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No. 27,678 


Tuesday October 3 1978 


*15p 


cWU, 

■Tking”a <JoT 111111 

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


"SSS ; 

PE.ra. AU5tb 

1 *TR!A 5di 15; BELGIUM Fr 25; DENMARK Kr 3 Jj FRANCE Fp 3J>; GERMANY DM 2.0s ITALY L 5M; NETHERLANDS FI 2.0; NORWAY Kr 3.5; PORTUGAL Esc 20; SPAIN Ft» 40; SWEDEN Kr 3.25; SYfITZERLAND Fr 2.0; EIRE ISp 






HEALEY HINTS AT 1 FISCAL AND MONETARY ’ PACKAGE 












to defy pay vote 



BY RICHARD EVANS, LOBBY EDITOR 


tourtstT ‘ fo und h?.".?. 0 ? “I" left theVTortUnaiy index“I3 Genera f Election. Governments 5 “peV “cent "guide" 5 per cent guideline, which looks national executive to organise a 

Ti d 1 ,n h,s oroinary ata Mr Hea , ey ChaoceUor line {or ^ ^ a t least, increasingly vulnerable. campaign against control on 

Tirt .ihS.:. »°!T e ' *" t! **BC n. ?n T~| of the Exchequer, said on BBC though there are signs that With the Transport and wages. 


• MINISTERS may take deflation- have an adverse effect on believed to have told them that the severity of the defeat 

12 <rfl Avr ary measures to maintain the employment, an awesome pros- if the hostile pay resolution were inflicted on their own Govem- 

counter-inflation strategy if the pect for a Labour Government remitted, be would discuss with ment, is how hard to push the 

pay guidelines are broken follow- before an election. unions ways in which the in- onslaught on the Government's 

ing the Government’s massive Mr James Callaghan still flexibility Policy could be pay norm. 

JS _ ,m - F- Labour Party conference defeat determined to continue in office nug™* . _ . . . Ministers accept privately that 

fl '^k yesterday at the hands 'of the despite the loss of support for Yesterday the Prime Minister s the guideline is particularly at 

U.'O vvii ViJ trade unions. his pay poliev by the trade S™, Mx. risk in the private sector 

This was the uncompromising unions, will outline the Govern- . Healey and Mr. Michael Foot, the The defeat, by more than two 

* attitude adopted by senior ment’s view* in more detail when Deputy Leader, both appealed to one. came at the end of an 

• EQUITIES were nervous in Ministers last night as they tried he addresses the conference 111 tenns approaching despera- absorbing three-hour debate that 

the climate of political uncei - - to come to terms with a day that today. tion f° r . the big .trade unions centred on a hardline resolution 

tainty, but a technical- rally In may end Labour’s hopes of The initial signs are that he t0 show restraint and to totally rejecting any wage 

late and after-hours business retaining power at the next intends to stand firmly by the postpone their rejection of the restraint, and calling on Labour’s 




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World SiTVice Radio announced 220 | K ™ ^ 

in London, last night. . 

Scotland Yard detectives were f Gold* t 1 

treating th? death auspicious. 2nfl _ Mine« A ' - 

after ting recent death of another 200 • 

Bulgarian’ defector. C.eorgei iBOeX, H - 

Markov, who died afier-complain- “ 'i- Hi if • ' 

ing that he had been stabbed - r UUU 

with an umbrella. Scientists 180- ’ - 

later found a metal pellet in S'# ” 1- 

his body. _ ^ \ - 

Mr; Simeonov worked as a pro- «’•-'/ •" - 

gramme assistant in the Bui- 160- afltef-— 

garian section of BBC External mff ■ - 

Services. Police said there was , '^2— 

as yet no indication of how he f s'-.. - 

died. 1i n K 1 K 1 I- --MU 

_ . . . . -MAY JUH.JUt AIK SEP. OCT 

Bridge blown up . ..%■ .... - “ — 

Guerrillas blew up a hridge on down at 

the main road between Salisbury ®-6 after lunch. The Gold Mines 
and the South African border.- -index; fell -tov Its lowest since 
Rhodesia's transitional Govern- July 18, . with a 4L5 drop to 
ment banned the- black daily , 163 . 1 . ’• • 
newspaper, the Zimbabwe Times, - - - 

“in the interests of public GILTS ^ fell- in slow trading 
safety and security.” ' Page 3 and the Goverbcnent Securities 

Royal tour . < > 


I Television's Panorama tiiat the Ministers are thinking in terms General Workers' Uoion, the Despite the impassioned pleas 
I conference defeat on pay, by a of greater flexibility. engineers, miners, public of Mr. Healey and Mr. Foot and 

majority of more than two to An olive branch in the form employees and some others a brilliant intervention in sup- 

one, would make the counter- of an offer of an early meeting determined to wreck the guide- port of restraint from Mr. Sid 

< inflation policy more difficult to with the TUC is being planned, line, Mr. Callaghan was easily. Weigbeli, leader of the National 
achieve. with the promise that if the defeated, by 4,017.000 votes to Union of Railwaymen, the 

“And we may have to rely on unions can produce a better 1,924,000 on the most vital issue resolution was accepted. 

flpiMil itAil nftlinTT ’» tyi P tiflc ftf PAmhotino inflnlinn L n hoe f o norl cinnci I^Vinn nrro »■ . _ . 


fiscal and monetary policy. mean* m ™wu«uug lunauuu, ne mus iaceu BHICC laisjug over rialpnntaa in innrdacinplv 

Bul underlining the severity Ministers will listen. Until then, the party leadership. miiitSi mood tiien went on to 

of the politital and economic the present policy stands. The 1 main question facing moIuSoS ^moortin» 

HifRmltitfc (minv thn flnvpm. On finnH.iv nioht Mr PnllncUmn union Ipyrlorv Anri riolpsotnc * ° 


means of combating inflation, he has faced since taking over 


But. underlining the severity Ministers will listen. Until then, the party leadership. 


difficulties facing the Go%’ern- On Sunday night Mr. Callaghan union leaders and delegates, 
menu he added- that this would met senior union leaders and is visihly chastened last night by 


Conference report Page 11 • Editorial comment Page 20 


y Continued on Back Page 

Ford strike Page 10 



<<$»■ . 


I - MAY JUH . Jm AU6 SEP, OCT | 
down at 4 99 ^ . after a fall of 


Manufacturers ‘ plan 
9 % investment boost ’ 


BY DAVID FREUD 


STERLING fhU 50 points to 


princess Margaret arrived m - Q-.g but *# 0 ^ trade-weighted AN INVESTMEINT surge by factoring investment this year monthly industrial trends 

Sydney, Australia ^ index remahied 'unelrazieed at manufacturers Is now thought would be 10-11 per cent above survey, also published yester- 

from a higb fever wbieh caused rinTl9 _i_ denreciation to be under way and is expected the level of last year. This is day,. which reported a pick-up. 

her to miss Tuvato ^depend- doB^deprwuation ^ hr{ng indu ^ ^pita! expen- in line with the estimate of a The confederation stressed that 

ence celebrations It has not yet aarrotved to ppr cent (9JI). ^iture this year to a record level. 10-13 per cent increase contained e0 mhasis in canital exnendi- 
been decided whether she will- ^ *2175 in The latest survey of invest- in the previous survey, carried tare wa _ nn P v Da nriimi raoacitv 

continue her - tour to ^ ment intentions -from the De- out in AprilAIay. fn? imDrevm^ Dreduc^ 

Philippines and Japan. . - X«»Iod^b 4> m Nw York the partment ^ industry, published The year-on-year rise for 1979 The D^tineSt^ ^orindustrv 

yesterday, shows that manufac- was expected to be smaller, as f oum ] t vJ? investment Dlanned 
StaSian Kidnapped was (SZnM. turers plan to mcrease capital it was in previous surveys. The [ v }ivf , nri ^ inri ... 


gunmen as he . leu jus .nome. 

sel ats per ““ “ 

Campaign launch ^ WESTERN steel^tidustiTi-out- -® 6 - 0 ®" 31 ct> ^ el restnctIons ment actually dropped 3 per cent r . • tnn0thM . 

,10* remains gloomy ^e^fourK^t ; bekw the leve! of the Merita' 


L Thiswise — equivalent to more 


™ “ V,*™ 1 1 by distributive and service indus- 

he. Ln!mp nf ^ U»l* - Vear WaS S per Cent tO 

0f ^P^ceDt above iast year's level, 
.tween and S per cent. compared with the 6 per cent to 
The second-half burst in manu- s per.ugat found in the previous 


The trfjywmnem years of -rtcessionj pleaders of the “ While manufactnnng industry three months^ Sf? JK rTLii, 

large-scale campaign to c«Ch:the ^^ d . s _ g t ^ <1 j htfiustries have has priority for loans, the in- th ' h h r „ for this year, for both manufac- 

one million .people who evade been toM Ba*# Page . crease in its demand for finance wnng and djstributiv e and ser- 

bujing television licences. Home .. .. . . : suggested by its investment investment , was VJce ludustries, was £8.65bn at 

Office Minister Lord Harris said # WORLD. 3%LECOMMUNICAy ig likely to mean further on y - 3 _ _5 en 5 t above, the 1975 prices. This is higher than 


one million .people who evade Ba^ Page, ' 

buj’ing television bcences. Home .. 

Office Minister Lord Harris said ^ WORLD. TELECOMMUNI C 


capital expenditure estimated 
for this year, for both manufac- 


suggested by its investment 
plans is likely to mean further 


■ _ . . . . years no- extend the Egyptian j^rge increase over sueb a short X®" 7T' :o an m f^J OB “ e measure of the strength of in- 

UDR Officer Shot - . tetecammuoications network. per jod was in 1965, when invest- peT t vestment, because the figures 

* : Stent by manufacturers rose 9-7 1 > etw ^ n the tw0 balv ^ of for maimfaclunng alone have 

A part-time UDR officer was. shot -. . - . ... pei cent, from ode six-month “”?■ been artificially diminished 

and critically wounded ”_at - a © CHRYSLER workers at Luton t 0 the next. \ The picture of buoyant invest- in recent years by the growth in 

Newry cattle markeu L t o, ppv?n-;. aha .. Dunstable . truck plants i a test surve?. carried out meat for the rest of this year leasing, which involves a switch 


Newry cattle marxeu yo. ^ay/n. abd .Dunstable truck plant* Thp latest survey, carried out ment for the rest of this year leasing, which involves a switch 

In Belfast, a soldier was slightly return .to work today -after s. between the end of July and mid- was mirrored by the Con- in classification from manbfac- 

injured in a booby trap bomb; month-long stoppage over parity, jjeptcmbe r, estimated that mann- federation of British Industry's turing to services, 

blast in the Republican Falls Page 10 ; 


Road area. /' • -'WORK oh an Industrial Demo- 

Floods hit Rome cracy.RiU, containing statutory 
riuuua ■■■». « . m. rights on employee consultation 

Large areas of Rome were. flooded and worker-directors is expected 
as torrential rains sxvept the city, $ 0 start .this month. Page 10 
reducing the crowds "of mourners. • - . ■ • 

waiting outside St. Peter's LUCAS is continuing to have 
silica to sec the body oE Pope discussions with Ferodo, tije. 
John Paul I French concern which now has 


Murdoch signs separate deal 


BY STEWART FLEMING 


NEW YORK, Oct, 2. 


. ■»- 
K;. it-. 




lian newspaper publisher, to strike oF 1962-1963 when the then times, bringing the paper into 
break ranks with the Newspaper owner of the New York Post, more direct competition with 
Publishers’ Association — - of Miss Dorothy Schiff, withdrew the bigger Dally News, a tabloid 
which he is president — and sign from the publishers’ association morning paper and the Post’s 
a separate agreement with the to sign a separate deal at a point main rival, 
striking pressmen’s union. " when the strike was threatening The Post has been losing 
The agreement between the the Post’s survival. money steadily since Mr. 

irnion and the New York Post, ^jnau- ^ publishers’ had Murdoch acquired it. and un- 
tho oQPmna nDwcnnnAr whirh Mr. . > “> __ ^uunauiria luxu Q tn P .nnnn^t ito 



- — : — - — ' - . vuknv — — ——— D 11 .^ 

Stab bine: theory electncal components company; its eQ ^ f 0 u 0W i n g the decision by The move stirred memories of Since he acquired it he has 

• ** . Lucas has l»en seeking to take Mr. Rupert Murdoch, the Austra- the historic 114-day newspaper steadily advanced publication 

An elderly woman who died ot over. • Back Page - ‘ lian newspaper publisher, to strike of 1962-1963 when the then times, bringing the paper into 

natural causes on a coach S 01 "® . break ranks with the Newspaper owner of the New York Post, more direct competition with 

to Scotland, and was then toimu # Publishers’ Association — - of Miss Dorothy Schiff, withdrew the bigger Dally News, a tabloid 

to have stab wounds, may nave | imhAf 2rOUDS ~ which he is president — and sign from the publishers’ association morning paper and the Post’s 

been attacked as her body Ia y. a separate agreement with the to sign a separate deal at a point main rival, 

in the mortuary of the Kc*yai J hn l -- striking pressmen’s union. " when the strike was threatening The Post has been losing 

Lancashire infirmary, Lancaster, |JJ HtCl&Cl Ucal - The agreement between the the Post’s survival. money steadily since Mr. 

police said. T; „v„ union and the New York Post, Tnitiallv thp rmhiiehore’ Murdoch acquired it. and un- 

. • INTERNATIONAL Timber ^ evening newspaper wbdeh Mr. ^ official estimates suggest its 

Bush fire- Spreads Coloration -and Bambergers Murdoch bought in the city losses are running at Is much 

seek to niercs ur an agreed deal aim rwt two years aso for about ***“"** levels, aithougn more nm « « D n, 

A bush fire fanned by high winds worlb £76hl The two groups gSOm * 1 (about £15m), was demands had been ■?. 510 ay 

raged out of control “ear the faave a combined turnover of announced today. Immediately, e ,hf °TRno 8 ]U nr e aoorpccive 

southern edge nearly £200m. • Back Page negotiators for the rival dailies BggTCSSive 

Tasmania, and some 300 families WR /_ , aooeal which have also been hit, the 0i *™ n me presses. O In the UK. Mr. Murdoch’s 

were preparing to evacuate the 9 BP and VEBA are to appe« N&w York T j raes aod Dai ] y The Post refused this morning News International organisation, 

area. . . to the West . German c^onomTO M ews . W ent back to the bargain- to comment on any of the details which publishes the Sun aad 

, Minister Count (Kto u iroos^ru ing table. of the agreement on the grounds News of the World, has already 

Arrest threatened to over-riile a ^d^al agel that St still bad to be ratified by given the Newspaper Publishers 

«v ■ . u ™ Miknlai Sharv-^in. the 2ri C onrv. d ^ifL?i?k?nver deaL Broke r anks the union members meeting to- Association notice that it will 

Soviet-born Nikolai snary in.u DH goo^ (£3i0m) morrow. There is speculation, resign by the end of October if 

former London ^ The two groups may also begm T he later sns pended however, that the union will have 2? "association is not restruc- 

released arier 10 years m Soviet CC)ll rt proceedings. Back pending ratification of Mr. won substantial guarantees on tured. 

labour camps, said in mos and page 2 - . Murdoch’s agreement with the job security. -Mr. William Hr. Bert Hardy managing 


-tbatbe was being threatened 
vitti re-arrest unless he accepted 
Soviet identity papers. 


