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{or CONSTRUCTBON 



ESPLEY-TYAS 


CONSTRUCTION GROUP 


P.O. Box No. 6, Park Halt, Salford Prion. 
Evesham, Worcestershire 

Tel. BkHord-on-Awofl 3721 120' lines) 
STD (078 9S8)S7Z1 


CONTINENTAL SELLING PRICES- AUSTRIA Sch 15: BELGIUM Fr 2S; DENMARK Kr 3J; PRANCE Fr J.0: GERMANY DM 2.0: ITALY L MO; NETHERLANDS W 2-0: NORWAY Kr JJ, PORTUGAL 6»C 10; SP* W SWWBi K r 3.25; SWITZERLAND Fr 1.9j EIRE 15p 



GENERAL 


BUSINESS 



arms 


4 711 

; i Ars 



O RF.i'ENT increases 1:1 consu- 
mer spcndim: have had d'rert 
impact on ihr level nf manufac- 
■Ir. i;\rnt \jiic** will qn In tunny industry's order ).-»uk*. 

Inter lhi< month in re- Recording in two survey? of in- 
■unip urnfracted talk- on diislrinl opinion. 

-Iratraic arms limitation. il was l^ 1 -" ' Bis monthly inquiry 
i one uncr (I in Washington as the "? t0 *Ti« 1 ustrml (rends rep„rl* a 
t.i.S. Si-rrrlarv «f Stale ended a 


<harp increase hnth in total order 
r ... . .. ... c . , books .inrl overseas order*. and 
rnorlh 'lav of Talks uiln Soviet |# , hc 1110St r ,,,| imi5lic fn ,- tnanv 

Foreign P«linisi.er Sir. Andrei months. 

i.rninjfcn. The Financial Times survey nf 

Mr Vance and Mr. Gromyko business opinion also show*-. thai 
fair* the talk-, had been "con- nonsumrr «’,n.nclinc is working 
•tractive." with movement in its way ihronsh in industry, and 
(he lurgumn? position nf both Forecasis For stock and produc- 
>idcs. Unn have ri.-en. Back and Pa;r 7 

Fnt Ih'' fact jii.n more top- ,. c 

level i dk., are needed has dashed • LE> w iMi ' Ih* 


Hope, tiiai ihc Washington talks, truck, bus and ln.«i-w subsidiary 
>v|-.u-h included a fyur-hour ° r Wl1 ,,nl - 'I'T-ivc if il 


meet r.g he; ween ?.lr. Gromyko me T' ," r c . n rtr 7 r,1,cs * ,th 


fttid r-? 

; ni^iA achieve 
■."lrpuqn -n rh 


dent Tarter ‘.>n Saturday. ^; n,her ,r I “^ *"™ ,irr 


finai break* rwiMilUmi and former umnoc- 


fi>r a SALT 2 treaty. 


fivc-"*?:ir talks liiroc,[ ' r L :- V i«nd Vehicle 
has warned, hack rase 


Princess ostler ° 1 ■ ,PA - |y * iE "- ,r ship ""'"‘ «« 


expected in fall consider,! hi;. in 
Prince- :iar:jrei wa< last lh * "«*t lew •■*'<**’' a result 
nubs fecim^ belter. arter hems nf renewed as.su ranees from me 
'■••p.rnerj r-' bed with a fever -Japanese Ministry of lmcr- 
j board Me; New Zealand frigate national Trade. Back Pase 
•i’dV.v U hoped that she -viM g MOVES to-ards .1 p*y Euro. 

r . r l " n ''* pean monetary sy d mi Mnki n 
•■da- i 0 1 . cupel a .ihe cim-encms uf the Nine 

» -I nwif dP-asStt closer examinatiuo. senior n.-; 

s LC-* -JL nUai 4. 3 S5-53^ h . ?rs 0 f lhf , I3 u(i , nic , n j. K\por.i! 

\ icarch by morr ih.m l."0P Hire Committee Feel. They ar 
vr.fTiniflcrs and police in South ronsiderin" mountmc a pu'Wi 
London fM-.-d lo nnd any i:\ire inquiry intri the n^rotiauons. 
nF l.'ulAirh «i-hooiho;. Mark Pa?c 1 

n - hii**lO¥ smcc l not Q tK OFFICIAL reserves :o- 
Monday. mained steady i..s> moiilh. 

Wildfowler killed 2S 

\ Ci'.v.m r-olil nun sluM by '■‘ver ihc mnnih there v as |iuk* 
• r.ld-i-'-s in Bjllysnnny. Co. direr t pressure on .sideline. wii.*i 



CALLAGHAN SEEKS TO AVOID 
CONFRONTATION ON PAY 


BY ADRIAN DICKS: BONN, Oct. 1 


The West German Federal Cartel Office has turned down British Petroleum's 
ambilinus bid to strengthen its position in West Germany through a DM SOOm 
{about £210in) deal with Veba, involving the purchase of most of its 
Gclscuberg subsidiary. 


In 1 i)ecHi»n released tonirht virhmlly all the larce oil mm- for an o^mpHon on s rounds of 
in Berlin. Ih.? Cartel Office mad^ panics active in West Uermany overndm? public interest. It is 
■■(■Ur 1 h. 1 l ns •ihjcctjonp centred a -share in FtuJir?a>. the oppor- poss'hic it may pursue both lines 
■hi BTs acquisition from the tunity would be created for :, n*m of actun. 

Vehri -jmup of ,i *J5 per cent effectively 10 set ilicir own terms CKN. whose atiempr to buy 


hiilriin- in Riihrpas. AV**st r’ler- f„ r ,„| an d natural 


Labour bid 


0 heal breach 


BY RICHARD EVANS, LOBBY EDITOR 


MB. JAMES CALLAGHAN was The compromise reached by a 
still on a collision course with vote of 15 to 11 was that the NEC 
major trade unions over pay last should recommend repnssjon of 
ni^ht. in spile of frantic attempts the motion on 
wilhin tbo Labour Party's m 3 that it would then be du- 
National Executive Committee to cu««d ftiHjl .to ■ J**J£2° ar 

s»a*s- - - sskm 5 

%r c3i«h.n is e.™ reported “SI*; “*?. 


1 havi* 8 in id rnlleainips that he the major unions, and the known 
in have to^d jrolieasues that^ he bQstilc att itude of many con- 


would he unable to carry on » de leca'tes, towards rigid 

cnuw e ts-sasaasE saa? ya • ^ &. 



OHicc 


The BP-Vcha deal raises very 


direct con- 


circumstances. 


BeM'lo the -5 r^r cent slake S trcnz»hen Buhr^ris. but would m „ c h nr.uv complex issues for 


in Kuh.":a«i. the deal would invc t f ><? lf disappear as a potential 
rieuisclic BP Jbniit l.uro addi- now entrant into ihc market, 
tjnnal petrol stations, ahnul 5.Hm 

1 on no- a sear in wtlra nrBnln^ h , lrt fnllllW > 1n ,r-ly 
capacity, and .1 ? 1 per cent stake rr;j , nnin:; h , rt , hc 

;r. Ih.; ron*«.rtium huildiny a ,, n . rl ,,, r .x'J * lakrovnc 


the Wc>t German Government. 
Fnr a <130. the Government is 
This ar?um>'M appears ni first iivir liie domin.mt shareholder 
ihc in Vch.i -rilh a -H per c-nt stake. 


fronts t ion over the 5 per cent nn [ v compensation for Mr. 
pay guidelines, but it could prove Ca ,] ag j, an W0U ld be that he had 
to be a hollow victory. prevented the NEC from openly 

Th.-;re remains every prospect joining the opposition to his 


nf a huge defeat for the Govern- 


ment in 


• acieat. lor me uovern- D0 licy 
the debate, because of H |r r ^cn 


accounts Mr. 


It ha- b»cn Bunn’s policy for] 



iim-srin • mnitr-iv . . .. German capital. As in BP’s own 

•Ftt-t-ihc • .rtcl OiSice opposes ^.*^1 

lunm-r ,-nnicniralion ,>F inP;re.*i> Thfl h . ljirrt ^ ncuiMhe F P m ,n enened m s 

hy the international ail major*. toninriw m consider its DUS,nt ‘ ’ 

In addition p. Veba. wl.n h w»ni.i uvyX ai(lVe . The company has a After the deal with BP was 

retain a >ma<l Hake in Buhrsa*. C bn,?r berv-een contesting the announced in mid-June. Veba 

:md BP. Sh'*li. Exxon, Texaci* Cartel Office deeifion to t'nn made clear that it saw this as 

and Mobil all have holdings :.n rnuru or appealing dir-»cily to 
Rtihrgjs. Coum’ t'-ttn Laiiib?dftr. f :. tiie 

The office fears iha* by giving Mmi-tr- for E<-f*nonv.i- Allair 1 


Continued on Bark Fage 
Tv. n options for BP Page T 


T-.ion,-. V.,: a Wiidfmrlcr. Hie changing senum.-ni toW;, r d.j the 
.\Vniy said. T!ie man was carry- dollar being Ihr maml :nHu,y,cr 
:ng .i gun and was mistaken for an exchange markets, .> 

1 icirori'f. The Bn> -<l I’Nirr ^ . 

^lirOpCSri starvf/^ 




Workers, which together control be iQ the business of presiding 
the major bloc votes. over affairs of a country if 

Such a defeat would be the ^ labour movement was com- 
mOot humiliating suffered by Mr. 

Callaghan since he became 
Prime Minister and party leader 


Editorial comment, Page 14 

two and a-half years ago and it Labour and Phase Four, Page 27 

would not augur well for Govern- - 

men t- trade union relations ra ] ttet j t 0 a policy that would 


during the winter and in the reverS e the trend of inflation 
run-up to the next general elec- back to 25 per cent 
ticn. He challenged the 'NEC 

The lengthy and. at times, directly to declare what rate of 
acrimonious bargaining over the j Dflat j on it wanted to see in the 
resolutions to he put to confer- comlnB year ^6. what wage 
encc took place at a meeting of ( eve ic would be necessary to 
ihc- NEC regarded as the most achie v e this 
significant for several years Yj,,, p rime MiD ister insisted 

On the outcome depended not ^at he wanted to avoid confron- 
oniy future relations between tation. but he could not accept 
Government and unions, but the a policy for the Government if 
prospects for Labours retention ^yfd worsen the standard of 
OF power at the next election. Uv , nq oF the British peopie. 

The argument raged princi- dristian Tyler writes: If the 

pally O v er an uncompromising hncHlo inrnmne nnhrv tncrinn- is 


' ’f-n .{ 
li„: i: oiiitm. 


IS 


:nv< : iii jn »:«r 


PdowrMfs queLse 

Tb mi urn? a r.r mourners qu«-ii»d 


criticised 

O EUROPEAN sirfl indu^tr; 


in pr-.i.-m-; ram b, filn n.iu Ihc }l , : hoP(| PnU ,.\^4 1,.- .| api nese 
] 1[ »l*Pv .^na P-iH m . nrj u s - t0C | in ,Ui-:,rv leaders 
.. r. c % Prf*ilici. The B.me .j.-.ihcnnu for rim Ini ernatinn.il 




•' i*1-.rv ««r. vvedn'.-jf- | IYin an d Sice 1 ln<l;UUe annu.il 

fnrii-la*r n, (ar.liiuils nm..?ji n= tll Giloi.-.dn Spring:-. 

fnr rauMn: rn-w instabiliiv m 

^aniiv shot ,rdd,r!: h * : f,,lin ? 

J - - -■ j ■: ; i-a^. anuL into i.vei. mark>-K. Eurnp,i.-in 
T-<? -i<" -uM 

,iy -••;-! ■•, Anih^s 

; 1 ! -r* ;v. jimman up ‘>»j:.lKK» tonne- in August. Back 


- r " a - 1 1 * • * * > ' ■ -i • iimir.'-iN ■ jU 1 1 ■ 1 1 

daurhi -r ,*f r;,e ,a ,n - 3- alone reached 

pud", m Turk?;- i"nnr?i in July and 


. •' . >. ' 


i'ei’.i;; e. 

•■nii«!. 


on G’e 


Fa kc 


battle 

T- 11 •• i.’i<;ei»i':n .-n*! ? /u- pccied 
■nc-.-. : 'vr -;f i > r,-,l Pcicr-de 
u.- '.m ..n-rriil:-, -.p-m,-. 

• .■■...••■lid ip :> '-’dun ;..ir 
- trir^e '.:ere ken to imSMUl. 


O THORN ELECTRIC is in close 
,u refr: ?ior and frecrer Plant 
a< H ;.-Ippp'»; -,ulh a los.- r, F about 
. The factor iv,i« ustah- 
1'ihed only three years ago lo 
-tv; :he export market . 

Bari ?nge 


tiers'? w/Snnor 


jy Pi-.-ott rode .-MI-j-.mI. 

— : r 1 !P :ld by Vinv-rr 

1 iv i.;i\ :■ sticvcv-r-r c 

• . r 1 .. r ■ p 1 "■■:• Frr-: dr- do 

Tr:' - -:"-? ?. Eu;r.;-,-'- rich- - **!, nrir-e v, ^nl op by fi.fi per era; 
r •_ ;. ir- jin/e Fage 1 

•jor’lt il-tO.COO. Dcaiinic Wi^oii. 

P.--V 12 


G VS f’ONS V MPT! ON uf fuel 
ml ro -i; by r- ? a r! 3 nor cent in 
it'--; fir=f six r.icf’l'u of this year 
a'-c-rd.'-.; to ih-; Instluae or 
P,':iY.|..-ri.n. In.- in a ml For peiro- 

'tin !.--n<1i;ct. . 1 , a whole rose 
2 1 r-r c-'ni. -.•hi ,c ' rro'or ->p iri 1 


Kfti'p OV ro S5^71S 


0 A DLfirJiAFffv in one r,r the 
\ 011 h Se.i oil pipeline* -a nth 
Vifeaicm-d ■'lMlbcr delay* m pro- 
duc'ion mulri up rhrc-u'jh -he 
Champion Anai*'|;- barpov re- SuJom V-»e lerminal has uren 
sicpc'j liic J.;ih com-- of ihc clc.ircr! n\cr ihe weekend. -a*!ipti 
V/ o r id lPcn- '..himpi'yiship. ericineors For 'he E*.*n/Saeii 
?l'-.— ir; eh.iUenccr * i'-:ior partnership discovered an 
Korchnoi to score bis t.nnl win nn-lrurtion 50 miles fmni the 

r ; _-.:nst Karpov'*- five. *!iore. 


Brssfly - - - 


O ARAB invesimcnl hank. Ihe 
, . . . . . Kanq:ie \rabe rt iniern-iiionn'e 

le a «i S« P^-Pb? « ' drowned d’lnve Ul ^r. m eni. is to uke a in 
,'!■-: r ; " h-?! r »!:■ -kidded off a p r j- ,-en; euui'y s*?ke m the 
r.f.'d near C-A-.-uiio in;o deep 1 ■ • rm rh**iwenl< -rn&ra^e 

v.aiers. J-’lood deaths. Moor edison. Back Pa^c 

' >a ~ r - O AL'FAV ^.-nprMi secretary his 

.»!!■ ze,] uppmc of the home niUcked iiy,-. siritmv 'ooimaker* 
t--|eph',re of tor Economist at S>1‘ I-’uel Sysiems fo.- 
ed.ior ’li- ire.- Knighr last " r<. heliiou* indiscipline" Mr. 

-.as ihe re mit of ;* cro.sed John Bo; d has ur^ed lb-** lim 
line .lien and .Haifvr-, Pa^e It striker- he penalised for srnorms 
1 v f5"!M»n Fr<: :nu:m Bond a 1,n,fn directive I,-, r-jiurn 


Pr-vc 


_.-v > 


w;;ir,«*r Jive- in Hi: 1 !, 
■.-ii’.vn: number was 
o<i7o I". 


•ork. Pa u ,- 6 


rcj.-'nc : ark we-e 1 brown open 
in O- ouhl-e dJin. i c-»lehr»i<*d 
ms ?^sb -.nm-.-rrsary of *".nni- 
m-jnrt ruie. 


o ro-ilpeRATIVE si,, re «nV.« 
ro-v hy it.2 per cent las' e.ir 
10 E-fHhn acfirriinc lo ftcii r es 
••■iHi.Ped Kv the reris'rar of 
Kricndl- Societies. Trading 
-::-mps and dividends ac-.ioumed 
for -nly £2"r- — 1.3 ne r c .,n> -.f 


Vrplrilei|uist E ri ;ar Bergen died -ales, .•.vumrt 1.4S per cent in 
:n La; rlh v.-.,s 75. HVTrt. Pag,- 4 


CONTENTS OF TODAY'S ISSUE 


r:*vs> news 

\»ur.’r! Trade news ... 
Home n-'W* — General 
— labour 

Technical pige 

3 :.Ti;is-Tncni pa?-? ... 


. 2 
3 
4.5 


S 

ir> 


\ris naao 

Leader pajie 

UK Lomnanics 

International mm panics 
Foreign Gxclianties 
Minina Noichook 


ir. 

14 

-R 

29 

2 !* 

29 


*»Vhr»- tra,«e 

ii'eT- i" Japan 

Fha f Four pay polir; : 

The Jin-. ®rnrienl*s prah'enjs 7 
t”pf!> i - 7 JlSP courts ! 


FEATURES 

China 


11 


\sr! riik era! 

Bra/d 

FT SUEVEYS 

Rritish (~ntiinihi., 
rhijinpir.es . .. 


icar^h in 




m-r.-i 
1 5-25 


-i ilt'.-t 

p...«le»..--, j.--« D : a»y 
Zr I-.:. *.'H 

5«-?f!r rrt ''. CuuIp 
r ns',.-.- Ii.jr. 
"■jnst" 


l.r» 

tvnhaiil 

Mrs aiH M.,|;»rs 

ssare rn'nrm,i .nn 




■*-1 


12 


VZ-a’I-rr 

V'»W 6'."" 1—1 

S.i|f Lcrrfi-ro P.f.i'y 




C*e-nr- 
TV P.Aifio 

O’ll T rtl-,'4 


ANIIU.'.L STAT-iM'-nT 
J. ana 3 l -f» i 

IMTEPIM 5T17SMfS|T 
Unnn lf»«g LanK Jf 


’ jcs.’- 
SUBSTANTIAL intervention 


iCIL Ocl. 1. 


on chant.' rue •••ell .1 e ihc 1 on---*vr.c ja S'viixerlaud and 
ihi. currency markc: vnd 'he c-'tiiim^s i-;-.ol aeliic.r-d a; the --.'.lid al Srt co-ftperate 'n any 
proniniinn of Swi-s franc 'o-^ns end 0 ' lfl >l veek. the .- -.ienies to finr.nce additicmal 

m f'-rci-jn bo: r.»w.-rji t ue Lh.; v^iton.-l Bun!:. S'-'w* *•>» *arlwr . vi maieml imports or tbe 
major |i>-nv:sii-.r,s m new miovc-. u hi'd 'c-nched an all-umc low of expansion t'f strategic resor\-es 
10 hpn-.* di.-n ih« SvJi 4 frcr.c 72 5 centime*- \part from these measures lo 



exchon m rat* Forctcn lendina rcrulations encourage commeri’.i! sales nf 

Announcing the nna'-urcs v ill Ve relaxed vith forei-jn Sv.iss rranc*-. the juthoritie* ire 
todn- Ihi- Swiss N.-|!ion:,i Park borrov in future bavins to to adhere m their pr.-sent low- 


;o nreanise a campaign against 
conlrul of wages. 


Continued on Badi Page 


Ford imports ‘blockaded’ 


BY NICK GARNETT. LABOUR STAFF 


said :he prir.'i.iry aim w:.s to convert uni* »mv-half -f Swiss interc-,1 policy. Since high 


A GO:,? PLETE blockade of 

effect .* ' :: r«f»d and iastitie fninc pnMdi 'Inin "dol-arj with market liquidity is seen as a I ^ HHmin 
weakening ,r the nl.inly ■•v-r- Ihe Nuimnal Bank, ir-te-'d of pre-reqmsHc for a contnuav.nr | ' n '° _ hon stewarfi 
vaUi'-d Si'i<* Franc.” the whole sum. as at pr-.-som. rf ihe current F.illin* interest j up. senior union an op siewara 

Naiiont'i Bank ; nrc^a^s "f The : maminy 5n pe- cent may trend, the National Bank says’ 


dollars and othor currenese 5 ,11 v ho -ixciiansed on ih-; free ni.tr- it will nrj* redut-e liquidity hut! 
to be “vi’-.rously -or.:ina-1 :*rd. «<«: with' Smiss commercia! if n?ee--ary further in crea"' 


a 1 the company claimed yester- 
day. 


Ford imports up to a third 
of the cars it sells in Britain, 
including all .Caprls and 
Granadas and a percentage of 
Cortinas and Fiestas. 


if no- inere*.:ed.’ - He 1 - bank*. T'he Nuionai Bank is dkcu*s-; 

to ooui.' from other centra’ N -n-re*,;!tnt I.T-o-Jor* wii* hr ir-: the extension of exchareo-. 
banks. a= lenv their r--.n ; *1 p -•j*;crihe yn 11 50 per rate guar?.n:«e-«_wiJh ihy S wNs : 


Union officials said dockers at 
Hull and Harwich. Ihe l»o 
priiu ,: pal mlry-poinls for Ford 
were now refusing lo 
nllhoufih 
be 



In an attempt to tighten the 
grip on imports. Transport and 
General Workers' Union com 
venors said, the International 
Metalworkers Federation would 
be instructing .European onions 
with members on the docks not 
In handle Ford cars destined 
For Britain. 


London 

docks 

outline 

deal 


BY IAN HARGREAVES 


THE PORT OF LONDON 
Authority and leaders of dock 
workers’ unions have reached 
outline agreement on reducing 
the number of jobs at tbe port s 
Upper Docks by 1,400 In tbe next 
year. This would reduce tbe 
labour force by over a quarter. 

Tbe agreement was reached 
late on Friday after several 
weeks of negotiation between a 
joint PLA-union committee. 

Although it is regarded by 
botb sides as a significant step 
forward, a number of hurdles 
remain before a fully-costed de- 
tnanning plan can be made. This 
plan must be with the Govern- 
ment by the end of this month 
to release a £35m grant designed 
to secure the future of the port- 


Reaction 


The first problem could be tbe 
reaction of rank-and-file dockers 
when the nine-man committee 
reports to a wider representation 
of dock workers' representative-?, 
probably later this week 

The second is the fact that 
white-collar workers in the port, 
represented by the National and 
Local Government Officers' Asso- 
ciation. have not so far joined 
the manual workers’ unions in 
tbe understanding arrived at 
last week. 

Though the number nf white- 
collar workers involved in the 
job reductions would be rela- 
tively small, there is Hub' chance 
of othe r unions agreeing f*> 
sacrifice? which are not equally 
shared. There is a I ready *omff 
resentment at the- position of 
office staff, who stand to gain 
better severance terms f rf r 
redundancy because of th^ir 
position in the pension scheme. 

Under UTe terms of the agree- 
ment reached so far, the 1 .400 
reduction would he achieved hy 
volantary redundancy, a i thou ah 
it is nnt vet cleat on what finan 
rial terms the redundanciei 
would. -fake niece. 

Tbe Government was advised 
by a Price Waterhouse report 
on the port earlier this summer 
that it would he accessary to 
raise the existins payments Read- 
able to buy men out 


Target 


Price Waterhouse ■'aid that 
2 50!) jobs were surplus to needs 
at the pnrt. even with retention 
of the Royal Group of docks, 
which the PL A has been for- 
hidden to close hy the Govern- 
ment. 

The PLAV nwn jnh reduction 
target is 2.050. still regarded as 
a feasible one. hetween’ now and 
1053. The Anthony wants the 
Government to seed nut the srr.int 
in tranches payable only as 
>p«?cific manning targets are 
achieved. 


Fee! tktiteem 


a> 

BY STZWAP.T FLEMING 


THE Federal Re-ervo Be?ri !Ja~y money market economists In mine economists. e-e<. how- 
appear- 10 :i:hi-rvn: i-;-: . *zl; Li'-re ■- ic.-'.p'-: evidenc? e-e- :h-' '-chrucahtic* sy-rwn-'-l 

eo^,(s;ir ,-5 y-n.n ! r* :h* ”.S. :i i - "r.c money -unoly of -oe int the Ked’s mnneiarv p-i.ic*- aro 
spue nf -row m2 7-ot-:*c*. , l concern '•■ r cv mor.ih* and ihv cm- no-- likely to he affeejed hy u : 
j -1 i; -i ; # r,". 1 *J re'^irf*?-’ r«r *.he economy, fmfl in t rj>- political environ i 

1 ir, Fnri.i-- :.fierrsi-! r.. i't if,? : "■ ju-u-y *■ .Jeri*ior, -.[.e »i.-d tr.er.t. i 

•econd 1 "'t*'- • *-*'-•* ’p "■/ r -vast an r eon L j. j s a?5U ftied that The c^ntralj 

O' 0 *rj| F-r-r* • »iK.v.«rt lei- r:. ;e"J-:-r?. fi nds rale. hip;-- will he cautious ahoui ou : -i 

— rc’-erve* h.vu:-: --rd 10 Ms. .Van LeTer. senior \:ce- ^jn- furiher upward prescure in; 
♦.-ach other — ir«ide r. -? j ■•>-.■■, -p* .,f iri-oq market -at-,* [n ihe ws>ke of rlear war.i-i 

- ;r r, B-jp'- ep* Tr:»-t. ints from president Carter ih ' 
■•.ram nip. ;hi*. h>' h-dsfv.-s ihat intercsi rates i 
'-.tir- j.-:-’- r:*- or s-snow m The have moved hi sb cni-ugh. 

';-,-.-a r, .:re m" the iu-iri--;- -'■-irp!.'. 

*. - 1 •- , v >■ 

q 1 Dr **ii- Hf'CWl* r. r.'hf *apa}:« 

nv".'-i:rv r-.-'it a: a rale 

,j .S per c^-pj ;.nd in.- .-ivnr.mh 

— -v- o- - a n i.- more than 10 per 


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additional rv-i.r-.c-.-. 

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'■■een a.*uni<.d ir tv rn-'- r '.;- "'Tor- 
ket- rhai ?h*' i'-d -v.,* 
an .1 v*-.-.-* ;••• Fed-'rai Utpri - ;.rr'! 
of 5; |.er Vo ,p_. 
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■.-...-j-niD?* with the argument «h»s , 
ihe Admin: sir?: bin's fiscal policy' 
and it' efforts in cut liie federc* | 
ft-.ide-.-t. would take some 0 : «h'.-i 
rre'-Mire off ihe ccniral hank 
in ihe Split ae. 2 inst intiation. ! 


v.eh in** AlmiPistraliar. ex-j 
p,'.-:*d 1 o r»v?.v a new. and. i' j 
•od mronsif;. 53 ; ■«. tnnpher an: i-mHalion policy : 

r = m ! "n ■; (none- ;n p.-xi few weeks, it i c l 


'.■fnir-*'; Hi pt- h«d d:f r i‘. ulr> t 
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— 'he k'.v *hnr:-t' -m in?-?"?.** “I'-r 
fo - 'he cen'ra! hsr.-'s ntoneTar." 
po : ie;- . 


!^rr‘*-i:. 1 .s *.-*n'-;- concern erviod lint the centra! hankj 
:n?- ,l "-- on, no; -sii;-p!;. — mi; ne reiuclani to put Further 
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£ 150,000 more aid for 


IT— c- D -p 

Mjrkoy 


SY MICHAEL CASSELL 


THE GOVERNMENT * .5- “ - -.- : de op'-a-l-T. -invl 'he weyi-.-s 
dy pi ri^n.nnn -n «ao^:----rrr. i.u p»r-;.’* r-.-r-'-r- j-.aiiaeie. 
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Til.-- fl.'r>.ir : T‘ , n: r, f ‘ r ‘ r ' .- roiil 111 per cent nf the UK 

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of tip *0 iiSo.nAd -.■■rijid Sir Tr-.d" re mend qp-. plan* inrbid.n; rims’ -a quid lead in a msh o 
v, keep the co-e?erai*vf? chit.-". re- m ihc co-opor.juvr'f imports. 


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Financial Times Monday October 2 197S 



More flood 
deaths in 
West Bengal 

BY K. K. SHARMA 

NEW DELHI. OcL I 
AS THE death toll in Boods in 
the state of West Bengal topped 
156. a Government spokesman 
said in Calcutta today that flood 
levels show “ little sign of 
relenting." The situation In the 
12 districts affected has 
deteriorated and reports of large- 
scale damage to factories, rail- 
ways, roads, houses and crops are 
coming in. 

The West Bengal Chief 
Minister, Mr Jyoti Basu, told 
reporters: “The casualty list is 
still incomplete. We fear many 
more have died but full informa- 
tion is yet to reach us because of 
communication difficulties." He 
has cancelled a public hollday 
tomorrow to enable relief work 
to continue. 

The state government has 
three major problems to tackle: 
disruption of road communica- 
tions between waterlogged 
Calcutta and the flooded districts. 
Shortage of rice and an in- 
adequate number of boats to 
carry out rescue operations. The 
Army Is conducting its relief 
work en a war footing and the 
AiF Force is dropping food and 
raedlcktes round the clock. 

The extent of the disaster will 
he known only when reports 
come in from the affected 
districts but the damace is 
colossal and will inevitably 
affect the West Bengal economv. 
which has already been hit h'v 
power cuts and shortage of 
resources. In Calcutta alone, at 
least lm people are said to be 
homeless. 


Strikes hit Iran’s public sector ! Ra j i hn ? n 


BY ANDREW WHITLEY 

A RASH OF STRIKES has spread 
across Iran’s public sector, in 
support of wage demands. The 
most serious began today when 
staff of Bank Melli. the state- 
owned banking giant, with 1.SOG 
branches, walked out. 

Bank Melli acts as the Govern- 
ment's receiving and disbursing 
agency for all official salaries, 
payments and utilises. Observers 
believe that the strike could 
soon cause considerable difficulty. 
Bank Melli has over a third of 
the banking system’s total de- 
posits. and in recent weeks has 
been helping banks with liquidity 
problems. 

Public-sector employees in 
Iran have been much worse paid 
than their private counterparts, 
and the political opening up of 


recent months lias given them 
a chance to press their case. 
The strikes have no political 
implications except as a reflection 
of the depth of discontent in 
one of the few remaining sections 
oE society that the Shah can 
rely on. 

The Bank Melli strike is 
understood to have been pro- 
voked by a substantial wage rise 
awarded to the Central Bank of 
Iran, Bank Markazi, staff 10 days 
ago. The centra] bank had 
sought to restore a traditional 
differential it held over other 
hanks, and at the lower end of 
the pay scale wage awards up to 
50 per cent are understood to 
have been made. 

Meanwhile employees of the 
Telecommunications Company of 


Iran hc^an a strike yesterday. 
Maintenance work on telex and 
telephone lines was affected first. 

In Khuzestan province, where 
Iran's main oilfields are. a week’s 
strike by several thousand daily 
paid workers is thought to be 
continuing. 

Iran today underwent its first 
political general strike since the 
imposition of martial law three 
weeks ago. The strike which 
was largely successful in clos- 
ing shops and bazaars in Tehran 
and eight provincial cities was 
called by opposition groups to 
protest against the alleged bouse 
arrest in Iraq of the exiled 
religious leader Ayatullas Kho- 
meini. 


TEHRAN. Oct 1, | 

The National Front the main 
political opposition, said the 

strike bad closed shops in much 
of the capital, and in the cities 
of Kerxnanshah, Qazvin, Yazd, 
Masbad, Shiraz, Tabriz and Qom. 

Only minor disturbances were 
reported,, except in Masbad, in 
the north-east, where a police 
colonel and his driver were 
killed in a terrorist attack. 

Renters adds from Tehran: 
The Government today offered 
an amnesty to militants among 
the 50,000 Iranian students 
living abroad. The offer said 
that the students would not be 
prosecuted when they came home i 
if they respected the constitution! 
and the “independence terri- 
torial integrity and freedom of 
Iran." 


Bitter mood as French Assembly resumes 


BY DAVID CURRY 

FRANCE'S National Assembly 
Starts its autumn session to- 
morrow with its 491 members in 
a surly but helpless mood. 

The Government side, on edge 
because of by-elcction defeats, 
knows it has do hope of persuad- 
ing M. Raymond Barre. the 
Prime Minister, to soften either 
his image or bis economic 
strategy. 

The Socialists and Com- 
munists. still blaming each other 
for their election defeat, know 
that the forthcoming Socialist 
censure motion on economic 
strategy has no hope of being 
passed. 

The most hittPr arc the 


Gaulljsts. For the first time at 
their pre-parliamentary meeting 
they were posing openly the 
question of their continued mem- 
bership of the Government 
coalition. M. Jacques Chirac, 
party leader, and M. Michel 
Debre. former Prime Minister, 
have accused the Government of 
following the wrong path, since 
the election and of betraying the 
conservative electorate. Their 
protest is weakened by their 
failure to agree on whether the 
country needs a more rigorous 
economic strategy to curb in- 
flation nr immediate reflation to 
lackJe unemployment. 

President Ci«card d'E«talnc has 


seized the occasion ef the 
twentieth anniversary of the 
drawing up the constitution of 
the Fifth Republic to emphasise 
that if he faces a parliamentary 
revolt he will dissolve Parlia- 
ment A new election would 
almost certainly lead to left-wing 
gains. 

The mood is scarcely cheerful 
on the left The Socialists, des- 
pite being the dear winners of 
recent by-elections, know that 

their leadership is perilously 
close to an open dispute between 
M. Francois Mitterrand, who 
broadly represents the strategy 
of the left as a whole, and M. 


PARIS. Oct L 

Michel Rocard, the closest thing 
to an heir-apparent M. Rocard 
has been talking increasingly 
about a separate Socialist 
strategy. 

The Communists, who appear 
to have contained post-election 
dissidence in their ranks have 
fared dismally in the by-elec- 
tions. They are doubtless waiting 
to see which way the Socialists 
jump before deciding whether to 
press ahead with their current 
strategy of appealing to the 
“workers" and the “poor" or 
w r hether to try to appeal to a 
broader spectrum to take 
advantage of any Socialist drift 
towards the centre. 


go back 

in the U.S. 

By David Lascelles 

N EW YORK. Oct. I. . 
THE THREAT of serious dis- 
location to the U.S. economy 
was averted this weekend when 
striking railway workers 
obeyed a court order to return 
to work, pending the outcome 
of an Investigation ordered by 
President Carter. 

Trains were reported to be 
rolling again in most parts of 
the country today, though rail- 
way officials said that it would 
be several days before normal 
service was restored through- 
out the strike-hit areas, which 

comprise most of the country 
except (be north east. 

The strike was sparked off 
last week by a dispute between 
Norfolk and Western Railway, 
an important carrier in the 
centre of the country, and the 
Brotherhood of Railway and 
Airline Clerks over plans to 
automate the railway's opera- 
tions. Workers at other rati-' 
ways soon came ont in 
sympathy, mainly because 
Norfolk and Western was 
receiving 8800,000 a day from 
other railway companies under 
a mutual aid agreement. 

On Thursday, President 
Carter appointed an emergency 
board to investigate the dis- 
pute. and on Friday, night a 
federal judge signed a tem- 
porary restraining order com- 
pelling strikers to return to 
work lor a 60-day cooling-off 
period. Although there was 
Initially some donbt about 
how the onions would react to 
these moves; it was clear by 
Saturday tbaf they would 
comply. 





EESSEE.^ 




Arab Latin American Bank 


Anewconcept in international banldng 
links development in two world regions. 


Arlabank, an international commercial, investment and 
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with its substantial capital resources. 

The shareholders are drawn from the leading Arab and 
Latin American financial institutions representing eighteen 
countries.The participation in Arlabank of these 
distinguished bodies is evidence of strong and enthusiastic 
private and government support. 

The new concept is seen as bridging the two world 
regions, with a view to forging important links between their 
respective economies to the benefit of both. 

As the first multinational bank to be set up in Latin 
America Arlabanks international banking activities are not 
subject to government controls and restrictions there: and as 
an offshore bank and a US dollar institution it will remain 
unaffected by local currency fluctuations; Nevertheless, in 
keeping with our role as a significant arm of progress we 
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as strict as any in the worlds 
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banking practices are the well-proven 
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Shareholders 

ABU-DHABt INVESTMENT AUTHORITY; 
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ARAB INTERNATIONAL BANK. CAIRO, EGYPT 
BANCO ARABE ESPANOL S.A.. MADRID, SPAIN 
BANCO DE BOGOTA S.A- BOGOTA, COLUMBIA 
BANCO DO BRASIL S.A., RIO DE JANEIRO, BRASIL 
BANCO CAFETERO. BOGOTA, COLUMBIA 
BANCO DE CHILE. SANTIAGO. CHILE 
BANCO DE COLOMBIA S.A„ BOGOTA. COLUMBIA 
BANCO DE CREDTTO DEL PERU, LIMA, PERU 
BANCO DEL ESTADO.LA PAZ. BOLIVIA 
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FLNANCIERA NACIONAL QUITO, ECUADOR 
CORPORACION FTNANC1ERA COLOMBIANA, 
BOGOTA. COLUMBIA 

CORPOR ACION DE FOMENTO DE LA PRODUCTION, 
SANTIAGO, CHILE 

EUROPEAN ARAB BANK. BRUSSELS. BELGIUM 

INSTITUTE DE DEVELOPPEMENT AGRICOLE 
ET INDUSTRIE L. PORT-AU-PRINCE. HAITI 

KUWAIT FOREIGN TRADING CONTRACTING . 

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Washington is likely 
venue for Israeli, 
Egyptian peace talks 


ARLABANK 

Subscribed capita! S100 million. Paid up capital S50 million. 

Arab Latin American Bank. ARLABANK Juan de Arena SAL San Isidro. P.O. Bos UYT0. Lima 1. Peru. 
Telephone: Lima 413150. Te i cx: L : 136PE .ARLABANK 


BY L DANIEL 

THE . ISRAELI Government has 
apparently agreed that the nego- 
tiations on the details of the 
Egyptian-lsraeli peace treaty will 
be held in Washington. They 
will start immediately after Yom 
Rippur. that is after October II. 
The proposal to hold the talks in 
Washington was put forward by 
Mr. Alfred Atherton, the L\S. 
Envoy in talks here. 

Mr. Menabem "Begin, the 
Israeli Prime Minister, is likely 
to present the U.S. proposal for 
approval to the cabinet at its 
next session after the Jewish new 
year holiday. which . starts 
tonieht. The Israeli delegation 
to the peace talks will be beaded 
by Foreign Minister Moshe 
Davan. 

' Meanwhile Mr. Begin warned 
that if the autonomous Adminis- 
trative Council, which is to be set 
□p in the West Bank and Gaza, 
were to decide to establish an 
independent Palestinian state, 
Israel would consider this illegal 
and a breach of the agreement 
hammered out at Camp David. 
Expressing this view in an inter- 
view with the afternoon paper 
Ma'Ariv, he added that Israel 
would not stand by idle in such 
a case. 

Mr. Begin returned home today 
for several days* rest after 
entering hospital on Friday at 
his own request Tests indicated 
that his health was reasonable 
and that he was suffering from 
fatigue and not from any 
recurrence of his heart ailment 

Roger Matthews in Cairo 
writes: While some tough bar- 
gaining lies ahead, the three- 
month deadline for the signing 
of a treaty with Israel, is still 
believed here to be realistic. 

The Egyptian negotiating team, 
which will probably be led by 
Deputy Premier and War 
Minister General Mohammed 
Gamassy, Is particularly anxious 
to secure an exact timetable for 
each stage of the Israeli with- 


JERUSALEM, OcL L 

draws! from occupied Sinai to 
prevent any subsequent haggling. 

There is far less optimism on 
the question of the broader 
framework for Middle East peace 
agreed at Camp David. Egyptian 
officia is believe it vital that 
further progress should quickly 
be made on the Palestinian Issue, 
in particular on persuading 
Israelis to accept the freezing 
of any further West Bank settle- 
ments during the next five years. 

President Sadat meanwhile 
put the final touches to a major 
speech that he will deliver to- 
morrow on the outcome of the 
Camp David talks and on his 
plans for restructuring the 
Government. 

Reuter adds from Bahrain: 
King Hussein of Jordan toured 
Golf states today seeking support 
of moderate Arab Governments 
for a common stand on tbe Camp 
David agreements. He arrisert 
in Bahrain from— Kuwait today- 
after visiting Saudi Arabia yes- 
terday. 

Jordanian officials said that 
the King told Saudi Arabia’s 
Crown Prince Fahd during t3lks 
in Jeddah last night that Jordan 
could not be expected to com- 
mit itself to terms agreed in tbe 
Camp David accords to which it 
was not a party. He would tell 
other -Gulf leaders the same, the 
officials said. 

David Salter reports from 
Moscow: President Hafez Al- 
Assad of Syria is to visit the 
Soviet Union. The Tass news 
agency, which announced the 
visit today, gave no precise dates. 
It said the visit, the second by 
the Syrian leader to Moscow this 
year, would be early this month. 

Leslie Colitt in Berlin adds: 
Syria's President Assad today 
began an official visit to East 
Germany, the first to a Com- 
munist country after tbe anti- 
Sadat meeting in Damascus 
pledged closer links with the 
Soviet Union and its allies. 


Beirut ceasefire collapses 


HEAVY GUNFIRE wrecked a 
fragile ceasefire in Beirut today 
as a defiant right-wing leader 
vowed that his militiamen would 
continue fighting until they had 
forced the last Syrian soldier out 
of Lebanon. / 

Sporadic mArtar and automatic 
weapons fire gained in intensity 
shortly af/er President Elias 
Sarkis had held urgent talks 
aimed at prolonging the uneasy 
truce which ended 10 hours of 
fighting Li the Christian east of 
tho cit. .isterday. 

Lucal fadio and newspaper 
reports estimated that at least 


BEIRUT. Oct. 1. 
250 people were killed, or woun- 
ded in yesterday's clashes. 

Residents said the ceasefire 
collapsed (his ' afternoon when 
shells began slamming into three 
Christian districts. 

The fighting is the latest 
round in a savage war of attri- 
tion between tbe Christian 
militia and Syrian troops 
attached to the Arab force. The 
senior Christian leader, Mr. 
Camille Chamonn said the 
destruction would not deter his 
men from fighting until the end. 
Reuter 


Fatah attempts Eilat raid 


ISRAEL'S NAVY has captured 
seven Palestinian guerrillas who 
were sailing to attack the port 
of Eilat, the Defence Ministry in 
Tel Aviv announced today. 

An official said tbe guerrillas 
had planned to bombard Eilat 
with rockets before escaping to 
the Jordanian port of Aqaba.. 

A small craft carrying the 
guerrillas was seen by an Israeli' 
patrol vessel just south of Dahab 
at the southern end of the Gulf 
of Aqaba. The Palestinians 
ignored warning shots and tried 
to sail .off. The Israelis then 
fired at the guerrilla craft and 
sank it. 

The guerrillas, three of whom 
were wounded, sun-ended. Under 
interrogation, they said they 
belonged to El Fatah. 

Mr. Yassir Arafat, the El Fatah 
leader, threatened to unleash 


TEL AVIV, Oct. I. 

new attacks after the Egyptian- 
lsraeli agreements at Camp 
David. 

In Jerusalem a bomb exploded 
in the centre of the city as 
Israelis celebrated the Jewish 
New Year's Eve. Police said no- 
body was hurt but several build- 
ings were damaged. Security 
forces cordened of the area and 
arrested several dozen people for 
questioning. 

In Beirut: The Palestinian 
news agency WAFA said com- 
mandos had inflicted heavy 
casualties on Israeli targets south 
of Eilat and had destroyed or 
damaged several Israeli vessels 
berthed in the port. The agency 
said two guerrillas were killed 
and seven captured during the 
operation which took place yes- 
terday. 

Reuter 


Refusals anger Rhodesia 


BY TONY HAWKINS 

RHODESLAN TRANSITIONAL 
government leaders reacted 
angrily today to the US decision 
to refuse entry visas to Mr. Ian 
Smith and Chief Jeremiah 
Chirau. All four leaders of the 
transitional government — Mr. 
Smith, the Chief, . Bishop 
Mazorewa and tbe Rev. Sithole 
— had been invited to make a 
public relations tour of the U.S. 
by 27 conservative American 
senators, but at the . weekend 
Rhodes an officials were told that 
Whitehall bad refused Mr. Smith 
a Heathrow transit visa and that 
the UR. State Department had 
refused visas to two of tbe four 
members of the Executive 
Council. 

Kir. Sifltoie said the U.S. only 
wanted to hear one side of the 
story — Chat of tbe Patriotic 
Front, whose leaders had been 
allowed in. . 

Tbe decision to ban Chief 
Chirau is particularly ironic 
since on Saturday be became tbe 
sole member of tbe four-man 
executive to welcome and sup- 


SALISBURY, Oct. 1 

port tbe Anelo-American call for 
an all-party conference on 
Rhodesia. 

Chief Chiran said: “The 
United States is doing nothing to 
help the people of my country. 
All they want to do is tn help 
the other side — lu help the 
Communists." 

Meanwhile casualty figures in 
official communiques show that 
September was the bloodiest 
month of the 5J-year-old guer- 
rilla war to date. A total of 
791 people died in the fighting 
last month — the previous worst 
having been in July wheo there 
were some 525 casualties. 

In London: Officials said it had 
been pointed out to Salisbury 
that Mr. Smith would make him- 
self liable for prosecution if he 
landed in Britain. 

• Sir Roy Welensky, 71. former 
Prime Minister of the Federation 
of Rhodesia and Nyasaland, has 
entered hospital for observation. 
His daughter said his admission 
to hospital was not related to bis 
known heart condition. 


Botha silent on Namibia 


BY QUENTIN PEEL 


SOUTH AFRICA has yet tn give 
a formal response to the United 
a formal response to the Security 
Council resolution calling on it 
to co-operate with the UN in 
implementing its plan for a 
cease-fire and free elections in 
Namibia. 

Mr. P. W- Botha, the new Prime 
Minister, and Mr. Pik Botha, his 
Foreign Minister, met in Pre- 
toria yesterday to discuss the 
issue. 

On his arrival earlier in the 
state capital' for the first time as- 
Prirae Minister, Mr. P. W. Botha 
said. “We do not' want to chal- 
lenge the world. We want to co- 
operate with the free world." 

In London: Dr. David Owen, 


JOHANNESBURG. Oct L 
the British Foreign Secretary, 
said that the October 23 deadline 
which was set for South African 
compliance with the UN propo- 
sals on Namibia could perhaps 
be put off If there were any 
serious possibility of achieving 
a negotiated settlement. 

Interviewed on London Week- 
end Television. Dr. Owen said it 
would he right for Britain to 
use a veto In the Security Coun- 
cil to get. the deadline extended 
if there, was a real chance of a 
peaceful settlement 


m*MM. Timu putlHhM lUilb ucep Sun- 
dan anfi Uidan U S subunpunm ai 
lair rrciEhK 5W.M iatr roailt per soman. 
Second cbm ponasc mid « stem vode. N.Y. 








companies’ 
U;S. drive 


Volvo to spend up to £348m p reece 

4 buv tanks 

on development of tracks from uk 


MEXICAN TRADE 


Balancing act for Britain 


BY WILLIAM CHISLETT IN MEXICO CITY 


By tUy Dafter 


BY KENNETH GOODING 


■■ BOSTON Oct 1. . 

XJK MANUFACTURERS ^ '.of off- Volvo of Sweden is to spend other countries, including the 
peak storage cheating systems between Kr._ 2,500bn and UK aad another is being buift in 
and related equipment who have Kr 3,000bn (£290m to £348mj to Brazil. 

seen the UK. martcet- contracting further develop its range <f The group made 25,000 trucks 
over the past' .five years are trucks, .an illustration of the last year and the division 
making an early bid to .break erapbaeis the group now puts on accounted for around one 
into the U.S/' ' ' commercial vehicle manufaclur- quarter of Volvo's turnover of 

The UK topanies which are “S' Krifibn t£l£bn>. Mr Langcnius 

now eompTdttog. a trade mission Mr. Sten Langenius, chief output in 1978 to reach 

to the U^;. and Canada have executive of the trucks division . . . . . . . . 

been quicfc.'to spot a new direc- gave this estimate when ihtroduc- ** neing DoMtcd by me 

tion in |Tor£h American energy ing two new midrange Volvo J^ co °t deal with the FreighUiner 
policies /Load management in trucks launched today. They [„- rpo ” Uon JJ}® DS : J " V ° 1 1J V ‘ 
electric#*?- generation is being represent the final links in the pk ?f n Iff TJ s nB anri f ran?da° 
recognised increasingly as an previous commercial vehicle pro- 
important contributor to energy gramme which cost Kr lbn T™? 

conation: The gradual move (£116m). It means- that all ihe ^ J Fn , ,V0 and ^^ D ^ n ?i 
to*, a greater, proportion, ol .current Volvo trucks have been p sa ' cs SnraL 
nuclear , power generation, with on the market less, than five g^me 7M vehSs a^beinR 

itf restricted flexibility In output, years. . 8 hip£S ^ sSteSTibk w In 

means that the U,S. ma> well Volvo took a decision in 1969 preparation for the new venture 
% e to encourage householders to invest heavily in its trucks which is to he launched in 
aUQ utility buyers to buy more business to provide some halance January next year 
of their electricity in the off- to car manufacturing. Now the By the early IRSOs Volvo 
peak period. group employs In ore than 10,000 should bi> selling 3,000 trucks a 

tnewti-aged by U.S. energy people i D the' trucks division, year in the U:S. and Canada. The 
authorities, over 2Q states have mainlv in Sweden although there total North American market for 
now introduced some form of off- ^ assembly facilities in seven the 13 to 17 tonne sector Volvo 

peak or “time of day ’ charge ; 

for electricity. 

Thitr.is- where^the trade mis- SHIPPING REPORT 
sion comes in. The U.S. has very 

little experience of the storage rr i . • 

isra ȣ&. ss Tanker rates up again 

□olbgy." said .Mr. John Platts, fbe 

Electricity ouocil's energy sales BY OUR SHIPPING CORRESPONDENT 
manager and mission leader. 

The mission has been OIL TANKER, rates m the Gulf last week most were still hola- 
orgabised by the British Elec- continued to rise last week, i Dg 0 ut ror.flrra charters before 
triral ancT Allied Manufacturers further increasing the lerapta- moving their vessels, 
in conjunction with the Elec- l, on for owners of the bigger , tht 0 r larne-scale 

triritv Council. Companies in- crude carriers to reactivate laid- ln toe absence of large scale 
volved are: Erskine Westayr “P ships land so destroy the re-activauon owners continue to 
GEC Measurements, Heatrae- market’s momentum. do well and- the going rate tor 

Sadia, Horstmann Gear Com- Brokers say that a number rf a 220,000 toqner is now well *n 

pany. lilt- Sainton, Pactrol owners have started making excess of world-scale 40- Busi- 
Controls. Radyne, Stored, T.I. preparations to de-mothball Their ness however is strictly limited 
Creda. and Unidare. . ships, althbngh at the end nf f 0 one or voyages only, sup- 

— — ““ | porting ihe Idea that the revival 

has much to do with seasonal 
requirements and fears of a rise 
in the price of crude oiL 

INDUSTRIAL PRODUCTION On the d>y cargo side higher 

1970 = 100 steel production figures in 

% change August gave some encourage- 

Aug.78 July *78 June 78- Aug. 77 on year menr. Inquiries for ore cargoes 

US. 139.9 139.2 138 J) 131.9 +6.1 to the Atlantic is described as 

July 78 - June 78 May 78* July 77 strong, but coal trading has been 

U.K. 1045 W43 . 102.9 . " 1024 +2.1 bit by the P5. rail strikes. 

Japan * 1363 135.7 135.7'-. f.v 1259 +83 In the lime charter section, 

Italy 1275 - 1343 1333 1235 - - +33 Panama* bilkers In the Far East 

Holland 129.0f 1264) 123.0 5 124.0- +40 continue tt attract improved 

W. Germany 106.9f : 1190. 1203 '•’*100.1 +60 rates, but" grain inquiry has 

June 78 May 78 AprflTS June 78 fallen off after difficulties with 

France 1260 1270 1310 5^27.9 -15 the U.S. crop. 

. May 78 April 78 March 78 fijay 77 The tankm* sale and purchase 

Belgium. 119.T. - 1214 1190 1213. —2.1 market .. continues busy, refleet- 

f Provisional i . . ing healthier freight markets. 



EWorld E c.o n o irtic In d i c a t o rs 


INDUSTRIAL . PRODUCTION 
1970 = 100 


U.K. 

Japan * ■ 
Italy 
Holland 
W. Germany 


Belgium 


Aug. 78 
139.9 
July 78 
1046 
1363 
1275 
1290f 
106.9f 
June 78 
1260 
May 78 
119.1 


July 78 
1393 

June’78 

1043 

135.7 

1343 

1260 

1190. 

May 78 
1270 


June 78; 
1380 
May 78*: 
102.9 
135.7- 
1333 * 
1230 
1203 
April 78 
1310 


Aug. 77 
131.9 
July 77 
1024 
1250 
; 1235 - 
$ 1240 
■’* 100.1 
June 78 
1127.9 


on year 

+6.1 


is attacking is around 30,000 
vehicles. 

The American deal will there- 
fore provide a useful boost to 
the growth of Volvo's truck 
division which Mr. Langenius 
expects to he between 5 and S 
per cent a year. 

He said that competition is 
forcing the faster, introduction of 
entirely new commercial 
vehicles. Whereas a iruck range 
previously had a life of ten to 
15 years it had now shrunk to 
seven to ten years. 

The pace at which new trans- 
port regulations were being in- 
troduced would also speed up 
changes. “So we must develop 
new trucks while improving 
existing lines." 

The two new truck ranges 
launched today' are the F7 and 
the F6S. They succeed the best- 
setting FS5 and FS6 trucks — 
41,000 units sold since 3964. 

The new Volvos are designed 
for a wide variety of transport 
work, from waste collection to 
medium -heavy lone distance 
runs. There are three engine 
alternatives, a choice nf cabs and 
a number of different types of 
chassis. 

In the UK. where Volvn has 
sold 22,000 units since it entered 
the market 31 years ago, only the 
F7 will be available. 

• Volvo will manufacture and 
assemble some 1300 vehicles at 
its plant in Irvine, Scotland, in 
1979 compared with the 800 to 
900 this year. The group has 
Invested around £55m at Irvine 
so far, and 350 people are 
employed at the plant. 

The plant is controlled via 
Volvo’s UK wholly-owned sub- 
sidiary, Ailsa Trucks, once 
simply an importer organisation 
and which the Swedish group 
acquired three years ago. 

The name of the company is to 
be changed this month to Volvo 
Trucks. Apart from assembly 
or trucks, the UK offshoot offers 
design and engineering con- 
sultancy to Volvo Gothenburg 
and Ghent in Belgium as well as 
the design and manufacture of 
integral buses. 


By Our Own Correspondent 

ATHENS, Oct 1 
NEGOTIATIONS between the 
Greek Government and Vickers 
for. a package deal tinder which 
Greece would buy British 
tanks and establish a tank 
assembly and repair plant are 
progressing satisfactorily, a 
spokesman for the British 
company said here. 

Vickers is among 66 British 
companies exhibiting a wide 
range of defence equipment 
on hoard the British Royal 
Fleet Auxiliary Tarbatness 
which arrived in Piraeus last 
week. 

The visit is the first stage 
of this year's UK defence 
saJes tour which also includes 
Spain, Nigeria, Brazil, 
Colombia and Tunisia. 

For political reasons, Britain 
did not sell any military hard- 
ware to Greece during the 
seven years of military dic- 
tatorship which ended In July 
1974. She is now anxious to 
regain ground lost to French, 
West German and Italian com- 
petitors. 

The negotiations between 
the Greek Government and 
Vickers concern the main 
battle tank. Under a Vickers 
offer made in 1976, and now 
the subject of the negotiations, 
the tank's engine, armour, 
105 mm gun and electronic 
equipment would have to be 
imported from Britain while 
the value nf the equipment 
added in Greece would be in 
the range or 50 per cent. 

Vickers salesmen point out 
to the advantages or a tank 
assembly and repair plant in 
Greece, such as the saving of 
much-needed foreign exchange 
and the spinoff to Greek indus- 
trial plants such as shipyards 
which would manufacture 
parts of the tank. 

At 38 tonnes, the main battle 
tank is lighter than other tanks 
in its category and therefore 
more suited to Greek condi- 
tions and cpsis around $lm. 
Competing with it for the 
Greek market are the German- 
built Leopard and the French 
AMX30. 


The annual meeting of the 
Anglo-Mexican -joint commission 
on industrial and economic 'co- 
operation which starts today in 
Mexico City and ends on Wednes- 
day looks as if it will prove 
to be the most intense and 
productive so far. 

For Britain, which is holding 
its largest single overseas promo- 
tion in Mexico City from Novem- 
ber 8 to 17. the meeting is a last 
chance to gauge at close quarters 
the Mexican market and for 
Mexico, emerging from its 1976 
economic crisis, there will be a 
greater attempt to sell itself. 

Mexico will once again raise 
the sensitive issue of balancing 
the trade between the two coun- 
tries— which is very much in 
Britain’s favour — but it is un- 
likely to get any favourable 
response to its request given that 
Britain's attitude is that it is 
pragmatical to talk of balancing 
trade with every country with 
which it trades. What matters is 
the overall, trade position of a 
country and not balancing with 
individual countries. 

In the first half of this year 
Britain's exports to Mexico were 
worth £49 m compared to £37m 
for the same period last year. 
Mexico's exports to Britain in 
ihe first six months of this year 
totalled £21-m. 

In 1977 Britain's trade with 
Mexico totalled £79m and 
Mexico’s with Britain was worth 
£40 m. which was its largest ever. 


but still leaving the balance 50 
per cent in Britain's favour. 

At the meeting Mexico wili 
be pushing for increased invest- 
ment on the. part of Britain in 
Mexico. After the U.S. and West 
Germany. Britain has the most 
investment in Mexico. Total 
foreign investment in Mexico 
was recently estimated at.SSbn 
with 80 per cent of that by the 
U.S. Mexico is interested in in- 
vestment outside Mexico City as 
part of its decentralising policy, 
with the capital groaning under 
the strain of a 13m population. 

The sectors in which Mexico 
is particularly interested in 
obtaining new investment arc 
agriculture and associated indus- 
tries machine tools, mining, 
petrochemicals and the offshore 

oil industry. The toter-American 
Development Bank estimates 
that between now and 19S0 
Mexico will import 8500m worth 
of agricultural equipment with 
demand amounting to between 
4,000 and 5.000 tractors a year. 

Britain already does a good 
trade in tractor parts for 
assembly in Mexico. In the first 
six months of this year 7.5m 
parts were exported to Mexico 
compared to 3.5m in the same 
period last year. Mining 
machinery is another good 
business with 2.3m parts sold in 
the first half nf this year com- 
pared tn 394.000 in the same 
period in 1977. 

Over ibe years, trade has been 
developing between the two 
countries at a fairly fast rate. 


Mexico's trade with Britain has 
gone from £17.7ra in 1974 td 
£40m last year aod Britain's in 
the same period from £60m to 
last year's £79 m, which was a bail 
year compared to ‘the record 
£119m in 1975. 

Britain's . trade - with. .Mexico 
fell dramatically last year after 
the devaluation of the Mexican, 
pesn in 1976 and tie Goverii; 
mem’s decision to cut back 
imports and reduce delnaxid. The 
devaluation had the desired 
effect on Mexico's -exports- which 
in 1976 were worth to : Britain? 
£23m — more than double 'the 
1875 figure, while Britain's 
exports went from £11 lm in 1975 
to £119ra in 1976 ; 1 

Later this week', on Thursday 
and Friday, the joint commit 
sion hetween the two countries 
on scientific and technical co? 
operation will also hold its 
annual meeting. London was the 
host for both meetings last year 

Mexico will present 85 bid? 
for technical assistance at this 
meeting ranging from advice for 
its steel industry to how it can 
best develop its ’policy of decen- 
tralisation. British officials will 
be looking at these ■ requests 
with an eye to whether they 
might lead to new export orders. 

They axe also hopeful that the 
British industrial exhibition in 
Mexico City next month. Britain 
will pick up husinees in a rapidly 
expanding market which the 
IVest Germans, the Japanese and 
the Americans have traditionally 
dominated. 


Canada and Romania in reactor talks 


BY PAUL CHEESERIGHT 

CANADA hopes to sign contracts 
with Romania by the end of the 
year for the sale of between one 
and 16 Candu heavy water 
reactors. Romania requires 16 
reactors over the next 15 years 
Mr. Alastair Gillespie, the 
Canadian Minister of Energy. 
Mines and Resources, said in 
London over the weekend, en 
route for talks in Bucharest, to 
advance the possibility of sales, 
that the chances of winning a 


contract were "pretty good.” 

Negotiations had reached a 
fairly critical period, he said. 
Sales could he worth "some 
billions of dollars." depending 
on the nature of the package lhal 
might be negotiated. 

The value of any contract will 
depend on the amount of equip- 
ment provided directly from 
Canada. This could be extensive 
in the early stages of any 
lengthy development programme. 


hut as equipment sales tailed off 
engineering fees would increase. 

Last July Atomic Energy of 
Canada signed the second of 
three agreements needed to com- 
plete the sale of four Candit 
reactors to Romania. 

Looking at the nuclear energy- 
industry as a whole. Mr. 
Gillespie said that the next two 
years will be crucial in decided 
the movement of uranium prices 
throughout the 1980s and 1990s. 


April 78 March 78 &»y77 
- 123 j4 1195 121 J 

f Provisional ? . 


UfggSBSSSSS5S25522-^^^ ^ jT-nO 

£^UNIVERSI« : - of j- 
I ACC, NO. 


>> J & J DYSON LTD 

THE MAIN TRADING ACTIVITIES OFTHE GROUP ARE THE MANUFACTURE 
OF REFRACTORIES, SALE OF MOTOR VEHICLES AND SUPPLIES AND THE . 
MANUFACTURING OF VEHICLE TRAILERS* BUILDERS MERCHANT1NG, AND 
THE SUPPLY OF LABORATORY: EQUIRMENT, 

Continued Policy of Diversification 

Safient points from the dmjtated statement of the Chairman, 

Mr. Gerald A. Lomas, forthe year ended 31st March, 1978: 




with £2502307 forth© previous year. Your Directors propose a final dividend 
of 1.675p per share Bnd.togetherwith the interim dividend of 1.925p per 
share, will make a distribution of 3.6 p per diarefor the year, compared with 
3326p forthe previous year. 

Dyson Refectories Lirnffed-TTie capital invwtrnentwnthin the Division, to ' 
expa nd fa dirties which are not necessari ly tied to the iron and steel ind ustry 
has made possible a modest expansion of sales and exports during a difficult 
period. As e result of this the Division's profitability has now reached 
acceptable levels. * 

ik, Pickford, Holland & Co. Limited - Profitability was betterthan last year partly 
^ because of movement into products of higher technical content and partly 

because of exports which increased to over £6 million. 

ik. M. & G. Trailers (Lye) Limited -The vastly increased activity maintained by 
^ the Company during the year resulted in profits far in excess of anything 
previa usly achieved. The volume of this activity has continued Into the 
current year. A joint venture into the manufacture of a road tanker constructed 
in a quite revolutionary manner and incorporating many unique safety 
features, makes the potential of this Company very good indeed. 

Aj> The Builders Centre (Sheffield). Limrted-The depressed state of the 

construction industry continued to affect performance. However, we look 
forward with conffdenceto the forecast increaseTn activity when I am sura the 
Company will make a much greater contribution to Group profits. 

Sandygate Motor Services Limited -Expansion of our workshop and service 
^ bays has enabled e welcome increase in profitability to be achieved. By 

providing an efficient service, which is widely acknowledged, this Company 

will continue to increase Hs profitability. • •- 

Beecroft & Partners (Metallurgists) Limited -In spite of increased turnover, . 


capable of increased profitability as and when the economic climate improves. 
The Group is determined to diversify into new activities over and above our 




wili bring theses, our intentions, to fruition. . 

Copies of the Report amf Accounts are obtained from the Secretary. 

Griffs Works. Stannmgton. nr. Sheffield S6 68 W. 



Property Security Investment 

Trust Limited 

Capitalisation Issue of 1.217,715 8 per cent. 

Cumulative Preference Shares of £1 each 

The Council of The Stock Exchange has admitted the above Preference 

Shares to the Official List. . ' ' 

„ 0 , Qhares are contained on cards circulated by 

Particulars of the Preference Sharesa fae Stained during normal 

Betel Statistical Services ^' t . e ^ {s C a tS^ay excepted) up to and including 
business hours on any weekday (Saturday ^ 

16th October 1978 from: Brown, Shipley & Co. Limited 

Cazenove & Co. Founders Court, Lotbbury, 

• .12 TokenHouse Yard, London EC2R7HE 

London EC2R7AN 

Property Security investment Trust Umited 

, 1 Love Lana, - . . 

. London EC2V7JJ 



if fefc#: 



Beirut 


Cairo -f- 


+ Damascus Baghdad 

Amman 


Tehran 


r Kuwait 

+ Sharjah 

Dhahrun + Dubai 

Doha -f- + Abu Dhabi 


Jeddah 


+ Khartoum 


Look east. To the world's fosresr-growing markets. To the oil producers of the Middle East. 

Air France gives you up ro 61 flights a week to 14 important destinations: Abu Dhabi, Ammon, Baghdad, 
Beirut, Cairo, Damascus, Dhahraa Dona, Dubai, Jeddah, Khartoum, Kuwait, Sharjah and Tehran. 

You fly from Ftoissy/Charles de Gaulle-ihe world's most up ro dare airport. There are excellent connections 
from London and Manchester. ... - 

Ry Air France and you fly in style and comfort. On most of these routes, we giveyou the peace and quiet of 
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pleasure of The incomparable Airbus. 

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Four more will follow very shortly: Abu Dhabi, Baghdad, Jeddah and Kuwait. You can even make your Meridien 
Hotel booking or the same rime as you reserve your flight. 

' • Nexr time you look easr, look no furrher than Air France. Our flights and timetables are tailored to your 

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fy-sl? .jiSlU ft 



Ts snaTiHar Times Monday October 2a^78 .< . 


St-v-j- 


KEVIN DONE discusses the veto on the deal with Veba 

Two options open for BP 

BRITISH PETROLEUM'S £210m The West German Government stations and a treater share of to its indirect holding 
bid to buy Gelsenberg, the West allowed the Veba-Gclsenberg the German fuel trade. Ruliraas are upheld. 

German oH company, is one of merger to go ahead because it This nan of the deal would Certainly the package has been 
two major deals, worth a total or was felt to be necessary to safe- brinri B p - 5m rQnn es of oil sales s0 J ar D*® 21 ®** as “ single entity 
£430m, the company announced guard German oil supplies. to the conSSner but only half and any ,'2 wn8 fj* JP lndrvit ? 1 ua 

“ Py'T » —«■ » The same cn„,d tw s31 d ,n th- is iapa C °,n > ,hus ZZ",ohe 

strengthen its le*s .successful preSen t case tn which as part of helping to cut its existing sur- “JJL f (a , d e - W0Uid ha e to 

downstream from ^ agreement between VEBA plus. Bp’s share of the oil mar- rh d ' . f np.n -ehp 

exploration and production. and Bp lhe German company is ket would be boasted from J1.5 J i| D hw m 

*S*J "STtJSP^rSSPJSf ""fi? per ceDt to 16 per cenr ' consider two possible courees of 


to buy up most of Union Car- from the Middle East— a mint- Th^h in the long run the in- action. The fim ts' an “appeal 


possible 

*S5>« the 1 ™-”-?* a nnu . aIly -. at creased'oii 'sales and reduced sur- direct* ro CounMJtto von Lamb* 

plus of refining capacity would dorff, the Minister for Economic 
help Deutsche BP back in profit. Affairs, and the second is to 


interests, appears to be pro- year 2000. 


jc^ediug smoothly. 

TJut in West Germany the Capacity 


the case through the 


tended deal with Gelsen berg’s 


arent company Veba, the lead- b makmc'V lass**— 1 ?? had *3 throu «b Gelsenherg in the profit- only to refer to the cautionary 
„tng German energy company, j e * C j; qj- than DM SOm last able-Ruhrgas. Germany’s largest tale of GKN’s recent experiences 

has run into senous objections ^-chleFlv because it has distributor of natural gas in trying to acquire a further 

from the Cartel Office. excess refinin’ capacity and no When the deal was announced 50 per cent stake in the Sachs 

— Ironically, it was Veba’s wa v of obtaining cheap German Veba made it clear that it group, to see the scale of the 

own takeover of Gelsenberg tn crude oil regretted the loss of this valuable problems that could lie ahead, 

•the earlv lfl70s that caused _ ‘ , ... . , holding from the ourely financial n „ , 

^another of the Cartel Office's J^ e deal w 2 , ^ V f! ,a h C0U « he p point of view. But it felt that Battle 

most celebrated interventions in redress me balance by offering the gain from the overall deal But the strategic implications 
'German industry. 3«»ily improved access to the nwde it worthwhile. of the BP-Veba deal, not least 

- Thp nhieciinns to that deal G * PTnan re r . J™ ,a r ke I v,a ., lhe In fact it is the Ruhrqas part for the West German Govern- 

wttch fSS fcS 0 maioritv ,a , k l ov " of important sections of lbe deaI t0 which the Cartel menu's ambitions for sale- 
<3ovemrnent ^ownership a con- u j b ^n“ces S J rad .n- r lnd frali s’ 0(Rc r e f appp ? n5 10 be objecting guarding the country's crude oil 
glomerate emptying more than ^ rt TmS the Veba^foup ^st strongly. SB"** 

■73,000 with an annual turnover H PaeL-aoe ca $K.‘? e . I '^ <5ac , aea '- 

'approaching £3.5bn. were over- In all BP would gam acress * G *^ s ! through a three- 

ruled in 1974 by the Federal through Siinnes to business with It remains tn he seen whether year battle with the §**deral 
Government. BP~ will probahlv a combined turnover of about as a last resort BP would con- Cartel Office, which contended 
look for help from the same DM 3hn. It offers an additional aider going ahead with the rest that Sachs dominant position in 
nuarter. network of about 1.000 petrol nF the package if the objections the German - automotive clutch 

market would be reinforced by 


the most immediately attractive pursue 
part of the deal is the 25 per courts. 

cent stake BP would gain if it chooses the latter it has 




Ai Bank A1 Saudi A1 Fransi 


( The Saudi 'French Bank ) 


P.O.BOX 1 

JEDDAH. SAUDI ARABIA 


fs pleased to announce the opening of its branch on 


September 23rd. 1978 - in 


RIYADH 


Address. 


'Airport Road. . 
P. 0.60*1290 


Telephones : 60284 - 60288 - 63769 
TaltS ; 201428 SJ SAFR1A 


Cables : SAFBANK 


JEDDAH • RIYADH • DAMMAM • At KHOBAR 


A Saudi Joint Stock Company in association with 

BANQUE OE L'INDOCHiNE ET DE SUEZ 


GKN’s involvement in the com- 
pany. 

GKN successfully appealed 
against this view to the Berlin 
Court of Appeal, but that verdict 
was superceded by a judgment 
from the West German Supreme 
Court. 

BP will be hoping that an 
appeal directly to the Economics 
Ministry will circumvent much 
of the delay that would in- 
evitably result from fighting the 
Cartel office’s decision through 
the courts. 


HOME NEWS 



MPs seek closer look] Fuel 00 

I demand 

at monetary system 



* 


rises 


by 3% 


BY JOHN U.OYD 


BY RUPERT CORNWELL 

SENIOR MEMBERS of the Briefing Conference at Exert* r. Mr. John Dayies. th ® 1 J ha f^ ! 

powerful Commons Expenditure Mr. Hurd accused British Foreign _ Secretary, 

Committee are considering officialdom of “arrogant eom- Britain had cut a sorry ngu 

mounting a public inquiry into placeocy.” and continued: " First on the EEC monetary tyoni y 

the negotiations, closely involv- we were told that these seeking at all costs to p 

inc Britain, for a new European foreigners would never agree autonomy without re 0 ara io m 

monetary system linking the cur- among themselves. Now we read general interest. ifHE UK’s consumption of fuel 

rencies of the Nine much more that they do noi really under- The Chancellor, meanwhile, i rose b y nearly. 3 per cent in 

closely. siand about money, and that we. has again indicated hisainbigiousj^g g rsr s j£ months of this year. 

Last week the panel of MPs with our greater experience, attitude to the proposals. In the compared with the same period 

in charge of scrutiny of EEC wider connections and financial jaresi edition of Socialist Lom- Jast vear 

legislation demanded that the success, can teach the French mentary. Mr. Healey says thar But producti on of natural gas 

Commons be given a chance to and Germans a thing or two- . Britain s attitude dep e ”J* “iiith I declined by nearlv 2 per cem 

debate the discussions, which p-. effect of the scheme on growth ^04. JSiS 

should reach their climax at the '-'*11031 and employment in the UK. ,0 - released yesterdav bv 

scheduled meeting of the Euro- But the Government should «. f he | ps us we are in!:{: p institute of Petroleum^ 
pean Council in December. ' realise that if II rejected the if u hinders us we are; 1 ”® , V * «troieum. 

A similar warning was sounded scheme France and -Germany aBa inst.” he savs in 3n interview, i Total Remand ^for 

er the weekend by Mr. Douglas would probably 50 ahead with- , _ „. ho , hBr 1 rose by 2., per cent. Although 

Hurd. MP for Mid-Oxon end 
front-bench 

Europe, who said Uiai me »juv- aneci jons, pnees gnu prusn c ‘Jiy — . uaw '* , “'“ 

eminent was '’fivlng blind*’ on in Britain — and we would not currences p h?n f Economic ' per Cl?nt ' 

the biggest decision to be taken be there when the politics were tu change value. *nen vcon , D emand f 0r petroleum pro- 
over the Common Market since made. We could find that we had circumstances jusuneu. [ducts as a whole was up 3 1 per 

the original agreement on UK less control over our own future What people arc asking tor is . ceft| Qver ^ first sls 
entry terms. than if we joined in agreed Euro- not a /one of fixed pa Jv,-, . .. 1 j last year Motor spirit — the 


over the weekend by Mr. Douglas would probably eo ahead with- u.-hpiher 1 "' ak ■ »--- --■■■■ -■ — 

(id-Oxon and Tory out us. . The real question was wneineir deiuaac | wa5 down. for the heavy 

spokesman on These policies would 'cruclally a system could get rid of erratic nd medium grades, the most- 

>“ . «■«. affect jobs, pnees ,nd pr M .pmly them ! gra,ic m ' by « 

tu change value, when economic] 


Addressing the European pean policies. 


a zone of currency viability.* 


Co-op store 
sales rose 
by 11.2% 
last year 


BY EMC SHORT. 

SALES LAST year by Coopera- 
tive stores rose by H.2 per cent 
to £2.54bn (excluding VAT), 
according to figures given by 
Mr. Keith Brading. chief 
registrar of Friendly Societies. 

The amount paid out in trading 
stamps and dividends, amount- 
ing to £33 m, was only 1-3 per 
cent of sales, compared with 1.49 
per cent in 1976 and L79 per 
cent in 1975. 

At the end of last year there 
were 261 Co-ops. a drop of 22 
over tbe year. Total membership 
rose slightly, to lO^m, afcd the 
tout share capital amounted tn 
£l47m. 

Last year the number of hous- 
ing societies registered dropped 
by 172 to 3,684. They Spent 
£S73m an building and develop- 
ment— £198m more than in I97B 
Rents from property advanced 
£17m to I79ra. 

Reserves increased by ffl25m 
to £342m, representing 17.9 per 
cent of assets compared with only 
8.8 per cent in 1976. 

There was an increase Of 23 
to 545 in the number of soctetie> 
registered primarily to provide 
accommodation for the elderly. 
They spent £114m on butydfng 
and development— 61 per coni 
more than in 1976. 

Report of the Chief Rcp&tvur 
of Friendly Societies for 1977 
Part Three. Industrial - and 
Provident Societies. SO tt-2h. 


Pay policy 6 had 
little effect 
on private sector 5 


BY MICHAEL B LAN DSN 


merge 

Financial Times Reporter 


INCOMES POLICY has probably Far from marking continued] 
played little part in holding restraint ”Stag^ Three allowed < 
down earnings in the private massive— and unsustainable— in- 1 
sector during the third stage of creases m real take-home pay; 
the official restraints. theLondon thanks to favourable factors on I 
Business School says today. inflation and gencruut tax cuts."! 

... ... _v ’ Looking ahead to the next! 

Looking at the record of the sta „ e f ° {he pay pohcyt u,e 

stage three policy. Uje latest schoo , di5CUS5 es the ability of (TWO MIDLANDS building 
economic outlook published "by com p ame s to pav bish wage in- ; societies — the Wolverhampton 
the School says Thai it bas been creases given the development I and Mercia and the Worcester: 
widely greeted as a success- 0 f j|, e exchange rare and world I based Midshires — with assets 
Compared, however, with the prices. I exceeding £220m merge today; 

Government's aspirations of a 10 If the exchange rate was held The new society’s head office 
per cent increase in average — and that was possible if the I will be m Wolverhampton and it 
national earnings ** the .guide- present monetary policy con- ; will have more than 50 branches 
lines, particularly in the private tinued — the increase in earnings] m a region extending from 
sector, have been exceeded by 50 in 1978-79 should he restricted) Merseyside to Somerset and from 


per cent. 


to about 11-12 per cent. 


Small 
businesses 
‘do badly 
on loans’ 

Financial Times Reporter 

SMALL BUSINESSES do badly 
when it comes to raisinc finance 
from the clearing banks, accord 
iog to a report published yeater 
day by the Association of 
Independent Businesses. 

The report estimates that bank 
lending to the smaller business 
sector accounted for about £2.5hn 
by May last year, only 13 per 
rent of total outstanding 
advances made by the clearers. 

It admits that tbe calculation 
is subject to a wide margin of 
error but claims that the results 
riil] underline the poor treat- 
ment which smaller companies 
receive at the bands of the 
banks, although they provide 
40 per cent of Gross National 
Product and 35 per cent of 
private sector jobs. 

The report also -gives new 
evidence on the lending losses 
of tbe clearing banks, concluding 
that tbey lose less than Ip of 
every pound which they lend tbe 
smaller businesses. 

Mr. Brian Kingham, chairman 
of the association, said yesterday: 
a As the risk of tending to smalt 
firms is often cited as an excuse 
for bank conservatism, we cast 
figures to suggest the likely exist- 
ing loss ratio on advances and 
concluded that it was less than 
0 8 per cenL 

" Because high levels of taxa- 
tion have forced the private 
business to rely more on Institu- 
tional investment, the clearing 

banks must be expected to re- [-j"i Rant ».;>■ f .i* r ,!,u.. 
consider some aspects of their America. In Hong Kong -n5 c, 5!!i 

role. 

But the real problems affect- 
ing tbe health of the whole in- 
dependent business sector go far 
beyond the comparatively small 
area covered by this report. 

“We hope, however, it will 
enable the banks to become a 
readier ally of the nation's most 
important wealth creator, the 
independent businessman.'* 

Smalt Firms and the Clearing 


I product with the second highest 
I demand after heavy fuel oil — 
| went up by 6.6 per cenL 
I Higher returns were .also 
I recorded for kerosene, derv fuel 
: arid burning oil- Gas/diesel oil 
! v.-as .slightly down (0.2 per centl, 
; as were naphtha and the lube 
{oils. 

| Natural gas production 

• declined by l.S per cent, to a 
! production figure of 17!5ra 

• tonnes. 


Building 

societies 



-V.w 


NatWest expands 
Hong Kong branch 

FINANCIAL TIMES REPORTER V • 

THE National Westminster Bank . fly expanding the operation to 
is taking a further . step in full banking status. A a l West 
the extension of its international will be able to extend these 
banking activities today by set- services. The present general 
ting up a full branch banking manager of the finance company, 
operation in Hong Kong. / Mr. “Peter Hursi 

The bank has rerentlyf been Thf 

growing rapidly abroad, par- mana S«r W 
ttcularly with its plans' for the 
acquisition of National- Bank of 


Mr.fleler Hurst, will also assume j oDeratine 

n-n.*, a3 chief] v 

manager ol the new branch. 

• Midland Bank France, the: 
new French subsidiary of] 


Wales to . Nottingham and 
Leicester. 

Mr. Philip Court, chief general 
manager of lbc new society, said 
yesterday: “The board believes 
that the merger is in the berf 
interests of both societies and 
their members. 

“The new society-will benefit 
from economies of scale, an 
enlarged branch network and the 
facility for more- advanced com- 
| purerisation.” . 

Mari> believed that the build- 
ing society movement -was due to 
take an a two-tier structure, with 
about 10 nationwide societies 
and possibly JO regional societies 
in strictly defined 

areas. 


r . 




it has already been established S / he 

- - hank will provide assistance and | 


Lord Marples’ 
£ 388,000 


for some time, having set up . . 

a representative office in 1972. financing arrangements lo ; 

vmuurgnwigiw*. French companies for their • ERNEST MARPLES. the Tory 

In February 1974, National exports and international opera- 1 Transport Minister who brought 
Westminster (Hong Kong) was lions and will meet requirements; in parking meters, yellow lines 
! established as a wholly-owned of ..international compames land traffic wardens, left £388.000 
finance company subsidiary of ooerating m France. It will be j in bis will published at tbe week- 
tbe group to provide a wide an active participant in the end. 

range of financial services. These French money-markets and' Lord Marples, who died in 
include short and medium-term provide related services. ; Monte Carlo earlier this year, 

loans in both Hong Kong dollars • Midland and International aged 70. left estate in England 
.and foreign currencies, togothrr Banks has set up an office in and Wales valued ai £575566 
Banks: MB. Europe House . \ with forelen exchange and New York to expand further its.; gross <£:«?R.\6tt net), which goes 
WnrM Trade Centre. LondanE 1. deposit taking facilities.- bu.smes* in the U.S. In his ividnw 






WHAT A DIFFERENCE A DAY MAKES! 

Wolverhampton and Mercia 
Building Society has merged with 

Midshires Bjuilding Society. 




With the overwhelming consent of 
members of both societies, 
Wolverhampton and Mercia Building 
Society has merged with Midshires 
Building Society. 

The new £220 million strong society 
will be known as Midshires Building 
Society. With its chief office in 
Wolverhampton. 

Its catchment area stretches -from 


Manchester and Liverpool in the North, 
throughout the Midlands down to 
Somerset in the South, and takes in all 
of Wales. 

Why join together? 

Simply to give a better service, a 
stronger service and a more local 
service - to our members. 

Because it is ohr members who are 
the Midshires Building Society. 



WE’LL BE KNOWN AS 

Midshires 


Type ol Account 

Netfcateof interest 


Share Accouiit 

6 70', 

10 00 B o 

Term Share Account: 

1 year 

2 year (minimum investment £500 r 

3 year 

*5 9SS 

7 20 ■, 

7 70% 

10 37“; 

10.75 S 
J149% 

Month ly Income Account: • 

1 month notice 
l year 

2 yea- 
3 vear 

Unmimutn investment £1 .000) 

6 70'-* 

6.85*9 

7 20'* 

7 70S 

10 00% 
to 37% 
10.75% 
J1.49\ 

Regular Savings Account 

7 95S> 

1 1 .87% 

Save As You Earn (second issue) 

8 30 "a (ayearsi 
8.62 % -.i7years' 

12 39 B » i5 years) 

12 86 'V 7 years i 

Deposits 

6 45'S. 

9 63% 

Standard Rats Deposits (up to E2 5 OOQi 

5 70°i 

8.51V 

LS 

-« J ‘- * = T.-s, .i: n 

P-2id ay Soc.e’y. 



Merr.iw-rs -c-t vw Su..c.r.:.- jx!:----. million. 

Giving a better local service. 


' -T .' : . 


•f •••■• -i', 

-.- .’l... 

V 


• * r . 'V. 


:!V 


Chief Office: P.O. Box 3i f Wolverhorr.ptcr. - «VVi 1EL. Ten Wolverhampton. 710710. Head Office: 5/9 St. Nicholas Street, Worcester WRi 1UW Tei- 

Branches 

Kale^-ovrer- 


il Woroi»stov9Qft'>t 



■ ■?*,. ■ ’■ • . 
V ■' .ii 1# '. - 


% ’* \v r - 

-SV ‘i.ti 

- ■ v..s; . •- 







• . V, .•• v<t: : -. 7 /,*.: 


M 


rise s 


Tftixes Bfonfey OCtoUer Z 197S 


HOME NEWS 


to sell 


in UK 


- ,' .:°^rg 
:*r. 
•'".' i: ^r 

j>«L r l WB 9 

-_.' -**£l 
V ■ i -lfr : ni 
'•■•'■ b» ; 

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5 ill 


financial times reporter 
CHRYSLER WILL- tatmcb its 

successful French-made Horizon 

car ia the U.K. market at 
price to compete with the best- 
selling Fowl Escort, BUs Allegro, 
Volkswagen’s Golf, and the R-14 
from Renault. 

The company is aiming to sell 
about 2S;000 Horizons in the U.K 
next year giving the model about 
l.S per cent of expected roiaj 
sales. : -next year. 

The Horizon has been launched 
in the main European markets 
progressively since January this 
year, and more than 100.000 were 
sold. Id the first six months. 

Initially, only the GL and-the 
GLfi versions' will go on sale in 
the U.K., beginning on 'October 
12. in time for the International 
Motor Show at Birmingham. 

The GL, with a 1,118 cc engine, 
will cost £3.103. while the GLS. 
with a 1,294 cc engine, will sell 
at £3,519. 


Cheaper 


Btiiidiflc 

societies 

Tie 


In January, the cheaper LS 
versions will be imported. With 
a 1,118 -cc engine, these will cost 
£2,741. Even if the Horizon 
achieves the expected sales, there 
are no plans to start production 
in Britain. 

O Bedford Commercial Vehicles 
is set this month to produce its 
3-raillionth vehicle. The total is 
made up of 2m trucks — making 
Bedford the first British manu- 
facturer to reach this mark — 
and lm vans. 

Of the 3m total, nearly 50 per 
cent have been exported during 
the 47 years of production, with 
overseas sales of trucks reaching 
about 60 per cent 
6 Volvo said that it would show 
its updated next year’s range at 
the Motor Show, incorporating 
no fewer than 800 changes in 
design. 


to show 
reserves 


BY DAVID TREUD 


THE UK's official reserves 
remained steady last month. 
Treasury figures to be released 
tomorrow are expected to show. 

With changing sentiment 
towards the dollar the main 
influence on exchange markets, 
there was little direct pressure 
on sterling, which was allowed 
to fluctuate between SI.94 and 
SI. 99. Intervention was probably 
limited to smootbang operations. 

The reserves are Mkely to 
reflect some repayment of loans, 
but this will be: offset to some 
extent by money entering the 
country as a result of a recently 
organised loan from a syndicate 
of Japanese banks by the 

Electricity Council. 

National income and expendi- 
ture statistics released on Friday 
will show what has happened to 
the savings ratio. This has been 
subject to large fluctuations 
recently, falling from more than 


distributive and service industry. 

The. previons. survey, released 
in June, projected an increase of 
between 10 and 13 per cent in 
the volume of manufacturing 
investment between last year 
and this year. 


£45,000 study 
on improving 
old factories 

By Arthur Smith, 

Midlands Correspondent 

BIRMINGHAM has been selected 
by the Department of the Envir- 
onment for a case study into 
ways of stimulating the improve- 
ment of industrial premises 
within inner city areas. 

. 3g from more than An estimated 40 per cent of 
16 per cent in the last quarter of the G.000 buildings comprising 


last year to 14 per cent in the 
first three months of this year. 

The Bank of England, in its 
latest quarterly bulletin, said it 
expected the ratio had risen again 
sharply in Hie second quarter. 

The figures should confirm the 


Birmingham's industrial centre 
were built . before 1914. The 
effect that ‘.old buildings have 
upon manufacturing efficiency 
will be one of the issues to be 
considered. 

The study has been commis- 


sbarp rise' in real personal d is- sloned from Aston University’s 
posable incomes that has been joint unit for research on the 
taking place. The bank 680013466 urban environment The work 
that these were. 7.5 per cent Ls expected to take nearly two 
higher in the second quarter than years at a eost of £45,00®. 
at the same period a year ago. 

Oo the same day, revised 
figures for the gross domestic 
product mil be released, which 
are likely to confirm the provi- 
sional estimate showing a rise in 
jotrtput in the second quarter of 
li to 2 per cent 
The first signs of whether this 
sharp surge in output is likely 
to encourage new investment 
will emerge today with the 
release of- the Department of 
Industry's survey of Investment 
intentions hi manufacturing. 


Unions will 
appoint 
safety 
‘watchdogs’ 

By Paul Taylor 

IMPORTANT SAFETY regula- 
tions which allow trade unions 
to appoint “ safety watchdogs 
in places of work came into force 
today. - 

The key feature of the. regula- 
tions, passed by Parliament last 
year, Is that they shift the con: 
trol of dangers at work back 
into the workplace and leaTe the 
existing 900 factory inspectors 
in England. Scotland and Wales 
to deal with unresolved safety 
problems “ as a last resort” 

In any workplace, no matter 
bow many people are employed, 
a recognised trade union will be 
empowered to appoint one or 
more safety representatives. 

Two or more such representa- 
tives can then ask the manage- 
ment to set up a joint manage- 
ment/union committee to over- 
see the workings of the Health 
and Safety at Work Act, 1974. 

It is expected that about 
150,000 union safety officers will 
be appointed. Their training is 
being undertaken by tbe TUC 
with tbe representatives entitled 
to paid leave for ten-day or five- 
day courses. 

Tbe Health and Safety Execu- 
tive dismisses suggestions that 
the regulations will prove an 
unwelcome burden on manage- 
ments. 

Many large companies, includ- 
ing Ford, General Motors, and 
Rank Xerox, have already con- 
cluded national agreements on 
safety representatives and com- 
mittees. 


labour news 


ic 


,WD 


AUEW leader attacks 
striking toolmakers 


BY NICK GARNETT AND ARTHUR SMITH 


A VIRULENT public attack on 
the striking toolmakers at SU 
Fuel Systems and on the 
unofficial BL Car’s toolroom com- 
mittee was made yesterday by 
Mr. John Boyd, general secretary 
of the Amalgamated Union of 
Engineering Workers. 


the union the SU men who are 
striking in support of a pay 
parity claim brought BL to the 
brink of a toolroom strike last 
month. 

Mr. Roy Fraser, leader of BL 
Cars' unofficial toolmakers com- 
mittee. said yesterday that 


“These men must be penalised,” statements such as Mr. Boyd's 


he said, in an editorial in this 
month's union journal which is 
likely to further strain the rela- 
tions between the union execu- 
tive and unofficial toolroom 
leaders. 

Mr. Boyd said tbe 32 tool- 
makers at BL’s SU plant were 
demonstrating “rebellious indis- 
cipline." 

The union's democracy, the 
root of its strength had been 
put on trial by people who 
refuse to obey" and these men 
had to be penalised. 

This referred not only to the 
striking toolmakers, but also 
“the small nucleus of self- 
appointed bureaucrats who are 
publicly threatening, via all the 
self-sought news media, to call 
other members out on strike if 
the executive council operate, as 
it must in conformity with our 


did nothing to help the union’s 
difficulties. 

The committee's decisions were 
arrived at democratically and not 
through a bureaucracy. The atti- 
tude of Mr. Boyd and the execu- 
tive could result in BL employ- 
ing non-union workers. 

The unofficial committee will 
be seeking support on Wednes- 
day from other craft workers for 
a joint programme of industrial 
action for improved differentials. 

Mr. Fraser said that he would 
be looking for “ a positive 
response" from the BL Cars' 


unofficial craft committee, which 
claims to represent 14,000 skilled 
workers. 

The outcome of Wednesday's 
meeting will be considered by 
the 60-strong committee of tool- 
makers next Saturday. They 
will already have before them 
a recommendation from Mr. 
Fraser for industrial action in 
the event of failure by tbe 
engineering union’s national 
executive to support the SU tool- 
makers, now in the eighth week 
of their unofficial strike. 

Mr. Fraser, who pulled out 
3,000 toolmakers last year in a 
campaign for improved differen- 
tials. is unlikely to be pushed 
into precipitate action. 

The SU leaders are known to 
be pressing for an all-out strike, 
but Mr. Fraser may prefer to 
wait for a more opportune 
moment. 


Dispute delays warship 


must, 

democratic structure and consti- A DEMARCATION dispute at they feel 

'“ftS’.ii. t .. _ T _ Portsmouth docks is delaying the labourers. 

mS tasl*r P ttat ^ no oThS 2 3. 300-ton commando carrier . s ° far ; J 70 shipwrights have 

affiliated union takes into Bulwark from being brought out J^ u n S j^ nt to ll wo?k WlUlOUt ^ 

membership any of our members ol retirement. Some refitting work is going 

be expelled,” Shipwrights at the drydock on inside the ship while she is 
have refused to shore her up afloat, but tbe programme is 

with wooden supports because rapidly failing behind schedule. 


who deserve to 
Mr. Boyd said. 

The threat of expelling from 


Big rise 
sought 
for farm 
workers 

BY OUR LABOUR STAFF 

AGRICULTURAL WORKERS 
needed a very substantial im- 
provement in wages to lift them 
clear- of Che poverty trap, Mr, 
Jack Boddy. general secretary of 
tbe National Union of Agricul- 
tural and Allied Workers, told 
the union's annual conference at 
the weekend. 

Many agricultural workers who 
claim Government benefits 
achieved nothing from modest 
increases in wages because this 
was offset hy losing some of those 
benefits, Mr. Boddy said. 

The union has submitted to the 
Agricultural Wages Board a huge 
claim intended to raise minimum 
rates from the £43 a week to £80 
and to secure a reduction in 
hours. 

There was every justification 
for such a claim when it was 
noted that the average earnings 
of agricultural workers is about 
a quarter below average indus- 
trial workers' earnings, Mr. 
Boddy told the conference. 

Agriculture was no longer the 
labour intensive industry it used 
to be and the labour force had 
dropped 120,000 in the past 
decade. 

“ Despite increased output and 
a falling labour force the workers 
have not benefited financially," 
Mr. Boddy said. 


PLANT &MACHI! 

fc" . -SALES' 

VERY 


Description ■ 

Jr Telephone 




MODERN USED ROLLING MILLS* wire rod 
and tube drawing plant-roll forming machines 
slitting— flattening and cut-ro-length lines — ■. 
cold saws — presses — guillotines, etc. 

100 TON CAPACITY COINING PRE5S by.. 
Taylor and Challen — virtually unused — fully 
automatic t— 160 s.p.m.xl4 mm stroke. : 

IN UNE MACHINE for simultaneous surface 
milling both sides of continuous and semi- 
continuous casrnon-ferroUs strip up to -16" 

9 Dffi. e (750 FT/MIN S4P TYPEROD ' : 

' DRAWING MACHINE equipped with 3 speed 
200 hp drive. 20" horizontal draw blocks. 

22" vertical collecting -block and 1000 lb 
spooler ( Max. inlet 9 mm finishing down • 
to 1.6 mm copper and aluminium. ) - 

8 BLOCK (400 mm) IN LINE, NONSLIP WIRE 
DRAWING MACHINE in excellent condition 
0/2000ft/min. variable speed 10 hp per block 
(1968). 

24 DIAMETER HORIZONTAL BULL BLOCK. 

By Farmer Norton ( 1972). J. 

SLITTING LINE 500 mm x 3 mm x 3 con capacity. 

MODERN USED ROLLING MILLS, wire rod and 

-• tube drawing plant—roll forming machines-:- 
slitting — flattening and cut-to-lengtjvimes — 
cold saws — presses — guillotines, etc 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max., capacity 
1000 mm 2 mm x 7 tonne coll fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE 
DRAWING MACHINE by Farmer Norton . 

27" — 29"' — 31" diameter draw blocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R. M. Max. capacity 750 mm x 3 in ml 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. x 25 hp Drawblocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5000fr/min. with spoolers by Marshal Richards. 

3 CWT MASSEY FORGING HAMMER 

— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 
1700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD CRANE 
6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING UNE 10" x 8" rolls x 75 hp 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoil er. air 
gauging etc. VariaWe line speed 0/750 ft/min 
and 0/1500 ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE (1973) by 
Thompson and Monroe. 

CINCINATTi GUILLOTINE 2500 mm x 3 mm 
capacity, complete with magnetic sheet 
supports and motorised byk stops. • 


ROLLING MILLS 

5" x 12" x 10" wide variable speed four 

high Mill. 

3.5" x 8" x 9" wide variable speed four 
high Mill. , .. . ...„ 

KT x 16" wide fixed speed two high Mill. 

10* x 12" wide fixed speed two high Mill. 

17" x 30" wide fixed speed two high Mill. 
MACHINING CENTRE. Capacity 5ft x 4ft x 3ft 
5 Axes continuous path 51 automatic tool 
changes: 5 tons main table load. Main motor 
27 hp. Had less than one year s use and in 
almost new condition. For sale at one third 
of new price. , , , 

4.000 TON HYDRAULIC PRESS. Upstroke 

between columns 92” x 52" daylight 51 
stroke 30". ' lilM _ _ h 

ANKERWERK 400 TON INJECTION MOULDER 
Reconditioned. 

UPSET FORGING MACHINE 

\4" dia. 750 tons upset pressure. 

2.000 TON PRESS. Double action bed area 
132” x 84" 

WlCKMAN 2i ESP AUTOMATICS 1961 and 1963 
EXCELLENT CONDITION. 

WlCKMAN li" AUTOMATICS, 6 spindle. 

• Excellent. 

WlCKMAN H" 6 spindle. 

Excellent. 

CINCINNATI UNIVERSAL TOOLROOM 

Excellent. 

KAHO MH10Q0 UNIVERSAL TOOLROOM 
MILLER. Table 47"-x 14". Excellent condition. 
ELLIOT 1250 5TURD YMILL with universal-head, 
table 66" x 10*'. fitted optics. almost new. 
SLOTTING MACHINE, 14" stroke, excellent 


990242541/2/3 
^Tdex 33641.4 

0902 4254J/2/3 
TW^x 336414 

09024^541/2/3 
Telex 336414 


090242541/2/3 
■ V Telex 336414 


0902 42541/2/3 
Telex 336414- 
090242541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 3364 14- 
0902 42541 /2/3- 
Telex 336414: 

090242541/2/3 
Telex 3364 14 

090242541/2/3- 
Telex 336414’. 
0902 42541/2/3 
Telex 336414- 
0902 42541/2/3 
Telex 336414 -.' ! 
0902 42541/2/3 
Telex 3364 1 4 | 
0902 42541/2/3/ 
Telex 336414" 
090242541/2/3' 
Telex 336414 
090242541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 33641*. 


rr- 


0902 42541/2/3 
Telex 3364 14 


01-928 3131 
Telex 26 1771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 26 1771 
01-920 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-9283131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


What you do on the train 
is yourbusiness. 


The train gets you to your business 
appointments quickly and dependably. 
It also has some appointments to help 
you in your business life. 

Many Inter-City trains have full 
air-conditioning with adjustable seats, 
so that you can sit back and mull over • 
a business idea. 

An expanse of desk for spreading 
out papers. With an individual light for 


reading-.There’s also a washroom where 
you can spruce up, ready to meet your 
client. 

It sounds rather like your office, 
doesn’t it? 

Indeed, if your office is famous for 
its breakfasts and can also travel at 
speeds up to 125mph, there may be 
remarkably few practical differences 
between it and the train. 


WANTED 


Inter-City 


MODERN USED ROLLING MlLLS, wire rod 
and tube, drawing ptant-^-roll forming machines 
— slitting — flattening and-cut-fo-length lines— 
cold saws — presses—guillotihes, etc. 


090242541/2/3 
Telex 3364 14 


t, 





I 


1 





Hie 

National Westminster 

Group 

has expanded its 
already established 
Hong Kong business 
by tne opening of a 
lull banking branch. 

As a worldwide bank— especially strong 
in the UK (over 3,000 branches), North America 
and in Europe (where subsidiaries 
and associates have nearly 700 branches) — 
the Group is particularly well placed to 
accommodate the full requirements of important 
Hong Kong based trading companies. 

■ National Wstminster Bank Ltd, 

Hong Kong Branch, 

6th floor, St. Georges Building, 

. 2 Ice House Street. 

Telephone: 5-247071. Telex: 74040 NawesHK 
Chief Manager: P. Hurst. 

A National Westminster Bank Group 

A worldwide bank. 





Distributors and Retailers of Cars, Commercial Vehicles, Petroleum 
Products and Tyres. Concessionaires for John Bull Tyres. 
Specialists in Service and Parts, Long Term Contract Hire, Car and 
Van Hire. Bodybuilders. Manufacturers of Electric Vehicles. 
Road Tank Vehicles and Remoulded Tyres. Operators of Motorway 
Service Areas. Insurance Brokers. 



\ KENNING I 


CROUP 



Head Office: Manor Offices, Old Road, Chesterfield. Telephone: 77241. 


“ "" _ 

Rnandal Tin.es Monday Octobo- 2 1978 ■ 


APPOINTMENTS 

Changes at 

Taylor 

Woodrow 

A number of new appointments 
to the Board of TAYLOR 
WOODROW has been, made to 
ensure continuity of the Group's 
progress and philosophy follow- 
ing the retirement as Group 
managing director next June of 
the founder. Sir Frank Taylor. 
Sir Frank, now 73, and who 
started to build up The company 
in 1921, wiil then become the first 
president of Taylor Woodrow 
while continuing to serve as an 
executive . director. Mr. R. G. 
Puttick is appointed chief execu- 
tive of the company in addition 
to his appointment of chairman 
of the board, with overall power 
and responsibility for administer- 
ing the affairs or the company. 
Mr. R. E. Aid red. Mr. N. C. Baker 
and Mr. F. R. Gibb are appointed 
deputy managing directors addi- 
tional to Mr. B. S. L. Trofford who 
already holds such an appoint- 
ment. These four directors are 
to be joint deputy managing 
directors and will become joint 
managing directors when Sir 
Frank relinquishes his post In 
addition to his appointment of 
joint deputy managing director 
Mr. KT. C. Baker was appointed a 
Joint deputy chairman of the 
company. 

•k 

Mr. T. F. Hon csa b ecomes 
chairman of BUTTERFIELD- 
HARVEY following the retire- 
ment of Mr. S. A. Roberts. 
Formerly chairman ; of GKN 


B u s in e ssman’ s D iar v 


UK TRADE FAIRS AND EXHIBITIONS 


Date 
Current 
Current 
I Current 
i Current- 


Current .... 
Oct. 3—4 ; 
Oct. 3 — 6 . 

Oct. 5—10 . 
Oct. 7—8 . 
Oft. 14—28. 
Oct. 20— 2B. 
Oct. 24—26. 
Oct. 24—27.. 


Oct- 24—27. 
Oct. 24 — 28. 
OcL 25—27. 


Frozen Foods and Freezer 5 > 

Southern Floor Coverings Exhibition (cl. UCL 
Business Journals 'Exhibition (cl. Oct. i J Fxhn. 
lrtL Production Engineering & Productivity Exbn. 

Subcontracting Industries Exhibition (cl. OcL 7) 
Electronic Instruments Exhibition 
London Business Show 
Salon International . 

National Shoe Repair Exhibipon .. If5 
International Handicrafts and DlY Exhibition 
SMMT Motor Show 

Environmental Health Exhibition . 

European. Offshore Petroleum Conference ana 
Exhibition 

London Fashion Exhibition 

Business Equipment Trade Exhibition • 

Management Services and Equipment Exhibition 


Venue .... 

West Centre Hotel, SW6 
Metropolis, Brighton 
Cun 3rd Intnl. Hotel, W6 . . 

Olympia 

Olympia 

Eurocrest Hotel. Runcorn 
Cunard Intnl. Hotel, ,W6 , . 
Wembley Conference Centre 
Harrogate 

Earls Court 

National Ex. Centre, BirmTun, 
Bournemouth 

Earls Court 
Earls Court 

Cunard Into!. Hotel. 'W9.' , 
Exhibition Centre, Harrogate 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Current . 
Current . 
Current . 
Current . 

Oct 2— S 
Oct. 3—8 


OcL 5—14 

OcL 5—15 

Oct. 6—10 ... 

OcL 7—10 ... 

OcL 10—13 

Oct. 12—23 

Oct. 12—13.....—, 

OcL 15—22 

Oct. 19—22 

OcL 26—29 

OcL 2S— Nov. 12 


Caravan Exhibition (cL OcL 8) 

International Trade Fair (cl. Oct. 151 
WIDEST 78 (Industrial Exhibition) (cl- Oct. b) 
Exhbn. of Electronics. Telecommunications Data 
Processing and Nuclear Technique (cl- Oct. 61 
International Clothing Fair “Fashion i in t*;® Wond 
Intnl. Tobacco and Machinery and Agro- Industrial 
Fairs 

International Trade Fair 

Motor Show 

Summer Fashion Show 

European Furnishing Market 

Fourth European .Electro-Optics Conf. and Exbn. 

USSR Scientific Research Equipment Exbn. 

Annual Library Microform Conference and Exbn. 
International Wine Fair 
Solar Energy Exhibition aod Conference 
World of Investment '78 

SNOW 7S— Sports, Winter and Recreation Show 


Paris 

Baghdad 

Toulouse 

Ljubljana 

Beograd 

Skopje 

Bucharest 

Paris 

Nice 

Lyon 

Utrecht 

Moscow 

Washington Hilton 

Verona 

Verona 

Los Angeles 

Basle 




CONTRACTS 

Granada orders 
£lm cameras 
from Marconi 

Granada- Television. Manchester. 
, has placed an order, valued at over 
11m with Marconi Communication 
Systems, a GEC-Marconi Elec- 
tronics company, for 27 cameras 
from the Mark IX family of colour 
television cameras introduced in 
April. Eighteen studio and nine 
pnrtablc cameras will replace all 
I huso al present in (he Granada 
TV Centre in Manchester and 
those used for outside broadcast- 
ing. 

