971 is now only 

100 per cent 'whereas -in Sept- 
ember it was standing at one 
stage at 138 per rent The franc 
has fallen by 13 per cent since 
its peak against the dollar and 
by 16 per cent against the 
equivalent rate for the D-mark. 

The measures tn topple tin- 
franc have meant the temporary 
abandonment of the philosophy 
of controlled growth. in the 
money supply. The year -on-year 
average growth of Swiss Ml in 
1978 win be about 13 per cent, 
which compares with a target at 
the beginning of the year of 
5 per cent The spokesman for 
the National Bank', explains 
delicately: “We are still con- 
vinced of the value of a medium- 
term target, but perhaps we are 
making more use of short-term 
flexibility than was originally 
envisaged." - ■' 

In the background to this 
overt shift towards monetary 
expansion lay stagnating 
economic growth, the spectre of 
npn-ex portable unemployment, 
the anger of the tourist trade 
and of smaller Swiss companies 
at the unrealistic- level of the 
franc and, paradoxically, the 
continuing strength of Switzer- 


land's current account. 

The current account surplus 
this year will be of the order of 
SwFr 8bn. which is onlj" a little 
than last year's figure and 
the record of SwFr 8.41m 
e.-fiablished in 1076. Indeed the 
deficit in trade t covered by his 
interest earnings) will he 
smaller this year than last. The 
National Bank explains that its 
past mea-iures to siem the rise 
or the franc have boon holding 
actions to give Swiss industry 


political constraints on the 
Berne Government mean that 
fiscal policies in Switzerland are 
still essentially deflationary. 

Barber this year, when it had 
already become clear that the 
Swiss money supply was going 
to run well ahead of target. 
Fritz Keurwiler. president of 
the National Bank, complained 
that no-one was drawing the 
obvious conclusions for the 
value uf the Swiss franc, despite 
the widespread sensitivity 


sales of foreign currency. The 
Bank's resents, if gold is 
valued at market price, are now 
equivalem to one third of 
Switzerland's Gross National 
Product- ‘ 

The National Eanfc's other 
monetary tool i> to u;e changes 
in the reserve requirement* to 
regulate markc-t hqu.dity. i; i? 
also starting to develop the ha?:s 
of a Swiss money market — a 
market m negotiable short- 
term instrument? — where none 


denominaticn between the big 
bank?. 

One notauic s.-pect of the 
Swiss eap.Tal markets a) the 
moment is d-meaiic critsci-m 
•:-i Switzerland's international 
banking business. Since the- 
Ch:as-o 4 can das tne bank, have 
I/t-.'n icry mm.-h cn the defen- 
sive and the late?*, ertarge ihey 
nuis* rofuta is a widespread 
nof’-'-n !ha? :t :s partly because 
01 secret ass*; management and 
of I he :r.:crr. 2 tienal influence 


Shifts in strategy checks 

rising franc 


By Nicholas Colchester 


time to adjust. This adjustment 
ha 5 been remarkable, but not as 
remarkable as the rest of the 
world's readiness to adjust to 
Swiss prices. 

Economic growth will he 
between 1.5 and 2 per cent this 
year and projections for 1979 
indicate a slowdown to about 
I per cent. In these circum- 
stances a spurt of growth in the 
money supply seems justifiable 
to hank economists. Dr. Hans 
Mast., the chief eeonoroisi at 
Credit’ Suisse, adds that the 


among dollar-watchers to small 
variations in the U.S. money 

supply. 

Now that the money supply 
message appears to be sinking 
in. it becomes valid to ask 
whether the bulge in money 
stock will have later inflationary 
consequences that monetarists 
would predict. If this addi- 
tion io the money stock 
threatens to fuel an. infla- 
tionary surge within the Swiss 
economy it can swiftly be 
neutralised by National Bank 


has existed before. This will 
allow the National Bank to add 
open-market operations to its 
armoury, where currently re- 
serve requirements and foreign 
exchange intervention are its 
only weapons. 

The introduction of these 
short-term instruments is com- 
plicated by the existing I3X 
regulations. It seems as though 
the first step towards a proper 
Swiss money market will be a 
restricted affair involving trad- 
ing of • securities uf large 


of ihc big Sw:?? hanks thaT ihf* 
franc is overvalued. This 
charge, ard the international 
activities of the Swiss banks, are 
reviewed in another article. 
One key riposte ;s the banks' 
function in bringing to the Swiss 
marker international borrowers 
who, by hruriiwin? Swiss francs 
and then --un verting out of 
ihcm. depress the value oT the 
franc. 

Predictably, the combination 
of demand for Swiss franc 
investments, a slaek internal 


economy, high domestic savings, 
and persistent intervention have 
b rough l Swiss in u- rest rales 
down sharp]} . Vi'here a prime 
foreign borrower would have 
paid 7 '- per coni *u 1973 and 
5 per cent in 1977. he will now- 
pay around 3J per eeni for long- 
term Swiss francs. Foreign 
demand for Swiss franc credits 
has expanded strongly since 
1974 despite rhe currency risk. 
The total of bank loans, 
in mli urn- term privn’e place- 
ments and long-term public 
bonds went from SwFr 3.7bn in 
1974 to SwFr 19bn in 1976 
before dropping a little to 
SwFr lS.hbn last year. 

The figures for the first nine 
months of tins jear --how con- 
tinued strong demand ;o tailing 
SwFr lfi.abn vilh all tvpe-j of 
credit shewing an increase over 
the corresponding figures for 
1977. The problem is that lhese 
are gross figures: the National 
Bank is keeping the net figures, 
which lake redemptions into 
account, up it* deo-.e Nor does 
it puhlish figure, for capital 
inflows 

The recent sharp rise of the 
Swiss franc, burned foreign 
borrowers badly and led »o 
a tendency to redeem early. 
This tended to boost the franc 
further It was to combat this 
destabilising legacy of capital 
exports that the National hank 
banned early redemption in 
private placements from last 
November onwards. 

National Bank officials now- 
say that new- borrowing and 


redemptions are roughly can- 
celling one another out. The 
big banks say that borrowers 
are hard to find and that the 
quality of borrower which they 
are willing to bring to the 
market is deteriorating. Jn 
particular they noie that multi- 
national treasurers have be- 
come distinctly wary of those 
cheap Swiss Joans that prove sn 
phenomenally expensive to 
repay. They arc anraous to get 
the message across that the 
roeket-hke ascent of the franc 
is now over and that the 
moment to borrow Swiss francs 
has arrived. 

For its own part, the National 
Bank has recently given some 
smalt fillips to the capital export 
business. First, it recentiy 
aJIowed foreigners io subscribe 
for 50 per cent — up from 35 per 
cent — of foreign bonds, private 
placements and loans. This 
would appear at first sight 
totally to contradict the aim of 
exporting capital; the explana- 
tion given is that the move is in 
line with the new spirit of 
de-regulation, with the desire to 
keep Swiss interest rates 
unattractive to investors, and. 
most plausibly, that banks were 
finding it rather hard to sell 65 
per cent of some of 'fKe more 
recent foreign issues' to the 
home market. 

The National Bank also modi- 
fied a mnir.-emem :hat foreign 
h«»rrmven> had ;«i convert all 
their borrowing? immediately 
tnlo dollar-; at the Notional 
Bank. This was intended to 


CONTINUED ON NEXT PAGE 


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*■« ■■ 


■Financial Times Tnes3ay. l^vem^ J^78:g 


SWISS CAPITAL MARKET II 




Export industries and the p 

of a strong currency 


A GROUP of demonstrator* 
from llie S’.vi.vj ualcli industry 
trudged through I lie p romper on-* 
street*. uf Berm* iJiis month call- 
ing for a " Ivu-franc dollar." Ai 
that rinir tin- riiillar wu.- leti-li- 
ing abnui Sv. !■ r l.o.i. as a'jainsi 
SwFr 2 .2» a year ;cjo. 

Tli»* >omi-what ineonantmi’* 
episode thf cLs a good deal of 
light upon the causes and impli- 
cations of the a Ini os l explosive 
appreciation of She franc during 
much of this year For a start, 
ll is the watch industry, with 
an export share great even by 
Svnsa standards, which has fell 
the deleterious consequences 
especially severely. 

Yet three years ago. uitli Hie 
dollar at SwFr 2.6(». many 
people were ready ti» write off 
the watch makers. In the end 
they showed more adaptability 
than expected, and it remains 
to he seen whether they 
really are at the end of their 
tether. 

Another interesting aspect of 
the little demons!. ration wa» iliul 
the trade unions looked upon it 
benevolently. though ii was 
mainly an employers' show. 
Social consensus in Switzerland 

covers questions of employment, 
but. it emphatically covers wages 
as well. By holding back with 
their demands, the trade unions 
have helped to keep industrial 
costs stable, thereby helping 
exports, and strengthening ihc 
franc in an inSationary world. 

Hamstring 

It i- a virtuous circle that is 
now threatening m become a 
vicious one if the excessive 
strength or Hie franc should 
really hamstring Swiss 
exporter.-. The authorities are 
certainly afraid that ii may. 
They are ready in lake stimula- 
tory measures next year if in- 
dustrial activity should slow- 
down severely as a re.- u 1 1 uf a 
collapse of exports and the com- 
pel Minn nf imporis made cheap 
in icrms nf Swi*s francs. 

What the watchmakers' 
demons! rain in cannot illustrate 
is the dilemma that Swiss 
pulley i> in. . Inflation is run- 
side red Public Enemy No. 1. 
and has been coni rolled with 
remarkable .-.uceess. The cosi uf 
living is advancing at a rate of 
less i ban half a per cent 
annually. Thai could change if 
the franc is hrouehi down from 
its height, simply because a 
high franc means cheaper im- 
ports. But besides ihe Swiss 
National Bank has also launched 
a massive offensive in the 
foreign exchange markets, inter- 


Strategy 


veiling against its own currency. 
In the lun:; nut Lite effect of 
niuning up the reserves and 
miiii-'v supply could be infla- 
lioc.iry 

tt.-rn:- always has believed in 
a d::'t; lio:il. Inn Ihc inleiitiun 
urn*, if neces'ary. i> m make 
ii push i'.-i.-ly fililiy Since the 
hegimiing of cu'Uibcr n marked 
measure nf suo-e.-s has been 
achieved. The rare acainsi Ihe 
Dei.n-chf' Mark, wiiieii is crucial 
in ;he Swiss, v. bn a« low :»s 
SwKr 0.75 in September. In 
October Berne set itself an 
immediate target of SwFr 0.8U 
which was soon hit. and the 
franc has further depreciated 
<inee. Towards the end of 
November speculative positions 
were being unwound, though 
the " Hui dollar franc " was si ill 
Tar uut nf sight. 

Be i ween the beginning of 
October and tin* end of th»- 
tir-i week uf No vein her. ihc 
Swiss National Bank added 
SwFr 3.4bn to its fo reign cur- 
rency reserves. That is only a 
rough guide to the scale of 
in! erven lion, since additional 
foreign exchange was pmbahly 
di.'po'ed of lu the Swiss com- 
mercial banks. 

Since the beginning of 
November at the latest, the 
National Bank has of course had 
allies, as central banks else- 
where — principally in the US 
and in West Germany — decided 
to support the dollar. Indirectly 
that must help to keep down nr 
even bring down the franc. But 
in the long run. intervention 
alone has never yet been 
successful; 

The second weapon of the 
Swiss National Bank is to keep 
down interest ; rates, in which 
policy it is supported by slug- 
gish growth and by the high 
savings quota. Switzerland i> 
traditionally a low interest 
country. 

The effect upon yields of the 
National Bank policy, combined 
with the high Swiss savings 
quoin, is patently uhvinus. The 
Swis- tiovi-rnr.iunt '-an get 
money from the public ai 31 
pci L-.*i|l, ami even foreign Imr- 
ri • werv cet b> w it h Mim'ei h i n g 
a round ”4 ”peV cent. Bui in "them, 
nf t-our-e. the low nnmiril 
yields have been a bit uf an 
illusion since the rise of the 
franc drove up service and re- 
payment costs in their own cur- 
rencies. From the point of view 
nf the Swiss lender, interest 
rates .is low as these make 
sense only as tong a-= inflation 
rates remain low. (and. with 
lhein. the danger <d a rising 
exchange rate hi?hi 

The Swiss have been placed 


SWISS external 

PAYMENTS 

l lf»77 — SFr inj 

Visible trade -2.29> 

Fower supply +4J3 

Tourism +2.7411. 

Dividends and interest +-6.030 
Private insurance +445 

Other current +935 

Total current +S.720 

Foreign assets uf hanks +8413(1* 

* Including centrally held 
reserves. 


in this position hv their very 
natural desire !•'. reconcile the 
interests of th.or manufacturers 
and uf rhoir tourist industry on 
the one hand with those nf their 
financial institutions on the 
■ii her. Thai brings os to a point 
where one is unfortunately 
lorivd lu resort to guesswork, 
because ihe statistical evidence 
is either incomplete or non- 
existent. 

Swiss exporters, smarting 
under the effects of revaluation, 
have often a ceiled the financier? 
of being to blame by taking 
in from abroad money in search 
either of a political or a nun- 
inflationary haven, or both. 
Since Switzerland does not pub- 
lish figures for international 
flows of capital, the case cannot 
be proved either way. True, a 
rising barrier has been erected 
against inflow*. the latest 
measures being those taken 
early this year. But true. tnu. 


loophole after loophole has beeo 
found- ' . 1 ' 

Fur instance, though there is a 
limit cm bow many banknotes 
you may take inlu Switzerland in 
any year, controls at the border 
are- not exactly striibiepi- Once 
in. there is nothing to atop such 
niODey being used lu buy life 
Insurance for example (though 
Swiss assurance companies no 
longer write life business in 
francs at offices outside the 
country!. 

In the absence of statistics it 
is idle lo try to guess how large 
such capital imports are, and 
hence what their effect is on the 
exchange rate. As a crutch one 
can take the current account 
surplus, which last year was 
SwFr 822bn. and deduct it from 
the increase of foreign assets 
held by the entire banking 
system. which came to 
SwFr 8.93bn. The result is a 
net capital inflow of SwFr 730m. 
but the figure has- to be treated 
with great reserve. 


Solvent 


The bankers actually have a 
good case against the exporters' 
complaints. In tbe first place 
it is capital revenues, the 
interest and dividends received 
from Swiss investments abroad, 
that keep the country solvent 
despire a traditional deficit on 
visible trade. There also is a 
principle involved; a country- 
tied in as closely with the world 
economy as Switzerland is can 
ill afford all but the most 
essential restrictions. In addi- 
tion the banks have gone out 


of iheir way to help exporters 
by granting them facilities to 
hedge their foreign exchange 
risk at a preferential rate. That, 
of course, is no help against 
the high exchange rale already 
reached, but offers protection 
against a further rise. ' 

This facility, originally re- 
stricted to especially vulnerable 
industries such as watches and 
footwear, is to be extended to 
others. The National Bank has 
offered its co-operation, which 
must mean that it is ready to 
foot part of the bill. It is also 
ready to co-operate in devising 
a system enabling exporters and 
hotels to be given a firm under- 
taking that prospective foreign 
exchange earnings can be 
hedged aL a firm rate once they 
should materialise. At present 
only actual revenue can be 
secured in this manner. 

None of this, of course, can 
really be more than a palliative. 
So far there is no conclusive 
evidence that mure \% ill he 
required. The case of the 
watch industry L -an serve as an 
example. ' In -the first six- 
months of this year its exports 
were less in volume than in 
January-Junp. 1977. but in value 
they were actually ti per cent 
higher. That very clearly shows 
that the Swiss had coped with 
the buoyancy of their franc by 
moving their exports up-market. 

But clearly there is a limit to 
what cao be done in that direc- 
tion. The demonstrators in 
Berne, believed it had been 
reached. ' So do some olner 
traditionally strong exporters. 
Third quarter export orders for 
Swiss 'machines were 22 per cent 


below those of April-June. Even 
the makers of textile machinery, 
a particularly strong point of 
the Swiss, are complaining that 
orders are falling off. 

So far exports overall are still 
rising in franc terms and there 
has been ho visible increase of 
unemployment. The unemploy- 
ment ratio is 0.3 per cent only. 
But one must add that some 
300.000 jobs have been lost in 
the past four years — two-thirds 
of them foreigners who have 
gone home, the rest to a great 
extent women and part-timers 
who have given up looking for 
work after the end of a boom. 

The fact remains that the; 
trend towards higher quality’ 
exports but lower volume could = 
lead to the disappearance of; 
more jobs in the secondary, 
sector. The process by which, 
for instance, the chemical and 

• * footwear industries have 

been transferring production 

abroad points in the same direie- ; . 
tmn. Severe regional problems 
could anse in the Jura, where- 
watchmaking is heavily concen- 
trated. - 

Quite recently . important ! 
Swiss concerns, have taken 
evasive action by entering into.' 
joint ventures in countries with 
mote modest exchange rates — . 
and more modest wages. -The 
two leading watchmakers have ; 
sone to Asia — one to Hong 
Rons, the other to Singapore;' 
If their ventures go well it will 
add to the country's dividend 
revenues, but not of course to., 
industrial employment. 

The leading electrical con?, 
com. Brown Bnveri. which for 


a very long time has done a write off S^^.expprters just 
great deal of its manufacturing, yet ■ lira.- high exchange itffc is 
: outside Switze riand. . announced - not an unmitigated disaster: The 
this month that it had entered Swiss att -.gw^Vimgorters qf 
into a joint venture in South, Taur.'-jutiuaa&l jtfi&y '■%£?- jenoi- . 
Korea for the construction uE ma^ ifotyKttd ; 

powei stations. . . ; - eTenjent i ijoriifc: ' . exported '' : 

These are events that fit into -escapes-th e 1 effiefcr ofrevaliia- 
a well-established pattern, by ;~tion: 77 ; ^ 7 5 .V .- ; 
which the Swiss keep on moyiJW; r io) xdifitiaivJS^ 
their own domestic production', have-been .telped'3>y ; ..;tiip^ virtu- 
for export further up: market '-■taas lo re . infla tion^ - jfow • 
into areas where price is of jhCr.easeS r - 

Importance than quality, where; ceqtX'jrar^-iuid^Jtfw’- ihtereSit .. 
-novelty has appeal. andL whOre- rates.ytQ' whJch'r'one-riiinst-add: " 
deliver} is from factqries where. shaved prbfitB^The;inde£ oJHex- 
strikes are all but unknown. -. ^'port : priMS ! Yose.'frnm-. : IOO‘ in 

I970; to lSjL5,Jn : 1977,; to -which. 
r^fUIPPm V .'-- the’-- customer -had. tc ad^ ^some - 

V/Uiltci v ; 4<0i>p«r .cdfft for the agipreclaitiba '. 

It is here that they come jliSeerea^ hf^a 

Specially against competition ta. severt L y^r5; makes ^ 

•from the Germans, who . mr^dnns: . 

tiie same problems— and ~ the 

same remedies — if not quite so •^ces^rhut. it- does, not ipoic, - 
pronouncedly. The fact* tfaa^ jg? % 1 ?u;y> ; 

Swiss and German technology',,. Finally, thirre js'_ reason^a; 
have much Lo common, and t&e 'suppeSe' L tiaif at tbe mbinetjftheT' 
fact that more than lo per cent franc 'fe- ovwHi^ beitt^^m 
of Swiss exports go to Germany iti' .Wocst *#iir*«wrt«S ; r v Tfria >: 
explains why the Swiss ’ franc/ ; year's -current •: aceount r^erptirs . ; 
D-mark exchange rate is of most will be' marginally- below .Ta^t" 
immediate concern to Betne. /. ;y^r’s; th4t ;In: t979_sbouldji£^a;. 

- It is notable that Swiss good deal iess^unleSs'.tfi’e Swiss 
exports to Germany this year worries are.uBjustlfi^^Jn^di 1 
have continued to grow both inV tion PreStdent.. Carter's.; defewe .- 
volume and in value. . The ex- of the . dollar, an-T:- th&^interT 
change rate, however, for much' Mtional .gupjwrt ^ 
of 1978 shifted against’ Swiss shbrtid help to taine -fhe*ftjujCr - 
exporters to an extent not j ujti- .-This*, ta otii er^.wtuds, .codliT be 
fied by the relative movements the-time for £orejghers."ti^bor- : 
of industrial costs either side of row franc^ with the 4 <yy faiiiby " 
the SwissGcnnan border. Evqn of low interest rates and eves- . 
the recent retreat of the Swiss the 'possibility 1 of .a' saialfFbm 
franc has probably nor com- the exchange -rate.- - : • . 

pensated tor that. ■ V* utL't/.. t -'La Li. .]■' 

. ;-Yet it would be wise hot to . - • ’ iT*Li LU6IK6I1S . 


Measures to hinder speculation 


'!V' ' l v'. rj' 


against 


■: * : >v 


MEASURES TO PREVENT INFLOWS -OF FOREIGN CURRENCY 


MEASURE DATE AIM 

Foreign u ecu unts and fiduciary iVmimually from 4.7.72 with a To dki-ourasc foreign Swiss franc 
accounts can earn no mu-ip- 1 one-month break in late 1974. • accounts, 
beyond their totals on 31.10.74. 

This mta l can be raised oncp per 
family by a maximum uf SwKr 
20.000 in ihe case of savings and 
deposit aecmjnls. 


THE 


Sf 
LIKE 


C’S 







Inieresi heart ny totals on foreign From 1.4.78. 
accounts of more lltan SwFr 1m 
reduced by 20 per cent. Maxi- 
mum allowed free of negative 
iniercsl lowered to SwKr 3u». 


Tu add further discouragement 


CONTINUED FROM PREVIOUS PAGE 


.Ves.Mive inicresi on foreign 2 per cent p^r quarter from Po-ufire incentive to reduce 

SwFr account*; fur all funds 4.7.72 to 1.10.7S: 3 per cent per SwFr holdings, 
a.tdcd after dales given, with quarter from 20.11.74 to 22.1.75. 

certain allowances. Since then 10 per cent per 

quarter. 


give (he centra! bank ammuni- 
tion fnr intervention without 
any net addition lo the money 
supply. The current position 
is thai b'irrowers must convert 
half their borrowings into 
dollars wall the National Bank 
but can swop the rest into any 
other curreni-y with the banking 
system. Tins, has made it mar- 
ginally more attractive fnr. say. 
German burrow er*. to cuote lo 
llip Swi«* markiM. 

The Swi>h authorities are also 
taking other and quite novel 
step- r.i help Swiss industry live 
wnh jo ovenalued franc. The 
National Bank is toying with 
a si -li vi no winch will provide 
■?WJSji multiiiaiionals with 
partial i-<iiiipen>ation for any 
io<-iu ihc> incur through keep- 
ing a portion or their assets in 
form-in i-iirrcni-ios. It ha* taken 
rather tinner steps to provide 
exporter-, or the Swiss tourist 
trad*-, with mu re satisfactory 
coverage in ihc forward **x- 
chanac market. The i-s>ence 
of' the new .system i.*> that 
exporters will be able i<> cover 
their cstinwred inflow nf foreign 
exchange with confidence m the 
forward tnarkei because the 
National Bank will, for a fee. 
provide them with ihe neces- 
sary currem-v m meci the 
forward cnniracis <1101113 ihc 

ac'ual revenues fall shuri. 

The key question fnr the 
Swiss- '.-apita) market is iiie 
future or tlic tranc in ihe wake 
of these measures. The graph 
showing the step-like rise oi tin- 
franc over the past seven years 
confirms that the current dip 


in the franc's value is following 
a classic pattern — an " over- 
shoot” in tbe franc's value is 
corrected and is then followed 
by a period of relative stability 
which in turn is followed by 
a period of accelerating self- 
reinforcing gain. 

It can scarcely he hoped ihai 
the franc will now become a 
weak currency. A move to the 
necessary rate of uiHaiinn rs 
politically unthinkable .nnd the 
country has a vjim -luck nl re- 
serves to spend, and accumu- 
lated currency barm ados lo dis- 
mantle. before such a develop- 
ment could become possible. 
The balance of payment on cur- 
rent account remain* ion 
healthy and there i* no project 
of it evaporating wh'lc the in- 
terest payments un all tiiose 
capital exports continue. They 
account for three-quarters of the 
current surplu> and dwarf the 
mure problematic comribuliun 
uf goods aud services. 

The best that can be hoped 
for is thai the central bank's 
new policy will counter the 
psychological factors winch 
have driven the Trane lu such 
an excessive level. Switzerland 
has removed some of the franc's 
rartlv value and has focused 
albeit in rather vague quantita- 
tive terms, on the D-mark while 
thi.x in turn. i> intent on becom- 
ing part of an enlarged snake. 
Su there i> a fair chance that 
the Swi>* franc will now become 
a mure nurnial “ strong cur- 
renry " — available at an attrac- 
tively low rare of interest. 


Rules apply lo foreign central Kruni 1.3 7S. 
banks. 


Ban on fiduciary accounts in Unaltered stnee 4.7 72. 
SwFr. No additions allowed 
after 31.7.71. 


Fivn -m investment b> foreigners Prom 2fi.fi. 72 lo 3fl 1.74 Then in 


Weiobted Value by Exports to 15 Ceuntnes 


^ Major Official Measures ta Restrain the Francs Rise 

.. -» 


May 1971 s 100 


I*— . ■' v-:. ■ 






Tn counter the trend towards 
reserve diversification. 


in bwien Avcurilies. 


Some flpxihiliiy imrnducerl Pro- 
ceed* of S3 1c can be imi , *a , il in 
negative interest free accnum 
and later reinvested in S»ts*< 
securities. 


Swiss companies must g«-i per 
Tiiissmn in hnri-nw mnn>"' a'.rnad 
for .iniuiinis .ibnve SwFr 50.0(10 
or SwFr lm in foreign currency. 


Ban on impor's nf more than 
SwFr 20.000 in inreign bank- 
nnti-s per prw.Min per quarter. 


50.(Ri0 lira and IOd.400 lira notes 
and lira cheques r.ayablc in Daly 
no longer uuccpied by Swiss 
banks. 


truiqhi-ncd form (rum 27.2.7S — 
any sale of S-rws ic« 

meant imnierliaii- i-nnrer-qrin nf 
pnn-epd*- inio foreign currency 


120E- 


lOOi — 
1973 


Since 5.7 72. 


From 21 4.76 
in toughened 


Gentleman's 
1.5.76 to 1.12 


To avoid I'ff'-i'livp 
-n urliy switching. 


To prevent desertion of Svu«s 
capital market by Swiss com- 
panies for currency reasons. 


MEASURES TO PROMOTE CAPITAL EXPORTS 


MEASURE DATE - '.' . ; AW... — 

• •cneral promotion of capital Since 1972 the rules on placing To encourage downward pressure 
exports. borrowing for foreigners have on the franc. '•• - 

been constantly altered to. Allow . 
as great as possible ' foreign 
borrowing as is consistent with 

a viable domestic capital market. • ; 

From -2J0.78 50 per cent Of - , . - 

credits to 'foreigners can he. 

placed- with foreigners. ' * v ' .* v. 

Private placements for foreigners From -2ild.78' 77"™ : ^ To. prevent, early - redemptions 

must have fixed maturity. causing’ upward pressure on 


private placements Tor foreigners From-2il0.78. • • To. prevent . early . redemptions 

" must have maturity. causing' ttpward pressure on 

lu 21.4.77 and then To hinder “flight of capital" - — — : : "7^7 : — — — '• - 

form from 2722.7?. particularly from Italy and Mandatory immediate conversion Between 15.8.71 and 14^72 cbn-. To give the ‘central hank ahinm- 
France. ” Swiss franc borrowings by version ai Swiss banks. - there* nftiOD for Intervention without a 

foreigners in lo foreign currency, after a -proportion with centreLnet increase in money supply r 
hank. Since 19.12.74 total. con-; v-.' ' 

_ version -with the centra! bairiL 7 '"77' ’.77- 77'V : ; ’: 

agreement front To help make Italian exchange On 2.10.78 proportion. dropped td:To restoreTsome demand for 

,6 control a little more watertight. - one half. - ..... 7^oreign currencies ta. the banks- 


Banks must report capital repay- Since 3.3.75. 
men In by foreign borrowers. 


To riraprove Insight -into ' capital 
flows. v •. " ;• . 


Reduction <if of forward From 2^.2.75 permuted volume Tn piu? a way round the ban on 

I lanes l u foreigners. 7y per coni of level at 31.10.74. interest payruenls. 

tin 28.10.75 reduction lo 60 per 


tin 28.10.75 reduction lo 60 per 
L-cnt. On S.6.76 reduction to 50 
per cent for contracts up to 10 
•hi vs. un 26 0.77 a further reduc- 
tion »n > hurt -:e rui contracts, 
.inich was then lifted od 2421.78. 


MEASURES TO RAISE THE ‘ ‘TRANS PAR ENCY'* OF TOE 
FOREIGN CURRENCY MARKET : ’ 1 


MEASURE DATE • 

Banks must report foreign cur- 2S.1.76 - 
rem-y positions, both spot and 
forward, monthly and. for big 
banks, weekly. 


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Daily !<alnnc:ne of each bank's Freni 5.7.72 to 16.10.72, ■ From Tn prevent 

overall foreign currency position. Tfl I 73 to I 10.7.1. positions cc 

Daily balancing nf positions in From 1.4.75 to 272J.7S. rency unrest 

each currrncw of safe bank 


Bark to nvorali balancing. 


From 2721 .78. 


Jiirti-iti-ur-n.- t*. hank subsidiaries i ion tie man's agreement 
;<i :uuu! uancavtinns with a 15 6 76 onwards, 
vii-'-u'.itiv,. fi-i*: 


Daily reporting nf foreign 

exchange turnover in excess of 
From Tn prevent hank speculative SwFr 15m per day 

positions contributing to cur- - — ■— : . 

renev unrest, and in the interests Reporting of individual spot and 
of safe banking. forward • transactions of more 

than 85m. with possibility that 

National Bank will become 

involved. 

To give the banks a little more — — : — 

flexibility. Swiss mulunationnis to indicate 

from Another allempt to reduce expected capital Rows over next 
speculation in favour of the mon ™ an “ t° r *P°ri once a year 
franc. on the amount of foreign cur- 

rency (hat could be repatriated. 


DATE ; V •' ' . ' '.. ' " XtH ” ‘ i • 7 - ™ " . + ” T t “ 

2S.1.76' • ' - ... To. ■ give the authoriries o beiter - 

insight Into the banks’ activities’ 

. - h - til the forex market. . 

Since Sfl.76 . . . To; give the. authorities.* -better 

insight into fhe Tjanks' activities 
. . • in the fore? marke t . ^ ' 

“ VgtumanJy ” since 20^.75 To prevent currency " 

and extended to Swiss multi- due to l^ge transactions, 
national companies. 


Gentleman's agreement be- 
tween 1.4.76 and March 78. 


Designed to give ■ insight '4hto' - 
currency flows but+iid apt woric, 7 .. 





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The quintessence 

of Swiss banking and of 
Switzerland as a financial centre 
of world renown. 


-A 




Credit Suisse 


Union Bank 
of Switzerland 








COMPAGNIE 
DE BANQUE ET 
D’lNVESTBSEMENTS 



CAPITAL AND RESERVES Sfr. 20,100.000 

PRIVATE AND COMMERCIAL BANKING 
SERVICES IN SWITZERLAND 
AND WORLDWIDE 


14. cours des Bastions 
121 i GENEVA 12 


Telephone (022) 20 75 55 
Telex 27 278 

Telegrams COBADIN 



Capital and Reserves S.Fr. 29,000,000 
7, boulevard Georges-Favon 1211. 
Geneva 11 

Telephone: 21.63.22 
Telex: 27 303 (General) 

27 592 (Forex) 

27 965 (Forex) 

22 12S (Stock Exchange.) 

A MEMBER OF 
KRED1ETBANK GROUP 

Credit transactions ; Euro-currency loans; Public 
bond issues and private placements: Eurobonds; 
Current , deposit and fiduciary accounts; Portfolio 
management ; etc . 

A complete local and imcrnathuml banking 
service for both private and commercial customers 



AFTER HAVING reached a 
peak level of activity last year, 
it seems certain that equity 
trading in Switzerland will have 
fallen bach in 1978. The Zurich 
and Basle stuck exchanges both 
report a drop in turnover for 
the first nine months of this 
year; total bargains also de- 
clined in Geneva! 

This check to the upward 
trend in dealings is a result of 
the setback to share prices at 
the end of February. To a much 
greater extent than bonds, 
equities suffered from the res- 
trictions on non-resident pur- 
chases of domestic Swiss-Tranc 
securities. Before the ruling 
the share index had been run- 
ning at its highest level since 
autumn 1973. On the “ Black 
Tuesday " following the new 
measures they slipped by any- 
thing up tu 10 per cent in the 
biggest selling wave since the 
oil crisis. 

Although prices partially re- 
covered soon afterwards, they 
are today .still below those at 
die start of the year — not to 
speak oF the record prices uf 
the boom year 1972. The begin- 
ning of i hi s month sow some- 
thing of an improvement, it is 
true, but it remains to be seen 
whether optimistic claims that 
the index is heading for a ibTS 
high will prove .iusLitied. 

It is extremely difficult just 
now to assess the future for 
Swiss equities, since so many 


conflicting influences continue equity of companies whose 
to work on the market. overall results this year will 

On the one hand the non- definitely turn out to be poorer 
residents' investment ban has than for 1977. Foreign in- 
becn slightly cased in that vectors, who’ could otherwise 
foreign recipients of the pro- have been buying Swiss stock in 
ceeds from the sale or redemp* the hope of exchange rate gains, 
tion of domestic securities are have been virtually expelled 
now permitted to re-in vest these from the market Domestic in- 
as they wish. In addition the vectors, who showed a marked 
latest national and international reluctance to pick up such Swiss 
monetary programmes make rhe equities as were sold by non- 
stabilisation of the highly over- residents alter the ban, arc feel- 
valued Swiss franc a more ins rather unhappy in view of 
likely proposition, a develop- a rash of interim reports and 
ment which would accord at letters to shareholders from 
least .some relief to the coun- major undertakings predicting 


■ 1958=108 . 

BANKS AND INSURANCE 


/ ALL SHARE \ 




- A ■ ■ yi* ■ V'" 




INDUSTRY 


try's business sector. 

Scarce 


a dusty 1978 and perhaps an 
even dustier 1979. 

The main trouble with Swiss 
business today is of course the 
appreciation of the Swiss franc. 


SWISS eHUfiE INDEX 




-■'i 


£"• ■ ! 

■rli'' ' 

' r- l -' 


. There is. moreover, an enor- Appreciation of tfeStfte ftancT V — 197 . 7 m« ' ' ' " " / ** r ° ‘ '1 ^.j jS Hlg fv 

mnus amount of liquid Uy in s^ ehokIers an? fuUy aware of .-- ■ • ' ' / V: 

home-and notfinS^muc^of *“?•. and ?***” “J own though. Trade-weighted Jc*pt 6ff the Swiss eqWnu^ 

a one in the long-term fixed- wa ' tl " ;? ., to s . Be how , * ie appreciation of the franc Is well -foreign companies contUmeto fitockbrbking business HL'^asie^ 

mrX;.P«r is S5? «- d °™ *■*? ^ ****frJZ wittni* 

scarce national currents nerore ex highs and there is at least some «« Zurich and other bourses. fradiSg^ribS. ^ 

Share yields are today worth Th^Octo^r^l hope ttat a new tak<M)ff of ae -41 the end of the third quarter 

looking at. particularly in the W ere not to ®? chanse K not imminent.- ^ ^ year a total . of 155 ; - 

case of companies whose share . . ’ . t T PrnT prr Moreover, the overall level of foreign shares were quoted in Gerpiany. - 

price has fallen substantially. ° -, { hile f orecast c f 0 ’ r Merest rates has been falling Zurich— nearly as many as.tfie: ^??^ 11 ^ ' 

This is true of both the lowest m * wMelrnd S fast and is likely to remain very 16V domest i C Us tings! ■ 

boml coupons for almost a ..... . \ ndustr i es nar . low; inflation, indeed, may even ^ seventies there has been a ' 

seneration * per cent for fim- S^tofSe oTtoe ”«.£• SSL ?„^ P .“JaMeS^eS 

Class domestic issues) aud an F rnmnanies wiU be able tn l? 10 a reaI tern ? 3nte ™. ra "j. foreign quotations than in those . ~L-° ^ . 

inflation rate which has today ? dividends ^ voa r However, no real upswing is ex- 5/ Swiss undertakings^ « < 

fallen to only 0.4 per cent SStocSiriS pe ^ gA ‘"l L?* i““ edl ate as i 970 no more than, 5 

annually. !2? 1 ,2!2 y t?«r. “ “ ° and a stronger D-mark might S1 outs ide companies had -list;- 

The current state of the 110 make German stock “0™ ings in Zurich, for example. ..A , 

economy, however, is such that In the immediate future the attractive. short while ago Sears Roebuck 'iffiSja--' ?’ 

there is no rush to acquire tiie share market should hold its But if foreign investors are. and gun Companv introduced . ■ 

' their common stock to major - on ■ • P e ; •' 

. another U.S. . company, -the - 

' pharmaceutical manuftetdrer 

. fb 4 • - Pfizer, will list shares there ds! tr ^ ,ers ; Tl- ■ 

mpnf tiinns revive, [ Some time ago there was talk! ~ Zurich ' 


■i;.. l $t 

- .^ AUQ-> r . SEP MOV. w 

1978 . i ; ■. • L Ur. 




though- Trade-weighted irept off the Swiss equhr market ■ ot if : 


lookin 
case o 


i£ 8 ^le^oreraTfoT ^ 


bro king depariine nf “ 


Investment funds revive 


SINCE FEBRUARY of this year 
it has been, much harder for 
non-residents to invest in Swiss 
securities. The measures then 
passed to dampen the exchange 
rate by banning foreign pur- 
chases of domestic securities and 
limiting those of non-residents’ 
Swiss-franc bonds turned a 
great deal of outside custom 
away from the market. One of 
the exceptions to the restric- 
tions. however, concerned Swiss 
investment funds with at least 
SO per cent of their assets out- 
side Switzerland. 


- — y~ "' 

N 




In addition insofar a? at least 
SU per cent of fund earnings 
come from abroad— « Inch is 
generally the case wiih such 
funds — dividend payments to 
foreigners are freed from Swiss 
withholding tax of 35 per cent. 

The total number of Swiss 
investment Funds, which has 
remained virtually unchanged 
for the past four years, was IIS 
on -June .*?n last.- of which 42 
uperate solely in Switzerland. 
Almost all the rest — 70 out of 
the securities and property 
funds with p3rt or all of their 
activities outside ihe country- 
are open to foreign investors by 
virtue of the SO per cent rule. 

The funds have seen some- 
thing of a revival of investor 
interest over the past year. 
After the number of certificates 
in circulation bad dropped 
pretty steadily from some U3m 
in boom year 1973 to 140.5m in 
1976. there was a continuous 
rise from mid- 1977 to mid- 1978 
and ths circulation uf over 
151m on -lune 30 was substan- 
tially higher than the previous 
record. 

The large-scale redemption of 
fund certificates by holders 
which began in autumn 1973 in 
connection with the upswing in 
the Swiss franc exchange rale 
have thus now been checked — 
even though the currency itself 
has continued to appreciate, at 
least until very recently. 
Currency Tosses, though partially 
offset by better local conditions 
on various foreign markets, 
have been noticeable and many 
funds have had te cut their divi- 
dends. But foreign investors 
heing paid even a reduced Swiss 
franc dividend have as often as 
not received a iarger sum than 
ihe previous ;■ ear in terms of 
their nv.n currency, a positive 
effect of the monetary develop- 
ment. Since a major part of 
iota! certificaic? circulation is. 
m the caoe or the SO per cent 
funds, in foreign hands, the 
performance in real terms of 
most has been more favourable 
than would i nil ally appear from 
annual roporis. 

At mid-year total assets of 



Swiss investment funds returned to favuur after years 
amounted to SFr 14Jlbn — a of semi -obscurity during last 
per capita sum of about year. 

SFr 230. or one of the highest Individual investment plans 
id the world. This overall figure have never become popular in 
is about the same as recorded Switzerland with the pubBc, 
three years ago. whereby even even though the batiks — whrch 
near-stagnation may. be con- dominate the Swiss investment 
side red good going in view of fund sector — and the mair; 
the enormous rise in the Swiss aoce companies tried very hard 
franc. Within the overall total, to make them, so a few. years 
the proportion accounted for ago. . Fund managers continue 
bv funds active partiaJlv or to feel that the small man/vonld 
w holly abroad has fallen slightly do better for himself. With an 
over the years to about averaging yield of an invest- 
SFr S.SSbn for this reason, with ment scheme than by -buying 
a much more marked decline in shares after the optimum time, 
the holdings of funds operating What are proving very 
solely outside Switzerland. As popular, however, are the so- 
is hardly surprising, there has called investment foundations 
been a substantial increase of run on behalf of employee 
Svvii-s franc paper in the port- welfare organisations. There 
folios of securities funds. are now seven of these in opera- 

It remains to be seen when tion. all of which have Swiss 
and if the asset total can return an( * foreign bonds and shares in 
to the record SFr 16.8bn booked their portfoLos: four also invest 
in September 1973. A con- *o Swiss property and threr in 
tmuation of the very strong Swiss- mortgages. Over the^Il- 
Swiss franc rate will keep certi* month period^ March* 31. 19»i to 
ficates popular with investors March 31, 19iS alone total hold- 
but also bring new pressures ings of these foundations 
to bear on the profitability of jumped by nearly two-thirds, 
fore i an investments. -No really from SwFr 1.47bn to SwFx 2.4bn. 
major boom seems imminent on while the number of member 
world stock markets to give a pension funds rose sharply 
corresponding boost to earnings from 3.320 to 4,619. This par- 
in local currencies, and the ticularly Swiss phenomenon 
once highly expansive property mirrors the great importance to 
sector, at least in Switzerland the capital market of corporate 
irseir, has for years been very pension fund organisations, 
quiet. . Despite question marks over 

, monetary and capital market 

JP rOffiOted development*, the future of the 

Swiss investment fund business 
As far as domestic parti- seems to be assured. Investor 
ripalion is concerned, demand interest has beeu growing 
is being promoted by a shortage steadily after the post-1973 
of other investment possibilities decline, the Swiss -franc has 
a! a rime when liquidity, par- become rather more siabie — 
ticularly among the institutions, though still strong enough to 
is high. Yields are good — latest airract foreign, custom — and 
figures published this summer domestic demand for invest- 
in Berne point to an average 5.4 ments with high real interest 
pci- cent plus at the end of 1977 rates is certain to continue for 
— aud look even better when some considerable lime. A 
compared with an inflation rate further positive factor viewed 
of 0.4 per cent a year and a very favourably by the funds 
coupon on new firM-Hass domes- and their parent banks is the 
tic bonds of 3 per cent. Property astonishing grewth of the 
funds, though showing rather investment foundations, 
lower yields. have been T , , 

benefiting from this and JOflB VflCKS 







u V- *. -J 'St&AlZ y tiL. 


•BANC A wmm 

-•-.-•■< **•••. :]JL ■■■ 

•- — . -• a •/- • 


BANQUE UNION DE CREDIT ; KREDrr UNION 

6901 LUGANO S WIT Z E RLA.Sfb- 

PIAZZA DANTE '7' 


FOUNDED IN 1919 


Telephone: (091) 22 78 91 
Telegram: CREDUNlON 


: ■ 


791307 
79 518. 


'A-..- 


'ft •. • 


~ " ‘ 

' .at:;n .. 

«’i ; . 

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K- ^ 




ALL BANKrNG AND : STOCf^ 
EXCHANGEOPERATIONS 



DREYFUS SOHNE & CIE 

Aktiengesellschaft 

Banquiers 


gegrundet 7873 


4002 Basel 


Aeschenvorstadt 1 6 


• 7 THE BRITISH-SWISS .. - • • 

■ ! CHAMBER . OF ' COMMERCE.;' ' . 

a • . - IN SV\aTZERLAND (ING.J " 

: ; (Founded 1820) " '. -j- '. ,. 

extends a cordial welcome to the participants of t^e “ "World 
Banfcma Conference 1979 " taking place . on ^Sth an4 29th 
November 197S in Zflrich antL ptkces a’ full. range ^of conti"- 
mercdal- services at their disposal during the CoufirenceL ^ . 

For T : . the furtherance of your British-Swiss trade^reiaUoas, 
keep’ in. touch with events by foiamy ..t^e -Brltish^wlBK 
Chainber of Commerce. ; . . . y. : . y . ; v. jy ■- ■ 

Please contact the GfeneraT Manager ■ of tht Chamber:. ‘V: 

. • Mr. J. H. ^ini fDept F.f J -V 
51 Diifourstrass*. 

• r ,: . - - GH— 8S08 ZQrlehr- •' -- 

Tel: (01) 32 30 50. . • 


America’s Citibank is a leading member of the international banking 
community in Switzerland ; 


- PUF 0 URSTRASSE 25 yy ' -5 
• :r ' •' • ;'BASE%- 

Telephone 22-tQ 1 8. ' ‘ Tele^2i08 .j 
• • Established in l^55 > ; 'r ; i?y. 

Your Private Bank w i th irid ividual serv ice 
All WfKis of B a nk ing'bus ines^TyiX;^ , 

■ Completion of. tra^^bSa'> ; :'. ;: . f 

at all Stock. Exchanges at /Kwne^artd abroadX 


i 






17 


*• ■ -- - . - 



' F'narjcfal Times Tuesday No v embe r 28 1978 


SWISS CAPITAL MARKET V fX7u ~7i T~ 


Swiss banks in international 

credit markets 


1 A lMiiv 


•- _ : - * »t * 
*. f i. : : \ i • ■ 




• Y> . r 

’• :: 1 




ALTHOUGH SWITZERLAND men?, at the risk of The 
has counted itself an important depositor The depositor can 
international banking centre and giv» the hank c ome investment 
exporter of capital since the guidelines and he pays the hank 
28 tb -century, it is in the last a fee; he accepts ail sains or 
20 years that it has- really ios.-es on the resulting invest- 
emerged as a big wheel in inter- meiiL 

national finance. Since 1960 the Overlapping and ernnplenw’nt- 
baiance sheet totals of all Swiss j ns y, e fi<j ur i ar y business is the 
__. srB V sixfold to large and diffuse business of 
s wFr 370m but m the same 3Sa? , management which the 
peTiM their foreignassets rose Swiss hank?, and parti citlarlv 
by 16 times to SwFr I25bn of tiie pm are banks . ^ as part „ f 
which SwFr 87.3bn were de- th* Swiss - universal bank " 


nominated in currencies other 


approach to hanking. Figures 


than the franc. It is thanks to hm . ar „ hard Vl by . Dr . 

the funds that are funnelJed into Nic£ , Ja , Baer. a director «f the 

cHL° t ? a ^? 1 T t i ierla0d , tha ' ,h ? Swiss Bank Julius Baer, esli- 
?™ banks _ balance sheer total ma -,, d re « nl , } . m the K«e 

i 5 SwFr 58.000 per head of Zueri - her Zcilnn , each of 
popufeticm. more than twice the Uie .. h three" Swiss banks 
sum of the worlds next most arc maP ^;ns funds of- between 
banking-oriented country. West- Sw Fr This TOniparv ^ 


Germany. 


viiUi the funds under m&nage- 


In turnover terras the largest n»ent «:f the .Morgan Guaranty 
international activity of the Trust »>r about Sw.Kr.‘40-50bn. 
Swiss banks lies in their involve- . 
ment in the vast Eurn-franc FiPPnnWPr ' 
market, the third largest Burn- * 1 ^ Tf . Ci . 
market after those for ih«» dollar V/itli tin? tort »>f financial fire- 
and the D-mark, and fully two- power tt is no surprise that the 
thirds the size of the dollar Swiss banks play a crucial role 
version. At the end of last year nut only .in placing borrowings 
the Swiss banks’ liahihf ip* to de n« *m i n«il vd m Swiss francs but 
foreign banks totalled SwFr filbn in the international capital mar- 
equal to 53 per cent of their kef as a wlmle. It is widely 
total foreign liabilities, in other estimated that somethin; like a 
words about 70 per cent of the half of all Eurobond issues are 
inter-bank business of the Swim now placed through these banks, 
banks takes place in the "Euro- fiorng the 1960s the hie 
rranc market This underlines Swiss hanks were content to re- 
the fact that the Swiss money ntam largely on the receiving 
market is outside Switzerland — end of such issues They wore 
a development which no amount cauIl01i4 in „ l0ir attitude lo- 
af persuasion by the Central W arri.< th( ? Kurobnnd market. 
Bank has been able to prevent, remaining un convinced of its 
Tn addition, the balance sheet permanence. Their reticence 
totals, of the Swiss banks lies also sprang from a "more 
their fiduciary business which rigorous attitude than is 
has grown from some SwFr 5b n prevalent today towards the 
in the middle ’60s to a total potential conflicts .between 
today of over SwFr 55bn. Fidu- managing funds and managing 
riary 'business involves a Swiss issues. Finally they suffered 
bank making investments and from a tax disadvantage — a 
accepting deposits in its own Swiss stamp duty bn new issues 
name but; by contractual agree- — which was an>additionaI deter- 


rent until it was removed in 
1974. 

During this decade ihe Swiss 
banks have gone inio the issuing 
business an a big way. although 
tax considerations still lead them 
to organise their Euro-issues 
frnm outside Switzerland. The 
Institutional Investor's " league 
table ” of international bund 
underwriters puts all three 
Swiss banks, together with their 
overseas affiliates, among the 
top eight international bond 
iMuing houses. 

The domestic criticism cur- 
rently levelled al the Swiss 
banks is largely based un a feel- 
ing that it is the skill and 
secrecy of the Swiss hanks asset 
management that has pulled 
money into the Swiss franc and 
given the currency a value 
which the rest of Switzerland 
finds difficult to live with. This 
value is further bolstered, the 
critics say. by the interest flows 
on Swiss franc borrowing which 
are the derisive factors behind 
Switzerland's current account 
surplus. 

No e>li mates of what propor- 
tion of the managed funds are 
in Swiss francs exist, but the 
official figures for the fiduciary’ 
business may be some guide. Of 
foreign fiduciary deposits total- 
ling SwFr 49bn just SwFr lbn 
were denominated in Swiss 
francs at the end of 1977. The 
lion’s share was denominated in 
U.S. dollars. Evidently the 
attraction of the Swiss banks is 
independent of the lure of the 
franc. 

The Swiss capita] market is 
open to foreign borrowers 
through three channels — syndi- 
cated fixed rate Swiss franc 
bank loans, privately placed 
medium term note issues, and 
long term Swiss franc bonds for 
public subscription. Of these 
the sharpest growth has come 
in the issue of the medium term 
notes. Notes worth SwFr3bn 


were issued rn 1972. nsinc In 
SwFr 9.3bn last year and a total 
for (he first nine months of this 
year of SwFr fi.nbn. 

The notes have a maturity 
averaging about five years. They 
arc non-negotiablc and. because 
of a reerni diktat from the 
National Bank, they cannot he 
redeemed early. The central 
hank also ins is- is that such plac- 
ing.*. bo kept very much under 
wraps and its spokesman calls 
this secret system of private 
placements a "holy row never 
to bo slaughtered." Apparently 
the reason Tor the secrecy is 
that the National Bank wants to 
insulate the Swiss mortgage 
market, which is politically im- 
portant and financed through 
the issue of Kassenohligationen 
of medium term maturity, in- 
sulated from the prices 
foreigners are charged for their 
medium terra notes. 


Interplay 


The practice also prevents 
any price yardstick emerging 
which would provide guidance 
fnr the development of a rival 
medium term note market out- 
side the Swiss border. The 
Swiss authorities are very much 
against an internationalisation 
of the Swiss franc — that is nf 
letting its interest cost for every 
maturity he set by an inier- 
natmnal interplay of supply and 
demand. They have also been al 
pains to keep the valuable busi- 
ness uf deploying this desirable j 
currency in the hands <»f the , 
Swiss banks. It is fnr this rea- 
son that the central bank has 
assiduously prevented the 
appearance of a Euro-franc bond 
market. 

The volume of issues of Swiss 
franc foreign bonds for foreign 
borrowers has shown the slow- 
est growth of the three cate- 
gories of foreign credit rising 
from SwFr 3bn in 1972 to 


SwFr 3.7bn :n the first nine 
months oF this >?ar. Such bonds 
have maturities u[ in years and 
mure and have underNtandably 
been regarded a> too r’*ky hv 
some borrowers during ihe 
period of th»- n.-inu franc. An 
equally important <-on?!raiiit ha? 
been the market'.* capacity m 
absorb Issues uf Inna maiuriiy. 

In recent months there has 
been a eon?picuiius lack nf 
Swiss bond issues, pa men tarty 
by 1>.S. corporal Km? whose 
accnu nting c » n ven : ion s n ■ a kv 
ilium peculiarly vulnerable in 
the rising currency. A few U S. 
hanks have come to the market, 
most recently First National 
Bank of Chicacu, and Swis*> 
hankers are qu:-’k i» point nut 
that this mean.? that sophisti- 
cated borrowers now ?oo the 
I rant* as a cheap credit. A lax. 
ii probably ha? mure to tin with 
matching Swi<? franc awis 
than with perceptions about the 
future of the franc. Neverth**- 
li\v?. now that ihe franc is re- 
adjusting downwjrds hankers 
arc reporting fresh ■■nibbles" 
frum good quality bond issuers. 

Nicholas Colchester 












v vr 5 **! 

■ 

Is "• >* 
M’>u. " ■' 

fXA$A, 



Swiss Bank Corporation in Berne 




Seller’s market rules 
in domestic bonds 


Established in 1876 — A 100-yezrs-oid market. Famous for its chemical and pharmaceutical 
industries. Basic is also a t rcdiriowul finance and insurance centre and the borne of one of 
Switzerland's "Big Three" commercial banks. 

The Basle Stuck Exchange, a slate controlled institution. is one of the three most Important 
Exchange* in Switzerland. 

Turnover 1977: Over S”-\Fr21 billion. More than 2.000 Securities listed; U.5A* Switzerland. 
Netherlands, Great Britain, South Africa, Germany. France, Australia, Japan. 

In daily contact with financial centres all over the world. 

Fonrard and options transactions to a maximum of 3 months possible 

BANKS AUTHORISED TO DEAL ON THE STOCK EXCHANGE: 


THE DOMESTIC bond sector 
in Switzerland is at present 
very much, a seller’s market. 
Interest rates are running at 
their . lowest levels for nearly 
2(7 years but new issues 
continue to be fully or over- 
subscribed. Investors are faced 
with a rash of premature 
redemptions as borrowers repay 
what are often relatively recent 
floats so as to get back on the 
ground floor. Rarely has the 
customer needed so little 
wooing. 

Io fact, Switzerland's long- 
term capital market received a 
severe shaking earlier this y«ar 
when non-residents were 
banned from subscribing for 
new domestic paper. Intended 
as a measure to bring down 
the Swiss franc exchange rare, 
this sparked off an immediate 
slump in secondary’ market 
quotations and a subsequent 
rise m coupons. It looked as 
though the long-lasting heyday 
For Swiss borrowers had come 
to an end. 


Demand 


Foreign demand, however, 
turned out not to have been 
the important factor many had 
believed and the Swiss franc 
itself did not stay subdued for 
long. Issues by top addresses 
settled down at a regular 
31 per cent interest level, with 
less prestigious bonds up to 
about 1 per cent higher. 
Primary sales went well enough 
and the secondary market 
improved sufficiently for the 
interest rate to drop again. 
Today, cantons and cantonal 
banks are asking a straight 3 
per cent for new bonds, the 
market having returned to and 
even surpassed the point it 
reached when — just about the 


time of the non-resident invest- 
ment ban— the City of Zurich 
dared a 3-per center priced at 
99 per cent. 

Demand in Switzerland itself, 
particularly from the institu- 
tional sector, is definitely heavy 
as investors seek outlets for 
ample and frequently excess 
liquidity. The term “ invest- 
ment emergency ” is more than 
just a catch-phrase, since at 
present there is too little new 
material coming on to the 
market — even with foreign 
buyers nut of the running. 

In the first nine months of 
this year, it is true, 136 domestic 
issues were made on the Swiss 
bond market, compared with 110 
for the corresponding period last 
year. Their nominal value was 
up from SwFr 4.92bn to 
SwFr 6.Slbn over the period. 
However, the value of what Lhe 
Swiss call conversions — issues or 
part-issues equal in nominal 
value to maturing or prema- 
turely redeemed bonds — jumped 
from SwFr 1.43bn to 
SwFr 3.1Sbn. This meant that 
the actual new money call on 
the market was almost un- 
changed at SwFr 3.63bn 
(SwFr 3.48bn), this at a time of 
a rapidly appreciating currency 
and a resultant desire to lend 
out for repayment in Swiss 
francs. 

Nor has there been any ex- 
pansion in net borrowing 
activity in the current fourth 
quarter. Although the calendar 
— since slightly pruned— fore- 
saw issues worth a nominal 
SwFr 2.52bn, “ conversions ” 

accounting for SwFr 1.09bn of 
this, the net call rm tbe market 
is rather lower than in the 
fourth quarter of 1977. 

There are no signs of any 
rush on to tbe market by 


borrowers. Funds are plentiful 
in Switzerland at the moment 
and there is a reluctance to 
borrow money on a stockpile 
basis. Noticeable by its 
absence from the market since 
as long ago as February, 1977, 
is the Confederation, tradition- 
ally the biggest borrower < in 
1976 alone it issued a total of 
SwFr 2.75bn-worth of bonds and 
bills). National Bank vice- 
president Professor Leo SchUr- 
mann said last month that no 
Federal bonds were in the pipe- 
line cither, and added: “The 
Confederation reserves the right 
to carry out premature redemp- 
tions." 

Conversions 

The issue policy of the Swiss 
State over the next few years 
will be marked by large-scale 
conversions of ok! bonds, with 
peaks of between SwFr l.lbn 
and SwFr 1.95bn annually in the 
period 1981-83. It is possible 
that new money market instru- 
ments may be used to ease this 
accumulation of maturities. 

There are oth.er reasons why 
interest rates are likely to stay 
very modest in Switzerland. 
First and foremost, inflation is 
running at its lowest level since 
I960r—only 0.4 per cent annually 
last month — may fall further ur 
even turn negative. In its wake 
bank interest mortgage and 
other rates have been falling 
rapidly. SO 3 per cent is much 
more to a Swiss investor than 
might appear to an outsider. 

In addition, the National Bank 
is determined to keep interest 
rates and inflation minimal 
despite sharp money supply 
growth and is prepared when 
necessary to intervene on the 
capital market Up to now such 
interventions bave been 


negligible and 41 made to 
measure" but they need not 
stay that way. The National 
Bank might release some of its 
own bond holdings to the market 
in the first quarter of 3979. 
when demand is likely to be 
seasonally strong. 

At the same time the Swiss 
franc — though well below its 
September records in terms of 
other currencies — does not 
seem like showing any real 
weakness. There was some 
nervousness on the announce- 
ment of the new monetary pro- 
gramme of the U.S. early this 
month but the depressive effect 
on domestic bond prices did not 
last long — even though the 
City of Zurich prudently with- 
drew a SwFr 75m issue which 
had been on the calendar fur 
mid-November. Certainly not 
much currency risk seems to be 
involved in lending to Swiss 
franc borrowers. Non-residents 
may. incidentally, now re-in vest 
proceeds from the sale of 
domestic securities in other 
domestic securities, this being 
one of tbe October 1 relaxations 
on February’s stern non-resident 
investment ban. 

It remains to be seen whether 
the coupon will drop any further 
on Swiss bonds. The 3 per cent 
mark is seen as both a psycho- 
logical and a technical barrier, 
especially for institutional 
investors. There has been talk 
of a drop to 2$ per cent, though 
this would probably be preceded 
by a lowering of yields through 
the lifetime of issue prices to 
above par. A development of 
this kind does not seem 
impossible, particularly if 
inflation declines to zero. 

J.W. 


ADLER BANK BASLE LTD. 

Marktplatz 32 

4001 Basle 
TeL 25 75 75 

BANK AND FINANCE COMPANY INC. 
Aescbengraben 9 
P.O. Box 140, 4002 Basle 
TeL 23 32 00 

BANK FOR INTERNATIONAL 
COMMERCE LTD. 

Aescbenerabcn 25/Parkweg S 
P.O. Box 1352, 4002 Basle 
Tel. 22 56 00 

BANK HEUSSER & CO. LTD 
Dufourslrasse 25 
P.O. Box 1232. 4001 Basle 
Tel. 22 IS IS 

BANK ROHNER LTD. 

Steinemorstr 39 

4002 Basle 
TeL 22 72 72 

BANQUE CANTONALE DE BALE 

Spiegel gasse 2 

4001 Basle 
TeL 25 80 SO 

BANQUE HYPOTHECAIRE 
DE BALE-CAMPAGNE 

Etisabethenstrasse 30 
P.O. Box 22. 4010 Basle 
Tel. S3 15 55 

CIAL CREDIT INDUSTR/EL D’ALSACE 
ET DE LORRAINE 
Marktplatz 13 
P.O. Box 216, 4001 Basle 
TeL 25 SO 33 

COOPERATIVE CENTRAL BANK CO. LTD. 

Aesehcnplatz 3 

P.O. Box 524, 4002 Basle 

Tel. 23 S4 00 

CREDIT SUISSE 

St. Alban-Graben 1/3 

4002 Basic 
TeJ. 23 10 00 


DREYFUS. SONS & CO. LTD. 

Aeschenvorstadt 14/16 
P.O. Box 345, 4002 Basle 
Tel. 23 22 90 

EHINGER & CUE LTD., BANK 

Rittergasse 12 
4001 Basle 
Tel. 22 11 80 

E. GLTTZWILLER & CIE, BANQITERS 
Kaufhausgasse 7 
4001 Basle 
Tel. 23 S8 33 

HANDWERKERBANK BASEL 

Aeschenvorstadt 2 

4001 Basle 
TeL 23 58 55 

LA ROCHE & CO.. BANKERS 

Rittergasse 25 

P.O. Box 461, 4001 Basle 

TeL 22 15 00 

A. SARASIN & CIE. BANKERS 

Freie Strasse 107 

P.O. Box 1122, 4002 Basle 

TeL 23 00 55 

SWISS BANK CORPORATION 

Aeschenvorstadt 1 

4002 Basle 
TeL 20 20 20 

SWISS DEPOSIT & CREDITBANK 

Schifflande 2 

P.O. Box 2216. 4001 Besle 
Tel. 25 66 50 

SWISS VOLKSBANK 
Gerbergasse 30 
4001 Basle 
Tel. 25 88 55 

UNION BANK OF SWITZERLAND 

Freie Strasse 68 

P.O. Box 1131, 4002 Basle 

Tel. 22 22 33 


BANK NOT AUTHORISED TO DEAL ON THE STOCK EXCHANGE (STOCK DEALER): 

H. STURZENEGGER & CIE. BANKERS 

St. Jakobs-Strasse 46 
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18 


SWISS CAPITAL MARKET VI 


K*»al Times TueMw toimlm'mt&l"*--::: ' 

■■ .. t r'rr“ . . . . . ;s/ V.-^. pgj'jJ * 

• ' !•.*"' • '• *■.'*.- . 



Bank earnings 









assets 



:■ , -■'.>• : .*• ’*.’ r * j VT*. - \ 


IX FIXAXCIAL terras last year 
was a good one for Swiss bank- 
ing. A report, just issued by 
The Swiss National Bank shows 
a 10 per cent rise in the operat- 
ing profits of the banking 
system as a whole in 1977, with 
the combined balance-sheet 
total of the 550 institutions sub- 
ject to banking law up to a 
record SwFr 3 69. 62b n. Despite 
the serious shock to which 
bankers were exposed by the 
disclosure of the “Chiasso 
Affair" — in which some 
SwFr 2.2bn of clients' funds 
were mis-directed to a Liechten- 
stein holding company — and the 
series of subsequent moves to 
bring banking under closer con- 


trol, business cannot be said to 
have suffered to any extent 

For 1978 it seems that pro- 
gress will not be so marked. 
Although the volume of total 
assets of the 71 larger banks 
continued to rise on an annual 
basis, expanding by some 6 per 
cent from August to August 
profitability appears to have 
fallen off this year so far. 
Reports of the major banks for 
the first three quarters all point 
to less favourable results than 
In 1977. The Union Bank of 
Switzerland is already reckon- 
ing on a fall in its operating 
earnings of more than 10 per 
cent for 1978 as a whole. 

There are a number of 


reasons why the banking busi- 
ness looks like paying less this 
year. A major consideration is 
the narrowing particularly in 
the generally unsatisfactory 
third quarter— of the interest 
margin. Rates have been fall- 
ing fast across the board this 
year, not least in .the Ugbt of 
an inflation percentage little 
above zero, and banks have ex- 
perienced the inevitable time 
lag in adjusting borrowing rates 
to those on lendings. 

The high level of the Swiss 
franc, which ' in September 
reached a trade-weighted peak, 
has had a corresponding effect 
on foreign earnings — and to- 
gether with the host of controls 


on non-resident 
Switzerland, on 
foreign exchange 
Balance-sheet -totals tended to duct 


in in the wake of the Chiasso banks. The motion, which is domestic *” isine 2' 


holdings in in the wake of the Chiasso .banks. The motion, which is demesne 

profits from scandal for better control of backed by .the .trade union move- quite-apjU* VJ 

e business, their business. A- code t>f con- mart, foresees a substentiaLtit; ; wo.uld mfW®* 

concerning identification weakening -of., the _ banking. epuntnes’ fiscal laws in ■ 


fall in the third quarter after and acquisition of Foreign funds secrecy principle— particuiariy land. %LL„L^rU * 

. . . M .. = — ^ =_ — «-*-*» — — i-resident As.it stands, and because:. it ■. 


having begun an overall decline was signed in double-quick time in connection with — - - r.o ^r.- 

in July, though this does not in June 1977, and in October the m. avoidance randjhe.atomnts is -hacked - by^vj? 

banks are 7 


m July, though this does not m dune mu, ana in uraouer me w* «uu uic.awwJiui is -aaciveu r~ • - - a 

apply to all banks and was Bankers’ Association thought it of resident self-employed motion is finely ta - be- turned ^ 
largely a technical result of a necessary to introduce guide- sons— as well as further restrio down when ft finally 
voluntary reduction in inter- lines on in-bank control systems, turns on the influx of fugitive before the voters. ■*■ 

bank transactions. These moves did a lot to money from abroad, plus ex- '; A ' fat >un<* that 



lO 5 


I- ' ; m J , 


..«■ - 

V ’ 

'* 3 , ■ 

m ,r 
c 


on the institution of Swiss bank- Since then fewer points of de P° sl t insurance. (A- move, 
ing from a number of quarters difference have arisen between ?* ei1 °ntsid.e this framework- 

Last year the banks had been the banks and the powers-that- ]® p ^ e - a . 

thoroughly embarrassed by the be— even though bankers often JKjf? 1 * ““JJJJJ* .<,h the sluggish economic =sitoa-- jgJSgg 

stern call from the authorities complain at the various restric- fa,le * to ge * throu « h . and the • thortnghly ^^^ . 

“*■> • •• • 



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London. 

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Branch office which undertakes a complete 
range of banking sen/ices. In. addition IBJ 
operates IBJ International Limited, a whoify- 
owned merchant banking entity which arranges 
term loans and provides underwriting and 
advisory services. 

Frankfurt. 

The Industrial Bank of .Japan (Germany) is a 
majority-owned subsidiary of IBJ. being jointly 
operated with Deutsche Bank AG. it offers full 
banking services with main emphasis on loan 
and underwriting businesses. 

Luxembourg. 

The industrial Bank of Japan (Luxembourg) is a 
wholly-owned subsidiary of The Industrial Bank of 
Japan (Germany) working in dose cooperation 
with the parent company in providing medium- 
and.' long-term loans’ and handling securities 
transactions on the Euro market. 

In addition 

IBJ maintains representative offices in Frankfurt 
and Paris which act as information centers, 
providing access to the comprehensive knowl- 
edge IBJ has accumulated in serving Japanese 
industries. 



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Telex 883411 Frankfurt Rapruontatlvo Offfca: Phone (081 U 230781 Telex 41 3132 The Industrial Bonk 
of Japan (Germany): Phone (081 1)230761 Telex 41 4939 Paris Representative Office: Phone 281-55-13 
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12, rue St-Victor - CH 1211 Geneve 12 
Tel 47 25 25 - Telex 23 923 keul 


tions on their operations and on 


the development of the Swiss 
financial centre. Today bank 
spokesmen stress their approval 


Secrecy 


Although banks, are doi»g mdre\^^: ; 
"than before to support: 
industries and : to vflriafta.£5£ 


of monetary and other official mnHni , U -exoorts the slogan 41 

measures nther than their dis- .neMOratre - of 


up and support tne banxs. b anfter ; not only asa daiiget to>ore to go . against : tiraSR .nw 
More in the news today is a their operations but also to the- jnstincts ixt . engaging 


referendum motion of the Social Swiss economy as a whole. ft structural development' P^hjCYV^ 

Democratic Party, an idea first would, they say, reduce winter* for hard-hit regfons or*.eeomra}p 
conceived at the time of Chiasso national operations. which help: sectors. Yet the first to; 1 are 1 g 
but sinee aimed generally at a both the balance of- payments hard— the N idwal den 

I reduction of what are con- and the export ' industry aPdT Bank — has . already ? i ^^tS : 5ha=\irorii 

sidered by the Left to be the banks would be less .-able to financial difficulties for-just thiy- 
excessive privileges of the supply 1 cheap. <apiW . . ' for^reiason. 








- Vlw. IAm 


Rsaftr-r a 
• ■ ' !nar-?r ■ • r 

; B1SC rr?::r- 
.. fct ^ 

‘ SET’;:^ 

' tSCpiir-,-.- , 
sii,;;.: tsr; Ijic ' ,.„ v . 

m-ji-.-v , 




•v t •: w&i'. ^ ^ 

-• : y ■ ^ksr/i r** It ~.. 

V • - - • • r • '• --v-V- • •. ■ L »r* - 

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•f i’-c r *':'C ;J, .'>} r.'r ■ * i- •- 

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>:.5 


• *4 -ov %'A - ' -• - ' 


IS one of equity investments also applies the absence since February "if J 

1 ' the - that ' fnmimi . . * • 


rxs USANCE ^ 

Switzerland's leading senice to non-life insurers: another foreign investors * from ^ibe^ --iha£: foreiCT^tevStMti'n^ 

industries. total premium nde limits property holdings by domestic seoirity. ,si^or.;thMV'fundiun'^htanFrifMPpOTt.ui 0 r'; . . 

rare nn.-l thnea iHimnonioc *n Afl nAv mi(I • ^ —jl "*i* Fill -T 7- ‘ - iw_ 3 ^ 


income of Swiss insurers and these companies to 40 per cent is dot ehbi^.ntew'paper to go' foreign iiabmties, 
reinsurers having reached some of the capital investment totaL round. ;, • - -y yyytive- yala^jof .j 


SwFr 17.7bn in 1976 aod likely The nature of their business yr ' i* : "-w 

to have experienced noticeable means that the life companies.-- T xawpcf 
further growth last year. The have a greater .'long-term -Ir^vVTC^l 
country is also one of the classiff element in their investment j; 

centres of international plans than other insurers. This in aaomon. seuery content -"af totef hi^tmAnTB rnjr - •• w ^ y<ir^r-^_ 

business. With the highest per results in a much larger involve- TOD &kons have brought ^ v s . ^cherz.-, ‘ 

capita export of insurance ment in the property market cjWnsy-down to vthe lowest': T Ks-.> . ■* 

coverage in the world. Well over half the total capital I^Js snrce the 1 950?. iJL 

Switzerland has a foreign share investments of Swiss life offices fa ct- first-class domestic bar- . jumraAc* ' Ti nHn' &a .* iii.-' 1 

of policy earnings second only are in property and the rowers are today paying only. 

to that of Britain. mortgage market. Typical major 3 P® °° t»«w . t^ues — 

The importance of this sector companies in the non-life sector S® 65 band 'rifb ‘8 c a^i n b olid ing ^'PrPiTrt'i-Jtyb ;■ 

of the Swiss economy is show a similar predominance of ot . maturities and. 

mirrored in the substantial bond holdings. redemptions on exh 

capital investments of life assur- The property market as one with - . the certainty. . Of hrwer. } n g -' ~ fp V Siftgmes J v 
ance. non-life insurance and of the mainstays of insurers’ interest on .new commitments, national, wrporstions^ Seeoodlj*, - 

reinsurance companies. Total investment activity, has seen Since mortgage rates' have 

investments are put at some- better days. The building Indus- been’ falling fast, inmirers are .looldn^y&y.ioterestiag-friy^v -. 

thing likp SwPrfiOhn of whirh trv. which bad been boomine becoming worried about - ‘the- -Alll^anilw ivA>AAm<»*r • " ’ ' 

an 

Switzerland 

remainder _ 

Zurich Insurance concern— the dwellings had been put up and whidt -For. UFe assgrcry hag:begA ^ 

country’s biggest — alone records the number of vacant flats began 34- per, cent. . J - ' A,'; After '"tfie; ' 

FJ /ol pitaI r toTC f meots of ? increase. Demand for new’ : Nw is’ tflere ^ •• * 

SwFr4-8bn for the parent housing, it is believed, will not growth in demand -'fom public ments tlirNatkmal •Bank'lrtditt 

undertaking and no less than this century return to 1973 aiithortti^’ for insurance^mn- baSss,-;-.' 

SwFr 12.17bn for the entire levels. Insurance companies pany^ ^ lows. .IPnbHc .spends 

amtinue to invest in new build- some df >hici -'was' bbyered. .by:X?T ^ 'Wer?:-di3(^ermg. 
ing projects, however, as the loans of this kini to cantons' 80 «^Jtita:'ban-&it^t)es sch-Sr:.,’ - 
need continues to tie up large and communes;.- is restrained ?* 

sums m long-term assets: . -and -such money .asJs , need^‘ -V 
As hy far the most significant. The fall in construction acti-' can beobtaihedche^&byiiaaif'J^^.-l^ro^Wfis^^fiQ^p^.rr 
group of Institutional .investors vity has led to a decline *n issues. Recently* a. trend - is 1 ^ 1 4fc§I3e^ioBc^5^|A- : ^ 

in Switzerland itself, insurance mortgage demand. With nwr- reported 'timrds-.viae ^uran'ee ^?P^^^^^ c a^^ ,: ^ 
undertakings are today faced zero inflation ' an increasing company ioans-- to help meet^ ^ ; 

with several problems.- A number of mortgagees are repay- budget ' -deficits': ' of local ' 

number of federal regulations mff their , mortgages, while authorities: : : '•» '-’J' ■£: . 

govern the investment activities insurance companies and hanks *, M 



."S tt.. 

■ 

J* M f p k «t'edr 

X«*hU l! re 
^ 19M 

■|tegT5?’ 

100 tn 

lo 



group. 


Govern 





funds with exclusively domestic At the same time insurance cate 
portfolios, unlisted private- company -investors are con- capital 


enterprise bonds and the like, fronted with the shortage* of terms of -fOrefm -«SrS^ 
while participations in outside material on the bond market. SStential 
companies may not exceed 10 Although they have something element of 

per cent of the capital of the of a priority position as the lation Jntn S«ri*c gWW^:«ireiiaaOsr'^ 

undertaking m which a stake is biggest and steadiest clients of 
held.. A 5 per cent limit on distributing- banks and .despite; 


^■“anri^PiOl 
fitter 
feasj 
10 fine 










Financial Times Tuesday November -28 1978 

r * 

Paris Opera 


Soiree MacMillan 


by CLEMENT CRISP 


The Queen's Gallery/National Portrait Gallery 



19 


Holbein and Moroni 


bv DR. ROY STRONG 


The saia audience assembled far. hut does so with the drcpe*.t 
for the first performance of ihe conviction — could provide tic* :en 
Opera's Soiree MacMillan m«*t theme*, that could go *-v« n 
have wondered what kand of fur ther too far. - InipOSSil’k- uni 

been p ajed on them as ;ne cur- numerous in lai* l»rh ronmn- 
tup fell on Les Quutre Saixona. ta>tc which, in Uip Operas m-.n 
This was the opening piece in a fo* er de la dance. kPtfm* a (jrntidi' 
triple biH in which MacMillan hjiruanta/c'* idea of ParnahMjs. 
has been honoured as The flr*t M #l in Qualrc Saivm.t the 
Briton to provide an entire hallet ^hon^'or fSiSRrl? ihe 
evening at the Opera. The idea Bacchus entering astride a car 
or starting with a revised ver- that reveals itself as an immense 
sinn at fne rmur Sea&rnv was irrbuti* u, the male' Rennaha; 
e r C io« ‘ -A the gauzy skirts hugging the 

ot JH53 was \ erdi ; first roinmis- danseuses’ ricrrifeTds with a 
sion from the Optra: hi.s ballet dainiy eroticism -that 1 . can be >cen 

. music, (which is r 

■ . gcora) was a sop to w 
abfnt^x -'morr inrere 

- than, vocal chords: MjcMiliaiis floundered nor lea ct because the bv 
.divertissement Is full 


The Queen'* Gallery rxluhi- 
l rum? have alva>s suffered from 
< being quarts t»uural into .* umi 
like pistons ever the tablet and • not. Holbein and the Conn uf 
the neurotic. erotic mood ‘ Henry 1 1 J i> at last ,»ri cvlubi- 
hccumes very icn.-e. Khalfouni i Gun "hull is right in scale 
wnd Bart were both eyed I cm: I There i* .m immediate iilcj»:int 
Klialfoum. a jiallid i iclim en.my- i ‘ imi.i1 hal.im-e !)et‘\e<-n the 
ins her laic, nave her role a !**nehur pi.. lures und ihc l„ng 
morbid sensuality as she wa- : s»-ne« or drawing-., .ill inri-e-- 
manliandled in a variety nfjeabiy hung at cji* level 
arroba tic /passionate lifts: Bart's J and each given room in 
Npced and imppliio.-ily uf leni- breath. Our cnt-oimicr in wtih 
pnritment made the ventral male 'the cnnicnis of the prc»t bool - 
rule as disquiet me a< that of. of Pu-turcs done by flounce 
the lunatic Lcachrr in Flindt’s Lu.Unlhyn .of i-crrryne Lord vs, 
Lecnn. | l.adyej,. gentlemen and gentle- 

. i women in kin? Henry ihc IS. his 

* Vetobolf* rurtam-fatl the lymc .~ ns ,h Cs e *,ere fir.t 
audience had forgiven, if not fur- * rerurded in :*n Eti.::.heth:,n 

longer in mar 
anishM. thnv 


exhibitions of pictures. Draw- 
ings. miniature-, bonks or the 
decoram e arts have only figured 
so far as props t often to j>ct?p 
the visitors away from .1 valu- 
able picture 1. une of the most 
memorable post-war ex !v Minins 
was Of 1 lie ro>al silver. Not 
everyone is picture urieniatcd 
sr* th3i perhaps the Holbein 
display is an indication that '\e 
are at Iasi to see a wider con- 
spectus of the collections 


him trio taii.-.r hoc j'; ihe force 
of 23 original idea. :: man at his 
work taiise emting mil clo'.n. 
Never happy ai any w irk »i:hT 
than that uf portraitiir.* Moroni 
manages to make ins n care- 
fully coni rolled >ln«enic:V.. one 
strong enough 10 on Id ii> «-i.*-n 
even in the face of Tsi kin's long 
reign in the capital riiy 

The e::hibiritin take* on ihe 
Story of the development of the 


pfdien. f.CK CHiaiTC Junxoitr: after ; inventory Now. nu 1 

„ the final Song of Inc Eanh they 'hook, long since va 

MacMillan’s in ihc huiMme'c own statuary: were aware that they had seen a arc niein-ulou.sly sandwn hed 
cm over the ail proved loo murh. And inn masterpiece. The programme hn ween sheets of acrj In- iloa ting 
sled in legs much for the dances, which was far 100 long, and nnl holpoct | their mounis. 


interminable interval'., but 1 


.. - — ■ - — , — - - _ Here for anvunc 1* a couple of 

. . Of gnod Operas artists Nncmed 111 al ca-c Song received a fine perfonn- , hou f • , Vo need 

? a ^ Ce i 5, J- 1 ? rrwork,n ? the in Th p »r outfits. Three dancers ance. and on ihc grand expanse : fco , 10l ajf v JnH-ii imf d h reveh 

• fnitia. balls hi le. the rhnreo- managed to shine from arnonr a of the Opera Plage it looks ma?*i j nc j n 3 1 110^" man-el Imii dr-.w- 

|rapher has tightened what was large ca^L The prodigious mficenl. There was a sttund ! “ h Jf "rina 10 lift 10 » 


-.the weakest section or a charm- Noel la 
- in;j work. virtuo-o 


For design he tamed tn B.irrv darkled in Autumn: ihe Opera \ ft* 
ar. and-cUTUm rise showed rhe r.«w >nuns star. Patrirk Durond. ws 


ft*r the Verdi and 


Poniuuc. a 1 hnllLint orchestral performance under : s}MI -,i in n dc^re'' the court .if 

daneer. .spun and Stewart Kershaw— the playing ; H< . nrv So puwerful are 

P:”V I l. < l u ’ c ! tl'gpe images and so immediate 
our psychological involvement 

, IIV -. - . -> . , , , . j with them that one understands 

amusing l v sot with pillars Vni"e Ration as he flew through the mg or the female vocalist in thc wliv p. r iy 4h hisiow befnn* that 
plastic hubbies to simulate spl lD k' variaiinn: an entrancing Mahler. Song was dominiiled.: period sinks s-. oiiiekri- iniu □ 

clouds, and (our seasonal riivini- "^corner Frr.nroiw Lren-e. and made parliculnrly glorious. haze nf anonymity. Holbein-, 

ties skied hieh above the dance .V* 1ru - S racc ,n ltu ‘ dancing of Jean i.uiicrix supreme cnnirihulirm was m 

area on plorres. The audience tfte aam e section. as ihc Man. t.uizerix. as I have j mtroduec !■> Tudor Enulanrl the 

applauded: the roneeir wa-- ease i 5 rh^ ,h a r, c p asmn 10 note before, is- new renaissance ari form or ihe 


Kay. andsrunain rise showed rhe n r w ' nun S ■dar. Patrick Durond. scores' had been admirabl 
vastnew of the Operas ‘ta'ge. amazing ballon and though 1 was not token b. 



which \ be' focus will ' be reversed ™ i> i n 1 6th «□ 1 u r;- Europe 
and Ihe pictures will be o-ops ;‘ fter lhe d<,ath " r Molbe,n - 


pictures 

to show off drawings, silver, 
stamps, armour, tapestries, furni- 
turc, ceramics. iu name out a 
few* other unrevealed arcus of 
richness within the 
Collection. 

In contrast (hr small exhibi- 
tion at (he National tialiery in 
commemorate the -100th 

anniversary of the death of Ihe 
pamier Moroni does have pur- 
pose. Allan Brabant m his 
elegantly written catalogue pin- 
points exactly the virtues and 
failings uf this laic lfiih-cenrury 
painter who passed his work in 3 
life almost exclusively in the pro- 
vincial town of Bergamo, ’hen in 
pan of mainland Venice. His 
clientele was its governors. i:s 


Moroni's power lies in his 
adherence tc* the early renais- 
sance preoccupation with the 
___ _ reality of ihe -litter. The two 

Ttcivj'l handsouu- full lengths of gentle- 
men posed against ruined 
classical architecture with the 
knightly attribute of nieces nf 
armour in hand, never lead m 
ihe face becoming the mannerist, 
mask nf a Bronzino. The 
portrait nf a scholar is a study 
of a dignified old man firs! and 
of a man nf letters second. Mos* 
of all do not miss the astound- 
ing likeness of Count Lupi. 
Using a 15th century formula, 
a head and shoulders placed 
behind a mantle wall, hut apply- 
ing 10 il all the skills nf the 







Foliiss Berqen' But it ic dan" i* Zr, 7 "" ' m ,u“ * rt,rp rn,fk 1 have "» n * ^rious. thnl- HarHy. 
gerous to '’make fun fh«mr !" p l a * ,in « in dignity and in dynamic 1 ilaiierv 


local arisiociaia. its. pTt>t«>s>ivvnal renaiss.-r.ee artist in achieving 
Classes, even its trades p-.iDic. the ultimate in optical illusion, 
for who cnuld ever forgot the tlic resuli 1; a confrontation as 
legendary Tailor who preside 5 unnerving a- ihni with the 
as : the Ruins focal point of :hv earliest photographs 300 years 
exhibition. As Moroni observes years later. 


Riverside Studios 

Music Projects/London 


Holbein's Unknown Lad)* 


bv DAVID MURRAY 


Piollet t was eveellentlv iudeert . 1 tlnfhrin •-fplim'nrec rtnsi in ihn 


either. had f« i»i r 1 1 y 

, n (hm nvr-r V“"-' VT. "" ?•*' »n« m dignity ana in dynamic iianerv -. r in. Thorn o no 

v-oil-meantl about a nation's Hei- i DutlhMw "^Bar!?*" K'lv , r ? nSe ' Th t C ' t,a,3n h Cr Y' 1 ! >"* ™P» l *' CiflnM 

foibles and then offer the fun Ul1 , rr} . h , d> Mornun 1 taken by the Rifted and Sow thweU'* v-.it wars or t ho Earl 

KJt n«ion>" mui r „«5 L tSI T*j£. ^ n " iliw,y rcslraln ° d ^irndo : or Bedford' 5 blind cy, Al.hot.eh 

bouse prrcepliblr froze as Kav's cir.le 3 

fantatto * — x 
themselves — [ 
feathers, 
pines 
ifmis 

costume ' ' ?""'*• ,#U!, " n «i“v oaai riojiers technical ease — exqui .. 

• ^ tount. in a long dress the cm our sitr m such small steps as the! one is a n-velalum of a hunvm and the smell nf -ctssors and no Anne Bnlcjn. no Catherine they made Iheir London d.hur henuiifnl. Each unni-ensemhle 

' : I feel that MacMiPan’s dances of raspberry sorbet — which i- sequence of liltlc beats in the being, a lotal envounter for the paste u just *. nitlv too strong Howard, none of Henry'- jisu-r. on' Sunday afternu*in witn v. a - impeccably balanced, and 

pavp now fallen twice victim in torn off to reveal a maillot nf final song — wan a continuing joy. nnloakcr. IVlini v.anily and pndo. times. In mher .vurds there is Were thev all nc-cfsarilv prcli- Stravinsky and Dvnuimcx. a their strengths were even — 

d i 1 * dc?l 5 rn - Presented, as the same hue — is their plat flu As The .Messeniicr. Patrick What meanness and serenity, no line of a.-_un«?nr. n«» new mi.nan- :o a piclure? One large, leisurely, neglected BnitW though I thought ihc string -ex- 

Balanchine offer? hw gleaming jour. MacMiilan prefaces the rmpnnd wax impressive. His e\- : wliat dimness and sweetness, revelation tr. niak.- 11- rethink wonders. work of the mid-fiOs. There is ;et a irifie bland, and was 

Tfc & ivn divertissement work with a quotation from The heme youth and his darting Iwhnl inicJIcct and Mmygcrj I th-*.-e amazing drawing*. The IV e arc -0 brainwashed that a version of Domnines for soit* especially laken with the rrisp 
to V^rdi s Don Carlos music, in Ballad of Ftpading Gaol (Vet m;. } p - ;i 've the pan an innocence i Here is a parade of virtue and most we get ar.- fragments; a vvi? in fact fail ;<? see Holbein clarinet, hut in the expanded precision of the quacking trom- 



distinrt from elegant variation, 
he did not suggest it: '.ui per* 
hans iliere isn't, and in any case 
his sinuous exposition of ihc 
ela wrote music of cu--h 
•• domain" wjs cunvin-ing and 




the Amplest costuming, the each man kills the ihing be that was markedly effective In 
choreography could speak for love? . . .1 and wc sec Khaifo'.ini ihr iwo scherzi— Vjr youth and 

lt«Hfiaml win an audience. But as rhe repast for Bart and his Of Beuutv a pair of beauliful 

poth ; Peter Rice's domestic companions. As in fta Grande 1 011 ng dancers. Franco! se Leprae 


Italia* decorations for the Royal Pouffe, or the dinner scene in and rilntildo Vavcr were per- 

Ballefs staging, and Barry Kay's the film of Tom Jones, eating fccily cast. How pleasant it 

. tww Pelio on Ossa of plumes, and eroticism arc correlated. And would br were there an entente 

centaurs, amazons and as the audience discovered, cordiale between the Opera and 



vice not to he missed. imle more research on a sitter, within the perspective of his age draft the clarineUisv moves hone group and Uie velvety 

What a stroke of fortune, too. the beginning* of snrTing out a s one of a horde of foreign about the platform, evoking echoes of the lone bass clarinet, 

ihat Sir Thomas More >at for Holbein as a miniaturist, an craftsmen at coon fighting for responses in turn from six Bernas and his players 

him. How differently we would attempt at disentangling the work and by no means at the separate and different groups of revealed Domoiue.t as one of 

think of him without that watermarks. Bui the enigma time the most important. Lucas instrumcnLx. and on a return Eouleg's most immediately 

precious document ihat confirms remains and wc do not seem to Homebolie. whose miniatures are journey revisiting them all in allraelivc pieces: one hopes they 

in our eves the noble humanity have moved on mu'-h since Sir also in the exhibition and who another order. In Jhc whole will bring it to several more 

of hi« life and uriiincv How Karl Parker’* Mill authoritative taught Holbein, was paid twice as work there is no luffi. a curious audiences. Their Si ravin -.ky was 




^.3 riff? 
CUi : - lv 




Jt-by NICHOLAS KENYON 

idering as we are in the much strength and logic .that however, the quartet had brought 
Sstlqcirter of the 20th century, breath could scarcely be drawn an almost Bartokian pungency to 
irocert in whether any of our *brough its intertwined move- the iwists and turns of 
-wusic creations Net alone any- gf®} 5 * ." or ? P*** Beethoven's Op 95 Quartet. The 

thiugllse) will outlive us. baffled L.,1 h ,hJ iSw moda L ,y ' tlnp S d ‘ first ..movement 

■mhrflack of direction and com- SJi, 2.ii ^ St u Cond subject; the eerily 

Tritrmcltive purpose in so much ™ P rL*i:‘"' r S 0,i P k* jU ^ 5 hroma,lc v . s «ond movement 
conteiiporary art—to cuch I is- Pf r ’ ormance by the Bartok fugue; the burlesque dotted 
tooerrf the e^counter^ with a d ' re E t power 3S anr masterptcce rhythms of the qu»Bi.minue\- 

■SSS)k ooSSSffii. aoi£ "SfiK: «gr a H nt L cipated Bart ^' s 

cehtup musical masterpiece is a a ^ d iT *r'u n- Hnc?' his moods. The 

raasKwina experience indeed T e “a 110 ? Quartets Partner* sturdy cohesion of the quartet's 
ha ve aeard BarfA Thi>d Ou a r- sh,p w,th P ,anjst peter Franhl Paying perhaps removed a few 
tA ?tfiSless times ov?r the D 3 s in Schubert s “Trout” Quintet too many of the surprises from 
lSSnT SiA U? ^Jturesrows S,i » ht, - F less successful in the opening Allegro con brio- 
w'tb^verv hearing M is ° of b, * inem S 3 ^asterwork to lire: jhe modulations and transitions 
rouri commonlv aVeemed as a th * plr ‘ D5p Wf " heavy of foot, should really shock. But the 
erea7woriv vet untft P Sunriav‘? ?' hlIe Frajlkl flilted * eres * ,hp Allegretto was done with just 
perfdrmance bv the Banrik kcyS . fin his first-movement the right hesitancy, and the 
0 m£? 5 Ld wemed a fierce ,0 lightly as ic be finale had an ideal blend of 

wlthrilwn »diinf-fiU" rfi*.^ rce ’ in s uh s*antiai. There was fun. eccentricity and Tearsome 
withdrawn, difficult piece. and f re . shness aQ d genuine inter- insistence. There are many 

Fitrce it still was in the play, hut not the real unity other ways to interpret the work. 
Bartok's superlative reading, hut which the Bartok bad presented, hut this was great quartet-playing 
a fiefreeness thrusr at us with so At the start of the evening, by any standard. 

Festival Hail 

LPO and Haitink by ARTHUR Jacobs 


which ra*cinaied me. The few rimes a finished picture survives, visually illiterate to be able tu li-hed soloist wax Roger Heaum l»> a tiny l-'anfaro. one uf his 
chalk and ink lines that tell us often only in the form of a later comprehend hi- geniu-. who hoast.s the rich rung-? **r laM Pieces d'rccoshn. The 

all about Lady Mnunteacie's copy, hut for many none. The ir is 3 ! 5 ri splendid to see the tone-colour that the ling and Riverside studio might have 

roving eve. the serene Duchess or drawings stretch over almost 20 Queen's Caller.' given over to crucial part requires land v.:ih- been designed for all ibis music. 
Richmond with her downcast f3*'c years of creativity from the an exhibition which stems Trom out the lethal shrillness at the adding a little bloom without 

and feathered bonnet. Lady sketches for the lost More family the domain of the Royal Library, lop which some players expimu. hlurring lhr lurid lines. ?.Jnre 

Ever since the gallery opened it If ihere is anything like purpose- Sunday occasions like mis a*-** 
ba? presented almost exclusively ful development in his role, as planned, and worti watching for. 


Covent Garden 


' Mendelssohn's music to A Mid- processional step 
summer Night's Dream forms Wedding March, 
scch a rich and satisfying phrasing 
sequence that I wonder it is not l^tbited 


to such a genuine musical reasons for its 
Bui Ihe present new wave of modest 
and the melodic popularity, 
were admirably What struck me for the first 
The LPO players, time about the symphony, apart 


Ronnie Scott's 

Louis Hayes/Tania Maria 

by KEVIN HENRIQUES 

Since its exhilarating British with exciting ideas and the 
d^but at Ronnie Scott's in techniques to execute them. 

