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Jt- 




V U- '■ 





*0?{ * i icrCONSmiCTION 

•M\ :•,••• 



No. 27,727. 


Wednesday November 29 J978 





CWmwntTAL S&JJNG PBICE5; A 1 1ST* I A S«h ISt . MVCIUM Fr 25; DENMARK Kr J.5: FRANCE Fr J.«! GERMANY OH 2.0: ITALY L 5M: NETHERLANDS FI 2.0; NOR WAT Kr 3.5; PORTUGAL Esc 29; SPAIN Pe* 40; SWEDEN Hr 1.25; SWITZERLAND F r 2.D; EIRE I5p 


NEWS SUMMARY 




GENERAL 

Newton: 
‘attempts 
on my 
life’ 


BUSINESS 


Former airline pilot 
Newton, who claims 


Andrew 
he was 


Equities 
up 5; 
but Golds 
fall 




i. 


r hi red for £10,000 to hill Norman • EQUITIES bad their busiest 
ScOCU told the court in Mine- day -for luo months and the FT 
head, Somerset, yesterday that ordinary index dosed 5.0 up at 
attempts had been made on his 480.0. Gold mining shares hud 
own life on two occasions. 


He e'jid that m Mew York in 
1576, an articulated lorry had 
Knocked him down and tried io 
run .over him three timvy and 
i'uat year. u red Mini had tried lu 
..*■ scrape ‘him along the wall or 
■* knock him driven. He assumed it 
was a warning to keep quiet 
.about the alleged conspiracy. 

Newton was being; cross* 
examined at the resumed con Jin il- 
ia! proceedings against Jeremy 
Thorpe and three others aecuscd- 
'■ of plotting io kill Norman Scott. 
r> New Inn agreed that he hoped to 
collect £50.000 fur the sale and 
: serialisation of a Look on lire 
.. case. He also referred tu uezo- 
: tialinns with the media. The 
:• hearing continues. 


220r 


200 ’- 


180-- 


160- 


140! 


F.T. Gold 

Mines IndexKji 


Mol® 


JUN JtJL AUG SEP 0CI MV 


Peking Cheers >*> bad day with the Gold Mines 

Mass rallies in Peking cheered } ndl * f r:dIin « *- 5 1° BU IK 
. V lee-Preinier Teng Hsiao- ping's SLncc car *- r September 

name and speakers demanding 
democracy and human rights Tl * 

after being mid that a free speech • , ,ILTS et,e fl f . d , 
campaign had been launched ** e Government becunties Index 
with the approval of Mr. Ten;, dosed 0.17 up at 

Page 3 O STERLING rose 55 points to 

SI. 94 90. and its average rose In 
, , «2.G (C2.4). The dollar's 

■m ™ 1 «**" 1,1 depreciation widened to .82 per 

settle 2. .000 Jewish tamilies :n 


West Bank plan 


the' occupied West Bank in the 
next Bvc years, says Israeli loie- 
vision. The in eve could under- 
mine plans for Palestinian local 
self-rule. Pages 

Sea fraud talks 


cent (8.1). 

• GOLD fell $21 to 8195} in 
London and in New York the 
Comes November- settlement 
price was S192.cn (19U.6U). 




• WALL STREET fell 9.70 to 

- . The Port or London Chief S04.14 after late .selling 

Constable is meeting world prompted bv caution ahead of 

police chiefs in Paris next- month October trade tig ores. Vl 

.. to discuss a "massive lira in y 

marine frfeid. 7 ’ .These -inu'uderl MORE THAN £20m much ot it 

- railing off rjr^p -and scuttling from the UK flowed into Irish 

the ship. Page 6 ; equities and Kilts on speculation 

_ „ . . that the imposition of exchange 

• Pr oil court plea controls by -the Dublin govfirn- 

.i. ' c ■ ment against sterling is imminent. 

Astrid Proll. the woman facing Rar .. ■ 

- the threat of extradition to West " ac 

•* ‘Germany as a suspected Baadcr- (8 EEC and the Bank of England 
Meinhof terrorist, will seek a have readied agreement on the 
High Court ruling that she is regulation oi UK money brokers, 
-..entitled, to British citizenship Back Page 

based On her marriage three ", 

• years ago to aa Englishman. • UK ECONOMY should con 

tinue to expand during the next 
•L Time ticks on year at an increased rate, but 

• .. medium term prospects are “ nol 

Times Newspapers is still set to | U() encouraging." says the latest 

'.. suspend publication after tumor- \[E«;r review. Back and Page 2B; 
.rows edition of rjie Times m Edftoriai Comment, Page 20 

• spite of several unions offer to 
recommend acceptance of new 9 CAMPAIGN to speed up the 
dispute procedures provided the application of microelectronics 
suspension threat is lifted. Back in industry is to be launched 

** Page next week by the Prune Minister, 

w ... , _ with the help of a XBOm-plus 

■ Smith stand State aid package. Back Page 

Rhodesian Premier Ian Smith 9 WEST GERMAN steelworkers 
has s^id he had nothing to narted ifoeir first official strike 
discuss with • British envoy j n 50 years to back demands for 
Ciedwyn Hughes except to ask higher pay and shorter working 
him the time and the venue crl we ek. Workers at eight Ruhr 
the all-party talks. Mr. Hughes slPC | plants stayed away. Back 
is expected in Salisbury on and p a g- 20 

Monday. Page o 9 GENERAL ELECTRIC or llic- 

Mobv Click U.S. and Hitachi of Japan will 

be the subject of an anlrtni* 

. Japan -has successfully tested an sn ^ brought by the U.S. 

- imithtkiii killer whale w scare j usllcc . Department to prevent a 
fU-bfTkfofpJifns near Tki Island, part proposed joint venture tu market 

of a 3388.000 project in protect televisions. Page 27. 

V, -^h- ■Supplies following ao outcry 

f.bver ihe massacre of dolphins. 49 VOLVO'* Sliom agreement with 

Norway .appears to have run into 
difficulties over lax laws. Norway 
*** ,,cs is seeking to buy 40 i>er cent of 

Britain's proposed sale of Harrier ip* Swedish car and truck mnnu- 
joiup - jets -in China would not faclurur. Page 38 
meet any. opposition from NATO. tl „p, n 

Mr. Joseph Luns. the Alliance O , U ERB' * ^L ee fl[ 
secretary-general, said io Lisbon, an thorite rt by the ^ Bank ol 

England to deal in gold, the first 
Rrinflu nun-banking company to be 

Drwfijt •mm authorised since the gold market 

Electricity demand in Britain reopened in 1954. Men and 
reached a peak 4:i.5ni kW Waiters. Page 20 and Lex 

between 4.30 pm and 5.00 pm „. v rui.NTFP L'lNTTTED 

vesterduv. 700,000 kW higher • MANCHESTER limiil.ii 
„ than the" previous record, set un Football Club, which has spent 
rfA' January IS. Page 6 heavily on transfers m the Pasi 

W is months. JS tu raise £tm by a 

Britain Ut ready to resume talks 20g . lo ^ np righls teuc . Page 6 
on revising the EEU common 

fisheries policy prior to the _ MBlllICC 

Ministerial talks before - Chnsl- COMr^KlES 

- mas. Page 8 aIRKIX Industries reports a 

. Iran has strongly protested to dmvnWrn in profits from £l.llm 
. Bntain about what the slate- £$ 4^000 in the first six 
. uwmed Iranian Radio calls oil* monIhs to September 30. Page 23 

- spiteful attitude of the BBC. 

. -.President Amin of Uganda is • i..OMF^T ^^OYIblON pre- 

. ; appealing tu the UN w help stop Ulx profits for the _yejr to Sep- 

• an invasion bv Tanzania, which lember - " 

.'•the tatter demos as "lies. Ps'SC ■« £3.81m. PaM? — and Lex 


Government action on pay deal angers MPs 

Commons Ford vote 


may 



close 


BY RICHARD EVANS, LOBBY EDITOR 

THE IMPOSITION nf s.-mt-lum* :«s puiMblr tin nugh ihe « inter, sn awa> while wa only 
1.431 ns t Kurd, confirmed yeslcr- tn:it Mr. Callaghan cnuld ••hoose tiddler-." he declared. 


day in a letler rriim the the timing uf a general clci-liun 
Treasury m Sir Tereiict* Beckett. ne::i year. 

chain nun id l-orri UK. has Thf . biaeH^jn- „f Ford i.as 
landed ihe Government in acute bronchi an end u. this lactic and 
polmral ill Rich It les wnh the »ivi.-n lli< 
uppnsiliun and many of its n-.\o "bej wor 

iiippurieiw. Callaghan's uuiiui'ity adminislrj- 

Bnlh the Prune Minisler and lion. 

Mr. Denis HoaU-y. Chance I In r uf The I'.un.icrraiivc i>nslaughl »n 


catch sion could us;j damage all three. 

Mr I’laliathan's argument in 
The Government nji going in respun .*■.* waj. that if other com- 

pursue its 5 per cent pay policy panics paid inccrases of 17 per 

mr as long a- it continued tu t-eni to their empiojees. Ford 

have public support, and he would nut !<e aMe !■» hold its 

Opposition the issue ‘^imetl that ever} body who prices fur \erj lung. The cost of 

seeking to harrv Mr. broke the guideline would be is cars a Id m 0 up suijsu.niially 

lrealed in the -Miie way. w he her ii v. billed them ru ur not. 

“ Ihihlic sup;»--rt at me nioini-iii In a later e - : change . Mr. Cal- 

i& overwliehnini. and publit jup- bgiian declared that he did not 

1 lie Exchequer.' faced angry what Mrs. Margaret Th.'itcher n.* jrt d . oes 11 nl v,ljn - oveep- ihink ;he eunijian;. was either 

pro ics is m the Commons when called “the blatant inju.-tice" tions just bceau-v a coinpany ft puili: nr innocent in Gits mailer: 

they cave details uf the Govern- against Kurd v:ns predictahU?. bin biriic or a imilti-iiaUiiRnl. 1 nor a as 1 ; ueing nunis.iea. 

maul's decision iu Mat-Mist lln- v.-fi.-i l was mure unrryin y fur In spite of tin- CniamoiJi *ury. ru. u on..’-' an example of 
coiiif,..ny f,»r hrearburg the 5 i».r Mim-ti-r-. was tin* altitude of Hu»rc ww a v: despread belief in*- h-'i nun dilemma, nhoui 
cent -milt' line wlih its 17 per many Labour ba'-k-bt-ni-hers. par- anmng MPs tha: the Government uit. ■ :>eOjj.? ti:«ie "Ot tr» make 
cent wage scti lenient. lieularly from the l.eft ni the b»lt obliged ;o lake actum up tn.’ir minds do warn 

The immedinie qm-sttmi nmv parli .md tiinse u iih trade union against Forti u, prevent a tolal prices Kept Jt-vn nr 
faring Mr. Callaghan Ls whethur ailili.** i-.iK. hre.ikdown ni its haltered in- \ ftW , iPiasuoni us/«l :-ter 

he can carry his ermtruvej-sial Several dtvlsi red ihc.v i-imW n«*i comes policy. J'.'.t *Jva*. _ Ministers -!■ *‘ r Hea.ev was tn?t ie gjv- 
pi ■lie les in a Cum in n ns vote «>n Mippuri a pidicy that iiad be*r;i were anxious ’.<• minimise the tihfijeni ce.i.d not have al- Hived 

the isKiie of sane I inns expected lejecieil decisively hy the Tl-0 impifi'I or s.Lnelifins as far as p nrcae.i m sacil mzc ’.vi'umu 

next week. ami iht: Lalmur Parly e<m fere tee. possible. ool ray 1:12 l.ie confidence n. tne 

MiniMors were already uniting and claimed later that 1 hey won Id Mrs. Thatch- r ihe Prime -io-- -jid-b'n ■' 01 K -J’’ j 1 "-* 

it L-Jcar last night liial ihey v. mild ahsiam in any Gonininn> (iivi^mn. Minister Ford had already alrcao:- ! »n-n 'i-'* **uv- 

not regard ihe vole a-» ime • d eon- Mr. Calla.^har. eluphusi^ed that *uffer«-*d Hie wi,r»i -trike in ns ernuK-nt s auide.ir 1 .- 

fidonce. lit defeat, m* oven 11 close the (invenunents' dveisiun had hislory becat!*-i- u tried rn . Suva a pj.iuy ivotilu h:’ye a-u 
re>tilr. would he a humiliation been taken because of its Jeter- sunnirt the rigid 5 percent pay ro-f ^■Uudiuo 

Ministers have made every imnalioit lo keep irdlat ion down, policy, but it a 1 «:i hail one of the ul agreement?, 
effort since winning the division •'There is jii overriding national best records in P.rilain for pro- , - ,n " IT, o-t enefllic 


in the Queen's Speech t»» keep 1 nli-rest here, and v.e are rot virling job- 1 , 
ihe pniiiieal temperature as low irady to see the bu fish jet exports. The G 


investment and 
overtmieniN deci- 


Cuntinued on Duck Page 
Parliament Page 8 




GuVERXMKNT t-A.Nr.T'n.NS against Kurd fail into tiro distinct 
calegorie— — the purchafe of Kurd vehicles jnd ihe grariting 
nf i.imernmeni I'rnnci:.! assi*lancc The sane lions will be 
embodied i-* lequcM-t :r:m« i hi* liovernmeni in "he relevant 
>l.iie egeneies. rather lh *n dnvci tn-l ruction' l'ti*-y ennlain 
an clei.urnt of Ik vl.ihiy .n both categories. 

1 — Gnteriinieui depar’.invu^ are asked mil in place fuiure 
1-011 Ira els with Kurd unless Ihe product is litallj iiiiportuitl 

and ilien' an- nn nlipriuini- supplier--. Tiie nuiitmali&i-il imlu— 
tries are imin-ii lu fnllmv the same policy. 

This- is 1 be siinelion wiiirn will bite hardest, parucularlv as 
far as Govern -Horn il.-ojiiuienis are concerned. Hi? cxpecP’d 
that, if fiec».—“ ary. ihty will postpovi- cum reels fur :hc 
do Call on of sanction « raU.er than place them witn l-'ord. 
Th 1 * re-iuesi excludes ei. allies and snare pari.- where alieni.iliie 
.-iqiplie- ai».« not .. 1 . liable The reepunse <if ine ;ijt.o:ia«iscd 
industries i»- les i-eria n. as they have been invited only to 
e»iiis'der Kurd's >. r< -ick of pay policy m plaeine their 
ctuiirjcL-. 

On existing eon trie!.', tkver nine 111 depart men I- are kfiog 
asked lo term male ‘l.cm where a clause on the breach ul 
pay polio j- :rc!r*ied it. the contract. These clauses hue 
hern ;n.-i.-r!.-i! min :-ut*:o- eonrracis only since March. The 
extent iii -.\hii-ii ihi- rcqucsi is met will depend 1*1 some 
extent on iegjf ir s.vrvilalion uf ii;e \ari*ms conir.icis. 

2 — Uism-t binary 4»m -ninseii! financial asl-iaucc to I'ord will 
In- a—c— e.lin ihe light of the rompanj’s breach uf the 

pay guidelines. Such Iiiianeial as-isiaiu-e rails mainlx into ihvcr 
yii-ji : 

9 Grains under -eeM‘*nv 7 and S of ihe Industry Acl. 1 d7l’. 
v.h Te Furd would be i-bgible fur consideration v-hen mai ing 
inie-l’iic’ii- in tic- 'pniefu areas. FinMlCial assistance which 
ha.- :i:r*-:i.i.> l-cen r eed 10 — and ihu* cun-is ihe Bridgend 
engine plant and : 'oe'-uUd dewlnpuienss at Ha lew O' id — .\itl 
ii:u In- alfei'led. 

• As-Sislanco under Section '1 of the Export Gredin? Guarjinoe 
Ac. SirtlMi " .illou.% i'll- Trade Secretary to lake bre.i.hes 
ni pay policy im.i c- .isiileratiuQ when determining whether 
aisislanee sinli li B i-r.ii'icu. 

® Ti’inpur: ry cir.pJiii m-nt subsidy : Companies are eligible m 
.-laini TES froi.i the Go eminent where they are keeping 
employe.-- on the ..ay red 1 , who niight uihervi-e have been 
marie redundant. I-’., id ir net thought 10 he receiving much 
a.-'istance r.f this f. 1 — . 


Bank governor in call 
for audit committees 


Beckett warns of ‘serious 
and damaging 9 consequences 


BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


BRITISH - QUOTED companies should “take cure to ensure that tors perform their fund ion." 
should set up audit committees directors are duing a good job." Mr. Richardson did not argue 
ori their boards lo help nun- They should *‘:tsk for expUna- that such committees should he 


BECKETT day murninc at a short meeting revenue is likely tu be much less 
ni that the with Ministers. than riQCim. 

would he moling v.a; followed hy More imi-mtant to Kurd is that 

is and Obiong- ., s j- l0rl ^teuicm from the Trea- tied conlracls an* a very enm- 
- 11 r«d 14 apyre- AUrv , fl ih<> effect lhai in the pe'.ilive im.-iness and. once lo.-t. 

Government’s view, :be Ford pay can lie difficult to regain. Further- 


CHIEF PRICE CHANGES YESTERDAY 

{Prices in pence unless otherwise indicated) 
RISES 

Excheq. iSpc '99-02...CH3 ^ i 
AmAl. Power 143 + 12 


Arlington Motor 117 

; Asstd. Dairies 102 ■+■ s 

Automated Security... 9 « + s 


Plaxion's 
Rockiit and Colman 

Time Products 

Travis and Arnold 

Tube Invs 

Sungci Knan 


112 + 7 
472 + 10 
377 + « 
374 + 0 
404 + 10 
K2 + S 




BAT Inds 

i'-Bambers 

;rBrentnali Beard 

y-TThemrfng 

I -.Comb. Eng. Stores 
-• .Comet Radiovision 

,..Crean fj.t 

diploma lnvs. ... ■ 

Kura ess Withy 

i»r?at Portland ... 
■•picking Pentecost 
f ->:*and Secs, 
f Ltoyfc Bank- 


2112 + 

352 -i- H 

4S + 10 

S3 + 7 
133 + 5 
142 + 10 
IPS + 6 
ISt) -r « 
■J42 + fi 
224 + 4 
113 ^ G 
241 t 4 


a 3|» 1 LtoyfcBank 27.t + a 

* f- Kat.'.CarbbnUine ... -W ‘ r f, 

- t ‘ , P&erage of B’ham ... + ' 

l| V.Wlfcitigton 300 4- 12 


Cent. Pacific Minerals »3U + :‘-0 
Hamplon .Areas .. ... 130 + 7 
Southern Pacific Pel. 140 + 20 
Whim Creek + lo 

FALLS 

Airlis Inds. 43 - * 

Brady Inds. A J-' ” 

Anglo Am. Gold tv*! - 3 

Dcornfontein 206 — Ja 

Elsbure 

Hiiricheesi _ • 

Oakhndge ]** _ ”, 

i:C Invs W 

We <n livid Minerals ... -id - 13 
r price a! -uspensiun 


BY NICHOLAS COLCHESTER 

SIR TERENCE 
warned the Govurrmcnt 
i 111 position uf sanctions would he 
" tar n’HV sunoui 

ex<vuuve direct nr-. do an lionr. and expect tu receive them." laundutoi y but Ml rtiat every ln,,!1 11 -hpc. 

eiTc-c-uve job. Mr. Gordon Richard- Talking nf “means of fosturing nuulcd rum: ny should give ; t, ‘ < L - — . . - _ . , . 

sun. yu«,-riiui- »r the Bank of coHecihc action." Mr. Richard- Hieiu “se. ' : ■ ms deration." ' “The Guvern inciit's d. -vis: mu set lenient " cannot he reconciled inure. Ford f car sales have been 
. ioirf ihp hishMie of son ri’cmio-..*«i tin: “ii may be Echoing- '.A'}*.-.* now emergin:; ■ r-rove* hejund donut ibul no with the pay guidelines. The lumynnt ovt-r ihe past three 

JjireclurH. last nighl. appropriate 1 0 consider ways in as an accepted view in the . company. n»* uiufar _.iu.v 1 ■.■rieieni. Government has 1 11 tonne .3 the years, but there a distinct 

He also said institutional which the role of the Institutional corporate establishment. Mr. I can oe sure ut steering .1 rational company aF this 'and has prospect that more dim cull limes 
investors should make sure com- Shareholders Committee and Richardson said the inclusion uf! course bvtwi-cn the G v.einnieni expressed its regret"* alieuti 

panics in which they hold shares Elilily Cgimial for industry non-executive directors in com-J&od the ttade unmns wiu-n they ln j,j s S | a tcment. Sir Tm-nce Further uicciiny- with the 
are welhmatiaRcd. might userullv evolve." pany boards was *'a highly | are at loggerheads. 

The governor revealed srep- Turning m tiie banks. Mr. desirable goal 1 " 
ileum) towards the proposals of Richardson said creditors should Such directors could ensure 
the Bullock Committee to intro- also havy a role in munitoring that management's plans were 
dtice worker rcpre/intativcs un company pcrforinanoc. In par- subjected lo - Independent j 

” ' ’’ - . dents comm: wee tnis aHcniuun Jnunpv -7 " ’ accurate assessment of the da in- 
to diseu.-> ihe suiijevi t»f ems - ^ v . -Mil- 

lions. Sir Terence is a nieoiher Any assessment of the impact 




He did not see a case for worker malices whore bank- did nut might he necessary to reward 
directors who.se only duly would know the indebtedness of ihe them sufficiently, 
be to employees. 1 1 on p antes. i» which thev were He was not however, in favour 

Mr. Richard smj traced tiie de- lending, suggested room Foi jm- f ' r a two-lier board structure, or 
velopraenr of llte British joint- provenient. ' of a situation where non-executive 

slock company since ns Perhaps ihe nn»-i cuntentious directors fonned a boardroom 
emergence in the. middle of the point in the Qnvernnr’s speech majority. 


of the 25 -:i..ir comm.* ! *c. f, o Ford of the sanctions is Alan Pike writes: Mr. Terry 

Sir John said: -The CBl is fraught with uncertainties. Pub- Dulf>. president of the Amaiga- 


totally upposed in ; r»a^:-ilo !«. lie sector contracts represented 
the use of sanctions b- a*»vrm- about flOOni out of the compan/.'.-i 
rnent 10 enforce its p.«v pulicy. total sales revenue last year of 
- 1 1 ii .-Mrileularly in ii. rod f2^5bn. 
unjust tu penalise cum panics The exclusion of local aulhun- 
* which have suite re-t lung and ties from the Government's sanc- 


Con tinned on Back Page 


I in New York 




con- damaging strikes in «:ipnort "f tiuns retjuest. plus other factors 
the I that pulicy and aga.ust totally such as the stale of existing 

contracts between the company 
and the public sector, indicate 
that Hip harm in terms uf lust 

Mr. Richardson spoke of ex- workforces so they could judge 


last century. In doing so. he was his endorsement of the idea The Governor skirted 

stated his position on many of of an audit committee — a group trweny*' surrounding .... ... 

the issues of company manage- un non-exccutivc directors which relationship between directors unreasonably claims ci 

noent which are now being de- monitors » company's financial and employees. He suggested an Deafils or the sanctions were a 
hated — Hie relationship between management, " improved flow of information tnl3*ven to !■ ora'-- chairman yester- t] 


*1-1 

I in.-iil1i 
‘ 1 ii. - ii r li- 
ft iii.-hi )■- 


- 1 s»S7- 

U.S.Ml.U .11- 
I.Ul-lVl"' ill* 

s.*y*r.t it,. 


•-I.s-j4ii.ws.-e 
OitJXIo iiu 

J .160.1.07 Ml* 


banks and businesses, major 

shareholders and businesses, non- penences nf the Bank ot Englantl the financial position 
executive directors and company “where, in a number or problem He said: “The world in which 
boards, and boards and cases with which we have been w - e live is no longer one where 
employees. . involved, the likelihood of authority is accepted in an 

.He' emerged in favour of in- trouble- being identified in good unquestioned way. The commit- 
siituiional investors actively time might have been increased ment of employes has to lie won 
monitoring management per- had an audit cumiuiltce been in by explanation and reasonins." 
fonuancc. He said that they existence to help outside dircc- Editorial comment, Pago 2U 


Inchcape makes extra £12m 
provision for Dutch subsidiary 

BY ANDREW TAYLOR 

TNCHCAPE, THE British-based the board i* confident that the Before the laiest problems 
trading conglomerate, said last company /Will return 10 profit- emerged the group said it had 
night that il expects to niaku a ability. been satisfied that its original 

further provision of £12m on lop In rhea pe said that stringent £5m provision was adequate tn 
of losses now totalling i'7.5in operating limit?. reporting cover losses from Harbon. 

incurred by it5 Dutch commodity controls and financial discipline Th . . . Qrnvi< \ nn - . irp , n 

trading subsidiary Harbon Hold- had now been imposed on the covc * unreallsifd Losses on 
i"S- “‘"‘n toranany. who,-, lh, 17.5 m ,l» 

In addition, a i!5m provision ,g ! ’ 4,eai u F eunc “ during the past C0V cr bad or doubtful debts, 

was made lust year. In the year months. Inchcape said it considered that 

to March 31. 197S. Harbon in- 1 _ Tht * S^P said the losses tn the provisions— now totalling 
curred a 11.5m loss. ihe current year .i:td been due — uouid be adequate to 

liu-hcape said yesterday that largely to problems with a t . uV er all known contingencies. 
Harbon had incurred further number of contracts entered T , dd .. M 

fosses totalling £flm during, the »nto in previous years and also , n a g i „ e ve r oos*i ble i-ffm- r u. 
current year. Ase a result Inch- to difficulties arising frntn late minimise losses 
cape has made a number of shipments by several overseas . . ' . ... _ Q « C 

senior management change at the suppliers.. III 

subsidiary. Inclu-ape said that it had been jf 1 ® *P C . ? ?! 

The group said that as a result necessary it* close or revalue ol .- 8 — jm Lllni leas 

of these actions the position of some of the contracts in lban ric P reiluUs > year. 

Harbon has been stabilised and question. Lex. Back Page 



CONTENTS OF TODAY'S ISSUE 


European news 2 

Overseas news :t 

American news 4 

World trade news 4 

Home news — general 6-7 

—labour K 

— Parliament ... S 


The Ruhr steel strike: 

German way goes wrong 20 
Anxieties or Europe's pulp 

and paper makers 21 

Gardens: Harvesting the 
lovely agapanlhus 12 


Technical page 9 

Management page It) 

Art* page 19 

Leader page 20 

UK Companies 22-2.7 

Mining 24 


Inti. Companies 

Euromarkets 

Money and Exehaugcs .. 

World markets 

Farming, raw materials 


27-29 
... 27 
... 31 
... 32 
... 33 


UK stock market 34 


FEATURES 


of 


Struggle for control 

Spaubh television 

Japan's new premier: 

man or patience 2 

Turkish banks support the 

contractors 28 


A 


The unhappy lot of the 

Independent chemist 30 

NZ lamb: Symptoms of con- 
servatism 33 

FT SURVEY 

Italian banking 13-18 


Appointments 

Buo Rales 

Crossword 

EatonaiiuiWBi Guide 
European Opts. .. . 
FT-Atouncs indite* 


34 

M 

12 

12 

34 

34 


Gardening .. .. 

Letters 

Lex .. 

Lombard 

Men and Matters 

Racing 

Share Informal ion 


12 

21 

3* 

12 

20 

12 

36-31 


Today 1 * Events . .. 21 

TV and Radio 12 

Unli Trims 35 

Weather M 

INTERIM STATEMENTS 
Brady Indirsi. . . 22 


ANNUAL STATEMENTS 


Amber Day HMk- 
BrillsJi Aiscl* Tm. 
□ana Corporation 
Waller Lawrence ... 

Yarrow and Co. .. 


24 

24 

22 

24 

25 


-•v 


For luteM Share Index 'i^ione 01-2-io' fM2ti 


From 
only e 
Cl .40 

per.sqlfootV; 




r • 









Knancial -femes- widMdSi ^November: 


EUROPEAN N I \\ s 


Italy 

finalising 

EMS 


By Rupert Cornwell 

ROME. Nov. 28. 

THE ITALIAN Government is 
encaged in a final flurry of con- 
sultations before settling its posi- 
tion fnr next week's meeting of 
the European Council in 
Brussels, which is expected to 
give the so-ahead for the planned 
European monetary system 
fEWSi. 

This evening Si;. Giulio 
Andreotti the Prime Minister, 
was hnldinq a special Cabinet 
j meeting whirh will be devoted 
largely to reviewing progress on 
the issue Further talks with 
party leader*; on the EMS are 
also a possibility before the 
weekend. 

Earlier. Sin. Andreotti held 
talks in Rome with Mr. Rnv 
Jenkins. President of the EEC 
Commission, ns part of a series 
of pre-summit visits to mainr 
Common Moriret panitals. Yes- 
terd3v. (he- Italian Premier also 
mot Mr. Andr^ns Van Act. the 
Putr*b Prim* Minisrer. and M. 
Gaston Thorn, his Luxembourg 
counterpart. 

ft is increasingly generally 
believed hpre that Italy will be 
ininn" the surfers, assuming the 
FATS begins operating in 
January. *1079, particularly now 
that the n'ne have reached agree- 
ment on special enforced fluctua- 
tion margins fnr the lira. Rut 
Rome’s prime enncprn at this 
c 'T3Ce is to serirrp as wide a 

backing as pnscjhfp on accom- 
panying measures in favour of 
the weaker countries, and the 
Anal Italian i -nrH on member- 
ship is unlikely until the 
Pnisselc summit 

Do ica It v. the Communist-; 
in c i=r That ItoG- should i-nnsent 
to join jh" scheme only if it ran 
wrestle rpa! concessions on the 
economic front from its Com- 
munity partners, the small 
Republican Pam- has threatened 
to pull out of the agreement 
under which — along with the 
Socialist*. So. ial Democrats and 
Common 5 os — it gives Parlia- 
ments rv backing to the ntinnritv 
Christian Democrat Government, 
should Paly not pertiripate. 

Tn the background is a grow- 
ing a v. a rone- % that iT Italy is to 
•st a. i in the EMS the Government 
mu* l produce pro nosals tn imple- 
ment the outline three-vear 
recovon p'-ngramme put forward 
hv SI? Filippo Pandolfi. the 
..Treasury Mnistor. These are due 
by the end of the year. 


Accord nearer on commodity fundj 

to EEC 


BY DAVID MOUSEGO 


GENEVA, Nov, 28 . 


INDUSTRIALISED AND develop* last few days over the capital through capital on call or call- giving it a proposed base of 

ing nations were nearer agree- structure of the fund lie the able capita). In answer to S45m. with a total target of 

ment tonight on the framework divergent views of the West, objections from some of the $200 m. 

of the Common Fund to stabilise which sees the new institution as smaller industrialised states that There was also an . indication 
commodity prices. Delegates, a marginal financial facility, and they could not afford more than that industrialised states were 
however, pointed to major the Third World, which is look- 3200,000 each, the U.S. proposed prepared to accept that the initial 
hurdles to be overcome before ing to a newer banking lnstitu- that industrialised nations deposits made by commodity 
negotiations could be satisfac- tion. should decide themselves how to associations with the Common 

torily concluded. Under the proopsals being share the extra burden. Fund should be as low as 30 per 

Advance came with the floated within the group of Thp n „ . ,„™>vneetedlv cenl of ^eir maximum financial 

improvement in the West's offer industrialised nations, direct con- . “ dlso u ,. t requirements, 

on the initial financing for the tributions to the first window of 3 Japanese proposal that APadds: Mr. A! Oilman, the 

fund. A strong factor making the fund— the part to be devoted would get round objections, on chairman of the ways and means 
for compromise — particularly in to buffer stocking — would the financing of the second committee of the U.S. House of 
the positions being adopted by amount to $300m against $400m window for concessional lending Representatives, today said he 
the United States and Japan — is sought by developing nations, to poorer states. Under the pro- will introduce legislation to 
the political repercussions on the Member states would make an posai. nations would he free to extend the countervailing duty 

North-South Dialogue of a fur- initial minimum equal cash allocate part of their direct waiver sought by the EEC as its 

tier failure. contribution of $500,000. the rest contribution to the stocking price for concluding the Tokyo 

But behind the disputes of the being raised on a weighted scale facility to the second window — round talks. 


Political 
crisis in 
Turkish 
Cyprus 


Negotiations on 
Dutch wage 
contract 


THF, HAGUE. Nov. 28 
TALKS BETWEEN the Dut.*h 
Government., unions .md em- 
ployers on a central waqu agree- 
ment for next failed lute 

last night, v. hen the unions 
rejected new ynv*rn merit propo- 
sals on social security payment 
curbs. 

Mr. Willem .All.pdu, the Social 
Affairs Minister, mid a news 
conference that he was dis- 
appointed by ihe at lit tide of ihe 
unions, .since he believed they: 
were adequate and provided the! 
basis of a ?ot»d social economic 
policy. | 

He hoped the unions would | 
not carry out their threat of 
extra waae claim-; ir ihe Govern- 
ment does not. amend its overall 
plans to restrain the growth of 
public spending 
Mr. Chris van Steen, chan man 
of the YNO employer-’ orKam-o- 
tion. said such claims would 
affect badly the profitability nf 
Dutch companies. 

Reuter 

Reuter adds front Bonn: Mr. 
■lack Lynch, the Irish Prune 
Minister, said after talks todav 


By Metin Munir 

ANKARA, Nov. 28. 
THE SECOND major govern- 
ment crisis in two years awaits 
Mr. Rauf Denktash, President 
of the Turkish section of 
Cyprus, when he returns from 
a United Nations Security 
Council debate on the island 
this week. 

The crisis could lead to the 
resignation of Mr. Osman 
Orek, the Turkish Cypriot 
Prime Minister, and an early 
election. 

All nine members of Mr. 
Orek’s Cabinet have resigned, 
apparently because of fac- 
tional fighting within the rul- 
ing National Unity Party 
fNUPj. Some resignations 
became effective Immediately 
and others lake effect on the 
return of Mr. Denktash. who 
formed the NUP and was 
elected President after its 
election victory in 1975 but 
whose position theoretically 
put* him above parly politics. 

Mr. Orek told the Financial 
Times that Mr. Denktash had 
told him on the telephone to 
hold the Tort until he returned. 
After consultations. Mr. Orek 
may resign and urge the 
President (o call an election. 
M 1 will keep all my options 
open until I confer with Mr. 
Denktash.” he said. 

The splintering of the Nl’P 
- — with factions ranging front 
neo-Fascist to Social Democrat 
— since it swept to power in 
the 1975 election have made 
government difficult and 
forced the resignation of Mr. 
Nejat Konuk, the first Prime 
Minister, last spring. He com- 
plained that he wa« unable to 
govern because of cun lllet 
within the Cabinet and in the 
NUP group In the assembly. 

The latest resignations 
appear to have the same cause. 
But In the background are the 
economic problems which ha\c 
been growing since Turkish 
intervention oil Ibi- is!?. ml in 
1974: inllation, .unemployment, 
ihe trade tleffct and a general 
feeling or despondency. The 
economy of the Turkish section 
has failed to lake off. while 
(hat of the Greek Cypriot 
section has been booming. 

The Turkish Government has 
made no comment on the 
crisis in its nrolege stale. Rut 
a senior Foreign Ministry 
official said: “ What is impor- 
tant is that Ihe "democratic 
mechanism is., functioning. 
Goiernments may come and 
governments may go but the 


Swedish industry draws up plan 
to increase expansion and jobs 


BY WILLIAM DUUFORCE 


STOCKHOLM, Nov. 28. 


THE Federation of Swedish is hurting particularly exports of network and oo modernising tele- 
industries yesterday submitted steel and forestry products. Mr. communications. Hydro-electric 
an 11-point programme to the Hans Stahie, the federation's and nuclear power projects 
Government to stimulate indus- chairman, is proposing that should be speeded up. 
trial expansion and increase Sweden take advantage of the Pollution control measures 
employment. It said Sweden’s clause in the agreement opening should not be forced on com- 
position as a leading industrial the way for closer vo-operation parties at the expense of invest- 
nation is threatened after four with the EEC countries. inents based on business con- 

years of declining industrial The economy is showing signs siderations, and anti-pollution 
producrinn and investment, stag- of improvement in larger export spending has become far too 
nating productivity and the loss orders, a reduction in the pay- heavy an item in many com- 
of foreign market shares. ments deficit and a lower infla- panies’ accounts, says the 

The programme calls for a tinn rate, he said. But the federation, 
lowering of employers’ social reduction in costs has been in- Sweden's foreign aid pro- 
charge*, cuts in the marginal adequate and Swedish industry gramme should be more eloseiy 
rate of income tax and the has to be given the chance to tied to orders for Swedish 
abolition of double taxation on regain market shares and restore industry. 

dividends from shares. profits. The federation wants legisla- 

The federation also points to The federation's specific pro- tion and Government employ- 
weaknesses in Sweden's trade posals include increased Govern- ment subsidies amended to 
agreement with the EEC. which ment spending on the motorway create greater labour mobility. 

Carter ‘has $ priorities right 5 


condemned 





BY ROBERT MAUTHNER 


PARIS. Nov. 28. 

■3 per cent 


to 


TREASURY OFFICIALS and feature over the past Tew years. terms of a 2.5 
Centra I Bankers from the For the first time since the growth rate, 

western industrialised nations recession of 1975. the U.S. On the basis nf the OECD's 
ended a two-day meeting here expected to have a lower growth growth forecast, the U.S. current! 
today expressing general saris- vote in 1979. thjn its major deficit next year is expected to 
fscii'm at the measures taken oy partners. Mr. Salomon said, fall by more than haif to some 
the U.S. tn stabilise the dollar There was still a significant gap. SSho. an estimate which 


By Reginald pale, 

European Editor 

BRITAIN’S equivocal attitude 
towards the EEC came under 
piercing criticism in London 
yesterday from M. Gaston 
Thom, the Prime Minister of 
Luxembourg. M. Thom, one 
of Europe’s youngest elder 

' statesmen, said it was high 
time the UK, and in particular 
the Labour Party, faced the 
fact that it was not possible 
to be "in and out" of the 
Community at the same time. 

Britain had for many years pre- 

S'SlTta MR. MASAYOSHI OHIRA 

told the London Europe 
Society. From the earliest 
beginnings in the . 1950s, the 
UK had “missed every possible 
European train tbat it could 
not prevent from being put on 
the tracks and then tried 
every trick in the book to 
derail it or at least to switch 
it to a more convenient side-, 
line.” 

In the 1960s, the argument 
among the Six over British 
membership had been a 
stumbling block to any mean- 
ingful progress in the Com- 
munity. Alter accession id 

1973, it was “a sad but real ... . ^ „• ........ . .. : . lV . , . 

fact” that Britain itself had MASAYOSHI OHIRA,'.. who it, wasV. Tanaka? money \i and 
come to be regarded by many emerged yesterday as the. slut T apaka*_ organisation os .well is 
as the stumbling block. prise winner of the primary .the, ' voting strength' TdfU hie 

Despite the Yes vote to EEC ejection for leadership Of J span's -Tijaka: fataibrinjotlri^ffiiae-'tlie 
membership In the 1975 ruling Liberal Democratic! Party .Diet and, among 1 the- party n^-grp. 
referendum. there had always ^ prime Minister-clect^berihtp- Which .appears to have 
been a more or less outspoken following Mr. Takeo. Fuktida’s 'piit Mr; Ohira .past the post— to 
reservation that the British decision not to pursue the leatjer^the surprise, of- himself, and' of.' 
commitment to the Community ship contest Into the DietlsnOt. almost-everyone-eise -involved In 
was limited to what the- UK the sort of man : who would-be the etegti nw— • 
could get out of it Today, very likely’ to make It to : lhe top " and i^ostfcrucial 

some people in Brtain, as Ip j n a Western democracy. •' "question^ - abour the " ''Ohira 
the 1950s, were still trying to Mr. C ' ‘ ’* " ' ' " - ’ 

dilute the Community into a prodi&j 
vast free trade area: ; portediy 

Each member state must mount days as a "Finance. Ministry roeiit by Blowing !pr^encb.ura'gi'i)g 
the best defence of its national bureaucrat Nor is. he. an members of Mt^factioh 'to 'take 
Interests. HI. Thorn said. “ But obviously dynamic or aggressive posts in the ' CabijieU Tlrfusal in 
that does not mean that gains indivdual. The Ohira style of 'do so wouhT ett^rtl^l^fiaibstrirt]?' 
and losses are determined politics is usually described -as toe new Qoveriraeitt "but would 
solely by an arithmetical defensive and ‘'consensus-seek- -also! in a U probability: make' Mr. 


s newpremier: 
A man 

with vital friends 

BY CHARLES SMITH, TOKYO CORRESPONDENT \ 



:;3 

if 



and redtu-e ils payments deficit. 

Though ii is recognised that 
lim-er growi h in (he U.S. next 
tear emild havi- repercussions un 
the re>t of the world, most 
dele gales considered that these 
would not he inu M-rious and 
Out President Carter had got 
his priorities right. 

Air. Anthony Soinmon, U.S. 
Treasury Unde r-Se ere ta rv r c- 
spon.siiilc for iniernutional mone- 
tary uirairs. said 3fter the moot- 
ing of i lii.- OECD's Working Party 


Ship repair workers in 
.Ilarseillc, Ihe main French 
centre for the industry, went 
hack to work lo-day after a 
majority vote last night tu cud 
- t-evon and a half week strike, 
fta\id While writes from Paris. 
Unions are howcier seeking 
further ucROtialians before 
before agreeing t»* tin* o\er- 
iisne and weekend work con- 
sidered necessary by em- 
ployers dispute. 


discuss the planned Europeab however. -has demonstrated two af pcjwer.^' - : " 
Monetary System with Mr. very valuable qualities through- - : se^diet^cif.'.epK 






Three that .! particular source . - . 

of satisfaction was that Funda- hiwevcc. liotwldfi' official U.S. 
mental oconmnii.- trends were P indict ions and those of the 
now tn the- right direction. 

? The growth 1, Tab-* of the rn^in 
' industrial i-eJ counine- - wore Accoi fling :o 


a:sumes an OPEC oil price 
increase of 5 to 7 per cent. 

The combined current sur- 
pluses uf the OPEC countries are’ 
expected tn be same S3bn to ( 
;35bn Jess than the earlier fore-; 
cast of S16bn. even if there is a ! 
moderate rise in oil prices next 
yea r. 

Mr. Solomon -said that Press! 
reports of recent dollar support j 
by Contra! Banks had greatly j 
exaggerated the scale of inter- 
vention by the U.S. Federal 
Reserve, but he declined to give 
any figures. 

O The appointment of M. Jean 



m any great quau TT..U...J. R v a fi'. harfr 

at the very beginning. If not.|bas been able to bnHff .firm g^ufid and^tfie same^oimSl 
it was important that the UK I friendships wth men who have 



ih*. T,n».» - hiprhT»: «on fr °ni Mr. I'Ytwhjda, . Japaa.s 

greatest post-war leader. .. The 
joint tradition stresses firm links 


promise to join as soon, as - ■- ^ .. 

possible. the Japanese value highly. 

. M. Thorn was scathing aboutrthe patience. . 

• possibility that the Ctovern- Mr. Ohira a political ju. west' (eso«fialiv the 

ment might decide on a-half- to** Jn 1952 when Jjf. » ; u!s ) ^nd com- 


ijECD stl-nurht and pnv.M 

. . revised OECD French Foreisn Minister in sue- 

oeginning u> converse and there estimates. C.NP ip. the U.S.. is cession to RI. Louis de C.ulrin- 
hud been a Mgnificanv hnproye- e.-.peeteil to grow by Utile more saud is expected to be announced 
; !ntni in the large; paymenu Uion per cent next year, white' Wmori-ow after the weeklv 
: imbalances which -bad been a Mr. Solomon was still talking 'in Cabinet meeting. 


way house falling short of. full ( tbe Finance Minis tiy -^h^e Mf. ' m jtment to a market-econo 


participation. “You 
claim solidarity in order 
benefit from greater transfers 
of resources 
jodr sovereign 
off any idea 
discipiine 
economic 
Commitment 


carnet Ohira was a young hureaacrat b^e^nd lBis fB^ ^d ^ 
!2t5 iLd!? f° r ; difference.^- . . _V 


i my. 
will 



in Romania 


Bucharest for 


A'JENNA, Nov. 2S. 
Moscow Ceauscscus speech, but it 


is 


striking so/ddse 
of your sovereignty, 

as that concept ‘hi - ■ • . ., v.--— ^ . , 

national terms maybe can only ing hrs.'fartlirtiaL support 
be undertaken by thbse-deter- Diet to J am ageing .teader ..titbo 
mined to go ail the way... was fairly promptly. displace^in-^^^^ri^^anept^C 


UM nd ttSta ISSm »-. 

^■K^V^°255SSa: 


THREE COMMUNIST ambassa- left _ 

dors- turned up at a ucharest several days ago— before Prcsi- expected ~to take the form ‘of a 

reception lonight. ending a fiurry dent Nicolae Ceausescu. the diplomatic note or a letter from 

of reports liial th;- Soviet hioc Romanian leader, revealed a ibe Soviet leadership 

! had recalled its senior diplomats series of sharp differences tvjlh Speaking to ihe" army and 

, 1'™/“ e,,. h>. feis; ita us, r«=- -is*?*" . 

!; dcmocralir <ystem will liie on i Srade and spreading rapidly in Sonet diplinnats to haie .gone to nients under the Warsaw Treaty 

j — it will bear a solution.” j Eastern Europe, wt-re oflieiall.v Moscow tor :i Lummunist paj-ty ;ip j (he bilateral mutual assist- 

Tleuler adds from the United ] denied in East Berlin and War- central •.omniitiee meeting. The a nee pac with other Communist 

Nations; Leaders of ihe Greek | was. There was no comment from Hungarian and Bulgarian ambus- countries, but added that only 

and Turkish . Cypriot root- j ihe Rumanian Government. fadors were reported to be in (fjp Romanian party and .state 

munitics were today under ' The Czech. East German and then- own countries on official bodies can commit the army t D 

. ... - - . . renewed pressure from the LfN I relish amba-'fadnrs appearefi at buiiness. action. Even in a war of defence. 

with Herr Helmut Schmidt. The i Security Council lo resume -a Yugoslav embassy party. Wes- Router t f an a u y were the victim of 

West German Chancellor, that 1 negotiation*- which have been j lern diplomat? ror«Drled. Mr. Paul Lenckni addsr Political a c^resj on.' tbe Romanian armv 

Ireland would decide next week! .suspended since April Iasi Vasily Drozdcnko, the Sovn-I nhsrrvers expect a- vigorous would remain under nationaJ 

whether to join the EMS. ‘ year. : amh\ssador. was reported to have Soviet response to president command. 


oiud nave to dc correcieo. Messrs Taken F uku da : phiirics Ibere witi 

to be hc^whVure Takeb & and 5lkSi tSS?) . 

Say tSJ same fSlv^SdS 331 '« whc, ' m letf' major party - : 

Play toe game fully and to factl6B 5 aU . of 

admitted aspirants for 
_ — - . ------- , — -- leadership. Mr. Ot 

more efficient methods of tak- wait- tin 'the last ' 
ing Community decisions. AT. achieve his ambition, 

Thorn ssud. He dul not douht does not necessarily 

that rhi*£<* rYinm/lDtniK nni:tir>al * . i • e..i 


PUBLIC ACCOUNTABILITY IN THE MEDIA 


Struggle for contro 



anish television 


BY ROBERT GRAHAM IN MADRID 



TN A country where over haif the Premier's speech was of national .Anson, who. with his 

population buy s no honks and significance. Luis, at the head nf the 

reads no magazines or news- There are countless petty inei- new a agency. EFE, provided 

papers, the state-owned television denis which opponents of the powerfu tandem in the media, parliamentary commission. There Post office. This said, RTYE by themselves 

is a formidable means nf influenc- existing RTVE framework will Sr. Rafael Anas Sail ado. ihe is no suggestion that private alt accounts is expcn::ivelv run. staff, 

ing public opinion and political cite — dickering with programme brother of ihe new huss, Sr. cununercidl ti-lerision be RTVE spends I’JSO.OrtU a v ear on Th m- « 
control, f is Malam use by the times, removal ur programmes. Fernando Arias Salgadn. holds permuted despite opposition coinpelitior prizes alone.' • „hi r . "* mislr >’ of . Finance 
Government for this purpose con- failure to show live film, inu-mal the key position of secretary- suspicions. This vear ibr RTVE bud n ef j~^ ecwa an ]ncre ase in 

tinues to be one of the more corruption and a censorious general of UCD. The main opposition to this iniul* Pta l». 19 bn ff 197m j.°of A” 3 t e 1 3p but KT VE 

obvious ways in which Spain's attitude towards mnralitv. But When Sr. Fernando Arias Sal- proposal com-s from the Com- which 47 percent is devoted lo sueeia^Tresf^S' ° btaia a 

new-found democracy has yet to the basic criticism at the heart ga( jo was appomred this summer munisi and Socialist Panics. The programme costs. 26 per cent to V i, f C If J, y 5f° n . 10 ewer 

operate. nf a tough political battle over expenditure on staff, uf the 5“ e . e ^i r . a .-. c ? ST - Tbe trouble is 

Despite opposition protests and th <? future of television is that ' ^ .. c "T". — ' ' — : : 

a protracted dispute tn endow the Government uses it to pro- UeSplie NpaiH S aCOJCVeillCIltS U1 transforming 

fRTVE, Jr. *: s .d E SS itself i r ?“ * «ti e »>hwsWp to a democracy the 

nious legal status, it remains a appears cynical: that whoever powerful Stale-Owned, television Service eOntinUCS 

t0 aCt - a propaganda of the Government 


arisen all over the Common*-. LibintT* Democrotic'pStv^ 

The^ tmptiealton was that ..the • .taSS . SSrtffiloB - 

taembers in the Lower House ‘ 

^, L° nS ,' 'compared with Mr. Fukuda’sTS -to.bit:-»:.Merin> 
ilS 3^ ih? nu £i S less adherents and toe 7^strong -and competenrbut ; ;paii^iir player- 3 
use of the national ,eto. 43-strons Tanaka and Miki fac- several sports; . . irtdudififc-; 

tions. fA fifth major faction ***** an RSsociafe>ajs;.-ie^fe 
led by Mr. Yasubiro- Nakasope — good; at .roJltng.jbs^^raR 

who is still at Ieastj one Jturnii. aionR tne,grpuou-.QCQt. WM^^p gDbjJ 
away from the pattyleadership-^ getting V off.th^KWJu.rML" -JSgi- 
numbers 48 members. 1 ) Judging: flefiRutef.tbe LTbepal^ 
by the limited' strength of Party -against>Vcrific: 

own following, which should f^cas^atrOf.reeruiting^pfranaiqjf 
logically be reflected beyond the. 1 v K - as, Di« 

Diet itself in the voting patterns 

of the Lfirit paid-up members -'~of the .xrartj^sr male; Dfet . jueiji 
the: LDP, Mr: Ohira : would 

appear not to have had - much ' -a ^® his; , was-''bls^mil|ii:- , < 


U'reut i h r- “ h « RTVE."** »e^r Mhi S 

marked for mvesimenfs. For this Thosp’^runnhm 1 ^? 1 havi SC i P ' lne ' 
outlay toe Viewer has 10 hours A™? ie th ™ J Jt , have known 

viewing on channel one and six sfat'e ^unds w1thiu? y nh^»A inl0 

on Channel two IuniJi > without challenge, 

on ci lannei two. DlJ , ecl sratc suljsidies flre * 

.I he .?fc?. ! L R,m fIIf!!' T- Uy .,£L^ yoar n/oj^eicd to cover 20 per' 


de n Centrn Demowaiiio^UcS! f o r ^'s own benefit- This i* and ruling party. Official proposals for giving da?ages h nf e ' sport (mainlv 'foot- cent is " ovpr^'ri^^h wfauilc b8 per 
When Madrid was buzzing with the SCTVlCe 3 D0W StatllS have been put forward, I*""* P - »-■■■ ■ w cnt covered by advertising 


ball), quizzes.; a few tame; home- revenues.^ Such dependence ‘on 


excitement over Press revelations hut dangerous argument that in , ... ... , - - , . , - — — - ■ 

of an abortive scheme by dis- a moment of delicate transition but are running into Opposition from ClitlCS Who f*™ i w p « dvert ‘ 5 1 in S has hot helped 

.Sr“ in ,o p ,°,te ISe Srco^^r^edfr'h^ consider that the changes do not guarantee the nmch. i, , 5 ^ic.ii/i, S h t 

Shine? RTVE ignored toe sSo- a say in what i<? presented to elimination Of political Control. entertainment and provides htile has to be covered with 'ey. Ja 

jeei. n The newscasts roocenn-a led viewers. h . ow - attempt to enlighien Spaniards stare funds. Hence the Com- 

n„ the King's state visit to RTVE to®*™* ^ it. was enmoured that the Prnne Communists belie, e tbat on fgoores oomrove^al ^sS like 

M « ,CA ’ rnn - i^fnatinnstitefevis ion with ; wa ! °_ u i the slate TV should Basque nationalism and regional As it „ it rKVenue - 

ir lime 
lovyrniue 

ixinq on ... 

torrortVffiT-the 'cameras" focused the new name for the Ministry d7m and^munlcTpaT eT«- SJ tSiT^ "S™ib35 from The US ,n,P ° rWa ’ “ 03l ‘ y Tilt'S yll'Z 

rSr & s &5S2bAS sm isr s wssartaK 

was the UCD congress which it been cut 6 to steamroller tbrougb its «s for more coverage of >ts own fSemor executives asked to again, the guidelines for control 

ht«.^ inrn a evpnt The ThLs Lx oartlv because the staff ow n project for a statute on the acti vi hes and viewpoints. explain and answer these are vague and the means of 

Sne Td closing 4«ches of are ve^- P mSh to same as ^gal ^ of RTVE. It already In addition, there is genuine criticisms a U claimed to be too control, ant very independent 

rtt&'JERU before. When the upper echelons controls the majority, allegiance concern that viewers are getting busy to do so). To produce one Advertising Is currenrly 
Drima vinictor u nffprpd were used ii a 2 race and favour of the RTVE governing council poor value For money. In crude hour of television currently monitored by a joint Board con- 

to^ullTo viewers and repeated rMeptaele with 2 key jobs being and could P™ b ably rally enough terms, RTVE spends on tele- costs Pta 680.000. But it is less sisting of representatives of the 

thJLiLhout SH daV? ne2?Sts !5ed bv nominees of the^ adminil support from the minority par- vision and radio just under half this that catches toe eye of advertisers. RTVE and the 

S °n nE i^ toP shorinTaSde Sn(S?sS^ezwasafTrSir ties to see the statute through toe BBC's annual budget Yet it RTVE's critics than the overall Ministry „f Culture. There is no 

for halJ M hour 0 / James 5 Sector of RTVE) ParliamenL employs only one-third of the personnel costs. Wage costs of public accountability, 

in toe film “St of Eden” on Sr. sSarez has ensured that toe The UCD is proposing that staff and provides a quarter of planed and part-ti me employees Public aceountabMity is The 
Satorday night prime time. No top posts « rtOI staffed by RTVE be broken up into three the. BBC's services The com- hgj ri m J"" Pf 

explanation was given, although trusted lieutenants. Uittit Augint. statebodie^tocoverteiev^offi P = > %r £ol entnfy ^ | SSl-IytoTus newatetutS"” 



m 


lory on Monday, however, His^aractwisticliijod^tv n'^' 

toe support of a second .major Illustrated: <ar «tect!da'-4c^-WfiS 
faction,- that led by-Mr.. Takeo :fte -'held', a:.- Press- conference Sfc 
Tanaka. . - . .. - ' front/o f : :'a: .IqcJt' ^I>art Uut^-dot*- 1 


leadership election in' 1972, is ah Jipane>je '^custnm^ '.wWcfr' Xtrff 
equally -firm ally of Mt Dbira sfirtbi& 'toat-' th^-eyef Jhdila- bS 
fwbo refused to- -resign -. Xnmi'' ^ blacked. ‘if;. biit7.onlVr if;5a: wish« 
Tanaka s Government when ■ it; i?.. fnWllei iJffiF.- 
was tmder fi re from most: -other- and respeaedtoY mOgt' people: 
sections' of the party in 1974).-. Japan. • 


' :■ • -V:- - • 




the 


assumption was ' that the RTVE was r^d by Sr. Rafael national and local radio. The because RTVE must 


. TOKYO, Nor. 28. * 

flUS^YOSHI OHIRA.' Japan’s era economic summit In Tokvq 
next Prune Minister, said .to-- • ncort June, 
day frieutiship with toe United , Mr., JOhJra, «2 g‘ a former 

would remain the cornerstone , : "finance and foreign minister, 
of Ws foreign policy.. ... i-. will; be; designated Prime 
In.a policy niidrnc slalemenf 1 Mlnister .by jl special session 
for members ' of Ills ruling. °* _P8ril*nenf next week. 


The Ministry of. Finance said ■ 
jt wooid be. extremely difficult - 
.to complete drafting the 1979 
.fiscal budget by toecniof the- 
year becanse of fhe expected . 

■ naming nf Mr. Ohira as~ Prime 
: -Minister. 

MOT offidals attributed toe 

■ delay .td;the ^pOriaf session of 
the . Diet,. which jfSK- Se called • 
to nud^December, and the-, pos* 

. stoUity that Ohira may -.want to 
alter., toe draft, 

Beater - - : /• ■ ■ ■■ ■;.■ 


. Liberal Democratic' Party, be ' 
said Japan should maintain' its - 
defence partnership with too 
United Slates. . . 

• “It is <iuite important for 
Japan, the. United States amf : 

Western Europe to maintain 
mutual understanding and con- 
tinuous friendly relations,” 
said Mr. OMra who* defeated" 

Prime Minister Takeo Fnkuda 
yesterday in a preliminary elec- 
tion for party president. 

He said Japan should. ex i 
tend _ economic co-operation: ; 

vith its neighbours. in the- Paci- Sewnoal aaiaauni - oatir exettf 

fle and called for a meeting of . Smdm rcm.ooiidj^ui:. wmcmoIS';- 
foreign '-mmUtent' from' toe 1 wg -t: /air^frai3at»..a3HjiB jj.tr maih - 
area to be held, before- a west- 4i “' D0Btw »"“*"** r- 







•: t . . . 

s 




'-■S' : >■ •,->'* s h' * 


■Ji. - . 


. • - • I - . 




S-'v? Fmapcial Times' Wednesday November, 29 1978 




0 \ ERSE VS NKVVS . 


■ ’ Vv'vV iyt : i s 


concessions 
coupled with 

on processions 


Poster campaign defended as people’s right Amin claims 

Tanzanian 


THK CHINESE: PRESS unlay 
<|Hotfd Trim Hsiao-PIng. Senior 
Vice-Premier, as expressing 
his support for the oulhreak 
uf free speech in Peking- But 
he also emphasised the unity 
of the Gomrautilsl Party 
leadership. 

In the Hrsl reference tu the 
wail-punter campaign, wiiirii 
has been going on for 10 days, 
the newspapers iiuun*d Mr. 
Teug as saying: "To write Mr- 
character posters K allowed bj 
uur count conMliulion. We 
have no right to deu.v this or 
in criticise the masses for 


s “el*, 


posters. If the masses Teel 
some anger, »e must let them 
express It." 

The newspapers said Mr. 
Teng made his remarks >«■ 
interviews with Japanese 
polltieiRjLs and a L'.S. news- 
paper coliinmtKt over the past 
two days. But he was also 
quoted as telling them: 
“ Pri'sent-tlay China is stable 
and united, convent rating oil 
(he four modern isatimis — uf 
agriculture, industry, setcnce 
and icchnoliiR} . and the 
military 

"The party central ioitimi»- 
lee headed by Comrade Hua 
Kuo-feng is nulled and fully 


confident of carrying ill rough 
the four modernisations-" 

Commenting on the content 
of the wollposiers in Peking's 
main street, some of which 
hair criticised the Mao Tse- 

tung by name and hate con- 
tained " veiled criticism uf 
Chairman Hua Kuo-feng, Mr. 
Teng said: "Not all the 
opinions or the masses are 
carefully thought out. Nor 
rati wr demand that they all 
be correct." 

Today was the first fur mer 
a week that a control crslal 
(Mister has not appeared on 
what has come to be known as 
"Democracy Hall." 



The enigma of Teng Hsiao-ping 


PEKING. Nov. 2 S. 

Some diplomats interpreted : 
the Vice-Premier s statements ; I ST V djNl til X 
as designed to end specula- ! 
tion outside China of a major l By John Worralt 
split in the leadership. | - NAIROBI. Noe. _'S. ' 

But the j* 'WHILE NO actual finhtins is. 

clearly the hero 01 a poster jjcin;: reported Pre-iilem Ainin : 
campaign which has as its | of Uganda today sent telegrams- 
target others in the leader- ' 10 Dr. Kurt Wjidhcmi. the UN ■ 
ship. Including one or the Secretary General, anil President 
other three Communist Party Xinieiry- Chairman of the uAl'. , 
vire-ebalnuen alongside Mr. ' protesting ihai Tanvanian 1 roops 
Teng— the security chief, Mr. had capLurod the border town of. 
Wang Tung-hsing. , Mukui la and were advancing into; 

Mr. Wang commanded Uganda. ' 

Chairman Mao's hodyguard . Diplomatic -nimv- tonnrmcd 

• rhai the Tan-.-anian- were ninvinu 
along the tarmac road on the : 
wesi of Lake Victoria toward.- 
Ma»ak». .io miles from the border., 
and Kampala, about 10 ft miles 
further on. 

The Tanzanians are also re- 
ported to be •.helling across the 
border. There i< no confirmation- 
of the report that the force nunv 
bers 10.000 men. j 


nan arms 


and is believed (o rontrol the 
secret police, a job he took 
over from Chairman Hua. 
Reuter 


7. ‘ . TEHRAN; Mi»\\ 2 S. 

-IRAN’S military-led Government which mure tnan 1,000 people 
.todav : made a major concession have died, there have uteri wide. 
tQ-ihe-.younlry s Sbi'ite Mys lent .spread fears uf inure blood- 
; leaders. • but banned .reli-riotis shed during' Mnharraut. ..Many 
-proMSSiPOs next month whiep. fnn-iyners wtrrking in. Iran arc 
■ eiruld -Iliad to. fresh violence. planning m h-ave the ruuntry or 
• .The. UDvcrnmeni .-announced send their families abroad before 
that -it would revise all laws December 11. 

which were against Islamu: prtn- Some religious leaders have making use nr democrary and 
cipies and said Shiite leaders, been jn the forefront of opposi- putting up big-rliuraclvr 
ihr Ayatollahs, would give tii.n u. tin- Shah V rule His chief ; 
guidance on reUptous issues in religious opponent, the exiled 
funiir law-making. Ayatuilah Kuholiah Kbomemy.. 

Bt t* la ,-. a sfParsle announce has become the movement's. 

“X*. «* fisureheari. Religion*. . leaders ( 

Azhari.jtne Prime Minlslc; . s ^iid hren (i^nundiiM ’ftrciilprl 

} ,rt £ CS: Crties W d a nra~°/hl^nev| O '? 0d P 1 " 0 ™** 1 *™ e for Islamic tenets iJ 
iSTE 1 and’ govern- ! 

sions. Shi ite Moslems march . ' , , . - , J 

through tiie sirenb, sometimes ''-ear- while, Iran has protested 
Hailing themselves, in mi'iirninc 1,1 about what Hie state- 

for the death in battle of ? wn ?d Iranian radio -i-aUa the 

Hussein, am ndson of the propher " ! *P»teful attitude" uf the BBC ; have his own words as evidence. ‘ v ‘bui "who "7s he tr-.mg to gei cadres who came to power uncon- parry meetings. jthe Ethiopian ambassador said. 

Mohammed. Only mourn mg meet- ” wrs * a n Kerriw*. Radio Iran . as reported by Mr. Hubert Novak. ,.,<1 0 f \ 0 [ Chairman 'Hua he siitutionally by stepping on Hua himself is a provincial ' thai Ethiopian troops were now 
jng-s which had prior permission quoted the Foreign Ministry as . the American journalist. Teng implies The official view is that Tens and other veterans'.* man. As a former Minister r,f; mopping up throughout 

from the ■-» • *-* --- - — -«■ r " ■■ .i-i-j—l: 

held. Gen. 

The 

a vert in _ „ . . _ ti>>i iik _ tj . ^ t it , v ^ fcvivMu _ 

mourning months of Ifob’arram criticism by Iranian officials of support for Hua Kuc-fpne. Ihr wile* are’ a beneficiaT outieV' for role than Hua in supporting Mao alliances with either older Thai #■« rof»i>aoc 

' ' ‘ ' ' wants neopte's democracy. Ihougb they '*'}'*? hands than he or on the 11131 l^O IO refugees 

• 1 — relatively impotent younger Thailand will not accept any 

Mao-chosen leaders. imore refugees and will set sea- 

The poster demon si rat* on has worthy craft back to open waters 
shown that Teng has consider- after necessary^ repairs and re- 
able popular support. The case supplies. _Mr. _Kr;ang?ak Clioma- 


BY COUNA MacDOUGALL 


Ethiopians "mop up 9 

Ethiopian troops hate recaptured 



the 


and Sarar, starling next Satur- commentaries in the BBC's Per-' present Cnairinan. and be wants people 

day, and especially on December slan language service, which is t:hina to work fur ‘'stability and have oversiepped the mark 
II- jhe anniversary of Huf^em's regarded by many Iranians ax 'unity .* 1 in criticising Chairman Mao. 

1 A clisimgiiishKi Bnlish t-hina- g lIt j t ^ not oasy to accept th.d 
watcher once coin men tea : T he ,h e apj^ua ranee of the poster- and 

Citmc-v l'cfia i"d word 1 * as piece- lnr t .r„. iV |j< : , rt . irjip 1 1 v -jum- 

; to he moved about the clie-sbuarrl | ;infOU ^ : jj lc pattern of .-.upnort 

.of life." II Is certainly tru#- lhat fll| . Tv „ . ; ^ ni | the ,. i|U , of c ' n ii- 
1 thin the liisl \ a S years mosi pul»- t -jj a lii'v rev iif ni’L-hvo- 
j he Chi new* :tl a lemc nls about per- ir:«i ion behind ih«» scenes. 

I Mina litres . and l he course of Thai is not al odds with the 

| events within China have been evident enjotniem h\ the i-niwrl'C 

| deliberately misleading. Sliuuiii All h iheir ‘new freedoms', the 
we helrc.e Teng. an mlerrsled r p j Guard- also enjmed thcin- 
1 parly, when what seems to be a <v lvcs in lJhjT, though in iheir 
power struggle is _ stiff being ,. a s 4 f political manipulation was 
fought at a meding of the niuch mure important faclor. 
RHODESIAN PRIME Minister inform Mr. Hughes that “the all- • Chinese leadership'.' Tens at least is calling on strji- 

lan Smith said today that there party conference i« dead and At 75 . Teng has had a lousher p ( , r j from people who genuinely 

was "nothing to discuss" with buried. The only solution is, life iban most. A revolutionary want more intellectual and 

the British envoy Mr. Cledwyn armed struggle." career was followed by high political freedom. 

Hughes, due here next week. Mr. Hughes, who- arrived ‘R party office in the 1050 s. dte ir there is mure tn the po-ters 

.apart from the time and venue Tanzania today on the first -leg missal, humiliation and probably and the crowds than the official 
for an ail-party conference. of his journey, is expected in physical maltreatment in Ihe view* allows, what is it 7 Teng 
Talking to newsmen after ihe Lusaka later this week, possibly : 1 960 s. - Restoration in the 1970 a evidentk- dues not want the 
routine weekly meeting of The on Thursday. ended in a repeat vilification cam- premiership, at least not on the 

hi racial Executive Council. Mr. Speaking in an interview this paign in the Press, and sacking terms on which it ha? been 
Smith again stressed ihai afternoon. Mr. Nkonio, 'who-afi-r the Tien An Men riot in offered so fur 


'death. iheir main sour*e of news on 

.Aflrr several outburst uf day-to-day developments, 
political xiolenre this year 111 Reuter 

Smith states conditions 
for all-party talks 


BY TONY HAWKINS 


SALISBURY. Nov. 25. 




Teng Hsiao-ping 


of modern ‘nation and imported GuK ' of Thj l'| am i 
weapons, and loe?e men. 100. 

ar<* on hv- side. Ojl canreh pnrlc 

He seems to ?y wrestling with . WI1 scartn raw 
a minority, although a powerful lTh<? search for oil off New Zea-* 
one. whose leaderi may be dis-iland »'»* officially abandoned 

That elimination process ^ ^ : Reuter report* from Nelson.; 
have been helped Dj can ng Aquitaine, the French Govern- '■ 
some of his supporters out on ; rnent>ow . n p f j company operating; 
to the street?. All over Chinajtheris,Fenrad 74 .narthofNelson- 
the meaning 01 that will be clear, has announced that the well is : 
and officials will adjust their, dry and will be plugged, 
positions accordingly. 


** Although from what is known' Cyclone toll 

. These or T«s* a cjrfon. vhieh devu-iaied a 

inghsing. unlikely, h^ rai 0 m be prepared wide arPa or Sri Lanka la-i week 
,nd once if settle fot; ousting l hc ,! m '' killed 1.000 people on ihe eastern 

- .| 7 .„c ....... . ,ni» .- L. u u., e ,uu.u. .lander of portant nnoos:t on w hue sticking coaS | alone. Rciiror reports from 

osa! mr-iT pnliu-ly refer lu him as Having regard lo Hua'? inicr. the rrack Peking army unit S 341 "hh rhairman Hua. Honour Colombo. Mr. K. W. Deyanayag.m. J 

was "abrasive." Ills palriuiisin ha- national posmun. Teng mighi which was used to arrest the would have been satisfied, and the Justice Minister, said after a 

n»*vur been ciii«*slinned (which feel il was not a good idea to Gang in 1976 . They might also his obstructive critics in the .tour of the area: "There is not 


again stressed ihai afternoon. Mr. Nkonio, 'who -after the Tien An Men riot in offered -o far Is he gunning 

Rhodesia was prepared to enter returned yesterday from a' visit : 1976 . fur the parly chairmanship. ; tn d the. Gang of Four, 

into talks on a u no preccndi- lo Cuba, said he would see the Dr. Kis*mser. the Former U.S. China's lop pusl? Will an out- would include Wans Tun, _ ... „, u «. oiru 

tinns basis' — a demand already British envoy, bul simply to tell Secruiary of Slate, has imIIo-I manoeuvred Chairman -Hua party vice-chairman and once l*> settle for ousting the im-' k ||| ei | 1.000 p--ople on ihe easiern 

rejected by the guerrilla patruttr him. as he had publicly declared him a "nasty little man." (nhers .mure grace fully 7 Mao's bodyguard, commander of porta nt^o poos: t on wnue sticking coas i a ione. Rcmer reports from; 

front. The Rev. Silhole. leader in ihe past. That the proposal 
of Zanu in Rhodesia, ^aid Ihnl fur an all-party conference 

even if talks were held he did dead and buried. n»*vur been qiu .. — - 

not expect them to ger anywhere. 1 don't think Smith needs wmiid make sense uf his desin- upset ihe Yugo-lavs and the include Chen ' Hsi-iien. com- Politburo and elsewhere silenced. | a roof over any ot the few remain- 
Mr; Hughes . i.s due in the any more talVungi Whai hehnxTu -t-e through China's colossal Rumanian*:, who Ihe Chairman inander of the Peking Military On ihe other hand, the idea mg build ins «. 

Rhodesian capital next Monday. 10 do is In make a statement i ‘TnuiteiufKleniisatinns" phin». bul visited during the bituuuer. by Region dhou'Ji ,onie unofficial that Teng might want the ulu-} n t v 

Mr. Smith said he had more raving thai he is g;vinp up." Mr. he vems unlikely id Torgive and relegating their erstwhde guest, rcporis said recently he had been male authorin' or the Chairman- 

teith in the internal settlement Nkonio said. The Rhodesian : Torg.-i thnsc whn humiliated hint. The picture of instability which replaced ». ship cannot be d scarded. Even 

than in the Anglo American adminLsration was completely \ If these are ihe same men who il would conve*. in eovernmems. There are other appointees to if he says he does not. Ido many 

framework finished" and once Mr. .KuitiV uv now qiiarreilinc wiih the bankers and industrialist- round ihe leadership of ihe Mao period Chinese leaders have said the 

• Michael Holman in- Laxaka .made such a declaration. Britain Jw'h » Ju- a ]e • adoption or new the world might convince him who might aK< oppose Ten?, opposite of what they mean for 

reports: -Mr. Joshua Nkonio, eo- could arrange for ihe hand-over ''policies. Jv* has a double reason that ii was better to neutralise bill in the last resort il is prob- this lo be taken as a convincing 

"leader of the Patriotic Front. wiH of powet lo the Pairioric Front. ■ for waminc in he rid of them. He Mm instead of sending him on ably ihe military ones that count, denial. 


Prohibition riot ! 

The arrest of four people accused 
oT breaking prohibition laws in 
Madras, south India. led »o a mob- 
attack on a police -tation in which; 
11 people were hurt. AP reports 
from .New Delhi. 


By Ihsan Hijazi 

BEIRUT. Nov. US. 

A DISAGREEMENT between 
Syria and ihi- Soviet l-nion over 
future military deliveries 10 the 
Syr mn armed force? is more 
haste than lia? been intimated 
si# far. .ici-arclm^ in informed 
dip! uina tic sources he tv. 

Moscow and Damascus liave 
failed to see eye 10 eye on a 
common inu-ri>rev»»iion of Syria's 
propufal on reestablisnina ihe 
balance oT power m ihe Middle 
East afior Egypt's exit rrom the - 
confruglation with Israel. News 
uf the difference became public 
when Major General llikmut 
Chchabi. >he Syrian chief of stuff- 
Iasi week cut short a visit 
id Mo.-cow and returned home 
three days ahead uf schedule. 

Although ncilher Syrian nnr 
Soviet oHIcials have spoken about 
the conllict publicly, the slate- 
controlted Press in Damascus 
during the pest rew days has 
printed editorials pointing out 
ihai solidarity with Syria can best 
be cxpre.-sed by helping it re- 
establish :« balance oF power with 
the Israeli enemy. " Anything 
less will make all talk about a 
just peace in the Middle East 
mere rhetoric." ihe Government 
newspaper Tichrin has pointed 
out. Syria needs ihe kind of 
“military" assistance that was 
granted in the past tu Cuba and 
Vietnam." 

Syria was repotted in be asking 
For a larjte number of the 
advanced MiG -27 liehier jets and 
a mure sophisticated defence 
system lu go with them. 

Mr. A nmed lrkandar. lli« 
Syran Information Minister, had 
earlier said Hint Damascus 
measures ihe friendship of 
fore powers by their readi- 
ness tu he to it attain a strategic 
balance with Israel. 

It would appear ihai Syrian 
officials had pinned a great deal 
of hope on a Suviej promise 10 
raise Syria's defence capability. 
The promise was included in a 
joint communique which was 
issued by President Hafez Assad 
and Presideni Leonid Brezhnev 
when they met in Moscow last 
September. 

Damascus interpreted the 
declaration as an expression of 
Soviet intention iu provide Syria 
with more sophisticated weapons 
to match the arm-- Israel was get- 
ting from the li.S. 

Il \-.;*s with ihi- awnnplion 
lhal General Chehubi went 10 
Moscow, but ihe Soviet side at 
ihe talks said ihai its instruc- 
tions were merely ir» discuss ful- 
filling uld arms contrails with 
S> ria. 

informed sources said Ihe dis- 
agreement will have tu he sorted 
nut when President Assad visits 
Moscow again, which is expected 
to lie about the middle of next 
month. 



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— ;v • MrX£S~-Z-. --if - : ■ 





Financial Times- 



WORLD 1 R AD I ! N LWS 


© 


BY JUREK. MARTIN 


up again in Octobers. Korea 


WASHINGTON, Nov. 28. 


THERE WAS no relief for the levels -prevalent in the money method of calculation for the speech yesterday ins.. Louis. Jolrlinprs at cost m .muii 

Administration toda> in the markets. More significant con* 1977-78 tax reduction). the nations mayors— who. with 1 B felln^/A J Jfw . *4^ A • 

latest inflation figures, which tribuUons were made from tbe Nonetheless the fall in real good reason, have feared that * . . ' • ' . ! . ” a" -I ‘ 

showed that consumer prices had sharp surge in house prices and earnings has obvious implica- they would be obliged to bear SEOUL, Nov- 28 y ANKARA;. -NOV. 2s. - 

risen by 0.8 per cent last the cost of home maintenance tions for the Administration as it the brunt of fiscal austerity. . ‘ *V ~ , .TURKEY; AND , 1 IJw 4 ScvieV Union 

month, the same as in Septem- and repairs. seeks to persuade organised But Mr. Carter assured them KOREAN AIRLINES is negotiat- Dousrlas DC10 — to unify its fleet with McDonnell .* Douglas today . signed -a trade agreement 

■>er. The October figures mean that labour to abide by its voluntary that they would not be singled jne us aircraft manu- for more efficient operations and' Airbus Industrie, as asuaL_ jjblch aims to . raise tfcr volume 

The main causes were once consumer prices have gone up 7 per cent pay guidelines. out for worse treatment tb an any facturers for a fleet of wide- maintenance. Tbe airline any Korean Airlines ' currently, Of trade. ^tweeh. the:1^;-COun- 

again food and housing. Tbe over the last 12 months by 8.9 Both the domestic stock and other sector, and tbat even the b odied iets that could have a rently flies both types of air- operates the European Airbus ais tries .by -50- per xenf.Un. thrte 

food index went up by 0.S per per cent: over the last quarter foreign exchange markets have defence budget, which, at least tota , v Jj ue 0 f almost $lbn, craft. :.welL - • -• : years to 51575m, Officials; said 

rent, a smaller advance than they have risen at an annual been awaiting the new set of in its international aspects, be __ p ordillfi i Q airline sources. . nkpus&ions with Boeine. ’ If McDonnell Dduglas^wlnsthe' here; > • V -. 

I hat recorded earlier this year compounded rate of SB percent, economic statistics with some wishes to increase by 3 per cent Roeinv and MoDonnel Douglas « n ,7rrpr*»irt mneem a contract Korean contract, the order prob-' Trade between Tnrkeyand the 
but well above tbe performance Tbe quickening pace of infla- interest: today, the stock market in accordance with his pledge to competing for the contract lib/ivrn include firm orders for ably would' include V combine- USSBUs ; contracted Inn . a dear- 
nf the summer months. In Sep- tion since the summer has also b New York moved little in the NATO would not be exempt from wbich ^ addition to having- a 10 < $ the 747s:md notions for^tion of standard nntf- stretchedi i^ta^^;S^Ayew : -protocols 
i ember, the food component had meant that the real spendable wake of the consumer price scrutiny. ' value ^ ’of $8Q0m to S900m. would " additional ei°bt Korean Air- DGlOs. TheiwiM of theittettbed are sigried'.Estii^^ 

risen by 0.5 per cent. earnings of the American war- figures: the foreign exchange He also urged the mayors to make iv, e winner Korea Airlines' vTas thrw 747a in its fleet version is expected tdbe $50® EOOdE to- _be exchanged- . Sears 

The housing index went up by fcer have declined: in October markets similarly showed little apply the same sanctions tjjt prc£able supplier of wide-bodied cumjntiv ancTfi ve onorder tn andthe s'tandardDCia f hare ' be^^r&sse<ii9 : westem 

1.0 per cent, slightly more than they fell by 0.1 per cent, the immediate response, but will be the Federal Government has the lifetime of the SS S “eiS^ce v &o?t 

in the previous three months, fifth decline in the last six watching tomorrow's report on promised to use against com- current generation of jets. Jrf? m about about ^ 

This is only partly accounted for months, and over the last 12 the trade balance with great care, parties which raise prices in ^or«w S Airliiies ejects to ■ ?? 


new accord 


SEOUL, Nov. 38 - 


‘ Bjr Mefili ! MuAir ' * , 

-ANKARA; Nov. 28. - 
.TURKEY; 'AND IJie.-Soviet Un ion 


Nicaragua 

mediators’ 


warning 

MANAGUA. Nm. 28. 
INTERNATIONAL mediators 
trying to avert fresb violence 


ICC adopts a tougher attitude on 
trucking industry rate increases 


BY JOHN WYLE5 


NEW YORK, Nov. 28. 


18 &U to lo meet me ueeu ui more than for Singapore Aar- proposed new Seoul-New f York 

freouen^y id to replied toder , JP es - 7 ' one s °™: e ** ^ une * Srote next. spring. . • ' V ” 7/ 

aireraff ^n^he airifne’s wide- Singapore Airlines placed an ; while Government approval is 
tfSl a After i9S4 eS it^3jl order for 13 Boeing 747s aD4sis nbt known- to have been given, 

need two* to three planes a vear 727s for a total of almost Blbm 2fc e re ha ^ been some; vtty 

Sources said P ‘ In Seattle, a Boeing spokesman - detailed discussions and - 1 ttave to 

The Korean flag carrier is said. “We have been talking to feel it is'receiving a' lot «^sn> 
nlannin-* to limit its acquisitions them for quite some time on port from the Goyeromefitorzrt 
to one type of aircraft— cither quite a mix of djfferent-sized..would not have VmtJKfWWg 
the Boeing 747 or McDonnell aircraft. We are in competition --has.” one source sai^ 

Warning on S. African sanctions 


THE OUTLINE OF the Carter equity. Traditionally, increases policy-breaching settlement with 0¥1 - A T 

Government and the Oppasi- Administration's tougher attitude in trucking rates have been con- the Teamsters. Negotiations with T v <*-*- « ■« * ■ " * ; .T^‘ ! r r JCJtL.papfi 

tion cannot agree to discuss towards the trucking industry sidered on tbe basis of allowable the union start next month, and L ,V . 

conciliation proposaLs. whose Dav n-ootiationc with the cost increases - although the Civil the eventual settlement, covering FINANCIAL TIMES REPORTER J flife^EECrthat S 

The mediators, from the ^ ay ne ° 0Ua “ 0 l n * “® Aeronautics Board has for many 400,000 drivers, has the power to „ ' : ■ to paj£32m^ 

U.S., Guatemala and the Teamsters are a vital test or the years used a 12 per cent return make or break the President's POLITICAL interference in the would add anything from 704X16 presence of TSntjsh trade- .and Unties. on- ft»i; 
Dominican Republic, have pro- anti-inflation policy, has started on stockholders' equity as Its pay and. prices guidelines. The trading relationship between to 250,000 to the nnemp torment- industry. ie 

posed a plebiscite to determine to emerge, with a new ruling on standard for the airline industry. ICC has' already made it clear R-j.-jn South Africa could figures,” he said. caU .*9 r 

if Gen. Anastasio Somoza, the frei « ht ^tes from the Interstate ^ deciding that the southern that trucking companies will not Bntam l ™ OuUining Britain's share of between griMteytoW 

President should resign and go cammerrp rommi«inn dCC» carriers can have a 3.5 per cent be able to recoup tbe costs of a m crease unemployment at visible trade with South Africa -echoed by the^awciaaottS gr^^ Mr. B&ik Hrfnp 
into exile, as ihe Opposition C e CoramissW P U cc )- increase in rates, yielding a 14 settlement outside the pay guide- by as much as 2a0.000, the chair- Mr. Dunkley noted that while Jt speaker, Mr. Wi Hiaip Wtut^ayft ^ ^oy_ ,.,ttad 


IpaperiMies 

■- - . 5hrdaad yesterday conqjlained to 

•>.. fit^EEC-fi'iat it wfli pnflrably have" 

TWR* :• ♦ipivia' ** 'P^' iWBi'clMB.- *«. m ; «S&a 

Of British trade- anti nn 


President, should resign and go 
into exile, as the Opposition 
Broad Front fFAOl demands, 
or serve out his term to May. 
1981. which be says he is deter- 
mined to do. 

Both Gen. Somoza and the 
FAO have already said they 
reject this idea, hut the 
mediators apparently s!iU 
believe they may change their 
minds, observers said. 

But if they did not agree on 
something within 72 hours, the 
mediators would go home, they 
said in a statement yesterday. 

There was no sign during the 
day of the new offensive to oust 
Gen. Somoza promised by the 
left-wing Sandinist guerrillas. 

The National Guard reported 
pinprick attacks on patrols, 
and skirmishes yesterday near 
ihe Costa Rican frontier with 
international volunteers re- 
cruited by tbe SandiniMs. but 
said there was no major action. 

!n the cities, tension re- 
mained high and there were 
more armed robberies by San- 
din 1st supporters gatherinc 
••ash and guns for the coming 
battle. 

Gen. Somoza's Administra- 
tion appeared to be under 
intense domestic and inter- 
national pressure, but the 
President was apparently still 
defiant. 

Some commentators believe 
the state of the economy might 
prove decisive. Nicaragua has 
already been denied a S20m 
credit by the International 
Monetary Fund and the Central 
American Monetary Fund, and 
Ss asking foreign hanks to 
renegotiate loan terms. 

Economists here believe that 
even when coffee and cotton 
crops are sold next year, there 
may he a lack of dollars to. 


- increase in rates, yielding a. 14 settlement uuwuc me kuuc —•> — — -y, ~ , — “»■ »***■*• — - - . . ■ r .,^. -v^-_ .. . 

The ICC, considering an apph- per cent return on equity, the ICC lines. man of the United Kingdom had been declining, there was-, a Conservative rarxy - oeguty 

ealion for a 6^2 per cent rate is not only vigorously implement- The 14 per cent figure is in line South Africa Trade Association. ie per cent increase during, the leader. He -smd tce^crae^foy - 

increase by carriers in the in a President Carter’s anti- with the 14J2 per cent rale of Mr. Philip Dunkley, warned past six months. ' 

southern states, has for the first inflation policy on prices, but is return for all manufacturing com- yesterday. At present our investment 


dnties.oa jt»paper e3jpor& to .the - -p , Lv . 

tor ; Jb.r..:ttade ■ -the /Flmusfr - • ** 

Minktry.- '"' ' ' WV- ~ v ' ■ ' “*■ : . . • 


time imposed a standard based also making it more difficult for panies in 1977 reported by the 
on the return on shareholders' these companies lo finance a Federal Trade Commission. 

FT C investigates claims Sharp rise 
of unfair petrol rationing in U.S. 

BY DAVID LA5CELLES NEW YORK, Nov. 2S. 

SHORTAGES ON the U.S. fuel downs, the company was short CtliiSiB flCjOOTi 


HI . £ limp _ru r - - - * — ■ - j vimamwm i ■ mu i un. ^ , — , ti*. _ . . - ■ i ... _ y. ^ - w — , t ' . u ■ 

esterdav. At present our investment British-South African trade i was ge Ep-Rolaig. qgw^ee. - iHe 


South^Africa. he t o. ? jeeoci, 5”^^ 
tion's annual council luncheon in invSbto Ind chtiose where ^hey - would 


be disastrous for British overseas 
investment In that part of the 
world. 


consideration.? 


BY DAVID LA5CELLES NEW YORK, Nov. 2S. rt AMC i4 Ml nt-i An 

SHORTAGES ON the U.S. fuel downs, the company was short CtFiiSiB fltjQOTi 
markets have resulted in allega- of unleaded petrol. There had rr ^ .. v 

lions that a big oil company is been instances where stations V ,s - construction contracts rose 
unfairly rationing supplies, and had had difficulty obtaining the l P va iVS-,! n 

that others are overcharging for quantity of fuel they wanted. P c t? h ®£ 514.9011. from Slu.obn 
beating oii. “The problem has eased now.'- U* S? t ?P e r 1 977-. a . ccord,, Jf ^o the 

The Federal Trade Coramis- The Energy Department has Dodge division of McGraw- 

sirin said today it was gathering also said that oil refiners have fil, ‘ information Systems, Reuter 
information to investigate charges been overcharging for No. 2 reports from i New York, 
ihat Shell was restricting sup- home heating fuel, the main jij F r Q , r ' the nr^ lO Tni.'nths of 19<R. 


“Not only would our industries trade in all areas, reganUessvof xif emp 
be severely damaged, but so political considerations. And be and wt 
would the nation as a whole, believed the whole South African - increase 
The loss of South African trade population benefited through the Africa. 


tensions 


Tokyo boosts 


BY STEWART DALBY 


T3B SWEDEEf- SKF; balj- bearing 
suhsidiafy ..in'- ...AustraBa-^KF 

A&iiirafla - . (Mant^^ is ■ te 

close its plant as ffonrthe middle 
of December, dtte^-^fh; 'deg lfnin g 
profitability. J ohiz WaJkEr->e ports 
from Stockholm. : .:.v . . 

This has., bten ^jwirtly : due -to 
-the ' commuetf.,?. depressed 


mronnacjon to lnvesugaie cnarges neen overcnarging ror i\o. For the first To months of 1975 THREE JAPANESE companies tion for Japanese manufacturing projects but it is empowered to ^oaiic 'actiyity:^^ Australian 

inat Shell was restricting sup- home heating fuel, the mam canstrucr j 0ll con tra(»i s rose by 15 are expanding in Ireland with investment in Europe.. -. . - . hand over up to 60 : ;per ;^ent of lndIlstiy i ';rwbere. ; ■ JznmnfSctnring 

Phes of the much sought-ajter domestic heating oil whose price S° n gtaiSbn? from the help of the country’s semi- Nippon Electric already maim- etart-up costs.for projects In The vrffimes have.' htounejtqo low to 

unieaded petrol on the East has risen sharply this winter. A Sll9bn in the sarae eriod lasT state b odyj the Industrial fachires logic and memory tote- west of Ireland and 45 per tea . t offset .nsmg costa -andv partly to 

coast. The charges, made by Department reporL tree ng year Resident | al .^ng con- Development Corporation. At grated circuits for EEC markets in the, east. •• • # - WP nced.. rfHnpfeflttai r hearing 

'three Congressmen, question movements in the pnee nf the tracts rose by 23 per cent in the same time. Waterford Glass, in Ireland. Now it is to double its The major attraction of. Ire- ^ 

whether such practices, if true, fuel since the middle of Iftifi, October. - — -- ’ ’ -- — — - — w» i 

would conform to the U.S. anti- said the rises "raise serious October 
trust laws. questions as to the adequacy of residential 


whether such practices, if true, fuel since the middle of 1976. October. one of the country’s top three workforce from 150 to 300 aid land for Japanese concerns is . govermnent;^; ih: ball : . bear- 

would conform to the U.S. anti- said the rises ^ raise serious October contracts for non- industrial companies has will broaden its range of.^iro- that it gives them cbeqp access rn£ tarxg s an d ,<±5i^ed jules on 

lirust laws. questions as to the adequacy of residential buildings rose by as announC ed a GOm factory ducts at its County Meath Sac- to the EEC Moreover .Ireland 

The Congressmen say Shell is competitive forces at the refiner per cent, with commercial and expansion scheme, also being tory. ,‘>? does not tar profits earned from outlook of • 

compelling filling station opera- level. industrial projects accounting for ., nf j_ w ;*h thp heln of the Tnhn DenkL a manufacturer of exports. Since it only has a the ; domestic plant.. 

tors to buy leaded petrol as a But although the Department most of the gain. Non-buildinn j“° ertaKen tne p h ii mu i^en^will establi^M population of 3m.-mostjiroducts - -i- '•• - -- -. 

condition for being supplied with hinted that price controls may construction, while still down for BSh^mKSGrv UnisS to &e the Japanese concerns JWika Will BraZlhail OCC SMC •• 

ihe unleaded fuel. have to be reimposed, it ordered «« 10 ■ months, registered the The three s Japanese concerna D ^ S a ^ >^0 .he exp^toi .. 

A Shell spokesman today further investigations into the ga.r 1 . rising by are _ involved Im projects ; which Dublin area to 1 prMnee rijeo Startot; majOrtleal; 


the unleaded fuel. 


questions as to the adequacy of residential buildings rose bv 33 announced 

rnmnoliHra ot rofinor “ -_r.l , I aUUUUDteU, 


Uiui«u UJU l FI1 VV vuuuuio uiaj . im«w oim v*vmu i u* I 

have to he te imposed, it ordered ! the 10 . months, registered the j The three Japanese concerns 


* 


„■ t- 

yj V» k *-• J- 


:.t ' s \ 


-r.ri-nn ; 

bJ.IV Ulll 
Vi 

bide .1 
riihour 


A Shell spokesman today further investigations into the monthly gain. . n*uw by are involved m projects which a “nlifi « turn Lra and S The exoansion bv Waterford S™* 01; majOTtle^I 

denied the charges, but said problem before deciding what 9 J P*r cent, to S3.9bn. Three will create 800 jobs and mean SS Sfl W GlS CDBflfcttae ndc^*I. 

ihat, because of refinery break- action, is necessary. . . . ^tingj capital expenditure of .nOm. The- Eur °P e Norttl Bra^EsI^tale^teed mtoinc con- ; 

total ofneady. ,52bn, . provided new projects in integrated cir- Amenca. / foe °ew Ejum pianrar»wcre cexnhas received bn 'order for 

: 1 1 “ ' • • half- October ^increase. cuits. audio equipment and cop- Nihon * nf a «n? of irbn-; 6 rb'fttftn' China.':' 

npa • I 1 j !• per foil manufacture— will bring Japanese manufacturer of co^ ^^-^^^vj-^.to'bedelivered.over tbenext 12 

•Third quarter dechne m “ ,nt -isJS! . tssstS: 

w Bahamas. itad \ a^. 820.4m , - creating oO jobs. over 7,000 and make Waterford from Rio de JaneirOr 

PonQrllQn Allfniflf frrniirfil tor " ^ucordlng to the IDA, this The LDA does not diyulgehow the.larg^t single ;.intfu&trial According-, -fa : (he _ Com^toys 

L'allHuldO OUiPUl grOWlO w-SS'SS raakes lr ® land the- leading loca- much aid ^ gives to individual employer-m; Ireland. ; prBrident Sri-Joei .RenaoTSo. . 

' opS in ■: ■.... hasThfit retumed from a^yisit to 

-I*-: : 1 


buy raw materials and capital ^ VICT0R MACK1E **>. central Banks guacterly review, 

goods for industry. Router REAL OUTPUT growth in the f excluding import prices) slowed it says the improvement is due 

Canadian economy slowed to a lo an annual rate of 6.8 per cent , a substantial . increase . in 

... , , , 3.6 per cent annual rate in the in the third quarter, compared “u w as . property in- 

World Bank Sl'iSy;, 1 S ? 4 per “ nt in ? a VJ per cent in tlle !Mond ' Sf™ ' It ■Sn%’%L’c% 

sav c S 1 ,ppp« s'-S S ft. Gov,n, WTi,** add, MM.. ggSSff^iSS? 

aajzt jWV.Lt!y5» ments statistical agency, said the Canada is potting off until June arrivals have already surpassed 

.. * . | slowdown occurred in spite of next year, an increase of- the last year's 1 52m total, and receipts 

ratlO ' increased consumer spending on domestic price of crude oiJ by from tourism should reach $500m, 

*&** .-(ura titn anil comi.Hlll -3 hln nrn. PCI hurra! nrioindllu nlannefl fhr> Inmaf OvnpidDil fn ha niul..d 


OTTAWA, Nov. 28. 


«W '* l 4^- v 


3.6 per cent annual rate in the in the third quarter, compared “L!**!! as . property in- 

third quarter, from 4 per cent in with 9.2 per cent in the second- an 5 

thP second nuarter nuarter ' m “ re J?®?™ facilities financed 

ine secona quarter. _ quarter. nrmnriiv fmm ^Km-ni ir-n- 


AMllinvnrinf hegmnxng of a major deaL since 
1U representatives of ChirkaV Mftds- 

I/IUVUV try of Metal Industiy wffl visit 
• Braril -early, next yqar In 'order 

TOKYO. Nov/"2a -- to n^foUate. a -long-team Iron. ore 
. •. v. cqnfnjCL.^ Sr. Remjo pointed out 


. 4» \m 

V" rN : ’. *■! ; 

v 

iineu rr 


By David Buchan 

WASHINGTON, Nov. 28. 
THE WORLD BANK lodav 
claimed tbat more than 91 per 
cent of some 109 of Its com- 
pleted aid projects, examined 
in an internal audit last year, 
had proved successful. The 
total projects represented an 
investment of 38.5bn, with the 
hank and Its soft loan arm, the 
International Development 
Agency (IDA), contributing 
S2.2bn. 

The success ratio Is about 
the same as that claimed in a 
similar audit taken of some 70 
earlier projects and published 
in February. Mr. Mervin 
Wiener, director of the bank’s 
evaluation programme, claimed 
today that the audit was in- 
dependent in the sense that he 
uas not responsible to (he bank 
management, but to its direc- 
tors. that is the 133 sharehold- 
ing governments. 

The audit, published today, is 
remarkably anodyne, si nee, at 

the Insistence of mpmber gov- 
ernments. specific projects and 
countries have not been 
named. 

Of the 109 projects examined 
in 1977, two were not com- 
pleted and World Bank loans 
for them were caucelied. A 
farther nine yielded results 
that were either “ uncertain 
or unsatisfactory.” However, 

of the 58 projects that were 
originally thought capable of 
earning an economic rate uf 
return (as opposed to meeting 
social or other needs). 32 
yielded a return of 10 per cent 
or more. 


the second ouarter H aurrXe7 ‘ tourism facilities financed BY YOKO SH1BATA TuKYp, xo^u^^a^-L^irou.^e 

tne second quarter. quarter. primarily from abroad Nicki kpIIw . x -- contract-., Sr., tveinjo pointed out. 

Statistics Canada, the Govern- 9 Jim Rusk adds from. Toronto: reports from Nassau: Tourist THE JAPANESE Government through as an exceptional case Health and Welfare iave denied that with Chin a importing 40 per 
menfs statistical agency, said the Canada is patting off until June arrivals have already surpassed has appropriated Y29hn (S70ra) after the closure of all supple- tbe Alleged administrative^gulct. ot/tneTcpn ore Jt e 2??* u “* s * 
slowdown occurred in spite of next year, an increase of- the last year's 1 52m total, and receipts from its fiscal 1978 supplement- raentary budget requests by Gov- -ance, rayii^. each hosidtal and .a - ; ^ total.' demand . for 00m 

increased consumer spending on domestic price of crude oiJ by from tourism should reach S500m, ary budget for emergency .eminent ministeries as a result university is entirely free to' inn 

durable , and .semi-durable pro- CS1 a barrel, originally planned the target expected to be reached imports of electronic medical of strong demands by the U.S. port medical ' electronics iriatrn- Po , < ^ 

ducts'.arid more business spend- for January 1, as an anti-inHa- in l fl 80. . instruments This has been export development missions to meats of its choice. ..‘'TO P nroSt ■ ^ 

ing on' machinery and equipment, tion measure. The current rT . . undertaken ' as an additional. Japan in early October. Prior to • A ' spokesman for Toshiba n5rLi*-i'n S’ 

Acting as. a brake on the price is C$12.75 (£5.60). Uruguay cevalnatlOa measure within the S4. lb n emer- the. new increases. Medical,, importing agent for ” “T:. . 


■' 3 ccar."l 

Postal 

, 1 

^nririr n 


Petroleum 


construction, no n-resi den tial con- the Prime Minister, and tbe Tuesday. The exchange rate has The Education Ministry has Foreign manufacturers have, manufacturers have applied : poB- 
struction, and business inven- Premiers of the ten provinces, been fixed at 6.S95 pesos (buying) already been allocated Y4.5bn to been competing fiercely for tical pressure on the. Japanese 

tories. The intention remains to let the to 81 and 6.91 pesos (selling). The allow Japan's 22 stateKwned °r ders - U.S. manufacturers such /Government" Bet. he added. 

-Statistics Canada said that its Canadian price ride up towards previous rates were 6 J30 and 6.815. universities to introduce as General Electric, Pfizer and “We are now pfrmixig oar hopes 

seasonally adjusted national the world price: the next step This was the fourth devaluation jmnorted electronic medical JoIm!, ° n a ° d , Johnson have to the fact that to referring to 

income and expenditure accounts upwards probably will be taken I" and th v 80 eauiomenL The amount apooi> Seared up their sales offensive emergency Imports of ‘forrigu*; 

Ishowed that domestic inflation on July £ » MR-JCh. peao^has _beeo._de- S£- p “! „ . h J Mi»!5Sr“f w!Jf£ Lbrou ^ .their_ domestic sales equipment the Government; 


ie Cameron writes. 


come and expenditure accounts upwards probably will be taken I" ? 1 ™ en, ^? i r’ and th v 35 ? 80 f ?* eauiomenL The amount appor- Seared up their sales offensive emergency imports of ‘forrigu* . ' ' ' 

owed that domestic inflation on July £ been.de- tioneTto the MirnS of Health thro «« h domestic sales equipment the Government TCtaery " 

2 ‘ q ^ fJec cenl «“« and WelfVre s S larger- agents, while European compan- means - . European ■ products ;yC?BChcwtowkI» has won-- a 

January 31, 1978. ana Welfare is tar larger jes such as EMI. Siemens and as welL We are storing in bur contract fbr. the construction of 

/A,, n c * , - . . i 1 ™ Z, Philips are also anmons to bene- efforts to sell - . EMI's.! 500& the. first phase of 1 an oil. refinery 

VjUfinBC language mime Bolivia cabinet 5 c f., 1 i„m- hospitals flt from toe Y20bn emergency models." - ■ to ’Northern Iraq, AP-DJ reports 

yilCUCL language 1 UA£U b BoHvia’s new. military President- aa 1 J l> san “ tor,u “ s - . . , import programme. Reuter reports from • New ■ e ^ 

BY OUR OWN CORRESPONDENT MONTREAL, Nov. 28. Geri. David Padilla Arancibl a who* T v e has far , But Europeans have been York: The United - States is not h _refinfe r y 

BY OUR OWN C 0 RRK»poN 0 tN m «. came to power in a bloodlessrouS reached Wbd of its emergency alarmed by rumours that the Gov. riming for, nor is it .-likely to -MSi 

THE QUEBEC Appeals Court stated today that the provincial last Friday, has completed^ his huports target But the eminent has given an adxn inis- achieve a trade surplus ' with. Od 

has declared unlawful part of Government intended to appeal rahtnei with th* prospects of attaining the trarive guidance to universities Jaban. assistant Commerw Sm- hlue- 


BY OUR OWN CORRESPONDENT 


Bolivia cabinet 

Bolivia’s new. military President; 


the province. It upheld a dec^ sovereignty for Quebec, that is charge of economic policy. Col. rather poor— hence the decision originated by tbe U.S. thrust current trade deficit with Japan Ufala^L.. y 
sioni hy'/Mr. jules Descbesnes. an odd position for bim to be Norberto Salomon was sworn in to allocate funds for emergency and designated to rectify the -to "manageable size.” A "deficit ‘Yi^SjSpall L€HuCTS . 
the Cbtef Justice. Who found in forced into — all the more so as Minister of Urban Development, imports of medical equipment. Japan-U.S. trade imbalance. . of less than S 4 5bn would be re- Tenders.for the construction of 
Jaouajy that thff legislation con- since many Quebec nationalists Reuter reports from La Paz. Gen. The budget request was put Officials of the Ministry of garded as manageable: taeRddriL- ^ ^BLrijn-flquefled natural 

diets with a section of the have long suspected the Supreme Victor Castillo r Suarez, former •■•••- ■■ .ffas (Ing}; plant in Sriawaiq- are 

British North America Act, the .Court of being biased in favour military attache at Bolivia’s Wash. . .-.- 1 . " ' . r expected ia bb caHed ih about a 

Canadian constitution. • which of English-speaking Canadians. ° ame 5 Plilno am AAVMMn^AW 5*^* Carpo™- 

gives English equal rights with ■ Jbujitsu-dima falKs on sciencexomp 

legislature. 1 Canadian wheat aid SKi2^ 0 GLwSiSS , * t rf m c£ by richard c. hanson > .tokyo, nov*^^t j’.. ; 

Only tbat part of the Quebec Canada is nearing completion of ^ ua ?,^°* e Torres — overthrown in , , . 

1 .... ..hi.k . nfti- . .. - . «... a hlnnriv mini in lQTf_w>n: Fujitsu. JaD 3 fi S largest com- The comnuter hfynp ponsiflpred mimiRt- muntdn- • a m n it i m : • LBttt.Uii3« UU UCul 


January that thef legislation con- since many Quebec nationalists Reuter reports from La Paz. Gen. 
diets - with a section of the have long suspected the Supreme Victor Castillo r Suarez, former 
British North America Act, the .Court of being biased in favour mfl> tar y attache at Bolivia’s Wash- 
Canadian constitution. • which of English-speaking Canadians. r w ** named 

gives English equal rights with Com mander-m-Chlef of the Armed 

French in the Ouebec courts and Forces. Air Force Gen. Gaston 

loVSHEt.!™, Uuenec courts ana p * Lupe. Information Minister in the 

legislature. _ Lana Gian Wheat aid left-wing- Government of Gen. 

Only tbat part of the Quebec Canada is nearing completion of Juan Jose Torres— overthrown in 
language law is affected which a CSlom (£ 6 Jm) food-aid pro. a „ coup 1971 — was 


Fujitsu-China talks on science computet; 


^ng d- 

T 

'^nngr 

^rsal r 

St 


BY RICHARD C. HANSON 


• ' TOKYO, Nov. 28k : 

. countries, sriisitEve- 


language law is affected which ToilSm" (SK) food-aiS pro! a bloody coup in' isn-woi Fujitsu. Japan’s largest com- The computer being considered mitolst .countri^"- ." *?*£%*> 

was Intended to make French gramme for Portugal, Mr. Dan aPP° inted Air Force Commander, pu ter maker, is discussing details is model. M-190, the largest According to' ' reports^ des- ^em- Will : yport- barrels 

the primary language in the Jamieson, tbe External Affairs — with China on the sale of a currently makes avail- cribed as accurate by Fujitsu, the. 

courts and the National Aaem- Minister, announced on Tuesday, US. COMPANY NEWS sophisticated, large scale com- 2“*“ 


the primary language in the Jamieson, tbe External Affairs 
courts and the National Assam- Minister, announced on Tuesday, 
bly. The rest of the law deals Victor Mackie reports from 
with the language of business Ottawa. The programme financed 
and in the schools, and did not “V 3 Canadian International 
figure in the case. Development Agency grant, is 

part of an international under- 
Mr. Marc Andre Bedard, standing to give Portugal balance- 
Quebee's Minister of Justice, of-payments support. 


- WlUi UUlUd UU LAIC MIC Ul d 7 ” ^ -u»o, i.xLjttflii T nT 1071) Tu- 

IMPANY NEWS soDhisticated- Iaree scale com- ab, ?. t0 customers. The degree of system under tiismafon inwAsts JJJJ?* -S • Ul<l 

-1 S Sip aLZ sophistication is greater than any 6 f two M-190 umts. in teW nf - 

Department moves p . ut g r . t0 ^ Acad ® I "J of the other computers China has cap«Sty-;ana speed, 1 this model -SSSL* ' 

GEcSSShl link: ° f ^ J. 1 ?™. - 1 ®?. An 


Justice Department moves 
to block GEC-mtaehl link; 
Insurance exchange drafting 
complete; Barger King set to 
invade Europe — Pace 27, 


Long-term interest rates forecast to continue upward trend 


BY JOHN WICKS 

IMPROVED STABILITY of ex- 
change rates, which may result 
from new monetary agreements, 
would mean that international 
monetary flows would again 
develop more in line with in- 
terest rate differentials. This 
was stated in Zurich today by 
Dr. Hans Mast, economic adviser 
to Credit Suisse, addressing the 
Financial Times World Banking 
Conference. 

Under the system of floating 
exchange rates, the direction of 
the flows was determined by 
considerations of security, rather 
than by the differences in in- 
terest levels, he said- This con- 
tributed to disparities in the 
economic development of indi- 
vidual countries. 

Any further narrowing of in- 


terest differentials would prob- 
ably start by affecting rates in 
the United States and countries 
with relatively weak currencies. 
In hard-currency areas, the cost 
of money could be subject to 
some upward pressure. 

With regard to long-term in- 
terest rates, he forecast that 
these would continue to rise in 
the U.S. in the first months of 
next year, but that the movement 
would level out in the spring or 
early summer and would subse- 
quently give way to a decline. 

A hardening of rates could 
occur in Japan and West Ger- 
many, said Dr. Mast, who drew 
particular attention to high nomi- 
nal and real yields in the Nether- 
lands. Investors would probably 
be less ready to accept Switzer- 


land’s low nominal yield. " if the 
world really does enter calmer 
monetary waters.” 

Concern was expressed by Mr. 
Carlos Canal, executive vice- 
president of Bankers Trust, tbat 
excessive growth in dollar 
liquidity could re-assert itself in 
tbe medium term. Mr. Cana], 
who said be thought the dollar 
was secure unni the second or 
third quarter of 1979. called for 
new U.S. policies in the next few 
months If the currency was to 
remain stable. 

A return to intolerable 
exchange rate levels might mean 
controls on trade and financial 
transactions, such as would 
invite retaliatory moves by other 
countries. Given the present 
weakened state of the world 


economy, the cumulative impact 
of these actions could be 
disastrous. 

Among other measures, he 
called for more borrowing in 
leading mm-dollar currencies, 
with the yen and the Deutsche 
Mark ultimately sharing the 
reserve currency role. The U.S. 
had been replaced as the 
principal provider of interna- 
tional capital and credit by West 
Germany, Japan and certain of 
the oil producers in the Gulf. 

Greater hedging by creditors 
against dollar commitments 
would progressively increase tbe 
potential for exchange rate 
volatility; increased use or the 
D-mark and yen would relieve 
pressure on the dollar. 

Mrs. Muriel Siebert, New York 


State Superintendent of Banks, 
said the international Banking 
Act, passed in the U.S. in 
September, should be viewed as 
a sign of recognition and 
respect for the success of foreigh 
banks in the domestic U.S. 
market. It embodied the policy 
of national treatment for foreign 
entities doing business in the 
U.S., these being treated as com- 
petitive equals with U.S. under- 
takings. 

Stnce foreign banks could now 
be Licensed by federal as well as 
fa-late authorities, this might 
encourage more innovative 
approaches to their regulations. 
The extent to which new 
federal options would be 
attracted to foreign banks would 
depend to a large extent on 


regulations to be promulgated 
by the Comptroller of the 
Currency’s Office. 

“We have heard at least a 
preliminary indication that the 
Comptroller's rules for federal 
branches and agencies will seek 
to make these entities com- 
parable to national banks," srid 
Mrs. Sicbcrt. who disclosed that 
these rules mlgtit be. out before 
the end Of this year. 

Competition from developed 
countries and multinational com- 
panies' on the international 
capital market was formidable 
for a developing nation, said 
Mr. Cesar Virata, the Philippine 
Minister of Finance. The market 
was “ one for the healthy and 
the strong,” Mr. Virata is 



- . ZURICH, Nov.' 28r. ; 

chairman of the Development 
Committee of the -World -Bank' 
and- the -International Monetary 
Fund, which has been working- 
on the problem of access -to- the- 
capital : market •“ 

Suggestions in. this' coqneV 
tion bad foreseen , the liberals^ - 
ing of restrictions/ on. holdings, 
of foretgtt. securities .the. exteit- 
sion of guarantees and:’ an. 

Improvement of : reformation in’ 

financial market.' These measures ' . - . *. , - . . . 

were designed- to introfliice more -. • .. 

middle-income developing coiin- 

■ boad ksue. . business, was -“almpat a meet 

About 75.per tterafeSai 
requirements of these countries . . . 

C«» turn- *»ereiy - rerpoite-. 

markets. . „ :. . ,. . , .. ... grow to maintain, the 

The lengthening, of' mitijrita£ i 


, w 

^ TOv f| 

'H* 


As 

the ei 


\,* h 


;:U 0b 

Ali? Urt 
3 c °ne 


tVJti 


y-J_ . :■ . 




■Financial Times Wednesday November 29. 197S 

“As we descended to the company 
car park I knew my first decision as 
Financial Director would be met with 
a few raised eyebrows.” 

The reason for our impromptu mid-afternoon 
visit to the car park was the arrival of my most prized 
possession. 

My new company car. 

- “An estate.''” grunted Sid bury the managing 
director, gathering his brow like a bemused bloodhound. 

“A Volvo 265 GLE Estate, the very best Volvo 
produce,” I replied. 

“A lovely looking motor” he conceded, 
characteristically adjusting the knot in his tie, “but do 
you really think it lends itself to the company image'” 

“I put only the very best golf clubs in the back,” 
1 countered. 

The bitter December air soon had the three of 
us tapping our feet like some out-of-step vaudeville 
act as we eyed my new Volvo from every angle. 

“I suppose it does have a heater” mused Foster, 
entering the conversation. “I think we should get 
inside and have a run. I’m sure the office can manage 
without us for 30 minutes or so.” 


habit, coughed disapprovingly in the front?' 

To clear the atmosphere I turned on the air- 
conditioning. 

‘Air-conditioning? An expensive extra 
nowadays,” said Foster, enviously running his fingers 
over the controls. 

“Depends on what you buy” I said. “With the 
Volvo 265 GLE it’s standard.” 

“So how much of your own money did you have 
to put towards it?” asked Sidbury. (A reference to the 
£10,000 limit the company imposed on directors’ cars.) 

“Would you believe I saved the company 
the best part of £1,500?” I said, trying not to sound too 
ingratiating. 

“Surelv Volvo must have made economies 

j 

somewhere,” he insisted, straining his neck in the back 
like a nosey giraffe to view the instrument panel. 

“I’ll go through the check list” I said, “and you 
tell me.” 

They both nodded. 

“Electrically-operated windows and door 
mirrors, headlamp wash-wipers, heated drivers seat, 
heated rear window, metallic paint. Shall I carry on?” 

Foster smiled. 



The motion was carried unanimously. After all, 
he was the chairman. 

Pulling rank, Foster relegated 
Sidbury to the rear passenger seat as he 
joined me in the front. 

Sidbury sniffed the air inside 
the car. “Real leather” he said with a hint 
of nostalgia as he stroked the seat for 
confirmation. 

“Naturally” I said, unsuccessfully 
hiding the satisfaction in my voice. 

The Volvo’s precise power- 
steering made the labyrinth of busy city 
streets almost a joy. 

Soon we reached the country- 
side and the open road. 

Within seconds I was forced to 
ease my foot off the accelerator to keep the right side 
of the law. 

As we idled along at 70 mph, Foster remarked 
that the engine was barely audible. 

He was right. 

The Volvo 265 GLE sports an alloy V6 fuel 
injection engine producing 148 bhp. 

Obviously enjoying the luxury of being 
chauffeured, Sidbury stretched out his legs in the back 
and lit one of his favourite Havanas. 

Foster, who had only recently rid himself of the 


“Stereo speakers in both the front doors, 


head restraints, lights in the engine as well as the glove 
box, a tachometer, clock, cigar lighter, radial tyres . . 

“Enough, enough” cried Sidbury, “you’ve made 
your point.” 

As we started to make our way back I noticed 
my two passengers watching the fleeting countryside 
with a contented somnolent gaze. 

“ Welfgentlemen, what’s your verdict? ” I begged. 

Foster, thinking aloud, answered for both. 

“Do you think a chauffeur would look out of 
place in an estate car? ” he said. The Volvo 265 GLE. 


VOLVO 6CYUNDER PRICES START AT £7362 [DELIVE3YAN0 NUMBER PLATES KTRAJ, FOR THE1979 EDITION Of VOLVO FACTS,' WRITE 10: DlPT.FTO^YOLYO CONCESSIONAIRES LTD, LONDON W13 9JQ. SALES TEL: HIGH vnCuf.lSE (04 9-5} 33-144. SERVICE TEL: IPSWICH iC473] 7202k FARTS TEL- CP.»CK {07S£> 







6 





four tax 


es to Revenue 



BY DAVID FREUD 


Manchester United 
to raise £lm by 
rights issue 

BY RHYS DAVID, NORTHERN CORRESPONDENT 


THE CONFEDERATION of setting up new businesses or ex- the next Finance Bill, mainly on BY RHYS DAVID, NORTHERN CORRESPONDENT 

British Industry will urge tax paneling existing ones, abortive grounds of cost. • 

changes in four key areas at a expenditure and various, types The committee will also caHl M . Tv . r „ F - TF « ttvtt’FH Foot- Share-? in Manchester United 
meeting with Inland Revenue of spending associated with the for the industrial buHdings-™ c ^ spent are not quoted and the document 

officials today. . . cessation of a business do not allowance to be updated and £5 i2r m save it is not aware of any 


October 
fires cost 
insurers 
£38.8m 




by 


BY ERIC SHORT 


BY ARTHUR SMITH; MTOfcAWJS CORfcSPOND»IT \ 

THE TROUBLES in Iran have ponente. 1 . ChiyEler careen tlysiijK ' 


ffflniai g tnri. AD ana w JL-Kr nt * * ,, r “ c “““S™ , buddings ball Club, which has spent are not quoted and the document j f£RE da #aGE costs m October I f0rced Chrysler UK to. attlpWH plies ven^n^gaarboxes-.and’ 

It believi' iction is urgently S?jjfv for lax* £35? f-ainst simplified Ultimate!? thl CEll heavily in the transfer market in says it is not * w " e L ° l In !g! soared to £3$.8ra, according to suction at its Stoke engine, plaht.vbtee^p.^t' J^T^huU,, • 
rJL Jw es , 1 1 reIief s St I ‘ iS,™ 1 !! the past IS months, is to raise official or unofficial market m the, fi es ^sued yesterday by the i Coventry. The factory supplies said-llte project'was^ow, certain; 

hurineL at ore 4nt £s P to 1M cenP but £1,n b >' a rights issue, clubs shares. It adds, however. j Britis5 insurance Association 1 around 50 per cent by value of to be delayed because ; tif -the, 

aSowe? S P mS£ iSlSu allow- Bringing tax assessment into “ JJ! ® Jo 0 u es ! The proposal, outlined in a that transfers have beeT ^This was the highest monthly; the Paykan car. assCmbled-by; UOuWeg, imt?bawasieonfideiifcit. 

aviuabS^D? commerefci line ! lth mte matioQal practice fiufaf alow- document yesterday, is to issue registered over the last W" total ever recorded in a normal li ran . National, the .state-owned: w ould go : ahead. V;-. 

aace& dutiable loi commercial on rhese expenses— known as « beUeves tuat toe mmai allow a tQtal ftf 100217 7 ordinary prices ranging from £1 to £200; h . Qnlv ^ Flixboruugb t company. • TB5 development' 'would be^ 

- nd ". r,o:hin - s cost the Ex ' |o C to S 60 U i« b rent d f shares of £1 in the proportion of per ordinary share and disaster and'last year's firemen's Chrysler said, last nigh^ th^ period) 

^nnwirth? cner * aer ver >\ ,ltUe - p ff ”an mni 4 ner 208 new ordinary shares for to £li.70 for preference s bo"& 'Isirike resulted in higher monthly situation could be contained by. and’the- employment- impact 

1 The con'efrrLtion's °nxati!m Th0 C0sl . ll ? st CBt proposal --i^iSSeeiatlon thereafter the every one ordinary share and 21 However .toe document s^ tjat losses a reductfon ln overtime without upon Chrysler would. be mini?. , 

rJimittee ^iri ^ o?e CDnceras : * lv,n * ca P lta! aIIow ' Jesidua!^ new ordinary shares for every in of tte size LfL^kin -!s ^ largest fire was In a com- lay-offs bat the position- Was* maLV ’A«diaing4t ; gEdwth1n - 

5TEEi.S? f ^n° K.J55L a ™ Greece share. . . «»« *« JouU ; tot be taken a pJes at Basingstoke . where two being monitored 4 Jhr * , , *_£ .. 


British business is put ar e/'i'Lj. p " 
a severe disadvantage compared vi t?„ 

with foreign competitors by the d jrj,c d th s c . 


™ buildiSr UW The panies in =r “and his flndly. Be- Jordan and Gordan McQueen , 

indilands Report recently en- P SMnildly trading ’ \ns«Zs of twen them they have some 75.3 and last welt spent a further | 
>r«1 view. Per ee« of the taued ordlnm; ,el 

While the Inland Revenue has or In the same group as the and 51.6 per cent of prefer- - D iavers the i 

:prcssea sympathy with the pro- owning company, should be e ace share capital. They ha deficii m the transfer^ 

•sed change in the past, it is allowable against the profits of already announced “?iA t n 2 q ? e faM non e This was ! 


wav some business exnenses are Whiie the Inland Kevenue has or In tne same group 
disallowed. " expressed sympathy with the pro- owning company, show 

At present the cost of raising posed change in the past, it is allowable against the pr 
long-term finance, the cost of unlikely to take any action in the consortium company. 


Wales TUC seeks 
relaunch of Tri-ang 
as a co-operative 

BY ROBIN REEVES. WELSH CORRESPONDENT 


Williams 
& Glyn’s 
charges 
to go up 

By Michael Blanden 


tion of taking up the Issue in market was £564,000. This was , 
f u ll. responsible for its loss before tax j 

Shareholders will be given for the year of £270.067. In the 
until January 8 to exercise their previous yea rit made a profit of j 
rights and any shares left over £564.937 before tax. 
will be used to satisfv excess Director's shareholdings Listed- 
applications. The Edwards family in the rights issue document 
bave underwritten the issue by show Mr. Louis Edwards noldjngJ 
agreeing to take up any new 81S ordinary* shares and 682 ; 
ordinarv shares left over. preference shares, each of £1. A [ 

This,’ however, mav be un- further 1.904 ordinary and 204, 
necessary because there will be preference shires are listed ini 
a strong' financial inventive for the name of C. M. Edwards and ( 
shareholders to exercise their 750 ordinary shares in the name; 
rights in full, given liie prices of R. L. Edwards. Sir Matt Busby. , 
which supporters would be pre- the team's former manager owns] 
pared to pay for any shares 61 ordinary shares and five 
subsequently offered for sale. preference shares. ) 


FIRE 
DAMAGE i 
- G.B. 


dons for the Coventry hlsJJt hav^ comes ctearer: ■ *■* • 

been suspended while the present;,^ jUjout lS months ago, Peugeot 
uncertainty continues. * --- agreed' to supply Iran National 1 

Chrysler, with aaJes. of S30hs -jirith components r fon - XOOUXW 
a year in Iran fs one . of . th^ .cars a.'y.enr. The ainf wants ; fiti.fi- ' 
UK’s principal ezportdts: ., The an alterttative source of Supply - 
contract was an important factor . and .' reduce dependence* upan. 
in encouraging the -Government Xhryalqr-.- *- •" .' ’> v r 

to mount the Chrysler/ ieseue ■. project has ^tUf^bd iEet/og. . 
three years ago. , ' -.V th^ grmmd and-^thBre .niU5t how-. 

Iran Na.tipnal has- sr sjObn.:}»ii considerable -.UBcertaiptyV^'. 
scheme to increase the pejc*BU.vabo'ut L 'wbeii demand wiD he-suffi-;. 
age of locally. . produced cbm- . cifent to fuSt^y such uTventnxel,, ;• 


prizes 

I^V f 1 


j In Birmingham and £lm fire at 
Battersea power station in Loa- 

THE AILI.M; Trl-au^ Toy Com- day stay of execution by Mr. I gy Michael Blanden .don. BY PAUL TAYLOR ' , . * 

pany may be relaunched as u co- John Morrb. Ibe Secretary of 7 PL Jr. J inrlucfrir The October costs were £$m . . . r . , , „ . . . . .. 

operative. Tbij emerged yester- State for Wales, before carrying PFR e n v-»t customers of ^fBda3.TIOS 2il0 Oli IOQlJ.StiV higher than those for September. JOINT local Government temn with 4Jte MedWay IXrrf ^ AuSior^^ 
day after talks on the company’s out a decision to halt further c S Sank will kJUtliaAiU ^ aUW ^ wh 8 ich at mSm wa5 w / u above has been set up to promotette the Port of London Autho^ 

threatened closure between the Government aid to the company. charees from Friday a 4 . 1 _ average, and over double those facilities o f the Thames estoary-ima^.liie lKmdon_- W haMgge Tara- 

^ and in -% s-i smsriSg SS2£ sSSS 8 settle Pollution row ss aa- 

8: S3SSSS?2b « «* ^h D5 cowomt sssasra? .ssr-JEsr-iK' 

operative Development Agency P^dfit-Safert facW SSmSt' TStoJteT di£S A DISPUTE between the oil oil's chief executive, said that a shade below damage for the one of the senior partners ^ol he 

2,«iwS d h!ek n^Vor 10 . SffJS '•»« tw he handed reduri- alreadypublished by the bigfour s£E?d “lands tankers would be aUowed Into whole year of £281.7m But, this ^eme 

possible backin for a tenlurt jancy notices. banks ’after the Price Commis-I Council threatened to halt the the port once the oil companies latter figure Included two report setting out tbe objectives fWj*®®* • r ?,--’- j *7 

the° UTi\ UOt ^ 1C workforce and T ^' decis i on t .. withdraw sion report, earlier this year.! flow of the first North Sea oil had agreed to the licence with "»“** h N J!J?SJS ° £ J? C 

But the \VD \ i> firm I «• resist- Government support from cleared the way for rises. . • f mo the £813m Sulloin Voe ter- Sullom \oe Association a coun- ^ ^ eJ! 16 - W 

SisrffrT^ ;s..r“ir% iJStj: ia rr sills' sissys*^ sssssa.-^ ifiSSsajss ^ pMSssss 

m^aKem"nr”nd ea3itJllnto the Office assessment that the com- JJJg Jeen Shis balance however. The oil industry had originally more specific clause on pollution ^here damage has been^t th e case for improved lntetruo- 
cotnpany 1 Rather ^itte seeking a pany has no hope of achieving will v l a lrnTfor refused to agree to a sLx-montb at yesterday’s meeting, and it least £lm So far there have b^ mre within and to the names 

partner in the private sector with viability without further sub- aut o ra -at e 'd entries on the^r temporary operating licence for now seems certain that the first J® *“ C S JJ™ 5 ’ wel1 up on ^ eorndor. collect and -fiOlLite .. 

the idea of relaunching a stantial aid. Figures, vary-ing a(Jcounts increMed from 8p For the terminal unless tne council, ^nker will be allowed 1x110 1 lhere wre ^13 where development appears to be' f ; 

slimmed-down version <>r Tri-an^ between El .5m and £2J2m are -u ,>»her entries hnth debits and owners of the site, deleted a Sullom Voe today. ™ on “ l “f r r. we ‘r promote the. competitiveaess of cWnrPnf'^ai^rts” -add 

A statement issued after being mentioned as the amount Sidff th?2hS5c ^will^ rise from clause making tbe industry Shell's 70,000-tonne tanker. *** Thames with port indUsMal ^epresSl^picmS’*-- ' 

vesterdav s meetins with the required to make Tri-ang profit- Sn a Hml To ?5n responsible for. all causes of 01 Donovama. _ has_ been anchored *° ™ or ® „r£S5!5. complexes _in Europe and ^tart on *»,>,-«ei a W|r ■Sf 1ui«dn«ni ennfl- 


Joint bi 
Thames 

BY PAUL TAYLOR 


} , *• :• . ■- .. 