Briefly - - - Ka the v£ 

Engineer Barry Haddow of ce nti ca i company Bristol-Mye^s. 

Ginent who travels 342 ! mUes a page 7 

day to work in London, was 

named as the Commuter of the 

Year by BBC disc jockey Tony COMPANIES 

.Brandon., •-CURRYS nsu? 

•Wonan barned herself to death - profits ros e by £ 0 . 6 m to E3.Slm. 
in front of the United Nations Pa?e 23 and Le* 

Pa^ iJtGcneva-. rCSTENBURG PLATINUM 

Youth mss 1 arrested in Turkey • t pro fits for the >car to 

after;: admitting murdering tbe “’"^"31 improved to R-5.8m 

Austrian: r envoy’s wife anc ^ fci 5 im.! against R4.6m. Page 25 

daughters 1 


ana rage ^ - ■ Murdochs agreement wim me jod security. Mr. William Hr. Bert Hardy, managing 

^ nrrmAIll GROUP is ■ to strikera. . Kennedy, the union’s president, director of News international, 

* » 1 S , Patent Cotirt Mr. Murdoch s. decision to' sign implied as - much when he said he wanted the NPA to 

appeal against a natent a separate agreement comes only remarked that the agreement perform a more aggressive 

decision nwwj"*-? L aT ^ days after he led the New “protects the union concept of marketing role. 
f or , a ° th? us’phannjfc-- York Post out of talks between manning.” “There has been some 

legal Bristol-Myers. , £he Publishers and the press- However* Mr. Murdoch may progress, and a paper on 

ceutical company men s union. have secured a concession on the restructuring Is now. being 

Page 7 . Mr. Murdoeb broke ranks with definition of the day shift to prepared. But it will have to 

• the other publishers over the role allow him to print the Post — get a lot better before we decide 
miudaHIK ‘ wbich Mr ' Theodore Kheel, a an evening paper when be to stay in.” 


CONTENTS OF TODAY’S ISSUE 



&S&A' 


: CHIEF PRICE CHANGES YESTE^^ 

1 ‘bScrs Currys 5 

Bamb^ V.:.:.:..;..... 145 + 7 Farnell Ei^ ct - 

Ferranti New ^ 

;..72s«i+7> (Nil/pd-) ulV 2Si 

Croahrv^ou^ 140+12 pK & Shanghai * 

tea* 139 4- 4 {ml. Timber 7, 

-Heran 123 fS j 0 ncs Grp ; \ IS 

ftetetja^.Qibds lo3 + 4 . Mucklow fA. & J ' ' <n 

Soear-& Jacfa»n 142 + 6 -^ e j|| (Ja.O 4Qi 

Ttidam 9S -r 14 jy e Beers Defd - . 2SI 

+ 30. Boornfontein 5a 

“Ailehouse + 5 Libanon . 97 ; 

Pancontinentai _£34; 

Randfomem j 3 , 

Silvermines " £ 

Vaal Reefs 


f 12 

•- I'-. i ,:5‘V'FALtS’. '\Y. : 


PK & Shanghai — 

Inti. Timber 

Jones Grp. -—- -r: 
Muck low fA. & 

Neill 

De Beers Deffl. 


European news 2-3 

American news 4 

Overseas dews 3-4 

World trade news 6-15 

Home news— genera! 7,8,10 J5 
—labour Ifl 


Putting a brake on the 

Swiss franc : 20 

Bank of - England's new 

industrial role 21 

Alberta's sticky oil prob- 
lems, : 12 

Film and Video: TV’s new 
box of tricks 18 


Technical page 

13 


25-27 

Management . page .. 

.. 17 


.. 26 

Arts page' 

19 

Money and Exchanges . 

.... 27 

Leader page 

20 

World markets 

.... 28 

UK Companies 

.... 22-25 

Farming, raw materials 

... 30 

Mining 

25. 

UK stock market 

.... 36 


FEATURES 

Colombian agriculture: 
Pioneers In Llanos 30 

Laif days of the Lockheed 
trial ..I. ; 3 

* The gambling Industry: 

The Lins are ringing in 
Reno 4 


Appointments 29 

Appointments Advt*. U 

Base Lending Rates . 28 

Business Oppts. ...... 1ft- 

CrsESwnrd 18 

Entertainment Cnitte 18 

FT-Actuarlcs indices 36 


Leuon 21 

Lex ftQ 

Lombard . It 

Men and M attars _ 20 

Racing 18 

. Saleroom - 10 

-Sura- Information _ 38*39 


Today's Events ... 
TV and Radio 

Unit Trusts 

Weather ; 

World Value of £ , 


INTERIM STATEMENTS 
X Hewitt (Fenton) 23 


Malaysian Tin: Small boom, 

* long-term decline 4 

Giscard’s Brazil visit: 

A delicate operation 6 

FT SURVEY 

World nuclear industries 31-33 


21 JafipKon Smurflu .. 22 ~~ 

“ ANNUAL STATEMENTS 

® Coaper ImL 24 

25 Bustenbarg PlaL .... IS 

ENTS Junes Walker ...... 2S 

23 Wiggins ConstnicL 25 


For latest Share Index 'p hone 01-246 8026 


Phillips 
in Irish 
oil strike 


By Kevin Done, Energy 
Correspondent 

THE FIRST significant oil 
strike in Irish waters has been 
made by Phillips Petroleum 
more than 100 miles off the 
country’s west coasL 

Phillips said yesterday that 
the discovery could not be 
considered a commercial find 
bat test results were en- 
couraging. 

Plans for further drilling (o 
delineate the structure arc 
being drawn up, but no action 
will be taken before next year. 
Extensive, geological studies 
mas! 'first be made but the 
stormy West Atlantic weather 
will soon end the summer 
drilling season. 

The Phillips results are the 
first to be declared of a series 
of wells being drilled in the 
area known as the Porcupine 
Trough. 

Ropes have been rising in 
Ireland to recent weeks that 
this exploration programme 
would lead to the first commer- 
cial oil discovery in Irish 
waters. Some 15 wells have 
been drilled offshore Ireland 
this year, the biggest explora- 
tion programme in West 
Europe in 1978. 

Announcements are expected 
soon from the Aran/BP group 
drilling on block 26/22, Elf 

Continued on Back Page 


Mr. Callaghan yesterday: an unexpectedly heavy defeat 


Swiss franc 
falls sharply 


BY MICHAEL BLANDEN 

THE SWISS franc fell sharply Franc, ~ - 

in European exchange market - ! 

dealings yesterday after the SWISS FRAN0 _ i 

weekend announcement of new acaiucttue nmi ad *- 

measures designed to weaken the 1-50 7 AGAINST THE DOLLAR /L. 

currency. - PX \ 

The new moves by the Swiss - /~ti 

authorities include increased keg I . L / I 

intervention to bring down the - H PV ; 

franc exchange rate and the pro- l Qjr . 

motion of Swiss franc loans to m - J *~v 

foreign borrowers. 1'70 ~ gj ~ 

They made a substantial _ / 

impact in early market tradins. - I 

hut later in the day a mood of . ggh /* ! 

caution developed and the Swiss I v^V ! 

currency picked op from its • 

lowest levels. 1 B 1978 

Some dealers argued that it-SO 4 — j— r — s ' 

while the Swiss authorities might Jul ug 

be able to bring awmt a weaken- 
ing of the Trane, fr «an unlikely lar. its weighted depreciation 
to be permanent in view of the narrowing from 9.1 to 8.9 per 
underlying pressures on the U.S. cent 

dollar. The Canadian dollar fell in a 

At one paint, the dollar rose 45-year low in Toronto of S3.97 
to SwFr 1.62. compared with U.S. cents — down from 84.45 
Friday’s closing level of on Friday. 

SwFr 1.55. Bv the close of The pound ended with a loss 
trading in London, though, it of 50 points against the dollar 
had come back to well below its at 81.9715, but its trade-weighted 


•1978 

Jul 


best level at SwFr 1.5915. 

The immediate impact nn the 
Swiss currency was reflected in 
a decline in its trade weighted 
appreciation as calculaled by 
Morgan Guaranty at noon. New 
York time. This slipped to 95.4 
per cent from 105.9 per cent. 

On the same hasis, the U.S. 
dollar benefited both from the 
fall in the Swiss franc and from 
the decline of the Canadian dn!- 


index closed unchanged at H2.7. 
Risks and rewards Page 20 • 
Scope for foreigners Paso 27 


£ in New 

York 


- 

] : 0.1. 2 

| Frci‘iHii« 
i 

s»i-« 

•9-1.S676-9&0 

! >L9?1^97 

I iiiuath 

Ci.7Wi.fi7 .Its 

• u.6?-0.o6 ills 

5 in. .nilii 

!2.C0-l.BZrfi- 

i I.73-1.73 •!<« 

12 in.mtliK 

1 fi.M-6.10 -Iw 

I 0 .BO.&. 6 O du 


French concern which now has the eight-week New York news- veteran labour negotiator, was bought it — earlier in the morn- 

effective control of Ducellier, the paper strike could be nearing playing in the talks. ing. 

electrical components company: e0( j following the decision by The move stirred memories of Since he acquired it he has 

- Lucas has been seeking to take jyr r . Rupert Murdoch, the Austra- the historic 114-day newspaper steadily advanced publication 

Ul nnAP ’ Rorlr PlOA j linn nOU'Ctinnar nn hlichnr tn rtvib-n nF iDftO IDffO imUam 4-L. HmAi- Krinninn noAftr intn 


London House, KCJ5. 

The City of London Real Property 
Company Limited have completed a fine 
self-contained high quality air conditioned 
office development of 62,000 sq.ft, 
together with car parking facilities, 
close to Fenchurch Street. 

A spacious marble lined entrance hall 
leads to 10 identical office floors which 
are being carpeted and are finished with 
suspended ceilings and integrated lighting. 
The offices are served by 4 fully automatic 
high speed lifts plus a service lift. 

The building is ready for immediate 
occupation by a single tenant on a long 
lease at a competitive rent. 

The letting agents will be pleased to 
supply full details and a colour brochure 
illustrating further features of this highly 
attractive property. 

Enquiries should be directed to:- 
Richard Ellis, Chartered Surveyors 
64 Comhill, London, EC3V3PS 
Telephone: 01-283 3090 

Richard Eilis 




Financial Times Tuesday October ? 1978 


liWOPEAN NEWS 


Comecon 
debts to 
Austria 


Provincial Minister’s move! By-election ,,UHRGASMAL 


•iff 1 


upsets German N-project 


increase 


BY JONATHAN CARR 


BONN. OcL 2. 


setback 
for Giscard 
in Paris 


By Paul Lcndvai 

VIENNA. Oct. 2. 


WTSST GERMANY'S nuclear fissile material than it consumed painted out that' alteration of 
energy development plans have a ud thus paving the way for a the Kalkar programme would 


By Robert Mauthner 

PARIS. OcL 2. 


Cartel Office ruling cites 
competition restriction 


jbeen thrown into confusion by ^ ar i m Qre efficient use of nuclear ensure delay amli THE FRENCH coalition Govern- 


EUROPEAN iodeblcdiiwf j of a *«y2S“r C Ster I. 

to Austrian banks jumped by provincial minister to refuse ftnf , ctmiwiv beine treated seriouslv in Bonn. 


meat, whose economic policy 
is becoming increasingly un- 


BY LESUE COLITT 


BERLIN. Oct. 2. 


^0 per cent lust year, raising the approval of further u 
accumulated debls of Comecon prototype fast breeder 


!! economy ” is one strongly being treated seriously in Bonn, riooular sufFered aootber set* wp fFRMAN Partel Thp Cartel Office does not gas, the Cartel Office notes, 

work on a opposed by the present US. The federal German system en- g'yj 1 ™, Tby-electlon ™ E ohiS to foe Planned acquisition arguing that f BP were to join 

r reactor. Administration, but West Ger- suras wide powers For provincial in the 14th district of Paris. 0ffice 9a,d today tkat it is block- ^j^t to the P 1 31 ^ these international ml companies 

[err Horst many, which has few native governments. and their Ministers. ^^hi Sn^^ndldate was ln S purchase by ^eutache Hambng ^ GennaJJ - whose interests -are linked," 


lC lirl Ch ^ n J ab0U l The action by Herr Horst “any, which has few native governments and their Ministers l^pretheGauIIist candidate was ln S purchase by Deatache ^ German “ whose interests _are linked," 

£1.4Jbni. P er Ludwig Riemer, the Economies energy supplies and is wholly Herr Riemer’s support is needed declslvel y beaten taTa Socialist. BP o f a 25 per cent share in cenl Veba sb Company t* en « would Fnrtber restrict 

• of , . outstanding l? an3 ! Minister of the state of North- dependent on imports for Its if the Kalkar project is to go 0 ^ w a ^ fi r rti successive Ruhraas, West Germany’s ^quid Gas Termmai tympany competition . 