August, 1976, the quartet led His fuff, two-handed style fits 
by drummer Lotus Hayes has perfectly the overall concept of 
undergone some personnel the group. 

!?. an /n^w,oniIi te ^;J h nF^'i n ! S Stafford James, at 32. is the the Australian Musical Founda- 
n-T youngest of the four but be is tion in London, given at Coven t 

in^ hdrd-drum^. ^ ■ t-Beb p jaz_ «; UC (, an assured, dextrous Garden on Sunday m the 

with intensity and fieriness. hassist that he has no trouble presecce of the Prince nf Wales, 

Hayes a propulsive drummer k( , e p illg up ^, b b is hard-playing was opened by a surprise guest 
whose illustrious past employers seai * l>rs Altogether this is a artisr— Dame Edna Eve rage. In 
include^ Horace Sriver.^t annnn- sl j rrin3 quartet which plays a short address, which included 

solid, liveiv jazz. It is at Scott's a poem specially written for the 
until Saturdav. occasion. Dame Edna sang the 

c ■ , l r ik. u.ii praises mot literally of counsel 

So i<i the other half of the bill. of Australian dentists, tennis 


Joan Sutherland 

by ELIZABETH FORBES 


The inaugural Gala concert of 


hall Adderley. O-'car Peterson, 
John Coltrane and Miles Davis, 
is the vigorous inspiration 
behind the group, constantly 
prompting his colleagues, under- 
lining their playing and laying 
down an unremitting base lor 
tbe : r solos. 

The new front-line player is 
aitoisr Frank Strnzier. another 


B-aziiian singer/pianist Tania p | ay it» -olf champions, film 
Maria. Also no stranger to sta f 5 ' an d, above all, of 
Scott 5 she remains a hugely Australian sopranos. Joan 
joyous performer. Completely Sutherland, the finest Australian 
immersed in her music — most of SO Drano alive, is too seldom 
her material is by Brazilian hp ' ard in London these days, so 
widely experienced musician, ^S^aese—iie^ ° nly *™ pre^nce as star of the Gala 


who has never quite garnered 


conveys 


nore -orien done. Done at full woo dwind especially, bravely from its iDdebledness to Franck 

59-minute length. I mean, not as answered the challenge of fast and Liszt, was whal it must have 

a mere extraction of the Over- tempo, and a suitably light and meant to the young Elgar. Its 

ture, Scherzo and Nocturne, clear vocal touch was added by first performance was in London, ... 

Bernard Haitink conductin'* the Margaret Marshall. Ann Murray. j n iSSfi. The successive waves | Memphis. He is a rip-roaring, authentic Si 

Loadotv Philharmonic Orcheslra and the women mo. I see thev 0 f orchestra! surging, the har-| percussive player, brimming ing to the j 

to Sunday, displayed every item cal! themselves “the Ladies » of tnonic sequences, the pattern or ~ 

.u. ka „ a r. the London Philharmonic Choir, a solemn melodr. the re-shaomol J j-jg (j lyjlQC nOlimC 1 Oliritt^ 


a solemn melody, the re-shapin^ 
pro- of themes from one movement to 


the wag doubly welcome. 

the appreciation or attention he rh? PvStipmln/nr 11 was brzve t0 5- er pa ^ 

deserves. Though for long stuck . IS5L? r ?“*‘ hp? ^ iT Z of lh? with Norma s 

in a “ Charlie Parker disciple" nt^rofr^hL JL.ih aria “ Cas,a «* ,va - u b “ l M,3 , s 

category, he does have 3 style Questionable whether she would Sutherland proved to be m ex cel- 

of Ws own-a good, firm tone! T*!" Ienl voral ^™- a ? nn,n * 3 f™ 

notable facility in the fast , J 0 . 8l,s “ rihough and even melodic line, attacking 

tempos but with 00 little warmth ^n^aMeJJ^nnnlp J he cabalena .. Wllh . f splendid 

in ballads such as in hi- own ^ in ,hp f 5,°“ P K fer0Clt >'- decorating its second 

cf*mpc»sition - Neicv '' where of flon ? s in lhe » a nguage. if only verse with effortless skill. 
pVaTre^cuible ilute .f. ^ 1 !^ ness i Sh ? ^ ^ ’‘Vtija'' Irorn the Merry Widen*. 

, heavily rhythmic piam>t and sung in English, showed a lighter 

Pianist Harold Mabern is a with the unflagging help or her side of her talent— it is all too 
long-time associate of Slrozier poly rhythmic drummer and bass easy to forget her ability' as a 
they were schoolmate in gu.'tanst (both French! brings comedienne — while Ophelia's 

South American 
jazz idiom. 



of lhe score thal coo be per- 

formed . without actors to speak Th e oLnf ^ 

the dialogue The rinv grotesque granmie comprised haini-a«j.« - «.n.tncr ia process which cjigar 
march tole clarinet, one bassoon. Third Symphony-. . (While Men- was to adopt in his own first 
a pair nf kettledrums) for the delssoho and Sami-Saens are symphony)— all these came over 
not /or- lurdlj reckoned the box-offiee dearly tn Haitinks cogen. and, 
gotten and the finale had its equals of Beethoven and Chai- never sentimentalised delivery, i 

proper- role of recalling music kovsky. the programme neverth^ No doubt the cumulative' 

previously heard less 1“*^ ' he hall.t me [weight of the ending must seem 

Bv np means \ newcomer to appellation “Orgun Symphony “ French bom hast " to some, just 
this score (his 1966 recording has is really a misnomer: the instru- as Elgar seems 10 be rejected 
just been reissued) Haitink took ment participates, but with no by most of the world for “British 
to th? brisk rid^erhaps exhibition of its box or tricks, bombast." I rejoice that our 
B utile too much so It was Yet the handy label serves to present concert repertory is wide 
dlffiSlt to biali'ne any identify a work which h« enough to lake in both. 


Josn Sutherland 


The 


feel- Mad scene from Thomas* 

Hamlet nor only glinered and 
gleamed with the brilliance of its 
coloratura, hut managed to seem 
pathetic at tbe same time. 

Naturally there had to be ensemble in true prima-donna century Lnrolia. The Royal Opera 
something from Lucia di Lam- fashion. Her^ colleagues in lhe House Orchestra seemed to relish 
mermoor; Miss Sutherland and Sextet were Yvonne Kenny. John the opportunity to emerge from 
Glyndeboume Touring Century Music Award, as a result John Brecknock sang the first- Brecknock^ Gregory Dempsey, the pit. and weighed into the 


Opera Singers’ Award 

ideboume Touring Century Music Award _ _ . _ 

Opera Singers' Award has been of which she will give a Purceil act duet for Lucy and Edgar, in Jonathan Summers and Malcolm Overture to Nabucoo with great 
made to Mary King, a 26-year-old Room recital in -January. which the soprano was momen- King. spirit. It also played an arrange- 

mez7.fi soprano who joined the The GTO Singers’ Award was tarily afflicted with slight droopi- The other soloist was John ment. by Douglas Gam ley. one 
Glyndeboume Chorus Tor the established last year, through ness of rhythm, as if out of Williams, who contributed a deft of the evening's conductors, of 
tour which ended last month, the generosity of an anonymous sympathy for the poor, frail but unexciting account of Rod- the Mcn-ji it'idoir Overture, 
Earlier this year she was a private donor, to assist a young heroine. But tn the Sextet from rigo's Ccmcierto dc Aranjucz as keenly shaped and coloured hy 
finalist in the Kathleen Ferrier singer appearing with Glynde- Lucia that ended the concert ail well as some rather more cn- Richard Bonynge, who also con- 
competiiinn. and won a Park houme Touring Opera to further her earlier aggressiveness re- joyable pieces for solo guitar, ducted all the vocal items in neat 
Lane Young Artisis and 20th their studies. turned, and she dominated the including an attractive " 16tb- and tidy styh*. 


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Financial- 'limes Tuesday 4 - 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EG4P 4BY 
Telegram* Flnauiimo, London PS4. Telex: 888341/2, 8**tt? 
Telephone: 01-248 8080 

Tuesday November 28 1978 





WHILE THE Ford drama goes entials eroded. This is a highly 
on its way, the really serious inflationary cycle, based on a 


MR. CLEDWYN HUGHES 
. . . reconnaissance mission 

W HEN Mr. Cledwyn fail to end the war. 

Hughes arrives in SaJis* Their concern on both these 
bun 1 this week on his ^ 1-01115 has only been heightened 

recoraaisance missis for the $ tt * d “ isio " ° f ,lie 
„ . Executive Council to postpone 

British Government he will find ^ e i ecT j ons frojn Decem- 

a great deal of anxiety, and even imt il next April, and it is 
more confusion and uncertainty, striking that this delay is de* 


BY IAN DAVIDSON, FOREIGN EDITOR 




j .• f'V'. '.J 1 . 


has received little attention, tary discipline rather than full _ ___ 

However, the first rumours of employment is at the centre of fit fhJ fa^orc nf wh 5 at “ st ““P 1 . 11 * . 

the finding* of the Pay Research economic policy, the private ^ * M iff Naturally enough, it is de- 

Unit. which attempts to se: and public sectors are no longer j ,■ P th ’ national more stTOn =‘ 1 

standards of comparability comparable as they once were. th P ° fo»rrh ^ 0S€ ^ lack€ , wbo $upport th * 

between the public and private The Pay Research Unit is /SL-rinralfn ".LuS internal settlement, since it 

sector*, are distinctly ominous, meant in its studies, to give 3 22 ”? S ? ^ u question in ^ 

Already rhe civil service unions due weight to such factors as £"*£ Z!? h an T5?«in ^ , -hill whether ms 15 n f ot Jusr 

are beginning to argue that they job security and pension rights. ELSIES ? e first postponement of many, 

have been left badly behind in and the formula for valuing Siaks InSSd the Is - L L J bey T a5k ’ e jus ^ an JJ her 

three years of pay policy, and these factors no doubt has a v J? a-otS ?* c i b £ *“ Simin? Many 

are setting themselves targets long and respectable history. - expensive and in short d0 j bt wb ®* h ® r tiie WTute refer- 

of as much as 20 or 30 per cent However, the true value both A “ JSJ-SSS not oddly *?!!? "Vi be beld ' or ' V? £ 
to re-establish their place in secure employment and of ^S/h in the tax-S shoo tEF* electl0as W,U be 
what they -?ee as the necking indexed pensions has in fact - ' = , j K.Pton be ^ d_ 

J 5S ^ 

seems, from the 
whose career a ; 

was in an era before full om- private sector: its aim 
pinyment policies had estab- cheek 
isc'ned comparability as a courase 


lT1 ““V” ,n £i " 1 “E" has become a rare delicacy. But sin^ wrson. BlatT or White 
Th& civil servants mav we 1 ! vears in Which actual monthly „* sllI S ,e person, rsiacs or nnac, 

Tne mu tenants tnaj we.l ... have fallen behind . “ n «Jenng that a large propor- who trusts Mr . SmiLh .. I asked 

ihou"h little It --v rcs.^e Of controlled credit “ Pi *5? a °* J£? leading Black politicians. 

p? \Tinic-pr growth and a strong exchange country 1S I11 ^ W . under . m .^ rUal one a member, with Ian Smith. 
» . I MmiS joh security in the i a ^ s f? d n ? a i 'P a „V^Sin 0f the ,our - n!m 

■ - - - sector: its aim is :> Coundl - toe °' her a Joint Minis- 

cou „« ta S£^ “t^roS ™rJTSE££rtt 

— a "• a 8^rr^s% «**5rirS imended 



r-\\r ■' 
rf '..jt:- 


* #.,t4 

■ft- 7 " 





On the surface, the good life continues In 




baif-heaned conces*:ion of a «stui» u.c e.«uw. «. «. a «v lif 4C<IMM1 „ ... wa 

“ creaier ro*e" for compare- |0 commercial enterpnse—not astonj$hingiv cahn and norruaJ . n - U J3 0rQ 

bility in the rejected juint least iO managers. Risk when it T t hoinw th* <iirfarv. hnw. . . e or ?. 


noia elections. • But in any case, it is virtually people fwho represent ab6u£38^be deduced - that 1 1^- 

me nrst paused for oO Inconceivable that any leader per.vceht. oF 'the: populatioh^-tbe Africans to "find a soIntion ilie-^avtrrBlack-Stotes j 

I'Onnc npfftrp utrina on 1 1 1 _ u e_, a. ■ . . . .. ' ' -i**. . ... . - . ™ _ - r v . i. • _ 


elsewhere moch of the coiuj^ is^mid^ martiad 

‘ ^ ^ 


\i \ 


rejected juint j ust be iow the 

Govern men t-Tt'C statement. > s sen nine, commands its ever< tbe capital is 

This was rejected, ironically reward. anxiety. The demands 

enough, partly because thp rT • *« ■ /• security sprvices ... 

leaders of the National Union of Harsh disciplines Jp ea Jj, e prime ''of life' are Dr .^David^Owen British l he P iTlt ^?!L ™ :f> ‘ per cent -oi 

< au>,r tmm thaii- — . * ... - QratTeo. ~ “ 


Public Employees realise that Some may find it sad that we liable to be away. from their F ore ien Seeratarv’ a nrf ir^ is no ^r- 

they have already scoured pay have had to reimpose the harsh jobs and families for about six baDS a - well’ihT i* is not ° €W ji — . " ' ------ . .... .. 

well above tliat enjoyed by simi- disciplines of competition, after months per vear. with the in- hp hnr Mr piaHu^ H,.oh P - 5erved for ^ nites for a Of course, tribal affiliations -into th e . .political arena, idea x^a^lqbftl -southern,. 
Jar workers — cooks, porters, discovering through two decades evitable impact on the efficiency " h ' n £ viStino ShUdT-i* ° * p enod ol len - vears or ^‘o Par * ma ? be much less criti®h-®afc. Whether an artificial . e<5uah'ty : deveIoptc erit^sebetn^^" 
janitors and the like— in private that a combination of welfare of the economy and above ail 8 nnou sia. liaments^ whichever is tbe the conventional wisdom frmfcThi Parliament is. really . Wfer'CXJlahterpart ;': Of; ' -ft- ‘:;i 


ifted. Of the 100 seats in the Black vote, he would command' tills just might litre Joshua though there is speevds 
m Parliament. 26 are to be re- only 29 seats in Parliament' ; .-Njcomo off . the battlefield and tb«jr UJ&-' is ' fcohtetopl z 
— a i~. for a Of course, tribal affiliaboos Uuto '* --«--■••• -v. v > 

-’o Par- 


i the. 


sector ser\ - ice.s. Comparability, an d secure employment does not on investment in plant and 
it seems, is a seasoning to be make for productive efficiency; infrastructure, 
taken according to taste. bu t ft is a fact. It is equally a Until now the economy has 

fact that if this regime is to be adapted with extraordinary 
Similar pay made to work without the high resilience to the twin pressures 

Nevertheless, for the higher interest rates 
grades of the public service, recession w 

the idea that similar work moment, cash ... _ — — 7 .. 

should command similar pay has Pubhc sector must so far asjstuffs. has surpluses of wheat opinion because it damages the T*™,’ '■ J? 08 *” 1 &iq “ 


Delav is 
regretted 


longer. The three Black mem- imply. Mr. Joshua Nkqfob jMtible with' ^ordinary notiOns oL 8ett^Bttopnt mi^RhOdeslatT 
bers of tbe Executive Council certainly lays claim to a popular' democracy 



. . . . cracy remains an ,npen;. TK pther optum ~ ' 

agreed to this provisioo because following which transcends question, but then it is aistr inlernak^ttlement tia go^he^d. 1 
they believe that the Rhodesian tribal boundaries, and his claim questionable whetber ordinary sthae thiK'ia CBe. tmly ’i&ini-'df 
economy will continue to need would appear to be given some notions of democracy can he' lev«age” -'Which 



and massive following among the five contenders, two of. .whom. it. looks as if 


«uch an obvious nng nf ele- Possible mean what they say. and sugar, and the proportion of credibility of tbe internal settle- and they have no Shona peoples if be were: to have armies in the field. j 

memary justice that Tt will be The only special case the imported consumer goods in the meat— and thus reduces the desire 10 6° down the secure the largest single block 

difficult to di -dodge. In a year Government should recognise is shops has fallen below 15 per psvcbological pressure on the sa ° ie , road - 7116 of seats in Parliament fatter 

• • • ..... ... -•> — - • enlightened Whites recognise the Whites, of course);. ...• 

2S seats Nor U that all. Tbe oitg^nal OlltlOOfe 


difficult to dislodge. In a year government snouin recognise is snops nas ianen neiow io per psychological pressure on the # ‘ *** 

when 5 per cent settlements the need to raise pay where cent, compared with 80 per cent guerrilla leaders to return home *2,. - es P 

look hiehlv unlikelv. it even existing rates do not attract the before UDI 13 years ago. Yet —and more particularly because »«**.*» reservation of 
sounds ninj-p orderlr than a men required. For the rest, the no one can foresee an end to j t undermines the electoral £' as a §rav ® “‘stake, n 


Inauspicious 


>dll he adh esqd/th^V. -y 

\Jl combination ;qf ,‘Al^.^ko 
strategies — aH»paityr^i?taIks 
followed by . elections ' jfit -* tjie 
present time-table, even fet'itf fs 
on tbe basis of a revisbdjcphsti- 


MI , sn>MWW . not least timetable iias slipped, by/ lour ........ .... 

general free-for- 3 ll The dis- principle should be that tbe the war. and no one can predict prospects of Bishop Abel because * l :5 flagrant months not for mecbanicpl .or None of this adds up to a. tution— wnr :'only .‘Vvork? 

order is in the Inns run ju«t salaiy bill cannot be expanded how long it will be possible to Muzorewa. who. with the con9,ct Wlth ^ principle of procedural reasons, as the-Ex- very auspicious outlook for all- works very fast . Qfc^'aiC 

as great, oolv slower— a staielv at will by union pressure; if carry on under the present Reverend Ndabaningi Sithole democratic majority rule that it ecutive Council at first trifed- to party talks. Senator Ghief present timet^fe, iiif n# gon- 

2 arr.e of leapfrog between public servants want to insist strain. and Senator Chief Chirau. is on 1S bou ° d ta bP revoked immedi- make out, but because there is Chirau believes that -elections stitutiop is^ due^ta; be Maedl 

rival -special cases.” At the on private sector par rates, thev The internal settlement the four-man Executive Council ate L v first Black-majority a major political disagreement will not be satisfactqir ' unless by-Becraber aZ-and'anxmtted 

end of the game the original must face a corresponding loss announced on March 3 of this Nn one knows how a general Parliament ' between the Ndebele and the there.-is^j^ase-firq, an^ tbiti to;a 

and genuine hard cases— police oE jobs, just as workers in anv year was designed to end the election would turn out. One T^ trouble is that this Shona over the issue of reserved thexefqjte -there must first bfr aL d0mUdtttd“ PirHatifotrjr §n 

and firemen, fur example, who hard-pressed private company war, by conceding in the form has never been tried before. But principle of White-reserved seats. If the White ininotfty can . negotiated settlement between Eebrunyr . ..fi, , WjttK_^iies»3nil ; . 

do long hours of what may he must dc. Comparability covers of a detailed timetable the prin- the conventional wisdom in ^ ats - which was designed to be protected in. Parliament, say tlje.external aUd lnternal pOliti- scheduled for April 

hazardous work and are under- a great deal more than pay ciple of black majority rule, and Salisbury, based primariiv on Protect the position of the the Ndebele. then -the same cal^ leaders, eyen^ ^ if this means February-;; ^: Tffri.rSm^JjafflL 


manned— again find their differ- rates. 



9 


s new 


leader 


by thus eliminating the main expectations of tribal affilia- Whites and which may help to should go fo? the -other, much a further postponement of the promise izr ernTTo the infc 
raison d’etre of tbe external jj 0n s. is that Bishop Murorewa get the new -constitution larger minority, aind they are elections/., This has a lot in or take some reajffqal^Xdjtiy, . 
guerrilla movements led by the has the lar°**st popular follow- through the White referendum, claiming equal representation common with the Anglo-Ameri- in fee riuiM, ateas, betifey 

Patriotic Front. — K K - *" - - - * - - • -- ™* «■ — — * > 

That settlement had 
useful consequence: ii 
persuaded the majoritj- 

White Rhodesians that the j , ..... _ ........ 

ciple of Black majority rule is tive moderate, in contrast with reserved for the Blacks, which tbe extreme right-wing White victory on the battlefield, it is . If he.cannotr 
, That v ? on l j osbua N^orno and Robert on the planned system of Rhodesia Movement; is calling hard to - see why they shouM settiement tnay -well: 


I now irrevocable. 

be known until the planned Mugabe of the Patriotic Front, porportional ■ representation for the country to be turned submit to the ballot box. (assuming "the 4Shona - 

" can , . ; agreeX' r--^nd ; - 




t 


j\Miite referendum is held, but he is also regarded as a weak requires a popular vote of 70 into a Federal state. • , 1 ..On.ttie. face of It. there are Ndebele 

THE EMERGENCE of Mr, International Trade and Indus- the main concern of virtually man whose chances of staying per cent of all Black votes. If Just where Mr. Ian Smith only two possible ways 

Masayoshi Ohira as Japan’s new try, Mr. Ohira j$ no stranger to all the White Rhodesians to en top after an election seem one gues on to assume that stands on this issue Is not eo- the. war. though neither 
Prime Minister, replacing Mr. the world scene. But his dispo- whom I spoke last week was slim. Any damage to his credi- tribal affiliations are critical tirely clear. He told me last relied on to do so. The _ 

Takeo Fukuda, has taken almost sition may make him less that the planned elections bility in the interim can only in voting patterns, and that week that it was a difficult ques- that Britidn and the United war. . • * n - . 

everyone by surprise — not least effective than Mr. Fukuda at would fail to produce a stable further increase his vulnera- Bishop Muzorewa will not get tion, with strong arguments on States ^should _ exert pressure, ' Mr^Ct^Vtyn Hughes bcs.dpj- ; ;' 

the two men themselves. Mr. selling the Japanese line to government, and that it would bility. an y votes from the Ndebele both sides, from wbieh it plight eitherj^pi^nnsin^g more ajd or unenviable t ask ahead 

Ohira yesterday confessed be his American and European 
was M taken aback ” by his sue- colleagues. Mr. Fukuda, en- 
cess in defeating the incumbent couraged by his successful 
Premier in primary elections for performance at July’s seven- 
ths leadership of the ruling nation world economic summit 

,.?i mo S atic « in Bo ? n * bad . ^ een ,oaking lRivsaItt wiffi a The NEC can also build on be the fox, which would have Service lias seen him acting as 

(LDP). With Mr. Fukuda’s forward to chairing the next| rs, *® , ®_ W,MI a the fact that Olympia will be to be wiped out' as quickly as deputy press spokesman for M,ac 

out of action in May and ..June possible. In- spite of the depre- mtllan. setting up the info’rma 

... . ... - . during the Soviet Exhibition. . da t ions of hunters, we have tion division of the' Department 

this week, Mr. Ohira will now of his intellectual .ability to [I hear that Birmingham has whether the future Wftl took more .'foxes than mainland oi Economic Affairs, and spend 


MEN AND MAHERS 


withdrawal from the planned such gathering in Tokyo next mutual enemv 
“run-off” election at the end of year. Mr. Fukuda is confident 


automatically assume the Pre- convince others that bis point won the latest round in the quite ^ rosy for e ith«»r Europeans. Increasingly they ing nine- years running public 

lays, of view is right Mr. Ohira s long hard tussle with the capital Birinll1 g ham or Olympia live in towns. relations for the Ministry of 


miership in the next few day 

Mr. Fukuda, who was optimistic approach to the Tokyo summit. I to draw the cream of inter 


•ur. r u«\uu«, wuu was upumi»uc ap»>rua«.-a 10 uie insyo surnmii, - h r:nrprnniPnr'« 

isUkely USE* SS£2?“ F.2SS2S ^Won about the £55m Trade y 


“Particularly in the last 25 Defence. 

“"SS.”‘s.”dSt"'" ks.s'S"»£"S “““ ssss “PS: ssmSs s its. "n$%,r£,“ 

‘SXSt - _ SSSS 3 SSI SS BS? 5525 -»" 

of the contest was unusually poT im™ whlchkis^pe^lo Fox « set marooned in islands he replied, “though Number 10 

aimcu.t to predict was that it national Economic Relations alternate with Essen in . - . 

was being con uucted according and devoted particular attention Germany. Ol SflSITIC . . , . — 

to pew rules. The old system, to Japanese aid and develop- Tbe coup was engineered by , mouth and London have iox t j le COI would prove more re- 

under which voting was limited me nt policies, an area that can Roy Taylor, who has been A reader of th is column queries populations 


to members of the Diet (Parlia- hardly be said to have received 


of green surrounded by houses.” was much more concentrated. 
Bristol, Birmingham. Bourne- Groves, 56. was not sure that 

_.e COI would prove more re- 
as large as almost laxfng than his fairly hectic 


, , freshly appointed to take charge Sram’ * *T*. an >* ™ raj area, he adds. When Umes % t the.DHSS: = inbU 

ment) and LDP Party officials, high priority hitherto. But the of non-exhibition events. He „ nrIr ‘ ®? K ^L°" , a 2S vo1 ? 30 d raice 7X211 <n f t ' Hi® a,ways come U P” But he was 
..... ... __ i _. J -. .u. -workers badge. I said the urban fox has reason to be delighted " at the posting, even 


was widely regarded as dis- importance of the Prime was with the Earls Court- •« " i , — , . , 

credited after Mr. Tanaka Minister in Japan's dealings Olympia complex before head- S "»re bonus R T ar rf ul f 0P siiburban man s if the COI has less of a “ spokes- 

gained nffice in 1972. with the with other countries has lag northwards, and has visions dutiful Sunday lawn-mowing: it man njie” than his previous 

aid. it wa? wrdelv alleged, of declined over the past decade, of circuses, cycling, boxing and ctS " v ; raakf,s il easler t0 get at tbe i nhs and « Iess involved with 

bought votes. Extension of the i n the 1960s. the Prime Minister world tennis to fill the blank worms. ministers and day-to-day policy, 

vme to all Party members was in a position to have bis exhibition days. m i c nr in to a ^ Sa>S . He agrees with tbe Duncan and 

clearly enable? the winner to own way on foreign trade Despite hotel accommodation “ , ana mean nommg Berill findings that Britain’s 

claim a wider base of democratic issues. Now the cumbersome stigmatised as “inadequate” _ ’ ... Mimic fprp image abroad could be helped 

support than was possible under bureaucracy has gained power i n confidential trade surveys. I depended for my translation miflU© l«iy by ensuring better liaison 

lbe former arrangement It has at the Premier’s expense. am j a genera! reluctance to on ■ e BTltlsh 5 * 3 °P steward who Not to be outdone by Freddy between the foreign press corps 
also had the side-effect of Equally, in the wider field of travel to the provinces, the £f t 7’ ed “ e .. bad 2e back From Laker, Air Florida is pioneering j n London and the gdvemment: 

attracting a large number of general foreign affairs, the Birmingham centre has the l0 *> 0 ;, tou J d ij »e. I ask m the ultimate in low fares— by he argues that the Foreign 

new members into the Party. “ ° 

keen to play their part in 


Ul loreisii «ir uirmiHgnam centre nas ine ' iti * ' ^ ' 

rty. prime Minister has lost edge on Olympia in offering . l ° atlon ‘ lh f r h . e regarded the paying the passenger fo flr. To Office., has good relations with 

the influence to the LDP as a whole, seating for SIMM). , wo ■PP*«ntly diverse transla- introduce its service From Miami foreign journalists, though the 

J V- uon - -- identical? . tn TVaESan in the Rih-msc tha 


selection process. 

The election of Mr. Ohira is Consensus 
not likely to lead immediately 3 j r Ohiras predilection for 
to any major policy changes, consensus is also likely to have 
There are no obvious issues that domestic political conse- 
. divide the two men. But there quences. He will probably be 
will almost certainly be a change more prepared to seek co-opera- 
in the style of leadership. jj on with opposition parties 
Where as Mr. Fukuda is viewed than’his predecessor. The LDP’s 
by many LDP members as a narrow majority' in the Diet 
chilly intellectual, Mr. Ohira is makes a certain amount of con- 
more in the traditional mould sulfation necessary, but Mr. 
of Japanese politicians. Less pukuda preferred to keep it to 
articulate than Mr. Fukuda, Mr. bare min imum He was 
Ohira’s preferred approach is to indeed, thought to be planning 
use back-slapping bonhomie to a January election in the hope 
produce consensus all round, of securing an increased 
Unlike some other Japanese majority, and consequently a 
politicians, Mr. Ohira is un- freer hand, for his Party. Con. 
touched by scandal and is care- stitutionally, the next election | i*; 
ful not to 'cause offence. He is need not be called for another! 
much more popular with the two years, and Mr. Ohira is 
Party’s grassroots members than thought to be in much less of 
Mr. Fukuda. a hurry than Mr. Fukuda. He 

As a former Minister of may well want time to impose 
Finance. Foreign Affairs and his new brand of leadership. 




tn Nassau in the Bahamas The home departments should im- 
company is next week offering prove their work in this field.’ 



free round trips— admittedly for „ T . . .. •. 

only two days — and handing Wh ? ".V?*? eXP ?" 

each passenger ' a dollar. ll ence ,ed him t0 favdur soa * 


Following the fox 

So fare 80 Welsh toes have Ih^M « UMyfe £SS225!?1» 

undergone the demeaning Q ueues t0 °- 

experience of being trapped and 

kitted up with a radio trans- 
mitter. The fact that their new |jp fine 


Information Act he was quick 
to reply: “ I think a great deal 
can be done without going that 
far. 


^ ^ i# Sl 


the radio circuits— is probably After a year at the end of the 
little . consolation. Come (Bakerloo) line John Groves is Rnifgh fide 
Christmas, foxes in the less now moving one station closer ® 
rural area of North London may to Whitehall. He is leaving tbe Not for nothing are Cabinet 
find themselves subjected to the Department of Health and Social ministers supplied -with a car 
same treatment or so the Services (Elephant and CAstle) and a chauffeur to drive iL 
Ministry of Agriculture tells me. to become the new director According to the magazine Taxi, 
The reason is a little-publi- general of the Central Office of the Prices Secretary, Roy 
cised research project aimed Information (Lambeth). But as Hattersley, suffered such a, wig- 
at finding out more about the he admits himself he would gin? from a disgruntled cab- 
animal’s habits. The task may rather be north of the river— in driver last week that fee 
prove vitally important if— or. the area where he made a mark proffered a fiver for the 85p fare 
as some experts insist when— as one of the up-and-coming men and fled, 
rabies returns to Britain. Thfl in the latter days or Macmillan. 

main carrier of the disease will Grove s career with the Civil \JOS€TU&r 



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- -s v '* r a 

***** 

;^v?- i:l ™p r 

• > 1 * 







Hnandal Tunes Tuesday Nowsriber 28 1378 

British Gas has a new gadget for testing pipelines. David Fisblock reports. * 



21: 



for a big m 



NATIONAL GAS 
TRANSMISSION 
SYSTEM 





_©VBE THE next few years a 

■ffnfrton electronic robot wli 
-travel the . length .and breadth 
of B ritai n, a few feet beneath 
.the ground. Silently it will 

-Survey ■ flJbn investment in 
WOO miles nf high-pressure 
'transmission pipeline, its jbb 
satisfy British Gas 
.eiM^seers that no damage to or 
, deierioratibir - In. their buried 
. pipeline could reach the point 
£.J^. presenting, a public hazard. 

major engineering 
.i£= HWh?!* . outside the defence 
•“ .iector can. have been developed 
^^jirBrttjrin. jrtth. as little publicity 
. fttaiBntiBh C&s's jjn-lme vehicle, 

: feWre.-eoHoquiaUy known' as the 

« dlsent pit*’ it. has cost 
£9m '-to . bring the pig 
i stage where a £400.000 
^.gcauuype made its first test runs 
Orv tfie gas grid. Earlier this 
however. Sir Denis Rooke, 
t of .British Gas. author- 

* a «tep change in financing 

??2foirtfee project, increasing it to 
.r.-itbpcmt £8m a year. Ke believes 
V tijit tiie corporation is on the 
• : 1irmk of a technology it could 
* -market worldwide in the 3980s. 


TZe. sonic pig used by Shell 
to find the break in the Brent 
North Sea pipeline system is a 
far less' sophisticated animat, 
and it also requires independent 

receiving equipment. on ihc sur- 
face above the pipeline. 

As he tells the story. 1 0 years 
ago Sir Denis, an engineer and 
the board member then 
responsible far production and 
supply, said to his engineering 
research chief: “ I want n tool 
and I want it In seven years." 
*’ Ten,** said the ’ scientist. 
“ Done." said Sir Denis. 

The tool Tie ' n«S»l«rtl was * 
robot intelligent enough to 
travel the high-pressure trans- 
mission grid pinpointing any 
corrosion, cracks, -dents from 
bulldozers, etc — in short, any 
flaw which might initiate failure 
in pipeb which were subject to 
gas pressure of up til 1.000 !bs 

per square -inch- The- alterna- 
tive. as he saw it, would he to 
repeat at regular: intervals ihe 
hydraulic proof pressure testing 
at nearly double fh^' working 
pressure to which the UK pipe- 
line is subjected before being 


put into wn ite. Thu would be 
a costly and highly inconvenient 
procedure, which rould even 
mean duplicating much tif {he 
network 

Pig is the term pipeline 
engineers use for -tools pushed 
nr pulled through their pipes, 
usually to clean them. As de- 
fined by Sir Deni. the pig took 
"n a aew meaning, for the ta*k 
•alls lor a .specification Much 
even by the standards of tin: 
torpedo or guided missile it 
most closely resembles. Mr. 
Gerry Clerehuqh. the project 
leader and his deputy Dr. Ernest 
Shannon, were both recruited 
from the aerospace industry. 

In the early years of the 
development several commercial 
companies offered pigs they 
claimed would pinpoint flaws. 
The researchers at British Gas's 
Engineering Research Station 
near Newcastle on Tyne 
examined their claims and con- 
cluded that they did not meet 
British Gas’s requirements. The 
basic aim of tile research team 
was to provide lifelong assur- 
ance of the integrity of the 





British Gas's “intelligent pig” starts a tour of inspection through the natural gas transmission 
grid, at the corporation's test site at Low Thornley near Newcastle. 


^r..-e this bad been 
achieved they could have a 

valuable property which might 
he licensed as a sc nice io pipe- 
line operators all over the world. 

Prom that point a tight 
security blanket has shrouded 
most aspects of the pig’s 
development. Ai the Engineer- 
ing Research Station prototypes 
arc .Ti.se tabled in facilities 
rcsiricted to the project learn. 
Ar. Harwell, where British Gas 
has spent nearly £4m on one 
crucial aspect of the problem, 
i he project has iis own labora- 
tories and a dedicated manager 
and team. IVhat they are safe- 
guarding. of course, is the cash 
and dedication invested in 
engineering * comprehensive 
inspection system. 

Briefly, the problem was 
defined it the outset as having 
five major objectives. First, it 
had to employ an on-line inspec- 
tion method which rould be 
used without interrupting the 
operation of the gas grid. 
Second, it had to be capable of 
locating all ' significant defects, 
.lust what " .significant " means 
has been one of the toughest 
problems lo sol re — it’s not 
enough just to claim that it will 
find .tom* defects, says Mr. 
Clerehugh. 

Third, it had to measure the 
size of the flaw accurately, so 
that the pipeline engineer could 
make a judgment of what to do 
about it, and when. Fourth, it 
had to be capable of auto- 
matically analysing the data so 
that decisions could be taken 
quickly if serious trouble were 
found. Finally, it had to be able 
to locate a fl avr accurately 
enough to reach it by digging a 
10-ft square hole. 

Some idea of the scientific 
effort invested by British Gas 
can be gained from the fact that 
the best paper they could turn 
up on the hydrodynamics of 
pipelines was one dealing with 
pneumatic conveyors of the 
kind haberdashers once used to 
handle cash. As the years went 
by, more and more of the 


resources nf :«»• E-^ine-cnni;- 
Research SLar.,##.-* wt*re devoted 
in the pig. P..r tvtsmpU-. abuut 
30 ways of s'.-n-iny flaws were 
studied. 

Two were ti rally i-hosen. inr 
the twu ba types uf flaw- 
deemed tu hr significant 
Furthest advanced is a maunel!'.* 
method of •lerurtir.z lnss nf 
metal oo the <*« •>»(!»• of rjie pine, 
through corrosion «»r damaev. 

The on-line :r.-p.ciii.i. vehicle 
now being deployed ii a 
cylindrical inacniuc travelling 
on wheels am! aini«-»l filling the 
bore of a 24-m pipeline. It ■- 
driven through Lhe pipeline 
under normal operating 
conditions by creating a 
differential pressure- across i: . 
which product** rhe equivalent 
of 10-20 hp. pn«pcl lino i: along 
at a lo & nph. Ify dr&tiiic bra!#* 
limit its spued dunne descents 

for example, where the pipeline 
plunges for Ho fi vertically io 
cross the Manchester Ship Canal. 

Packed into the pig are 
magnets to magnetise the pipe 
wall. Arrays of sensors. like 
rings of finjt-rs. bnis.h the 
inside wall the pig travels, 
picking up any perturbation.- in 
the magnetic pattern. Behind 
the technique — well-established 
in non-destrui-rn-o testing — lie- 
a wealth of new understanding 
about the phy-n-s nf magnetic 
flaw deteciii-ii. claims Mr. 
i Icrehugb. " Ii was an eye- 
opener to me.' 

Sealed up inside rhe pig are 
a data acquisition unit ami a 
miniaturised magnetic tape 
recorder. They will eventually 
process and rimy enough data 
to “fingerprint'' every inch uf 
steel in a 50-mile stretch of 
pipeline. A run of this length 
yields 400m hits uf data. 

The pig was first put through 
its paces, on a British Gas twt 
site near what once was the. 
infamous Blaydnn Races' race- 
course. Here it -was fau^ht ro 
navigate bends of up to HU 
degrees and sharp descents 
under full gas pressure — 
manoeuvres which can produce 


siirpn=:nz!y nirh G-i'or.-es It 
wa- calibrated fur alJ the 
ililti-n.-ui »uuri , cj ot sled— UK. 
German. Italian. Swedish — 
t'»u::d in Britain* uas srid. and 
pr;- n raui!.Ti-d to kanw precisely 
where was ;n the pipeline — at 
any si'ec mcmem. 

Accord iny to .Ur. Cerohugh. 
Inc scientists now understand 
ilicir Ji'A Oerecti-jn well 

enough ro measure me depth 
«»f ir.clr.1 •'rosion iu within 2-3 
per c?m of the actual figure. 
The margin of safety designed 
into the >:rui. they say. is xreat 
enough f-'r tiie enuiaeers ti* 
ignore any flaw of this kind in 
which lo-ij, than 4t» per cent ot 
the wall thickness Has beeu 
penotraieri 

The magnetic pig. ■! is 
believed. ..-an find fw per cent 
of the Ban? -jccurring io the gas 

erid. !• has new been tried nut 
in eichi uf the 12 regions, 
chiefly inspecting stretches of 
pipeline with different 
characteristic?. 

Fur the remaining 10 per 
cone of flaw? a different inspec- 
tion method is needed. These 
flaws are cracks, for which they 
have commissioned- the Non- 
Destructive Test Centre at Har- 
well -n develop a technique 
based on elastic ware (sound- 
wave) techniques. The Harwell 
development is to be used in 
another, lighter pig — only 
lb. because it does not 
need hiy magnets — expected to 
be ready for service in 19S0. 

What Gerry Oerehugh ha' 
embarked on this year is the 
laak of -liming a major E and D 
venture into a new engineering 
-ev ice. He has been appointed 
director of British Gas’s new 
on-line inspection centre at 
Gramlincion, where a former 
OvinauJri* weaving shed is 
being refurbished for his 
er.gir.eors. Here he will 
assemble his pigs in “dean 
room*.'’ ;n a variety of sizes— 
at ” product ion-line ” costs of 
£250,C«'*0 or mure apiece— lu 
insooci pipeline? from 42 down 
in 12 :n<-he< diameter. Some 


Sl faqm 


tuVir-o 

ftocostil s- r*irto>«raR''sii 

O Irimmal 

X On - In? in iSPS1-s«i r*n'ia 



BfeFlffn 


idea of the engineering prob- 
lem? of shrinking ihe pig from 
24 to 12 inches diameter can be 
gained From the fact that u will 
have only uiie-vighth of thu 
volume avaiiahie. ii will lake 
another three years and a lot »l 
advanced technology to master 
the problems of roicn.v-miinatu'r- 
ising the magnetic pig to this 
size, he says. 

The ecu! re if?eL r i> a £2.:.‘.m 
industrial investiueni — one of 
the very few at present in Ihe 
North-West. It will have a staff 
of 175 by next sprinc plus ns 
own laboratories, design office*, 
and larye computer on which to 
analyse and eventually store the 
records on 7.000 miles of pipe- 
line across Briiaiu. Present 
plans are to repeat routine in- 
spections every five years and 
compare records for any sign of 


deterioration. Ii i* the fir^t . 
time, believrf Mr. Clerehugh. 
that an R and D Activity in 
British Ga? has meiamorpho'ed i 
into a n**w on juicer i hr ‘-■er\-ice. 

Meanuhile ihc pi? ha' 
already auracted widespread 
miercsi among pipeline I 
engineer*. North America, for ‘ 
etr.'impie, boaat> some 30 tiroes 
a> much pipeline a- Britain, 
some *>f which has been in 
operation three decades or more. ■ 
WurJdwid'-. it i? estimated thut , 
(here an- upwards of half-4- 
million miles of nil and gas 
pipelines whose operators are ' 
■potenual customers for a . 
regular inspection ,-ftnlce. “And ■ 
no one else has eojnr anywhere . 
near, because no oue else has 
had the dedication we have.” j 
says Sir Denis confidenLiy. 


Letters to the Editor 


Financing 

aircraft 


unnecessarily difficult condition s. 
A. M. Gooding. 

Old Mill Nurseries. 

Stanford, in r he Vale, 

Faringdun, Oxon. 


. From, Mr. S. Matthews 

Sir,— The City*of London will 
back any worthwhile investment 
project, and its financial exper- 
tise cannot be questioned! This 
widejy-heid view* is. for one 
important element of banking, a 
jpnre.myth. 


The rate 
for PR 


Front the Press Officer, 

_ Public Refaffons and 

“Big ticker "asset financing is Information Industrial Comal 


and wouldn't escape their share .assumption that petrol sales 
of whipping for misdeeds and increased last year only in pro- 
managerial sins if there was portion to the number of roan 
justice in the land. And it’s vrinc-les, a 5p increase in 197S/73 
absolute nonsense to sugge?i should yield £300m '<£5>40jn 
otherwise. (7S/9 road tas)-r£750m hi/8 

The idea >tbat his membgrs are road tax>=£33Bm. It therefore 
all die lime superior lo their follows -that the required 
circumstances aud never at a increase per gallon to produce 
loss because of their qualifica- £84 5m in 1978/9 figures equals 
lions As ludicrous. If he hasn't £S40m-r£33tmX5p— J2Jp. 
seen any of them " imoerved" In arriving at its proposed 
in tricky situations or workshop 20p increase, it would appear 
battles as to who shall rule the db-at the Department of Trans- 
roost, I have. And I'm not port has omitted to mention the 
alone. wider catchment area of petrol 

• In any case, he can't possibly tax, eg;, all petrol driven 


■* key component of modern Notional Union of Journalists 
-banking. It relates typically to sir.— On November 14 Michael _ . . 

-ships, large computers, process Dixon in “TW jobs column” know the individual perform- vehicles, 

plant and aeroplanes. Shipping q UO ted the surrev from Reward anees of all his members, and d M. Smith, 

inland will remain) in the dol- whifh . g8ve a * thrice yearly j* U’s ««ugh for bun that they s , Balmere Court, Kilmacolin, 

•ifruras, large computers are out table of salary indicators. Among have the right label he s hardly Ren/reuuhire. 

- -of fashion, plant is -fraught with ^ posts j jsw ,j were public making a sensible contribution 
technical complexity and resale re i a tions ••sedatives aged 33-37. *» an acute question of ra»n- 
.ridc. ‘The financing of commer- wit u _ me ' d ia l ri 450 fnr nro- ^serial competence, relling the 
ftol aircraft will unquestionably I™, ^™“„S „d ™ nie Tbfi ”orkl -idsiot my lot to blame, 
become even more importaot in m the tab e "hur” » sioiMtewnnis' linso 

^STtb. want few mootb, I » ' 


have been 
rteriing lo 


SSS* “u™" air unrealistic. 

r/i » fl r „ nfftir^ifri in r~ The NUJ. with some 2.000 -, nwi ^ m 1 
•-Cnril for. ft npw Bntiso airline. mom u AM . rv ._i n _ A j : n nuhif^ i^nson. bwort you rail. 

^Appropriate offers were received 5.2 F - WWtehouse. 

faw w - Jananese A/nerican and ^^tions, . Aould cDnsidcr that j^- j?nn/f 

SSli. figure low for a junior executive 
.GejMn financial institutions. w(tb less JhaD five years . experi _ 

To my surprise. dir ^£i enee. For a PR executive in his 
'approaches to no fewer Shan 22 mid-thirties £7.000 to £7.500 in 
British banks and finance houses loq^oq and the Home Counties 
Produced not one positive res- ^ £6,000 to £7.000 rn the rest 
.pogSe. “How many North Sea of yj e x;k; are the levels which 
o dwells would you pledge as a pp r ovimate to adequate pay* 

'security" was the typical if meol at presenL 
rhetorical . reaction. British A salary survey conducted twice about the 
- houses seemed incapable of view- recen tly by the Union of mem- endowment - linked 

•mg an aeroplane as anything bers j a ' B v^de range of PR jobs now being given by your savings Lucas CAV. 
more than a convenient means 0UIS jd e London bas shown that and investment columns on Nezctcnt Road, 

; i of/- passing capital allowances t ^ e gg Ures 3 have quoted are Saturdays. That of November 18, Sudbury. Suffolk. 

badk to bead office. Unlike their what an emp ] 0 y er should expect which compares the “ real " cost 

overseas counterparts, City execii- t0 t0 ^ ^-pej-ienced man or of conventional building society 
tiyes did pot really know which woman mortgages with such schemes, 

questions to ask. I ifost that no prospective does nothing of the son 

. Having spent some years employer will take Reward’i ~ J 

myself in the City. I am disturbed table as a reliable gufde! 
iiid - saddened by this apparent k. J. Ley. 

• surrender of an important aspect 42. Ccmnon^ ury Atrenue. 
of banking to oversea corapeti- Pinner, Middx. 

■Hop. 


Tax on 
petrol 

toSSTii * utttrlr **2 7^.“ £. iKJs ^ «■ 


j*mir rick«ty pedestal, Mr. 


J35. Ecclesfield Road, 
Chopeltotm, Sheflleld. 

Inflation and 


m ^ tO CS 

\ i \ w 

, tHo 

; it ^ S'. 

^ a.H 

v- -j - 


Sir.— Your article on car tax 
(November 22) seems to lack 
logic in its closing paragraph, if 
the Exchequer receives £S40m 
from the 16m taxed cars on the 
road what proportion of cars are 
thought to be uniaxed? Haring 
ascertained this, there would be 
more money being collected 
mnrt^SDPVi through petrol tax; because even 

uiuugagvo illicit cars cannot run without 

From Mr. U. Kilroy. petrol surely I9p per gallon is 

Sir, — Readers should think unrealistic. Perhaps there would 

advice on be no Increase? 
mortgages R. K. Steed 


GENERAL 

Prime Minister and Chancellor 
of the Exchequer attend full Par- 
liamentary Labour Party meeting 
oo economic problems and Euro- 
pean Monetary System. 

Mr. James Callaghan meets Mr. 
Gaston Thorn. Prime Minister of 
Luxembourg, in London. 

Mr. Roy Jenkins. President of 
the European Commission, meets 
Italian Prime Minister, Sig. tiiujio 
Andreotti, iu Rome. 

Trade talks begin between 
China and Japan in Peking. 

West German steel industry 
union. flG MetaJI.i strikes for 


Today’s events 


reduction of working week to 35 
hours. 

Irish Prime Minister, Mr. Jack 
Lynch, meets Chancellor Schmidt 
m Bonn. 

Railway Staff National Council 
meei? ro discuss . drivers’ 
pmductrity. 

Financial Times’ two-day con- 
ference on World Banking in 
1079 starts in Zurich. 
PARLIAMENTARY BUSINESS 

House of Commons: House of 
Common* iRedi'Uibiition of 


Seats! BL'i. second reading. 
Motion on Employment Projec- 
tion ( Vacation of Limit) Order 
and Unfair Dismissal (increase of 
Compensation Limit) Order. 

Rouse of Lords: National Land 
Fund BUI, second reading. Report 
of EEC Committee on 'Misleading 
Advertising. Short debate on 
proposed European Monetary 
System. 

COMPANY RESULTS 
Final dividends: John Carr 
(Doncaster). Comet Radiovision 


Services. Leeds and District Dyer* ; 
ami Finishers. Stockholders ■ 
Imcstment Trust. Interim divi- j 
riendc Airfix Industries. English i 
and Overseas Investments. Fine \ 
Art Developments. Hicking Pent*- • 
cost and Co Parkland Textile 
i Holdings) Tecalemiu Trans- 4 
parent Paper. Interim figure* 
only: Pen wick Group. 

COMPANY MEETINGS 
AB Electronic Product^. Park 
Hotel. Cardiff. 11.30. Amber Day. 
Churchill Hotel. Portman Square. 

W. 11.30. AGB. 7S Sboe Lane. EC. 

12. Consolidated Gold 'Field.*. . 
Dorchester Hotel. Park Lane, " 
11.30. .1. and -I. Mflkin. Town Hall, j 
Rnchdale. 2.30 




w we create 
of jobs outside 
ost Office. 


Internal ’phone 
charges 


Stephen Tffatthews. 
25. Craven Lodge. 
Craven H ill. WS. 


Home grown 
produce 

From- Mr. A.. Gooding 


Efficient use 
of fuel 


It was supposed to test the 
comparison under different rate* 
of inflation — of nil. a per cent. 

10 per cent respectively — using From the Dinar tor. Public 
the present mortgage rate of Relations, Pont Office 

5L.*?- r Cen . 1 t ^ roush .°oLa a K <1 Sir.— Vour correspondent Mr. 

then discounting to real costs by A Varney (November 22 1 is mis- 

« *5-® ass,, J ne *l UI ® aDoa rate taken in seeing any contradiction 

as the discount rate. between the Post Office’s freeze 


Such calculations are invalid 


on basic 


. _ . — telecommunications 

except when ibe inflation rate is pr i ces ^ ^ increases in 

10 per cent, at which point the reQtals £ 0r private internal tele- 

From the Direvror General. differences between the two phone systems. The Post Office 

Con/ederation of British Road ■ types of mortgage are negligible k as ne ver made a secret of the 

Passenfler Transport —especially as the surcharge rate fact uj al ,45 self -imposed price 

Sir,— We all know there are for endowment schemes isn't freeze applied only to main 

lies*, damned lies and statistics, recorded. services. 

What I cannot tell is where Mr. The author of the study quoted Yes the basic charges fortele- 
Eir.—Barirortiis year it was TankardfNo v emher23) obtained should have recognised that phones> Telex an d oAer main 

tridelyreported that UK growers flgures on relative efficiency borrowing, and inflation rates s erv ices will remain unchanged 
of lettuce were ploughing in Qf bus train fuel consump- move ^broadly In tandem. To at least April. 197»— mean- 

tinn. * . . hold the mortgage rate at 5 or 10 three and a half years of 

While I do not donbt that ceotage pemts, higher than p nce stability In fact, the Post 
are exceptions, the *°, r -® years is a ogj ce has actually reduced some 

Telecommunications charges. 

But. let ua make it clear that 
are 

1 her depressing effect of the parable circumstances, iw < mu Xn *"““w quite a different matter. They 


were plougnmg in 
fheiT spring crops because the 
markets were being swamped 

with imported products, notably ther< . dii , — 

from Holland. \\e were one of gener ality of figures which I have nonsense 
the sufferers. • - — J “ — M "**“ ~ r ■ 


seen in this connection fand they Hons, of course, the conventional M m VIt= 

This situation continues, and many) indicate that, in com- mortgage internal telephone systei 

me depressing effect of the parable circumstances, Ibe bu* at nd low rates of iflflabDa quite a different matter. 
apparently unrestricted influx of and coach are more effiaent fuel jl 1 ^ mu n t ar e used f Then are n0t connected to the public 

Continental and other imported users than the tram. Io its ratw qf msrount^e used, T^en networ fc and do not therefore 
brtduee m. the efforts of our transport policy document in m the later years conventional 

horticulture SduSry seems to 197 T Ihe Soveroment actually mo^age pavmen^ remam a 

nrodnee little evidence of con- said: ” Bus travel, and then tram i*xgn aemi wnereas me casn 

eerri from our Government and travel, is less energy-intenrive ^ 6 if™ you 3 do "the “* h u “ v a ”“ t fc w “* w - w«- 

6lh era who should bp vitally ihan travel by car or aircrafu credit. But if you oo tie phone system* compete on the 

interested in seeing home pro- wheiher on the basis of titiUoad ^ you^can t jau opco markeL 

duetion expand — in the interests or of average load comparisons. 


generate revenue from public 
call charge*. And because they 
are not fully under the control 
of the Post Office, internal tele- 


-t 


* 


r A 




•• . ,***■■£*■ 






M 

. 

' ;f 

5 


of_ both profit 
wnploymenr. 

Perhaps ' the most absurd 
expression of this situation is 
that^ one very well known High . 
Street store chain, which hitherto 
I understand, bas mode 3 strong 
*ei]ing point of the high content 
Of UK products in its sales, was 
recently selling capsicum (gveeo 
and- red peppers) from the U.5. 
at 48p- per pound. 

. There are plenty of 
ffdwersr, 

«hb 


(and tax) and Denis Quinn, 

Sardinia House. 52 Lincolns 
Inn Fields. London. 


to draw the wrong conclusion. 
Bernard Kilroy. 

104, Princes House. 

Kensington Park Road. VII. 


Taking a 
decision 

From Mr. F. Whitehouse 
Sir.— Mr. Christopher 


Vehicles in 
the net 


For the past three years they 1 
have been making a heavy Ioj 
and the Post Office feels it is un- i 
reasonable to expect users of its 
public services to go on subsidis- 
ing Internal telephone systems. 
Mr. Varney might also like to 
know that even with the new 
higher rates for such systems, the 
Post Office will only be just about 
in line with the cha^s of its 



i n /. 

I * ’ 


From Afr. D. Smith 

Sir, — White I look forward <o competitors. 

Benson Ibe demise of vehicle excise . Finally, let me reassure Mr. 

(November 24) as general were- duty, 1 discern a big con trick Varney that there is no question 
home jl—. nr *im institution of Works about to be perpetrated on the of retrospective price increases 

— ' ' '* — — 1 ** ’ internal tele- 

are billed 

such products at prices which c jear his ” ain folk 01 an>uj*oe i.«wcuwra ^>1 u * a «umu.> annuany in advance, and the new 

would enable all shops to sell critical or derogatory that Prof, iahminto the trap. rates beoome effective on the 

xt-a good profit— but with signifl- g n . aD Wilson says of managers. The Chanceltor mcreaaed renewal date. So until February, 

nuft saSnSm foreign exchange sm for anybody who has worked pefrol tax .U« year by op_per t979. Mr Varne/s company vAU 

and undoubtedly offering tbe SStjgKide his ‘ angel f ’ over the gallon to yield £3l^n in be benrtting from renting its 

S&mSr? toSier product. vea« he is plainly talking pure yea poor Mr, Rodgftrs only P^t Office system at the old 

^T.7. .. Tirr -j.vM-.cock. expects to obtain £S40m From a rale. 

-^Without question thf Toffee-nosed as Ws members further 10? per gallon in 1978/79 Peter H. Young, 

fifowera still offer best irame tot ^ ^ ^ out t .heh- “qualifira- figure*. How naave does iie Post Office. 

hjipWT, but they need tn** > u » aW » a rery long way think we are ? Central Headquarters, 

pret; and . encmmmenT ot Godlike In daily Stiud Baced tJpoB « crawerratire 23. Uaukul Street, Wi. 
•wsynne to withstand dies* 


Investnienr in Britain by the 
Post Office is running at the rate 
of £1000 millions annually. 

This year, we will spend 
£30 millions on vehicles, more 
than £700 millions on telecom- 
munications plant and equipment, 
£40 millions on directories, 

£30 millions on cables. Creating 
about one hundred thousand jobs 
in Britain, in addition to those in 
the Post Office. 

Jobs that owe nothing to 
government subsidy, and which 
cost die public nothing. 

For unlike most odier 
European countries, the British 
Post Office receives no subsidy. 

We finance our vast investment from earnings. 

Yet over die past three years, with the retail price index rising 43%, we 
have raised most telephone charges not at all, and die basic letter charge by the 
smallest coin in die realm- Kp, or 7 %! 

We wish our services were 100% efficient and our charges 100% 
acceptable. But we are on the way; and working hard to improve. 

Poftoffi 

X>KEEPING BRITAIN INTOUCHCX 

FyafcfirL'Jcaudoa oqil-ij oaxp.-oc^os wsavitss W.MKa:* ii.T.-^HMdlbsaaisxror Taz-xasCucn, Miiy*- 






’ ■ .’■•i! li r-i 


22 


COMPANY NEWS 


Tricentrol refinancing 
£ 60 m credit facifity 


DIVIDENDS ANNOUNCED 


Current 

payment' 

R. Kelvin Watson int. 1-1 

Matthew Crown ".28 

Chamberlain Phipps ...int. 1 

Craig * Rose ini. 2.1 

J. II. Kenner 4.48 

Home Brewery 4 

Prop. & Reversionary int. 2 

Stag Line 3 

Streeters int. nil 


. Date Corre- 
al spending 
payment div. 


Feb. 1 

.Tan. 8 
J«m. 9 


Jan. 17 
Jan. 3 


U 
2 92 
Q.» 
2.1 

S. P5 
3.84 
2 

T. fi 
*0.S3 


Total 

for 

year 

4.38 


7.48 

47 


Total 

last 

year 

2.38 
3.92 
M 
23.97 
8.7 


. . Fmancial Times 

Streeters pulling 






of sideration of four quarterly ^ay-; 


N'OIV THAT oil is flowing from 
the Thistle Field in the North Sea. 
Tricentrol has arranged to replace 
the bulk or its Covernmenl- 
ffuaranieed production loan.' with 
<r straightforward commercial 
facility for itiflm. 

•Early in 1976. Tricentrol raised 
a ftjOm credit faciiiiy through a 
Government guarantee in order to 
finance its share — 9.63 per rent — 
of the ThiSllc Field. This is rated 
the sixth larges! commercial field 
in the NK North Sea. 

. Tricentrol was a comparatively 
.small company and in order to 
raise the funds needed it turned 
to the Government for aid. The 
terms of the facility meant 
Tricentrol paying a 3 per cent 
royalty on the proceeds of produc- 
tion in addition to normal interest 
charges. 

Repaimcnt of the faciiitj — un 
which Tricentrol had drawn 
i'37.t>m — was due in muMflSO. 

Xov TricenlruJ lias arranged a 
i’SOm facility with an interna- 
tional consortium of banks 
header! by Barclays, and including 
First National Bank of Chicago. 
Manufacturer- HisnuuT. .Midland 
Bank, and the Royal Bank of 
Canada. 

Ar the end of the month the 
company will draw down l'4Sm of 
thsi facility. The lir-l £40 ns will 
SO ro reduce the Gosurnmenl- 
gunranteed loan to £20m with the 
effect, as the company points out. 
of limiting rhe royalty liability. 

A further £4m will be put to 
repaying and cancelling a £IOm 
faciiiiy raised last April, and the 
remaining £4m will be held for a 
\arict;. or outgoings on Thistle, 
including eon*-: ruction and ii nance 
costs, which fall due in the next 
fev v.epks. 

The new faciiiiy has an addi- 
tional advantage to Tricentrol in 
that ihc terms alio'- a proportion 
of ihc funds, while secured on 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Coi. Company 

Page 

Col. 

Bolton Textile 

25 

3 Home Brewery 

12 

5 

Brown (Matthew) 

22 

6 Lonrho 

25 

5 

Chamberlain Phipps 

22 

I Prop. S Reversionary 

22 

4 

Craig & Rose 

22 

5 Stag Line 

22 

4 

Dominion & Gen. Tst. 

25 

A Streeters Godaiming 

22 

6 

Fenner (]. H.) 

25 

3 S & U Stores 

22 

2 

Gilgace Hldgs. 

25 

A Tricentrol 

22 

1 

Grecncoat Props. 

25 

3 Watson (R. Kelvin) 

25 

7 


Dividends shown pence per share net except where otherwise slated. °UC of 
* Equivalent after allowing for scrip issue. ■ 1 On capital Am Dia. 
increased by rights and. or acquisition issues, t Additional O.Oiap A greet 



increased 

now- payable. $ Additional 0.05p now payable. 


fts investment in Saudi ; Streeters. 

Streeters has also acknow ledged SamJI Arabia are mtichtC; 
been entered $*x iC JnrejPonabJe fdr the 
which the retried 


reements have 
into as - 3 result o 


e tSSP Sd^efe haswrittM:t^4t8; 


Expansion at Property 
and Reversionary 



£106.1)00: after allow ins 
relief, total amount \vntten-cff w 


mgiy he has resigned the . _ i 


£826.000. togty ae »ms 

After allowing for these Beard of Streeters -God aiming.- . 
write-offs the group's net tangible pjrgt half profits of the i 

the would show a profit- before tax assets, as at June 30. 1978 came to were w UK turnover, .down fl s- ; f 



Thistle, to be spent on other bu-i- 
nc.-s in the group, including 
further exploration. 

The consortium loan is budgeted 
to be finally paid off by the end 
of I9S3. with the first l'om tranche- 
due for repay mem by the end of 
next ;-ear. The average rate of 
inicre'i i- ihouaht to be I] per 
com above LlBi'R. The original 
loan bore a rate or l'i PPJ 1 cent 
above LJB»»R. while the guarantee 
<13.1 in force. - and- 2! per cent 
abo’>- once Ihc guarantee was 
due to expire. 

Sec Lpx 

First half 
lift for 


S& U 


DESPITE a loss oT £I81.."4S m its 
manufacturing division, profits of 


S. and U. Stores, now primarily 
engaged in consumer loan credit- 
rose from £181.349 to £204.147 for 
the .six months to July 31. 15178. 
Last year the group achieved a 
Lurnround from a loss of £146.413 
10 a £631.927 profit 

Mr. Derek Coomb-, the chair- 
man. says that the nianufnciurina 
division also suffered the with- 
drawal of special employment tax 
and that while lop management 
changes have taken place, the 
directors can - - ee no real reversal 
of fortune- until the next financial 
year: " We shall' then reap the 
benefit of increased orders now 
being generated for the spring 
and summer delivery period." 

Profit of the consumer loan 
credit dlvi-ion Tor the fir«t half 
was £3i;.Y49.v and the chairman 
says the result is. “obviously 
encouraging." Divi.sionul expan- 
sion is proari— sing according to 
budget, he adds. 

Again there is no interim 
rf- ■ 1 on the 12'.p ordinary 
shares. 


an 

in pre-tax profits 
‘current year. 

Profits included dividends and 
interest receivable amounting to 
£131.900 (£123.000). but were 

-truck after higher property out- 
goings and management expen-es 
or £281.000 ( £258.000 > and interest 
payable of £07.000 i£96.0»0>. 

Tax takes £297.000 <£234.0001 
and after £1.000 minorities last 
time, available profits improved 
Tram £270.000 to £323.000. 

Stated earnings were higher at 
4.7p i.'t.Sp] per 23p -hare, while 
the interim dividend i- main- 
tained at 2p net. with an 
.iddirinn.il O.Oop Tor 1977-7S— last TRADING 
year's final was 3.16p. 


'.b'p final pre-tax 
year totalled £172,000. 


directors are reuusn- nciaers oi --.s-si. ««<*»'= .cuspusQtu 

filial or 5p per share indemnify Streeters pgamst 
in 1976-77. the ratal claims arising .from the groups 

.bna-from J^ul^difflgaKfesi 
. . &?• group JS cjirreji^y 


vtCToiae 


mending a 

for Uie year: <■> i*. j.. st 

dividend was ll.4p including a guarantee of a bank loan to Sb-yU » «,- 

profit for that of Saudi Riyais. 4-32m. f some -|qa :f rom 
£660.000). 

SSAL. for its part. ha« agreed 


Profit up 
at Home 
Brewery 


end perform Srreeters e^peri^ui^.iM :i«warid7<fe£iti^ 


IO fUllll due 1 “ "S- -■ 

contractual obligations unaer the J 



PROFITS 


of 


purchase, and Streeters U> ■sell, all ^ . r Panels - confidePt-of: 

plant presentb 1 leased by Streeters' vy. J.'L ^^^^g” ^ yp^”^t&OBed-:‘8Upi*bfe->The7-js!farer a 

equal . v S : 4C= 6T-V v italij 


Stag 
pays 5p 
final 


to SSAL. This would be Tor a 
sterling consideration 

the balance now due under thcs£f Pre-' 

Nottingham-based Home Brewery leasing agreement, the effect of com papy efrofit 

Company improved sliebtiy from >v hicr*\ is to extin auLsh the balance:-' Wa a. i^liEyeyf-'^iri.i^Tc : 

£3. 63m ro £3.6Sm in the y ear nf the cost of the acquisitions Q^ fg^lOO>~ Mh o »^H,T^ 

ended September ^>0. 19. S. . thss plant ' CCXpglDpO). *>:r- v. . a -‘-L. A.-4ghm9£*tfl^‘3cn9jai^einmM-J|gS!|!^ 

SSAL has also agreed forthwitfir. 1L0&; came -out ^ aiat thg Li«ua J 

— — - w— - * Tbr-Thife^ 


m-.i 
-Jl-and -1 
'^I429;0i005i 


^ yrnfg fn' aBy j: igfl>bve ■ ihe" 

ie° asset-, figure -at AL _ _ 

-profits--fprthe : ,fbt3'iear* 


Other income w-as higher 


Chamberlain Phipps rises 22% 
to £1.5m at six months 


AFTER crediting rvcpptional 
Items of W7S.41S asamsi £333.745. net profit m the parent company 
Staa .Line reports a profit before is a^ain £1.49m. 
rav of £fil9.327 fnr the year end^d 
ri* , tnb , 'r 31. 1978 compared with 
£K33.j!ij in the previous year. 

v. j- 



Tun-rti^r 

Tri'linc pmfii 

H-orcclahnn 
Loan lni.-Tv?« . . . 
Invvwnicn: inrtmn 

Ijll'H 


1P7T-7- 


ImIM 
v; : .v.'o 
-.o n>n 


!‘ , 7<l-77 

-'7 

mil v?n 
-•:ii -Pt 

i:r, 4-t; 
-••no T.i" 


Progress for 
Craig and 
Rose 

I1J-S profit? of a Crai* Profits rose nfit.000 to £U3ni." diarge antT provide 


dm completion ,-.o£ -Ihe '. suiK^iPtiil.'^Gi iTF^^H^jancC 7 vf® 


WITH turnover ahead 'frdm 

£ 17.28m to £2l).01m Mattbeir fager investment;-^ this"^ ihow, ;*ato--.^TKS^s t ^ 

Brown & Co_ brewer, reports pre- accounts for 17 per pemt. oF.^rpi^iauiil R. 'Brickman; , Abercc 
tax profits £0.44m highw. -jat- turnover— Brown. is-'noy l ir'pIatnhi.t^itocti6jk Hodci^ 1 BflW-‘ 
£3.34 m for the year to September to spend about X4cn-£5 i.a the-JteKt“Tij^irtV f (3i?^ iEp^eerit^sT^ 


30. 1978. 
At the 


interim stage 


five yeara Renewed 
when^- will help reduce 


FDR THE **iy months to Sept- 
ember 50. 197S. laxable profits of 
Chamberlain Phipps cJrmbed 22 
■v?r <-p.u rrnm £1.24m to El.Slm. on 
turnover up 13 per cent to I2fi.tl.jm. 

Mr. W. R. F. Chamberlain, thp 
chairman, -.ays each divi<=ion of 
the group, which makes comnon- 
enr« and rnalerial- for the fnot- 
”-err. olothtng .mr| automotive 
industries, improved profit com- 
pared with the same period l-i-t 
vear. and the contribution from 
its nversen* companies was parti- 
cularly good. 

One of the strengths of the 
group is the di-.erse nature of its 
products both ip ihc t ; K and 
abroad, states the chairman, and 
in consequence he anticipates an- 
nth-r y*>ar of good nrogre«v 

For the whole nf ihe previous 

year, nre-tax profits of £3.19m were 
achieved. 

S'atpd half-yearly earnings in- 
r-ea-ed from 5.H7n in 3.R7p per 
lOo share and the interim divi- 
dend is raised to tp fO.Spl net. 


with 3n additional n.019p for I9i<- 
1978 on ACT reduction— last year’s 
final was J.239p. 

• comment ■- 

Chtmiherlaln Pliipps has been 
firing on all cylinders during rhe 
first six months anti there are 
no signs of a slowdown, so :hc 
full vear looks to hp heading for 
around £5.flm pretax. ITie LK 
footwear sector i> urolergoin? a 
gradual revival thanks to the 
Government - * effort- to curb 
imports ind create better com- 
munications between ihe re- 
tailers. manufacturers and com- 
ponent suppliers. That factor plus 
the trend towards lightweight 
footwear, v here CP has more or 
the component market, helped 
push profits from UK footwear up 
from a third io 40 per cent. The 
general industries division (in- 
cluding aulomntivf parts) jnd 


the overseas division (mainly 
footwear) which also lakes in 
I'K exports each produce about 
30 per ceni or profits. The com- 
p-iny - is having a big drive into 
the US. on two frortls. At presonl 
CP is supplying the l'.S foot- 
wear market from its Canadian 
far lory, hm it hopes lo open a 
l'.S. factory bv next July. M 
first it will he keeping its invoii- 
incnt fairly small— the fartnry 
will be leased with on option m 
buy anil the equipment will cost 
no more than £4tKMKW. .'lean- 
time the company's ear trim is 
undergoing tests with General 
Motors. Both these cl eve lop me ms 
could be significant for thp 
future. Meantime the shares, 
whiph rn-e 3p to 44»» yesterd.iy. 
look good value. Thr prospective 
p/e i taking ti I me through the 
interim tax charge) is ^ un i the 
yield is 8.2 per cent, though the 
company may be able lo improve 
on the basic dividend 10 per 
vent increase. 


KSTEnU" te 1 ”....: ££} ULSs and Rose, paint man ufacturerC ihe direct ors sa Id 'they were iW for at least- the ■ nest ( tea ^ 

t.vt ;(•: i-.t ts me were ahead from £90.947 ro * f ul of maintaining sales impetus Gurrently. sales are fa]Icw>iig;.iasj C+r\-rok 

W.KI-M- a;i<74 “# s-'i F117 3Q1 for the first half of 1978. and. thereby of improving the;years second . hair pattern; .and -CAJJJlCo ‘ 

t<ivia-n.is -7^1 ? c U< nm nf nrnfit Inrreasp iti ihe UJce its rivals the' inmbanir will ^ 


Rci.-m-d C M id 19S.«;3 

* ProfU. 

A I midway, the group incurred 
a doficil of £157.5*1 (£.-.57.1)54 

profil) after exceptional debit- of 
!’i 23.47 4 aeainsr a £412.372 credit 
The directors said then lhai it 

wa.- cxpecied the year’s result 

ISSUE NEWS 


After tax of £90.000 (I4S.000) fate of profit 
net profits rose from £42.947 to second half. ■ - be 

£37.391. giving slated earnings of Reported earnings are shown at early 
33.nn (40.Hpt per £i share. I Loop fl2.SSp) and fully taxed profits. 

The interim dividend is main- earnings at 10.14 d top). - The, total 


Increase in' ...the' Uke its rivals Ihe'. coinpaaijr wIH . . - . .. . «.• . ;_.v;g 

looking,' to a price liicrem /.hQC WfllDPf ; 4-:n2 
y next year -to .help . “boost 

term 


Yorkshire Spinners 
£150,000 rights 


ine inierim arviuenu is mam- \ . - ^ *■« T » -mm, . ..-7 r . 77. ... 

mined at 2.1 p net— last year's at'jdend ts raised from 3-fl2pv1o VY lliniTIP^ ' lilt ’ - T - : rPri>ples DepartntePtSton 
paj menus totalled 2:*..97p from L-./ip with a final payment of, . *» 11111111^, Up . Canadiiiv-totw^ ^-.Ih wfficli? 

£232.000 pre-tax profits. “ 3 - < * 3 P net ‘ Y _ r .'.' . nrilpK fnr ' ^ anaOSiiehj^; acquired- eo® 

■ r • ,,n,Hrv B,,r v lff7S; ; is ! .iIn'Ulwly r t«: »rid a 

■rl In . the : sbort - 1 ^™, ' ^ir-3 
: >v Sfeff. ‘tbe ohatrtnan^^ 

, day.‘f- ■ v :- ■ • •" .-j if -' j 


i.-mup jarmwrfr 

TTWtlni DTWti! 

Profl: on propertiHS s*l“ 

Intrrrst- Mid 

Oi’Dr.'iaaUon 

Profit before tax 

Tax . 

Pro Hr after rax 

Minority profits 

w ailahl* 

ea^h call i* being the basis of three-for-five at -2Sp. R^n^tf 

made by Yorkshire Fine Woollen each. In the market the shares - .+ Has been 

Spinners, the Rrad ford -bared wool fe!1 2p lo 40p. EW.tiW *r«5ijw» heing 

and yam -pinning company where The main reason the company 1° 

Mr. Ferguson LaveVs Birmingham wants the extra cash is to heip L^iuntms Rr’ and^... 
and Midland Cminlies Trust finance its expansion into the have Own resiatvtj aixurtxnaiy. 
rceenily look a 1.5 per cent stake, quality end of woollen spinnina. _ 

The company moved into more • COITimern 


n T ,.-,,. y r n - >r ?/ In,. - the: sbort^term, “ Sir J 

3Z companies: 


A £130/100 


i<m-78 im-p orders for 

men - jm 
<1.905 -."3.549 

l J , s*>S Orders- fop the- comnulaory : Bql: btt*’ctn\^nued hi hi^'aTifi 
M7 48B windm? up of 32 . limited com L :reporL-y \9tf ire, 

*■*5 panies were made by'jvfr.r/taifce etief; -.will ■ be'7;:a'“:'tin>fi:tl 
i w ,■£?» Bri^htman ia. the Higli . Ci}ut& .enreri}iiS^ s, :v. ^ . L. • C-v 
•4 . 7. t They' were; : ,.- Ther-.Cioiadian^sroup.vT^ "jm 

1.9M. 2-tTR Atlantlne. Freijrhtex, -Samurar slimmed to - three elear irad 
, J® Secuftur- :an'd c 'fi^er 

TeojifeS-BadWAnakds. /Hve-j 



^cpiupanyr is.beide^ehec 
-■ Budget Ma1ateiian«C W. ' JE- to lSarkS' and Spencer ad# 
Put cites, „ Glennorth. .... Herald' ' Stf-Marcus'said that’-theiPedi 
Development Company; 15st ad<d and lyAIlaircLr iJivisibhs* 

or isu 7«n ordlnarv ■'On^harp^r n u P' rr1arkcf yarns to protect itself Matlhew Brown may have fail an n ^ aJ1 Tr««. k» ^ produce; '3 

Of .I.s.t,< on ordinary ^p shares cm frnm ( . om pp, i1ion from foreign short of its own iaierim forecast j ? e, Sfe m Sf„ _Hea.tin^ f^ts-Tn.the^oirre i n£yeaF--'e, 

orodur-ers which is mainly at the of maintained roJume growth but p°r. T ,.^?r. > °Y bervices,^ He$pay.. ; o eyr. ‘ J nly. &uh. the *-2osSinie** 
hulk end of the market. 3n increase of roughly 4 per cent Spqncer division^ 

However, to- complete the is still double the national aver- Udu^- , ta fntnre In developm^V!:^ 

chance in product means extra aye. After an impressive 7 per ^ — 

machinery and the more expen- cent increase in the first naif, p £"?jnv aervices » * ran se* around. ■ major vestas 
-ivr raw material has led lo the momentum in the second s ,- x /.vT***- ■ - - \ ~ ~ • : -. -- ^ ■_ - ■. * "■ w. 

inrroa>ed working capital require- months slowed down but profits | 
merits. are still 34 per cent better and | 

The Issue has been under- margins have survived despite 1 
written by Manchester stock- the brewery sector's unofficial 


A POWERFUL SERVICE 
FOR INDUSTRY 

WORLDWIDE 

• UK sales and profits advanced 
9 Difficult trading overseas 

• Earnings per share up from 1 6.89p to 20.82p 
9 Capital expenditure £2.75m 

• Final Dividend increased to 4.48p per share 

• Dawson acquisition extends product range 

Extract from Chairman's Statement 

"The Group's trading performance generally has been satisfactory and a downturn overseas more than offset 

by increased earnings in the UK.” 



1978 

1977 

1975 

7975 

1974 


COOT'S 

£000’s 

COOO’s 

£0005 

COOO’s 

External turnover 

80.531 

73.009 

63.235 

50.774 

37.940 

Profit before Taxation 

9.055 

8.407 

7.006 

5.752 

4.501 

Profit after taxation 

5.447 

4.051 

3.805 

2.572 

.1.251 

Earned for ordinary shareholders 

4.868 

3.835 

3.389 

2.302 

1.773 

Dividends to ordinary shareholders 

1.924 

1.453 

1.30! 

834 

745 

Retained profits 

2.944 

2.372 

1.083 

1.463 

1.028 

Shareholders' funds 

37.319 

30.019 . 

24.184 

17.564 

15.33S 

Earnings per share t'pence) 

20.82p 

16.89c 

H.57p 

13.no 

10.82d 


Ihe Fenner Group is principally concerned with the manufacture of power transmission equipment, 
industrial conveyor belting, fluid seals and package handling conveyors. 



brokers, J. Stephens and Co. 

Torday joins 
Nightingale 
market 

VpM-r*a«tie-ba«ed flPfirn-ohPftiicall 
engineering group. Torday. is thej 
latent eomrianv to join the market 
conducied hy M. ./. H. Mightin?ale. 

Last Friday. Nightingale placed 
n ner c**nt of Tordav’c enuitv at 
ISiip each and dealings start 
lodav. At ihe Dlacine price 
Tnrdays market capitalisation Is 
£2 5m. 

The direclnrs have forecast pre- 1 
tax nrofits for. 1978 of £710.000 and | 
at 130p the shares siand on 
nrnspective p.'e of 6.9 and yield | 
10 tier cent. 

Tordav’s primary reason far 
joining the market is lo improve 
its access tn capital markets and 
to fund further stages of Its 
development programme. 

Tt is a ni Irina led that a further) 
three to 3 ner cent of the capital 
may he released to the market [ 
during the next 12 months. 

The comnany was founded m 
1949 bv Mr. La.xzln Torday. a 
chemical engineer who sraduaieri 
From the technical university of 
Budapest. 

Over rhe past decade the com- 
pany has diversified from its 
original busine-w of elect ronlating 
into component recondtMoninn for 
marine diesels, manufacturing 
Conner foil and making safety 
relier devices (bursting discs) For 
u«p in nrocess plant. 

Profits in the years From 1973 
in 1977 expanded from £294,000 
to £946.000 on sales up from 
£J.r>m to £3 43m. 

The addition or Torday brings) 

the number of companies on) 

Nightingale’s market to 12. 


Income below par 


price freeze since February. This) 
says much for the company which f 
nonetheless is only .modestly rated 
by the market— the fully taxed 
p.-e of 10.7 at UOp is right In the 
middle of the provincial brewers’ 
ranne while the 6 per cent yield 
is r elatively high. Close on the 



...big where if cpmits.' Tile fffst 'cdrv^iira 
bank; its members . bave jaggregate^assel^ . of over 
£ 34 -, 80 Q million. 

. . . small where it matters. 'Vciir business wrlp he’ 
handled at senior level 6y ^ 
selves-’on providing ^.fast,< 
personal service. >-■* 




'S' 


<*' -*« 
. w-s • s.'A ■ 



.... • ’'.ft,’ 1 ,** . , . 



yi'r. 


IN BRIEF 

BRITISH EMPIRE SECURITIES AND 
GENERAL TRUST— K- vilto for S-pirnih.-r \ 
Sfl. JVJS. year already known Llsr.xl 
m .n m irkei falui - . in UK 

ci.OBni 'C .Wttu. i-Hewarn- m.un lUJTii, 
ar dirviors' valuaUon 1179. f4l 
llilUTJi. NVl miTeiii I lain Inn's £Su hft: ] 
£41 4Iw» X.-i liquid Tunis iocivaseil hy 
rtfl.lKH) i f 000 devrtM4c> Murium. 

Hill. rn. nro-nilior 30. noun • 


CITY OF 


SI 


Floating Rate 
Stock 1982 


ter Ihe six months Irom 
28lh November. 1978 to 
2B(hM<iy. 1979 (he 
interest r jie on ihe above stock 
will be £ I L'.SAiiSS per annum, 

Morgan Grenfell & Co. Limited 



package to meet whether itbe .tbei provisioTt'Ofi: 
working- capital^ project financiBg, ^leasing; ' or - ^ 
restructuring debt. - • • - ■ ^ KiV- 

• • • trajy inlematibnaL. The: Scope of diir serwc^ 1 i 
spreads,throughoutlheAVorfd;so thatwe c*ia^st^ 
you wherever you need our helpifi -bnngmg 
plans to successful fruition.’. , ; t 



■ ji . 


26 Th rogmorton Street I^ndonEC^-2AI : E'- ^ i k-; f 
Telephone: 01-588 0271 Telex: 885435. • .» ' ' 




c- - .. Representative dffice in Melbourne. AusfrajW' .':••• . ^ 

Subsidiarji- Company: MAJBL Bermuda (Ear fast). Hor^kc^^ 1 


Member Banks. .Midland Bank Unrit«f: The Toronto Domnlop 

The CoiiimtrcialBankof Alntcifia Umiuai: ' 






V-W* 


... -Vi»-S 
rmt'.ya: 





"•o'Cv'i.V ' ?JrSz 




23 



I J5j> 











n 


t 






suspending 




of 







wspa 



For 193 years. The Times has been one of the world’s great newspapers; 
authoritative, factual, readable and fiercely independent. 

The Sunday Times, a brave paper in the same tradition, has broken new 
ground and set new standards in weekly journalism, to win more than 4 million 
leaders. And The Times Educational Supplement ,■ The Times Higher Education 
Supplement and The Times Literary Supplement are internationally recognised 
as leaders in their specialised fields. 

Yet unless we reach agreement with the Unions, we shall be forced to 
suspend publication of all these papers as from this Friday. 

How has this incredible situation come about? 

Continual stoppages; a Is there an alternative? 
■ -'-ipcscfoe iar jbiinknipitey. 

We’ve made fair and wide-ranging proposals to 

The newspaper business is more vulnerable the Unions who represent our £taff. We're still 

than most to industrial disruption. If we lose part or negotiating, and are making substantial progress 

allofa day’s production, we can’t simply produce with most of them. Basically, our proposals are 

mOXC next day, to catch up. these : 

And every lost copy represents a lost reader, 

the potential loss of an advertiser, and 1 ost revenue 1 We want to set up a system, that will be 

that we’ll never be able to recoup. honoured by everyone, for resolving disputes - 

Ih fact if there was ever an industry in which before, not after, copies are lost or disrupted, 

eyayoac involved stood to lose through hasty and the newspapers suffer yet another setback. 

industrial action. It’s ours. Nobody pretends this is always easy; but we 

. , ' , . . _ , think our proposals are fair and reasonable, as 

Yet since the beginning of 1978 alone, were well as being in everyone’s long-term interests, 

lost more than 12 million copies through unofficial 
Stoppages. We’ve lost £2.7 million of the profit we ^ 

expected to make ^profit that could have been " wan * t0 replace old machinery and 

' reinvested in the business, and passed on inbetter equipment, and to phase in gradually some of 

pay and working conditions. : the ‘new’ technology that many papers 

' - . t elsewhere in the world have been using 

If this continues, our newspapers wfll simply effectively for the last ten years. The craft 

Heed to death- Unions (understandably enough) have been 

That is why we said, months ago, we’ll suspend worried about its impact on their members’ 

publication this Friday, unless we can reach jobs; so we’ve made proposals to meet this very 

agreement. real problem. 


3. It’s no secret that British newspapers are 
heavily over-manned in some departments. We 
want to reduce this over-manning; and again, 
our proposals include a deal that will make this 
possible without hardship. * 

What are we offering 
in return? 

Easy enough to see how our proposals will 
benefit the newspapers. But what will the people 
who produce the papers get out of them ? 

1. Better pay and benefits. 

Greater efficiency will allpw us to create a self- 
financing productivity scheme. Every member of the 
staff will benefit;, two-thirds qf the estimated savings 
will be used for improved pay* six weeks holidays, 
sick pay and pensions. And the remaining third will 
be reinvested in the newspapers. 

2. No-one bas to leave. 

Even though we want to reduce over-manning, 
nobody will be made redundant unless he or she 
chooses to be. We’ve promised that: and we’ve 
offered terms which mean that staff who do choose 
to go could receive what ITN described as the best 
offer ever made in British industry. 

3. A better future. 

We have great newspapers. We believe that if work 
and pay structures can be renegotiated along the 
proposed lines, they have a bright and expanding 
future; with better pay, benefits, cleaner and easier 
working conditions and prospects for everyone who 
works in them. 

We axe working hard to reach a fair and 
effective agreement And when we get it, 
which we will, all our readers, newsagents, 
advertisers, and (above all) our staffs will 
have something to celebrate. 








Financial Times Tuesday. 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING' INTO COMMITMENTS 


E5? 


This cash voucher 
entitles your company 
to an immediate 

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AGAINST 
INVOICES 

SuCyKtaaopOTi 


If you are a shareholder in an established and 
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. Investing in medium size companies as 
minority shareholders lias been our exclusive 
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currently maki ng over £?0. 000 per arm u m 
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W CHARTERHOUSE 

Qiarterhouse Development. 1 Paternoster Row, St. Pads, 
London EC-LM 7DR Telephone 01-24S 3f»A 


INTERESTING SITUATION 

Controlling shareholders of successful quoted com- 
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Your French Connection 

Want to step-up your business in trance? 

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Offert high'y personal and individual service to British firms. Independent, 
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On obtain informadon. supervise, problennolvc. fix contracts, etc. Action 
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10 Avenue des ChamDs Ely sees, 75008 Paris. France 
Tel: (0T0 33T) 723 7820 Telex: 660492F 


Of Interest to property companies — hotel groups 
or other large users of carpet: 

Due to change of policy. Company has available S.000 sq. yds. 
of Heavy Contract Wilton carpet with small design in browns. 
The carpet is all perfect, unused and available for immediate 
delivery in Inis not less than 500 lin. yds. at £6.50 per yard 
delivered U.K. 

Write Box G-9SL Financial Times, 

10. Cannon Street. EC4P 4BY. 




FINANCE 

We arrange all types of business finance, including residential, 
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licensing, invoice discounting and all types of leasing. 

CURZON FINANCIAL CONSULTANTS 

24 Curzon Street, London W1Y 7AE. 

Tel: 01-499 7722. Telex: 2992S7. 


DOES YOUR COMPANY NEED INJECTION OF;— 

DRIVE. ENERGY AND EXPORT ORDERS? 

If your company would welcome the part-time services 
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Please write in strictest confidence to Box G229S9, Financial 
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Tel: 0424-430824 




REQUIRED 

UK proprietor! of Toiletry Brand. 

well eoubluhed and distributed in 
France through druggcries. hyper- 
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grands m agisms etc. wishes to appoint 
a new distributor with national 
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Write Bos G.2043. Financial Times, 
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SITES 

Available on renewable licence at 
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Contort: CCM Ltd.. 3 Prospect Hill. 
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CHOCOLATE 

MANUFACTURER 

Foreign investor seeki opportunity to 
launch new product venture by acquir- 
ing controlling interest in Chocolaoe 
Manufacturer. 

Rroly in confidence to: 

Box 6.2976 Financial Timet, 
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BUSINESS MANAGEMENT 
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Continuing Executive Programme 
A Programme for Busy Managers 

The Continuing Executive Programme comprises four Full-time 
residential sessions totalling six weeks and spread between February 
to December 1979. 

It covers a comprehensive range of management subjects, arranged 
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The Programme will appeal particularly to the busy manager whose 
job responsibilities make it impossible For him to spare more than 
a week or so away from his company at any one time. Fee, 
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The London Business School was founded in 1965 with government 
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management srudies. The teaching and research faculty number 90 
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r London Brochure ond further details available from: 

, I n - Min Sua Coin. CEP HagiSCreDon 

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*r . Sussex Place. P agent's Park 

SCnOOl London MW I 4SA ■ Tel: 01-262 5030 


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QUICK DECISION 

Please phone or write to: S. A. PARNES 


• :, l 't'I- '■Vv'T * °"d or 


r.v*.- 

: 223'Mfihche»i9T.Squere,' 

oVdorvW.IA 


NOW AVAILABLE 

NON EXECUTIVE DIRECTOR/CONSULTANT 

Deputy Chairman nf major international Group— £M million turnover— 
now available (a assist and advise as a part-time non-esecuilve director-’ 
consnlianL Back* round In e*neral mamcjn.-ni. - markt-tingr and evoomiu,. 
Tw eniy-seven years’ expen<.nce la •ostira build lac, construction . contract 
office rumisbint; and Industrial clotbiru: five rears as Sales Marketing 
Director; four years as Export Director: 12 years as Managing Director; 
two years as Divisional Chairman. 

Siroiu? on commercial and financial management and anxious -10 offer 
business expertise and judgement to the expanding, ambitious smaller 
company. 

Write Box 0.2930. Financial Times, m Cannon Street. EC4P 4BY 


ADVERTISING AGENCY U.S.A. 

Investment banking group specialising in mergers and acquisitions is 
representing a major U.S. agency seeking joint venture/merger 
wi:h similar U.K./European company. Replies in strictest 
confidence to: 


A.I.C.P. fnc. 

375. Park Avenue, 

New York 10012. 

Tel: 12121 ~5 3 4330 Inf. 561 or 


INVESTMENT 

OPPORTUNITY— 

NIGERIA 

Well established Nigerian 
Company with - 21 acres prime 
land in La^os, Nigeria, seeks 
participation with foreign 
Company to deveJop same for 
Industrial Purposes 1 Manu- 
facturing. 

Write Box G2926 
Financial Times 
10 Cannon Street, EC4P 4BY. 


Bryl grove Ltd.. 

Gordon Hcuic, Station Raid. 
London. N.V/.7. 

Tjl. 1 C- 1 • fP.i Q?'i '7 f.-.'f. Drit 


Highly qualified (M.B.A.) and experi- 
enced (former M.D. of companies in 
England and France) Independent Mar- 
keting and Management Consultant will 
advise your company as to whether 
when, where and how to do business 
in France and help you launch your 
attack on the French market. Write: 

MAX TOMUNSON 
.Saint-Antoine 

84800 Isle sur Sorgue, France 


NORTH FINCHLEY 

Private company in Leisure Industry 
(profit £(m>. experiencing rapid and 
continuing growth, invites capital 
investment. Gnfy reputable recognised 
sources will be considered. 

Write Box G.2977. Finene-of Times, 
10. Cannon Street. EC A P 4BY 


FUNDS AVAILABLE FOR SHOP 
PROPERTY LEASEBACKS 

Prime and Secondary ■ 

Shop inveumcnts also au.chr’.id 
throughout the UK - A cents rcla r.cd 
B. Settler. FCA 

RETAIL PPOPEr TY 
INVC:-TM c r , T'-. 1 T13 
47 Peter Street. Manchester M2 <AU 
Tel: OSI-624 2510. 


FINANCE 

AVAILABLE 

Very substantial fundi available for 
self-liquidating reasonably short term 
property transactions. Greater London 
area preferred. Communicate in con- 
fidence with 

CP (LONDON) LTD. 

P.O. Box 703. London W5 3HN 


FLORIDA 

Ocean front 31 1 ami 64. mM so. ft. 
sue S2m cash. Either 1W.D00 set. (L 
office or ion dais. Consi ruction 
• 100 % finance 1 ?3m. Developer 

available and other propcni»s. 
DORIAN JASON CO. 

5S Brora pton Square 
Rnighlshridge SW3 


* COMPUTUNITY * 

An addicional Principal is required 
co share the increasing workload in a 
young and rapidly expanding rammer. 
«al Computer Service Bureau. 
Accountancy or data processing experi- 
ence would be an asset. Telephone 
01-363 °273 dt apply to Box G 7970. 
FiMfKiol fines, 10, Connon Street, 
EC4P 4 BY. 


WELL SITE 
GEOLOGIST 

AVAILABLE 

independent Consultant 
16 yean oilfield. Excellent 

references. Works anywhere 

PHONE: 01049-5322-50753 


AIRLINE 

STEWARD 

seeks position on private 
aircraft — or similar post — 
travelling internationally 

Michael Ruoenstoin. Humboldutr. 18. 
62 Wiesbaden. W, Germany. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHE5 

EXPRESS CD. REGISTRATIONS LTD. 
30 Gty Read. ECI . 