Shetlands and oil industry a jobwi,^ cow^iw,. 

kjuvuaiiuo VTAX 1UUUKJ»J s £gn Sm was well above ha s been set up to promote the the Port of London Authored 

j j"m Ifl A* average and over double those facilities of the Thames estuary .--an&k the: London-- WharilggeraTa- 

vSCttlG DOlilltlOII TOW for October last year. Fire cksts ^ an in *} Btr, *l ind P°rt c°^ 2 *^?*%?* “ WJuWl^jB^vthe 

CyVlllL' pU'JLltaii’U'll TT so far this year total £255 7m— P lex capable of. competing- with. etNwdinated promotion, -ef ,th« i 

38 per cent more than for the European ports. .. : ■ : cbrrtdw* to be. .undertaken.-*?, Tbfr 

BY OUR SHETLANDS CORRESPONDENT &TS f 1Q m0Dths of 1977 and onIy The Greater London CounciL t«ua ;w«J report . -to, a; tfeerinfii 

A DISPUTE between Ute M dr. chief execuilve, snid tb.t jM^bytoj, tag. hr J*. S |<J»1 “* -SaTSSSSi'S-' ZSSS’ZgSS&SSEi-- 


banks 'after the Price Commis-I Council threatened to halt the the port once the oil companies latter figure inciuaea two reporx seiung 
sion report, earlier this year. J flow of the first North Sea oil had agreed to the licence with {? onth * figures. November and of the team. 


The. scheme is seen/asr eempik 


Sullom Voe ter- Sullom Voe Association, a cdud- December, which were affected The report prepared bfr Mrs; 7 

ys of its arriva’i. cil-oil industry partnership which b -’ r * be firemen s strike. Shelaeh Roberts, chairman of the 

4 i-aciorrtuir »ftpr Tnanvj^s fnnch-iirtinn and The DJOSt Significant feature rnuruMi’s nlanninp nnd rnmtmmL attract industry. .am^.-CtOTWefce-; 


in tne m-ong range, roe waies sources who claim tnat iri-angs jt r ”_ inst t w e charEes companies refused to g^e way 
TUC had suggested that a losses have been cut from £1.2m £ Hip cn JSSt | as the oil. which arrived on 

possible partner for tbe WDA last year to £800.000 this year. P®?®° 00 Sunday from the Dunlin fields. 

mi*hv be i, co-operative, tbe of which £200.000 I. accounted i’K.'Sn.Sl 1«.| ft «m<l™ed "> «»* through the 

statement added. for by fees tn the receiver- 10 ® eneral level nf Brent line at the rate of 150.000 

The latest efforts to rescue manager appointed by the Gov- inierest rates- i barrels a day. 


public, such as s^ops. schools, 
social clubs and theatre®. 


councils and the GLC together line extension. 


Tri-ang follow lust week’s seven- emment a year ago. 

Kirkfey take-over 
faces aew problem 


ZL : . a , .1 barrels a day. 

The rate is to be fixed and The council, which controls 


Field contracts Television 


fly Sue Cameron 


announced in advance, and for and manages the largest oil port Rir - RP 

the quarter starting December 1. in Europe, would not allow ^? nle ?i G n25i5SSL*r? COl¥lUJHII6S 

it will be 10 per cenL This com- tankers to enter Sullom Voe and JJPrilSJ 1 i SSUf if Sj vOllipamVJ 
pares with a previous offset rate load the crude oil for shipment to JJf F!e I d rrR ^vff<hnrS J Anm 

nf 5 per CenL rctaerics. llim .UO WI1 


D,- .. 

i <u 


BY JOHN ELUOTT. INDUSTRIAL EDITOR 


it will be 10 per cent This com- tankers to enter Sullom Voe and - „ piTT, „ 

nfTner' MnL Pre ’ i0US 0 " 5et IXSteT"’' *" for: si>rmm 10 S,“i «, OT Offshore 
nf d per cenL refineries. and Matthew Hall. 

Any change during a quarter in the absence of any agree- Letters of intent have' been 

of 25p or less will be waived, as meat with the industry, the issued to CJB Offshore for the 

before, and students who remain council was yesterday poised to platform structure and to 

In credit will continue to receive raise an action in the Court of Matthew Hall for the platform 

free banking. Session in Edinburgh for what topside facilities. Both contracts 


rise in manne 


ment with the industry, the issued to CJB Offshore for the MlYAIl ctlHW BY LYNTON MdAIN • • 

council was yesterday poised to platform structure and to JL^HAvril JMIvRtt . .. ^ .’U. 

raise an action in the Court of Matthew Hall for the platform . . . . . __ ^ THE p ort of London AuthOTi^.s Pehdeff , on the . particular . • 

Session in Edinburgh for what topside facilities. Both contracts British interest in ex-President chief constable, Mr., fine Ellen, arrangements drawn up . by; 
amounted to an Injunction pre- are for definitive design suecifica- Bichard Nixon does not seem as is to meet senior internabqna] owners of cargoes. r ... 

imhlinn tli#. nt I iMWinifime fenm 1 7 ^fTHlTF thf* (MOrd UniOfl r>OtlC 6 OmCflrK IQ PaFIfi nil' ' Tho '.ClfvaffA Actinia /' 1 


A LEADER of the Kirkby Manu- Yesierday Mr. Spriggs stressed 

facturing and Engineering that he had received no formal TTlwi-vl-wwS stud-wr 
workers' co-operative, Mr. Jack offer and added: " I know I would II f |, % 

Spriggs, said last night he would reject it were it to be offered. •/ 

reject any offer of a £7.000-a-year They are not buying us off." 

consultants' post from Worcester The future of the takeover nAvnQYin 

Engineering, the company now depends on Worcester llC lIl dHU 

negotiating to take over the cn- finalising financial arrangements 
operative. with the Government and other _ 

interested parties, and agreeing VArinrn 

This is the latest stage in tbe redundancy and other labour cL lCvUlU 
worsening relationship between matter with the workforce, and 
the co-operative’s leaders and leaders. . . .. . 

Worcester En.gineering which 0 night, Mr. Kenneth By 1 y 

was recommended as the best Clarlce . MP. a Conservative the HIGHEST demand made 
company to take over Kirkhy induBtr> . spokesman, called for a elecriicitv ^Solv 

b> a Department of Industry Government inquiry and a Cora- te _ nationally was ^cordwl 
workrag parly report two weeks ^n. debate on the cooperative’s lSU« 

a 8° history and problems. In a letter * = — 

Worcester has plans, to offer to Mr. Eric Varley, Industry 
Mr. Spriggs, and Mr. Dick Secretary, he said the co-opera- 


By John Lloyd 


of rho council’s licence. 19S2. The aim is to start oil 

Mr. Ernest Urauhart, the coun- production in 1983. 

Jetsave offers £175 
week in New York 


|S00 members of the union to- rise in marine fraud." - owners have scuttled vessels foY 

I morrow, and ATV, the Midlands Mr. Ellen has. already raised fraudulent reasons.”.. But thi4 
company which has paid £1,100 the matter with InterpoL _■ practice was hot common in the 
for sole television rights, has Two types of fraud are id- present upsurge' in missing 
failed to convince two other big volved, he said. One may be cargoes. l ' 

independent companies to take based On shipping and other *ni e association acts as a cod 
its 30-rainute current affairs documents forged by an overseas ordiiurting and information ex- 
programme. Both Thames and agency to obtain payment £or change for London underwriter^ 

Granada have local programmes goods that do not exisL ahd it now holds a list of mors 

-scheduled for 10.30 pm. and Or it mav involve the master than '50 vessels that have been 
refuse to alter the programme of a ship, in transit to a customer* involved, in cargo frauds. • $ 

to slot in Mr. Nixon. selling off th e cargo to a third One' of tfid main.areas where 

]>j i . - party and possibly scuttling his cargoes had'beenlosl mthe past 

LNC«ieci 1 veaeL- six months- was Nigeria, followed! 


“tffSSfctown-wT D ° NNE ' AEB0SPACE C ”°“ DENT Neglect ^ vessel.- - ' .; • six months was Niger! folIow«f> 

wnpifinPnnriv 0 ' Stt Government inquiry and a Cora- Mtionally was recorded JETSAVE. THE low-cost transat- based on the use .of Advanced Local authorities which own but E11 «> ® aid British ,<xiifr by the Gulf .in the Middle EastJ' 

working parly report two weeks ra0 ns debate on the co-operative's yesterday afternoon between fantic air travel organiser. Is Booking Charter flights, neglect historic listed build- P 1 ? 1 ?® 813(1 , y u J ew , * ad lost . In Nigeria. there have been asj' 

a 8° history and problems. In a letter 4 jo pmand 5 pm. planning to offer 220,000 seats on Examples from its programme ings were warned yesterday by untold sums and thatciatms were many: as- 100 vessels queueing toi 

Worcester has plans, to offer to Mr. Eric Varley, Industry _ its North Atlantic flights next include a week in New York or Mr. Peter Shore, Environment often met in the City. But Lloyd s unload' cargo es.At local ports ati 

Mr. Spriggs, and Mr. Dick Secretary, he said the co-opera- output freacneoa y ear> 12 per ceQt m0 re than this Toronto, including - tbe flights Secretary, that he wou’d inter- Corporation said yesterday there any one time. rl 

Jenkins, bis fellow convenor live should not receive any extra kuowatts, mki.wju y ear The company is plan- each way and hotel accommoda- v ene directly if they failed in wa ® no_eviden.ee that London Many -vessels gave up trying' 

director, consultants’ posts as state funds until this had been blgnM- tnan we previous a j ng for a £3 m rise ^ itB gj. oss Uon _ fpjn, £173^ aQd two weeks their responsibilities. He underwnters had paid anything earlier this year -and headed foe? 

— . .■ ,u . 1 j — record, set on January 10. turnover, to £25m. in Los Angeles and Hawaii for reminded the authorities of his y et a s a direct result 0/ cargoes Greek ports Wbere- 7 the captains r 

The Central Electricity M Re° PvcrofL chairman of £,W0 inclusive. "default powers" spld in transitto athird. party, would seek locdi coiirt permit' 

Generating Board would not Je Save. said'iuLSdonTester! Jetsave is also offering a No!«SV iobs to 

disclose how near to capacity dav that because of soarina holi- "senior citizen*" nhMn r n * rNOISy JODS i 0 ^ ■ loSt , ^ recoup . “losses ; made when? 


' 1 _ __ 


part of the takeover package. 


Injunction move to curb 
Kent students’ donations 

BY MICHAEL DIXON. EDUCATION CORRESPONDENT SfcST™™ IhS 

A HIGH COURT injunction will left-wing-controlled union execu- ever to hold down those costs 
bo sought todav to prevent live unconstitutionally approved which are under .our control, 
“political rinnatinns " of more the donations without the per- and we are pressing our sup- 

ta from find “of Kent ™ ly “ f “>• *“«»' M- k ' e < 1 dm ™ th ' lr ” S,S 

University students' union and Last W eek the Government an- The board spends £2.2hn a 
half the £-0 fine imposed on a ^Qmiced its proposals to year on fueL including £1.6bn 

picketing bakery worker For ensure adequate accountability 00 coal. It is thus extremely 
assaulting police. f or t j,e use of public funds by sensitive to coal price rises. 

The action is being taken by students’ unions were being held and is watching noth eoncern 
the university's branch of the back for another year to permit the National Union of Mine- 
Federation nf Conservative further consultations with the workers’ demand for a 40 per 
Students, which alleges that the interested parties. cent pay increase. 


- — it umg ior a rise in im gi'JSD uuri. irum no, ana two weeks re»i»uiiBiiimuc». ne — i~"“ ■nj h.n. a wmer uua jcaj- itnu neaaea IOC 

record, set on January 10. turnover, to £25m. in Los Angeles and Hawaii for reminded the authorities of his y*t a s a direct result 0/ cargoes Greek ports Wbere- 7 the captains^ 

The Central Electricity M Re° PvcrofL chairman of £,W0 delusive. "default powers" spld in transitto athird. party, woold seek loi^i court permis? 

Generating Bou-d vro^d not j,SV^ hi6 ta LnSdin™ten Jetsave is also offering . NoJcv iohn t ^ - ^ 

disclose how .J°. day that because of soaring holi- "senior citizens" cheap rate for J®®® . , transit mav nnf^b^eovpwl ' hw L ■ Eaa ^ e wfaei^r 

day prices in Europe, it would be transatlantic travel, hy which a ^ore workers in noisy jobs are SEKK*' ‘.?? l ! 9 i te .' p S y '” ^ ■ 

that the board had to hnng cheaper t0 vjsit ^ u. s . nest pensioner travelling to New t0 be . ma ? e eligible for com-:™™ P° u «es- “““• ** assodation said last night .-j 
In nearly all its stations. year Yor k can pay as little as £115 pensation for occupational deaf- ' ., • h 

Ki The « b 2?^ w As a result - jetsave has return, or £125 return to Toronto, ness. Mr. Stanley Orme, Minister Tl-rSA* ___ ___ .01 j ' ; 

big opsTirge m demand planned its biggest transatlantic Bookings must be made 50 days for So S ,aI fm. Secunt y- . has KfiriSH 1110PG|l3||lF-TfApT 

made ns more determined than holiday tour programme yet, in advance. announced. The new criteria JLB.V-WC-. . 


Air cargo rates between 
regions and Europe cut 


will include workers who use 
pneumatic pereuccive tools, 
those in textile weaving sheds 
and workers on metal naii cut- 
ting and cleaning machines. 


British merchant Beet 
falls by 750,000 tonsv 



Toy tests 


BY LYNTON McLAlN - 


TOE BRITISH merchant fleet; The world fleet at ‘•406m tons 0 



A fourth ioTgest in the wo^ ^ fS 




businessmen may soon carry 
a hint of Eastern promise 


BY USA WOOD 

THE WELL-EQUIPPED busi- 
nessman may soon be lucking 
a jar of Tiger Bairn into his 
briefcase, along wiih his 
Financial Times and his sand- 
wiches. 

For the oriental pain-soother 
— useful for smoothing away 
those city aehes and pains— 
has now been launched on the 
UK market 

Tbe balm, produced by a 
subsidiary of the Singapore* 
based Haw Par Brothers later- 
national, has been sold in the 
UK for more than 50 years— 
mainly from oriental goods 
stores. 

But its sale has been tech- 
nically Illegal, as it was not 


registered with the Depart- 
ment of Health for distribution 
in the UK. 

Haw Par. after, spending 
nearly three years satisfying 
government regulations, were 
finally granted a full product 
licence by the department In 
January. 

Tbe balm will be distributed 
In the UK by New Era Labora- 
tories part of ibe Gulness Peat 
Group. 

Traditionally, there has been 
a bint of oriental mysticism 
in the balm's image In the 
West. Salesmen In the past 
claimed that the balm, which 
contains menthol, camphor, 
peppermint oil clove oil and 


cajnput oil, had universal 
paJn-500 thing qualities besides 
being an aphrodisiac. 

Mr. John Robertson, world 
marketing director of Haw 
Par, said that the balm's 
image was pow being geared 
to a sceptical Western market- 
While the balm did not care 
all pains, it did help in the 
relief of muscular pain and 
could be or particular use to 
sportsmen and women. 

Tiger Balm's largest Euro- 
pean market is Switzerland, 
with annual retail sales of 
about SwFr tra- 
in the UK the total market 
for rheumatic associated pro- 
ducts is about £20m a year. 


and Paris, from 59p tt381p tram *• ~to»l ;! M, ^ C '' hh " cU,S p^ S “5 

Belfast to Pari 1 ? and from 99lp cen , lres to . Heathrow to catch the Matchbox Powertrack merchant ships registered in the ship ping' ^ this year and 
to 73?ftSin AbJiSi ™ Frank- early morning flights. system. I country, with 80m tons gross. . tfJffbE 

furt. The rates are all for con- The new rates are being intro- — — 1 : ■ ■ • 

sign men ts of under 45 kilos. duced ar Aberdeen. Belfast. mr ^ . -. 

The decision follows a study Birmingham. Bristol. Cardiff. 1 m/H 1 1 ARAnfinnAnn Am — — - J 

by the airline of how best to Edinburgh. Glasgow. Leeds/ iVltlrC iSill 0!0CmilC3nftll lITOPfl 

make use of its provincial cargo Bradford, Manchester, Newcastle ^ VAVV ^ U1 VH WU UlCLVll 

facilities. and Tecs-side. - 

! ■ BY SUE CAMERON ■■ : . » . r''- ; 

1F1 TV%<ni roAtifirmrtn Brit^h Rail must electrify of the century and It “ may have electric retraction should 

Zj /o rise 1H PftSSCH2CrS tha * n ^ S* reserved ” for consumers; be competitive with otot 

* ” planned if its services are to such as JShe: aviation and chemi*;-ofifract3da .aaff if the"< 

])A A oimApfr ^ 0,d «^ mg hlt by an ****** cal industries, who cannot use laise increases' ia ; crii 

USmS UAxtL alrpOlTS P, nc ® aU ®5 nati ^? en . Br gy ' fonus.: ' ' nut^iaUse it :is .dasiS? 

O *■ 01 ' fuels towards the end of The ’ Institution criticises an y-’ hi teroative to elect 

MORE THAN 3.5ra passengers high, at li per cent reflecting the century, the Institution of British- Kail's .da&a tiiat We tfan. . ^invest heavilv 

[used the airports run by the the strong improvement now Electrical Engineers has told the maxim um feasible rate*of eleq- : tiifieataon k therofqp»» n 

British Airports Authority during taking place in air transport Department of Transport. trificatfon -1*250 mUefl ayeat-. 7 nroporftioA ftEurSv r « 
October. 23 per cent more than The airports involved are Tbe Institution says that not “On this basis IT will tafce tioHk” •- j - — 

In the same month last year. Heathrow, GStwick, Prestwick, only could the costs of British until the end of the century far W V ^ .e 1 : ' 

A vear ago. however, the figure Stansted. GIhskow. Edinburgh Rail's diesel services be affected half the network to be eteetri- - T 1 ® «»sta.tuUon . adds 

was deoressed as a result of the and Aberdeen. Heathrow handled by oil price rises but it could fied and by that time the ®a«y' - t start ' Oai'fllectr 

strike of air-traffic control assist- more than 2.37m passengers, a find it hard to obtain enough shortage of oil will- be making would provider more expbr 

ants and by a shortage of British rise oF -l.a per cont over last fuel to maintain all of them itself felt,” the Institution says, tunities- for UK- manuf 

Airways aircraft after the year. For the 1- months to tbe by the year -000. “A further 25 years would be because man v nth prnnnm 

discovery of wins cracks in end of October, Heathrow In its submission to the needed to electrify the system aow^cSisiderinB - 

Trident Three jets. -handled over 26m passengers, a Department, the Institution completely. . - ? - ^ cgsgertog . jdet 

But even by comparison with rise over the previous year of points out that oil u likely to “Whichever way the trices of 022 

October. 1076, tbe growth is still ll.a per cent be in short supply 


BY SUE CAMERON 

British Rail must electrify 
its network more quickly than 
planned if its services are to 
avoid being bit by an expected 
threefold increase in the price 
of oil fuels towards tbe end of 
the century, the Institution of 
Electrical Engineers has told the 
Department of Transport, 

Tbe Institution says that not 
only could the costs of British 
Rail's diesel services be affected 
by oil price rises but it could 
find it hard to obtain enough 
fuel to maintain all of them 
by the year 2000. 

Ip its submission to the 
Department, the Institution 
points ont that oil is likely to 
be in short supply ' 


of the century and it may ; hav« 
to be reserved ” for consumers; 
such as the: aviation and chemi-; 
cal industries, who cannot use 
alternative energy forms,' " >' ” 
The ’ Institution criticises 
British* Kail's claim that - She 
maximum feasible rate '.of elec- 
trification is 250 miles, a year/- 
“ On this basis ir will tate 
until' tbe .end of tbe century far 
half the network to be electri- 
fied and by. that time the 
shortage of oil will' be making 
itself felt,” the Institution says. 
“A further 25 years. -.would be 
needed to electrify, the system, 
completely. . 

“Whichever way the prices’ nl 



electric -traction should at lea$tj[ 
competitive with other forms* 

■- ^actkiu -anid if the expected*! 
large, increases' in oil prices! 
materialise £l:'-isV<MruIf fa seai 
any- hlternatrye to electric.-'trac-" • 
tren. .-To-. 'invest -heavily hi- elec-* - - 
trifleation ^.therefore- a sensible; 
pro position from all consfdera-" ‘ 
tions.” ._ : . ■ •- r j r-_ ,; r • . j • 

The institution . adds that 2 n". 

early' -'start ' on j 'electrififtatida * • 
wuld p^vids: more, export ^pppri r. , 
pities for. UK- manufacturers l 
because many other counlriee are-'; 

considering electrifying ’ 
their-, ^ratiways. ' "Aaaiffohlnyr •'■' 
^Speeded programme of electri&rf ; o 
cation would provide extra jobs*' c? - 


■■ ■ ' ■■■ • v 


c ' v -'- T 1 ; 

. I ", 

v.a t3 





WSfttssftfe v ITcwerttfer 29 1978 




cVi,^ 


a n, 


ir may try \ 

to save jobs 


lllli nn' Councils to set up 
! national forum 


§Y RAY PGRMAM, SGOTTWH COfUtCSPONOCNT 

SCN’GER UK ..is like'*-, to tell ’one m-Pr r*-o tp: 


on planning control 


UK educational exports 
plan in advanced stage 


BY PAUL TAYLOR 


I BY JOHN LLOYD 
j TALKS AL 1 TED ar setting up a worth 


« To " one over two years though still «r they provide a viable way of; , 

t«iav *ha- w?m° anh p,anr reSulT ji> a considerable, loss of rnnr inninK production a« or near i THE THREE main Inral It is clear ihst the 

i««r wrtnriSn -^ K0 31 cm pi mm*- at at Clyde ban k. pn-srni level*. iauthnni- o?>oc».iinms m Ensland »ons* members wish to 

• iLJ. ai towards The recommends lions' received H Singer ilnex adopt the pro-: and VC.-ilp-; :ir,' in sel up an f ]. e , r independence as a 

^I?®** 1111115 nverwhelming backing's! factory posali-. n can count nn consider- elected nnliuiial forum r.n plan- lh riliM and .-..n-s ; «Jer 

pur up by toe workforce. meelmps and were put to iho able help in provide ihe n»rr>-:ine ronir.d ru nmnil'.r a 11 ilionues ana _ n- .iicr 

- This summer, following thp. . nsanagcajenl at the beginning or sary ftwd mvtiMiwm and work- ' jml idler i-niiMiluuon on control- national pa 1 1 

company's announcement that \t month. The rompany* mg capital > ling development £ cr ’ ^ J ' u . = J*. 

wanted to close factories making response will he closely walchcti Mr. Rrutr Mill.in. Secretary nf; Detail* nf ibe forum's function ,ani,, !? n v ‘ "• 

■ industrial 'sewtng-machiaes and by unions in other Singer plants Slate for Srnil.ind. has- said ihe and operation are contained in a r,r,|k \ i 3 T,. ' 

jneedl'es. shop stewards camrriis- m Europe, who. have already had Government would du all n could joint li-ller »o Mr Pete,- Slu-rc.. ,n inc ■" 

- 'tunned a report' from PA 'Man-' 3 nteetine vnib Clydebank under the Industry Act in Environment Sncretarj. from ihe The associations ? us gvs 


TALKS ALMED ar setting up a worth £60m — has expressed Department of Trade but. after 

; British educational exports strong reservations. discussions with ?.1r. Edmund 

It is clwr that the ansocia- council, which would have, as its r ?ti r ' n s chair- Dell, the romivr Trade Secre- 


>joned a report '.from PA Man- 3 meeting with Clydebank under the 
ageraenf Consultants and raised s-ten-arris. preserve . j 

a. levy from employees towards The plan entails ah invesiment which has 
the cose •' by the company of ££-lm. in number 


Industry and Defence in the mun icaiion and the clinching of fa'd that it is lerrb 5 unfair. 
Lord.-, said yesterday that he or dnr-i Rut it is a fact umc-h works for 


The associations ^ujwsi in the hoped to be able in announce its 


11 s — the world is an English- 


. jobs in 'Clydebank. • A -srie uii » n of C-uintv Cuan«-il>. letter ihat a national planning establishment in the spring. , hal .v, P reservations will be sneaking world and will learn 
s been hit hard by a : Association *>f l)i>tiict Gounvils forum would meet the objectives . ,, , {h . ;_, DDrlant overcome and that 1TETT to- its skills in English. If we can t 

nf rundowns and; and Association of Metropolitan outlined by ‘Ju- expenditure! , ' , Dro \,£*i d council— eether with the Publishers' profil from ,hls *i tujl,f, n- lhcn 
c , , n , J Author., lc. c-j ruin nice and :n the White l?Hu. Scla.ion and ihe EJecIronfc shouldn't be exportmg at all.” 

Scot,. SI Development The --oci.nmns' dccis.nn it* Paper while m.n .. retaining Cal5ona i and Xraimn? Tech- Ensineering Association, should He said that Japanese and 
vhich has al read j been ; set the forum rolW-L- their meal responetbilf.y for dciai.ed ;no , vhich brin2S together form the “core group” of the German exporters were highly 
hy financing three- concern nvur siiageslmns in i.om- nnplementaDoa of pbrnuns ; ihose'eo mpanies e xponi ng svien- new expbrt counci! competitive- in the field markel- 


The report recommended that ?* ,ltio ” '2 
roduction of indnstrial marh- mfdi.rniAtn*. .he 


closures. 

The Sccitiish 


niep should he retained, but on 
s reduced scale conccntratiag an 
the most successful models. 


involved 


* most successful miwteit ° D Mr * Uf " fiavin. Singer'-j. U.S. quarters of the i'UMi.000 cost ofjmons expendiluiv eominmee 
‘ aei. . presideni. has agreed to consider the consultant's report, has also ; rein iris about the need for bolter 

s * ve LOftO job* out Ihe r'jn.iUitanK 1 report .' and lo been watching ihe Singer ’ control nu-r dcvt-lopmcni. 


j AuUuirilici. 


cm ruin it ice 


ni-nduenon of indn«tri 3 i ' lo spt'nn moaurniMng . sne me swum.su Development The ;i -lociaiinns 1 docis.nn ,r. paper wniw oi.m . «i-ia 

chnnld he rciaineri domestic sewing-machine oiH.-r.i- Agency, which has already boon ; set up the forum roIloi-L- th»*ir j.j-jl responsibility for del 


financing three- eoneern ntvr sit; 


slmn^ <n »mm- implementation 

>■ vfimininee L .j,ni rols. 


of the 2,800 that would have implement ns recommendations situation closely. 


particular. 


nnpicmenwuiw UI piaiuinij, ; j{, 0 se companies exporting svien- new export council. coinpetiltvo in the held markel- 

L'uniruls. tific and lei-hnii-al traininc equip- The council was first seen as ing bonks and educational aids 

The national forum would be meat wiih exports last year coming under the aegis of the based on English, 

h.-c-ed on the c\i«ii:i« -ijniciurc ; 


Prizes for boosting 
new enterprises 


.... mter-authori?;. 

romm u seen as an a Item pi to , ( sr 0 «p< •*:,!, elected 
divert pressure ,n the 15 ),fi-.i ^ ' n| ." ^presoniativcs and the! 
.■xpend.mre coni.mttec report f p u * 

[and in Government W hite Pai-.-r, . v ." d( ., epa , P , rron. the depart - 1 
i r° r » *y**m *'f P ,ann ' n - meat and onsainwations such aa| 


planning . 
clccicd 


BT NICHOLAS LESLIE 


Warning 
of curbs 
on energy 

By Sue Cameron 


^ i-^r' “I ; u .^ c ; mic fl«m Europe loan 

the hcln an«l ailvu.-e i„ deparf- The forum would have a Financial Times Reporter ST 

meni circular j uu planning cm- rrm sulia live funcuon rather lhan j 

i ml and. perhap. Ies< palatabU exei-unve power. Mould meet atj.\ RECENT SURGE in new jobs gy JOHN LLOYD 
the lui-.it amhorities. as a way » nce a •■' Par Jereated by companies in Aycliffe. 

nf k**epi in; jiie Secretary of Slate Th*- dcpartinen; .*atd vesierday -Uo. Durham, has taken Ott*i v , _ . _ . . ... „ . ... , 

advised nf local authority plan ih.u il will examine the idea of; number employed in industry m |II!! : .A at,on ^l 1 Co , al B ? ard h b 1 vvllhout * 

nmw prr.ieedurt.-s A national forum in consul, a- ihe mwn over the 10,000 mark received a £ ] 0 m , *J ar * f ™ m c^'niney 

Tim f..r ..., ur the no..H fm- -, 1 -inninn ! for the first time. turopedn Goal i*dq Steel Coni- Up said: "Thi? uncertainties 


Housebuilder;' 


Jobs surge 
in Aycliffe 


Financial Times Reporter 


Coal Board given 
£10m Europe loan 


to 

,es Estuan 


. . o y ;„r k.*rpin 1 ;U,e Secretary hf Slat- 

> COMPETITION lo encourage in Xnvpmhcr iatf year by Mr. y^E GOVERNMENT could he! advised r, f lwa « authority plan 

the creation of new enterprises Michael Poc-ack. icniur manacing forced to bring in new lavs un niny priiccdiiri-s 

. In the north-eail of England, has director uf tlie Royal Duti-b vnt-rgy saving if t-xisline iih-si-- The need f.»r planning 

been launched offering a £10.000 Shell group, on the contribution surc^ to Mieoiiraqe industrial and : a-si*>*urs and ” a wider consuita- 

prize to the winning venture, that small companies -make domestic consumers lo sav** fuel-u-.-n forum ” h.i; l*pi-n tlii'-u-iH 

Second and third prizes o. r £5.000 towards incrcajinq employment, -and power do not work. Dr John between the d- pamienl and local 

. Wd £2,500 iv-jJJ a].,-o be awarded. He aurora fed that help should in: {.Viniun^hani, Afniisler for F.nvr^j auHrontie* sma- January 

The competition is the latest ? , 'T n . hy :* r, v ‘“•urLe™. user Vail on. said ycsl-rilay. ! 

in a series of initiatives de- ,nr, t*dtng la%ge rompanieii. • •• | Jr ihimunghain. who was! 

ve loped by Enterprise North, an r- . ! i>resrn»ing this year's Bril ish f las ; Ej’il 

organisation Marled five years OUppOrt ; Enemy Management ( f '.EM t j JP Hill llIi2IiCt 

ago to provide free advice and Mr s , rfi-remor of a ' A ' :,rdh ,n Lnndiin. said if ih.*| 

assistance to new companies in rh-h' i;’ K ' m'i Wid ih^i fotlow- <: ' n " rnm<,n * was forced in rnn-j - r 

the north, together with Durham he *meTr. rJ. U,? sl»Vv of the l,u0c lhal voluntary measures on IH2 V T £C01 \ £ 


BY JOHN LLOYD 


Shell UK. 


_ ... . r -** d "W 'vhirn rwnmiDrtdMl : }ll ) oll j; a » am al | he statutorv Expansion plans by some com- move” among smaller housing 

The prize money, and all Oilier e.nabnshmg a programme of -help ( ri » R1 ii a ii 0 nj.“ H P added that he BRITAIN'S National Film Sir John said he hoped theipanies already in the tuwn will authorities towards provision for New controls curbing water 

expenses associated witn thecum- fur this sector. ' would he reluctant lo do this hut Einanct* Corporation will proh- new money- would be in the form , ad d to the employment register coal heating. demand in the Penzance and St. 

petition, are being financed by A small business unit was m?i '. -tressed that it “could not be ahly receive a cash injection ur of an equip.’ investment, rather I D any case Perstorp. for in- “The overall proportion of 16 lve s area or Cornwall come into 

Shell. up inside Uie company and after; ruled mil.” £5in early next year from the lhan an interest-bearing loan (stance, has an £Sm scheme in per cent of houses under con- effect on Saturday, the South 

Launching the competition at the- creation of the plan to cu-; There were 33 finalists in thus Government, as an interim which bad been the case in the! hand which eventually should slruction having a chimney is an West Water Authority announced 

Durham Business School y ester- operate with existing agencies, , year's GEM award scheme, support measure for the industry, past. He is to be succeeded on add another 200 people to its improvement on the figures for vesterdav 

day, Mr. Herbert Loebl. a busi- support was given to Enterprise j Between them they saved -i.2ui The iiirnuraliun set up bv thv J anuar - V 1 b - v ? ' lr - Mamoun work force. the previous year, and there are ' ^ restrictions under ihe 


[: producing results, ir would ”have{ BY ARTHUR SANDLES 


'yesterday. " In the last yean non plants at Hatfield Colliery 
] alone more than 600 new jobs! near Doncaster and for Wear- 
.hate been created.” mouth Colliery in the north-e3>t 

j During the past year 14 com- and for improvements, to surface 
j panics have moved into the town equipment at BiJsthorpe in north 
j and ihe Development Corpora- Nottinghamshire. 

I lion is increasing the range of • Sir Derek Ezra, the NCB chair- 
advance factories being built to man, said yesterday that a recent 
keep up the momentum. survey had shown a “significant 


Water curbs 
in south-west 


-eloped by Enterprise North, an r- / ! prwmins this year's Bril ish f Iasi /i/xvvi/vpnfi/vn h.n e been created.” mouth Colliery in the north-ea>t 

irganisation Parted five years oUDDOrt ; Energy Management (f'.EMij F 1 G ill 1 1 8 1 3 i3C£ COl DO l2i 11011 i during the past year 14 com- and for improvements tu surface 

go to provide free advice and Mp , ...i- _ hr , r d r „, or _ r awards in Lnndnn. said if ih»* i * j pames have moved into the town equipment at BiJsthorpe in north Pltfll 

ssistance to new companies in shell" UK ’ ill's ^ntlow- ' G'n'-riment was forced in con- P nir j i a . nf1 ! be . Development Corpora- Nottinghamshire. Yf altl CUlu 

he north, toL-ether with Durham h” 1 ^rh, v»ude that voluntary iikmmi res on IT13.V T£C£I\£ X ^H1 '2!fl !‘ ,on ,s » ncrtas!n - tbe r f n S* ° r •SirDcrekEzra.theNcBchair- 

Unlversity Business School and \w.ninrc^wi^cir ; *' ni -' ri; > ninwrvalii.il were not a U advance factories oc:n K built to man. said yesterday that a recent | ncA1 ,th Uf 

".hell UK 'l i 1 1 M * ,n ^ ‘ tD,urc • w - 3 \j; , ’ r u pniduemK results, ir would "have BY ARTHUR SANDLES keep up the momentum. survey had shown a “significant ID SlUlliJrYV t 

_ . _ rL ** d Ll m ’! which recnmmwMH-u ; Jjf J(jllk a „. <m al |j, e sla ,| lt(irv Expansion plans by some com- move" among smaller housing 

The prize money, and ail other establishing a programme of -help ( ri » Rl ii a iionj.” Hp added that he BRITAIN'S National Film Sir John said he hoped theip an ies already in the tuwn will authorities towards provision for New control^ curbin 

xpenses associared with the cum- fur this sector. 'would he reluctant to do this hut Einanct* Corporation will proh- new money- would bp in the form , add to the employment register coal heating. demand in the Penzanc 

lemiDD, are being financed by a small business umt was .set - stressed that it “could not be a hl > receive a cash injection uf of an equity investment, rather j D any case Perstorp. for in- “The overall proportion of 16 ive s area of Cornwall c 

'heH- up Inside Uie company and after; ruled nut.” £5m early next year from the than an interest-bearing loan (stance, has an £Sm scheme in per cent of houses under con- effect on Saturday, tl 

Launching the competition at the- ireation of the plan to cu-; There were 33 finalists in thus Government, as an interim which bad been the case in the! hand which eventually should slruction having a chimney is an West Water Authority a 

lurhatn Business School yesler- operate with existing agencies., year's GEM award scheme, support measure for the industry, past. He is to be succeeded on add another 200 people to its improvement on the figures for vesterdav 

iay. Mr. Herbert Loebl. a busi- support was given to Enterprise j Between them they saved 4.2ui The iurpu ration set up bv the J anuar * v 1 b - v ? '* r - Mamoun work force. the previous year, and there are ' ^ restrictions m 

essman who founded Enterprise North and the New Enterprise j therms a year, worth about Government ne.-irlv 30 years ago L j Aycliffe -has been near the other indications of a return to n hT \ri nro'hihn 

torth, said: "While new maott- Dei’clnpincnt ftoject programme, i £420.000. The winners in the i s verv s hort of money In an corporation has been ■ to 600- job mjrk once before. In the chimney.” •* min.pwniiii iw-c , 

acturing and service companies launched' by the Durham j industrial sector were ^Ican Plate mdiislrv which iionnaiiv inlks in friUc,sie( i f° r P’ 3 ^nS persistent , 1970 its industry employed 9.70U. Manufacturers had reported a F C 9 t„ r ria v - rtn u- un 
re being founded all the time in Business Sdtool a year ago, of Binningham. working with icrms o’r millions the corporation ,oss . es DUt * sai ^ Slr John . the but when the recession began 10-15 per cent increase in sales * . u _ prf " for '. asi , 

ur country, the rat** of forma- Mr. Gallacber disclosed that ; West Midlands Gas. which made I h..^ r . n i v , lirtip more than rca * c ®? 1 *9 the ,3X P 3 >' cr had l to bite the number dropped by of pre-fabricated chimneys, and ftF 


nessman who founded Enterprise North and the New Enterprise j therms a year, worth about Government n**;irlv 30 years ago 
North, said: "While new maou- Devcbprocnt ftoject programme.) £420.000. The winners in the \ s V erv short of money. In an 
facturing and service companies launched" by the Durham j industrial sector were Alcan Plate jndusfrv which normallv tnlk> in 
are being founded all the time in Business School a year ago, of Binningham. working with i crnIS pY millions the corporation 
our country, the rate of foniia- Mr. Gallacber disclosed that | West Midlands Gas. which made 1 ^as only a little more than 
tion is inadequate, both in rcla- one result oF the study was the! a 33.6 per cent savinq on fuel. £3tKI.OOO in liquid assets, 
tion to the needs or the eennomy issue of un instruction within the , The winners in the commercial 

and the opportunities of the group to ensure .that small com- i sector— this is Ihe first year com- Plans for its absorption into a 


The iurpuraliun >ct up bv the *■ -•* «m:. mv iiitviuib jrar, auu muc y. restrictions under ,he 

Government neirlv 30 vearv a"n Hainan. I Ayclme -nas been near the other indications of a return to n ™.oHr 

S ion of innei an The corporation has been !0 000-joh mark once before. In the chimney." 

industrv which°nonnaHv i-.k> in friUcised [or making persistent 1970 its industry employed 9.700. Manufacturers had reported a F " "‘V^urdal waste water 
i e r m s rT m i t'tiu ns°Ui e coroora ti on lnsses DUt * said Sir John - ,he !hut when the recession began 10-15 per cent increase in sales V,° " 

has nnJv i little m*irc than rcaI cost t0 the ’axpaycr bad l to bite the number dropped by of pre-fabricated chimneys, and 91 

f^iiOOOOin i inn id issck been £70.000 a year if interest i about 1.000 in two years. there was a continued increase in thA 

Zutm.uuu in tiquiq asseis. oVn i III « a 4 cr.™„ rru\ r nq n.»>i -ph- r> & .. a i Anman r r> Am <v^ti nn -c I 19 washes is banned and so is the 


vehicles, use of mechanical car 


tion is inadequate, both in rcla- one result of the study was the! a 33.6 per cent saving on fuel. £3tKIOOO in liquid as«:eis bc ' en a year if interest; about 1.000 in two years. there was a continued increase in * h ; '= h nri . th l 

tion to the needs or the eennomy issue of an instruction within the ! The winners in the commercial va* excluded. Some *00 feature The Development Corporation s sales of solid fuel heaters, up 13 ™* e ? * s ! 50 fl J 

and the opportunities of the group to ensure that small coni* i serior— ■ 1 his is the first year corn- Plans for its a bsorptum into a films had been financed and. ! next target is to establish the per cent in the past seven "J 5; 

marketplace. Tor historical rca- panies owed monev by Shell were (m.-rcial and public adniimtitratmn new British Kilsnw Authority have therefore, the results, he said. . 100th company. months. 

sons, this is particularly so in paid promptly , . i concerns have been eligible for been delayed, and the corporal ion “ran be regarded as a form of; Mr. Cooper said 96 companies Sir Derek said the solid fuel ud "'-^ u p i vu- 


aons. this is particularly so in paid promptly j concerns have been eligible for! been delayed, and the corpora t ion ‘van be regar 

the north.” Shell has also been ms l rumen- [ the awards — were Bass North uf itself is almui lo run nut nf minor miracle 

, tal. along with the London 4 Huddersfield, with North Eastern money. Sir John T*wry. ns The report a 


V IVIVI Vi IWUIIO, IIV oaiu. ; JU'KII luuipaui. luuiiuu. llTWIl'PliniArl 

an be regarded as a form of; Mr. Cooper said 96 companies Sir Derek said the solid fuel UD ™-cupieu. 

inor miracle.” ; were now operating in the town, industry, including the NCB and The Drift Reservoir near Pen- 

The report and accounts of the “We nave been able, despite the the appliance manufacturers, zance has risen to about H per 


r T t hi» VrtPtK hurl a lrtWAf ratio ilf ' vvnii UK uutiuuu t • ■ « » iiuriviiL-iu, Tl uu .yui ui umichi mvm.,-. n.on w . avvui v * 1 ^ m 

1 it jvLvuZititr iiian m; i-J Chamber of Commerce, in draw- j Gas-. j retiring director, said yesterday corporation for this year showed recession, to keep unemployment should secure a market increase cent of total capacity a; a result 

■man oomparaes uian any ctner j njI plans for a London Enter- A special award was qivr-n in (that he had been given n has a deficit of £432,560. With- down lo at least the national in the proportion of houses with of emergency measures taken by 
region in w U.h. . p risc Agency,, with Funds of up 'Well worthy of Ringwood in 1 assurances that a Bill releasing nut interest however, the cor- average and create jobs for the chimneys being built, and the authority. But two reservoirs 

Shell's ■invoH’ement stems to £lm to help small companies ' Hampshire for sbowinc consistent ’ new funds would be introduced pn ration was in surplus lo the 'region which would not other- second, in providing convenient serving Falmouth and Penryn 
from the . Ashridge Lecture given in inner London. ^concern for energy conservation. i early next year. extent of f50!00". iwi*e be here" he said. ‘‘heating packages" for the 3m are nearly three-quarters empty. 


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- Luanda] Times iffdtosd^ NOTe^ibeE.29 1978 



llABOt K NEWS 



blinks but does not 



• BY PHJLffP RAW5TORNE 

TEDS GOVERNMENT was 
given a rough ride La the 
Commons yesterday over its 
sanctions on Ford's. 

M Blatant injustice Mrs. 
Margaret Thatcher snapped, 
ratting quickly into the Prime 
Minister’s questions. 

'The Ford Company was one 
of the country's finest indus- 
trial models, the Tory leader 
declared. Its performance in 
employment, investment and 
exports was highly rated. 

Nothing hut damage could 
result from the Government's 
decision. 

Mr. Callaghan blinked but 
did not baulk. “There is an 
over-riding national interest 
here," he retorted. 

- The Government and the 
whole weight of poblic opinion 
wanted to hold hack the rate of 
Inflation. 

Ford's runaway settlement 


threatened that objective and 
the brakes had to be applied. 

Ministers were determined 
that restraints should be im- 
posed on the large companies 
as well as the small, be said. 

Mrs. Thatcher raced impa- 
tiently in pursuit — but the 
Prime Minister eased away in- ■ 
to other diversions. 

Mr. James Prior and others 
tried to block his getaway with 
questions about the TUC staff’s 
20 per cent wage increase. “I 
don't propose to buy any motor 
cars from the TUC," Mr. Cal- 
laghan murmured in passing. 

He. reversed out of Mr. 
Donald Stewart's question 
about the morality of his sanc- 
tions. “I would not want to 
argue morality at the despatch 
box." he said. 

It is a question of how we 
ensure that the jobs of the 
people of this country' are safe* 


guarded, that inflation does not 
get out of hand and that prices 
do not so up.” 

With Mr. Peter Host crying 
indignantly that Ford had been 
the “innocent victim” of his 
hit-and-run policy, Mr. Callag- 
han purred smoothly out of 
reach. 

But Sir Geoffrey Howe, 
Tory Shadow Chancellor, suc- 
ceeded in bringing out Mr. 
Denis Healey for another 
rigorous test of . the Govern- 
ment’s motives. 

A policy which started as 
“an exercise In tyranny” was 
now “rapidly developing Into 
a farce/’ Sir Geoffrey snorted. 
If British Oxygen broke the 
Government's guideines would 
the nationalised industries 
Stop buying oxygen? 

Sir Geoffrey inspected the 
Government's policy at length 


and concluded that tt was 
arbitrary, unjust and Ineffec* 
tive. 

Never the man to avoid a 
head-on collision, Mr. Healey 
put his foot firmly down. 
Ford's bad stuck to the Gov- 
ernment’s guidelines for only 
two weeks, he. declared. 

Its pay deal- could not be 
reconciled with the Govern- 
ment’s policy and if it were 
allowed through, it would be 
a betrayal of the 500.000 
workers who had already 
settled for 5 per cent. 

Hadn't Sir Geoffrey 
demanded last year that the 
Government should take action 
against Ford’s ' much smaller 
breach of the pay rules? “You 
can't have It both ways,” Mr. 
Healey pointed out smartly. 

The Chancellor encountered 

more criticism from the labour 
back benches. 


"Whew do you get your 
authority?” Mr. Norman 
Atkinson, demanded. “ From 
the support of the overwhelm- 
ing majority of trade unionists 
and the British people,” Mr. 
Healey retorted. 

He rode roughshod too over 
Mr. Kevin McNamara's sug- 
gestion that Ford could afford 
to pay. Mr. Healey retorted 
that he hoped the same prin- 
ciples would be applied in the 
case of British Leyland's pay 

settlement. 

Ford could have done more 
to help the Government along 
its anti-inflation course, Mr. 
Healey insisted. 

The Chancellor stopped 
short, however, of sharing the 
theory that it had been the 
company’s massive profits that 
had “ goaded ” its workers to 
strike. 




BY PAUUNE CLARK, LABOUR STAFF 



‘blatant injustice’ 


LEADERS OF 9,000 journalists 
on provincial papers .throughout 
the countrv vriti- decide on Friday 
whether to' call “an alftuT. strike 
over a pay claim. 

If the full executive of the 
National Union of J ournaliste 
accepts the strike resolution put 
forward yesterday by its emei^ 
gency committee, the union will 
be embarking on its first -ever 
national strike on provincial 
newspapers. It will also be ta 
direct confrontation with the 
Government over its 5 per cent 
pay limit. 

The call for action would be 
immediate and could hie- sports 
coverage on local newspapers tas 
early as Saturday. . 

The journalists have', been 
operating sanctions in support of' 
a "£20-a-week pay claim for more 
than a week, and a series of man- 
datory chapel (union branch) 
meetings have already agreed .to 


step up action, to . a full-scale 
strike If necessary.:, . • . , - , 

An indication: jof whether 
there will be stixi^ : snijpbrt ifer 
th£ strike should comeioa Thurs- 
day when flits. pnwindal .iiews- 
papers’ industrial Council -of the 
union will discuss the resolution 
ahead of the executive meeting. 

Yesterda^^r«3l^ba^^i 

oL^uMM'lonrealisS' on the: 
Bolton Evening • News; ^because 
they were operating ^sanctions.- 
The union had already called 
otit journalists on , the -South 
Yorkshire Times io 'lftxbotough, 
a sister paper in- the St Regis : 
Newspapers Group. 

The strike resolution, tow- 
evet is said 'to arise:, largely 
from pressure from „ 'dhapeU' 
which are angry that sanctions 
have failed, sofar/to -.persuade 
the Newspaper- Societ^to. Sin : ‘ 
prove its present pay. oiffav.j. '.V 


The society, representing some. 
260 . employers. . and covering ' 
about *£200 ■ .prqvauflaj. 'news* 
.papers, :has'offered i'S/p^ cent 
Increase, but only u it can justify 
' a case for a rise: la exces of the 
5" per. cent . Government .limit 
witn thp Department of Employ- 
ment. . ■■■. • 

Services .of therfress Asm- : 
eiatioa;' - ; tife" ■ ;national% ?■ news- 
agency returned ' Lttfl ; . normal 
yestereay . afternodn ■ when the 
agency's' NUJ chapel lifted sanc- 
tions they . haw been - operating 
ibrthe past nine'day^-la a loug- • 
ruiming QiSpotd- oVer ^iwy. ■ 

. “ Thejouto^i^;^ 

“ 48 hours 

to ‘ ; aUow.vih tensive" a’egotiatibns 
to Jresttm&.stfflf /management : 

^ -The chajwt'is^ seeking larger 
alwwancss under'^ Three 
pay deaUond ^-improvement in 
a proposed ^oduettvity Scheme. 



Extra compensation Firemen 
offered to dockers 


42-Mur 


productivity was not achieved. recognised this dilemma but 
One could not bas s pay settle- there was an over-riding national 
ments simply on unit” wage costs, interest. 

If that were done, then capital “We are not ready to see the 

intensive industries could make big fish get away with it while by NICK GARNETT, LABOUR STAFF 

awards of 200 per cent without we only catch the tiddlers/ 1 he — V- : , . , 

affecting prices. declared. AN INCREASE of up to £1,500 London s dockland.; • . .. .. . . 

Mr. John Pardoe, Liberal Eco- At this. Mrs. Thatcher angrily on the nationally agreed . The improvement In ^possible -- 

nomics spokesman, said that recalled that a, year ago. the severance scheme for registered Severance OQJy , ^jf; **”^1*** Labour Staff 


BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 

THE GOVERNMENT’S decision confined to the purchase of 
to impose sanctions against Ford vehicles. 

for the breach of the 5 per cent They could also involve the 
pay policy was denounced in the refusal to grant discretionary 
Commons by Mrs. Margaret financial assistance under Sec- 
Thatcher, leader of the Opposi- tions 7 and 3 of the Industry Act, 
don, as “a blatant injustice." and the refusal of loans, tern- 
She was backed up by the Con- porary employment subsidy, and 
servative Shadow Chancellor, Sir export credits. 

Geoffrey Howe, who claimed that “ This could mean that they 
a policy which had started out as don’t get future contracts and 
an exercise in tyranny was now future discretionary assistance/* 
deteriorating into a farce. Mr. Healey said. 

The long and bitter row over He pointed out that Ford had 
the sanction^ decision started negotiated outside the 5 per cent 
during que?tinns to Mr. Albert guidelines for seven weeks of the 
Booth. Employment Secretary, nine-week dispute. At the same 
and spilled over into Prime t ir»e. over 500.000 people had 
Ministers Question Time. already settled within the guide- 

It ended with sir. Denis Healey, j ines 
Chancellor or the Exchequer. if the Government had allowed 
receivin': a bad maul mg when he the 17 Der cent Ford settlement 
answered a private notice ques- t0 pass without comment, it 
.ion on the subject. would have been a betrayal of 

Both Mr. Callaghan and the the trust of those people. 

Chancellor firmly defended their “Also it would have led In 
. action and argued that they had many cases to demands to re-nego- 
an overriding duty to hold down tiate the agreements already 
inflation by means of a fiem made,” he added. “That would 

wa ges policy. The majority of would have been absolutely con- ductive work-forces ? 
the people and many trade trary to the national interest.” Mr. Healer replied by caustic 

unionists were firmly behind The Tories wanted to know fHy inquiring whether Mr but ineffective. ’ from the Tories as Mr. Callaghan tb^ Tramrort and General financial assistance townrds^sev- part : of the settlement . which 

such a policy. Jiey raaintained- why— if the Government was McNamara was C ° JUS V£ ft would be impossible to wholeheartedly endorsed Mr. workers’ Union might decide erirnce paymehta provided plans ended last wifltert national -toe- 

.1 1, ™ E.' sUcfc,ns Jo sanctions— it did not “““f apply the 5 percent policy con- Healey’s performance as Chan- next week to re-assess its attitude to cut surplus manpower are- put men’s strike. 

T!? ent TJh im pose- them against the TUC for «, rounds oF Ford 3 profitabiliti . S j Stent ] y jf the British Oxygen cell or. on severance schemes within into effect „ • Agreement ■_ on ; arrangements 

the oppos.taon. Trade union awarding its own officials an m- „ In that perhaps Mr. settlement was outside ili-> guide- “ I think, there is nobody who - - . for introducing file riuaige, bow- 

MPs and Lea-wingers on toe crease of 60 per ceDt, payable McNamara could s; v e an assur- lines WO uld the Government has borne this task for so lone ■■■."' . ever.' has been defayed hy hard 

Governments own benches also over three years. ance . that the unions at loss- {^ en re q U j re British Steui Cor- with so much fiscal and L'tnmmiAAFCi' /vintu4* IF’I? bargaining' betweca- . employers 

(Lib. Engineers anit pay taip 
bMiCfe® at Yorkshire Impenal 

SS ^ Z S S;^V Kingston-upon-Hull Centra] ». a pay with holiday pay and an n . jr ; n „ nation* tn Pr : mp Ford's sanctions as “absolutely THE Amalgamated Union df ferentials in pay negotiations. Many briffadee are expected to 
IvlrvbodV* U ^ bWt for Transport and General Workers’ increase of 6 per cent related to offensivl to the democratic Engineering Workers wtiJidrfw Rates for unSkiUed wort^Ts bad implement tiie 42*nuT?weric 

ev.rybodj. Union-sponsored memDer, re- the attendance scheme, whose ^ -. S J “.!? i?* 1 process.” yesterday from pay negotiations moved from 75 i»er jceot> of before the^AMil l^dfiidMn^ hut 

with Yorkshire Imperial, • , 7 t4^ criffemen's" rates. to @ pedeetit others inay^-fted* it recruitment 


MR. JAMES CALLAGHAN 


sanctions should be imposed by Prime Minister had been eager dodt workers, is being offered to to . registered , dodtete aged 60 : TilifivTHKSAT- of militant -actioa: 
law, not at the whim or the to encourage Ford to invest in some sections of Qie labour yfears or over/ tally clerks tn the this, winter by' Britain’s . firem en 
executive. a big plant in South Wales. force, by London Port employers, same age group, and aii lighter- -Vas lifted ; yesterday, ^when- - * 

He suggested that Britain At that time he said the Gov- The offer encompasses smite then, irrespective ot'ajigL ' -.I ' V 'speclal deiegate confereace of 

should adopt the U.S policv of eminent would do all in its registered dock workers who '. Employers say the increase i Ss the Fire&igades.Uniph accepted 

giving tax rebates to employees power to repay Ford's confidence take severance under the Port- related to a 10, per cent rlse iM-final tertns for Ihe- introdBctkra 
who observe the pay guidelines, in Britain. of London Authority's short-term each of the past. tWO_years, in of a 42Jidur;.we^c.--T-,' 

From the Opposition front The Prime Minister reminded trade and manpower plan to cut broad line with mflhuqn:' . r,'- ; - The ; firemen’^; . r etalted r ; con* 

bench. Sir Geoffrey Howe said i,p r however that if other com- its workforce by 1,489. . l Th e national scihenM lor'noB-fewno* ^butiSOO .delegates in 

it made little sense to impose panieE foUowed Ford's example. The increase of up to f 1,500 registered staff ii baited <to one Blackpool decided^ % ^a : ; big : 
sanctions against Ford which had and pa j,j increases of 17 per cent, was agreed by the National Aflso- month’s pav tor’ evfery year’s majority ta-»ccept April l as the 

done its best to resist a strike then Ford W0U ]rS not be able to ciation of Port Employers as a service, which the Fort^ ^of tioo- tuget- date'. .'for -in«>lenteiaation 

“which had been in flagrant - no]d lhe price of its for very London differential. It supply doh Authority says averages pajS: of -the shorter.worklng' weriL: . 
breach of agreement.” I 0n „ ments pajments of up to £7:000 ments of £7.500. There is do luge Although some. Union leaders 

it was like punishing a house- .. Fvprvhnr?v be treated in under the national voluntary London differential .for , tills- bad; misgivings: about 

holder whose house had been Everybtrij wiii De treatca in severance scheme f or registered group. - the iist.pt terua.pf esenfed' last. 

burgled. thfs as aspire have dock 10611 and took effect from - The Government last week ete. week as a firm and final, offer-.by 

Other employers would draw “) 1 * ,P° U ^ “ J on ® ® ® the end of last week. - tforaed the joint unioO-manage^'nmploy&tt^ihe union 'a^Kcutiye: 

the conclusion that it was sen- puDnc . su ""?r t ’ aD t L r. Some union officials, however, ment plan foir iWuctitmS within recommended acceptafrcfr of the . 



jQULITV 

U])\\S I 

luuii ' * 


Mr. Healey explained that the called that the Prime Minister final effect could not be judged Fo „ rd had suffered the nioit dam- 
sanctions would involve a refusal had said that we were in a free at the moment. aging strike m Us n, -j' jr > 111 

fey the Government to place collective bargaining position. The company had agreed to attempting to an me oy the Gov- 
some future contracts for Why. then, was the Govern- make these payments before it ernments guidelines, 


some future contracts for Why tnen. was the Govern- make these payments oefore.it emmenis gumeuuea. Mr Cal]a han; « T wouJd not joint negotiating committee has z ^ delegate co'nf israice .Calfed for i . 

vehicles with Ford, and that pur- ment objecting to a free collec- wa s known wnether productivity It had one of tne best records t t | u morality at the been prolonged between skilled December 9 to discuss the cem- At I'll HP 11111011 

chases under some existms coc- tive oargain ata-eed by both sides would, m fact be achieved. for nroductivitv. jobs, invest- n f.. ..mri-orc u.- ±u*„^*.* zBU. 1111 v : UIUMil 


He wanted to know what legal ... 4 ... . . _ _ 

or moral basis the Government I metals and plastics company, .The withdrawal wta nteatt-thati problem. It iS estonated that a 
had for its actioiL [where a dispute in the company’s the union will not. take -parkin furtherfl^OO firemen are, needed. 

Mr. Callaghan: “I would 


chases under some existing coc- tive bargain agreed by both sides would, in fact be achieved. for productivity, jobs, invest- 

tracts might be stopped. representing one of the most He emphasised that, under the ments and exports and the sane- q 

But he also made it clear that successful companies in the Government's wages policy, pay- tions could only damage all this. M 

the sanctions were not necessarily country and one of the most pro- ments could be clawed back if Mr. Callaghan assured her he 1 



Despatch Box. It is not a moral aQ d unskilled workers. pany*-a latest yap offer, thought 

queslion of whether “fclM "Kbilt Wage IllOVe ! 

we manage to ensure thal the tS ei r stevva rd s bios workers n further^£2-27 By Our LA oUr Staff .;. 

jobs of the people of this “ e t “ a w«ek wito -another JL34 fpr-five ^OP OTEWAHDS^ ^ represeafcin* ^ 

country are safeguarded and ^ u S % T' e S Jf vesteXv - h ? Ur s' Saturijay,. Airways en©^^ 
that inflation doesn’t get out of delighted at - the executive's Sund^work- maurtenauKa .6taff agreed yester- 


BY IVOR OWEN 


get 

hand. 

“I am utterly certain that we 
are right and the public under- 
stand why we are doing it 


BRITAIN is ready to resume the year. ing to be held in Brussels on devil is in the details.” _ _ 

negotiations on the revision of j n a clear bid to dispel sug- Mr. SilWn reaffirmed .his .JN8W CODSlimer 


dec j« on ing-. Craftsmen's basic rate is day to. negotiate their em-miad 

:. £47.64, add average earnings £72 pay’.- settieineBt -. based- on tha 
The engineering workers said a week. airline's J ^regradnug and restruo 

that the company’s Joint Nego- The company had plants ;at >Diirimg pten^^ whidi ■ might pro-' 
dating Committee had given Dundee, Leeds, Kirkhy .and.: ^ise» ’ride Increises of up to 20 ner 
[unsufficient weight to craft dif- where. - *eoL - * * 


the EEC Commoo fisheries policy gestions that the dispute over suggested that lb .t r ,f ™ 3 0 s determination to secure a revised 
in advance of the ineeang of Britain’s firm stand on conserva- r 00 ^ 1 [ or optimism over the pros- c0rninon fisheries policy wh : ch 

1 policy and preferential P^f e 5 s accepted the basic principles 

ess to fish stocks in certain ■ _ ' c . ^ oai ^ tssion, Fo-r t f 0rwar( j by Britain. 

a>! JIJ likelv to continue inrlcH. 1150 arst time, had put a working * 

. 10 tonnnue inuen v .. r„ „„ ,1, « -p Ha hpheved that the neeotia- 


Fisheries Jtinistcrs scheduled to |j on 
take place just before access 
Christmas. areas 


, . __ nitpiv ^ "he “hu document before the Council of He believed that the negotia- 

P 1 * announced by .Mr. “TO- if. ^ Ministers which was based on the tions had moved “ towards to at 


John Silkin. Minister of Agricul- Ministerial colleagues in the EEC 


Sj" d in ^ uble^r^uickly^s po D s e s!ble atine B ” ^s^i^ahlShUely new/’ the fate of progress was much faster consumer protection! 

Commons yesterday when, a!> « pos^ioie. Minister stressed. than anyone would have "" - - - - - 1 

despite the breakdown of the Mr. Silkin made no comment But he admitted that there visaged six months ago. 

talks held in Brussels last week, on suggestions that the fisheries were genuine difficulties to be In “shorthand" terms, lie Stewart^ MP for the Western 

he insisted that it was still the row will be one of the matters overcome and quoted with outstanding questions were more isles and leader of the Scottish PUBLIC SECTOR Pay -com- nlrived on hmafll? mrmMraWi.' n « 

Governments objective to arrive discussed by EEC heads of apparent sympalny the comment a matter of arithmetic than National Party. parabilitv was the one^oart of ® omuara * >le accompany car f£330) are 

at an a E reement by .he eud of Government at the summit ment- by a German negotiator that "the principle. Mr Srewart raIne 13t „ ^ ^ Ute failed TUC-Goverement Pay research is nsCd tb de- of k'lli - a US? 

ballot for Parliamentary time agreement on pay and prices teraine pay -for the majority of -riSt. increase, on tbp 
devoted to Private Members’ which even those General Coun- Civil Service gtafles up io Under- findings Rates - can s i« n h! 

D ..n vf> SU p pprters . wh0 91J members who voted against Secretary leveL . Hut a renfldra- adjusted down war£ 0 

nsumers Associa- it felt most anguish at losing. tJal guld ance document to inem- _ T 
tion, hope that the Government's Mr. David Basnelt. general bers of the Pay Research Unit , outside conditions — 

. THE GOVERNMENTS Bill to no longer gut up with this skua- Commission a target figure oF Northern Ireland Secretary, said Steal Wwkera^ten^nd^ 

increase the number of Northern tion.’’ 17 seats for Northern Ireland, the proposal to increase Northern r n P iSSTk dndSm of U ?n^w2'2iJ5f 

Ireland MPs a. Westmineter from -i^ hedeve in feie d., a„ TO e minin,^. » -m^ S. ^ ^ . ,fhe 

Opening U.e Second Reading land should just for that reason Liberal amendment selected lor e/re' sos 0 ts n a SwSte'Tr uHScTS? bI&W Son. 1 SKl 5 

debate on the House of Commons automatically carry less weight debate which opposed the Second eventual devolution.'' he added, if the faults were the sort which ^ reason «iven for vothS renorts." ' BU ^ 510 ? 1 V*. lts n e goStion- Sh er 

(Redistribution oF Seats) Bill, in Westminster than bis fellow Reading because it failed to allow The Conservatives would do their could be put right by a repair or "tlnJl th! agreement hi Iff ^ 

Mr. Roy Mason. Northern Ireland citizens who happen to tive some- MPs to debate whether propor- best to ensure the passage of the adjustment— would still be K s en Thomag Vneral sec?etTre “ken Kmntat “ ^ ar ® 

Secretary, said there were strong where else “ nonal representation, should Bill. protected by law. of Britain'sbi H ees7civilsenH« plete ^ b ? “S ^ ter 18 

arguments for increasing Ulster’s Neither was there any reason a PP 1 y in “e new constituencies. For the Liberals Mr. Clement Mr. Stewart said yesterday union, the Civil and Public Spiv P 1 ? 11 -, . mwooea- -m»ttng an M'mrterB - then - consider a 

representation in Parliament. why the people of Northern Ire- The Government was still bent Freud urged the rejection of the that, “ despite the best of inten- vices A ssociation who said civil 1I ? ten ? a .* surv *7 tne Owl Set?- detailed submission from the 

The average Northern Ireland land should receive only re- on restoring a devolved govern- Bill because it failed to allow tions, consumers may have been servants already had all ih* yiCfl.pay grades to be -tactoded department ott.fhp' fnir ranee of 
constituency had 86.000 electors stricted service from their MP ment in a form acceptable to a MPs to decide whether additional robbed of their rights. This is a Government was offerlns ee - — -iHHTn ally about f^jdejme. gno ^atrtborise a pay 

compared with an English aver- owing to the large number of majority of the people in both Northern Ireland MPs should be straightforward move to restore TK , . S " . 65 per cent or grades are directly The unions .tnoyetp a?ree- 

age of 66.000 and even less in constituents. parts of the community. elected by proportional repre- them to the position the law „ or ? ■ v c ° n ?P ara “ , ^ , * y covered— ^and looking at.aseriesteent or. arhitrarion, thdueh 

“ always intended them to be in." ^echamsm, which civil servant- M ■ jobs In- .a 'teepreaentatlve” “w?th 'a '; common basU of 

are enjoying again this year for sample of public and private sefc'nMprtlve -evidence, there • is 

. _ «. __ ,, ■ j. . . .. i te* d . r5t .^L7* sinc e it* s us pen- tor companies; "chosen to ensure alwavs A jtebd omroect Of a 

Stewart DaSby discusses the latest shift in Northern Ireland politics smn in 19^1 at the Start of thd a fair cross section: Vim a proper .negotiated settlement.”. 

RT csen serles of pay controls, ta industrial, and ^graphical w .. 
the only annua! relativitifes sys- spread." .... . itan ]' PChd® by .civil Service 

tem of consequence in force, it The unit then presents a rebort • -' con Iff short- 

has been looked at with envy by on Its'flurvey of 'pay rate tivtofr 
other groups.. Civil Service BeSxtmenVIrat P^fbmty. . ■ r ..- • ; 

Earlier this year, industrial makes no recommendation bn . uniorr. Ie ad era. have -made it 
ON THE surface, it is more than akin to a county 'council in West, the leader of the OScia! Dunlop— the other Unionist MP, thought he would be going to a j 5 f,T vaDls ^?/ ned : mo .re how the gaps between^ dvir ser* 1 clear that _ tlie Government 
little ironic that Mr. James Great Britain. Since county Unionists, wants a return to the who belongs to the United Ulster new job afier the October elec- „„„„ th a ° y u her Relevant vice pay and outside “analogues’*-, jotends-to riick.to its 5 per cent 
Callaghan's minority government councils are elected on a fully developed Government at Unionist Party. tion. He had in any case done , promiseof should be met .... uota. programme 

is receiving support from the majority rule basis as are West- Stormont which was abolished in The basic conundrum of more little In the political sphere, con- . e °? lve compara- The uniW work- ifi -.then? over. action. would start. 

Northern Ireland’s minetar IWDj than „ninnle^ 107*7 ,„hiah U,* ----- ..... - : — J 5 — D111TV in tima * — .... Inaln^mn T 

unionist MPs. who hold 
the Province's 1- seats 


protection Bill 

By Our Consumer Affairs 
Correspondent 

position” and claimed that the A private Member's Bill 




to , 


ons envious 
ervants - pay system’ 


BY PHILIP BASSETT, LABOUR STAFF 


for more Ulster MPs welcomed 


12 to between 16 and 13 was round. I do not see how we can mum of IS 
welcomed by the Opposition in argue that a British subject who flexibility 
the Commons. happens to live in Northern Ire- Mr. Mason criticised 


Wales and Scotland. “We can The Bill gave the Boundary Mr. Airey Neave, shadow sentation. 


c< 



somersault on Ulster 


Ct 




minster. 


Less than two months ago. the finds some way of solving the so Official Unionist Leader even a *. a . t, ' nse there were faint 3^. Mason has dusted off a blue- fnree 

ibousb he does not hold ■ a st J I T l °. gs of mi >vemeui5 in favour pr j nl f„ r a 78. n iember non-legis- At ' 


nuclear submarine para'billty study have Waiteihon Union leaflet believe that the - 

-iri- nf the outcome of the Ford, strike G ove rfeme nt 's .wa y Qut.would be 

talte- iafive assembly. This would con- himV Tvstem for tL C °SS^ be I° re settbng. to make the eitfUervice a Special 

T ? e Son^Demecratic Labour Rider BUta fr0Ta a number of W hitV«S^ vi i ISa! - P ro6ess? ttegotiafifti— .case wtth.a stag® deSC t 


Official Unionists together with far impossible, and introducing though he does not bold - a 
other Unionists were more or proportionality into county Westininster seat. of ta - ks - 

ie ®,. re . ;us ‘ n B to talk about councU elections. non-integiationists p 3r n 

politics in the region. They were A T.aKnnr rinvarnnionf L*Ant i «i : j "■ 

earnestly hopidg that 
Margaret Thatcher would win 
October election. 

If the margin were narrow . _ . _ . w . 

then the Official Unionists might increase in the number of Beats toral pacts with the mors es- creased Catholic^ ^representatioo S* JJJJ F ! ixst «P°rts from the unit awSL ffee^S°and dtSr^fri Ag ? 

oave some coalition role to play irom L to a probable 17. treme loyalists. constitutionally not one whit— Unionists to indicate that the average rises benefits. - executive ^effiwrs^-wltii a 25-30 

with the party they see as their Although these will not come Mr. Ian Paisley, the MP for that it finally called for British it needed for middle-grade civil Figures in the writs* docii- 22? r,y ' 

traditional and natural partner. j nt0 effect until after the next South Antrim, and the leader of withdrawal. For although the Labour servants will range between 25 mint show that a £4000 survey r ,PH® would-be 

Moreover, Mr. Airey Neave. election, the idea of a solid block the Democratic Unionist Party, While the stance was meant Party's official policy is some and 30 per cent. Lower-grade rate^ ten offices. in the ; outef -Lem-- "9 
Opposition Spokesman on North* of votes in a possibly hung has persistently nag?ed the Offi- to jolt Mr. Mason into recog- kind of development based on clerical staff will need about 20 don pay area wotild'be reduced ■„!!?«? . ” -fipplied, rt 

era Ireland, has repeatedly Parliament has immense appeal cial Unionists to enter a deal nising the increasing frustration power-sharing and although Mr. per cent and some administrative by 78 per cent . for; London . “““ffl®" 

stressed his desire to introduce to someone like Mr. Enoch whereby he would get a further of the minority, it also had tho Callaghan has assured Mr. Jack staff between 35 and 40 per cent Weighting, and by-a further £l06 e • •f ,,n ®rop.tia«.y- ... 

a new tier of Government for Powell, MP for South Down, and two seats in exchange for not unfortunate effect of providing Lynch, the Irish Prime Minister. The unit is based on the main for superannuation.', baymeots 6 The^ Par -llfeisMreVTTnii 

NorLhecn Ireland. Thi*« would fill deputy leader in Parliament of running in marginal Official ammunition to the Unionists that that- more Northern Seats aoes recommendation of the Royal based on the compimy-’B own said •' vesterdav- tWat 

tlie gap between the impotent 26 the Official Unionists. His goal Unionist seats. the moderate SDLP is collapaJBB not mean more integration, the uommission on the Civil Service terms, giving _g. tubrrate o£. scientists ia The eiwii tn r ~ .u - i 

district councils and the all- for Northern Ireland is closer The Official unionists appear into the arms of the more rabid Go Jfrainent minorliy PO«tion ‘ n . 1 ' . mai^y meffifeera -<^ the teSt£ 

powerful Secretary- of State— integration with Great Britain. to have completely ruled out any republicans in its ranks. would appear to be driving it of. Civil Service pay should be Amounts .to take account of tion of- Professihniii^ ot«a' clL - 

at present Mr. Roy M^on In this. Mr. Powell does not agreements with toe Rev. Ian Mr. Mason has so far shown mrfrom «* «■»; polwy Into wittfiht rarront company bonus paymetttt (£142); 

j unchallenged, Mr. Harry Paisley and also with Mr. John tittle sign of reacting. He toe arms of toe unionists. remuneration of outside staff fim- meal allowances (£72) .and the compkrab ii ty exefeisa Qflif ' - 


Mr. Neavc’s idea is something go 








-.c-VV.r 



rrS\A 


Fniancial Times Wednesday November ^9 197S 




ED1TEDBY AffffiUB B6WHETTAHD TCP SCHPETEBS 
• TEXTILES 

New loom to start 
a revolution 


SINCE THE wjr. rV Br :;:»■( 
loom building industry has n 
in a stare of comnifl/on to .*« eh 
a degree that it tus vipiual!.- 
been oblilc rated and tin- 
majority or looms or wearing 
machines Iimaiiert l«y ih« British 
trade since then have hud tu be 
imported. 

This may chdnsr »m>:' rhs 
development in Loughborough 
of a completely new, hign- 
productioh loom. It i> rjefi,-.. 
developed by Bentley Weavin' 
Machinery t Belton Road. Luutth- 
horoueb LEU 1JD. Tel. 0509 
(£191). a. new .member of the 
Skips and Bentley Engineering 
tiro U ns. 

The Urliii loom is the name 
Siren to the development, h is 

expected tha: by imd-lOTM fi-.-n 
of these machines will he 
operating in British imiis where 
they will have stringent evalns- 
tion Irsls. 

The new jnarhinp, »-hi,-;i ;* 
based on an Kalian concept, is 
a step beyond mo*t erialina 
looms and incorp'iraiei im io* 
than 1? rigid rapiers which .ire 
cnnsrantly inserting wet! as they 
revolve in the machine In fart 
they - an* cam wipe rated :nd. ».;• 
linking a cam to a central drive 
lc» operate two rapiers, it i* 
possible -,<» produce two limbs 
simultaneously. As one ranier 
advances arrnss the n.-rp shed, 
the opposite one nil iid raws. 

On the basis of the relative*;- 
low opera tins speed of nniy 
IhO r.p.m. of the eentral drivi- 

that controls the cam 1 , it means 
'that l.SfKl Oiclcs nor minute wi!! 
be inserted — higher speeds jre 
possible. 

Orbit operates at the rela- 
tively low noise level uf annul 
S5 db{A) and will uiiliaily be 


aimed at the mass nrnductiun nf 
industrial fabrics. ' The first, 
niacliincs will be I.lO-mctre-dotli 
width, biit eventUdHy this could 
he inert-used to. i-s;-. S-mctfi; 
widths. 

tt3jiip.ire<i -*;tii ex i sting and 

traditions) ucavjjig sysleili.* and. 
i«r course, depending' upon the 
types nf ,-inth lining woven, one 
Orbit will oe equal to between 
15 and go nnrrnd' loom.;. Sm-!« 
is the rate of production that 
with, sii ;• . a very open scrim- 
type fabric :•» u»cd in textile 
wall run ings. it should bu 
pnssibie to make clrith at a rati* 
of 15 metre* /in m ul«',. This *n 
aests that it might, m *uch 
i-ireuT* lances, h» feast'd? i-> 
incorporate m i!i** new loom .t 
iainin.itiiig unit that wmiid v ,, m- 
bme the «imh. .»* made,, with a 
papr- sunpon rhat wimbl 

svil>i!i*c i:*L* struct ure and pro- 
duce a wail caver ids ** single 

slag?. 

The itrou ifto.u H a very cum* 
plr :* p.ect- of crjiiiouient and i- 
Ilk* 1 !', jo j* hot ween KltS.mui 
a Pd £4’i.uftb. ]•:■! .-.-hen com -in red 
with the investment nvi*P*> irv 
*n provide .i mat-htng pr'i'lui- 
Sum cai'anty ibis ri still .i 
rcbttvelv low fivurr: 

Although intended for hem li***- 
t>P» rndu-iral f:i*>r:r-y perhaps 
mc'll>\. ; dressings (lwndagm- • 
and wil l covers ngs. Orbt: i-imlil 
wei! cunie to '»e a siandard 
•uaehin" for the nianufnulun- uf 
piain Sauries -ticji as the m:i<* 
n end need print around chillis 
that arc: used throughout tie* 
world in massive quantities, hui 
before t; !■> developed as an 
anpare! fabrics machine il ml! 
have t>» prove iisclf in the 
industrials a rev. 



9 PROCESSING 

Scrap tyre recovery 


COAL Process: n*jt Cunsullanu 
«CPC i has i-een awarded a con- 
tr.icj by the Department of 
lndu*try •£• review procc.;scs 
which aun t>i rctotcr useful pro- 
duct* from the 1 3m old car and 
imck tire 1 , weighing 150.000 
(urines. a: pre>cat landfi'led nr 
incinerated every year in ihc UK. 

\ alua.Yic !— and residues 
u*i-l ill (•• the chemical industry 
for ihe inanuf^cuireof -nc-h pm- 
riin.-I* a* fuel oils and carbon 
black ran n? recovered hy heal- 
ing ih.- tyres under com rolled 
c-iindmon* a.vi n th? a bailee of 
n\j aen. s.-, iha- lhev do nut 
actuall* burn, lias aivcn nd in 
the process cun be used 1 o fuel 
thr healina turnaccs. 

Processes asms studied by 
t.Pfl thus? nf Balehelor 

Robm-on. involved in ;« DOI- 


s-jppyrted pilot plant develop- 
ment programme at the Warren 
Spring Laboratory: Foitci 

Wheeler, which has developed a 
process under licence from 
NRDCl: and Upland itK). with 
technology available under 
licence from itenc-n of Houston. 
Texas. 

llua! PMice*siii.* • VinsuUani* is 
a Join i coiiiiiany uf the Natiunal 
<r».ial Bu.-ird. ihroni-h NOB iCo.il 
Prodm-l.-i. and Babcock , ( nd Wil 
i-i*x i hough subsidiary. Woodall- 
Duckhain 

Ftirufisc nf ill-.- s-.udv i * t*i ui’«- 

ih? HUl an iumartul teehnicul 
and ecnnnnii.- review of thr three 
procc.ssi's. CPC is due in present 
initial findings in December. 

Further details in mu Ol-l’.'lS 
2020 



e CALCULATORS 

Cheaper 


pocket 


Jetstream air conditioning can now be tuppfied 
with an integral ion generator which introduce* 
a stream of negatively-charged air molecules 
into the air flow. It represents — Colt asserts — 
the first attempt in the ventilation industry to trans- 
late into practical hardware some of the results of 
rescirch that suggest negative ions provide 
increased efficiency of breathing due to easier 
exchange of gases in the lungs. Other claimed 
effects arc that the heart-beat is reduced and 


respiratory sufferers arc relieved. A single Jet- 
stream with its oscillating base — the adjacent picture 
gives an idea of size— provides an all round benefit 
to a large area. Its maximum “ throw " is 20 metres. 
The unit has wide-spread application in hospitals 
hotels, factories, schools, department stores, offices, 
exhibition stznds. hairdressers, bakeries, laundries, 
in fact, any “ hot spot “ situation which is hot and 
stuffy. Colt International, Havant. Hampshire P09 
2LY. 0705 451111. 


Electronics give heat 


9 COMMUNICATIONS 

Packet-switching 
job for Plessey 


THE llKCJSH.lN hi £>it ulirad 
\-:ii!i J’SS — Br Main's permanent 
pack oi -switched data servict — 
has been lakrn hy Hie Fust 
lillice. 

To euine min upeniltnn in 
,-iIkiui a year's time. FSS will 
follow i lie experimental 1*SS 
• EPSSi which has nq« been 
•.vnrking for IB months. It will 
al.*»ri give UK users access iu 
iniernaiional data links ttsin" 
packet swiicbio^. 


.Switches for PSS hate hern 
seleeled and a contract fur their 
supply is now hems ncgoTiated 
with Plessey t'i»niroi». Il would 
install I he equipmoiii in 19T9 io 
permit first euslonuTs Ui he 
connected he Core iht- end uf !hc 
year. At the Mart PSS will be 
iiased on nine packet -‘.viu-hed 
senivf exchanges io be ?u?d in 
London. Birmingham. Bristol, 
Cambridge. Edinburgh. * Ibsaosv. 
Leed.*, Manchester and Beading. 


9 QUALITY CONTROL 

Faults are all shown up 


Some doubts on Viewdata 


ALREADY successfully used for 
testing the integrity of concrete 
romponenls such as fire-cast 
beams, a forced vibration test 
technique developed hy Search 
Engineering of Leatherhcud i.« 
now imdcrguing further experi- 
mental work for application l'« 
enRirieeriDp items such as 
castings. 

Thp technique is based un the 
jmnciple that ihe resonant 
freqaencies of any structure are 
deiurinined by its mechanical 
elastic structure. By applying a 
swept frequency sinusnida! fore* 
>ns funrtinn f vibration i iu the 
srrfjjert under test and measurins 
ifsTftsponse natural frequencies. 


damping, mode shape and pha>? 
relationships it is possible, by 
mm pari. son with a known gou»| 
item in as*-es*, the integrity nf 
tin- teslifd iinM. 

For more dclailt-d data in .• 
large structure, for example, ihc 
same equihtnenr can be used in 
a diasniMiic fashion io Incalis? 
ihc f.'t nil. Such a .-truclure ran 
lie easily checked at. any permd 
in iis life, especially after re- 
pair.s have iK-en carried out 

The company belie-ns that 
the technique has i*onsi(Jeratiii- 
srrme in ujnnv fields of engin- 
eering. Details from Unit 30. 
Randalls Road E«inlP. lieallnT- 
head. Surrey «0S723 7B17S). 


THE ORC AN l. SETTS uf a recent 
M'ininjr un Viewdata. European 
(‘.run inimical ion* Consultants, say 
tha i a number ef l he Y.W 
dele cates had some mixed views 
u In ■>!( 111'* MlbjcCI. 

Alosi uf the delegates were 
attending in order lu wrne 
vvahia turns for their organisa- 
lions. 

Sume of them found the lack 
of firm cost data a primary 
obstacle to any definite proposals 
i hey might make. 

In addition, however, there 
\M*re some other aspects that 
caused unease including the fear 
lhar meurporatiou of message 
services within Viewdata (for 
example an advertiser could In 


theory address a specific group 
of screens) might discourage 
installation uf Viewdata 
receivers. 

other doulils expressed v.cre 
aliuiM the unknown anil variable 
costs oT ■■ thiiiiihmg "* through 
the page?, of the database to net 
in the needed information, and 
l hi* di'per.serl and duplicated 
nature nf the database. Users 
would be likely u» want all the 
relevant data on one subject 
presented together, irrespective 
of who provided the information. 
But each information provider's 
mam concern would be in supply- 
ing his uv.n (data. 

ECU is at 2 Duncan Terrace. 
London N'l tfl!-27S 9517) 


9 COMPONENTS 

Bright gas 

discharge 

display 

FIFTY per cent brighter than 
the unit it replace*, an 0 5 in 
U2.7 uinn screened miag'* pinnae 
gas discharge di?p!a>. the 

S P-432, by Beck nan instrument:;, 
provides 105 root-lasnben- uf 
ti^ht outpui 

Ba-ied un •' i*?-segincm de.-iau. 
il can acirum.iiodate up u» 15 
characters and -lie message* can 
cun»i£l of niiuH-rats. Idle.- and 
vpwwf symiurl ■ '-t y:iii-fv foir;- 
*»i vale and in*; rumen; at tun dis- 
plays. 

Character .*i tanei;. i»ngh'* 
ne>» and the Kin degree tiewing 
angle enable the display to he 
read easily in brig I it. dark or 
otlier diiSeuli cunditions. Mea- 
suring J.55 by S.9n in 139.4 hy 
22B.1 mmi. the S P-4 52 is lur 
eriee board moil mill,:, siino!: fving 
in*tni:ation and minimising com- 
ponent thick nes*. The dis'la; re- 
quire* uni - . ').!$ in in x imu’ii 
mounting dc;'th. including tahu- 
latirin. 

The H-i-v i h' •<]■.* segments can 
hr. L-onveniemij driven b\ I •-» a. 
eight-segment commercially 
available biif.-r drivers. Tw * out- 
put - on the S P -4 52 arc dedicated 
to driving thr dcritual point and 
comma provided with each 
c ha racier. 

Beckman operates front 
Otu'enewav. cilrnroth*'* Fife 
KY7 5PU T.lenrothes 753S1. 


ELECTRONIC .ind riigtlai. a new 
ihermnr.ierer iook> iike a conven- 
tional pocket calculator — minus 
kej board 

It -vei’jh* uniy 5.5 ounces und 
i% -uppl-ert complete with an 
easy-io-c'ean Probe which can be 
sbireti in a i-ui!:-in holder when 
not in u>c. 

British Rotoiherni expects Ms 
Elect rotherni to find apniicatiuR 
aimosl anywhere in indusiry. 
i-oir.merce. lahoraiorics and 
nu'dical c-slahltshmcnts. 

Operation i.* simple: the uni* 
;* •'witched on. the pruhe up 
placed in contact with the 
material to be lesied and ihi- 
hriafu LED display indicates the 
temperaiur-' 


Accuiji-i is guarani rod lo 
plus nr niinii* U.5 degree* K 
over the entire range with n 1 
degit-c resolution. It needs 
neither calibration nor com pli- 
ca led adjustments to maintain 
tins high level of accuracy 
Centigrade or Kabicnhcil scales 
arc selected ji the Hick ol a 
MMteh. Range* are 0 degree- 1 (' 
in 1 10 degrees C and 32 degrees 
F lo 239 degrees F 

Kurt her informal ir.o can he- 
obtained from British Rnlotherm 
Company. Murgain. Tort Talbot. 
Wcsi Glamorgan S.AI3 2PW. 
Souih Wales. Ken Jig Hill (0655) 
740551 


Skims food fats cleanly 


MOTACO OK Denmark, i* mar- 
keting a fat *eparaior intended 
to take fat* nnd oils from waste 
procesiin 1 ; water. 

This ’ighlen* tin.- harden at 
municipal treatment plants and 
at ihv same time, valuable 
h> -products can be retatned. 

The Trix fat separator is autu- 
matic and considerably more 
i-fiieien*. than traditional units. 
Tests show that it is capable of 
retaining three or lour limes as 
much fai and oil than hithcrio. 

The plant i». in principle, a 
miisiH dissolved air lloaliun uuM. 
uriginaily i? wa> developed a,-, a 
custom design for a casing com- 
pany. Now. several are working 
in Danish bacon factories, while 
more are on order for abbatioirs. 
fi#li processing units, rviyonnaisc 
and sausage plants, oil mills and 
soap factories and pet food 
companies. 

The method constsls in whisk- 
ing air through the water, 
therebj carrying fat particles on 
fine air bubbles lo the surface. 
Such particles vary greatly in 
sire hut have a specific gravity 


close to that, uf water und tradi- 
tional fat separator.-- are 
inefficient. 

If connected directly to a pro- 
duel ton line, the separator will 
keep fresh and tmvoni:imin;ued 
which is import ant .*ineo the 
value of the otherwise wasted 
fats, which appear in large 
quantities in several industries, 
is considerable. 

Tests earned mil in the casing 
denari men! of a bacon factory 
showed that ihc quantity of Tat 
in wasp- vab’r after traditional 
punficaiitin v»( n«*»r|y i:> iim»« 
that measured vnh ihp Tnx 
sen-, rat nr employed. thi« la Her 
r.i-Mmd retaining 90-95 per cent 
of rhe f.-tl. 

H*»»-ien A/S Nor«li«V Triv*-i»c. 

F-brjt-spnrkrn. m. P.nv 14X. 

DK-2B0fi Gloslnip. Denmark. 

• liij agrenuent between the 
Financial Times - muf flic BBC. 
information from The Technical 
Pago ns available far use bii ihc 
Corporation's Ester mil Services 
iix .source male rial for its over- 
seas broadcasts. 


SMALL IS nut only beautiful — in 
the eese ut t\-:i> newly launched 
calculator.*. H i* also very cheap. 

-lust n bout i tie #17? «.r a credo 
• aril, and actually called a credit 
card i-alciMaior. i> Ihc Prinr- 
i run ic LV.70. whu-h me-i.-.iiri-* 
only \ 2| \ i inches, and has 
an ‘nuinmalic rhm-nff U> uperai? 
if n«> entry !ia.* been made for 
7 nunuies. 

Tn carry tr. jincke* nr handbag 
i# a model called Slimline which 
niea*nre* -f \ Ji x 5 10 mche*. 
and ha# a eln» enabling il in go 
in an inside - pocket. It na* a 
locking device for a r re-ding Mir 
calculator ji any point in a 
ciU-nbiimi bin at ihe same time 
sv-iu-hiny olT ibe display. Thu* 
Ih? user can slop any calcolation 
-ind rriurn <>■ it much Inter with- 
out ihe danger ni «« liter kc. * 
being pressed uinlo m lb-* 
pockei. for iii-innce. Thi- facility 
is quite *i-paraie from th’r 
m.'innry 

Fur; lu-r from Dixons Vhuio- 
yrapiite iUKi. l’rin.-. Hons--. 51 
High Sircr-:. Edguarc, Middx 
(01-952 2:545 > 

9 SHIPPING 

Bouotv to 

ft/ 

sail again 

A NEW rcpiica uf 11 MS Bounty 
j* being biuli i<» Lloyd's Real.*- 
ler's — 1U0A1 Vaeht cla-.sifieatiun 
by Whangarei Engineering ami 
OnM ruction «if New Zealand. In 
addition to i-'.a^si ilea lion it i® 
iieing *upcrvi5ed during eon- 
Mructlun nf 'he replica. planN of 
which are based un eopirs nf Uie 
original Admirally plans da led 
1 787. 

Twenlielh century technology 
has been u.-.ed i" i':ibnc:n- a steel 
hull which is being .-lad in lim- 
ber. The hull ml! be identical 
in form m ihc vc-sel i>mli at 
Hu! I m 17S4. 

EMernally Ihe shin wMI he m 
exact rhiplicaii- of ihe Bounty 
bui below decks modern propul- 
sion un n s. and auxiliary general- 
ing sels will he insl ailed and 
advanced navicaimn equipim-nl 
will be filled including a satellite 
navigator. 

Lloyd' 1 Beg i*l rr. 71 Fenchurrh 
‘-'■- '■1. London ECSM 4BS. 01-7nn 
9166. 



Now you don’t 
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j lo: l leu k*U-P;u kuiil Lid., kin;* Street Lane- W inner ’sh. 

1 Wokingham. L5 eiks. RC. 11 5AK. 

I Please send me del.iils i m: 
j LHP 25n ' HP. inn 

j i HP.iUOU Senes 55 _ HP 3UUU Series 111 

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j Please phone me my sccrelaA tor an appi iminicnt. 

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Financial Times Wednesday Nm^mher: 59 1978 


ER LORENZ 




An open letter from Michael Fores to Sir Monty Finnistoris inquiry into the engineering profession! I The Japanese watt 

of supporting 
small companies 


i-'- 




AS soTn?on<* ’A'ho spent a 
'iecade frying In coll®.': 
together facs and figures a bom 
the engineer's pn c it;on in 
vrciety. 1 tin ugl it it appropriate 
fo write an open lerier 10 vmj 
aoont your inquiry. Th'* stand- 
in*: of engineers in Britain is 
eeriamh eccentrically Jiv.v. and 
1 hope your coming report will 
he able in do -nmeihin^ alx*ut 


It ha* alvay* sremeri rn me 

that the BriMsh arc nor opting for an all-graduate 
rwntlj familiar with rfip .hs- -roup for the iod layer. This 
linction between ihr "scien- has been thr case in Cnn- 
nsr" engineer— ih*> while menial Europe for a hundred 
coated mail from the laboraistry y.-arr. ?nri <*>enis to have done 
—and ihe engineer nr work in them no harm. So long as rnm- 
a factory. They ^ee engineering pan;?- >:nn hire Thnsi* whom 
as peeping o;ii from " .-cienf.e < " they s.i'nk to tie the h.-sr candi- 
pocket: though I hi s i« vert;u niy darf"- lor individual job-, the 
nor the ca^ /or m«±i other -’y.qrm .wjrks vnl enough. The 


hy the engineer is more 

scientist 




iwmlrm 





- A(U5S£LS- 



countries. 

Then, rbere i = Ok whole 
question of engineer.- tannins 
themseive.* n*o a ■■ profe.«inr..'’ 
>*r rather a «er«e.< uf pmfe*<:un-. 
in a way which i< virtual I'-' 
unJ-nnv/n outs’de rhe KntliiN- 
sr>eakin? world. In tin.- c»«? 
events are :«>read; moving in 
the way which I think i- ri =h* : 

perhap* y oj van give tnem 
a push alnru.. 


Practice 


Tite -rouble with pr'-fe* 
stonaiisT. f.c engineers. both 
an ideai and a- ? working prav 
lice, van oe explained -inipl;. 

Tic modei wa > .-e; up for -mail- Job- 
i»wn advisers, who cnnrer, irate -on* 


ififc-dev.dopor Still tU- Ills 
• iiaint-: nod uith 

pr*.-ni on- qualification- from 
univiT.-iti rt * give the whole 
group :: in? name. 

The ..-liangft? now in tram 
mean 'mi; tIk principal funi- 
non the British "pro- 

Fc^:on:i‘” group, its qualifying 
funclio.’. i- on tin* way out. 
and 1 1 : h nme ton. Wirli 
piiyine-'liig a- a “graduate prn- 
tassion." young poop..- reali-e — 
sensibly tio-.iljIi — that all von 
have jo d.i to make the grade 
l- been.-n- i: radii ate. not to 
iici-om f - a •■prnfe«-ionar , ‘ too. 
S;ni-“ "n? p-nfei.-ion:'l model 
t niaiciy to do with semen 
aiiaht to he all to the 
iiiLnutai iiinnc enter- 


tar 


■■Prnta.’*ional" entry involve® 
“.vammarinns-; it involves, inn. 
i.laim- lor hull -ratu- through 
i he quai fied min'- arress to a 
pariiiiiiar body nr knowlcdc® 
Thu*, a lawyer knows rhe honk 

nf lav.’, aid a m n riical doctor h;>= 
tonic- «• biology on lit.- Lnil-ul'.- 
i room .-iiclf. 

Hov.e-iT. alihmuh 


<>;; a -er.ii.T function in pn* 1 *: s-ntl -o tar 
indivi<iu?|?: -net? o- d.n-inr- f" 0 . yivu Kr.ti-h 

lawyer.* and clergymen. .<11 in#'* v *lai»\ 
m:n:?:eriog :.» :hp in help 

‘iem inraugh ipiuljle. 

Mos J engineer.- .n entrant. 

a-® manager- ;>f Mini? lype nr 

'*^rer. CI>i survey 5 •.-nnnrm liiai. 

-Vo>; r.f i he fi'uirry's more 

imp<yrt 0 nt engineer- are in 
■ line ions, raiher ihan t!ic 
staff r«Ie- .-nr.ee rued •■■■ii.h -er- 
'•1 ?e Tho-e wi rit which our 
inquiry" i.- ini?-; L-roicerne-j jtp 
in the bu*ines, of making usc- 
tal product* for the w.irhi 
The modern haven a- - far a>? 
the ■■professional'' nThii- eon- 
rerpp.-J I. I'ainieA. siU'9«i. 
whor® advi<cr-type< live. p| a y 
golf and rn ;o Ttniary <in Thurs- 
days. There »- noihina intu-h 
wrong wilh ciioo-mg in In. e m 
this way. .if rourse. Rim 
B ritain - facrorie* are m Bo|>- 
hurn. Lane?, wher- n duTerem 
.■s«irt of eihic hold*. Working 
efft-iently in faeinr.es is what 
we seem so be rather had at, 
a.-- a nation. 

Tlie engineering "profession " 


the count ry 
manufactur- 



covered yourself. It is difficult I 
to understand the nature of the' 

Whitehall bone-crusiiing jug£er-i 
naut. and even wore difficult to j 
describe it. j 

For an engineer, however, the i 
case is easier. In the old : 

American phrase he is jusl 4 ‘ the : . . . .. 

guv who can make for one "WE LOOK to small business. This- legislation VTas Just on*/- *•. : 
dollar what any damned fool 1 to revitalise our economy, to of ; a whole hostyof e3Mtq^«jTF.> - 
can make for ’ two." White- provide employment, to. 

haliers, other armchair seers. . prove the quality of personal way smalls and mediimi 
and other do-gooders, may be , consumption, and to promote businetee» , are. . encoiira gi^ ^ y ■; b 
prnne to take up. appealing and ' local economic development.' .. Japan; .Ai he put^itr "^caaser-.^'T ' I 
poetic catch-phrases., such as! Such sentiments have a £j_jthe important | 

" more innovation." “ more 1 familiar ring about them ,aad b usiness in tiie godl. 
investment." “ her ter economic ' could well have come from .. a balanced ‘;eeOnom ic^ 
management." “ the need for British politician. But they 15 ; nECCS^TT- ; to'^ ^.UKptenteq t -Ty :--. . 

-lructural change." or “ organ i- Were expressed by ■ - 

sational imperatives hut ilie [ Tomosaburo Sakon. director- ^ D ned- - p ro'WpBj§ : . -^cing. ^ .v'. ' - I 
crunch is usually on the quev' general of Japan's SmaM- 

non «>f -SI -0-3. as against SI. UO.; Medium Enterprise Agency^ .^.The -Gpvferhn^nf ^_prbs3^es:Ja^'.' v : 

Speaking at the recent Inter- , -tha^nageineht^^iffgTTash^ . --ser" .’ • 
ns Lionel Sy aiposi urn on Sm all v - . v ch’. .• bctgs sniall':'busi/:’ _•.. : : 

Business, in Los Angeles, Cali^ : h«ses ■ 


.36 

SR 




for The co*t of making sludge- 
cot-ks. 



Hu? be enough V I 
The average Whitehaller 
been 


fear not. Japanese economy. 


He spoke' 

ha* for example of howsmall biisi- b € >'°nd. the - . i^pjr&y-,W ;cpoyp^: i. iv,;. 
: nesses as a group - account for XcOCty:.Mt : 1 



rope^ 

i»c out of hi< depth' immediately. j tn £ s ' 
partly because tlie rope* which -Even though 
he :s used To pulling are lola i 
strings: and partly because h ? Ja P a ° ‘bat is: accounted for hr 
does not know anythin*; either- small _ businesses has dropped, 
about 

mode... figure ;^ins at 50. : per 


. . participating ’basiness.' ., 


equipment. - 




not know anything either small businesses has dropped . -v/ _'j r, 

I --indasln - in .11 Ite Jm» •• *!*»»• •»!» NO 'delay 

*-n '•ion-— the subject 0 f 1-960s ,0 a :™rrent 20 per cent, ; . . ■?. ; ...»■ ■. • > 

’ • . _- . J . :rhp flcniiw ar .;i) nM - LecislaUon' - has ■ also-- : 


j-oncern 
partite deliberations. 


Policy 


Most Whitehallon could hardly run j succesiful whelk stall, and are unlikely to know what a sludge-cock 

even looks like. 


What Whitehall needs. 

•cores and noi lust in ones and ! Mr. 
twos, are people who have had [efforts 

to he jn control. Tnen» is never m be moving towards a corpnr- preoccupation: hut above all. the substantial line experience in Ian. building an industrial 
a book to toll him \vhai To do. ate state, if only because every- ihmg made need* to be what manufacturing, engineer.- in^jstructnre orientated towards 


... uy .. Hl , Legislation' ; his 

;cent when indirect exports are enacted, which requires : 
' taken into account. .' corapaaies placing suh^nira^.^.vv 

The exporting strength of sftia It -firms tD^OTTfte.^d^A'3- r 

Japanese small companies is / or lb^ r - ® f T : ic'V^V-V ' 

hasicaHy rooted in the country's Big companies are alsd.^y,-. - 
in. lack- 



m 


B 


■.•hided — others should depart to 

i- 


and rarely much help m one- say.s that we are. In some people want. 

“ science to guide him through respects, the process of making Whitehaller*. participants in make way for them, 
ihr* day big decisions has already the new tripartite event-, are 

Time is mu* constraint that become tripartite, with company cosset led folk hy habit and 
. . -i no* the working engineer from bosses, union leaders and White- background. Kiennne 

adv!=er-i' p«« ar- in ih- husmes* being well described as a haliers gathering together lo ihe old jibe tint few of the-r , „ 

«f «"’• 15 raa J"' > h ""- number have ever ,o much >, ^ ™ " 3 “S. principles 

i he biggest problem with this run a whelk stall: that is true th * clun " prtnCip - 


tnesn 


nf porsonal frvuf and ,ir>.* 
ni'mber* uf ‘ taarm’d" groups. 
n»o*t uf Tfiorr r.-lioni* 
pai lent* i wultl prefer aciiv 
(InriiT- and lawyer.- They warn 
i" •■iji Through tbo “I'M tored pro- 
fe— .on" par*, in linrl a dorior 


in- foio. In reainy. thr ■■hook" 
i- 2 le-s important pari ui the 
professional apology. 

Th*' *amo sues for an pn- 
gutter ui manufacturing, only 


When I was doing my ten-year 
-unt in Whitehall, one thing 
Tu.'.l which struck me forcibly was 

had great 

iiuhimci Hrt»tr «r\«i .-u I1IUCII as .-..i, t, 

another: ho has to make dec.- Thr biggest nrnhlem with this run a whelk « tB n- n.s.t ; c ,d, ‘ n ^iun» me 

and policy right; and tneu 

which ” remains d.Hidy" ’ and ^ Whe^^’a 37^ ^”on 

hrnadly imknowahlc Bur. most .-on-piracy against the people, point, as on others. Parkinson nni rcallv the nkm^oVlho-ame 
nr all. no nne has ever wrnren /read-office types from the three v.a* right. Whitehall i* good at n 1 1 ' h n f income, 

-j-ih a „ iiiri .,i^ h!s hnok - or r>th *‘ r - ,h ‘* c,12,n - area- of influence will -ot out saving on the pounds: but ii is Whitehaller* could 

= , i • ri ,!; ! rrT *• the person 1,1 h “ ln ru'e the world. Chap* who profligate at standing the hardly run a whelk-ttali. and are 

auu -a^.-er v.,i„ , an mini. n:i m d.» thins* that bonk* do not room around London all day in millions, on any ‘ cause" winch unlikely to know what a sludge- 

wmc about. If the reality nf official ears, and never rake a has be<*n written un a* patriotic L ‘ nck ?ve n ,0 °k.* like. They are 

ihe world of medicine departs bus. will plan our desLinrc*. and humane. “Surely Ihe s»nc rally armchair people who 

.■ugrifl eanlly fro,n ‘be prnfes- Almost us worrying is a Xorthend Hackney cab industry 2re scared of heavy objects. I 

sional model, that or the world matter closer at home. Mann- cannot be allowed to collap*e. have little hope for the cnrpnr- 

of most engineering departs rapturing is tn do with buying Think of the women, the ate **aTe myself: hut if we are] 


:n;To <n. Hr ha- m get on with from it catastrophically. 


In- workforce, ta make quick 

or profe-Mons. are Ta-t driving den-mr* when machine- break serve to :nirortuec my third to 
thcmsHve* out of a job l.y down, aid •Jcnerally i r. h° seen point. For good ur ill. wc seem places 


fashioning and -selling out children and Britain 


in have if. can yon please order 


Strangely, those last remarks bulky artifacts which are meant Sadly there is more to the »P some people who undent 


overseas markets. special 

However. Mr. Sakon made it Guarantee . 

clear that small Japanese com- establ^hed, ^ 

parties, tu common with those ' toca ? P ub ^ 1 ‘ .. 
in other countries, are facing inatfttiOon* wntrlbaj&^^ffig^^v 
difficulties as a result of both oi pro 

*Jie recession in world markets &ra all firms with - 

and the strength of the yen Help them qualify 
against other currencies, par- c ‘ al }wns - And 
ticuiarlv the dollar. Their share t ” cse credit, nsksr .uie-^.vera-.^^ v 
of Japanese exports to North "lent has 

America, their biggest market. Business Credit Insuradtft'Cbf- v y; 

fell from 37 per cent to 21 per poralion. -Hi: 1 

gent between 1971 and 1976. -The needs -of ^ 

during which period the yen F an . ies faced with.- enangeSi ut \;-g^ 

appreciated 100 per cent against their market cnvu’onitrtfttj 'Pre ■:W 

the dollar. also catered fox- . '.by,-. j^eoal . 

The consequent fall-off in • 'financial- .antL *' 

earnings resulted in a large intended to help. smalF eoro- • 
number of stnaU exporters panies switch from , .ojde-iifittrttF yffi 
being “threatened with extinc- to •another. .' •' : : 

!J '* ^ • - ' And should the worst ^dme , 


wm. 

M 

1 

1 

m 


m 

m 

m 

'Isb 


I 


m 

aa 

K 




----- ... * - « tettih^;:' 

mem her pf the Gw eminent ihe adjustment function of inter- caught up in a chain. Teactioh. . •Ins#; 
Ecovi.rjir. Scrrire.. icorinnfi inj national' trade by the freely ' ' ; . ■ - v'"- '■'»3P 

\:hr Dep/mmeur of Industry. ! changing exchange rates." Nicholas ±«eSlie -2® 










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Tho- V\ cbh .*i- 
Sou>.Orpi.FT 
12 Hailuii Gdn 
London 
KCiNsur 

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out hovvi.be CASE 'EJectrohio "'■ 
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contact .CAS Etc day. 


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Ferranti computers will continue to . 
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and distribution throughout the land. 

Ferranti instruments will watch over the /; : Vi-iV:"'; 
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Fcirand LimittJ, HolUnwood, Lancashire OL3 7JS 











The Financial Times 


Somehow; Black is more suitable for evenings. 



EXTRA SPECIAL OLD SCOTCH WHISKY 












12 

LOMBARD 



Harvesting 



lovely 


Financial Times: Wednesday N av^i&r;.2& * 


Unmistakeable 


— name. But 

_ _ _ v any is to *>y? tor-tbe: first .Sowers ; go' your 

GARDENS TODAY 

by robin lane fox ffisW- 

S ^mafc 

agapaDthus's Dame: thoroughly, 

how easy it is. The hardiness buy. * Wi £■* object «.■ hardy, ' 


▼ T IfiV-JLi a UUg i9 UUC — _ . . ... 4-aij^ never a trouble. Tot the-resLil-./ From ray; last, Itid .'.'.. 

THE FIRST frosts Have at last also the right time for harvest- do not mind their sI °*P™gress flSh^roou Sd the unobtru- am. Keen on various named^hltes’,: ^rblue5,r;darH_ WQes,;: ' 
• -a 9 1 a done their job on the borders, mg the lovely acanthus. Such for “*!*****“■ J! h ome in sjve apwlrom which the ^5 D f the. blue campanulati w nri^^ 

1C hlc lacf « you can go about the bust- «««. Jf* I taw tad ^olihswUl appear. Spread the natr „ ast the dark and 

llJS fiJLI.S J.M&L ness of cutting them down with [™S V oiant? and such are the after germination. They will roots out neatly and plant so flowering Weiilighi. now sold by jtions ^ leaves ofTwbjch yet* 

a clear conscience. prices that they SmVaSdw flower ^Ihat ^autumn. but they that the top "is the brand name Isis to sugge.^aemallyjfe^ed |n;th ? %%-: * 

nw rn . IM ,oNrc Never do I remember such one-year-old stock that I intend will be at their best m the next J™"™* 1 ’ „ -jJ* in polv- an Orford depth to itscOlwirliifi. which . 

bY WUn JUNK* autumn colours in the smaller w divert you to them this week year. “J” » nfcke ts fbr spring plant- There are other selected; sprt** eddies .and ^^;a^V,pe ; - 

THE OBVIOUS solution to a ate act of company policy in shrubs and border-plants the because, on a three-year view. It is a routine These are Quite a sound - hot least a softer blue catied. latter: a$e_ 3K>t -vurftoawn,.; ■ bat 

oroblcm may not always be the knowing disregard for the law. changing leaves or which we they mu5t be the best enter- describe it only as a reminder *. - Profusion which, lives lip to its tbfly-hsve come to^me adite by‘- 

mosi effective wav of dealing Many were begun in response to usually miss. Growers of Dr i se 0Den to ydu. : : 7pm?. But’. as ROfid.-a plan-^ ; thnn •••’ 

with it. This thought is prompted day-to-day business pressures by peonies have been treated to ■ W i s to sow seed o£ all ' 

by the idea that the way to deal local manager whn did not drifts of red leaves which would _ T . . . A > Dnr ug THRAY able varieties; ^ ‘e^edally- tiic 

with secret carteds and price realise what they were setting rival an y C b e rry or spindle-tree. I InnHStakpADlC GARDENS lUUftl famous Head bourne hybrids,' - 

rings is to impose much tougher mto or were unaware of the perennial geraniums have been . . mv raLsed with oatience in post-war sQeoB d- yfeat ' Bftfl. Choose any you 

tai asrws re by r OBI n fox 

MKJ of how _ itis bu , as w „ 0 not object ] 

f(£ S3K ■SSiWJS KWSMSEt j; SS 

liens legislation was placed on powers the Director General of year. At the same time I have any dry airtight container and * ith anything are cheaper and more fun. Cider is now fro own correctly — 

the statute book. Yet several Fair Trading presently possesses an ey e open for the last seed- sow them next spring in a box cover any otjratne wiui infinitely divisible. Praeeox Orthodoxv has it- that *9™*- fara^te^. something: yo U-, . . 

hundred unregistered agree- and to ihe penalties for non- pods . u you are alert, you can of light, well-drained compost, dunng the winter and have lost pianis uuuu ™ WiBtrsH&r; jS’l - 

men ts have been brought to li?ht registration that already obtain. Iay ^ f 0un( j a tions oF a new They germinate freely, looking none, to date. ^ he F.“. s . __ have dmdons from nlanta the - 

SSSKSS waahnit vs^st’s a&jr&~-s tough onc wsKaMMpBHGKt--- 

ma^riabT Sd other' industries, “reasonable cause" to believe For seeds at this late season them. *™* “JJ* Sw 2d so fori which you What is the choice? You must south wall without -i»rofcectiptf.V^g ■'*” r . 

many of them iiavin? been oper- that one exists or may exist, and Several readers have written to they ere ^jjino P 1 ■ on them otherwise, they have some white ones among Their - ' 

a ted m secret for years this can lead on to examinatjon report with Pleasure on their boxes two _° r s ° ^ of tike an open, light soU, prefer- your blues. As long as you are a little- bigger .and.yjetteE- , ^^he-iiapa^thns's 

Since many of these Kjee- Co^r? But a Court of f ocks of . resa !* . IlU ® s ' if vou are ably not clay. They must face start with some named white and thus worthpre^rrin&:;^^ 

mems cc-aatiiuie unfair trading ^ ( ru ]j na ‘j n jggg sn nar . ^ rom sefi ds which had been them, or t Pots > sun sQQth or west, and are stock you can be virtually cer-; they may he a variation;' -l&¥^£7.l0!iifc* ^.'3I2^^a6fe)iSa^seem-‘ ^to •• " 

^rnm P 5u' l n' a 3-i>rh^i7 spem'^ rowed the meaning of “reason- s !JSf thl* autumn when thev die at their best, physicatiy and tain that some of your seedlings greatest pleasure - ' . 

?!,’ able cause" that in order to use their own seed-beads Now is the autumn when 1W cue ILfhetlcalW. below a south- wfU repeat the colour. The one agapanthi Is thatynii are: never.^tnw- blue rfldwer-heS^.aro . 

■that failure to re’^ster - should be :hi5 Provision he virtually has Just the right moment for sav- down ^nntT^-nn^hauld' line facing wall* If von do happen to buy is the hardy Campanu- -quite sure - that you : m^imt:'eve^ ■ . 

wSS Swiss Maid can break sales .u.,. 

it should lead to the unpos.tiun „ vjrtuaMy the only acrion the M 9IVM1 SlVK^I liklli 

-if civil penalties by the Court oD Direc , or General can take is 10 WLI B Wkl W Vff ■ ItBI 1 ' 

lie application of tho Duector cons i(| cr whether there is a case w j "m. t Ha 

3 s^rsisu^is record at Newmarket • • •• • ^ 

T> ■ _ been adopted in the pasn. His .... 

IJlSrCSdrU formal powers of investigation . . „ . ■:■* ■' • 

0 need reviewing. Ar the same THE MAJOR Tattersa I Is auction (sbe is out of the Hornheam 1 ,,| U »M. r c M |« 

These consequences might time, there could be case for of the year, the December sales mare Horn ton Grange) mil not 1 00— Justafancv 

grom more equitable. But would empowering less formal inquiries at Newmarket, sets under way be of universal appeal, her out- ■ ^ 

they 1 discourage ti,c tanimionof -such as a request^ for an «• tomorrow and there is every *£* 0 * ^ck record coupled “£53-.* H aU— 


HI «a>V, — . . 

if more freely in any covering of 


in a IUU uun auuic w rata wu v. . r j.-.v ....- •.. r . 7“ 

which stand -the winters a 


Disregard 


Swiss Maid can break sales 
record at Newmarket 




'"•Of 


rew asreeinents and would they pi an a non 


price reason to think that a number wiib gameness and tougnness, 
’Vice” tbo«e "that wer^ "st til" beins patterns, or what is a company's of records will tumble. seem certain to have the major 

p,„L?d “iS IS to Polio' od discounts. By fsr l.h- most ft.icin.uin! foreign investors look, ns fur top 

. rfjk re si! m, “ n ' 1 m fierce 

M ann-frurt authonties face, in Penalties remarkable filly. Swiss Maid, one ProvU. 


12 JO— Blister Cool** 

1.00— Justafancy 
L3D — Scata 

2.00 — Bachelor's Hall*** 

2.30 — Chokwaro 

3.00— Double Negative* 

3.30 — Princely Mark 


a!? ami-!.ru«t authorities face, in renames 

oiner couiitri^F a> well as here. 

even in the United States where _\ s for the penalties for non- 
:h«> Department of Justice registration, these were improved 
empiov* several hundred lawyers jq years Ago. An unregistered 
on Ibis task alone. agreement is automatically void: 

All of them rely upon =nmc in" other words, the participants 
sort of tip-off from the trade or cannot legally enforce it nr any 
national press or upon com- rights it may give them. Anyone 


remarkable filly. Swiss Maid, one Provided that her owner. Max beller for a rec ent outing at ^ 7 *S. MTJSST5S- ’ 

inc. does not scare awaj poten- Worcester. 1 10.00 on dH».o< p«rf. nw> bootm* |— -— 

— tial bidders with an enormous 1 * n ' »««"&«■ . -in™ . 

re«er\‘e on Monday. Swiss Maid -r-w- i-i • 7 j 

pwiibfy. on" Hull W land 

which may not fall for a long With 


RACING 

BY DOMINIC WIGAN 


CC — These tfrwtres icceot certain cretin 
cards by telephone or et the Box Ottce: 

OPERA & BALLET 

COLISEUM. CredVt cards 01-S40 325 a. 
fieserrailoni 01-836 3161 
ENGLISH NATIONAL C PERA ■ ■ 
Ton chL Sat & Toe next 7.00 Jonathan 
Miller's prod. The Marriaoe of Floaro 
" immenseiv successful A enjoyable. 
GOn. Tomorrow 7.00 The Thlevfne 
Mis pie. - Every scene prlps the atttR- 


for December. . - HER MAJESTY'S.' CC..' 0l-d30 ‘6«O«. 

- Eves. 7.30. Mats. WMi. and- Sat; 1.00, 

_ A „_vw rr ' tiws THE NEW MUSICAL 

COVENT CARDEN. CC- 240 1066. RARMITZVAH BOY ■ 

(Gardencharge .‘iJli 6903J- : <■ This mmws production ontaueW 

v - . ^ ^ trr , _ enlcnrable." f. Times. “.The foontest 

Me ^5° - oSyr.«:“ jiS - mus,ul around - b * r s - - " 

Calendar. • • - 

THE ROYAL OPERA . KING'S ROAD THEATRE. 01-352^7408. 

Fn. 7.00 L African**. Sat. & Tues. 73,0 From Dec. 18 DW. 10-30- 2.30 and 4.00 
If barUMd-e d> SJvtgHa. 63 Amphl' seals THE rocky horror SHOW -- 

avan'. for all perfs from to am on day of DON’T DREAM it: SCE - IT - . 



jnrt nf tip-off from the trade or cannoi legally enforce it or any Turning to this afternoon's a T> rt ; , l 

national press or upon com- right*; it may civ*? them. Anyone ' Xstional Hunt sport, by far the oTlTISl! JK.2LU 

plaints from customers and other whose interests have been nf the 1.500 lot* due to beam'd jpq,; valuable jpvenl of the day pTFpTrTTinrc . n1 ~ Rriris}l pj a 5 i* s | celearuy 

CONCERTS. Sun. 3rd Dec. 8.00 K« te I-VRIC 7HEATRC. CC. ^Xp-gST -3frss.' 
ki,,w> ’ ■' Evgs. 3.00. Thurs. 3-00- Sat, 5.00. 3. 30- 

Kaaaws. JOAN PRANK - - - 

— ; — _ ■ plowrksht finlay. 

make a rase io Court. If failure before the Court, the Director I with j rlcar-eut victory in too there would be no more popular «« lU,: “ tl,ca u ‘ “* c i S A? e L£ e"ci w SS^iw2 i ! u Y5« 7 jST* 7 . b» EduartlT^^Mippo - ‘ 

to register a restrictive trading Genera! can ask for an injunction (Champion Stakes, *oems certain winner than Sir John Hanmer's there. . .. .1 _ «n»n contemporary dano. JE^ctbo br franco -zxgmcuJ 

agreement were to become a restraining the participants from) In become the highest -priced Fine, does not scare away poten- They are negomtmg tiie di -I rmiorraw wsatfi^rwt* ww : evIntLto 1 ™^!?#*.^ o: SSScVacAY 


agreement were to become a restraining the participants from in become tne nic.iesi-nncea Fine, does not scare s'vay poren- , ■ , .1. hi* a eTir aansit. temomm w sat.: Forest, wim f event to trieasumi." d; m»:> may 

criminal offence, that evidence making not only a similar agree- lhorouchbred of any age to have Koval Frolic, who has often posal of 1-8 acres m the v-ity *5iS : i e I ue "- !, *i ,T 

* n .,u JUXS-..H u... a , -„I,1 i- u:„ ; - Cr,, .ha Council. W’hlCh IS short Of land. Wed. I*«xr Eos. Staf>« Miter, ice. . t years. Sunday Times, i .. •: 


could become even more difficult ment but any unregistered agree- been sold in Europe. shnwn his apprecia'.i m for the Council, which *s short of land. 

to obtain. It would be driven menf. A* private suits for The Vaguely .Yohio ro'-ord oF at;ff Lancashire course and its fo r bousing, ana anoiner or 

further underground, as U.S. damages are not easy to prove. i3fi ono -ns was only norrov.lv formidable fences. acres for industrial aeveiopmem 

experience iwhere criminal there may be a ease for the capped b- the 134.000 yns. laid The Fred Riraell n>ne-year-o!d on a former ^^marsnanmg yara. 

penalties obtain) shows. imposition of civil penalties by out for Mr*. McCardy: but few may well prove capable of taking T“® board is also to i put up 

It is moreover a mistake to the Court. But Court injunctions r,ntiripate S' vis? Maid some for ihis pnre without the benefit of small factorv ouiiaing_ tor 

Imagine that all such agree- are a formidable sanction which anythin? less ’ban about doub'o a previous outing: but I believe on a s J x '®”!e n ^ e at „ a 

ments in this country or even a have b*>cn invoked in past cases, that price achieved by the l.noo that it is asking a lot of him to cost of £ichj,QOO. near an inaus- 

najority have been initiated by They allow each dog just onc gns. winner. concede weight to Bachelor’s tnal site on the citys western 

senior management as a dellber- bite — its last one. Although Swiss Maid's pedigree Hall, who is certain to be all the boundary. 


THEATRES 


by out for Mr*. Mcfardy: but few may well prove capable of taking * Q f 's ifH.JnLJi r„*I 1BF1W ,. theatre, cc. oi-ass twi. ( * ay 303S. «»«. 8-«o; s«t/ 

ions r,ntiripare S'viss Maid come fnr ihis pnre without the henefit of small factorv u •n^J&SPVm ^S«L«m-4iod a^onaI^the^ri ' co : ’ 

bich anyth inc less »han about doub'n a previous outing: hut I believe on a six_acre site at a first-jtage M *»- n « Y ^ N 

icoc a»Hirv<*<i hv ibo i non ib.nt it u iikinp a io: of him to cost of £100,000. near an mans* beyond ; uw pgw milk -wood-- -4 

“HERE IS A HARPY FAMILY .SHOW, 1 *. ' 




5.40 News. School (As BBC I 3.55 pm l. 5.10 Noon. 2*5 The Moneychangers. Cranada Repon.. UMr. ud Mr*. 

5 Jo Nationwide ( I-ondon and Bilidmvcar. 5.35-5.10 Crystal Tipps 3-30 Tell Me Another. 4.20 The n - m 5]u * y - 


■■ BOUND TO* HUN*FOH EVER,'* LYTTELTON IproMMllllim Itlfiell Today 
ErVnlmi Man . "S ' Itow PTk* nwtj. . Ton*oht 7.45 

u«a«.-u- . «M~ «... *• SUN&r T?INErtjL AND •' WETRAYAL new Olay 8v Phrter. - T*K 

1X.40 Bluer- SPECTACULAR.'' morrow 7.4STh* PMIandEW. 

! DjOIv Tefearapb. COTTESLO* (small audUorhiml: Tonfsht 7. 

trrv Credit Card Bookings 01-836 7611. Toowrroiir 8 HAS WASHINGTON tBOS7 

n 1- V - - ~ wgw "CPine dy t rr Cfeutw^Wood. ' 

1.28 pm Report Wen HeadUnea. US a LEERY. 836 3878. CC. Bka*. 836 1071-3 dar df*i>*rf. Car*B?rv**^5iu5RBr^w 
Repon Wales Headlines. 2.00 Help Your- Fr*m ZKW ' Cw *** t *»***• «**»» 

iNf. 5.20 Crossroads. t08 Report West. d JO and” 800. . 

6U5 Report Wales. 6J0 Emmertale A THOUS *k? N el a^RT 5 ! C 
Farm U^O The New Averts. .. MIRACULOUS *mu^cal.“ Fin. Timas. 

HTV Cymru/Walc* — As HTV General with ROY HUOD 


South-Eart only). 

5^5 Nationwide. 

6J20 Nationwide. 

t Indicales programme in You i Being Served? 

. , , . .... 7.15 The Rockford File?, 

black and white 8.05 Secret Army. 

DBf 1 9.00 News. 

DD ^ 1 9.23 The Fall and Rtee'of Begi- 

9.15 am Fnr Srhnolf.. Colleges. nald Perrin. 

12.45 pm News. T.W Pebble Mill. 0.55 Sportsnight. 

1.45 Over the Moon. 2.01 For 10.45 Tonight. 

School. Colleges. 3.00 Delia M'eather/Reirional News. 

Smith's Cookery- Course. 3.53 _ . „„„ , 

Regional News for England except ■? “ BC 1 

(London). 3.55 Play School, ti 1 ' fo,IOW, °* ^mes:— 

450 Wally Catnr. 455 Jackanory. Wales— 10.00-10 JIO am 


and .Alistair. 5.53-6.20 Wales 
Today. 6.45 Heddiw. 7.10 Fo A 
Fe 7.40-3.05 Tomorrow’s World 
11.25 News and Weather for 
Wales. 

Scotland— 11.00-11 -20 am and 
2.13-2.3$ For School 5. 5.55-5.20 

F.e porting Scotland. 11.25 News 
and Weather for -Scotland. 


viktair Sii.fi '»n 'walp<s s ° nt > - ^bow. 4.45 Fanfare for 
Heddiw. F^’a Vo„n C Mu.lci.n, 111 Baunan, 


NATIONAL THEATRE. ■ 928 Z252. 

OUVIEa (own sttiwli ■TdOlaM. 7.30 
(low Prtcr *re»«. Tomorrow . 7, . ((on sell* 
cneofonl STRIFE bv Galsworthy. 

LYTTELTON (proa e centimi stBCel: Today 
■3__ (low orh* mat). TonKiht 7.45 
BETRAYAL new tdar ow "Ploter. - To- 
itiorrow 7.45 The Chita nd»i-«r. 

COTTESLOE (small audltorhimlr Tonlshi 7. 
Tomorrow 8 HAS WASHINGTON LEGS? 


5.45 News. 

6.00 Thames at 6. 

6.25 Help! 

6.35 Crossroads. 

7.00 This Is Your Life. 
7.30 Coronation Street. 

8.00 Wednesday at Eight. 


- Wed. and Fri. 7.45 pm. Tnurs. aim ml 

■Nf. 5.20 CrosfToad*. 408 Repon West. 4 -5P,. ; i5£S'?3i..-r.»a« ! ^ 

415 Report Wales. 6J0 Emmenlale A THOUS 'liqN EL ^rt^I 

Farm U^O The New Avensere. -• MIRACULOUS *mus^cal.“ Fin. Timas. 

HTV Cymru /Wale*— As HTV General valth ROY MUpp^ 

Service estwpi- 1.20-1.25 pm Pen a wd an A4fifSi« , 1iLtt’ A £Sc No5r TON 

Nray.idioa y Dydd 4.2JMA5 'Rydw l Am lJrtrB chrfcrtm “ M,ts ' Now ' 


E fc 'iM. '' t i' P' - ')] 




6.004.15 Y Dydd. 1033-11.«1 


Northern Ireland — 3.53-3.55 put 10.00 News. 