Tyne Tees Television has also 
ordered four Mark IX cameras for 
delivery in November by Tridcni 
Television Tor use in studios al 
Ncwcaslle-u pon-Tyne. 

With Southern Television 
placing an order for a portable 
camera, five independent television 
companies have now bought from 
the Mark IX family of colour 
(elevision cameras, 

★ 

Swedish tnur operator. Vinqrcsor. 
has awarded a contract for the 
provision and maintenance of a 
holiday bonking and Hight reser- 
vation system tn Cable and Wire- 
less UK SERVICES (UKSJ. 
Vingresor, a wholly-owned subsi- 
diary of Scandinavian Airlines 
System tSAS). will be entering 
the British market as a “direct 
sell" holiday tour operator this 
autumn. The computer system, 
to be provided by UKS. is desig- 
nated PHURUS (Package holiday 
booking system), and is worth 

aver £12fi,ano. It will he installed 
m the vingresov booking shop in 
London. 


BUSINESS AND MANAGEMENT CONFERENCES 


OcL 4-^5 


OcL 8—11 


' OcL S-^13 


OcL 9 .. 
OcL 11 


OcL 12—13 

OcL 12— Dec. 14 
Oct: 17 


Sir. T. F. lioness, chairman of 
Butte rficld-Harvey. 

SANKEY, Mr. Honess is chairman 
of the Rubber and Plastics Proces- 
sing Industry Training Board. His 
nfiice will be at the Butterfield- 
Harvey Group headquarters at 
Villicrs House, Strand, London. 

★ 

Executive directors appointed 
by S. G. WARBURG AND CO. 
are: Mr. R. O. Bemays. Mr. D. A. 
Higgs. Mr. P. R. Horrobin. Mr. 
S. D. F. Kaempfer. Mr. D. L 
Landed. Mr. R. D. Latyeas, Mr. 
G. H. Fees- Williams. Mr. P. voo 
Stinson. Mr. N. C. von Spcyr. 

: ' ; *• 

Mr. W. B. Jones has been 
appointed chief executive of LOW 
AND BONAR. UK packaging 
division. Formerly managing 
director of Low and Bonar 
Packaging, he is currently presi- 
dent of the Film Converter!! 
Association. Mr. David Wright 
has been appointed managing 
director of Low nnrt Bonar 
Packaging and of B1BBY AND 
BARON t LEOMINSTER), two of 
the division's companies. 

* 

BUSINESS MAGAZINES INTER- 
NATIONAL has appointed Mr. 
David Abramson as chairman, and 
Mr. Ray Watson, managing 
director. 

■* . 

Mr. J. F. T. Galvaimnl has been 
appointed to the Board of 

ROBERT FLEMINC AND CO. 

from October 1. Mr. J. R. K. 
Emlv. Mr. D. S. P. McEuen and 
Mr. R. II. Streeter have been 
appointed to the Board of 

ROBERT FLEMING LWESTCrENT 
MANAGEMENT also from 
October l. Mr. Harry Cutler has 
joined Robert Fleming and Co. 
an chief foreign exchange denier. 
•k 

MANCHESTER EXCHANGE 
AND INVESTMENT BANK tins 
appointed Mr. AHehael Hard I man 
as a regional director. 

★ 

Hr. Peter Haughtnn has been 
made managing director cf 
KEITH PROWSE. He and Mr. 
Nell Falkner have been appointed 
directors of the holding company, 
The Keith Prowse Organisation 
(Reservations). Mr. Dion Rheedcr 
has been appointed a director of 
Keith Prow so Travel. 


OcL 17 

Oct 17 

Oct 17 

OcL 17 
OcL 18 

Oct 18 

Oct. 18 

Oct. 19 


Oct. 19—20. 
OcL 19 — 20. 


Anthony Skinner Management: Fraud — Detection 
'and Prevention 

Institute of Chartered Accountants: Deferred 
Taxation 

SRI -International: Seminar for executives— 
Decision and Risk Analysis in Financial 
Management 

Bradford University: Group and Fersonal Effective- 
ness— Skill with People 

Brit.-_Council of Productivity Assocns.: Contracts 
iff Employment . . . _ . 

Abacus Conferences: Using Industrial Design 
Copyright to the best advantage 
Institute of Marketing: Effective Pricing 
City University and FT: The FT-City Course 
Institute of Marketing: Hnw to Manage Salesmen 
for More Profitable Selling 
AGB, Conference Services: The Threat of Crime to 
Industry and Commerce. Sir Robert Mark 
ASM; Legal Implications of Engineering 
Contracts 

London Chamber of Commerce: What the U.S. 

Buyer expects 
ESC: International Leasing 
Henley , Centre for Forecasting: Planning 
Consumer Markets 

Industrial Marketing Research Assocn.: Forecasting 
Demand for New Products 
SRI International: Computer Security 

Institute of Purchasing and Supply: Forest 
Products for the Furniture Industry 
ASM: Establishing Good Communication Systems 
Within the Company 

Management Centre Europe: EEC Legislation on 
: Bankruptcy and Insolvency Procedures 


Piccadilly Hotel. London 
Royal Lancaster Hotel 


Lythe Hill Hotel, Haslemere 
Heaton Mount Management 

Centre, Bradford 

Waldorf Hotel, London 
Kensington Palace Hotel, -/' 
London 

Royal Horseguards Hotel, 5W1 
City Univ. Business School . 
Royal Garden Hotel. 

Kensington 

Caf$ Royal, W1 

Cate Royal, W1 

60. Cannon SL, EC4 
Carlton Tower Hotel., SW1 

Carlton Tower Hotel, SW1 

Kensington Palace Hotel, WB 
Hyatt Regency Caspian Htl.,-- 
Chalus, Iran 

Royal Lancaster Hotel, W2 - 

SL Ermins Hotel, SW1 

Brussels 


COMPANY NOTICES 

CENTENARY^ FUND S&‘ ' ~~~ 

. * sociitt anonyme . ' . 

Registered Office: Luvnmbourq- 14. rut Aldrlngm 
RKHstre lie 'Commerce: LuxemBourv. Section 8 No. 9.198 
NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN tnh an Extraordinary General Meeting of trm 
Shareholders of the shove- named eomeanv artll DO held . at t4. rue Aldnngen. 
Luxembourg at 3.00 p.m on October 10th. 197fl with the following tgewfj 

To canRrm the increase ■» the authorised capital of the Comun, up to 
the amount of U.S V7 SOO.OOO to he divided into S.OQC 000 shares of 
a par value o' U-S.fi SO earn *no to fathom* and instruct the Bourn o* 
Directors to Issue such shares within the limits of the authorised c aortal 
and to decide the terms and conditions o' the subscription tncreo' subiect 
to the provisions ol the articles o! Incontoratlon. 

Shareholders are advised that the auorum reaulred at the E»‘raordlnarv 
General Mcetlna in order lor valid decisions to be taken is the nr-sence In 
person or by oroxy ol the holders of at least SO per cent, oi tne shares 
at the Company Issued and mitsianding. in the event that a Quorum is not 
present lor II the Beard ol Directors so decides lor other reasons) a second 
meeting at which there will be no quorum requirement may he convened 
It further notice In such .event, voting on all items at the above agenda 
will bo adjourned to the said second meeting. 

In accordance with Luxembourg Law. Resolutions at the Extraordinary 
General Meeting aiw at any adltnrrnmerr thereof will require the consent 
of holders or jros of the total number o> shares represented at the meeting. 

Shareholders mar vote it the meeting tty proxy, by completing a lorm 
ot prexy. In order to be valid. all 'or ms ol proxy must reach me Company 
at 14. rue Aiarlnpcn. Luxembourg not later than 3 OO P.m. pn October 9th. 
197B. 

la order tp take aart at the above meeting of October lorn. t«*78. the 
owners al bearer share? will hava to deposit their shares at ihe registered 
olftce of the Fund. 14. rue Akh-fnocn. Luxembourg. or with the following banks: 
— Sanquc Generate du Luxembourg, S. A. 

14. rue Aldringen, Luxembourg: 

— Williams Or GIvr's Bank Limited 
G7. Lombard Street. London. E.C.3. 

The Board of Directors. 


MOTOR CARS 




ROU-S-RUYCE 


L9n Silver Shadow-11 Saloon. Chumai. Betu*? Leather, 800 mtles 
19TT Silver Shadow l| Saloon. Scois Pine, UelKO Leather. i.Wd 
mips 

1777 Silver Shadow Series I Saloon. Seychelles Blue. Buisc 

Leather, H.Tno nulup ... ... 07,950 

1771. Silver Shndvw 4 door Saloon, Sesehellc* Blw, -Rein* Leather. 

17.049 miles £ 25,950 

177S Silver Shadow 4 door Snloon. RoKc-ucy Brotnx. Brlse Lt after 

30.000 miles ... ' £2L9S0 

17H (M> Silver Shadow 4 door Saloon, Regal Red. Matching 

Uphnlsierv. 33 imp mllep only 08.43) 

Distributors for Rnlls-Rourc and Bentley Motor Cars 


VOLVO 

1800 ES Sports 

1(773 • 1-1 overdrive. 32.009 miles only. 
Ffntehrd m black, with tan mrerior 
and maidnnn vmrl roof with lull 
liuunh Wrliauo, low bar, radio, n.SW. 
Td: Cramhara (Lines.) OUO/5 
I'Weehdaj-s ft Saturdays) 


THIS SPACE 
FOR SALE 


THORN INTERNATIONAL 
. FINANCE B.V. 

(Incorporate# with limited (lability 
■ . inihef^etberiands) . 

U.S:«25,00CM)06; : '-- ; - 
7 per cent Convertible 
Guaranteed Bonds 1988 

Holders of the above. .Bonds . 
are reminded that on or after 1st; 
November 1978 they, are entitled 
(subject lo and in accordance 
with the terms and conditions en- 
dorsed on the Bond3) to convert- 
their Bonds into fully paid regls%. 
lered Ordinary Shares of ’25 p ' 
each of Thorn Electrical Industries ' 
Limited. As at the date of this' 
Notice, the price at which Ordinary' 
Shares of Thom Electrical Indus- . 
tries Limited will be issued Upon... 
conversion is 367 pence per Orck . 
inafy Share, and for the purpose^ 
ot conversion the Bonds will 
taken at their principal amount' 
Iranslated into sterling at a fixed. - 
role ot si. 88525 = Cl. The con-: 
version price is subject to adjust^ 
merit in accordance with . Cori’X 
dition 5(2} endorsed on the Bqnidif-- 
at the date of this Notice! no cir-. - 
cumstarices giving nse to such; . 
adiustment have occurred. 

MUNICIPAL TELEPHONE : 
COMPANY OF FUNEN 
9% 1976/1984 UA lO.tKHWMW - f 

Pursuant lo the terms and eondWouli 
of the loan, notice lr heroby afye™ 
Bondholders that, during the rwdve- 
month period ending September 14. 
1978. no Bonos have been purchased. . 
Outstanding amount UA g.BM'.OOO- ' 
FINIMTRUST SA 
The Trustee. 

Luxembourg- 

September 29. 1973. 


ONE ON 
SATURDAY'S 
MOTORING PAGE 
AGAIN IN 
MONDAY'S PAPER 

BOTH FOR 
JUST £140.00 

For details of other sizes 
contact Simon Hkks 
01-248 5115 


TURBO DEALER 

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

JHCH REEDER ITS 

TOMAyBURYROWOXrMS^UftREY 

Woking 

,(04862) 65307 -f- 656G3 . 


u.'xu.inv,. 

A , l2. 0# vA B i , Sr " ,,n Marr.r 

.V.'" 1 * 1 * C7.GOO. 1575 an COUPE 

'SXXSr k ”T in"" v C , *iS u C& 

-feds , a nd P7i. Be'.aro r 

■ntil Grand prlx white. LlQ'gsn 


ROLLS-ROYCE SCI1I 
1965 CONTINENTAL 
CONVERTIBLE 

Whitc/rcd trim. ?J.uUU. new power 
hood, superb value (annually main, 
tamed), h n iory ava. table on thu 
famgut car, £20.000. 

For further detain. arran^ementM 
tar viewing ei^, 

TEL; MH St42 «r 01S1 453423 


APPOINTMENTS 

j yoe. PreMMMnal. Commercial arw ,2n.'2 r 
*n»l vacaiKles lram junlbr ta nSSS 
i 01.451 ail. “"fja. 

I CROUP. niMinw A Accoimtawcv 
slew, fi Lloyd's Avmfi. 


LEGAL NOTICES 

So. 002939 of 1978 . 

In Utc HIGH COURT OF JUSTICE 

Chancerr Dnrtslon Companies Court- -2-'' 
the Matter nT GRAYHUSH INVESTMEST.' 
HOLDINGS LIUITETi sod la (lie MJiiB? . 
of The Companies Ac: IMS. ' ‘> 

NOTICE IS HEREBY CTV'EN dial 
P'’lliliM for the windinc np of ibo 
named Company by iho Rich Court J* '• 
* -as on lhe 18 ' h *1*7 SepieiwFF 
lIK'l presnnifil 10 ibe said.. Court- K- ". 
MirnAEL TESTLER AND CO.MPATfT. 
LIMITER whow -r'Kiniered oltlce 
IlllUle at 22 Qui-ber S're-I. LOndlMI.. W.L'* 
and ihai ihe nbl Pnininn is difMfen' ,■ 
10 hn h-Mi-rj thfure »b-3 Caun silting, y.. 

Ihr Royal Courrs of Justice. SlrJ™,'. 
London V-CTA 0I.L. on ih- 30ffi day 9t, 
Ociolv-r 107S. and any crcdlior OT cdBr' ■ 
iriboinry of ihe siW Company deslrotw'. 
in suppon or 000051 - the making ot **■ 
Drder on the said Pennon may aw®* 
at Ih- lime of hear inc la person O T W} 
hiv 1 ' jmhv.'I tar »ha: purpose: aod a ctVT; 
of ih«: P--i Irion will he furnished by ft® 
'ind-r^iCTed to airy creditor or ron uCW- , 
lory of the said Company reqnlrtw 
copy on Barmen! of ihe recnlaicd chars* , 
for the same • 1 .. 

HUGHES WATTON b CO., 

Rea-nt noynn. j , 

23S.r241 Resent Siroet. 

’ London W1R MU. • 

Snllcl'.ws for the PeUMoaer. •; 

NOTE.— Any person 'who intends ■■■■ 
appear on *ne hconnc nf ihe said PolU'®-, , 
niusi serve on or send by post, to JlJt. 
ahove-named. twice In vnlrlni! of M - 
inientior so 10 do. The notice moai it*** 
the mm» and address of. the jwrsws. 

Jf 3 Brm. ibe name and address of t™r, 
nrm and most be slstWI by thr priw* ' 

# r Him. or hu or ftelr solicitor tlf *WF\ 

I and musi he served or. If posted. miBV 
[ he sent b* post in sufBcieni lime - 0 \ 
nach ihe abbvc-nameil not later ft® 1 ' 
. Inur o'elaet; in ihe afrernood ■ of ■ Hf 
1 57ft day of October 3976. 1 ■ 


CLUBS 


CA| Mg7 ,Lg- 69 Poan London. W. 

N |w STB!fTe«B floor snow 

TMB GREAT BRITISH - STRIP 

, al MWnlvfii and 1 ajn., 
MonwFrt. Closed; SKwrdaya, 01-497 


K| r c 
1 01 


;fS, Ply 






if ;-.,y 








5 


-/■ ■'ffines- Bfonda^ .October 2 : 1978 

WEQFS FIHAIICWL DIARY 

twing fa a record oftho principal buswess-and financial 
engageineir^ during the -week... The Board, meetings are mainly 
foe the purpose of considering diyidends ancl official inda'cations are 
not always available whether dividend/; concerned, are interims or 
finals. Tlie sub-divisions shown below are based mainly on last 
"year's timetable. 


FT Monthly Survey of Business Opinion 



© Statistical Material Copyright Taylor Nelson Group Ltd. 


^SSSTSS* <5" ®Plt r fiojnfgsM Acr^f P n^ N SouUjwb»rt. N W 5 ib • 

-^SST 7 ^ L ® nfl0n Wrtfc E-C- wetor j»TDdi"^wKuTi Rom. West CAIrten 

■*- "** ■«- :iu "t*****” 

HH* T? 01 *; Sad ter Road, BrawitttUs. W. 5&£? a, 2i, m ,.. -.-..j . . 


“iSCki 


iter ROM. BrowiaHb. W..Sb** A llman .InteL 


MEETINGS— > 


_ Interim, 

Beaut ord 
Finlay Packaging 


GENERAL OUTLOOK 

A high level of confidence 


GENERAL BUSINESS SITUATION 


4 monthly moving total 


September 1978 


■aswar >**-■ »«* - M nsr » 
£8S*5*«- . Hnwm 


Hi W* 


Interims: 

B«t»o«i ciartt 

CnSys* ^ 5,0,1 ***•«*▼ Md Inv. Tut. 
flMeti Carrier -• 

Lsne < Percy) 

Marthn tt careraUm . 

OetlerMB) . 


BUSINESS confidence remains 
at a moderately high level, 
based upon the growing pace of 


gre tew* • . J Based upon the growing pace of 

^SSvTOENoI^fNTOresT payments! i»j recovery. This was particularly 


^s^r 1 ue " e ™ marked, last month in the elec- 

AYteu^vito 0 ^^. Red. 4 / 10/78 ^cal engineering sector which 
tUi s. Red. 4110-78 “ D °w experiencing the benefit 

aSSMii m R«-. 4fio/7B u P turn “ consumer 

rusos . demand. 

BreiP'ajnSSdi! W 4/10/78 £j.55os In the stores and consumer 

■HHs/i American -and Gen. Trial Ore. e pn ,i_, 


Md General Instruments I 


MvipeMD .& ‘INTEREST PAYMENTS — Birnilngium 


AArt Did. bpePf. -2.1-pc 
APV Ln. Slot 
Agber 1 .assap 
Aberoom In*. 9 cts. 

Aerltete ElraHU Teo Dh. SteBC ' 
Allted Retailers 5-812* 

Allied Terr-"# 2.62P. . . 

Arbuthnot Latham La. 2V4jx 
Armltao* Shanks 2.32P 
Associate)* BtseiHt Man. M. Inc 
Associated TV A B.U4p 
Aurora SpcPf. Z3 m 
BAfT Ma. Sa 
Berdan BMk 6.05a 
Baynes /Charles) 0.3o 
Beaumont Props .1.1729* 

Benterd Concrete 0.6A9sip 
Birmingham Mint Sex: P i. 2.1 pc 
Blundai-Pertmegian 1.1 4d 
B oardman (K.O.) S^DCPf- 1.92SPC 
Bradford 2H*pc 1 972JJ2 lVoc 
Brad* I rid Ord. 1.75o 
Brarthvrafte Eng. 7hPCPf. 2.625DC 
©rfston 7pcW. 2.450C 


** EnBlMW1 ™ AppiiMKesj majority of firms said they were I u 


In the stores and consumer 
services sector, where a 


4 ?io/ 7 B more optimistic, the increase in 
£^5505 . .. consumer spending had m some 

ST iwk c.485p cases produced better figures 

Crawley B'.pcBds. Red. 4(1078 £3.5505 fu a _ „ vno ,., fl j 

Gtouce*iersnilre 6'rpcBds. Rod. 4110/7B tnan expected. 

c^d 5 f{Sd, of ■**» Africa 50.212950 Attitudes in the cars and con- 
HiwiMdoa e-jmcBds. Rad. diToiTB £3 js5os sumer durables sector, third 

I nvpranFnMi nlLtilU'K u/D * 



Brtdon 7pcPf. 2-45©c 
BHtannlc Assurance Ord. 4.355o 
British Assets D.SSp 
British Printing Carp. 4. 

Z.loc. 5 J5PT. 2.C25PC 
B roads? one Inv. 1.S5P 
Brownlee 5pcW. 1.75 pc 
B urton Gro. AIM 4tepc 
Caftn* eijpcPi, 2.27 Spc 


Inversordon Dlsilliere 0.7o . 

-Llanelli ft sDcSd*; Red. 4/10/78 £3.5505 
London and Lomond Inv. Trust Ord. in 
Medina 6-ipeSds. Rid. 4t10l7B £5.5505 
Midland Bank 6 .So 

Mole vaney E'aocBds. Red. 4110/78 


sector covered by last month’s 


survey, were affected by the 
situation in the motor industry 
and concern over the effect of 
industrial disputes arising out 
of the Government's pay policy. 

The postponement of the 
general election, which was 
announced just after the survey 
had got under way, does not 
seem to have had a significant 
impact either way on business 
confidence. 

Export markets are said to be 
very competitive. But all three 
sectors had become more 
optimistic about sales prospects. 
No firm interviewed last month 
expected export sales to decline 
over the next 12 months. 




EKOU 


6 *ipcPf- 2.2/Spc. 7jxPf. 2.4SPC. 7'uK 
W. 2.B25oc 
Cawdlw I no. 24579a 
Cedar |p*. 5pcPf. 1 75pc 
Chriity Bras. 2:i1» . 

Clavton Draandre Debs. SA» Sac 
CIlBord Sndl 0.8227a 
Castain fRkhardi 2.5748a 
Country New Town Prop. 0.450 
Craig Raw 5ocPf. L.7Soc 
Crown Koiim 2.28a. Da. 042o 
Crown ZrUerbacfl «7‘jc» 

Dtw lilt- 7.425D 

Dnw <H*-ry) GacPf. 2.1 DC 

Downing »G- H.) G41W3p (2nd). Da. 

0.17290a l3rdl OC 
Dura Mill So 

EJortrocomnortrirti 2.551580 

English Dutch Invest. 1st 2nd Pfs. ftM 

EruriJ Non-Vot D.FI.3 

Ex-Lands 1.1 17B 

File Foroe 0.8 b 

Gasket) (BOcap) 2.77p 

General Etectnc 2.04Sa 

General In*. Dh. 1 lue 

Gl onfield Lawrence ttoeW . ' 2. Sac 

Ghss. Glover 0.2818 b 

ana Ln. 3 hoc 

Granada A 1.189a 

GrtndlarV* 1 D 

Grom Investors 1.18a 

HAT 1.01 1 6a . 

Ha Mite 4.37D 

Hjmbros Ln. Shoe 

HxrtlhBOOl Water 3 .5 pc 1-7 5 PC 


4.355b MM Valley 6'aacBds. Red. 4(10/78 

£3-55 DS . 

42pc A B PfB. Monl (Abril 0J57&P 

c North, non B'eacSds. Red. 411 07 B £3.5505 

Oldham GTiDCfldo. Red: 4/10/78 £34,505 
Phcw-lx Timber 228759a 

PC Preston BtecBds. RaCL 4/10n'7B £3.5505 

Provincial Insurance lOpcPl. 3.5p. Do. 
.4’»P¥!- 1 -57108. 1 MocPf. I.75o ■ 


ORDERS AND OUTPUT 


Caverham lOpcPl. Sue. 4i»ocPf. l.575oe. 1 2 SdcP(. l.75e 
ghpcM. 2.27SPC. 7ocW. 2.45pc. 7>apc River and Mereandle Trust 3.5p 


RoutledM and ICesran Pant 2. Bp |B ■ IWt^l W 

St. Edmundsburyt' 6 T tocBds. Red. 10/4/78 V %✓.! y 

£3.5505 V 

South s Bedfordclil«p e'socBds. Red. 4110/78 

sundiriand B'sooBdi. jted. 4/ioi78 £3.5505 THE RECOVERY in industrial 

Wlaxn 8'apcBdi^Red. tllO'78 £3-5605 

Yorkshire Chemicals 2.39525P activity Continues to gather 


Recovery gathers pace 


THURSDAY, OCTOBER S 

COMPANY MEBTINGS— j 

Best and May. Waldorf Hotel. WC. 12.30 increased 
Cook IWm.J (Sheffield). Parkway Steel -...l 


activity continues to gather 
strength. More firms reported 
increased order trends last 


Fo^%kmAwiiH' sKKw: I 2 i I mouth, cohflnning the sharp 


C reach. Assembly Roods. Maple Road. 
Surbiton. Surety. 12. ' 


J*rvl* ^.>.*-2391 Vauxhall Brldga Road, reporting 
Jones Stroud <H.). Albany' Hotel, Nottlng- deliveries. 

Lonmin 1 Merchant Securities. Winchester In all, JUSt Over half Of the 
Homo. Hall 3/5. 100. Old Bread Street. 

ec, 12 . companies contacted m the last 

RuM ^' M Towr s,W!t - four months have said orders 

Mrfodv Milhufirjfltf Hold. Ltkesicr. 1 1 - d vp im anrf nlfiirvcit fuin in throp 
Owen and RUbinton. Rayistertd Offtw. are U P ana IWO in inrce 

s i.., wa, have reported increased 


_ increase recorded by the pre- 

connaaght Rooms, vious survey, and there was a 
1 w M u RoMi ' s,lt,lrB - further increase in the number 
j^ w ij.>.’. 2 »rViiKhaii Bridga Road, reporting a higher rate of 

_ sv ». II. - r ___ . -• J.i: ! 


- u.m.m 4 x7n SwhiegBtc. York. 3. 

' Hun brad' Ln Jt-pc ' Rdlance Knitwear. Rybume Mill. Hanson 

h«?5toi>i WmS- 3 Joe 1.7 5 pc • ■Lane. Hall (an. .12.- 

r ' H«rvd-r ton- Kenton ",432 b. Do. 0-021 p Strinbajg. Gragevimr House. Port Lane. 


'• 'additional Dividend vr. ended 31/3/78) 
•- Henekev’s TixPCV*. 7.45oc . • • 

Hiking Pentecost 4.9643a 
Hirst MalUnson t p- 
Kooq Robinson 2.580 
•- HoHas 3.56o 

Halt (Joseph) 0.67a _ 


W. 12. ■ i- 

Wacon tads- . Midlands Hotel. BlmUns- 
barrn, li 

BOARD ME43T7NGS — 

Finals: / 

Bejan 
CMI . 



iilfnoWorrt. Morrfs 6I.P8 2ndPfs. 2JI75BC Harrbom Mdmtei btated 


* Inrticape 9 b Lilas. (5) -J * — 

IndeoendMrt Inv. 7ocPf. 2.4S0C ■ aod embt 

Ind- General Trust 4ispePf. i.575ec Sanderapn Murray and Ehter 

Krnlw Motor 1.75 b • _lntefai: ,»•. L 

Kent (George) Dbs. 3 3nPC- Ln. 4 pc Give DteCBinit 
Kuala Lumpur Kepong i-68Sn |B P1 • ; ^ 

’’j Lid’irl’ Pr^cJr Outerwear 0-95 p Wrlgnt mid Rowland 

:!■ ■ »wnsarw» *, 

Lvn 2.48P - ■ - Airftx luds. IJKSSp 

LlndJStrles 6p. BocPld- 2.1 gc -Anglo Intel, inv. T«- Dlv. 1e , 

: : ' ovi I li Y- J j r . 5p^ - AnnuiUes 2hvc lipc. 2A^e 1 kPC 

Macartby? , Phanfnaceu5cal3 2.B8P 

- Magnol 1 3 ° Mmi fdTnos? V. 95068 5« . BeNMMalce'^JO^aPiaWs. - Red. 31 0/82 

Marufirid Brewery Ln. 3 ^mOC - S’i&pc. IOSpcBcb. Red. 29|9I82 S=i#pc 

. r . MiEhSli rnihSi. 4.85 b . ..... Beverley fti«cSds. 11/4j79, ««MK 

MasariBtual Mortgage and Realty Investors Boardman iK. O.) latnl. 0.6841 6o 

34c ts • ‘ Bolton BpcBdl. Red. '3/10/79 4 DC. Do, 

- Mronitt 0221 Ip ■ • Var.RateBds. Red. 3* 3 '83 £4.125 

Mentmore Manufacturing 0.7*1710 • -• Borders. 8 UpcBds. RedL 11.A.-79 4%ffc 

Meade* Ooitn) SocfJ. Z.Ioc. • Bradford Prop- .Tst L». '8-Spc 

Metal Box 4MMHL 9pePf. 4iSpe. BoroteY Var.RateBds. Rad- 3013/83 £4.125 
Midland Educational SJ0763P . _ - Cambcktoc 7 DC Red. 1978 3 4 DC 


have reported increased 
deliveries. 

Looking further ahead, there 

are other encouraging signs. is now oei 

There was' another marked seasonally adjusted index for deliveries 
increase last month in the* bought-in supplies over the planning. 


CAPACITY AND STOCKS 

Closer to target 


coming four months and a 
further edging up of produc- 
tion/turnover forecasts for the 
□ext 12 mouths. 

The most signficant factor was 
the more favourable experience 
of the electrical engineering 
companies interviewed last 
month. Conditions in some of 
the electrical engineers’ custo- 
mer industries remain at a low 
ebb — for example, in steel and 
shipbuilding— but the upturn in 
consumer demand has worked 
its way through to the lighter 
end of the industry. Most firms 
reported higher orders, and this 
is now being reflected in current 
deliveries and production 


Are you more or less optimistic about 
your company's prospects than you were 
four months ago ! 

June- 

Sept. 

% 

May- 

r 

Apr.- 

% y 

Mar.- 

June 

% 

Elect. Consumer 
Eng, Durables 

% % 

Stores 

% 

More optimistic 

47 

45 

44 

37 

48 17 

75 

Neutral 

39 

44 

43 

43 

45 49 

12 

Less optimistic 

11 

8 

10 

20 

7 34 

13 

No answer 

3 

3 

3 

— 

— — 

““ 

EXPORT PROSPECTS (Weighted by exports) 

4 monthly moving total 

September 1978 

Over the next 12 months exports will be: 

June- 

IT 

May- 

r 

Apr^ 

Mar.- 

June 

% 

Elect. Consumer 
Eng. Durables 
% % 

Stores 

% 

Higher . “ 

79 

73 

72 

76 

84 76 

96 

Same 

15 

14 

14 

14 

16 24 

4 

Lower 

6 

13 

14 

9 

— — 

— 

Don’t know 

— 

— 

— 

1 

— — 

— 

NEWURDERS 

4 monthly moving total 

September 1978 

The trend of new orders in the last 

4 months is : 

June- 

s r 

May- 

r 

• 

Mar.- 

June 

% 

Elect. Consumer 
Eng. Durables 

% % 

Stores 

% 

Up 

52 

49 

41 

44 

84 41 

73 

Same 

27 

30 

28 

27 

9 34 

14 

Down 

8 

9 

13 

13 

7 25 

— 

No answer 

13 

12 

18 

16 

— — 

13 

PRODUCTION/SALES TURNOVER 








4 monthly moving total 

September 1978 


June- 

May- 

Apr.- 

Mar.- 

Elect. Consumer 


Those expecting production/sales turn- 

Sept. 

Aug. 

July 

June 

Eng. Durables 

Stores 

over in the next 12 months to : 

% 

% 

% 

% 

% % 

% 

Rise over 20% 

5 

2 

1 

3 

41 — 

— 

Rise 15-19% 

5 

5 

5 

1 

— — 

3 

Rbe 10-14% 

17 

13 

16 

12 

20 75 

16 

Rise 5-9% 

24 

32 

29 

26 

7 — 

33 

Fall 5-9% 



i 

3 



No comment 

9 

9 

5 

6 

— — 

20 


STOCKS 


4 monthly moving total 


September 1978 


Lovell iY l.Sp Annuities 2hic IJjpc. 24«0C 1 %DC 

\ fissr THE IMPROVED rate of 

■ .^SSnSnHk'. M 31/3/82 activity IS reflected in the 

MorShrid Brawory Ln. s^mk ■ • s’lftpc. jc5»cB[is. R«j.. 29.9182 further slight increase in the 

■ '■ number of firms working at 

.. - kiSSt 0.221 ip • _ • . Red. 11 ^ above planned rates of capacity 

r ■ r 4%pc mmsatlon ** ** , de - 

^ ?^S? r 7 R ^. ^ia 30 ^^ 3 M - 125 ^ workin S helow 

Nril Soane er 1.1 So . Comuit-Koudstone. 7pc^f. . 2.46ac planned levels. 

Newmar* CLooW^'Bicef. 2-625pc. Bpe -c^ Medway Vw.RarteSb- Red. 30J3W3 ^ , 

JJi*-®* WMer 7pe 3JPC.. 4.9PC dkot ^ forecasts for Stocks over 

‘JT , —,...^.4^ 4 a a-4^- . 3 i.s« c Stf* BSScBdif^Redl' ^o}3o 4»,pe the next 12 months show a 

E \ 5‘i ■ C^V; . d.TSpc. 3.5iie «mlyL SBC) 1-74IC. city Acre Proa- Irtv. Tst. Dk 5.1 PC • , A n tfcraa 

' « et. 1-575PC. , 3 ,pd»f. i-7pe. 3.|5ag<. cowQiwitcd 2 ijpc i*4»c ~ similar picture. All three intu- 

?:VA\C5s- , 3 i 981^03 °Z%c, 1 . <>l ^ v 5- R ^^. Red v 3 ? ,a * 1 catprs^for raw _ materials. 

’pi 92 ^4 eoods, and work in pro- 

- i. 8, ' acB ^' ** ten : tale sign is the prevalence 

: » - *“ w . 'Nava o«ra*y) to &aKjuw vuS-jtb 4iai>c of complaints of shortages of 

i.925oe ' • . sms?*-. skmed manpower. Most elec- 


Mwnand Educational 3J0783P . . - cambrldsc 7pc Red. 1978 3 4 DC 

Ne/I Scene er 1.1 So Cement -Roodstone. 7pcAff. . 2.46oc 

Newmark (Uxrtsl 7'5»cPf. 2.fiMpc. Bpe Medway Var.RoteSb. Red. 30/3D83 

W. 2.8PC *0-, _£4.12S _ -V 


Factors Affecting 
a Production 


■fatbnieiasr^eS' 

otingvkn 


tricai engineering companies 
said recruitment difBculties 
were impeding their output 
plans, and so did a majority nf 


Raw materials and components over the 
next 12 months will : 

' Increase 

Stay about the same 

Decrease 

No comments 


June- 

May- 

Apr> 

Mar.- 

ElecL Consumer 


r 

T 


June 

% 

Eng. 

% 

Durables 

% 

Stores 

% 

46 

40 

37 

34 

22 

67 

80 

37 

9 

40 

10 

43 

13 

45 

17 

73 

5 

24 

20 


firms in the cars and consumer Manufactured goods over the next 12 


* ■ -~T'. „j: is’ Nova (Jancy) Knit 1w 

z'rsrUK 

— 3'ipc - - - 




1 75SS: Lincoln. BlapCBdS^’RML 11/4/79. 4l«pc 
? f -=!22?‘ 7 , B al;5. 7S,, u i.01 zlpt London HUaeSd*: Itefl. 1T4/79 4toe 

■ 1 9(h London County, Sac 1980-83 2-5 pc 

nef^ ' ^ M nd G Australasian and Gen. Food Inc. 

Rafttom# Hoffman 7pCrt. RHitnce.^ K nltwitr I.8I0 

UStSSi vSSSS. AS. 

S 20 - (toxbuoll 9/jocOdS- Hod. 1«‘ 10180 4UX 

1 75a St. Knsm BiaOCBdo. Red. 1134/79 4'aDC-^ 

Repi^ llc^tew. V arft jsagbt. V ^ Red - 

4 b S^: sfll^JtW Var.lteteBdS. Red. 30I3M3 

?SK & i ,W i.-;R D rfiL 1980-81 -2J7SOC. _£4.I2S .. • . - 


Fundi nc Ln. Stew 1987*91 2?«pe 
GJavaow B’laxBrfs- Rod. 11M/79 «>i»C 
Greater London. 9lff( T980 4tepC 
Greenan .WlifUey Lns. 31. 43 mk 
■ Haslemere Erts. 2.303069P 
-Hove 8L*cBd*. Red. -11, 4,79 4i*cc 

ifirkleo^ ^ U^lkiT ed. 11^479. 4t*nc 

Lalnp Uobn) Ord-' and A 2P 

Lincoln BUpcBdsi-RML 11/4/79. 4i« 


1973 ’74 ’75 ’76 77 ’78 


durables sector. m 

Supplies of certain com- “ 
ponents and products were — 
another fairly widespread prob* — 
lem in this sector. Among the _ 
items mentioned were pressings, 
castings, packing materials, and ™ 
certain types of new products, f 
But demand factors — includ- 1 
ing export orders — are still the — 
dominant restraint upon pro- 
duction rates;- as the chart 
indicates. 


months will : 


. Dt». -W» 14* 3 
ell DuBnni, 3te. 
it /BenUmln) 4 


riest iSenlaii>ln) 4.075209a 
rap. Security 1.34a 


CAPACITY WORKING 


4 monthly moving total 


Quick IH. and J.J 0-®gf 
Ransom* Hodman 7pcPf. 

sss?, $?e b • 
SSRS-ASS'Vv. 

Republic New York 3« 


September 1 978 

Elect. Consumer 
Eng. Durables . Stores 
_% % % 


Nw York 3 8c*s- - S- WTOf t«» »,r.Kni-DO*. hco. m-'ww 

•BSpraSS UX 4 b S^ V «. kS 'l9a^ sgtichnte V^.R.t«BdS. Red. 30/3NJ3 

as* ,w«. m. i«»T 

■■■■ S9K?BL!A»b<«k - 


Above target capacity 

18 

15 

14 

10 

20 

— 

37 

Planned output 

55 

yw ■ 

57 

nrw 

56 

TO 

53 

TA 

50 

66 

lift 

63 

Below target capacity 

No answer 

Af. 

x# 

i 

. ** 
i 

30 

1 

M3 

M 

— -\ 


Increase 

42 

40 

36 

31 

20 

58 

78 

Stay about the same 

39 

38 

40 

40 

48 

8 

7 

Decrease 

3 

4 

2 

10 

10 

— 

— 

No comments 

16 

18 

22 

19 

22 

34 

15 

FACTORS CURRENTLY AFFECTING PRODUCTION 

4 monthly moving total 

September 1978 


June- 

s r 

May- 

r 

Apr.- 

Mar- 

June 

% 

Elect. Consumer 
Eng. Durables 
% % 

Stores 

% 

Home orders 

82 

82 

83 

86 

75 

42 

80 

Export orders 

61 

59 

65 

65 

78 

58 

54 

Executive staff 

16 

20 

28 

24 

5 

17 

20 

Skilled factory staff 

43 

40 

44 

42 

93 

58 

20 

Manual Labour 

6 

10 

12 

14 

1 

— 

7 

Components 

6 

5 

5 

2 

— 

58 

— 

Raw materials 
Production capacity (plant) 

8 

10 

7 

ID 

7 

n 

3 

IT 



33 

17 


Labour disputes 

Ot hers 

No answer/no factor 


. 2 tcooi) 2*J si, 3^^PC. 

Rothmans l«rtl- B 1.3266a. 


Rothmans Irtl- B J.3288B. 
su Andrew Trust 2 b. Do. Db. Zac 
St. Plran 0.76039a • 

iawSTIlotelS Ln. 4 Ubc t yc— 

Scottish C/tte* |nr. Trint 5 pCM. 1.75b* 
ScottHh Eastern .TW. Dh. 2»«pc 

JSIraell Transport 5 b PC W- ) -g«-,5jg_ 

.s^ri^ a ?ni 0 3? p - v- 

rac d 2 F ^“% s p|p W .575 S c 


PrflfllKTlVll 

'Sjry S.W- 1|- •*” ' MV* U. T J.I 

ON PRESENT - expectations, 
-ESSSvivr • T wSSh re kmf l however, improved demand is 
'i^&JS'lSt^iSotN. E.c! unlikely to result in any reduc- 

Ersiclne House ln»s.. Winchester Housai tion. ill the ZUimber t)f Unem- 
Loadon_ Wall LC. U . ‘ rnka IaJIm/a, fn* 


INVESTMENT AND LABOUR 

Productivity is the key 


LABOUR REQUIREMENTS (Weighted by employment) 


4 monthly moving total 


Other factors fairly high up ^ 


-1 

3 


Labour 

Requb , emeiits : 

ABsa. 


Tarfo?' Wood raw. 2 d»T b 
^ rewturad Jerayv OJn 
, fumklns ir. H.* 0.61 75 


sicMd Miiancd Trim. -64, Re/**™ sl. ] most firms .expecting to make 


D BOA^b MWrPHMl — 
Final*: . .. 


^ OM1-W1- CrSgjjli-lBB 


do with about the same labour 
force in 12 mouths' time as 
now. 


on tho list am high wage costs — 2 , „ , 6 24 

tn retoon to producUvtty and Stg about th T^. 59 a “67 56 

difficulty m recruiting staff _ , 

with suitable skills. D ' cr “” 20 18 17 20 

The continuing good outlook ^ 

for industrial investment points - CAPITAL INVESTMENT (Weighted by capital expeaditere) 

in a similar direction. About ' r * 


Septemb er 1978 

Elect. Connmier 
Eng. Durables Stores 

% % % 

23 70 35 

7 30 43 

70 — 22 


:-Truste«s Carp, d’srac***. 

3 3tec. - _ , 

. JSlESS- -Dbs. S 31*« 2ac 

Unilever Non-Vot. Rt. F112 w 
Union Bancora. 2JctS. 

-Uritech 2-5795D 
• Jolted Gas lnd. 0.04P . 

■ Jnlted sdotitHkc 3a 

°- 2d 

ramana 1.9955 b 

■ iHllvTflk 2" 30 • gm m A foe- 

.Wade PntttriM 2.1"* 

He** U05eohTO^ClS7D 

MMgwood Sdcft. ibw23- _ 

Wert RramwKJi 1 S i 7 4 te 


siSJ?£2? cg wj Further analysis shows that 

^dPvideno a interest bay Mean's— - this outlook is dominated less 


AHied Colloids 1-1 i7o 
Allied Insulators 1-650 

ISwwin C, (Hli.) P 7PCBf. 12J5BC 

gS^SSSitt MO. 

tSOo paid) 16 b 

Brown < JoWlI 4-B4449 

Celtic Haw 0.323a 
Cement. Roadstone 1.5ZB 




et Sydney S.Sets 


by demand considerations than ^ 

by a widespread desire to raise SO ffjgr ^ i;. 
do. ord productivity and by- related L, 1973 74 75 _„ 
- labour supply factors. Half the ductivity plans as 

; •• firms contacted in the last four : governing their 
. . months have mentioned pro- forecasts. 


llpSIIBr^HB 


three in five firms expect to 

spend more in real terms over 

the next 12 months. — . . . . .. 

i Those expecting capital expenditure over 

.. This, is accompanied by a the next 12 months to : 

rW -J| f«jrijer ^crease in the number Increase in volume 

^1 of firms expecting to require ; — ; ; — 

'‘ ' l-’ - Ci, J more outside finance, including . m , ue 

77 7» | bank borrowing. although : but not.ln wtanw 

a factor current liquidity levels are Stay about the same 

manpower generally regarded as satisfac- Decrease 

toiy. No comment 


4 monthly moving total 


September 1S78 
Elect. Consumer 
Eng. Durables Stores 
% % % 

63 34 38 


BKB.’WSiTKfcB-; 3-30C OJV^M^^AO^BP ^ 




WntHWOPie 5*2i£i, , ? Z71 * 

' Cmwtnirt °v 8 i, 3p 2 


ffiSSS 

• i^bSSSn 0 ’ 7 SSch an PIBW- 6ocPf. 
2. lac 

Winfurt 2 -0261B „ 

NRter ITTMMnasI 0-«7f 

Woodhotm Rlrarai 1.15903a — 

Worfrismbera fipePI- 2 .- 1pc - ™Kn. 

rt 675HQ • 

' Xtnw coraoraHon SOets 
York Trailer l.2«2a 

TOMORROW 


5^ j6 pc 

- Exocm/ac CI pthM IP 2 9375 b 

8aS«W®ff*B5 

GacPf. lSWSffiWM- 1- - 

ISSTRUS£m(m s,s - c 




M V L H Hltfgt‘2.B08924p 

McMuHefi 6l»pePt. 2J625oc 


McMuHen 6te 
MalHnson-Pyr 
On intormatra 
Red. 2ndW. 
Ex Dividend 


COSTS AND PROFIT MARGINS 

Wide respect for pay policy 

ONE INTERESTING point to were stores and. consumer from a sample based upon the 


COSTS 


4 monthly moving total 


September 1978 


comwwy -^ET/NGS*- _ The conwnv H «, a gnguncw *'« \ ng to adhere tu the Govern- sanctions and less likely to be . „ nnW |* « mT , aT , ip - 

Wv. An* court. Cheltenham. Gios- ^vidend on mak™ th* me nt's pay guidelines. Three concerned by an element of of all public companies. 

MiSffi? Ah a tSe , !SS» l 9 ,, » 2 out of five said they definitely flexibility opening the door to The all-industry figures are 
f >?nw C (ted ,l cS??K zSS^ b^ would, including those con- large wage increases. four-monthly moving totals 

ffi! Sffi Fs5?*e TP ”“ ” temptaUng produntiyity deals: MeanwhUe. inflation expecta- 


Wages rise by : 


june- 

5ept. 

% 

May- 

r 

Apr.- 

Mar.- 

June 

% 

ElecL Consumer 
' Eng. Durables 
% % 

Stores 

% 


5-9% 

21 

20 

15 

19 

16 

42 

19 


10-14% 

66 

69 

72 

64 

64 

25 

67 


15-19% 

3 

2 

5 

9 

20 — 

mr . 


the 16. 5 PS tomf. 2 d 

TOARO MEETINGS^ RSfiRS ^SMIP 

^ 

s^auMr' - . iB ; 

■ (Bds. '■ RAtncrt ^ Red 84-35 5 l »W 

. Ertstes and 'Gen. -MM. ■ S0,l l? iv, f l u«in ^Orcl B^/SB 

«w^eMTwfae-DrflI and Site - 

'«2 ri,,C6r * A INTBMBT PATMENTS— SMi"beroO«7P g|j 
' Kbhop gggte Plaitomn SJcte iiiSl lnd GoUfctone 3-67 180 

gfoyn .WU Wart. 1-Saap . EwterKd Ln. 4biX 

.•5rS r ^’ 0 5 SP eP 1 . ijigpe ' WUKhmore ,' F nv - w T ri t zZ^ tMe - 

Md New York woolwt> CATURDAY. °CTOMK ^ y 

BrtetG. tMrtaH) 2£» biv/OEWS imt E bE ?Ub« 11 

gjj.nj*.;*,™. v... agi L n jgffi nrrOBSB 

-■ a^ , s^" ,T£REiT 

■ wftntfonl fnvt 4JS7Bp ■ Araira 


_20-24%_ 
No answer 


AgS! V N^rt? Cpi^V®^- 1,10,42 
"SiffW^^gg^PAYMINT- 

DlVIDENP * INTEREST 
Ann 0 .*j79p 


iiS 



Unit cost rise by: 


fM%_ 

5J% 

10-14% 

M-24% 

Decrease 
No answer 


^.Tbe y Natfireu •_ Conservancy The rcsearch^P_oi . ^ years. 
Council haa made a further grant of its type “eary 7 Univers ity, 
, of.. £57 fioo ••.-to experts. at-Tbur ■ *Ba«d at Lanws aVO j ves the 


, tions continue to improve. The yzz — 1 ■ 1 No answer 

median forecast increase for ^ tf ~ Unit cost rise by: 

wage costs has tended to level VOltlffUl Of 04 % 

out.' at around 11-12 per cent. Purchases r cjaT 

but those for total unit costs _ - — -j0- 

and output prices have now * III L.J./™. 

fallen to around 9 per cent |y \ i I I S-I9% 

.Hopes for improved profit- ^ 1 |/v 

ability were checked last month 25* f\ fl 1 Decrease 

with the stores and consumer ill No answer 

services sector showing a more + * I II 

pessimistic prospect But the „ \ * II 

all-industry indicator is still, on H |f\ I 

balance,. favourable. The earn- \jl V u . nA , HI , 

ings outlook in -electrical r fctaa d dfetefSps’cwlwss' PROFlT MARGINS 

engineering was especially zs'.l— — J 1 — i i ■ - 1 

encouraging. [ .‘075 1976 1977 W78 

These . surveys, which are ; 1 

carried out, for the Financial covering some 120 companies in Th „. . _ mfir _,„ r „ _ vpr .. 

Of the remainder who said Times, by the- Taylor Nelson 11 industrial sectors (mee- nexe months to: ^ 

leir attitude would depend Group, are based upon -extensive hanical engineering is surveyed : . — 

[wn other factors— market mtervlews with top executives, every second month). Com- — ■ ■■ — — — v p 

trees, the trend in other settle^ Three - sectors 1 and some 30 piele fables can be purchased : Remain th.e tame 

lents, or the strength of companies are covered in turn from Taylor Nelson and Associ- C ontract 

overhmenL .. .'sanctions— most every month. . They are. drawn ales. No comment 


PROFIT MARGINS 


1974 1975 1976 1977 1978 


4 monthly moving total 




. als0 involves «« forces, the trend in other settle^ Three - sectors 1 and some 30 plete tables con be purchased 
-St or the strength of companies ^ covered in turn lorn Taylor Nelson aX Ass-ocu 
ymt^tles^LhabltaS to help Exeter and Manchest^ Government .'sanctions- most every, month. They are. drawn ales. 

1 /-Ptotta'- Mii c/m a*rvatio iiiyv to.be complc le “ J“ 

' :: . 4 ■■■ >' •■'■■■■ 

r-iikJ . imMMMBM— ■■■■HD— ■ 


September 1978 

Elect. Consumer 
Eng, Durables Stores 
% % % 

41 49 5 

50 34 32 

9 17 63 





Financial Times Monday October 2 1978: 


HDITED BY ARTHUR. BENNETT AND TED SCHOETERS 


•.PHOTOGRAPHY 

Focuses 
camera 
sound 


RESEARCH -- " 

mirror ^ at “ about ^lO d*™- 
Kelvin. Each molecule the 

a millisecond long. Each chirp' allowing me pnotograpner to »««« « ««« iisau GAS chromatography, one of. the by gas chromatography because Beraiwe it retains 

consists of' four ultrasonic focus the camera manually. An additional feature Is the chemist's most powerful tech- the samples are too meagre for T, roz ™ ( «haoe and does not 
frequencies of -60kHz, 57kHz, More from Polaroid (UK)," open-sided copyboard area, niques for separating mixtures infared spectroscopy to be “* moleci 

53kHz and 50kHz. Ashley Road, St. Albans, Herts allowing reproduction * — 


returns the lens to its park end of the range is the 1,000 
position. "• process camera whose copyboard 

MB 'S^nfbJ tnnaSrent fj|gl||y ^CCUFfttC SDHIYSIS 

automatic focusing capability, maienals up to 40 cm hy^50 cm ■* J WVVMa Ul,v 

Each chirp' allowing the photographer to with a hack light. 


s Cameras to 


by 


The new SX-70 which takes AL1 SPR: St. Albans 59191. 
colour shots, .at one every li 
seconds has a preview stage built 
into the' electronic trigger allow- 
ing the photographer to see, 
be desires, his composed image 
in dear Focus through the single p»i| a v 
lens reflex viewer before actually T1 II f|1A 
taking the picture. When the ■*■■**» 
electronic trigger is fully 
depressed, the -, transducer as rrnn 
transmitter” simultaneously a * n If 
rpnliMi-r rhim " * 


the thickest 
matically brought into sharp 
focus. 


-PUlGCf SYSTEM 


Processing Equipment hesv-% 
bemextended anrf ® ' : ?*■ 

now provides 
1, 

andl % inch piping 
installations. 




c.An/B*ar*Ent tra^H 


. . - . fro" 1 of’ organic compounds, will effective. The GC. Cryocol lector, ^ Extremely* well 

originals much bigger than the become even more useful as a however, promises to. change this. _ n _ etr urn 

copyboard itself The latter is result 0 f work at Argoime A gas chromatograph is essen- defined sp *T tru “' advantages 

also spring-loaded to. ensure that National Laboratory, recognised tially a long column packed with It also has other aa a fc 

artwork U auto- b y a 197S ir.ioo Award. an absorbing material. A mixture over conven tioual. i^ioos ror 

The Argoiine invention, called of organic compounds is presG . , 7 c m, J_ r 8 ^f rar ed spectres- _ 

the GC fgas chromatograph) vaporised and forced through the samples * or J ” f ,,_ et D Vj v one A PROG ESSES 

The electronics here provide Cryocoilector, is a new means of column in a stream of inert gas. copy. These can coi j ^ w 

automatic exposure control which gathering samples from a gas Because different compounds sample at a time an -»-a f i • 

automatically compensates for chromatograph and preserving cling to the adsorbent with serve it t L nl J - A/ e __ w „ n j, can S-MPflfl 8 Si Flf? 
ambient light and voltage varia- them for analysis by means of different, degrees of tenacity, the minutes, but inene . - JL J. 

tions giving the exposure time infared spectroscopy. constituent compounds come, out gather up to o- - v 

on a three-digit display. Sizing j n fflost research today, of the column one. at a time. serve them for nours r s- 

Laboratory, Iliuiois 


PRESENTED TO European pro- * e . n .?f bSS? two REPROMASTER cameras and 1 . fo F a * hl 8 are assisted by Infared sp f rt roscopy is not used The Cryocoilector goes to work Argonnc 

fessionals at the recent Photo- electronic c,ocfc be & DS TWO .^PROMASTER .cameras mechanical linear indicator lo analyst compounds separated as the compounds ,rome out of 60439, U.S. 

“■SSw 3imiwSEfflfe; £»l«Ss£ s 

lieved to be unique. • echo ranging. It . times the Gevaert, 27, Great West Road after setli -" s 

The echo-ranging unit focuses distance measurement of the Brentford, Middlesex (01-560 “j*. an ex P° sur e 


by laser 


Deals with dirty discs 


_ SERVICES 

automatically 

the camera automatically In frac- “'chirp." ' ' 213? T'****’ ' sets the electronics working out 

tions of a second and determines A £ter the pulses have been “ offered as a launching pad for ** n ?^ exposure. time required, 

focus distance by measuring the gent, the transducer readies the professional taking his first ? nd F ew is show " 

time it takes for sound to travel itse]f t0 becon ,e the receiver for s t e n towards expertise in the i? ID , ediateiy on tte dl S Itai THE COST of replacing lost engineers using 
= £rom the camera to the subject tlle returning echo. Simul- field, particularly someone who <«splay- data from a contaminated disc Randomex equipment. 

and back again. taneously. the detector waits to does not produce a large volume The reprographic products or even repairing damaged It is not necessary to ;dis- r ~ — 

This automatic focusing sys- signal the counter to stop upon 0 f reprographic work, but is division of the company maou- equipment (caused, for example mantle the disc-pack before A SIREN capable of generating line-following control techniques, 

tem is much faster and more receipt of the first sound. desirous of top quality, is the factures and distributes micro- by head-crashes), can he con- cleaning with the solvent which sound levels up to 100dB(A) is The company has won four 

accurate than conventional once the stop signal has been goo. This takes up a floor area 'Aim and -COM systems, plain siderable. A disc-pack cleaning is harmless to disc surfaces, and buiIt iflt0 a device called Audi- orders for laser profiling 

manual focus. In any light level, received, the travel time of the of about SO x 140 cm and has paper and office copiers, process service now available in the UK the entire process, including j Brm introduced by Safety Tech- systems, the first of which -is 

including total darkness, the chirp has been determined. If a fixed working height of 110 era. cameras, platemaking equipment is said to offer a more economic inspection, * -u — *"* __ ’ 


• SECURITY 

Penetrating 
“alarm 


PLASCUT. early operators in the 
commercial use of laser and 
plasma profiling, have .moved 
into system design and manufac- 
ture. with the formation of 
Plascut Advanced Systems, based 
in the Sheffield area. 

It will manufacture custom, 
built ' laser, plasma-arc and 
similar advanced profiling equip- 
ment employing the latest com- 
puter numerical control, and 


camera responds in milliseconds, the subject is close to the lens, jts dimensions, says the com- ami materials graphic arts film alternative, 
guaranteeing sharp focus in- the travel time is short and the pajiy, are designed to give the 


stantly and automatically- accumulator will only fill a few best in line and screen work and Identity card systems. 

Ultrasonic ranging is con- positions. If the subject *s ev gn in the smallest darkroom, last is known as AGISS and is the service, which includes a £N5 5UN (01-440 8426). 

trolled by five primary elements distant, the accumulator will fill and prove razor-sharp, accurate already in use for driving thorough inspection oF the pack 

— a transducer, a crystal oscilla- more positions. When the stop reproductions. licences by the Norwegian in addition to cleaning. 


inspection, should .. last only . j OEy Gresham House. Twicken- for the packaging industry. 

— — - .... ... about 15 minutes says J, M. h _- ji oa d feitham, Middlesex It will also handle .the future 

and allied processing equipment. The cleaning cost is between Magnetic Products,, victoria 6HA (01-S94 5511). development of the group'* aU- 

and Identity card systems. The £3.00 and £5.2" per pack, and Lane, High Street. Batnet, Herts ^ 1 ejther a British air ' plasma-arc cutting 

contiSu^ n 2.5kHz tone or a 2.5 f^orgate Road 

** cwcon it nine times _ Fiasciii. /. mpoi^aie ttpad, 


tor clock, a detector, an accumu- signal is received by the accumu- 
lator and the focus motor. These lator, the focus motor starts .to 
functions, as well as all the other drive the lens from its park 
camera functions, are powered position, near infinity, 
by the battery already in the The lens ' fs coupled to a 
SX-70 film pack. monitoring system — a disc with 

The heart of this new ranging slots geared to the . lens — sending 
system is an electrostatic trans- counts corresponding to the 125 
ducer which acts as hoth a trans- positions of the accumulator. The 


Intending to fill out the top Government. 

e OFFICE EQUIPMENT 


carried out on-si tc by 


Is 

trained 


Texas slims its calculators 


HANDLING 

Platform 
has long : 


^ Yorks SM2EG/0709 

made by selecting polarity 
during installation. 

Pumps paint 

durahle plastic with a solid state ■*■■■* 

circuit resin-encapsulated to give 
added protection. 


mitior and a receiver for the lena rotation fill, the balance of 17m Serics abmlt a „ iDch ^ „ tas u,, waklet folder vdtt notepad ad fgqpll 

includes fi ye functions of addition, sub- pockets for business cards. A ^ V/«4lVll 

five- iLSS^Sb SAID TO give the highest reach 


to sprayers 


ultrasonic waves emitted and the empty positions in 
received. accumulator. When the accumu- slimline calculators 

This consists of a metallic back lator has ail its positions filled, three models, from 


plate over which a thin gold- a solenoid is activated to stop f7 nc tion calculator in a “pen- Li S-Tand' > 

coated plastic ml is stretched, the lens at its precise focus. , na ti£ Battery "life SVfi^SFSb mounted on a transit tire chassis 


metres — from a unit 


• CONFERENCES 

Down to 


manufactured in Britain, is a 


1 ST IVlia 11 k 1 [il CL 13 U lUtiUO. II Y\T _ 

Splia^whilh^Ms^TOs 0 ^ thf U ]ens eSe t3ke er ?h°ce S In m'u* calculator/doek with stopwatch js' lOOO h^' from a set of seven work accws platform from Hy- i.L 

trical energy into sound waves seconds. The normal camera and alarm. Ail of them have battenes. l«rs nortnaiuse;. Ryder, Manllft House, Crabtree IflG S©51 

and sound waves back into cycle then continues and upon iiquid'«rytLaI displays. The TM700 DataCHp is little ..The TI-1700 DataChrqn com- Manorway, Belvedere, Kent 

electrical energy- It emits an complete exposure and ejection The TI-1700 DataCip is little 70 g. measures only 11.5 x 6.S x ihe functions of a calcu- DA 17 ftAB (Erith 47721). 

inaudible sound or “ chirp* 1 only, of .the film ..the focus motor longer than a pen and only 0.8 cm. and is supplied in a 



IS THEN A 
0FIH 




Sponsored by 

the Financial Times, 

The Institute of Chartered Accountants in England and Wales r 
International Computers Limited 
in association with 

the Institute of Directors and the Confederation of British industry 


Keeping a business mind.sharp and supple 
means regular work-outs. In the past nine years 
45,000 people in the UK have found that the 
National Management Game has the enjoyment, 
the fascination and the, competitive thrills or other 
intellectual games, and then more. ' 

. ' . More mind bending and stretching. •„ • 
Training more effectively the faculties that give ' 
mastery of business strategy. For the 
Management Game throws the participating 
teams into complex, boardroom situations. in 
which marketing and production decisions have to 
be made, which are then evaluated by a 
computer. The highest net profit is the target. 


Prizes amount to over £5,000 in value. : 
The first prize will be £2,000 plus admission to the 
European Management Game Final in Paris in 
September, 1979. There will also be, for the first 
time, cash prizes for the second; third and fourth - 
places, and silver “Armada Dishes"'for all ' 
finalists. The presentation will be in London in 
July 1979. Free travel and accommodation will be 
arranged for teams in both British and European 
finals. 

-For full details, telephone the National 
Management Game Administrator, Jack Layzell, 
on 01 242 7806, orcomplete the coupon below. 
Entries must be received by November 6, 1978. 


National Management Game 1979 




\ 


V 

V 


dm 



ClIIlBIHBEfllllllll 


Prizes worth over 

£5000 

including cash prizes 
for ail finalists. 


To the 

National Management Game Administrator, 
International Computers Ltd., 

Victoria House, Southampton Row, 

London WC1B4EJ. 

Telephone: 01-2427806. 

1 enclose the entry fee of £60 j“] 


I 


incl. VAT 

Please send an entry form and full 
details of the 1979 NMG 
Please tick boxes as appropriate 


□ 


■ 

k 


Name 


Address 


\ 


\ 


\ 





Edited by Denys Sutton 

The world’s leading magazine of 
Arts and Antiques 

Published Monthly price £2.00 Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 . USA & Canada Air Assisted $56 


Apollo Magazine, Bracken House, 10. Cannon Street, London EC4P 46Y. 


Tel. 01-248 8000 


A HIGH pressure pump for two 
spray guns has been introduced 
hy Atlas Copco (GB). PO Bax 
79, Swallowdale Lane , Hemel 
Hempstead. Herts, HP2 7HA. 

Called the Ecco Hydric 12G it 
Is described as a mobile high 
capacity pump whose pressure 
ratio is sufficient to allow long 
hoses to be used even with thick 

. „ , . t — TWO CONFERENCES taking paints. A low piston speed keeps 

lator, alarm clock and stopwatco This sort of stretch would place ia the RAJ, Amsterdam, wear to a minimum, 
m a unit measuring 13.5 x 6.9 x hitherto have been achieved from during this year's Europort It is supplied with a large air. 
0.9 cm and weighing 90 g. It a un it mounted on, say-, a 3 ton "Exhibition, are “Naval Construe- preparation unit* pulsation 
feature the same six functions lorry, says the maker.." Called the tinn and Equipment” (November damper with two connections for 
as the TI-li50, wltSi the addition g-1 2 it will rapidly and -safely 14.16) and “Small Crafts” spray guns, a suction hose fitted 
of a display wwwnj time, day, raise 160 kg of men and materials, (November 17). with a filler, an earthing device 

date, and AM/PM. ■ A buoR-ln on a 900 x 600 mm enclosed plat- Conference programmes and and a lifting eyelet for a crane 
alarm can be set to any hour form, to complete .1 wide variety further information are available hoist. 

and man ute, ana the stopwatch of Jobs in high- inaccessible areas ft.,™ £ X po Travel and Con- Because of its sturdy construe- 
mode allows elapsed tames to thus eliminating the need for fernnces gy WaaJhaven ZZ44, tion it is suggested for use by 
ni scaffolding. • ' • 3O8S HJ Rotterdam. The Nether- contractors and shipyards andin 

0.1 sec. The TJ-1790 wild operate , s ^{d to be particularly i an( i« rnioi 299655). tough environments. 

^ one year on a single suitable fnr external erection and 

set of batteries. general maintenance and paint- a DCPIPMF3B I g 

Texas Insmtmen^s, European ing work around a manufacturing • rfc, ' ,r * *** ” 

Consumer Division, Man ton nr general building comolex, 

Lane. Bedford, MK41 7PA 0234 far a wide range 

67466. authority work. — , 

THERE ARE many companies want to become involved in the 
selling terminals and peripherals intricacies of the rental market 
in Britain, at least several dozen. Another area will be that of 
but BMS Terminals is the first the large company which is pJajh- 
company to offer an advisory and ning to set up a telecom moqica- 
rental service for such equip- tions network for- information 
ment, although this sector of handling within its own grouping 
the market is probably the of factories and offices, but. 
fastest-growing in computing. wishes to avoid the high capital 
This r new venture, which has expenditure multiple terminal 
no linhf-with any of the several. iastallations:.can.involve. . . 
hundred manufacturers of equip- Apart from this. MBS has Mo- 
ment, has the backing of the siderable expertise in word pro- 
London merchant bankers cessing and is prepared to pro- 
Keyser Ulimann in its plans to vide its support to would-be 
offer rental services for periods users who, at present, fear the 
which can be as short as one the effects of rapid obsolescence, 
month — to cnoe with a crisis. Because of the long experience 
nr allow evaluation prior to of the company's principals in 
long-term use. ' .. bureau work or in manufactur- 

Primary targets will be the ing. MBS claims to have unique 
service -bureaux and their cus- expertise in the field it has 
loniers as well as large com- chosen. 

parties currently using time- Further details of the service 
sharing networks. from MBS Rentals. Aldwych 

MBS will also work with manu- House. Madeira Road, West 
facturers and agents involved in Byfleet, Surrey, KT14 6DA. 
the peripheral worlds who do not Byfleet 49511. 


ifacturlng » “ — # 

TM Cutting cost of terminals 


AVIS 

AUX CLIENTS CORRESPONDANTS 
DEBITEURS GREANOERS DE LA BANQUE , 
POUR LE COMMERCE CONTINENTAL — (3ENEVE 

La Banque Occidental pour llndustrie et le Commerce 
(Suisse), annonco l'ouverture de scs guichets, 15-17 Quai des 
Bergues k Geneve. 

Con form dment k un accord conclu le 2 Aout 197S avec la 
Banque pour le Commerce Continental, la Banque Occidentale 
poUr rindustrie et le Commerce (Suisse), reprend, a 'parti r du 
ler Octobre 1978, ia majeure parties des elements d’actif et 
de passif ainsi que Jcs dossiers titros et certains engagements 
hors bilan de la Banque pout 16 Commerce Continental et cc 
dans ie respect des conventions ejrtslant entrella.Balique pour. 
Ic Commerce Continental et les clients, correspondants, 
dehiteurs et creaneiers repris. 

Tous les clients, dehiteurs et crOanciers de la Banque pour 
!e Commerce Continental repris par. la Banque Occidentale 
pnur rindustrie et le Commerce (Suisse), sont avisos 
individueilement par cet fiablissement, dans les conditions 
ha bi turtles de leurs rapports avec la Banque pour le Commerce 
Continental. 

Banque Occidentale pour rindustrie 
et le Commerce 

Gcn&ve, Jc 30 Scptcmbre 1978 

La Banque pour ie Commerce Continental announce qu'i 
compter du ' 30 Seprembre 1978. ellc cesse toute aefivito 
.baocaire.EUc approuve plcincmcnt 1c enntenu du communique 
public cl-dcssus par la Banque Occidentale pour rindustrie et 
le Commerce (Suisse). 

BANQUE POUR LE COMMERCE CONTINENTAL 
Geneve, le 30 Scptcmbrc 1978 


CONTRACTS AND TENDERS 


AVIS D’APPEL D’OFFRES 

Appel & la concurrence relatif 4 - 
la PRESELECTION DES ENTREPRISES 
admises a participer ^ 

L’APPEL D’OFFRES RESTREINT 
qui sera lancg ultdrieurement pour l’esGcution des 
TRAVAUX DE CONSTRUCTION DE L’AUTOROUTE 
DAKAR TRIES 

Les travaux seront executes en pr^financement 
partiel par I'entreprise adjudicataire qui s’engage 
& mettre en place le complement au financemcbt 
assure par Ie Senegal ct ses sources de credits. 

Le descriptif des travaux ainsi que les documents 
a joindre a ia deraande de preelection sorit a 
demander a la: 

DIRECTION DES ETUDES ET DE LA 
PROGRAMMATION 
B-P. 41 - DAKAR (SStrfsal) 

Les candidatures devront parvenir d Tadresse 
suivante: ■ 

DIRECTION DES TRAVAUX PUBLICS 
B.P. 240 - DAKAR (S4n6jraU 
au plus lard le 5 DScembre 1078 - 18 heurcs locales. 


NOTICE 

By this means 1: is hereby 
announced to all - interested 
parties that the date of sub- 
mittal of prequalification docu- 
ments for public bid 535-79. 
Civil Works 1 (Dam. Spillway 
and Diversion Works), corres- 
ponding to Forcuna Project 
Development has been post- 
poned from September 30. 1978, 
to October 30. >973. 


TENDER FOR BENSO OIL 
PALM PROJECT 
UK/GHANA GOVERNMENT 
LOAN AGREEMENT 

The Chins Supplj Cgmmiiuan Invite* 
' ntinufserarcn »nd 

xuppltan lor thv supply only of 
mrtcrljU for the romr ruction of the 
mam mill haildlng of i Palm Oi! 
factory « be bu.lf .t Bcnio m the 
Western Rcaion at Chans. 

Inn fined British numif*eniren. mp- 

piiers. ete.. of iueh birnemc nucorlsli 

«» •iKunerwiV . 

refuwlsble fee at £100 00 from cm 
Pvrchulne Lmton OlTieer, Ghan* 
Supply Comimiuon. SB-59, Bernart 
Street, London WIP JAF. 
l>ily com pitted tender dseuwena 
IteOkl retch -the PWrtmine LtaSS 

Officer, on or before J.00 Mn M 
Nowmbor H, 197«. ” m 


RoJjPA.&jrope'i largestsaloty organization, offers' UK industry Bn 
unnvoiiod service moccapatiorval hoalthand siilety. 

^“'PPhcftobactyotiraobidont - • . 
prnninvr^ a ^ tlV ^es Joster satety consciousness among 
employees. Alworkandotl the job/- • , ■' • 

i°° m als;for instance. 'Occupational 
^5iu^?Kr° n ' Wy - iouma5 that puts managers nnd 
S 2v PPpccupational health and 
•S!2XiS*wtT!l!! n ^ ° ccu hatlona] Safety and Health Bulletin: 

oh nagers.supwvisprs, safety committees. and 
a 0 ?‘ lech . Di cd , matters and legal news. J 

a Ml ,h3 ‘ 

CCfl ^>ta!^informatbn services, safely . 

aliXS ^-^Hiwences.and exhibitions-: 

a . rn ° fe t am embers of the Society 

dethUsatSS to n y f?^ te » er hea'd'if^ou would like further ■ : 

details nbout RoSPA - -and how to turn safety !o your profit! . 





@ rosm b460s - 


When a careless 30 minutes 
could mean a costly 12 months 

j^ectricity blll 9 you need 

im MaviminM r\I . . _ _ 


applications. 

^a^O-i^lfyourrnarinium^pma™?^ 

FannO keepd luwk ve on jJ™* 1 ' wlth,rl 12 rnonlhs. 

Tel: 061-681 2071 Tele,. 667357 ^ 


kerhanti 

Maximum Demand Monitor 



* 



rossf 





'< : T 



9 




'I . ; • J* _ 7 1 tion canals and weirs to augment 

> 2 m. motorway tor Wales 

. . ' system, financed by the British 

involves . the construction of The Iwo-year project, which “l, r )?f ,ry of 0verscas Develop * 
Iikm of single carriageway road wilt cost £3m. involves the re- m £2 t ” rn1 i rtV , c the 

and the importation of 230.000 construction of the present road JJf appo^toient follows the 
cubic metres of fill material to system above the underpass and n r W i niwnn/V nrinnt^i -In 

form a hew embankment on the adjacent T-junction of the A4005 IhSTSS 

main A40 trunk- road at the Pont Hanger Lane with the A40fi. *»pnh. This will 

Loerig-Black Bridge Diversion in included will be a 12-3 acre ffiLCJSS., ^ l Il 

Whitland. . • roundabout, in addition there I^SPSL? ^J n sl e ?n' hi 

Also included is the construe- will be an extensive system of J5*J e , d ;* 00 £ L,f t n S, ’f.nLrc C ° m ’ 

tion of two bridges, one over underground pedestrian subways ” ‘T?L w? t£N .«*«-« 

the main LondOB^Fisbguard rail- connecting with Hanger Lane - T he aleht S* in f p . ???)* 
way line and the second over the underground station, which will XhSlS BJ ^l!!n!SIw 0f £ir l hern 
Afon Tatt River. - _ become the centre of the new in^hr desicn 

The second contract, awarded roundabout engaged, since 1975. in the design 

bv the Grosvenor Housing . . . or a major canal system, is for 

Society is*alued at ovcrllm and 5 ne sect,0 ° ™* roundabout design and supervision of 
is for the construction of seven Wl ' 'toss over the railway and construction of the second phase 
blocks of terraced -houses and a Fla tion platform on a 26.6 nf the project and for testing the 
flats at SL Helens* Lancashire. me,rc span bridge using 5S tonne first phase, recently completed. 
‘ . precast, prestressed concrete Work has started and. as in the 

- - beams. new Kediri and Kali Progo 

wAinn Consulting engineers we appointments. Hunting Technical 

dLJlll I U4U Husband and Company. Work is Services is assistin'* MacDonald 


THE €ementationrCostain Joint 


‘V la^Au complete - " ' 

... ‘"vf The work calls for 14km of 
dual three-lane carriageway with 
hard shoulders and includes 37 
- .-■ ."bridges, culverts and a pedestrian 
' -I.: tvsubway. 

- ‘ . Considerable drainage work. 

;h and di verson of several streams, 1 
' ■ .-.:Vwill have to be undertaken. 

V- ‘Earthworks win be extensive 
and involve excavation of 2.7m 
; - r cu bic metres. 

■ ’ v Consulting engineers are Free- 

■ rtnan Fox and Partners. - 

; ;£2m award 

to Mears 

. ' -TWO CONTRACTS, together 

valued at over f2m. have been 
'-.awarded to. Mears Construction. 

■ One. worth. f 1.1m, awarded by 
'the Secretary of. State for Wales. 


• INDUSTRIAL BUILDING 

Simonbuild 2*S 

busy on »r; 

j _ • Fairhurstn. ol 

factories 


£3m road 
project 


about to start. 


A - CONTRACT to rebuild the Irrigation 

A406 North Circular Road inter- • . . • 

section above the. A40 Western ItrOlPPlC 111 
Avenue underpass at Hanger "JV'V'IAj *11. 
Lane. Ealing. London, has been x I - • 

awarded by the Department of I YlflrfeYlAClQ 
Transnort to John Mowlem. AlJUv/iIVoIil 


Transport to John Mowlem. 


with hydro-geological surveys 
and agricultural planning. 

In East Java. MacDonald has 

been appointed to assist in the 
introduction of revised operation 
and maintenance procedures for 
60.000 hectares of existing irriga- 
tion systems. 


M20 plan 


MORE WORK is coming from m * 

f llni Ps jjNew town in Wiltshire !Se^ ks:S ISj^PLeu ^ 

40 ll!M.Cwsi 

■ ...expand over the .nest five years revised upwards— land apart— drilling and testing of new wells stretih of P the 

a new garden town on a site and could «se to something of for lbc irrigation or 40.000 hoc- jL. th * ntorw av h etween Ashford 

the order of £75m by the end of Ures . This follows the approval AsMord 

1SS3- u u of ri.5m grant aid by the British “0 beuinuge, Kent. 

Each of ihe borne building Government, to the Indonesian The route will start as an in- 
groups— Bradley, . Barra tt and Ministry of Agriculture for terchange west of Ashford and 
Costain— will buy land from flxrther development of a project run south-e— i along the line of 
Bradley Planning Services on initiated in 197 9 the existing Ashford by-pass from 

which they, will build their full In thf p rogo irrigation the A28 to Wiliesborough. 
range of homes,- .according to p ro j ect j n central Java, Mac- Work on the final link in this 
demand. \ . , .u- Donald his been appointed for important link with Europe. 

It is anticipated that the nous- ^ design and supervision of a from Ashford to Maidstone, will 
mg ventures. will be ; largely seif. conjlruct j on f a S y Stcm of ^ 53 . start ^ 19 79 . 80 . 
financing. MeanwhilCi a target 
of lm square feet of industrial 

£llm Wimpey awards 

SvHfpSlSS tahii-h.. JS.SK5 s 1 te°preparaUon g 

tn?p why jS a„d ^ ,3rsrst h Z' n * fnr thp Work at home for the Guinness 

ImfSa! 5 bv "f Hm.sip" twemmen' «tF Trim- Trust exceeds £I.4m for the 
Srn.^ nf that veBr * dad and Toha=n. f or hmw* construction of dwellings at 

J TheS move& oHnw on the a . end of f-tm. The other Ridgeway. Plimpton. Plymouth, 
release hv thefi^cretarv of State *"' n work r ° r * m V' The largest of all recently won 

'for Environment In January Trin : riarJ ni i Gonmanv N nd f he awards is worth 0 ver f4m. The 

crfwTrat thenwal^Scla'rgeRt area and Tobaeo Te,e P ho ^ ^mpany will build M0 local 

of land granted planning permis- Company. authority houses at Thornhill. 

Sinn for some *Wrs During Cnniracis m Tn-«nio -*-e Forres, at a cost of £4.1m. for 
spring and summer this year, a ’’al'ie* 9* more than ^ Pm. The Moray District Council, under its 
master plan for the new garden I - r c BC *. *" eyrecs n f ftm. ,G f«r no-fines technique of construc- 
town Avas prepared bv Bradley ,hp deveinp-r»ent nf a en V p*e tion in a 21-moiith contract, due 
Planning Services in conjunction pc, Mo Rramntnn. Ontario, to start any moment now. A 

with the local authority. Thames- The nrnvi^nn of w»!w ? n <1 further contract far £240.000 is 

down. U was adapted by the d-^einnmoni fe-- for a single-storey warehouse 

Wiltshire' Countv Council Plan- '’orWHiwi'*"*’ pm-ier*-^ ?* and office, to be built on the 
nine Sub-Committee iuiSeptem- Ojrinrin. is vaiupd. at Winipev portion of the Altens 

her. - ' rwvinon. r» winfrid industrial Estate. Aberdeen. 

. -if ’ 1 • 

' A-i\ ■: T ; ' ' ' ‘ • -• 


* V/ ^ large numbers are to 

- A Vpe built in a project which will 
...expand over the .nest five years 
..'.-into a new garden town on a site 
-- .to the west of Swindon, following 
- a sod-cutting ceremony which 
'■ ^took place last week. 

4 z : 5". Major participants in the con- 
... traction consortium are CostaLn 
■: ’-'Homes. Barratt Developments 
ifid Edwin H. Bradley and Sons 
,i:-i-..ind the name for the new town 
-- .which they will ultimately create 
r - ^ - s Westlea Down. 

:: The consortium has put a. value 

if £60m. on the project as a mini- 
‘ : . :.uum figure. It could go to as 
. _ ; nuch as £7Sm. . 

Co-ordination is in the hands 
i if a Bradley associate company 
-Bradley Planning Services. 

•-* . 2. Its task will be a vital -one 

-:inre the intention is to build 
• -yetween 400 and 500 homes a 
: -ear for the next five years with 

in ultimate target of some 4.500 
tomes. 

But apart from this, it will be 
, • J 'ssentia I to phase in many other 

- ■ r It 1 iUlfl/ypes of- activity since, inter- 
’ ' “ 1L eaved with the- 266 acres, set 
; side for dwellings.: there' are 71 
-'ior industrial use, 44 for schools’, 
'5 for a district centre ilo 
include shops) and S7 acres: For 
-. .’oodlands and open spaces. .. 

The figure- of £60m breaks 
■:owh roughly into £40m for 
■'..housing at the planned annual 
."ate of 400 to 500 units and with 
. ..'50 a year as a minimum output; 
9m for building industrial 


-TWO CONTRACTS for projects 
at Skelmersdale. Lancs., have 
been won by Simonbuild. One 
j is for three pairs uf semi- 
detached factories for the 
Development Corporation. Value 
of the contract is £625,000. The 
other, worth £215.000. is for a 
factory and office extension for 
Polythene Drums (Lancashire!. 

An- order has been placed by 
E. Fogarty. Boston. Lines., for 
an extension to its manufacturing 
unit which was built by Simon- 
build five years ago (£208,0001 
and for Warrmston Development 
Corporation. Simonbuild is con- 
structing 16 single-stnrey. steel- 
framed advance industrial units 
in two separate blocks under a 
contract worth £862,000. 

£13.8m 
Laing awards 

JOHN LAING CONSTRUCTION 
has been awarded a £10m 
contract, by Leyland Vehicles, 
the truck and bus company in 
the BL Group, for the erecMon 
of a workshop and technical 
buildings. 

Laing says the project is the 
largest single contract placed in 
tbc £22 m first phase of the £33m 
programme to build the facility 
on a 150-acre site on the Moss 
Side Industrial Estate near 
Leyland, Lancs. 

Work has already started on 
the contract whicb includes the 
construction of a 56.000-sq-ft test 
building, a 40,000 sq-ft workshop 
and a 43,000 sq-ft link block, 
for completion within two years. 
Work on the installation of 
vehicle test tracks at the site is 
being carried out by a separate 
contractor. 

The workshop and test build- 
ing will be ‘ steel-framed with 
PVC and brickwork cladding and 

£1.2m job 
on power 
station site 

HIGGS AND HILL NORTHERN 
has been awarded a £l-2m 
contract by the Central 
Electricity Generating Board for 
ihe refurbishment of pre- 
fabricated buildings in Selby. 
Yorkshire. 

Buildings being modernised 
include the residential hostel, 
site office and canteen. The 
refurbishment project is part of 
a plan to improve the working 
environment for employees on 
the Drax B power station 
contract. 

Architects are Clifford Tee and 
Gale. 


metal roof decking. The link 
building will have a concrete 
encased steel frame with facing 
brickwork and metal roof 
decking. 

Architects for the project are 
Falrburstx. of Manchester. 

Down in the soutli in Canter- 
bury, Kent. Laing has won a 
£3.Sm contract to build 191 
houses and 125 flats for the 
World of Property Housing Trust 
Housing Association on a dis- 
used nursery site at Forty Acres 
Road. The City of Canterbury 
is providing the funds for the 
building project 

The two-storey houses and 
tbree-storey flats will be of tradi- 
tional brick and blockwork 
cavity wall on concrete founda- 
tions. with tiled pitched roofs. 
Work is to start in early October 
and is due for completion by the 
spring of 1981. 

Architects are The John Floydd 
Partnership of Folkestone. 

Factories 
in Wales 

THE WELSH Development 
Agency has awarded contracts 
totalling about £2m for the con- 
struction of 16 advance factories 
in the Blaenau Gwent area. 

Biggest contract is for two 

50.000 sq. ft factories at the 
200-acre Rassau Industrial Estate 
which is being opened up by 
the Agency as part of a drive 
to attract fresh industry to the 
area following thp shutdown of 
steelmaking at Ebbw Vale steel- 
works. 

The £l.‘2m- contract has been 
awarded to R. M. Douglas Con- 
struction and work is due to 
start this week. At the same 
time, work will start on eight 

5.000 sq ft units at Rassau under 
a £445.000 contract to be carried 
out by Tarmac Construction. 

Meanwhile, the Agency is con- 
tinuing to develop factories on 
the Tafarnaubach Industrial 
Estate where, under n £333,600 
contract, Holland, Hannen & 
Cubit Ls, will build six 5,000 sq ft 
units. The work is due to start 
next month. 


• Arabian Marketing Research 
and Construction News are 
jointly arranging a two-day con- 
ference (October 18-19) in 
London to discuss building and 
civil engineering problems and 
prospects in the Middle East. 
Details from Northwood Con- 
ferences / AMR. Northwood 
House. 93-99 Goswell Road, 
London EC1V 7QA. 


0 Dearborn Chemical is to 
invest over £600,000 on a new 
plant at Widnes, Lancs. 

0 Ocean Research Equipment 
Inc, an American seabed survey 


Finally, a £316,900 contract for 
the building of a 24.500 sq ft 
extension to the offices- and pro- 
duction area of the Grundy Auto 
Products factory at Tafarnaubach 
has been awarded to Shepherd 
Construction. 

Beer cask 

filling 

plant 

BREWERS Greene King and 
Sons have appointed Bovis Con- 
struction as managing contrac- 
tor for its new draught beer faci- 
lity at Bury Sl Edmunds. Suf- 
folk. 

The building will occupy a site 
on the water meadows between 
Cullum Road and Ihe river 
Linnet and the steel-frame, 
single-storey structure w«ll ex- 
tend over a floor area of 2.800 
square metres. It will be clad 
externally with profiled metal 
sheeting. 

External works will include a 
service road. loading end unload- 
ing yards and. in the initial 
stages of the contract- a Bailpv 
bridge w'H he prated to nrovwW* 
access across «h*- river T.'nnet. 
Total value of the contract is 
about £l.4m. 

Pilot works hn* -1 ' a 1 *■*«■*• b«*cnn 
on site and the b»i-iH ; pc 
scheduled for c'-nmleUon ! r> the 
surap'"f n'"‘ t v«-r. Architects 
are Michael Hopkins. 

Vehicle 
spare parts 
factory 

WORK HAS been started on a 
£1.4m spare parts factory for 
Leyland Vehicle* at Cborley 
Lancs. 

The factory, covering 120.000 
sq ft. will stand on a 7.5 acre 
site at Common Bank Industrial 
Estate within two miles of the 
main Leyland complex. It is 

IN BRIEF 

equipment supplier, has formed 
a subsidiary. Ocean Research 
Equipment, to handle sale* and 
servicing of its eqfhpment in the 
UK and Eire. 

0 Tarmac is building seven 
factory units at Horton Wood a 
272-acre industrial estate ar 
Telford. Shropshire under a 
£1.3m contract awarded b> the 
Development Corporation. 


0 Under a mechanical services 
contract valued at £500,000, 
Haden Young is to install air- 
conditioning and heating ser- 



World leaders 
in steel framed 
industrial 
buildings 

Condor International Ltd 

Winchf Tel: 10962) B82222 


r -n>! v •• 
•Bupon oti Tr»rit - 
■ Oiriington. Curnberrvaiild;. 
;Jlbofde*^-Hnci BrHJc’nnd 


due to be completed in April. 
1979, when it will be. fitted out 
with machinery for the produc- 
tion of spare parts for non- 
current Leyland vehicles. 

Hayward Industrial Develop- 
ments, which won the contract 
in open tender, is responsible for 
the design, finance, building of 
the factory and lease back 
arrangement* 

The factory whirl) is heine 
cnndruelcd by Fleet Builders of 
Thornton Clevelys near Black- 
pool. will he of steel frame con- 
struction, brick clad with asbes- 
tos roof and comigated pVstic 
coated steel sheeting to the 

sides. 

Warehouses 
in Glasgow 

GILBERT ASH SCOTLAND, a 
Bovi* company. has been 
awarded a contract for three 
warehouses in Scotland Street, 
Glasgow, by Commercial Union 
Properties, a subsidiary of Com- 
mercial Union Assurance Com- 
pany. 

The warehouse will have steel 
frames with vinyl steel cladding 
with an insulated plasterboard 
lining and a power floated con- 
crete floor. Total area involved 
Is just over 5.500 square metres, 
the value of the contract is 
£624.000 and the project will be 
completed in 42 weeks. 

Tbis latest job brings the total 
value of factories and ware- 
houses won by Gilbert Asb in 
Scotland so far this year to over 
£2im. Included are projects for 
Brown and Root (UK). Town 
Centre Enterprises and Scottish 
Equitable. 


vices to No 3 St James's Square, 
SW1, former London head- 
quarters of the Clerical Medical 
and General Life Assurance 
Society. 


0 Oscar Faher and Partners 
have been appointed by the 
North-West Regional Health 
Authority to design the mechani- 
cal and electrical services for 
the first stage of the new South 
Trafford Hospital in Manchester. 

This phase of construction is 
expected ot cost about £6m with 
services costing tn the region of 
£2Jm and will provide about 230 
beds and a number of operating 
theatres. 




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jrjjjandaT Times gKmday OctoBer 2~ 197? 



The Executive’s and Office World 



EDITED BY CHRISTOPHER LORENZ 


EXECUTIVE HEALTH 


BY DR. DAVID CARRICK 


Sore 

head 

shock 

brings 

6 cautious 

chemist 9 

call 


Architecture: never mind the 


fps. 

SWILL 




awards, does it really work? 


□ ; TO WIN 
; i* a bit 
World ti 
, time hu: 
ccrtificai 


.20SKV 




k«. if 


s c? ?i t c tf s 


. . . the imall chemist h being destroyed - - 


; TO WIN an architectural award 
; i« a bit like winning the Mi>« 
World title. It's great at die 
, time hut all the plaques, anrl 
certificales in the world cannr.; 
, prevent The accelerating drift 
1 into oblivion of all those lovely 
| details and cunningly contrived 
! .spatial effects. 

Ynu may shod a tear nr two 
for the architects nf an aw^rd- 
• winning building .but they are 
I usually well launched into snmf- 
; thing new. It is easier to sym- 
j pathise with their clients, who 
sometimes have to live with 


Francis Duffy examines the lasting benefits of 
unusually close co-operations between client 
and architect in industrial building 




* ! diminishing glory and an all 

WAS somewhat surprised brought in a little bottle which read; so they had not meant to t fl0 lasting monument- 


when a girl came to seek my still contained a small quantity mislead. Furthermore, sales ot : Patscentre is not a bit like that, 
advice some time ago. Daughter of dark . fluid. But it was the the product were probably in* 1 Certainly it is a building which 


of a City man, she was pretty label that interested me more, tended for pharmacists and not, has been highly praised and 
and expensively dressed. Nova- Three and a quarter inches Inns to shops lacking in ** experts." j which won a Financial Times 




\r ! ~->r 


days it is rare for girls to wear and one inch wide, it had print- Many other cosmetic prepara- award for Industrial Building 
hats, except at weddings, but ina on it which would make a tions are far less specific ap to 1 fin 19761. The difference is that 
this lass was swathed in a type miniature Victorian prayerbnnk risks of allergies, etc., than this, j Pa I seen ire ns something ex- 
of turban. * seem lo be as readable as a and produce as much irritation 'tremely rare — a building which 

She unwound the garment and Placard. With the uid of a u> the wretched doctor trying to; has been shaped by the coinci- 

it became clear that it was not powerful magnifying glass I solve skin problems as they are,dence of an innovative diem and 

there for ornament, more fur made out the legend which, in grievous to the sufferers. Most) a thinking architect who also 

disguise. As this was prior t» parts, amazed roe. give no hint of the ingredients i happens to be a fine designer, 

the punk rock era. the bizarre There wen 1 two paragraphs whereas the most innocuous js extren)e iy important not 
state of her hair disturbed me. under ••CAUTION.’' One warned medicines must state these in 1 regard this building simply 





Above: A landscaped setting for PA International's Patscentre near Royston. Below: The interior 
' “ wearing well,” though not always used as the designers intended- 




I cannot describe the style, but that the preparation coul 
if one can imagine a Cairn cause “ serious inflammation 
terrier that had fallen into a of the skin m some person 
mincer and then been subjected and suggested strongly that tli 


eparation could full. j as one of those objects which 

s inflammation Bad as Jus may be. the sin , anhitects ]iJce t0 admire in tbeir 
n some persons, would be far [ess if the sale of -lossy maga:anes . « wasn’t built 
strongly that the Mich preparations were to be. t0 he g)ven an award; m 

.1 rnj <ii. In nhair»» chnne Bin. . . . . * 


to blasts from an erratic paint- fluid should only be used **in restricted to chemist shops em-| made ( 0 he used by penple who 


sprayer, some faint appreciation accordance with expert advice.’* ploying qualified pharmacists | know wbal jj,™. d0 [ ng 

of the vision may filter into the Now. serve-y ourself stores are who are individuals of great? 

imagination. not notably rich in expert ability and are as cautious as’; t # 

And it was about this advisers, but as the girl had not their responsible positions' SoipntlStS 

devastated mop that the girl even attempted to read the tiny demand. Few know that, if aj 

sought m.v assistance. Nothing words, the warning was lost on mistake is made in the dispens-i How has it been used and how 

short of six months would have her. ins of a prescription, even if it j has the original design concept 

helped the hair, hut one of her The second “ CAUTION " was was initially marie by the [served the user? 
complaints was that her whole even more disturbing. Having doctor, the blame and the] Gordon Edge, the director of 

head was sore, and when I re-emphasised [he first, it said penalty is laid at the door of I Patscentre, is quite dear about 


Scientists 


gingerly delved into ihe ravaged that the user should try out pre- 
crop I found that the scalp be- liminary tests "according to 
neath was angry, inflamed and accompanying instructions”— 


»uld try out pre- the pharmacist ' what he wanted from the build- 

" according to Owing to the poor payment ing. The Centred-near Hoy ston 
instructions ” — received by pharmacists from — is part of PA. International, 


weeping. which the girl had lost. But it NHS prescriptions, and the com- a major consultancy. The work 

I asked her what sort nf an was the last, nearly invisible petition by stores run by the of Patscentre (standing for PA 


accident she had had: and she line that really shook me as It totally unqualified, the small Technology and Science centre) 
became quite indignant. ‘■None.” said the fluid must be kept chemist is being destroyed: a is the kind of product develop- 


becaroe quite indignant. •’None.” said the fluid must be kept chemist is being destroyed: a is the kind of product develop- 

she said, ”1 unlv tried to dye away from the eyes as it “may recent estimate was that one oient in which complex prob- 

rny hair to please my boy- cause blindness "l pharmacy per day is closing lems are solved by scientists and Tnstant 

friend. But I’ve lost him Happily the girl had only down in this country. engineers from several disci- j nB vitablv 



polarisation would flexible and yet must, be effort has been made to create 
radiate from the managed tightly in case dead- an environment in which every- 


every. desk, is constant prngj^ 
ganda. reminding every one tfcsa££ 
knowing what is going. on.vis-* 
part of the job. There"' jfcsl 
another mes'age, - tnn,-whkfli|. 
quite blatantly expressed . by.- 
this straightforward, bright, 
egalitarian interior. . It Id 1 that { 
everybody matters, and".' that 
success depends not . upon being 
m the right room, or upon glv^n 
rank, or professional standing, 
but on getting together to do 
the work successfully. 

Because this is a very simple 
building, some architects would 
say lhat it • lacks expression; 
This is - nor true: many 
messages are expressed— not the 
full range of all possible - : 
messages, of course — but air ! 
many carefully calculated state- ! 
men'is as a piece of advertising 
copy. 

It is when the centre's archi-. 
lecture exaggerates a message 
for its own purposes or under- 
slates something important that 
there is room for .criticism. 
Take exaggeration .first: -the 
panels in the outside wall are j 
removable, ostensibly to allow" . i 
different arrangements depend- 
ing on need; actually T0glarj£y7r 
the abstract notion of demount^, 
able, meccano-like buildings^!' 
This is a slightly baroque.-orcp&f. 
elaboration of a good idea thafL 
just is not necessary in 
particular circumstance. ... ‘ 

It is highly unlikely 
those panels will ever 
mounted except in 'tf- tMwpf-f 
expansion, in which 
ditinnal construction" 
no less flexible. . J '. , 1 

Inside, under5tatemenf'3pi$f&f 
sents the opposite . 

Desks and equipment and.p&&pL* 
tinning are not always up 
obviously heavy" deman<$V; frigffi ! 
additions and re-arrangetot^J. 
Cobbling things tog eth ' 
now become the need:- the 
clean overall aesthetic is 
too thin and tends to contraffi^^- 
rather than satisfy 


altogether,’* she wailed. “And burnt her scalp, 'which took no Thus, unless action is taken fabric: between senior manage-. lines slip. Professional stand* thing contributes to flexibility °L 


daddy has been so horrid. He more than a fortnight to repair, to alter the present undesirable As wel * aB their own offices they m ent in 


says I’ve caught the mange and But things might have been trend, more and more unquali- use laooratone: 
he won’t eat in the same room much worse. fled people will be takins money drawing offices 

with me !’’ Now it is True that The mami- for potentially dartcerous appli- Had things ta 


splendid 


m'quali- use laboratories, workshops and lnR hW - 1 ? ** and ,nnovation ’ interesting than the buff#, 

' money drawing offices. W*** authority in a So tt is hardly surprising which house them. V"'™ 

i 5S Had things Ukea their normal ™ Z™ R*', „ Lookln f ^ ^ M 

seeking British course, no new building in the Ea*t Wing and the .* h (era a ii thu a lu^lv ^ , affer .°^ ,y ^ .>»». nrtjfl 

beauty, would have been built, no new chemists in the West Winn- be- <, ach ' e e an ting, a lugnljr detailed gias> box by da>. «>r a materials seem . to >e -.we^l 
that, thinking attempted; . A large tween the offices in the big ^‘^.^^aifiarimi layout ummnus open snd at night— well, but there a'rei ob^ 
e much old country house full of, pomp, house and the laboratories at ^'hich all ar .® adaptations which have. 

for a harriers and bad old wayvwnulrf the back. When ynu buv a • s,rn,lar and interrhangeahle »s tt the buildin. for the .i"b? place despite the building^ 
have been bought. enuntrv house vou don’t iust a X0T y sensible solution. Office\Does it really meet as example is the various .iSn 

::r:r *c, vo,, 1 ^ 


with me !’’ Now it is True thar The mann- for potentially dangerous appli- Had things taken their normal 

I attempted t*» treat the facturers had given their warn- cations from those seeking British course, no new bulldinc 
condition and asked her if she inc& quite properly but had to enhanre their beauty, would have been built, no new 
would hring the remains of the failed to consider that the la hel. dangerously unaware that, thinking attempted; ' A larct 
dye (which she had houaht at which evidently had bepn instead, they may well he much old counrry house full of, pomp 
a supermarket) fnr my eiuciria- reduced from nne inienr|<»d for marred temporarily or for a harriers and bad old way* won in 


are. after all. sn much = T 
interesting than this ‘butffl 
surprising which house them. .. . - 
uilding for Looking around, -the: TPti 


So the 


day she -t bigeer bottle, was difficult to very long time. 


buy square feet. You 
history; perhap-* the wron 
or simply mop* than you 


development: laboratory 


: ^nrt r-— >•••■ — v The pimple, rcvtagular huild- *•* '•*« iwiumunes. wi 

need. * ,,,or . r ‘' ,1 nn f l ’ an big -is certainly a ver>- efficient nothing to the airchitect: 


Robinson hpnehesi aiid supg 
ui the laboratories whicft^ 


National Semiconductor 
is now entering the 
computer market with a 
range of sophisticated 

system-level products. 
This step is not only natural 
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Edae wanted none ot tin,. procisoty wnat nniin: 

A mull! .disc, pi. nnrv dnvalnp. tl 11 ,.!" r^r 
n,-n, croup like Paisren.ra l J 1 = ! , n 7 ‘' ' 

pathaps loss typical of proem ,n Ji. 1 li™. . 5?..', 


precisely what mixture nf desk re.-pr>ns,e to funrimnal require- the paper which 

and laboratory work is appro. I1)fln (y But huildinqs also work pasted over i n femal 

priate Tor a particular prtaect on another iei'd — they transmit one nr tuo p! acci' 'y^ 

in its various stages. / messages ahnut management overlooking. lii-'J 


day bureaucratic 
than of the future. 


The obvious snfution./as at intentions: and n is at this level Building 


jslructures patscentre, is nor tn sCparale 


K" 'nmypSliwTn; lf h " ra,nr> -' »“«»« h'Zm 

* * ra,,T ' 1 . s bring them under /he same 


makes*?! 1 m n ,?rh i* ronffpot only that, but jammed 

Scm to the detailed desmn^f riahr ,,p a ^»« st nn ^ another. 
h | ] d f u i d * r separated only by class. Rome 

W)th n^in .1 , £ the CUSe work require contacl. other 
with conventional offices. prr ,hlem 5 need deep thought .-.nil 

Innovation depends upon privacy before they can be 
knowing what is gmne on, and sn |ved. At the centre, the 
nn pulling this information solution is to provide open plan 
together. 'Choice mav often play offices flanked by study rooms, 
a part: an open office is one where the dnnr can be shut and 


iretniontf: and n is at this level Buildings exist 

iat the real success of architectural beaOrfsfc^^^^!; 

atscentre is apparent they are meaningJMSi : ;Ifftif^&i - v 

are they function^ ;?ae^era : f[p 
which can be plannecFiiww 1 :;#^.^ 
Cnnfiflpnt ineptly, they are 

\^Ul UUtUL nf eS p rPSS , what matters 1 toV T j. ' 

Take the message to The £ # ff and ^ 

aside world, to the visitor most tmportantty^w^ 

rivinc at the centre fnr the in . U:se f °F ie . 1 *' ! dn ? ^ 


outside world, to the visitor 
arriving at the centre for the 


first rime. A I-oumry* hou« Sf^LS f Ie 
would whisper sweet nothings c ^ ange f heir tune. - 
about tradition, or worse about . ” a f s .c p ntre was 5cecisj&ty5^^ 


■a of VchKm.ih«< serem ^ a dcc,mc fnm ’ ^nner gior.es: ^ned in the first 

. • * «*!•> l ' 1 ' punve ensllYvn. n»». — norn anrl miBlIinont Ki-itP? 


dipity. since information is seen 
*o lie free to all and is readily 
availahlg when needed. 


Patscentre’s precj«o. mexpen- 


niese nrc obvious examples. MVC looking, elngant box poised 
just the kind of thing a sensible on the side of a hill savs that 


open and intelligent briefe 
still very young, 


i hat cVer >' si * n of being abler to ; 

r n r h rwi irivi 


manager would request and a n, c outfit that works here i:- as fa ‘ bcU * r most hew^as": 


An organisation made up nf competent architect would up-fo-dare as any in Europe and ,n?s WJlh problems - 
specialists in various fields provide. Or you might think, that it i* confident m iLself and des P‘te the fact thaf>-ddlfi^ 
working on several problems, until y»m tcalisc jusi how rare — — — awn«»r»c „f ■' 


sometimes in one team, some- and special Patscentre is — a 
times in another, must be building in which a consistent 


its- values - 


aspects of adaptability ftave5 : 
been exaggerated while qthet^- 


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12 

LOMBARD 


[THE WEEK IN THE COURTS 


RUGBY BY PETER ROBBINS 


Financial limes Monday October i im 




Jbaw services report 
spices new year talk 






BY PETER RIDDELL in Washington by Justinian 

DURING A "WEEK at the Inter- brush view— Britain has suffered THE PERENNIAL speculation For example, it wil] sidestep havionn their skills are available 


towards world class" 

France captain, and fly-halI. *Qd lAha^o t ' 
THE LIST of delegates to lie their 18-18 draw with his partner. .. 