01-62B 5434/S. 7301. 99)6. 


RESIDENTIAL MORTGAGES 

Up to £100,000 available for 
transaction. 

No Endowment Assurance 
Commercial Funds also available, 
needed. 

Write Hqv G.23B2. FiwncfoJ Timet. 

f0. Cannon Street. EC4P 4Bf. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guirarffleed 
by IBM. Buy. save up to 40 per cent. 
Lease 3 yean from £3.70 weekly. 
Rent from £29 per manrii. 

Phone: 0T-64T 2365 


FIRE PREVENTION 
CHEMICAL 

A major breakthrough in the development of a flame 
retardant chemical solution gives rise to wide-ranging 
opportunities. In particular the product has lndu^ 
trial and domestic applications in pulp paper ana 
board industry, fabrics and furnishing materials i both 
natural and synthetic, carpets and heavy fabrics. 
Natural characteristics of material treated _are ^not 
affected. Full test reports available on Class u 
and “ I ” together with a dermatology report and 
patent details. Interested principals for this out- 
standing technical and commercial product are 
invited to contact the advertiser for further 
information. 

Write Bov G.2973. Financial ' Times, 10 Cannon 
Street, EC4P 4BY. 


£ 2 , 000,000 

AVAILABLE 

Peter Whitfield and Bob Tanner (formerly of 
Clubman's Club and Orme Developments) have 
f 2,000,000 available for investment 

Write Box GJ2S12. Financial Times, 

10 Cannon Street, EC4P 4BY. 


Do your export customers ask for credit? 

If so, we can offer a 

COMPLETE PACKAGE 

Including FINANCE to manufacturers and exporters. 

In addition to prompt payment we carry out documentation and 
shipment of YOUR export orders. 

Our Confirming House service is worldwide. 

Please contact: 

G. FEDER 

JVIORFED GROUP OF COMPANIES 
Poplar Rd- off Van Road. 

CAERPHILLY, Slid- Glam. CF8 lliP. 

UJC 

Tel: (0222 ) 883585 (5 lines) 

Telex: 497423. 


CENTRAL AMERICA 

Trade Marks; Investments; Tax; 
Internal and International Law 
CONSULTEC 

7th avenue 15-13 zone 1 Of. 64 Guatemala, City 
Cable: CONSULTEC 


LIGHT ENGINEERING / SHEET METAL WORK 

A company engaged in this tirade seeks subcontract work and/or 
association with an organisation requiring similar skills. We have 
an experienced workforce and proven design capability together 
with full administrative and marketing facilities. 

Please reply to Box G-2966. Financial Times, 

10. Cannon Street, EC4P 4BY. 


OFFSHORE COMPANY 
FORMATIONS 

with a different. Expert taxation 
advice w:th Company tailored ta give 
best advantage: followed of NOMINEE 
Strrvhc Tr?d Registered Ofn:c f.tilUiei 
( i.c. complete anon/miniiy;. 

Wc offer: 

fii Experienced service by a ro'irer 
B’Hl: Gminl Manager, 
fill Bank introduction*. 

(Nil Immediate availability I" •*!« 
Ms.i GiOfiiii' mo .Tariaacjn. 

Write or t-itthane fsr father cctoils: 
STRAND MANAGERS 
SERVICES LIMITED 
7 Goldie Tenrace. Upper Church St 
Douglas, lilt of Man 
Tel: DourIm (06241 22435 
Tele*: 628241 

After hoars ft weekends 0624 25115 


CONSULTING 

ENGINEERS 

Small /medium size wtll established 
practice based in the Sooth Lor.don 
area operating in the Civil and 
Structural field wtstin » expand its 
future operations by a merger wirh a 
practice ol similar interest. Principals 
only please write in confidence to: 

Bor G.29S?, Financial Tints, 

JO. Cannon Street. CC4P AbY 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy wisely from the manufacturer! 
with full after -sales service. 

CLARKE GROUP 
01-986 8231 
Telex: 897784 


FINANCE REQUIRED 

Rapidly expanding Specialist Retail 
Operation requires fundi for opening 
additional shop and relocating an 
existing unit. We require £20.000 
capital plus short-term loan of t'27.TA0 
from Mareh 1479 to December 1979. 
Equity available. 

Write Box G.2*88. Financial Timai, 
10. Cannon Street. EC4P 4RY 


OFFICE CONTENTS 

Mahogany and teak office desks, cup. 
boards, office tables, typists' chairs, 
executives' chain, filing cabinets, 
steel shelving, typewriters, dictating 
machines etc, etc. 

For all these and other bargains (lists 
available) contact: 

BILL RAYNOR or BRIAN NORTH >t 
" COMMERCIAL." 01-&37 9&A3 


COLLATERAL 

MANAGEMENT 

— finance of stocks and debtors 
Send tor detailed booklet. 

Lawrence Collateral Servian Limited 
1-11 Har Hill. Berkeley Square 
London W1X 7LF. Tel: 01-429 9807 


UNIQUE l T .S. SERVICE 

Versatile U.S. businessman, 
residing in New York, has 
time to serve as freelance 
agent for anything that needs 
fc be don^-on an Individual 
basis. Write Box F.1065, 
Financial Times. 10, Cannon 
Street. EC4P 4BY. 


COMPANIES PURCHASING 
UJ. PRODUCTS 

j Opcim>to your cosci. Non-exriuiivc 
! U.S. mviteeing and export management 
I company will act u bu/w/agent/nego- 
tutw on commitfion bun. Send 
■ requirements ta Dtroctar Marketing, 
North American Commerce Inler- 
I nanwul, 8621 Beflanca Are., Suit* 

, 200B. Lot AngdM. Cxlifornla-90045. 

| U.S. A. 


ESTABLISHES Engineering Company In 
new oil devqfoament area requires iso 
to £50.040 equity Investment to exMnd, 
Write Bov C.29Jj7. Finjnttal Times. 10 
Cannon Street EC4P 4 ST 

£1 A WEEK FOR BCZ address or phone 
messages. Combined rates + telex 
under £5 a week. Prestige offices near 
Stock Exchange. Message Minders Inter- 
national. 01-628 0698. Telex 8611725. 

THE H PENNY SHARE " GUIDE — Monthly 
advice o« low priced sham. For further 
details A FREE COPY wriic Ii;i2. 
Btomhekl Street. London EC2M 7AY. 

WANTED iton-sMtus first mortgage gf 
E40f£50.0DO on owner occupied river- 
side prooerty lust orofcssionallv values 
1 »t £90.000. Maidenhead >0628) 22906. 

! VENTURE CAPITAL REPORT. 2 The Mall. 
Bristol. The newsletter that channels 
Ceoua! to small bu'.inMii interiors or 
entrepreneurs fine 0272 37222. 


CAPITAL LOSSES 
REQUIRED 

. REALISED AND UNREALISED 

QUICK DECISION 

IMMEDIATE PAYMENT 

Plcade send dciails ur relevant dales 

and .'wures id 

Griffin. Oiled and Partners. 
rJipcDTe Tower Houae, Steep Lane. 
Fi 2 dQ.i. West Siuse* BN 14 0UE 


OPPORTUNITY IN PRINT 

Profitable ' Pnijnng Company, z/o 
approaching t jm with further poten- 
tial. seeks progmuve and imaginative j 
managerial expertise by way of merger 
or takeover, or even individual with or 
without cash to aaiii: running the 
company. For further details write Bax 
G.2 9t5. Financial Tima, 10, Cannon 
Street. EC4P 4BY. 


OLD-ESTABLISHED 
GERMAN CHEMICAL FIRM 

offer international firm substan- 
tial share for the purpose of 
world-wide expansion of suc- 
cessful and promising new 
product divisions. 

Write Box G.2979 Financial Tima. 
10. Cannon Street. £C4P 48Y 


NEW MARKET5 - 
OR PRODUCTS? 

Ton'll find both in Import/export 
Opportunitiet Dlgcit. the new monthly 
fitting of ovencu companies who arc 
currently and acovely soaking trade 
conrecrs with their British count* marts. 
For detail' write to: 

Import/ Export Opport u nities Digest 
Dept. FT 

15, Selvage Lane, fcowdoa NW7 3SS 


REQUIRED 

FORESTRY INVESTMENTS 

Funds immediately available tor tlw 
purchase of planting land and estab- 
lished woodlands on behalf ol retained 
dranu. Contact: Bidwriis Trumpinqcon 
Road, Cambridge CB2 2LD. r-umping- 
ton (022-021 ) 3391. Ref : NDHS/fiCH 


WANTED. LEASEHOLD PROPERTY (or 
financial backing to ourchase freehold 
property! suitable for thoroughbred stud 

^h«W 5793. e,,ee,le, ' , itOCk ' Tet 
INVESTORS WANTED for new West End 
musical. Vjrite Bar C.28B6. Financial 
Times. 10. Cannon Street. EC4p 4BY. 


PLANT AND 
MACHINERY 



i4 

•rT 

-m 

TmT 

Li 

ill 

±iU 

Mi 


2 2.250 KW 2800 KVA 1 1 KV 
AUen/Brown Boveri Diesel 
Aliemator sew. 

5 2.250 KW Mirriees/AE! 6.6 KV 
Diesel secs. 

1 750 KVA Paxmins/MacF^rane 
415/3/50. 

TELEX 36573 

JOHN GODDEN (STOKE) ■ 
LIMITED 


STORAGE. Hrtth headroom t40 m. w mi, 
neavy lift overhead cranage .is-so 
tonal. Close London. M40 ana u. 
Short or medium term. RH eno d! 
Economical rates. Southern Industrial 
Storage. Telephone 01-629 0074 "or 
«u 290646. Note the number ££ 
future needs. 

FORK LIFT Truck Sale. We have »t least 
80 machines to choose fr om , also xn. 
ton Gontaintf Handler, £20.000, List 
sent noon request. Trade and export 
enquiries rrefcomrd. Deliveries ertanoed 
worldwide. IW reduction on KJjE 
purchases, finance arnutfled. Blrmino- 
Mm ForV Lift' Teurt Ltd.. 4-8 Hams 
Road. Saltley. JHrmingiymi Be inn 
T«l, 021.377 5944/5. Telex: 337052, 


ah the signs indicate-' 'the- Imminence rf-suio&er property*' 
boom: rising bouse prices, fallmg ,mvesfim»t 5idds,.clt^ : 
institutions buying fannJand. To keep, a^ead 


iS this fast-moving market you need the Prbperty L«tcr^ 
■the confidential service which gets vd the profitable he»£ of ^ 
the property business with tfo^traart£..pun^ 

Dro riding vou with infonnaHotu. ‘ideaa .-afld: inraaafl 1 ; 
approaches that you won't get-.mywbefe 
Letter could just possibly .he; a betteHLTvesttnent Bb^ 
than the property market itself*-. For, : 

TRIAL OFFER, write to: " : . ■?_-"/ ■“ .■>. 

The Property Letter,' Dept IEJL t;- ’ 7:: ' w:- ■ . . 

13, Golden Square, London WL :• . ; tf;? - - £'r; 

Qr shone 01-597 7337_(Mhmrrai»weTiag'serriCe>:-: 



For sale tn confidence - ’ 


In two major shoppacgoentres 
We^-knowin, thriving •••- 

Al®IQ AND :• 
GENERAL DISCOUNT 
SAIES BUSINESS, - 
with excellent retail preewses 
dir prime loceflhsns. 
£1,000,900' d- Uiraover. - .- 
Four shops on new/eristrog. 
Leases (some Preehoidsjaigiit 
he avaadaWe) . 
Outright sale -or merger oon^ 
sidered at around - 




E. 'WEBSTER, F R-l.CS. 




CASH BUSINESS FOR SALE . 

. NORTHERN ENGLAND 

OM-wiftl&hetJ fimWy kb^orniuf nramP- 
faaurerj/nfobiUm. Whotaiaki cumdror- 
co own : . vans "approx.. £125 JW0 p. a. 
Plenty of scope for eKjumsibn. Almost _ 
new freehold 10.000 *q. ft. factory/ - 
garage, all equipment and 25 vans, . 
£275.000. or woujd conaider selling: 
business. and leesing' factory.. 

Write Box G.2956, financial rimes. 
IS,' Connon- Street; EC4P .407" ; 


WEST OF SCOTUNO 

Fsrntfng and Holiday Complex with 
full planning permission utuesed in. a 
beautiful prime location. Easy. access 
to Glasgotr Airport. Excellent potential-. 
Wwilft ta . internsted 4b -silling- or 
sharing part or whole. 

Write Bbx .G.2986 Financial Tlrr/ox', 
• fO, Cumon Street, EC.dlf <6Y- 


' SMALL PRIVATE- 
MORTGAGE COMPANY . 
FOR SALE 

Propercres within 40 miles- of; Man- 
chester. Mortgages at present resuming 
£50,000 per annum. Average ^iOr !fi»ge- 
hu 14 years to run. 

For further details tel. 061-236 4474/5 



FOR SALE * 

.Fork. lift. Infck’ bustraa^-fpr *»!•: 

m go«Tg caknceni 4n the 

and- «stzftfisi»c<f fonplornr oath 

Tor farther decolla phot* writ# tag j 

- GOonER^JkLY»b^ia 

“• Abxns How^ Gutter Lriw. 

- ;, “r ; landteTEC^ir 8AH/L 

l- v5l': n: • • Fribcfpei* ■ bidy ' ptiem. < 1 


WOOBBURNIN& 

STOVES 

EXCLUSIVE UJC. AGENCY 1 
. : FOR SALE - - 

• * Ring: 0983 760263 



SHEFFIELD — FOR SALE . 
SPECIALIST ELECTRICAL - 
WHOLESALE BUSINESS “ ■ 

Well fitted.- warehouse and 
prembn ‘ in' promincnc fSiin . road' 
posirion.- Property on 'lease. - - 
for detelft contact Agents: 

T. Saxton & Co. . - ■ 

53, Oueen Street Sheffield 
. Tel: (0742). 77635 . . '• 


.- LONDON CLUB FOR *SALE 

SoccmfiK select .Private Memhere adb.-. 
Mem ben hip-- mainly 7n. F«l«TW<wr.“ 
AdrertWng.^ - Thtijre • and^ .ftosliteea^. 
Ffctnflent - locaHcy fir Central -Landocr. 
Substantial, ..price. . required. -Priqdfpxls 
on ly.‘ -no Agaocv .- =• . 

Writ# . Box' GJF9B4T Ffnaedal T<m4u 
I tO, Can non St rert, ' 'EG4 P 4BY. 


BUSINESSES WANTED 


Do you run a BrjaJ! /medium- size 
^ -company involved in. file . 

’ INTERIOR HNKHES OF 
COMMERCIAL BUILDINGS? 

Are you in need of expert marknnng: . 
financial and. administrative, assistance-' 
plus Extra Finance l. We are u ' 
•xeremeiy -neceRFa! company i n - 
field and ire mtims.to oroaden odr- 
bM4 hT «duinng contrufKns nneresa 
m Mwll/mediuni companies. '■ 

Pjease reply to Box G.297ff, Fliuncie) 
rimes, i(J, Cannon Street. EC-1P 4BY. , 
PriiteiJSifs only. 


COMPANY REGISTRATION/ 
SECRETARIAL PRACTICE 
. required . 

Deoils matncttH confidence to; 
Box GJ962, Financial Timta 
lO. Caanon Suae. EC4P fftY ' . 


WANTED 

BRICKWORKS 

** present , rundown- or -tfeused 
7 . tyioT o u trig ht . purchas& 

V/Sei' ea* .G.3MZ,‘ Fim^dxd-Tfti^. 
--: If- Carrewi , ' £QfP "ASY 7 


• ... FINANCE AVAKABLE^/ 

ImiBUy Tnot ji 1 4th r rwiiTd ncufa' rcsdvma 
*?i*?*0*‘ .» atom re . Tctdlng; -Company 7 
pfefereblr Lcmdon -or Ifpnje,. Couptia 
Wsed,: Mahagmnm eedimed.' ■' Moer 
|»w SffWrt_p«ieBtiaJ. ‘ ’ ‘ 

- Tttepheap 'm^lMif.' /- .]7 





■ f 0f 

^ Bf ^l 

























| 

S„; 

A v ; " -T ;■;>' FiimcMTimes Tuesdav Number. 28 1978 

4 BIOS AND DEALS 




to 


-,. '« 




rescue Pennine 


I 


ay ANDREW TAYLOR 



'V 



Hill 

the- 


>i.K ^ 


m 

. - *1 

% prnfrwd 



‘ ^hc • teyMptong Pennine takeover, bid. However. the Panel 
. itluws. which showed B £2,669 ha* agreed to waive this require- 
l .ilueit in shareholders funds at ment provided Vhc: terms of ihe 
I ,h8 " wsinnlTisr of this j-ear. has deals are approved by an ECM 
j announced details of - a couples on December JR. 
i series of deals which could leave If the • various deals are 
. ; shareholders and asociaies of the approved Preawain. will concert 
I Preawain property group holding its existing. £78,000 short- term 
i a stake ’of up to 32 per cent in credit facility with. Pennine inin 
J Pennine. two-year loan, and will also pro- 

■ Under the terms of the deals, vide guarantees to support a 
i Pennine intends with its share- new seemed Joan facility 
i- holders approval — to reor ganise recently- agreed between Pennine 
{ its borrowings and. complete ihc and Barclays Bank. 

.purchioic of A lion Estates, the The effect of these transactions 
caravan and mobile homes sa - v ^ Pennine— which -bowed 

^dealers.- - JSG0.2OS accumulated- I osb- in its 

Preiwain — whose shareholders ,ast balance-sheet— will be to turn 
already hold a 15 per' cent st eke n deficit on shareholders' 

i n Pennine — has agreed to take ' nf o a — 18-366 surplus. 

"'Viv'cr a £03,430 debt previous- . According tn a pro-forma 
owed to Forward Trust, a -.ub- baj! *nce-sneet this surplus would 
. -Sdiary of Midland Bank. It is wllb net borrowiiigs of 

,* proposed thar this debt wiff be {F3 985 ,f deals are approved 

• cancelled and in return Premvam *" e J current- liabilities would lr 

: *l» get «3L300 new Pennine r «M “MW «® £W.»=S 

• stuirv± Mr. Geoffrey Tankard, chairniu.. 

j On top of tins Pennine will be ta ,- ■«| l e * p! ft!™* 

• issuing further new shares — up . ,y a - fl ^ T1 -. tu .-hydioM ei^ that the 
’ to 4m - to nurchasA Alinn Tho -' !,un doaJ Provided Pennine with 
! final purehase °pr^ M wU^'depcnd Sare^SSblc SSSSU 

: upon A lion’s profit performance iPme wheS T K£u T&tTEl, 

■ ■ hfl- r t euj.r C n» l *.e t rf rC *.i. > ^ arS ' * Uion new capital for investment 
! lh ?‘ pre-tax not a viahj* proposition. 

5 L» f he T n ""?£ The directors of Pennine 

• months to July 31, IflTS — will involved in the deals and ...., 

. not amount to les than £210,000 group’.- financial advisers. Joseph 
' 0V £ r J“? three years. Sebag, consider the prOPOUk fair. 

• Certain major Alton share- Meanwhile low's at Pennfne 
i holders _ also have interests or have not been completely 
-associations with Preitwain and a stemmed. In the six months to 

maximum purchase price for the July 31 the. groupAice-tax loss was 
.-caravan dealer would leave this rtl.TSfi compared with JL16.1KS for 
, group or shareholders can trolling the same period last year. Tiim- 
l around o2 per cent of Pennine. over fell from £4CS.R3I to £432.41*4. 

. Under the Takeover Panel roles Th c loss per -bare v. as fl.Wp 
; mis "would normally trigger a compared with at the ganiv 
; request from thc Panel for a full stage ia-st year. 

| Hill Samuel plans sale of 

I Elizabethan Insurance 

Hill Samuel Croup. with agencies in Birmingham, Liverpool 
. .interests in merchant banking, and Glasgow. 

' Insurance and shipping, is in KENNEDY SMVLE 
j discussions which could lead to Kennedy Smale, the \ve$t Mid 
, the sale of its Elizabethan Marine land textile machinery engineer 
J and General Insurance Company, has acquired for cash the 24 per 
J The party with which Hill ceni °f Uie shares not- triieadv 
; Samuel is' holding discussions for owned in Edward' Jones (Springs) 

» the planned sale is not yet known, Smaie paid £114,000 in' March 
> and neither is the likely for 76 Per cent of Jones, a small 
; consideration. Private manufacturer of telecom 

: in its tut accounts for thc year rDUn,irjt '°" W?™*- 
I to March 31, 1078 Hill Samuel CLYNOL 
; reported a net closed premium Following the announcement bT 
. income of £4.3m for the Unilever that an offer had been 

i EtozabeUttiv Munftc and General, made by Schwarzkopf to acquire 
I It was explained that an under- Clynol. h is now confirmed- that 

; writing loss of £106,000 was more the offer has been accepted: The 

- flranlbff set by increased invest- Jieiv ownership becomes effective 
. ment income which helped on Januarv l 

: 3 P re -^ . The considerauon offered, which 

; Profit of £316.-000. 1S undisclosed. Is not significant 

J ^'Elizabeihan underwrites UK fire j 1 ?. relation to the assets of 
; and accident business as well as UmJever 
. qn. international' fire, accident. 

» fas ripe, and aviation account. In ,j Tir „ m -- 
the province.s the rnmiunv u-32“r en 5 c * _? ru «t. and Co 


Dawson contribution helps|[ 
J. H. Fenner to top £9m 



25 


PRE-TAX PROFITS of J. H. 
refiner and Co. (Ifoldlngs) 
improved from £8.41m to Ib.ufini 
in the year to September 2. t‘i78. 
At the interim since im advance 
from £3Jliim ir» n 04m 

reported- 

Proflis fur the year include a 
“‘■r months cnntributinn from 
James Dawson and Son which was 
acquired in April. 

Full year earnings per 2Sp share 
•ire shown In have risen from 
Id 88p to 20.32 p and thc total 
dividend Is raised from G.7p to 
*-4Rp with 
4.46p net. 


BOARD MEETINGS 


resumed but achievement or 
performance labels for the year 
will be largely dependent upon 
avoidance of further industrial 

The foUoAiusr ccmoiQin bjrr nous<-ii disputes within the group and 

was SS. « nu ? r * n, Z'T n {; amongst its major customers. 

t.* 1 1 UII.C. IlKQ incr IlDkS Iff osuajy ti _ 

Lu w mr Uir punwsi- of comiUerin; d:*-i- Meanwhue, order books are 

a. nd«t. fiiBiij nidir.i'ioiu 1 . xri* mu currently at a satisfactory level 

jM-. j-. iu htiruk.r lUvidcnJ.. ir iai-ruut. and financial targets for the 

or n*.-« and J hr sah il.nsMm *i*»-n curren t year hare been set at 

Sab* mjUl!5 ' * a Us: lK “' 6 higher levels than the IK7.-78 

today record. . 

Iirtcnoi*— .Urflz Indusfrlcj, Brady tnJus- 
ini'i, IS. H. Duirnois. EhaitiKb and Orcr- Tn -__., r 
f-aN Inrcsinx-ni. Fine An Dtvtlaanrnl. n,.nri.rijW.’. 

. _ ... 1 1 If bine Penircxi. Portland Textltr, Trjdlnli ^8i . 

ilnal payment of T, F*2S£lis5f.^ T?i. 7&I ,nir,p “ 


1977-73 1978-77 
£0«9 QUO 


so.m r. 


Carr (Son- i,. in airs 

easier*.. I'nmn nadlmlcion. Let.-ds awl 


FUTURE DATES 


---"1 Profit, h ftf jfg 10 . . 

The dirrclors say lhai al home. P* t T' ?7 , 1 f toi!j,vrs ' Tjf- 

theiii-Th ihiipn hnc luuin o >!>■>.. uf Canada. Sioddiollcre lorcsuacbt Trust. p rrl g [ a fier br .. . 

junorlti- pnMlts . 
FstranrdinaxT crei: 

ns < Geo j See. S AiiributaMo 

Bremner 

•: ii. imJusirlaJs 

iiobrond Robber 

iioruhoiic 'S. lnriiori Rubber 
Hwrinl T.Tu-na Services . . 


although there hns been a disrup- 
tion nf :iorm:il working at some 

factories by industrial action, pcx- c JW 


42S 

>6 

MS 

.tens 

S.I47 

Yj* 


ASSOCIATES DEAL 




t SfJffSS. mT,na» 

at C3p on behalf of 


vr * 

- :r« 


•’3 

—ijf 




‘ Parley and from a regional office shares 
• in -Leeds. It also has marine associates. 

i 

t UB buys Rakusen assets 

; asse V J of the Leeds-based director, has disposed of 50 (Hjo 

.food manufacturer and distri- InXentatidnal Thnber Corpora- 
butor Rakusen Group from bon — Bought further 141 JOO 

I Rakujjpn's Receiver. Browzdee and Co. ordinary shares 

.. united Biscuits has acquired making holding 852.925. 

l«we and machinery of n n _ rf _ wih« 
iBal Mjfip n c • West Park fartnrv • u HW^TS. Directors hflip 

s s? sswr^ 

fig S'— A** * « -i- i^^rJi^ r #{gSg; 

reunited Biscuits said yesterday 2S.58 ?m1? Vg! Hooker.' 8U6°Mr 
{that production of most of thc j. o. Sewell 6GB Lord 
Resist ip gBonn and Rakusen range Strath carron, 1.133 Mt H W 
n»r products will conUnue and Thom. 3.68S and" Mr t’ g‘ 
beBTailablc lhr0U2h ' Shipron. G66. Bumalus Holdings 
t oiP the Uh. • S.A now holds 558,066 shares t'9.9 

Matzos. an un leaven per cent). L T.C. Pension Trust 
^ bread used during the Passover 400.000 <7.16 per cent) and River 
{period, will continue to be made Plate and General Investment 
»at united Biscuit’s Carlisle factory Trust 300.000 (5.37 per centi. 

•under the -supervision or ihe r __, T _, r . ' 

'London Beth Din and leading * Capita] Gearing Trost: 
•ecclesiastical authorities. Maizes Aw, .°S* Investments and its 

Mi be inlhbte Si? the W78 SE2“.,KL 

Passover. 

1 It was in October it 
JRaelver was appointed — som iUIIUU , 

^^cusen; after the group’s shares i. A M-.inin 
Jh«d been suspended in late 
SWgust pending clarification of 10 ' 0u ° share - 
to;': position.' The Receiver. 3fr. 

G. Mackay. of Wbinney 
indicated that the 




ordinary shares 10.87 per cent); 
Francis Industries: W. R. C 

x JL HdJpin. direeior. on November 30 
ior i 0i000 sh3res at Wre 

on same day sold 
10.0UQ shares at .TSp. These 
transactions reduce Mr. Hatpin's 
Interest to 60.000 share.-. 

. __ .... Berry Trust Co.: United King- 

JcqJnpany was continuing to trade dom Temperance and General 
£Wh1le we are investigating the Provindent In^itutlon hold 4 : 
®f»seiu. situation.” . 1.74U.0U0 shares (11.34 per cent). 

■ r~ . W. H. Smith and Son (i(o)d- 

1 -SHARE STAKES tags): P. \V. Bennett, .director. 

* Black Arrow Group— P. J. Cush, has reduced his boldine of “B’* 
-pifector,. has acquired lUO.OOO ordlnan- shares by SO.O0O. 


tfncmrr 

S'.trhdp.- fl-D. r j] lnv«Mm*ni ... 

t'KO Inii-niniion^I 

Wirrm^ron (TthMDaud Di*c. * 

Final*— 

Vrihimrtk -s Inr. sinu-iii Tmo . . .. Dec. i; 

ISorthwIi-y » Thomas' D»l. II 

CwMhI Rnhi^r Kstue Dec. r. 

RitlinvlLab Rublirr Pc Vclown Ml . D*r S 


rormancc bus been good and 
increased earnings have been 
achieved. SaK-s of power trnns- 
misvion equipment were sustained 
- ,l a good level during the year Min-i^M iirn>ry 
under highly competitive market - ST - «7--oWs laundry 
conditionM (he conveyor belting 
fllWilon maintained its lead in f hr 
market and achieved a record 
output. 

Dawson’s profits since becoming 
part or the group have been in 
line with the forecasts made at 
thc time of acquisition and the 
bene Ills or con i>o run ve nctiuu are 
already evident. 

The directors’ policy of main- 
taining invesimeoi at the highest 
possible level commensurate with 
financial resources and 
eonditons continues and during 
the year capital expenditure in 
(hi- CiC amounted to £i.7Sm. A 
large portion ol 


D«-c. 4 Pr-.-fcrtUKe dirtied . . 
X 07 . 30 Ordiaacr iarerLm dindmd 

P«. C KbjI diridrnd 

Dei., r, Ur»laed • • . . . 

Kor. » * Tbu irejoprsi n* ■l.-f-rr-M 


4.SSS 
10 
77J 
LI 3? 

1VH 
ju:ian bus 


'Juts 

1.714 

93R 

1.0M 

1,497 

Uni 

4 AM 

3c b 

33U 

CO 

39a 

Ki7 


Dec. 7 arpusied in line vlih SS.U* 13. and 

Ucc. il iLUUvti r'be! liLr in:u j-.vauat In 
n.-c pi aitiettu at it« -.ajrie for :b= rtar 
Xo-..3& a mounts w £718.(105 -i-ipi.OOO*. 

The consolidated balance sheet 
ai September 2 shows increased 
strength with fixed assets at 
±'2.1. jam (flS.Sym > and net 
current assets al £20. 42m 
(£I7.(J4m). 


Koongarra Uranium: a 
racing outsider 

BY PAUL CHEE5ERIGHT 

NORA.NDA MINES, the inter- Government Bui this » not the Sir Leslie said the recent decJ- 
national cuccrals group based In only hurdle Noranda will have to sion of Ihe South Korean Govern- 
Torooio. is accelerating its plans jump before it is given approval ment to allow industrial interests 
Tor the development of the Koon- for_ mining. to purchase equity in Australian 

garra uranium deposit in the Koongarra is inside a national mineral undertakings to the 
Northern Territory of Australia park do the south of the Hanger maximum extent allowed by the 
and hopes to present an envtron- deposit owned by PcboAVadlgeud, Australian Government brought 
mental impact statement to the EZ Industries and the Australian new avenues of sales opportuni- 
Australian Government by the end Atomic Energy Commission, and ueg. 

of the year. of the Jabiluka deposil owned by ThU should assist Australian 

Theoretically, Noranda would be Panconttnental Mining and Getty industrj' to compete for South' 
able to start .lie development by OUl thus involving the taking of Korean orders which might other- 
■ApriJ next year, out Mr. John regulatory -ieps to allow mining, wise be secured by other world 

Negotiations will have to take suppliers. The Korean industry 
place wuh Ihe -Northern Land was very keen to obtain Austra- 
Council. which represents Abori- ]j; . n e ^ and had aIready 
gmal inieresis. The lengthy P™' indicated that a team or technical 
r'ess nf reaching an agreement for ex p erts U0 uld be sent to Australia 
Ranger, and the biller afiermain. 
supgesl that these negotiations 


Hail, the vice-president for mine 
projects, acknowledged that sucb 
d scheu uJ e vas v.-rsniuJ thinking 
and that a more .ikely starting 
dale ■•■ouid be u :he 19S0 dry 

season. 

Alton ir.g a period of two j'ears _ _ 
for construe; ion this wuuki mean will not be easy. 


comment 


for conveyor belling during the 

year because of a large surplus of Fenner’s resulrs *. irtually bring 
imporied belting mocks, and mis to a bait the srov.-rh trend of the 
materially affected the profits- previous five years. After 
bilily of Fener Tndia. although stripping oat ihe Dawson contri 
market other areas of its activity bution of around £il.35m. the pro 
achieved budgeted targets. fits increase is mere 3.5 per cent. 

The four months long Mrike by revering difficult renditions in 
miners in the U.S. severely oterseto market- and nnly = stna II 

ihe. current affected the financial returns al U P urn at home uverseas profits 

mvestmtnt programme is being Fener \merica ind delayed the only conmbu,L-u a fhird of group 

devoted to a major improwmeiil company's programme of develop- !' roli *f compared with 43 per cent 

._ J — rernverr Alrhmi.-h la3, _ time, mainly because of the 


m engineering production facili- ment and recovery. Although 


tics. Thu directors shull continui 
to pursue this policy of group 
extension wherever suitable 
opportunities occur, they add. 

Oversea*, in spite of a modest 
imprmemeni in the second half. 
Ihe company uaa un.rblc to match 
profit returns of (he previous 
year. The gradual iniprovenie.it 
in ihc value of sterling against 
oilier currencies both lessened its 
compel 1] it c edge in export busi- 
ness and reduced the sterling 
value nf overseas manufacturing 
earnings in Inca! currencies. 

In India, (he Stalc-ow ned coal 
mines did not re-cruer the market 


there Ins been --ome impru\cment 
in the second half, it was 
impossible to avoid a loss in this 
area for the year as a whole a 1 a 
•similar level ;o that for lkTO ... 
The increase m order levels con- 
tinues and the dir pci or, 


unfavourable currency factors and 
problems In ihc important L'.S. 
and Indian market*. The US 
incurred a lO:- of around fO.lim — 
a result of the miner.*' vtrik 
there — while Indian profits were a 


, fifth lower because of a surplus of 
forward ""o' i mpro vS" figures'^ in thai country, 

ilte i-nrr.-nl i-mr Al IMU-** Tml c'lsrumion his 

EheScre ovcr«o^ perform. “« «J'" fc * r . » f 

«» >«-»• t"‘fr under Zt2tt£i££l 

-luiiireu. no <l!;n of af7 y bi-g increase in the 

The current year opened with demand for power transmission 
a major stoppage affecting large equipment or conveyer belting 
sections of the company's vork- prospects look unexciting. At 
force at Hull the directors report. l.Xp the shares -land uii a p e of 
Normal working has now been 72 while the yield is 7.5 per cent 


Greencoat turns in profit 
as trading position improves 

WITH losses on thc Grancanal lias begun slowly to improve and pre-tax. loss' of £1 lii.000 in 1073-76 
development down from I4.7.;m it ht engaged in llic examination :igam*r a previous year’s loss oi 
m £14-1,000 Greencoat Properties of schemes for the profitable £121.000. 

Jurncd round from .1 deficit of redevelopment of various proper- Tlv* accounts, which are h cavil v 
E4.6tm to a pre-tax profit or ties- in the UK portfolio and these qualified, include a board slate- 

£217,inm» for ilu* year to June 30. should m prove ns net worth in ment explaining that no di\idsnd 

I'.iTR. Turnmer- for ;hc period coming years, 
rose from £3.78m to Ct.Om. The recent increases in inlcrcsi 

Trading profit was 1362.000 rates shoiiid no' materially affect 

1 £124.000). Tj\ look ?'35.tH)0 the posiDon. the directors adJ. 

(£00.000) and the net profit was 
‘:S2.nou 1 £4 .37m loss 1. After extra- _ . • 

Edinburgh . 


of 'he 


investment 

redemption 

The directors of Edinburgh 


£S 

ordinary item? r.nd minorities t fit- 
deficit brought forward was 
H.RCni f£4.S.nm.». 

The directors say thc trading 
position has materially improved. 

Group net assets are £1.004. 000 
< £714.000 j. • 

However, until the Grancanal i<it . J _, 

dwelopibcni is nearer Coni pie- inrettment Trust have resohed 
imn iht-y do .not think a divi- lo repa y the outstanding balance 
dend Is justilicd. oi £147.444 nominal of thc 

Banks financing the Grancanal £2.30.000 3 per cent redeemable 
development have made facliuas debenlurc sl0C k 19C0-S0 ai par. on 
available which, in ihe directors Junu u . ,9^ together with 
opinion, will provide the funds accrue d interesL to stockholders 
necessary for thc development to registered on that date, 
be coinpieled satisfactorily. 

The development now consists 
or 464 apartments of which 200 
are sold and occupied. 32 budt 
and unsold and 142 remain lo be 
built. 

Activities in thc UK continue 
satisfactorily. The board’s policy 
has been that of selective. saJes 
lo finance the continuing cost of 
funding fhe Grancanal develop- 
ment and sales toicihng £2 .22m 
were completed in Ihc year. 

Thc sale of the interest in City 
of Aberdeen Land Association 
made after the year-end is not 
reflected in accounts. 


can he paid because 
financial position 
The statement give* no. guide 
to (he date of completion of thc 
DoT report, hm says that " :hc 
board is endeavouring to resolve 
'he position in which ihc com 
l>a ny was placed ’’ and that the 
cfFerts of- remedial action uill he 
visible in *ccoums for 1D77 and 
1075. 


Midway cut 
at Kayser 
Bondor 


Accounts by 
Gilgate show 
further loss 





_ Inherent Strength is Maintained 





A.Bei 

ckn 

tan 

Lii 

nited 

■ 

Textile Merchants and Converters 

Year ended 30th June 

1978 

1977 


£ 

£ 

Turnover 

16,317.650 

1 7.329.961 

Profit before tax 

1,825,388 

1.973.903 

Profit after tax 

872.440 

9:-..‘,S 1 9 

Earnings per share 

8.56p 

9.35p 


Highlights from the Annual Report by the 
- ■ - Chairman, Mr. S. Beckman 

"■ Final dividend is 3,21 p per share, making a • 
total of 4.98p for the year (equivalent with 
associated tax credit to 7.433p per share), an 
increase of 1 0% over last year. 

■ Our market share has continued to expand 

but not at the expense of margi ns. 

■ We have maintained the inherent strength of 
' our Company. Our strong cash position and 

expertise will enable us 10 perform well in 
difficult times. 

! Copies of the Rejavt end Accounts are «■«*» 

Secretary. US Great Portland Street. London V. hi t>JB. 

: : : 


With conditions in South Africa 
remaining difficult. Kayser Bondor 
ha> suffered a reduction from 
£382.000 to £340,000 in pre-tax 
profit for the Oral haJf of 1D7S. 

However, the hosiery business 
continues to trade prof! 1 ably and 
the lingerie side has achieved an 
encouraging improvement in 
results. 

Over the year the directors arc 
Gilgate Holdings, the property looking for an improvement in 
group whose shares were suFpen- trading probi over ran. 
ded in June because audited Turnover for the first half rose 
information had become so dated, from £Q.S4m m £7.37m. After tax 
has now published its accounts £172.000 ill 54.0001 net profit came 
up lo June 1970. The group, which out at £168.000 (£228.000 1. The 

is the subject ol a Department company is a subsidiary of 

The group's financial position of Trade investigation, reports a Courumlds. 

Bolton Textile sees further 
improvement in current year 

WITH ECONOMIC Influences In accordance with provisions cancelled ye«terday at the 
becoming more stabilised and the the profit target for any shares company* request, 
gradual imp roi’pmen t in ccnanri issued under Iht? LB *3 sh^LTC incen- direitors said Ibai Ihc 

grading condiHonf?, the tfiruciors live sAemc during thc ensuing 12 company s market capita hsalion 
of the Bohon Textile Mill Com- months have to be approved by b? now so small that an adequate 
pray, the textiles and women's shareholders and thc directors mar-cet cannot be main lamed m 
clothing group, expect another are recommending tha» thc target the snares. 

this lime should be the achieve- 
ment of pre-tax gross earnings 
per share of 0.1 3p. 

Pl -An analysis of turnover for _the 

The slight improvement In profit >’ ear 10 -*P r J| [3®j 107S gives *4.4 
in the past year— when the pre- Pjr cent to le: '^ 1 ^ s C I° t ] UJ i”- 
Ux total rose from £30.1,000 to 22-1 'P er . ccnl j. 0 leather and 3... 

£3 IG.000— although not as great as to premmnt offer promolJoti 

envisaged is nonetheless a modest non ir S oe o 

nwvemem in the right direction, Clothing provided ° r 

Mr. Cnletka adds. ■ cent, leather £180,000 or ->3.S 

In the textile and ciothln" divi- l ,cr cenl and Premium offer pro- Lonrtios 
sion the ware knltuS? *■ on motion £30.000 or 12.4 per cent. a? good 

a^sin ortKluccd lU sdisfactorv To la I source or funds declined year, aceordina to a statement 

raufts. increasing cjSoo wi£ froni «76,000 to £403.000 and ^teased by the cnmpany yester- 

Lr.,.*’ tnvreasmg rxpon saie.s . .j . • r r0 n, i'lJl.DOO to day. But shareholders will have 

jJ2? uendi^and ^the ^irerLors ^«.000 villi the increase in to wait until the end of January 

SftfciSS'S JSix'SJi'TSS "“*'"=«<»“ "" '»'■ ,hcm - 

this source. tu £160.000. Last year, nre-tax probts were 

'Itse children’s wear section also £SSm< snmc £Jra be,ow tbe P re * 

provided a valuable comributron W ' ned at 0.6?ap net per _.^p share, vious year. 


Improvement in trading results 
the current year. Mr. Ivor 
Gofetka, ' chairman, says in his 
Biimia) statement.' 


Lonrho sees 
at least 
same profit 

Tor tin: year ended September, 
profile “will be at lea v 


to profit and from current order 
books it would appear ihat the 
results for the current year will 
be encouraging. 

The directors are continuing to 
rationalise and reurgunise ihe 
'4roi:p\ inanular luring sections |o 
mprvr.t efficiency and profits and 
lo caier for expansion. 

Complete reorganisation .and 
modem am lion of the mor chiming 
business despite the difficulties 
has proved an extremely worth- 
while undertaking. 

In tbe leather division the 
directors’ confidence and opli 


Meelin2. Winchester Haase, EC, 
on December 18 at noon.. 


Dominion and 
General Trust 


The statement, 
cleared tav the 
was is«ucd trt aecomp 
of changes in the wav Lon-" 
inleruis lo announce its fin fix 
and di>idcnds-in future. 


Koongarra coming on stream in 
1982. tliree years earlier than 
industry estimates have hitherto 
indicated. 1: had always been 
usjuiticd that Koongarra's develop- 


before Hie end of ihe year to 
inspect certain raining operations. 

sir Leslie said that as a result 
of his direct approach to one. 
Korean interest with which Thiess 
did business several years ago. 
tbe group was now sending a trial 
sample of Souih Blackwaier cok- 
ing coal and was hopeful that 


A third hurdle for Noranda will 
be the arrangement of equity in 
the project in meet Au.-'iralian 
Got eminent requiremenis ihat 7.1 
per cent of ihc venture i*. in 
mctil you'd take place well after domestic hands. 

that of ;bc other known uranium II LS ,h ®. wwtence of all these d h us i ne<:s would follow 

dtnifsais in -ht \.v-:h*r~i Territnrr factors which have made Noranda renewed nusmess wouia ioiiow. 

Torardj ihiw'h ••TsubsWbS aeccpi (hat a start to develop- me. the opportunities l 

Noranda. in.ou^n .. 3 subsidiary men ^ mor<? like , in 19S0 lhan Korea are very similar to those I 

in 1979. experienced when I made by flrsr 

Previous plans had suggested a visil_ to Japan in the ]95G s," Sir 
Koongarra output* uf 2.090- tonnes Leslie said. He also referred lo 
„r uraniiHn- oxide a -year.- Thc the "enormous potential” in 
depoMl has i-Mimaied revoverabie South-East Asia and said that the 
uranium ovule of “(mi 1b<. The Philippines was planning to con- 


Noranda Australia, has a project 
team working on Koongarra data 
in Melbourne and a small group 
at ihc potentiai mine site. 

Thc project team is substan- 
tially changing plans worked out 
severe! years ago. "We believe 
the concept Ls better than ihe 
original done in the early 1970, 
Mr. Hall said. 

The improvement relates, 
though r.ot exclusively, to the 
ircaimi-Rt oi mine tailings. 
Noranda rtas absorbed the criti- 
ci^ivi* of ihc Ranger L'ramum 
En\ ironmentul Enquiry '= second 
report — the Fox Commission 
report— v hieh -hov.ed. as Mr. Hall 
put ii. "a preference for neutral- 
ised tai lin-^s. " 

’the original plan called for 
unn?uira!i-.cd tailings to be 
pumped into u natural gully near 
the mine. Se'iled solids in tlx* 
dam would remain in an acid 
condition, prompting the Fox 
Cummi-sion to com men i that 
there was a danger to wild life 
in adjacent areas in the e*. eni of 
any water pollution from Koon- 
garra. 

Norur.da'.- ne-' plans aim io 
meet such criticism and a 
different site for the tailings dam 


mineable ore is approximate!'- 4m vert from nil lo coal for energy 
tonnes, with jn average of 6.3 lbs generation and that similar oppor- 


of uranium aside for each -tonne 
cf ore. 

Despite delay?, however, flic 
venture would be of crest signifi- 
cance lu Xoraml.i’* uranium 
develop mem. Although ii is in- 
volved in jnim venture-, in both 
ihe U.S. and Canada, thc croup's 
only major uranium operation ar 
pre’seni i* A;m-w Lake Mine* in 
Clntarlo. which i- run b' Kerr 
Addison, a 4.“..i per cent owned 
affiliate. 


Thiess looks 
at S. Korean 
possibilities 


Lunities were developing in Hong 
Kong. Singapore and throughout 
Souih-Ea-t Asia. 

Sir Le-die added that nepotfa- 
lions were continuing for the 
major .Japanese steel mill cus- 
tomers of the South Blackwaier 
coal mine to lake an equity of up 
iu 30 per com of the mine. 
Referring to the construction 
activities. Sir Leslie said the divi- 
sion wa., sUll operating below 
capacity with intense competition 
Tar the available work. 

1 heisj. had initiated a change in 
the basis uf contracting and now 
hought joint venture partners for 
major or highly apeciaiised con- 
tacts. It was also making greater 
u-o of ->ub-coDiract labour and 
hired plant and favouring less 
capital-intensive work than the 
major earth-moving projects, of 
Ihe past. He added that group 
to 


Thiess Holdings ha< been 
talking with a South Korean con- 

cern about the prospect of an results to date for 1978-79 were 

haa'becn chosen* "incvilabivThow- equity participation, according to ahead of those for the same 
ever the environmental ‘impact the chairman. Sir Leslie Thiess, previous period, and were better 
statement v iff be subject to close a: the annual meeting in Brisbane, than budget. Thiess shares were 
scrutiny by thc Australian reports our Sydney correspondent. 220p in London yesterday. 

Canadian news round-up 

THF. LABOUR strike which hailed Pay nut in 1977 was 18; cents per worth about SI j for each Sunshine 
nroduction nt Iron Ore of Canada share (equal to CSLlm) * h * re - . ... 

for four and a half months is Shareholders of CamHo Mines Min-hine directors did not 
rrflerr-d in a sharp decline in ihe are benefiting directly from its immediately comment on the 
nme mon h net income "f increased earnings and cash flows, terms or the offer which expires 

EEVrJar^ 

£«^- ^ ^ Sr'CSs a :„‘Tr^ ttS su,,shl " e ™ s,otk - 

nitnin, ne- ■ brings ihe pay-nut this year ip r-AitrvYC rucr i 

Hollingcr. »»-hich derives much jo cents per share, up from 40 5>ALIUlS Diotl 
uf Us revenue from iron ore f< .nis pjid j n 1077 and IhTli. ntmeimiTro 


DISCUSS 
PHOSPHATES 
WITH GRANGES 

Peiromin. the Saudi Arabian 


paid 

royalties, ha; suffered a slide in (Pav-nui in 1!>74 was 7u cents i. 
nine-nioiub cam:ng> to C.S2.t»m Texasgulf has optioned the 
(£l-27m ». or 59 cents per share, undeveloped quid prospects or 
from over C814m. or CS2.S6 per ineo in Hoyle Township, two 

share, in Ihe same period of last miles west of its big concentrator state agency dealing with oil and 

year. and 13 miles southeast of its minerals, has recently held discus- 

Thc company’s royalty revenue Kidd Creek mine. sions with Granges Engineering 

dropped to CS 13.5m from CS23.Sm. Discovered by Inco’s Canadian 0 f Sweden about an exploration 
while its share of the loss Nlck#*l in 1966. the prospect has programme for a phosphates— 
sustained by Iron Ore or Canada not been fully outlined either discovery near the northern town > 
was CS5.3m against a protit last laterally or at depth. Tesasaulf of Turaif. 

lime or C$S.6m. The iron ore intends io carry oil l underground The discussions were revealed 
operation is now working at near exnloration and bulk sampling by Mr. AbduJ-Hadi Taher. the 
cioacitv -and fun rth-aua rter wi,h ,he obieclive of determ in in e governor of Petromin. quoted by 
earnings of HoUinaer are running lht . rMsiblJity of developing an Al-Medina the Jeddah newspaper. 

underground mine on a 60-40 He sard that gold-bearing phos- 


ahead of those of the I0n final 
quarter. But the year's total will 
stiU be below tha( of 19« t. 

On the other side or thc coin, 

n rnr' b T^ Hunt international Resources 

net income for the first nine Corporation, which is controlled 
months advanced to l^l am^or al b} . * Mr Blinker Hunt - and his 


joint venture basis. 


HUNT DETAILS 


said 

phatL-s had been found in the 
area. 

In a survey of mineral develop- 
ments in Saudi Arabia. Mr. 
Taher also mentioned that copper 
had been discovered in N'uqra, oh 
the Medina-Qassitn road, but he 
offered no details. 


^ ^ brother. Herbert has approved a 

CMSl.OOO in the same penod of reorganisation ptan which' iiu-ludes 
19 ii. The better performance a scheme for the merger of 
stems >rom increased production sunshine Mining, ihe major L'.S. 
and higner prices for the oilier mining concern, 
company s output of higher grade _^ n agreement reached in (Vio- 
copper-goid-silver ore. However, b er 1977 provided for the takeover 
lower production is expected in Q f Sunshine, and the late.vi pro- 
the final quarter. posal provides for Sunshine share- 

Consolidated net income of holders to receive a combination «« £*£j {J M,n “ . 

iou. including its jjf Hunt Internationa! slock and L . ld tflnKn i ra te .... 

9s per cent debentures lor each A i K L -uuLcnirjic .. .. 
share they own. Thc offer is cupp>t • ouccntraie ... . 


MINING BRIEFS 

ELECTROLYTIC ZINC— 

Producuon Suu-:m?nr 

I-"our wks. endfd 
Nov. is o«. IS 
ifics. in tonnes' 


IS 0:: 15.fI2 


Rl«don 

y.inc 


. which lias he?n . . , 
Stock Exchange, 
ecompsny det;i‘‘-si£S l 


Roman Corporatiou. 
equity in earnings of Denison 
Mines, jumped to CSOxn fCR3.44 
per share 1 in thc nine months 
September 30 from S5.1m 
SI.06J in the same jwriod last 
year. 

Craigmont Mines attributes its 
higher profir to lower unit pro- 
duction costs and the milling of 
higher grade ore at its British 
Columbian copper mine. 

Xc; income for the year to 
October 31 was C$3.6m 1 70 cents 
per sbarct comps red with CR2.4m 
in the previous year. Revenue was 
up to CS21.Sm from C3t9.tun. 

The company, a member of the 
Placer Development group, has 
Iready reported tlu; owing rn 
depletion oi ore reserves >: 
expects 10 '•cvsrf undereround 
mining nevt Ju!v ,-ntl iu complete 
concentrating operations around 
October. 1979. 

Advocate Mines, the Newfound- 
land asbc>:as producer, .will not 
pay a dividend for It '78 because 
of losses incurred in the first nine 
months. Thc.sc resulted from a 
three-month strike b;- hourly-paid 
employees in the spring and 
mining problems front a pit wall 
failure encountered in late 1977. 

The directors hope that 
Advocate will return to the 
dividend -pny-t’ir ranks in 19711. 


05.74* 
1.540 
tt.rsr 
1 G3 j 


■B.cra 

1-191 

*.777 

7.IU7 


Kelvin Watson advances 
at six months stage 

WITH TURNOVER higher at markets. 

£2.0flm agtirb-t IJ.SSm. pre-tax Mr. M'ntson says he remains 
profits of R.- Kcirin Watson, the confident about the future and in 
optical group, advanced from particular the company’s perfor* 
£218.401 to £280.971 for the half-ntance for the full year. In thc 
year to September 30. 1978. ]9n-7S year, prolits were a record 

In Autmst. Mr. Geoffrey K.£3-i3.0O0. 

Watson ihe chairman, said sales Indications are that the 
in all divisions were huovnni. ;*nd company will achieve its forecasts 
prospects for achieving ihe for each division and it has 
increased target Tor the current planned to pursue actively the 
year were estremelv good various projects already embarked 
Plans for ihe future. « hich u ‘»‘ m - lhe Airman states, 
included the expansion of optical The net interim dividend is 
practices, and promotion or both stepped up from l.lp to lJllp per 
hard and soft contact lenses on at Op share. At the year-end, the 
world-wide basis, should cnsuredireciors intend Io review 
that forward n regress wasfavnnrnblv the company’s dividend 

mn'maine-.l. he added.’ pul icy. but while restrictions 

He now reports that group $ak , s c o ,, ti nu£ \ intend to recommend 
remained buoyant during the 1 ™ maximum permuted payment 
period, and budgets were met in — last j’ears total was 2.383p. 
all divisions. Particular emphasis After tax oT £147.000 (£114,000) 
has been siren to the expansion net profits for the half-year rose 
of it* optical practices division from £104,401 to £133.971. The 
and to the .sale of contact' lensesimerim payment absorbs £21.64:, • 
mlu selected intermiionabfler waivers on 1.21 1.436 shares. 


Front nnv. nn Lonrho intends 
to announce preliminary figure 
In the hair year ended « ™ ax ‘he Board ~ ha* 

October 31. 1078. gross revenue approved lh?in. The dividend util 
or Dominion and General Trust bt * e/*nsiderfd hi tile same Board 
improved from £316.743 to ««*“«:• r V; SJ,n ]© Procedure wsJJ 
I34U.532 and net revenue was up Mfa'y f° r thc *nti?rim reiulls. 
from £175.613 to‘£193-.17l. The nreliminary figures 

Net revenue was arrived al 1P7S will lie published “ towards 
after charging tax or £116,181 the end of January.” rhe comoany 


mism has been fully justified, 3Ir. (n9SMS). comprising £6.938 said, to be followed by Die re pari 


(£76.393). 

Earnings per 25p share are 
shown as 4.5p l4.03p). At Octo- 
ber 31 net asset value was 24LSp, 


Goletka adds. 

The demand lor leather is still 
gfovviug resulting in this section 
making a very substantial contri- 
bution to group profits. 

Imported " cheap finished '* 

leather garments arc having a ... 

marked effect on pnees with com- against *35p at April 30. 
petition from this source becom- 
ing stronger but due to the diver- 
sification of the leather division 
and its active policy in. continu- 
ally. seeking alternative sources of 
supply [he directors are confident 
that if will increase its share of 
tilt market 


(£7,656) overseas. £29531 (£21.739) and accounts in February and 
rorporation. and imputed on the annual meeting in March, 
franked - investment £79,412 Last year Lhe final resuTic were 


MANCHESTER AND 
LONDON TRUST 

The listing of Manchester and 
London investment Trust was 


announced in mid-December. 

CITY PROPERTY 
SURVEY 

In the recent city property 

survey. an article on the 

jmportiince of communication: 
referred to an IBM ADX 0000 telex 
sY>tem. This piece or equipment 
war-, m fact an ITT ADXCOO. 


W. A.Tyzack 


AND COMPANY LIMITED 


SHEFRELD 


Manufaclurers of Precision Engineering Components 


extracts from the Chairman 's Statement 
After an unsatisfactory first half-year, the 
recovery in tbe second half has been 
much belter than I anticipated in April. 
Tbis has been achieved by a marked 
Increase in output in those departments 
where we bad. a good order book though 
in other departments, particularly agri- 
cultural components, we still remain well 
below normal working. 

Profitability remains a crucial problem 
in both home and export and new 
business is only being obtained at keen 
prices and lower margins. 

Even' year it becomes more difficult in 
predict 12 months ahead especially for 
a company such as ours supplying 
components to several industries each 
affected at short notice by so many 


different factors both national and 
international. 

However, our company has had a much 
better year than 1 could possibly have 
predicted a year ago and in that context 
1 can only say that we have started on 
another year with good order books in 
most departments add I am reasonably 
confident or a satisfactory year ahead. 
Tbe turnover for the year is £6,107.435 
against £4.798.763 last year. The Profit 
before tax is £541,274 against £433.405 
last year. Wc paid an interim dividend 
in June of .363 p and a final dividend nf 
1.0596p is proposed which will bring the 
total to 1.4226P against 1.274p per share 
which incorporates the maximum per- 
mitted increase. 

DONALD S TYZACK 








-• 1 


26 


Financial Times Tuesday November 2S 1978 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 

Air Canada * 
plans offer 
for Nordair 
shareholding 


- ^ . > 

Survey predicts troubled 

outlook for carmakers 


I 

-••tv 


k.. 




BY DAVID LASCELLES 


NEW YORK- Nov. 27 


MONTREAL. Nov 27. 
NQRDA1R aaid that Air Canada 
will make an offer of CS12.61 per 
■chare for all the outstanding 
common shares of the company. 

The offer will he open for 35 
days from I he effective offer dale 
of November 30. Letters detail- 
ing the offer have been mailed to 
Nordair shareholders. 

Nordair earnings for the first 


PROSPECTS for both Chrysler As for American Motors, the by the National Highway Xraiffe 
and American Motors, as well as report says that fuel economy Safety Administration- set out 
Japanese 30d European car sales measures threaten to place it -1 in mainly to assess the investment 
ia the C.S. market are likely to an even more precarious position needs of the Xar companies to 
he seriously squeezed by re.gula- than the one it currently comply with regulatory reqiure- 
wrv requirements designed i/> occupies.” This is because AMC meats, and how zhey would 
protect the environment and will face much stronger com- generate funds fer this in the 
enforce fuel economy. Lesser car- petition in its traditional small event of an economic downturn, 
makers could even be driven out car range as the industry giants The NHTSA is obliged to con- 
ni business altogether in the redirect their efforts to produc- aider the economic practicability 
e'Om of a recession. ing more economical autos. of its regulations, and while the 

This is one nf tbe main con- Fnr s , m i[ ar reasons. Japanese report makes no judgment 

elusions of a controversial. and E uro ncan exporters, who between the cost and benents of 

. government-sponsored report. have Diad0 lbe neatest inroads in ihe NHTSAs emission aod 

ton months r.t i»tS were Uo.tini duc t 0 he finalised this week, but t h e small to medium car market, economy standards, the message 

or C$1.66 pe’r share, compared di;i n., of which have already will find themselves squeezed out that the cost is heavy comes 

wuh CS2.4m n r C>3 14 per share { „ lr , n released. as cm and Fnrd st ' arl producing through load and clear 

for ihe same period a year ago. | n j ts summaiv section, the compact cars in far urtaier Both Chrysler and AMC hav? 

Nordair ?aid that the offer rewri. prepared by ihe Boston- volume than thev i.y» nou. applauded the report s conclu- 

price nr C$12.61 includes an ad. l-.^ed research organisation. This conclusion was based on sions. saying that the regulations 

juslmenl price of CSl.ll per H.irbridjc House, states bluntly: specific studies of prospects for favour the large companies, since 

■■ Even a minor recession in the Toyota, Sisson. Honda and Volk.- Ibese arc better placed to finance 

ncM eight years is likely to wagon However, implicit in Hie the switchover to fundamentally 

destroy the abilities of Chrysler report is a conclusion that new types of vehicle, 

and American Motors to because these makers already But in an initial reaction to the 
in j in lain i heir announced invest- produce cars whose performance report. NHTS-Vs acting adniini- 

ment programmes to meet comes close to federal emission strator. Mr. Barry Felnce. 

already established regulatory and economy standards, "ibeir criticised tt as coming ■straight 

rcuuircraents. investment needs will be. smaller, out of Ihe mouths of car industry 

"The imuact on Chrysler or Looking ahead to 1985. the spokesmen. The administration 
even a modest recession might report's authors predict that also put out a statement today 

be catastrophic, forcing the General Motors and Ford will saying that its conclusions 

coiiipauy tu begin to dispose of increase their market shares at “should be subjected to senous 

market able assets or abandon the evpense of all other suppliers, scrutiny before they are used or 

The report, which was ordered relied upon." 


shares which is added to n bn.-e 
price nf C$1 1.50. The CM. 11 
per share u net profit gamed 
from June 1 lo August 31. this 
yea r. 

Nordair's nei earnings for the 
full year are expected in he be- 
tween C$4m and CM .5m or 
CS1.S0 to C$2 per share. 

The increased share price or 
CSl2.fil which Nordair expects 
Air Canada in offer means rbat 
C.overnmcnl -owned Air Canada 
would spend about C$27.5m for swine product Imc-5." 
the proposed acquisition. The 
Canadian Government has 
authorised Air Canada to spend 
up to C$2S.4m to acquire Xord- 
atr. Tbe Government has said 
it' Intends to purchase Nordair 
from Air Canada and sell it back 
tri private enterprise within 12 
months. 

Agencies 


Kaneb to boost its coal output 


BY OUR FINANCIAL STAFF 

SLBSTANTLAL 


Bids made for 

Multiple 

Access 

By Robert Gibbens 

MONTREAL. Nov. 27. 


\ SLBSTANTLAL increase in Moeh of th* increase in coal sales and earnings from its oil 
coal production at its Appalach- revenue, which stood at a mere and gas divisions operations, 
ian Mountain mines is planned S2m in 1971. when Kaneb en- which aTe heavily involved in 
hv Kaneb. the energy industry tered the industry, reflects in* exploration in the U.S.. in par- 
s rid financial .services group, said creases in prices which have ticular in such offshore searches 
Mr. James R. Whatlev. the presi- jumped fivefold since that vear. in the Gulf of Mexico and the 
dent and chief executive officer fiul yerenu# measurct i by ton- 
nage has also risen steeply and 
some 30 per cent of total itroup s S d oL a '^, m i iT97 a i Sai °5 

StoTK»eb S Sld 9 aroon5 
1.5m tonnes of coal produced 


Sears to ' } 
buy back 
up to 

10m shares 

By Our Own Correspondent 

NEW YORK, Nov. 27. 
SEARS ROEBUCK, the reus- 
ing giant winch Is- in' the 
process of reviewing its financ- 
ing strategies is the face of 
a declining market share, is 
to buy back up to 10m dr its 
common shares on the open 
market. 

The shares bought, which 
represent about 3 per cent of 
the outstanding equity, will 
boused for current and future 
needs of employee benefit 
plans, and for other corporate 
purposes, the company said, 
without specifying ' which. 
Scars' shares are currently 
trading at around S21.50. 

Earlier this month. Sears 
said it had arranged to sell 
S550rn of customer account 
receivables, equivalent to 
about 8 per cent of the total, 
to a group or Institutional 
investors. 

According to Mr. Edward 
Telling, the. chairman, the aim 
of the sale Is to add to general 
funds and reduce short-term 
debt. 

As tbe U.5. gears up for 
Christmas shopping after the 
Thanksgiving holiday week- 
end. a Sean spokesman was 
quoted today as saying the 
company expects business to 
he good, though not neces- 
sarily a record- ' Seasonal 
gains for the merchandising 
industry of 6 to' 8 per cent 
were expected, he said. 


in London. 

At presenr. 


coal represents 


■showed a rise of 21 per cent over 
the previous year. But present 


plans indicate* that coal revenues 0UlSide ; hc sroup 
alone could rise to 8150m over 


Baltimore Canyon. 

On September 30. Kaneb 
showed a rise of 30 per cent to 
8236.6m in sales and 36 per cent 
to 823.6m ip earnings for tbe 
first nine months of this year. 
About S9 per cent of 1977 re- 
venues cante from the energy 


The CHARLES BRONFMAN in- tbe next four or five years, 
terests. which control Seagrams, 
the world's largest distiller, have 
received a “number of offers. - ' 
for their 51 per cent interest in 
Multiple Access, which owns the 
main private English language 
TV and radio station m Montreal, 

CFCF. and also has computer 
service operations. 


However. Kaneb also expects section, with coal sales playing 
further substantial increases in an increasingly important role. 


Court bars telephone appeals 


WASHINGTON Nov. 27. 

THE SUPREME COURT has microwave facilities, if would such ss MCI to demand intercon- 
The^ cun , onV W ma* , kct value of refused to hear appeals aimed at require access to regular tele- nection rights that would allow 
the Bronfman ho'din- is put at restricting MCI Telecomm unica- phone lines at both ends. • them to go after business con- 

sign, fU.S.8S.5mi. It is held in Corporation’s .ong dklance Besides AT and T, the Indc- trolled by the general carriers, 
a priv3!*» Bronfman companv telephone business pendent Telephone Association The Court left standing last 

Mainvest Communications. * The Court ieft standing, with- and the Federal Communication* January an earlier Court of 
The Canadian Radio. Televi- out comment. Lhc L.S. Court of Commission filed appeals pro- Appeals decision that a speeial- 
sion and Telecommunications Appeal.-' order to American Tele- testing against the Appeals carrier could provide any 
Commission. the regulatory phone and Telegraph io permit Court ruling. service that the FCC had not 

authority, recently disallowed a interconnection with AT and T's Tbe FCC accused the Court of specifically barred it from pro- 
bid by Toronto communications equipment that MCI ncc-ds to con- Appeals of an unwarranted intru- viding. 

interests to buy the Bronfman tinuc and expand its “Ex ecu net” si on into the setting of com- AT and T contended that this 

holding. service. munications policy. Toe Justice ruling fell short of directing it 

It is believed a Quebec-based Already in service on a limited Department, on the other hand, to interconnect with MCI The 

group, made up partly of Quebec basis, the service permits any urged the Supreme Court to second Court or Appeals deei- 

co mm unica lions interests, is one MCI subscriber to cull a tele- leave tbe decision undisturbed, sion. issued in April, was an un- 
fit the bidders this time. A price phone :n an> other MCI served The three appeals gave ihe mistakes ble order for AT and T 
of C$7 a share has been widelv city. While the cal! would jump Court a second chance to weigh to do so. 
mentioned. between the cities bj MCl's own the right of specialised carriers Reuter 


Canada rejects 
takeover bids 

By Our Financial Staff 
MARINE Midland Saaks said 
the rejection by the Canadian 
Foreign Investment Review 
Agency of a proposal by Hong- 
kong and Shanghai Banking 
Corporation to take control of 
two Canadian units of Marine 
Midland will not affect plans 
by Hongkong and Shanghai to 
acquire control of Marine 
Midland. 

Tbe Canadian authorities 
did not disclose reasons for 
ruling against the two pro- 
posed acquisitions, which were 
of Marmid Financial Services 
and Builders Funds. 

Marine Midland has des- 
cribed the two Canadian 
companies as “ small-scale 
operations." 


CLIVE INVESTMENTS LIMITED 
Royal Exchange Ace.. London EC3V .ILL 5 . Tel : 01-253 1101. 
Index Guide as at Nm ember 21. 1978 (Base 1U0 at U.I.771 

Clive Fixed Interest Capital 125.99 

Clive Fixed Interest Income 1 13.69 


.VIXEN n.VRVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill. London EC3V 3PB Tel.: 01-623 6314. 

* Index Guide as at Nov ember 23. 197$ 

Capitai Fixed Interest Portfolio 100.20 

Income Fixed Interest Portfolio 100.01 


This announcemenr appears as a matter of record only 


November, 1978 


£ 60 , 000,000 

Thistle Field limited recourse 

PROJECT REFINANCING 

for 

Tricentrol 

THISTLE DEVELOPMENT LIMITED 


Managed by 

N. M. Rothschild & Sons Limited Barclays Merchant Bank Limited 


Barclays Bank Limited 
Manufacturers Hanover Trust Company 
The Royal Bank of Canada 
Standard Chartered Bank Limited 
United California Bank 
The Bank of Nova Scotia 


Provided by 

The First National Bank of Chicago 
Midland Bank Limited 
Bankers Trust Company 
Bank of Montreal 

Allied Irish Investment Bank Limited 
N. M. Rothschild 8- Sons Limited 


Australia and New Zealand Banking Group Limited 

Agent 

Barclays Merchant Bank Limited 


Wall Street 
trading slump 

By Our Own Correspondent 
NEW YORK, Nov. 27. 
THE SURGE in stock trading 
on Wall Street during tbe 
third quarter of this year 
brought a six-fold increase in 
members’ net income, the New 
York Stock Exchange has 
reported. Earnings reached 
S183.9m. up from $30 .gin in 
the same period last year. This 
brought nine months’ earnings 
to $364Rm, against 5149.8m 
last year. 

Bat ' these figures are 
already bistory. Tbe trading 
slump that set in jnsl as (he 
fourth quarter started, is 
expected to give 'earnings a 
hard knock. Securities firms 
report cuts in both revenue 
and trading on their -own 
accounts, renewing specula- 
tion of a merger wave. 


Touche Ross 

The Supreme Court has agreed 
to review a Court of Appeals 
decision that would expose 
Touche Ross to suits for $65nt 
in damages, reports Reuter 
from Washington. The account- 
ing firm Is being sued for 
allegedly misleading financial 
statements it prepared for 
Weis Securities before Weds 
Was ordered into liquidation in 
1973. 


Oiinkraft tender 

Johns-Manvlllc said it will pur- 
chase 75 per cent of the jJm 
Oiinkraft shares tendered in 
connection with Its recent offer 
for 19 per cent of the oatstand- 
ing shares of Oiinkraft at $65 
a share reports AP-DJ from 
Denver. The exact number of 
shares to be purchased is 
4.402,450. 


AMERICAN 

QUARTERLIES 


BANGOR PUNTA 


rear 

Revenue 

Net profits 

Net per share. 

1978 

5 

656.1m 

23.9in 

3.99 

1977 

5- 

567.6m 
18.0 ra 
3.02 

PEABODY INTERNATIONAL 

Fourth Quarter 

1978 

1977 


5 

5 

Revenue 

.. 140J2Q1 

116.0m 

Net profits — 

6 Jim 

4.Sm 

Nef per share.. 

0.74 

0.5S 

Year 

Revenue 

505.7m 

4QS.3m 

Net profits 

.. 21. Sm 

16.9m 

Net per share.. 

2.57 

2.06 

RAPID. AMEBIC AN 


Third quarter 

1478 

1977 


5 ■ 

5 

Revenue ....... 

.. 61iS.6m 

603.1m 

Net profits .... 

17.9m 

4.54m 

Net per share.. 

2.16 

0.52 

Mine Months 



Revenue 

3 .72 bn 

1.66 tan 

Not profits 

.. 2S.2tn 

■'3.79m 

Net per share.. 

3.40 

* Lose 

u 0.67 . 

SCOTT FORESMAN 



5 

s 

Second auartvr 

1978 

1977 

Revenue 

S5,3m 

72.5m 

Net profits 

14.Sm 

12.4m 

Net per share.. 

1.2S 

1.0S 

Six months 

Revenue .... 

159.6m 

137.1m : 

Ner profits - 

2S.5m 

24.5m 

Net per share. 

2.47 

2.14 


INTERNATIONAL CAPITAL MARKETS • 

Venezuela 

steel expansion finance 



. "CZ’-K 

-+Z*\ 

-4 . 

■a ’ * -T •!' 


BY OUR EUROMARKETS STAFF 


VENEZUELA’S state stesel com- 
pany SiderUrgica del Orinoco 
(SIDOR1. is negotiating 3250m in 
medium-term loans from foreign 
banks to help finance Its expan- 
sion programme. 

Banks in the U.S-, Europe and' 
Japan have been asked to submit 
bids. Including interest rates and 
other conditions, by December 8. 

SIDOR Treasurer Ramon 
Azpurua. -quoted by Reuter, said 
it was originally planned to in- 
sist oo. an interest margin of J 
per cent over interbank rates for 
the financing, but then decided 
to leave the banks free to quote 
their own rates. 

Earlier' this month. StDOR 
launched a S3.6bn expansion 
plan to increase production to 
4.Sm tonnes from 1.35m tonnes 
annually. The company is to 


seek .3 further K50m in the 
second-half of 1979. 

Orion Bank. Chase Manhattan 
and tbe Royal Batik of Canada 
are arranging a $50m loan- for 
the Bauxite Industry Develop- 
ment Company of Guyana. It. 
will finance the expansion of 
Guyana’s aluminium ~ Industry 
and assist in a Capital restruc- 
turing of the company. 

The loan, guaranteed by 
Guyana. is.' at- a margin of two 
per cent for- seven years. Grace 
period is one yeat. 

Brazil’s state raining concent 
CiaVale do Rm Doce ICVTtD) is 
planning to arrange loans total- 
ling $50m nest year to finance 
various projects. 

A $30m credit will be raised 
through Fmi Bank and a 5520m 
radii tv through Eulabank, 


according to company officials. 
No terms were given. 

. Sanwa Bank -has now. assembled 
an all-Japanese management 
group for the $125m 13-year loan 
scheduled for Salto Grande, the 
Argentinian hydroelectric pro- 
ject. The managers are Mitsui; 
Bank. Nippon Credit Bank and. 
Toyo Trust and Banking Com- 
pany. 

The. borrower will use the 
-funds to refinance existing short- 
term -debts. 

- In Spain, the motorway com- 
pany AVASA is arranging a 
345m eight-year credit to finance 
road construction The loan 
carries a spread of. 2 per cent on 
the . 75 per . cent of the total 
amount which carrier a state 
guarantee, and 1* per cent on 
the unguaranteed portion. 


Saudi riyal issues reappear 


. BY JOHN EVANS. 

INTERNATIONAL syndicated 
loans denominated in Saudi riyaH 
are. making their appearance 
again in the Golf capital markets 
after an absence of several, 
months. ' . 

The Saudi Arabian Monetary 
Agency (SAMA), b a Tetter to 
foreign banks this summer, effec- 
tively put a halt to the- growth of 
a foreign capital market b Saudi 
riyals. . ' ■ ' ; 

Its action reflected anxiety 
over the expansion' b non- 
resident holdings in riyals. The 
Saudi authorities .were believed 
to consider such growth, at. a 
time when the dollar was weaken- 
ing, as complementary- to specula- 
tive tradbg in the riyal, as well 


as compounding probeims - of 
domestic mentary control. ' 

At least one proposed loan was 
cancelled after SAMA's action, a 
250m -rival .(S73m) transaction 
for tbe Banque Natlonaie pour le 
Developpement Economique of 
Morocco. 

In allowing a resumption of 
syndicated credits, SAMA is now 
stipulating that sneb loans should 
be for Saudi borrowers and that 
Saudi banks take an 'active role 
in the syndication.' according lo 
foreign bankers. It is not yet 
clear whether foreign borrowers 
will be eventually given permis- 
sion. to tap the riyal markets. 

Among current loans, a 
120m riyal syndication has been 


launched for the Saudi Arabian 
Hotel Corporation of Jeddah.' '.- 

The loa nis being lead managed, . 
by A1 Bank al Saudi al Fransi. 
and Arab International Bank of - 
Cura. Tite terms call for a 
1}' per cent spread over Saudi 
interbank rates for seven Vear^. 
with a minimum interest rale of; 
71 per cent. 

Arab and Morgan Grenfell 
Finance Company and Wardley 
Middle East have obtained 
approval for a -TOm riyal loan 
for National Chemical Industries. 

Chase Manhattan is, meanwhile, 
planning a 200m riyal syndicated 
loan for Abdel-Latif Jameel. the 
agent in Saudi Arabia for Toyota, 
the Japanese motor group. 


Eurodollar bond prices mixed 


BY OUR EUROMARKETS STAFF 


EURODOLLAR bond prices were 
irregular in subdued trading yes- 
terday. as the market showed a 
further slight reaction to- the 
increase to Tl£ per cent in the 
prime. rates of major U.S. banks. 

Shorter maturity bonds showed 
scattered losses ranging to j 
point or so. However, 4be prime 
rate increase did not spur any. 
further rises in Eurodollar rates, 
where the six-month rate was bid 


at between 12 and-12£ per cent 

Several banking names were 
reported to be lined up to make 
issues of floating rate noes. It 
could not be immediately con- 
firmed yesterday that Privredna 
Banka Zagreb is planning a S50m 
eight-year issue shortly. 

Deutsche-Hark bonds, both 
domestic and foreign, eased up 
to i point in featureless trading. 

Investor attention is - tending 


to switch to the forthcoming 
issue of U.S Carter securities 
on The German capital markets. 
However, these shorter-term 
money market issues will be 
open to domestic investors only 
and should not directly influence 
Eurobond 'prices, traders point 
out. 

The planned DM 100m bond 
for the Ocsterreichische Knn- 
trollbank. via Deutsche, siiouid 
be introduced today. 


FT INTERNATIONAL BOND SERVICE 


* The list shows the 200 latest-international bond issues for which an adequate secondary market 
exists. For further details of these or other bonds see the complete list of Eurobond prices published 
on the second Monday of each month. Closing prices on November 27 


U3. DOLLAR 
STRAIGHTS 


Cbaast M 

■sued MU Offer day week YWd 


Afi« ALL W 33 . 25 

Australia S.U S3 . — ITS 

Ausnvlta Si 83 — . 15 

.Beatrice Foods 7i S3 ISO 

CECA 81 87 — . — 50 

CBCA 8 83 25 

CECA 9193.' 25 

CNT 9 K 75 

Canada S 33 . . -. 258 

Canada S -8 S5 250 

Canada SS 98 — 250 

Canada 9 # 408 

Canada W SS 351 

Canadatr S* » 70 

Dominion -Bridge Co. 9 SG 25 

EIB s; S3 MO 

ElB **»S -125 

EIB 9; 9S 1M 

Efcsoontmaiu 9 S3 •» 

Finland 8j ss - 11m 

Finland 9 ss U> 

Hospital 0 'S B 55 as 

ItgI finance #J $8 25 

ltd Finance 9: 90 TO 

J. C. Penney Se S3 M« 

Mac Bloc del 9t 93 » 

XZ Dct. Fin. 81 S3 21 

J?Z Dev:-pm. Si ss 20 

X at. WCSL 0 SC 75 

Newfoundland 9i 90 SO 

Xord tnv. Bk. Si 88 - 25 

Norses Komm. 91 88 IS 

Xonrar 7* 83 — M . 

Norway 8jS3 ISO 

Occidental SI- S3 - 75 

Oot Hydro S* S3 I2S 

Quebec Hydro si 33 ■- — 50 

Sweden 91 98 125 

UK S5-S5 209 

UK H 93 - • ISO 


« i 9SS 
W Wi 
•99i 4i: 

«• 9S 
941 MS 

vtz rr. 
.Ml » 
9*i 9*: 
981 w: 
951 9U 
94i 951 

V9J 100 

Moj ion 

95S 9S 
9M MJ 
9*i 9U 
97* 9U 
9T 971 
Hi TR 
97i 97i 

9U 90S 
9* .9*5 . 

945 94S 

42i 921 
97 .971 

973 9U 
931 m 
V» 9*i 

m m 

•75 -W 
9*S 9*5 
971 9tl - 
94 W 

m m 

92j 921 
951 955 

m 99i 
«i 99 
9U 9*: 

974 90 


Hll -I* 
. 0 -OJ 
. 0 

^01 rtl 
■Hi. h-m 

0 -os 
0 .0- 

-01 -oi 
■ -M 
+M +M 
- n _s* 

-u -« 

—SI -<li 

-OS -04 
+«i 404 
-tt -tt 

T-S 

.0 -tt 
HI -tt 
0 -1 
.0 -04 
•0 

—0i —04 

1 ~v 

-tt -02 
-W 
'-tt -tt 
0 - ,-tt 
-tt -M. 
-tt -tt 
+tt -0} 
-tt- -^3 

+tt +« 
-02 -1 
+01- -os 

+0* -B| 

0 -tt 
-si -tt 


4.9* 

9.42 

9AI 

.Ml 

9.H 

W 

4J* 

4.tt 

9.2* 

«T 

M2 

9.27 

4J9 

'9.71 

M.M 

45* 

9JI 

4.71 

1SS 

9A* 

4.7* 

M-00 

18.71 

UO* 

9L23 

952 

Ml 

4M 

•9A* 

.953 

i5 

*57 

950 
*51 

MA7 

9A* 

•AS 

951 
Ml 
458 


YEN STRAIGHTS 

Aslan rev. Ek. Si 8S 
BFCE 6.4 DO .. 
EnroSma SJ.-W . 

Finland *.7 58- •. 

Norway it ffl . . .. 
ncio. city or is 98 

SXCF 85 90 : 

Sweden 65 SO .. ... 


Chanjre or 

Issued Bid Offer day week Ywut 
IS 974 971 0 -U *m 

4tt 0 -0} ^97 

•OI 0 -01 -*.tt 

. 90i -Oi -0! -7.14 

Mil MSI -01 -J£ >23 

9*2 972 -OS -1* -7 71 

*78 -w -o; -7.0 7 

*62 +Si -fli 4.1?’ 


30 

M 

25 

25 

15 

3> 

40 


9* 

90 

97J 


9*2 

955 


DEUTSCHE MARK 
STRAIGHTS 


Change on _ 

Issued BW Offer day week Yield 


Arsen Una 6) SS 1» «I 952 

•7Slan DcvdJoo. BK. ai SS 100 *34 942 

Australia 6 S8 258 1002 MU 

Ausrrfa 32 » ISO *i N 

Bani-amertca 3; 90 .. . 1 St 99 994 

Bun? Ert. Al eerie 71 SS MB' «2 962 

•7FCA 6 S8 ..... . 150 97i *72 

Canada 42 S3 *00 

Chare Manhattan O 'S « 93 100 
Commerzbank Tnr. WW S» 100 
Commerrbank Jnt. -XW 34 U0 
Coaenhasen City 8 80 ... 75 

Couoctl of Europe Si 100 

KEB 6 90 300 

E<r Aquitaine Si SS 100 

IBJ 5 H 100 

Iodonasl* 7 84 100 

Kobe. City of 52 96 100 

[.iciit Serricos dc Elet. ... ISO 

Mexico 6 S3 M0 

Miwoblahl Petto 31 S3 ... 190 

Nippon Steel 52 S3 U8 

Nerves Komm 8 96 . . — IN W W 

Norway 42 8S 250 9tt 97 

Xorwesian I&d. BK. 6 90.. 125 982 982 

Petroleo BrazD 7 SS 100 99 994 

PbSIppinos 04 S3 100 458 951 

PK BanVcn 52 SS MO 93* 942 

Quebec. Province of 8 80 ISO . 951 98 ■ 

F.autxnuXtt Oy 52 83 ... 50 43 S 942 

R)cob 5J S3 30 9*8 3082 

Spain 6 SS 200 96 9*J 

Statoil 6 38 15* 99 945 

TromUwlm. City of 3! ... SS 942 __4K 

CDS Croup j! 92 45 9*2 972 

Vonezaela Ei M . ... M0 932 Hi 


-tt ■ 

0 0 
0 — Oi 
0 -*»■ 
+02 +oj 
-O* -Oi 


750 

*5* 

5.M 

4.Z7 

SM 

8Jtt 

*55 


OTHER STRAIGHTS Issued Bid Offar 

RatlK O.'S Hold. Ilf A* . tt 9*2 9*2 

Auto Cote Basq. 7 03 EVA 14 9*4 972 

Copenhagen 7 S3 EDA 30 9*2 972 

Finland Ind. Bk. 7 83 EUA 15 9U 971 

Kooun. Inst. 7f 33 BT.\_. 15 982 942 

Panama Si 02 EUA .20 958 9*i 

SDR France 7 K EUA . 22 *72 983 

Alcemrne Bfc 51 S3 FI . . 75 922 931 

Brazil 7i S3 FI 75 94 . 942 

CFE Mexico 72 S3 FI .... 75 97? 98J 

EIB 7i 35 n . 75 93J 943 

N'-ier. llWdenn.' 6f S3 FI T5 943 955 

New Zealand 6! 84 FI 73 W «1 

Norway tt S R .MO 931 9«J 

OKE flSSFl’, 75 91J 04 

ETB 91 88 FFr - 23B *3J 99 

Knllevcr 10 S3 FFr . . .. 1M 992 1021 

HAT 8 38 LuxFr SB - 952 *U 

Bayer Uux.8 S6 LnxFr ... 2a 952 9Si 

EtB 7 3 M LuxFr 250 94* 952 

Finland I. F«L 9 SS LnxFr 250 95J *td 

Norway 73 S3 LuxFr 250 . 96J 97i 

Rerwntr 71 68. LuxFr ... .500 M.' *71 

Solvay Fin. 8 83 LuxFr . 500 mt 1W2 
Swedish L BK. -8 88 LnxFr 580 992 13« 

Citicorp O/S Flu. 10 tt £ 28 ■ 852 96i 

Gcmetner .Hid. BV 11 R l ■ 10 S7t »7l 

Oranjebocm IM 90 £ 15 85 86 

Whitbread llR 38 £ IS MS 8S2 


FLOATING RATE 

MOTES Spread 

American Exprsw 82 02 


Change an 
day week 
-04 -21 
-tt -81 
-02 
-tt — 8i 
+U +01 
0 -o; 
-04 -II 
-Oi -0J 
—01 -tt 
+at +ii 
o -02 
o -oj 
a -o: 

-04 -oi 
-oi -oi 
+04 +8i 


0 I 
0 +tt 
0 0 
B -U 
+ 8 ! +02 
+04 +M 
0 +li 
-02 -04 
+88 +1 
-W +0i 
0 +0i 

+84 +0« 


Yield 

1177 

7.33 

7J2 

7J7 

7. *3 
172 

7.21 
S.17 
9.0 > 

8. Li 
B_'5 
7.81 
7.93 

8.22 
8.M 

4.95 
9.97 
*■*« 
8.79 
8.4* 
8.60 
8.47 
818 

7.95 
8.03 

12.06 
13.37 
12.71 
13 A5 


97J 

*81 

-■ 

■ 

S» 

U2 

na 

• 

■' 8 

5.7* 

18SZ 

10W 

-81 

"-tt 

2.7* , 

-Ci 

83! 

8 

.4 

5.19 

4* 

HI 

+U 

0 

AM 

978 

48! 

-tt 

-01 

*AL 

971. 

976 

+2S 

-oi 

630 

sa 

94 

0 

-tt 

*J3 

9*4 

991 

-Si 

8 

531 

9*2 

m; 

-tt 

“W 

7.73 

MU 

1624 

+tt 

+0S 

SM 

*7! 

97J 

a - 

-tt 

739 

961 

Hi 

+82 

+« 

6.69 

1003 

TO 

-tt 

—84 

5.61 

108! 

Utt 

-01 

-tt 

5JAS 


-tt 0^ 

+tt +0i 
0 +tt 
0 8 
-8 — OJ 
a +tt 
-«i -tt 
+tt +tt 
-tt -tt 
-as e 

• -os 

• +84 M* 

+04 +tt M* 
+04. -02 1JS 


*J* 

5.22 

4.U 

738 
TAB 
*42 
*3 
644 
SJS 
644 
610 . 


SWISS FRANC 

straights' 

Accea iir tS — 

Arlbers Tunnel 4 83 .... 

A*?a S2 MS — 

Chase iranhattan 4 93 . 

CVRD A2 « 

Cooed! of Europe 44 .... 
Sankamertk-a 3J S3 

B>T)E 3 SS 

Denmark *8 . .._ 

Deanurk-Mortaase Bk. .. 

EtB ** *2 

Eoratom ti 93 

F. L. Smtdtb Ai 89 

Ftsland 4> 93 

GSB 4i S3 

BfJL Ucubciwein 44 

1CI Fou W 4= S3 

Malaysia 41 09 ... 

Manitoba « S3 

New Brunswick EEC 81 _ 

New as 4 94 — ... . .. 

Norses Komm. 4* 90 

OKB 4 83 ... . 

Or Nokia 5 SO 

sale 42 s= . 

Sandvtl; 4 98 

4* 88 

Vorst-.Uplne i) 93 

VoraJhcrs Kraft 4 35 . 

V'cntia 4 S3 

World Bank 4* 92 . . , 


Chans e 

Issued Bid Offer day week Yield 


4S SOU l&Zj 
40 9tt 98} 

188 921 922 

78 MU US 

SO 941 9Q 

<6 1» 1082 
38 991 991 

75 991 100 

188 1002 100} 
88 181 . ms 
188 99* 99* 

88- 982 99 

25 148. 1002 
80 148 3*02 

308 144 1882 

25 1422 3022 

100 low IE. 
44 981 982 

100 340 3001 
140 95 951 

78 *7 97* 

3M 991 99i 

tt 99t 992- 
28 -nou 382 
SO 30tt 3SH 
tt 992 UOi 
15 10U lOBi 

MB 992 MB 
» 94 tti 

1-J TU 991 
SB 1802 lttl 


-tu +w 
-tt +tt 
+81 -0i 
0 +2i 

-51 -tt 
-Oi +« 
+Si +14 
-0| +05 

-tt -of 
-W +« 
0 +12 
+ii +01 
+M +« 
+U +tt 
-tt -tt 
+« -8S 
+« +« 
+tt +88 
+33 +U 
+ tt +tt 
-81 . +tt 
—01 +B 
-0# . -81 
-w -oe 

-Si -st 
-Oi +OJ 
+02 +15 
-tt .-« 
-02- -K 
+01 +0* 
0 - +1S 


css 

US 

4A8 
344 
5J9 
4.49 
3A1 
5ja 
4 AS 
04 
02 
CSS 
4A8. 
441 
C47 
COO 
CIT 
4:90 
3.99 
C21 
Iff 
629 
4A3 
C78 

421 

4jn 

4.e 

cs 

4JB 

AM. 

C21 


Arab Inti. Bank M5 3 S3... 02 

Hanes El Salvador M8 S3 U 
Banco Nac. Argent. ATS S3 81 
Bank HuMfiowr MS SS ... 11 

Sank of Tokyo M3r M M 
Banque Worms MS 2 SS St 
Bq. Err. d’Als. 118.373 S4 tt 
Banc. Ext. cTAIc. MT.i SS 05 
Bqne. Indo et Sana M34 0i 
Bq. mu Ale. Occ. 318.3 S3 <U 

CCCE M5J5 K 02 

CCF MSI S3 . tt 

rjiasc Man. O'S Mai 03... Oi 
Credit National M51 88 . Oi 

GotabaoKen M6 SS Ui 

Ind. Bank .Japan M34 SS.. <U 
fotafkawailmx MSI 85 . ... 02 

LJnhUanska M7.73 S3 1 

LTCB Japan. MSi 95 .. .. 02 
Midland ImL MS; 93 <u 

NaL West- M5i N Oi 

OKB M55 88 82 

OffAora Mtdmg. 88 01 

SFTE MS S3 0£ 

Standard C3wrt. M3.5 90 .. tt 
Sondsyall3hai*cn MS 85. . U 
Utd. overseas Bk. U£ SS tt 

CONVERTIBLE Cur. 

BONDS date 

Asia M U 9 ns 

Baker Irtt FHr. 5} 93 1/19 

Boots tt tt 2/79 

Coca-Cola Burning tt am 

Iro-Yofcado 5| U ..: S/78 

Novo, bidnstzi 7 SB 4/79 299 

Texas Iol Air. 7? 93 am 14A 

Thom Inr. Fin. V S9 .—.Sim 3A7 

Tyco mt. Fin- K 88 9/78 21 

Tyco Inr. Pin. 5 84 5/78 *1-5 

AKShJ Optical 3i DM ' .12/73 588 

Casio COmp. 34 tt DM ...11/78 801 

Inuntpa » 88 DM A8/78 . 989 

JWCO .1* S6 DM 3/79 1270 

Kantehirokn 54 85 DM . . 1/79 *12 

Maradal Food 3i DM ... zm I5» 
Mnrau Man. 34 SO DM . 01/78 8M 
Nippon Air. 3 j 88 DU . Sim ■ SIB 
Nippon Sbiapan aj DU ... 8/78 738 

Nippon Ynsea-34-53 db ... 1/79 . 251 
NiBSiT DI«Ret 34 Wt DM 2/79 477 

Olympus Optical 3+03 DM 2/79 783 

Ricoh » sa DM 34/78 §17 

Sankyn Electric 31 DM ... 8/78 SM 
Sanyo' Electric 34 DM ..Sim 295 
Selnr Stores 3J 8K DM ... 9ff8 1275 
Stanley Electric M OV ..U/78 623 

Trio- Kenwood 34 S& DM . H.T8 Til 


Bid 

99 

954 

*71 

96 

*« 

**l 

972 

*5* 

*7* 

*« 

992 

94! 

W 

981 

9TJ 

28 

97J 

972 

99 

9Ti 

98 

96 

9*J 

Cav. 

pries 

628 

34 

2J& 

9 

14/3 


Offer Cdate 
«9| 28/4 
9*1 HI 

973 12/4 
Mi 2SH 
97J 25.11 

97 U/4 
982 15/12 

974 9/2 

9*3 2/5 

932 25/1 
*7f 12-1 
971 3/2 

9*4 3/5 

971 27/1 
97! 11/1 
971 15/5 
*9 1/12 

982 27>« 
96f 19/1 
9R 9/5 
*7! 20/1 

*7i a/12 

99i M/4 

98 19 /I 
WJ 5j 4 
Mi 10/2 
9Ti- 4/4 
991 4/5 


C.cpn Cyld 
IN 10.71 
9J 9 .TI 
U.21 U.62 
*.74 
9J* 9.85 
W. 18.85 
* 9.13 

9! 9J7 

12 ! 13.28 

9i 9J8 

« 4.65 

9.19 9.43 
12 ! 12JI 
9J1 9.61 
9J* 9-42 
12J2 UM 


II!- UA 
Mi U.62 

12.0* ms 

144 IM 
9J1 9J5 
MJ6 15A4 
9.44 9A* 
UA9 MAS 
8.94 9.29 
15.1* 10.79 
12J1 12 AS 


Bid Offer 
983 99J 

*9 99i 

*W 915 
89 98! 