9.00 Edward and Mrs. Simpson M:<t-ivcek Spons Special from the Race- [ AYDyrvcH. 036 > 6W- info. 836 5332, 


course Ground. Wrexham ihlghligliu from 


.\II Regions as BBC 1 except at Northern Ireland New , 3.55-6.20 10.30 Midweek Sport* Special: <iaahSyiai ^ 

» (niin.,1.. H m «v- Scene Around Six. 9-£-i-9..aa Spot- England v. Czechoslovakia. ... . .. 


light on people in Northern 11-40 Late Night Theatre. 


4J0 Waljy Catnr. 4.25 Jackanory. Wales-10.00-1020 am and 2.18- IrcJan d. 11^5 News and Weather 
4.40 Animai Magic. 5.0s John 2.38 pm 1 Ysgohon. 3.00-4J5 f or \: nr thprn Ireland 

Craven’s Newsround. 5.10 The Rugby Union: Monmouthshire v. 

Moon Stallion. New Zealand. 4.15-4.40 Flay _ England— oJSS-6.20 pm Uiok 

East (Norwich): Look North 


ROYAL SHAKESPEARE COMPANY In 
rcper?o<re. TonloM 7 JO. tom or. 2.00 

* ‘ AS YOU UK* IT 

UTV u.__ orv r „._. e.^„| "An evening « rare encbantmenl ” 5. 

HTV West — A* HTV General Service I y e |. wm,: last 3 parts, until March 


except: 2.2O-1J0 pm Report West Head- 


F.T. CROSSWORD PUZZLE No. 3,835 



Ireland. 11.25 News and Weather 12.35 am Close: A painting by jj nc s_ Repon WesL 

for Northern Ireland. Picasso and music by 

England — 555420 pm Look SCOTTISH 

East (Norwich): Look North AU . R 5^i ans , a “, ijs mi N'ewa and road a 

l Leeds, Manchester. Newcastle); except at tne loliowing times.— 2.oa women Only. 5J5 Ci 
Midlands Today i Birmingham): Cnwwiad*. *J» Scotland 

Points West f Bristol): South ANGLIA K- WJ ° L e C L 

Today (Southampton): Spotlight us pm Anglia n..-»s. zj» Houaepartr. 

South West iFlymouth). 505 Mr. and Mrs. 6JM .U>aui Anglia. SOIITHFRr 


CORIOLANUS tFrt. Sat. m&ei. Middle- 
ton A Rowley's THE CHANGELING 
fMon.i. RSC 4110 at THE WAREHOUSE 
(see under Wi. 


I J5 mi ?.ev*n and road and Yeatber. [ A A*J,®® T . E55£, T wPi TR -&i 
2.B3 Women 0nlj. 5J5 Cartoon. 5^1 M y*cup ranNETh' OVER by Rooert 
Crossroads. 6J0 Scotland Today. iJOl Patriot fKenrwdv's CMWreni, directed by 
Repon. 10J0 Laie Call 1 A.l 5 Police 


BBC 2 


L25 pm Anglia NV-ws. 2JJ0 Houj-psrtr. 
505 Mr. and Mrs. 6JH .About Anglia. 
LL43 Chopper Squad. 1235 am Tbe Big 
Question. 


SOLITHERN 









X. j -V-f L' i I 


‘fP'jfr'i 








gsrggaw 




A TV 

1050 am Gharbar. 1J0 ATV 

10.4a Parosi. Only Youne Twice 6 

11.00 Play School I as BBC 1 «■« Brockelmao 

, Business. 

J.33 pm). 

5.35 News on 2 Headlines. BORDl 

6.00 Animal World. .. 

6 .5 0 Mithael StngM. ,£&£'*°ES Uok*„ 

7.^o Rlid-Evening News. UJ0 po Wrr without c _ 

7.50 The Story of English Border News Summary. 

Furniture. 

8.15 The Money Programme: Sir CHANNEL 

£i?i5L» i, *° n and LhC Clty ' U* W Channel Lunc 

9.00 M*A*S*H. what's On Where. 3 


AMBASSADORS. CC. 01-836 1171. 

Eros. 8.00. Tues. 2.45. 5at- S.OO. 8.00. 
JAMES BOLAM 
" A luoerb perfarmanee,” FT. 
GERALD FLOOD 
In a NEW THRILLER 
"WHO KILLED 
AGATHA CHRISTIE ..." 


Question. 1.20 pm Southern News. 2J» HouacnartT. 

SJW Th^ Rolf Harris Show. 505 The 
A TV Undt-rsea Adventares or Captain Nemo. 

5.20 Cmssroads. 6.00 Day by Day. 4J5 
1J0 pm ATV N-wsdesk. SJ5 You're Scvni aiid-v«eeb (South-east area onb'>. 

Only Youns Twice AOS ATV Today. 11. to Snutbern News Extra. HAS George 

BrocXciman. 12.® am Ins.de Hamilton JV. *BB£*hE5L Vio^l^OQ^ f.SS: [ palace. 

Business. PAUL DANEMAN. LANA MORRI5 .Mon.-Tl, 

T\TVF TFFS dennis ramsden I . je 

RDRDFR 1111L ltw CARMEL McSHARRY by Tim 

DUKUtil 5J5 am The Good Word fn Bowed by 

tl.20 ptn Border N.m.s, 2.00 RouKparm. North Ebsi News Headlines. 1-20 pm .. Znti wickIBTy hinny year Ver* 

505 Bcrme. 6.00 Lopkaronnd Wednesday. North East News and Lookaroond. 2.09 very i Dn nv — praat entertain mem.’' now. 

11 JKI Power Wlthou; Glory. LL25 am women Only. 505 La r erne and Shirley. — — — 

Border News Summary. A07 Northern Life. UjM Inside Business ARTS THEATRE. _______ 01-836 213JL 

12.10 In Concert (Sutherland Brothers and T dibty linIeiu 5 

rHANNFI Qu«w». U3S am EpIIoruc. -Hilarious . see tL' Sunday Tlm«. 






-ALACt. a. 01-437 '.6834 

Mon^ Thuro -. Frl. and Sat. 6 aprf S-40 
JBSOS CHRIST SUPERSTAR 
by . Tim Rice and Andrew Lloyd -Wrtibei: 


L18 pm Channel Lunchtime News and 
What's On Where. 2.25 TV Movie. 
Murder Of Mercy." 5J5 Emmerdale 


ULSTER 


LRT5 THEATRE. _ 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

"Hilarious ... see IL" Sunday Times. 
Monday to Thursday (L30. Friday and 
Saturday 7.00 and 9.15. 


TOWtli Si 




BJ25 Play of the Week. Murder or Mercy." 5J5 Emmertlale uo pm Lunchtime. 4.18 Ulster News 

10.45 My Kind Of Movie: J. B. Farm. 6.00 Chann-.-l News. 6.15 Arthur. Headlines. 5.15 Cartoon. 5.20 Crossroads. 

Ppiactian «„ ■-Minnii.liiiy-' t 0 - 3 * Channel Laie News 11^3 SWAT. 6.00 Reports. 6.35 The Boh Ncwhart Show. 
t«en n . eVi r. t UM am EdiIopic flowed by News and ilM Bedtime. 

10.50 One Foot In Eden: Orkney a-eather m French. 

and the music of Peter VVFSTWiHH 

MaxweU Davies. GRAMPIAN nwinftRU 

1140 News U1 * rt 1 12.7? pm Gus Roneybun's Birthdays. 

11 « rinmrfn.™ toll- ,JS am Flrsl HiLig. 1.20 pm Grampian L20 Westward News Headlines. 2J25 TV 

ii^w taioseoowTt, laih- >-,-u-s Headlines. 515 Emmerdaje Farm. Movie : '‘Murder of Mercy" starring 

6.00 Grampian Today. 10JO Cefebnty Melvyn Donplas and Bradford Dilhnau. 
I Concerts i Connie Si-.v-nsi. iLffl Barnab.* 5.15 EmjnerdAlt- Farm. 6AD West*-ard 

X A7V71 X Jnne.i. 1 1 15 am Rcdeeliona. 12M Diary. 1I1JB Westward Late News. 11-40 

„ .. . , _ CraoiDian Lale Night Headlines. 5.W.A.T. 1238 am Faith for Life. 


ASTORIA THEATRE. CC. dtartmi ClWK fS.' iYOUNG VIC. 928 6363 ' Tan’i. In. 

Road 734 4291-439 8031. Mon.-TMin. Ev9, ‘rS^ > S^ N ^ f 3■° 0 ,^^, S ^S»S ,l - 0M I 7JSa - To« 2 THE RMPEST Totw 
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.. CT „u.,rft T S ™, v... A - liS" w A -RS.. , Slfc«: I sssaecjs 

-. Dwactad by PETER -WOOD. 


ACROSS 6 Heed promise and rally ins-cry ‘ “ " ” ‘ " “ *“ — ■ --**«- 

1 Drinlc with journalists and ~~ ~ " 

hold back publication IS) 7 Fish catcher breaks Trent rjard ■•Hi ts' Ou»Mlon Time visits Bucking- 

c T„,j_ j* ....ij l_ _ law (5-3 1 ..... . . lMinshsrv. IB 38 Daily Semce. 10.45 

a iwio, It COUla be a crone _ p ro J_ ct -ftp- Dartv reaction RRC Rpijin Maw IVoVAlpitOfllQ BHC fl^dio Landau: ALimlng Stnrv. 12.03 Vou. The .lurr. 

from the south (6) 8 Tr? 3 1 party reacDon BSBU IldUlU HBM 8«4VC<BngUiS lasatHa. 206m & ».»rbf u.as uu:<m wim Moth-.r 12.00 Metro. 

• H&m 1SSiS3S 3 — ssstw— 

ill v™»te IR1 la ln . r0W , m lUU'SCnmmaieiy n M3hH2.'USM 4 ankHiioom l.« Th.- Ardinro. 135 Shippms forecast. 

10 Express race (6) using farm tool (9) JL WHtHz'J30m 4 haiK- mSTShi 2M Xew*. 2.02 Wonun'p Hour, uc 

12 Cut fish and hog (9) 17 Drunk on one drink? It’s a B-uvhr sura ^ * iwwmr usuh.. 2&im & i7j»hf NVv , , K Afll . nuMI) j.a, 

13 He will love this S«eting <5> expensive stuff! (3. 5) » ■ mm STUS 

14 Nips back for a short drive 18 Story-teller putting M.A. in n . nin _ __ „ ir . _ Mrecasi. 5.55 uvatben prnjramme newt nnr u r r , ___ .... 

f 4 > wT 0 n« corner (S) RAD JO 1 RADIO 3 8 . 0 a x.m. ojo Mr word: .s-. tju News «» « 2 *s w «n fo iw 

15 f n <| I M. and it entilrl hr the in TmaaJtari ..k nA ] ....a 141 (S> SiereoPtaonlc broadcast 635 am M>£ih?r (MHprfhfKivf fot»- t.05 The Archers 7JD LhjckMini. 7.0 'qh ■ CALCUTTA I " 

16 LOO 1 see ana It COUia De tne 20 Inverted school record (4) tMwllam Wa*t can,. J.oo T.OS Your Midwe-k Th- R-lth U-etam 8.1s The Hitch -The nuditv is rtiminB.* Dally Mall 

bisbop'5. see? (7j 21 Everybody in Stage produe- S.M am Ai Radio 2. 7.M pave Loo niimcc. part I -S-. a.m Xctta. Tour Miter's GdMc 10 the Galasy iSi. 8- as *«1 Sensational Year. 

19 Soun nf tendrils in Dart but rinn "that 'ha*; little death (71 4- 00 Snnon Bj:ci 1131 Paul Mirtw.’vfe i:hoi«. Mr! 'J «S>. 830 Kcw;. Analysis. 530 Kalcidosco« 535 Weather. nUK _ __ vnBa . >( , — — 

id spun or tenanis in pari oui non mat nas H ue aepm 111 ElinOTI> 1C0 pm Tonr Blacfeburn. «..U 5.CS This W....*'s Comaorcr: Poctwi -S'. HLM Th- world Tanlshi. UJO An Anor n K^f S. 01-036 5122. 

Its infrequent (7) 22 string of invective from one KM Jenson. 6J0 Radio l Mailboa. 730- ID.05 N'vHV Organs Trum Old (S>. M.C in RN Time. U_B0 A Rods Jt Bodumr. E TOM Frt ' M 5 ‘FELrriTY 30, 

21 Pretentious air in team (4) in commerce 16) ■'S 2. liuo Joua Ptdl <S*. Ernest Lush m Brahms Sonatas (SI. UJO U-IS The Rnancial World ! Tonlphs. 1138 COURTEHAV KENDal 

24 Cut round pole using teeth? 23 Silver part of clarinet con- am w,ih SSKrt Ka KSJ5f pm BfiC ' Vadio^London - uK^kVS^ksSk, play- 

(51 tracted (6) Radio US Scmprm. Scronadc >S-. l,u. R, n, 1230 Ldoccn. parr 2: «aQIO Minaon mismasl frayn ^funniest «n.AY. 

9b -Thirta rtsceerl grnunri sf 2K fan hirrl on nole and 27 far ,JH Thf ‘ Impri.-anns. 4.B Spurt> Di«fc. MuzarL l.M \i.-us 1.05 CuPLCrt Hall 5J» am As Radio 2. 630 Rush Hour. — 

Z5 rhing passed around at -O cap Diro on poie ana -« Uir 1Q03 Wlth RaUl0 , Iioo-Clasu with ZJ» CH-rol X'ld *jrrhesirul Concert 5-88 London Live. 12.83 pm Call In. IB fortune big aaajj e*s. a. Thun. 3. 


930 am Schools Prorranime.*:. 

124)0 The Adventures nf Rupert Q 

Bear. 12.10 pm Steppina Slones. 

1230 Sounds oF Britain. 1.00 News , 

plus FT index. 120 Thames News. . j hi [. “ 
130 Crown Coutl 2.00 After s.id whin's' :■ 


GRANADA 


YORKSHIRE 


L20 pm ThK is Ynnr RlsM. 2JS 130 pm Calendar News. 535 Mr. and 
w.- Cvrjdny MaD^te: Loa:s Jourdars in ITrs 6.88 Calendar I'Ehnlo; Moor and 
• T.V \invrk-sn Hoaiii- C#ni**‘." f.i-imoni vdluousi. li.ao Rli.ciric Theairr 

5.10 Wh.ii's :..u 5.15 Crossroads. 6.00 Sho:v. 1230 Pin Polite Surpeon. 


ELVIS 

8E5T MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEAR 


CAMBRIDGE. _ CC. 01-B3G 6056. 
Box Oficc now oocn for 
TROUBADOUR 
A new musical starring 
KIM BRADEN. JOHN WATTS 
Red price previews from Dec. 13. 
Opening December 19. 


COMEDY. CC. 01-930 2578. Etc. 8.00. 
Thurs. 3-00. Sats. 5.15 aiM 8.30. 
BILLIE WHITELAW 

“The most powerful female acting teen 
In London this year." Observer. 

T. P. McKENNA In 
MOLLY 

Zw> SIMON GRAY 

*' INTENSELY MOVING." C. Newn. 
••FEROCIOUSLY EROTIC." S. TlmeS. 
LAST WEEK. ENDS SATURDAY 
Brit? EWand. Julian Hpllnwav. in an 
aecitlno new comedy ■■ MATE! •• Prtvlers 
from Pec. 5 at 8 Opens Doe. 12 at 7. 


ACTION MAM. 


PICCADILLY, from B. SO am. 437 4506- j » «B. 6363 

Credit card bkps. B3« 1071: Rror. 12.4 * Fr( - *« 8 80*0. .. 


Dee. *l 2 qp«* il Ore. at- 7.i Sob*. 
Eves, at fl* Sets. S. 15 and 8.15. • 

A NIGHT WITH 
DAME EDNA ;s 
• and ■ handful of -cobbers. 

.' timiTvn t . riuipirtf Krtsr 

.BOOK NOW. - 12— WEEK-. - SEASON-. 


PICCADILLY. 437 BS03. 83S~ 39a 
Credit- eartf booMnos H6 1071 
Rkfurd Gookien. Ian Talbot hr 

TOAD OP TOAD HAU. ' - .' 

ChfWmas matinees Dec. iB-Jan, .13.'- -• 


BBC Radio Haw Wavelengths 


1 1853k Hz/ZSSm 
lOnkHc.TTSm 

2 643kHz.'Uam 
9«kHz'JMm 
8> 83-91vhf sterue 


3 1215b Hz. 247m 

& 58125vhf stereo 

4 200b Hz, 1500m 
A tt-Wvhf 


BBC Radis London: 
lasatHj, 206m 3 5A-5vbf 


Cfipllal Radio: 

15<9kHz. 144m & 55Jvhf 


Lnnd?n Broadcasting: 
115UK2. 2Um & 57Jvbf 


Gardi tuTS' Ou»Mlon Time visits Bucklns- 
iMinshire. 1838 daily Serrtcv. 10.85 
Ar.irnlnc Stnrv. LLDS You. Thn .lurr. 

11. US us'.en With Mother 12.00 Xfiro. 

1Z.K pm Ynn and Yours. 12.27 pr. 

Finlay ' n^rhook. 1235 Wt-aiher: pro- 

Rnntme neai. I.M Thr World At One. 

1.43 Thi- Archers. 135 Shippmc forecast. . _ 

230 Wws. 2.H Woman's Hour. 330 ! ,£ c - °i;”6 810«. Mon. 


Yi-.vs, 3.05 Afii-rnrion Thrairr. J.50 
Ghoral Et-ninw <S*. 435 Story Tlmr. 


to Si*. B.oo. Matinoij Wod >mi sat. s.no. 
A CHORUS LINE 

" A r-| T der*-.t*ting (oyous Mtonrthlnu 


CAMptN PLAZA. (Ctoo. Camden Tbwo 
— * 2?^ . 5? 8 . C V LA N Mm 
.- .■ RENA LOO AND -CLARA" AAi 
wtlh BOS DYLAN and JOAN BAEZ Iff 

O ' A T. 30 ullv 

4 ZtP WCClC- 








iADJO 1 RADIO 3 6 . 0 a \Vws. k» My Wo'ni: IS*. 7JH News. 

(S) Stereophonic broadcast 635 am W^iih-r icntnpiYheosive fort>- 7.05 Tito Archoro 730 Checkpoint. 7.45 

tMedlum Wave caiti. J.oo yens. T.os Your Midweek Th* Relih Lectures 8.15 The Hlich- 

5.00 am As Radio 2. 7.00 Pave Leo niiuicc, p»-t i .5., 8.00 .Sc-wi. SJ© Tour Hiker's Guide 10 the Galaxy »S'. 8-«5 


5.M PM. News mJEarin-. 530 Shlpplne I stunner.” 5 T.mes. 3rd GREAT YEAR, 
forecast. 5.55 Weather; pro gramme n^ws 


6-03 Y. ws. 630 My Word: iS>. 7J« Mews. I °S2!ES' - el? * 24J r .**?"• to Thors. 
t« -pi... iw tucl EvenlnBs 8.00. Frl. Sat. 6.1S and 9.00. 

^ _ OH.! CALCUTTA J 

" The OUdjtv g Stunning." Dally Mall. 
*th Sensational Year. 


rCURZOK.-CureaR.'StiMfcr W."t<*'<99 37ST. 
YOU- LAUGHED "A T^H IS AFFAIR . . . 




TOM FELir ITY 

COURTEHAV KENDAL 

CLOUD5 

" IS BLISS" Ourrver 

" MICHAEL FRAYN S FUNNIEST PLAY.' 
D. Tel. 


REGENT. CC. 0T>S3? SE62-3 

Mon. -Sat 2.DD. Mata. Frl. Sat. SdiQ 
LITTLE WILLIE JR'S - 
nCSURUCTIOR "- • • 
The Firs: Soul Gosoot Mosmt - 




church may be seeo oo the gz 
too f (9) - 

27 Stop at sea and follow 26 for 30 

sailors’ game (6) pvE 

28 Apportion everything Officer 
Commanding consumed (S) 

29 Find and attack f6) ZBj 

30 WRN T S head making bird 
tender (SI 

DOWN I® 

1 The most angrj. therefore 

relax (6i AgB 

2 Look round street in torment B\°l 

161 

3 Scarcer and not so wall done 

4 Group changing notices l?) 


game (5) 

Solution to Puzzle No. 3,834 


b-UW 

»"|z. e |a 

ibwgB/2 

SB U S54 

YBfis 

Tyz 



w 




i 

Him? 


Radio I. iS». 3J0 Th<? Ri>nci>wncc nr Ens/'sh C'» Shd'vuaFc. 1.03 Rouio Run. 6.10 Look. 

ninjA 7 Khimbt'r Music iS>. 5.30 Building d Slob. Llrtcn. 7J0 Blacfe Londoner?. 8.30 

KroL/»W Library of DMinls >S> 5.85 Homeward In Cntiivrt. 3SJJ Lalv Nio'h! Frfindon. 

5.00 am Vows Summary 5.0J Tanr nou'ul is. 6J0 Xea«s. 635 A: Horn-: 12.00 .Vs R,t(fin C. 12.05 am Qihrti Ion Time 
Brandon iS> Including 6.13 Fame for cmj.i r.an»?ii: ci>ndii't« Tnhalboislcy'a from ihr llmtst nf Cnminona. From 2.BS 
Thnuyiit. 732 Terry W4»n *S. >a> ludins Mninn Srineboi:-.. 7J0 Art and AirtU-niY —As Radio C 
srr Ramus Bulletin and t\V» Pause for _Thr- Tb cur.- nf John BliiiUia i«l7-l!W3 i An H <lrt P.rMriroctinir 
Thought- 18.03 Aitnmy Yount 'Si. 


SaturUan S.OO and S.OO 
Muriel Pavlov, fit MISS MARPlE 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


"TOE SHOW IS A TREAT." Times: 
"IMPRESSIVELY TALENTED CAST." £N 


ROUND HOUSE. - 2*7 2564. 

Etas. -B. Sat*. S. S. SaNrleai mue ol.tb* 
. .GoliHW , Twentie*. |o. Berlin . 

• Hirr WE.. ARC . ALIVE! 


»7 2564.1 ■***■*%> 


in rp.iSM’5Mn->n'i 


8. IB E^m^iir, 


London Broadcasting 


1235 pm Waggenero' Waft. 1238 F- •!* rjni'nnal V.siivnl Ferllor rnnr.-rt. 5.B0 am Mornlnx Music. 6JW A.M.: 


Jlurray’K unto Hnus? '5" ini-lud'ns 1.43 p, ir i \ 




Sport* 1 Pcsf;. 2-10 David H.»roi!tnn 'B< ? a Kdinhurph JT'T-rr.Mmnal 
includirs :ii and 1 ■»'> inn.-ij. 7'«.*b. d.JO Mr . ; jo.« t. 1- Tno-Sonaf.v 

Wa;snn.Ts' WalV d.45 Soort' Ovik 4^7 u . x \ 11.5^-JJiS Ton: 

.Inlin Dual *"i> Inrln'iing 4.1 *pnn i P^ah •ii'piibnn Fppb *S> 

LJS ‘iwin* D**«k. 732 R'lNJn Rn-hmend. 

Th<* Or*mi«l FW«n«nr> ‘‘S'. 7.30 l.rtl"n T? 4 F)TO 41 
in the Baud "»• 535 Fiiropfsn Tor. -r rs ' 1 „ _ .. 

PD"«a: England v r,-vr*ms'.ovatia. 130 6-W 6*»t fnrflng. *- 1B 

.inm? Thf •!?!>! Ira procarte* .. 4.5S Spons Toda r 6.25 .-hippma 


4.10 Th' Arts World-* Me non-sma wwi information, (ravel, soori. 


? a Edinbursl; Ipt. rr.Minnal prsiir.il. 10.M Brian lUm Shour. too pm I.Ei 


Nw* BrieHns. FarmiiK 
6.25 Sb'ppma forwail 6-30 


nai .i BvlWM J.88 rt#.jrs.- il ale's " O'elorb 

Tnniab: s ■-»!! 430 LBC Ki-ponc «.:onunue*i. 

8.03 \fl-r Fiihl. 4.00 KUhilin- 130 am 
Nishl Estra. 

Capital Radio 

Fannins 6.00 am Hrahsm P>:n» * Fre.iicfas: Shm* - 
>!(. 6.30 i«>. EM .'ilirftpel Atpcl iS.. u.M Oar** 




- r 
























Financial Times Wednesday November 2i) 197S 


13 


FINANCIAL TIMES 

Wednesday November 29 1978 








and 



once 


As the country's economic recovery has gathered momentum. Italy's bankers have 
lost no time in developing new international opportunities. In the van 
of this movement is the return of Italy, after some years, to the Euromarket, 
an activity which helps offset continued quiet on the domestic front. 



. AN ITALIAN Government 
; scarcely suited by nature or 
.- composition to' making up its 
mind swiftly in now facing two 
''imminent sets of economic 
decisions, each -of enormous 
potential significance to the 
* country's future. On the 
external front it is due at next 

- .Monday's European Council 
meeting in Brussels to state 

>-fbjrmaUy whether and on what 
terms it will take part in the 
proposed European monetary 
system. At home the minority 

- Christian Democrat Govern- 
ment of Sig. Giulio Andreoni 
has in theory until the end of 
the year to put flesh on the 

' Jjonesr of the so-csJJed “Pandolfi 
Plan", charting an economic 
■ recovery programme tor Italy 
over the next three years. 

The two are, of course, 
related, and Indeed com- 
plementary. The symbolism and 
discipline implied by mem he r- 
ship of the monetary arrange- 
" meats might provide part of 
the framework for putting 
things right at home. And with- 
out a coherent plan for doing 
that there is but a limited 
chance of Italy slaying very 
long in any European Monetary 
System (ESIS) worthy of the 
name. Sig. Filippo Maria 
.Pandolfi. the Treasury' Minister 
who rudely broke the summer 
lull in Italian affairs by publish- 
ing his proposals at the end of 
August, has described them as 
" a choice, for Europe." 

The plan' is remarkable on 
several counts. It is not simply 
a long overdue attempt to 
commit Italy to coordinated 
policies to restore equilibrium 
lo an, economy fpr which rapid- 


growth along the lines .of the 
1960s would almost certainly 
produce another external crisis 
of the kind uil loo familiar over 
the past few years. If is the 
first time in memory that Italy, 
however tentatively, has in- 
dulged io the luxury of a plan. 
The virtue of a plan is not that 
it is automatically translated 
into reality, but the yardstick 
it provides to measure The gap 
between wish and fulfilment — a 
roroi of accountability Tor the 
politician* — at a moment when 
that phrase has a particular 
aptnes.s m Halt. 

For the fate uf the current 
•J.ivvriunoHT. and of the uaiqu*.* 
formula ot external. ; support 
from the Communists to keep 
the purely DC administration 
in office, looks increasingly 
bound up with that of the 
Pandcitii . blueprint. If the 
various parties of the majority 
cannot agree on a three-year 
recovery' programme, then what 
point is there in continuing 
with an emergency device 
intended not only to hold the 
line against terrorism in the 
aftermath of the Moro kidnap- 
ping and murder, but to tackle 
Italy's entrenched economic 
ills? 

The trouble is that' the 
emergency is more real than 
apparent. And for all their talk 
about- national solidarity - the 
politicians overwhelmingly give 
the impression of readying 
themselves for battle not with 
the economy but with each 
other. 

Not least nf the reasons for 
the end of the unnatural calm 
of the last few months is the 
room for manoeuvre permitted 
by - the -colossal and- susiaiued* 


improvement m Italy's external 
position — which has also 
allowed the country to cnnitun- 
plate .imning the KMS. 

Two years ago Italy. like 
Britain, was in the throes of a 
•U-spcrate financial crisis. The 
lira had liunliN-d. the reserves 
were nil but exhausted and the 
International Monetary Fund 
(IMF l was anxiously perusing 
the national books. Tuday. 


Slhbn. on top of a gold stock 
valued at around $12bn. 

A share of the credit must 
be allotted to the country's 
banking system, which despite 
the jolts of one or two scandals 
has retained both credibility and 
ihe ability to gather the foreign 
funds desperately needed in the 
short, term. This, and the 
capacity of a nation of survivor? 
to ride political upheavals as 


large measure due to a 
uniquely favourable shift in 
Italy's terms of trade. The c«i.<! 
of the raw material, a'-cnuniing 
for over 50 per v:it of the 
country's import bi'l has been 
contained, thanks to the lira’.-, 
-nreniiih again.,; a weak dollar. 
At the same time. it< pnriistnni 
gradual decline against the 
stronger EEC currency bloc 
has given Italian exporters a 


t«>r the lira, ami probably a 
further twist m v inflation which 
even i” thi.-e slack times is 
lunenny around 12 per cent. 

In a nufehe". the ' go * phase 
of each ^frcr-.-ssivc Italian 
business cycle is becoming 
hhiiricr an-.! the nha.-e 

more protracted and more 
painful. And this in part 
reflects the ever increasing 
strain placed on tile productive 


Sound prop to economy 


By RQpert Cornwell 


thanks to savage restrictive 
measures, primarily on the 
credit and monetary side, and 
to the extraordinary responsive- 
ness of the Italian economy to 
such treatment, the situation 
has been transformed. A 1976 
payments deficit of L1.0l!Sbn 
turned into a L2,219bn surplus. 

In jusi the first, ten months 
"f this year the surplus, accord- 
ing to Bank of Italy figures, has 
reached L5.60nhn iS6.6bn>. 
meaning lhat the official S5bn 
estimate for 1978 may' well 
prove conservative. Th3t last 
I if lire, tuo. represents approxi- 
mately the foreign debt repay- 
ments made by Italy this year. 
Even so. the centra] hanks cur- 
rency ■/. reserves, 'now. exceed 


violent even as the murder of 
its most prominent statesman, 
have virtually eradicated from 
the vocabulary uf the interna- 
tional hanker that hackneyed 
phrase “lb* Italian risk." 

Underpinning the payments 
improvement has been a similar 
trend discernible In Italy's 
trading accounts. Two years ago 
imports outstripped exports by 
around $5bn. This year the 
Government is forecasting a 
surplus or Slbn. 

Unfortunately though. Italy 
offers a perfect example of that 
distinction between the ‘finan- 
cial * and the 4 real * economies 
of a country which Mr. Denis 
Healey so likes lo draw. 
Admittedly the trade surplus in 


useful extra edge in the vital 
markers to the north- Indeed, 
in the first par; of this year 
the counuy was even enjoying 
the rare luxury uf a trade sur- 
plus with West Germany. 

But the healthy • financial ' 
economy has been bought only 
at the double price of both 
>lowd»wn ami .structural dis- 
tortion (in which the bank- are 
perforce deeply involved) in 
the ' real ’ one. At hesr output 
will grow by -j per cent this 
year— conceivably iif thi* latest 
private survey, among com- 
panies are to b*? believed) by 
slightly more next. Anythin? 
more ambitious, economists 
warn, and the resulT would be 
a steep rise in imports, trouble 


sector of the economy by years 
of bludgeoning by high interest 
rotes and light credit, employed 
to protect it from cold winds 
from abroad. Italian industry is 
becoming readily less profit- 
able. and the combination of a 
high level of spare capacity, 
high and inflexible labour costs, 
and the excessive expense of 
borrowing have seen to it that 
investment is stagnant. Gross 
fixed capital formation, flat last 
year. i> likely lo decline by 2 
per cent in 1978 
It was against this back- 
ground that • Si?. Pandolfi 
brought forth his nl3n last 
August, emboldened by the 
knowledge that he had every- 
one's backing in principle for 


the basic cures he wa* suggest- 
ing. In fact they arc in some 
respects liitle more than a 
tabulated restatement of the 
strategy that has been the 
conventional wisdom uf every 
recent wmild-bc saviour of the 
I ia! tan economy 

Nor do they differ greatly 
frum the steps advocated by the 
IMF — i o little &u in fact that 
the Fund can hardly avoid 
making action on the Pandolfi 
programme a end it ion fur the 
new standby facility that the 
Rome Government is .seeking. 
Today of cuur.-e the money is 
hardly required, but in a year's 
Time an IMF good cun dud 
lertifiiatc may yet again 
become of the utmost 
importance for Italy. 

At the core of ihe proposals 
is their insistence on measures 
to secure structural change to 
lift Italy on i«* a permanently 
higher growth trajectory. The 
l or 2 per cent due this year is 
the fruit of a slight relaxation 
on the monetary front (though 
prime rate remains theoretically 
at 15 per cent, and discount 
rate, despite a I point cut in 
September, at 10.5 per cent » and 
of ihe inertia bom of political 
stalemate. No policy may be 
good policy for those why be- 
lieve the world's ills can be 
traced to a surfeit of Govern- 
ment action. Bui the slogan is 
nf no comfort to Italy's unem- 
ployed who now account for 
7.5 per rent of the country's 
b-Mm workforce. 

Instead, the plan proclaims 
the goal of cutting Italy's huge 
and still growing public sector 
borrowing requirement and of 
containing labour costs, with the 


intention of freeing resources 
to create 690.000 jobs between . 
1979 and 19SI. In essence Sig. 
Pandolfi wants to see a transfer 
of resources from consumption 
to investment. Implicit in his - 
thinking ;s the awareness of 
what is perhaps the most alarm- 
ing single weakness of ihe 
economy — the increasin'- lack of 
competitiveness uf Italian good 4 - 
abroad. The fact ;s that since 
the* energy crisis changed the 
rules of economic life the coun- 
try has made tin converted effort 
to reshape u> manufacturing 
industry and embark upun the 
swing away from low lu high 
jHi-hnnhigy and high value added 
products. The question is 
whether the politicians can 
agree on a package that does 
what they all *av should he - 
done, or whether Sic. Pandolfi’s . 
blueprint will simply find it< ■. 
way to the dusty cupboard of ■ 
good intentions. 

In a country where the Gov- 
ernment has often seemed to . 
leave the most painful part of 
economic management to the 
central bank and the credit sys- • 
tern, a degree of scepticism is : 
to be forgiven. A ease in point ' 
is the current plan (discussed 
elsewhere in th ; s survey i for 
banking consortia to bale out . 
large companies in financial . 
trouble. On paper this looks 1 
fine, but the hanks are tinder- 
standahjv . afraid that a device 
advertised a* a ri-re «mpsap ■; 
before more sweeping reorgnn- ' 
isation nrght aequiiv n»-rman- ' 
ency — and leave i h»- Ivnks ;i« 
compulsory lenders and virtual ; 
owners of concern?, no longer .. 
a sound banking risk. 


six banks, 

an important partner 
in those itaiian regions, 
that count for much. 

330 branches... and behind each counter the organization and the efficiency of six 
leading popular Banks, which have joined their programs and work in the 
"GRUPP0 NORDEST- 

These six Banks, togefherhave not only the size of a big Bank, as regards 
Customers and Service, but something more, loo: the opportunity oi being in 
close telations also with small firms, of being present where there is the real 
economic life. Lombardia, Venetia. Emilia produce, alone, 37% of Italian output, 
and cany out 46% of Italian Foreign Trade. 

GRUPPOflWIIDEST 


Lombardy 

Vfeneua- 

Cmiffa 


Banca Agricola Mantovana 
Banca Popolare pi Verona 
Banca Popoiare di Bergamo 
Banc„a Popoiare di Modena 
Banca Popoiare dt Sondno 
Banca Popoiare Ji Vicenza 



GRUPPO NORDEST: 
six Banks and a common work, 
at the big enterprises '. as well as 
the small industries ' service. 



markets? 
them 




Banca 

Commercial© 

Italiana 


Head Office: Milan 
Tel. 3850 (45 lines) 
Telex 310080 
352 Branches in Italy 

London branch: 

42 Gresham Street 
London EC2V 7LA 
tel. 01 - 600.8651 
telex 885927 COM1T G 


Associated and allied banks and other 
participations in 40 countries 
Associated in EBIC 
European Banks International 



■ ; -v...r- .erf. -v. - - ■ 












Our name tells you a lot 
The Italian 


London. 


/ 


If you want to make the most of 
international financial markets for 
Italian business, a natural choice is 
the Italian International Bank based 
in London. 

We arc an international 
consortium bank set up bv four 
eminent Italian banks with a histojy 
as long as banking itscll. Banco di 
Napoli. Banco di Sicilia, Istituto 
Bancnrio San Paulo di Torino and 
Monte dei Paschi de Siena. 

From our London base we arc very 
much a part of rhe international 
banking scene and so arc able to 
make rhe most of the market's 


resources. But our Italian 
connections enable us to 
understand and satisfy the needs of 
Italian business particularly well. 

Apart from our strength in Lire 
Exchange and other Eurocurrencies, 
we offer the following services to 
companies in Italy. 

> j i Providing direct finance for 
Italian industiyin Eurocurrency. 

(2 > Financing Italian Exports in 
Eurocurrencies. 

•,.T‘ Providing medium term 
syndicated loans through the 
London Market. 


Italian International Bank Ltd., 

P & O Building, 

Leaden hall Street, London EOV -IPX 
Tel: 01-o2? 8700 Telex: SS537U 

the British hank 
with the italian accent. 


We 






In addition to our Offices in Frankfurt, 
London, New York, Paris, Tehran and 
Tokyo, we have 1,000 correspondents 
spanning all the Continents. 

We are also members of London & 
Continental Bankers Ltd.,whose 
shareholders have a network of 40,000 . 
outlets throughout Europe. 



BANCA NAZIONALE DELL’AGRICOLTURA 



Financial Times Wednesia^ 

' • • - •••'-;*. •' ' Vi' l -*- T-'i: ' --:.r 

ITALIAN BANKING- II' 


W elcome return 


A WHOLE senes of syndi- 
cated credits and bonds for 
Italian borrowers — who have 
raised some Sl.lbn of loans in 
the international market during 
the tirst eight months of this 
year, or more than double the 
amount in the corresponding 
period Iasi year—is clear indiua- 
‘ : on of the recovery of Italy's 
international credibility- Granted 
that the country’s return up the 
medium-term Euromarket has 
been greatly eased by the 
market's high liquidity, the scale 
of borrowing none the less 
reflects the improved interna- 
tional confidence in Italy, which 
is expected to report a balance 
of payments surplus of some 
S5bn this year compared with a 
deficit of S2.9bn in 1976. 

Confidence 

The renewed confidence in 
Italy that international banks 
are showing and the subsequent 
gradual phasing out of the so- 
called " Italian risk ” was 
recently commented mi by a 
leading Arab banker in Rome. 
" Italian companies, whether 
private or public, which failed 
to attract funds from the inter- 
na tional market a few years ago. 
can easily obtain funds today 
with very attractive margins. A 
few years ago the Government 
burrowed money against its own 
gold reserves. It i’« now paying 
off such loans prior to maturity, 
and during the last two years we 
have seeen a stable lira in the 
Foreign exchange markets.” he 
said. 

Italian groups were effectively 
oui of the Euromarket for a 
couple of years until the Stare 
medium-term credit institute. 
Istituto Uobiiaire Italiano 
torn. led the way back <ome 
two years ago with a SJObm 
issue for financing expons of 
Italian consumer goods. Al- 
though IMI had to pay the price 
for the prestige of leading the 
country's return on the inter- 
national medium-term market 
with a one and ihree-eighths 
margin over the London inter- 
bank rate on the i$«ue. subse- 
quent borrowings have attracted 
very favourable rates. 

The State hydrocarbons 
agency. E:it? Nazionale Idro- 

■■nrhiiri recently heco- 

tiatetl a S-OOm loan ihrnu:h a 
•;rmin uf Japanese hank* v;j:!i a 
• n!it margin over L : b"r ri«in'-. 
:’rom seven-eighths per cent i u 


one and a quarter per cent for 
a 12-year maturity. For its part, 
the giant State holding Istituto 
per la Ricostruzione Industrial 
fUllI is paying seven-eigh 1 hi- 
per cent over Libor for a SoOObn 
loan with a seven-year maturity, 
while private companies like 
Olivetti, which have regained 
the confidence of the inter- 
national market, are able >0 
raise nine to ten-year loans with 
a split margin oT three-quarters 
per cent for the first four years 
and subsequently seven-eighths 
per cent. 

The main purpose of these 
loans is either for balance sheet 
financing to help companies 
consolidate their short-term in- 
debtedness into medium-term or 
for export financing — or for 
specific investments, particu- 
larly for overseas ventures hke 
ENTs participation in the pro- 
ject to construct a natural gas 
pipeline linking Algeria to 
Italy. Coupled with the 
liquidity of the international 
market, this has meant that it 

has generally been the more 
acceptable and attractive face 
of the Italian economic system, 
which has turned to the market 
with established export- 
orientated groups with guaran- 
teed cashflows in foreign cur- 
rency looking for export finance. 

Restrictions 

Both Italian and foreign 
banks operating in Italy have 
been active in foreign exchange 
loan operations since these do 
not fall under the Bank of 
Italv's restrictions on domestic 
credit expansion. Although in 
the wake of The country's im- 
proved external position and a 
Stable lira, the monetary 
authorities have gradually 
cased a whole batter?- of restrict 
tlve measures introduced fol- 
lowing the 1976 lira crisis, 
restrictions on credit expansion 
were renewed at the end of 
July until the end of March 
nest. These measures, which 
incidentally are not always up- 
held. limit the increase of the 
total credit in lira offered by 
the banking system to 7 per 
cent by the end of this month. 
13 per cent by the end of 
January. 1979. and 14 per cent 
by tile end nf March. 1979. 

Together with ihe ceilings on 
lira leans i» domestic cu-'tnmers. 
Italian hanks were pushed inm 
additional foreign operations' 


following the regulations oblig- 
ing importers to finance all 
advance payments for imports in 
foreign exchange, and the fur-' 
ther requirement. since 
a ou I '.shed that 50 per cent of 
credits arising from delayed 
payments on exports should be 
in foreign exchange. This is 
reflected in the sizeable increase 
of the net foreign indebtedness 
of Italian banks, which has 
risen from the depressed levels 
of the days of the last lira crisis 
to well over LS.OOObn. 

There was a further attraction 
to rum to foreign operations,- 
despne the narrower margins 
than on the domestic market 
because of the much lower 
interest rates applicable on 
foreign funding. However, the 
situation has now changed with 
the rise in Eurodollar rates and 
the gradual downturn in 
domestic rates. Prime rate in! 
Italy now stands at 15 per cept; 
but effective tending rates are ; 
often lower, averaging around 
13.5 per cent and 14 per cent.' 
Tills ieveliing of interest rates 
between the Eurodollar and. the. 
domesric marker has certainly 
influenced smaller operators 
since interest rate differentials' 
no longer compensate eventual' 
foreign exchange risks. •; 

. DespiTe monetary restrictions^ 

‘ new somewhat eased, the' .low 
2 nd at times non-existent 
profitability of a number 7 ; of 
companies, which makes them 
unattractive lending proposi- 
tions. and the general fall of 
local borrowing demand as a 
result of the recession, the 
Kalian domestic lending market 
remains attractive. 

Foreign banks operating In 
Italy, concentrating mainly - oh 
wholesale business, enjoy -some 
of the most generous interest 
rate spreads in a still liquid 
market At the same time they 
deal essentially with ' nbrv' 
Italian customers and- multi- 
nationals.' and when they.' ‘do 
handle domestic business they 
tend to deal with the cream- 
companies like Fiat and Olivetti 
or the large state groups. The 
Italian banks, which havte 
increasingly reverted to devices 
such as lira or foreign currency 
lending pools, service the large ' 
range of medium ar.d small***- . 
concern* which arc* not so welt 
|\**nv.*n or established but 
economically viable. 

The Italian i authorities , are 
also seeking to promote export 


performance and are in fhepfro- tb (^na ! ;a^ ; 

cess of finalising an - Italian put tbge^ 

equivalent of Britain’s Exportltalij^v^clal credit 'institutes - ‘ 
Credits Guarantee Department;'' and- cominetci al. banks, ~ 
raising the annual lending ceflr ; *- . 

ing for medium-term.; export genertl^ 'j^wed; 
credits to some L3 JOObn.. . Tb& .outiook-— ; ’ refWetiqn in '■' 

annual . upper limit Toreign...,indebfe4hesi' ‘and. a " ..... I 

term credits has also raicrease - '''-in 

increased to l^OOObit tm iftripuy 

over basis. By rationaHsing and.:^^-^^ef^;^brities 

accelerating tte " 

granting state ' affluame^ aw-6a^!credrt' expansfoii until they 
guarantees through • the^; ihat>the ' Govern • 

SACE agency, officials. Aie Vftfebts i-^^tibrreePjfearr, : - *1879-81 ) : ■ ' 

fident that exporters wifi -fe- ee^odtf; reoovei^ plan 'takes • • 
able to raise money -at • very .concrete shape. ; . ; • 
favourable rates. • ^.'-rhe.x^^ ahns-To taekle the' ' 

_ # . ' - L -pf -tiie if 

rrpmt - - ' ewaomy : anff~lay tire|\ - 

VivuiL . ... .• , 3 basis' of . a sustained and "stabled • . 

At aw sain, Bine I- Particul.r^ 

r»le 0 f the 

system in the country's export 


mote a stmes uf major IWkanr ^. ^ fiivb td congnp^;to v : 
’SSriSS ■?- « £v ; ^ aSwit ; r perbaps;... J&is t 4hiu* 

over a four-year period, is the -.^-.-- ■ ■ 

first major credit line fotn Italy-*: '- V -p : . 2 , £ '_ , 

; A • propfcUi 

\ A.- i- V ’ 1 

| ’ '- , ; •' ' ' ( , V . ; 

.^'.-••7-'%.'. cjVv. .. • ' -^'7 I ; " 

• ' : i i\ ' - T >; . r L r>- - f*.y " : yi ‘ - • - 




\ ■ - •" : t'-: > 




ISTITUTO MOBILIARE ITALIANO 

INDUSTRIAL FINANCK 

a broad range of specialized financial services 


— Medium- and Ic-ng-irnn finjnvinx f»r uulu.tiruil 
mvesuiieni: 

M at market raic< 

'.it Irm-mleresl rjl«-* t small jnd nirdinm .-ntfriMi-rv 
Smuhero Ualj. depressed areas of f.vnliai AurtUein 
Italy, etc.t 

— Equity parLicipalmns 

— Aid for industrial research and dcvelutiujint 
— Shipping finance 

—Financial assistance for the pronrotion of Tialian 
exports and activities abroad (export i-rcdil financing, 
buyer credit 1 

—Loans in foreign currencies 

—Technical and financial ron-mlting and 8 c -si>tanro 
services, cither directly ur through aflilialed com- 


pnnirM spvcializcd short- and mod ium -term Snancina; 
lna<inc: underwriting: t^chr-'cal and financial con- 
siillinc: introduction uf Italian cn I erpri •*■*:»' on foreign 
nnaiicial markets: mutual ir>v»imrnt funds, auditing: 
■ rus'eeships. 

IMi raises funds on ihe Italian and fureign capital 
markets principally by floating bonds which are listed 
on the Mock exchange and \er« popular among small 
and large investors. 

Subscribed capital and reserves: S36 billion Lire. 

Loans outstanding Including special opeiutiona as of 
March 31. 197S: 11.464 billion Lire = 313.447m. 

Placed and outstanding bonds as uf March 31. 1978: 
9.2SJ billion Lire = $ 10.888m. 

urher medium-term borrowings uf .’larch 31. 1978: 
1.334 billion Lire = 31.565m. 


Heart O flit' i* : 2.1 Male dHI'Artc — 011 144 Rome. Italy 
Represen latti-: Office in; LONDON EC2V CAA. 5 UicjipmiIi*. Telephone ft 1-248 1091/2/3/4. Telex; 8S7G71 13If London 
Other Representative iffices in: vVashinutun, Zurich Brussels. Mexico City- 
Regional in Milan. Turin. 'leniM. P.iihi;*. Venice. Rnlognj. Florence. Rome. Bari. Naples. Catania. 

Monetary lalue- in I'S dollar nen- c i lcul.il >-d if the •■.xcliaiige rale nf Lit. 85X59 tu tlir US doila>. 


Bourse relapses 
into coma 


AFTER A spectacular upsurge 56.9 per cent above its levels increase in costs they would , 

in trading 3 nd pr ? cc*< m Sep- al the start of 1973. Two cause, promise to make this a 

tember the Milan stock months later, at the close of particularly tense round of 
exchange ha* fallen hack into rhe November monthly account ncrotiatioas. 
a stale of uncertainty. Little on November 17. fh** index was The Treasury Minister Filippo 
more than two months ago the back down to 40.22. and the -M.-iria PandnJfi's plan For the 
Italian stock market ' had rise smec the stari of the year economy over the next three 
seemed to be in the throe* of had been halved to 29.2 per years has been officially dnwn- 

a genuine recovery, a tier a cent. Graded to the status of a mere 

slump which had lasted for in retrospect the violent up- work* ns; document. In the face . 
around three year**. Trading swing in prices and trading uf continued indecision and dis* 
shot up. bourse hours had to appear iq have rak?n place in a orop| nenf over nnliev measures, 
tie extend rd. and the Pia^Ta n kind of drunken revel, in th i,? laudable attempt to brine 
degli Affari — Ru-iness Square — w*tich •.nn'-rficiatities were order into Italy's disorganised 
where the M'lan bourse is sited interpreted as signs of funda- economy now seems doomed to 
at last seemed to be living up mental ci-onomii- improvements, interment under yet another 
to its name In a i-oun'rv which has the navi "-stone on the path of 

Vow. a* iviuier draws m. this h:ib:» of enrvr'n - a s'ate of su*- intentions. 

1 Indian Mimm-T of euphoria has P->n<WI animat-on dm-ne »h.- The international Monetary 

lefi little more than a manor* racatie.n. this year’s h"ni. which was due to send a 

and a homo in the ( hart*. On return from the beaches was lo Italy this winter 

September 20 ihe Milan buurse more than usually carefree. with a view to reopening nego- 

index touched :i> max- mum Tor All throucli ihe year Italy's farinas for a loan, has aealn 

ihe vear ai -*e?.S:4. putting ii balance of pavnicnis had been P r, ‘ !,, P"ned its vsit until econo- 

— nmnin. subsiansial surpluses. nrospects hprnme clearer. 

The politic*! scene at last r ’ ,,lat,nn s hows no sign of abat- 
*h owl'll -iynx of s'nbilisation. ,n - interest rates remain high 
with Ihe Communist Parly arul <T*dit tight, jeopardising 
enaer io play a role oT respons- ^ ,,ni1 ' 5 investment recovery 
* : hip moderation and the unions rn niamtain the defence of the 

ol-jd 2 ®d to a c'amp-flown on ' ,r ?- 

waaes. in a total inversion of (,n stock exchange the re- 
ibeir nolicies of the last decade, ported inflows of fnreign inrest- 
The covernmen? had produiTd ntr ' nt f^pital .which caused such 
a ^ke’rh of i 1 * three-year plan earlier this autunin 

T A 7Vrr\ fnr 1he ernnnni -V. ' On the havp faderl aw3V a mirage. 

inciii G i rial from the had news The memory of the ?reat success 
a f last seemed to he giving way v ' Ifh P rlv:,te investors of _ 
to good. Olivetti s L4hhn rights issue - 

o l -j j !a rt summer one nf the more 

Subsided nntahle incidents in the recent 

bourse revival, has heen strp- 
Now. a couole of month* planted by the difficulties 

medium -term Snancina: Ia,or - t5, »* •■uphorw ha* *ub- inv.imd in a much larger 

'cal and financial con- *'rted. tin Mio political front l.'WSbn rights i*sup for Monte- 

n l•^te^*ri^b^ uu foreign new strains and crack* arp 'di«*in. 

eslmcnt funds, auditing: noncarinc and tlic spi-rfre of Rtinwhere in the xorelv 

nn-maiure elections is once irdnhWl Italian chemicals indus- 
an and foreign capilal mnrp ^nn-np to -talk the t-v the shares nf Ante and 

bonds which are lisled ramparts. Union policies of Lmuums hare dropped very 

■j popular among small *'«* moderation have been shnrolv. prnvnkin? the bourse ' 

cceii a hefty buffet by draft cum mission to transfer their 
contract renewal demands for nur.tation to the cash market, 

: S38 billion Lire. the powerful mer^l and eacin- in the wake oF their heavy losses 

peciaJ opciations as of ecrine woricers . and for and expectations of a reduction 

' rP - = rS^i 1075 ?- chemical workers, two of the in the nominal share value, 

us ui .udren ji. iJia. mam industrial sectors due tu Pinna. for the merqer of BastogJ. 

uf M-ir.-li '"t l‘»78‘ renesotiati- three-year labour Ralys oldest holding company, 

contracts m coming months. and its property subsidiary Beni 
Approximately half of Italy's Stabili, which galvanised the 

entire labour force will be bourse this summer, have been 

involved In contract renewal put through, and the two enm- 

lex- 8S7G71 nif London ! a ' k „ s bc !. ween novv anrt mid- panics' shares have sunk back 

Union demands for with the rest nf the market los- 

U‘L V - shorter wnrking hours as a way ing touch or their gains, 

ri. N'uples. Catania. of creatine more jobs to cut In the cold light of reason it 

the US dollar. unemployment. rejected by is dear chat there has been little 

employers bcr.iu?»* of the improvement in the basic reali- 

J ' CONTINUED ON NEXT PAGE 



T* * 

.* 

w 


Wk 


LJ 


iBoi 


m 


-- ■r . : - - 




. - ; “TotsU deports L Z t m biffion. 
share capital and reserves L &j> billion 

correspondents tivouatroutlhe worW 
-itti provfcles assfctaice 
, tothewidearariSffofaistDmefs 


■BS&ikr'*# ym*n amon* frlrn* 

totruTO§v<W3n\LU>o - 







oQncQropo«Qf&: 
dl AbbipfpgrQsspj 




Limited Uabtijty ^ r 

Head Office 

Abbiategrasscv ^ 

Imminent opening 6F the. nevF^cah^O^ce 

" ' • . MILAN • 




-■ J? as 

fc di Ri 

Qij di 
Ve in 

■****.„ 



As at 3 1 ‘ DeceCiber- ■ 

Total 'assets : • \ .; v . 

Funds . managed.: . •- • 




T ~ •• t. ' *> 




about aid 


to industry 


—more business fo ao 

from banks 

and businessmen, please. fc -° 


ilf i 

lljl 






■ *&' 


WHAT ARE banks fcr? In a 
very real sense that is the 
underlying question as the 
Italian authorities embark upon 
their -.hastily assembled pro- 
gramme for rescuing a number 
of Large companies, especially 
in the chemicals sector, faced 
with imminenr financial coi- 
. lapse. The choice before the 
Government, as it cobbled 
Together its proposals just- 
before the summer parliamen- 
tary recess, was either to lei 
them go, with all the colossal 
human and material waste, arid 
intolerable political conse- 
quences that would ensue, or 
to secure a new means uf 
pumping in desperately needed 
funds. And the urgency of the 
hour has been underlined by 
the fact that in the three 
months since the proposals 
were launched, two groups, 
Sociela Italian a Resine. (SIR* 
and Liquichimicas, have already 
benefited from the scheme. 
But not. as will soon be 
explained, without difficulties 
that illustrate the dilemma in 
which the programme places 
the country's banks. 


Proposals 


Rushed though they were, 
the proposals are in fact some 
sort of end product to the idea 
floated three years before by 
the then Governor of the Bank 
of Italy. Dr. Guido Carli. that 
the banks should relieve the 
acute financ.al strains on com- 
panies tin some measure due 
to years of exceptionally high 
inrerest rates i by turning their 
debts into direct equity share- 
holdings. which would subse- 
quently be sold off to the public 
when times improved: 

The suggestion had all the 
immediate appeal of anything 
beautifully simple: But it raised 
two related problems: first, 
given the decline of Italy's 
stock markets and the absence 
of any source of risk capital 
in the country, who would ulti- 
mately buy the share*? 

If the banks were forced to 
retain possession, could not 


they later find themselves in 
grave peri! if at the end of 
the day concern in which 
they had their unsaleable 
investment went, under any. 
way * In a country which has 
often relied on Us banking and 
monetary management to retain 
financial credibility abroad, the 
risk ui trouble spreading from 
the .ndiLsiri.il to the banking 
■ sector was too great. 

It was. after ail. precisely 
ruc:i a chain reaction nf 
collapse in the early in30s 
which led to the Slate taking 
over three »f the largest cum- 
in ere till banks, under the u»qis 
of the publicly controlled IKI 
conglomerate and, sinre that 
time. the banks have been 
virtually barred from the -.nri 
of merchant-banking direct 
investment role " permuted 
their • uumerparts in France 
and West Germany. 

Instead, the programme pm 
forward by lhe then Indus' : v 
.Minister. Stp.noc Carlo Donut 
Catiin. revolves aroimd t;vn 
forms of intervention to salvage 
companies in irmiulc: first, the 
establishment nf cunsurtiuiiis 
of creditor banks, credit iir-ti- 
lutes, ami quoted industrial 
companion. in pump in money 
and at ibr same time draw up 
a financial rcstrurluration pro- 
gramme or. secondly in lc.-s 
pressing cases. the simple «-mi- 
scilidation of heavy short term 
dehr to give ihc recipient com- 
pany a breathing space. 

Consortium 

Most important of all. h"W-» 
ever, thu legislation gives the 
Government powers to stop m 
of its own acror.i in cases where 
the debts of the company an 
question top I.aOhn (£30un — a 
pretty rnoderi figure by current 
Italian standards. It would be 
able to appoint its own special 
•• commissioner." who. would 
have far-reaching control over 
the management nf the concern. 
As the commercial hanks arc 
fully aware, such a stpp would 
in practice give the State, yet 
another lever with wlurii-ylu. 


control the flow of banking 
funds lu industry. 

Just 34 hours after the 
Cabinet approved the Donat 
Gatlin hums u re. a consortium 
was formed in yivu Sit! a :rans- 
fiiSion o! L-fiHIbu t£'250mi. out 
of which the ■‘liciini-jl group 
cuuid pay its July waves bill. 
But in Litii:i.‘himira.\ i.tse the 
proce::>f look lunger. Three 
months after an agrt-cnirnt in 
principle participating hanks 
and the Government were Mill 
haggling mi*r flic terms uf a 
L30hn i£lSm) rescue package. 


Al!v 


The crux of the issue, of 
course, is ji.s't whu. at the end 
of the clay picks up the bill. 
Fur a Ytuivy uf ivusu'.is the 
(.live mine u t is unwilling tu oe 
awn pPH-ecihni* merrily duv. n 
lhe well irmldcn path ol lavish 
and ill-il !* i rihuie-cl subsidies 
from the public purse. But the 
banks an- already deeply con- 
scious uf lhe atrophying uf 
many uf their basic /unctions 
which has taken place as 
Government inters entiun has 
grown. They arc determined lu 
make sure that they arc not 
going to he forced into doin.'. 
the Govern me nl's dirty work 
lnr it. and then he left carry- 
ing the can at the end of the 
day . 

Credito lialiauo. one of the 
three If! I hanks and as such iri 
the front line of the struggle 
between normal hanking prac- 
tice and ihc manoeuvring- uf 
the politicians was forced to a 
genuine cri dc vneur in its 
late<r annual report. Banking, 
i: pleads, "has always meant, 
ami always will mean, one 
simple thing: granting appro- 
priate rred 1 1 to credit worthy 
companies." In the current 
dire predicament nf large 
chunks uf Italy's industry, it is 
a first principle of hanking ta 
skill which after all took on its 
modern form in tlm Italian 
Renaissance i which or limes 
seems in da Ape r of going by 
default. 

And the commercial bankers, 


who share Credito Itahano's 
misgivings about ihc proposals 
afoul, have a powerful ally in 
t h r Bank of Italy, which, also by 
default, iia.- sometimes looked 
•is if it were managing the 
national ccimoniy nn iLs own. 

lr is n«»i lor the hanks,'* 
declares Dr. Panlo Batfi. Dr. 
Garbs .-iireessor ar the Central 
bank. " to .-cl lie industrial prob- 
lem-., any more than it i> fur Up- 
Bank uf Italy to carry nut indus- 
trial policy '* The commercial 
banks' increasing obligations 
mils; not be permitted to go 
beyond the proper bounds uf 
prurience. Dr. Bafli continues. 
Sucial . policies cannot 
indefinitely be pursued at the 
expense uf efficiency. and 
enforced intervi-ntimi will only 
id: mainly weaken the rule of 
the banks, and reduce the sense 
t»! responsibility of ihose whose 
job it properly wa.» to manage 
the company 


Overhaul 


The truth nf the matter.- 
Ihutigh. is That financial re- 
organisation, however ingenious 
and however vast. *is but the 
first and least painful step in 
the process to overhaul Italy's 
indusinal and economic 
structures that is now so Ion: 
overdue. That the latest scheme 
is recognised in theory at /ea.«r 
as only a stop gap is implicit in 
the framing of the bill. The 
consortia can only last for a 
maximum of live years, and 
i heir goal must be to -ell off any 
shareholding they acquire in 
the tunvah*seent company to the 
public a- »<mn as its affairs have 
improved. The trouble is that 
without more radical action, the 
measure is almost certain l>» 
provide 1 title more than a stay 
or **\<*cuiion. t 

Italy's current government is 
by no stretch of the imagination 
suited to the broader ta>k to 
hand. Indeed, the over-present 
need Tn satisfy ihc conflicting 
interests nf tin- ruline Christian 
Democrats |CD> and those of 
the four other parties, including 


the powerful Communists that 
provide the CD with parliament- 
ary backing ha- ic-d to a climate 
nf near paralysis. With parlia- 
mentary elections looking close. 
thaT state of affairs is unlikely 
to change and the chances of 
getung anything done look 
increasingly remote. 

True, the Government is com- 
mitted by the end of this year lo 
presenting a detailed three-year 
economic action plan, based on 
liie blueprint issued last 
summer by the Treasury 
Minister. Sign or Filippo Maria 
Pandolfi. Probably, what does 
emerge will contain some ring- 
ing declaration ? about the need 
r*» restructure industry. Bur the 
reality, with the vast switch in 
investment*, reductions in man- 
power, and sacrifice of short- 
term political advantage it 
would involve. *r likely to prove 
more than > % ven a government 
less fractured and fragile than 
fialy's could readily con- 
template. 

Rupert Cornwell 


This is the kind of business wc‘re involved in: 

• 3.800.000 deposit and current accounts 

• S 17,200,000.000 deposits and Funds administered 3 (4-23.26*1,) 

• 430 branches - 8.500 employees 

°irjadin: M\hvnJs*-jni LcasmsRegmit Lmxtenh &pc<iZi nrJfmds 


S«a£ Offices Represenutbe Office 

;012! Milan London 

t:al. Oururd Home 

V.^ Msse d:*Pi:di S *3 Leaderhjti Sl.EC: 

;e; »'•! 1 • v-r I trl. Mil 502 

tslc.r %3O-jSO£I-Ju«07 telex SS^i Cjupi G 


RepresenuiSe Offices-. 

London Brussels 

Oururd Hou«e A-.e-.ue Luul«.?27 

S3 Leadenluli SlJECSA JBP 3-1050 Bru telle* 

tri.»yi.»:d5:5o: s?i iMtkwo 


Brussels Frankfurt 

A*. e-.ue LcmHc. 1 :? O ■» «e lu IkisstMwe 9 

3-1050 Bru ^eliei " 1 nsr.klnrs am Maia 

Sri i.-4 non^p 2e f 1 ' T i 

lelev C244U CariSr B ickv.: -iiriol Carip D 



I PL 


* 


takes up a lot of space in the Italian banking picture. 


■ Cass* ck isr?iriro selu pnovivcn lombmoc 


CONTINUED FROM PREVIOUS PAGE 


ties of Italian ‘finances. Italian 
companies are still. .. severely 
under-capitalised,, notwithstand- 
ing Olivetti's, recent long- 
overdue capital increase .and 
Montedison's current .marathon 
attempt to pull' itself nut of its 
financial doldrums. High debt 
and interest charges are heavy 
burdens on industrial balance 
sheers. One recent calculation 
put the bourse valuation of 
quoted companies at one-fifth of 
the value of the Treasury bills 
issued by the Government to 
finance Italy's colossal public 
sector deficit, whose high 
interest rates have played a 
major part in .luring investors 
away from tiie bourse. 

Private investors have vir- 
tually abandoned the market, 
and stockbrokers estimate that 
only around 1.5m Italians hold 
shares, one of the lowest pro- 
portions to total population in 
Western Europe. The main 
participants in the market are 
the banks and financial institu- 
tions. and much of trading 
volume is made up of dealings 
in a relatively small number of 
shares. On the fiscal front the 
Government has done some- 
thing to encourage a return of 
private investors to the stock 
market by introducing a tax 
credit system along the lines of 


similar systems in other EEC 
countries. 

.The tax credit does away with 
double taxation or dividends, 
allowing investors to recover tax 
paid by, companie-. on profits 
through crediting this against 
their own income tax liability 
on dividends. The system is 
particularly generous lo the 
Ration investor by allowing him 
to recover 100 per cent of com- 
pany profit tax. a proportion 
only matched by West Germany 
among other major European 
nations. 

But advantageous as this 
system undoubtedly is for many 
taxpayers, it does not alter the 
fact that competitively 
attractive yields are still obtain- 
able tax-free . on Government 
securities, without ihc risk 
attached to ihc stock exchange.. 
For some top-bracket taxpayers 
tiic new system is likely to prove 
mure of a disadvanlage than a 
gain, os it has brought with it 
a decision io abolish, from the 
start of tin* new. year, lhe fiat 
rate dividend r.i.v inaf high tax- 
payers could opt to pay with no 
more questions asked by the tax- 
man. This system’s imminent 
abolition could be prompting 
some shareholders to unload 
their holdings, accentuating the 
current decline in prices, some 


Cassa 

di Risparmio 
di Genova 
e Imperia 

Bank established in 1846 


bourse analysts consider. 

As far as investment abroad 
is concerned, government re- 
strictions on Italian purchases 
of foreign securities, introduced 
in 1973, have effectively stilled 
Italian inieresl in foreign shares. 
Now. with the improvement in 
Italy's balance of payments, 
which is expected to be main- 
tained next year, there is hope 
lhat the Government may con- 
sent to remove or reduce these 
curbs, which cnnsLst of a 50 per 
cent non-interest-bearing deposit 
on the value of shares pur- 
chased. 

Stockbrokers are hoping for 
a relaxation of the investment 
restrictions at least to allow pur- 
chase of vhiiros in companies in 
other Common Market countries. 
Only one foreign company is at 
present listed on the Milan 
bourse, C. T. Bowring of the UK. 
Bnt if Italian curbs on invest- 
ment abroad arc relaxed, Milan 
bourse officials hoye that Uus 
could encourage ouher foreign 
companies to consider a listing 
in Milan. 

In Italy between 20 and 40 
companies, many of them m the 
electronics, engineering and tex- 
tile sectors, could be interested 
in having their shares quoted if 
the market recovers sufficiently. 
But in the present autumnal 
mood on the Stock Exchange 
some forecasters are already be- 


ginning to predict that by the 
end of the year prices will have 
slumped back to their early 
January* levels, losing all the 
gains that have been made since 
lhe srart of the year. 

For the hard-pressed chemi- 
cals sectors, a series of. salvage 
projects have been piii forward 
involving participation by banks 
in their sliare capital. This new 
departure — which has required 
a special Bill to be pm to Par- 
liament tn set out the conditions 
under wbiuh banking participa- 
tion can be permitted in indus- 
trial companies in crisis — should 
provide breathing space from 
heavy debts and high interest 
charges for groups tike Liqut- 
chinm-a. Sir. Snia Vjscosa ami 
Mnmeiibre. The latter two are 
soon to merge their synthetic 
fibres activities into a single 
company, with creditor banks as 
parmers in Lhe share capital. 

Moves like this can help to 
some extent to solve the chronic 
under-capitollsauou of Italian 
industry. But as long as there is 
no reii improvement io the 
business outlook fnr Italian in- 
dustry there can be little hope 
for the strong upturn jn the 
Stock Exchange which will be 
needed for these banks subse- 
quently to hand on their share- 
holdings to the public. 

By a Correspondent 


m 




..v\\ . v* • vlvt v v//,*, ^ 









■ 4 OFFICES ABROAD 

U.K. REPRESENTARVEOFFttt: 

Vtot C handlers’ Hafl 
Gresham Street 
UK. -London E.C.2V 7AD 

US. A. REPRESENTATIVE OFNCE*. 

375 Park Avenue 
New 'tork.N.Y 10022 

Vi . GERMANY REPRESS NTOmOmC|= 
D-6 Frankfurt /Main 1 
OFFICE IN STUTTGART 
Kronprinzstrasse.B 

0 - 7 Stuttgart 1 




mm 




a 




mt 

..... .. 


:> 




U#u Banco Ambrosiano 

EiTABUSHED JN 1=K - SCO EF.-MMEi IN J7AJ.Y - CENTRAL I/ANAGLVEPIT A HEAD OFFICE !N MILAN - VIA CLERIC: 2 


CONTROLLED COMPANIES AND BANKS 

LA CENTRALE F1NANZIARJA GENERALE S.p.A., Milan □ 
TORO ASSICURAZIONI S.p.A., Turin lZ BANCA CATTO- 
LICA DEL VENETO S.p.A., Vicenza □ CREDITO VARES1- 
NO S.p.A. Varese □ BANCA PASSADORE & C. S.p.A., 
Genoa □ BANCA ROSENBERG COLORNI & CO. S.p.A., 
Milan Z BANCO AMBROSIANO HOLDING S.A.. Luxem- 
bourg G BANCA DEL GOTTARDO S.A.. Lugano G CISAL- 
PINE OVERSEAS BANK LIMITED, Nassau G ULTRAFIN 
A.G., Zurich G ULTRAFIN INTERNATIONAL CORPORA- 
TION, New York G AMBROSIANO GROUP (MIDDLE 
EAST) LTD., Nassau □ AMBROSIANO GROUP PROMO- 
TION CONSULTING REPRESENTATIVE & TRADING CO., 
Panama G GRUPO AMBROSIANO PROMOCIONES Y 
SERVICIOS S.A., Buenos Aires G AMBROSIANO GROUP 
BANCO COMERCIAL S.A.. Managua G TORO INTERNA- 
TIONAL HOLDING S.A., Luxembourg i_j AMBRO - ASIA 
DEVELOPMENT LTD., Hong Kong. 


A BANCO AMBROSIANO PARTICIPATES IN THE “IN- 
TER-ALPHA GROUP OF BANKS” FORMED BY THE 
FOLLOWING BANKS: 

BANCO AMBROSIANO S.p.A., Milan □ BERLINER HAN- 
DELS-UND FRANKFURTER BANK, Frankfurt □ CREDIT 
COMMERCIAL DE FRANCE S.A., Paris □ KREDIETBANK 
N.V., Brussels □ NEDERLANDSCHE MIDDENSTANDS- 
BANK N.V., Amsterdam □ PRIVATBANKEN S.A., Copen- 
hagen □ WILLIAMS & GLYN’S BANK LTD., London. 


REPRESENTATIVE OFFICES in Hong Kong, New York, 
Sao Paulo, Singapore, Teheran and Tokyo. 


ytt. 






mm 
















\\te 












$0$ 


3^° a 




The Rome headquarters o] the Banco Nazionale 
del Lavoru 




iWv. 











Financial Times Wednesday November 29 1978 


CASS A M RISPARMIO 


Approval of the balance-sheet for 1977 

The Annual Meeting of the Partners of the Cassa di 
Risparmio di Roma was opened by the Vice- 
Chairman. Pott. Corrado Garofoli, who pointed out 
that as at the 31st December 1977, the means 
administered by the Bank amounted to over 
Lire 3.057 billion divided as follows: official holding 
Lire SS billion, deposits Lire 2.239 billion, real 
securities and bonds in circulation Lire 730 billion. 

The Balance Sheet for 1977 showed a total profit 
for the three managements (Banking Firm, Land 
Credit and Autonomous Section for the Financing of 
Public Works and Public Utility Works) of Lire 
2.366,800,000. 

The Foreign. Department Offices transferred into 
premises owned by the Institute in Piazza Barberini, 
one of the prime tourist spots in the city, are in direct 
contact with that type of client (hoteliers, travel 
agents, representative offices, foreign tourists, etc.) 
who have always made the Fiazza Barberini the 
chosen commercial centre for ail Roman tourists and 
international dealings. 

General Management 
Via del Corso, 320 
Rome, Italy 



Founded in 1871 

As at 31 s * December 1977 

Share capital: Lit 6.852,683.000: 

Reserves and Funds: Lit. 170,862,594,396. 

Deposit and current accounts 
over Lit. 5.000 biiiion. 


Registered 2nd Head Office: NOVARA, Italy. 
335 Branches in Northern 
and Centra! Italy. 

Representative Offices in Brussels. 
Caracas. Frankfurt am Main, London, 

New York, Paris and Zurich. 



From here, 
we serve you 


An area that counts in Italy, 
the North-East, is blanketed by 
our branch offices. 

Our organisation operates in 
ail comers of Haly; which also 



BANK INCORPORATED 
UNDER PUBLIC LAW 

Capital Funds and reserves 
Lit. 187,222,482^96 


NAPOLI Head Office in Naples 


Representative Office of the General 
Management in Rome 

500 Branches injtaly 

. Branches abroad : Buenos Aires ■ New York 

Representative Offices abroad : 

Brussels Hi Frankfurt-am-Main ® London ® Ne*v York 
Paris H Tokyo (through A. I .C. 1-Holding S.A.) ■ Zurich 

Representative for Bulgaria : vnocHA-softa 

Banking Associated Companies abroad : 

B A.I.C.I — Holding SA. — Luxembourg ., 

S Italian International Bank Limited. London 
B Italian Internationa! Bank r Channel Islands) Ltd.. Guernsey 
* Luxembourg Italian Bank. Luxembourg 
SI Euramenca International Bank Ltd., Nassau 

Correspondents throughout the world 


ITALIAN BANKING IV 


Major channel for 
private savings 


EARLIER THIS year one of the involving the banks', 
most venerable of Italian banks The State's grip on the sector 
broke with the time-honoured has come about in two stages: 
practice of recruitment by the first in the 193us. when after 
recommendation, and put 270 financial collapse the main 
places up for competition to banks were taken into the public 
allcomers. There are said to sector, three of them under the 
have been 12,000 applications wing of the giant State con- 
forthe vacancies, of whom over glomerate. HU: the second in 
1,000 were given a formal the 1950s, when the ruling 
examination. Christian Democrats aimed to 

Even if due allowance is made influence appointments to senior 
for the enormous difficulty in banking jobs. 

Italy facing any school- or The consequence is that eight 
university-leaver these days in of the top 10 Italian banks are 
finding a decent job. the interest State-controlled. In second, 
generated is remarkable. And third and fifth places, according 
it stems in part from an aspect to a table drawn up by II Mondo 
of the banking industry in Italy Business Weekly, the IRI. Banca 
that is often overlooked: tbat Commerciaie Italians, Credito 
it offers not just a safe, but also Italiano and Banco di Roma, 
among the most lucrative jobs just behind the Banca National 
in the country. del Lavoro, itself controlled by 

the Treasury. The odd one out 
Forninnc >s the Cassa di Risparmio delle 

£/dlillll^h Province Lombarde, Italy's — 

One studv carried out suggests and - » « claimed, the world’s— 
that the -average pay fur all ^gest savings bank, known by 
employees of the commercial rather more roauageable 
banks In Italy is around the acronym of Cariplo. 
equivalent of $J 8.000, and Behind them come an army of 
around double the average smaller banks, where private 
earnings of industrial concerns ownership is more prominent 
like Pirelli (in the private ***** are *° “ 

sector) and Italsider, the State- man y as 1300 baafo and savings 
controlled steel companv. institutions of various kinds 
Whether or not these figures scatte red across Italy, witn 
are absolutely accurate, they are around 13,000 branches, 
indirectly borne out at least by 
the findings of a banking T 
industry survey throughout iJV ' uu 
Europe. This shows that of the The vast bulk of them are. in 
top 20 European banks, theory at any rate, constrained 
reckoned by the average wage by the IRI Laws to carry out 
paid to employees, seven were only short-term lending and 
Italian. borrowing and it is that stipula- 

te British contingent, includ- tion that is at the heart of the 
ins Barclays and National West- argument over the proper role 
minster, were firmly at the foot of the banks, 
of the league table. As is discussed in a separate 

This is the son of evidence article in this survey, proposals 
which has contributed to the are now underway for the banks 
belief that Italian banks are a to take a bigger part in the re- 
specially fortunate breed, for organisation of industry, identi- 
whom life has been far easier fied by all as the must single 
over the last few years than for pressing need facing Italy. 

>he troubled Italian economy at For the moment, tnough. they 
large. remain what they have long 

It is also sometimes said that been — highly successful eollee- 
the banks are not pulling their tors of depusits. many of which 
weight in the efforts required however are less than efficiently 
to reorganise the productive recycled via the intermediary of 
economy. The truth, however, the Government to various sec- 
is le.ss clear-cut. as a result of tors of the economy. Although 
the intimate connection between the beneficiaries of high interest 
the banking sector and the State rates, the banks have also been 
in Italy, and uf the reliance that prisoners of the tight blanket 
a country largely without the credit controls that have accom- 
fiscal means of managing the panied dearer money, 
economy has had to place in At the end of 1977. according 
monetary measures, directly to the Bank of Italy statistics, 


the banking system held 
L152,000bn of deposits, com- 
pared with L130,000bn a year 
earlier. Every sign is that the 
trend is continuing. 

Despite lor rather because of) 
high inflation, Italians still save 
prodigiously. More than ever 
the short term deposit, with its 
appeal of reasonable interest 
rates and easy availability, looks 
the best home for spare cash. 

Weakness 

The stock market remains 
negligible, while the weakness 
of the dollar, and one or two 
malodorous banking scandals 
across the border in the Swiss 
canton of Ticino have largely 
staunched the traditional out- 
flow of private capital, for the 
time being at least. 

The continuing flood of sav- 
ings, and a flatfish economy 
mean that today the banking 
system is awash with liquidity: 
rates on the interbank market 
have fallen well below the 
nominal prime rate of 15 per 
cent Top flight borrowers can, 
in fact, secure funds at around 
12-13 per cent Much of what 
remains Is lent on by the banks 
to the State to meet the ever- 
growing appetite of the public 
sector for borrowed money. 

However favourable the 
setting in which the banks 
operate, their profits fat least 
those which are reported) are 
comparatively tiny. One factor 
undoubtedly Is the cost and the 
permanence of labour, another 
— 2s the banks rhemselves are 
quick to point out — the some- 
what high rates they are obliged 
tn pay depositors, a necessary 
corollary of the high interest 
rate economy to which tbe 
country has become perforce 
inured. 

The biggest profit earner, 
significantly, was not one of the 
major commercial banks but the 
highly effective and influential 
Mediobanca, one of the select 
band of medium-term credit 
institutes and run by the State 
through the intermediary of the 
IRI banks. Mediobanca, involved 
in practically every headline 
making Italian industrial deal of 
the past few years is the nearest 
equivalent lo the British 
merchant bank. It earned in 
1977 about L£Sm (£17m). 

Banca Nazionaie Del Lavoro, 
boasting L21.700bn of deposits, 
managed just L24.8bn, and 


Banco Di Roma, for example, on 
deposits of Lll,300bn reported 
profits of just L6.5bn last year. 
The foreign banks, able to con- 
centrate on the wholesale end 
of the industry and un encrusted 
by political barnacles, generally 
fare rather better. 

For ail that, the banks are one 
oE the few arms of the State's 
entrepreneurial activities to be 
in the black. More than that, 
as the prime source of the vast 1 
s ums the Government requires 
for itself, for the subsidised^ 
credits it distributes and for the 
enormous and loss-making — but 
socially indispensable — indus- 
trial activities in which it is 
involved, means that the poli- 
ticians have tn be certain they 
have kept a firm grip on the top 
posts. 

The lengthy and tortuous pro- 
cess of deciding who goes where 
in the upper echelons of '..the 
industry has become even more 
acrimonious now that the Com- 
munists have joined, the 
Christian Democrats, the smaller, 
“lay" parties in the arena of 
power, and have their claim to 
lay on the spoils. 

This month matters reached 
such a pitch that the Com- 
munists declared they would 
have no more to do with the 
negotiations underway to fill' a. 
number of top posts — some of 
them overdue for a- change lor 
several years— in a public show 
of disgust at the lack of results. 


Linked 


It is not simply a matter of 
patronage at the centre of the. 
system. The local and regional 
credit and savings banks, many 
of which are involved in the 
current horsetrading have vital 
roles in their own areas, where 
they are disproportionately .in- 
fluential as a source of funds, 
particularly to the local authori- 
ties to which they are often 
linked by statutory obligation. - 
As so often happens in Raily.- 
it is the man in the street who 
is neglected amid the pdifer 
struggles at the top. Competi- 
tion. and a genuine- effort ‘tii 
market their services, are not 
features of Italian banking. 
Indeed, a cheque book, else- 
where that •* everyday symbol ” 
of the services that a bank offers 
its customers; is a prize to be 
wrested from the system only 
with the greatest of difficulty. 

R.C. 


Bridge builders during 
economic recovery 


IT MUST be to the credit of 
the Italian monetary authorities 
that after the dramatic crisis 
of the lira tw oyears ago when 
at one stage the foreign 
exchange market was closed fur 
six weeks the currency bas since 
remained stable. Following a 
whole series of fiscal, monetary 
and administrative measures 
introduced in the course of 
1976 and the gradual recovery 
of credibility of the country in 
international markets. Italy’s 
economic outlook has vastly 
improved, at least in the short 
term. 

A few statistics tell the im- 
pressive story. The balance of 
payments is expected to show a 
surplus of some $5bn this year. 

and this improvement has been 
accompanied by- a parallel up- 
surge of the official reserve?. 
Excluding the adjustments of 
the value of gold reserves, 
rose by more titan S3bn last 
year and have been continuing 
to rise this year. In the first 
half of 1978 the reserves are 
understood to have risen by at 
least between $3,5bn and $4bn. 
while foreign exchange re- 
serves now total nearly $10bn. 

This improvement has, of 
course, been achieved at a 
price. It meanL for a period at 
least, the introduction of 
devices such as import deposits, 
foreign currency surcharges 
and a whole series of admini- 
strative restraints on the bank- 
ing system. It also meant in- 
creases in direct and indirect 
taxation and price rises in a 
wide range of public services. 

The object of the exercise 
was to put the immediate 
squeeze on domestic consump- 
tion and on growth generally, 
which has averaged barely 2 per 
cent over the last two years. 
Inflation dropped from levels of 
around 22 per cent to a current 
annual rate of about 12.5 per 


cent, but no clear-cut recovery crises preceding the June, 1976, problem generating growing 
trend in industrial production general election. Indeed, over social tensions in the country, 
has yet emerged. In essence, the past month the lira particularly in the depressed 
while there has been an up- managed to ride successfully South. At the same time the 
surge in export performance out of an extremely difficult slump In industrial production 
and in invisibles, particularly period as a consequence of the and the dire financial and struc- 
as the result of two successive kidnapping and murder of Sig. tural difficulties of a whole 
record tourist years, the turn Aldo More, the late Christian series of major industrial 
round in the payments position Democrat leader. groups, with the threat of wide- 

also reflects the decline in the In this contejrt 0 f renewed ran S* n S redundancies and their 
rate of imports and the loss of international credibility *he inerit * b1e social and Political 
momentum of the Italian ltaIjan banIdng s^ le nj h as also ^percussions is a cause of 
econom r- played a fundamental role in raountin S concern. 

An element of luck has also the recovery of the balance of 
played a part in the outstanding payments and the stability of C,OnS6IISllS 
recovery of the balance of pay- the lira. The central bank last M 

ments. Clearly at the time of year put it this way: “Along But the authorities do not 
the last lira crisis the aulhori- the path towards greater appear at this stage lo be pre- 
ties could nor forecast what financial stability to which we pared to loosen the tight 
would happen to the dollar, are committed, the banks have economic corset controlling the 
whose subsequent fall has built a bridge. It consists of economy until there is tangible 
meant sizeable advantages for the short-term indebtedness evidence that the Government 
the Italian currency. The pulicy passing through their hands, has the effective consensus of 
of the monetary authorities bas the debts of the Treasury and the other political 'parties — and 
ben to steer the lira on a man- business enterprises towards perhaps more crucially, of the 
aged downward float, depreciat- the banks, and that of the banks trade unions — to enforce ' a 
mg it against the other Euru- themselves to creditors abroad medium-term economic recovery 
pean Community countries, and to the public. The country’s programme as outlined by Sig. 
which are Italy's major trading external and internal monetary Filippo Maria Pandolfi, the 
partners and, together with situations both depend on the Treasury Minister. 

Japan, also its major export "breadth and stability of the The authorities adopt- seem- 
competitors in the Third World, structure. In such circum- ingly similar caution towards 
Simultaneously, while remain- stances the credibility of the European monetary union, 
ing essentially linked to the banking system becomes a Indeed in recent weeks the 
dollar, the authorities have not question of overriding general position of the Italian Govem- 
lct the lira depreciate at the interest." meat, which has committed 

same rate as the U.S. currency, To th j s en( j t he general itse * f P olili «Hy in principle at 
with obvious advantages to a c i cajM] p 0 f a largely politically * east t0 union, has 

counlry which imports some 61) dominated banking system notabIy hardened and there are 
material requirements. following the collapse of the s,gns ** It* 1 *, like Britain. 

financial empire of the “ 3 fJ* c,d ? »«««* 

r i p.j financier Michele Sindona the 1 

Confidence more rigorous standards in the System (EMS). Italy 

VUUUUCULC nomination of candidates To has been pressing for a, wider 

Improved international con- top banking posts are also oC ® 8 fol 

Mac* in the political situation significant “iak?Sirin S 

m Italy following Against this background, how- effective band of between 12 

formance of Sis. Giuiio ever> there is now increasing and 16 per cent— on the 
Andreoitls n3,noriI > pressure on the. authorities to grounds that tbe more rigid 

merit and a general revaluation boost grow th. Unemployment system proposed by the French 
of the role of the Italian hai cont j niie( i t0 increase and and Germans would pose 
Communist Party have also rema ins a still unresolved serious risks for the lira, 
succeeded in arresting the Rina 
of speculative attacks which 

hit tile Ura during the political CONTINUED ON NEXT PAGE 



HEAD' OFFICE. .:.: : 

MILAN 0 - Via Monte di pietfc?. : ■ I 

. tetephone 888£1 v 

‘ telegrams ; 

. . telex; 31 0568 BWlMDlR (general) 

: 7 ^foreign axchanga) 

branches - 

MILANO - Mam Branch -TS Town Agencies - 
CfNISELLO 8ALSAMO(MI)-CARUGATE(Ml) 
MONZA ( Milano) - M ANTOVA-^REMONA> 



BANCA COOPEBAW 

Limited .Liability 

• V- ‘ 1 • V . j vr 

’Total; Assets: 

' General ^IanagemeBt: ^ 

•Via G, .Verieziazr 5/A ■ " :vV£ ; * 
Telex; 51873 eOBOBiGfc;^ 

■ Foreign P^Mrtment: ' 

■ ‘ ;TeIex:5112QGdBOraiE 

Head Office m Bologna:; . v r ’Jv 

Via G. Venezian 

Branch Offices; in Bolpgha: 

Branch No. 1 Via E. Levant* 81 - 

Branch No. 2 — Via F.lli Cairoli 11 
Branch No. 3 — Via Normandla 12/Q 
Branch No. 4 — Piazza' Giovanni' da Verrazzano 6 

Branch Offices in the Bologna Region: .*•••. 
Anzola deli 'Emilia - Casalecchtp.di Reno fCeretolo) 
Crevalcore- Pohtecchib Marconi 
Quarto Inf eriore (Granarolo) . 

S. PietroGapogume-ZolaPredosa 

ALL BANKING OPERATIONS & •: 
CORRESPONDENTS THROUGHOOT 

the ^world • ; 

NEW SWIFT 7 MEMBERS r '_ . 


‘M 


















Rnancial Times- Wednesday November 29 1978 

ITALIAN BANKING V 






— V ■- s 

- ic- >- 
L v - *?•,'■, '■!. 


- : ?-4 , . 


Power centres in the 


economy 


THE TOP jobs in Italy's main 
■ regional banks are important 
. power centres, in the country's 
..geographically decentralised 
- IV economy. Many of the more 
" Important ones are directly or 
indirectly under the control of 
the Government, and until re- 
cently senior Italian banking 
• posts have been the preserve of 
1 “■>. the long-ruling Christian Demo- 
crat . Party, which has governed 
Italy for 30 years, or its occa- 
sional coalition partners. 

■V . This in the past has given 
"s^.'rise to allegations of misuse of 
ft. \ power for political purposra, as 
' jn the case of the " slush fund ” 
allegedly operated by the late 
chairman of the Central Savings 
*• Bank Institution Italcasse. Sig. 
ttfl fflSk Giuseppe Area mi. Now, with a 
government dependent for its 
" survival on the Parliamentary 
}| support or five different parties, 
ItiOjk foctadioff the Communists, and 
with the growing power of the 
! left-wing parties at regional 
Government level. recent 
.. appointments to the presiden- 
" Vries of several major regional 
; banks have reflected changing 
political conditions. 

’- '."•■■■ The most notorious example 
' of the political complexities of 
.-7' naming a president for a major 
' ' l Italian bank has been at Banco 
di Sicilia, which until recently 
had been without a chairman 
for nine years. After years of 
controversy. the Christian- 
Democrat dominated regional 
■i*: ^Government of Sicily finally 
' ’^decided in the autumn to accept 
Republican Party member. 
'"*Sig. Giannino Parravicini, for 
post 

, Banco di Sicilia, with its head 
•■V; ';office in Palermo, 285 branches 
throughout Italy and repre- 

• sentative offices in nine coun- 

* '■lories, plays an important role 


in bankin'* at regional and 
national levels. Lack of effective 
leadership at this and other 
banks has not facilitated 
development of the Italian bank- 
ing system, which in many ways 
Is old fashioned compared with 
its counterparts elsewhere in 
Europe. 

Successive* treasury ministers 
have found the question of 
banking nominations a difficult 
one to solve, because of ihe 
widespread political ramifica- 
tions. and it is still a subject of 
heated controversy. Politicians 
recently reached agreement on 
a number of such nominations, 
apart from Banco di Sicilia . in- 
cluding the appointment of a 
Communist Party nominee to 
tlic head of Mediocrcdito Cen- 
tral?. the national institution 
which operates the Govern- 
ment's subsidised credit 'system. 

Nomination 

Among the banks with a 
strongly regional flavour, a 
Social Democrat, Sig. Luigi 
Coccioli, was appointed chair- 
man of Instifuto Bancario San 
Paolo di Torino, while two 
members of the Christian 
Democrat Party. Sig Remo 
Cacci afesta and Signora 
Emanuels Savio. were given the- 
presidences of the Rome and 
Turin savings banks. But 
political disagreements, this 
time within the Government 
itself, still failed to allow any 
accord on a nomination to- the 
chairmanship of Italy's biggest 
savings banks, Cariplo. the 
Milan-based institution whose 
full name. Savings Bank of the 
Lombardy Provinces, masks its 
growing national and inter- 
national importance. And 


several dozen other banking 
institutions arc still awaiting 
new chairmen. 

Local banks play a major 
rote in financing local indusiry 
and commerce, and in a 
country with more than l.OOU 
banking institutions, many of 
them receive little publicity at 
national level. Some of them, 
like Banca Del Monte di 
Bologna e Ravenna (founded 
in 1473) are as old as hanking 
itself. Others are of more 
recent origin, like the 172 co- 
operative banks, set up for the 
most part in the 19th century 
to finance local enterprise. 
Among Die co-operative banks, 
some big names stand out 
among the multitude of pre- 
dominantly regional institu- 
tions. Banca Popolare . di 
Novara, the biggest of these co- 
operative banks. has 332 
branches in Northern and 
Central Italy, as well as seven 
representative offices abroad. 
Banes Popolare di Milano has 
over 100 branches in Italy, and 
representative offices in London 
and Frankfurt. 

The widespread network of 
savings banks, which accounts 
for well over half of the 
number of Italian banking insti- 
tutions. include both major con- 
cerns like Cariplo and a hast 
of small local savings banks, 
often with only one branch. Set 
up for the most part in the laic 
19th and early 20th centuries 
to promote local agricultural 
and commercial development, 
the 660 small local savings 
banks are a fundamental 
feature of local commercial life 
in most parts of provincial 
Italy. 

At regional, or even national 
level on the case of Cariplo. 
several dozen larger savings 


hanks have a wider catchment 
area for deposit and loans. In 
Ihe private banking sector, over 
1 (H) private banks play an 
equally important role m financ- 
ing Joenl business. 

Among the nine state-owned 
hanks. Banco <li Sardegna i* 
the one with the most clearly 
defined regional charai-hT. The 
smallest and youngest of the six 
Istituti di Crcdiln di Diritto 
Pubblico. Banco di Sardegna 
this year celebrates the 25th 
anniversary nf its foundation m 
1953 as successor (u a much 
older agricultural credit con- 
cern. 'With deposits well below 
the LU.OOObn level required for 
hanks to operate on a national 
scale. Banco di Sardegna is 
intimately linked with Sardinia, 
where it has nearly 50 branches 
On the mainland, the bank has 
three representative offices, in 
Rome. Genoa and Milan. Its 
business concentrates on firms 
with commercial connections in 
Sardinia, where it accounts for 
around a half of banking busi- 
ness. 

The problems of Southern 
Italy, which remains an econom- 
ically backward area in spile of 
almost three decades nf govern- 
ment development assistance, 
have led tu the constitution of 
a number of specialised institu- 
tions to finance business initia- 
tives. Chief of these is ihn state 
fund for financing development 
in Southern Italy, the Cassa Per 
il Mczzoyiornn. which was set 
up in 1951 and provides sub- 
sidies and technical assistance 
for a wide range of projects. In 
the Medium-Term Credit Sector. 
Isveimer. for mainland South- 
ern Italy. Creditn Industrial 
Sardo fCIS) for Sardinia, and 
Istituto Regionale Per if 
Finanziamcnto Alle Industrie in 
Sicilia (IRFIS) for Sicily, have 


ihe support of national and 
regional banking institutions 
Tor financing local business 
development. 

The number of hank counters 
in Southern Italy has grown 
substantially in the last 25 
years, but it still remains well 
heluw the national average. In 
1951, there were S.6 hank 
branches .. for every ion.000 
inhabitants in Southern Italy, 
compared with 21.1 branches in 
Central and Northern Italy, in 
1976. the Mezznciumo ratio had 
grown to 14.2 branches for 
every 100.000 inhabitants. Bui 
this was still well heluw the 
ratio for the central and 
non hern regions of 24.3 bran- 
ches. and for Italy as a whole 
uf 20.7 branches per 100.000 
inhabitants. 

To promote industrial devel- 
opment m southern Italy, the 
Government offers both cheap 
loans and cash subsidies to 
potential investors. But bureau- 
cratic delays tend to hinder the 
disbursement of such funds, and 
industrialists often find them- 
selves forced to finance projects 
with cosily short term bank 
loans, in advance of obtaining 
the state credit. With many 
banks still tending to charge 
higher margins on loans in 
southern Italy, because of what 
they maintain is a higher risk, 
this can be a costly exercise. 


Curb 


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MiAl 





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, - — i .< V» • .<*"*■ *< ' A .. - . ™ 1 V 

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Vineyards at Valpolicella in the Veneto region oj Italy 


The Government is doing its 
best to curb state spending in 1 
order to release more credit for 
the private sector. But many 
banks have in the past preferred 
lending to public borrowers like 
local authorities, and in at least 
one case, that of Banco di 
Napoli, excessive involvement 
in local authority financing has 
resulted in unexpected financial 
difficulties. For the Naples-based 1 
hank, which is state-owned, a 
1977 Government measure de- 
siened to rurb local authorities’ 
deficits, by converting short 
term debt , into lower-cost 
medium term loans, led to a 
substantial drop in potential in- 
terest earnings. As a result. 
Banco di Napoli last year 
recorded its first loss in its 400- 
year history- 

The Government has asked 
Parliament to authorise a sub- 
stantial increase in Banco di 
Napoli’s capital endowment in 
order to assist reorganisation of 
the bank's finances, which came 
under Bank of Italy scrutiny 
last year following revelation of 
its problems. Parliament has 
also been called upon to vole 
additional capital for Banco di 
Sicilia and Banco di Sardegna. 
For the time being, industrial 
investment in southern Italy 
has suffered from a slump in 
line with the drop in growth 
elsewhere in Italy. But there is 
optimism that it could soon 
take off again, if the Govern- 
ment succeeds in stabilising 
the economy. Should this hap- 
pen. it is important that the 
Italian banking system be in a 
position to give efficient assist- 
ance. 

By a Correspondent 



Bridge builders 


CONTINUED FROM PREVIOUS PAGE 


.'.'ciB-ift* 

'ill 

M i 


An Arab and International Association 

in Banking and Finance. 


r. \ r ! 




France : UNION DE BANQUES ARABES ET FR ANCAISES - U.B.A.F. 

Branches 

Tokyo Bahrain 




London ! 

UBAF BANK LIMITED 


Lusembourg/Frankfurt- : 

UNION DE BANQUES ARABES 
ETEUROPEENNES S.A. - U.B.A.E 


London : 

UBAF FINANCIAL 

SERVICES LIMITED 


Bahrain 
Rome- Mi lan : 

UN ION E DI BANCHE ARABS 
ED EUROPEE - UJ3.A.E. 

(luiia) S.p.A. 

Hons Kong : 

UBAN-ARAB JAPANESE 
FINANCE LIMITED 

New York : 

UBAF ARAB AMERICAN BANK 


General Representative Offices for the Middle Ease 
Beirut Cairo 


Major banking and financial institutions from 
all i hr rwenty Arab countries 
and 


- France 

- United Kingdom 

-Italy 


-West Germany 
-Japan - 

- United Suces of America 


s , behold™ in one or of Ac reven ass ociu=d but independent comp™* 


At the same time there still 
appears to be a fundamental 
difference of opinion between 
the Italians and the Germans 
on • the role of the European 
Currency Unit (ECU) as an 
indicator of currency diverg- 
ence. The current proposals 
suggest that the deviation of a 
country’s currency from its 
agreed ECU value is to serve 
as a trigger mechanism for con- 
sultations among ' “ snake " 
members to decide whether 
market or alternative interven- 
tion is necessary even before 
bilateral limits are reached. 

The controversy, hinges on 
the type of discipline to be 
applied when the so-called 
trigger point is reached, and 
Italy, in contrast to Germany, 
would like to see immediate 
action on the part of the 
country with the deviating 
currency. This would force the 
currency diverging from the 
Community average — and in 
most cases it would probably 
be the German D-mark — to bear 
the burden of whatever support 
measures prove necessary. West 
Germany clearly does not want 
to be tied to such an automatic 
obligation. 

The Italian authorities have 
also renewed in an unusual 
frenzy of diplomatic activity 
the other preconditions for 
Italian membership in the new 
monetary system. Apart from a 
flexible system for the weaker 
currencies, the authorities are 
asking for an adequate Euro- 
pean central reserve fund to 
protect courrencies from even- 
tual speculative pressures, and 
a substantial increase in intra- 
regionai transfers of resources 


to bolster the ability of weaker 
countries to participate in the 
new system and reduce the 
imbalances existing between the 
economies of strong and weak 
members of the Community. 
Expanded credit facilities would 
also provide more breathing 
space for fundamental adjust- 
ments. But even greater stress 
is put by Italy, like Britain, on 
the so-called “concurrent 
studies ” which include a 
reform of the Common Agricul- 
tural Policy to guarantee lasting 
and stable monetary union. 

Italy reinforces its case for a 
more flexible and broader 
moneary system than the one 
currently proposed by the West 
Germans arid French by point- 
ing to the fact that despite the 
economic policies of the last 
two years to stabilise the lira 
and cut back growth, inflation, 
while having improved, is still 
running in double figures. The 
targets of the Government's 
three-year economic recovery 
plan envisage an inflation rate 
of 12 per cent next year, some 
10 per cent in 19S0 and 8 per 
cent in 1981. 

The authorities also claim 
that if Britain stays out, Italy 
would find itself in a vulnerable 
position. Sterling would no 
longer help weigh down the 
ECU basket or currency average 
and the Italian currency would 
probably have to take the bnmt 
of any speculative attack. In 
such circumstances, many 
economists forecast that Italy’s 
newly built up foreign reserves 
would be eroded in a mattter of 
weeks. 

P.B. 


We Romans are used to handling 
ambitious projects 


Rome's links with Britain go back 
over 2.000 years, and the legacy of 
Roman rule is still strongly in 
evidence today 

Perhaps the most famous and 
impressive monument is Hadrian's 
Weill. Stretching across Northumbria 
for 75 miles, it was built as a barrier 
against marauding Piets and Scots. 

Nowadays as Italy's leading bank; 
we are more concerned with the 
removal o; barriers by strengthening 
lines of communication and co- 
operation in international finance. 


If you are doing business in Europe 
we are your link to the Common 
Market, indeed the world, thanks 
to our extensive network of 
oftrees.- 

And you'll find that.we, like 
Hadrian, are undaunted by the 
most ambitious projects. 



BANCA NAZIONALE DEL IAVORO, 
London Branch: 33-35 Comb ill, 

London E C3V3QD. Tut 01-623 4222 
Head Offices Via \1ttaio Veneto, 11?, Rome 





^ CredWo v 
Commerciale 

Gki IrsisikHi, nMHkTTi banking 


We operate wttti a network which con- 
nects in Real Time 64 branches. 

Our foreign department is particularly 


HIGHLIGHTS OF OUR 
BALANCE SHEET FOR 1077: 

(in button IK) 


developed as to ensure a good efficiency in 
the treatment of all kinds of operations 
concerned with foreign trade. 

We are S.WJ.F.T. (Society for World- 

DEPOSITS AND LIABILITIES 

• Customer deposits 

• Due to banks 
■ Others 

1.321 

168 

174 

lion) members from its origins and we have 
been among the first Italian banks to use 
the system. Just to ensure the best swift- 
ness in the execution of orders to and from 
foreign Countries. 

Our foreign turnover expanded sub- 

LOANS 

• Customers 

• Due from banks at sight 

• Others 

• Compulsory reserves with 
■ Banca <f Italia 

595 

190 

235 

183 

stantially. Contacts with customers and 
foreign correspondents are further strong- 

GOVERNMENT AND OTHER 
SECURITIES 

480 

Our most valuable asset is the high 
quality banking attitude since the begin- 

CAPITAL, RESERVES 

AND FUNDS 

57 


omg of this Century, well-known In Lom- 
bardy. in Italy, in Europe, in the World. 

Chairman: Dott Ing. Carlo PBsentL 
Vice-Chairmen: Dott. ing. Ettore Loin, 
Dott. Ing. Giamplero PwentL 
General Manager 
Dott. Giuseppe LazzaronL 
Chief Foreign Manager. 

Dott. Raimondo Eruzzi 


mm 

Milan Italy 


OVER 


ITALIAN LIRE 
MDEPOSnS 


and a network 
of 113 branches 

located in the provinces , ^ 

of Bergamo, Brescia, ? ^ ( 

Cremona, Mantova, / eSK ~/ 

Milano, Pavia. 

Uni Im, 9 ® BERGAMO " 

_i ° <r.tf-n / 


/ l*W * 

Sri? " “ 


yvVar s 


& 


LOW c-v * 

ffiPAVU :1 mm l«i «<ia^CTc 

■Ui o «” .. 




Hn f ,1 


Banca Provinciale Lombarda 

Head Office 

Bergamo / via Gntsaio Sara, 4 / td.B35-394.Ul 











18 



F&smrial Tim® Wednesday IMqrttr*. 

ITALIAN BANKING VI 


:p ! 


PUBLIC CREDIT INSTITUTION 
Cafn a I Fundi and Rciervn Lie. 1 92-702.025 -09Q 

Head Office in Palermo — International Banking 
Division in Rome 

288 Branches throughput Italy - 
Branch in New York 

Representative Offices in; 

ABU DHABI. BRUSSELS. BUDAPEST. COPENHAGEN. 
FRANKFURT/MAIN. LONDON. PARIS. ZURICH 

Correspondents throughout the world 



Associated Banking Companies abroad: 

9 A.J.C.I. Holding S.A.. Luxembourg 
9 kalian International Bank Ltd.. London 
* Luxembourg Italian Bank. Luxembourg 
o Euramerica International Bank Ltd.. Nassau 
© Centro Internationale Handelsbank A.G.. Vienna 
« Bank of Valletta. Malta 

9 Banco Financiero Sudamericano Y Banco de Paysandu 
"Bafisud," Montevideo 
• Investment Finance Bank Ltd.. Malta 


the Bank offers you comprehensive 
service and all 
hanking facilities through: - 

200 banks and counters in Piedmontand the Aosta Valfey 
500 correspondents throughout the world 
tour representative offices in 

1. ill. Mill AND NEW YORK 


AMSTERDAM FRANKFURT A.’M 



Vli •• 

S£--£:.*=FE31 
tor:.- JO 


VIA 

S-RDEGNA40 

ROME 


WAX 

CHANDLERS" 

HALL 

GRESHAM 
STREET 
LONDON ECZV 
7 AD . 


ROSSMARKT 375 
21 ■ PARK AVENUE 

6 FRANKFURT SEAGRAM 
AM MAIN BUILDING 
NEW YORK 
10022. N.lr. 



high short-term tax-free government issues are recently issued non-State bonds shareholders. 


nos elsewhere but until re- bank and placed with- <L.ririiHb£r . 
centiy has been little used Jn of . regional banks. : Since^eu 


ITALY’S 
gradually 
doldrums 

da Lion and _ 

interest rates plunged it in the available. Istituto Mobiliare with coupons of 10 per cent or Italy’s colossal public sector the’ biifcet^ uiany banks,paitfcHlariy ftretet 

past few years. Private in- Italiano (MI), which recently over rather than an older bonds de ficit and the need to finance a ~ tance w fcich until earlier bihks whjcii bave used uptiS' 

vestors are showing increased launched two issues, for five with lower coupons. it has been one of the strongest wafi little favoured credit ceilings* T^?e v7 shm^ 

interest in government securi- and 10 years respectively with ENEL has experimented with forces for innovation on the of tte prohibitively, interest in thi& type : of opera- 
tes. which pay high yields free a record 13 per cent coupon, indexation of interest payments capital market in recent years. . j-. 0 f stamp' duty- tin Same.- reticenc e tqyat^s 

of tax, and banks continue to implicity recognised this by td 0 f a basket of bonds. ^ Treasury bill market now ^ flfl lt Thishas imi^-the ‘ 

invest in both these issues and selUng them direct to banks, and these issues have had con- functions smoothly at pnmary reduced, however, from, been i«rt6d, : hbW^er^amoBg. fee 

in bonds issued by the special rather than going through the siderable success with the banks market level but still needs x -^ T eent to 0.01 per cent -agltf - 4aiSBr-.-JfinkiC- -AMefe-ttoaB- -ifa® 

credit institutions and corpo- complex formalities for launch- aTld pubUc. The Treasures further development in me ^ ^ UTD ber of issues have been terastett - in "DTOUKrtiM this 

rate borrowers. The Treasury mg a public issue. Private in- own rA0 -Teax 9oating rate secondary market with over instrument: are-doing- their best 

bill market has developed from restore will still be able to buy certificates, whose L3 ? f Treasury The first big issue after W to-overcome: - ' ' 

virtually nothing five years ago the IMI bonds from banks. interest is Jinked to the yields in circulation, the mam-t nas reduction in stamp duty' “ ’ 

to play a key role in official But they are faced with 10 on Treasury bills, have also met managlmentTf intereS' was a LlObn issue 

rates and liquidity. - 

In the Dast few years the 
Bank of Italy has developed a 
progressively more flexible 

bur little used here, such as * n S state-controlled companies B U ,t 3 recent innovation pro- system of public monthly 
bankers’ acceptances. other than ENEL. Banks on the po S j n g the indexation cf the auctions of Treasury bills and 

other hand can generally man- cap ital value of a bond issue of sales by the central bank on 
age their fiscal affairs in such a vvith rather less su^ce^s the secondary market outside 
way as to reduce the tax burden. araong private investors than these auctions. From having 
In the wake of the somewhat was expected, partJv because of been a virtually unknown 
The sharp rise in public improved prospects on the bond - lts novelty This was an open- investment vehicle. Treasury 
demand for government ‘market the Bank of Italy re- ended 10 . V ear loan for the mort- bills have been adopted by 
medium-terra bond issues is centiy decided to remove an «, a<Te institute Italfondiario orivate citizens and company 
demonstrated by official figures obligation on banks to invest offered a coupon of 5 per treasurers because of their high 

released by the Bank of ItaSy. per cent of their increased cent and an aTmua j revaluation tax-free yields. But frequently 
In the first seven months of the deposits in specially designated of - be raJue of ^ ca „i* 3 j these bills tend to stay in the 
year non-banking investors bonds. This restriction, the so- invMrmiint an „ u , h sif th« portfolios of their original pur- 
bought nearly L3,600bn of gov- called “rinco/o di ]"?r(aioglio" 


monetary policy. Financial in- per cent tax on interest for widespread demands, 
slitutions and banks are show- bonds issued by medium-term 
ing increasing interest in the credit^ institutions like IMI, and 
development of other financial 20 per cent tax on bonds issued NnyPltV 
instruments, common abroad by corporate borrowers, in chid- J 


Demand 


increase in the cost of I trim 


emment bonds, compared with had for Jong been necessary to nanir^ and nf « nrivate 1 hm*td 4" that there is only a 
purchases of around Ll.OOObn guarantee a market for institu- ‘j * t F Th ‘ ‘ * * uneven interbank 
during the whole of Iasi year lions like medium-term credit "ZEEi market. 


chaser until maturity, meaning] 
modest and] 
secondary 


and a mere couple of hundred banks which had to issue bonds * e . rs T 

— - «- — in order to obtain the finance raised L30bn t0 finance the 

necessary for their activities. ,n ^ tes n ° usi , nS loan througn 
But with tight curbs on ordinary a first tranche last spring. 

bank lending and a slump in Another innovatory issue eated financial markets, but a 
credit demand because of the which met with greater success number of technical problems 
general slowdown in the was a L35ira, partially convert- still stand in their way. One 
economy, this restriction has ihle loan launched by Istituto of the main problems is the 


billion lire in 1976. 

A recent issue of 12 per cent 
five-year Treasury bonds 
launched in October was 
extremely successful. Non-bank- 
ing investors took up Ll,500bn 
of the L2.850bn issue and banks 
L576bn. 

per cent seven-year issue by 
ENEL, the State' electricity 
utility (its first public bond 


Some market operators are. 
trying to expand this secondary- 
market in order to enhance 
Italy’s still rather unsophisti- 


a r^renr t Rtifthn i*> now become largely superfluous. Bancario San Paolo di Torino lack of a computerised central 
Only a residual “ rincolo " has on behalf of the State telecom- register for transactions m fhese 
been retained to oblige banks to munications company STET. -Treasury bills, which are cur- 
invsst 6.5 per cent of their in- This issue, which offered a 12 rently issued by local Treasury- 
creased deposits in bonds to per cent coupon over its seven- offices to which they have to; 
finance housing and agricultural year life, was partially convert- be- returned for redemption. 

ible into shares of STETs inter- The curbs on growth of bank- 1 
to 1 



16 operate . ; 
without limits 
within the borders 

^ T-* Z‘ r.*L. : .. .;*• 


,r \- 




side-by side with 
indusbry,business,> 
and inixnport-eaixsrt 








issue since Z976) was sirnilar.’v 
received, particularly by banks, developinent 
The public also showed interest. Banks are still required 
attracted by the tax exemption maintain their portfolios of 
on interest payments which is bonds bought under the pre- 
also applied to ENEL. vious restrictions, and as bonds 

But other traditional bond fall due for repayment they are 
issuers, like medium-term credit obliged to reinvest this capital, 
institutions and corporate bor- In a further move to stimulate 
rowers, have had to rely on the new issue market for 
sale of bonds to banks. The borrowers like the medium-terra 





'&J. 


Heed office 
4 Piazza F. Meda 
Milan 


Repres&iiativc offices abroad: 

FRAJVKFCTRT AM MAIN 

LONDON 

NEW YORK (*) 


We started banking in 1865 in Milan 
and our activity is still centered here; 
from here we cover the whole country. 

If you decide to start working with us, 
you will discover many othef interesting facts: 
particularly that we are a reliable, dynamic bank 
to which you can easily entrust 
all your foreign trade problems. 


HIGHLIGHTS FROM THE LATEST ANNUAL 
REPORT AS OF DECEMBER 31 


iin billions of lire! 

1*76 

1977 

% 

Total deposits 

2.541 

3.253 

+ 28% 

Capital and reserves 

131 

161 

+ 23% 

Total assets 

4.633 

6.156 

+ 33% 



Credit 

institutes 


MEDIUM - TERM CREDIT most of their operations, in cer- 
institutes are playing a major tain cases where these credit 
role in working out solutions institutes are heavily exposed 
to the severe financial and in an ailing group, as for ex- 
structural difficulties of Italian ample LMTs outstanding credits 
industrial groups. The recently with the Sir Chemical concern, 
devised formula for the such intervention is also clearly 
troubled chemical and fibres motivated by the risk of pos- 
conglomerate Montedison is as sible substantial -debt write-offs 
good an example as any. 10 the longer term. 

The financial side of the At the same time these credit 
operation — elaborated in large institutes see themselves help- 
measure by Mediobanca, the ing companies with basically 
Milan-based medium-term credit healthy economic structures to 
agency — involves one of the secure capital to strengthen 
largest ever capital increases their financial position when 
to be put together in Italy for funds are increasingly difficult 
an industrial group. The capital to raise on the risk market, 
of the conglomerate's parent They have been active in opera- 
company. Montedison Spa. is tions to consolidate the short- 
10 be raised by a four-for-rhree term and high interest bearing 
rights issue with the nominal debts of industrial groups into 
• alue of the new shares of Lli5 medium-term, 
each from LI52.5bn to L355.7bn. Bu r they have not turned 
Subsequently the capital is to their attention exclusively to 
be nused to L5:*0bn through a lhe country’s large industrial 
'.liobn bond issue. concerns. Medium-sired com- 

The interesting pari of the p 3n j es are fiudtng jj hard to 
operation is tost Mcd.obanca, rely as ^ ey did a few 
as i well as helping .find a Saudi ^ on th eir self-finding 
Arabian investor to partie.pate abinU e S . Often these groups! 
m the capital increase is wh[ch effectively represent the 

® fe T t f a a r S ,T eS 0f c ? ndjno ^ most profitable end of Italian 
'? ■«"« lh * g^ups small jndusJry> arc re7uctaot t0 in . 

sharehoJdere to subscribe. In crease fhetr ca pital l0 enab j e 

co r mp fi’ s P° Qr to expand once they have out- 
track record in recenr years, T« 

which lias seen losses and debts 1 0ften 

accumuiatu* to gigantic propor- ' fan,ily - Type opera ' 

Lions, these small shareholders r * .4. 
were generally expected to be H ., 5 - a |..^ ls s ^ a *» e th*t the 

hesitant to invest again in a S^ionmpn?^ “SIL"!? 1 S£? 
group that has not paid a divi- S tb f se 

dend since 1974 and who.se tUrn J n ® 

share price has dropped from L “fi W C °?7 pt 0f 



RWCADITRENTD EB0LZAND 

. :‘i . i - PDbBcCbraiafljr '/ - 

Cffltral OffipegCRfeNTO- 






- v. t 


_ _ u-Tv 



cassa fli risparmio 
della provincia l 
teramo - V 


at your service 
where you live and work 


endowment fund and reserves : 
7,533 million lire 
funds managed : 
over 320,000 million lire. 


L1.000 to a present 
averaging L1SQ. 


level 


setting up local financial con-1 


Reluctant 


l, therefore: 

5ANCACREDITO AGRARIO BRESCIANO 


{we hayebeen banking in BRESCIA since 1883; 
why don't bank here through us?) 


V. 


sortiums called ‘‘confuti" for 
minor export credit and balance 
sheet financing. 

Medium-term and low interest 
™ t rate funding still represents one 

To lure these reluctant share- of the main instruments of the 
holders Mediobanca, which is Government’s attempt to en- 
leading a consortium oF other courage investment in the 
hanks and credit institutes depressed South. This remains 
underwriting the issue, has a priority of the Government’s 
offered small shareholders the economic programme and con- 
possibiiity of suhscrihing at a siderable efforts are being made 
later stage against payment of T o attract foreign investments 
a minimal deposit The amount in the Mezzogiorno. Indeed, 
involved is L-0 for each new although the country’s balance 
share, with shareholders thus of payments has made a substan- 
retaining the option for one tial turn round the Government 
year to acquire the new share, intends to negotiate new Inter- 
The deposit is raised to L40 per national loans to support the 
share if the option is to be recovery of the south, 
valid for two years. But in this area too there has 

k n ° t ^5 t,me been a fundamental change ot 

Mediobanca has offered such a outlook and a more selective 
facility. Some two years ago it approach to lending by the 
offered an interest-subsidised banking system. The country 
loan to the small shareholders clearly does not want to repeat 
of the Pirelli tyre and cable the errors of the not so distant 
group to encourage them to sub- past which saw an indiscrlmi- 
scribe to the company^ L50bn nate policy of Government- 
capital increase to consolidate inspired subsidised credit facili- 
its financial position. ties. This policy effectively 

The general philosophy ended up by encouraging the 

medium-term credit institutes getting up of capital intensive 

like Mediobanca or Istituto projects in the South that could 

Mobiliare Italian! (IMI) now hardly lay the basis for the sort 

appears to adopt could be nf long-term development these 
described as helping to rescue depressed regions require 
what is worth rescuing in Italy. 

While this criterion applies to P.B. 



•irjf 


CMWMfe « cmw • • • 

par la Opera -FobMhftr . OjEO TOM 



JWfcfo ■*.&•**» ...... 

set la binu a u idt PidiMln taSBt «4OTtt_ 


ill* 

— ho? 


AgenzJa (nlemazionalep^ FltsanzIsnet^l 
«d Investimentl w.. ■ ' v • 


arranges export financing for Italian compantei' 

on the international markets . . > 

arranges eurocurrency foarts to KaHair 

organizes medium- 
martet . 

00137 Roma. 

Tel. 460729- ^ -p 7 j 

' • -■ -4 




fjM. 


- ■ ■ 

K ^ Times Wednesday November 29 1978 

Television 



Exit Mickey Mouse and Noddy 


by CHRIS DUNKLEY 



Radio 3 


Per Norgard 

by DAVID MURRAY 


illt«r House For The little threo-dlmonsional dollar 
last week; BBGlI's little and pound iigru. were hl-iujID 
rununc about the marvellous accompanied last Sunday by 
being its preset veiy Off-year-old retainer nf a London t'inon Show sly Ip roolsteps on 
flub. Alice At The Oriental; lh<* soundtrack, advancing and 


,eCUon ° f * new t; ur r en ta IT a i r s 
of ^ESt^SiS* $£ HZ*™™*'- lls hllir - 


being tediously unvaritnR. ac Uur. hu ' ■ h 
series for bems urunventive and informative. 

W® eniirel^^n - S £SK* OVep ° n 77,e s «» Td - nnt ‘ Wnier TV's useful summary The 

® wlBR »nd«? on— it is nioicont EBC2's promising looking col- longest Decade; and {though it 

and so on— il is pleasant leeur.n „r ,«r.„r« ls Jf t . ouraC an anmi3 i cvenll 

this year's ffirbard Dimblrbu 
nquisiiion to Times chief Led ure — also on nuclear safety 
?*. grtumi ■ «* ;* - - , l pahU.‘“ , * ad * cvecuiivu Duke Hussey Iasi week, —.which put one in mind »f a 

ind ihlS wei ' k Wh thc d ™' carefully prepared television 

~ ~ hr^fiirrent * !4 ' rr,u = 1 J' "SinaU licence, fee leader eolumn. a form which 

’> ■ EFSISmi rew vca4 ff hi?hfn .d' incrc ^ in n-mdi lo BBC chair- should surely be adapted fur 

>;. -rffe mfiT nffor «?. , d ' ,nnn s,r Michael Swann. >le regular use. 

'V 1 rSooable spectrum ^ if prov<,d - a startiingly unimpressive From lime to time Ihere are 

Attempts have been II, . ,e ^ l , r * e «- •»«¥ vasue. long uf course i-iirrcni affairs items 

l-- XSfth'ftii in some of ih= and so.T.rTitncs seeming whieli seem a compleie waste of an- su often admirable. 

nf rn.it -i n » G . ' ?-Lr! £,m PE badly informed. Tq all his time. Last H'ednesdaj's Tonight The uld tneks in tilme 


receding. 

When you add to this the idio- 
syncratic speaking style of pre- 
senter Brian Walden whi» unfor- 
tunately cannot pronounce the 
letter “r" and in addition always 
enunciates tan he did in the 
Cum in on s j a» though wead-mg lo 
the un-der sev-t-ns the pro- 
gramme becomes most olf -put- 
ting. which is a shame because 
its ubjpcl* and iis basic materials 


d inter- 


the past' thou~h n ne*« U ” R *_ chairman be bad report on the boring and views are t mainly t the " noddy '■ 
• ViSgranwnes sifll give the ii * ,ppa 

iWaf fhnii* nr nrl i ■ a.-< 


appare-ni!y nL-ver 


sr^rvhafrvojuc'^; 

U.H rhe entire . world f-viviv l tlUL.t.nn of aJiv the EnL me ... ... 

>’• make and lose mnnev m should not soi-k income from non "» was one such, and I hope i which seems m have reverted lo 

- *nd to die in a number «r advertising. Sm-b rcvelalion is in jhat nobody al the BBC was silly ii s lachrymatory origins'!— that 

: w£v' war*, current affairs, pro ^ crrd:t f,r the programme enough lo pay for ibis puff for we are all inured m them, and 




Margaret Trudeau a nd the **eutawa>“ and they crop 
very supportive to up so often — everywhere from 
we're still in separa- .schools programmes to Man A lire 


notice 



'■'.S'iCDiw) but also in T'orapht Ik Sdcpnejj Jesse! reported from lhl . lunCt the audio-visual 
u'irTniph Valeric SinAlotnn ta-kinc Paris on cuisine tniticcur— admit- j, ninmir M itli which it is 
;-,<to-Mike Oldfield about his new b.-dly J couple of years behind t . unve ief|. 


y ■' r-y 

Wi 


: «mmes are now stooping into ra,h *r than the reverse, however, her latest fad. probably do not even 

some of the more shameful For rn y ,a,i ’ e - television still Such duds will inevitably turn them, ^et wc should I hecap sc 

■ ^s. For instance the v are cover- *f ev °tcs too littie time to provid- un unce in a while. The they are inherently dishonest, 

b ^^thc arts in a more topical i nK general background t» important lhing ih that between and Ihe very best pro gra mines 

if wanner ' H foreign news. thuUKb oven bore jtiesn the current .affair^ pro- .such as World In .Ictninh excel- 

’’ty cjifi f' Week there Was nnt nslv effnns are being made: Sunday’s grammes seem in be choosing an lent special edition on 'Th*- Hum 

Welvyn Bragg's interview with A<*i»«fWf»i{ nn BBC2 brought a impressive variety of suhjecis. For Dr. TUensele Iasi wt*ek lake 

Ski Stoppartf In The South ennft rp POft front Kevin Ruane in Mos- an d by and large their choices great care not to use them. 

Shout (generally seen as an arts S 0 "' °. n Preparations fur the *ceni io be the right ones. They are designed to give ine 

rirogramnie. yet just as much Olympics and imidcn tally, but Though approving the subject appearance of a sm "°’h 
current affairs when it deals with '' v, ‘ n valuably, insight into matter, however, one is all too uninterrupted lln« to what may 

sra;? .£ 

interviewee alone wore filmed 
and all the unwanted parti then 
cm nut. and those in he retained 
joined hack together again, thp 
viewer would see “jump cut*-" 
where the excisions were made. 
Nobody sits dead still and where 
a cut <s made the interviewee's 
sudden chance in posture or eye- 
linn is obvious: he appears to 
jump. 

This is frequently disputed, 
however, by filming the inter- 
viewee throughout the interview, 
then turning the camera round 
and filming ihe questioner "tiod- 
di ng " (and often grinning 
inanely l in order to produce a 
bit of’ mule film vhirh can be 
sliced up and inferred inui the 
rd?t pnims in give vliut :iojicnrs 


and Beryl Ba inbridge the internaiiun.il news mazarines N| 
l ^mtcrviewing Booker Prize winner and the national Press, but bet- Jllt!111 
^THs Murdoch in a meeting which ler never. 


doubt it is a sign of inci- 
, middle age that I find 

v-THS Murdoch in a meeting which ie - r la '«'? man never. myself sighing increasingly often 

, | l'! , {gaijved less than might have been Funhcnnore there does seem ;i t the political and philosophical 
• . I . i SJ-c^iecred from the confrontation a slightly greater willingness naivety of some programmes. 

- OoF jt&P t*'o authors, > el cerrain.’y nowaday* to find space in ihe Slll .h as a recent TV Eye on 

' 'SjTo^. nothing from It. schedules for programmes which ;;;,| r .. s „f council housing which 

N! ■ Recently current affairs series don't ti; info the regular current engineered visits of families lo 


to'look at. Panommn" and The nuclear .safety debate in Poicer 

pondem Profrramme both studied Struggle and ihcir interesting Th .' (l ^ ori cal lowness is 

trritaling. but in.sofar as the 
annoyance arises as a reaction 
from personal conviction (any 
14-vear-uld member of Ihp 



-".f - 
• ** v V.'S 


The South Bank Show: Metvyn Bragg and Tom Stoppard 


Socialist Workers Parly won Id ln a ■■ re;u -t!on'' shot with what 
have watched with a trembling pp( . ms! w h en editing is finished, 
lip and a misted eye and loved jjj,,, jj, p uninterrupted sound of 
ill it is not what most concerns interviewee's voice over ihe 
mp - top. A “ cutaway " i» look :«t the 

Wbat does concern me is nn mnni. a honk, or anything else 
the one hand the growing craze SPrV p* exactly the *ante purooso; 
for illustrating even the siinplesi disguising the evcision.and avoid- 
oT ideas or statements with j n> > jhe jump cut. 