Sullr uuu Buyoue wuo scneme ana sooma not worry on Legal Services, twtaie ad®- department and tbe Law Officers- on toe ouier «aua, iuej g rzaak vaa Heeraen ia ootoous m 

doubts that a scheme of some too much about the finer tech- tional interest of changes at- department. The. chairman has generally respected as people of ?^ d e r for the Argentina to coach. - Ms ability. to create ^son^smg 

ktad will come Into operation nical points. The other view— teadant upon a geoe nil election been saying that he wants the high intelligence and of integrity. J D iSS? fcL. SS VaS Heerden was coach to Cram nothing. .. 
next year. The prevailing mood that of the economic specialists to absent. • - report Written and signed by While in this country they have to take back home with Van Heeraen^ ^ a The trouble is ! .Mv«iA| 

wps best summed I up by a central — « that the whole issue of cor- As the legal profession marches Christmas, which should mean not attained high public office VI .. . U; 8 JL™„, Britiah than their matches so hfD&HMWbe 

bank governor from a country rency stabilisation should be in procession today to West- publication some time before with the frequency that is com- Argentina ha ^perienced . | rather more ' difficult to gtve ijhese 

in the present European joint judged not as a test of European minster Abbey, congregates en next Easter. mon in other Western countries, remarkable w^osion in the Afntaner imroa B dfQrd and M central are they.to .tie- JBfeSfc 

float, the snake. Looking even commitment but on whether the masse -at the Lord Chancellor’s lawyers have a status m our J ' nS^LSS 1 if ‘ 


' ‘ . I 


iwat, tne snaKe. Looking even commitment but on whether the masse -at the Lord Chancellor’s lawyers have a status m our n H™“" nnS rsmhrti ™ nrCWi n» neatly influenced by success. »«' 

niore world weary than usual, he scheme will help the UK “breakfast” (consisting of a r , l/aon Kill society not far below that of t "2S 2*1 rd en lnd his precepts The other- «al\ ’ 

l c l n . om l- r ° n rather indifferent glass of punch) Cleafl Dili clergymen and doctor* 31**5? 3 SnS ^en in the present Sadsot. the MfMSmf 


vu about, the proposal^-he had 3ET& the proposals and the Sd i™oveS f ^To the lJw Now that thT report is Add ta s£iety which sets only seven up-country union* ran be seen 
seen it all before in the early detailed terms do matter. courts in the Strand.; the pro- imminent the lawyers. P as they great store bj 'Government under N™ vsicX it'r^co^nSS ‘ 


who has been in -a plass ' 


now mere are it. uui as wim ^ He ntfr pffly 1 jfcjrfj 

Britain’s chances of i nfl u e nc- 1 ftaaionaF cha tt or - will be un- go"abou7thelr business’on a new the rule of law. the legal pro- 1 jStJrin^a^relativSr* n^v "port mediocre, but the beautifully and kicks .sper^y 

_ *1 i_... i n.r» fnccinn ic ptrM>rrprt tn □ av at r.\unjrin„ « relatively _ new span, worse tnan ratl “ . * - K,ifrSh. thk/ 


The scepticism has led to all ing the system from the start } usually subdued 


law year, await with the keenest fcssion is expected to Pjy J ^ derelopSt of the ram^In K London pack showed up with either feoL. lMgJke'^fc. 
antirinatinn their fate Bv all noble part in ensuring that the I . ,OI ;_ en _. OI _‘_ e large Lonaon jw- (vn u bc nrwis has that inestimable 


_■ .vV/* 


kinds af conspiracy theories have not necessarily been helped The postponement of the anticipation their fate. By all noble part in ensuring that the XVWrTti na is ^ Wo uslv hindm^d riefioiencles as tveU as preux has that mesthuable 

about the motives of the parti- b v its negotiating tactics of con- General Election has stripped accounts they are likely to laws are made dearly and fairly. A^nona is senously hindered tte major defleijnges « £ f nmin ^ his entry into attaS 

r. fl ™ 3 „ hBniro,, - — l- «— ««■ «»- — - | genera pm can y. . Sues amongst which is When he to there, -the gam& 


mt 

t T r 
m : 


dpants. German bankers are rentrating on details. At pn>- the profession of its favourite emerge with a fairly clean bill 'I^p va^ distancos between S foV amorst 

suspected of wanting so tight a sent, however, the scheme looks guessing game about who would of health. But even the patient /-ii An ] r rugby cwtoes prohibit more ?hi r tenacity 1135 aDOther cfenensidn, a danger- 

system as to be lndispnguishable like beinc essentially an be the new Lord Chancellor and who is told that he is in gener- L/ilGCK freouent contact. The absence- of . e * r . e ty " . mis elegance adiwe to absolute 

from the present snake— bmrause enlarged snake serving specific who, under a different admints- ally good fettle likes to know ^ school rugby as we know it w , authority tba t great players 

of the fear of importing inflation French and German interests, tration, would fill the prize what parts of his anatomy could Indeed, they are seen as one places the onus for rugbv educa- Back-TOW SORgS possess. 

r-wth no rea! desire for a fuHy- For alI the talk hy European offices of Lord Chief Justice do with tuning up. of the mam checks upon the on the ^obl l5^e i“ a ^ .. { * tHe area for If the. wings. .. FUcrio end 

fledged EMS. At the same time, specialists about the scope for a (were the present incumbent to Lawyers have been tradition- arbitrary power of Government °“ h “JJ - **• w ^ nM .|JL d The line-out is “teare r c utti Hnle short of 

* h ' s “>= *™nsfer nf n'-rep, from richer resign, as has been mooted Ere- ally the foremost, and almost Ministers and c.ril servants. S3«. JTJStirt ^thrL-moc Stt» tM ' co ?„«SUo pace. It Is not a sonoueTmpe^ 

been seen as the desire for at f 0 poorer countries and regions quently m recent months) and of exclusive, providers of legal ser- Whenever there is a ticklwb es s en fia] wa , s , tD u ???. pipantic meDt to the -■'back play Thu 

leasl- 3 tcinnorarv nenod of cur- _ __ mmnn a n — j Coiioi. . . . j i ...kiir iceim thaf mils for inde- 15 .essennai. Potctmich. while the gigaouc uicui. iu _ine 


The vast distances between qualities, am 
rugby centres prohibit more sheer tenacity, 
frequent contact The absence of 




r--“ -r* — xo poorer coumnn ana rcKiwM* queuLij> ai rereui juuuuui auu ui exclusive, providers oi Jegaj ser- Y. is——— . ws ~ - ■ — toomo j. p«enn.nT - . ■ . , r-ipontic ment TO IBB - hack Olay. Thn 

least a temporary pen od of cur- and y, e reform of the Common Attorney-General and Solicitor- vices. A challenge to that doml- public issue that calls for inde- ^ hybrid**® team of all Colclough, whil E ^when Pumas want to run the ba]i 

reocy stability next year because Agricultural Policy, there are Genera L Dant role, that makes them a pendent inquiry, the Government thQS p 6 '.!« acd bad Sch namP Ia ?? hettl 1w 7l JL J whenever, but the sreaSt 

of the need to counter domestic Bcan t s i 3 ns of a serious interest The vacation of two months powerful element in society, is and Parliament consistently look Dta Marques and Currie a , P ace . fl ° rv ? 1 ££, & virtue of Loffreda and MadmJ 

inflationary pressures vnth the 0T1 the Contin^m in changing has produced only one. judicial taking place- to the judiciary and the legal S iT J JC sS : The back row is not big by Eurj virriie or untreoa ano wudero 

required support or the franc these features of The Community, appointment The High Court The Royal Commission will profession to provide the mem- J"drew MulU-aiJ' the Irish pean - * SStions tackling - ■ ^ 

Indeed, to make a current judge assigned for _the tost ^12 torgely defennine how far that bershi P _of^e # mqiunng body. % "SES?5£.55aStt ate. FreSfb and Woodward shared 


. a mu to iai udiraici u. i/icacmcu iu ujc wuiuhmiuik*.- *7= —— — uu lues. v „ rnKht-H nf there were lust ton manv tn 

- resources and expenditure within succeswr, Mr. Justice Sheen ts The public has always had a al, ® sa c J. l0ns - Ili „ 1 nra rti tinners The- present manager^ of the JJ^ y h ^ re h I0 J m^re^than make tackle. One danger signaU^that 

. the EEC than is ever realistically a well-known- figure In Admiralty love-hate relationship with its Most le 8 a J. practitioners p urnas Mr Kember, was a not- -the ball. tn ^ “° r f e h h „ . Argentine backs are wrv 

- Conirmtment likely to be approved by the cases. That is spare diet for the lawyers. Oh the one hand they hitherto, whether in public h]e th and :j n con . up for In speed to the p aU. “e Argentme mcks are very 

wealthier nations, in particular Temple gossipers. are inevitably the target for service or in private Practice ve ration with him in Oxford ■ # Both matches were exam^ pies prone to creep offside. 

/■There are of course en- the German taxpayer. So occa- . much public' abuse. have devoted most, if not alk of last Wednesday I was struck by of machinery versus instmct and CoMidenng that a mat -U 

rthusiasLs for' th. propo'soi^- ??««“*!“* ”J J2" InflUirv li®! 2!“JS!LSJ*SSS t *to , S2 S. ?» mmt t>* * 


thusiasts for the proposal 


uiv pivpuddu 1 - _ 

inainlv amone nolitiral Ipaders appear as a simpler ana more a %> uiixumw uui«a, muwu» »-• . - — ~ wcii-luuuucu uvuuubhl rrticuuv -— © . . lt . „ maenne *k 

■rather than official s or ba nker? efficient means of adjustment The usual ebullience of the sarily prescribing any remedy for tional ways. They have not Argentine rugby has come a loog l J»e opposition, but on S atur day . 00 p* 121 ^ 

The Franco-German accord between nations. Moreover, a legal profession has been less their clients'. conditions, they do spent their time developing the waj% as jj, e qame against the the coHoctive efforts of London s management can be ve^ 
cemented at Aachen reflected workable system would require evident ever since early in 1976 not acquire the position of a availability and scope of legal Southern Counties illustrated,* P a £k of necessity tired them all. delighted with the two games 
the strong political commitment a niore general co-ordination of when it learnt to accommodate healer, that attaches to a doctor advice. and the match against the Lon- Petersen has had two marvci- 80 . 

•oE Chancellor Schmidt and economic and monetary policy itself to having the profession of medicine. But the last few years have at don Divfsion demonstrated even lous matches. He is a man of What has appealed to all those 

President Giscard d’Estaing towards common guidelines than put under the raiscroscope of a Their manner of conducting last awakened the profession to more clearly. perpetual motion with a homing who watched is that their 

: which is why the scheme will go is currently on the agenda. Royal Commission. business often exacerbates enn- a new role for lawyers m a The ra3in influences have been instinct on to any attacker. His adventurous approach contrasts 

Lahead. And this view is shared A public inquiry began into flkrt for their clients; they employ changing society. The practice of from South Africa and. France, tackling is so emphatic that hjs starkly with the method rugby 

by Mr. Callaghan, even though TT * a whether the profession should a Technique that is remote from the tow may hereafter never be Probably the most significant colleagues can feed off bis being played in this. country. 


Inquiry 


miseries of others, without neces- for individual clients in tradi- well-founded optimism. Patently Argentine hack row showed up 


he has been a follower rather JT|g[K B^rltV remain self-governing, ' wbat is 

: than- a leader in the discussfons. o Jr J s j ze Hjg 0 f going to 

:In considering the merits of the y. a r**uahte that Britain law. the division of the profes- 
-Jd e a it would be wrnr,, .ithe. , j* jo^. EMS in ord.r »lon into borriMer. and 
to- underrate tne political com- ta wor |. towards these »aals but solicitors, the monopoly of con- 
. nubnent at the top or the special ff JTS SSSS STelK ftllt ’eyancing of house purchases, 

MrtJre and ^be "2SSin."5 this is what France and Germany the. system of handling com- 
the scepticism of have jn mjnd Britain may Points against lawyers, and 
‘.their. Officials. . I I I ORnsnllY the oHucatinn anil 


remain self-governing, ' what is everyday language and be- quite the same again, 
the size of the cost of going to 


Formula Three sponsor 


tour by the Pinna* was to South efforts. Certainly hard • games lie 

Africa in 1965. This is not to He would certainly grace any ahead, but this tour is very 
forget their last-minute defeat international side, as would the much in the nature of giving 
by Wales two years .ago, or Argentine half-backs Porta, the their players wider experience. . 


FINANCIAL TIMES REPORTER 


RACING BY DOMINIC WIGAN. PARIS. OCT. 1 


.. _ r ° ' ,. . . swallow its technical reservations generally , the education and VANDERVELL PRODUCTS will the company has supplied bear- 

v ^w^r the very limited pub- and join the scheme on the ? f lawyers and the British Formula mgs for racing engines, and 320 

fhc debate In Britain _about the grounds that it will allow quality of legal services, A1 ^ nion . r X n * ph t have been won usine 


;nc debate in Britain anout the grounds that it will allow quauty or legal services. ^ All %j a g‘ m otor racing champion- Grand Prix have been won using * *Mp A T| 

•proposals has already turned countries to adjust Their parities these huge problems constituted ■ . P Vandervell bearings. A B 1 'C* A 

: intp yet another replay of f rom time to time tn reflect a mammoth inquiry into the [ nm **** , . t . . * ' /A ^ lA PT gfSgjg 

familiar EEC arguments which differences in economic per- fundamental question whether Tbe series, organised by the _ a ^ y|iL X mM 

;bas masked these distinctions of forma nee. There is also the the legal profession provides British Racing Drivers Club and NaVlIlffS £3X11 O 

motive. The problem is that dls- practical problem of whether adequate services to the public, the British Automobile Racing & 

■fcussjons have been undertaken Britain wishes to peg its rale For two years the Commission Club will consist or20 races. IflffTPSt . THE WORLD’S most valuable champion Philippe Paquet 

by two overlapping groups— the at th e present • relatively high has beavered away; it has been It will include the two British I11UI C UUC1 C31 ftorm^hbred race Se Prix do Inside ' the final furlong that 

inSr anrf eC !n JS he Forelra „ 0r J whe , thc T the pound maS ! °lJ wer Thre^chimnimshiS^ Fonnula J wo improvement* in National ]’ArTic Triomphe.' introduced remarkably tough filly. Trillion. 

Brosseis and in the Foreign might be devalued on entry— submitted by way of evidence. Three championsnip. Savings terms have been intro- at Lancchamn in 1920 to cele- normally ridden by Piggott but 

an attractive^ option just and it bas rat and heard Prize money will be a durai ^ ' , brate ^ Si ^ ho-aUteliTSK the of 


find Icates programme 
in black- and white 


BBC 1 


6.40-7-55 am Open University 6.50 Dad’s Army. 

: (Ultra Hi«?h Frequency only). 9.38 7.20 Tycoon. 

•For Schools,. Colleges. 10.45 You g.10 Panorama. 

land Me. 11.00 For Schools, Col- 9-00 News. 

leges. 12.45 pm New*, t.00 Pebble 9-25 ifl78 Horse of the Y< 

Mill. 1.45 The Flumps. 2.01 For Show. 

-Schools, Colleges. 3.15 Songs of ifl.45 Tonight 

Praise. 3.53 Regional News for 11J3 Weather. 'Regional News. 

England (except London). 3.55 ... _ . , 


5- 40 News. 5.10 Pippi Hosanhir. 5.55-6J0 

5.55 Nationwide (London and Wales Today. 6^0-7^0 Heddiw. 

South-East only). 11-25 News and Weather for 

6- 20 Nationwide. Wales. 

6.50 Dad’s Army. Scotland — 10-80-1Q.20 an For 

7.20 Tycoon. Schools (Around Scotland). 5.55- 


8.10 Panorama. 6.20 pm Reporting Scotland. 11.25 10JM1 News. 

9-00 News. News and Weather for Scotland. 

9-25 IP78 Horse of the Year Northern Ireland — X53-X5S pm 
Show. Northern Ireland News. 5.55 Scene 


625 Crossroads. 

7.00 Cooper — Just Like That! 
7.30 Coronation Street. 

8.00 Robin’s Nevt. 

8JW This England. 

9.00 The Sandbaggers. 


ovprilnnin;^ “"“J 11 w,snes t0 , pe * ,Ts ” Ie u wo 'tf? ““tf 1011 f ™. mOXe inrereSl THE WORLD'S most valuable champion, Philippe Paquet. Earlier in the afternoon, 

by two overlapping groups— -the at the present ■ relatively high has beavered away; it has been It will include the two British ,IIU J thorouehbred race the Prix do Inside the final furlong that Freddv Head on the two-vear- 

-InSr anrf eC !n iS he Forelra K ° r H whe . the *' the pound de ' u «*J ^ mas ! of paper ^ Fonnula TWO improvements in National ]’ Ar ?^c Triomphe.’ introduced remarkably tough filly. Trillion, old Si'gy, never had any worries 

*0'fficTand ? theeconom1sts F ^thS v'*?, 1 be devaIu * d on entry— submitted by way of evidence Three championship Savings terms have been intro- at Longchamp in 1920 to cele- normally ridden by Piggott. but from Lester Piggott’s mount, 

and elXere’ both 5 a J dly an attraCt,ve T opt ' on JUS ' an , d 11 ?> as K 531 , and »* eard Pr ‘ ze *51 *y!2.i du " d - J hrate the end of hostilities in the on this occasion the mount of Solinus. in the Prix de l’Abbaye 

tSse /rniin? have St ami an elec ] ,0 P- In these cir- witnesses m the early months of round wffh £2.500 at the British Money deposited in National First World War. was won here Willie Shoemaker, tried to put de Longchamp 

• Mtaallv “Satinet MunSSwita i„ c « m ,f ta nces and given the motives this year. Breathless, the Com- Grand Pnx round. Savings Bank investment accounts t hj s afternoon In superlative in a challenge, but found little. Sigy. one of the fastest 

4p PniM cuunierpdns m o{ the participants. EMS appears raissioners have resolved to call Vandervell has been closely now earn interest of 9i per cent style by Alleged. * Had she not drifted under pres- juveniles seen in France since 

^ . ;•■• ] f ss a ^ reat ,eap forward for a halt on their protracted associated with racing. since the per annum, ao increase of 1 : Fm T, ihnt hic —ensure she- might well have run the war, led from start to finish 

• ■ The result is that two different the European idea. The real deliberations and have begun to 1950s. .and in 1958 Tuny Vander- per cent. The maximum bolding berominp a ^ual bim t0 a-' length or so. and had three lengths to -spare 

approaches have emerged. The question may be not- whether write their report avoiding , the veil won the world Formula -One of Index-linked National Savings }?. / fh a i There- 1 is no doubt that the over Alle^ed's stable mate we- 

-European. specialists have argued the scheme goes ahead but how pitFaU ofa definitive inquiry into constructors’ championship with Certificates retirement issue has ^ uSlMjt ' AlleeS came best horse -on the day won. and viouslv unbeaten in five i?ck 
that what matters is a broad- long before it collapses. every aspect of legal services, his Vanwall team.' Sihce 'theTi been raised from £500 to £700. wtEHZ ' SSRtt to argue with thie this year The lucklras tSm 

in contrast to a year aeo when wh <> nnw value the American- Form ran his usual game race 

- ~~ • . . !~ T - ■ ' - - • • he made virtually all bis own bred Alleged, a bay son of Hoist and finished third. ■ . 

nmninc 7116 Fla S- at JE5-6in. The winner In the Cntenura des ponhehes 

_ , , . . of nine of his ten -races. Alleged, there was another high-class two- 

• • ‘ / . Q u, 5 k '^ awa ? and- tucked m lra j ned j, y t h e supreme master year-old winner. Pitas! a. owned 

...... behind Dom Alaric and- Frere of his crafti Vincent O’Brien, by Sir Douglas Clague. for whom 

®f sile J or of e defeated 25 opponents in last the great Crisp used to race. It 

■ Vincent OBrlen Fouf-yeaMid year » s race on firm ground, and is worth remembering that l3st 

find Icates programme 5.40 News. 5.10 Pippi Hosanhir. 5.55-6.20 A35 Crossroads. HTV ro roSnerc C hn J hiroed mtn the >' esterda >' accounted [or his 17 time out Pitasia found Irish 

in black- and white 5.35 Nationwide (London and Wales Today. 6.50-7-20 Heddiw. 7.00 Cooper — Just Like That! i2_» «n FannhoLi Kitrfw-n l to rtoom ° IDl ° 11,6 rivals in contrastingly testing River more than a match for 

| ?Rf 1 ■ South-East only). 11JS News and Weather for 7.30 Coronation Street. - S^nfSSrt WiS. nS£ short home Slral5ht - conditions. her in the Prix Moray, and 

• A . . . 6J0 Nationwide. Wales. 8.00 Robin's Ne«rt. lev?*. z.D0 Hwjs^rjrty sjs The iiadmi-n Piggott. whn had to wait so Of the others little need he should that colt challenge for 

_£40-7-55 am Open University 6.50 Dad’s Army. Scotland — 10-00-10.20 an For 8-30 This England. tong before riding his first Arc said. Dancing Maid, always well the 2900 Guineas he would 

~fi? tr c ? Tycoon. Srtiaols (Around Scotland). 5J5- 9.00 The Sandbaggers. um The Monday Fom': “Rcfiecumis a winner. Rhcincnld, then asked placed by Freddy Head, could clearly take all the beating. 

8?' rff J-to Panorama. 6M pm Reporting Scotland L11JS WM New*. couen Erc .- hjra for his effort and the not find her customary turn of 

jma Me. 11.00 For Schools, Col- 9-00 News. News and Weather for Scotland. 10J0 Monday Night Film: "The mtv cymru/v»ate*-Aa htv General resnnnse was immediate Alleged foot In the closing stages but GOODWOOD 

■leges. 12.45 pm News. 1.00 Pebble 9-25 1P7S Horse of the Year Northern lretand^L53-i5S pm Butterrap Chain. 1 ’ tonmh^^ his^Tidc in the man. nevertheless flnishfd a resnect- 2%-Herr Caoiren- 

- Schoo tof *CnUcges? UI 3J5 SSJS ,0.45 ne^oValeany great'hirteTnd "SIT The French' Sy ' 

Praise. 3 J3 Regional News for 11J3 Weather- Regional News. Larder. 11^5 News and Weather music of Borodin. pm kcpow"^ wcm^S LSPlp Jv, u? 1 * fic ITi ern^uRo Mar\ner h never 5 

England (except London). 3.55 ... _ . , . for Northern Ireland. . Jmca s^j-too R«wn West. of the d-wmined but nnr-pneed Locer hero. Julio Manner, never • 4.00— Tribal Call** 

Play School (as BBC2 11.00 am). . AH . Bep»pns as BBCl except at England — 5^5^20 pm Look a" London cr-^-mc-tr Frerc Ba ®to, ndden by Frances showed with a chance 4.30 — Graf Metternich*** 

4 JO The Mole. 4—5 Jack.mory. A40 following limes: East (S orwichi; Look North pt al *** loUowJng times: 3LOTI15H 

1C.B. Bears. 5.00 John Craven’s Wales— 1.43-2.00 pm PUi Pala. (L’cds. Manchester. Newcastle); AKHI IA „ b 7bH tSSHT^uS' iSIm 8 "«5 

Newsround. 5.10 Blue Poicr. 4.40 Crystal Tips and Alistair. 4.45- Midlands Today (Birmingham); cr«ism.’<)s. sjo Scotland Tnii.iV. sS 

■ Points West (Bristol): South To- JS? pSK ™ F- rt ^ p,, ” sk - F ’ lhw D, i,r l '' a,htr SOCCER BY TREYOR BAILEY 

F.T. CROSSWORD PUZZLE No. 3 785 isom^mptonj; Bpotught ^ C1U - UJS ^ D[ ’ t,,cnvcs; . . 

I uZiLfiiLi 1 ^ u * South Host (Plymouth). The Brtan Connell Interne* > uao 

■ I (2 I M rann P l M b-i RRr , *“ southern -m. m vr • «. . , 

: atv MuSrgSfBgs McKenzie shines in gloom 

r~n~~M~ ■ M'n n r ~ sma. IJbour PJrt? jaxMtrtjaw S3 rw aj>A au as ® luwm 

I I I I BSa \ { 1 1 \ < 11.00 Play School. toa at\- Ton»r. wao Left. Kiajst and KaIe UcSfiJoe - 

~RR) lag ESSfiiBB U sum BR 1-45 Let’s Go. centre, uja The New Avencers. yy\ir TPPqi ENGLISH FOOTBALL has time. failed to provide him with tba 

gral fBB g g Ba wM Labour -Party Conference. nnnnrD 9.a -mV Goid wL hv » lwa ys been short of players With one arm hanging limp ball. 

-- « | jj r ll vnn 2rzrf*k. »u i2jo nm Ea« Ncw^ Hcjdiin^s. 12.38 with star quality. he still managed to produce Wilkins dearly has the poten- 

... _BR, J _J L Sffl" H ' adbnM ’" U ’ «“ a'ffiKW.KS-K? anWSS, WH»t = s. 3 r m do ga a a ^JlSgJif (ia! to Kccome a or,.;,! plajm but 

4 K8 SB 7,05 World Chamolotuhip Choos. 7j?Vi? na 2.W L.iwur Pu. Mafcrra™, 555 to tbo goto was seco last Tuesday ?, ^leb it would probably be iu bis best 

^1 ^ HI Ea ^ M..8g 7jS N°™ou n 2 mpi0n ^ ,p r f%S?rZ'Z'sZZ e ? r u : % SSj'f SSaSr^SSTSS iSw’SrSXi 31 a™'""! »lwn almost ,l» K SS ?“■ m it he wore to move to 

G I i Bw li* I ) ) ) ] 7.40 Conference Report. Paradise. 12J0 mm Border N>« Sum- Film : own «■«» people, easily Chelsea’s n r , n nil u" nlh ^ r club ’ s . uch as__Nottmg- 

Li... Hi.' -4 1 *10 Des O Connor Tonight mary ’ Burerss atr«mh and Dutoe Gray, lion biggest crowd of the season. »iL *? hani Forest or Aston Villa. 

B9g M gm Ml? 1 9.OT Premiere 2. rHANNFT P ' to6DC ’ turned up to see Cruyff play for h th |L ° "mr’hl t0 , fi " d v They are likely to be chasing 

ESsw iSh EH HE H 9^a nicmvrriK vnAIVNkL „ rwi — m., a club able to capitalise fu Iv hnnnur. -s. 


GOODWOOD 
2-10— Herr Capitan - 

3.00 — Billion . 

3.30 — ZaharofF* 

4.00— Tribal Call** 

4.30 — Graf Metternich** 


F.T. CROSSWORD PUZZLE No. 3.785 


SOCCER 


BY TREYOR BAILEY 


McKenzie sMnes in gloom 


9.00 Premiere 2. 

9J0 Discoveries. 
lO^EO Word for Word. 

10J0 The Price- of Freedom^ 
11.05 Late News on 2. 

11J» Open Door. 

1L50 Closedown (reading). 


CHANNEL 


U8 pm Qiarusd Lunchtime Xcw« awl 


ULSTER 


Cosmos in a friendly. 


n„ his ttSi^nJl'tm ^ hoi,ours with citoer he would 

.U. 4u-?" d _ . l .?, ce / T15 un - recover his zest, instead of 


iUS Ckuntdown' f reading). g SS SSf&T r&lSSF ^ 

» X ?5 °p n „., n swsa sr s s ffrJSrtBu* a -a- ‘ivvir sffi ? fel* r 

fs.ssar^ssjssssi SgEL&JZZunsis " i-im 


LONDON 


r VV- ^r for . player M . J ' ■ 

rill wirin' * to sla nd out in a team which is Jj--' T - 


ACROSS 


DOWN 


1 Peter gets a degree in the 1 Drink leads to stampede in 


republic (6) 


Ireland (8) 


4 It’s capital to preserve a 2 A bird which Is crazy to 
. graduate about to go wrong produce (8) 


ton's Famous Five. 505 Gambit 
5.45 News. 

6.00 Thatnc at &. 

605 Help! 


GRANADA YORKSHIRE Y . 

play 


.t 


nvppna. SJB Father Dear Father. Calendar tF.mlcj M«jr and Ui-imtim recently 
Movie Premlen? ; ueMU- oIHlnni 10.30 Pro-crlrbrllr Snooker. MeK'nnvi 


9 We find a girl iu a Welsh 
r - town (6) 

. 10 Dickensian character im- 


^ quality. For me. this means 

that by their skill they are able 

3 People get round to help a RADIO 1 247m Owroi r rsi. I 2 js vm Bnttra and EUar Mother 3jk Nnvrs. 3 os Afibrnom Theatre, to create opportunities which 

young girl (6) (s> .wreoWMalc f^H ee m.2f n iwl? '".He Ke 75i 1 -® s Brttlcu 4JS Srnry Tldi^. SS 5 Wcaihor ; pro- would not exist for most nlavers 

5 Prima donna on the way up ^ Dast . ^ Qiya° by Bart, ,s,. rm Man^Mua- T(» ,, NeH ! ? w rji5 Tfe’ - < ra*re e example occurred 

. SK “SSJS1" ^coloured isft. grass, B s^ssl^ss^s J2H5 .«?r 


pecunious but expecunt (8> 6 Usher employs coloured Bumcir. 2J» m Perer FnrriL «ja km TsT. h.o'hSLL B^ n d RiUHl S^ urn 'tiw ,< wJm I? ' 

-12 Engineers take Id a spy for __ staff (5. 3) *«■ fRE!. w sc2S STo^TiASL 

c chemical tests (8) / Refutes picture puzzle about J ? ftc fttl ,s ’ nM ^ n m <«3>Mtn i own. pan ii: *; fedittm- u.is t 

•T3 One on Ice right after the a kind of square f6) nSSSf*. n,Kh, ■ uso 


Preference Shares. 





'3.3 One on Ice right after 
i : fish (6) 

15 A wine to dismiss (4) 


Thr Kioancui world To- with the hail at his feet, the 
'• goal some eight yards behind 




8 Gold rising in the atmosphere RADIO 2 '#*>m and VHF mr 2; Mourt. Dvorak isj. ’"vjs'^irr BBC Radio London I ant * a defender at hls hack. 

.. d^.r«S2«Pi5^ ^ E2n*SZ i'Si ’SSSPkffi . 206m and 94.9 VHF WWW he try to beat his matker 


BEN&S brothers limited 

( Incorporated undorthe Companies Acts 7908 to 7917 ) 
(Regicterad No. SI 169C) * 



— r;' . _ . ... v*4iF. M -w rvu- hurray i upvn tuwy o. ^ in aniain rw Louie MWKaiO *-*-»*^"**- ■ - ~ n uuuuiwn. oju , - _ . 

finished up (7> refusal (7) is. indudins L43 Sxm dcyK 2jq ocrei rs.. u_<5 Ken. usuls sSatert Br^EihronKO. ia.93 LaUi fi\ghi London, defence — I never considered was 

-21 ChleF lurking in tbe Star 17 A party cot up subsequently Pg M Bam Ut*^ ocumim^s wd ««"« «'- 8 ^ nadl0 2 - . that he would hit the crossbar 

Chamber (4) in Scotland (S> l£Sf» d££' sZSFmS? ts> m. sAfjo “ London Broad^astin" with an overhead kick, his back 

-25 An afterthought about a IS Transport borrowed for West ciodini! s.c spans o-isk. s 43 sports o*sk. _ n . 261m and 97.3 VHF 51,11 lo th c goal. 

friend is terrifying (6) Country fair <4, 4) o rcbcgra^isi. RAJJ1Q 4 mi». mswliw-FrWwj. That was pure footbalHuc 

:26 Mark with a manuscript of 19 A box on the head is a stale sjc Radius cih 1 M r£ bib ISh s^d ^ 5 ^^ 85 ^L a1 ^ > W SSm. xmo maRic : 11 rould well take a 

contradictions (S) joke (S) Lruriwa yg w«*. *jo Today ^zsuruuv? inSSm* Bnan show, i^m Bm i.rc Tinporis magician to lift ihp present 

. 28 Contradiction for Instance in 22 Excursions for jay relatives mm r?n »jb' at? t® I 7*” r rw HE 7 « ood M0 MS. S*"" ?*** 3 °’r | g*- .F»*L.*Q» J-helsea side, who plainly have 

a race (81 . f6l ■ sffi. uii nfi a a „ r ^ ^ ftff mSm'Tm'S* SSJVJST- L 0St J Mrth tboir wa y a "d SSr 

29 Stay with mother in control 23 A river horse reveals the SSSTiUftS. "aSSlra* Aat18M - Pemr - *■*»- *■* Canjtai Radio he Sft m - . n . . 

- (6) highest point (6) summary. Mart , Baker. lMQ Capital KaOlO^ Stamford Bridge these days 

30 Guide this generation follows 24 Order inside— take a seat— , «. vm ia^ M^raim’ “ny >a ^*l ar «5K lm mm sSS ,hc ,doal “Wins 

-but not first class (81 _ it's provided (6) . _ “ftRTO W .*^7 l&'Sri fifiES » * lar shine 


Capitalisation Issue of 838.198 10 per cent. 
Cumulative Preference Shares of £1 each 




A\t 4t 


-with, names of winners next Saturday. 


M^cofau barss^tl uctui <s,. un ija -n» ^141^ Lw aaCT « s. own side early in the match. 

TaUBs About siasic is>. lias Haydn damn* sjkw.bs nm us tiacn *ab men rtigtu <s>. causing his replacement at half- 


Phillips & Drew, 
Lee House, 
London Wail, 
London EC2Y SAP 


' u 

biti^-aa 

v' ^ti 0i 






% 


October 2 - M 78 



•■ ..-*?» <s« 

' v;:^ 


' ■ • , is 

* • . • ■•■'M. 


■ '. . *'•': *>* 

:*- ./ fc- . 

-;.‘a 

-V 

•" 


^ ' 




Citizens, Glasgow 

The Threepenny Opera 

- by B. A. YOUNG 

Predictably, since it Is directed handling of Gay's fairly good- Kurt Weill was a skilful com- j 
»y Philip Prow&e. who is a natured tale: and so- there, is poser who knew what he was! 
SW.?r as ,'^‘ I 35 a director, nothing good-natured in the doing . The songs must be sung 
Ihe Citizens Threepenny Opero action of Mr. Prowse’s company. Not suns U*-p nominm 
is set to an eccentric but beauli- Everything that has to be done, Bereanzafbut^ft li^cnm°*ihino 
ful scene. It all takes place in a even if it is no more than to J? i . om 2 i m S 

pale-blue panelled salon hand- arrange tables and chairs. « n^ttem ISS SESS 

somely furnished In grey. A done untidily and destructively. ? hn B nl !5 / Po °L„™. * ira| 5 
prand piano (at which David The pink roses that deck the I* !, he *^S 

Gann, in sumptuous drag, sits to room are tom up and scattered J ^ U d f « aV r? plck 
Pby the music) stands upstage, over the door. Only the con- J®. «?J!L i ~ r ' ^ ann on ; 

covered in a satin drape, and demned cell (located on top of Dls T*™* 1 *™ P 13no - j 

beyond it is a wide curtained the piano) remains orderly. Polly (Judy Lloyd) and Mrs. 

mirror that serves as a traverse Unfortunately Mr. Prowse has Peachum (Fidelis Morgan) give 
across the entrance. The pros. Introduced two novelties that to us the notes but not the spirit, 
cenium is hung with swathes of my mind mar his production, though the spirit lurks in their 
while chiffon. The first, and less important, is acting. Mr. Hannaway in his 

Before David Gann lakes hi* 10 have had a !ot o£ the English tidy frock-coat suggests in Mac- 
Placc.the piano-stMl is occuDied vers1on (uncredited in the pro- heath’s farewell song a fledgling 
by a i!Se SSSoHcal fiS S *"■■»> re * trans,atpd int0 !“ S the Kal!;*Peter 

a honreen% S „ «rw ^T?e Gennam - or Pseudo-German. Jonficld as Tiger Brown the 
thievw and hicEarb au?n hlMk Sincv lhe sccoe fs Soho * Ms iS P°? ieen ’? n "as a real arising 
Steal silently 1 , 2S P° intless * 1 ^Shl « first that voice but little to sing. Sian 

effective niefure dra" her down* Peachum (Ciarfin Hinds), who Thomas as Jenny Diver does 

CB»», j.«te to her mat retenge 



I ‘iho ” d Pa°Wrt ’ Hanawatf’aivN in * Yiddish ln tie we’ve beard it so often by experts ~ — "™ 

I the look iStm\aSSS!S nature be ^ given i n the play; in the genre. Her other song. 

ijSrMSSMW SSJSJ* o“.e Kh, ar^Tn“: SWJSTffiaJS Grand Theatre, Leeds 

* stayjrMsffast t ^ 

y ares it with him. like piItt j n j, verbs at the end to constable to executioner, and § _ _ J _ _ 

The magnificence of the room, of sentences. Some of the sings it from the top of the piano. 8 1 | I | I 

which seems to stretch back for dialogue must have been in- Mr. Jagger. without more of a lyllllj hv RONALD CRICHTON 

miles, amplifies the savagery of comprehensible to non-German singing voice than fsayi his elder J 

Brecht's invention. There is speakers. • brother, gives us spirit as well 

nothing good-natured in the The other novelty is worse: as notes, and the director , _ „ . . „ „ ....... mu. , . . . 

satire of hi* songs or his re- the music is not taken seriously, sensibly uses him all be can. last new presentation by that of Berg, and it frightens really the type of high soprano 

Dortmund Opera during their people.*' Great art does that, required by the music. Some 

u’oob'c v^clt frt Taorfc woe Doro’c .. « . pnlnratura Hiohtc worn otplrhv 


as in English, was in fact talk- ballad: it's her bad luck that 


Dieter Behlendorf, Ronald Hamilton and Nassrin Azarmi 


Bcngt Rundgren and Gwyneth Jones 


Leonard Burt 


Covent Garden 


Theatre, Leeds 

Lulu 


by RONALD CRICHTON 


Sadler’s Wells 


• y The close of the first cycle and after Siegfried’s narration — 
'• of The Ring at Covent Ganien given the prosaic quality of Jean 
was a surprise, and a happy one. Cox’s declamation: and the mono- 
. -.'‘When It was first shown in 1976, tony of . his singing, this was 


Les Sylphides by clement crisp 


week's visit to Leeds was Berg’s wheD it tells ^ ^th. B ul a coloratura flights were sketchy 
Lulu, given for a single perform- . ... ..... - and towards the end of the even- 

anc? on Friday. This opera is « rea J er ^uhy with Lulu for ing on£J or ^ notes 

not In the present season's reper- an English audience ues in the hardened, but there was little 
tory. This was a one-off revival text — two savage plays by Wede- trace of the scree chi ness with 
of a production new last year; kind boiled down into one by which many Lulus damage sucb 
a generous gesture considering Berg himself. The mixture of physical impression as they 
the demands of the work. Leeds macabre sexual comedy shading make- Miss Azarmi won and 
came out of it well too: there off into black farce yet ultimately kept sympathy, 
was a decent bouse (one can serious and full, of pity is ter- There was a carefully finished. 


the final instalment, of Gotz hardly surprising. But sweep If the masterpieces of the again purposeful and reaT. In The dolls must be given Russian see thinner audiences in Ger- ribly hard to get over. Paul rather small-scale Dr. Schbn 

.'Friedrich’s staging of the tetra- returned wrth Brttunhilde. and, Diaghilev era are to make sense the Royal Ballets School’s verve and Russian intensity. On many for important 20th-century Hager’s production managed on from Dieter Beblendbrf. As 

logy for the Royal Opera seemed with it, the-feeling that the con- in the theatre today' they have presentation something else im- tllis occasion the Taratella operas), closely attentive except the whole to create an Schdn's son. Aiwa. Ronald 

: :o me easily its weakest part ductor now has full measure of l o be shown as something more portant was also apparent: , ked ju: jh rn wanks i ae ved for on * or W 0 stray bracelet- atmosphere in- which sucb a mix- Hamilton held His voice in 

. .—musically only of moderate Wagner’s.^pic -musical design. than sacred' relics, reverentially Markova’s own stylistic finesse, rattlers and interlude-whisperers ture was credible — one. can't reserve for Alwa's last big scene 

‘ itature. for fhe most part at mhe reverse side of FriedrW*h’<? displayed to the faithfuL They the polishing of each incident pana.ne. the quartet of earns of ^ old There seems no reasonably expect one regional with Lulu and made this one of 

. I-.!' wee complicated and dull to the. eoin m ..- w roorp th :“ serve no purpose thus, other and pose— so unforgettably a had no elan. Much of Massines rea50Q to fear that the Dortmund opera company in a part of Ger- the best things in the perform - 

. -iye (despite moments of breath- Xear is and thn.vr^f than aS dust y reminders of past part of her dancing— was com- eccentric details seems to have vUlt has topped up potential many fairly littered with sub- ance— the outburst in question 

' : -afcing grandeur in the visual f^Vplarionsbios. tb^ o7iiI»knp« triumphs. Despite the depreda- mumcated to young and inexpert- been smoothed out into conven- customers for ENO North. sidised theatres to be full of is shattered by Lulu’s innocent 

lerspective). and crippled by a. I* rmnlwa^in dnm-ktic tions of time * o{ producers' epced dancers, and as a result tional balleticisms: in the galop Tbis LuJu ^ mucb more major personalities. The general inquiry as to whether the divan 

'• ilethora of production idiocies. Sav f»i memories, of dancers’ caprices, they and the ballet seemed which • follows the Can-Can distinct j Ve than the passable but lines were sound, though two at on which they are lying is the 

' - *5ut the opera house is a funny nJ VLo these old ballets can be made properly poised on the mght air dancers flight the hand positions unexciting Fidelio earlier in the least of the peculiar minor one on which Alwa’s father hied 

■llace, ever ready to work Its therViV w* ▼itaL relevant, if original inten- of that moonlit glade. which mark the dance-rhythm we a First of all Marek characters (the mysterious Schi- to death after she had shot him. 

’ • ■ - nagic ' when magic is least nroduMr 1 ? TbiHt^ Gons are respected. Les Sylphides of which must serve as a werc alraost unidiomatic. Janwski and the Dortmund golcb and the athlete Rodrigo) Another singer who held bat* to 

x pec ted; and when a Gotter- T 0 w the perfect case in point stick to belabour the unappealing There were good things In the orchestra gave a reading of were crudely caricatured. some effect was Elisabeth 

'dmmerung is as well conducted a »i ^ his olaverl. Qnlv one Recently Alicia Markova made Sylphides which opened Friday performance: Marion TaitS|Berg\s score notable not only for The sets (Lore Haas and Hans * d £Fl°§J? 

s Saturday’s was by Colin Davis, amOM them at nresent inin«s a staging for Festival Ballet in night’s programme at the Wells, adorable Can-Can dancer; Alain i the extent to which voice parts Schavernoch) were not confined kesctnrttz; Miss oi a user shaped 

.. ui .1 1 a uiHwuc uicBi ai .juvacu i. juiuh .... ... , tL.u * > »hnnsi, i j .i. .... ...... the oo era s closing bars finely. 


\ r%T. 




ammerung is as well conduct* 
s Saturday’s was by Colin Day 
ne blaze cannot be dampened. 

Moreover, the editorial de< 
ions of the production — tl 
ision of Siegfried sculling aero 
le stage in the middle of tl 


hine ioumev music, the ores- tone and a -lame aim certain was nanaing on fOKines aimmea ns amour eisewuere, uavia Asnmoie ana L»avja compassion aounaanuy present comusion. me tun siage was , . » - ,, -- ftl 

*Jl£ last afaoUt ** work - and also turned the sylphs' faees Bintley as the Snob and the but not always so sensitively used for the two scenes in Dr. s K d b ^ver 8 atU?re « 

’ Art 1 the sSSots of art fr which she had learned when he into moon-brigbt discs: with a Melon Seller. The Russian aod brought out. When in the Varia- Sch&n’s bouse, with for once S^antaai tamer imd ShS 

«st between ffihh*u5 reproach upom ^e*refT of the “ ac J ed and rehearsed her in general JeeUng from ttecoj American children are still my tions and final Adagio the enough room for the comings and mjnor charictere. The fove-lSrn 
-other and sister the dead -cast Bener Ronderen’c TTappn tbe ballet In New York in 1941. de ballet of dutiful reverence, candidates for the next massacre orchestra was able to broaden goings, hidings and discoveries. of Vera Baniewi^r wu 

'. : .’Swi «S«e.« andJerker Anteort'- Gutter “• “ d *« _****. }.ke p«,ple w,t C toga^l B er s ^ inn*, ntt : to no 0 ne con- this done to Conduator and PWtoer wer e funni „ than »«. Pater 


of the local programme (of what 
used to be called the “maga- 
zine ” type) the visitors thought- 
fully provided hand-outs with 
their own documentation — a 
useful gesture even if meaning 
was sometimes obscured by mists 
of translation. 


EMI RTA 1 N M ENT GLIDE 


the great score as Mr. Davis deereed by the producer: Neither could breathe, and so could the La Boutique Fantasque is no less • . • 

. .5 now learned to set it in Norns (Patricia Payne, ; Linda music. Fokmes tribute to the ; n need of care, of performances 
• jtion. Finnie. Pauline Tinsley) nor age of Taglioni became once that sympathise with the roles. 

:?» sasrfffi«raK « 

StecsS ^ a f «"- al ” f « rli “ Wigmore Hall 

. > music an heroic sense of- _' ' _ 

..lie when 6 n stage the .action t -t ' f* 

so determinedly shorn of its Pyu Rh tqw was Ber_first_ Gotter- ■ ^ Uttto t*r~w Xr />♦%+ c &— tw •<**** ggff THEATRES 

alities of heroism and mythic for the Royal Opera. OCllW dlZJvOlJi DU « <* cc - M? a 

rodeur. Flow, follow-through, im^ediAely became an cmblnn UVUIT OPERA & BAU£T Mon ^^ P oF ^ v 

control of the music through of the production as wboIe,_ro -• _ c * u *% w Sg5 S&xn™ ” S# ' 

^d by DAVID MURRAY g ^Srr.' 

taW^fMftjrcrorSr. 'Savi”* ^"vriahKi it wm, 'otherwiS The Schwarzkopf voice these pUno put. In Mia Scbw.n- " *.^“5 53V- *■ 

; agner eonducUng.at leant as i r The voi^sonnded id al.yWy day; - **1% " "^SS: BSS ™ “ 


CC — Tim ilmtrei acccM Ecrtaln SF Ht l 
oar* tjf RMhone or at ate Bose OBee. 


THEATRES 

DUKE OF YWnra.ee. OT -836 5122 . 
Mon.- Sat. S«P^.rerts. 2 Wta. OnW. 
BEST OF THE FRINGE 

- HanaloMarorlck " 

7 JO _ 

“ NaaobUest GirMa The School " 

£2 per show: £ 3^0 both chows 


THEATRES 


THEATRES 



VICTORIA PALACE. 
B 28 « 735 ;e. 


lS disniaved on this occasion fetter, shape than at Bayreuth in frail, evocative instrument which “Milhvoll komm’ jeh" and 
p firs? rZn arts werp suoerblv 1977 -' tiiongh Miss Jones still executes in needlepoint what we “ Nachtzauber " had touches of 


COVENT GARDEN. 


FOURTH GREAT YEAR 


lEUier conducting but with a yui4iuu»i«uai uuujs, puns e» given a juuigiuus vuuivts cirdo »ndini tWNN wait on day of Tact erTTcni,. r There hw hartlv been a ...— — ..... . 

tur£ ETio uDon tiie unfolSng 10 a short-breathed and chpppy gramme, she can still offer rare vocal colour used brilliantly to Clrcl * ^ s W ocro B l«ti«. END ^mTc 0 wr\Ving s, «n e,, l-' -*- - - ES 

amatic pace that bore fruit in way< ^ lcr resources for the role musical delights. Her extram’di- characterise the other-worldly sadler-s wells theatre. Rosebery — • mr , fi - r . F 01-457 Tssi “te wmi i«» w « 

"Sifr*l P nlRirinraUve tlnSln? wemed^ ^ less a combination of nary technical finesse often song. Av *" iAmjire wells 8ST . s. 00 l J'tS .'lit SubACire A ,V,N W 

_ — L ' best sense S (and wi ^ WBr and mu scular foT « e - triumphs over her reduced The rest was familiar party- ballet paul ^j^N'v^VrrRow ,cKENZ hypnotic effect - 

ely prepared— rare ^deedte Tn 30y “** she throws herself means, not by way of stimulating pieces by Liszt, Gneg and E'ir&wVSAuJ. ^t«!Tw«i .. ThS: alan ayckbourn-s new comedy prince fuwMM cc. n 

S y in ieatre tte ODeniUE a P^sion and a spell- the sound that once was, but Strauss, offering Mr. Parsons 7^0 sofi.r. ^„ e Gr ^ -tw. mu T st EM be T, ?»? KlS& tau 5 hter- 

f>,o urifh^nt f binding, heart-rending - sincerity simply in shaping a Lied with the many opportunities to shine. 2 . so * 7.30 Rhyme nor Rew>n; g*hi«. . _... _. eviia 

Wi “ OUt a Into the character^— has the utmost elegance: On Saturday. Miss Schwarzkopf painted the- W 1fi d rS3d 

ft ‘ Ail: ay ° a smudse ' drama of Joss, grief and furious suffering from a cold, she trans- humour of “Hat gesagt~ and THEATRES «3o! prince of wales, cc 

4 ■ ' . i ' L’ 1 rnoonl ... .41 -f 41 1 4 J .... _4_ .1 1 <l WaHar " frachlv anti anrlfUl nWATir. fc nl-flM 7511. nn*m nit. 4 it 7 IW i «S- r r 


STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Eves. 7 . 50 . Mats. Wed. and Sat. 2 . 43 . 
" BLOCK BUSTING — 

SMASH HIT MUSICAL." Mall. 

WAREHOUSE. Donmar Theatre. Coveot 
Garden. 856 6 BOB. Rmral Shakespeare 
PICCADILLY. From 8.30 am. 437 4505 . Compamr. Ton'l 8.00 IJrte ’ AtklnV 
Credit Cards 836 1071 Mon.-Thurs. 8 . 0 . A i * R. I !?l c ASnm.n ~ -r5n£? 

Friday and Saturday 5.00 8.1 S. Ak-cond i n , , ,°’2SS ft m d Id^ wmJ 
“Domlnatlno with unlettered gusto and All seat* £ 1 . 80 . Ad*, brt*. Aldwych. 
humour, the BROADWAY STAR,” D. Exp. stuaeot stanooy Li. , 

■■ Towirraa ” 5 nail* Ma.l WHITEHALL. CC. 01-950 6692 - 7765 . 

Towering Performance. Daily Mil. 8 _ M . Fr ,_ ^ 5 ,*. 6-4s 4nd 9-00 . 

by TENNEMEE ' WILLIAMS Paul 

“ Works like magic." Financial Times. R 4 SR THROAT 

• There has hardN been a more sallslyinu great MONTH 


OCTOBER 21 st. 


COMIC WRITING IN LONDON." Ob*, j WINDMILL THEATRE. CC. 01-437 6512 . 
"Sex running like an electric current.'* I Twice Nightly 8.00 and 10 JW. 

Fin. Times. DIVINE INSPIRATION — Sunday b.OO and B.OO. 

AUDACITY OF HIS HUMOUR — PAUL RAYMOND presents 


HYPNOTIC EFFECT.* D. Mall. 

PRINCE EDWARDS. CC. 'Formerly Casino) 
01-437 6 BT 7 . Evenings 6 . 00 . 

Matinees Thurc. and Sat. at 3.00 
EYITA 

by Tim Rke and Andrew Llovd- Webber. 
Directed by Harold Prmec. 


RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

*‘ Takes In unprecedented I knits what V 
oermlssible on our stage." Ev. News. 
THIRD GREAT YEA R. 

WYHOHAMT. 01-856 3028 . Credit Card". 
Rkgs. 836 107 ] tram 6.30 a.m. Man - 


*Ai}! or a ™ u ’ drama of- Joss, grief and furious suffering from a cold, she trans- humour of “ Hat JJesagt ” and THEATRES l w^dT. A ?Jgl7‘B.cxL 0 sS 3 4'.3o P, OTld’ s!?o! prince of wales, cc. oi-sso 86si. b.ot. aj^“s.it*'s?i s'S^ *8 t so^ 

M \nt only because the Covent outborst of^the second act ever posed two parts of her prt> “Schlecbt« A ®*!! ^lS&e^e^Sn \*& s >% t b 4 s 

rden pit and acoustics do not been enacted with sharper gramme and replaced a sustained brightly and (as often before) eys*. 3 . 00 . sat. *.oo clive framcis the hilarious Marr ■BSUS! 

emit it the sound will never intensity? The beauty of Miss Strauss lullaby by a light whim- made Wtrtfs ‘Tch hab' in Penna "“ra b™ musical stock b roadw ay^ome m us 1 cal -suprwno «5SrA w «««ion. * 

" ain Bayreuth depth or ampli- Jones’s face amt figure and the sical piece ("Muttertandeiei” for an irresistible encore. Here and i&nl 376 - ££&"* i'renr wSSms harowck credit^c^d'’?^,^^ 0 » 4 g ■■ WT h 

le: Mr. Davis blends orchestral coramumcative warmth of her •‘Wiegenlied’’): the net result there a phrase was taken in two credit card bookings 836 mi L»,ir. H T» ■■ 

ibres with an instinctive personality, compel admiration was very happy, with few uneasy breaths where once only one ^bery. ss 6 3B78. c*«m o»rd hubs. sTnoelSward 

fference for forwardness, even, when her voice tests all moments. would have been needed; but a ^ !^g!l Raymond 


LAST 6 DAYS. ENDS SAT. 

Evgs. 8 . 0 . Saturdays 5.30 and 8 45 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
starring ROBIN AS 1 C WITH 
REDIT CARD BOOKINGS 930 084 G. 


?nncss, and clarity. over sump- one’s fixed beliefs about the way in the event she began with small hiatus does not mar a line JSfifrJjg is "K boo^mE* tS^ 0 .’^Sl I 

pusness. In the third act, a BrfinztbUde ought to sing.- Schubert— mostly gentle, reflcc- so surely etched. a thousandti^^come is iTwaStJii^tK- eLwr. 

mentum seemed to sag during MAX LOP PERT live songs, rounded off with an , , . , . - miilaculousPmusical." rr. twcs. a comedv by Thornton wuuer. **it goes 

— — ■ — ■ . —< inspiriting “An Sylvia. There The names of Norbert Braimn wtm roy huoo and joan .turner, ggwn.wtwi ■ .<**?"*« . "y 

S nnH Peter Sriridkrf. the leader NOW booing .for Christmas and ^ Ort. 14. 


VERY FUNNY." E*e« 4 ng News. 

Mary O'Mallcy'i smash -lift comedv 
ONCE A CATHOLIC 
“Supreme comedy chi sex, and reflgton." 
Da Hr Telcoraph. 

*■ MAKES YOU SHAKE WITH 

laughter,'* Guardian. 

YOUNG VIC. 928 6363 . Tbur., Fri., SaL 
Evgs. at 7.30 HAMLET opens a Shakes- 
peare trilogy ACTION MAN. 


CINEMAS 

ABC 10 2 , Shaftesbury Are. 838 8861 . 
Sep. Perfs. All Scats Bkble. 

1 : THK BIG SLEEP CAA]. Wk. & Sun.: 
2 . 00 . 5 . 15 . 8 . 1 b. 

2 : 2001 : A SPACE ODY 55 CY IU) 70 mm 


UBAF Bank Limited 
is pleased to announce 
the inauguration 
on 2nd October 1978 of 

A 


were no clouded vowel-sounas: and reter bcmaJor A tne icaaer through 1979 . ».nke,K i.hw ?o* fcKk." Raymond rrvuebar. cc. 01-734 is»3 2 - 2001 ': a space odyhiy ru> 70n 

was that a mysterious bonus of and the vio&t of the Amadeus ALDWVCH , 836 MM . lnfo . BS6 &£ f^Sf'or K At 7 Saul 9 Raymond" Sfift. 5 "" 4 - :*l^^J ,M, r 4351 755 

the cold? “Der Lmdenbaum" Quartet, are indissolubly linked royal Shakespea re c ompany, in and a tuppin* dhow must hay* bad mst the festival of erotica IS 

was a model of unflawed serenity in many minds and in urine 'VoS’like 21 «f sensational 1 "year " renal^o Ind clS - v Ia& " 

and Geffrey Parsons whose in distinguishable f must^apolo- G55 8& E& &. 

playing throughout the recital gise for referring to the former o.vid mb^s cousin ^.vladimir <n«« Sont^d^am^^s^ 40 !?. ****■ tak°e Sf- 1 6 * 00 Fi^icTri7x. «. oxford suert cc 

was really beyond praise— was as the latter throughout a notice lyric thea t re: 5M» i iin5T5 the^g^t ame'^can 0 WSSFTJtSS? cSidT^hii.S&r 03 ' 

miraculously deUcate with the last week. STthe wareVSuse Kw undw wi. 5 ^ s^-£S - A V s ^iBSSfiNG 1 "SSTnt f. 


amden plaza fOot>. Camden Town 
Tilbci. 485 2443 . THE BOB DYLAN FILM 
■■ RENALDO AND CLARA “ CAA) with 
BOB DYLAN AND JOAN BAEZ. In 4 - 


Festfva! Hall 


Tortelier 


®™“nu«»U FfStAT 

TONY ANHOtT. PETER CARTWRIGHT otncttO^ n KfRHUHJ .1 . . . 

__ ^ SLEUTH -TOTAL TRIUMPH.** E. News. “AN 

EVCfFT TO TREASURE.** D. Mir. “MAY 
ANTHONY SHAFFER .- pu, tvc i y«r FOR A HONORED 


9 " 30 f. < jf IIT . ( fi tftlri1 Circurt. 01-637 9862 - 3 . track stereo. Progs. 2 J 50 and 7.30 dally. 

THE ROCKY HORROR SNOW Etoj. fi ,,Tf) usk ch ami Cat c no — 

DON'T DREAM IT. SEE IT. TAKE TTtt FAMILY TO ■ CLASSIC 1 , 2 . 3 , 4 . OnfonJ Street (opo. 

a=g an== ETTiw TW C W EAT AMERICAN Tottenham Court Rd. Tube). 636 0310 . 

YRIC THEATRE. 01-^37 3 G 85 . E»»- B £0 BACX 5 UCE MU^UL u ,,,c, A P^M*. Children half-price. 

h&f tfcaSSfiW'Jsa tss. nl jc 

We c^l bT ^ ? Ef 5S U * 1 L 2 *; ,, Mnu^more r Wt^ TA S: Suectal Matinee. All Seats £1.00. THE 

^j^ TO TO ^siri«>D , rsfc. “M&t? isrss- w.rsB.’ait 3 p a% 'iss, 

VT FILL THE LYRIC FOR A HUMORED -£T 5 *S Boofcmgs — Seats from £ 2 . AN ENEMY OF THE PIOPU 


YEARS." Suadav Thnes. 


utter and teal Jcnr. 
£ 3.00 to £ 5 . 00 . Dj 


*• Punch. Seat Prices 

Inner and TOP Price I MAYFAIR. 509 303 ®. Ev*. 8 . 00 . Sat. 5.30 


ROYAL COURT. 730 1745. AJr-rond.f CUL 3.15. 5^5. 5.15. 


Seat £ 8.00 Inc. 
LAST TWO WEEKS 



APOLLO. 01-457 2663. EvMfctp 8.00. 

Schumann’s Cello Concerto ex- cannot be an easy thing for an m». itarts.ofK ^ a -°° 

presses a unique kind of tender orchestra to match or even to - Actor o< the reer.** evening stmderd 
yet introspective melancholy. In follow! Mr. Muti drew from his 'wm- your^hand 

a performance of the wrong orchestra accompaniments that 
character, one that tries to urge were admirably diligent and — 

the solo line into a too fiercely freshened * R ” swaudts' 8 ” 

driven brilliance of tone and This noble experience, a per- oumr uww^ 


and 8 . 30 . Wed. Mata. 3.01 
WELSH NATIONAL THEATRE 
DYLAN THOMAS'? 
UNDER MILK WOOD 


rSCTio &WBln ® s JJLi-OO. Sats. 5.00 and BJO. 4 s HEAVEN CAN WAIT (A). Pros. 
SOOT .NlCCa. WILLIAMSON 1 ^ 0 . 3 J 5 . 6 . 15 . 8 JS. 

rRE CO. ’ JNA^3l^K^BLE ^a rwb^J^t Te, ' CUKEON, Curron 5irecL W.l. 499 3737. 

“Thfi bo nr Yv£s MONTANO CATHERINE DENEUVE 

o ^ In LE 5AUVAGE (Ai. CEngllsh 

35 ED FOR J— - - — r.'. ’rrl: tltlesi. Proas, at 2.00 fnot Sun.). 4 . 05 . 


J^O^RE^^P 198 Q 8 . affli.yO ^ 5 ^ 6.15 and 8.30 


ARTS THEATRE, 


TOM STOPPARD'S 
DIRTY LINEN 


OT-W6 21G2. g,™ 


NATIONAL THEATRE. ^928 2252 SJO and 8 . 4 S. Saturdays 3-00 and 8 . 00 . 

OLIVIER- U»o*n Stage* Ton'r. 7.30 Lp ridpri Critics Vote 

MACBETH. Tomor. 7.30 T»C Woman. BUBBLING BROWN SUGAR 

LYTTELTON (prtwceplUm ttsfle)! .TptlT- _ test Musical of 1977 

A Tomor. 7 . 4 S THE PHILANDERER by Tef. booking* accepted. Malar ere [fit 

Shaw. .. Restaurant reservations 01-405 

COYTESLOE (small auditorium): Thur. at ? 4 t 3 . Limited number of seats a«ll*Wu ODEON. HaymarkeL (930 2738 ( 2771 .) 





ARLABANK 

ARAB LATIN AMERICAN 
BANK 


to seem like a weakness. When ture and the melocUble violence 
Tortelier plays it. with all the of The Rite of Spring ^-. a strange. 


Fri. ^nd Sat. 6.00 and M5. 
BEST MUSICAL OF THE YEAR 


PROSPECT AT the OLD VIC 
TWELFTH NIGHT 


-A YOU l —- ■ 2011|Z-> 


.. 1^'rie 
/Kf 


> c. 
tft k* 


' TheUBA.E Group is 
co-founder with other 

major Arab and Latin- 
American financial and 
banking institutions. 

AriabankJnandeArMia83Q-SanIsdro,EO-BoxI007(^ 

‘ lima 3aPenuTd:413150.iy esc 25138 PE 


wOTki ■ crisp and punctilious, the spirit ^.nSSSMTSSS eb*- 

On Thursday the cellist Playing dutiful and rather harmless - oliu w S^g^S2?*i#§b me S3 MtaM ^SS B i P J SS SST 5 

with the Philharmonia under there _ i8 more bend to Fourth great tear & ^{f"- 73o 

Riccardo Muti, was In wonderful Rossinis phrases than Mr. Muti comedy. 01-530 2575. &mk j5Sw in 

form. In the opeiilM „ P ‘"’mK’Wi?: SSS: 5 & s ?%r 1 <f' M - ■ o— v — JX'SSf =,« ««.. 

nor all the notes were perfectly, the Stravinsky ballet, the posl* edward woodward Brenda Bni«. Mieb»N dbohop. louisp 


. . DRACULA 
wWi DEREK GODFREY 


WALERIAN BOROWCZYK’S 
THE BEAST (London Xi 


"Trenw Stamp has extraortiffaiv 1 % P jT , m 

presence, absolutely st turning." Michael ^| 5 . 8 35 . Late Show Nightly 11 . IS. 
Bafcewell BBC Radio 4 Kaleidoscope. Seats Bkble. Llfd Bar. 


in tune; and perhaps under tlon was ratter the reverse: no VjBJBff* 

pressure the core of reUo tooe «=t of Juw «^»lun Jmt . Jh. t-so. «■ . »» ; 

is ' ms , ??z s ft, wlSi of ttl wtefma " -issj-a j |i &R.^n£ r 'f; m T £ iaa*-.«ft 4l -sK , as , Si 

steady than It used to be. Tbe iravereai oi me notes, ana a wH , «.*• Gdn. *‘a laugh _ _«^p — 

mdcretaodine of the music, on sooonty, (especially , hrase •— -KJVH ^SS’SSTJEi ^ 

the otter hand, has surely never sononty) forced beyond the Kg palladium. oi- 4 5 t 7373 . t«. 7 so. 

been deepei— the first move- necewary degree of rawnew. One tKgf E ^ 0 y E "g«{^P^«g^y p t 0 « m - m i«.o lwji s« 6^0 & a jo 


NO SEX PLEASE — 
WE'RE BRITISH 

LONDON'S LONGEST LAUGH — 
OVER 3.000 "PERFORMANCES 


Riccardo Muti, was In wonderful kossihis pnrases roan sir. mutj comedy. 01 - 5 x 0 2575 . Derek ]>«» m strand, oi-ssb zeiol Eremnas a. 00 . studio 4 . Oxterd .circus. 437 3300 . 

form. In the opening measures. Is always wilHng to allow. Io sJm.' s 5isT'wEEKf‘ ' owkW* c«J)! Sr* cin« Amndcii. Mat T?uir No 3 ^c please— an,! 8 M ' . ^"ray* 1 "*** unmarriep woman 

nnr aii thp notes were perfectly the Stravinsky ballet, the posl- edward woodward Brenda b™«. mwuh dmom. li»bb wx^e BRrnsH fx*. 1 . 05 . 3jo. s.oo. s.ss. 

tt tilne; Mid^perfiaps under don was ratter the reverse:™ 

pressure .the core of cello tope ^t of lusw enthtmlurru but . t ^’SBC7^SRS^ vrt . 7i °' ’ f JJ ° er. “« cluss 

is less invincibly strong and sometimes a ratter imperfect gf £fc£3i,.ir j « r ri sii^oo mm Evs4 - ««■ tm. 2 . 45 . s*n. eve. isa. Rrgent street. 734 0557 . a i« 

steady than It used to be. The travereal of tte 1 notes, and a -S2GU% aG&BWMafipi ffigJSt, aWalTWWri 

understanding of the music, on sononty f 2EST H LJL- br ^ tawtdrin jSi I by ^SMS^vNobdr. ! worlJS^^r run : a 

tte otter hand, has surely never sononty) torced oeyond the 4 np« 2 fee 4 W ssteSftSL^tya'a^^K!; palladium. - oTSsTtstST t«. 730 . | ? 6 th year . sAiwnfc nldr.i>» ! m. l^oo. w.i. 

beep deeper — the first more. neeesssr 7 degree of r»p-pe». One '^f E y H offi"^S S s c ^°= 1 rrVD l,D ts^ Frij.c. w fl » t.s. [ T ^ v!; , r THi n „ f, 7ti -?rTuTSsr l '^SSS^Se’SSP' 
ment’s succession of pliant felt that the reading was nascent CBrTtW aN: gM „, 6 . ec . Bifio r i? - lena zavaroni _ Al o™?™“3^« 'JSSpr^fvuf" 0 ' 1 S?"JLS I 8"!>!5 nni> J. "f- 

?Ss. Sch one shaped hy a rather than mature - long-term ” n *H 0 w^J^ce 5 & »«'" ; «. «- =j i g|R,¥“ I) 5SJ 7SS* 0 *" 1 *"! " 

-Singing- imagination, and I the «NggJgMj» W amtof _ «»» g *-» """ ■ ART GALirgtK 


■ (XI. Pros. 1 . 05 ,. 3 - 30 . 5 . 90 . 8 . 35 . 
Lain Shaw Sat. 10 . 50 . 

CLUBS 

EVE. 189 . Regent Street. 734 0557 . A la 
Carte er All-In Menu Three Spertaculta- 
Floor Shows 10 45 . 124 S and TJsind 
, musk of Johnny Hawkesvrerth & Friends. 


Mon .Fri Closed Sarurdavs 01^37 64 SS 


AT 1 1 .00 PETER GORDENO 


ART GALLERIES 


the art of Schumann interpreta- them was the sight of the tira- b.oq. 6 FrL^ikt. Krs' *Sj 9 . 0 a 

tion. Though tte . rhythmic panistis stick flyiD« thrpngi . tte •• tm dsiw m 

freedom of Tortelier s playing air. MAX LOPPERT sa s«n«a4ionai^r8ar. 


ALFRED MARKS il_tbn»»r 
Dllys WATLING. Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


Tomorrow. B Dorns Wed. 7 . Subs. Bvs. 8 J.P.L. PINE ARTS. 24 . Davies sum. 

AN EVENING WITH W.l 01-493 26 ^ 0 . JULIAN COOPER 

PAVE ALLEN ' recent watrrcolotiri. S««. 12 ^oS, £ 


LIMITED SEASON UnUI Dec- 2 


Mon. -Fri. 10 - 6 . 







FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Ffnantlmo, Louden PS4. Telex: 888341/% 883897 
- Telephone: 01-248 8000 

Monday October 2 1978 

The fault is 
at home 


question of car imports from even keep pace. At the very| 
Japan. The original justification time when the market was 



financial Times Monday October 21978 

in 


BY CHARLES SMITH, Far East Editor 


A 


FTER 26 years of false started negotiations with Japan 
starts and disappointed on purchases of about 8l5bn 
expectations it looks as worth of industrial plant 
if 1978 may become the year in (including two steel mills, a 
which China and Japan laid the television tube plant, an inte- 
1 foundations for a mutually satis- grated circuit plant, an 
1 factory trade relationship. They aluminium refinery, and many 


long-term purchases of Chinese Japanese industrial plant over 
oil. Sore recently .the Japanese the nest five years. 


*w! e! KS? £urther expan 2 in S* BriUsb out ' Minister of International Trade On the export ' side thin 

}E? £5,15. m!S5 * Ut r dropping and Industry. Mr. Toshio seem to be moving quickly 

ese share of the British market According to statistics from the Komoto. visiied Peking to dis- we il. 


was t ha* they would help the Department of Industry, pm- 
British industry which was sup- duetion in the period June to (that agreement, 
posed to be going through a August was down by 13 per cent 
period of restructuring. As Mr. on t he previous three months. 

Edmund Dell, the Trade Seere- - - . tUS „. 

tary. remarked when the pre- . **»“« “ "° * ay “ whlch 
sent agreement was concluded }.“* th _ ^ 

last March: ** I very much hope bIan, ctl on Japanea 
that British manufacturers, par- ' ndeed ° n . W ° th T f 1 ! l f ° n 
ticularlv British Lovland. will [ ac> . 1S ^ at ®Fibsh 

be able to take advantage of bu * T fore| B n wrs because thpv 


cuss a possible extension of participate directly in the - M t - 

development of oU deposits m 
Optimists - in the Japanese ihe Gulf of Pohai. south-east of 
business world see the Chinese Peking. If this joint develnp- 
raarket as one possible answer rnent project is implemented, 


Peking wishes to 


the greater decree of certain tv Iike them and because they arc economically dependent on tonnes’ laid down iii the two-way 

which I believe the Japanese available. Even when there Tokyo, as indicated in the fol- agreement as the target for 

assurances give Them." In otfier might be a first disposition to loving senes of questions and iggg. 

words, the British cor com- bu >' Britisli. - too often the answers about Chinese-Japanese Does Japan really want all 

parties could plan their output British model cannot be im- 42115 additional Chinese oil 7 

in the knowledge that Japanese mediately supplied. As for the "® w !?. “ The Japanese oil refining 

competition would be limited- Japanese producers, they may “ ““l s industry definitely does nut want 

r* W9 _ fpr . m have pushed this year’s restraint the nexl decade* it. Chinese oil contains a low wurtli of goods tn each direc- 

It was also implicit from the »„!, u ..» .■ The Jananese themselves — — u aot j Don. However trade which 


JAPANESE INDUSTRIAL PLANT FOR CHINA 

EXPORTER 

TYPE OF PLANT 

VALUE 
(?«">__ 

STAGE REACHED 

Kuroda Chemical Construction 
with Mitsui and Co. 

Natural gas processing equipment 

5 bn 


Kura ray 

- Synthetic leather plant 

7 bn 

Contract May 1978 
(first under trade pact) 

Nihon Kihatsuyu with ■ 

Marubeni Corp. 

Ethylene plant 

25 bn 

Contract July 1978 

Hitachi 

Colour TV tube plant 

30 bn 

Contract July 1978 

Toshiba 

Integrated circuit assembly, plant 

10 bn 

Contract Jidy 1978 

Asahi Glass 

Plant to make bulbs for TV tubes 

12 bn 

Contract July 1978 

Tohen with 

Nihon Kihatsuyu 

Synthetic alcohol plant 

7 bn 

Lost to *W. Germany, 
yen revaluation 

Mitsubishi Petrochemical 
with Mitsubishi Corp. 

High-pressure polyethylene plant 

15 bn 

Lost to W. Germany, 
yen revaluation 

Kawasaki Heavy Industries or 
Ishikawafima HJ. or 

Mitsubishi HJ. 

Cement plant 

40 bn 

Under tender 

Sumitomo Metai 

Seamless pipe plant (for Shanghai steel works) 

100 bn 

Under tender 

Nippon Steel (and others) 

Shanghai integrated steel plant, 3m tonnes capacity 

600 bn 

** Final decision'" 

April j»r. May 1979 . 

Nippon Steel (and others) 

Repair and extend four steel plants 

n.a. 

Preliminary enquiry 

Toyobo or Kanebo 

Two polymerisation plants, 18QJD0Q & 530,090 tons capacity 

199 bn 

Preliminary enquiry 


The reason why. China The Japanese arc being, coy China's foreign trade from the 


The Japanese themselves ^oiiorti'nn of* Gasoline ~ and ^ on - However trade which matters as a trading partner Pnr about this. The official Une is existing level of .around ‘25 par 

* Japan is that it oilers a very that Chinas new growth- cent to wolf over 30 per cent in 

1— * «- «-• policies the early -3980s.- — .• 


• start thartbp retrain I -lerplfc BSreemont to the limit, but Ihey] . e Ja P an ® se “ emseives proportion of gasoline and “ on. However trade which 
meats would be tem jSm are rifiht t0 com P Iain that the | f]™ . 1301 _ to _^ ow : heros.mr— two of the products comes outside Uie agreement 
: After all. when the rostructur- pri " ci P a J beneficiaries 
ing of the British industry was res . tr ^ n f ^Sf^ments liave 
complete, there would be no 


not the British car companies, I w ater-dght 


of the to question, in spite of i n which refiners are interested will not necessarily be balanced, important market for the pm- oriented economic i 

re been signed a seemingly — and cannot be processed easily and even “ agreement " trade ducts of one or tWo pajor should provide plenty of oppor- China has shown no sign, as 


need for it to be protected. 

Output down 
Six months after the 
agreement was reached, 
perfectly clear that the 


Europeans. The 


with China 


trade 

which 


agreement at existing Japanese plants. niay be temporarily in Japan's industries. 


calls for a The Government, partly favour during the first three china is the 


trinities for everyone. In pri- yet. of. being concerned about 
number two vate officials admit that Japan the ; prospect of becoming over- 


Japanese share of the British 1 tWQ ‘ v * a y exchange of $2Ghn because of pressurr from the or su of the eight years. The market for Japanese steel, after . probably has an edge over its reliant on. Japan. But it is 



IS.,! 


bnnm year for car sales in this „ . . . _ 

country. It is quire possible that “ rres P° ndin *» period of 1977 

' - the all-time record, set in 1973, J h * pe s f em5 ever >‘ reason ,0 

of sales of I.G6m vehicles will beheve 42,31 » f Japanese cars are 

be equalled, if not surpassed. kcpt out - P ,ore European cars 

Yet ihc British share of the wiU come in. 
market has continued steadily 
to fall. In the first eight months rait " a 

of the year imports accounted' El is therefore disturbing to 
for 4S.3S per cent of the mar- hear ' the Government talking 

.. ket In the corresponding period not only of • new threats to 

• n! l9 H : , hcy . acc ™ nted f0 [ 4450 J3P-™ *M» year, but also of a ^'“condurted^under tiiTfon?- 
JJT 1 Z ,f Ione— further and perhaps stricter lcrm agreement and -ordinary " 

‘ 11®: ", V T h,ch the - r “ traUU asreement for 1979 si no- Japanese trade. China can 

registration plates are intro- The rationale for the agree- deride whether to classify 

impor share was meats was that the British specific import contracts with 


goods to be exchanged only for 
the first five years. The amounts 
of goods to be exchanged in 
the three years from 1983 to 
1985 are to be decided In 1981 
at the latest and could take (he 
total amount of trade well above 
the S20bn level. 

The other problem is that no 
clear distinction has been 
-stahlished between trade to 


duccd— the 


-i ___ . _ — • suveme inipon uumravis wun 

" against mdusin could be nursed back .japan as i-oming within the 

s - • 2 ™ r ^ 1 A gUSt t0 hea,th dorin S a P eriod of terms of the agreement. . Otber- 

Sl ■ protectionism. It is a cure thai w i se they can be classed as 

The message from those has demonstrable failed and it is "ordinary trade." This means 
figures is quite plain. It is that a strange logic that now pre- that, while 520bn worth of trade 
• the British industry cannot rake scribes more of the same. That is certain to be done between 
advantage of a buoyant market is the trouble with protec- china and Japan over the next 
- even when the boom is on its tionism of all kinds: it is- very eight -years within the terms 
own doorstep and even when difficult to get rid of. even when n f the agreement an additional International Trade Minister 
the industry is partially pro- it is visibly doing no good. ’ - - - - 



1981 or so leads to one obvious to make the difference between ing down specific quantities of consideration which must loom 

.consequence: Japanese exports a dismal and a highly successful goods to be exchanged. The ' large in Peking is the need. to 

will have to be sold on a year for the Plant Exporters’ EEC-China trade agreement keep on -good terms with 

deferred payment basis or cov- Association. signed early this year did no western Europeans so as to off- 
ered by loans. j t is Japanese poliev to st-p more than a general set Soviet -influence. This conld 

China prefers the deferred up plant exports as a substitute S? ework f ? r the e5Cpa “ sion of nbli S e China to keep on ste^ 
payment formula, But wants for collapsing exports of ships ^ ad . e ’ a ^* 1 f apa J!, ese B'^? e 57 erS ing contracts towards Europe, 
lower interest rates than those (the same heavy industry enm- u™" 1 whether the t*n,L go m- Japanese expect their 

permitted by the existing OECD bines are often involved In both roi s^ 01 ? das the power or j nc |j fn China to continue In- 
gentleman's agreement on ex- businesses!. Hence the ^ definitely or do they foresee a 

port financing. (The minimum Chinese market for industrial “® te 113113 agr ® e ™ ent on behaJf reaction to the present plant- 
rate under the agreement Is 7.5 plant matters a lot . . Steel 0£ memoer countries. buying spree and a return to 

per cent for developing coun- exports matter because the Apart from the advantages more Introverted - trading 
tries like China.) Japan will industry happens to have an conferred by the agreement, polxdes In China? 
probably be forced to abide by exceptional amount of political Japan believes it is the only Some reaction is regarded as 

the OECD agreement bur may Influence. major country likely to be able inevitable, if only because the 

find a way to compensate China, will the yen revaluation have to absorb large amounts of rapid pace at which the Chinese 

maybe by making advance pay- much effect on Japan’s exports Chinese oil. The Chinese are will be commissioning new 

ments For oil imports. The to China?. also exporting oil to a handful plants over the next few years 

OECD rules do not apply to Japanese exports to China are of South-East Asian countries will place strains on China’s 
other kinds o£ loans which normally denominated in . yen. (such as the Philippines), but domestic (a;; well as its foreign) 
Japan might make to China— ?n that the impart of revaluation the prospects for substantial ex- resources. Having admitted so 
for example. loans from the will be felt on the Chinese side, ports lo the U.S. or western much the Japanese are ' in- 
Export-Import hank to finance. Since the yen started rising Europe seem remote in the ex- clined to cross their fingers. and 
.oil development in the Gulf of China has _ broken off. negotia?,.treine. , ...Since China .likes Jo say_they do not expect a massive 
Pohai. tions with Japan on at least one' maintain an approximate political reaction of the kind 

the increase in substantial plant contract (for bilateral balance, at least over which followed China's whole- 


norms 
productivity 


unforeseeable quantity of trade Toshio siomoto: visit to Peking _ How will — ». — - u . r - - ^ — — , 

will be done outside the agree- Japan-China trade affect the a polyester factory which may the long term, with individual sale adoption of Soviet plant 

wtt T ■’m I meat At a rough guess mined to step up imports not- overan ** artem of Japan’s now be bought in Germany), touting partners, the ability to in the I95Ds or of European 

MAmMrt AMjJ I Japanese officials think that two- withstanding. 9 P trade? However. Japanese plant PUfi-hase Chinese oil equals the plants in the early 1960s (when 

W 22G norms nOCl way trade might double fronTits It wiU probably sulve the Two-way trade with China rvporters seem to he fitting atahjr to sell manufactured the sequel was the Great Pro- 

T T IIIU ****** 1 1977 level of $3.5bn (in both problem by building a spe- accounted for only 3.5 per cent ,he,r v«" P T . ices \ n compensate goods to China. letarian Cultural Revoluaon). 

directions together! to reach ctalised cracking Facility as a t»ital Japanese trade last year fnr r jl va ,aP .^n e ^ n S „„ Japan also expects to benefit Tlie Japanese think China is 

S7bn or so by I9S0. "national project" in which and was worth Jess than trade e I onrt5 , . , , .7 1 " . op ,,n " from the signing, last August, more committed than at any 

nas anything happened since government money will he with Taiwan. There is a long sTected. iw- rpvaii'aTinn oecause of the long awaited Sino- time in the past to the policy 

the agreement was signed in heavily involved. The actual way- to gn before the China , ^ * Japanese Treaty of Peace and of "using the foreigner" to help 

uary to indicate how China work will be done by the private market begins to loom large in ro ^ K Tnm P^ees f nn necau. e Friendship. It contains a clause develop the economy. This 

THE RIGID wage norm which iivity also carry two other wants to conduct its trade ret a- sector. The plant is likely In the Japanese export picture, potential cnmpe 1 n . in specifically calling for the could mean, in time, that 

the Prime Minister defended dangers. First, they may tions with Japan? have a capacity of 26m tonnes According tn the Japan a . re ,uraLnta expansion of economic relations transfers of technology and 

before his National Executive arouse expectations which can- A great deal has happened, per annum. External Trade Organisation b >' herween the two countries subcontracting relationships be- 

Committee with what will be not be satisfied in a non- all pointing to the conclusion Is China insisting on balanced (Jctrn) China could conceivably What does the prospective which the Japanese are deter- tween Chinese and foreign 

seen as dogged courage or blind inflationary way when the that the Chinese leadership for trade with Japan or is it pre- account for 10 per cent of boom In Japan-China trade mined nni to let the Chinese enterprises could become as 

obstinacy, according to taste, is cyclical slack is taken up. the time being at any rate is pared to run a deficit ? Japan's total trade by the mid- mean for China’s other trade forget. The odds arc that, with important, or more important, 

not so much a considered policy Second, wage rises concentrated anxious to deepen and extend The two-way agreement calls 1930s but this would still be partners. notably western all these advantages, Japan will titan sales to China of complete 

as a fairly desperate expedient, in the growth sectors will cer- the relationship. China has for an equal exchange of SlObn less than half the U.S. share. Europe? manage to increase, its share of plant 

There is a danger 'hat this is xainly generate growing and 
being forgotten in the struggle troublesome pay anomalies, as 
to prevent a total collapse of public sector unions are already 
restraint. The drawbacks of the aware. 

5 per cent formula for this year 
Therefore deserve discussion. 

Five per cent is a reasonable 
starting point if the hope is tn 
secure wirier support fnr a 
better formula, but it makes 
poor dogma. 


MCI AD 


Satisfaction 


In (lie long term, this ques- 
tion of differentials is the most 
worrying. If it can be hoped 
that freedom from pressing 
balance of payments constraints 
wilt enable growth to be better COnfUSlOTl 
sustained than for more than a 
decade past. then these There were some 



Recipe for 


then who should escape i.ippins? merely note the address. The 
But Hazan. al.:n Italian-born. Council's peace keeping force 
explains that while trying l« rfoes not niuve iu until the hours 
make a call on hw erratir; phone of daylight— In the shape of a 
fjf he got a crossed line — into th-. visit to find out the reason for 


anomalies will became more fury jast week at the news that Ribero e<?n Bein:' r a ^ na * fiC ' 

V/hen the third stage of res- markod> If in addition growth the police are putting video 1 "S d an J ^hekrln- them *' One-off celebrations " do not 

train! was launched, more than coupled with competition within cameras in the occasional sus- renne h*-"- tape- worry the council: "We are all 

18 months ago. Ministers were llie European market pub. Add lo that the The omversation guilty nf silver weddings." says 

well aware of the dangers of encoura?e s some progress re P° rt 12,31 ^ere was a bug ^ the TePord i n .. Govelt. adding that his advice 

rigidity, the 10 per cent formula towards European efficienev 00 fhe hne of lhe editor of The f. p : •* bark ,s ufien on the lines of inviting 

M2 S fcva-HMpio. a hope which E'OPO^t Andrew and „ R(h .„' ~ ems ^ pn in the neighbours too next time, 

a poor second best, for lack of po ii C j.. ma k e rs must hold dear— S0Tn f. conclude that the H _ 7an -, s till-open line— and she Buf those more addicted to 

the co-operation from the TUC t ^en the gaps would become " P° bce state is advancing heari j recording. drumming out the decibels find 

which was essential to make stiff wider f 3 ^ 1 ' Ail this is technically feasible themselves served a notice, with 

flexibility within restraint a Where some sectors uf rhe However, a crumb of comfort — and experts could test tn prosecution possible under the 

practical possibility. It now economy gain efficiency much for this Monday morning, prove that Hazan’s recording is 1974 pollution act. 

seems that Ministers may have raore rapidly than others, the Knight may have written from an acoustic feed rather As> ror lhli , nhpr London 

allowed the apparent success of resu lt quite normally drives up "Would the gentleman from than from a direct lap— so there cnun cils Labnur-dnminated ones 

the 10 per cent policy, in reduc- C he cost of living, in Japan the Russian embassy, the moon is a possible explanation for the appi>ar t0 hpjieve in sending nut 

ing inflation while apparently during its most dynamic period or the home office please go rtbrm in the wiretap. But Hazan. patro | s - but when I rang up 

encouraging productivity, to manufacturing output prices away?" But none, it transpires, who makes shoes for show busi- T nrr Westminster I was" told 

obscure its dangers— just as wer e completelv stable for a ■» guilty. Instead one has to ness, tells m«? he is unhappy: tfl3 { it pre f er «; for its men to 

Treasury satisfaction with the decade. However, service indus- introduce an intriguing * Italian "Everybody has been jumping SIl a) home and wait for 



results of threatened official tr jes bad to compete with maau- C0Qn0Cti0a ' 


sanctions 


louder faefurers for labour, and could 


up and down because the , editor complaints. 


“Shall we begin with «me- 
minute's silence for Stage 
Four?" 



annually. 

potential growth, the results 
will triumphantly justify the More flexible 


poliev-; the only official doubts , rfm-bip jn mp , 

^n n, hp tn ^L W f H e Ii^ the poJicy must therefore aim to* balance R,bero - an Ilalian chc f- Jtediall- 
can be made to stick. ^ incenlivEs lor effirtency mg she was connected to a 

A potentially dangerous fault against the claims of compar- r «co rrt, ng the conversation 
in this reasoning is put forward ability: and it must also aim sh e had just made. 


A quiet life 

last Wednesday when Knight’s 7? -hie “fair"" Son,e 40 corn P an ‘° s arc Nitional Bank f 

wife. Sabiha. was trying to talk S2?£ J SiwS IfLi inlurestird m oW Kct ' freshlv noinSSW 

[on the telephone with Paolo Tbe ???* Office- it seems. Is nnl S in?ton Town Hall and its 


hall comes down so will neigh- 
bouring buildings. 

The old Vestry, next door, 
daring from 1S52 and listed, has 
already been leased to the 
of Iran, its 
facade now look- 
ing distinctly oriental. Perhaps 
another Middle Eastern hank 


in the generally encouraging to ensure that the returns on I Hell hath 


Paolo ^ off tho _ disposal might not seem a prob- 

— - ■ ■ ■ lem, But it i«; not only a matter , 

of money. Ian Doolau. valuer ?? n , be P ersuad ed to preserve 
for Kensington and Chelsea. ^ lp, orian appearances? 

tells me all he wants Is “£5m, _ 

a Night noise patrols are Wcom- and for a 


Nosing noise out 


The stuff of fame 


, . no fury like a .Nignt noise patrols are Wcom- and for a Quiet life someone 

survey of the short-term, pros- capital, which vary strongly woman bugged. She contacted mg an increasing:.' prevalent who will kern it as u is " 

pects published by the CBI wir h the business cycle, are not her husband on a neighbour’s feature nf rnanv London - P ‘ 

today. The prospects for growth unduly cramped. This would telephone to summun up the boroughs yet hard'v anvnnr has ,Ie 2,nds 1,,e hall undistin- 

. “ en ? ® ucb »‘fiS est 3 mnre flexihle norm P° wer ° { the c p f« s -. Knighf* noticed. They lend*li» prowl, on fished but says the qu.el life WhaJ cnnstitiiles fame in 1978^ 

orders recovering: and until pmductivi 
very recently member 01m panics tained 
were fairly encouraged about absurd 
the wage prospect, especially ind 
since lame and genuine gains in rmplnven: 

productivity seemed achievable. s j*v fnr snm^ form i*r n-siminv Bank of England — ......... ».... vv 

However, as the CBT points out ihe like'diood nf sump the pot. hy ifannge.i cnunci*. 

in it= commentary, productivity s ii a rp Hashos Tiin Pnm» Wn.*. The Post ob?.-p 
bargains struck in thesp circnm- t«r can tborefore anpeal l»> ctiimhFmindcd and 

stances could be struck at the rd-*in romirmn sens<» rur suptmrt a new phnnt*. The Heme Ftffice element presumed danger. 

expense of the normal i-yriicnl of ftiv n?»iprti-.-nc. Rm was likewise thunderstruck. sa * Vfi ® Db f the cnunci I’s nf 10. Gay Christiansen, sucre- — "Ye.s. 

remverv of profits— the neccs- thmv’h 'hp nhter<*vi«s — spns'hfo Mark Etives. dirpeior r.f *ho Tele- chief environmental health tary nf the Kensington Society, She's U\e une whn dnes the Paxu 

sary source nf finance for sus- haraainin* aimed at stahl** nhnnt* Users' Association, de- inspector. He tells me t.h.ij Uieir says that “yon could tidy the chicken stuffing mil nrls." 

manufacturing nric»s— desrrv« mantied a nr-inr invotiaalion. scouts mainiv go out at week- place up so murh and l am sure 

general hack inn. the oro-nru Citizens shuddered: ;F Knight end? and that when fiu?v hear w« shall never build in stone A^._ . 

formula should not be sacred. was a threat to swte Kcciinty. the slrams of cacophony again." Her woriT is that if the \JUSCiV01T 



tarnerf growih. 

Wage bargains reflecting a 
large cyclical rise in produc- 


have imagined an architect 

R ,._. 4 _ vc come up wiih something really? Whn?" 

Rrti" arc Mte -There iv a» Uc "' r ,han wta ' '* ,hcrc " -"»>«•«« IWr 

Representing those nine out “Margaret PnwclP" 

must hn>nv 
iCs t! 
erls.' 


hrr 


WI MAKE IT 
IN LIVINGSTON 



^Livingston is ideally located to draw 
talent from 7 of Scotland's 8 universities 
and most of the major colleges. In addition. 
Livingston is at the heart of Britain’s • 
second largest concentration of 
electronics companies. So the choice was 
obvious.? 

IAN B. ALEXANDER, 

Engineering Directory 

Marconi Communication Systems Ltd 

Marconi designs communication and ” 
broadcasting equipment. 


Contact Jim Pollock 
- Industrial Development Manager 
UvingstanDevgtoDment Corporation, West Lothian. 
Telephone Livingston (0589K31 177. Telex 72717S. 

• - • The Scottish New T owns Offirt#* 

19 CocJtsptif Street. London SWry 5BL (Tel. 01-930 2631). 



•tr»\ • 




MuaxitiaL Times. MJcmdkr Pcto^r 2 1978 



Monday October 2 1978 


SURVEY 




■ +. 

' b, 


- -b 
•> . 


•«. 


-.r.. ' 
w. 



Most of the grandiose aims of President Marcos’ martial law regime 
remain unfulfilled because of a variety of political and economic factors. 
Among them are the cost of the war in the southern island of Mindanao 
and the collapse in the prices of the country’s major exports. 


Some 

errors 

of 



5y David Housego 
Asia Corespondent 

-j, * . 

' TEE DANGER of seizing abso- 
. ate power is of one da? being 
. - ailed upon to account for bow 
. * bn used it President Marcos 
ad already been elected Presi- 
dent of the Philippines for 
>ven years when, in 1972 he 
v nposed martial law to curb the 
•. -rowing violence in the country 
I: id to forestall, any other cbal- 
-. ngers to his office. In return 
.>r a temporary loss . of freedom 
promised Filipinos law and 
~-der and more of the niaterial 
; jvantages of life- 

-•Since then he has speit out 
s general ideals- for the de- 
Jopment of the country tinder, 
-e banner of his New Society 
- “ogramme. - More precisely.’ he 
’ -f ambitious, targets last year 
. a new Five Year Plan, aid 
en m a plan for the Philipp 
"hes imtal; the year 2000, on 
. iat his countrymen could look 


forward to in terms of growing President Marcos held out has enormous loyalty from Ministers provinces with their private 
incomes, new jobs, larger wel- slipped a little further down and senior officials, who are of a armies. 

fare programmes and more the rainbow. calibre that would do credit to But the difficulties of chnwinn 

* In such a &appy-so-Iurky land W government Under their resets grow greater thltonge? 
35 Philippines, where the guidance j the Philippines has that international trading con- 
high rate of population growth weathered surprisingly well the djtions run against the Philip- 
and the severe shortage of jobs POst-19,5 recession, largely pines. It is also difficult while 
for tangiWc economic returns. in any ^ encourages through borrowing heavily the regime is running a costly 

In two of the initial years to savour what blessings they abroad to keep up investment and protracted war in the 
since ite.declaratioii of martial have. President Marcos’ failure and growth. The average 5-6 per southern Philippines with 
law, good fortune was on the to deliver on the expectations cent growth in GNP of recent Moslem insurgents who are 
side of President Marcos, with he aroused does not politically years is a notch above that of tying up over half of the much 
commodity,-' prices booming and do him too much damage. One the 19fl0s — though not enough expanded army. The campaign 
a sharp increase, in the volume of his great strengths — as that above the growth rate of popula- to eradicate the Moro National 
of domestic and foreign invest- of his wife and First Lady Mrs. ^ on t0 provide much extra Liberation Front and its 
menL After that came the blow Imelda Marcos—is that in con- wealth to hand round. The demands for autonomy is an 
of the increase in oil. prices cut- trast to the dreariness of regime has followed a sensible enormous strain on the Trea- 
ting a swathe out of the foreign poverty, they articulate fantasies monetary and fiscal policy that sury. Almost the only piece of 
exchange r -earnings of .an eco- of wealth' and stylish living, has brought inflation down and good luck that President Marcos 
ndrny that imports over 90 pei President Marcos was a band- accolades of praise from the has had recently has been the 
cent of 'Jts fuel requirements. some Second World War hero IMF. At the end of this year the discovery' of offshore nil— 
There followed the .collapse of and Imelda a beauty queen. Philippines will be the first though this will take time to 
sugar and eopper prices — two Metro-Manila (the very name of country to complete a three- make an impact on the balance 
of the cnhntiyV major -exports the capita has echoes of Holly- year Extended Fund Facility of payments because of the fast 
—and the .adverse repercussions wood) is in many ways a film borrowing programme, which cost recovery allowed the oil 
on the ' 1 t "import ' bm and on set presided over by a film star both sides describe as a success companies, 
domestic prices of high inter- couple. There they have played in spite of the -tough “ condition- 
national inflation. . host to the IMF-World Bank ality" clauses. U ocanfmonf 

This year the regime has meting human rights con- president Marcos has provided KeSemmeill 

again been caught off balance f «?D^ E^tFratera Sd for foreign and domes - The shock of the campaign 

by the- disappointing failure of JS S 5m «« investors. He has much en- leading up to the April 7 

export earrings. to rise in the SnSS5SS!&S larged ** Gowroment ' s general election was that it 

first seven months—against a . next jr av will host the structure programme — though revealed that resentment against 
projected annual increase of 18 . UNCTAD 5 conference tiiere has been a sood deal of president Marcos’ regime was 

per cent— just at a time when ™*™*g*' b etw * n no o: r and wasteful expenditure on prestige deeper than he or his opponents 
the debt service, burden is Jch oSSriM Hi the slums of P™i ects in addition to the much thought This emerged most 
growing, uncomfortably large. streets Se needed ex ^ eDsi ° 11 of dearly in Manila, but it was 

As n result of . these setbacks o env? and « nd electric power networks. He ala, evident in many of the 

there has probably been some 1 ^ has largely won the confidence provinces, such as Negros 

incr ease in reid wages in the of the business community, who Occidental— a susar growing 

countryside sirice'.'martial law — have prospered under martial island now in the grips of 

itf part made possible by a large SfTGilStllS law ' n a way 111131 freeboot; economic depression. The sup- 

movement of. people from the ing democracy before made im- port shown for the Opposition 

land— but a decline in real Beyond this sense of theatre, possible. He has probably struck Laban (Fight) Party was a per- 
wages In the towns. • Thus, the President Marcos has many down once and for all the oil- sooal blow to Mr. Marcos 
dream of the New Society that other strengths. He attracts garchs who formerly ran the because he is one of those dic- 


tators who genuinely likes to be 
liked — unlike the Shah of Iran 
(there are several uncomfort- 
able comparisons between- his 
regime and that of Mr. Marcos) 
who expects to be loved for the 
good he has done. 

Mr. Marcos is now committed 
to further liberalisation. He is 
under pressure both domestic- 
ally and from the U.S. to relax 
the harsher aspects of martial 
law. The U.S. has leverage over 
him because of Mr. Marcos' 
continuing need for American 
aid. But he is also in the 
dilemma that the army is ner- 
vous of any lifting of martial 
law or further experiments with 
democracy that could weaken 
their authority. In this they 
have some support from the 
business community, which was 
also uneasy during the election 
at the potential opening of such 
a Pandora's box. 

Since he imposed martial law, 
Mr. Marcos has successfully 
balanced his sense of theatre 
with a firm grip on the realities 
of power. The surprising de- 
velopment this year has been 
the number of bad political mis- 
takes he has made, raising 
queries of whether he has lost 
his touch or whether — behind 
the walls of the Maiacanang 
Palace — he is getting- increas- 
ingly out of touch. A major 
blunder was in allowing him- 
self to be manoeuvred in the 
election into a situation in 
which his own reputation was 
on the line because of a straight 
fight in Manila between his 
wife and bis long-standing 
opponent Senator Benigno 


Aquino. He was also caught off 
balance by the scandal aver 
commissions paid to Westing- 
house on a nuclear power con- 
tract by a company belonging 
to a close friend and a more 
distant relative. The scandal 
bad domestic repercussions be- 
cause the business community 
is getting, tired of the extent to 
which the Marcos interests 
muscle in on profitable opera- 
tions. 

But above all he has aroused 
needless controversy by his 
decision tn announce that the 
deputy Prime Minister would be 
his successor and then allow a 
campaign to snowball under 
which Mrs. Marcos is being 
“ pushed ” into the deputy 
Premiership. 


Talent 


Undoubtedly Mrs. Marcos is 
a woman of great talent and 
increasing power. She is now 
First Lady, Governor of Metro 
Manila and most recently 
Minister for Human Settle- 
ments. As such she is shaping 
an embryo shadow cabinet that 
stretches into other depart- 
ments. Mrs. Marcos has that 
simplistic approach of the lady 
hountiful towards social and 
economic problems that reduces 
slum clearance, for instance, to 
the removing of poverty from 
sight and building a cluster of 
smart new houses. On the walls 
of the Technological Resources 
Centre (a sort of Think Tank) 
within her Human Settlements 
Ministry is a characteristic 


slogan: " The womb that 

nurtures man is the community. 
As communities grow into settle- 
ments, man finds his place and 
pursues his own growth.” Eitber 
as exhortation or as a guide to 
political action it is evangelical 
cant 

Tbe possibility that Mrs. 
Marcos might take over in a 
sort of dynastic succession is 
unsettling to the army. It 
worries tbe business community. 
It is resented by some of the 
senior ministers who are 
flagging in energy. Mr. Marcns 
has not reshuffled his cabinet 
since martial law and there are 
signs that some members feel 
they need a change nr recognise 
that they are becoming too com- 
mitted tn ideas they promoted 
long ago — though Mr. Patemn. 
the Industry Minister, is 
unnecessarily sticking to the 
protective stance he took 
towards import substitution 
industries in their early days. 

Whether or not Mrs. Marcos 
is handed the deputy premier- 
ship and the succession is still 
in doubt. Tbe decision is cer- 
tainly the most important 
political question immediately 
facing the Philippines. At tbe 
moment the “legal” opposition 
to President Marcos is 
dispirited and fragmented 
because they see no chance of 
rhflllpnging . him in another 
election for many years. The 
appointment of Mrs. Marcos as 
the President’s successor would 
certainly he an unexpected 
windfall, possibly paving the 
way for new political groupings 
In Philippine life. 




c 


.'i. 




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is equal to that challenge. Created in 1974, Philsucom is the 

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Telephones; 99-06-61 to 69 ■ Telex: 4058 PSUC0M,PN 


16 



Ptoandal Times Monday October 2 1978- 

THE PHILIPPINES II 


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PRESIDENT MARCOS made 
the most of the occasion. When 
he opened the new Interim 
National Assembly on June 12 — 
the first elected assembly since 
martial law was declared in 
1972 — he described it as making 
a formal shift- from ‘'authori- 
tarianism to liberalism” adding 
that he was defying the trend of 
history which claims “the irre- 
versibility of the drift towards 
authoritarianism and ' central- 
ism." 

In practice, of course, Mr. 
Marcos has yet to demonstrate 
how committed a liberal he is. 
He is having as much difficulty 
as any dictator in striking the 
right balance between reforms 
and preventing a threat to his 
authority when lifting the lid 
after a Tong period of repres- 
sion. It came as a big shock to 
him to find during the campaign 
that led up to the April 7 elec- 
tion for the Assembly that his 
regime was a lot less popular— 
certainly, in Metro Manila — than 
he had thought 
He would like to v-see the 
Assembly develop into an 
| effective legislative body that 



ad hoc alliance of those 1 who 
thought it worthwhile - challeng- 
ing Mr. Marcos' during, .the 
elections and which has/ dis- 
integrated since. - 

What does remain' to rhkinrt 
Mr. Marcos is the figure" , of 
Senator Aquino, ^ still onlyt'ta, 
and dearly an opponent of 
stature, to him or to; his suc- 
cessor. In June: it seemed- that 
Mr. Tan a da h a d ^rraiiged . -the 
release of Mr. Aquino" ThiQugh 
an amnesty. and.-:an/;agreem^nt 
that he would 

abroad. .• -At tire-; last moa&nt 
Mr. Marcos bac^ed ; 
this plan— though ••he.; 
clearly under pressaeo, £561 
United State s~io "■ revive it; 
reasons for /Mr. ■ Marcos’; 
cision remain -unclear _ 
would seem 

Secretary Sir- Joan; >1., 

Enrile and somenf the-miU 

comma nders; T \;vben*.. L r , strongly 
opposed to - ~ "Mr.- • ; ’ AtiAo’s: 
release. . 

: ^ -..fit? 

The danger in .fiiis'iSitTO^on 
is- of increasing . pnferisaSon 
with the op position, its 

voice heard either 
foreign press" 'arid the ttStiCon 
gress or- by- joihihg vthp.'ffew 



President Marcos and fivs son Ferdinand. Jr. cast tJteir votes in last December's 
.••••' referendum.- : . 

would provide the constitutional per cent in -favour boded well But though the Assembly is that what are euphemistically 

S!5*i2V° far .lausfcing in his forgoing ahead with a general largely a. "rubber ..stamp” caU'ed “economic strikes" might people’s ■ A^yri-’ Uoamfl&dJy 
nf ko r u i S e I s e,ection - organisation, this crude 1 des- be allowed. More of those con- t he poIiticaldebatepabe^3hA 

Tt! -JLu ,? a 2- Two factors interfered with cription is too simplistic... June sidered politically suspect are future of thfr-PhilippiB^ ^at: 

nnwlrc * a L • ^is planning. The first was the the day before the being permitted to travel. should be talcing ~pitoce / within 

powers as President and m dedsion of his tone-standing Assembly met and the last day ." : 'tL 

ing. up 

syco- 


Vi wife? - : ~ 



■ . ■■,'3 - *1 

kM>nin<t thn « e cjsinn oi ms rong-sranains auu uay a* aeain«rt this oartial onen- ,fie Assembly hav'e-f ttcreaodgjy 

leash he ?h a ,o"!£ foe - S®" 3 * 01, Benigno Aquino, to pn - which Mr. Marcos could in ‘ tradition-? of subser- shifted abroad." Thus Mr& ^r- 

fr^m’anv offer himself ^ ™ option «egis^te by decree-has come ^Ihotity and «s came guilder . 

eraer'>e n pni!tieS S Sfo tl ISiw n hf! l i candi date for Metro-Manila , be .. known popularly - in phaney remain strong The Questioning from ;.a greupi of 

h™4in to stir aSin hit^Phifin whUe stil1 in pri * on and the JJ? pli . a 35 Mthe longes't day.” caHi nK on Mrsf'Marcns Congressmen during fiet=j*isit 

S d«i*i»n n ' President Mara., to TJdj Bberau* of the number Mthf oost S the United Statej .hafeow 

blooded and alTow hJTn - In November Senator ^decrees that Mr. Marcos 1 has ; Pr J^® a ^ d hery«» su^cior to many of -'^ e issues being-.^red 

d »nd Una on artferao- o. Aqum „ ^ hten condemned 1o produced ,in« then and alleged Z lhen «nnqt . . . .be ,5^ 

r - death bj a military tribunal on that 1 m signed „„ , h „ day. The “ ^i™ A«ntK domestically,-, . ' o-'. . 

charges of eubwrionuidja^ ^Th ?«!?“»•“. 0«»? belonging to Within the.cpunfhr &|li|t,ol 

an international 



fO- i.- -‘V^. • -.V '■=. 

JpJt-. f -;?-V 

‘ i-r f •'-■.'A"-. *. t'iST. 


I blooded and lives on sufferan, e. 

The elections were Mr. 