L 'Vl!ese i fiiures 1J, were Jek-ased J D “ e ; W . e .f p !? a I* a * JL® 1 °"J y Jhea^iithlt. feelS bOUOd * & ° tike?y to Government defeat in a by-elec- largest natural gas. company, ia . w ^ eIraSl ^^ n ‘ notrn] The companies, it claims, could 

t’* thc ,- v, f nn i Institute for a SJjn St s the wishes of many in However. Herr Riemer now pressure 

International Economic Com- h , . state c -hinet but also warns of the nuclear prolifera- position 


in Wtihelmsbaven. nor to its 


The companies, it claims, could 


likely to come mirier heavv Government defeat in a by-elee- largest natural gas. company. “ . \r, n- | oetrol The companies, it claims, could 

MSP *° reconsider his ““ .iff “ *251.“?? “52T SSSSL.'Z, .S? o« «H *«• ?>« “'•»* Rehrses io Uieir 


International Economic Com- < h.tr >J ^»i«n warns of "tiie nuclear orolifera- position. in the general election last t j on in the domestic gas market, stations, plus a 50 per ■ j 0 j n t co-ordination of oil and gas 

parisons A detailed break- cuts across the position of the 1100 problems associated with a _, AP ' D {_ reports from Bonn: ? a, ? h ’ }!f undermined the The transaction was part of a a Veba JJ 41 J®** 11617 ‘ 88185 t0 * e German market, 

to A n us?ria CU s r hows foT™g-term Bo ™ Ri • SM? tKZt relating GeraanlSte in S a!ready«haky alliance of DM800 m deal «NjM 1» %%£££,* V eba in return “It is of derive importance 

sg.'susrts mss. ssl£S5*vs i s a sssftJSSE^sL'Si srsssm ssr ajs ^ *» “ bp r P “ srszs? 

short-term bank credits for P™?® 81 1 » ^^ar, near j USt ify the additional risks he either planning or in the process Party. , group, which was to take effect oil supplies. integration," the Cartel Office 

Sch 5bn and direct credits from tfje Rhine and the Dutch border, f ee j s are involved in fast of building 49 nuclear plants ln . yesterday s final ballot in 0n According to tie Cartel Office, 

suppliers for almost Sch 5bn. ^ n l l ' h hi ^ i P ,! e n gao r breeders. He tiierefore proposes with a generating capacity of P ans - the Socialist candidate, west Ruhrgas already has excellent says - . _ , . „ ' 

-. Poland is by far the largest and °, n which well over DM lbn that the Kalkar installation be 36.825 megawatts. Mme - Edwige Avice. who had iae cartel Office in west and foreign Ironically, the Cartel Office is 

debtor among thc Comecon b“f a, ^ 8ady A,5 ° turned instead into a centre for Herr Gruener, answering a come . b * r GaulUst Be ^ lin sa ys that transferring access .. to an agency of the West German 

countries, its debts of Sch ll.Sbn i»rt t ^h*» P T?nf C K are 1116 disposai of plutonium from other parliamentary question, said thc opponent. M. Christian de La Ruhrgas shares from Veba to BP sources of supply, s £ C nnomics Ministry and this is 

Recount for 40 per cent of Belgians and the Dutch. existing reactors. East Bloc counties already have Malene, in the first round, polled would ■“ increase Ruhrgas’s domestic markets. Iv Z ft^ binp thev h a »« 

A irctiM nn K.nk i.rnrlifc In Vactom It uic PYnortpH that thn Pmart. nrina,. nctAnictiA^ k.. Tk nunU<ip ... nPSplv 54 npr fPTlt Of the tOtSt alranrio mnsiHamhlp” fnuXnm .. n p« .... „F tha mi not Cite lUsl 14 c nicy O 0 T 8 


,4 

i 

■ /> i 

\ Ui 


countries accnunt for S5 per l*lr 
cent oP the long-term Comecon 
debt to Austria. Czechoslovakia 
and Bulgaria each report liabili- gy ADRL 
ties of only Sch 1.9 bn to com- 
- inercial banks and Romania INDUSTRIE 
Sch 600m. Metal 1, the 


Metal workers’ union rebuffed 


firm in practice. 


allegedly overcharging 


BY ADRIAN DICKS BONN, OcL 2. * A!S* <l in ll '*h! 8T anl pennisaion for' lie take- esp^aUy bTtween gas book-keeping procedures. and* bad 

, — favour of Mme. Avice in the ° p •*!._ WMt Rerman Gnspm. energy, especiaiij ucl " ccu t j roD iL innuirv. That 

INDUSTRIE Gewerkschaft - Metall, described the union’s IG-Metall list won 19 seats in bl J t < ^ ratn v oters men j controls 44 per cent of and 01 ^' H year, Volkswagen, in which the 

MetaJl, the huge West German setback as a “political defeat" the blue-collar section. Shoxtiv faithfully transferred their sup- Veba and Economics Ministry This means ensuring competi- Wegt German Government is a 

metal- working _ and engineering but attempted to salvage some- afterwards, however, the rebel P ort t0 the Socialist candidate. 0 ffl c j a j s have spoken favourably tion between different types of la _ e minority shareholder wac 

trade union, is smarting today thing from the situation by com- list led by Herr Willi Hoss, an a[ter withdrawal of their own 0 f ^e BP-Veba deal. energy and preventing takeovers acc ^ged by the Cartel Office nr 

after suffering a sharp rebuff meeting that it would be no bad ex-union member, uncovered the representative. Thu ts eloquently ^ e n mDan les now hone ^0“ HnMne them. urtiurtifled price rises Here 

r WyMSUTS SUMt SSffi S 2L— P — — -ss 

the big Daimler-Benz car factory Daimler-Benz work force against dates had plainly been falsified. Socialist and Communist eandi- “ eaI * 011 alread y ha e s in rt us case, 

at Untertuerkheim, outside a management he has described Although the baeksrounri tn dates in the flrst r0UDd almost 

Stuttgart as “ the craftiest in the land." this inrirtent hac nM exactly equalled Mme. Avlce’s 


BONN, OcL 2. 


candidate, 
the first 


New electoral 
legislation 
for Portugal 


By Jimmy Burns 

LISBON. Oct. 2. 


as “ the craftiest in the land.” this incident has not yet been " actly er «. u ? Ued Wme - J Avl « , « 
The clear victors were a group In its private counsels, how- fully explained, the rebels were 54 f ,er cem m the second ballot, 
of rebels to the left of the ever, IG-Metall is now likely to able to have the election" result Raymond Barre, the Prime 
union establishment, who have feel driven to an urgent review set aside hv a court and have Mm’ster. whose austerity policies 


THF ^vmhi ,Tr ih- Rcouhiir hu,lc .u up their . support steadily of the leadership’s embarras- new elections ordered from are at the root of pub i IC dis -, 
P?I; - P, | l 'nt n p tn v 2!"^^ ^ ^'^ssincethey singly obvious loss of touch which they have emerged enchantment with the Govern- 

clearly strengthened. “ent, has stoically played down 


■Pnri.i-t-.r- p-i rii-imnni tnriiv « r . 1 j J .X" * w»wib mss oi ioucn wnicn wev nave 

Pnrlu^jl la Paiiumcnt. tona> first st00d In opposition to the with the rank and file. It is clearly strengthened. 

’J" 1 !’.?. 1 . S n ^ ic ‘ al union list They won no especially disturbing for Ihe Hot Hot ?s 

sa s^Mfi’&aas 

-sa.---.-a. KfS'sssS 3R£Se 


Prohibition may be lifted 


BY A. H. HERMANN, LEGAL CORRESPONDENT 


ne wants to politicise industrial the Presidential and the General WHEN THE acquisition of Cartel Office, are complete. Court underli 
t?ierf 0 to and has electiocS' 1 he* saiti fo a radfo Ruhrgas — West Germany’s Though the Minister of Economic decision that 

Sim I interview over the week-end. importer of natural gas AiMn may give the office only should ibe mail 


E acquisition of Cartel Office, are complete. Court underlined in its GKN 
West Germany’s Though the Minister of Economic decision that merger control 
rter of natural gas Affairs may give the office only should be mainly concerned with 
Petroleum was first instructions of a general nature structural changes likely to laafi 
was given a warm (and these must be published in in the future to restriction of 
the government in the official gazette 1 the contact competition. 


• election. 


- hpj“ are IG-Metall members. tuerkheim election. A new interests and grievances were toulHrts. who are the biggest if and the Cartel Office in Berlin - — — — 

Elections continue ^ »e the Herr Franz Steinkuehler the works council was originally neglected by the outgoing works nt>t the most influential coali- is a pointer to the likely out- The Federal Cartel 
mi likelv ; nuiciimc out nf tne Stuttgart regional leader of IG- chosen last April, when the council. S s s tion partners axe currently come of the affair. 

esent political impasse, brought _• making some very threatening It is possible UiaL though now Office has the task of 

b nr l fe.J? a n. , r ra, ''lE?Ii y pnrfn /-n • , - ^ noises. prohibited by the Cartel Office, prohibiting mergers 

u f . y&i* -or .wo Spam begins EEC camnainn Ekeiy t0 create or 

w«ta£d smOTonu SU =, M . MV » Ula LdllipdlgU ^^"asss 1 ,. es»a?“: «?«• W tt; increase market 


most likelv mi iconic nut nf tne 
present political impasse, brought 
on by the parliamentary rejec- 
tion of Portugal's third consti- 
tutional Government over two 
w.eeks ago. 

- . Weekend slalements suggest 
that the country's major political 
parties are no nearer finding thc 


BY ROBERT GRAHAM 


MADRID, Oct 2. 


common ground for a majority THE GOVERNMENT today Then they will meet with the real debate, even informal on debated later this week. 

• governing accord. began a three month campaign local chambers of commerce or the pros and cons of foininc the I 

Meanwhile in a weekend inter- tn inform Spaniards about the agricultural chambers, and this EEC ™ C I - »• • ' 

view. S. Alfredo da Costa, the Coinmun Market Since Spain will be followed by briefings of ‘ - si. . rrPTIPh tmilK 

•Mrpbkir Prim,* Uini<tf>r sairi annlipH tn iniw-thA rnniiniinlfv fhe Inral ppnnKpntiHnM #, f iha UaviU Gardner report? from *- * vUI.ll II tlltto 


Meanwhile. the Socialists the acquisition will ultimately 
today tabled a censure motion be reprieved by a "Ministerial 
as the National Assembly exemption ” granted • by the 
reconvened. There is no chance Government This somewhat 
of the vote going against the .cumbersome way of arriving at 
Government when the issue Is the desired result, first by pro- 
debated later this week. hibiting the deal and then by 


-view, .nmeuu uu v.iim-i. me «^r»uimuu luarKcu since opaiu win ue louowea oy orienngs Of ~ ■ i . fi inHflv 

^caretaker Prime Minister, said applied to join* the Community the local representatives of the „ 03 , Gardner reporflf from *• 1 culm uaiu» 

:.4fiat lie and his government in July 1977 this is the first political parties and any other Barcelona; 8r. . Laqdelum layiUa.) U|f U.r c-fvib-A 

-expected to remain in office for official attempt to explain the specialised interest groups- w mister of Justice, and Sr Josef 1111 13 j aliU&C 

at least another one to two reasons for the application, the Sr. Calvo-Sotelo says he pre- Tairadellas. president of Cata- _ .. w 

;.ntonlhs. Despite the rejection of nature of the problems and few this approach rather than I?™ a s Generalitat. today pro- “F Dav,d White 

• his programme, Sr. da Costa is benefits of membership, and the impersonal propaganda from s ‘“ ed at the formal handover of PARTS, Oct 2. 

tilill hoping to gain Parliamen- complex workings of the EEC’s Madrid. He also hopes in this the first powers Jo be devolved A THREE-DAY strike on tl 

'tary backing for a series of institutions. wa >’ to be able to obtain a belter to the regional government. French railways has reduo 

.'.pending major policy decisions. The campaign is being feel for the klnd of problems The Goaeraljtftt will now have train services by more than ha 

organised by the Ministry for specific interest groups or under its jurisdiction a limited on most lines. 

- Relations with the EEC, formed re Sions might face as a result range of matters affecting The latest transport snarl-u 

T JTC W^rnpH f, n Febcuary 10 this year and of entry. agriculture, urban planning. In- which began yesterday 

^ VHU 1 ICU headed by 3 former Commerce So lzr s P a, ° “ as witnessed no dustry and commerce. response to a strike call by fo 1 

ficlni rnmr Minister, Sr. Leopoldo Calvo- ' railwaymcn’s unions in purst 


tne acquisition will ultimately lifcolv tn pmatn nr 
be reprieved by a “Ministerial ^Keiy 10 Create Or 
exemption ” granted by the increase market 

Government This somewhat dominanrp Tt has nn 
cumbersome way of arriving at aommance. it nas DO 

the desired result, first by pro- brief for taking the 

JSK' ? e " eraJ . ec 2 n o 0mic 

feature of German mergbP^-- interests of Germany 
UK 1 ™. tbE German hto aCCOUHt. 


Competition Act separates the 
consideration of anti-competitive 


stations in Germany and of its 
link with Ruhrgas, precluding 
the possibility that the two 
would in future compels in Uic 
German gas market 
. Though the Cartel Office 
reaches its dec< .~z by a quasi- 
judicial procedure, it is also 
political. I:;. main concern now 
is to avoid anything which could 
jeopardise the passage of the 
fourth revision of the German 
Competition Act 
The Bill, -now -before the Ger- 
man parliament, provides for 
such statutory assumptions of 
market dominance which BP 
could not escape, simply on the 


consideration of anti-competitive „ £ ou . ia n , 01 escape, sunpiy on i«e 

asnects of mercers from the Kartte moved to Berlin from bas is of its turnover. A decision 
question of whether a merger is r? e wa . s head . of t [ ,e < fS?J 


uie Vi tHuuiuiure office! sarv 

marker ImSo. .No ’great secret was made of . Should this decision come for 


'’■; n f: c L rrkvsr ! Minister, Sr. Leopoldo Calvo- 

7 Jll A1MI JIU^t ; Sotelo. At the outset Sr. Calvo- 

BRUSSELS. Oct. 2. i Sotelo said he viewed his Hihrol^r ‘qhqp! 
THE COMMON Market Commus. ! ministry as having a dual role— VJIUiaiUU. dliatl 
I sipn todav published u letieri^u*^ negotiate with Brussels 

--(torn Mr. Finn Olav Gundelach.; a " d l o prepare Spaniards for e .„ A , Kf , r? _ . . 