Mickey Mouse granhics. and on Custom and prartice have 
the other hand the failure to brnupht Ih^se technique 1 : wide 
Ihrvw uul the old tricks of the acceptance in Britain and some 
filmed interview trade. <nnt nil* other nountnec thnuph 

By Mickey Mouse graphics I Drngramin 0 makers of the verv 
mean (mainly) those' animated highest integrity have never 
pictures which show — for liked, and in a few '*u«cs nev^r 
instance — little yellow cars driv- accepted, them. (They simoiv 
ing on to little black ships and live wi«h *he cUim'tnnxs of the 
sailing away on bright blue seas, iiimn cut. n r to indi-nte na««a7e 
as occurred in The London of time fade the fi'm tn hlacfc 
Profirumme about Lloyds last over ihe end of one of their inter- 
week. There are other forms: viewee's answer* an d 
BBC2‘s Wejttminxter required aeain for the next question, or 
• John Sergeant lo tear Ihe petals m i\ through from one picture tn 
off it giant rosette on the studio another: in ea^h case the viewer 
wail io reveal different bits of C an sen that editing ha? 
pariv funds (or something) in occurred), 
a weird parody of “she loves me. With current affairs prn- 
she loves me not." grammes making welcome im- 

7. Worst example of ail is Week- provemen** in subiect matier i» 
end World where a little pic- is time ih**v al'o started to 
lure of a. piuched purse (“a imorove their grammar bv cut- 
squeeze") or a doll’s house ting back the MNkey Mons** 
marked “Bank of England” ("the graphics )n the few that are 
central hank") are quite likely genuinely informally*, and seeine 
to acquire their own sound noddies and cut awn vs for what 
effects. Little cartoon men visit- they ar*»: dis^nut^M- devices for 
ing a little cartoon bank to swap misleading the viewer. 


Monday's F.uroppan E road- 
casting Union concert came from 
Copenhagen, given by the Danish 
Radio Symphony Chorus and 
orchestra, and it- largest offer- 
ing was the second performance 

uf Per Norgard'-; Third Sym- 
phony. Before ri •■:mie n*'o works 
by tiiat mysterious Schoenberg 
pupil, the late Nikn« Skalkottas: 
hts compact ani! violent Sym- 
phony in One Movement, and Ihe 
premiere . of h:* Couceno Tor 
Double Bass (ihere are raativ 
Sk.ilkotias pieces jwamn: pre- 
m n'*res i. 

As usual, the army effective- 
ness of the orchoilrai writing 
exceeded what vould have been 
expected from a composer who 
had the opportunity io hear 
scarcely any of hi> music per- 
formed. and the uncompromising 
contrapuntal enera;. recalled a 
daunting, powerful aspect of 
many of Schoenberg's own 
scores. Klaus Stoll- made ihe 
sola bass part .sound safely with- 
in superhuman possibilities — 
much of the writing is thmatily 
lyrical, and it doesn't suffer from 
the familiar fault ■•[■ sounding as 
if the composer wished he were 
really writing for the cello. 

Another side of Schoenberg is 
unamiabiy reflected in Skal- 
kmias. notably in the one- 

movement Symphony here: a 
rhythmic squareness which is 
not concealed by busy patterns 
of quavers, and which only very- 
clever playing van rescue from 
mere mechanism. Far all the 
mull i -level led exuberance of 
Norgard's Third Symphony, there 
is more lhan a whiff of that about 
it. mo. The work is in two move- 
ments. planned on lines which 
the composer be neves to bear 

Theatre Upstairs 


upon the nature of sound itself. 
The first expounds the musical 
elements unhurriedly, drawing 
on the whole bottom-tu-top range 
of the orchestra; the serond 
makes elaborate constructions 
with therp, introducing a chorus 
which concludes the Symphony 
with an opulent setting of one 
of Rilke's " .Scmneu w tlrpheus. 
“ Singe die Garten, mein Herz.” 
It may he surprising that the 
piece seems steadily less strange 
and more conventional as it 
grows in complexity — the general 
effect of the last !20 minutes 
belongs somewhere between 
Mahler's “ Symphony of a 
Thousand " and Constant Lam- 
bert's Rio Grande. 

Norgard's earlier pieces aimed 
at "magical" evocation, and, 
despite his more recent interest 
in acoustical and numerologicai 
principles. hU musical vision has 
not changed much. Some experi- 
ments with the species of canon 
in which all the voices sing the 
same melody, but in different and 
proportional note-values have 
proliferated here into an 
imposing polyphony in which 
the slowest notes main a com- 
fortable. lumpen plod, supporting 
an indifferent variety of quicker 
riffs above it. -As for the melodic 
material, since the composer 
claims to derive it from the 
natural harmonic series (it is 
more complicated than that, bu! 
never mindi it soon settles into 
familiar tonal ruts: it is some- 
times remarked of Schoenberg's 
Pierrot that atonal canons are 
easy to write, but in a pop- 
flavoured diatonic idiom it is no 
harder to superimpose many 
voices. 


SI 


19 


Wm 



i ■ : 

ffi 


. !.r 


m ® 



Gary Bond and Elaine Paige 


Masada 


. •- • • 


prand Th64tre, Nancy 

Ballet Theatre Francais 

i ■* 


by CLEMENT CRISP 


r-V: : ■ 


^Ballet Tbektre Cootemporain 
jhicb Jean Albert Cartier guided 
St Amiens. Angers and in tours 
found the world, is no more. 
Sstead a new ensemble, Le Bal- 
fc Theatre Fra^ais. has been 
inaugurated, dedicated to a 
' ■* {reader based repertory of 20th 
entury works, and most hand- 
- -fi-'ornely lodged in Nancy. The 
‘I * • pmpany is again under the corn- 
sand of Cartier, and the 
(Jnistry of Culture and the local 
^irraine authorities have — 
alike our own starveling, sbort- 
ffihted powers — given every 
Ipancial assistance to the enter- 
tpse. The Grand Theatre in 
juicy's miraculous Place Stanis- 
Is the company's show-case; 
:ven more impressive is the con- 
Jrsion of a former factory 
' ttrned theatrical paint-shop into 
khome for the troupe. A nragni- 
^ent dance-studio opens up 
brongh (wo stories of the build- 
ng to provide balconies from 
mieh the public may watch 
^jearsal and class; a small stage 
unrounded by tiered seats has 
wen created to permit all forms 
iTf^-th-the-round entertainment 
ji»d experiment: an exhibition 
r irea, dressing room and rest 
facilities for dancers, a general 
feeling of the importance of 
•hat has to bo done to provide 
■roper surroundings for good 
rork-r-ali are symptomatic of 
;overc mental and departmental 
(iHihgness to encourage the 


t' 




REGENSDORF 
H#¥6Sri€^ HOTEL 

HOLIDAY INN I 

I The conference hotel . 

1 whhoot ■ 

| andlo-visuai problems | 

1 As the largest Swiss conference | 
* hotel, we realise the necessity - 
1 for modem audio-visual equip- I 

I ment at economical rates. a 
have tberefore placed our pri- 
1 vale TV-studio in the hands of f 

I qualified specialists to enable g 
us to -satisfy ail your audio- ■' 

| visual needs at any time. Once g 

,.l again we are your “ partners g 
- ‘ * .fcgood organ isauon". ■ 







reservations: _ 

; London, Tel 722 77 55,Telex 27i74 


arts. For the people of Nancy 
and of Lorraino this means a 
much closer involvement with 
dance: already 600 school chil- 
dren are to be indoctrinated dur- 
ing the year with visits to class, 
performances, rehearsals, and a 
new audience thus ensured. 

The repertory and personnel 
of the Ballet Theatre Francais 
owes something to the creations 
and dancers of the Ballet Thcfitre 
Contemporain. but the style of 
the new company is intended to 
be more classical. Thus its 
initial programme last week con- 
tained two works made for BTC 
— Viola Farber's Autumn Fields 
and Louts Falco's Cooking 
French— with the newly acquired 
So mn a m bide (Balanchine’s Night 
Sfmdojr » and the Don -Quixote 
pas dc deox for two young 
guesls front the Paris Opera. 

Night Shadow at preseot 
escapes the company entirely. 
Thev do not understand its 
Gothick Corrupt manner, with a 
disquieting and hectic parly 
framing the ravishing duet for 
the Poer and the Somnambulist- 
A bland, dutiful performance 
missed all the sense of Romantic 
fervour and nightmare: design 
that relied upon creamy beiges 
and reddish browns, dim lighting 
and two accursed follow-spots, 
compounded the faults or 
presentation, which was not even 
dramatically clear al the moment 
of crisis when the Baron, dagger 
in hand, is supposed to enter Hie 
castle. Happily Richard Cragim 
was a guest Poet who knew all 
the implications of the .niie. mis 
while suit was more Travolta 
than Romantic, but his interpre- 
tation had the passion, the 
flaring excitement when faced 
with the innocence of the som- 
nambulist. that was exactly 
right. Dominique Khalfouni 
from the Opera should be an 
excellent Night Shadow: she has 
the impeccable points and ele- 
gance the part needs, but she 
lacks as vet the pathos and the 
uivstcry forever associated with 
Nina Vyrubova's glorious appear- 
ances with the do Cuevis n-oupe. 
One idiomatic performance came 
from a member of the company. 
Yannick Blanchard was I Ane- a* 
the Harlequin «n bis rh>ihm|c 
alertness and in those rheumatic 
spasms which give so macabre 
a flavour to the solo. 

.Autumn Field* and Conking 
French have the common fault 
nf excessive length. Autumn 
Fields is an exercise in move- 
ment set against greyness j 
against grey, unisex costumes and 
a trio of slowly turning metal 
grilles like hutchments. whose 
gradually altering positions 
match the sluggish changing nr 
Philip Glass's score, a harmonic 
ostinain which seems musical 
wall-paper of the dreariest pat- 


terning. Viola Farber's choreo- 
graphy reacts with and against 
the other component's of the 
piece, interesting bursts of 
energy with hints of drama and 
moments of attraction and repul- 
sion among the dancers. Fascinat- 
ing for half the ballet's length, 
these ultimately tire, but the 
enthusiasm and dedication of the 
company performance led by 
Noriko Kobuta and Jean-Claude 
Giorgini is admirable ihroughouL 
Coofciwg French is the statutory 
joke to end a programme. Brevity 
is the soul of danced wit as of 
every other kind; unfortunately 
Louis Faico seems reluctant to 
omit one single Ediili Plaf 
number from the raucous score he 
has chosen, and so for far too 
long, a wiling cast romp and are 
vivacious! Muriel Belmondo and 
James . Urbain are funny, 
resourceful, immensely charm- 
ing ; their, cooipanions work no 
less hard, and William Katz's 
designs arc, as ever, exemplary 
in elegance and control. 

Although - both works over- 
stay their welcome, it is plain 


that the members of BTF are 
already a company, and no mere 
agglomeration of dancers, and 
they are worth seeing. As a 
bnnne-bouche. Patrick Du pond 
and Jennifer Goubd of the Paris 
Opcru were invited to appear 
In the Don Quixote pas de deux. 
Once again this proved itself 
a trap for the unwary, and in 
this case. For the immature. 
Dupond is wonderfully gifted, 
as the demands of the Mac 
Millan soiree had shown twe 
nights before : Goube h 
delicate, promising. But Don 
(hrirote is only for the aris- 
tocratic and assured. I 
Maximova and Vasiliev, i 
Makarova and Barishnikov. who 
know how to flirt with the step*, 
and to play at being Spanish. 
Goube and Dupond were 
flustered : they looked ill at 
ease. their gifts seemed 
cheapened and vulgarised. Both 
need the guidance of great 
artists to prepare them for such 
nonsenses, to enable them to 
dance as they should. Other- 
wise their abilities, as well as 
their reputations, will suffer. 


Covent Garden guest conductor 


Patrick Flynn, conductor, 
American Ballet Theatre, makes 
his debut at the Royal Opera 
House. Covent Garden, at a per- 
formance of ffoirum and Juliet on 
Tuesday February 20. 

In addition lo bis extensive 
work as a conductor which in- 
cludes regular guest appear^ 
antes with Sydney and Queens- 


land Symphony orchestras. Now 
South Wales Dance Theatre and 
the Australian Opera, he is a 
prolific composer with numerous 
orchestral scores, musicals, film 
scores and a rock opera to bis 
credit. 

At Coven L Garden he will con- 
duct nine performances of 
Romeo and Juliet. 


The Royal Ballet to premiere 
MacMillan one-act ballet 


During February /March. The 
Royal Ballet al the Royal Opera 
House will present the world 
premiere of a one-act ballet, by 
Kenneth MacMillan; a major 
revival of Diversions; perform- 
ances of The Concert. Elite Syn- 
copations. Enigma Variations. 
Symphonic Variations, Romeo 
and Juliet, Swan Lake ; and fur- 
ther performances of The Fire- 
bird, Birthday Offering. The 
Rile of Spring, Scenes dc ballet. 
La Fille mill gardte. The Sleep- 
ing Beauty and Mugwlinfl. 

Kenneth MacMillan’s new one- 
act 'ballet to Ravel's Piano 

Concerto in G Major, with 
scenery and costumes by lan 
Spuriiog, will receive its world 
premier on Thursday March 15 in 
a triple hill with Diversions and 
.Elite Si/ncopations. 

The cast wiij include Merle 
Park. Jennifer Penney, David 
Wall and Wayne .Eagliog. 


On January 31 there will be a 
Schools' Matinee performance of 
The Firebird. 

Austrian bank to 
sponsor “Die 
Zauberflote ’* 

The Creditanstalt, Vienna, the 
largest Austrian Bank, will 
sponsor The Royal Opera’s new 
production of Die ZauberfUite 
which upens on February 15, 
1979. 

Die Zauberfliile will be pro- 
duced by August Everding. wbu 
also produced the Royal Opera's 
Salome In 1970. JJirgen Rose will 
be the designer and Colin Davis 
will be toe conductor. 

The opera, which will be sung 
in German, will be presented as 
a. reproduction of the new 
Bavarian State Opera production 
which opened in Munich on 
October 30. 


Masada is a beautiful moun- 
tain town by the Dead Sea where, 
in the 1st century A D., several 
hundred Jews barricaded them- 
M <lic> in against ih* Romans and 
eventually committed mass 
suicide in a ge-mre of anti- 
imperialist defiance. Edgar 
White's play, imported Trom the 
Keskidec Centre, suggests racial 
parallels by, in its -econd act. 
presenting a mayhem black settle- 
ment in South Africa where folk 
of different gradations of colour 
— Bantus, mulattos and culuureds 
—thrash around to jungle 
rhythms while Sophie (-Millie 
Kinriei jilts an insistent Now 
York Jamaican. Lazarus (Tn»vn r 
Ward), in favour of a rich, 
coloured blind man. 

The township is called Masada, 
but Mr. White never makes any- 
thing coherent of his parallel as 
much of the play is spent defin- 
ing attitudes of bickering and 
resentment anions the enclosed 
society. In its New York pre- 
sentation, the blind man was 
white, as was his sister who 
lounges around complaining of 


the problems of so being in 
South Africa. Rufus Collins's 
confusing and virtually incom- 
prehensible production gives us 
a coffee-coloured filial relation- 
ship that defuses most of the 
text's points about their status 
in the community. 

The coloured Bancroft, in the 
play's first half, is travelling by 
train through Europe on his way 
to an expensive eye operation in 
South Afnca. accompanied by 
black Lazarus to whom he sug- 
gests a kidnap operation in order 
to extort money from his family. 
His blindness and his richnes. 
are important for the first hour 
but both characteristics are los - 
after the interval in a hopeles> 
miasma of messy narrative which 
deposits Lazarus in lustful 
pursuit of the Bantu Sophie. 

1 have no idea at all what Mr. 
White is aiming at. the whole 
show coming across as a casually 
concocted stew In which racial 
questions are raised and 
abandoned in a spirit of meaning, 
less, careless rupture. The acting 
is dreadful. MICHAEL COVENEY 


Prince Edward 


Evita 


by B. A. YOUNG 


It is Harold Prince's triumph 
to have turned the essentially 
untheatrical El'rtu into a 
theatrical phenomenon. Neither 
Tim Rice's galumphing libretto — 
it’s hard lo believe that it came 
from the same typewriter as the 
pretty verses of Joseph, the 
passionate songs of Jesus Christ 
Superstar — nor Andrew Lloyd 
Webber's tuneful score is 
dramatically thought out. 

Dramatic shape has been 
imposed on it by Mr. Prince's 
visual resources. Climax and 
pathos and tension are expressed 
by the use of the scenery and 
the chorus, with powerful help 
from David Mersey's lighting, 
while the music goes on and on 
with little change of mood. There 
is a passage for the orchestra 
following Eva Peron's singing of 
“ Don't cry for me ” after ihe 
interval suggesting that Mr. 
Lloyd Webber possesses more 
emotional versatility than he 
uses anywhere else: there are 
bits in the first act that try out a 
satirical approach to the subject 
that would have been better than 
the flat narrative it relapses into: 
but Erita never really hits its 
target squarely. Perhaps its 
authors found the target as dis- 
tasteful as the rest of the world. 

At any rate Erita is splendidly 
performed. Elaine Page turns 
herself from a provincial groupie 
nto a grande cocottc into 3 tired 


politician with the subtlety the 
part demands, and indeed more: 
and tboucb she is called 00 to 
use j strident delivery and 
though, alas, all the sound, 
including ibe orchestra, is trans- 
mitted io us by way of loud- 
speakers on either side of the 
proscenium, she projects a 
genuine personality. 

Gary Bond, the new Che. who 
is not’ really Che but a narrator 
to fill in some historical detail, 
is excellent. He dances round 
the action lightly and elegantly, 
injecting a hint of the humour 
that the show so sadly lacks, 
and his attractive voice never 
suggests the standardisation of 
the pop singers in spite of its 
electronic amplification. 

None of the other principals 
has mucb to do. Joss Ackland, 
hardly recognisable under his 
mnke’-up. looms, usually in the 
background, as Peron. Mark 
Ryan, as the tango singer who 
gives Eva Duarte her first 
glimpse of glamour, provides a 
competent imitation of a. tango 
s : nger. As Peron's discarded 
mistress, Siobhan McCarthy 
brings a most sweet voice to 
her song. ** Another suitcase in 
another hall." The dancers of 
Larry Fuller’s lively routines are 
smashing. But Mr. Prince. Mr. 
Horsey, and the designers. 
Timothy O'Brien and Tazeena 
Firth, are the stars. 


D0Y0U DEWE 



Of course you don’t. 

But you do insist, don’t you, on a certain 
standard of dress being maintained while your 
executives are at business in this country and 
abroad? 

Indeed, it may be in their Contract of 
Employment — and in yours. 

Companies insisting on their executives 
projecting a smart image, which in turn 
reflects a successful organisation, have a 
liability to those executives. 

It is here that University Tailors, 
operating through their subsidiary O & A 
Services, are able to help by: 


1. Organising a scheme to carry out the policy 
of your company, without regimentation, 
satisfying every executive’s taste in materials, 
style, price, and doing it through our 
nationwide agencies. 

2. Carrying out all the administration. 

3. Suggesting how this kind of scheme can 
produce the best motivation for executives 
while gaining commercial advantage for your 
company. 

A well-dressed executive is every 
company’s passport to success. 

We’ll gladly send you the details if 
you send us the coupon. 


To O & A Services* 

Lawn Lane, London SW8 1UD. 01-735 7711 

Name 

Company 

Position ; 


Address 


Phone 


L 


* a subsidiary of 




anorl° 


J 




20 


Financial Times Wednesday Noymqber : 


« 


FINANCIAL TIMES 

BRACKEN* HOUSE, CANNON STREET, LONDON EC4P.4BY 
Telegrams: Flnantimo. London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Wednesday November 29 1978 


Rdfir steel strike; By ADRIAN BlCKS 





wrong 


inflation 


T 


THE RECOGNITION in this That is why the 
country that an anti-inflationary mathematical economics 
financial policy is an indispen- done nothin; to resolve the 
sable part of any strategy for fundamental arguments: and 
recovery now embraces both since the National Institute's 
the main political parties and forecasting .record is perfectly 1 
the Treasury i which has been respectable, one can concede 


con- probably he no more than a mat- The employers' final offer last 
be ter of time before other unions weekend, proposing an average 
that follow suit. of six weeks' annual holiday for 

his Statements from other all in the industry, underlined 
federations and the fact that they could afford, 
central organise- even in present circumstances, 
Count Otto Lambsdorff. tion, the Bundesvereinigung to give away time as such. What 
partnership between der Deutschen Arbeilgeberver- they cannot agree to is another 


HE GERMAN social 
tract should never 
taken for . granted: 
was the warning given in 
very first speech as Economics employers' 

Minister, just over a year ago. from their 
by 

nf|^ e F«*“>«r*M».F uciwccu aer - ueUTSCnen .ftruvusruci »«- ..... .. - — ----- 

mi if* u a e | unions and employers, although baende fBDAl have made dear hefty increase in the cost of the 
nucs nasi a cenlra j part of the prosperity that the rest' of industry is labour needed for a still unsatis- 
of the past 30 years, had to be willing to acknowledge that the factory level of output Thus 
constantly safeguarded and steel companies are fighting a the Iron and Steel Employers' 
nurtured- It could never, he battle in the interests of all. Federation has refused, and will 




IS*' 

;«i' • 


-This plant on strike’*— pickets In the snow outside a Hoesch steel works .In Dortmund, 


never 

be taken as a matter of "From'the^ union Vide! the 35- probably continue to refuse, peculiar to the steel industry promises to he a long and brtfCT;aa»uat. to- pfcipticstl- and 
rather slow to come round! as that monetarist beliefs are not course ' hourw;eek is an objective with a even to discuss it f^tir wit aj oce . iGOfetall wants the 35- dispute. ; ‘ political consequences.^ ' : Trade 

well as the Bank nf England, necessary to forecasting. Ail F * r anyone who did not lot to be said for it For the time For the companies, tne Pi^ni hour H ^ efe for s?ec j ^ a mea ns From the employers* point of union rage- against last spring^ 
but it is not yet entirely general, the same most people who have believe him. this week should bemg.it seems to have eclipsed 40-nour wee r ^ protecting the jobs of the view, Herr Judith and bis boss, lockouts led to Heated “disagree- 

The left wine and the trade observed the recovers- of ster- Have provided a rude awaken- the theme of last springs bit- b work m iadusty Herr Eugen Loderei:, the IG- nSahs- 

union< continue to talk of ling since the squeeze of 1976. »«*- The social contract is ter dilutes in the enginerrag It « a w J? ““ C £ Meta]1 Presid *«- «» doubtless 

growth a« a cure for inflation, or the collapse of the dollar, under double strain, from and printing industries, which an> f. oss bl f * IJjZ n» thf QSlng ^ steel wage round 'as ^ P^tnere. 

rather than a result nf ctopoing will find the Institute s asser- which it might still spring back was the inclusion in wage con- promise between these two union held a conference on the ^ easy ^ ^ re g^ nbt „ ^ the Social Denrticrats. whether 
it: ande number nr professional lions very odd. We do have an its familiar shape or. more tracts of specific job and wage positions— thougn « u pernaps -j^me at Muelbeim. in the ground tbe union has recently legislation should be tat*** 
economists. with a large intel- exchange rate policy in this likely, evolve into something classification guarantees imponani to note e Ruhr, st which assembled shop lost on other fronts, sitch as duced ta regulate; tbeuse of this 

Actual capital invested in -rear country, and it appears to work, much less easy to live with. At ithough it remains to be seen lb-Metaii leaaere nave oeeu and works council in the Dalmldr-Benz works tactic -or. at least to protect Its 

•Kevneriani fore- The result is not to fix the 6 a.m. yesterday the Ruhr whether these will be on the arguing that recent signs ot a e. ave a sceptical, if not M *-**«-• •-« * 

‘ steel industry saw the end of a 
proud 50 years without a 

strike. Some 37.000' of its 

200.000 workers came out on 

strike. On Friday, a further 


fthat is. neo 
casting models remain sceptical, 
to say the least. 


exchange rate regardless of j 
what happens to wages and 
prices, but to apply a strong 
bias: with light finances, the 
®::chanse rate will at all times 


Orthodoxies 

Some of these economists are 
in very influential positions. The 
OECD secretariat was until 
recently a factory of locomotive, 
convoy and other theories of 
concerted growth policies, and a 
centre of official resistance to 
calls for financial stabilisation 
in the U.S. In this country the 
National Institute of Economic Inflationary 

It remains true, of course, 
that under financial discipline 


be too high for the comfort of 29,000 will be locked out by 
those who are most successful their employers, 
in raising money costs. The 
hope for the policy is not that 
it will deflate the whole 
ei-omimy, but make life hardest 
for those who behave most un-| 
reasonably. 


and Social Research has never 
wavered in its attachment to 
the orthodoxies of an earlier 
decade: and this month it 
mounts a frontal attack on what 
has become the conventional 
wisdom. 

Its criticisms are nothing if 
not radical. The National 


of this kind, growth is easier to 
achieve when bargaining is 
realistic; and it is also true that 
many important groups are not 
directly affected by competitive 
pressures from foreign rivals 


Highly charged 
case 

In Karlsruhe, a little later in 
tbe morning. Dr. Ernst Benda, 
President of the Federal Con- 
stitutional Court, opened hear- 
ings of what may be the most 
highly charged, as well as most 
complex, case in the history of 
the court — the employers' chal- 
lenge to the act of 1976 extend- 
ing the system of worker 
participation /•VfitbestininiunpJ. 

Of the two events, the steel 


250 



1970 1972 

SOURCE rHMOBMM 


1974 1976 


1978 


— notably in the public services. 

Institute, renewing the statis- One can further concede to the 
tieaf evidence, concludes that Institute that the British wage 

the whole case for malting finatt- bargaining system, as it stands strike has taken the greater 

cial policy tile centre of anti- has an inflationary bias. These immediate hold on opinion in 

inflation policy is based on wish- are the arguments which have German industry and the ..strip* next niricim in the ctee? inrfnsrev* companies 

ful thinking. It is not satisfied for many years inspired official countr J' « lar g*- As in past table in other industries next pick-up m the steel industry s <a}7 Zin»r 

that monetary policy can efforts to contrive an incomes 7, e ^ s ' tbe stee ^ wage nego- 

influence the inflation rate, the policy. At every failure it is 


exchange rate or even, in any argued, as in the present case, 
very powerful way, the level of that the fault lay in the par- 
activity: and even if a recession tirular policy which has just 
is provoked — by fiscal rather failed, 
than monetary policy, on this The fact is that while the 
view— there is little evidence Nations! Institute raises an ini- 


tiations are the first of the new 
season, and will bave 
iar impact on those which open 


that wage inflation would 
respond. On this view, rhe 
whole chain of causation starts 
with wage pressure and works 


viwa-uu ati tuu j lvvi mauauj a • - * 

spring order books, and more steady Salzgttter presunnese the loSs scale. 

p 7 77 * 4I _ . prices, mean that the companies, 01 several thousand more jobs. 

■ill have a particu- ,^ slde from the ?enera p |' op °‘ are not as deeply in the red as “In almost every company, 
i those which open Sltl0n ^ at most peopIe would ^gy have been ei^ming. the directors' wish is for an 

next month in the metal- Iike t0 W0lk Sorter hours for The engineeriag e I rs additional number of workers 
working and engineering sector. *h e same pay, the 35-hour week who ^ey are next in line r ? sacrificed in onJeMo get 
The steelworkers' union, the is politically attractive to the after the steel companies (and the stri ™ en ship afloat again, 
huge Indusi-rie.gewerkschaft- unions. After years of frustra- in some cases belong to the same 0ne rea,Iy has the impressn,n 
Metall. has stood fast 


a _ council ejections ip ’ ' early Prixtcipai- .victim, the ~n on-uni un 

downright" hostile, reception to October where IG-Metall caodi- worker. The dispute wasidam- 
Viscount Etienne Davignon, tbe dates only . barely wort • reaped roWn with' some, difficulty 
European Community -s Industry election. - It is certainly trite iby.-fi«rr ; Helmut-’ Sdnnjdt; tile 
Commissioner, when he assured that the .present ^ generation^ : .dt'GhanroJlor^ and - other . mpder-, 
them that his rescue plan- for German' union leaders are mep st^ in the SPD^wiio' offended 
steel must have its sbdd-who .feel' themselves : under their own, .p^ly ig- 

dimension intense pressure both from the declaring ' that there 

I*,* fear « one ^ 

rSL SS. Steel* poUcy will W 51851 ■ Far. more -rtriops tsMe-r. ■_ 

.“ZStdSS tent “ the 5 *> 9! eawr, quenees MradJoUWlf .aeeo*. : 

thex cuts in manpower. Herr " However, the employers Tn stimtionai court s Sudgrofedt on •" . 
Rudolf Judith, the IG-Metail turn would appear to ' : have “S 

board member responsible- lor learned little. . . from - - the' past . pected in-thc n^fw year, appear^ * 
steel, put it even more bluntly year of Increasingly^ tense d overtui»:the 1976gCt.As._fe ,:; 
when he pointed out that in industrial relations if. they DGB.brief -aigues^it Was trtey- v 
1975 - 77 , no fewer than 36,000 truly hope that the mass lock- wfcelmihgly passed. by the Eho- 

jobs had disappeared in the out to be used on Friday will destag of lhe day, even if fteititer • 

industry. Jn the current- ye» t “limit the damage and- Thafethe. 

at least 5,000 more were doe the stoppage shorter for every- are entirdy- happy with,l^ 
to go. Between 197ST and , 1983, one." Within a couple of hours' _As-. it 7 is 1 ; 'the 'pending.-hriranlt- 
he said, the rescue plans agreed of the lock-out decision i on; has pur a cofcplett stop tti i 

fbr the Saar steel industry call Monday- night, the DGB had ; : saItJrtkJ!xt■-t^et>Vee^,v^^io^s , 
for a rundown of another 8.700 warned that unions in . other";husiness over "the brqa^ iect^- 
workers, while by the union’s sectors could not stand idly-by- dmie outlook-^the/ rso-caiied -.v 
reckoning, investment- plans if what Herr Loderer ; called^ Cohi^Eted .. Action j ;-Confereh^ 
already announced by . ' such "this shameful weapon" were which has HBt' metT since tie c? 

as Thyssen and once again applied, on a . lai^e “spring of ^1677 because -of 4 - f: 

T “" *** n niotTboyrott e heto^n^'wfii 75 

give .a fdriwl ndt-tianljf; ia ’ 
unions .and "empioyero. bnt jOTn. ? 



1 h 

s. . j* : !• - 


•»!' 




. _s 
r ^ 

i Kw*- 


V. : 


Labour courts 
swamped 

Ever since the printers* and be ; a ^ M>ut ! 


‘ f ewerthantiiree-Biitt!Sters;in tte v 
SPD-FDP -coalition to s^efl otf g. 
. just what they believe' the Wed h 
Gennan social contract shouB *5 ; 


Ik- dri 

*lr 


« *«* laacs uriuii*; I.U liic .mbic - . f ~ ^ / t .■ • ■ v »• m 

on tion in the face of hi eh and concerns!, appear to regard IG- here that ^ employees -are engineering workers* disputes Such a clmflcatiomrould nc 
oughly , ^ . . s . Metall s choice of the steel in- yarded in many plants, as last spring, the labour courts come toe soon, .even U it pnshe- 

in line with the average of the ran be^re* dustrv as an easy wav into the unnecessary ballast. Rather have been swamped with. tens against the limits of the Jx* 

.settlements!. .5^ LvJif engineering sector *Here the J,ke sTn ' vawa - vs - ar e of thousands of cases brought ditions. of - udn-interferehee ' b; 


The employers’ final offer over 


as a 


taken along when things are who locked' them out in retaKa- tidns. -. For -the uncQmfbrt^)3i 1^ ..■ 


nrriant question, it is becoming 
very hard, after 20 years, ro be 
lieve that the answer is to be 
_ . round in further search for this 

through from there: high wage particular philosophers' stone, . „ „ 

settlements pu>h up the demand The question is one of structure the weekend was J per cenL un | on policy which can be tion , ^ound the clock does not „ oin _ w -ii Bu1 . w h P Ti' the h™ , mi „. ^ r y iiit , , a t n . . ■ nfv o Tiintnhh: ifi ■ 

for borrowed funds, depress the rather than behaviour— exetfs- Although the wage claim is pursue d at the wage bargaining appl? - but companies are | | is becalmed they can 

exchange rate, and thus all rive trade union privileges con- important, both for the 1979 ggle. ° ****** ^hon of skilled labour. owrSSd to 

three are associated with rising ceded in the search for incomes national trend and for the steel The demand for a shorter work- * “ p ^ shin " ™ 

inflation. consensus, excessive market industry itself, the real issue is . y n , th . e of ^ “ e -? eel week would add substan- ,lg “ reD me smp ' ’ ' • 

In a world in which every concentration fostered in the IG-Metall's demand for the pro- iaJhS^o^oDDortimit? fo^the tiaUy t0 their deUvery .^ e J* eers which .monotonously 

economic series is quite name of industrial logic. It is gressive introduction of a 35- ™ her poor opportunity .for the ues greeted this biting sarcasm 

other^^neTrb^alMhe* numbers mn- EUKVJSi iF^iindustii-. Steel is only one in- .’!‘*'2S: p, 2: areu'e'd. 'caunot'So'rtl hol'd' ou? =r 


£: 



rise over time) it is dangerous are to stop battering ourselves 
to say that any notion of how silly against the very necessary 
the economy works is ' proved, limits of financial prudence. 


dustry covered by this union. . . 
Another section deals with the mdustiy 


For although the T: euphemisms of corporate lan- ^ sj-mraetrical counter-attaCk to many years of constructive 

working at only lor : ._ guare in referring to “letting the' strike. That' /may 'jhrior 


*roundWthlrda of capacity in wortlrs go7'7nsread of tTiSS sens.' tea -p^y 

SStee^nd mo2?TduiS2. ^ of tbe world *^*^^'«t*>'™***mt sacking. Perhans he and indeed the employee “ 



I equivalent xo ute onutu i ' - .... , 

rf it succeeds in getting a 35- ° add ro fh* wage bril or to at the present time. 

the number of people entitled v t ... . . 


d icuimucr ui uie wupcraiinn j-o* ucou viui ujr me JU»rer. auu ;ms TOlicagUBls up _ ui/t PTWT1 - •- •. 

of pre-war steel bosses with the courts.. . . '. vide,, some/, aort -'of .leaffi^Iv, 

Nazis. But the message of the Yet the employers sometimes strengthen Ing ' the To^alKo^r-J -' . 
Muelhelm conference was one ^ thtl in>nr0ffleln „ *w •».« of the : wcitf Co^.C!;' •“ 


DIRECTORS of public com- 
panies. it is often said, hate 
responsibilities not only to 
shareholders, but also to 


ness of the companies to which] 
they had lent. These examples, 
suggest that "there could be| 
room for improvement which 



customers, employees and the might pay valuable dividends in 
community’ at large. But the terms of earlier warning of 
first and overwhelmingly must corporate problems and thus 
important objective for direc- facilitating remedial action, 
tors is to run their company Because their 



Directional 


efficiently and profitably. 


MATTERS 

man of Tiffany's. 80-yea r-old 
Walter Hoving, on the subject 
of Christmas trees, seems to 


relationship (j jssent 

As with companies is more direct.! Ru * blM of dismatem from the have had a lasting effect. As I 

director of tbe Institute of ment j°" ed 0n M “ d * s i.J5. e 
Directors-one of the least ex- ^quested Cn corp New \orks 


Jong as competition is working it should be relatively easy for 
properly, there is strong pres- rhe hanks to improve their 
sure on management to perform, monitoring arrangements! But 
but how far can this pressure for the institutions there are 
be reinforced by the activities several problems. One concerns 
of external bodies, particularly the mechanics of intervention, 
institutional shareholders and Institutions generally prefer to 
creditors? There have been work behind the scenes and 
numerous instances where well- they are reluctant to act col- 
estabtished companies have iecdvely except in extreme cases 
slipped into a process of steady — and then it is usually too late, 
decline, through failing to At the time of tbe fonnation of 
anticipate market changes, lack Equity Capital for Industry, 
of product development or other there were suggestions, to which 
deficiencies: only when the Mr. Richardson referred yester- 
disease has become terminal day. that this body might be a 


pected quarters, perhaps, but 
the rumbles are real enough. 
The director. Jan Hildreth, tells 
me he is unhappy with the con- 
clusions of the management con- 
sultancy firm John Broadbent 
Jones, which has been examin- 
ing the institute for some 
months. 


most powerful bank, to remove 
its Christmas tree on the 
grounds that it was “vuljsar.” 
The tree was not actually 
removed, but it did not make 
a reappearance the next year, 
or the next. And this year? 
" No final plans have been 
made." the bank tells me. ** But 


"The arrangement is designed *« d0 ? put J * hts up 


to make it easier for me to con- 
centrate on doing ‘the voice.’ 
talking to the outside world," he 
says. “ But it's done in a way 


and a mnlor crisis is at hand vehicle for collective action, but T rinn’r think is o n in« tn 

liavn I ho shareholders tried TO there ic no cirr*, ->* ^ uOD t trilflK 1> aOin B tO 

The institute is 
split into public 

urn ku ic vu ie, « i_ fc i --j 

at an earlier There 


have l he shareholders tried tn there is no sign as yet that the 
take action. If they had taken institutions are prepared 

a closer interest in the com- entrust this role to it. 
pony’s affairs at an earlier There is a wider question 


to 


outside our head office and some 
more on the trees in the sunken 
plaza in front of our new build- 
ing nearby, the Citicorp Center" 
It sounds a much more modest 
proposition, and one more 
acceptable to Hoving even 


stage, recovery might have been over whether the 
possible. the institution 

Passivity “L"./?® S?.^”“..°.L th i”™-|eiampi e . giving, members ’ “ u i In the fold 


interests of] 
necessarily 


be effective. 

refctioi 0 and Z'e work wiTdo n ? t i .™, pio ‘ 

for our members. I don't see nounced definmve judgment. 

how ynu can separate the two , . — - 

at ali.” The institute was, for 


pany in which it holds shares. 


The much-criticised passivity On 'some occasions the institu- mom en t° ex^ectin Ynd cettiS- The 
of institutional shareholders tions have appeared io be more feeXarT*' 

underlies the remarks made concerned with, say. the main- , 
by Mr. Gordon tenaoce of the dividend than 


yesterday 


Bank of England's 
announcement yesterday that it 
Is authorising Derby and Com- lute a supporter of industry Jid 
panv to deal in gold is some- he prove that I found myself 


between industry and West- 
minster less developed. "Virtu 
ally nobody in the Parliamentary 
Labour Party bas any expert 
ence in industrial management, 
he pointed ouL 

He then suggested that 
industry itself tends to make 
the mistake of dealing with 
short-ierm problems like tax 
rates rather than the major 
problem of ensuring that the 
economy is managed in its 
interests, rather than in the 
interests of the financial institu 
tions. So when he ventures to 
the City and Financial Group's 
seminar beside the Mansion 
House he will be behaving as 
many Labour MPs feel they need 
to in the City, that is firing nff 
the occasional broadside. Bur 
enually he will he in the right 
place for some return fire, not 
least for his claim that for over 

: a century the countrv has looked 

after those whn deal in money 
me: ‘I yield to no one that the ratiier than those who make and 
future of Britain rests with selL 
manufacturing.” Indeed so reso- 



^ _ In support of his way of doin, ^ r 

L.chardson. Governor of the with the long-term health of th.ings Hildreth, 4o. poinrs to the thing of a coup for Guy Field, asking whether he would not be Oat fOO(f 

Bank of England. Mr. Richard- the company. Some investors “ lre financial straits of four Derby's man in charge of metals entering the Citv as a spokes- 

son put himself firmly on the may wish to see a steadily rising ? ears ago^and the way profits dealing. Field unexpectedly f nr inrin«trv "rathor than nt A reader lelIs my tale of 

side of those who believe that share price: others may br look- rose to ili«. 000 a year after his joined the U.S. Engelhard w ^ an ot XJ.S. hamburgers rumoured to 

the institutions should not ing for high yields. These appointment, though lht*y have group, a major refiner of gold, estminster. be fortified with earthworms L«; 

.simply sell their shares when requirements may conflict with since slipped back. A large part from Samuel Montagu over a Gould accepted this, even matched by a story of a shop 

they become unhappy with the the desire of management to nf tne P rofits nt ? w coming year ag0 n e ^ e n s nie it was though his own experience tum-of-the-eentury Melbourne 

way a company is being run- build a strong, viable company from Director magazine, which specifically to achieve entry to involves the Foreign Office and famous f<Jr its meat pies. "The 

“If they are doubtful or un- for the long hauL was losing £90.000 and is this ^ f 0 j d; nest objective a fellowship at Worcester sh0p had sacked a member of 

easy, they should ask for i): sa d van t a ops SIK ? is to make il °P erali,?e ” Derb >’ College, Oxford, rather than ? e st , aff - a dismissal at which 

explanations and expect to o It s been a hell of a st ru nrj! e is the first non-banking company management But of his time he took great umbrage. One day 

receive them. Thereafter the There are some advantages in hring ttie piace round, we t0 be aut h 0 rised since the gold with ^ commercial section of when the place was - crowded 

nature of the appropriate action the close relationship which haye done vuth the help market re-opened in 1934. There tb e British Embassy in Brussels with customers he niched ■ 

will depend on the circum- exists in Germany between before." he says with a hint of ^ just ^ other auaiorised he ^3. ^ had so ^ e experien ce wJth 

stances of the case. But if in banks and companies; the banks ,T 1 hl ? V0Ice ' . companies apart from banks. n f how bad we are at selling d “ d eats * ban 

end they are dissatisfied, have a long-term commitment Iknow Jan nas some^mes -rhe question-mark over the goods abroad.” tnem on the counter, and 


the 

they 


move is whether Derby will be 


yelled: ‘There's two more. 


U1VJ should, individually or to the business and. in con- !L nd p ™ ble “® witb this," Denys _ .......... -- w „,. nm , nf 

collectively, take steps to change sequence, are obliged l0 Randoiph the chairman tells inv ited to join the London ‘ wiil bring the rest tomorrow’, 

the composition ofthe Board. develop a deep understanding , me - I don t think it is a prob- bullion market, which parttci- J;® 1 ™ 1 rt?? 

You can orgamse things 


pates in the fixing sessions. 


Dividing lines 


the composition „ 

The Governor was equally of the company and its industry. ,ein ' 
insistent about the need for But the system has drawbacks any way. vte certainly wish to 
effective monitoring by the as well and in any case couldl do _ Il this way. 
banks, whose terra lending to not be transplanted to the UK.. . . 

companies had increased con- But if the principle of greater b « decided at the next council 
siderably in recent years. He shareholder activity is accepted.] meeting on December IL. 
noted that in some cases which as it should be. the objectives 
had come to the attention of which the institutions are I igkf entente 
the Bank of England the clear- pursuing in their investment B v * 1 
in banks concerned were policies need to bo carefully The sharp aesthetic directive 

unaware of the total indebted- examined and defined. delivered in 1975 by the chair- Divide?’’ He was quick to assure minster 


ing the section of the seminar 

involving Gould, says that the — - 

- livelier it proves the better. 

Also speaking will be Peter Matter of taste 

Walker. Would the question of p-; mair ,* , 

"The view from Westminster" MPs taking jobs in the City be niT? Wai “ : 

is what Bryan Gould has boon raised? Lloyd-George said he "umaimj is O.K. I just can t 
asked tn present at today's one- was not sure. Gould stressed stand people. ' 
dav seminar in London on "City that the lines of communication 

and Industry — the Great between the. banks and West- fthQPWO v 

wore good, those woof t/C# 


w 




T- 


V- v-' z 


ONE OF THE ^ 
WORLD’S COSTLIEST WATCHES 
IS MADE OF STEEL 


•IC. 


Every detail of the self- 
winding Patek Philippe ’ 
movement is hand-finished. 
Even the tiniest screw 
is individually polished. 

Nickel-chrome-molybdenum 
steel case is water-resistant 
to depth of 120 metres 
1396 feet). 


. The swirtgingmass whjph : 
winds the watch while you 
wear ft incbfporatesa pteipe 1- 
of 21 ct gpw; (afded%eight; ' f • r &- 
ensures optimufn - Winding/ ft? 5 *!*.' 

effi cien cy) . T Arrrariri^fy sMm - 
hlautilus by . Patek Philips .; 
with maTdhirig steel. ' ;i . \ . 

bracelet,- *»li 


•+-j.”.' 


IL'A v ' •< 

■V?'V r r 

z, - Vs 


Catalogue and 

. . Pept F, 


° n et£ 


'Vn* ? authorised jewelers from Patek'RHffippA ' ' : r ?" 
. P.O. Box. 36, Makienhead, Berte/SU63eS!^^V •' ! ' 






r v, ^ t • • 


♦ ' i 

*' . i 


‘ -33*®taai Timos Wednesday November 29 1978 


\J%0 


^ I'nJfJ 3iZ. - . _ ....... . 

- ••Ijf Will governments in Europe and Scandinavia continue to prop up weaker mills after the slump? Max Wilkinson reports. 








m 

f-i fc.a 

1 mm Ja 











Ttiis ..RECENT improvement in 
dttriand for flulp and paper 
pvpductf is causing anxiety v« 
-many producers in Europe and 
0*e Scandinavian, countries. 

■ For m tibe .market mums m 
normal ” levels a FI or its 
longest and steepest reiMf-.sina 
■ sinfee the war. there Is . wide- 
spread .anxiety that pattern* nf 
.Sufeply: • pay . have been per- 
pflBMSotlT: distorted. As a result, 
in- the industry 
-.'fw;. that prices will more only 
;.|3«eishiy towards a level 
.'which, i' Would; stem the 
Industry^* serious losses. 

.> 'TBe“jmajor distortion intru- 
du.cea by the recession has been 
‘ titd- t- intervention nf govern- 
merits in Scandinavia and con- 
tinental Europe to prop up 
companies which fat-ud a 
serious risk aC coUap.% during 
the slump. Government help 
has ranged from the subsidy of 
Surplus pulp stocks in Scan- 
dinavia to . grants towards 
investment projects in the UK 
and other European countries. 


More seriously,' British mami- 
faciunrs believe - that their 
continental competitors have 
been receiving govern men I 
help in., the form (if “ soft " 
hank loans and other form.* of 
aid" tn i:u*h»«»n them against 
operating Io.vses. 


The result has been tn main- 
tain a large over-capacity 
among producers of printing 
and writing, paper in Europe. 
Prices have been held down as 
a result of Government aid 
intended to try tnkeop employ- 
ment levels us high as possible; 
and rationalisation among the 
smaller continental mills lias 
been delayed. 

The question now. facing the 
paper makers is whether 
governments. having onec 
be*K«t» embroiled in the 
competition for market shares, 
will ever be persuaded again to 
withdraw to (he sideline. 

As Mr. Tom Corrigan, 
managing director of Inveresk, 
the Scottish paper : group, told 


a recent symposium: “Our 
industry will continue to be 
plagued by puor operating 
refills it unnecessary new 
investments in production arc 
financed by slate funds ami 
inefficient operations arc artifi- 
cially supported. 

“Once this process is started, 
however, each country in turn 
may he compelled to react uml 
respond to the actions nf 
others.” 


MAJOR SUPPLIERS OF BLEACHED 
PULP FOR SALE 


Company- 

Parsom Si Whittemore — U.S. 

-Sadra Skogsagama— Sweden 
Georgia Pacific— US. 

Groupemcnt Europcen de Cellulose- — France 
Canadian Cellulose 
Weyerhaeuser— U 5. 

British Columbia Forest Products . 

Gnat Lakes — U.S. 

Stars Koprperberg — Sweden 
International Paper — US. 

Canadian Forest Products 
Hodo— Swed hi 
Irving— US. 

Rayon icr— France 

S'CA: (Svenska CeHulosa) — Sweden 

N.C.B. ( No rr land Skogugre* CeHulosa)— Sweden 


Available pulp 
(metric tonnes) 

900.000 
0OO.OCO 

600.000 
5MMM0 

500.000 
<85.000 

480.000 

450.000 

420.000 

400.000 

400.000 
■ 350.000 

340.000 

288.000 

280.000 

280.000 


British companies arc entitled 
to feel a certain bitterness 
ahuut the recent pattern of 
intervention in continental 
Europe. The UK paper 
industry suffered a severe 
contraction during the 196Us 
when, as parr of F.FTA, it was 
exposed to the full force of 
Scandinavian competition. The 
Scandinavians were at that 
lime building large modem 
mills which were closely 
integrated with pulp production. 
Many or the smaller UK mills 
which had to buy pulp from 
abroad were forced out of 
business. 

The smaller continental mills, 
nn the niher hand, were some- 
what insulated by the tariff 
wait around the EEC. There- 
fore, in France. Italy and ro a 
lesser extent in Germany, many 
smaller mills have survived al- 
though several large paper mills 
have been huilt— ifor example, 
by Nordland Papier in Ger- 
many. 


ioj-rr: Panont.Sr Whltremor* 


The consequent over-capacity 
in Europe, exaggerated by the 
slump in demand for paper in 
1975. led tn a collapse of prices 
and to widespread losses. In 
the UK, however, prices re- 
mained comparatively stable 
and most mills managed to slay 
marginally profitable. 

The fan that the British in- 
dustry bad already suffered a 
shake-out of surplus capacity 
helped it to survive the reces- 


sion. A sten-by-«i«*j» increase in 
tariffs against Scandinavian pro- 
ducers resulting from the UK's 
eiurj, into the Curnmnn Market 
also helped. At the same time 
i he Sc.mrllnavi;in« were happy 
to take what ls described as a 
" re.<pon=il»Je ” altitude to pric- 
ing in the UK. Thai means 
they refrained, by unspoken 
con-enr. from starting a cut 
price war for market share. 

.Now. however, the UK pro- 
ducers are facing a new threat 
of low price imports troin con- 
tinental Europe, particularly 
from France and Germany, 
whose exports to Britain are 
now free from duty. 

The recovery of demand in 
the UK is therefore proving to 
be a very uncertain blessing. 
Consumption of all grades of 
paper and hoard is expected to 
increase by 3 per cent this year 
compared with I9n. hut a third 
of this increase will he takrn 
by imports which arc expected 
to rise lu a recurd level nf 43 
per cent of UK consum prion, 
of about flJhn. 

Imports of tine paper from 
France, m particular, haw* been 
rising fast, from only 33.0U0 
tonnes in 197H :n a:i expected 
ino.ooo tonne* this year. German 
mills which pursued a policy of 
running at nearly full capacity 
during the recession, are also 
seeking to increase* their share 
of the British market. 

Thu main eiTcrt r,f these 
imports has been in reduce 
prices in the l*K nearer to the 
continental European level. Tins 
process of exporting surplus 
capacity to neighbouring coun- 
tries ha* been widespread 
throughout Europe in different 
grades of paper Italian mills, 
far example, have been export- 
ing at low prices to Germany. 
while low priced tissues and 
hoard has been finding Its way 
into northern Europe and ihe 
UK from Spain. 


The rcfi.ii has been a general 
reduction of prices to a 

common denominator in Europe. 

The trend toward? standard 
prices vtnerjing throughout 

Europe is likely to continue y- 
tartffs between the EEC and :he 
EFTA cuuntrie, ;,re gradually 
reduced. Under present agree- 
ments these dutio arc tn dis- 
appear completely by IUS4. 

When this happens, ine «ni»l- 
ter mills in Europe will he ex- 
posed to the ful! force nf cum- 
petition from larger integrated 
units in Scandinavia, and it is 
likely that many m them will 
suffer The same fate a* the UK 
mills which closed in tin- 19‘SOs. 

Mr. Corrigan s-iys: “ L'n!e<- 
chnnges arc to the pro- 

gramme of tariff reduction, ■ »!' 
other intervention »n.vurs, some 
rationa/i«t:hm uf production 
within die EEC sc eiiis inevit- 
able.” 

He believe* :hi* European 
paper industry will have to 

undergo rationalisation, amal- 
gamations and modernisation on 
a large scale if it is to survive 
the challenge. "This would out 
necessarily mean a red urn uij «•/ 

capacity bur mure tunvon; ra- 
tion of otaner'hip wr.h fewer 
hut more efficient producing 
units." 

Ills views echo ;!:<• pn-Jjc- 
Tioiis of the U.S. consult a nt*. 
Frost and Sullivan, who-it* re- 
port on th-.- Euiupean indu.-try 
suggested that there would be 
continued closures of mills pro- 
ducing less than 3U.000 tonnes 
a year, with meraer-, uf some of 
the medium sized plants. In 
tho ten years between Jb65 and 
1975. They reported that L'f?H 
paper mills had closed. 

But even in the period of 
strong demand in 1974. nearly 
a third of the J.filJI) mill.* :n 
Europe and Scandinavia were 
producing U-ss than in tonnes 
a day. The big producers were 
500 plant* of which more than 


::»•«» were in the EFTA count nu. 

The proa'pecTs for future 
ratio ra!t sat ton in the paper 
ta<fu-:;ry are greatly enmph- 
i-aii-:l. however, by current 
iitif*-riainl> abuut ihc relation- 
ship between the supply and 
price nf pulp. 

The Scandinavian suppliers 
which mice dominated Europe 
lost rheir leadership three years 
a jo because of a disastrous 
policy uf trying to hold up 
prices against American 
compel it ton. The Americans 
increased their share of the 
European market from around 
44 per cent in 1973 to about 60 
per cent in 19i» before the 
Scandinavian* were forced to 
rvdu>-- their prices. As a result. 
Swedish mill? suffered losses of 
nearly £5ftiim between 1976 and 
1977 and are expected to rerord 
heavy lussc* again this year. 

An improvement uf the U.S. 
mnrkFt combined with a 2.5 per 
cent increase in European con- 
sumption has brought .some 
relief to the mills. The Euro- 
pean price of bleached chemiral 
pulp t.scd in fine paper has 
fon.-?qu?Mly been increased to 
S'3-so a tonne compared with its 
It > west point ol $330 in the UK 
and about SS'Xl on the Conii- 
uen: last year. 

Furth-.T increases next year 
could help to put mills back 
imo profit especially if they can 
maintain production at the 
current rate of SO to 85 per 
cent of capacity. However, the 
events of the last rwo years have 
underlined the weak strategic 
position of Scandinavian mills 
compared with Lho*c of Ameri- 
can competitors. 

For every, tonne of pulp pro- 
duced. Canadian mills can 
ohiaiu the wood used for about 
-lib loss than ike price paid by 
Scandinavian nulls. Those in 
the Southern Si3ies of the U.S.. 
where labour is cheap and treea 
grow much faster, can obtain 


)0 Tonnes /Vitar 


EXPECTED INCREASE 
CAPACITY FOR PULP 
300 -FOR SALE 


Canada 


Scapdinavia 

1981 19S2 


wuud tur Slot* than ihc 

Scandinavian price per tonne of 
pulp. The Scandinavians .ire 
burdened by high labour costs 
and environmental regulations 
which add to the vusi of pro- 
ducing pulp. 

Therefore the Americans will 
always be able to drive the 
price downwards ui Europe 
provided Uicy can maintain 
supplies. 

Mr. Carl Landegser. manag- 
ing director of Parsons and 
Wliiitentore. estimates ihal 
between 1979 and 1982 U.S.- 
owned production capacity, in- 
cluding that for The industry's 
own mills will increase by 4ni 
tonnes a year 

He says: “ 1 believe that 
during the next rive to ten year* 
the vast majority of the new 
market puip available in the 
European paper mills will in- 
coming from the southern part 
of ihe U.S “ 

Unless there is an unexpected 
surge in the demand for pjp -r 
products and hence for pulp 
duriug this period. rT .seems 


likely that pulp prices will lend 
ro be <ser by ttie L'.S. producers 
railu-r than the Scandinavia nr. 

The trend towards a competi- 
tive market with comparatively 
lower price.- -h>uld be re- 
mlorced hy invest igation?- 
varied thi.* year by the EEC 
Commis-mn into aliesaiions nf 
price fixing. 

Cheaper pulp supplies would 
in theur;- help the independent 
European paper makers tn 
ciimpete on belter terms with 
the large integrated pulp and 
paper mill* in Scandinavia. 

On the other hand, a perman- 
ently depressed level of pulp 
price? would pur pressure on 
Scandinavian companies to 
realise profit from manufactur- 
ing paper. 

However, desirable trnm the 
Scandinavian point nf view, 
these development* would 
require large capital investment 
which Must com panic* are in nn 
position to finance at present. 
The European industry may 
therefore enjoy a respite, but 
not nece<s iriJv a Inns one. 


Letters to the Editor 


The drug 
industry 


about both their assumptions and used to the same extent as before economic change and moral 

style. Floating rates at their joining the Common Market. values. The white electorates 
w-ursi have produced “wild The NFU is. of course, fully *' , th their minimal recognition 
cnanges in competitiveness." Act- aware of these facts. It also lhlp nature and significance uf 
ing on its own. a single country knows That the demand of an f ,t!hLs J **£1523.. sa .l* 

seeking "a constant (level of* Increasing section of opinion in » and H o*°t | -*yr Js 


From Mr V Harrison seeking "a constant uevei on increasing section oi opinion in — — 

qtr * in hie nin-n* •* innnv-.ir.rc competitiveness” through domes- this count re is that our freedom ^* tors - . . 

tic anti-inflation policy and/or to use flsh and grain to our ')*»■* was ;J«trj>cd . of course 


— AU ■ nt i infutinn nnllnv -.rifl/nr in lien fleh amt nrain In our **«ai was utiirajcu. oi cuui?c. 

and the law's delays " (November S^i^nne^^martet P manasement advinlngc and to trade un- was Christian civilisation, cap!- 
27)„ A- H_ f Hermann writes uf ' ftef hinA*rt>d with rhp (train nraduc- lalislie chanse. and human free* 


SMJsgrttajariwt Ssrs s ».r 


product safety legislation, sped- JSreffectivc "EdS ^iSe rates It restored hope of rescue, in Rhodesia. In 

finally pending product liability mistaken m mSe ihil The Common Market is resnon- Soulh Africa ' jn » ra rae di a te 

Uw,’ can work to the detriment J“^gJ c s t .|?e of oohey sible foMowS? nualire and hiqh acceptance or one man-one vote 

of innovation. And, of course, dn nhjecttve of policy. ■ ? r lISi! feSlnntuS* y 4Se con- in reTur ° for a . constitution to 

Government Sroducfna^protluci S >‘ slem - for example, can redue'e suramg public have a right to ] \™" p^haps'^he^onh- 0 re?T 

^ must iJSSfv volatility in cross-rates among enjoy a good hannsut. This need P t h at P in J? pfesene 

JlSSh IThp eK nf such European countries, the UK can. can be met outside the Common interests P 

weigh up toe etteits of such , aAlv J-__ 1 u. A -.cUv mnintnin Market. With lower nroduction pstern interests. 


GENER.U. 

'.Mr. Richard Nixon, former U.S 
President, srrucs in Lundon fet 
private vi*n 1 until December 'Ji. 

Sir Harold Wilson is principal 
speaker at Institute of Public 
Relations' conference on City and 
Industry: tne Great Divide, at 
Barrington Hou.se, Gresham 
Street. London. 

Sirs. Juanita Kreps. U S. Secre- 
tary of Commerce, in New Delhi 
;for U.S. India trade talks. 

Marketing Society conference a; 
Royaf Lancaster Hotel. London, 
on Economic Grow ih— the Market- 
ing Challenge. Speakers include 
Sir Adrian Cadbury. Cadbury 
Schweppes chairman: Sir Terence 
Beckett, Ford chieT executive: Mr. 
Roy Hatters; ey. Prices and Con- 
sumer Protection Secretary: Mr. 


Today’s Events 


M’-.-nae! rl esc! line. Shadow 
Environment spokesman: and Ms. 
Arianna Srassinopoulos. econo- 
mist. Lunch speaker: Mr. Clive 
Jenkins. general bccreiary, 
AST'. IS. 

FIna: djy af Financial Times' 
conference in Zurich, on World 
Ranking ;n 1H79. 

McGraw-Hill seminar for audi- 
tors and accounianis on Cor- 
porate Fraud, ai Royal Card *n 
Hotel. London. Speakers include 
Mr. Thomas Eduards, rccentiy a 
Commander and head of the 
Metropolitan and City Police 
comoany fraud department. 

Chrhties auction Lillie Langtry's 
love !e iters. 


Hoch.schi/d collection, including 
clocks, silver, paintings and fine 
English furniture to be auctioned 
at Sothebys. 


PARLIAMENTARY BUSINESS 
House of Commons: Debate on 
proposed European Monetary 
System. 

House or Lords: Report of the 
Select Committee on a Bill uf 
Rights. 

COMPANY RESULTS 

Final dividends: Avon Rubber 
Co. Dundee and London Invest- 
ment Trust. Muirhead. Interim 
dividends: BPB Industries. Rrtck- 
house Dudley. Daily Mail and 
General Trust. J. Tykes tHolri 


ing-) R. E.'Jioti and Co. John- 
-«m Mm they and Co. Jacksons 
Bourne End. M and G Second 
Dual Trust. Oeenn Wilsons f Hold- 
ings ). Foul ledge and Kegan Paul. 
Wallis Fashion Group West brick 
Products. Whew'ay Watson Hold- 
ings. Interim figures only: Moor- 
gate and Mercantile Holdings 
COMPANY MEETINGS 
Bumdone investments. 22 Han- 
over Street. Edinburgh, HUSO. 
Harrisons Malays tan Estates. HW 
Old Broad Street. EC. 11. Newman 
Tents. Midland Hotel. Birming- 
ham. 12. Phnto-Mc International. 
F.iirmile Hotel. Cobiiani. Surrey. 
5.4.i. Um. Real Prop Truri. 
Europa Hotel. Grosvenor Square. 
W. 12 VYnmbweli Foundry and 
Engineering. Royal Victoria 
Hotel. Sheffield. 12. 


the .interests °f the consuming ^, bt , t j, er iT W ould fare heller in their proven efficiency, meet London Regional Management 

Fnrihpr^t^f'' dt,SlEaed 1u EMS would depend on the impact foreign competition. Inflation Centre. 

further protecc aa EMS of the Nine on the would «o down. Gram producers. 311, Beaen 1 Street ItJ. 


"VV dollar a nd^yen. and on monetary whose products would fall in 

Mr. Hermann refers to the deli- rta -j,i| it v aenvrallv.' If the EMS's price, could once again receive _ . 

cate^pDsition or ihe chemical ]m?acX ‘ veti; T0 & neutral, the deficiency payments. There is rj.cpc far f*ar 

ii industry wi£ resard to *he law ^ ight fcU „ not he any more nothing wrong with subsidising lUI V ’“ l 

jj- , arid innovation e inferring that ab !c to tackle itf competitiveness ?ur own productive farmers but . . __ 


recent legal developments nave p rob j ( . ins v-w-a-vis non-EEC lt 19 certainly an evil rone 
put a. Brake on the pace of. ^ope. U.S. and Japan. But it which compels us to subsld 
Innovation. A similar argument m j^ht fu.it be more successful communist countries of I 
has been employed by the inier- 0ll ^, £}e E j ( j§ Europe, 

patlonal pharmaceutical lobby in ls l0 un d er iine that it is <Mrs.) Christina Ribbens. 

attempts .ftratiy to futile to expect that a con slant Home Form. 

' fxffi? 1 .. °* ' level of competitiveness can he Wliiiebeam .-trenue, 

in maintained in or outside EMS. Bromtep, Kent. 

United States, and secondly to „ . 5!nn u ent financial . _ 

soften up bur discipline would serve only lo Morf AP 

^efive a S F ,C 1 jl 3 ? 1 ltJ rp S»me ma | nla i n absolute not relative IvJaU. 

la-adopted in urtram.- competitiveness. The operational « 





u,-m 4 . ... competitiveness, me operational i 

4 support their protestations, nbj^jiive .of policy should be to rUlGS 

t ^./.'^me-.dr.ug companies are fond Oi raaX iinise lire capacity to adjust 

r “ ' T - — * - - f • — •'Ua 4 * n nitr l-in 4 1TI ■ . ■ . .. r* ac„ V s 


L-jfe(:-f^V.^30tTirtg- to - . Ihe " drug lag ** fu t0 uncompetitiveness 
r_<j;AvJBHerica. whereby, because of the t .i a ii n g competitiveness 


or appro- From Mr. D. Bloom. 


From the Chairman, Contcssa 
Cars 

Sir,— Now that al last the fuel 
tax is to be increased to catch 
ihe licence dodgers, pressure will 
be lessened on the police and the 
courts, but greater simplification 
of this aspect of taxation could 
ease further the work of the 
police in these matters. 

We should adopt a -registration 
disc with the cars" particulars 
printed across a central band 


Sir.— Your correspondent abov * which a stamp confirming 




r 30 rue des B 

• material from SiciiterUmd, 
erica.' reveals that "the so- . 


“V rnminon aU informution required 

Arrirf/ufiral pnliev^nfl^t^t we unfler our tra,r,c law s. much lime 

«•* effort and cost of inquiry 


have accepted at present. German C“ved 3 nd bv start- 

cheese and French hotter would l L“ V “I: 'l . T L 


^ IpTOption Of tnc prug compaii»« x •*““ stm he offered to us. but at '°5 ibe MoT test al a predefivrry 

tif; s^-.-Lcqd-:as*sueh does not exisL s world prices not Brussels prices. ■ serv,w ’ aa ^ repeating after 1- 

lag and reduced aril in P “J*.. L . months* warranty, motorists and 

^•^;5-Witttber of -‘•drujts available is d*MlM The one possible escepbon is public alike would be assured 

«***•—, ^-s&uSr. si.? , su.‘5s 



\k.' _ industry dupes the public by higher., cnc consumption aDd ^7. OW Church Street, 

" /'refbfftnfftp its worlt as ‘-'iitnova- a jjo W substitutes and foreign Chelsea, SW3. 

Y . ' tl#e” ; which has favourable imports to capture a large share 

Y, - - Connotatitras. There are, how- 0 f nur hccnc market. This unwise w T « • w . 

'.:'BveL'eo6d and bad innovations, policy of ihe NFU is putting V OTITIP riCJmQ 
\i • • Beiftiise-B drug is new it is not unnecessary burdens on con- T 6 ugjiau 

;[ necessanly- better than tho$e turners especially the poor who, ? A-fv*5rto 

■ ■ already available, safer or even according to the Prime Minister. HI /AiriCd 

just as good: many new drugs ** a rc least able to hear” the ^ 

- " are mere pharniacolosical burdens of the Common Agri- rrom or. n. Honrit. 


Marketing-not 


From Dr. R. Honritc 


science 

From Mr. G. Cameron. 

Sir. — With regard to Geoffrey 
Owen's Lombard column “Why 
science is irrelevant” (Novem- 
ber 17). and his observation that 


*%sisr* 

..w“ 


are . mere pnamiacoiosicai burdens or tno common arti- ^ ”W r hai Britain has lacked is the 

shadows of the few new drugs cultural policy. There is no need Sir.— Tbe human and econo- competence to make the right 

of i real merit. lo continue wiih this inflationary mic stakes in Southern Africa product at the right price and 

The . plethora of new- drugs and un j U st situation. arc so tremendous that the expo- lhe ri ht |jme ^ has , n do 

being introduced serves, however. Around our shores there is an sition of realpoiitik in Mr. wi1h enginoerms. not with 
Tb render the medical profession abundance of fish, which provides Here ht on b letter (November 25) scie nce." 

unable to deal with them f 00t j employment and one of the i^nnot be left unchallcnned. -j- he competence to make the 

expertly, safely or effectively. best animal protein foods ayuil- Mr Edgar Wbtiv head was the right product at the right price. 

' Providing then that the inlro- able, that is fishmeal. Our and at the riehl time, is to do 

Auction of any i.'rict liability politicians have given away much might with successful marketing: and 

legislation is drafted with of our hsh to oUr com pernors in ]JVheu th e while ele not engineering per se. Nearly 
scrupulous care and practised the Common Market. Danish fish- dialed him. as pubhsbcr-edjtor of a j] 40 sector working parties oF 
wS clmmonsense it will not meal, probably produced freru niale” NED0 identified the marketing 

afifeer the innovative capacity of our fish, is available at £800 _ the &»rn mu n f ^ 1 * deficiencies within each sector of 

the Chemical industry in general, per ton. At this price it jk un- 5 lhp P ohv?m!s ooUti- BriHsh influsny. as well as the 

YL- ...ontiMi inrfnstrv m-onomic to include in most vision — ft w us tnp obvious poiiu- P H r , f 


and the pharmaceutical Industry- economic To include in most si on— -it w- as 1 n e 0 ov 1011s po i u- parliamentary Select Committee, 
to pStiSlar but simptv make animal foods. Rmlffi*™ Not until we as a nation are 

them answerable for any of their Not only are there oiajorlty in Southern competen t |n the marketing field. 

Mike riamson. exported, much of it to Com- political position of Jan Hof- 3 an excellent 


(Researcher L 
British Safety Council. 
Chancellor's Road. W.5. 


exported, much of it to coni- political posinon or .tan not- j — ■ - exceUent 

munist countries. This received meyr. when be withdrew from f are " 

hraw export subsidies of the South African cabinet /ifrafftK r -3 rtf fVlot tkirfrl 


Monetary to pros«r.*wbiie inV*luded in UK commitment of General Hertm 

eVCtPm wSSS&I by-products - to eliminate the voting rights, of ^ p fn 0 

' 2)Y3iClli treaied straw pou tre- manure the African peoples in the Union u-c'pnne. 

trjL ure s DUon-Fulc ind a variefy or fillers. To make of South .Africa, George 1L Cameron. 

FrornMn S. Dijm . matters wo«e imported maize,- It was Hofmeyr rather than Dolphin Court. 

S'r— AViti) New /vilemSSr which has a very high energy Smuts who had the better per- Cliff Hoad, 

riding gide-saddie * - C n D i en t. has to bear heavy ception of the real world with Meads, 

23) and apparently vi n noii 1 .mnort uses and is therefore not its interaction of political power. Eastbourne. E Sussex. 

sets;* you are Justifiably aiarmvu 


between £30 and £5 0 per ton. because he could not and would lonment il 

Taxpayers are actually fiubsidlfr not adjust to the decision of that ZjSKESrteSSfiei- P 


in? P Gomafunist countries to master of reatpolitik. General ma^gu^tMT 

.1 ! inilnirHaa Gmiite in ■H'lwiT tho tifftlnni* Hal we icquiie 


SS.^^*STSJ5!, IlSSSJ .«rs ss: 









*- J 





■ ■ y 


•lO 


Financial Tiroes Wednesday November; 2& 1978 





NEWS 


Comet Radiovision well 

£6.3m 




-AFTER reaching I4.24m a: mid- 
day and surpassing the £3.Slm 
achived for all the previous yt*.ir. 
Comet Rudiovision Services has 
progressed further to ru^im fur 
the year ended September 2. 
1M7S. 

Earnings per .share .ire sliovn 
at IH.op against JU.7j» and the 
final dividend is *2.'-J022vip making 
a total nf j’.itiUHl p compared to 
an equivalent 2.342.7rip previously. 
A further scrip issue— one for 
three — is also proposed. 

The dividend will absorb 
£216.502. forma! waiver* bavin" 
been received covering 49.3 per 
cent or the shares. 

Turnover for the year increased 
from I$.29m to i’l5£.4nv The tax 
charge is £32}3m l£l.Slni) leaving 
net profits ;ii £3.1m asainsi 
£L99m. 

The lax has been reduced by 
i’l 92.000 in tax losses bronchi for- 
ward in subsidiaries. 

The directors say current levels 
of lrnde are in excess nf Hie 
similar period uf IH77 and the 
directors ex peel (his trend 10 con- 
i mile into 1979. Although some 
margin pressure is being experi- 
enced. the future is viewed wuh 
continued opunxism 

The Lv. n Sc 1 1 titii .McOiioinv 
stores have been refitted. and are 
nov< selling a « idvr range of 
merchandise* including jewellery, 
china, glass, silverware. Icarher 
goods. sport* and photographic 
equipment, dome- tie electronic 
and electrical small appliances. 
The initial response to this new 
policy has been encouraging, and 
ivvrt more exiting sites are suit- 
able for conversion m this new 
concept. 

The group’s balance sheet shows 
fixed <i*.-e;-. at £6. 47m l i’li.Tfini i 
and net current assets. £9.9:im 
<£4.0:Jm i. 

Spi- Lex 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col 

Airfix inds. 

22 

A 

Hicking Pentecost 

22. 

1 

Alico Medical 

23 

T 

Leeds & District Dyers 

22 

A 

Amber Day 

23 

4 

M.L Hldgs. 

22 

5 

Brady inds. 

23 

5 

Moss Engineering 

23 

\ 

British Assets Trust 

25 

1 

Parkland Textiles 

22 

8 

Carr (John) 

2J 

5 

Renwick Group 

23 

1 

Corner Radiovision 

22 

1 

Sumrie Clothes 

22 

A 

Downing & Co. 

22 

1 

Tecalemit 

22 

6 

English & O'seas fnv. 

24 

7 

Transparent Paper 

22 

5 

Fine Art Devmt. 

21 

A 

Turnbull Scott Shipping 

22 

2 


FOR THE half-year ended Scpiem- profits showing a 43 per cent 
ber 30, HITS, profits before tax of downturn ai the pre-tax 
Airiix Industries Tell from fl.llm The problem is confined entirely 
to £848,000 on turnover Of £23-3m to Meccano because elsewhere 
against £18.37m in the same tradtnp is show ins a /jeady 
period last year, build-up to the important Chrlst- 

The Failure or Meccano to mas period. After stripping out 
achieve its budgeted Improvement Meccano.' interim profits ere a 
has caused the board to lower its lenlh lower only because of a 
expectations for the current year slight change in seasonal 
and againsl a .substantial recovery emphasis. At Meccano ii is diffi- 
forecast in July, the directors now cult to see much of an improve- 
expect results for 197S-79 to be ment this year. Morale is low 
_ _ . slightly ahead of the previous after last year's redundancies and 

__rage_ v_oi y ear - s £2m pre-tax. the company reports a high level 

23 . 1 With the exception of Meccano, of absenteeism which has hit pro- 


duction schedules. In addittm. 
there is no Temporary Employ- 
ment Subsidy this year to help 
offset the losses- Air fix says ii is 


exception 

group companies are trading satis- 
factorily. the directors say. 

Due to the continual chance in 
the structure of ihe group's busi- , . 

ness and the receipt of aiiribul- committed to 

able temporary employment sub- rl * hl b ' ,t c ^ ari h> hTh P mmnanv 
■M'dy in 1977. the interim' figures j* !eiel beyond which 

has to call a hall. Losses could 

dividend, is l 9 iaI another £l.Sm this year and 



the opportunity to sell this expen- 
sive subsidiary would be 

welcomed with open arms. Else- 
where. toy sales are responding 


Turnbull 

warns on 
second half 


are not comparable. 

The net interim 

1.37 lMp compared with l.22S'fip. 

The mu I last year was 3.222 lp. 

After lux of IS^O.UOtl (£6!R>.n0Ot 

and minorities. £214.000 (£213.000) - . . 

profits are £234 OOfl against to the upturn m consumer spend- 
£203.000 before extra-irdinarv inc and the general plastics din- 
. ..... . „ .... . credits of £56.000. La«i year sion is making prograss.* At this 

sold by Whitehall shipping Com- X 437 . 1 MJQ was credited as tern porarv *ar!y «U*i*e around £2..m pre-tax 
pany and m.v. Bona re by Park emplovment subsidy * looks possible for the year. 

““ ’ — """ ' ‘ aaainsi £2.6Bm last Time. The 

shares fell 4p to 4.ip, giving a 


m NIGEL BENNETT, chairman ofTecaLendt, photographed with a _ . .... 

chemical, aircraft -military and ground vehicle fitters^ • r.\ j. r * ; 


THE TRADING results for the 
reniainrii-r of ihe year to March 
:;i. lsiTU aught well do nn belter 


Steamships. These two sales were 
completed very shortly aFter Ihe 
end of the half-year period but 
they have been included in the 
results. 

The surplus from Ihe sales 
after lac less adjustments fur the 
acquisition of the new sub- 
sidiaries, converts the after lax 
loss to £4.iHlll profit, against a 


Tecalemit 
over £2m at six 




• comment 




- - '-‘ l • Udll. 


Airfix ha* turned in an unhanp 
set of figures, with first hal 



than break 
director' of 
Shipping Co. 

At the halfway 
SI. 1U7N. trading 
V47M.0IMI jgaiii't 
trading profit fur 


even, say 

Turnbull 


ifjp £106.000 Joss. . 


Scott The board says that in addition 
to the acquisition of the remaining 
s,la o e 10 -July shares of Whitehall Shipping 
profits were torn pany, the 54 per cent of Park 
£2»3.00u. The Steamships not owned by the com- 
The whole of puny has been acquired for a 


Leeds Dyers ahead after 
second half increase 


comment 


Mr. .\\ J. Bennett, the chair- 
man. expects full-year will 

be higher than in lPii-7S. when ' Tecalemit's 23 per. cent interim ’' 
a record £3.7m pre-tax profits, increase foHqws three--' 
achieved. .... ,, .years of extremely rapid expan+ : - 

Throughout the naif year aii sion -.which lias 'seen' maHf h rf/;' 
operating divisions continued to more than double. -So- wttb -the' ' 
FOLLOWING A slight downturn be maintained in the second half, trade profitably with turnover caution', aver second' h4I£ -pros^ - 
from £509.625 to £501,513 at mid- Profits were after low interest consisting of 63 per cent home peels a Question mark nerhaos-- 


lasi vear was £363.000. nominal paymenL 

In thvir interim report the The intertm dividend is held 
director* ; ay rules fur large bulk «tl 4p. Last years total was Sp. 
earners hai v».- improved ^li^luly, staled loss per £1 share before 
but this ha* not extended to extraordinary items is 41.3p 
smaller ships. *“22’ p, ‘ _ , 

Proiii f r>r the half year was The current financial year has 
reduced b^ depreciation, interest been extended to -.March .71. 197R. 
payable *nd the .share of the loss 'V hlph wUI . be , . ,hc Jear-cnd Tor 
nf Park Sinamsdup* to an after lbe iroup in future, 
tax lo^* of £41 1 .0011 (£264.000 

u»<i. KIMPHER 

The d.recior* say lhar they 1 u 

rmducts Group .Mr. George Cam- hope negotiations for deferment THE ACCOUNTS for the year to 

lay. rhe chairman, --aid with tfu- of capital repaymenis to the August 31. 1978 wtl not be ready 

wages problem settled and with a banks v.tth whom the company for Kiiwphev's annual meeting on 

good order po*ilinn. t hi-* year has raised ships' loans will soon December 2S. The Board intends add 

looked brighter and he fell ju>ti- be satisfactorily concluded. to present them at an extraordi- Staled earnings rose from !»"p 

fied in dc*crihing the outlook as Since thr> beginning of the year nary meeting early next year when jo* 10 1 p pf*r 23p" share and a final 

encouraging. ni.\. Siainless Duke has been the audited accounts are ready 



A. B. ELECTRONIC 

At ihe \CM nf AH Mlcrtmnic 


and ro-cquipm'-nr at Seen 
Rhodes following the fire in 
November, 19/ 1 . will continue 
throughout next year and ihe 
inevitable disruption d produc- 
tion will lead to lower profits at 
this branch. 

Other divisions continue to 
trade satisfactorily despite per- 
sistent difficult conditions, they 


Follow in: 
issue 


il lowing last July’s rtahw high demand foir‘ hfeadliBhr'beam 
?. the Treasury has consented and :brake teslen ahead . of 'the 
to an increase in the dividend Juno .1979 Government- deadline- yOyiien -ann nonieo -y*rn8,,jma. . - . . 

Trnnmnnwn^ ^. a > fnr [he 5 , “£" nt - vear fror |J: Filters and tubes have refcwttly JSE^SP : % ^ . 

1 r3nSD2F0nt 3Gj0j r , ro J ,0 ? 7 ® p - ne l- A 11 A '-*0 cold draught pf hkliis-^ 1 ^ Jf' 

- * ■ ■■■ HiwpUl vilL accordingly the intenm drndend trial 'trouble at Ford but reota&L'. ^“^.TeiKULil^ op,, . 

n | . . I* lifted to 2.7TS8P flJKfiop) .per St b^inesfhas ^rrW mlSLS ^ - 

Hit ^ share 011 Jncreased capitaL^ ■Artb is. Mean whileTburners -have fSiv^SS' '• v ' •. * 

IT it fid illl In October, the group received aJso. done .weB on both /the ■ VfAl*P 

■B • j ■ the French Government's consent Industrial and ■ -domestic * ' \Jt|i C 

hy rllGnilfpC t0 the P urch2fe of 3 P er cent thanks, to the trend away, Trom, : ^ 


Broadly based G. H. Downing 
confident on second half 



interest in Fogautolube SA, 'Noi : ol| to gas and from coke to oil. ’ The :- net dividend- -is; _ . 
resulLs from this acquisition are Chassis lubrication Fs the only raised £0:153125^ (L361.25p) aha . 

* , ' ' J ' '■ “ — ■"* " ;'a 0.d5?75rp - final. 3s_ to be. paid 

Iasi, year.' brin®j^-’the total“-ft^- 
3.45125p. . A one-for-t'eri ..serip- 
' issue voi" ".V ordinary shares- to" 



rompared 
extraordinary 
this time. 


credit 


£S55.S39 


) £170.000 against £90.000 last 
ear. 

The electrical division increased 


FOR THE six months 10 Scprcm- £100.099 Earnings per oOp share, expected to resume before the 

her 30. 1978 G. H. Dow nine anil after adjustment for the recent end of the current financial vear. 

Co. reports an increase in pre-tax nne-rnr-ong scrip issue, are shown The setback in the building secior 

profits from £9.9m to n.li.im. to have risen from lO.lp 10 J3.75p. was more than compensated for 

Although prospects for ihe con- 
struction industry at home are 
still uncertain, the company’s 
broad base lead-- .Mr. D S H.irl- 
ley, chairman. 10 look forward tn 
the second half w ith confidence. 

Profit for 1 he last full year 
totalled £1.7 m. 

In 1 he lire; hair trading 
improved rn all di\ i.-.ioii* •.■xivpl 
the building .-ector. There was 
al*o a sharp rise in export varn- 
inas with the \aluc or goods 
exported by the group increasing 
from £0.76m lo £l '»3m 

With nn UK tax 
capital allowances 
were reduced from 



Six moniiis 


i«rs 

in.- 

Tun'n»r«T 

llHnl 

£ixm 

fc.KHI 

r, mill 

Rinlilm: nrnijuris 

n iliii 

0 4*11 

P fr-iwrir* 


l.’JTtA 

Rkl-Jril jl Winrts . 

K*"> 

KSl 

I'uich -jeiPDAnici 

9.w 

hWl 

Hi pp.-dan-m 

■we 

-40 

Pre-tax proft 

1.050 

wo 

Kuildin^ pmdiii'is 


5*n 

Tivlrti dirli s 

i:n 

“O 

irical siwlt. ric . 



Dunn oiniM.il!!>.* 

!<K\ 

14-J 

7.i« . .. 

*KM) 

■-VM) 

.\cl prniji .. 

530 



Midterm 
improvement 
for Sumrie 


the 26 weeks to September 39. 
J978 Turnover rose .17 per cent 


peers for the remainder of the The six month*' restilt was after 
year are more favourable. Pre- reduced intere-o . of £42.000 -mmimm 
tax profits for 197S were 11.15m. (£92.000 ». hut subject to tax of - ... 

The proposed interim dividend ^Thl 

t.s raised from J.6Sp net to LS79p. 

Last year’s total was 4.935p. , ^ r I™ dl '^ endabs0rb> ^’ 3 ^.''.-’ 

Stated earnings per 25p share are ' r.!,, . 

dnwn rrom J 77 n in t nq n Full proviMon has been made 

down irom j.,ip to l.Mp. for defprrw , tax _ iF SSAP 15 were 

Turnover for the hair year was adopted, the directors estimate Aimx 

up slightly rrom fll.llm to the tax charge would be reduced Brady fnds. 

... , nvtvw I fr* 4B m. Tax deferred by capital by £0.28ra t£0.45m). John Carr ( 

division which amnuti'ed AD r-V^T r , m pre-tax profits allowances was £162.000 (£265.d0i)) The chairman warns that it Fs Comet Radio 

from £0.1.009 «.<> ■• „ ,K and earnings after tax £149.000 difficult to assess the extent to )*“*- & Overseas lev. lot 

reported b> Sumrie Clothes .nr v £245.000). which the second half may be Fine Art .InL 

Hkklng Pentecost ...i 
Leeds & Dishfct Uym 
Parkland Textile 
Renvfck 
Stockholders 

Tecalemit .....InL 2 JS+ ! 


. cur- ordinary and “A”.ordinary ,h<d’dfii5i: . ■ -r * ■ 

ts of is alscr proptwed;- 7 - v ; . • r '- T 

J - . .. .’ -. * , T-- - - 


dividends 

— ~ •: Bite’ > : CortBr i TStat--: 

Current ’ of. ’ Spondihg. for • 

• payment -payment r div. . ' ^.year .--yeat*' 




■*sr -’ 

N 


Jnf.'lir • : Feb. : r. ; ' i\2S: ■ -j i ''S2&J&' ■ •• • 

ids. - inL Nil ~ 

rr (Doncaster) 0.72 ?• .Jah. 19- ^635*-'- l:05 i: : 

tadfo 23 Teb/fr J 


Feb: 19. . 0.35 


The group's Dutch Following recent production 
also turned in a re-organisation, the company has 




During 


- Ov.tscjs only, 
the «ix 


monih« 


£140.000. Providing the present level of 

the The_ group's interests lie in the activity in the quality menswear 


building division was affected by manufacture of clay produce. scciorVontimies. and rhe company 


j. Hifjac forccfists 

because nf disruption due to expansion of refractories and road aggregates, develops its share of this market. ^ "***" " O * 

the charges the facing brick factory at and in electrical power enginjer- rhev see no reason whey these /\/yy 1* ■ 1 11 j 

£29ii.0ni) to Chc^ter^o^ bu: full production is ing. • higher turnover levels should not DlVlQCBCI COOSl 


MARKETING 

Our approach to marketing is 
one ol flexibility, since each 
ol our customers requires 
a different - and often 
highly specialised 
treatment. 


MANUFACTURING We emphasise having complete control 
of the manufacturing function to ensure product quality, 
continuity of technical expertise and, above all. 
high productivity. 



FINANCE 

Effective money management, in 
terms of control, liquidity and flexibility, 
has put us in a strong financial position with 
a growth record which makes us a 'quality rated 
company. 


ENGINEERING 
From blueprint lo 
finished product tne 
engineering component of our 
knowledge package maintains our 
capability to innovale and apply new 
technology. 


DANA’S KNOWLEDGE PACKAG! 


The hands and minds of Ihe people of Dana are the basic 
ingredients of our knowledge package. Dana’s knowledge 
package is the sum total of their know-how in manufacturing, 
engineering, marketing and finance. 

Its size - and the degree of skill with which we apply it to our 
products and markets - establish our leadership wilhrn the 
industry. 

It we have lhat leadership, then our products become 
proprietary products. That is one otthe keystones of the Dana 
philosophy . . v/e want to be a manufacturer and marketer of 
proprietary products. 

Thai is why the knowledge package concept is so important 
to Dana. 


WHERE WE PLAN TO GO 

Dana is presently growing in three areas lhat 
form what we call a tripod. 

Utilizing the knowledge package we have 
developed over 75 years, we plan 10 create a 
balance among ihe many markets in this tripod 
;o achieve stability for our shareholders our 
people, our cusiomers and our communities. 

Our immediate past, presenl and luture 
sales growth in these three areas is illustrated 
as follows. 

1968 


OUR 78 FINANCIAL PERFORMANCE 


Year Ended August 31 
Net income per common share 
Dana dividend rate per 
common share 
Our net income after tax 
amounted to 

Received from customers for 
products & services 


1978 

1977 

Percenlage 

Change 

S4.22 

S3. 61 

+ 17% 

Si. 32 

SI. 12 

+ 18% 

Sl34.2m 

S107.Sm 

+ 24% • 

S2,250m 

S1.790m 

+ 26% 



THE FUTURE 



DANA CORPORATION 

The largest independent producer of 
proprietary motor vehicle components In North America for 
{he original equipment and service parts markets. 



VEHB^JL'V’ SEWICR PiDUSIRIAL 


Engineering group, DLL Hold- 
ings. is proposing to raise £703.500 
from its shareholders by a rights 
issue. 

The terms of the offer are 
ihrce-for-ten at a price of 125p 
each compared with a market 
nrice which closed 5p higher at 
HiDp yesterday. 

The directors say that although 
trading is satisfactory they expect 
that turnover wifi not increase 
significantly in the current year 
and though it is too early to give 
a forecast they anticiate that it 
will be a year of consolidating 
on past achievements. 

They are anticipating a big 
increase in the dividend. In the 
year ending nexr March 31 they 
expect to pay a total of 6p per 
share — an increase of 39 per 
cent. 

The directors of ML say that 
in the last five years turnover 
of the group has more than 
doubled and the company has 
incurred substantial capital ex- 
penditure. That expenditure has 
amounted to some £2.3m after 
Government grants, and this plus 
increased working capital re- 
quirements have been met out of 
the company's own resources. 

ML is anticiating a continued 
iucrense in its activities over the 
next three years. Although much 
of the activity of ML Aviation and 
ML Engineering is financed by 
progress payments, increased 
pressures will develop on working 
capital. 

The issue has been under- 
written by Charterhouse Japhet. 

Brokers to the issue arc Shep- 
pards and Chase. 

Low-key launch 
for Lloyds 
offshore fund 

Lloyds Rank yesterday iaunrhed 
a now offshore Tund specialising 
in eilts 

The fund, which is not a unit 
tru'd but will bp run on similar 
lines. ^ aimed mainly at 
expatriates, hut it will also appeal 
to pensioners and others on low 
ncomes at home who do not pay 

11V. 

The fund, a limited company 
which will issue and redeem 
participating redeemable prefer 
ence share*. i$ based in Jersey 
It i« being managed by the 
Channel islands ariji of Lloyds 
Bank Unit. Trust Managers. 

Lloyds has decided to make ihe 
launch low-key that it will noi 
even display leaflets, promoting 
the irutfl in its branches. The 
hank's tesal advisers have warned 
lh.it any attempt al marketing jn 
this country would contravene 
lcLMsIution on offshore funds 
Lloyds ! s confining its selling 
effort simply tn circularising its 
branch managers, who will he 
briefed to discuss it -when asked 
for investment advice. 

Lloyd's management rliarqe will 
represent 1J per cent of the 
twrrhfrw price for inrestmeni.s.im 
o £291190 and a *lishily smaller 
nrreentage . for imwer amounts 
The minimum investment will be 
1U0 units at £10 each. 


The estimated annual gross 
yield will be 12 per cent and 
Income will be paid free of tax to 
anyone living outside Jersey 
Income will be paid quarterly. 

Yearlings up 

The coupon rate on this week"? 
local authority yearling bonds i.-. 
up from lli per cent to lit per 
cent. The b^nd? are dated 
December 5, 1979 at par. 

This week’s issue> are. Newark 
District Council Red ditch 

District Council London 

Borough of Enfield i£lmi. 
Receiver for the Metropolitan 
Police District (£im). City of 
Salford l£fmi. Wan* beck Dislrict 
Council fljmj. London Borough 
of Lambeth <£{m). North Hert- 
fordshire District Council <£^mj. 
Rhondda Borough Council f£lm). 
Bury Metropolitan Borough 
Council (£jm>. London Borough 
of Barnet film). City of New- 
castle-upon-Tyne t£im). Boroueh 
of Sunderland <£lm), London 
Borough of Bexley f£lm». 

Kilmarnock and London Districl 
Council has raised £/.m of 121 
cent bonds dated November 26. 
1989 at par. 


. wiUI> ^ •_ ’ 

Transparent Paper ...int L68 \ Ja n. a ’ 1*8. 

Dividends shown pence; per-share net except where ^Otherwise staft^kv- .. 

■ ‘Equivalent after allowing for; ’.scrip issue.’ V. St Obi c&fli. feiL : ■ . 
increased i*y rights and/or acquisition issues. 3^ Includes '4.’Q275p • = 

for 1977/78.' . • ^ ' : ■ .- "< > V - : %;,■% •• 7. i'.' 




3--* : . - 

’V- ... 

^ r~n 

W- - .. 




BRADY IKDUSTRIES LTD 






r: ’*£ 


Turnover 


IndustriaT Door Maijiifacturers . /> ;. 

INTERIM REPORT FOR TOR SIX MONTHS - ^ 

TO 30THT SEPTEMBER ; . ;,v V ' ^ > . 

' r; : 

- ' ' ’ - .£Qqov 

Mimaiiiillad ■■■■■■ mm •(•mmai ■ ■ » a 


V . . , 
y-ir. . (1 , 

J 'A 


Net profit (stated after deductlng^eprev ^ 1-V : 
ciation, audit fees. Directors’ remnnera-':. tS .. 

tion and interest charges) ..... : -i •. 4';^ 'i.-t.:.:60*. *i : 
Less Taxation .... .i .;.Ji -j 2 . - ■*. 51-;; j*. ■ 

Net Profit (unaudited) ■ ~ - 2 

1 The hair year’s results shorw a pretax, .pcofit jbi'£4;6o5!;^ 
The fact that this result is .not better. -is attrihiilabJe,to;Josse*H 
which began in the latter part- of- last year, gpn tliininfr 'drtrmg,-^ 1 
the early monthj, oF the current y ear,' b we Wf / Ihe yigortitw. 
corrective action that has been taken ls proving elective and;^ 
the firoup is trading profitabiy. . Furthermore, prderS^y^l^n0 ' 
on the Increase during the 'period ahd -are now- 'standingr.at^-g^ 1 
record level. Althmrgh . the overaH. trend ts.ehcotjraginig^.tfafr--. 
Board have decided that- in the Jight J nf:tbe'iiiterim.-Tesult9 the^ 
should defer consideration of- the appropriate -7ev^t.of drwdentf " * 
Tor the curreni year until the-.f ul Ly ear^ 1 tesuUs-are = known:*. Ncf * 7, 
interim dividend will therefore .be. jatfL" V- C' r \ ■, *- 

A. E. Ro=5. ,&yr^ptu:. Chainna^ ^ 


\ 

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""" 

■ , 7 7vV* - - * 


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• ' . 






AHIJ PROTOCI IKMICAL 


u.s.$ 8 , 5 oo 4 iliiiiB 

MediumTemi Loan-'j v ;;; 

Guarmtetd by t ■' 0^ K? 

Union Bank oftheMiddie^iL^ V ; 

Arranged by ■ ,■ i”' ' i 

iVIid die East . Trans-Arabian E)evek)|>rnent r > v- ■ ; ; 

Associates S A. Company E.C. Bahrain - ^ ^ ' . > " 

. Provided by.. i- :: 
Bankers Trust Company : - T : r : • ; 

Arab Malaysian Development ’ V. 

Banco de Vizcaya; /CrqdserNsdkH^^ 

Scandinavian BankLimited . - ‘ 1" 


pi ; . ' 

\ 


State BarikbflncGa .-j _ jY " -■ 
Union de Banques.Arabes et Franca^es^U3-fcET: > 

Ageiii ' . ‘ . •' • ' , •.'" .. J ?. 

Bankers Trust^ Company ^ ^ % 




ir 

#- . 

$ 

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DOS® IS 


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Yfo aacial Times "Wednesday November 29 1978 

Travel aids Renwick to 
39% growth midway 


Fine Art up to 
£1.2m so far 


c JJj -riX-* I^U> 


23 ^ 

i£' 


wrrS RRxweD mate from its 
travel 'Atfwra; pve-ta* earnings 
of Kemwek. Group advanced by 
30 par cfct from £S96j»o to 
FXTfiOO t»; ^be , B rat s {* month* to 
Sepiernhev ao. 1978, and Mr. C. "W 
Wilton, the chairman. - expects a 
satisfactory- putcojbe for the full 
yeani-_ : .V- 

Ftm-thap tyofit for 1977-78 of 
the Paignton-based freight, travel 
hoa^mUdbie and garages group 
was a^record £l.tnm. 

The? net interim dividend is lp 
per «^ iOrdiflary share. There 
w*s3Bs -interim last year, but a 
flna ^dividend of ip was paid. 

Excluding the 50 per cent -owned 
. Western: Fuel . Company, group 
tur nov e r rose, by 24 per cent from 
J23.sun to in the flnr 

half. 

After - tar £157.000 higher at 
£242,000. net profit improved to 
£725,000 against .£011,000. 

Trading of Western. Fuel has 
reverted to the seasonal pattern 
seen before 1377 and. although 
sales have been well sustained, 
traditionally the profit contribu- 
tion in the first half is email. 

However, this company holds 
. adequate stocks and is well 
placed to take advantage of the 
continuing market in solid fuel. 
Suhiect to weather conditions, 
trading results here should hr 
reasonable for the year, but they 
are unlikely to reach the record 
level of last year, Mr. Wilton 
states. 

Although order books of boat 
building companies are not quite 
so full this year. Marine Projects 
has maintained its substantial con- 
tribution to group profit. A 
further 3 per cent of the outstand- 
ing minority interest Is this com- 
pany has been acquired, raising 
Repwick’s holding to W per cent. 

New models of motor caravans 
and- buses developed fay Devon 
Conversions last year have sold 
well. producing satisfactory 
pro/its. and there has been a 
marked improvement in the per- 
foytiance of the group's gamecs. 

In, the freight division, where 
difficulties were a major cause 
of jhe setback in the croup’s per- 
formance in 1975 and 1976, the 


BOARD MEETINGS 

The fettawing cflmpimrs • hare nmiM 
cate* of Based Bi«ui>n to »8o stack 
Bxttaoae. S 0 J 1 in-cuma w.bmuIIv 
*“•« tar Jde trams* of cmtsUmns uivt- 
■Seaas.. nnk-i.il inoudiams «rr sot avi.il- 
aMr t* (o whether dtvidnda Of* interim* 
or Ante and fbc - sab-dmataos. shown 
below are .based- rnanSy on last year 1 * 
OOXUMe: 

TODAY ' 

'■ k nirh H;— BPB IndotuM,. BikHmnr 
DtUkv. . Dally Mafl and General Trust. 
J. DySri. B. EUiotf. lartuKua Baurm End. 
Johnson MaiUtry. « * u Swosd Dual 
T«*x, Onus WOsoos. RauftaUn* ami 
beam Paul, Watts faction. Wewbreo* 
Prodwi*. Wbrwav Wt tcoa- 
rlt»h: — Aeon Robber. Dm*** and 
London investment Trust. MoMtoad. 

— nmms DATES ■ 
leKrjRti- 

Artrarrofl Mow .-. Dre. 7 

British Tar Products .. Dec. 7 

Unpin*! Contlnmia) Cu . «•- Di-c 13 

Pitman .. ... Ok, ; 

Kcyvone lu*Mnnent TJ«-c. 7 

Sattdu and Saaiehi Dec. 13 


business of Walter M. Hatton has 
been s,»ld rubjerr. to contract. 
Other areas have been re- 
firman ; red. followin'? disposal of 
the international businesses re- 
ferred to in (he last annual 
report! 

Tn addition a new management 
team has been esiaMiihed under 
a new divisional chief cxrcui'vc. 

It is ion sonn tn be sure of an 
early return to consistent profit- 
ability bu' losses in the continuing 
division for the six months are 
considerably less than last year, 
the chairman says. 

Eiif-ttir 
1979 1077 

1900 txm 

Turnover* JM»a 23.a* 

Trail fry p rofit 1.571 1.177 

D^preruitos ... 307 791 

Woifrn Furl? 2 nr. 

Vet imrrrn 299 705 

PfWix orefle W Ht 

Tax *42 fs 

Net WOflt ... „ 715 111 

Extraordinary churns ... — 20 

To minorities ... 30- 03 

Available B91 52S 

* Eo-Mhim Vtamrm Fuel Conipjny 
♦ 3ji nr n-st owned 

During this current year, the ^ 
per eetif interest in Rid ham 
Freight Services has also been 
sold. 


A steady Improvement in gear- 
ing and a reduction in net current 
liabilities of the group is 
continuing. 

The results for last year's first 
half have been restated due to a 
change in year end of the travel 
division and adoption of the new 
accounting policy for deferred 
tax. The first six months now 
include the actual profits of the 
travel division for this eperiod. 
the main earning season for its 
activities, rather than half of the 
full -year estimate as previously. 

• comment 

Renwlek's Improvement during 
1377-78 has continued Into the 
current year, with first-half profits 
showing a 39 per cent rise over 
restated figures. The results also 
reflect a much healthier looking 
balance sheet with borrowings 
down to around 80 per cent of 
shareholders* funds, compared 
with a figure of 200 per cent a 
year ago. The major problem 
area continues lo be In the freight 
division where losses amounted to 
£0.1 m. However this is an Im- 
provement over last year's 
disastrous second-half and 
Rcnwick is confident that manage- 
ment changes and the disposal of 
a number of loss-mokers will lend 
to a break-even position at the 
year-end. Meanwhile, the manu- 
facturing division’s profits jumped 
by a fifth to JEOFm pre-interest, 
mainly as a result of the success 
of a new* range of Devon motor 
caravans and small buses, while 
the boom in holidays boosted the 
travel division's profits by q 
quarter to £0.5m. Elsewhere, con- 
tinuing market penetration by VW 
and Chrysler products led to an 
increase in the motor division 
from £0.1 5m to 10.25m. The com- 
pany is being cautious over 
Western Fuel's performance but 
murh will depend on the weather 
renditions in the second half. 
Ovcr.iM about £1 5m should be 
possible for the full year — a SO per 
pent Increase. A1 this level the 
«haros. at 4 Gd. are on a prospective 
p'c of 3.3 (fully taxed! while the 
yield, assuming a 1 5n net final 
dividend. I? S3 per cent. 


WITH TURNOVER for fte six 
months to September 30. 1978 
showing a £3 -24m improvement at 
£20. 49m, pre-tax profit of Fine 
Art Developments, greeting :ard 
publisher, etc., rose from £l,15m 
lo £123m. 

The directors report that sales 
growth has continued into the 
second half but performance has 
been affected by stock shortages 
and by a warehouse fire at ttic 
beginning of .September. In ?piie 
of this, profits for the year 
should better last year's record 
£4.72 m. 

First-half earnings are shown lo 
have risen from i.227p m i.3l2p 
per 5p share and the net interim 
dividend is stepped up (rum b- s P 
to O.Gp. Last year's loisl pay- 
ment was l.S348p. 

Half-year 
1 *» 1*77 

I 1 

Sales :0.*4.000 lT.25n.0Ofl 


Trading profit 
Inrrsnuf-m tnnmu- 

1 Bier t si charge' 

Profit before tn . 

Tax 

Nrl pro H i 

Minimi v profit 
Arailuhlr . . 

Interim dlvidi-nds . 
Ri-Iilnnl 

• comment 


l.BrttWO 1.451.000 
25 000 - 

399 000 300.000 

1 , 231.000 1.151000 
tn nno M-t.ism 

601 ooo Mono 

— 2. non 

SO: fl-n -uniwi 

417 :i* -ff. lift 

lk& rnz 195. "i 0 -t 


More efficient Hicking well 
&head after first six months 


IMPROVED EFFICIENCY as a 
result of changes made in 
organisation and new machinery 
installed. ' enabled Hicking Pente- 
cost and Co, textile manufacturer 
and commission dyer, to increase 
pre-tax profits from £ 216^02 to 
£380427 in the six months to 
September 30, 1978. 

The directors expect a satisfac- 
tory .second half but in view of 
the -exceptional improvement in 
profits in the second half of last 
year,* 'when a figure of £384.211 
was '‘returned, it is unlikely that 
the eroup can repeat a similar 
levd of growth this .time. 

1’uimover In the first half 
advanced from £4.38in to £5J2m 
and tax Qfi an ED 19 basis took 
£49,000 compared with £38,711. 

Stated earnings per 50p share 
are*l2.99p (6.%p) and the net 
interim dividend is rai*«d from 
23354p to 2.8p— the final payment 
J«ii year was 48643p. 

The knitwear division main- 
tained production in all its units 
at. full .capacity throughout the 
sttrmonths and again improved 
its. profits. 

Dyeing division results were 
miich improved on those achieved 
fofr the same period last year and 
the warp knit division has also 
experienced better trading condi- 


tions which have resulted in an 
improved contribution to profits. 

On the forward position the 
knitwear division has. a satisfac- 
tory order book and modem 
machinery is being installed by all 
three divisions, which wQI in- 
crease their capacity and improve 
their efficiency. Further stream- 
lining of production activities 
within the dyeing division is 
taking place with the aim of im- 
proving quality, efficiency and 
service to customers. 


Good start : 
for Moss 
Engineering 

The current year has started 
well at Moss EngfnerrinK Group 
and should again bring in record 
sales, says Mr. Ernest Cars, 
chairman. 

- Final martens remain, however, 
extremely difficult to assess but 
it Is .reasonable to anticipate 
growing results from the group’s 
export efforts without a repeal 
of last year’s, expense levels, he 
adds. 

Mr. Cars states that breaking 


into new markets k expensive , 
but says that the directors arc 
Attempting to create firm busi- 
ness for future years irrespective 
of the vicissitude of the home 
market. 

At several subsidiaries the 
.success rate in rendering is good, 
some less so, but all continue to 
improve. The directors therefore 
remain confident of eventual 
success in the chosen sectors. 

As reported on November A. 
pre-tax profits for the year i« 
Aug-tst 31, 1978, fell from £921.149 
to £503.793. 

Britannic Assurance Co holds 
J0.R5 per cent of the company 
and M and G Group 5.92 per cent. 

A statement of source and 
application of funds shows a 
£151,308 decrease (£271.948 in- 
crease) in working capital. 

Meeting. Lichfield, December 
21. 2 pm. 

AGB RESEARCH 

The -Week’s Financial Diary" 
on Monday and the "Today's 
Events " feature in yesterday's 
issue were In error regarding the 
company meeting dale for AGB 
Research which held its meeting 
several weeks ago. 


Fine An Developments is on the 
way to another record annual 
profit but. with its mail order 
margins being squeezed, the rate 
of growth is likely to fall well 
short of the 30 per cent jump 
recorded in t;i77-7S. Sales rose 
by 18 J? per cent but volume was 
only slightly ahead of last year. 
Margins fell from fi.7 per cent a 
year ago to 8 per cent during the 
latest six months. The company 
is in the low-priced sector of the 
mail order market with an 
average order size of around £15 
and processing costs per order 
arc higher than those incurred 
by the bigger members of the 
industry. On the card side, the 
industry »s gearing itself for 
another bumper year Postal 
charecs have been steady in the 
past 12 months and, given higher 
consumer spending sonn- impact 
should be seen in Chr;-tai,i< 
cards. Tlie shares clo^c-d 2>p 
lower at 39 tp giving a prospective 
Yield of 5.1 per rent 

Amber Day 
on target 

At the AQM of Amber Day 
Holdings. Mr. Ronald Metzger, 
chairman, slated th.<t trad ini; for 


the first six months of the year 
was in accordance with budgets. 
The menswear division had plans 
to open a number of units next 
year, and a trial project with the 
British Shoe Corporation to open 
shops- within-sh ops in their major 
stores was producing encouraging 
results. 

At the EG.M he'd following the 
ACM the resolutions approving 
the acquisition of Crombey Mens- 
wear Group and the increase of 
the company's authorized share 
capital were approved. 

John Carr 
ahead 
to £2.67m 

PRE-TAX profits of John Carr 
(Doncasicr). joinery and timber 
merchant, went up from £2.32m 
lo £2 fi7m in the year io September 
30, 1978. The directors say the 
current year has started 
satisfactorily. 

At the half-way stage the group 
was ahead from £1.2iim to Il.Snm 
The Board then said the second 
half resuits for 1078 ccuid well 
be distorted because of hci-vy 
capital spending on new projects 
and extensions. 

A final dividend of 0.717p net 
is proposed, effectively raising the 
total from u.915p to 1.047p. 
Earnings per share are shown up 
from 8.47p to 8.96p per 2Sp share 
and net assets ahead from 4S.17p 
to 5ti.54p. 

Turnover for the year is 
£lS-32m, against Ufi.llm. Tax 
takes £691,000 (£l.ltn). 

Bradv passes 


In 1010AD 

Sweyn Forkbeard tout 
Northampton to the ground 


Really it was another case of Ethdred the 
Unready living up to his name. Old Sweyn was a 
Danish king who waged two long wars against 
England between 988 and 1016, as a result of which 
the Danegeld, which bought off the invaders at the 
expense of the inhabitants, was reintroduced. 


interim 


l>i?»pire turnover rising from 
ri.ftni to £S -Hm. prc-iav profit.* 
ut' Brady Industries, riiuiier, door, 
grille and : f'. linker. Mi from 
rw.OOd to £4 .119=1 in The half year 
to September 107S. 

After tax of £2.GHJi <£31.1)901 the 
nei profit emerges at £ 2.000 
(£2U.0QAj. . 

Earnings per _-ip 'hart- are giver, 
at nil (0 7pi and there is no 
interim dividend compared with 
l .Top net. Las; year's total pay. 
men* was 3.3p from profits of 
£13.000. 




3*1 -I 




HTTtu 

-rrtVA 


When Sweyn Forkbeard’s trail of pillage 
ended England again found peace and prosperity 
under the Danish King Canute. It was the start of a 
friendly relationship with the Danes which 
continues to this day. In 1974 Carlsberg’s only 
lager brewery in Europe outside Denmark was 
opened in Northampton a: a cost of £17 million. 
Since that time Carlsberg has continued to invest at ' 
Northampton and by the time the present 
expansion is completed, the total amount invested 
will be over £30 million. 

Carlsberg chose Northampton because of its., 
central location, which affords case of access via 
the motorways to all pans of Great Britain. Nor are 
the Danes the only friendly invaders of recent 
years. The expansion of this historic county town 
has made it a thriving industrial and 
commercial centre and attracted 
wjbW. firms from Scandinavia, Europe 

riilm ant * America, and others 

fro™ as far away as 

^rfr* Argentina and Japan. Many 

Ni leading concerns have 

1 already recognised the 

advantages o f relocating here. 
f You too could share in 

Northampton's growth and 
success, as Lhe Danes have 

For further 

information coniaci Leslie 
Austin-Crowe. Chief Estate 
S*une>or, Northampton Development 
Corporation, 2-3 Market Square. 

Northampton NN 1 2EN Telephone i0604) 34734 



Allied Medical launches dental insurance 





A* NEW medical myuntnee policy, 
bslteved- lo be the- firxt of Its 
kjid to provide comprehensive 
cover for dental treatment, has 
boerC launched by Allied Medical 
Assurance. The contract. AM A 
■ Dental Care, has been developed 
In! conjunction wath the British 
DQnt$J Association to meet the 
needs of individuals using private 
dsntM treatment facilities. 

use of private treatment 
' has been growing in the past few 
yeara— at present abour 11 per 
csjurof practising dentists In the 
; UK. .operate private practices. 

. trhe policy lays down a com- 
prehensive scale - of maximum 
benefits payable raneing from 
sea ling smd' polishing, filling, 
robt“ treatment crowning and 
brideinz and cost of dentures to 
periodontal and oral surgery- For 
example, a single surface filling 
urine amalgam "pays a maxi mom 
y benefit- of £4 per tooth, and the 
V benefit for a denture lhat is 


partial metal based would be 
£95 per denture. 

However, to stop any abuse of 
the contract, the benefit claimed 
would be subject to a 25 per rent 
deduction unless the treatment 
is required as the result of 
trauma. Thus the deduction 
would apply if the dental treat- 
ment is for cosmetic purposes, 
but no deduction would be made 
If the treatment was needed 
because of accident. The maxi- 
mum benefit that can be claimed 
in any one year is £500. subject 
to deduction. 

No contract will be issued until 
the satisfactory completion of a 
dental health form, showing the 
individual is not m need of 
immediate dental treatment 

The annual premium for the 
contract is £50 per person f £28.25 
half-yearly) and it is onlv avail- 
able on individual lives. There is 
no family contract, and it is not 


available for children. The minV 
mum age is 18 and the maximum 
for new entrants is 60 However, 
existing policyholders can renew 
their contracts beyond this age 
to dealh. AMA intend lo intro- 
duce a company dental insurance 
policy shortly. 

The benefit scales and pre- 
miums will be under constant 
renew, but upra lings arc likely 
to be made every r»*o years. The 
contract is underwritten at 
Uovd’s. 

Allied Medical Services teas 
formed in 1974 as a subsidiary 
to Allied Investments. Following 
the latter’s takeover by the 
National Enterprise Board. AMA 
was acquired by Mr. John Green, 
one of its senior executives and 
he is now the sole owner of the 
company. It offers a comprehen- 
sive range of medical insurance 
schemes and has 15,000 sub- 
scribers — DO per cent through 
company schemes. 





Wm 


BANQUE DE EUNION EUROPEENNE 




^1, 



m- 


is pleased to announce 
the official opening of its branch in 

NEW YORK 




tl & 


3 




ADRESS: 1 CITY CORE CENTER 
AX,KJ ^ LEXINGTON 53 rd STREET, 45 th FLOOR. 
NY 10022 




Yes! YouTL have to speak up for battery electrics. 
In fact, you may have to shout at the top of your 
: voice: ^ ”Lefs get rid of that noisy truck and get an electric!" 
Shout loud down your cost accountant's ear too! 
"Electric trucks cost more to buy but they're cheaper to 
! run because an electric truck comes with most of its fuel 
pre-paid for 5 years. It's an electrical energy package 
called a battery and chargerT 

Speak up for a rugged Chloride battery while you're 
at it. And get a Chloride engineer in the deal, to look after it. 

. 1 So if you want to lower the decibels on your job— 

- ■ speak up for electrics. 

S|f % - Chloride Industrial Batteries Limited, 
lire t \ P- O. Box 5 r Clifton Junction, 

Swinton, Manchester M272LR, 

Telephone: 061-794 4611. Telex: 669087. 


ia- - 




XEL^HONE: 758 348S 


TELEX: 82642 


HEAD OFFICE: A RUE GA1LLON, 75002 PARIS 





PURE POWER 


'•WOA At 


BIDS AND DEALS 



iali Beard shares 


Expansion plans 
at Yarrow 


Financial Times Wednesday 


MINING NEWS 


Gold 


is 





Ik* -2 *& 4-*-* FOLLOWING THE nationalisation 160.000 ordinary shares in the 

ill Saa fl HH SS Si I si i 53 § 86 K of its shipbuilding side, the direc- company ^ 

I SO'JLlJL H tors of Yarrow & Co. have been In addition, ICFC is to subscribe 

*1 wm.tLM.Ji.gr w HploriaE , Tumber d( oppor- tot SWWO now ordinary sb^ei 

I!- „ " tunities for the profitable invest- to which it is entitled, under the 

AN UNNAMED group is in dis- through, this means Kien Huat’s the offer. Shareholders are ment 0 f u,e group's resources and recently announced rights issue, 

cushion with Lloyd's insurance stake of about II per cent in strongly advised to take no action are negotiating for the purchase at B2p per share, 

broker ErentnaU Beard which H and C will be maintained. meantime. Before the offer was of an Quoted engineering com- 

could lead to an offer for the announced MPHB and the Mn f Qr aroum i TtfR T AfFY BUYS 

whole of Brentnalls share capitaL DAVID BROCKDORFF Malaysian Multi-Purpose Co- . SJSn TtfATiniVAT 

On the stock market Brentnalls AmTIIRFn TOIUt Operative Society Be rhad- which “ INTO NATIONAL 

shares jumped 12p to 50p but FROM « acting in concert with MPHB — W.m.hif annual statement that CARBONISING 


/VAFlfln^llf . . - austraI^a^h; inAuM*3M» 

ft ■ B 8 1 1 | ftld El - . notexpeict ta,ask abarehoktesto 

^ / ^^* i< *”*^*' v ** ^ . contribute- to the ftmc^^ofw 

• - ' -.Ranger uranium, project Tnvthe 

BY KENNETH HARSTON. MINING EDITOR - • • Nort^h JIferntog; th e^fa^tt . 

• 'Sff-'‘EA^ ,: 'Goom.^kw' , wer 

CONFIDENCE IN “another very deep through, calcrete on a -aw- holdere -at the suraual^mdBBng 
verv satisfactory year’s results" metre grid; spacing. ? fa Jll&bmim 

for' Consolldaled Gold Fields in Equity its'^ , partner 

1978-79 was again expressed byPHNFDC oO per cent, 


could lead to an offer for the announced MPHB and the 

whole of Brentnalls share capital DAVID BROCKDORFF Malaysian Multi-Purpose Co- 
On the stock market Brent nail's A rniiiDCn ojnif Operative Society Berhad — which 

shares jumped 12p to 50p but . rK ^ ra is acting in concert with MPHB — 

eased hack to 48p at the close, RECEIVERS together already owned 20,149.998 

which valued the group at £3.7m. Brett Publications has acquired PH shares (49.78 per cent). 

Hogg Robinson, another in- f rom the joint receivers of David . 
sura nee broker, holds a per cent Brockdorff the assets of that com- APPROACH TO 
of Brentnali's shares but yester- pan y located at Pinnacles and I IDSTONE 
day denied that it was bidding Buret HiU. Harlow, Essex. These may ^ on the way for 

for the croup. * -* • — w * — =-» - * 


BY KENNETH MARSTON. MINING EDITOR 


“ d« u . g ... i « j oA./finno as indicated a year ago the at yesterday's annual meeting m mgs 

SFSSJpJ S™ °„er e ^nn 9,998 development of the group must . Mr. Graham Ferguson Lacey, at London. He reiterated httwrjjef cent 


the chairman. Lord ErroU of Hale cent,- Comim^- West : is'jS^er 

at yesterday's annual meeting m mgs and ttefi 8.. I*r, jg .• per'(jhit'' 'Bifili^>f 


_ im Ferguson Lacey, at London. He reiterated his earlier cent ■ . r; ‘ . : .-- revgauE, -' Ths Government, SwLv. 

to some extent be'deepndent on the centre of a controversy over comment that the current The te^Wis^Mso bmjgiwd 

the amount received as compen- McNeill Group which is now in financial year to June 30 has to eiplore for diammods, Wit h ^ jjfcaa&jatTmSs •• 

me amount received as compen announced started promisingly, and said that equity breakdown ^ per 

se of an 8.92 per cent the group was now seeing the each -, to . thnt'of Bra^menne^-^^-^'- • 

National Carbonising benefits of its overall long-term Nickelores and west urast .^shieb:. » : exiifeited- 

■ m i i inirc anrf 10 ner rent to. the Perth-.. . 


rtceiveretiip. *•«#-. .nnounjed started pc&nitttf* «< IgJ «£« Hfr 

thi> -mirrhase of an 8.92 oer cent tVi«» »rauD was now seeing the each-, to . J-Xjuuuann. .aunt, of rM 


Beard's chairman, said yesterday well-equipped binding and finish- 
that he could make no comment.- ing plant. 

and would give no .indication Brett will shortly be changing 
when an announcement would be its name to reflect more clearly 
made. its business as web-offset nrinters 


well-equipped binding and nnun- Th e company said yesterday ; n Co]h c rp | a tinp tn th* emertise National's shares rose 4p to 49p 
in S p I, . . . , that it had received an approach and 0DPnat i 0 n ff^YARD In the yesterday. 

Brert will shortly be changing wh ich might lead to an offer being Sirol^hSids Si Uke McNeUI. National Carbon- 

jts name to reflect more clearly made . * Earlier this month n *Sffi 0 ising is loss making. In the year 

us business as web-offset pnnters u d stone*s shares were changing * porUOJ1 ° 01 t0 March pre-tax losses of £266.000 


tags, and 10 per cent to, the B 
the price of based Rosenthal Jewellery. - : . / 

was substan- • 


f Brent nail s shares but yester- pan y located at Pinnacles and 1 IDSTONE Yarrow rshinhuiM^i the purchase' of an 8.92 per cent the group was wow seeing the each, to- ^ Command,; .... 

ay »h en irm.n hal “ *“* blddmfi BurTIt HiU. Harlow, E.wx. These A bid ma> - be on the way for ^ He^san Uw dtanwton will coo- stake in National Carbonising benefits of its overall long-term Nickelores «b* IfrctC OMt HWd- 

w f) -hurv Rr , n(n3 ,i a '- el ' pnot- Udstone thebutcher’s chain ivith tin “ e e through his Birmingham and strategy. v . ■««* « .»»..«« to, the Perth-. *' 

£S“ a “— 1 - !» TSS^’SSS, JSt dJSSS ™ ^ - XWt'iK 

Lloyd s of London said that any and Vi ill be moving its adrainistra- hands at around 95 p each— se lf5 ted investments. „»I?tMn?ia»«t below the line by ■ - •• .t being? pegged rto -cover .a 

id for Brentnall was unlikely to tivc headquarters to Harlow. valuing the company at around When the amount of compen- received from the ImIBIP - • ; 2S structures outlined- ht / 

MsrJhM’irs PLANT4TI on “Sc/^rfdew 

2S=* uNcoNm^oNM. ‘H.r* ™Lr*' » 




bid for Brentnall was unlikely to five headquarters to Harlow, 
affect its interna! inquiry into the 

group's affairs, which has been in pr ANTATIflN 
progress since the summer. The , zriz;- * _ _ 

inquiry was likely to continue. L'iNLONDlTIONAL 
said a Lloyd's official. The offer on behalf of M 


UNCONDmONAL ^xplana- ^Slr Erta premature f*®* “ 


KIEN HU AT MOVE 
ON H&C STAKE 
Kien Hua( Realty has made a 
move to prevent Its stake in 


:WSd.-:; ; 4rti.,resiriJS=. 


Sir Eric states it is premature however, pre-tax losses were 


conditions permit. 


Sp'-pf-.h^teng'.-si 


inrutearu 

smsJ 


Purpose Holdings Berhad for {•• - ^ suc *» will be ^m^ela7e''oF shares' in Ranger 

Plantation Holdings shares not dependent upon the amount of /-hi nf Canaria 


Plantation Holdings shares not runmui'c iu-v o., dependem upoQ ^ amount of riil nf Canada. 

.Iready owned has tw-^n .rapjri ^ Mr. F.r^on Ucy said yastar-l 


Indians laundh 


: YraotK- .i-Tbe Bc&d ’TiNIevprf'ffiat 

' there' wrei-V- good opportuniti^ ’to 


its first half figures published on « that time. 


Harrisons .he ^“2?.' 2JIU5TTS BpBM?" ariXST^ SSS ^ "MU*-*™ 


NationaL 


plantation, timber and chemicals r( ,rijJnpc S * to CO ihe ;JOf MonoDolies formerly part of the Bond M : orth fron ! ment stakes to around 25 per 

group, being diluted. S5SI5«m and adtni«lon to tS car P« ^ ou P which went into ^ to . ™ cent." he said. “In this case we 

On November 24, Kien Huai's official fist by the Stock Exchange Receivership more than a year ^ eas ^ Sad5 ,9^^ of about 20 ** 

fln'nno 1, nn eD hM V i n ? h 1’ 4'-fi P nnn of th ‘ ordin3ry . shar * s comprised a -°- received on account of compen.sa y - cenL 

bO.UOO on I buying i-i'O-Uw j n the share incentive schemes do aoc lion - although the full amount 

ares of Sabah Timber, the sub- in respect of which the offer is NO PROBE due cannot be Quantified until a PPPR ACC CHARFC 


associate. Uenting chd, spent 
£960.000 on buying 1.476.000 
shares of Sabah Timber, the sub- 


sidiary of H and C where H and accepted. 


n respect of which the offer is 


vrv nnADr lion, although the full amount 

PiU rKUDC due cannot be quantified until a 

The proposed merger between final settlement i* reached, 
lenjanun Pnest and Sons (Hold- At the balance date, group fixed 
tgs) and Marne Wright and Row- assets were £Q_91m i£0.58ml. 


C is currently seeking to acquire It is understood that the Benjamin Priest and Sons (Hold- At the balance date <roup fixed aUortmitU 

the 40 per cent minority which directors of PH will be writing tags) and Warne Wright and Row- assets were £05im' : ‘ i£0.58m). Further developments from the 

it does not already own. Ass urn- to PH shareholders within the land is not to be referred to the investments, £9.95m (£6.96m). and bid talks for Peerage of Binning- 

ins the bid for Sabah goes next few days in connection with Monopolies Commission. interest in former subsidiaries h*»« appear likely to be revealed 


PEERAGE SHARES 

SUSPENDED 

Further developments from the 



-topper 

TTC5- Indian ' Government ‘ . I 

approved the Ks 826m '-fcEMhn>^™»ed. . cfaywnwa^;^ -ijSBe '' 

copper project at' ■■Maiahjkhand.;~?i ^ f 9?° t y sh o re tg ign. 

tn . the BaJagfaat - 

Madhya Pradesh, The : -foreign % 

exchange component -for import^ .jssa&jafi 

of machinery and cows iittancy jg- r l99flg'iantf'.-cum<ri>q Ye--dcB o aa^ %x-. j 
-estimated at Rs 43m.--. reports the: yna-jaE Aha'; cantnij - fefeagg ' 
K K Sharma- from New-Detalr - ‘ exceeded ^ preseikiy ^ kno vor'^Sw V 
: The iialanjkhand project rgost- pesm^v;; . - , j- r : ; 

be the first rock tnecbgnjsed . 'A^.- v^ ^-V' otfaef ^ co nH M Hite gv i 
copper mine in India. V ; Total ' 

copper ore reserves in .the; o pen ^nsetmg: _wa* ^agaair- -Qiar uptea_py : . . 
pit mine are 'BAtHt rangini . demoo^t-ratora; . emw- . / 

tonnes. The project. .Involves.- i '-'* 3 ** sa: v 


OIL AND GAS NEWS 


concentrator plant with ' tailings ^ 


irqtertqrs/'tK^ded 


BHP reports seven metre oil 
zone at Fortesciie No. 2 well 


interest in former subsidiaries ham appear likely to be revealed 
now nationalised. £0^3m i£1.77m). following a four-month gap since 

Net current assets dropped from the company announced that LORD ERROLL - . tonnes. The project bovolvts.- j 

£3.17ra to £L02m negotiations were taking place. ■ concentrator plant with tailings . 

Net liquid funds decreased by Yesterday Peerage, a brass n a n y ] es s than their asset value disposal and water- recirculation aawatt^ The dj rectoiy^ta bte W’as. > 
£l.46m, compared with an £80.602 foundry company, asked for its Lord Erroll said that the group -facilities. „ • V r - -y. 

fall last time. share price to be suspended uas constantly examining any . -There will be capacity to treat '*. '.. J ~vy. '-.• •••• . . 