I Marcos’ first experiment in 
democracy since martial law w K . 

land he thonght be had pr* 


pared the ground weiL He has 


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together^ In . the Philippines, it 
i? a hard row. to hue. ,• 


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of seriousness ihr 

fhe Ti aisle* tfia't bnth^' SS’hS fhc Ncv ^ Society Movement This the role of an ■ oppbslfiw^as 
SS n^ flnrf STSiS « in spite of many members been taken up,by,^he-;ril^cal 
long been under pressure from An^MrimPonVibi.l^ ® ent ?" c 5 meisnrS thruuch the Ass^bfv pri ^ ately voicins lheir hoa!i,it y orders within /.the. GathWic 
the United States to give some ^ Ie , k ” “i/ 1 ?? which formeriy^thev avoided in t0 such a muVe and their be!i?r P l « rch such as the jesuik or 
popular legitimacy .to his mar- ° h P p P ° a S ^" '*&*>. ^ ^ * wou,d “^ermine the Redemporists. 

tlal law regime. He also saw P f[J^ t ® d b , fireat sym : Members of the™ Assembly - in natlonal unit >' f »y being strongly spoken out loudly^again^ police 

the need himself to take some his attack on martial 0lher word e have hecun to ^P 08 ® 11 within the army and or military bfutalftle^^iiii^Are 

steps towards reinvigoratinR the ?® re eff J CUve ff>r querj' aod question in a maimer lhe business community.- Mrs. widespread In'-areakJrf^e'Com- 

constitution as part-tf bis long Syj gfjgg. “*> »■*»“« thgt^lK tad nmoSS “».™» *• *« ««>•* T .guerciliauii^^ 

promised return to “normalisa- S« U ^5!Ui n # , ing. They also lobby for iobs' [ anan instinct than her pected^ ^toije operadhg. Without 

S I i^f mber tast year he thePr^ident a^owid'JS or for th « lo cation of new' f usha “ d and “^17 t« be far much doubt theirprea^if^n 

ca led the fifth referendum since imelda to head the in their districts— ,e 5.- t0 *5* n ! of < !f ttlclsm from the villages .and- lfe- cltl^ on 

, partial of Sda^ in Tet^ Ukin 8 on the-mle of omK w,th,n ihc ^ that point up. dl^tie, 

hj v ; hether pe°pl« would Manita tbSputSns his famflv^ men for Thei, ‘ constituents in a The opposition has failed to <* wealth and articulat^-spclal 

Primf P i5L-!? 366 h, J? ^ ecome reputation on thf Ihie m a way ^"‘scew of the preL -follow up its success in the grievances, wiH. have .a hnifrtfenn 

dTn? J£ SfL? rJIif 5*^' difect fight wii Mr Aquino martiaJ . law Congress. . : flection campaign. Of the 21 impact ; .... : 

^° U ^ 89 Md the Laban party. Several Apart from. caHing- the elec- tf-T w . ho " 3t00d . The official .ptrffgy^ 

former antagonists of President tinn andestiblishtna the as6einvJ?S^o^ ™ S ‘!! Ce ^ aped Church .at. nuHInedJjigjfil 
Marcos^— including Mr. Salvador bly/ Mr, Marcos has also made L ^ - Tl>Js re * Jsdjne - ^h.- Arekhts^- ^ 

Lopez the fonner President of other concessiom^-bowever /e- LTs Mai «la. is-of" critic^r^Ifefera- 

the Univers.fr of the Philip- luctanUy. He has declared that Marw,? ^ tiorv ” with Mr. Marri^/regjne. 

pines and former President the military: tobunals-W of ITLS!, d the belief This has invoIved^K^^al- 
Macapap,]— had decided to the most hared aspects Iff his !' £££' * ab « ei ™ ce at ^ lenging the ^fairoe^S^the 
*i y °. ut the election on the martial - .law regime— ydil be most effe? ' °>ction and a perSofiil&by 

i he resu . lts wou,d closed down. Several hundred th - n,r cam P a, en r .rdinal Sin for- tht^W^ of 

be ngged. But as It turned: prisoners have been amnestied a ^[eign sanctuary Aquino. At th^Sc^mP. 

the Laban candidates m though there are doubts as -to 0 ^ n ’ nins thow preaching the Church is f richreh^ ahat 
Metro Manila-the only region how many of .these were violence - Mr K 

‘ V* ere W3S any ^ P°JjtK3l. in an : attempt at Permitted opposition groups power of Church '«*Wfotsjipfr?s 
COnt ^I^ pUt Up r , 311 un ' ^tional rcconci Motion after the remain fragmented and over- more strongly for^ridlv^n-- 
expectedly .successful campaign divisiveness of the election, he awed by President Marcos's skill nin^ and JhSSSSS 

by playing on popular hostility approached Senator Lorenzo as a politician. There hi no reS SJfree 
to martial law. corruption, the Tan ad a. the SO-year-oId lawyer, common ground^tween thl h^c 
wealth of the Marcos family who has been counsel to Mr members of “he old P rob 5^^ fer 

(and Mrs. Marcos in particular) Aquino and was one of the Party— politicians of d a apnera ^to stay.furfhercflOt 

and police brutality. leaders of the. Laban party, and tin n ago who did electoraf battle 2LS? 1 1? sind^ adopt a jwwe 

Laban had a brief moment of asked him to propose names or with Mr. Marcos in th™i960s— 21*^12 * ^ ?“?' i 
triumph on the eve nf the elec- those who should he pardoned, and the vnunc who were • i™ 1 ®" l ‘ r ho '^ ^ C%cft 

lion when car horns in Manila There are Mime signs rhar the min ftipportof the uEd SET '* 

sounded a noisy proinst aeainsl rc-irirtions on collective bar- pafrn tam " 

President Marcos’ regime The paining micht he relaxed and Laban reaHv rpnre-=nnreH 

official results, however, gave ■ ■ represen, ed an .Uavid -;fT0DS9?0 

total victory to iho 21 Ckivem- 
meni New Society candidates in 
Manila, headed by Mrs. Marcos 
and a landslide elsewhpre. ^Jo 
douht the New’ Society mo\e- 
nu?m would have won a 
majority in a free poll hut so 
Hl.nanl was the fraudulent 
switching of voles Ilial Opposi- 
linn protects received much 
"support from the Church— and 
both y i ceP res J deni Mondale of 
ilia United Slides .incl a sec; ion 
of Ihr American Concress mid 
President Marcos rjj.if ilifl 
credihiliiv nf the election had 
he n n undereiineri. 

Though Bfr. Marcos hinged 
bis wav Through ihc-p pretests 
the strength nf the nppomtion 
'•amnaicn eame .is a nasty job 
to the army which sharpened 
its resolve to resist lifting nf 
martial law. Curbs on freedom 
of sppp C h which had been 
removed during the 45 dav cam- 
paign were reimp»scd Over 5(10 
people were arrested fiilliiw'n? 
a protest dcm»n.st ration in 
Manila at the rigging <>r the 
results — a deliberate assertion 

nf the iron glnv*. to she-*- thnt 
the regime had noi lusl its 
nerve though almost all those 
arrested were subsequently 
released. Mr Marcos put off 
the local election? he had 
promised— partly for fear of the 
nutenme and partly m stifle the . 
scramble fr>r patronage among 
his own followers which had 
occurred in nominatinns For 
the New Society ticket and 
which echoed one of the worst 
features of pre-mart lal law 
politics. 

The official purpose of the in- 
terim Assembly is to prepare 
the way for elections to a per- 
manent body, though in his 
opening ><ppech to it -Mr. Marcos 
said it would be unrealistic to 
think the Assembly cnuld com- 
plete rbia work “in one or two 
years." Almost sill the. 165 
elected members to the interim 
Assembly are members oi the 
New Society movement and tile 
other 28 members have iieen 
appointed by President Marcos 
As Prime Minister. Mr. .Marcos 
picks hts own Cabinet and, as 
President can veto any law. 



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with its rich human 


Today, the Philippines 
and natural resources aided by multi-source 
funds arid technology, and supported by 
progressive fiscal and economic policies-- is 
ooinq full-steam towards industrialization. 


lent funds have already 
sads on Philippine eco- 
, indeed a kind of in- 
ly welcome. It eloquently 
•.anomic condition and 
te that the Philippines 
nt years: two key factors 
y a . premising investment 


Many foreign 
established i 
nomic shore 
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reflect 


CENTRAL BANK 

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.18 


Financial Times jVIoih1.i.' October 2,1978 


THE PHILIPPINES IV 


Economy hit by export failure 


THE MAJOR worry over- the refinancing of past loans the 
shadowing the Philippine Philippines has done to obtain 
economy at the moment is the the cheaper lernis now avail- 
depressed markets for the able. It also assumes that there 
country’s exports — most notably will not be the same high level 
sugar and copper. of expensive short-term borrow- 

Compared to a certainly un- m 3 {maturities of under 12 
realistic target of an annual months) that there has been so 
increase of over 18 per cent a * ar l " ls >' ear - 
year. export earnings in the first But it will he a burden diffi- 
seven months were in dollar cult to sustain — in practice it 
terms hardly above the level for will increase with a normal 
the corresponding period last expansion of new commitments 
year and show little sign of — without a buoyant rise in 
substantial revival. export earnings. The most cnm- 

With imports rising healthily forting aspect of the picture is 
in the first half— a sign that a that the Central Bank gross 
resurgence of investment may reserves have been climbing 
be underway — the result is that and stood at S1.9bn at the end 
the trade and current account of June. 

deficits are jpovmg back to the i n this perspective the 
peaks of 1975-76. This is bound Government has been reviewing 
to have adverse repercussions j ts foreign exchange spending, 
on the growth of GNP, on invest- The main casualties are the 
ment and on the Government’s postponement (sensibly) of a., 
ability to continue to finance planned integrated steel mill 
high levels of borrowing and and the trimming back of an 
debt service. extensive petrochemical com- 

The Philippines has been plex. Priority is being given 
unlttckier than most developing to energy-related projects such 
countries in seeing its terms of as the development of the off- 
trade badlyhit by the combina- shore oil field near Palawan 
turn of rising ail prices and the and the import af power 
collapse of the commodity boom, generating equipment as eiec- 
Cnmpared with other South- tricity, shortages have been a 



The bank note inspection section in the Central Bank of the Philippines security prttiling plant in Manila. 


East Asian or Far East nations major bottleneck in some areas, investment this year. The rate Government, has forced down rising sharply, urban workers 

it does not have that fortunate Further restrictions on imports of growth of infrastructure interest rates to encourage sull seeing their real incomes 

*?ommndity base in rubber and could cume into force if the spending has been slowing down private sector investment, eroded by inflation, this is not 

tin. for instance, from which trade deficit continues to rapidly with the shortfalls in. imports of capital goods would a sufficient rate of growth' to 
both Malaysia and Indonesia expand. anticipated revenue due basic- largely seem to be going to the provide both new jobs and 

have henefited. Nor does it have At the same time public ally lo the disappointing oil and puwer sector. raise living standard* 

the manufacturing strength of expenditure is being pruned, performance of the external The low rates of canarUr Th a v,ti n ‘ n ,i 
Singapore. Taiwan or South Customs duties account for £ el . tor . «? SL - P t url , The ** 1 :iQ .u 1 

Korea. It has also been one of nearlv half of Government , . . - „ . t . .. .V 1 ®- aSt ■ Authority (NEDA) has 

the developing countries deter- revenue. The budget deficit - 1 " I*L J h year f“ th ® nnt yet P ub,lshed usual half ’ 

mined to keep up the women- this year has been expanded as n L^ ,n T JSS * £ HZl 5KS2" ,ns re ? r *,? f - rear,y «P«» rt on {h f economy, 

turn of investment and growth a counter-cyclical measure but . b * niargina !y sn that analysts of the trend of 

in the wake of the 1975 reces- next year's budget allows for ,h« ESTJH improving with higher domestic GNP is more difficult than 

sion bv high levels of public only a 6.6 per cent increase in JJJL,!? 1 s ?^2 consumer demand so that com- usual. But the increase in other 

expenditure and borrowings in outlays to 32 2hn pesos above 2“ i , ' «r To™!™!!? S pan ! e - s may be P urchas,n * nCW agricultural production would 

anticipation of a world trade this year’s ex pend i tore— mean- JJ* v7 e f ?!! ,e £L?.i5iI!!- eq U i ^ me ? t * ’ . .«. seem t0 have offset the drop 

revival. ing no increase in real terms. “V*. But whatever the significance j n sugar output. Industrial prt>- 

The most immediate conse- Within this framework the a ?“ kxeiiange commission there 0 f the pick-up in investment it duction. however, seems lo have 
quence of the continued Government is hoping to retain ff®, has not y et made an impact on been growing slowly in the first 

expansion of the current its high level of infrastructure , in ' esiI ?:Pi i re . v r ”5 1 ’ ir yf the growth of GNP. Officials half at about only 4.6 per cent 
account deficit is that it will spending— both a major . a *“JJ # , “2; *» av * wiiri downwards their There has also not been the 

make it increasingly difficult to stimulus to growth in recent 1 estimates of the growth of the expected stimulus from con- 

sustain growth through higher years and in the outer islands, y ®J as economy in 197B from 7.5 per struction and • infrastructure 

levels of borrowing. Outstand- one of the major achievements pr e secror ‘“vestment. cent t0 ^5 per cei , t j,ut some wnr |. s as disbursements on pro- 

ing debt has grown from $2.9bn of President Marcos’ martial law But it is as -yet impossible to fear that it could drop as low as jects have been lagging, 

at the end of 1974 to S7.2bn regime. gauge the strength or durability the 5 per cent being predicted The Government’s five year 

at the end of June. The But it is hard to see. the of the pick-up. Much of it would by some independent ,vfore- plan (1978-82)— published last 
accompanying table shows a Government in practice finding seem to be inventory replace- casters in the country. With the vear but also in receipt of a 
rising trend of debt service pay- the I0.8bn pesos nominally ment occurring at a time when population growing at 2.9 per nasty jolt from this year’s dis- 
ments which takes account of allocated for public sector funds are cheaper because the cent a year, the labour forep appointing export performance 

[—set immensely ambitious tar. 
sets that seem unlikely to be 
fulfilled. Its importance is that 
H spelt out goals for the in- 
creases in GNP. investment, 
savings, income distribution, ex. 
port .diversification, job creation 
and regional growth required 
lo pur the Philippines on a ris- 
ing trend of living standards in 
spite of the obstacle of a high 
rate of papulation growth. 

With shortfalls in anticipated 
revenues some delicate deci- 
sions will be necessary on 
whether to increase taxes 
further or to raise the price 
charged by public utilities fur 
services like electricity. The 
Government is wary because it 
has no wish to halt’ any private 
sector investment revival or to 
exacerbate inflation. 

Prices on the outdated 


There are perhaps a dozen incredible places 
you must see in the Orient. 

One of them is a hotel. 


•K" 

" 3 # 






Philippines 


Phninnines will be the first year. This in spite of an en- 
S to complete an Exten- couraging growth in recepits 
country to c J* _ nt j c0 - on current account from 

Sy uTfhe experience of most tourism and remittances from 

SSwis S.I £m< It.--* S'J^die E°rt “ y 

ditionalitv." clauses useful. the Middle East. 

Thus the Government was Under the IMP ceilings the 
recently able to scrap rebates Philippines has been restricted 
ot import dudes offered to this year to commercial borrow- 
manufacturers as an incentive mgs of 8950_m for matiinties of 
to investment — an action between l-Io years. Mr. Virata 
nressed on it by the IMF but says tht most of this has now 
SrhKh it might have found been used up but that he will 
trick? to have taken on its own consider further borrowing for 
if the IMF had not been there particular projects through pre- 
to carry the can as well. paymg old loan ^ drawing on 

: . , ■ , the reserves. The -major ele- 

On the other .hand tne mei j t j n t he 6omn»e«dal borrow- 
Gbvomment has snirKed n -j n _ programme this year was a 
badly, need ed decisions to i dis- ® jumbo *’^oan— part of 

:mantle tariff barriers and other which bas been/ used for re- 
forms of protection that paw fina j,ring— ■ whicW&des not count 
.enabled import substitution m- a ainst the celling, 
dostnes established in tne .. Wlth . • Extended. Fund 

196Qs or early I9<0s to programme running- out, the 

handsome proAts at the expense ^ Qveraxieni ^ ^ decide what 

With° Indonesia the Philippines -j°^ d 

has probably one of the most in- doubt that the uaF would be 
-efficient and high cost -domestic willing to sfre ton- .rts rules to 
manufacturing sectors in the enable the\- programme to be 
region. continued.. But it:.is; more likely 

Cushioned in the domestic that the Pfaitippihes will look 
market Jew oF the large cam- ta the IMF. foe a -two-year 
panies'have bothered about ex- stand-by credit' which offers 10- 
•. porting. The protection .they year funds at 1 percent interest. 
Manila retail index are rising' get ' - - discourages competition .- There ;is- also, little, doubt that 
at about 7.9 per cent im an from the small and medium in- rhe ad mini strati on -will 

annual basis— well down-friim dustries thar the Philippines . « manipulate" 7 tlie overall 
the high rates of two or three needs to create more jobs. Mr. balance of . payaaeiits so as to 
years ago but in danger .of pjnerno,- the Industry Secre- easurp that it-'has-^a deficit on 
climbing again as recent wage tacy, is now moving towards the bbltom line. OTs- is because 
and consumer goods price -in- reducing tariffs Tor the textile ^unuies that are' not in basic 
creases make their impact. The.- and paper industry. Some °f . deficit cannot take advantage of 
money supply also iraditionatly, Kis rcolleagues think he should drawing under the IMF trust 
balloons in the second Jhalf.nl move faster and into other sec- ’ '■ 

the year with higher Govern- tors as well. Thus in the latter nart of the 

ment spending; In th? .first At the same time the Board ear thfi Govenuntfii^is likely 
quarter the growth of domestic: of -Investment would seem to be f t ^ - -j, 

liquidity (roughly equivalent dangerously generous in 

to- Britain's M3) was 17 per l n g incentive to companies subBidian^ and ^e sugar and 
cent above its mid-1977" leyel. seeking to use the Philippines fj a ! n aQth onties to liquidate 
— reflecting the contractionary as an export base but whose their short-term overseas loans 
effect • of the unexpected operations contribute minimum which have provided substantial 
balance of payments surplus' last local value added. The risk in business for- rthe - pew Offshore 
year' and the slower growth of such open-handedness is that it Banking Units newly established 
credit because the public could provoke a backlash, later in Manila. With a.7basic deficit 

sector has not been sg^ : net: at the low returns to the/Philip- in the. balance. o)C payments-^t 

drawer on the banking system, pipes of such foreign. -invest- the expense of drawing down on 

But as this latter factor ®ent. . s the tesei^s^fte Government 

changes and more companies T be t^ade deficit in- the first will be.able to make more use 

borrow on the domestic market seven ra °ntbs climeA to 8733m of hath IMF -facilities and the 

rather than offshore as ttiey as^st 8295m for the corres- IMF guidance j^bich it has 
have been doing in the Hrst half Pending period last year, while found useful. 

(reflecting the changing striic-. the current account deficit ex- Tiawa 

ture of interest rates and ex- panded to S419m front $3lm last. • . X/3Y3^xlOIISG^O 

change risks) hanks expect - _■ : 

funds in Lhe latter par of the. 


DEBT SERVICE 
(5m) 

Oustandlng 

balance 


year to gut lighter and their „ 
present high liquidity to. be re-7 
duced. - ’ ■ 

; , -Under the -careful- steward-:- I8l76 : 

ship -dr the - Finance Secretary ..1977; : ; — 

Mr. Cesar Virata, and th<yT978, : i.Qps 

monitoring of the economy by 1979 1,103 

the IMF under the three-year 1980 ...v. 1,190 

Extended Fund Facility ;pro- 1981 943 

gramme a number of important 1982 796 

changes have been made in Includes actual payments from Janaary-Juhe 1978 
monetary and fiscal policy. Tlie Source: Central Bank 

- — t • 

BALANCE OF PAYMENTS 


- Credit . 

commitments 

■■-■•..-m.vV'..' 

- 725S . r 
3-17: 

.■•56B-V. 


Tetal 
474 
753 
3,028 
1^36 
. 1,446 
L260 
1,364 


Balance of trade 

1973 

2T5 

1974 

1973 

1976 
**1,1 17 
2JJ17. 
3,633. 
-1,139 
.- 164. 

- 1977 

- 839 
’ 3,075 

3,914 

- 839 
164 

Exports (fob) 

Imports (fob) 

!. 1.871 

2,694 

3.143 

2.263 

Net current account 

........ 444 



Overall balance 

664 

110 

- 321 


Manufacturing growth 
still below targets 


CONFIDENCE IN the fortunes 
nl the manuractiirine sector, 
which contributes over a fifth 
of the country's Gross Domestic 
Product. appears high — but 
overall figures need several 
qualifications. No statistics are 
available for the first six niunths 
of this year but such informa- 
tion as is available from Govern- 
ment departments and private 
agencies indicates an increase 
«if about 4.6 per cent in output 
over the cnmparalile period last 
year. It i* thus still runmns well 
below the target growth of 
If) per cenj envisaged in the 
Five Year Plan published just 
twelve month? ago. 

In 1977 industrial production 
grew by 3.4 pi*r cent. This year’s 
figures would seem to imply a 
return to the modest rang*' n r 
growth in 197fi of 4.9 per cent. 

The weaknesses of the manu- 
facturing sector, arcorrtin” tn 
the Central Bank, were a 
general slowdown in construe, 
tmn activity effecting fabricated 
metals, non-mefallic mineral 
products and furniture, the. 
lower prices t»r certain imported 
substitutes like paper and paper 
coods and sluggish investment. 
These trends appear to he con- 
tinuing. for when the first half 
or this year is compared with 
the second half of last, growth 
mines out at only 3.1 per cent. 
Production was reported down 
in textiles, clothing, non-metallir 
mineral products, wood pro- 
ducts and fabricated metal pro- 
ducts. 

A more optimistic note, ihuugh, 
was that niher sectors per- 
formed relatively well, notably 
Tnod. beverases. ItSbacco and 
chemicals which together make 
up HO per rent of the sector. . 

The crucial element, however, 
is the level of investment. 


which despite one or two signs 
of an upturn is in real terms 
still lower than it was four 
years ago. The level then was 
high and a disproportionate 
amount of it went into construc- 
tion. particularly up to 1976. 
Activity in this suh-seefor only 
picked up marginally in 1977, 
when there was a arnwth of 1.2 
per cent in the number of per- 
mits issued compared to a drop 
of 46.2 per cent tn 1976. 

Viewed over the long term 
the manufacturing sector is still 
trying to make the change from 
being import substitution-based 
to expbrt-nrieiiiated. even 
thoiiqh this policy is nearly a 
decade old. Import substitution 
industries such as tyres now 
face the prospect or lower pro- 
tective tariffs as the Govern- 
ment tries in make them more 
competitive. 

On the other hand export in- 
dustries are having tn be built 
up from a very low base. The 
regime would like lo see com- 
plementarity wilh olher ASEAN 
countries m a number of 
domestic industries to. reap the 
gains at a larger market. Il 
also wants to '-•hnijfder jts way 
Into export fields where its 
cheaper labour gives it an 
advantage over Taiwan or 
S. Korea. 

An additional con trad Iciury 
effect of Government policy is 
that sometime*-' the protection 
given to the import substitution 
industries works against the 
small and medium concerns 
which often have the greatest 
potential for growth. There is 
also a tendency, according to 
senior officials, for new huM- 
ochscs to l»e cun re it ira led around 
Manila — although Jhe Five Year 
Plan hopes to balance this. 


The most publicised export- 
earnins industries are con- 
centrated at the expnrt pro- 
cessing zone at Bataan, in sight 
aernis the bay from Manila 
itself. It does nor remove the 
feeling of bias towards Manila 
and its island, Luzun. especially 
as the second export processing 
zon.- planned for Mactan on the 
island of Cebu is at no more 
than the conceptual j.tage. 

The Bataan zone — a site of 
29,000 acre»--is now contribut- 
ing 56.8m per month to export 
earnings and towards the end 
of the year this figure will begin 
to exceed the cost of imports 
into the 47 factories now 
operating: Most of Jhe.>e are 
In ihe light and medium in- 
dusiry sectors but by the 
projected completion date of 
1984 there will he 120 factories, 
providing employment. for 
40, non. 

A lot of money has still to be 
spent, about S130m from Govern- 
ment agencies and more than 
twice that from the mmpanres 
concerned! The. area is slightly 
handicapped by the lack of an 
airport but a small field is 
planned some distance away. 
The sea port is also very small 
and workers at the plants have 
tn be brought in and settled 
from surrounding regions. 
Heavy industry in the zone is 
represented by a shipyard and 
engineering company, and a 
body pressing works for the 
Ford Motor Company. 

Allegations have l»een made 
in a U.S. court that Philippine 
officials made payments tn Ford 
to set up the planl — which 
conainly seems a prestige 
venture and has ypt In prove s 
commercial sun:e-s. 

Certainly car and truck 


manufacturing is the most 
visible part of industry in 
Manila, with most of the Ford. 
General Motors and Japanese 
cars on the roads being trace- 
able back either to local manu- 
facture or local assembly. They 
are the products of the progres- 
sive ear manufacturing pro- 
gramme. The scheme was 
started in 1969 tn follow up 
voluntary cutbacks in the 
imports of cnmpletely-knnckert- 
dnwn vehicles, to build a com- 
ponent manufacturing industry, 
to up-grade local skills and 
boost local enterprises and to 
initiate co-operation in the field 
with other South-East Asian 
countries. 

Local car manufacturing 
managers profess optimism wjib 
the way the scheme is develnp- 
ln 5, although their products 
ate still beset by a high tax 
component. They do nor set 
high store by immediate growth 
prospects but feel their com* 
pclitive advantage in the area 
will remain because of law 
labour costs end the low labour 
component in the process. 

The industry is already 
making engines but there is now 
a Possibility nf having a diesel 
engine factory as well, with 
Perkins named as one of the 
possibilities. 

Plans are still on the drawing 
onard for a steel mill, a copper 
smolier and a petrochemicals 
f - ant - The projects range into 
™ e billion-dnllar level hut 
because of the cost high officials 
s . a - v /^ferment has already been 
decided in the case nf parts nf 
, . Petrochemicals plant— and 

l>ri»hah|\ for Hie steel null as 
well. 

Simon Henderson 


*■ 7 - 

■i'ji 


W-. 











After 25 years of social and economic 
progress experienced by developing countries 
— achieved sometimes at a "boom” pace, but 
often in the face of "enormous obstacles—' 
we are facing today a new set of 
development challenges and opportunities.. 

What will be the role of the industria- 
lized nations in meeting these problems 
and capitalizing on the potentials? 

The answer that is emerging is in fact 
a composite of the new responses these 
rich and powerful countries must devise 
to the new situations that the development 
effort's successes have brought about and j 


the old problems that it has so far failed 
to solve. 

THE PHILIPPINES, a beautiful rich coun- 
try composed of 7,100 islands populated by 
45 million Filipinos, offers the world a wide 
variety of traditional and non-traditional 
products— sugar, coconut oil, copper 
concentrates, copra, logs and lumber, 
desiccated coconut, nickel, gold, copra 
meal and cake and cottage handicrafts. 

In 1977, we sold export products 
worth U.S.$ 3,1 51 to United States, Japan, 
the European Common Market, the Middle 
East bloc and the Socialist and Communist 


countries. And we bought a total of U.S. 

$ 3,914.8 million worth of capital goods 
from foreign trade partners. 

We want to sell more. And we want 
to keep a healthy relationship with our 
trading partners— particularly with the 
members of the European Common Market. 

Consider our vast mineral resources, 
a well-educated population, a stable 
political structure and the attractive 
trade incentives we offer -then— 

TRADE, ON A TWO-WAY STREET 
WOULD BE WITH THE PHILIPPINES. 


MINISTRY OF TRADE 

7th Floor, Fifcapital Building, Ayala Avenue, Makati, Metro-Manila 

PHILIPPINES 
Telephone Nos. 863-145; 863-526 
Telex: 5466 Sectrade D Trade 
Cable Address: Sectrade Manila 




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to the international 
world of business 


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PHILIPPINE 

NATIONAL 

BANK 


Officiil DipMilgrv 

Of the Republic iH the Pmlippint* 


m. 


« 


m 









i Member: PDI 


Financial Times Monday October 2 1978 

THE PHILIPPINES VI 


Foreign investment 


moves in again 


MANY people in the Philip- investment— which may only be the elections. Vj ,h . !? en . ! rTRO whi?h is vlewSi 

pines are now predicting the temporary— include such vary- lishment of the interim Nation V cnt ^ J 

development of a minor invest- ing factors as the state of the Assembly, a hiU was P rQ P Q ' * d J J® fS n C, .? n 

raent boom following the two U.S. economy, with which the that a special tax should J- because 

year lull since the previous high Philippines is still closely levied on domestically produced from the mainstream 

point in 1974-75. However. linked, and the attractiveness goods with foreign trademark.. »^vernment. - 


Uriels the position on Trade oftte t«ms“ offered V’ the From tire Philippine point of _ Officials ? ^ 


uiuc» uie yuouiuii un nans uic » «.«4 »v a tuui uiv * n |,, ri * . il- _„li- . 

brightens, the boom is likely to Philippines Government to view these measures repre- is ne ^dcd m the public sector 
be short lived. . foreign investors. The recession sented nationalist gestures and e J "* e 

„ _ _ a f .ha nacf couule of years is anainit what is considered power generating network. The 

pmerms. explicable by the mirror image undue foreign dominance Also b usiness c J 


rip annmuilc n« nrn-ierfs at measures ‘“fn auractea a vaimj “ , . „ . .. 

rati PP a^o^ M ner^Lnt Manila Government to alter the as import substitution concerns, population grows and dispos- 
rate almost eu per cent 4 . . , hv thp ah p income increases. CW 


higher 6 than in the first half of ternis of f° re *gn investments, and -has been worried by the able income increases One 
SS? «d“.he &£? portion W»t par.icul.rly disturbed P—ni.r ^ 

bv ’«“pe n r '«nt nl (Ui“ W l“e? IhStfng U^nwlSnitj 1 *” -perhapfto the detriment of planned in Pharmaceutical!, 

W * 5 * 35 ? S&T* ” f e “" 0my " * and d co=SonTurpmeS 

K aTESS in addition the .eovernment The Govenmten, u putsrij 

S " regarding trade marks and wanted to moot, on export nluc h emphasis on non-com- 

sive indication is registrations patents. With the passage of oriented industries and has modify exports — the types of 

with the Securities and l * 106 these have been toned been in some doubt as to how manufactured goods being pro- 

Exchange Commission These down or enforced less strictly strike the balance between duced in Taiwan, Hong Kong, 

recorded a 40 ^^nt in^eaS than expected. pressing foreign concerns into Korea and Japan. The possi- 

over the same period lart year ^ the case of patents. PresK exporting but not discouraging bUUy 0 f growth is there, but 
or nearly S200m ' dent Marcos signed a' decree the flow of investment. Restrict- recently, especially in the case. 

° ‘ last December which seat a ins the- access of foreign com- Q f textiles, traditional markets 

Another source is central d 0wn . u, e spines of panies to domestic funds was have been curtailed by quotas, 

hank figures, which are only foreign businessmen who had on® example of this. Under the For what are called “ non tradi- 
available for the first quarter become used to the . advan- original regulation only foreign jional exports" the Board of 
but which also show the foreign (ageous terms operating in the companies achieving a high investment gives attractive in- 
companent of investment Philippines. It provided fox a debt - , equity ratio oE 60:40 centives provided a company 
doubling to $42 m. However, the ceiling on royalties of -5 per would have had access to the can demonstrate that the value 
major qualification to these cen t, the imposition of Govern- domestic market added component of Philippines 

figures is that they have yet to me at approval. on all voluntary. The attitudes of the business manufacture is at least 50 per 
be reflected in substantial licence contracts and the pro- community to these measures cent. 

spending. Imports of machinery hibition of some licence clauses, appears to have mellowed over The range of “ non tradi- 

and equipment to replace plant Further, a provision was In- time, and it is not hard to see tional” goods represented in- 
needing modernisation nave eluded that importing a product the reasons why. The ■ debt: elude watches, car. bodies, tennis 
risen only slightly so far icon- does 0 ot constitute the working equity ratio has been varied balls, jeans, handicrafts and 
tribubng to the balance of 0 f a patent. according to need, so that effec- childrens toys, 

trade deficit as well). The question of trade marks lively foreign companies have For the domestic market 

The reasons for the pick-up in arose several months later after not had to bear what worried there is an ambitious pro- 

.them — a foreign exchange risk gramme of investment in Indus- 


The banking 


scene 


IN NO other sector of the thus far. 


on borrowings which they tries like shipbuilding, truck 
passed on as credits to distribu- manufacture, engine manufac- 
tors. On the patent regulation, ture and agricultural equip- 
a new draft just published has ment. 

been described as “ less ohjec- American investors are walch- 
tionabje " by the local American ing the outcome of negotiations 
Chamber of Commerce. A new on the bases. If President 
classification has emerged to Marcos is only hoping to win 
temper the compulsory licens- the very best price for the 
ing clause so that it how has to bases, be must also be careful 
be considered " highly essen- that he does not put off those 
tial " to the Philippines before investors who mistake his con- 


Philippines economy has change In the fim programme, which 11 comes into effect. A major cern for the economic pros- 
! been as frequent as in banking, was completed in 1978, the two' achievement, according to busi- periiy of the Philippines for 

I In most cases, it has been banks which failed to comply nessmen, was to have a board political instability and a poor 

(brought about by Government with the lOQra peso minimum ‘rithin the Ministry of Indus- place for investment. 

I regulation- In some, however, paid-up capital requirement-— supervising the new regular 

It is not exactly in line with Filmanbank and the. former tjo0 ’ rathy lhan the Govern- Jimon tlendersOrt 

what the regulatory authority. Republic Bank — were both i - — : — — 


I wants. There is thus a rethink. Filipino-owned. With the 
ing of some aspects of policy in exception of Rlzal Commercial 
view of ramifications that go Banking Corporation, all banks 
beyond banking and which owned by Filipinos of Chinese 
hinge on racial hostility towards origin were able to raise capital 
the local Chinese community, as required from their own 
In the past 18 months two funds, 
almost defunct banks were re- The growing financial muscle 
stored to financial health with of Cbinese-tumed-Fiiipinos be- 
Central Bank (CB) assistance, came evident elsewhere in the 
both under new namesr-as well banking system. Ownership of 
as new owners and managers the former Genbank changed 
praeticallv handpicked by the hands from the Filipino 
Central Bank. General Bank Yujuico family to a Filipino 
and Trust Company (Genbank). Chinese group led by Lucio Tan 
which was closed after a and Willie Co when the bank 
disastrous *■ run " in late 1976, became Allied Banking- In the 
reopened in March 1977 as case of Interbank the owner- 
Allied Banking Corporation. By ship change was from the 
December last it vfai already fh^ily of Vic Tan, a Filipino 
making handsome profits. Chinese, to two groups — one 

In September 1977. Inter- Flhpino-Chinese led by Dewey- 
national Corporate Bank (Inter- p® e and the other Filipino led 
bank) took the place of what by Orosa. 

used to be Continental Bank 
and Trust Company, whose over- t^OnCCITl 
exposure in risky non-banking M «... . 

business led to its closure in Recently Filipino - Chinese 
mid-1974. Like Allied Banking. ef l u ty although still a 

Interbank, as of December last, ro "l° r, £' . , hoIdl ^T in 
was already turning in profits. Filipino banks: Tilman 

Under official pressure to Manila Banking Corpora- 
build up capital, mainrity Philippine- Banking 

ownership of Film.nas Manu- SS lon M ' Vh ^ nk ° 
facfiirers Bank (Filmanhank) ^ 

chanced hands but the hank re- I «A A * Ebe buyer was 

hiiied iU corporate name. On " Chlnese Andrew 

the other hand Republic Bank U T . . . 

became Republic Planters Bank S""™' 

following a change in majority ^ S C °"; 

ownership — likewise under re- ^ Sr0,,nd 

capitalisation pressure. A sub- S n S n ° ^ mUCh 
erintiai an „i( V s . lo ,h eir minonty American, 

scheduled in' tik-p niacin til Canaclian or European -partners 

L E olv Cli?,rd, nV„lr Ph.hp nationa)° r hunkers ^ 0 ^ CMzZ 
nine Trur, Cn^psny (FhlWl ^ ThfElr' “J-oS””. 

turn .TSSiSL? r" m i C , X D m, l' «»«r by Central Bank Cover- 
ture of political. Central Bank nnr Gregorio Licaros and his 

and commercial pressures. senior deputy. Amado Brinas. 
\t7;aL j is lh at S> veil a situation where 

VY linQlaW indigenous cituens are at a 

For reasons par,,, re,a.ed t o KS 

uinstraints nn FUipino partici- funds, any compulsory capital 
8 “ “■£ "W-? 1 - of build-up could only lead to more 
Filipino banks. Bank of America gains by Chinese-origin Flli- 

SS2S . w,l J d ” w . ^om pinos. and to a lesser extent 

t B TRA/vi° r Sia -t /or F iCTers - at El 1 * expense of 
America tIBAA), where it had Filipinos. 

been a M per cent equity As Mr. Licaros put It at a 
partner. This followed esrlier recent Press briefing, CB will 
wtthdrawals by Royal Bank of have to act on the problem some 
Canada and Gnndlays Bank of wa y or another sooner rather 
London from their respective than later. Finance Minister 
domestic partners. Traders Cesar Viraia, who is a member 
Royal Bank and the former 0 f the Central Bank Monetary 
Genbank. Moving against the Board, told newsmen that as 
trend. Bank of Nova Scotia came far as he is concerned 
m as a 30 per. cent equity par naturalised Filipinos ** are as 
ticipani in the local Security Filipino as natural-born 
Bank and Trust Company. Filipinos.” 

Foreign investment in local On the other hand, Mr 
banks was allowed during the Norberto Katigbak, one-time 
last three-year compulsory executive vice-president of 
capital build-up programme Filipino Chinese-owned Associ- 
wbose main target was a bank- ated Citizens Bank, wrote in the 
ing system with dispersed Manila Times Journal that the 
ownership and made up of combined resources of nine 
fewer but bigger hanks. Another Filipino Chinese bank* repre- 
Mich programme has been tenia- sent some forty per cent of total 
tive]y scheduled . lo start either resources of the private 


The largest 
branch network 
among Philippine 
private banks. 

Spreading over 
lOO branches 
throughout the 
country, to Asia 
and USA. 
This is Metrobank 
today. 


. tv 


•■Sa?- 



iWuwion a. 




SI 




■ 




UQ 


Follow the growth of Metrobank. 

^^MeraoBAMK 

mammmmmM Mrrnowur« ea»k 


MNK 4M0 TRUST COURAMT 


nvejyscneauiea io swrr miner resources 0I the private HEAD OFFICE METROBANK PLAZA 6,^ n _ , / „ 

late this year or early next, hul domestic commercial banking WTERKATiomal bramcu ^ i ^ aVc i ' M#,, ° Ww1l,a 

the Central Bank seems to be sj-siem, with another forty per tos 0FncEa; 

having second thoughts about cent accounted for by Filipino tabSb?? N^.no £ ai i * na d sli"®*.* 1 * Colifo,o!o U SA * 

making recapitalisation com- banks with minority foreign HONGKONG isiv cm a„,i* ng ?'T 

pulsory after reviewing results equire, and only twenty per ’ iu >.r«- ...» » Ro=d„ Nenakerte . 

CONTINUED ON NEXT PAGE 


GUAM-GCIC Eiiilif.no, A oana. Guo-n 




*-• r.v — » _ „ 




THE UNITED STATES has no President Marcos would like number of young demonstrators 
older ally in South East Asia!, to tie the negotiations over the should not be dismissed as 
and close ties with the U.S. future of thc to Araeriean entirely orchestrated, 
are the cornerstone of Philip-' JJJJjJJ* eJernal Lg^si^ahd A " ,une lhe youns lht> bascs 
pines foreign policy. But there j0 he ip in suppressing the ^nimnln? 6 fUf”* * sy ? b ° l of 
.has rarely been a stormier Vi .secessionist movement of the { j 011 ™ humiliatin'" as ""the 
months in the stormy histoxy Moro Liberation Front fMNLFj wmm ,Vs dependem-Am foreign 
of U.S.-Philippines relations. * the south-unreahst.c ? as loan . * ^ P lhe ™ !tf 

President Marcos accused ^would like to be assured of be keeping the lid 

L he American administration of a regular supply of mUitary aid anl, ‘ 

financing opposition candidates to back him in lhe costly cam- * ,QLnc * ,mMn - 
during the April general elec- pa ign against the MNLF. ' M the same time President 
tion; his daughter Iinee led a But President Marcos is also Mar w*s has sought to move out 
mass demonstration calling for smarting under what he sees as frnni tinder the American 
the dismantling of American une indignities of American shadow by closer relations with 
bases in the Philippines; Vice- interference .in Philippines* other major powers. Potentially 
President Mondale, making a internal affairs— -the other side lbe m °st important of these is 
:our of the region, rebuked of the coin to U.S. reservations £ith China. For Peking, the 
.President Marcos for violations about supporting his martial Philippines is probably the 
'T human, rights by his martial law regime. Fast .Asian stale with 

aw regime; and the First Administration arguments AA‘ th .*• fet?1 s most at ease, 
-ady. Mrs. Imelda Marcos, re- thta aid hills to the Philippines ‘ " ere Js A 01 !5am « massive 

reived at a meeting with a would be easier to get through P™ tlem of 3 ^al 

■ irnup of Congressmen during Congress if President Marcos ? h * rs t?' Chinese population 

- ier visit tn the United ‘States a could demonstrate proof of his l?*/ *!j|; re “ Jn 2!! n ,? sla - or 
. trilling on her Government’s popularity at the polls were a J_J/ 0 ' a * an { the Philippines 

win? and her own personal major factor in hw decision to c "“J|®“ slT,,ts c^jhnjs 

*. wealth of the type that a Con- hold the April general election. “ h T £ ade 

sessional committee might Tn the event the rigging of the an « 

«ave meted out to a junior vote swelled the. number of ™ 

. witness. hostile voices in Congress and ' h diplomatic 

T . was at the root of the hostile 

j ne sparring has been reception given to Mrs. Marcos. The Chinese are keen that the 

I most continuous. By no means United States abstains in American bases should remain. 

II or it is serious. But behind hoU^ the World Bank and the The message* was conveyed dur- 
t lie genuine reservations on Asian Development Bank on all in? the visit in March of Vice 

■ he American side as to the loan proposals to the Philip- Premier Li Hsien-hien to 

• upport the U.S. should be pines because of the human Manila and is likely to be re- 

■ xl ending to President Marcos' rights issue: • peated during the forthcoming. 

. egime, while on. the Philip- _ . visit of vice premier Teng 

ine side lies an equally IVSrtfP TirPQSIlirP Hsiao-ping. - The Chinese are 
onuine questioning of the vlt |#I raaui t anxious for Philippine support 

• .-pe of relationship the country The Administration has taken — as they are for that of the 

hnuJd have with the United a leading rote in campaigning other ASEAN countries — in 

• tales. for the release of President Uieir bitter quarrel with Viet- 

o-l. , * . . .... Marcos's old- opponent Benigno oam. 

There is litt-e doubt but that Aquino, who might have In the short term the spee- 

‘ resident iuarros and his defeated hiin if there had been lacle of. Communist rivalry m 
J* S rS . ® Defen 1 t ' ? .r* cre ' a presidential election in 1972 Indochina — following so closely 
ir> Enrile Ponce, would like as anrf whn has ^ eeT] j n prison ever on the heels of fears among the 
ose a relationship as possible. smce Mr Marc0s declared ASEAN states of the emergence 
^ martial law that year. It has after the eollap^e of South 

^ nitld States. The t h roug b. state Department Vietnam of. a unified and 
j. u . coun , s ma J°f officials, lectured him on the arrogant Communist leadership 

P«*« detention of-' other political in South East Asia that would 

Prisoners. undermine their regiintt-is a 

le Pacific region— vague a/tbis As U.S. pressure has grown, welcome distraction. Bui more 
. . aV h^-is feen as important so President Marcos has poll- worrying in the long run is Uie 
• the stability of the region, tically tried to turn it to his P r °speU of the instability that 
articularlv since the planned advantage by waving the flag of ” SU J V f ^ n i 0l ’S2 ’ w'im 

lased withdrawal of. American anti-Americanism at home. {?,?■*!. ^rrinrian! 

• oops from South Korea. In There is little doubT that, with J- "!®Jj * d 1 

■ . dh the Philippines and in the the United States the former LnUetl Males - 

• her member, states of the colonial power in the country Parallel with China s wooing 

ssoeiation of South East Asian and possessing still a major or the Philippines the Vietna- 
afions (ASEAN), the Clark influence on the economy, this niese Premier Pham Van Dong 
irbase aDd the Subic Naval finds an echo. Imee Marcos’ has visired Manila on his recent 

- jse are seen as underscoring flamboyant march on : Clark tour through South East Asia. 
— merican interests in the area.~Rase at the- head -of-a-Targe-The Philippines is as distrust- 


ful as other ASEAN stales of 
these overtures that mark a 
sharp reversal of Vietnam’s for- 
mer hostility towards ASEAN. It 
is one of the slates that has been 
increasingly affected by the 
growing number of boat 
refugees from Vietnam. It also 
has a particular problem with 
Vietnam in that both lay claim 
to the Spratly Islands, to which 
China and Taiwan have also 
staked ownership. Not only 
does the pruspect of oil in the 
Spratly’s archipelago make this 
a delicate issue, but the Philip- 
pi oes shares the fears of China 
that the Russians might try to 
establish a base on one of them 
through rhe intermediary of 
Vietnam. The Philippines have 
now occupied seven of the 
Spratly Islands and continue to 
reinforce the Wesicum base on 
Palawan island from which 
they are best placed tn patrol 
the Spratlys. But to avoid the 
risk of conflict, ml drilling in 
the area has ceased. 

Largely as a gesture of 
defiance to the United States, 
President Marcos has recently 
been outwardly warmer in his 
relations with the Soviet Union. 
Mrs. Marcos made an un- 
expected visit to Moscow in the 


summer— nominally to sign a 
cultural agreement — before 
going on to the United States. 
The visit was a subject on which 
she was questioned by U.S. 
Congressmen concerned about 
the American bases in the 
Philippines and military aid. 

• Fostering relations with both 
Communist stales and with the 
west is important to President 
Marcos in establishing his 
credentials as a Third World 
leader and in seeking to join 
the non-aligned club. Next May 
the Philippines will host the 
UNCTAD 5 conference — the 
major gathering of industri- 
alised and developing countries 
— which will review progress in 
the flagging North-South 
dialogue. But as a candidate for 
the non-aligned group the 
Philippines continues to be sus- 
pect because of the presence of 
the American bases. 

. Though negotiations on the 
future of thc bases is in limbo, 
there is little doubt that a set- 
tlement will emerge. The pre- 
sent lease does not expire until 
1991 and the two sides are hold- 
ing out for the best terms. The 
size of the bases at Clark and 
Subic Bay are likely to be 
reduced and the 16,000 


American troops stationed 
there cut back in numbers. The 
U.S. has already conceded 
sovreignty over the base and a 
formula has been worked out 
under which they will have a 
Filipino commander, but U.S. 
officers will retain charge of the 
operational facilities. 

Token gesture 

Still unresolved is the ques- 
tion of jurisdiction over 
American personnel More dif- 
ficult still is President Marcos’ 
desire that payment for the 
bases should be made in the 
form of rent — which would not 
be subject to the annual 
approval of Congress — rather 
than in military aid. Congress 
chopped a token sum off this 
year’s aid. bill as a gesture 
against the Philippines' record 
on human rights. Dr. Henry 
Kissinger, the former U.S. 
Secretary of State offered pay- 
ment of SI bn over five years 
for use of the bases — an offer 
that was first accepted by 
Foreign Secretary Carlos 
Romuln and then rejected by 
President Marcos for reasons 
that were never fully clear. 

As in his domestic policy, Mr. 


Marcos' foreign policy runs up 
against the obstacle of distrust 
of his word. In August, 1977 at 
the ASEAN heads of govern- 
ment conference in Kuala 
Lumpur he made much of bis 
gesture to renounce the long- 
standing Philippine claim to the 
east Malaysian state of Sabab. 
This claim, a continuing source 
of grievance between the 
Philippines and Malaysia, is 
based on documents tbat 
portend to show that the Sultan 
of Sulu (in the southern 
Philippines! leased Sabah (then 
North Borneo) but retained 
sovereignty over it. In renounc- 
ing the claim President 
Marcos’ aim was to prevent 
Moslem sympathisers in Sabah 
using it as a staging post for 
supplies to the MNLF. But 
though Malaysia has shown 
willingness to prevent Sabah 
being used to support the 
MNLF revolt. President Marcos 
has not yet gone through the 
constitutional formalities of 
renouncing the Philippine 
claim. 

His word is equally distrusted 
in the Arab world. At one 
time it looked as though the 
Islamic conference — and Libya 
in particular, which had been 


aiding the Moslem rebels in the 
south — might mediate in the 
war with the MNLF. But these 
efforts have been abandoned 
with the breakdown m the cease- 
fire and the apparent unwilling- 
ness of President Marcos to 
stand by the spirit of promises 
he had given. But from the 
point of view of the Philippines 
the danger of an Arab oil 
embargo on the country in sup- 
port of the MNLF now seems 
to have been removed. 

This suspicion over his good 
faith has also made it difficult 
for him to take the lead among 
the ASEAN states. Certainly 
he is one of the most forceful 
of the regional heads of govern- 
ment and potentially the most 
acceptable within such a diverse 
group of nations. He has 
pushed hardest for ASEAN to 
achieve closer economic union, 
rightly seeing that this could be 
of immense benefit to Philip- 
pines industry, which needs 
larger markets. But that sense 
of theatre which is at least 
understood in the Philippines is 
treated among his ASEAN 
partners as • demonstrating a 
waywardness that works against 
common goals of unity. 

D.H. 


Banking 


continued from previous page 


cent by Filipino Banks without 
such equity. 

He suggested a policy* bias in 
favour of indigenous Filipinos. 
Otherwise, Mr. Katigbak 
warned, Filipinos will be 
“ second class citizens ” to 
Filipino Chinese when it comes 
to availability of credit from 
the banking system. He claimed 
that this situation already exists 
in the retail trade sector which 
is open tn all Filipino nationals 
of whatever ancestry. 

In January this year further 
interest rate revisions were 
made, this time with a view to 
reducing the cost of borrowings. 
The Central Bank declared 
basic loan interest ceilings as 
effective rather than nominal 
rates, thereby limiting the room 
for manoeuvre on mark-ups' and 
other non-interest charges by 
lenders on borrowers. The 
maximum yields on deposit sub- 


stitutes or moncymart debt 
instruments were likewise 
declared as effective rather than 
nominal. Moreover, the yields 
were reduced. 

Principally as a result of 
these moves, the commercial 
banking system generated addi- 
tional deposits of 8.390bn pesos 
in the period between end-June 
this year and end-June last 
year, boosting total deposits to 
38.25Mbn pesos as of last June 
30. With a bigger deposit base, 
commercial banks increa’sed 
their loans lo 47.754bn pesos 
from 39.101bn during the 
period, and their investments, 
to I2.906bn from S.836bn. Their 
assets expanded by I5.211bn 
pesos to 77.943bn. 

Hie commercial banks built 
up their capital accounts too, 
partly in anticipation of a com- 
pulsory recapitalisation pro- 
gramme which would tenta- 


tively raise minimum paid-up 
capital for each bank from 
100m pesos to between 200m 
and 250ra over a three-year 
period. As of end-June this 
year capital accounts of the 26 
private domestic banks 
amounted to 4.675bu pesos, of 
the four foreign bank branches 
to 368.7m pesus, of the two 
Government banks to 1.963bn. 

Another reason why commer- 
cial banks are recapitalising 
voluntarily is the expansion of 
the offshore banking system. 
The first of 16 offshore banking 
units lOBUS) licensed by the 
Central Bank lo do business 
here opened in July last year. 
This was the OBU of Lloyds 
Bank International of London. 
By June this year similar units 
of the following foreign banks 
were also in operation: Ameri- 
can Express International Bank- 
ing Corporation. Bank of Cali- 


fornia. Bank of Nova Scotia. 
Bank of Tokyo. Banque de 
I’lndochme et Suez, Banque 
National? de Paris. Barclays 
Bank, Chase Manhattan Bank. 
Croker National Bank, Euro- 
pean Asian Bank, International 
Bank of Singapore. Manufac- 
turers Hanover Trust Company, 
Raiier National Bank, Security 
Pacific National Bank and 
United California Bank. Two 
more foreign banks have since 
been allowed to set up OBUs 
here. They are Bank Sadarat of 
Iran and Chemical Bank of New 
York. 

As of September 8 last, com- 
bined assets of offshore bank- 
ing units amounted to $1.198bn. 
With such a base OBUs have 
been active in offshore-to- 
offshore and offshore-to-onshore 
lending operations, particularly 
the latter. This means that they 
are taking away a portion of 
what used to be the exclusive 


market of onshore commercial 
banks, domestic and foreign. 
The only way the latter can off- 
set this is to go into foreign 
currency transactions them- 
selves through expanded foreign 
currency deposit units 
< FCDUs). 

Only resident banks with 
paid-up capital exceeding 
Pesos 150m can operate such 
units. Smaller resident banks 
have to content themselves with 
limited FCDUs. As of Septem- 
ber S last banks with expanded 
foreign currency deposit units 
had combined assets of 
81.308bn. whereas those with 
limited FCDUs had combined 
assets of only $275.14m. As the 
Bankers Association of the 
Philippines puts it. recapitalisa- 
tion for banks will come 
naturally. 

Leo Gonzaga 


> 




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3SS 


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Mr 


throughout the world, people use sugar - in various ways. That spoonful you used today 
^;^%ave come from the Philippines. One of the world’s leading sugar producers and exporters. 

ooi*\7a nonnlo’o . nPoH c pup-nnirb ofo A c u/nHH criiriws. 


tVip. PhiliDPines relies on the National Sugar;Tradiifg Corporation. -As ;the marketing 
Sugar Commission, NASUTRA takes charge of supplying ithe local and , 

< ^yb^fbary; ^ ar . Only a year old, NASUTRA now has offices in Hongkong, Tokyo, London 

niak£ sure Philippine sugar reaches your part of the world. Arid you get your spoonful. 


I 


Traders Royal Bank Building, Aduana Street, Intramuros, Manila, Philippines * 
. Telephone: 48-41-81 •: P.0. 8ox227S ■ Cable: NASUTRA-M AN! LA • 
Telex: RCA-7227889;FTPI -7823988; 1TT-742Q345 










v.yvyr.' 


Financial Times Monday October 2 1978 



Philippine industries today 
are on a threshold of un- 
precedented growth. 
Foreign investments keep 
coming in. Multinationals 
are setting up regional 
offices in Metro Manila. 
Trade missions arrive to 
buy Philippine products. 
For a number of reasons. 

A healthy economic 
environment. A highly 
literate and skillful work 
force. A vast pool of 
managerial talents. A 
wealth of raw materials. 

An English speaking popu- 


lation. Warm hospitality. 
And a climate of optimism 
among others. 

You too can be part of 
this economic growth. 
Through Traders Royal 
Bank — a partner bf Phil- 
ippine industries. Traders 
Royal Bank speaks and 
understands the language 
of Philippine industries 
rather intimately as a 
partner should. 


Talk to Traders Royal Bank first. 
At Traders Royal Bank, banking 
is a partnership in growth. 



m 


TRADERS ROYAL BANK 

HEAD OFFICE: Kanlaon Towers, Roxas Bhid., Pasay City, Metro Manila, Philippines 
Cable: TRACOBANK MANILA • Telex: ITT 0051, EASTERN 3254 


f 





•55 : • ETM . -T-kos * r% 




3 



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)r 

"T ‘ 




That's bm SDCP measures up in 
equipment power. 

Manpower. Financing. 21st century techno-" 
logy. And a wealth of equipment. Everything it 
takes for one of Asia’s top ten contractors to deliver 
projects, in record time. And assure that every job 
passes stringent technological standards. With 
flying colors. 

CDCP’s more than 3.000 pieces of major equip- 
ment tirelessly hum under different environmental 
extremes. Of Asia and the Middle East. Building 
roads and Bridges. Installing industrial complexes. 
Reclaiming land from the sea. Actually changing 
the face of the earth. Delivering progress where 
needed most. 



--W.-s— --.--Mr 


iCDCP 

We deliver. 


- 


v . ». 


rr ■ 

.**• i 


- JCasSSSr-^. 



CONSTRUCTION & DEVELOPMENT CORPORATION OF THE PHILIPPINES 


CDCP Main Office: Tterra Factors Bldg. , 355 Buendia Ave. Ext.. Makati. Metro Manila. Philippines. P.O. Box 1353. Zip Code D-708. 
Cable Address: CDCP MANILA, Telex 5533 or 5510 CDCP PM. Tel. Nos. 87-60-61 to 78. CDCP International Offices: • SAUDI 


THE PHILIPPINES VM 

Trade structure 





THE TRADE of the Philippines country’s massive sugar stock- There are promising signs would be 
continues to be dommaicd by pile before quota restrictions on that the Incal textile industry is U 

too few commodities and con- exports came into force under attempting to increase the J 5 „ t Muslry. 

centra ted on too few countries, the International Sugar Agree- domestic value added through ® nrni i!! rt _ ' 

The see-saw history of the trade ment— was the .main .factor upgrading its product, ^ p rt p ets- is laeatg 

account reflects this vulner- behind a 22 per cent increase in. ing the quality of Philippine c . f d ‘ 10 

ability. the doUar value of exports to cloth and diversifying its roar- diwwty ^a?d mpphere. 

60 per cent of The most striking change in the 


Tn fhp parlv toms evnnrts and 53-1 bn. This growth meant kets. About 60 per cent or *«« , « . 

In the early I9i0s exports ami deficit Was garment exnorts currently go to direction of trade last year was 

-ports expanded slowly but he * r ™ AHhough the new tex- the 14 per cent growth with 

roughly in tandem. This pattern M w? SS iota arrangements with the EEC to Slbn, meaning that 

received a sharp jolt from the J^l^otanS and ££ the U S are more favourable the EEC now accounts for 15 

increase in oil prices, which "»th both the vo umeana pnee e , he Philippines per cent of Philippine trade, 

resulted in both a dramatic rise ° JJJJ" is tfthJttade had initially expected, there is Of EEC states, Britain was the 

■ n *5 * ,z \ of th f '? po * b !j SS a»ain climbing to over little do ub? that with tighter largest exporter through sales 
and of the share of ml wuhin it. deficit a 0 am dimoing to ^ in furee the EEC of electric machinery. 

Payments for fuel amounted to 5 1 ■ months the as well there will be a sharp appliances and transport equip, 

nearly Slbn last year or roughly &■“* "J 1 SreaV “^ched Sop in future in the ment. The UK was foil owed, by 

a^uerler of foul import. «f tratoioual SStal 31 per cent rote of Gerniony, France and the 


afMin. .liuuuo unuiuuuai — — r 

export products it has been growth in garments exports that Netherlands. 


S3.9bn. 

bakmcc 1M nf ^ payments °° has buoyant ** demand for coconut the Philippines has experienced Among EEC states, the Dutch 
craraned the "rowth of other products, timber arid some since 1970. were the largest buyers from 

mMrts-Joost s°-n!ficfntly of minerals that have helped offset At the same time handicraft the Philippines and . the 
raw materials for’industry and the slump in receipts for sugar, sales are less buoyant and the counties main outlet for copra. 

of capital "ends over the past But the total dollar value of threat of protection.st jestru> But as the resu j t of both ge ^ 

I breezy ears The 98 per cent sports over the seven months to®"® inevitably hangs over the graphic and historic links the 

rise in the dollar value of the has scarcely risen above the bullwh^bout t V n,ted Sta J; es ?. nd »n- 

imoort bill in 1974 was followed level for the same period last however arc still bullish about tinue t0 be the Phihpp, ne5 
bvan mcrUseoflO Dcrc" nT m year. a ra P* d expansion of non- dominant trading partners, 

1975 5 per cent ^1976 and Since the early 1970s the traditional exports. Thevj see accounling f or 27 per cent and 
per rent last year This Philippines has been putting a encouraging growth prospects 04 per cent of total trade, 
represen ts^virt uaUy^ nrT growth Steal deal nf effort Into m exports of gifts and house- respectively. .The U.S. put 
nr even a decline in real terms diminishing its vulnerability by hold iiems\ to>&, furniture, pro- erased 35 per cent of the 
Import payments rose 21 per trying to expand non-traditional cessed food and porting equip- country’s exports, being above 
■Zin ffie ftr,? Jven monffis exporls-generally defined as ■« the principal buyer of sugar. 

not ^ceed^lm * 10 ° ISBS^^rnm ^ f- P ^r ^dTnn^f their ~ ts. ^ - ““ - 

determination to boost invest- " St - ^ orts Japan slipped 


iaea in vaiue ai <tu «>»» will fall to the . . . v -, 

Although theslart up of off- XZ K 

S3S“ 22L « =LS„ a sharD rei ‘ ira ' in ? ' s 


to 20 per 
requirements 


bv 1980— will equivalent tn 30 per cent of investments. 

t0 Th« e XetuTfr'n P m ^ this growth Wishful 

^^nVzxr-iz h - fn ™ ma " uf *' h '" d vv,sniul 

companies have sc 
cost recovery terms. 

Cushioned 

On the exports side five pro- 
ducts — sugar, coconut oil. 


principal supplier, 

cent T domestic ®“„ 50 _ m . JfL?" F gci5tratl0 . ns of new '^' ls “ Atooe 'Sl Ti,"' the S'i 

supplier in chemical goods, en- 
gineering equipment, steel and 
transport equipment. It has yet 

"nine years win oe miwu. me goods n ; c hel and bananas (both Nonetheless in present inter- to be seen what impact the 
companies have secured fast ' runn j n „ inI0 marketing n a tional trading conditions the appreciation of the yen will 

problems) and other agricul- Government s target of an have. ... . , 

tural products and processed annua 1 2 * F® r *- ,enl in Against the background of an 

fnod. But it is an impetus in- the non-t rad itional export sector unpromising growth in world 
creasingly difficult to sustain. U P to 1987 is wishful think- trade, there are many business- 
Amnng exports of manufactur- ing and as unrealistic as its men and officials in the Philip- 
ing goods, there is the same overall targets of an 18 per pines who press the need for 
copper, logs and copra— account concentration on a limited cent growth in export*. It will exploiting opportunities in 
for over half of Philippine earn- range of products that is visible certainly have to accommodate intra-regional trade — particu- 
ings. With ihe surge in com- a^ng traditional exports. itself to a rate of growth in larly with neighbouring ASEAN 
modify prices in 1974, these 1977 garments, electrical exports below the annual 15 per countries. Currently trade with 
products cushioned the Philip- and electronics equipment and cent of the 1970-77 period. ASEAN members accounts for 
pines against the rise in the oil handicrafts together accounted More to the point is the risk only 3-4 per cent of Philippines 

bill. Their share of total export f or 67 per cent of exports of that any prolonging of the trade— and this includes im- 

receipts climbed to 69 per cent, non-traditional manufactured present slow expansion of ports of oil from Indonesia. Mr. 

But the tailing off of the com- goods recording sales of S246m. exports -could result in further. David Sisyp. President o£_lhe 
modity boom and the slump in si ICim and $75m respectively, restrictions on imports. The Rizai Banking Corporation, 
sugar and copper prices, in Over half of garments exports strong growth of imports in the powerfully argues the case for 
particular, has been the main and about 00 per cent of elec- first half largely seems to have joint sharing of mini-industrial 
factor behind the widening of ironies exports are on a con- taken place in raw materials — ventures and for some co- 
the trade deficit. The five pro- slgnmcnt basis— basically multi- suggesting a build-up of fnven- ordination of investment in the 
ducts still accounted for 51 per nationals from the U.S. and tones — and in capital equip- region. The Government and 
cent of export receipts last year. Japan importing semi-processed ment. particularly lor power the private sector in the Phtlip- 
Largely as a result of this goods to be finished in the generation and the oil industry pmes are in principle agreed, 
dominance the terms of trade Philippines for onward ship- The breakdown of import But so far there has been little 
have shifted by about 30 per ment to their own markets. The figures as published by the action apart from the lowering 
cent against the Philippines gains to the balance of pay- Central Bank are not suf- nf tariffs among ASEAN mem- 
sincc 1972— although there are ments arc thus nothing like as ficiently detailed to prmide any bers on over 700 goods— a 
some signs that this trend is great as the gross export figures real clue as to where reductions gesture that sounds impressive 
now being arrested. suggest. Sales are also depen- might be made without sen- but whose impact is actually 

In 1977 a 20 per cent increase dent on the year by year ously impairing the growth of small, 

in the volume of sales — largely marketing strength o£ the the economy and of employ. 


the result of offloading the companies invulvvd. 


ment But one category that 


D.H. 


Campaign to save on 
energy imports 


REDUCING THE Philippines’ 
dependence on foreign oil sup- 
plies has become a major plank 
of economic policy. Around 95 
per L-em ol rhe country's energy 
requirements* have In be 
imported at a com of about Sim 
a year. But an ambitious scheme 
of energy siiliMiiuiiun initiated 
after the oil price rises* in 1973 
is now well under way and 
officials speak uf hems able in 
meet hall the country’s energy 
requirements from domestic 
resources by J9S7. 

The best knmvn and publi- 
cised of these resources are the 
oil finds off the .south-western 
island of Palawan, which are 
due 10 come on stream next 
year and. n is hoped, will meet 
15 per cent of rhe nation's 
future oil requirements, ur up 
to 4u,H»U barrels a day. But 
Energy Mim.slrr Geronimo 
Velasco optimistically estimates 
that these and similar wells will 
one day meet 30 per cent of 
demand. He is also looking to 
the development of co.il. nuclear 
energy, geothermal and hydro- 
electric power. 

The Minister docs not appear 
to include in his calculations 
any oil that might lie below 
ihe disputed Spratly Islands. 
He contests the disputed nature 
of any oil there by arguing 
that the Philippine Spratiys 
lie only ISO miles offshore (and 
thereby inside the 200-miic ter- 
ritorial limit which has yet to 
! be approved internationaily). 


ARABIA, c/o Philippine Embassy. P.O. Box 4794, Jeddah. Tel. No. 58-678/59-680. Telex: SAUFIL 401760 S.J„ P.O. Box 2773. Dammam, I * . 

Tel. NO. 29342. Telex: 60011 KANOO S.J. - Dammam • HONGKONG 1414-1415 Swire House, 9 Connoughl Road, C. • MALAYSIA. |LOfU£Hl 
3th Fir., Rm. 602, Bangunan Yayasan, Bufcit Bmtang, Kuala Lumpur. Tei. No. £6313. Telex: c/o AVEST MA 30694; Flat 3C, Great Eastern 
Life Bldg., Jalan. Bahasa, Kota Kinabalu, Sabah. East Malaysia, Locked Bag No. 123. Tel. No. 56813. Telex MA 80232; 2020 Sin-On 
Garden. Mile 2 1/2 Sin-On Road, Locked Bag No. 21, Tawau, Sabah, Tel. No. "3030 • U.S.A. 32 Adrian Court, Burlingame, California 

94010. Tel No. 692-4543. Telex 3403S2. EQ 


The Philippines seem reason- 
ably content Id let the other 
Ultnral countries — China, 

Taiwan and Vietnam — argue 

among themselves about other 
inlands m ihe widely disper^nd 

;rotip. .Referring • to the 


Philippine Army units stationed 
on the nearest islands, and Ihe 
possession of an airstrip, one 
official used the seemingly 
appropriate phrase of "piibscv 
slbn being nine-tenths of the 
law.” 

For the moment a lot depends 
on the successful exploitation 
uf the so-called Nido One and 
South Nidn One closer to land- 
Five wells are to be established 
in the area off Palawan and 
a delegation is just about to 
go to Singapore for the 
inauguration of the first dril- 
ling rig. 

Minister Velasco seems less 
than concerned that the two 
oil finds dale back tn March 
1976 and July 1 977. respectively, 
with plenty of drilling but hub* 
oil found so far. Instead he 
emphasises the develop incut 
priority rather lhan exploration 
ai the moment and points out 
Ibai ihe world average ratio 
for dry wells to proven welln 
is 33:1. 

As yet gas has not hoen re- 
ported in comme.rcial quantities 
so cual exploitation is the 
second priority — but very much 
scrond. Between 1973 and 1977 
only S13.7m was spent on coal 
exploration, development and 
production as compared with 
-S177m on oil. But the output 
uf over 250.000 tonnes a year 
is a six-fold increase cm tho 
1973 figure. One advantage of 
this mineral resource i s that 
verified depo.Dtj. are said to be 

well distributed among (he 
islands. One of the basic 
problems nf serving ihe 
Ihnu.iands nf the islands that 
make up the Philippines is 
supply. 

• The 5*nthermal power of thp 
Philippines arises frnm tlipJr 
volcanic origin and can he 
tapped in the same way as is 


already done in the us. and that such a plant is being in- 
New Zealand. Minister Velasco .stalled in an area of volcanic 
sa .ff , thal hv h,s , f >untr.v activity. Minister Velasco says 
wtll be second only to Hip U S. that no decision has yet been 
xn this form of power -enera- taken on the second unit be- 
•L""’. A h 7." re f ab,mt 2.«on cause the authorities want w 

u - , s,,£? t,je experience nf the first 

I11 the six-year period up to plant 

h-H H °n e u vvells Meanwhile exploration sti« 

luid lieen drilled tor this sort continues For uranium deposits 

f re now ®." islands and although the 
Me areas under development, size of the exploration indicates 
are c ommg into operation, there may be lairlv good possi- 
^l Udln f, OIV \, Sei 7' m3 Part of bim,es - tlie Morons power sta- 

E^eniiiflv ‘ a h p 3 nr ! ,on 13 intended tn use uranium 

Essentially the process in- bought from abroad. 

volves finding a source of dry About 17 per cent of present 

£ nf JS 1 3 lurMn « P"*er generation comes from 
e S -^PCare to hydro-electric plants which 

Joars after whTrh , LV vfT I,av5 0 heen established over the 
L, £! C 5 n !, h ne,l ‘ ho,e P®st 30 years. In the next ten 
ha., to be drilled to tap the re- years rim figure is expecSd to 
sources of the sanrn field. n-e t„ ..ver :« p 4 cem ffs diV 

“ * ^mparanweely unknown uibuiion is uneven though. I! 
area of scienmic invcsligiiimn mmnM..- u..i, .2 

,7- - - 

areas D ^o The ‘wivSe ’ • , The sn,a,lne « many of the 
T-wui ST'S worthwhile 

=s-wrsa 

; 5 u r£ r Efr s, " SHa "” 

been nuclear power because of doveiaamenT 0 ^ nl * ner ^ > SOUr “ 
concern at the high price nf solar wind anrf P K- 0srammc " 
contracts awarded by the S ™25 " 

American Wes tingbouse group tial » R5 f St P ° o' 

to local concerns. P ' ' USP ° f a?nmil- 

The first nuclear plant at S Li*.. 1 orapr Wa * I « trfi ^ 
Morong -on the Bataan penin- ?,* * '1 ^ n 2ti 5usiir “5 

sula across' the bay from Manila eth^K? 

«s due for completion by ISS-T wv u o.-. npr " °. e 

« KJ 1 : ,t r nVSK-J? 

Philippine, only nnelear pn,or i an(1 , , n ", wh.chThVphTpSlS- 

Costs hsve risen nnd thorp are ; l v -nwilMir fI*! fnl 

also worne, to be beam abroad 

CONTINUED ON NEXT PAGE 













XMOST TWO years after the 
tgning of a ceasefire agreement, 
lood continues to spill in the 
luthem Philippines, where no 
'-..nd is in sight to the festering 
x-year-old Moslem rebellion 
ir Self-rule, despite efforts by 
tdonesia ; and Malaysia • to get 
. ie two sides hack to the nego* 
ating table. 

The problem — the most 
•rious armed threat to the 
! artiai law regime of President 
areas — is compounded by the 
; C£ that the armed forces also 
ave to fight off Communist 
lerrillas on another front. ■ 
Mr; Marcos has claimed that 
ie - Moro National Liberation 
' ront (MNLF) in. the southern 
indanao and Suiii. regions and 
e New People's Army (NPA), 

’ ilitary arm of the Maoist Com- 
r; unist Party of the Philippines, 
tre joined forces, citing as 
oof documents ■ allegedly 
raptured from Communist 
. dres, who are known to favour 
ch an arrangement. Field 
mmanders in Mindanao, bow- 
er, do not agree, and say that, 
e oil and water. Communism 
d Islam do not mix. 

Defence Minister Juan Ponce 
..irilc recently estimated the 
• mmunist strength at about 
flO, with a mass base of 
000, and placed the number 
active Moslem rebels at 


20,000; including 13.009 armed 
regulars. The’ figures indicate 
the two dissident movements 
are much stronger than had 
been previously officially 
acknowledged.-...’. 

A solutimt to .-both problems 
depends to a Urge extent on 
the amount of funds ' available 
to Ur. Marcos’- ' Government 
without further . denting - the 
country's ' economic position. 
Some observers think that Mr. 
Marcos has tied the insurgen- 
cies to- the negotiations with 
the United: States on new 
economic and. military treaties, 
in which;, one; Of j -the central 
issues- is the amount of rental 
or military and economic aid 
Washington has- to pay for its 
two military base& : 


Reason 


The Communist insurgency is 
decades old lad was a major 
reason cited by Mr. Marcos in 
his martial law proclamation in 
September, 1972. After being 
crushed in the 1950s, when they 
were at Manila’s doorstep, the 
movement was reorganised in 
1968 by political science 
professor Jose Maria Sison. and 
the party's oid t Soviet line was 
forsaken in 'favour bf Maoism. 

From Central . Luzon; the 
traditional hotbed of Com- 


energy 


‘NTlNUED FROM PREVIOUS PAGE 


sion into solid, liquid or 
ecus fuels. 

'he extent of the current 
>rt of the Philippines to. 
-nge the nature of its energy 
iciency to its advantage is 
jressive, but because of the 
. wth of energy demand its oil 
>orts will. Increase even. if 
ir ratio- to total demand de- 
: es. This means therefore 
t an oil price increase would 
- have a debilitating effect 
i pure -status terms the 
eminent efforts have meant 
: the Philippines .National 


Oil Company ■ has leapt from 
nowhere into' position 264 of 
Fortune Magazine’s yearly list 
of the top 500 corporations out- 
side the U.S. There have been 
doubts about the willingness of 
foreign exploration companies 
to sink money into Philippine 
contract areas. It . now seems 
as if, -just as with the Initial 
finding of oil a 'year to 18 
months ago,: this part of the 
economy is in need- of another 
major find to boost morale. 

S.H. 


munist activity, the revitalised 
party spread northward to the 
Cagayan-Isabela region, then 
southward to several provinces 
in the Visayas Islands of the 
Central Philippines and eventu- 
ally further south to portions 
of Mindanao, including the 
Zamboanga Peninsula, where 
the MNLF is active. 

The Government had always 
maintained that the party drew 
financial and arms support from 
China. But it is also known to 
have received handouts from 
politicians during election cam- 
paigns before 1972, apart frum 
deriving steady income from a 
lucrative black market in goods 
from the two giant U.S. bases 
in Central Luzon and other 
ancillary services such as night 
clubs and prostitution. 

While earlier this year the 
Government claimed to have 
dismantled the entire party 
apparatus with the death or 
capture of most of its central 
committee members, including 
chief ideologue Sison and NPA 
commander Bernabe Buscayno, 
Mr. Ear lie said recently that the 
party has been “ relatively suc- 
cessful " in its “ expansions 1 
and organizational drives.” 
Where earlier Defence Ministry 
spokesmen said the communist 
strength was no more than 
2.000, Mr. Enrile's figure of 

9.000 men and a mass base of 

85.000 are slightly lower than 
the Government’s figures of 

10.000 armed men and a 
100,lH)0-strong mass base at the 
time of the martial law crack- 
down. 

Must of the recent clashes 
between Government forces and 
the NPA have been centered in 
the Northern Luzon area, 
occasionally in Samar and 
Panay Islands in the Visayas, 
and in Davao and Zamboanga in 
Mindanao, where many of its 
leaders are reportedly women. 

Mr. Enrlle has, however, 
added a new twist to the com- 
munist movement In June, be 
spoke of military intelligence 
uncovering wbat had been until 
then an unheard of “United 
Filipino Democratic Socialist 
Party." Although he did not say 
how strong it was, Mr. Enrile 
said the group, distinct from 
the . Communist Party, had its 
own' " National Liberation 


Army” and aimed at establish- 
ing a “democratic socialist 
republic” through armed 
struggle. “If not handled early 
enough, it will create a more 
dangerous situation." he said. 
Nothing has been heard of it 
since, however. 

Since the breakdown of the 
ceasefire in Mindanao after the 
massacre of an army general 
and 34 of his officers and men 
during a peace meeting on the 
Moslem rebel island stronghold 
of Jolo last October, hundreds 
of people have been killed 
either in terror attacks 
attributed by the authorities to 
the rebels or In massive "police 
operations ” backed by aerial 
and naval bombing, to dear 
known rebel strongpoints. 

Since its outbreak a month 
after Mr, Marcos proclaimed 
martial law. tbe southern war 
claimed up to the time of the 
truce the lives of between 

30,000 and 50,000 civilians by 
Mr. Marcos’ own estimate, not 
counting 20,000 combatants 
estimated killed and at least lm 
people displaced. Defence 
officials are secretive on the 
□umber of people killed during 
the past year, but a field com- 
mander in Jolo said that in 
the four months immediately 
following the October massacre, 
at least 236 Government 
soldiers and more than 800 
rebels were killed on the island 
alone. More than 100 people, 
many of them civilians, were 
killed in a new fiareup of rebel 
activity in the south during a 
two-week period last month. 


Students, clergy and workers march through the streets of Manila in April to protest, against the Govern- 
ment's handling of the national elections. Opposition leaders and marchers were arrested. 


Warned 


Although Mr. Marcos himself 
had said, when he opened the 
interim National Assembly in 
June, that the MNLF revolt had 
been beaten, he warned last 
month that unless the peace and 
order situation in Mindanao 
was checked immediately 
through “aggressive police 
action,” there would be a 
"weakening in the civilian com- 
munities - that will allow the 
rebel forces to grow and gather 
strength.” 

Prospects of the Government 
and the Mom Front returning 
to the conference table after the 
collapse in April last year of 


peace talks mediated by the 
Islamic conference are dim. 

Apparently disturbed by the 
possible implications of the con- 
tinued fighting in Mindanao on 
their own security, as well as 
that of the Association of South 
East Asian Nations (ASEAN), 
Indonesia and Malaysia called on 
the Philippines Government and 
the MNLF in May to resume the ; 
peace talks. 

Mr. Marcos's reaction was not 
one to invite cheer. While say- 
ing he was gratified by ihe 
position taken by Indonesian 
President Suharto and Malay- 
sian Premier Hussein Onn in 
their annual summit meeting. 
Mr. Marcos said new difficulties 
had arisen. The Philippines 
Government, which claims the 
MNLF has been fragmented into 
small outlaw bands by an 
alleged power struggle within 
its ranks, apparently no longer 
recognises the leadership of 
Libyan-based MNLF chairman. 


Nur Misuari, and says it will 
only negotiate with leaders 
capable of enforcing any agree- 
ment that may be worked out. 

The peace talks broke down 
over MNLF demands for auto- 
nomy in 13 southern provinces, 
where the 24m Moslem popula- 
tion of this predominantly 
Christian nation of over 44m 
are concentrated. Philippines 
negotiators rejected ' the 
demands as virtually amounting 
to seccession, and both sides 
drifted further from a settle- 
ment when Mr. Marcos went 
ahead with a referendum in the 
13 provinces over objections 
from the MNLF and its Islamic 
supporters' oh the way the 
questions were framed and on 
the manner the referendum was 
held. 

In a speech marking the sixth 
anniversary of martial law last 
month. Mr. Marcos said it was 
now time to hold local elections 
in the 13 provinces according 


to the results of the referen- 
dum, in which the people 
rejected the MNLF leadership 
and voted for the Government's 
proposals for a limited form of 
antonomy. Mr. Marcos did not 
give any indication as to when 
the elections will be held, but 
they are almost certain to spark 
an escalation of rebel activity. 

Defence Ministry sources say 
’hat intelligence reports show 
that the MNLF continues to 
train guerrillas in the East 
Malaysian state of Sabah, which 
the Government had said in the 
past was used by the rebels as 
a transit point for the smuggling 
in of Libyan - supplied arms. 
"This does not mean that the 
Sabah Government is behind it 
or knows about it.” the sources 
said, adding that there were also 
indications that the rebels con- 
tinue to receive foreign financial 
support although “it is much 
less than it used to be.” 
Libya's Moarnmar Gaddafy is 


known to he a staunch sup- 
porter of the MNLF. 

Meanwhile, a group nf Moslem 
and Christian leaders and 
scholars put out after a recent 
conference a paper stating that 
Government claims of develop- 
ment in the south were "mis- 
leading or simply untrue." and 
that reconciliation efforts were 
being set back by continuing 
abuses on both sides. 

The statement said that, 
despite much publllclty about 
the Government spending 
millions of dollars on the 
region's rehabilitation and 
development, what this actually 
amounted to was only "electri- 
fication here, a cemented road 
there, an irrigation project over 
there," and that most of the 
development programmes were 
•* promisory notes on the 
future.” 

J. M. M. Suarez 


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THE PHILIPPINES X 




Draining mater in a Philippines village. 


prices erratic 



AG RI CULTURE IN the Philip- 
pines seems likely to show an 
increase in production again 
this year, which will mean record 
overall growth for the third 
year running. Last year the in- 
crease was 6.1 per cent. The 
value of the commercial crops 
on the other hand— especially 
>ugar and tobacco — is likely to 
:how a continuing fall, although 
this will be offset by good prices 
for coconuts in which the 
Philippines is the world leader. 

The main bright spot is the 
continuing surplus of rice and 
the self-sufficiency in corn for 
human consumption. However, 
experts consider that the rice 
success is as much due to lack 
of typhoons and improvements 
in irrigation as to any Govern- 
ment programme. Corn for 
animal feed still has To be im- 
ported. The term “surplus'* for 
rice is also still largely semantic 
as it only amounted to a few 
hundred thousand tonnes and 
sales to otheT ASEAN countries 
were at less than market price. 
Nonetheless the performance is 
well beyond what would have 
been expected a few years ago. 

In a recent interview the 
Agriculture Minister, Mr, 
Arturo Tanco, said of other 
crops that banana output would 
no! increase much since the 
i Japanese market was pretty 
well saturated and the Middle 
East market only lust beginning 
to develop. He also said that 
cotton product inn would be 
hark to average levels this year 
niter being hurt lait year by- 
pests. Acreage would more 
than double. 

The diversity of climate 
among the islands has also 
meant that, although some have 
had good rainfall, others have 
had drought. Tobacco craps and 
banana plantations on the 
«mithem island of Mindanao 
were among those affected by 
lack of water in 1977. according 
iu a Central Bank report, tn 
meeting the food demands of 
the population, however, the 
position has been helped by the 
vegetable harvest leaping ahead, 
with almost ail varieties giving 
good crops last year. 

Predicting good general crops 
fur this year, the Agriculture 


Minister has pointed out that 
farmers' purchases of fertilizers 
are up 27 per cent in volume 
terms for the first half of the 
year. 

Including fishery and forestry, 
agriculture is the largest sector 
in the economy, employing half 
the labour force, controlling 
one-third of the net domestic 
product and contributing two- 
thirds of the country's export 
earnings. 

Government policy in the 
sector has been to ensure 
greater prosperity and stabilisa- 
tion of incomes, introduce land 
reform and prevent a -drift 
towards Uie . towns. The main 
thrust has been the Masagana 
99 rice production programme, 
which is now in its sixth year, 
and the Masaganang Maisau 
corn production programme. 
Both have involved distribution 
of high-yield seed varieties, 
credit schemes, provision of 
fertiliser, pesticides and modern 
agricultural techniques. There 
have also been other projects 
such as the Palayan NG Bayan 
scheme to open up uncultivated 
lands to production of rice, corn 
and other staples, and one to 
improve the production of vege- 
tables grown on small garden 
plols reaching the commercial 
market. 


Livestock 


A weakness in Philippines 
agriculture is the amount nt 
dairy products which Mill ha- 
lo be imported, about 35 per 
cent of total needs. Beef also 
has tn be imported, although 
admittedly tropical conditions 
are pom* for cows, Ihe pasture- 
lands being marginal. There 
arc a couple of livestock develop- 
ment farms but unc expert con- 
siders them merely “on the 
books." Often ranches are just 
a way for big landowners to 
avoid laud reform to which they 
are imt subject if they dn not 
have tenant farmers. 

The division «jf responsibili- 
ties through NHveral Ministries 
and departments is another 
weakness — (here are separate 
Ministries for agriculture, agra- 
rian reform, forestry and human 
settlements, and separate depart- 
ments and marketing agencies 


for sugar, coconuts and rice. 
There are also complaints of 
lack of co-ordination between 
three different agricultural 
extensiun agencies. 

" Part of agriculture's success 
in recent years has been due to 
rural- credit. The repayoient 
rate is now 31 per cent, which 
Government officials look upon 
as good, and. which they say, 
compares well with industry. 
Outside experts report a decline 
in the use of the credit, because 
Government-sponsored money 
came too late and was held back 
from those who were late in 
repaying previous loans. (Money 
instead was being sought from 
raiilowners, banks and friends 

all-ttui old forms . ) Official 
figures suffer from almost a year 
lime lag -but would also appear 
to confirm this. The total 
amount available last year from 
both puhlte and private sources 
was fractionally lower than the 
figure for 1976. 

For those participating in the 
Government’s supervised credit 
scheme crop insurance is now 
being provided, although 
initially only for rice. It will 
give cover against weather, 
plant disease and insects. The 
insurance is optional for the 
self-financed farmers. In return, 
those who participate must he 
supervised by Masagana 99 
technicians. 

In a bid rn boost ancillary 
industries the government has 
just announced a programme of 
lax incentives for those enter- 
prises which produce or process 
agricultural products or fish. 
This sort of business had been 
allowed m henefit from previous 
incentives to general industry 
given by the Board of Invest- 
ments. but a Government 
official explained that weather 
and varying commodity prices 
had made the area a risk busi- 
ness, and further incentives 
were necessary. The new law 
will allow lax deductions for the 
cost at transporting thp $ond*, 
for research and development, 
for the cost t»r new building, 
roads and bridges, and tor 
maintaining them. Breeding 
stock will also be considered 
as capital equipment. 

The picture on the smaller 


Forestry 


Our story in three words: 



ENGINEERING EQUIPMENT 


PIOI 
GRO 
LEI 



G. 

„ H. 

ERSHIP. 





MACHINERY DIVISION 


CONSTRUCTION DIVISION 


FOUNDRY DIVISION 



W 

I 



% 


i . 


crops, apart from rice and com; 
is more varied. Tobacco is down 
and more imports were reported 
last year to balance demand for 
certain types. Extremely dry 
weather is not helping. The 
longer term outlook is more 
optimistic, with a switch 
towards Virginia and buriey in 
preference to native tobacco. 

The coffee crop has been 
good, with production up 5 per - 
cent and exports increasing by 
more than 40 per cent to 17.000 
tonnes. The decline in prices 
is still considered favourable*® 
producers. On the other hand 
fears have been expressed that, 
after the signing of the inter- 
national coffee agreement in 
October, there will be a lbs&of 
markets since the Philippines 
is not a signatory. 


* 

f ! 


A blight on the side of agri- 
culture has been the forestry 
programme, which in recent 
years has been ambitious to the 
point of being out of control in 
the pursuit of export earnings! 
Anxiety is openly expressed - 
about the wholesale logging, 
which not only outstrips efforts 
at reafforestation but also . 
results in soil erosion and silt- 
ing of dams and rivers. There 
are complaints of Jack of 
co-ordination in the replanting 
programme and that dams with 
a projected life of 100 years will 
now be useless after 75. Flood- 
ing can also result 
For the moment the general 
optimism hides continuing dif- 
ficulties and uncertainties, 
mainly concerning world com- 
modity prices. The Government 
intervention has helped to 
stabilise these effects, but there 
is constant anxiety over margins 
on Government suppon prices. 
Also land reform and the better 
provision of extension serviws 
still have a long way to go. 
whatever improvements aw -i 
made muld still be Tuined by 
a reason of bad weather, and 
iimitaiion? because of- the- 
widely diaper-eel islands also 
lead to uncertain markets arid 
the persistence of marginal 
agriculture. 

S.H. 


OVERSEAS DIVISION 


Mmmg. muhrwj. taraSfy, 
transport, constractlpn. 

Libor .itory. moiaihirqnrfi. 
rantpruk; lundling. <.ifciy 
fiMduno lod. pnUoteum, 
eiec.iftcaf jud 
lOlpcBnunumcatiiuis 
ttiutpTOi'l. t5im<V> and mill 
suppliers, equipment mntol. 


Turnkey and nvnmpnonco 
cantlor.fe. 'Ujr.igo lunkn, 
pjasoura vpvtolu; piping, 
inpiumDiiMUofi. siiuciurai, 
m»w.hanic.nl and rlsnl Mark, 
male-wils h.indiuvj. air 
conditioning (no 
■ proton non syaltma, bulk 
earner* 


Manganese slael. tfaWeis 
aioeJ. nigh and low alloy 
sterns. carbon steal, wMo 
nncLamy trai, and non- 
lerrou; Mslmqn, Nennsoe 
for ESCO figging and 
eartti-inoving equipment 
pJIR 3rd WARM AN oolids- 
fiDndlmg pumps. 


General contacting. project 
manogomer*. anginoormg 

senneea. manpower 
sendees. 


Execute 'OH***. Adminfctralion. Oversea* & Machinery Oiufeteiw: no E. RodrinuerAve.. Ofttgra Industrial E state nr 

Tel. 7*3-011 • Cable- ENuCOMACH. MANILA m Tolu*: Eastern PH 3695 EClUEN. RCA ?22 5533 ESMPH WAT2^ spflTrnB?* 3005 
.. Ccnsifuctinn fi Foundry nivlr,.(»n- afli _i b.--. “ ***■■*“ EEIPK 


_ ; n,tfl6, * n =■ 391 J- RkM. Namsyan; Mandiluyong. Met-o Wanda 31:9 

T«i. 766-0U • WlCIC. 5.NGCQ, MANILA e Tettjr. PN 365B ENGCO, 7Z2T374 EE1PH • P.O, BOX 13 £b 


IMS, Manila 2301 











THE PHILIPPINES XI 


"t-i . 






still looking 


•' PHU^BSESB& is appar- 
- > |1 overeating its surplus of 

Lf 1 roon^twfudi were a legacy 

kj&L. | ’Cl-lhe 'lfiT&IMFiconferenee in 

. - * • ^fanilfc. g&c huge debtsihaurred ' 

TicT : the;.'l>tt3ding projects no 

- V.-?^ longer -seeni so awesome as the 


becoming inore familiar, to 
A-- rthe world tourist, the country’s 

potential. will, according 
,_ some ^local _hptel manage wy 

vk.. stiH lie^rery^nliBch' ip the future 


‘Rptr: **:¥»« 

•K.’m 


but 


^ and a. Iot more work has to be 
g dop e'ia terms . of 'prom otion 'and 
n ensuring a : profitable business. 
SgThe fourteen new hotels -built: 
s»3n Kfaifila in 'the last four years 
5$ added S.000 rflotHS anffthey still 
■%■ have ■ to ' “hustle” for business, 
tryingi to . underbid,, each other ' 
and warding off the worst deals 
of travel agents abroad who take 
full advantage of the position. 

The UNCTAD conference next 
May is the next major milestone 
i , in the development of Manila 
as a convention centre, and the 
Karpov -Korchnoi chess ebam- 
. pionship, which has been fought 
* out in recent weeks at the hill 
resort of Baguio in the centre 
of Luzon Island, is an indication 
of the major sporting events 
which the Philippines can 
attract The profitability of such 
ventures is another matter. 

Explanations for the unprece- 
dented growth of the Philippines 
a.- a tourist attraction lie, 
according to those directly 
involved, in the. more stable 
-- political atmosphere' of recent 
.years — they mention the signs 
. “ Please deposit your side arm 





in the foyer " whidrbotels had probably the liveliest night life 
to ^display .beftpre martial law in Asia and an increasing 
• was imposed in 1972- in a bid number of excellent restaurants. 
: to stop the’wHff west atmosphere t,,, ^de Bse of English 
or Manna from impinging language and the genuinely 
directly on visitors. Even now, friendly and helpful attitude of 
however, Manrfla remains, a the people make light of the 
town ,wfth_ plenty of bright frustrations of travelling. Histor- 
llgfcts and Sheets teeming with jcaliy, the Philippines is a mix 
bars anSd restaUx^nts, . while just of the basic - Malay slock 
offshore- a brightly. lit floating changed by successive Spanish 
casino tempts tnos^ witn bigger afU j American colonial infiu- 
money. ences .with a dose of the Orient 

g-\ - - j “ ijV'-.T from the Chinese culture based 

l V-. - just a few hundred miles to the 

The- .. Undersecretary " for no I^- ; " ' . 

Tourism, Mr; Gregorio 1 Araneta There is more than a hint. 
It, seems fully confident of however, of Latin America in 
achieving greater growth and a colour and vibrancy of life, 
substantial ' 'share of western example is the new buses 
tourism to the ASEAN coun- brought into Manila Fnr longer 
tries. Englfch; he says, is far u r^ an ^utes. which are air-enn- 
more widely spoken- .in the ditinned and which the local 
Philippines : than in the other authority has termed “love 
countries. For the moment, buses'* — the slogan is written on 
however, he is restricted by f be side of each, inside a huge 
having the third lowest budget heart. Passengers are enter- 
of any government department, t a * ne d to stereo music from 
the equivalent of less than $9m. cassettes. The other main form 
With this he is running a Gov- of Public transport— “jeepneys. 
eminent department and an saily coloured converted jeeps 
executive arm, the .Philippines 7T°^ er Sl f n ^ ar entertainment 
Tourist Authority. The Govern- Nor ls rhis flufhty a reaction 
ment is only how setting up ru . a raorei official ana staid 
more tourist- offices abroad. society around government, for 

The attractions of the Philip- f v f n ,- {L Department of 
pines are many. The main sea- In,anrt Revenue there is piped 
son far tourists is the summer P°P music in the corridors, 
months from January to May. In There arc, of course, dangers 
the latter., part of the year, for the more adventurous 
especially. -in the north of the tourist. The southern island of 
country, typhoons may lead to Mindanao is affected by the 
days of rain or even worse dis- Muslim insurgency, and raove- 
ruption. ' The 7J0G islands ment is restricted outside towns, 
present a huge range' of white And even inside the city limits 
sand beaches, mountains, vol- terrorist incidents sometimes 
canoes, rivers in roaring gorges occur. Mr. Araneta admits that 
and tropica] jungle. Manila has he had tn cancel a recent trip 


to a resort on the island because 
there had been an ambush on 
the road. He hardly lets it affect 
the rest of his confidence, 
shrugging it off with a catch 
phrase, “terrorism and tourism 
do not mix." .Elsewhere on the 
islands, the smaller left-wing 
movement, the New Peoples 
Army, also effectively curtails 
other tourist activity. 

Intrepid travellers who might 
be disappointed by these 
features are comparatively few, 
and so they have little apparent 
effect on, ' say. charter groups. 
As it is Mr. Araneta. admits to 
a less than enthusiastic welcome 
for hippies and ohviously pre- 
fers the rewarding charter 
groups. He expresses some dis- 
appointment that airlines were 
not anxious ro use . airports 
other than Manila, but says the 
domestic services of Philippine 
Airlines provide good connec- 
tions to other islands. 


Quarter 


About a quarter of tourist 
inflow comes from the U.S. or 
from overseas Filipinos twtao 
often live in America), and 
although it is a long way the 
new 50 per cent cross-Pacifie 
charters help to maintain the 
attraction of the route. 

A similar proportion comes 
from Japan, the largest single 
national group, for with the 
Philippine peso effectively 
pegged to the dollar, the value 
of the yen is enormous. 
Officials say that the Japanese 
traffic is back to normal after 
a scare last year after a return- 
ing group caught cholera. The 


prospects 


THE PHILIPPINE mining in- 
, flustry. is barely over the hump 
_ of its troubles. Yet it has been 
reopening dosed mines, deve- 
loping new ones, and even 
'moving forward into smelting- 
. and refining. Significantly;, over- 
seas, dreditoxs are . providing 

"f I h a n c l a i accommodation, 

probably reflecting not only an 
improvement, however slight, 
in the market for mineral pro-' 
ducts but also - continuing 
liquidity in international money : 
• centres.-' " 

Biit judging from the remarks, 
of those m the industry 4 ; the 
: -overall mood is at best 
cautiously optimistic. At least 
one major- copper producer re- 
gards the current . price re- 
covery as suspect The be- 
haviour of nickel is erratic, and 
' that of chrome only a little 
better. Only gold right now 
commands a good price, but the 
benefits of bullion -movements 
are locally being negated by 
rising costs. t ‘ 

Earnings performances reveal 
cross-currents on a first 
quarter basis, net income of 
three members of the copper 
“Big Four" was higher; 
5*!.7bn pesos this year from 
.T».Sbn last year for llarcopper 
Mining Corporation: 24.41 bn 
from 17.9bn for Lepanto Con- 
solidated Mining Company and 
tn 71.7bn pesos from 53.1bn for 
Phifex -Mining Company. 


Plunged 



On the other hand net income 
of Atlas Consolidated Mining 
and Development Corporation, 
the country's leading copper 
producer, plunged to 10.5bn 
pesos from 6o.5bn. White copper 
concentrate exports fetched 
more or less the same price 
abroad the difference in opera- 
-utnral fortunes seemed to be in 
x production costs — which turned 
out to be higher for Atlas com- 
pared with the three others in 
the “Big Four” 

- Marinduque Mining and 
Industrial Corporation, the 
country’s biggest-- nickel pro- 
i. ducer which also operates a 
fenpper division arid a cement 
division, incurred a net loss of 
M.56bn pesos in January-June 
this year, bigger than the net 
loss of 17.22m in the correspontt- 

I ing period last year. Higher 
production and bigger- sales 
were more than offset by a 
{heavier • debt service load. 
I -Marinduque' s financial- charges 
jumped to lf>7.62m pesos from 
a previous 74.5 1 ffl. • 

There was a induction in 
net income of the leading 
chromite producer. Consolidated 
Mines Incorporated,.' which has 
Just put into production a 
copper .property. The parpin? 3 
reduction was to 21,06m pesos 
from ‘23.82m on a first-quarter 
basis. . Benguet' Consolidated 
Incorporated. the biggest 

primary gold, producer, earned 
4&35m pesos, net in January- 
June this year, 64 .per cent 

above the corresponding. period 
last year, but the improvement 
was mostly due to a strong, earn- 
ings performance qf Its money- 
making nortinining.. subsidiary, 
.Engineering Equipment Incor- 
porated. . : * * 

• Whatever is indicated by. mar- 


ket trends and the profitability 
picture, the mining industry is i 
alive with expansionist activity. < 
One new company, .. Superior 
Mining _and Industrial;. Corpora- : 
tidh, recently joined the ranks i 
of producers ■ when, it shipped < 
,1*000 metric tonnes-' of metallur- i 
gical -chromite to - 4apan from .; 
its -property in Opol, Misamis. 
.Oriental!'- Sonthern Philippines.. ■ 
It is preparing a 2 ,000-tonne ore: 
shipment to Europe for the first 
week of next month. . 

Barring last-minute hitches, 
two other.-hew mining groups., 
wili -be ; in commercial opera- 
tion before this month is over. 
One iff 'Ore-Philippines Mining 
and - Industrial Corporation, 
which Is mining direct shipping- 
grade copper ore in Carawisan. . 
Antique. _ Central Philippines. 
The other is Sabena Mining Cor- 
poration, which is about 
to complete a Siam mill at its 
mining property in New Bataan, 
Negros Occidental, also in Cen- 
tral Philippines. 

Early- this month one old 
coucern which closed its copper 
concentrator in November last 
year and confined activity to 
waste stripping - resumed ore 
extraction. Western Minolco 
Corporation said it will re-open 
its "concentrator next December 
for a full return to production. 
Its mining-concentrator facili- 
ties are in the Baguio raining 
district of northern Luzon. : " 

Two other old producers, both 
in gold mining, plan to resume 
operations shortly. They . are 
Atok Big Wedge Mining Com- 
pany in the Baguio gold mining 
district and Manila Mining Com- 
pany whose property is in 
Surigao. Mindanao, Southern 
Philippines. Both closed their 
mines sometime in 1976 at the 
height of the market slump. 
Recently Atok Big Wedge 
increased' its capital from 6m 
to 60m pesos — preparatory, it 
said. To re-opening its mine late 
this year or early next. ■>'" 

The big companies have new 
projects too. For example,, 

Benguet Consolidated i$ 

developing a recently acquired 
copper-silver mine of Dizon 
Mining Company in Zambales. 
the Luzon province along the 
China Sea coast. Atlas Con- 
solidated is reviving ite -sola 
project in Arorgy. Masbate 
I. si and. Central Philippines. It 
also plans lo set up a 
molybdenum' concentrate^ plant 
in Toledo. Cebu, central 
.Philippines, . in order to 
maximise recovery u* tjte 
molybdenum content of the 
same Toledo orebndy Melding 
copper and by-product gold and 

silver. . . . .... 

Marinduque Mining is trunk- 
ing of setting up a cobalt plant 
to produce refined cobalt out of 
the by-product of lts ; n,ck ? 1 
minins-refining °P era “°°hpro 
Nonnc, Surigao So “ lh , e ,™ 
Philippines. Marinduque also 
nlans to resume production. at 
its Bagacay copper mine ami 
mill in Samar. Central Philip- 
pines. following derelopment of 
additional ore reserves. Milling 
was suspended a year a B o 
to reserves depletion and a then 
stiH very poor market for 

CDP ,Tfor Mareopper Mining. It 
■uante to' develop its San Antonio 


mine bear its operating Taipan 
mine on Marinduque Island, 
Central Philippines, into another 
mipable ore source as the 
reserves of Taipan are mined 
out year after year,. Lepanto 
Consolidated and Philex Mining 
are- just about the only major 
.producers without new projects, 
though Lepanto has a piece of 
the action In the rehabilitation 
of Manila Mining under an 
operating agreement 


Financed 


The Dizon copper project of 
Benguet Consolidated is being 
financed by foreign loans and 
suppliers’ credits from various 
sources, with a combined fund- 
ing of $43ra. There is an avail- 
able credit line from overseas 
financiers for the Arorv gold 
project of Atlas Consolidated. 
It is understood that there are 
offers of foreign financing for 
the San Antonio copper projecl 
of Marcooper Mining and the 
Nonoc cohelt project of Marin- 
duque Mining. The only 
obstacle is tha] th rt Philiooinos 
this vear reach*'ri the rpilina «mi 
foreign borrowings imnoscH hv 
the Intpi-national Mnnetary 
Fund (IMF). 

The two recent financial 
accommodations, therefore, are 
either of the debt refinancing, 
nr loan restructure type, not 
covered by the IMF restrictions. 
One of them is a $62m loan 
syndicated by American Express 
International Banking Corpora- 
tion for Consolidated- Mines. It 
will be used "by the lncal 
chromite-copper producer to re- 
finance obligations arising out 
of old loans of S57m in connec- 


tion with its loo copper project 
on Marinduque Island. 

The other involves an $80m 
loan syndicated by ' San 
Francisco’s Bank of America 
and Hong Kong's Wardley group 
in 1976 for Atlas Consolidated 
in connection with the : - com- 
pany's new Carmen copper pro- 
ject also in Toledo, Cebu. Under 
a recently signed agreement the 
creditors ..reduced the. loan 
interest from 2 per cent to 15 
per cent above. London Inter- 
bank rate, suspended amortisa- 
tion '.payments' for lhrpe years 
and granted Atlas a new. standby 
credit line of $30 m. 

In agreeing to the loan 
restructuring the lenders noted 
not only a turn for the better in 
copper price movements but 
also a revised contract between 
Japan’s Mitsubishi Metal Com- 
pany and Atlas Consolidated 
favourable to the local com- 
pany. Under this contract 
Mitsubishi cut its smelting 
charge on Atlas copper concen- 
trate by US5 cents per pound 
from last July, thereby con- 
siderably bolstering the Atlas 
earnings potential. 

Apart from Atlas Consoli- 
dated's molybdenum plant and 
Marinduque Mining's cobalt 
refinery, the other forward 
integration move in the mining 
industry is . that involving 
copper smelting. This a joint 
venture between the private 
copper mines and the Govern- 
ment. It has been in the 
organisation stage for the past 
two years but the question of 
smelter site has not yet l>een 
finally settled and there, ls no 
firm decision yet on whether or 
not the project will be under- 















Philippines maintains that the 
disease did not originate in the 
islands. 

British tourists are the next 
largest group, with about 8 per 
cent of the market, with 
Australia a couple of percentage 
points behind. Filipinos tend to 
play down the significance of 
their island to the Australian 
market. For those not familiar 
with the geography it is a flight 
of about seven hours involving 
a time change of three hours. 
Other ASEAN countries are 
very much closer. 

About 6 per cent nf the mar- 
ket are Hong Kong Chinese, 
who have become a centre of 
controversy because of strict 
regulations regarding their 
entry. In order to make sure 
they do not stay on as illegal 
residents, the Philippines Gov- 
ernment has been requiring 
them -to deposit their certificate 
of identity on arrival at Manila 
Airport, stay only ten days and 
change into pesos $200 a head. 
Government ministers hare now 
said they will try id cut through 
this red tape. 

For thousands of Chinese 
from Singapore and Hong Kong, 
Manila was the place this year 
to spend the Chinese new year, 
with the result that most of the 
Manila hotels were fully booked. 
This year the average occupancy 
has risen to 60 per cent, a 
dramatic increase over the mere 
35 per cent of last year. 
Although 70-75 per cent is con- 
sidered the best operating 
figure, that day is not 
obviously so far off. 

S.H. 













The still being fought 

ot the hill resort of Bagnio. 


"We speak 

the language 
of money... 
internationally.’' 

mwr&*r . * ■ 

I i£J < ■■ ■ I !‘S I : y 




taken on a turn-key basis. 

After looking over a number’ 
of potential locations a site in 
Batangas Province, just south 
of Manila, was chosen. This 
had to be given up as the locals 
raise d stro ng _pbje.ctiqgs^ „on 
environmental grounds. The 
tentative alternative is an area 
near Ormoc City in Leyte, 
Central^ ^ PhUippines, where 
geothermal power is' betnj? deve: 
loped apd the 'population, so far 
at least, seems amenable to the 
idea of having the smelter in 
their -locality. 

For the gold- raining sector 
of the industry, one significant 
development is the start last 
January of the Central Bank 
fCB) gold refinery. It is still 
operating below’ capacity, how- 
ever, since it refines only the 
output of primary gold pro- 
ducers like Benguet Consoli- 
dated. Output of secondary 
producers like Philex Mining. 
vihose cupper concent rare con- 
tains gold as a by-product. iF 
still refined abroad under con- 
centrate export coniracts. The 
CB refinery will nut be able tn 
refine gold by-product until 
alter the copper smelter project 
becomes operational. 

Last -year the combined pro- 
duction of primary gold pro- 
ducers reached only 4.47Sbn 
grammes, whereas secondary 
producers of. the metal turned 
out up to 12.857bn. With the 
prospect of under-capacity ie- 
fining until the copper smelter 
project reaches the production 
stage, the CB refinery is seek- 
ing job orders from outside 
gold producers. 


Leo Gonzaga 1 


aisafc 


n .p 

rr ^ cj 








Ifyourflnancfelrequirementstakeypuhalfway- 
arotind the globe, you need a good speaker. 

• one that speaks your language. And that 
of the international market. 

Land Bank is quickly earning a reputation for being 
a competent speaker. Backed with a depth of 
resources, massive financial strength, and an extensive 
network of giobewide correspondent banks. 

Along with helping you do things right in the 
multinational market places, 'Land Bank offers 
its' various international banking services- 

• export -import financing foreign remittances • 

• letters ot credit . foreign currency deposits • 

• foreign exchange traveler's cheques • 

Bank with us. 

Our international Group with its multinational capabilities 
,s youc best bet in dealing with the world. 