- EEC Fisheries Commissioner, entry SPAINS Foreign Minister, Sr 

'urging Britain to delay its! 0ver the next «»**• months Marcelino Oreja Aguirre, todaj 
unilateral action on fish conser-j officials from the ministry plan to called the colony of Gibraltai 
'.vation measures, and warning 1 ««*■ “J iSS * 8 22 SL 1 !: m historical and political ana 


Gibraltar ’anachronism’ attacked 


UNITED NATIONS. Oct. 2. 


trollers were once more working If he > deddes foal merger though’' the Mi 551? en- U onataost on 
lo J” 11 . c ,, Prohibited by the Cartel Office courage the Carte! Office to which it overruled the Cartel 

Lji a,n >‘" c “2S" anti-compeutive. obtain judicial clearance for a Office ban of the merger between 


'.vation measures, and warning 1 wwus anc iciues inrougn- an historical and political ana- ‘Zr.i. S,- ^ pco * Quues * cartel Vn oil equipment for large 

■* rjigt Bni^oN reson'os Ihc nclitl®^^ Spain* effectively covering . r . iu • , L . • . . •> . tion of Spains territorial j in tc* scneduled yesterday* Main line bibitioo. The Supreme Court dpricinn industriSd uroiects. Germany 

". to take Whatever action ~ is i every major urban centre in the chronism and said Britain could grily. As an anachronism, it was traffic from other Paris stations The only limit imposed on his j n the GKN/Sacbs case made it must achieve P «iater strength. * 

appropriate to due bourse " I country. The emphasis is on no longer continue to ignore ite an obstacle to co-operation be- was about 30 per cent of freedom seems to be the much more' difficult for the Withtbe EP/Vcba deal assnr- 

iT&VZ- ” «S- s,n DCS ° l,a, "’ ns w SSi ■%?%' SA 0 "^ 35ffsaAMS3 

ConimtesUra co.M " UlUa ‘ ^ «* ^ 

.endorse six conservation, officials will first brief local Gibraltar is a danger for the Sr. Oreja Aguirre said the UN against the working conditions not likely to do that competition the deal woniri^wl 

measures for U'hirn I.nnrinn hari I madia -ihnnf nAnntigfino curlinlv nF Cna in nrtrl ife 1ft TT. h.ri rona .,1 nrlln ik. Inr ..J I. „ij i v_i«— ... . UCai W oil la nave . 


T-i. ... . i . .1 holding a series of separate duty to begin negotiations with 

^-Thc letter, addressed in the; meetings with specific interest Spain. 

Brli»li Mission ti> tim EEC here. ) groups, rather than talking to u *_ v « 

I 1.-1 * . AC HTl 1 ITt TVIlSlO fl TTt 1 I Ttnrv ri 'ICO 


. measures for which London had | media about the negotiating security of Spain and its 36m had repeatedly emphasised the I for drivers and guards imposed It would be naive to believe advantages 

sought its approval. I process with Brussels and thc Inhabitants, when it exposes to need for a negotiated settlement. ! by the introduction of a new that this separation of powers, ins the market 

..Reuter ' workings of Ihc community, risks they have never accepted," Reuter I winter timetable. and the independence of the Veba. However the Supreme 


Financial Twt}. pubUsbed flatly oxen 5«»- 
flaws and bolldan. U.S. w uh i c rlpthms S2OS.0O 


Siinromc t a,r SJW.n* iak a»«i per sawn- 

oupreme Second elms imune said nt Nra VOfk. N.V. 


Prominent Percentages (7) 








This is Lnsgi 


X 


Lurgi Chemie und 
Huttentcchnik GmbH 


Process Divisions: 

— Inorganic Chemist ry 

— Ferrous Metallurgy' 

— Non-ferrous Metallurgy. 


Lurgi Kolile und 
Mineraioltechnik GmbH 

Process Divisions: 

— Coal Technology — Gas Technology 
—‘Refinery Construction 

— Petrochemistry 

— Fiber Technology. 

Lurgi Urn welt und 
Chemotechnik GmbH 


99,9% and more. That’s the 
dust collection efficiency 
of Lurgi electro-precipitators. 


■it 






■ .. : ; 

’ : .-V 


■ .■ 




Process Divisions: 

— Dust Collection and Emission. 
Control 

— Waste Gas. Water, Air 

— Thermal Processes 

— Cellulose and Biotechnology 

— Gotek -Workshops. . 


Organization Abroad: 


Subsidiaries vn Amsterdam. Bruxelles, 
Johannesburg, London. Madrid. 
Melbourne. Mexico D.F.. Milano. 

New Delhi. New York. Pans. 

Bio de Janeiro, Stockholm, Toronto, 
Wien. ZOnch. 

Branch offices in Tehran, Tokyo. 

He presentations in Caracas, Kuwait, 
Manila. Moscow. Riyadh. 

Agents Ln more than 40 countries. 


Steel mills, non-ferrous metallurgical plants, 
cement works, chemical plants and power stations 
have one thing in common. Dust-laden waste gas. 

It's a problem you can't sweep under the carpet. 

Efficient dust collection systems 

• are needed. w||| 

Lurgi supplies them- dry and wet electro-precipitators, 

gravel bed filters and radial flow scrubbers. ^ 
The largest electro-precipitators each dedust more than 
3 million cubic metres of waste gas per hour. 




mm 


l» V!? /-«.'* •• 


Services s 

Design, supply and eenstrucfeiati of 
turnkey plants, individual units or 
equipment; 

Erection and start-up of plants 
Including proof of fulfilment of 
guarantees: development and 
licensing of processes and equipment 

Lurgi Itself is no: a manufacturer of 

machinery and equipment and 

selects the most appropriate suppliers 
in Germany and abroad lor each. 

, individual project. 


Ask for full details of Lurgi’s pollution control programme. 

But don*t wait for 
ihe dust to settle first 



the plants are 

built by Lurgi IMS 000 Era^tot am Main2- Federal Republic of Germany ■ P.OJB. UB 181 












es Tuesday Octolier 3 1978 


■ % 




lifted 


i.iv v ■ ■ ■ 

«r ■ 

'i 

;=• -u-. 

• .. 

AiX-'..: 

-*«v . 

.% i* 

V4 ■ 

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t-r i.- •• 

9 * 

'=> - 

; 

i-U :i. •.... 

*> 1 * ' 

tfZ • 

V-1 . . 

riKA- ■■ - 

&.m : •" 

*** ••• ' • 

U'f >■ : ■ ■ 
?££ •• 
i. 

i»- u; 

A if ‘ • 

X«r. .--4- 
&.-S. 

*V 

• 



EUROPEAN NEWS 







Italian security strikes 
at the Red Brigades 


*Y PAUL BETTS 

.ITALIAN SECURITY forces have 
apparently made a major break- 
prougn in their investigations 
into the extreme left wing Red 
Brigades. Although police were 
silent .today .on -a 48 hour, anti- 
terrorist dragnet in Milan there 
are so far unconfirmed reports 
that the rpolice operation, headed 
°y the Tww. cMef .of the aati- 
terrorist squad, General Carlo 
Alberto -rSDalU* Chiesa. has 
resulted . in the arrest of two 
Red Brigades leaders. 

These are Nadia MaDtovanj, 
the girl frieod of Renato Cureio, 

the so-called ideological leader 
of ■ the movement: and Mario 
Moretti, the alleged head of the 
Rome ceil of the Red Brigades 
which is suspected of organising 
the kidnapping of Sig. Aldo Moro 
the late president of- the 
Christian Democrats. 


The anti-terrorist squad seized 
the Red Brigades member, 
Antonio Savino, in Milan over 
the weekend. Savino. on the run 
from prison, . and (wo police 
officers were wounded in the gun- 
fight wbicb led to the arrest. 

About ten days ago, police also 
arrested in . Milan Corrado 
Alunni. suspected of being a lead- 
ing member of the organisation 
and also to have taken part in tbe 
Moro kidnapping. 

These developments come at 
the same fame as a renewal of 
political violence in llaty with 
a series of major terrorist and 
politically- motivated incidents 
in Milan, Rome, Turin and 
Naples. . 

-In Rome, tbe funeral of a 24- 
year old unemployed left-wing 
student shot dead by a group of 
extreme right-wing youths took 


ROME, Oct 2. 

place today. Demonstrations 
were also held in Naples follow- 
ing the attack by reportedly meo- 
Fascist extremists against a 
student, whose condition was 
described as critical. 

This apparently concerned 
revival of political violence coin- 
cides with the efforts of the Gov- 
ernment and the political forces 
to implement a medium-derm 
recovery plan for Italy. 

Sig. Giulio Andreotti, the 
Prime -Minister, speaking at 
Viaxeggio over the weekend, 
claimed that rite so-called 
“Italian risk** bad now dis- 
appeared and that major inter- 
national credit institutions were 
willing to .advance long-term 
loans for major investments in 
ItaAy, including tbe depressed 
south. 


UK urges 
lower air 
faresto 
Scandinavia 


Death toll in Iran strike 

1 .. _ _ .. to visit 

believed to be at least 12 Peking 


Last days of the Lockheed trial 

BY PAUL- BETTS IN ROME 

THE LONG-drawn-ouf and con- case. The overriding feeling here the party had come to an 
™ ft*??. * i affair ^! ri is one of anti-climax. This may agreement with the Communists, 
Tmnro«H 0W «J?P 4 ^ T £ e appear a paradox, but m a sense who tacitly supported a new 

.- ente , d 11131 fbefor& the the Italian. Lockheed trial is minority Christian Democrat 
constitutional court) of two generally regarded here to have government through absention in 
former Defence Ministers, a already taken place. From the parliament .Subsequently, the 
former Chief of Staff of the beginning the. affair was seen Communists gained direct parti- 
itanan Air Force* two leading not so much as the trial of cipation in the governing process 
lawyers and six other defendants former Ministers as individuals by being included in the parlia- 
is to resume this morning and- a. but as a brirade* political trial of mentary majority. This, however, 
verdict and sentence is expected the long ruling Christian Demo- is still some way from the party's 
before the end of tbe month. crat Party as, such, and what its efforts to be a direct partner in 
■After some 60 hearings lasting opponents cbnsider to be its government, 
nearly five months, the prosecu- corrupt and inefficient rule over in the orocess. the Lockheed 
non has now asked for heavy the past 30 years. affrir Lf flSkdv had S 

foimer ^ The point . was clearly ex- reaching repercussions in Italy, 

former Ministers— the Social pressed by, Sig. Aido Moro. the Last June, Sig. Giovanni Leone 
Democrat Sig. Marto Tan asst and late Christian Democrat leader the President of the Republic! 
?u i ' i U ifi kidnapped amd -murdered by the resigned following a series of 
Siir a «'L£«.i° “SlJSS? 11 °U U left wing Red Brigades so-far unsubstantiated allegations 

their personal wealth. The movement earlier this year. In about the association of the 
charges are of grave corruption the course-of the Parliamentary President and members of his 
against the state arising -out of debate on- thet Lockheed scandal family in a range of corrupt 

-JSBSffi practices. . including Seal 

$I.6m by Lockheed in bribes to irregularities One of the main 

secure the sale in 1970 to the ~ attacks aeamst Si- Leone ^ 

The next few weeks his tie^ with the Lefeb™ 

Hercuies military transport air- „ he cODSidered brothers, and the small Radical 

c o' o- m „ . LUU 1 U DriCUXlbluereu Party bad earlier demanded that 

Fo r Sig. Tanassi. the three the ClimaX Of a trial Sig. Leone be brought to trial 
members of the prosecution have w j»irih in-manv TPBnPritR aJong with si S- Gui and Sig. 
unanimously requested a nine Wmcn in many respects Tanassi . p&u? menU however, 

year term of jail, as. indeed they is unique m Italy. Yet ignored this demand. 

better v OriL and Antonio! this does HOt appear tO h Jj* med 

the lawyars accused of bavmg be the Case,. The clean uTSi^a/c S the r 

SEW IJSSJ SrJSS- over-riding feeling here 

received a Lockheed payment not IS One of anti-climax. have helped Tbe S has 
so much for himself but for his ■ •* further ^ained considerahte 

ruling Christian Democrat Party,.. popular support in the wake of 

the prosecution has demanded six- .- .. the emotional rpaotinn tn 


xcfriuiLra vaymeius in some practices. inehidini? flcr-al “we naa 10 pomi om 

$1.6m by Lockheed in bribes to irregularities One of tbe main t0 them Uut we ***** °* e Power 

secure the sale in 1970 to the ~ atmiks SistSi° Leone to break up SAS .” 