Meeting, Glasgow December 21, pending an announcement ideas which could improve its -2m tonnes of ore annoafly muT. ^ : tfaWBra.- '.also receweo***. \ 

8 pm. Earlier the company’s share market rating “and thus, the copper concentrate -prodnetiotr jg inunf^-^ qQestiptis^oti .Aoqll-.^ 

price had jumped Up to 54p— value of the shareholders' invest- Ukely to be ltn tonnes By 1982-83. and 


*• vwiuK«“tu wiuj tan — - T « " , .V, 

fall last time. share pnee to, be suspended 

Meeting, Glasgow. December 21, pending an announcement 
3 pm. Earlier the company's share 


GROVEBELL SELLS 
PROPERTY 


valuing Peerage at around £3.Sm 
— on market rumours that an offer 
was about to be made. Follow- 


GrovebeU Group announces that in * tfa e announcement of the bid per share. 

«..k A n.. - i « u! n tollrs Ppppoop’c cnam nriro harl -1 n - : 


smelter 


a wholly owned subsidiary. Grove- talks Peerage’s share price had! Despite its diversification,, the. has a 


bell Limited, a property invest- risen to its peak for the year of (group is still largely dependent tonnes of 


ment company has exchanged 70p. 


Sruup is aim imgcij uei^maui vmvu. y 

on gold for its revenue via the 4B treatment of 15 per cent con- 


RESULTS 


contracts for the sale of its onlv hi the first six months of the) per cent stake in Gold Fields of eent rates 

rr*r_ t _ _ . ■ * /iiirronl van p Daarofvo'e r» m tnv I r> a rot _■ ... 


testing at the although the well could well have Based on tankers of SQ.000 dwt proDertv comnrisec an in- current year Peerage’s pre-tax I South Africa. The chairman said 

it - a 1 1 irk rha R i cc W*An rl rillaH nn tho orfna nf (ho fnnnac tharo \s.*!l 1 hp Cl I ffi piont *i . • . • • , nmfite fall N,lO nn /1 fa I > ■ * <■ «. -as. 


Fartescue No. 2 well in the Bass been drilled on the edse of the tonnes, there will be sufficient dustrial estate at Wrecclesham, Profits 


Strait indicate the existence of a field. crude oil trad 

seven-metre oil zones, according + * * ment of five 

to Broken Hill Proprietary. The comimr instream of the Malaysia /Japan 

The well also confirms the Tapis and Pulai oilfields off the Malaysia .'U.S. 
southern extension of the east coast of peninsular Malaysia during 19S0-S1. 
Fortescue Field. recently is expected to lift Malaysian pro- ★ 

discovered by the BHP/ Esso duction of crude oil to 229.000 Esso Resourj 
Exploration 


crude oil trade for the employ- near Parnham. Surrev. 
-r e...~ tankers — “ — - - 


£24S,000 to that despite the recent erratic 


.Str toward said that .^he 
,ft»r - me.- was ';lMldi$ 
favoq rafale; • Overall' thejtai 


tafftws 


t#-ii _ £126.000 and the company warned movements in the bullion pzlce, 

* * * ment of five tankers on the ^ ‘the ‘ light “of “the present that profits fox the year would “ we look forward with confidence 

The cominu instream of the Malaysia /Japan run and six on the economic climate tile Board con- be significantly lower than the to a continuing substantial 
Tapis and Pulai oilfields off the Malaysia /U.S. west coast run Sldered ^at the sale was in the £S53-WW earned in 1977. Peerage dividend income from our gold 


Cyprus expands^^'^^^^:;!^ S 

r V/1J/MUUO disclosed : thaX -Rsso Explbraubu / , r*- 


-in Vlllrnn ^ :■ Idwr-Productlfan AiiXraUai;:^a^ft-; 

III I UJxUU shoot- of JBctqii 'had - <dcrn<wtWn 


Field, 
by the 

and 


* * * 

Esso Resources Canada, a unit 


interest of the group and share- *" a l problems had arisen 
holders following an expansion of the 

The consideration is £480.000 foundry, but that general trading 


Australia partnership. 
However, more drilling 


Production barrels a day this year compared of Imperial Oil, will commence payable in cash on December’ 20. sood and a return to normal 


with 183,300 last year. 


exploratory drilling off the New- The asset is shown in the books’ profitability was expected in 1979. 


Production of crude oil next foundland coast next April, sub- 0 f Grovebell Limited, at approxi- 


necessary before the size of the year is forecast to reach 304.000 ject to Provincial and Federal m atelv £363.000 and in 1976-77 HOSk’TNS AND 
field Mn he evaluated The u-ell harrels a dnv a.c additional oil- Government approval. ~..taik..« i mam “Yr_ J J ^ 


field can he evaluated. The well barrels a day as additional oil- 
was drilled to a total depth of fields come onstream. The figures 


contributed 


The first well will be drilled by profits. 


£353,000 earned in 1977. Peerage dividend income from our gold shoot-: of TBrum. had XlgDtftaaB 

said that problems had arisen mining investments.” -• CYPRUS ANVIL MINING, a- unit agreement -under which it ^SMld: - 

following an expansion of the On the subject of the group's «f the Cyprus Mines of Cos ®gro cent afr’tfa®, 

foundry, but that general trading iU-fated Wheal Jane tin mine -in Angeles group will end up as ^e ^hJen .Grove copper>ro^>eCt^tt ... 
was good and a return to normal Cornwall, Lord ErroD said only owner of all the large Tead-mhc weste rn Australia;; The <>titat • •" 
profitability was expected in 1979. that it war the group's present deposits in the Anvil : district' Of - P«ttners >vffn_EZ in thls prospgftt f- 

intention to sell the mine— for an ^ ^ Yukon, where it- already operates ^^A^^E^Idratiqn^andAj^r- 
HO^ICTN^ ANTI undisclosed sum believed to. be a big mine and mfO, -writes John Kxpwattqtai/ n#q- f ^ - 

group SnDTfW r iivn c*ic uoder Cm— to Mr. Robert Sepnlch fronv Toronto. . V Preparatory work was on^uu- , 
HUKIUIN LAINL> SALE Sprinkel whose negotiations with-.?t has reached agreement .m wg- forthe possible estah».s}impnt ~ - 


testing was were revealed by Mr. Leslie Eu. a a semi-submersible vessel in the The net Droceeds will be used Hoskins and Horton has dis- Government and bankers are still principle with Kerr Addison, -the of * mine at The Eltira 

- — q _ aswiLa- Daa.J a f »L n DnaS Ra aWai.« * •: I _ e — - m #> I ■ I I •_ n I « rtt « t . <na • Mom nri't •vfRTintn nnfT /VwniKn_ rinrVAC if" {t> TVTmir ClNri 


Basin and is 3.8 km sout 


ippsland 

h-south- 


petroleum exports are forecast to Davis Strait. 


west of the West Halibut 1 well grow to l&2m tonnes next year 


second location. 


following an EGM on November took place on November 20 and 
where 27 at which the authorised capital the balance In January. 1979. This 


which established the existence oE from a forecast 9.6m this year and drilling should start by mid July, was increased to £825.000. notice land was owned by London Fields 


the field late in September. compared with 7.8m last year, is in 2.S00 ft of water and is 250km has been received from ICFC that Colliery Company, a wholly owned 

The depth of the oil sands is with .la pan and the U.S. the main east of Brevoort Island off the it intends to exercise its option subsidiary. The book value of the 
not considered substantial buyer*. Mr. Eu added. coast of Baffin Island. tn subscribe at par (25p> for assets disposed of was £20.481. 




Fashion stores and manufacturers ofladiesand 
children's cloLhingformail order-companies 
and multiple groups 


IN CTlDfU COD ^ These interests Involve 390 EZshares.were2S0pyesterd«».7\. ’. . 
Ul 3UKIH rUH-- mining claims and' leases '' and RMP ; AllA'NTWr>lV^‘- 
URANIUM - ■’ include the Grom,* Vangonflr add \7“™ ' ;■ * ■ 

UKArWUItf - ? -.swim Like propertieiLead-zinc ; MlNEV^HOPES - ‘ 

Drilling has started on a deposits of 45m tonnes have been ^^. - c , ' ^ 

uranium prospect owned by a indicated on the properties, a 1 «*s annual statement' with 

joint venture led by Power significant portion of which conld ^. e reP52LPfjSoath Afidca’s Rapd " 
Reactor and Nuclear Fuel Develop- be mined by opencast methods. - Mines Properties the chai rman . . 
ment of Japan. It is using The deals are worth C813Bm J- B- Mareet, gays 

Australian Consolidated Minerals' f£6.Q2m) to Kerr Addison and hsen decided that A re 
satellite definition techniques. CS7.0m to Canadian Natural! of underground- gold 
reports Don Lipscombe from Resources. Cypnis is also to make operations at the com 
Perth. an offer for the equity in properties would not he 

Command Minerals, itself a par- Vangorda not owned by Kerr. aHy-justifiable, * I..- . 

ticipant, stated that at Walling Addison and this will cost C$9-0 hl -Tests have been' carded but 
Rock in ihe Murchison area of But. Kerr Addison and Canadian find. & method i of profitably , i 
Western Australia, a reverse cir- Natural Resources will retain a processing, gold-containing Inn 
culaiinn rotary percussion drill- 5 per cent net profits interest-, in- 'damps. But the tests have 
mg programme has begun to test some - of the propertied The been conclnsivr and it will ridt' 
the first of five uranium agreements are subject to the be possible to pubDsh the prevj- 
anomalies located under the tendering oi at least 90 per cent ously anticipated report ^ on ~tb« 

Land i technique. of -the Vangorda shares and the feasibility ' of ■ the retreatment" . 

A total of 348 holes are being approval of the directors' of the process .until further, expert -- - 
drilled approximately io-I2 metres various companies involved: - mental work has been done 


Building, contracting and engineering group 


Diversification bears fruit 


Record profits of £1.15m. 


* 51 % of profits now derive from manufacturing and 
engineering 

* Pre-tax profit £1,131,000 

* Turnover nears £40 million 

* Total dividend up by maximum permitted to 
7.296p per share against 6.5p 

* Scrip issue of 1 for4 

* “Board looks forward with confidence” 


Sales rise by £3m to £17.2m. 

o 

Acquisition of Crombey Menswear 

Group for £2. 5m. 

® 

Substantial increase in current 

year’s sales 

© 

8 major units in WestEnd 


Stocklake ‘trading profitably’ 


I 


Privilege discount scheme for 
shareholders extended to 
43 ladieswear and menswear stores 


Copies of the 1978 accounts can be obtainedfrom 
The Company Secretary, Amber Day Holdings Limited, 
13 Poland Street London W1V 3DE. 


Copies of the report end accounts can be obtained from The Secretary, Walter Lawrence Ltd, 
Lawrence House, Sun Street, Sawbridgeworth, Hertfordshire, CM21 9LX. 



A GROWTH-OF-INCOME TRUST 

British Assets is an Investment Trust whose principal objective is to 
provide shareholders with rising dividends in real terms. 

Dividends are paid quarterly. 


DISTRIBUTION OF INVESTMENTS 

The map below shows the geographic distribution of investments as 
at 30th September 1978. 


SINCE THE beginning of the 
currenl year Trading has con- 
tinued profitably, says Mr. A. M. 
McKay, chairman- of Stocktake 
Holdings, in his annual report. He 
anticipates he villi' again be ablq 
to report satisfactory results nest 
year. 

Pre-tax profits for the year to 
March 21. I97R, fell from a record’ 
£l-43m m £ 1.28m. Mr. McKay says 
the result was achieved against a 
background of difficult trading 
conditions and unstable exchange 
rates. 

The group is particularly sensi- 
tive to movements in sterling 
value acainst the currencies of 
the countries In which the group 
operates. He adds that 42 per 
cent of turnover arose from 
exports from the UK, and a fur- 
ther 2tt per cent was generated 
in Africa and Canada. 

Of the flT^l.OOO profit reduction. 
£106.000 is accounted for by the 
conversion into sterling of the nei 
current assets of the group's over, 
seas operations. 

There were also lower contribu- 
tions from the Canadian opera- 
tion. and from the associated 
company. Northern Shipbuilding 
and Industrial Holdings which 
produced on ly £46.000. aga inst 
£108.000. 

Nor l hern's principal operating 
subsidiary Hall Bussell and Com- 
pany was taken into public owner- 
ship in July 19 k since when 

income from it has consisted 
mainly of interest on Government 
stock Issued on account of even- 
tual compensation. Talks on 
compensation are taking place, 
adds Mr. McKay. 


likely happen only if interest rates 
changed appreciably from the 
present levels. 


English & 
Overseas 


First half : turnover. :rese frorfi ’. 
££3m to X3.49m .and profit -waf 
struck. - after depreciation -,an»- 
amortisatfon of/. J84408 "(£48,167 J 
and . interest . payable of £6S.5S4; 
(£41,510)- • TT 


Forecasting full-year.' profits 
substantially in excess ' of last 
year’s record £316,000, • the 
directors of English and Overseas 
Investments report an upsurge in. 
p re- fax profits from £147,318 to 
£252.792 in the first- six months 
to September 30, 1978. . " 


(X4L5ID). - . ... 

. It is estimated' that no prbvisioii 
far tax m respect bf the first haVL 
is necessary-in vfew of available, 
allowances, ’ indadlng lasea 
brought forward. .The-charge fo» 
the corresponding perfcrtl last iesJ 
was £7^160. *• 


. The - net. .interim dividend. 
trua^ased from 0.55p to 059p ort 
stated . earnings ahead from L3Cpj 
to 2.46p per lOp sham .5 


K tjvi *j 

I Jit:' 


Glenyiew/IL (USA) . 


formerly Kraftco International Capital Corporation, 
New York/ NY ( U$A/ J -*' • 


Notice to the Holders of: the 
7 h% Convertible Bonds of 197a '^ V 
— Securities Identificstiph No. 454 333 — . 


Kraft, Inc, Glenview. IL/USA hereby offefs to the bondholdws 
to purchase for redemption purposesrtbe convertible bonds: of 
the above-mentioned issue 


at a price of 109.%- # 


LTD. 



ComhiU 


30th Sept 30th Sept 
1978 1977 


Gross Revenue 
Total Assets 


£5.5m £5.2m 


Insurance 


Jwfi uXo 


£1 18.8m £ 105.3m 


U.K. Europe South Africa 

43S 5\ . 3% 


Earnings per share 2.46p 2.26p 

Dividend per share 2.40p 2.00p 

Net Assets per share 98.12p 85.00p 



Cop/es of the Report are available from ■ 

Ivory & Sime Ltd., Investment Managers, 
1 Charlotte Square, Edinburgh EH 24DZ. 


Corn bill insurance, a member 
of the Thomas Tilling Group, has 
Issued a new series of Guaranteed 
Bonus Bonds offering a yield net 
of basic rate tax of 91 per cent 
over a five-year period. The bond 
is a lump sum investment 
providing guaranteed annual 
bonuses of 9\ per cent These 
bonuses may be cashed each year, 
thereby providing guaranteed 
income or left to accumulate 
thereby providing guaranteed 
growth. The original investment, 
plus any bonuses, would be paid 
at the end oi the period. 

The minimum investment is 
£500 and the upper limit is £50,000 
and Che bond is available between 
ages 20 and 80. The high yield 
reflects the current favourable 
investment conditions for short- 
and medium-term fixed interest 
investment. The company, a 
leader in this .field,, warns that 
the offer could be withdrawn at 
any time. But this would most 


The convertible bonds with interest coupons as of ’ September 
1. 1979 and subsequent thereto (No. .9 through - No/. 15> -a»d 5 
bearer receipts m ay be presented prior : tb December 15r 1978:in 
the -Ft wferai Republic of Germany,, including Berlin; (.West), at 

- DEUTSCHE BANK AG, F^ANKFIJBT, AM .MAIN 
DEUTSCHE BANK BERLIN AG. BERilN : j v ; 
DEUTSCHE B ANKSAAB AG, SAARBRCCKEfT ' ; - - .-■■■ 


H:- - , 


and their branch offices, lie’ amounf of missmg coupon wifl be 
deducted from the principal.- './■ ■ 

Payment for the convertible bonds presented- in accordance 
with this 'OfFer will be made value December 21, l978.Tnterest , 
for the convertible bonds presented .will-cease on Decembet*'20. 
1978, Interest accrued for. the time from September 1, 1978 to : 
December 20. 1978 will be paid - together with fh*. purchase . 
price.- Securities turnover tax, if any. wilL fae borne by jis.: /• 

A conumsmon of 1 % of the purchase ^ prlce'of jtbe ^convertible 
bonds will he paid to .the depository 'faa^sfor iSos^coijvertible 
bonds presented ‘.by them In' accordance vrith r&h offer to : 
compensate the commission- customarily .>.^iaj£e3:-.. to:^ ^tlidr' 
clients; The convertible bonds with Interest coupons as.of- 
September I. J978 and subsequent therettr-'ahd S ' bearer 
receipts have to be presented togetiier With- a hsi:in tlttea- 

copies. >; --.• r .• •• ? ;.v- 

According to the Conditions -of Issue; H' 
the right, upon hot less than three motfthsJ 'hotieiBw tb-r edfafemjt- 
par all outstanding convertible bonds.bn September 1: 1981ar- 
any subsequent interest payment date. s ; , 


*'• j 


i n- , § 

r 


Ofr-r. ' 
"■t,; 




i .1-. ; 

x. v 17> 

v.v 


Glenview. LL ■ 
November 1978 






.... - r - *■ ~.;_iyT£?j£n y. 

' I" .... .. ~K±' V. r - r 




t 


Financial Times Wednesday November 29 1978 


\ 


s \ : 

'?Cf 

V 1 ! 

-vty; 


British Assets forecasts 
overseas income boost 


Decision 
on Steaua 
Romana 


DIVIDEND 

seriously 


. '■< 


CONTROLS are ' sirdar: Mrs. J. M. Tyrrell, cii.iir- 

... JSK"?* 5 J "f ome man. has disposed of fl.i.304 

?« r0 . W ii th fffj® *?“?* JniSf ordinary iharc*. 

» te «n*ble m AJr« lnr«tmfnt Trust: Follow- 

iw purd*** i otolites 2,'i.CHK) 
taSii "?£* urdl ^ r >' shares. ComhlU Insur-. 
r.. • ^' ir.„, ,• aiJCe npw holt j s 189,000 ordinary 

comnienii.. shares (1LS1 per cent). . 

- "I- • rJ£f».5r , £I SS? a .C-»?nRe s. Ot-Skcl Oloidlam.): Mrs. S. 

"V.?^ ro £ ul1 ttacfcemle Smith, a direct or. hus 
controls Upsin.,. When they ■sold 20 Oufi ordinary shares. 

t «. 

tru.i- 5 UK ujre.uncnl. £ SJ® .“‘Sn'S 

T.. Fiten so . dividends from iis have bceu o(tecilt..-Iy 

-.'uYetseas investments' should fr°™ 3-Mm shams 10 

-{yintlnue In "row and providing "** V* 1 ** shares 115 a rosu L-°* 1 , 'l- 
L‘fiias-Uie UA. dollar doc* not faU “J*, **»»**■ amountuiK to 

^friuch further .the trust s income approximate!? per cent of their 

- slvoiild- rise" asain in the current n° 3 dins. 10 mt!e * Shcir personal 

"year .VLr. InglLc adds financial r» mm i uncut*. 

ih. , .. . . Freemans (London RW9): Mr. 

«wiaw^c^ . w ypiir*cnili dividend n v r u inm ., n . dknn^i or 

••"SSiJiS^dSm SeSSLuS S^o~S , i. ,nU,: “* • "■ 7ri ' MU 

y&%s±ss; 


fl serious nullin' that inlrrvcntiun 
by the UK Government ha* been 
requested by the industry, the 
director*: stole, 

Com pick* cessation of Dot.* oT 
funds to the UK Is r resting con- 
sitlcruble |irab!c«ns for the com- 
panv ami uni iir:ill> there :* mi 
prospect of a dividend par me n I 
fur Hie Him: belli;:, lliey add. 


claim 


Brit. American 
Cosmetics waits 
for option price 


*Sf“* •*•..»> Per cent , per share. w3jM3 Myddlelon Hotels reducing 


f { J 

t i i\ ■ 




t 


->SK.E;I1 mean inmm of johol.l,™,,", 
in its dividend {com the Jlc JloWtn - IO n,1 ‘ 

■ company. 

ilJJTur the year to the end of 
r ; ^ptentber. lU7ia, British Asset** 

-to arable surplus rose to £4 .59m 
^lS3 73mj on total income up 


. £0.73ni at £BJ24m — as reported on 
AfcuT 


Lo'ber 27. 

'^jT'fhy cements totalled £134. 1 Ini 
* f£ll4.B3m) and unrealised a up re - 
^cwflon amounted to £40J»m 


DCM finance 
director to 
retire 


Mr. L-ador.- Shuluian. croup 


.,U33J*4mt. Total assets of £122.4m financial director of Duiitoi-- 



There were net rurrert A '•totemon! s “*l yesterday Mr. 

* * l ^ a 5£! P * i & S5 n M^iTdSrS! com- 


The directors of Inienian Hold- 
tlij? AC &jy lhe.v doubt ihe com- 
pany's capitul will remain in t net 
a Tier Uritish American OKiuelirs 
exercises iis option co buy >hc 
»ub.l:indiii:; 4U per cent of the 
equity in Juvena Imernruionat 
Cosnieiic-. Group still hold by 
liirerjian. 

In the annUriJ report of Inter- 
pan. formerly Juvena Molding At*, 
they say the price lo be paid fur 
this option de|hMid« on the busi- 
ness development of Hie two com- 
pu uies. British American Cos- 
meilo. u suloidiary of CAT 
•industries, obtained the option 
folJowjnu its purchase of ihe cos- 
mt-iiei interest- of the >hen 
Juvena. two years aeo. 

it is inn early in suuuest a 
ce tie tele correction of its KFr-Wm 
capit.-l. bill ileveliipnienfs_ in the 
current business year will cast 
more lii*ht mi the situation, they 
aiid- 


s lean a Romana {British) has 
been informed by the Foreign 
(.'ompensatinn Commission that 
the company's, claim has Wen 
provisionally determined for 
It.-Km utiirh loqelher villi f lie 
claim in respect of Romaniai 
bonds held, amounts to Xl.-Wm. 

The rlaims were the subjert of 
government negotiations regard 
iiiu Roma man bonds held by 
Umi.sh national* and od company 
property nuLiunatiscd in 194S 
‘fhe-r nc-aoilatlonv were con 
civil led in January 1076. 

The Bo.irrt state* tlial it ha* no 
in formation as to Ihc percentage 
of llu- i.-slablisheil claim which 
the company v ill receive. 

Tin- company has been informed 
lltal until all claims have been 
piou.si unally determined and re 
viewed, the total awards will nut 
be known. Until this position 
reached, it will not be possible to 
say what the Total payment will 
be or when it wdl take place. 

Meanwhile a profit of £MS has 
been reported (or the year ended 
June aU. 107k. against XII.U.v pre 
viotislv after all charges including 
las of lii.TJOl. Again, no 

dividend is declared. 


Stockholders’ 
Trust advances 


}f:z 

~i , ■ • . V 


- ij. 


. ^Sim. and not liquidity down ^o^heln^n "esublishiti" 

tup SUrim). hij .JnLouncc^contrar i 

Dunns the year the cmtJnany with China. 

'jooinplcied the sale of its mvesi- A short I: -t of avplicants ha-. 
75icnr property with the ?:iie of been drawn up and an announce- 
~A v'snd 2 Charlotte Square, muni wilt be made tn due cfiursi-. 
-vBdlnbureh. its reqiatereil offices. In :hr meantime the group's 
managers Ivory nnd Sinte financial al7air< wifi be rnanni'cd 
• for £OX.m. M September 30. 1*77. by .Mr. Kj-:I Feldman. Joint 
-^heritable property stood in the manac.tnr vlirecti.r. Mr. C^ilin Wll- 
iiiopks Jt £163.000. hatn.v. chief csccutlvv of ihe l. K 

Renial income from property is toy division, and Mr. M. Hochen- 
•■sidMect to corpora u un tax and at berg, deputy lin.incc director. 
.IDJf.yields on which properties are The new appointment will be a 
--currently valued, property docs critical one in view of the eom- 
-n« represent an attractive area pany’s current difficulties. F.»- 
..«f 'Invesmnent for a growth of the firM h.:lf of 107S DCM 
: Income trust, the chcinnun announced lixie< of xs.nnm 
-•«i plains. mainly as a result of problems in 

. Mr. Inglis points out tha! the the I’.i?. 

--kswv level of the doilar has made 
industry very competitive 

!. which should result in an im- Dorlulinar TTpft 
.-jWMvement in that country's XJ£lUUII|i£lI ltd 
“balance of payments and a 

a strengthening of the dollar. The I U /7 QPPnilTirC 
..directors, therefore; feel they * * auuuuuia 

•Should continue to maintain a The directors of Rad ulipar Tea 
laubstantial invesunem in the Co state that unaudited draft 

accounts for 1*77 indicate thru 
?-rCm:r the last four years against final result* will be reasonably 
r-nn.&l percent rise in retail prices com on ruble with those o£ the 
;»]ie-company has. raised dividends previous -ear. - - 

:torW per cent. Last year’s total n 1£ hoped tliot final accounts 
•yweseS^p (Sp) per 23p share paid, will he prepared early next year, 
for Lbe first time, as quarterly Continuation nf lilinaiion hi 
3ff«rrm?. ' ' India between ihc comaan* ;m«l 

‘•’■BfeliPg. Edinburgh, on Decern- ihs former Indian asents has 
>ber 21 ai 12.30 pm. prevented the company's rep- 

• ’ rcseniaiivcs in India from com- 

ktk ,-r-K- Dieting the preparation and 

a»SHARL STAKES auditing or accounts for 1977. 

22" ' No upuroval or reiiuMuncc of 

««Tern-Consulate: Mr. O. \\. funds has been received from 
Taylor, a director, holds 40-000. the Government of India due to 


ROUND-UP 


Kaiser Resources, the Canadian 
coal group Is raising il c quanerly 
dividend lo 2.» wilt- (tn.Bp) for 
» Uv fourth quarter of thus year 
f 1-01:1 VS. 3 cents prtv inu«ly. The 
increase is tilt- four til since the 
inilia) d 1 vide nd uf 13 cents in the 
1*.*7:» lirsr quiirter. 

* * + 

Fmpcrnr Mine* "f Melhuurnc is 
planning plant mndilicaiions at it* 
Fiji gold mine to allow for the 
expansion of ore output to 2JI30 
in ones from iindcrground and 
3.40U tonnes from upi-ncasl mining. 
Fa is ting output i.s l.400 and 2.600 
tonne* respectively. Gold .ship- 
ments fell in the year tn Juue 
to r.S,9S5 nz from 53,992 oz the 
previous year because of mine 
and dock strikes. 


After tax of £681.673, compared 
with £372,303. profits of Stuck 
holders Investment Trust sid 
vanced from £910.287 lo £1.I07.!|44 
in Ihe year to uciobor 31. tt»7S. 
(iross income for the period was 
ahead from £2.02 m to £2.43m. 

Earnings per 23p .-harp arc 
shown ai 2.74p (2.inpl and a no 
liiml dividend of l.:L3p raise* :ht- 
total payment from 2.u5p to 2 4J‘»p 


FODENS 


Full on* is exercising its rtjh 
in require conversion of the out 
-ciutling lii'JAfi" 10 per cent run 
vcriihle rei.lccmaWe cumulative 
preference share*. 


IN BRIEF 


* ★ 

In a rationalisation or the 
Australian suit mining industry. 
Damplpr Salt, the Conzlnc RIo- 
tlnto of Australia unit, has com- 
pleted Ms takeover of Texada 
.Mines of the UUP group. 


MINING BRIEFS 


EIS1CHI-J4NTAR— <>ii||iul nf ren-'in- 
irji*-. tar Uv:ob>-r: tin C4 07 iomwi.. 
...Him iiir.- S3.0i mnnrv T. n mnnih- in 
>:.>< mu. tiinn,-.. i-olumbiM-. 

X Kinii/--. X.nn,. iutilkI I:im )■« Iln: 
r.JO Cl» tnniM-*. oulumhiu . he u ionr,,v. 


Bank of .Montreal 


1256 per cent) ordinary, shares refusal or Inconjc lax authorities 1 
arid Mr. T. J. Glover, a director, to give u no objection certificate, 
per 


holds MSS’ {0.45 
ordinary shares, 
f.i. v 
Sc.**' • 


cent» Thh dilute, which is not con- 
fined to ihe company, is of such 


The Bank of Montreal has 
npened :i branch office in Seoul 
AP-L»J re purls from Montreal, fl 
oilers a full range of financial 
M-rvice*. including helping Cana- 
dian /inns in Soulh Kiirea and 
assisting Korean companies In 
doing business in Canud.-i. 


BLAH TYRE TEA H0LDiNCS^-Inl*rJT> 

ijlvid*n-1 Ip pi-r siiarf :n B’W funn ( 
Tj.- t-jch ■'unal to ‘o p?r ft sbar-. fw 
J.irujry M Suh-dit Inon »if Kli.i rr ? ^u.1 
am. tulni>. tit of uildcK aporov.'d a( toJv. ' 
Fil.ll. Toa rri>p year in ft.<plfliihr .'■> 
IKS 3.3 -ni il.Sm' kilfw 0 ( which C.^Sr.i 
kuat <r,ld at fW «a}r .ivprjir of 4o.0'n 
At.MCliMi'd Plat lliial iitru-' uri'.t lor 
lOI.il crop mil be m.irairulir iaipro-.--l 
JATEL i*ca producer ■— Rosul is tor ! K 
report e-i Vovcmiwr Croup aavctv 
i2ni Xvi currvii; aivcis n.2Ziu 

•fl.Ziu-. MC'-anc. 12. Carloo puct. w. 

Dr?' mber IP. at 10 aan. 

SUNCEl BAHRU RUBBER ESTATES— 
K-viilit f.i- .lun- ;o. is:*, r-ar -t. jJj 
I'iPici. Croup tacit Jii.-w iijjji? 

• n. : curreu: aiK's lui.r 

• tiiiiTM. cliairntjii »a r*. w ch pr. tLi 
lmpraviJ. rubber oricti and Good croi 
expected in cornla; monrh- currer, 
rear's procure:; look iinrour.ulnr. M.vr 
in? !■! Cr-at Toanfr Suvri. EC. Devon 
ber Si. mion 

KILLINGHAU. TIM— Fin w! TS.Jip 
ma'iuiia it-'.Soo ijrjp' year it Sio;ctn!Kr 

.•». iPTs. rumoviT fi.jiioo>i -fi^si.wo 

Me 1 imiiU i^ir. S38 ii4M.!Wi. EaroiMs 
PIT Sin share S5.W> fSOp.. 

MORAN TEA HOLDINGS— Result* tor 
n.n- muaUi- w December 31. iRTT alro.id 
r.-Doncd llxeit iMfli fl.lra > n .3Hm • 
Km current nws ilOiK fl’.^.NS 
Pr.*etH mdlrattom, arc fb.n !P:<i .tos 
will shuu aocrcasc uur lost year. Jot? 
Sissir.orc and Co. holds sr :t per ».cn: oi 
firDuu'c rapllal. Mo nut. Tea hruk-ra 
.NSfOviavion. Hi ah TinvbcT Sm ci. EC. 
Dccerabur IP. ai noon. 


i;. 


) n c? nfOO^ 

i. i i M " 




These securities ha-, ing been acid, ihi- announcemeni appeara js a maUer of record only. 


CD 

.f.{> dL cpjJUl ^ i 

Hrab-malay5lan Development Bank 


Berhad 


U.S. $20,000,000 

Floating Rate Notes due 1983 


Abu Dhabi Investment Company 
Dresdner Bank Aktiengesellschaft 
Kuwait International Investment Co. S.A.K. 
The National Bank of Kuwait S.A.K. 
AMJBAF Group 


Berliner Handels-und Frankfurter Bank 
European Arab Bank 
Manufacturers Hanover Limited 
The National Commercial Bank 
(Saudi Arabia) 


American Express Middle East Development 
. Company s.x.L. 

Union Bank of the Middle EastLtd. 


The Arab and Morgan Grenfell Finance 
Company. Limited 


Alahli Bank of Kuwaiux s c > 

Arab Financial Consulianis Company s..\ K. 
Arab International Bank 
Arab Latin American Bank — Arlabank 
Asicn-Pazifik-Bank AG. Singapore Branch 
Banque de Paris etdes Pays-Bas 
Banque Nationale do Paris 
Blyth Eastman Dillon and Co. International 
Limited 

Daiwa Europe NV 

Inter-Alpha Asia (Singapore / Limited 

KulinLoeb Lehman Bros.lnuimaiionul 

Kuwait Foreign Trading Contracting and 

Investment Company rs. a. k.j 

Kuwait Pacific Finance Company Limited 
New Japan Securities Europe Limited 
Smith Barney, Harris Upliaro and Company 
Incorporated 

Swiss Bank Corporation (Overseas) Lid. 

The Industrial Bank of Kuwait K.S-C. 

Wcsldeuische LandesbankGirozentraic 


Alcemene Bank Nederland Finance Limited 
Hong Kong 

Arab Investments for Asia 
(Kuwait) K.S.C. 

Bank of Credit and Commerce International 
(Overseas) Ltd. 

Baycrischc Mypothekcn-uud Wcchscj-Bank 

Burgan Bank s.a.k. 

Credit Lyonnais 

Euroseas Banking Company (Qatar) Limited 

KansaHis-Osakc-Pankki 

Kuwait Financial Centre s.a.K. 

K uwail International Finance Company tKlhCOi 
Kuwait Investment Company (S.A.K.) 

Libyan Arab Foreign Bank 
Nomura Europe N V 

Soci^te Arabc lmematipnale dc Banque t'S.A.1.6.) 
-Soctele Gene rule % 

Taiyo Kobe Finance Hongkong Limited 
"Wardley Limited 

Yarnaichi Intematiopal CNederland) NV 5 " 





AND COMPANY LIMITED 

Statement by the Chairman 
Sir Eric Yarrow. D.L. 


GENERAL 

The Group hu? h^d j sai:ifi-Jlury jear wjih p re-iax 
profi: ^Muiinun: to £1 4 jiiilHo.'i before cxtruordioary 
items. This :«ro-iax profit flsure ur.d*;-r*ia:r-d b> an 
arrMmni represenime in cere* 1 or. cOD:pc.*!.<a:ion siocl: 
which cunnui lie quantified until ?uch tjnvt- as a final 
seUloiitefii is reached in respee*. n: ;he ainuuni of 
compcn.'kation 10 be received lor the cdi.ur.alisiilion nf 
Yarrow iShipouuaersi Limiit-U Thi? import jn: mailer 
is coimnenu-i! upon further. laler :a ;b:s siatenicnl. 

-An inlcriiit dividend of 1.7 Hence tier share was 
paid in June !97S and a fi:ui dividend ul 3.45 pence 
per *r,jre will uc proposed ji the Annual General 
Meelin:;. The iwo payments will 5»rng ihe io:a! annual 
dividend lo iho maximum ;«ernu:*ej under t-xminy 
Irgislaiiun. Il :» to oe hoped ihu: dividend resiriCLimi 
will be relaxed m the years ahead. 

Siace the end of ihe financial yv-r under review. 
Mr. P. L. Black* lone has retired from inc Board uf 
Uirecior* oa reaching reliral aue. He haf undertaken 
difficult assignments with -areal determ:nalif>n and l 
wish him wi-U for many years of happy retirement. 

Mr. .1 Neumann. Manasih^ Director .of V-AIID 
Liuiiifi'/. has been appointed a Director of Yarrow and 
Company LuinicJ Hi.i enstneerma knowledge and >idn 
experience bo:h in ihis country and overseas will be 
of grea. uenefii u> the Board 

J luve decided lo relinquish’ my position 3s 
Chairman uf Yarrow t Shipbuilders * Limited, a fully 
owned .-uhsidiarv company -j( British Shir builders. °n 
31st ?.Tjrch. 197?. As a result l shall b* available ro 
devoir* more of shv time to ihi.- -atfa-rs uf Yarrov and 
Confpanv Limiied and its subsidiary companies a; this 
important staae in the Company's history. 


distribution lo Yarrow ar.d Company L. mi ted out of 
tlie ai-eumuialcd and undisinbuted proiils of Yarrow 
f Shipbuilders t Limited al 30th June. 19. .Nep.it :at ion* 
are proceevlinp Out so fur ihi* application has been been 
unsuccessful and ilicre.'urc the Profit and Ln»s Acrount 
does mu include any dividend f rum Yarrow i Ship- 
builder;} Limited. 


Y ARD LIMITED 

This com pan v ik now the pr.ncipa! *ul»-nh.iry of 
Ihc Yarrow Group, upcralina to Ihv fields uf nianimir- 
anil enasieermy eon.-uiuncy and research Tnc staff 
cumpk-uicHi is 475 of v. Inch 330 arc plofessiunall.v nr 
teehni'.-alfy qualified '(he coin pan > ha* been fuli.v 
•*n?aacd throu^h:>m ihe year in :■ wide variv-tv uf 
euntract* and prujv.-t, for Govern men: depart. Deni* 
and al*u for other client* belli in th-- V K. and abroad. 

• Y-ARD Limned ha. mad..- a considerable contrilm- 
non to flic profit j or 'he Grimy, atid further steady 
art iv 111 of the i !i mi pally s activities ;s anticipated in 
future years. 


CO.VPE.VS \TIOX FOR YARROW 
(SHIPBUILDERS) LIMITED 

l hid hoped that, in this year's Statement. :t •cnulil 
have been possible in aive ?:i;*reho:dpr.s *11:1116 mdicuiion 
of The aniuiin; of comj>cn*a:iyri likely t«i be reeeived 
for our f'-mer ship: 'milling -•i : >*i.iia**y carapan;- which 
was njiionaliscrt on 1st July. 1977. UnfoMunaielj. ihi> 
cannot yet oc done and so instead l foei ;t ;s rich; that 
an exph-na’ion should he im.-ii U> slir.reJp.dders uf the 
event-s ’.■•'Oich have taken place and the riiMtiun winch 
has no--, heen reached. 

A VatUaUon of Yarrow < Lt;tiil A d was 

prepared in the munth.s fi.liowinc nationalisation and 
this coihprehtnsiv*.* document tovether with a forma) 
claim wa* prcie.i ted to IV De^artmcRt of fndusrry 
on 31si March. 197S ny the- Stockholder*’ Representative 
Mr. David C. H. bs<>n. F.CA.. senior partner of Coopers 
and Lybrand. Chartered Accountants. At the same time 
we received from the Department of Industry their 
own initial vrluaiiun of Yanvv iShipouilderi 1 Limited. 

Since liiai dale negotiations have continued 
hciween the Stoekhnlders' Representative and the 
Department of Industry at several meetings. It was 
agreed at the outset that the^e negotiations should 
be conducted on a confidential and “without prejudice" 
basis. Thiv-e difficult nesotiaiiun* are still rontinuina 
and therefore J cannot say anything at this stave about 
the progress which has been made durir.p the 
discussivn* 

Y’our Board hclrwes that il is in »he imercsts of 
the Yarrow *h&rchMders i«i explore every p*.»»stbiliiy 
of achieving a fair and reasonable sell Seme in as was 
promised by the Guvemtuent out if this cannot be 
negotiated llicru will he nu yilc-rna'ivc iiu: to submit 
the matter tr, an Arbitral ion Tnhuna- as provided fur 
in the Nationalisation Act. which Would be a lenythy 
procedure 

The Profit and Los* Account for the : oar ended 30 ih 
June. J97S includes interest on the Treasury* Slock 
a I read-, received on account of Comper.-ation but we are 
unable* «<. take credit fur tnc- further interest which ha* 
betruaix-ruifis since l«t July. 11*77 a* we cannot estimate 
rhe final amount 01 cnmpensati«n lively to he received. 
A Note has been included in ihe Accounts indicaitna 
that the Group pre-rajc profil for »h" year n unrierstated 
bv an amount which canno* be quaniificd at present. 

When the amoum of compensation receivable 
becomes known tl is Ihe intention of the Board lo 
formulate proposals for ihe utilisation of such monies. 
It is obviously premature at this stage to make any 
firm commitment;, since any such plans ml] be depen- 
dent upon Ihe amount nf compensation actually 
received anti also by the economic and fiscal 
circumstances al Ihal lime. 

DISTRIBUTION FROM YARROW 
(SHIPBUILDERS) LIMITED 

A»- I intimated in my half-yearly report, we 
submitted an application for a further substantia! 


YARROW ENGINEERS t GLASGOW) LIMITED 

in August nf this .-.ear ihc Eoarii announcer; ihai 
astrccmenl h.»d been reached with Grejter London 
Council on an acvcpiuMe sett lemon 1 <»»' tin.- dispuie 
concerning the Edmonton Boiler Comraci We an- 
pleased that l.u* Iona outstanding mu tier has :imw been 
resolved sj.'i-- fact only wiihuti; recourse ;u licit 

which ivuuld have been both lengthy ana expensive. 

I indicated iasi year Hut there was hi tie chauee of 
new order* for buikr 1 ■ In n 1 l»ui that we were ready 
it* co.'i'iiler o' her ivpcs nf engineering -.cor.-' for tin-, 
cuiiipany. The :ie'i;n-ii:r-n of .1 75 per cent interest in 
Ritchie Taylor Eti:':n>mnu Gvmoany (Glasg'iw ■ 
Limned duriri:- the y.-ar ha* provided ihe engineering 
base which *ve reqmn::!. Thi-* comiiany'* main factory 
is in Gm tin. G!:is, , hv. . anti ji also has a subsidiary 
vumpaiiy in Punnee. ’i.inov. has retivnUv acquired ihe 
remaining 35 per cent .sliaivh Hiding and additional 
mode in laeb-ry and office premise*' have been 
puiclutseil. The uppoi '-.mil., has now ucvn taken tu 
change the name ef liu- company '.u Yarrow Enrmeer.s 
I Glasgow » Li.uii d. and thi- reflects ihc increjsiog 
inipur'ancc nf 'he ■•umpany as a w holly -n tv lied 
subsidiary wi(hn> the Yarrow Group. 

Engineering opera lions will be transferred from 
Govan ui ihc new premises a l Marine Street. Glasgow, 
where uxcelient favitilie* already esi>s for mure 
efficient oocrririnn. The Marine Street lactory has gnoJ 
i-oniiriur.icalions lo bolh road and rail networks and is 
adjacent lo the River Clyde. The engineering and ship- 
repamno operations at Dundee will cease io have 
subsidiary company status, and will become a division 
of the 1 has cow- based company, now trading under ihc 
Yarrow name. 


These changes will contribute 1*1 i'ne future 
development of the engineering activities within ihe 
Group and we anticipate a steady and controlled 
expansion of the .iclivitic* id our engineering 
com pa 1 -y. 


11YMAFINF. LIMITED 

This Company v. formed during the year in 
associu'ior with Hunting As-neiat.-il Indusirics Lmiiled 
for the iiurptKi- of dr-igning and maiiteiing a ranee uf 
speciai'isi vessels giass-reinfoi eed plastic liull* 

Yarrow own* 55 per ec:il of ihe issued shale capital and 
Hunting the remaining 45 per com. 


FUTURE 


As I indicated in my Mai cm nil la*i year, the future 
deveionmeni of ihc Y.irrow Group must to some e-cicni 
be dependent on ine amount received as roni|iens»hon 
for iho nalinnalis.iiion of Yarrow t. Shipbuilder* 1 
Limited, llu'.-.cvoi. the Board has been exploring a 
number id ■i.iporiunitie- fo r ihe pruritahio invesmieni 
uf the Group's existing resources and I f an rep.ir; that 
we are ui prcseM neguiiiiiing f ir ihc ;-urch.'ise of an 
unqmiieu engineering company for a price of approxi- 
mately £3.75 millin'!. If the negotiations are successful 
a circular will be sent to shareholders giving full deiuils 
of the acquisition. The Board will continue to examine 
opportunities for acquiring suitable businesses ter the 
Yarrow Group in fields relating jo ihe expertise and 
operation of Y-ARD and in ihe meantime surplus funds 
are maintained in a portfolio uf selected imcsimcnis. 


-\i a lime when the Yarrow Group ni Gnui panics 
is looking ahead into ne-v area* of activity. I would 
Id-e iu express my confidence m iho*.- e aidnycd in 
and as? oriated with (he Group ami i«> ihank ihem tor 
iheir considerable cffori? during Ihc year under review. 


20th November, 3978 


ERIC YARROW 



European 

Ferries 

Limited 

(CDRs) 

Townsend Thoresen 


The undersigned announces chat as from 1st Decem- 
ber, >978. 3 (three) Concessionary Coupons No. I 
(detached Irom the CDRs representing Ordinary 
shares of European Ferries Limited) may be exchanged 
for a Registered Certificate, which will entitle the 
individual CDR-holder to apply for 3 fare concession 
on Townsend Thoresen Car Ferries in respect of the 
period from 15th March. >979 to 14th October. 1979. 
For the exchange to take place, the three coupons 
bearing the relevent coupon number muse be sent to: 

Townsend Thoresen Car Ferries 
Department SC 
Leidsestraac 32. 

Amsterdam. 

before 30th December. 1978 and must be accom- 


panied by the applicant's name and address, which 
will be reproduced on the Registered Certificate. 
Rules of the scheme as applicable to holders of CDRs 
are available at the above mentioned address and 
a copy wifi be sent with each Registered Certificate 
issued. 


Amsterdam, 2fst November. 197S. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 


INVEST IN 50,000 BETTER 




f 


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for the CAKE and W&LhAKE uF MULTIPLE SCLEROSIS 
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26 


NATIONAL INSTITUTE 



AND SOCIAL RESEARCH 

further and 




Alii-f'. 1 



* •: < .<.&-* 


flY PETER RJDDELL, ECONOMICS CORRESPONDENT 


''3' _ 

i 


THE ECONOMY should continue to 
expand during I he next 12 months at 
well shove the rate during recent years, 
while thank* - lu North Sea oil the Lurrent 
account should move intu surplus Trom 
near balance this year, according to the 
latest issue nf the National Institute's 
Econoniic Review. 

The review, published this morning, is 
more bullish abuui the »uilook for out- 
put. than recent projections from the 
Treasury, the London Business School 
and vhe Con federal ion nf British 

induslry. 

On the basis of existing policies and 
assuniiti.' a 12 per cent rise m average 
Harm ns*’ during thf current pay round, 
the intitule expects a rise in l"tal out- 
put. as measured by real gro*s domestic 
product, of a bmi i 3 per cent lii:- year 
and 3.S per cent next year, at 1975 
prices. That should be coupled with a 
citrr^ur account surplus nf £650m next 
year. 

In cuntra.-i. the London Business 
School, which makes almost ih 1 ' same 
assumptions has projected a rise ;n gross 
domestic product of 3.5 per cent this 
;.i.*ar and >A 3XS per cent in 1979, but with 
a • u rrenl account deficit of £i>2um next 
year. 


The recent Treasury forecasts, which 
assume only a 7 per cent rise in earn- 
ings. projected a rise in gross domestic 
product : of 3 per cent this year and of 
2.4 per cent in 1979. with a £250 m deficit 
next year. 

The main reason is that the institute 
takes a different view about the prospects 
for exports and imports next year than 
do oilier- forecasters. 

On imports, the review predicts only 
a 2.9 per cent rise next year, mainly, 
because of the saving in imports through 
rising North Sea production, while the 
Treasury has projected a 6.8 per cent 
increase. 

The review points our that the recent 
rebasing of the national accounts i.o 1975 
prices means that the projections are 
not comparable with growth rates at 
1970 prices. 

it is estimated that on the old price 
base, the forecasts would have been a 
2* per cent rise m gross domesl:r 
product this year and 2-1 per cent next 
year. The review consequently says that 
the forecasts are more than usually 
tentative. 

After allowing for the change in the 
price hasis. growth seems to have been 
a lmle slower than expected in the 


August forecast. The main reasons seem 
to be that investment in rhe public sec- 
tor and in private housing has not yet 
begun to recover as predicted and. more 
important, significantly more than pre- 
viously expected, of the growth in 
demand has been met from imports. 

The main expansionary forces next 
year are likely to be_private fixed invest- 
ment. in spite of the recent nse in 
interest rales, and private consumption, 
reflecting the likelihood that prices will 
in rhe short run continue to rise more 
slowly than earnings. 

The rale of expansion is expected to 
slow in the course of next year with a 
rtre in gross domestic -.product in the 
year to the fourth quarter of 1979 of only 
21 per cent. Unemployment i? expected 
ti» fail to slightly more than 1 . 2 in i adults 
in Great Britain, seasonally adjusted i. 

The institute's first look at the pros- 
pects for 1980 suggest that on present 
policies there may be some slowdown, 
although uut a sharp one. The private 
investment recovery is likely to run out 
of steam and private consumption should 
slow a iittle. 

The growth of gross domes! ic product 
iu the year to the fourth quarter of 1930 


is projected about 2 per cent, while un- 
■. employment is forecast about 1.3m. The 
current account should be in surplus by 
about £Iibn, and the inflation rate should 
change little. 

In detail, the forecasts assume not only 
a 12 per cent rise in earnings but indexa- 
tion of personal income-tax allowances, 
although fiscal policy is seen as other- 
wise unchanged. It is assumed that the 
effective exchange rate will fall by 4 to 
5 per cent between now and the end of 
next year, with no change thereafter. 

The review suggests that such a move- 
ment might be accommodated in a Euro- 
pean snake, so that the forecasts would 
not be altered by a decision by the UK 
to participate. Some loss of export price 
competitiveness is implied, however. 

The institute says that its forecasting 
equation for investment in manufactur- 
ing. which relates spending to output 
growth and capacity utilisation, points to 
a much less buoyant outcome than is 
suggested by various intentions surveys. 
Assessing the evidence together, the in- 
stitute predicts a rise in manufacturing 
investment of 8 to Si per cent this year 
and uf 6j to 7 per cent next year. 

Inflatiun, as measured by the consumer 


price index, was less rapid during the 
summer than previously forecast, partly 
because of the good harvest and smaller 
than expected increases in import prices. 

Assuming sterling import price rises 
of less than 3 per cent this year and 
about 9 per cent next year, and a 12 per 
cent rise in average earnings, the rate .of 
consumer price inflation is likely to be 
about S per cent this year, rising to - 
between 9 And 91 per .cent in 1979 and 
1980. .. .. 

The forecast- fourth-quarter on fourth- 
quarter increases in -consumer prices are 
about 7} per cent during 1978, 94 per 
cent in 1979 and 9 per cent in 1980. 

Living standards, as measured by real u 
personal disposable income, will, it is 
predicted, increase by '6* per cent this, 
year but by only about 34 per cent next 
year and by just over 2 per cent in 1980. . 

This year’s sharp rise has. led to a. 
marked increase in the savings ratio,-, 
since consumption tends to lag behind, 
changes in real income: A ratio of 15-3 
to 15.6 per cent betweed'.the sewnd and- 
fourth quarters of this year is* expected 
to decline during early 1979 to about 14.0 • 
per cenr, srill a historically high figure! - : 
However, with a fairly steady rate of 


inflation, no .significant, further 
is expected. ; - .... ? Wi; .-jl-i: 

Consequently^ T^l tm^iimer ^efldmg' : 
is 'expected tO Tise jfcsr 
cedf this Tear,' about 
and between 2'and jjj per cen<:i5:.X?80^ 

Borrowing by Ifife public.; sectori is^ix- 
ipected. to b£'£7.8bn in j^cttiTfeat'finan- ’ 
cial year, £&2bh in. 1979-80 'and £9.Sbh' 5r 
■ 1980-83!: : >As : ;;-a,: proportion- 3 Jf; nbipiaal" 
gross- domestic product, 
borrowing-should. remai&beWi , e^^5- and; . 
6 per cent y : '!■■■" 

tive. measures - ihe 

authorities will iead’-to 
in 197S-79-that is^towai^Srtheiowerocd - 
of the qrigitiaUtarget'-rah^-. ^ ' 

’ . Short-term interior retMraSe^fesq^ed ‘ 
tofalUootttriim .their, ctin^^ceptioth 

ally Tugb ^.leveL.-! .Sawever^ - ’ it. '^ems 
probable: that .stay mg . .wuthirf.-.-t&e’i new ; 
target range !irf ^tSeireat.td inext ectuher : . 
coupled with-;the jmhEc boridwing- f ore- 
cftsts ahd'Tik^ ; det|^d tbr iwnk. credit - 
win togetbe^ 1 keep;jiitereSt'- 

;'Xater,: -Jrifh; 'i$u> .lilCQihobd^dfr»-fi^-. In? 

- the. p'.S^.T^tfflirirTjiil rate -And.^a vstore' •; 
stablh , exchange - inrerest '.-rates - -!■ 

might 'decline; ?/••• ! y G'--’ 




cautious on world output 


BY MICHAEL BLANDEN 

THE GROWTH or output in 
I lie trail in}* industrial evun trips 
rtvi-r ill*- iii'.vl two years «ill be 
I'ii* slovi iu make an\ hisniti- 
cani iiiiiiart <iu uiiemplnvnicnt, 
i in- Nalhmal hi-liuiti. - arsui*> in 
ii> asso'Siuent nf the prospects 
for i he world economy. 

The furecaMer.*. slate Dial 
; hey haie taken their first 
rauiioiiN look at the outlook 
for 198 ft. and iheir view of the 
\toriti economy has ‘‘changed 
very liilc since AurusL or 
in tie*. -d since May." 

They <=ti!l expect luial output 
In i he member countries of the 
iirssanisalion Tor Economic Co- 
operation and lJe\ elopmrnt lo 
iiivi eisi; ;ii a steady per cent 
a year. Any decline in the rate 
of in -la i ion is likely lo he 
mnsily in some uf the smaller 
countries, where it has been 
particularly high. 

The annual growth of world 
iradc. the institute suggests, 
still seems likely to remain 
within a range of 4 lo 6 per 
cent. 

- As before, Iiwwci er. w e 
expect a continuing improve- 
ment in thy curmil balance of 
payments of the developed anil 
Hie ccnl rally planned econo- 
mies. at I he expense both or 
I he oil producers and or ihe 
other d.-i eloping nations." 

The institute points am that 
its forecasts were mainly pre- 
pared about the middle «f 
October on the assumption 


CHANGES IN MAIN COMPONENTS OF DEMAND 

IN INDUSTRIALISED COUNTRIES 

Percentages, annual rates in real terms 


1966-76 

1977 
( esti- 
mate) 

1978 

(fore- 

cast) 

1979 

(fore- 

cast) 

Consumers' expenditure 

-4 

'■35 

+ 3i 

•: 31 

Public authorities' current 




spending 

-3 

-21 

-25 

-i 3 

Gross fixed investment 

-3 

-si 

+4} 

4-3 

Trade balncc 

— 

— 


— 

Stock building 

— 

— ; 

— 


Gross domestic product 

-3} 

-r3-J 

J-35 

. -31 


dial exchange rates would 
remain as they were at the 
tiuic . except for a modest fall 
iu sterling next year and a 
small devaluation or the 
Fr.-nch franc hy the time 
France is likely to join ihe 
European snakr 

Commenting on ihe negotia- 
tions over the European 
Monetary System the institute 
says that they appear to be 
leading to a system- which will, 
in practical terms, be much 
the same as the present snake. 

Even if the apparent opposi- 
tion of ihe West German 
Bundesbank to the necessary 
support mechanism* for mem- 
ber currencies were overcome, 
the institute argues.- "Ihe 
level or borrowing by Vhe UK 
and Italy, to enable their 
currencies lo remain in the 
snake, might he extremely 
high." 


Because they would be 
likely to fall against the West 
German D-Mark, repayment of 
loans and the ending of sup- 
port "would he likely in 
require substantial changes in 
domestic policy. probably 
accompanied by devaluations 
which would strain the system 
Far more severely than those 
the snake has already learned 
tv live with." 

Looking at Ihe economic 
growth prospects, the institute 
says that for this year, overall 
growth seems fairly certain to 
exceed 31 per cent In North 
America and could approach 
6 per cent in Japan, hut may 
not reach 3 per cent in 
Western Europe. 

Next year, the forecaslers 
say. **a modest acceleration in 
Western Europe is likely to 
be balanced by slower growth 
<3 per cent or less) in the 


U.S„ and we do not expect 
much change in growth rales 
in 1980." 

Of the inflation outlook, the 
institute says that, for the 
OECD area, the rise in con- 
sumer prices this year is 
expected lo be about 8 per 
cent, against just under 9 per 
cent last year. 

“ L'nless the ‘new meas- 
ures are more succe-sful than 
most observers think probable, 
it seems doahtfu! whether any 
very great reduction in ihe 
inflation rate will be achieved 
in 1979." The slowing this 
year, the institute sajs. has 
been ’largely due (n a fail iu 
commodity prices, which bas 
already begun to reverse itself. 

The move inio current 
account defleit on the balance 
or payments by OECD coun- 
tries after 1973. the institute 
says, has hern reversed 
because of improirri terms oF 
trade, coupled with rather 
Faster growl ft in tin* volume of 
exports Iban of imports. 

As a result, these countries 
may have a surplus ibis >ear 
of between $5 bn and Slflhn. 

The cent rail.' planned 
economies seem - to liaie im- 
proved their balance still 
further, at any rale in the first 
half of this year, mainly 
because the growth of iheir 
imports wa.s still relatively 
slow. 


Europe 
energy 
demand 
to slow 

BY DAVID FREUD 

EUROPE'S energy demand until 
J9S5 will increase at a slower 



BY PETER RJDDELL 

UNEMPLOYMENT is likey to bo rnent over the zero expansion of , and 3 per cent i year.'i • • * w_ .' 
higher in 1983 than now given 1973 to 1977. such a recovery -is The ‘. artieie then •- examwas 
plausible assumptions about the -unlikely to be sufficient to absqfch' various- !ph»n>Itf7featiis - 

development of the economy, unemployment. . . - ; ..4«ctiVit^growth,tufter notih&tlti- 

ac card ins to a special article In' On the contrary, the review contrast* between!Hhe annual 
the review. suggests that with . itiausible in manufacturing 4*f 42? per ^ceet 

The imoli cations of changes assumptions, unemployment in 1969-73 l and-. the r increase. - of 

l “* S would tend to me over the next 0.4 per cent-a-year in 1973-77; ' 

a few maior %lnab!es— world fiye years t0 the order 0{ 2m ^. 11 «m<9udes; while prodxptfvi^r 

rate ihjo expected Wo or three ?r,d? UK »*“ , d “™ s6 ® s _ *?- grot«h : is likely to recoih - - 

years ago, mainly ‘ 

Inic growth forecasts 
cut back. 

A special article i 
revises the institute 
forecasts published two years 
ago. It concludes Lhat the re- 
duced demand could cut _ 

Europe's dependence on ini- achieved by calculating the rate nfl labour costs and, unless- the - 
ported energy from 64 per cent of growth of Cross Domestic re ducTion in hour, were aeconr- . 


f ? • * >-• 



the balance of payments 
continue to act as a con training 


will wce * s - . - : 4 " . iibeiy ' cyclldah kick-hack far:' pear. 

.. But tiifr review concludes the anctirity .growth 'wiuehJsWUl- 


„• nTAU>) u m.:, ^ xaast likely outcome of- such- a. Qccnrma recov^fre^atrt^ 
factor on growth. Tills ..is. wonld be = " ,n — :i — < — e. 


in 1973 to just over 
in 19S0 and 19S5. 


a Jose - m- sfoa'as actual” prod actirityitends 
. unless the - to jisfr^arply .when- - urtfereni- 

V n EL- SIS « F 0 ^ - v , urDSS - reduction in hours were aeconr- . ptoyineht i&~reSiij*d. .v . 

aO per cent Product which is consistent with- panied by parallel action in other -Jf it is aasumed 

S^tries. there would be a’ loss 

^ , ■ im porta f® nerated . ^“5* of real output and, income witit Bibdnctrvity.SfOwth i&su^ientiy .-' 

Consumption constrained to equal XJE mtfjort? perceptible effect oh uii6m- large 1 to- raise ^ average ahrutal 

Consumption is expected to m- and fo ca p|fa] movements and pto> t e S- ••'•* .:>V ~ ^ in? ease 

uicb af lor ,{« h.alr Iforwppn . 


'! 5 Vim. , So£ ,, ! , te‘ 3 SSS Constraint •> v'V. 

level of l.TSbn tonnes coal equi- ^-gjg stresses that this Moreover, even if there, were; S^ven a;3. ^dr uuna^ me:/.'- . .- 

valent per annum to about 2bn approach doeg Q 0t i ea d t*", f orfr . sucb paeratiel action, there would « -V - 

tonnes by 1980 and 2.2obn tonnes ^ ^ iikely developments bi£t still be a fail in . imtont’ per 4 i. 

by 1965. . t rather an indirationof prbbleiM person employed and tbu8-)itMhe.1«.a 

This rate of increase is slower ILkely t0 jf balance of real- wage. “In short, this is not. employin^t caused Tjyf S?>qb£.. 

*-.n or»rii*>r in thp thre<» vpars - •- a prr>m icing escape route arid; boarding duilug the; rechtston.- If';- ^ 


NOTICES 


(Elirtstmas 


RMP 



>• 


RAND MINES PROPERTIES LIMITED 

• in<oroarrf:«i .n :nc RoiunVc pi 5ou:n a : r zm, 

A MtJnocr at She Barlow Rand Croup 


NOTICE OF MEETING 


NOTICE IS HEREBY GIVEN tna: -.n« annual general meeting o' 

mj/nte-i sr BaniJ Miners Properties Limited will ft* neld m me board room 
a; "iv tom^airi reoutereO oin:c. on Man Reoi Road. Crown Mn«;. Johanres- 

e-jrg. 0.1 Fridjr 2C January 1979 at 10100 lor "ic Pol lowing ouroosej. 

! To rvtiii.u and adoct the financial statement!, lor me rear ended 30 
SeoreiTiDor 1975 

2. To eioe*. the diruetors retiring in avoidance with me comoany's articles Ol 
e> a.saciation. 

I To hx -he remunt ration ol the auditors lor tnc past year's audit, 
a. To consider anl II o-.vmcr nt la oass wUh or w.inoul modification the 
lonowinq irdmary resolut-on- 

" Resgt-ed sh.n ihe shares neither allotted nor issued »i J6 January 1979 
to rlaccst under the control ol the directors who be and they arc hereby 
autho- teJ. sunoci la jottion Z2i ol the Companies Act 1973. to allor 
di .ssuu [hose shares m their discretion on such terms and conditions u 
ana wh>n ihe, -teem m to do so " 

For -,n« purpose o' determining those members entitled to attend and io 
* ore at -he meeting, the company's jransler beaks and rcaiue.- el m cm hers m 
Soutn Air.m .md the United Kingdom will be closed Irom 19 to 36 Januarr 
1?7? both dales (ncl-’sl.c 

A member ent-tlcd to attend and vole at the meeting may appoint one or 
norc proi.c-s to attend sneak and act. and rdVi on a doII in h's stead. A pro»y 
need not Be a member e! the cemoan,. A pros., lorm ha; been enclosed m 
each jet oi h.iancij' stazemen's. Adtldiesil p-o*r terms are avariablc Irom rhe 
0 ompnn. v transfer scerc'arics in Jotianneibui g and the transfer oHi«! ol the 
Sveretnrjo in me United Kmpdom Comolried proxy lor.-ns sti;uld be rar warded 
;o a-, to resell the rvflii-.victi ofiice o' the icnejn-; or the -ransier office ot 
the ienpjr.i's r.-ansler se-. rc-tar. e;. Second Flo*. Deriish‘re House. 49 Jorlssen 
Street, eraamtor.rcin. Johannesburg 2001 iP.Q. Ba» 317!9. Braanffantem 
2017.. or the iranslct office o! the comsani’s Ur. led Kingdom so;re:encs, P.0 
aci 102 Chnrte- House. Part Street Ashford. Kent TN24 SEQ. at Icist 43 
hours betore me time ol the meet Mo <whlcn oer.od t, eludes Saturday; Sunday; 
and public holidays'. 

B, Order o' the Board 
C. G. STEiN secretary 

Office of the London Secretaries: 

Chari ei Consolidated Limited 
40. Hoi born v.adur:. EC'P 1AJ. 

2 7 - .h Noremeer. 197S 


Our Greetings Cards 


Inlerflora GrttTokens from 50p are sold with a tree 
greetings card and envelope. 

Exchangeable at full face value for flowers and 
plants at over 2.000 ffterflora^^\£5^r 
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gifts. You decide how 
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international Gift 
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they solve your overseas ^ 
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hloHMi ?nM5WlLr.Ji 


INTERNATIONAL PACIFIC SECURITIES 
TRUST i 

Jarilini. Fleming Intcrn.icion^l Limited ; — — 

Ennouncu thjt 3 lurcher interim OlSlribu- . 

tipn C.I HK S conrs Per Income unit will NOTICE IS HEREBY GIVEN thal Che. 

P r "-'.H V - -Ora.<w* Share T-jmsJer SooLs ol the! 

.nteme ■, nit" on th.* ‘r*gfit“r on 2flth [ Cbmaany will ne casri from Till, :o 26th 1 
Deecnljer. 1S7B. m mpee! ot the December. 797fl b^th o-i'.ei inclusive. 1 


FRENCH KUR HOLDINGS LIMITED 


Bt O' dvr jl the a sard. 

JOHN E. GROVE. Registrar. 


FRENCH KIER HOLDINGS LIMITED 


accounting period from 2S:n May. 197B 
tc_2Btn June. 1979 

.he Ugiscer pi fielders p' units will 
be closed Iran, 28th Dccc-mDer 197 B. la 
6th January, 1 979. bd'.h days inclusive. 

In aider ra guaJliy (or the noo.c distribu- 
tion. tmnslorc 01 income unit;, uccom- 

o.imed by the relevant u nTT coctmeatc;. • 1 

must be Iprincd with the trust s registrars. 1 ! 

C.-ntral Pegts-.rai.on Hong Kong Limited. | NOTICE IS HEREBY GIVEN DO Ihe, 

SSTE! HSr 9 4 , SS n iJSr r oV“%& \ r-,-. unsecured LMn Slack; 

December 1978 | 2D04 Q9 that the Translcr Books Ol the, 

JARDINE FLEMING AND COMPANY j Com cany will be dosed Irom Ihe Mill to 1 

Hang Kong RwTOVf ol We I 26,B '*?*: d4,M | 

Managers. I Bv Order 01 the Board. I 

Jardmc Flemlny Intern, t.onal Liniitvd. I JOHN E. GROVE. Registrar. [ 


SCOTCH SMOKED SALMON 

i: lb is 20 

2 lb side L 1 0.25 

2‘ lb side £ 1 1.20 

27 lb side £12 60 

Gift Pack with Knife 70p extra 
Ready-Sliced Sides £1 extra 

1 lb bsckei Lonj-Si,ced Smoke J 

Salmon i'« 10 

SMOKED TROUT AND 
MACKEREL 

4*5 ot Smoked Trout .. .. £3.50 

2 x (2 oc Smoked Mcckerci .. £2.30 

POST PAID IN U.K. - C'//0 
ORDER EARLY FOP. CM*" t-i,-.S 

j. & M. SHEARER LTD. 

8 Vienna Street, nbrrde.-n AB-* IrL. 
Tel: 0224 28206. 


RESKBEKTgAL 

PROPEKTY 


BLACKHEATH 

7wo-b:drocm luc.-r/ Act en th? Hvarh. 
'-b’ln ’ : ,'diniii ’ -aom 1 ff.e Tilteo 

krethc'. batbroa-ti. separate w.c. Full 
j:: :.li. Eat, t'ml to Citi and S t 
ft.ll carpets ta be ntluded -n price ol 
£24.000 tor qcick sale. 

Cali ni-'iSa 401 r. e*. 31. offnc hours, 
or 01-6*1 1263 alter 6 pm. and 

weeltcnds. 


than eariier. In the three years pav ^ enls 0Q current account is a promising escape, route and puarui ug auf iug: ui« r ^ecensum. ei; - 
to J9S0 it amounts to an annual J! e q Uired {Q bc in eq uitibriuin the^argument returns to. the im- 

4.J per cent and in the follow- Md if econom j c policy ■ is provement of the compeutiveness requirements ,, could - met r. . 

ing five-year period to J per restr i cte ^ t0 orthodox fiscal and of the British economy** - J ' ■ * entirely , from Imarde4 ^ 

cent. This compares with o.t per monetan . management - . The article says the problem productivity; growth 1 might be ^ 

cent in 1967-73. The methodmcplicitly ashinea^ ^ qifh. the various horauiI;-esJi-'.R®?! < J® 1 l:jf ceat^ 

Oil remains the most impor- no real alteration in the exchange mates of the effects of the' shorter- * nn ua i rise lfi output, " an 
tant fuel but its share °* total rate and discounts the possibility working week so far is that they employment of 2vlm. . . ' : 

supply gradually falls. Coals of a co-ordinated refia- are' based only on first round . Tho fignjes range -frora ^inj- • 

share also drops in spite of an Uon bv lh ■ major industrial, effecu and ignore the secondary employThent; n? lJta- jn i883 , 
increase in the absolute quan- ct , untri g S impact due to changes in unit- where. a 3 per cent annual rise is 

titles planned to be consumed. T , Je resullLng picture is des- labour' coirs. ' ' ■ ^ putpat is-a^^atod wlth; T?W»di«: v ; 

Natural gas continues to cribed as “hot too encourag- The Institute calculates that nyfty^grdWth of 2 ^r-cenTayear . 

increase its share, from about IT ing.” Although a resumption of given the balance of payments and i^m .-cffemploynient-: when , 

per cent now to more than 19 growth, at an annual rate of constraints, the»iikely permissible output expands -by 3^5. v- ; 

per cent by 1^S5. while nuclear between 2 and" 3 per cent would rate of growth o_f real, Gro® year and productivity hy'rS^pftr 

generation will contribute 7.25 constitute a welcome improve- Domestic Product is-. between 2i.-cent".annuaUy. 


FT if 




SUMMARY OF THE FORECAST . . 
(August projections in brackets'^ where. comparable) 


Real GDP 

Real personal 


Money supply 

Consumer 

, . Current. . 

Public setter . 

(per cent 

disposable Unemployment (percent 

prices 

. r account- 

bbrravnqg - 

change, 

income (per 

(fourth 

change In 

(percent 

; balance . 

reqiifrem^it •; 

year/year. 

. cent change. 

quarter. 

sterling M3, 

.change,: 

- ' 

; (Rscat yoir, 

1975 prices) 

year/year) 

million). 

fiscal years) 

, year/year); 

. run). 



* 



- • 




1978 

3 JO 

6^ 

(5.1) 

14 (U) 

SJ (ir.o) 

■K-- ‘ 

8.0 . <9 si : 

— (04) 


1979 

3.8 

3S 

(1.5) 

li (13) 

io.o cii4») 

9S Olij 

0.7' (1J) 


19*0 

225 

2.\ 


U 

10.0 

92 \ 

.12 • ••• 












PUBLIC NOTICES 


GLASGOW DISTRICT COUNCIL 
BRIi issiutf 29.1 1.T8. £4.7m 4t n-*". 


ART GALLERIES 


LEGAL NOTICE 


AGNEW GALLERY. 43. OU Bonn 5l.. 
W I 01-629 6176 DRAWINGS FOR 


. maturing 2812, ‘79. Ajiollcnlon taiaiieu ' CKPIE7MAS PRESENTS. Until 22 Oec 
. £33 4m. Biff* outstanding £9 4m. J Men -Fr.. 9 20-5 30. Ttiurs jnl.l 7. 


Mt. Uffttf.- v it 1117.- 

I _1ii I*f HIc:H C'ifST OF JOSTICK 

'Juni'-fV Pivisrun Conia-jniri: Gourv In 
Hi- ilallir nl FELINE OF EOXDO.V 
■ SEPARATES i LIMITED and in the 
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Fluor Shovri 10.4S. 12.45 and 1.4S and 
music or Johnny H antes worth i FfWids 


rrK.-r.a-, . A5H BARN 0 e 4 >!™lM- 

- I M.thailmai cvhihiHon ol* Paintings and 

Jon W.1 ; Seultture Oden dally 10 lo 6. Sundays 

NEW STRIPTEASE FLOORSHOW , 2 tb 6. closed Mondays. ''ftHer ChnsimJv 

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;nry •<( ib.- -,airt Ciin.pany rtomrin-c such j'ory or the sa-d Comnanr requiring such 
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T. F. '.KVH.LE. | T. f . NEVILLE. 

i •. -.i re i i.lvit- Ctnrr - i 

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Siii'i.i.vr mr uu? p.'uuor.crs. ! Soiwi'or for PeKuonirs. ! Personal. Gardening 
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ft- m m- noni' and addr v st of 'he if a firm. Uio name and address of llu ' 

•im-. an,; h.ik: h. sienrd hr (hi- ucr.wii firm, and mum be slsncd br the gersou 
or firm, or h-s »r im ir ynlicifnr » ri alij'C I or Arm. or hid or their solicitor *!f any'. ‘ 

■r.d mns-. h- -■r’.'i nr. if pust-’d, must i and miisi l>e nrreoit or. if posted, niiiji 

n. sen: h> po*r in •.nffici-m uui-: in I he vn: hy post in sufficient time to' 

r ' -i' •* ih- afi.ii — n.i.treCI noi ’a'.-r :ba:r rvaih the ahoso-named not later than' 

'■•nrr n cine!' m :,v afternnun iif ih- four oVlncf: in ihp sficmoiin of th- , 

-'.I dj' “f P.'.TIilVr 157“, - h day of Pecemh{{- i 


I AGNEW GALLERIES. 43. Did Bond St. 
' HI 01-629 CITS. DUTCH AND 

• FLEMISH PICTURES FROM SCOTTISH 
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I Until 6 D(icn6ur Erii-ance 'ce 6Qn 
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^ __ 23rd 


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■ iii-niiMii - 

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nail" 

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h. 


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per cent as aeainst 1.25 per cent 
;it present. The share of hydro- 
electricitv remains about 3 per 
cent, slowly declining. 

European fuel production is 
pianned to increase from the 
present annual level of 750m 
tonnes of coal equivalent to 
nearly l.lbn tonnes by 1985. 

About two-thirds of the addition 
is expected to cume from North 
Sea oil production, with further 
increases from natural gas and 
nuclear energy. 

Unchanged 

Net imports are likely to 
remain almost unchanged to 
about l£iS0 and rise in the period 
1OS0-S5. although not at an alarm- 
ing rate. 

The biggest rise is expected in 
the imports of natural gas: these 
and coal seem to be rising with- 
out interruption, while the rise 
of oil imports would come after 
1980. 

The article says the greatest 
change in the outlook compared 
•.viih earlier plans was round in 
the area of nuclear energy. “The 
pasi iwn years have seen the end 

or ovtr-ai.i bilious targets for the UNITED KINGDOM exports have modity groupings, . imports frqjm Policy, nor is there "any evidence ‘= 

creation of nuclear capacity.” probably won a higher share of and exports to the Six ail of . any: such loss in the'EFTA ■ 

the market in the original six appear to be higher than they markets. ' . . 

EEC countries than might have would have been bad the U.K. -itaW 

, „ . been the case if Britain had stayed outside the EEC. attempt to mTtife 

national Institute Economic remained outside the Com- UK exports of transport equip- effect^ that T^Snnfoti 
Re letr. ;\o. Aotember 19/S. muiuty. according to a special meat, goods made of leather, inembership- may ■ have -bad o® 
price £3.00 (in the UK) jrotu article in the review. rubber, wood, cork, paper arid. .the. UK balance of. paymentis 

National Institute. 2 Dean Across the range of products, “d miscellaneous .. good s*, depends;^ -.'■very: 'much; <m.- the 

Trench Street, London, SW1P, UK exports to the Six maintained such ^ pottery’, clothing, 1 foot- various ’ potential -alternatives 

S HE. an above-trend share of those war, scientific instruments' an a ysiflihfeQ -for' -toe.postieotiy 

countries' imports. Similarly, the furniture, also Increased' abpvfe. ? .- . 

UK has imported more from the tiietrend projection in the po.sv On-*ffe!^tassumptidh^ is . 
SLx than It might otherwise have ^ ntr y years. .... posgj We to Obtaia -both . positive 

done, with the sole exception of n and negative fesltits, ” C 

transport equipment where the L-OSt • ; It ; iillits 

share fell below trend. A possible eo« of EEC mem-. a. time of wOtid .receKliJn. .it > 

The article says there is a bersWp for the UK was the loss 44 - pcsslble tlmt'the UK. ; as a 
strong case for suggesting that of markets in Ireland, Den ma^- hiemferi' ha* heeff ^le to main- 
the Common Agricultural Policy and EFTA with the establish- teki *t htgher share. of Common 
has diverted trade away from the meat of a free trade : . area- pricer : tbaii , otherwise ; ^ 

.more efficient producers to the between these countries- and rhe witid : h^e"T)een'tha!--C£a&. 

EEC and enabled British farmers Six, .; : - / . V' Giyen ■the . receut protee- 

to maintain production levels However. this does 7iot-_appear' iioniat'- meaSifres; of-'-tte’^EEC ; 
tnat otherwise would be to have happened with respect toward? • -the- . iroxil" "aufl *•' kterf- 

An 1. n.— V-L 1 _ .1 * l_ J J iC. ■ jC- 


Exports to EEC helped 
by Britain’s entry 


-ir- 


by DAVID FREUD 


New base 


ges 


picture 


BEBAS1NT, THE national 


accounts io 1975 constant prices ^/U^tifled outside the Common to Ireland and Denmark: except ihdnsttT. aud -the .teiEtile jtidustnf; / 

. — . 1 1 .^, ih, n „r r om hu Market. m the instance OF aond-5 I'fmewd ‘tW* : eAHW_g»>lt"hii'- imn/iHsnf ' fill- ” Kjr *».- 


rollier than thuse of 1970 bas 
significantly changed the picture 
of the recent past, the institute 
says. 

Thus between the first quar- 
ters of 1977 and 1978. growth of 
the gross domestic product is 
estimated at 2.2 per cent, 
whereas on the old basis, ibe 
estimate was only 1.4 per cent 

Partly that was to be expected 
because of the greater weight 
given to oil import saving at 
1975 rather than 1970 prices. 

Other changes, however, are 
loss easily explained. For ex- 
ample. over the same year to 
the first quarter of 1978, con- 
sumer spending grew by 4.8 per 
cent f against a previous esti- 
mate of 3.7 per cent!, public 
authorities' consumption by 2.6 
per cent (1.5 per cenu and gross 
fixed investment by 4.6 per cent 
1 -O.h per cenu. 


_ , . m the instsyice of goods covered 'this couitC-well'ibc-iuipdrlaht; for " 

In the manufactured com- by the. Common. Agricultural-; &e UK-" ' 


ESTIMATES AND FORECASTS OF THE GROSS DOMESTIC PRODUCT 
Cm, 1975 . prices, seasonal !y adjusted ~ 




GDP 

compromise Con- 
estimate sumers’ 
Index •. expendl- 
1975=100 ture 


: Public Gross 

authorities' fixed Exports of - flnal- import*of- m«jtto- 
'currentr • Invest-; goods and expend*- goods itd ‘V.iactor.' 
spending ; aitnc ... -services .mreL'-V. jsorvfces' ■ 


Percentage changes 

1978/77 

1979/78 

1980/79 

197* IY/77 IV 

1979 1V/78 IV 

19*0 IV/79 IV 



3.0 

SA. ' 

- 24 

3-4 

' - 2A- . - 


i!tr -*T 

■■ 

3.8 

• 4.4...'. 

... - 22 

: 4JI 

.- 3.4 


2* V*“- 


US 

• 23 

7.7 

- • 33 . • 

34: : 


•• -: i8- 


4.4 

• 7.1 

22 ■■ 

‘ 40 

. - 'M- 

V5.i 


:-n- 

2.6 

33 ■ 

; :2J- - 

&£ 

. 43T"' 


r ':"4 jf'l 

' ■•‘■•3L 3.' A :• 

2.1 

lJt- 

•1.4 — • 

: 2 2 


reV«-r.V 

" ’ 2 *-■ 



JO ' '* 

r». e 







Trvdi-arti' Nnlmoi^stln^v^mr^i:: i • r : 

• •’ y y V.:' * 




EUROBONDS 


NORTH AMERICAN NEWS 


Move to block Hitachi link 
with General Electric 


BY.STfiWAflT FLEMING 


NEW YORK. \*nv 2S 


■s!*:THE ■ Justice • Department »f venture were not releawil. it was menu's letter with - Hitachi .ird 
— oiocK a proposed dear »bat- CE ^-aa- hoptn" that added that <;E remains fi.iu- 
D"« jortBt venture oy two of the rhp Two companies would be able milted to the television biisun-ss 
vrorln s larsest electrical eqmp- to ran-g mil a bigS*.r «*nr| more and -vill oumimic to look •*' 
r“\?* enl raan ^aet^rers. Hitachi of profitable .shaft; of Ihe UJS. means to increase tin- vqIii.h*- 
af ' an (~ the ^'-S genera! market. Ii is prccn-rly this and the nnuiialjility of its 'IV' 

.'/J,. Electric.. Company.. to produce objective in which the Justice receiver opi-rmiuii.s. 

T e, ‘^ FWwn ** li : Department is . objeetmv. ’Hie 

-Tne Department today Department says that the mm- 
released the text of a Setter tt hinaiion of the two companies' 
sent to CcnpraJ _ 


He added u could not i<o 
assumed frnm the ii.uenu.-m ili.it 
s the Cuitipujiv unu'.d drop the 

. Eiecl/n: American operations wil! tend to nmnini-ri «.-ni, Htwi,. 

-no- saymt; Mat it would challenge, eliminate actual -competition 1 
; *rr?'XhroiiEh an anti-inn! suit, the (Hitachi, it points oiit. is already The U.S. iHevisinn niaruifa.'- 
( proposed. combination of the two the 12th larges? company m the lurcr.** hj\n burn under intense 
i • ^..companies' U.S. TV buvine5M?s. U S. TV- markotj and also polen- «'inpeiirivc pressure from 

[> 


« Almost a year aso. Hiuchi and tJal competition." ” ' - Japa iMw-nii.de ' *m.s. mitruJiy 

- GE disclosed that Ihev were a .. , . ... T . imported but more recently 

^esamrnina the %oss!bllilv S °7 lh * manufactured in the U.S. 

, -’"setting up a joint company— wJei ^ be eai ^/mission^’wth J:ip: ' n,fSe s *‘ ,s h;,vv c;, r» u,rcfl 
:•/ General Television or America— r,E HL b h7ws^Xmo th - around 40 per rrni ..f rhe UA 
fet'-i which would be equally owned #.nn«trti«fnn *?? eolour TV market and over ilte 

B.ST- and which would jointly market 2ESJS? assemhi? ulant in "the p3Sl 10 >' uar s the number of U.S.- 
; •$:*<$■. ^televisions under both com- i:c 11& ‘ 0a a * semh ^ P 13 ” 1 J n the oWne) j TV producers has been 
i*i. panies’ brand names. 4, ' 3 ‘ r#»diteo»! Frnm in in «>von 

; At the time. General Electric Tt ^dded that it was not Jier- 

i.V . said that the move would help shaded that the venture is ncivs- 
k TTto assure continued employment m f 10 maintain the viability of 

r 3(or (IE's 4.000 employees in its Either party in the American TV 
I US TV operations. At that rime market. 

' — •‘“fTE was' about The sixlh larccst Commentina on the Justice 
U.S. TV producer, and although Department announcement, a GE 
ils TV business has earned a spokesman said that the company 

profit in the past two years, was disappointed that the Depart- no.tHW iiiirruwave uvem, in us 
according tn the cnmpany. just ini-nt has not approved the fnr- fir-i year uf operation Several 
previously it had been a drag on malion of the joint venture Japanese firms, including Sony 
Wlya company. Hr added* that the and Siimn. already have U.S. 

Although deta ils of th e joint company vs studying the Depart- manu fartu rim; operations. 

E New computer range at NCR 


reduced from Ifi tn seven. 

Ironically, there was news to- 
day »»f intensifying con>p»!in<>n 
in the eolour TV market vith 
the .1 mum no-men l frnm another 
Japanese firm. Slurp, llt.ii next 
year it is tn bmJ.J its, first Ameri- 
can factory which will make 
10.UQ0 colour sets a month ami 


Insurance 

exchange 

drafting 

complete 

By John Moore 

Tin; CONSTITUTION and 
liM-laws of the New York 
Insurance ExebaiiKe— America's 
aiisui-r to Lloyd’s, of London— 
hate been finally drafted, and 
are due lo go before the legis- 
lative authorities on December 
31. Once approit-il ili«- new 
insurance exrbamtc will be 
efferlhelv oycrjliunal from 
April 13. IDTtl. 

The exchange could be 
it uderw riling policies bj Orto- 
ber of next yc.ar. 

Mr. Donald Kramer, who has 
played a key role in planning 
the new exchange- said In Lon- 
don yesterday that the new 
insurance exchange would not 
be shori of talented under- 
writers. "We will grow some, 
wc will Meal some, w> will 
pay some," he said at a con- 
ference organised hj stock- 
brokers Laing and Cruick- 
ahmtk. 

Initially ihc exchange will 
hate 2ft synriira'es b.-irked bv 
capital of at least k'J.33m cadi. 
They will b ( , able in handle 
premiums uf about $2(inni. 

“ We hop? that the New 
York liiMtrant-e Exchange will 
work cu-ojierathely wilh 
Lloyd's and rosier innovation 
in the insurance market." said 
Mr. K ranter. 

.Sir Henry Mance. a former 
chairman of Lloyd's, rommeni- 
liiyt on the exchange, said “ I 
welcome anv addition to world 
insurance capacity providing it 
is skilful and responsible.* 1 


Burger King gets set to 
invade European market 


BY DAVID LA5CELLES 


NEW YORK. Nov. 2$. 


IF EUROPEANS arc not yet din-ftg experience " with regular came away with its number two 


f.muliar 
they soon 
MacDonald's Hamburger which 
i.t finding ; Is, way aero*.? the 
Atlantic, America'# No 2 ham- 
burger vham. Burger King, is 
,il-o expanding ti> Europe. And 
Burger Kinc's centrepiece is 
The Whopper, a chunky handful 
of hambur_e.<- steak, relish, and 
*alad clamped between a sliced 
suft roll. 

London a i read; has a Burger 
King, m the Hay market, and 
there are a few more scattered 
around Spam and Scandinavia. 
Bui. according to Mr. Wally 
.Scott, exccuiive 
for g nance of Ptll.&btiry. the 
giant food 'umpany which owns 
Burger King, a big expansion is 
planned in the years ahead. 

The immediate priorty targets 
□ re Germany and the L’K. the 
two countries m Europe where 
ihe fast foods business is 
reckoned to have the best pro- 
sneci- Pill.-biiry is even eyeing 
Franre. where it gathers that 
MacDonalds are doing well 
despite the fact that their pro- 
duct does not exactly rate as 
haute cuisine. 

But. though ?h:= looks like 
age-old rival- tran-pomng their 
war abroad. Mr. Scott denies it. 

Burger Km;, he explain-, is 
targeted at a higher gua’ity 


Mr Donald Smiih. whom it 
appointed president and chief 
executive officer, a move which 
observers say has greatly 


?.h " The Whopper," hamburgers 25 per cent bigger 
Till be. For. like the than MacDonalds, and garnished 
wiih ex: ra hits and pieces. 

Burger King has al*o been 
trying io remodel its traditional sharpened competition. 

-5»«S -iaSS.’HSLSS.IS 

r'"= er ” "s. 11 ™." : ->ss; 

h,., b>- ^ 

ciar.s witn conjuring tricks. inQ f .. -_ d it h " « 13 , 

Hence the advertismg of " mas ,c restaurants' against MacDonalds 

by wbat Tbb ^ 5 «»- 

company .-a!:-, its “ grand slam " The big difference though, is 
programme to bring “ even faster that while MacDonalds is an in- 

v i ce-D resident service and ’niproved product dependent company. Burger 

ill-luirv ' the quality " King belongs to a vast concern 

To strengthen its position, with sales in fiscal 197S of Sl.Sbn 

Burger King last year raided the (sales through Burger King 

MacDonalds executive suite and franchises not included). 


Bendix looks for record 


BY OUR FINANCIAL STAFF 

BENDIX. the automotive, aero- 
space and electronics group, ex- 
pccL* to produce record earnings 
in the year U* September 30, 1979 
with little overall change in 
sales. In the r ear ended Septem- 
ber T97S net income totalled 
SlSPfini on .-ales nf S3.6bn with 
a per share irco'iie of S5.74. 
Fflr'vca*;;^ jhe advance. Mr. 


market than MacDonalds, where Joseph Svee vice president and 


.hamburger- 
inexpensive. 
h : S chain a.- 


come simple and 
Mr. Scott describes 


chief financial officer, told the 
Europejn institutional investor 


uffermg "a whole conference in London yesterday 


that Bendix 's debt ratio at the 
end of September was some 31 
per cent, having been as high as 
33 per cent in the year. This is 
about right for maintaining iu 
bond ratings, he added. 

The company - ? forestry 
divi.oton's profit should he down 
in the current year, reflecting a 
decline in U.S. housing starts and 
rising U.S. interest rates. Bu! 
the aerospace-electronics division 
should he increasingly strong 
over the next few years. 


BY OUR OWN CORRESPONDENT 


$50m issue 
for Norsk 
Hydro 

By John Evans 

NORSK HYDRO, ihe Norwegian 
energy utility, i* reopening the 
primary sector of the Euro- 
dollar bond straight debt market 
with a S50m 15-year cjffering. 

This marks the first new- 
straight bond for around two 
months, since the Eurobond 
market was disrupted by ihe 
sharp fluctuations of the dollar 
and the increases in U.S. interest 
rates introduced by the 
American Administration in 
measure: to defend the dollar 
this month. 

The indicated coupon on the 
bond is SJ per cent. However, 
in today's market conditions, 
pricing at a discount from par 
is indicated. 

Lead manager is Ham bras 
Bank, with the management 
group consisting of Amsterdam- 
Rotterdam Bank, Banque 
Bruxelles Lambert Commerz- 
bank, Den Xorske Credilbank 
and Salomon Brothers Inter- 
national. 

Eurohnnd analysts commented 
’ast ni"ht that ihe managers 
were adoptioc a flexible attitu-le 
to the Norsk Hydro bond. who®e 
lerfurrmnre will be closely 
monitored by market partici- 
pants. 

The big institutional investors 
which dominant the demand la 
of the band nurke; have been 
selectively buying straight dollar 
bonds recently, but mainly where 
yields hive moved no slum 1 ;-'. 
This has generally meant fssu-'S 
returning between 9j and in 
per cent 


NEW YORK. Nov. 28. 


'7- NCR. 

•AftO 


the sixth largest 


U.S. 

; '-computer manufacturer, with 
sales revenues last year of 
77i.jS2.5bn. is entering the iarge 
' . business computer marker. 


been in supplying equipment to been a decision to use the most 
retail and wholesale traders, advanced lechnoM&v in the in- 
banks and other financial groups, dustry — the fi4.0TO-hit random 
But historically when >uch access memory circuit — in the 
customers 


Sham setback 
for Litton 


By Our Financial Staff 

required the most equipment. Major computer lIIT'J.V INDUSTRIES Ihc 
li? The company announced powrful available- computer manufacturers hav? yet to df^nr? industry electronic 
;>gc; today that, by tlfe fourth quarter equipment, they had to ro to a nnounvc decisions to use such equipim-nt group announ -ed that 
of 1980. it will be able to. offer 0De NCR 5 rival; memory chips. p t . r sharp p;irnings for the first 

-rv-two new computer models The company now believes As part of us dewlopment quarter of it.- fiscal year have 
M-n- which wall for the flrsi time that this will no longer be the programme. NCR iwhMi used tu dropped from r,s n.nts tn 21 
■u.i". allow it to compete with the case and that the availabiliu of n« called National Cash eenis Tri? ;i ! net >rcnme shows 
mainframe computer giants such the new machines will also help Regisiei » has i»-?n reorientating a f-tli °f 40 ncr rent to S9.4m 
a f International Business tn stimulate sales of smaller its business away from the Bui _ sale* have held relatively 
-to-'-llachines in offering large-scale scale equipment to customers traditional clectro-mevhanival 

who know ihji if a maker wants accounting m.uhines toward- all 
tn trade up *nto more powerful electronic equipment, cncc the 
computers, he will not have tn ilc«-i;mn in 15»72 to mr cent rale 


v.’ji systems. 
The 


£■“,7 -The announcement is the 
^"T.ntiinination of a six-year 
development programme, which 
.. '■‘’" hatf involved the company in 
rnne? nt rating its business efforts 
. on the electronic data proenssine 
L-jT-iMi sines; and in designing a full 
range, of computer systems. 


go to a rival manufacturer. 

The new machines, the S600 
line, wilj range in price frnt.i 
S2.4ih Ui -?3.3m ft#r the 8650 ami 
.*3. Sin to for the lamer 

S670. 

A key etanenf in tiie devclun- 
, ;t -... The company's strength has nieitt of the new machines bus 

: : : — : : 

v . . - — ■ - 

fv. -V 
it.' ■ 

r:* M 

ki. • 

t 


on da la pmci-^irt 
year it sold nnc 
intere'is untMde thi< field, its 
Aopleinn Papers tlivi*.ion. tu 

B\T Industries nf B-ita-n for 
» move which helped the 
I'oniiiarr'v in jr.s efforts to 

strensthen its balance-sheet. 


steady ai *!M0 Sjn agdtm.J 8903.4m 
in the conito-ahU’ period. 

l or *he i* hole n r ih-- la-.! fi^rot 
.' A a”. T.'iron re:)»rtcd a net lo<* 
In Julv this 990 Snt nca : n--t a profit of 
of its 'mam t? 5S r, i>i n r st 37 n <hare. with 
the fourth quarter turning in . 
'ixs of S144 7m af!**r a rharse of 
Sl7*2.9in a>-i«.in3 front the settle 
ment of dknuteil contracts with 
U)e U.S. \*vv. 


FT INTERNATIONAL BOND SERVICE 


Tit? list shows the 290 <ate«t inteyjtaDonal bond ismiw fur which an adequate srrpmbry market 
/ exists. For further details of these or other bonds sec the complete Its 1 of Eurobond prices juibushed 

CIriMng prices on Navemiicr 2S 


'""’ 'tm the -second Monday of each month. 

IAi»l _ ■ - 


—U S DOLLAR 


ChifljK nil 


“STRAIGHT'S 

Issued 

Bid 

Offer day 

werk 

. - Ae8 AM. SI M 

25 

951 

45 

+ 01 

-31 


ITS 

9bi 

971 

-8* 

-9i 

AD^lnUa 9* 91 

75 

941 

44J 

0 

-3d 

HAitncc Foods 7! S3 

100 

451 

«. 

fl 

-n: 

— « ECA Si *7 .. .... . 

50 

WJ 

94: 

0 

+ 81 

cno 3 fn 

25 

9Tf 

IT. 

s 

-81 

CEi'A SS . 

25 

Wt 

991 

+91 

9 

I'VT S S3 

7S 

9bi 

951 

8 


Canada 3 ST 

2S0 

9i: 

WA 

-Ai 

-*S 

JlSflUd* S.V S3 

250 

«I 

45i 

— 8i 

+ DJ 

Canada y. 9$ 

250 

441 

951 

+ 81 

-o: 

-.aCanaifj 3 i3 ..... 

43# 

w 

49* 

-Jl 

-ii 


JM 

in 

IN! 

-04 

-Jl 


TO 

95i 

95i 

8 

-e: 

TDwnliwn Bridge CO. B K 

25 

4K 

.941 

+N 

+9i 


-EH5 8J M 1M WJ %3 fl 

‘ SIR 9i 9S US ST* 981 8 

FIB 91 96 100 tW Wi +U 

Etnwwnflnans 9 86 .... SO H! PI 9 

'Fmlamt ?f s.t .... -MS wi tri -0J 

Finland 9 88 SN 9U s*i -Ot 

hhsmul O S 9 S3 25 Ri « +M 

TW1. Flnanw 9? 95 25 Ml Wi 0 

Itrt Finance 9: M .... a Wi « *94 

J C. Peonnj st S3 . . 280 97i V7J *94 

Mar BlowSrl W 93 . • - 58 W W 8 

NT D.-r. Kin. Si v. . 20 W Ml -Hli 

KX D*.-v. tin. s; S3 .. 29 « W +Bi 

X.W HWl. « » B W rc « 

X,.„-rnap,llAnd 9-. Sfl SO 971 9Si +0i 

NnrJ tar Hit. SI at 25 Ml 97 +91 

Norte* Komtn. H 9* .- . T5 ,T 2 9*4 — ®l 

Xorwny 7J W ...... • 258 9* 9fli 1 

Nonpar SI 58 150 W «i "« 

U-s.ldt-ntal 9! 95 ■: 75 92* 92J 0 

On:. Hydro Si 85 ' 125 . 95J 95! +W 

Ounbeo 94 97 /.... 58 «! W +84 

Svrdrn « S3 IS «J «l -« 

UK V- 89 208 944 96i 

UK Si *? . . ISO 97i 97i -N 



' f inland *.« >s 

25 

»7J 

48i 

rictd 

' JiOTH iV if ii .. 

25 

mu 

UUi 

9.44 

j •-•'to. f iq- of 6 6 tt> .. 

15 

■*! 

97i 

9.4b 

4';r.F c 6 oi . . . 

29 

it: 

4TJ 

442 

S viil-n 4 7 M .. 

09 

4H 

Wi 

4.14 





9.19 

OTHER STRAIGHTS 

tairad 

Bid 

Offer 

4.29 

RjnS irs llbhi. Ii! A* 

12 

194! 

4U 

9.CT 

Auto Coil- Dam. 7 *7 KIM 

lb 

95! 

97i 

9.44 

Coav-nha 7 F= EU( . 

JO 

4j1 

it; 

4.’4 

F Inland. 1ml. BV . 7 W UUA 

IS 

4bi 

97! 

9J9 

h'oiiim. IrLsi. 7‘ 93 BLM 

15 

9M 

11J 

4 41 

H-mma « J . 4“ F.LA . . 

20 

95c 

9« 

4ja 

SDR Framv 7 93 KLM 

22 

■I7J 

9Hi 

4^3 

Ust'ineoi.' Bk. »>i W Fl .. 

TS 

12 : 

934 

4.71 

rra7ll Ti 93 FI 

TS 

91^ 

441 

10-15 

CFE Mexico 71 53 Ft . 

75 

97* 

MS 

4J5 

SIR 71 S3 Fl 

75 

«3I 

Mi 

9-3 

.Vidcr. MUd-nb. Ei 53 Fl 

IS 

— 

— 

4J9 

N«v Z.?al+nd 4* 91 FI . . 

75 

— 

— 

9-55 

Iwwaf 4* S3 H 

IDO 

■421 

«S 

9-70 

okt: m -a n ... 

75 

4U 

V 

4.82 

I'.lM 5; 51 KFf 

200 

98i 

w: 

9.97 

L'.ulrvcr !0 4! FFr 

133 

99! 

in: 

19.71 

V.».T 5 5? Lu*Fr _. . .. 

250 

13.! 

■ai 

U14 

jta>cr Lus. .* DaiFr .. 

253 

95 

Vb 

9.19 

F.ib 7 ; S* i.iixl r 

25B 

441 

951 

9.52 

Fin'-»*iit I ' il. s if- LuxFr 

250 

* 5 : 

9(J 

4.73 

\'orw«r 7} si 1,i«Fr . . 

250 

vs: 

91 : 

9.3 

Ki.n^ul' 77 if i.ttcfr . .. 

500 

141 

9H 


-PI 


-01 

-01 

-B1 

-Oi 

-BJ 

-« 

0 

I 

—81 


9 

+94 

“ Dr 

-ni 
-M 
-01 
-11 
-02 
+04 17-47 
-05 9M 
-U 4.42 
-02 4 JO 

-91 9j«7 

— 9* IJB 


9.44 

9.51 

4J« 

9.SS 

9JB 

I5« 


DEUTSCHE MARK 
r STRAIGHTS 

f .tre-nuna C‘ > e 

r .Wan nr-'-ln-,. H 9* 

i AUftrilia « Si 

p .lU*Tl# 3. w 

L _RsnhaxnnriL-j .’•! 90 

f imir, Pr< Alsrrn- T; M 

r .‘.T‘ , .CP r -A- C 8S 

Canada 4: <7 

I CS-m* Manhattan tl t S P3 

• ■ -- r mrTmrrrhnnlt Inf. H*W 3- 

i .' CnmmnnlhapV Ini XU ?A 

. >- funcnsnspn C tfv r. BiJ .. 

. '?'J“r'- ,, n»T nf Uornpe g{ 

• FJP. 6 M 

i Afiniiainf 5i Sp 

5 5-J 

• iJU 7 '■■■'emt «m 7 s4 ... 

; ■in »--Ii'rfK. iTitT Oi 57 S* 

: ‘ ? (shf S^mroa d<- Blw 

! --• -MfStro a £j 
; MU^nhishl Pflro r,; n/i . . 

; jv.-gpon Slprl .i: S5 . 

F -* .^Nnrsfj Knrnm 6 **} .... 

' j-'u'CTtrw)!; 4| SI . 

' Nnn>*«ian fnd. Pt. 1 «* 

. Pn^mloo Rr«/:1 T 

t jKi-'.'Phllm^ln*-, fii .... 

t - -VK RanKf-i' hS 
f " ^Ptlebpr. Prnnnr* nf * W ISO 
! - ".THaotantuf-si. r®r 5* SS 

! r-rr^mh -si €7 - 

1 -. n ,fSaam <5 S3 . 

! ; . Stiroll 8 S8 

\ i ; ;. -Trorrihcim.- CMr of 32 
l. Kps rjronp 3.* 45 . . 

r VrnezwJa 6* nn 

c 

|- ^STiwiss FRANC 

• 'r J- STRAIGHTS lifW 

V . ^ ..40 

; • -• -AKn*m T'innfl 4 93 48 

. Asi>a 32 (G .109 

Chasn MantartrtJ * 93 . . TD 
k *"vi?n 4! °n so 

L 'Tnurnnl of Enmtw 4i *s 

r - •— JiatiitaiTjrrtr* 3J 85 

[ nXTJK 5 W 

f n*ntnarfc 4i Ni — .. 

7- tV-nmarfe-BIortsune Bk. 

J FTR « 9J 

' Ku ra tom n 

i FT ;1 smlrtrt 44 89 ... 

• Finland 4| 93 - 10 

; -rnzs 4* S3 mo 

; ^^pilH-l.lechnnft*^ 4i 25 

5 "ID Fin. W 41 93 100 

Bldlama 42 M 90 

Manitoba 4 M 280 

V-tr Bniivwlck EPC 32... 180 

' -K-Tti-ae 4 S3 — 78 

N'or^cs Romm. 41 W 

r<KS 4 r. » 

fVv. NTnkia 3 SO - 20 

Safp 4f 93 30 

SfUHivilt 4 90 - o 

S?as 4? SS 15 

Vp^R-AUHOD 4J 93 JW 

Voraftore Kraft < 93 — 38 

, Vienna 4 S3 108 

World Ban* 42 93 258 


Change >a 

litiml BM OfTer day y»r* Yield 


ISO 

Mi 

95J 

“91 

-oi 

7J2 

mo 

41 : 

43! 

-111 

-01 

Mi 

259 

lira.': 

l?li 

-Oi 

-*■0! 

5Xb 

150 

94 : 

95 

-u 

-14 

fl-41 

150 

■BJ 

99 

-o: 

—04 

*.«0 

109 

4.11 

9« 

-flv 

+0! 

B.C2 

150 

9S> 

474 

-0! 


hi? 

WO 

97! 

914 

+e: 

+ 0 ; 

5.2b 

UD 

un*. 

1021 

-11 

-01 

5.74 

10O 

101J 

10b 


• 

2(1 

m 

81 

931 

-0! 

-0J 

SS3 

TS 

■Si 

4bl 

-OJ 

-a-: 

b 5? 

190 

re 

48: 

+.« 

+0J 

9.35 

no 

4«* 

97 ; 

- 0 ; 

— BJ 

4.W 

TOD 

431 

94 

-a: 

-81 

9 IS 

UO 

981 

191 

-0'. 

-0! 

5.3b 

ion 

■4; 

T7J 

■+»= 

-n: 

7.H 

UO 

1914 

in: 

-a- 

+ 0 : 

5.50 

150 

47 

97J 

-41 

— w 

TJ 1 

200 

9W 

tti 

-fl! 

J-Ol 

b 74 

196 

1004 

1003 

-02 

-0! 

SM 

100 

«{ 

no: 

-OI 

-02 

S.T0 

108 

472 

re: 

—01 

-•J 

b-24 

250 

441 

97 

-OI 

+ 01 

S.Jfc 

125 

47! 

re; 

-fl! 

+01 

b.21 

100 

482 

9"; 

-01 

-04 

7.14 

1M 

9 Si 

9ft 

9 

— 01 

7.39 

ioe 

® T : 

941 

-OI 

-01 . 

ft 6ft 

ISO 

45? 

9ftl 

■ 

-0* 

9 53 

so 

41= 

44, 

0 

+91 

9.94 

38 

442 

100- 

-a: 

-01 

5.24 

200 

w: 

4b! 

-8i 

-0! 

b re 

ISO 

4gJ 

941 

-■1 

-81 

9J7 

35 

942 

99’ 

— BI 

+04 

b«7 

M 

4b! 

97J 

— a 

-*J 

0.53 

150 

95: 

44 

-OI 

-02 

7.32 


S<tl; - -f F,n « -V 1 .iRl-r 590 449! 1P3! 

i-vi«h I. lit. * fc> Lii»Kr 590 1S41 1001 

cti-iira 5 Mr. 1 a IT I 20 tt 87 

1 ;-. BTrltrf r 1l«d !!V II 33 l 10 97S 8T2 

Orirli ljni<7n TP.' °P £ .. 15 P42 05J 

V/hlihn-ati in* 9U I. _ . . 15 IS • ft 

FLOATING RATE ■ 

NOTES 

Ajn-’riran Kz ores' «? B1 

Arab (nil. Bank Mfi.3 S3... 04 

pjn.ii LI Sjlvador M* FT 1 ; 

Hireo ‘..■•r Irwin VS .*» fli 
Bank HaD*Iln»r 319. <« ■ U 
RipJ ** T-tX-A -MV »3 . 0i 
]! -ikii- Vrnnw IU! « 01 

P-. .!■ MLT-. 14 

;ujm F-::. d - Us. M7.3 « 

Kull-' 'n-la »i Surf .Ml 1 0i 
li-1 t|! f Vl fift. M'T.i 91 

cr'-n v, w . . , . 9 ; 

1 ’CP M S'* 01 44* an- 

CtoH- Jim » S MV 7*1 . (U 4S; •? 

1 ‘rtflll JkHi'Oi-'" 'IV, N* . 81 *72 ■’7' 

u.»-a*,«nri n w: w . 9 ' “t " 7; 

|r>l Bans Ja**'" MS' e 3 . O'. 40! 991 

Nh.kit.-a limit V-- .91 4Ji 9S : . 

JJ-I.'I,.* 4-n V- 73 4-1 1 «n T? 

IT-T1 .tnt-.in M3' 01 «3I - 9J: 

tm 1 Mr, - n .: .... nt 97 ; <n> 

v; -vt. U.V *10 0t 47' 

Pk-R \i:.7 j> .. .. •>» "• 94t 

f-t/iorr 'I ""ii= . . 01 9 t: 9T* 

vptf M 4 0! 4*1 «» 

«*ar>lir** chnrt M" '■ *+ .. 01 W 

SnidstnH'tantirn M' 1 4/, • 8t 9*4 47 i 

I'td tn-eriras Bfc. Mb 7! II «1 IN 


-W 

-1 


-Si 

-os 

Change on 


-91 

3 

-31 

a 

0 

0 

-Si 

-3a 

-Zi 

-3i 

-Si 

-01 

0 

+ 01 
-Ii 
0 

+0: 
+ 01 
-Oi 


+ 01 

-H 

- 0 ! 

-Bi 

+Ci 

+3; 

-Oj 

-0J 

-91 

+ 1 ; 


7 . 1 a 

52B 

7.U 

7.91 

692 


L2.U 
7.J3 
7J4 
Tj 7 
7 65 
9.72 
7.22 
9.24 
4.19 
C.T3 
0.09 


+ 0i 


-81 
+ 0 i 


-01 

+51 

0 

+ 0 ; 

0 

0 

+ 01 
+ 3J 
+c; 
-oi 
* n 

*9\ 

+01 
+ 0; 


I.U 

8J3 

9.77 

9.97 

9.14 

6.92 

S«'* 

I 

0.44 

023 

7.95 

9.33 

12.30 
1J.TT 
1? M 
12 73 


9Si 
77J 
“6 
77 
4b! 
47; 
*7i 
411 
■ » 7 : 
4« 


Sitread Bid Off+r C dale C ego C.yfd 
99 99 1 23 a l?i 13.71 

4ki Jl.-l «1 4.77 

972 12.’» UJ1 11.92 
49! 21 1 4J 
77J ^ Tl 12.94 IT J» 
17 13 4 101 10.95 

90 > 1* 32 9 4.17 

97> 4 2 fi ■ SS 

4*.? ?.1 12J H2* 

401 2= 1 9! ■ Tfl 

«T’. 13 '1 4* «.f 

47 17 r 11 4. *3 

94 - t . 11 12 : 12 *1 

•7 V 1 4.+1 ".'1 

■<T m i.i« »jn 

•>?: 1* *: 12 31 17.9k 
491 * 12 - 

99 : . 77*1 HI 1! .41 
14/1 »V 1T.+2 
4 1 12 3i l'/* 
73 1 " «a °.*4 

71 12 4J1 e .*4 
i» a je.Bfc jp *« 

1" 1 4 M ■. 7 

9 4 1 - •* X7 3- 
15 7 9 rq ■.?« 

“■•a 11.34 
4<5 PS 12 45 


IS 

380 

89 

200 

80 

25 


18? 

471 

42 

U 1 : 

Mi 

1031 

991 

991 


99 

49 

*W 

180 

WOi 

MR! 

loot 

98 

100 

94| 

9fr3 

99! 

Mi 

102 

190! 

99S 

UOj 

991 

99J 

1991 

IMS 


232' 

+ii 

-p% 

»*i 

IT 

- ! 

— b; 

a re 

42! 

-fll 

-r; 

4 10 

102 

+01 

+ 24 

3 83 

M’ 

0 

— fl % 

5.39 

ICO: 

+04 

+n 

4 44 

•94’ 

0 

-Di 

3.82 

99] 

-oi 

+a: 

5.05 

1004 

0 

+01 

BM 

1012 

+04 

+ot 

4-32 

90J 

—81 

+li 

C53 

9U 

-OI 

+ U 

4.42 

100 

-04 

+DS 

4-51 

1001 

0 

+ 11 

4-41 

1002 

+01 

+0! 

4.44 

1022 

0 

+81 

4.80 

in 

0 

+01 

«J7 

9U 

— 04 

-o; 

4.96 

1001 

8 

+14 

J.99 

942 

-BJ 

+82 

4.29 

97 

-■1 

-fli 

4.29 

441 

0 

+K 

4.29 

w 

-Dt 

-« 

4 Jib 

1021 

+01 

-M 

4.TS 

1903 

+ B1 

+*5 

4.41 

994 

-a* 

-ti 

4JIS 

wo: 

+B1 

+02 

<tai 

100 

i 

-W 

4.51 

TO 

+0i 

+01 

4.03 

100 

+W 

+« 

4JE 

un* 

+K 

+1 

UI 


rnM't'FRTlBLE 
BONDS 
A«in 5* S3 

RaSrer Ini Fin. :■» K . 

n»io*<> «T m 

r 1 -,.rp|i pv*«n; *17 
i-n-Vets •>'*" 4: fl" 

\urr> I'n!-ii*r1 7 «*» 

T- *.■>- Inr .Mr 7' IT .. 

Thrtl-n let e* n 7 « 

Tr"rO 'III ^'n. B’ Bs , 

7r,.„ I., I F I'l 1 e I 
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rash, '(imn "* ev n*.t 
mi 

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1 «- r.'i 

l 'iro/i T n 'r 
'tiir-ri M»n. " 1 c + n *t 

V*p f fA-i ' ■— 7 * u tt- » 
ih-ntin “* |i'i 
\"Mltn V-W't h’* 

>>nsan ni.-s.-I S* TJ-J 2-7* 
nirmpiK nui*"** 3 l S3 DM 3 T9 

i>innb 1* PM :....-JB/n 

s-*nlc' - n Ffortrfc 3' PM ... •■’78 
S'nro B'-ilHr 7* PV ...11 'll 
enijm stores 3" IK PM 4rr9 
e-nnl*r Fh*nri.- n* PM ..I'H 
Trto-Kcmrhod S' S* DM 11/79 


Cm. Cm. 
delr price Bid 


620 

’a 

7.14 


. 4, 19 
. 174 
2 79 
in 4 

« +1 31+3 

a 70 +19 

479 14 1 
11,79 5>T 

9 7S ?I 
9-711 M C 
11 71 HR 

11 m *«l 
19-78 9+4 

17« 17T1 
1-+4 Ml 

?+• I«*v 
It -1 r-a 

X+-78 1-1 

S*+8 **e 

+ •m 7+t 


701 

MT 

«W 

295 

1++4 

►73 

711 


oner 
441 
100 
4+1 
+3 
134 
+31 
r*; 

«ai 

47 

071 
+W 
174! 
■»; 
171 

jm, 

•rt 
®4". 
1+M 
441 
•+» 
•SI 
154* 
1142 117* 
421 4+1 

I'V Jl- 
**i * n 
9J 44 


«4» 
t44t 
wn • 

esi 

"is 

<11 

v 

M'-l 


13' l 
in 


719* 

T4»» 


«7t 

IBM 


Chi. 

dm Prem 
-4J tja 
+0* k.+fl 
*U -4-1 
-"I 7*.7* 
— 7' -I.' - * 

-3‘ 78 11 
*1‘ -1 •’ 
+7* 24 *4 




1' " 
4,+7 
'. 1 + 
l+."7 

an 
r- 4 - 

» -1 
4*a 


-0* 1.41 

-ei 11 jn 
— 0^ 3.13 

-01 lfl.» 
-If BA? 
-■*, 7-4 

_n* -tn 
-81 11.41 
-9! 1JJ1 


*" Change on 

VBN STRAIGHTS M ^ ^ 

. Aiian Dev. Bh. 51 SS ...— » 2 S TO 8 4» 

£F.CE 8.4 90 » S* mi 0* -Si IS 

•tnrofiiha 0.3 98 IH 93 TO 0 M 


• Vi utPirmailnn +t-R|lab>» — prr+'nni djy'K peter. 

• ilnltr o"" mn-W'-t ntnk'-r implied a prlc*. 
smlitn B»nd«: Tt»» rtrM l« ihe slrlit (a n-d^mpiinri of iv- 
mM-itHee: Uw ennirtt limed Ii in mUllans of curr-rirv 
' pnlt* wrn* for frit bonds where tt is in tultioni. Ch»ner- 
on *r**efc— Ch.+"=-' nwr pnr* ■ wnrX enrlu-r. 

Fio»iinji R«*r Nt*e«; P»nom*naf»d In dollm nnlrss p»hrr- 
nw In*th*ated M •* Minimum ™nn»». r.A+«.-=Pme n.--* 
mij.+nn hDiUfrw* •dTmMm. 5itrr"«1r afs+cln nltnve sfr.rrn't'fi 
pfTrrnl r*ir fnr' U.S. nellnrs. C.cpn=Thc runrnt roupon. 
C.xM-TItp t-mmii s'lrlrt. 

Caamilble tw"d«: P.-onmlpati-d m dqil.irs unlr-H mh#rwtii» 
indtcaird. Ghf d-iT=rbnncv «n d«r. rm*. ileir- Flrn rfeir 
fnr Kjn+errton Intn Kharp*. Cnr. prti-e- Vomirat amnnn- nf 
btmd pt-r ahap.- exprrssol fn rurrenrr nf nharr a* iwnv- r. 
non r+lr »t k**m». PrrmrP-p+ti-iw pr.’mhttn of th** 
current effective price or aconitine -,b*rw via ibe bnnd 
nwr the must recent once of ihe shares. 


Q The Floartcta] Times Lid,. 197B- Reproduction in whole 
or In tun iu unj form noi prnuiitcd uiihaui wTiu.’n 
dinar oL Data suvphcd by IniL-r-Sond sentivjv. 


Montreal bank 


earnings 

By Robert Gibbcns 

MONTREAf.. Nor. 28. 

RANK OF MO.VTREVL. 
CnnsiduN third larRC«l 
rhirtcmii hnnk which is hltl- 
rtinir Tor R» Bankers' Trusl 
rotnuany retail offircs in New 
York, achieved pantlngs for 
the year ended Ocfoher 31 of 
CM 43.5m (USSl23m). or 
CS3.32 a aha re, against 
CSSTm. Or CS2.53, a \car 
earlier. 

The ha Ian re of revenues 
aHer taxes, bill before Ibe loss 
appropriation, was CM 93.5m 
against CS122m. Revenues 
were CJS.ntthn against C32.01bn 
amt total assefs nt the year-end 
were CS32.09bn against 
CS25.17bn. 


AMERICAN 



QUARTERLIES 


BACHK r.RoUP 

fim quarter 

1970 

1977 


s 

5 

Rnvcnur 

IQS Sin 

66 4 in 

Net plufils •- .. 

5 41 m 

*1 60iu 

Net per share . 

U 7(1 

“U.21 


'Loss 


BALTIMORE GAS & ELECTRIC 


Year 

1978 

1977 


s 

5 

Revenue 

949.6m 

779 5m 

Net profits 

lirj.Sui 

1D2 im 

Net pi r sharp .. 

X'« 

2 85 

J CANADIAN IMPERIAL RANK 

■ Year 

1978 

1977 


SC 

sc 

Net profin .... 

15:i 5 m 

120 6m 

Net per ihare . 

4 2.1 

346 

DETROIT EDISON 

Year 

1978 

1977 


S 

S 

Rpven-.e- 

1 55hn 

1 44 h n 

Nel profits . . 

136 3171 

244.5m 

Not per --hare .. 

1.63 

2.03 

IIAKNISC HFF.GER 

Fourth Quarter 

1978 

1977 


S 

S 

Revenue 

117.1m 

I02.9in 

Net protifi 

4.27m 

2.59m 

Not acr share . . 

D.49 

0.33 

Year 



Revenue 

•SSI 3in 

466 1m 

Xel "I'irfils 

17.7 tm 

21 S5m 

Net per sharo . 

1'UI 

2.49 

| II K ;V LETT -P AC K A R D 

Fourlh Quarter 

1978 

1977 


S 

s 

Revenue 

516m 

379m 

Net profits 

52m 

33m 

Npi per share... 

1.76 

1.14 

Year 



Revenue 

1.73bn 

l.SSbn 

Net profits 

153m 

121m 

Net per share... 

5.27 

427 

PHILADELPHIA ELECTRIC 

Year 

1971 

1977 


5 

5 

Revenue 

1 .42 bn 


Net profits 

164.9m 

lSl.fim 

Net per share... 

1.S2 

2.01 

TORONTfl-DOMlNION BANK 

Year 

1971 

1977 


S 

5 

Revenue 

1 S3bn 

1.44 bn 

Net profits 

S5 2m 

6fim 

Net per share... 

2.24 

174 

WISCONSIN ELECTRIC 

Year 

1979 

1977 


5 

S 

Revenue 

741 7m 

654 fim 

Net nrnfl's . ... 

fir* 1 m 

57 9m 

Net per share . 

3 55 

3 21 


•• 


B*»P 






— _ . hohtain 

ioi>o ' . D ,.boy'> ’ 

• C ' P ‘~ 1, ■ ln*r4— ' 

*:'S Van * ' . 'L„ ■ 




C-ot'o' 1 


. >.u >3-^ 

t 5 ,?' ' . &ro*c« ;o?3" 

■ +-*T. m ■ ' w '° . iv. « 




lAotw 


V-v'« tv = 


lie' 


ih,: 


ilo'J 1 


i.-a-a-- a 

, ^ctcdrri.0 


V«A‘ 


'.Ui**' 


, J -,naC130'» 


iv a-’’ 


lA-'-" 1 ' 
... :+■*■ 


8 r *‘ a • w— 

“ Pr, '- S .j . ' T°9° illlBir* 


if..' 


B NP Group 




The Bank with 
a world of 
experience 

Banque Nationale de Paris, France s leading commercial 
bank, has an international network extending over 
sixty-eight countries. 

Wherever you do business we are there to help 
and advise you. 

Banque Nationale 
de Paris 

Head Office 

16, Boulevard des Italiens, Paris 75009. Tef: 244-45-46. Tlx: 280 605. 

UK Subsidiary 

Banque Nationale de Paris Limited 

8-13 King William Street, London EC4P 4HS. Tef: 01 -626 5678. Tlx: 883412. 


•• 


Total assets of BNP Group as at 3Tst December 1977 US $54,300,000, 000 


°o 


•• 

*5® 


This announcement appears as a mailer of record only 


November 197S 


CO 

4 . ^ ft * 1 giIlJ \ 

Arab -Malaysian Development Bank 

Berhad 

DM20,000,000 
CREDIT FACILITY DUE 1983 

arrange d by 

BAYERISCHE LANDESBANK GIROZEINTRALE 

provided by 

BAYERISCHE LANDESBANK INTERNATIONAL S.A. 



Financial Times Wednesday TSoven&et ^ .1978^, 


Great personal achievement 
has a lot in common with merchant 

banking at its best. 





As saTiai/ a: ftttU-. : ir.i .r. : i **•>.: . p Sir. C i 


For the ultimate in financial advice 
experts tend to rely on a merchant 
banker. 

BHF-BANK traces its proud his- 
tory to the mid-nineteenth century 
when its founders were among the 
most influential merchant bankers of 
their time: helping to build whole 
industries, from railways and steel 
companies to mining and explo- 
ration, acting as private clearing 
houses, opening up new markets in 
the far comers of the world and pro- 
viding sound advice on investment 
opportunities. 

BHF-BANK serves nine out of ten 
top German concerns and its inter- 
national corporate banking experts 
advise multinational companies 
around the world.lt is active in most decisive financial centers, 
with own branches or subsidiaries in New York, Zurich, Luxem- 
bourg and the Cayman Islands as well as offices in many other 
strategic locations around the globe. 

Although today’s available financial instruments are more 
sophisticated, the basic values of BHF-BANK remain constant: 
integrity, loyalty and personal responsibility with a flair for 
finan cial creativity. 

For the unrivalled financial e xperti se of a management with 
personal liability, rely on a merchant banker. BHF-BANK. 




B H F“B ANK Merchant Bankers by Tradition 


BERLINER HANDELS- UND FRANKFURTER BANK 


Resourceful by Reputation. 


H=a*5 OFFICE: 82CK&HBUER IAHCTR W. Mt G5 FWKFVRT l TEL: 10611) 7T3I • HEW YORK BRANCH: *91 FARK AV0OJ5, TEL: 7$SSSC0 • BHPSANX NTSKA710NM. 
88G?^3flU^UJXS4B0uRe-SHF-F!:«; ^A3.:AT7-EC^^3.2iJaCH ■CFF££3;KG<i3 HMLJCHANNSSUni, LONDON, KmYORKSAGPALUn.SlIiGAOT^TBIP^TO^ 



npiiA J 

Trurd. 

One way to operate is to concentrate 
decision making in the centre or in the 
hands of a few senior executives. 

Another is to follow old established 
routines and traditions. • 

The third - and most dynamic 
method is to be flexible - the approach 
we have adopted in Skopbank for the 
last 70 years. Perhaps this is why 
the Skopbank Group** is now the largest 
banking-organisation in Finland with 
a share of over 30 % of all Finnish savings. 

When you need banking services 
in Finland - think dynamically - think - 
Skopbank, the commercial bank with 
a modem, full-service network of 1.300 
offices, the biggest banking group 
in Finland. 


Market shares of total deposits. 


1974 19 78 cto Ana) 


The Skopbank Group** 29,6 30,9 

The cooperative banking system 22,4 23.8 
Biggest commercial bank 16,8 15,5 

Second biggest commercial bank 14,6 13.6 
Others 16.6 16,2 


“J Saopbcni x;!h tharrAnld& bilk* 





The Skopbank Group 
The Dynamic Thircf 


Street address s Aleksanierinkatu 46. SF-00100 Helsinki 10. Phone: 17036 LTe\ex:F^eignE^haTigeand^robo^s 
J^ofs^p stp^^^dcrs 122285 shop sf. General Business 1222S4 shop sf. SWIFT-address: SKOP FI Hh. 
Affiliated bankffian^uc Sordeurope S.A., Luxembourg. 


Metallgesellschaft to 






BY GUY HAWTIN 

METALLGESELLSCHAFT (MG) 
is a company which accounts la 
Deutsche-Harks yet suffers die 
singular inconvenience of doing 
a large proportion of its business 
in sterling and dollars. There- 
fore, it is not surprising that it 
has reported an increase in sales 
at the same time as warning 
shareholders to expect a 
reduction in dividend. 

The Frankfurt-based non- 
ferrous metal?, engineering and 
transport group reported a 2 per 
cent increase in sales for the 
year ended on September 30. 
They went uo from DM6.93bn to 
D3IT.06bn l$3.66bn>. 

At the same time. Herr Karl 
Gustag Ratjen. MG’s chief 
executive, told shareholders’ to 
expect a reduction in 1975>«,s 
DM 5 per DM 50 nominal share 
dividend. The final decision about 
the sl 2 t of the dividend would 
take place early next year, said 
Herr Ratjen. when the final 
figures were known. 

However. Herr Ratjen did not 
disguise the fact that last year’s 
“ammgs had been far from good. 
Profits, he said, were about a third 
down on the previous business 
year’s performance, when they 


Mannesmami 
sales up at 
nine months 

By Our Financial Staff 
AN INCREASE of an eig 
in sales for the first c 
months and a forecast of si 
factory profits for 1973 a 
whole were unveiled jester 
by Mannesmann. the ms 
West German engineering i 
construction company. 

Sales for the nine mon 
have risen to DM S.o; 




rose from a 19/ a-76 net of 
DM lS.3m to Dll 41.3m. 