A 




LAND BANK OF THE PHILIPPINES 


“ The Financial Arm of Agrarian Reform" 

HEAD OFFICE; 6tfi Floor, B. F.. Condominium Aduona St, Intramuros. Manila Tata. M-47-51 TO 58 
Makati Branch; LBP Building, 313 Busndia Ava.. Ext, Makati, Metro Manila Td. 85-62-11 
Cable Address: LANDBANK Telex No.: RCA 2579 EASTERN 4045 






A Banking Tradition from 
Generation to Generation 


1978 - -the Year of the Horse;, "a symbol lot 
strength, loyalty ^depenG^liilify^arid.a ;s.et Y 

•v : y|; :J • 'W&i - ’■■'direction which we at China- BanKlog-' ;• 
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CBC - a banking tradition from generation to generation. 


China Banking Corporation 

Ht’id Ollier: Dn r .in.vu;.)s Cor. Juan Luno SC N'c.- 43-20-43 to 35: 4^0—70—61 to. 73. 
■:Mp.-igpatu!(j; T '-.-rn.j ki-uri;aiw. .VAg-irnpok Member PDlC^ • • : 



BANKING OFFICES 

* SALOT ' 

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* MAKATI ... • 

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• OUIAPO • 

» P. RAM 05 (CESUr 

« CT A. ANA | DAVAO) 

• STO. CfllsVo ■ 7 









26 


HERDIS GROUP: 


Responding 
to the challenge 

of development 


The Philippines. An archipelago of over 
7,000 islands with a wealth of business 
and investment opportunities. Peopled, 
by 44 million inhabitants united in a 
move toward full socio-economic 
development. 


This is home to Herdis Group, a 
wide-ranging business and industrial 
group engaged in pioneer and high 
technology projects essential to a 
country's growth. 


In addition to such vital activities, 
Herdis Group has recently completed 
the blueprint for the country's first 
petrochemical complex. And while 
being involved in the construction of 
the Philippines’ first nuclear power 
plant, it is also actively engaged in oil 
exploration. 


■ Financial Time* MuJiday October -2. 1676 

THE PHILIPPINES XII 




Herdis Group is a major supplier of 
industrial equipment vital to Philippine 
infrastructure and industry. It is in 
computers. Telecommunications. 
Investment banking. Insurance. Real 
Estate. Mining. Construction. 
Engineering, industrial Refractories. 
Food processing and household 
products. Cigarette filters. And it also 
operates a regional charter airline. 


The growth of Herdis Group is the 
result of a productive business and 
investment climate made possible' by a 
stable political system. A wealth of 
natural resources waiting to be tapped. 
One of the most sophisticated financial 
systems in Asia. A healthy attitude 
towards foreign investments. And a 
cost-efficient pool of managerial 
expertise and skilled manpower. 


The opportunities and challenges of 
Philippine development are many. 
Herdis Group is committed to respond 
to, them positively. 


Forward looking 



HERDIS 

GROUP 



THE TEXTILE industry con- 
tains several contradictions. It 
suffers from wide variations in 
efficiency and quality, and is 
being pushed in the direction of 
exports when most industri- 
alised countries are being 
increasingly restrictive over 
quotas. 

But there are signs that the 
position is improving and that, 
starting from a very much lower 
base, it can begin to fill in gaps 
left by the Asian textile giants 
in Taiwan, Hong Kong and 
South Korea as these countries 
head in the industrial direction 
of Japan. 

Optimism that textile exports 
will continue to grow, though 
at a more modest pace, is based 
largely on the new agreement 
signed with the U.S. — the in- 
dustry’s main export outlet — at 
tbe beginning of September. By 
agreeing on greater flexibility 
the Philippines has in effect 
won up to a 35 per cent in- 
crease in some of the more im- 
portant categories, although at 
tiie same time the overall effect 
is in line with the wishes of 



The Philippines textile industry has received encouragement in some export' 
markets, but it remains too fragmented to make modernisation an easy task. 


180 Salcedo St., Legaspi Village, Makati 
Metro Manila. Philippines 
Telephone: 85-30-11 
Telex. 7222280 HRD PH {RCA), 

HMIC 7425328 (ITT). 

Cable Address: Herdis Manila 


American domestic mamife* P” 1 * *5? .most important advantage of the possibilities parable with overseas products 

tarers wanting to maintain the as P® ct « “ »n the garment ahead of it. There are signs but more expensive, 

previous pattern of protection- Categ ° ries ' ,..? e I Ph ? lppine 5 of entrenched opinion which Exports of garments and 
ism. exports very little m terms of might not be persuaded to think textiles are now valued at S250m 

The agreement has been XJJJ* 311(1 unfinish ® d fabrics, of the possibilities. A report annually, making it one of the 

bailed as "terrific” by the v ^ r,0 H s categories . have re- prepared by a committee under most important n on-traditional 

deputy Minister of Trade, Mr. “ lved ■ bJ S boost before sett- the now former deputy Secre- export products. Looking inm 

vinania t- ling back to an annual 3 uer t aM .- . . 


■ . industry more 

ter than expected. The quotas 1 VIV* 1 ca J egorI ^? never appeared. exports. 

Sr,dSil her and*?f ? n ,iC 4 P S * S3 « redu^TllsSfli Tie overall performance of ^>e Philippines, he s^ murt 
terms^thev cnmoarpri nnfamm! The “ost notable in . the mdustiy is very patchy, with w 


vi, vuv. iun u«3v LllV'J « 

were operating from. That was JSHStTJ 


the 


S and *iMii«snunn, puur capital mi me 

not the fan ir'of ' ihm ihT' 'u® sweaters take cuts. In man-made structures and protectionism. European Community is more 

implied that if lh? figures had 6bres ^ ,nain increase * ta targe drm,estic market ° f J * wni *«* 

been higher the Joca^Philfp- blm,se *: The ! otal number oF 431,1 enables these problems to though— he thinks 10 to 15 


been higher the local Phiiin 0,ol,ses - The total number of . endDWS ™ese prooiems to 

pines manufacturers would have cate 3 arit!S which the: Philip- rema L n aud the manufacturers F °r the time being 

«— ■ __ . . - “J - e pines textile industry can be provide a powerful lobby further increases in Europe 

'*■ remain difficult under the new 


had great difficulty inTchTev- p,nes textile industr y can be nruyme a powerful 
ing the neceSary outnuL considered to have includes 28 aga,QSt chan ? e - 

v “most Important" and 16 of the Even the clothing sector < * u,)ta arrangements. 

FiAVlhiTlfv so-called “ consultative." relies to an extent on the strong One or two other potential 

J. iCAlUim V From the American point of tradition of trading with New hazards exist. On the question 

The unique nature of the v . ie . w foe new agreement is more Vork and elsewhere in America of finance there Is a lack of 
latest agreement is the swod- ric ' d and therefor * dearer. For i* has built up historically long-tenn funds required for 
ping of flexibility— the carrying Fmplaos the impact of the “"“ e excellent local embroidery expansion; short-term needs are 
forward or borrowing from the a £ re< ? mei,t is expected to be an ana specialisation in gloves and met by the commercial banks 
future quotas — in return for the openin # oat of the market. Thus . u< !£ e P s ^ clothes. it is Import procedures are also 
basic increase. In a recent there is a Possibility that ^sufficiently growth-conscious complicated and the consequent 
article Mr Filipino oninions of the favour. l _ n ough and the largely unskilled difficulties with raw ■. miforiak 


oasic increase. In a recent a possiouuy uiai — r- 6‘«"w™uacious wuipuvaiea ana tne consequent 

article Mr. ValdCpenas wrote Filipin0 opinions of the favour- Jhough and the largely unskilled difficulties with raw materials 

that this agreement was ! bait 7 of th e agreement will !!™„®i abo “ r u do “ not be 2'n to Ie ad to production delays and 

•* — *•— **-- - fade after a year or two and ™ m P e te with that of Hong non-fulfillment of quotas. On 

tkn. n i , Kong. Taiwan an/I Cniifh .. . 


Lloyds Bank Group 

in the 


achieved when the U.S. was at u, ,»u «nu ™ »n ;ui w quotas, uo 

most maintaining or in fact ^ere might have to be some s ’ 311 and Sooth Korea, the other side, though, improve- 
roUing back the levels applied negotiation. It would jnot be ¥) ment in efficiency is made dif- 

to all other exporting countries 100 far-fetched either if the i OOF ficult by the segment which 

including Singapore, Thailand whole argument over textiles n „ m stia operates as a cottage 

and Malaysia (countries directly impigned on the greater differ- _ ll ,,.J nesUc ya ™ 15 o{ ver 7 poor industry, and those concerns 

comparable with the Philip- cnees between the two countries , ' accord!n S to experts, which might ask to be nationa- 

pines\. oyer alleged human rights viola- SJXKL t0 lhe . , less than Used if tariffs were lowered. 

tions and the principle on which »ul antageous position that for On 


The main features 
(agreement are 


Philippines 


eatures of the Sons and the principle on which *£1 ltS? S that , for On the political side the 

— that it runs for the military facilities at Clark , T*- ets Phi Uppmes has so far been 

years , retroactively from Base and Subic Bay are main- ported— f i K H L m ' lucky in escaping the fate of 

January 1. superseding the tained. J?? 5 in c fact bo tb better other countries in the region 

ESF'irg' 1978 ^is ^ acceptable 

Fits raK: sssiTs; s ^7 ! s°r who — - «— <» 

v UCJsl ana snirung material 


is com - 


S.E 


Lloyds Bank International, the international bank in 
the Lloyds Bank Group, is represented in the Philippines 
through its Offshore Branch in Manila. 

Manager: Mr J. O. James 

■f-O- Box 2174, MCC, Makati, Metro Manila, Philippines. 
Tel: 87-4981/3. Telex: General 3790, Dealers 3950. 

The branch was one of the first to be established under the new 
Offshore Banking Regulations in the Philippines. 

Lloyds Bank International handles eurocurrency finance and has 
assisted Philippine State and private borrowers with capital investment 
projects and trade. 

The Lloyds Bank Group already has branches and offices 
throughout Latin America and Western Europe, in addition to a stron® 
presence in the Middle East, the Pacific Basin and the United States. ° 


Ambitious coconut schemes 



LLOYDS BANK INTERNATIONAL 

A member of the Lloyds Bank Group 
Head Office: 40/ 66 Queen Victoria Sl, London EC4P 4EL Tel: 01-248 9S22 


Fcflorvsubsnharies of the LI«^ Bank Group: Uovd* Bank California. The National Bank ofNew Zealand. LBT, the Bank oflond™ 

^ ,r Anjenrina, Australia, Bahamas, Bahrain.Bclgium.Bntztk CmaS 

Cayman Island?. Chile, Colombia, Costa Rica. Ecuador Egypt. H Salvador France Feden! RermhPr rfr.*™™- 

PhUippmos, . crtugal, Rcp.blic ot korea, bm^pore, Spam. Stvicedand, United ArabErmratc^UniieU KTingdom. 

L .. — ‘V, U^j.S.R,, Urugujy, Venezuela. 


International banking at its best. 


WITH THE continuing slump 
in the world sugar market, 
coconut has taken over in recent 
years as The Philippines’ 
primary export industry, 
accounting for $7B3.4ra in 
1977, or slightly over 24 per 
cent of the country’s total 
export earnings. In the first six 
months of this year exports of 
coconut products reached 
S398.6m. 8 per cent higher than 
the $367.9m of the correspond- 
ing half nf 1977. 

Roughly 22 per cent— 2.8m 
hectares— of the country’s agri- 
cultural land is planted with 
coconut and an average annual 
production of more than 2m 
tonnes of copra makes the 
Philippines th* world's biggest 
producer and exporter of 
coconut products. But what 
these figures do not reveal, are 
the problems that have plagued 
the industry for years — notably 
low productivity and frag- 
mented farms. 

Production for 1978 Is 
officially forecast at 2.556m 
tonnes. 10 per cent above the 
previous year but still below 
the record 2.7m tonnes of 1976. 
Experts for the first six. months 
of the year, estimated at Just 
over 1m. tonnes, were 17.5 per 
cent higher than in the corres- 
ponding period in 1977, when 
because of a significant decline 
in production, export vnlume in 
the first nine months dipped by 
27 per cent on the correspond- 
ing period of 1976. 

The effect on this year’s pro- 
duction of low rainfall during 
the past two years has 
apparently been offset by an 
increase in the number of 
fruit-bearing trees-*-,! factor 
some sources feel has been 
underestimated. The number 
is now estimated at 390m. of 
which 330m are fruit-bearing. 
The number in 1977 was 377m, 
of which 3t3m, or .83 per cent 
of the total, were. fruit-bearing; 

In 1976 there were 349m coco- 


trees, with 15 per cent of 
them non-bearing. 

While there is no doubt 
the increase in the number nr 
productive trees, there has been 
no marked improvement in the 
ratio of fruit-bearing to non- 
beanng trees, indicating a press- 
ing need for plant rejuvenation 
and better culture technology at 
the farm level. 


Shift 


There has been a substantia! 
shift from the export of copra 
towards processed products. By 
1976 copra accounted for only 
38.6 per cent of total coconut 
exports and went down further 
to 27.9 per cent last year. Coco- 
nut oil rose to 57.6 per cent in 
1976 and again to 65.7 per cent 
last year. 

Aside from the fact that coco- 
nut continues to be a small- 
holders’ crop — most of the 
farms are between only two and 
four hectares and only 5 per 
cent of all plantations range 
from four to 20 hectares— pro- 
ductivity of local varieties is 
low. 

The Philippine Coconut 
Authority (PCA1 says local 
varieties produce only about 1.5 
tonnes of copra (4.500 nuts) 
per hectare against four to five 
tonnes -. <20.000 nuts) produced 
by the best foreign hybride. 

annua ‘ average price of 
100 pesos (about S13.33) per 
JOO kg of copra at the farm 
gate, o coconut farmer with 
only two hectares would earn 
some 2,000 pesos (about Kififi) 
only a year from bis farm. 

Low production has also 
forced the country’s coconut 
ml mills tn operate at rates 
ranging from 5] to 7fi per cent 

^Uf e !iI*£L ca P™'y between 

1965 and IBii. !*asr year the 
existing .53 mills operated at 
only 65 per cent nf their annual 
rated capacity of 3.129m tonnes 
of copra. 

In an effnrt tn increase pro- 
duction and maintain' the 


Philippines* dominant position 
an ambitious national repiant- 

^ra pr0 , srammc is t0 start in 
1980. it calls for the replace- 
ment nf the entire coconut 
stand by an early-bearing and 
proliferate hybrid developed in 
the Ivory Coast. Replanting is 
expected to continue for SO 
years, and the PCA has 
announced— despite objections 
from certain scientific quarters 
that the imported variety has 
nor hren fully tested under 
inral conditions — that it is push- 
ing through with the scheme 
until a better one is found 
One area where the local indii^i 
try has failed miserably is i n 
research on hybrids. 

As an incentive to accept 
new hybrid, fanners are 
promised an annual 1.000 pesos 
(about Si 33) for five years for 
every hectare replanted with the 
new variety, expected to bear 
fniit in the fifth year. The 
subsidy will come from the 
Coconut Consumers Stabilisation 
Fund, pan of which is now 
being used tn finance the opera- 
tions, of a privarely-run, 1.500- 
hectare hybrid seednm farm. 

The fund, established by the 
Government through a * levy 
imposed on producers in 1973 
amounted to 4.337hn pesos’ 
frnughlv S581m) at the end nf 
June. The levy has varied from 
year tn year and now stands at 
Bo centavos (8 U.S. cents) per 
kilo of copra, of which 20 cen- 
tavos is earmarked for the re- 
planting programme. 12 for a 
subsidy programme to support 
the sale at “ socialised prices ’• 
of coconut-hased prime com- 
modities like cooking oil 
laundry snap and canned 
evaporated filled milk, with the 
Wst going, to investment pro- 
jects for farmers, research 
insurance for farmers and’ 
scbnlarsbins for their children. 

Although the Coconut Pro- 
ducers’ Federation claims it was 
at the insistence of the Carrnere 
themselves that the lew. origin', 
ally envisaged to last only a 


year, was continued indefinitely, 
a well placed source in the 
United Coconut Association of 
the Philippines says the farmers, 
already saddled by low incomes, ■ 
are not happy with the idea of 
having to pay the levy. If they. 
nave not raised a loud howl so 
far it is because the farmers 1 
are small and a great many of 1 
them “ don’t really have an idea 
0f -T? at is S°ing on.** 

There have been instances of 
embezzlement of the subsidy, 
and the Government started •- 
recently to crack down on tbe 
operators. 

The subsidy programme has 
been in the limelight in recent 
months, specially since the 
Government approved an 
increase in the prices of ' 
coconut-based prime coaunodt 
ties because of the depletion o! . 
the subsidy fund. An upward 
adjustment in the price of . 
copra was also made, with ■ 
President Marcos imposing a 
a per cent tax on the “unearned 
increment" on existing inven* 
tones of manufacturers. 


Protested 


- ^°f lsumer groups protested 
ana brought the matter to tW 
supreme Court, which imm edi ■ 
ajely ordered a price rollback 
wnat followed was near-chaos' 
Gooking oil disappeared froir 
grocery and market stalls anf. 
same manufacturers of coconut 
aased prime commodities 
threatened to stop xnaoufactuz 
operations altogether Or,, 
the other hand indignant copii 
producers threatened to. with: 
draw their subsidy if cotr 
■umere. many of whom had ih( 
mistaken notion that th<: 
subsidy came from the Govern/ 
meat, insisted that coconut pro- 
ducers shoulder the amourr • • 
n *m ded ^ roll back the prices, ■ 
The controversy has.: 
quietened down . considerably ‘ 
out remains far from settled. . : 

. IMMS: 







: l • v. 


inir.M, 






'"Monday" October 2 1978 



MAJOR GROUPS DUE TO LO 




y CHRlSTlAN TYLER, Labour Editor In Blackpool ' 

THE ^BRITISH , Govwmaent with nearly R m ■ 

appea^ to haveset' itself an votes liable to be thmw^ umon Productivity payments, real or had real influence. It was still 

=■ almost-itopossible;tok. It has % U cannot possibly °f s ’ added t not t0 prevent 

staked its electoral futnre on P“Mc debate. RaUierit iff -JHl,™ 01 ® “S®* 1 * *° ^ Stage Three M per cent tar 
successful observe** of a/5 permeation 0 f how mSch ? h ? wSLS^l i *9“ 8* ^° S by ® 0re 

cent limit on pay settlements, -Cabinet will have to recdve Gnv^.m * We 7°* ^ four percentaSe pomts “ 

and staked it In sia* a\way that ff°™ trade union leaders and “the There is nothing « stop the 

there can . be^vianymcing Jj e bawks of the left wing of what thfim Government claiming a success 

excuses when the Jm failure Party’s NaUonal Executive do W for Sta S« 7our * »* » did for 

occurs. ■.■■•***■-" 4 : Committee. tp ... Stage Three, even if earnings 

f^RSade uhiQ^^^^S have long .. Callaghan may be able to are plenty ofnobcs betas made the 6 n^^monthf a^hthe 
>een -aware1gt^y:yould be j e ^? ut union support by the union leadership, then Official target for the^ total 
Mde .tol^fc^vmembers "JJJf k f™el of bis counter- the public will. really start to * 0 ^ S 7 per 
,&^«ccept^^per: ti«nt this ^tion strategy. but it is to he complain. Mr. Callaghan said “T f earniQgs P 
mx^-ev^aL$^^d wanted ?*® ntIere d how long be would recently that his only real ■ _ ' • ■' 

to . therefore b e _ prepared to fight against weapon for .enforcing the pay There are, however,, consider- 

IjSsU&ed Iwontfer* -Mr. .James ^C and his own Policy was public opinion. Pub- a ^ e differences between this 

/sermons about P^'-.He might even find him- lie opinion may take little year and last J ear - There are 

wagesf^iiit' v^Mpfe-- the • Prime Sel ‘ f be sort of •* who notice of a Ford strike and may D0W *^ reB . years - rwp, 
afyn fetnr^bas- beett/ittvi i-mg the ?i ,vei 7 s ^ ” diction that brought support the Government against P^ distortions and unrelieved 
sfeviato the awful tT' Hftath to grief in 1974. it; but if rubbish starts piling negotiating pressures to be 

B mic ^iiaos were Mr- Joe Gormley. U P on tbe doorstep, the public Besides, 5 per cent looks 

elr.ftf impress the P les ^ enr the miners’ union, ™ood could be very different a ,ot less generous than 10 per 

eve of a cener-ii * las suggested, publicly tbe The wage claims drawn up for cent ; even though it is nearer 

possibility of a coalfield strike these and other public service 10 the current rate of inflation 
• ballot if only'S per cent is workers — hospital staff and wa5 I 351 i iear,s target 


*»S«H 


GROUP 

Heating and ventilating engineers 
Plumbers 

BBC weekly-paid 

Vauxhall manuals 

British Oxygen gasses division manual* 
Police* • 

Ford manuals 

Atomic energy workers ; 

University teachers* 

BBC mongily-paid 

Local authority man uals 
Tanker drive rs ~~ ~ 

Road h aulage drivers 

Firemen* ^ “ ““ 

Bakers ‘ 

Hospital ancillary and water workers 


SETTLEMENT 
NUMBERS DUE FROM 
18, OTO A ug ust 

30,000 August 


6,000 

26,000 

3,000 

mooo_ 

S7JM 

9jW0 

35.000 

19.000 


Aug ust 

Se ptem ber 

September 

S eptember 

October 

October 

Octob er 

October 


IflMUMO November 

lfljMO Nov ember 

Nj. from N ovember 
30,000 November 


30,600 

300,000 


December 

December 


• CLAIM 

Up to 47%. - • • 

“ Substantial " — settlement likely to be close to that of heating and 

ventilating engi neers- 

No -claim submitted yet. 

Substantial. • 

Sub stantial. 

20 % to be paid as first part of staged award of 40% over two years. 

»%■ 

Up to 20%. 

6% as part of s taged award. 

No daim yet BBC has asked Government for special treatment on 

lines of police and firemen’s settlem ents. 

40 % on pay. 

30%. . ; 

20-30%. , , 

Moving towards parity with skilled industrial workers by 1980. 
Sett lement gives 50% of difference between the two groups. 

" 22 %. 


BL workers’ settlements for 130,000 workers are being centralised on 
parity for the workforce, BL already faces claims like a demand for 

* Forward commitment from Stage. Three. - 


a November 1 date under the terms of Stage Four to move towards 
£27 a week for Cowley assembly Workers. 



^ expected offered to tile miners next Feb- ambulancemen among them — figure. Again, the Government 

ft Si®* eiertirm and cal- ruary. . are much more perilous fox the * s taking a much more aggres- 

Caia ted ffio t a victorious Labour • Govemmenr If public service SIFe lij ? e ’ frDm the very outset 

would be able to ,-»t. ... workers strike. and tbe Govern- of bargaining season. 

fimlytoface V lTlllt V ment is eventually compelled to Stage Four differs from its 

r me ineffable pay^ onslaught. - - give in. that would be the end predecessor in some subtle L * 

n * The-T?IC; therefore, bent over -f, °J e , n * °f obedience to the- 5 per important respects, and civil 

. Government will have faced the ■ V 


Government. If public service SIve lu ? e - fr ° m ver 7 outset 

workers strike, and the Govern- bargaining season, 

ment is eventually compelled to Stage Four differs from its 
give in. that would be the end predecessor in some subtle but 


^frackwaxds, both -.before and * r ,^ e 2U en ! -^2? h ?y e -, faCfi . d tke cent guideline. vants have further restricted 

during-. its axuinal Congress in fL tv,I e fu of ,Cy S v,rdi . ty The whole logic of the in- everyone’s room for manoeuvre 

' Brightoii.IasrmontiL to blur the comes policy is based on Govern- in their detailed guidance on 

■ dtark contrast between its sup- TLti? a>t ment control, throu^i cash limits how the policy is to be applied. 

Wthe- Labour GovtSnw ^ of the »«*« wag, to. As a rasSlt. any small hfaanh 

. and its -condemnation of Mr. Cat wf th^ S creases. Fierce application of of the White Paper rules is 

- laghan’s incomes policy. . . ^ lbat oontraH, it is supposed, wiii likely to grab the headlines and 

This mnmpnt nr. r„„_ u unions. That ns why nhe com- encourage the private sector to convey the impression that the 

told the eQuntrv fhat . a ^ agha “ , kas treat the pay policy with respect whole strategy is being under- 

^ ^ aS DOt What aa a political stnke and stand firm ln ^ face of mine d. . ' 

IS? 3011 ’ 11 -i ga,nst policy rather strikes. But if the pubtic ser- This point is best illustrated 

betame^bvipus that Britain was than industrial action in sup- vice workers break through, a "by the description of the limit 

■ ^ 1116 new going rate wiU really have i£elf. Last time, the Govern- 

dedston somiMlmM f! n J® , a da ™' - been estabbshed. meDt decided not to quote a 

- hSTand tbe rWrkln^Ji Sm.' There is no reason.^n theory There were plenty of people limit on pay settlements: it 

: if +^ e "+ are at Ieast * why- a Ford settlemeot to forecast last year that Stage quoted a target of 10 per cent 

rL'iSi. 0051, inis weeks worth more than 5 per cent on Three, since it lacked formal for the increase of earnings 
ruS!!L.i ft-i, ” Jn f er ® nc ^ -basic earnings should auto- TUC support, would be dis- throughout the economy. It 
-■ ■ ■ 1 v y - ■° t>edomi ' ^maticaily befOilowed elsewhere, credited by -one group of merely said . that settlements 

- of '*[ ag 6 So much was -made clear last workers or another, fn the should be in single figures, but 

rontrois even if the issue does time round. Few other settle- event, because of the interest did nothing to destroy the 
• ^ pubilcl y ln - ments appeared! to. exceed the that Ford's’ breakthrough general assumption at tile start 

waomets face.. .... 15 per cen t on basic earnings evoked, the Government of that round that 10 per cent 

. . It is not so much a question (though of reurse those that damped down hard. If the was to be regarded as an 

of -whether the policy, will be .exceeded 10 .per cent overall Government’s action notably in average for settlements. Of 
rejected by the conference — were mainly those' which had the face of the firemen’s strike, course, 10 per cent quickly 


became the norm: and because 
it became the norm, the Gov- 
ernment began to treat it as 
the limit. 

.. This time, the Chancellor has 
decided to go on to the other 
tack by quoting the limit on 
settlements (5 per cent)., not 
the target for earnings, which 
is 7 per cent (or perhaps higher, 
in. the Chancellor's mind). In 
this wav. he hopes to come 
nearer his earnings target than 
last time. But most of the 
forecasts so far are that wage 
earnings will rise by somewhere 
between 10 and 12 per cent in 
the next’ year, and Mr. Healey 
has acknowledged that pos- 
sibility. 

Strangely enough, the Govern- 
ment wrote a relatively loose 
incomes policy last year, at a 
time when the trade unions 
were not generally ready to 
make war. This summer, when 
the unions were becoming more 
and more uncomfortable in tbe 
straitjacket, the Government 
(or the Treasury V, decided to 
tighten up further. The theory 
used to be that policies become 
more flexible as they progress 
rather than less so: 


To make matters worse, the 
Ford unions have started off tbe 
wage round with a refusal to 
discuss a productivity deal, 
even though Ford has broken 
its own rules by offering one, 
however tentatively The Trans- 
port and Genera] Workers’ 
Union. in particular, has 
declared that it cannot talk 
productivity until the company 
offers more than 5 per cent — 
that is, until the union has won 
the principle of free collective 
bargaining. 


Loophole 


However the Ford problem Is 
resolved— whether by produc- 
tivity bargain or some other 
way — the round has begun with 
unions refusing to use the pro- 
ductivity loophole for winning 
increases over and above the 
limit: another “virility test” 
being applied. 

If unions involved - in other 
negotiations start saying the 
same thing, the chances for the 
5 per cent- limit will look 
bleaker still. 

Another feature of this round 
is the extent to which govern- 


ment departments are prepared 
to go to stop the kind of wage 
drift that helped to hoist (he 
final figure last time. Rules 
about offsetting wage drift 
existed last year, but never 
attracted any attention. This 
time. employers wil] he told that 
their paper settlements will in 
many cases have to be for lees 
than 5 per cent, so that money 
paid out during the year for 
things like promotion, extra 
staff, and regrading is taken 
into account The extent to 
which an employer’s pay bill 
increases because of extra 
amounts of overtime will not, 
it seems, need to be offset in 
this way. 

Essentially, what this rule 
means is that employers will 
be told to produce their pay bill 
for the previous 12 months and 
compare that with -the nego- 
tiated settlement under Stage 
Three. If the fanner exceeds 
the latter they will be told to 
assume, unless they can prove 
otherwise, that the amount of 
wage drift will be . the same as 
last time. It is yet another 
restriction on negotiators’ free- 
dom within the 5 per cent 


Incidentally, speculation that 
the local authority employers 
will have this problem may 
after ail prove wrong. 

Add together the rigidity of 
the policy, the Government’s 
determination not to give an 
inch, .the warnings from union 
leaders and Labour left of 
industrial confrontation and 
electoral defeat, and the public 
battle in the conference hall 
at Blackpool this week, and it 
becomes clear that the climate 
is very different this autumn. 

-Comparisons are already being 
made with 1968 and the con- 
troversy over In Place of 
Strife, the then Labour Govern- 
ment's blueprint iur legislation 
to regulate industrial relations. 
Some argue that although the 
blueprint was withdrawn the 
controversy helped to lose the 
1970 election for Labour. This 
time, an election could be much 
closer. Whatever happens, the 
Conservatives will derive plenty 
of satisfaction from the sight 
of a Labour Government facing 
precisely the sort of confron- 
tation with the unions that was 
supposed to occur only when the 
Tories gained office. 


v ■ ■ 

* l--- 

ft ■ 
**=“*■'■ 
*:■■**» 

•c . . 


cn 


Letters to the Editor 


Lho r'ifv QtiJ * to torn peasant labour into dol- mation nor declined to do so.) tion will be available early next 

. ■*■. L1C dull ’ ' Jars by the shortest possible Since many smaller funds, year. Pension fund managers re- 

__ route in order to buy technology, without their brethrens’ esper- ceive requests from . many 

turone ; TIley are the foot- tise. look to this type of infor- source*— Governments, research 

u Jr v • steps of Japan, who^are already mation for guidance, it appears bodies, their own members and 

vrwtt the Deputy Chairman, . taking oar pants -off in many that a significant minority of others— and are always happy to 
'onsercattve Commonwealth high-technology areas. If this funds — in using their powers Si ve information to those 
rnd Ot-erseos Council thinking iB extended, then most Q f non-accountability — are also entitled to receive it Publishers 

Sir,— Your editorial (Septem- groups of consumer products will gQ i ng to some lengths to be o£ commercial directories are 
'er 25) on the shaping of the «« 5P only. being made in tbe obstructive. not of course necessarily 

European ’ monetary- - system Far Easrt, and millions -of British R. Lancaster included in that category. 

■Oints out that- there is^ “no would: be condemned to 34 Kapler Court Tbe National Association of 

• monetary equivalent . of EFTA * • woritiesa future. A balance RopelS Gardens, P “ s ,l on JSfS^SS JSS 


.a. ioin should Britain . choose J 45 t0 f °un d before^ it is too Hurlinpfeam, SW6 . 

> -stand aside from mainstream 

-Pay-as-you-go 

re decide to remain outside the Btmtnpham. ■ J J 0 

ystero. particularly for balance * -fnr noncinnc 

•f payments reasons, it : would XffvfLi'rm nniitrnl lUI JJClIMUItt 


European developments. There - 

a aiso the consideration that if 

re decide to remain outside the J ± ’ tTWtn ^ ia,rt -. 

■ ystem. particularly for balance 7-^ . 

riean Acceptance ef trie Tinder- Nothing neutral 

nans concept- of -a “two tier? . 

immunity : In., economic and ahniif Jinfif f*r| 
lonetarj' matters even before its . •?' VWhl 
nlarsemenL Mr. Callaghan is From the Chairman. 
n record as expressing “ serious Information and Development 
oiibls” about a two' tier Com- Committee.- 


From the managing director, 
C. T. Homing OTid Laybom 


not, of course, necessarily 
included in that category. 

- The National Association of 
Pension Funds has always 
encouraged its members to make 
available full information, in- 
cluding copies of their annual 
reports, to members of their own 
funds and the majority of them 
do so. 

K. G. Smith, 

The National Association 0/ 
Pension Funds, 

Prudential House, 


GENERAL 

. Labour Party annual conference 
opens, Blackpool. 

President Nimieri of Sudan 
starts six-day visit to West Ger- 
many. 

Astley and Pearce, UK money 
brokers. . become first foreign 
broking firm allowed to deal in 
Japan. 

Non-aligned countries discuss 
response to Camp David settle- 
ment. 

. Duke of Gloucester opens inter- 
national congrats of newspaper 
distributors and publishers, . at 
I Brighton. 

! Trading in aluminium futures 
I for three months ahead starts on 


Today’s Events 


the London Metal Exchange. 

United Terminal Sugar Market 
Association starts white sugar 
contract in London. 

"International - Transport— the 
Common Problems” symposium 
organised by Chartered institute 
of Transport and Financial Times 
opens at Royal Lancaster Hotel, 
London (until October 4). 

European-American Commodi- 
ties two-day Conference opens at 
London Hilton. 

Mr. Alan Williams. Minister of 
State for Industry, opens British 


International Footwear Fair at 
Olympia (until October 4). 

International Production Engin- 
eering and Productivity Exhibi- 
tion and Conference opens at 
Oivmpia (until October 7). 

Mr. J. R. Redfem gives his presi- 
dential address to the Insurance 
Institute of London. 

National Society for Clean Air 
Conference opens at Brighton 
(until October 5). 

Horse of the Year opens at 
Wembley (until October 7). 

Department of Trade publishes 


the final Aiigust figures for retail 
sales: and hire purchase and other 
instalment credit business. 

Department of Industry publishes 
1978 and 1979 investment inten- 
tions of the manufacturing, distri- 
butive and service industries. 
COMPANY RESULTS 
Pinal Dividends: English Asso- 
ciation nf Amersan Bond and 
Share Holder?. Macallan-GIenlivet. 
Interim dividends: Beatson Clark 
and Co. City of London Brewery 
and Investment Trust. Currys. 
Percy Lane Group. Marshall Cav- 
endish. Smurfit Jefferson Group. 
COMPANY MEETINGS 
See Financial Diary on Page 7. 


■tv Sii\r— Mr. Raymond Xottage Wellesley Rood. Croydon. - 

(September 27) again suggests — 

that a switch from, the funding j j . . 

system to pay-as-you-go financing |J DCIllDiOVIDGIlt 
Would solve many of the short- » » 


junity, and there can be little The Scotch Whisky Association comings which be attributes to L. 

oubt that as a nation relegated Sir.— In the principal article occupational pensions. He also Dell Gil IS 

3 the second league our in- of tte survey on . whisky (Sep- refers to the superiority - of 

uence on future economic and teinber 20) Kennetb Gooding -benefits offered to pensioners in From the Deputy Director, 
lonetary developments will, be describes Scotch grain whisky as other European countries as ail [ d Poverty Action Group, 
/eskened. ’ "a neutral spirit.” \ compared with those which the Sir, — Rowena Mills (Septem- 

. There is also another factor . Mr. Gooding: who has written new UK state scheme will pro- ber 22) writes: “The easy avail- 

egarding the role of London as about our industry for several vide. •' ability of - social security is 

financial centre. Ten years years, must surely have realised These observations beg a proven as encouraging the pro- 
r so ago the Segre Report by now that the grain whisky number of fundamental issues: loogjog of unemployment.” May 
i/served that in tbe Commuait}’ distilled jn Scotland is in every benefits from the UK state 1 ask, proven by whom? It is 
f that lime, a capital market sense a true whisky. It is not,; scheme itself are. like those of tI 3 ie “*e first six months 

,*uch as -London hawily existed, and cannot by law be, a neutral the other countries to which he ,° f unemployment, when earn- 

\ \fter ten years the City still spirit. The Finance Act of I960, refers, provided on a pay-as-you- » n _8s- related supplement is ..paid 

• 7 _i -Knf if 1 u*.:. n.. n . mn La., ««. v.«. with iinpmn nvmpnt hp.nAflt thp 


irae liat role is liKely .^0 way lhat “ the distillate has schemes to provide similar bene- on ^y ODe-sixih of^he-nnemployed 

ecline " at tbe expense' of our aroma and flavour derived from fits. The fact of* the matter is 

^visible exports. . . the materials, use ” and that it- .surely that this is all that the related supplement and the EHS 

lavid Bagriell. must be matured in- wooden Government feels that it can ™ m .“JJ. in 

as: yeL,” ask toe “ ottil, “ tors 


; from' 8 . wIde r J 7a ,^ e ^ { «J?i f iiJ U S retirement pensions represent n is 7 also true “that for a 

Kritfch ' • • VSiFZ fi? ,y ** Df S0Ci ?J provision— nrinority of low paid workers 

Ullllhll - . such a strength that 11 retains the extensive, welfare services with large families the - caD 

i! l» ul ® u ° SSSS/ 1111 d06S : Provided in this country are not between the income they c£i elrn 

PIltlArV nee ^ t0 be ma roro d * . . „ found universally m Europe-— in work and receive nn benefit 

LUUC iy ■- The Scoteh Whisky Association the pay-as-you-go approach ^ Sfl ihlf ^£l bS as^ ^the 

-ro»n the President has spent a considerable amount suffers from tbe fundamental Supplementary Benefits Com- 

'ederatioTz 0/ British Cutlery of time and money over the weakness of relying on the wil- mission has pointed out, this is 
.- Innu/actwrers. t years in proterting bcorcn ling neM of one generation to a reflection not of high benefit 

.-Sir, — Mr. Bilitcb, September whisky against imitations sold m support its predecessors. levels but of low wages and 

5, has fiercely attacked toy overseas markets, many 01 wmpn As your columns have recently inadequate child benefits for 

: Sorts to gain fair play for tbe contain neutral spirit proauora reported, the “generous" social working families. In Fact flat 
utiery industry. localJy from rnolass^. P" tat £^ security pension systems of bfltb ra te unemployment benefit is 

Is Mr. Bilileh a retailer? If so. and other substances a nv Italy and Germany are subject paid at a rate below the semi- 
10W would be like his customers argument of its defence and ope to severe financial stress with official poverty line and lasts 
oLvethesShe wages and earn- that has been accepted id the enormous deficits. Short of only for 12 months. Only two- 
ng Mwer Otiose who make law courk ° { .^ , W C °/J d ’ s f 2£! p rmt,ng more money til order fifths .of the unemployed are 
be sweated labour products he bjended Scotch whisky Js cog. to suppress the sj-mptoms of actually receiving unemployment 
«fls^ Perhaps he would prefer posed «*olJy of true vhiskws, economic disorders— wluch benefit ■ Nearly haif are forced 
hem to huv low-priced Far Eas- distilled and matured in accord- admittedly, is an option open to to .=elaim means-tested supple- 
their husbands- auce with the definition 1 have Governments-there is a ^ery mentary . benefit. Keseairh has 
lnemnlovmtmt nav as many quoted above. • ■ . real risk that the high levels of also revealed a surprisingly high 

«ufEeSSaK already • If a responsible paper copld benefit which workers and'peu- commitment to work among un- 

nusi oe aoing air he quoted in the courts as say- sioners have been led to expect employed people who. cannot 

Is Mr.- Btiitco. an in3 P° rt fA; ; n e that Scotch grain whisky is may not in . fact be paid. hope to earo suibtantiaily more 

Vested 'interest in the easy,: uo- - euQ . a i spirit, it would add The dilemma with a pay-as- than their benefit entitlement 

. implicated unpatriotic exploit- o „ u - t0 the difficult of pro- you-go sysem is its tendency to 1 would also like to point out 

ifion of low-wage areas -nas f ^ c{ i ni r the name and reputation encourage financial irresponsibi- that school leavers do not ovality 

tccounted for varying attitudes, whisky. lily for short term political and for unemployment pay because 

md has even split the cutlery y p Coombs. social objectives at the expense they hare not paid the necessary 

nmieTw in ,n ,-iP-JW SflTTie i63u‘ V* . i itTLSal-,, Ictnci^TiO!!. nf Inno Ttoi*rri -CtfihllitV CT4<it MntTi!«i1inns UHt«t 4h*n nun 


ndustrj - , in so far as some lead- • Whisky Association, 

ng cutlery manufacturers are {, H If MoOT , street W 


rtf 


ng cutlery manufacturers are * , ,, Street, tv i. expectations are not always 

: hemselves importers, doing most \ • ' . filled. . 

. >f the damage. 'The practice 0 l , J Tbe combination of seci 

mporting Far Eastern. cutlery on r fVi*ctPP$k 9DQ and financial discipline inhe 

i grand scale is legal, but it is 1 1 \ in funded schemes with » 

is immoral ss it is fattening. . £ gated assets presents an c 

Perhaps, after all, Mr. Bititch 1111011113111)11 whelming argument for 

s -Just a -consumer.-'- 1 have to AA ^ present mix of state and occ 

. igree with him ifi the matter- of Fmm Mr . R. Lancaster tional benefits. 

. 'Olnntary control, as these never Sir .~I am “rp to bave tn p j ; 

Fork out long term, My call, endorse Mr ^, plu ! ipP di J the Sri T p^P?S, ns ^ La > born > 
- vowevw.-is for exercising volun- jseDteinber Ji) reearoiHo po Box J 30. 

> ary restraint until th& law can ^ t ^encc of many ni _ ajor Sn 142152, Long Lane . SEP 

J6 .changed. . .For if Mr. Bilitcb {J„ ds w disrlrre infonnatiM- 
ts a consumer he may be buying Mv QWD e^nencf in ^ ^ 

tfhat- he thinks is Sheffield cm- 20 s uch Funds three smtple quo XT dlo Uil 


social objectives at the expense they have not paid the necessary 
of long term stability. Great contributions. . What they, are 


expectations are not always ful- entitled, to is supplementary 
filled. . benefit which, jf they are living 

Tbe combination of security at. home, is currently only £1025 
and financial discipline inherent —hardly a disincentive to seek 
in funded schemes with segre- worfc. Moreover' a recent analy- 
gated assets presents an over- sfs by the Department of Employ- 
whelming argument for the ment- could find no evidence .that 
present mix of state and occupa- the level o? youth unemployment 


Facts on 

lery, whereas in fact it is orien- s pi ,rr or an e j **“*5 fi0 ■=« refu f e of 

1 tal, with itist a’ thin skin of silver ^ c,j rV ev >s & nly ten fiir|rjc suitable employment. I would 

. JSS Ttet Show the re s T£? 0 So co. Since the 1UUW . suggest that a more profitable 

Uw sland^aw'Sie Federation anonymity,. I can- From, the CTimroiau . the AationO/ approach to reducing unempioy- 

of British Cntie'rv Manufacturers survC ^. „ Xefiit where it 1S dl,e Aaaoaotm oj Pension Funds ment than punitive policies to 

^ roSumV not 8 T."mL inhibited over Sir.-Mr. Philipp (September penalise the unemployed would 

sTtifat at SiKteh- would - bu . E 1 iee rn ^,ies such as 27i omits to mention that the bo economic policies designed to 

* amiBS British Petroleum. National .^ociaiion of Pension return - the country to full 
thisworid Beechams- ® r 2i s " kPr Siddeley. Funds intends to publish a year- employroent 

JI Distillers and. Hawkery book giving full and accurate Ruth Lister. 


had been : affected . by benefit 

levels. 

Finally. Mrs. Mills is probably 
not aware of the fact but there 
already exists a battery of con- 
trol procedures to ensure that 
unemployed claimants of. unem- 
ployment and supplementary 
benefit do not refuse offers of 
suitable employment. I would 
suggest that a more profitable 


** mies British Petroleum. .National Association^ l 
thisworid Beechams. BnUS siddeley. Funds intends to publish 
Distillers «*T k !L« any- book giving full and a 


We can show you 
a better return than 
the one you give 
the taxman* 


Anyone who receives investment income 
has good cause to worry nowadays. 

First of all, inflation is melting away the 
value of your precious savings.Then, you have 
crippling tax rates to contend with - the 
highest in Western Europe. 

But if you know how to go about it, much 
of the money that you are now giving to the tax 



1970 71 


7 - ?:• ^ 77 

fcrjrcC: CSQ Eco”urr.i; Trends 


Thie effect of inflation on the purchasing pov.-er of the pound 
- . .. - since 197C. . 


UKTax on InvestmentJncome 

Additional Investment Income - Before Tax ) 
Salary £3.000 £5.000 ' £10.000 i 

before ; : 

tax Addition aJ Inves t ment Income- AfterTax 
£ £ £ £ 

7.500 1.775 2.523 5.75^ 

10.000 1,-113 1.964 2.363 

15.000 8£S 1,1-34 1,633 

20.000 584 754 °27 

25.000 355 425 525 

Based on a marries mm srd 1978/9 tax allowances. 

man can often be transformed into immediate 
income for you. With the right plan, you'll be 
surprised what can be done. • 

And that is where we come in. We have 
134 year^ experience of successful money 
management and we know exactly how to 
make use of the opportunities, and minimise 
the problems posed by Britain's ever-changing 
tax regulations. 

Everybody's financial problems are 
different, but whatever your needs, you'll find it 
pays to have Equity & Law on your side. We’ll 
show you just how you can get the very most 
out of your capital. 

Don't delay. Call your financial adviser now, 
or contact any of our offices direct And see if 
we carft get more for your money. ; ■- *- 


mBBBBsam ECfUity&LcSW »ii 

,' h) : 

( £5 I Equityfi Law Life Assurance.Society Li.nfted, 20 Lincoln’s Inn Fields, London WC2A 3ES 

\ /.-i 1 ■ . 


that iheir national philosophy is 


Sr provided 








COMPANY NEWS 


Beaumont Properties sees improvement 


BIDS AND DEALS 


PRINCIPALLY as a result ol a 
£43,250 rise in property trading 
profit to £64£50. Beaumont Pro- 
perties expanded taxable earnings 


KU approached over 
Cannon holding 


Financial ISraes Monday October 2 1978 \ . 

Telefusion satisfied 
with superstores 


BOARD MEETINGS 


panted company. Barclays Bank * 

of Kenya, from today. 

BBI will hold all the 320m SEVERAL MAJOR insurance Tbs product range. includes fire 
shilling fSlaSm) equity capital of companies have expressed blankets and smothering cloths; 
Barclays Bank of Kenya. But a interest in buying out Keyser portable welding drapes, gloves 


for the half-year to March 31. _ Barclays Bank of Kenya. But a interest in buving out Keyser portable welding drape 

1978, from £395,000 to £472.750. spokesman says the bank plans LUmann’s two-thirds bolding in and industrial curtains. 

Property sales in 1976-77 caused SSauL^M ara^uwSS sharohoM.ra. Mac * u “' to issue shares to Kenyan investors Cannon Assurance, said Keyser-s - 

first-half property revenue to teM tor Ok purpose or ronsidenaz nest year. chairman Mr. Derek Wilds yestcr- tjt TING LAPSI 

decrease to £65S 750 (£698 000) but ‘•bldond*. official indications are not future dates day. " Wc hope to make an 

this was more than offset during SSHT ^^^SffVBSSUS . .... ... o«. « C . ,1 kj^ncemenj m the next few FUJMIVEOE 

the half-year by a fall in interest *bovn below are baaed manor on last Foster Brothers Oct. 12 VlV TT|n||fhc isreks. Be added. Thomas Tilling annou 

payable (from £387.000 to £331,500) years timetable. Boat Executive Oct. » kTlA So far no firm offer has been since the minimum 

resulting from net sale proceeds . _ „ t °oat Ridurts iLotasten ... Oct. < made and Mr. Wilde explained acceptances required 

ingsf says 3 Sir Cyril ' ^Brack.^Ste sarSHrdSsSS ' Bro "' " “ ! upsurge at I Sdriw E^faieeiSs h 

Toye 


chairman- 

.Successful property sales have 
been concluded in the second 
half and higher trading profits 
are forecast. These profits, to- 
gether with the benefits from the 
short-term investment of funds 
arising out of the March rights 
issue, should produce net profits 
for the current year in excess of 
last lime. At the pre-tax level 
the surplus for 1976-77 was a peak 
£1.02m. 

A steady buying programme is 


Cavendish, Jefferson Smorfit. 

Downturn 
at Jones 
Group 


Pftolo-fJe ZmcnudaaaJ — - Oct. 12 


dividend. Sp per share, five times ^EIG increase bi profits for Assurance 
covered 1378 is forecast for Toye and A _ s f.~“J[ ce I .. 

air. Michael Shanks, chairman, Co, which manufactures and ^ ,ona ^ Jf'fi 
comments that the dividend “E* a {? d military recalls. SreeltoYs' c 


chairman Mr. Derek Wilds yestcr- -rrr v pvG T APSTF^ 
day. “Wc hope to make an . „ .. ' 

Announcement in the next few' FLUID RIVE OFFER " 
weeks." be added. Thomas Tilling announces that. 

So far no firm offer has .been since the minimum level of 
made and Mr. Wilde explained acceptances required has not 
that If Keyser was to commit been reached. Its offer ' fori 
itself to sell its stake in Cannon Engineering has lapsed. 1 

it would depend on "whether the 

offer were a fair one." T . T __ . 

Merchant banking group BONSOR WILL NOT- . 
Keyser UUraann Holdings bought RECOVER FULLY 

a controlling slake in Cannon * warning nf lower nrofiis fnr 


Merchant banking group BONSOR WILL NOT- . 
Keyser UUraann Holdings bought RECOVER FULLY 

1 C A warning of lower pro fits .'for 

Assurance (formerly Inter- Engineering is contained 

n nH°n rt rtVSr in 0,6 offer document sent to 

fSlSSSJ Bf shareholders yesterday recom- 


Altheugh- the economic and 
political outlook is uncertaui. Mr. 

J/ N. Wilkinson, chaiiman ot 

Telefusion. is confident that wi» 
its current “ n P r0VU1 ® if? 1 „ t q 
business, its investment pro- 
gramme and *ts marketing 
strategy villi in the longer term 
lead to a period of sustained 
growth. . t . . . 

!■ Of the re-organisation instituted 

in the April 29, I97 8 ye ar just 
ended, he says the group cur- 
rently has several superstores W 
operation and directors are well 
satisfied with the initial profit- 
ability. The full Plan of re-orgams- 
ation— which covers cl osur e of 
certain Trident units, restting of 
others and additional superstores 
and large warehouses— will take 
until the end of 1979 to complete. 

With overseas operations, which 


contributed £212,000 after foreign 
tax: last year, the group intends 
reinforcing its success by expand- 
ing its operations Into Belgium. In 
the current year. 

Mr. Wilkinson points out that 
many of the rental television seta 
put out in the peak growth years 
of 1972-73 are now approaching 
the time when depredation will 
have been fully provided, and the 
group will be able to show a satis- 
factory level of profits in -fb e 
next year or so from this source. 
New technological developments' 
are then expected to bring jn 
their own substantial contribution 
to the rental business. 

As previously reported taxable 
profit in the latest year detained 
from £3.09m to £2.07m. ' 

Meeting, Connaught Rooms, 
WC, October 26 at 12.30 pm. 


comments that toe dividend “**“*«> Investors' Overseas Services a 

although calculated on a deliher- Jg* ?ro“p of companies » trom the mending the Kaye Organisation's 

ately prudent basis, is a mark of «j™£* < ^3*4 JP***' 4 ** hquidators of Mr Cornfield's whlch va, ““ S? f( ^ k ' 

ronfidene in the future. £204,608, and the Board is of the i. 1079 lift truck concern at S. 7 al- 


ias l ume. ML inc pre-tax jevci confidene in the future .tzu*,&us. ana uie tsoara is 01 me " |7::"7 me 1079 — lift truck concern at £3.70 l 

the surplus for 1976-77 was a peak p rAlin The growth during toe year °? ird ° n * hat *** second half Go^apsec^ ICtoa > cern in “JJ- Mr. E. Trerobath. deputy chair- 

£l « 2m - . . . VjrrOUD came primarily from new' stock prove «“»■ stake in SaTas purchased ““ of Bonser, says pre-tax 

A steady buying programme is * broker and institutional invest- factory. l v ». Pri^-nrH du Csmn MP profits for the year • ending 

In hand using the proceeds of the PROFITS before tax of the Jones menr clients for on-line invest- The forecast is made with the chairman' Mr November 30. 1978 were unlikely 

rights issue together tvith funds Group. Dublin-br«»ed engineer and S5 m rese arch and valuation continue to be Ju Jann ^Tcffrentii cffireian of t0 exceed last year's record 

realised by sales of property. The oil tanker fleet owner, were down senices. Fifty new installations 5 e J d c1ose t0 b “ d set estimates but lone ei ra Keyser £490,000. 

directors will continue to pur- from £646,onn 10 £445.000 in the brought the ^ total number of Sa ^ es are severally buoyant and director This follows a drop in pre-tax 

chase suitable properties as the first half of 197S. Turnover eprra i na | clients to 250. “P 01 ** tawymt After ’ the purchase there profits from £211.000 to £105,000 in 

opportunity occur?. Sir Cyril a mom, ted to £6.62m against Duh the Datastream from £257m h to followed a protracted dispute the first half of the current year, 

jk iw .n. om hair lmk l ‘rk^ mtm ,»». jafSfflSa.'sa stars 

£227,i5Q l £201,0001 leaving a net 5'. l , v i7 ? » ea ^. in=S share of 2.34p agreement with NMW Computers a r liquidator claimed that there had the second half. 

& per assaJS'.iroMi »«5™Soi jsstbS s&ws* r„« *?- «»propri«, m u« ..»* >» . 

XJ JS&L Z'tt fflvsfe- S8K-BSSES tssr^sr^ 

again at J.i723p has already been f^cludes a charge in respect of of totcr-Bond Services^ 


a restated £7,527. 


liquidator claimed that there had the second half. 


SSSf" J£s 


declared. 


Prewru reveniw 6SS.730 SSS.000 

Troperu rradinc WJ30 Si.ono 

Investment income . . . n oon irr.ofto 

Share assocs 60.J50 M.ow 

>'« interest payable ... . mi..VW SST.WHI 

Pretax proflt 162,750 395.080 

Tax ... RS.7M tni.ooj 

Net profit 2CJ.OOO 134.000 

Below target 
output hits 
Charles Earlv 


buildings in accordance with ^lr- Shanks sounds two 
SSAP 12— figures for 1977 have cautionary notes in his statement, 
79T7-7S 1 976-77 been restated to refect this. by warning of increased accom- 
6SS.730 6«s.ooo modation costs and relocation 

expenses on expiry of property 
D n kn>4 Gpi/ir leases in 1979 and 19S1 and by 
XYUUvI i VJl let highlightrng the industry's depen- 
y dence upen indusrtiai peace in 

leaves the Post Office. 


Robert Grier 
leaves 

Howard Tenens 

Senior management changes 
have taken place at Howard 
Tenens Services, toe distribution 
and engineering group. Tenes 
finance director Mr. Robert Grier 


Blockleys 


nave iaKrn piace ai nowaro * -> 1 

Tenens Services, toe distribution ITIldWRV SlUmtl v... , 

and engineerinc group. Tenes IU1UyT MUUi F h f£ T 

finance director Mr. Robert Grier A fall in pre-tax profits from hoDes^Sdne^wU^ r,Sk 

has left the croup, which has £244^)0 to HOO.ftW is reported ' vU1 p,ck 


were withdrawn and Keyset’s Kaye already controls a 53 per 
and Mr. Du Cann's holding in cent stake in the company. ' 
Cannon were confirmed to be 57 

per cent and 15 per cent wrrt ppnnr i 

respectively. WO rKUBh I 

When the settlement was made The merger between Associated , 
this year Keyser increased its Dairies and Wades Departmental 1 
stake /□ Cannon to 66 per cent. Stores is not being referred to 
Arden and Cobden Hotels re- the Monopolies Commission, 

ports pre-tax profits for the half RENTOKIL 

£33.W 0 to^ £3l2]i«f’ hut Hentoldl Group has acquired CAWOODS FUEL 

l Jr for £350.000 Tutor Safety Pro- Ca woods Fuel Oils has pur- 
wM<i°ninhnt ’J 1 ' ducts, which makes a range of chased the business and assets of 

^ ,^1 ^^..aT PW d f ^ fire safety products at Sturmin- Thistle Ofls Glasgow. Value of 
SG ?L_ d , stcr Newton, Dorset toe assets acquired was £142^00. 


First half rise 
for Arden & 
Cobden 

Arden and Cobden Hotels re- 
ports pre-tax profits for the half 
year to July 1, I97S, up from 


± r*7n , has ,eft thc croup, which has QH^Q to £100.000 is reported up^atointoe aSumn' VU1 P ' C * PllQI*lnC MAnr £1 m 

unarles Hurst near £lm 

Mror'-j'TS "M, financial ronn-nller is "in in o» period declined jgSUf AfiSArtS S?t£f iSST** 

1978 slowed mariinallv To £ i JESTS' ^ * e3J ' s totalled P^fit of Charles Hurst jumped out adad^Taf liahlSty. The 

^ «toX r roie^TnS SttUEA*"''" — "ML ^ T&'lSPEi. 


Hd.inin (ii.om) and demand here Ross replaced The group's f 
continues to be encouraging, auditors. Binder Hamlyn 
export sales were depressed at Comins. 

£1.06m f£l.33m| largely due to the 
strengthening of the pound- r\ x , 

In 1977-78 the company jL>SlSStrC3ITl 

expanded profit from £0-2lm to a 
record £0.52m with strong demand 3 in hir 

both at home and overseas. lt|J MJ j Uv / U 

The net interim dividend is held Datastream reports r 


The not interim dividend is held Datastream reports pre-tax interim was paid. mauon bcryice a; 

at O-'ilop per lOp share and costs profits of £447.noo on sales of Financial Times: 

£18,439 (£18.376). The final last £3.6m for the 12 months ended DinrT a v flVTT International Thoi 

year was l.666p. June 30. 1978. These represent D/uu - * til 1 1^. lion Convert! 

After tax of £82.000 (£86.00) net rises of 60 per cent and 23 per Barclays Bank International says Newspapers), 

profit came out at £75.237 cent on the previous 12 months, its operations in Kenya -vriH be Jones (Ernest) 

(£80,115). The company is to pay its first token over by a locally-lneor- (Section: Drape 


EsuTdnS Derfflp share are £287,714. Earnings per 25p share Ixw Debenture's remuneration 

fremr^IpMJme FT SllPrP eredKnvn «he«l from i&*p to end eieenaa the, mope. 

The interim dividend is lifted -T 1 Olldn: 27 ^P p . . Tin ^imts to£7^0 per £100 nomaori 

from 1.0376p to U587p. and as Mr r 0f st0Cfc - ^ . cornper»afaoo will 

previously forecast a third oCTVlCC t hSI COUrit 35 a disposal ** ca ? ital 

° f li^yrar L Vh°rn b p The following securities have waived the right to his interim IWPOsw- 

totalled £440.133. a 2.7S07p second *»■«■!«• SfSilSSR. ISSUE NEWS 


FT Share 
Service 


mation Service appearing in the hnal was paid on total profits 


Financial Times: of ^ 71,0Q0 , ... 

International Thomsen Organ is a- .company's activities cover 

tion Convertible (Section: tJ I e M,e - **** and jnaimenance 
iner5l of cars and commercial vehicles. 


ISSUE NEWS 

MIDLAND BANK 
STATISTICS 


(£80.115). 


roes (Ernest) (Jewellers) 
(Section: Drapery and Stores). 


What's new in 


Statistics compiled by Midland 
TT Bank show that the amount of 

rieenan JtfedOOW money." raised in the UK 

Y _ _ - - _ by the issue of marketable 

nan hnlnprc securities in September was 

mail 11U1UC13 £125im. almost double the total 

compensation In the 0 first nine months of this 

at t 

Bcddnw. whu.h Vs in Viquidatlon, nonod nt 7977 
are to receive an unexpected pay- v 

menr. Thr auditors, Binder /lITIltfMCCC PEAT 
Hamlyn. have agreed to pay tihem VyUllTivt^i 1 tAI 
£105.000. Guinness Peat Group U propos- 

Thc payment is an our of court ing a one-for-onc scrip issue, 
.settlement of toe Irustee's claim Subject to shareholders passing a 
that Binder Hamlyn deprived it or resolution at an EGM called for 
ao opportunity to apply pressure October 27. 4he company in Lend * 
on Heennn Bedrimv in 1974. to double the authorised capital 
Binder Hamlyn allegedly did this to £20m and issue a further 
by wrongly staling that Heenan 32,721,782 ordinary 25p shares. 


This Advertisement is issued in compliance w**® wquiremews of fin 
Council ct The Stock Exchange. It does not cons&tuie an invitation to- any 
person to subscribe for or purchase any preference shares. 

MARSHALLS (HALIFAX) LIMITED 

(Registered ki England No. 481574) 

Capitalisation Issue of 1,014,731 10 per cent. . 
Cumulative Preference Shares of €1 each. 

The above securities have been admitted to the 
Official List by the Council of The Stock Exchange 
and dealings in them will begin on 2nd October, 
1978. 

Particulars of the Preference Shares are available in 
the Extei Statistical Service, arid copies of the . 
statistical card may be obtained during normal 
business hours on any weekday (Saturdays and 
public holidays excepted} for the next fourteen days 
from 

Samuel Montagu & Co. Limited E. B. Savory, Milln & Co. 
114, OJd Broad Street, 20, Moorgate, 

London EC2P2HY London EC2R 6AQ 


This ddvaitfcarsMsnt is issuud In compGanca with the ceqttinamnt& of the 
Council of The Stock Exchange It does not constitute an invitation to any 
parson to subscribe for or purchase any Preference Shares. 

S. CASKET (HOLDINGS) LIMITED 

(Registered in England No. 801594) 

Capitalisation Issue of 482,781 10.25 per. cent. 
Cumulative Preference Shares of £1 each. 

The Council of The Stock Exchange has admitted the above 
Preference Shares to toe Official List Dividends will be payable 
in equal half- yearly instalments on 30th June and 31 st December 
each year. The first payment amounting to 2.5625p per sham 
(net of related tax credit) will be made on 31 st December. 1 978. 

Particulars relating to the above Preference Shares are available 
in the Statistical Service of Extei Statistical Services Limited and 
copies of such particulars may be obtained during normal 
business hours on any weekday (Saturdays and public holidays 
excepted) up to and including 16th October, 1978 from:— 

Illingworth & Henrtques ; 

Kftcat & Aitken Rlckftt limited 

9 Bishops^ate and 38-40 Kennedy Street, 

London EC2N 3AD Manchester M60 2BP 

2nd October. 1978 



MAIBL is Midland and International Banks limited, thefirst 
of the London-based consortium banks~ 

We are nowhased in New York having opened a representative 
office at 345 Park Avenue^ to expand further our services and 
businessin the United States. 

TIi e MAIBL New York office is headed by Senior Vice-President 
Harry TJ. Roberts, who has beendosdy involved with otir American 
operations to date, including Central and South America as well as 
the North American continent 

This expansion means our wide-ranging and flexible services 
are now even more international in scope, particularly in the area of 
medium-term imandngandsyndicated loans. 

Wherever you need professional banking advice and help in 
bringing your plans to successful fruition, you’ll find MAIBL the 
fast, efficient answen- 


IB am 301.9. 11 am «!.«. Noon WH.J. 1 Dm 499 J). 

! pm 599.:. 3 DDl 500. 1. 

Latest Index 0-2* KOA. 

•Based on K per CWt corporation tax. tKO=8.3L 
Bash 100 Govt. Sees. 13'HWG. Ftaed lot IB» Ind. Ord. 1/7/33. Gold 
Mines 12/9/aj. SE Activity Job-Dec. 1943. 


HIGHS AND LOWS 


S.E. ACTIVITY 


[diner Compfotloii 



LOCAL AUTHORITY BOND TABLE 


Authority 

(tclcp}u>ne number in 
par en theses j 

Barnsley Metro. <0226 203232) 

Bradford (0274 205771 

Knowslcy (051 548 RS55I 

Manchester fOtil 23fi 33771 ... 

Redbridge (01-178 Cfi20j 

Southend (0702 40451 1 

Thurrock (0X73 5122 1 

Thurrock (0375 5I22i 

Wrckin ((W52 50.i0.5ij 


Annual 

^ross Interest Minimum life of 


Imprest 

payable 

sum ' 

bond 

IP 

J-year 

£ 

250 

Year 

5-7 

IP 

J-year 

500 

5-7 

in 

4 -year 

1,000 

6*10 

10 

4-year. 

500- 

2 

m 

[-year 

200 

5-7 

Hi- 

7 -year 

250 

5-7 

ll 

1-year 

300 

4 

io; 

4-year 

300 

3 

Ui 

yearly 

1,000 

5-6 


FINANCE FOR INDUSTRY TERM DEPOSFTS 

Deposits of £1,000-£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 13.10.78. V 

Terms (years) 3 4 5 6 7 s 9 10 

Interest % io; n n$ 114 ll? ^ 12 

Rates For larger amounts on request. Deoosits to and further 
information from The Chief Cashier, Finance for Industry 
R ^ a i d ’ Lon £ on SE1 8XP (01-928 7822. 

c-SV iVTho J *■ a >k ‘ 1° “ Bank °f England, a/c FFL" 

hTI is the holding company for 1CFC and FCT. 


SIM CO MONEY FENDS 

Satom ln\csli»icni 
Manawmcnl ('<>■ I. id. 

6ft CAN NON STRl.tT l!( 4N ft \F. 
Telcph</ne:fil-2?ft 1425 




Rates paid for W/E 1/I0f78 



Call 

7 day 

Mon. 


% P-a 

6.363 

8704 

Tue«. 

8.857 

8.710 

W c d. 

8.647 

8.717 

Thiirs. 

8.481 

8747 

Frj./Sun. 

8 536 

8722 



MIDLAND AND INTERNATIONAL BANKS LIMITED 

Head Office: 26 Throgmorton Street, London, EC2N 2AH, England. 
Telephone: 01-588 027lTelex: 885435 

Newibrk Representative Office: 345 Park Avenue, Newark. 
Telephone: (212) 838-608S/9 

Kcprcseritative Office also in Melbourne, Australia. 

Subsidiary Company: MAIBL Bermuda (Far East) Limited, Hong Kong. 

MembcrBanlK.Mi JlandBani Limited; The Tcxottiti-Donuniaa Bank; Tbs Standard 
Chartered Bank Limired;^ The CommcrriaJ Bankot Australia limited. 



Vickers da Costa Ltd. 

(^Icmlvis «>f The JiU’clc rxcliJir^i;) 

are pleased to announce that their representative office 
in Tokyo has now been replaced by 

Vickers da Costa Ltd., - 
Tokyo Branch 

General Manager: Anthony J. Newsome 
Deputy General Managers: T. Kodaira 

e . _ , H. Okabavashi 

beruor Dealer: Russell M.Leiman 

Tokyo Tntemono Daisan Yaesu Building (5th Floor) 
9-9 Hatchobori 1-chome. Chuo-ku, TcJkvo 104 
Telephone: (03) 553-9211 Telex: 252 3706 
















Monday October 2 1973 



^^deud 

shown are those of last^S are gtvEn In the 
hoard L!f^. year ^ s announcements. 
. _ ; Ko SfS?® <*“*« thus?) 

.fifriaen^** be -declared will not necessity iS^X 186 * 1 ftat the 
rates; p« .*« jshown in the columnhe^Jj 5®*? ^ "“ouots or 
- je^?-;Jh»fiinlnaw : proflt figure* usuallv a™ n , AniI0, ? cemeilt Ia *t 
Vp^n gncemepts. . accompany final dividend 




Mill 


-. i .% ' ' - Announce- 

•.'•* . r Date . . saent las 
year 

AaWf V.—i — -Nbv. 3 - fat. L37S 
ABwtf Irish 

. v Bamx-Oet Si Int- Laus 

■fwfftn Jib “• .•' 

. • Grim~.Qt£:p_ Finals doe 
“Armstrong • 

Sonipment.,Oev S Final 1J03 
Assoc. BUcntt —Oct- 11 tot. 1.476 

♦Averys ,.M "S tot- 1«?4 

BPS' TndosWat.ftl. 25 Int. 8.8 
*BSG inda. ...^Oct; W , int 0.7 
•Bk. at iretoirtiWOT'r. ? at 5 . 
•Eolam - • —■(«*.: S Final LES4 
BwkeJey '.-r;*- 1 ' . _ ' _ 

Ham hrn .pry-Jig^ Z lot L 

Berry wtreffl r-g«- 4 f nil 

•BOwthorpe ;. JOcL-lu Int. -6.73 

•British 

• 3to -i.„Oct. 18 int 2.8 
BrookTsond’. - ' -" — - • 

; .Uf*i»-Oet is Haai 2.Q08 
• Rmwf BHtt .3 Inc. 2,821 

“Cape ‘ Jnds. -—-Oct- 2 InL 3M4 
•Clive -WscoHtf .-Oct- S. Int- 2 
Coattf BWW-- -~Oct 21 Int. 0.77486 
•Com. GoktteHa Oct 11 Final 3.2302 
Coral Leisure ...Oct X3 lot. 3.5 

•Detenhanw . Oct. U int. 1-5903 

DnctUe .Steds -^Oct IS Final 3.288 

Dupnx IB fat- 1-823 

EDITS : Oct 18 tot 3 

■EMI Oct 5 Final 5.83 

EHi* and 

GoWsreln--..Oct is mL 0.88 
•Empire Stores - Ocl u ibl 2J2 


BH South 
hit by 
phosphate 
losses 


Announce. 
Bate meat last 

^cSi a Dllffn8 - %*■ 55 *^^6 

E1.&" 

Sr-s^s Eur 

r? 1 ”* (J.i Oct 27 int us 

London Brick ...Oct 27 lot. L2B7J 
Mallinson Denny Nor. l’ lot us 
— Oct 31 Im. l 

Marks and 

„ Spencer - 0cl - IS int. t" 

w2SL®“ Nov. SI Int. 6.6 

Motorcar* ......Oct X7 Im. 

Mowlein »J.> ...Oct. 6 Int L5 
E*”*™ /S.) .. on. 7 mt 2 
wed ImL — Nov. I Im, 5J9S55 


By Paul Cheeseright Refining, ia expect' 

BH snrmi n, a A ..ct«it a decision this w« 

int *1 A *“? U * 11 m, “‘ over proposal mac 

JKJ wd “TCStment house, suf- investment group, 
fored a net doss for Cbe year to ^ 

last June of A$8.47m 4U5S9-Sm) Directors of 1 


Corco decisionon 
Arab bid expected 

BY OUR FINANClAL STAFF s - 

ONE OP the leading oil refiners Texas,, owns $lbn refinery com- 
In the U.S., the financially plex. on the southern .coast of. 
troubled Commonwealth Oil Puerto Rico, where it is the 
Refining, is expected to announce largest private business. 


MIMING NOTEBOOK 

id- 5« 


to lift 

capital 

spending 


it’s 


and caribou 


BY LODESTAR 


TORONTO Oct 2. ONE DP THE chief threats to die though uranium contracts are stiH- 
uranJum dtecoverens in Australia’s available, it is becoming .much 
INTERNATIONAL ' Business Northern Territory, still firustrated harder to obtain customer financer 

U..ki-nn nnn -11 .V - _ J. , . 1 _ ; _ l_ IJ I 


_ , - _ , , i a , . — — i\wuieiu icvmurr, siui m u>u meu uni un IU vuuuu buswuici uuwikG, 

■min- a this week on the takfr • By operating under the U.S. Machines Corporation s capital by problems with • the region’s a development which would brme 

c.rf over prop 083 ! made by an Arab bankruptcy laws, it enjoys court expenditures in 197 J will be Aborigines, comes from the money-raising problems for the 

SilT" - — ' M.M.H nmfAAtiflTi flnvimt mnJitn- .... .i ' aa j, i ° . * _ - . , L ■ . ,, (. i l l, ■ 


fared a nS fA* m i nv es^ent group. protection against creditor suits higher thin the $3.4bn in 1977, increasing uratMutn finds in launching of a “green fields” pro- 
last June of AS8 47m lUSS^m) Directors of the company, S3 Lu WWk 0Ut 3 plan 30(1 ex ? enditi:res are “P^ted Canada where one of the biggest, ducer such as Afrikander. , r 

comiMred wifh^'vn« rtf which is currently operating to pay its debts. t to continue to grow at a. high that at Cluff Lake in . In that case Anglo Arnencany it 

in vf!r m S uSd^> Chanter 11 bankruptcy ° Ee ™P orta nt element of the rate. Mr. Dean P. Phypers, vice- Saskatchewan, is due to came on is thought, might. consider linking 

yendwfnJ^Fri proceedine& met at Se end 6f propwal cals for Ashland Oil. president, finance and planning, stream » 1980. *. ^ opening up with one hr bthee 

q e »«i a id ajtiu a* s ps ^“c 

1974-75 make no statement until today at ™““°‘ 1 ™®“ a set.ommOziweaiuis . JBMs investment in plant seems to be throwing up new >hi _ b h recently announced 

greater m of the >0*. «>». «*** K d»e JSSTSJ'JS, «SJSBS! 

A ^ bidhas beenmounted by taking Commonwealth over last over 1976, and for the first six activity proceeding at aiT ever- dent tame %r Afrikaide?to dSm' 

“L J 116 ^P^vement in the Arabian Seaoil Corporation a year . . mont hs Qf 1078 the increase was increasing pace. It is thus no wufrt&tfS 

position came from toe receipt poup of private investors headed Mr. Tamraz and Arabian Se a : 34.5 per cent on the yeai-ago wonder that mkiing ewcutrves of S Se sa^once acaifln due 

^dividends dunng tne second by Mr. Roger E. Tamraz. all . are not. however, the only period. _ - are becoming more cautious about & T £ tte 


Property- -Oct. 27 lot. 1.25 
•Fteanaw ’ 

f Loud on) Oct g im. 2.42 
Furness- Withy. --Oct- IS Int. 3-5 
Ge Trail and 

BaHnuU— .Oct 13 Im. 4 


— Oct 4 Int LSSSS 

Rncby Port 

•«» temcM ..cm. 20 Xnt t«ffl 

«ra croup JJos. 3D InL 1-85 

•Scottish Met. 

Prop.. ..Oct 10 Final 1.0434 
- 0ct - 3 Plaai 2 -M 

Senior Efifing, ...Ckx :8 int. 0.3635 

SpiHers Oct M Int OiSfi 

Spirai-Sarco ' ...Oct. 12 Int 3.6837 
Swan Homer ...Oct. 11 Final 3.6SS 
Not. 3 im. 1.7S58 
Uid. Real Prop.. Oa 10 Final 3.9 
•WUxnot 

Breeden. ..Oct 18 Int. 1.2 
Wood Hall Tsu.jIot. 2 Final 4.841 
Yousbal 

Carpers... sept 9 Int 3.D45 
• Board meetings Intimated, t RlsMs 
issue since mads, i Tax tree i 5 Scrip 
Issue since made from reserves. 


hair 06003 aunns “ e s®* 10110 °y Mr - Roger h. lamraz, oil, are not, however, the only period. are becoming more cautious about CO urse. Anyway, ibat is the 

t»k« e 11,1 Under the proposed deal, a current contenders for control of Mr. Phypers said he could not the likely course of uranium Johannesburg view. 

nrnhiar^V^i^hf 6 !^. a subsidiary of Arabian SeaoiJ Commonwealth. Also under project the level of increase for prices in the Site. * * * 

af *♦ would buy some S400m of consideration is an offer from the entire year of 1978 since But at least the directors of The .Australian nickel explora- 

Commonwealth’s debt for cash Charter Oil, whose proposal is u this will depend, to a great Peko-WaJJsend, EZ Industries, Pan- tiou rush made the names of a 
* hi i common stock and senior being studied by lawyers of both extent, on customer decisions continental and Queensland Mines number of Perth ectrepreneurs 

mi* i,- nT 51 secured notes. U.S. - concerns, prior to going about lease versus purchase.” may be relieved to know that one well-known around the world 

ps i ■ wltf \ Queensland tjig Arab concern would then before the Commonwealth Board. There have been many com- of the latest Canadian finds, that although lit tie is heard of them 
rnospnaie prompted BH South mergB Commonwealth into this Coastal States Gas and Ten- ments in the last few years about Germany's UrangeseU«?haft in nowadays. Last week the frenzied 

earher Uus month to announce subsidiary, as well as investing neco. both of which once showed the high levels of cash in IBM. the Northwest Territories, has search for diamonds In Western 

f“ at fo rewe more s5o ra jn ^ new enterprise In an interest in Commonwealth, “We have consistently pointed afao run into severe environmental Australia brouisht a new name to 

tiian A$5°m through the sale of exchange for convertible notes, now appear to have moved to out that we expected to use the whScl1 are hampering an our miming columns, Mr. Peter 


ISSUES 


EQUITIES 


investments. 

Some sales have already been 
made and the repayment of loans 
of A$42m and A$llm due at the 
end of this month will take place. 


S. African 
group sees 
improvement 


Commonwealth Oil, based in the sidelines. 

Kaiser Aluminum expects 
quarterly profits boost 


He is connected with a (number 
of junior exploration companies; 
some of thorn ratios of the nickel 


bulk of these funds to grow the Bri ***- : 

business,” he said. ro ,^. ha “ at CHne by car’hou H e ^ connected with a (number 

The slower growth of IBM’s "SHtSftSS ^fSimoes who are of junwr exploration companies; 
net earnings in the first half of aeSSlU^ i £ta££SEm some <>f . t * >am rah « <>f nM * e j 

the year was anticipated: S to a St P™*™*?* ® ra - Til . e . F 0ll P 

* Earoings were up 3.9 per cent ^ ffiZre S^an^r^o^l^retSn 

9 ° 9 ? D S n J?{ M E M 4 b n C0mer0!e depends on “»*« kind ,h? vfrS 

9.9 per cent to 59.4bn. of ectcouraeemeat we get from 


aeeklnc to bring uraoium develop-, prospecting era. The group has 
a haK - ^ «W“y 13 come in for mne criticism in the 
thus quoted as 6hai ftiture Australian Press over exploration 

progress depends on wdiat kind deals done between the various 


OAKLAND, Oct L- 

KAISER ALUMINUM and prediction for the year, saying 
By Richard Rolfs Chemical's third quarter earnings it was based on foreign currency 

JOHANNESBURG, Oct L are expected' to- be “almost losses to date. “If the dollar 
THE CHAIRMAN of Murray and double" the year-earlier level and should- change materially that 


Paper group 
settles suits 
for $ 27 m 


mL components of tiis empire, des- 
S* G ownHoevri and Ube criberi ^ one o[ ^ C£>wtry - S 

two departraente Involved that u mwr complicated financial 
for Indian Affairs and Northern tangles." 


Development and that for Energy, 
Mines and Resources." 


Whether the criticism Is justii 
fled or not for those who are 


NEW YORK. Oct 1. 


Meanwh^e. enthusiasm hi grow- to la kea specukmVe 

£°T. J a *5'S- Saskatchewan chance in ibe tivefy share marker, 

raid, that at Midwest Lake by down-under rt may at least 

Esso Resources, Numae and Bow ^ useful to know which concerns 


Roberts, Mr. J. D. Roberts, said net profits for the full year should number— over S7 a share— ^would INTERNATIONAL PAPER said Va]le ? wi * estimates of its are lfeted ^ -Riding *n the 



“;!“U! II 
kI ¥& ^ 


in bis annual review of the group 
for'the year to June 30 that he 
does not foresee “a significant 
recovery in the near future" in 
the industry, although an air of 


riags camp. 

They are Australis Mining. Cliff- 
in ex. Coopers Creek, Ferro- 


In last year's third quarter, forecast that 1977 earnings would cartons and milk cartons for w t*, tjZzSi vanadium. Frmayth Mineral 

the company aarned B17.9m or be. “comfortably over" $6 a $27m. ‘ • SSS If 2S^!?w»rtl - Enploration,. Hill 50 Uranjum, 

nn _ * r _ ...L ^ j — nlUrFIva II IJtl I 1 'iXff WOrlU. InJ.nn/l Mirtino koflYtrtlo Miru^c 


I optimisim has been growing. But 96 cents a share. In lie whole ef share. 


The company said that the 


Femnti New." 365 

Do. NU Paid...._.266pn 

LSb Uooocl (H.) (Jaw.'ln)20p 160. 
3Us|Muior N&tQrp. Motra 38' 
I 100 {EtriJtwfae 115 


>6.76 11.9 2.3 

-1 Afl-3 Z.l 5.1 
;. 62.14 1.3 10-0 


^jerrea u mi me worm. _ iniand Mining. Kemple Mines, 

The wrd Saskatchewan, in fact, Kitrtrpner Mining (formerly 
Iwuld be BtunK largely m the Leopold Minerals). Lightning 
l .™ d ,??. ^ Anthony, Rtdee. Mogul Mining and Siberia 


4^(RSS8m f$576in), should improve I from a year earlier to $77.3m, shipments of the metal which 1 quarter earnings by about 43 1 unravel all the rankled skeins that 


INTEREST STOCKS 



gf *■_? 


because of various new activities 
into which the group has moved. 
Last year, R29m was spent on 
companies involved in engineer- 
ing and food processing as well 
as on traditional construction 
interests. 


or 33.91 a share. _ normally are at a seasonal low ce nts a shafe. 

The anticipated third quarter are expected to be a little higher International Paper denied | cove nes date from i9ioj aire pre- 
gain would have been' even than the second quarter’s 231,000 liability or wrongdoinc. but said I venting development of the 
stronger except for a loss from tons. That compares with 197,4)00 it agreed to the settlement to country's big uranium potential. 


nenwren, as ne suoiqeies id -k -k -k 

‘Jf <2?' The shares of .Atmico-Easrle. the 

— . even after ail this time (the a IS- Panadinn «olil and «rilver nroHucer 

International Paper denied reveries date framl970) are pre- ? 0 wh d ich f™ ew attention i^July. 
ibility or wrongdoinc. but said ventang development of the have been a Rrm market recently. 


rising from CS5i then to a 197R 


food processing as well foreign currency translations, tons shipped in the 1977 Septem : reduce the expense and uneer- At least the diamond minors high of CS7J. Their attraction lies 
traditional construction Mr. Hobbs said. ber quarter. • talnties of litigation. ™ >u * 1 d "* t ^ re t Problems, principally in the company's low- 

He also qualified his earnings AP-DJ Rputer. ' v, “ thej? No doubt the rn st crniH nnAration in fii»i»Hpp 


Reuter. 


121flP lAadtotrontd 122 Oonv. Prf ... 13isp +1 

lOJelBrlutol Walerwjtka 1% Pit- 1S83^ — IOI4 

1046p|Uowui lie drool 10JJ Prot_ llDSlspJ— lg 


Currency, Money and Gold Markets 


cnrhwimeret3'l'i«t5 and 
Abonteinal representatives 
working on iL 


Although Pancorvtinental may tvi-o. 
be giving its shareholders some 


*” c cost gold operation in Quebec 
‘ f,e where there are prospects of 
are improvement in the grade of ore 
milled over the next month 0 1 


■ Spin Bill a amltb H* lit Deto-HX*>03_. iUpm-! 

101 Howard aWyndham IS* Una. lau SPfll ._ 1014, 

Si Up Inti. Thom- on Conr. EM. PreL — 240pj „„ 

98 1 , Knuisgtoo and -Chelaea Var, Kate 1933 — 98V, «... 

TiS Latham Jarnea Com. Frrf 81 _... 

SB - Northampton Var. B*» Uei. 1S8S .98 „... 

103 ■ High twit# lOJConr. Una. -1993... — — 113 

83, Southwark CorpliPaJ Bait. 1387 ...,—.. — 1 fl +rfr 
87®, Snuthciwta Var- Kate 1983-^-.. —1 S7 3 , — U 


SMe Interest rate problems 

m on A 


sleepless nights, they can be 00 running at about 'C$115 and in 
. worse insomniacs than thoje m this connection it must be realised 

the more usual repurchase orders South Africa’s Afrikander Lease that owing to the weakness of the 

were used to bring matters back the- shares of which are oow once Canadian ” dollar the country's 
under coirtroL again on the downward end of gold producers get a considerably' 

The overall trend in U.S. rates S®* 1 see-saw. dropping 70p to higher price in terras of that cur- 


“RIGHTS" OFFERS 




p« 

.<5 

66 1 

1 

F.P. 

285 1 

1 F3*. 

828 | 

i SU 

390c 

Nil 

50 

F.P. 

44-| 

FJ». 

.12 ' 

Kil 

118 " 

1 F.P. 

FFI1D 

Xtl 

265 

1 Sil 

65 

F.P. 

100 

Sn 


F.P. 

F.P. 

S3 

Nil 

74 | 

Mt 

10 i 

F.P. 

77 

F.P. 

85 1 

NU 

94 < 

F.P. 

40 | 

F.P. 

4 i 

Nil 

200 i 

F-P. 

23 \ 

NU. 


v ., isna •, 1 

High I Low 


~\*+J BYCOUN-M1LLHAM ri£ to %o^!„„v . . ... f . . . . 

"'‘" i - - THE RISE in the interest rate on National Bank almost certain, and Dutch authorities have been ^, nd ' , _ r l E _^l ?s ’ to ^ cent from | JohamieRbiirsr anafvstf ; 

Belgian Treasury certificates last on Wednesday morning Brussels forced to give continuing support per cem " 

Monday was thought to herald a interest rates rose in the money to -their currencies to keep them 
rise In the central bank discount market ahead of the central bank ... n^rmtirwl maitrinK of mi ■> 

rate later in the week. A rise Board meeting. ^ margins of GOLD 

of' 1 per cent to Sf per cent in When it was announced that snake. -- 
in—.' ! Holland’s bank, rate later on. the. there would be no change in the . -Belgium and Holland are not 
FprfSfftJ*- Same day seemed to make a discount and Lombard rates from the only countries with interest 


under coirtroL again on the downward end of gold producers get a considerably' 

The overall trend in U.S. rates S** 1 se«--«a w . dropping 7 Op to higher price in terras of that cur- 
was also highlighted by another ?0&P on Friday following the news re ncy than the U.S. dollar quota- 
rise in commercial banks prime that development of its uranium tion for bullion, now C3217J. 
1 — jj— ns -u,, mine has been further delayed. Asnico has been obtaining up to. 

But Johannesburg analysts are C$235 an ounce recently, 
still hopefully reading between It expects to reduce the mine’s 


19/9 27/lOj 73 68 fAmjwwcin Bros 

— — 40 £4 . Maak a( Mcamij 

22i9i 13/10 27nm 8pm Barlow Band 

30(8(24/11 74 6S Mijickwood Hodge ^ ... 

89rt»! 10/ 1 f*i 8 61 Britiib Printing. — 

_ 1 — 6pm ^si>m ChHiipo Waree 

”21/9 ,3/1 ‘ 135 ' ULubli. .“. 

— | — EUjini 20pm Ole. Pr. Pel rolea...— — 

8/10 17/11 41pm SDimi Dalgety _ 

22/9 13/10 BO 72 lXnwl* 

6/10 : 3/11 I Opm 1pm UufayBit*maBttoS8KCnv.Ln'9e^6 


8/1017/11 41pm ioum Dulgety *.. — .... Ir ^ n ... - 

22.-913/10 BO 72 Uurade 

6/10 3/11 I Opm lpoi Uufaj-Bit , maBttoS9XCnv.Ln'9S03 

— i — 6bl* ■ 66 Kilofae and Phoenix — 

F.P. _29/9|13/10l 36. .76 Hill * Smith 

Nil 6/10-10 ll r £4pm 19pm Hnwilon G non 

Nil 26/9127/ IO 94 B4. Inrtaal Service* 

F.p. — I — 14 Kite rtKnnlck Holdings 

“ " ‘ 11/9.27/10 90pm dSApw Oes Service - — — - 

6/10!27;10l 2 1 pm 13i>m Inn. ft Midland Ind 

21/8 4/101 III li/4 - Froperty t’ortnezvhtpe . 

29/W27/10 BO 69 Kamer* (Jewellers) — 


BB J— t 

SSH 

24 p-2 

special ' 

eq September a Drawimt 

l|m J5T 

139 fl “ stertins l IMH7 

2U]nn U.S. dollar : USUn 

3Bpm ftimlli, dollar 1.BIP 

73 +1 ' Austrian sch illing .... JJ.W62 

lpm »..» Belslan franc . — .— 34J3SI 
66 — Danish krone' ...— - U6S74 

T 7 +1 Demsche Mark 2JSMS 


similar move by the Belgian the existing level of 6 per cent . d currericv nroblems 0n,rt Ba,ltoo *" *"»*! 

.... SesidJSt Cartel said thS he £Z* . I 


CURRENCY RATES 


2I/»i 4/101 III iU4 

29/W27/10 BO 69 

■6/ia 3/llfeiapm '*1* 
25.-91 8,11 314 2K3 

SUCH J6/1J 14 .10 


— 21pm (Gander 


Keliance Kali wear 1 fiiapml 


Kkanlo Kog 

Wenxnell 


-94 

13 -1* 

841ft /mi 

15r>ml— I 
107 J 
69 —1 ' 


French franc — — 53n fl .il 

Lira - 1954.95 

-Yen via 

Norwegian krone ... 338086 

Peseta 9Z58C 

Swedish krona 534183 

Swiss franc — — — 1*8 


European 

ITnltof 

Account 

0366864 ” 
-131593 
2_H129 
in bm 
43-2316 
.735015 . 
234907 
2.77149 
5.69694 
1B83J29 
248372 
6.75940 
94.9830 
5-29106 
233573 


shamlv and the Beleian - franc trtes \°, Qni Vyarter nas saia tnai ne Clom , S717-SI7# Siil7-l-t7j 

fn/SLxi t. ' r ' considers the present UB. dis- openin« S2iB*i >74 18*173^18* 

suffered a similar fete on the c()unt ra te of 8 per cent as too Mornin«fl«ng....„. ski?. 45 .S4i?.«5 

foreign exchange market. hish On the otiier hand anv (Cll .197. ken .8M- 

Belgium's and Holland’s cur- reduction will hardly help Afternoon fixine.... Sw 

rency proWems centre around ^ doUar> wlrich continues to Goh | coins •J ,fc,b ™ : 

their . ‘relationships with the suffer from a complete lack of domestically 1 


still hopefully reading between It expects to reduce the mine’s 
the fines. Present thinking is that cost per ounce as deeper bigher- 
Afrrkander could stiH be brought grade ore starts coming through, 
to production within two years at The company’s president, Mr. Paul 
a capital cost of RlaOnr (£8Sm) Perina, is still hopeful concerning 
and with an output rate that silver developments in the 
would rank rt second to only Vaal historic Cobalt area where, how- 
ReeCs and Randfontoin. ever, the veins. although 

And the fact that the author!- extremely rich in patches, are 
ties are prepared to entertain noted for their erratic occurrence. 


proposals aimed at establishing 
the mine on a “ national interest *' 


Rustenburg has raised its 
producer price of platinum afresh 


their, relationships with the suffer froii 
Deutsche Mark as part of the confidence. 
European currency snake. An . _ ,. 

enlarged European monetary vf*" 


iffer from a complete lack of 4nmp*tk*iiy 

infidence. Knj«en»ni!. SSSBi- 174 j?2864-?S71 1 ..... 

. , is 14-116, ,(Ki i4i- ib* I applied to the gold mines. 

The Federal Reserve has taken New iavwet^nm..^. Stii-tSi suj* ft j On the debit side tAust 
tion recently to force up New is, i-fi» ifitu-Kji r 


basis is arousing the hope that to S2G0 an ounce anti is believed 
the arrangements under discus- to have successfully renegotiated 
sion include a tax formula that the prices for its American cou- 
xvould be less onerous than that tract with Ford to supply the 


303 

10 


Renan da Ann date usually last day tree Jt stain 0 Jut? ■ A UUUW 1 

based on nrospectos estimate. cAssnined dividend and yield, u Forecast, dividend: 
row oTprivlous "Sirii earolna*. f Dividend and yleU M m - 

or Stor Official «il«4i«» for 1979. o giuhl * Pinna assumed. Kmralm 
for ronversion of shares not bow nudung Tor <Uvifl f nd .- pr.raptanfl,!)^ for restricted 
dividends SPIadn* price to public, px Pence unless olterylw Indicated. 1 Issued. Veers 

by tender. lj Offered to holders nf ordinary shares as a * rights. Up to 5 

hr -n-ay of capitalisation. 55 Relmradnced. Jllsroed in connection wUh reorganlsa- Qver 5, Up to IQ 
Uon^^eSer nr raKe-ovCT. |fi| Introdnction. Q Issued to fonner-pr^erenca holders. ^ *1 t0 15 

■ S M(« lillfffU*«. • Provisional or partly-paid allotment letter*. g g 

* With warrants. Over 25 


Public Works Loan Board rates 


Effective from September 36. 


system may lead to a realignment thewre« ra * Z ™ 

of the present snake members, * orKrateSj iirting tne target rate .. (£*03-4141 i£M-£) 

and this has created the recent ° n Federal tunas — the money onw 

pressure on the Belgium franc banks lend to each other to mtemananiuiy — 

and Dutch gSfde^ which may *f° r und 8 * Pf. r Kn,B “ d “““ gJSt? glfL 

both be devalued against the meant that Fed funds Ne ^ 55^-614 m 

Deutsche Mark es part of any new to .V^ h ^ 9i per cent last week, 11^6441*1 

agreement. with the Fed intervening heavily old 5orantem_... mMi sti-iB - 

Meanwhile the Belgian and ^tryjo keep rat« down. A . M- ,g|j* 

s^si'asM.ss wm'SSTb 8 

>an Board rates “ back ta0 ^ wrt * m - pl “ 

' . . .. THE DOLLAR SPOT FORWARD AGAINST $ 


applied to the gold mines. metal for car exhaust catalysts. So 

On the debit side (Australia's the shares, now S9p against 107 p 
Mr. Anthony should also note) is earlier this year, are once again 


the confirmation by raining house being recommended by London 
sources to South Africa that, brokers James CapeL 


INSURANCE 


Quota loans repaid 


Nonquota loans A* repaid 


by ElPt 

A ! 

at 

matnrttyg 

tar ElPt 

At 

at 

matwityS 

HI 

ui 

w 

121 

m 

124 

12*. 

121 

121 

12* 

12i 

1S1 

121 

121. 

12J 

12 

13i 

134 

221 

121 

12i 

13J 

121 

131 

121 

13 

13 

131 

. m 

134 


Canad'n P 
Guilder 2JJB8- 2-1205 20059-2JJJ70 

Belgian FT 3IL5aotLU 30-54JOA 

Danish Kr iSSaWJttO SJSJMJ600 

D-Mait X.«BSO-L<WOS 1.9360-1.9J7S 

POri. ESC 4SJO4SA0 45JD-45.40 

Lira CUU25JB 83JD-8Z3.70 

NrwKn. KT 5J38SS05U 5O4D8-5J420 

French FT 4J075-A3 550 43ZT5-4J31S 

Swedish Kr <L4a3S4.HH5 <L*&4.«nn 

Ten 188^5-189.45 38S.7D-UK.98 

Austria Sch 14.IBWA.0Si 14.031 -lAMi 

Swiss Fr . 1254UO4S50 1SBOOJS5D 

* U.S. cents pgr Canadian I. 


BASE LENDING 


RATES 


,tu* 


A3JJ. Bank ..J 10 % 

Allied Irish Banks Ltd. 10 % 
-American Express Bk. W % 

' Amro Bank ".'10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce, 10 ■ % 

Bank of Cyprus 10 % 

Bank of N^.W 10 % 

Banque Beige Ltd. .... 10 % 

Banque du Rhone 101% 

Barclays' Bank. ------- 10 % 

- Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada - PffmT T3rust- 10 % 
Capitol C & C Fin. Ltd. 10 % 

--'Cayaer Ltd; 

Cedar Holdings lji% 

■ Charterhouse Japhet... 10 % 

Choulartons JJ Jo 

C. E. Coates JO % 

Consolidated Credits... Jo % 
Co-operative Bank ...... jo % 

Corinthian Securities 10 % 
Credit Lyonnais ......... % 

The Cyprus Popular Bk. JO % 

Duncan Lawrie JJJ'* 

Eagil Trust J° J. 


Harabros Bank 10 % 

Will Samuel 510 % 

C. Hoare & Co — .-.flO % 

Julian'S. Hodge ' 14' %" 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 30 % 

Keyser UUmann 10 % 

Knowsley & Co. Ltd. ... 12 %- 

Lloyds Bank JO %.- 

London Mercantile ... 10 % 
Edward Man son & Co, 111% 

Midland Bank JO % 

Samuel Montagu 10 % 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refso'n & Co. — JO % 

Rossminster 10 % ' 

Royal Bk. Canada Trust JJJ % 
Schlestoger' Limited... JO % 
E. S, Schwab 

Security Trust Co. Ltd. ii % 
Shenley Trizst ............ % 

Standard Chartered ... JO % 
Trade Dev. Bank ...... JO % 

Trustee Savings Bulk ra % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 
yilliams & Glyn s — J g 
YonkshireBank JV* 


* Non-quota loans B are 1 per cent higher to each case than non- Nrwm. to 
quota loans A. f Equal instalments of principal, t Repayment by half- 
yearly annuity f fixed equal half-yearly' payments to include principal 
and interest). § With half-yearly payments of interest only. Austria Scb 


THE POUND SPOT 


(ftapt. 29 [rot 


FORWARD AGAINST £ 


One month £pju 


Meeting the cost of 
industrial disease 


OTHER MARKETS 


Past and present cost is no 
sound guide to the future but. 


O-ii. S 8 1.86S6-1-S77H 1-9768-1-877B Q. 65-0 .55 c. pm 3.64 l.B2-t.7Se.p 

Csnsdlu 9 9lft 2JT30-2.S336 ^7^380-2.5390 flJ8-0.70c.pni 9.83 

Gnlkier 61ft 4.14-4.17* j 4.184.17 1 rr^m-rer 1.44 

Belgian F. 6 80.15 50.50 |8».4O-es^0 20-10 c.pm Z.it 

Denleb K. 8 10JSle-10.68 10.68-10.59 *-2*i>redu >— l.TO 
D-Marfc 5 i.414.84* |5S^4^32 fiee-CSfl pi pm 8.00 

Port. Ena. 18 88.70-t0.10 Afi.W-.O-lO 50-150 cdii —154 

5 pm. Pea. 8 142^0-142.70 142.60-142.70 26-125 cJla —6.30 

lira ims 1^22-1.520 1.626j-1.b27i 7-10 lire dii —6-27 

Nrwgn- K. 7 10.12*40.16* 10.18*-1B.1B* 2*4* ore pm 1.48 

French Fr. 0i* 8.S2*4iJ7* (L65i-aj6* 2*-Uc.pm 2.45 

svedlshKi 04; 8.07-8.71 ■ 8.70-5.71 itUreepm 8.10 

Yen Sift 570-578. 575475 4.653.15 ypm 10.76 

Aortrta Sch 41s 27.BS-27.8S 27.75J7.85 lfi-5 mo pm 4.32 

tiwiMFr. 1 8.05*447 5.052-5.063 65,-lH c.pm 12.78 


5.85 2^D-2.1Bc.pnil 3.08 
1-44 44 c.pm .1 346 
8-.B 60-50 «. pm 4ic0 
■1.70 5-5 ore dii |— 141 
8.00 rift -81ft nf pal 
-15.55 1754 00 c. dta 
■640 I toO-SM) c. dii 
S-27 ll 1-14 lire to 
1.48 lH-13 ore pm 
2.4S 74 c. pm 
8.10 Jll-8 ore pm 
10.76 ti.70-940vpn 
4.32 14643 ctt> pm 


£ 

Km Rst» 


Argentina Pe«o„_. 1.702-1.706 o6i.3S-S63.36 Auntria 27.23-28.2n 

Australia Dollar ..„ 1.7032-1.7102 O.or 20- .&• 66 Ueljrium 62.50^3.50 

Fmlnnd Markka. 7.S42O-7.9480 4.0235-4.0255 Denmark 10.50-10.65 

Brazil Cruzelm -57.38-3S.38 It>4*2-19.-2 Fnrocg.-.. 8-3S-8-h6 

Greeae Drachma ... 71.266-73.010 56.05-36^8 Qormnnv 3-75-5.85 

Hone Krnifi.Itollar. 9.34-9.36 4.7375-4.7425 Italy 159 -1C40 

/tun Rial lafi-141 70.45-70^5 Japui 372-361 

Kuwait Dinar (KD) 0.53 1-0.641 0.27262-0^7272 Xei ber land* 4.10-10.20 

iMiembrarre Franc 60.40-60.50 30.54-40.59 .Norway 1U.08-1 .18 

31a I aval* Doli»r 4.49-4.505 2^(775-2.2805 Portugal : 92-108 

Bow Zealand Dollar 1.8534-1.6624 0. 93800.9425 Spam 142lft-1471ft 

Sau.1i AreWa Btyal 6.49-6.59 3.530-3.331 iwltwarland 2.90-3.00 


56.05-46.90 German v 

4.7375-4.7425 Italy - 

70.45-70-65 Japan : 

0.27282-0^7272 Neiberlanria ... 

30.5440.59 Norway 

2J2 7 7 5-2. 2805 PcatuRal 


i-OGac. pm 11.82 Smpi pore Dollar... I 4.39-4.405 2je 270- 2.2300 tgnlteri Statca .1.9675-1.9775 


Belgi a n rale Is tar co m r a r ttwa francs. 
Financial Crane 8335-83-45. 


Sta-UMnfli forward dollar &35&25a p re . 
U-moub 5 .85-5. 75c pm. 


Soul b Afrfaatn Rand |1.697flfl-1.723B1|0.6590^.B785 lYngoetivia 
Bate stnm Ah 1 Aisantliu .la free rata. 


EXCHANGE CROSS RATES 


U^i. Dollar 


Eagil Trust S- m ^A«epti« Bonses 

HiJ !gs®- «. — — 

LW - 5 1 M-s, - & 


l Antony Gibbs 

Greyhound Guaranty 


Si ur « eum m. 

and oyer C5.0M 71%. 


.’Ua* 


ureynounc uimiotv— -- xy ana ovex JT 'Vrnivi 7 % 

I f ggssW; 


- cure investments 1 ^ 1 ^,. 01 . 2g3 llflI 

1 Royal Exchange Ave, London EC3V 3^ 100 at 14.1.77) 
Index Guide as at September 26, A 12B 70 

Clive Fixed interest Capital U 4 ^i 

Clive Fixed Interest In come 

ALLEN HARVEY & ROSSJOT™®™ MA rt^ E oS^ 6^' 
45 Cornhfll, London EC3V 3PB. 01 1978 

Index Guide as at September 3L 100JW 

Capital Fixed Interest Portfolio ;;; joo.00 

Income Fixed interest Portfolio _ ~ 


tG. Index. Limited 01*351 3466. AprU/J™ 6 
29 Lanaoia Road, London SW100HS* 

L Taa-free trading « cwnmodlty I^S^^uer Investor. 
2. The commodity futures market for tne sm 


Pound Starting 
CJi. Dollar 

Deotoche Mark 
Japanese Xen 1,000 

French Franc 10 
dwiBaTnne . 

Dutch Gkdkler 
Italian lira 1,000 

^imlaw DoUar 
BHetan Franc ]Q0 


MOREY RATES 

NEW YORK 

Prime Rate — 

Fnl Funds ' 

TteasiK y 'BHls- (13- week) ' 
Treasury Bills USS-weett 




JopoteM Yen 

French Franc 

£wiw Franc 1 

Dutch Gmldar 

Italian Lire 

Qamula Dollar 

BeUp&n Pr* 

374.0 

8.560 

3.063 

4.166 

1627. 

2.359 

60.45 

1B9.2 

. 4.331 
— | 

1.649 

2.107- 

825.0 

1.183 

30.68 

97.69 

2.834 

0.799 

1.087 

424.5 

0.610 

15.7? 

1000. 

22.89 

a 189 

11.14 

4360. 

6.853 

161.6 

43S.9 

Im. 

3.578 

4.866 

1900. 

2.732 

70.62 

122.1 

1 2.795 

i. 

1.360 

631.2 

0.764 

19.74 

89.80 

2.055 

0.735 

L 

390.8 

0^61 

14.51 

229.9 

5.262 

L885 

2.660 

1000. 

1.438 

■ 37.16 

' 159.9 

3.680 

1.310 

L781 

695.6 

1. 

2 5 AS 

518.7 

14.16 

5 066 

6.890 

2H91. 

3.868 

iO 1 


LONDON MONEY RATES 


— 8L875 

7/80 

A27 


G HI MANY - 

Discoam Kale 

Overnight 

One month 

Three months 

Sbc months 

FRANCE 
Dtscom u Rat* 

OvstmiAi — ... — . — - 
One monUi 

Three months — 

Six oiontbs , — 

JAPAN 

Discount Rate 

Cali (Unconditional) __ 

wma Discount ™ 


sept. 29 
lrf7- 


7 day-* or 


3J52S 

3-62S 

S.72S 

. 


-'teriloK ' 
Certi Scale 
ol Hepant 1 

Lotarbanb 

91g-9 

9*i;* 

10*-8* 

7>g-9 

83i 9 

9.9* 

9ift-t§ 

9Tg lblft 1 
10 10* 
lOA-loS 


Locai 

Anthority 

■lepoelta 


lUou AuLb.l 
negotiable 


finance 

Moure "• Company 
Oepbnte Ueprerts 


One month p£. Three mantlu p.L i 0 1 fllCAQGO 
par-OJUc pm 0-14 O-tCaDs-OJncpm -0-02 H ^jl H US3V*|k5^ 

0.20-035 c dis -157 035-830 edia -143 ml MTT 
(UUafU OJOcpin OJQ par-0 43 C pm — 

2J0-230ere dis -6M fciMJSBsre dis -436 

%£m s * t 2k n -v:% BY OUR industrial CORRESPONDENT 

6-9 lire dis -10.93 1MB lire dis -7.7? 

S5w35Td2* -IS i^tSTdta 1 IT USED to be reasonably simple prises can be exposing their 

(L254J& are pm S4L uiMLai am pm 042 for insurers to rate an era- employees unwittingly to con- 

uo4.li> y pm 731 3^5-U0yprn . 647 ployer's liability risk and have ditions that will reap a whirlwind 

«5 confidence that this rating over of compensation claims in the 

93S 340330 c pm RAJ & spFead Qf risks w>s suf . 19 go s . 