The next few weeks his tier with the Lefebvre . SAS Is owned and operated 

Hwcuies military transport air- CQU j d he cODSidered brothers, and the small Radical jomtiy by Denmarl^ Sweden 

c o- m ^ „ . tUUXIl^DB.caiiwaerea Party had earlier demanded that and Norway. The UK could 

Fo r Sig. Tanassi. the three the ClimaX Of a trial Sig. Leone be brought to trial break up SAS by withdrawing 

members of the prosecution have w ),j r .y, in Vnanv Tacmantc ^ on S with Sig. Gui and Sig. its right to operate from the 

unanimously requested a nine WHICH Ul many respects Tanassi Parliament, however three countries jointly, 

year term of jail, as indeed they Is unique in Italy. Yet ignored this demand. ’ Britain has also given notice 

S5-J-SSS. ‘aJSSK ‘^does not appear to 

the lawyers accused of having be .the Case.vThe . clean up their image, and their charter companies. Withdrawal 

handed over the bribes. For Sigr over-ridinff feelinff here governing alliance with the main ®f these would prevent the 

Gui. who is aUeged to have Over rmmg^ > ee fP8 nere opposition parties appears to SAfrowned Scanair charter 

received a Lockheed payment not IS One of anti-climax. have helpedT The party has company, jointly owned by the 

so much for himself but for -bis - . ^ further gained considerable three countries, from flying 

tilling Christian Democrat Party,-- popular support in the wake of between Scandinavia and the 

the prosecution has demanded SK- the emotional reaction to the UK at alL 

years imprisonment, although last year proceeding the vote to kidnapping and mnrder «f Sig. The UK did not Intend to 

one of .the three prqsecHtors impeach Sig. Tanassi -and Sig. Moro. This has not been the ease break np SAS and was not 

dissented from me decision on Gui, -Sig". Moro said Hbat ithe for. tbe Communists who, under dosing the door on the 
grounds -there - was no . debate had turned into a trial pressure from their own sup- possibility of an agreement to 
evidence,- but only suspicions, pf his party’s hold, of political porters 2 nd under attack from extend “fifth freedom” rights 
against the former Minister. . power m ftaly. / the Socialists, now appear to be to the charter companies in 

Both Ministers, the first former Tbe debate .itself followed ex- losing ground. future, Mr. Rogers went on. 

cabinet members lo be tried tensive investigations . by a . Although tensions clearly exist But the UK felt it had to give 

before the country's, highest Earli amenta#- Commission set within the ruling party follow- notice to end the charter corn- 

court sincethefaU of fascism,.. up to decide whether the ing the loss of its one undis- panies’ fifth freedom rights In 
have repeatedly demed anv ; evidence ^against the former puted and unchallenged leader, order to bring the charter 
improper action in connection Ministers’’ was sufficient lo pro- the Christian Democrats are now Issue into tbe negotiations, 
with the Lockheed deal. . ■ . pose the waiving of their Parlia- showing concrete signs of dosing Talks will be resumed in 
In all, the prosecution has -mentary immunity so that they their ranks. The appointment of Loudon on November 13, when 
asked for a total of some 58 years could stand -trial. The all-party Sig. Giovanni G&Uoni, close to 10 days have been alioted for 
imprisonment for nine of the 11 commission dismissed a former tbe reformist Secretary General them, 

defendants, who include the miss- Prime Minister, Sig. Mariano of the party , Sig. “ Benigno 

ing former chairman of the Rumor. who had held office at the Zaccagnini, as the new party ; 

Finmeccanica state engineering time of the Lockheed negotia- chief whip, and the selection of TOonlr rvf Tnflia 

holding company, Sig. Camillo tions, bn (he basis of the casting Sig. Carlo Donat Cattin, the in- DdllA Ul Xlillla. 

Crociani, and the former Air vote of its Christian Democrat dustry Minister, who enjoys a T _ 

Force Chief of Staff. General chairman. In a joint session of degree of support from the base, .1 PrCPV hratlfTl 

Duilio Fanali. In the light of both the Senate and the as the party's Deputy Secretary, J vu 

these stiff demands by the Chamber of Deputies, Parliament is tangible evidence of this. THE BANK - of India has 

prosecution, the defence winding- voted to impeach the two former The traditionally faction-torn started operations in the Channel 

up to begin today wiH be all the Ministers. party, which is to hold its Islands with the opening of a 

more crucial, especially since The attack against the national congress next spring branch in New Street, SL He lier, 

there is no right of appeal , for Christian Democrats came at a concurrently with the Communist Jersey. 

defendants appearing before the particularly vulnerable time for national congress, clearly feels There are now 35 merchant 

constitutional court the ruling party. Its political it could fare well in a prospec- and foreign banks licensed to 

The next few. weeks, there- influence had steadily been tive early general election later opearte in Jersey, apart from 
fore, . could be considered the undermined by the rising elec- in the spring. To this end, it | branches of the UK clearing 
climax of a trial which in many toral' gains of the Communist wants to demonstrate, on the banks. The latest foreign bank 
respects is unique in Italy. Yet Party. After the inconclusive surface at least, a united and I to be licensed. Banco de Bilbao, 
this does not appear lo be tbe general elections of .Tune 1976, vigorous front. -has not started trading. 


By- Hilary Bamn 

. COPENHAGEN, OcL 2. 

THE UK is pressing for lower 
fares and increased com- 
petition in Its negotiations with 
tbe Scandinavian countries on 
new air service agreements, 
Ur. George Rogers, leader of 
the UK delegation, said here 
today. 

“Agreement is possible, but 
it quite clearly will be a 
different agreement from the 
one the Scandinavians set oat 
i to get," he stated after a week 
of -negotiations. 

The existing air service 
agreements were abrogated by 
tbe Scandinavians, with effect 
from December 31 this year. 

The Governments acted at 
the urging of Scandinavian Air- 
lines Systems. SAS feared that 
planned new routes for British 
Independent operators would 
undermine its position in the 
market for scheduled traffic. 

The Scandinavians entered 
the negotiations hoping for an 
agreement which would carve 
up scheduled traffic 50-50 
between SAS and British Air- 
lines and would lay down 
restrictive roles for opening 
new routes from the UK to 
Scandinavia. 

The UK Is looking for an 
agreement which will permit 
increased competition to SAS 
and British Airways, which 
between them account for 
80 per cent, of tbe value of the 
market 

The British believe this com- 
petition will come both from 
Independent operators and the 
charter companies. 

Negotiations have been 
marked by tough attitudes on 
both sides. “The Scandi- 
navians tried to smash our 
independence,” Mr. Rogers 
added. “We had to point ont 
to them that we had the power 
to break up SAS.” 

SAS Is owned and operated 
jointly by Denmark, Sweden 
and Norway. The UK could 
break up SAS by withdrawing 
its right to operate from the 
three countries jointly. 

Britain has also given notice 
to end so-called “fifth freedom” 
rights for Scandinavian 
charter companies. Withdrawal 
of these would prevent the 
SAS-owned Scanair charter 
company, jointly owned by tbe 
three countries, from flying 
between Scandinavia and the 
UK atalL 

The UK did not Intend to 
break up SAS and was not 
closing the door on the 
possibility of an agreement to 
extend “fifth freedom” rights 
to the -charter companies in 
future, Mr. Rogers went on. 

But the UK felt it had to give 
notice to end the charter com- 
panies’ fifth freedom rights in 
order to bring the charter 
Issue into the negotiations. 

Talks will he resumed in 
London on November 13, when 
10 days have been alioted for 
them. 


BY ANDREW WHITLEY 

AT LEAST 12 people are now 
thought to have been killed In 
clashes with security forces in 
towns and cities across western 
Iran during yesterday’s one-day 
protest strike. 

_ In Kennanshah, capital of 
Kurdistan province, the Persian 
language newspaper, Ettelaat, 
reports today that three people 
died and 31 were injured during 
a ru nnin g battle with the police 
that lastecl much of the evening* 
Banks and cinemas were set 
alight. 

Further north, in the small 
town of Bukan. a spokesman for 
the Committee for the Defence 
of; Liberty and Human Rights 
said that seven young people 
were killed and many others in- 
jured when police and soldiers 
opened fire on demonstrating 
schoolchildren. No immediate 
confirmation of the incident was 
available from tbe Government 

South-east of Kermanshah, this 
afternoon's Kayhan newspaper 


reports that two people died in 
Dorud. In what looks to have 
been a wave of disturbances 
throughout western Iran, several 
other major towns, including 
Zanjan. Rezaiyeh and Dezful. are 
reported to have been the scene 
of large-scale marches. 

Together with yesterday's 
assassination in Mashad of a 
police colonel and his driver, the 
unofficial death toll from the 
strike is put at 14. Tbe strike 
was called in protest against the 
alleged house arrest of the exiled 
opposition leader, Mr. Ayatullah 
Khomeini, in Iraq. 

Commenting on yesterday's 
announcement of an amnesty for 
all exiles prepared to work 
within the existing constitutional 
framework, a Government 
Minister, Mr. ManouchehT 
Azmoun, has said that Mr. 
Khomeini — the Shah’s leading 
opponent— can return home on 
these conditions. 


TEHRAN, OcL 2. 

Meanwhile, the rash of indus- 
trial strikes afflicting Iran 
appear to be worsening- Uncon- 
firmed reports say that staff of 
Bank Pars, a medium-sized com- 
mercial bank, will strike to- 
morrow in support of their 
colleagues in the state-owned 
banking giant. Bank Melli. who 
began their action yesterday. 

Bank Pars staff, numbering 
some 1,800 in all, are said to be 
demanding a pay rise and im- 
proved housing alpwances. They 
axe the first significant private 
sector body to come out 

There are contradictory- 
reports on the situation in the 
oilfields with newspaper state- 
ments that the strike by several 
thousand employees is over andi 
private reports that the strike j 
bas now spread to Kharg Island, 
tbe main export jetty. If Kharg is , 
affected, consequences for oil 1 
exports might be seen fairly soon. 1 


m 

Smith bans main black newspaper 


BY TONY HAWKINS 

RHODESIA'S Government has 
banned the country's largest 
black-oriented newspaper, the 
Zimbabwe Times, which is 
owned by the Lonrho company 
and is reputed to support Mr. 
Joshua Nkomo, co-leader of the 
Patriotic Front. 

Mr. Hilary Squires, Joint 
Minister of Law and Order, 
said that the paper had been 
banned because it supported 
terrorist organisations. The step 
was in line with Mr. Iao Smith’s 
broadcast last month in which 
be promised action against 
domestic supporters of the 
Patriotic Front guerrillas. 


A Government spokesman said 
the newspaper had been banned 
because its continued publication 
was considered to be contrary to 
public safety and security. 

The Zimbabwe Times was set 
up by the Lonrho group about 
18 months ago. The editor, Mr. 
Herbert Mugangatire, is on bail 
facing charges under Rhodesia's 
security legislation for allegedly 
publishing false information and 
for publishing war information 
without permission. 

The newspaper said today that 
about 300 people would be out 
of work as a result of the ban. 
Most of newspaper’s staff is black 
and only eight whites are 


Kaunda ruling challenged 


BY OUR OWN CORRESPONDENT 


LUSAKA, Oct. 2. 


ZAMBIA’S RULING United 
National Independence Party 
(UNIP) was accused today of 
preventing would-be presidential 
candidates from callenging Presi- 
dent Kenneth Kaunda and of 
using intimidation and death 
threats to do so. 

The charges were made in the 
High Court by two of Dr. 
Kaunda's most prominent oppo- 
nents, Mr. Simon Kapewpwe, a 
former Vice-President and Mr. 
Harry Nkumbuia, who Zed an 
opposition party until Zambia 
became a one-party state. 

The two men lodged petitions 
alleging that constitutional 
amendments under which Dr. 
Kaunda was nominated sole 


presidential candidate for elec- 
tions next December were un- 
lawful. 

Both men said the amend- 
ments, which placed new restric- 
tions on would-be presidential 
candidates, had not been cor- 
rectly circulated at, or approved, 
by UNTP's general conference i 
last month, before Dr. Kaunda' 
was named as sole presidential 
candidate. 

Before the meeting. Mr. Kap- 
wepwe, Mr. NkumbuZa and Mr. 
Robert Chiluwe. a Lusaka 
businessman, all said they would 
challenge Dr. Kaunda for the 
nomination. 

The case was adjourned 
for a week. 


SALISBURY, OcL 2. 

employed. The ban has been 
condemned by the Rbodesian 
Guild of Journalists which said 
it would be impossible to bold 
free elections without a free 
Press. 

Several black newspapers are 
published in Rhodesia, but the 
Zimbabwe Times bad the largest 
circulation and was probably the 
most influential. 

Meanwhile combined opera- 
tions headquarters reported that 
the high-level road bridge across 
the Tokwe River on the main 
Salisbury lo Johannesburg route 
was blown up by guerrillas early 
today. 


Kenya denies 
Zambian report 

By John Worrall 

NAIROBI. OcL 2 
KENYA AIRWAYS today denied 
that it planned to open a service 
to South Africa. An official said 
the Kenya Airways chairman, 
Mr. Eliud Mathu. had been mis- 
reported in Lusaka by Zambian 
Government radio and had 
merely spoken of the airline's 
capability of flying to countries 
south of Zambia, such as Lesotho 
and Botswana. 

The permanent secretary in 
the Ministry of Power and Com- 
munications, ilr. D. W. Mwiraria. 
said flights to white-ruled states 
would start only “after these 
states are sovereign and free." I 


By Our Own Correspondent 

NEW DELHI, Oct. 2. 

A MAJOR BREAKTHROUGH in 
Sino-lndian relations, which have 
been cool since the border war of 
1962, is expected with the 
decision of the Indian External 
Affairs Minister, Mr. A Lai Behan 
Vajpayee, to visit Peking for a 
weeK from Octohcr 30. Ho' is 
going at the invitation of the 
Chinese Foreign Minister 

extended more than six months 
ago. 

There is no formal agenda for 
the talks in Peking but India has 
insisted that the disputed 
Himalayan border between the 
two countries be discussed. The 
Chinese had let it be known that 
they want the border question 
set aside for the present but now 
seem reconciled to reopening the 
contentious issue. 

Without this concession. Mr. 
Vajpayee would not have been 
able to go to Peking since Indian 
public opinion has been led -to 
believe for more than two 
decades that the Chinese arc 
occupying more than 12.000 
square miles of Indian territory. 
Hence any talks that did not take 
up vacation of Chinese “ aggres- 
sion " would be impossible for 
any Indian Government to 
justify. 

It is thought here that China's 
-attempt to befriend India is due 
to two reasons. First. Peking 
I wants to draw India away from 
the Russian sphere of influence 
and feels that the present Indian 
Government, unlike former con- 
gress Governments, is sincere 
about its declared policy of 
“genuine non-alignment," Second, 
China finds itself increasingly 
isolated in Asia because* of 
border troubles with Russia and 
Vietnam and does not want to 
risk reopening another live front 
with India. 

Sino-lndian relations have been 
bitter for a long time but have 
shown gradual improvement in 
the past 18 months or so. 
Ambasadors have been ex- 
changed for the first time in two 
decades, trade has been resumed 
in a small way and many cultural 
and other delegations have been 
exchanged recently. The pace of 
the improvement is expected to 
quicken after Mr. Vajpayee's 
visit 

Tbe Indian Government has 
made it clear, however, that 
improvement of relations with 
China cannot be at the cost of 
relations with any other country. 
To drive this point home. Mr- 
Vajpayee paid a short visit to 
Moscow a fortnight ago and was 
warmly received by senior Soviet 
leaders, including Mr. Brezhnev 
and Mr. Kosygin. There has been 
an increase in economic ties 
between India and the Soviet 
Union recently and the Soviet 
Union is India’s single largest 
trading partner. 