130! 1312 
925 94i 

53 Mi 
961 VI 
*11 9SJ 
72 73! 

93 94 

143J IMS 
1BJ1 1MJ 
*71 983 

973 *U 
1835 M45 
944 954 

941 954 

1294 1214 
7944 95! 

97 98 

*71 *82 

103! 104! 
138 119 

922 932 

1145 U5i 
9S2 V7J 
931 94) 


Chfl. - 
day Pnem 
-1 6.28 
-0J t.H 
0 —4.58 
+1J 1IM 
-Oi -2.18 
+04 a. 56 
+8! STM 
+01 - 1.88 
0 21.15 

-ii 172.68 
-81 14 AS 
-0! 213 

-84 Sjn 
-B! 8.98 

0 5A2 

-01 12.45 
-li -0 73 
+ 0 ] 6A2 

-IS -1A4 
— 2.40 

0 21.96 

+01 SAl 
+01 34.70 
+0! 38.95 
-04 3.28 

0 —1.76 
- 0 * ISA* 
-BJ 32.09 


* No rtformatton available— previous day's pncc. 

* Ooly one market maker wnp]i«d a price.' 

Straight Bandar The yleW it tbe yield fo redemption of Pie 
mid-price: the amount Issued in in millions of currencv 
units except tor Von bends where it Ib m blGlotts. Chaise 
on vreek=CSanpe over price a week earlier. 

Floadns Rate Notes-. Denominated in dollars unless nth»-- 
■wta? tod! catert. 31 =2tlnimijni coupon. c.date=Daie ne'it 
emipmi becomes effective. Spread = Margin above slx+nonth 
* or Cxpn=Tho currant coupon. 

C.ylft=Tbe cnrrenr yield. w 

CBBvertfhta 6««t8: Denominated 10 doUars unless otherwise 
4Ar=Chan8e«i day. Cav. daw ^ First dele 
'«■ ““wston Into shares Cm. Price=No«i.nal ainonnt of 
tand per share epressedhi cnrrancy of share at comer. 
■’?" F rem^Percenrase premimno# at 

corrent effective price or acqulrln* sham via the bund 
over tbe moa recent price of the shares. 

O’Wf Tln "i LW ‘ 1873 R^roducuon j n wftole 

or m pan in any farm not pernntred without imtt mi 

Ldiueni. Data supplied by. Inter -Bona Sen ices. 


'.'f. 


v.f 

:>r 



/■ 












•* 

Times Tuesday November 28 1978 


Ml 




-3^:S-O^U_ML5.'t' C2jio>C>V4 






■j^S&4JS£n- 

W*£g£P. 

ij&£Zi*£ 


- ^ -*■• V»V *, ; •.- _• _ ■ 




't’v’j*' -' ^7K’5 < : f : ny 


*iS -”“ ' 




p Allis-Chalmers 

Corporation . ^ 

*" . — v 

• . A special machinery company with divcrsiiiiuLlugh 

• techztbtogycapantlitiestoineet basic needs *.vo; id w:de. 
Allis -Chalmers manufactures and markets products 
anri syst em s lot the processing ol high volume solids, .! 

■ * liquids and gases: agricultural equipment, elect ncal- ' 
r equipment, material h andl i ng equipment and povierod 
V laws and garden products Per share 1977 car lungs 
if ■were a record 55.52. up 22 S, from 1976. Sales m iS77 
'were Si . 538 billion. Current a nnuairzed dividend rata -■ 


per common shaio: 51.50. Per share earnings lor the 
Jour quarters ended September 20, 1978; S5.92 


pm m n ^ 




' Can Company 

Change*. Growth and Profitability. Look :n on the 
American Can Company: Yield a: 7.2%: ROE at 1?. 9 S =: 
EPS compound annual growth at 1 5-r % since 197 s v. h^n 
□ inaior redevelopment of assets began; sales in 197? 
at S3 4 billion Thrust actucry »r in '•an'iimo: products 
and distribution, diversified packaging and resource 
recovery. It's much, much more than the can company 
you once knew. 



TICK 











If - ■ 






cW it . i v 

- — ■.*#St&Tjg3tZ2&?g 


'7SSS*.-1 



, pfr. ■ttfLugfry-.W- 



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mt 


Jy-tt , , . ... 






197SBeacrt 


• fV.' 

. ’’r v./v>rv». J r jJK' n*r,*r > . 

■ y/c* -'•• i<*- -***>';* -*A. . W •. » 7740- ,>•' ts &+• rdv-t 

WiWAi: u.- r.«i*».'.-^v-V_-. ; ip; v>A2 es ;«•■., y~i,- v, _ ; 

%r3fct Z~ wv > Mtj&iTu&t-f'jirt 1 ‘ '►•72? 

y »t. it.-* •- Wr^Sir. ’•■ ■ 

’• >- K(fuxr^v*UM-r:‘i'.rrf r >rtry‘+*Ki e <£. 




vA 

-V 


A unique -oec : 3lrv rets-.ler v.*ith o v* ' MSO ror-:s 1 
trie Urm ■■'•:. Srat^^ opt.-itt'igunde: th? r.^mes ::. 
.Annual i.nr. 

/■. five year ■•-■mr<c‘ ;n i-:d annual grov.ci: rate ir. ■ 
oi 22 6 1 -. arc uk jm- 1 ni 31 2 '-. . 

A special'. ,■ : ?:a:!er operating ccmp’.-rc re:.'.:'. se~ 
hussiness^-- 'i-.iilnr - joducts tov/hicn spec:«j:ced 
are addec a", rn-j point of sale. 

A specialty retailer o! prescripticr. evewea^ arts 
crafts, eegruved gifts, keys at td cos kies. 




i“- ^ *■»,• 

cv'U ::<i 


Dana Corporation 

Dana’s ten-vear toiai re:u:u to investor in tod B’-> of 
Fortune 500 . Dividend mcieased eighth conpr-ciniva' 
quarter... National Assoaatiqn pi Ir.v^slment Clubs 
vote 1977 annual report Best m Industry. . . r inan'.nit. . 
nrenqth increased to “AA" grade ratuiyt by McmxIt's;, 

Standard & Poors. Value Line and Fitch's. . . Sixty 

percent of eligible employees are shareholders , . . Dana 
just recorded seventh recold year of sales, earnings, _ * 
and productivity. 


as 


Broadly diversified ann miilniiamnal. Esma:k.lnc..isa 
ho.'ding company with maioi irteresi * sn foods, 
chemicals and industrial products. personal products, 
..Lnergy and automotive consume! products Esmark'-- 
cxinimon stock is one of SOinth--* Dotv.lonoslndtir-!r; iL 
Average, and revenu«>s in e>c*«‘. oi S5 billion rank *t 
- among the largest industrial corporations in the United 
■ States. F.smark owns Swift. Estech. P'ayiex Vickers, 
STP and Pemcor- companies that manufacture and 
market some ol the best known products in the woild. 







W 



.... .. . »es« 

^•i,^>^hSIAfcF£POR?S'- 


3fc 


m 


us 


.511 


Li:.n ine'jsrei -iv 25th t-.-na: ftetioc c ^ett tS?a 


72 


.'• v s. ; 


75 76 


I iT 71 


6.1 bS 


63 M 65 66 67 



As a majo' producer for th*» grov/inq wtrld irark-t Tor 
communj..-an.:.nai.dmfo. r !!iii;!on prc-.es-h’-.^-qmpmeti:, 
Hams increased its sales ob"? in. the frscal vea: cr.c«i 
June 30. 197S to a record S372 million Sales *r. overseas 
markets accounted tor 35 "i ol total volume. Earnings 
have grown 24 B o per year compounded since 1971. 
Harris recently split its stock 2-for-l i far the second time 
in 20 months) and increased ‘he dividend 20 ’r (the . 
sixth increase m five years]. tir/SE Symbol: HRS). 


Litton Industries 

Lilian Indi:>nrie‘: today ranks as •. n:aiO' ’nd’istria! 
corporation. seivrnp v.xirld’vide markets io* nomine: cial, 
consume*, mdus-irial and defense-related oroduevs. 
The company has steadily extended the scope oi us 
technologies and actr.nties since its founding m 
November 1953. with over tvo-thlrd* of it* g'ov.nh 
coming liom internally generated expansion and tha 
balance Lhio ugh acquisitions. ' 
















' £§§%*& 

mssm 





® CORPORATION^ 

' ^HQTT^NNUAL REPORT^g^ 

?;■■ uM- : - «S?2>;v;£ " ^ 


3WM&I 

. 


Masco Corporation 

...Two decade*? of Growth. 

Masco manufacturers faucets and other residential 
and home improvement products: energy -related and 
other specialty products; and cold extruded and other 
components for industry. By establishing propnetarv 
leadership positions tn markets with above-averag* 
growth potential and providing superior value to 
customers. Masco has reported almost two decades of 
growth .. . uninterrupted annual increases in sales, 
earnings and dividends. . 



»^®| HP 




Nabisco, Inc. 

Nabisco. Inc is best known a 1 ? a manui r act | ir“rofr{uali , y 
c.’iokios. crackers and snack products Non-iood 
products include popular toiletry ancl pharmacouticai 
branas. as well as household accessory items 
An international consumer products company, 
Nabisco has annual sales exceeding S2 billica and 
operations in more than 100 count ncs. Sales anti 
earning*, are currently at record levels, and the company 
believes the operating momentum now in place will 
enable Nabisco to establish new highs again in 1979. 
The company has paid continuous quarterly dividends 
since 1899. CNYSE Symbol: NAB). 



A>t i ' 

■^s V. ■ ; .- • ■ 
'?&>•' • • 





WmBph - v ■ 

'SlSrStX} '■?''••• "■* '"• ■ - ‘ •* 

• - •-. . . -;• •;. . -' . 






Philadelphia 
Suburban Corporation 

3978 to be ninth consecutive year of record earnings — 

1978 nine-month EPS up 31%. Dividends up 5 straight 
years 

Energy Services to account for over two thirds of 1973 
income. ?5C is largest company in rental of tools for 
drilling and working over oil and gas wells. Remainder 
of PSC income primarily fr o m providing water service.’ 

1977 sales S225 million; net income $21 milUon. 

(NYSE Symbol; PSC). 



corporations 


To obtain a copy of any of the Annual Reports featured on this page, please send the coupon. 

lb: The Advertisement Director. Financial Times, Bracken House. Cannon Street, London EC4F 4BY 
or Laurance Allen, Financial Times, 75 Rockefeller Plaza, New York, NY 10019. ® 


Please send me the following Annual Report/s: 


| I 1 Alii s- Chalmers 

I 1 1 Corporation. 

| | American Cun 

l J Company 

□ Cole National 

1 j Consolidated Foods 
i — 1 Corporation 

□ 

] 1 Li Esmark, Inc. 

j 1 Harris Corporation 

□ Litton Industries 

1 — 1 Masco Corporation 

□ 


I J Philadelphia 

1 — 1 Suburban Corporation 



Dana Corporation j 


Nabisco, Inc. 


Name. 


Company. 


Position. 









28 


Financial. Tillies Rtesfo?? 



Directors: 

Brian A, C. Whitmee, F.CA (Chairman) 

Bryan R. Basset The Rt Hon. Lord Boyd-Carpentsr, P.C. Sir Robert Clark 

Christopher A. Keeley, F.CA Sir John S. P. Me! lor, Bart Desmond A. Reid 

The Rt. Hon. Lord Remnant F.CA Anthony P. Simonian 


Performance statistics 

Net asset value 

Middle market price 

(Stock Exchange Daily Official List) 

Rate of dividends (net) 

Retail Price Index 


Year ended 
31.8.78 

% 

+17 

+23 

+15 

+ S 


Ten years 
ended 31.8,73 

% 

+ 49 

+ 37 

+256 
+204 . . 

66% 

30i% 


Distribution of investments at 31 st August 1 978 

Equities and convertibles , 

U.K. 

(but including U.K. companies with substantial foreign interests and assets) 

Overseas 

(including U.K. companies operating mainly abroad) 

Fixed income 

Extract from the Chairman's statement 

The dividend has been almost doubled over the past four years, which compares ‘with the 
increase in the Retail Price Index over the same period of 82 per cent. 

Our present revenue estimates are at a higher ievei than last year and we expect to be able to 
recommend a further increase in the dividend for the current year. 


Copies of the Report end Accounts can be obtained from 
Philip Hill {Management) Limited, 8 Waterloo Place, London SW1 Y 4AY. 




C.A. La Electricidad de Caracas 

$50,000,000 medium-term Euro-dollar loan 


FINANCING MANAGED BY: 

Morgan Guaranty Trust Company of New York, Agent 


FUNDS PROVIDED BY: 

Morgan Guaranty Trust Company of New York 
Bank of America NT & S A 
Deutsche Bank 

COMPAGNIE FlNANClihtE LUXEMBOURG 
The Royal Bank of Canada Group 
The Bank of Tokyo s Ltd. 

Merrill Lynch International Bank Limited 


This announcement appears as a matter of record only. 


November 1978 


Centrovincial 
Estates Limited 


ShareRegistration 

Hill Samuel Registrars Limited 
has been appointed Registrars of 
Centrovincial Estates Limited as 
from 23rd November, 1978. 

All correspondence regarding 
registration or transfer of shares 
should in future be addressed to: 

Hill Samuel 
Registrars Limited 

6 Greencoat Place, London Si VIP 1PL. Telephone 01-S2S 4321 
A member of the Hill Samuel Group 



Nolton Limited 

“A good recoveiy” 


P. S. Dixon, Chairman 


Year to 30th April 


1976 

£ 


1977 

£ 


Turnover 3,548,984 2,189,425 

Prof R before taxation 

(Including capital profits) 220,904 .36,722 

Profit after taxation 198,097 38,819 

Dividends 59,900 59,900 

Earnings per share 4.62p (0.42p) 

Extracts from the Chairmen '& Statement 

The Property Di vision enjoyed a successful year. The market remains 
buoyant and we shall continue to search, for suitable development 
sites. 

A significant reorganisation of Ndltofl Money Brokers was undertaken, 
with the Improvement of results amply justifying this action. The 
division has the flexibility to react toan upturn In trading. 

Notion Communications made a small Pfont-and I believe that we can 
now expect a better return. Carr & Day & Martin maintained .its 
excellent profit record. With management continual* being 
strengthened, we should take a larger share of our traditional markets. 
The Group has madea good recovery from‘1977 and an encouraging 
start to the year has been made. 

The Ssontaiy, 34 Ovsen Sheet, Cardiff CFI 4 BW 




Hoechst profits 



BY GUY HAWTW 

WEST GERMANY'S chemicals 
industry has not- fuli benefited 
from the -improved economic 
climate at home and in most 
foreign markets. This conclusion 
is reached by Hoechst, the last 
of the West German chemicals 
“big three" to report on pro- 
gress during the first nine 
months of 1978. 

Hoechst's world group sales 
performance more or less echoed 
those of its rivals. Bayer and 
BASF, in -that it was weak. With 
group turnover up 3.S per cent 
compared with the same period 
of 1977 from Dll 1738bn to 
DH lS.04bn f$9.35bnk the in- 
crease was rather lower than 
Bayer’s 6.5 per- cent hut con- 
siderably better than BASF's 0.1 
per cent expansion. 

On the profits front, however. 
Hoechst out-performed both of 


its two rivals. Pre-tax earnings 
weTfi ap by 0.6 per cent against 
the comparable three quarters of 
last vear— from DJI $3Qm to 
DM Siom— although earnings as 
a proportion of turnover 
dropped from 4.7 per cent to 4.6. 
per cent. By comparison, Bayer 
profits were off 3.9 per cent, 
and BASF’s dropped 119 per 
cent 

As the group announced this 
autumn, the improvement came 
in the third quarter, when world 
sales totalled DM 5.92bn- While, 
on seasonal grounds', turnover 
remained under the levels of the 
previous two quartere. it was 4.7 
per cent up on the performance 
in the comparable three months 
of 1977. 

According to today's report; 
the group was particularly 
pleased with the development of 
the sales of its subsidiaries in 
the large European community 


*. -FBANK?TJH^;NW.‘Y7rj 

well as "the U.S. DMTbn.; Tb^ parenfs, pretax 



Srement arose from, foreip 

Animations or in- -down, j 


exchange fluctuations or in--atrwu. tnua ^ - per .cent J.fo^B; 

creased volume* . : ■ 

At home, turnover had, gown. ^.Qyeficapictiy ^and-^q ^^:.. 
in sectors including plant : co^-fiucta&ttojhad;^^ 
struction, welding ' tectorology./ptes^^ 
and industrial .gases, cosmetics ,report—»hoy^ gB- rl t.t&e . pg i^; 
and paints. There had' also beatt 

sales -growth in t be reproduction .a*: well '.as - pla^<s^;Ntrt; - eijig^ . 
technology and pharmaceuticals were exerts htt bnf aJsdi 
sectors. However, most '. Qther;,c^ea^‘,^fiB 0 I&f , : 
operational areas had . failed to. -rr m '“~rdr‘j ‘.y-. : +( 

match the 1977 figures. . 'Capacity' --B&Usatito 

At Hoechst AG, the - West Hoeta^ parentX'pIan^sfdod-’St. 
German parent. 1 higher Tplume;;only/73^per^ea^; a^insVTS^r; 
output was reported .duririg:t£e .^tim''thW.^^;^ua^to.aD^:^^' 
first three quarters of l?7Strat/pet’ centon tiM: thligr ^fclaWftr 
as- 'price levels feH back-hy^an fdret. aadt+ffifr -fepo^;.- hhd?{ 
average 4 per cent, cash turn-. furtheF : ,<le^h»d and- inOT 
over declined by 2 per cent frqfai&prt^^ 

DM7.15bn in the comparable and : plastics' -serinrs iad , beenY 
period of last year to -just avei-r^unavoidablfc;-' VJ.;-- :v 7 / . ,iW " 


: :W: 




Bos Kalis 
rights to 
raise $17m 

By Charfex Batchelor 

AMSTERDAM. Nov. 27. 
BOS KALIS Westminster, the 
Dutch construct! en and dredg- 
ing company plans a one for 
six rights issue worth FI 37.2m 
f SI 7.7ml and confirms that net 
profits will this year rise by 
10 per cent 

It wlil.issne neatly 354,700 
FI 10 nominal value registered 
shares or exchangeable hearer 
depository receipts at F] 105. 
This compares with recent 
traded levels of FI 130. The 
new shares and depositary 
receipts will rank fully for the 
1979 dividend. 

Bos Kalis is confident of a 
10 per cent rise in net profit in 
T978 on the basis of present 
prospects. This indicates net 
profit of around FI 49.4m this 
year, but reflects a slowing 
down in profit growth from the 

15 per cent achieved in 1977. 

Higher earnings are also 

expected in 1979 given the 
volume of orders in hand — 
worth Fi 3hn ($I.43bn) at 
June 30— and the profit margin 
these are expected to show. 
This is despite the unfavour- 
able results from offshore 
activities. Bos Kalis therefore 
expects to he able to maintain 
at least the same dividend per 
share on the Increased capital 
next year. It paid FI 8 per 
share in 1977. 

Bp« Kalis is Holland’s third 
largest contractor, with 1977 
turnover on the basis of work 
done or FI 1.4bn. Ifs decision 
to strengthen Ms capital comes 
after similar moves by some of 
Its competitors. 

Ballast-Ncdam placed a 
block of shares equivalent to 

16 per cent of Mr capita! with 
a group of Arab investors in 
late 1977. and two other com- 
panies. Adriaan Yolker and 
S levin Group are currently 
merging to hnprove their fin- 
ancial and romnetitive base. 

ToTker Stevin today an- 
nmmrpti that more than 90 per 
cent of the shares and certifi- 
cate*! of- Adriaan Tolker arid 
of Stevtn have been offered for 
exchange into shares of the 
new holding company. Share- 
holders who have not yet 
accepted the offer have until 
March 1 to do so. Volker share- 
holders were offered 1! new 
shares for each share, while 
Stevin shareholders were, 
offered a one for one exchange. 
The i new combined group 
expects net profit of FI 85-90m 
this war on sales of 
FI 2JW iton. 



n»;! j 


in 1 - 

.A nro 


PROPELLED ALONG by the 
West German motor boom, 
Bayerische 31 o to re n Werke 
f BMW j is still finding It hard to 
produce enough cars to. keep 
pace with heavy, demand. 

Both cash sales and volume 
output again increased in the 
first three quarters of this year; 
with car production up by 13 
per cent in the period to - the. 
end of September compared _witfe 
an average for the motor. 

industry of 4 per cent. - 

Despite substantially increased 
production capacity, however, 
BMW’s order book has continued 
to rise, and demand still fax 
outstrips the group’s ability to 
deiiver. At the end of the first 
nine months, orders-in-hand 
stood 11 per cent above "-the- 
position at the end of September , 


last year. .' •>= rS-'- 

: Herx Eberhard von-Kuenheiitii: 
the chief executive, said VU&t- 
delivery periods on -the-" mast 
popular models .stretched-' weft- 
into next summer. DookiojgSiwer* 
at such a level that. ft .seeped 
-safe to say even, now 
would for BMW be about as good 
: as the current year. 

■ Overseas demand "(for. ;the* 
group's products has been inalrir:, 
tained although the doTTarV' 

difficulties on ' the ••• ' fccreiStf 
exch ange markets 1 have_ -caased- 
difficulties In' 1 North Ameriefc. 
This applies to cars as WcU as jts. 
high-quality motor cyefes-r} ■■ . 
• Group external turnover* in 
: iS7S could reach DM. - fi.Sbn: 
fS3J37bn).' At the same ‘tfcnfk 
cash sales of the -parent ."aie; ; 
expected to expand . by jfi'Vpjer 


'cent-To' - .y-.£ 

. For the firsr nine- months, pf p. 
this* year ,7 overseas :tumovH*- wasH 


.rid P 




HBG sees 


BY OUR OWN CORRESPONDENT 



taster* growth itate Than 
2ff k pei: cent expansion at fi dAtS^r, 
.Alo ktg vtfith the- sales increase. £ 
rBSTOT -bas- al^o- -seen . < ^U3s < ^: 5: 

-facto rifif-* 1 developing;’’': 
a«*rdix»g,to‘HerfvpQKueDiiei 
" Although be- commented 
thtt . company bad. & sufifcr 

™ : soBd .finandal^ha^P ^ rto -'j „ 

it-ft Sri fh confidence' “Jrme 

:WhtehagE^^iu?t^'gOaA.^.he wgm _ 

^ve-no^earafngs'tfetailfi for ’thE^ 

' three’ quartoi. - 
.-rBetw&ea ;J97^ran4 z 1933^. : ®^~ r 
plans' invest ->hj ore .‘ '‘fhan ^ ‘ 
DM 1 3Bn-, ^This. .doqa -wit, Tnctude^ 
ibvestroeat 

:‘T ; ''-“SBS - 
-^S-^xvsSi 


- r AMSTERDAM, 0^-37, 


HOLLANDSCHE BETON GROEP 
(HBG). the Dutch- construction 
company, said 'it expects 1979 
(results to be at least equal to 
( those in the current year, witfc 
i foreign activities again making, 
j the , largest contribution to 
[profits. ; ' 

j 7t is forecasting a IS per cent 
J increase in net profit In 1978 to~ 
; about FT 56m (S27m) while sales 
I are expected to be about FI 

:2.44bn f?1.17hn). The estimates 
j for. the current year showy* 
i sliaht upward revision of the 
! profit forecast from- the FI 55m 
expected two months ago^' while 
sales expectations have been 
trimmed slightly. .'HBG will pay. 
‘an unchanged interim dividend 
<irf FI 1 per FI 20 nominal .share. 

} The results of the domestic-' 
marine and civil engjneemig and 
! house construction divisions have 
declined in the year so far while 
profit abroad has increased, due 


to favourable results from' af*.; -Algemene' Bank Nederland 
-number of projects, and a greater ^ { ABN) expects -j ts-^ ,-p er 

use of dredging equipment da pa- share to" increase hi the whokr 
city; Profits of GonsTxucttfes, hf 1978 crdLtbevbasisidfjderei^ 
Electricrteitswerken en Industrie' -meats in the^first idne- months; 
bouw. the Belgian -company. most Tie bank’s ’Share', -capital has ' 
of whose share capital is now risen by 7.per oent io-FL 518ra 
in HBG’s hands, also increased; ^ejurent year due to. the _ 

Unfavourable developments at: payment of 'a - stock drvadendand 
Nederlandse Materieehnij v6dr : ,the conVersibh cf a ^debenture 
ZeemUnbouw, however, depres- hjaio..j'ABN : reported. 
sed the result of . minority, profit per FI lOO^nomiTtafjShare 
holdings. ' .- ... in 1977. ' . ■ j 

The domestic order book. bis-. The bank also .annodfid^ 

siderably tergely due . .to. . jflie - cent debenture . loaii. Que- 
rapid completion or- some "large 1985/88. The- Jwtte. price sfdlHre 
projects. Tte order -book 'wTipw aiHWUiiced oh.fiao'veniber 29.T>Tet 
shortening • to more ^orm^ prdflt of 'ABN rose by 22 -per 
by the end of ‘tovFI^420^ in- tiie firk 

Wtf' .«E 19re ? dn : a baJanqe sheet 
over a jesrs sales.. ...On the basis f - ^ . 

of the. order backlog, turaover t f Lal winch w«s 9per ceut 
next year is expected to be httie than at the end of , 1977 at Fi 
changed on 1978. . ' . . . 6aibn. iv . * - ^ 


SMisorziO 


Deutsche Shellmoves 
back into the black 


Naarden moves 
into deficit 

AMSTERDAM. Nov. 27. 
NAARDEN INTERNATIONAL, 
the Dutch chemicals company, 
reported a FI 2.2m f$1.05tu> 
loss for the first nine months of 
this year compared with a profit 
of Fi 4.8m a year ago. 

Turnover in the period was up 
by 6.9 per cent to FI 339 in from 
FI 317m in the same period of 
1977. 

The company said that 
developments in the third 
quarter Indicate that the current 
financial year will be elosed with 
loss despite ei‘rl>er. more 
favourable expectations.” 

Normally. Naarden does not 
publish interim -statistics. How- 
ever. in view of the loss It 
decided to issue a statement for 
the January to September 
period. AP-DJ 


DEUTSCHE Shell report a total 
balance sheet profit of around 
DM 120m fSS2m) for the first 
nine months of 1978, compared 
with a loss of DM 34.6m for 
1977 as a whole. The company 
is part of the Royal Dutch Shell 
group. 

Last year Deutsche Shell made 
a loss of almost DM 20 per 
tonne of oil processed and 
marketed. But in the first nine 
months this year the loss per 
tonne bas been reduced to 
DM S.50 due to the weaker dollar 
and better sales proceeds. The 
figures were announced ar a 
Press conference dealing mainly 
with general oil market ques- 
tions. A Shell spokesman 


HAMBURG, Nov. 27. 

declined to give turnover dr any 
other • figures for the "nine 
months. ' . 

Meanwhile. Deutsche BP AG 
plans lo 1 raise its capital by 
DM 200m <$IQ4ml to DM 950m, 
drawing on authorised capital 
In Aungust the company an-' 
nounced that.it planned CO raise 
its capital to help finance the 
proposed -takeover of the :Veba 
AG interests: But the spokesman - 
said ' today - that in view of ^he 
delay in proceeding with -the 
Veba deal, which was opposed 
last month by the Federal Cartel 
Office,' do such special sighi-. 
flcance should be attached to the 
capital 7 increase. .... 
Agencies ... . 


Dutch bank to buy papermaker 

BY OUR OWN CORRESPONDENT ' AMSTERDAM, NoV. 27. 


THE DUTCH central bank is to 
lake the unusual step of 
i acquiring a private company. 
, Van Houlum en Palm, to 
guarantee ils supplies of hlgh- 
| quality paper for banknotes. The 
i aim nf the takeover is to secure 
the future of the company in the 
interest of both sides, the bank 
said. 

The bid will go ahead if. in the 
bank's view, there are sufficient 


acceptances : from thp share- 
holders. VHP bas a factory in 
'ApWdooTfn - employing 230 and 
making wood-free paper, and 
another' in nearby Ugcfaelen 
employing. 100 making watermark 
paper for banknotes and cheques. 1 
The 1 UgChelep- ' factory - is- fhe 
central bank’s largest supplier 
of this sort of paper. \ Both 
factories will he maintained 
under their own. management..-. 


Acquisition by 
^kvenburg’s^ 

.**. By Our ’Own Corre sp ondent • . 

,- • AMSTEBDARL Nov. .^7. , 
•• StAVENBURG*S,‘ ibe meiijffiB- 
Sized Dutch bank, has acquired 
a majority stake in Baubftaus .. 
• Woelbferu tmd CO of- Hamburg, 
fl has bought an 87 £ per cent' 
holding hr . ^VbeDkerui csyplfal . 
/fora ‘ the 2<> or so owners. 
Siavenbnrg’s plans to eStabiish ■ 
close links between its new 
acquisition and. -Dentsch.' 
Sc&wrizerisdie Bank of Frank- J 
furt, in - which it has a. 9f| per' * 

- cent stake, tfarrfng-ttie course .' 
of next -year, • 

- .jhe 196-yeaiWKld . Bankhaus 
Woelbem bas been based bt . 
Hamburg- since the e&d of the 
war- ft wUi afiev Stirenbnrgls , 
to increase die service it offer? 
to Its roosting cheats in . the 
area. The link with the larger 
Dutch bank wifi make it -pos- 
sible for Woelbem. further- to - 
expand Its business- ' 

Woelbem has capital .of . 
D3I1 Im and - a. balance -sheet' 
total of a round DM200m 
tS95ra). It' made a net proGt . 
of DMZm last .year. Dentscb - 
Schwclserisc&e Badk. wWch Is . 
expected-, to become . .a. -rfuily-u., 
owned subsidiary of Slaven- 
burg’s M very- shordy.” . had net ■ 
profit of DM709,000 In 1977 on : 
a balance sheet total . _ of ’> 
Dirt 50m. Its capital Is DM4.Gm. 


'» . 

k-, • .. ' 

' - IS. v 



KUWAITI DINAR MARKET 


Oslo issue should ease doubts 


BY FRANCIS GHIUS AND LESLIE. ANN£ MfTCHEUi 


THE LAUNCHING of a KD 10m 
issue for a triple A rated 
borrower, the City of Oslo, last 
Saturday should help to dispel 
ihe suspicion that only borrowers 
with less than perfect credentials 
find it necessary to tap this 

market. 

There are suggestions that a 

prestigious U.S. name might now 
tap the Kuwait market, though 
this would be on a private basis. 
The indicated terms for the City 
of Osfo issue include a coupon 
of 7$ per. cent and a ten year 
maturity. It will be managed by 
Kuwait International Investment 
Company. 

Three features, apart from the 
quality of the borrower, mark 
this bond out: the amount of 
money being raised is one of the 
largest seen In this market; the 
maturity of the paper is the 
longest ever; and the interest the 
borrower is 'paying is’ about one 
and a half percentage points be- 
low what be would have paid on 
a dollar denominated bond 

Tbe : Arabian Gulf capita] 
market opened in 196S when tbe 
World Bank raised the equiva- 
lent of S50m in the form of a 
KD-denominaled ten-year issue. 


There was a long pause after 

This uniii June, 1B74. when ihe 

Philippines came to the market 
for a KD 5m five-year bond. 

The closest this sector ever 
came to -artractiog a triple 
A -rated borrower was in Sep- 
tember of that year ' when 
Oesterreichische Kontrollbank 
raised KD 5m for three years 
and more recently, in Mav or 
this year when the. Finnish 


was sluggish-Jast year. ,1978 looks' 
like marking gn . improvement. 
The value of ICD issues floated 
in i874 amounted to KD" 45J5in 
(Sl64£nri-a_nd--KD S7m in 19TB 
(S3i5.2nij, while the figure 
dropped last year to KD' 20m 
i$72.4m>.' Although the figure, 
for 1976. is. not . expected to be 
reached this year, there will 
definitely be an improvement on 
last year’s figure. - 


T ht Ku waiti Dinar market taffly needs good quality 
borrowers if it is to widen its scope. It also needs to nlac* 

? Pa ? er outsl £ V 16 GlUE - Cl alms' from KmSit tlwt 

a proportion of some KD issues are placed ontside the Gulf. 
^aremet with great scepticism in Loudon 


export credits organisation, 
Suoraen VeintUutte Oy-Finlands 
Exportkrcdit arranged a KD 7m 
five-year bond. Maturities of 
more recent issues bave in- 
creased as have the size of the 
bonds. .Split maturities of eight/ 
ten years and. amounts of up to 
ten years are not unknown. 

Thirty-three -issues denominated 
in KDs were floated during the 
four years up to the end of 1977: 
while the volume of new issues 


Many bankers see trie real' 
advantage -of VKD denominated 
bonds as stemming from" the 
stability both of .the interest 
rates- and of the currency which' 
is tied to an ' undisclosed ' basket 
of currencies, essentially . those 
ui wbir.b -most- -of: Ku waifs, trade 
is carried out 

This " basket ” feature is' 
nclpine to attract investors wVo 
arc looking for long term invest- 
ment and ihe security’ provided- 


by a stable exchange rate ~ Tak- l 
in* .January t f 1974, as a. starting : - 
“point the value, of ihe KD bad 
moved op to 112-per.cent of that ’ 
of the, dollar -.by the end -of -• 
October 1978 against a rise M up . : 
to- 135 per cent for the'.Deiitscbe ; 
Stark 5nfi. .135 , per cent for. tbe -■ 
yen.- The- relation- hetweem the' - 
Kuwaiti. Interbank Offered Rate ; 
fKlBORI and the -London Inter- ; 
bank. Offered * Rate t LIBOR) has- \ 
^han eed: last autuhur- - the * 
-KIBOB Was -a -solid -two-' points " 
above LIBOR.' today if . is- the \ 
other wav rpnrid. * 
The KTT triafket. badly need* ^ 
good quality borrowers ff -1 it is "/ 
to widen its-'seope-.Tt aiso needs ’ ; 
to place, more- of the paper "out- z 
sirte 'Tbe Giilft (Harms from Rukatt- v 
.that, a/proportmti of ‘sbme.'Rn / 
issues are ^ placed ofttsfde The 
Gulf are met ?wfth- gfeaf sceptw . 1 
ei*7Ti In London, where bahker^. 
noint .out' that Errrbpeart-ba**^...*- 
honres' are. probably buying Jriv * 
paper fn.r-_^GiiIf - clients.;: Tb“ 
secondary: .ftsErket : af?o-‘ ne«b 
•fievelon a deritb Which if 
n^eseot..; Harkte /stod, that.‘-*v v 
Gfijr-:.oe. bond-' is . a;' sterr. L : 

-ft -needs ?'■ 

■be; followed; by: others^, ; -v: 


e 


/ -Ji 




i 'l -1 















lines Tuesday Noremlier 2 S 1978 




to reconstruct capital 


BY JAMES FORTH 


SYDNEY. Nor. 27. 


- FS EIJ). th e major Austra- a shw* Tfrir means -that instead tip* bains sold 10 the trust, The 
-ban property development °f the present 10 -cents a share 
grtwpi . W®Pt a capital recon* in dividends . existing Westfield 
*sit$icli(m which should - enable shareholders will receive at least 
^current dividend income to 82 cents under the new sthenic, 
be increased more than eight- Surplus income of Uie trust above 
foM without, seeking any new the proposed 9 cents annual Uis- 


present issued Capital of West- 
field will be discharged except 
for five shares, which will be 
held by Hit* holding company. 

Once the arrangement has 
been concluded the Westfield 


fupds.^ The. proposal, which had tri bm ion will 8 ».« io 40 per 


^JSSS^AfSSSa 10 U ‘ C ,B>UmK S’""*** *WP of proper,.,, no, ,hn 

mMss in- Svdhev ii About SOni units id the pro- trust, leasehold, of properties 

-fine- .formation- or a^ new holding £? rl - 1 ’ lrusl will' -be- issued in sold to the trust, management of 
the .formation or a ne.^ holdtna Wcstfieln slurehnlders. . with a several shopping venire* n,. 

substantial number nf.units also behalf of the trust, a substantia] 


hoi dins In the trust, and further .Inly. 1979 



it About SOm units id the 

new peTly lrusl will -be- issued in 

company cod -a lifted property . g* a several shopping venire* n„ 

reme to renlacp rhn **ubsianUat number nf.units al 

JJJ.* 0 replacB “ e exislia * CDTn - some to the holding company. 

■ v. . . ' ... ft is proposed lo sell several 

'«S?^Si ld -hSS ?? d .t S ^' L rp - ftf Westfield's income producing 
,ee 8S;^ • th 5 1 properly developments !u the 

c^jpafiy and eight units in the trust, which will •«» managed h V . 

VKSm ior each share in the Westfield group. An air.ee ahovp lhe 

j5L ,, ^rr t tHS 1 ri^v 7? € direc ' in Sydney and j shop- annum - 

holding com* ping centre in Queensland will 
current bo sold to an Ausrraltan institu- 
Wegtfiela dividend rale of iq 


nf proper! ie> enabling rhy dis- 
charge of indebtedness and l«.*r 
transfer of tax liability from ih».- 
group >o members. Income; 
earned b> proper I; irusix doe*, 
not quality lor lax. v. hr re as 
Weitfleld under us presoni ■ 
structure is liaMc for invumc 
lax. while Au»H:tlian >hare ■ . 
holders are also taxed mi their, 
incttnit* from dividends Mr : 
Stephens said ih.ii The new pro- 
posals would not take effect unui ’ 


Japanese 
capital 
spending 
to rise 



Kong Government 
market rumours 


BY ANTHONY ROWLEY 


H OX i.l KONG. Not. 27 


participation In the trust through 
(be management agreement 
which provided for the holding 
company to sha re in i ncome 
9 cents per units 


-a, ~ — -- (ton on a lease hack arrangement ■■■t .mwic.-m-.cu ui»iiuu..wi -.*> 

C *?» i 1 « 1x1,51 which will enable the mortgages possible because of tin.* expau- 


TSic* chairman. Mr. 1'i. K 
Stephens told shareholder* that 
the Increased distribution was 


Speculation .tbiiiiL a property, 
trust had resulted m Westfield 
shares- rising in rervni months 
rrom A&'t.OU to more than AST 00 
In July, Hu* directors said that 1 
lh«_»> wen* considering :* 
rcappraLS.il of the value nf *'ne 
company's properties W.-stfichf 
shares rose AM. IQ a share in 
Sydney .ifit-r tin* annuuiiceiiK-Dl 


It -I- Jt . lt . , A * — -Ml cucaiM|T Ifir puanyic urtuusc ui mh. c*k*u' .i»untr» ■n ,r i ■ 

wU omnouie .at least 9 cents lo be di*rbarycd -on the proper- ^nn in group arliviijp^ the sale w dose al \Sfi.20. 


makes 
record profit 

By Our Financial Staff 


Concessions for private sector 


BY WONG SULONG 


KUALA I.CMPGK, Xov 27. 


Q47*TAS AIRWAYS, th4 Aus- THE MALAYSIAN .tinwLjrtMncnt Minister of Trade and Industry, start new ventures if they hart to 
trtfian national airline, made a -lun announced two major . con- said at the annual dinner of the comply with thw requirements 
prtflt On airline operations of cessions to the private sector in Malavsian Manufacturers Assn- inimudhilely. while Malays them. 
A$I5.97iri lUSS 18.2ml before tax regard to the requirements of nation here over the weekend selves would not want r«« mve>t 
lu i’he year to March 31 — the ' Malay participation in its equity that the Government would in companies that were not 
-highest since, the company's in-. and labour force. relax these requirements profitable. 

ct^oratlon in November 1920. j Under the Government's con- Companies now need noi There are currently more than. 
, -.Tne result was . substantially : i rovers-ta I Industrial Cb-ordma- Comply immediately to Malay fiOftni ringgit i l ! .S .S'ii’.imi v.-nrth 
A51l_81m earned in ! tion Act. companies have tn equity requirements H such enm- of shares ibai ,irr- not taken up 
1976-77, when the company ' dive 51 30 per cent of their equity panics have exhausted all pos- by the Malays, 
timiea round by AS'Jfim its prp- 1 to Bumipuiras (Malays) and 'ihli? ways nf gettings Malays In welcomin'' lhe rclavatmn •» 
— ^ nn a, c^ Ime operations. : employ a workforce refieetinq in buy up the rt^erved shares •.pokesinan of" ihe 4 i,.,i 

ex r KSSS : lhe i *Ki. shou,d !« *W « JSSS^StoffLor of cSSSSl 

wuntry - Thts niMns Rmp,oyms • ■ 


,at least 55 per cent Malays. 



the; directors recommended the 
payment of a dividend of 10 per I These requirements nave -been 
efft.- • , the cause of much d»t»ti«factiiiii 

Sir Lenox Hewitt, the chair- : among the private sector, par- 
matrnftjantas, said the sreatlv ; f * cu,ar, y Chinese buonesanH-n. 
improved results could jjpjtnany of v.hose conecrm. are still 
attributed to tight control of family operations and wbn- are 
costs, greater use of the larger ! reluctant to admit Malays as 
and more efficient Boeing 747 . partners, 
aircraft, and the cessation of- Dr. Mahathir 
unprofitable . services. ; Deputy Prime 


11 w:is n | 
in removin'; ? 
major constraint i»n invest m^nts 1 


other Malay. siani,. and resold to ;in q industry s.u<l ihal 
lUaiays at the earliest uppor- pnsiiivc sicu 
1 unity. 

Dr. Mahathir .said the Govern- 
ni>-nt would also be flexible on 
(be Bumipnirn workforce 
rt-MUiremcni if conrerns found 
difficulty in ceiling suitable 
Malays. 

The tiovemment’s rclaxiitinn 
of these two requirements is 
Mohamad, the muf ivulifi by the arem nent Hut 
MinLier and businessmen mi chi prefer not to 


By Richard C. Hanson 

TOKYO. Nov. 27. 
SPENDING FOR plant and 
rquiptnrnt in lhe Japanese 
manufacturinc -i-clur is iiuu 
expected to shnu a slight 
Increase in the tiseat tear rinl- 
iiiK nrxi March mcr Iasi tear 
— rlhe first annual rise, follow- 
ing I'ontinucil drops registered 
since a peak in 1974. the 
Ministry of International Trade 
and Industry IM1TM found in 
its latest survey. 

The 2.3 per cent projected 
increase In manufacturing 
sector speuding is m>i 
expected lo continue, huweier. 
The companies -une>ed said 
that fiscal 1979 will sec another 
Tall of 3.4 per cent. This year, 
spending is estimated at 
Y:L2Kt)biT (SlTIrni. up from 
Y.~.2!2hn last year when spend- 
ing whs down I U.7 per rent. Al 
its 1974 peak. spending 
bt manufacturers totalled 
Y4*fi9bn. 

Overall, the .line; nf 1.B47 
rnmpanies taken in the middle 
or September showed That 
capital spending this fiscal 
year will he 11 [■ 17.3 per cent 
in A'7.l76bn, bm officials at 
MITI note that (he total would 
artiially show a ilecline if the 
rlerlrlr power industry Is left 
out. The cleetrir power 
imlustry, wbicli is expecting a 
40.5 per cent rise, has slopped 
up spending sharply in line 
with Goiernniciit plans to 
I most ihe fcnmio:>. Xevl year, 
mrrall spending is projected 
In show -a-- decline of 3.R per 
rent. 


MOVES by The auihoniies here 
nn Sunday niebt Hi quell s^iccu- 
kitiun concerning ■<-. major 
finance cmpariy have been 
fr.; lowed !•> a r:»e in the <iock- 
uiarket. wjih toe Hnn. Kon^ 
Index elosinp 18.4-J nrmcr yes'er- 
iJhv. at 501.14. 

Sunday's statement t»y ihe 
Financial Secretary. Mr Philip 
IIartrtnn-r»ve. Thai rumours nf 
Uiffi cullies jt Sun Hung Kai 
Seeuritie* were “ baseless “ and 
even " malicious " was also 
aimed at aiiayir.^ mure general- 
is'd fears about tne soundness 
■if certain financial* institution*. 
fullti'Ain-j the recent siockmarket 
Mini hie. 

Sun Hung K«i Securities — in 
which Paribaf recently agreed 
in ukc a 17 per cent stake — is 
the biggest broking concern in 
Hung Knnc. responsible for 
around half the lota! market 
turnover, and last week issued 
its uwa statement denying losses 
in the gold or share markets on 
I'lients’ accounts: ur client*’ 
margin jn'tiur.H. I; hIso denied 
rumours rbat it* finance ami 
w-i« suffering liquidity problems. 


lines. running in HKMOOm 
lU.S.SSSnii. from major hanks. 

The official statement un Sun- 
day said that the Financial Sec- 
retary loecihnr with lhe Mone- 
tary AfT.ur> Seereinry. Mr- D. W. 
Blye. and ihe Commissioner of 
Deposit Taking Companies. Mr. 
C. Martin, had examined detailed 
slaiemeni* of Sun Hung Kai's 
financial posillon over lhe week- 
end. 


their customers m the uneasy 
Trading aiumsphcre of the pa?t 
few days. 

" While this nrai tier may be 
acceptable in the short term, if 
K were to he continued indefi- 
nitely it would have ihe effect 
inevitable of using up liquid 
funds earmarked for shori-rerm 
liabilities. Thus ihe normal rash 
Mow of .1 finance company could 
eusiiv be disiurbed.'* 


The practice was " must un- 
Thry concluded ilia l Sun Hung desirable.'' Mr. H addon-Cave 

Kai Finance. " is in a position advised all finance companies — 
10 meei 11* obligations to duposi- there are ovcr'JOfl here registered 
tors as the\ fall due." The most under the Deposit Taking Coni- 
recen l balance sheet showed that panics tirrtlnance — to " think 

at June 3U. Sun Hung Kai carefully “ abuut the linplu ations 
Finance had deposit liabilities uf of repaying depnsit* before 

maturity 
This i* 


HKS59Sm. 

However. Mr. Uaddon-L'aveV 
Matcment at<u criticised The com- 
pany for its ” undesirable ” 
practice of repaying fixed-term 
deposits on demand, and advised 
that in future such deposits 
should be paid only upon 
maturity. Sun Hung K.11 had 


generally interpreted 
here as □ mo\e lo prevent 
riepniit-taking companies finriin^ 
themselves in an illiquid situa- 
tion should the recent sharp fall 
in the stock-market, and fears of 
overheating in the property 
market, encourage investors to 
withdraw their funds. 

The Financial Secret a rv's 


accepted his Ad\ii->>. he staled. 

The FinamtiH . Secretary's state- sub-men i added lhai nervous 
menl explained lhai Sun Hung trading, condition* m the stock - 
Kai liad • repaid fixed- term market last week were attrihui- 
nd revetted the existence of depn-tts before rnaiiiniy *■ in able to “wild rumours without 
ubsl.inltai financial support Rood faith, m order to rest sit ire substance.” 


Metal Box Singapore 
steady as sales improve 


Air Pacific 
recovery 


BY H. F. LEE 


SI .VGA PURE. \ny; 27. 


Acquisitions should help 
Dorbyl to maintain profit 


NOTICE OF REDEMPTION 


Consorzio Di Credito Per Le Opere Pubbfiche 

(Public Works Credit Coosoriniin) 




- Pablic statatbry body established by Decree— Law No. 1627 of September 2, l'J19, 
converted into Law No. 4SS of April 14, 1921 

U.S. S50.000.000 7*4% 20-Year Guaranteed Bonds nf 1970 
Special Series Due January 1, 1990 Guaranteed by The Republic of Italy 


NOTTCiE IS HEREBY GIVEN that pursuant to Article 0 oT lh«*Term* ami Conditions 

' •'of the above-mentioned Bonds and in conformity with the Paying- Agency Ajrrceni**nt 
dated as of December JS. 1909, U.S. $2,500, '.nm in principal amount of thr above Bonds 
■'■'"'wilt be redeemed on January l t 1979. at par (the redemption price) together with accrued 
rj interest thereon to said redemption date. 


Serial Numbers of the Bonds to be redeemed are Set forth below in groups from one 
; / number to another number, both inclusive : 


l" N I* 


Serial Numbers 
351 ih rough 400- 
• £40Ithwugh -450 
- 951 through 1000 
751 through 1800 
2301 through 2350 
2651 through 2700 
4801 through 4850 
5901 through 5950 
•7301 through 7350 
8301 lit rough 8350 
8351 through 8400 
8701 through 8750 
33001 through 13050 


Serial Numbers 
13851 through 13900- 
15214 through 15250. 
15351 through 15400 
16501 through 1*550 
16701 through 15750 
17251 through 17263 
17851 through 17900 
17901 through 17950 
18501 through 18550 
20351 through 20400 
21551 through 21600 
• 23701 through 23750 • 
. 24251 through 24300 


Serial Numbers : 

• 25601 through 25650 
30351 Ui rough 30400 
30951 through 31000 
31151 through 3 1200 
3! 701 through 31750 
32551 lhrnugh 32600 
32751 Ihrbush 32800 
33001 through 33050 
33351 through 33400 
34451 through 34500 
36101 through 36150 
41501 through 4 1550 
43451 through 43500 


-Serial Numbars 
46401 through 4645n 
47351 through 47400 
47551 through 47600 
47701 Ihrough 47750 
4825Mhrough 48300 
48751 through 48800 
4890] Ihroueh 48550 
49051 through 49100 
49601 through 49650 
4970! through 49750 
49751 through 49800 
49301 through 49850 


Interest on the Bands ta be redeemed will cense to accrue from and after .Tan nary 1, 
-1978, On such date the redemption price will become due and payable on each of Mid 
* "Bonds apd payment therefor together with accrued interest wilt be made at any one of 
‘ the following:' 


.;Tbe Chase Manhattan Bank 
(National Association), 

. Corporate Bond Redemptions 
.1 “New York Plaza. 14th Floor 
New York, New York 10015 


Banque Internationale a Luxembourg S.A. 
2. Boulevard Royal 

Luxembourg, Grand Duchy of Lnxembourg 


-Bapca Comraercialc Jtaliana S.pA, 
^Piazza della Seal a, 6, 

..IZilah, Italy . 


Deutsche Bank A.G. 

5-11 Juiighofstratfse 

Frankfort a/M. Federal Republic of Germany 



date 


Coupons which shall mature* on, or shall have matured prior io, said redemption 
"’should be detached and surrendered for payment in the usual manner- If any of tn«- Ronds 
-io be redeemed arc registered as to principal, payment nf lli^ reilenipti.m price therefor 
• Will be made only at The Chase ATnnhattan Bttnk.(Nati»m:il Assoriatinii), at .the address 
■-mentioned above, except that Banea Commcrciale Itnliana. S.p.A., at the address men- 
tioned above, 15 also authorized to make payment of the redemption price on any of the 
.Bonds to be redeemed that are registered as to principal and owned by an insurance 
"company doing business in the Republic of Italy. 


J v 


Consorzio Di Credito Per Le Opere PubWiche 


By The Chase Manhattan Bank (National Association), 
.4 mcricon Pa 11 ii*p .4 fft ni 


"Dated: November 28, 1978 




HF 


tsfCzdmil 


US.$ 15 s 000,000 

medium term trade financing facility 


Arranged by 

American Express Bank 


Jnlertwiooai Group 


and provided by 

'lie Yasudfl. Trust and Banking Company, Limited 


Tokyo 


Agfttl Bank 

Tie Y«uda Trust and Banking Company, Limited 


Tokyo 




TTiuaMuwrw-r rppssTi u a'vttr if rmrinb* 


BY RICHARD ROLFE 


PKB-TAX PROFITS or IJnrman 
Lon^ Yandcrhijl iDnrbyli ?h« 
leoiiitrj Iicjv> I'ni'in^eritiu ^nmy 
sn Smith Africa, fell in the >e:ir 
ended Sept ein her 3J, fnmi 
Rl*0 fin 1 tu 1117 Iin (S 19.7m 1 With 
an increjs* 1 in the t.i.v rate, ihe 
net figure was down frmii Klim 
!n HlLi.fiin. and. rcllecline an 
increase in issued sliare capital 
from 7.7m to 8111 shares, earu- 
ins;s per share fell from 17»- to 
IHh*. Dorbyl paid an tim-hanred 
dividend of 53c. putting the 
shares at K10c on a yield off) per 
eon I. 

The board records, that the 
currenl level of 
activity remains ln;v. 


JOHANNES BIT: Nm. i:' 
solidaiion of simip suhsidiarx 


METAL BOX Singapore ha> 
' reported a deu.'ine in ^roup r*re- 
jta.\ profit, nf !es? tiian 1 per 
icenl. m S*3 :W:n 1 L'.S.>'i.5m 1 for 
1 Hie half-vear to Septcinher. in 
spite or a ‘3L 1 per cent ri^e in 
-Lies. However. a result of 
reduced lax provtsinns. prefit 
after tax and minority interest 
ruse >»;. atinut 10 per cent to 
I SSI. Sfitii 

[ Meta! attributed the strong 
.-ale» to increased demand from 


interests, the current' h-vol „'f Sin^Jm.re v: mers. hot profit, 
iirefiis should f •*“ maintained. 1 ** wtd. aii' adier-e.y all* *Cled '»> 
The principal ;i''i|i>i a ition has *i , ' r,r ^' r ;: “**^t^r: conditions in 

he» n DiirbyPs 'ilTcr for the 4;l rhaiund 

per cent it does no; own nf: The «roup has declared an un* 
Busaf Industries, hut H has i.imi : changed 2^os^ interim dividend 
acquired some small engineer-: of 6 


Brewcric*. which together were 
issued 7 111 new shares ia the 
croup ia.-l month, will nut he 
eniitli'd m the dividend 

The new siiare^ were issued to 
Fraser and. .Nivave and .Mabvan 
Breweries — the two I.ircest 
rujjnruers of the group — al 
SS1'.3L’ per share in eon nee iron 
with :< major expan -uoi uf Meta! 
Bn\ Sinca pure's op-ratimi*. enst- 
inc her ween Ss:ium and Ss‘!5m. 

With t!ic issue uf the new 
.hares. Fr.isor and \’c:ue and 


SL'YA. Nov L’7 

■AIK J'.UIll-'li:. the Fiji liuvcrn- 
ment-enn trolled Souiii Pacific air- 
line. ha> announced a record 
p roli l of FsHl'ti.F-fi ( L : S8 Sl'U.UUtH 

for (he year ended March 31. 
folluwin^ five >ears of looses. 
I hat ineluded a deficit of mure 
Ilian. FS I m in the previous year. 

Mr. Donald Aidney the chair- 
man. attributed lhe lurnruund 
m part in the fact that for the 
tir-l 1 1 ut»- Air Pacific had been 
able |ii iiiftiM* lull; its BA', 1 11 
jets ii r? rnuio lo Au-lralta and 
: New Zealand. 

In 1 lie annual report, he noted 


Malayan B rev. eric* caeh hold 17'ihal Fiji is ren^uoii.itiny luMT-Tal 


inslriimenuijnn cum- and 


mu and 
panics. 

The group fares a claim hy 
Snsol. the oil-froni-eual -^roup. 
of R9in for allered breach of 
contract on certain equipment 
supplies. The claim has been 
referred tn arbitration and the 
Dorbyl hoard, while convinced 
the liability will not he upheld, 
economic says that in the event of the 
but that claim being proved, dividend 


per cent u! the equity of Metal 
Box Singapore while Metal Bo-: 
Overseas or ihe UK is «: ill the 
largest single shareholder with 
per ten;. However. Fraser . 41 per rent, against 62 per cent 
Xcavp and Malayan previously. 


jir rights aarecnienis with New 
Zealand, the l : .S and Australia 
and said that cxisnr.s agreements 
hat! resinned the company's 
reoM-rli. 

\Pfj.I 


due to acquisitions and in cun- policy will not he affected. 


Write-offs hit Carpenter 


BY OUR OWN CORRESPONDENT 


SYDNEY. N riv. 27. 


W R. f:\Rp|$N.TElt Holdings, vision of \Slfi-lin against 
Ihe diversified indushial group, property |o>.v.i?. There •.•.a-, no 
earned a net profit of 5A2.15m further prou.iion^ in ihe first 
lS2.5mi in the Sop tern tier quarter of the current year, 

quarter, and the directors cun- In fart, the directors reported 
•ddered that the full year’s profits abnormal. ^profits of A$1.5m from 
"should he hack on" line," the sale of properties, and Mr. 
Mr. C. H V. Carpenter, the chair- Carpenter -aid there wa*. the 
nun. told shareholders at the prnhabililv of further such pruOD- 
ineeting in Sydney. during the year. 

The company last month There had been substantial 
reported a profit nf only improvement tn results from 
AS135.UU0. emu pared with division.- opera tins in Australia 
A? 10.3m in 1976-77. The major and Fiji. Results from Papua New 
problem was the need for i.iiimu h:*H tailed tn match last 
further laryc wnte-ofTa. totalling years perfonnance, hut were xrill 
A^fi.ofim. fur property looses and ahead uf budget. The nuilook 
cumin uina difficidties in Fiji, fm commodities had also 
The directors at the nine fore- nnchtenptf. though production in 
cast a recovery in profitability some cases wa> still below bu el- 
and' said that they would provide -jet. mainly through seasonal fac- 
hareholders with a quarterly tors. This mainly affected cocoa, 
report al the annual meet in e. where price* had recently made 

The A6-MSm earned in the first snlid gains. Copra had risen 
hree months compared-, with sharply w|jile coffee continued at 
A.<i ( it).0iKI fur the same period of. firm levelji and tea prices were 
I977-7S. but that was -after a prre 3 No slrertgthcning. 


Profit slowdown at Cycle Bintang 


BY OUR OWN CORRESPONDENT KUALA LUMPUR. Xnv. 27. 
AFTER SEVERAL years of 


sharp growth, profits at Cycle 
and Carriaup Bintang Berhad. 
the Malaysian .isseinhier and 

dtatrihuinr nf Mercedes and 
Mitsubishi cars, have slowed 
down to a moderate lcvj?l. 


Pre-tax profits were 2.2m ringgits 
tU.SSlm). compared with L4m 
ringgity for the cunipa rahle 
period last. year. .Sales ro.p.e by 
26 per cent to 15.4m ringgits 
tU.S.$7m». 

The company said that the 
good results were attributed to 


Profits before lav for ihe year the firm demand for it* products 
.•nding September was IT.SSm from the Malaysian logging 
rtnegus fU-S.S5.lm). ur 5.3 per Industry, and good export sale* 


cent more lhan in ihe previous A one-fur-two scrip issue has 


year, although lhe after-tax profit been declared, to capitalise on 
was 10 per cent higher at 9.4m 3.7m ringgils of Us retained 
nnc n lls. profits, raisine tne paid-up capital 

Sales ruse by 22 per cent lo <f * H 1 m ringgits. 

ringgits 1 U-S.S73.6m). and 


7 fi:\ u&rrlnrmrrt nppmr* a.' a nzt'j' •/ v-- o*d 


London 

Borough of Hounslow 


£9,000,000 

Medium Term Loan 


Manased-bi 


Kleinwort, Benson limited 


or.d provided hr 

Security Pacific Bank 

Bank of Tokyo and Detroit (International) Limited 
The Bank of Yokohama Limited The-Daiwa Bank Limited 
The Hokkaido Takushoku Bank Limited 
Kleinwort, Benson Limited 
The Mitsui Trust and Banking Company, Limited 
The Royal Bank of Canada The Taiyo Kobe Bank Limited 
The Yasuda Trust and Banking Company Limited 


• -A g*nt 

Meinwnrt. Benson Limited 


introduced hr 

M. W. Marshall & Company Limited 


October 1978 


102m 

the company profit margins 
appeared 10 have suffered from 
the - appreciation uf lhe yen and 
he mark, in the face uT con- 
trolled prices of cars. 

Nevertheless, the company is 
paying a final dividend of 15 per 
ceriL making rho total for the 
year ff» 22 per cent, rompared 
with 20 per cent lust year. 

Meanwhile. Berjaja Kawat. the 
leading Malaysian manufacturer 
if wire ropes and- other steel 
rod nets, has reported a 5fi per 
cent increiisi* in profits for the 
first half'} ear. -ending October 


r 


Provide free 
international telephone 
links fdrvour clients 
from major cities n 
Europe Scandinavia, 
Middle Easr.USA UK 
and Ireland. 



r. ^ 


J/'iw an noun t cmc.nt appear* an a mailer of record only. 


UDRUZENA BEOGRADSKA BANKA 

U.S. $12,000,000 
Medium Term Loan 


Managed by 

The Sanwa Bank, Limited 


Provided bv 


The Sarma Bank, Limited 


The Long-Term Credit Bank of -Japan. Limited 


Associated Japanese Bank 

ilniemdiiqnali Limitfl 


The Mitsui Bank. Limited 


The Toyo Trust and Banking Company, Limited 


Agent 


& THE SAMA BANK. LIATITED 


Oi-^r^r, 1»!T 








. j. 


- /•_ . f ^ _• ■ - r 




The uncertainties 




mining 


THE SEVENTEENTH r**ntury 
proverb, • between the devil 
and the deep ?ea. " ha? acquired 
a special meaning for Ihc un- 
cftjn fori ably silualril and 
fledgeling mipmatinnal «ea-hed 
mining industry. The devil i* 
:hc. more real for having a dual 
personality. 

One side i* pn1ilir:i] unrer- 
taint'-. there firm:: no .i”reorl 
return* nf law* lo govern Ihc 
exploitation nf the resources of 
the ni-o.-in flour - the deposits «»F 
manga nece nodules tvilh their 
eon ;»n is not only of mang-mPSC 
bur of nickel, eopper eohaU and 
nthRr ntPial.-. The other side is 
riiHiomir uncertainty: ihc reces- 
sion on the metal niarfcels 
having llu-catened iIip marked 
in? and financial premise* on 
vbirh sea-hod mining had been 
ronrrned. 

The result is that ihc com- 
panies inmlverl — mainly in ihe 
US hut aUo lakine in British. 
European and Japanese in- 
tercuts — do net have the i-npfi- 
rier.'r rr* ruin mi I iheniselves 10 
mawr invr-.lni*:nl. Rin nor do 
l hey wa n I to willidrau from the 

field after a multi-minion 
dollar* iv search effort some 
l-.-.rl.- over I he pa*t decade They 
are in limbo. 

Broad I v. the industry kimvt 
nov.- in rollei { frnm liic 

o. i- a o floor up m I fi.noo fi hdmv 
the iiirf f-e. and if know, how 
to hi liiT ilo ii! hiirk in a motlier 
•hip 1 1 kniv*-. In i<-< .eparal'- 
ilif mrlal* mil from I he np' Bill 
;vbai it due. not k'inw i> how jl- 

;e:t iv-tenvc Will Work Ml 3 ‘■II- 
lamerl e omnieftal operation, 
and i" r*ui -.iilTii lent |\ lice of 


the future to spend the nipper 
to find put. 

The general point is manifest 
a: 3 oar*, iritis r level in the. case, 
of the Kennecmi Copper con- 
sortium, one nf the four must 
active groups in the field. 
TCcniU'ifiit's ca«e is of interest 
t" Britain because BP Minerals. 
t imsididatcd Gold Fields and 
H;o Tmio-Zinc each hold in per 
•■cut equity and to that extent 
carry with them Government 
nuieern ahom diverse and 
secure supplies of minerals in 
the lywm. 

Soldiers gone 

\t Hie he^innui” nf last year 
there were a him | ifin people 
working mi I he Kemiei-nil :rn- 
bed prnjcci at its San Diego 
headquarters in California. X"w 
there am milv 2.1 The snldievs 
have gup.*; only the officers and 
remain. 

Sn far the nmiPil has spent 
ahum $.1ttm and lia.* i cached the 
stR'je »‘.here it wants in put 

together an tntegraled niinm; 
f«icm. involving 1*.vti vessel*, 
and a -mall prure'-cin:: plant — 
a -yst.-m that is large tMinu-h 
lioil* |n verify the ipsi tech- 
niques already worked mil and 
m -'.-ale up for a commercial 
operation Rut l he cn«i would 
I>e :>I ReOm. 

Tint <um |j nn: lar;r relative 
To :he Total nisi nf hringmc a 
■=c,ihed in in ms prelect tn pro- 
dufiinn. who h in flic Kennpmti 
■ a*e i* nuJd he ahnnl .' 7 af>m. hin 
i; ; - a fumble vmhniti ihc as-ur- 
f future <>u i p: 1 1, . Given 

in'-' iiir'Miiep.-e wi:hin Kennc- 


rnti's corporate struct ure and 
its recent poor earnings record, 
the commitment wilt not be 
lightly made. 

Sooner or later there wilt 
have to he an extensive pilot 
scheme. When one Kennecntt 
man noted. " There are no pre- 
cedents fur working imi the 
relationship of the test models 
in reality.” it was a reminder 
dial although (lie concept of .sea- 
bed mining is very simple, the 
technology i* new. In effect, it 
has been made up a*, the project 

has advanced 

It has. nf course, been 3 long 
tune in [lie making. As far hack 
as |ftfiO-fi^ Kennerotr dredged 
1(1 tons ««f nodules for metallur- 
gical analyst.;. There followed 
years uf exploration, ihe choice 
uf a site [he location of which in 
the imrrh Past equatorial Pacific 
remains undisclosed, and the 
detailed survey of that site. 

By 1972 the emphasis had 
pwiirhcd from the search for a 
=ii c to ihe design nf a collecting 
dev i re Tor the nodules The 
work had in hr* started from 
scratch and culminaicrj in a 
series of icsis for whai came in 

he known as Model V in 1974 - 75 . 

Pm ciudely. Model V is a 
\ aciinm cleaner a boui 20 fi long. 
It works on a system nf 
hydraulic suction, picking up 
flu* nodules from the ocean Hone 
a- n i< rowi'd hy a surface 
vessel. Ill ( 111 - lesis it picked up 
the nodules at a rat* of 2.0nn 
tons per da; . Photographs taken 
taier shown I that the «walliP 
ciii hv rhr head of Model V was 
about 4 ft wide and it had left 
nothing behind. 

A ri mi me ivia I collector would 


BY PAUL CHEE5ER1GHT 

structure and he about 6 ft wide and the plan 
arnings record, is that four would work suuul- 
: will not be tancously, Lhus giving a collec- 
tion rale of ifi.oon tons of 
ter there will nndulcs per day. Kennecntt will 
extensive pilot not reveal the mineral conical 
one Kennecntt nf rhe nodules it ha? picked up 
? rv are no pro- and intends to harvest later. hut 
rkuva imi the thp ore grades arc probably 
he tost models about 251.8 per cent manganese, 
as a reminder 1 . 3 fi per cent nickel. 1.2 percent 
c oncept of sen- copper and 0.2 per cent cnball. 
*ry simple, the Model Y was lifted nn - a 
v. In effect, it variety or terrain?, because tin* 
i as the project ocean flour is no? ffai. Ken no* 
coifs mine sjtc is roughly fin 
; e. been 3 Ions miles long and 4 tt miles wide 
15. As far hack and Ihe steepest gradient on 
lerotr dredged the topographical map which 
‘? for moialhir- has heen worked nut is 2.00U 
rherc followed feet over 2fl mile?, 
ton, ihc choice . Once gathered hy 1 he collector 
inn uf which in the nodules will hr pumped to 
uatnrial Pacific Ihc mother ship and tbcncp to 
ised. and the a transport vessel. Kennecntt 
f that site. ha* never yet actually pumped 
emphasis had up the nodules from the ocean 
c search for a floor, although other consortia 
nf a collecting have. Tests on land have heen 
nodules TIip carried out and technologists in 
started from San Diego feel then- -should he 
minalerj in a no problem. 

■ whai came to Processing the nodules, tn 
el V in 1974 - 75 . extract the minerals, will take 

Model V is a plae? on shore. Kenm-cntt would 
bnui 2n fi I mi”, prefer a site — ahum 2«if> acre* 
a system of would he needed — m California 
1. picking up or Hawaii. But preference may 
the ocean floor have 1 1 trip to do vnh the out- 
by a surface enrnr. There is c,i,nr fear Thai 
is it po-ked up state approval will never he 
rat* 3 of 2.0nn given fill - a Cahforn-a plant, anrl 
tosraphs taken that oven if permit? for hm I fl- 
at the swaihe in: ever did come tlirnugh. it 
if Model Y was would take at iea?t three years 
tnd it had left to obtain them. 

Assuming a plant 1* eventually 
0 1 lector would binil. the separalmn of the 


minerals would undertaken 
HydrntiTCtallurgically. by the 
patented Cuprion process. The 
nndules cannot he. treated by 
the same pruce^scs that arc 
suitable fur land-based sulphide 
ore?. 

1 ',11 prion i? directed at extract- 
ing nickel, cupper and cobalt 
from the nodule?, without dis- 
solving the manganese in the 
»rc. It is different front norma! 
smelting processes which dis- 
solve everything. working 
instead with a serie? chemical 
reactions. The nature of the 
reaction*- i? well understood and 
pilot fesls. giving an mitpus of 
Ron )h? uf metal a day. have 
hern carried out. From the 
technical standpoint. Kennr- 
cnit's only concerns relate to 
detailed engineering. 


Dilemma 


The reason for putting too 
manganese to one «ide. as fl 
were, and regarding it as a hy 
pr'iduct. is that the nodule? are 
simply nnr a low cost source of 
supply. The project was con- 
ceived as a nickel venture with 
subsidiary sources uf revenue 
frnm roball and cnpprr. 

But both market and politi- 
cal conditions have changed in 
recent years, .\ickel and copper 
prices have been depressed, but 
rniiali price* have hern sharply 
boosted by the instability in 
Zaire and the African reductions 
in cupper output. The second 
factor has l*ri to a «JeeIuic m 
cnhaJi production hn cobalt i? 
often a by-product of enpper. At 
Konnecott. 1; := Mt tha* th p 
cobalt pnr* rise ha« :n fact 


stabilise economic pinjections 
for tJtc project. 

The case of manganese is more 
difficult- A large portion of 
world manganese production 
comes from South Africa and 
there are fears about security 
nf supplies. This is forcing 
Kcnnecirti to rc-think its atri : 
rude io ihe manganese eonleht 
of the nodules. The necessity 
throws into question the 
economics of the Cuprion pro-' 
CCj-S. 

One of the irasons Cuprion is 
thought to be economic is that 
il has not been considered neces- 
sary to extract manganese. It is 
possible to extend the process 
and extract manganese after get-: 
tins nut the nickel, mhalt and 
cupper. On the other hand it 
may well bo mure efficient and 
cheaper in the loo? run to re- 
work rhe whole metallurgy, thus 
troalin^ ihc manganese al the 
fame time as the nickel, cobalt 
and copper content of the 
Tindules. 

The nature nf this dilemma is 
a comment nn the big problem 
facing Kennccolt and oilier NPa* 
bed mining consortia. It is how 
lo plan for tomorrow's range of 
political and eirunomic unknowns 
with the tools of today. • 

The successful mining groups 
are those which guess correctly. 
The UK companies’ involve, 
ment. with tacit Government 
support, reflect? not only on the 
country's role a? a major con- 
sumer of raw materials but the 
real i?a non that future security 
«r supplre' may depend on /.a 
wjilingnes? now to invest in the 

iniiiriimdriji 


Possi bility. 

proofHH 

Columbus! 


Many clever people in 1492 
entertained the possibility that . 
the world might be round. But 
Columbus took the first 
important steps to prove it. 

And on October 10th, 1977, 
NEC provided dramatic proof 
before engineers, scientists and 
communication specialists from over 80 nations of what they all knew 
was possible. At INTEI.COM 77* in Atlanta, U.SA., NEC was the first 
to actually send color TV images, voice, data and facsimiles across the 
ocean via a single phone cable and INTELSAT's Pacific Ocean Satellite. 

The experts were impressed that NEC activated its Tokyo computer 

from Atlanta, had Atlanta inputs 
processed in Tokyo with the results . 
printed out in Atlanta. And NEC made 
all its own hard ware— computers, : v 
phone switching systems; facsimiles,, . ■£ 
: and, Telephone Video Systems:^-. \|r " 

iThere's more. 'r‘ C ^ 

. NEC even makes every level of- Communication facilities, - 
including vital parts olthe world^s earth stations and interna bon al 1^" 
satellite networks. Yesyon OctobeT::l^h,iT9-77;.sudd:enly -itiwasi^3l 
clear: no other company in the^prMjtdday: has prpyeiP^^* 


NEC 


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psome 




raic 


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n- 


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i -i‘ 


Wifi 


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reading>the^ 










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i mm® 


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?•;- ?' Aitz. 


Financial Times Tuesday KoVember; 

I Useful Hints for y«; 
Marketing in Bung 


«MAR 




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incernaliqniil TcIC'C.dttitiiUniC.TUOO Exposition- 

Main Fie ids: T d 1 o c ;o f rw u n l catic n : 






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operation and trkdeiwhh^Hmigafy^ ; Sul>- 
scribc to tlie 
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in f orm ation ' ' 6|V?siSm.pK i: . : eo.pjie5;C ; |Tprtf ; 
Editorial Offic^.4 

PO Bon 06, Hungai^Ah'^gb ^ hg -mhH; Vs 

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My address •.. .r.. . A. . ...r; . r -V»>V7. 






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now, when he sees 

. a :c!otel^;:lie : ^ldSs7/:|p 

T tfre are limijs to what t he fta mait ■mmd carl vand.- Fcr -Major : 

C** after, years of bravery in Bomb Disposal the lirrirt^.y 

comes each time he secs a dock. Every alarm clock i? a bomb,- ' v 
each ticfcrh g watch a p robahlc bcplcsiori 7 , / ‘ 

Soldiers, Sailors and Ai rmc a all ris k mental I?reaki^\vn'jrqj tally T jt: v ; 
warand in keepi ng the peace. There are bombs much, nearer to nsr ’r ’ 
than Cyprus, Aden or-ftflaJuya.’.V .'W E-.. ' ' : t ' f; , fji- 

•We devote ourselves solely to. ihe weffareof- ^ihese'.Tjravdjnen- ami-Oy.: 
women who have tried to ^ve so.nimrb mdre lhah they caiild.];; 
We help them at iiomc. and in. hospital. AVe run crur own.* 
Convalescent Home. For- some,-we provider Avoric sheltered^ _ • 

industij', so that they . cun li^ wilhout ebaoty: Fcrpthnsi there xspM ( 
our Veterans’ Home. If we are tp go on- helping ihern, we roust havo. 
foods. Please send a donation, please;: sign a : covenant, pteow 
remsnber ns with a legacy, periia^. The iieect is ieally urgent? I 

and- the debt is owed by ail pfis..>vg . .. -/. V.. ‘ 7 - r : - r - ' 

“Tfey’ve given niore Humihey coafef-^ ■ . 

- ' jf&uegiizas inaeffax yoncafr.”- '.m . . • * “ : . . . 

. - v . ; - - .drSaiUlCgS/ 

- t. 37 Thurtoe Street, London SW 7 2 LL. 01 - 534 . 86 S 8 7 . V*.- \\ 


ITO-YOKADO COi, LTD- - 

(TCDRs): . 'v^cy ^ 

TV i|i>4#rtigii«<l in’iOfl'Xsl tVt u trom OKenW S. 177f. n Kh-AmiiM • ‘ - 
M.V. m amt it Banqar •€*«?*»> Lcvcraboarf S X • In Ul*«roc»»<T- •, .. i 

<J>» cp.no. ft (iMompuiW t»jr in ”AWdi»it"> of. th» CDit • Itb-YoKrto ./:»•' n 
I d. will l b« wrtfcl. Wfd* ustl.42 pcr-COft. irprr S.-Dap-iV of rtr o»cV; .*'• X 
USSI4.20 ?«r COB. rep, SO Oep.Sfn of TO »V oic4. */x» -rtth USS J*.4(r t- 1 

W <^R. 'vff. .180 De^Ahs of lO ihi.enh - 

Pe” 31.8.78-.' jrau Yon 7.3 p.Ui.) *lrer daductioa of- ' •» 

15'^ Junncsc «J. . 

7*n SS;J5— S-,38 por CPU 5 Dip.5W 10* iV»i;tr.“ “TT . * . * 

™ . 34 X. 50 -S 2 . 88 pi' COR f«*,. s&o,p- 5 h» of I6«v^i/li . r •* 

**£.* 12 S.- ! *SS.S0 pn^COR »«p»: tqo Opo-SM of tosh* , ,T- ' . 

Wuhout an>.«d**.t 20 fip.ti* (*-Ten TS.-* J-J8 per COR. rrp* <s Dpp:SK- 

'?**!? CK *i y* n ?S&*-_-S3.80 wr CfiR.'.rcBr; SO D«).5hi nf 10 *ta ««tu . .*• 

Jen 1500-=- P4I hr' COR. VI ir 100 Oep'.SK, erf lO iV «*h> will - ft-" • •' 

dedueerd . .Atser xtw «fW v wHf onily V papf : Vnd^. «Udvct«n £-&\ * 

^ 1 V' 51: »od S30.40 per CQ* rtt p. Sr 9 »W#:- \ *' 

100 Dnp.Shi. in atcordine* W.th tv 1»PMW . L -.2 . 

«m*c«rt|am 22m) Novimber, 19T8. ' . • -J.r.’, . 

• ^MSTIP.OATM OEFbsrrART COMPaHY N^.. rr.-V^ 

— . — — ■ ■ •• » - 

■ ~ ■ -■ . . •■ ■ .^-.v 

"T. -■ //.- -mg ■ ' v ». 


lars 









financial Times- Tuesday. ^oveinber. 2S 1978 



World Value of the Pound 


Sjr 

plr> 

' ii 4 \ 


Ml 


I $ eases before 

»■ j 

j trade figures 

4 

t The dollar had » weaker tone KurapiMii lUfreiine.' >lishil> 

Qn raiher quior lenturelCT-s tract ins firmer suniii.l :!«.• train, villi flu- 
{yrWcrday. If fjniabed wt its low cm t>-roarj- rlxni^ in iTr 1 . 10 , rmm ■ 
JWel of the ilnv acainst most. FFr ■J,Vii2 _ » lair; Friday The Swiv 
fhmjor curn-aciiN. and s.hiiiied frijiii- ;il>n iniprovi-.i. mlii" if 
(mu'ori rhanRe.-> from ide cio.se »n FFr 2 545U r,u,w FFv J.5400 in ill*- . ' 
•Friday. The U.S. currency loucheii morr.jna. but down fmsii Friday's 
p best level ol D.Ul.Sirrti aqsins: flosr «I Fij j.j.Vril Slt-rliir.' 
,The Ihniarh; before dosing . a t Kniaheij 31 FFr N.-iSMi. lompun-d 
I.D25U. comtuEVti with DM '’fill FFr S.r.siU in. tiurlv trading. ! 


the pound spot 


FORWARD AGAINST £ 


~ *• II- 1 J«8 I.Smu g.aflu.lj. -01. 

siMii.su* ion ?2iHi : ii9a 2.78H-J 3 ajt . u.*,., a.*.- 


«.LS> «.O0 
H« ftl.be 9b 
I0.:4 id.:U< 

S ii 1 i./ii 
W kS 91 bO 
lifl.Si ISMh 
I HI |.&hX 

a‘bB.ae, 
*.h2. a GO, - 
d.bS d.fcl* 
ItriK. 

2/ Utf.O 

i.iU 1 ;t e 


J.LR.4.07. I.-.,., 

be Ml ys 90 Jb . 
10 1:4. 

i i«; t • 4 . 1 , 

.-lojbi^j -ju-ii 
■jo ri lie ou io> 1-1 
1.M»U I.HiS, Ji 11 

9. !«.■. »99| in. 

e.fca, 0 so, 4; i.. 
a.so;u.hi. i. »; 

iBlib5 : 4.J0 ; 
2 ; «5 Ja ti ia# e 

3 47 a ta U-, 


i.i. l«l l-lll 
jU 1 1U- -ns 
Ml I II. rfl . - 


1 ll I ..ll 1 . I... .Ill [• . 


1.03 I OS 0 23 I'm 

1! *£ I aB 1.6Si .;iiii 

I •* 7 lil 1 1 fUl 

- 1 5 All Si . ;•■■■ 
i.7i 4. 

a 22 i. a.- \.i fji. 

10.. 2 Mil 'Ml . . 

j h un . .. 11 - 

M *»l 10 ll il'- 
I HO J, I.. .... [.Ill 
b.ei lb; t; ■ i.ii> 

3 14 7 C. 


The fahie he'.rw civet the 
jate.il available rale., t.i i.-vehnnK 1 .- 
iur 'be finuiifi -..triiiti-, 

1 uri viicu’s na >.'»»■. euiner L’7. !!>7S. 

in .si line casea rate? die numin.il 
Varl. el rate? arrr the average n* 
outing and sellir:^ rates ruviii 
where they a ro .shown ;n he 
'itherartsc. ,n ‘■ht”'? case i market 
rales have been calcuiared from 


!hti*e nf fareijn currencies to 

A'niL'h mey arc tied. 

bvcnance in the UK and most 
of ibc countries lifted is ufiicidlly 
controlled and ‘he rates shown 
should noi he taft'en .is seme 
applicable to an;- particular 
frartsacimn wwhnu: reference to 
aD authorised rica'er. 

Abbrerialions: 1 S 1 m;rcber of 


the sterling area oiher than 
scheduled Territories: (k) 

scheduled Territory: toi oRictal 
rue; (F) free rale: (T) lourisi 

rale; (n.c.) non-commrrcial rate: 
in.a.1 not available: <A) approxi- 

uiate rate no direct quotation 
available; (sp) seitinp rate; (hg) 
buying rate; (nom.i nominal: 
<exC) exchange certificate rate: 


(Pi based on US dollar pari'le? 

3nd goin" sterling d-illjr i^ic; 

(Bk) "bankers' rale: tH.j'i h.4»ic 
rale; lemi cnmn»ercial rt"*: 

ten 1 cnnverilbie rjie: <fn» 
financial rale. 

Sharp Hticiuahnnc hme hern 
<i , i , n laiHv in 1 hi* tnri'isn 
i-xchan^e market. Kali's in >he 
l»hl>‘ helnw ate nol in hII rases 
closin': rates on the dales shown. 


4 M 3.30. i.u* 12 «l 1C OO l.b-Ji 
lfia^i» mi a 5 68 aI 41 Hi..] 
* t" I-.H 1 1.’4 II-, ic 1. ... 


W- 1 -IJI 1 r,' 

nijl.-'lal u. 


THE DOLLAR SPOT 


JsivFr 1.7330, compared with ;‘, ,u d'*vd hi IJAf I M331 acainsl llic ! Nowmbcr 2 ? iP mat 1 
tiwKr 1 7521 before the week-end “-n»nrk. compared w:tn DM 1 trjir* n 

i] he best level recorded l»v the l ,p C'*i n U:*l> there was. Idile • i:i,u.y r 

hollar siaainsl ihu Japanese vt-n «n 1m* irudinv.. wiih ihc u 30 . 30 -u. 4 y 

Y .107.23. and <1 closed ' ;.i , l „ S , ^ nrr, 'TV i:> 1 ^ , DXn ! 1 i:n V fiiVJV;; Kl f ^ 

•Vlt'O-j. com paied wnij V 1 iC, 2.» -'"‘J iwi 1 c 

Jprci'iouisJs'. ^ ,e m.irke. a P •’Cared reluclanl in |. l— n.fti-n.M 


u.‘..t ;.vus~2.vm 

is I - 11 it 30 . 39 -u. 4 y 

nii-ll Ki 5 3ttS-S.3S4S 

■* 1 -*r« J 9300 1.A335 

Jprei'iousJj - . 1 ,ie m.irke: appeared reluclani m 

f move -tiieau of the L-.>. trade . I..ra 9 SL 25 - 852 . 5 B 

» ine nolJars rradr-w ci^litcd figures.- wliirli are u»".r.«an Kr s.uid-ji 45 s 

tic-preciatinn. ;ls calculated by show ? de licit nT s:..>hn 10 sibn. , . r " : " h 1 r «.fl»-4.«7D 

pioraan Guaranty or New. York. .Any re-iulis nui -:il^ ibis lam-c Kr 

Ja.irrowcd iu s l ix't ffiil from m-».‘ lead tu a sharper dollar An .'tt.i s--ii u.iji-wiss 

*».3 per cent, tuo\enu'f!l later this wl-cI: . :-u:».!r 1 7400 - 1 7«u 

Marker source* sugguxled iliar 3IIL.I.N — Tne lira way Jinn '* ■•-ms i»-r ■: 

iltcy would nht be surprised if '‘''"f 1 ' 1 nin-i mlier .niajnr 
Jlie market comm u«rd tu drift fu , r™ n ‘ : . ,cs - l ' i,h ,h 5 esecptwii nf. CURRENCY F 

fpi icily until the end of. tlw \c.«r thp dutur an.] vierhne The L- h • 

; . ■ currency rest- to a^airsi -- 

, There was wnir surprise m j| u - lira :,1 iii«- living. • rom Lh41HM Kovemtw, 24 n7 

Louuiia .11 Inc apparent sirt-nuili mi I- nday. iiui 1 lie- -lapanest: veil q 

fit the pound, which met .Heady fed !•» U.33t frwn U.374. ‘ rllll . - - . . 

demand from New York dur ‘112 .V.MSTERUA.M — The dollar eased ■ : ...7u -r 7;| 

fhc afrernnon. Sterling opened a» t° l-'l X.dHftS in terms 01 'hc/e udder 1 u» ii-iur . i'< 


aajfl.84.B7 

7 vus-z.imo 

30 _n. 1 e.a 1 

f> J50S5.3530 
1 9305-1.0 MS 
«ft.»-47.2S 
71 72-71. BO 
>52. 00-35 7-50 
S X4J0-S.IM0 
4 OW-fl 4120 
4 4300*4 4310 
Ifl5.fl0-lflft.10 
14.17 --IS IV 
J 7400-1.7415 
1J1- 1 1 1. ill 5 


si* in-1111 si !.wm: ii.ii]<r : w-: 1\ pm. 

12 1 1 i.iii :li mi-': flii, ..iu 


FORWARD AGAINST S 


Onr manih i< a. Three moiiUis p.a 

o.oft-o.nc pm on o.u o.ioc pm o.ii 

1 0.44-0 J*t nm 2.00 1.20.1.12c pm 2.45, 

' 4.2Jf pm 2.00 T!-iir pm 1.25 

1.45-l.Morr dlt ~ 3 J2 4.75-5 iSiire d» -3.70 
1 40-lJflPl pm 0 JO JJU-J 7Sp4 pm 7.fl2 

35123c dis -27.42 130 S«Jc dll -77.19 

. 2343c di« -5.0) 140- 170c d is -B.Sft 

4-4.50llrp di'c -fl.SS 12-Ullrp rfis - fl.flfl 
1 0.70-0. 30a re pm 0 03 gA5-USarc flit - O.flJ 
. 1.70-1. 50c pm 4.17 3 J3- 3.00c pm 2.M 

1.20-VOOorr pm 2.04 2 30-2.Wtope am l.flft 

y.00-l.B5v ftm 11.0 5.10-4. fl5» pm lU.pfl 

B.50-7 .5O^rp pm ft.TS lft.7S-14.75nrapm 4.40 

1.751.70c pm 11. It * 86-4. Ur pm 10.E7 


PlacC ftBd Local Doit 
i/ehftninaB vv : *“ 

I’lMlII' . .... I^'» 

''“I' * r. 

^-1. - I-. 

Ill-- -In k.i P 'i.- 

.3 1, 1 • L ■ I • "* .. 1- 1 •*' •' 

V'. I 1 -- l . 

1 'll I IllJl'lS. lll-l'S. 41, I 

in-in. 

i . . r-Tt.,.. h 

Bahamas '^s iw. *. 

Un.l-l..,,-LiM 111’ 

IImh-hiii • -■ linin' 

I hI--.., I- MS I" 

|[n. rp. . |la'i-t»..' 5 


raise of 
£ dtflrliflg 


CURRENCY RATES 


CURRENCY MOVEMENTS 


November 24 


Special European 
Orawinn Unil of 


rllll.; 

: ..i.ilar 
ii situu i|-IUr 
’■I* 'ii ’.l lullin' 


£] M'WIO-] 11-170, and easp.j id in Jjte ir.ulir.^. fruiit a /lvine Jr-wl urn 

■ 1/04.1-1.11,1.75 in party irudm-.: Kl " 0D7.'.. compared v nil ; rii!!,’ 

Dunns the afternoon, ncrlm-. 1 F'awdrton Kr:d.iy. l.b. M.i 

JcuclU'd a bc.st level nf M.MS.I- ZURICH— fa; rt> trading v.as r 

j.SWr*. and closed a i Al.h4;*Jl-l.{i44ti. ' pr . v mud. with the Collar Ii rm [] . 
o rme of J.1 I’uini.s nn The day. nthi-r mujnr currenem.. Vi ' ( ' 

|.‘h<- pound's iradc-wctalitcd mdt-x. There v. m. news tp, rniluvnci* ! *■■■?*• .;i,, n i.j 

? i\ Bank of England t\$uru* m ro*v ?hc !n:,rkt * n,> nf ir*n-r- - ■’ 
o H-.4 from OSJ. after stunning bv lhv r-urhoritics. ; ■'» ' ; 

*t !?>.:> at Itutiii. and nJ.4 in ihr Ky >">0 man:,n: lh.- I. N eurreno 1 


November 27 

■»i>‘r|iu~ 

I .> -1'illjr 

> ■•IM-li.,11 -li-ilar 
■.ii .;rij:i -.. h.llm n 
I*- llla'i ir.nii 
I'a.l. h l;ii-|, 

■ li-illsrhi- M^rl 
’inis, frail, 

I ll.t-J.T 
' I r>*n. Ii fr jin 

i ir.. 


I* Mil 

Wvhtii.Tnn 


■lir. , iii.-iit Ti- 


Bank of Mar nan 
Enijlanil Guaranty 
indet ebanges 
ft .' « -111 

15.72 - E I 

ED11 -17.-1 

14J 7J +13.7 

lli.U ’ 14.0 

Hi 7) • ft..' 

lAT.jn +u ft 

120.94 -* 30.2 

122 72 i 10.) 

07 72 - ftS 

M ftO - 40 4 

111 JO i 4ft. ft 

izln -I i li.v , m- • :rn- . 
hi Ti- ■ -n|.. r r*:i 


i i—l.ii.-i liidi : 


^mrning. 

[‘ NKW YORK— Thr dollar in-i. i d 


at SvKr I .TJJil in terms nf Uie 
Sw is< franc, unchanged from its 


Barrow |y in quid car!;, liaclinj; “ , „ 

ihcad nr the consumer pr.co ' ,r 

tndex. and trade figures. The T 1 n, ? ,ns l rW,s ‘ n ’ 4 

t'.S. curicfui wa.s generally abou* Vwi' h_J i' 2,1 "viJ r. yc "' 
&s lat. -Fi ida.v leu-Ip in New York, ii, V- < 

Jrohabl; mnlinuing iln- rejf.linn C yin-,Vi L 'nil ° P h? C h 

jo l be ri.se rn banks' prune Jen.l.ng Tin- v", K rn h' ../i kv 

hio before Hit week-end C . .. f h ' J L ,, h . t,pi ' d r. b> ‘ 


OTHER MARKETS 


V aiebb^ ; . , ietveck ; end. j¥B i.. !ld dr. liars’ f n .:ii ... 

. PARIS— i nr rinllai' ilufii d du*’is ssnpnrit :> TSn ii* a.in im p.irlictibr '• 
trading, finishing mtvrvw: in wsterd.iyN Iradmw. I 
ri-r 4 4.11.1 .'uramsl i lie French -.,hirh r.u. |,a. t - been ‘..mew liai 
Craiir. compared with a rial 's lii^b -uhdued ahead id publiuitann of ' 
ql Hr 4.4.17.1 Ii rniiained firmer me U.S. con-utnor price mdev \ 

. jjiin Fnda>’s closing It) el nf |uda>. and Inc- I. S irade figure? *■ 
If'r 4.41.70 him ever The market mmutritw Market c?. peel at inns ' 
4 as gencrali) hesitant ahead of. -.re for ihc ir.ide lienrc.s in be '" 
f'c u s. ennsumpr pricp index .'milar »«• Uie SeiUcinlic:' defied 
ihd trade figures. fJthc.r major of S! «ih:i • 


ITr 4 4.11 .1 in's ill- 
Irani', compared v> t 
if I FFr 4.417.7 1 1 r 


, • ’ m i-i-i. 

' •• !<■- <11113 

k--'ij li.-lls. 

" l.-H. 

■l*.l | |. II 

» 

•l.’ 1 

• .• -iii.i I ».■:!« i 
I'Sl’H li'ls 1 
:"|- IV.Cai 


I .BIO 1 .644 yst.7534«fl \ 

I 70 sa 1 7i HZ tigged ‘0.38 14 II*. I- 1 

7.C5 0 7b7cto 4 .l'60j4.l62. 

Ab.ati 39 V> 19. fig UO '.-O I ip i. . 

TO 9oL* 700 it>b|j74I 

9 27 0. 9.29 7 ^ 4 EtlO >4 l.Osu 
>43.8 I48.g . 74.35 75.25 
0.5' 7 t* 6.57 V 271/. il 1V6J \,.|l«.i<« 
5d 80 38 IQ • iQ27iu;9 \..r«m 
4 ensot iPSKi ?.2 1 >il i.Z I 7D I’. 