Sclent to produce an underwrit- past and present cost is no 
ing profit. sound guide to the future but. 

Attention was concentrated because much employers' liability 
principally on the accident in- business is experience-rated, it is 

a NoreHate, . J ecord t f ad ® -5 on 7 very difficult for insurers to 

— ^ cerned and of the individual p er su a( je policyholders and their 

ftnwri* 27.23-28.23 firm. . . . advisers that premium provision 

i. .d« 66 ueiffinm 62.50^3.50 Scant attention was paid to retlI jj rp H f or w h a t miehr he 

i-4.0255 Denmark 10.50-10.65 fhP riispacp rtisahlpmpnt noten- “ IOr j a £ f nlg “ t D * 

M9.- 2 ,, e^s-a.bB rr , tj 13 ™® aLsa oiemert r pajen ca u e( j jjj e , ncur red but not yet 

146^0 QwTnany„^.^... 5-75-5.89 J?® 1 * lar goiy because there was appreciated claims that will sur- 

*s7« a £2; r“ -*MO l, .S® realisation in Industry face some time in tte future . 

-70^5 Japan.. — 572-561 either bv management or on the , , 

aflS™ — ft.tittra shop flow, and little appreciation Inflation will make the cost of 

^.2805 wwuia“ . among insurers, that disease was such claims, when they do sui^ 

(-0.9426 Spain I42ift-i47ie a serious factor. The then state face, much more than similar 

uaifoo nZlSS'w^’^ i mtSi™ of medical knowledge, the restric- claims settled m current 
^725 rSflrtf!!!! “SSil O tive nature of the then legal monetary terms. 

•- — rules on the time in which claims . ft. is often argued that there 

Htiiu .is frsB.niA. could be brought, meant that is little point in attempting to 

few potential claims got off the fund the cost now — that ail 
ground, insurers can do is to gear rates 

Exceptions were recognised, to known present incidence and 
- principally pneumoconiosis and cost <uid raise the premium in 

Aitaii Lira Canada Dollar Beup&n Prene related diseases and. to a lesser future years to cover outlay at 

"lfiST 2 *io fiOAR — extent, dermatitis; but by and that stage. 

8 B 5.0 liil Soise large the long-term consequences This is a facile argument 

of many industrial processes because future changed political, 

424.5 o.Bio 15.7? were ignored. economic and industrial con- 

4350. 6.855 i61 -Q Now the scene is totally dif- ditions may prevent insurers 

1900 . 2.732 70.62 ferent Medical knowledge has from getting the premiums they 

531.2 0.764 ifl.74 made tremendous strides and then need but they may still he 

tTZTi rrn — many legal rules have been re- inescapably saddled with liabili- 

1000 . i 4 3 a ■ 3736 laxed or eliminated. The result ties. 

: is that the citfren who today falls Moreover, there Is a “ catas- 

?o'i 8 , 2B ^ 5 ' in with some hitherto unnoticed trophe " . risk, for in modern 

ghyi 5 868 10 1 progressive ailment may be able industrial processes it is unlikely 

^ medically to track this back to that one or only a few people 

his job a decade or more ago, to will be affected and it is reason- 
show the cause to be bis then able to expect that over a period 
■ — ■ — — — — working environment and, on many employees will suffer 

r£S£ l freMory ‘SSf* Miki. this evidence, to initiate a sue- similarly if something isgoing 
leoMit Kin** Bins 4 - mils* cessful claim for compensation wrong. Once a new kind of 


39.041,0 


Disjount 

market Creuary . 


PinoTra.1. 
' Hllis* 


for his present condition. 


claim comes to the surface it ia 


10-10)4 

liu-iiu 


10- 10 In 

61ft-DS4 
Sig ess 
-9li 10 
10-lUfig 
1018 U Bs 


33 
4125 
4325 


bayi ng rales far prime wmer. Swing rate for fonr-monii basic bUb S9 m- 9I per cent; ftmr-nxmtb traffa bfib N per cent. 

Apnroxbngte »HHur rate* for one-roontb Treason' MU* S1S» -8 per cent: and ■ rwo-jnoojb ft per cent; tbree-nxmth 91 is-Wj2 per 
cem. Aparortaaie sealing ra» for- one-mom ti banfc WHs Hiu per cent; rwo- month 93«^per cent; ant three-month ASk-H per 
ceoC One- mo nth trade bQls tt per cent; two- month M per cent; and afen ihrwKmmth M per- cent . 

Flnanca Maim Base Rptei (pobUftod Sr to Finance Houses Assodadom 9* p»r cent fran October 1,- 1078. Ctesrins Bank 
Depein itnw (fhr small soma at seven, flays* notice) 8.7 per cem. Clearing Bank Bose Rates for lending- 10 per cent Treasury- 
Mis: Averest Tender rates <tf discount 9JB98. 


It is estimated that there are inevitable that a snowball of 
now about 2,000 different III- claims builds up, of immediately 
nesses which can be attributed incalculable financial conse- 
to the individual's occupation, quence. 
and the number grows with the Take, for example, deafness, 
introduction of new substances which is only now being fully 
and processes. With the hind- recognised as an industrial 
sight of current awareness, problem, and which it is pessi- 
_ developed over the last 30 years, mistioally suggested may rank 
tup it would be foolhardy to assume 2m sufferers, who may have 
*» that this number cannot double some claim to compensation for 
'per b y . end of the century: their disability. And as the 
per equally it is- certain that even potential was not recognised in 
- today in spite of detailed con- the oast, insurer- have no monev 
™ sideratton.of hazardous processes tiro evimrked fr.r rhi'es 
w and protective rules, many enler- cm.' 'n - ; ,vy. 


i 










“Another year of 
active growth” 


»; fffiWfi 466 


Group Earnings increase by 49.1 
per cent for half year to 30th June, 
1978. due principally to the 
incidence of Chi Fu Fa Yuen profits. 
Full year's earnings should exceed 
£29.4 million (£24.5 million 
in 1977}. 

Dividend Announced — Interim for 
1978 of 1.49p per share (1977 — 
1.28p). Final forecast of 3.09p 
pier snare (1977 — 2.77p). 

Strong Demand for Commercial 
Properties. 99 per cent occupancy in 
all our office building. Major 
commercial developments, Gloucester 
Tower (Central District) and 
Windsor House (Causeway Bay) on 
schedule. Letting prospects excellent. 

Increased Industrial Property 
Involvement reflected by 103.000 
sq. m. (1.11 million sq. ft. I joint 
venture industrial development and 
370.000 sq. m. (4 million sq. ft.) 
industrial space now under 
management. 

Residential Properties' Strength 
continues. All buildings fully let. 

153 deluxe flats at Tregunter will 
be completed in 19®. Development of 
Chi Fu Fa Yuen township continues. 
Demand exceeding supply. Awarded 
contract to develop 1. 000-unrt 
government home ownership 
housing project. 


Value of building 
c entrants in progress 
in HK$ Million 



1973 

Major Step Taken with our 
investment in a joint venture 
with Kiu Kwong Investment 
Corporation Limited. The Sun 
Company Limited and Jardine, 
Matheson and Co., Ltd to develop 
New Territories Township . 

Satisfactory Food Trading 
by dairy farm subsidiary in difficult 
year. 




1978 


Half Year Results six months: January /June 1978 1977 

Group Profit after Taxation (unaudited) £14.4m £9.7m 

Interim Dividend per share 1.49p 1.2Bp 

Forecast for Year Comparison 

Group Profit after Taxation (estimated) £2S.4m £24. 5m 

Earnings per share B.08p 5.12p 

Final Dividends per share 3.09p 2.77p 

Total Dividends per share 4.58p 4.05p 

Currency conversions from HK Plrs made at rate ruling or. 28th September. 1378. 


Buoyant Trading in-Hong Kong 
and region by subsidiary Mandarin 
International Hotels Limited. We 
have acquired the outstanding 
equity in our subsidiary. City Hotels 
Ltd, and have opened the Mandarin 
in Jakarta on schedule. 

Offer to Shareholders of some 
HK Dlrs. 600 million 8 per cent 
unsecured loan stock 1984/1993 
with warrants announced. 

Documents are expected to be posted 
23rd October. 

D. K. Newbiggmg. Chairman 
Hang Kong. 28th September, 1973. 


u 

n 


The Hongkong Land 
Company. Ltd 
Alexandra House 
Hong Kong 


The Hongkong Land Group 








malaysian airiine system 


Bangkok. B S. Begawan. Frankfurt HasdyaJ. Hong Kong. Jakarta. Jeddah. Kuala Lumpur, Kuwait London, Madras, Manna. Modan. Melbourne. Perth, $i ngnon re. 

Sydney Taipei, Tokyo and 34 destinations wrtWn Mdieyra. 

Roaerv&bdna Telephone Mas. oi -free 5891/4 or ask ywr travel agent for QrtjHs 


; . T ^-mrfrrf Times Hogfey^ctpl*«^g!?9.a> 

Grass-roots help 
Brazil’s farmers 


U 1 


BY DIANA SMITH, Rio de Janeiro 


Correspondent 


BRAZIL IS * primarily agrlcuJ- hand, and on the nther, with nil as efficient as that den ed 8^ research station tw 
lural country yel has not bad an larger, more profitable : sp reads, from petroleum. stranger to the NvJ?k « 

official agricultural research Essentially, tbe purpose of the Brazilian technicians are g ahilitv • 

corporation for more than five Embrapa centre is to improve .energetically eng ®?®£ “* vir nj a iiv anything -and strrrSJ'i 

years. That abundantly illu^. the lot, and productivity of the research into alternative Hostile conditions 
t rates the helter-skelter manner smallholder nr landless farmer, of energy derived ? . TnD1 h ren ,^‘ J h idea i. sourcc n f meat^ii? 

in which the country's farming evolving the optimum. crops for able sources, anri in the la. t rhe It, 

has been conducted. the climatic and soil. conditions, year successful pioneer e *Pfyj' and t ^ O 

The corporation, however, and the cheapest, most effective nients have hc»m performed with *’! .!^ e *5Tf 3' 16 l 

known by its acronym of forms of simple irrigation which castor oil and the nil of the nF this arcanve often, done, on :v v 

Embrapa islanding lor Brazilian ( . a n make full use of uncertain wild, black niiince. This plant the ™ 

.Agricultural Research Corpora- rainfalls nr small reservoirs gmw& in profusion in the dust —the Besn of the aounaafit joral 

lion >. is determined to make up without requiring complicated howl. Until certain properties cactus* f with the- thorns' burned 

for lost time, with a combina- technical knowledge or equip- were discovered that it shares off. nf course). 

turn of personal and collective nienl. with diesel nil it was considered Embrapa is Hying to evolve 

enthusiasm, technical skills and thp Filadelfia experimental a pest. an even hardier breed nf goat, . - 

dedication which help to staI j lin m the semi -arid- zone Very successful experiments w jth more flesh nh its bones 

counter-balance the widespread j, out h of p et ro!ina. technicians in extracting alcohol from sugar w j,jj ej al the same time, improv- * 

a are now working on ainaize/ted cane, nwndinc f cassava i. cocn- jng pasture conditions and soif. 

,s bean (phageolus vulgaris) inter- nuts, and sorghum preservation— a task that, the 

r < crop system. been carried nut A in per tec hnicians admit, may harbour 

Using, basically, the Aztec rent "I*® withi aerrnl risks in L ., view the 

already being mixed with perr i ^ ability to devour every- 


iuipres.sion that Brazil is 
country where the future 
always just around the corner, "p“‘‘ 
kept at bay by those who are 
managing well for themselves 


and see no reason to allow * tra,n of - COTn but Rlso - «***► states, with 


dUdlil Vl Will >HU nwi . - ti e tntA< Wlm . . . . 

fully evolving a dwarf hybrid. "L mns . 1 Bra , f 1 *"h no datnaae th,np ,n lts path “ d deVMtat »' 
. ■_ _ . . ... . l_ . pffif-ipni results and no na mage ent j re areas _ 


Neglect 

Tli is particular area of the 


‘Sr t " i ‘ , w,mU beneSt K. 

Enibrapa's essential purpose ‘"I sranis per or), „ r m „„ nl ains 

is IN ufwirdinaie hoUi Semitic EmhraPa lertn'ca'is aro testing ” thr KiladoISa area 

knmvlcdse icquiird nationally " situations, with petrnlina anti, otter a 

or abroad, and research systems ! csser .. and srealer degrees of srnooth flight over the semi-arid . M nr th F ac t h« ^ -• 

set up nationwide, with lucal irrigation, use of fertiliser, soil and thc mountains them- Brazilian North-East has a pop u . 
production systems. In the past. * URllty - numh f r ,>f Walk* per sc] n ves "hr a , reran, at midday, lation or some 12m people. who., 
much of Brazil's investigation of !*““«• m order to be able to j s CJ ' h1 ir1 powerful heat- ^ /^erations on end, have 
farming methods has remained introduce farmers 10 the most curren j 5 rising fmm the tried to live with ou (y sporadic 
at a purely abstract level: successful system. Bearing in , den , r . VISlb | e ncar-desert rams i or long droughts, piimi- 

Embrapa. by setting up mind rite mnate conservatism of conditions nvc farm,n " methods and. until 

strategically placed research a |* .farmers, the Filadelfia tech-. • irrigation, the technicians more recent years, offioaj 

centres wants to apply tech- jjjcians plan to take a half- ^npj. w -|jj revolutionise local neglect. 

niques locally, adapting them to «° /en °» tb e moat receptive local rarmins. Drawing on experi- ^ Vf *n with new, ambitious 

the different climates and soil f ar 9 iers * work with them In pre- ence t j Ta | ;0 me of them sained irrigation projects on an indiiH- 
conditiaus. inductxinalmg local their fields, planting and _j n f, e |fl WO rk in Mexico or India, frial .scale, planned to benefit 

fanners, and thinking several irri §ation. and then, when the .i. .-nun" agronomists have small farmers, the benefits have 
years ahead. The latter is r «ults come in. let the remain- d vf .o ,’ B s . nip |„ systems nf tended to gn to those already in 
definitely a new development der * ee the practical outcome Ilcin „ * lav ‘ * n r ‘employing more comfortable conditions, 
ror Brazil. for themselves - and imitate. JJIn .J.ne shaped clay pots ro n" This is a problem recognised by 

The semi-arid /one extends Reeled bv nla^ic hoses. Both the Government and. to its 
over 13 per cent of Brazil's "* .. credit, it is making attempts, to 


Local centres 



Embrapa has 15 local centres 

scattered around Brazil from square umesi ana to per lh ... Ho»-rihr< is a •• a ‘*"“ aa ,,a '* “* u ' ,c OJ 

north to south. Its centre in the cent of Brazil’s North-East The If” co-operatives, several of which 

area of Petrolina, a small town studies done by Embrapa prior . tlP "nnta are are thriving, 

in Pernambuco state, on the to setting up its experimental . : n ‘ n - tt,,, young men who are 

hanks of the Sao Francisco stations have revealed the ted b - v * working for Embrapa often are 

River, which I visited recently, multiple shortcomings of the wa ' nr ” Ur f, 1 highly educated. In the Petra* 
serves as a useful example of soil itself, with varying degrees enntin jally. hccause i tne lirul ten tre alone there are fire 
the range of activities in which of saline or alkaline content and difference of hiimidi . bet ecn ph .D.s and se^'en mostly-' 

Embrapa is engaged. The a tendency towards pnor water t ' le P 0 ™ 1 ^ 5 tla i' anrI ^ sou. as r ra j nec i abroad and mostly with 

Petrolina ventre covers an retention. Susceptibility to a 3 P' 30 * draws water from the experience in the Far East 
area of lOO.QOu sq. kilometres wide range of rrnp diseases is Sf, *l ’* drie.- out. sod more water nr American countries, 

i about 39.000 square miles), in high, and not? nf Embrapa's most exudes from riv* put. What they arc up against, hnw- 

both the arid and semi-arid urgent areas of activity is rapid n . * e\er. is not only the entrenched 

/ones. Its experimental stations development of the best forms jr T£ICtlCH.I tGSt -<->cial system of the region — one 
are Tocated in Pernambuco, of control. nT endemic exploitation — but 

Bahia (across the river from Flying from Filadelfia f»> The experiment is working the bureaucratic explosion 
Pclrolinai and Piaui states. Pclrotina by light aircraft — a i W1 ^ 1 eichi pots per furrow, delays practical appb- 

These are areas that, because rapid hair hour’s hop of some fl apari. u**iinshing live roots of. urgent solutions with, 

of the unpredictable rainfall, 1*20 miles— -dramatically shows Por pol an 1 huried close to the ro«iuiremenif for dozens, wime- 

om bine dry farming with more up the contrast between tho surface. :v practical test w-ith times hundreds of sianaiures on 
recent modern irrigation areas. The road from the FUh- nielnn so,, is m February and documents by scores of different 
nierbuds. using the waler dPlfia experimental, station to March this year showed that the government .slate, or municipal 
resources afforded by the new ihe landing strip a few- miles method ran lw surct-Jifiilly departments. 

Sohratlinhn dam and hydro- away is lined with cornfields nr applied in regions with limited Nevertheless, ihe signs are 

electric scheme near Pclrotina. wild growth, as well as one of .water and pnihlcnu* of salinity: visible hi the j\i«rih -East that. 

- Traditionally, ihe area is a Brazil's newest and must poton- : lhf lerhnitwus arc now working this lime around, new. 
hlcnd of Mihsistence farming, naily-iiiteresiing devolopmenis. mi .extrapolations rli.it will blond is determined ft) prevail 
either hy «.mall holders nr ihe large-scale' production of indicate the ideal number of whatever the difficulties and tn 
icnauK i with over W> per rent castor beans. Apart Iron) their pots per a.-re planted, depend- help ihe small farmer, giving 
.if flmse who work the land not medicinal and mfier properties mg on Ihe differeni crop-.. him a hope that he has never 

owning any of m mi the one ihey yield a form of lubricating A shun di-tauc* from thr had before. 


Mi 


All d ihac securities having been soM, this announcement appears a . i a matter c/rccoi d only. 


October, IP'S 


TOKYO SANYO ELECTRIC CO. } LTD. 

(Tokyo Sanyo Denki Kabushiki Kaisba) 

20,000,000 Shares of Common Stock 

represented by Continental Depositary Receipts 

ISSUE PRICE U.S. SI.6U PER SHARE 

D AIWA EUROPE N.V. J. HENRY SCHRODER YVAGG & CO. LIMITED 

CREDIT LYONNAIS DRESDNER BANK AKTIENGESELLSCH.AFT 
ROBERT FLEMING & CO. LIMITED SUMITOMO FINANCE INTERNATIONAL 


Algcmenc Bank Nederland N.V, 

Banca Commercialc Italian a 
Bank Leu International Ltd. 

Basque Bnnelles Lambert S,A. 

Banquc de Ncuflfrc, Schlumbcrgcr. Mallet 
Bank Gutzwillcr, Kutt. Bungencr (Oversea*) 

I. inured 

Banque Populaire Suisse S A. Luxembourg 


A. E. Ame« & Co. 

I infilled 

Banca del (yotlardo 

Bank of Amerk.t Inlemationa! 
limited 


Amcx Bank 

l.imiler 1 . 

Bnncp di Roma 


Bank M«s A Hope NV 
jBanque dc I’fndnchinc et dc Suer. 

Banquc dc Paris cl dcs PnyvB.is 
Banquc Intcmaiionak a Luxembourg S A. 


AmsIerdam-RoUcrddm Bank N.V." 

Banca Na/ioiule del LavorO 
The Bank nf Tokyo (Holland) NAL 
B-inque de rUnionEutopraime 
Banquc Generufcdu f uxembourx.S.A. 

Banquc Naiimv.de de Paris 


Baring Brothers tt Co M 

n .- .. . . Lwniict 

Rcriincr Handels- und Frankfurter Bank 


Banquc Rothschild Banquc Worms 

Bear, Steams A Co. 

Ca i«e des Depots el Consignations Jamc< Ci pci A Co. r< Spns & c<x 

Centra le Rabohank Chase Manhattan Limited Christiania Bank op Krcdhkasse 

Compagntc Monlgasquc de Banque Cantinenlal Illinois Limited 


Baycriscbc Vercinshank 
Blvth Eastman Dillon '& Co. 

llll«TR3U<Mial Ltiuuctl 

Gtrenmc A Co. (CKcrseas.) 

SSESSSSS ^ 0mpaeniC M<raeEast,uc dc Bi ‘ nc ' ue Continental Illinois Limited Comnv Bank Credit Suisse. First Boston 
Dai-lchi Securities Co. Ltd. Daiwa Securities (H.TC.1 Limilcd DRS-Dahva Securities Intent.: liona l ^mirhc Bank 

Denlschc Ghorentrale-DeuKche Kommunalbank- Den norskc Crcdiib.mk Ilewiy « Awie* International SodSilSoS-me 
DG BANK Deutsche Genoe^nschaftsbank Dillon, Read Chew Coipnniion Diesel Burnham Lantbcn Incorporated 

European Arab Bank First Bavarian Capital Corporation Amony Ciibb< Hold imp; Ltd. Goldman Sachs International Corp- 

Hambroe Bank Hewische Landttbank-Giror.entralc- Hill Samuel A Co. F. F. TIuuon 1 nlenwt ional N.V. ] bj Inicmaf ional 


Limlicq 

Istituto Bancario San Paolo di Torino 
Kuhn Locb Lehman Brothers Asia 
Kuwait Interna (ional Investment Co. s.a.k. 


. . j . , Limiied 

Nrcdicih.mk S.a. Luxembourgcorse 


Lazard Frere*; ct Cle 
B. Meteler seel. Soho A Co. - 


Hdi Samuel A Co. 

, l imiifU 

Jardine Fleming & Companj , Klein^ort. Benson 

ianueil Lmuir.l _ . 

Kuwait Foreign Trading Contracting A Investment Co. tSA.K.) 
Kyowq Tinance fffong Kong) b/arJ Broihers A Co., 

Loeb Rhoades, Homblowcr International Manufacturers Hanover Merrill L vnch Internal ionai & Co 

Limited - Limilcd 

Mitoi Finance Eutop. Samuel i Co. Mo rgnn GrcrijH i Co. More-.mSu.nfcy hoe, national- 

MTBC A Schroder Bank S.A- Nederlnnd«he Middenstandsbanfc N.V. New- Japan SccuriiiM bSjpc Limited 

The Nikko Securities Co, (Europe) ltd. Nippon European Bank S.A. The Nippon Kangyo Kakumoni Securities Co., Ltd. 

Nomura Europe N.V. Ok a son Securities Co., Ltd. Sal. Oppcnlicim jr. A Cfc. Orion Bank . Osakaya SccuriiicsCo.! Lld;=- 
Paine Webber J^onA Curtis Securities Pan Aji^n Finance PcicrK, w k. Van Camnenhout, Kaupe^" 

Pierson, Hcldring A JAenon N.V. Roih«hiM Bank A.G. N. M. RottadtjU A Sons Sahama-Lnion international (Hong Kong) 
Salomon BiMhrre Intmutional Sanyo Securities Co.. Ltd. Sender* AC bartered j. Hcnry'Slxter A Co. SAXi ' 

Singapore Internal ionai Merchant Bankers Singer & Tricdl.tnder l muted ,,n, ' Smith Barney, Hank l’ P ham A Co. 'incorporated- 

Sociitc Bancaire Barelajs CSttissc) S.A. Socfcic Gcncrale Siocictc Gcncralc dc Banquc S.A. Sociclc Sequanaric de Banqw 

SwL«s Bank Corparation (Overseas) Taiyo KobcKnance Hong- Kong 
O, W. Tavter & Con^ny Total C«cM ttta. B»nk « . «curilinj Yor^^d Wttanfc-: 

Vickers da Costa International ltd. J. Voitlnbd A Co. AVako Securities Compupy S. G. WarSrg&'co'.'Ltd.- 

Wwdlcy limilcd WWdSSdy Yunwithi International (Eiiroi^ - 

Yamalane Securities Co.. Ltd. 


Strauss, Turnbull & Co . Sun Hung Kai International Limited 


r 

■/ 


m 








-_r j- 

**&/£*.* ■#' 



SURVEY 


Monday October 2 1978 




■“aS'TSi-v'-- 


resource 

By JW£l| ]^i»etkeas ' 


CM^IANS MKE TO describe 
.as' Jjewers of wood 
Ana : 'drawex5 L -of w»ter;’but as an 

-r -Bieipber of the 
VanetuP^r tfuapcial community 
lika'itf '"inN.jnrt. they use 
pretty tttf^nced technology to do 
their ’hewing arid drawing. 
Tbere/ih a nutshell. you have 
a summary . of the British 
Columbia ; economy, and a 
pointer loathe direction in which 
the provincial authorities would 
like it to' evolve. 

The watchword is to build on 
the- -existing raw material 
resources, to husband and 
exploit them efficiently, and to 
use them as the basis for a 
..limited-amount of further manu- 
facture.- Given a population of 
about 2.5m, of whom 1. 4m live 
in the cities of Vancouver and 
Victoria; there is not a great 
deal etse that can be done. 
There is no base or desire for a 
fully . developed manufacturing 
economy. Changes of govern- 
ment may change the emphasis, 
.but not the pattern of the 
possible. 

The days are long past when 
the lumberjack set out with an 
axe and little else into the forest 
which covers BO per cent-of the 
province to chop down giant 
trees more than six feet across 
at the base. Now the logging is 
done mechanically. And as 
regards the water, it is used to 
produce electricity. Hydro- 
electric reserves capable of 
development are about three 
times as great as the power that 
has been, developed and covers 
present needs. 

The forest industry is doing 
well, kept husy by the housing 
boom in the U.S. and the run-’ 
nin? down of pulp ‘stocks in the 
world; The other scene of great 
economic activity is in the north- 
east of the province where large 
natural gas finds have, been 


The westernmost Canadiah province has. good growth prospects based on its forests, 
mines and other natural resources. Processing of raw materials offers investment opportunities 
within the limits imposed by geography and by a population that will remain small. 


yiad e. T he non-ferrous mining 
industry, next to the forests 
British Columbia’s second most 
important source of wealth, 
seems to be coming to the end 
of a number of thin years. 

What all that adds , up to is 
the picture of an economy that 
is likely to grow faster than 
the rest of Canada, but also of 
ffreat vulnerability to the fluc- 
tuations of world demand and 
the tariff policies of its cus- 
tomers. Moreover much of 
British Columbia’s strength is 
in capital intensive industries. 
That partly explains- the para- 
dox of a prosperous economy 
with a high unemplovment ratio 
around 8 per. cent The forests, 
mines, and gaswells in the 
interior are not calculated to 
provide jobs for the city young 
and for the . many immigrants 
attracted from tfie rest of 
Canada by the British. Columbia 
climate: unique in Canada, the 
Vancouver region , and coastal 
strip has a mild winter. 


Selling 


A possibly ^riwfli area for 
the young : and the better 
educated is/ in. developing and 
selling technologies based on 
the needs of the industries that 
are strong irr-the province, such 
as forestry. British' Columbia s 
long coastline and the possibility 
of offshore oil' and gas in the 
Canadian north and east pro- 
vide another opening that has 
already led to the construction, 
in Vancouver, of-' submersible* 
for. scientific and industrial 
purposes. . ’ 

Heavier industry is not 
entirely unrepresented; a locally 
established' company; hia> signed 
letters of intent toi'buy billets 
in eastpm Canada which wilThe 
shipped through the Panama 


Canal and rolled into wire red 
■near Vancouver; 

Inward migration will prob- 
ably keep the unemployment 
rate high even in the 1980s when 
the natural increase of the popu- 
lation will tail off. The increase 
has put an undue pressure on 
the ability of British Columbia 
(and of Canada at large) to 
create jobs. Unemployment is 
high even though the level of 
employment in British Columbia 
is likely to rise by 4 per cent 
this year and more than 2 per 
cent in 1979. 

Like most of the Canadian 
West, British Columbia is 
divided sharply between the 
rural and small town areas with 
their primary resources — the 
agricultural townships, forests, 
and mining towns — and a 
service-orientated metropolitan 
region. Victoria is the ■ 
capital but the main city 
of the province is Van- 
couver. It has the international 
airport, is Canada's main west 
coast port, and the main finan- 
cial centre of the Canadian West 
even though Calgary and 
Edmonton in Alberta have 
become more dynamic. It is the 
home of the Bank of British 
Columbia, a Canadian chartered 
bank founded with the avowed 
object of catering for westerners 
who long felt that their 
interests were ignored in far 
away Tomato. The necessary 
equity capital was raised more 
nr less by passing around the 
hat among the wealthy and the 
corporations of the West, and 
the Bank of BC. as it is gener- 
ally called, has broken into the 
Slhn class. 

The Vancouver stock ex- 
change is not in the Canadian 
fmnt rank, but it does provide 
those with a gambling instinct 
and money tn spare with the 
opportunity to play the so-caiied 


penny stacks or penny dread- 
fuls. These are largely mining 
shares of unashamedly specula- 
tive nature, trading at an 

average - price of about 70-80 

cents a share. Vancouver is 
their preferred stock exchange. 

The financial community sees 
a future for Vancouver in 
developing business with Japan 
and the rest of the Pacific Rim, 
which is also providing increas- 
ing markets, for instance, for 
British Columbia coal, fisb pro- 
ducts, and forest products. A 
large .Japanese and Chinese 
community in the city which 
has retained a knowledge of its 
Asian languages can be an asset 
in this endeavour. The fact, 
however, remains that geo- 
graphic propinquity is of 
limited value: a phone call from 
Vancouver to Tokyo tabes no 
longer than one from London. 

Asians have become an 
accepted member of the com- 
munity after -decades during 
which they were looked down 
upon and even excluded from 
certain jobs. But it is not only 
they who have come to change 
the ethnic composition of a pro- 
vince that was largely or British 
stock before the last war. The 
1971 census showed L3m people 
of British stock thing in the 
province. 198.900 of German. 

128.000 of Scandinavian, and 

58.000 of Chinese arid Japanese 
stock. 

The French, a sizable minority 
in Canada as a whole, numbered 
only 97.000 in British Columbia 
at the time of the census, and 
only 11.000 still spoke French 
at home. They appear resigned 
to living in an English-speaking 
milieu. The ancestors or some 
of them came across the con- 
tinent m the 18th century in 
search of furs as did some of 
the British. Others came around 
Cano Horn by sea. In the late 


18th century London began to 
take an interest in the region: 

Capt Cook made a surveying 
visit in. 1778 and refitted the 
Discovery' Next came the fur 
traders. of the North West Com- 
pany from Montreal and from 
Hudson's Bay Company. In 
1849 Vancouver Island (but not 
what is now the city of Van- 
couver, which lies on the main- 
land) was made a Crown Colony. 
A year later a gold rush began 
which ended in 1865 after having 
brought miners from all over 
the world to British Columbia. 
It .-was the beginning of serious 
and permanent white settlement 
in the area. 

British Columbia joined 
Canada in 1871. exacting as its 
price the construction of the 
Canadian Pacific Railway to 
link up with the rest of the 
country across the Rockies and 
the almost empty prairies. 
Remoteness from central 
Canada, now Ontario and 
Quebec, continues to play a role 
in British Columbia mentality. 
The suspicion thar Canada was 
really founded to give Ontario a 
market for its manufactures is 
is widely held and not entirely 
baseless. 


Bustling 


The pioneer days /nay seem 
a long way away ic the bustling 
streets of Vancouver or the tidy 
suburbs of Victoria with its 
pride in the English connection 
still apparent in well tended 
gardens and numberless Fish 
and Chip shops. But in spite of 
television, universal car owner- 
ship. and modem technology, 
life is a good deal harder in the 
logging camps and mining towns 
of the inleriur and the north. 

There the company town is 
more or less the norm and it 


requires little imagination to 
guess what happens when the 
mine closes down either for a 
strike or for economic reasons. 
Stewart in the north Is a case 
in point. Gold and silver mining 
took its population to 10.000 
before the First World War. 
Some time after that war 17 
remained. A .copper niine 
employing SOfl people in the 
early 1970s took the population 
up agaia to 3,000. Now the mine 
has closed: of the 1.200 left, 
many are preparing to go. 

A similar yo-yo scenario may 
be played out in the north east 
of the province when the Alaska 
gas pipeline is built Much 
money will he made before the 
caravan moves on. but move on 
it will. Opinions therefore are 
hot entirely agreed whether the 
pipeline will be of much direct 
benefit to British Columbia. 
However, for the moment the 
region is booming both in antici- 
pation and because it is finding 
natural gas of its own. 

Given such an environment it 
need surprise nobody that 
British Columbia has a reputa- 
tion for militant trade unions. 
At times the labour scene was 
almost chaotic, but the climate 
has greatly improved in the 
past few years. It remains tn be 
seen whether warfare will 
break out again as the tem- 
porary wage controls imposed 
by the Canadian Government 
come to an end. There is some 
reason In suppose that both 
sides of industry are anxious to 
avoid a return tn the past. 

Hand-in-hand with a militant 
trade union movement. British 
Columbia has a strong New 
Democratic Party— a party of 
socialist inspiration and inter- 
ventionist -practice. Even in a 
bad year the NDP can count at 


ahnut one third of the 'vote. Tn 
1972 it got 40 per cent and 
turned, out after 20 years in 
office the Social Credit Party. 
Social Credit has nothing to do 
any more with the unorthodox 
monetary ideas which it 
preached 49 years ago: it came 
to power in 1952 as a group 
supported primarily to keep out 
the NDP. It did so by preach- 
ing the gospel of business initia- 
tive. budget surpluses, and ** no 
handouts." though it also man- 
aged to annoy the bankers by 
nationalising (or rather “pro- 
vincialising "> most of the 
British Columbia electric 
system. 

The NDP Government of Mr. 
David Barrett only lasted from 
1972 to 1975. A few ministers 
earned good marks, for instance 
for introducing a labour code 
and for improving surveillance 
of the securities industry. But 
several ventures into industry 
as a means either of preserving 
jobs or of providing the private 
sector with competition proved 
unsuccessful. Some of the 
holdings, with potentially juicy 
gas rights thrown in. arc to be 
sold off by a share issue to the 
British Columbia public when 
the time is ripe. 

In 1975 Social Credit returned 
under Mr. Bill Bennett, son of 
W. A. C. Bennett who had been 
.premier from. 3952 ; to 1972. It 
has in essence followed a good 
housekeeping line, tidying up 
a bad budgetary mess left by 
its predecessors, and preaching 
rhe merits of private enterprise. 
But it would be wrong tn con- 
clude that its philosophy is 
purely one of Imsxer ini re. Its 
Minister of Economics Develop- 
ment. Mr. Don Phillips. :s quite 
prepared to use the phrase 
‘'administrative guidance" when 
you ask him how he hopes m 


gel the increased depth nf 
manufacture that he aspires tn. 

In some spheres stronger 
powers do exist and arc used. 
For instance it is almost 
impossible tn export logs from 
British Columbia: in get a 
licence you have to show that 
you could not dispose of them 
nn the Canadian market. Chip*, 
the bits and pieces left over in 
a saw mill which can he turned 
into pulp for the paper mills, 
alsn need a licence. Lately the 
export of chips has been 
permitted, rather than letting 
Them pile up unused at the 
mills. 

As seems to be' ihc fashion 
elsewhere ton. British Columbia 
This autumn has heen suffering 
electoral fever. Mr. Bennett 
dnes not have to go to th ^ 
country before 1979, but might 

do so as early as this autumn. 
He wants to demonstrate to 
investors that British Columbia 
deserves their confidence, be 
says — and. indeed.- an NDP 
victory would frighten many of 
them. The party is aware of it 
and has heen trying to move 
towards the middle ground. At 
present the mortality rato 
among Canadian governments is 
high, hut even a toned down 
NDP will find it hard to catch 
Mr. Ben nett. 


Unlikely 


But a Bennett victory if and 
when the election takes place is 
unlikely to give him rhe invest- 
ment boost thar he is mnre nr 
less promising the electors. In- 
vestment is already running at 
a satisfactory rate in the forest 
products industry. The mines 
are another stn-ry. No major 
new development schemes are 
known. 

In the longer run many in- 
dustrialists in British Columbia, 
not without ciippn ; in the civil 
servic e, believe that freer trade 
with ihe U.S. may be an idea 
worth pursuing. It is an nil 
t! '•me in Candian history, re- 
cently revived by a committee 
nf the Canadian Senate. Freer 
trade would remove debilitating 
U.S. tariffs from products such 
as : lywnori. newsprint and 
petrochemical* (though such an 
industry doe* not exist in 
British Columbia) entering the 
U S. It might enemirage more 
manufacture in the province. 
The big question i> what price 
the US would exact: free 
pe.-e . b« to Canadian energy would 
almost eert ami; he part of it 
And shat might he too much 
fur trifl'd! Columbian' and for 
Canadian- ai large. 



POWER FOR AGROWING 





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British Columbia Hydro and Power 
Authority serves Canada’s westernmost 
province: British Columbia is larger than the 
United Kingdom, France, the Netherlands, 
Belgium and Denmark combined. Vast forests 
and prodigious mineral and energy reserves 
provide a sound basis for a growing economy. 

B.C. Hydro supplies the electric power to 
support -that growth. It harnesses the energy of 
/"'//> mighty rivers, including two of the world’s great 
hydro-electric projects on the Peace and Columbia 
‘ V rivers. It is also studying generation of electricity 
from British Columbia’s enormous coal deposits. 
Planning, engineering and major capital investment are 
continuing requirements to keep abreast of the increas- 
ing power needs of manufacturing and resource-based 
industries and a growing population. 

B.C. Hydro — a Crown corporation, its bonds guaran- 
Z teed by the government of resource-rich British Columbia — 
/ has an Aa/AA rating by Moody’s and Standard and Poor’s in 
the United States financial market. 

: For a detailed look at B.C. Hydro’s important role in the 
continuing growth of 


British Columbia, write for 
' a copy of the corporation’s 
latest annual report. 


B.C.HYDRO 



a vital force in an expanding economy 

BRITISH COLUMBIA HYDRO 
AND POWER AUTHORITY 

. Robert W. Bonner, Chairman, 970 Burrard Street, Vancouver, B.C., Canada V6Z 1Y3 Telex: 04-54395 





:■ 32 


Financial Times Monday October ;2 19??;. 


BRITISH COLUMBIA II 


Hope for a broader 


economic 




THE ECONOMY’ of British partly because mortgage rates sidered in detail in another employment ratio, the provin- 
Columbia shows every sign of have been rising in the U.S. So article In this survey, but it is dal authorities would like to 
growing more quickly than that far it has not occurred and worth noting a parados: that has give greater depth of manufac- 
of Canada as a whole. That is men in the industry in greatly helped producers of ture to their industries, adding 
a promise of no mean perform- Vancouver hope that nothing molybdenum, a metal used in as much value as possible to 
ance since Canada is expected w orse will happen titan a soften- making special qualities of steel, products before shipping them 
to produce growth of about 4 in? of prices. Since they price Though the steel industry is in abroad. 

per cent this year ami only their products in U.S. dollars a mess everywhere, the price of The theme is a common one 
marginally less in 1979. By they do have a little leeway, molybdenum has been rising in Canada whose wealth is 
international standards that is provided by the depreciation of steadily; The metal is a by- historically founded upon raw 
no had record. the Canadian dollars vis-a-vis the product of copper and as copper materials and lately upon the 

The grow tli rate expected in U.S. currency. production fell, so molybdenum domestic energy supply as well. 

British Columbia this year is Pulp manufacturers, who have became short. British Columbia, so the argu- 

per cc-nt or more. Guesses long languished under the . The real excitement at the ment runs, has abundant wood, 
for next year are hard to come 'pressure of high world inven- moment is in the search for minerals, and energy, as well as 
by. but no especially drastic tones, have seen their market natural gas in north-eastern a skilled industrial labour force, 

change is expected, either up recover this year. Prices have British Columbia. Activity is It lies on the Pacific trading 

nr down. The problem for been improving, though not yet said to be at double last year's routes: a careful look at the 

British Columbia is that it is 10 (he dizzy heights of earlier pace and there is a shortage of map will show that Vancouver 

almost entirely dependent upon years in this decade. drilling equipment. Natural gas is not far from the great circle 

what goes on elsewhere, pnncip- la. is a product which is exported routes berween California or the An aerial view of Vancouver. 

ally in export markets in the LUKlICiilL from British’ Columbia to the Panama Canal and the markets -- ’ ’ - ■ " ... • ./•. 

U.S. Taking Canada as a whole. The mining industry is in a u.S. in large quantities, though in -Japan and Korea. Moreover ally compared with those of me industry (and the bonus from which in !9<o passed legislation welfare system is as ■ highly 
foreign trade ha> a share of difficult spell, but seems 10 be the share of exports in produc- refined products tend to be less largely non-unionised southern the devaluation of the Canadian to end a wave of strikes which developed in onus n unumua. 

about quarter in GNP. In over u, e worst. The price of tioo is distinctly lower than in bulky to ship than raw U.S. But wage controls are dollar), the union does have a had engulfed 85,000 people in as in most ouier ^anaajan pro- 

British Columbia, with a popula- copper has been recovering the case of mine products. materials. coming loan end and nobody fair case. But talking to union the private scclor. vinces. nut tus unaenying 

tion of only about 2.5m. do- gradually. as has that of zinc. In addition to natural gas and Above all in the case of forest can be quite sure what will leaders one does= get the intention or ^ trail sternng 

penitence upon the outside Tiie Bank of British Columbia a dwindling supply of its own products has the argument for happen next. impression that they are PfinflflPnCG resources ana revponsxomties 

world may be twice as im- estimates that existing mines in oil, British Columbia has greater added value appealed British Columbian construe- anxious not to overstep ■ the from the public to the private 

P° r1ant - British Columbia can break abundant coal, both of thermal to the authorities in Victoria, t| " workers with a long record mark. . At the end of that year a sector » on Jhatb as become 

Nowhere does this become even when copper fetches 58-61 and of metallurgical qualities, capital of the province. At of ^litancy an d strikes, settled The basic innovation brought Social Credit Government of a fa.shionablem Canada, even tie 
more obvious than in the sales u.S. cents a pound. The price and a considerable undeveloped present that industry by and very Quietly this rear, accepting in hv the labour code, was an fundamentally pro-business or Liberal feflerai ooiernment m 

patterns of the two leading i„ higher now. But the same hydroelectric potential. The large ships paper, newsprint, art j ncrease W eil below the administrative board" to bold at any rate anti-interventionist Ottawa is using similar terms, 

industries in the province. The source also estimates that newly provincial electric power autb- pulp, structural wood, and ply- pj-nbable inflation rate. Among the ring in industrial disputes, complexion came in and has As an experiment in good 
forest products industry, which installed capacities would pay ority, not necessarily to the wood. Why not go farther and the employers and in Govern- In ' Canada, unlike Britain, been making much play of the housekeeping, two government 

accounts for more than half the their way only if the price were delight of the provincial Gov- turn the wood into a finished ment was taken as a good collective bargaining agreements need to restore conditions m departments in Victoria are 

Gross Provincial Product, sells to rise to US$1 .In. So it does ernmenl, has begun a debate on product, such as window frames? omen ^ justiciable and the danger which Investors would, once adopting the principle of " zero 

four-fifths of its output abroad. not look as though anyone will whether generating power A certain amount of this is . tnirti industTv is always was that attitudes again display confidence in the budgeting " which has gained 
The mining industry did only rush in with developing a new should be installed with a view happening: wall covering panels cyclical depression in the would harden once injunctions province. A chief instrument to somc support in business. What 

12 per cent nf its business „,i n e for non-ferrous metals in to concluding long term export made of British Columbia cedars u — 

within Canada last year. 


r* -- av“«v *»***- r — . - --- — — — — — 

■■*■**'- — ••**«- ■»««« «• — — « -—7. f province so that the unions had begun to fly. The board that purpose has been it means j s that instead of con- 

die next year or two though a contracts with customers in the have found a promising if so far d on5iderab | e pres . whi( . h has b ecn set up can budgetary policy applying trad i- tinu ; ng your programmes from 

’ sure to put jobs ahead of wage operate more discreetly and tional standards ol good house- year t0 year essentially by add- 

. . . . *— Bo th budgets com- ing l0 (or deducting from) the 


These are the industries vfith copper mine will open this year. U.S. small market in continental 


which prosperity stands or There is a proposal for a In addition the main props of Europe._But the difficulties^ are 
falls. The present position is uranium mine in the south of the provincial "" 

encouraging to good. Forest the province, which has run catching and 
products are booming, borne into 
aloft by the high level of hems- ment 


main props of Europe, oui me mmcuiucs are ■ inc |:'’ r t there was more try to arrive at pcacefui solu- keeping. Both bud „ __ 

SrLiaUer to 'the ’ tai" tn * than that. The existence of tons behind the scenes, though pleted under Social Credit previous year’s allocations, each 

canning fish are “““ J”*™L „ Si a new labour code made it pos- it is not an arbitrator. The ended in surpluses, a 


BASIC STATISTICS 

Area 

366.000 sq miles 

Population 

2.5m 

Gross Provincial Product ■ 

CS24.7hn 

Labour force (1977) 

1.2m 

Unemployment 

7.2 per cent 

Personal income per capita 1976 (cst.) 

C$7.09 1 

Value of mineral production (1977. prelim.) 

CSl.Sbn 

Sales value of forest products (1976) 

CS-Llbn 


an environmental argu- especially salmon, largely for forest produet companies are S^^XtheTnltnis To fini Sicion court action i 
had S heen in VS ^ S-STJSSfS^ 5 that SM E“ of further cuts is held out. expenditure is governed * 

- &M!J 5 “Ling industjy i s con- W ~ JTZ «&£ W2TZ ISft 2 M 6 TT 

tions. the pattern thro 14, h out the - P . . ihat labour relations ir tu-» work by legislation passed ad goal of reducing the size of the There are obvious pitfalls in 

main industries meretore is one -rj; w province may in future be less hoc. .. . provincial budget expressed as trying to run government like 

01 dependence upon markets Jntlgll*. M ’ fraught with cup^'.ct than in the Ironically the labour code, a share of Gross Provincial a business, and the Govern- 

r orat costs nose another P«“l- though eventually passed with Product. When he took over men t’s opponents will not he 

tS jiwi than "a ^ omirio b o? problem. In thf m,ri-197n. Next year will be (he testing all-parly support in the pm- that share was 17 per cent, at slow to point them nut. But the 

iCn b/r to Ulifornia than lo British Columbia probably had time when a number or vlndal legislature, was . Intro- present he » down to u per pitfa is may be even greater in 

Onphpr i? ,, Ihp marlrnu nut th* highest wage level :n important collective contracts duced by the New Democratic cent. The target is lo gel to 12 running government in an ua- 

xide Canada that count lor the North America. The decline of run oui. The most important Party Government which piled per rent where it was under a businesslike way. There is rune 

Mde Canada that count lor the Aonn^Am ^ ^ ^ Wl|| |v? thal Qf ^ woodworker .s. the province from 1972 to 1975 Social Credit Administration in reason to suppose that that 

Th*» province therefore is Canadian wage controls im- who man the forest products and was held in widespread con- the 1960s. realisation has come home nut 

especial lv vulnerable to the uds iw*d in 1975 have probably industry. They will he making tempt in the business world as Mr. knows that doing only to tip? Government. . 

and downs of the wVid chanced that, but labour costs their claims in mid- 1979 anct pro-union and. indeed, socialist, so will require a succession .d t | 

economy. In urder *- ..nnimisc are high none the less, cspeci- given the healthy state of the Ironically, tuu. it was the NDP years of good growth since the * r ‘ u LjUetKeHS 

that rulnerabitiiy. but also to 
combs! a chronically high un 


after initial programme has to be justified 
increases the tax burden has an p ua |jr a s though starting 
been reduced, and the prospect f roni zer0 Given that most 


j. : , 


r 




Laurentide 

Financial Corporation Ltd. 


SIX MONTH REPORT 

Consolidated after-tax earnings in the six month period ended June 30. 1978 
were Can S3. 093 000 compared w»th Can. S3. 347.000 in the same period 
Iasi year. Earnings per common share amounted to 63 cents compared with 
68 cents last year. 

Laurentide Financial Corporation Ltd. with Head ’Office in Vancouver. British 
Columbia. Canada, is a major Canadian financial corporation providing diver- 
sified financial, leasing and specialty insurance programmes to Canadian con- 
sumers and businesses through 200 offices across Canada. 

Laurentide is an active participant »n the Canadian money market Its shares are 
listed on major Canadian stock exchanges and ils Euro- Canadian Notes are 
listed on the Luxembourg exchange. 

OPERATING SUMMARY 
SIX MONTHS ENDED JUNE 30 


1978 


ig; 



Finance receivables Can. S 

498 719.000 

504 973 000 



Gross income 

•10.513.000 

41.336.000 



Cost ol borrowing 

16.356.000 

15.450.000 



Not earnings 

3 093.000 

3 347 000 



Earnings per common share • 

63 cents 

68 cents 



Tapping the energy boom 

THE MAN from the. ministry assured energy supplies. Art means of going about it are un- casts circulating in the industry present arrangements involving 

had a brand new kind of econ- effort in that direction was Hear. Given the present torn- lo the effect that by 19S2 British helping each other out when in 

omic indicator. Up in the area made some time ago by trying pnrary sin-plus of gas supplies Columbia may be shipping up need. 

of Fort SL John in north eastern to encourage Japanese interests deregulation should depress ihe to I8m-I9m tons of coking roal. With that proposal Mr. Bonner 
British Columbia businessmen to set up a steelworks on the domestic price, but long range the main increments) quantities touched upon a raw nerve. Since 

were so busy making money ba*e of British Columbia metal- implications may be different, going to -Japan and in other the first world war Canadians 

that they had stopped holding lurgical roal. The world steel In addition Ottawa is anxious destinations around the Pacific, have been debating whether it 

Chamber of Commerce meet- crisis caused the idea to be to supply the fuel needs of the The outlook, however, is i-* 5 wise or foolish to sell power 

ings. The significance of that shelved. provinces east of Ontario by adjudged sufficiently promising ('» the U.S. The question has 

particular indicator may be extending the pipeline from for then* to be a strong pros- become an emotional one; rather 

debated, but it is quite true pAnOftPr Albprta. That would greatly pert that a new coal mine will than one of economic reason— 

that the gas boom in Alberta * * diminish Alberta's surpluses be opened in tour nr five years xuch as whether exports would 

has spilled across the provincial The episode tends to support and could eventually suck in at Campbell River: the necces- help the balance of payments 

border into north-east British the impression that British gas from British Columbia. The sary applications have been **r whether they would involve 

Columbia, and the drilling Columbia will remain a willing Governments of both provinces lodged. a Iso exporting job opportunities^ ■ 

crews are hard at work. exporter of .energy for the fore- can be expected tn fight for a The prnvinrial cnal reserves Curiously - there seems to be ^ 

Gas is the most immediately serable future. What then are good prire if their exportable are estimated in hundreds of much less reluctance to export 

prnfitabje source of native the milestones ahead (hat can be surpluses are thus reduced. billion* of ton.?; precisely how natural gas. In any event, the 
energy in British Colombia: ^ctcd? • COAL. Unlike British large they arc seems to ho pretty provincial Government was care- 

export licences have been • GA S< The known saleable Columbia gas. coal from the W *H unknown, and in any case ful not 10 take up a posiUnn ■... _____ 

granted for the sale of up to ™ serv ‘’ s are of 6.7 trillion province already travels the much wil1 ,l0t he economically backing Mr. Bonner, though* 

—«•«—« ™u ft. to more than 3.000 miles across the worth exploiting under foresee- did nut disown -him either. The V. 

The coal argument whether Hat Creek » Yr- ^ 
necessary and desirable remains v;\ \ 
unresolved. '* 

# 

to last for P 2035‘ years' Uueas! ? good deal higher: geologists take limited shipments’ or coal labour-saving methods. Kaiser TrjrjJp 

— there will be co’aJ reserves to havc ^tfmated that they amount from Alberta, with a certain Resources, the biggest company 

fall 
tial 

province 

term futluc emu <1 mure ca'iui' .. , — • -- - > — ; - - — •- -- ■ ■ - . z-~ - 

potential in the form of geo- At the P re "? nI favourable at the western end of Lake hwause (he coal deposits triple the amount of power avail- 

' - — •-* • ■ • ■ - • — 1 — 1 — - L - •- - K '- Given a forecast that . - 

will double in 10 years- 
not too bad a position. 
Nevertheless B. C. Hydro' is 

British Columbia 
jthat proportion 
{decline rapidly. 

assets* P for OJumbiT 11 2S a resu,t - of North Hydro more than the U S. cnal floated nut into 

riMr hnVthp a «r« , - S 00 1 r° ri I! ly raa:n marKei Ior s«» surplus power .stations. But long-range 

*r wmPS S CoTe 7 1 ' Britifih Columbia requirements planning seems to have turned 


28Ibn cii ft a year to U.S. mar- "* ! ion) 






the open. MW around 1090. 

aithMiffh r?T !! , | I, —V wm sii* Arnencan geography that the that it burns in it s thermal Fmdueniltj' of ahnut ,-JO tons • OIL The province at oresent 
clear h n i\hp Lnv' S -,",\ r™™ * S“ *«?»!«*. \° P?wcr stations. But Inng-ra nge 3 has been achieved, produces some 40,000 hazels* 

A t.V’Tolr' a _i • 



uncertainties surrounding the Ontario docs not look like a Rapl-fiftllP 
future of U.S- energy- policy are practical proposition. Thai WflvAUUllC 
bound to reflect upon British ihe good , fortune of the pro- n nql . however, thermal 
Columbia. vince -'im-e. as things stand. c *»al lint mclaMursirai 


not been big 
gest that the pat- 
nificantly change, 
concern of lS*[] i , (i 
olumbia GovernmcoLi'I’i'-', - 

, , , -- - stake a claim to^ljior 

means it is useful in know ih.u oil from Alberta, where produc-. l "A- 



leum chemistry complex. * A supply of encrax- overall. steel. 7 ’ ^ Hat Creek pronn.-;ps ,L nc,,,s j ria tised areas of easjert^ '. - . 

Similar idea ha<been examined Things m.*y change, hawetcr. Last year Briroh Columbia a first cl «s row. A report on rHUSt,? 001 * t ‘ ptaW * Srai “ A'-’ 

in British Columbia, hut does Fur a start the entire question mine3 . sold almost innj ion. tfjr cfixironnienral - riama-c r ™ ,,rce - ; ■ X - : 

not appear to look economic for of the dome.-tie pricing of of metallurgical coal, worth (mainly digging a hu-o hole ■ 5,(1 ,n {h .* s .W? the annimeff,*^-/- 

the Rinmpnl. Tariffs. e«peeiaMy natural gas has been reopened sC3«m. mainly to the tapane.ve. which .will not. be .filled’' in and ! SM,rned round. There is Iittl«V“'- 

in ihc U.S. are one reason: the ui Canaria. The long-term V\1ien the contracts were re- wnnnt turned im«» 
p\-:iirnre of two <ui-h peirolenm pattern has been to allow the negotiated- recently Hie Japanese betauxe the suiisrjiJ i5 . 

chemirtry cumplexrs m Canada, domestic oil price to creep up -did not' ''m.-i.-t upon recknrvd ton- i*b]pj w.is leaked rec*V 

one in .Mherta. (he other in towards i hr world level, and to. hajsw and conceded a 

Ontario, arc another. price natural at S5 per cent increase of-4.1 per cent iq s 

That does not exclude -an nf the nil pner by calnrifip of the poor shape the 

attempt to attract secondary value. Now a deregulation nF mdustr> - '.is.. in almost every company .shmiM br allowed in 

induetiy tn British Columbia by Ka? prices has been proposed where. Mpipi1hcJr». u W wj sc export power tn the r.ji. up ^ 

holding out the prospect of from ' Ottawa, although - the To lre cauttous ahout some fore- ?argc-scifh ’ >nstca(l nf. the 


In .1 lake ,merM * M British CnlulXlbia 
is unsmi- ■ 8 V ppIv,rtB =as ir > the -rest .ol ' -v 
: ;, n ;,v. -J k snada: hpi iJjcre i> great inter ; ,- >• 

priis* the same- iraic sir. Robert h " v »Jts Canadian. ml.yTr 

sp:i»' Ronnor.v chairman nf R.r. there is . a .postibU 

. 5-tevi Hydro, began to argue that his 11 . Bnjish Cntumhia C09 ; 


in Ontario, \"r> wnuder federal 

! '«n can ho turtuous in iis wara 

W.L.L 


/* 


-• * ■ -• 











Mo ^y /October^ ■ 1978 

.■•.•■.•i ? -: ;-.:K?-y - ?v .. ; ■ '- :■ ■ ■ > 

^ •._■ ■ * y) I. L •*. • '•“ * • ' a - • 


33 


fe" 












._ .... - 










w.VlSjr'.i.?*' •••'•' 




Resources, energy markets, people, opportunity: 
itfpur business to come to British Columbia, Canada, now 


• ' >Y ‘ - 








)0 


m 


in 


• “• *£rf? \.T* ^ w-Tit ' .*-*• 

if you have the processing know-row, we'fiave the 
raw materials. A perpetual timber prop." Petals' and 
minerals. Fisheries. -Agriculture. 

Come join our processors ap'd share- .. 

In the opportunity;;^-'-. £ : - 


British Columbia 
means business 


British Columbia 
means people 




You won’t be a pioneer in British •: 
Columbia; There’s a sophisticated 
technological base to build on; 

. machinery and equipment manu^ 

r consumer products, hig h tech- ‘ • 
nology industries, consulting, 
engineers and lots of back-up in . 
every direction.' 

It’s all part of 
today and: tomorrow 
In British Columbia. 


Some of the best and brightest people, 
the talented people, come here for the 
gentle year-round climate. The great 
' recreational access. Sophisticated 
cultural and educational scope. Plus 
work opportunities and challenges. 

Jt pays, off in productivity for British^ 
Columbia business. 


a 


«TA 


IMS. 5, 




In 


means energy 

Is energy essential to your plans? We have it in 
abundance. Hydroelectric ^ 
power. Coal. Natural gas^ 

Even oil. New 
discoveries promise 
even more potential 
foF the future.' 


British Columbia 
means opportunity 






Our economy's on the move. Last year, British- 
Columbia outperformed Canada's GNP by almost 
60%. With exciting new projects like the Alaska 
Highway Gas Pipeline, all indications point to now. 


Write to British Columbia 


FTL-IO 



:'.4.y* 


We’d like to tell you more about British Columbia. 
About how we can assist you With financing. About the 
.'Ideal ideation for.your business. -For the specific-facts 
and figures you need, fill in the coupon. 




L>l ILIv^i i www,. 

means markets 

By itself, British Columbia is one of the vital growth 

markets of the Pacific Rim. 

■Japan, South- 
: East Asia, South 
America and 
Australasia. 


Mai! to: Ministry of Economic Development, 

#31 5 Robson Square, 800 Hornby Street, . . 
Vancouver, British Columbia, CANADA V6Z 2C5 
Telephone ( 604 ) 668-3049 Telex 04-55459 


Name:. 


Position:. 



or: Ministry of Economic Development. . 
British Columbia House, 1 Regent Street, 
London* SW1Y 4NS, ENGLAND 
Telephone 01-930-6857 Telex 51-917369 


Corporation:. 
Address: — 
City 


Country. 


HH K 



l 



BRITISH COLUMBIA 

NOT WAITING FOR TOMORROW 


Province of Ministry of 

British Columbia Economic Development 

Honourable Don Phillips, Minister 









Financial- Ti. lay. October^ 1978 


BRITISH COLUMBIA IV 


Policy to 






is a case in point, and has been along which newly cut trees 
taking steadily increasing have to be- hauled to saw and 
(though still small) amounts 'pulp mills, and maybe extending 
during this decade (except for the British Columbia Railway 
a setback in 197a when there to the north— something that 
was a strike in British may not be easy to finance, 

Columbia). For the foreseeable given the railway's current per' 
future, however, the U.S. will formance. 
remain the main market. British 

Columbia lumber (meaning casl slow growth of world Thereof: 

tones in the main producing wood cut for construction pur- demand , the potential extra Lumber 

areas of the non-Comraunist poses) enters the li.S. duty free: 500000 cubic feet of cuttable Plywood 

world almost back to normal, it is a differentstory in the case ^ do reprf , senl a consider- Palp 


FOREST PRODUCTS represent 
about half of the Cross Provin- 
cial Product of British Colum- 
bia. and forest products are 
doing well. Housing starts are 
continuing at a high rate in the 
U.S., which means good demand 
for lumber from British Colum- 
bia; and the pulp cycle bas 
begun to -turn up. with inven- 


FOKEST PRODUCT EXPORTS 
(GSm) 

Destination 


ago. the fact is that- almost plywood capacity in the Vancou- it added value. 


It is a common 

Columbia vet area is being dosed down, 

The improved deductibility - 


Commodity 
Crude materials 
(ronndwood chips 
etc.) 

Yet measured against the fore- Fabricated 
cast slow growth of 


W clouds remain on the of newspnnt^whieh is subjected al)Ie reserve . M„ reo ver it may Nemprtni """""l 


horizon. Pulp, though up to 
5U.S.375 a ton from $310 in 
March, remains well below the 
$410 at the peak in 1973. More- 
over there is some debate 
whether high interest rates will 


to a 20- per cent U.S. tariff. That 
is one reason why the UJs. ranks 
behind the EEC as a market for 
newsprint from 
Columbia. 


prove possible to enhance it by Other paper 

methods uf forest management. Grand Total : 

British At present you can assume that 
n in British Columbia a tree 
needs 80 years to mature, a 


U.S. 

Japan 

UK 

Other 

EEC 

Ail 

other Total 

42 

33 

I 



3 77 

2,3 IS 

331 

251 

476 

322 3,699 

1.482 

ISO 

103 - 

8U 

77 1,922 

1 

— 

38 

33 

— 73 

349 

130 

84 

331 

128 1,022 

295 

1 

— 

1 

82 378 

11 

20 

26 

3u 

35 121 

2,3tiO 

364 

252 

478 

323 3,776 

rounded 

to nearest $ million. 



Source: Council of Forest Industries of B.C. 


nowhere in British 

are trees being cut that were ^ irnpr oved oeaucuuimy U.S. duty ^ r - 

planted subsequently. . nf management costs has pleased frame , to pick outTinJ 

To this day the lumberjacks the industry, but that does nor ^ at ^ been discussed, 
arid their felting machinery- are mean that it is happy with gov- wouid carry 20 per cent duty ■ 
going out either into. ; .yirgla eminent fiscal practice. Moreover> British Columbia 

forest or into the so-called effective corporate tax raw wage rat es are high. so. that 
second growth, meaning -trees (excluding royalties tor me nQ p0SS j baity of 

that have grown by themselves trees) works out atjusi oeiuw easating f or the duty by lower 
on land once logged oveiy , As 50 per rent in British S 
the area _ of virgin forest, drml- (provincial and fedegtaxes tfae us are considered to be too 
nishes- so should the costj.of Jog- included) « against 3S40 far and too fragmented. • . 
gmg. The giant dougias- firs, cent in the U.S. Some oi tne 7 ^ 

6 ft and more across at the differences have been pm- The .general pattern, there- 
base, are not necessarily the pointed in a recent report pre- fore, is one familiar from many 
forester's delight. After sevqrat pared for the Canadian Govern - other sectors or the Canadian 
hundred years of growth, they meat by a group of industrial- economy. Strength- resides-rin 
— — are frequently no longer sound ists, trade union leaders, the natural resource. In ffie- 
throughout, producing wood academics, and civil servants, case of the forests of British 
that may have to go into pulp -What it will lead to is anyone s Columbia it is one that fijf 
Moreover. When one ;of guess. It is true that the British capable of constantly renewing 
giants crashes jt - may Columbia Government on the itself, given the necessary. cariT 





_* « - ■’ -I. ■ 






cause housing starts in the U.S. exnort opportunities for ply- that will be longerin worried about this particular greater incentives for 7 

to fall back from late 1978 on- wood. The EEC has granted a m , e a ? T{h ? f } he province. The competition, or that from the management. The cost of man- mjl ls. 

wards. The view in the indus- duty-free quota which has pdoP 61 ? 0 plantation methods, hardwoods of Brazil. agement is to be made fully | be ... w - 

try appears to be that lumber preserved British Columbia's in™]™ 1 ® n * or f | nlenav ® helps to get an idea of the deductible from stumpage, the damage a lot of other trees on whole has a low-tax philosophy, and attention, 
prices may begin to soften soon, traditional market in Britain methods of fertilisation and scale to know that in five years money tiiat has to be paid to the the way down. although its opposition does not. rare attention itce»a s 

also that in Ottawa tainJy needs besides replanting, 
been much talk of Fires are a constant . 

- - resources from the 0CCUpa tj 0 n: j a ^e 10 years to 

grated companies they place British Colombia oneTcomes up of lh * . introduced 30 years agn. the permits to cut larger numbers century— a time when” trees Canada has a tradition of a j oust $40m. This year has - 

hopes upon the continued run- against two limiting factors. Even so it will to longer than decision to ensure that the 0 f trees. The reaction in the were hauled down the forest greater public spending than is been especially bad, with 1 

ning down of pulp inventories, y/orid demand is unlikely to . 20 year cycle of the southern forest resource of the province industry, wfc'wh has not yet seen roads by trains of oxen. Next usual in the U.S.. and in any damage well above average; Of-' 

Moreover, the Canadian dollar grow quickly for these products. P ine grown in the southern U.S. is not run down. The province, the regulations controlling came th? stationary steam case Ottawa has only very 25,000 fires in the 10 years to : 
remains weak: since export According io au estimate pre- TD® otlier hand the slower which owns almost' all the administrative practice, has engine fired by the waste wood, limited margins within which igjg more than 3,000 were 

prices are expressed in U.S. cur- pared b y the Food and Agri- growth of the north produces forests, has powers to revoke been ‘‘so far, so good." The Nowadays the lorry has taken, to forego revenue. blamed on smokers. Nature her- 

rency and since, so far at least, culture Organisation of the *. tougher wood, and a longer cutting rights sold to loggers actual results will have to wait over.. Forestry for glare -than One suggestion that has been seJf was even more carei^ 


r<: X 




- ' LX 1 * 



US*:- -.ij; ; 


'■SEI-.Srft . ^ 






there has been no need to pass United Nations, world demand fibre for P a P er > and 3*^° the who do not live up to their for a long time, given the time local demand spread .to the made as a long-term policy for ]} R htning caused more than 9.000 
on the benefit of devaluation to for lumber and structural woods immensity of space available in obliga lion in this sphere. it takes for trees to mature, interior much later. As a result the British Columbia forest pro- outbreaks. 

W.L.L. 


, _ _ . — outbreaks 

export customers, the benefit to u-jj] continue to rise by only British Columbia, the industry Anew Forest Act passed this Although forest management plant there tend to ,he" more- ducts industry is to increase 
the cash Bow of the forest pro- 2-3 per cent a .rear; the estimate n °t appear to be unduly year is intended to provide was brought in a generation modem — one reason. why some depth of manufacture and with 
ducts companies has been con- f 0r paper and paperboard is 
siderahle. Debt/equity ratios about 3i per cent, 
have been largely restored to * . . , 

the levels of the early 1970s. r t a J e * 1 ire t "« P^ncely 

ft is the U.S. market that do nut hold nut the prospect 
determines the prosperity of the ‘1”“^ dramatic expansion ) .n 

British Columbia forest pro- ?" t,sh Columbm. m particular 

duels industry: of iLs total ship- «>« . and ^th it 

ments of $4.1bn in 1976. Sl.Sbn J n!lsh Columbia, is the resi- 

ueru to ihp U S with onlv dual supplier in its mam „ r .... - - 

S880m staving in Canada and markels and hence liable to *** THE Iate weeks of winter, province’s fourth-la rgest in- of the resource as environ- of the fishermen that they are west coast. The Japanese offer S20 a pound as a delicacy tn- 

thp FFC followin'* as the third es P ecia, k' pronounced cyclical a Sottfla of British Columbia dustry. The outlook now is for mental damage and overfishing independent businessmen, who loans to fishermen, one of the Japan, accounts for about two-; : 

MKtamer tvith STTnm Tn the swin ss of demand. tSome fishing boats ventured on to the steady, but strong, growth, take their toll. have not needed the heavy condition.; beine first richt of thirds of the h erring production. 

caTof lumber thc orientatlon «PPM*r one might stonny North Pacific in a One of the brightest forecasts T he Canadian Government, ^rol Government support S 

towards Hie US is even more add * about, half the softwood modern day gold rush — roe is that the Canadian west responsible for the management subsidies that have built fish . „ . . 

pronounced* about 73 per™en* ,umber traded « n wnr ld export Io the bellies of millions of coast fishery could triple in 10 „f fisheries, talks of doubl- P ,ants on the t,a,ft coas t. or »uy interests in established pro- 
of total production is exported, n,ark ets is cut in the province.) spawning herring. years, dependent mainly nn j Q g salmon catch in 15 called for assistance in market- cessing plants, and m some 

and four-fifths of that goes to As on the demand side, supply 


ssn 

5,-1^ ..-T.,-.. ‘A 


Fishing enjoys a boom 


* -*vs 


■iL. 

t S’ lfcfJ! - r : •' jJn 


the U.S.. equivalent to 60 per also presents a theoretical but 
cent of the total. The devalua- none the less real limit tn 
tion of the U.S. dollar (in which growth. About 3 3bn cubic 
export prices are expressed) feet of wood mature annually 
could support the efforts of the in the province, compared with 
British Columbia industry to 2 3hn cubic fepi 


This is the hottest hemm in control of salmon stocks and years' Together, the five types tbe * r cafeh. ' cases incorporate their own 

an industry that has seen its. development of. some under- 0 f salmon are the backbone of British Columbia is the only companies and build new plants, 
share of busts. In frenzied utilized species; of ground the British Columbia fishery, fishing province that does not 
bidding this year roe buyers fish. 


Canad/ans complain 


value for the British Columbia 
fishery of SS9m. 

The big challenge for the 
herring fishery is to find ways 
tn use the roe-stripped carcasses , 
for fond. Most ‘of the carcasses 
now are turned into fish, meal 


V' r- *** - 


Z2Z&- ***" 


bidding this year roe buyers fish. comprising about two-tinrds of have a provincial Government and oil. in demand for poultry- 

for Japanese gnurtnets boosted Competitive marketing will the industry's tmallandin«s and ministry devoted exclusively to fend. 

«-v»m -f c ** — l%« i — — — vast — ... . — • — — V?aUUCm SCirTuiBp IS o5 163l\y 


the price of herring from its be crucial. The affluent total wholesale value. The fisheries. The status and rela- 


Market potential for salmon 


cnui^dicu ftiui — — ^ — v. -v i v*tMA vriiiiicooic vai uv. aiic ip.iutruua. k jic Mcai.ua diiu fuid- cr^mra iF t ho fichhialc iKnf n ,,» 

cut Iasi year, normal food value of about Japanese have taken up some Government's 15-year salmon, tive self-sufficiency to the west in'thP irniwine nrefer ' 

open up new markets elsewhere. But the excess of 800ra cubic S4t ,fl a ton to nearly SU00 a of the slack after rising prices enhancement programme coast fishing industry has t*,!! preter.. 


Success so far has been limited, feet is illusory: much of it grows ton- Herring, the success stray softened the important UK launched last year will cost meant however, that it has not ^ fS? S 

One reason is merely rooted in areas too inaccessible to be of the 1970s for Canada's market for salmon and there is $150m during the seven-year commanded the political clout S hIhJ? chHpMpc nrevfausiv most 

in geography: the U.S. Pacific longed economically. The *360m west coast fishing in- growing talk of the need for first phase. in Ottawa enjoyed by its the Smda?for Sf 

coast is very close, whereas highest annual harvest, as it is dustry, is also an essentia! a single marketing .agency. West coa£t fichine received Atlantic cousins. S *!S*i rSm™ 6 6811 P 1, ^ *1 , 

Europe is far away. As in the called, that can be sustained part of the industry’s chal- Another key will be firm its biggest shot in the arm from Although Janan is a fast totaI c$20m - The Government’s salmon 

case of other industries, British would be about 3bn cubic feet, lemje for the future. Government management declaration hist vear erowine ^market inve-rtinc Indian leaders have been enhancement programme 

Columbia i« therefore lookina to and even that would depend The harvest of herring roe through licensing and enhance- 0 f 200-mile economic zones heavily In the British Columbia demajr, ding an allocation of 25 £ n y°i ve ? building • new. 


other Pacific countries to pro- upon building new mads, was probably the 
vide additional markets. Japan greatly increasing the distance short-term 


ly the last of the ment programmes to play an reacb i n g out into the Pacific industry to safeguard it; supply, ^ . ce . nt of t * le lotal 
bonanzas for the increasing role in maintenance and Atlantjc> It dras ticaMy traditional markets such as the catch - ^spired partly by 

reduced foreign fishing. That US.. UK and ConUnental 


man-made spawning 


a con 


channels in river beds, clearing 


A FINANCIAL TIMES SURVEY 



21 1978 


The Finaii ciai Times is planning to publish a Survey on Canada. The provisional synopsis 
is set out below. 


INTRODUCTION Canada is in a pre-electoral 
period with acute challenges to the Trudeau 
Government from the Progressive Conservatives 
under Mr. Joe Clark. The challenge to national 
unity from the Parti Quebecois Government in 
Quebec looks less dangerous than a year ago. 
Though the economic outlook is less gloomy 
than some time ago, the Government’s economic 
management is under attack as are its proposals 
for constitutional reform. 


what is one of the few industrialised countries 
to have substantial native supplies of hydro- 
carbons. The starting up nf the Syncrude plant 
to extract oil from Athabasca oil sands marks 
an important step towards the large-scale 
exploitation of this huge potential source of oil. 


ECONOMY The Canadian dollar has stabilised 
after plunging to below 90 U.S. cents. The 
direct trade balance is drastically improved but 
capital service and to a lesser extent tourist 
outflows are placing strains on the balance of 
payments. These in turn make it difficult for 
the Government to administer the stimulus that 
it thinks the economy needs. 


FOREST PRODUCTS A revival of demand for 
paper and building timber, assisted by the 
depreciation of the Canadian dollar, has helped 
an industry troubled for some time. In Quebec 
a wholesale reorganisation of pulp and paper 
making has been tackled. 


FINANCIAL INSTITUTIONS A new banking 
law before Parliament will increase competition 
among the credit institutions, especially by 
allowing foreign banks to found affiliate banks 
in Canada. 


MINING AND ALUMINIUM Gold mining, for 
long made profitable, solely by subsidy, has 
shown renewed strength as a result of the 
increase of the price of the metal. Mining for 
non-ferrous metals remains in depression. The 
aluminium industry has entered a phase of 
recovery. 


MOTOR INDUSTRY The Canadian provinces 
are vying with each other to attract investment 
from the big U.S. motor concerns. They have 
received the support of the Canadian Govern- 
ment, causing a sharp argument with the U.S. 
authorities in Washington. 

ENERGY New finds of oil and gas have 
temporarily transformed the supply picture in 


THE ATLANTIC PROVINCES 

QUEBEC 

ONTARIO 

MANITOBA and SASKATCHEWAN 
ALBERTA 

BRITISH COLUMBIA. 


For details on advertising rates please contact, 
Anthony Brown, 

Financial Times, Bracken House, 

10 Cannon Street, London EC4P 4 BY. 

Tel: 01-248 SOOO Ext. 447 


court decision in p°!S?ed .stream gravel, beds,. 


extension led on to a dispute Europe are still the most neighbouring Washington State ?_!!! 


with the U.S. about the precise important' 


alignment of international bnun- 


Ahnnf half 


which interpreted the wording obstructions such as power dams 
_ ... . of a 120-year-old treaty to mean and enriching lakes. 

British that native »h-r* C Kn„i4 k„ There has been startling 



FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


TTir cflJMnm anl nuMicanon <1 jU» irt Snrwys in in* (-loadiial Tihwn «r** u’ltJiwn in Ilians'" a! ul tfjr Edirnr 


.similar tan on 'iw... V \ ? virtually the entire market for t-our* rhallcnce by an Indian Wealthier young salmon. Fish 

,im " ar t,an « U -“ "r r i ns foort a " d filn? reswc *?!“ 2 um Pf d « 

i . us nor.. one nf thc cHalloopri-s for the tjons impnvod bv rhe Govern- eStunated return on investment 


men. ending 
interim, bilateral 


asreemenu . . ..." V '.y me i.,overn- r 

‘d to hold sen| nly of the fishery is to open mem as a con.vrvation measure. u $72 io L ,"*7,^ s ^ nL - 


wHiio d;.i nm4 i. up markets in Europe. A 2l.fifi0- w ‘ Fisheries officials talk of restor- 

ho h |mdaries P over resnur^ ton herr1n " fish ?rv this autumn Wttniate resolution of these ing salmon runs to historic 
riJ h Ho ° Pr re^urce js pnrmarfcpri f or West Germany differences wtii crane only with levels, which would require 

and the UK— about 15 ner cent a , •et««nent ««f complicated roughly double present stocks. 
Canadian troliers have losl *i... — — . — *-». claims which will have to deal The ground fishery, still 


about $fim worth of salmon they 


of tin* total annua! catch. 


While the 200-miIc 


„_rn C„, 0 i'«c w-miiL- zone u "b d ernan^3 for tndian control recovering from heavy over- . 

«.r w!«hin«tnn ak 4m^rii!?n hlni* b ™»«bt security and new nrns- nf the inland salmon fishery— fishing by foreign boats before. 
J,,.. ‘5J!? 8 -!? Parity ro rhe wesr-cnast fi^herv. '^Pinsfes upon [he operation the declaration of the 200-mile 

JrnunS e «I ! h ie fl 1 om h ha,i a,sr> «d ded a new anxiefv: r r hatcheries and natural spawn- zones, is another area for 

pmivo? A5niT 0, Tt JIT foTPt " n rnn,r ol. ownership and . and involving the very future growth, 

nnp nr *hn tviLwJnill* ^ tnfitionce. For the moment the surv,v al of the salmnn. Officials estimate that until . 

imaoin-iMn TviJ^tiMnrc fZ J^tnnes* are the most active. Continued prnsperitv in the 197T * th ® foreign ground fish; 
n”ar an a-mSSt m w# w ‘ rh ^ean stocks depleted by filing industry is tied ’to exoan- “feb lar exceeded Canadian 

coast (Sjoueii not on Atlantic nverfish,ni; ‘ jrs bnaPs bir re d sJon in fe»r major sectors: ' a >? dJr »gs of hake, sole, cod, rock 

coast) issues that should permit rich * iT,shnre =rmimls by Herring, salmon, the ground , f ! sh * and °«an perch of 25m 
rocforocalfishini S vear al the adn P tion of 200-mi I o econo- fishery, and shell fish. So far, some ground fish 

fhnrinh tho ft i JrnanV mic zon « s by many countries. nevnita tho n .,k , s P° eie s have not been fished 

rh! hSimiia ^ Ja P an ls soing fishing with its thp TcriiM 1*? f * substantially by Canadians. 

larly on the oast coast/may take ^ hnusait int U cat « h w ® re running at 0^40 jn^oF ri h <i - tinDal S h 6,! ^ 

year,. The central point b a ? 0 t„ 'aTcSSSS' JS vt wiU ^™p P ie™n t eS K”- 

overfished the west coast 52 w by ^ markets for squid, 
herring, forcing » ahalnne and clams. Some see a 

closure. 


treaty limiting each country's 
interceptions of the other's 
migrating salmon. 

Nearly 90 per rent of British 
Columbia fishermen own their 
boats, even though many are 
mortgaged to the big processing 
companies. (In the Canadian 
East, 90 per cent of the boats 
are controlled by the proces- 
sors.) It is the boast of many 


Wholesale value or products 
(C?m in 1377) 

Total 3633 

Salmon 229.6 

Halibut* 9.8 

Herring 89.1 

•Another C$2 .9m landed in 
U.S. pn rts. 


ring a rour-vpar ; D,,u *** - 

- ear vast, untapped market for the. 

, . lowly, hut prolific mussel. And 

in the pasi five years, herring that is not the end. Spain, for. 

f| 5 | urT 4 in KA^nMk ^ ~ 


, 1( nct'!m™h!! e r n,l i' / he Y PSt GXam Ple. has expressed interest 
vna A ^ in P^se-ncek barnacles, pre- 

Th r *'« If h J*s w '.000 ioha viously an undreamed of 
That produced almiist l»m lb harvest, 
of me and 41m lh of frn.'pp fish. 

Roe, which sells for more than Robert Williamson 


-Vr 


Decline in mining 


BRITISH COLUMBIA'S mining in a pattern of . long-term de- In 


industry hopes it can catch the dine, according to a” study by siibricSrv'of^cck^'Srnoration aro^'in hi f^ e f® pr f'i ects: tax ®f 
brass ring the next time world Price Waterhouse and Co.. «h l Ltd. of Vancouver.^ oS ! £ 


metals prices swing up, proh- chartered accountants. Its inde- huge cattle ranch next door to on 

ably in the early 1SMK The pendent study found that nr, the mine. After being SSvid ZveSnZ ^V^rni^tJe : 

last time round the industry substantial expansion of the for some months *»- *-• — -= - p 8 new P rn J ec t nave , 


missed the ring altogether as metals mining industry is ex- union squabble, the* SSBm^pr^ fnfa cnmrieted 0 mYn a e in fhri Ct S 

Thn lime anrt mr-rfv thnf chnuM np.-tnri Fn, uv „ril in,.r Vu.n.n l b «-"inpierea mine. SHO «KI 


the time and energy that should peeled for several years and that 3«:t began producing blister manv producers aro witline to 
nave g«»ne to finclm? and development in the cnal indus- copper this spring for two produce rnnSr *vl 


developing new mines went to try is slower than anticipated. British customers who have a Fn^The Tr e min t iM 'Innwcrv' 
Hghfing the provincial Govern- “Such expansion as may be in long-term contract for the - ,nauai, J'' 


raeni and royalty 


Such expansion as may be in long-term contract for Dip -the short term orohlpm'ic the 
legislation ihc planning stages at present copper. BIC C Limite<l and market- n the^ term” ! . 

that sucked must nf the extra could well be offset by mine Metal Co. Ltd. will take problem is eonfidnnPP’' h» «aid' ■* '/• 

w from high metals closures brought about by low 25-000 tons of blister copper a P A key Lter in rSioriL the 'V. 

prices nut ,»f the miners prices or the exhaustion of exist- J’ ear - The ore body which Alton confidence of the industry will V-. " 

pFTrk-pls into the provincial tren- ing ore bodies." the account- has st arted to mine has 34m bo the outcome of the next pro- "•V ; ■ 
sury. The legislation was. ants said. The study round that t ° I ^f of ore ErmJing on average rinctal election, which could #£ 
changed shortly after the the number of operating mines of 1 per cent copper and signifi- come as early as this autumn- \ f \\- . 
□eople of tlie province dismissed in the province was down ro 21 canf S° ld content. Tf jj, e credjt Government "V. "*• 

New Democratic Party govern- al the end 1 of 1977 from 24 in Dr. N. B. Keetril, Jr., thn is returned to power, the V":. 

merit headcil by David Barrett 1973. Three more closures are president of Teck, said that industry would feel that with a 

and insialled the Social expected this year and a are a number of other friendly Government id Victoria - ! “ 4 

Crerlil Govormnem under Pre- fourth mine is near Ihc end of protects on the shelf in the for another three to four years, "W 1 • ‘ 

micr William Bennett its reserves, arcnnling to Harvey province,, that could be ft could plan new projects V :: v.' 

But hy then the ring had ynne Parliament, president of the developed at the right price but with the assurance that a tax v- * ■’ 

by. World metals marke is were Minins Association or British man y of them appear less role change would not kill them :/ (1- 
-liding off into 3 .slump, mines Columbia. economic than six or seven before they get off the drawing v - 

had taken thc-ir geologists -and Only one mine is opening this a ®? v, * ien Ihey were first hoard. . v-s-. 

exploration teams elsewhere, year, the first new metals mine *»*>*. put 'off The key metal is copper which ..Vi’ . 

and industry confidence was in five years. That is the copper 016 taxation even with last year’s depressed ,.S ; 

about sapped. Although, some minu and srtelter . near ‘ tnro ® ' factors prices, accounted for 55 per cent 

copfidcn' , c i-s .starting to return, Kamloops, B.C.* in the. heart of 3 TOUni for the decline in the of the metal production In tho 

the industry is still judged to be the province's randting country. 


CONTINUED ON NEXT PAGE 


l . 


A-: 











Monday October 2 1978 


-’BRITISH COLUMBIA V 


1 J iscover British Columbia. 

t rom the Rockies to ihe Pacific and in 
between you’ll find unspoiled, unlimited, 
unrivalled natural beauty. 

On the waterfront in Vancouver you can 
order fresh seafood cocktail- to-go. Ride a 
SeaBus for only 35c (about 15p) and get a 
million dollar view (about £500,000) of the 
city’s incredible skyline. 

Picnic in a primeval forest on Vancouver 
Island at Cathedral Grove and feel small beside 
giant Douglas Firs. 

Feel right at home in Victoria, our very 
British capital city. 

Then there’s our sunny, sensational ' 
Okanagan. Kow sunny? Well, what would you 
say to more hours of sunlight than Hawaii. 
Aloha Okanagan. 

Meet a moose up north in our big Peace 
River Country. Go jet-boating in the wilderness. 

Then visit Pouce Coupe and learn how to 
pronounce it. 

Gad about a thousand year old glacier at, 
naturally, Glacier National Park. 


' Take the plunge into hot mineral springs 
in the Kootenays. Fish for fighting Kamloops 
trout THAT big. 

And if you re hankering for the Old West, 
hanker no more. Just mosey on up to our 
Cariboo Chilcotin and find 24 karat Gold Rush 
Country. 

Then drop down into the Fraser Canyon 
at Hell’s Gate aboard the only Airtram 
anywhere that descends to its destination. 

For all our colourful free brochures and 
exciting information about conferences in 
British Columbia, write: Tourism British 
Columbia, 1 Regent Street, London 
SW1Y4NS. Or phone 01-930-6857. 

Then come and dabble in the super 
natural. 

British Columbia, Canada. 

TOURISM BRITISH COLUMBIA 
HON. GRACE MCCARTHY, MINISTER. 




.. 

v-. 

•Ajij.J.r 

.. 

; 

StvT . 

.. 

Vv,-, . 
i : ' 7 

fit-:-,; •• 
.$-*■ . . .. 




tourism 


- COLUMBIA is malting 

an flfSort to increase its income 
from the tourist trade, its third 
largest industry, -accounting for 
about 5 por eent of Gross Pro- 
vincial Product The moment is 
well chosefls tSie -shock of the 
. \ energy ^cSlsM.baa. worn off; the 
Canadi^ri-jcMia^ is down, making 
■ Can ada- something of a bargain 
for ©juries from-lBard currency 
oountries such as Japan and 
'• West Genmtijy; and air fares 
have begun to come down. 

" Not only is, transatlantic fly- 
1 ing. confine within the financial 
means «£iin increasing number 
of people In Canada itself, too, 
things have begun to move. Tbe 
Canadian Government, perhaps 
, r overawed by: the size of the 
. tourist deficit in its inter- 
national-payments, has given up 
its resistance to the introduc- 
tion -of charter flights within 
Canada. How important that can 
x becomes apparent from two 
igures: flying time between 
Condon and -Montreal is seven 
aours, that between Montreal 
md Vancouver in British 
ikflumbia is longer than four 
tours. In other words, distances 
vi thin Canada are huge. 

The impact of these . bullish 
nfluences upon tourist trade in 
British Columbia has been 
.pparent this year. Tourist 
pending until July was 15 per 
:ent higher than in the compar- 
• jble period of 1977, according 
o an estimate made by the 
lank of British Columbia (in 
■pite of its name a charter bank 
mconnected with the provincial 
luthorities). If one assumes 
hat the pattern will be main- 
ained for the rest of the year 
'hat points to tourist revenues 
or the whole of 197*3 of C$1.5bn 
rnd a good recovery after two 
lattish years. 


Fishfhg cm the banks of the Capilano Canyon in North Vancouver. 


Objective 

In 1977 the number of visi- 


gateway into British Colombia, to see wooded hills beyond the Germans and Japanese. As else- 
were only about -SO per cent waters, softening the modem where the Japanese tend to go 
booked' in August, -at the height metropolis. around in groups, and a number 

l ^ of- the - tourist season <but The contrast with the wilder- of Vancouver shops specialise in 

ors and tourist^ came toTo.fim, admittedly not the- best time for ness within less than an hour’s doing business with them. The 
f whom some' 2m came from business travel, which is said to drive pinpoints a marketing existence of a Japanese colony 
he U.S. and another 265,000 account for about .10 per cent of problem for the tourist industry, helps with the language, 
mm outside North America, the business done with visitors not only in British Columbia but Germans, when they are not 
bout 50,000 British travellers to British Columbia). . all over Canada. To the U.S. there to visit relatives, seem to 

eing the largest contingent Conventions are an important Canada can be sold as a country be attracted mainly by the 

{ringing in more Es the objec- element in North . American with a distinctly European opportunity to see the space, the 
ive of a fairly active public travelling, patterns. Vancouver flavour. Quebec actually talks w u,j s and the wildlife of 
elations campaign which the .does hayea good share uti^and- French, although that seems to Canada. There are package 
rovincial' " Government" has Mrs! Grace McCarthy; the pro- have been a bit too much for tours from Germany, including 
ndertaken. “British Columbia vindal minister responsible for some Americans now that a the supply of a camper vehicle 
;as a smile for you." the posters tourism, has proposed the con- government of separtist reputa- to travel throughout the pro* 
i reclaim: and it’s “super, striiction of a C$20m-CS25m tion has been installed In vince. And one hears that Ger- 
tatural.” One is grateful for the convention and trade centre in Quebec City. mans are among the most eager 

ooa instead of a hyphen, Vancouver in hopes of . doing The touch of Europe is less practitioners of the not undan- 

nd accepts that natural beauty even better. ; apparent to Europeans, nr.r does gerous sport of helicopter skiing 

5 a main asset of a largely un : The idea is- to let it project it interest them un 1 ess they have j D the Rocky Mountains. Most 
juched province of forests, into Burrard-inlet like a gigantic relatives in Canada. Many of operators apparently insist on 
lountains, and fishing waters, pier, covered over by swooping course do, and have provided testing your skills during two 
The publicity campaign has panels of glass enclosing -the the. main flow of tourists to days on the slopes near the 
Iso fallen back upon the history convention and trade centres, an Canada across the Atlantic, resort, and then, up you go by 
»f British Columbia: the 200th hotel, and other facilities: Ships Visitors coming to stay with helicopter for several hours of 
nnivexsary this >" ear a visit could moor along either side of relatives tend not to be large downhill run across glaciers and 
o the Vancouver region by the pier, spilling their pas^&a- spenders, although the same is through virgin snow. 

James Cook of the gers into the attractions await- true of the American who 


pt> « M »l* *i M QV * U *“ — , _ | J • 

Jiscovery has been thoroughly jng them. The glass cover is an. arrives with a camper loaded 


The less energetic and skilful 
coyer is an. ^rnves wnn a cajl get a view of the glaciers by 

century excellent Idea, since not least of down _ with tinned [foods ^ and driv f ng or by cruising 


-elebrated. A 20th century excellent idea, since mn leasiu* - uowo i wun uuucu : “““driving there or by 

• Capt. Cook ” in cocked hat and the attractions is Vancouver’s spends a few nights on a aw ^ p ac jjic coast, behind 
»reeches has been touring splendid situation. Nobody camping the shelter of the outlying 

\orth America in an early 20th would describe it as a town of Jo go ^siting islands, as far as Alaska and 

■entury steam train to publicise particularly handsome arch ite^ JJ™*** d cLzdl back - Wpa *her Permitting it 

he attractions of British ture: most of it is typical North friends \ mA mus t be a thrilling sight 

"olumbia To complete the American urban landscape sur- mnst and does make pi a v of its 

•hrono logical confusion he prising! y uncluttered down- wilderness and sport Hunting 

■ncountered a Yankee face with town -and surprisingly cluttered and fishing l“ences can be XtlTCVinS* 

ncoumereu hoard at a in the suburbs. The modern obtained by visitors— though as ° - 

opper and West- high rises with a few shining a rule they must not shoot bears. What seems to be a thriving 

thistle stop in the Middle west, nign from tbe - even if tbey do scavenging arts and crafts industry is 

the around the camping sites. In largely dependent upon the 


■ President^ Lincoln, I pre- .J**J2j ra5 un o2sM to the around me camping sues, m largely uepenuwii ujjui. me 

u T e ’ ‘ British distinctly ugly. But all of this is emergency the authorities will tourist trade. Everywhere you 

As thmgs sfond Bntisn a st y # number of ^ the ^t and fly it a long go in the bigger towns you can 

nhia has SD&TG capacity TO (lispi 4W k«vliAnnfrdi* cpa convAmrc anH rnstiimA 


Zolumbia has ^aro capacity iw rtordTvnth access to the sea, way away by helicopter, 
ncommodate the ^ nd whichever direction you The quickest growim 

vho have heea ci °“P g . • . k ^ you are almost certain seas contigents 

lotels in Vancouver, the mam iook in juu 


Mining 


CONTINUED FROM PREVIOUS PAGE 


see souvenirs and costume 
The quickest growing over- jewellery made of British 
are the rich Columbia jade, some of it well 
above the standards of the 
usual kiosk kitsch. You can 
also find a lot of goods made by 
the British Columbia Indians 
which look much better than the 
shoddy goods that usually come 
from the reservations in the 
East The moccasins Took nice. 


irovince. 


, j • jjii i*__ Mai, i uiu& iukc, 

s Patrick J. Mars, vice- tion is likely to drop slightly as exploration and the sweaters knitted of 

■’ f brokerage the use of lead in gasolme than rt was in 1972, although the water-resistant wool look warm, 

(resident Bunting and declines and tiie demand for industry is rapidly reaching the if pricey. But what is one to 

..jouse ot senior lead for longlife batteries tus- Jevel Qf spending 0 f six years make of the linguistic identity 

j). Ltd. ■ Canada, appears, while a small increase ag0i That, however, represents problems of the Indian Craft 

thaT copper prices will in output is ft>recast v ^ a significant drop in the actual Shoppe in Victoria, which 

Sve by S lO per cent prices may rise ^ exploraUon work as thinks iteelf the most English 

mprove D ” a th ' assum- coming months out coma * t° wn in Amenca fand maybe in 

.ver the next 12 m weaX e n next sum f *** ***** ! the world)? The. visitor from 

ng no _ unport restnraons m MolybdenU m prices have soared sue years. Mr. Higgs said England is less likely to be 

he United States- ^ The ^ last two years but Mr. that the return to a high level impressed by that aspect of the 

nternational Trade that supply and 0 f activity has mostiy been by provincial capital— but he can, 

ion has recently recommena aj)(J have rorae in to better major companies as the ^nailer u he musti a dmire Anne 

“ President Carter t __ halance with the result that they companies and individual Hathaway’s cottage in replica. 


mpose. import restrictions on up by only 8 to 10 per explorers take longer to get close to Victoria he can find 

ajpper coming' into the uniieu * thg neJEt yea r. their confidence back once they something much less phoney. 

States and while ttus wou somewhat improved have lost it .. but no less English— about 50 

iirectly affect the B.C nd tiT With and the assist. The brightest spots in the acres of gardens begun at the 

is much as the minin e inausuy prices \ \any ducti0Pi pro vin- provincial minerals picture re- beginning of the century by the 
n eastern . Canada, a * “V. J : . output is expected late to energy. Uranium is being- Butchart family. It is a colour 

naustry’s main copper mans ciai meia b gJ ly from ^ foun(i in the province and the photographer’s mecca, given^the 
s Japan, -it is a vital ratio to jncre est i ma ted for major questions with respect to bland maritime climate which, 

affecting prices. Production 01 just under $ uranium development in British “ mid-September, allowed 

»pper over the next year. last year- haye m yet Columbia relate to the success delphiniums to be resplendently 

worldwide, is- expected to oe * j eve j_j n the case which environmentalists might hlup among a riot of dahlias, 

.ess than, consumption ana 1 reacnea bellwether price encounter in their opposition to Memories of England came 

a. the most important factor w of cnppei\ projects uranium development, as. they e Te n closer for' the visitor when 

file improved outlook Xor prices. } s §1 a jD"— gb * forward have already slowed down the 1° a Victoria hotel the waitress 
Ef tbe DX import controls are would M « 5 G _ er chiff buildlng of one m in e . told him firmly at i30 pjn.: 

imposed, the U.S. producers vigorously. “ , nlr Bf British mu„ nf + -_* “Teas are finished— we dose 

wifi- heebie to increase output eomonust of the Ban of ^ at 5 -" But ^ restaurant down 

at the £££ ot the rest of Colmnbia. thmta that it ^ JowiiTS roid Eaid dl > s “S thne «>> 

SSWKF-'TS'*' — 

Hie three otter hey metals P jnterim . exp lnraOon is some of the edge off the serre t be tourist with a smile 
for B.CT, are zinc, lead and In the ro rede rick Higgs, extremely optimistic forecasts provided he knows their ways. 
moTybdenuinl Mr. Mars thinks contl ““"^ th e British Columbia 0 f a $400m provincial coal But do ^ prepai . ed t0 c*— 

th.4 L.. Itaontn rflSnagCr 01 LI*" , Uinae inrfiicfra S!van cn Tlr TTmtEiI i _ 


that price : recovery has begun manager o Ch mber of Mines, industry. Even so. Dr. Keevil your bags to your room and 
to ntine. -“As long as producers and Yuson ^ question the thinks the medrum-temi outlook to y0[ir ovm sboe$ Qr ^ 

Continue to restrain their out- said mere ^ .._*«« hi«hpr ic reasonablv eood for a coal -«>. — - — * — — ^ 

put,: the . recovery that recently industry 
tegnn could continue.” In eon- level 0l discouraged a 

trast, he is less optimistic about after . De riod. ,, Even so 

the outlook , for lead. Gonsump- the I9«d-' a r 


activity production increase done> 

- James Rusk 


WJJL 


i 

} 












S VI ARKETs: / 


4 


Financial Times Monday October 2 ' W$'\S/' 


INTERNATIONAL BONDS 


Straws in an ill wind 

BY NICHOLAS COLCHESTER AND FRANCIS CHILIS 


TIDINGS OP vague comfort to 
the dollar bond market were 
conveyed back to Earope by 
bankers returning from the IMF 
and World Bank joint annual 
meeting in Washington. The 
dollar might have been too 
deeply ditched. The U.S. trade 
balance appeared to be slowly 
on the mend. President Carter 
seemed to be acting with more 
authority after Camp David. 
These were some of the 
impressions. The dollar behaved 
consistently and had a firmer 
week in the currency markets. 
This firmness was underlined on 
Friday when the prospect of 
Imminent action by the Swiss 
central bank (confirmed in yes- 
terday's announcement) caused 
the Swiss Franc to drop sharply. 

But these straws were still 
insufficient for the dollar sector. 
Short-term interest rales in the 
TVS. continued to climb. The 
Federal Funds rate started the 
week at S* per cent and it was 
clear by Friday night that the 
Fed was happy to see them at S} 
per cent. The only good news 
was that President Carter said 
on Thursday that interest rates 
were “ too high " and that he 
would “ hate to see them go any 
further." 

The dollar sector had a depres- 
sing week and traders said that 
Friday was one of the quietest 
sessions for a long time. Prices 
fell over the five days by between 


} and 3 of a point But despite 
tile corrections of the p3st fort- 
night, the yield on long dollar 
bonds was still only 9.5 per cent 
at the week's end compared with 
a six- month Eurodollar rate of 10 
per cent. 

While the attraction of holding 
bonds remains slim, the market 
is supported by the fact that the 
advantages of issuing them are 
equally slim. It Is probably a 
better bet to borrow for the 
moment with a syndicated loan, 
benefiting from the low spreads, 
and on the assumption that fixed 
rate refinancing will be feasible 
when interest rates are lower. 

There were no new dollar 
bonds announced last week. S. G. 
Warburg scheduled a S30m float- 
ing rate note for the Bank of 
Tokyo and the news in the mar- 
ket was that this was not going 
down very well because of its 
long maturity and its slim 
interest rate margin over inter- 
bank rates. 

The reasons for the lacklustre 
performance of the first French 


Franc denominated bond in two 
and a-balf years, for EIB, were 
not difficult to understand. Two 
sets of factors led to the fall in 
the price of this bond in the 
secondary market (last Friday, 
the second day of trading, the 
bonds were being quoted at 97-93. 
an improvement on the previous 
day’s quotation). 

One set of factors was fortui- 
tous. but confirmed the opinion 
of those Paris bankers who bad 
argued that this sector of the 
market should have been re- 
opened earlier in the year. In 
the period following the 
announcement of the EIB issue, 
the Franc was weaker and Euro- 
franc interest rates climbed. At 
the same time interest rates on 
six-roonlh Euro francs moved up 
again last week from 9} per cent 
to 111 per cent The pressure 
on French franc rates was further 
illustrated by the doubling, to 
30 per cent, of the rates on two- 
day deposits. 

The second set of factors con- 
cern the issue itself. The EIB 


BONDTRADE INDEX AND YIELD 

ms 

September 39 September 22 High Low 

L22 98.62 8J4 VIM (19/4) 9B4B (29/9) 

92-07 BJQ 92.73 *.78 9187 U9/4) 9245 C29/9) 


Lons term ....... 


Enrodear 
Cartel 


EUROBOND TURNOVER 
(nomleal valoe In 5m) 
ILS. dollar bBBdc 
last week previous week 
.. 1403 UHLS 

... 426.7 3774. 


Other bands 

tan week preview s week 


188-5 


1K.7 


is known to be a borrower which 
insists on tight terms. Was it 
therefore wise, hankers asked, 
to choose such a borrower to 
reopen the market? Tbc same 
bankers added that it might have 
been wiser to test the market 
with a shorter maturity paper, 
rather than a ten-year bond. 

Another point may have in- 
fluenced investors: the terms of 
an EIB DM-denozninated bond 
were finalised just over two 
weeks ago, those of an EIB 
Yankee were completed last 
week. A tiurd, French franc, 
bond on top of that was maybe 
more than investors could take. 

The Deutsche Mark sector 
witnessed some lively trading 
last week, with turnover des- 
cribed by dealers as better than 
the week before. Prices were up 
by a quarter to three quarters 
of a point while demand for some 
new issues was very strong: tbc 
Jusco convertible was the great 
favourite and was quoted last 
Friday at 101M02*. Demand 
also seemed to be good for the 
ISCOR private placement, and 
the indicated price was given as 
100 i by the lead manager on 
Friday night. It' is due to be 
priced today. 

Among new issues announced 
last week was a DM30m con- 
vertible for Manietsu and a 
DM5 Om private placement for 
EsteL A further Japanese con- 


vertible. for Maru dai Food, Is 
expected through Deutsche Bank 
early ihis week. 

The Indonesia DM bond was 
priced at 991 last Friday and 
was quoted in first-time trading 
by tbe lead manager at 9S bid, 
98 \ offer. This price confirms 
the relative lack of appeal of 
the borrower : which - is new in 
this market. Tile final terms of 
the Venezuela bond are expected 
today. 

* + * 

A renaissance of Bondtrade, 
the Brussels-based dollar bond 
trading bouse owned by a con- 
sortium of banks, appears to be 
taking place. Bopdtrade is to 
move its trading operation to 
London (leaving the back-office 
in Brussels) and will be headed 
hy Mr. Robert Smith, until 
recently tbe managing director 
of Kidder Peabody Securities. 

Bondtrade has been feeling ' 
increasingly cut off in Brussels, 
both because a leased line to 
London costs £1,600 a month, 
and Bondtrade needs 10-20 of 
them, and because it found dif- 
ficulty attracting people of the 
right skills and calibre to 
Belgium. At the end of last 
year four of Bondtrade’s share- 
holders— Kuhn Loeb. Bruxelles 
Lambert Commerzbank and 
Rothschild — pulled out in some 
cases because they wanted to 
trade dollar bonds themselves. , 


CURRENT INTERNATIONAL BOND lgUg_ 


Borrowers 


Amount 


US. DOLLARS 
ttfEIB 100 

tffEJB 125 

tf Arab Malaysian Dev. Bk. 20 
§Navo In dust ri 20 

fBnnk of Tokyo 30 

ttCanada 400 

ft Canada 350. 


Maturity 


19&6 

1998 

7983 

1989 

7993' 

7983 

7998 


At. life 
Years 

8 

15.05 

5 

15 

5 

20 


Coupon Price Lead manager 


Offer 

ywfi 

• % : 


si 

91 

7*1! 

5*11 


99_30 Kuhn, Loeb, Lehman Bros. 93ft . 

99 Kuhn. Loeb, Lehman Bros. 9.4£ 

100 ADIC 74*1 

IDO Morgan Grenfell * 

100 S. C. Warburg SJif 

• Morgan Stanley . * 

* Morgan Stanley *. 


D-MARKS 

X**Toyo Rubber (g*teed 
Long Term Cr. Bk.) 
{Indonesia 
JSJusco 

§Nissarn Diesel Motor 
••ISCOR (g’teed S. Afric 
§Kayaba 
••Estel NV ,■ 
§*'Maruetsu 
Venezuela 


30 

1983 

5 

5} 

99{ 

ice 

1984 

6 

7 

99{ 

80 

1986 



3} 

ICO 

.80 

1986 



3* 

100 

a) 40 

1984 

6 

8i 

100} 

+ 38 

. T985 

— 

ll 

100 

‘ 50 

. 1985 

7 


100 

•30 

1985 



31 

100 

150 

1980 

91 


0 


Commerzbank 
Dresdner Bank 
WesH-8 
Deutsche Bank 
Bay. Vereinsbank 
WestLB 
Deutsche Bank 
BHF-Bank 
WestLB 


SWISS FRANCS 
tOberoestcrreichisdi* 
Kraft. 

iNorges KommunaUank 
(g’teed Norway) 
jSandvik 


FRENCH FRANCS 
JEJB . 