Substantial sales growth over- 
seas was off-set by a fall in. dom- 
estic turaoved. Foreign turn- 
over. said Herr Ratjen, was up 
br 11 per cent from 1976-7TS 
DM 3-Ooba to DM 3.6Sbn. while 
home sales declined by 5 per cent 
from DM 3.SSbn io DM 3.6Sbn as 
a result of continued unsatis- 
factory economic performance in 
a number of important sectors. 

3IG. which proudly holds the 
number one seat on the London 
lletai Exchange, blames much of 
rhe sales decline on the heavy 
declines in metal prices during 
the first half of the business 
year. At the same time its earn- 
ings were also substantially 
affected br the decline of the 
dollar in relation to the Deutsche- 
Mark. 

Its increase in overseas sales 
was primarily z result of a rise 
in its international trading 
operations. At the seme time, 
plant construction — one of the 
jewels in its crown is the Lurgi 
engineering group — also played 
a major pan in increasing the 
group's turnover. 

The fail in earnings was 
mainly attributable to MG*s 


Norway’s 

BY WILLIAM DULLFORCE * 


m ^-raHons. In particular interests— » foreseen. ; >~Apd»I 
weakness of the within^lranevrOT^iirgktlae 
SicTarket?* Furthermore, an - 

ScreMein losses was reported was o* tfee topkemt 
in ^non-ferrous metals semi- £oldiag.;fa 
finished products sector. Im- engineering concent. -Ta*s. 
p?£e!r results In the; plant 

construction, chemicals: and, so for, as to allow -. specoZatotfn . 
transport sectors failed to. offset mx pro^eoiye-.^tche^ — ^v- 
the profits decline. - SeneaSy cthe - order ;^tnafrDh> 

Tr U.. J.rtn. «rt im. -V. *v.- .17;. . . > _« j ‘ 


tween DM IJO ana JJfli %iu s satMacipff .dtirisg’XOT-^bte§-.-. 
metal operations'would again.be a&ss year, but the- expecte<L,iS 0 - ’ ■ 
in the black, giving the group prpvemeht in bo&kiBgB ; ’f0ri'4ihff • 
the chance to assess the ; wsts-proeessing - ^seetorTehaa?’ ^ . 
methods of restructuring --its materialised, - • - V4‘ *. " 

metals operations. The obvious >. ^ • : "• rS ) T T 

answer seems to be in the direc- • 

tion of stepping np mining over- p° a tod.-sao^i ^gnml 
seas and intensifying its- domes- tucrease viytucn meaDt rort. th*. 
tic trading operations, .r entalB Ba. ar-’flyiit 

MG’s' efforts terestnicthre* 'tw preytcras^ear's - teyefr’ jjjtbe 

processing sector WH1 be coo- ‘ *»• - 

tinued— and this area has been' bookungs' in the 

an important beneficiary of the pi^nten^^<^r 3^re ,sriu ; 
1977-7S capital investment pwl r^essnre*. **.- ;* 
gramme, which razr at DM 217m * -The situariorr in ^fhC'-nMuv • 
against depreciation . - of kef tneant tbai the brinch -was^ 
DM 179m. The current business 'haring'fo operate on tighter 
yeafs plan ' envisaged -capital duction. ’wnae.tfie lead iamett&B' 
mvestoeot at . DM . 200m with- reported, fully, utilised, capacity'.' 
depreciation rumtnig ;at about The main declsaesln otrtimtVerei: 
the 1977-78 figure. ; reported ip the processors- S^-* 

- A stronger ragagement ^tn .*toi^,^}thonglL, aeibaijcL 
North America t- where the creased for^.the group’s" motor 1 
group- already' has substantial component products. v • 


*•* * *" 


Tok 


BY WILLIAM DULLFORCE . * /■ r\ . ; 7 . -^T0Ci^pi^ Nav.2%, 

NEGOTIATfONS OVER . the. of Volvo’s tax payments would go "itOr'^yb'e - L 'ibo ut - 


uy .iiannesmann. uic majur : ana aweaiso ^r;uie .Ministers ai aubrp/! ■ “ Government flaiinttw 1 "- ■ - ■■ ! - “ - ^ . . 

West German engineering and Harpsund. just outside Slock-. r«nwftta*y;MoW.em»7 .. 

construction company. ; holm, iast weekend. : Mr. ^la Katf ovS-estimated 

Sales for the nioc months Glisten. Prime Minis^r Of m 7mL 

have risen lo DM S.35bn . Sweden, told Norwegian Premier ^ s agreement ; ooukf not £ be 

(tithn! from Dir ? 44 hn an rf I Odvar Nordll that Sweden would . .. t ; ----- -je 

llthin S“s wSic! not alter its tax laws to enable 40 Swedish mialsters . were - npw . At ihe meeting, ^-' 

nm.«. P<^ cent of Volvo’s taxes to be pessimistic -about the ebanws 1 of rmstan anri Mr Nnrrfn - 


Manncsma nn’s domestic ooera- ! P er ceEt of Volvo s taxes to be peasimisuc -bouui urn .tnjstenandMrj'Nurim w^befS^ 

lions bare had a particularly } paid in Norway. Stockholm Radio 5J“ p !.r!!Sld t f n e to d t 0 hi ; accompanied, by their Emaart" : 

successful time in export mar- reported this eveumg. and/Industiy-. Ministers. v-Thfe? ; 

kets. Exports from Germany i The SKr?50m price agreed Norwegians Jaere to!d ^h« f _ 


i The SKrTaOm price agree* 

[during the preliminary talim Sweden could- •not: depart 

1 between the Norwegian govern- -““2 i ' tbe principle . that ,a compos 

i ment and Volvo’s managing source * as quoted as saying. must . pay .-tax -in : ihe •■cotnifc#. ' 

| director, Mr. Pehr Gyllen- . -By contrast from. Volvo’s. head-’ from which, it- cperates ahd nttf" -• 

; h amm ar. in May was based on .quarters in- Gothenburg ^ tills . wh^ -ltt Ofraei«'j;esi^'. ; ^^ 

I- tho. aK«i;mntinn* that Nri ruroi* evehine. Mr. Gvllenhammar.-who - Sfaudthblin-^Rji/Uor.-' ’-ySS.6>:. - 


kets. Exports from Germany j The SKr750m price agreed 
have increased by 30 per cent j during the preliminary talk! 
and are running way ahead of - between the Norwegian govern 
the growth of domestic sales, i ment and Volvo's managing 
which are 12 per cent higher j director. ' Mr. Pehr Gyllen* 
for the nine months. ! hammar, in Mav was based oo 

News of this comes from the ? tbe assumption^ that Norway 
na-es of the com Da nr ’s honse V0llld receive 40 per cent ol 

m^ioe alZS I ?»«'« But ™der the 

tio“%P^a7f S ^ C «t ,I b^ a a = ~i3tS X be«at^S 
satisfactory re/mS? Last year- • loC2i authority taxation, the bulk 

profits declined for the second ; , — 

year in succesrion, dipping ] ■ 

from DM 599m to DM 240m at ! Tl ^ 1_ _ 
the after tax level. j HJirillJlS Tl 

The share or exports from | “*■ tUilvJ JLf. 

domestic plant rose to 60 per ! _ _ 

cent from 52 per cenL Final | BY DAVID. CURRY . 

deliveries of some previously | . 

received orders are producing I CONSOLIDATED profits at .the. 
unsatisfactory returns in the 1 Compagme FinaQciere de Paris 
pipe division. The foreign sub- ! et des Pays-bas, the largest 
sidlaries registered sales of ; privarely-owned financial and 
DM 2221m in the nine months i industrial empire in France, will 


o soeeifie Indira : Swedish tax system, which Jh at any responsibln ’minister. the wgy:tD sTml l^detnandx frppt ^ 
f imeani bv a differentiates between state and- would have used terms that multinational enmpknies upera^ ;. 
vturoT Last yea^ 1 locai aulhori ly taxation, the bulk .could allow a definite conclusion _ing 8i Sweden,,,'. - . 

*d fnr the second ; , ? — — i .. ,7.- ■ i*T; 

cession, dipping J __ _ " ’ J'jL' _ ,*.’ Vv'. ’• -■ '.X-' 

HI TZ Paribas profits hold steady 

it rose to 60 per 1 • v . ,V7' *j** 

per cent Final! Br DAVID CURRY _»•. • ?- • *; ; : ;v** r^j^AIUSr^Nov: 

t/ime nrormiivli 1 ■ - * i ****•-•••-.*'- ' 


,\'et iiie 


.i- v:. T c*-\ 


urmrnr> wi mm»v jirfi iuiim) . - • ... -.--*.• • - -,v- - ,- • -• 

received orders are producing I CONSOLIDATED profits at the.. • M. Moussa said that Paribas'to twhpensate for higher m%-; 
unsatisfactory returns in the 1 Compa?nse Finahciere de Paris involvement m the steel industry notably, salaries.-.-.;- ^ 

pipe division. The foreign sub- set des Pajs*bas, the largest w>viriicluiiDB orocrnmine as nne Tfr ihhv innrr Tihrirt-nV irt - 

sldlaries registered sales of privarely-owned financial aDd 

DM 222ha io the nine months (industrial empire in France, will of industry s leaamg ere*- ing of ‘ Credit dn ■Nord^ow - 
compared with DM 1.81bn, ; match those of 1977. The paent tors will mean the conversion, bror. roe _cOufitry> ; n 

while group activities in Brazil ■ company's earnings will be some FFr 90m of loans into . ^ instrfa Sons. yfeeb, i BC- : . 

have been adversely affected j slightly higher than last year, ^pj,^ ^ new steel holding 

bv thf lower valur of the ithe Paribas cc airman, M.- Pierre • • . - T ■ - . . : s ..tildly:.ott lte-M77 perttowMS.- -. 

cVuzeiro. the Moussa. announced to shS* companies In •adition, die : five 

. . . ..... 'holders. year morotorium on interest. W1U' pdrL c %ad recarde*'attrthtrtaBS^ J 

n»S tTST& ,* IWft- cDnsofidared pr„ aB . Bnmp *ome »'Fr 

compared with DM423m. Out excluding minorities, came «» ye “*- ’ . ^ l^ aga^^^ne^*^,. 

of the total, DM227m has been FFr 411.1m (S93m) last year. __ On the domestic front, M. ,- LIkelHS'predecesor iC;<faccfi.Ee»^ 
invested In domestic plant, a Although the parent com- ^°Vf. sa cautious- about the Me Fbiiefiief.; BE- MouSsi'-^npii»j«. .*• 
rise of around DM21m, while pany’s net assets had risen to P° sltl0D . °f the groups main -sised the -increasing overseas 
the remaining DH107m in- around FFr430 per share at the financial the. Banque de activities -qL : the group, * i»M. 1 

Tested abroad “was below last end of September- against Fans et -des Pays-bas. He.noled slngled out-thelopeinHg'qf artWj^--..- 
year's figure.” FFr361 at the end of last year, “e unfavourable effects at the branda , in New Y ork, acquteitisjT- 

largely attributed to the advance | pre-election} regime of high of a 2(T per cefit stako-in Po^v^. 5 

of prices on the stock exchange, interest rates on . the money-; Corporation.' a: Cadadiap .finaa - 1 1 . 

M. Moussa noted that the share market and the sluggishness of:, clai arid Industrial grimp,X<d»^ 
price pf Paribas is still substan- demand for crediL which, was frig of a Hong Kong btanchi aioi.- 
QnHovhn hirlc tially behind the per share value depressing business expansion purchase Of ITper 'cent .irr'iStfS; 
kJUUC.UiU D1U3 of the assets. • and Inhibiting the bank’s efforts Hong Kai.' Securities. .-V 


Sodexho bids 
for Ancorp 

By David White 

PARIS, Nov. 28. 

SODEXHO, a leading French 
catering concern, is awaiting 
approval of a U.S. takeover 
which would increase ils 
world uide turnover by some 
15 per rent. 

The company, which is con- 
trolled by the family interests 
of its chairman. M. Pierre 
Bellon. has announced a bid to 
purchase the entire stock of 
Ancorp National Services, a 
U.S. group with activities in 
airport shops and industrial 
and otber catering. 

The bid of 60 cents a share 
depends on approval by 
Ancorp shareholders and by 
the Securities and Exchange 
Commission. 


Cartel Office maintains 
watch on Sachs shares 


V-- *■.•_ ■ ", v" - 


Rome® cj , set dikg 


BY A. H. Hermann. Legal Correspondent 


THE Federal Cartel Office keeps 
a watchful eye on the develop- 
ments following the frustrated 
acquisition of Sachs AC. the 
leading German clutch manufac- 
turer, by Guest Keen and Nettle- 
fold. In a decision made last 
week but released only this week 
for publication, the Cartel Office 
approved of the planned acquisi- 
tion by Commerzbank of tbe 25 
per cent of Sachs equity from 
GKN but lifted a warning finger 
that it may not tolerate any 
increase in the inffucnce of 
SalzgitLer. the German steel and 
engineering concern, over the 


management of Sachs. Salzgitter j 
acquired just under 23 per cent; 
of . the voting shares of Sachs. I 
The Cartel Office stated, that it I 
will not prohibit the .'planned 
acquisition* of just over -25 per 
cent interest in Sachs by the Com- 
merzbank . . International SA. 
Luxembourg. - - • • 

The Cartel Office cannot inter- 
vene against the acquisitioir of 
Sachs equity- by Sategtiier 
because. this does do! reach, the 
25 per cent threshold necessary 
in- German law for. qualifying, the 
acquisition as a merger subject 
to control. 


to increase 
capital 

Rupert ipornwell-' . 


■-'ylid. 

-iii-fcm::. 


-.* - •- ’. • ' : 

, By Rupert ^orrnrell - . JJ,*-. 

. . »- ;; . . ROME, Nor?: , 28. . 
.ALFA. ROMEO,! the frs^ddn- ca?. , 
group control Ied'by the -ptibifc&ri:' 
owned IRI-FIrnaeccanica toon**.! 
glomerate, is. raising its - capitaL*'- 
froin- LlSObn to L250bn {$294m£. .: 
Its subsidiary- Alfa Sud.is carry* ~ 
ihgf out a Similar operation) -friim - 
LSObn to .Lioobn. ' ; 

"The decisions approved by the^' ' 
group's shareholders .fn Milan' ? 
this, week are a. Further sign.-of J- 
the improving fortunes oriltaly's ; 
second largest, motor manufac- r 
turer . after .ithe. losses ^f. over— 1 
LlOOba registered £0.1977. 


TURKISH CONSORTIUM 


bi n :; ■*•*•• 




Supporting the contractors 


BY MET1N MUNIR IN ANKARA 



TURKEY'S hipest private banks: 
have formvd a consortium to 
prandp bonds and credits to 
Turkish contractors who are 
emerging as a new force in the 
Middle East ami North Africa, 
banking sources told the 
Financial Times. 

The move was initiated by the 
Miaistry uf Finance, which has 
recently become aware or the 
large foreign currency earning 
potential of overseas coostruo 
tlon work. 

Turkish contracting firms cur- 
rently have an offshore con- 
tractual undertaking of about 
; S165bn. 

1 More than half of the contracts 
! arp in Libya and most of the 
rest in Saudi Arabia, the 
number of Turkish construction! 
companies active abroad is 
seventeen and workers in Arab 
countries total about 70.000. 

The consortium has been 
formed under the aegis of the 
Union of Turkish Banks in 
Ankara. It embraces Akbank, 
Emlak Kredi. Garantl. Ilalk. Is 
and Yapi Ve Kredi banks, as 
well as the Central Bank and the 
Union of Turkish Banks. 

The principal difficulty facing 
Turkish contractor* abroad is 
providing bonds, and it is this 


problem rn which the eon* 
sioi'lium will mainly address 
itself. 

The number of Turkish banks 
large enough to supply bonds is 
limited. The reason Tor this is 
that most Turkish banks have 
only a small capital. In addition 
a Turkish bank may not provide 
bonds involving a sum exceed- 
ing 25 per cent of its capital 
unless the bond's recipient is a 
company in which the bank has 
shares. 

This problem has In the iast 
year or so been compounded by 
the fact that many countries, in- 
cluding Saudi Arabia and 
Kuwait, do not recognise tbe 
guarantee of the Turkish govern- 
ment and banks. 

The new consortium may be 
able to surmount these problems 
and. contracting circles in 
Istanbul believe, enable Turkish 
contracting firms to raise their 
contractual undertakings abroad 
from the current $1.65ba to S5bn 
in the next two years. 

The mam benefit of the con- 
sortium would be tbe amalgama- 
tion of the capitals of its partici- 
pants. enabling them to share 
the risk and issue bonds for 
amounts which would permit 
Turkish contractors to bid for 


contracts of almost any ' size of 
international construction - work.- 
Furthermore, according: - -lb 
banking, sources, the . Treasury, 
has undertaken to share, half -Of 
the risk in an jrgiven- consortium 
bond. ■»•'.*.' 

Equally significant! y„- th*t bonds 
would bear the foreign exchange 
guarantee of the Ministry , of 
Finance and the Central. Bante . ; 

"The letters' of guarantee 
which would -be issued by -the 
consortium and - , the sums . which 
will have to be paid in ease -the 
letters of .guarantee: become 
redeemable will have the foreign , 
exchange -transfer guarantee of- 
tbe Central Bank and -the Minis*: 
try of Finance,” Mr. Ziya Muez- 
anoglu, the Milnster of Finance, 
said in a letter to the Union of 
Turkish Banks. • 

The Government is hoping that 
tbe consortium .will be so regis- 
tered abroad that its bonds win 
be automatically acceptable - in- 
the Middle East and North 
Africa, where Turkish companies 
are active^ - - 

Foreign bankers - said that they' 
consider the . formation of the 
consortium — which hag not. yet, 
been publicly announced — as a 
“big stride forwards-" ■ 

The Istanbul-based Arab .Tur* - 


' kish bank— jointly : owned ;bt f - _ 
Kiwaiti^ ljbyan- and -jTurjslSh ’ 
concerns^— as -well ; aV other ~hanks> ' 
which are authorised far tieal.frj ; 
imports, ^exports,' inviilhies and ; 
capital : movements, - aML^to' ’-be T 
Invited to join thc T 'cbnsor tfiim . ~ ~ 

- The Finance Ministry wfil sobnl 
publish -a decree , which, will - ease ’ 
formalities . and facilitate . the > 
.a’ctrritiea' .of TurlriSh i ccailxietiiri ;. : 
abroad. officiaV sources saad- 
.Cfi3e> of . the: frew nties-io’-be 
.mtroduce* will-.- enable^ -Turkisfe > 
contractors spread; tp-keep then 6 1' 
foreign • excha&ge-' r ffunfers' lit 1- 
Turkisb : banka and draw -tfienf ; 

■ wbenever-tbey ! wish .f' - * ■ 

. -.A TBctbod. will -also be:esfaib*j 
tished whereby - Ttiricislr -cqm« i 
panies wiR "ho -^>le/ to^ ; 
contracts py ' fiaigalidng tiefdird j- 
projetfts are ptit'tqi bid&''tb4': 
Minirtry. of Public Works wottka^ 
idao'bfe empowered to\ seek coo^ ■ - 
tracts' abroad: .. ^ ...%»■ 

The formation of "tbe. ; ea®4:' ' 
sortium- - mid tbe^ =:forth«mjnjff c - 
decree .represenfs- < 
serious effortibythe 
era m entto boost the.cQmpetfafveTl 
hess of “Taritikh^- coatraetar^ i. . 
abroad. The result could ’weU .bc? 
tlrarTaridsh codtraetors'^fc^^ - 
bigger . portion, -of Ihei rotistxtiSv .£./ 
tioa -cake- ; 1h 








*»<*•<!» 





►A* <*•. - 


Ijjf 


B 


ioki sttaov 


< i 


i r< * * 


Fftia neial Times Wednesday November 29 1978 



B 



KEISEI ELECTRIC RAILWAY 


Narita operator deeper in the red 


»Y TOKO SHIBATA 

KEISEI ELECTRIC Railway— 
the. private railway operator 
•which Is undergoing a Onan- 
dhl reconstruction led hv the 

industrial Bank or Japan 

suffered increased deficits in 
the first six months of' thr 
^978-79 fiscal year, i 0 
.September- Th« opening of the 
Warfta roale to the new i n ter- 
ra Moral airport, which is 
behind ; the recon •.tract ion, 
worked against (he corn pan v's 
favour, as a result of a rela- 


tively low turnout of pas- 
sengers. arising from strict 
security control at the airport, 
and the operation of a 
ItmaiLslne has service, carry- 
ing passengers away from the 
KHuel route. 

Kpisei’s current half-year 
deficits reached YGbn (S30mj, 
or YlJSbn more than' in the 
same period a year earlier, 
and It* net deficit, at T3.4bn. 
compared with a - deficit of 
Yd(3m- Sales, however, were 


slightly higher, at v:4.fibn 
(?l2jm), against Y25J9bn. 

Kelsd's new nnn-stnp 
express ~ Skliincr ** to the air- 
port operated with a load 
factor averaging .10 per rent, 
much lower than the original 
estimate of 50 per ct-nl. A> a 
result, fare revenue from the 
new route was restricted to 
Y9Mm. against the original 
estimate at Y2.1hn. 

The company disposed, at a 
loss, of real estate held beyond 


TOKYO, \ov. 28 

needs, adding m (hi- ilrfirlis. 

For the current six months 
nf the fiscal year, ihr company 
Is attempting in reduce iLs 
current deficit tn some Y2bn 
by fare Increases, and experts 
it- current deficit lo hr YSL.thn 
for the full year, ending irxi 
March. The company Is also 
aiming at bringing Its net 
profits la around break-even 
point, ai YlWInt for the full 
year, through sale* or securi- 
ties and fixed assets. 


Indian investors offered 
equity stake in Lipton 


Tokyo bill market widens scope 


JAPANESE short-term money 
houses have introduced bills for 
periods ranging from one month 
to one month and seven da vs in 
the Tokyo discount market at 
feee interest rales, as pari uf 
their plan to liberalise the 
market The bills should eru-s 
one month-end during their life, 
the houses said. 

The introduction nf the lulis 
into tlie market Follows tbo: of 
seven-day call money in October, 
also at free interest rates, ami 
that of free resale rates intro- 
duced In .Tune for bills one 
month after their issue. 

The houses said, however, that 
overnight money on for call 
money market, and bills running 
across two month-end- on the 
bill-discounting market would 
continue to be traded at rates 


prefixed through consultation 
with the Bank of Japan. 

■* * + 

NET SALES of Japanese bonds 
hy non-residents in October fell 
.sharply, to S34m from $244 m in 
September, the Foreign. Ministry 
.Hinnuncod Foreign bond pur- 
chases rose :» $573m. from 
N329in in September, while 
fnreipn sales rote lo SfiOTm from 
5573m. 

•Vet foreign sales of'-fe pines* 
stock* increased n October to 
544m from £25m in September, 
with foreign sales up to S63L‘m 
from $46oui, and foreign pur- 
chase'! up to $5SSm from' S44tm. 

Secunrics houses attributed 
the higher portfolio selling lo ih» 
Yen’s weakcmnL' «n foreign >■*- 
chanse mark (-is and higher in- 
terest rates m the Ui. 


TOKYO, Nov. 28. 

The M Inlsiry said that it 
approved 10 external bond issues 
by Japanese companies, totalling 
Slfiflm. compared with >iv bonds 
totalling §140m in September. 

The bond i&suoe approved in 
October comprised a DM 80m 
convertible bond fC.R > by Nissan 
Diesel Motor Company, a DM 30m 
CB by MarueLsu Company, a 
DM 30m CB by Kay a ha Industry 
Company, a SwFr 25m CB l»v 
Anritsu Electric Company, a 
SwFr 30m CB by Sinn llnmn 
Forestry Company, a SwFr 20m 
CB bv Taiyn Yuden Company, a 
DM 50m CB by Marudai Fond 
Company, a SwFr 70m CB by 
Juicti Company, a SwFr 20m CB 
by Cun/e Sansyo Company, and 
a DM 50m straight bond by 
Kubota 

Aarncics. 


Loss cut 
back at 
Japan Line 


Bonus issue by Israel Discount Bank 


* BY L DANIEL 

ISRAEL DISCOUNT BANK— 
the., country's third largest bank 
—intends to declare an 
unchanged cash dividend for 
1978 of 30 per cent on iu 
ordinary and ordinary “A 1 ’ 
shares. ‘less withholding’ tax. 

An- extraordinary meeting nf 
shareholders on January jit is 
to-be asked to approve also the 
distribution nf bonus shares at 
tb£ rate -of 30 per cent (25 per 
cent for 1677), in the form of 


ordinary shares to holders of 
both ordinary and ordinary “ A “ 
shares. 

The meeting is beins called 
to approve an increase in The 
bank’s authorised snare capital 
of in29.1m nominal' ralm* 
($7.4m) of ordinary shares and 
of sonic 11120 $flm of ordinary 
“ A " shares. After approval uf 
the increase, the authorised 
share capital will total Ulbn. 


TEL AVIV. Nov 2S. 

The bank’* announcement 
pointed out that the yield nn .-*n 
investment in i rs ordinary “A” 
shares from Jjuar.v 1. If»77 ic 
November 20. 1P7R was 182.5 per 
cent, compared with a rise in 
the cost nf living index of 02 
per ceoi over the same period. 

The ordinary shares entitle the 
holder to 10 votes, compared with 
the one vole per ordinary - A ” 
share. 


Net income up 70% at Elbit Computers 


BY OUR OWN CORRESPONDENT - 


ELBIT COMPUTERS, of Haifa, 
raised its net profit for 1977-78 
by 70 per cent to the equivalent 
of. - Sim. Sales came to . about 
S20m. an increase nf 52 per cent 
on , the preceding' 12 months, 
representin'* a gain in real 
techie or 13 per cent. Exports 
more than doubled over the past 
two years, to over $14.5ui. 

About half the company’s nul- 
put represents computers and 
control systems for military 
purposes and half for the 
civilian .market. The main share- 
holders are Elsnn nf Haifa, and 
UfcU.S. Control Data Corpora- 
tion. 

-■The company has published 
details, of zts proposed issue, 
which is underwritten by. n con- 
sortium of nine nf Israel’s lead- 
ing . banks toselher with Clalit 
Investments. The issue will con- 
sist of 112!ni registered ordinary 
shares of Ifl nominal value, i.nd 
nf-- some 3.51 m resist c red 


ordinary shares of I£5. which 
are being offered to the public, 
to existing shareholders and key 
employees, and in other em- 
ployees. 

The public will be offered all 
the !£1 shares and 640.000 i£5 
shares. In the form nf 320.000 
units, each run*; slim: of 3.1 111 
shares inceiher wilh two 1 E5 
shares, at a price nf l £258.75 per 
unit. The price consists nf IE5 75 
in respect of the I£1 shares, and 
1 £28.75 each in respect of the 
If.! (575 per cent! 

Existing shareholder*. on 
record as of October 1. will t»e 
offered 2.5Sm H5 shares in the 
n:iiu of two. for every 25 Ifl 
.shares at a price of l£12.50 |>er 
share (250 per rent*. 

Kev emplovnee will lie uffered 
154.000 IE5 shares al the same 
price, of 1£12.50. while other 
employees of the company and 
li.te subsidiaries may buy £40.000 
of the 1£5 shares ai a price of 


BUILDING SOCIETY INTEREST RATES 


GREENWICH 

(91-318 BZU3 

2*1 Greenwich H.sfc FmiT. 

Cnwiwich. SE1A4NL ‘ 

Rate* effecnv* (ram Decwnbjr 
■Pnwsit R.n* 6.45 -. A-veor.ir 
8.KH;. Sufi pn Share* ».2j Tirm Sims 
2 1 5Ta'. e.63‘--. *rs. !» IV = . lams - ojM 
imnerlr on sfur-'s term »!Mr-s lio.nhly 
Income Sbarfrs S.iD-i. 


LONDON GQLBHAWK 

(RI-94S 83211 

la IT i'SIWiJ: H.£ll 
Ui'ilon V» l !SG 
Sun’nu Saar-« * 2H'. 

D- 1 » s i ’ Ral- i.li Acjtfjnlfl 

f «B . 

R.i|. -, r 3 -in f r(.m rwiliW' 

Sob* pn. Sham OcnosK Raul 

Share Accounts 8 JS* . 


*. CLIVE INVESTMENTS LIMITED 

l F.oyal Exchange Ave.. London ECSV 3LU. Tel: 01-3S3J101. 
: Index Guide as at November 21. I»7S (Base 100 at 14.1.77) 

Clive FL\ed lntere.fl Capital Jr?; 

Chve Fixed lnterc-sl Income ll.»ha 


ALLEN HARVEY & ROSS 1 £ V ^TM KNT MA.N A(^EM F. NT LTD. 
45 Cornhiil. London EC3V 3PB. Tel.. 01-b23 6314 
Index Guide as at Not ember 23. 1978 

Capital Fixed Interest Portfolio 100 « 

Income Fixed Interest Porlfnlin 100 - 0! 


TEL AVIV. Nov 2S. 

I £21 per share (420 per ccnt’i. 

Subscription for th<- units 
offered lo lhe public will begin 
on December 5 and will close on 
peremher 7 at 12 30 p.m. Israeii 
resident* will he entitled lo 
order unii-i for Israeli currency 
only, whereas foreign residents 
having so-called Patali (foieign 
currency i ai eoutils. w ill be 
entitled to order on December 7 
only, with the foreign currency 
to be calculated at the prevailing 
rate nf exchange to th* 1 l>raei 
pnund ni the Israel Discount 
Bank on that date. 


Tokai Bank 
in Singapore 

By H. F. Lee 

SINGAPORE. Nov. 29. 

THE TUK.M BANK of Japan i.- 
opening :« branch in Sinuaporc 
io conduct offshore banking 
business. 

The branch, which vlll com- 
mence operalmns nn December 
l. has been granted an offshore 
hanking licence as well as a 
licence to operate an Asian cur- 
rency unit liy the M unci ary 
Authuvjly of Singapore 

Commenting on ihe opening of 
the branch. Mr. Shigemilsu 
Miyake, chainnan. said’ “This 
move reilecis mir belief thai 
Singapore (ogeiher wiib oilier 
South East Asian cnun*ries and 
ihe Pacific area will play an ui- 
creaKinsly rinporlani role in the 
newly emerging pa Hern uf world 
trade and finance.” 

Tukai has previously main- 
tained onlj h represen t a U\e 
office in Singapore. 

With t lie opening of ihe 
branch. Tokai which is Ihv sixth 
largest commercial bank in 
Japan wilh deposit i of Y5.t*hn 
plans in expand its opera l unis 
in the Asiao dollar market con- 
siderably. 

It has proji-L'li'<l an increase 
in tin* branch’s total asset* iu 
over U.S.8300m by 1981 


This announcement appesre as a matter of record only 



Ardal og Sunndal Verk a.s, 
Dfls. 25.000.000 

10 year fixed rate loan 
Arranged by 

Bank Mees & Hope N V 
Bergen Bank 
Den norske Creditbank 

Provided by 

Mees & Hope Finance N.V. 


September 1978 


By Our Financial Staff 
JAPAN LINK, financial!*- 

troubled lanker operator cur nr- 
net !<«* for The half ;, car id 
September 30 by 2 l per e-mi tr> 
Y0.43hn t>27 7nn. frn.ii Y5.62bn 
in the first -ix mooih* of the 
previous year. 

Rr;»eniies '. ere 21 s p*r r-'fit 
lowi-r. :ii Yll3S3bn t?STSni'. 
a:;ain>i VKS.Sbn. 

The company, hit bv »n* ’sorid 
snipping vlu;n;i. reached .ririv- 
men! with !**nder.i in iu '..ist 
fin unci:: I year in n^ipnn<* r ,, '\iy 
meet of win" :a l»»un> 

during the currenl year 

Fur file Whole of 197T-7n. tne 
coniptiny amiiun.*i->| .. in-- of 
Y21 4 lliii. ••i>iup:ir* , d 'din net 
prnfirs nf V722UI ;:j he previnu* 
year :ir.<l Y2 film :a 1975-76 »t 
end Septeniher l.i-l u had 

debij. of some 5’ISfiiin 


I BY F. C. MAHANTI 

'UNILEVER LIMITED, of the 
! UK. as tfi»- holding company nf 
i the Lipton group m India, is 
; -irterinn sorrti.- 1.03m criu.iy share* 
. of Rs 10 each :<i Indian investors 
. in firms down m. equity holding 
i in the group. i 2 co:npl:xncL- with 
, rhe prcv!:.-.f.:’s r.f the Indian 
• Foreign Exiuxcc lie guLi lion Act. 

■ The sale open- -'n DeviriuWr 13. 
i Lipton IrvJi.* winch was Jr.cor- 
, po Riled in ?!<•■■ t.’K in .lime. 1977 
.to take over »m* Lir-ton group ;n 
i India befo.' 1 . 1 '■jgtijl reorp3n!>j- 

; non, is off‘‘r:ng <;miilian\ , ous8y 
<225.000 shaj-r*>! to ihe Indian pun- 

■ lie cm the -a-nc da-e. Bulii the 

! issues are a! pjr 

I As a result of top issues the 
Unilever holding in l.i,von India 


will be reduced ;n 40 per cent, a* 
required b> ibe law. 

Lipion India will then become 
an Indian campaay. Two other 
e.impanif* of the Lipton group. 
Raiaely Health and Co. (Calcuaai 
•ind Rmndaban Pronerires Pri- 
vate. will bc-cr.rue wholly owned 
xubnidiariCi af Lipton India 
Cl nip be! I and Co. (South 
India i merged with Liptnn India 
fiim'-dteiely after lhe latter's 
inei<rp»ru'.i.-<n. Mr. C. W. L. 
Godwin. '-»h 'i was ?h<- sen era I 
manager of *he Lipton group in 
India Uecoines il« chairman and 
managtn? director. 

l'r.itke Bru.Yice Bund, the other 
:uuI‘anrtI>onsi encased in the 
mierna: distribution in India, 
and export of lea. which has 


CALCUTTA. Nov. 28. 

tyken steps to dilute ns equity, 
Lipton India dor* not own 
gardens. It buys tea in process 
for market mg m India and 
abroad. According to ihe 
management. ihe company 
accounts for approximately 9 
per cent of ihe loial tea con- 
sumed in India, and for 30 per 
cent of the parkeleri lea sales. 
Lipton also exports a substantial 
quantity of lea in bulk, as well 
a.* in value-added form. 

The prospedii*. for ihe share 
offer shows *hal turnover of the 
Lipton group in India rose from 
Rs 425m in 1973 tn Rs TSlut 
fa round S94mt tn 1977. and that 
bnth the Emu profit nnd profit 
after lax doubled over this 
period. 


Australian National Line ahead 


BY OUR FINANCIAL STAFF 

THE AUSTRALIAN N-ilInnal 
Line '.-fiow/’d ?. j-rnfit of \S5.7nt 
»US?fi-4ni» in tne nnanc:.;! year 
-. nded Jun-- a». 197?.. despite 

increased c«%ninr-,nir,n indus- 
trial difficulties arvl lower trade 
levels 

This cnuir-.irerl with a p’:>fii 
r,' ASH.Sni ir. ih.- pv.-v»r.u* fin.in- 
vt..l jenr. Hid was .•rhie»c<I 
alter bnnsm; i<< xccouni »-\- 
ch.ingo ln>*vi A?2.9in on nut- 
-i Hiding furcur. :ui ri-mr> Lor 
:mh iqcs. 


Mr. 77 f i .-eurpr. chairman, 
«a:d ’his ro/Ja*-’ commenting on 
:li.- Lines 1977-7? annual report 

libb'ri :rt the House of Reo 
re«’ , n;a:ive-» ;»y ’.he Minister for 
Tran.* a- i»d. Mr Pcl-.-r Nixon. 

“ A* fi> ■■ ’be future, it would 
V f’n’i: h?rdy indef-n ir< forecast 
any dns.uatv tmium in results 
f'f tJ.r ro\t • e.»r 

“The l.me will continue in 
i'r.r.iers:r.-«tc r.n l:ft:nc HUru'ncy 
and ■•.•r.ttin.r--' cus’s in the 
i*vp--p-at:r.n t-i.«* the srpjd^. 


though gradual, irnproverneni* 
in results acnieted in the last 
two year? may be maintained.’’ 

Increasing competition from 
non-irjditjn"n.-tl operators placed 
overseas liner car so volumes 
and revenue under pressure dur- 
ing ihe year, with employment 
onponunii’o* for the bulk fleet 
ai a low level, according to Mr. 
Ji-nner. 

•\ number of industrial dis- 
pute- affecting terminal and 
depot npr-ralinn* delayed vessel-} 
and added in rn.s:< 


; Malaysia 
reduces 
reserve 
1 requirement 

By Wqnj So loo 2 

■ KUALA LUMPUR. Xnr 2* 
THE MALAYSIAN Central Bank 
today jnnounced a reduction in 
statutory reserves for banks and 

! finance companies to ease the 
! tight liquidity situation, a move 
: that will release 179in nngpit 
( U.S.SS0nt i in the banking 
‘ system. 

Effective from December Ifi. 

• the statutory reserves of com- 
mercial banks are to be reduced 

■ from 6 per cent m 5 per cent. 
. and thosp uf finance companies 

from A per cent to 2.5 per cent. 
The statutory reserves of 1 5 per 
cent required by merchant hanks 
I however remain unchaneed. 

Tho reduction of stafuloT 
i reserve* comes jusi a month 
[after the Finance Minister. Mr. 
Tengku Raraleigh. announced 
| wide ranging monetary relaxa- 
I tions in his Budget, including 

• the freeing of interest rates, 
abolishment of the withholding 
tax on m’ere^i for non-resident 

: hanks, and introduction of negn- 
. liable certificates nf depositions 
, and bankers acceptances. 

The Budcet moves were fol- 
lowed en criticisms of the “ ron- 
servaiism " nf Ihe Malaysian 
monetary authorities hy forrian 
: bankers, who -aw Kuala Luutpur 
os run nine behind centres such 
as Singapore and Hons Konc. 

Rank NVsara. nevenhelpss. hax 
made n ciear that Mi aim if to 
' improve lh^- service offered hy 
Malaysian banks tn the local 
economy, rather rhan lhai Kuala 
Lumpur *houlri rival Hon" Knn« 
or S'ngapore a financial 
centre 




Board of Directors 

Continental Illinois Corporation 
Continental Illinois National Bank and 
Trust Company of Chicago 


nor.FR*:. ADDER* CM 
Caarriutn . •! £?■’ hjj cf Or&clcrs 

JDHI! M.FLRaINS 
Piejcen; 

COMAL DC 

V/uc CthiumsF j;:o TfCerurer 


R-V. mo: id C.BA.’Jf 'H.-' FiT. C- J. 

rVi.-i'i.VVi' 

L r /‘ uia Uri.v-i tycl Cii'-ziz? 

JAMES f: BCF.C 

r r*.an anc Ch e' F»«Cti!.ve G1526F 
B j.'C-VVarner Cc.-g : r a::cn 

GORDON R. C.CPEi' 

\iC“ C /M.ri-Tdo 

CvnnwA edl:h E<j$?n Cc-rr.psry 

WILLIAM/- HEWITT 
i -.navi r-.nii 'Iniet Exccut -.e Ol'zer 
Dt'f-'i c. Company 

v.’i Ll i Ar -i e jch r i soft 
Chairman And Ch;p: Exe-iL.'i i 1 ® CScBT 
1C /mfcsiner.. mo. 

JEWELS LAFOMTA! IT 

:>f T .-.v fi*?w .-.I tftP tAV f-tT! cf 

Uiloniar.i. ViVrtns & richer 

VF.ftMOM R LOUCKS.jr 

Pr*Kj>fta r»t ai id Ci ■>•:< C tPzer 

Sa>.-er Tia-.e^oi Lab-r? . 

ROBERT H. MALOTT 

ChJi.-n.jn and rrnef ExezulsQ OKff 

FMC Corporation 

MARVIN G MITCHELL 

Cn.itrmjrr o / ttw Brur.y and P:e:!dent 

Chicago Bridget Iren Ccrrz^: / 

FClTH R. POTTER 

E^ec u»ft , e V«-<e ^wr-Wenf— F.ra.-tDO 

/nier/tDlionuf Har. trier Comoany 

WILLIAM J.OUlNfl 
Chai/mjn and Civet F-v?rur'-.v OVr-v 
Chicago. ;.1v:iC'./k0t. Zz. Paul a. Fai..5 
RjjTroad Company 

ROBERT V!. RENEKER 
Beared, iiv/ro-n .* Ci-a rrnsn and 
Cruel E*e::< iuve Officer 
Bamark. Inc. 

r*'.ILJ P.:ZCO 

enter v-.v prer.'o'm: and G”'V* E-er v*-ve 
Dj?.> D .'iv~-?s;. r v3 riC’.la-:’ Or -•;.-< 

/.■irernauoruii Buamczz .■.-fa-;.‘.r.£-; Ccrporszzn 

THOMAS H. ROBERTS.. JR. 

Chsernsn '•! i”* Bnaid and CZ.mt E-ecuI-.a G-'.Tirer 
DEKALB AgRejearc^i. inc. 

MICHAEL TENEM9AI.IM 
Pew* d. iy r.-e-cerf 

Inland See a Ocmp<iity 

ARTHUR M WOOD 

Peered: formerly Cw/TSii c! If-o Board ana 
Clue! E.-ecufre Gttw 
Sens, R'jebuci: ar.d Co. 

BLAINE J. VARRINGTON 
Eitdr-gir.n'.icc Prcs'Gdn: 

Standard 0:1 Company [ir.d'ar.9) 


CONTINENTAL ILLINOIS 
CORPORATION 

AND SUBSIDIARIES 

CONTINENTAL BANK 

231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693, U.S.A 

Third quarter 1978 was another record earnings period for Continental 
Illinois Corporation. 

Income before security transactions was $41.137000. a 26% increase 
over third quarter 1977. Income before security transactions for the first 
nine months of 1978 totaled $121,434,000, an 18.2% gain over the same 
nine-month period last year. 

Since 1962, when we opened our first European office, we have 
increased our assets almost sevenfold from 4 billion lo more than 27 
billion. Today we are the seventh largest bank in the United Siates with 
126 offices in 39 countries. In Europe alone we have 20 locations with 
specialists who are committed to serving the financial needs of the 
business community. 





Rpc® r E Anderson 

Ch* ::r.c' or !,-■= Beard oi D. rectors 



Jcbn H. Pc-rkms 
Prd~ider.i 


Consolidated Statement of Condition/SeptemberSO 

fin pvtiscns.i 1978 


1977 


Assets 



Caih and d.-R from banks 

5 2.384.5 

$ 2.594.4 

Toiai iuncri sole 

3,965.1 

4,1 16.6 

Inveslmen: s-icurities: 



U S-Treaiur/ and Federal agency securities 

552.5 

623.3 

Sia:e. couPh* and municipal securities 

1.559.3 

1.627.2 

Other seccn:k-3 

310.0 

242.5 

Trading account securities 

313.1 

266.3 

Total loans 

16,465.1 

13,405.8 

Less: Valuation reserve on loans 

173.8 

164.0 

Net loans 

16.291.3 

13.241. S 

Lease n nan ring receivables 

352.2 

309.4 

Properties and ecuipment 

185.1 

160. S 

Customers' liability on acceptances 

676.0 

G1S.0 

Other rcsi esiaie 

26.3 

31.9 

Other assets 

669.1 

59S.S 

Total assets 

527.284.5 

S24.131.5 

Liabilities 



Deposits: 



Domestic— Demand 

8 3,785.1 

5 3.4548 

Savings 

1,323.1 

■ 1,458.0 

Other time 

5,451.5 

4.113.5 

Overseas branches and subsidiaries 

8.126.9 

8.121 6 

Total deposits 

18,686.6 

17,147.9 

Federal funds purchased and securities sold under 



agreements :o repurchase 

4,808.2 

4.409.1 

Long-term cieci 

413.8 

31S.6 

Olher funds borrowed 

823.7 

411.2 

Acceptances outstanding 

67S.1 

327.5 

Other liabilities 

681.8 

534.2 

Total Haoiliite s 

26,092.2 

23,143.5 

Stockholders’ Equity 



Preferred stock— rnlhout par value: 



Authorized: 10,000.000 shares, none issued 



Common s-oc’:— S5 par value: 



Authorized: 6C.000.000 shares both years 



issued ar.c! outstanding: 1978—39.153.525 shares 



1977-35,560,460 shares 

195.7 

177.8 

Capital surplus 

507.5 

42B.1 

Retained earnings 

489.1 

377.1 

Tots! clockholders' equity 

1.192.3 

983.0 

Total liabilities and stockholders’ equity 

$27,284.5 

S24.131.5 


OFFICES IN UK - London Eanch. Continental Ban 1 -; House. 162 Cue-n Vc’oria Sireel. London. EC4. 
Fewer-erigt-vo 0"«:e. v £t. Colmc Str^er. Edint-uroh. 

MERCHANT BANKING: Cominenlal i^nois Ltd., Continental Bank Hotisra, 

162 Ouecn London. EC4. 

INVESTMENT SERVICES: Crt!-.!inar.'.al Illinois ln!ernai:cnal lr. , .'SP ? rr , en; Corpcra-ion, 

Ccrwnerce! Ban-; H&jse, 162 Oco^n v.-:*/.-na Street, London. EC-. ~ . . 

Othor E - jrcr-? 2 i' C’i -ros: Af" ■.ve-rp. E-rusself. Lie^e. DLsseWori. f . tunic ‘ n . rr^rl-iuri .Vhsr. 3 , 

Tnes£alCT.!rt, Madrid. Rotterdam, Amsisrclani, Milan, F^nie, Fans, Visnr.a, Geneva and Zurich. 



• \ 




Financial Times Wednesday NoVember J9^1STS>- 


unhappy lot of the 

chemist 


BY DAVID CHURCHKA. CONSUMER AFFAIRS CORRESPONDENT 


GEOFFREY KANE is a num- 
ber nf i dying broed — th« ?mall 
independent retail rhemiM. vhn 
i= rapidly disappearing from 
Britain's High Street* .Ahmit 
4.000 small i*hemi«;t« have rln*pd 
down during the past 17 years, 
leaving sr »ntp m.nno still trad, 
in?. But every week a Fnri her 
four or five gn out nf IlllFinCSF. 

Mr. Kane (name rhap?ed Fnr 
professional rearonst runs a 
: mal! village rhPmi«J'« shop in 
Hertfordshire and n has Fared 
berter «ban many independent 

chemist* «ince he hmizht it just 
over fnur year- a 20 . 

Turnover lias almn.-t trebled 
tn around £R 0 .nnu tfn? year and 
Mr Kane's substantial market- 
ing experirnro — hp was with a 
jarze drug* mrnjwny fnr 25 
vesr= — ha- ■■oahleit li 1 m t<i 
s'jUFprp the best mil nf hi- 
linutpri rradinz r>n.*u inn But a 
H..WI In:* last year will prnh 
ably be •licreeded hv only a 
small trading prnfii this year 

wh*n I he a'Tniinl- arr audited 
Tbi-‘ 1 '■ hardly -ufliriPiii fnr a 
jtuII reta-ior ii» <iay in 
busmpss. Mr. Isanu feel* 

N"e* only .are ehemists n.ir- 
rerTly liifked mi a prnlraeted 
i» ranrle v,:h ihe (invenimml 
ni' e r presenpi i-in payments, 
v-flieh arvRinU fur ahniM two. 
thirds <■! their inrnme. they a |cn 
fa r* s hi e n - p rnnipetmrtn frnm 
the multiple rhemi«u and 
'Tipermarkets fnr sales r»f 
thmr traditienal jnnijt surh a* 
rosmetirs lm|err:e.K and pro 

pnotarv nipdiemes 

In man;.- areas, #?, peri. illy 
*mali villajrs. the independent 
r'nemist ha-: already become 
vtrtuail" ni-.n-evtslrn'.. fncreas- 
inri>. nld ppnple and voting 
Tnntliers— Ihe va«: bulk nf inde- 
pendent ■•h<'ni*f*' mctnnterc — 
are being frip-ed t" travrl tn 
laree r tn-'iis in have prrsrnp- 
tmn* dispensed 

The independent rhenil*t' & 
dependence mi turn"v*r '.">11- 
era r®ri hv NHS preemption.* has 
grown iteadtlv throughout rhp 


l?7 n : Ip I37t. \’R5 revenue 

armimieri for about 44 per cent 
nf independent rhpnii«ts‘ turn- 
over. rnm pared with jii^t uvor 
fi 2 per rent a i presnru, accord- 
ing i" new market research hv 
thr A. C. Nielsen rompany. 

Arrnrdinz to the Pools Organi- 
sation. whir h is by far the 
largest chemist chain in the 
cnur»tr\ with over 1.200 shops, 
ii has diversified substantially 
into higher margin goods such 
a?= record* and toys t 0 niini* 
mi'e us dependence on drug 
sale?. 

Prescriptions 

While hem? dependent on 
NWS work ;* nnt m lUelf un- 
iat: -factory. rhe problem for the 
small chemist 1- that hi* profit- 
ability frr.ni rhi* work ha< been 
hpld in check by rim Govern- 
ment Ch«?nii«t< are paid for 
diTpemms NHS presrnption- 
aeoording to a complicated for- 
mula — which few chemist.: 
appear fuMy tn understand 

Tin* :akp* account of stock-- 
ho|d. return on capital, drug 
pr-cc*. chop local ion. quant it;e, 
d’spe vied and various other 
la-tor 1 . 

The rheniid: pvofe.:-ir.na! 
hnd>. toe Pharmaceutical Srr- 
i:rfi Va zet] qti n2 Committee. 
argues that this formula ha- 

fa tied to keep pare ;th infla- 
tion The return mi capital 
allowed fop a viable NHS con- 
tract. the committee arctic;. 
-iinu : d t.e per rent instead 
nf ihe pre.-fui jfi prr cent It 
hack-- up it- ca-e with an inde- 
pendent report from ('.no per* 
and f.ybrand. the consultant 
arruii ;i t an ; - and argue* that 
utli-T Gnvrrnn e-.j contractor: 
have been n Moved a re-pncisic 
of liteir cuntract* to -give a 
higner return mi capital 
The negotiating commutes 
ha- calculated that gross pinlit 
marZ’ns for independent 
rhenr-t; have dropped from 32 
per cent ip I51R4 to ahum 2t 


per rpnt at present. Net profit 
margins ligvp slumped From 4.6 
per t:rni tn 2 S per cent over the 
samp period. 

Margins have slumped mainly 
her a use nf rising rests Amird- 
ins to ihp Niolspn researrh the 
cost per proscription rose From 
121 p in iP75 to lS3p in. 1R77. 
Pruc prices in ihe past Few 
years have risen about one-and- 
a-halF lime* a* fast a? lh«‘ 
general inflation rate and 
Department nF Health (Mimaies 
sugse^t that the current rate is 
three times the overall inflation 
figure. 

Because prrvnhed drugs 
tend to be costly, chemists are 
forced to put a large pari oF 
their working capital into 
«toek«. Consequently, chemists 
have a higher ratio of capital 
employed tn turnover than other 
small retailers In addition, 
they ha vp problems with ca-h 
flow In finance their stocks. 

The oh vi mi s .solution adopted 
by nin-i chemist- wa« tn nn 
bark the amount nf cash tied up 
in drnc <t.i» ks « inc effr-i-t -if 
lhl< has hneil to fun-e custniner* 
tn have to make two .tourneys 
instead nf *«ne to vr-i a prosenp- 
tiuR filled hprause chemist* now 
order c: penally «pmp drills 

which in 1 tie past they w.mid 
normally have had 101 the 
promises 

Mure -emms has been thp 
effect nf a l»HSS derision made 
111 I U 7 . 7 ; The Pepartmonl said 
thai sinre chemists were Imid- 
in: li'<« -rock, and the amount 
they wpro paid per prescription 
wa> ha«ed partly on slock 
levels, their fees should he 
reduced accordingly. The 
rlirnuals* fompiaini Ihat they 
rntild :mt afford tu hold more 
slock hee»n*e the rinvernment 
did nni pay them enough fell 
on deaf cars 

Cnqsequenriy. the cbR|i|l*ts 
p-Mmaie rha» ihe move ha* cut 
their roveuwe by some 
sim-e Tliey have railed 


nn the Government t n allow the 
dispute to gn to arbitration and 
have backed up their protest 
with a petition — over a million 
signatures wer? presented tn 
Parliament. 

Mr. Davnl Eunal-. Health 
Secretary, has said that the 
issue should be decided after 
recent adjustments 10 the pay 
ment« system have been given 
lime tn work. These basically 
allow fur smaller chemist; to 
receive a slightly bigger share 
or the prescription fee than 
larger simps. 

Tins month a move m ynd the 
deadlock between th»: chemists 

and the Department «a- made 
when Mr. £nnals announced 
ihat he was referring ihe dis- 
pute 10 a rhree-man indrpendetii 
panel of assessment which 
would make a rppomnwndaiinn 
next spring. But the chemists' 
negotiators are unhappy that 
the recommendation- will nm he 
legally binding. 

Monopoly 

The prohloryi compounded 
hv other rhangps. On the NHS 
suit*, the rlipuiuts' traditional 
monopoly position for dispens- 
ing drugs is heing placed in 
leopardy by the growth nt 
hejilih centres, at which patients 
can get drugs dispensed a» ihe 
same time as seeing a doctor 
At present fherp are B!»n health 
centres in the UK and thp 
(invprnnirnt forecasts that there 
will hp 1.000 wiibin the next 2d 
years 

fin thp rpiailms -'td c tor cos- 
metics and tqilclnes. the 
••hcmists’ ha--ir problem s> that 
l hey (-apnot generate -nrTiei'-nt 
lurunier In rompeje on price 
with larger compel! 1 nr:. <urh a< 
Rout*, the new multiples :ilcli a: 
Superdnig and Medicare, and 
the mi per markets 

Moreover, rhp cbeP 1|Sf s irad ; - 
fional rnlp as the clearing: house 
for film processing ha; aUn been 


eroi^d by film cornpame? swk- 
mg wider omlei* well as 
developing mail order. 

The chermsis have reacted tn 
the pressures of the High Street 
in two ways: 

First. I hey ha\F sought to 
brine more pressure to hear on 
the Government in improve the 
profitability of XHS work 
before the ?mall chemist de- 
cline* tun Far tn he saved Bui 
pharmacies arc no! a sector 
where shops can he quickly 
nprned when market conditions 
improve, as chemists need to 
he professionally trained. Run- 
ning a small 1 hemist’s shop, 
moreover, is unlikely tu appeal 
to many young, nowiy-qua lined 
people. 

$«?fnnd. 'hey are developing 
voluntary group? led by whole- 
salers in the same way a* sniail 
growers have handed together !>» 
gam thp hpiiefit: nf hulk huyin? 
wuhoui losing independence. 
The two main group- are 
Vunwrk and fniehem. which 
mgeiher acrouni for about half 
rbc 1 ni . 1 1 number nf indopenden; 
rhernisis. They are invaluable 
For many chenust* in helpuig toj 
provide Imv-or-pnreri goods hui.J 
even so. siill cnnnoi min pet it j 
effectively wnh Boor? and the 
large supermarkets for hulk 
buying and rn.-t saving*. 

If ihe rate of >- 1 o -- 1 1 1 p nf in® 1 
small chemists continue* till- 1 
abated, one avenue of lir.p«-j 
mighr finally be opened up. il 
is just possible, in the longr 
iprui. that ihe Government may 
sicp in and «*nher directly subsi- 
dise ihe pharmacies. «<r restrict 
of proprietary mpdirincs 
tn 'lie chemists' shops alone 

Mm: independent pharmacies 
would prnhahiy wejrnme a move} 
in rest net comperition from; 
ojhrr retail outlet:. Pm thc| 
:;<pcrniarke!:' lobby m;?hl 
prove hard to o-. »ri’nme if the 
•invert! men 1 eventual ly proved 
willing tn lake such a course. 
Without «nnie such movp the 
chemists' future remain.* bleak. 











\r f ■ • 






\ r . 



Agdpd.%;lt mecns^siness.T:^ ' 


We Jfnowt 6urowh.bus|ri^ 

^‘ud'lify.of our suits: ■ v } 

-And tows t hetime.-to'iny^.^T 
inooe^OuF Autuoiir 
'suits'^ wider 

mqi.nly in, pyre, new vyool :t t [■ 



With prices stdrti hg'frfiiw.^r.r 5fe y 1 
£69;c ^titironr AustinReecf-^r 
remflf kobly 0ood ydueiYouw^^: 
pciy^orit.oad^heoae^te&^iii : 
compleroent.it by means of m : . 

Austin ted credit occpurrt of. >i 
withrthe-fnojdir 

' . 5o come and take, a buSines^-^-:^ 
like look ot the Autumn: range of--. JC 
siiifs of Ausitnted 

V- Natural gobetfeots f^h' f ■— 


of Regent Street ■- 

=. .- ond all Brancnes --= • ^ ; v 



i-'- 

b. 1 

1 fl K Fj| 

19 


W -‘' b 

1 - L : y , 


WEStf 





The Financin] Times is planning to publish a number of Surveys 
in 1973 on the Drink JndiiRtiT. The titles and proposed pubiica- 
fion da I ps of fhosr planned are listed below. Other titles may be 
added during the course of the rear. 




->■ - v .- ? 
■ ■ 1 A; 




mm 


we can insure or reinsure almost 
anything intheworld. 
ilsewhere, were waiting on the scientists. 


The Alexander Howden Group 
includes Insurance and Reinsurance Brokers, 
Underwriting Agencies and Insurance 
Companies - and as one of the largest 
insurance groups in Britain, serves clients 
all over the world. 

And if this fact surprises you, it's 
probably a tribute to the Group's m Q l* 
growth in the last few years. | fj I 


(Since 1972, for exam pie, our profits 
have grown by 400% - and our earnings per 
share by 240%). 

The Group operates around the world, 
with correspondents everywhere, and has a 
well-earned reputation for competitive and 
k efficient service and practical innovation. 
^ And with assets like these, who knows 
I where it will tum up next? 


BREWING March 21 ‘ " J ' T 

LAGER August 2 \ 

WHISKY October 5 ~ .. ' : ^ !.v 

WINES & SPIRITS Nowmber 7?^. ‘ 

The Financial Times publishes over 250 separate -surveys every 
year on a wide variety of subjects. The complete surviEw schedtile.: 
available on request. y ■ - ’ •> ' 

For further, in formation on Drink; Industry SuiyeysV •• v : 

or Run-of paper advertising. . - ‘ ! : : 

.. please contact, - "■ ; J ; ‘ 

Derek Rome, 

Financia! Tiraes, Bracken Honse, 10 Cannon Street, 

London EC4P 4BY -' 

Tel: 248 8000 Ext. 7181. v > « 


Ac’M -vu. 


Alexander Howden Group Limited 

22 Billiter Street, London EC3M 2SA. Telephone: 01-488 0808. Telex: 882171. 


















f 1 ha 33 cM Times Wednesday- November 29 I 97 B 


Currency, Money and Gold Markets 


Dollar drifts in 


THE POUND SPOT 


FORWARD AGAINST £ 




Trading in jealerday's forc'cro 
exchange market became very 
subduod ahead of todays 
announcement of the VS. rra«ie 
figure^ for October. The dollar 
>howcd a slightly weaker tendency 
overall, and finished on or aruund 
tts worst level for rite day. Never, 
t be levs the D-mark lost* grnund 
slightly to Dll 1 11275 against 
DM 1.1)250 on Monday while the 
Swiss Franc was quoted at 
Si*Fr 1.7DJ)0 compared with 
Sw Fr J 7:ViO prei kju>ly. The French 
Trane ilrmed ta FP'r 4 fiutn 
FFr 4.4250 and the Canadian dollar 
also ro--c in S5.121 V S cctii-. 
against S4.SSJ V.S. cents-. 

Using Morgan Guaranty Ijgiirev 
at noon in New York, the ilu!1ar‘& 


1 *6-. 


eB 


g gWK 



■OJFMAMJJASOH 
■77 1978 


trade weighted average di-pri-i-i.,- 
Iion widened slightly :o SI! per 
cent (mm 8.1 per cent On Bank 
of England figure*, its index fell 
to 85.1 from Sjj*. 

Sterling opened at $ 11 H 8 .V 
im:!.) and touched M.94QM. Im; 
soon recovered lo Dur.rig 

l he afternoon It commut'd in firm 
a- the dollar drifted away a little, 
and closed at Slfl4Sj-l.fl49.'i. * 
rise of 55 ' points from Monday':, 
closr 

On Rank of England hgure.'. ihe 
pound > improvement in general 
hfts shown in the rKe lo 62 6 from 

62.4 previously, having .Kind :u 

62.5 at nuon and at the niorning 
ralculai mn. In rernis of the 
D-mark, the pound ro*e in 
DM S.7d from DM 3.74 j while the 
Swiss franc wins also w raker at 
SviKr 3.39 agaiost SwFr 

FRANKFURT — At yesterday's 
fixing, the dollar raved to 
DM 1.9292 from Monday's level of 
DM 1.9321. There appeared to bo 
-litrle trading ahead of US. 
statistics for the consumer price 
index and October Trade figures 
Towards the close, the C S. unit 


was quoted at DM 1.925)1. «howiug 1 
vrr/ little change. However Ihlv 
shewed a marked decline from 
it* ievui of DM LUT-’iH. which wa* 
before a u.b per. rent' rise in the 
consumer prire iiulbx The JaMcn 
stiuwcd an annuai nitc «if 9.6 per • 
cent. • ■ 

VKW YORK— In i|u»et trading ' 
the L'.S do^ar vnuwvd little move- 
men r, nvpii afji'.r the :<:mu!inrc- 
men) of a ns per rent rise in the 
consumer price index The kslLo 
wav- very -much in line with 
mark t-i es pec: u lions. Sterling ; 
w«> queued at SI 94.74 against ' 
51.9443 while the D-mark tinned 
to DM TICKS from DM 1.9321 and 
llit- Swiss franc . rose to . 
Sw Fr 1.7381) fiom Sv» Fr t.7422. 
PARIS — In relatively cajin- tr.rd- 
ir.g; the doiiar fell from its curly 
morning irrels-. with little. 'in the • 
way of fresh factors lo alien, ihe 
markei. A cnniinued down ward 
dertin** :n dunio.iTc intere.«t’j!iirs 
app-ared in be li.’nid in hand "with 
a Mrunavr franc, aqd the French 
currency was quoted at FFr 4,4173 
in terms of the duU.-ir. againM 
FFr 4 4275 which represented lh<* 
day'a Tow ,md Fr4fi;iJ. - » nn Mon- ! 
day. 

>11I_XN — The dollar v a- fixed ai ! 
LiV 7n at yesterday's iiMny. com- 
pi.rr'l with Monday's raw of 
IJi.'U! 7ii Tlic .lapani'se yen con - 1 
limit'd to ili-rliii<> in L4:;gii a-jain^t 
I.1S1I w blip vteriinq improved to 
1 . 1 ,654 ti f ror.i L! .C52 The I > ra 
was sjjghtly firmer against the 1 
lJ-mark but !ih ground i»r the 
Svlss and French franc. Dollar- 
traded .it tile livng ini a Had 
S12.ini ill winch SS.5m were «dd 
by the Bunk of Italy. 

‘/L'HiUlt — End .-if year lethargy 
could be r:trd as one of the 
reasons why trading sunk to a 
very low ini -1 yesterday, although 
tiierc >c»:mcd little point in 
taking new position* ahead of -t lie 
ITS trade figures h,r October due 1 
today. At ftud-mnrning the chills r 
was quoted Sw Fr t 73H-V . and 
again.' the West German mark : 
at DM 1.51275. 

AMSTERDAM— Tiio iinilur was 
li'.ed at FI g.UiHifj. r.ligiiUj dawn 
from Monday'., level of FI 2.05)771.. 
in later iruditig the IS unji ctxtcd - 
s!j"hliy to FI 2.MSS.V _ ' 

TOKYO — The dollar was 

biighlly Presier again.i, the yen' 
and t-lo.sed u YiftilSi.i, cnnt|ured • 
witJi Monday's clune of S IM. 625. 
After an npcniu, k-vc! of YlUli.jO. 
/i;c l".** currcncv rose in a high 
of Y197.U-7 on demand «n cover . 
iiuporl >enlcment<:. However 
during the gfternoon it co.sed 
somewhat lo YJ 96.20 ahhougb 
there was JilLe upparent pres- i 
sure. , I 


Nnv. i r. 

I/koL 

• 1 Ali- 

llat -. 

l 

“ 

Uil#» M4Ki;. k | 

Ir-*- 

1 lifvn,,iiiLu* 




* 







a 

#‘a 

1.6BQ0-I B4 1 *! 

I.M64 l.*496 

0.23 U. 12.-f.in. 

I 05 

> 10 \). :0 '-(.in 

1.43 

& 

Jfl 


i.JBBj sjoss 

U.tO 0.60 

2 ae 

1 7j 1 Ffl, 

2 93 

mu i^r 

► 1- 

B.fci 4.1 K* 

4 Bh*j 4 or* 




*i;i*n K 

. 6 

M.&J »B 30 

- 63 Ut, 13 li 

1 iy S ''hui 

U 5 

au ia .. t .ii 

•J 88 

w ••*-. K 

6 

IB Jb IU 4I 

IU -10 IU 41 

2 

■i 4u 


-2.11 


i 

1 . 16 . s.;/ 

3 *b. 1 it* 


a iy 


9.71 


IB 

90.B8 41 t.0 

o 1 liSl.bS 

bl! 1 IC--..M- 

- Iu - 1 


-9 41 

t**i. lv». 

II 

IJr*. 10 

133 2 /-tin. .VO 





.11* 

HI. 

l.*fbl I.C« 

1 b6B, I.VD9, 



Id ib 1 -r- .1* 

s.sa 


? 

ii.oi 

IQ.W 16 01 


U IS 


ui > 

Til- ll F 1 

S'! 

B.S?j B.H2* 

i.M:-k.n; 

4; !;• ,|.m 


I'm |.|,« 

4.3*1 

■11*1111 Hi 

El* 

- B.bSB.W 

6.64 S.61 


3.47 

11.9. 

4 74 

*.u 

S'- 

4/b on 

4Si S 81 


12. If 


12 60 

•i.l'n.K.-g 

4-. 

2/.31 176« 

2/.i» v: u 

18 4^... |.m 

t.U> 


6.9 7 



3-16 3.U 

3 31, 3.39. 

l-r-J 

11 31 

Ill Itj • . ; ... 

12 83 

BrlKiun 

ra:e i* for iw.triilb Iron*-* 

fiT-tnnnUi 

a iv aid 

d'ai-.r :*:«• i 

fir. 


liniih-ui Iran, to.iut ttf 

Kjtc for Viisir l.in S-h. nn \at. Ti 

vhuiila b.-i-n 2T 43-J7 4t> niau-i. 


1 ir-mor.in .. TS i r.Si pm 


THE 

DOLLAR 

SPOT 

FORWARD 

AGAINST 

s 


Dlt'l 



— - ‘ “ 

• 

... 


Kivtaibtr 8 cprud 

Close 

One ntMlb 

p.a. 

Three meniM 

p.». 

i.^and'o &• 

ujnuij 

U. 04-13. u 

6.10 -4.13c p>m 

1.42 

0.17-DJSc pat 


■ Inlld-'i 

2 6389-2.3133 

2 6856^^484 

IJM Jtt pm 

2 .U 

1.S4-0.16C pm 

1X8 

Ix-ltiiiin l-r 

30 JO-MJn 

30J4-M.3* 

4J-Jt pm 

1.34 

B1-41C nm 

0.14 

fFtmiiU t r . 

S JM5-J ASOO 

SJ345-SJ429 

1.75-2. 25a rcOif 

-4.65 

4.75-5^5«re 41s 

-J.7S 

Ii-Mjri 

1.4250-1.4311 

1.42*5-1.1280 

1JJ-1 J7pf pm 

B.tt 

l.?8-i.73pr »m 

7.90 

F-url. lit.. 

4j.i5-3T.M 

46.85X7. M 

35183c 4.4 

27.41 

UO-300C dts 

24X3 

NpJII IlM 

71.42-n 54 

71. 40- 71 J) 

50.nk 41* 

10.42 

Its- 145c dis 

-9X5 


8M.4S-B51-M 

tsi.ia-ssixa 

4XX.7Slire4ls 

-6.17 

1L.75-U.75IXI* 

•5.99 

Art- jit. hr 

5 12*5-3.1134 

1.UB-UW 

JSarodls-.BSPfn 

-0J4 

1X5-1. tie repm 

-0.4S 

I- ri-iM.ii )r 

4X1*44 4250 

4.41*3-4.4146 

1.76. 1J6C pm 

4JH 

1J5-2.45C pm 

2.90 

5 *n -du.il hr 

4.489-4.UII 

4. 4345-4. 4570 

UM.Wwc*m 

3.70 

3.0573 Uwr pnt 

2.62 

Yrii 

144X8-147.110 

146.40-llb.W 

1.45-tXSypin 

12.16 

SJO-SXSy pm 

U 63 

4iim ru 0 

14.MSS-14.12S6 

14.10 5-14.115 

7J0-4J6^r*pm 

k.16 

16J4J4X8flr*pm 4.43 

6»i4* it 

1 . 73 344.741 ■ 

1.7385-1. 748* 

1.47 -1.42c pm 

11.41 

U54JSI pm 

U 04 

■ C S 

•*-i»t» if r i.anaUibu 4. 






CURRENCY RATES 


CURRENCY MOVEMENTS 


Nav«fnti*r 27 

s|.-r!n.» . . 

1 s. .luilar 
CaUilu.ll duller 
Vu-irl^ii .slTiIUIik 

fra-.'. 
Njr.i.h Vruii.* 

Ill !■<-.. 1|.- ,TV 

• ••i.bti r 

i r.'Ku Irani' . 

I .U 

"> 

I 

iron* 

Sin.( IrjiH- . 


Special European 


Binb *1 Mortian 


OrJwlAS 

Unit ol 


England Cnaranly 

nights 

Acctunt 


Index 

chaage* '. 

0.655252 

0X72844 

Si. : rll:i* 

*2.64 

"'•CO 

1JM9T 

1 JO 379 

1.- S ili.tl.ir 

15 96 

- 1.2 

1.49628 

1.5 3457 

-tMlknllMh Unlljr 

12.44 

-17.2 

17.9542 

16.4509 

i Aiis'r'.n '- in'.iiuL 

143 46 

t 11.9 

38 41 M 

99.6017 

- Li isur. Tr,u> 

UI.S1 

-r 14.7 

6.79187 

6 90358 

r>..ii. .ii VruFu 

116.63 

* 4.2 

2.45371 

2.51461 

j'«. Ii>- Marl. 

. 147 21 

-41 3 

2X6376 

:.rws7 

>'■• i*i Ir.u. 

146.84 

• 13.0 

563105 

5.71147 

. ' .ulkl-r 

122.96 

tX 4.7 

,1882.47 

1111.T7 

(>■*. Ii Irain 

47.45 

- 6 5 

240.414 

25*X64 

Ijrj 

54.55 

-41.5 

6 53204 

4 72133 

9 . n 

148X6 

-46J 

40 8675 

45.7W6 

iMv ■! "■Il trait"- 

••v.ehted ihiit* « I-*m 

5.62749 

5.77511 

V>-«ahiiu--*>n j<r. - 

ni ni r». ■ /‘int-:. Iili 

U14I1 

2.27364 

: >Ka:,L “1 Knc'aml 

|l|:1«.l ll«l 



OTHER MARKETS 


S..t t 

Vi p IiKiiS IVm. 

V..* HI. I* Ih-ll4l 
I m.PMl MwiM . 

I'rprll I 'ni^i I ii 

I ■ rr— V | im, | M> . 

M .lip hinii: IlnlUi . 
li*u l.ii . 

h"«'« ' I •■■■• • h 1 1 
Di ‘Pm'rnlic )r«n. 

Uantrui li.i.lpl.. . 
Xm /• jiiaml I s.;nr 
vrekM k’n- 

- m;'*| lu.llmr 

*' i i" VIm.-pl Kami 


e 

T«» CilM 


).«««• I MB 
1 7C85 l 7135 
7.1 8 7 F.9I- 
ib 35 39.35 
71 002 72.741 
K.S31-. 9 5 5 1;- 
144 12 14W.OO 
U.a/8 tJ.alB 
58 80-58.90 
4 29i, 4 3H-' 
1.8545 1.B625 
n.48 6.S8 
«?84 30 
1 6762 I 7021 


B46.1Z 648.17 
0.87BC. 0.8802 
4.U540-4.w5b- 
19.68 20 IB 
»r 43 a7 32 
4 795 j 4.8000 
• 4 75 

0 2748 U.274B 
30 31 30 34 
2.210U 2^150 
0 954 2 u. 9 578 
3 J64u 3..*7-w 
2.2070 2.2085 
0 b600 0.6733 


Vnlila 
hpIki.uii 
iK-nifui V . 
fipre- * 

< iri-irenr 
ll»-v . 
l.|*n 

VmIih:»ii.Ii 

Vi.r**-. 

I'm 1 npp 1 . 
■•lain . . 

"»li «-|i»h.| . 

I’n iH 

1 i». ■■ 


27 28 
60 61'* 

10 30 10 59 
3.a5 3*5 

3 70 i.Ki 
16301700 

180 590 

4 ...i 4 III 
9 90 10 OS 

BU 100 
1 39 1 .■ 143-j 
i 34 3.44 
1.942 l j 1 9:25 
4 1-44 


Pair Jivrn fnr Vrgrniina u trr* lair 




EXCHANGE CROSS 

RATES 


1 







>«it. 2 d 

■ 1‘cwind 9IFVHDK I-.9. U.r.pr 


Jn|«»ra? 1 ea 

FrvFun. Fntnr 

>"*-|-» >ran.- 

I'uliti liUtUlel 

Ifpumi. I.:>» 

1 SJ.M.Ifc J*rel*l 

l^.*wr ) ■«!•. 

PnBnfi SlerliB* 

1 

1.949 

3 760 

584 0 

• 8.593 

J 390 

4. 070 

1639 

2.289 

l9 05 

.r.R. Pptftr 

0.513 

1 . 

1.929 

197 0 

. 4.40ft 

1.729 

. 2.099 

851.1 

1 171 

30.30 

[tpulacTle aotrfc 

0.266 

0.519 

. . i. 

102 1 

2.285 

0.902 

1 .082 

441.2 

H.tOQ 

15.70 

icpranti Tan 1.000 

2.604 

5 076 

" 9.792 

• 1000. 

- ?2.58 

8.828 

10 60 

4320 

5.961 

163 9 

French If rune 10 

1.164 

2.269 

4.576 

~ufi" 


...i.945 . 

£ 4 737- 

1430 

2.664 


Iw!m Prmne 

0.295 

0.575 

' UlOfl 

- -2.S35 * 

• l; 

1.201 

«8» 5 

0.675 

11.48 

JPntish finlldrer 
WnLut J.000 

0 246 
0.603 

0.479 - . 
1.175 

0.924 

2.267 

94.35 

251.5 

.-2.111 

5.180 

0.833 

2.044 

l. 

2.4 64 

■ *07.6 
10 OU. 

0.5b2 

1.390 

14X1 

55.60 

^a«llAa Dolbir 

0.457 

0.851 

1.645 

167 8 

3.754 

1.481 

1.779 

721.7 

1 

25.80 

Icltfan Franc ICO 

1.695 

3.301 

6.367 

6505 

14.55 

5 741 

6.6P2 

3B09 

3.876 

loo 


EL^O-CURRENCY INTEREST RATES 


X"*. 2* 

Sterliu* 

t'.S. M-iUr 

Lannfitnn 

11,'Ilar 

iJuldli Ouilfier, S*i,» rrinr 

n «i f*Prra*a 
Mm * 

Fraa-n rmuc : 

ItslMa Lira i 

4)iaii fl 

.l*ixnp>4 Twt 

Short tana 

1214-1213 

93, 10 

81*- 9'» 


8I-.-8-, 


al* a .t 


6 it 6S* 

30 50 

_ 

3.V 5c 

■7 n nr lo— 

12)4-121, 

9>.10l* 

8i- 9>* 


9 ,10 

j*. '« 

3‘- 3*» 


6 « 7 

18 22 

lO.p 


Until 

12. >-13 U 

111,-12 

10 x- 10 * 


9i.-10« . 


3 >*- if 


#14/1} 

17:..,8>j 

U« 12 

Oil ft 

fbri4 lrmnlh*.. 

13.4-14.4 

Hi-, llTg 

lO 11 


10 10’, ; 

•V ■» 

: 31* 

. 


17 18-, 

lln-11.* 

a* 1 

lix Jiiniht... 

14 Ii- 14 m 

18-12:, 

10 1 1 


9 4-9'i 


3.<4 


9 . 9 ‘, 

1819 

12 12'* 

1.2V 

Joe 

14 14jg 

11U 12 

10^ 10-. 


9Jt Bi, 

1., i 

4*a 4 t 


10... lu.; 

lB't.l9t,' 

ll.i-ll ) 

21; 2>i 


jhi 1 rcliou-.nx nomina! ra’.r.S were ouoictl l-»r gonaun dulUr LC. r li6*dlf> nr depv .Ml nn.- inDUrli IM *J0-l<i.r-0 i> -r i -nl. Three mcrei’li-. II 41-11 M prr j.i >n 
It T.'ttll Si per ■'■mi; one year ll.4v-ll.79 m-r v**nr. 

AoBa-li-rm Eurodollar drpoc:». Two y.ar* Ki ll p< r .-« w: :hr-i- \. ar» lii-,p-*0 » p-r r H. Imir m in In'm-lir i, p.-r .--nr fii-r '<jn in ,i h M. i- e-r . >m. 
wijial 'JoEitu r:ncs shorT-ivnii rnii-i arc t*!l ivr *n r ini. -L,5. dolUr* ana < nnsdoii ibiinr.: mu-Ua: .mk lu nuildi-r*. .ana m»i*s irarws ‘ \*:«n rm.-* tur 
.-tteux rales iu Sluupari;. . 


■* t 
'* 


IHTERNATIONAL MONEY MARKET 

European rates steady 


* 


.'"“'a 


* *) 

7 

r 


3 ENrope»n interest raies were 
iirEy steady ‘yesterday, little 
I ihaftged by various economic 
; tal&Ucs. French industrial wholc- 
| mid prices rose 0 7 per rent in 
X-tdber. compared with 1.1 pvr 
> in September. The October 
ndf§: was 74 per cent higher 
haij at the same time last year, 
ompared with retail price 
n&aion of 9.3 per cent fur the 
amfi. period, according to figures 
lubRshed last Friday. 

Bjlgium's consumer prices rose 
*-1 fler cent this monlh. giving an 
mnfal inflation level or 3.SI per 
enri compared wlrh .111 annual 
ateSof 3.K7 per cent in October. 
."he^Tdrgel level for France and 
lelgium must be an tnllaliou level 
d a£nund 2 per cent, if both their 
urnfcncies are 10 remain stable 
-gaiBst the D-mark within the 
ievv {European Monetary System. 
Jerrjany's inflation rale is 2.1 jJt-r 
cnb- based nn the latest figures. 
Tfe currency reserves of the 
ientyan Bundesbank showed a 
‘elcyme reduction in the third 
veeB of November. Figures issued 


yesterday showed a fail of 
DM 1-jbn to DAI lUl.Slin. following 
a rise of DM 3.1 bn the previous 
week caused by intervention in 
the foreign exchange market. 

PARIS — The interest rule yield 
curve continued to steepen in 
the money market . with call 
money unchanged at 6: per cent, 
while unL-momh eased in tii-Ui- 
per cent from 6]-«i per cent. 
Three-mOnth funds were un- 
changed at per cent, and 

six-tnonih at 7,* -7,'. per cent, but 
12-inonUi money rose in 7..- -If: 
per cent from 7j-7i pci cent. 

BRUSSELS — OiK-inonth money 
rn«c lo llj-uj, per cent from 
j)!-SJ per cent: and three-month 
to 9j"fli per cent /rom Di-HJ per 
cent. Six-month fund< were 
unchanged ai Sl.-PJ per ceni. and 
12-mnnth ai SJ-fi per cent. 

FRANKFURT — Interbank in- 
terest rates showed lilt 1c change, 
with call money quoted jt 
:;.50-3..'*-7 per cent, i-nmpared wnh 
3.45-3 -Vi per cent previously. 
One-month vvas unchanged ai 


3.7-3 5 per cent: ihrec-month *1 
:i.75-3.flo jwr cent; sK-monlli at 
3.S-4.0 pvr cent-, and 12-munih at 
H^J-4.3 per ‘cent. 

.\MS1'ERDA3I— Iniciew; rtues 
were generally firmer Call money 
was 8J-5I per cent, eempared with 
SJ-H |)er ceni on Slonday: while 
one-iu oiUh rose in 9J-10 per cent 
Irom Ul-flJ per cent; and three- 
month to 9J-1U per cent frniu 
U!-!)j per cent. Sii-nionlh money 
was unchanged at til-pi per cent. 

NEW YORK — Federal funds 
were steady at around 'Jj per 
cent in early trading, but ihc-n 
rOiC to III per ceni, ai which 
point ihc Federal Reserve inter- 
vened to add reserves by way of 
overnight repurchase order?. 
Treasury bill rates j>huw cj little 
change from the rales ai Mon- 
day's auction, wnh 13- week hills 
at !i. 1 6 per cent, compared with 
an average of S.lfifi per cent at 
the auction: 28-ucck bills at 
•-13 per cent, against M.33 pc-r 
cent: and ono-jCHi- hills ai 9 31 
per ceni, iini-hancoii fr.mi late 
Mnndav . 


GOLD 


Further 

fall 


! fjolrl ronU.mied In weaken in 
yesterday's London bullion market 
and lost S21 an ounce to clO?c at 
j 51M-195J. After opening at flfl Si7|. 
IMSi. the metal was fised at 
StD7"0 during llip morning, but 
eased in the afternoon to a living 
of $1*1. 15. Trading appeared tn 
■ be very subdued with the metal’? 


m MONEY MARKET 


Large assistance 


Bank of England Minimum 
Lending Rale 121 per cent 
(Since November 9. 1978) 
Daj-te-dHy credit was 111 short 
i)ppt r in the London money 
iarV$t yesterday, and the auihon- 
les repave large assistance by 
-uyi& a moderate amount of 
‘rca^jry bills from the discount 
ousfc and a small number of 
Kal Authority bills. 

-OliDON MONEY RATES 


Banks brought rnrward small 
*urplu> balances, bill lhi>. was 
nut weighed by a modest ner take 
up of Trea.*ui-y bills, a modest rise 
in the note ci mi lotion, and 
scnlemcm of a small amount of 
gill -edged .nock sold by filf 
HUlhontics. 

Discount hmiM.* paid 112-12 per 
cent for secured call loans in the 
c arly parL and closing balances 


were taken at I J - 1 1 } per iTnt 

In the Interbank market over- 
night loans opened ai nj-12 per 
cent, and mucked 11i-I2.; per 
cent, before easing 10 11J-51I per 
cent in the afternoon. Oosmu 
rales were in (he region of I1J-JI} 
per dml. 

Short-term fixed period interest 
rales were steady in very quiet 
fe.ituix-lb.sa trading. 



v-, :=• 

\*n . ; i 

1 If *hl IJnH ii • it it nr 


r | ■ 1 r 

fc i?j !«: 

«IS7. 1?r; 

.'MtlllF'il 

k '9/- ISBi. 

5;i0J£0, 

U.-rllll.i r-tlMK 

«-isr:o > 

SI33./Q 


■rib 1X40- 

-4.lClS.C44 

Ir.tnt . 

» 136 IS 

S19B.40 


i-lb0.?t6 

■l 102 46J. 

'■■•M C .Bl||* 

•l«onrl h nllv 



Im i.^i'ii a n.l.. 

. 

9207 v :03. 

sco? :n 

.A' ICS* j(i7- 

■VUlf-.iOBi 

\rt *„i»i...ti.' . 

S60 t? 

j>u. 62, 


.iXO SI., 

•4.-10 ;i. 

flit erri K n« 

ssi; 60; 

'SB. ^01 

Iii.i.I l -.:n- 

I**, iipi .-.FiaIIs 

■rsa li, 

•rMi.-ai,- 

hms^riP.Ml. . . 

s:oi 70 

470* ;-o« 


li'ltS 104. 

fi" IC*b ICS, 


5a2-b4, 

Sa2 e4. 


K? 2 b 

£27: -'ft.. 

m.i v-rcr^n-n*.... 

SSB.-fcO. 

kS8;B0. 


■I.SU-41 

fJO. 5i.. 

.t20 F.ijlr* 

3771.1)5 

^7e »S 

H'l Lmpu'»— - 

A H9 164 

>1*0 ISA 

Hi ►a"!-- 

US 104 

l«!-6 Hu 


: weakness tending to reflect tlie 
-easier trend m New York. 

1 In- Pans the 12! kilo bar was 
| lived ai FrJS.KHI |H?r kiln i^ilni.33 
1 per mi lire •. compared with 
1 Fr28,4oil 181118.86) m iho morning 
aiul FrSiUjjUO 1 sing le.*} on .Mondav 
. afternoon. 

In Frank fun Hie 12' kfi«» bar 
was fixed at DM 12ifl.l per kiln 
lStU7.SU per r.unrc) re-.ain 5 t 
D.M 12,435 1*200.2-11 previously. 


,ii!' 


r 

N-w. CB 

l#l-. 

11 

ripililia 
CeniFrex'* 
ill rtH|«Mrel 

liiieitwnk 

Aulh, 1 II? 
*1..f .Mil * 

•rfrowlit 


1H4-121* 

- 

4*rt5t.«K*. 

— 

: 

11-8-12U 



1 1 >.* 121« 

12 12: a 

'"e inSnia .... 

12,1-1* n 

1^,,. 1**4 

lllgl*®* 


12.; - ID Ip 

IU ■ «- Id ..- 



I2..-12'* 

lfcij n: 

12 ‘ 12-4 

;i id dillit . . 

11.3-11, 

u. n 

11.-4 13 


1 l’t- 1 15* 

ll*: 1 1 r e 


r». 

ii.*-u.'; 

IIS; III: 



_ 




Ijv«i A lilt,.! 


y >1. 

Hi ii*e 
IV, ..11. 


.,ani«m 

IVl.-ll- 


1 

12:-. 1 24* 
2 j2i< 

I2v> 12*; 
11 j^ II It 

1 JK-1 1 -t 


12-> 

12 .'-h 

litN 

lull 

12-.i 


■12N-12Se 

12: s .I2ir. 

l^Ba 


IIIkUIIII 

IniUrt 

'n-wi 
11 12 


114« 12 
111(1 12 
11/. 

111,-11.6 


Imuiirt 
Itlll. >5 


fc'l IC.F'IC 
8 , ii V 
bin** 


His 11. > 
In. 

Ill- 1 l'- . 


I", 12 If. 

12-,. -12, v 
.1' 

111, n-. 


11,11*4 


12 ', 

It.-* 

Isis 

13 


l 1 t 


Ilf.! i 1 '*' Illlrer- h.‘l* 
-,ur.- ti 1KT 


it.iis iii-’-l *l.un;r Menu in. ji .uub>iri:r murg.igr 
Hi i- l-«r* I2M.’; nr com f lua> ii'li ^i.'* <u 


€ U«W /1 11 ilium v .uid nnj;ii ■; liuu^* •- .* „ -1 * 

ihrr-i fu;s I2J-IS; l** r -''"J . i..,nv- rolls 1 1 1*]., y.-r ■•-■it luui-nininli uadf hill*, u; p-r r*-m 

Mi il 1 * i»-r 


,ar ..'-■ ■a Tr>J*pr? Mk 


1 '* rai* s mr pr: in.- p4P*-r ) ;, ,*iu- ra-* 

4?Biuxniui< n-lluiii tfi 

llJi; ApplL-TIJu 

pir ,*-m: wi.-monui ir* 1 ' _ 

F U^n CC House Base BOIfiS •pilWi-»-*1 hl 1 '!j , ‘ 
Rates tur -in ,.H -in- 

‘HhrjT/r.s, |,u.i«k* ■'» d'—n" " ' t M ' 

- * 


in. anil r.i-u-iiinnih .111 p« r o-iit. ili:/-#--mnni'i 

ill nil:* nr-iH 17 V‘T r,-n:. rvu.qi4ini) nr-v fi-" r ■<’ii ,n,i 

vr ..j,- un-anMl: l, - ; r- 1 i<«l- and hIsh itir* ■ -kmu'Ii ii, p. r .-iu 
Ill'll* )«*■■: :al.»u ■ ID *-M 1111111 ViurUilK-l I |67v Clrarlno Bank 
ri,i Clcjnnn Bank Bom R*h fur icmltns Ui mi i-rni Tnutrr 


MONEY RATES 

i NEW YORK 

! nnnio lest,* . . 

[ K-U tunds 

> Treasury BilLs * 1.l-« i .-r . 
I Tn-asoiT Bills * JO-u-eck • 

j GERMANY 

. Ul'-tOilill 

- 'iv-cmiuhl . . 

.••in rnun'li ., 

• lliriv mnitiha 
! Hv mreiiili*: . . . . 

FRANCE 

Pl.-cpillil k.llr 

.. .. 

: "n, month 

Thr,-. iiinuir.* 

r'lx nini.iir. 

JAPAN 

)>:mh'i-*' r«i> 

■,,ll ii'nrunilmnniili 
I Bills Discount Rale 


H-U3 

WIS 

IU 

tJS 


3 

3.S2S 

3.325 

3.13 

J.M 


9.S 
k.MS 
i 6475 
*.m;t 
7.123 


13 

633 

»«3 


•PASSENGER SERVICES EUROPE-SAUDt ARABIA 




m y 

'ts»hr--!Trrs. 


Haute cuisine 
for high flyers. 

If they rated 

airlines the same way 
ns restaurants, then we 
count astiiewnrld’*? 
first cordf m bli j i i airline. 


m ‘ .-t-rarg" ’ 



31 

Exclusive Saudi Arabian inter-city 
service. 

Saudia internal flights link-up with ‘JO 
cities in l he Kiii^dum- nsinif modem 
r.17 jets. And our Arabian l.'.xpress 
stives a fasL no-reseivafinn serxiuc 
itetween Riyadh, .k-cidali and 
Dhahran. We’ve alsi > daily flights 
tlirt*u"houl l he Middle East 
and Gulf Slates besides - 
frequent services loFakistan 
and India. 


The world's most luxurious jet-liners. 

All of our flight-* between L, iiidoi: 
and the Kingdom are by sp.u'ious 
wide-bndicdTriStnrsor 717s. 

So there’s plenty of r» m nn to si retch 
out- and enjoy ti u* serv'ice. 

Personal in-flight travel kits. 

All first-class sut-sts receive a special kit— 
will) ihe compliments ofSaudia: il includes 

eye-shades, slippers and (reshen-up 

tissues. .. 



Exclusive daily flights to the Kingdom.^ 

We’ve 12 flights a week fn nn London 

( I oftliem nun-stop) including 
cxclusKe flishls lo Ki\7idh. 

And evt’iy day. we’ve 
iate-moniini» departures 

fn mi London that dove-taii 

with incoming flights from 

within the L ; .K. 

For out-of- town 
travellers, il can 
mean one 
night less 
j 0i\ awiyfroin 
home. 



Entertainment at 
your fingertips. 

Were Ihe only airline to t iffer 
films at id music on all flights 
between the U.K. and Saudi 
rabia. Annchair controls give 
a full programme of entertainment. 


A quick getaway on arrival. 

At Jeddah Airport we Vo just opened % 
superb new baggage hand ling area, new 

cuslt mis contrtil and new 
airport lounge. 

Si i on a rri val. 
ynt ican be on your 
wav faster Hum 


ever before. 




saudia^ 

t 4UDI ARABIAN AIRUNES 

Key to the heart of the Middle East 

: . - r :i*FT.-!j!ii ms -pin -nr* 

L- >no<.*ii 7777. Nl.i:n Ii*.-J*-i 7.". 




A word with the key Swiss 
could open the way for you 


© 




Financing. 

Say ihe word 
to the Swiss Bank 
Corporation. 

You could 
find that ihc 
subject takes on a new aspect. 

Because the Swiss Bank Corporation 
is the key name in Swiss banking. 

Our expertise in local markets is 
well-known in the financial centres of the 
world. Our banking experience, pariic- 
ularly with financing, stretches as Jar 
back as 1872. And our reliability and 
stability arc what you'd expect oi one of 
the b i ggest Swiss ban ks . 

Discuss your linnncing with us. ’Or 
your transfers, underwriting, or foreign 
exchange. 


You’ll see 
why ihc sw i.ss 
Bank t \ >rp< « radon 
is a name i« > be 
x reck* »ncd w iih. 

A name 
could open ihe \\w\ lor vuu... 

>4* 




Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


&m*j irp- 1 . . - 




















Late selling leaves 


WORLD STOCK MARKETS 


Street 9.7 weaker 



NEW YORK-»W°kis 


reorganisation 


■stnewCornptist- a 


•twlurtn*:- W*. M BIS J4 810.13 SSLOfl' iMJfcHMI* W.Z4-: -7*3.13. .. M&1.70 41,72 
. ' ■ .*■ ' ’■ juri' 73 * csri iz, 

H'nwBu.J** 86^0. 80.71 86.98 88.80. 67.021 20.81*' MJ8 88.12 • . r . - 


if modC'i 


-* muutiiiie uu.'intrna. uininiH.. ... i 

S". 1 ' il * r ' cl,,U ' ,rin - " r m0<lc '' Tlic relreal ... led bv Rlamour 
■ ns is'iie*. IBM declined $-1 to 82«7L 

The Duw June-- IndiHiTwl Bnciiig. the volume leader, 2? jo 
A verage finished 9.7U dov.n at SM 1 .. Du I'om 4; to SI 11*1. Smith- 
HH.M. while the NYSE All kiioe 2J to SS'lJ and Tried vne 2, J 


TmifVMtL.— 2D.87- 216.04 314.60 212.36 711 84 21I.M 781,40 } 199.9-1 ... 270. 


... 1L7S 

<81*5 32) 


CO S.IV. and Bow Valley ; to *1*',. afler an e | cclorjf defeat. Paper- Jvhrre in' Motor*. Daimler Benz 3 cents more to A S3. S3, and C9al ...I93.B0 ».75 39.32 8IU6 MJftf. 98.K 118.98 : SOA JfiUffl tOW 


Spector Industries, a trucking Pulps. Printings and Inks, which declined another DM 3.30 and and Allied another 10 cems to 


concern shed ! io $7;. 


would benefit from Ihe re " 
•* denomination of the yen favoured 


BMW lost DM 1.50. 


1 ‘omninn Ir.de?: reireaitd 13 cent.- 
in ?o3.l:l And declines outpaced 


to Sir.l • . 

Polaroid retreated 21' to 847;. 


- S77 to 324. Tradin'. General Motors ; to S55J. Kvson 

came lo 22.74m shares. ! to $30 and Texaco ; io S24|. all Canada 


Metal Igescllschaft s 


\S 3 . 00 . but Oak bridge retreated ,ol \ 

.. iei <3 w ,s ‘i 


.1 ' t •• •; : : tfttlr. <20:4,42} 

22,740- 18,780 1 4.53ft ttiiltf. 20. 7M;2.4.'650 — ' - ’ - '. JV — ;, V;' __ 


.i mi 8 vSS on Elsewhere in Mining Mi* .......... 

,0 .t D 2i reacted 4 cents to AS2.36. but 

reduced dindeni I. g popper improved 3 - n*wi m l udes rfamstri Hum- A uk. 2*. 

dSfoki ored ed^ «nU to A 8 1.43 and ConsoHdated 
defpite predicuns CoWfidds 5 cenls w a$3>S3. 


Consolidated Freight ways la«i 


satisfactory 197S results. 

BBC retreated DM 3.30. while 


Hong Kong 


DM 259.50. receded DAI 3.00 apiece Monday's rally proved short- j STAJ j DA £D AJTD PGQB& 
Public Authority Bonds sus- lived, with stocks generally 
tained further losses ranging to softening in very quiet conditions 


cvcceding . Monday's light lisure «'f in active 1 rad in*. Steels and Heavy Electricals jjpc re { rcalP d dm 3.30. while tj i 

I9.7!im t Consolidated Frdtihlwiiys ia«i A fleeted by the Wall Street eased on prol il -taking after Unde DAI 232.00. and Sc tiering. IzOng lYOHg 

Analysts said Ihc laic pullback tn 822!. A block nr 244..1U0 trend, slock* on Canadian markets recent gains, will) Nippon Steel 259-50. receded DAI 3.00 apiece. Mondav's railv proved short- 
hegan shortly after Presidential shares were traded at $22'. tended w turn back after initial shedding \s to 3 lift. Kawasaki whnriiv Ponds sus- lived with stocks ueneriljy 

Inflation Adviser Kahn warned McLean Trucking shed M to SI3 firmness, although net gains still Steel also Y3 to ' 1 >' » nd la^d furtbC^ IoskeK VangiiiftlO softening in very quief conditions 

ihal “ l he dangers of a serious m active trading. The Ir.ieMj.U- held an edge over , loss.es at Ibu hish I Electric \ 4 to MSS pfenmgy in quiet wading, with on fight selling. The Han* Seng 

recession woul he enhanced if Commerce Commission suggested c!o>.c. Trading remained active. Public Works issues, however. lhe ' Regulating Nuihorities buvins index! up 10.42 the previous oay. 
inflation is noi bruugh» under ihar the trucking mdustrj -houid Toronto Composite Index gained further eround in active mT 5iJm nCp£nina j 0 f n aper a 'rter came back 10.20 to 4fW.f4. Volume 

control.' " accept » lower freight rale rise ended Ci.S off on balance at 1^07.4. trading, with investors anUcipat- D jj purchases on Monday, on the four stock eychan.aes 

His com men Is followed an then it had requested. w’hilc Golds fell afresh by 2SJI to ing lhat the new Premier. Masa- othcr Oomestic Bonds and Mark totalled onlv HKS62^0m 

announcement by tbe Lanoui hird Moinr .'-‘^ed . to S4ii 4 i.2i*i8.S. uiis and Gas loal 14.«» to yoslii Ohira. will take new busi- Foreign Loans ab«o tended lo iHKSllfi.93m). 

Department a-i the tnarkei after Die Bnnsn Governments i. 73 i;.r, and Metals and Mmerals ness stimulating nieasures. weaken Jardine shed 20 cents to 

opened yesterday that L\S. '.>p- impn'ilion of sam-tionv against yj t o 1.0«3.:i. but Banks gained p harmaceut jcwN Chemical* and HKSIi.90. Hongkong Bank 20 

turner Price* in Octoovr ro*e a i J fr.i < 1. K unit m response ,o the 2.23 to 3U3.I3, Pupers I.M to H7.U6 snecuffiv*^ also closed Poric cents to HKS16.70,. Hong Kong 

an adjusted annual rate of fl.b 1 ■ per cent wane increase granted } , n f1 Utilities 0.3 3to 195.H.1. hieher ' pecu 1 rans 2Q cenls {0 and 

pi?r cent, the same as in lh« pie- 'oils uthk force. Royal Bank rose I to C$37!, ** Market put on a steadier per- Slrire p ac |g c «v* 15 cents to 

viou- month. The cnntinu'n-- General Kleeiric I.:i%ud ! in .<4!L Bank of Nova Scolin \ to C$22 J Sony, up Y2U more 1 L 06 O. formance with no decided trend Hutchison Whampoa 

sleep rdise showed that inflctibn The .lustre Deri.irimom said ii and Bank of Montreal ! to C824i resisied a downtrend in export- established. fnllowing the ^ , 0 : ™,n*« m hic&i tn and 


I ml div. ywlJ % 


* l)a¥'»rl«il9y7^Hjnr . KS. S7 


Xor.-'T^' i^rTetr v^ astB^x, 


Nor. .W 


Since Cwbdi tot' ri' 


sreep rdi?e sho’vcd that inflctibn The .lustre Dep.irimom ’ said ii and Bank of Montreal ! to C$24y resisied 


pressures enniinue unabated. 
The While House said I ha l Sh* 


would challenge on anii-lrust afler ail repurlcd higher balance orienlaled issue-, were 

1 . .-c-v. ...J Valor VfcTft Xla 


iF.’s pro posed .101111 ven- of revenue 


1 utober rise confirm- ihar The iur<* niih llilaehi. of Japan. 

T/.S. has 3 “ very .stubborn inlb- .Merck, however, rn-c ; to 
non problem." 1» added, however, on nisin-i ihe iiuarlerly dividend. 


lhal if business and labour eo- 
iujer.ite v.iih ihe Adnunisira- 


v.h : fc Hewlett-Packard [ricked up 
; i.j ss.V »n re>|V>n.-e m higher 


ib.n'.s ;nu-inilalien prog ram me !«=*■•* 5 f>mr;-h-nijaner proliis. 


and if Gong rr-. permit- a light Bemliv. uhi<-h 

NEW YORK v ; 


Tokyo 

After Ui 
'strength. : 
reaction sc 


declined 12! cents lo HKS4.I0 and 
Hong Konp" and Kowliion Wharf 


market'.* recent 
fairly widespread 
111 yesterday m 


i*i remid further 


trading. The amid continued 


■lentaled issue-, were Toyota previous day's retreat on iho L-e Kane and f 

Motor. YS79. am* Matsushita October 0.P per cent rise in the 
Electric, Y077. -i.iuh eioied Yfi French retail price index. 1 r ■ - - • 

' owcr ' Rises outweighed declines :n ^wibprlanH 

Banks. Portfolios. Mechanic* A . 
German V Hotels. Stores. Electricals and Bourse prices 

vjenu.uiy chemicals, bur Foods. Motor*. «»? r mood in sir 

Stocks closed mixed 10 easier t.)ils and Metal* were easier for _ -Vlosuissc weaKet 

nid continued uncertainly choice. SwFr 1,04a on the 


li..l.tiuw[h 108.-84' HKL87, m» 108,04- W54» lt>SJM».7j: * K A2 TS*irt ' S^S 
96. 16 - 85.99 .^99.19 Vo,4B . . 86 J lr -9K®- 10&98;! 8S-90 r ,TS.0S * ‘ S.AS 


' AearABoiappro * 


aaT-t-T.:. 


lii.iiU'liia. Ri'iii.i Ylei.1 


K.Y.S.E. ALL COMMON 


Germany 


Signilican'J;.- hiehcr at tbc end 
of tiic sessjon were PriceL Thom- 
son Brandi. Fhenix. Generaie de 


' IMJ. l.l|. 
\ . v l-,.ni 

* It— I ■ 


4y.. | 49 


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a 3 -4 I I:..4 «hII Ihikt. 

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ih I ■ Pul.-h 

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i. mm. Unit- 1 - - 1 1 -1 j .. 

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23 23 V I'liiin'l'-li-litn K.r 

13' • 12*, I'llllll M"IM: 

ltoV lbj». I'liiIIii" l*i-t lit 

24-: 24>.-. I 'll l-l -in s . .. 

37i^ 3»i-" I '« iii-v- B im -- . .. 

48 491. I'll -i«n 

34 j; 34 1-. I'k'-n'l 1 . 1-1 MU! 

121 , ! 12 l'; 

!*■ -Irt . - -I - 1 . . . 

267.75 271.75 I'-l. -hu- KV .. . 

C3J$ 25i? I'l'li I mi ■■ ■ ■ rn—.. 

35 r iiniiil- 1 -. 

35 is 34v l'ul*. '- 1 . V.'i.i-i . 

18 1 , 16 | I'n I mill' 

15V IS v, i’uu \ 

3S-, 39V '^uK-t'i "m-.. . 

9'is IOV IJni-i-i »lllro , ■» ,, • 

2a in 28 Sn I.'hMIimi i. . 

52 V 52,, IH. A 

10 10 ' . Ih-|.iil'lii- 'Kt-I. 

26 '1 27 > is ii- lull 


I M.|, •.■ 111 . nlll. ••run 
'i,l, »iu 1 1 ■ 1 1 -m 
! '!•♦. *HI l.‘ll l. 

I 'mull 1 . Iiftuti 11 .. 
?l- i.:IIS Ums • 

| •uiilfi-ai.-i. . . 
' 1.11 *.•• . 
'irml.-tinu-l. ... 

'I Mil's 

1 1 . 1 -I l|l I. --I. -I .... 
li-Uli-'iii- . . 

l-l.-ll II-. . 

I'.'H-.- . . . . 

lllll?'. . . 

1 i-i.iii I'H ii'.-iini 

lew" 

I V‘H^fll .1 ... 

I KaL* t!a-lt III ... 

I«'n-. I 11-1 111 
Hm»-"ii A I ms.. 
U-\h' I limn.' 

I sun.'. III*. 
l’:iii'~ Jlirr-.r .... 

I iniUcii . . 

I Mil-. 

I IHIl- llll.TI'-l . .. 

j 1IMII-, 

I mu ■. 111 - 11 .. 


1 Inn 

w M 

fill, n. 

Inm 

w. 

i 'l \r . 

1 1,11 

•ei 


1 11 1 

ill* 

•iii-iil," . 

l, .i.-ii • 

■ I \ 

i i:u 



.in. 


Iurt !*•■ 

L.\. 



; 







t ml- 


\\ . .. 


' L nr .ii ll<un->n-... 
; l ui - .ii i.»H.i->e. 

I 111 . 111 « .. 11111 , 1 -, 

; t 11 :- in * > 1 : t_u!ll . 

I ■ mini I'm in-- 

i L lliii.it hi. . 

j 1 mini Kuii-i- 
I l r lUin-ii 

1 I. ' *i \ I'lllll 
’ I ' ?l 

; 1 . rn in 

. L \ IlnlU'l: .. 

\ 1 1 "i 111 a KI-- 1 .. 

I W -ilsIWIi 

■ Wnnu-r 1 •■I'lniii . 
• U h-ii-i In'iii'i i I . 

I1 1 •!•■ Alan li.— ui 
I W ..ll-taiu. 

)ll|-|'i,i Urij.-.ii 

' Vi \. \ 

'•1 ..-I-- li I in . -ii 
. M •:• I iil^l, 1 . 1 " 


W •►iln.irii,.. .. 

«V.v 

t'-iiii 

/m,*rn. . . 

Ztrmll, l{«. I ■••... 

I .S. f'ma-.--. Iii-’. 

1 - ‘I h>4.j,-si- ■ * 

t .5. y.'iUi * 


CANADA 

M-UIln faj-r .. 
Uumii - . 

A hern \ iii-mii 
Usiniin'Mfr- .. .. 
Xilfltirt 

riank<.<i M- iii •- n 
ham, Nma 
I hi : 1 V 

Ill'll I el«|.ln in 
Li,« ln:>i ii- . 

hi" LeiiB.ni. 

KranMii.. . 

Bn no.' . 

LV • -■ i a I'uVh . 

'.Vinrti. 

Ciiunu c ■■■ ■■••:. 1 .- 
UnwilsMt lmi< 

L .m.l mi- Rk I.. .ill 
v. Miuuin 1 ii'iii-.! .. 

can. PW.-iii.- .. 

‘.'in. t'aciin li.%. 
Util. 'ti|« i • • 

*. niniK* 

'‘•■■►Ui A-h-i 

1 . nn*Main . . . 
t. ■ -Hi UK'.- 


>. "ii -11 ii,'. 1 •' 

eU He-. 

L-'lair. .... 

Ihi..ii 1 
t'-lll-VU »l‘ 
fJoilIL' Ml'l'. 

I'-- me I Vi ' • • 

|,.. mill mu h-: .-• • 

1 1 . .min 

l''U«"iii 

lal-i'iis* 

t- .i.i tl'il"- tali.. ‘ 
ijfii-iai 

l.iinui \v >' Hi." 
Iiii.i 1 'i.i aitm'n.. 
ItiuUer 'I'l.t, mi. 

Hy.llil^*:i 

Iliim- tin ■ \' 
Uu-i'^ii Kav Mug 
Um.i-.h Lull 

tlii.|., in'|i \ ' 

I .A * 

lllMMS- 

luil'eria. I.»ll 

tin.* ■ ' 

lima . .. 

1 11 In in* Am. 

Ini’i-.. .I’ij-i- l.ini 
Khi-ci Ite-i'iii’T- 
I mm 1 tin. U"ii... 

U 1.1 11 Li-iii. 'll 
U'.'iml n Iti'^il 
Mn-.«« I'er-ihi ii 
Mi;lnl v,e . . . 

M. «in. 1 . linn . 

>l< nil, lam Slal" I- 

N. .i-<l|itn 'liM- 
A'.i'.-.ii t.u-isl 
\|ll 1-....1JIU,. 

.V'lma- Oil A *i»* 

, •aU '.-.i 1M" 1 

I'hi III..', "| |-t 'I 
I’ni'irn'l’.-ir.i.i'iini 
IVlI.I.HII.I'-lll .Tl* 

Pm r 

IV* -ui,— Ui-j.i . - 
Pin '• ' 1*11 A • *i 
Pla-.I t|1'.«T?.".|.|lll 
l'..", "I l ..r|n. Ill'll 

I'l I'-l- '• 

•/in.,- 'lilic-.li' 

l.'lll'.i.; 1,11 . .. 

If* ■.■•■ ?mil’. ii— 

■ \is-.lil . • 
l!"VPl Ilk.- -I I. a 11 
i;..Vn I 1 : 1-1 . . . - 


'Ii r " 1 1 alun-ln 
'!■- j- I.’.. - Im.ii 
I f.-H.'. 1 . auaiiH 
1 -i "i.i- lh*iii.t:u, 
I Mil - 1 Illl'll'-Lu 

I ia:i- *'i i 

C. Ml- ■■ I - 4 - . 

I. III. 1| |I— 

" n *•> i Hum . 1 

II ,.1 < -,.| 1 1 * 1 -. 

1 A' I'l I.. 1 — ... . 


Switzerland 

Bourse prices remained, in 
easier mood in stow trading. 

Alosuissc weakened 43 more to 
SwFr 1,045 on the continued im- 
pact of its disappointing interim 
report. 

In CberaicaK Gha Grig? shed 
25 to SwFr 1.035. while Food3. had 


1,843 VliW& 1.792 


- Tra-I,'!. 




BASE LENDING RATES 


EUROPEAN OPT 1 61 


K.30 
f. 32.50 
I .35 
f. 78.90 
>60 
1.32.50 
F.35 
f.37.50 
K.40 
K.4S 
>500 
F.I30 
1 .133.30 
V. 140 
I .150 
I 152.40 
K. 160 
I .170 
1 .190.50 
K. 100 
C.ioe.90 
K. 118.90 
I 120 
r. 2 2.50 
f.25 

f 27.60 
t..30 
*45 
f - 120 
K.130 
1.140 

r no 

I 130 


V -i. Irt'l 

\..l. 

- Ijl'l 

V.il. 

1/1 >1 Mih-W 


35 

3 

19 

■4.40 1.29.10 

3D 0.40 



31 

3.30 




25 

2 

5 0.70 




F:75.50 

20 3 

12 

6 

3 

* 6iS 6 >59Ia 

2 3.40 

- • 



, P-34 

4 2.20 * 

26 

3.80 



10 0.60 

3 

2.90 

. 


39 0.40 

91 

2.10 

5 

3 » 


5 

0.90 

8 

1 90 

10 1 




*270 k 


2 

9.50 


V. 185.10 

20 2.90 




- 

3 2 

5 

6.40 




27 

4 

l 

7 

19 0.60 






11 

2.20 


” 


7 

1.60 



5 0.20 




_ 


1 

15 10 


1. 110.90 

■s 5.20 




_ 

5 1 






4 

4 






5 

3.70 r.24.60 

50 0.80 

35 

2 

14 

2.40 

359 0.50 

45 

1 




30 

0.50 




4 

8‘; 


.'49 ; 

5 7.10 

t 

10.50 


f. 125.30 

17 1.75 



5 

6.30 




5 

2.50 


1 

13.50 


1.121.80 

40 0.30 

1 

1.80 



I.-:-. 

VI 

• « 



A.B.N. Bank 

Allied Irish Bunks Lid. 12! 

.America n Express Bk. 121 'T. 

Amro Bank 12.' *7, 

A P Bank Lid 121% 

Henry Ansbacher . .. . 12!»V, 
Associates Cap. Corp.... 12^'^, 

Banco dc Bilbao 12!^, 

Bank oT Credit 4 Cmcc. 1 2! *5, 

Bunk of Cyprus I2'. ,, o 

Bank of N.S.W 12 i'f, 

P.anqm? Beige Lid. ... 121*7, 

Ranque du Rhone 13" 'V, 

Barela v>? Bunk I2; 11 ;, 

Burnett Christie Lid.... 

Bit mar ilnlriinvs Lid. 13 '"'7. 
Bril. Bank of .Mid. East 12' 
Brown Ship ley IL’!".. 


Hiiimbrui Bank 121% 

I Hill Samuel U2I^, 

Hoare & Co 121% 

-iuliun S. Jlattee 13‘*7, 

Honyknu^ & Shanghai 121 % 
indusln.-fi Bk. of Scot. !G % 

Keyser Uilmann i2*% 

Knowslcy & Co. Lid.... 141% 

Lloyd* Brink 12 !% 

London Mercantile ... 12!% 
Edward .Munson & C«». 15! % 

Midland Bank 12!% 

Sainurl Montagu I21'7, 

i:\ltirgan to'enteil 12A'7i 

Xuimnui Westminster 12!% 
Nurwh'li fevierai Trust 12! '7» 

P. S. Ucfsou & Co I— ' 'Vi 

LiKMiiinsler 12!% 


t'amuJa Hyt'iin Trti'l... 12!’7i Rnyal Bk. Canada Trust 121%. 


CiiAXii Ltd 12 !% 

Cedar Holding i 12! % 

B Chart i-r hi, use .Ijphel... 12-".. 

Chotilar urns 12!% 

C E. Cnaiis I2?% 

Consolidated Credits .. 12’. %, 
Co-operative Bank . . 12i% 

Corinthian S.-euriitfa 12!%, 

Credit L>onnj;.i 12!% 

Duncan Lawric 12!.'7. 

The Cyprus Ptipular Hk. 1 1 '. % 

Eagil Trust 12*% 

English Tran scum. ... 12!%. 
First Vai. Fin. Cur;-. .. 12 % 
Kirsl N'at. Secs. Lid. .. 12 % 
■ Antony tiibhs I2 : .% 

i’ rev hound Cuaraniy... 12* % 

tirindliiys Bank 12.! "'i 

* t iiunne?.' Mahon 12 


Si.ii lesi ii -er I-imited . 121 *7, 

E. S. Schwab LV*7. 

Security Tru**t Co. Ltd. 13!‘7* 

Shcnli.'.'' Tiust 14 % 

Sranrtard Charicred ... 12!% 
Trade Dev. Bank ... 1-1% 
Trustee Savin-j> Bank 12.'. *7, 
Twunlit'ih Century Bk I3i'7, 
United Rank of Ku«ail 12'%. 
WlnteawaA La id law 15 %, 
Williams & CIjn's ••• 12!%, 
York'hire Bank 12 !%. 


‘l-mb'-r' ui ia- AnTi'iir., 
•'niiiniiiii'- 

;iia\ 'Kpi*iii.i i" * . ;-i»iiii,:I 
!#:• 

i-rtuy ili-iiij-TI- i ill -nlll* - 

..ml mill**! I"'- up :*• A--' 
:il, -I m-, t !. , 'i.i'i 111 I 1 *.’ 

. ^J| cui-ii' i"ir iii 1 " 1 ' t 
n. RMini .{-eii-e* l"v 


;.i>iiih:Ii •i-iniHiii. 


Fund eric. Burel. L.MT Marine ;;o lower at SwFr 3a7(). 


Wcndel. Creusot Loire. Lefcbvre. 
FraissLuet and Europe 1. 

On ihe downside ".ere Celelem. 
Bcghin. FolieL Kail Bail lnves- 
tissemenu Peugeot Oilmen. Krie- 
hson. Primagaz. Rhone-Poulenc 
and Application.*, dcs Caz. 

Australia 

Price movement' uere again 
mixed in thin dealings hut uiih 
gaining issues holding a small 
lead over deciinc?. 

Blir 'cored a rKc of S> eenis 
at AS$.2K. Mhile Associaied 
Concrete were similarly higher at 
ASI.7S and gain*- of 3 cent? apiece 


Domestic and Foreign Bonds 
\i ere quietly steady. 

Milan 

Share's moved- further ahead 
over broad front/ 

Hov ever. Fiat, after an' active 
session, were down L21 t Oj 12^39. 
but this follows an advance of.- 




LS4.i and Basiogi L43 to Ln2U. 

Johannesburg .. > 


France if» v 


i fl4rt*.l *30/t0j ■ - • 

: 83j0 1 -«7.6 -• 4- *-. — ! 

! baok ( - Due. - 19£L. 55- 


Germ an y< i 11.W 8 la.W :-8d5Jc , -1S0& • isnfc'f •< HsnsrS^ng Bank af>7: 

• - ' flS.'IOl- ft7'6l tnU-n,. IB* 


<r). 4,UPiaSir 67.RI 

»»72:a0S^jJ26.V» 

kmaieniai^^stnil 


: , Go,d *"**1 CO f n S Ue S t0 dtd \ Holland -i*' '■ eii , 

iri i ™ r d ,0 ’* cr throughout the day. apart . -,udf: -*4«v oo<w«f. cafaorKi 

Moolworlb'. AM.aT 1CI Ausiraha. f roni a short period of steadying Hons Kang ' Wl.U 707J0, 383.4 h»f«r Indunnsi l'i-a.'' fHw . 
t^T.n er * rt ‘ Cedcd 0 Cin,s in the morning session afforded <'*’ w r t - Corwwawn.' -wcnaraitot^a^'prv 

■ U2 0 °- by the lower rate for the Securi- Italy •tr. TOoW; ^; ^ , ■ 

Atnong Property Dei elopers, ties Rand, which closed at 66 } j aDan wu.71 442.00 442.11 ;*<.« • TUESDAY’S 'i^TIVE ST&iflCS 
Westfield, up A81.14 the previous U.S. ccnU. p . i27|11i, < 4 /lDi_ .. . 


Si nipt pnrg.31 1345.29 341.87 4)4.60 2fifi-0 ' 


nfur v.-.ihhnliliii,: iii >i.r:p «nd 

• D'.f "*fi .l-.mini. milt -1 .nwniiw sia""1. r jx^S. m : 
yi'.-M* hjxi-J nil ii*-i iluirt-pth p|ii- in. l/r.iIdC <TiV 


r (4/lDi_ • • .1-7^1 g^hanRo 

Sinipiprtrg.6lfj45.29 J4i.g7 '4(4.80 2BE-M * Stocks! Qo&ite «J 

• • ' ' i9:U ' traced flay 

WOTES: fs-?-** grto yriv'-T tv.-:-. > jr.d or s.Tip i'<u*. •■ P-r share, i t 1 riots ~ EfxilrtS 3M,7Kf —7! 

:■ iudr < lif-'mun. Bviaur. .g-.i.i-rw!- o*v. r. v*sufned dnuleno afirr Indiers and base dales lai] vjlorti Conwl. Frc«tili»^ys KSift) SKL . 

>ero kivd or riam .1 c**»U- k Alter local IM" except NYSE AH Cwnmon*— M JAcLean • Truckio*. — ggii-tW- i— —1 

:jx-s. » »a\ tree, o France loctuaine Sionaanu and Poor*— TO aoc -Tonnnio Sony r.'.-.r,. 7 ..518^® • TS|/y — 

C <iiv nxoni u stiar«* sol«. *Dlv 300 — i.ow. Uifi: last named based orrlihj*. Eunn . rtww J :SA.» -1 

4 . 1 'S vi.;d «sci'id*. kpicul iwvnmif. t tmli* Esciadina twods. < 4 M intfoairlals ' nilaftOd 7 :'* 


0 Shar" snlll. a Dlv 


f" 1 * '"■> *J*.r**'i, *i,s. *s oifi* r< vi- id soo^l iutdiciii. i null. Fscfoflfn* bends. <480 indnatTlrfls Pularufd 

*DKi H»; 't-?i*f*n'. *ii, *-.'-. otP.r <|;v. u Vr.oOicial 1 riding r lUnorii> -son liulustnali.. 40 UMHnes. W KmWKe Raraada tups 


|-v>l f -4M r-. i-f.?. ..-id Key! «Aa.— * ro'locrs on.v . •< Jlorcvr D*fldinjt. * AXf-d ami 2 ,i Transport. ' Sydney All Ordinary. Ceat-ral Motors 
ui, v«< .*ih-n> -*- 'ia>-.i 'S.MI -oinr-i » 9 « iTradtd ISelKr. ? Assanu-i R-kun SR r.n 2 n« ' “• Copi-nhagHii''SK 'Homw Flo. 
unks-; o'h- ri'-»wi «ui-‘i , Pr^.. i,m. : *r Ex nahrs *<!E« diMdrod. *c Ex ,..,.-55 <■ Pam finurw T*«t. :iCflfnmrrz. Trsaeo 

ui -usoeusi -n Hfiros f ''ti 2 .in.-i 4 , r ,p \» E* ail. • imenm sincr ' 

- • 1 •••».»' */ nfid-'nl ..!•<*' r-f-l!'..- m«r •*«*.•» 


•.... tseaw* 

.J. WM80 


•frtrr -i \ .. 

■■■• 

WA\ * 

• •- • 


A hi.* . 79.3-0. 

»!lmnr.v ' m -i* li.. 4&2 - 3 

UAiV. . 2*0.5 -1.! 

104.5-t.: 

H»t«i . . . . 138.5 -U.< 

Uiicrlhji- Ol0.5~2.i 

Ila\er.\v,riii-l-l* - 020 —2 

■.T|lv«liil.A*r'!.M»l' IcO 
>. ••luniri*. I«<ii>.. .. k2a 
■.•.•iii, ■ inn uni.. .. cB.B — 

LV .hi lei- iii'ii.' .. . 02B.5 -5 ! 

I 'eeii'-a 2n6.5 - 1,! 

l>.i,*» B 171 -2 

Ifeui-cliv 1^.111. .. O07.0 — U.l 

I ’refiner llunl... 2-<2.0 -n.£ 
1 W .-Vviiv /jmii' . 1813 —IS. 

!.• i ill -in 8 uuti^ .. . 237 -2 

Il»l*»2 l.'-'i'i .. . 96 

IMr ( wier. 1*9 

Hw'-li-l U4.4-0.1 

il'wli." 48.3. . 

II*, Hell : 162.5 - 2.C 

hull ■ni*< Ml, . . 139 

ha, -lull 326 

h *111111- -i . . t.48.0 - 2 : 

hi- ...u-r l*\l I-a". h0.6— O.f 

Kill' Iu7 

i\nii-i. liVil.-j.. . iu3 

I. iii-i*-. . 2t 2 • • 3 

I I . « -uiirau I , \| l*Ai 1.55 J T 10 

Piimiii,i.ii.... »45 

M.A.A 229.0 — I.J 

Ilaii Ur- in* ini... . i i4.1 . 1 ' 

M-Uilsi" . 2 - 1.0 -ffl. 

U- 111 M 1..1111 llin-i,.' 660 — 25 
Xn-h-r'iMUii.. J60.0 -O.i 
I'ceii- -ai; Lam. |.«. 139.0 - ■ 1 

l.'l'cu HVi. t..„.. 1 7B.3 -0 S 


79.3-0.1 •- - : \-ani 1 . 11 H-. 369 

4&2 -3 31.2 3.£ : taimn 447 

2x0.5 — 1.5 28.12 6.4 881 

104.5- 1.1 18. <6 7.0 i.,.ih*n ... . 380 

138.5- 0.9 18.7^ tj.8 IMi >n i**n Hr:i,l SBSw — 26 

O 10.5 —2.5 28.!: 4 = • P„ : i'I..a 553 - l 

020 -2 28.12 44jHiiacii: ■243':-2 

1D0 - - '• H.. 11 .P. M-H.-r-.. . 480 -1 

k2o ..2o.M 5.9; lk-u*ef..-i 1020W— 30 

C6.B-1.2 - ,i.. If.u 239 . . 

3 28.5 —3 5 28.12 4.3 I 1.1 Y**!*a-i.- 1.780 -40 

256.5 -1.5 26.^1: /55 ~5 

171 —2 17.18 10.0 J. a. 1 2.tt2.i -20 

o07.0 -U.7 28.12 ■* 6 h . iii-si 1 Kir*-!. IV. 1.160 -r 20 

2.0 - 1 1.5 28.12 8.8' K „iuu-„ 382 1 - / 

i 9 ^ I S 1 407 -1 

237 -2 18.2b 3.B; 3 33J .. 2 q 

96 . ..14.08 7.3 llalm-luifl I 11 .I.... 677 -6 

149 .. 15,-ii 5.E Mtiuilu-in f>iu. 00 O . .. . 

104.4 -o.l 18.76 7.0, H-l Mil. 1*1,1 Him «' lU3 - 1 

48.3. . . •- J Mi ,*nhi -In t„i»,.. 422 3 

152.5 -2.0 9.36 3.1 llliMi, Jk «... 298 

139 . 14.04 5.0 II ii sill., -ui . cQ4 —18 

326 .23.-14 ».6 I Ix.-iik,. . 1.58 J —10 


ACM I L -Jia ti.nl* i 

I Aivnu ALL-nulia ....; - ‘ 

UI VI I LSI '..i- 


-M.69 .-^a:oiT AwaiUfc _ . . 

14.08 


Cnee ' ‘+-97 

’Urus-- — " 


7 


„ . i 

hr 4 «i « in c •'«,'!» 'I IMniieiun t0.<4 ........ 1 ^ 

5M® -26 18 '1.54 A iu,c«K.. . r fl^5. fL.'.'.. ^ 

243' . i'tl l'ulpHniafr M..— ... tlSIB L 'jn 

480 -1 18 fo-' ■Vx.-'C. InHuilnw.. ...■ yC78 r+JUUj^ 

1020U — -30 35 : 1,7: '«*■*■ r^aindatl'ai lnveal...'- 10^7 , : j t, 

\o 1 aq!^“VI fl*®* Vi 

1 780 -40 30 mm Ai-iiino. •.../■• tO-47 :*8.02- 

i55 13 • 08 ! *J<I -V tbu ' tO.58'H0.0J' 

>b” ,20 - - ■ Itaii'Wt-irtMJnM t0.l7 ...... 