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OVERSEAS NEWS 


AMERICAN NEWS 


Syrians storm Christian stronghold 


BY IHSAN HIJAZI 


BEIRUT, Oct. 2. 


UNDER THE HEAVIEST bar- Christian East Beirut was hit, speculations by diplomats that of the presidential palace at the 
rage of artillery fire tbis country according to witnesses. The the United States might call for suburb of Baabda. Shells fell 
has ever witnessed Syrian troops Christians put. their casualties a Security Council meeting to on she palace and rite President 
of the Arab peacekeeping force during the past 24 hours at 300 consider- sending UN troops to Is reported 'to have spent hours 
at dawn today stormed a militia and claimed that the Syrians suf- police the Lebanese Christian in the basement of has residence, 
stronghold in the Christian fered 400 casualties. areas and to replace the Syrians Reuter adds: President Elias 

suburbs of the capital and The exchanges shattered a there. Sarkis said in a broadcast today 

rescued more than 20 of their ceasefire which was arranged on Some 6,000 UN soldiers are t he had deeided to f onn a 

soldiers who had been beseiged Saturday after a day of inten- already on duty in Southern “® J”®. Ef * 

since Saturday. sive artillery duels. Lebanon close to the border with new Cabinet of political leaders 

The bombardment, with the The militias were today placed Israel. They were sent there to tackle the crisis. A new 
heaviest guns the Syrians force an full mobilisation and were after the Israeli invasion of the security plan would he imple- 
posscsses, began shortly before reported to be massing at the region last Marc*. men ted within 10 days to end 

dawn and did not subside for cast Beirut quarter of Do ram. President Elias Sarkis is ex- lhe gghtip" 
more than three hours. A com- A communique by the Syrian pected to address a message to . . . , h 

m unique by the Syrian-dooiv- command warned them against the nation shortly. Radio Beirut “r, .. 531 

nated command of the Arab any reckless action and has been telling Lebanese to „SLJi!!S .iYiuTitb 

force said the barrage was dis- threatened to retaliate strongly stand by for the message. 7 ™ MCeeaea all lim is 

cominued once the soldiers, 10 to protect the Syrian forces. Mr. Sarkis threatened last July “* e ?°*£ l , e “ e founda- 

of them wounded, were brought Former President Camille to resign after fierce clashes Oons of . “f. 51816 were 00 U1E 
out. Chamoun, the main right-wing between Syrian troops and the ver S e or coiiapse. * 

The Christian militia, however, leader, said his militiamen were Christian militias. He later took Mr. Sarkis deplored the results 
kept up their pounding of Syrian determined to fight until tbe last back the threat but was reposted of the heavy fighting and .said: 

S ositions and the predominantly Syrian soldier had left Lebanon, to have said that he would resign “ I have developed the conviction 
Foslem quarters of West Beirut- Only an international initiative if the fighting recurred on a that this kind of suppression 
The shelling from Syrian posi- cnuld end the Lebanese impasse, large-scale. against groups of inhabitants or 

firms last night was so heavy he said. Much of the fighting during the entire areas, whatever their rea- 

that practically every' bouse in His remarks came amid past Few days was in the vicinity sons, is not an effective remedy." 

Sadat appeals to Assad and King Hussein 



Heavens 
open on 
Carter’s 
birthday 


BY ROGER MATTHEWS 


CAIRO, Oct. 2. 


PRESIDENT SADAT today made the prospect n£ being able to drawal from occupied territory inter-Arab problems, 

his most vigorous appeal yet to reach a comprehensive agree- and u>hat applied to Sinai would Renter reports. from New York: 

other Arab nations to join the'ment with Israel and to break also apply to the Golan Heights. Saudi Arabia has reassessed its 

Middle East peace process. In loose from the shackles of past It was now up to tbe Syrians to initial rejection of the Camp 

a speech lasting nearly three decades. He appealed directly to join talks that would lead to the David accords add now views 

hours to the People's Assembly. Ring Hussein of Jordan and to recovery of their territory. the agreements as a major step 

Mr. Sadat urged these states to President Assad of Syria to join Mr Sadat repeatedly said that *° wards peace, according to 

study the positive aspects of in the search for peace. there" could be no comprehensive N ^Jf SW6e ^- . „ 

Camp David and to shoulder Mr. Sadat invited President agreement without solving the * »■£* 10 Arabia s 

their responsibilities. Carter to be present in Cairo Palestinian problem and that the B 1 **?** 0 ® said, was 

In a parallel development. Mr. fur the signing of the peace Camp David accords were just m an mtervjew with 

Sadat issued a decree appointing treaty with Israel. The American the the first step on this road. He 5>, aec ? m ?f in . ie . 

Mr. Mustafa Khalil, former people should be proud of their urged the Palestinians outside the Rhaled to Cleveland last 
secretary-general of the now President, he said, because he West Bank and Gaza to stop mi:; 

defunct Arab Socialist Union, as was among those world leaders squabbling among themselves, , eW!> ' 

Prime Minister. He succeeds who had changed the pattern of and to accept the opportunity JL „ „ 


By Jtirek Martin 

DTSNEYWORLD. Oct. 2. 

I YOU CAN tel! the tide is turn- 
ing for President Jimmy 
Carter. There he wns last 
night, on ills 54th birthday, 
standing on a huge stage in 
front of tiie extraordinary 
chocolate box confection, 
known as Cinderella's Castle, 
centrepiece of the improbable 
resort complex known as 
Disneyworld, addressing, of all 
improbable people, an audi 
once of several thousand 
international businessmen. 


Chrysler raises 1979 car 

prices by average 4.2% 

BY STEWART FLEMING NEW YORK, Oc, 2. 

CHRYSLER CORPORATION. a vehicle on average, said that ui creased Jglty* to* ralse^nrices 
third largest of the U.S. car the prices were .in line with 

manufacturers.- fell into line President Carters effort « s m a iier models, by the 

with the industry’s leaders today achieve deceleration of price ultl t _e dollar which has 

and announced an average in- increases. Tbe company added dec Itae i in Uxe oouar wn,eh has 

crease of 4.2 per cent in prices that it would continue to make re. rivals Last vear too 

for its 1079 models which, are every effort to meet tbe goals too. 


wnicti are every enon id j industry raised prices h* 

now appearing in .the .show-, of the President s price decelera- _ t 

rooms.- tion programme- aoou« » 

Earlier General Motors, the It claimed that .the prices A quesuon still hanging oyer 
industry leader, announced that announced today only partiallv the companies, “ 0v * 6 * 6r, s - ,s tt* 6 
it would raise its prices by an offset increases in the costs of strength 

average of 4.1 per cent or $303 materials, plant modernisation. Some forecasters are ■ expecting 
per car. This brums the average and labour incurred with the demand for cars, which has been 
showroom price of a CM car to introduction of the new models, at near 

$7,667.' Ford, the industry- The rise means that a new to s ! a c ken in 1979, and th at co u Id 

number two. has already car in the U.S. will cost about put pressure on dealers to offer 

indicated that u will follow suit. 6 per cent more than at the discounts. So ^r.howeer.ri^e 

Chrysler in announcing the same time last year, because the predictions of weakening demand 

increases, which it put at 5273 major producers had already have not beeq fulfilled. 


the proposal for Palest inlan se I f- 1 ^ **!£*«■ 


Mr. Mamdouh Salem, who had history. that was offered. pnwmTnent nn -w * » >. 

STSfiSf 1 Th , £ i Eex-ptlun leader said that H r. Sadat avoided aoy direct ButThe SaudU; told N^eek 

negotiations aimed at reaching personal criticism of other Arab they were determined to head off 
recen I Ij -formed a peace treaty would begin leaders (apart from calling a separate peace between Israel 
»vn»i* Dcmocrstic Party soon and that he hoped total Colonel Muammar Gadaffy of and Egypt 

(NDP) yesterday, and hds Israeli withdrawal from Sinai Libya an “ insane child." He tried AP reports from Baghdad: i - - ... . 

appointment forms part o-f an could be arcompllshed in a very instead to draw a link between President Ahmed Hassan ai-Rakrl f0 . r n,ort : morall *y a ” d respon- 
already announced restructuring much shorter time than the Syria'? difficulties !n SnoS ofTraqiTS J" hoardrooms- 

of the Government. stmulated three vears an/t ;i c -.ccn^tinn .«th . ° and he had been delivering it 

He had 


delegates m the 26th meeting 
of the International Chamber 
of Commerce (ICC) -what 
might be described as the cor- 
porate version of his old cam- 
paign speech — that is. the need 


•» c . , .. . ,. . stipulated three years. and its association with the Soviet envoy to Syria to explain ”"hTs 

Egjpt had achieved the funda- Union. Moscow. Mr. Sadat proposals for countering the 
that the Middle East at last had mental principle Of Israeli with- implied, was at the root of most Camp David accords. 


Flood 
fear for 
Bangkok 

Serious flooding was reported in 
Northern Thailand and officials 
feared it could hit the Bangkok 
area within the next few days, 
Reuter reports from Bangkok. 

Radio Thailand reported that 
floodwaters fuelled by two weeks 
* of heavy rain were sweeping 
through several northern 
provincess. causing damage to 
major communication and road 
links and ruining large areas of 
rice-fields. 

Officials in Bangkok feared that 
waters from the swollen northern 
rivers pouring into the main 
Chao Phya river might affect 
several provinces in the central 
area, including the capital. 

Vietnam charge 

Vietnam described Cambodia's 
SLated readiness to conclude a 
peace treaty with Vietnam as “a 
trick of Cambodian leaders to 
conceal their hostile policy 
against Vietnam. - ' AP reports 
from Bangkok. 

Dalai Lama visa 

The Japanese Government has 
instructed its embassy in New 
Delhi to issue an entry visa to the 
Dalai Lama, spiritual leader of 
exiled Tibetans living in India, a 
Foreign Ministry spokesman said 
in Tokyo. Reuier reports. Tbe 
Government has decided to allow 
him to enter Japan for a six-day 
international Buddhist confer- 
ence. 

Japan reserves up 

Japan’* external reserves rose by 
337m last month to S2924bn, tbe 
Finance Ministry said in Tokyo 
yesterday. Reuter reports. The 
total was up from S17.Sbn in 
September 1H77. only just below 
the record S29^7bn held at lhe 
end of last .Tujy. 


S. Africa still undecided on loan 


BY QUENTIN PEEL 

SOUTH AFRICA has yet to 


JOHANNESBURG, Oct. 2. 

The last rime the South there will be a big effort to make 
finalise a decision to return to African Government issued a the rand more 'independent, 
the international capital market pub lj c °? international Mr. Gerhard de Kock, senior 
for a Government loan. Senator a„d tl.e’''£. , ".™dfSl7 cJSit' f r Puty Snvernnr . of_ the South 
Owen Honvood. the Finance was in October that year. The ArricaD Reserve Bank and chair 
Minister, confirmed today. lack of any subsequent efforts at man of the commission of in 

Although the subject has been raising international capital has quiry studying the foreign ex- 
under discussion since the been blamed on the political change markets, was -a member 
middle of the year, it is still only climate. of the IMF delegation, 

a possibility under considera- Senator Horwood gave no indi- Senator Hbrwood pointed out 
tion. Senator Horwood said, how- cation of the likely decision on that whereas sis months ago 
ever, that he believed that the the rand-doUar link, but one foreign capital was available to. 

Government would have no diffi- weekend report in the South South Africa for a maximum I Not even the fabled efficiency 

eulty in raising a credit or sub- African Press, quoting “Good term of only two years, terms of! of the Disney staff, who Uau 

stantial loan il it decided to authority** and “top sources" in five and six years were now 

seek one. the delegation to the IMF, said being mentioned. 

The Minister was particularly an important announcement He said he found the possi- 
optimistic about South Africa's would be made by the end of the bility of sanctions being intro- 
current credit-rating and invest- y ear — possibly within the next duced against South Africa 
raent standing when he spoke at month. “very hard to envisage. I have 

a news conference in Pretoria The' Afrikaans newspaper strong reservations whether they 
about his visit last week to Rapport said that “in the long could and would be applied, 

Washington for the International ^ * l uannot be in South because of the -favourable atli- 

M on el ary Fund meeting as well Africa's interests to be slavishly tudes of some countries," he said. 


in reasonable style, 
even managed the only joke of 
a solemn and oppressively 
hot Florida evening. He was 
very glad, he said, to be visit- 
ing Fantasyland, “because it 
is a source of inspiration to 
my economic advisers." The 
crowd was mildly amused. 

The President finished his 
speech, waved and disappeared 
into the inner recesses uf 
Cinderella's Castle, on which 
rv\iarkable facade HoodliRhts 
were playing in ever-changing 
coloured patterns. As he did 
so. and as the Disney 
trumpeters, garbed in heraldic 
uniforms, played their ump- 
teenth fanfare of the evening 
from the turrets, the heavens 
opened with the most violent 
of tropical thunderstorms. 


Congress bid to solve tax 
aspects of energy plan 

BY DAVID BUCHAN _ WASHINGTON, Oct. 2. 

MEMBERS of the two Houses encourage better insulation and 
of Congress are trying, ta thrash installation of ot ~* T . , e " er ,^J 
out their differences on the tax 

aspects nf President Carter s . uude hj . Mr Carter last year 
energy programme, in time for t 0 use the fiscal means to 
rhe whole package u> be voted encourage energy conservation, 
on before Congress adjourns jn His proposals for a tax on 
two weeks' time. crude oil and an increased tax 

Principally at issue Vis the on gasoline got nowhere m 
maximum S4Q0 tax credit for Congress. 

homo insulation, which both tbe It is, however, probable that 
Senate and House of Reprpsenta- Congress will agree to _a tax 
tives have separately passed, but on so-called "gas guzzler" cars, 
which Senate members are not But this will not include Mr. 
apparently urging be dropped in Carter's accompanying proposal 
favour of expanded income-tax for a rebate nn cars with better 
cuis. than average mileage to the 

The credit, designed to gallon. 