1 B4 « 11 I 9582- 0 9574 „ 4p,Q2 

i’ v 7 L> 5 7 .<.-29<3;8 

■1 29-'5 - :-9W0 a 2 2 


ii U- -ir.. l.-mi.) 1.1097 1 b956 , O.fco’J I U.t>724 i, 


27-ifO 
59 bl 
111 25 10 4 J 
5.5U 6 6U 
i 70 & a--; 
lO.iO 1700 
375 385 
4 00-4 [O 
9 85 10 00 
f>0 tO-J 
139 142. 
J.sO a 40 
I 9375 I 34 75 
414} 


Exchange cross rates 


Pnnnti 5t r rill'd 
U„|«r 

Iffliiiw-.ne mar* 
JinMM 7 rn i.ftft 

Ai-orfl Fmnr 1L. 
Mflruw F nun 

ll'it'lSl F’liilrtar 

In'un l.nii 1,000 


> pnnjwllflw DoViftr 
7*alS»n Fmnr. 100 


•*- til E»> 1 9l"l.ill|; 

1 . «. I'KI nr 

LNiii.--’:tinarh 

Jn|<mln -t- )< 

1 

1.944 

3 743 

382 6" 

0.SI5 

1 

1 9Z6 

196.6 

^.2*7 

U.6I9 

I 

1U2 l 

2 618 

5 088 

9. 797 

1000. 

1.165 

Z.iJGl 


444.3 

0.2S6 

0.676 

1.109 

113 2 

0 246 

~ 0.478 

6.9*0 

95 Bb 

0.6D9 ■ 

1.176 

2.265 

251.2 

0.437 

~ O.M» 

Vto3V 

166 6 

1.690 

3.302 

369 

649.! 


ii'lli ilulljr i-i ItiiIjI X<n-.-lii'. r ;» -hniilH bsir rvJ-1 I S'i; 1 
Kyi. iiirn i.ir .in, .jliiij* i, ir.— f.iti 


• I,. Iri.ip Mill. -. I I'si-nii I.iii 1 .i|i..;> I 


If. 11 2 
- 5.204 


EURO-CURRENCY INTEREST RATES 


hurt l*nn. 

i day’* notice 

Imth.. . ' ... 

brM- -nmniJ<fl..> 


. . .. : i’Tw dt-rmpn ' 

.r.g. IW»Har ; Dnliai ' Ruirb CrO'IOor Jtjr>»» Fron? Mail Francb Fiftn- : Jlftlwn Lir* 


l"l#n+*» ran 


. 12-i3’« 

12iif2i s 

‘ 15-13*1 
13 

14'I 

lit 14 in 


9 i 10 

9b. ia-^ 
H -i ljf*4 
ll.'i IS 
18-16''* 
u-:« is ; . 


Blv 91;. 
BtSTj 
10 

io.: iOi? 

10 10 j, 

io.'-io.v 


f lw.'faadvcin* hoTOHn! r.iiiis >crr nnuv$ fnr. Lundon do.lirr iiTJbcair.i «i ■'.•wir;: on- nam'ji iD7A-in2.n jar .-cm Uirrf nson'hfl n <51!. 33 n»r n: *•* mnnihs 
ftfa tOjcr. ernt' on- r<ar li.33-ii.fij n<’r «ni " 

-d^onft-iTiTiTiCMOdoHar 'dwwtis. Two tn'm-p-r i>.m thi-'r )>«t. j» - p.i t«w :<-a:s tni„...»-|s r-r nn»: n.- >.ar. n> r -r .,n< 

nflipJWl. iJoiiflB' rales. . -SHorM-rui rales are mil 1 or lUrniw. CS 'ioilur* ami i'jna<Ji.in tK.IUr.. call t..r sijIH. r s a:..t y.t.s> iranc, ,.:«». raw. Im 

ddym film .in Sttisapurr 


IWTERNATIONAL MONEY MARKET 

ertamty over target rate 


GOLD 



!<*rkF funds were . trailing rrt 
•• per ‘ cent ' in ' Yew- Yfwk 
»es#rdajVtip'from Friday's lcvel- 
pw -cent.,' 

re ' /was some confusion . in 
:he Markcl/after Friday's actions 
'V tfie ^ulborilies had. drained 
qifljiyif frotn the ^yslchi.. - This 
as- a possible mo vp to 
4ise: tha Fed laiset rate, which 
-nnw assumed ter ’be in tnc 
’PSipiT of si per. rent. .-Urr. the 
‘itlier- hand, n small increase in 
he tarcet rate would be difficuil 
« identify 2 nd only hy w; Hit in- 
<*r a few days w rlf it become 
UftS-lcar as to whelher «»r nut llic 
fit ? iut hunt /os' actions, were merely 
, . HL-hhiral 

jtiil Treasury bill i.des were d noted 
:ii»’nu'Cr ar ft.KO per cent .'igauis'l 3 S3 
Ktr. ce»l late Friday for 13-week 
«illfc and n f '2S per cent from 0‘iSl 
irr cent for 16- week bills. Onp- 
jea:; hllU*v ert also oawer at U 2f* 

>er cent compared wiih per 
■cnt. 

KfrANKtX'RT— rntcrbanfc nioncj 
;sae>,.wrrp mostly easier with call 
nol|i»y a) :{.43-)j5 per cent from 
I VI. ci per cent and une-incuilh 
noney a! S 3-3.5 per ten! asamst 
per com. The ihree-mnnih 
ale fell 3 ill! 95 per cent to 3.75- 
vSa." per erm ami aix-moulh 


nfoncy ease«l in :!.S 4 0 per eem 
Lompnroii with 1 95-4 .03 per tent. 
Oit the other hand, the one-vitir 
rate rn>v -.liyhlls io 422-4.3 per 
cent from 4.15-4^5 per ccni pre- 
viously. 

. NVtvsl . Gnmian money supply 
t Stitt foiuiiiueil To Uieriti-e 
>harp!y during i)efiibcr. rl-.in- by 
DM 11 Tlaii cornpured with Sepiem- 
ber's increasi* of DM fihn This' 
represents au annual rate rise of 
some 15.4 per cent against 
12 .fi per cent for Sv pi ember 

KRUSSKIJs — Deposit raie> for 
the Belgian franc K-omnu-mali 
were uemrally lower .throughout 
uilh the one-inonili rale at 
•il-yj per cent from SMlj .per ix-nt 
uii Friday, sow! thrce-nirnuh at 
!l|.«M per Lvril froniilM', - |mt irm. 
Six-mom h dcfiuiiiis Tefi t«» 
R-.p; per lent ajJin-l !■-'-> i per 
com wlille 12 -niomb depo-.it weiu 
Mtiotcd ai S’-fi per eenl. L'.ill 
money feJ! to 5.K5 per cent rrum 
ij.l per ccnL 

PARIS — Inicresi rales were 
slightly v.t-’cr where rlmmied. 
ji^y-ln-day money ami one monili 
i none.* were both iinehanucd 
at tf; per vent and til-*’! V<*r vent 
respect n cly. The ihrec-month 
rate fell to fi- '-Bl Per cent fi»m 
h-i.-T/.. per cent. SiS-monlh money 


was unchanged at 7,'.-7.i per 
ceni w hile l he one year ran- ca -ed 
to 7j-7£ per cent ajjauisi 7j.-7;i 
per cent. 

ROMK — At The November Tr»*M- 
-ury bill auction >lrldx on mx and 
)2-miinlb bills were nnehan^efl 
while »he three-inonih >iebl fell. 
Six and 12-tnonili bill:, yielil 1 1 .Hi 
per cent and J2.HI per reni re- 
■»;*eelivel>. At lliree-inonib-. I in* 
rale fell frurri IH.nS pci vcni m 
i.iflOlHT Iu I0.4i» per cent. The 
Rank of Italy suited tli.it commer- 
cial hunks had reduced their 
hold m us of | Iur bill- durum lhe 
month, in' order In swUch more 
in inriRrr lerni niainrilica V loial 
of L4 trilluni Of lolls anil 1.1 
irlliinii of s.ivines cert ilir.it 
were olTered the urn-lion In 
-W fin ii nume.v market rales were 
fairly steady and v.dl niuiu-j v.as 
imchauued at lut-ltij per cctii as 
v-iis one-nionih money :u llii-ll 
per coni. The lun-mnnih rale 
was ijuoieil :u II-IIJ nor eenl 
fium 11-11 J pci eenl while ihu-C- 
rtinfil li liiniicy tradeil a I IIJ-Mi 
per Cenl. unehan^ed from 
Krnlay. 

. IIOMi KONfi — (Tfiiniilmns in 
llic money markei were n^hi 
wiili call money at Ili per eenl 


Weaker 

trend 


1 I .Old M) -5::; Iu Close .H MllTl- 
Slflfi 1 , m imnlcraicly iiile. e Irad- 
ni" \e.sierday. It upeneil al SI'iiIt- 
' $ 100 ;. Ibe It.l-Iic-:! let el nf the 
i Hay. and ho li-.cil -ii -ilHa.Tii m llie 
morning, and «l!W4n sn the :ift*-r- 
noon. The mci.ll irad'-d ulihin 
.-i fairly narrnu r.neje. unlil the 
L- S. marki.-i upeneil. New York 


: ll-.iiiiiia ii .‘i,; 


MS2i lS:i. *201.20! 

sHO '10; v2QI.‘ f02. 


s.'SS.i'O 

i**4 

s ISA. 4Q 


>10! 73 
• t.l94.«Ait 
*202.70 


LlbS.453- jI 104.10a. 


•*203 2| 1 «:D3‘2II, 

-CID/ :ti..iXIDft :03 
-ijD-. 61. MS. »l- 

L-JO 51 CiO 'il. 

*50,' ids Vi* ft I 
a'id. 41.. i'iO; 41. 


lilt MONEY MARKET 


Very large assistance 


1 r..ri.a]J\ 

■ ft 1 I . . 

-*|il I.|«.|J.||. . 
1*1.1 ,-,i- . . 

-> ■> l-jiat— . . ■ 

ill 1 . .. 

SI fj»c'-* 


*2111 2CS *20*. 210. 

■ LT«4, ms..ieio;. imu- 

*a2 1-53.33, 


>/7< 263 «2SZ --Sb 

*148 153 >140(55 


Bank or England Minininm 
Lending Rale I2i per 
(since November 9, 1378) 
Dbylo-day credit was in short 
OftpJy in Ihc l^anclon money 
nftrkct yesterday, and ihe authori- 
ies gate assistance by buyins a 
.crv large amount of Treasury 
, .fliis, all direct from discount 
■louses- and a small number or 
vrporation bills Th? total 
distance was described .is very 

.ON DON MONEY RATES 


jarur. Mouses were |»>m: up l« 
li per cent lor seeured call loans 
al the *lan although conditions 
eased slightly later on with small 
amounts token al H'i per cent. 
Mnjrt iratlmg «»•» concluded, 
however, nearer 11 per eent 
The market was helped by a 
small e\L-e*s of tioeernmcnl 
disbursement- mor revenue 
transfer-- to ihc Exchequer, cn 
the nlber hand there was a ranly 
la rev net lake up of Treasury bills 


ami a mnrirsl increa*e in ihc note 
circulation. 

In the interbank iiiarkrl. oier- 
mghl Iohii-s opened at lli-122 per 
cent and rn-c on the fore east to 
I3i-I2j per ce'i I . a level which 
saw ronsijernblc l rad my Rates 
declined a little lu 1 1 J-l'i tier vent 
hefore laihny off .H Ih* - close tu 
JG-lfli per cent. 

Hates in the I a Me below are 
nominal in Mime ra.so. 


. ... 

'•*** IttAM'. 
'Ufls 

4ft^* ion ir«. 
He tr rail 11 .... 
VI lii. ml ili., 
t i F v4liiiuillis 
i* i — mu Ii- . . 

inr‘m-a;irt.. 

■:e V»»- .. . 


* toi .mu 

l.flTl’Ihtti 

nt ilPi-'.ll 


1214-134 
UN lil? 
J2U-] IN 
U , 1 1 , . 
ll i it.: 
11.. It/; 


12 12'. 
12.. lft.„ 
12 ■«-*'< 
1W; li - 

11 •; H 

11 . 11-i 

U~, 11 = 


1^ is* 1 

.tulln ill* 


li; : i2N 

12 12 ' 

Jl-v l--i 


12-I4U 


1'’— Auli-. 

ifnji ii ini •>■ 


1ZN 12': 

II- s 12 

III- I I!. 

IP- 13'. 
Il»; 11-- 
11> IT B 


r i.uni ( 

Hi 


I I»,-;-^II- 


121- lS>i 


It vLlUIH 

. * b.i :itii- 


|a i rkv| 

1 ri*d-‘H t Ifailk 

r jii> 1 Pm. 1 


■ lllJI-.lt! > IlllUfl. 1 

i riiMtft 

)i. 1Z 

n 

- 

1 .* 12 

- 


12 

n v u.: t" is.. 

]2r 

11. 4 

iii' 13,: 1- ,. 


11 

1 1 ll ^ 1 1 . - 12 

IS i- 

— 

1 1 1 1 

14 


; ramc in sliarply lower, and con- 
, ■ limjpd io put downward jiressurc 
i on Ihc price up In i lie close 
1 In Paris the 121 kilo cold bar 
■'was fixed al FKr -js.SHO per kilo 
1 . (Ssl'UI.nS per ounce) in ihc jfler- 
i norm, compared with FFr 1S.X0Q 
i (S 2 H 2 .irJi m ihc mnrnmj, and 
i j FFr 2S.!».'il) « S-U4.il » Friday aller- 
; j noon. 

i - In Frank furl the 12! kilo bar 
, was fixed al D5I 11.41.’ per kilo 
' I.S21KJ.24 per ounce i compared 
'; wiili DM 11,51(1 I.S101.41J on 

I Fi ida). 

MONEY NATES 

NEW YORK 

j Prim-- P.I-. . . 1I-1L5 

I I'.-rt Funds . . fl.tTS 

Tri-j-iif* BUI- > INi--.-« I • fl.tf 

< T r. j-ury IWIK i .'ft-h i fl.3 

GERMANY 

[•l-..-niini liji.- J 

P’> ni:i.-lr .. ).50 

• "iir / 1 !i 5.4(1 

! Thr.-»- iuhiiiIis 5.S5 

1 Six lrm;;i.‘i- .. . .. fl.3 


,• , ... s<iri< <1 j.*' «*- -1 •'l.iMi-i-i ii im •-*• -.1 -ml :n..r:i.ic- 

wal.aiirhnr :v ^n-1 - I - * *e- -' n -* * _. r ... nr* i;-l2, |h r n ru * h ml. lull r.c * m i.l.l. 

Ifw.Ma.nflDft Him* »--r* S.':- - -:. a- r r, ' , »'- ^ n:„'r,ui'hjie. i..i- ni'i* iM’-n. i"-r ••nt. ira.l- I.iii- u: p. r 

v .»"J!ri5u roars fur Brim-. f*.U-.r Hujiini M-- - ,,r "■" w ” 

, '’ 11 ‘ . _ ... r , j„ r . . >■: •'«! Ini--ui-.»illi Hill.n. r • • i>. !hr*- us-iiiili 

IfPIliliDliilr S'lll’U -!H * l ,,r •"* , .„ r .. ,r { I. ,i.i. !.•'(. 1. 1 t-'f • • «’ 11 ■ • NJ |« t i.JII iil"l 

•y.'li*;- i>r lira -Vanfoxeu^i' - J-m- t* '- ' ' ' i*. r ..if .i-'-l >n>. •- mmiib i.'I i» r ■ re 

Punch Hi p>r m-ii:; nn- /r.Trt*; " , ' ‘., I1II% V -' 'r-m X«.v nib- r ). IW- CWrlm Bank 

-How Bwn Raich .juiMi'Iu 4 i” 1 ; ' Clcorina Bank. Bflftfl f »i n-nJiug J 3* r-rr v.nl. Treoturf 

Rfltw (nr fliiuU sums jl w-v.-ii .i |,,u ' . " r " ,u v 


Avttftce lender ias« »r diuouni ll |,- c “ , ' !l 


liiv •’ini! 1 :m« . ... 
i.t.rmiTil 

• *n . .. . 

Thr- • hi. -hi li- 

•.;c In mi If,^ . 

JAPAN 

>■ i. -nii.i R..’” 

i >1 .1 n- -i.wTiima b1 • 

U.Us Lnomuni Rat* 


II- \ i- ml-— I 

Pin - IU» 

I'.nrii. u* ■ I-i-< 


CiiniL-ro n Bp 1 

• a., t. i, i Mlua.i- 

■ •nii.i 1-!» -[4111-' 


I,, ii l.-ftiiii-i 

..- I.iii I . I 1 . . 

!. • K. 1. 

L* a. * .r I 

• •■la I .'ii- . . i.oi. 'ii 


Denmark i>»o.,i n ... 

•• .-..I- Ti. 

■ • -. I . I »-i • . ,n * 

I I- 


Place Rail Local Cai: 

i 

: Ecuador . . - • * 

l I '■ I .; ■ c 

*«• ||» >: •• -• 

I'-i'r’. > ilirn.-H 1 ..1-, 

Faikluad Is. . . 

S ' ' 1 1 

!'■>.. f- .. . .ill . n.- 

■ I*. . I- I i * 

» I r. •-,!.■ . .. '.I 

! I ■’•ll. 

>•-.» ■n.iitl* ' y .1. 

I >a '•! Idlm. \- '<i J'i*» ■ 

f ■ r«- p-. . • .i.i 1 \ 

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.aa . r.i«« rate* acA.r.s; Kunun rt n n, r 

•• \nu- .ir.-- iftirijl rile 



The accepted name for money. Worldwide. 






productivity 


Produ jbvily i" the moln/Rlmg form 
of economic life m Baden-Wurtiem- 
berg. one of West Germany’-. mo--l 
dynamn; and prosperous sidle;, an -1 
Ihe headquarters of some of me 
world s mest prestigeous names in 
business and industry. 

Pioductivify is also the cornerstone 
of our banking philosophy wt Landes- 
bank Stuttgart, one ol southern Ger- 
many s leading banks, with assets of 
DM IS 7 bilkon and headquartered m 
S lull gar t, hub of Germany’s industnaf 
Southwest. 

Landesbanli Slui'oart is a govern- 
ment-backed regional bank and is 


psr? of the vast nationwide network- 
of savings banks. We otter a compre- 
hensive range of commercial and 
investment services including foreign 
hade financing, security dealing, un- 
derwriting operations and project fi- 
nancing For refinancing purposes we 
ore authorized Io issue our own bonds. 

For a banking partner whose fust 
priority is productivity, just contact us 
a! Lautenschfagerstras.se 2. D-7000 
Stuttgart. Tel: i07n> 2049-1. Tele - *. 
7-22 701 or our Representative Office 
in London .it Portland House. 72-73 
Sasinghali Street. Tel: 01-6060052, 
Tele*i.S3l 4275 LBS LON. 


Landesbank 
Stuttgart ig 




yMu- 





•- ■ •’•r- ir-'M- fi.: ■ -t’T.':;;.;: .f. r. .-v^- . 



u/oc itari Gtsrcr; flie 





—-V -:.v-r-:^ - 








Financial Times ■ 


enseless way to decide career prospects 


RECENTl^-<jCAfcJFJ&:'®?% & s 

■ accountants; , % 3.^ 


BY MiCHAEL DIXON 


READ liRS nv >nll callsns rh<* 
.Infi'i Column liecauM?. a> n 1 - 
■ ruitfr*. they an: bothered hv 
mren.li'il 1 ha nges to rhis i.umi- 
i ry’si ry's basic -choul-l^aving uv- 
smi nation. When ilu* dual 
■’a:i;ii' of 1 .CIO ordinary leveli 
mol ihe Certificate of Secon- 
dary Education are replaced by 
a i-m.'le system, the recruiter 
a-k. what will the new cradi-* 
mean in term, of «» levels? 

Sadly the questioners -teni 
mirth wed. ami mi oeea'ion a 
mile impatient, will'll I reply 
tliat their query i> hesnle tlie 
r-.ml. Thv pruolem is nut hue. 
in tell. v.Jien the new e-am be- 
eomt's operative in bjvslanri and 
W:dt-- ahoul seven years lienee, 
■what it mean- in term; -vl »> 
levels. The problem :« hov/ in 
»<*]!. n-jlit ii*‘i •• and now. '.that 
it levels me?.: 1 in term- nf any. 
luma. 

Si* flea ri;. there remain 
peoph- in p?r>omiel v.urk .vliu 
K*;e their nwruilnient tit yoiifi J- 
«ier.' fmm education mi a .severe 
nii'iindcr^ranrliii'*. It i> Thai the 
•■vannners a .card then -jrad*.** 
by Inukinc at each eandidate*- 
a;is\\ ei-s m r|ie parr null nr >tih- 
lee*. and eumparne. lie-in v. itii 
r'*mi- pn-'li-i - :<le«l ■■ntel'i.i ol I'e- 
J-hT'v.' performanee. 

WI 1 . 1 t :m niriily happen- i; 

• pnJr d,nerent. at l"a«r in lh" 

•-nmmniily ial:«*n 
v. iiifii ;* I a mass entry of 

* .\-ini mat ion i-an(lidai>‘.s. There. 
•. *i'i i> a rded «hi«-h evade i- 
pmiar.'ly ■'i* - t , . , rmined bv ;« sta- 


II stic.i I method ra|[.-H “norm* 
referencing." And id though I 
hare outlined this method else- 
where in the FT. the nu.iappre- 
hvilsiini i> evidently still ,<u fli- 
eienllv 'widespread, and uuju-t 

III its effects. to merit another 
i-Mli'jRaf’un here. 

How norm-re fereiiLinj works 
a 1 ordinary level lias nut. lo 
my knowledge, been spell mil. 
and there may be variances, of 
approach among the eight dif- 
ferent i.ltlE examining Boards. 
Rut a general idea id the 
tncihnd'* upcratiun in O-level 
mas vent ry subjects ran be 
inferred from the official 
siarisii'-s on the exams. 

Kirs!, put out nr mind the 
word "standard" as n is 
rmrinaliy liii tiers food. The mily 
fi'islani standard dial .stems t„ 
apply is an assumption hv the 
e::riin:ner.s i hat there is no 
.i_.iiTicani chance fmm year 
year in tile age .group for which 
ti-b.vel is designed — iicru taken 
js :hi> Iti-x ear-old age group 
• in that as.sunipliun. ihen: 
v.-n'dd ho no sisnilicaul change 
■■iikirr in the percenuee of 
cavil ;■ oar - ' - group deserving n 
given grade 

jinir m the ‘ A -suuted 
I'-urc- “ a 1 tin- ;«*)■ n| the 

aei’i'innanyme laid..-. What the 
■ •v.iaiinefS appear In hate 
imended i> expressed t*y i he 
li:ia' p««.r of voluniu.'. namely, 
to ha*.e die pa;- grades — 
tmiev represented hv grades 
A-i. — ■■.:nt i*!T " from Hie re-i 


ORDINARY-LEVEL RESULTS 
( total 76-ycars age group in 1968 — 660.000: in^!976 
. Number entering exams Entry as % 


Assumed figures. 
al| main subjects 


264.000 


Actual figures: 

English language 

Mathematics 

English literature 

Biology 

Geography 

French 

History 

Physics 

Art 

Chemistry 

Religious knowledge 
German 


341.134 
226 7 10 
202,774 
140.898 
156.613 
149,533 
138,785 
100.160 
80.741 
78,539 
62,149 
34.107 


nf the e I i gdde age group, the 
most academically able 22 in 
L'5 per cent of youngsters. 

Bui the examiners knew that 
what is a fairly tough exam 
would >imply not be entered 

by [hi? whole of the a<ie group, 
and si i had in make another 
assumption a- In what percem- 
nae of the whole would come 
forward as candidates. What 
i hev as.-n lined is expressed hv 
lhc " Enirj a-^ ” columns .if 

the Assumed Injures in the 
Udiltr, namely, tliat only tin* top 
-Sil per cent of the group would 
enter. 

(ill i ha i assumption l li<- must 
academically able 22 to 2S per 
■■•■nt of ilu* whole could he cut 


{% rise 
in 

entry) 

(32.0) 

1976 

295,600 

of t 

agej 

1968 

40.0 

(32.6) 

452,179 

51.7 

(19.5) 

270,297 

34.3 

(225) 

248.485 

30.7 

(48.7) 

209,559 

21 J 

(20 S) 

188.765 

237 

( 2.0) 

152,459 

22.7 

( 7.5) - 

149.242 

21-9 

(37.7) 

137,929 

15.2 

(39.2) 

T 12.422 

12.2 

(42.9) 

•112.221 

11.9 

( 23) 

63,717 

9.4 

(29.7) 

44,246 

57 

off by 

first, 

rankin'.: 


= 7394300) 
% gaining 
pass grades 


% of total age 
group “ cut off ” 


1976 

40.0 

1968 

55.0- 

703) 

1976 

55.0- 

70.0 

1968 

22.0- 
2 82) 

1976 

22.0- 

23.0 

61.2 

58.6 

59.5 

307 

36.4 

36.6 

59.1 

587 

207 

217 ' 

33.6 

634) 

58.9 

19.6 

197 

28.4 

581 

56.4 

1L4 

16J) 

25.5 

58-9 

54.5 

14.0 

13.9 

20.6 

60.8 

59.6 

13.8 

127 

207 

55.5 

57 J) 

11.7 

11.5 

18.7 

55.5 

59.0 

8.4 

17.0 

157 

68-3 

65.0 

8.4 

9.9 

157 

58.8 

60.9 

7.0 

97 

8.6 

57.1 

60.0 

5.4 

5.2 

6.0 

59.7 

57.9 

3.1 

3JS 


subjects in order of (he mark:, 
they gained for their answer?, 
and drawing the pass/fail 
borderlines across the rankings 
at some point from 22-JOlhs to 
2S-40lh.5 of the Way down nr. in 
percentage terms, between 55 
per cent and 70 per cent nf the 
way down. Thai bracket is 
expressed by rln- ” gaining " 
columns of the table. And 
provided the number of 
youngsters entering each ma*-s 
entry subject is around -4(1 per 
cent of the whole a^e group, 
as it is in the As.- timed figures 
-eetion. then ilu* nnrui- 
referencin^ device duly cuts off 


the desired 22 to 2S per cent of 
the total population of the 
ehsihle age 

Having draw n the cut-offs, the 
examiners do not just post off 
the results and go for a drink. 
They look at tht- answers of 
candidates dose to the various 
crade borders, and may adjust 
the awards up or down accord- 
ingly. But a glance at the Actual 
figures m the table shows that 
tile percentages gaining pass 
grades all (all within the 55 to 
Til range in both 196S and 1978 
— respectively the earliest and 
latest years for which I have 
statistics. And this is so even 
though the actual growth of 
entry in the different subjects 


varies widely nn either side o£ 
ihe 12 per cent increase in the 
total age group betwen the two 
years. . 

The only trouble is that, in.' 
the Actual Ggures. there is nota 
single case in which the entry 
in the subject corresponded to 
the ordained *«0 per cent. Sd 
in no case did the percentage- 
of the total age group cut. off by 
the pass grades fall within the 
apparently intended 22 - to 2S 
tracker. "■ 

In one instance. "English latK 
gupge. the entry and- - the per- 
centage cut-off- were, way above 
the assuni€*d figures. In the Test, 
hoth entry and cut-off cascaded 
from just below the intended 
level ; in the case nf uiaihematirs 
to wildly under in the rase of 
Orman. Moreover., some sub- 
jects in themselves seem to have 
become '"easier" or. “harder" to 
pass, aero rd ing to the ; exam; 
iners' criterion, between 1968 
and 1976. 

Evidently, therefore, -the-.- 0-; 
level pass grade does not. neces- 
sarily represent anything con- 
stant at all. Nor does attain- 
ment of five "passes" neces- 
sarily signify greater academic 
ability than do fewer passes, in 
■j different mixture of subjects. 

VhaT a shame it is.’ theh, 
that failure tr»’"get five 08?.; Is 
used more and more commoply 
by Government and other Em- 
ployers to restrict a’ youngsTor's 
career prospects for ever after- 
wards. . . 


A Etna 1 1 firm ’of Chartered . Atcoonf tip ; . 

London requires .' two /.recently-’ ijutflifieff'-' areonchSMS^* to ' 
service expanding ; public and; Taigc. private . 

accounts. •• ‘ s'- • - / 

The position? email ;iv*t only, ^u'dit .and. accouctUiucsii. 
w-nrk hut ulsu faxatipn,; investigatioH a^-friap.^getd^Hsjj 
services. _ ■ ■' .'. . /• 

Applicants should." have a ' fiood" eraraiflav^" record’^ 
and possess a sound t heurciical' baf^gvoaitd A»hieh:r 12 ^ 5 ? 
seek to de vcidp w ith "firsl^lass” 

The salary 'envisaged ini. USue. regionljof- 53.C0B -fpjuii 
and , been use the . position" involves a certain . ainount . 'ofL 
travel, a car will be provided; 40 hojut&’ .pa^.iea^ jfer^ 


relevant C.P.E. 'will be. granted in -adtiaion. tcr ibizr . weeks? 
holiday per ancum^: v j'if j 


Please send brief -fR-iSona! dtdaiik id;'spHcf«s.V^fjhSdgtj^^ 
including a' day-time' telephone nu nl be f;' ifv ppssi 
Bus A .6553. Financial Tmios. -16'eimiJoiir Stftei: :EC>PrdKY-^ 






'Q ' v-'ii. * 


IlVdllstl 
ed. mat 
Chusid 


. 4 ^ 1 — .MP-r - . 


have r e .ue wej;l r ; 

to ineec,';ohe 

Ad vi secs w i t h cdht dr dhlig^tfdin: ?.'■ -fx ->} 

Fa c your peradz&tl :coiiEderitia3 

phone or wi'itetd oul’fneai^t Office/ ' ; - ' j 


- - - Jf, 


We t h elpVchanf 

•• t f Tf t(T97r.tnx ^ ^ r'l -.4 - = 


; W-i. : efr -■< 

;;.i. ’ 


r ihimi I Lw> 4 Iff tisecBi tvek«UnBla» ai'eoTWrawininifc . -r ■ 

London: 35T : TtzroyStreet.W.l/PHjQiiedl" i 6H St^QS- 








■:k 




- =,saKa 





£ 


HaotorirWte^. 


Snternational Marketing - 


Ihtemational 

Eimfteti 



We are Credit Factoring International, the UK market leader in the 
fast -growing factoring industry. Wa have developed a unique 
international service. for which there is a rapidly growing demand, 
and currently service clients in both Western Europe and 
North America. 


j . y ■ '*.••• 


? " rr ' . 



i he International Marketing Manager, one of the senior 
management team based at our head office, will be responsible to 
the Marketing Director for directing and co-ordinating international 
marketing aclivities. Success in this post wiH involve considerable 
entrepreneurial flair and the ability to negotiate at Board level either 
directly or in support of locally-based Managers. 

Candidates, men and women aged 30 -. should have a proven 
record of success in international marketing. Experience in 
faclonng or a related activity such as corporate finance, credit 


insurance, or computerised management information systems, 
would be an advantage. The ability to speak French or German 


would be an advantage. The ability to speak French or German 
would be useful. 


::;A' member ot4he.'7 •; . -v 
!’ Mation.aJ 
vv Ban ki3ro'jp' i 

■ c iVv- r -. ■■ ■ ■’ -- - -'•-'-Vri;- 


We offer an attractive starling salary and a generous range of 
benefits commensurate with our position as a member of a major 
banking group. 

Applications, including brief details of career to date, wiH be treated 
in strict confidence and should be addressed to : 


L M. Bland, Director, 

Credit Factoring International Limited, 

Smith Housa PO Box 50, Elmwood Avenue, 
Feftham. Middlesex. TW13 7QD. 


Chief Architect 

i^WHSMITH 


for \T.H. SMITH & SON LTD., vrh* hire a v.vll cstiblisfird 
architect-? cic parr merit, scrciiij; clu*ircxicn>ivc retail ami wholesale 
trading i-|vra[ioiix. 


• ?r -i'i is fi-<r a function omplovin^ ahouc 40 people, 

iunJhn^ WuiL valued at «me. ^.Mni per am mm. 


• T li.v; lottjr hcen lv^.trded bv rite croup a? important, and 
rite- rule :iUp einhtaces advice i> • the ChieL£xecutivc oil all aspects 
ol Jcm-'u atfeain^ the. bii .iness. 


• Tiir i*i • Tiiii Mi'.r v. t«»r u Chartered Architect with srni<T 
ni.m.iu-'iii'.'iic expel iemv <*f m.ij.-i' pn-ject^ This uuiM' ha\e 
iu<. hided retail ■•ire:., and o aild have been gained in private practice, 
COiitiueive. oi'[c*-'«iM\ 1« f amliorirv. 


Il’ii i I'l'iJ 'e. 1 ;i.:40s'. .'s.iiarv nenntiahlc an mtij / ,15.000. 


Wrire i;* compu te c-'-nthlence 
to A. Lot inland .l> a-.lviv.cr to the company. 


TYZACK & PARTNERS LTD 

».:■ x-.i \u i \--t. 

la 1 1 \ 1 L \M *-!T I I I . juMl'W WIN" *?DJ 


12 CliAliLMTTL SoU.M'.i: ' ■ HMMitnUilt LH2 4 DX 


STKurn iiAi, i;n<;i.m:j:ki\<;— £ 12.1100 


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JLANCHESTER BHB 

■ POLYTECHNIC 

Covenlry 

HEAD of 

Business Studies 

Department 


Tfir rlliulifluii 


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Xlall Pliirr. SliAL. Se\ vimakN, Kvni. 


iJWlVERSITY APPOIKTMEfiTS 


I II!'. III*. I ".IVI- l.'.M'l 1 

CENTRE FOR BANKING S INTERNATIONAL FINANCE 


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I.. . 1 . .*i . .1 -.i. • .' 11 : m. '-.i. !>• 1 J.ifi.i *r l.nr .1 M.ii.ir ■>! I ■■lulin- .i-.-l !i.i- 

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£9345 - £10,303 p.a. 
THE JOB. To le^d 9 
department, responsible 
lor over J 5 G lull and 
pjrt-tlme stuflena on 
degree, HMD, NNC And 
professional courses. 
The oepartmen-'s own 
teachlnu, research and 
consultancy Includes 
finance, materials 
manaaement, 

marKeting, and business 

organisation. 

THE PERSON. An 
energetic ana 
. magma: ive leader v/ith 
an academic, business, 
or pubiic Service 
background, relevant 
academic oualiHcatlons 
and aiacofd ~f 
acnievemeri who seeks 
IiK- 0 PPor:unl:y *0 
make a signiilcanc 
contribution to Ilia 
development Of 
business education. 

Full spcciiication and 
iiiriM trom. Wiss J. 
p.iacalre, Director's 
Oitico, Lancnesier 
Pmvtcchnic. Priory 
Street. COventrv 
C Vi s*G. Ciosim date 
Jth January i 970 . 


BUSINESS PROBLEMS’ A-- 

I'ih— i-J-ni- ■» oi-'.-i"--.! • -»'.-l ' 4 

Rrii A 's'j.'S In ai'-iai 1 
’.ifli-'-n Mi'- 1 . n C-W» jpy. 



RECRUITMENT CONSULTANTS 

35NewBroad Street, tondon EC2M 
Tel: Q1-5SB 358B or Oh5BB 3576 
Telex No. SB7374 


An inccrcsting and important appointment— opportunity to advance to a subsidiary Board appointment in 3-5 years. ' 


( CJA 
CITY 


I^VEST^ENT ANALYST 


£8,000-£1 1 ,000+ bar 

WELL-ESTABLISHED EXPANDING INVESTMENT TRUST 


W» invite application; from candidates, ijed 24-35. who have acquired a minimum of 2 years' practical investment research 
experience m cither a brokers, investment advisory firm or a merchant bank The successful candidate will be directly responsible! 
to the Managing Director and will be responsible for the execution of stock market transactions and will carry out inrial * 
analyses mtc companies in which the Trust has invested as well as investigations into potenciaf investment opportunities. Tb® 


ability to operate accurately and to make a significant contribution through using financial flair 'and the capacity for original 
thought are prerequisite; o * this position. Initial remuneration negotiable. £8.000-£1 1 .000 -r. car. non-contributory, pensjdn.'free 


thought are prerequisites o‘ this position. Initial remuneration negotiable. ‘8.000-CU .000 -r. car. non-contributory, pensjdn.'free 
hfe assurance free family 8.U P.A.. assistance^ with removal expenses if necessary. Applications in strict confidence - Wder 
reference I A 3395'FT. to rhe Managing Director: - 

CAMPBELL-IOHNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS ) LIMITED, 

35. NEW BROAD STREET. LONDON EC2M 1NH. TELEPHONE 01-588 3538 or 01-538 3576. TELEX 887374.. 





In 1979 Kienzle Computers will offer one hundred exceptional 
people a remarkable opportunity to get into computers 

We intend to take high caiibrc intelligent men and women from 
their present fields of business and to launch them on a new career 
w ith Kienzle as successful sales executives. 

The phenomenal growth of the computer industry in general 
nd Kienzle in particular makes it important to introduce into our 


company new people from other professional, business and 
industrial fields as rapidly as possible 


ARE YOU FRUSTRATED? 2. Enfeliigence 


;^LNTHV 
^ICt'LTU 

Citation 


boi'i -■* - 




S?V It-.l ' * 

sag 1 * 


. f;. . ' " ■ - 


ARE YOU FRUSTRATED? 

Too ninny good men and women :ue 
fnisiraicil hecau%e l heir |\ilh in promoiion nr 
personal •.neccss i>. hlnckud. Kienrle have no 
Midi barriers lo personal prngres;. We hrmly 
bclie\ e in inlcrnul pionmlion and maximum 
opponuniiy for i lie enterprising indix idual. 

EXCEPTIONAL PEOPLE 

Wc mainiain c\Li*piinn;ilJ> high 
Mandards. Wc shall expect nur new markcling 
colleagues, vhi> max be aged between 24-4?. 10 
measure up lo three essential qua I ilka limit. .. . 

1. Experience 

Puctical experience of business or 
indu-ii ml organ i>-ai inns ai xarx mg IcxcK, 

I x pieallv xour current neeupatiun miehl 

be . . . 

Qualified Accountants » ilii mnsiticrublc 
fvprr fence but dissatisfied with humdrum 
c SlStflUC. 

Accounts or Office Managers n im know 
they arc loo good for the drudgery of office 
routine. 

Capital Goods Safes People u ith u 
.i:/i \ I'.s.tjul ret ord hut now looking tor higher 
earnings opportunity and a more interesting 
product fine. 

Final year accountancy students n7/n //.nr 
ri ahse that they ha i c «. hoscr, the n rung career . . 

. . . or sm eesdu! \ouny. business 
executives, senior sales engmerr\, men and 
women from the profession in, fuding hanking, 
the law and H. M. Armed Sen ices. 


We require educated. xvcll infonned 
people rthnaredeicnhined lo use their minds' - 
io succeed. Thcx muM be high lx inieNigent. 
quick xx iiied and capable ol xell-niolix'aLion. 


YOUR FUTURE 
EARNINGS AT KIENZLE 


3. Ability 


A good head for business combined \viih 
flair, initiative and ‘drive' arc essential. 

The dbiliiy in assimilate new in forinalioH: : 
quick lx and efieciixcly is most important.'-. 


lir your seed nd year" earnings of tint less 
i han £10, 000. a rc prbbable-plus vaiwahle 
. , j fringe benefiis. . 

T^ter with developing abilih' suhstaniiaUv 
higher incomes of the order oZ£I4-£J 5,000 
at loday’s rates, are entirely feasible. ' 
Our .present ‘star ; executive is in the '- ' 
£ 20 , 000 p.tL bracket. * ’ ' ' - 


Soi~ £ r 


^OTi 


YOUR NEW CAREER Loomoir : 

AT E? ' . The fpajoniyof Opportunities vrUJ 5ejn 

*■»! . .the South East pftng) ajidv However. there 

Guaranteed salary while you train • • - £ rc a ! so ^Myiilable in IVJanch'esler. . 

• j • i - , Birmingham, Newcastle and Souih.W ales. 

_ l-.verx one is trained m our business aVl he , . ‘ ' . . 

Kicn/le T raining School which has already K2EMZLE l$l?YNAM}C 


.-Vt r P , ETB ot 

"v r . * 0 


I*, very one is trained m our busine-v* ailifcc, . 

Kicn/le T raining School which has already . Sli&ri&LC iS BYffi 
achieved notable success in launching people- -, .. Kiciiilc is ail inierhationai orEahisation 
upon a succcsmuI second career in c«Hnpuier . with 'tliousBnt&.-of long scrviffeemolovce^ 
sales. }ou will have niany financial. ; . Wc h a vcl a rgefac to riesan d akvbfl d -wide T 

commilmenis w Inch is why you w ill hax c rcpuiaiion in tachographs and laximelcrs - -• -• 
hcMiaicd to make the change before now. ■ • and here in t he L 1 K rWeofTer cHenls aser iesof 

K"*£* are Prepare** 1(1 -pay you a salary up to . ...remark able ofiiee compuier? 

47.000 p.a. whilst you undergo the 

requalificaiion necessary -lo a Kien/lc - •• •••• '-}■? ■ 

sales executive. . * .. - 


PHOHS OR SEND FOR THE FULL FACTS ^ 

Hn ’cliurcs HTcriiiB urcaier insight into ihc Kien/Jc opportimirv are - ' ■' 

IreciyavaiKinlciiiMrnoiisprnsfieaswiihinii nbhgalionur breach of • 

unMekk. In l.und«m wc hnearnnsKda vera^ .if Npcrial'lidephonc ' jSr A® 
nmnners. hy-puvong nur mam bwndifmards. All calls will -be - (6 v*F 

answered kyconlidunnalalall ami run a inactnne!' . ' / 

LONDON - Ring between wtickdavs. WliiC ' fr f : 

next week SLOUGH 35427. 35621.35781,36070,38252. .. 



.. t 




^ ;-V v - J r* - >/ •- • 
^■ 41 : 

in TX. lb. far; , ■ ■ . -r - 5 %- x 
.. i 

KIENZtE 


R LG IONS - PI nine during nil ice hours 
BIRMINGHAM 021-64.16021 
M XNOIESTEK 061-747 5191 
BRISTOL 0Z72-421446 
NLWCASTLK (W’astiinxtiNi) 
0632-464897 




Computers 

YVe say Kicnik: - You say KEENS-LER 


Alternatively post this 
coupon lo 224 Hath Road 
Slough ISL14DS. ^ 




m 


im, 




-v 


fiStfis "sew, sssa 



* -' ■ a -.;- ~ , 






1 








F&aad^ Tknes Tuesday Novea&er 28 1078 




DRAWING 





SOCKTE DB AUTONOMY S*MCA (Act. CHRYSUEft FRAMCE) 

7% TW7-19BZ 

• fi Uen of SU3. tt£OO.MfcM 

tafarm the bondtali*»* that the redemption instalment of SU.S. 1.250,000.00 nomlmJ due 15th 
°*** n ^ r ’tL"* 4 *** T,fict3 ^ Purchmw of SUS. 356,000X0 .nominal bandy and by the drawing for 
fadediptaon of the undermentioned bonds amounting to 5U5. 894.000.00 on 27th October 1078. in Luxembourg. 
Wj/k* presence' or »n huhaier.'’ 

bonds will be reimbursed s( per on !5th December 1978. -coupon due 15th December 1979 end 
^qjpnngi -attached, according to the modalities of payment on the reverse of the bonds. 

■<Xy far numbers of such drawn bonds are as follows: 

ce 34 g» P 8 S 47 - 089 dg. 0 B 8 Sw 0 Mag-P 89 Sa» 0 ft 87 g- 
J ^S*S^ i S^ - SS' , ‘5?®“ 0e990 * 090 ®- 09003 " 090M * oa80 5-® B «»- < » 0 07- 090(»- 
^! 7 “ 09068 * 09069 - 0907 a- 09071 - 0 W 72 - 09073 - 

gqM- 09075 - 09076 - 09077 - 09078 - 09064 - 09085 - OS 086 - 09087 - 09088 - 09089 - 09090 - 09091 - 
ctMg-XgOW.- 09095 * 09096 - 09097 - 09112 - 09113 - 09114-09171 - 09176 * 09177 - 09178 - 09179 - 

£251 “ 2£St ££!® • 09184 * 09208 • 09210- 09211 - 09212- 09213 - 09214 - 09219 - 09220 - 
. SST " S™ m S£ * £*5?°“ S® 1 T 03251 ■* 0»S2 * 09254 - 09ZSS - 09256 - 092S7 - 09258 - 09259 - 
ys&r - ££2®§ " SSSg • ££?£i“ °**w- ossne - 093i7-.093ia - 09319 - 09320 - 09321 - 09322 - 

B32ff-'0S324 • 09325 -09328- 09327* 09328- 09329- 03330- 09331 - 09332-09333- 09335- 09336- 
^339 -{g340-Cg41-^g- 09343 -09344.- 09345-03346-0S347- 09348- 09349-09365-OT3M- 
937»- 09374 * 09375 • 09378 - 09377- 0937B - 09379 - 09380 - 09381 - 09362 . 09383 - 09384 - 0941 f - 
19412- 0B413-TO414- 09415- 09416* 09417- 0S41B* 09419 - 09420 - 09421 - 09422 - 03423 - 09424- 
0*25* 09426- 03427* 094ZB- 09429- 09430- 09431 - 09432- 09433- 09435- 09437- 09438- 03440- 
6*41-03442- 09443- 09444- 09445- 09446- 09453- (8455 - 09456- 03457 - 09458 - 09459 - 09460- 
S46T- 09462- 09484- 0946S- 09466-09467- 09468- 09489-09470- 09471 - 09472 - 09473- 09474 - 
0477*09498- 09497 - 09498 - 09503 - 09504 - 09505 - 09531 - 09532 - 09533 - 09534-09535- 09537- 
£538* 00539* 8S540* 0954T* 09542 - 09543-09544- 09545 - 08546 - 03547 - 09548 - 09549 - 09550 - 
9551 - 09552 - 09553 - CS554 - 0955S- 09&57- 09558 - 09559 - 09560 - 09561-09562 - 09563 - 09565- 
3566-09567-09568- 09569 -09570 -.09571- 09572- 09573-09574- 09575-09576-09577- 09578- 
9579 -09580- 09581- 09582-09583- 09684 r 09587 r 09588 -‘09593 - 09594 - 09595 - 09596 - 09597- 
3558-09539- 09600.- 09801-09602- 09613- 09623- 09624- 096 25- 09826-09627-09828- 09833- 
0650-08852- 09653-09654-09555- 09656-09657- 09650 - 0S659 - 09660 - 09661 -09662-09663- 
B®>4 - 09665 - 09666 - 09667 - 09663- 09669- 09670- 09671 - 09672- 09673 - 09669- 09690 - 09691 - 
5S93 - 09694 * 09695 - 09697 - 09710 - 09711 - 09712- 09713- 08714- 09715- 09716- 09721 - 09738- 
3739- 097-40 -'08741 * 09742- 09743- 09744 - 09745 - 09746- 09747 - 09748- 09749 - 09750 - 09751 - 
9752 - 09761 - 09762 - 09801 - 03802 - 09810 - 09811 - 09812 - 03813 - 09814 - 09815 - 09817 - 09618 - l 
8819 - 09830 - 09831 - 09832 - 09844 *.09845 * 09846- 09847 - 09848 - 09849 - 09850 - 09851 - 09852- I 
:\}BS3- 09854 - 03855 - 08856 - 09857 - 09856 - 09859 - 09860- 03881 • 09S62- 09663 * 09864 - 09865 ■ 
866- 09667- 0986a- 09869 - 09870 r 09871 - 09872- 03873- 09874 - 09875 - 09876-09877- 09878- 
> £79- 09B80 - 09893 - 09894 - 09895 - 09896 -09902 - 09916 - 09917- 0991 S - 09919- 09920 - 09921 • 

: J922- 09927-. 09928- 09929 - 09951 - 09934. 09335* 09936- 09937-09936- 09940- 09941 - 09942- 
W3T- 09344 * 09945- 09946- 09347- 09948 - 09949 - 09950 - 09951 - 09952 - 09955 - 09958 - 09959 - 
" pso- 09961 - 09963 - 09965 r 09966 - 09967 - 09971 - 09972 - 09973 - 09977 - 09978 - 09973 - 09980* 
881- 09982 - 09989 - 09991-09992*09995 - 09956 * 09397 - 09998 - 09999- 10001- 10002- 10003- 
C04- 10005 - 10015- 10016- 10017- 10018- 10019- 10020- 10021-10022- 10023- 10024- 10025- 
^1026-10027- 10028- 10029- 19030- 10031 -10032- 10033-10034- 10035- 10036-10037-10038- 
®32- 10040- 10041-10042- 10043* 10044- 10047* 10048* 10049- 10050- 10051 - 10052- 10053* 
Nl»*- 10055 - 10056 * 10057 - 10058 - .10059 - 10060 - 10061 - 10062 - 10063 - 10064 - 10065 - 10066 - 
( 067- 10068- 10069- 10074- 10106- 10107- 10108- 10109- 10110* 10111 - 10112- 10113- 10115- 
•I'lilS- 10117- 10118— 10119- 10120.- 10121 - 10133- 10137-10138- 10139* 10140- 10T41- 1014Z- 
- jg3- 10144-10145* 10146- 10147- 10148- 10149- 10150- 10151-10152- 10153-10154- 10161- 
C>162- 10163- 10164- 10165-10166- 10167- 10170- 10171*- 10172- 10173-10174- 10175-10175- 
“177- 10178- 10179- 10180- 10181-10186- 10187* 10188-10189- 10192- 10491- 10492- 10493- 
■464- 10495-10496-10497 - 10498 • 10499-10500 - 10501 -10504* 1050S- 10506- 10507- 10508- ! 
5J0- 10520- 10621* 10667- 10867-10866-10869-10870-10871-10672-10873-10874-10875- j 
■ tirS- 10877- 10878-10879- 10860-10881- 10882- 10883- 10884-10865- 10886- 10887- 10888- I 
J63-1Q89Q- 10891- 10892- 10893- 10894- 1G895- 10896- 10897- 10898 - 10899- 10900- 10903- 1 
98- 10923 - 10924 • 10925 - 10926 - 10927 - 10628 - 10929 - 10950 • 10951 - 10952 - 10953 - 10954 - I 

f - 10956- 10957- 10958- 10959- 10982- 10983- 10984 - 10985* T098G - 10987- 10988- 10991- 
- 10993- 10994-10995- 10996 • 10997- 10998- 10999- 11000-11001- 11002- 11003- 11004* 

- 11006.- 11007- 11010- 11011- 11012- 11013- 11014-11035- 11048- 11049- 11050- 11051- 
162-11053* 1T054- 11057* 11058-11059- 11060- 11061-11062* 11063- 11064-11065- 11066- 
£7.-11069- 11070- 11071-11072- 11079- .11092- 11093-11094-11095-11100-11101-11102- 
103- 11104- 11105- 11106* 11107- 11108- 11109- 11110- IIHt* 11112- 11123- 11124- 11125* 
•SB- 11127-11128-11129- 11130- 11131-11132- 11133-11134- 11135- 11139-11160- 11161- 
ifi2- 11163- 11164- 11155- 11166-11169- 11173- 11178- 11180- 111B1- 11182- 11183-11184- 
'05 - 111 86 - 11187 - 11183 - 11189 - 11192 - 11193 - 11194 - 11195- 11196 - 11197 - 11198 - 11199 - 
24- 11225-11226- 11227-11228- 11229- 11230- 11232-11241*11242- 11243- 11244-11245- 
>?6- 11247- 11248- 11249- 11250- 11251 - 11252- 11253- 11254- 11255- 11256- 11257- 11258* 
- 59-11260- 11261-11262-11263-11264* 11265* 11Z66 - 112S7-.11268 - 11269- 11270- 11271- 
,72- 11273- 1.1274- 11275- 112S4- 11295- 11296* 11297- 11298- 11299 * 11301 - 11302- 11303* 

• 44-11305- 11306- 11307 -.11308- 11322- 11323- 11324- 11325- 11328- 11329-11330- 11332- 
. $3*11334* 11335* 11336- 11352-11353-11354-11355 - 11356- 11357- 11356- 11359- 11360 - 
: 62- 11363- 11364- 11385- 11366- 11367-11368- 11369- 11370- 11371- 11373-11374- 11375- 
•-■TBi 11377- 11378-11379-11380- 11381-11383- 11384- 11385- 11386-11388- 11389- 11402- 
-—^03- 11404- 11405-11406- 11407- 11408- 11409- 11410* 11411*11437- 11438- 41439* 11440- 
41 * 71442* 11443-11444* 14445- 11446- 11447- 11448- 11449- 11450- 11454- 11455-11456- 
57-11458-11460*11461- 11462- 11463- 11464-11465- 11466 - 11467 -i 11468 - 11469- 17470- 
1 1480 *11484 • 11485 - 11486 - 11487 - 1 1486 - 11489 * 1 1490 - 1 1491; ‘ 

fdlow^bpnds.previo iul y called for redemption have not yet bee represented for payment: 

^293 -7294 - 7295 - 7331 *7344 -7345 *7346 -7347 -7348 - 7438 - 7520 - 7562 - 7582 -7583- 
■7912 *7918 -791a- 793) -7931 -7932 - 8007-8090 - 8091 -8093 *8094 -8095-6096-8097- 
8100 -8101 -8102-8103 -8104 -8105 - 8106r8107- 8108 -8100- 8110. 8111 -8112-8113* 
V8l Iff £*1174 8118*81 19 V 8120 - 8121 - 8122 *8123 - 0124 - 8125 - 8126-8127 - 8132 - 8133 * 
-8139-8140 - BUI . 8142 -8143-8144 - 8145-8146-8168-8191 -8228 *8242- 8243 - 8468 * 
'0i » 8471 * 8472 - 8520- 9528 - 8540 - 8897, . " - v’ 

nt outstanding after 15th December 1978: SU.S. 5.000.00(100 nominal. 

The Principal Paying Agent 
SOCIETE GENERALE ALSAdENNE DE BANQUE 
. 15. Av. E. Reuter 

LUXEMBOURG 


LEGAL NOTICES 


NO. MOM af IttS 

M dM HIGH COURT OP JU8TK5E 
ChaOcsry Dtvhriaa Canipamoi Ceun. la 
itw Maftcr 01 CXBCUTIVE LEABOSC 
LanTBD sac re mo Uaticr of itw 

ComiiltB AM IBM. 

KlYricr IS HENCTY GIVT!.*; dul a 
IVHtioa for Uh Viadlcc m».o< thr ibw«- 
namrd CeoauBtiy by the fUifi Court of 
J ionic* vac on iho 7#» tfcv « Sosmbor I 
HTH. preaemrd » the ntd Court br . 

cunmncR motor oucpany skbf- , 
field loi rraa> «f n to vt 
Mrm. »eBMd Si 4CE. Md (Ut lb; 
uhl PriiUon is ciMiifd id t» beard 
be/an tho Court sitUM u >h« Hosrd I 
Courts of Jtaakrr, strand. Loudon wt=A 
3LL. on the mb day of Docwnbiir 1078, 
sod any creditor or raairtbmotT of ibr 
said Couimuj- dwirMi) to support or 
flwocr the warm* or jn ordrr on tb. 
nM FuHiaa an. nxnr at th* Hen- 
at taesrtu lit prrson or bj hia Counsel 
for rbst (iinw: and a copy of Uic 
Prtlilnn Hi!! bo furnUhid hy :tir under- 
jtiiimi to any creditor or coctnburary 
o# rtie ajid Cura may reouirmr such 
copy no payment of tbr durst 

for the ntoa, 

STVAHT * SWYP.R 
KJt A'trM KiCr. 

London, W.C.L 

SulIrtMrt lor th- Pei'itoner 

SOTP..— Anj n'tuD ul*o intends ’o 
appear on [tie hrarlna of Uie Mid P.ttftiuo 
must servv on. or tf.il by pw to. 'hi- 
above-named uKIce ir. u-r!t;nis o ! !u» 
lDtosiion M to do Tlit nolle.' aiut: jiaic 
lOe rum-- arj addr.-'-. or the person, nr. 
If a firm- th* nume and addrosK at ihe 
firm and mns'ln slaned hy ibe orreon 
or firm, or his ar itwir soiiciur i.if mir 
and ciil>: l>r .-tnod. or. It pMif-J aiuw 
b- y«l by pis: In aUfHrtnu time fa 
reavb Uic j S ore-naui id tuu later than 
four o'doJt in ih> olierfioon ut ibe 
Sih day or Dovombi-r ists. 


IN' THU MATTER at THE COMPAXIES 
A OT. Ibm and IX TI1E HATTpn of H. II. 
ULNSDEU. AMI SONS LIMITED 
ReolMUtii Oflic!: NonbaJio KuOn:. - 
Blub Pdvcmea:. PasHdro Etsu. 

NOTICE IS HEREBV GIVEN oursuanl 
to Section tK oftbe Companies .Art. IMS 
that a MKETIXG of the CltEnm'iRS of 
[he abore Dimed LWHUby inil be held 
at Win Chester flaum?. London Wall. Lon- 
don, EO 00 m Deeemw 1BTH it n.» 
am for the purpose mentioned in Sen I on 
294 M sett of ibe su'd Am. 

Da led this 2Mh day ol .Voretnbcr. 197* 
Br Orfi tr o< the Point 
* - C. G. X~uiadrU 

Director 


ART GALLERIES 


QMILL GALLERIES. bine British and 
rrcncn MODERN DRAWINGS iM 
Modern . British MARITIME PICTURES. 
02. AlMmarla Street. Piccadilly. W.l. 



RICHARD DHKEN GALLERY. 4 New Bond 
Street. London, w.t. Oi.aBB sear, the 
D ally tO.DO-fi 00. 

Mr 22nd. : 


AC NEW GALURT. AS. Old Bond St.. 
W.t. fit-629 fit?*. DRAWINGS FOR 
CHRISTMAS PRESENTS. Until 22 Dec. 
Mon.-Frl. 9 50-5.30. Tliori. until . 7. 



GOLDSMITH’S HALL. Foiter Lane. E.C.2. 
" TOUCHING GOLD AND SILVER." 500 

J ean of Hallmark*. Until Non. 30th 
re*. 10.30-5.SO dally, not Sunday. 





, «Bg , ViM»waKT i UntU 
lSm December. Weekday* . 1 0-5.30. 

ifet'w.i 00 - 2,30 ’ U7 ' 

PmUMBORNE' GALLERIES 
Or Dye. N.W.B. tM 36 


VTSj 


iLIC NOTICES 


: 

- f^BSTTERVENTION BOARD FOR 
- -"^i^ AfimCULTURAL PRODUCE 


INVITATION TO TENDER 








‘^aiders are invited for the urgent supply and delivery cif 
k'Sia any EEC pori of 21^80 toimes of soft wheat to be. supplied 
bulk- as United Kingdom national food aid to the Govern- 
rht of Bangladesh. The wheat is to be loaded into one vessel 
. d delivered to the port of Chittagong during February 

Sfe allowance for the supply and transportation costs of the 
ivtilo will be determined on examination of the tenders. 
>j!ttvery terms embodied in a notice of invitation to tender 
jether with tendering forms may be obtained from Branch 
’^Cereals), Internal Market Division, Intervention Board for 
■ iricultural Produce, 2 West Mall. PeatHns (tel.: Reading 
.' 3826). 

nders must be submitted by 12 noon Tuesday, 12th Decem- 
. r 1978, to: 

Home Grown Cereals Authority 
Hamlyn House, Hlghgate HUL London N19 5PR 


CLASSIFIED ADVERTISEMENT RATES 


Commercial' and Industrial Preqierty 4.£50 14.( 

Residential Property 2 DO 8 f 

Appointments 4.50 14.( 

Business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Business for Sale/Wanted -5J25 16.( 

Education, Motors, Contracts & Tenders, - 

Personal. Gardening 4J25 13.C 

Hotels and Travel 2.75 10.C 

Book Publishers — ?.( 

Premium positions available 
(Minimum size 40 column cms.) 

£1.50 per single orfuma cm, extra _ 

For further detain write to:' 

Classified Advertisement Manager, 
Financial Times. 10, Cannon Street, EC4P 4BY. 



single 

per 

column 

line 

cm. 

£ 

£ 

4.50 

14.00 

2M 

800 

450 

14.00 

-5J35 

16.00 

425 

13.00 

2.75 

10.00 

— 

7.00 


OIHPANY NOTICES 


IEFTNERIA DE PETROLEOS DEL NORTE, SA- 
rTRONOR — 7J % RONDS 1973/1988 $US15,000.000 

dee is hereby given to - Bondholders of the fl bove_ loan that 
; amount redeemable on January 4, 1979— I.e. $LS1,O0O,POO 
Vas bought in the market 

Amount outstanding: $US14,000.000 

THE TRUSTEE 
FINIMTRUST SA. 

osnbouTg, November 2S, 1978 


iCQTTE EUROPEENNE POUR LE FINANCEMENT 
DE MATERIEL FERROVIAIRE 
ElTROFIMA— 1974/1989 81 % 3US25, 000,000 

Bee is hereby given to Bondholders of the above loan that 
•amount redeemable on January 15, 1979— i.e. SLSI-jO.OOO 
?as bought in the market. 

. Amount outstanding: ?US22, 500.000 


itembourg, November 2S, 1978 


THE FISCAL AGENT 
KREDIETBANK S.A. 
TJJXEMBOURGEOISE 


; fin'll 









rv« 159. ReB«i« 734 asBZ - A , 1 

VTrte or All-In Menu. Three SpeM«a> 1 ar 

sho« m.a s. «.« 3*o usud 

luiir of Johnny H*wfcwworth 4 Trl#nfls. 


r.ccoviX 69 Dean 5 tf«t- LanflPii.W .1 

n£W5TI*i pte * se floo*«How 


Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe? is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry fer tile FT index or 
news headlines? 

Whatever your interest... 
Wherever you are... 

Ring London, Birmingham 
Liverpool or Manchester 

246 8026 

for the 

FT INDEX 

and 

Business News Summary 


appointments 


JJj A**-# 


New director general for COI 


Mr. John Grom, at present 
director Of information at the 
Department of Health and Social 
Security, is to succeed Mr. H. L. 
James as director general of the 
CENTRAL OFFICE OF INFORMA- 
TION. Mr. James retired at the 
end of September. 

Mr. Groves joined the Press 
Association In 1947 as a Parlia- 
mentary reporter and in 1951 
moved to The Times where he 
spent seven years -.Deluding four 
years as lobby correipondcni at 
Westminster. In 1058 ho joined 
the Civil Service and tor ihree 
years was in charge of rhe Trea- 
sury Press Office. lie .served as 
deputy public relations officer to 
the Prime Minister. Mr. Harold 
MacMillan, for two years followed 
by a short speU as public relations 
adviser to Sir Alec Doucias 
Home. Tn 1964 he was responsible 
for settin* UP the information 
division of the Department or 
Economic Affairs where he re- 
mnlneri until 196S. He then moved 
to Ministry of Defence ■■.here he 
was chief of public r-lalions for 
nine years before takir.- up his 

present past at DHSS. 

On December. 1, Mr. Richard H. 
Finn hecomes -»res:dent of 
INTEGRATED CONTAINER SER- 
VICE. INC. He has been ser\-ins 

as executive vice president of 

ICS. and will retain tixe title of 
chief operating officer of ICS. a 
subsidiary of Diteru-.'i.v Corpora- 
tion. said to be the world s largest 
lessor of intermoda! transporta- 
tion equipment. Mr. Finn joined 
ICS in London, in 1M9 as opera- 


New Haw 


dons con troBer— Europe, and was 

appointed vice president— Europe 
the same year. He transferred to 
New York in 1975. 

Hr 

The Earl De La Warr has been 
appointed chairman of BROAD- 
CAST RELAY SERVICE (Over- 
seas), holding company for over- 
seas interests of the Redifitxsion 
Group, in succession to Sir John 
Spencer Wills who bu resigned 
following his resignation from the 
Board of Rediffosion. Lord De La 
Warr is managing director of 

Rediffu&ion. 

* 

Mr. Gerald tVTjrhtmsn has been 
appointed an additional director 
of ALLIED TEXTILE COM- 
PANIES. 

* 

AMERICAN INTERNATIONAL 
UNDERWRITERS (LONDON) an- 
nounces that Mr. Graham A 
Clarke has been appointed 
aviation claim s manager. 

Promotion to vice-president of 
the American parent company of 
Mr. John Beddows and Mr. John 
Phillips is announced by KURT 
SALMON ASSOCIATES, an inter- 
national consulting firm rpeciali'.- 
ing in the textile ’apparel chain 
and other consumer goods and 
services industries. Mr. Beddou.* 
is manager of K"SA\s apparel 
manufacturing division in the 
UK. Mr. Phillips directs the Euro- 
pean operations of KSA in the 
retailing and distributive indus- 
tries and manages KSA’s retail 
industry practice in the LTC. 


Hr. G. Bramia hu joined ATS 
HOLDINGS, Haywarde Heath, as 
financial controller and company 
secretary. 

New chairman of the 

NATIONAL cavity insula- 
tion ASSOCIATION is Mr. 
Stewart Pennyenlck, senior tech- 
nical service chemist with Ciba- 
Geigy Plasties and Additives Com- 
nany, Duxford. Cambridge. Mr. 
Ernest Hodgson, product manager 
foam resins of BtP Chemicais. 
Oldbury. W’arlejr, Worcestershire, 
is appointed vice-chairman. 

■* 

Mr. Peter Scott has been 
appointed managing director of 
PR O-COM ASSOCIATES (EN- 
GINEERING). a wholly-owned sub- 
sidiary of High-Point Services 
Group. Mr. Scott was previously 
head of commercial services and 
earlier director of contracts and 
purchasing of XEI International 
Combustion. 

Mr. David Buxton has been 
appointed a director of COUTTS 
AND CO- He joined the bank in 
1944 and became head of busi- 
ness development division in 1970. 
He has been bead or financial 
services division since 1975. 

* 

Mr. John Walker has been 
appointed to the Board or Telford- 
based BAT BUILDING AND 
ENGINEERING PRODUCTS. 

★ 

Mr. D. Marriott-SmaJTey has 
been appointed to ihe Board of 
BERGER JENSON AND NICHOL- 
SON. as supervising director— 


This advertisement appears as a matter of record only 


overseas operations. Mr. Harriot;- 
Smalley joined BJN In 1999 as 
general manager for Pakistan and 
was appointed managing director, 
Berger Paints Nigeria, six years 
later. Tn 1972 be became manag- 
ing director of Robblaiac 
Portnguesa. a position he held 
until his return to the UK earlier 
this year. 

-*• 

•Mr. Herbert S. Hepner has 
joined the Board of F, 3 ELLER 
(TEXTILES). 

★ 

The BOLTON GROUP of com- 
panies announce that following 
the retirement of Mr. C. Shepley* 
Cuthhert from the chairmanship 
of F. Bolton International and 
Corder Hunting Bolton, and bis 
Impending retirement on January 
10 from other executive director- 
ships, air. K. B. Oblson becomes 
chairman of Corder Hunting 
Bolton. Mr. K. B. Ohkon and Mr. 
B. L Clay are appointed directors 
of F. Bolton Group from January 
10. Mr. Sheptey-Cuthbert will 
become a non-executive director 
or F. Bolton Group and Bolton 
Ingham (Agency) from January 
10 . 

- Mr. H. L. J. Hallett becomes aa 
assistant director with F. Bolton 
International from December 1. 

+ 

On completion of the redevelop- 
ment by Bishopsgate Estates of 
the Banque Beige new building. 
Mr. J. C. Rushbrooke bas retired 
from BANQUE BELGE and 
resigned from the Board of 
B1SHOPSGATE ESTATES. 


November 28, 1978 



COLMAOMI. 14. OU Bawl Mnet. L&Man. 1 
wTl. 01 -491 Tide. PICTURES FROM 
THC GRAND TOUR. 14 Nav.-I& Det. , 

Mon-rri. io.oo-e.oo. s*tt. lono-i.oo. 

DAVID CARR ITT LIMITED. 15. Duk« | 

stinit st. jame-T, s w.i. seupat 1 

PalnllDM ano Drawing*. Until IS Dec- ; 
ember. Mon.-Frl. 10.00-5 DO. 


REPUBLIC OF FINLAND 

DM 150000000 
6 % Bearer Bonds1978/1983 

- Stock Index No. 464135 - 

Offering Price: 100 % 


mall galleries. th« Mali, s.w.i. Royal 
Mbiialiire society SOUi Annual Extibn. 
Mon.-Frl. (0.00-5.00- Sat*. 10.00-1.00. 
UMIt 1.00 p.m. B CMC. Adm, 20p. 


BRoywe * DARDY, T«. m sr.. w.i. 

ssferaa ja.sEia a sis 


DRESDNER BANK 

AICTIENQES 6 LLSCHAPT 


ALGEMENE BANK NEDERLAND N.V, UNION BANK OF SWITZERLAND 

(SECURITIES) 

LIMITED 


BANK OF HELSINKI LIMITED 


ABO SECURITIES CORPORATION 
ALAHJ BANK OF KUWAIT (KSjCJ 

A. E. AMES & CO. 

LMOIUl 

ARAB FINANCIAL CONSULTANTS 
COMPANY 8JUC. 

BANCA NAZIONALE DEL LAVORO 

BANK JUUUS BAH? INTERNATIONAL 
BANK MSS A HOPE NV 

BANQUE ARA8E ET INTERNATIONALE 
D’WVESTISSEMENT (BJUJ.l 
BANQUE OEN fi BALE DU UDCBIBOURG SA. 

BANQUE NATTONALE DE PARIS 

BANQUE POPULATE SUISSE SA. 
LLDOIBOURG 

BAYERJSCHE HYPOTHEKHf- UND 
WECHSH--BAHK 

JOH. BBIEN^G, GOSSLER £ CO. 

BERLINER HANDELS- 
UND FRANKFURTER BANK 
CA2BKJVE « CO. 


CHRISTIANIA BANK OG KRBMTKASSE 

COMPAGNtE LUXBflBOURGEOBE 
DE LA DRB8DNSI BANK AG 
- DRESDtCR BANK INTERNATIONAL - 
CR&fT LYONNAIS 

CRHJJTO ITAUANO 


KANSALUS-OSAKE-PANKW 


ABU DHABI INVESTMENT COMPANY 
AL SAUK BANQUE 

AMSTERDAM -ROTTERDAM BANK N.V. 
BACHE HALSEY STUART SHIELDS 

JNOTJf ' ’■■ItO 

BANCO Di ROMA 
BANK FUR GEME1NWIRTSCHAFT 

> »-'iyfWUiio<yT 

THE BANK OF TOKYO (HOLLAND) HY. 

BANQUE BRUXELLES LAMBERT SA. 

BANOUE DE LTNDOCHINE ET DE SUEZ 

BANQUE DE NEUFUZE. SCHUiMBERQER, 
MALLET 

BANQUE DE LXWON BIROPEBWE 

BAYERiSCKE LANDESBANK 
SIROZENTRALE 
BERGEN BANK 

BANKHAUSi GEBRQDBT BEDUIANN 

CEKTRALE RABOBANK 
(COOPBUT1VE CENTRALE RAIFFBSBI 
B05»nJS9(BANK GA) 
CmCORP INTERNATIONAL GROUP 
COMPAGNtE MOM&GASQIJE DE BANQUE 


CREDIT SUISSE FIRST BOSTON 

.WT3) 

DAfWA EUROPE N.V. 


DHBROCK A CO. 

DBI NORSKE CRHMTBANK 

DEUTSCHE OJROZarTHALE 
- DEUTSCHE KOMMUHALBANK - 
DG BANK 

DEUTSCHE GSIOSSENSCHAFTSBANK 

ROBERT FLEMING A CO. 

unto 

HAM8R0S BANK 

vur 'to 

GEORG HAUCK A SOHN 


E. F. HUTTON A CO. N.V. 
KJ0BENKAVKS HANDB^BANK 
KMWETBANK SA UKEMBOtAOBCHSC 

KUWAIT FORHGN TRADING CONTRACTING 
A INVESTMENT CO.-fSAK.) 
BANKHAUS HERMANN LAM PE 

rA«w«ng£sat5Ci<An 

LA2ARD BROTHERS A CO* 

uMtCD 

MANWACTU^i HANOVER 
MBtRILl. LYNCH INTERNATIONAL A CO. 
MORGAN STANLEY! NTERNAT1QNAL 

UMffil 

NonwwarrscHE hypotheken- uhd 
WECHSBLBMfK 

FMUU HCCKLIMUlWiaCMC MYFOTHC«»-UHO»*Oflt**»»H 

OKOBANK 

OSUUSPAMOOENKESKUSPANKKl OY 
OW »i T aANK 

"WggiSF" ■- 

SALOMON BROT101S INTERNATIONAL 


SMITH BARNEY, HAFffqS UPHAU A 00. 
SOCjtTt SfiOUANAtSE DE BANQUE 
SVBffiXA HANDOSSANKSI 
UNION BANK OF PkNLAND LTD. 

X VONTQSEL A CO. 


WESTFALENBAMC 

NdUNSiftaamiirr 


DBI DANSKE BANK 

» 0.-1 «, .etcl£AU 

Da/TSCH -SKANDtNAVISCHE BANK AG 
DEUTSCHE LANDESBANK 

VIIMilSlUKHffr 

DREXEL BURNHAM. LAMBERT 

aC0MOn«U 

GIROZENTRALE UND BANK 
DER OSTCRRBCHISCHEN SPARKASSEN 

, «”ic ‘uuuiSBtifi 

HAM8URGISCHE LANDESBANK 

- GIROZENTRALE - 
HESSISCHE LANDESBANK 

- GIROZENTRALE - 

INOUSTRfEHANK VON JAPAN (DEtfTSCHLANDl 

*>T3h^;:-ii33uri ' 

KLEmWORT, BENSCM 

iViilo 

KUHN LOEB LEHMAN BROTHB1S 
INTERNATTOHAL 

KUWAIT INTERNATIONAL INVESTMENT CO. 

SAK. 

LANDESBANK RHSNLANDHPFALZ 

- GlfKSZBVTRALE - 
LAZARD FRERES A CO. 

MoLEOD YOUNG WBR INTERNATIONAL LIMITED 

B. METZLER Sffl. SOHN A CO. 

TIE MKKO SECURmES CO* (EUROPE) LTD, 

NORD DEUTSCHE LANDESBANK 
GIROZENTRALE 

OSTERREICHISCHE LAMOERBANK 

AJ.T(B.3UmiC«*n 

PIERSON, HELDRING A PIERSON N.V. 
RHISC HEL A CO. 

J- HENRY SCHRODER WAGG A CO. 
SXAND1NAVISKA ENSIOLDA BAWCBI 

soaErt g£h£rale 

SUMITOMO FINANCE BfTBWATTOfML 
SWISS BANK CORPORATION (OVERSEAS) 

UNION DE BANQUES ARABES ET 
FRANpUSES - UJBJLF. 

ML M, WARfiURG-BRINCKMANN. 

VWKTZ A CO. 

WOOD GUNDY 

- uvrta 


WESTDHJTSCH6 LANDESBANK 
GIRQZBITRALE 


POST1 PAN KKI 


ARN 3 PA. 

AMBtICAN EXPRESS BANK 

KnvHliDNK. cwoun 

ARAB R NANCE CORPORATION SJU. 
BANCA COUMBIOALE ITAUANA 

BANK OF AMShCA^ttfTHINATlONAL. 
BANK LBI INTBtHATlONAL LTD 
BANKBIS TRUST INTHINATIONAL 

UtcTEO 

BANQUE FRANCA) SE 
DU COMMERCE EXTSUEUR 
BANOUE INTERNATIONALE A LUXEMBOURG 
SA. 

BANOUE DE PARIS ET DES PAYS -BAS 
BARING BROTHERS & CO* 

UUffEP 

BAYERJSCHE VERSNSBANK 
BERLIN EP BANK 

J*TttWJEG*US» 1 An 

CAtSSE USB DEPOTS ET CONSIGNATIONS 
CHASE MANHATTAN 

COMMB1ZBANK 

AK-T&i-Jixuaoun 

CREDIT COMMERCIAL' DE FRANCE 

CREDIT ANST ALT -BANKVERQ N 

RICHARD DAUS A CO. 

BANKERS 

'.iNW. nw PdEBSSK 

DEN DANSKE PROVINSBANK A/S 

oarrscHE bank 

■» iai.Tit«n 

THE DEVELOPMBIT^B^IK OF SINGAPORE 

OTEC1 ENBANK-WARBURG 

/fTfliitjEcjawn 

GOLDMAN SACHS INTERNATIONAL CORP. 
HARDY-SLOMAN BAWt GMBH 
HUJL SAMUa. ft CO. 

LMimi 

KIDDER, PEABOOYWTSWATIOHAL 

UMIGl 

KREDIETBANK N.V. 

KUWAIT FINANCIAL CENTRE 

SA, 

KUWAIT INVESTMENT COMPANY (SAIL) 

LANDESBANK SCHLESWIG-HOLSTHN 
OROZaiTRALE 

■LLOYDS BANKJ^ERNAHONAL 
WB1CK, RNCK A CO. 

MORGAN GRENFELL & CO. 

UU7E0 

NOMURA EUROPE N.V. 

NORDIC, BANK 

IMlTB 

SAL. OPPE MHB M JR. & QE. 
PKBANKBf 

N. U. ROTHSCHILD ft SONS 

U94TC9 

SCHR0DBR, MONCHMEYER. HENGST ft CO. 
SKOPBANK 

SOOfeTE GEHERALE DE BANQUE SA 
SUN HUNG KAI INTERNATIONAL 

uyniD 

miBCAIJS ft BURKHARDT 

VERSNS- UND WESTBAMC 

AKimCTsmsPwT 

S a WARBURG ft CO. LTD. 

4* 

YAMAICHI INTBVUTIONAL (EUROPE) 

UNHID * 


>thct nuttenr .. ,,g am. snow** mioihs"* ■ ■■■■ 
Mcettns. Mon'.fr,. Closed Saiurdayt. 01-4J7 MSS 




Final'S;. 







3.7 firmer on late bargain 


fsIikVJ'tti'lf*- 


INVESTMENT hollar 
PKE.’H jr.’M 

52.H0 in El — (82!%l 

Fffenirf 31.0435 34"!, 

AFTER FLUCTUATING narrowly 
in rather quiet lrj-F:flT >■».*.■= liTdav. 
Wall Street !in -h *<l with ^ fur: Jut 
• mail net e ain mi balunvc. hclpol 
by Ijvi- barzain hun-tiuj!. 

Tbe Dd-.i .inn*: s Induct rial 
Average linaliy 3.72 higher 
at si:;.S4. wlvie rt*e .WSE All 
ujmmcn Index u,»ini*d 1*2 cctU 
a.t S53..VJ ana" ri-t* bold an ed-_*c 
over dcMincs of 77?* in MS3. 
rtver uai ri fairly moclist w.THm 
'hares, hut wt’ll-surp.i-sed la-: 

Friday's low ii-juri 1 nl 

which was limited hy hnliila} 
'influence.*. 

The Feder.'il fli**«*rve apparently 
indicated through *'. e action* liut 
it had itahwned credit sli-^lu 1* - 
rH.u*inu -inrk prim i ft turn 
•lishlly easier armiml miri-sO*<nnn. 
However the market appeared 
in iMie in :i< stride a him -l i'i 
the Prime Kite {/• 11 1 tmm It 
ppj- enni that hi",^n la -I I'rul.v 
jn(l became inrtu-'lr.v-v iik* ji-saT- 
day 

\n;:!y.t> commented ilia' the 
marl ei i- unlike';- m Ac an;, 
ri-linile moves imul ihfr«- i- 
%nnte pn-iti'.e iruliChiiiin nf when 
in:ert>.*i rale- v- dl i ".*.■■ k an<l h***’ 
*o-. ore anj i ■.■*■«* ■••■on nts, - In-. 

They added that *unir inii-sinr* 
may have i anted a lo.il at iln.- 
f nn^unier Price index l*<r 4 »e'm- 
hPi. due in-dai. ludon- coirmii- 
:inr c.**h u» Hit* i«'.:ii'l»i.'i. Sum, 
’A all street %<?in rc-' .m- e\|i>-ciin_ 
a enritinuinj iha:'i r !-'■:■ in i ]j*- 
inrlev. and RjicIk* M.iI-pv Slu. ii 

NEW YORK | 


l«H Ij'a a. • • 
t; "lit ■iiiiiiiI’iiii 


i .*■! 

\ : • i ■m-iiK'i • 

'MW 

Hi-. 


V>’i-'. 1 • 4lla 

tnit-. I I -• 

\ K-l P-.- 
V. ■•■>•• 

* ni-M-.H- .Ml-.' Pi..- 

VI-..’'*. 

»l ;• 

t ■••“! . '«,l. I •»- 


Shield's has projected a rise on 
an annual basis nf s.4 to H.fi per 
«ni. 

Some investors may aisc be 
T.aitinar ' for balance of unde 
liiuir-jv and loading economic 
indfc.fl^rs. both due tomorrow 
The murker, look some heart 
from a ri.se in General Motors, 
which closed l ‘ up at solil on 
reporting a 33.7 per cent jump in 
nu d -.November ear sales. Ford’s 
sales for the period were down 
Id.:; per cent, but the shares 
sained i ro StlJ. 

r, a inms issues dominated the 
•'iCiitMi with mixed results. Cawnrs 
World, the volume leader, lost 
to &!•»£. bin Bally Mini ii far turins. 
in -ec'ind place, rose 1 * ro S42-’ 
Ram a da Inns eased ; In s!ti. but 
l>cf K. Hchh pur on ,* lo’sih - -.' 
e\-dr-'Menrl, I’layiun , m sl.»- c:- 
dividend amt l!rini-(»nlriw>ii- 
Majer l! so sr:»:. 

Srnrs finch nek hardened | in 
S22 in active trading. It plan- ro 
buy back about him of ii- Com- 
mon shares. 

Korins. . which has rcr.enily 
iv .t- .- ev era! hT ! m dullar.- 
wi-rth n r ei'-.-raft > inters, moved 
alio vd 3‘ to ?*57'. in .li ti-.e truUinj. 
Rohr InduMrirs. ■«!! ••mtiine 
.-'2 1 S;n of orders from Knein". 
■-■limhi J 1 I-, at.-.; 

Vineriran Ti-iv|ilioni' p'M i*n 1 
■ s ; {( Ths- (.'.S. Supreme I'min 

:i.i - 'ei u sen ‘.n luar jppi.-.i- by 

i !ic 4-'.m|i:.ny nrd iithers n 'inert a-r 

.v‘ i- r . ' 1 : >Tll! Teleeninniuniea- 
• I'iiw e ieleotmne 

U!- MO ”Aii.e:l 1 tn «!■„ 

i.l«Mii»cr Laboratories advanced 
l . : > ^21 1 Tl’i: ri'm;nnj may link 


its internal medicine division 
w'Kh :i Eunpcan pharmaceutical 
concern or nett it for StQtJin Data 
Terminal Systems ad-Jcd S3 at 
g4l I in response to higher fiscal 
third -qua i ter net profits. 

T okyo 

Lnte protit-takinc eroded initial 
fre-h ^aitts yesterday, leiivin? 
slocks easier for choice on balance 
after active trading Volume 
4nnm shares. The .Nikkci-Dow 
.1 unc.s Averaac. after hr icily 
ioiii'liiiiq a new record hiirh of 
ll.imi.nii. retreated to ,i.!!7P.44 for 
h los.- of I0.3S on the day. 

Share:; generally turned down- 
wards after news that. Masayoshi 
iiliira appeared tn have won the 
primary vole over Taken Fukuda 
in iIh- race foi leader of the 
rulin': Liberal Democratic Parly, 
in .lup.m. the new party President 
hciunif- Pruiit.' Minislur. 

Brokers said, however, that 

-nine of the .stocks related to the 
Government'- finance programme 
were quickly hnuuht on hopes that 
uliiru will take Jdcps in expand 
nuhliv works if he heemne- Prime 
Minister 

Paper- Pi ilps anil Primin'.-*, eased 
mi s inoculation that if Fukuila 
re-iuns his po-t, the allerinu of 
the yen'.- denoniinaiion v.ill uni 
be carried out. brokers added. 

.Japanese Press re purrs said 
lTikuda would decide whether h*- 
will run m Friday's run-ntT 
election a Tier eon-ul! inu e ilh the 
voters who hail thrown their 
<u :< port lu'himl him. 

flood-. Real F.-isues. Phmo 


Films and Heavy Electricals also 
closed lnwer, but Cotton Spinners. 
Chemicals. Pharma ceulicais and 
Comimialcalkms finished higher. 

Steels ended mixed after fairly 
active trading a* 1 fresh buying 
alternated with prolH-iaWn?. 

Shipping Lines gained further 
cround. *;tiil hepefiring from Lhe 
recovery in the world _ tanker 
markeL while export-orient a ted 
issues showed :i propondcrance nf 
gains. Sony adding V30 at ^1.540 
iind Toyo Kogyn Y7 at V3.750. 

Paris 

Most sectors ln.-l g found in a 
market undermined by last 
Friday's announcement oT a rise 
in the French retail price index 
to ft.P per cent in October from 
H.fi per cent tn September The 
Paris Bourse Industrial index 
shed h. 7 to 7ti.:k 

Creusut Loire l<i-l H - r 2.50 in 
KFr -iS..tO despite amuiuncing 
higher sales for lltc first nine 
mouths, while Elwirn-Mi-ainlqur, 
which also had hivher sales, cased 
.111 centimes to KFr U2. 

Stocks recording Lhe heavic-t 
declines includeii Silir. Pocluin. 
Knuygues. Club Jledlierrance. 
Eric-sstm. Marim* Wend el. Sacilor. 
Franca Inc de Rafilnagc. Rhone- 

P mile iic. Sonom-r-Allibert and 
Europe 1. Gaining asainst lhe 
general trend were Lueflfrance. 
Beg bin. Kali. Perrier. Moulinex, 
and Pcnarroya. 

Germany 

Share prices continued to lose 
ground in a very thin businevr. 


I 4- 'til- lliu.li p, . 

’ 1. ■ J.. Ii . i- ii 

>- -mi i n i. - .hi i . . 

1..* U .trail*, lit. : 

.1 Mil I ... | 

Ki -fi \ « m n- nt 
In.'ii-i' ii • 
K..--1 -l-ri. 


ia . " 
oa . '• 

41 K 

U-. , 

la.; ■ ll 
15 j K 
IV- I hl 
14: ' 

4ti *• 1 >' 


U.r. U-l..- 
Ki l l'- V. ii.-i. . 
t .1 iiiiIim ,r « im i, 

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K v.\ 1 


l.ii.l’an 



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I 'ri-- lull' In- . 

I I. >,11. fk-l ii. 


t.iii;. :i I 

1 .1 • 1 1 t • 

l.ill-'i* In-. >|-I i i 

I-- • I \ l-i-i ‘ 
Il'IH. - 'll. Ill -II- 
• i- t - in- 1 f .i • 
■ p-.I.sliluA <Jll|i< 


>1 41.111. \||. IIH 1. 

M»i - fin i . Ki«-..i 
'■tn I Vi . 1 . -lii: 

\l« \. . . . 

'I- II. .. 

I. -■iii>-i f I.. 
Ui-l.iHn Hill . 
Mviii-'O-. . 



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k... . .i |ie>ri 
k—iHi 

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Im 

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p !•*, \ t»f.i r: 
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lb'i 

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61 

Kn- id’/I'-ii Niiui 

59 1 ; 

Kum-upn.. 

72- j 

•.iinpiHtii ■*>.iji> . 

53 

1 aiia.ilau I'a.-ili- 

20 . 

* a'l** LUii’l-lvr . 

9i. 

'. zrnaii-.'u . 

29 :.■ 

1 verier A Uciieii 

11 *. 

M:l»rHi'.'n-i 

IS’ ■ 

'.•■lerpldar 1 mi.-l- 

56b; 

i.B* 1 

5 a!! '-a 

e-aneie v*’i|.ii J 

41U 

' **•>£.*«. J ~.W ... 1 

15', 

etainta^v 

19 - 

eitn.i .Vin-rau .. 

19 >, 

1 nuori'iii Inii-. 

19:,- 

i. Manhaiiaii 

50 jr 

i.htuuiii Hk.' V. 

37 , t 

' a-tei’r^h I'.ii’i.. 

22 j; 

1 rj*-»ie ''ilrni 

26’j 

« biraS’.' Bri’ljv 

52 

Uin -ler 

y i 

•- Milavixn. 

305. 


•. ’He* 

K.S.. 

i«i tniemiic. 

Llereian-' 

l.:iH 

1 ■•ai,.jja,. 


*. *i ie Pa 

ftl 

■ ..•Hins.VLkcuau. 

1 'liiimCia 

lA.*.. 

«. "lurnr-ia 

Ki.,-1. 


■ Jll.h.lill 

Kh.jiih loilp. . 

\ .K. . . . 

* 14-11. till 


'••-ii. I. »*'ie . 
<i—i. I>yii*iiii. 
'■VII. hit— I • •• ■ 

‘.••.ii. P-4*. 
■f llVAl U'IS*. 
'ivni-nl \1'-:* ■ 


1 M:il. 

1*4:11. tc!- Flvl 


6 

58 « | 

v-.-icw iWv.n 


••4.1 1 \ I'll 

'•liWIe 

' ii^> It. F 


’•ri.Aimn 
*»n. >.»rrh 

UrvrliiSJiUl 

■ lull .V WvMVXl. 

'■nil •-'ll 

HhiiIiiiiIi-ii. . 
Kmina ttiUiUL' . 
Harm* li'cev: . .. 


Hv.n. II. I. 
Ltrul-flil. ... 

Hpll IV |-*.'k 
rti.ii-i*i ini 

Hi,.inv-I*)i' r ' 


I 'Ini (.In dii 


»*••'■ 4 llVHIl - 
>*l l>. lull ■ *11. . 


'll. 111*!.; »-r-. 
>M “••■ri .«- In 


<.-vnku,non Kna. 33 

■-•’ml-u-ncn tvj 12 

• pi mu Mi t-m. 26 

• ■•P’UJ. Slierlil« 


l.-VUT 1*1* In-. 

•’-■nr* ;.. 
'.■'fi-F/il-i-n 'Y 


•.'•'ttii'nv ri.v*i 

l . .'n'lwnt*: ‘ • ri, . 
1 -ill menu! "ii.. 
i' ■niineni.il 1*1*. 
i ■•nir.-T rui, 
f .v-p«r la-in* . 


W««*-n- Corniiiu. 
i.r*eii- I liiii.ii.. 
I'lvin-li* 

ISn-'.liv lii-lil'ng 

I'm I'll • . .1 l.lj; 
I'miAiuW.-r-i A 
>Sirl.u Horn ri inn 


l'..|i I'M i I 

tVlOll J. I 


65<' { roiliinhlirivr 


ruili'in^ililB h 

I 'III lit. *4. KM- . 

k'llllllf*- IVIfi'' 

I'ia-t-un 
I'll ill- V Hull*,. 


I HI Miu i. LtiMT. 

I III 1 't<i:H|.*ii*. . 18 


It lnrrnwll.»ial. 10 


I 'tii.. -pr. r.ie 

Putivni . . .. 


Ko|"iM|.- M 
K*«nn> Inll.... 


EUROPEAN OPTIONS EXCHANGE 


A r- ■ 

Ynt. Ull 


PV F.580 1 5-60 

K r. F.30 11 1.60 

k / F. 32.50 27 0.5D 

,K/ K35 - : 

h'H K.70 -- -• . 

k *60 — 1 -- ' 

I" . F 32.50 I A 

10 K.35 A 2.20 

in F.A7.50 25 1.50 

I" F.40 20 0.60 * 

|.» t 45 - 

HU >240 3 34'- 

pu fc 280 7 i 6'* 

HU «J00 

;LV » 13U 5 5 

,LM F. 150 -- ■ . 1 

rr.M f. 190.50 i a. io 

. V F. 108-90 2 5.6D 

■RI F.22.80 

■H I F.25 i 1 ? 2 60 ■ 

'FT F.27.50 10 0.30 . 1 

'Ft r.30 

'KTt S45. - - ; 

n» F 120 A1 7.90 

:n F. 130. 2A , 2 1 2 

SZO 2 I 2»t 

yr F. 120. - — 

'M F.150 — ; — ' 

;nv S50 3 2 - 

USX 550 5 5Tj 

>**-. 

‘■K sen 

t«ytm, rm.i mp \y f.nxTK*rT« 


■I iiIt 

Vnl. I^*t >i..k 

- - K.369 

2 A. 10 F.29.60 

8 3.50 

1A 2.10 

- h 75.90 

- _ I*. 34 .80 


- K. 110 . TO 
10 4.50 r.24.60 

9 2.60 

2 1.60 
6 1.10 

-• . »48ia 

1 12 F. 125.30 


'i*-* 


■ i:. \ 'on . 

j Ii. i M-;l. 

1 1;. I i: J 


Ii. -hill l ■ ln.1 >. 

ir..ia li.iii-n .. 
Ii I'll . . . . 

!.-■■ • |.«- . 
■■'.-I-* -i i.-ih 

-.ii.- -i..i.. 

-1..I..1 ’I ii' 

-l 

'*n|* Ki- tii.U , 

j ---...I. In.l .. 
j .1 .1 I-.I..H in; 

I -.'ll ll.illi.r-f.. 

'• \l 

■ ill f». ••!. . . 
- tllR. . . 

-■■•lliMl-l I'li. •< i 


.*» V «. J|. s „ 
i ii - i:.«-i i.i-l . 


-l-ll.-ll-* ..!() , 
niiii.4ii.it\ j'm 


-mi'll iii*.'' 
•inn I'i h :■•■■ 


I «'.-H 

1 X.-/..X 

/.II <11* . . 

■ /.•■null i;n.i- 

] L . I rvft- . < - i'J 
' • — "I I — H . -I ■ 


•79-i :79.f 


I Hutu I*.' • 8.95 i . 8.82:- 


CANADA 

V"l|ll>l I'i. I- ■ 
\-llh-. Kkj 4 
i \ .mil A .liiniiii'i-. 

• l ^f.lll* —I.-' 

: A-I.e-I'- .. . 