200 


7988 


9i 


99* CCF 


KUWAITI DINARS ‘ 

IDev.Bk. of Philippines' 

(g’teed Philippines) 7 - 1985/90 

Electrobras (g’teed 

Brazil) - . 70 1985/90 


KIIC, ADIC, 

8} 99} Merrill Lynch Int 

8* * KIIC 


7* 


UNITS OF ACCOUNT - - 
Swedish Mud. Fin. Co. 15 1993 9} 

‘ • Net yet prtedl. t Rmd tenm. •• Hacemci*. f Floetta rate note. 

tt lUulttarad with U.S. Securities and Bedwge Coranil»le-. 

• Notes TWds aim calculated on AtBO bash. 


Kredletbank Lux. 


SSI 
.7.11 . 
3. 5 
334 
830 

e 

625 


,50- 

1993 

lua. 

4 

100} 

Credit Suisse 

Banque Gutzwiller, 

3J33 

100 

1988 


4 

1001 

Kurz, Bungener 

3J55- 

.85“ 

1990 

na. 

4 

1001 

Credit Suisse 

3^55 .. 


9JB 


US- 


U -Min tomm- § Convertible, 
f Purchase fund. 


Sndices 


B.Y.S.E. ALL COMMON 


Biaaa and Fulla 


NEW YORK-Mwjom 



| . | 1 

M-r*. 1 ■•jer+. 1 , vera. 

j S? 1 26 27 ] £6 ; 

IT 

J SepL. 1 
3 


fP 

iMvnc^CoRipiiat’n 

Bifih 

Low 

j dmt» 

low 

lwtoacrirtlf.J 

! 865.82 S61.3lj 66Q.WA8B.t8 1 

| 882.55 

062.44 

M7-74 

742.12 1 

1KT.7Q 

41.22 


, ! 


I 

(BA*) 

(a/a i 

(11/1/73) 

I2/7/3Z) 

B'meB'nd**. 

B8.84; M.S2: 88.95 88.94 

88.30 

88.08 

rtUfi 

88.74 

— 

— 




1 ! 

(4>ll 

(ID7) 




244.])' 242.94 242.65i24B.42 

242.56 241.68 

281-49 

700-31 

273 M 

13-23 


1 ' 1 




(0/1) 

(7/2/W) 

(B/7/3Z) 

DtUiries-.w.. 

106.12! 108.12! lOfiJfi 100.02 

| 106.72 

106.72 

110.38 

10234 

18532 

10.68 


!ii! 



(3/1) 

(22/2) 

(2QM/69) 

(28/4/42) 

Trading +oi. 








000's t j 

25.610] 24. 530 j 28.570, 2E,550j 

20,370 

27JBO 

““ 

“* 


. 


Sera ! 

1 

<em| 

„l 

197b 

3) | 

28 

IT] 

26 | 

Hh#h 

I Low 

W.70 

1 

67 .47] 

8731| 

67.81 ! 

60.58 

I1L9) 

1 <8.57 

I (S3) 



1 Sep*. 23j ?•$*.» 

'+pi- 21 

lsooea iradert— .. 
Rtser- — 

1,873 

L856 

1 1.881 
500 

Kolia — 

linchoa<o>l — — 

506 

442 

755 I 
429 j 

1 983 

396 

hear liiwn . 

— 

- 1 

- 


MONTREAL 

Industrial 

Combined 

Set*. 

3 

^er*. 

28 

Sept. 

27 

Sew. 

26 

IS 

m 

High 

his 

21537 

218.62; 

212.15 

217.01 

= 

208.90 

21639 

213.07 (23/0) 
218.62 (£3/9) 

162-rti (16/-) 
170.82 (30ri) 

TORONTO Composite 

T284.7 

12773 

1272 A 

1270.5 

1288.0 (13/9) 

-M8 J tdO/l) 

JOHANNESBURG 

Gold 

Indonrtoi 

256.7 

£64.5 

254.7 

266.8 

253.4 

264.4 

260.7 

268 A 

271 J (MM 
2/1.1 (16/9) 

116.0 (20/4) 
194.-I (133) 


* Bart* of latex changed from Anient 34 


. ; Sept. 22 I 

Sept. 16 

Sept. 8 

(Tear ago approx) 

f [ 5.50 

1 5.39 

5At 

'8.37 


Sert. , Pm- 1 1978 
29 { vinos High 


1978 

lev 


STANDARD AND POORS 



1 

Sept. Sent. 
29 £8 

Sept. 
£7 | 

Sept- 

28 

v- 

1! 

778 

Since Compiiat'n 


3*' High 

Low 

High 1 

1 low 

! Industrial - 

iCompoelto 

115.72) 1I2A8 

102Ail 1013^ 
1 1 

; H2.62 
| 101.66 

115.76 

1D2.62| 

112.86 

101.86 

112.811 118.71 

1 (12/9) I 

WljJ 106.99 

I (12/9) 

46.62 

(6/3) 

88.60 

(6/3) 

154.84 
(11/ 1/73) 
ia.a6 
(lllt/63) 

I 5A2 
(30/6/32) 

I 4.40 
(1*3/52) 


Australia*^)! 690.71 1 685 SSt\ 666.79' 44 LIB 
'• I )(S 219) lllS) 

Belgium <£). 99.69 ■ 99.61 i 10L16 i 90.45 
I I ffi/S/ • CaAl 

Denmark n 9L86 ; 95.07 I a?.as. 94.00 

l : 1 nemi-i tf-w . 1 


fia/oj - (6/2) 

France ($t> 82A ; 8L7 I 223 ! 47.6 
1 | OS'W 

Germany (tt! 848.4 1 845.6 ■ B«8.4 

I I ! (£9/9) 

Holland HtV 673 J 87.1 95.1 



Sep*. 

£9 

Pro- 

vfou* 

itf/o 

Bigh 

ip / 

Cror 

Spain w 

9639 

9630 

llU./'r 

(9/6) 

87 Jitl 
ll IM 

Sweden wf 

1 2SX6 

S86J01 

«tejae 

PUS) 

ia.1* 

(3.1! 

Switnarl'dt' 

, 274A 

268.1 

3X4.7 
ii« a 

26 1 A 
<2 Sfl; 



Sept. 27 | 

Sept. 20 

SepU 13 

Year ago (approx.) 

lod div. yipld % 

4.66 

4.85 

4.63 

4.68 

Inrt. P/B Hutto 

9.43 

9.43 

9.88 

9.43 

Long Got. Bond yield 

8.68 

j 8.47 

8.33 

7.64 


Hoag 

Italy 

Japan 




633.14 SA6.27 ; 707 
, (4/S) 

(ini 78.90 1 79.03 


•■■3 VROnlOQin l Kg M> 

. , , (26/9) 

far 433.74 1 432^3) 433.74 
( : (29 » 

Singapore^), 361.69 368.87 ! 41440 
I t l (8/9) l 


(3/2) 
789 A 
(17/8) 
76.0 
(4/4) 

383.44 

(13.1) 

88.46 

( 10 / 1 ) 

364.04 

(4/14 

265LO 

(9/1) 


Indices and base dates (all base values 
100 csceui NYSE Ml Common — an 
Standards and Poors — 10 "and Toronto 
300—1,000. tbe las> named Based on i97Si 
t Ba c HH aa bonds. : 49C tndnstrals 
f 400 industrials. « Dddttes. U Plnaon- 
and 20 Truman. 1 Sydney AD Ordinary 
A Belgian SE 31/1 2> 83. Cspenbnca SE 
1/1/73 rr Pans Bonne UNI tt Gofmnen 
bank Dec.. 1963. 3} Amsterdam Industrial 
1970. 11 Sana Sam Bank S1/7/M. U Bancs 
ConuaarcUlfl Itallaaa US. a Town 
New SB 4/1/®. o Strutt* Times IVM. 
e Closed, d Madrid SE M/lS/n. eStock- 
bobn UtdnstrUI 1/1/53. /Swiss Bank 
Corporation. u OnovallaMt. 


GERMANY 


Sept. 29 

Price 

Dm. 

+ nr 

Dw 

Of 

40 

Y\d. 

* 

ASG 

87.S 

+0.2 




Alliiuu: Verrtch.. 

620 

—9 

31 J 

3 JO 

BMW 

229J 

+0S 

28.11 

6.1 


1«$8 

+0.5 

10.75 

6.5 

Saver- Hvpu..—.. 

296 

+ 1.5 

28.T7 

4.8 

Bajiv- ' efrinabk. 

539.6 

1 - 0,5 

18 

2.7 

CibaJnt.hert.wrta 

166 




Com merztonb — 

231 

+1 

26J6 

5.7 

Ci.nui GummL— . 

74.1 

- 0.8 



Dannler-Befu. ..-1 

338 

+1 

88.W 

42 

Degmoa 

Z63.E 

+ 1.4 

17 

3.2 

Denrag ...- . 

174.C 


11 

3.1 

Deu taebo Bank.— 

308 

+2 

18. IS 

4.5 

Dresdner Bank 

860.6 

+ 1.3 

28.12 

5.6 

Dyckerh off Zero l. 

190 

+9 

9.3E 

2.5 

Qutohoffnnnp. 

225^, 

-0.5 

12 

2.7 

Bopeg Lloyd 

1 18. C 

+ 1.8 

14.04 

3.9 

Barpeaer— 

168.0 

+0^ 

+18.76 

10.0 

H/WMl.rf. 

140. a 

+ 0.6 

18.75 

6.6 

Uoeech, 

49 . 0 , 

— 0,2 



Horten - 

179.5 

+ 1.0 

9.36 

2.n 

Kali nnd ball— 

155^ 

+ 1.6 

14JM 

4.5 

Karaiartt 

332.6 

+ 2.3 

13.44 

3.6 

Kaufbu/. - 

3*823 

+3.6 

18-72 

3.7 

Klackner DM10U. 

92.5 

—0.3 




KHD. .. 

184 


18.7E 

6.1 

ECmpp ta.ta.ra.rara.. 

114 

-2.6 



Linde 

288.5 

+ 2.0 

25 

4S 

Unreahrau IO0.... 

1,600 


25 

7.8 

Lufthansa-..-..... 

103 

+0.9 

9.36 

4.6 

MAN ... .... 





Mature* maun 

nes 

-0.6 

IB. 18 

4B 

Meuilget,.— ,— 

251 

— 3.6 

10 

2.0 

Mnnchenpr Buck. 

650 


18 

L4 

KeckeroMnn. 

179 

+ 1S 



Preuuag DM IOC 

135.6 

+0.6 

__ 

__ 

libera WeeL. glee. 

187.0 


25 

6.7 

Sobering.—.— 

277.5 

+ 1.5 

20.12 

6.1 

Siemenf— . 

299.5 

-0.1 

25 

4.2 

JudZucker— 

2b7 


16.04 

6.0 

Tbyirra A.G — 

118.3 

-^oi 

17.18 

7.3 

Varta. . r , 

192 

+1 

L7.18 

4A 

VKSA.„ 

134-3 

+ 1.0 

9.37 

3^ 


293 


18 

3.1 

VuUiL«egen 

240.51 

. — J 

26 

5.2 


JOHANNESBURG 

MINE 


AUSTRALIA 


Sept a 

Awdo . American Corpn. 
Charter Consolidated — . 
East Drietontain 

Rand 

• 6.-0 

tx» 

H3.7S 




$8.70 


10 FO 
.1.68 
14B0 

Rastenbars Platinum 

Soathvaal - — 

10.70 

ISM 

5.70 

7.73 

6.10 


De Beers Deferred 


$3.85 


»J0 

$1730 

18.00 

6.10- 

PreshSent Brand 

President Stem 

Wei torn 

S35 

Wen Driefoorotn — 

4t$» 

$38^3- 

18J0 

Western Deep 


!#ep». 29 


+0.09 

■=- 0 : 12 , 

_ 0 ,| S ] ACM I L (v£> i-enia) — . 

— OJS I Acrow Austmbi. 

+•.101 
+0.20 
+0.10 
+*M 
+4.U 
+aio! 

Aim. FrainrtatVon Invest. 
+0.191 A.BI.I 
+0.10 AMlimv. 

—9.09 Aum. Oil Sc Gait.. 

+BJ9 


■Am'poi bxp*otatUwi— — — 


Vitsoc. Pinr. fVper Si— 


+0ie UcamtiiM (ndastries. 
+0.10 


INDUSTRIALS . 

ABC! 3J5 

Anglo-Amer. Industrial ._ 1000 

Bartow Rond .400 

CNA Investment 2.10 

De Beers industrial — 12.75 

Edgars CoosoU dated Inv. 72.75 

Edgars Stores 1 32.78 

Ever Ready SA 1Z.I0 

Federate VaUcsbeleogtaxs . 109 


BH Jjontb„, 

. . l^rttoo On lied BiwerV— . 

UUIIfll...: 

+0JS Uockburti Cement. 

+0JB LohMG.J.) 

t,JI5 Unw. OaklDeMe t 

+I.0& Luaiamcr (91) 

+0.10 ^otwme Kldttnto . 

■f|,2S lioMJda Australia. 

Unokn 
ttfCOK 


PARIS 


ISA) 


Creatennans Stores 
□ nard Lon Assurance 
Hnletta 

LTA 

McCarthy Rodway — .... 

NedBanX 

OK Bazaars 

Premier Milling 

Pretoria Cement 

Protea Holdings — 

Rand Mines Properties _ 

Rembrandt Group 

Retco 

Saue HnH |n ffr 

SAPPI 


NEW YORK 


High 


1978 


39 
32 
4S5a 
3138 
332+ 
481 : 
20)8 
2008 
445* 
277 8 
38 ig 
6L 
33 >b 

1BI* 

&27g 

621: 

43l a 

52i z 

36 

24ia 

405a 
32 1 8 
5Da 

7 

457 a 
53 ig 

37 » 
63J* 


I*3» 


2B 

Z37 B 

31 '8 

22ie 

22 

385* 

16«g 

171- 

34lg 

183+ 

22i s 

31U 

227g 


Stock 


Abbott 

Adilrenao/rnph.. 
Aetna Life A Coe 
Air product* 

A IiwjiA I u mmlam 
Alcoa... 

A llep. LuJIam.— 
Ailenfaeoy K'wer 
AIII«l Chemical.; 
Allietl Stores 
AIIih CtialniurB_.i 
AMaX 

Anjentiu Hew....} 


Sept. 

29 


347b 
27 ij 
40*8 

2 81 a 

32J« 

453+ 

18ig 

18 

3S>8 

261+ 

34 f b 

49 

3IS+ 


9\« 

39 

345fl 


16 lj 

6038 

653+ 

39 

30 

293+ 

231$ 


(Amor. Airlines.. 

Amer. Bntmls — 
l Amer.Pt'Xidcaiit.. 

343+ ] Amer. C*lii 

25 ig Amer. Cyanomid 
233+ Amer. Dirt. Tel.. 

21s$ Amer. Elect. Pet* 

3iSg I Amer. Kyprvs* ' 347g 
263* j-VnierJorneProib 29&p 

16Sg JAmcr. Ate>iic*I ; 30lg 

3is ‘.Amer. Motor*....' 61+ 

39U j.lnior. >«*. Cm.! 455$ 
323$ j*in»r. Standard. i 48?$ 

28l« -iVnit-r. Storm • 353* 

671$ Anicr.Tel. Sc Tel.’ b2l+ 


High 


1078 


Low 


stock 


371+ 

27/a 

[Amcieft | 

35k 

21 

! 15k 

A.1I F , 

20#+ 

39#* 1 

! 24 k 

I.VMP .... 

355+ 

19k 1 

10 

,'Ainprx- — 1 

16#g 

31# a 

3Ssa 

B.^cLmg ' 

31 

27k 

17 'a 

lAnlicimer Buecn. 

2hk 

29 

19k 

!-Vj>..\ ■ 

28k 

191, 

8ft 

irVrarnera Oil— J 

18#$ 

20 k | 

13s, 

l.lmrn 

15j$ 

45#, 

27k 

'Aaiilanrt < hi 

46 

551a | 

431- 

'Atl. Jficbfji-U— i 

53*0 

*6lf> i 

23k 

lAiilo Ilata l'rp.—' 

31*, 

171, : 

8/j 

; avc — 

Wi a 

34^ | 

15k 

■Ave« 

30i* 

fils* [ 

44k 

lAvnu I'niiucii..., 

65 

27j* ' 

245 3 

•Malt. G«* Kiert... 

26k 

29 k 1 

20 k 

Illank .loicncn.— • 

27 

39/8 ' 

34 

Haulier* Tr. A.T. 

36 

29 k ! 

25 #$ 

■ 

£6 

49S S , 

55 

■Muier Travennr. 


28I-, ; 


Mmtnne Kiml-... 


407, . 

31#$ 

Urei.viifickmxxn 

37A+ 


14 

Mi-ll 4. Hi»! .•}!.. .. 

30k 

43 / 

33 

. Ucir.ii x 

38*+ 

51+ 1 


,1'i-d-ucl Ci .n» 'll’ 

«'i 

261- 

20k 

. Met lih-fiMm aleel. 

23 k 


21 
74 

33 

3 Li* 

34 
18 1, 
151* 

39ta 

181+ 
351+ 
181 + 
21 '+ 
97$ I 
45i« j 
867 a ! 
38 , 

213* [ 
12'* t 

?i 78 ; 

207a . 
64 3g ! 
64 : 

46!$ » 

17 ) 

24 1 3 
434 
351* 
44 S$ 

27 i B 
56i s 
eats 
133+ 
37ij 

28 
541$ 
18 'a 
815a 
467 0 
203$ 
131* 

29*e ’ 
26 
203* 
43k 
20*1 
28 "a . 
49. 
1«7« ! 
607s | 
2S** | 
25'n •• 
267$ I 
44)a : 
2411 i 

337a 
3111 • 
IS*. : 

, 44*8 -' 

L 80 ( 


14>t 
25 k 
£23$ 
274+ 
2513 
a 

1278 


W-vk* ll»i:ki<t..i 



IhHcv Cos^de 

.6<nlcn...— 

'ft'rj: iVniTier^.... 

'Bntnilt int......... 

iBnvisn ‘.V....M.. 


28>B SHrlatoI .Uyere..^.; 


lat+ 

30-k 

29t$ 

3213 

lb's 

14t„ 

541$ 


137 8 jllPct APntIL-.' 17'a 
253* lOrrckwnr Gloss.. Sits 

131$ 'Bmnswu'k ; lbij 

16^0 IHnerTUo Ena-.... 177g 

S |Bitl<<niWiMi..._' 87$ 
36k |Bnrlinc7' l nA'thn. 431a 

583 j ihitm'aiKti ■ 78 

31 Ig It.'ompbHJsoup.... 347a 
147* IConmUan Pacilic.! 20>* 
lOt* jConoi Konilr+Y-h.. 

241+ JCortutmo 

1 13$ ;CMTMr.vfien«Bl 
157# Carter Howler... 

453+ 'Caterpillar Tracts- 

435fl ;CBs_ 

36 ‘Ceione^ Curpn.. . 

15 A 


18 sg 'Certaiowed. 

291$ 'C«!!D* lin mft...' 
27 S 3 li. tia-c Monliattaul 
37'$ Chemical Bii-NY.. 
202 o IChe». - h!$:h Pond. 
29la ICbeartesyrteni^.,' 
42 jCLicsgn Bridge... 

105s 'UlCTfeler 

28 k ICioc. AUlacruti— 

131$ [ C«.uMrp 

451s 'Cities iinTioe... 
l!*a iCltv I n^otlatr~. 
233+ ICIe'vetaod Clills_ 

35*+ [CoooCola .... 

19So krolgaiePOlm : 

IOI 9 'Collin* A*kmqp.. t 

26 1 $ (Colamhoi Gas..„.’ 
135+ !Oriumhia Pw... 
147$ |Com.insCo.i.viAm! 
31k jCombustoMi Kog.i 
133+ iComtnr-tliin 
26Je ■Cni'wtli 
29 k ; Cumin. Saterlito. 


Ilk 

317 8 

12 

IB 

6978 

66I3 

45k 

164$ 

213t 

43 Sg 
344+ 
41k 
245 a 
29 5a 
66 k 
12 
34 1 2 
26k 
64*8 
i6t»s 
307$ 

44 
2039 
111 * 

27*+ 

Slsg 

19 

383* 

145$ 

26iS 

42*+ 


t 7 


64 1 9 

64ls 

361b 

30 

377a 

42k 

211 , 

S1H 

49 '$ 

36* 

44 

141* 

243, 

16k 

29 

193, 

64 la 

463a 

51k 

30k 

33 

467a 
131 
051$ 
15k 
673+ 
41 <a 

32U 

181, 

353+ 

397b 

28k 

443 , 

3lg 

27 
323$ 
233$ J 
52ia | 

397$ 
405g ! 
16 I 
32Ss 
25 
.39*3 
33 
43k 

28 1 
61k I 
33 k ' 
397* ' 
Ilk ! 
38k ; 
337$ 1 

133 + : 

15k | 
49 k ■ 
113$ 
315s 
20k ; 
93 

67 ' 

547$ ( 
33 k [ 
66 k 
207 a | 
33 >n 
317 8 
31k 
8k 
32k 
31k 
43 

3ZS+ 

227$ 

18k 

341+ 

30 

9k 

3ik 

14Jb 

16S+ 

6359 

7718 

41 

237s 

72k 

43k 

29k 


45k 

43k 


[Coming Gtam.... 
ICPUlnt’mttonol 


243$ lUrone 
21>S jCroeken Sal 
29*0 iCnmnZellwtwcb 
33k Cummins Engine] 
Curt if b Wright-. 


16k 

193$ 
34 
33 
223, 
5ia 
16 k 
16k 
23 
1 1*9 
365a 
3158 
38 
2238 
29 
36k 
973, 
16k 
6 


dept. 

29 


Osna—. 

Dart Indnstrfca.. 
Deere...— 

Dei Monte— 

Deltona 
Denuiply Inter... 

Detroit Wihoo 

Diamond s b+mrk 
Dictaphone...— 
Digital Kuuip. 
Dianey (Walt)— .. 

Dover Corpn 1 

Dow Chemical.— [ 
Draro, 

Dtesrr., 


j Dupont 

[Eagle Pilcher— 
iKast Airlines— 
41k jEsstnian Kudok-J. 
33 jEslon..— — .... .j 


16k 

145* 

255$ 

295* 

185$ 

275$ 

2k 


itG.iC 1 

; 8 Paso >sL. Ga»l 

>.ltm ! 

[ hnwrtoiiErectrtc) 
Emery- AirPr'igbtj 
iKnihitri ——.1 

Ik.su ! 

21k lEoguHiarri— I 
26 k .hsiiiarlc 

18 1 Kilty 1 

43ij |hcmii I1IU 

23 Katn-luM Camera! 

34 .Fe.». L'cpt. staresi 

12k IPitK-ir.'nc Tvre— [ 

24 I Em. Sal. UtiOBD.i 

16 ;FlC\l I **.— .1 

18*b iFliuthote » 

2878 [Florwa Power .— 1 
305$ iFhsur— . - | 

20i z F. It.C 1 

405$ [Fori Miter. J 

17 'Knrcna-M lick — .1 
271$ K««v h. ■+•.«. , ' 

7 J$ .Frau kiln Mint.... 
1B'$ ’Krwinn lUaera)! 
241* •Fru.'j hu if. 

8*e Fnqira lads— ..J 

10'+ -G.A.F. . 

34#* irsniiifii ■ 

87$ -(•on. Anier. Int.. ! 

223, C-A.T.A 

11'2 {'Cn. CftNe — ' 

37J$ Ocn. Ihnamics^j 
*4': i'ttii. Eh-trics_..! 
2&5 r ((ica. Fo»U,„— .’ 
86k '••encral .Mills.— . 
67s$ (i+iicrnl lMora..l 
17;$ 'Den. Puli. Uul— [ 
24 ,Gen. hignal — — ) 
28i$ !'»eiu Inflect—: 
22 s$ '•eu.Tvtn— j 

37g ; li«iear»— . — j 
233$ Crcocgta Poaflc— I 
20 linrinro ,, ! 

33#$ L Ufi it- 1 111 . | 

231, iGiliette_ 

19 '(isnilnrh 8. p.— < 
157$ ,r;«ai*i veer Tiro.— . 

247| Guuld. 

2378 Grace W.u....:.- 

6*9 LirLAtiaj! ['a.- reel 
20 k .Grt. North Iron .. 1 

12k iGreylioinet 

.11 i»uii x )V'o«ten».. 

303* Hull Oil 

54 k ;Sfilihunt4i — J 

32 Hooiia Mining — 1 

146$ 'HamtoctiJegcr. : 

335$ tfarruCorpa..— .’ 
34 lUeuiz M. J._— .• 
24 I tlouliciu. 


81$ ^omputerdciem^ 13 1| 


(WiLifslDt 

C -Mini 

C.» IVtisnu NY— 

CiMislIlFfwia ; 


311+ 

187, 

217$ 

23i$ 

341p .CsKikiil Nnl lie,. 
2 1 '■* JCwwunwr Fewer 
Z8V) ifon* amulntl Grp. 

25i+ I'.miincanil UU... 
145+ ;i>HMincniai Tele 
23*g (Control f.'*ta — . 
40k 


387$ 

21k 

Z4k 

23V B 

38 k 

24 

3D7a 

S9k 

15 *s 

371+ 

4BU 


92 

321, 

39k 

72k 

13?a 

34i* 

27k 

15k 

24 

52Sa 

47 

63 k 
41k t 
161* • 


68 *$ 

491+ 

331+ 

28 

341$ 

37k 

19 

31k 
43 k 
343+ 
437$ 

12*9 

181 S 

15k 

25 

1778 

4Bk 

435$ 

46*, 

28k 

30k 

43 

1875, 

21k 

127 b 

6 OS 9 

40 

30s* 

8* 
34 lj 
23** 
39*, 

27 B 
24k 
26k 
23 
62 k 
ab*« 
343+ 
1278 
30k 
21k 
34k 
31k 
39 

067t 

46i a 

22 

373$ 

9k 

27k 

317a 

12k 

14 k 

46 

10 Sa 

29k 

17*, 

62k 

607$ 

33k 

30 

o3l$ 

1859 

29 k 

30J* 

BBk 

6 k 

295b 

27k 

41J+ 

315* 
307$ 
1«*B 
31k 
097$ 
73$ 
07*9 
13*8 
141fl 
26#+ 
7178 
36 k 
0 OU 
34 
h 2 
U7*a 

877 B 

28k 

3719 

64*b 

127$ 

30k 


High 


1978 


I 

Goar J 


Stock 


ST 


34 k 
88k 
33k 
38 k 
29 >i 
3659 
5 

30k ! 
14k 
28 , 
52k | 
38k 
60 
24k 

49k 
36k 
39k I 
37k j 
287a 

37k J 
63k ! 
27 

; 36k : 

I 26k ' 
i 20 k • 
24k ■ 
465$ I 
16 k ' 

12 i 

13 • 
4453 ■ 

1 401$ . 

I 38 ; 

63 j 
j 171, ' 
28k l 


281+ 
66 
243+ 
293, 
23 I E 
28 
lk 
21k 
51$ 
195a 
401$ 
27 *b 


Johns Man Fine 
Johnson Johnoon! 
Johnson Control. | 
JoyilsnofscJur'e; 

K. Mar Owp j 

KaiserAlumhii'm! 
K*i"er Industries: 
Kaiser SceM — —I 

Kav — — * 

Kenneeott. 


Kerr McGee. 

_ Kldde Walter. 

38*; ;Klmt>erly Clerks 
'191$ Kopper s .— ' 

42 Kraft. ; 

25k [Kroger Co.— 

37k T^aanay Trans— .) 
21k !Un Strauss—... 
26a, |Libby Ow. Ford.; 


261$ Ugget Group 1 

36t$ .fatly (Kli/^— —I 
Lltum Indust — ..1 
Lockheed Atrer’n; 
Lone Star Indus*. 
_ Lung Island Lid 4 
201 , , Conl-jans hand-., 
333* 'UachM..— 
13 LneKr States..—. 4 

5 >2 L'+e Pwitn’wiki 

93* IfacViiina....— .4 

Macy K. H 1 

Mu*. Uunro....; 

.'Is fen — ; 

MaiathruitMl 

Marine Midland— 1 
Marshall fclettL — , 


313* 

Wk 

27 

36k 

277, 

36*$ 

2k 

26*8 

13k 

26k 

46k 

34k 

45k 

21k 

477i 

333a 

33k 

35k 

27k 

343, 
48li 
25k 
28k 
05 k 
19 U 
251$ 
42k 
165$ 
97 6 
115$ 
415a 
38 
34*| 
62*1 
163$ 
Zlk 


617$ .Hewle Packard— ■ 

14), iHobhy Inns...— { 

301$ jUomwiate.— 

43 k H.Mjcy«cii_.— * 

111$ ■Hivn.r — — .[ 

17 iH.»p4,‘.>rp, Amen ... 

231$ 'Houston A at -Gar I 281$ 
10k iMnni(i'h_\|Chm. 144$ 
10*, [Hnu.« — j 201 + 
2Q5, I.C. Industries— 28 k 

341, ,1X4 44k 

60:* :inrten»i)Uand....l 694$ 
357$ < lDiao.i5levi— .. [ a 7?, 
12*+ InsUco. ...j 159* 


303.37! 236 k ;IBM 1277 

27Ja I 203$ ;im.. Flarour> <.45$ 

44 [. 26k ;l nil. Harreofer— j 40 

431$ 36k InM.. Mini Chen.! 39k 

as 19k Iltttl. liultituwts.J 20k 

187$ I 13k ll"'- 1 " „J 17 

48J* , 355a dun. l*si+r ; 4*k 

38i 8 I 254 jlP« — 37 

36k 63+ lint. Hectlfcr. * 13k 

33.4 87k jink T«. at Tel,,,.. 511$ 

407* *. 37k ‘Iowa Heel 481$ 

121a 10T 1 IwmaHenal.. 10 

344 , 27k jjimWalHr 314 


27k j 
5973 
31k ■ 
40 ; 

261$ i 

59 , 

6 ST 8 
241, . 
39J$ 
63 k r 
6 ST 4 • 
71k 
587$ 1 
61*9 s 
641, 
57 ■ 

27T$ 

32*+ . 
22»b ; 

23k . 
17v. 
347, .• 
52 1 

66 »$ l 
071$ • 
24 k i 
35#$ i 
154 : 
117 8 . 

24 ■ 

271+ : 
41U 
281$ . 

281+ ! 
211$ 
36k i 
283$ : 
191, ' 
i7i, : 

08k ; 

344 i 

257$ ■ 
26*« 
01k 1 
205$ , 
105, I 
30i+ : 
29 

221* . 
421, . 
55 

13*+ : 
37 k I 
33k ; 

287$ ■ 

65 

3B1, 

27 
195$ 

76 

557$ 

471+ 

28 k 
25k 
24k 

09k 
153, 
31I S 
92i$ 
2S5, 
463, 
201$ 
27k 


} S- 

17k 

18k 


35k 

29k 

31 

40 

U»« 

19k 


207 3 M»j Depcetotee 2S3, 
32k i MCA 32« 

214 {McUrimu 2 b>: 

22 ), iJlcDenncll Doug. 32 
16#$ jHetinw Hill....... 044 

26 [Metraeea — .— .' 48#* 

48k , Merck— 60 

13 i$ .llrmu Lvneii— . 20#$ 
304 'Mesa Petroleum— o5#« 

25k MUM 46k 

43k .Mian Mrngi Mig 68k 

58k Mobil Crop. 1 70k 

44S*i .Monsanto—. 364 

39*n» Mm^aa J. P. . 47s$ 

347b MoLmts - 44 Tg 

33 I llurfhy Oil— 55k 

25 k Sebmro. 27V$ 

25#$ ;>*ico Cheanarta. 091, 

14 ^yaluraoi Coo 18 


197B 


Higtt 


20k Sit. Diitillertb... 
12 k her* icr lad. 

29i, >iti'.iial Meet 

34#+ ;Satrtmm»_ 

'371, MX. 

13 'Sejounc Imp- 1 

2I#8 n'en- En+rkthl Kl.. 
33 . See Rng.'oud Tel' 

137$ , 'Niagara Mnbawfc 
94, Mlagaraabaro— .. 
154 !#. Lisdnnna.' 
241$ (SonoIhAUestcni 
344 '.Nixtn.kLUn.., 
24 Mtio. Stales Par 
20 Vttiartt .\cEWf 
214 ! Mli cert 8anr>irp 
16*$ ,->01100 Sam-a.— 
I9#+ - Uc c idca t ai Pi+roJ 
18*a .MWlsy Mather— . 
17#g iJhio ndtano.,— . .. 
13?a cm m 1 

204 Oversea* Miipa...' 
27k *ena Coming. . . . 

19*3 Utowis....' 

23 >+ 'DusGcliu....... 

1B*« Ticific Liciiiig,. 
20k .Pin Par. a Ha.. 
4 .KaaAm IV+mi Air 
20 IkrCer Hannitio.. 
201$ 'PdtborlV let I — 1 
20 S 3 ;pen. P«.a u— .. 

53k jlVnnvJ. C 

26k jlVonsml — 

7 [Pcopies Drug.—' 
32#a , Peeples Cras.— 
24$, ; Pepoico— . — . i 


Kcrkta Sheer.. 
;l*eL 


214 

154 

31 

4«k 

60#$ 

*6'] 

224 

34 

141+ 

11J+ 

201$ 

26 k 
361$ 
26 
304 

264 

19 k 

20 
254 
174 
17 

26ia 

32k 

2dl$ 

435$ 

20 1 a 

an. 

9 

27 
271, 
211 $ 
■#6* 
31#+ 
13k 
34J, 
281, 

5* T « 

64*. 

36*9 


58k 

36k 

64 

305$ 

365$ 

37#$ 

64k 
17i a 
13 k 

297 8 

457 # 

314 

34 3f 
39i s 
7k 
81 , 
16*, j 

93 

223, 

187$ 
24J, I 
87$ | 

361$ 
27 u , 
16S$ I 
374 I 

47k ! 

36ift ; 
461, 
hgk : 
38k 

23.$ . 
1004 
5 k 
45 k ; 
Z6. t f 
17SS : 
38 j 
341, ; 
66k 1 

341, ' 
281, ! 
23k I 
49 
387$ 

295 $ ; 
48 

544 ! 

40I B J 
491$ I 
19 ; 

70 • 

467 a I 
555, 
36/g I 
15 1« 
491, 
117 

9 i 
33 k ] 


Low 


38 

25k 

62k 

20 

28t b 

28k 


Stock 


Uevlon. — ... 

Reynolds Metals 
deynoirte K_ J... 
Kich'suo aicrrell 
Bodtweil Inter — | 
SofanlHai... 


•rat. 

29 


541, Koyai Dutch 

12 k K 1 B 

111* Knaalhcs 

131$ Byder System 

35k saiesrai rtr+eo... 
22'a 3t- Joe Minerals, 
265$ il. Keck Papw„ 

32#, MnuPelodr 

35, saui lnT»t__— 

41- dasonlnda. 

10 ijcfallt? Breirrog.. 
64#ft 'sjctolmnl^nter.— . 

ISk iSCM.... - 

13k I scon ikpw— ..... 

19k :3e<rtilMn; 

61 $ Iscudder Dnn.Uap 

; sea Container..— ; 

_ .■Sragram. 

11#* Jscorle 1 G.D. 1 — J 
20 k ,3«ra Koebuth— 

! 5KDCO 

sieli Oil 

sbriiTraa+fsvl— 1 


197, 

201 $ 


29k 

S- 

28 

307, 

104 


Slew— J 

3i::nral*Ciirn...-J 


62k 

35k 

62*. 

28k 

36k 

35k 

631, 

14k 

115a 

26k 

43E. 

27 
31*$ 
34i$ 
64 
7 k 
141$ 

B05b 

214 

161$ 

0fc4 

big 

28#$ 
27S. 
133+ 
024 
401, 
365$ 
44 k 
503* 
064 


High 


mb 


22k 

?k 

68k 

191$ 

187 a 

igfa 

82k 

8.141J 


Isiw 


17k 

41 

143* 

33 

6^ 


8100 k 


iV'wjl worth..— 

M'vly ^ 

ian». 


tow*— ....... 

tonitli Kadlo... 
U.v.Trra,.a*l5ftU 
Lr>Tresi^iS76/8£j 
U.8- W+lay Mlls..| 7.77 Jr 


nuia. 

29 


214 

63* 

667$ 

167$ 

lbk 

t94}* 

781 


CANADA 


lO-'s .simplicity I 'ni ; Ilk 

171* .siniiw ..j 18k 

■IS.*. ..ni k L-1. an 


464 sniito Klim'.. 

1#* 'sollln/ii ■+ 

18 .*arthannn_.— . J 

235$ uimthertiCliJ.li)!! 
161+ 'Siaubcru lo. — J 
28s$ Isthn.NoU He— J 
303, stsiUmn, Parrfic.i 


89 

38* 

851, 

lsk 

347, 

51#$ 


j soulliernKai 1 way) 64\, 

South land 

s’+t Y lkm'iUarcaj 


22i* .Southland 31 

234 S*«Yiian+hnrCftJ 27?, 
16k 'Spiviy Mulch.—; 201+ 
327 b ,Srwrr+- Kanrt— t 4*4 

815ft S(|u:tih I 521, 

221, 'StamUmd iJrondJ B71, 
246, ,Std.1_*llC« TlnrOlSi -4678 
44 ,Sni. *.«il lmliano.| .831, 


29k ibid. Oil Ohio.— J 38k 

S4i+ iStoulT Cbemiral^l 4*k 

12k ‘Sterling Drug [ 174 

437$ stuMrheUw— bli, 
35k Sun t-*n . ' ‘ 

31k sunsirarj 

18#* Suiter n 

8 • r hdiaicninr. 

32a$ IeWtr+ 11 . 1 . 

67k 'idol* no. ] 

2#+ 1 fele.r... 

38! i feaiw. 


— i 

cl* DC [ 

e.> • 

«.J 


43*+ 

48 

354 

14 

471, 

99s$ 

*V' 


183, 

, 7l « 

39 

04 k 
48 

24 

25 
7*9 

617, 

47k 

19 t 
183* 
8.0 

40 I 
171, ! 
Hk I 
ito, 
30k 1 

25* ' 

St 

6.12 

Ilk 

29*, f 
32k 
461, 
19#$ 
8k I 
13», 

12 k 
81#* 
106 
105k 
08 

05 
161$ 
311, 
82 


10k 

4-30 

24k 

14l B 

34k 

17k 


AbHJM Paper—., 
Agnicr. Kagle — 
AlcanAlumlnlnni 
Aieoma Steel. „ 

AaheatoB— | 

.Bankol Montreal 
18>, iBank Kora 
3.75 jHaaic Uesrninne.J 
Hall Telephone ...I 
Bnjr VaJloy Jocf.j 

UP Canada. I 

Uraaran 

Hrinw_ | 

Calgnry Power— 
IkfuAor Ulnae.. I 
■-marts Cement .J 


52 

30k 


118 

7k 

o8#a 

044 

474 

04 

206$ 

T4.00 

o2k 

46k 


15>« 

14k 

2.06 

34 

Ilk 

8#a 


181$ 
186$ 
8.37 
39 k 
16 

115$ 

Bk Y^na-la MV kui.f 104 

mr. U-— * — u„. .—2 287a 

0 + 1 - 
237$ 

. . <4>+ 

81 -Con, 6uner Oll„.J 65k 
3.05 I Co rilng O’Keel e.^ 4.4a 
8>a ICoMlar.AabealoB^ 10 

17s$ jChicItoln 27k 

251, iCcwiinco 32s* 

211$ (Conn. iJ-tharst.. )#6I+ 
161, iCoarutnac Gao— . 181, 
61 $ [Unaelca Bevnucen 6 
71; IQisiaui lo 9$ 


22), Can. Imp UkCmni 
16 I Canada In.1urt.„.j 

161, jOm. PkcMc 1 

15k 'Con. FoetOe Inv.! 


127a 

75J b 

101k 

93 


67a Duon Devri. 

62 jDcnlsun fUnra ; 

70», iDome Mlne»__— 

68 1 $ jUoaie Petroleum __ 
21ba | Dominion Urtrtge! 127*$ 
14#a iDwutar.— 22 
12 iDuvcni 16k 

16#! fttoWeeNickei.! 311, 
69k ( Fort Motor Cau^ 771, 


! -I 5 * 'feiw; Petroleum} lor a 
oV* ! ^Hr 2 — J . **4 


10 k 


17!* 

3Zk 

25m i razor 
17#* 'Ptteips Dodge— 1 24 
17 ' PbUodeichb tie. 17s$ 

66 i Philip ilorrts — 71s, 

27k 'PbUlipaPeero'm.. 34s, 
53k jPdabuiT.. ; 421, 

18#$ !pnuev Bowea....- 04#. 

204 iPUMUMl 22k 

161$ Piewej Ctd ADK : 22 

23x, jPolaitna— 47#+ 
145 b (Poumec Kkc.— 1 liog 
23k i PFO Inaortrieo.,; ZB?, 
73#» Protor Gamine— 87 
21a$ ' Pub Bee. tieet— i 3ai s 

24 j P a Jman — ) 44 t, 

16k [Purer ; 175+ 

20 'z jQuaberfialR— ' +&#+ 


23 
47 
B2k 
35 k 
304 
50k 
35 
637$ 
44Jg 
191, 
25 Sa 
361+ 
894 
30-*« 
40k 
20 #« 

71, 

41s$ 

40#. 

447 # 

07k 

23#$ 

461$ 

60 k 
274 
424 
11 
66 
65l« 

8>« 

ISk 

35 

331, 
294 t 
325$ ! 
515 b : 
224 : 
IBs* I 
30 k 1 
66k 
317* I 

31k ; 

527$ ! 
431- .! 
38k ! 
21k 
24i, ; 

50 


j 17 j» ■ le+arguh ^.i 

I 354 lrti» UMaaJ 

61 k retOB lart'm ; 

24#j ' rerun i *i, * 

Tn» CUlnJt-a— ; 

.tiiwa Ins^ 

[TimeaMi 
’ tiniken — 

I Iran* — ■ 

■ Cranstnenco„,_^ ' 
Tran^n. 


i 193$ 
i 341$ 
: 22k 
. 411, 
: 3is$ 
: id'* 
' 174 
3Zk 

*!'* 
9k 


22 k 
36k 
88 
31k 
801+ 
47k 
35 
48k 
43k 
Ini* 
214 
a? 
23k 


irons luon J 

1'nn.siT loft's. 1 

9k Tram World AtrJ 344 

361, rnveien ‘ *77$ 

I8t, 'in cYmlmentoi.^ 1WS$ 

4k ilniteoii 8 QnsJ 7 

27#. ,mw 771 58#$ 

30k #^Uj Ccniorv Fox: a3#a 

19*8 La. I h 39 

18#, CAituo isa#* 

19 Lt.i ~ r* 

35#* .Vnimver I' 

80 1 2 Colievcr AV | 

121, Croon Banmip^. 

§k YilUoa Comment 
li rood Oil ivii{ ,| 

Unua* Pacific.—! 


46k 

41 


Slk 

40 

:60#$ 

06 s* 

394$ 

9k 
56 i a 
634 


71$ ‘I’nlimaJ l" 

67$ Can*.] Brands— 1 
" jlttHanmp j 


77$ 

. . 131, 

25 k ,CSBanccn> 33 

3Jk : h» Gyranrro— _) 30k 
Sbt * — — 1 

231$ i/3 bt<*l • 2hk 

?2k UaTedinoioMeaJ 45k 

181$ CV 750#; 

#35, .‘V inpai* Ki«a uu 

18k WMgraero | 09 

29k :W*rner.Umimn .. 49 

.J'|an»er-Un# <f »i «7S, 
3JJ* ‘Waoie-Mairineni 28 
241+ Ukna- Pan,. . . . ! 30 
09*$ 'Ur+UTTi Uonrairr! **1S$ 
20ft+ tt i-ftiem N. Amerr a5*, 

'JtWeru I'mon...: 19k 

11*, ! tt ettingti'ae Klec( 217$ 


07*, I «ui 3 jwua«ri«* 30 ! 28 T a ffawrn- , j b84s 

:!W - lnicnl!ia -i il T B 31 k ( »4 ;ffeyera$ CU B et _l 2uli 

tS 3 ‘ S? 1 ® 5 71 * ! 24'+ I 201$ 'Wptruwu i ±n 1 ? 

SS 5 ’ ' -L A r : - - J9k r 24r$ ) 20 1 + While 1 * 0 + 1 . Ind_i *01, 

27Ta 32 BnriMli- Hiwl.... 261a 1 a#*s 1 IK', ■ 1 . — 2 


277, 

190 


32 ;Bet»Hli- ueei... 261$ 
15k iKoocraa Inti— „..j 148 


li* 


C-%... ;7, 

31*8 ! w i*aonsm fai$K„j 


19k 

074* 


Si 

4b 

47!$ . 
21 

24 ; 

S' 

38 

20.b i 

16k > 
12 . 
J9k ' 
lbk . 
0k ■ 
4.65 I 

241$ 

lb*e 

3 SS$ | 

i 

554 i 

18k j 

595$ [ 

42k | 
64 | 
2.50 E 

44 t 
4°), j 
194 
6.00 
2.13 
254 
20 i 

20 I 
0.40 1 

194 ; 

14k ( 
587$ 
557$ 
20 

Wk f 
32 

»?!• I 
jt- : 

27 k ! 
4.00 ; 
49k I 

02k I 
ISftfl 1 
10k 1 
164 • 

IS! 

384 I 
«k 1 
ZOk . 


25&« Oenslju-...^. ... 

10*b 'OiantYoJ’wknlleJ 
2b ’.H nil Un (Jana.le.1 
6 [Haw kerriln.Cen.j 
29 Hoi linger.....^.. I 

57 Hmrn- 0)1 »A* ..... 
153$ Hurt son Bay Mob 
161$ : Hurtacm Hay— . 
401, [UudamOllAGaa 
17 II.A.C. — 

274 .Imoseo 

18a$ .Iropertal Oil 
151+ Hum 


8k 

93$ 

li" 


ilnrtsl 

'Inland Not. Goo., 
rnt’p. v nyo Ucul 
IKoimv hranmet 
La on Fin. Ourp.. 
(.jtsaw Com. -b'. 
164 illemil'n Bloertl.^ 
97$ .Maanry fer g as rai 

20'* ilicioQrro I 

38#* hlooro Corpn„,...i 
1.90 :Mubntaln5UtoKs 
— [Murto KrplorafiJ 
21 jcSarajui* liiDe> n . 

144 iNnreen Kaergy..! 
151$ 1 Nun. Xekwm.„l 
14 iNiiuhcOII A Qu 
3.55 'Uatttrrad PeCrfro 
1.59 iPsi-lftc Copper U J 

331- I Pacific Pcttrtcuni: 
311* |P»n. Caro/Vfro. 

6 s * kiiw.-. 

3.80 Peuplrs Dept. b. 
0.80 ETace Can. * Oil, 
19 k rPfccerOewBkipmt. 
97, IPowerCorirmtt’D 

10 k !Pru-e 

1.05 iVuebec SlutRecm 


125a 

a 

34 #+ 

05k 

15 


338* 
14#, 
33k 
84 
42*, 
141 k 
204 

23 
434 
J9k 
361$ 
236g 
20 

16k 

Ilk 

17k 

16k 

cl, 

4.55 

24 
13 
071, 
56 
2.90 
1.38 
36k 
17 
ft9#« 

29 k 
4b 
2.00 

• 8 
35 
t*s4 
66* 
1.89 
001 , 
197a 
tl9S$ 
2. IB 
19 


KanKerOU 

Uceu OienbonatL .1 fU4 

llto Alg«u_„ 1 381$ 

Koyal 8k. of Can.; 507$ 
Boj'ai Trim.— . 1 1B'$ 


6S« 

22k 


7k 
32k 

1 47$ 

74 
at#, 
6s$ 

0 r St 
3.85 
'7*8 

cot, 
18 
87g 
n k 

I IT, 
•7b 

*6lg 

ilk 
Iviff 

1 Bid. 1 Aoked. I Traded. | Saw Stms. 


(Weptre fl'eaimm 
. rfrauram*— — .1 
15*$ |sbeii (jOnada— 
4.30 .sherrtttO. Mum 
22j0 :slel>eiia O. .1 
4,3u ! simieam.— .— ,| 
82#s [sli-mcs Comets. .: 
0.3U ; necp hoc*. Lmn.. 

34 ■ I'rrxrnirnsila | 

166$ 1 UufoiolAim. U|l.‘ 
15#+ !Cnu*aCan Piiv Lit) 
84 -Tram Mwnl Opt! 
10 lllUC 
10 'UiuwiGoa.... l ,..J 
7 lUbi.ei-vocMlnn 

20k IWalfcer tiinm 

10k jWctt Coos* Ira n«l 
15>* IWeatnfi Qer>^.... 1 


72.96 
277 
1 M 
2.1# 
0J6 
2.70 
VIM 
8.00 
(2.40 
1.48 
2.10 
2.45 
9.33 
1.47 
2.40 
4J0 
1.42 

TUer Oats 6 Nail, mm*.., 1L35 
Untoee ,' 1.18 


-#25| 

- 0.10 

4-0.10 

4-0.02 

40.05 

-002 

-003 


blder-b an *b — 
Kndeavnur to oum *. 
m. Inrtmtn ea . . . 
Gen. Property- TniHL_ 


Hiidfaxr 


1U Australia. . 
Inter-Copper. 


-0.1B 


-o.aal 

4-0.02: 
4-0.05 i 
—0.(5 


| Jennings lnrtu»ttie» -- 

June* (Davhl) — 

Lennoni oil ... 

Metals Kxpkiration.— 


+003 ; 
-0.01 

Securities Rand 5U^.0-73J 
(Discount of 35^7% ) 
AMSTERDAM 


Sews 

Mrholat. International— 
Nuttb U token U'illn*>s(hC 

Gahhrtdge 

Dil search 

Otter Haptontina 

Pioneer Uitm, 


Sept. 29 



Aland »Fl. 43.—. 
.Vlrao (Kl. MA— I 
Ai*rai Unbl PI. 100| 
AMHV (Kl. ID)-. 
AnifWank (PI. 20) 

Hljenkort. [ 

UofcaWem m(P.lO) 

Buhrm TcUettkle. 

Kiacrrtor V tKi^Oi 
linntoN. V. Beam] 
BurUomTK(Ki.lO)[ 
(iietBi UrtcadnFl. 
He'neken (PL 26)1 
HoagoveoB (FL20) 
Uunler D^Pl.KD)| 
b.LM. (FI. 100).. 
Int. Muller (12U), 
-Vaairtcn (Kl. 10)..| 
Nai.SoJInrtPl.iO) 
KolUrortUbtPlin' 
Nol MlriHfcfKI^O) 
Oro (Ki^oj 


1 18.0i — 0.2 
32.0' +0.6 
372 1+8 
88 . 61 + 0.2 
78.2+0.4 
98.5+0,8 
127X)Uo.S 
72.81 — 0.8 
304 +8 

142*2 + 2 

7LH 

39.7+0.4 
103.21 +a2 
38.41+0.4 
23.0j— 0.2 
103.0+1.8 
46.3 J 


Div.ll'Jd. 


* 


*28 


% 


Ktt-kiui U-unaa.— 

d. t:. dietgh 

■oulbtanii Minma 

3[*TRU» Mxpiorai ion — .... 

IVM IMS) 

Waitcna. — | 

Wea era Uinlaa ihu «n|i) 

iV... — . 


4.8 

7^6 1 TOKYO 1 

6.7 

5.8 
6.3 
6.5 

7.2 

1.8 

6.3 
4.8 


AuA. S 

+ OT 

tO.77 

+0.01 

.. 10.92 



ta.23 


., $1.85 

-0.15 

I0.e8 


. $1.70 

, Mlll 

tL74 

+0.00 

11.85 

f-0.02 

tl-13 


tLeo 


10.78 


tO.'/6 


$0.30 


\Ut6 

— 

11-63 

-0-06 

t2.10 

„ M11 

18.70 

—0-06 

ti-45 

1+0.04 

$1.73 


13.60 

-0X6 

$1.35 

^ 

12.39 

-0.05 

t4.0 

-0X6 

$2.85 



t5.76 

+0.01 

$1.86 

+006 

tl.40 

1-0-01 

to.aa 

+0.01 

$2.60 

-0.02 

10.30 

-0.02 

t3.10 

-0X6 

11.65 

-0.01 

$2.25 


$0.84 

+b!oi 

$2.31 

+ 0.-01 

to. 16 


tLlB 

-ojoi 

$1.10 

-0.08 

10.42 

-0 M 

tO.45 


12.35 



11.60 


tO.95 

+*JW 

ti .43 


$0.14 


10.56 

tl.BS 


$2.98 

r 

10.68 

-OJO 

10.38 

-0J1 

tO.45 


11.94 

-0X2 

tlJJ3 

-o.w 

tl-75 

■• — - 


:«Pricea 

+ or: 

Div. 

Ylrt. 

^e,9 . 30 j l’en | 


i | 

% 


Asobt Gu 
Canai _. 


Van Ummeren— . 
Pakiioei U-ftdb— J 

Philips (Kl. Ip) ; 

«jn?ehVnrtK..loc| 
lAd-eeo On Ml.... 
ihmncrt (Pi.sO) ... 

1 (pronto (Kl.*))— . 
Uuyai Duteb(Ki2n| 
*<arantaui; — I 

•'tovtnOip(Ki^O) 
lotyo Pae.Hbls.# 
Unilever (Kl.20).. 
JjWM KO.JJUI 
Wcaii.Dtr.HrpMi 



Chinoe 

1 1>»‘ Nippnn prim 

S-i F«il Photo 

M I Hitachi ; 

Honda Motors „ j 
House FooH_— 
Itoh. 


+0.5 

.+0.1 . 

71.61-0.4 f 

17b.c_ |AZ6ft 

148.5) 

183.3+0.1 
133.541+0.6 
248.51-0.6 

108.5 

145.51 ...... 

126.4i_,„._ 

4L2. 

400 1+2 


COPENHAGEN 


Sept. 29 


Andelsbankaa., 
Dutsko Bank— | 
ftot Astatic Co_ 

PUanBhankeo ! 

UryKrerirtr., 

K*> r. Papir. — 

HanrMstonk 

O.N’ih'oH^KrBOi 

Nrml Kahel— I 
Ohofahrlk — ... 
PnvtUiank.— - 
Pn<vuisNuik._....i 
Soph. Baoraen— ; 
anperfoa. 


Price 

Kroner 


141 

126k 

160k 

1314 

366 

881, 

127k 

288 

190 

113 

132k 1 

159k 

402 

168k 


+* 

+ k 

sr 

-i 

-1 
— 1 

-s 

cl" 


333 

450 
923 
403 
585 
675 
226 
600 
,:1.190 
243 
1.900 
806 

„ „ ,J>AX — 2,860 

7.4 j Kanrai Elect. P».| 1.190 

5.4 | j S#6 

Kuooa....— — : 304 

K.vi4*K>Eaiuic ....3,780 
.lUUMhita ifpl — 1 /44 
M itsutnahi Bank.'. 
■Hi ta u hwh i H<*ry| 
Mnoublahi Corp... 

Mrtsui A Cu i 

MitaukcrJii— 

.Siptwn Denso — i 1,690 
Nippop HbinpanJ 800 
Nwran Mrtors.... 710 

Piooeer .1.710 

*»« 3c Blectnc.— | 240 
Briftsm Preiab-..' 930 
sbracidix— — 1.270 

—,1.500 

Uraho Marlas 230 

lakeda dmuoil.l 463 

IDK -8.180 

inuin 1 us 

iokyo UorUie^..., +90 
lohyoMiectPow’r.l.OSO 

lokynsonyri [ 323 

ioray 129 

ioshibn Carp. — { 142 
■>erots Motor—...' 865 


280 

304 

•*40 

296 

590 



14 

2.4 

—8 

12 

1.7 

+ 18 

28 

1.4 

+4 

20 

2.0 



18 

1.5 

—6 

15 

1.C 

+ 1 

13 

2.7 

— 

18 

l.b 

-30 

35 

1.6 

1—6 

12 

1.6 

-20 

30 

0.8 

+ 1 

13 

(l.b 

+ 10 


1.4 

+ 10 

10 

4.2 

-7 

18 

2.7 


15 

2.5 

+ 130 

35 

0.7 

—2 

20 

1.3 


10 

l.b 

>2 

13 

2.0 


13 

1.6 

—4 

14 

2.4 

+ 1 

20 j 

1.7 

+20 

15 1 

o.a 


13 

0.8 

—5 

16 1 

1.4 

^4° 

48 

1.4 


12 

2.9 

-1 I 

30 

Lb 



20 

U.B 

-20 l 

4« ! 

1.7 

+ 1 

11 I 

2.4 


IS 1 

1.6 

-bo ; 

30 i 

0.7 

+ 1 

10 ! 

3.4 


Sept. 29 

Price 

Pi*.. 

+ or 

Unite Cf.. ........... 

727.2 

—1.9 

AtrHjue Owed ’t’e. 

445 

+ 18 

Air Lftqulde 

378 

+ 7 

Aquitaine — . 

561 

+ 5 


520 

-8 

Uouveue* 

Bio 

—22 

Gervlafw... 

595 

-40 

L5rrefour.„ 

2.020 J 

+31 

C.G.K 

485.1 

—2.7 

Ul.'l. Aicntel—— 

L155 

+ 7 

C 10 Manes ire 

4*9-5 

+0.5 

dun Ueditei.— 

504 

-5 

Oedit Uom, Kr'ee 

149 

+ 3 

L'reuxw Lain 

89.5 

-2.3 




>V. Petrolea— 

140.5 

+ 2.5 

Orai. Ueeirtentaie. 

285 

—2 


Lmetai 

Jacques Bnrel_._ 
Latarue . 
h'unal ; 


Mfliwun Phe nir 

rtwhelin “b" | 

Meet Hennessey ,| 
MouUnex 
Pantos 

Perhiney 

t'ctiMl.Kicknl ...i 
t'eu^eoLCitroen.. 


67-9! +0.4 
178 +1 
260 +5.9 
799 -16 
1.655 +27 
615 i — 2 
1,450 
609 j-1 
150.51+ 13 


811 

110 

3i8 

537 

215 

687 

539 


+7 
1-0.9 
1+80.2! 
+ 17 

S" 


Uwj 

Fra. 


4k, 

21.16 

16.6] 


2B2M 4.7; r 


13.851 

42 

40 a! 

7a i 

3LS( 

njui 

12 

IL26 

12 

3*J5>| 


aztJ 


m.- 


ae. 

.4.4' 


2.7-.- 
BJ“1 
La-: 
3T-? 
7.4 •; 
57--- 
iL7 
2.3: •’ 

m; . 

tft 




S3 


5.71 M. 


i6.nl 


DUll&O 
I3i.nl u: 


124^+0,9 

174M/+9.9 


1.815 

315 

870 

307 

22* 


+40 


+5 

+7 


30.d 
3248 
1241 
3 , 

“it I 

17% 

37 

30 

9 

1 a 

18.1H 


6.5 


VIENNA 


Sept. 39 


Prim 

S 


Utr 

% 

342 


ia 

. 272- 


9$ 




85 





8m 

234 i 

J33*j 

VO 


oft 
a.3 ■ .• 

3.1. 

aO : • 
9.5'. 

6-* i^- 

1.0. “ 
3.3-7 - - 

5.1 -• 

4.7 . 

53 » - 

BL3.:- - I 5 
2.1-^ . r 
B 5 -■ _ • • 

15’ 

4J 

- T'aT-r- 

& 
e— 


1 


2.9 
3S 
7 J6 

J3 


BRAZIL 


Sept. 29 


\<*slta 

Uoncndo Brasil -4 
Banco I ton PN - 
Hekn MinrinOPj 
Lotto Amer. OP..J 
Petrol Has PP^. 
Pirelli OP...—, 
Soiu* Crna OP— 

Unip PE 

Vale Win Does PP 


Price 

Crus 


0^8 

1.90 

1.48 

1.13 

3.40 

2.28 

1.47 

2.60 

540 

1.15 


-i-ariUruxfXidi 
- j Dtv. * 


+aoejai«iLu 


BA3 

sub: 

7.07 


1+0.16)0.16 i 
+0.010.571 
+OjD3|q. 08‘ 
J-aofl|0.2U|fS3e 
’+0010.188.70- 
+0i20.1^U3> 
+oiSo^3>e^a -. 

+ O.Ub!o.25;4.25. • 
+ 0.0810. 18'T5J6 


Tccro ever Cr06.4za. Voteme 474m. 
Source: Bio de Janeiro SE. 

OSLO __ 

Dtomdi 


Sept. » 


Bon^n Bank 

Borrctaiird_ 

Crt' I Ithnnlr 
Kosmna. 


KrrtiitkasaeQ- 
Swift HydroErtOf 


Price 

Kroner 


98.0 

76^0 

115.0 

312.5 

iia.75[ 

237.60] 


+ Or 


i— o-a&! 


\-K6l 
— 0-26 


7.9 

9.6 

7.6 

9.9 
3 A 

84 

3.8 
6.3 

7.9 

3.0 

7.1 


+ io1 

it ! 

+ i 1 


11 1 1.1 

8 I 4.8 

12 ; im 

10 ! 4.9 

10 , 3.2 
20 1 1.4 


Source Nik too Securities. Tokyo 

SWITZERLAND ® 


97.B)- 


2 


•X- 

84- 

64:- 

9 . 7 - 

4.0- 
7JI \ 


SPAIN V 

Sept. W pe 

Asiana 

Banco Bilbao 

Banco Allan Uco ILIM) 

Banco Genera) 

Banco Exterior 

Banco General 

Banco Granada (I. MO) 

Banco illspano 

Banco lad. Cat. (l.BW) 
8. Ind. Mcdttcrraneo 

Banco Popular 

Banco Santander (SSO) 
Banco Urquljo (1.000) 

Banco Vizcaya 

Banco 2aragozano . ..... 

Bjnfcnalon — 

Banua Andaluda - 
BabcocA Wdcoz — 

CIG , 

Dramdo* 


oept. ! 


Price 

Km. 


STOCKHOLM 


Sep*. 29 


Ana An iKrJbBt*. 
/UtatrtreBi ErJiO) 
ABBA (Kr^0).„.. 
AtotasCopcD(Kr2&| 
Billroud 
Hofora 


Usnh>— 

CoJIulroa. — 

Bleet‘hiz , B*)Ktt)0) 
Bricsaan-E'(kr60)| 
Esseltn -B"— .J 

Kagmca .[ 

Q ranges (tree). — , 
Hand leshukca 
Uambna +..— „ 
Mu Och Domatoj 
wudulk -B* Km,. 
S.K.F. •W Krs..., 
ikaod BnsklKta.J 
rand nt Ik -B-(trO(J 
UiWeholm 
Volvo (Kr. Kb™, 


"Price* 

Krone 


200 

144 , ... 

86.0)— 2-5 


122 


&B.6}— 0.6 
114 


195 
240 
129 
131 
311 
«7 

63.6) — 0.0 


378 

120 

07 

263 

69.0| 

181 

65.61 
65 

82.61 


■f or 


\-l 


fi 

+ 1 




+3.8 
—4 
— O.B 
— 1 
— 1.0 


TC57 

Kr. 


6.6 

6 

6 

6 

4 

6?7( 


xut. 


A nimiomai l.CMO 
line 'Ay...., — ! 1.660 
Ult*Ge«y Fr.liXI. 945 
Do. PartOen-l 730 

Da Ben 1 568 

Urorta ouib»« '2.245 

h icecrowat 1 1.680 

Fi-cber iGncxei 870 


lnroobjoif 

E. 1 . Arafonesas - ■ 
E-manola zinc 

! ErpL Rio Tlnto 

+ or j Dlv. fST. ! £>«a U.OM) — 

Fcnosa 11 .008) 

Gol. PrecJados 

Grupo Velazquez (400) 

Bidrola 

Iberdoero 


“ is:? 


’+40 
1+40 
i+48 
+40 
+22 
+45 
+ 10 
+25 


B 
10 
22 
22 
22 
16 ; 
lO I 
5 


5.8 

5.2 

2.3 
5.0 

3.9 
a.6 
2.7 

4.4 


2.7 Hidlman PiGerte.:63 J&O ]+l.BOollllOj lie 
3.4 Do. (amau).^(8,59Q 1+175' 110 


4.9 

6.8 

3.S 


7& 2.9 ; 
10 4.2 
64) 6.2 ' 
6 I 4.8 1 


9.6 

4 

16 

8 

6l75| 

4.45 

8 

5 


BRUSSELS/LUXEMBOURG 


5-1 

4.1 


iniertoal B. '5,7bOirI ) + 60 

JcIouh] (Fr.100).. L460 
\«ae (FT. Bk)|— (3,180 

Do. Hr* I2.1SQ 

'teriiktai U (K^bO);2.690 
MroumtPdr^iMi, 2116 
wiidoe (Pr. 3DW- 3 J25 
Do. Part. Cert*.. 398 
Simlnrfier (2 PHXn 260 

(Vi.' 


20 
+ B& 21 
+ 90 
+ 18 
+60 
+ 1 


1.7 

2.7 
1.4 


uimr Ut (Fr.lOUij 266 

I viHilr (KT. aSOl 790 
iviM URK<Vt.«M 565 
■>« (ftWKe) (Fr^.-hL'i 4,676 
iinum UanK '3,065 

+.0 
6.6 
4.9 
7.8 

7^3 1 


+ 23 

r— 6 

i+12 

1+22 

!+i»" 


« 85. 3 

2.7 

o 4 B./ 

4.0 

15 

1.4 

lb 

5.1 

2 b 

i.e 

2 b 

3.3 

12 

4 .fi 

14 

4.7 

1 U 

+.4 

lO 

a_a 

14 

21 

20 

3.3 

44 

2,0 


MILAN - 


■*cpt. 29 


Price 

Lire 


Sept. 29 


Price 

Fra. 


Arbed. 


-.12.608 
Herbert * > B"_.~..;3.4Q0 
C'.fl.lL Cement — <Lft40 

CivkerlU [ 493 

KBKd...... 12.315 

fikvtmhpll -. 16.810 

Pkt+iquo Mai 3^130 

•t.B. In oo-bra ,2.400 

Krtnn... .'1,480 

(tBLUkux C 4 -.— !l,046 
Uobok*ru.-.-.-.-Jz.9BO 

I utetiinii-„ 1 1.818 

krfil iausutfe- .... .,.,7.0 10 
L* Ibn-aii! Beige. .16.970 

l*BO Hirtdmg. j+.U'/U 

Prirmiaa' -...-3.776 

Sue. Gao. BajRi.ue4.060 
w.Gen-Beljjtqoc 2.025 

au/lna 5,400- 

601 cap -..2,815 

Itacnou Uleet B.bBO 

LCB ?1M0 

L'nMirr. 1 I 1 ID 1 .. 868 


+ «w 


Dlv. 

Fra. 

I Wet 


+ 10 
+6 
(“l 
+ 8 


116 

100 


+26 

Ca"' 


177 
430 
170 
150 
86 
90 
170 
|+20 1 142 
i— 100)290 I 4.1 
'—30 1*228 1 b.4 
(. S22W “ 


Yht. 

X 


AML'.. 

bs-tosi. 


4.7 

8.1 


7.7 

6.5 

6.6 

6J2 

6, t 

6.5 

0.7 

7.8 


Un.PrtV^- 

Kin-Her— 

H-iirernem | 

Ibu3i»ec 

Ualmlaira-.-. 

Bunicdi 

1 tveuJ Priv-....| 
'Ircl'i A Co. 
I'lrailt Sim-...,., 
"dla Vinara J 


+ or j Div. Vlil. 
— (Lire; % 


lll.7E4Q.7Si — I — 
630 i— 13 I — ! 
3.814 — 66 I ISO 1 8.3 

: 8 « 'ZV i 1? 

22.250 i+2501 600 ! 3.7 

SS.4Q o i+280 l l.tH»i 2.8 
278 1+1 ' ’ _ 


1.600 

2.070 

1.043 

975 


!— 39 
i + 70 
1—17 

t-“ 


130 ; tt.3 


Olami : 

P.i pel eras Reanidas — 

Peiroilbcr 1 

Petroleo* 1 

Sarrio Panalcro 

Solace - ... - 

Sotefisa . — .. - 1 

Telefonica . 

Torras Bostcncb _ 

Tubucex j 

Union Eloc. 1 

HONG KONG 


+ 1 

4-3 


+ S 

+ 1. 
e-I 


*5 


.+ J 


-3 


+ 15* 

-a», 

-1 


- iNLj 

- 
— 

+ 6®;^ 
- 

— 2 . 


Rune Kn»( 9 


sept. zabrtP** ' 


AnuicsnutBl EubbcT— — — I t3.45 

Cheung Km* 12.00 

V" w L»ci»l .. pmw - I 39.80 
nut+i-.iun Properties. ' 1.B5 
1 Lbv. Uortviur TiurneL. — | 11JJ0 

r.. .V-'h .ViriM | 5.05 


t2.40-' 
12.00 , 
884JO- 

10.90rf. 

B.00A 

167.00 167 > 


Her« heag Dank.- . 

Hon.. k.«,- -lircrmft -.475.00 j — 

il'ins hcn« KJicMto-.- i 6.90 \ 6.80 . 


UonzK«U(Koirii»au'Wharl| 35.80 

jj" □« Kong 1*10.1 1 11 . 8 O 

Uons nunj; Shanghai Bank 1 19.80 
Hon-iKimz^haaeiiaiBolhj 20.00 
Hong K»ng Telephone. — 
Hul.-hlaon Wtanjnn oft. 

Janllnc Uoir 

J*r.ilno dea 

*■"« Development 
ltobbee Tnr 


•low Uart>\ 

rtrotfau. Pa.-. Pop. 


outhran im||*, MI 
Wire PluifL. ,V„— 

M tureirEk Mantea A. ' 

n hrriirli MartElme A 


33.76 

6.45 

17.80 

8.00 

2-05 


0.75 

10/40 
3.4 75i 
t3.SO 
3.85 j 


31.25 
11.40 • ' 

19.30' ‘ 
19.60--; ". 
33.80, 

61 2 ■ 
16.60 *, 
7.75. 

2.676 k J' 
t3.80 \ 

l&\ ! 

as*r ' 


Wt KartvmnniA 1 Hnvra 
tom .funraiM 




-i 


+3D 

[—40 

+5 

-50 

[-6 

+30 

-12 


VlrttM MaggaA M O '+40 


180 
209 
MO 
216 
A 2. 10| 
170 

SO 


prices, exclude 3 premium. 8elx)an divide raft 


- ■ . C ni 

•ftri- ' 


NOTES: Ovcrssaa 
wtmtmtdina tlx. 

'“JiTiS' T5SII2?*-®™- 9 Etas. 900 dMom. nim other*** 

,yT”» sa * **-■ «** 


_ 1 fnctuniM. vnjiac tow. .Phan. * Shan nllL 1 Dlv. and ytein ezrfMe xpeetth. 

» Mtnbrw hnMera mil#, a Mcrurt 
t Seiler, t Assomed. . xr Ex rights. x6 B\ -I. :. 
a interim auCe bsaused. 


| poymem.- r Inascptod- dlv. 

Bending. T Asked. . * BM l Trartm 
.n. I dlvMend. xcSx Krtp man. raEx all. 


t. 




i 




V 



3 ? 


x&fr : _ 




authorised unit trusts 





AM**: 
iS£5s r_„ 
Abb«In^» 

AUteff 

.Ha^wHRj. 
01.S8».3»l"_ 



I4SH 

122 4| 

129.* 

133*) 

r ri . rads ' ^vdt. Unit Tr Mmk 9 
::■ .- PjxhAmEnd.lHjrkiTH! 

««» :•; KSfe^ siirsTit 

OBI GTUS^-"’ 

43e 


Prns Ex. *d ” 
GT Inn. Fu nc! . .. 

OT FnurYdsFH. .. 

G. 4 


1099 
169 8 
P«0 9 


143.1 


9661-0 
1169 -021 
2BD.6 -2 5 
i nji ... 
97.0B +0 B 
1502 .. . 
ITO.E *5 4 
U< 


01 -428 6)3) 


A. Trust (aHg) 

S. Rajleicl, Rd. Bmnrwoad 

IS GiA _|j4* 

150 


350 
3.50 
■ an 
220 
050 
3.W 
1.60 
7 BO 


fwtr i zztjoqI 

36.91 +0 5t 450 


iPftewre Fund Managers V tang, 

*-»■ Marv a*+ mintt 


313 -0 21 
- 647 -01 
178.0 -0.1 

27 7 -oi 

.. . 

W.2 -o3 
838 -0 3| 
1550 -m 3 
97 9a -23 
3B*| *53 


ni-ao3B3i 


**= o- 

3t* . 

*ntc 


-02f 4 26 - ~ Mar * A**.EC3*«BP. 

31 SJS SSffit“S,~BS 
-»3 1* ssssE5y?sr:- ay 

467 HtoK Eas,Tru51 ■ w = 

-,. ’ Hlqh Income Tsl , 616 

,*«w.4*< yp# »-“*“* m fcSr- Z'v 

~a.Fe prfagM^JSCM^OAA^ KQ9231 InU. Exempt Fd .... W5* 

SS3SjN5^. i*M-.i 4-75 ■zHna.T*L.A«. > ":|5.7 

Bstaefttr Unit Sfe 3 ®- Ltd. Cibbs I An tony I Unit Tst. Mbs Lt*L 

MM »*- SJiJjr.-'-.i M «■« «™> 3 Fredencr, PJ. oirt B« W«S t 

* HaHMrPBBd i*»0 U8A4-— i 9 02 ia*AG Income* . . 144.0 «j| „ .a 7BD 

■ rbndBot-^dn^ Ltd. (a)ici 'aiA g F^^T-rfS 2 *53 I ,9 ° 

I/fltto ZCiBJBl n!-236.52Rl Dealing "TUr*. fitted. 


0.18 

298 

3.11 

>42 

0JQ 

846 

603 

3.11 

5.41 

087 


0.50 


t*a- 


' -1 



shire Fund— ■■— 424 ■ 
- Xrctm DnittL^f HO 

• /% ** 
dctcneeFm.^. *■•■ 
.-t-utn. Unite 1+^-- *7 B 
^UlFmxL- -- 215 
'^-rnmndityFuno!- g-9 
-eum-Unitei.- — 91 9 . 
%WdrwI.ttf ■■'** »; 

U 2 

uus Fund 59.9 . 

xwa Unite ! 968 
' nrth Fund -.■— 36* 
cud. Uaitw— 0.7 
slier Co * FA— 29 2 
item ft Inst FA. 27 7 

■ W’drwll'te^- 112 

.-den Fd — - -• 97.9 
■- -- ’. btatH 512 


118.4 -Oil 
45.6 -0 2i 
. 635 -0 3] 
60 7 -D 
263 ... 
«0.7 . 
232 ... 
688 ... 
98? ... 
608 . 

29 6a 
450 

504 . _ 

39 2 +0 1 
47 0 -0 1 
314 -01 
298a —0.4l 
228a -03 

1053 

33 -0 21 


01, 
*0 j] 


i'll Gowlt IJohniV 

B.W T7. London Walt. E C 2 m <ur 

lllo S’i S *‘ pL '■?■ ■ ■• I 147 6 155 61 ^TlRS 

“s2 °° iw5 ..:;J 
_ Nen dealinc day OeL 6. 

Grievtam Management C®. Lid. 

M nrraham St Ei3P 2D5. 01-80044331 

P*rn nylons^ pi 27 
' \rrura IIqiixi 
B lue H YdSepl 2B . 

<A(— nm I'nitii ... 

Eivdeav ScpL 28. . 

■ Arcura UniUi . .. 

Gmchatr Sc-pL 29. 

lArcum Unite' 

la&Bnli Sept 27 
r Arc uni. Umul 


47B 
4.78 
4 78 
2 85 
251 

2 51 
2.4} 
241 

3 97 
129 
129 
155 
LOO 


Q239 

2343 


*<U 

245 8 

25741 


443 

1B65 

-2963a 

.. m', 

747 

2217 



7.47 

232.7 

MI 


2.41 

2410 

252 9 


Z41 

97 7 . 

- 102.9 

-0.B 

3.00 

2014 

205.7 

-0.9 

3.D0 

ns 

762 


339 

763 

BOO 


X09 


rhway Umt Tst, Mgs. Ltd.V (aMcl Guardian Royal Ex. Halt Mars. LtdJ 
. High Hoi born, WClV* 7NT. 01-OTl 8232. Royal EsrhbDKe. EC3P3DN. m sm iwiiI 

lafj GuardhiilTst. .(950. 


01 -62880111 
98_5}-0_Z| 431 


ProWncbl Life 7 nr. Co. 
722. BUhnp»{Mtr.ELi’.S. 

ProHic linn* _ .W9 2 

H: fi hlnrnwr |124 8 


Minster FHjid Managers Ltd. 

JnSiwKr at si 

Ewapi , Septa* Ural n7iUft| 5.48 

5J” L ' nit Trust Mgnant. Ltd. 

Suu^,“ SB *^ W R 9JU - 95WO-333- 
r AUn Ui _ • -H8.1 50.6) I 356 

teJ I £ ray Joh,ls *«nf U.T.- MgnLV (aj . 

«H0 WSl Twt., J i„ l(WiCa a U H 041^215321 QoiUer Management Ca. Ud.¥ no. South Street Dortine. (0306)86441 


Ltd.* Saw £ Prosper rostiaued 
oi "475533 Sr olbits Securities Ltd.V 

95W-021 3 Of sc Mbits 

133 7| +0 3) 6 93 Sr ocj-lcld . 

St^iarei . . — 

Prndl. Portfolio Mngrs. LtiLV (alfbXci sr tr.E* Gtb*6 — 2W.0 
Holborn Ban-EClN^H 014JBSS * wb day oit »V 

Pmdsouil 11335 J41SI ... -1 4.27 ^ ^ ^ 


[384 

>1 

53 9 

57 9i 

fi? 7 - 

64 

264.0 

276 

182 1 

289 7 


3.99 

698 

446 

213 

704 


U3 European. Ww 7 . but) 

Dealine Day Friday. 


...J 2.46 TbeSdbEMhauxe.ECZNlHI’ 01-6004177 ^ Fxcwpl 


.. v “ — Qoadraal Gen. Fd. .IU3.1 117 

niutaat Lnii Trust Managersty (aHit) Quadrant income. [1345 i3i 

MuSeTw ■ E Sl 7BU * Reliance Unit Mjfrs. Ltd-V 


S id 


1231 

2B6 

27.9 

271 


. 77g-04| 7 
470-03 6 
6SM-24 & 


630 

00 

661 

833 


4 81 Arr.urowui 
7.61 Exempt HicbJVId 
Excerpt HU Ldri 
Extra Inc Tst ...... HP | 

Reliance Hw.TwbndfieWelU. »Ct 0 9K 2ZT71 l^^fwdnriT". “ 
Oppori unity FA..., .1733 78.4J . .. J 4,91 intnf.Crowih.. .— 

sSanTile T7' Acc • .1462 494 -021 5.22* n - ~ - 

SekfnnleT Inc. — M5J 4821 -0R1 5.22 


3Q5 

511 


Mutual Se.. pi u , 

Mutual Inc. Tst . 
htttnal Blue Chip ' 

Mutual RuthYuTLIkM 650^ -151 833 SffloMef:. Aec .'.|462 4941-0^ 5.22 j^TSrt."0nlte 27 6 

N-tionaJ and C^uerciT ,nr ' - & -* 21 "° 3 ii2 gl 

31. Kt. Andrew 4nanrv. Rd In burgh (Xt|.S56 91 51 Ridgefield Management Ltd. Pret Trust — 224 

Income SepL a, h^| fi 174.0 .... I 538 3W0. Kennedy Si. Manchester 06IS36R2M Prop«jyS>«« - 
jSSSSJta?'- - S0-5 -. 538 Ridgefield Im UT llOJ.O 11001 ... .1 258 fP^SILTg- j-»9 

©4 " | f% Ridgefield Incnaae. |9i8 105<3 1 895 

National Provident lav. Mngr*. Ltd.V Asset Management tgi 

M-Gnccrhun-h Sc.. RT3P3HH 
N T.I.Gth Uu. Tst ..,.149 4 J 

>A«wn- Units i* _ ttOJ 6*2] .. .. J 430 
, , ° Trust _.[l33.7 14L5x| . ... 1 225 
Ucitei*-_h436 ]£«.._[ 2.25 
-£?** 00 38 Scxl dealinc Oct- 28 

>*ncws on Sept d. Next denJinc Sept 20. 

National WestminsterV fa) 

lOL.Chcapnde. gCZV 6BU. 0 IR0B 6060. 

NewCt Exempt. 1*033 .0 1410«( 1 . 

Prices oa September 15. Next denims October 
10. 


fiMQ34a» 75-W. (»M bouse Rd.AjleshniT. 020650*1 jjh C heepclde. E.C3. 

i am N.tEa«UyFnnd~|im J8*tad-A8l 326 CepHal Sept-M. -5l05 
—I 212 VC Ynsy- Re* TbcglS 0 222 S3 -1 1\ 2 46 JaSW > - -- - - i 
5-S X C. lucaise Fund .11518 16Ld-2 a 7 00 tarome Sept. M — 2013 


XC. Income Fund . 1518 
KC InlL F<1 ilnt-. 1 883 
NC.Inl.Fd i'Art.in.7 

N.C 5n»tlr Cw: Fd 158 4 


168 6) -0.8) 


438 


C«Wal(AceuiB. , L..1673 

Extra Inc. ... 69 6 

Financial 343 

Ctvwth Inr 888 


723 -0J 
74.8 -0J 
37.0 -02 
«4 .... 
39 9a . .. 

• 77.0 *0.1 

rail -ola 


421 
7 55 
545 

545 

6.43 


5 S? Cltj 'iaic Hsr . Finsbury Sq. EC2 


^ Ajnrricin Sept 37.. 1705 
Securities Sept SB. 1805 
« lt Hich VIA Sept. 29 . 571 

■ Avciun Unite) 505 

MCTtln Sept. 27 B5.4 

(Aecum-Uaiai 1105.4 


64. Jermyn Stroet. S.W.l. 

Capital FA. 1693 

Income FA — [7L5 


Extra Income -{303 


•bwayFUmi-— jm 9481 . . | 5.47 

vices »c Sept 28. New sub. day Ort. &. 

relays rmicorn Ltd.V faHcHg) M^dersoa AdminrtratienV (aJfcKg) _ 

f«™ ***** KKniord Rd. E7 01-534 6544 5 Bwtoieh ~ • g » 

In. Eros. & Aairts'. 47.7 

PnvaieFuad J6.7 

Acrumlir Fond ... 673 
Technoloey Fund. . 655 


icm America. .13* 0 

3ltut, |79.9 

hk Inc — : — wn 
• ,U( 

. [293 

FftianrUl Ira 2 

500 ,(78.7 

General COO 

Growth Arc.. 1432 

Income Tst.'. .T89.6 
. Prf. A'bk. Tsl .i1477 


36 81 -02J 
864 -lT 
68.1 -0 9 
74 4d -O.iJ 
1205 -0.2 
313 -o3 
683 — Q ll 
85.1m -0 4) 
357a -01 

46.7 

958 -0 5 
15W 


. nets »t Sept- 24. Next «uh day Oci 
' Recovery- — -M62 49.8 -oil 

Trustee Fund.. m9 5 1292 +0 2 

WTd wide Tft — B1 9 561 -All 

-.UilFAIhc K69 697 -03] 

. . Actum. — (765 7928 


120 

173 

173 

432 

5.97 

813 

481 

561 


Brentwood. Essex, 

t .K. Fomte 

Cabot Recweiy 

Cap Growl bine — 
Cap Growth Ate 


Income & Assets .... 

High Income Fnuh 
Rich Income. .. 165.4 - 
5 82 Cabot Extnlnc. — |593 
399 Sector Funds 

579 Financial It ITU . 126.4 

4 73 oa&NaLHes P0.4 •- 

1 31. lolenaihHul L . - 

531 Cabot „ . .. 191.6 

>98 TnutrnauoDBl BU": 

211 Wld WldeOcI 2 _....(79.» . 

4 74 Overseas EnUrts 

. . >74 Australian 1428 ' 458rn -051 

ring Brothers & Co. LotLV labx) |SH ~ . ; 

-J a d onfa all SL. EC-3. 01 -S8B 2880 Japan Exempt l(i£n. ... J 

UlooTM- — ---.(184.6 192.3 1 3.95 N-A»U- — -|4».1 l. 4*41 -0.11 

Accum. IS14> 24L3 4 3.95 



N.AirLExpl.Kept-28 1127 Jf 
Cabot Am. Sm . .. .B5.7-, ; 


132M 

M3-0J1 


Next sub. day October II. 

dwpsgate Progressive MgmL Co-V Bill Saranel Unit Tst Mgrs.t (■> 

ishopagate.ECi 01-8880380 45 Beech St .EC2P2LX 

WPFt**Sept26.{l9tZ 209 N . ... | 3 25 tbi British' Truat— ..RSRd- l*9-7f-«7 

■. L’ti.“Sept2B.te3.7 - 248.p I 3.25 fRlJniTTrum 50%' 40.9 

ate InLSepLlS*. 0893 2ULa 188 IBi Dollar Tni«._... MSv • 862 ._.. 

=um -.Sept. 19*. (StM 223.3] .. . [ LBS 0>J Capital Trust _. U8 -JM .-*8.1 

Next sub day •oeL 1 —Oct. 10. fbJFlnancialTnuL M0 “••;97.4a .. 

(bl Income Trust 28.8 . 349 MIS 

trig*. Fund Sf&BagersV laKc) fb'SecumTrupt.,. n« ; 972a 

■S. Hesa* House; Kras William St , EC4R tb)Hlch\ieldT*L-lS13 


144 

za 

3M 

339 

ia 

ZM 

1M 


33.51 -0.2] 


01-6288011 

24 


230 

460 

497 

712 

SL24 

7.90 


ericoa & GmL 125.5 

>nc- ,156 0 

ftalltc.r .»6 . 

Arc t _ .. — _ .KWB 47 

mptt LllN 0 160. 

■ rrtl fnc.* _ 19 

j*cet._u 119.9 21 

ling -Tues.tWcd. JHiotb. 

19f30 2L 



014034001. 
141 


Infel.V (a Kg) 

587 IS. Christopher Street. ECA. .«•. 01-24773A3) 

2_85 Intel lov.Ft3«L._|9L5 - ;..9W( -I *20 

5 36 Kcy Fond Mbmegers Ltri. faKgl 

oi-mTtm 

_ 111 




fjf 25, WflkSL,£C2VR7E 
ri«‘ SepL 

ra— i»o 

-tannia Trust Management faXjg) " wi 

radon Wall BtUMtnga. London WaU. igsonE CWi UL6 


donECSMSQL 




tAJ:\ 


X. .. ■- 

v- ■ 


urowui, 

“T Growth - 
mx-TslS hares 

erals, 

-■Htgh Ioc_ 

* tissue 

■is AmeneuR.-, 
-ieMnnsl. .. — 
perty Shares _.. 


0FS3fiwr7aw29 

463 Oeinwort Benson Unit ManagersV 

653 -^Oi 022. 30. FHKtmrch SL. E.C JL . '01498000] 

90 2 —02 . 4 65 KB. Unft Fd. Inc. - »96 
43.9 +0.1 388 *KB. UnltFd-Ac — 1133 
129.fi -OR 6.77 ‘ fcR Fd.Inv. Tata. _. B5 
4 43 -82 fl.91 K-BT"d.la.T5t-A cf , 593 
Mi" -CJ 2*8 KBSralrCo'sFtHnt- 496 
712 .j.. *3* .KaSmCosJ'dJVce: *96 

-03 2U HlthYld.Fd.Inc_ *69 
3.71 High ' YW. Ftt. Acc_(46.9 

w L & C Unit Trust BKanaganent UtLVj 
>34 The Stock KcTmngc. JBC22X LED*. 01-588 2800; 

iK EtfM&snffi Mzi » 




»lri ... 


us Charge .... 
-vEncrc-- 


J479 


Sl-4 -oja 
726 -0.7 
53.C —0 Sj 
43 la — 0.4] 
893d -0.1 
- 4L1 -01, 
3L9 -OaS 
566 0 

159a *0 2) 
516* 

36 3c -04 
369 -0.^ 



e British Life Office LuLV (a) 

lance Hm .TVnbndjje Wells, KL0BS2 2227 1 

British Life -..,1533 56JI I 5.42 

Balanced* bao 

On-Kfcnd* — J461 493] - JW9 

■Prices SepL S7- Next dealing Oct 14, 

dwu Shipley & Co. Ltd.V 
jre . Founders Ct..EC2 0I4P9W9 

Umt* Sept 38 .. |g9 6 246BJ >33 


7«B 
197 

Lawson Sect LMLt.fiOIri 
2ia 37. Queen'S St, London B06RZBT. 01-2305281] 
435 3Raw. Material 43-fl -OJf -633 

466 lb Accnm-lUutal. — gif 49 S -id 6^ 

ZAO "Growth 572 6L7 „._| 164 

-A Ararat Unlhw — g.0^- 68 fl .. ..J 1*4 

ttCilt and Warrapt 39.4 415 .. .3 L78 

tAmencan Fd.„ 244 263 — | 030 

ttA'ccmn Unite! 254 27.* 030 

«jngb Yield _i2_. *55 49J I 1L31 

•lAcruxn. Unite!— 1*5.2 7B.4] . — J 1131 

. Deal. 2 Mon. Tuos TtWed tTbura. •*Fn. . 


433 


Legal *■ General Tyndall Ftrndf 
18. Canynge Road, BristnL 0X72822411 

Tlit Sept- 13 W.4 68a...J 441 

lAccmn- Unite* — .(8L2 860| — H 441 

Next sub. day October 11. 


3714 _.... 
2fl4ri -04 
504 -0.4 
40.1a -0 7 
323a -|01 
23 On -01 
283 rO.l 
213 -0 1 
653 -0 5 
241 -01 
64 9 ... 


460 
5.20 
3 02 
502 
937 


Leonine Administration Ltd. 

2. Duke St, London WIMBJP. OT-40B889II 
' ' 467 

427 


sl ttSftir—W K 8 ?!ii 


l Lloyds Bit. Unit Tst. Mngrs. Ltd-V fa) 
331 Registrar’s Dept, Gonng-bp-Se*. 

431 Worthing. Wen Sun*** 


01403 13881 




ICC.) Sept. 26 . 

■ -ante Trusts lal tek 

■ nr. dal. . .. 135 0 

-lersi— . ..|142. 

•wrh.Va.t«ir.— •, WOO 

nrtti Income 1378 

<hlncotac 1303 

— -Kf 

T»a< - [MR 

" fomuince . [bl 

»Wfy - — - . ■ |22 7 

TlpL AOgnst !0 . 161-9 ' Worldwide G wth. _ 

aids Life Unit Tst. Mngrs. LULV Do.iAccum.i 

High Sh Portcrs^r. Berts r - ^ 
i ficn Dist. — 139.9 - - I Extra Income — 

"aSi • **■•**»»■>■ — 

tocAw^:: '(455 47 9|+03| 7A1 Lloyd's Life Unit Tst. Mbgrs. Ltd. 

72-80, Gatehouse Rd, Aiiocbury. . <Q865M1i 

.(171.8 180.91 ... .( 3.72 


602 

435 


Balanced — ■ 

Do. (Accum 


1531 


. 173 1 

B6.9 
El9.11 
[635 

m 


571 . . „ 
786 *412 
60.4 —02 
759 -02 
95.* -0.1 
1279 -02 
682 -01 
77.7 -03 


439 

440 
215 

25 

sr 

?49 


pel (James! fflngt. Ltd.V 

. Old Bmad SL. EC2N 1BQ ^ 01-568 WIO BqnrtJ Accum. 

. jtfal 189.7 I 716 M & G Groupv (yKcHz) 

• ar-wrg U. TAkA V* ^^^ f ^^ 6 SL 8 S w88 

■ rtiol Unit Fd. Mgrs. Ltd.V U iKc^ *^-]J . f£pGT ™ 

361 
361 


buns House. Newcastledipnn T^ne 

KJ SI :::::! 


. Acmm Units ,. [890 


. Hiah Yield..... (46.4 . 46 9J — j 


-.ARura.tTDlU.lS77 *0 

Nest dealing date October 4- 
• tarities TMfitiaJ Invest. FdV 
' L«rdnu WaU. EC2N 1 DB. 

nae \upm]5..[irai7 — ] — 4 
1 rum Aiini't I5..v27666 — I i.-- ' 


770 

7.70 


AuaraUrtan.. — 58.0 
i Accum Units)—. CT.2 

Commodity— 

■ Accum. Umtet-.-- J7 * 
Compound Growth. 1155 
Convermcm 'Growth 667 
Conversion Inc. — 71^_ 

Dividend J76.J 

01-3881815 i Accum UmWI g9.1 

628 European.., »-7 

— (Accum. Unite# g-j 

eaSTShr avnijihlc to Ret* Chanties. }gg«S| i5l -- gj 4 

r Charterhouse Japbet see. James Finlay p^rEsstem — 602 

(AccunuUimj 1 RS 

-Fund of Inv. Tag— ft?? 


lief tain Trnsl Managers Ltd-VIaHg) 

111 -2833832 (Arcirai. Unite) 83 0 

24 81 ♦0,11 165 General . XM® 

4731 -0 lj 8.79 fAeepra. UiHtel 2784 

28 4t — O.li 2 97 High Inewne . ._. - Ull 
MM -.a il 419 lAcnwa. Unite!-. — 186.9 
253 .... I 738 Japanlncome. JlJlR 


■iewSl BTZU4TP. 

lencan ~ 

jhlacomc .-]44 0 

. SntntlonalTrt-. !iii2BA 
uc Rcsri-c Ta.127 7 
sl -G rowth Tst — |23A 


owlhFcnd 1 4 * 1 

iHBopeiltan Fond Managers. 


(AcciiW Unite! 1834 

.nfederation Fonds Mgt mSSS'uE'uiV:::': 

C^nL-W^IKB^O,^ 

3S2&=*=z:g r 

iis 

2280. 


6LM -06] 


631 -0.7 
850 -O S 
928 -09 
1253 -16 
- 732 -13 

75.9»l -0.4 
13*8 -U 
2594 -2-2 
572 *02 
585 +01 
956a -06 
1314 -0.8 
643d +01 
70.9 +0 2 
723 -03 
88.4 -01 
1942 -zy 
3021 -36 
1183 -0 6 
199.0 -11 
1936 -0 4 
1953 — 0-4 
2382 -3 2 
3008 -AJ 
220 4 - 1 J 
3311 
95.1 -03 
983 -0.4 
200.4 -18 
3044 -2 7 
190 9b -I 7 
Z*2fl -22| 






ntigmonnt Unit Tst. IWgrs. Utd- SpeelaUsed Fond* 
,!0 Foster Lane. ETT^eHil- Trustee 

'jh. inco me- — »» 

. 3rth Amertran [st.if • 

: «LMja.H!RhlDi:i5O 0 . 


iTHSMTS - ", «: 3 

( \rnini IFaiB'-. ..pB •> 


! _ Chari bond SptJO — 

Charifd.bepi.38.... 

1 lAccum. Unite) — .. - 

Serai Unit Tst. Mgrs. Wd. ta«j» tm*.*.**.*- 

«*hunscros.Ea«nbmsh3 osi zb«« MannUfe Manag«n*M»t Ud 


[15*3 


1653! 

323.1} 


109.6 

i 57 - 2 

198.2 201-1 

15L3 1597 


-l*i 

- 3+1 


192 

136 

136 

4.42 

442 

355 

zm 

7RJ 

755 

755 

XZ2 

3.22 

7.94. 

7.94 

234 

234 

445 

445 

353 

553 

7.94 

7.94 
223 
20 
3.9* 

3.94 
6.40 
6.40 

3.95 
3.95 
478 
478, 
389 
3.89. 

6J4 

63* 

10.40 

743 

7« 

539 


. ’rj. Amer Fd. 129.9 

. ■«*: lutonutT ^ jtf.4 
nr*. High I>htL . ..{45 5 

Tts. ftesertw (40 8 

' -«. — Q5 0 


27! 

6*< 

481 

.431 

26.1 


-0^ 

-04) 

-03 

-oil 


1.48 
LOO 
HR* 
435 
I 95 


luresdjdT 
3R3 


SLGeorxe'.W^.St^n-ge. 

Growth Unite. I s ** SM| ' 

Mayflower Management Co, UL 
wnafirwhoB. sl.b^7AI.. . 


istretkmary . VnJt iSinri Manage” income » — KJV 8 76 


i.Bh«fWd&.KC2J47AL ’****?£ 


317' 


491 


5008095] 
8R7 
545 
3.00 


vMAl -94(- 465 Inlrmslt s+'pi 'Ji 

ud. ■--» “t—* 

(2093 


T5§ 

MJ 8 «1 
295.6] 


388 

242 

242 

432 

432 


uriiie.asttS-. ,[1SL2 

- F. VQschester Food »»«*■ ^ G^tnSL.EC=P2EB. 

MJ^jy.ECS 0, T;S ' 

. .SS |V 

Steott &ihniley Tst. MagmnL Ltd ; tor'SiiS.fiTBI 

v U9iajK«tSL.S.W.L •* ■ . AwnLUteJulJ W-l 285 

mc«D«Ilflr.Tw..pM - 79.11 : 3 " midland Bank Group 

. For Etpihas Securities UA Lnit Trust Manager* Lld.V ' 

. , ; «e Cfctf TTurf Maps- , :ourn «>od Hods». (T7*270eej 

^lty-fcLaw-UiL.Tr. M.V.iaMhHcVzl 55JS£tt«wi..jg3 

>ttWrtt*mRti;^hY(^*OTbc. Dc^Arru-r. — j'^7.5 


*Bhr*Law_:_ 


1686 7234 r®- 11 4M Pn .IC'HW -“as 

^9*?* Rniay.Unit Trust Singt. Ltd. 

0J4.W«n Nito Sit^t ^ Ml V[ l 5‘^, m 'T77!.-. O- 4 




■-F«d»y Filu,T*t . 
^OBt..UnthTl..c 
Mires ^pept 21 



■239 Em .Actum- 
219 iBieroauiinai.- 
7 9S J*. lcuii ; 1 . +■■ 

369 High Yield 

369 . Do. Arram 


392 |to _A«t“ni* axert deshi.g rtt &- 


192 Euiuf EteraW- —iffi? 
392 D" A«um* -- li 

il ttojirri'Oclober *• 4,1 

CORAI. INDEX: Close 500-505 


BS-j! 

SO 4] —0 » 
43 2-0.1 
30W -0- 3 
33 

BH 4 

s| : f 

*ws 


489 
4.89 
2 80 
280 
3.05 
305 
623 
623 
229 
229 
B.4S 
8.45 
563 
JM 



Income mj 

forUtflip ixiv. RL._m.I 
Uwveraai Fd rdi_.|ra 6 

NGL Trust Managers ULV <aHg) 

Milton Court. Dorian*. Sturry. 

Neteurr 162 7 654^-1.^449 

N el star Hi eh Inc. .[44 7 52LM -0.2) 788 

Norwich Union Insurance Group fb) _ . _ _ . 

pn.Box.4, Norwich, mu 3NG- 0ap3Z2an Boyal Tst. Can. Fd. Mgrs. Ltd. 

Group T a. Fd p7B.fi 39041+03) 585 

Pearl Trust Managers Ltd. (aKgXz) 

252 High Holborn. WC1 V 7EB 01-4053441 

Pe+ri Growth Fd. . 048 Z6.7J . . .. .1 453 c„. x. p™™, r™n» 

Arc am Unite 284 3L7] j 453 Save Sc rTOSper Group 

P«wi tor M2 36 ■ .... I 692 4. Great St Helena, London EC3P SEP 

, 0 i t r ra ~ E-2 f?a ' ■ iSJ ra-TB Queen SL. Edinburgh EH3 4NX 

(Accum. Unite) .. .1*7 8 SIS). I 4 84 Deallnsi to. 01 -5M BBS or 031-228 T»1 

Pelican Units Admin. Ltd. IgKs) save & Prosper Securities Ltd.V 

SSn 1 «*./*!**?*? Interna tionul Pmute 
Pelican Unite. ,|902 9*.9| -0i) 4.82 

Perpetual Unit Trust Mngmt.y <aj 
48HarlSL, Hr nle? on Thames <MB12B86R 

FpcuuIGp.Glh ~..\K2 485) I 3J9 

Piccadilly Unit Trust <a)(bl 

AUwp Gibbs Unit Traut Hauagerx Ltd. 

3. Frederick's place. Old Jcwrs. ECSR 8HD. 

01-588 4111 


f Vccuhl lldtui — - U13 
Rothschild & Lowndes IHgmt. (a) ^rrum^Sb > . 3*8 

St. SwUhtiw Lane. Ldn, EC4. 0182043S0 + PnA-CjjaFdSepga 1806 

' 

-For tex exempt funds only 

Scottish Equitable Fnd. Mgrs. LKLV 

28 St. Andrew* Sq-Edio burgh fiQl5S£9l01 


343 | 3 99 

31 1] . 202 

a9<|-02| 7 36 
*05 
896 
964 

299 
403 
414 

1239 
1.97 
216 
490 
490 

J. Henry Schroder Wagg & Co. Ltd.V 

0) -24113434 
229 
229 
681 
681 
353 
3-53 
232 
252 
412 
344 
3.B9 


94 1) — 0 W 156 lArcum, I'uHi' 2998 

-0.*] J56 GWaS*Pt27.-[«» 


28 5) 
331, 

8 f 

5Afi 

29 7 
3321 
312 

2> 1>3 

30 i 

34J 
2*3 
21 1 


114 5 
1384) 
2091 
310.6 
945^ 
1180 
354 
391 
1861 
2958 
2218a 


-01 

31 
*0 : 
-o.i 

■ioj 

+91 

-0.l| 


Rowan Unit Trust Host LULV (a) 


Prices at Sept 13 Next dealing Sept 29. 


inenuunui ran 

Capital |37.8 40 6) -3.2 3 58 

I.tTu 072 29 2-0 2 365 

Univ. Growth 1717 77 0^-0^ 2.15 


oi-eoeioeo Income Unite- ».« 5611 I 

112 Accum. Unit* 157.9 64 of . } 

, 3.92 Dealing day WwftwMdax'. 

:|9 l 44 Sebag Unit Tst. Manager* Ud.V (a) 

3 36 PO Box 311. BcWbry. H«e. E c 4 D1Z305000 

356 SetMia Capital Fd OSl Jfc.7.4 -o a 3 56 

Sebaflncome Pd. -[325 336w| -02 809 

Security Selection Ltd. 

I5-1P, LincoJn'n inn Fictrta. VTCi ni8*l GfBfrB 

”311. Hi HsSg£Ki£.:.£? - ■' 2J3 


80S 

500 


23.U 


7-23 


lecrmotpey Fund. . 555 

Far East Fd 30.1 

American Fund EM 7 


lacmslng factor Fund 

High-Yield |S45 

Sigh Income Fmuh 

High Return |69 1 

Income — —|43.0 

U.R. Funds 

CK Equit}- [45.0 

Overente Fandstzl 


58M-281 7.21 


Stewart Unit Tst. Managers Ltd. ial 
45. Charlotte Sq- Edinburgh. 031-2303271 
tStewin Amertran Fund 
Standard Unite . _ [67 1 n?|....| 138 

Accum. Urate. 172 3 7731 J — 

Witiidra»al Unite - [53 6 57^ — 

•Stewart British Capital Fund 

Standard [14L6 154 0) [ 410 

Accum. Unite -_-JlMR 17931 . 400 

Dealing trees. & Fri. -wed. 

Sun Alliance Fund Mngt- Ltd. 

Sun .AlOanceHse.. Horsham 0403 04141 

r® 4 mil-oi! !:3 


Target Tst. Mgrs. f Scotland) UVbl 
1». A(h"l CTewcnt. Edin 3. 031 32B 8821 *2 

Target Amer Eaglc|27 5 29 « -021 1 74 

TarCeiThWIe .. fo 2 *5^-0 7 540 

Extra income Fd.. l6fll 64 6a|-03( 996 

Trades Union Unit Tst. ManagersV 

100. wood Street, EC8. 014288011 

TUUTSepLl |5L7 55101 | SX. 

Transatlantic and Gen. Secs. Cft-V 

91- 9P New London Rd. Chelobdord 024551851 
Barbican Sept 38 
lArcum. Unite . 

RarbExpt.SepiJT. 

Bdfkm.bepLH. . 

'Accum. U nitei.. - 

Col mo Sept 29 

(Accnra. Units' .... 

Ciunblil Sept 37... 
i Accum Una* i .. . 

Glen Sept, is 

i Accum unitsi 

Mail bore Sept 96 
(Accum Units' . .. 

Van.GmhJ5cja.28. 

■Accum. Unite*....... 

VanUyKepLSS 
Vang T"ee Sept. 2T 
'Accum. Unite i 

Wick-r.Wat |63J 

i Accum. On Its i._ 

Wick Di Kept 39. 

Do. Accum 

Tyndall Managers LtcLV 
IE Cxuvngp Rond. BrlrteL 

Income Sept. 27 1104.8 

i Accum. Unitei ... tl.938 

Capital Sept. 27. 11358 

(Acrmn. Unite i... . 1904 
Exempt Sept. 3?..... 0150 

lAcronlhllw. tUU 

Int Earn. ScpL 27.. pH 4 
( Accum. Units'. .....12946 

Prof. Sept. 27 B84.4 

f Accum. Unit* i . - [3292 
S4. Cootie Sl. nKabargh. 

■Scot. Inc.. Sept 27. [171 2 
Scot- Cap. Sept 27 .1*4 2 

I Accum. Units'. |1764 

LwdwWiDGnm 

Capital Growth. .. B4 5 904) -04) 

Do Acemu IB 3 94 4 -0.6 

Extra Inc. Growth.. 4L1 44J -0_2 

Do. Accum. . 478 513 -0.2 

Financial PFoy-... 165 17.6 ... 

Do Accoiu . . 204 218) . 