1160 t 20 IO n 4 1 ai, "e Heral Ju,l: • .tO.'Wh _ 

382 r7 18 vjj ' UuudxiuvHleOjiipii' U.43 iHM0kl3 1 O 

, T ; ' .j-% UisuiWov toJu-triU. Tl-55.-U.tH.i- 

, a a 1 'l n '. if TlurPnipneuti?.-.; tB ^6 -tU4)8 1 ' 

I?7 -I an ?•! “HsiuulL -• tI-S 8 >0021 

ao n ,n ' ,'a I Certton LinMxl Brewerv...'. r 1.67 ' ' I y, 

tk 3 1 12 i'g | C 6 TI »Sli . 13.30 vO.03 ; 

422 3 11 1 ' 5 CuAtium ceii mu ' T 1.30 j t; r 

cQ 4 Ilia jj U ' j'g;VtHis.. tmfiliiifUi'.tiiil...'.... • 73.45 ;.+4UJ5 , Kj 

.58 i -10 15 ' q! 5 J T-'GuTaiuer r5li'.._ 72.46 ‘ I 

c35 -15 12 1 0.7 0 . 4 L<mc Kiniiuli, 73.10 -ILOa.bp 

baO .... 16 1.2 I Curtain Au-imlia .... 11.35 1—8.06' £ . 

.560 * — 10 48 • 1.8 j UuulMp l.'uf^a-r .. tO.U 3 .tfl.01 : 

£60 12 . 2.3 ISM-'OK *0.89' '-0.81 J'- 

958 -*8 30 1.61 .KWer-Si»iiil, . 72.55 ;-8.D3 

,23umI +20 20 ■ 0.8| E»'lii*‘ , i , iir lifiipvi. T0-20 

.a 6 j t 20 40 1_3 k. 2 . lihl 11 - 4 in*. .• ta.se ...... * 

248 -3 11 2.2 , -'en..Pi"peiiv r . rl.CB - vo.04 gr 

456 -4 15 1.6 Hamcmiee 1 IL 1 U 

.88041 30 0.8 U'a*ww : -,0.79 , iO.lWlfrf 

131 --2 10 ' 3 8 l*. 1 Awluilln — t 2 00 "llllt • u fl 

511 -I 11 1 li JD.3I> +0.15 1 

Z*0 . 8 3 ^'-l«i,.. nS 'l,Hlu a «„et 70-90. 

335 -.4 -IZ* 1 i.a ! !‘ tl.14 :+ajl2|TtB 

174 1 10 0.9 I l^aumnl . 70.22 -0.01 ;St. 

147 - 2 IO 3.4 llutaii !is|,l-inlb>u H3.32 - 1 . 1 s« 

879 —8 20 1,1 Mrtwiiifif .Uliicml' . . . .' rO.13 .frO.OI ,'CO 

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i 2 ^-I ;.*e.qi-Bb 

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■500 llo i 4_ 6 ■X-Iitl.lmi.l Mimnji 10.27 • 

.124 t 4 100 8.4 hipfi-ralnm 10^8 ... .: 

414 - 16 - ' - iTmli -.S, ;l.J3 -0.01. 

.400 + 5 L77 7.4 ! ''“‘T"' 1 ' • • • TO-JZ ‘-0.02J,Uii 

.UlO —10 430' 6.1 I M 1111 im iSOienl',.' ',1.55 ,-fl.OZjAiu 

.v.60 - 10 i?0 ! 5.6 ' W'«i:n.K 1 h» - • tl*53 alMW* Bar 


35 0.5 
20 . 1.5 


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197 lB.fi 4.7 | C;-,rri"'.| 

103 -- ■ 'am.. Km ii.- . . 

2t2 3 25 4.4 ■ 'rhum I'lviHl'. . 

55j i-IO 25 8.1 ! 

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229.0 -1.5 ld./b 4.1 I l«i-l:-- Alaunc. 

114.1 -17 li.lb 4 . i *t r*W— I ki'Uiiiii. mi. 

2-1.0 - f0.5 lj.tti 3.1 I UK 

660 -25 2M.U 2 1 ■ . 


I -lint 

J60.0 -0.3 — j l.-iti** Mhiiiu.-.. 

139.0 -.7 - - ( l-.i.v..hi„iC,H. 

178.5 —0 5 26 7.0 I 1 

559.5 - i 0 2S.I2 a 4 I |., ra ,.. . 

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23l I I7.?6 3.6 ! I ■ -v ■ -I M Vl.-t.i, 

116 ..Lf.lb /.4 1 ' ‘ 

180.2 - 0.2 16. Io 4 8 Source 
129.5- -0.5 9.3? a r I 

237.7 Vi 4 3 26 ! si; BRUSSELS! 


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PVODiT 




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I .06 j t 20 
248 -3 

456 4 

1.88041 

131 -2 

511 -8 

1.4.40 
335 -A 
174 1 

147 -2 

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BRUSSELS/LUXEMBOURG 


18^6 -*038 1 
":j_38 .s-iueI 
f Il67: » „... { 


R«iwi« ifcdk-.--' *' ins-’-iiPi 1 ' T^lar-s* - ■ 

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<2-55 ;-0.D3 . * „ .MINE5 -.".***. ' 

ta se s,oreB1 *« T ' .28 . ' ' - RAir 2 >.or- . X : . . . 

ti'cb - veil u Angta American Cored. 

taiiu Chanur ConsoUdawd -..^ I30gc -o.n - 

:0 79 • iJ'jiiEW . Drtefamcto * ^ 

t 200 ’ S .«Wwn; 

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, De Brers Deferred ^ 

i2^4I .*4.01: Slyvuprutuidii AjO__“0.2M ‘vlf CAffiJd 

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*■"" , tt'esScrn 'HoMijjga 
’"VVcsiefti Deep 




35 150 ' 5.9 j _ . . .. 

-20 ' 85 ; 6.4 PARIS 
ID 9U S.B — - - 


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a.cOO - 1U 170 ; 6.5 1 
l.oaO - 5 142 i.i I 

7.080 20 29U 4.1 t 

d.OSU SO *425 . e. 4 i 

2.74 J -30 A.B 

3.290 n 18u 5.5 ; 

3. <05 +5 2u4 9.4! 


! l.'euU- 

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I Air l,ii|iri<le ... 


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+ 5 2kf4 9.4 hi*, 

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Vriit'.. il.55 .-0.D2 Aimto-Amer. Indnstrial . . haw S*. i 

1 1.53 *0.06 • Bariev-' Rand „ ..... 5vt! 

fa • C.\A lovramKiiis .. , y 

i Currie PTnance (kso»5^ - • 

. . . ; , D*; Beers Htdnstnal .l .. r.V. 

friiij -h oiiHiv. ;Vu. • Edaare Consolidated. Inv.' ■ - U/i 

►T-. . — ' FAs ■ 5, Ed Mrs. Stores 3B.IM . ** MflyJ 

F.ver Ready SA . . ItOfc'S" 

724.2 -1.8 • 44;- o.6 ‘Federate VoAsh. te«auu»' l*sn 

*83.0 +105 24.75 6.9 - Cr«?at**nnaits Sums- .- •2StoO^' lb; 

080. 5 +0.6 lo.j- ij . Helens . . . . *C!2o ^- -1 02 

529 3 ;20.» 6.0 1 LTA. ... - . .. .... J 

507 . 1 16.93 ^.8 1 MiCarrtiy Rnriway . .. ' u.Pt ¥ 'SS-. 

786 i 42 1 6.3 :-£«*iBank rSOSSZ- u 


« . . - M* -"'' l»cr*n'* • —3 1 405, 7.4 ^ Bviaari 

3 ,4:. ° 2.100 -f 7 0 . A6 fPnMnier MlfUnn 

17u ' °.7-;u-.|i .. . . 39a8-r4;8i315 all 

Jc.l.l . , Sua —15 "70 2a 7 1 Friitea floidluffi - .*.•. 

60 ®- 7 ;i,e lUiVTiie.-. . H46.6 +4.1’, lu if.6 ' 5^15. “%f 9 r ^J® ortE “ " 
7 • - i » Mriuer .. • 495.5 +b.U j 7.5 \ 2.5 Cnwo — 

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»5 'ao 3+0 « 

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MOO 7 70 -3.6 f£% m,er MlfUnn 


Hii-k: 416 


COPENHAGEN + 


141.5 --3 - 

44.1-0.4 

84 6 17 69 1 

57-2 - . . 

Ib4 ... 25. b 7.8] 

132 .... ■ 

121.9 - 1.1 195 a. 8 I 

135.5 '0.1 5J./5 <3.6 ! 

239.6 20 8.4 | 

98.2 -0.8 2 7;. 5 6 

127.5 Ml.ill Obi 

121.8c -0.2 42 .b i.O- 
36.5 -0.4 MJ.<0 1 2 


SWITZERLAND + 


\II1IIIIH1UII, . 

HHt • A ' 

L Hrtt.um IT.I- 
I',-. IViti.eii 
I * -. Ret- 

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bn.ir-i -1 l/i ire. 


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. _ i bunr-- 239.4. -0 4118.^ 7 :o Securities Band U.Sl$0.G6i 

““jLUrenl :. 714 h- 4;..M&57]JL2 - rCBlKCOUnt if 425^^7 ‘ 

1,938 -4 'SSJii IS - 7 - 


SPAIN* 


S'-J [ Maiw«i3 nitaniix. 510 1-6 .|38J 17.8} . . 1 : . 

f's 1 Mi'I'Ciln ■■t>‘ L2S8- ". * b '375 J a.0 [ SPAIN* ’ - : ? " 

°- 3 ■ H*».i Heiine>tv\- 574 -2 ^ *.--• ? • 

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77.95, + G55 '7.b“9.6 ! B(W«- BittMO J 

296 7.3 i 2.5 ! 8»rtco .Mlnoticn '.(LtiM) . 232it 

48S;S-3.S ; I/^| a .6; s»*w0' Central S%:. filt-2 

222.5—0.3 • — I — J Bkimu Exterior L. 205 ° • BL 


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84 - l. 

ll!bV. , ,] 
280 1-. 
ibl’i + IV 
221 k -ite 
1151- i- V 


la 10.0 
12 3.5 


1 l'i..Vii 'lf'.hM i>. 213 

-mi. I- .. K... I*. .. 3,610 
l*”. I'iiii « rn .. 4e0 

'eliin li,-r i i*i‘1J*.' 268 

-,,l4'T i i . x- 1 _ |..» r. jul 

'*« l«*.ilr Ki. 787 
'him. Muhi > ■ _ 329 

i:<-i*f-.i3,ii4.70 j 

I rii.»|f hxMU 2.VIAU 

III-. 10.675 


2.wau 

10.67S - 23 


14 ' -1.7 
10 . 4.4 
10 : 3.0 
40 2.1 


ar» (hvbuii 1 48 ~2 

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ie.a 1 ie.i ; umtmiTe 575 i’-f l ,.5u ' & ai'.Banco^ ^ Gnmadfe HiW0.r-.M4e.28 

M./j a.9 ’ i.ii-me l’>. ii, rn*-. lia& —2.6 ' 9 1 7 3 ( B a°«> H»»8na TiTyfep 

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13 f s ! '•*•* Jirt-'HIU-'I.. w 1.830 -20 AuJ 9. l«d. . McdilertaanO.^ '—303 j£_v 

1.8.«*h-4v . 394.0+0.2 ^as' B.)'Bjfi« Madrid .V- T aE?** 1 

do 3.0; (e*ei«e>»iM.,i^-. . 793 ■ 2 2o.5 i.a I ^ an, '0 Popular' 

12 v.v ; niMiiinni UmipU ..' 240 0 +3 5 ! 5 .ta‘ e* 3 • fkmco Santander <1301 

14 4.7 , l.H, wir 13.5 _o i „ I _ ( BafWS) Uroullo* «Ld0O».. • ' 3Uf'%?S 

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10 . 3.0 STOCKHOLM _ '-Banco Aaragoaano^. .; 2)4 ■* , 

^ 2-1:." " biv-DT',' - — ... 

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44 2.1 j — - — ; Babcoek -WOcny. 


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3.3 i ■> jii-iii l'r:-. 
7.8 1 i’n +i*i A • •*. 

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4.0 1 'in* V i'i ••**».. 


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520 +43 * 

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3 190 . .32 

13,3.50 - 6.W 


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160 5.3 1 h-e',r." 8 *L.;. .. 388- .... 

150 6.9 i rVi-ei-*!*' 98" 

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142 — 3 5 3.Si Draaadiih 

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180 .1 ,3.75 i.2' -'61^5 

236 .. ... IO -4 4 1 rcoosa tJOrtOL. . v ;L 5 **T^.'J 

113 i ‘ 5.-80 4^6 ' r r* : Pnrladrw. .. : 

117 3 o 0.3 J' n *P n Veiwqu-r (4WV tkSj-zxX 


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'“'0 1.200 3 . 6 ; M* O.ij 

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. o " 1 ?•* I* 'I?' h »• 

1 , 1 6.6 i 'Lull-1 hi I'-Li . 

M 8 B 1 ‘■'"■'■••'‘•Tl*' kr 1 .' 

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»8- * ’ w . (Udrila , ..._ — 

46.0 * 0.5 ‘ - — ' — --V — v.'VTfl 

176 4 *!» .• ; -3 






rv_5°rcfe 

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■ : ; ■ :» ' T —-~ ■ ■. 7 


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OPmawaa'l Times Wednesday November 29 1978 


j-ARMil^G VND RAW MATERIALS 


r 







33 




‘"-ri y o^>-J 



fails in bid 






BY CHRISTOPHER PARK£5 

THE FARMERS" cn-opern lives 
v-fatcfa dominate Golden! ay Ej^. 
tritain's highest egg marketing 
onaorriiim, have rebuffed an 
attempted “take-over" by the 

Imperial Group. 

■-•- Imps sought control to push 

through major chaoges in mar- 

Cretins strategy. 

-• The group paid more than 
„ £38m in September far J. E. 
Taistwood's chicken and ege 
empire and has since seen ecs 
■prices fall to their lowest levels 
• for two years. The sluj.ip has 
. brought losses of about lOp a 
.dozen. 

- At present Ross Busted Xitro- 
vii iRBN), the Imps subsidituy, 
co-operaies with the Goldenlay 
consortium whose other loading 
nrenibers arc Thames Valley Egg 
Producers. Yorkshire Ef*4 Pro- 
ducers and West Cumberland 
Farmers. 

With the takeover of Eastwood 
came the possibility that this 
company's eggs would bo 
marketed through Gnldenlay. Em 
ncgnUations broke down. 

" **RBX is unwilling to bring 
tire Eastwood eggs into Go i den- 
lay. wit limit structural changes tu 
the. co-operative nature of ?hc 
company, such as to rive full 


control of Gnldenlay tn RBN." 
thj cuasonlum s.ild yesterday. 

As a result RBN lias been 
given "23 days' notice to quit 
Uotdeslay. la future nil Imperial 
Group ec?s wii! be marketed 
from_ wit cm the uruup. 

" Cnle&s major responsiulc 
.strategic changes arc made in 
eg? marketing both in the UK 
and m exports the viability of 
the British egg industry is 
threatened to she delnir.cn f of 
producer, retailer and housewife 
alike." Imps said yesterday.' 

The group, which now controls 
as estimated 13 to 20 per cent 
nf the ejzh markci in - Britain, 
prefers solutions other than 
simple price cuts for. dealing 
with periodic ess surpluses. 

Mr. Frank Powell, marketing 
director of Golden lay. claimed 
yesterday that the withdrawal of 
RBN would have little impact on 
the consortium's operatinns. 
Goldenlay. which handles some 
100.000 cases of e^gs a week, 
claims r-> snptsiv between 40 and 
50 per ccn: of High Street cmi- 
Ict.i. ; • 

Wilh lec acquisition of East- 
’vrnjd. Imp.\ won a mojor.-sharc nf 
the wholesale market and strong 
links with tho export trade. 


■'Agricultural co-op? and; 
capitalist companies just cannot, 
live logeihcr," Mr. Powell coin- 1 
nientcd. recalling the arguments! 
nf five years a?.o when the East-! 
wood operation — then a mem- * 
her or Gcihlrnlay — hroke away! 
tu handle its own marketing. , 

An Imps spokesman forecasf i 
sharpened coni petition in the . 
vpu trade. “ But whatever hap- 1 
pens n cannot result In a cut-, 
price w.ir since prices are 
already so low as to bo uncut- 
Midi?." he said. 

The split between the two 1 
sides follows closely on the egg 
industry’s failure to agree on a ' 
hen culling scheme which wnuld , 
have resolved Ihc current crisis I 
in l be egg market. 

independent producers claimed ! 
consistently during .six month* ! 
of argument that they wore not, 
!o biunic for over-production i 
and refused to pay a levy to' 
cover the com of the culling ; 
programme. 

They blamed Ihe surpluses on 
(ho major groups, mcl inline , 
Km l wood, which had continued 
expansmn regardless of ilu* im- ' 
pact on prices and ihe fortunes' 
of the more vulnerable smaller-, 
scale egR producers. 


UK fish policy is 
criticised by Danes 


—BY HILARY BARNES 

riX ATTITUDE to the Common 
Market fisheries' policy is 
' . .ujaccepEable according to Hen- 
ning Cbristoffersen. Danish 
Fcteign Minister. 

In an interview in the business 
newspaper Roe inert, be said that 
first the UK had blocked the 
■establishment of a common 
fisheries policy. Then it used the 
non -existence of a common 
tolicy as a pretext for introduc- 
- ns national, discriminator!' res- 
ections on North Sea fisheries. 

- ^Denmark has asked for 
.'fisheries policy to be placed un 
-iie agenda of the EEC summit 
next week. Mr. Christoffer-er. 
said that Denmark wants a 
decision at the summit, not on 
the content of fisheries poliev. 
but agreeing to the establish- 
ment of a common policy, so that 
all nine members arc committed 
to, the formation of a common 

, policy. 

"--The Danish point of view is 
that the heads of Government 
must say to their Fisheries 
Ministers that the issue has got 
■ to;be solved, he said. 

He added that the current 
sb nation was very disappoint ing, 
■iiftflsJderins that . the British 


COPENHAGEN. Nov. 2$ 

Prime Minister in public and tho 
Foreign Secretary* in a private 
vi m versa lion with Hr. Chris- 
toifersen la-.i week have both 
said tho: the poliucal will exist?, 
to solve- the issue. 

Apart from the consequence t 
for tile industry, tho fisheries 
issue is a burden on the climate 
in the EEC. he commented. . *' 1» 
obviously creates irri ration, and 
a lot of things are said which 
would he better left unsaid.*' 

It ’.rill also be very 
unfortunate, if the EEC has tu 
negotiate fisheries problems with 
applicant countries — Spain. 
Portugal and Greece — if it has 
fulled to establish a common 
policy. 

9 Mr. John Si Ik in. UK Agricul- 
ture Minister told Parliament 
yesterday: “It remains our 
objective to arrive at an agree- 
ment cn the common fisheries 
policy by the end of the year.” 

He said the way ahead was '.to 
get an agreement which accepted 
the basic principles put forward 
by Britain. “I believe we are 
moving towards that position. 
We are moving a great deal 
faster than any of us could bave 
envisaged six months ago.'* . 


copper 

production 

By Our Own Correspondent 

WARSAW. Nov. 28. 
POLAND WILL produce 345.000 

tonne of electrolytic copper viiis 
tear according to official figure* 
ju>i published here. This is y 
rise uf ri.5 per rent on last v.;arV 
production loiai of 307.000 tonnes 
but falls 20,000 lunnes short of 
the .105.000 tonnes output planned 
for this year. 

The shortfall is put down to n 
four-mumJb delay in production 
at the Giogow 2 smelling and 
refining plant caused by a faulty 
iuspension roaster. 

The Lubin and Pnlkuwice 
mines are scheduled to reach 
full production capacity next 
year and there i.- to be a rise In 
output at the Rudna and the 
Sieruszowice mines which are 
being developed at present. 

More than 40 per cent of 
Poland's electrolytic copper and 
copper products output is 
exported. 

Copper exports for the first 
nine months of this year were 
102.0SS tonnes, 16.7 per cent up 
on exports in the same period last 
year. . 


Price rise 
in coffee 
forecast 

By Richard Moonry 

COFFEE PRICES fire forecast 
ta rise (o £ 1 , 800 - 12 . 00(1 a tonne 
next year in a report published 
by Inter Commodities 
yesterday. 

And prices could go even 
higher “ If a se*cre frost ware 
occurs in Hit- Brazilian frost 
cibk period from May until 
August, " It adds. 

The repori si.v» current 
prices arc cheap and reflect Hit 
prosper! of a substantial 
surplus in Ihe 1978-79 season. 
But, largely because nf poor 
flowering in Brazil, “ this 
surplus is now unlikely to 
malerialisc.” 

Inter Commodities helletrs 
supply and demand will he 
roughly in balance in Ihe com- 
ing season. It bases its calcula- 
tions on a forecast by (he U.S. 
Department of Agriculture 
patting exportable supplies at 
afiini bags but reduces this 
figure h> 3ui bags — lui because 
of (lie Brazilian crop setback 
and Ini because of a reduction 
tn the Ivory Coast estimate. 

“ Consumption is picking up 
strongly in Europe and the l.S. 
and import deutaiul con Id be 
lm tu 2m bags higher than 
general estimates of 4b-50nt 
bags." the report adds. 


NEW ZEALAND LAMB PRODUCTION 


Symptoms of conservatism 


BY CHRISTOPHER PARKES 


Indian state 
tea expansion 
programme 

By Our Own Correipondenc 

CALCUTTA. Nov. 2S 
iTHE Tea Trading Corporation of 
India, a Government company 
‘originally formed to inarLi-t 
jjini-kni tea. itiiw prnpti-e.s tn 
■ Leconte :< producer in a tig way. 

1 If already has liiree lea 
! gardens, winch it look over in 
i" si*k ** condition and claims tu 
’have nursed back to health. Tins 
j experience, says P. K. Dasmtpta. 
i chairman and managing director, 
lias encouraged the corporation 
lo buy at least three gardens a 
year. 

The corporation also wants to 
j start new plantations in non-Tea 
j growing areas like Nagaland and 
I Meghalaya. It plans to export 
j morn packaged lea during ih*' 
j 197S-79 season. 

‘AUSTRALIAN WOOL 
SALES HIT 

SYDNEY. Nov. 2S. 

Australian wool sale offerings 
next week will he much reduced 
and the number of Mention days; 
cut. This is due to the strike at- 
tie Australian Wool Testing, 
Authority which bas stopped the, 
preparation of wool sample, 
certificates. I 

Reuter 


NEW ZEALAND Iamb, for all 
its popularity in Britain :s only 
a "mediocre" product. 

Researchers .it the world- 
famous agricultural research 
centre at Ruafcura. North Island, 
toadily admit it. They haw put 
much work im.* proem utnte-s 
aimed at up- jr.-ding the .-.tock 
but the fight a^z.nst rigid rules 
nn importation or now wreeding 
blood and the conservative out- 
look of the farmers .,n ihe land 
has produced h*:i:niil?:.<i frustra- 
tion among ihcm. 

The rewards tu- improvement 
— in a country 20 sheep for 
e-.erv human — arc templing. 
According !o Government 
economists 5 cents on a kilo of 
lamb is worth >I5m a year to 
New Zealand. 

The same price increase for 
wool would yield a further c.l5m. 
And a 5 per -.-eri rise m the 
average nur.iNv i.f lambs 
piuduced by each breeding ewe 
ivoiiid corn the nation an exira 
aSioii j year. 

The same woionusSs tell of 
hriw three months ago Guvem- 
i,i(i sn vetenn.-rj iitrcenni 
ord-red the cb. -triiciion of new 
hr«*'*i!in-g vtock v h»c':i hud the 
potential to hoo.i the national 
lambing perce.ua^i.' <>y SO tier 
cent. 

The stock •,»«.- r; descendants of 
a small nucleus u( new breeds 
imported in:-., a tiuaraa Lint- 
island seven ve-i.-s ago. The 
animals were Finnish Land rave. 

oxf'Td Down:, i.-rman White- 

headed Mutton sheep and East 
Friesian ds. A! ! came from 
Encl.md and Sc-.-'.md and were 
to form :• new gear pool on which 
the whale . NZ industry could 
draw. 

P;. this sunr.i’vr :he L-roeding 
pru c Tanunc—»ti:i :a KutuLion — 
i-.-j- going well. The nuciear flock 
iiui.'tbered 3,001* bead. Then the 
roaeavch o»t:i ! ..:^hmeni vas 
shaken hy the discovery in two 
.miuiaik of the f!i^e?se scrapie. 
British experts ^ ere called in to 
check the diaunuCs and advise. 
On their word the oniire flock 
was slaughtered. 


There are no plans to revive 
the enterprise, nor any schemes 
for further importations. 

“ l view the sheep slaughter as 
jus: one symptom of the over- 
conservatism of New Zealand 
farming and one of the higges: 
set-backs for years for agricul- 
ture! development " — the view of 
one senior Government official. 

Others, however, are less con- 
demnatory. They consider that 
the existing stock nf breeds lias 
plenty of undeveloped potential 
and :hal farmers are beginning 
to respond to the cal! for a new 
product. 

LNe of thr term *■ fat lamb" is 
officially frowned on. “ Prime 
lamb “ " is the new phrase to 
describe butchers' beasts. 
Standards arc already tightening 
and will become even more 
restrictive. 

The New Zealand Meat Pro- 
ducer;' Beard has only recently 
trimmed down the maximum fat 
thickness nvr:r..:iod on export 
qu-.l::/ lain'is. Ten years ago the 
niaviriiuni wa-s ISin.n. Il ri now 
dnv:n i;i I5m::i ind ihe target 
is 10mm 

The Meat Baard is convinced 
the bloodlines necessary to pro- 
duce these new. more stream- 
lined lambs are already to be 
found in New Zealand. 

However, the lack of experi- 
ence among farmer; has resulted 
in some sending unfinished 
animal.; for slaughter. And since 
fat lambs fetch better prices 
'h:*n iean there is hardly any 
!iard-ca : h advantage to back up 
ihe ex bo nations a: tho market- 
ing men. 

Sheep farmers ;ce little 
future ! n wjrkSn? harder. 
i-i;cn::nr tu-ir -.-.ays or attent pi- 
rn • ‘o - r ..-.ix-v* their breeding 
programmes. T'.u-y are hurt and 
ii:*:I!:i*-:c-'ed at :ne way returns 
hav* been vilified aw. tv. 

P.ig pay rises for the meat 
fu.-.or:- vorkv.-i. rising t ran snort 
costs :vnd extra trimmings here 
ar.d th-re for other sundiy-' pur- 
pose? loavi? them with only 35 
per cent of the end market price 
their : amh fetches at Smirhfield 


in Loodon. 

In 1965. when New Zealand 
farmers were on the pig's back, 
the average producer's share of 
the earnings was 60 per cent. 
And as recently as 1970 be was 
getting 55 per cent. 

By way of compensation the 
government provides aids to 
farmers worth about j\Z200m a 
year (about lllOim which ac- 
counts fur about one third of the 
average producer's net income. 
But this is unlv fair since The 
cost structure* of the industry 
are held artificially nigh as a 
matter of national policy. 

The average sheep farmer's 
assets are now around $300,000 
and the mean income hovers 
around $1 6.00(1 a year. Twenty 
years ago a farmer could run ao 
economic unit with 500 breeding 
ewes. Now he needs 3.000 head. 

It is certain!-.’ possible for the 
lamb industry to earn more from 
ns output but rhe know-how is 
not widclv u»ed and. tn some ex- 
tent. the will is lacking. 

At present tno«r lamb shipped 
out of the country is sent In car- 
case form. As a result 70 per cent 
of every containeMoad is air. 
fat and bone. Some Is sold al- 
ready cut in consumer packs, 
mainly for the L'.S. marker. But 
while this may seem an ideal way 
of adding value at homo, the 
costs Of butchery work and ap- 
palling industrial relations in the 
meat works make it impractic- 
able- on a large *cale. 

Other difficulties hindering 
plans to add value to Iamb 
exports at home include the 
import tariff barriers erected 
against cuts of meat as opposed 
ir> carcases. There is little call 
for processed sheepmeat 
although the Japanese are known 
to pickle and cure legs of XZ 
mutton for sale as “ham." 

Government officials complain 
bitterly about the lack of true 
research performed in prime 
market- 15 . Half of New Zealand's 
research and development budget 
is spent on agriculture 

Only 0.5 per cent is spent on 
ecnnontic research at home and 


abroad. For example, one senior 
mtut complained that while every- 
one was busy talking about the 
concept of adding value to farm 
exports no nne knew the true 
worth of such a philosophy and 
practice applied to the primary 
farm produce market. 

Fur all Ihe confusion, com- 
plaints, melancholia and cynicism 
— “We are no different from 
any other Third World country." 
said one nf:ic!ai at the Meat 
Research institute, “we supply 
raw materials for the northern 
hemisphere ami while our cus- 
tomers want us lo remain in this 
position, so we remain "—there 
are still significant markets going 
begging. 

The Meat Board cannot gel its 
hands on enough top quality 
lambs to suit the U.S. market, 
tor example. But it recognises 
that if it can keep up a regular 
supply of lamb into the States 
shoppers will readily take to it. 

The U.S. sheep industry has 
been moribund for year*. Lamb 
consumption is negligible. But 
esged on by the New Zealanders, 
American flock masters are begin- 
ning slowly to reassert them- 
selves in their home market. 

Co-operation is so close that 
XZ exporters have set up a joint 
company with U.S. producers to 
promote and market lamb. 

There is a brand-new 
unexploited market across the 
Pacific, but the national obsession 
with the British market always 
intrudes in any conversation 
about the prospects. Even though 
the UK offers such meagre 
returns, in spite of the 20 per 
cent Common customs tariff 
raised against lamb, in spite of 
rapidly shrinking consumption 
and the dangers threatened by 
the plans for a Common market- 
ing regime for lamb in Europe 
the cry goes up that, regardless 
of the cost, traditional outlets 
must not be ** neglected." 

While that attitude prevails 
there can be no fundamental 
change in the “traditional” 
approach to sheep production in 
New Zealand. 


EEC halts wheat exports to Brazil 


THE EEC Cuiu:tii»ion has 
decided ;o suspend iia weekly 
wheal export tenders for sales to 
C onirjl and Sou; It American 
countries, including Brazil. 

Officials Raid the Commission 
warns to find uul exactly how 
much wheat from its weekly 
export lenders is going lo "zone 
four.” where Brazil is the pre- 
dominant importer. 

Under the exiting s> stein, the 
Cuminissiun a ranis export 
licences lo traders who can then 


export ihe wheat a nj where in the 
comniisisnr.'s 2 ones one to Six 
covering most of the world. 

Leading V S. wheat producers 
have complained strongly that 
heavily suasiui-«ed EEC wheat 
exports have been unfairly under- 
culling wheat sales in traditional 
U.S. export markets such as 
Brazil. 

The official? said the Commis- 
sion wants to keep a closer eye 
on the aruounl or wheat going lo 
Brazil following the complaints. 


BRUSSELS. Nov. 2S. 

Informed EEC sources said the 
Com mission's decision could help 
Id improve the atmosphere in 
the Geneva Multilateral trade 
negotiations. 

The weekly wheat export ten- 
ders to other zones will con- 
tinue as normal but a separate 
tender for the zone covering 
BraziU which can thus be moni- 
tored more closely, is unlikely to 
be set up before Christmas be- 
cause of the legal notice period 
which has to be given. 


MERSEY WOOS 
TOBACCO IMPORTS 

LIVERPOOL. Nov. 2S. 
THE PORTERAGE rate for 
tobacco imports will be reduced 
by 50p a tonne to £S.ti9p from 
January 1 in the Mersey port, 
and two further reductions are 
offered once cargoes reach a 
specific quantity. 

The reduced rates have been 
agreed between the Liverpool 
master porters and master steve- 
dores Association and the impor- 
ters. There is a campaign to 
attract more tobacco which is 
one of Liverpool's traditional 
trades through the port. 


Commodity market reports and prices 

'‘■BASE METALS 


COPPER— Last gra-ffd isi lairly quirt 
iradmc ou ill.: London Jlrtul ExufniiAe. 
Forward nicral wi-Jnd j sJude .asi.-r a: 
£TT3. but k-ii a way uu the or-.-niarti; io 
• around m mainly reikvmu lark- of 
xiluvsL Fma burton towards ibc end 
of thv morning rings raw the prlc** 
" recover io £773.5. However. In ibe alTor- 

n.m" Urnr, - ~pL-.i. i-f-c 
-ttlJPI’EK i OIM.-UI i — I I’m Kl.aal ; — 


aooa Ok- rnarSf! Fell ufrish in Jin-.- M-i!b 
Comes, with forw.ru ira-ial maimf Fa 
£7w.5 prior tt> a modest rally nn Uu 
kerb 


IT -v 


a.in. 

i'll! ii -111 


4 - r,.m. ' j_ „ r cJosuis at Uic day s lines, ri-puri; GUI Seoiland: Cr.U^ ap 2.7 per us. a’.ersrfe 

_ ri^rtlrtal ■ and Dunui. (i ?i)p i • !>.!>•. S!k<.v do-.»n iur t-.-m. 


SUGAR 


PRICE CHANGES 

Price in tonnes unless oiberwise slated 


kerb vlucfl kit for»nrd m-ieru! at HuA Orailc c 
rr?:.3. Turnover: BATS lonrcs. ™ 7925-3 


J." A" K 

30 -10 7500-30 -15 
AiRiIrwnaled M«i»! Traltnp rnporred ? mr.iiHi-. 1 7400 20 + 10 7400-30 -S 

iha* in in.- mornliw; cast uin&are tradi-d bitiUnri.' 7530 : + 5 . — 

ai £752. SSJS. Urec mambs £77i'. 73. 715. stnnfiudi i \ 1 

7::. Cetbodcs, casta XTAJ. 42J. Three i M i, 1 7520-30 !*17.6' 7500-30 -5 

months £731.?. K.-rbs: Wireliirs. cash j, nn-ntli-. 7390 A00'+ 12.5,73904001 

£7?2J. three months £773.5. Alttmoou: deniPoiT.i 7530 J+ IS I — 

Wiri bars, iash £.a0.7. taie Noeemhtr stmiia. R.I ;SX90B U3>* — 


tin: m \ 


Yi-itnAar's -f- ^r 

i !• - 


IIUMIW-" 



3l41.0-IB.il — I4.E 0I57.O-42.D 
2187.0 80.0 -2B.0 3250.3-2 1B5 
.2210.0. 10.5 ■ -34.25 2342.0^9.0 


jv. rane I32,«»p i-u.4<. P.j dovm 5u per 
ciiii av<:ra«>- ht-e> *-*0 »*. 

SMITH FIELD — I s.-nc- iv-r PuBnii. Reef: 

Nttuiish killed imte £54 « ro L5-.U: Eire 

hinrtqnartorv r.u.ft m 04 0. ton-niurlers _ ___ . 

A i®- v ** l: r'"I ds «ily nCfc'i sr.c .1 wav.- >i parats ’duriaz 

— 10 riO-O- Lamb: Entjish mil £30.0 0l o R . r . C. Czanukov. u.^i. 


LONDON DAILY PRICE ffW fUBari 

ir^.iW teaiLv a iicr.c c.l tor xov.-Dcr. 
-■upmcBi. Wb::o -osar daii? price was 
lived at £!•-■*■-'• 

.Uarcssr.v trJT.r.j; l-om one quarter 


Xfi. it + or 
1978 — 


tionib 

■Sv 


£ 


7SQ-1 
770.5 1 


™ I c £ 

Wlrebars » 

V*»l. 753.5-d -7 

T uki'niha. 773-5 —7 
Mtl'tn'm. 754 '.—7 ■ • — 

CdEhodea I 1 I 

Uab 74Z.5-3— 6-5i 73B 40 

- SnKiniliv.. 761.5-2 — 7 758-60 

Beurm'ni 745 — 6.5' — 

V.ii. dim ..' — : *73 


mu. Ulrie months £771.0. 70. S9.S, uS.j. .. y„ r Lf _ 
7b. 7D 3. Kerb: WireAar*. ihr-.-e niamhs - — — - 
£777. 71.5, JT, 73.J. 72. 71.5. 71. 


I 

— I 


— 6J5 
-8 


-fl 

—a 


Morninc: Srandard, rhrec mnmbs £7,400. 
_ £7,T»0, f.i, SB. ». High Cradc. rash 

TIM— Barely changed on taalaOCe. The 30. K. rh- Siandnrd. Hirer manths- 

nte III Ihe Pruuini marki i pmnipted *7.m 7,410. Allenvof.ii: svantianl. ihrce 
IuIujJ Cr.xikss with Xwuard srawLm! mnnihs £7.400. Kerb: Standard. Thru 
nuierial movuic up to -*.440 un tbe tarty nK.inhn 17.400. 7.305. 
pre-market. TJie mark el faiktt io maiu- 
cala ibev- Iri'ch. however, .is t-r-ifti ■ 
iBhipa and lack nf laicreat saw the price 
eas.. to lijha prior to dounK un the late 
kerb ai £7.395. Turnover: 7S5 tonnes. 



imernatloiial Cocoa Orpanlsaiiau «L'S. UO’id 


re nis per pound •: Daily pricer, lnr "nv. 27 
198.27. Fiuluatnr prlo-s not . i- 
la-day avvranu 1-7. M >l&!S5i. 22 -day 
a i. -rani- 1S2.2I r|‘I.S7.. 


l.G.' Index Limited 01-351 3466. Three mouth Gold 200.45202.35 
29 Lam on! Road, London SW10 OHS. 

1. Tax-I roe trading on commodity fu lores. 

2. The commodity futures market for tbe smaller Investor. 


MOTOR CARS 


trvCsi ii,-'.- 


ROLLS 

ROYCE 

WANTED 


.ModdcJflwMlBlepSwne 

PnlBafflesoaSanvich 

{0003)20305 


ART GALLERIES 


OROW5S A DARBY. 79. Cork SI . .W.1 
JOHN SELWAY — Clrcut PlCtUiU 
NO RMAN ADA MS — F l owe r PJCIUrtH. 
COLNACNI. 74. OW Bfiwj 5ir«I. London 
Wl. 01-491 7408. PICTURES FROM 
THE GRAND TOUR. 14 NO.-16 Drt. 
Man..F-r. 10.00-S.03. SJtt. 1C.0 0-1.00 
david carr'itt limited. is j 
| Sireci. S 1 .. Jima'i. S.W.l. 


^ Duke 

SEURAT 

P’alr.iir** and Drawing-. Unlit IS Dec.- 
ember Mon.-Frl. 10.00-5.00. 


| rmper 

! FIELDBORNE GALLERIES. 63.. Queen's 
1 Grv-'c. N.W.S. S3S 36HD. _ f aipUnu: 
Dv RODNEY BURN. FREDERICK GOJIE 
LORD METHUEN. LEONARD ROSOMAN 
RUSK. IN SPEAR. JOHN WARD. CAREL 
WEIGHT. 


GOLDSMITH’S HALL. Foster U"W. E.C2 
-TOUCHING GOLD AND SILVER." SOD 
years O! Hallmarks. Until N»«. 30lh 
Free. 10.30- 5 JO dally- not Sunday. 


FIRST FRONT 

' 1977 Menrrdcs 450 5EL 6.9 litre. I«" 
sold, black k-ather aphcMstery. Ajr- 
Cdi.. »un roof, wuhwipe. «k- RaUio 
utna. 20.000 reil«. £23.350. 

1977 BMW 6.33 CSIA. Bliek. black 
Interior. Tiowd 
tUr«o. Uwa* flxtrii £12,750. 

TEL: 01-735 5952/S 


I.P.L. FIME ARTS. 24. Davies Street. W.T. 
01-453 2630 RAOllL DUFY _rirawmBS. 
watercolours. 1900-1939. OcL 10-D«. B 

i MALL GALLEwiS. T{ie Man. S.W.l. Roval 
I M-mature Socierv Both A-rnjai Ejnnn. 

Mon -FrJ. 10 03-S.M. Salt. 1 0-00-1.00. 
I Until 1.00 o.m. 9 Dec. Adm. 20O. 


ST PAUL'S GALLERY. 5 4>e Marta Lane 
EX.4 Him. 01.248 535*. 

□ n ana Watercolour PjmSnps. Sculpture. 
Framed and UnlrameO FWif Art Jcef- 
auctions Including Slimed Limited Eal.Von 
Pints. Open &.DO-S.CC. Mon-Frt 


SLOANS STREET GALLERY.. Recant 
sculptural bv ALEXANDER in Slone. 
Marble. Bronrc fnd Vl'Cf'. 16tn Ctel - 
SOIh N9 , h Man.-Frl. tQ-5.50. Sat. 10-2- 


THACKERAY GALLERY. IB liert-era’ 
SL. kaiuacten So.. W.B fll-iit 6883. 
CHARLES DURANT Y. Until 21 Dec. 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection facilities. National Panasonic % colour 
video tape and Philips 15G1M video cassette 
sewing Flectrosonic3601 slide presentation 
system ’And luxurious private dining rooms with 
extensive catering facilities. 

PINANCIALTIMES CINEMA 

All enquiries io Ihe Press Officer, 

Financial Time?. Bracken ' 

London EC4P4BY. Tel: 01*248 8000 (ext, ius). 


LEAD — Euler In klUKClSh l railing vl.’h 
business cwmnid to ranuntr dcaLnun. Th<. 
raiiB'. (or lorward metal was £3K-£33I 
ihiiHudioui (be bar and die hm-tiruntaiHiii 
lurW steady. Stwculailv., Interest In th,. 
market was absem. The close on tlic 
Kerb was £391.3. Tunwvir; 4, no lotutvs. 


COFFEE 


i.ni. 


r+ «r i*.ni. 


F,RAl> OiFk-ial j — • t'nuflluial J — - 


All.T opLiiiiij il j Inirer un L'utEiii:s':on 
Hull*..- >clbu,t Riibu-.lss AXadi-iJ iu;..-r in 
Ibo day and ihr iuark>-i :rad>d i u a 
n:irm-rf ranrff until uu- close. Vuiiim. was 
puurcr ihju on .M nodal - and dealers saw 
,4 7-r yv*i«.rdjy’« aeuvliy eans,i!ida:u,n alter 


COVENT CARDEH— Pile... in tfexlin* 
p-. -r pui-kjce .. luepi wbi rc idhtn-. /sc- 
*:aied — Inmortcd Prodnec: Lemons— 
li.ili.ui i.B 1 * is*- i-mp 3 iin-i jf. (,'r,--.k. 
liA Lffii: C 1 , iimi TraF*! hos. s 

III ITU 7(i..7V<- Tirktsli ■■* Ulns 2.4*1- 
'. n*i. K;.uO*,v Tr.,r • i.3d-22i‘ Oranges— 
•"■••a-nii: \in ' .Vji'.-liiua "'M *»'■: .s. 

’.In, -HI Vul* n- • I I.I,!>. 1 fl.'*-:. «. Hr. , k: 

'. WiC.'ii Cleine mines— Crnrui: 
in Kiln* r. «... ‘.i SaiHimos— Spam:.: 
Tr-jjw it) GraoeFrull 


I .IV'i'.nnv’- 
I -.1*1111. ll- j i 
Lon. 


IK-... 

Mur . -ii . 
Uai .. 

A u t 

r.irus- 2;W- i>.;. ... 


r 1 i: c 

Cmh 407.545 ; -4.« 407-9 j-5.5 

3 meuibs ■! 590.5-1 '—5 390.6-1 i-4.25 

Silt 'mem 408 -4.H - ; 

l .S. 5 pm.! — i .. .J *56.36 


Uiu sharp lutivrs hi flu- na-i tm, rfayi. 
The «uark«i i-los-d uneftan^’il to sliamly 
loire-r an baluiK n-pon-.d 
Buru hum l.anib-.-rL 


Io. i--.ri.-i* J.in j ivj :: r.u-' 7u: I'uhvn: 
A*. Tesa.s- Ri-,1 Clash .* I*i. F!ond:i 
Turinli: ia-'J.M Apples— Fre-ieli- 


I'rtl. il . 


I .Tie iX-r.JiTK rT - price 


Yivt,-i,lht '» ' 

I'lllfEK i l'W ' +,*!•' J!n«ine«a 

. • — ■ IL-ne 

' L per inone: 


Mornlas: CaJt £498. 7 3. 8. three 

niouibs UBi. 93. 91. 80J. Kerb: Thri< .. . rv.ra-.jiu... r: 

months Ml. Rn.S. Alternnou; Tbr-.-e Svit-iu'Ar... 1690 l#9« *-03.5 1594 1580 „ KVirlN pjmj-^wp- 
reontiu 1389. 90. 99 5. 99. W.S. Kerfi: J*i***"0 : 1466-1457; ■*• 02.0 1457-1438 


Dr **tfl it.-.li.'i', Di-bacu-: 2il lb 72 2.ijO-.‘.LA. *4 SaJ. 

1 41-1 rfl: 40 111 rN, - |in 17.i 5 i'a-I 4l>. 7ate 

jiimbl.- pa. r r-T p*iund fl.ft.Vn u 1 '. tTnnny erami,au.J bos s ' -UKLr waa £^d4j.'i 

Sm::h ?n lb 7.’ .'. -' 1 . S4 I w. L*r-.. l.us> ; Kamo’ j :oll-. Is - baa - .*.- tradn and 
nb iM'is: 4 ik»-i 59 . jmubl* aa-.k jv ao Iirj.o'i <sjqil-‘ :ar ispcri. 

H! Ib jilt pound '* , 'i7. SutH Crimson 4« lit Inremaiional Sugar Agreement fU.S. 
1 .’.b- 1CT, 4.Sn-5. . 1 . 1 . !•■> Ib H’s t.3fi. 72‘s unit per paani, tob and Mowed Cor.b- 
S.SO Pears — iijiijr.: Par pound Wilh. im-, bean rsr*.. Pri£*» fo.- No-, rt: Daily 
fl <19. Grapes— 7.7*: i'.74-: 1.1-diu - av-ra jf 7.K /7.sn. 
Spanish- Alip-T'.i l. 0».2.M». C.aft- WHITE SUGAR— Cep :.n ord. r buyer. 


indd Tt\W C..-..:SI».57b^2.5 S242. 125 

IreduPb £408 5.5 £415.5 

3 months £390.75—4.25 £403. 7a 

I 

free 31a rliei iclr KlbrS 1 .68 61.75 

1-82 1.88 

£ s ••!-•*.• 1 ( ; 

lCj.PadJJ.Ja 105.50 0a. 75 105.50-03.80 0e — 7. Jf® „ i A !J5? ^ 

ioj.oa-os. 0 r na.io.io.i 5 iia.«uw.M ./"y "* r * cl irrZ-A “ 1 - 2 -irJSi 

112.65- 15.20 1 13.06- 15. )0 1 13.50- 1 1.50 ‘?uiok*Ovrr 5140150 5122 27 

llb7b.-lt.CD ItB.SO 17.90 I17.EO-I5.75 HU«troy*.r |07.S5,,-3.ffi Z98.K,. 

1 16.55- IS.iO 120.05 20. 15 130.50-19.00 J ttw-nln* i313.D5i' — 3.0 3U6.15|i 

121 5-5-11 JO' 122.70-22 SO 122.75-21. !5 ’l" M? — 5-0 >;I J® 5 . 

125 "5-K t5 il£ 05.?b SO — L7.395 L7.£I7J> 

—— — ■■ TuauMcn ia> S14LBE 5141.S5 

r. -4'. ''i.. 1 '.!' loti of 3d tonr.es. HiJinin I II...'S138 4S — 2.0 -5143/45 


rapouis Mt.il. **u. w, w.a. wm: ,7 . tiSi . Spanish- Aimer.., WHITE SUGAR— COM ■ ,n ard<r buyer. 

Cash I4W. thre-e mwuhfi £391, W. 91.5. M"n-b 1305-1307: 0Z.5 1308- 12M « - 1J: Oban,-* 1.54. hljcis seller. bu»:*» Bfl. <a!es--. F\b. in^ub. no.oo. 

V".’ 'J2a7-1244. 4-02.0 1242. 226 nhanr*. :■.»*.; 2>*. Bunaw-.l ^mau-an: 1W.50. S - . Apr.! 111.50. 1 I 2 . 40 . 1 K. 1 ». II: 

Jtl'.T ■ 11S4- llHIpi — BBA' l^UU-1 IBS 


(or Zine **>>h £349.5 —1.0 '£351.5 

3 iri.'.ntb*....- £36046— 1.25 £362.75 

IVwJuetre 5720 | 'S720 

Oils ; r 

(Jpcbnut (Phili -58701 

l7r.HTQ.lnut ! ; 

Unseert Crude (v).„X340 
I'alm AIbIbj-oh !SS95u 


ZINC— SliuktlY cooler m quiet condi- 


tions mill the market devoid of silmuhis. " iigt 1169 Tfllt 117atiS4 T'-S r *°iL n< ! " u \ Avowdos-Lsraeb: ^._M- Jbis Ii?/*. s*7. n.-J: _Srt»L 120 jO. 

KorHurd nirtal h»W betauun £ 158.5 and 1165 - 1109 Qi.5 i l/u - 1154 - Melons— Mur.ish: nr.-cu 4nn-tsn: 122 .aO. ml. m,: .-.o-.- ilaa*. li>. 00 . nil. nil: 

met ind .uimorrr was jDh. Tbc slu"" -Wmbcr.-.j 1142 1143.-02.5 1147-1135 ,■ tlias hav,: - LTs 7.00. Onions- Keb. i=P.OO. iZS.M. 3 ^. □«: April 132.00, 
un the Kerb was L5M. Turnover: 1.623 V * sp i!?I! n “io-2in: Dui.h: ! .6ft2.no. 127.04. nn. ml. Sales: 17 

WOOL FUTURES 


Copra Philip S560f • S610 

doj'abnn (l . 8 .’ .S27Bh —3.0 62S1 


lonnt's. 


ZINC 


I a. hi. 

1 OQLial 


+ .f' p.m. .(+*.'r 

' — 1 rnetn.-lall — 


LONDON— Dull ar.i IcaiurulL'SL. rtponed 
Cache. 

• Per.--: jlt k:5<*: 

Ihiilaeh 

1X.DC 


. . . _ .... , TaimMu— spa&L5t: 4>56-S.7fl: Durr-r.. 

^bale* - -.M4 lots 01 5 lonues. j ’•iv5.i* 0. Cucumbers— Tnnan" Win’s 

ICO (ndleaiar prices for Nuv. 27 H7.S J ti'-.'.iM. Capsicums— l n:n--h- P r nound 
cents per pound ■: 'Jilnmblaii MiM ii7fl. r*r.«r\" n A. Dates— Mns-rian I*, r 

, ■ — — — Arubicas 172.00 tt*3.2J»: umrashtd p!nn» Jbo\ «.2?4 •#: riililornijit: Tub" n ’.o. 

, £ i £ i £ ! £ Arab if as 145.0*1 ium#i: nih.r ni.ld LcUiiCA— Frcn^l. 12’* 1 4w. Watnuu— 

Cash ....J 349,3-50 — 3 1 349-50;—! Arabieas 1st. 41 >I4GC7>: Rnbusus 1*?A '^jIltorL^n. IVr pound O.m u.32: Hun-so: \mi r/*;i«u” V’*’ii ru v"+ 

3 Di.>nib(.i 360.5-1-2. 76* 560-.5 '-F.S5 1976 140.0(1 ij:i9.0v>: liebusias t«_i 19c# » T-fl.*;:.. Brazils— P>r pound Lint ( 1 ..V 1 - i 1IVJPl . 

b'nient 650 !— 3 I — I 1W.00 itil.OV.. Daily average 140.21 v..*4. TuCanCns r. 4.'-u 44. Almonds— S .m:- . 

IVIm.wesL 1 — I 35.54.51 II43JJ). sofr per ronnd n.42. hard shell a.m ; 

Chnstam — iMlian- tn ki(.-,r. j.5fl-i. 7.0: 

Xfuflish' .S kijus .ItVM.M. 10 kilos 

S«U: l-’r.'i'.ch: Vilns 4.S '■ Filberts— 

lull 11 :: P, r priiind |."J4S1 Pcuui nut*— 

C.'ll'uriiian: P.-r |«iurul <t.*w. 

English Produce. Poutocs — Per 71 
fcii..-. l.I'l l 711 . Lettuce— P. r 1.' round 
I ill - 1 4u. Mucbraocts — Par pnuraj u 4^u..vi 
App-cs — r.r nmird liramL-jr u.04-0 <17. I^ard 

р. rh-. 0 I'S-n.ilu. '’DT 'Vane-* PiPdiii 0 05- 
•Its Wi.r-.il, r p.'.-.rnijln ■. n" O.rtf, ltu* 

с. *: 1 ! 0 "S-u 0-.. Saurian f.PTaiiw. Pears— 

f.-r rr^r.j Coni-r. #«■ ftff-’i *12 l’-nrelr.' 
u.i;a 1 .: Cabhawes— F'-r rr.-'t 


0.05 £31.9 


GKAUVS 


MomiBS: Cub £350, three months 1361. 

61.5, 61, M.3. Kerb: Three toombe £331. 

Allerumm. TTuvr- montbs £35 S.j. Ml. LONDON FUTURES (CAFTAJ — tc'*i"a* 
Kerb: £a«h £x». three months £360. 00.5, «w.-ned 25-30p hlnbor un suoj ooiiini>.rcia] 
Ft. bnyins and rdrari-covcriru aud j lined 

aluminium -j vnlame wan traded 5d-«lp hish'-r. in ihe 

...™s aflyrnoou lOisjon values rasert back tu 

close 30-Vp up an the rfuy. BarVjr cp- n, il 
4flp hleb-.r and u w «uuU hunnic inu rrst 
in -lanuary. Values did case on ecmin>.'r. 
cial bine to eio-wi uncoaosed to 2 np 

blither. 


mvlal aiirectcd short rorcruu and cavuT- 
tnii arainst physical demand which lifted 
tin.- nice tram £807 to the day's tilth at 
iUU 5 before.- proHl-laklDK pared ttic price 
to liWi un the lulu herb. Turnover: 
2.825 loaocE. 


ri.,.(iut«i , 

Mm*-! 

74a-. .. . 

July 

1 1 * -lr.hr r.... 
J ■ 

Mar. I*.. 

«-r 

Sale • 


1 

Alum In* in 

n .im. 
l/fUrlal 

17+or 1 p.m. 

. — 'Dnchlcial 

t4-5r 

M-i i 

5 

L 

6 io'. 3 

; + 3 

L 

609^10 

♦L76 


WHEAT 


BARLEY 


IY(M erday't + Or VCNP.iUy'* -j- or 
M’ollll dnic — ll.r- — 


Mormns: 2tid-January 

Pibruarr £510, ihrce moults £610. 11. I1J. 


Jan.. 

92.45 

;+n.35; 

84.75 

+0.15 

Mar... 

94.90 

H).3S 

87.00 

1*0.05 

May.. 

97.35 

tO.35 

89.55 

1+0-05 

Mapt: 

89.75 

*41.301 

83.55 

1-41.20 



HGCA— Locannn ex farm spot prices. 

Clf VTTI? on* 1 ' Mllltaa Wheat; U*.-rts aod Oxon .. . j 

alLV tK 91.4V. Feed Barley: ME EncIaiKt MUo. 

Silver was hat'd 3.23 p an ounce km-rr 0*on >S.(tO. 1 , 

for spoi dvllt rrr in ibc London bullion Tta*> UK monetary 

innrkei yesu-rday ai .107.350. U.S. ccin *' ,;e ^ b.»inunj Dw. 4 'based on UGC ^ 

i-ffUlvalcniK 01 the b.\inc levels w*>n>: cnlciilanunM is cNPectid lo drCre>.t>e H* Un. . . . 69,30-EO.OD 5S. 75-60.00 - 

spot 587.0c. down 4.6c: lltree-uxonib Bi«.7e. EEC IMPORT LEVIES— Thr- i>*lloiv.-na eh- . 60.40 bO. 70 60.43-bO.SD 

down 4.1c: sa-mmitb 819 7c. down a.fk:; levies and pr>-mium& ar^ eddciivc fur lim-alnr 60.M-60.8D 60.to-fcD.6il cO .20 

anil 12-ni«Fiilh L39 ft - , dmvn 4.ju. The Nnv. 29 in oriL'f ul eiirrriii Fevr plus Dee . .Ipr-Jiio' 6J. 40 65.45. 63.40-S3. 50 61.60-62.60 

U'-tal own*Hl at 3uk-VWP ISIMHci. and Jan- Pcb. orrmlamt iwilh previous ■Flr-wi.t 65.70 S. 75. 65.65-65.i0 85.90-64.90 

closed at 30C-M7p i5M4-o9bci. In bracheUl ail in unlic of accoom ru-r 1 *.-- 60JHJ-6S.B5 67.8S-68.00 68JW-67.I5 


6 ILVUB I 
i-:r j 
bayw. | 


Bullion 

/i%ing 

V<ricu 


|+ OP, 


^poL 30739(1 

3 lUinjlLi J 315.05(1 
6 uiMitin j 322.S5|> 
12 11 ion His' 336.06!' 


L-Sja 50S.36P-3J5 for aeednwt 75JS. rrW ml (73*3. rest nil*. l"1s of . - s tonne*:. 

-3.0 314.45(^-3.3 CmJcwlMaL- Nil. Milter 55.W. rest ml Physical closms pneos 

-2-36. — I 1.26 154.72, rest nil. IASI. Grain sarslmni: ‘■££ l ; Jan - «“ J I 


-2.96; - 


'4.68. rest nd <71L22. rest nil). Floor — _ 

Ijwiea: Wheat or Mrced Wheat and Rye SOY A BEAN MEAL 


255.6-45.3 - 6.5 — 

23C.D56.0 

:23B.0 4G.C ... . - 

i240.0 >5.0 • — 

240.3-43.0 i - 

240.0-44.0 ... ., - 

240.0.44.0 . - 

240.0-44.0 .. . - 

I It, id's uf 1.390 k.j. 
IMPORTED— Wheat: Cd’KS Xu. I ’31 
per c-rr.'. Kcn-.-Du.-. ■*3.7;.. Titbur?. U.S. 
Celery Liurl. 7,'ortfc.rn s^r.r; Xu. 2 14 iur cent 
— P,-r h-'ad fl 12 CaiiHRawerf— P *t ;; D^c. 91.38. Js. v.' Si. Lranshipmcn: cast 

l.inciiin !ft. 40. v.-itt 1 4ft.: '.o BcetrMi— cnaii. L S. Il2ri '.Z\ per cent 

Pt 2f Ifi 0 7‘i. Carrels— p.-r -■** lb fl 5). D'-c. 9»i ., 11 . Jr.r. 9l> irassbipnic-iit east 

ii 7n. Capsicums— P,-r emund « ::<l. Onlan cast. Etc uiiiiunled. Maize: L-.S.- ^re-nch 
— I'er lue I .Hi-2 "0. Swedes— P^r Ib Xoi. Iu4.a , i. Dw. li)S. Jan. ] i) j :-t). easi 
0.. ',0 4i r.ii. Turnips— P it 26 lb 0 Tfto.BO. iOjsi. South African While Jan. 67 
Pars pips — Per 2 s Ib Q. 90-1.90. Sprouts— LK. SouiO .'..’rtejn Ydhn*- Jan. u7-50. UK. 

Barley: English feed fob Dee. fcu.OO. Jan.- 
l.'arch ‘.<>^0. east ccast: March 5930. 
paid east teas*. 

NEW ZEALAND CROSSBREDS— Close 
nn onkr buyer, sclb.-rvi. D t*_ 179.0- 
1-1.0, March lia.ftliJo, -May 1M.0-1S7.O, 
July 154.5-167.9. 0-.f. mc.ftisno. Dw. 1915- 
I9I.0, Manta !J4.0-;N.S. Mar <94.0-198.6. 
fijle-.: Nil. 

SYDNEY GREASY. a«e <:a order 
buyer, seller, huyiauss sai'-si. Micron 
Contract: Dee. S3u.:. 251.0. ‘136.3^3041. 17: 
March 254.5. 3CJ.J*. 2M 52754.0. 3: Hay 
7-39.0, 239.3. ";y.u-'>S9.0. 3: .Inly 3fl24l. 
7*n.r. 3v;_e3C2.t. si: uct. si*4.'j. ;is;.5. 
2J4.0-j64.fl. 111. DcC. 763-5, 3r.6 0. 260J>. 
J'A.u. 3: ,'Iari-h .'.-9.0. k>A 4*: n I. u;l: May 
5*0.3. 3TS.PJ. I. ft): 1.9. -2. Total salts: 59. 

★ 

LIVERPOOL COTTON— Soot and Ship- 
ment sales la Liverpool amount'd to 219 
briatans Ihe toial for the week 
> cpntinued 
nersis- 
E astern 
qualities 

vrajt asa:n evident, vita S. .Mncncan 
(buyers » were: styles not entirely neglected. 

6ajp ( 60.73 1: Feb. 


Grains 

Harley 

Uvme Pui ures. ...4.’87 

Malrv 

Prni-Ji X". e Ain. C104.BO 
Wlimt 

-V*. 1 l.'rtl 5?|innC'£95.75f £94.5 

N'*,.£ Hard Wliii cr £90. bn- UB7 

tu^li-li Milling l £94 j £91.5 

(Vto» sbifiinent. — £ 2.226 —26.01^.051 

Putin,- Mar. £2.167.5 — 2B.0 £1.99 7 

L'nffee Future 

Jan -.171.450.5 +2.0 ’L‘ 1.449 

C'jtu.’n -A* Id.1<t(...'80.6o —0.15 78.9&v 

L'uFiher kiJ,i '5S.5p I — 0.2S'63.5p 

Sngnr lltawl £99 ] £106 

5'(* *llrt|*s9*s F lrilm.: 274 p I269p 

• MomloaL t New crop. Urntno^a 
n \’ov.-Jan. aSeoi 
w Dec. Per ten. 


Cocoa and 
precious 
metals fall 

NEW YORK. Nor. Sg. 
FTecous metals closed sharply lower 
on renewed snecuiaiire linuldation 
(otl«u*.ns »:rcriBtb uj ih.- U.S. dollar 
despite acoihi-r sharp uicrcasi- ui the 
consult] er pr.ee index. Cepp»T eased on 
Commission H ouse liqmdalion despite 
irado otbnrajir buying, r.oraa closed 
limit dov. n on ftKCTrssive imtiduiive 
linuidauun fnllewinc a buibcr Than 
cTPi'.-i^d Bah'a arrival tunre ■•'■hilc sucar 
unishrd th. >>-5rion an a ^icady note 
bmilstcr.-d by trade arburysc bnyinu, 
Eathe rspnrtLd. 

Cocoa— D<e t.411 ?3 • I March 

151217 • i:-a r;«i *. May July 1M.25. 

Ss'M. 177.20. Dec. 173.30. March nn. 
Salt. »: I.12fi 

Coffee— “ C " Cenn-ji.:: Dec. I4i.no- 
142. W. March 154 9u-|M.on. May rui.ai). 
ini.fin. July f.T.jfl.Us 73 Sep:. 12fi 73- 
126.70. Dec. £14.90. .Man* 121 .30-U3.M. 
Sales: Sit. 

Capper — Noe. t&Oi iftl.fle,. Jan. 63^0 
<‘fld.4U*. .March 67 35. 5Iay Si.Kfl. .Inly 
flfl.vi. s-n. Tn >>0. Dec. 72in. Jan. Tj.w. 
.March 771.40. .May 74 £P. Jufj- 7a. 00 Sept.- 
77- SO. Sal. s: I4.0nn. 

Cotton— No. 2: Dec. S7j7 •GS.OSi. March 
■n.30-7!..\-. 1 72.13'. May 7.73V.. .tulv 73.S0. 
*ICL 6*. 45-47 di>. Dec im in. March 66 5ft 
s7.5n. May «7.Cfl-6K.j!5. Saks: 5.049. 
'Geld— Noe. u««n. Jan. 154.40 

H'h. lW.-'O. April 159.90. June 
■J'll.'.il. Auaiist 207.30, OeL '.'ll 00. Dec. 
VI !.•«. K. h 216.64. Ann) 233 4-*. June 
.. £>02.75 22K.W. .\uau« 230 20. Saks- 25.400. 

tLard— Chlcnao Ioes« 23.30. N7‘ 35.00 

trade <25.n0 num.t. 

CMaiie — Di . . 221:425 >1371 .. March 
L-OWW-t i3K**. May 244-2441. July 245), 
Sc lit. .49t. Dec. 2.12-253:. 

iPlajinum — Jan. :I2«I.IMI-322.00 (329 FO' 

April 32::.'flKV4.Ji) * 331 .60S. July ;sg!oo. 
■Jsl. . — 5ift32fc.4«t. Jan i-.4l.b0-2:jjjd i April 
jSP-AM. Julv 3-U.4M.IS.Cll. Sal45: 

'Silver— \ 0 V. S‘9.eo <C94.::0'. . 1 . 111 . 

. , ®-' 0u .'- 'larch 600.50. May WOifl. 


j- *5905 

j + s!o!£350 
.... 5645 


— July 616.7(1. Sept. 623 20 Dc-. *£1S.«i). Jan! 
i-o. ^ *’• <j3.30._ .May w,2.flfl. July 

snot 

. - arch 

o.h-i... iR-... • Mav r.*4;.6*4. July FjT-C77-!, 
Aucusi 65 Sept. 659i. Nov. 647}. 


t Nov.-Dee. u J,o! 5 * 7 '^- Srn:. 6b2 en. ILandy Hannan snot 
s Indicator prices. iftiaflO'. Solis: ss.ouo. 

Soya beans— Nov. 6*i3-Ci>3 <t7s;-i. March 


INDICES 


Jan. 655. 

"Soyabean 



Sales: 4h *59) lots of 100 tonnes. 


:l«wptay' + «w 
l 1 m»c " — 


floor I19.ll (119.111. Rye flour: 121.34 
LME — Turnover 3,6 iL70> lou of IQ. AM iinaii 

ors. uorninc: Cash 397.6: three months „ 

315. IM. 15.3. 15.4. 15. j. 15.7. 13.3. 15.4. MPAT/ VFllFTARI YC 
13.6. 15.5. 15.4. Kerb: Laie Ftb. 3116; 1T * C ' 1 * • L|UI - 1 

three months 315.3. 15.4. Afternoon: MEAT COMMISSION— AToraso faistoek 
Three numib& 21 !j. 14.3. !i. 13 a'. 74, 141', prices at rcprrstniaUrc marVcts on 

14.4. Kerb: Three months 314.5, 14.6, November 28. GB— Cattle <S.0Tp per . ', tc — , 0 - n n \ 

!<.*■ U.S. 14 6. 1-h.l.W. ( +0.971. UK-5hcep 133.Jp Dcr . 116.60-18.5*0.7 , 


UusJncat 

IMie 


‘COD WAR’ 
TRAWLERS SOLD 


FINANCIAL TIMES 


or. LE I Nov.'/IiMomti a*cii tea r IC'J 


261.28 | 263.6 31 266.22 | 239.60 
(Base: July u 1952=100) 

REUTERS 


Aflii 2E Nqv. 27 jU-Muti Xeer ■ - n 

IS 19 .3' 15 24. 7 . 1529 .0 !_ 1491^5 
ihaae: Sem ember is. 1931=1 mi 

DOW JONES __ 

S'>‘. | 3J>.4ilii l - ^ «u 


Uunr 

Jnne*» 


A, 


S3 


77 


■ao 


■if> 


TpOL ....'392^ 1 Av7.14, 397.95 349^2 
Kuturo f 391 .51 1 96.22,596.43 32 6.00 
1 Xvcr a co 

MOODY'S 





Morxlr 1 * 

J ^ { 27 1 tsv 

ntfo 


3fie Commie :981.4 ;988.6 993.7 949.? 
(December 31. 1931=1001 


, HMI — Dec. 161.50-157.89 
'1S5.C0.. March 
lF.i.l«*- , ;a.2ft. X,ay 1S4 Ofl-IW.M, July 
* Auaus: iSlOftlM.aO, Septj 
179.00-160.00. Dec. 179.0ft. 


IMJId-154 t* 
153.50. ijul. 
17 5 :ji. 


Soyahear OU— Dec. 24.lft24.03 '24.17. 
JaiL 24.i-24.7fl 1 * 24.3s i . M'ircb 24.35-54 So! 
May 24. 25-24.; J». July 24JF0-24.JJ. AUBnsr 
24.fla.14.15. Sept. -JJ.75. Oct. 23.30. Doc^ 


SL23. 

Sugar— 77 ii. 1 : 
March «.46-s.46 


u:ja‘it*'nne| 


By Our Own Correspondent 
GRIMSBY. Nov. 28. 
THREE GRIMSBY “cod war ! 


Jan. 7.t7-6.C0 (8.M*. 

_ 7*. May S.RS^.TP, July 

S.n.. S.-P1. la-9.17. Oct. 9.27-9.31. Jan. 

9.M-M Marin 9.K-9..-J. Saji's: 2 trj. 

,.,T ,n- ^' 7 ^ u,v ® >0M nom - •uTvOO non:.' 

tf7:.fti-Cii*.U0 ask’^d < 870.0ft 

„ n " c - ant*-1-TG7 March 

i*.-—?- ‘~*!1 ■- May 544*-S44*. July KJi- 
32,,. .N,*ni. r*vc. s»i. 

x * v - 'IRyc — Dec. 

ML Ju rf ly ,! a b,d ’ ItM ' TC ' flW "» 

J?". 0 b,d ‘ 76-^0 told.. 
March .haw bm *.,.u0 asfc.d-. May 76.70. 
July 7i)>u a«kud. 

,. t !2? l irr. oc - , bld » »«!'. 

March S0.au asked 'soro bid* M»y Tarn 
asked. July 7S.4U astm. 

£5 Flaxseed— Nov. 2 fta. 2 i) hid * 2 S 2 .M hid* 
M«y 2S9.aO 3«kvd (269.00 bldl. July 288 CO 
asked. Ocf. 2*77.40. 

9 Wheat— SCV.TtS T3.3 per ernt prrocuj 
comcut ci* ni. Lawrence tssjo fume 
All cent,, per pound ex- war chouse 
unJric »inerwi<e Haled. » « por u-oy 
ootoc— ;(" j-pnncc lets. t Cbic-a^o loose 
's per 1 O 0 IbB— Dept, i.f Aa. price' 
previous tiny. Pnme steam fob ?rv bulk 
isok car>. r Cent*; per SA-lb bit-hel or- 
wnrehcu'.e. 5.0uftnuiFh.-l l»i>. ; QKr 

rroj- ounce (or 3 ft*i« unu a ,.,f 99 a «{.- 
KT.t purity tHivercfl NY. " Cents per 


118-BO 


COCOA 


far mam of ihe day values 
within a narrow raiuie. London 
laic ui the AfuxubOD rusulici! 


GRIMSBY FISH— Supply moderate, . . 

. ^ , ,, demand 90ml. Prices at shin's side tun- tray ounce rt-warebouv. :>>:«*• "e- 

veteran trawlers were sold yes- woowsa i) p er stone: shelf cod k.u*. cyntrayt in is a rh-.rt m n far ‘hulk it.:-, 

cars 
l!f*n. 
twe. 
her 
per 

Jtd 




31 


.Financial Times W^esday, -N5y egte S : 







switches from 





to secondary equities 

5.0 more to 489.9 


Account Dealing Dati'? 
Option 

‘FirM Declare- Last Account 
Dealings lions Dealings Day 
Nov. 13 \oi.2w Not. 24 lift', j 
Not. 27 Dec. 7 8 Dee. 1ft 

Dec. 11 Dee. 28 Dec. 2» Jan. *J 


• “ New lime " dci»lln«j4 may lake olacc 
frsm 9.30 am two business days earlier. 


Continued iiiveMim.ni buying 
yesterday -wiiehcl ipitnvahl.v 
Towards secondary t.-ouiUo.'' where 
Hading i-nnditions were decidedly 
less diffi.'uli hile businc.*’’' in ihc 
leaders became further inhibited 
f»y slock shoriaec f nfliicin-ni-j ihc 
niarkcl. which had ils bllrtc« dny 
tor I wo mu nth-'. via-: ih«- Om- 

fertcraiion of Brilirh lurlu.-l ry‘< 
monthly .-urvc> induct rial 

trend* and. in pt r lieu la r. Ihc 
reference in n :«• coni in in nu 
'.Irong consumer li-'iiiamt. 

Encourage men i was al.-o 

derived from broker*' furecu.M- of 
lower interest raw.-' in ihc near 
future, increased n-mpanj pro] li- 
ability and faiourahlt- market 
prospects fur ihe New \car. 
Advance report.' .if i he Naiional 
Institute of Economic and Social 
Research': repori. which i«s 

>* fishily more bufi-sb ih.m ihc 
Treasury'.- re-'Cnl i>: onoum i-nu-n;. 
may also haw -csnii'lnvd inn-n.-.i. 

Lack of any .«|ver-i- »..;n:vi c nn 
miner the pay nr tjlsour fioni 
contributed !u tfip .pread in i-ni:- 
lidence. itlii>l*':ile’l >n ytfMe relay's 
ninc-to lw.i ratio of ri-csn-.cr fall, 
in all H <iao:-.-| ir.riii.-.iri;:i-. com- 
pared with t hrec-to-'int* on 'Ion- 
day. The HT-4ciu.il :cs All-share 
index picked Up t per rciil .11 
22o.li. •.ch;ic 1 hi- "K- ~h.ir«- iiiilc'i 
measured ihc il.iy - *- even:-, "i'h * 
n*'e <tf unnih'.’r lire ts/inls ;i 1 -JMi *». 
which bring, the rjtly ic i-r 1 in- 
ivi*i m\ trading day.. 10 nw.-i 21 
l»o : n: *\ 

S" itchinv; npiTaiiMn. wi-rc the 
niHinslay nf hu-incr-' in the Grli- 
crleed mark el. hm the dav v. a- 
nol ■•('. hiitjl eve 111 for both ih<* 
two nev Go; ernmcni rtrirk- - came 
on lap To .aii'.fy a .'m.dl demand. 

1 he Government hmker arllvaleii 
the medium EM-luMpicr I2| per 
ccni l?S3 i'iue ai !i7 ; jnd ihe 
lenu Treasury 12 1 p.-r ccnl 2nO:I-iia 
1 Ho paid 1 at l.l\ both -li-jhfiy 
dearer than ta-i week'*' i*-.uc 
prices. 

Despite the thin trade. mn.| 
other quotation- edged forward 
wlih the h lull -co upon longer 
maruntic- cMabli-hin.; frp-h sain- 
of and ivin." with a -hericr hr.- 
registering improvements extend- 
ing to .. Corporations responded 
with 'imilar r mal! sain- 

Elsewhere. Sea-cwpc Holdings 
Id; por cent preference made a 
quici debin at Wn. again - 1 the 
rceem placutg prlec nf *»7p 

\ good hu-'inei' v.-a- t rancid ed 
in the im e-tinom currency 
markrt for l.fjih a re: tragi' and in- 
“Mftit'onsl ieenuni.- with ih<- lik—. 
hhond of Ireland joinin'.' the 
Fui-opean Munci'irv Sysiom a 
major influence. |irr'i..lcni nlW- 


inc look the premium down to 
nor com before buying at the 
fir .' it level- Jefi it ro clo-e 1 
ca.-ter on btiliincc ai 7SJ per ccnl. 
Vi -'lord ay’s St: conversion factor 
v. a- ft 74HH (0.71 S:»j. 

Mirmring iIil- increased bu-i- 
nc--* ui Hit- equity market, interest 
in Tr »led i.iptions picked up 
•lime sharply and ihc 1 . umber of 
iy it 1 raefs completed wa.- I.ihwi. 

coin pared with .tbmdar'.s .irai 


Banks up again 

Om iiiuing !<■ reflect a broker'.* 
circular. the major clearing i»ank> 
made furl her proure.-s. Bareiajs* 
ami Llo.'d? both improved o iiuue 
to ::it.ij» jii .1 ' '27:5}i resiwiivcly. 
El'Cv. iiere. the n-vcJalion l ha: 
livi.-nd 1 - now- aiimv-l ceilain In 
jnip the |»riijeried Kumpe.tn 
\lonci;:: > .-‘y-'.Cin til traded buyers" 
m Atiied lri>li and bank of 
Ireland: Mu- !r»-mer hnished -1 10 
ihc good at JftbiJ. afier 21 Ip. and 
Ihe Ij.'ter a higher ai 4ini|i. afler 
-?nr.j -. i:. tie ix hail! Dank-. Aiillinny 
Cihb- i.mnd .uppnrt ai 4 7p. up 


Time Products. I77p. and Tlanibcn;. 
i,12p. gained s and i l re.-pcctiveiy 
following a resurgence of specu- 
lative buying and Home Charm, 
-'till nn an inve-tment recom- 
mendation. firmed 7 more In 21 up. 
In [roni nf tod:iy‘.s interim re-till-. 
IVsillis added S more lo NKp and 
Amber Day hardened J! lo 4Hp in 
response to the chairman's 
encouraging .'tatcmenl. Sum ric 
edged fnnvard a penny to :!2p on 
l he increased interim re-ults. 
while improvements of 4 and .1 
r«*speciively were -i-en in \SS 
Newsagents. 1 Hip. and Henderson 
Ken 1 n ii, i>'3p- By way of contract. 


r. rcnl wall Heard >ltmd uul in 
]irn'. In-'ui'aiw."-. rising in in 4Sp. 
a tic -Vip. foil, m in» news «if tin.* 
bid .;;iproach‘. 

1 . 1 " fun her relied inn of the 
liui'.cr dividend and prolil-. 
.Via 1 1 lieu Jiriiuu moved ahead -< to 
1 Amor.:' |i;sti!ler.-. Arthur 
Del! .xpfui t-il 4 more 10 'J.i|i|i. 

hi'r Irish (Msiillers added ."i to 
liiHp A good murkei lecciilli. 
Maiihi-u Chirk -lipped 2 l»» l.34p 
.illvr the chairman h.ttl dr.-cuumoJ 
bid nsnniiir-. 

Building- v'iciMiniercd a virtu.,1 
• inv-wni tr. ,!«.* and e'Ui.i-iiui-n'ly 
dif;.L..erl iMtahle linn 

fe::! arc- Buyer 4 came hi l <■ 1 - 

Travik and Arnold, which >11 a 
ihm .'ii^rkci gained U iu I74p. 
"-imilar!;.. Internal imral Tinihi>r 
pu: -in n i» ] 2 ::p ami .Nurwesi 
Ilnl-l r«:-r li to !»4p. I>. H. Down- 
ing added :i •« 124)» in respon-e 10 
the -at :< far: ore micrim re-nlis 
and cuvcrfui lUaienicnl Awaiting 
1 oil. i'.'- mid-ferm Itguri.-. DI*D 
ha nl .T jcJ 3 2:J4|i and Cement 

Riiari-fonc li ruled - t<> !»•;• on I lie 
pos-'ihdity of Ireland's entry into 
the European Monetary System. 
Second thought-' on the interim 
roul's k-fi Streeter- of Dndalm- 
ing 2 belter -.*1 22 ;» and unsettled 
of !.i:e h.v Hip inierini Jos-. FPA 
rallied a penuv to Up Ruvi-n 
finidic-J unchanged ai tJSp nflcr 
bein-_ a penny boiler at > 0 '’ stage 
afler "he a nnoiiu cement ihai the 
char nfn had Increg-ctl hi.- -take 
in rh< connuny. 

1C! ! railed Quietly and firmed 4 
:17'2p Elsewhere. Thuraar 
Ryrrlev added a penny 10 a IH7S 
peak of 2Jtp. 

Encouraged by * h-- oplimistic 
iJR? 'Ui'vey at;ri 0 buJIish broker- 
I'ireuiur. Store- moved higher on 
an ingrea-ed demand. Combined 
Kngli>h. ore |ia rl icn la r ly 

lavoiircd ai up 3. while 

Giissie- A improved 4 to :50Sp and 
House of Eraser pui un 3 to KJlip. 



Jk Jui Asg Sep Oct fi§v 


Monday. ML Holdings responded 
to the dividend- boosting riyiits 
issue with a rise of 7] lo 1R2 Ip. 
while 1 lie yood half-yearly state- 
ment prom pied a -jain of 2 lo 
141 p in Tecalcnilt. R. Elliqfl 
hardened 2 more to 132p await- 
ing today’s interim results. 
Stothert and Pin were quoted 
ex right? ai 223 p. up 12. while 
the new shares opener! at ground 
S.lp premium and touched 43 p 
premium before selilmg a I 43 p 
premium. Swan Hunter, a good 
market nf late, canve hack 4 to 
134p awaiting Friday's details of 
Ihc proposed .scheme of arrange- 
mem. 

In l-'uods. Associated Dairies 
.stand out with a y.iin nf S at 
l!l2p. Dull of lain nn ihc bakery 
sinke. RH.M tinned I! 10 -121 P- 
bu! A.B. Funds held ill ”llp. 


nncs. Transparent Paper. Sfifp. 
improved 1 1 follcwlng the com- 


pany's confidence concerning 
second-half tracing. 

Jn quietly firm Properties. Land 
Securities moved lip 4 to 241 p. 
afler 242t», and 2UEPC firmed » to 
I47j». while British Land. 4Ip. and 
Grc.it Port hind Estates. 224p. 
added 1! and 4 respectively. 
Further buying interest lifted 
Bell way it to a' high for the year 
nf Til Ip. "bile, foilow ing Pre^s 
comment. Intercom pea n added, a 
penny to 3ftp Centn»vincial 
Estates Ordinuri hardened a 
penny lo S3p blit, new that This 
year's period for conversion has 
expired, the Capita] -hares fell 
« to 7-'»p. 


a rise nf S at 292p, after 295p- .. 

Far-eastern support led to a 
slight increase in activity .h* 
Plantations. Sungel Krian rose S 
to S2p in a thin market, while 
other notable rises included 
Guthrie. 12 higher at 325p. and 
Muar River, 4 to the good aft 5Sp. 


Fine- Art I H* it.* lop jiii-iit- cK-cluied 
2'. lo JV.ll fnlluuing the itis- 
.-ijajiointing niii-rim result.-. 

Alii'O nf Hu. 1 day’s intere-l in 

ihe Klpcirical -ector cenlivd un 
•iTnndiiry slacks wlu-e funirl 
|tadlovisii>n fealui'i'tl whh a rs-e 
of ID in I42|i in re- pen. -e in the 
good mlrrim re-ult- and pmposed 
Mne-for-three scrip is-lie. Ferranti 
lirim-H 7 In .'ITL'ji :inrl Knrnell pul 
mi s further m :S7Sp. v.liile A IS 
Kieclronic gaim-ii 4 (u I4tip 
fnllnv.'irg the chairman's 
npiimisin- remarks on the vuLluok. 
lluiriKuiri edged up 3 mure >o 
gnilp in front nf today'- prelimin- 
ary figures. Furl her demun-4-in a 
market none l no well -up plied 
with .-lock left Automated 
Security s In the good at y7 p. 

Fresh buying inierc-t was 
shuvn in Tubes, which pushed 
ahead in further lo 4U4p among 
the Engineering leaders. Vickers 
were also noieworthv for a gain 
nf .» a! 20fip. after iO.'ii*. on 
revived nalionali-aiion coinpen- 
-at ion hopes. while Hawker 
firmed it to 234 p and GKN 4 to 
27D p. Si-lcclive support was again 
forlhcomuig for secondary i-.-ues 
w h«- re Mime of flit- gains weio 
arm mi a led by stock shun age. 
Amaluauiatcd Power were out- 
siand'ng at H3p. up 12. alone 
vjih rheniring. 7 tu the good at 
S 2 p. Nevis of the drilling piatfornt 
contract for British Petroleun; 
st i mu la led imprest hi Matt hew 
Hull, k higher a! 22 Ip: the l.iiler’- 
inlciim results are due next 


Peerage suspended 

ppcnigc nf Birniiufhuiii rose 
sharply m parlv dealings on 

renewed -speculative -.upuort ertl 
v me stand ina 11 higher aT 34 P 
when dealings were -uspeuded at 
mirid 'V pending an announce- 
ment. Diploma Investment- came 
In for *iiO port and put on 8 in 
iSn \ while -NntJ»in:»l Carhnnising 
-•dried 4 tu 4!»p on # 'w nfi« ihnt 
Birmingham and Midland t”.'»iio- 
tb'-i Trust has ai'(|Uir>-d ■■ n.*-* -- 
10 per cent slake E. Fosartv. 
-i ; il m an inve-tm-'ii ree-jm- 
nir*nd:itio , n. advanced 7 more to 
i.Vip. Iri-di i-sues rt- ponded in 
ihc news that Eire is 
rorlam lo ioin thr Eui'onean 
■‘buimary Svstnm ".ill gains 
ran" mg ro fi. James Cr**nn im- 
nr(,i'cd [lui much ’nrl 

W'siierfiird Glass appreciated -1 in 

BTR. 222 p. and Booker Mcf'.on- 
n»*ll. 2SSu. '•nw 7 a rul S p**n**.-- 
li' cl.v and English and Over-pa-. 

anti Renwiek. Jijn. Iioih 
!>->rdeucr| 2 in resnnn-e to their 
-p-opptivp interim -laleinenu. 
Krmfv Inifiistries A. an Hie oilier 
ban I. foil 10 to ."•■Jo in re -n ion 
in i *’e imprint profit- -e’liaok : , nd 
Airlix -hrd 4 to -J.lo fnllnw mg 
the disappointing tir-:-h-ilf figure? 
and ch ulious remarks ahoy? 
-■••c-jnd-half nrosnepts. A -eb-piivn 
iuvesfmen; demand in mark»r 
none mo well suoi>|icd wit 1 ' Moek 
cnalderi ihe leaders to lake rhe 
previous (lav’s gain- a -'a’e 
foriher. Pitkin eton addeil 12 Hi 
JMHIo -»nd Rcckltt and Oilman 10 
rn 472n. 

Motors look a lirmg.- stance 
nhhnugii iradina w;.- ihm. Among 
Comnnnents. Lucas htirdencd 1 ro 
."OSn and Dowly. 2S|a. nut nn 3 
for a tvo-dav ris:- of n. Arling- 
ton. U7|i. Humid perry. Mi ! n. 
Pluxtons. 1 J2p. and CalTyns. HMn. 
showed aains of befveer. 4 ?nil 7. 

In front of todi' * half-timer. 
Dsiih Mail A rose 7 ITiKIn. Sym- 
pathglie response euupted with 
small buying Ief» A>«nclutcd 4 
better at lS2n and tailed 8 io 
the good at :!3np. D-spitc a dis- 
appointing six-mi-mh pertorm- 


Busier day in Oils 

Trading in ihc Oil leaders was 
brisker than of late but. after 
making fre>h progress during the 
morning, prices dosed litlle 
altered on balance. Ahead of 
Tomorrow's third quarter figures. 
British Petroleum touched 854p 
before settling -■•» SSOp for a rise 
of onlv 2 on rhe dgy. Shell on 
ihe oiher hnnd. ended 2 cheaper 
at 5!l2p after having been up to 
fiOOp. Among North Sea hopefuls. 
Siobens fLTxl moved up 12 to 
262 p. 

In Overseas Traders. S. and M. 
Berisfurd. i«jn. again met interest 
and added H for a tv.o-da;. rise of 
l»i 

Kell veil ng ;ho overall firm trend 
in emiiiy markets. Tru-i-. made 
u-cful .headway. Rnrhscblld 
firmed to 20Sp and gain- of 4 
were marked again-! Drayton 
Premier lK4p. and Philip HilL 
IT.'-:- 

The previou- day's modesi re- 
vival in Shippings wa* rakon a 
-Inge furihcr. British and Com* 
monuciiiih improved 5 to 2M7p and 
Furness M'ilby C lo 242p. 

In Textile-. Hieking Pentecost 
rallied ii to 1 12n follow mg the 7G 
j*cr cent profit’s increase in the 
first -i\ month? nf trading, while 
Parkland A added 3 jo 76p on the 
inierini -taremem and proposed 
une-for-lft -crip issue. Leeds and 
District Dyer- ea.-ed to Rip after 
the final result-, but closed a 
ounny up on balance at 64 p. 
Decently firm Sirdar encountered 
profiT-iakmg and save up 4 to 730. 

Funher cnn.-ideraiion of week- 
end Pre-v romment and some In- 
st I ruilonul buying helped Cats to 


Westfield turn easier 

Although activity in Westfield 
Minerals was on a smaller scale 
than the la»t few days the. shares 
continued to move erratically as 
continued . speculative buying vv as 
more than offset by persisicnr 
profit-taking. 

Conseauently, after rising lo 
385p initially the price, dipped to 
close 10 down on "balance at PoOp. 
Nnrthgate, 1U cheaper at ' 4o0p, 
fell away in sympathy. 

li vas anotheT poor, day for 
South African Gold shares with 
the Gold Mines index falling 4.5 
more to 125.3. its lowest level 
?ince early September last year. 
The ex- premium index dropped 
3.4 to 33.8. 

A combination of a fall in the 
bullion »nc.e. which was finally 
S3 .50 easier at S 135.373 per ounce, 
a lower investment premium and 
a decline in the Rand rate say- 
price- drift throughout the day-, 
with little sign of any buying 
interest. 

Among heaww eights, narie. 1 
becst feil t to rili." while Rand- 
fnnu-ln registered a year's low- of 
•27. a loss of a half-point. 

Of the cheaoer-priced issues 
nev lows for the year were seen 
in Duornfnntein. 18 off at 2fi6n, 
l.ihunon. 12 easier sf 402o. and 
ENhurg. which lost 6 t" CSip. 

South African Financials 
mirrored Golds, bui London- 
registered issues continued (o 
improve helped by the further 
rise in. the LK equity market., 
Rio Tinto-Zinc added 5 more to 
24 lp. Gold . Field-, a similar 
amount firmer at 174p. were addi- 
tionally aided by the chairman's 
remarks at the annual meeting; 

Australians were mised. The 
Bundle o:i shale partners both, 
advanced strongly with Central 
Pacific 30. higher a; 350p and: 
Southern Pacific 20 better at 140 jt 
both following American support.' 

lVhlm Creek. 15 firmer at- 75p, 
responded to Irish and London 
buying. Demand in a restricted 
market prompted a rise of 7 to, 
I30p in Hampton Areas. 


FINANCIAL TIWES STOCK INDICE^ 


Xo*. 

ZB . 


Zt : A 


-Vw:- 


.N'OT. r . y«w.- J AMXr 

■ -'S3; ;• ga-'4 •M’J'jtf-jBSg ! 


Uiji eiuiiwyt .’•Sf*. — 

fixed law vi 

Induurwi 

-CJuio iliae* 

(roni Stines >hs-S pw. 

Vni. Du. Fteid.. 

1 fcarouu;e.T''rf«-iiul'.,. 

P.K KsliOKIM' 

Uennair marked 


.68.65.,; 

68.94! 

489.9' 

125.3. 

95.8- 


68,5» 6em; <B:S0; 68:51~ 6&1B- .TS-’MV 
6MS! • 69.74, -fiMii i'i&ffe ' ]&£S\viji2jgF; 
434 .P 1 479i9r -5TC,0r'^.6f ; ';4^»^-^rr4^, 

189.8. ; i54.T iaaDi . iSa.s'v isia; 

97 .SP ’• saei; 

5.83. 5.94- ' 7 .6.0T 

16.44. . J5';98f 15.70. 15.77^ 

,8^6- a^aai.' -KistA s-ia^' 

5.156- '-tSM--' 4.413: . 

- Laa.lv ui! rimer iW.j - r=-. - ’ -,66^8? 

rvrjnms irta-J • — ' 15,64of:16',5ro' :i9-.9370l4^3fin<SK3l 


10 m 4S6.7. tu OT14S9.8 :- .Noon, ..-'r •: 

• - '2'ptrL<MJ>-.3;-pin 4*5. - - rv'^fe- 

Latest ' -■* ‘ 

T t yfl'=£, : u,- ’-Nr-' ■; . • •/ v;- ■«.«.« 

. Viv* liu Covr. 5ecs. ' 15/10 '3®.* / -FlKedliiit ‘IOCS. • vl ML < Ord." 1 fibtA&j 
jUH'.i i2 ‘9-53 Ei-4 pm ind<3X. utartol ■Jane' . IPS. .R& Activkr JntorEfe&.Titftiw 

i -i ---vl'V-SS! 

HI GHS ■ 


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moi-.i Mice 



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t*-^ i in . 


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Kt* * 








NEW HIGHS ANDrLOWStiFOS 

■Hicid Bcas."'-.-: . . \. y-' - - 

MINUS till' 


?;-■ - 

. • ■» ; ’ * 
.'%• ■ o! I 

l* . 


• T**c foUowrvcig svcirrtrlos ~ atiotcd .Jn 
- SKire Intamuftoir Sspric^ .• . .mtffnttv 
attained. ne«i Hlgfis and LQtrs toe.. 137&'- 


NEW HIGHS (22) 

' BRITISH FUNDS (It-' 

Trejs. IJ'.-ns- 03-05 

1£1 Sp 5) . i.- 

BUILDINGS <21 • .: . 
BroirnlM Carter Timber 1 

. CHEMICALS MJ ' 

Tiun-ger Berdex ■■■■-•! 

■: stores tsr... ' O'-; 

Allied Rc-tutora . EUckman * Cwtrart 

Knott Mill ; - ‘ a 

- . .- Foods ns - .-' . S 

'Ayjna 

- -iNouGTRiAu m- ; -. - 
A reason lA.t . i Christies -<o«. T, • 
Clark r fClenumtv - Davies 5 Newman-, -. 
Provincial UmKJrleS .’Sriflicbii CP.^.i 
Swa Furnitone 

'. - LEISURE Cl i - rj 

Assoc. Leisure - ■ • 

. ■•• MOTORS <U' ., 

Plaxron s , — . • t 

. ; . FROrERTY rgi 
Eciiwav -. • •• • -T-G-eM* Portland ’■ — 

— - TEXTILES 121.: r.i- .: 
Haeuas CJ.i . JOcMne Fentacert, . 

. ' ..7-.-.OILS. H* • ?. . - 


Vv-.AJwTAmrifio'fJ ' ; ! Nerr W* 4 '-.Vjri:- 

~ r ~ .witim creek.- * • ; '. • r ! -;s if.vit 

>'-r 


. ^ ■ *r 

;„v<r. 


- 

- Si- 


' ' "'“•“■Hwo-": 


ft- - 




rises : 

.forpiie:-'; ’ Own.-, airf . ' 


NEW LOWS, f 151 

•• I BUILOINGS lit V 
Jennings - - : 

„ ELECTRICALS fli ' 

PhiliDS FncK.S- T 1 oc T "• 


F«nt!M.'MH -,r.:.V,.;-. -to '«-r4Evi 
' 3rtBsiWsi^7^ ' 

-Financial' mjf Prep.- j g<Cj“.3R^ 

o u* .. y.'S- ■ : ..v •• g.-: 

pianuito« ;: 

'.Mine* a ^.. ^AUv'-.TO-in 


; Recent Isjufi*: -'.-. 

-= j» 

Tstals -. "..."• 


- ‘..T 




ACft¥E STOCKS 


OPTIONS 


DEALING DATES 
First Last Lasl For 

Deal- Deal- Declara- Seltle- 

iugs ings lion ment 

Not- 21 Dec. 4 Feb. 22 Mar. 6 
Dec. 5 Dec. 18 Mar. 8 Mar. 20 
Dee. 19 .Ian. 8 Mar. 22 Apr. 3 
For ruie iurheadon* nee end of 
Shiv e Information Sere ice 
Stocks f.-ivmired for the call 
included Premier Oil. Barker 

and Dohsun. Lorainc Gold, Daw- 


son InternatlonaL Tesco, : Cad-, 
bury Schweppes. Lourho, Central 
Manufacturing. Ladbroke War- 
rants. Manganese Bronze', 
FJV.F.C. F.3LI- De Been Bur* 
mah Oil. P and O. John Brown 
and Grand Metropolitan. No puts 
were reported, although double 
options were arranged in Barker 
and Dobson. Matthew Clark, 
Associated Fisheries and Associ- 
ated Leisure. 


- ”N 6^ •• ‘ 

-Denomina- - OF •’.-vCrostng' .. 
tioii * ! marks jiricfefp) 

£i .- ,ys:>;.;. 830 

Transport _ 25p . ;j4.. ' . -SB2 •. 

'Ni]/pd..I3. i y 50pm 
£1 ; L -iO‘-^3<53 ..... . 

fC '. '. 9 "'" “372 -■ . 
25p- :>8 83 :r 

2$: r254 


Stock 

BP 

Shell 
Beech am ” New 
Barclays Bank ; ... 

ICI 

Allied Breweries . 
BATs Defd. 


Clarks & Spencer 
Vickers . 
Eng. China Clays- 

GEC 

Glaxo • :.... 

Grand. Met ...... 

Imperial Group ... 


Sop - ' VS -' .. 87 . 

ti ■ js'. = --: 206"" 


2 jp.. 
2op ; '- 
aflp •' 
50p 

2 afi 


- .7 

7 

'7 , 

P' 1 . 


Rank Org.- 25p '• .7 


'•.‘•is - 
325 • 
500 
noj: 

'■■•"..'.§5 r. 

f .232 

. . ; v • . 


Change 
: .ondajr 

' —"’2 - : - 
• :+. 2 

.- :rh » .. 

t- 4' 

• j- 

' - +-. 4 .. 

I 

’+ .3 V 
r 

' .*2'::. 


•. .'.vv • . 1 i ei*$4X.‘ • 
. ■' • V,v- . 

: ' ■K r 

" 

• 954;T>rI2fe 
. : 
sopm . 

-ji*. 368=3- 

•: m~ : 

:/-v 94- y . 

:v 

/ i84 

•;'-340 J 2 S$\ 

648'-;r5’”- 


Sow 




“• • ■ 





-v ?.* 


APPOINTMENTS 

Chances on Electrolux Boards 


LONDON TRADED OPTIONS 


Mr. N. \V. Dewjul and Mr. 
G. P. H. .fame* join ihe Boards nj 
bor/i ELECTROLUX and ELEC - 
TRULIW ASSOCIATED COM- 
PANIES nn .laniwrs l. Sir 
Kenmh Allen, on the- Board of 
hnrh companies since Ift70. retires 
at ihe end nf the year. 

Mr. Dew art joined Electrolux in 
1932 as a production engineer, 
became manufacturin'.' manager 
in 1H71 and associate director in 
1974. He Is also a director of 
Klynio. an associated company. 

Mr. .James joined the company 
in 1W41I. holding '.arious marketing 
positions, becoming marketing 
manager m JU71 and an associate 
director in 1H74. He is also 
managing director of Electrolux 
l Commercial Equipment) and a 
director of Swedish Royal 
Refrigeration. 


a member of the oifice or the 
chief executive. Mr Andlinger 
rejoins ITT from And linger and 
Co. Inc.. .i private investment 
banking firm. v. here he has been 
president -incc l:»7fi. Formed in 
Ifi7B. the company specialised in 
the acquisition and management 
of corporate divestitures. 


THE Hl'BBER GROWERS' 
ASSOCIATION ha, appointed Mr. 
B. T.'IV. Stewart, as its new special 
repre.-t'ntative in Malaysia in fill 
the vacancy loft by the death of 
Tan Sri Sir Claude Kenner. Mr. 
Siewari lakes up his appointment 
ill Kuala Lumpur in -January. 


National Museum of Wale?, from 
1958-74. ;ts chairman of the 
Glamorgan Gneni Archaeological 
Trust and a member of ihe 
Ancient Monuments Board for 
Wales. 

* 

31 r. II. \V. A. Macdonald h:*s 
been appointed a direct nr of THE 
NORTH BRITISH DISTILLERY 
CO. 


Dr. Allen E. Fuckeit. Jormerly 
president, becomes chairman nf 
rhe Board and thief executive 
officer or Ht.'GHES AIRCRAFT 
COMPANY. He joined the com- 
pany in ir<43. .-ervi.is in key 
management positions for nearly 
three decades, including lit years 
as cxecutiic vice president. He 
became president in March. lft««. 

Dr. Puckett succeeds Mr. Law- 
rence A. Hyland (fill. «ho con- 
tinues as chairman nf the rxvcu- 
rhe nvmmiticc of the Board ol 
directors. Mr. Hyland joined Ihe 
company in lft-54 as vice-president 
qnd general manager. He became 
president on the death _ of Mr. 
Howard Hughes in 1Si7H._^and 
chairman of ihc Board in t'J77. 

New president i- Mr. John II. 
Richardson, formerly executive 
vice president. He joined the 
company in 1848^ 

Mr. Gerry Ccyerine has been 
appointed managing director of 
EMI (NIGERIA), based in Laso*. 
He was previously with Phnnu- 
grant and has considerable exueri- 
once oT the record business in 
Africa. Europe and New Zealand. 
Mr. Mindcn Plumlcy. rormerly 
rhaimian of EMI t Nigeria). ha> 
retired after many years' service 
in Africa for EMI. 


Mr. Arthur \V. Turner, manag- 
ing director of Dowry Mining 
Equipment additionally has been 
appointed a director oT DOWTY 
\fECO. Mr. Turner was managing 
director nf Dowiv Koullon Paul 
from IttltS -70. then held senior 
board a ppo ini men is within the 
Tr Group before moving to Dowry 
Mining Eguipmcnt in 1974. 


CROCKER NATIONAL BANK, 
based in San Francisco, announces 
ihe Rppoinlmenr of Mr. Colin King 
as vice-president. He will have 
responsibility for management of 
Crocker’s foreign exchange and 
money market activities in 
London. Mr. King was formerly 
associated uifh the Irving Trust 
Company m London. 


Mr. .Veil Macaulay, jninl manag- 
ing director of FEDERATED 
LAND AND BL1LDLVG COM- 
PANY. will be retiring at the end 
nf December, bui his nil vice will 
continue to be available to the 
group. Mr. James Meyer, chair- 
man and joini managing director, 
will become sole managing direc- 
tor. 


Mr. John Dickson has been 
appointed lo the board of FOREST 
THINNINGS, iftid io be the largest 
private timber harvesting and 
marketing company in the UK. 
and a member of the Economic 
Forestry Group. He is a director 
of Economic Forestry i Scotland l 
and a former director-general of 
ihe Forestry Commission. 


Mr. Gordon D. J. liny ha.- been 
elected as a non-executive direc- 
tor of the board or HOWARD 
TEXE.VS SERVICES. He is execu- 
tive chairman of Spkers Inter- 
national and also chairman of 
Duple International. 


Mr. Odin Rollicld. has been 
appointed managing director of 
the BROCK HODS GROUPS cart- 
ing and forgings division. Mr. 
David Blackwood has been made 
general manager and chief execu- 
tive or Brockhousc Hunt— one of 
the companies in the Brockhouse 
castings and forgings division. 

■Sr 

YOUGHAL CARPETS i HOLD- 
INGS) announce the appointment 
of Mr. IV. J. Scanned as director 
of the -pinning division hf the 
group. He will continue a, man- 
aging director of ihc home 
handicrafts division of the group. 
Mr. N. A. Walker has been 
appointed general manager of 
Youchal Carpets i Yarns). 

■v 

Mr. W. IV. Beardmore has joined 
the Board of ELSON AND 
ROBBINS a< group financial direc- 
tor. He wa- formerly financial 
director of Glow-Worm and T.l. 
Gas Heating, suh-idinrie- 0 f Tube 
i/mvstniems. .Mr. John Shrek, 
ihe former group financial direc- 
tor of Elson and Robbins, will 
remain on the P.oa rd until his 
retirement in two year-. 


Mr. It. P. K. Wright ha- joined 
the board of GARTMORE GILT 
FUND t JERSEY), and Mr. M. C C. 
Da'ies has joined the board or 
GARTAIOKE FUND MANAGERS 
r CHANNEL ISLANDS). 

•k 

Mr. Ian Buck ha, joined HERON" 
HOMESTEADS, the hom.L*buiiding 
division oF Heron Corporation, as 
finance director designate. Prior 
lu joining Heron, he worked with 
Express Newspaper.- where ho was 
principally rr.-ponsiblc for group 
commercial properly matters. 

* 

Following the formation of ihe 
new Sleet Icy Company, .subsidiary 
STEETLEY CONSTRUCTION' 
MATERLALS will) effect from 
January 1. .Mr. R. W. Edwards 
becomes di reel or and general 
manager, UK; Mr. J. Gudfrei. 
director and genera* manager, 
overseas: and Mr. j. R. M. F.duard, 
finance director. 


AP. ELECTRON IC PRODUC TS 
• IKOUP announces that Mr. 
George T. Cantiiiy has ivlirrd a- 

chairman but continues as a non- 
executive dirertnj. Mr. Henry J. 
Kroch has been appomicd chair- 
man in addition io being chief 
executive and Mr. Raymond Cory 
becomes vice-chairman. 

+ 

The director general of the 
\ AT TONAL ECONOMIC DEVE- 
LOPMENT OFFICE announces 
the appointment of Mr. John 
TttehfcW as chairman of the 
industrial electrical equipment 
sector working party Mr. Tuoh- 
fcld is national industrial officer 
of Ihe Amalsamafed Union o» 
Engineering Workers, technical 
administrative and supervisory 
section. 


Mr. Gerhard K. And linger 
becomes an executive vice prc.-i- 
denr of INTERNATIONAL TELE- 
PHONE AND TELEGRAPH COR- 
PORATION from January i in 
March he also becomes president 
nf ITT EUROPE INC., succeeding 
Mr. M. R. Yalenic. wlm ri’Hirn- In 

ITT headij uarters, Nl-w York. 


The Queen has approved (hat 
Dr. Hubert X. Savor;. be 
appoin'ed chairman nf the ROYAL. 
COMMISSION ON ANCIENT AND 
HISTORICAL MONUMENTS IN 
WALF.N in cupccss'ion m Prof. 
W II limn K. Grimes, whose term of 
office expire- on December 31. 
Prof. Grime., K retiring afler 12 
years a, chairman. He u?s 
appointed a number in IH4S. Dr. 
Savory has heen a member of 
the Crmmisrtnii .since m7(). He 
was ‘ Keeper of Archaeology, 


Mr. Malcolm Rratm ha* been 
made financial director of the 
DEIA'N GROUP. There ar*» two 
operating .subsidtaric-' — Delyn Car- 
tons. Caerphilly, manufacturer* 
of multi-coloured cartons and 
pl3«li<‘ vacuum formed packag- 
ing: and Delyn Paper Milk. H**n- 
goed. converters uf paper into 
crepe and giflv. rappii.g Mr. 
K ran ii moved l»> South Wales in 
1!K*«» as financial dtreclur nf Tudor 
Accessories. Hengucd. when the 
company transferred its opera- 
tions from Hayes. Middlesex. In 
i!»74 ho joined Chri.me Tyler as 
financial director of Associated 
Upholstery and spent n year in 
management consultancy before 
joining Delyn in July, 1077. aa 
company secretary. 

★ 

Mr. G. C. Bartlett wll be join- 
ing RABONE CHESTERMAN as 

managing director on December 
1 He was previously a director 
of GEG Mewsuremem*. Stafford. 


■I vnutrr 




Jiiir 


|h\ ...r • . 
' if.ii.m ; - 

i. ii.. . 

•IT^i V - ! 

■ ' in: 

\..l 



••P Ml 

KvjiU 
»..l . i.»r 

HI' j B50 

120 15 

335 

15 

153 

- . 949p 

Hr i 900 

69 2 

98 


112 


Hr 950 

20 21 

62 

1 

77 


•■..in 1 ui<>n Irt) 

14 

10 

_ 

21 

10 149p 

‘ vim t. iin.11 160 

3 5 

6 

S 

11 

10 

. 160 

17 10 

25 


20 

170p 

''..ii- I...M * 180 

61; £2 

12 

to 

10 

— 

1 • -11: 'ii.l'l : 2u0 

ttj 25 

a»- 

20 

9 

— 

■.••uiiniiM- i 120 

e io 

131; 

1 

151- 

— . 122p 

(.mu rid n Id- 130 

3 - 46 

0 

25 

10 *^ 

_ 

. 260 

72 

79 

20 


- • 326p 

l.K« I 200 

53 15 

61 




_ 

i-Ki | 500 

35 

46 

22 

55 

— 

(.H i 330 

to 

to 

tfl 

25 


37 

— 

«.W 1 360 

41- in 

13*- 

7 



- 

l.rau-l .Wei. 1 100 

14 

171; 

5 

22 

lllp 

'•mii.i '!».■» . 1 110 

6 

9 

16 

14 

10 

(irmiil .Mel. 120 

l ; : 17 . 

51* 

4 

a 


K 1 330 

52 1 

57 

5 


^ 372 p 

l«. 1 560 

25 20 

33 

5 

44 

— 

1' 1 . 390 

0 60 . 

16 

25 

23 

— 

H l 420 

2 74 | 

8 

5 

16 f 

- 

Lm.l -'r.". . 220 

26 1 

34 


30 

1 ‘ 24 l r . 

frill Sir*. 240 

9 5 

19!. 

5 

25 

— 

frii.l 260 | 

2 

8 i- 

12 


— 

'IjH,. a 90 

4 - 7 

71- 


101 ; 

86 p 

Murk- A 100 

1 

31- 

10 



.rlivll 550 

4B 12 

70 


B0 

592p 

-licit 600 

14 24 

30 


46 

•- 


557 


216 . 


31 


Ln;u-i 


L'.ui 
|ii ii 
IL..I. 
U.-I- 


Oiil. 
I ml. 


D<— i* 
Kill 
KM I 
l|nH-l 

I ■■l|.i- 

irr/. 
in /. 

1 •■IBl" 


■mil. |>, 


60 

Hi; 

. 

121? 2 

131? 


69,- 

70 

41, 

1 

6'? 1 

71? 

_ 


100 

28 

3 

36 

40 


203;. 

200 

13'.' 

32 

22 

27 


220 

5>- 

14 

13 

17 




260 


1 

2i? 




160 

ei-I 

5 

14 

18 

— 

1S2|. 

180 . 

3 

35 . 

7'... 



80 : 

9 

20 

91; 5 

11 


05j. 

90 

2*; 

28 

4 20 

61; 


220 

29 

l 

56 

45 


241 }■ 

240 

16 

10 

26 

32 

24 



150 

2B 


24 



RECENT ISSUES 


EQUITIES 


!»;- 


T :': + ■» 


- H ic 


I i*v 


4g»; 

»0.H> 

,\>i.as 

a<3 


t.r. 
r r 
im-. 

IM'. 
I )' 


5 1 


4 ■■ -\ruclilTr . 44. 

*-i t-f((wn Nlitiiiu cdr... . 63 

I'jl trit.-i. Vnrnini(- AS|„ 105 -- 1 

— ■* K IK-lK-D Vuivu IU). -U 

k-.* l[igS:lwi-c 118 -1 


2.65 J.4 B.7 7.1 


si. 54 4.4. b.7 4.8 
- 4.9 


FIXED INTEREST STOCKS 


tire 

ii. - i. C^T; 


7 - + 


i .f. 

O'. 4 1 

L10 261 


tlui 

r.l'. 

16 11 

HO 

Itrl 

.£1 

f.l*. 

22 12 

'J| 

-i| 


r ,r. 

24 U 

l:<i 

11- 

C97i. 

— lv. 

£5 1 

ii-. 

A 

» « 

97 

LSSM: 

r 1 

F.I'. 

10'1 

i-.'i 

a.i 

I.-* 

*51 

4.- 

lf/1- 

flu 

26 1 

ih* 

Ml, 


VhuV-i'I Vurml.lt- I;)v3. 

Itn.la.l W a u-iu.,.L- ii, Hri.lbeJ.. . 
It-;. '"Iln tnlli '1 Wiilvr IJ.’i I*. Pi l 

1 ll..i|.i lltt ' "in. “(i-i) 

.\i-« uihi. I ii«l Iv l i r c W>\ I'r-i 
I'...- .' I juin.li i.-- Ig; * in.t'n.r;. 

If:* Ii -V I .inr.ly> IWlw 

ICl»lilUI>W l‘f-„ t. •.all • I im. | .r .1 

k,- 4 t’r.-i.. 

-MHit.i'VHrU i I'i'.'L I.V-I. I'J.-V. . 
U .-I h,„l W Hl.;l 'f. IS. 4. IAJ.. 


KV.. 


. ! iu 
12 

. 110 

. ISO 
BN. 
.. 127 ' 
. 98 P 
46 N 
. 9i- 


“ RIGHTS ” OFFERS 


I'rn- 


l!> null. . 
1 *«lf 

9 ■ 


.-|»L 


.1 + 01 
I’rlw • — 


High . • > « 


ATter 4ft years’ .service with the 
group, ami having readied normal 
retirement age. Mr. W. R. Pierce 
joint assistant managing director 
or the DICKINSON ROBINSON 
GROUP and ellief executive .if 
the John Dickinviit organisation 
relire.* from the hoard of DRG 
and its subsidiary and assovihted 
companies on .November no. 


660 
17 
Jau 
o7 
105 
S3 
bo 
130 
1 4 

185 

62 

laa 


F.l*. 
>i! 
Ml 
'n 
.M. 
I-.I' 
'll 
'll 
I .1 


a-xa 12.1 : «Ei|.|<i'5!v>» Bee- 1 ’*'" 

— 3pA. Koiill.Hi .W III." .. - 

5T2 21.12; v ,.||.- atm- Biwn '-li 

29.11 5.1 77 . 71i?'i-K|^ri,\M(ii. 

- jj.ii:' 2).ni fliUunl Im-.- 

-- ISiuiii WjpmTii'. 

17*11 8,12 "m i'-- K.<litrKill 4 llmii-.v.. 

S 12 12 t K>|..i< lOpr.i Hi»HiijA 

22 12 6 12 nj.ni *ipin> Iwlv • 

«f|.ui 2T|-ul ■'Mill, n ,t I'm .. . 
n|.|ll jt'lll U’lll 1 1 * 11 - •■lull- . . , 
8 11 8 12 1^ l- Mm- I'l— «■!*. - 


50 tin i . ? 

244pm 



77 -JI-, 

5pm 

14|>m — 1- 
111 .. . 
15i.m' -2 
a.-|.ii. 
43pii. . . . 

Spiii 

17a -Ti 


K.-iium ui.iin n.n- usuailv ia« lay i«r hciUhk irnu m mjihb oibw. s mkoivs 
hji-o u» unite-, ms "uiin.iiv. 3 Ass.im-d itivnivnn .um ju -id. h l-or-cjst rtii-uienn 
fidS-n .in dp 1 lull- wi-« einnnas k Im iri.-uri anrt iMMd un pruswem 

oi uih.-r ..flkul . nlinialts lor IW.f. «.«ni** r Micuri-i .is*.ini-n '. Tovr nllaw- 
luf i uni. f mum hi -h.ir.s rtfti n®"' ranfciHK "*r - 1 :vm.-n.i nr ranKnm uuiy Mr r^Lnrr.n 

itii‘i.trn>l> 5 PlAuiig pne? to public t“ ‘WD-tviw. ' Ismimi 

hv i. nn-r. • nrt-r-n in holfirr* «l urflinarv -lun-s i " r«lii' " - Usu-n 

hi u-rfj ni iMnittlitiiiinn. « KciinreiUK-'l js^u-'d m -mmr.iimi n-nh r-.iraaniw 
■ •nn mnrs.T nr ufc.i4.v-r. V Iniroflu.-i|.’ii : m fnrrn-r pr-t-r-n— ImM-ns 

B V,!.«iii>-n: l-ii.-rs ..ir d/lly.paiti-. ■ Fruvlsimut «r u-.riii-p^i-j aiMimcm ten-re 
+■ Wiih um^ni*. 


FT-ACTtf ARIES 






These indices are the joint compilation of the flnandal 1 

and the Faculty of Actuaries 2 ',: ; . 


- ' - •■■'mil--- - - 7- 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks per section 


49 


51 


59 


70 


99 


CAPITAL GOODS C171) ....... 

Building Materials (27) 

Contracting. Construction (28). 

Electricals (14) - 

Engineering Contractors U41~ 

- Mechanical Engineerlng(7Z) 

Metals and Metal ForndngflQ)- 
CONSUMER GOODS 
IDURABLEX53) 


..... 

? r.: 

■ ■ r.f 

•s. Lis 

- 

rif 


LL Electronics, Radio. TV (IS) 

Household Goods (12) 

Motors and Distributors (25).... 
CONSUMER GOODS 

(NONDURABLE) (172) 

8 reweri es (14) 

Wines and Spirits (6).... 


Entertainment, Catering (17) J.. 

Food Manufacturing (19) 

Food Retailing (15) 

Newspapers, Publishing (12)..... 

Packaging and Paper (15) 

Stores (40) 

Textiles (25) 

Tobaccos (3) 

Toys and Gaines (0) 

OTHER GROUPS 09) 

Chemicals (19) ; 

Pharmaceutical Products (7)... 
Office Equipment (8).... 

Shipping (10) 

Miscellaneous (57) 


INDUSTRIAL GROUP (495) 


Oils (5), 



500 SHARE INDEX 


bij&j CAM CALM »*71 Hi ■ ^ ^5 4 1 j i->-i r, a jg.-. i.jr c a gm 


FINANCIAL GROUPaSO) 

Banks(6> 


Discount Houses (10)™,...._ 

Hire Purchase (5) 

insurance (Life) (10) 


Insurance (Composite) (7) 

Insurance Brokers (10) 

Merchant Banks (14) 

Property (31) 

Miscellaneous (7) - 


Investment Trusts (50) ...... 

Mining Finance (4) 

Overseas Traders (19) 


ALL-SHARK INDEX f 673). 



ml't* ' 1 






» *> 




FIXED INTEREST PRICE INDICES 


British Government 


UnderS years- 
5-15 years.-™,. 
Over 15 years— 
(nedeemahles. 
All stocks 


TUOJ4.. 

New. 

28 


10353 

11139 

nun 

12L71 

11017 


Day's 

change 

% 


-HUO 

+fli6 

+0-27 

+9.45 

+921 


xd adj. 
Today 


ad adj.- 
ima 

to date 


U9 

m 

1255 

1132 

195 


FIXED INTEREST >"V 
v YIELDS .v ' s - 
. 3r. Govt Ar. Gross Red.' 


i 


Low , 5 years. 

<aupdns 15 years. 

ffiyeari 


-Mediuia 5 yeans... 
Coupobs ■ is jrea^l 
^ 35 years. 


High _ 5 years. 

Oonpqos; 

' 25 years. 


Irredeemables: 



' T^m— -V u \; 28 


index; ' Iichi 
Nil. ;• a 


Moil, j Fru* ^ j Wat, i 
>uy. , ,-2 mV- | . Xo». .'in.-.'. 

. !f/ is* J ;■& A?': a-f. 




I’JO-yr. Red. Deb & Luans (15) 
Investment Trust PretS. (15) 
Coml. and Indl. Prefs. (*J0) 



J?" 

V^». 

.= 

■ 


55.20 Ir 13.44' 
31.16 1 1SJSS 
71.79,13.05 


55.16 

81.28 

7L42 


1 Redemption yield, 
iwin. A list Ol 
London, EC4P rtVV. 


..... "W 

. S5.22 , 55.32, j. 55.14 }-4l5.^j.-.5^J,c](»-.»; 

® a -f l Bl.a6 : [ 54lfi4t 5L54“ SIJ^' 

71.42 '. 71.431. 71.62 ; 7X.62 T?*."** tTSeVf.Tfcj* . 

" '•* ^ ••• Ar (-•.?■- t-AiTV- 

.. ...T 


. A -VL-ra 




"??* Htghs *" a iWW- mart, bate Uwd walww ond cimsikiHW 

gM’gr’ 



















We daes&s? yowmb fer ^gJ^TB 


AUTHORISED UNIT TRUSTS 



35 


zJOtor Unit Tit Most*. UA. <■> 

psmrewriipa - 
E gMte Opnot 

pj 

IaSW BteStf# Group# (a)ft? 

«*»- HWM,BraiMa«LZM n> 
» or Brentwood toxrft 311490 



Ftev.-nLPVLt 
l ' C ?twfc 


ftwrttegfau Unit Mgt Ltd to 

ifS t 2S Js? Amartfp _ > 

gfSSf Hf SSSiSurzir 


Jg Imi 

<*< - p*?* 



LULV Save & Prosper MMUiBued 
D1-M7S03 Scotbits Securities LuLV 


uM. 


lAMWt<fo®*W ft».7 


.‘I f! Ita* 

'iflpSS&rM 

^ a 3 u 4 .uk. ftoj 

1 Iwmilwit fnl __ 

. £ 2 g““ 5 * 3 » — B ?3 

- tiMnc ninq . H1J 

?Saci. Of Aranrieo_ W4 J 

r U0JL &m *♦ pM 

‘tfKttlht Fund. 

■ - Startler Cn.'xPA „ BAA 
f and&alr.CD-aFd.- M>» 

•f Recovwy Stta 9U 

i Ifcc. NUkAC-rf*.- ns 
■ (MnmEanilna 59.7 
l E*i*. Sadr. Grt-ItiBO 



**«t«e u.t. *g»L# (.> 

a < m:h «* " 


Minster Pond Managers Ltd Provincial Life lav. Co. 

Wlnre*r Hw, Arthur St, EC4. AI-tttaMO sailMwpufslr.Hi'r. 

Ki nrtrT Nov-57 .BTfc S9.M +0A) SM Frolifu- u n i(n~-. _B1J l_ 

Ea«iaiAOt.ai [lMLD 184(3 J Ul Hifib loconw jllfcJ 1240. 

HtS^SMST 1 - “ PrudL PorifoUo Mngra LUL# tatfbucl WRraKrJlI&'i gfft , . 

& mSTB Holhon, nwj». EC] x SNil .«««= }»^ T™** ™ on ^nil Tst Manager* 

Mun£j^££ U.T. fa, |U ” X575 " ,i| ** <n ^ 8W ' 1 

IBs Hope Stmt, chifm. 0= ZU11 Mini S33I Qnilter Management Ca Ltd.# naSMHbStteeLlW'rt.fsi irsoffieswt " * 


3 *U5l 123 .-rf-nuulr —IV J «K*0a 

»I0( 7 91 Sntncbl . — '5-3 SSOl .nil 


401 

7.41 

«W 

703 


Target Tst Msrs. i Scot Uadi fejfb) 

19. AlhOt t'rirVCM. Edic. 3. 03132988312 

Tarfrt Arw.EacIrW# 25 A -D.1I 1 83 

T+rsctTfcnrtK- 1414 44 53 -Ojl 593 

E*lra Uaeume fid . SW-S Wll *0 zj 9.99 


ItS G.T. Unit MfaMigen ltd? 


| 1U The-Stk. En+iflnac.ET'JN UB*. 01-6004177 AnvR*my RJJ 


524 tR PlnatnurCtmaZCSf TDD 

js fs-st^r— 

** 

G T. l*v*B A Cast— toi 

m a seea* 

h» a -&Mi.K2SS. «*>=» 

JM^+aij «i*A E32.9 350* +80] 423 pao* 


W:rJ 


*24 


■im SraalWCtoc — m 


Am ilrowlii 


Lrempt Hicb VI J— (255 
E V-mPI Mlt UlPa_|£$ 7 


KJEurapwi >|B05 B3{ 

DMlkia l*oy PHd«r. QuadromiG^n Frt. 11000 

Mateal UoU Trurt ManogenV (aVg) in«mw_|i29.D 

".rrS 15. OocKtiall Am,EC3t 7Bl>. AI4M4M] JMlMm Ugit Mon 11H 4 Etj-mp «■«.—- • 

*f3 »|0 Slrruia] SoC.P2na III 7 SS2(*44I AS2 »«»«» UBW IBRm. UH.T IjJxn lncTid. .[793 

tlal 2u mS 5B nSr-r S^ jia j %9lo'lt 72* Rell*n«wS»A.Tpnhri«lseWelL_ Kt 090332371 lnnnrDi4._-.W0 

?*3 iu Hdbul Bine Q4p> W35 4721 +Oj! AM *OMrtuimj- Ed ._ M 2 71.91 -♦ 1*1 60S lae HBiStln*! 1??3 

*5-3 ?“ Mutual MshYkCSbJt &B.4 *0^ SS SrHwrrteT.i.v-c.i. |*53 4851*03 652 

HS NoHobaI and Coennerrlal ^ ^ 5J * 

Jl.St Andm-Sqaarr. EiUnbarchmidaaOISI Wd9*fleld MnAjeniM Ud 
. ImuvNw. 15 flS7.1 1M0J „>..| 520 5840. KnrnM-ri* 'SI.. Munchcsler «i6lEmiQ=l i27 3 


7 J0 


Ridsrtifhl Int IT.W 
Riditcficld Laramr.192 


iKilntl 293 

lnlrl fiinwtn H** 

In*. T«.i:rll.« _ -«} 
Marbrt . -- )3 S 

_ Nil VlPld" . . -- • .127.5 



548 

398 

4L04 

509 

5.09 

6.15 

615 

7*8 


V”S 5 3 

mm 23 4 


AWterswa Unit Trust Managers Ltd. >»e«MFuad 

nRF«nchat*bSL.BBataAA. 0220331 iSa'ffiJStVdZ; 

(4*2 - ».rt — 4 525 email T eL (Arc.1 _ 


Gfrttoore Fund Managers V UKg> 
4 — lAiMMjFtavrcwnr. oideasai 

4 75 fiiABKrTrao TB. J W-0 6X0 

Pn tUb Tat J Arc.!.. 569 Uj 3.7 357 

ConanodltvSbum. 2445 U54 402 

{35 BxtralnramrTEt- *6* 265* +0.1 

33 B 2 -S -*■? 

« MI *L 0 

70 14M46U 

■■* 


RlShliuc 


National Provident lav. Hagrs. Ltd.# Rothschild Asset Management (fit 

46. Cfagaetn w h SLIMPMH mjmum 7r4W.Uafrh.niip Rd.AjIf-bur.-. «aa594l 

*L71 3 49 


3 EZ 

IU 

909 

752 


46 Gratae hanh GL.SCaP3HH 
N.rj. Gtf« lJn.T»£_ 147.0 50. 

f Accnm. (Jaltat* DB.4 & 

Nil Obto*. Ttu*1 _ ^H.2 139. 