' anllli I'I Mi.il'-..- 
I .'fink >>.i « - i 
: tla-tr' !(i— • .ii . .■. -■ 

tk*ii - 

' Hiiw \ * i.i-i 

id* i ne* 1 '*.. • . 

■ (I7L--.HI. ... 

Ltnili*. 


j -"tun 

ri 11 

n- 


! -• *lm ni 

.. 


-lliii 

»al 

1:. 


lllll 

’111 

IS. 

r:- 

>■1111. 

ni Kail 

1 11 

*■’11(11 

nn. 



•1 II 1 

Ilfii, 


pa 


•. Iil**l«:ii . . 
1^. Hill I|I1I . . 


i min • i.i.iiii. * 
»*,f ms f »' »t_- . 
in- .einki-i. .. 

n 1 •• 

. 


22- e 


35 


14(4 


10 


195r 



!4 -f 

1 


1 

.7 

1 

>0 

1 


I ■- -a -i.*n a *•*< 
li-iw 1. 1 i*n !••*.. 
lime? 

rune* MiPiin 


ln>n-u*\ tllljrli. 

I rmi W ..Mil \i- 
I iHi-xr- 
I ii-C uimuv.ilji l 


I r'lmi «‘»l .t 1 i*t. 



lu-arv. Sal. '.• * . 

. Inl'p.* l*i|.V I 

[ Kafir I. 'e-on 
j Lairri Hiii. I ■•it.. 
’ L*..*.la» * mu. '1. 

> Vteuiil'n II- •«**.. 

. Si* , v* Fcreu— r 

• lli-Inn n. - 

, M...n- I..H|-Ii .. . 

, 'd.iuutiiiuMxU I. 
I \-mii.:H UllH'... 

, KllP'lil . 

j Sill If f.if'li.. 

Nniiiai; Mil A ‘.ms- 
| . .'HK '•■-*! IVlTL* t 
. I’n.-.lli 1 l_|i|.|<vl M 


l? I'aiim**-, 
L •» i.ii-ii*. 


I 1*1 Iv-llll. 
I \ l ii - 1 


r.ilal Kk. i‘1 l 

If.'l 1. 1'll-l... 


Vi I- 

I'-rll liH II 


f. r»i ' V 


A-Vvd • ir4Ui.il. 
Hi-,% -.'10(5'. 


BASE LENDING RATES 


A. B N. B.«nk 

Allied Irish Banks Ltd 
Aoierican Express Bk. 

Amro BaoV: 

A P Bank Ltd 

Henry Anshachcr 

A?<ci(Taie.< Lap Corp. .. 

Banco di- Bilbn> 

Bank of Credit & fame. 

Rank ui CspiTi." 

Rank nf X.S.W 

Eanque Bets 1 ' !->d. ... 

Bait'iue du Rlume 

Barclays Bank 

Barnett Christie Ltd.... 
Brcmar HnidiiiiiN r.td. 
Bril. Bank nf Mid. F.nsl 

■ Br«»-.vn Shipley 

Canada Pvnu’t Trust... 

Cay.'er Lid 

Cedar Holdings 

■ Charicrhouse Jajihet... 

Cbuulartons 

Coates 

Consolidated Credit*... 

Co- opera five- Bank J 

Corinthian Securities 

Credit Lyonnais 

DttncaD Lavrii* 

The Cyprus Popular Bk. 

Eagii Trust 

English Transcont. ... 
First Nat. Fin. Corp. ... 
First Nat. Sees. Lid. 

1 Antony i iihl» 

Greyhound Guaranty .. 
Griadiays Bank 

■ • littmips.c Mah^n 


■ Hanitiri.s Bank 1-.“^ 

■ Hill Samuel 7.121*^, 

< C. Hi. a re & Co 

■lolian S Ilodse 13! Ti 

Hongkong & Shanghai 12)% 
Indu.-'inal Bk. «f Scot- 10 “n 
Key. -ci Ull.nann .... 

Knowslcy & Co. Ltd.... 14 1% 

Lloyd? Bank l'J)% 

London Mcrcantilr ... r_M ,r n 
Edward Munson k Co. 13)% 
Midland Bank J-~ n n 

■ Samuel Montagu 1 -I- u p 

■ Morgan Grenfell 1 -1 °*» 

N'ati.ina! Westminster 3 - ' 
Nuns tell General Trual IJi*?,', 

P. S. Ref sun & Cu 

Rfjisruinster 1 m)‘q 

fiir.ai Bk. Canada Trust 
Schle.<mscr Limited ... VJ!°b 

E. S. Schwab 13)% 

.Security TtusT Co. Ltd. 13i u ,'i 

Shcnley Trust H % 

Siandard Ch'jrtered ... 12J% 

Trade Dev. Bank !-■% 

Trustee Savings Bank 12* % 
Twentieth Century Bk. L3}°o 
t;nited Bank of Kuwait 12i% 
Wit i lea way Laid law 13 % 
Williams * Glyo's 12J% 
Yorkshire Bank 121 “fi 

( 'i -.nitj-.T- nf rtjc A- « pi uia Houses 
i 'viii nit’ ivi* 

* '<!■>: 4racKi» J0<>. 1 -month dtiwi's 
l". 1 . 

■ it-pnctc nn som* nf nan#" 
slid under :*• - »n to C.'j.h'M J 1 *."" 
..nrl r-.-r fV3 non I0i“- 

. '.ill n-ii.vi'.* o'. -• r 41. nun 

■ rivniaiut .|pnn«li* 


with the Commerzbank index 
receding a further 6.6 to S18.6. 

Participants skid the iron and 
steel workers strike in North 
Rhein- Westphalia, Osoabrneck and 
Bremen, scheduled to begin today. 
further dampened sentiment tn 
domestic issues, while unrest .in 
Iran upset Foreign stocks. 

Motors were sharply lower .with 
the exception of B31W. which 
closed unchanged ai DM222 after 
h favourable third-quarter- report. 
Volkswagen retreated DM 4.50 and 
Daimler-Benz DM3.00. 

Deutsche Bank lost DM 3.30 and 
Hapag Lloyd DM3, but McuU- 
gesellschaft moved ahead DM 3 JO 
to DM 261. .>t). 

On the Domestic Bond markeL 
the slide continued. «hh Public 
Authority loans losing up to 35 
pfennigs more. The Regulating 
Authorities bought - DM Out 
nominal of paper after DMS.Sm 
purchases last Friday. 

Hong Kong 

Marker rallied in further quiet 
tradin'!, with sentiment helped by 
the week-end ..statement "by 
Financial Secretary Philip 
Haddnn - Cave that ' adverse 
rumours about the financial posi- 
tion of Sun Hung Kai lull, and its 
subsidiaries were baseless. The 
Han” Sans index resained 16.42 
to 501.14. 

Sun Hung Kai SecuritiKi 
advanced 22 cents to HKS1.83. 
while ail the market leaders 
participated in the rise, with 
jarriine addins 30 cents' at 
HKS12.10. Ifong Kong Bank *50 
cents at 'HKS16.90 and Swire 
Pacific "A” -70 cents at HKSTJo. 

A Hons Kong Land statement 
that it has received about 11,700 
applications for the last 424 fiats 
at one of its residential develop- 
ments :*ave an extra fillip .to 
Properties. Hung Kong Land rose 
25 cents io HKSS.IU. Cheung Kong 
45 cents to HKsh.ID and Swire 
Properties 10 cents to- HKS3.05. 

Australia 

Shares mainly moved narrowly 
with nn clear trend emerging in 
light trading. 

Howeier. property developer 
VVcsUield . featured with an 
advance of ARl.14 to ASS.26 in 
response io reorganisation 
proposal.?. 

Anion? Stores. G. J. Coles put 
on 3 cents to A-S2.3S. but 
Woclworths shed 4 cents to AS 1.50. 
Bund a berg Sugar declined 5 cents 


NOTES: Ovirrsnu price*' shoun betow 
L'Xi.'iude » [irtaiinm. Bclstao diiidcrds 
an.- Hfivr i-iibholdiiis uul 
4 DM 50 di.iiom. ij files.- orb- n> ;sr siaied 
tic ids based on n?i airldenils Plus tax. 
9 Pia jnu dcimm. uni.-ss oiberw'K slatted. 
4> DKr luO denom. oaiesp otbemise Hated. 
■I* S-.i-l'r :jiu de-nom. and Bearer shares 
uni, oitirni't-*.- >(rficd. ■ ' VTrfl dcnoni 
unlisi.* Qitioniisi xiuird. 5 Pnw at lime 
vl Miapi-nston. •: Florins. bTV'blilln&fl. 
- Cunts. 0 Dlndcnd alter pendlus rights 


to A33J5, but CSR contrasted by 
rising that- amount to A$357.‘ ; 

Banks generally slipped, back a 
tittle, with National losing 4: cents 
to AS2.4B. ■ 

Goals provided firm spots id 
L' lab.- 5 cents higher at A38J80. 
and Coal and Allied, 10 cents up 
at AH40. • ' ‘ 

Uraniums, ■ on the other hand, 
were mosUy lower, Feko-Wallsexid 
receding 12 cents, to Ag&SS, 
Queensland Mines ID cents to 
AS320 and Kathleen Investments 
32 cents to A32.6D. . ^ : 

Renison Tin reeded 20 cents to 
ASS .70 and Ashton Minins 2 cents 
to SO cents, but ' CRA gained 4 

cents to .AS3.I2 and Central 

Norseman 5 cents to A5U-S3--' 

Johannesburg . 

Golds generally drifted- easier 
in thin trading in line with' lower 
Bullion prices. ' “' f 

PJatinucm. however, had Jhaopala 
15 cents ahead at RSJS5 .and 
Rustcoburg 10 cents up at_.RI.93 
in rei>pon&e to Qie latest increase 
in' both companies’ producer jprice 

levels. ' 

Financial Minings declined, but 
Copper shares hardened by- up to 
10 cents. Industrials ; were 
narrowly mixed- in slack dealings. 

Amsterdam 

.Slightly easier tendency onjagk 
of interest, but Royal Dutch, and 
Unilever, among - Dutch Interna- 
tionals, hardened FI OjSQ apiece. 

Elsewhere. Boskalis- feli -FI* 7? to. 

Fi 123 on news of a one-for-six 
rights issue at : FI ■- <EK$3L 
KL3I and Heine ken each declined 
F1L50 while BtjenJiorf receded 
F ' A j:-. 

Switzerland ^ v/ J' 

Market was easier-inclihed;'!buti WROirTO 
Jelmoli, in Stores, put ori'^Q to 
SwFr L460. while -Nestle Bearer, 
in Foods, gained'- 105 - to 

SwFr 3^00. *•..•, ./ - 

Domestic Bonds were- margin- 
ally lower, while Foreign Bonds 
showed larger looses. .Early 
redemption of two Federal loans, 
reported by the Finance -OTzhstry. 
came too late ' to affect the 
market. • 

Milan • 

Stocks improved in nKUtohably 
active trading. 

Fiat advanced 122 - more to 
L2.S60 on continued unconfirmed 
rumours that 1 ..' the . corripany 
intends to distribute ari- interim 
dividend. 





i:. 8Mtt.fr Elii.' 


Swt^erldr }.* , 2Mia7 




GERMANY * 


and-'Dr xvnp bunc. ePer share, f France. 
a Groaa div. *;. h Assumed -dl (Mend after 
scrip and or Ushts issue. - k After local 
ist.cs. in ‘a tax tree, n Francs: Including 
tnilac dfv. pXom. o Share spin, s Drr. 
add yield exclude special payment- x lndi- 
cared drv. a Bnoflurtsl-tradiad. rafinonty 
holders only, u \lerscr p*>Jidins- -* Asked 
+ Bitf. § Traded. MeTar.-. -Assumed, 
tr Ex -rights, id Ex O.vtdend.-'-xc Ct 
scrip issue, u Ex all. i Inrertm since 
Increased. 


TOKYO ' 




ss }■ — : 


M1m1.it- Vcr'ii-T.. J8J -3 


79.2 —0.7 -*- | .Uebi Cr,M. . 368 


tJIH 



I '•SI*-' 

ria.ier-H'* 1-* 

UmciT'Vtfri-iuiiA . 
, i',aliil.\cl.'»fV 
... .in nim ilk.. .. 

■.••mi Uunimi.. .. 
I>a niiier -Hen/ .. .. 

i'hjii-ii 

Hsi*iea 

LWiil-t'h*' Us uk.... 
liin-lnei Bank. . 

I >\ cfctfelivff '/.cm . 
I- Jlrii'.'Oiiuu^ .. . 

llsiMn Liu.til 

Htrjener..’ 

Hcecu-I 

Ilvil. 

H'.'iieu 

Iiall HIM -Si... . 

KhMS'11 

haulb"f 

hl-t-kiiei Li. VI IwO. 
KHU 

niupi- L>M I'AJ.. . 

I .III’ M 


■aaj -3 ii.B 5 2 Canon ‘4S1 i*r 

28.12 6.3 Caski 860 —15 

la3.4 -0.8 18. ft 7.0 Uimu. 385 -5 

137.6 1 7 18,/a C 8 * uu , .Vippoo Print 6U« ..'._ 

3*3 —2 /H.12 4.C, Fail flwv -55a ■■ -±V 

3.2 -2:5 28.12 4.4 Huicbi ; 341 >-3 


3.2 - 2:5 38. 12 4.4 Hitachi ! 341 ^-2 

160 —L - - Uyndai Molyn,., 461 * X 

1526 —2.1 abjjfc 5.9 Bo use Fo<*l — 1050m 

o7 - - : C. llob. 239 -rl 

3:2 -3 28.11 4.2 1 Uu liAsdo. L820 4-* 

235 . .. 2b.sE 5.2 . Jsc:*^ I6U 

1/3 -2 17.1s tao JA.L — 2.800 '• 

307.7 -5.3 28.12 4.6 - Kaonu ElecL Pn. 1.140 -II 

2-* 1.5— 2.6 dtr.l2i a 8 , Kumsim.. 375 ^3 

179.5 - 1.5 _ 9.38; „• uoO -1 

235 —3.7 18-26- 3.B; h,nsi>.Lerafnic... 3.350 , — 31 
96 -3 14.06, 7.3 j UsUiuhKs Inn... 685 

149 —2 15.B3 5.2 ! .VlirSubiftn Baal.; aoQ 

li4.5— J.4 18. 1b 7.0 UiuutHstu Heaiy li4 -1 
-•8.3 — u.7 1 11 Akubikbi Cwpr.' 425 r...„ 

1*4.5 -1.5 9.36 3.0 | Uitoui A B 3 8 

139 —'3 5 14.84 5.0 ‘ Mitiulioyfal 622 • 

326 —3 3o.44 s 6 ' M|>puD Uenso^.. l.OW.i 

z.au.5 — u.5 .Id. 7; 5.8 , Niupi-n bbinpan . o60 , — 5 

*1.<J— 'J.9 - - ; .Vitalii Mown... b»0 1 
157 -1.5 18./6 4.7 Plooeei 1.670 ' T 2C 


ado . — 3 14 1.9 1 AV.'VttCi2&cenl^..„..-..j...' 1 

451 iff 12 UJ l 'crow Au»tralie._;..T.,.'i 
860 -15 25 1.4p».vnLt»l..._... ( _.;;..j t3.08,’.! 

385 -5 : 20 2.6 bxplomtfoit...;,...-? . fLE3 h4lOo' 

(U4-: 18 1.5 Vnipol. rnnieum-........*.- 1.-JUU 

341 h-2: 12 2.3 Vmoci Put^Peper -.iftAA - 


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Iv-3 -2 
2-5 - 3 


U.meii'.inii L'Ml'.W 1 54 I - 10 

Ujlilians* 94.5 

•J..V..V 250.5-1 

\liiiine-inauD .. . 1 in.b— u.7 

Mela use* V61.. - 3.n 

Muiu-lieiier Ki*-k. 6B5 —21 

'ortei maun ' J59.7— u.5 

riwi'-iia 1 *iii. tv.' 138 3 — 3 
KbenilV<M. Kiec.i 179 —I 

-^dierinx 21.2.5— 0.5 

"•icine»>- Ic&7.u — 1.1 

rij-i /luckcr 

I III -Mill A A. 118 —'.5 

' ana 180 -0.5 

VfcU.1 I/O -1 

lejem*.\ W*~l Kt ^94 
i 236.3—4.5 


- aaojMElecrjc ..... *60 1—9 
39 4.4 ack Ml PifUaH....’ 950 >3 

25 6 1 •‘hiheido.... 1.2 turn : 


... 9.38 5.0 i *!D.r 


13 • UkKUiih Ceaenu...»... .V ' tl.50 1 
.. 14 :-2.3 Volek .j. •42.l8 -':4^.y3 

.. 20 i 1:6 Uen«- Gmdhelrtk AnH— .... .fo 40 

,. 16 ; as ttonuiner fgli..-. ; Txt.4S- ;-±. 

' Jf ' ?■« -^^nc KioUiiLo. 1 3- 18 .^4484 

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. 48 f l.o pum/n,. Rubber .oO caoO ^ i0.8a<-j44Utt 

, I - ®-® rgswif- .«• 

30 - J .6 SuferAmUb'.:. J 4 +2" 36 

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179 — I 25 7.0 ! inkjo ranyo 339 

2i2.5 —0.5 28. U a 4 , J 175 

a87.n — l.I 25 4 4 Irnbihl C/»r|» ...’ 149 


l/.db 3.6. I Dl ora Motor 865 +4 ! 20 

116 - *.5 l/.lt -4 — 

180 -0.5 le.lt* 4 8 Source Mkho SecunUes. Tokyo 

1/0 - 1 M.3a 3.C 

294 . ..28.12 9.6 

.I s . 6 : 3 . -45 26 >53 : BRUSSELS/LUXEMBOURG 


io l i| tSkfr'Z£±=zi \: 

i f - ?' i .• to 32' j SoatbvnM 

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AMSTERDAM 


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. r _ I _ • D!vr " UU deajwb '7””| . tO.09 . r 

■' “ ; ftT I “tl jr • V \ t ; f T '« kajiiwiuoo — ’i^.A H)l30 _ J-iA l 

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c.lJ.K. Lrmenu... 1. . 20 — 2J .’luO : 8.4 ..: — J. lO-i7 • H.8T t Western "Deep 

Liukenh • 4SO —10 . i ' atwyn^EgpioMiion ..*. .^0.28 . 1 — • - 

i2.S9S -5 'l77 : 7.4. HWHSTRIAES 

fa.ealrut’ell 7.U2U -60 ,450 ' 6.1 VJTt ■' .! lSr*2 Iff-JL ABCf : _ 


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7^ s IS?— 


28.6-0.1 23 i 7.9 j 

‘SSil'-l.o - 7 i SWITZERLAND * 

24.6 ^o.l 17 fi.g ; 

59.0- — 1.3 - ‘ - „ _ ■ Prica | ; +or LOivjl 

164 25. b 7.8 N-’r.ZT • Kn. , — i ; 

132 ■■ - 1 

123.0 J9.4 5 6 

125.4 ,„8 ii.fb o.6 .Lununium .1,000 

259.8 .... 20 0.4 | “®L. -A ..tl.Ofa 

99 -1 27k 3 6 : v* ! 'tofc«0 Fi.lWfl.080 

127.5 -1 5 se.en 0 6 1 Pen fen... 830 

122.0/ •■* 0 8 42.t i □ 1 Uu.. Kegx ’ Bi.0 

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: 672 


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COPENHAGEN 






Vlidel-l’AllkMi.... 

LMII-ke hank ... 
r»l A Mill.' ( ft... 

. man Milken.. . 

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1401; 

125'**. 

136*/ 

13U>; . </ 
339 --au 
8 5i- t la 

12b >4 

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l80’-2 -«2 
323 , 

nsu 

13014 

156 Ij 

3961; — 31* 
165 -I* , 


li 7 a' U'/. Hart iert.„ 4a4 
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13 2'S {«»»»«•■ •Rpjatb.: 786 -1 
I? • *'r! ?«■'*• UDkiPr-mo .. 1 351 —1 

MW.vKeifPr.deO, 4.650 '—75 
lsi ! J 7 .L 1 HM H*nk....„..2,930 | — 50 
im SofdBneb In 10.700 | 


12 | 6.7 : 

12 I 39 

12 |'b.7 

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12 .( SL2 \ 

11 'Bll 

12 | £11 
12 ! 7.4 


i 00 ! 3-0 r^runfcaflimi^.j . 795.-2 aSiT i.V , Bmm.Msdrxl 

1 12 , -4.4 ftmiiuonHrw^u.i ..036.3 .-- 8.5 Ib.ljI'H.d Banco Popular 

, 14 1 4.5 11 * 11 * 01 * 13.60.-i-OJS6 . — j *-■ 8 »nc<K v Saiir#tiiier iSSai 

i J&! &! STOCKHO tM-- ; - V ^; ^[a;g lM 

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Baafcuniar 


40 [ aji 
20 | 

44 I 2.1 


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-. • KwnnKf 


Atf»At!«lir4ujL*5 198 ■' S " 

A J* U»sj f KrAM 14 8" • -g 

79 \ U.l ; j'.'ar 

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MILAN .. r'fif 

— . ^ - BUIanid— j 

Nor. a7 ' Lm | - | Lira: *. LollCi— ... : ■ i J - . 181^— t ja.% | 

7TT7: j — I7“- i Leiujoka.-- — LJ .826 - Ip ' 

AMU...,x 30 • 1 — | _ hiBJt‘<iiX*6MvnXA 114 .Ja . JH aea .. 

da.-uw— - '477 ;*-13 f _]_ tfcnc^ul,.;B'’ KjtW 120. ' r :„l s]\ 

— — — 3.£60 122, 1q0 : '0,5 I jeui &" -'i — i' 

-,2 223 -r 72 1 IM BjSfiS." • ■!, 2 ■■ . 

fintiriM I IE0.25 - 2.2S, _ , 1 

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eWorld food 




warning 



BY JOHN EDWARDS, COMMODITIES EDITOR 


g£f * ' SOME. Nov. 27. 

TwO&LD FOOD and agriculture 
> output .has been largely satis-. 

factory at 5l°bai and regional j *n?j prices rallied strongly on 

1 1 V'!tJ[ 0ar nnrf C0r l in ® t ° tbe J the London Metal Exchange yes- 
Food Agriculture, terday, wiping out last week's 

.-Organisation iFAO). But *he| Josses. * 

t situation in a number ofl Standard grade cash" tin closed 
gives rise to immediate} £150 up at £7,515 a tonne signi- 

regn^ftna. it said. ’ „ _ jScantly widening its premium 

orld food . production . is iover the three months quotation 

D.lh'hi.l. PlUf. C ... CT WE 


Tin market up sharply 
despite rise in stocks 


'.expected to rise by 3 to 3.5 per 
J -rofflt' ia 1978, FA.O said in a 
rfpport prepared for its congress 
-- ' .jnjhe slate of food and agricul- 
.^/X. *gjsre>openinp today. 

VfrSWarld agricultural production 
3^ jesfpected. to show a slightly 
jsauller rise, of 2.5-3 . per cctujaix 
•jjUlaly, owing to a fall in cotton 
^production. 

^-4fowever, long-term production 
rngtS continues to be iosufli- 
. . lent in the developing countries, 
frmf' under-nutrition is very wide- 

erious- flooding has damaged 
" -Ctnps in. several Asian countries 
-desert locusts still threaten 
ty African and Asian ctiun- 
ieiv while the effects of out- 
iaks .of African swine lever 
the Mediterranean and Latin! 


which gained £107.5 Ur £7,395. 

The increase in prices came 
despite a rise jo warehouse 
stocks, up by 215 tonnes, boost- 
ing total holdings to 2.340 tonnes. 
Tin stocks in the LME ware- 
houses have risen in the ' past 
weeks from 1,340 tonnes. 



£ per toms 



neuter reported from Geneva ! 
that first indications from the 
International Lead and Zinci 
Study firuup .staiii-liev commit- 
tee meeting there are that both' 
meialh will lip in ratpply-dcmand . 
balance nr show a >mall produc- ! 
lion deficit this year, according 1 
to Rnhert Dietrich, chairman of| 
the group. ’ 

He added that forecasts of 
1979 supply-demand arc not com- 
pleted. but so far they indicated I 
a balance for lead and posmUJ.vi 


small production surplus fori 
zinc. ' 

which was the lowest level since I ' fifiSB PSlCfi Mr. M. N. Anderson, presi-. 

at least the early 1960s. — ■ { ■ 1 — — — J dent of Cominco, said in Toronto' 

However the market’s ■ per- __ 1978! [ — 1 Tliat b »s company’s zinc sales ini 

form a ace yesterday suggests 1 jut ‘auo sBtneriiSii will be the best for three; 

that Hive stocks are- pot freely ‘ years. He claimed that the corn-- 

available. Attempts lo “borrow" again by 5,550 tonnes cutting puny would he entering 1979 with I 
spot supplies— by buying, cosh total holdings to 390,050 tonnes, “zero inventories' 1 of zinc. I 
and selling an equivalent amount But trading interest remains at Cominco's lead sales this year 
forward — met with a shortage of a low ebb at present, and early are expected to be much the same 

traders prepared to sell cash modest gains were offset later in 1977. But Mr. Anderson corn- 

tin- "" • ' when the New York market mented that ~u lot or us in the 

It was claimed that the market opened on a lower note. lead industry are watching the 

bad been rather oversold. At the Lead stocks showed a modest long-term prospect's of the metal 
same time sentiment was rise of 325 tonnes to 26,850 with some concern." He «usge«- 

^merica have yet to be fuiiyj influenced by a rise in the tonnes when some dealers were ted that despite the recent 

S2es£ed. Penang market over the week- predicting another fall. But there stronger demand and price, - 

Wor ld trade in agricultural ■ e /* d and the bMST given by fears was sufficient buying interest to strength, there were more poten-l covered a set of export quotas, 

products continued to beSH 131 the Bohvian change of hold the market steady and rial “sofi spots" in lead than fori Bin London dealers said these 

hSeeted In 1978 by the low rate 1 Governmfint result in dis- prices closed higher. Zinc values, zinc. i added up to the group’s total 

- of ■ economic growth in most of! ruD ?*S a supplies from the however, lost ground despite the LME silver stocks registered a 1 production and were well in 

J a » _ . _ - * ' Tttrtrln c- CAAAfifl U;nnA«4 n eni4»irtnv AVnAftAfl Fill ■« ■•■aMkAnef. LIa -- - - - 1 - ■ 


Price rise 
in coffee 
halted 

By Richard Mooney 
THE RECENT advance In 
coffee prices Mas halted yes- 
terday when the January 
position on the London futures 
market fell £29.3 lo £1.454.5 
a tonne. 

The downturn uj> seen as 

a disappointed reaction lo last 
Friday's meeting of ihe Bogota 
(konp of Latin American 
coffee producers in fluatetnaln. 
The croup, comprising Brazil. 
Colombia. Venezuela. Mexico, 
Guatemala, El Sahador. Hon- 
duras and. Costa Rica, had 
been expected io announce 
lougb price support measures, 
but Hie communique Issued at 
the conclusion of the talks 
proved something or a damp 
SfJUltl. 

The meeting decide*? to 
increase the group's strength 
in the market by the use of 
the $140m price stabilisation 
fund it set up in August, but 
this came as no surprise. 

Tbc members aisn agreed lo 
co-ordinate their international 
sales so as to amid flooding 
the market with large quanti- 
fies of coffee at one time. The 
only oilier decision reported 



Sfedeveloped'couDtries the FAO 1 wor,d s second biggest producer expected fall in warehouse big rise, up by 2,160.000 ounces; 

* “of tin. stocks, down by 100 to 71,975 raising total boldines to; 

As expected copper slocks feH tonnes. 23.510.000 ounces. 


tfcpoxt said, 
rr ”" developing countries, the 
leans. of trade for agricultural 
Jrts deteriorated sharply in 
first half of this year, afier 
-marked recovery last year, 
ter 


•Rise in nickel 
^demand forecast ! 


Fall in UK grain imports likely j 


BY CUR COMMODITIES EDITOR 


excess of consumer demand. 

The downward reaction 
yesterday was encouraged by 
El Salvador’s announcement 
nf a $24 ent to $152 per 50-kilo 
bag in its minimum coffee 
export price, which was well 
above the going market rale. 

On ihe London cocoa futures 
market yesterday nearby 
prices climbed tn new 1978 
highs. The March position 
ihe day 


j BRITISH GRAIN Imports are to 11.75m tonnes with the maize there is a residua) balance of i 

-{expected to fall sharply in the shortfall being made up by in- 1.5m tonnes of bar lev avatiahlpi closed £27 higher on 

’ i I97S-79 season as a result of the creased use of wheat. for export, which compares with! al £2.213.5 a tonne. 

Sntn?T^rvi ^ l. I ^ )l,m P er hiu^est- The ■ 1978 U.K. harvest is barley exports last season of' 

BCKEL CONSUMPTION In the- The Home-Grown Cereals estimated at 17.43m tonnes. 4 per 2.08m tonnes. Wheat exports are, 

restern world isexpected to rise j Authority predicts that altogether cent higher than the previous projected to fall from 334,000 to I 
i^mt cent in 1979 waiter S>es.i grain imports will decline, by record crop lost year. Wheat out- 300.000 tonnes. ! 

pad or aietaiigesselischaft AG's i.25m tonnes to 6.36m tonnes— put is put 25 per cent higher at A Ministry of Agriculture! 

research: department 17 p er <^nt down on 1977*78 and 6.59m tonnes. The barley crop survey on grain stocks held on 
Vj-.^ia-oere; - -- (oq per cent below the average is estimated to have fallen by farms in England and Wales 

I of the past five years. 5 per cent to 10.02m tonnes, issued yesterday calculated that 

The major fall in imports Is althouch the Authority comments 68 per cent of the wheat crop. 


Hjrsaid consumption next year 
iLalummium should rise 5.2 per 
eft?, -load 3.5 per cent, copper 
per cent, zinc 2.5 per cent and 
n £n*?r cent 


for ishpit u'hiA “ that this Is considered to be too 64 por cent of bar lev 

ST lm e 3 ton n es we r * at C 2 . 67 m a fi ^ ure in some P* «»' oan 


Consumption this year 'has! ]ggZ2£jFff&'&£ 


and SI 
remained unsold 
The Authority calculates that at Lite end of September. 


eed satisfactory, with nickel up j pj^ed quality oftlik y^ar^T O • X A Hi 

= %ssssil. Soviet storage proolem 


uthinium up 6.3 per cent at;„ h “ T 
M8m tonnes, he said. „ 

• Mr Siw .noted al umin i um has 1 Maize 


MOSCOW. Nov. 27. 


Experts to 
study tapioca 
dust problem 


CARIBBEAN COMMUNITY 



Future of sugar 
under scrutiny 

BY DAVID RENWICK. PORT OF SPAIN CORRESPONDENT 


THE FAILURE of the 1978 
Caribbean Community and Com- 
mon Market tCaricom) sugar 
crop lo reach the target set for 
it has intensified the debate on 
the future of sugar as an econo- 
mic activity in the region. 

With export markets under 
strain, productivity dropping in 
many territories and the desir- 
ability of Can com using scarce 
land to grow more oF the food 
it eats itself, the need for care- 
ful re-examination of the role 
of sugar in the 1950s and beyond 
Ls recognised by ail concerned. 

It is true that the gap between 
target and actual output in 1978 
is likely to be a relatively 
modest 2.000 long tons (936,490 
compared with 934,490) by the 
time the second harvest in 
Guyana is over next month. But 
the decline is indicative of a 
trend that seems to have become 
endemic in most Caricom sugar- 
exporting territories. 

Barbados, for example, pro- 
duced 99.256 long tons this year, 
as against 117.911 tons last year 
— a drop of 28,655 tons. St. Kitts- 
Nevis fell 1.730 tons below its 

1977 output. Jamaica produced 
16,140 tons more during this crop 
than it did last time but the 1978 
figure (301,500) is an alarming 
51257 tons below the level of 
two years ago. 

Trinidad and Tobago is prob- 
ably the most distressing case of 
the lot. Its ourput this year was 
a mere 144.734 Ions tons. 28.471 
tons less than 1977 and 55.696 
tons below the 1976 figure. The 

1978 crop wl 5 the worst in 26 
years. 

Tf it weren't far Guyana, 
which because of topography 
and other factors is able to 
reap two crops a year to every- 
body else > one, the 1978 
Caricom sugar harvest would 
have cut a very dismal spectacle 
indeed. 


Guyana is confidently expected 
to have produced 350,000 tons 
by the time its second crop is 
processed. 108,473 tons more 
than last year {when a 135-day 
strike paralysed the industry) 
and 17,543 tons above 2976 
(probably a better guide). 

Guyana has, therefore, attained 
one of the treasured ambitions 
of Forbes Burnham, the Prime 
Minister. In overtaking Jamaica 
to become the biggest Caricom 
producer for the first time ever. 

It is perhaps not surprising in 
view of Its steadily worsening 
performance as a producer that 
Trinidad and Tobago should be 
in the forefront of those assess- 
ing the future of sugar growing. 

Dr. Eric Williams's Govern- 
ment has appointed a committee 
to make recommendations on all 
aspects of the future of sugar, 
including possible additions to 
Its traditional roie as a 
sweetener. 


Ability 


He is on record as having 
urged his Caricom colleagues 
during negotiations for the first 
Lomd Convention with the EEC 
not to get too distracted by the 
question of sugar to the exclu- 
sion of other concerns. 

That was comparatively easy 
for the Trinidad and Tobago 
Prime Minister to do. since his 
country is the only one in the 
region with the financial ability 
to support a programme of 
economic diversification and. 
perhaps more important, the 
natural resources to provide the 
energy and raw materials 
reouired. 

Other C3ricom estates are less 
well endowed. They must of 
necessity tread carefully in their 
appraisal of sugar's continuing 


role and function in the overall 
regional economy. 

The direct employment of no 
fewer than 150.000 sugar workers 
in Trinidad and Tobago. Jamaica, 
Guyana, Barbados and St. Kitls- 
Nevis is involved, not to mer tion 
the half-a-miliion dependents 
these people have to support. 

There is also tbe quesuoo oF 
foreign exchange. Sugar is one 
of tbe chief arners in most of 
the territories concerned. ■ Sl 
K itts-Nevis, for example, was 
only able to ride out the sleep 
rise in oil and other import costs 
in 1974 because of its high 
income from sugar that year. 

In addition, a strong school 
of thought contends that, dollar 
for dollar, cane is the best user 
of land and existing acreage 
should not be turned over to 
other food crops. 

The problem of what to . do 
with the millions nf dollars tied 
up in factories and machinery 
must certainly also loom large 
in any consideration of the 
future of sugar. 

WTien the Trinidad and Tobago 
committee reports before the 
end of the year, some idea of 
the kind of approach that is 
being recommended for the 
suaar industry should become 
evident The committee is 
unlikely to suggest that sugar 
has no future as a domestic 
crop, because the internal 
Caricom market for sweeteners 
is growing. 

Indeed, three of the smaller 
islands which went out of sugar 
many years ago — St. Vincent, 
Antigua and Dominica — are jiow 
returning to it as a means of 
supplying local demand and 
saving the foreign exchange they 
spend importing the product 
from their Caricom neighbours. 


my 'recovered from the sharp 
insumption fall in 1975. Current 
TC)s were 7 per cent above the 
.-evious high seen in 1974. Lead 
iff copper were now up to their 
£Vious highest consumption 
wals. 

Jtnpala Platinum confirmed it 
•d; raised its world producer 
fee for platinum from $280 to 
Wan ounce, Rnstenburg 


BANGKOK. Nov. 27. 
THE BELGIAN Government is 
si*miing experts to Thailand soon 
to help in solve the problem of 
air pollution caused when un- 
loading tapioca, director general 
of the foreign trade department 
Bijr Isaraena told reporters 
here. 

The problem could be solved 


Pakistan faces crops failure 


, . imports are also SOME OF THE record Soviet of grain are still in hales.” 

] expected to decline from 3.46m grain harvest this year is being The article follows tha Norens- if tapioca pellets could b® made 
tonnes last season ny 8 percent left in the fields for lack or her 4 disclosure by Premier ■ smaller, but it is estimated the 

to S.2ra tonnes this year. But storage space, according lo the Alexei N. Kosygin that this ! technique would increase the 

maize used for animal feed is Communist Party newspaper year's grain harvest is estimated . production cost by DM20 per 

forecast to decline by 18 percent pravda. to roach 230in tonnes, the 1 tonne, he said, 

to I.4m tnnnM against 1.71m j n an article headlined highest in Soviet history. I Pollution caused by tapioca 

tonnes m 1977-/8 and a five-year M Where to winter the harvest,” The figure is far above last; tinloadinc at ports of destination 

average of l.87m tonnes. ; pravda said warehouses and year’s disappointing 19H7m I hits prompted some EEC mem- 

Total, usage of cereals., for gf^Ln stores were not adequate tonnes and exceeds by about! bers to seek a cut ia tapioca 

aDimai feed is forecast to show to "store" the grain and “lo dale 10m lonnes the 1978 Soviet plan imports, he noted, 

only a slight drop of I per cent hundreds of thousands of tonnes target. I Reuter 


PAKISTAN IS facing the 
prospect of a poor cotton crop as 
well as a disastrous wheat 
harvest this year. It could thus 
for the first time suffer a failure 
of both its major crops in the 
same year. 

Government ministers confirm 
that cotton production will be 
700.000 bales below target at 
under 3m bales. The crop has 
suffered chiefly from heavy rains 
coming late in the season as well 
as pest infestation. When the 


low output was first predicted 
late last month there was a run 
on tbe cotton market and prices 
shot up 25 per cent from Rs 400 
to Rs 500 per maund (about 
37 kilograms). 

The Government has said that 
if necessary exports will be 
curtailed to ensure that the 
domestic market ls supplied. 
Estimates vary on the precise 
size of the home cotton market 
But if it is as high at 2.3m 
bales some exporters will be 


ISLAMABAD, Nov. 27. 

unable to meet their commit- 
ments. 

There have been calis for a 
temporary ban on exports from 
owners of textile mills, particu- 
larly as the Government has 
re-opened closed mills in an 
effort to revitalise the industry. 

As a result of this year’s failed 
wheat harvest Pakistan is spend- 
ing between S250m to S300th'iu 
foreign exchange on imports to 
ensure domestic supplies of this 
staple food. 


OMMODITY MARKET REPORTS AND PRICES 

BASE METALS 

a5^f*fcK — Cvrir cfaaiHKtl . 

wen Metal Bxcbuse. as tb_ - - - - _ 

b-WA Jn a narrow nage tbrouKbooi W\ rebars ttareo months £?80, aOJS. CT. 

! • day with modest vottanes traded. Afternoon: Wfrebars cash £fS9. three 


Amalgamated Metal Trading reported 
Put In the morning cash whrebars 
traded at £761, 60.5. 6fl, 60J, three months 
tha £778. 70.5. SO. PO-S. SB. SI. 80.5. Cathodes 


rft* the morning 
K to £783. bn an 
when Gomez 


tC expected. 73 k 
ri> was £779. T 

clostnc price on the 
u mover 19,*» tonnes. 

1 

•LIB. 

4- or 

p.m- 

H-Or 

PPBB 

Official 


Unofficial 


reboro 

£ 

r 

£ 

£ 

h ...... 

760.3-1 

+ .5 

7BaO-B.5 

— 1-fl 

wnltia. 

7BO-.S 

+ 2 

778.5-9 


U’m'nf 

lodes 

761 

+J? 

_ ■“ 


h-. 

749-.S 

M..M 

746.5-7.fi 

— X 

MtHn.. 

7BB.S-9 

+ IA 

766-5-7^ 

-1.75 

tl’in’ni 

749.5 


— 

...... 

LSrot„ 

— 


•72 

1 M 


started lower 19. 5. M. 


• - 

a.m. 

oiri.-iai 

1+ or; i*.m. 

+ <» 

T!.\ 

— ftTneffKial 


Hlrii Grade £ 

£ £ 

£ 

tarn- 

7510-25 

+ 126 752&-S6 

+ 160 

S mouth*., 1 7390-4 10 

+ 185, 7400-20 

+ 110 

A-ttlem’t. 

Standard 

7625 

+ 126| — 


'.-Mb 

7610-6 

+ T38- 7510-20 

+ 160 

3 months 

7380-6 

+ 96 7390-400. + 107 

SeuieoTt. 

7816 

+ 1M. — 



filtailv H. 
IfowTrerid 

:?1B76 

+ 18 - 



Shipment east coast EEC unquoted. 233.00. 133.30. nil. oO: Nov. 127.50. 123.00. 
Maize: U.S./Frenrh unquoted. French nil. nil: Feb. ini.05. 132.50. ml. nil; April 


Values advanced H their condition. »«•! i "St *5? VaM - ^ Sa,cs: 19 ' 

sSTt^ideS^ccoumed^for 5 much* ASS?? WOOL FUTURES 


PRICE CHANGES 

Price ia tonnes unless otherwise ataled 


COCOA 


XeMOMay’.i + or i Buslneo. 


C1-.MJ — 


1'nue 


VK. Barley: Knsllsh feed fob IVc. S5.M. _ „ . . „ _ 

Jan. -March KS.OO. east coast seller. Jan.- LONDOH— Dull and feamreless, reported 

March as paid. April June BLOO foh. Buche. 

MARK LANE — Lively with keener mcr- i»Pencg per talol 

Milling wb=at Australian TT urerv'^s-l- ur. 


March ZS 15.0- 14.0 [ + 27.0 222< J-2 190 

May 22M.0-3b.il |+ 19.0 2247.B-IBJ 


business- Also aiding the upward trend 

was attempted borrowing of cash Standard, three months Z7.S85. 7,418, July 2238.0-52.5 1+17.26 2240JL15A 

material which found a shortage of 7.400. 7JWL Afternoon: SuuxLard. cash Sepr 2210.0-11.0 1+26.0 2212.0-2198 

leaden and earned tbe backwardation £7,320, three months £7,380. 80. 95, M. 85. Dt+ 2158-0-60.0 1+ 19.5 212041-56.0 

' ‘ ' ‘ ‘ 1.0 — 


chant baying Interest- _ 

delivered London: Dec. 94.00, Jan.'Feb.. - Greeny Wool, Ch+o i — 
March 97.50. April May. June 103.M. 

Denatirrable quality wheat delivered Ejit 
Anglia Die. 9 L00. Jan. Feb. Td arch M-25. 


Hi. ai new 
Done 



Hero. 87 

pc 1 Month j 


1978 

" | ^ 

Metals 

A lninin^nff ni „ 

£710 

I - 

(£710 J 


•7KWROK i ■ to wldrn to around 030, despite a Use Kerbs; Standard, three months £7.388, Unn-h 2IS0.IM0.0 '+18 

7B£B;B.B U-1J wa6ouK mocks, compared with £7.488. IS.. — „ 

about £80 on Friday. Forward meial LEAD— Marginally ft-nwr Jn quiet Sales: 8.944 >4.400 > lots of 10 tonnes. 

moved ahead throughout the day, oven- trading. After rising to around £395 on 

tag at £7.330 and ending at the day's the pre-market on csux-ctartoas of a fall eca is per pound i: Dally prices Jar Nov. 34 brackets'. jU in 

highest JctcI of £7,415 on the Isle kerb, m warehouse stocks forward metal eased 197-95 (1K4.93I. indicator prices Nov. 37 touni-. Common 

Xonrover 1.135 tonnes. back to around £391 In the morning rings 15-day average 182.35 iJ&.l.r; 22-da* its.ftt. rrsi ntl'. 

Morning: Standard, cash £T<480, T.S10. as the stwdu figure showed a modest 

throe months £7.340. 45. 50, M, 83. Kerbs-- rise. . However, the mnifeci edged up 

thereafter redo ding modest short cover- 
ing which saw Ihe price close at £384 6 
on the late kerb. Turnover fi.BOO tonnes. 


Free market (eJslJBI.I&O/SOI IST14D/B0 

Copper cash W B«r£769 Ul.B fC7E2 

3 months do. do^£778.7&L £773.25 

Cash Cathode i£T47 (—1.0 UJ740.5 

5 months Da doJC767 f— 1.76^2762 

Gold Troy at.,8 197.876 -3.75,8245-126 

Lead rash- -.£423.5 |+3.25(£436.66 

'6 


h Index Limited 01-351 3460. One month Gold 199.75-20L25 
Lament Road, London SW10 OHS. 

1'. Tax-free trading on commodity futures. 

2. The commodity futures market for tbe smaller Investor. 


MOTOR CARS 



m Vehicle Leasing 

IS* Any make of car or light van, available in UJC. 

supplied - many for immediate delivery. 

X * Choice of Leasing Agreement options. 

!#or further information about our Leasing Seivices 
TELEPHONE 44122 (STD Code 0783) 

COWiE LEASE LIMITED, MfLLHELD HOUSE, HYLTON ROAD. 
SUNDERLAND, SR4 7BA. TELEPHONE 44122. TELEX 537065. 



RICHARDSONS 

— FOR TRUCKS 
• I OLOaURY. BIRMINGHAM 
0H-S52 ZSOS. Tate: 336195. 



Gardner Engined Guy Tractor 
>5^. low Mittal coat. Lew fuel 
/ gswmmoa. Low sura eriee. Proven 
i ^lllt». Makers fuH .W s rr a wtr. 
- I «ft*d qnuttty svaHsble. 


RICHARDSONS 

FOR TRUCKS 

- OLDBURY BIRMINGHAM 



.tarry Jprcalon. 021-552 2803. 
re- 336193. Imnediats dsfivwry on 
Bedford snd Ley land chush. 

1 Mf-drlve hire— 

rat* for short- or taB - lt ns . 




FOR 

OPEL IN 


WEST LONDON 


122-124 King 5 omc, 
HMSDMrsaiKh W6. 01-748 0821, 




|earmains 

kThe Southern Zones 
jT Top Selling 
•i* Opel Dealer 
Tel: (63446) 2067 & 3821 


iR GUERNSEY 

BAHJFFS_ 
KfflSS GARAGE 
BTAmmvrs road 
oubiimcv 
Tab dwsii jjs*i 
gwa mioBgwa 


TEST DRIVE In ESSEX 
FAIRFIELD PERFORMANCE CAMS 

THE OPEL CENTRE 



April Map John 38.00 Barley, delivered December ... 230.0-17.0' ’ 

Ejti Anslia- Dec. Jm., Feb. March ; Sgi glfjt l 

88.30. April May Jun>- MJO. May.....™.!! 23 b!o-40.0 ....„ 

EEC IMPORT LEVIES— The following July .......... 2C£MM5.0 ....... 

IrviL-s and premiums are eflectlve for Oi'Ulicr ^24O.ILai.0 . — I 

, , Xuv. 28 Jn ordtr of curreoi levy plus Dec.. Dhmdi her .>.240.0-44.0. 

tMcroaUoMl Cocoa Oroantaatkoo if.S. j a n. and Fob. premiums uriih pro vlons In March 240.044.0,-2 ! 

*'-** i— »»- "* - •• units of account per May :24O.B-44.0 ; — 2 

Mheatt T7j OS. rest nil s'al es: u i:« tea of 1400 fegT 

unntra vrnvir: luf.s*, BRADFORD— TH1 1 marher T*'naln#ff i 

svL-raac iii>7 (isiajj. rt+.t ml iUUTS. rest mJi. Rye: Tb.ffi, rest deprciSid. Price* showed no change FlaMnum troy oa~JJ156 

CQ h ' FK Fr reS * n ^*’ nIS*» allhouBh. vdth sterling fractionally softer, Markisv.. 169 


ID 


3 month* ■, 

Klckol 1 j 

Tree M*rkeUeif)(Ib> 1 81.68 


1.82 


+ 3.26j£413JU 

CI“ 51.78 
[ 1 1.BB 

[. J>£14B 

_ m m iiiim , U-2.7bJtlB6.85 

nil rest Dili. Oats: 7S.24. rest nil ifaerc was some resistance to selling even Qntebailver ]S140l58]-«.......|# 122(27 


,,-11, . _ .tii . trtSS. rest mli. Main ’Oliwr loan hybrid niore cheaply. Middle Eastern disturb- SDv©rtr«iv'oi-.-~.~'310.Bp 1—0.6 1298. Ip 

R0BU5TAS opened sharpl.v lower and 73.93. rrsi nil ron m}L ances were a 2 acting export maritets 3 uuxuha — |318.D6| 


nri 


DEAD 

Official 

r-_. 

rnofflolal J "— 

Caeb. — ... 

[ C l £ 

411.8945, +4.6 

£ 

- 413-4 1+5.26 

3 tnonlhn . 

S95.5-4 

+ 3 

3.2--5-6.5.+5.J6 

f+rt'ment 

412.fi 

+ 4.5 

— ! 

CA 8|wlJ 



•36.36 l 


p,m. |+ or 


Morning: Cash £412. throe months 
£390. 904, n, 82. 93, 04. Kerbs: Throe 
mouths £389, 04, 93. 06.5 M, 07. Alternooa: 
Late Wot. £410, 21, 12, 13, three months 
xm MJ, 04, 04-5, 93. Kerbs: Throe 
months J334JL 04. 94.3. 

ZINC— Easier In very quiet and routine 
trading. Forward metal trotted la a 
narrow range, opening at £302 and 


Tnrwwer 4,675 tonnes. 


despite a rally around midday persistent Buckwheat: Ml. ro.n nil InlL rest mil. jup-, - Tin Cash £7,815 +160.elt7.907.6 

^^! L 1 t „^h y , m rL t , i r mhu , r ? MIMm: M72. re^ nil. 1^ f«4J2, reM nil SYDNEY GREASY -Clow .‘In order 3 months |iJ7.3flB +107.6bE7,675 

S h r ; . D r T , C”’".. -m heiw i WAS , rom nil bustMMi ^1, Micron Tungwen tx) 9141.IB |S141.U 

K X-rUSSSJrSSXZ «“*■ «*« n« guh«)gn.n 

TIITDDED nil, nil: Oct. 302.!. 2W.0. nil. nil; Dec. Producer*— [87ZO ; 1 

ntirDEn MiO. 366,0, nil. ml: March ."-*8.2. 370.0. 

UNCHANGED opening on the London £*■ nU: May SS8S - =n o - aU * S * ks; Coconut {PhUL— . 
physical market. Eased higher daring 


mogjLnja in Bogota. This 


ZINC 


•an. 

OfBolal 


i+ or i 


£ 

352-8-3 


583-4 1+1.25! 


£ 

+ 1.51 


p.m. |t+or 
Unt»01ete]| — 


C0PFJB8 

Yoatonlay's 

Clow 

•h or j Be* In are 
— | Done 

1 


£ per Uioue 

Nrroeiuber... 

January.... 

1593-1599 

1454.1455 

1308-1309 

1237-1240 

1201-1205 

1167-1170 

1140-1150 

— 02.0 1515-1570 
—29.5 1470-1441 
— 45.0 1325-1502 

—51.0 1260-T232 




tieptamber .. 
November... 

-62.5 1190-1167 
— 46.0 1165-1 MB 

• 


Se day. dosing on a weak nme. Lewis SKPStST 

and Peat reported the Malaysian Bodown 

nrict was 546 iMTi cents a kUo (buyer, -"^ren iklo. l£3.a. May Uv.o, 

July 1WA 18741: Oct 150.8, 193.0; Dec. 

jjacejnovr). ,63.5, 1PT.0; March 194.0, 18$. Oi May 

j j | 194.0, 198.0. Sal« aiL 

No. 1 iYenerday’u Poavtoaa \ Bostaeu 


a8.5. j Clow 


Clwe 


Done 


I 1 1 

J»n ! 59.75-80.00' E2.9S-fi3.00j — 


MEAT/VEGETABLES 

SMITH FI ELD— Pence per poond. Beef: Gialna 
coich killed sides 54.0 :o 5S.0. Eire hind- Bariev.. 


Oflfi 

Coorrnu* (Wiil)-— 

38701 

+ 5.0 

S9lO 

t 


£336 


£326 

Palm Malayan— 

5595a 

-6.0 

9640 

Beads 

Coptm Fbqjp 

Soyabean (u£.) — 

see Ot 
9381a 

+ 10.0 

S6XO 

9398 





£ 

SBO-1 , 
361-2 j—5 


Soles; 3,621 1 3.823' lots of 5 tooiK-s. 

ICO Indicator prices for Nov. 24 fl'S. 


Scotch awed sides sj.-i :o as. a, Eire hind- Bariev. ' 

quarters 60.0 to KL0, lorequanere 38.0 to Home Futnn».~|£fM>.95 (+0.BGl£82 

Voal: English fats $6.0 to 72.0. Dutch 


Teh 80.4D-ED.90 62.5062..., 

Jin-Mar 6Q.&-60JO B2.80-aj.S« B1.7D-80.B8 

Apr- .Inc 63-40-6i .50 65.3665.40j 65.10-EC.5S htnds and ends 86.0 to M 

* cents per pound': Colombian Mild" J l.v-h*«pe E5.65-lS.7D , 67.B6-e7.75| fi7.D0-65.70 Lamb: English small 

1-3.6 Arabics* naSs J in hm unrated OeuUe.- 67.85-bB.M 6S.tt-70.00! 57-80 medium 50.0 to 54.0, heavy -. . 

L3 Aroblcas 148 00 isaraer other mild Jan-ilnr 7fl.15-70.30 72.15-<2.50| — Scotch medium 50.8 to 54.0, heavy 44.0 to m2’® 1 *' 

553 5+1.51 — Pi.... SSEK |4?m nebulas IC* Afr-Juo 72.56-72.40 74. 60-74.65; 72.50-72.40 tt.O: Imported frozen: NZ \”L5 45.0 to 48.0. hn gl lah M i ll ing t|£94 

- I t-53.5^.5! fCA 1088 74,66-74.70; 78.75-73,30, 76.20-74.66 to* , E W. , under 100 lbs JM to Coo«jUpm«t..-.||.E4 

~T . — 141.00 1 140.08 1 . Daily «V'-T»Su 14JJ4 ■ ! 46.P. 100-120 lbs.+sO to 4a.O. 120-180 lbs _ rulura Mar 


( 141.50). 


r 

Cmib.„.„J 

7 months .{ 

S'ment... 

Prhn.tr end 

Morning: Three months £300. 81, m.5. 

63. 63.5. Kerbs; Ttuw months £384- 
Afternono: Throe . nranths E3S3. GLS, 

63.3, 63. GL3. 62, 01-5. Kerbs: Throe 
memos £301, 81 -L 

ALUMINIUM— 5tamtar in mder trading . ___ 

with the market . latdduR Ihe stimulus crops opimcd 55p higher on wheat GOp up 
of physical business. Forward metal on barley. In a fairly nervous market 
traded throughout the day between £037 wheat traded JBp higher. Some profit 
and £037.5. Turnover LS2S tonnes. taking was seen hut good commercial and 

country buying kept values steady. In Ihe 
afternoon session values cased bade 
slightly an commercial selling to dose 
36-60P higher on the day. Barley Initially 
traded 60p higher but commercial and 


jj‘° 7= D * Dn5ci Peach No. 3 Am.lfilM.5fil 
vy 59 «, 0 T ?o 50.fr 


GRAINS 

LONDON FUTURES 


Sales: None at 5 tonnes and 308 
f206j lots of 15 tonnes. 

Physical dosing prices (buyers) vere: 
59.jp 1C.31: Jan. 60.75» 162-25C Feb. 
(GAPT A V— Old 8LJ5P 1 63.25*. 


XT.O to 43.0. 


Coffee Future 


SOYABEAN MEAL 




un. 

OfllrU 

t+« 

P-»- 

t-h* 


Spot. 

3 ronotha. 

£ 

607-8 

-LSffi 

£ 

807 Tm 

+TtS 


reported. 


noon: Three months £807,7-5. Kerbs: 
Three months £807.5. 

• Cents per noimd. t CM par phaH 
ton previous unofficial dote, 


SILVER 


Silver was fix 
spot delivery 
yettertiay at 319. fip. U.5. cent eqotvalems 


filed ejfto an ounce lower for 
’ In the 


WHEAT 


BARLEY 


[Yesterday' 

H + «* 

Yesterday’s 

+ 

M'ulh 

ClOM 

1 “ 

dm 



92.10 

Ufl.15 

84.60 

+0J56 

filar... 

94.58 

1+0-00 

88.99 

+8.25 

May.. 

97.00 

rfll.55 

89-50 

+8.3 B 

Sapi-_ 

89.45 

1+0.20 

83.35 

+0.20 



Testeraay: + or 
Clone ( — 

Busfoesa 

Dojia 

December.-. 
February — 

April 

June — __ 

Auquat 

Ocioher ...— 
December .- 

Cpertonuej 

117.60- 19. 0+0-3 
128.70-2S.8— 6.96 1 
126.40-266— 1.3 

124.00- 24.81 — Q.W 

124.00- 26.0—1.0 

122.00- 24-3'— O.B5 

122.00- 24.0! -0-8 

20.00- 18 M 
tt.lft.2B.ro 
20.50-26.50 


Grouse: Young b«t feachl 180 0 to — - — -••■-iff 1.464^1—89.5 £1,447.6 

520.0. Colton ‘A Indes^. B0.16c 78 .25c 

Partridses; Young reach'* 2<M.O to 248.0. Bobber Wlo._-. ‘69. Bp 

MEAT COMHISStON— AverafiL' Ulstocfc Sugw (Baw) ^99 

nriccs at reproaeoraBv+ markets on Wooltope 64etkflo).'274p { ._,>8B6 d 

November 25. GB cattle 67J5p per — 

kg Iw i-Oiff*. UK titeep I32JO per kg * Nominal t New crop. S Unquoted 
•M dew £+0^1. GB tHes 64ip per kg n Nov. Jan. oSepL rHov.-Dec. u Jao. 


~ Sales: SI (187) lots of W0 tonne*. 


SUGAR 


... . . Business done— Wheat: Jan- K.40-91.00. 

Ofthc ftslngle vela Vfcrc: spot Ml. 8c. down jjareh WA0-W.45. May 67.^0-9055, SepL 

—3c: three-moo ih «12.0c L down 2 .5c: sis- {©.oiv^b.m. Sales l«L ^ . 

month 823.6c, down 1.5c: and 12-momh Bariev: Jan. m >m-S 4 60 March 87.39- dcvelop<-d lo December which goes off the average M.Dp (+0J>- 
^??'J? C - , ,'-. fl . 0Wrn nli^nir V '«■»■ Mar B8.75-S8.53. Sept. 83.3583.33. on Wedu.’sdaj. Lo«cs COWENT GARDEN— Prices In eteritag 

3il.6-3I2.5p iSOO-MOcr and do««l ai 309.9- salos 1M. SaU iwbiis were recorded, reported m natksze exact* where ath+rwte* 

SMAp tSW-SEci. HGCA — Average cur farm spot prices Cxantoww. 

for week endlm: November 23. Other 


SILYBE 

per 

truyoz. 


Spot 1 

3 tnontfan 


Bullion 

fitting 

prlro 


i+ ori L.SLB. 
cln»o 


310.6 

31B.C 


h-0.fi 


ml D I iru wheat SAY. fiP.Ofl, Bast 9DJ0, 
EaM Midlands SS.40. West Midlands 88.30, 
N.E. ffi.M. Pf.W. S8J0, Scotland »2J». 
UK 89.10. Feed barley S.E. n.SO, S.w. 
Lh -Wi t*.M. East 75.60. East Midlands 78.20. 
« West Midlands 77.30. N.E. 77.40, N.W. 



! 

Prof. 'Yeuerdayy Previoui j 

| Business 

Comm. Close j Close 

Dona 

Con. ! ; j 



J lUMUBUtOiO-VOl 

6 month* . SSB.Zp 
13 memthaj 339p • 

’ (other) 91.00, Feed 

LME — Turnover 17B fB31 lots of 10,000 SjS,®? 9, IF * w,i •“'•“y 


per package except where otherwise 
stated. Imported Produce: Lemons — 
Italian: 120's new crop 3.0-5.50; Greek: 
4.6D-5.80; Cyprus: Traps -I.s0-5.a0; Boxes 
144/163 5.50-6.50: TflriuSii: 10 toJos 2.40- 
2.60: Spania: ’Trays l.oo-LW. Oranges— 
Spanla: NaveJ/Xovelinas 2.7tMJ0: 5. 

Africans: Valencia Late 2.50-3.50; Greek: 
Navels 3.00-4. So. Oemcnt i ne*— Cyprus: 


.B 31^ SP.-^ O Doc. — 1105.NLtt.75 IC9JKWW.26 188 J6-BB.7B 10 kQos 3.40-3^0. Satcnmas-Spanl a: Trays 

_ \ S.Z 2^> d S*!uhi SSS March . .1110. 10- W. 16 712.28- 12.ail2JB-W.Dfi 2JW-3.00. Grapefruit— Cyprus- 2JO-3.7D; 

| Miattas wheat (hroadim^O. Mumwwtam »f*y 'lli.05-16- 10 114.70- 14.MU4JO-15JIB Israeli: Jaffa 6LT5 S JO-3.70: Cuban: 2.60; 

tUhTS Am- , 1 16.90- 17.00, M8.00-1B. 10 1 1B. 00- 10. 75 Texas: Red Blush 3.40; Florida: 3Jlfr 

nriey eg.ae. . e euruary 0lff im.oS-W. 15 130.90-20.96 120.75-20.00 Turtash: 2.4IW.60. Apples— French: Gql. 


FiNANaAL TIMES 


bv i-fijBi. England and Wales: Cattle to Dec. x Per ton. (indicator prices.' 
numbers down 0.4 per cent, average 
prlre 8&£6p f— OJMH. Sheep numbers 

dawn 14.4 per cent, average price Z33Jp 
4+t-li. Pig numbers up 3J per cent, 
average price 64Jp f— 0J9). Scotland: 

Cattle numbers no 3.2 per cent, average 
price 79.2*0 f — 0.117. Sheep mtmbero 
down 17A per cent, average price 128. 0o 
<-LTi. Pig numbers down 14J per rent, 
average price 643p <— 8J:. 

MEAT COMMISSION— Average fatstodc 
prices at representative markets on 
November 27: CB— Cattle 68.12p per 
kg.l.w. f+9J21. UK— Sheep 13t5p per 
kg.esLd.c.w. (tIO'i. GB— Pigs G3 *d per 
kg.I.w. i— l.ll Eoulaad and Wales: Cattle 

number down 4.3 per cent, average price 

LONDON DAILY PRICE 'TT*r augarl BT.TSp <^-0.44>; Sheep down 3.7 per cent. 

£96.50 i same ■ a tonne of for Nov.-Dee. average I35.4p t— :.’i; Pigs down l.D per 
shipment, white sugar dally price was cent, average 63. Sp 4— U>, Scotland: 
fixed at £101.00 ■same. Cattle down S.O per cent, average 70.02p 

The market lacked incentive for buyers i -0.711; Sheep down 5.8 per cum. average 
and as pereisieni long liquidation I28.9p f-l.0i; Pigs down lOj; per cent, 


New York 
commodity 
merger talks 

By John Wyles 

NEW YORK, Nov. 27. 

THE SEARCH for Dew align- 
ments in U.S. commodities 
futures trading has now brought 
together New York's four largest 
commodity exchanges in talks 
“ to discuss the feasibility .of a 
merger." 

— ground for a merger was 
o5p' — o.fi j30(L6p ! thought by many to have been 

j ast year J our 

exchanges moved onto a common 
trading floor in the World Trade 
Center in lower Manbattan H 
Since then the four have dis- 
! cussed combinations with other 
exchanges and among themselves 
I but now they have moved on to 
j examining the logic of a com- 
i prehensive union. 

They are the Commodity Ex- 
change, which has had formal 
talks with the New York Stock 
Exchange and the Chicago Board * 
of Trade, the New York Coffee 
3Dd Sugar Exchange, which has 
been approached by tbe Chicago 
Mercantile Exchange, the New 
York Cocoa Exchange, which has 
75tj+l.B )c94.5 l been talking with Coffee and 
+5.2S£97 ’Sugar and the New York Mercan- 
+ ri' rpS a?o ' ti,e EwhMge which has pre- 
+S5S3Sii vioi,s, y had discussions with the 
Commodity Exchange. 

Each of the exchanges is 
anxious to encourage the creation 
of an entity which would be a 
. more effective rival to commn- 
jditles trading in Chicago, but it 
is not clear to what extent each 
is prepared to submerge its own 
interests and identity in pursuit 
of that goal. 


19720 


(£102.75 


.0 f65.26p 
— 1£107 


■Jov. 24 

No*. ZB| Ninth ago 

Year aqe 

265.28 

362.961 266.62 1 

242.27 

(Bare; July 1, 1952=100) 

REUTERS 

-Vov. 27 

Nov. 2*J Month ago 

[ Year a gt 

IS24.7 1 

18 19.8 1531.1 

1497.5 

(Bur. September IS. 19! 

DOW JONES 

a=im) 

DOW 

Jones 

a*w : s**v. [ Nunlh Year 
24 J 22 1 ngo ago 


398.991 


Ipoc ;597.4ta9u4.84k397.7a36d.l7 


;95. 68 395.37)320.8 1 


(Aver age 1914-25-26= 109 1 

MOODY’S 



.\"V. I 


YET 

Moody’s J_ 24 

21 1 

aqn 

«p' 

jpte OomnuvIOSB.S 

y 85.4 

828.9 

422.5 


rDecenber SI. 1931=108) 


LMb — 'I uruuver kb rini mis ta ju.uwi Mlilliia whHi llmxil ik u UUIIu w liu-in-OMB iiiub.bi.iw HRpa— tisaia; not- 

OS. Momtac; Cash 3MA‘ three months KJ™.? ’S'r gS" MvtrbS 122.80-22^0, 123. lMBJBtiajfr.22. 16 «»«» DeKdOUs 2« lb 72 2J», M L&. 40 lb 

516.5, iflJ. Kerb: Time monifaE 318.4. JSEl nto mam " 9 Man-ii ..|126.0&-26.5O:i26.7M7-<& - 138/I63rira :SWM. -iumhle pari: per lb 

19.3. Afternoon: Cash 309.4: three months HCCA-Lo^atta^ cTterm snot dtIck. ' ? Cf 3imy Satah M » 73 2JS. 64 


. ... _ HGCA — Location cx term snot prices. 

w* ” A "L 4 - OU* 1 HfiUBB 

17.8. 17.7. Kurb : Three tnaauiB 31i.fi. « M e^j b, 

17.T, 17A 17.8. lfii 18.1. 17A, 17.7. 17A CsmbridBC 

. , _ . | . . _ _ „ Tbe UK. monetary coefficient for (bo 

fi Oil If]V • week b+tflnnln* Dtremhcr 4 i based on 

wx Avn . ]I CCA cBli-uladons/ is expected to 

Spur and CUpniBni sales In Livmnwl dLcreasc to 1XC9. 
ammuitri) Ip 272 tonnes. Fair - overall IMPORTED — Wheat; CWRS No. ) 13j 

demand corerod a iridr range of quail, per cent Nov.-Drr. 95 75 Tilbury. L’.s. 
ties. Occasional operations were utvn- Dark NorUn-rn Sprmq \n 1 14 por com 
Honed In Middle Ksstorn Myles, cblvlly Nor nnquoM. Her. »i 50. Jan. KIJ5. sell* r. busim.-^. >alrs 
Turkish and Russian, aiibouzb African transhlutncnt oast coast. U S. Hard Winter nil 



Lower Soviet 
cotton crop 
forecast 

WASHINGTON. Nov. 26. 

COTTON BOLLS in some re- 
planted areas of the Soviet Union 
have still not opened fully and 
frost and cool weather in October 
slowed the ripening, reports the 
U.S: Department of Agriculture. 

The Soviet Union's 1P78-79 
cotton crop was estimated by the 
US DA’ on November 14 at 12.5m 
bales (4S0 lb net), down from 
the record 12.7m harvested last 
season. ’ 

USDA’s Foreign Agriculture 
maeszine reported seed eottrm 
deliveries are lagging behind last 
year at 7,Sm tonnes on October 
25 against Sm at the same date 
a rear earlier. 

Weather has been more favour- 
recent weeks, however, 
and the harvesting rate has im- 


JSSfi. best smaB 0JM7.M: lance ritioned | proved. aJthnueh ant enouqh to 

* CiiTawI 1S9-XM. i ca l r . h up with '«■» VP3 J"s CTOp. 


Yarletiei were not oc&kctcd. 


£171.00 '£172 50* for export. Ih Williams Q.U-0.19. Passaerassau*; 0,09. 

Intertufianal Suflar Agruimtit *UJS. Gratwt— Spanish: AIBWria 
won Per pound* fob and stowed Cat-lb- 2.40-2.50; Italian: While ,^i.« ,, nn r- *r,. . 

btaa port. Priros for Nuv. S4: D«Ur blait rihjjws 3.W-2.29. Boeauas- E '- ww 3-«)- beds O-TO. fiallhe £4. DM4. 40 The Worst difficulties anpear to 

7.74 -rln- i5-du>- averazv ..9* iS.8!* Jamaican: per lb 0.14. Avocados— Israeli; dr 

WHITE SUGAR— Cloi* ‘to order buyer. 3.80- 1.M). Moloni— Spanish: Greet] 4.00- 

AUCTION— About steady: 
per kilo *same^; medium I 


nniiE aviixn — ’.Ii'a- ,u uiuu uiu.i . niHHIS- spamsn: Will 4.D0- 

il*r. taisiik.-^. »alf9>. Fi-b. l09.0u. 109 -30. jjfl: ij kUo boxes SOS'* 7.00; Israeli: LONDON TEA 

. nil: April lin.oO. Ilu.lis. 9; Carmel Yellow 4.3B-4.S0. Onions— Spulsh: Quatitr I36p pe 


lii per cent Dec. W.50, Jam 90.00. tran- July llift). UOJU Ufl.00-U8.75. 10; Sept. sjoj-W; Dutch: LSn-2.00. 


Ufip illfip); plain son (77p). 


hre in Uzhrekiotan hu* enmre nth*r 
reariftns have exceeded delivery 
goals. 

Reuter 



36 




ST<)< kl \( II WI.I REPORT 





in leading equities taken a 
investment enthusiasm 


stage further on 
-Gilts also firm 


Account Dealing Dates 

Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Nov. 13 Nov. 23 Nov. 24 Dec. 3 
Nov. 27 Dec. 7 Dec. 8 Dec.lfl 
Dec.il Dec. 28 Dec. 29 Jan. 9 
* " New time " dealing* may take place 
from 9.30 a.m. two business days earlier. 

A slight improvement in 
investment enthusiasm became 
noticeable in stock markets 
yesterday at the start oF a new 
iradins account. increased 
interest "as bpins shown for 
leading industrials and a ten for 
cood-QualUy secondary stocks with 
recent worries abnur the pay 
situation beiny brushed aside as 
buyers hecan hunting for shares 
considered cheap after the slide 
from .September's high point oT 
the year. 

Issuer selected in the weekend 
financial columns were often 
supported alone with those of a 
more speculative fl3i’:\r. but 
burine*s overall was still on the 
luv. .(Jo with many of ihe price 
sunn., i-r:a^ycnted because of 
underlying •••tock shoriage. To 
iljusrraic ihe relative sre of 
yesterday's ir.de. the number r.f 
bargain 4 lsI came k- 4 ..7-5-1 
h.eh was -hghrlv hiuht-r itrin ihe 
Friday and v.trcl-.ieo Icxte but 
was much ihe si- me as Ihe m::*I 
marks on llv lirsl day of the 
prf’ion j account. 

Af'er a slow opening, the F.T. 
nn-th.ire ir-ctes was a mere 0 2 
better at 10 am. last week’s rise 
in leading issues was taken a 
useful stase further, but prices 
generally ended below the best as 
seen in the index close of live 
points uo at J S4.9. after having 
touched 4SS..J at the noon calcula- 
tion. Anions the ;nde\ 
constituents, rises ranged to 
fnurnenei- find occasionally more, 
but Beecham again [iau r <’d in the 
rare dull soots. Of the various 
sectors. Banks were notable 
following generous publicity on a 
broker's recent circular and this 
s>jbs'’r'pnn of the F T.- Vrtuar'o-' 
indices 1 «• 2.k . n:.w ccni in 102 SP 
P.i-Irih Funds recoined 
nun uns we ;-ficr Fri'h.w |:-ie 
on * •• er-ilv-n- 
m s Prime 

i.-i- i on i i ... ii: per 

i-or.i. Margin:. Py lir-.v.*r unijrialionv 
a: ‘he t-tr yrn.cii.d ;■ re ni.-werl 
small in’ esi!o«»nl d'-mr-nd v-. hieh 
cm ended the imprmcmcnis 
a none the hieh-coupna longs to 
i. while the shorts achieved 231ns 
to !. For the remainder of ihe 
session, business was neelicihle 
and the shorter maturities 
eventually drifted back m Friday’s 
list levels hut the mediums and 
longs held their ground. 

institution;]! and arbitrage 
offerings in an investment cur- 
rency market be ref i of buying 
in.pre't -‘a'’ 'he premium drift 
down from an opening level of 
82! to 7?! per cent before rinsing 
Si' drum" on the day at TfH per 
rent. Yesterday's SE conversion 
factor was 0.7483 m.73Gl). 
Contracts in ihe Traded Option 


market amounted to 53(1, about 
mo up on last week's daily 
average. Shell were lively with 
110 trades, while 106 were com- 
pleted in 1CL 


Banks in demand 


un ...MI..; 

<■:*> u-e'.c. I 
r:i|c-. i-f 


Publicity given to a broker's 
bullish circular attracted buyers 
In the major clearing banks. 
Closing levels were a couple of 
pence below the best, but Barclays 
fins her) i! to ihe good at 35Sp, 
V'dland jo up at 3?.5p, while Nat- 
Wcst rose 9 to 275p and Lloyds 6 
io 2fiSp. Merchant Banks made 
mode:.} profifess in places. Among 
Hire Purchases. Lloyds and Scot- 
tish. which last week made an 
offor f.»r Cedar Holdings, added 
4 at 92 p. while Wagon Finance 
rose " m 4“p. 

Insurances moved higher in thin 
trading. Sun Alliance 12 to the 
"rind at 51Sp. led the advance 
in Composites, while brokers were 
n«irah!n for a rise of 8 to 23Sp in 
W'Tf* Faber. 

Rrewerb** and kindred issues 
rerdod higher in exp-'eta^inns nT 
? rood Christmas trade. Distillers 
n ere active and hardened 3 tn 
2' J -». Arthur Bell added 4 to 24fin. 
. •-!]., r«.-;v._.d hones or a possible 
h-i f'-'im Rn- K Chjrringtnn lifted 
!t>»w Clnrk fi to l.jfin. a Her 
I Despite ihe increased profits 
and d'vidend. Matthew Brown 
w— **» unchanged al HOp. . 

•=**!ecied Build'nas attracted 
cgr!-.- attention and usuallv held 
levels. Blue Circle gained B 
to Wo and Tunnel D. still reflecr- 
i-.; ti-.e interim results. added a 
i:Vc nnvumi In iSfip xd. BPR 
rir-ned S to 2.11 n in anticipation or 
— »^r-o’.'s interim figures and 
R>!C pur nn 3 to 133p following 
Pr^-% fftnnent on it< waste dls- 
p..-.il ji«ib-:idiarv. Hales Con- 
ia'’ne»-s. .View toffee demand lifted 
prnoiinn and Cloud Hill l/me fi to 
i«.Cn and J. Smart 2 to J fin. after 
J7<n K p A Cons' ruction and 
p* — ms of G-»di!mine nrovid-d 
nn-- rutin-* H'.ll snnfff- the f nrinpr. 
,-r : '- iinq’P'H bv-rhc interim In--*. 
<j*i— up a penny to !1n. 3f' ,-r Hb\ 
f^r j- f-ili nf fi since Friday's 
■I'lno'ineomenr. and tV kilter. _m 
I-- ins” (.-> "ho li.iinr hi*erim 
f -- ar.^ aJ-to.tiy s-vcmvni on 
cn— ' p* t;-*d»pg. shed a like 

an 1 um to ?fip. 

?CI lirmnd A M :J|*.,S|1. uhdo 
S'-wsirt I’la-.i'cs further 

wp-r-.iTnt , > c d^niind and toir hetl 
aV-h for »*•« v«*nr nf l?>nii b«.Tor*» 

sealing 5 higher on balance 3t 
TS7p. 


10 to the good at 160p, after 
162p. Mail-order concern Free- 
mans revived with a rise or 13 at 
335p and Rainers were wanted at 
69p, up a. Comment ahead cf ,0- 
morrow's first-half figures left 
Wallis 3 dearer at 85p. while 
Horae Charm added 4 to 20Sp 
following an investment recom- 
mendation. In Shoes, gains of 3 
and 4 respectively were recorded 
in Strong and Fisher, BSp. and 
Stylo. 77p. 

A noticeable revival of buying 
interest developed in the Elec- 
trical sector where AB Electronic 
stood out with a gain of 3 to 
142p ahead of today's annual 
meeting. FacaJ found support 
ahe.id of Thursday’s preliminary 
results and rose a s'nillar amount 
to 334p, while rises of around 7 
were marked against FamelL 


Selected Foods usually made 
headway 'following a slow trade. 
Uo 4 at one stage following week- 
end Press comment. Tate and Lyle 
was finally unchanged at 182p.. 
Revived takeover talk lifted 
Robertson 6J to I45p xd. Northern 
Foods held a Prev-inspired gain 
of 2 at 9Sp. and buyers were 
attracted to Lennons which added 
a like amount at 35p. Cullens A 
found a little more support and 
firmed 3 to 146p: the interim 
results are due on Thursday. 

Tn Hotels .Trusi Houses Forte 
advanced 5 to 23Bp aided by a 
broker's recammcmlatio* 1 - 


Sothebys new peak 


a lso seen in Mills and Allen, 7 
higher at 215p. 

Although the trend was to 
higher levels. Properties attrac r ed 
a comparatively small turnover. 
The leaders usually added two or 
three pence. Elsewhere. Press 
comment on bid possibilties lifted 
Beltway 3 to 7Sp xd, after 79p, 
but the interim results left 
Property and Reversionary A un- 
moved at 312p. Haslemere 
improved 4 to 244p, as aid 
Property Security Investment *o 
l!4p. Others supported- included 
Traflord Park Estates and Lalng 
A, both 3 higher at the common 
price of 120p. 


Westfield soar 


390 



Engineering -J 
Contractors J 

FJ.-faturiesliiu 


Jim JdI tag Sep Oct Kov 


Burton firm 


Siur**-? provided several firm 
features Burton stnod out as a 
resM r ^er,rc of sne.-uiat'vc interest 
lifted the .\ G lo IT.’tn -inri the 
ordinary and Warrants 2 nou’re 
I r» CS2p imd 4”n respectively. 
I OS mu i’p lo 9lp d'd 
Britteh Mom** I*. while 

Murks and Spender hardened a 

peppy to sfip. Flscwhern. specu- 
la live sunpnri left ItIFl Furniture 


370p, and Mulrhead, !H7p. 
Favourable weekend Press men- 
tion stimulated interest in 
Fidelity, 2$ up at $3p. and in 
MK Electric. 3j higher at 213p xd. 
Corner Radio Services hardened 
4 to 132p awaiting today's 
results. Among the leaders. CEV 
firmed 5 rn 323p with the aid of 
Press men i run. itcca*ionai de- 
m:md lrfli-d Plishiu 4 in iiH;' 

Si ill hc-nvlilin-’ from la.sl weeks 
news of the proposed acgui- iiiun 
r.f Link Syslemx United Engineer- 
ing encountered furiher demand 
and put on X mure in 82! p. Else- 
where in lh>- Engineer my sector 
famur.ihfe Pres- mention left 
St<il her! anti Pit! 3 higher at 21 Sp 
and lirnr.V house 4 dearer al fill 1 p 
while ethers lo improve for th.- 
ci me reason inel tided Lake and 
EWet. 37p. and W. E. Nrrtnn. .‘W.p. 
both around 2 better. Fresh scat- 
tered support lifted Brail hwaite j 
more to U2p and Babcock & Wil- 
cox 4 to I5$p, but Anglo Swiss 
eased 11 to 29p on the increased 
pre-tax loss. Ransnmcs Sims 
gained 3 to I3$p in 3 difficult 
market, while WGI. up 2 further 
at 112p. continued to reflect the 
good interim results, proposed 
acquisition and dividend forecast. 
Amonz the leaders. Tubes were 
noteworthy for a rise of S tn 394. 
while Hawker. 228p. and T.KN, 
2fif>n. limic-d 4 apiece and Vickers 
edged up 2 more to 20 lp. 


The new Account started firmly 
for the miscellaneous industrial 
leaders as a sporadic buying 
interest and tbe absence of fresh 
selling was enough to leave 
improvements ranging to 9 by the 
close. Reed . Internationa^ ended 
that much dearer at 165p and 
Reckitt and Col man improved 7 
to 462p. while Pilkinglon. 28Sp. 
and Rank. 252p. - ; idded 6 apiece. 
Turner and \cv.ad improved 4 
io l$Up in response to Press 
comment. Beech;: m. however, 
were quoted ai rtn.ip ex-dividend, 
down .j'. with .jiilinidii slill 
clouded * by the vriuip'^ recent 
fS21n) fund-raisir<- call. Else- 
where. continued iu-otw that ihe 
company will announce share- 
slimming propoxate with the 
annual results neM monih helped 
Snthebvs to rise 13 to a 1978 
peak of 365p. while buving in a 
thin marker helped ICL revive 
with a rise of 14 to 43fio. Demand 
ahead of the imerun figures due 
on December 21 h-’lped Lindiis- 
tries rise 6 to ll'o and Avon 
Rubber gained 4 to ISlp ahead 
nf tomorrow's preliminary results. 
E. Fogarty, at 132p. recorded a 
Press- inspired rise of 4. while 
Ha vs Wiarf added 6 ar H4p and 
flripporoOs 5 m Gfin Chamher- 
lain PhiyiK pul *• ' 3 tn 44p in 
respop'p to I he mrrea'-fd first- 
!vi!f prolirs 

A -jnnd market on Press 


Oils improve afresh 


Oils made useful progress, but 
trading was extremely thin. 
British Petroleum advanced 12 
rurther to 948p ahead of Thurs- 
day’s third quarter figures. Shell 
gained 10 more, to 594p. bur R«*m 
D utch, i lower at £41 J. relVned 
dollar premium influences. Fre=h 
speculative demand lifted Oil 
Exploration 12 to 234o. while Tri- 
centrol hardened 4 to 172o follow- 
ing news of the refinancing 
arrangements For its Thistle ■Ml 
Held loans. 

Weekend Press mention helped 
-stimulate a little interest in Ship- 
pings. P * O. Deferred c-dsed up 
3 to 82p and Lofs improved a 
similar amount to 3SIp. while, in 
a restricted market. Manchester 
Linrrs improved 10 to 225 p. 

Mirroring finuness that 
developed late on Friday following 
the interim figures. Calrd 
(Dundee) put on 2 to 22p. Invest- 
ment recommendations helped 
Dawson International. 95p. and 
Courtaulds, l21p xd, to show rises 
of 4 and 3 respectively. News of 
a proposed £159.000 rights is«ue. 
however, clipped 2 from Yorkshire 
Fine Woollen Spinners. 40p. 

Favourable Press comment 
lified Cals 8 to 2$6p and the 
Deferred 0 to 230p 


Westfield Minerals continued to 
dominate mining markets as 
renewed speculative buying fol- 
lowed Friday's • news that the 
company bad found uranium 
mineralisation “!n place" ip the 
Humber River area of Newfound- 
land. . 

The shares opened firmer at 
345p and climbed to an aU-tlme 
high of 395p before profit-taking 
pared the price to 360p at the 
close for a net gain of 40. 

The shares have nearly trebled 
in little more than a month. 
Nortbgate Exploration, which has 
a 45 per cent stake in Westfield 
also made progress and advanced 
20 more to 46Qp. 

On the other hand, trading in 
South ’ African Gold shares 
remained at minimal levels with 
prices falling away in line with 
fhe downturn in the investment 
currenry premium and the fall- in 
the bullion price, with the latter 
fin3Uv 33.75 easier a! S197.S75 per 
ounce. . 

Modest London. Cape and Con- 
tinental selling was reported in 
the morning and early afternoon 
and U.S. selling in the after-hours' 
irarie resnlietl in J further 
weakening ’•> prices. . 

Consequently .the Gold -. Mines 
index gave up 4.3 to 12B.ff. jts 
iowes; level since Pecember 20. 
1977. The ex-premium index 'test 
1.6 to 9”.2. 

South African Financials moved 
si ini lari) r o Golds. Anglo 
American Corporation Fell 13 to 
2fT5n and tie Beers Ifi to\340n. 
London-reuistered issues, however, 
moved ahead thanks to the firm- 
ness of l 1 ?! pnuhres and Rio Tlnfo- 
Zfne rose to ?40p before closing 3 
better at TSfip. - 

News that Impola- Platinum has 
raised its pmrtui-er priue by S20 
to Sfinn an ounce — in line with 
the similar rise by Rusienburg 
last Friday — nrr>mpted . a Tair 
domanri for Pt.umums. Impate 
pu; an 5 to 175r> ex-dividend. 



FINANCIAL TINIES STOCK INDICES^ 


J A<iv- -Npv- j: J^,T-Jfcbv a 4^qv4:i;tJB*r' 
- 27. | .■• •24— 25 ;{• ; & - f - 21;. U : ^ 

— ; ■' '-yr^ -.VW ‘ - 

ar--| 


60.387 0&'2O'' '63,80 . 68.31 : -'68-TD7“8rj»7 


t^rt _..J 69.0B| -09^ 69.73'. 68.64; 69,63,. 

; 404,9i’,470ii. 476:01 -47Wj.-74744: 4§6Cat*f^. 




1325 


0 nvfinmfflt Stffli 

rixed loterert. 
lul'.innal 

UoUl Mine" 189’^* IM.1; 

Cold M i nefc » Ex-S'pra rV - . 97.2J . 98.0 j 
Out. Utv. Yield..— { S.«4i S,^. 

Earnings, if iit&oui b ... ■ 15.68| 

I'.B Kano m->l) »*l — j ,8.89: ‘ &.2£ 

Dwimir. inarlwil ...... .| • 4.55* 4*I3f S f 98&j 4,301!.. 4^6^ 4,36aV.^«07 

Kqun r turnover Zm'.J .7.MJ5I l r 57-S8; 

Lqun v »* reams tiitn-.J : -rV • 1&.650?; S^37!4W.65ft 

19 .am 4»rL'';ll’ajn''i^ir : R«Sf.«iL3;'''f.Dm4S6Jr i ' 


132.6,' ' : 132.'5| 13I'^-.>.I4^0 
si.6’.’ 06.41 96M. : -96.0j-Vi^5l 

eJ9«! ,.-64>ij.' 

15.8i.Vi5.77! - lKa.Ei- . 

''■B.isr 'ais! B.n[- 


.3 tna-5B3.7: "8 pm'4P4J; •'• . ; v 

Utest lmter tl^3« 3028. ' ; f ; , ^ 

.- • ' Y '" .'*tiiL=5Ji<!v' ’ -J. 

Basts iM Oort Sera; lsnafSfi:;' Fu&id ;int; • taa ind. Qra, 

Mutes 13'8/53. r-jBx-S pm. iadax : 8tMt«J Jiine ■lSTa.^.fiE'-Airtiyitj^ Jaly-EfecJlSH. 

’'.'•% ’ - 'm ‘ V: '.' ':‘V v.-A-* 


HIGHS AMD LOWS 


SXi ACTIVITY^ 


- 

r ’ -Nl.V. i 7 ’ 1 . 

[Si fli-PiXtwspi mf mn 



Hian ( .- .(*»«■'. j 



r. 

•jijfi. dec ... 

Fisisl Inf... j 

. 1 

lict. liitI | 

' 

78. 'SB ■ o'ijii ; 

| <3.ir J iia : n> 

!'- HIM'/.- 69.50 ; 
. <9il' j ii5;ft|-- 
635.5 ] SW3.4:! 

: iH.fl(.j.;iK*’3’::i 

i 49.i». r ' 
^ar^.H34.<rai., 
-.•isto.4 i’-bc'.ii; 
'4:tt’.47h#fliV75, ? 
■•Wj K:4.9A' 

1 Viftufti’-'vii-'li-:'. 

"la iu^tNiite..-] 't69.7l 
•-■'nwatafireV.I . :$2SL 
Tertsis. „'_'.^| ; 110.7: 

um-v. ■ - ' 

• W 

■> wf* 

| . ; t '»■) . 

f •; «■ -.j 


:Kj-S 




rV.;. 

* S r- 




• 

-t ■ <f- 


f J_- 



•:. v^'/. /rv; - ; ^ 

lonponTraded ojPTibfiSi MS 

^ • - .-’ 

| — .l^iiinu.l. ■■ ■ s'— 

” — -- .-^y. i 

■A,i' - • 1.:..-.. J.UIV.- -., I A 

| H|.MlT|l 1 1.1,1. 

j . : .( i i ,'m..|ii|F- ... •” ClOaUlfr 1 1' 

- .Jti,-. i -l .-rt^-J-pTTH L'-yrtf; prrB« '• VnS'.. Jv''tkwSf . J 


CrtRim-uii, Arency 


m* 

900 l- 

. 70| 

• ; 97 7 }■■■'. 

. i- . 

HI* 

.950 

37- ! 

■ * -i -iei. i- 

- £ 

Li'in L ui<' n 

130 

22 

1 14" ! r.33 -. 

. 2 

(.■■in l>i Inn 1 

14o 

- 14 i- 

-16- i' 

15 

(’■•in 1 iiiun . 

160 . 

212. 

:6.1c; 

-- 1 6is; 

2 

I.i lilt II oil 1 j 

183 i 

- . 5 , .'ilit i.V 


I’l.nrraiiliK . • 

ilO ;• 

24 j' 

.2:1 

••— -■ 

l iHirTAulfti i 

no : 

‘ 15' -•• 

-V. : 1’ 1 V- .19: ’; t . 

vf 

i. ■■iirlnuliLs 

lieO j. 

7V 

.-6-i 12I;V- 

16 

i.Kt ■ 

220. 1 

107. ■ 

T.fi v •. w.r; 

• 

'SIX ! 

260 ! 

6s 

^'r-. 

' i. ': 






IS-.- -20:.t- 
H J '-.--lO.-'.-l* 1 ‘~- 


Fii-"-' 

I4J? 


-X0- 
■ A' 


::.i< 

;v> 


ftS 


4.^-toiSS 

s-.-»aaE«f 




and 'luiir ^I'inrti "i ’.r* in ah for 
i In; yr-ar of 1 1*7 n !.: ’I’.; I ns. 
KTV N .’ V jHr.inc'i '! io on 

eurMderulirtr-. 

Hid tor sociore r-‘ ” ■*n.-d - n quid 
riiitud. aflhou^h -i-V’c.-vd speru- 
l^li-if demand de-*>lc«*"cl m FRF. 
7 heifer :it I2u - .did Down, b 
ir. the Sond :M , _7’ii> Kwik-Fit 
added I’ t»» Wp :-"?r ■■• cekend 
Press rommen*. :t*-1!s-Rnyve. on 
th*- other htmd, ••''•<.••’.*.*-.1 I’ to 
5*7 ■ p nn fears ibnu 1 on-sible 
Irsoian r-nk ord-r eanrr-llatipns 
Pennine Motor, snsnended at 17o 
Jart Tuesd3/. rerurred to toe 
mn-ket al lip n f, i-r renr^njs3ti,>n 
proposals and ♦h»* -4nno!inrenient 
of a iix-mnnlh iradinv deficit. 

Abend, or tnmnrr.tVs imerim 
stntement. Dally .lirii A rose fi tn 
33Rn Elsewhere, ''hnstmn*. card 
munuf-icTurer.s Wilson Brothers 
att reeled small bityins and 
improved .7 to 4 -jp. Interest vms 


NEW HICKS AND LOWS FOR 1978 


The foNgwing sen jii ties ajoic^ in t.se 
Share in’ormiiign- Serncc ves 1 p'H* 
attained new Higns ana d»& >d- 1578- 

NEW 1UGHS (20) 

BUILDINGS >2 

Armltaoe Shan'-s Parker Timacr 
CHEMICALS m 
Stcnarl piasucs 

STORES -3) 

StCifiberg Knatl Mill 

MFI Furniture 

ELECTRICALS <21 
A. B Electronic Scnoies >G. H.) 

ENGINEERING i1< 

Uto Engineering 

FOODS ID 

A*ana 

INDUSTRIALS :> 

Chrisues Int. Praulncial Lnunsrm 

Marling Ind. Sothebu iP. B.) 

Parker Knoll A 

LEISURE •)) 

Man. Agency A Music 

PAPER ID 

Mills A Allen 

PROPERTY 1 2} 

Marlborougn SeUnray 

OILS «U 

NEW LOWS (151 

AMERICANS <11 
Tenneco lOocLn 91-95 

BUILDINGS >3- 
F.P.A.Canst. Jennings 

Gough Cooper 


CHEMICALS ll. 

Bur re 11 

ENGINEERING <1L 
Msr.gan«r 3rai7e 

FOODS <21 

Barra *> M'lim-s "j-i* Vending 

PAPER 111 
Erunninj Rea v:g 

TRUSTS *D 
Ana's In'-riuti-ijl 

OVERSEAS TRADERS '!> ' 

l-i-ncaoc 

MINES i£ . 

n><!.-ton:c*r. LJhanon 

K'nrnis r -n*>-»ail . 


RISES AND FALLS 
YESTERDAY 


Up 

09 


British Funds . . 

Carpet. Don,. and 
Foreign Bands I 

Industrials .... 53 0 

Financial and Prop. ... 2Sd 

Otis 12 

plantation IB 

Mines U 

Parent issues 5 

Totals BSA 


OcmFmr 
i a 


is » 

ITS B24 
U . 22S 

a n 
l n 
S3 59 
3 W 
jm w i 


1 ■ Ki ’ 
i.i-.i; 

' • Ki. 