High Inc. Priority... 67 * 72. aj -0 3 

International MB 324-91 

Special Site. 358 37-fl -0 J 


790 

IS 9 


331 

IZZS 

ZJflli 


332 

90.9 

93.6 

„^ il 

3.99 

E4« 

88.5] 

^ i- . 

435 

1043 

109 ft 

.. 

435 

1302 

130 5 

-si 

538 

160 7 

1703 

-63 

531 

552 

58 ft 


7 10 

60.4 

642 


7J0 

577 

6lJ 


410 

742 

707 


410 

539 

566 

0. M. 

2.72 

*2.0 

651 


272 

522 

55 ff 

6-s!.. 

332 

649 

Ml 


332 

752 

792 


7.78 

HI 

44 6a 


602 

182 

508 


602 

633 . 

670 


.4.70 

76 0 

804 


4.70 

699 

74 6 

-2.4 

797 

801 

. 15.4 

-2.8 

797 


*27232741 

7.93 
7.93 
489 
4.09 
767 
7A7 
4.91 
4.91 
1225 
1225 


lio.a 
2836 ... 

142 ... 

200.0 ... 

1201 ..... 

1714 _.. 

2682a ..... 

304.fi .... 

110.8 ..... 

137 ..... 

Hi 188 1108 

17981 1 868 

155« . 5JB 

185 4] | 518 

*278882*1 
574 
5.74 
9.05 
9.05 
482 
482 
730 
249 
5.83 


TSB Unit Trusts tyi 
21. Chantry Way. Andaier. Ran fax 03B482180 

Dealings, to 0364 6M32-3 


33 B 
46.8 

505 -0^ 

51.fi -03 
400 -04 

z 

71-2 -04 
32.6 

26.51+04 

Practical Invest. Co. Lt<LV IfHci 
♦S. BloumsbUI)' 5?q. WCLA2RA 01-023 8393 High -Huibuum Funk 

Practical SepL27 [1612 17184... ) 481 Select Internat ... 126*9 

Accnm. Units (2325 2469) . .. .) 4.01 Select Income .... |54 6 


9.70 
480 

4.40 

4 60 Europe ._ . - 
480 I* 

330 
330 
0.90 
LTD 


nor Target Tst Mngrs. LULV laXgi 
4*2) -o.u 8 97 ,, Gresham SI, EC2 Dealings 02983841 


ibTSB General — *7J 

'hi Do. A ccum. US 

Ibi TSB income 62.6 

'Ll Do. Accnm— 65 4 

TSBScotXuh 886 

(bi Do. Accum. 958 


58.4) +01 
648 .. 

66.7 -08 
696 -0.2 
943 -0 7 
MLl -06 


375 

376 
703 
7 03 
233 
2-23 


Pond* 

i al Secj 1 727 


Sector Fttnd* 

Commodity 

Energy.... 
Financial 


as. 


48 31*8.11 4-93 ?sgs?ss 

307 

031 onaAcc Unite— 301 * 
130 Target Gilt Fund. U68 
Target Growth 129.1 


100 A —01 
114 53-0 0 
79 9) -0 51 


3 75 Target Inil... P76 

1 73 Du Reinv. 


3.14 


Du Remo t'aua 
Target Inv . 
Tst.pT. Sept 27.. .. 

TgLlnc. — 

TeLFrrt.... 

Tgi Special Sit*. . 


41-6J -03 3,59 
663a +04 4 41 

410 -04 5 99 

2386 6.47 

3173 647 

1224 388 

313a ... 4 49 

29.7d -03 246 

33.1 -03 2.46 

36.6 -0.4* 342 
1721 . 402 

335 . .. 771 
14 ... 1182 

2254 -0.1 4.88 


42.01 


023X39231 
...I 586 


Ulster Bank? l a) 

Waring Street- Belfast, 
i blUlster Growth ...J3fil 

Unit Trust Account ft Mgrat. Ltd. 
RingWilUamSt.EC«RSAR 0]-6ZB495I 

Priam R»e. Fund. .075 6 1838}.. I 482 

wieler Crth Fnd. - 02. 5 346id . J 434 

Do. Accum DM 408) 1 439 

Wider Growth Fund 

Kins WTUlam SLEC«R 9 AH 01823 4SS1 

Income Unite (328 34.6n* .. . 1 439 

Accnm. Urdta 385 40U . ...j *39 



Abbey Life Assurance Co- Ltd. Crusader Insurance 'Co. Ltd. London Indemnity & Gnl. Ins. Co. lid. 

1-3 Sl Paul's Churchyard, EC6. 014489111 Vincula House. Tower PI . ECS 018288031 18-30. fhe Portrait. Reading aS331l. 

** ■■■■> ~ SS^ir;::SS 

_ ■ -- ^ * „ Fixed IntoreaL P*>7 

— Eagle Star Insur/Midland Assur. 

- 2. rhiYJoneetieSL. Ecz m-58a 1213 The London A Manchester Ass. Gp.V 

~ EagleiMld Unite.. |551 57 Z) 1 5.95 tvinriode Pork. Exeter 03B2331U 

— Con. Growth Pond. 

- Equity & Law Ufe Am. Soc. Ltd-V JgSg®”. 

— Amersham Rood. High Wv-combe 04B4333T? SSpLltnr.TK. Fd. 

- EqniryFd . -[118.8 125.BJ -Oil - FUsn hie Fond - . 

Taex. PrWcrtj Fd- .. . . hw2 114.91 J 

Fixed Inlerext F. .ho4 4 1151+03 


Save A Prosper GxxrapV 
4. GLSt-Helen'A Lndte. EC3P 2EP. 01836 8880 


Property Fd 150.9 

Property Acc 1573 

SelectneFunil — 948 
Convertible Fund .. 132 8 
VMoney Fo^d . . _ 1214 
VProp. Fd. Ser 4..._ 


Wan Fd 5er 4. .toll 
VEqnity Fit Ser 4 .B7 2 
VCoat Fd Ser 4—513.4 
VMono Fd Sot ■* >5113 
Prices at SepL 2d Valuation normally 

Albany Life Assurance Ca Ltd. aid Fd .... Boat % 

014379962 Mixed Fd 0135 13' 

213. 



3LOid Burlington Sl. WE 

VEqurits Fd. Ace CB2.7 

vrmedlni Ace...... {141-4 

VGldMonecFd AC..5I5 7 

WlnQ.Man pH A cm . hlS 1 

VProp-FdAce-.. 13B-1 

VM'pIeFnx. Acc-. ..1733 
Eqt &r Pm.Fd.Arc (2428 

FuanlfraAcc il7fi.lt 

GTdMoa.PeaAcc. .531.7 

InU-Mn-PnFdAcc 

ProaPeiAcc. to55 

STplelnvTWLAcc-.lmfi 
AMEV life Assurance Ltd-V 
Alma Use, Alma Rd. Reisate. R«gaf*40iDL 

AMEVJUnascit [M4.9 15Z.7l-4.4j 

AMEVMci^B’-: glfifi w 

AMEV Korney Fd-hM* 

AXEV Equity Fd — L 

A^i' fixed Int— tel 

AMKVMgdPen.FdflDS.4 
AMEV HgdPen.'BWSR 

Flwldte— (fi8.fi 

Mgittwritepai 
Americta. 

income _ — , _ 

Int Growth. JTC.7 

— For Arrow Lite Assurance nee 

Providence Capitol Life Assurance 

Barclays life Assur. Co. Ltd. 


lnv.Tr=stFm»d 

— Property Fond . - 

— GidDepo*! t Fd . 


244.1 

-2ft 

1*13 

-06 

955 

-0.2 

162 1 

-0.4 

1212 

—0.4 

150.1 

-06 

8*5 


■ 1MB 

+01 


BaL lnv. Fd 
PrppwtyFd* 

Deposit Fdt._. 

Cmnp-J VTO-F dt 

“H|3 
DcposJyna.Fdr.—iuOR 


l«g -0.7] 

130J|+6i] 
1319 

22E^ 

202.0 -O.d 
2443 ... J 
+ei) 

•Price* tin S«m(*atiiiTa 
tWecdtiy deal mgs. 


1132.6 

159.4 

123.7 
1258 
2115 
192.1 

231.7 


Schrader Life GroupV 

Enterprise House, Portnouth. 


MAG GroupV 


General Portfolio Life Ins. C. LULV TfcraQ^TiwHiUEtaBBBO. 


— GOBartbolomewCt.. Waltham Cross. WXS1D71 


— PortlolioFnnd... 


- isa 


o Capital.. |*2 2 


» J :::J - 



, | PewtPensum 1 

— -I I *" Coot. Depoair* ...... 

Equity 3oud~. 
Faadfrw-80" 

Gresham Life Asa Soc. Ltd. 

2 Prince of Wales Rd, E 1 mouth. 0302.787055 lntenaul. Bond**. 

G.L. Cash Fund (988 103.1 

GX. Equity Fund— 1123 11*. 

GJ- Gilt Fund - — 113tl 1191 

GL Inti Fuad .1178 123J 

Gil ppty. F on d. — 978 302 1 


i 249.4 

-*« 


U93 

125* 




149.1 

1566; 




1718 




198.5 






1073 

112.6 




1110 

U5.( 

_ _ 


1474 

154 ‘i 

-1.6 


1605 

V*l 




sab 

93.1 




78J 

74( 



54.9 - 

57.1 


w. 

U.4 

64.5 




27. -SepL 28. -*SepL 28. 


Equity!. 

K9fcf.. 

Managed* 

Moneys-. 
Overseas* 


— Property 

- -KUSGw 


232.8 

iSI 

137.4 
u&a 

- » 7 
_ fiat 
Gnrt.Secs.4- 1ZL5 
123.1 

134.9 


BE. Pen Cap B 

ES. Pea. Acc. B_— 


— Mnad Pen. Cap-B .fZH.fi 


Mncd. Pen. Acc. B .. 
F. tot Pen. Cap. B 


— F. Int Pea. Acc. BffiB.6 


232 Romford Rd.E.7. 

to ^hcndr -...n31.l 

&^r_=rg|i 

International.—. 95 0 


American FU. Bd* 
japan FdBd*... _. 

Growth &.Sec.liife.As.5«L.Xtd.V 
wdr Ranh, Sray-on- Thames, Berts. MssMSM Merchant Investors AssnnnceV 

— LepoHrc, 233 HighSt. Croydon. 01-6860171 

Property 

Property Pena 

Equity.- — 

Equity Pen a. 

Guardian Royal Exchange sjS3intte'.-l 

Royal Exchange. EC.3 01-2837107 Deposit 

Property Bond* -.>[184.6 1922J ( — Deposit Pens... 

Hambro-'Life Assurance LismtedV 


Money Pm Cap. B 
MoncyPcn. Acc. B_ 
Prop.7en.CapLB— 
Prop. Pen. Acc. B 


2583 


[254.0 

nu 


968 

98.8 

U18 

103.9 



(770527733 


Flexible Finance- { £3.067 

I jndbonlt Sec*. - .1 SAM 

xandbnikSct AeeJU75 
G t S- Super Fd. — 1 £7962 


Berts. 

H :! h 



01-1045544 7 OBdParlt Lane, London. W1 614860881' ML Kouased. 


614 
1778 
1428 
IBS .3 
130 4 

34L7 
105 6 
1040 


9J 

+01 

Ztt 

dB 
* 0.1 
+03 
-1 * 
-25 
-0.4 
-03 


-Scottish Widows' Group . 

FO Box 882, Edinburgh EH18SBV. 0314350000, 
InxPIxRerlos 1 — — [U3.9 112 V ... 

lev. Ply. Series 2-.. 166-5 1122 

lnr.CMhScpL.22.. 992 1045 

ExUIAec5epL2B_ 147.9 1542 ... 

E*UtIccScp. 20 14*2 1503 

BfesdPen.Sep.S0.BB35 2B3 6J . . 

Solar Life Assurance limited 
10.T2 Ely Place London EX JN6TT 013422605 



37 


OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fund. 

37. roe Norte Dame, Luxembourg. 

Alexander Fund I 1157.25 1 — 

Net aotet value September 27. 


Kevwlei Mnjrt.. Jersey Lid. 

PO Box 00, SL Eoliet. I«wy. . .Tag ei-BKTfcm 

Fonsclex .... |FrJ28? 

Bondcelex .. Frll*U DUq 

Kcaclci Japan . .. [£14.62 
Cent AaseteCap. ...[ £137 


! J* 

-soil - 


AUen Harvey & Ross Idv. Mgt. (CJ > 

1. Chari ngCroM. St Heller.Jw.r I n.S34r7374! ^ 

ahrgiji &fe.Fd.. [aooz io os) ....[12 08 King «c snsxson Mgrv. 

I C-harincCro**. SL Kelier. Jersey. ''053+V73741 

Arfauthnot Securities (C.l.l Limited SiM 

PO Bm28t SLHelier. Jersey 053*721.. Gill Fund 'Jersey I..U9J4 9JN I 12.08 

Cap. Tat- < Jersey i. ,|UB.O 122 « . | 4.18 GlhTrost'IoM.' 103 6 1063 1280 

Next deal ing date October !0. .. „ Gilt Fnd. GuersacyRfi.U 9.23q { 12 90 

GoritSeef-Tri ...TJOO 1«( | 1280 Tn ii Govt. Srco. Tsi. 

\esi dealine dale October . First sterlioc IQ7 93 TflOii t _ 

EaatAhitl-Tajqj ills I22u» .. XB7 f*S 2S.— tcSBI? mfli V.'. .'. - 

Next dealing dale October 12. e «»*««. !«-«■ 

Klein wort Benson Limited 
20. Fenchurcb St . EC3 0I423804B 


Australian Selection Fund NT ' 
Marhri Opporlunrtici « o Inoh YoimE * 
Oulhtt-alte 127. Kent Sl, fiyrtnei- 
US61 Share* . | SCS1W | | — 

Nci auet value September & 

Bant of .America International fLA. 
35 Boulevard Rojol. Luxembourg f«.D- 
K7diai«si Ianm» B131MB 74 2 

Pnee& afflept. 28. Next suh. date OeL 4. 

Basque Bruxelles Lambert 
2, Rue De la Regen «• B JOW Rro*«*h 
RrBtaFiind LF IL9J0 LfifiOJ +5| 7.78 


tunrrvew Lux F 
i iuernee> Inc.—...— 
Da Accum. ... -- 
KB Far Raft Fd- - 
KBIUI. FtnuL... . 
KB Japan Fund . 
KLB. LLSTGuth Fd 
Sis art Benuiid 
•L-nilondaiDM : 


. 1.169 


59.0 TO.4 


1S1 906 


S1S1832 


5DS12.42 


SUS40.61 


5TSU05 


3US5J9 


19 95 22-0 

.... 

don panng agent* o. 


299 

a.ia 

US 

1% 

062 

«lt 


Lloyds Bk. {C.l.l ITT Mgn. 

VO Box 1S5. St. Hdlcr. Jersey 053427781 
U«daTst '3'jm...[61J t*>40| . j 0 67 

Next dealing date October Id 


Barclays Unicorn InL iCh. Is.) Ltd. 

L Charing Cross. Sl Helier, Jrji- 053473741 

O' erseos income .. [47 0 495j -fl *| mo Lloyds Bank IntL Genera. 

UmdoIUr Trust . .. USU79 l£|rt .. .. I 3 SO* 

Unibond Trust — JffiSUI.95 IEM 1 SBO 

•Subject to tee and nirhholding l«« fonxoe. fSKUTT 

Barclays Unlc«rn Int. il, O. Mam I Lid. - 

lThoraai.SMJongUs.To.lL 0ffi4485« ‘J 1 * ” ‘ T ™ p 

Unicom A ubl Ext . 574 6L7) 

Do. Amt. Min. . — 388 418) 

Do Grtr. Pacific... 78 & 7, S 

Do. Inti Income... »4 42 4* . . 

Do LofMooTsL 45. B 493 -lit 
Do. Manx Mutual.. 26.5 28 64) 


1. Place Bol Air P.O Box 438 1211 Geaece U- 
IJoyda Int Growth [SFJ088 321 B| . .[ L7B 

2980) ..... J 670 


15$ ThreeQuflcf. Tower Hill EC3RUBQ. 014335 <SB8 
140 Atlantic Sept. 28 . .[SUSJ.1S 3451 f — 

Aust Bx.Scpt 27 . IFS257 IJn ... . ! — 

Gtd ExAccfept37 . SCSILII UW .. . J — „ 
Inland . __ ... 1)348 lf*^ -1_| 93 22 


840 

890 

L48 


■ AccumUiutai flW 9 


322 


Bishopsffste Commodity Ser. Ltd- 
P.O Box 42. Douglas. I.o M. WBW3W 1 

ARMAC-Sert.4 |5VSZr 76 2957) .... | — 

CANRHO~&pc.4 QLM5 ll|S .. . J — . 
COltNT*“SqiL 4. . |£2.402 25*71. 1 121 

Originally- issued m. IIO and ~tl 00. 


Samuel Montagu Ldn. Agfa. 

1 14. Old Broad SL. E.C8 01-588844* 

i^aarjBS 4uM ** 

117 Grp Sept. 20. -. SfiHlN 
117 Jersey Sept 20 1569 
1 17 Jem O'sSep*. 13[£12.24 



Murray. Johnstone (lnv. Adviser) 
im. Hope SI , Glasgow. C2. 041-2215221 


Bridge Management Ltd. 

P.O. Box 506. Grand Cayman. Cayman Is. 

Vbashi Sept . 1. . [ YZ7821 I J - 

Ni^n Fd 2228) I 077 I | ”.J 

Britannia Tst Mngmt. (Cl) Ltd. ’ NAV fet P W3nb * r ,s - 

SOBathGuS*. Heljer.Jcraoy. 063473114 g ^ 

Sterling Dcnuntnntod Fds. 


46.71 -1 3. 
998 +0 6) 

1*5 2 -2.3 


2.40] -0.91 
Dfifid-aoi! 


208 

100 

150 

100 

1212 


10s Boulevard Ro=*L Luxembourg 
NAV Sept. 22 I SUS12J6 i .. 


.4 - 


Negft Ltd. 

Bank « ( Bermuda Bldgs, Hamilton, Bmda. 
NAV Sept 15. [£682 - [ [ — 


Growth Invest 

Iratol. Fd. . — ... 

Jersey EnergrTK. .Jl3* 3 
L' nival. iTstStg. ... E22B 
High Int SUg Tst. ..[0 96 
L'8. TtoUar newnmnaied Fds. 

Unmi S Tst ...TH1S552 5BU+B01 - 

laLBfeh Ini. Tst — 1SFSB97 lCflu|-0 Dll 9.00 

.... - . „ , Phoenix Intematfonal 

Value ScpL 29 Next dealing OcL 1 m Box 77. Sl Peter Pott. Goanuy. 

Brown Shipley Tst. Col f Jersey) Ltd. iaier-DoUarFund..|242 262j | - 

PO. Bos 580. SL Heller. Jeraco 0534 74777. 

Sterling Bond Fd... (£10 W 10D8«f ... I U.7D 


Butterfield Management Co. Ltd. 

P.O Bax IBS. HsmUtoo. Bermuda. 

Buttress Equity — [STSSSl 2fiS| I 148 

Buttroes Income ....ISUSIIZ 2891 . [73* 

- Prices st Sept. It Next sub. day Oct 8. 

Capital International SJ). 

37 rue Notre- Dame. Luxembourg. 

Capital InL Fund—.) SUS1B.87 I ......1 — 


Quest Fund Mngxnnt. (Jersey) Ltd. 

PO Box UK. St Hriier. Jersey 6S34 27*41 

QiiesL Stig Jxd 1 hl.» 98 95 61 j — 

Quest Inti See*. SGSfitfi UZV I - 

Quest IntL Sd._. .-IsUSfiO 103-2} ... -1 — 

Price si Sept. 27. Next dealing Oct 4. 

Richmond Life Asa. Ltd. 

W. Athol Street, Douglas. LO-M. 


Charterhonse Japhet 
L Pstornoster Row. EC 4. 

Adlmpa 

Adiverba 

Fondak 

Fondls — . 

Emperor Pund — .. 

Htspaao — - |Sl r -«7 77 

Clive Investments i Jersey I Ltd 



(11-248 MBS 
*62 


i x 'The Silver TnuL 
Richmond Pond 07. 
Do. Platinum Bd.._. 
Do. Gold Bd. ... ._ 

Da.Effl.B7'02Bd 


109.1 
178 a 
1350 
1186 
1649 



£ Rothschild Asset Management (C.f.) 

4 84 P.O.Box OT. SLJuiiane CL Guemae?. 0481 2®3I 
496 O.C£qFr SepL 29. W3 
O CJncFi Sept 1- 1615 

2-81 nc Inti Fd.t S136 

iTTSmCoFdSeptaa 1525 
OC OKninodity* - 14*6 


P 0 Box 320. Sl Heller. Jersey 0S34 37381. °.SSS?S(S4"B%» ditilhB <*■ 13 



Clive Gill Fd.fCJ.i. [9.74 
ClntoGlIlFdiJsy 1 19 71 


9761.... J 1LM 
9 .. . J 11.80 


Fixed hot. Dep..^ 

Equity 

Property 


1268 

&9L5 

Sms 


Managed Cap 148.8 

Managed Acc — — 1863 

Overseas... — 129.7 

GUt Edged—. 1255 

American Acc UKA 

Pen. F-LDep-Cap 1298 
Pen.F.I.Dep Acc. _. 1521 
Pm. Prop. Cap. — K175 

Pen. Prop. Acc 2698 

Pen- Kan. Cap ZUA 

Pen. Man. Are — 277.4 
Pen-GikEdX-Cap _ 1225 
monism Pea GUI E& Are . 1302 

01-423 1388 Pen. B .S Cep. 1261 

Pen. BS. Act MSI — . 

Pea DA-F. Can - M3 6 

Pen. DA-F. Are. — 1068 


133-51 

201. 61 

174 

156.7] 

19AD 

m 



\EL Pensions Ltd. 

MUtna Court. Doridng. Surrey. 

Nelex Eq. Cap. JJJ8 _936j 

Nelex Eq- Aom -U238 3298) 

S5ex Money Cap--|tt.|9 662] 

Mon- AccJS7 


9811 


Ne lex Mon AccJ57.7 
NdexGthincCap-l53.fi 
Nelex Gth lac Acc_B5.7 


567] 
■all 

Nel 31xd. Fd. Cap_|4B5 5XH .1111 

Nel Mad. Fd.Are_- 1*9.7 52j] ..._ 

Next Sob. day October 25 


NW Pensions Management lid 
48,GraceehurcbSL.ECSP3HH. 01AW4200 

u^.^i. - 

New Zealand Ins. Co. (U.K.) LtdV 
Maitland House. Southend SSI 3JS 0702S2BS5 
Kiwi Key lnv Plan. I 


g<riityUoiu inaog - -ooa - 

SdBd 'Kxre Cnic £1354 1* 33 -0 i# — 

tiESr—EL ”T 50 J 

Property Accma.-- £13.01 — ...... 

Mn^ Accum. ^ _ 

1124 - 

1061 -0.4 — 

183.6 
965 
998 

3082 -13 — 
117.1 ... | 

110.3 -04} 

106.4 
971 

lOM 
425 


aidDrtiSu 979 

2nd Gilt 9L2 

2nd. American-^ B-9, 
2ndEq-P«-05jAre. . 1022 
~ ma/Are - 118.6 

Pet*/ Are 1040 


Dep-Fentu AccjULO 
. . Gill Peas' Are fili 

2tKLAm.Petm.’Are. 963 

LftESIF W0 

L&ESJF.2 f2afl 


157.4 

.I860 

115.9 

99.6 


Do. Initial KBL9 

sas 5 ac? 2 a« ^- r , , 

, *C mr eat mute value October 3 
Beehive Life Assur. Co. LtdV 

TLIaaobard SL.EC3. _ . 

BHl Dorse. OcL 2 — I 138.78 HL55J — 

Canada Life Assurance Co. 

ZG.HiEh SL. Potters Bar. Hen*. PBar 51122 

R^S t F^d-^w- 4 7.| Sl I ‘--’I — Hearts of Oak Benefit Society 
Cannon Assurance UdV 15-17. Tavistock Place. WC1H95M 01-8875020 Small Co's Fd 

nOiymtocWy- WembtoyH-WOVB 01803 8878 HemteofOak p78 393] | ~ 

Hill Samuel Life Assur. UdV FarEanFd 1 
NLA Twr . Addisrombo Rd, Cray 01-8W4353 — 

•J Property Units ... |16I8 1693j +Lfi 

Property Series A _ IDS 1 118 7 +08 

Managed Unite — 170 4 179.4 -0 

Managed Senes a. 1006 105.3 -0.7 

Managed Series C . 972 102* -88 

Money Unite 1221 128.1 

MonrtSeriwA^. fiB.fi 101.9 

Fixed InL Ser A.... 931 961+02 

Equity Sen esA — 96.7 1818-1.4 
PoxTlAanaged Cap.. 1468 153.7 -12 

Pns. Managed ACC 155 6 163.S -08 

Pitt. GTewJ Cap ... 1861 112 4 +0* 

Pns.GTecd. Are. _ 123.9 llfifi +08 

Pens. Equity Cap.. 1072 1129 +07 

Feni. Equity Acc„ 1061 • 11AJ +11 

Pns.F\d-lm-Cap... 960 10U +1J 

Prv.Fvd.InLArc — 97 4 182* +1* 

Pens Prop- i'-sp .... 964 10U *0 3 

Pens Prop. Are. }9JB !B3iOf +0.t 


Sblar Managed 5 (ULi 

Solar Property S . - 111* 
Solar Equity d — . 1728 
Solar Fxd.rnLS._. 117.3 

Solar CashS 101-6 

Sol or Inti. S 1069 

Solar Managed P... 1312 
Solar Property P. — IDJ 

Solar Equity P 172J 

Solar Fxd-lntP — 117.1 
SolarCaob P — — J1D1.4 


J Z Solar IntL P ftOOJ 


138.61 -01 
119.6 
iai.fi 
123.5 . 
1068 +01 
107.2 -4J 7| 
1362 
1MJ 

1BL4 -0.B 
1232 +01[ 
1078 +0ij 
1071 -Q7| 


- 

Curreni value September 26 
Capital Life AssnraotceV 
Comiston Bouse. Cbape] Ash Winn I«B38S11 [mpertalHouoe. GuUdhvd. 

SS&ffisrl sa I :::::! - <■« nw*+=»,-. 

Charterhouse. Xagna Gp.V 
Stapbeason Hre Brunei Cento*. Bletehler. 

Mirton KeynettHOSefilZS 

Oirthae Energy — N3 *0-3 i — 

8S&£fia3a'Bf I 

®SSSS“ 

Magna Managed. — 1518 

City of Westminster Assur. Co. Ltd 
RingWrodJinroe. 8 tolti.ritovre Boad^^ 


1048 


1623 . 

1U.6 . _ 
1220 +0 3) — 
1048 . , 

1129 +0.4[ 
127.9 . , 

1163 +01[ 
10291 


Son Alliance Pund Mangnd. Ltd 
Son Alliance House, Honham 04(081141 

- 

Sub Alliance Linked Life Xaa. Ltd 
StmAUianeeBotun. Horsham 04038*14] 

iSj 

Property Fund 1128 

International Fd . fli*0 

Deposit Fund 9*2 

Managed Fund — . 1126 


i«|~io - 

fldqfi Z 


Con. Dqusit Fd._|97| 

Norwich Union Insurance GroupV 

TO Box 6 Norwich NR13NG. 000323200 

Managed Fund . — t21fi.fi 231 41 +0.1! 

-EquityFond . 363.4 3825+0^ 

Property FUnd.._. 1325 1394 +0 1| 

FixedlnL Fond — 1538 161.0 +0.1 

Deposit Fund- ..... 107.8 . U2.6 +0.1. 

8Nor.UmlSpL15_ 2286 

Phoenix Assurance Co. Ltd 
*-& King William SLBC4P4ITR. 014DS987B 

Wealth Are ..’ |U64_ 1227] I - 

Eb r. ph AM 1 . O-t . . I — 

Eb-r.Ph.EqE |KLT 86 1! — J - 


Sub Life (rf Canada (U.S.1 Ltd 

01-6805*00 

Maple LLGrth 
Maple LfMangd 

ssiiwlW- 

Target Life Assurance Co. Ltd. 
Target House. Gatehouse Rd. Aylesbury. 
Bucks. Aylesbury 1 0286) 50*1 


2116 


1364 

, |1(|( 

• 1370 


212.7 



Man. Ftrad Inc - — 
Man. Fund Are. 
Prop.Fd. Inc. ... 

Prop. Pi Are 

Prop- Fd. Ini-. 

Fixed lot- Fd- Inc 
' Inc. 


(m7 iaf 
uojj U6i] 

1420 
[109 0 


Dep-FdLIi 
Ret Han: 


Imperial Life Ass. Co. of Canada s silk Prop 3d.__t 

TIMS' S£?agSJroT“~ 

... [766 B33|-2« - Flex Money Bd. — [ 

Pe3«.Fd.ScpL28_.)705 . 76 7) -2 - 


Prop. Equity Sc Life Asa. CaV 
lift Crawford Street. WlHSAS. 01-4880857 
R Sift Prop 3d.. IK 6 

Do. Equity Bd-_ j . 7^7. 


518 


ui-enw 

1=1 r 



Croydon CR0 23 A 

Parmund Fund — P-?- 

Money Fund 125 5 

-GiHftiad 623. 

PULA Fuad 17LB 

Pens Mr-K >. Cop. 1263 

Fens. Mngd Are... 130.9 
Pans Money Cap. . 06 
Pens Money Acc. _ <98 
Peas Equity Cap.. 563 
Pens h'qalEj- Are « 589. . .... 

Fund nnrcutir c ooed Ts new invest meet, 

Perfi/roi Lmte .1 2184 I . -1 — 

CUy of Westminster Assur. Soc. Ltd. 
Tdcrttoae Ql-VK 

ES^SsiiM^gS 5 ■’231":} = 

Commercial Union Group 

Sl Helen s L Undmhaft. ET3. 01-2837308 

VrAnAeAtSetM 23 1 6V.37 j j - 

Di Annuli) - Lu — J 1952 t ... .( — 
Confederation Life Insurance Co. 



1 nil Linked Porttoh 

Managed Fund. 

Fixed InL Fd )96 7 

Secure Cap Fd. — [fi T72 102 

Equity Fund [1002 IK 

Irish Life Assurance Co. Ltd. 
1 U Finsbury Square. Ed 
Bloc Sbp. Sept 32-BO.S 

Managed Fnnd 12363 

Exempt. Man. Fi -(lie S 


Property Growth Assur. Co. LtdV 
Leon House. Croy don.CRSTLti 01-6KIOOM 

Property Fund - 


. . Ac.Pm._ 
ReLPlonCapPen— 
ManPen-FliAce. ~ 

Man Pca-Fd-Cop— 

Gilt PrnFdAcc. 

Otlt Pon-Fd. Cap. _. Hg* 
ProtxPonJdAec. 
PropPreFri Fnp_ . 
C.uarFen. FdAcc _ 
r. uarPmi . F il Cap. 
D-A-Poa J'dAcC--... 
DA.PeaFd.Cap — 


RT 


I5l5 

1511 

950 

958 

958 

9S8 


1069 . 

1015 , . 

805 +0.3 - 
667 +84) — 
1361 . 

1265 . 

1365 . 

1293 . 

1595 . 

1591 . 

1900 . 

1008 . 

100.0 . 

1000) . 


Prop- Mod. Gth.-. 


1821 
1199 9 


King & Shnxson Ltd 
S3. Coro hill. ECS. 

Bond Fd- Exempt --[U2-Z3 

Next desting date OcL 6 


— Property Fund (A) . 

— Agricultural Fund. 

Agric. PlmdjA).. - 

Abbey Not. FontL- 
Abbey Not Fd CAJ. 
01-0288239 Inwstrwmt Fund > 
580 Investment FA (AJ. 
Equity Fend 
Equity Fund i A3 .... 

Mono- Fund 

Money Fund i A*_.._ 
Actuarial Fnno : . — 
Gill-edcad Fund- — 
Gilt-Edged Fd ■ AL- 
01-023 5*38 *RetiroAaninty — 

IffJSW+fllOJ — Shnnied AnnTv..-- 



Prre Groirth 
All Vihor Ac 111 
VA1I tt'earherCsp . 

Slav. Fid I'il. - - 

LanghsmHs.Holntbn)okDT. NW+. OU03SB1 r^S^TFd 1 "" 
Ungham-A-Plan .|67.4 718] .... J _ - 

SProp Bond - -„_ll44 4 lfig .._J - 


_ iAngham Life Assvnnee Co. Ltd 


Wisp .SPl Man Fdf77i 


Legal & General (Unit Asnrr.) Ltd 


3:..^ 


King!. wood House, 
Store*- KT20 8EU . 


Cash Initial ! 

Do. Accum. 

Equity Initial 

Do. Accum. -. 

Fixed Initial z.. 

Du Accum. .......... 

toll initial— 


50. Chancery Lane. WC2A 1HE. 

•Equity Fund 1738 1E2 

•Managed Fund — I9U_. .200 
•PIP Fund — ,4*LS 
Rsnal Pen Musd_ . W5 ® 

SU€faAHnjrd.fiL«. 795 ' D 

Group Mngd "Pen IW6 

Fixed InL Pen....— . -2078 
Kqnitj' Pension — Mil 

Property Pemuoa .. S?J 

CoruhlU Insurance Co. Ltd 
t'orahiil, E.C A 
Cap. Feb Sepi 35 W50 

GBSpcv Sepr.L — 

MaGtiiFdSetn 20 1185 S 
Credit & Commerce Insurance 


01-342(1262 D® *«bbl.- -- — [103 6 


Managed IniUaL ..021 8 
tta .'finis --......11249 

Property India] — [1062 
Po. Accubt 1028 


Kuignroad. TssJvwwth. s 
Bureb.fiesthS.1456 


{968 

1985 

{127.6 

,1389 

U72 

teas 

aSi 


___ Legal A General <CnU PMulansi 


Bureb Hex 
1011 ... 
1837 
1344 
137 i -8^ 
123.4 .._. 
3267 
1061 -0.51 
1893 -0.6J 
1283 ... 
1335 -01, 
1035 +01 
108.3 +0.1 


fti!. r JH - 

pi 20 |iaS S M551 . 1 - 


Exempt Csshlnit 
Da Accum ... 
Exempt Eqry.Init. 
Do Accum. ■. - ... 
Exempt Fued I oil 
Do. Accum — 
01-0285410 Exempt Mngd. IntL 
Do Accum 


197.8 
1002 
1313. 
1366 
IM7 
1175 
129 2 
1324 


Lid. 


Cnv. Pn* 

Man. Pena. 

Man. Pen*. Cap l-t 
Prop Pens Fd. 
Prop. Pens': xp Vte 
■ • .Soc Pw 

See Cap lil._ 



Translnternatimial Life Ins. Ce. XAA. 
2Bmuu8ldga.EC41NV. 01-4096487 


Fd._- 

JTd— 

Mmi Be 

Man. Fen. Fd. Cap. 
Man. Pen. Fd. Are ., 
Waned lav Fd lntl.. 
MngdJavJ'dAre... 


[152.3 

120.6 

1253 

1298 

1361 

103.4 

103.6 


Trident Life Assurance Co. Ltd-V 
Renoiscle House. Gloucester . 045236541 



icm». 

U.K. Equity Fra»d„. 

Hfebrai 

Gffi Edged 

Manor — 

Inlaraadana] 


mi 

ML4 

UB5.7I 


- Fiscal 11298 


— firoirthCAP., 


— Growth Arc [1347 


— Pena Stngd. Cap.— 


— Pens. Mngd. Acc. ...1224 6 


Providence Capitol Idle Ass. Co. Ltd 
30. Uxbridge Road, wisspc 01-748811 1. 

S*iMHFd.(^.- 


Pcns.Gtd JJep Cap-. 
Pena.Gt6Pri>-Ace. 

Pens. Pptj" CeP - • 

Pena Pro. Acc. 

TrdtBood ... 

“ttduC.I Bond—.. 
+Cash value 


134.7 .... 4 - 

158.1 ...... 

1MJ +0.1! - 

919 -83 
1223 -01 
1SU 

110.7 
131* 

112.0 -0.4j 
1375 
137* 

1426 

1253 -1 1 

132.0 -0.51 
110.6 -+0.A 
mil +qg| 
1222 
1284 

393 

W-fc \ 

for £100 pmdum. 


WXJ 


1166 


103.9 

1891 

1154 

1212 

37 3 0 


103* 
1055 .. 

1«5 

143#..-. 
120 # ..... 

1237} . ... 

at:- 


SclMkt.Fd SJ 
Pension Eq«*7> — 
Pmuoon Fvd InL— 


- EquIri Fd Cap 

- Equity Fd Are. 

- Fxd. Ini Cap . 
F\d.ini Are... — 

_ Inml Cap 

_ JomLAtt-- 

_ Managed Fd • ap 

_ Managed Fd Arc 

_ Proper Fd Cap 

_ PnmenyFd Aet_ 


HI 

963 


1867 

1148 


1363 

1426 

... . 

1204 

1241 


474 

506 


474 

soo 


467 

491 

-0.4 

(67 

491 

-0* 

474 

5ffl.fi 


474 

50.G 


474 

500, 


■47 4 

U E 


M71 

49 7 

-0 3 

*71 

• *97 

-0.3 

(74 

506 


1*7.4 

SOB 



1133] +3.3 
1133] *02 , 


651 


C&CMasd. I 

Crown Life Assurance Ce. LtdV 
Crown Ufe Msa, wakiruL Cfairt 0*W2 50S3 
Mane d Fund Act- -J107.7 
Manc;dFd. tarn. ..(107.7 
Mnng dFd. Util.-' - fJSJ- 4 
Equity Fd Acc -. |100 3 
Equity Fd teem... -1100 3 
EqvtarFdfRif-— --ff§ - 
Property FA Are .. 962 
Property FA lnem.,962 
property Fd. Ini!. - I?52_ 


1079 

96.9 


113.61 -0.V 
J02J| +oi] 


Provincial Life Assurance Co. Ltd 

ExtrtptPrflp.IttiL.W78 103 Of .. .1 - 222.Bisbep«ale.EJ:2 01-2476533 

Do. Accum ]l002 1055J.....| - ^ Managed Fd.. 0291 1360|+L1J - 

„ Prre.Cash Fd - - ».» Ill £1+0 5] - 

120. Reg«Lsi_ London W1R3FE. oi-CTTWl Legal & General Prop. Fd Hgra Ltd MdS tS ^ " 

CACMagilFd. . . 1122.0. 132BJ.....1- II. queen \ irfuia SL. EC4.N 4TP 01.2«IWT8 Eff.:.. ^ 

Utfifrp.Fd. S+p!. 6)97 X 101.7| _ Kd fiiLFiiad i 

he vi sub. day Ort. 2. 

Prudential Pensions Limited} 

Life Assur. Co. of Pennsylvania umbiTn Bar.sEClN iNH 0I-4OQK23 

3H42Ne«BoadSt,«-17«lRQ. . CM-481B98S 1 “ 

LACOP t>wU— ..... [990 1040| J - jgltt ""i:! = 

Uords Bit. T-nit Tst >Ingrs. Ltd Reliance Mutual 

71 i !>ombbrrf5;, EC* 4:-623l2Q8 7unbndge6'rtl«.Kent. 0802 22271 

Eaempt [10?.* ,U&8[ ....4 7.27 Bel.Pio? Bd* ...| 205 3 | +2.8| - 

Rothschild Asset Management 


Tyndall Assoranee/PensiensV 
16 Canynge Road. Bristol. Q2723224I 

S-Way S«pi 28 

Equity Sept 28 1 

BoadSepL28.. -. 

Proparty Sepl M 
Deposit Sept 28 . 

3-WayPn. *wpL 21 

O'acH Toe. Sept 38 

MnPnj-WSepH 
Do Equity Scpt-1_. 

Do Bond Sept 1 

DaPnnhSept.l 

Vanbrugh Life Assurance 
41-43 Maddox St, L*1 WLRBLA. (IM994SE! 
Managed Fd 
EqaityFo- . 

Intnl Fund . 

Fixed Intent Fd.. -i. _ 

ara,d d .;--te2 


1281 


1759 


167.7 


1887 


129.5 


1537 


. «9 


1742 


2718 

||| M1 

1806 

„„„ 

87.0 



H51.6 

1591 

+0.6 

245.9 

2513 

-0 1 

1041 

1096 

-8 3 

1679 

17LI 


1474 

1552 

+J* 

1204 

1268 



577 


ifl' is Ftf Arc k -.]1J71 


Property 
Ini Ts _ 

Inv.Tst Fd Irem. 


Intffr’l Fd. ire. -[U7£. 
InrcriL Fd. Tncsa —i|17' 


Money FdAcc 
McciefFd Inr- 


-11178 

„.W7B 
. .47* 


Siffl^dTacm.. ‘ ‘Bgl • 332J. -J 6.1 
Cttwa Bxt-hRp'A — [167 A — 1-^-4 — 


02 
-0 ■ 

-0.1 

-0 3 - 

+ 0 ? — 
+ar'- 752 
+o.a - 

_ -0 5! 571 
11331-OS - 
11221-9?. 

10*4 .... {3154 
1044 . . I 
124 P) -0.4j 426 
Wfr-a? - 
102 2< 1800 

IE If — 

6.36 


Llojds Life Assurance. 
30, -n-.fcoa St, EC2A 4M.X 
M11iGtb.Sep.fi . .j 1'JJ4M 

Op. S'.VPt.Sepr 38 . ! J*0 6 
Op 5 -A'Eitl Sepr 38.^42. D 
OpS'A'HY SepUB .'l57J 
Op;5A-M*!i£epta.. , S75 
Op.S ATiiaS«|K38.- [122.9 


1*8 W 
1«§ — 

165.ff 

165 ft . ... 
129 ft 


St. Svnlhin* Lana, Lflnduc. Ei.'4 teASSISsa 
N.C. Prop.. - 1.1120 4 128 3i +3 3f - 

Next sub. d«y Sapt amber 20 

Royal Insurance Group 

New Hall Flare. Liverpool. 051 2274428 

Royal SaMu'd Fd.— [1467 1564 I — 


Vanbrugh Pensions Limited 

41 -43 Maddox SX.; Ldn WlRWA 01-488482:- 

.Uaaaged ...1011 1065). . 

EbbiSl - 1M-7 1153-01 

Fixed Intereri- .... 98.1 10331 

Property 990 W% ... . 

Guaranteed aea 'Ins. Bare Rales' table. 

Welfare insa ranee Ca LtdV 
Wiiislade Park. Exeter 0M2M15t 

UMaraulcorFd 1 110 5 I . ..; 

Fnr other funds, plcaxn refer to 7 be Loadn 6 
Manebeuer Group 

Windsor Life Assur. Co. .Ltd. 

Royal Albert Hae, Sheet St -Uindfor • 68144 
Life lnv Plans. . [76 4 71ft 
FuturtAssdGthiai .22 60 
FutureAsMLGtlk'D-.{ 44 09 
Bet A*id DWIJ L2640 

Flex. lav. Growth ~ (105.5 ill e| 


Comhiii Ink (Guernsey) Ltd 
P.O. Box 1ST. St Peier Port. Gt»m«nf 
inmLSIan.Fd [1773 193.01 \ - 

Della Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta lnv SepL 18.. [SCSUt 2JK7! — 4 — 

Dentscher Investment-Trust 
PntiBrfa 2685 Biebereasse A i 0 6000 Frankfurt, 

Cmoantra [IM 21tifi 2ZU|+0J>j[ - 

Int RoMenlQnds. _]M US 7tLfl|-07B| - 

Dreyfus Intercontinental lnv. Fd. 
PO Bex N3TLL, Nassau. Bahamas. 
NAV-Sepl.26. - ..-jnsUiS— •- DS7i-:..-.4 - . 

Emson & Dudley TsLMgLJrsy-Ltd. 
PO. Bex 73. St Heller. Jersey 0S342ffi91 
E.DI.C.T. ... -. .1127.1 135 a* . ... | 3 00 

Eurobond Holdings N.V. 

Uanddskadv 24, WUJemstad. Curacao 


T Price# on September 21. Next dealing October 
ft 

Rothschild Asset MngL (Bermuda) 
PO. Bex 664. Bk. ot Bermuda BtiL. Bermuda. 

Reserve Asseu Fdl Sl'SlOO i. i — 

Price an Sep*- 2tt Next dealins Oct 3. 

Royal Trust (CD Fd Mgt Ltd. 

P a Box 184. Royal Tst. Hre. Jersey 0*3427*41 

RT.InfLFd. gm72 !I3B | 308 

RTInn.fJir.1Fd MO.O 96ft I 321 

Prices at Sept 2& Next dealing Oct 6 

Save Sc Prosper Inte r national 

Dealing t«r 

37 Broad SL, St Heller. Jew? 0534-2MB1 

VJ. DenardraesriBHed Fuads 
Mr.Pkdtot-t 1930 9»|.. .[ 7» 

E*- - 1 = 


InternaL Gr.-J 
Far Eastern*? 


5L16 


5531! 

ltlSl-OlS! - 


Stfrliox-d+nomlMIrd fnads 

Channel Capital*.. B46J 259 9 - 


Channel UlatulsO- 
'*omU»d.“**t .. .. 


SL Fixed™' 


London Acento- taWL IS Christopher £l. ECS. st Depwit 

Tel #K47 7143. Telex.- M1440& — 

NAV per share September 28 Sl SOT ft* 

F. & C. itlgnti. Ltd. Inv. Advisers 
I -2, Laurence Poont aey Bill ET4ROBA 
01-823 4BB0 

Cent Fd SepL 20_.| SUS62* I ....i — 

Fidelity Xgn*. Sc Res. (Bda.1 Ltd. 

PO. Box (RD. Hamilton. Bermuda 
FldeHtyAm. A*S.--| 51TSZ679 


3562 

1321 

1803 

1144 


1624 -J 
139.1 
1004 
1210 


478 


FI debt? Int Fund. 
Flttellty Pac. Fd . 
Fidelity Wrld Fd .„ 


SL'S24.64 
Si:S5779 
SU516 62 


I-051J - 
1*0 09] - 


625 

. . _ . U 49 

Prices on Sepu 26 ™Sep: 27 —SepL 26 

Schlcsiuger International Mngt. Ltd. 
41. La MotteSt- Sl Hriier, Jersey 0534 T?.m 

S A.I.L- [ 

SA.O.L 

GillFd - — . 

Inti Fd Jcrxev .. . , 

Tefnl Fd-Lxmbre -l 
•Far East Fond, t , 

•Next aub. da? October t 



86j ... 

8.43 

092 

8«K . .. 

464 

ZZ4 


1217 

10608 

U2kS-3M 

328 

1154 

uwl-ooi! 

_ 

Ml 


280 


Fidelity Mgmx. Research (Jersey i Ltd. 
Waterloo Rse, Don Sl, St. Heller, Jerxr'- 
0534 27561 

Series A (total. I... .1 £439 >*0 if4| — 

Series StPaciflcL j £3.0.53 , — 

Series D fAxoAss.*! £1932 ! . .1 — ' 

First Viking Commodity Trusts 


Schroder Life Group 
Enterprise House- Portemouth, 

International Fond*. 


orror 


i Equity _ 
SEquite-. — —w 
£FI Kid Interest. - 
5 Fixed Interest 
^Managed 


117 1 
1423 

m 

1308 


Utaaaged H24.2 


124 51 
151ft 
1467) 
113.4J 
139.ll 
1321( 


6 SL George's St- Douglas. Lo M 
0624 4682. Ldn. Agte. Dunbar Jc ff 


53. Pall MalL LoodonSW17 WH 
F«. Vik Cm Tst -(Ml 16 2i 

[690 TO0| 


Ltd. 


FaLVk.DbI.Op.Tu 


P MD0 7657 
250 
4.10 


Fleming Japan Fund S.A. 

37. rue Noire- Dame. LuxemHrwc 
Fleeting Sept 27. . | 5CS65.H i ... . i — 

Free World Fund Ltd. 

Butterfield Bldg , Hamilton. Bermuda 
NAV Aug 31 J SUS194 91 J ... . J - 

G.T. Management Ltd. 

Park Hoe. 16 Finsbury Circur, London EC 2. 
Tel: 01428 8131 TLX: 880100 
Imdon Agents tor 


J. Henry Schroder Wagg de Co. Ltd. 
120. CheapSide. EC J. OKVS40M 

Cheap 5 SepL 28.. J 12.19 :+0S2< 2 58 

Trafalgar Aug 31 . 1USJ43J5 ‘ .)- 

Anas Fd.SnA.19.. |«TE2230 OtA ..I 141 

DarUngFndScirtSB SA2.84 222 *M 

JapsnFri. SepT2I. PUS646 «7| .. . 4 0 4* 

Sentry Assurance International Ltd. 

PO Bov 326. Hamilton j, Bermuda 
Managed Fund. BF62JH 2JM| . ..[ — 

Singer de Friedlander Ldn. Agenta 

20, Cannon SL. EC*. 01 -2480AM 

Pefcaloud* ID3C27W MBH .. ) 5 96 

ToIitxiTb. Sept 1 ...J SC S 40 DO | | 155 


Anchor 'B' Unite — 
Anchor Gill Edge .. 

Anchor Int Fd 

Anchor In. Jar. Tsi 
Berry Vac Fa 
Benr P»c Strig-„ 
G T Airis Fd. .. _ 
G.T. .teia Sterling. , 
G T. Bend Fund .... 

G.T. Dollar Fd. 

GTPacifirFd ...... 

G.T PtuIlppjneFd 4 


•n 2] 


UB186 113 

^900 . 90ft 
BCSS17 5« 

W>2 3Z3 

, STS5734 
134600 363.92 . . 
fiHKMK Lfl . 
106.60 17 83 

SI.:S1400 j -4 03 

WS732 -001, 

, STS1711 J-9 vW] 
ITS1I74 


191 
12 88 
Ifi2 
101 
070 
093 
1J0 
3 12 


Stronghold Management Limited 

PO Box 315. SI Helier. Jersey. nS34-71«D 
ConunadityTroS |92.fiJ 97.82] J — 

Snrinvest (Jersey) Ltd. lx) 

Queens Hoe Dm) Hd. SL Helier. Jay. 0534 2TO40 
American IndTn..J£7 71 7881-008] — 

...0156 UN-D.U - 

. 1*1126 11 4fi|-028l - 


Gartmore Invest. Ltd. Ldn. AgLv. 

2. Sr. Mary Axe. J-ondon. EC3 ni.3S33!U| 

Gretmore Fond MngL (Far EmO Ltd 
1503 Hutchison Hre 10 Harccmri Rd. TLKona 
HK&P»C-C.T«.T_[iTOfiS 4200* . I 1*P 

Japan Fd.. . PTIUB HHfl .. i 

N American Tbl_ STiElB DHfij . 
tolL Bond Fund. [515U37I ISStH .. .. | 


TSB Unft Trust Managers (C.I.) Ltd. 
Bacnt+Iie Rd.. SL Sannur.jBr'p* D374774M 

Jernej- Fund [512 5Jfi[ j 4.« 

Guernsey Fb&d .. J512. 33.91.. i a« 

Prices on SepL *7 Neat sub. day Q« 6 


osa 

Tokyo Pacific Holdings S.V. 
iDtimf.'* Management Co ,VV. Curaran. 
OSS* 2331 j NAV per share Sept 25 STTSTOBT. 


Gartmore IxTcttmnt MngL Ltd. 
PO. Bo* 32. Douglas. lull. 


Gortroore IntL Irtc„|23 6 . 23.1j . .j 10 30 


Gartmore Inti. Grtfa|77.2 



Hamhre Pacific Fund Mgmt. Ltd 

31 ID. Connaught Centro, Hong Kong 
Far Earn StmtJ27 ..BHS1S37 li«l] . . J - 
iJ apan Fund RKfi® ID JH +0.21! - 

Hambros, Baril (Guernsey) Ltd/ 
Hambros Fd. Mgrs. (C.I.) Ltd. 

P.O Box 86 Gucnisev 

CLFtori ' 

IntidBond S1JS 
Int SI'S 

Int ^gs. ‘A’ SCS 

Int S»g<. ‘B" JUS 

Prices oa Sept 27. New dealing Ort 

Henderson Baring Fnnd Mgrs. Ltd 

00a. fiatnawn Hflure^-Hong Kong 
JapanFdScpt ai.m:<32.7l I - 

Banng bend. Bond Fd. Scot. 15 si’SHiaU. 
'EsrtattvQ of any prelim, rharscs 

Hill-Samuel & Co. (Guernsey i Ltd. 

B LeFebvre Si. Peier Pen Gacro-e;. ■. 1 
Guerof^ Tsl ....[1586 169 71+0 it 3 51 

Rill Samuel Overseas Fund S.A. 

37, Rue Notre- Dame. Luxembourg 

pwuii ajTi-oazf - 

International Pacific Inv. Mngt. Ltd 
PO Box B237. 56, Pitt St. Sidney. Anrt. 
Javelin Equity Tat. 4SA2.40 2 52' -001; - 

J.E.T. Managers (Jersey) Lid 

FO Box 184. Ro>aI T« Hee. IwrexOB* 27441 
Jersey ExirnL TsL . [197.fi 209 0| . i - 

As al August 31. Next mb. day Sept 28. 

jjardine Fleming Sc Co. Ltd. 

|4«h Floor. Con n Might Center. Hons Kong 


>20 Tokyo Pacific HIdgs. (Seaboard 1 V.V. 
iittunie Kanagement Co XV, Curacao 
NAV per share Sepu S SliSSl.84. 


Tyndall Group 

P.O. Bax 1256 Hamilton S, Benmtda. 22760 


ii'wtas SepL S7 — .Ul&IS 

lAcrum. Lai tel fSTTSlfi# 

s-War InL SepL 21 ..|ltS I# 

2 New SL. SL HfUter, Jersey 
TCiFSLSettt 28 - £800 
i Accum. S ha res) — 02.80 
American SepL 28 . 903 
i Accum shares). ..903 
Jeraey Fd. SepL 27 219 6 
•\oo-J Aw ifS-i... 3166 
Gilt Fund SepL 37.. 1862 
■ Accum. Shnrcsi . .. 1410 
Victory Haase, Dt 
Ilanaged Sep:. 21 


\% 1 " 

053437sn;s 

8 60( r 600 

1370 - 

fi7J .... 2 00 

97 0 - 

232J 680 

3294 .. .' - 

1062 .. J U09 
X06| . .1 - 
Elat, Ideal Hre 88!* SCIU. 
1362 1434) ..> ~ 


rid. lntnl. MngmnL (C.I.) Lid 
54. M'llca+ier Street. St Helirr jersey 
f I B Fund (SCSUZ37 1041ft . ....( 7.92 

I n 1 ted States Tst. loti. Adv. Co. 

!4 Btie Aidringer. LuxenthocTi 
I'S Tst. lnv. Fnd . I n-S11.07 J+flOi! 8.90 
Net uxit Sept 2& 

5. G. Warburg & Co, Ltd 

30 Graham Street. EC2L 014OO4S55 

Corn-. Bd. sept 28 [ SI S966 |-(10J1 _ 

' SUS1B.7I 1+0 Oft - 

traw J . . ; - 

"ia u*fl . ...M2W 


Warburg Invest. Mngt. Jrsy. LuL 

•.rhanncCrws.&.HeJrer.Jgy.'rT 053473741 
i’WF (Jd -Ana 31 _ ISFSDS _ ti* 


(JarxhnoEtta-T+L . 
iJardinerno Fd*.. 
JardlneS.EA. . . 
| Jardlnc FlemJm 
IntLPae.Seef. (Inc.*. 
Da. Arcumj. .. , 
NAV SepL 14 


HE 537552 
HK540198 
31-S20 46 } 
HK51202 1 
HKS1491 J 

HKH5.Q6 [ 

■Equivalent SLS8463 


1.90 

080 

170 


' MT Ltd. Aug 31 . 
U eultTrt SepLSL .. 
TVT Sept. 14 . 
TifT Lid SepL 14 . 





Nest rub Oct. 6 


World Wide Growth Miniffineiit^ 

Ida. Boulevard Royal. Lusentbourg 
Worldwide Gth Fd, St*S16U [-3.0*: — 


NOTES 


Pr i ce f.?S ^ W* K PWMum rtW «1i«e tndieated* and are m peace daleu olheruvse 
indicated. >ield? *a ahou.n in law ' nluirra allpu for all bueme exp*n*«. a Offered pnrn 
Include all rtpcasn* b Todat 's pnc«s r i te!d based on offer price, d Efj mated, g Ttedav a 
topeama pnre b Dianbutioo free of l' K taset p Periodic premium hi wraaw pirns* t S ncle 
premium i aniranre x Offered price includes all evpento- fi'tccpt sient” coinaia tou 
[> Price include* all eypen*cs il boaghr iluouitii nuuageri * Frevtou£ days a?:re 

{¥ Nat of tax oa tealired cafuial cun* 4n;(-! mdi'-ried h- fl fi '.Viemur, crow, p sliiaesOetL 
» 4 V jtid betoro jersej tax. T U Jufciunwi. a-a*****®. 





INDUSTRIAL AND COMMERCIAL 
CONSTRUCTION 



FT SHARE INFORMATION SERVICE 


Financial Times'Monday October 2 1878 

FOOD, GROCERIES— Con! 


DnMrads 

Paid 


[wce| I ?i 


Net Or e 




June Nov. [Aberdeen fima 
Jan. JuIrfAbertfnwCem 
■at Feb. OrtlAUirdPivil 1ft 
■5 0 I . ck.L 


WlAJaO (Consols Z* -pc I ■ 2ffii*d| 1911233 I 

10|Treasiiiy&pc 1 l*»«d| 25iJ 12.74 ] 

INTERNATIONAL BANS 

15A.|5pc Stock *1782 1 B2 \ 7Jl 6.10] 

CORPORATION LOANS 


IF. lAJ3mnhainKme*7Ml- 

lMf IN Bristol TtycTWL-— 

25M 25NG.UC13^c’81 

10 F IOAur. Do. 133 x 1983 

15My l IN Glasgow 9jpcW#L_. 

22M 22N Hens-StpcTMl I 

ISM 15N LmapoofPipoTOW-, 
U-AJ.O. Da 3Upc bred. _ i 
1A IO.Um.Gnp.»>4pcW«J 

3SF 28AUE LCCSpc WS 

ISM 15S Do 5»2pc 77-81 

15J 15J ItoSjpcBS-M 

IU 11D Donate TO87 

iar iiu do 6 ? 4 m‘ 8 Mo 

1MJAD. Do Spa'S) Alt. 

15M I5S Middx. 5>«pc I960 

lOMr. IDS. Newcastle 9>4peT&80- 
15M 15=NJWamckl%%l«a__ 


1033 11.54 
623 1021 
629 1050 
1029 
1137 

_*| S.E. List Premium 40V~r /based on S2.328S per D 


108 
L50 
93c 
St>€ 

ay io3r 


musi xaoiuifl on P*r « Jn|c Feb. lileetomMJ . !Cp 

iff BANKS AND HIRE PURCHASE Fefc. Aue-Jccht'oeperayi*. 

“■73 i t«^i i i™. Mar. Scot fl y T.frrU'h. 


COMMONWEALTH & AFRICAN m 


UKmtSjpe *77-00 — 

10 Da ^3)0? 1-32 

UD NZ.4pe’7B-TB — _ — , 

28ADaftJc7M0 

lSDDaftpc’KHB 

IN SUi. Africa 9 jpc 7581- 
10Sto.Bbod.apc B-70. 

1SJ Do.6pc'iiSl- 


95 3151 5.87 10.91 

82bri 3LB 6.66 1169 
947ft iu 4.05 1022 
297 644 1130 

f l55 9.33 1137 
2741042 13.04 
366 — — 

1265 -■ - 


LOANS 

Public Board and Ind. 

UlAgric MtSpo’SB-W 6H> 15 829 i 

31 V Alcan lOt^pc — 84^ 15 j 12.88 

IS Me'. *tr Soc'B- 27% 18 10.89 

31 D l ? SJfA'.Bpc 1982 142 155 6.48 

31 D Do niLbuui Warrants _ 92 I55{1020 | 

Financial 

rw.1 FFI !9fl! 107^ 7C 6112 68 

ISN D-j. Upc 73 108i ; ■ iil3 76 

200 Do Itoc 85 109 21913 30 

SOSitR’StpcDel'.’SK*- 81% id rffl 6 77 
3A.N toftpOi. t\ -V. - 77% V : 3 31 

i 1J ft) ifiijw l.’ns Lr 35.. 43 ;■> 5)ij 5s 

1IJ IU ft? Mpcl'r.sLn {« _ 94 20511.99 

IU lUCu!lVL'uLnl». %i ? » MIS 57 

3fl Jc 31 D ft). riipc.VDeo S3- Hi,, 65\. 22eill49 

3i?lr -TOS Cw TT^p-.-A IM> "PI-34 62';ri 7.311 W 

31MT30S DoSik A 74i«nl -312 12 

38F 3L4J£MFVp:i.'LR-!r. ... 72 107 12 32 


FOREIGN BONDS & RAILS 


Antofagasta R]j — 
Ul De 5pc Prcf. 

MkTkiUMn Ml’ W 

lDl'^nnin^nc-P-pc 
INjCrecbTo.’ \v , ... 
IAl r Biip.-3*S:an vr . 
lOjiWpc MiwlAs . 



| e May Dec. Bailey Fen iop. 
n n Jan. Aur. Eambercers.- 
li _y May Dec Barratc tier. M| 
c 7 Feb. Aug Beecbwtwd Ms 
jj — tenlmXp — 

ari. May Oct. Benfarm lOp. 
| a Mar. Auc Beit Bros 30p_ 
a, Aug. Ocl Blockleys20p„ 
• 5 Oct. May Blue Circle £L. 

I 2-| Apr. Nov. Blundell Penn, 
o? Oct May Creedoo Lune. 
t’S — Brit Dretfguu- 

May Sw. Brum Jksn. J 

1 P® 1 " - Jan. JulyiUrnwntee-. 

Dec. May Brjant Hktes._ 
Aug. Jan. Eun:etttH..._ 
Oct Apr. Butt Boulton £l 
_ 36 Jan- June C.Robev \-V lOp 

3 a Nor. July iVcde.'"3IiUS 

— 53 Jan. July i^irr Joba) — 

go June Jan. Carton ... 

_ 47 May Nov. CewnlRiadStan 
_ 30 May OetlCoratenGp. lCp 

_ 31 Nor. July Ct«ftin [C_ 

— 12.6 Sept Apr. CooucysideSp. 

2j May Oct CmrIeyBJdr., 

— 37 April CYaocbiD.i3)pu 
_ 3B May Oct Crouch Group.. 
— 2J A P r - Ort. DoualiisRobt.M 
_ 2.9 April Oct [D'wrjjig GJL 50 

_ 2.9 ' !m - MayiErith — 

_ 31 Dec. June FF.ACenrf‘o„ 
— 56 Dec. June Faireloaph Cons 
_ _ Jan. July F«stj. Into top— 
_ 15 Jan. July Da'A'lOp--. 
_ Z Nw. Slay Fed Land 6 Hid 
— 12 — Fndan'JofcnWp. 

— 32 — FVarvisPkr lOp 

_ 22 October FrancisiGAililp. 
_ 3f Jaa. July French Kier.. . 
_ 65 Apr. Oct. Br.Ar- 

jp. « , May Gibbs n'dy \ 10p 

w a July FeK GlewMiJU . ICo 


h S* U- KU ,r * Scot Helical e:*..- 
Pru* I 0 I M |Ctt Grs| IYE Jani July Heaf «i: \\ 1«r. 

ay _ Jan. June Hcwdcnf-tFp . 

— 87| _ Jan- July .Da^eC.-r.) 

25 4 7' B 9 — 5IP7WlWm..*V. 

_ 92 - D?c. June IGcgs&.'Iill _ 

— 511— • ,an - July Hwennckni- . 

_ — Jan - fh»Rcsltc.. _ 

_ 281 _ Mar. Sept ?P>wrir' < . !jhifl I0p 
_ 5 3 ) _ ^pr Der LDC.Sjp _ — 

— f5 a — '•ot. May toitoct Joba*n. 

_ 3 5 Apr. Ort frt.TTnrfj*r.... 


15 6 6(152 JaB * July J 

Vf, a ^ sb -Ipril Sept 

- !l $ i 8 Apr. SeptT'enrarc' 3 '.n Si. 


_ 2sj Z. Jan. . 

_ l. t[ May Not [Lawrf we w . 
73 57I $s Aa»*. Dec.fleerinWjn.aip. 

_ ill I Apr. ScptjDyljcrtPa.nl. - 

_ _1 _ Nov. JunejUllevr if 

_ To] __ Jan. JumLmda.i Bnc>. 

pi * W15 u Apr. Nov (lxi>ell <Y I • 

_ _ J “l. r Nw-jMcNeniGinjp 

__ [ __ Apr. Aug. JJtmct ft 

__ I Jaa. JunejMall: w.-n-rVnry 

__ V%| _ Nov. June Minders* Knc\. 

__ t ii Dec. Apr. .Varcrmcl 

_ iSy _ Aur. Mar M=ri«y 

_ ‘S-d “ Mar. Oct JbnhilN H:v._ 

71 Ifl 41 T eb - Aug Msyrtltattti 

— &n— ' Iar - Aug. }Trar' 3m» | 


_ 1 771 ~ Jaa - JolHMeiulle r# £ W. 
I onJ iF’eb. S-'pt l'!c..wiM«il I»i. 


WB=I 


252 1 24.71 19231 


8.74 - 69 - 

0.67 - 2C - 

3.44 - 9.3 _ 

t4 18 - 6.r - 


23 Z Apr. Nov iftiilien'Stanj iop 

?7 „ (Jet Aar |1-7.scnnrre!e 

2'q Nos. M.itjK*vi Enjineen- 

Ic Z Jan- JulyjMonk'.M 

01 Jan. JulyiSlcsrlemiJ' 


t « IJcHU 

ail 171^*; 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial SS6341/2, SS3S97. Advertisements: 885033. Telegrams: Finantimo, London PS4. 

Telephone: 01-243 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: £16 8028 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Bov 1288. Amsterdam- C. Manchester Queen's Rouse. Queen Street 

Telex 12171 Tei- 2« 555 Tele* 680813 Tel: 081-834 B3S1 

Birmingham: George House. George Rood. Mraco*: Sadovo-Samotechnaya 13-24. Apt IS. Tcti. 

Telex 338850 TeL- OZ1-454 0S22 T-Itt ?900 Tel: 200 2748 

Boon: Prewbnus 11.-104 Heussoilee 2-10. N'ew York- 75 Rockefeller Plus. N.Y. ICO IS. Mar. 

Tele* 8888542 Tel: 210039 Telex eSSM Tei. '212) Ml 4S2S Apr. 

Brussels: 39 Rue Duca le. Paris- 38 Rue du Sen Her. 75002. Dec. 

Taler 23283 Tel: 512-8037 Telex 220044 Tel 23057.43 Juiy 

Cairo: P.O. Box 2040. Rio de Janeiro: Avenida Pre*. Vsrgu 418-10. 

TeL 838510 Tel: 353 4848 

Dublin: 8 Fitzui'Uiam Square. Rome: Via delia Mercede 55. 

Telex 5414 TeL- 7B5X1 Telex 61032 Tel 078 33)4 . jjjgl; 

Edinburgh: 37 George Street Stockholm: c’o Svenska Dartlidd. BaAlambivagen 7. Oct 

Teles: 73484 TeL 031-226 4120 Telex 17603 Tel: 50 60 68 May 

Frankfurt: Im Sachseniager 13. Tehran: P.O Bos 11-1B79 

Telex: 416263 TeL 555730 Telex 213830 TeL- 682688 

Johannesburg: P.O. Box 2I2S Tokyo Eth Floor. Nihon Keiral Shim bun 

Telex 86257 TeL 83S-754S Building. I P-? CHemachl. Ghiyoda-kU. Jan. 

Lisbon: Praca da Aiegna 58- ID, Lisbon 2. Tclcx 1 271M Tel. 241 2320 July 

Telex 12533 Tel: 362 508 Washington: 2nd Floor. 132? E. Street, Jan. 

Madrid: Espronceda 32. Madrid 3. 

Tel: 441 6772 Tolcx 440340 TeL (2021 34 , 8676 In!) 

ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. Manchester- Queen’s House. Queen Street 

Telex 338850 TeL- 021-454 DSC2 Telex 666813 Tel 081-834 8381 

Edinburgh: 37 George Street New York. 73 Rockefeller Plaza, N.V, 10019 

Telex 724S4 TeL 031426 4139 Telex 23840S Tel: iS12) 488 8300 

Frankfurt: Im Sachseniager II Pans: 36 Rue du Sen tier. 7S002. 

Telex 16263 TeL S54687 Telex 22W44 Tel: 2368601 

Leeds: Permanent House, The Hejdrtra-. Tnltyrv Kasahara Building. l-d-IO IVhllranda, 

Tel; 0532 45W0 Chiyada-ku Tele* J 27104 Tel. 285 4050 

Orerseas advertiwrnent rrprefCTitatives in 
Cenlral and South America. Afcnra. ihe Middle £aM, Asia and the Par East. 

For further details plM.-e roniucL 

Overseas Advertisement Department, 

Financial Times, Bracken House. 10. Cannon Street. London EC4P 4BY 

SUBSCRIPTIONS 

Copie* obtainable from newsagent* and book* rail* wwldwirte or on regular subscription fro* 
SubscnPUon 'Deparunenl- Financial Times, London 


IJan. JuneNexarthiflfl 172 

»UWi. July Si-TKwt H/,il <W 

..to* Feb NuttBnck.ytp.. 309 
! Apr. ftet. '.Tme ftei* ir^>^ 
i Nw. July Parker Timber .. 

Feb. Aug.iP'ioe.-ux Tuab:r . 152 

Jan. July Rm him 157 

June Deg.S-WC 139 

Jan. '>rt. Redissu - ^ 364 

Oct May P.'ch'd .. Wjill iCp £5 
juiy Dee. Robm* Vfiani_ 102 

— Roft.-a:”.Nup 

Pec. July Rnulinroa inp*. 

July .Vm-. Rsaroilviip 

Nov. May Rorai'id- . . . 

Jan. June Rucbv p. Cement 
Apr. Oc*. SGBGmun . .. 

Dec. July Sabah Timwr '.tn . 

Oct Slay Sharpe £ Fuller . 

Dec. June Smart *J iIOp 

Oct May SwuhemiVv, :*p 
Nov. July Suwter> M'p . . 

July Nor. Tannaf ^ip 
July- OcLTivlurKr.ulKMr. 


JU'y Nor.fTannac ^ip 
July’ OcLiTuyliir KiuhIkw: 
May CX , tmfl7iryi''*f £; 
May OctlTra-.i-.Jf X.-npid 

Feb. Aus.fTnnnH PH»p 

Feb. Auc lUBMiimup . . 
Aug. Feb.R'crtJjStooeiCp 

Mar. Oetmtowianl 

Apr. Ort.jM.-miiS-1rs.ltip. 

Dec. JulnWzmzriir; 

Juiy Nm-jWaTls Blair 

Jan. JulyJWcstfcnricPrfxis. 
Jan. JunejWeficTt: Emc. _ 
Apr. Scot |R1iarlin/sEi?._.| 
Nov. sfjylwwrch m SS® . I 


Mar. Oct. iVnjonr On. li*? 
7. Oct July ViljmM'iiQgui]-. 1 
May Ocl HimpcyiGeoi.J, 


MariAKZD 1 £l0t 


Manchester Queen’s Rouse. Queen Street 
Telex 668813 Tel 061-834 8381 
New York. 75 P-orkefolier Plaza, N.V, 10019 
Telex 238409 Tel: i212) 488 8300 
Parts: 36 Rue du Se-ntler. TM02. 

Telex 22W44 Tel: 236 8607 
Tnltyrv Kajahara Building. 1-fl-Hj t'chllranda, 
Chiyoda ku Telex J 2710* Tel. 285 4050 


July Dee. AI -male lack .. 271 
Jan. June too Pack 139 
Apr. S«nK. Ml dCriluid fiji 79 
Jn!y Not. \n<-N»r iTipjti. . bw, 

July Not-. Bayer v; rAU*’ £52?i 
“ Oct Apr. Blwicn 233<d 

Nov. July Brenl Chert? lilp ! 
iMar Sept Bnt Benjf! iop 
|Feft. Auu. FriL Tar fro jnp 
[Jan. Julv BurrellSp. ... . 

Jan. July CdlMCapcliOp.. 

JJati May GAtalin- . 
tDec. June I’lba-Ts* PA-Ln £90 
[Mar. Sept Pntr-c.Triii »j r90 
;JIar. bept no»/4'r.tC!« £90 

; j' - "Elite iT-t-m . . 72 

[Jan. Juliil’iHiisBr.-n _. 78 

Jan. Julv) ft' y N\ - .., . 76 

iSepj. JunojOiry-Hrrai-iiry, 20 
Jan. JuiwjCwrialnl !itp . . 60 
' 3b> Jir-Paiale.’p.. „ 33 

ir^K f.tct iFlis&E.f.tarr, . 300 
.Jaa. Auc, F.nalor, ila-uo, 65n 

- .’sn. JuHFam Ftml 58 

■Jan. JuMFisiwji’, 350 

(May >’« jfialttcad J. TOo 2JU 
j Aug. F eh [Kfc s. rt'ei--h 216 

I Dec May^PoH«’.BM s ...{520 J rTTIQlJ 
J Jane DeeJ So. r iii^iLuU.| [ 2et\ &0 



CHEMICALS, PLASTICS 






















































































































































































U J 

is 5.9 



Units otherwise indicated. price* and net Andes d* are la 
; pence and denanrisaUsns in SSp. Estimated price/enndns* 
' ratios 2 nd cnm are based on latest annual reports and arcmmts 
I and, where paaible, arc updated w hatf-jtnriy figures. PfE» m 
I calculated a the barfs i i net d totri b nU au; hata tri Spma 
Indicate ID per cent, or mare difference if olcaUtd eu “nil" 
tflttrlbdien. Corer* are based on “maxinann" dtatxibatlM. 
Tldds are based an middle prices, are creu. adjusted to ACT of 
33 per cot. and allow far value of declared dfetriDbatteus and 
rights. Securities with demand nation b other than sterling an 
quoted loehirive of the Investment dollar pnadten. 

& Sterling den ami noted securities which inrindo investment 
dollar premium. 

I a "Tap" Sock. 

I ■ Highs and Lean marked thus have been adjusted So allow 
' for rights issues for rash, 
t Interim aioce Increased or resinned 
: Interim since reduced passed or deferred 
tt Tax-free u> non-resirienit on application. 

0 Figures or report awaited 
tf t'nlisicd security. 

j» Price at time of suspension 

9 Indicated dividend after pending Scrip a ml nr right* iMOK 
I cover relates to previous dividends or forecast*, 
i * Merger bid or reorganisation in progress. 

i ¥ Not comparable. 

♦ Same Interim: reduced final andfor reduced wmfarf 
indicated 

¥ Forecast dividend: cover on earnings updated by latest 
interim statmnent 

Z Cover allows (or conversion of shares not bow ranking for 
dividends or ranking onjr for restricted dividend 

* Cover does n« allow for shares which may also rank for 
dividend at a future date No P E ratio usually provided. 

V Excluding a final dividend declaration. 
r Regional price. 

H No par value 

a Tav free b Figures based on prospectus or other official 
estimate c Cents, d Dividend rate paid or payable on part 
of capital; cover based on dividend on lull capital, 
e Redemption yield, f Flat yield g Assumed dividend and 
yield b Assumed dividend and yield after scrip issue 

1 Payment from capital sources, k Kenya, m Interim higher 
than previous total n Rights issue pending 4 Earnings 
hased on preliminary figures, a Dividend and yield exclude a 
special payment, t indicated dividend: cover relates to 
previous dividend F'E ratio based on latest annual 
earn hi go. u Forecast dividend ciwer based cm previo u s year'* 
earnings, v Tax free up to 30p in the E. w Yield allows for 
currency elanse. y Dividend and yield based on merger tertds- 
t Dividend and yield include a apodal payment: Cover does not 
apply to special payment. A Net dividend and yield It 
Preference dividend passed or deferred. C Canadian. E Iosco 
price. F Dividend and yield based an prospectus or other 
official Minulo (or lUMO r. Assumed dividend and yield 
after pending scrip and,or rights Issue. H Dividend and yield 
based on prtwpeetns car other official estimates for 
13TIB-73. K Figures based on prospectus or other official 
estimates for i97H. Jt Dividend and yield based on pmspoctus 
or other official estimates for 1078. N Dividend and yield 
based on prospectus or mher official estimates for 1879. P 
Figures based on prospectus or other official estimates tor 
IOTB-7S Q Gross. T Figures assumed. Z Dividend total to 
date. 4-5 Yield based an awiumpticra Treasury Bill Bate stays 
unchanged until maturity of stock. 

Abbreviations: id ex dividend: »ex snip Isaac; «r ex rights; n ex 
all: d ox capital distribution. 

“ Recent Issues ” and •* Rights ” Page 39 

This service is available to every Company dealt in os 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following Isa selection of London quotations Of shares 
previously listed only in regional mart eta. Prices of Irish 
issue*, most of which are cot officially listed in London, 
are as quoted on the Irish exchange. 


100 ZLSQIZc Zti 7.2 
25 tQ2fl)e 2.7 7.4 

81 975 — — — 

384 MtQ55c 10 8.9 
94 973 06c Oi 3.8 

%Q 15 tOBOc 16 * 

942 15 tQZOc 9.9 L3 

791ni 189 Ql99c 4 14.3 

217 - — — — 

3M 75tQ35c 19 65 
£20i 2 15 tW 15 82 


Albany Inv.ZOp 25 .... 

Ash Spinning— 49 .... 

Be ream 19 —1 

Bdg'wr.EetSOp 327 .... 

CloverCroft 26 .... 

Craig& RoseEl 520 

Dyson fR. A-iA. 37 

EUls&McH*'.. 67 .... 

Evercd 27l»*d +'j 

Fife Forge— — 52 — 

FinlayPfc&Sp.. 21 .... 
Graig Ship. £1_. 130 — 

Higsons Brew- 80 
T.O M.Stm. £1— 155 .... 
Holt (Jos.1 Sap... 258 .... 

Nthn Goldsmith 68 ... 

Pcarce'T.S.i-. 190 

Peel Mills 20 

Sheffield Brick 48 ■♦■3 


— ■ ShefLRcfrabmt.f 63 1 1 

SindatiiTTm.M.ia5 | J 


Conv. 9% ’80/82. £91 1, 
Alliance Gas — 73 -S3 

Am on 385 ..... 

Carroll iPJ.J — 100 -3 

CloudaJWn 80 . — 


Concrete Prods.. 132 , 

HeJwnfHWgs.) 50 | 

Ins. Corp 180 1 


Irish Ropes.. — 115 -15 

Jacob — , 60 

Sunbeam 32 4-1 

T5LG 3B2 -3 

Uni dare 65 rr 


630 ZLflQOcI 
340 266Q36ic 

£177= 26iWI65e 
830 10.7 0115c 

152 126 &4 3 

180 17.4 (9.19 

19 25 1J)7 

£1W 18.9 t0225c 


189 Q12e 1 

ZLSQ1&9C 
1175 QC506 
17.10 910c 
25 -18.95 
2efe Q30c 
3.4 J154 
126 Q1D.0 
lie Q9»4. 

‘UraSe 

184 tQ38c 


3.41 5.7 
Z.0 6.4 
11 55 
4 83 
41.4 83 
ZL 7.6 
13 84 
2.1 7.1 

U 6-0 
4 7.0 
15 8.1 
19) 3.9 

* 3-7 
4 112 

* 2.5 

; Muj 

13 6.0 
IS 85 
id i 
1-3 5.5 
163.- 


OPTIONS 

3 -montb Call Bates 


DIAMOND AND PLATINUM 

frAnj.Inv.5Gt- 1 £41xd 189|Q600e 111 88 

89 A9Q9JC t b2 
410*1 184t0525e 33 76 
£1012 266 Q«200e 39S.& 1LC 
M 1710 W,7e 10 t 
89 47TfeQ2-‘*J 14 5 


Industrials 

A. Brew J fife 

AJ. Cement-. 18 

B. S.R-., 9 

Babcock 21 

Barclays Bank 25 

Becchatn 35 

Bools Drug.... 15 

Bo-waters. 16 

BAT 24 

Bril iris Oxygen 6 

Broun 1 J .1 20 

Buncm'A' 12 

Cadhur>5 5 

Coomuidi— 20, 
Defaenham*., 8 

Distiller*. 15, 

Dunlop.. . — 7 , 
Eagle Star . -. 11 

EM 1 M 

Gen. .Accident 1/ 
Gen. Electric.. 10 

Glaxo 40 

Grand Met 9 ; 

G.UR'AV.. 20! 

Guardian 20 , 

G.KJi 22 ! 

Hawker Si ad.. 20 
HoaseofFruer 12 | 


1CJ 

“Imps" 

I.CJ 

Invereslc 

KCA 

Ladbroke 

Legal* Gen. .. 
Lex Service— 
Lloyd® Bank_ 

‘■Lofs" 

London Brick. 

Lanrho 

Lucas Indi— - 
Lyonsij.). 
“Mams” „ 
Mrics iiSnncr 
Midland Bank 

N El 

Naiftet Bask 
Do Warrants 
Ptfi Dfd .... 

Plessey 

R fi-M 

RankOrg-'A'.. 
Rcedlntnl ..„ 

Spiilcrs. 

Tescn 

Thom..-_ 
Tnia Bouses.. 


20 TabeInvesL_ 30 

6 Unilever : 35 

20 lltd.Braper?- 7h 

0 Vickers. 1? 

3 Woolworths— 5 

14 Property 

L Brit Land — T* 
“ Ca^. Counties. 4ia 

| lopfenropeuT 4 
LandSees.— 16 
MEPC 12 

7 Peaehey 8 

Samuel Props_ 9 

g Towp&City... li* 

22 0il * 

10 Bnt PetoiemB..! 45 

1 BurmakChi.^. 5 

8 Chartcrhall..! 3 

S Shell .28 

18 Uffnntar 1 20 

12 

3 - Mines 

4 Charter Cons.. 1 12 I 
£ Coni Gold 14 1 

15 RtoT.Zinc 16 1 
















































































































































































































A 1 +STSON 



Manufacturers of 
Europe’s widest range 
of heating, ventilation, 
air conditioning and 
refrigeration equipment 


Mondav October 2 1978 



Consumer spending 
boosts order books 


FINANCIAL TIMES REPORTER 


Arab bank takes 
10% stake 
in Montedison 


THE LEX COLUMN 

Insider laws in 


i t ' 
X. ' 


STRONG EVIDENCE that the largest exporters. unlikely to have immediate im- 

recent increases in consumer The FT survey reports a con- pact on unemployment Most | 

spending are having a direct im- timiing favourable outlook Tor companies expect to make do 1 BY PAUL BETTS 

pact on the level of manufactur- export rales. with about the same si/e labour] ROME. Octobi 

ing industry’s order books is The recovery in total order force in 12 months as now. I THE PARl*-ttA«rFn Ttanmie nre-cnndltinn imnnsed b 
Shown by two ra^eys of Indus- *° oks J°" nd J y , l C °7KlJf I Lh“ Th / sis roast, - v because industry Jrabe el *rtera*£maje d'lnJes- Dalian state hydrocarbons 

trial opinion published today. Lon is spread evenly through is giving increased priority to ti«»mrnt i* »n t B b B \ in nnr Fme Na 7 innalp Idror 

BJSf'tESr. s rt ss ri ? plans Inr hishcr iEs^^'E’uLZiSL 

fl^»^ lr3 inmi!^ nt ai=n duccrs of consumer °oods. Busi In some secIors complaints the financially troubled Milan- shareholder, whose oil 

nesses in intermediate "Qnds a h out shortages of skilled factory based chemicals conglomerate. sidiary AG1P supplies tin 

SSiwnJirts Sr ihc^Kt iiuJustrics. and ^particularly moral staff have become widespread, a The venture represents the of the chemical conglom 

manufacture continue to reoort P° ,nt supported hy the second major Arab Investment in requirements of crude. 

^^^wTi^ve^Uy SSf wSr^taSk P confederation’s regional reports. Italy since the celebrated deal S ig. Antonio Bisaglia. 
"i f s ow aSThat competitive^ Three out nf five companies £l“ch s * w the Libyan Arab Minister of state Holding 

ne"s fnevnort inarekts isromirm Sham revival interviewed for the FT survey Foreign Bank become the second already given his approval 

Snder pSire .JT.h , ■ said they intended to adhere to freest single shareholder in the deal, saUsflcd lhat it Wfiu 

... Stating ihat the revival in con- t j, e Government pay guidelines. car group. alter the present mixed 

The Financial Times monthly sumer demand is proceeding ^ included firms contem- Montedumn. Italy’s largest priv3le characler of ^ 
surveyor business opinion also “quite sharply," the CBI adds olatin'* nroductivitv deals chemical group, employing some oiomapatp an d t h at E 

shows that the higher consumer that there are “tentative" signs P«a«ng proauctivity aeais i W .nno people and crippled by S” nnor fore iim in tow 

spending is working its way lhat this "has not sucked in ira- . 9 1 'ho remainder . which said accumulated debts and losses. * t ,„. fh , 


1 BY PAUL BETTS " ' 

] ROME. October 1. 

! THE PARIS-BASED Banque pre-condition imposed by the The treatment of insider find as “premature and possibly 


Penalties range up to 


, I wuiw rauvi ■ uri v^iiaug^s u< turetj. . - , , 

sub- 1 Company Law "—which includes up to the second announcement, 5* ^Asj 


publicly supported the inlrn- 


nearly 2.2f 
September 
optimistic 


The banks have agreed to kee* 
such operations separate htr 
control presents obvious pnfc 
lem*. 

German banks 4 ' 


af A b e mnnS l ™ ronmiissifinthat DrSce rises mav to«* for industrial investment. lh p Arab-crouDTwSiich 8 is was leaked here about a month live way of dealing with what **■*£•£: efHrtwll f . fh _ m o rf «i have set up committees to de*I 

reported that rhefr export Vder not be so high as some people ^'Hie improved trend of profit expected to take a 10 per cent is anyway a fairly .uncommon J h Ta * " n Veruritv laws. The _ wilh p r ob,em . s in . thls *™Kia. 


reported that their export order not be so high as some people i ne improved rrenn oi prom expected to take a 10 per cent I h ” i ; r ^i-T, " 15 anyway a ,air,y 

hooks were deteriorating. but have feared. The survey shows no forecasts was quo ta of a subsequent LITfihn acUvity - 

they now appear to have im- increase in the coming months J** 1 Mon,edison bood is5UC - ,he iSE® 5 TT c. i . , .. 

proved quite shnrplv. in company plans for raising betause of a more pessimistic option to buy a 20 per cent stake bav ® made something of a come- ^J.S. legislation 

-- r“"r_ ‘.‘J: ,. ._ * *5-1—11.- — . — * outlook m stores and consumer t „ the chemical conglomerate s bade on the Milan bourse. fo 


This improvement is in line average domestic prices. _ — - **. iwugiuumn^ < f u — _ . -- . , _ tram inaustrv anti ine iianfeq- 

with the Department of In- The FT survey suggests that scmces - profitable - financial holding Montedison disclosed this week- ®i, hor as the courts. Canada, ton, has -pupsp markets arp riominaw 

dustry’s latest survey of the the growing pace of recovery is FT surveys — Page 7 company, Flugesi. end lhat the group's consolidated ™ aJ * ets . however, such legisla- its own legislation — and its own . .V Kar,L- c 

: Another major aspect of the turnover during the first half &on exists. In the U.S., an definition nf an insider, who is *>* J5? 

deal involves the setting up of 0 f this year. L2,850bn. repre- insider can be attacked on three * director or officer nf the,..." D?n standards ntaSe . 

T 1!m1t a new trading company, jointly seated a 7.6 per cent increase, fronts. He can be- sued for company, nr one of its five legislation unnecessaiy. In - 

I i^ViarSffl v PnlPIP^ IllllSir IITIK controlled by Montedison and against an Italian inflation rate money damages by the person hi^hp^t paid emp»ovpps. or anv- I 311 * 3 a <Jishonest broker wnqkf t . 

-LrfC/ J ICCIIILI. T VlliVlW. UftUot, U.1IJV the Arab interests, to promote currently running at about 125 with whom he dealt. The Securi- !!* w h n P owns more’ than 10 per be stpuck off ^ Bourse 

“ P SST S n n ■ Z P 6 " “ nt oyer tbe ““ e perk,d ties and Exchange Commission Xt nf hM Sck Pwp/p in ! er but find himself r« 

with a rival to survive 5 w “rri as, = HrlSS 

annual oil requirements are almost unchanged at the de- obtain other sanctions which here again, it “seems, transgres- ^.'1 i n d es not specificaBy.. 

■u — i ■ * currently estimated at between pressed level of L1.545bn. include forcing the offender to s ions do not nfi^n come to light 11 n K , 

by Michael CASSELL 5 m and g m af crut f e The company is hoping that Sive up his illicit gains. Finally, Finally. Australia, where firor 

LEYLAND VEHICLES. the marketing efforts." In the first investment plans totalling about "* w fading its exploration activirtes in the he can be nailed by the Depart- French categories n»itLl7«? CW Tt Sn ” tb WaIe ^ • 

truck, bus and tractor manufac- half of this vear the companv’s JElOOm. company would not have exclu- Sicilian channel south of Marina mont of Justice, which can _. Queensland. Victoria and . - 

luring subsidiary of BL overseas operations provided 'its He commented: “The diffi- !“ n v * , ; tbe llalian di Ragusa will confirm recent indict him on a criminal charge This system of disclosure aNn Western Australia — brought 

(formerly British Leyland) will only profits. cullies Leyland is in— and this s __ °* ^ p pp . • . . prelim wary drilling suggesting a and S gek to have him sent to *i M, “ tn , rbe practice in insider dealing with/n-the scope l . 

survive only if it mergers or in a letter to the Sunday applies equally to the mass car This is generally regarded as a high-quality oil find. j a ii_ France, hid it has; been super- of their Securities Industries 

cooperates with another major Times. Mr. Pitcher emphasised division— are the result of not - — * — — But' snch indictments are s edod h - v i-’Sislation dating from Acts in 1975. The legislatfcra 

truck supplier. Mr. Desmond that the trades unions involved having vehicles the customers rare t- is difficult tn make a which makes it a criminal deals vm thoroughly with in- 

EMt :s»Sr,iS a a c „TL 8 ^ Sf Sa,-Sf ,r„ FFr «tppl PYnnrtc S ral r irkin’; .MW ?■ 

w vr. Pitcher, .eft Levied — “* Eg ^ ^ SlCCl eXpOITS &, SJKrtM B™- The C^X.Ion Z tSTg gSSL “ 8, r ■ 

month s* in a iiie U ioh 3 f Idttioiieh he “Even if these basic problems ■ ; and there has only been one Operation* de Bnurse polices Victoria the penalty can he aj 

S St5n ^etaine J d b by ^L 8 as a Rationalisation were solved and the company TTC FVVAimn fu!Iy lJtigated criminal action. market and hands over fine of AS 1 0.000 or five years in . 

consultant Lev land Vehicles has a, nr **»nt n,- suddenly blessed with good lVljf | V I J in recent years. The SEC says Mails of suspicious behaviour pnson.but only one case has * 

ES? a heaftfr “reiffSIfr fn 0 , 0 « ZSS *>JoQoTd’ there relations, it would find TTV11 J UU F 3 (wistfully) that there could bo to the public prosecutor. bee n Drought 

the past for BL but recently £° s *I! a11 ? •“■**?* RV mo nvriw mDrc in future M definihons T hP > w d,sr,n - u!shes ^ The inference: to be drawn 

its produebion, market share and gome rationalisaiion^nr planMs w *- ., Leyland '®| BY ROY HODSON become more refined. categones of potential trans- from aD this is that if insider 

profitability have fallen substan- now 0 eonstoered 1 necessart-^The iSS!?? .. COLORADO SPRINGS, Oct 1 Civil actions arc Tmu-b Tnnrc gressor. offals of the company trading does become s criminal -1 


with the Department of 


The FT survey suggests that 


for Japanese security laws. The £ ” frtl'l'r T ™ » . ■ 

Tokyo Slock Exchange Commit- ic 

4 _ ' ei.-n^rt racec hut committee is chaired by a judge 
f' 1 h . 3 . n .? l ;:.V^ B „ C .T,',^ «nf includes represen.ihS 


dustry’s latest survey of the the growing pace of recovery is 


FT surveys — Page 7 


- • it is rare fnr them tn get as far ‘T7 K ZfT 

any other major .stock as tho cm irts. Canada, too, has { IP m ,ndus ^ d 
. however, such legisla- nwn legislation— and its own ™? r J BetR a " dommalsd 

ists. In the U.S., an definition nf an insider, who is Lhe . banks which argue Vm 


Leyland VeMcles ‘must link 
with a rival to survive 5 


BY MICHAEL CASSELL 


\vu lUf. ouiwium.' VI "U vtciai.«j vpcituvm j/ivitmu iu vvuiuieiiuu- »ur \uiu- .1,1 . „ _ e . , , 

(formerly British Leyland) will only profits. cullies Leyland is in— and this . . prellrntnary 

survive only if it mergers or In a letter to the Sunday applies equally to the mass ear i nis is generally regarded as a high-quality 

co-operates with another major Times. Mr. Pitcher emphasised division — are the result of not 

truck supplier, air. Desmond that the trades unions involved having vehicles the customers 
Pitcher, the company’s former would also have to accept greater want (even if they could be TTVT7I a 1 a 

managing director, has warned, working flexibility and a cut in sure of getting them) and too M II I rfAAl DVtlAl^rC 
Mr. Pilcher left Levland manpower in line with the com- many people making too few of OlCCl CAIfUl 

gsiwsas; worrv TI o 

SmiS7^r.«swT«3Rffi3”IS worr y LJ - S> - § rou P s 

uie past tor ±jl. out recently j, ave been strong suggestions that j n w »,ich to sell Levland’c BY ROY HODSON 

its production, market share and some rationalisation of plant is atterapS to increare its mike? HODSON COLORADO 

**'!?!! ^ bslan : now considered necessary. The shared Eurnoe ha^ hien A tnlal ! TAmvrpc ,vn tin • s— . 


its production, market share and some ratLinalisation of plant is *fn Leylandts] BY ROY HODSON minBAnn cnoivec n become more refined. categories nf potential Irans- from all this is that if insider 

profitability have fallen substan- fRS e co?Fw" a r5 al newssao- an The sh^re^n Euro _ , COLORA D° SPRINGS, Oct 1 Civil actions are much more pressor- nfSrials of the company trading does become a criminal 

tially.and it has caused .growing fur ure of UT1 i ts su Ph as Guv in ,T r(l F? f P I JA f AJ, ESE .AND U.S. steel- revise and strengthen the trigger common, since all thal has tn concerned t^von if indirectly, offence in the UK. the law is 

concern for BL executives. Wolverhampton. AEG at Southall, aireadv each nrodE fnS ? akers complained today that price system designed to limit he provedis that the rules have as in a takeover bid), and all likely to be applied infrequently. 

According to Mr. Pitcher, Ley* and ’bus and chassis plants in umes LV’s 30,000 vehicles a Ch rl p for f 5° . Ktcci Sports., heen broken. They are based <*thi»r peroon«=— accountants, Anri the fear that- innocent 

land Vel.icles has a futhra only Brisml and London have heed u J "'™ 0 ve " ,cles oha.il, lorn JSS , * men « n , on Iho SEC Act of 1934 whirh bankers, broke, s- w ho come people might be hounded is not 

n ^ T , e ± .....a . It .is known Out the cornpar,, , SSiSs * SSS. IS.* Prohibits manipulative and into contact vr.th privileged justiSed by experience else- 


enntact with privileged justified by experience else- 


paujf wuuiu nave lu increase as puss imp. miong nis onei wilh a Fiat suh«idiarv whirh » me 'leei. -,. r „ uidi^j slici*. huu aecuuui*. umi 

substantially what he described time with the company, he was envisaged a joint programme fori ll3 ri H sL . .. , -* 1 the lime of its inception r *ulf Sulphur which made a in the second category the the hardened insider dealer will 

as its “debilitated overseas, responsible for pushing through ihe development of components LStai ^st year the main concern of the major copper strike in Canada prosecution is required In prove probably have committed other 

, ^c omponents, meeting of Interna Unnal Iron Americans was to limn imports in 1984. Texas Gulf originally that the accused had privileged offences as well - for which it. • 


Japan renews car 
exports pledge 


Continued from Page 1 ! ,Kwi/f£. ihmSn „ lt Thc dismiscrl ah<nit 


Labour 


AVtliAlHrci TllAdiTA andthe Engineering Workers who | The U.S. industry was working y ' ar ' 

l»2> |/1CU2 aV between them aecnunt for nearly j at 85 per cent of capacity and Meanwhile, total U.S. steel 

JU MT O o f the 6.5 conference votes, j the level was falling .is imporu; imports have risen by 30 per 

bv uiruin Last night Mr. Moss Evans, continue A to rise. rent. Most of the additional ton- 
er mic-hael tA5sti_i_ general^ secretary - of the Trans- j "The Japanese have been nnge has come From Europe. 

THE BRITISH Government has not vet been hrearhed it P « rt . Uork tp- delivered a long (acting responsibly hy showing 

§rs iSuSrs stk complaints 

nevi few weeks as a reslnt of ment fi2ureS f or the >' ear would ?">' member who went on strike; been given every chance to m- „ T^ p u spreial position of the 

renewed assurances from Jaoan ^ weH above 1116 Icve,s 11 an eir ‘P ,0 >' er - uader ihreal of I crease their selling prices in the ? r,t,sh Steel Corporation in the 

on ' the level of Snorts la P^dged- These additional sanctions, refused to negotiate | U.S.. are collectively behaving miematmnal row has been 
counio- assurances about limiting ^H^asic wage rise i very irresponsibly." by , th f A^encans, 

" *1 imnarta are verv welcome" , ^ unions would be asking) Japanese company heads are. and ihe Armen steel company has 

The Department of Jrade said ^e weekend s devcCraents ^ .^"erninem simply tojso far. avoiding making public withdrawn the last remaining 
last night that Mr. Torino f ‘.JJ T***™?*, h °SS abandon rhe prerent policj- and statements. But priintriy ihe y s :„ anti-dumping complaints 

Komoto. Japan’s Minister of TO 5t» 13 52 would nm be prepared to dis-i Japanese are saying That l5 view a ^inst i . 

International Trade, had given following 7he BrittsS gS££ ^ * M| ™» M ^ S^SSVk Ma f? JT « f AtJ» 

a renewed assurance during the morn's growing concern over the iTiho nn ii» L n 4 " , / rkeL . t ^5 y cnmolainis’ »nfnci til RHf!£i! n itBBi 


: 'VV- , 




will be easier to nab him. 




I 


■ '•& ASlt 








M& r :rW 




i-dumping complaints} 


iss "some widemng of tbe'ol the European * industry he- Me. William Verity, chairman Vi\'. 
>rm " j haviour in the U.S. market, they ° r A . rn,c0 * wj 1 the lifting of 

If the policy was maintained, have no intention nf renewing cnn tP ! ainLs agamsi British Steel 




weekend that shipments would rising level of Japanese cari^ ^ ^ even } the£- 'SeSr^WT SS ■!« « rtiSted H“hS 

m>w drop and that, as a result. ^k^iTMichaii \vnrord' i f a ? Cr • 411311 u ^ ual ,0 securp lhe Europcan Economic CowmLs- UA was " an expression of good 

»■ " s w s^swsrsrsff 

have told Bntish officials in planned In fulfil its pledge to; at a cost to the union — tbe! ' ,apaD Mnl1 n ”*y « bo,, t institiiic *’3n even fuller range 

Tokyo Dial he would be asking limit shipments this \ ear to 1977; biggest to the company 0 fj 700.000 tonnes of steel in the of anti-dumping complaints." 

Japanese car producers to '"J'l „ I about £250,000 a week. EEt; in 1975. although the agree- while US sales bv some 

observe their previous pledges , r - Edmiind Dell. Trade Sec-| The G31WU which has only nlC^, w,,h the Community pro- French a nd German comDanies 

to limit exports to the U K T ra&crs at F ° rd - has now vides for a ceiling of L3m. K risen sba^lv STar! 

Last night, the Department nf tn UK P ?o emn^si^ the b/^lfnn 5 « w ° fficial l n6 wr,n JS^t Tnc K la Panesc feel that British Steel ha? cut its ' U S. 

Trade ,he Sj^.susr-" ; he iss.^ajs^Lsss' l,w 

agreement with the Japanese Editorial comment. Page 4 Mr. David Burnett. G»wtf well to the letter of ihe asn-ce. a, 


restrain sales into Europe. ” . 

He warned, however, that if 


I 

£sr/;-.'vV 








S t J.C& ' 

pV-" - * 6 . 


i*^ 






Weather 


UK TODAY S.W, N.W 

CLOUDY with occasional rain. ,?j ale 

London. S.E.. Cent- S-. E. Eng- 
land, E. Anglia. £. Midlands }*g 0 ‘ r 

Channel Islands Dundee, S 

Dry af Erst, rain later. Max. Rain. W 

16C (61F). Aberdeen, 


- A.r. I^av.a casneiu omwu wen in me teller of the agree- At one* time last winter British 

fv e " ( e SL sc ^ 0,arv J ,nd hcad of' ment. Steel had seven antidumping 

i /hJl v^Vi ,,nn r -°I n ? ,,ttce tori A possible outcome is that the complaints against it. They have 
Ih,f ^!2I; V w Sa .! d |s,s< n, 8ht,U.S. stcelmaxers may put new been withdrawn gradually dur- 
,^_^P ectr>f f * winter of pressure on their Government to ins recent months, 
discontent" on the labour- 

! scene. But hr added that he did — * * 

S.W, N.W„ N.E^ Cent N. Eng- ! 0 }!* crs 0,31 PaJ - ! 'TPl 1 r» 

land, Wales, Lakes, W Midlands, p01 ^' *? iain issue ! 1 0001 PIOCPC tr PP7Pr 

Cloudy, occasional rain Max. i 3 * f ^ c nex f general election. i -A »Xvr4 El wflvyljCo if CCcid 


BUSINESS CENTRES 

V’rtw i 

Mid-4av' | 


, ’ nds ; ^ nue _ d 7 fro , m Page 1 factory at Hartlepool 

Max. Rain. Max. 14C i57F). PD \7/\I-art J 

Ahcrdcen, Cent. Highlands,; Ul’" ▼ CUH BY JOHN LLOYD 

Rain Klax^^sgFj I a m aj n »‘ strengthening of its ! THORN Ef.FCTRICAL Indus- the past two years. Workers at 

77T jv.e. Scotland. Orknrv. Shetland ! !fruelure an d long-ierm pros- • tr ies is to close its refrigerator the company’s Spennymoor plan L 

uiMav Rain. Max. 12C (54F) ! perts. land freexcr factory in Hart leponi, C.mimy Durham, which makes 

" r T \ F . Argyll, N.W. Scotland N Ireland! Bes >dps the DM SflOm which IS ( Cleveland, nn October 27. with a lighting and other rnnsuiner pro- 

17 « Showers, sunny intervals Max 1 R due tn receive from BP. [ l°xs of about 400 jobs. The group ducts as well as refrigerators and 

M 37 14 c i57F) 'Veba had bppri assured of at 1 P uf * much or the hlamc on. frnrr7.ers. have been on a four-day 

J? * fi Outlook:' Showers in the north ,eas, 3m l° nnc ‘’ crude a year declining Continental export week since August. About 5,00fl 
„ ?: Maintv dry in the - south ' ,l P *9 the end nf the century, at orders. people work al Spcnnymoor. 

, 1 - ; market prices. 1 Thorn ranks with GEC as nne Between Januarv and June or 

7 *3 HOLIDAY RESORTS In view or the paucity of ml j nr lhe UK's two leading maou- this year. UK sales nr rorricera- 

12 .,i — — — — — — rpse*v««»i actiialk- nwncH K,. \Vo« ; fsrturprs of rt'friwritnrt and v_... u.. . r 


t- -w 1 • V. . - 


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. - »V 5 - . 


TfVSgR ■£ 
v^ar-f- - 




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c. 

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Argyll. N.W. 

Sent land, N. Ireland 

Athens 

s 

74 

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R3 

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sunny intervals. Max. 

Bahrain 

s 

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F 

14 

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Barcelona 

B 

r * 

64 j Me lbourne 

c 

10 

MB 

Outlook: 

Showers in the north. 

BfllaM 

s 

14 

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r 

n 


Mainly dry \n the south. 



Berlin 

F 


SS; Munrli 

R 

7 

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HOLIDAY RESORTS 




r 

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F 

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79 

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F 

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43 Tokyo 

c 

34 

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h 

43 Turns 

f 


n 


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M 

so Toro-ru 

c 

!4 

•IT 

fnvpmcss c 

n 

Valencia 

r 


71 

Jn'btirs 

s 

25 

77 j Vienna 

c 

13 

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j« 'Venice 

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ill 

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London 

c 

15 

38 'Zurich 

F 

W 

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S— Sunnr. C— Clrradj- K—Rauj. F— Fair. 1 

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Vt’ M.w -j - X. •_ , . 




r je Hfagreempnt with a reliahle major The Hartlepool plant, which fallen bv about 33 per cent. 

I si 1 supplier 15 «tratoeica]ly advan- 1 was established only throe years The share Of the UK market 

s » m taceous lo Bona as well as to: a sn largely in rerve the export taken by imports, especially nf 

5 li « v< l a i, n . . . is a victim nf 9 stump cnmhiiwtl (ridge-freerers. ‘has 

<j til ” BP dne«i choose tn take its ; in overseas demand ror UK been about 40 per cent and 

c is rat p directly tn Count Lambs- , refrigerators. The influx of cheap growing. 


a slump in domestic demand over next summer. 
















a JAW 

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f*Wa BE 1 

C the Financial Tlnica LW., J9fS