Death penalty move fails 


BY DAVID BUCHAN 


WASHINGTON, Oct. 2. 


THE SUPREME COURT today automatic review of a death 
rejected appeals challenging the sentence by the blah Supreme 
constitutional validity of Utah's of a , t)vlty> ^ 

death penalty law- The appeals supreme Court today issued 
were brought by five prisoners orders on some -SOD coses as it 
facing tbe death penalty in that returned from its summer 
state. recess. 

The Utah law was held to be It rejected a Government 
broadly similar to copitul appeal which argued that federal 
punishment laws in Georgia, safety, laws prevent the dismissal 
Florida and Texas which the of a worker who refuses to per- 
Supreme Court had previously form a job under high risk 
upheld. conditions. 

It provides for a separate sen- It also refused to reconsider a 
teneinq trial to decide whether previous ruling allowing police 
the death penalty or a life prison with warrants in make surprise 
term should be imposed and- for searches of newspaper offices 


Rise in impo 
hits Mexicali 
current ac 

By William Chistett 

MEXICO CITY.iOcL 
MEXICO'S current 1 aettfifot 
balance of payments.- jjeflciEria 
the first half of this. VgfSear. 
amounted to^ ''SSMISm cptn^refi. 
with $337. 1m in the same period 
last year, according to official 
figures released by the Bank of 
Mexico. 

The deficit far the second 
quarter amounted to S586.9ra, 
more than twice as much as the 
same period last year, when the 
deficit was S260.9ro. 

it is unofficially estimated that 
the deficit will grow to S2.4bn 
by the end of the year (1977 
was Sl.Tbn). Tbis reHects an 
import bourn resulting from the 
general economic recovery after 
the 1976 devaluation of the 
Mexican Peso. 

Industrial production rose by 
2.3 per cent in 1977 and this 
year an 8 per cent rise is being 
confidently predicted. 

The latest foreign trade 
figures showed a deficit in June 
of S242.6m; compared with 
SI 02.5m in June 1977. 

Other statistics released by the 
Central Bank revealed a 1.6 per 
cent increase in the consumer 
price index in July. 

Venezuelan oil fall 

CARACAS. Oct. 2. 
VENEZUELA'* oil output reached 
an average 2 . 12 m barrels per day 
in the first three-quarters of this 
year— a 6.S8 per cent fall on the 
same period in 1977, the 
Venezuelan Energy Ministry said. 
Reuter. 



THE GAMBLING INDUSTRY 


umbrellas in everyone's 
hands within minutes, could 
save the audience from a 
drenching. The point is that 
a few weeks ago, before Camp 
David, it would have been a 
stone-cold certainty that the 
rains would have come while 
the President was in full 
oratorical flight. 


as talks' he held in New York Hcd to the dollar. In future. “I came back very eurourafied." Mr> Carler came tn Florida >m- 


and Canada. 

He also confirmed that the 
rand link wMh (be dollar was 
being studied hy the De Kock 
Commission of Inquiry into 
Monetary Affairs, and a decision 
might be. made by tbe end of 


Sri Lanka to limit strikes 


COLOMBO, October 2. 


the year." He admitted there PRESIDENT Junius Jayewar- food subsidies and democratic 
was cons’derable speculation in dene of Sri Lanka announced rights. 

Washington about the rand- todav that his United National Stoppage of work in the pub- 
dollar Jink, which has eroded Parw government will ban r 1 2 ldl compnses 60 

much of the benefit South Africa slri feL in the oublic sector PV. cen . t -' *2* * 

would normally have derived ,, . we pU se T or ' betrayal of the peoples right to 

/mm the increasing cold price . Mr • Jayewardene. who was progress and a deprivation of 
Senator Horwood claimed inaugurating a seminar, also the right of development, Mr. 
there was great interest over- sai f l thal Politically-motivated Jayewardene said. Reuter 
seas in investing in South Africa, strikes in the private sector Mcrvyn de SHva adds: . des- 
not only by investment insritu- wou ld n °t be permitted. cnbing the decision to call off 
lions, but also by industrial com- The . government last week last Thursday's genera) strike! « p 
panies. He admitted that South forced trade unions controlled as a tactical retreat. Mr. Bala 1 - , ^ 5,rier 
Africa still needed foreign by Trotskyist Communist parties Tampoe, secretary of the Mer- 
capital for development, in spite ^d Lhe Centrist Freedom Party cantile Union, told a Colombo 
of its current favourable balance of former prime minister Mrs. rally yesterday, we must pre- 
of payments. The balance of Sirimavo Bandaranaikc to post- pare better next time, 
payments, combined with South P°ne a token general strike by In a joint statement 17 opposi- 
Africa's good record in repaying declaring it illegaL tlon-con trolled unions also con- 

foreign debts, meant that “our Organisers said the strike was deraned the government's use of 
standing is good and nur credit to support demand? for interim "unlawful and undemocratic 
rating first class." he said. wage increases, restoration of means" to break the strike. 


MALAYSIAN TIN 

Short-term boom, long-term decline 

BY WONG SULONG IN KUALA LUMPUR 

MALAYSIA'S TL\ mining indus- As tin is a non-renewable have the money to buy up thePerangsang in return for a 
try is enjoying an unprecedented resource, it is one of the priority 70 per cent equity demanded. tribute, calculated on various 
price boom. It is not uncommon areas of the new economic Mining companies also feel it criteria. 

to sec tin companies declaring policy. But the problems raced is unfair that they alone should "What this means is they are 
100 per cent dividends; a few by miners are multiplied because be expected to shoulder the putting a new tax on foreign- 
have been doing so for several land and mining Tall under the exploration risks and then allow owned raises," says a miner: “I 
years. But -behind this facade of jurisdiction of individual states. Malay partners to conie in when hope other stales won’t take UP 
financial success lie serious pro- each of which has its own policy, a project is proved viable. the cue." 

blems. A landmark was reached with Among the states, the Selangor In new mining ventures. 

The industry is steadily shrink- the formation of the Malaysian Government has taken the lead foreign companies are allowed a 
iug. Until recently tin was the Mining Corporation tMMC) to to get involved in mining. Its 30 per cent stake at mosL 


second pillar of the Malaysian 
economy after rubber, but tins 
year it has been relegated io 
fifth or sixth position in terms of 
foreign exchange earnings. 

Last year's production of 
53.300 tonnes was the lowest in 
15 years. Investments in the 
industry arc down to a trickle. 

It is not that minors do not want 
to invest. There are simply too 
few opportunities for putting 
their cash to productive use — 
hence the high dividend pay-outs. 

Existing tin fields are being 
rapidly exhausted, new mining 

land is not made available for ~ .... 

exploration and exploitation, and the former London Tin 


Despite the high problem is the 

dividends being paid by .Government's attempt 


Malaysian tin 
companies, all is not 
well in the industry, 
with output and 
investments on the 
decline. The root of the 


to bring abont greater 
Malay participation in 
the economy, 
aggravated by a 
plethora of policies in 
the individual states. 


Miners also complain bitterly \ 
about tuxes, which they have 
described as "penal.'* “crippling" 
and “punitive." taxes can cream 
off 70 per cent from profits. 

The industry was assured '.uf i 
some concessions last year, and' 
was disappointed when the 
budget proposals gave financial 
relief only to marginal gravel 
pump mines, while the efficteni 


lerday not In make news bul 
\n enjoy his birthday and 
capitalise on his resurgent 
popularity. While touring (he 
National Aeronautic* Space 
Administration l NASA i facili- 
ties at Cape Canaveral (NASA 
was also celebrating an anni- 
versary, its 201 h. yesterday), 
he let drop that the It.S. had 
its own spy satellites — l hereby 
publicly admitting what has 
beep common Knowledge for 
years. And in his speech tn 
the ICC Conference, he ran 
through the principal themes 
of his economic policy, again 
without saying anything new. 

did not even engage 
in much overt hard politick- 
ing. as iie did a week ago in 
lhe Caroiinas, Ohio and 
Pennsylvania, though he was 
accompanied hy the usual 
retinue of Democratic mem- 
bers of Congress from Florida. ■ 
Fnr once, he was revelling in 
the perks and privileges that 
come with the presidency: hut 
these are activities v.-hicli. 
when exhaustively repurled 
by the local media, can he 
translated into votes come 
election time. 

Mr. Carter also showed yester- 
day, in undemanding eireuni- 
Manc’fs, that lie has n«»t lost 
liis 1076 knack yf appealing 
puhhe performance He 
seemed at ease in both those 
twin monuments in different 
forms of American enterprise 
— NASA and Disneyworld — 
grinning a lot and occasionally 
shirlsleevcd. dutifully reveren- 
tial and humorous by turns, 
and comniunK-nting his own 
sense of enjoyment. 

Disneyworld is n remarkable 
place. Whatever one's opinions 
of its aesthetic qualities, it 
obviously attracts more people 
than u repels. Il is also 
attracting (and possibly repell- 
ing; more and more influential 
people. The Saudi Arabian 
Finance Minister, for example, 
‘•auie here nn holiday m 
August — ami mndu'-led urgent 
talks on the dollar with die 
Secretary of tin* Treasury in 
the process. 


and more productive dredges | The businessmen here fur the 
ended up paying more. l ,( ' r - conference can be icon 

The industry has submitted 


another memorandum to the I 
Treasury this year, and hopes] 
isition 


wandering round lhe hotels 
and am use incut facilities with 
a certain wide-eyed wonder- 
ment on tiirir fates. 


land is not made’ available for take over the tin companies of mining arm. Kuxnpuian Perang- If the "crawfe •vhlptpi? ichanl^rinr Heim..* •s.+mwt „ f 

exploration and exploitation, and the former London Tin and sang, is involved In mining on 2 ib?5o? WhUe «£•« Vnmn&fn 1 
mining leases are renewed only Charter Consolidated groups. iis own. as well as in a partner- about crinoline taxes. ihJS P c*«! 
with new conditions. The Government-sponsored ship with Conti nc Riotinto. to niake larce nrofitc ** y 5111 

The crux of tbe situation lies Pernas organisation owns 71 per work 1,400 acres or raining land At the same time Hiih 
in the implementation of the cent of the MMC, with Charter in UIu LangaL Negotiations arc and the difficulties in nhraininp 
r.o^mmeni's “nntf pennnmie hnldinn 29 ner CenL With the ..nder «.-a« wm. \rur /I “T-P". . ,n 0Dt ^ nin ^ 


Government's “new economic holding 29 per cenL With the under way with MMC t looking new minin'* land are nrorinii a 
policy," the objective of which merger, MMC becomes the after Charter’s interests) for a disincentive to new investments 
Include the attainment of 30 per world's biggest tin mining con- joint venture to exploit the with the result that the industry 
cent Malay ownership and con- glomerate, accounting for a massive tin reserves Li Dengkjl. is declinin'’ 
trol of the corporale sector quarter of Malaysia's tin output The Selangor Government has To get round this, the industry 
Until recentlj-, the tin industry Mining companies have laid down a new set of rules on has suggested a progressive tax 
has been almost exclusively non- accepted that they must take in leases which discriminates to discourage high dividend Ptff- 
Malay. with the Chinese dominant Malays or the State Economic against foreign companies. Expir- out. But to attract investments, 
in the gravel pump mines, and Development Corporations as ing foreign company iea^s will the industry says, new miniir* 
the foreign companies f mainly partners to any new venture, be transferred to Peranssang. ventures should be spared tbe 
British) operating lhe tin T'nc problem is that individuals and the company concerned ran “punitive” taxes until tbev are 
dredges, and corporations often do not apply for a sublease from on iheir feet 


W.-m Germany jmd Prime 
Minister Malcolm Fraser nf 
Australia, hiiwevcr. decided in 
the end not to allend this 
week's conclave, probably 
because nf pressing twi&lnebs 
at home, but poshihly because 
they were concerned at the 
potentially adverse conse- 
quences for both their 
aesthetic sense and Iheir 
public image After all. il takes 
a man like Jimmy Carter, feei- 
iny on tup oj the world jusi 
now*: not tii mind hying seen in 
the company nf Mickey Mouse 
and Donald Duck. 


The tills are ringing in Reno ‘the 
biggest little city in the world’ 

i 

BY MAURICE IRVINE, RECENTLY IN RENO. NEVADA 

LAS VEGAS traditionally has hotel mall with Leo, a 509 lb Citizens' committees are being 

taken the lion’s share of profits lion, at ¥15 a soap. formed in an attempt to regulate 

from this desert State's $2,251 *n- The tourists love it all, and runaway development, 
a -year gambling industry. But Reno expects a record 10m o... a„ n R^ n « are 

suddenly the high -rollers of visitors in 1978. But Hie bonanza dIeaSl , d Wllh what they ° have 
hotel-casino investment have lias brought with it a siring of ,l J d confident that 

begun putting their chips on on social woes and urban ills. 31 „ n i vcm 

Nevada's oiber neon-bn«bi gam- " Everyone was yelling for 

lng centre. Reno. 444 mites, and growth for 10 years.” says Mayor }* mSSemL" 

a mere ¥31 by air. to the north. Bruno Menicucci, who led nego- 5 v l“JjL Savor'*’ However wtih 
- The Burnt UIU. CHF .. M.e ^ 

World is western America s 1 ' ri"uira a e iieaaea nj actor Gary d nrires and 10 

.“..w bn™ tow" T,h Quw or * Bu> «'■ hero «CI V « 

panded hotel-casinos opened this u, *> re upset. nautirs Board'* normiuinn to 

year. Some S500in has been spent , Renos mart immediate prob- J ' “ ,S the cS ibS nrobS are 

on new construction, wtth lbc f ->'‘ ls hoUsInc Enr age. The JJJJ* ** P 2faS^E 

monolithic Reno MGM Grand in,,ux workere-l 1,000 new ^ g “ Ll * orse Before tttey 

leading tiie Held. There is a employees alone— has sent •** oeuer * 

Circui^Circus. a Sahara Reno, a rt,n ' s ■**»'«»• , Bu, t w, ‘ l1 a „ if* 1 * expressed that the 

Comstock — all new — plus a vacanc y °f 1?ss than 1 per MGM colossus would put smaller 