1.6*. 

I.i rn ml Mel.! 


260 J 

300 ! 
330 : . 
360 | 
HO-I 


.49 
32 i 
12 V. 
S*3j 
51 C f 


10 

..at. 'i ; 

wr 

- 3 ■ 


59 

43; 

'23.. 

l ,ll~ 

•' ' 8 ' • 


Iff.rl-.. 


M-. 


■io :• 


(•rand lid. 

120 

- mr - 35 - 

4t*l 

.7:. 



ILL 

330 

47 

: • — ••': 

:83 

4 

-r ■ 

r - zz~ 


U’l • ’ 

390 

7 

■36"- 

121*). r- 1- 

■at; 



H.’l 

420 

-lta 

*t'. 

. :: .7 • 

.-34- 

. 1.31a 

■ • ’ .rr-' m ‘ 


ljtll.1 X-OL 

200. 

•to 

zx. 

-47- 

-. 

• .- — - 

-.r-- - 

- 237p 

l^kiid Sei-a. 

220 

-22 

r/T, 

30 

— • ' 

r" ' -38. • 



1 «u nf fiei-*- 

240 

s 

2 " 

. ^llra ■r-'-RS.- 

■’ i ,~ ’ 

• ^ v «iS 

'(nrli A 4|,J 

60 

9i a 

", 6 

. -121/ 

• • — : ,• 16 . 

. i’st*.. 

BO pffft 

Ms rLi i. :j|t. 

90 

4 

• ’4 


ftu. 



M.ni; si Sp.' 

100 

- 

. 7 - 

• .! fil; 


iv • • ■ 

: —i- 

■ ^rrrs 

Sl^il 

550 

- 52 

36 

iTO: 

— ' 

'78?-l 

• 


Midi 

600 

.:L3 

i 

-32 

•.; 2 

47... 

' '1 


Tiriali 



335'- 


127 


L.-’47--] 




’ Fel'iHinry 

H ^ ■ 

"• "August- ; ’ 

. ' • . *. .1 





• - • 


• *» 

, • » -4 

ITWf- 

BOC Inti." 

’ 60 

i l- 

• — -L 

is . 


-* 13’ 

3 j 

.* i 68n;-.v 


220 

- 41 S 

' 6 

■ I 1 " 

1 — ,r 

•• 15 


..■mSfea: 

Fjrr 

160 

• B 

' 7 

.t*; 


.11.. 

.7.^' # 

ISip.'^ 

hi ll 

180 

3 

. S’. 

7 ■ 


, 


•- . 

Tutato 



• 18 


: 


a- 









e'-^ Ira 

a;. 


Sponsored by 
the Financial Times, 

The Institute of Chartered Accountants in England and Wales, 
Internationa! Computers Limited 
in association with 

the Institute of Directors and the Confederation of British Industry 




nogemen 




You will thoroughlyenjoy the thrilling, mind stretching experience of the 10th 
National Management Game, and it could develop a mastery of business strategy. 
That's judging by the effects on 45,000 participants in previous years. 

Teams have to solve complex marketing and production problems, 
with the highest net profit as the goal. It's an ideal form of business 
training — stimulating, creative, demanding. 

Prizes are worth over £5,000. The first prize will be £2,000 plus admission to the 
European Management Game Final in Paris in September, 1979. There will be cash 
prizes for second, third and fourth, and silver "Armada Dishes" for all finalists. The 
presentation will be in London in July 1979. Both British and European finalists are 
given free travel and accommodation. Entry forms must be received by. November 6, 
1978. 

rrrr. 7.7 7- ~^V 


l 


Mnol HnHfflgemenf Game 1979 


\ 


m 



dii in mm ns m 

Prizes worth o^er 



To the , 

National Management Game Administrator, I 
international Computers Ltd., | 

Victoria House, Southampton Row, | 

London WC1B4EJ. | 

Telephone: 01-242 7806. ' . 

I enclose the entry fee of £60 pi 

incl. VAT - 1 


Please send an entry form and full pj 


including cash prizes 
for all finalists. 


details of .the 1979 NMG 
Please tick appropriate box 


Name 


Address 


k 


m 


\ 


wm 




OPTIONS 




r. 


-a. 


DEALING DATES 
First Last La.-I For 

Deal- Deal- Declare- Helile- 

injj„- ings lion tm-nt 

Nov. 21 Dlh*. 4 Feb. 22 Mar. 6 
Dec. 5 Dec. IS yter. 8 51 a r. 20 
Dec. IS Jan. S Mar. 22 Apr. 3 
For rale indications see end of 
Share Information Service 
Cull options were completed 
in Barker and Dobson, Premier 


Oil, NF1, Lonrfao, Nnrdin and 
Peacock, S & U Stores. Ladbrokc 
Warrants, Hill and Smith. 
Eastern Produce, Central Manu- 
facturing, United Scientific and 
Bur mah Oil. A pul was dealt in 
MaUhew Clark, while duuble 
options were arranged in Barker 
and Dobson, Hongkong and 
Shanghai Banking and Rustcn- 
burg Platinum. 


ACTIVE STOCKS 


Derioniiiid- oi 

Closing 

Change 

J87S 

1078 

1 

Si nek 

tt-.-u murks 

price ip) 

on day 

high 

low 

2 

Beet-ha in ’New’ ... 

N i pd. IT 

4Srtm 

+ 3 

4Spm 

2Spra 

3 

BP 

£! 17 

!I4S 


04S 

72 U 

4 

Barcla.vi r.j-ik ... 

.1 tl 

:J58 

-t-ii 

36S 

2!I6 

5 

'LUIund Ki:nk 

11 II 


4-10 

. 3!)0 

338 

6 

>'hfil Transi'ort... 

11 

.".•'4 

+ JO 

002 

484 

8 

Boh n lor 

L’l !i 

ITS 

j. 2 ! 

212 

1U3 


DUtilu.'i"- 

5.1 lp S 

•JU4 

i 3 

213 

1U3 

H 

>:ec 

25p S 


+ -i 

340 

2.13 

12 

i«.:j 

i’l 5 

MiiS 

T 4 

421 

328 

13 

M,:rks i: SjielictT 

-'•M « 

Sri 

4- 1 

DA 

i»7 *. 

14 

NniWoI 

i'l 8 

275 

+ 9 

2US 

230 


fc.VTi Dcfu 

I'-'P 7 

1M0 

+ 6 

304 

22 7 

21 

Brovvn i.J.l .'-.e-.v' 

:.ii .ud. r 

4ijpm 

+ 2 

64 pm 

42pm 

0*1 

P & u. Dvfd. 

£1 6 

S2 

+ 3 

US 

ifi' 

23 

Westfield ilinerels 

C$0.10 fi 

3i;u 

+40 

3H0 

SO 

24 


FT-ACTUARIES SHARE INDICES 


These iadices ere the ^ ■ Joint' compilation of the Financial Times, the lnstitnte of ^u-.^ r _^ 

and the Faculty of Actuaries • . ^ ~ r£ S 

-3-J- . 



EQUITY GROWS 

GROUPS & SUB-SECTIONS 


Mon., Noy. 27,1978 


Figures in parentheses show number at 
stocks per section 


CAPITAL GOODS U7J| 

Building Materials (27) — 

Contracting. Construction (28). 

Electricals (14) 

Engineering Contractors «14>_ 
Mechanical Engineer! ng(7Z)... 
Metals and Metal FormingU® 
CONSUMES GOODS 

(PURABLEM53) 

LL Electronics. Radio. TV (16) 
Household Goods (12>.... 


REGENT ISSUES 


EQUITIES 


» - M - 


*; 


-til; 

AS 1.25 


F.P. 

f.l'. 


- . 106 
5;1 , ii 


t-l 

101 


Irn. .U|, H >• - I 44 

' \-iil.-u M mu- h0 .. I 6S 

Itt ''■•!. Kmi iniitg AS 1.1 104 
I iMU.-iit.-ii l.'inyli IUjj I SO 

I..1W — |117 


■ 2.&5 1 B.4 H.7 7.1 


61.34 3.4 6.7 4.6 


FIXED INTEREST STOCKS 


i? + _ 


— i r.zL ~-2 ’M.jIi.Ia»-| 


>Cl 


W7l 

me 

£99 ij CS0 
S97i 3 . £10 


r.f. 

l! 1 l- 

no 

r.f. 

f.f. 

r.f. 

L'lU 

t.r. 


4.1 . 
26.1 
16. 11 
IB 

M II 


ivk 

Vi. 

toy j 

«i- 

l^) 


-• . Allf .lWV , 

•Sj Wi.lHiiriirk- 


99l S | 

• 1U 

1’4 


25.1 


- 121 
I0,t *4 
3b' 1 . Wj 


f n. I* 1 

Ili 4 »-*lue \*n<> Wuer % «e ,1p Prt. 

1UI n»|.| hil'N Iv k<-V>IIV. <(-«.' ..... lilt I .... 

**l >v«nuii Iu'Ih 101% Ain. Hrel. I S9i> I 

I b i ru\ Lnuminfr lii£ Luv.Wjk*-..- — 147 i— I 

s' itiv-Kmui,noi1h A Lxbriiige Water kD ...| tfU] 

IU3 'KiuMu iv^ lUjConV. l-Ue. law !l25 

tb | ■vjul liuurj, l.'ivrji. Ke4. 1^6"/ j 4b uj 




0>4 K^iil Water 1% Prei- 1BU. M .-. 



Motors and Distributors i25)~ 
CONSUMER GOODS 

(NON -DURABLE) (172) 

Breweriest 14) 

Wines and Spirits 16) 

Entertainment, Catering (17) 

Food Manufacturing (19) 

Food Retailing (15.) 

Newspapers, Publishing (12)..... 
Packaging and Paper il5}_.;. 
Stores (40). 

Textiles (25). 


Tobaccos (3) 


Toys and Games (6).... 


OTHER GROUPS <*9) 

Chemicals (19) 

Pharmaceutical Products (7)... 

Office Equipment (6) 

Shipping 1 10). 

Miscellaneous (571 


>- ••- 
"J., - ■ t 

312.007 v ^ L ''l 

irlV^ 


PlXieir INTEREST PRICE INDICES 


“RIGHTS” OFFERS 


: 2 - ' •■"it* 1 

l-Kue) = _ iii.-nnnu. 

§ j ; 


ISffr 


L'bI. 


j Uigi' ; I4"t j 


Sloe* 


Pthr 

p: 


3&0 

17 

r>7 

105 

as 

Art 


• r.i\ 
I .Nil 


130 

74 

1S5 


t I-, 
>il 
Nil 
.\l. 
>i. 

F.l*. 


' B,'12 12; 1 : flSpm:ve|>m .tJm>ctaain... : 

Jig pm! inra Uuullun (Wiu.) 

5;lS21il2j ..|.ui i.|«ii.v ' ,,w " ,Jl 

29.-11 S;1 '?sui-;' •• 

— _ 3pm' 2pm Cliffunt 

_ — ll^pm.teipui DLuoi (D4... M . ........ 

17 11 8:12! in- iv* • iiu-mr-. a Bnrve\ 


H Q: A*. itt- *«* 1 1.’ i "t is" - ” “■*■*■* ' 
8,12 12,1 :i3pm lOjmi -U»liln>Jt Hrirtoo 

22-12 6,12 ffin »lj!|iiiijhfl»ntBB I ...... 

y 11 fl|12‘ 196* • l® unit* i’n»iucto...-.~., 


48|,iii! + j 

23pm| 

4b|,iiil f * 
6tj|-"i[ + lla| 
3pm 

Witymi | 

in ; 

13|im| + 2 

3'71'iu; ..... 

167 +! 


Br 

itish Govcnunent 

Moil. ■ 
Nov. 

27 

Day's , 
chance , 
% : 

xd adj. ; 
Tonday 

xd adi. 

1978 
to date 

1 

Under 5yeais_i™. 

103.42 

■HUB ’ 


S19 

2 

5-15 years 

U2J0 

+0i4 

■=■ 0JL6 

&4& 

3 

Over IS years 

U$33 

+024 

— 

1244 

4 

Irredeemables 

12L17 

+0.45- 

•r^. - 

1332 

S 

AU stocks. 

U0.05 

+0.16 

OM 

9.9S 


FIXED INTEREST J 
■. TIELD6 

Btr. Goul Av^dross Red. '. 


10 


. . -’■■.•.••.5 years... .. r .— 

Coupons _ IS years ; 

.25 years_...^_. 


Medium ... 5;ye»s;.:~' 

Coupons \. i5 years.i_ 

. ' ' 25 yeate.....™.^.; 


High- 
Con poas 


"S-'iieaiRr.^Lv 
IS yeara.. 


«6 

1219' 


i m 

1172 

32.72- 


,12.60 

1126 

>U31- 


■9.58: 

ILSfi 

K22: 


pW,\ 

t 15.01 T 
10.70 


Ji6ft 

■3WS: 

32J5. 


vaaa 


InedeamaUeB^.: j -1208 ] y U & }: -JlSS^T ••>*; 

• ’ \- {'. ” •: ;» 

• .. • . .. - • . - • •••..• ■•.•’on. *< i - k ~”--r 




;i-i 


■*ir. 


‘■ii. 


V'-' ; 7 


11» ; 


i*. ' j, . -in! 

■ . •*. . . . 


Wim.. S\>v. 27 


Imles ! Yield 
-Vo. 


Rrnunciobgn uau iwiaUy last rtar for deahn* rree ert nunv fluty, b Kifinrek 
bai-d on prwp«:ius e--rim-ji« u .Wsumcd dividend and srteldL u Forecast dlvidiaid: 
cirvnr busi.'i on divviikis year’s -araiDKS. r Dividend and yield based on prosoecnis 
« othvr official rfllimaies wr IW9 ofiroM- r Figures assumed, i Cover altowf 
for niHiirsn-n •->( -har.-s no« now ranfcina (or dividend or rankina only for resmctiHi 
dirtdendi i Plac'ni ari« » « t* 1 ™ un,e8S oUuffwisa indicated. 9 IssupH 

by iwiiltr ii'iifi-rrtt io holders of ordinary shares as a ” rmhis.” “Issued 
fiv way of capuakbacion 5V R«,.Munwiie«J !3 Issued in comtctton wiUt nvnamu 
•inn morK'’' or MPw-o-.rr Ri! Iniroductlon H Issued to fornwr orefon'iwe holders 
■ Al!»i mem i*. Here mr luUF-paidi. • Provisional or Murtly-oaid aitotmeni letters 
* With warrants. 


17 


20-yr. Red. Deb &. Loans (IS) 
investment Ttust Prefs. (15) 
Coml. and Indl. Prefs. (20) 


55.16 jtl3>45 
51,26 j 13.60 
7L42 I 15.10 




i Red«*nanan vfekf. 



J ! 


■ IV'di. j llics. 

Moo. 


%«-v. 

■ a. j 21 \ 

. '.30 

■ -• 1 - . 

V - 




Fnds)- i Tbutv.’ ' ' Y<SrT , j; < * 
i ,\'w. I. hQb* fi: 




56.10 j.Vf. 

•51.54 j 56.^' 

“»“■• « •«=" or me tcnoitu n iii n anl i,M. ~£'~ pmeogd-ln-'SUI'^, VlCl 

London. BC4P gar. urtre Up, ijy py, 22^. aWe ,n ™ Pohllshers, the FmnoaAt Times, firadrat* Mouse, CAonpn “I 


65. M * 65,14 55. 14 1 56.14 
5l;54 1 51.54 j 5.1.54 {• 51154 
71.62- 71.62 f 71621 71:61 


f 


Usmm. A list of the “J?* 1 COT«U«e«l't»Mnge« «r e ptriHlsMtf -ht-SsW^t, 







4 











tftwKSifer 38 1978 


AUTHORISE© UNIT 



.37 


f'UUttaL Mb OX Lid. ta) 

V- ' 7&M.GfMwae9d-4QteKlHW. 

' .M^HSirCapHol 4SO 


riaaBaiMB Unit Mat. Ltd. «»» 

U-3M0KI 


;f 


Abbey I re* Tst.Fd. 
AbM»yG«-Ta — . — 
Sqrttaa . Fn*. T8LJ&A2 



AIM Bngfart Gn&pf (bK 2> 

£ ; tawrfbro jto . Britan. Braniwnod. Zjsmc. 
a 01-383 5W1 or Bnmtwpod <0277* 211430 

«. Albert M- 

.*•. ^bit.inat.ru£ — 


crtb.&tBr - — „ 
’ 'Bart. A Ind. Pn. 


I'Jlaeara* Fa 1 
- ■wsnyteWFd 

fwifttr— 

> •Tahniriml imi 

I ease* .■=■-■ 

- 

* aprrlrilri Fonda 
! SriUtf Cu.'*F4_ BU 
? awlStnlr Co'aFcl- «5 
a BcwMiyfUt — »o 
1 MM »-.b *«-«*. 393 

1 twwu Kamlnjai St 1 
J- ’BxpL sotir Coa_ *(273 * 



ftJewte* ProrfL Unit TP. Mck-V 

PlxbaioEnd. TlorkJnr aaiMwvi 

Fn«n<bPlwr.Vb-MU 46*4+6* *72 
Do- Accum. - E57-D MW +ttB| a 72 

2JJ «■». t‘nl» Managers Lid* 

528 16. Fi nahnrj Qmu ECT TDD. BVaHIll 


Minster Fund nanagm I Ad. racial l,lfr Inv. Co. I ML? ‘Save- * Prosper i no ••+! 

v«i-trrii<f..Anhi,rM.K< , i. oi+si j«rt :■ ■•! .'Kirin sroihtts tiPfurilirs (.i<| y 

■ainnprsw. u i3?j .[ lea fit * 4771 +o»i 775 .....j. ... _ i»r; jr «- .o- 

V.„»in ( -li*-L 31 . | IDO 0 16461 .. I 5 38 I In. fa I . !?ISt njil-i" 799 vJro-t-M 7. . j5C ’ 

irw p ™* 1 rill 1 

M, " r ^ . «. . , «■ Kas^ais 


a 01 

7 S3 

? n 

7 (C 


CJ.Cop.lBT. 7»* 

He. Are .. . . hu 

flT IrV Pd I n. »B« 

•j.T.i 5 dua. — .luaa 

ur. Japan I* ceo_ m 9 

u 7. Four VdfaFtL_ K4 9 
G. & A. Trod (JiUgl 
5. Rarbucb W. Imnaad 

C.*A m« 


Hi 

UM 

1*17 

SI 

SM 


35a 

350 

a 7a 
310 

ua 

390 
200 
7J0 


Murray Johnstone X.J.T. Mrhi.? IP 

IC> llope.Sfrrpi.i Jasw.«97f!|l Ml-221 &91 QuilWT Management Co, Ltd. 9* J6\i. eii-tawO***-' 6 

S1J Europe- .in (30% SSl 7| . .. | Jftl Tl.+vn II- --ibi i-. Ki JHJ* I'l^ios'iirr lr-. K- .•>*'9. -- 9 

is-oiinc tiny tvuto i^u.-ir -hi -.-n 1 .1 linoo IMP J l» ’ •' S? 

Mutual Unit Trust Managers? faMgl IJ290 U30, ‘ A "* n ' hr • 

I -. itopihsll A-.r . KiTK TDI'. ni aif.-ur 


UjUialhrr Flirt . 1513 623 

Halualfm Tu . 1*9 i 7«5|~0P 7J5 

MulmJ Wuf I'nira .MS S 4*91 Miyj * 71 

Mriiul Ilia'll YM- .156 0 *0 2| -0i| 4 W 

National and Conmrrcial 
Jl.if. And*** -■kjuarr. Ediafautvli IQI Vjiomi 


keiianrr I'ml lj£r<. l.lriV 

it. ii .r,. i- u -- .r.im »:» nw 

U|.,. a ii.ml-F.l .t*Q 79fj ■ fa Ih 

r,UT..\,r. ^S1 43 2| -0 •?! Sfaf 


dHTicno 

3«.*d.-0«l 4.77 


InrnnvNov 10. . I1S7.I IfaSOI 
Warn L-ntisl . 715 2 773 ; 

■Jl* K‘1 11 1 128 4 13i: 

Vran 1 'mlj. .. JlM.fa 1471 

National Prorldent Inv. Mngr«. 


IU 


0 in. 14* l £* 1, .ij }'. 

Ri-Jj!cfi4*?d ManaKPRirnt Ltd. 


380 
SH 
400 
4 08 
Md V 


Cartmarp Fluid Managers V (aKgl viuntattBffhM iopjHH oi«3»n 


2.S* Mary Aao. ESC3A BOP. 

'tiAcw^rtmT-a 174.0 

RfiliibTia. LArcJ _Bfa3 
S» CoOTnodja Shore „t»4j 
OM teRrsI*C0DfaTn_.i»fa 


01-2833531 


25J _ 

i»d -Mid 
IMS 

2fa4a “ 
3*7 - - 
*37 ... , 
791 +lg 
1A33 40M 
9*.9 -rail 
>UM . 


0.10 

341 

383 

B03 

0.47 

914 

722 

93* 

*07 

095 


f »» — HishiwflbaTit” 81 

- -/utdersoB Unit Trust Managers *4rt J"*"w rmxi — |n x 

■:« 158, FeOttMirpb St. EC3M 6AA. «S3BSt ]”< V^SvA “Sr? 

I AndmooC.T m2 5X0f [ U3 ML jSES£.*::fi« 

V A»sb»ch«- UnU MpnC. Cn. Ltd. Gibbs (AnUwyi Unit TsJ- Mgs. Lid. 

i ? M,l S52rJSL M ii* .«. 0,- *r }es,B 3 PVwienrk'rrt.OMicrwrr.Bci ai^aon 

r Ine.XoaUilrFBBd.[175 IBS] . .. [ 909 i»AO lufome'. . Ittt «3rf-*07l 400 

t Artutta®! Soeorttiea Ltd. (aKc> ISltc f2?Kr|K ^3^ *10 

f yr. Wnrrn Si lrtjidoB RC4R 1EY B1-23B3381 Dcailu* Toe*. nWed- 


NPliSh I’n.Tfl 145 b 48 W • ISM 
■ Actual U«H<* - |5b* bOSj 'jO'i 

MTinckfaTflid. U322 U9 9ri . 2 10 

lArciim UniM.” . 11420 150 S I 230 

“Vnrr* an OcL 5* N«l .Irallr.R N«n- TU. 
•PnrKt on ,%ov. i n«i .irtfllat! N.n 11. 

National Westminster* <a> 

Ml. Ocajo.idr ETTV ttFJI. OI4tW 6ASn 

4*J 

8 la 

5 57 
505 
714 
5.13 
2 00 


•UItHj sc-nn -rt- SI Mon.-L.~trr '»il r 
I n.l,-. i,. irt ini | T (48 9* 1 2 9* 

III.U.vi.Mlo -mw M : : 9fa0 

HnfKsrhild A«>et 31a Tia Rr men l «i 

T.-.'Jl I. i|pi«-i-. lii| lih- r.un "Sn VH! 
*. ■. L>lu:l- i-’uiiii ilfcrj 1778; .|:i 55; 

It-. ^'C.IIMa 111 >14 -9 5; 2*. 
r lifa-.r 'V i .itirl hi* 2 1555-4 -;.1 7 5(1 

M‘ Ir.H F-l <1 m. ff74|-.0«'| 151 

»TAlKrt.v-.IS3 1 ®y ■*•‘1 1 51 
Ni sn.Ur I'.} . I <01£7fa 1*2 41-151 4 7* 


a A/n nvi ! k-r i 111 ■ . “ — 

848 K - n^-HuhS-W- » ' 

KTi.irr.r4H Ulr . U* -* 
in . IU --. Vk.intl - jo 7 

I Ml.. I .IfiMtil If* ; 

1«.» Tie :;«irt- . — 125 . 

Mjrtrt leradrr^.. ;?5 . 

■\-lVu-l-: -- — J*: T 

1 rW « i..l*TPJSt- 1*1 j 
l‘rop..rt -Sharis'-- g* J 
s|» . ...j *.ii TJ - pH ? 

1 v • ;n >. vrojoK; 

1‘ *. i.rrli !»i!X p9 2 

.1. Henry Schroder Wac« & Ci 


5*3 


227; . 
289 
2Co -9 -s' 
27 7e» i0 . 

::u* -0 4* 

:i5- ’■ 

•>:*, ~c :■ 
3.' 

ns 

27 3«. -0 ’.. 
1C b- . Q 4] 




J 87 
2 67 
0 44 

8 33 

4 lb 

9 80 

3M 

5 09 
4E7 


Target Til. .MgK. iScnllandi lanbl 

II llni!'. rn~«rn ftdl»i Z oai-SBRCI 

T .r„.1 \ r-yrr P„s.-'.-13 9 25 71 - 5 1 1 1 ft! 

Trtrjri r 4;: «;«; t-Ci.' 592 

EilCjliK-Tirtr “d '5? o aH!-3i;tD02 

Trade*. Union 'V nil Ta. Managers* 

nviUr.1.1 h'-i-rt. n 2 nracasr.i 1 

Ti 1 T 2.. -49.3 52 5.-.: 3 48 

Transatlantic and Rrn. Set's. Co. 9 

M W.P* lA'i-lfl-.h.l 1. -n.-irn-r ird02iS ’"iff 

Karr-ean :• .. 11 ;7j e 
1 \i n.rp 1'flii. 114 * 

r.-Tl. L-iC ■■■•• zi* . 90 7 

Ku.-lr.rr, '.... ii '» 2 

.Art-Mil ' r-r I. <»9 4 
' ..Iren \n. :4_. 12S f. 

V-rufS '-.111 -.153 3 

i'umr«* .Nit .5*2 
‘-■ai'i ».a.L.. _ '573 


OVERSEAS FUI 



Iji- i.itiI .00 rj. 

V <6 72 ^ J — 


!S0i I 12 u liter. 21 .. 313 

• V-V" 

13 4! -*•’:» 2:9 var.iT-yr.o-. 2i- a* 


no • h.<.p.i4«.ncr 

u,.. m .N.s 21 -jm- 


22 4i>-.' : fa 14 . -.rturo L AM- • -js7 1 

20*.4-n;l hi* 1*»‘.«IK. m-.!..4l7 
■ l rut... u fa 

1.1.1 I lv 2!. 


O. Ud.tr 


RofSsrhiid Sc Lowndes Mgmr. ui 


Fapilal 1 Accum l. . 

«£4 

703 

+0 6 

Kxtntllfa- 

&64 


+07 

Financial 

336 

+0 3 

i.nrwnloT 

868 

•Jj 

+07 

Ionjinf- .. ... 

MB 

374 

-O 5 

T*nrUr,ltoInv. Frt 

ns ■ 

75* 

+0-) 

I'nfterMi KdJdi. 

52 1 

56 0*3 

-O'. 


, 1. .--jm I ml 
il"h r.vl Nl» 

>.\. . Jin l. iuliw 

llirn|*.l*h 1C rjlfa 

I 1. 1-Uin L'niT- 

■si !."¥i'liin- l-Mie. |..ln . Li '1. ul Gcim .r-o4ITi.iFilN' 

N.-. C« E?.r*r:«. 10223 ^9 D| \ 3 09 -Spe.-F. 

J-ri.e-on Su, 1;. ;.r,i rt.-uling- fh-. IV. 'Rw.ni-n 1 

Rome Unit Trust Mngt. Lld.V ta) 

t il» iJaie 11.*..* -n-.tHir vj.E T 0l-«J0i.li*y> 


: , i.-e’fa B 
uw ‘m 3 

1C_ .r*2.fa 

!lil L'ni5-i_-. |J*3 
l-ti.iFdSiw0J.riMB 

F.x Sin T_25a? 

1 N.n. 7 - 1197 J 

Fur 111 e.eDiii- 


INC- 
2 2? C! 
198 fcl 
255 :: . 
S9 li 
-.112' . 
34fajJ . 

M6( _ 
177? 
253 fcl 
2034; 
jnilr .^i!' 


t‘!=V.iNV-l VancTn-S.- 


2U 
2 6fa 
720 
7 20 
4 Cl 
« Cl 


z> 


|7C ’ 
•4J 7 


Ai-cum I t'll- - . ;45 7 
■*irt r S*n i 1 * .. ;bi 0 

■ ‘ccL-m I’tnf >733 
U.rkllR !-<w 17 .. ;57 4 
l v. Armin. . -79 0 



I 

598 
598 
4G4 
5C9 
509 
*15 
fa 13 
74B 
40 
598 
548 
385 
IB 
3 6b 
38b 
895 
607 
607 
5X9 
519 
850 
850 


soa Tvndall Managers Ltd.9 

4 54 <H«( r Sivi BmwL 

IncnmrSo. 22 !** 

■ li-i-um Pft'tn [182 8 

I'lliilll S'l 22 . _ i!250 


399 

472 



-HKhVidd 1418 

:. — jVc tu n Unitai .... b»2 
1 -«um Income Fd_.. 1897 

t --ffljjilnr PTiud «U 

E - or i VTTI" 1 Until . 57 fa 

jjE5w-dr.rf.Uer, 550 
•fieteieoix Fuad. -24 9 
I iam-bol L'niui— 58b 

' timlud fluid 190 

r tVmmd>*yFUnd.. 504 

^WWdr^SjC" Si 

I®S5Sa^~IB 

ijpcurn Uni Ik 1 444 

jtraimb Fund S3 5 

'• Ewtemhiul Fd.. 220 
«S.lirrtrwJ.Ul3j_ 174 

r-Tiim Fd 804 

.jTulcr. * Int. FdJttB 




11264 — fl-2| 10 96 
90S 
90S 
90S 
1224 
1204 


440 

ni 

261 -C2 
4X0 -0 1 
2D.: 1L0| 
6204 
91. far ~0.1 
550 b 
17 t 
414 +12* 
«aa +i3( 
36J +«3 
430 +l3 
2ft On +d SI 
24* +0? 
181 +0J 
863 


u jJ Covet t UohaXf 


.\m-rnMH ‘•■■•i -• jb* 5 
S.*-urili«- J,«ii J . !13S 
illt-faVIA [5 a 1 

•Uiuml'uil'-i. 177 h 

Mi-i’MiN"! 02 .775 

1 ircnnlnn:. .195 6 


77. rrtrrdon Wfall. F.C2 

SSSJSSSsr : m 

Sex! dealing day Drt. 1, 

Grleveaon Managanent CB, Ltd. 

-g m 30 CmhoiBSl _ EC0P2US. 0X8004433 


NEL Trust Managers Ltd-9 (aKgl 
M iltob Court. PnriUnj;. SutTev. till] 

NVIrior -.1599 610( 406] 504 

NeliJur Hijb Inr. _j490 Sl5 +0 H 806 

Najulch Union insurance Group flj| Royal Tel. Can. PiL Mgrs. Lid. 
P.fl BhCfa Jfaavtdi. SR J 3NG MQ0SIM 

*7nnif»T»J. Fd. ... (3598 378 7] +4 J| 5 38 

Pearl Trust Managers Ltd. <angiu> 

0-"2HiCh lUrflujfU, Wl-IVTEB "NUM4I 


J 70 
4 35 
8 fab 


•Kiit- 1*1 etruiir jn*ir 1 jjutai _ imu 

Scottish Equitable Fud. MglN. Ltd.* VKunL Un»t«. h77 0 

l».iiu».| - a* (9c 32 Si I 5 37 InL £a.-n -.Va 21. SMB 

Af'um l '11 . - 157 5 6121 5 37 1 \rrum ■ * n:L- ■. .. 77730 


103 4 
191 2 
131 « ._.. 
1865 


env n Smt .-. w i . 

•-..|4i..!F.< ...15*7 

larvnu.- Fd 160 5 7231 . I 7 78 

ITki- Nov. ji. Nett ileal in,; N«i 30. 


5.9* 

5.99 

307 

242 

Ul 

201 

2SX 

on 

145 

145 


n Tension VorJB 

lAmua CnlUi ] 

Kms.H.VrtNo.03_ 

< Acmm L'aUfa, 

Eadaai-. Nor 21 — 

lArcn/a. la Kb) 

Crrvchar Nov 34>. 

■Acciim Units,. 

Ln ft.ftroJ*. Noi-.2S_ 
lArcum. 1 oils ■ 




123.9 

74 

Accum Unit* 

s*i 

30 


32 8 


Peart L' n't Trt ... 

|361 


• Accum. Units, 

»6 a 

50 



Save & Prosper Group 

4. <;r.-..: -.4 II. Ivn* IV3P SfU* 

18“ lo*0-*n S’ . tilinlxircli El^t <N" 

1! is., MU0 nr n..! 238 7AH 


Guardian Royal Ex. Unit Mgrs. Ltd. 
. ... vT.t. ^ % fHTralEcehanae.ECaPSDN. 0103880:1 

Archway Unit Tst. Mgs. Lld.V (>Xci (ac»<Ju«rdhi»TiL.|9j7 970* +ll] 4.44 
317. HI 46 RoJborn. wn V7NL OTJOl 8233. - - ... ■ - 

ArdnaoyFwKi JS2.9 *80] . j in Henderwo AdxxxinstntlxmV (aKcKgt 

Pricts at Nor. 21 Not nfa. dor Nor. 30. htnue,- IT AdnrfiL. 5 HsrXeirh Road. Halim. 
Barclays Unicorn Ltd.* laMcXgl osrr-snws 

AhtMorn Ho 332 RamfcrdRd. ET niJEMSVM rat«* Recowjy 166 

.trfeam Amortea_po0 32 7at -0 J| 108 Cap. CreMtlt loc . . (450 


. 600 

.. Dd-AUSL lot . 537 

trrMfo 

i Dt< Ultra Income _ 280 

UaFInanoal 63 5 

09.300. ... 733 

9a Ganera] JIB 

-Ua-Growiti Art. 42.1 

Ukr income Ti4 _ — 65 7 
•«Dal*rt..Vns.Tn.. 1450 



'B'mln.FdJiu: [fal_7 

.Da Accina J720 


+4 1 
75 0(9-11 

Baring Brothers ft Ca LuLV (aKr) 



6& Lnutanhnll St. E.C3. 01-5882810 

Stratton Tst (1ft W 

Da Acciuo. — 1205.3 235_ .. 

fieri sub. dv December & 


JW-jj - j 430 


Top Gram* Aec. — ( 
LumnrtAiJuU- l»6 
Old loracM. Fluids 

Hien Incorac 160 □ 

Cabot Extra Ine. is* 1 
CabriPi eL&GlU _ (409 
Sector Fends 

F inane i»l b ITU OS4 

Oil ft Nat- Res (26* 

Int wna itanal 

Cobct ..(877 

International ill J 

Wdl Wide Mar JM..P2 J 
OimtM Foods 
Aastrsliao LUB 

Kuropf-nn 0 9 

FirEtosL 7S4 

N. Am J36 l3 

Cabot AM. Sm— 

Kioqt fndi 


453 


4.18 


X. Amer. hoe. Z4 

S mailer too. „ 



Pelican Unit* Admin. lid. tgjix) 

HI FnunliunSL.Miurhcrier Mil 0Mrjw<l 
Heliran Uiuis . . |SS 6 9Z0I +0R( 439 
Perpetual Unit Trust MngtnLV ioi 

o-.llmtSi.. I inUnrtm Tnatoos 

K;«taulCp.r*<K-. JJ94 4£4| 
Piccadilly Unit TruKt (ajibi 

Aaloar CiMm I 'ait Trait STsugrri Ltd 
3. FiwiCTieVs Place. OM Xtfmy. EX0U PHD 
I'lMBdlH 

FIs ira Inrome.. — ..129.5 
Stn.il I'rtSFd. ...386 

« -fapual Fuad O a 

InL Era*. 4 Assets. 45 0 

Pnvau. «\j nil 16 7 

Accumltr Fund. _ te X 
To-Bmiwn Fund-. 62 X 
FarL.utFd.. .. 263 
Anmcan Fund [22.2 


Ival.n 

Save 'fir Prosper Securilirs l3d.V 
lulmtdiimal Fuaib. 

< jpitjl . 1360 

" V . t40 

v dni-alh. . . ,'c* 9 


Arriitn l 'it * - is? 5 bl 0j 
L ejl.nt dor 

®m Sebag Unit Tsl. MTinagero LltLV <ai 

4 64 |iiu.rt?l!. Mlhrv.Iir- : • t (, i aw .SQM- 
Aehac . i.jvrrl Frf .04 2 *1 * -0 3] 3 99 

•-.Uailn.T.r'inFd.. 130 9 32 -3 i\ 8 44 

9i-«a Istia Security Sdecdon Lid. 

?p4| .. . ; 371 | ;.j(» utHflnslanFIri-i.-.-A. - o; ai mft9 
Ho-. I «,U- T-IAcc- P!« 26 e> . : 2 72 

I n-liilnTslor - I 2?Jri. I 2 72 
Stewart Unit Tst. Managers Lid. ia> 
45 . l,*-|rtt:r-f4|. RdUifai r;- iCl 0003371 
•-ii-mn Ampticsa Ffand 
v :.m.lael I nilv . [57 2 6C T . - .! X £5 

,im l n:i , - |62 2 66 "J . . j 


1620' 

25301 
28701 
111 V. 

14141 

Q3i ss lira 
171 4] . j 960 

M ‘ 5 ” 


A 73 
873 
482 
4.82 
852 
852 
5.45 
545 
1301 
1301 


579 
■070 3=41 


I T I 
I’nl 


OO10IM8 tsrrrvtut I 

.... I 4*3 


747 

26 3«» -3 ’.I C Cl 
714«i-fl^ 2 97 


400 

423 



band 

I In-1. 1 i-Jd f55 X 

It'S!, Inrwiv Fund'. 

Ili;-u Krtum 164 9 

Iiimhii [47 5 

I. h tuiuls 

i:*i Kouily fa-10 

Ihrrj-i. VuaftJt, 
F.'JTrtf-j 
■'iitRin 

S I. Alla ■ ...... 


»7 X| -+0 6( 7 58 


nsi+flt; 
45*1+0 it 


47 5| -IW| 503 


■*'ilrrtrj-Aj: Unit* . K5 8 48 i 

■Mm art BrtUdi Capital } njtrf 

M-.ii.I.v 1136 2 :+S6| .. 

.'.,cul‘. nil-. . .1X515 170 C . 

I N-ulinf Titov- I 7i -'.trtl 
Sun .Alliance ruad Mrgt. Ltd. 

■ un 4III.HWP Hoe, Hmtm. .-. MSSUII 

hn‘»TtWli |£21S9 2261. 1 4 45 

8 65 *7<— F.-i,ul-Fd 1955 1930. +C7i 3«5 

»» Tzrzc-L Tst. Mngrr.. I.Ui.V laugi 

tiz: iv i»K!vm 


\rrum i'atlf •- .. (7730 
r-Trt Not 12. 'J054 

■ \<-.:ufr> I ml- . . . [133 2 
Z-L Castle sc_ Kdlnbaixb. 

S*ni I in Sui.-.02 11630 

•Sc-,4 Cap "im- 02 . jlSS Q 

■ iwn i.’miri -1163 4 
I xmrioc W all Group 
< apilaSGraw.h . 'TO 5 

LV, An ism. 1&5 2 

Erlrslr.c ijronth. 385 
ItAn tei ... 466 

Vananrtal PC Tty. ;15 9 

IV, .\<ciun 19 7 

Hill- loe PnunTT— 161 5 
;ittemanenjJ_ ... 2T0 
S>.-oial SjLi i*3 7 

TSB Unit Tnists ty* 

0: iThaolrv W ay. .\ndoi ar. Him QCM80IE8 

nrstios.' in 0064 CCMC- 3 


861 


645 

901 


645 

41: 

+01 

1QJ6 

501 


llLlfa 

:ti 

+01 

518 

=ii 

*02 

5.1B 


~0J 

!-oy 

-01 

8.91 

2.99 

541 


852 
1374 
.36 3 


■67 3 


VrlV Film** 

< ■•■T-ni.hlCj 

Krorn 

rmunria' :ir'. 


]7.- H 
167 9 
|69 X 


Bi6btq»gate Progressive MgnL Co.? Hill Samuel Unit Tst. Mgrs.t <« 
I Hsh optiU, E.C0. 0I-S88GS8O *5|toechSC.EC2PZIJt 0T -628 0011 

WttfCrWi-BSf —-J 2-2 ibTaritifabTrari-utae 

Art. Ula. ,, Noi-0i— 1140 228JP ... [ 3.78 irilnt'l -Mia u* 

0'oate int. Hnv. 14 _ lM-fa 170 4.-. 286 iSffillwTfiutZl KL9 

fto U mlKoi-l4_..ll7a0 1013^.1 206 iblcapSlTJnsfT M7 
Nmt Mib. dagr 'Nov. 2ft. “Dec. 0. th'FuuncioJTrujL 880 

i b» Income Trust.. 264 


liS InteLVUMg) 


■W *" 1 


Bridge FW Mutagen (a) (cl lbiSwurt n t^. ln.7 

tests fise.Ktag Will butt SL.EC4 (U-6234S51 (blliish YI«ldTsL.B9i 
American ft GetLi_|22 7 23.9] .... 

Income"-. (495 53 9* -.. . 

Capital Toe-t HI 385 

Do.Acc.t ftoj 424 ..._, 

bomptt- [ 137 146 j 

intenrtL Inc-t [is* Ufa 

5a Actl -07.4 Mi 

5eabaft •Tow. twed tTburs. Pneas Nov. 

1L22XL 


111 

i 


+05J 


950 

308 

1731 

4.71 

4*1 

7.78 

5«0 

LS 


3.92 35. Christopher Street. E.C0. 
3.92 IntaL lav. Fuad. |9J2 


ni^47T3fc| 
96 Ji 14.11 7.40 

4*2 Key Fund Abnagen Ltd. (a Kg) 

462 25Ui!kSt-EC3V8JE. 010067070. 


507 


KeyCncrKriD Kd. . 


173.7 


(Miamtia Trust Management (aXgl aife r&eBa^Fd - 
t London w * n BttikfitnB, Landoa Won. 


omdoa BC2M SQL 


O103894784M7B 



Kny Equity A Gen._i£6 7 
F«t —[1717 
Xey IxictEpe tend- DO* 

lu 


Jteji Fired ioLFft- 
Ker Stool) Col Fd_ 


784 +L3I 3.71 
709 rO 7 5*1 
1006 .. .. 5*7 

83.6 +0.1 1806 
640 .. .. 2017 
1*9.5 +00 SC 


Kkiinoit Benson Unit Manag er a T 


353 a0LFenettmritSL,EC3. 


KB. Gnit Fd. loe. _ 
*JC8 UnltFdAc_ 
K.B. Fd.lnT.Tas_ 
K.B FdJa.TstAce.. 
KBSmlrCo'cFdJoc- 

M 5m CM Frl Art- 

-High YkL Fd. Inc_ 


848 

M7J 

535 

5*3 

ft 


9201-.-. 


m |:d 32 




558 


4.85 

676 

6.76 

055 

855 


22 High Yld. Fd Ace_(465 

L ft C Unit Trnst Management JLltLV 
tor The Slock Echanse. ECSN 1HF. 01588=800 

859 LftClBciPd. U403 144.71 1 002 

4J7 LftCIaO*G«nFd.j967 99.7| ...i| 113 

Lawson Sec*. Ltd.? faMc) 

2-65 37. Queen's St- London EC4R IBY O10385WJ 


*R*ir. Materials — 37.6 

itiAccum. Dni LTi 43 0 

-Growth Fund 57.Z 

he British Life Office Ltd.? (a) 

iHse,7toBMdcdWeUs.Ht088Z22S71 iAtwncaa Fd. 2L6 

LBritiahUle HI 7 54.71 +0.71 502 ifAcrtitiiyojlsl_.-j203 

. .LtelanraP (479 51.21 .... 

• 'ESvldewi* 

W«w- * 

Shipley ft Ca Ltd.? 


6.03 


40* ...- 603 

46.4 . - 6X3 

6X0 264 

S B ... 2*4 

0 ...... X06 

233 - 0.50 

f , — 24.0 -oil 050 

Deal pirn. "Tnc*. ttWcrt jThoru. 


ners. Founder* CL, KC: 
? Palis Nor . 27 — <220 4 
). iCCj Nov. £7_ (Z7U 
: Twin la* 

Sendai l* 

19 

rs 
r. o 
u 

Ift 



5.02 

+58 


Wtl (James) Hhgt. Ltd.? 

tMtd Braid SL. EC2N 1BQ 

«7.< 

u; as 


nStI dedij its! » “ * Gottm Tyndall Fund? 

HX Canyage Rood, BristoL 027032341 

IMS. Nor. 14 W* . 63.01 . .1 502 

ot^nomao (Accnm. UbIXU (73* fttto} | — . 

*370) +5JJ ATX N«rt. tub. day December 13. 

3003J +7.q 4.71 Leoatne Administration Ltd. 

4M 2 Dufcr SL. London W1M 8JP. 

421 Leo Diet. 125? 79-' 

5.07 LeoArwm- — 1®-1 

f.TO Lloyds Bk. Unit Trt. Mngrs. Ltd.? Ioi 

Registrar 1 * Dope. Gniociv&i, 

WorlhlBC.WesiSuasm. 010231280] 

Bulan evd gl.4 55.Zri -HX7] 4.63 

IV> lAcruml 720 77J +1.1 4 63 

Worldwide Cwih. ._ S20 56.7 +03 194 

4*7 rUviAccOTW 66.4 7X3 +0.4 I 94 

Income— 340 911c +1.1 615 

Do. 1 Acmm) 1U7 127.6 +U ftl£ 

F. Bor SUBS Extra Income 603 648s +<U 8.M 

+0.bj 444 Do. tAecum) - P05 7S0|+O.7| H 

^2 ax? Lloyd's Life Unit Tat. Mngra. Ltd. 

73-80, Gatebon wBd. . Aylcdntry. (BBSSPU 

Equity ArcBm. (X6L6 17B0I I 406 


3ft7J+0B 

’HJIH 

310 +00 
• 263 +0.4 
lfti .. 
594a +Q4 
226s +02 
59 Is 


Practical Invest. Co. Ltd.? (yKci 

44. B I dot™ bury Sq. WCI A 0RA D1+E3 RTH ilichAUuwniim Fund' 

PraniralNov .= _.IJ47l 15651 | 4 51 Sa.-k-rtlnftTn.il i746 3 

Ac cum. L nils (212.1 _ 22 571. .) 4*1 Soirrt inm- . |« ; 


Ti?3 "/H 

J" 5 *0 21 
72 J| -O0i 

7*31 • 

72 a -o.') 
74 5| +0 

xws: ••’j 

iltr + ll tt 


2 41 
1 59 
i <n 
0 61 

4 16 
1 HO 
3*3 


T.-rr.* : r~ruft.«Ul? p4 5 2 ~ -• 0 1; 4 11 # .nr„ 

7.CC-.! h:r-.r.rial IS9* ra+1-OB. 4 hS .fa.tlu 

~.ii.--l ..138 5 41 ?■ . ■ 5 94 

- .rr.-t P. ---n 2= 2013 2U 4^ . [ T U Unit 

” ‘..l r n -; l n.ir 113 I 


■l.-TsP. lJV3CT-jJ._. 1453 

■ n. [an. >.ecuni 1583 

>c, TSC Income.. .60 0 

■hr +-J ACIilU 642 

TSDSrilDrL 1 81 6 

itiL*o. Aiutia. [884 

lister Beak? (a) 

*Slrcel. Lr.Ifa i - 
Liner Growth-. 137 4 



409 
4*9 
7 34 
734 
000 
200 


Tar 

r.in.-i-. i.r*>»ih _ 

T I I -.a- 1 il. pj 

lb- H -r.- I inl*. 
7..rr« ‘ l»- 

7- : w *-« 40 . 


29451 . 

:a a -00. 


_ . Wa 

T.i l-rrt |X3 3 

T ;! sprt,i,S.L-l._.!0Br 


713 

in 

3Q <( +0 4| 5.04 
Zb 3; -i< 0 13 

29 £, *0 2 2 13 

Bid *20 3.80 

261 er2 . <79 

31 Cc; . I 8 50 
14 7j . i 1236 
• 21 71 -0 .’ 503 


033=2223 
*001+051 578 

Trust Account ft MgmL Ltd. 
Kim: Mil:, lun c i. EC4fl PAR 014323+051 

)'n» Ksi-.rund 1337 408 .. .! 4.73 

Wic'er tilth. rto<l 29 7 Ji3 -o.il 4C& 

IWi. Avcuia . . _ 134 9 36® — O.Jf 4 86 

Wider Growth Fuad 
K: n- V. ill.m SL Eh'+R T-VR 

lnrutae L'nlt» ^29 T 

At <UK i.'Ktb 134 9 


01-922 4%) 
313J-0J| 4*6 

263-011 40b 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. 

1-3 Sl i-aul’s Chwebyord, Ed. 01-24841 ! i 

Bcpun- Fur ul I 

equity Ace 

Properly Kd . _... 

Pltfi-Mt Act-. 

Selective Fund.. .. 

Caui-mihlt- Fund . 

IVllene- Karri . 

W'tvp Fd. Ser 4. . 

•Man Fil . 

•Equity Fd.Srr J. 134 5 
•Com Kd Ser 4 . . 
itoMoncv Fd Ser. 4 .. 

Pncw al Not*. 2i. 


35 8 377 


30 8 32 5 


1511 159.1 

„ 

1615 170 0 


90 7 95 J3 


134.1 1410 

.... . 

124 4 131 0 


1303 1393 

... . 

1548 1401 


J* 5 364 


114.4 1205 


110-2 U8.2 



Crown Life Assurance Ca Ltd? MmtJs IJfc Issurancp 

< men Lit-- 11+ 1VM.nr.-TI'2l l\Wiu:9B.wSB .~j. -;| n.v, M . EC01 -IMJ-. 

MoniTd Fuad Art 

Mnnp-d fa',1. Iiv-m. . ........ 

Marie ,1 FA lull. .|10: 2 10751-04) -• K«. *-■* 53 1135 4 3 40 t.! 

Kquiti F.i.-ln- |96 5 101 5] 1 -- lip* .y W>.*,ik 03- (1554 163 fal 

e 97j+1i] IIS i v 3 A ll.T-i *■ <r 03 153 4 2t01' 

1093 -11 -- f r ..viTr.' Nma- ffle 150 4' 

101 2) *0 1 _ 


ValuaUan normally 


Tups. 


Albany Life Assurance Co. Ltd. 

ELC'IdUtiriinCftri.St.W I, 


•Equity Fd Arc. . 
•Fixe/ Ini Arc.. 
•fitH-Monei FALAr.. 
91 nil Man fd Arm. 


Frf.Arc M2 9 


•M'pli- Inv. Arc 


'Eqmrv Pcn.Fd.Acc «I9 5 
Find I Pen Aer. . .~ - 
Cld Mon.I’cn.+cc.. 
lnUJrtu.PnFrlA.-c ... 
PropJVn Acc 


pie Inv-F eo.Acti_L207.7 


193 6 
1405 
|U67 
1076 


1680 


1793 
133 5 
1144 
1295 


2027| 
1478 
122.8 
113 2 
1187 
1768 
74L6 
1887 
1405 
120 3 
1362 
2185 


Equip. F,l Incm 
Fqml; Fil (nil . 
PrerH.ni F'd. Icr . 
Prof+rt? F»l I rrn 
Prop.-rt> Fd IniL 
Jm. I .x Fit. -0.-C . 
Im-Tsl Fil Incut 
Jnv T*J. Fd Ind 
Find In:. Ktl Arc. 
r*a Ini FJ lnrrn . 
Inter I Fil ."ir . . 
Inier'l Fit Incm . 
Mnnov Fd Arc 
Meni-v Ml Ini-m . . 
ma )■: Hum . . 
i* roan Un Inv W 


I — 

:i r 

J - 


Royal Insurance Group 

NeclUIFi*Ci.irtly.-p»;. 051 =27+42= 

P-ralFrieldFd .,1433 151 8, . ...-J — 

Save & Prosper Group? 

4 iJlS*. H elen s. Lr.ri-s . EC3? 2F r ’ 0i-SM 8803 


10J 2 


Pa! .'31 yd 

_ Prnpcnj Fd ■ 

+0 lj 1! c0 l^)ndon Tndemnity&Gnl Ins. Co. Lid. '/'• * j -r< , 

— l.-.Li', The IVi-tnuy. Read; n< vCL'.l : 

Mum*. M*uascr....|389 35 —0 li — 



MM fl.'.M- . . i29 5 .UOj . j — 

i :.wd lulvftri — ]34 1 16 -j| -0 


12 44 The l.oti dua ft Manchester Ass. Gp.V 


_ 11350 
1610 
1029 
•1241 
,'297 3 
118(8 
,2541 
54 8 
,102 2 


695 


V.'irn! jde Park. Earser. 
t an r.rrrvrt). Fund 
10 00 <F faa F tempt M 
957 eCxciciM Fsvp FJ 
‘ 5* )ni Tst. Fd 


Fk'-^McFitnn .. 

Crusader Insurance Ca Ltd im fruytFu'.c — 

Vincula K.-u-e Timer PI. ta 01-S26 mil ~ 

GlhlYufSM.T .1734 83 8! I — 

Eagle Star lnsur.'KUdlaud Assur. 


032 3 

. i 

1331 

... 

960 

- • -1 

153 5 


110 4 

.... j 

. 133 9 

..... I 

K9 


1015 

--■! 


Uft^ ISu 


I - 


ricpivil Fd* 
t '.imp Por.'.Fd' . 

FV|Uil> l"ctL' Fd 
)r.-,p Pc nr Fd *. 

■ •ililVn* F*1 . 

[>no* r-i*;i - Fd t 

'ifl'V- i>n VotembiT Z'.. 
tWi-ekl* dy-alinsi- 
Sch renter Life Group? 

F -!i«n*i-i*i. V-oru.-s.'iu.-i. 


13761 

170? ... 
229«'-O0| - 

Mill , 

a?r 1JI 
m** ~ 


070527733 


Fquily 1 . 
Fqi'U; 4 
Filed Ini 4 . 
M-insr.-il 4 
Money + . 
> v .rr-rfa 4,. 
Properly 4. 


2205 

. . .1377 

. . .. '133 6 

;J09.7 

. . 86 9 
1622 


2309 


AMEV life Assurance Ltd.? 

Alma Use . Alma Rd. Rdcotc. Feicole 41II0L 


l.Tl.ty!'«1f>ccdl+ -I. E>-=. 

Eogk-.JUui. UntUi.. (54 0 560/+0«| 6 09 Ci.u’- r-cpo'il’ 

Equity & Law Life Ass. Sue. UA? ^“‘leWFV- 
•AoKTsluniRtud Rich Vleoabe CU« 33=77 Kaauie TF^n- 


isaur- Thr-evua .^.TowerUIUrCsS 431? 0I-«C4W« K8.M3WL Secs.4 .;123 0 
01-5«:2t2 Aim-rvra/iF-1i.V..(46.B <9 21 . ... | — b S Pen'-op B_ . U« 


.1204 

1563 


*S3 


ABIEV Unnan+d 19L4 194.81 .... 

1' M|Ul. *U' 1194 1250 _... 

Mcmi-y Fd-„ 107.8 1107 

AMEV Equity Fd.^. 110.7 1167 .... 
AMEV FI vd Ini — 90 7 956 .... 

AMEVJPrqp-Ftt — 990 1045 

AMEVtlauten-Fd. 110 5 ■ Ufc4 

jAltEvT&KLFen/B'llflO 1163 

neTlpUa [983 103*1 

AMEV/rra iriln ato n 

American P4.8 78 81 +31 ~ 

Income..... [92 3 fl S I — 

IhcGtimUi (84 7 B9.2j J — ■ 


C(|UII> Fd.. _ 
Prupcrly Kd. . 

Fixed lolercst F'._ . 


— Old. DciKKil KC . ..101.1 


Aimed Kd...... 


,1158 
112.7 
107 9 


1131 



)nsdeioo ,,% -.b352 

General Portfolio Life ins. C. Ltd? P tunny BJ •« ll6io _ , __ 

- «l Bartholomew Cl. WallhamCror.i. WT£31fl71 ^7 

Z * Portfolio Fund .. I 1419 I .....J - » nn-y on Nor ~ Nmr. 23. "OcL -4- 

:«i (42.4 44 6 — ,1 — Merchant Investors Assurance? 

K75 5001 1— L» vn hi*i.033 HiphSI. Crtrrdon. 014WP171 



232.21 

m 

170.3 
12951 
130 , 
wol 
219 

264 
100 
100 
202. 

104. 

112 .! 

1W. 

Scottish WldoMs' Group 
pi I Pot 002. Edinburgh EHl65r.r 031^550700 


BN Pen ACC h. . 

ilftc-J Per. i'ap.B. 
Mucd Pi*. Acc. B 
F. Ini. Pen. Cap. B 
V InL Pen. Ace B| 
Kuncv J*W. cap. Jl . 
Money Pen Acc B . 
Pr. p PenCan. R . 
Prop Pen. Acc. P... 


137 L 
2083 
2510 

%l 

VA 

107 0 
1090 


Port tolio Man jqed 142.4 
Piolio. Fx<L Im — )<75 


20571 
105 £H ..... 


For Arrow Ufr Acatztmee «rr 
TraMtMt Capita] LUe Auwnnce 


Gres him Life Ass. Sue. Ltd- 
2 Pnnrt- ni Wulcs Rd.. B'nvjiilft O20C 707055 

gi-sseijss ia-is?. wjji -i z . 


Barclays Life Assur. Ca Ltd. 
2H Remforti Rd, E7. 


G I. Equity Fitnd . 1055 
»', L. r.ili Fund ...1117 
(iJalml Fund . UC2 HaW ... I — 

i; l-.Ppry. Fund . 1004 IO5.7] .... i — 

Growth & Sec. life Ass. See. Lid? 


Property 
Pr--'pr,-*7> Pens. 
Eqully 
Fquity Pen* 

Money MarSei . .. 
Mnnry Min. Fees. 

-- 

D-posif Pcr.s. 
iUnued . - . . 

MnajKni Pen 


338 

4.4Z 

3.24 

456 

630 


Bare laybon dr 

Eoulty. 

GilfaedspdL,- 
Proprrt?,. __ 
Inlcmauooal 
Mnrmged - - 
Money* 

r.ib EdcP^Auca. 

Do Initial — W05 

Monov Pens- Acc. B35 
Do. Initial [980 


108*. OcL 10 (565 

-fiada Life Unit TsL KLngrs. lid.? Z {m7 

Btab St, PoUnra Bar. Berta. 

mCcn Dirt- 

. lGulAcoib 

ilnc-Dul 

UtoE-Accnm- — (457 


ai SBB80I0 M ft G Group? (yXcXz) 

545 Three Quara Tmwr B1U. EC3R ffiQ. 018M 4588 

_ . , 809 See oiso Stock ExchanecJ Dealino 

■«it American ._J«J . 100JJI -..-J — American 45 4 4ft4[ +03f 

prices qn. Nor. 16 Next dealing Dec. 4 (Accure. Units)— — . *65 

Unit Fd. BIgrs. Ltd.? (age) {A^cSliJZ: Sl 

Home, NewcooUe+ipon -TVae 21188 Commodity 782 

- lAccant Unltai — -.{SLfl 


•w = 


422 

SW 

8.94 


tmm.Dnlu-^9. 
chTMd W8* 

fl nllt p? 7 

B dealing date Norarefcier 29. 

Gfilclal Invest. Fd* 

?bd.ec 2 n ion. 

.21 (13198 — . 

nnyiyoe.xv WflJJ — 

. MamHL Only available to Beg. Ch a r i h ea t. ^ 

: F<Wt«tfa«Hise Japhet see Janes Finlay S\ 
i Trust Hauagera Lift? faNgl 

jCJKtTP 01-2833833 I Aecum ’Unit*]. 



compound Gn?wlh. UU 
C uuima, oa Crow-lb 59.9 
Coovemon lac. — — W2 

Dli-idead J15.8 

1 Ac cum Un)U> E65 

European— *9J 

73m (AccuttvUdIUi — U77 

Far Eastern 49.1 

..ream UaWsi 50 

■-undrflnr.Tsls — g.9 

fAccom L'oftfi) 732 

General— lg* 

coo B 


ll Income 4U 

- - lTrt_. U1209 
TM. 2S6 
I Tst— Z33 


445a +0J 
24.7 +0M 
07* +0^ 
25J +04 


n*. High Income !?!&? 

flOQ 1 Accum. Umtai (177.3 

90B Japan — - — — — B3H 
9 in tAcetun. Unilsl— 

act Mogoum . ■ 

7.47 (Accam. Umls)- 


■ Acciuo. Unit*) 8J4- 

Second Gen 1727 

1 Accum. Units) JK.4 

Smaller Cor,, gSJ 




Funds MgL Ltd.? (84 tAcnun-UaUc, 
jLane, WC0A 1HE 01S43Q28 

iPtoacL j*40 464| [ 434 

. fcta^»olitM Fund Mauaffers. 

fostSIree*. London SW1X9SI. 01-2338525. rAcciim.ll nils 1 

siwl r;:::! i!S 

ijnmit Unit Tst. Mgrs. Ltft. ** U52m 

i#^Mt9Una I &22\’8HH. 01-0)68280 chSffl-Nor.si— MS.4 145 M 

gancotw 1467 50-2+051 M00 , A «am. Unilil-- 187 D 

; ^hAtncrlffln — W73 5ft» ...jJ — Pom. Ex. Nov. 27—^74 146fc^ +0.9( 

gKuntsi8hIm;.|483 505| —-4 .w Management Ltd. 

Mgent Unit TSL Mgrs. Ltd. (aXg) SL ceer K c'aWay.Sray««age. OOB 38101 
WhiUeCrca— Edinburgh 3- 03I-M64W1 Growth UW* (55.4 5831 1 436 

SiaSJ flZZ B ! *s5S-=a^ too Mayflower ManageniBBt Ca Ltd 

SSlgll.WsL—K.T *7fi3+oM 918 14/18 CreshamSL.ECZVTAC. 01-6W«Wlj 

. — 55? 401+911 4« gs 

45* Z.. j 3.00 


fW<*50^ [M 7 265) -M 

feelienary Unit Fund Managers 

?al 01-4084485 Mwcniy Fnwi Managers Ltd. 
SttioTa \w*2 2805*4 A 532 30, Gresham 5U EC2P 2ES. el-# 

"^.‘Winchester Fund Mngfc Ltd. aefl I!™ 

jtejny.ECS 0MM^^ D & N N ^|sZa6 . 

/ Swimicriar-1180 ■ 19.6J 49J Aec.Uts.Nm-.g-- ”2 - - - 

Washer 0'aeaajl76 MjJ I 435 wcctEiLNwa.-. Z3JJ 

iina ft Dudley Tst. Ltd. Nci.z3_j2S2.o 

teaya mi m -rs Jfig^sjrs.sss ■.«.» » 

F^EqnilaB Seenrities Lid- SSs^siaBD*’ 

R :•« Trust Mags- SSSSiSi-J 

Itfly ft Law Un. Tr. M.? laUbKc)^) g^Jfi^.ZZ 
*8ohimRcl,Hteb Wycombe. 040*33177 Do-Accum. 


tTeoeral Itot.a ; — p 
lnternl Nov. 2 1 — 


TeL07+27SBC 


1621 
[73 1 
35.7 


«es .Finlay Unit Trust MngL Ltd. 

I* Wen. Nile Street. GUsgow. 04120415=1 international 

|Stes? -ir " “ 


2081 

E-r V«J — . - 07.0 

afuilacorw 04.4 370 

gfaarBuroJTn-feiB 280 

ban. Units Sl7 343 

^nyrdln-Tri-toft ZB I -a.- 

Units PL7 34.2| ..— 

Nor. 21 Nest dssling Nor. 


062 Equlor Exempt*. 
062 Do. Accuna*..— 
4.42 Japan ft Pacific— 
4-42 Do. Acenm..— — 

SO. 'Prices OL Nor. 


679s -0.1 
80.0 -ft? 
384 -0-1 
4i2 -a i 
277 -4J 


■f 

614 
Eao 
Ml* 

(443 
619 

E 6 6 

nos* 

H7.B 

7. Nest dealing Doc. 1 


30-2 -0J. 
553 +0| 
645 +43 
M 9 -0.4 
47B -0*1 
66b +t>Jj 
707 +0J| 
1093 

MU] 


5 75 
5.73 
3.36 
4g7 
4177 
4 07 
688 
688 
3.41 
3.4] 
8.47 
ft 47 
SOS 
600 
IDS 
190 


CORAL INDEX: Close 483-48S 


INSURANCE BASE RATES 

1 Property Growth — r — + 

' • tVambnigh Guaranteed — — ~TZ."_ 


..IVa* 

10-T5K 


IMtUgU UUfUdLlCCUw*'**'"-"'"^ _ _ ttranH Thhlfi 

tAddress sbown under In«nuiee and JWrtyBond^ 


[105.6 

118.9 
1083 

-ft? 

1UOLO 

100.9 

11 


. 

125.2 +0a( 
11 4J +0.r 
1166 +0-« 
92.1 -a*| 
1150 +o5j 
1063 
105.8 . 
1012 ._. 
201.0 .... 
979 .... 

1090 

104 lj ;... 
aniU value Dim. SSL 


01J341M Wctr BohIl Bm-WI-TIlHIl ». Bwto. OttlB 34284 Jujj J^r ul i. 

Fltstiblc Finsner-.. I £1306 I .... j — I»i P^n; 
LondbankSi'cc ... j 54 U 1 — I — 1ml. tl.magrd 
IjndhrtnfcScf ACC. U67 119* ... . — • Ur- Pen*. . 

C. ft S. Super Frt. CT.903 \ .„ J 


160 0 
J697 
591 
170.1 
1438 
1875 
1717 
1455 
1074 
1416 
967 

ino.B 

93.4 


100 0 

NEL Pensions Ltd. 

Hill on rnnr. Uorking. Surrey. 


JnvJI;-.Seriyr I . [135 7 

lir. Hi Scric--; ._|9S.7 
Invg dor hN«. 24. 200 2 
Ed r. Acc Mw. 18. 1383 
E*. L'r Inc to . 16. ail 
Mac. Pen No-15 .12689 

Solar Life Assurance Limited 

10 l2KlyPlaccL™dr«nE.L-X‘.ffIT 010*22005 


2055] 




(■aardian Royal Exchange 

Roi-al Ei.eh.in co. Ef.l. 012827107 \Hv-'cq'cVp 

Prajwnj Bond-. . .1189 8 197 7\ . .( — Nc)cat>i .V:*:ura Jill ' 

Hamhro Life Assurutce Limited ? Sl yto ^v-eEi 

7 Old P.irfc L.inc. Lor Hon. IV 1 01-CffWtfl Nclp- <2lhincl'Jn }4?< 

6 


Sailor M+aaccd S _ 
S.rfar Pnifwrti S . 

Snl.'rFquiI) ti . .. 

-Solar Kyd. InL 6.- 

Solar 

Solar loll S . . 
Solar Managed P_.. 
SolarPropem-p... 
Solar Equity P _ 
Solar c *jUnt. P_ 
t'-vlarCi-J, F .... 


[1269 

1090 

isa i 
1253 
3005 
1863 
1264 
1C8.6 
,167 5 
114.7 
1021 



123 *J -Oi 1 

*h\ 


Beehive Life Assur. Ca Ltd.? 


1‘ixcri Int Dtp- - . 
Equllv - - . 
Pit -perry . .. . 

Managed Cop 

JUor.acori Acc 

'Versea.-. 


71. Lombard St. ECS. 
BULUccjeND*.l_| 


13008 


0I+C3 lima tJ'li Ed^rri 


— 4 - 


Canada Life Assurance Co. 

20 High St, Potters Bar. Herta. PJBor 51122 
EqtjGtbFdNov. 1_| . 61.1 T ( — 

RctmL Fed. Ntw0..| U44 | — 4 — 


Cannon Assurance Ltd.? 

1, Olympic WK Wembley HAB0NB 01BH2WO8 

KquHyUnlt*. 0738 _ +47031 — 

Propa-rtrUnitB.. — L1Q45 - J — 

Equity BondiEieo. 1154 l2Zl*0<tZ\ — 

Prop. Bondi Exec E13.75 34 5! . : 

Bal. Bd/Sue/Unit. C23 42 X4.2J *001 

L>cperit Bond 1136 1312 

Equity Accum. !S1 — 

1‘roperiy Accum 0309 — 

Mi tui Accum. 1*48 J ....■] — ftp 

2nd Equity 944 99.4+0*' 

2nd Property. 187.6 1U? . 

2nd Maasocil 993 105U +03| 

2mU*mSi 98 7 XOaS 

2nd Gift.” 89.9 955] _ . 

2ad.Ameiiean.__. 7ft* . 83^ +0? 

2nd Eq_ F*iu_/Acc. . 96 0 * 1037J+8J 

2ndPrp.Pens»Art . 133.0 119.W 

2nd Mgd. Pens/ Acc 103 D 169 d 

2nd DeyPenslAcc. 1004 .108.? 

2nd CIM PensiAcc 903 95.S ... ^ 

2nrtAmJHm*JAcc. 017 86S-07] 

LftKSXF. 39 8 415 

LtESJF.Z 275 295 


Current 


value Nm. 2i 


Amenum Acc - . 
Pen F I.Ocru-p. 
Ten F.l OcaAtv - . 
Pen. I Tun. tap 
Pen. Prop Ace .. 

Pen. Moil COP 

Pen. Man. Ac c . „ 
Pen CiliE4fcCap- ■ 
Pen. illll Edg Act 

Pen R . 6 . - 

IVn BJt. Acf 

PtlLl»AF.Up 
Pen. n..\.F. Acc. . 


127 8 LWI 


1810 190.6 

r 

170 7 179 : 


1434 X53 { 


1750 187 < 


1209 32*: < 


1263 133« 


912 SAC 


1301 137C 


153 9 162 1 

. 

712 1 223 j 


277 8 2916 


010.4 221 5 

... .. 

Z74 6 289.1 


1213 127.3 


1294 1363 


1264 133 6 


14.3 153 6 

• — 

104.1 


106.9 



. , 52 

NciCi <itb Inc Acc. 51 5 54 

NiH M»d Fd. 1 »p .149 6 523 . . 

Net NUrd Fa Acc |r.3 54 0( . 

Nc.l .Sub dav N member 35. 


5811 f-r-lar Inti P .|862 

Z Sun .Alliance Fund Mangmu Ltd. 

— Sun AJJianct: Hoxuc. Horsham. 040364141 

— E*p.FdJ»L.Sw*_ 049.2 159 « . | — 

— Inf Bn Nor. SI | 0222 !... .( — 

Z Sun Alliance Linked Life Ins- Ltd. 

— Sun Alliance Houaft. llarvbom 040364141 

Equity Fund --1107 3 134W-I4J 

FiyedinurrwiFd llO.Tj ,03 


NPI Pensions Management Ltd. ir y, 

an CrSH rthurcl! SC . EOP3HH 0l«34200 Fi'_'!«4 

Managed Fund. „..|1S5 J 3618) I — DvprcilFund >958 

F*n ^0=. >cn. J. Scxi d&ihng Vcc I Managed Fund... *1205 I 

New Zealand fas. Ca (U.K.) Ltd.? Sua Life of Canada iU.K) Ltd. 
3lmcland iluu:«. Souihend SSI 2JS 07026365 2.3 4.CoclfrpurSt .sjWiVOBH 01-0005400 


Alexander Fund 

77. rue li.uii.,- 

Al,-ia.nier fund 

.‘ni i’+-i 

Alien Haney & Ruw Inv, Mgt. if.t.l 

. l|wli«T,.ly- • !. CKH rittl 

K18XS 50 191 . ..11199 

Arbuthnat Securities fCM.I Limited 

Bo'.au. N ilclu-r ifiNT.'ITT 

•:ap TM lAfirt ■ 1115 0 . 119 01 . | 4 20 

V--.[ .Kali 1C >|n„- r >■- 5 

Ta (99 toil ! 1200 

\rvi d--.jrmi; .l,ic IVvi r-bi r I 
l-e.'.AIoH Tm i ll 197 llMi .. | 3tO 

» \i jf.,:in[< ■id'i- ii.-,- r 

Australian Selection fund NV 
ilnrkrl ttppril-imiier. n- Iri«h \imr.9 ft 
Tnithnaiir. I,., hi-il V. s-.r|nc» 

tti£l Mtari-k | 51 si 4* 1-0 O'l — 

VI .I>s1 Idl-jc- 7ni...nbrr J 4 

Rank rf America international S..A 
S5 Jleuli+urrl Iin>.il Luinvhnuit G !■ 
Uidjiwerl Incam- |Il MMt* I15.V { 7 77 

Pnrcn a 1 . Sm. 2' 6oi". ail. -lalu lid. *51. 

Bauque Bruxelles lumber! 

2. Ilur IK? la r.i-acni-.? B torn llrufawli 
ller.ta Ftond J.F . fl 905 1 96*i -J! 7 89 

Barclays Unicorn Int. iCh. Is.i l.td. 

1 iTiarinR Unirs. S» llc-lier Jry;-. 0^3472741 
Pi mens Innvnc |«fa 7 49.2 . . I 12 70 

113! . .. [ 180 


Kn-itr Cllnunn Mil. 

1L‘. il.it Mri+". ti ."i F.!r .'MWIbTI 

1 l.i-.-fa'i 'I r! -i+l 15711 — lr; 090 

li.-<id Irllr?; 1.-4SI • - 

. .-m V. ils.- .]. [ii380i U8C7 -0.7j _ 

'Kins & Shsvson Mgr*. 

1 - fad 


*. ail*- 11^- .< I'- '.f i : rr- 
1 Tli- ■! ii.-- Miw. l-'iieia.-; 1 - > *: 

■i li Vi,-..?-! [0 43 fi*9| 

G-n th.i-i.i m lie: 3 :Pi9>:' 

li'l i qij i:UTr.,:,*41 444! 

I nil. I'.ni, vn IJ 
I I— « slerlir.r . :-_15r - IS )T 

I ii-,- la" -.19307 11J 

Klrinuon Benson 1 4 mi led 

y.-n, liurvli c-.K- ;i 


- -V4 “■-»• 
~»a: 2 J 7"fl 
C«24-4SM! 
. 1025 
, 17 25 
1225 


Tiinmr' * I 
.|iii-iii>k Inc 
I hi \. .-u:n 
Eli ! ,.,r.i lK 
KMii-I F.. 1..1 

P jn.1 

Ml-' llv ifa I . 
siSm-i bi— mi-Ja 
iMi-rzili K-J FJ 


! 1109 

65 1 69 "r . i 

S24 67 6< . . 

Sis-.IH ! 

, 51 >1145 , 

I SI CJ4 30 J- 0*i:| 
• ;; > 11 48 ; , 

S , .1490 3 35 

.i'-slil3 - . 


3 12 


4 35- 

4.35 

1 45 

200 

DM 

D 78 

ISfa 


UriCollarTrurt 
L'nlbond Trust.. 


11*0157 
|S 1:1 01 74 


U2i4 


850 


Barclay's Unicom InL ii. O. .Ham lad. 


lThMiwSI.Oautlo-. i i.V- 
U nirom Ausl Ext. . >470 50 61 

Do. AiK Mm. .. . 29 5 31 s2 

Do-Crtr Porihe-. .. fa5 S 7051 
1\» Inll income 136 2 39 W 

Da 1 «4 Jlun TM . ..(44 6 48 0 


C5C4 48M 
. I 200 
... 190 

!L I Voo 

900 

... 1*0 


Lloyds Bk. tC.I.i U/T Mgrs. 

pH K-.\ 196. M ! I i-l 10* .1 «r .•.!>■ MW 0TMI1 

Lio; d- T-t -y-rfu ■ . 152 8 55 6- i 143 

Si-i'. ili-.iVird A. »:c I 'C— *?nl+CT |S 

Lloyds Rank International Geneva 
rn lli'i 4.19 l.'II i>m-. s- M isv-Urrltnri 1 
l.liys rft. ln> <‘.ro*.ih '-.TWEl ^5801 I 1 75 

Lk; iMol.Ici -mn> (sr^liO IT M - j 5« 

Manage meet iRternaiitmal Ltd. 

l+.r^. Kcrnmild 4 

I - I 

)i & G Group 


Funk nf Bc-rmun. 

■'■■mil tsiiry |— yi 15 03 


Du MioiMinual..it4( 2o5| 
Bishopsgatc Commodity Ser. Ltd. 

PO Bov 42. Dnuelft- I--V. «E+23B11 

.4HXAI— N« D [1. QI3 Tijtj .. . | — 

AAUHti— Noi- €... a 175 124ft . _ 

OLNT**Nov.8 ._ (£2692 1853 . I 1.M 

Drigl lurily- Lvsucd u: -JI0 md —£100. 

Bridge Management Ud. 

PO. Box 508. Grand y'a.iidi. «..,• mnn li. 

N'h.-nHl Soi 1 - I V17 954 I t — 

G P.O B»« 500. Hr>nc Konc 

Nippon Fri-Nui 0=.|5: 'St? P.fy J 0.77 

Britannia Tst. .MuginL (CI* Ltd. 

30 B»lb Sl .St HHier. rrej-. It-M 7? 1 14 

SterllnS DenaanlaMrd rdc 

Gronmlmest 1361 39 ... I 2 00 

Jntni. F-1 - |79i 863 . - 100 

Jeney Cncrgy Tn.. 117 6 227 1'. 1 150 

lldivsi.STrt. Srg.. j£0.oo 2jp| .... r Ijo 

Hiablnl-SUET-a ȣ096 0.991 11202 


Tbrti-ftu.n 
.iti.vni?>i-i- 2 : -its 

Lj. N«- 20 .:• >2 *» 

« -Id tls Arc Nor. 2J Jj: ^.76 


Tou.-r :i ril Li oRspQ '■‘IMTS-I.'J? 

3311 i - 


kill 

137 3-: 1 -1 i 93 90 
197 Bt *0 7| «3 98 


Samuel .Montagu Itin. A rip 


i I* T-lil BrnnH Si y 1 
.‘■imiliiirlMi T [-ri?93 
34HH--.1 Noi 1:- . j'.sSUtS 

IT?irr--u|-.',i>. !.". |j' -IDll 
1 IT June?' V-i 13 !i5 12 
1:7 JhO»jW *• l£96S 


u:.A¥SW4 
JTtfi , 3 93 

ws, . ore 

i:CSj 214 

9 61. . 

10 lsi . 1 — 


Murray. Johnsione ilnv. Adviser* 

I'D. ll-p-.-St.GlaMirtc.r; Wl-221 vei 


*Hoih>M Fd 
‘Murray Fur+1 

NAV 

Necit S.A. 

lib H,tjT.-.:ird r.t \ 

NAl Nui 24 .. 


s:. 14045 
«■««« 
i-mhur 13 




1 ii- r— h-s-jrr 

scmuis i-?::; — 


"■J 51 


1^00 


US. Dollar Dcoeminaicd Fds. 

UnivsLSTu. lirSSM 530| 

laLHifih Inu Tst .-..(llM)95 0 9q 

Value .'im. 24. Ni-xt rfcalir.i; 

Brown Shipley Tst. Ca (Jersevj Ltd. 

J*.0 Bor 583. Sf llclirr J-'rjCi flStl T4TTT 

ailng Bnd Fd. h |£1D 00 rift 3200 

Butterfield Management Co. Ltd. 

PO Box 1P5. HBrniilnn. Bermuda 
Bunrift-.8quit> . . IP. K0 16 :?* . I ITS 

Burn+ii IOCQrao_ -Jl >19* : B5) * 787 

Pnces 91 Nov. 6 Nest <ub. due Nos 1 1 
For Capdirex SA see under Keyset - 

U 11 man I Ad. Bicbxnond Life Ass. Lid. 

Capital international S.A. 

37 nic Notre- Damr. Ltivcmboun: JBchmi-iiil'jil B-J |!6" S 

awed Ini Fund. | 31 517 45 - tv! hilmrtnd B-t ' ’ 92 7 

For Central Assets Mngt. Ltd see ih.Lniincomcl+1 ill*: 

I'iimllony- ti i Pd (SS 0 


Negit l^d- ’ 

Rank >H Bermuda Rida*, i’.inui-on. Frmda. 
7,’A V N«r.' IT- lie 59 — J j — ; 

Phoenix International j 

rn hu T7. s Pm or f-r. -. i-ra-ev. B 

Inlcr r-nlLi-l-ur.c. 32 2 SCI I — 1 

Quest Fund Mrgmnt. ijersey) Ud. 

P 1 » Ri>-. !W. K> I.-- 'cr.-c; II.W 27+11 
WmS.MlrP-.1lnl |573 4J O' I 12.M 
ftu-.il I nil Sws J+S fmj . J 3 80 
ftu-.Mi.u; B.i 11 ■:« :4n! 1 un 

Pn-.-p al 22 Ni--: :l--j|lcg *.i-v. —* 


|faC4 2SBI4 



under Key ser I 'li man Ltd. 
Chart erboase Japhet 

1. Pe.crnaacx Row. Ei.'4. 

Adiropa. 

Adt«erba 

Fen dak . 

Focdl* 

EniperorFnnd 

Hispano. 

Clive Investments (Jersey) Ltd. 

P O Box 330. SL Hdicr Jcr.se>- 05M 37361. 
In f Li lit Fd. iC I • |9_55 9S6ri .. .1 1151 
lu-«tiilt Fd. iJcy.i.Jf SS 953d ] 1155 

Cornhill Ins. (Guernsey) Ltd. 

P fl Bos 137. sl Pru-r Port. Guernsey 

Jntnl.Ma.-i.Fd 11710 1860( I — 

DWS Deutsche Ges. F. Wertpapiersp 

GmncburjjwcK 1121 COX' Frankfurt. 

Invest a .... [OXU720 39 18|-0 Jfl| — 

Delta Group 

P il Box 3012. Nassau. Dahanuu. . 

Delia Inv Nm. IT |U5L(9 LS6| | — 

Drutscber Investment-Trust 
PtMOach 2SK- B icbe nuns* 6-10 ffina Frankfurt. 

Cen-cntra... 2X791-0 J0| — 

InL Rent adcuds. | DM63 60 7B78|-O.JO| — 

Dreyfns lntercontinentei Inv. Fd. 
Pti. But N3T1S. Nassau. Bohamai. 

NAV Nov. 31. — (51 S1554 ■ 1653) i — 

Gmson & Dudley TsLMgUrsy.Ltd. 


115 9- ft - 
11S6I -(W - 
267 3 — ! 7| — 

!F0 |-0i! 1159 
Cl I - 


X74 
100 C! 


Rothschild Asset Management iC.I.) 

P i - l-, s r Ji. Sl JuIi^-im'i i .uornirt 04AI263.il 
tU’L-LFr »i«..ll 1534 56 6, £ . j 2 88/ 

iif Im-l-'l 'C* I [15 7 7 1(05-4 I 7 76 

f> i.- 1ml Fri r Si 12 2 29.' 3 36 

•VSmi.'rt.-.cr;.<! 1415 l«5j . . I 3 40 

O C rpnirindin- 1341" IsO 9> . ,4 20 

*,»• IrfrCemdlyl SjSflT 29 5*1 ! 067 

"Puce ul ’«m- 14 N-.--I dnalin? S« .H 1 . 
rPn-.es un Noi 21 No I culinn n« 7. j 

Rothschild .Asset Mngt. iBermudai ' 
I'll H.ir n»i ML m riy.-mudfa Bid. Bermuda. 
Re-vr.e \5i& ■ l ’.l |/ 5® 1 : «T; .1 

mu- on :.w. 2i Nei? dcalinc Noi. 2G. 

Royal Trust (Cli Fd. Mgr. Ltd. 

P f 1 h-\ 12+ ro'alTsi. Kj.i- . Jrt-c>- 1VM 274+1 
>1 T Ini I. Frt . ;** F9 Oft 9fc*rf . | 3.00 

R T Int I -Jr? i Vo. £i0 S70 n . \ Jtl 

rTi.cs .il Noi. 2‘. Nj. : dcaliL;* to-. 23. i 

Save & Prosper Imernzrional i 

I 'Oiling lr.- I 

217 Broad Sl . Hdicr. Jrr.<->- OaiH-Zt'.SBt 

VS. Itallar-draoniirueni Vuort- 

Ulr Fill In' - (922 9 78f | 756 

lmernui -.r t.- ..|7S2 114 

Far Eastern 4712 50 95 

North . American a i.|3 6S 4 00 
Sepr< . . _ |14 78 lb 15 

Sterling -deomrinalcd Foods 
ChwRol Caw IJIS _ 12382 250 Bj +0 « 2 50 

Channel hjandkt..|U1.7 3597] -U| 5*4 


•'omiriod.-- - ; . Il?16 071 .... 

P.O Box73. Sl. Mftlier. Jersey. 0S34=0Wl Sl Dew*., .. 103.2 133 3 ( 005 , 

' --- Si Fixed-i.- _.l!066 21Ud| .... J 12.8T- 1 
■Price.-- m Nov. 31. —Noi. ” «"N««r 23. 
jUceicly I*ealmg«. ^Oaily Dralingv 


KDJCT. 11216 1305] — A 3.00 

The English Association 
Fore Street. ECS 01-5887CWI 

Ena. AS". Sierlinc'. |£50 75 
Wonlsttc Cm Fd"]ai58 
■Next dcalinc Nnv. 3."\«vt de 

Eurobond Holdings N.Y. 

Handdskade 31 Willemstad. Curac on 
Lauda AjMlx Inlet. IS Chiirfiipitr $1, ECZ 
Tel. 8I-S47 7=43. Telex: 88I440& 

NAV per share Km 04 SVS30JM. 

F. & C. Mgmt. Ltd. Inv. Advisers 

1-0 Lmir+nCC Pounlncy HiU. EC4fE OBA. 

01-623 4080 

Cent. Fd- Nov. 20. | SUS528 |-rOJN( — 

Fidelity Mgml. & Res. (Bda) Ltd. 
P.O. Box S70. H srail lor. Bermuda. 


Schlesiuger Internationa’ Mngt. Ltd.. 

41. La Mouu St . SL Holier, J«v>*- 0S34 73588. 


SAI l._... - 

SAOL 

Hill Pd . 

Inti Frt Jr rosy. 
Inml FdL-.rubrc . 
■Far Kft.1 Fiin.2 . 
•Nest mb. 


• 092 
217 


087 
215 

W76- aiSS| " 

99 las! - • 

■14." Not ember 20. 


9.10 
4 39: 
12 67- 
375 

086 


Schroder Life Group 

Fmcrpn e Ilnur*-. PorUnsc-Olh. 

laleraalimol Fired" 


<ri)i- 27733 


FidcUlyArn Ass 
Fidelity InL Fund .. 
FidcUly Par Fd . 
Fidelity Wrld Fd 


♦8.20 — 
-00^ — ‘ 


SVS228i 
SIS2X13 
HJBI0I 
SUS14.01 

Fidelity Mgmt. Research i Jersey) Ltd. 
Waterloo Use.. Don SL, SL Heber. Jcroey. 

0534 27581 

Series A ilninLi .... U356 
Seri «* B i Paeifici^ |£905 
Series DlAiO Aas ■ .|<34 58 


X LquitV- . 

$ Equiro — 

£F KMI lntcriroL. 

S Fixed laicn-sT 

OlanBced 

SUana^ed 


[1030 
1353 
357 2 
10b J 
1238 
120 6 


114 6 
143 9 
145 9 
313 0 
131 7 
22S2 


J. Henry Schroder ffafig & Co. LUL 

lai.ChiKra-ide.F.Ci. 0*-58840Ckl 


n — 
First Viking Co mm odity Trusts 

fi. St. George's SL. Doug Ian. l.oJIl. 

0C4 4882. Ldn. Act* Dunbar ft Co.. Ud.. 
5S.PBJI ACali. London SWJ75JH 01-930 TT-S 7 


f'hcon » Vo l- 04 
Trafalgar 'Vi tl 
.V-j.in Fd. Ni" . 07 . 
I'arlmc Frt Nov. 17 . 


11 -"0 
, 9 '. ‘-123 30 
'll -UU It I , 

I3A1 86 1 9d 


+0 03{ 154- 


-IMH 


: rs 

5 70 
043 


F«- VlftCoiTf*. -.155.7 
Fvl Vk Dbl.Op Tel ..(65 8 


253 

450 


Jum Key Inv PJan 
Small FH . .. 
Terhnoloc. - Frt. . . 
Extra lire Frl 
1'vlrt, lie.' Dirt. Fd 
.Vmonran Fd. 

>';ir Ej::, Fit — 
Gib Ericrd Fd. 

Con. Dop-jJ I Trt . ., 


148.8 

153.4 


949 

998 

+ J0 

110 7 

1165 

+40 

945 

99ft 

+2 7 

596 

iwi 

+09 

«a 

993 


1062 

ml 

+2 1 

10S7 

111 

+0.1 

985 

18371 



Maple Lf. Grift 
Maple Lf Maned. - 
Maple U. E^rt-. 


2024 

U4J 

UD.4 

2034 


d § 


Buc+is 

Man. Fired Ine ~ 
Wan Fund \ec- 

3S8( . .| — rC'Boil N--n*icll.\RI3NG. OaazZ^X) FU Art-'-Z 


Hearts of Oak Benefit Society 
)3T7.Tm-rtMkPtorr.woHf6M MdltstB Norwich Cnion Insurance Grtrap? 

HrarL-.o: Oak. .1377 

nut Samuel Life Assur. Lt*L? 

Nl.A Twt . Addiwrombc Rd.. Crry 014 


Mannc-ii Fund. 
Eqully Fund 


rop rrt r L' 
opc-rlv Set 


t L’nils 


Capital Life Assurance? 

Can talon Howe, Chapel Adi W loo 0)8*2 285 1 1 
Key Imeil Fd. . -_l 9952, I — 

Forereabarla* Jd. . j 102.96 . — 


Uiaiaqcrl I 'nil*- 
Hama-1 Suit -A. 
Mwioccri 5mm C . 
Wuli" Unn-. 

RIon-y Sene' A 
Fcird ins Str A. - 
F-ijul 1 " S-Tie' A 
I'm* Monac<-d Cob 
P os. Muna^e-i A'.v. 
BifaCwcn rip ... 

I’m Clrtd. A--i' .. 

Fens EO'iiyt'jp. 

Pen* Equity Acc — 

3'mFxrt.lnl ' 

I’n^FVd.InLAcc — (97.1 
Pens. Proa Cop ... 

Ifm. Prop. Acc — 


1620 1704 


1056 1112 


lfci.a 171.6 

+4: 

961 1011 

+01 

975 97 3 


’22 7 3 79 3 


991 1W J 


933 '981 


914 9*2 

+oj 

in 1 i486 


1509 ISO? 


107J! 1124 


114 7 120 7 


1001 1054, 


J01 9 307.5 

.... 

95 4 lOO.il 


97.1 1020 

mmmm 

9S.7 101 a 


964 103 6 

. ... 


FsxtrJIn' Fund . -J 
■ncpoiil Funi* . 

Nor. I'niL Nin.15-. 


P? 5 

1347 

15X6 

1885 


22861 >1 2] 
5716 -i rt 
1417 *0.2 
1595 -00 
11-12 +01^ 


PersnL Pn 

Target Life Assurance Co. Ltd. 
Tarret House. Gatcbi-usc Rd. .IrtehniT. 

Aylcobury ,(C8g| 5041 
96 3 J0L4I 
MftB 125 3i 

1175 I2*!d 

1510 

115 C 


— Prop Fd Inv _ . . 

— Fixed InL Fd. iacJUM4 


Pr-n Frl Inc - - 

Rri. Plan Ae Pen - 
B«-s PlanCar. Pen- 
Mfan Pcn.F(LfacL- 
ilm Pen Fd Cap . . 
lilt Pen. FdAcc . 


:U-2 

Phoenix Assurance Ca Ltd. 

4-5 KincV.illium.9r.Lt aP4HR. 01-6389878 Gilt Pen-Fd. Cap. — 

Keal'li Ass 11129 118.91 ^0 31 — ft^aRen KdAcr 

EOT. in .vu . -.1 832 1 .... 1 _ PropPenFdLep 

Eb'r. Ph.fAfah. 76 1 80.lj — Guar-PcoFdAcc.. 

*jU«r.?cn Fd-Cap. 

Prop. Equity & Life Ass. Ca? r-A Pervid-Acc...: 

IIP Craw4or,1Slrei4.aill2.\S. 0I4ASO8S? PAPoiFUflp 

K. Silk Pnip hd. . . | 18&fa 

Ifa' Equity Srt. ■ ... | 7?5 

FlnKnn ? M _ ( 1991 

IToperty Growth Assur. Co. Ltd.? 


Ui-vauta 


E-2 
y>> 

127 5 
1155 
133 6 
>24 4 
1624 

w 

965 
i960 

Transinternational Life Ins. Ca Ltd. 

01-4058437 



— 1 -eo n 1 1 mine. Croydon. fK9 1 1.U 


Charterhouse Magna Gp.? 

Stepheomn Use. Brand Centre, Bletcbler, HatiVol Food — 
Milton ReynreWOMtim Fi«-dlr.i Kd .. 

13S9 3791 ) Secure Lop. rd.. 

Y30 2 " JJa J Equip- Fund.. 

1395 4lJj 

1345 1 

15X8 - 


RcynreMOBMire 
CbrtfmeEnere» — 

• trUibc. Mreuro 

Cluliur. HanakPd. 
CbrtJuic. Equity. 
MasuaBld-Soc . 