(Afinm UniUI** Il 42 0 U , 

“mean on Oct. 36 Mart dentine Nw. 30. 
■Fr 1 i «4 aa Nov. i. Nat dHlmt Nov. 13 . 
National Westadaoter# (a) 



N r.Eouko FuntL. 
Nr. EliKV Rp*T4 
.VC Inromp I unil 


Srm ial :vL TA- 
i. K. lirth Vm>mj* : ■> 
i'.k I'ltn niii. 1194 
J. Henry Schroder Wogg 

t20.n»3pndfl. EC3 



^ An ^ r f m U T ' !*«• »n — 4 525 CmaiLTEt.'(*Ux.r~|3tLS 3t0»| 

-Ansbacber Unit M gm t. Co. Ltd Gibbs (Anleoyi Unit TbL Mgs. »^j| 
014028376 3 . Fmhrlrk's PL. Old Jrwy, VO . ' 01-5884111 


jn 141. Chrapadds, RC2V UEU. 01-406 8040. 
in RtudTfe]fAceunvf_.|Ua 71.3 v9.i| 4. 


ta '.aMuiAcmnu ui 7B.n *0.41 4 41 

0M (£> 710«| *0-3 »« 



ltedb!o3?t,EC2V7JA. 

Rjc.TBoaUjIyEUad.P75 

‘Artathnet Seesritles Ltd (a»e) 

; >7.<h>ara5t.LODdoaEC«aiBV 014089281 

r»tftftlYtelrf M30 47. 

'‘LA.-ciS m. U iii tz i _ [w_2 69. 


Plnonrial. . (340 

Urowtli lav S7.4 

Income 16.1 


- Inn tocomc Fd los.o 

‘ Inc. Fund *10 

. - Unitci S8.7 

WdrwLUtaj SSlS 
ice Fond— . *4 9 

Uulisl SB 1 

Fund 195 

rttor Fund— SB.4 

(Aermu UniUi KX 

OOHUndroLU) *94 

.FUUtJYop.Fd., 17.6 

GianUFund 39.1 

(Arrom t'nlui, - *5.6 

Growth Fund 346 

lAcrmn Umul UlA 

Smaller Co* PU. _ 775 
RBAfirn A IntL F(L . 226 
in tTdrwJ.UU.l_ 172 

yoreriEnFd. 80.8 

if. Amcr. A Ini. Fd&7 


MSI 1 909 (ai AG. Income* J416 

'at A.r. QrowtbTT^. mfi 

(*iA.G. PsrS^*— »d 4 

DriUm ‘Tno. - 

H 1174 UobBM 


365 +04 
99 t +06 
37.7 +0 3 
766 +67 
559* -01 


■ a* 


551 

502 

7J4 

5 . 7 B 

26° 


105. 9rd -19) 
1295 i 2 J 
204 e; *6 G{ 
J0J 
39] 

111 2 
34 be 
38b 
1729 
2 »b 
20 3 41 


Hi +0.4I 1092 77. London WkU. ECZ 



M 3 .' 

173 


Fnrtldla lav. Kd. -.173.2 
t'nivem] Fdidi D2.D 

N£L Trad Managers Ltd.# (aKg) 

Ml Una Court. Dorfclnc. Surrey. 0011 

Nelrtar 1605 M6j +Q0J SOI 

; NatrHId Ik. _|49.4 524+64 802 

91 ^^tbt -Norwich Union Insurance Group (b) Royal Tst. Can. Fd Hgn. LbL 
HI iw 



P.O. noc 4 . Norwich. NR 13 NC. 08032 X 5)0 54 . Jonrirn Street. S.W.I. 

Group Tat. FA 063.4 3823+30] 552 Capllnl Ed J66 7 

Pearl Trust Managers Ltd <aXgMz) 

333 HI ch Hulhorn.WriV7EB 01-4038*41 

Pwl Growth FtL—BOJ 26 M +0 9 488 

Accntn Unite pat 30 a + 0.3 4 .B 8 

Heart Inc I»l +oi^ 7.19 


PWr. Nor. it . tribA 

DoLAemm. UnU R 6 U . .. 

Ken duOlnc day Dec. L 

1224 Grlevescm Management Go. Ltd. 

r« MGcwtomiB-gC XHaP S. B |-«XI 4433 

«S H rrnjp on Nw~_ J 2 W .7 

>'S lAecum L'njui 

jm Brar.H Vd.Nov+3, 

$%} lAfcum Unlbi - 

232 Riwten*. Nnc. 28 — 

2.42 'Aecum. L'nlU)— _ 

£5 C me hair Nov. M 

a a, fArrum L'dIui 

i*i La ABnta. Not. 22 . 

2.46 lAmm Urdu. 

Guardian Roto! Ex. Unit Mgn. Ltd , “ frearin * 


N.C InU FA ltn.-.i»21 
N.C. Inti F<l iAcc.iUD 2 

N.C. Smllr I’Qy.i t'dfl53 9 

Rothschild & Lowndes Mgmt. Ial 

SL Sw-lf hins (Ane. l+ln EC4. nlrttti43M - 1 “nAi 'ho FdNtM 51.1167 B 

Newl+LErnemm- 10220 129 » I 309 ■>|WEl.Nm-.'l pM 9 

Pncm on fiuv. 15 Next dcallrR !<«c. IS. *Kecu«er> 9«w.7_ -47 1 

■ For Ul eccinpc fund-- only 
Rowan Unit Trust Mngt. Ltd.# tai Scottish Equitable End. Mgrs. Lid.# 
City Gate H*«i, Flnyhurr Sq . LTl 01 -0W IQ« at st .vaftrreraSg-E'tinbursn KIi MCSHji 

Amertron N'.m.Ei .163! 5 6654 ..I L70 Iuamm- UuIls j«94 5251... I 537 

h720 102 « iJ.M *27 Atciun. Lina |S75 612) . ; 5J7 

B 31 55 He® [ 866 Itealioc da' WedotroJay. 

S3 ■) !S Sebac Unit Ta. Managers LUL# (■) 

4lM rtl RfuiStl. Bcklbrjr H-v.RC 
ft.-hmt Capita] FA . |34 7 
ScLjiE Income FA-1313 


525] — | 5.40 
305 Transatlantic and Gen. Secs- Co.# 

01 -08 Now Leaden RA nelm'ofdDSliSICI 
78.41 
121.5 

93*1 , 

84p| 

1W9} 

lias; 

"SHI:- ... 
n^-is 

721 +2M 52J 
- 535 +161 386 
61b +1 <B 3 86 
52* +10- 3 71 

65.1 +lil 3 71 

75.71 +LH 8 77 
461 687 

48.1 .- 687 

645 5 .19 

77* . ' 5 19 

7063 aso 

82R 850 


lUrMcan Nor. a. .*738 
« inn l :u:».i. . lll*5 

Hart. Expt Ort 25 . |90 7 

Rurkhm Not-. 23 100 7 

i Vcuijv I'lUiH- 19*9 

■'n]c*>Nat.34 ;X256 

ilmin Lilt- 11550 

fiunhl N.it.-. 22 51 2 

i.lroim. I'tiui . -1575 
Glen Not =B__'52 5 



2 76 
1 H 
703 
703 
401 
491 

39 

3 00 
4.5* 
399 
472 


i \rrunv L'ul> i '-45 7 

U'irt'r No* =3 iUO 

A'dlil'cihi 7733 

HIckCn.'lK.:! '57.4 

Do A+cinn. !79.0 


ScC'inllm Nov 38. 

Hi Eh VIA Nov. 54 - 
i vmiu Uiitivi— _ 

Merlin Nr» 23. ... . 

lArcum. llaltm-. ml 130.31 


31 


Tyndall Managers Ud# 

IX ruyaif lad BritlA 

lutonwVi 23 i98« 1Q3 C .. .1 a 

fAniuii.L'n.11 -T520 19lil I 8 

rjpluJ Nov 22 525 0 Ul? .._.i 4 

■ Arrum U«.:L __)lT7 0 U60) _ ., 

Eieia^. Ni-,32 ; 13T4 112.31 . . 

lAmUL Lulu- >154.4 162.2) . .. 

Int Kara No. . 2+. . 2 43 8 253.0i ... 

i Arrum L'rutr 7712 2S7 01 ... 

PTdN«= 1 105 4 1U.I 

< .Vrcom, L'niu j 11535 1414 

on 


__ ... 70# » 671 

Inrama FA JbAS 72j( . ... | 7.78 

Prices on Nov. is. Next dealing Nor. 30. 


oiA 2 SKa= Security Selection Ltd 


01-2365000 £*• Castle Sl. Edinburgh. 
3651 ” S( xS* fs-iss-lSSv iS 2 

^S p u^;=iliu 4 


535541 
873 
873 
82 
*82 
852 
a 52 
546 

.. j D 01 
1301 
I 1 C 8 


Lanri on WaU Group 

OJ4DIB998-0 CoruuUGnjwUi 

‘ 272 
272 


tn rroniK _.._L 

S-Xf' IVarfUnlt Td U 65 39 3 j-H? 4 | 509 

X-ji lAmun-UMW W 73 soij +rs 4 509 

309 Pelican Unite Admi n- Lid (KXxV 

{■Jj 81 Foontntn SL. Maneluaier 001 530 MBS 

Felimm L'niu. -.fobs 930] +1 01 

509 Perpetual Unit Trust MngmL# fa) 


Save & Prosper Group 

4. Great !b Helen*. I+wvinn EC3P SEP 
IB-71 Queen SL. ErtiOlHirgh QC 4NX 
Orallnp la- IT1-054 8BW ur 031-228 7351 
Save Sc Prosper Securities LUL# 
iBt+mattMUl Fn6 


4 

In Ac cum tab 1 

ZNxra I nr. i]rmr!i> 987 
Do Acrum i96 0 




- — ■ t m i— 1 | - - n1 | T"m |^||| | 

Archway Unit Tut. Mgs. Ud# (aXc) 9 sq SS”^ 1 ' UnltT?nst (aKb)'"" 

317 . Web ttolboru.WnVTJfL DL 4 CU 0 S 5 S. n^V*,._,L.q *£7 *’*“» GlW - !'■» UA 

/krrbwny Faint 102.9 00.31 I *m MCTlaCTM * n AamlMUailOtlT (OMCNgl 3. Fmdertck'4 Pine a. Old Jewry. RC3R BHD. 

- P rtre s sc Nov. aartet sab. dey Nov. 38 Premlrr IT Mm in.. 3 Rayleigh H tuAHmion, - 0 KW 8 41 ] ' 



155 


450 

4.10 


Financial Pr rty -16 0 

t*n Amin 19.9 

High Ire. Pncrib _ gl .9 

InteraaLoaoli 070 

Spevtbl Siu. 3*0 


> Fond* 

nl«hlU*nni_. Jg.b 


'Barclays Unicorn Ltd# (aXcMtf 

Unicorn Eo-S Romford Bd.E 7 . 01 - 5 M 5 S 44 Cabot Recorery (471 

tMcnrn Amertc»-.pa 2 » fad - 0.1 138 Cap. Gromb tec — U 65 

P». Aa-Tf.>Vr 742 +04 1.94 

DteAwLlac.^ H 40 584 +03 194 

Do ~HHM »7 6 731 + 0.7 4.46 

Da. Exeunt T 5 L [1111 115.94 +13 620 

. Do, RiU* Income -B 88 3 Ua +JJ 843 

DaVInaaclal (612 iatt- +og Sis 

DtX 500 ^-[759 B 2 J + 0.7 iob 

L Gen ora! te .2 342 +0 4 6.09 

vGnmtb.Acc. H 2 b 46.1 +00 422 

l Intone TA B 69 ' 935 +U 629 


Cap Growth Arc (47.4 

Incuarb A-varli .. pj 9 
Digb Iomom Foody 

Hlch1iK>iw 1624 

Cabot EttroJnc. p67 

Co&uPnd 6 G 1 II [48 9 

5*^ip f FgnH 
Kinanci ul 6 m'_ GB 7 

Oil 6 Nat. Res {285 

tEKnukul 


0 PM 1 T 1 M- Extra fnconxi_ 004 

Small C«-% Fit 39.0 

Capital Fund 415 

InL Em*. 6 AaaeU 45 6 

Private Fund 369 

Arrpmltr. Fund, IU 

; Tachnakkgr FuimL U 6 

Far East Fit 265 

American Fu nd [ 22.7 



Inran- 

UJL Fand* 
UK Equity.. 


15-19. Uixpln'rlon Fivlds. 'A'C2 
l’n»l 1IU1 TXt ACC — 04 4 26 W .. 

t'nvIiithTfCiBC— pl 1 22 S»a .. 

Stewart Unit TeL Managers Lid <ai 

45. OmrloarSfl- Edinburgh Oil -23G 3271 
tstewars American Fund 
RinniLml Unib.--— |S7 2 60 # | 

.Acc-nip I >nits |6J2 6631 

Withdrawal Units -(45 8 48 9j -.. .| 

■Strwarl BrtUih Cw+I Finl 

246 Sundarrl .11383 159.71 +21 1 

3 97 Asciiml’o.f -Il60 9 17551 +I.bl 

1W „ Deiltw tTac -. .1 Pn. -ifred fl.>TSBO™rfaL_l‘| 4 fi 0 

Sen Alliance Fund MngL Ltd. ibiixxAvcum | 59 i 

570 ] +A 5 ] 751 sue AlUiurr** Hse. Hnr’-ltum 0 W 38 II 4 ! !>’ 

FroBo.Tn.Nnv0 -JT214 9 226J1 .. -J 4 45 

- 852 rrlie Family Fd — !» 9 103Of+l.q 3.91 

*y> Target Tst. Mngrs. Lid.# taHg) 


1710! _... 1 9.60 
1410J ,._J 5 79 

1716 ] 1 5 79 

027222241 
87.0+091 638 
9101 +10 630 

41 61 +03 18 09 
5031+03 10 09 
17.lj +0J 53S 

2 L 2 | +00 S 35 

662! +0 4 886 


!+ 0 - 5 | 


2.99 

534 


48# +0.3 


TSB Unit Trusts (y) 

21.<rtumlr> Woy.Andevur. Hants. 035462188 
Dealicg5 to 0204 634323 

*9J +0.7 404 

6339 40 E 404 

. , - 853+0 9 726 

IM Do. Acct!IU___li4 9 691) +0 7 726 

TSH Scottish (02 0 8733+0 4 2.19 

ia> Cwl Accutn |830 98S +0.4 £39 


-JM 6 


»J +10 980 

43 J +13 500 n»TKa FimdNil 

4ni +0.7 5.40 Furupn MO 

*9.6 +0.6 550 Japan. fiCLl 

40.1 +02 840 SEAm a 06 4 

72 .< +L 2 3.40 US |67 0 

“ 2 SI 5 M 8 Sector Fund. 

»!+d im * iss** — 15 ? 


3 i. >'.reeharn SL. EC 2 . 


r»<iI«-AN«.TK-ll* 5 J 1532 ) -- I 4 95 £££,““ — ™ m . 2 

i Wc** a* Ovl 31 . Next sab. rtay Nov. XL I ri otT ITI M l 

WcC.WW*Noi. 24 - 172 J 
Orecsna Ptrndi 
AiKtrnllaa [343 


48 71 + 0 . 4 ) 
127 . 6 ] +1 

53.11 .. . , 

“iihtf 


5.96 

5.13 

236 

515 

515 


m 


Eu rope an. 

Karfcbvn „ 

K. Am 

CabM Am 

Eiisoyi Fuads 

Japui pa 7 

N. Amer. Nov. 3 tL_kn 3.9 

SrnoOcrCo*. | — 



Intern U. lnc.+ 


,_6 

( 17.4 186 - -. _ 

’ML Uimn. i’nm Now. 



•j rnces at >kl ji 

Do Recovery 

Do Truilcc Ftmd- 
Uo-W-khMdeTA— 

-BIAI a-PAIne 

•Da. Accum. 

Bbrisg Brothers Sc Ca -Ltd.# taXx) 

.RAlaadeahan SL. ELC8. . 01-538=00 

smtonTsL 1 U 80 187.41 I 438 

Da Accum. 12258 2553 --J «J8 

Next sub. day December & 

Blshopsgnte Progressive Mgnd Co.# Hill Samuel Unit TsL Mgrat («> 

B^labopagotA E.C2L _ 01-5B862B0 45 Reach SL.EC2P2UC 01-4288011 

(bi BnHsti Tru 

it) Inf I Truil- 

IE) DcUmrTruK 

lb) Capitol Trust 

R>) Financial Treat, 
tbilneocoe Trust _ 
fbjSecunfyTnjsi— 

01-4234951 (hjHlgb YkMTsL., 

7 j$ InteL# (aKgl 

3.92 15. ChnsMpher Street. ELCi 01347 7243 

mieLlnv. Fund ( 87 J 9 * 0 ) -O.q 730 

4.62 Key Fund Managers Ltd (aKg) 

* tt 25. M1U SL. EC2V 8JE. 014087078 

nfm-rw Key Bjcreptn-Fd. 74.1 7801 + 0 . 4 ] 5.69 

_ ■ **■«■»■ Key Etou]ry&Gea_ KT3 713 +0.4 5A0 

Britannia Trust Management («Hg) toj 7 ^ 433 M 

K^ntt.lteLFd-IOJ . Sj -0 6 12-57 
UnutonECZHSQL aUXmrJO : DTO KeySmall CWsFii-!l 8 J .6 m 3 + 0 j 891 

Cajxtoi aw tef. im Klelnwort Benson Unit Managers# 

Comma Ind p92 63.71 +0.8] 433 

m 

3.48 
454 

S 3 S 

3.84 
7.95 
1*8 


(junfividlh ... 

m 1 I 00 Practical Invest. Ca Ltd# iyHct Fmnnriai ***Vs ....jftj 

44 . Wotwubmy Sq. WC 1 A ZRA 014 E 3 mat Hleh-Mlfibmun Fnmfv 

PrarUco] Nov. 22 - U 47 1 1565 J I 431 Svlert Ii.u-maL 17473 

Accum. Units [ 212.1 2 K 7 | ....J 451 Select Income.™ 

I 



-Bferief>r~No*31_tl7&a UN 

Acv.-Utv— Ncw^l_mA0 226. 

Suite InL Nor 28-H66.D 1 .. 

lAradni Nor. 28. — |l841 195. 

!'Tt*«t sub. day -Doc. 13 •>. 

‘Bridge Fund Managers (ai (cl 
Bflidi H*a, King william SL, EC6 
AnttieaiifcGcat.. IZZ .7 23 
HKW?’ !«S 33 



1 Itimnrifll Sec: .. 650 

Gold A General 764 

Hromtii . . fBM 

. lac. 6 GrmcUiT. . 69J£ 

InlT Growth 59 J 

■ InrestThLSbaraa- «* 

Mineral* 31-2 

” r J.Nflt:etiMnc 78.6 

jHewItfue ».9 

1 North American— 25.9 
tPrefeaiaonal— _ 5548 
1 Property Share* .. 14.6 

Shield.. 47(5 

"Statu* Chonee— 30.7 

. Rpjvgaera^ pg .4 



ss^as is 

843 +0.7 831 
39.7 +05 431 
27.8a -0J ill 
571.4 +90 309 


15.71 +0 
505] +0.4) 
S3.M +0.41 
34.# +0.2 


-| 53 J 


+ 0.«[ 

509 

Txrvat r>iiraTudity.|34 0 
Twirt FinanreaJ — (610 
Tutul-i Fquitx 138 8 

36 un 
602 

-0 5 ) 
+:.7 

4 16 
407 

"la 

346 

41.7 


5.94 



2X74c 

+5 5 

695 


L92 


3821 

-70 

695 

-o.?^ 


Tirw run Fund - - .Hie 1 
Txir.;cf Growth ~ .|28 3 

123 

304 


300 

500 



Tareft P-jc!:.<rA. 24 1 

In Ruinv L'nita _|26 8 

25 1 

-0 4 

016 



23 E 

-U.4 

206 

+ 0 . 2 ] 

342 

Tar cot Inv . „ . 132 . 

»J 

+f) 1 

3 76 

Ti-t i*r Not 2 fl. ...\lSb7 
TiAi.... ....... pea 

lbfl 9 e* 
31 Sr 

-30 

.470 

850 

+0 5 ] 


T.n ITri . _ _ |13 3 

14 7 


1230 

-C.o| 


Tsl Special iJili _ [ 2 fi J 

21 ® 

- 0.1 

526 


Dealt nca. 0236 Soil Ulster Bank# (a) 
Waring -Street. BcUasL 
fb lUlaer G rooth _ !37 J 


Kir» Wl Ilium Si. EC4R0.tR 
FnarsHfw Fund— 30L7 
Wider GRti KnA_ 797 
Ha Accum 3*9 


<E 323 SZ 3 l 
406 ] — 0 . 4 | 5.72 


01-AB4B5I 

us; - . . | 473 


aa.d 


406 

4.B6 


Wider Growth Fund 

Kmj Hi lliarv it ZC-iROUl 

1 nr-nx- fn.ti ,71) 

.Iccur. L" mu (34.9 


01423 4951 

I 4 86 

4.86 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Ca Lid Crown Life Assurance Co. Ltd# Limits Life Assurance 
1-3 SL rani's Churchyard, EC4. 01-2409111 Crown Ufe Use., WoVing.GL'21 1XW IMJXESOO SO. Clifton St. BC£A 4MX 


Proieny Are— 

Selective Fluid 

Com-Mtlble Fund. 

VMoney Fund 

vProp. W Ker. 4 

•Man Kd-Her 4 . .. 
VEquuy Pd Ser.4. 
VCoiiv. Frt Ser 4 ... 


lb) 5 

tea 

1114 6 
IUZJ 
,135.7 

1)14 3 


VMoney Kd. Ser. 4..D12J _ _ 

Price* at Nov. 2tL VuiusUon normally 


Albany Life Assurance Co. Ltd. 

31 . Old Burlington SL.W. 1 . 


= 8 . Fenchurch SL.E.CJ. 
RB. Unit F± Inc. _ 

6 KM. L'nRFcLAe _ 
KLn.minv.Tcu. 
KJi.FdJaTcLAce _ _ 
KBSmtrCo sFdlne. . 480 
KB.SmCok.Fd.Acc. *8.0 

-HitfbYld. F*t Inc 45.7 

HlfihVld.Fd.Aec_ 465 



L & C Unit Trust Management Ltd# 

The Stock Erhamro. ECXN I HP. 01-588 saoo 

XAClnc Fd. |M 03 144 ^ J 822 

LAC Inti & Gen Fd ( 96.7 9 f. 7 j — 4 LU 

Lawson Sen. Ltd.# (aMci 

302 33. Qoeen'i Sl. London EC4R1BV 014EW8281 


. The British Ufe Office Ltd.# (a) 

'mtlAoeHM^mabfWEe WetloL KL OBB2S2Zn 

. RLEritL* Life (52 1 5521 +0.4J 5.78 

- BLBnhmred*. 1*0.9 52-J ■*!.« 5.90 

RLDMdootP — (420 «5.« +0 9] 900 

•Pricos Nov. 28. Next dealing Dec. R 

B^hn Shipley ft Ca Ud# 

Jliigfk, Founder* CL. EC2 01-800B5S0 (Accum. Units). 

Bg emit* Nw. 27_-g20A . B7.« — .1 J.71 
■.Do. ICC) Nov. 27. — B79 J 500 J | 4 «-71 


-fig-J «3 -"4 

208 •iinvtlil^iiil..,. 17 2 (10 ...... 


jtWaui. Materials- 

AtArctnu L'ntlsv 


M.D) 


6.13 

fu 
, 2 . 6 * 
f 264 
LBS 
000 
000 



'fArrum Unib.t_.l630 
ttG lit and Warrant (370 

lAraertewi Fd jZl.6 

KAccumL'niui (22 3 . 

Deni. jUton. -Tata. ttWed. jThurx 

Legal St General Tyndall Fund# 

1R Cnitynfie Rood, Bristol. 0272S234I 

Dw.Nnv.14 £96 63.01 j 50Z 

cntteiK— .WA aojj 4 - 

Next tub. day D e ce m ber IX 
Leonine Administration Ltd 
S.DnkeSL, London W1M6JP. O1-4O09OB1 

Geo Dirt. J75 B 79.8] +0.9| 496 


LeoArrofiv. 


87 . 4 ) +L 0 j 403 


Lloyds Bk. Unit TaL Mngrs. Ltd# (a) 


Rtattnr'i DefC. ijortns-by-Sea, 
Worttilofi.WcstSuun. ai-RS] 38 B 

Balanced W.O 550n< +0.71 457 

DafAreum.i J 729 783 + 0.9 457 

Worldwide Gwth. -(531 57.0 +0.3 l.g 

DMAccUnO— _|660 710 +0-5 IB 

CSoftada Ufe Unit Tst Mngrs. Ltd# ito^ 5 i~iinipi 6 1200 +10 tu 

■. 2 ’iiUfihSL.Poners Bar. Herts. P. Bar 61 122 Extra Incas* MOB 653- +05 80S 

■ CtoVGon Dtst ( 39.1 4 US + 0 J( 4.41 Do.lArcutnl 1721 76 *| +X 6 ] 801 

- SSir -t ffiy— feS 36 om +S 5 ROT Lfeyd '0 Life Unit Tst. Mngrs. Ltd 

On uc. Accum_~ IS .9 * 8 -^ + 0 J] 809 T 2 - 80 . Gatehouse Rd. Ajlcslwry. 03 » 594 l 

Owa aamesl Btagt Ltd# ttptRy Accum. ._| 16 L 6 1700 ] ..-.J Mb 

Broad SL.JEC 2 N 1 BQ 01 -B 888010 M ft G Group# (yXcKx) 

6 87.91 J 5 .«S Three Quyt. Tower HW. BOR fiBQ. 018 J 8 «X 8 

1804 85 ^ — .] B 09 ^^See^aiso Stoe ^Exctrain c^Py a Hp ^s. 

6 a 


„ SemToa < Nav7'i^'NRd tolinfi Dee- «. i.wcnm. Dnitai. — -|46J 

L §r&l Unit Fd Mgrs. Ud# (aXc) 

1 *. SOrtJUXU House. Newcaatlo+ippo-Tyiie 21 1® Commodtly 1?*0 

g^sruasrlSg:? ^~:1 

’Cir JJext- denllne dote November 29. 

fawritlra Official Invest Fd# 

. ..TOgpitan Well. EK*N IDE. 010881815 

■ . facemoNmr.ai— _|13L9B — I— — | 

■ " -etsiu- Nov. 31 06253 — I q.--l 

. . “HJ/tiauth. Only available te Reg. ChaHtjc*. 


A32 

402 

IS 


(Accum. I ntt*i__|88B 
Compound Growth. 1 109 2 
Conversion Growth (605 
Conversion Inc. — 167.4 

Dividend (lib ? 

I Accum. Uni tit 02X2 

European H9_ 

1 Accum Unlbi__.ia03 
Extra Yield — —M2 
(Accum Unltof — -| 1 I 8 5 
For Eaei era _____ 1*9 7 
(Accum llaKaf— _-!54 9 


. fi#tChartorhoose Japfaet see James Finlay R>» ll 1 «| , w-T «-®5 
. Chieftain Trust Managers Ltd.# (aKg) General ... uu 

, JasstSSS^dB 

440 B 1% 

SiT*t_'ri23J 24.4 +00 2.78 

e. TSL 25,6 270 . — 

iT6L_pJ 255] 707 ^ 

"■dmledeKffiasa Funds Mgt Ltd.# (a) rAc^Jm. c'niw. — [m? 

*■ - Rproref?’.-*». . 



I Accum UbKkj— 

Japan ____ 

(Accum. UniUi:_ 
Magnum ..... ■ — 
1 Accum UnILsi_ 
Midland. 


GUcwth Fund _)<B0 *70] +L*| 

j ^aSropoliton Fund Managers. 


402 


Second Gen . 


.Accum. UnitiO 

... . _ _ ^|Ty|8|Iawr f!o*L '. , , , 

SVPtftnareel. London SWIXBEJ: 01 - 3 MB 325 . LArcunv Unlfcsi | 2 lXa 

jSrmop oliv.Gth.Pd. [03 _191| +02| ^5.19 ^i^teciaUaod Fan# 




175.9 

(264.1 


. lJUjHcameFd. (480 

. Gtagmoont Unit T 

BthUfrcter Lane, EC2V GHH. 


SXDdj - 4 UJO ", 


Trustee . 


mi mcbv)* Otari bond NoivSI . 
. i1iartfd.Nev.8B-_ 

■^"3 10IW (Arcuxn. tnilsi 

90S l ^“ Es - N °' 27 ~ 


* m 


1562al+U| 


1*66 MUri 

1910 *h3 

HS70 145.M 


307.91 + 2 - 3 ] 


. MannUfe Management Ltd 

Crescent Unit Tst. Mgrs. Ltd taK£) st-Georee'BWay.Sieaenaea 065858101 

Ores, EcBn burch 3- GrowlijUnlt, »M 583] 1 06 

2 « 3 loa IN Mayflower Management Ca LW. 

- — ,J3 0rertiW0SUBC=V TAD. 01-8088088 

131 « W=dl* 





■ Discretionary UnU Fond Managers mterel?rov ; 2i--.icJ 4501 __i 300 

’ / teKkuniteid sl. EC 2M 7AL oi«84485 Mercttry Fond Managers wo- 

■' nUfaas.Nov.26 P690 1005*4 ■ — 1 *32 30. Gresham SU EC2P2K8. OMOO 

t 1 'Winchester Fund Mngt. Ltd- ««• »« jggft tU 

D« Jewry. ET2 0 , ’* ,e j 1 ®7 More. InL Nov. =«Sj3 70.7 +0.J 

Gtgg Wlnrttcrter-pao J9fij I J.94 Acs. Uto. Kw. 5m7 ’’ 

GSMch-er VaenBM , 1 *?] 2§B 

■ Efebn ft Dudley Tst. MngmnL Ud. 

- ,«.«.«! nu STZ2S KT™S" 5 toSS Ud.v <» 

rourenood Hooaa. Silver Street. H«6d 
SheHudd.Sl 3RD. -rwi-fm? 

t'amerodlty * (ten- ■ K £ 

r ttaoky ft Law Un. Tr. M.V (ahUKeita) 

bSsriam Rd_ Hifib Wycombt ‘ 0W433377 DuuAre Bn 

_[67J 700] +00] A38 oo.Xceian _-f»J 


1 Dudley TM..I6S0 
, For Eqnitas Serurities Ud 
^l! »*. Abbey Unil Tract. Mngrc. 


TaL- 0742 70M2 


JAfcfcs Finlay Unit Trust Mngt. Ud. 

MkVfeWasl Nile Street. Glasgow. (Ml 204 1321 | nicrnnUoaal 
I 'FmlByl oternarl. (21 7 nB — • 

ArcumUmia 25i 27 x . — 

.J- Finley Income 34.4 37i .— 

iSssffig:? | 

vTSelaXT-'dJn-lhi . 260 2ff 

Accum. L'nR 3 „__Pl 7 34.1 

— P i lc ta Nov. 33 . Next daalies No*- »■ 


27* 

2.74 

825 

2.62 

262 

402 

A« 


520 
50.7 
410 

Do Accum — - «J 

HiBb Yield — g.7 

rkvA+rurn. 

Equity Exempt* — TO.6 

Do Acrinn.*— W16 

Japan 4. pacific.— g-g 

Da .rtSJS l ai"Ne*^Kexi tfeeilnfi Drc. 1. 


BBJn +8.4 

804 +a* 

38.4 +00 
4L4 +02 
370 +0.1 

30.4 +00 
560 +0.7 
655 +00 
449 

47.8 ...... 

’ 630 +0.9 

717 +L 0 

1090 

1090 — 


JM: 


5.70 

5.70 

304 

304 

:.s 

639 

3.4? 

341 

IS 


&.KS 

|W 


CORAL INDEX: Close 48^484 


INSURANCE BASEs RATES 


t Property Growth- 


‘fVanbnigb Guaranteed 


1 CP 4 % 

. 10 . 75 % 


TSSZZZZSZ msurance and Properiy Bond l*ta 


VEqillh Fd. tct_. 

OFi.M+llBL Arc 

Vi ".ld_M oner Fd. Ac. 
VlntL31an.rd.Avni 

VtTm.Pd.Acc 

VWp&Inv.Arc 

Eqa I tv Pen. FftAcc. 
Fixed UViLArc.._ 
GTd.Mon.PcnJVcc. , 
lull JJn.PnFd Arc- 
Prop.FVn.Acc 


192 6 
140 5 

112.9 

,1600 

'ga- 

ms 

114.4 

1290 


IT pin InvJtao-Acc.. 1207.7 


3a5)+O.H — Muoc'd Fund .Acc. . 
33 2 +87 — Mann'dlUliiL-m.-. 

139.1 — Manc'd Fd. lulL 

170 ( — Equity FA Ai*c. 

961 +1.« — Equity Prl Inrm 

141 4 +0 2 — Equily Fd. InU 

1312 +03 — Property Fd. Ace.— 

139J . - — Property F.l Ini'fn.. 

1421 +18 — ProfM.-ityFd.lnlL.. 

17 2 +0* — I iiv Tst. FA Arc. 

120 6 +01 — Inr.Tst Fd latnt. 

1180] +01 • tnv. Tst. Fd IniL. . . 

Fl\«J Ini. FA Aec. 
J’xd. laL Fd. Inrm. .. 

I liter' I. Fd. Are 

lnlorl FA Inren _. 

tommn aSSttar 

Dirt. Fd Inrm _ ... 
Crown Bit. In v. - A'. - 


Tu« 


2027 

1471 ...... 

1221 

1132 

118.7 -... 
176.1 . 
24L6 . 

140.9 ...4 
1300 . 
1362 . 
21BJ . 


[104 2 

109 6 

+07 

1021 

1074 

+0 7 

1024 

107.1 

+87 

971 

u is 

+0 7 

e.4 

100 4 

+07 

«9 

100.' 

+06 

962 

lot ; 


962 

101J 


KB 

99 5 

+01 

102 7 

lflffl] 

+ 1 s 

100 1 

3C5J 

+1 ' 

1002 

1060 

+ L>i 

1001 

1053 

-.02 

no 

1040 

-00 

108.9 

114 6 


1DS.9 

114 6 


979 

HOC 


KS 

1000 


103 S 

108.1 

♦00 

1592 

— 



— Mill.GL Vne d 116841 

801 Ou 5'A'Pr Norm _ 1« 9 151 S 

— 0|..TA'FqL NOV03. 1SS4 lCZtJ 

— UpVI'll! NiH +X. 155 4 153i] 

6 68 Cip5'A'V-ui Not 23. 15” 9 16211 

— Gp0'ATfpLNov33 .123 B 130.4 


Property FA* 

UN London Indenuil> & Gnl. Ins. C«. Ltd 

— 18-20, TUcForbuiy.RejdiQ,,' 58331 

T_ TJu>i<-r Mii.n J r -er (02.9 

0-7 UM Flnlblc P 90 

2 Fixed liderest (34 2 

12.44 The London ft Manchester Ass. Gp.V 

r« Winalade Park. Exeter 0002-52155 

rap Grouth Pcud- 


Royal Insurance Group 

Now Boll Plict Liverpool. 0512274422 

Royal Shield FA _.[144 7 153J] +U] — 

Save & Prosper Group# 

4. Gl SL Helen's. Lada- EC3P 3EF. 01-04 8809 
Bal. Inv FA - 


WUi I • 

ni -^il “ 

3611+8.2] - 


1301 

137.7] 

+00 

1610 

ITT). 4 


1231 

129.6, 

+02 

1262 

1329 

+00 

T370 

2183 


1248 

195.1 



353 

2473 


949 

999 


m> J 

107 b 



Crusader Insurance Ca Ltd. 

Vlarula 1 kNine, Tower PL, ECl. 

GUl Prop. Nov. 7__ (73.9 838] | — 

Eagle Star Insnr/BtidUnd Assnr. 

l.ThreadncedleSt- 03. 

Eagle, Hid Unit.- [54 4 


10.00 OFlcv Exempt Fd.. 
9 37 0E>emnl Prop. FAl 
_ OExpt. luv. Tst. FAJ 

Klrtlble Fund 

Ini'. Trust Fond.. 

..I imuni 1‘romsrty Fund-_ 
UI-8268031 <ifd.la.-f>CMtFA_. 


2323 


1382 


960 


1530 


1124 


1339 


849 


1015 

— - 


M ft G Group# Propecryo., 

Three Qtuyx. Tower Hill EdROEQ 01-8264588 KiSCort. 


Deposit Fdt — 

CbmpAai Fdt 

Equity Pens. FA 

PropPmsFA ■ . _ 

Gilt Pena. FA 1 

DepOK. Pens. FAT t 

■Prices on November -L 
iWeekiy dealiags. 

Schroder Life Gronp# 

Enterprise House, Portsmouth. 0705 27733 

Equity 1- 1 230.9 J ..| — 

Equity 4 [220.5 23221 

FiaedlnL* .[1077 

Managed 4 13B.6 

Money 4 009.7 

overseas* 069 


01-588 1212 AmerlcunKd BA 
56.4+0.41 605 Cmv. Deposit’-. 

Equity Bend- 


[468 

120.4 

1363 


AMEV Ufe Ammnujce Ud.# 


Equity ft Law Ufe Ass. Soc. Ltd.# 


Alcoa Use. AhnaRA. Hot cat 0- RocnleOOlOL 


AMEV Managed WL4 

AJtayMsdT’r--^ 115.4 

AMBVMimoy.FA- 107.0 
AMBV Equity FA_. 110.7 
AMEV Fired InL... W.7 
AMEV Prop. Fit— 992 
AMEVUeAPeriFd UO0 
AMEV MgAPen.-B- 1106 

Flcjdpian — |9R3 

AMEVrFremUagua_ 

Aroertcan 

Income __ 

Int. Growth „ 


149.0 

125 1 

1127 ..., 
1 X 67 
956 ..... 
1040 
U 64 

1160 

103 tj .._. 


Amershmi Rood. High Wycombe MM33377 

7 122.81 +L0? — .PatnU'OI-M* 

1205 +19 
5 113 .5 +0 « 

2 1060 +C 1 

0 12011 +U)| 


Fixnilntereti F.— 1D8J 

aCJWCi^LrBi 


fiilt Bond'* , 

Iniomatnl. Bond -.(90 4 
1588 
,1370 
tosj 
1660 


lEil = 


LIOKL 

! S?*^| r 


abbs 

13E.9. 

107.0 


_ Japan FA (ML 
_ Mnnaiwi HA*"'- 
Pter*. Pen.* 3 ftn" , _ 

General Portfolio life Ins. C. Ltd.# jiwfim™,.. 

80 Bartholomew Cl. Walthimi Cross. WX 3 IS 71 ? 

Portfolio Fh ad— ..I MU ' R1CCM * Nm ' 

Portfolio Man at; ud 1*25 
Pfollci. KXJ lul (475 

Gresham Life As*. Soc. Ltd. Proprei*- 

a Prince of Woles R.l, B'lWMIlh. 0202 7 OT 8 S 5 PtenS — " 


— 

1432 . _ 
88.9 


132.4 „ 
1830 _.. 
614 ... 
144 0 


Nor. 23 —Oft 24. 



B25. Pen Cap 
BA Pen. Act 
MnrA Pen. Cap 
MncA Pen. Arc B_ 

P. tnL Pen. Cap. . 

F Int. Pen. Ace Bi 
Money Pea. Cop. B 
MooeyPen. Acc E...._ 
Prop. Ben. Cop B^ilOT.O 
Prop. Pen. Arc. B 1*090 


1040 

1487 

1156 

9L6 

170.8 
129 5 
130.7 . 

144.0 

119 3 ._.. 
2640 ..._. 
108.2 

102.1 

1026 

104.6 

132J 

U 4.9 „... 


Merchant Investors Assurance# 

I<eun It-w , 233 Ku:!i Sl. Cro? duo. 


Scottish Widows' Group 
TO Box Bte Edinburgh EHJ 8 SBL* 031-6551000 

Inv.Pty.Seri**! | 105.7 105 . 7 ] .... 

1nv.Pft.SeniL-s2_.1997 

IntsL Cash Nov. 24 .1002 

01-8880171 Ee UL Ace. Nov 16 h 36 5 


For Arrow Lite Anmcc see 
Providence Cajitol Ufe Assurance 


Barclays life Aasur. Ca Ud. 


OX. Cash Fund _._.19BB KW.ffl 

G.E Equity Fund 1050 111.0 ..._. 

GJLGittftind U1.7 1170 .... 

C.U IntL Fund 10fl 2 113 9 _... 

<JJL Pply. Fund [100.4 105.7| .... 

Growth ft Sec. Life Ass- Soc. Ltd.# 


Equity- 

Equity Peis. 

Mv-nc? Market _ . 

Money Mkt Pons 

Depit at 

CM.-f«cil Pens. ... 

Manured . 

Manaf.eit Peas -._ 


292 Ratnford RdL E7. 


0I-S34G544 w etrBank.Br»y-»in-Thainw. Borkn. 0820-34284 InU. Equity !!!._ 


ftorcJltyExmilf 

Equity 

1256 

1200 

Gtllrcxtyed. 

10tt.fi 

InUnuRioMl 

874 



Nin.PtnMtnm . 

1022 

Gill EdaPens. Aec. - 

Do. Initial — 

Money Pens. Are- 
Do. Initial — 

96.7 

93.1 

fe 7 


UU 

126.4 

114.4 
116.6 
.920 
1164 

106.4 

107.6 

103.7 

UU 

OBJ 

1092 

104 * 


^86 

♦ill 

too 

tA 

+ 0.1 


*Cnrrant units value Nov. 22. - 

Beehive Ufe Aasur. Ca Ud# 

71.UmfcordBL.ECa IU-8S 

Bit Horae Nov. 1_. | 132.08 | ...„.[ 


Fleid hie FI nance— | CL506 1 .... I — Do P*-n.i 

ZjindhankRecs.—.l 54.11 J .. j — Inti. UanafieA— ... 

ljmdbtmk Ses AccJ116.7 U9.8( | — Do Ami 

G. tcS. Super Fd...I[ E7.903 

Guardian Royal Exchange 

Royal Eirhnnpr. ECS K- 2 E 3 7107 MoiV\ Eq. Cap. . _. IM. ■ 

Property Bonds — flWO 177 . 7 ] | — NeJex Etj Accuni -ftlS 6 

Harobro Ufe Assurance U mi ted # 

7 Old Park Lone. London. W1 01-4900031 NeietGUi Im-Cap.. (49 4 

134M } NelexGihlnc Arc. |51S 

19061 ' * 


1600 


1697 

mmm m 

593 

1(H1 

1701 


1 A 3 .B 

MMi| 

1870 


13 L 7 


1450 


1874 


1416 


967 


100 0 


98.4 


1000 

— 


Ex L*t Inc. No*. 36.. [131.X 
Mas. Pea. Nov. 15 -12609 


105.0 

1050 ; 

14*4 

1367 

26491 


Solar Ufe Assorauee Li mi led 

10H2Ely Plow lawdonECiy: CTT OI24SS005 


5BI1 Solar Inti, p 


127.4 

109.0 

170.0 
135 6 
1020 


Solar 'JvmssedS.- 
Solar Pro pert'- S— 

Solar Equip. S 
Solar Fwl InL 
SuIarUunS. - 

Solar Inti. S M6.Z 

Solar Manascd P- 027.0 

soUr PTOpcm- P ’ 

Sol or Equity P_ 

Solar F> Aid P 
Solar Cash p 


0086 

.0694 

(1151 

102.1 


[S 6 fl 91 . 4 J -0 



+L4l 


Fixed InL Dept— 
BjuiD' 

Property 

Managed Cap. 

, Maoafied Arc 
Oversea* - 


Pen. Prop. Cop.., 


Canada Ufe Assurance Ca _ _ - . - 

=8 High SL. Potter-. Bur. Uerta. PDOT 81152 pJS. 


EqtyfllhFdNov. ]— 

Httiw. FeA Nov 0 - 




_ Pen B.S. Cap ..._._ 

Cannon Assurance Ltd.# Pen B-s.Acf 

I, Olympic Wy, Wembley RAfiONB 01-0028876 Peii. D-A F. Cop. — 


lean Gilt Edited ..... 1260 

American Act... 9U 

~ Pen.PLDep.Cap 1001 

- in Aec. _ 153 9 

cap. — (mi 

(2104 

Pen. Man Arc 17 * 6 

Pra.limZMe.Cap_ 120 

Pen. Gill EAr Aw.. 1294 

1269 

1460 


Equity Unit*—— 
ITopnrhrUolt 3 -„ 
EquitvltofidlExat. 
Prop BogdiExoc— 
R*L BAIExer/l'nH. 
IHijxwUBCTUl _ 
Equity Accum... 

Property Accum. 

MneA Accum. 

2nd Equity. 

2 nd P roperty - 

2nd Muni 

radcS 


(£ 17.49 

p 0.46 

[ 01.61 

03.76 

klS .46 

mu .7 

ll 82 

m 7 .T 

W .6 

190.1 


769 
JjtLB 

1 X 10.1 

-. ,1103.4 

2 nd Ui|LPaiiAfclU 26 


2nd. Aroericuu 

2 nd Eq. PcmsJAcr- . 
aBdpmPeas/Aet 
2 nd Mfcl Pmu/Acd 


2nd ait PrasiAw. 

SndA^ltatimAcc. 


LAESJLF .2 


te .7 
mo 

Curoit value No». Tt. 


+8ii 
— +8JH 
12J29 -HUE 
1406 +801 
14 2* +0.04 
1200 +0J 
*1 

_ +002 
4 +6 

100.6 +0 7 
U4.0 +0.1 
105k4 +80 
1M.6 +80 

950 +0J 
8L4 -2J. 

104.6 +8.9 
U87 +81 
109.4 +0.4 
1 IMU + 8 J 

S i + 0.2 
3 -2-2 
910 . — 
29.5 


11278 

lflLO 

1 31 

170.0 

1229 


104.1 

106.9 


179.7 

1510 

137.4 
1294 
111 D 

960 

137.0 
163.X 
2230 
29L6 

221. 5 

289.1 
1277 
1360 
1330 
1518 


Pea. D-A.F. Aer. 

Hearn of Oak Benefit Society 


NEL Pensions Ltd. 

Milton Conn. Dork inc. Surrey. 

66 
124 
65 . 

71 

. . 52 

Ne lex GUl Inc Are 
NH MaiL FA Tap. Uq.6 
NdMxdJVl.AM^- 1510 ^ 

NP 1 

atir+fu 

MaiLipftl 

Pnce 

New Zealand ins. Ca (V.S.I Ltd.# Sun Ufe of Canada (UK.) Ltd. 
Maitland Houre. Southend SSI 3 JS 0702 S 28 SB 2 . 3 . A fnchajMirSL. SW 1 V 5 BH 01 -B 3 O 5400 


Sun Alliance Fund Mangml. Ltd. 

Sun AllianrrlUMre. Herrttam 040384141 

Exp-FAJulNovB- IQ 492 159.6 . . . I ~ 

InL Bo. Sov 28 1 CU-91 1-OJlJ — 

Sun Alliance Linked Life ln& Ltd. 

Sun .klliance House. Hf-rsham WB 6 >I 41 



Kiwi Krylnv plan 

■smiill Cus Fd 

TwhnoJai;! Fd, 


— Extra Inc. FA [970 


Extra I nr. I HA. r d 


AmoiictinKA — _|95« 


Far East FA - 

GUlEdecdFA 


Cv^i IrepreitFA —Wfi 


148 3 
979 
1121 


11026 - 


1062 

105.7 


1534 
103 0+3 2 — 

llttQ +1 S — 
102.fi +32 — 
1880 +32 — 
100.4 48.6 — 

me 
uu 
urn 


Maple Li. Grth 
UjpJflJ. MancA .. 

Maple Li Eqt> 

PmaL Pil FA 


2024 

1340 

130-4 

205.4 


Man. Fund Arc 

Haartxnl Oak 137.7 39.8] ... .4 — po Bon 4. Norwich N RUNG. 06W5SS00 ffo^FdAS- 


Z 1 5 - 17 . Ttavistock Place. wcniflSM 01-3875020 Norwich Union Insurance Group# 


Target Life Assurance Ca Ltd. 
Tantet House. Gatehouse- RA. Aylesbury. 
Bock* Aylesbury M£56> 5911 

Man. Fund lac 


_ Hill Samuel Ufe Assur. Ltd.# 


Capital Life Assurance# 
Conlsura Bouse. CTiapd Ash WTon 
KojImrWLFA .1 9902 I 

PKenoterlnvjrd.. U2.96 I 


000238511 

=iz 


229* +101 
3751 +3.4j — 

. . , 1417 1 — 

FlkvAlnL Fund. 1521 1601 +0.<4 — 

PepuKlt Fund 1085 1142 

Nor. Una Nw 16.1 U12 


Phoenix Assurance Ca Ltd. 

4-5. Klnc William SL EC4P4HR. 

Wraith As* [1129 118 

n>Y. Ph. Am 1 802 

Eb r ItuEq.E. |7fil ■ BO. 


Charterhouse Magna Ga# 

Stephen mo Hjbbl Brunei centre. BMcWey. Mf^fd Fund — 


Managed Fund 1 218.4 

NLA Tbt_ A ddtseomba. 1 HA, Cray. OI89043S5 PnmirtV yudZ. wH 

fiSSSKSTirfit li!f : ' “ "" 

Mar-Mtal Units— 164.0 172.7 +11 

Manafied Seilej A_ 96 0 101^ +00] 

UanoKMl Series C- 93 1 96 0 +0.7 

Mooey Units 1227 1293 

Money Serin A. — 991 1C«3 

Fined InL Ser. A — 93 8 «t _ 

Eqnltv Rerlrn A 52 2, 97.1 +0.9[ 

Pik. Mantttd Cap. 141,1 I486 

Piui Mimoced Ace.. 150 9 1581 .... 

rnx iTu-fd. Cap..-. I t J 112 S 

PuLG Ii-oA Acc.._„ 114.7 120 7 

liflK. Equity Cap — 100.1 105.4 — 

Prar. Equity Arc 101-9 U7J 

PniFiAInLCap — 95.4 100L5 

Phk.f»iI rm Are 97 1 WJ .... 

Tray. Prop Cop 90.7 11U 

Hsny Prop Act, — 98 4 U3i| - 

Imperial Ufe Ass. Ca of Canada 

Imperial House, Unil dforA 

rtrt. Fd. Nov. 24 [740 88fl 

Tea* PANOV. 24 ...167.9 73d 

I'ml Linked Pw0"lln 
99.” 


Prop FA Inv. ._. 

Fixed InL FA Inc. 
£fep FA Inc— — — 
Rei Mm Ac. Pen. .. 
Rre.rfonCaa.POn — 
Man.PraJ-'C-i’icc.-. 
Man IteiFd Cap_ 
Gill PaiFiLitc — . 
01 826 8878 Gill Pen KAOip.-.. 

PropJVn-FAAcc. 
Prop PouFACop— 

fiuarPta FA\Cr 

Gn arPca_F(tCap. 

Prop. Equity & Life Ass, CoJf DAPm Fd^ec — 

1 10 . Cranford MroreWlilSAS. 01-4880887 ttAP 0 n.Fd.Car-- 


VIVAIWI 

3EdE 


I?6J 

1014 

..... 

119.0 

2250 


117.3 

12411 


15X0 


1150 

_ 

M _. 

TOD 4 

1052 


972 

1020 


74 1 

80 4 

+20 

l6X3 

6641 

+L7 

11270 

1342 


1150 

12X6 


1334 

140 b 


124 4 

130.9 

iHi>< 

1M4 

170.4 


160.9 

1694 


972 

1820 


960 

1014 


960 

1«4 


960 

101.0 



R. SUk Prop BA. .[ 1866 

Do Equity Ikt —I 725 
FlnMoney BA.... | 1490 

Property Growth Assur. Ca Lid.# 

Lvod Itoa-iC. Ouqrdon. i~R9 1 LU 0I-6BO0S0B 


—I — Transinternational Life Ins. Co. Ltd. 


3 “ 2 Bream Bide a. EC4 1 N V. 


MIhna KcynertHOBfHim 

CtirthtwEnerar " 

I'hrthny Honey _ 

Chrthro. MqnnseA.I 
CJirl bus. Equity. 

Mucus B1A Sac.. 

Mama Manaiicd 



Fixcdlnt.Kd f 

Seen re Cap. FA i— .[ 
Equltj' Fund. — 


— ■ Irish Ufe Asuunmce Ca Ltd. 



Property Fund 

Property. FondiA'- 
71255 Aiinrultnral Mind. 

Auric Fund'Ai— . 

— Abl'-ej Nul Fund- . 

AbheyNai Fd.lAi. 

Iniudreni Fund— 

Ini ■siintni Kd lA» 

Equity Kurd ... . 

Equitr Fund t A' — 

Money Fund 

Money tundiAt 


City of 

B) assort House, 8 WUtshoru Bead. 
cngSanCItoUA. 

West Prop. PPdA_ [620 
ManofiodPund — 


Mndrar Fond.. 

Gilt Fund 

PUL,lK*nd„. 
Pro*. MnfiACSip 


Paw. MrifiA Acc.— 126‘ 
Peon. Money Cop- 478 
Pena. Money Are... 54 1 


II. Flusbaiy Square. EC— 
Blue Chip Nai-. Si.. [750 
Bl.Cp.Srfl\<w.t5_ 41.3. 

_ — _ Manured Fund . — 234 6 

Assur. Ca Ltd. M*mR a ka ser. n . 94.7 

ni»a Exempt- Han. FA— 113.5 

P14MB86 PrWxMod Nnv. 1 _ 189.9 

Pl+BHKM. p r _ Mad . r ,ti 1 . 02,2 

TrpJHd.i;rth t>er.I] 998 


3733 

"Wo 



79 . 0 ] 

M = 

ssIe! 

U 5.1 


01-8288253 acllllinJ FJfnA — 


5.00 


King ft Shusn Ltd. 

52. Corn hll LEGS. 

Bond Kd. Exempt -[111294 _ 

Next dealing date Dec. 8. 

IdBtghnm Ufe Assurance Ca Ltd. 


GlU-edfivd Pund — 
iilit-Edueri Fd t.\f. 
♦Rcurf Annuity — 

Mimed, Anrtv 

Prop. Growth Pnd 
AU WTiher Ac. Uls. 

VAU Wt-.uhrr Cap. . 

Vlnr. FA VX» 

Ponrtoo FA — 

r«i». Pens. FA 

Cnv. Fn* Cup. Cl 

0WK35433 Man. Kras. FA . 

1D4.2C] ...,_| — Man. Pent. Cap. UL 

Prop. 0air. Fd 

Prop. Pens. Cap. L’ls. 
FdCfi. S"f. Poo Ul 


1987 
183 E 
800 8 
7931 
1588 
1586 
682 
67 B 
17fi9 
175 8 
1444 
1435 
117 5 

mi 

Bi 

1530 

no? » Aenulttre UA 
13Z8 139# -... ‘ 

ml 14 L 6 m?! 

104.1 
1526 
135 8 
151.9 
1375 
15L6 
1350 
1360 
1231 


FTnlipInrefi Fd - 
VTulip Mane A Fd . 

VMnu. BoncTFd... - 
Man Ton. FA Cap 
Man. Pen. FA Act. 

VMngd Inr Fd InUW7.D 
VMngd Inv FA Acc}97.9 

Trident Life Assurance Ca Ltd.# 

Rcnslade Roane, mourerter 04SSMMI 


1144 1 
114 0 
117 7 
1210 
11292 


01-4056497 
151.71 +O.S — 
119 9 +02 — 

1238 +00 — 

1270 -H)0 — 

135.9 +00 — 
1020 +02 - 
103 0 +0Z — 


Manaced 


11222 


+|fl - 


:n - 


Property ... 

Equtlr'Amertcan .. 
L" K. Equity Furd- 

Hljjh_YiekL_-. 


1462 
1530 
1810 
1120 
138 4 
1200 
125-5 



(ircMhCap. 

Growth Acc. 


Pens. MdrA Cap — 

Pwn MndA Are 

Praii.GtdDep.Cap.. li - - 
PCDlGld Dep-Arc. . 109.7 

Pen*. Ppty. Cdpl 1169 

rras. Pty. acc—- . 123 r 

TrdL Bond B65 

•TrdLGJ. Bond — I 993 

‘Cash value for £100 premium. 


1294 . 

1540 . 

162-4 
85.9 +0.M - 
119.1 +0.4 — 
1460 ... 

137 7 , 

1323 _.... 

105 +02 1 

1340 . 

U07 . 

1360 . 

123.0 . 

1290 . 

1100 . 

1162 . 

123 E . 

1300 . 

380 . 


Pena. Equily (fop ...1550 
hens Equity Acc. -1580. _... 

Fund currently rimed to near fm crttnrat 
UniU 1 2190 ] . — | - 


City of Westminster Assur. Soc. Ltd. 
Telephone 01-684 9WH 
FitMVnlU-,. J1W3 1366[ --1 — 


Longhorn 1 1 s.Holmhrook Dr,NW4. 01-203SS11 ElAm. So-. Cap I’L- 

■BSp^ii! pla "-{Srea iSSS.jd Z Providence Capital Life A*. Co. Ltd. a-WayNm- zt 

WfcKp l5H< Sian Fd(TT2 81j[ I — 30. Csbndge Rood. WJ28PG 0 1-719 91 1 L Equity S«n- ' 


Tyndall AssurancefPensioos# 

l& Cnnynso Rowt Bristol. 027232241 

124 9 


Legal ft General (Unit Assur.) Ltd. sl-i'illu w siTr 
KmetRrtWd Ifouae. Klna«rooA .Thriwortli, KraMun Equit, 


Property V nit* - 


37.4[ — 


Simw- KTSOttEL'. 

Cauhlnllial- 

Do. Accum. - 

EqUilVlniU.il 

Du.Avrlllll — 

Klvod Initial 


C omm ercial Unite Group 
St Ffolen'A 1 .Vndenhaft. ECL’ 
Vr.An.Ae.Nor.3e.) 5700 
Do. Annuity Ulc 1 1803 


Confederation Life Insurance Ca _ _ 

SaChaneory Lone. WC3A 1HE. D1-96Z028B Do~Arnim. 


Do Actum ....... 

Inti loJIinl .. 

01-2837500 gSw flirtST. 

Do Accum 

Property Initial — 

■rm Are am 

Iqpd 6 General It 
Exempt Ctorti I nlL . 




Du rfih Ural li 53436 P»*im«ih V*A ftit 

— Fv-pMi fid Cap 

— tXqutit Fd. lev . 

— Koinly r <1 ‘"up . . 

-- Equity I-'d Acc. . - 

— fi'sd InL Cap 

— F«A ln( Aec - 

— Intnl.Cap 

— . Intnl lie 

— MunHi-wlFAC.il> . 

— Managed Kd Are 

— Trnpenyl'd Cup -i«7 6 

— l-roperq. FA Arc. -K76 


VEquItyPunA 1686 177JN 

VMnatifiod Fund I860 1950| 

•PIP Fund — — .4180 


Ponol. Pra. Mud 77.6 

SuHtAMnwipn—. 776 
Group Ua fid- Pen. . 1973 
FloedlnL Fan.. — 2D5 5 
Equity Pencion. ._ 2480 
Property Pension.. 151.9 


M 6 S 

ZS40 

1550 ) 




HondSar 23_ .1 

Property Ncn. 23.. .| 
Ilcpcrilt N«. 2J . .. 
3-BayPn Soi. IT . ( 
i|noiiIiii.‘.'vi23 . 
MnPn 3 -WN<ru i 
tvi Equlli Sen-. S j 
Do B<>nd 'in 1 ' 2 . . j 
Do Prop Not z [ 


16L6 
1664 
1092 
1306 
149 6 
74 0 
1766 
2738 
I8LD 
900 


Vanbrugh Life Assurance 

4 I-aMflddi.sSt.Ldn WlRfiLA 
M cntiiied fid ;i 490 


Equity FA 

Imrl Fund 

Hint Intent K.. 

Prwtij' fi„ 

Cat-li Fund-. 


N3 3 
te B 
1661 
145-4 
1210 


Provincial Ufe Assurance Ca Ltd. 

ssABifhorouatAEca. Vanbrugh Pensions United 


01-1094323 
1569! +0 6} — 
2562j +2J[ 

HO . 

174 9[ *00 
1S3 
137 


11 Z .4 .... 

1ZL6 +0J[ — 

U »0 .. .- 

SK ^ 


COrnhill Insurance Ca Lid. 
02 .OarnhlH.E.CA 01 - 6200)10 

reh.N».i3._, 

Mn. 0 iS.Kov.ta 1720 182 .' 


ujfuoai i 

-m -Jzl ~ 

. 1720 1 >£b] — J - 


Credit ft Commerce Insurance 
mRMMl'SL.UKKkmWmSPE. 0I-B9T0BI 
CtCMufid.Fd 11230 U 3 J] — 1 - 


Exempt F-qiy. Inlt— 

Do. Acc am. .... 

Ltmp Fixed InlL 

Da. Arrum 

Ewqn MnfiA IntL 

1 N>- Accum... 

Exempt Prop. InlL. 

DnArcunv — - — - 

Legal ft General Prop. Fd. Wgrn Ud 

1 1 . Queen Victoria St. EG 4 N 4 TP 01-SWM78 Kx’d'lri'KiinVia 
U»UPrp.KA Nov. 7 . [98 7 Wfl ._„,[ - ITi.j» fill No- 

Next nib day Due. 1 . _ 

,,, . ~ . _ , . Rellanrc Mutual 

Ufe .\ssnr. Ca of Pennqrlrsma TuntiridceWdlnKraL 

3M2 New Bond Sl. W 17 0RQ 01-4:^8389 R C | Prop. OAi I 

W c OPUnlta.^ ! 974 tB 23 P- w '-l - Erahschild Asset Management Ufe Inr. Plans 

Ueyds Bt Unit Tst Mngr*. Lid- Sl suittiasuu*. bnuira.EX '4 oi^»«m K mvStaSfc 
7 t.l«lll»nlSB..W 3 . . 01 -623 1288 Si.l'. Prop . - 11206 1283 ? J — nS^SSnW™ 

Exempt [96.4 ■ 101.4} w .».| 7.93. Naai .Sui* die Itoumner 2ft hire. im.tiroutD _ 


Equity Fund 1013 

FuLlnL Fund — .196 7 
Prudential Pensions Limited# 

Kalhorn Bors.ErtlVSVIl 

26331 

- 


4 1— Ed Maddox SL. Ldn U'!R9LA 01-4904823 

Man.n,vd I IPO ft . 105 n + 0 . 4 } 

Equity [101. 6 1123-4 8 — 

FuMimeroei W 3 ua 3 +o .3 — 

Property llOOJ 1058 ^01 _ 


ItuiL fi'H. Nov !.«.. I£ 25 54 

■ is _.rl 4 i 0 

. IS. ...1128 00 


2090 


Guaranteed sec 'Ins. Bane Bates' (able. 

M 1 -W 5 USB Welfare Insurance Co- Ltd-# 

Wln-ladc Park. E-etcr 0 S&S 2155 

Momn-nisI jt Frl .. ( ;t»37 _[ | _ 

For atfter fundv. pirate rvlcr to The liaxlon & 

Masctiewr i.roup 

oaaass 227 i Windsor Life Assur. Ca Ltd 

I “ Roral Albert Hue. Sh«q SU Windsor 08144 


|W ’ 19.00 ^ - ,? l ~ 
04 00 

C261S , . 

1015 106 q| 


OFFSHORE 
OVERSEAS 


Afezander Fond 

37. rue Noire Dame. LnxenbourC. 

ll murii- r Fund. . I JUS* 72 | ,._ J — 

Net aun value Nor. 22- 


Keyser lllntann Ltd 

25.MilkSawS,EClVaiE. Ot-awwn 

FonreTc^ I Prl 434 107K 190 

Ruudnrh>.i_ _ . Hr SIS 15 12SS5]-O0q — 
Cere. As&vu Cap |f 138.27 10SJl[+aO4] — 

Alien Bin# ft Bo&s Inc. JHgt. (C.I.) 4 Shuxsou Mgrs. 

UCSjartrs Cramr. Si Hriier.Jsr.fi 0534-73741 . chartm; I’m.- St !!••:. cr.7er»«r i05.Hi7374l 
AnBGiKEd£.KA_|CU15 1019) :....] 11.99 VaJfor fi&c. Sl Prtcr Pare Urn™ IPJSD 74700 

Arbutbnot Securities (CLi Limited oij^i £ 2 * 

P.O. BnSM. 5L Hvlter. Jersey. 0S34731T7 Gill Trust it dMi [1016 1W_-S^ +O0| 12^ 


Cap. TsL neruy > . (1X5 D 115 Of | 420 
Nta Oeslini; .tale Dre S. 

Govt Sere Tr! |99 1011 I 1200 

Ncxl dMlur ilee Decemlurr 4. 
EMtaintl.TAp:ii..T97 104[ ...4 3.60 

Next dcalu.fi date Do: 7. 


«liii Katl" fiutro:re[9.4X " 9.44] .....[ 1205 
■ml. flort Sm Til. 

KU-4 Mi-rlinr - - !£1920 IBga-Als] — 
Kira InlL 15153 05 19Jfil[-Qjq| — 

tiSelnnort Benson Limited 


20, Fmcliurch S'— FC3 
Eurtcicn l.u<_ K. 

Ciicrnscy Int-. 

tin Arrum 

KB For E-A>t FrJ 

KBInlL Fund 
KR Japan t-Aind 

KLB 10 liuth FA 

SicikK H-.-rnrjrto I SI'N4.90 

' - - " ' -SL’SUO - 


1 131 

S 7 69 9=J 

4 97 61 

ii-sun 

SL'Sll 45 
SL 535 10 
Sl'SXL48 


01-6238000 
312 
405 
4 35 
L 06 
2.00 
064 
0.78 
10b 


Australian Selection Fond NV 

Martlet Opp-jrpjniiire r-'r. inch Youiu; At 
Unllnmie. Irt. Krai St SvUnn 
LSS1 54101"!. .. [ It'd 48 I . .J — 

NCI a«rt vnJiK- Noi-raibcr C 4 

Bank of America International SJV. 

35 Roulpr-arrt RoyaL Ijjiembmm: U D. 

H'ldiavrat Inrom IR^lMSg U5M | 737 "w*? 

PnrCH at Not-. 33. Neil sub. date Nor. 23. 

Ban true Bruxelles Lambert Lloyds Bk. <CJ0 VfT Mgrs. 

2. Bne Dr la RtSiwc B 1UW Rnu.-v1s P, n ^°' u 

RratflFuodLK — H.908 1.9671 +1» 789 lit! L ® 

Lloyds Bank Internalionnl Genera ■ 

Ch-mras I ncomc"- 146 7 " 4901. 11220 J I< !'.' ,: ?l!5 II |S25* ‘ bL™ 1 ' 1 ”/'"’/* 

L'nidalUrTrurt _ BSH57 U» j 180 IJoyd* Int. «. root K. SRWg .. ( 

Unitxnd Trust (ilSlllM U27t|ri)0I] 809 Uoidslnl lmro*ao.lStS:3t — 1 5.40 

. “ Managemest Inieroational Ltd. 

Barclays L mcorn InL (I. O. Man) Lid. Bank of fesTnuiiB Buiidiac. Kcnouda. 
1 Thorna>Sl .PoocJa-. J .. M. 0 &H 48 HS ..’aitferbuiy Nfc . 2 - 1 JS 103 J 5 [_. .] — 


Vnlrarn AusL Ext. 
Dev An-*. Min- 


M72 

SOW 

29.1 

313m 

550 

700] 

362 

394) 

446 

48 0[ 

246 

260j 


.180 
-O0| 150 

900 
^JEO 
100 

Bishopsede Commodity Ser. Lid. 

P.O. Box 42. DocfiLas. I.O.M. 0624-33911 

ARMAf ■ Nre. 6 _ rtvstia 3XJU . , ] - 
ANRHO— Nov. 8- H.175 1246] .. ..[ — 

OUNT-Noj.6 [UM .. .. | 104 

OrifilnflUr toned at *510 anil ‘tLOOb 

Bridge Management Lid. 

TO. Box 506. Grand Cayman. Cayman Is. 

Vbfljhi Not. 1 ( VX7.9S4 | | - 

C P.O. Wax 590. H.inc Kane 

Nippon FA Nov*" {SU52C67 2UH | 877 

Britannia Tst- MngmL (Cl) Lid. 

30 Batb SL-. SL Hriler.Jrrvey. 06H731I4 

PraartBafod Fdt. 

_ 390! ....J 208 Neglt S_A. 

1796 tali' J 100 


SHrlbig J 

GroMlj linesl 061 

Intnl. Fd [79 6 

Jersey Enemy Tsl .1117.6 
I'nlvaL 5TiL Rig K3 03 


M ft G Group 

Three ijun>x T-juer Mill EC3R 6RQ. 01-6364588 
Atfontic Not . 2a _ SL'SIM 1041^1103) — 
AusLEs. Nre 22 — SVN196 2» .. ..[ — 

Girt. Ex-Id- -N ot .3= R.sa7b 9M . . . — * 

Island — . . 1281 137.S +00^ 94.04 

' Accum C nitai |lG4 6 1966) +0.81 94.04 

Sanmel Montagu Ldn. Agls. 

IH.OUBrcadSLEi'2 
A pel loFA Si*.- 33 . |A!-'43 40 
Jattfe:-! No. . 15 HKFUM 
i IT Group Not-. 15 . 

1 IT Jersey Not. I5.t5.12 
1 11 J «yO s Nov. 8 _ |£9 65 

Murray. Johnstone llnv. Adviser) 

163. Hope SL. Glasgow. C2. 041-3215531 

•HopeSLKA | Sl'S40 4S I l — 

-Murray fi’ucd — ! 9CNI044 ( — J — 

.VW November 16 


47.651 

1*72 . ... 
UN .... 

561 

10.15 ..... 


393 

0.86 

214 


High liu.Stlfi.T 


ftO.96 



VA MUr Pf—lMUd Fib. 
llnltBl. S Ta 


-Bl ^504 

■liroiOV 


J0a Boufoiflrd Rcyal. Luxembourg 
NAV Not. 34 1 5US12J9 1 1 — 

^ SegitlAd. 

Bank o'. Bemuds Bids*. Kami) Ion. Brmda. 


LnLaichlnL TsL— ■IVl'SOSb 6^ 7""| 900 NAV Not. 17 1 E 659 — J 1 

Value Nor 14 . Next deriins Nor. 27 . pjioenLv International 
Brown Shipley TaL Ca (Jersey!) Ltd. po box 7 ? st. Mer Port. Gaenure-. 

PjO.Ba* 583 . SL Holier Jersey 05347 - 177 ?. 

SUnfiSnAFA-.h) (LU) 00 18B3I „ ...] 1200 

Butterfield Management Co. Ud 

FO. Box IH5. Hand Hon. Bermuda. 

Ba a resi Equity'- — -ISL'.Alfi lM I L7S 

BJittrres Dicome . (fl'St .99 2 85 ) . I 7 87 

PnctB 31 Nov. d Next sob. diii- Nor. IL 
Fa Capitirex SA see under Keyser 
UUmnn Ltd. 


D.U3- Dollar Food..]S202 2001 J — . 

Quest Fund MngmnL ijersejl Ltd. 
Prt.Eo* 1P4.SL Heller. Jersey- 033427441 
Oiins Stle.F.tAlnL (El 8 W0| . . I 1200 


Uuert InlL Sres... |Si : 3 905 5 5 ^ .. 


300 

Quealnil &L„. _lifNl1!3 0%3l . | 900 

Pnrc at Not. — Next dwalini; NV.'. 39. 


Richmond Life Ass. Ltd. 

4A Atfiol Street. Drajtl'ai. LO M. 0624 33814 
vTbeSili+rT-JA |1161 111^ -Lffl - 

114^-10 - 
165.ff -L5 — 

lon fl -0.7 — 
175 4+00 1106 
100 « — 


Do. Platinum BJ. _ 
Do. Diarunrl Ed.. - 
See IkiEct 2nca.-n.-Rd . 


1666 


Capital International SA 

37 rue Noire- Dame, Lu-xcmbourfi. 

Capitol InL FunA. | 5VS17.45 ( I — 

For Central Assets Singt. Ltd si , 

under Keyser UUmnn Ltd. comllon C.LSJLBd. .| 99 i 0 

Cbarterfaoase Japhet Rothschild Asset Management (CJ.) 

1. Paternoster Row, ETA 0I-3483S90 P.O-fiox 58. Sl JaUan* CL GnenuCJ'. 0481 26331 

400 
4.45 
5.00 
5 23 



[534 


ft_C.Eq.Fr 0<L31_[L- 

O.CJnr Fd Nov. 1-053 7 

O.C.InU.Fdl la a 

CkSuiCoOclSI . 

n.C. Ctxrnnoditj- ... 


5b.6rf 

1633c 

129 

1480 

OC.Dlf Conidu t-.l52S 07 29 86] _ 

■Prlcra on Not.'. 14. Nest dealing Nor. 30. 
1 Prices on Nor. 21 Next deolinfi Dec. 7. 


1410 

I4L9 


208 

7J6 

U 6 

S.flffi 

420 

007 


For.dis 

Emperor Fund [ , 

ILispano-_ JSPSOD M24| .„...[ 275 

Clive investments Uersey) Ltd. 

PO Box 320 . Sl Helier.Juney. 053437301. D j.„.. u — 

ciircGiufi'd.iCi.i.1955 956«J ...._[ 1101 Rothschild Asset MagL (Bermuda} 

Clive Gilt Fd (Jqr.i.l952 953o] ... J 1154 PO. Box 084. Bk. el Bemnida B1A, Bermuda. 

ComhlU lns. ,Cu«»»ry) lul i 

P.O. Box 157. SL P«er Port. Guernsey 

intnl. Man- Fd. _]i7io U60| .....j — Royal Trust I CD Fd- MgL Ltd. 

DWS Deutsche Ges. F. Wertpapiersp PO.Box IM. Roral Trt. Hsu.. Jersey- 053427441 

Investa |DMJ72B “lq „._.] — Prices u Nov. 38. Next deslio: Dec. 6 

Delta Group 


P.O. Box 9012 Nassau. Bahamas. 

Delta Inv. Nov. 17,.|SCS149 Ut| ...,| — 

Deotscher Investment-Trust 
PostTach S 6 B 5 Biebeirasse 6-10 6000 Frankfurt. 

Ctmrenira [DHUa ...I - 

Int Bratenfonds^.|BM6an 7aiq+IU0| — 

Dreyfus Intercontinental Inv. Fd. 


Save ft Prosper International 

Dealinc to: 

37 Brood SUSl Heller. Jericy 053+taSl 
(.'0. Dollar -dcoamtna led Foods 


Dir. FxAlnL**; 

Internal ijrt 

I'arEasiernt 


902 

750 

4710 


978 706 

801 - 0.(0 — 
50.92 -003 — 
400 +O.M — 
1605 — 


Nojlh .\merirtm *1.0.75 

Sepro* ( 14.78 

SlcrUitg-draraiinatod Fknfc 

Channel Capital*- 040 0 25277 +19 248 

Channel Txtan A**— 153 4 161-ffl +10 4.98 

Cummod—; 1316 13 A 7 J — 

_ 1012 1010 005 

lffi.fi 10273 .Zl 1207 
*Pnr«« on Nov. 30 "Not-. 32 ••■Nov. 28. 

; Weekly DeaJicss. * Daily Deahnfis. 


sora _ Schleslnger International Mngt. Ltd. 


«L La Muttr SL.SL Holier. Jersor 

30- SA.1 L 175 ED 

KA.OJ — _ 088 0.931 

Gill Fd 210 2liW 

Inti fi'A Jcrsej 93 9B 

IntnLFd Axmbri. _ 10 80 11 M 
■Fur East fi'und 99 J09 


+1 

+ 001 ' 

+ 0 . 1 | 

+J 

+aw: 


Next pub. day November 22 

Schroder Lire Group 

Emerprivj House. Portsmouth. 
Internal ional Funds 


906 

AM 

1261 

3.71 

206 


P.O. Box N3712. Nassan. Bahanaa. . 

.NAV Nor. =1 ISIM534 163) 1 — 

Emson ft Dudley TsLMgt-JrsyJUd. 

P.O Bte 73. St Halter. Jersey. 0534 20501 SL DepOTlt* 

EJ>IC.T. —11234 13101+101 300 SLFIxed—* 

The g"gl»eh Association 

4 ForeStrrre. ECS. 01-5887081 

Next dealing "Jwr. ! 

Eurobond Holdings N.V. 

HttndelsJmde 26 WilfenNtaA Curneno 
London .uoielHd. 15 Christopher SL. ECS. 

TeL 01-047 7243. Trim: 8314408. 

NAV per share No*. 24 5US3UM. 

F. & C. MgmL Ltd. Inv. Advisers 

1-2. Laurence Pdontney UU1.EC4ROBA. 

01-833 4880 

Cent FA Not-.22_| SUS508 I — ! — 

Fidelity MgmL ft Res. (Bda.) Ltd. 

P.O Box 8<0. Hamilton. Bermuda. 

Fidelity Am. Aa& | SCSZZ06 

FidnUty InL Fond. S1<S2103 
Fidelity Par- Fd — SUS540J 
Fidelity WrtdFd -| SLST3.97 
Fidelity MgmL Research (Jersey) Ltd. 

Waterloo Hw. Don SL. SL Heller. Jersey, 

0ta4 27581 Trainl car OcL 

SenuAiIntnl.i — [£S06 
So ri os B i Pacific) — [£925 
fterics D i Am Asa.1 . [£14.58 

nral Viking Commodity Trusts . Jnteronlioaal Ltd. 

OKM ^S^Ldn. Acts. B Dniibto' i Co. UA Jl 0 ' J® ^ l 

33 Pall Mall, London SW] 7 5JH. 0MWi7857 Manaaedfiund |R'E21B 1535] J — 

Fst VltCfttT«L...(35 7 37 


07KS7733 


+A 61 - 


=\ •: 


tEquity 

5 Equity 

£F1x«d Intrant — 

SFixc-d Interest 

OLmagcd 


WHO 
1353 
137 2 
1063 
1230 


114.1 

143 9 ...... 

145 9 ..._. 

1130 

1317 

1280 — 


SManaged P»h 

J. Henry Schroder Wage ft Ca Ltd. 

130. Chea prt de. E.C0. 
rhccpSNov 27. ] 


JttrllRiI FiLNov.17 


01-5884000 


SU 51X42 

*CM 

204 

SUS1230O 



R.neu i?i 


208 

SA1.66 X« 


5.70 

l a’S6i* 90 


0.43 


FsLVLDb! Op Tec _ (65.0 

Fleming Japan Fund SJL 

37, rue Notro-Dame, Luxcmbrarr 

Fleming Nov. 22 ... | 5US6297 [ J — 

Free World Fund Ltd. 

Butterfield BWg., Handltnn. Bermuda. 

NAVOCL3I 1 SUS19805 | J — 

G.T. Management Ltd. 

Park bbe. Id Finsbury Cirrus, Londoo EC2. 
Tel: 01-«* 8131 TLX; 888100 


OK5899 

£903 

106 

909 


SUSABJ 

512 


27.4 

293 . 


i SUS5440 

* 

319 00 
SHKUU 



£13.96 

1481ri 


1A901 

9.99 


SUS1343 

5110675 

^o.iw 

£871 

9 .« 


SUS16J9 

4'02 

IP.IS937 

9998 



204 

1303 


Anchor'B'lJQils — . 

Anc-horCiilt Edge.. 

Anchor lnLFd 

AnehorIn.Jqr.T3t. 

Berry Par Fd. 

Ferry P Be Strlg 

tt T. Aala Fd. 

G.T. AsmSierllnc.. 

GT BoodFund — 5US1303 I— a«M| 5.41 

G.T. Dollar FcL.„ 5US675 | .....J 148 

G. T. Dir. (Strtl.i Fd , ....... , 

H. TPncificFd_ ._„] SUS 16 J 9 ]-O 0 T| 0 « 

Garanore Invest LttL Un. Agts. 

1 SL Mary Axe. London. EC3. 


jjj£ Sieger ft Friedlander Ldn. Agents 

20. Cannon SL. EC4. 01-2489848 

Dekafonds |PU2637 Z7.W _....| 602 

TofooTsL Not. 21 .. | SL'SOO.OO | \ LB 

Stronghold Management Limited 

P.O. Box 316 SL Heller, Jersey. 0534-71480 

Commodity Trust -18803 93091 | — 

Sarin vest (Jersey) Ltd. ft) 

Qiieuin Hw Dra. RA St Hoi Ira. Jry. 0534 27349 
American lnd.T-jL.lr7.07 722|-0 071 _ 

Copper Trust .BJ159 11871-OU _ 

Jap. Index Trt._ ...(U0.55 U77]-022| — 

1 05 TSE Unit Trust Managers (C.L) Lid. 

1U BBi^trileKil.Si Saviour. Jersey. iJ534 73494 

JeTSty Fund W81 H fij +121 474 

?v3 Guemw-y Fund .. Mat SON +12[ 4 74 

r™ Pnresi on Sot - JO. Next sub. daj 1 Dec. A 


TSB Gift Fund Managers (C.I.) Ltd. 

BafialelleKd.SL Saviour. Jercey 053473494 

rail fi'und HE.O 10101 _...| 12.cn 

Gilt Fund iJ« - >...._ |4E 0 IM Ol | 1238 

Prioxj on Not. 3. Next sub day Dec. A 

Tokyo Pacific Holdings N.V. 


lntiDB!> M abasement Co N.V„ Curacao. 

2 «T NAV p *' ,r ' h:l " Not w - 9US1508 

0 -m Tyndall Gronp 

p.n. Ben 12X II.TniilioR S, Bermuda. 2-2768 


tan 

560 


fl| saar-sil Iniinu-J Minaiicnc-il Cu. .V\8 Curacao, 
kartewre Fund More IC.I.l lid. (»Nhl NAV per dtsiro Nor. 2A 0USGC0O 

4I.BroadSL.Sl Heiwr.Jeraw 0534-73741 

Gilt FuixKJerbej'i.-|95 00 loo.ol .. „l 1225 Tokyo Pacific HEdgA (Seaboard! N.V. 

GmUiiiue Fend MnfiL (Far Ereti UA taMhi 
1503 Huirblson Hw. 10 Hunutt R4. H.Kpnq 

HK& PBc. V. Tt4 {IHiOM 3«M - 

Japan FA STO 1110 . 

N. American Trt . fi'SUZI - Uta . 

nil Bond Fund ftrsiOM . 

Gartmore iBi-estment MugL Lid. n> 

P.O Box 32. Douclna. loM. 0624 2391 1 

GarttnnroiniLIar.ps 210] (UU 

CartmnneImLGrUi|6B4 720] -.. ! 140 

EUunfcro Pacific Fund Mgmt. Ltd. 

.110. Connaught Centre. Hong Konfi 

fiarEoxtNOr.22 — IHIKMU W« | _ 

Japm Fund ja-SIB .... | _ 

Handtros Bank (Guernsey) LtdJ 
Hambros Fd. Mgrs. (CL) Ltd. 

P.O. Box 88. Gnemse>- 
Cl. Fund [147.1 


irxeasN<n-.22 bl'.iU) 

1 \pciim I.'ni 1 *i |snai 9 

3- Way Int Nui 

2 New Sl Sl llriier. Jersey 


Tt.lPXI.Knv 23 
lAcviun. Shari-M 
American Not 'J3 
i.Urumiban-v ._ 

Fur East Nnv. 2D _ 


£730 ‘ 

£1135 

710 

785 

035 


lAreum. shares i [83.5 



Jersey FA Vn,2 
iNon-J Arc Ul&L_ 
1 all Kurnl Sni -,22 . 
i Accum dhumi ... 


pio.o 

2968 
102 0 
1394 


IncaLBood SUSJ10840 
InL Equity 5Uill0fi 
lot SrffS. "A* SUSh.05 
Int S»t3L -B- srjsh.13 . 

Prices on Nov. 28 Next dealing Dec. 6. 

Henderson Baring Fund Mgrs. Ltd. 

605. Gammon House. Hong Knag 
Japan Fd. Sew. 22... EUSHB _ 

PaclticFd* Not. 22 . j SUS8.619 

Bond FA Nov. 23 ...( SUS1O048 . 

■Exclusive of any prelim, enargin 

HU 1 -Samuel ft Ca (Guernseyi Ltd. 

8 LeFebvre SL. Peter Part Cuemst-y. Cl 


6.08 

600 


LOO. 

Fw 

T 08 . 
1104 
241 UL 


M»> 1 i 

ZUBj — 

19 _ 

■48 — 


Victory Horn*. Doults. I&leof Man. 0624 
.Managed Nov. 1C... 1134. B 142.0j ...^j 

Unilife Assurance (Overseas) Ltd. 
P.O. Box 1388. R oral Item Ml, Bermuda 
loteml. MngA Fd— [SUS100 - [ \ — 

Union-lnvestment-Gesellscbaft »*g 

rtwUach 16787. D 6000 Frankfurt 16 


Allan Ur Ton it' 

Europafnnds 

Uniruudn... 


I’mrvnlii.. 


L’niipetml I 


1135 
25 40 
17 70 


13840 


6000 


1200 _ 

26 80 — 

13.70 _... — 

39.60 _ 

6000 -US — 


6 wnwr T 4 ._..|MH lU 3 at + 10 J 3.71 i_;(A intnl. SlngmnL fC. 1.1 Lid. 

HiB Sanmel Invest. MgmL Intnl h. Mulcauer rerere. Sl Heller. Jereey! 

P.O BoxOXJuRtoir. (753427381 L'J U fi'uwl. IH310U1 1H53I ... 1 7811 

HSCbunnelli F ... 112 L 2 129 . 8 ] | 320 i|.|,re Std« th « 

Box 2822 . Bern. s«urertnnA Telex 334 Z 5 United Stales TsL IntL Adv. Ca 

H.S. Oiwbm, Fd |fL I SU30 .. W(B] — 14 Rue AUlrinrer. Luxcntbaurc 

- usTaire.njL.jw.yj. . ^ o.« 

ITF Kd. iAcc>|n.>3U l^+ocj _ . ■^ e ' 1 

International Pacific Inv. MngL Ltd. S ' War “urg ft Ca Ltd. 

PO Box R237. :-i lilt .Sr. Svdn.n. AUkL aLU.rebamfo.ra. F> ■ 

I - 


Javelin Equity T(A.|S A2 23 ' 234] . . 

JX.T. Manners (Jersey) Ltd. 

PO Box BB Channel HouiAJerM-- 053473673 
Jraser Ext rtiLTi4_Jl 71.0 mill . I - 

As art. OcL 31. Next sub. rlay Not. 30. 

Jardiue Fleming & Ca Ltd. 

Mh Floor, Coanwifiht Craltv. Ilnng Kane 



00717 


JarcQne Ettn. Tsl .. 
JannneJ’pn.Fd *_ 

JirdluSilA 

JanUnn Klem.1 «_ 
Inti Fac0rcs.nnr 1 
DaiAMiunl- — — 
NAV Nov. W. 


HK07806 
HKM 10 J 1 
SUS-e/37 
IIKS1L73 
HKU4 19 
HKU423 . 
Dquiiutenl 51 


Next sub. Nov. 30. 


190 

080 

2.00 


;ss 500 


Warburg Invest. MngL Jrsy. IJij , 

I. Chan nr Crom. SL Holier. Jej- Ct 0534 TSJU 
CMF Lid r>0L 28... Bilsa4S7 I49B 
CMT Ijd. >3cL 2d._ . a4 62 15 tel 

Mriul<TK( Not-. IB (£12 73 13 M 

TMTNdi 0 .. [SL'jrt <H IDS! 

TMT Li A Not. tt. 10907 1003) 

World Wide Growth Management# 

ina. Boulevard Rig re. l-uvctnbour-fv 
Worldwide Gth FU| SL S14 64 j+0.IB| — 


NOTES 
























EDITORIAL OFFICES 

Amsterdam P f> !3!>5. Amsicrdam-C. 

Telex 12! 71 Tel: 240 53? 

Lirrurqh.ix f-t-ornc Huu«C.. Gtoi’^v Rood. 

Tr!c\ 33 Sd50 Tel: 021-454 0822 
Bunn- Prv'sti.ius 11/104 H>.-usttllee 2-10. 

Telex 8358542 Tel: 210U33 
Brussels 39 Rue Ducaie. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel 938310 

Public: 8 ntrwiUlani Square. 

Telex 5414 Tel: 7B5321 
Edinburgh: 37 (leorgc Street 
Telex.- 72484 Tel: G31-23S 4120 
Frankfurt- im Sachsen lager 13. 

Telex- 416283 Tel: 535730 
Johannesburg: P.O. Box 2128 
Tciex 8-6257 TeL 838-7545 
Lisbon: Pmca da Alegria 68-1 D. Lisbon 2. 

Telex 12533 Tel: 3fl2 508 
Madrid: Esproneeda 32. Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. Manchester: Queen's House. Queen Street 

Telex 338650 Tel: CS 1-454 0822 Telex 886813 Tel: 061-834 9381 

Edinhurch: 37 George Street. New York. 75 Rockefeller Plaza. S.Y. 10019 

Telex 72484 Tel: 031-226 4139 Telex 238409 Tel: <212l 489 8300 

Frankfurt: Im Sachsen lager 13. Paris: 36 Rue du gentler, 75002. 

T-.-lex t6263 Tel: 554667 Telex 220044 Tel- 236.86.01 

Lc- P'.-rmar.enL Hpuje, The Headrow. Tokyo: Kasahara Building. 1-6-10 L’chikar.da. 

Td. 05C2 434S6G Lhiyoda-ku. Telex J 27104 Tel: 295 4050 

Overseas advertisement representatives is 
Central and South .America Africa the Middle East, Asia and the Far East. 

For further details, please contact 

Overseas Advertisement Department, 

Financial Times. Bracken House. 10. Cannon Street London EC4P 4BY 


SUBSCRIPTIONS 

























































































































































- 


3 f ?aaaH^ v TKnes 'We&w»c^ 2 «<wniber^l 97 Q 
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312 i 7 er* uchaxr. rjr.pt _ I 
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186 Morgan CruoW 

Mnnaili.Ahdi 

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40 B=rr*W.AJ-.V 
83 Kvk 
160 Barorri 
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DIAMOND AND PLATINU^I 


_ _ _ _ p.17 


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' a: uiw and r»vi...s arc bawd on latest annual rrpnns and actocnln 
anil, wfaerr po.*-H>ln air updated on half .year! * Hnnret P/En are 
ralrntaiMl on ihe hv:ls U act diMetltnUcos faraekrted flKurea 
indiroli* in prr < m. or mere difference If ealculofcd on “nil" 
riiNiriiieluin. i - o*rrv ar» Imud on “maximim - disirlboticm. 
\ Irlda ure laird up nuitllr pn.e.. are era**., adjoiaed lo ACT of 
34 per r**ni. aad iltaie for ia!ue nf divlired dUtriboiiim* ud 
richi*. MK-;ntfpn aish rtrsnnsinaiion . Mber than ster llnfi Ore 
quoted ipriu .l\t* u( Cm* ir.vc-.iuK*ji dollar pmulma. 

£ Slerl.n* •(■■nAiiiiiiiiii.-.: v trinSei nhjch include Invent meat 

•Win premium 

0 -Tap’ .%!•»! 

* Jlirii- .in. I la a i mar** *1 iha* aaw* hues adjusted I" allow 
for nc'il' ;• -m-. lur *a.li 

* Imcrim .•■me ....ii.i’ed it rc Mired 

} liilcTini ir-r ■••■Jiir.-t irL- pr P*.1 orrrd. 

3 Tnx-fn,*-: in mt. ri».;iVr : . ..i. ■<i*p:Ku: ion. , 

* KiP'.ri- or p-piil awull-ai 
♦+ I'nli.iw ^-curiij 

f Prm* ;.i nm. *if 'u*pensinn 

1 InHic.iUel di-i>!evj aii-rr i- o Jin: -. npEe'! *r r.rDis irroo: 
•.over :rUn ii* |*re..i-i. hi .+••- 1- *- lor*,;**!.. 

* +»er*er h-d or re. ru mt^.-l-in :.. prc.ici.’. 

* ’'i*l -mio.-uMc 

* faamo in'inm. rrduied mil ai>d *r rt*riu*.*ud ea.-pir.RR 

lUdMICMt 

$ Fwm ir di'.idcnd: cci-r on eiminc*. J pda led hr latest 
interim Adi-mcm 

r Cm vr * Hons ic*r ci'r.-.cy-.'b of wvi*' aoi w ranmre for 
diii-Jcnd. ur .*aai.:-ic i*nb !tt r... "rii :mt *!i* 1 *m£ 

* Corcr c.x-. nm Iv; e*ian* iim .usu rank for . 

di*ulcn.1 _i j uiur.* .Ij;.- *.’•• *• *•’. i-.!;.. u^uath iKmidvd. 

V EiiluMa linaJ dm deed dKlinl.iin 

+ Rw^’ii.tl ; 'nee. 

II No r*-’i+ value 

a T.*.i lr.v h !'i«r'*-. :<.. ed »r jiH-'T-titu* «r niicr -Mejal 
o.=lo m.w c icni-. d r».Jvs> l f.-i*. / .i.U oi ixituhfc *r. p.«n 

Ol f ijpll.ll iPS.fr +..1-.-TI on {.<11 CilHt.il.- 

e redtsnphon jii'H r f l.u _ --I ■ - .• -m,. j ilmden'.l and 

nrld h i .invo.1 iloirt- ■■•! .»l ■ ■ -In , lit: - r-i,» i,-ue 
j IVfTavni no.Ti <■ il’il-l '■ur-- L ilrr. a ai luli-rtm r.iahcr 
tlifiM prci ii*. ir-ji a : j . .*u. • ;-T'.inJ q Lam-i.c. 
UKred up rtelinupjr. ii):uri=‘ s .+«• irfo.,,) ^r«l :■ icld rvi-Judc a 

►peoi.-il |fierp..n: i ln>|., •> rvldia io 

previous Ii-r.-t PE r.it-o liveil on latc-i annual 
eammr* u 1'nrei j-I •J.sie..|. i ..iii'i : U 'HviipmiO‘i.<v.ir< 
earning > Tj\ toe-- uj. *o .vp .:i H,.. i v Yield .lllin* l"r 
ruRWnes cla-j'.e v Pis u!...-.il .sed.*- rfd ha-osl on imrrzifr Terms 
i nnirt-n-l iiinl '•n*nJ Ti'iudv. j jj«- - I |M>'nr. ,, il Cer.vrdtw.-’ rol 

apply I- sr»xi i* fsynen' 1 * •** '.r ios-u-I ano ji»l,l 3 
Prelcr'.'ni r d;v ulenrt p.v :.■•!■ -r 'Hlvr^sl C I’.iii.id'.ta E !*-ue - 
price r Hi’. liWtul niw*. s :o .J r>u<.| <mi ;lu- or i liivr 

“IIiCi-I i,.'.;ilTi.ilK l»r IJWHi r. s.-uni-sl i[iiij..|i.i jnri y;o|.l 
.liter pcndir.;: rfCp . r.o or njn*.- u-.- II I*.-, i.loii.l .ri-l ;.|..-W 
I as*' I pri’-leretii- ..r olhu. i liiiul <n iisuli' lor 

IB7&T3 K I li'iai'i bd-srii np proi’Ka'.. otr.sr orfm.il 
CMinia'Oi. I*.r I!I7S. M Hi . iji-ii- 1 .1-I I yield h.»sy>d «*n prospe-iu'. 
or other ufa- ial V'l .io.il"'. it N Pi • i Head and new - 

h&iMjd on p*si . nr other niii. i.u e< iiro.il 1 ** l"r 1979 P 
HiRurvt ha i.s1 on pro-.pei U, or y.iu*.r -jii i.ijl e't.r.iatr for 
1978-79 O ‘ine. T Fi.'-jr*- avurw.*J 7. Di id '■id loiul in 
anti- fs Yield iMrrsi u;: Muirrlvr, 1 rea.-ur. l*i!i Fate ii*;, ; 

uni Iiuactsl uuiil nutiirli* • < ,iv.» 

Ahbr-'i.|.nioa . i.'i- . ar iil'ii.J itv v.-ipioue. rrei nthii iaer • 
ail. d el saptipl rii-irihui.ur. 


*■ Recent Issues “ an^ *“ Rights " Page 34 . 

This sen ire is avsiia'alr tq even Cacrpan;- dealt in on 
Sunt E-.e hanees ihnr’j^ : .«:':i (be I’nited kingdom lor a 
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A scleclu-n of f'pfior.- Jr.iileri ;i u-.en ».in :ha 
London Stock Ewii.m^e Kept-n jujs 


"ft 



John 
Williams 

CARDIFF 33622 




Wednesday November 29 1978 



NATIONAL INSTITUTE OF ECONOMIC AND SOCIAL RESEARCH REVIEW j Ppripp 

‘Higher expansion rate likely ’ m ove 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


THE BRITISH economy should The main difference between illustrative calculations of pos- 12 per cent rise in average earn- i 
continue to expand during the ibe institute and the Treasury sible levels of unemployment in ings in this pay round, it fore- j 

next 12 mouths at above the rate and other forecasters is that the 1983 — ranging: from 1.1m to 2.3m casts a rise in the rate of con- 

of recent years, though the former is more optimistic about depending not only on the suxuer price inflation from just 

medium-term prospects are “ not the prospects Tor a further rise growth in output but also on how over 8 per cent this year to be- 1 

too encouraging.'’ according to in fixed investment and. because far the growth of productivity tween -9 and 9$ per cent next! 

the new quarterly review from of North Sea oil. less pessimistic improves from its recent low ■ year and in 1980. i 

Ibe National institute of about the expected increase in levels. The institute renews its call I 

Economic and Social Research, ini ports. The review also considers ways for a reform of the wuge-bargain- 

The institute, an independent Consequently, this institute in which a limited amount of ing system for planning to start 
research body, presents a dis- expects adult unemployment in work might be shared, but coo* now on devising a workable 

linctly less gloomy view of the Great Britain to fall from its eludes that a shorter working long-term incomes policy, 

short-term outlook for output present level of 1.28m to a little week, as advocated by many The monetarist analysis of 

than set out in the latest more than 1.2m by the end of trades unions, is not a promt's- inflation is challenged 'by the 

Treasury Forecasts a fortnight next year. ing escape route. from the need institute, which areue« that any 

ago. But a distinctly less rosy view to improve competitiveness. direct link from the money 

The review, published this of the prospects over the next The most likely outcome of a supply to the exchange rate 
morning, projects a 3.S percent five years as a whole, is pre- reduction in the working week through expectations and interest 

ris next year in output, as seated in a special article on the would be a rise in unit labour r ate§ j s hkelv to be weak and 

measured by Gross Domestic medium-terra constraints on the costs and a loss of real output certainly by transitory. The 
Product at 1975 prices, with a UK economy. and income in the UK. withont institute argues that the' causa- 

£650m surplus on the current This suggests that if the any perceptible effect on unem- t| on from inflation to the 

account of the balance of pay- current account is required to be ployraent. unless the reduction in exchange rate and Hess clearlv) 

rnents. in equilibrium and present hours also occurred in other from inflation to the money 

This compares with a 2.4 per policies are continued, output countries. sunoly ! 

cent ripe in output and a £250m may be able to grow by only . The review sees the most im- 0 i 

current account deficit pro- between 2 and 3 per cent a year, mediate problem as containing Editorial Comment rage -u ; 
i*»ctfd for 1979 bv the Treasurv. On this basis. -the article makes inflation. On the assumption of a Details Page 26 ■ 


the National Institute of 
Economic and Social Research. 
The institute, an independent 


move 
fails 
at # 
Times 


By Alan Pike, 

Labour Correspondent 


Euro 

fe 


current account deficit pro- 
jected for 1979 by the Treasury. 


Exchange 
control fear 
starts cash 
flow into 
Ireland 


! Callaghan to launch 
microelectronics drive 

BY JOHN ELUOTT, INDUSTRIAL EDITOR 

THE Prime Minister will launch the most serious constraint to The scheme, launched in July 
a concerted Government cam- the adoption of advanced micro- under The Science and Tech no- 


th e money 1 Society of Operative Printers, time. Since then spreads have 
: Graphical and Media Personnel, been under further pressure 
Pago 20 j yesterday undertook to re com- and loan maturities have con- 
> 26 men <! acceptance of the com- t0 . lengtberL 

; .[panys proposals for a new & .. ..... 

i disputes procedure to its chapels In earlier periods, such as 
(office sections) and branches 1972-73 .when lending spreads 
provided Times Newspapers have been under intense pres-' 
lifted the proposed suspension. sure< banks have been 

«Sf tta.prto »•*«*.«* «* 


. A -few months agbtber® : 

seeaed signs'tbat'the eoatimiwr: fades rOSC 5,0 fe 489^ 

decline in spreads of inter- - ■ Ranges,.. -ut -white 

national bank., lending .had ^ ■“» foofls*; >11# jiwWe 

final! v bottomed out.. However, - . ■ ■ ' -V-^ sebp& 

the UK Electricity Council • 

dashed the hopes of the more- increase.. of! & 

profit conscious members of the 1 - r ■•■v- ’ • - - -waBs ^L- ttjis^years out 

banking community when it; . -. .' ‘J ^ \V . 

announced in August a SSOOnr . \ •>: 

10 -year loan from a group of - ran \ : - 'U 

Japanese banks on some of the - ^ " fee 

tightest terms - seen for a lone F-Q. ■ =. raraearaKf ; ‘W, - ■ 


'Long^Mata^rj 



Mh 


is likely to add its endorsement }°° low - However, the mten» .. . \ ncwamwl- . v, : 

to the new disputes procedure, ing point about the latest ^ Harbors — representing Derby aipf-Co.? is part af'i&e 
5!r. Owen O'Brien, general squeeze on margins and around a tenth of group profits^ giant U.S. Engelhard fiii^erak . 
secretary of NATSOPA wrote lengthening 0/ maturities is ^that Now it appears that the current arxf Chemicals ‘Gorp'- in* 1 which 
PSSKT notvAmerhan banks have been ^ will be charged another the -Anglo' American'gi^ has 


I J- -_ : and. Cj?.^as an-a«iiQ^s^goTa 
i ' 7/dteaibrV' Tbe-mov©: is'iri^feting 
■ 7 . vi j ’Tmt so much -.itec&ieer it-~§ ;t§e 
5 « -first new face : .ho appeal . for 
nejariy 25 years; -but- because it 
.threateas id upset jsthejco&y 
. 'camera derie^of. t&e.Tjondon but- 
Xj;‘ : fiaamarke$ '.The.' qu^stimf-now 
-.*■ : Js; Aow the fijre -booses .v&rcb fa: 


paign next Wednesday to speed processors in industry is not logy Act. 1965, is to be enlarged ; 01 rne new wspuces addition. ine ~ -- — ,-y r- •• 

By Stewart Dalby : up the application of micro- finance but lack of skilled man- so that £50ra to- £60m or more ; Procedure '*hich offered tee in „ a )J; spread 

: electronics in industry with the power. is available to help industries to .the con liL 1 i l J ? r , hardly looks from the. Harborh Derby and,Co:.Trom tbb^iil^ 

MORE THAN £20m, much of ! heip of more than £50m in State Proposals will therefore be apply microelectronic tedi- 1 s 6 ** 111 ®* could refinance older eur^orrowings ^ though its -BnanpiaV London flyings ;if~ U'apiSiBil'tJi 

it from the UK. was estimated ; aid. and other initiatives.' made that the Manpower niques. .begin swira>. has significantly added to tne eontro ls are always of' tbe-Joih- - 3nt ! thatl J :appapiaftt'iiir. 

• Qorvi.’OC Pninmieimi <,n* im/f ii-i_ ftil i. »U.» X . 1 DreSSUTe OD SpreadS. It bBS . ' linlV 'ifha ' unD.' iunrl^ '1 ' 


ver-ajtpiar- . ' 
y^itnydtUd. 




it from the UK. was estimated 
to have flowed into Irish gilts 
and equities yesterday as 
speculation mounted that the 
imposition of exchange con- 


i 1116 Ppbhc sector is to be en- Services Commision and indivi- That is in addition lo the.Ntf^A cfonrl pressure o 

fcouraged to take a lead m dual industry training boards National Enterprise Board's £50 m : bLdUU been estimi 

■ experiments in using micro- should rapidly arrange training inmos venture and a separate! However. Times Newspapers first three 

: electronics' and a big effort will f or skilled people who are £70m scheme also launched in said last night that the XATSOPA some $8bn I 




“ Jg. ^^appropriate standard. ^Thevhor fhe vray -tf : wotfo.; 

been estimated that during- the ,u. H>0 nn »i «?n- m ho. “ r imrif pis ” m -.tniir Unra- 


imposition of exchange con- j electronics' and a big effort will f or skilled people who are £70m scheme also launched in ! said last night that the NATSOPA some $8bn to $!0bn of loans fan ^ na l" 
trols by ihe Dublin Got ern- be rnade to train at least 3.000 needed to design and operate Ju!v. to help to develop and make! initiative would need to be under this category and that' ^ anuar ^‘ 
ment against sterling is ; to 4.000 people quickly m com- new electronic technology in a microelectronics products. A j supported by all unions, includ- another 15 - 20 per cent 
imminenu i puter^softvrare skills. wide range of industries. separate computer software aid , ing the National Graphical Q r total eurocurrency loans CoDIGt 

JSS. , .‘K5 i th. N;,l e a | n f™™raS feoo! “1“ .J? eopbataed^ttrt scheme is also to be improved. ' »Wch b» refused mature ^ Compeation 


denied that new controls are \ ih e National Economic Develop- ajthough the new technologies 
in.mmiui.iir ' mi»nt GounL-ii ha< been chosen ...s,, . - 


r K Jr; fi r . to meet the company as long as marnre nexi year, cump^uon ^ marked uptu j n . 

-- *V 2 S& - ”=5 - % 2 S&ESJBg>S 2 £3^^^ ^ «■: 

ideas P*it ^ would also have to be reached on loans of 1974/7 o with onfr fo., overlhe past year has done' - , . 

Counril Tor Appuld R«e^h i L ^ ues reduced man- marginally profitable new bnsi- ^^^ for ^io^Q^ Nariorml lns^ ; rr , 

SdDeU-Jment I 1Dtroductio “ ^ Yesterday's figures show P»- 2**$% \ 


- Condon " buIHon ’ maric^^ jattt 
. remain a closed. shop- for a whHe; 

longer- • 


" '' '• » m i - - :."?7 ■ 

- * ;; . ... ' V- . : 


controlled 


wide-ranging action 


foreign currency is being ■ and industry in their first round- taken quick i y enou th ' 
finalised. ■ table deoate on the implications. r 1 N1J euuu - a * 


At the moment, the Irish 
pound has a parity link with 


table debate on the implications. 1 

Mr. Callaghan, who usually * • j 

sues to the i-ouncil only once or aia 


du | technology. Man 

Une item highlighted by tbe \ Mr. Joe Wade, general secre- recent 


Many bankers feel that the ^ profits ‘ for the year iip 65 ^of. interest fates 

cent S6O0m loan for per ^ at £6>3qu ^ rates are -expected* to 1 fall'vb^: 


council was the need for the;tar y of the XGA, reiterated last Electricite ' de France at a per ““ 
ien by the P^iic sector to take the lead.! night that his union would not ^-cemOTer IJbor lnCre# ^. of 49 c / ntl 

atioo and The Government will, as a result | meet the company unless the fJJT in over . whereas the interim 


sierlina. There i> completely ' iwlw a year, will take the chair, work to be undertaken by the Public sector to take the lead. Qis hi that his union would not of 4 m ce^OTer Sbo? increase , of 49 per . cent ^ orfr 

free movement helween the. Government departments tbe Department of Education and The Government will, as a result, meet the company unless the ib* S! over - whereas the ihferim sales l 

two currencies although National Enterprise Board, and Science in a national programme say next Wednesday that pur- suspension threat was completely 1U . ^ - 5* "rf 118 ”. v increase was 40 per cent the stay reiatrvely higij Aw - -, 

legally the Irish pound has .the National Economic Develop, to involve school and colleges chasing policies of public-sector lifted. In these circumstances P°J nT tor spreads., now ever, secom j half gain comes out at Ihe penod-tonext Octhber. 

been a separate currency since ; ment Office will contribute and will also be discussed. bodies should be revised to take the union would talk, but would Salomon Brothers, in a recent ^ impressive 63 : per cent. But theNational Disatute.is'nbf 

Ireland's Centra! Bank Act. ( representatives of the Confedera- The increased State aid will account of microelectronics de-; never concede the principle of study of Eurocurrency profit- a c j m ; tted i v the comoarisim k risking^ any - detailed ' ^ SnajrCxaf"- 

1972. . it*?", of British Industry and come through putting the Gov, velopments and that they should direct input into tbe composing ability, feels that there Hill not J corresoMdine-forecasts - beyond - next 

Mr. Patrick Jlillery. Presi. .TUG wJH join in the debate. ernments initial £15m micro- be prepared to play a “guinea system by journalists and adver- be any real improvement until th p marffiniD-imiiflJt and it is'iiot maJOnff * kabS 

dent or Ihe Republic, is | Mr. Callaghan's and his col- processor appUcation scheme on pig" role, even at the risk of Using staff. the second half of next year; and S 

expecied to sign into law today . leagues mam theme will be that a permanent basis. failures. National Union of Journalists in t h e meantime loan maturities f strikingly the second me PW^a. pt 

CmtIwnn*>iid C !\BndBni ' -WMSSST 

sWuir pjirffijs; iTC f n lonnoh DM2 ^hn liAmlc inchcape Group 

hou-ie of parliament, and its l\l lu Mil W-.ll I J l T I L*% a PB1 1 LrVrUlJli3 ' NUJ chapel endorsed the agree- The skids hare been under sector have been running at 10 hack a -.little to 9 per.^wit 

passage through the Senate j ment almost unanimously, but the Inchcape .Group’s share per cent in the. second six . during 19S0. This ki!id <^^c- : 

todav will be a formality. _ _ — If>rnrp««pil itc “ riiwnnfiintmpnf Unn o. -_ii_ - •*. Ji.- -'.Wa i 


chc 




expressed 


disappointment p r i C e ever since May, when it months. 


allowing . • .! fhr jjectation '.does ‘dot. 16avef, 


Si a »- 0 !5SWS — — — 

S^olrDJirffi js itc fA laipioh DM2 Shn ^ Inchca?e Group 

house of parliament, and it.s • lv J.M-UAJ.WJIM 1 m I T 1 a *r FBI I 1/1/11110 • NUJ chapel endorsed the agree- The skids hare been under sector have been ruiunn* at 10 ; Imcfc a - little to 9 per^wit 

passage through the Senate ment almost unanimously, but the Inchcape .Group’s share per cent in the second six . during 19S0. This Mnd of;**- 1 

l0 T?l 1 Si l i l i it u * nr 9 • • expressed its “disappointment p ri C e ever since May, when it months. So,, allowing : jjectation 'does dot 

S !ihth Siinuprf rhP 1 CC11 A in I vAimanV a u d disma ?' - at ' he . K haDdlm2 of briefly topped 440p. and some inflation, it is 'clear that Gomet scope for a TeaUysutis^ffSal ■ 

in most foreign currencies, but * othe^trade Unionists joined MP° f ^. “* conflnned by 1^ market share which- may now- Sail, gdt-ndgedjnaAetJtts.' 

not Sterling. BY JOHN WICK5 ZURICH. Nov. *’S. and union leaders at a rally and nights statement on commodity be of the order of 7.per.ceiSfc now edged up. to tap le^ejs^nd 

The legislation is seen as a ^ . . .. ^ ^ pari iament an- lobbv in London trading losses by the gronps Comet sees the development of the : - , ^Government ; YBrotojr 

preliminary move to enable |THE u.s. Government will domestic mark loans. form of a swap agreement wmch; vester( j 3v r 0 " protest against the Dutch subsidiary Ear born the -experimental McOnomy modestly showed his 1 hand.yes- 

tPX* !f. U ahn a rMSifflShn°i f Was 1 ! b «viE?w!S! h<i Knmd everj ' i proposed suspension of Times Holding B.V. It now turns out stores, with a wide range of terday, supplying, the :.odd;few 


viSfir char 


^letter 


Ireland to impose stringent 
exchange controls if it enters 
the projected European ftlone- 


to 3 bn (£670-f800bnj in West European Monetary System, Herr three months. 


i Germany in the first half of Poebl said this was more than 


] publication. 


A once-and-for-ali tr-nsfer ofi 2 - i— ™ - provisions non-eleetricaJ goods, « -a poss- mill ton-pounds of-bofe-theWK 

raershin was rh.i« not involved 1 Provincial journalists dispnte totalling £6.5m werejeharged in ible second leg for growth in mid medium taps at “ a- fraction 
id in the opinion of Germany p age 8 (the last accounts to cover losses the future. But for therpresent above the issue prices. -•••.■' 


to have been invested in Irish j foreign currencies to defend the Benelux countries, Denmark of Rome, 
gilts and equities yesterday is i the dollar. and Norway. Michael Blandon writes: The 

considered a heavy inflow in Announcing this at the Finan- He was convinced that tbe new do,la r W *S given a brief boost by 
the context of the Irish eco- ■ ciaJ Times . World Banking system would come into force on ty pons tftat Mr. Masayoshi Ohira. 

nomy. Tbe republic’s gross | Conference here today. Herr Karl januarv l, 1979 th e nex f prime minister of 

national product this year will -Otto Poebl. vice-president of the _ , ’ ' . Japan, had suggested an increase 

be only around £6.5bn. ! Bundesbank, said the issue would intervention obligations, he j p the international network of 

It has been estimated by at I have a maturity of three to»five said categorically, would be currency swap arrangements to 

least one economic research in- i years. ■ ‘ supplemented by measures JlOObn. 


the dollar. 

Announcing this at the Finan- 


and Norway. 

He was convinced that tbe new 


Michael Blandon writes: The 
dollar was given a brief boost by 


Banking system would come into force on H; porrs tfe at Masayoshi Ohira. 


[ Conference here today. Herr Karl januarv l, 1979. 
■ ntto Pochl. vice-president of the _ , " 
i Bundesbank, said tbe issue would Intervention 


rnuarrl 1979 the ne « P rime minister of 

" ' Japan, had suaigested an increase 

Intervention obligations, he j Q the international network of 


least one economic research in- I years, 
slilute in Dublin that Fund* of { l n spite of its s 
this magnitude canid move »he , was not likely lo 
value of the Irish pound np- i man interest rates, 
wards against sterling. ! “ \V r ■ will give 1 

Ireland has said that it now l friends all the supj 
proposes lo enter Ihe FMS , p r tbe technical side of tills 
whether or not Britain pan ici- ' operation, which 
pates, pro\iderf its major con- .ordinary significan 
dition oF a transfer or re- ! monetary ’policy," 
sources is met. i said. 


In spite of its size, the issue intended to reduce tensions in 
was not likely lo push up Ger- *be system as early as possible. 


At present, swap arrangements 1 


Strike hits Ruhr 
steel industry 


From the House of S ^*uad 



“ \V r ■ will give our American currencies 


the system as early as possible, totalling some $30bn are avail- 
and prevent as far as possible able to central banks as backing 


BY ADRIAN DICKS 


BONN. Nov. 28. 


lower for intervention in the foreign THE GERMAN si eel industry to- fused even to discuss tbe 35-hour 


friends all the support they need Intervention limits being reached exchange markets to support the .day suffered its first labour stop- week, have decided to respond 

a_ ThuGD mo'jCMFJC tl'Aul /1 V \0 JaIIaH o I.rl 4 r. ir.-tn mil ' It a n O f/ir VflOrO U'han ohrillt + T oll'e CfaliUlH' fTA c+el!rn 


. ^ 3‘r 


^ ric hom 


or tbe technical side of tills These measures would be dollar, and to iron nut other ; page Tor 50 years when about to IG-Metalt's selective strike 

operation, which is of extra- triggered by an indicator show- erratic currency fluctuai ions. ; 37.000 members of IG-MetalL tbe strategy with a series of lock- 

ordinary significance in terms of ins any movement of a currency The improvement was only; steel workers' union, came out outs that will affect a further 

monetary ’policy,” Herr Poebl - away from the average. ' temporary, however, and for 'on sirike at eight plants Id the 29,000 men. These will begin 


In an apparent reference lo most of the day. trading in Euro- Ruhr, most of them suppliers to on Friday morning. 


Continued from Page 

Ford 


Herr Poehl added that reserve disagreement among EEC mem- pean exchange markets was sub- 1 the motor industry. Herr Eugen Loderer, president 

and investment dollars were bers 00 whether or not such dued ahead of today's announce- According to the employers, of IG-Metall. gave a warning 

being -moved into other cur- movement should lead directly to ment of the U.S. trade figures. J pickets kept a further 13..000 this afternoon that use of this 

rencies in large amounts, posing intervention by the central bank The dollar gained a little ! workers away from their jobs, “shameful weapon" would lead 

a problem, for Germany. He concerned, Herr Poehl a aid that against tbe Vest German D-Mark! making about a quarter of the to grave consequences, 

estimated that 8 to. 9 per cent this would not. in tbe Bundcs- and the Swiss franc, rising to 1 industry's 200.000-pJus labour Despite tbe inflamed rhetoric 




'estimated that 8 to. 9 per cent this would not. in tbe Bundcs- and the Swiss franc, rising to 1 indust ry's 200.000-pius labour Despite the inflamed rhetoric 
■ of total central bank reserves bank's opinion, give rise to any DM 1.8275 against DM 1.9250 and , force in the region idle. on both sides, the first day of 


opponents of Government policvlwere- currently In the form of automatic obligation, “but would to SwFr 1.7390 against; IG-Metall is seeking a 5 per tbe strike passed without ioci- 

frorn the Labour hack benches : Deutschemarks, apart from con- indicate a presumption to acL” SwFr 1.7350. | cent wage rise, while the crisis- cl.ent, thousands of pickets turn- 

was Mr Kevin McNamara (Hull 1 siderable amounts of the cur- A s envisaged by the Bremen The Bank of England's index ridden steel companies have tog out in bitterly cold weather. 
Central) wbo declared himself a 1 rency held by private investors, agreement, central banks would of the dollar's value against a! offered 3 percent Tbe central About 5,300 IG-Metall mem- 

sDonsore'd members of the Trans- ' l ar S e companies and pension transfer 20 per cent of their gold basket of currencies slipped from! l * sue 'P «» e depute, however, is bers are still at work, with the 

□ait* aud General Workers’ funds. and dollar reserves to the Euro- S5.2 to S5.1. the union s determination to win unions permission, keeping the 

*; oion Some DM 50bn of the DM 61bn pean Monetary Cooperation Fund The pound was one of the t progressive introduction of a blast furnaces going. 

He challenged the Chancellor worth of DM issues by foreign (FECOM1 to obtain European stronger currencies, gaining 55 j 35-hour working week as part of The strike so far affects, the 


The employers, who bare re- 


to justify penalising one of tbe borrowers now in circulation Currency Units in which balances points at SI. 94 90, with its trade-! 3 long-term campaign to prevent North Rhin e-Westphalia, Bremen 
most successful companies in the were owned by non-residents, as w'ould be settled. -This would in weighted index rising from 62.4 13 further run-down of man- and OsnabnJck bargaining re* 
rountrv and one of the most well as about DM 20bn of all probability be done in the lo 62.6. i P°** r - . . . Siohs. „ . „ 

productive workforces. : • — — ; 1 The employers, who have re- Feature. Page 20 

Perhaps ominously for the ■ 1 

SSSSSi Bank to control money brokers! 

bv Mr. Donald Stewart leader of j i 

ihe Scottish Nationalists. He j 
regarded it as “ grossly offensive' 


BY JAMES BARTHOLOMEW AND GILES MERRITT 


Feature. Page 20 


UK today Wales and Northern Ireland will 

Central and Eastern parts of he cloudy, with occasional rain. 


to the democratic process and ( the BANK of England and the tion as much as might appear, year when Sara hex. a money England and Scotland will be falling as snow over high ground. 
hflflu'fnr^he^iniDOSit on J of^anc 1 El,r °H ean Commission have since the Foreign Exchange broker with Middle Eastern con- mostly dry and sunny although 11 wi J J c o!d with frost early 
basis for the rnipobiugn of san ^J?«d « Pnoc^c m ij com- and Currency Deposit Brokers’ nections. complained to the EEC scattered light snow showers are an ^ J. 3 ^ especially In Central 

t " .i l ^ . nr_. * .. P ^ • P C ASSOlidtiOD Will COQllDUC tU I li-if limiting in T nnrlfin ivqc q likrlv in South r-nrcstui snd Eastern districts. 


than in oilier EEC countries.’ 


“wrong-headed, arbitrary, unjust f0r licensing money brokers. tinu e to rely on tbe association " ™ r c< 
and likely to be couaLer-J previously they were licensed to inform it of suspected mal- » cs terday. for the 
productive.’’ 'effectively by the Foreign practices and will consult fuLly new London broke] 


Continued from Page 

Tfc 1 . . . between dealers'- is foreign Tbe criteria for deciding oanKS - UK* L • “ImIK 

exchange and in currency whether to accept new brokers Most of the rales have fallen Berlin f 1 34 Mon 
jLFVL'JC&dX deposits,' who areTitostly-banks. will be little changed. The-main The important doliar/Deutsche Rmamu. s 1 m Mum. 

In Britain they are not allowed difference is that these criteria Mark commission rate is down 25 

mated Union of Engineering to deal on their own behalf. will be better known and the per cent to £1.10 per $100,000. Bod7w« c t » 0S0 

Workers, said yesterday that bis The Bank has not wanted Bank will decide after consulting and of the minor European rates, l: - ai*w s a tsIpuis 

union hoped the “present con-: overtly to take charge of the the association instead of the the dollar/French franc is down ggjj f '* 

flict” between Ford and the ; brokers, believing that they other way round. 15 per Cent dollar/pesetas down ciucaco s -« 21 1 ncyw 

,, ri „. mnnn , -should regulate themselves, and The criteria include a require- 25 per cent and the dollar/ cmwik c i a;jwd 

Government 01m not impjirrjj^ c0ns i slenl i y maintained that ment that candidate brokers escudos rate down 50 per cent, 5 i ilSSST 

job security and future employ. on j y m this wav do the brokers should have capable staff and The spot yen rate is unchanged r“inti 0 rzn !• I SjstoSal 


• Previously they were licensed to inform it of suspected mal- ’ cs terday. for the first time, 
'effectively by the Foreign practices and will consult fuLly aew i- on< l |3 n brokerage scales 

. Exchange and Currency Deposit with the association in consider- *'® re announced by way of Anistri 

Brokers’ Association. ing whether to grant licences lo tetters from the Bank of ^fj, lin 

Money brokers, are; middlemen new brokers. England to the brokers and the Boimi 

between ' dealers' "in foreign The criteria for deciding banks. B-:ifasi 


, p | Y'day a ™ f”' 

middnr. middar Cold in 

.es T. "F, >C »f „ 

Of AmstMrn. S Z 41 j Madrid S 10 50 rrOtt 

n r haliraln C Tj-Mancfistr. S 1 34 
arcelufia S li ^'MrlhounH' C. ii 73 

he Boirui F 20 teiMuidco C S 19 ea 

Beirut S I St I Milan C 41 | 

BeUradL- Sn ft :CiMonmeaJ Sn— « 21 — 

0 Bc-rlin F l 34 MOSCOW D 3 37 

he Rrraaluu. S 1 34 Munlcti S — 130 

-)e Brtwol S : 3a|K«?uva«l* T I 34 

““ BPUMi-Iit S 2 36 New Vork R 4 3S Ajacdo 

K). Budaucst C t 36 Oslo S— : 33 Atglera 

;s t'. Ala-S s 35 7$ Puis C 3 37 Biarritz 

, m Cairo S 24 73 Peri b r II 7ft Blackpool 

11 Can] iff S 4 39 Praam? C K 61 Bordeam 

Chicago S —6 31 1 Rcrkja vik R 6 43 BouIokiw 


ar * a s fater. Cold with night- fog 

Yday an «. frost m the JEast but less 
middar cold in the West ” ' 

io so From the London Weather 

' « Centre 


HOUDAY RESORTS 


v-dar 

midday 

C "V » 

B 9 48 Jersey F 6 43 

C IS 5a Uaa Ptolfl. F 20 88 

L 4 38 Locarno F 10 50 

s 2 38 Majorca F 12 SI 

I l 41 Malaga s u n 

S i u, Malta R 14 37 


Government 
job security 


.15 ‘ RM do J o R I' Si) Casblnca. C II 61 Nairobi 

37 [ RiMu« C 5 « Cape Tn $ £ 72 Naples 

.% Singapore S 33 £2 Dubrovnik F 9 ti.Nicu 

34 1 Stoekholm Si.— 1 Faro F 19 66 . Nicosia 

33 Sirasbre. P 1 34 Florence F s 46lOpono 

32 Sydney S 

M.Tohna r 


Sjdflev S 26 73 Fuucbal n is 84 [ Salzburg 

Tehran C 7 44 Uuemsey F j 4ll Tangier 

Tel i\rlv K 22 72 UiMbnicfe Sn — 1 2* ] Tonorlf.- 
Tokyo S 16 61 rnremi-ti c i 34 1 Tonis 

Toronio C — 4 3.1 Is. of t.Iaft S' 3 a; Valencia 

Vienna C l 34 rsianbid It IS SR'WrK- 

Wiirsnw C I 34 S— Sunny. F— Fair. C— Cloudy. 

Xnnch C — 2 2d D— Drizzle. Sn— Snow 


compHny they would be prepared 'with the EEC represents some- that they should not be owned by dollar/sierling rate, which has h kobs 
L u join it iii approaches lu the j thin^ of a climb-down for the a principal. risen a third to 40p per $100,000. ‘r 

Government over the application 1 Bank. But the agreement does The issue of money broking Some brokers still regard this as 


i«f sancliuns. 


not change Ihe market's segula- regulaijons in the I'K arose last much too low. 


H Kou; 1: 15 6ft [ Tokyo 
Jn'hnrs 1: 22 72 Toronio 

1 . 1 -ehin: «: 17 hi , ViL-nna 

U i niTnii 1 :i I W.iniu 

Luseoibc. So — 1 5 U > Clinch 


F 12 51 
S 17 83 
H 14 37 
S 25 78 
> 7 43 

C 8 « 
C 19 66 
C 18 fil 
0 —1 30 
F 17 63 
P 18 Bj 
* 7 45 
s 13 59 
4- 6 4S 



r — r air. c— Cloudy R— Rum hi r.. . “1 av-.usacuty .t-ress. Tor jmf mm 

D-DrtzsJc. So-Snow. * ,n ' ' 67 2 *?i- Finauaul Tirnts Lid.. Bfackiju l)806v,..Cafm«n'Stf&cL ..l4ndAn^.l^ ! e-;