Hanna Managed 


Imperial Life Ass. Ca af Canada 

lmpcn.il Hnjr, , Culldlord, 

LiR. Kd No. =•;. ..(74.3 30S j — 

Peas.Fd.Nui 0*. (67.9 73 « [ — 

l-'nil Li'.tioil rortinlin 

91 8 997} 

954 loasj 

<5*0 1031 

W0 103.2| —4 — 

Irish life Assurance Co. LUL 


IToporti- Fimil 

)*ropc«> Fund. A 
7I0U Arnculiurnl Fund. 
Af'-rtf Fund' A* 
Ah-ej Nnl Fund 
Abbin NuLFrt ' A 
Invert ment Fund 
Inirrtiocni Kd iA 
Equity Fund 
Equity FunrtiAi ... . 
Hnpii Fuinl 
Mont-vF iindi.Ai 


— 11. Flnsbun Square. ITS. 


— Blu,-L'hir 


01-6088033 Aniiarlnl tend 


BlUi-L IUPN-r- S' .. 

BLCpSr.1lMor.16. 

City of Westnrinster Assur. Co. Ltd.. SS^Krtvcr ij. 
Hingrtcad H«iw. 6 Whituhopio Road. 


k'mrl Mjn +'H . 
Pnip Hid Nr*v 1 
FTop Mod iilh . 
Prp5tdGTLh.Scr.il 


Yoydoo LUO 0J A . 01-6ACI 

WntProp Fund — {62 X 65 5 

Macafied; i-'nnd. — 1182.4 1900 . . 

Eqult} tend — [60.9 642 +05( 

Farmland Kund.....BlJ 85 J . 

Money Fund ,125 8 1314 , 

GUI Ktl ud., M 9 65.1 

F17LA Fund [1733 1767 . 

I’onfa.MnRd.Cop. — 1X21.0 1273 . 

Pens. MncU. acc.— 1269 333 5 . 

Pcnfa. H-.oiCi- Cop. -147* 50 J 

Funi Money Acc. _p0. 1 507 - 

Pont. g.l»Ur Caq_K4. 7 57 j +05J 

Peoi. Equity- Arc. - p7 3 603} +0.9| 

Fund exurraliy cloved *n new im-eanueju. 
Purfarm t'nita — | 2195 | ..... | — 

City of Westminster Assur. Sue. Ltd. 
Telephone 01-884 968+ 

First I'nJtx. 1 1292 135.6| J — 

Property V-irnJA. (54.7 57.4J — 

Commercial Union Group . 

5LN clenV 1 . T nrten-h HI . KT3. 01-283 7500 

Vr.An.Ae. Nnv 85. 1 5730 I J _ 

Do. AouultyUli | 1833 ' | — J — 


Omfederalion LMe Insurance Ca K rt)hJnil 
01-2420030 im A +iim. 



500 


Gill-e^lacd Fund 
GiB-F^UlM Frt 'Al 
•Rcvitr- \nhUitj 
Olmctrd. Ann’tv 


All U* Uier t-ln.1 
VAI1 Weather Cam . 
VI re Fd. LLv 
rv-RSiOn F, I l ; t> . 

Ring & Sbaxson Ltd. !’" nv F '.V--, 

50 Cnmh.il rV2. fJ fi03M33 Mji' Pens F?/ . V 

BondFd.Fj.uWpf [1009* 104261-0011 — M w IVnxCjP ft 
Nntl dcuijig; dole uw. d - rropi fVo* Fn. 

laAB^hani Uf^ Assurance Co. Ltd. 

l^n(Jh.un n-. 1lr-Min.4tlir.XW4 
l4>ngh;un'.V Plutt. "" 

Vl'rop Bnnd ■ .|146 3 X54 

iv .kP >SP» Man Fd 


Prop Ivn,. '.'nt- 1 1, 
fUfcrr. Sne Pen ft 


1407 
1838 
B03B 
7931 
1588 
1536 
682 
678 
174 8 
173 7 
144 4 
1435 
117 5 
170 a 
120 8 
1879 
1535 


Prop Growth Pension, ft Jural tie* iM. 


(rt -880 0606 
-I - 


+12 


2 Braan-.BIdcL. EC4INV . 
•Tulip Invest. Fd . 1438 
•Tulip Maned Fd. 113 8 
•Man RondFd. 117 4 
Man. Pin. Fd. Cap. . 120 7 
31 an Pen Fd. Act . 123 9 
•Until lot- Fd ini I 96 9 
VMn;ri Inv Fd Acc|97 7 


1514, 
119 7 
1235 
1270 
1356 
10L9 
1008 


Trident Life Assurance Co. Ltd.? 
Ben -Jade House. Gloucotex tH52 36511 


I — 


133 8 X39.9j 

1231 129.7] 

1116 
1341 
1506 
1368 
1519 
137 5 
15X6 
1358 
1360 
1231 


■J — 


Maaoeed. .... 

GUI MCd 

Properly 

Equip-; American _ 
L'K Cquil>- Fund. 
Web Yield. . . . 

(JmFdced 

Money . . . 

Inlcmaureuil . -. . 

Fiaenl. . 

CrewTh Cap , . . 
GronUi Arc. 

Pen ^ MAKd Cap. - 
Pen. Hncrt. Aro- 
Pea ^ G i d. Dep Cap . 
Pens.Gld Den-' ec . 
Pens Ppij.cap 
Penr, Pi> Ace 
Trdi Pend 
•Trdi G I Bond 


1202 

1462 

1533 

WJ9 

1117 

1384 

1205 

1255 

990 

1265 

1234 

1204 

1161 

1214 

2041 

1097 

1169 

1232 

3*5 


99.2 


129 4 
154 8 
1604 

as 7 

118 3, 
1465 
137 7 
1102 
10fii 
1140 

130 7 
UfaO 
1230 
1296 
1103 
116 2 
1230 
13051 

3851 


-01 


Ul-anssil' Bide. See. 'top. f L 

:moJ. "■"] ~ Pro ' ,<Senc *’ Cap ' u,i Life Ass. Ca Ltd. 


Lefial ft General il'nit -Issur.) Ltd. 
Kiniiiwomt Houw. 

Smn+ KT^IfaKl. 
c aril irutlal . *96 3 


SeL Mirt. Fd. < 


Set Mkl Kd 
RiaUMonrt. Turtworth. P«m-4on faVjuily — 
Bin^hHeAlh 53*56 Peiuwki Fid Iw 


5ft Chancery Unoe, WCSA 1UK 


•Equity t-ond--—. 


•Man aged tend — 1863 

+PIP Fund t 

Pxnal Pen. Mn«L_ 77.6 


5i»t/>nlNncd.t*n — 
Group SSnpil. ten. _ 

Kixed InLpen , . 

Fi uillyJton.il on _ .„|248.0 
Prope rt y Pension- [15 1.9 


1168 6 


2955 


177 D| ... 

195 6 

3 

816 ..... 

816 

2005 .... 

2065 „• 
254.3 ...... 

1517 


rn.icnun - ."91 1041 .. 

Kqiup- In, tiki 125 3 131? +15 — 

t*o +c--riipi 129 3 136J,1E — 

Fixed Im'iaJ 1162 1224 +0.1 

JVo Are uni. U99 1=6 » -0 2 — 

lml. Initial. 89 6 94.4} +oB — 

JJo. Arcun — 910 958) -0 7 — . 

Hlanjci-rt In.tiaL .. . 1189 125 2] — 

JJu Acruni .. — 1206 1291 -0.9 — 

Property Initial ... 1003 105.6) — 

Ifa-. Aci uin. . - 103 5 109 W — 

I anal ft General (Loll Penal icisj 
98.9 

. . jni 7 

Exempt Eqiy. 1 nil-. [1333 
Tfa>. Acuune 


JtopiAil Kd r jp - 
Deposit I 'd Act . 
Fquilj- Fd. Cap.. . 
KquilyFiL Acc — - 
Fxd I ul. Cap . . . 
J ul in) Ac-- ... . 
Jninl Cap . 

JninL Ac-. — . . 
Hknae«il'rt.Cnp 
Manac-fal Frt Are. 
Proourl) Fd Cap. . 
Frot- rt* Frt Ac t. 


W128PG 

01-7, 

07.2 

922 


104 8 

1100 


1259 

129.7 


1171 

1202 


47 4 

500 


A7 4 

SOB 


45 0 



450 

474 


474 

58 £ 


474 

456 

see 

481 


15 6 

48a 


461 

48.fi 


*61 

«a 61 


47 6 

SB 2 


47 6 

50 2; 



■CaJi value lor tlW pn-mium. 
Tyndall Assurance/Pensions? 

D070 30041 

3- Wa>- Nor 33 
F-quirv Nre 01 
BnndXm.3 

Proper*.* ''O' - . 


JlTLPn 3-W Nov = 
lv- h4a.11 Nw £ 
Du. Bond .■«'#- . 2 . 


Vanbrugh Life Asaurance 

4143 Stiidrlax SL. I*ln IV I R FLA 


j 1249 

... -| 

1616 

... 

1664 


1 ’ 164J 


1306 


I 349 fa 


1 740 


1766 


2733 

... | 

1810 


906 



Uiz-4 

Fleming Japan Fund S-A- 
37. rue MpW-Dmw. Luxerebourg 
FJenUngN'W.22 ,J SUS6297 ( .._.J — 
Free World Fund Ud. 

Butterfield Bldg. Hamilton. Bermuda. 

NAV ClcL 3! 1 Sl'S19805 | 4 — 

G.T. Management Ltd. 

Park Hse. 18 Fl nitre 11 Cirrus, London EC0. 
Id: 01-ea 8131. TLX. 888100 
London Agents for 


Japan iU.to. 16._jh50ta “W) 

Senlry Asse ranee Inlemsiionai LUL 
I'O Mac =£8 H .vnilirei ft. Bermuda 
MonaRciihund. (I'SCJIB IT-fJ . | — 

Singer & Fried lander Ldn. Agents 

— O.L oon-VQ 31.6714 Ul-’J+APMA 

nrowtends . . IbBltr 27331 . ..| 612 


ToIaaTsL V* 21 I srs4800 


155 


Anchor -B 7 !) nils. 
Anchor Gilt E-itfc . 
Anchor lot. Fd . 
.Anchor In. Jxy.TSt 
Berry Pac Fd - . 
Berry Poe SlrJc .. 
G.T. Ajaa Fd ... . 
G.T. .\aa Slcninc.. 
G.T. Aurt rails Fd 
G.T. Bond tend .... 
G T. Dollar Fd 
C.T DJr (SLrlE- 1 Fdj 
G TPacificFtC . 




XK 

1353 

205 

111 

0P2 

0.90 

L90 

373 

Td 

148 

ft9* 


1VSD99 
£9 33 

51 'SIB 512) 

274 =93 

SUS54 68 
319.00 33384 
ShiGIlt 11^ 

0396 24 81 it; 

5A951 993 

51(5X3 67 
SUfcb.75 
can 908 

. SI '51651 

G.T PhihppnieFd..)SfM17 99*8 

Gartmore Invest. LUL Ldn. Apts. 

Z Sl Mary Axe. London. EC3. ni-2833-VH 
Food Mnn. «C.I 1 Ltd. lakhi 
4L Brood St.. SLUvlirrJorscy ittU-T!?!', 
Gill FtoodcJcroe*).. [95.00 100 0f . f 1025 

Gai t— r Fund Non. (Far Eb*i ul iMhi 
2503 Hulchison Use. 10 Bareourt Rd. HKonr 
UK ft tee. 1; TK _ [STIK3M6 3 0* . . | 0M 
Japan Fd . . . ll&UJI lUii-D.Wl 0.50 

N American Ta....Kl'«lUI Uffi 183 

Inti. Bond Fund. .. prsU-H 198=1 I 560 

Cuttmt iBialnanl Hast- Lid. ioi 

P O. Box 32. Don Clar, loM. 

Gartmore J dU Inc. (205 2X8| . I 

Gartnx-re Inti- Grth|68.< 70ffl .... 1 040 

Hambro Pacific Fund Mgmt. Ltd. 

2110. Connaught Can ire. Hddr Kong 
FarEaaNo».22. 1«« ... | - 

Japan Fund |H'39B 1C3*| ...I - 

Hambro* Bank (Guernsey) LtdJ 
Hambrus Fd. Mgrs. (C.I.1 Ltd. 

P O. Box 88. Guernsey 0481-30621 


Stronghold Management Limited 
r.t'l. Bn\ 315 Sl Hcli-r. Jurwi 0534-71440 

Cummodiry Trust. .|CS53 93 19| | — • 

Surinvest 'Jersey) Ltd. isi 
tpiecjla Hse. Tfam Brt St UciicrvT OW 27340 
Araenun Ind TM It, C 729J*0 0]| — • 
Cr.nperTrtj-1 . . [11170 119a+|jo3 — 

Jut- Index TA . ',0)0 77 109?-0.11l — - 

TSB Unit Trust Managers iC-Ll Ltd-. 

Bocal pile Rrt .Si Sn'iour. Jur^i . 05M734M 
Jcrivj Fund ._..|«6 9 4MJ . (4 86 

liirem-4.-} Fur.rt .^[46 9 49 4| 1 4 06 

Print, on ;ioi. 22 Niit Mih dnj- \oi IS 

TSB Gilt Fund Managers (C.I.1 Lid. 

Bn. le f;.l SI Sjiinur.Joc‘ 053M 754P4 
Gilt Fund .|«3 0 10X01 . I 10D(* 

Gill Fund. Jy> - ICC 0 101 1*| I 12 00 

Prices t-n :*o>. 22. 3c\: iuli. day No--- LS. 

Tokyo Pacific Holdings N.V. 

Islcu' ManJCemenf Cu N V . Curac-w. 

NAV p-ir irarc Ilw 23 Sl’-SSS 

Tok>o Pacific Pldgs. tSeahoardi N.V. 
In' mu? .M^naacrerret Co N V . ■'uraean 
::.\l per »hsrc 7Jor. 09. 5L S45 «3 
Tyndall Group 

P.O. FUpx 1254 liamillnn 5. Bmnuila 0-07W 
1191 . I faOQ 
1 . . .. 6 90 


J 


j "-^Jr-Ne-.S .. .IjI’nIU 

0624 2331 ' ' Vinm I'mls-, . IHGITO 
I 1J 60 S-WOJ InL M»' IB . K1-.K2M 
2 SroSi .St Relief. Jersey 


CJ Fund . -.. 

I null. Bond ' SLIS 
Int Equlry ICS ] 
Sol St*-. *.V SI'S LD6 
Int. SvgA. -B- SUS 


Manngcd Fd... 
fajquiry Kd 


1484 
241 2 


— - InnLFund- — ..197 8 


1372 

— Exempt Fixed lniLU16 2 


— TViAi-ruiiL .. . 


'119.7 


— -Exempt Mnfirt. 10041293 


Cornhill rnsarance Ca Ltd. 

32.Cornhm.XUli 01-6=85410 

Can. Fuh.NW.15__ [122 

GSKpM.N<lv. 15 pl,D 

KiLtkk No*. 23 [1715 

Credit & Commerce Insurance 
120. Rogent 5L. London TTUiSFK. 01-438 7)81 
CftCHogd. Fd._, w [123 0 133.9) —.4 — 




104 
107 
140 

249_. __ 

2204) .... 

126. lj 
136- 
140. 

304 
187 

llnlhorn Bure. FCIN 2N ti- 
ll <jueonVicinnaSt.W4.V4TP OJ-StfMJB WS'S'irtV^Msl'.'laliB 
UCPtTLFd Vre-.7_198.7 10X3) t — Prop. FO-Nre. 1S -IS2800 

. K<d aub. Jv Bo. 1. 


Ifai Accum _ 

Xtocnipr Prop. lniL . 
Do. Accum. 


1334 

98.8 

1DL7 


Provincial Life Assurance Co. Ltd. 

•£1Z. Bi Jiop-R.rtc. ECS 
Pixn Manocuii Kd 1X17 4 
Prcii Civil Fi - .[1067 

Gift tend . US 2 

1000 
1006 
1967 


Properi v tend — 

Equitv Xu no - 

Fxd. InL Fund. 


01-2*76533 
123.fi) ... . 

112.3 .... 

1213 .. .. 

2053 ..... — 
305.9 +0 71 — 

urn .... 


Fixed Inlvrk Id. 

Property Fd. . . 

Caeh tend .. 


165 6 
145 4 
22L5 


01-490 48B3 
15631 +0 7) — 
253.9 +1.3 
103 0 -0.«' 

174 4 +3.4, 

153.1 . 

1279! . 


Vanbrugh Pensions Limited 
4 1-43 taartdux SL. 1 dn. IV LR SL A n 1-499 *323 


__ Prudential Pensions Limited? 


Legal & General Proa Fd. Mgra. Ltd 


Managed 1002 1055! —0 71 — 

Family MS«r ltl^+O*’—-- 

FLxcd Interest- . . 97 4 103 lj ...T\ — 

Propcitj- . - 1004 IDS 7J ] 

Guaranteed see liu. Base Kales' table. 
02^*059222 Welfare Insurance Ca Ltd.? 

Wlnviodo Park. Fxefor Q3K-50155 

MbncireokerFd.. I 103 7 I. ,| — 
For other iinuUL plco. « rutor To Tho Lcredon ft 
Sl an c busier Group. 




... . „ , . . Reliance Mutual 

lrtfe Assur Ca irf Pr^ivroia iunbridjeW.'Us-hVnt. 08223271 Windsor Life Assur. Ca M. 

Nero PnadSt.WI, Oily. .. 01-4B38S95 XUrL Prop. B.I-, 1 2890 Royal Albert Hue. Sheet SL Windsor 

Rothschild Asset Management Lite lar . Plana.— - [710 74 bj . . . 

StS»ifhinsLaac.I.redMi.EL'4 01«M33fi KuwreAMdGihfilH «m ; " 

91.U-mfc*rd.5t,ECA 0f«3Iffl8 S.C.Prip .• -n»6^a3J .f — . ReL A«*o. Pens- - £2612 J 

Luunpc _ u; .{96.4 ^0L4j „,.[_7.73 Sex: hub. day Docemhor 23. 11i».lBv.Groirth_|l015 „ M . 


LACOP Vnlt' WT« 1023) I — 

Llirods Bk. Unit Tst. Mngrs. Ltd.' 


88144 


|1A08 152 ltd 370 

1MM 1121*3 ... 830 

10 44 112ri . ... 010 

1X06 109 ... — 

_ 112 115| . . | - 

Price* on Nov. 22. Nrel riellnc Nov. 2B. 

Henderson Raring Fund Mgrs. Ltd. 
805. Gfaitpnoa linusc. JInna Knng. 

Jupun Frt Not 20 (H.SZID yR| . .] — 

PacdicPd- Nre . 3 [ St SB 619 |. .. J — 
Bund Kel No.-. 23 .| 5 L 610348 . | — 

'XmIiuIiu of any prriim. rfuriix 

Hi 11 -Samuel & Co. tGuernseyl Ltd. 

B LcFebvre St.. Pei-T Port Gucmare. t'.l 
Guc-rnarj-T.-a .|1484 1588a) +1 1| 3.74 

Bill Samuel Invest. Mgmt. lntnl 

pn Box ax Jersey. 05W273BI 

HS Channel If.F. |U1 2 129?+-? 61 3.20 

P.« 3820 Bern. Switzerland. Tclcr 3313S 
H.S Oversea.* Fd.Bl .qUfi Mr - 
C.SF. Fd. tAecum. JsK16 IB lfti 
CroubowFdjAcc 1 SF3 04 3.95| 

ITF Fd. I Across 69 J2l( 
International Pacific Inv. Mngt. Ltd. 
PO B-«t R237. 58. Pm .St. S)dm<>. Aurt. 

Javelin Equity T« .JSA2 23 034| | — 

J.E.T. Managers (Jersey) Ltd. 

P* ■ Btrt SBa.'hannel liou.v.-. Jer^cv- 11534 73873 
Jersey Extra L Ta D71J 181.01 .| — 

Ai at OcL 31. Nial suh. day Nor. 30 
Jardlue Fleming & Ca Ltd. 

4flUi Floor. Connaught Cenire. Ncag Korc 


t>ifsl:.m.s8 . . 

C7.1D 

7.65 

. irnun Sdiriv 

£1135 

103) 

.'■m-.-nc4n N---' 07 

780 

835 

- Accum >.hun.-S ' .. 

785 

V.S 

V irB>; fan .2H 

S3 5 

895 

- V-. utti r4iarc : - 

535 

395 

Ji-w. Fd No’- 22. 

Z10U 

222 i 

iM-aJ Act I. L' ' 

2Su8 

314 8 

■ It Ii Fund Nre Zl. 

11*00 

104 0 

l.V CllttL Stl-MC-' 

139 4 

1400 


0551 37331.3 


. Telex 33435 
Hfl)l+0J2| — 
iftnJ+oi«j — 
3.95|+fl bfij — 
a^ir+o pi] — 


200 
000 
200 - 
200 
•7.08 
708 
11J4 
1154 

Ticlarv ITotive tiMiale, IkJr Bt Maa.9S0i 2* I . I. 
ll-uuiL-vd No.-. IS... J134 8 142 01 . I — 

VniliZe Assurance 1 Overseas) Ltd. 

V *V Box 1IW. Hamiimn 5-31. B+rmpds 
Inlcrnl. Hn«d Fd |>: iL06 -■ | | 

l.'nion-Investraent-Gesellschafi mbff. 
r-4l-ca ICTdT. D tTfaXI FrajiWirrl IE 
Ai l.mlK-fund.. . 

Emfpjlioil . . 

t nifnnrtfi... . 

I. r.LtcnW 
fan.-ptfi.d I . . 

I 1 id. IniaL Mngnml. 1C.I.1 Ltd. 

IX MuJl-.vSilt Slreel fat. Hclier Jersey. 

I I K. Fund . . mSlfiCR 165*11 ... I 7 BO 

United Slates Tst. InlL Adr. Co. 

1-1. Hue Aidnnccr, Luxcmbnirg. 
f 9 Trt. ln. Fad .IS; £103 l |+01U| 0.95 
N--1 a.i&eu Niiv 34. 

S. G. Warburg & Co. Ltd. 

3t*. Gresham Sus-cl IXT. 
t nv Brt Nnv. L4 . . 

Lnx Ini. K«- 5)4 
l'r. SL 5 Frt Oct 31 .. 

Mi.-rr plv! T-re 02... 

JlcrcMvilklNoi-LT 


1135 

12-0Oi 

- 

7550 

26 30) -CIO 



17 70 

iS7m-o 10 



3840 

50 faO 



(69 55 

bZ70\ 

— 


Jardioc Ertn.Trt. - 
pardiae J'pn-Fd.- —1 
JnrdineS.E-A. .. — 
JardincFli'mJni — 
1 nlLPoc-Secs rtne.'. 

Do 'ArcttBti 

NAV Noe. 14. 


UKS37B5ft 

- HRS41O01 

3i:S17j7 
H Kill 73 
HK514 19 
HK514J3 

. 'Equivahnit S 
Next mb. Nor. 30. 


1 90 
OBO 
200 


0)49X14535 
3CS927 1-0321 — * 

5IS17 40 Ufljri — 
S1'S710 J . . — 
noM Dlfl . 01717 

1110.14 U ls(+B.rt:l — 

Warburg invest. Mngt. Jrsy. Ltd. 
l.fhjtirc'.’rn-'-il Holier. J?>- CI 053470741 
CKF I J-l iVl 2S . 
csrr ud. Oct ss 
H-.-ta L-Ta Nor 16. 

TUTNOT.a .— 

TMTUdNre.B.. .. 

World Wide Groivth Management^ 

Ito. Unulevani KCrtl. l-tivrenhourg. 
'AorldHide Gtlt Fd| SX'51455 |-0J}2| — 



NOTES 


Pneea do not include 3 premium, except where indicated 2 . and .. rr- ia penr*- unless pthroviv: 
liMicuciL tldds isnown Iti lut coVuwtnl aUonv ior all bsfint DiP-m-c:. a fdfertiS price* 
indude all.ex»nms. b To-day's price* e v arid based or. oticr price d Ejiira-iisd. c Tt+dsi • 
oneninc price, a nirtnbulion irecof L’JC. la-:,-s p ■tono-iic pronuuir u> -unmcc plans, a Si tig]' 
premium loan ranee. * Lrffered price Include^ all i-vr^-aics e-tcri "Cent'* ccemniiinnn. 
T ottered price mcliirt-.-v nM espcnies if Ireuaht liirouch manac+r-. r Tt-iiOuk da> i price. 
• Net ul tax da realised capital pains unless indire’ei hy « 4 tidi-nst® ezofac. i Surpended. 

t iTeld Kton: JCTKj lex. t fis-subdiuaoz. ^ 


,• . j " ■ 


»>« 

uO 




EXPORTERS 

m 


r 

■ tto./ j J cl t3 <zJL r Z"^i £s 


--.ft? as^sse- 

; v;ir=J 


iiY^? 


•1! 


3r 


ccr.tact-B p. Kav 

liO-IATfONAL FACTORS LTD 

Circus House, New England Road, 
3ngh!on EH! 4GX Tel: (0273) BO 6700 

E‘’Fnrgti.im. Cardiff Loedx. 
l?nri?n. WdnChMtdr 


FT SHARE INFORMATION SERVICE 


:' Financial Times 

FOOD, 


'£■- 

t. 


BONDS & RAILS-Cont. 


B?iTISE FUNDS 


V-jL '.iK 




l- orl TlHd 

j - | !«. j Red. 


“•/hcrts" (Lives up to Five Years) 


IT ?' . j ~r [Tr--_ ur ' J jp. 1 


p. 


iTJ-r- ;r*. ■'& 7-73... 
j'-V'.j ^ 5* , S’!*_ Tfci .. 


- it . 


l-_ 


li. . 1<VJ ' 


I 


■<K£i. .. 
i> ii“ - 

'..•tor- -.'?*• 776J .. 
i f- : 1 7t .'. 5!si'.-' T'-if •+? j 
]::»■ lR*c| 
.-or ' 

-ivr.l-u-iWW! I 
i.r. V.).- Writ; I 
•:• V-, . jSBI . - j 

'i •■ j~. L'!' 3 1 •’■+...! 
:»!i- 


■i i. 


i; 


100 
95% 
96% . 

S*!- 

Si 

95» ! 

S5Ve' 

19 V- j j 

35 J 

fo 

%.;i 

ioi ! 


•-T -'l • ' - — 
•:-. ■Jjj.-'ItSi 

C*j -i 

r S%t- it . . i 
••'r, •<«: ...‘ 

•v-- :•« _ . 
••< . . 
-:r -iL-iRfla . 


E3-. | . 

1MJ 

94-Vi . 
83 J . 

37: 

sa-'i 

98%l . 
88 % ! 

■0 Fifteen Years 


IL50 
3.15 
442 
10.57 
3M 
92b 
975 
3 fcS 
548 
12 81 
1166 
393 
10.23 
894 
1014 
350 
12.54 
12 62 
938 
358 
D 44 
10.14 
9.36 
10 29 
996 
373 

12.0E 

(10.48 


1139 

9.24 

901 

1127 

788 

1143 

11.47 

698 

a is 

12 13 
12.19 
907 
12 G8 
11.86 
12 30 
9.05 
13.66 
1234 
1215 
896 
12.40 

1395 

12 40 
12 65 
12-61 
862 
12.49 
1266 


« i>. j 

- :.. r' ■ - ■ it :*.4-<i£r 
• ilK??. 

?-■: . ..r 7' 

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t> ...V >:V* '6sT.| 

:- -.r !'h.;!£-«C -] 

: r.lsV’-sV.'iSr^r..! 
C-7'?r FI /Jet; 

'li-.-cv 17 
. ■• I'iS 


rr-.- h~. '.'t- 
-->.&>!« . . 
'. "t: lC,:- ;i‘i> 


“I 


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V; 7 r V-V' ’ 1 

‘.ri :. - VSt 
IKS S3 


89s,'c 

- i- 

in 

17 76 

23 

- .. 

658 

10 66 

97-4 


12 62 

12 08 

37L, 


10.12 

1173 



aU 

11 07 

EC% 


999 

il DU 

60 "«c 

-to 

4 91 

919 



784 

10 72 

10434 


13.01 

12 99 

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9'-, 


10.71 

1198 

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17 73 

1307 

63"- 


912 

11.40 

im v 


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13 35 



i?71 

12 B6 

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13 01 

1316 

103 ‘i 


1313 

1320 

61 

— ■ 

10.34 

2131 

Years 

102’.'-% 

13 39 

1333 

110- £ 


!?M 

13 35 

9sj; 


IS 16 

13 25 

7t>4 


11.85 

12 51 

W; 

-4 13 03 

1317 



6.95 

10 07 

SSh 


12 54 

12.9! 

9734 


IniD 

13 lb 

76-’; 


12.05 

12 63 


r •..: -• .*n 




■ r.-.i . i.j:« I’lTis 

.'-.•••j j.". ''A-SSS 

[A-,.' •" 

: :•<•.. I." I 

Urc it*'C . . 

■ ■.lOn.-'-.-r.-T.** . 

r .c-^ 
IT:-. :- r<T.v:23 

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ilr i 1 . 


130 J* 
43'. 

lOJJt 


74i. . 

59^i-v- 
116:; 

92J* 

80 
82 ^ 

94i S 
36>- 
15 ‘ 

65^4 
465. 

64--I 


1 1321 I 13.21! 


91,a 


Undated 


. 699 
13.29 
1 12 72 
[1216 
1142 
. Il3 64 
-U 113 05 
12.43 
*•••.1 ,1275 
1 13.16 

-v 998 

IB 16 
11259 
'1211 
i 12.56 
-'-4 13.07 


9.B6 

1328 

13.011 

12 b8! 
1234 

13 501 
1314! 

12 761 

229&I 

13 24 
11311 
13171 




1236 

1263 

13.08| 




• •••:.• j! :'S. 

: ■ i ’ L- -A M: . 
i.r- — 


1303 

1195 

10.35 


2^*4 M T »; 

34J- 

23*2 l-W (13.01 
20‘4l-'> 12 58 
19f s -'r 1301 


::~B?JA7iONAL BANK 


77^:. 


791. 


629 [ 1194 


•f'.: 


.BPCSIATICN LOANS 


I :vr. "a!»;P TM!_ 
. '1- ' : 7: « 75^! ... 

s 1 ;V;r.i£» — - 

'. . • -j ; :sve;_ _ 

•• VjM-acf. . 

'.U M- V 4|'. rlHA.. 

r ; :^ SIS — 

I :»'*r. ,ie» 

/ '.a.-H,. ..»;*«!»- 


92 

87% 

«-3% 


10 05 
8E3 
13 65 

1280 

3185 

11% 

S7% 

90 

-*4 

22.70 

10.54 

1313 

1281 

91% 


57? 

1134 



1103 

1277 

26% 

+‘4 

li 31 


a; 


10 >9 

1235 

% 


6.15 

1156 

Cj‘j 


6 37 

UJ? 

73^4 


721 

11 27 

66%«C 


8 20 

12.6.5 

to 


10 63 

12.87 



13 35 

— 

92 


5.71 

1194 

94 


9.e4 

DOS 

w% 


22*6 

12 74 


.ALTS & AFRICAN LOANS 


v.if I V.s:>:r> ~M 



:• .Cr.vT-iy 

^ !i<)7y7: 

• ' j.- .' -slr-^-Mi 
?r.- - «-7n. 
75 '■ i*.t jf". 7.J-S' ... _ 


9y* 

Bl' f 

77»fi 

90 
55 

91 


->* 


LOANS 

Beard and Ind. 


I': 


1 M;pr «S-« - K?«f 

27>. 

KSC 120rc 

• 3 f. 2-w fl-v x.iihUT-unmn . 87»fl 

Financial 

‘■»‘ 4 [m ::■>■ <«! 1001- 

i.“ 302 * 

n-’iilir? :£• :->•* .. ieoi..e 

-- • 79»j 

‘s:-.. **.>.'• 1 s;jm 72xc 

; w. 92i> 

• ,l», iVcin La. 33... 921; 

: Mi,*m la». 951. 

• >r>e*. SMB. 61<a 

.'fi. -P-'. '0I W .. 61 

n I W . .. 72i. 

1ts«fc~Ln.TCT 70i; 


f:- 


3i'4 


->4 


5.91 
6 78 
6.47 
9.‘.3 
10.62 


873 

13.13 

1129 

750 

1035 


12 94 

13 99 
13.78 
7.03 
868 

U.86 

1143 

1310 

UBS 

1217 

12.72 

1313 


1226, 
1255 
1220, 
1113 
13 95 


1230 

73.55 

1292 

1350i 


1267 

13.15 

13.55 

12.50 
13 AO 
12.81 
1313 
1352 

13.50 
13.45 
1330 
13.40 


7C225GK BONDS & BAILS 


rvi. i.” 




:;uu «*■.._ 

i itFrciTfl 

i l '!.ii— r ■7iv>l — 

■•.■^.■aa.1 Viie.9;pc 
ror-j'p- a*- . 

JifJLsh Ar-.._ 


Pril-i* 


[* w|Pn. r . | 
I — fir»s 


23% 




39mj 



1%P 

98 



411 


4% 

50 


3% 

49 


6 

40 


4 


R«L 

VMd 


0.10 

17 20 
(6 24 
15.13 


55 

77 

88 

91 

'«5 

87 

160 

75n 

IS99 

HM91 

97 


a 


Price 

+ ■ r 

Dh-.^ 

Im 

Stock 

£ 


fiiws 

47 

Hung '24 A«. ... 

47 


4J; 

65 

Iceljudff;pi’ Ki83 

68 


— 

52% 

Ireland 71 'jic'81-.Ti 

S3 U 

->4 


77 

Dc5p4P;'9l 96 - 

77 


— 

.'fib 

LfopElTfK 10.1-;... 

375 


— 

67 

I>i6pi- JC-86 

67 


6 

140 


145 


3 

75n 

S94m 

si;L6> r pc'lSai 

75P 

swi? 


% 

mil 

94 

Turin rfjp: 15S4._ 
L'nrDM) .7j[r 

DM® 

95 


ft 


Sri. 

HHd 

F6.04 

12.80 

1324 

13.50 

1220 
2.08 
8.67 
9 53 
8.45 
4.00 


I..S. 5 4 l>M prices exclude in\. % premium 


AMERICANS 


UTS 

High Uv 

21 ?« 

60u 
38Si 
50 7 s 

24>4 

I5H 

29 j 4 

19J 4 
3J!j 

Jll-v 

13‘ 

14 

65% 

5*1 

42% 

49% 

»* 

ii 

22% 

14 
25 
18% 

324 
2b 
25% 

29% 

471; 

32% 

2fa% 

40 
12% 

W; 

52; 

41% 

25% 

44:-. 

24% 

56-0 
18 
232 
52% 

9V8j. 

28*4 
32 
41% 

i 1 ^; 

*6 

171, 

25% 

53% 

ibi 1 

?75p 

n 

40 
14% 

41% 

241; 

17 
49% 


Stock 


orl Mr. VH 
I — | (iron Cvr (Jr> 


13=' 

ASA. 


"■4 

SI.00 


59 

W.F.5»,i.um ’87.. 

59 


5% 



A maxi] . . . . 

■as 

-V 

$2.20 

— 

19 ; ’ 

Aiwru'sn&.preo 

-% 

51 bU 

— 

11 

■liter Medic. Ini 

15% 


60e 

— 

9!2p 

17% 

Varcoinr. . . 

94Bpxc 

-14 

40c 

44." 

— 

V-, 

Rarr.&iirp 56? . 

Remli.i'iirp 15 .. 
Beri. "iteelia . . - 

15% 


£1 U 

— 

22 

25% 

-% 

<,*b6 

— 

n 

13%<c 
B9 6p 

SIM 

— 

625|. 

Kiwsn'cFer .'Iff *. 

-14 

NJv 

-- 

357p 

Rnin-TKiik'.'orpnU 

912)) 

-24 

70*: 

— 

41 a 

fiuiymiehM'pra S 
I'RSSlk. . 

49 

-1 

5160 

— 

30% 

36«l 


S.-i tod 

— 

?Bi< 

it.* r- 

33% 

-% 

s.-' m 

— 

^."4 

i.'aerpilljp:. . _ 
L'hi-e M hlii SI25 . 

"B! 

-% 

S2.il) 


If* 

-lj 

S2ZO 

— 

13% 

.'hesehmuccSI .. 

15% 


94r 

— 

661p 

L'hn'.-lvrl^j 

67Bp 

-4 

40c 

— 

n.. 

'. :t:curpS4 

17% 


SLlb 

— 

733p 

*':!x lnr $1^5 .. 

'ffl 

—b 

$100 

— 


U)i m Pn BSL. 


ST 


11% 

*.v4;ute-P si 

liv. 

-% 

$100 



19>4 

•••'ll: arts SI . . 

23 U 

-•» 

$2.10 

— 

15U 

>'(n: 1 Ihwh 5:*) 

17V f 


5L44 

— 

ltfi 

• em • ’ll SS . ... 

l&Vn 

-% 

SI50 

— 

20% 

‘.‘p ami Sell. Si 

•w 


51.90 

— 

'0>- 

Cutler-Fiutin\.-rS5. 

-i. 

+bl4)J 

— 


Ea!iii.<‘ip SO .'Si . 

25tt 

+% 

S13 

— 

■>6 

F.-nari; „ . 

16% 


SI 84 

— 

?8-t 

Exxon 

I'lPWonuTire !l _ 
Fir- 1 , l hir;i;Hl . _ 

34%xo 


$?40 

— 

670 p 
IV. 

B 3C 

-4 

$110 
si m 

— 

?0«i 

HuotCmp - 

22' 1 


SL20 

— 

?6f. 

Fond Motor Si . 

' 2Brt 

-% 

S3 frl 

— 

IM, 

>. ’.TX 

1T!-.C 


5L80 

— 

J1 


3dJ 6 


S2.60 

— 

15f. 

UliletieSl . . - 

17nl 


KxO 

— 

:a 

Hone.-wllSI _ 

45 [ j 

-v 

S2.I0 

— 

750n 

Hmioii Zf 

11%.C 

IBStB 


S0.W 

— 

171 

IBM tVwn S? 

-2 

51152 

— 

33% 

InverMlI-B SJ 

33%K 

707 p 


SJO0 

— 


4-3 

9!k- 


18 




S2.0O 

— 

?!» 


-5, 

$2.08 

— 

?6% 

riurga.iiJpil'y'&Ld 

32 

-l> 

S220 

— 

ltw. 

'•niton Si iwr, Inc Si. 

12 a 


76c 



17% 




SI lb 

— 

_ .4i. 

Gunner i.tntsL's».-i_ 
RdionceSO .. .. 

-% 

SL20 



isi; 

*«! 


15c 

— 

16% 

Rep S Y 1 orp So 


S1.G0 



10% 

R^.n»r.lSt . . 

ll%a: 


&c 

— 

14% 

RichH'G MiTlI.Sr-. 

16*. <d 

-%' 

51 0b 


?55p 

?aul R F.5I. . .. 

y m 

-12 

- 

— 

1RI, 

ihell Mil SI .. .. 


SlffO 

— 


?m*eriSI0< 

974 pro 

-6 

BOi- 

— 


2o j 

— 

51.32 

— 

18S, 

TRft tot SI*. 

25%<r 

-% 

SI 80 

— 

lo 1 ? 

Ter.nero 

2V, «: 

— li 

52 20 

— 

nr. 

*.*i» "l\ !;i V. t Sl !*5 

150 u) 


10*% 

— 

w 

r^.rePLt.SSOIfi . 

560 r. 

-27 


_ 

rexacr>S(!25 . .. 

17-*a 

23% 


5200 

— 


Tinelnc . 

— lj 

51.50 

— 

B65p 

TrarL-amencaSL .. 

10% 


51 GO 

— 

21% 

lid Twh Sl‘55 

26% 

—"4 

S2.00 

— 

15f. 

IS .S!«iS! . 

15%m 

-% 

Si.60 

— 

s? 

•AV.Jaorit.xJ'J" - 

% 

-L, 

SL40 




-% 

$2.00 




\wilt-slric 10c 

685 op 



— 

741p 

ZopaUi orp 25, . 

828p 

-3 

- 


2.7 
47 
58 
52 
5.3 J 
2.7 31 
06 
19 

S.E. List Premium 33%*V (based oa I/SSI.S383 per £1 
Ccmiersioa lacUir 0.7185 (O.TSalt 


3.1 
(4.8 

3.6 
3.7J! 

2003 

21 

15 

34 

52 

?6 

rat 

3.? 

17 

0.0 

41 

28 

5.2 
31 

3.0 
3.4 
5.2 
62 
4’ 

4.6 
41 

4.0 
45 
1 8 
45 
57 
4 5 
64 


ira 

Utah Lott 


BANKS & HP— Continued 

*-1 


CHEMICALS, PLASTICS-Cont. ENGINEERING— Conttoued 


54 

134 

*390 

£92 

i'95% 

e4% 

260 

81 

298 

460 

255 

92 

452 

511% 

356 

43 

£25% 

74 


39i, 

C74^| 

8 

111 

52 

14 

118 

27 

20% 

481; 


42 

105 

330 

£78 

£80% 

56 

172 

66 

250 

350 

190 

70 

378 

32* 

290 

32 

£15J< 

60 


Stark 

MdiutjnFin IWp 
Metrun Sees.. . 
Hidlar.(i£l .. .. 
rw r.;‘..a^a.. 
iwiay.sj-se. 

Minrfrr . 
NnLBL AlllS AI. 
Nai I'miiiip 
\B' Wfeiltl ... 
Srhroderetl 
Seenimt* J4C£I. 
SmifiSLAub.. . 
Staad'dnuai £1 . 
Trade Dei. SI JO. 
Union Hi*: £) . . 

I.DT 

Wells Fargo SS _ 
Winmirtaip — 


Mre 


rid 

Crr Gr's WE 


43.12 5 1.1 
379 , 
tl4 97 4J 


25 


6.7 


5.7 


e»W2Ll|uJj| - 

M3 9 
Q15r 
T2.67 
i 11.66 
1172 
tl3.54 
5.09 
19.64 

Si 40 
308 


1081114 1 

63 5.6 1 
f9j 


Mark 

HoechstDlCi. _ 
ik> FiS 10*J. n 1 1* 
ImpChetuIU. 

(nt Paint. 

Cjp,nirlmk3ti_ 

Leigh Ints 56- - 

PilSU TQp . 
Ransom ff □ lOp 
p^nJofaJlOp-. 
Revenex 

Scoi Ag.lnd.il.. 
Stewart Piadirt 
Tturca: Banie Ifc J 

WardlerRenlllp 
Wolctenhohne.. . 
Yorks Cbemt 


Pike 


r ®i ■ ,rM 


480 

-10 

Q12 4 -* 

£125 

-1 

Q10S 

368 

t4 

U6.77 

45 


3bb 

80 


+232 

109 

^2 

riff/ 

llftri 

4-1% 

t4.4j 

£24*4 

108 

— *4 
*■1 

SS 

285 


114 

68l 2 


tl.63 

61 


h339 

183 


12J8 

187 

-5 

3.D 

22 


tO. 69 

32 


n.29 

130 


1P.3.97 

80 

-2 

14.84 


Net |Cn , |br'»| PfE 


!— i«i - 

' 23j 63 7.1 
90.nn^ - 
42) 4.4| 6.4 
lil 9M 9.6 
l£ 421171 
4.{ 


5.1 2.5 
3.0 4.7* 
27 AO 
33 46 
16 9.0 


Hire Purchase, etc. 


26% 

£35 

8 

83 

30 

8 

85 

15% 

10% 

38 


KJtHf * 'Udr>' lOp 
lLleBvreFr.100 : 

i.'redii Hsta I0p. 
UmdJi.Wfflp . 
Lnd.'vutFnUOp 
Unorgdcjlerr ]§p 
IPriw FT.uincisl. 
Strip i.'rriiilOp. 
Ston.i nidi' I0p 
I Wagon Finanre- 


lidl 86 

Q12%| 

t4ll 

2.14 

t4.94 

h0% 


10! 7.81 9.6| 


a.a 


h2 09*. 2.3 I 7 j! 4J 


DRAPERY AND STORES 


bOtlMi 


BEERS. WINES AND SPIRITS 


94 
46 
171 
% 
56 
111 
°2 
128 
51 
15 7 
174 
6S 
lt8 
215 
29 
63 
136 
310 
191 
I5«5 
153 
195 
1410 
540 
70 
72 
131 
135 
104 

UlB 

37 


78 

26 

137 

1% 

37 

88 

66 

100 

40 

114% 

140 

55 

114 

163 

18 

43 

93 
1213 
14S 
127 

83 

109 

270 

360 

50 

60% 

95 

94 
82% 
185 
129 


Aliiid Brew> 

.Aren], fKf. rr 10p . 
Bassi-Wglon _ 
Bell .Arthur Sup., 
bdhaten Bremen 
Boddingion*. ... 
EortierBrewS. 
ErffHm 1 Matthew 
'Suckle: s Brew. _ 

bulnrniFl P). 

Burtonnood 

City Lon. Def 

Clark (Matt hewi. 

IlutiUefs i<0n 

Gordocil-i lOp.. 
Cioujdi Bros. 20p. 
Ireenail Whitley 

Greene King 

iJmnnes^ 

Rich I'd I'l A 30p 
ImercrirrlnD ... 
Irij'n £*istiileni„ 
Macallan. 1 Jen._ 

M'jriariH £1 

Sanoeman. 

VoH & \ew3ip 
Tcmatin. . — 

Van'- 

Whitbread V.. 
Woh itdley __ 

' wnjbfew .Y50p 


1-2 


t4 34 
0 76 
74.91 

4 93 
Z0.42 
1291 
t3.55 
4.38 
L32 
6.70 
3.45 
279 

5 79 
7.3 


-1%[ 


8 0110.1 
Lli 4 U342 


20 iBl. 
4.0 4> 


BLTILDffNG INDUSTRY. TIMBER 
AND ROADS 


1102 

hM 


20% 

771; 
[203 
35 
16 
91 
591126 


CANADIANS 


•I£M 101; 


5 S 

•21:1 
16% 

37% 
23% . _ 
63flnj5! 

?r. 

16% 

33% 

!» 

CJ'3 
630j. 
10% 

36 7 * 

l SS 

24 


m 

12% 


10.* 

30^4 

600p 

825p 

14 

955n 

30*; 

16-% 

JSt 

IV, 

945r> 

5f.5p 

blOp 

20% 

p 

°33n 


9k Montreal 52 . 
Bk. Nr.iaScoL . 
Hcll'SjiadaS^ . 
Bit* Valley*. 
3r>:aaj . .. 

Can I mil B it 52 . . 
Can ParifH-yi _ 
D" 4p: Heh iWM 
|C,alfili|ij t .; . 
HiwtwA‘i»I(‘an,7 
Hollir.£,erSS . .. 
Iludtrin Ea? n . 
HodBA'il*: 52% .. 
Imperuii Oita . 
IIKO - . . . _ 

ImI Nat 1 ia* SI _ 
Ma*\»-Fer,"l . 
Paulii FH Si 

Phrei;a<5i 

Rti-Aigtffll. _ - 
a.-jalb^ian S2 
fkaiTJCiCn -Tl 
Tor l-'enBk.Si . 
Tmr„Ca 1 Hpe 


W l^ 

37?; 

15% K 
?2l)p 
17% 

38>;« 

20; ; rt 

*$ P 

2? 1 

14% 

10?..c 

65dp 

ojDp 

55’s 

■« 

21>;u 

19% tr 
13% 
10% 


a 

-18 


-10 


+% 

♦% 

-1? 

-14 

tiV 


5112 
SL94 
S4.56 
h5i 
510 
5148 
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B3ACKEN* HOUSE. 10. CANNON STREET. LONDON EC4P 4BV 
?■*:«: Suilorisi E3S341/2, 8S3S97. Advertisements: 885033. Telegrams: Finantimo. London PS4. 

Telephone: 01-248 8800. 

7or Share Index and Business News Summary in Loudon, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDLTOKIAL OFFICES 

,= rr .'o-d.ip-. PO Box 32BS. A msterdam-C 
t ■ -te-v IU1T1 T,‘(. -W S55 
l'i:»TTah.i!rr fit-omr H ou3c, Gwrgt fioad. 

7e>; .I385"i» Tel (EMS4 0822 
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.3 Km- - Tucale 
IVIci L2US8 Tel 5I2-B037 
rvr.i- s-n Ku-. LWU. 

M.t&*,>n 

P. Ki::vll:am Squirt. 

•V!e\ W-i Tel 785321 
E,v.:i. jr : ;h. 37 %i«rRe S*re»r 
'.VI-!.:. 7S46S Tel. 0SU328 4120 
PruftlJuri l«* Sachsonlacor 13. 

I.!—. 4lwG3 T.-I. Sa573l» 

(■.■..-.nnAi'iir- I'.t*. E.". -IllS 
T- 1 --. B-C57 Tel. 430-7545 
L> "cn: i-mca da Alcitm AR-1D, T.i*b<.in 2. 

Tkics. 7^1 .E2 5* V? 

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Telex 668813 Tel: 061-834 9381 

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Telex J 27104 Tel. 241 2920 
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Y VY . W.iMhinil.m r».«.- 20004 
Telex 441040 Tel. i202l 347 8878 


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ADVERTiSEKETiT OFFICES 


• r 1:1 --. 
I -I ; 


.•:,-!-ani »,uor?e !!«et«e- 'ivrin;e Road. 
- : ’ajkTfl ThJ 11^1^4 Ote: 
n.rch 57 'teurw Street. 

. . 724W Tvl. 'QI -6 4i:<u 
ip;- Jci '‘fleeter. tojjer IS. 

’ r.-l 5j4wii 

t-vir.n-e'i! ik’use, The Head row. 

-,.U ivjitlS 


Mcnrhevlep tjueenV Hou*C. Queen Street 
Tclww t3tW8I3 Tel. 061-834 «3fll 

S. *w York: 75 Rockefeller Plaia. N.Y. 1001H 
Telex 13W09 Tel >2121 489 8300 

Paris 36 Rue du Kt-nlier. 75002, 

Teles 220044 Tel 236.3601 

T. iJom Kasahara Building. 1-6-10 Tchikanda, 
Chivnda-ku. Telex J 27104 Tel. 265 4050 


Averseas advert isemen I representatives in 
f.'^nirsl and South America. Africa, the Middle East. Asia and the Far East 
, Fur further details, please cenuirL. 

Overseas Advertisement OepartmenL 
Fitianelci Times, Bracken House. 10, Cannon Street, London EC4P 4EY 


fL'?.SCElPT!O.VS 


r. 1 r.Ma ■ 


,’ne from nexxTacenta and bpokrinll" worldwide or er. rtflular «uhwrltKlon from 
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25 AudiaFrieQty'iOp 
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99 BICCXn. 

82 BSR lOp 

L24 Berec — 

49 Best t May top 
48% Bonthorpetop„ 

63 Brorkslto.. 

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30 Off SOp _ . ... 
92 IJaBtj-iConr.-ai 
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17 Electronic Mach. 
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10% EaerurScttx tdp_ 
42 £unCbcnilnl.!9p 

86 FarneilE3«.20p 

80 FmaaliSOp 

68 Fidelity ftad. top 

401; Forward Tech. . 
33 GXC. _ 

21 Highland EJ 20p 
82 lone) Stroud .. . 

77 Kodelnl ... 

96 Laurence Scott- 

64 l<c Being 

37 MK-Hecinc 

26 Motorola S3 

56 Mnirhead 

65 NeumtmlAd.®- 

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39 Nonnand E1.20p 

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96 RaealSeetncs....! 
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37 Rolaflex G.B. 10p I 

53 SclMhrsiGHi I 

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Dohson Park lOp 
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92 . 10 lo 14! 12.01 6 
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120 +3 Q20: 4.3 10.8 2 

53 05*.' 9(56 * 

125 -5 <fi!k> 4* 9.6 2 

102 028c 1«17.0 3. 

355 *Q5fcc L« 9.8 5. 

55 v«<5l;c * j 6.0 * 

155 ffiSc 2.N1L5 3. 

60 Cjllc 28110 2 

530 -5 rw52c 3 % 59 4. 
51 QMUst 22^123 7. 


155 023c 26 11 

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4.9 71 

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2.8 180 
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5.5 59 
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3.210.9 g 
37 70 » 

6.5 65 g 
3.7 9.6 S 
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1.6 6713.8 


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1.8 101 75 
28 66 80 
51 76 20 
27 94 55 
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43 43 77 
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i 3 ! I i 4 COPPER 

1 6.65 I 23|15»'32i 104 | 60 IMewnaRfliO -- ! 62 [ jtO30c! 19| * 

345 L7jl23.3 9, 

1 13 *> 1 81 MISCELLANEOUS 

tltMi ?! B i. .i -1-1 = 


3 2 ;7 9 C.ttiv ' 4ir.-i 

- ?i)0 32fl l'it. 1 'Ijr,.*' 

_ ju.c ■>•* I 


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£91 
46 
46 


1-2 zQ30 24131:24 5 
t65 44^ 53 64 

♦ 1 »315 2 7j9?,4B' 

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.... 0.84 71 ? 71 7 7 

.... Q10*. 30«I4D) - 


245 N,,r.',;:.vv.'Sl ! 

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TOO Ir.ir L'-^r s: • 

43 IT-'r.o ! .‘7 I 

120 IVuLo.: -’SL ! 


■■■jjQVv 2 6 J. 


) ?5 ] 9 ! 2.5 

i Q7c| 2 9{ 2.4 


RUBBERS AND SISALS 

I r™, |*_1 S' I, 


^nrio-lnd4ne,a 
Eerar.Cow lie 

EraisaU Vt? 
<.a.7l«£,^c 1C 
.•TiCitssM If‘n 
Vcs; Pfiasslte .- 
UrsT-iCenBaliOp. 
il-jirtnail . ._ 
1ft Ert ’up ■ 
i-iitvi:' roo r. - . 
ua^KcpfofMSl. 

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Lri-. wnwra lOp 
KM!s ml MSI 
•er[fc\er!0p — J 

|DiCLj',W tflfci j-’pl 

37 [ar.rgtr hnan lup- 1 


1+3 279 
155 


♦1.73 1.0 4.7, 
&2B4 1 0 17 


+1 030 
... . 0.56 
+3 15.23 


GOLDS EX-5 PREM U3S 

I>on«1*in quoi.nmns f,ir S<.ulh Vf.-K-hn .••'(•l mining 

in L' S ••urrvncy tvludin; Ihf inw^rncnt dollar 
premium. prices are aoilni'le %.■!>!> to non-UK 

res-iiwus 

SIS'; -x« (?170c 18(184 
ET-r-c -10 TQ78C 1? m.3- 
;clr —10 — — — 

*17?, (23 33c « 20.6 

rn -Ij ulSOc 4, 15.7 
S10 Q140C « 22.0 

380c -10 t«22c 23 6.5 
SIT”-; -J, Qll5c 3.3 7.6 
S28>2 -U 0385c 17 15.6. 
321 -V 0415c * 22E: 
$10*! -1, Q825c 24 9.4. 


64 +1 0121* 2 

44 Q11.5c 01 

170 +3 94.06 Ii 

61x0 hO!5c li 

54 +2 40.48 3.' 
M ... .44221 
74 +1 41)152 


TEAS 

India and Bangladesh 


.. *965 59 
... 10.15 4 4 
... 7.11 3.7 

.... 4231 L6 
... biS - 
. 13 5 26 

. 15.0 « 

-n 2 *n.75 32 


0! 57 NOTES 

11 3.6 : 

19 5.6 I'bIw* otkHirtw lutlcUnL prices and net dlvidetub are in' 
3.9 13 Pence a»d denndiuuonc are ZSp. Estimated pricefemUiCs 
29 52 nAsnultiiMnmbaa«lnls<«»uiliT*wisuditmin'* 
10 i n and. when passiMr. are opdaiedon batf-yort* fUurn. P/Es are? 

cdrnJnied on I6r basts of net dlettlbniloa: hrsriieled flcar»r 
■ Indicate 14 per cent, or mote dlifetmre It calculated an ”nir*i 
dlstri ballon. Covers are baaed an -mmsimata" duxrfbattei.' 

- Yields me based on middle prices, are grass, adjusted to ACT of ' 
S3 per cent, and illew Tor nine of declared distributions and* 
riftlum. Sersritles xriib denmdnatlanc ather than sterling am 
e « e i 4"««l loclnalre of the laveatment dollar pnsolam. 


5.7 a Sterling denominated securities which include Investment. 
11.5 dollar premium. 1 

122 • "Tap" Stock 

6 7 ■ Highs: and Lows marked thus Have been adjusted to allow 
94 for right* Lsaues for cash. 

A 7 r Interim since increased or resumed, 
iiat Interim since reduced, wised or deferred. 


lu-is 1 IoJ q'6 tf Ta» (ree Mi non rendenu on application, 
j Ivii Ifln? * Figure:, .if report awaited. 

+1 |12.5 I 42IL-2 ft Unlrrtsd Meanly 

* Pncc a: time of suspension 


Rrnnnev'T.ia: . 
Fhb«!:iK.ndIac 


225 1223 jLanovatl 


1 1529 j?99 lB\swn*!l . 
j 185 jliO JauaLsAtes. 


H5B5 

415 I jOS5c 

132 I | BJ>9 

18 
t3 35 
<9.33 


INSU 


urrhli'n Est — 


140* 
19 
£122 
ISO 
216 
228 
398 
255* 
123 
137 
348 
32S 
SOp 172 
MattiM-Wrap. 173 
EMdslBp. 188 

iQmiSpJ 55 


if] I 


ACCOS 

286 +8 tl3Jl f33j 69J 5 0 

250 +6 - - - 4.4 

3JSW +4 8.85 51 3 5 7.9 

m +1 5.75 18 10.2 ft 6) 

iPul »a +»; 12.07 9.4 5.3 2 4 

bp J 50 1283 2.4 85 61 


JANCE, LAND 
rat Trusts 


NES 

CENTRAL RAND 

293 -8 - 

262 -U - 
£273; -I, rQJfflc 
100 -i rwi3c 

EASTERN RAND 

tt -2 Q*k 
Z3l; -1 W20c 
290 -fl FQ50c, 
S5P; -»«i 1tji9c 
238 -11 Q55c 
401; -11; Q21C 
84 -2 rQ46c 

51 -2 - 

40 Ci25c 


FAR WEST RAND 

445 I25J (?. ; n«:25. ..I 262 [-8 IQl 


Q-: * .-L, . * Fncc a: t:r* of suspension 

*71 ‘ ‘4lln d 1 Indicated dividend niter pending scrip nod/or rights issue: - 

I 209 I (5 58 I 151 4 0 etner relplin to previous dividend* or forvcitsta. 

‘ * ■ 1 a Merger mil ur remvanisation in procress. ; 

Afr ica 4 Net romparaole. 

O Same imtnnt reduced final and, or reduced eomlnn 
l 595 U5 \5ait\ * I12J iwdietuert 

I 140 | ....1 113,21 2*1 1^ Foreca,: dividend; cover «w earnings updpted by latest- 

' 1 interim nmetncnL 

.* Cover alio for convemoti of shares not now ranking for 
dividend* or ra-ikmc only for restricted dividend. 

.rail it Coior does noi ulli-m lor shore* which mey olao rank lor 

dividend a) a tuiu-v dale ’Iv V'E rauo usually provided. 
nTJv . V Excluding .< tin a! dividend deciarauun. 

UiU + Regional pn, e. 

0 . | - It No pur .alue 

I — [ ~ I — a Tax free h Ficure' blwd «n tnrnpoetus or Mher official 
“i IjwbiuJ Tp tsstimnip r Cenis d tii-.ider.il rot? p.ud or payable on r«rt 
“V rSLvyl Z-g lb u( rapnai coiur hfcef cn d-nd.-nd on lull capital. 
-2 | tv 13c | 67] 78 e Rcdempiiun yield f flat oolo r. A :sucned dividend and 
yield h V^m-n dunden i and yield after scrip tr.ur. 
TtrjY i thxyroenl !rom . apliaJ anureps k Keny.s. zb Inlerim higher 

Lis kr than proii-mt imnl n Rights if-u» pending q Earnings 

? fV M r a xqft Hused on prehtninaiy iigurec ( Du uiend and yield earl ude a 

1 JSrwu- 1 ? iiifl payment i lndtr.iled dividend, cover relates lo 

Za ^ n?V - previous iliTiih-nd P. E miia biied on latest annual- 

i, Ir^n ,11?;^ earnings u Fcrccart dlvtdmd cuter based c« previous year's ' 
— J]2 )Vi9c 1.6 14.3 earninus. v Ta- Iree up 10 in i.ie £ •* Yield nllown Tor 
-11 Q55c 9 13-8 current; etnas'.- y Send and yloJif bused on merger lenm, 

— I 1 ; Q21c f 310 irHtidrndanJyieldiriludea -pevial p^ymeol. Coierdk« rot 
-2 rQ46c 1P423 apply to payment A Nut dindcnd and yield. B 

-2 _ _ Preierence ditidcn.1 ponid or tfc.'orred. C Canadian. E Issue 

_t, Q25c 04 373 ! ,rlre f I >>« I’Jond a;,,! yield bared t.n proEpertus or ,nht+ 

-ift Ol29c A 13 9 official eat for I irrp-ej) <i fl; lumi*! dividend and yield 

i j ~ __ alier peridim: scrip umi or neht*: i r sur- K fiiridend and y,* !d 

baaed on prinpeciuy or olhor official idalmatef for 
imB-TP H hiyiire? r_je*l on prosDcciua or other oi/i-'ial 
9RJJ5 est i m*io< !nr *1*71* X l>,i:derd Jbd yield bused on proapeeti.a 

or other otlicol cainrli i tor 1 ST!i N in-.iUelid onrt yield 

-8 <563" 1 6(15.1 based fn pmf|ed«s or o'her off.cial iMlJmnLOS for IHTB p 
-22 QlTOc lsl3 7 Figures ha.ed on prv;pc-tU3 or other of(ic , .v! e.dimaiey :r.r. 
_ ji, _ — | — 1HTO-T8. t? ■■rv't T Figures .I'.'.uiTiod '£ CT.idend total ro- 

—7 O50c 23114 0 dale 44 Ynild )ji=cnl 1.11 ii,«nivlijn Trcai-jry Bill Rale nuyi 
—17 tQ7Sc L7| 84 UBC Hnnged until wifunn o.' <xic. - k 


262 -8 *363.- 
732 -22 QlTOc 

9« —1*2 - 

224 -7 QMc 
603 -17 t<J7Bc 

200-3 - , 


1WI s< Win rxJ I ni i a | Abbret inuon« rievdi'idendiu'exseripiir.ue.cennEnia. 

iSs :(;• SS3 iSia:? “ " » 


-‘4 Wd* 

-12 <KD, 

-7 elm 


Wc 20 il l “ Recent issues " asd “ Rights " Z*age 35 

!lc L0 3.1 — ■ 

|3 4-9 This ser ice is cvallahlc m every Cceraanv dealt :r. on 
2 7 jj j Stoci ExcfuaJCK lirodf^iatil tbe Laiied Kicscam tor a 
1.7J12 4 fw ci £400 per anuun for eae!i security 


403 -14 i{21c L0 3.1 

269 -A rtJKc 23 44 

£12 -u ifiBc 3.3 5 7 

141 -6 tySc 27 11.1 
U9^ -I; Q38>: 1.7J12 4 
121 -4 K'i3r: 27 6.« 

658 -21 fQfLi- 2 4 71 

196 -4 Q415e 4 12.6 


O.F.S. 


.3Rt Leech. 


16 
6 
170 

30 

41 1 Ifertecpoaijp 


een<ft-'Wp 


Braal Fundfri 
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130 +1 
U0 -.... 
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210 +2 

L24 

190 +1 
55 ...... 

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4012 +1 
94 j 2 +1 

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to feizlj 
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U 5.1 2B5 
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Craiui Knu' Ci\ 615 
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Finance, Land, etc 


Investment Co. 
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S '.hartecholi..,. 3 
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1 ■*“ * selection 1 * 'ipiicnfr iradtsi ,v gi-.en on the 

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40 




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,#i: ■. ■■ ; .i 4 

17 r . ' > 


r V 7*- -V-v 



Building 
Soddy 

far savers 

Head Office: High Street Skiplon 
BD23IDN Tel: 0736 458! 
London Office: 81 High Holton 
Td: 01-242 8147 

Amu noetd IW •*■■■> 

Roam ucaM U.4 mBkn 





Tuesday November 2S 1978 


machinery valuers 





Shipyard 


at 



Teng turns down 
Chinese leadership 


I BY OUR FOREIGN STAFF 




BY LYNTON McLAIN 


"WORLD shipbuilding 


TENG HSIAO -PING. China's tanecms rally of several hundred had said, referring to the wall 
Vice-Premier, has turned down in Tien An-raen Square at which on which many frank posters 
an offer to take over as Premier speakers called for more demo- have been displayed, demanding 
from party chairman Hua Kuo- cratic freedoms in China. democracy and the punishment 

feng according to reports from The unofficial guests-of-hononr of corrupt leaders. 

Peking last night at the meeting were foreign ** The majority of public 

In an interview with a visiting diplomats and news correspond- opinion is good, but some 
order; U-S. journalist, quoted by the eats, wbo had been invited by a opinions are wrong. It has been 

ina news agency, word-of-mouth message cireuta- said that Chairman Mao was 70 

vears. according to the latest: -dr. Teng added that the Chinese ted throughout the foreign com- per cent good and 30 per cent 
building returns from Lloyd's; leadership was meeting to discuss munity. bad. Chairman Mao was better 

Register of Shipping, published! modernisation and to “sort The crowd had been told that than that." 

this morning. ! things out.” He also defended it would hear details of an inter- During last night’s meeting. 

F ;ihe policies of the late chairman view held earlier with Mr. Teng Chinese spoke passionately to 
Tse-Tung. by Mr. Novak. foreigners about their aspi 


books are at their lowest for 13] official New China 


Only 2Sm ions gross 

merchant ships were on order at- ln h sudden upsurge of 
tne end of September. This com- J Jitica i aCtivit . in china this 
pares with the record of lo3.4m ‘ {, 3St week there have already 
tons gross in March 19/4. since a Cillls for Mr Teng t0 re - 
when Lloyd s returns have shown piace chairman Hua. 

The vice-premier. In his inter- 


ns piru- 

HaJf and hour before the meet- tioos. offered them cigarettes 
ing was due to begin, a huge and showed an intense interest 
crowd had packed the broad, in the foreign Press coverage of 
dusty footpath at the Hsitan events in Peking. 

Corner of Peking's main street — Three times, in their eager- 
the site of most of the poster ness to hear speaker^ the crowd 
activity in the city’s dramatic surged in a dangerous crush 
week of free-speaking. towards the knot of foreigners 

npmnmrv at its centre, carrying them 

UULI J r ■ several metres before they were 

. . ... ... Chants of “Long live Teng calmed 

tons gross were on order. I over the post of Premier from Hsiao-ping," “Long live demo- as the crowd dispersed. 

The immediacy of the crisis | Chairman Hua. He wanted to cracy" and “Long live the foreigners " were surrounded 
facing shipyards is underlined by! concentrate his energies on the people” punctuated the transla- again by groups of Chinese who 
the fact that more than SO per 1 modernisation of China. tion of the interview and the urged them to report to the 

cent of existing orders are fori John Hoffmann writes from speeches that followed. world on the Chinese people's 

delivery by the end of next year. 1 Peking: A surging crowd of more Mr. _Teng had defended the campaign for democracy. 

Wall-posters' civil rights 
demands — Page 3 
China “to allow direct 49 per 
cent foreign investment" 
Page 4 


continuous downward slide in; 
world order books. At the end ofj 

.June, they stood at 30.4m tons. syndicated columnist who writes 
gross. A total of less than I f 0r f^e Washington Post was re- 
tons has not been seen since ; p yr t ed * 0 have said that being in 
September. 196o, when only 27m, {. if 70<: he was t00 old t0 take 


Deliveries of finished vessels 1 th3ri “- 000 P eo P le last ni S bt late Chairman Mao Tse-tung 
during Ibe first SSS maiS ofi * street meeting in sup. against mumsms made during 


Ibis year outstripped new. 


replacement orders by more than; lnrc,£, tl 

meetin 


port of Mr. Teng 
his image 


which rein- the present poster campaign, the 
as China’s crowd was told. 

i r «. WK SS& .siasLJr, T1,e " The democrauv ,D 

that period was over 13m loos;. 


was followed by a spon- Hsitan is very good.” Mr. Teng 


Government 

may face 
30% claim 
by civil 
servants 

By Philip Bassett, Labour Staff 


gross compared with new orders; 
for only 5.7m tons gross. : 

■Japan was again the leading ■ 
shipbuilding nation with a total j 
order book of 6.9m tons gross at 
the end of September. Brazil! 
came second with 2.9m, followed 
by the l : .S. with 2.7m. Poland, 
Spain and France came next 
with approximately 1.5m tons 

each. 


In pipeline 


No accord on nationalised 
industries accounting 


BY MICHAEL LAFFERTY 


DISCUSSIONS in 


Whitehall the convention observed by most there would be no gearing adjust- 
fin n rmier nf' ! aimed at getting the accounts of other companies. ment to take in the gains fromi 

v.-vri nnthln l the nationalised industries on to But an inter-departmental com- long-term borrowings. 

Shipbuilders saidlHstweekthat ; aC0 , nsistent ^ a ? ia _ ha !? J fa _ t ^. t ° Instead, it is proposed toi 


it had signed no new contracts i woch ^eemeni. Instead, officials the issues; in recent months has relate inflation-adjusted! 

during .h- ihrl /« ,»,f are seeking to get the public found little or no room for volun- nrnfiL < 


during the three months to the 
end of September, but several 


sector companies to publish com- lary agreement Officials in- 


profits to each industry’s finan 
cial targets. This would mean 


order* are known *to be in the ! P ar ? b, e supplementary figures in volved talk of some ministries lha , British Gas and the Post 1 

Pipeline awaliin- EEC commit lhe,r next atwunls * - pulting lwo p0,nts ftf vlew “ 



for each. 

The supplementary 


mkc-.JIUUIHi «IIC iivi. jvumu 1 1 11-, ...... 1 , . _ . . n • i l [rati VP ctaff 9 

er ! policies adopted by British Gas which the nationalised industries National Goal Board and British. 44, „ er 

i and the Electricity Council Both may now publish would follow Bail, would have two sets of, Th e first of 
were : ; n{ >Iiidpd omnlpnipntarv dpnrepiM- the Hvde interim inflation aCCOUQIS. • r 


the ships under construction in 1 tll ° controversy which developed 
Britain av the end of September > 3l ‘ < junf. the new accounting 
were for export. 

,.- Von 'i ,y , and Jugoslavia were : included supplementary depreeia- the Hyde’ interim inflation 
L cou .? u w ’ ho t se Uon charges in their main accounting guidelines, used by 
end^ r of' ° Septeiiiber "^han ^hre^ aecoun,tf - thereb . v departing from many quoted companies. But 

months earlier. Yugoslavia in- ; 
creased its orders by 10 per cent' 
to 528.460 tons gross and Norway! 
reported a modest increase of 1 
1.357 tons gross to 604.564. I 
Elsewhere, the Lloyd's Register! 
figures show that there were re-J 
ductiuns in tonnage at all stages 
of ship production during the! 
third quarter, including the ton- j 
nage of shops started, launched; 
and completed. i 


figures Other industries, like 


FIRST REPORTS from the 
independent pay unit for 
Britain’s 600.000 white-collar 
civil servants indicate that the 
Government may he faced with 
politically embarrassing de- 
mands for rises of 25 to 30 
per cent in the face of its 
5 per cent limit. 

The Government has said 
it will base this round’s civil 
service pay settlement on 
April 1 on the findings of 
tbe Fay Research Unit, bat 
subject to Incomes policy. 

Civil servants, though, are 
pressing for the results of the 
comparability exercise to be 
met in full, and hare prepared 
themselves to take industrial 
action this winter to support 
their demands, including the 
establishment of a £Zm fight- 
ing fund. 

If the Government takes 
what many civil service onion 
leaders feel to be its only way 
out by making civil servants 
a special case with a staged 
deal on the lines of those 
awarded to firemen and police. 
It could hlow a large boie in 
tbe special case provisions of 
the Stage Four White Paper 
through which others wilt be 
keen to follow. 

The Pay Research Unit, re- 
activated for this year's settle- 
ment for tbe first lime slnee 
its suspension at tbe start of 
the present series of pay con- 
trols in 1975, shows the gap 
between civil service rates of 
pay for grades up to under- 
secretary level and pay In com- 
parable jobs outside tbe 
service, but makes no recom- 
mendation on how Its findings 
shonid be applied. 

1 Evidence 

To determine an overall pay 
rise figure is difficult until 
niOhl of tbe unit's reports lave 
been received by the unions, 
probably in the New Year. Rut 
unions have worked out that, 
on the evidence so far, the 
avenge rise needed will be 23 
to 30 per cent, with clerical 
staff rated below that ai about 
20 per cent and some adminis- 
trative staff at between 35 and 


Inquiry on State role in 
industry. Page 3 


Labour policy committees seek 
British veto of EMS 


BY ELINOR GOODMAN. LOBBY STAFF 


Ainmct hi.if innnion nnrforjTTlE LABOUR PARTY'S two Minister by speaking out against mittees. which was dominated 
Almost naif the tonnage under : sen j or policy drafting committees the EMS in spite oF his member- by tbe left-wing members of tbe 

Cabinet, passed a NEC. 


construction durin 
was for dags of 
countries. 


the period 
convenience 


Continued from Page 

Ford 

supplementary 


last night totally rejected the ship of tbe Cabinet, passed 
Government’s formula keeping three-part resolution which called Those NEC members in favour | 
i Britain's option open over the for a free vote on the question of European co-operation who [ 
1 European Monetary System. of tbe proposed monetary system, attended the meeting, like Mrs. | 
! a* „ and for the publication of the Shirley Williams, were greatly | 

lr^L2ii J 1 r n tL m hfmo 0 nM lv -and Treasury’s confidential working outnumbered and left before the ! 
! pkaneeilor. the home policy and p . dpers 01 , the b ysteui. The reso- resolution was put It could well ; 
; international committees of the | at j 0n a ] S0 Ca jj ed un the Govern- be that, if the same motion is ! 
. Nauonal Executive Committee meat nut to enter into any com- put to today's meeting of the I 
! called on the Government to use Hitmen t$ on behalf of the UK Parliamentary Labour Party, ill 
its veto to stop the proposed that^ would pre-empt the rights would be lost. 

wasi 


a series of meet- 
ings of members of the Society 
of Civil and Public Servants, 
whose 103,000 exeeutlve-grade 
members are expected to seek 
rises of about tbe 23 to 30 per 
tent average, was told yester- 
day that evidence from the 
unit confirmed that they bad 
lost out badly under pay 
policy. 

Mr. Gerry Gilhnan, general 
secretary, told the meeting in 
Newcastle that Ihc Govern- 
ment conld no longer plead 
ignorance to the pay differ- 
ences between outside execu- 
tives and civil servants. 

-While trade union members 
in the public services have 
been given the loyal pittance 
of pay policy, private sector 
executives have been quietly 
collecting perks, re- gradings 
and pa. v rises way beyond tbe 
Government’s norms.” 

Once all the reports from 
1 he unit have been received, 
the unions and the Civil 
Service Department will 


whinh Fnnnc ni« a nr^hl S 8ystei j. being set up at all. 0 f Parliament. It emphasised Yesterday’s resolution ; . 

^ 1 re ^ ardi f s of whether Bn tain was that no undertaking could be passed in spite of the Chancellor’s 1 Process the Information it i pro- 
men,. succeeds only in halving «he a member. gfven before the drafting of the efforts to persuade the NFC. that ; «*nre adjusted rates, and begin 

The proceedings, which in- party's election manifesto, that a there was no question of Britain: 
eluded a verbal punch-up be* future Labour Government joining the system if it meant, \ 
tween the Chancellor and Mr. would be bound by any European as the committee members 


number of unofficial strikes from 
which the company has been 
suffering, it will have paid for 


on 


the unit's 


fiVPrvthinn ohiWn *u fircr R -n - r 1 .*» i . pvu iu ut uuuuu uv auj uuioov.au liic vulliim nice mcuujua 

wntnf 6 n ’ 1 D p |D en k Skinner, the new left-wing monetary' arrangement entered obviously feared, reduced growth 

cent ji in. awara. member of the executive, showed into now. or increased unemployment. 


negotiation 
findings. 

Editorial comment. Page 20 


The Government, said Sir 
Terence, had been invited to 
join the company in montitoring 
future performance. He hoped {System has 

il would not only do This but! dampen the 


the attitude now adopted by the At its conference in Blackpool Mr. Healey reminded the meet- 
Government for Britain's partici- two months ago, tbe Labour ing that, with an election coming 
pation in tbe European Monetary Party passed a motion condemn- up. the party should avoid split- 
done nothing to ing the European Monetary ting itself over Europe. But in 
hostility of anti- System in general terms. Yester- spite of his plea for party unity. 


Mr. Healey was accused by Mr. 
Skinner of using ” bully-hoy 
tactics.” and forgetting the 
party’s obligations to the working 
class. 


would encourage tbe unions and j Marketeers to the EMS. day’s resolution was far more 

work force to ‘'work with us to[ The meeting, chaired by Mr. precise in the way it tried to 
help reduce the haemorrhage ofj Anthony Wedgwood Beon. bind the hands of Government, 
the unofficial strike which is Energy Secretary, who has It. w’as approved without opposi- 
destroying the British motor already annoyed the Prime tion at a meeting of the two corn- 

industry.” I ■ 

Last year, said Sir Terence, 

Ford of Britain lost 5in man- 
hours because people were not! 
doing their jobs, mainly because ; 
of unofficial strikes. There would i 
not be a recognisable motor! 
industry in the country in fivej 

years time unless progress was: 
made towards stopping this. 'THE SPANISH Ministry of December 21,- the day on which, other persons, with 
The means by which the com- i Finance has imposed a fine its main rivaL Banco Central, was exchange control 


Negligence 


Spanish bank fined £12.8m 


BY ROBERT GRAHAM 


MADRID, Nov. 21 
breach 


of 


by UDT 
settled 


By John Brennan, 

Property Correspondent 

WEST END surveyors Connells 
anti the legal firm of Berwin 
Leighton have reached an out-of- 
court settlement with United 


the lex golumn^;:;;';.;T£:;v. 








joints STSb ta “t 7iideFrose5.0;to 




JGSl- 


euphoria to the Paris motley 
market. Although' inflation 
refuses to fall below 9 per eeiot 
day-to-day money, has . 'been 
knocked down to 6g per? cent; 
the Bank of France has -been 
supplying funds at 6& -per cent 
and many dealers expect it ta 

move lower soon. - 

The latest burst of confidenipe, 
coming after a period when 1 
overnight funds had stabilised 
around 7 per cent, reflects thfc 
calm with which the franC/has 
held its own agaihst the" Hun* 
during the recent currency tjar- 
mo£L Indeed. . the - franc* is. 
already behaving as if it’ were 
in the snake, and the 
France has ' been, buying' 'Hi' 
marks at around -2.295 francs.. . ' j 
over the past few-.days jto pre-. (and .-;. s 
rent the franc from officially panies? U 


reffuceisf r 


have 
. . which 
^yentment 



• J6ff.a3aiite^ v paxt. ^ -loan , l# $ 
~ rwt&i- sigof- 
"1 ficact^-- •* royalty ^ 


-1978 


r-hiyttd^p^Ftpithe ; Government 
: adwioni ' - ; Trieehtrpl lio " 

, -alt. the. 

cash ffcrwr.'tty. repaying 
" the dflaaff-' (it-can nOvt use some 

K -abdr msrteaff^l-repayiD^iill t&e 
t;-.ToBfns- By i98»,-:aRr!"centxol i now 
■;;has ’up L 4o 

{fi£te ^preaij of 

r r 2' per cent t-crverH^bhV f^' tte ’ 

• HiSt.-IS' naOntfiS/^tfcS^ea^aBs 

i' T r avmige;.spre a 

•-'In'vless. coo. . 

' Jr hsxiks . ai^e’-lo 

coair- for a*! 

- 


'g;n2 eftec 


t ^ _ Bor-iucm 

entering at too. high a parity. ^ ■ and th&rNatfcniM -G oal v 
The Jail in interest r^tes^as j--— - - — - r - 

been a boon, to the authorities, 
enabling them to. finance a | 
deal of this year’s ala raring : 

ning deficit (the- full yfc»4 *r ^ .... ^ ■^. v- 

budget deficit looks like being’ conventions chosen. them- On- j 

around FFr 35bn against a tar- selves. ^ 

get of FFr 8,5bnJ. th ro u gh , the The only progress wriictr has\. . . 
banking system. :TreasuiyJi]ls been made is that aU the State ^ 
have been, snapped up. and.^ ; industries may now pubfistp^ 1 * -:£?fSSJW®L 

total in- circulation has-riseh tb comparable, supplementary ■ In- * tar«gp. ; j : cPB 

over FFr 80bn from rtttle more flation-adjusted - figures.' .;, f 

than FFr 60 bn at the end of idea is that each company/^*?- 

last year. • should ^ produced -something: - 

Theoretically these bHls may a Hyde statement . Bat -the . 
be discounted at the central gearing adjustment would 

bank. But soon after -fhef-Iast limited to working capital, and- -5t DaH k p 

occasion, in September/; bn the .result would be; compared 1 

whidi there was nervousness with any financial targets estafc; ' -- ' 

around the franc and the banks lisbed for each industry: This. ; , - 

indulged in heavy discounting inform ation is vrortb baving. but :'/ " 1 ® J 

of bills, minimum reserve re- its credibility will depend on the T : 

q u ire men ts- were raised— -some- way in which interest payments 

thing of a -rap over rhe banks’ are accounted for.; V J-’ onto ^.JHSSSSSafiaS’V ’ *• ' 

knuckles. It is noticeable now „ . :.v :■ • en co urag iag - i n e- . . 

that the Bank of France is TnCCntrol- '' ’/ ■ • : 1 , B-raUQ t .1 1 

acting jo keep an unusuaUy Tricentroi sterns to 4ia ' 
steep yield curve in the, short surprisingly . attractive - terms . -• 

money market: it will-- tend f<j r the £60m. refinancing- of Its , 

against Treasury bOls^fiS per Hasac field stake. Under ^ per ^ ■ 

cm for on; month per origin loan, wMi* was SSSrtS »-ilI 


peculate wtnd blows from ^ cbnverting up to half of it info; SSH?5ffiSI?'SK^ 
ver the Rhine. . - W4MU M. 

Nationalised Accounts w {SSlSt 

The muddle over state th ^ ■ eon J?J te ? P a ^ ciiiences’ of a : 'stmh^'curi 

industries* accounts is to con- wwimthen lapse and^to;. reflect the; TBritisii -authdritieg/wa 
tinue. The latest news, is that this the interest mfe. prevent 

the Treasury has been dis- °*f r r 10 ^ 0 ”- 'Qterbank^ AW^ijogtagtiag ^instat , »Mw e «r. 
appointed in whatever feeble ” te v ?° uJd bave^been^ iac f e ^ e f -ohe:‘F'ar; frbffi’ ^ tick ^ 

hopes it may have had to bring percent to 2$ pejr c^os^i^es , ,, . " * 

some order back to the accounts AS ’yet Tricentroi Iras mpt- only •?. 

of companies like British <3 as, been able fully to mOet' i tne cover- : '6ii ^L- ,, fiw milractSl , 
the Electricity Council, and above preconditions' ’ fozr.COnve'^'/cpmaaUaenfJL defivSeriX-bf . . 

British Steel. While the letter sion. into a production paymeal receiver farttgn cii^n ; ' : • 


regulations. dominion Trust over the finance 

pany hopes to cut down on un-j equivalent to £l?.8m on a approving a merger with another involving Pt a 651m. j house’s £335.000-p1us claim for 

official stoppages, the supplemen- 1 Spanish hank. Banco Coca, for medium-sized family hank. Banco At the same time it was I neqli^enco. 

lary payments plan, forms about' alleged fiscal fraud. This is Iberieo. * revealed that the Finance! UDT sued the surveyors and 

5.1 per cent of tbe total pay believed to be the biggest fine of At the sirae the banking com- Ministry was inspecting property ■ lefial firm late last year over 
packagp. and is worth up to £4) its kind ever imposed. * munity regarded Banesto’s move and share deals by companies! advrice received on an abortive 

a week in cash terms. I Banco Coes is a medium-sized as hastily taken, and motivated alleged to be linked to Banco . Property development scheme at 


Many of tbe penalty clauses of 
the company's original proposals 
were withdrawn in negotiation, with 


and the supplements are now' group. Banesto. 


bank, controlled by the Coca largely by the consideration that Coca. ” ” | Cat Hill Barnet, five years be- 

famiiy. In September it meraed Central would usurp its place as The present fine is under- 1 !'° r . l? - The finance house had 
Spam’s largest banking Spain> largest banking group. ■ stood to be independent of the ; claimed negligence in tbe advice 


primarily a sanction against un- 
official strikes. 

Only experience will tell 
whether Ibe plan will meet Sir. 
Terence's hopes tbat unofficial; 
stoppages might be halved by 
the scheme. The whole supple- 
mentary payments plan is un- 
popular with shop stewards, and 
disputes over its implementation 
are possible. 

Another factor stressed by Sir j 
Terence was that because of: 
losses in the time they were on: 


Difficulties in assimilating case of Sr. Minarro. Though he whlchled tu Its acquisition of the 


Tbe fine, imposed within the Banco Coca delayed an early had his passport impounded. he: s 4 ew '^ ll,u . t t| 1,Ja PP I,0 Ptt a '- e P! an_ 
laS K 1-1° days, had Inal been made conelwloa to tbe tied. Then in jumped his Pta 50m baH. 

public, but confirmed todaj ear j y j une g r Enrique Minarro, managed to leave the country. claim amounted to 

by a senior official in the Finance a f ormer senior board member and _is now thought to be in 1 335 000 

Ministry. .. " . of Coca, was charged with tti’O Brazil. 

Banco Coca is already appeal- ° 

ing against LL 

The fine of l-Sbn pesetas Continued from Page 1 


follows a detailed examination 
of the hank’s books, initiated in 
the early spring and prompted 
by the proposed merger with 
Banesto. 

The alleged irregularities are 
to 


‘Save Times’ plea 


conipcnt>atioii plus 
accumulated interest that could 
have added several hundred 
thousand pounds lu its suit. 

Now the legal firm and the 
surveyor have settled the claim 
to UDTs “ satisfaelion." No de- 
tails of the settlement are to be 
released, but it is understood 
ihat UDT has received an 
** a }>o reci able ” amount. 

UUT's claim was only one of a 
string of lei;al claims that have 


"We have got no quarrel with MP for Sowerby. Earlier Mr. ! 
strike, purchasing power of Ford j understood lo relate to the our staff at the present John Smith, the. new Trade! 

employees would increase by less j financial year 1377-7S._ Mr. Cole said- _ _SccretaJT-said that the Govern-: . _ e} _ n ,, 

than 5 per cent in Phase Four: i If iheappeaT is' rejected, the The Times placed full-page jneDt - faad n<j such plans. I JJJfJ SI th UShSi 
-We believe that our settle- ; cost -would be - almost - exactly advertisements In national daily ... . , ... Concili- g,veQ £ . ^ ^ P| nod 

ment is within the ^intention of I equivalent to Banco Coca’s newspapers outlining the. pay J* .the Advisoij. wnciii j ^ thp proporip- ■■boom." Early 

the Government’s White Paper, {reserves before the merger. It and conditions asreements it has and T a01 , eaders ^e? however! 1 ast year “ notI,er finance house - 
“In our view it is in accord then had a Pts 3bn capital and said must be signed by 54 watchin" developments 

with those intentions lo $tru<N Pts «^7bn in reserves. different bargaining units, as well ... mn * 

ture our payments over the 5 per I Since Banesto haa as national union leaders—- _ 

rent guideline in such a way as 'formally absorbed Banco Coca Thursday night. Only one such Today many print workers are 

to get union agreement to the i the fine would have to come from agreement has been signed so expected to join a rally in 

gex uruun ^reement w [ ^ merged resgurces f | p flt housfi Jev(? j f p!us a pro . Central Hall, Westminster, and a 

From September Banesto had cedure agreement with union lobby of MPs organised by toe 

a Pta 23.7b n in capital and leaders that has yet to be ratified 'National Society of Operative 

“Ceriainly you .will find! Pta .MMUm in reserves— total by chapels. , Printers Graphical and Media 

nothing in the White Paper resources equivalent to £382ni. . Mr, Callaghan was asked to Personnel whmh rep««ni. 
which indiratos that this is not 1 Banesto announced its pro- intervene personally in a letter abnut2,ooo of Times .New. papers 
to be encouraged.’’ [posed merger with Coca on from Mr. Max Madden, Labour 4,00i>-plus staff. 


provisions designed to reduce 
strikes and so produce the neces- 
sary savings. 


Singer and Fried lander, received 
fjm judgment against surveyors 
John D. Wood over a ** boom ” 
period valuation of housing land. 
And. just last week, the 
liquidator of Nation Life Insur- 
ance announced that he was to 
starrt legal proceedings aqeinst 
surveyors Iferring Son and Daw 
over its £5m valuation of a 
Nation t ;r o property now valued 
at just Elm. 


Weather 


• UK TODAY . 

A very cold Northeasterly air- 
streara. will coven* the UK. All 
Eastern Districts. will have wintry 
showers, but Western and Central 
parts 'will, be mainly dry with 
sunny then clear periods. It will 
be very cold everywhere, with 
widespread frost early and late. 

Ontiook for Wednesday -arid 
Thursday: Cloud . and rain, pro- 
ceeded by snow-, 'will spread- i6 
Northern and 1 Western areas 
The East will be mostly dry with 
sunny intervals. Cold in the East 
with overnight frost less cold in 
the West. 

From the London . Weather 
Centre 




BUSINESS CENTRES 


Bahrain 

Barcelona 

BrJrui 

Belfast 

Belgrade 

Berlin 

Brmghm. 

Brtetol 

Brussels 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago 
Cologne 
Copenhfm 
Dublin 


Y’day » 
mld^larl 

■jj ■!«•{ 

S 7B; Madrid 
S 12 MlMncbsnr. 


Bdlnb«in:b 

Frankfort 

(lenera 

Glnicmi’ 

Helsinki 

H Fonn 

Jn'hcrc 

U«lwn 

London 

Laxrmb'z 


s 

c 

c 

p 

r. 

x 

s 

K 

S 

S 

F 

Sn. 

F 

V 

S 


Vdas; 

nUdaf 

a C -F 
•F “fi « 
C 1 34 


20 OS AieJbonme C 20 cs 

3 37 Mexico c. s to gr, 

11 52 Milan R 4 3» 

Z 37 Moaueal C -9 it 
3 37 Moscow So. -S i7 
* . 3aJMHfliCii . . C-4-30 
3 87 N'castlc 5n. ' 2* iB 
S 36 K York So. -2 M 
24 7S‘ Oslo Sn. -3 2T 
W! Paris fi 4. 38 


S 
F 

C 2 38 
K 3 17 
Sn. -1 *8 
S 29 BO 
C It 70 
C 13 59 
S 4.39 
S 3 . 36 


S 41 Perth -C 24 ,73 

1 !M Pmjfue . f. ■ o- & 

4 39 RejrkJacfk C’^.i 

2 38 Rlo\h>-J*o C gj 

4 so Rome p- 

- M SlncaDOre S 2S sj 

Stock bdhn C 0 jj 

Sirasbrg, C 3 37 

Srdiwy s 32 

Tehran C, 7 43 

Tfl.Avi**. 3l» 

Tokyo R ■ II 


„ - 52 

Toronto -Sn, -a 21 


Vienna 

wireaw 

Zurich 


Sn.- 

Sn. 

C 


HOUDAY RESORTS 


AJacdo 

Alders 

Biarritz 

Blackpool 

Bordeaux 

Boulogne 


.^_ 

■mid-day 
■C •¥ 

V 10 SO 
R 26 79 

i i 3 

S 5 41 
S 


Istanbul 
Jersey 
Las Pirns. 
Locarno 
Majorca 
4- 39j Malaga 
" “ Malta 
Nairobi 
Naples 
Nice - 
Oporto 
Sahhorg Sn. 
Tangier f 


Casablnca. F 10 61 
CapcTown S S3 73 
Dubrovnik R 11. 92 
F&n , cum 
Ftoreoee C 
Punch ai C 

Gibraltar F . .. 

Guernsey C • 6 43[Tunls 
Inmbrck. Sn.- 0 32 1 Valencia 
Irrvcmess F 1 34 'Venice n 
Ts. of Man C 3 41. 

S— Sunny. F-Falr. SL— Sleet. Sn.— Sno*,- 
B— Rain. C-CIondy. 


9 49 
16 41 
15 39 


mid-day 
’C “F 
F La 38 
C 7 « 

C Si n 

C 9 46 

f 11.. a 

F 14 37 
K « 41 

s a ?a 

R B 46 

S U. S3 
H 14 57 
1 34 
16 61 





' . ’ Only JamesBudamn, ix^rded - 

many as the fether .qf ScotjdH' VWhi^y, v i { . ‘ 
cotildhave composedablend offine ■ 

w^sie^sp smooth aiidsatfefyt^as ^ : 
to;^yia centuiy 4cmg devo6on6£ 
ffi'entire home. V. . ■ ’• 14 " " " 1 ' 

• The BnchaiKihBlend now ! 
being mtrodlic^d'to the^ 
the belief that 

drinkefseve^^ wifiappieqate - 
its ipunded excellence; V . 

V ' You m^.haveto iookfor^ . ^ -j 
because sui^Kes. may b^lmSek- ; - - > 
at fe$t,bat you’ll fibditwdl' 3' 'ipf- 
worth the trouble: :• i 


« « 
13 3$ 
S 41 



- — ■ .;VyK. 

THE SCOTCH tit A 





< W CL _ p f|fl TP,r ' St? «em«u'§r T^esi 
Ftiuacuu TWK5 -LuL,-. Bracken U0oae,.C4Onon>lkn^pl^ip(^:^c«Fi4^^'