$200m extension to Harrah's ctnf - ,|,e f e is scarcely a room to rivals out of business. That does 
Reno's leading gambling and y? rnl JI 1 2lf enU f e vall , cy ' f A l?. n 3 10 . be happenins- 

entertainment ‘ enterprise (net , l,e Trucker river, lent cities MGM Js hringing people here 
profits ai a record SKi.9m last i ,n,| »'isheil until health and sani- we never saw before ” said Mr. 

yean, and much more. • *»*«•" proWems forced a crack- Lloyd Dyer president erf 

Till- iiresent fni-.i nf i«> (inn down by local auihoriiies. Nr.w Harrahs. “More hotels and 
hole I room* is exiwrtwi r«V ,,,,,rfprts ar » hvma in lhe public more cnrcrtammenl mean visi- 
SeaseTJ *5m ove? the nexi ca,lipin = ^ ol, . nds ,hal r ’, ri - }«« s |?>’ ^nger in town. U’li be 
MX and the are !'? r.unu Clly ' co ™* nut . , 1 n B lo work mom like Vegas, Lhe more casinos 

Mtinn Si. fmm sn nnn P l' lcn ’ f ' ^ ,railors - Suniu hoieis the re are, the more money gels 

nnr* L wS“ J offer staff free housing: but that Spent" 

more Than —tn.ono by l.ixo An 0 fien means ** hot-bedding." or Resides «snirf Mr nvpr 
army of workers has Mowed in h |, ar | n « room and bed with ’ , a d , Mr ' . D>e , r * 

frmn cities throughout the WcsL u , hers' ’working different shifts. ff* “Si 1 

For most of ihis Bonn must -The sheets don't have a chance ? f , r P [ on - 

thank MGM, which- hopes in to gel cold." a maid explained. LaL- e Tahin’^rf* i^orlneiHorlne 
duplicate the .success of its So acute is the shortage that - e considering 

huge 
Since 
MGM 

the once-a»hns company to soar- in collect a 851)0 bounty offered quaranrecTTumm 
ing profit k — ' 33D.9UI for the first by moblle-ltonie dealers. A' 
nine months of the fiscal year, qrond jury mquirv has begun 
up 4K per cent over the same ml<i kickbacks pa'id by these 
period last year — and sent It.s soIcMiuen for riL'Iiis to spaces for 
stock from under S5 a share to Uicir new-rich customers, 
around the S35 mark. _ With unemployment flocluat- 

When the MGM lion decided fog around a record low of 
tn roar in Reno, everyone 2 per cenL inflation is rampant, 
wanted to join in the chorus. “ 1 make $3fl a day as a maid." 

And not only the gambling said a California ’woman. ” inii 
chiefs. Macy's and J. C. Penney even sharing with another girl 
have moved in with now stores I can'r afford the good life I had 
ami warehouses. New ‘‘super- in Los Angeles." 
sire " (iiicauing more than 100 However many workers flow 
shops and restaurants) shopping in /rum Texas, California and 
centres are blns-uming. ami the the Mid-west, supply never 
MGM Grand complex alone lias seem-, m catch up with demand, 
added 40 retail, businesses io lhe Hotel marquee*, that once adver- 
■•»re:». vw.j entertainers now use iheir 

As for the Si:JHn Grand itself, neon to offer inducements — free 
it is billed with some justice -'.s meals, free lodging, free park- 
" not just a hotel, but a city, jug- One cab company offered 
The 26-slorey building has t.015 il» drivers free petrol in u vain 
rooms and suites, a staff of 3.000 attempt to lure workers from 
Us own bus terminal, handling lucrative eaunu job*. 

1.500 visitors' a day and " the Brno alsn seems destin.-d in 
world's largest The nay a lonu-tcrm price for 

stage of the eniuly i.SOO-seal grow tb Crime rales are already 
ZiegPeld Room is big enough to inching upwards. Violent 
hold a DCO. as indeed ii does robbery and assaults were up 
during one acl or the nightly 35 per cent in the first six 
extravaganza “ Hello. Hollywoinl. months of this year. Schools 
Ilellu”: a mock-up of the air- are overcrowded, traffic con- 
craft provides a backdrop to a gexted. smog growing worse by 
chorus line or “ st«wardei>s«i " the week, and the city's sewer 
in gold bikinis. rapacity strained to breaking 

Apd, since Reno is the wed- pnmr. And because Reno fails 


ding land divorce) capital or to meet U.S. air quality stan- 
Uio West, lhe hotel has its own Hards, fcdeifi funds tu help 
marriage chapel, adjoining tin- finance a larger sewage plant arc 
casino, where budget nuptials, in jeopardy, 
including mimsler and music, Many local people, including 
start at $s5ti. Bridal Miites wiih some city planners, are criticising 
circular bed? and mirrored ceti- Mayor Menicucci and the nty 
mas come ;U Sfil a day. Newly- fathers for unleash m-' this nryy 
weds poiaj fur pictures in the of giovvm m so short a limti. 


, 


MAPCO 
SALES AMD 
EARNINGS 


Despite illegal picketing by 
non- MAPCO employees 
during the recent nationwide 
coal strike. MAPCO sales 
increased once again, 
posting a 13% Increase in the 
first six months o 1 this year 
over the same period in 1977. 
in addition, earnings per 
share continued to ctrnib, as 
did net income. 

Said Robert E. Thomas. 
MAPCO's Chairman of the 
Board, 'The outlook remains 
bright indeed, and we expect 
another record-breaking year 
— lhe 16 th such year in a 
row". 

Want to team mere about 
MAPCO's continuing 
growth? Write for our current 
report. 




pmageo i 

D«p4. P. 1600 S BaHimors Avt, M 
lulM OkWon-j Ml 19 ■ 
S’fMWLMPA-fiYBE " 
MVfllE * PSE £ 


fr 





J 

--V 








All die jogging, non-smoking and high fibre 
eating in the world stifl leaves inany 
executives at risk from an over-urbanised 
society. 

Skelmersdale has a ready answer. Here it 
will take you all of two minutes from the 
factory to the motorway, perhaps ten 
minutes into open country, and home. It's 
like having a factory beside the South 
Downs, except that the financial scale is 
totally transformed. 

When you're dreaming of your next 
commercial or industrial development — 
think it over. Slowly and quietly. 



The experienced one 


Skelmersdale Development Corporation, 
Permylands, Skelmersdale, 

Lancashire WN8 8AR, 

Telephone Skelmersdale 24242 
STD Code (0695) Telex: 628259 






v„- 









.*1 


6 


Financial Times Tuesday 


jg--_ - '-. V -.iC 


WORLD TRADE N 



GISCARD’S BRAZIL VISIT 


A delicate bridging operation 


BY DIANA SMITH IN RIO DE JANEIRO 


PROM OCTOBER 4 to 8. Presi- 
dent Giscard d'Estaing will be in 
Brazil, epitomising, with his 
.presence the growing interest his 
country is showing in the nation 
that is now France's largest 
Latin American trading partner. 

Franco-Brazilian trade and 
business tics were given a boost 
in 1S76 when Brazil's President 
Ernesto Geisel paid an official 
visit to France. The joint com- 
munique that emerged from his 
talks with President discard 
■d'Estaing stressed that ‘Brazil's 
rapid development and France's 
high industrial and technological 
levels arc creating new domains 
nf mutual interest and coopera- 
tion.” 

At bolh Government and 
private business level, the French 
have worked hard in the past 
'two years to make up ground 
■they lost to West Germany and 
Japan. While France was con- 
centrating on its own industrial 
problems and on consolidating 
relations with its. former African 
colonies, the West Germans and 
Japanese latched onto Brazil's 
growth potential and strengthen- 
ing markets and pumped in 
. investment or negotiators in 
search of lucrative deals. 

In 1975. two-way Franco- Brazi- 
lian trade totalled S695m but. by 
1977 it had risen to SSSlm. In 
1976. French investment in 
Brazil totalled S326.21m: by the 
end of 1977 the figure had in- 
creased by over 31 per cent to 
$430m. making France Brazil's 
sixth largest foreign investor. By 
June of this year French invest- 
ment had reached S511.7m of 
"which $26S-2m was new invest- 
ment and the rest re- investment. 
Over 7S per cent of this in Ver- 
mont is in the processing indus- 
tries. 

The communique set out the 
main areas where this mutual 
interest could he developed: 
hydroelectric projects, where 
Creusot-Loire and Einpain 
Schneider have already received 
orders for the Itaipu. Tucurui 
and Itaparica major schemes. 


petrochemicals, where Rhone- 
Poulenc's Brazilian branch, 
Rhudia. is already active and will 
make further investments, and 
where Technip of France has 
been commissioned for the basic 
designs of Brazil's third petro- 
chemicals complex to be built in 
the south: and oil prospecting 
with French concerns like 
ETPM supplying and installing 
offshore platforms while Elf- 
Aquitaine is drilling offshore 
under nsk contracts. 

Other areas of potential 
development included railway 
materials — Sacm-Melouse and 
Geismar are supplying rolling 


agency, Nuclebras, to set up the 
yellow cake uranium processing 
unit in Pocos de Cal das, Minas 
Gerais State, the site of Brazil’s 
native uranium reserves. 

Technology or equipment for 
Brazil's ambitious nuclear energy 
programme is often cited as the 
focus of major French interest — 
but it is one in which French 
officialdom treads with extreme 
delicacy. 

Brazil has a nuclear energy- 
agreement with West Germany 
which, if carried ont to the full, 
would involve an outlay of at 
least S13bn on eight nuclear 
plants, using the jet nozzle 


President Giscard d’Estaing’s visit to Brazil, 
beginning tomorrow, highlights France’s drive to 
make up lost ground in meeting the country’s 
growing demand for major developments, from 
hydroelectric projects to uranium processing. 


stock for the Sao Paulo suburban 
line, and French companies such 
as Cie Generate d'Automatisme, 
Albertele, Alsihoun and 
Snfaetu are supplying 
sophisticated electronic equip- 
ment for Rio de Janeiro's future 
$9Q0m underground. 

French activities in Brazil are 
not limited to these fields: Rhone 
Pulenc-Rhodia has been operat- 
ing here since 1919 in textiles, 
chemicals, pharmaceuticals and 
other areas. Saint Gobain's local 
operations cover glass, metal- 
lurgy and fibro-cement. 
Aerospatiale recently formed a 
joint venture with the Minas 
Gerais state government and 
Brazilian aviation concerns to 
produce Lamina and Ecureuil 
helicopters locally. 

In the minerals sector 
Charhonnages de France will 
supply technology to increase 
Brazilian coal production from 
the present 6m tonnes a year to 
20m tonnes a year, while 
Peehiney Ugine KuhLmann has a 
contract with Brazil's nuclear 


process. This agreement comes 
under constant fire, both domes- 
tically and abroad, for political, 
technical and financial reasons. 
As President Giscard d’Estaing's 
visit approaches, speculation that 
Brazil might eventually opt for 
French fast-breeder reactor 
technology has reached boiling 
point. 

That Brazil is interested in 
fast breeders Is attested to by 
statements of some Government 
Ministers to this effect (which 
are -later retracted). All this 
has put French diplomats in a 
position where they must main- 
tain that "France is not seeking 
this business but, if a concrete 
proposal is made, it will be 
examined." 

In view of France’s joint 
development of fast breeders 
with West Germany and the 
controversy in France over the 
fast breeder programme, it may- 
be that M. Giscard d'Estaing 
will skirt round this complex 
question during his talks with 
President Geisel. 


Equally complex and delicate 
ifi the question of Franco 
Brazilian technological co-opera- 
tion in the area of telecom- 
munications satellite rocket 
launchers or military aircraft 
and missiles. This area is of 
considerable potential now that 
the U.S. - Brazilian military 
agreement has been revoked, 

Brazil already owns 16 Mirage 
3 jets and has hinted it is in the 
market for air-to-ground missiles 
— a field in which France is 
well-able to compete, as it is in 
satellite-launchers. But repre- 
sentatives of the French aero 
nautical industry make it clear 
that there is nothing concrete 
in the offing. 

Before that mutual interest 
could mature into concrete deals, 
however, the French, would 
have to cope with awkward 
political obkacles, not least 
deep-seated concern in many 
countries that Brazil, given the 
necessary means might not 
refrain from aggressive use of 
ultra-modern military . or 
nuclear materials — no matter 
bow angrily Brazilian officials 
deny such ambitions. 

Because of persistent 
speculation about the more intri- 
cate aspects of potential Franco- 
Brazilian co-operation, officials 
have been anxious to stress the 
low-key nature of President 
Giscard D’Estaing's visit to Brazil 
— a visit made at a time when 
President Geisel’s Government is 
winding down its tenure and 
many factors are in semi-sus- 
pension awaiting the advent of 
his successor, General Joao 
Batista Figueiredo, who lakes 
office in March. 1979. 

In this context, M. Giscard 
d’EstaJng's journey here could 
be interpreted as a bridge 
between activities that have 
already been consolidated and 
those yet to come — in the non- 
con trovers iai areas of sobr 
energy, port and airport works, 
agricultural improvements and 
Further supplies , of heavy equip- 
ment. 


u.s. textile Washington presses 

resolution l . , , , • • 

to check steel invasion 


‘is a threat 






jV 


to GATT 5 


By David Buchan 

WASHINGTON, Oct. 2. 


A SENATE resolution, passed 
last Friday, barring the ILS. 
from offering tariff cuts on 
textiles, could have a "devas- 
tating” effect on Uk current 
GATT negotiations in Geneva, 
Mr. B:' r( Strauss, the chief 
U.S. trade negotiator said 
yesterday. 

The European Community, In 
particular, has made U clear 
that it will not agree to any. 
better tariff treatment of 
American agricultural exports 
In the MTN negotiations un- 
less the U.S. makes some con- 
cessions on textiles. A better 
deal for its farm exports is a 
key Carter Administration 
priority, while Mr. Strauss's 
officials admit that U.5. textile 
tariffs, especially on wool 
goods, arc high. 

The Senate amendment's 
sponsor. Senator Ernest Boll- 
ings of Sonth Carolina, a 
major textile manufacturing 
state, sa.J it was needed to 
slop the "haemorrhage" of 
imports into the U.S-, which 
this year might lead fo a net 
deficit on textiles of S5J!bn. 
In fact, many of the quantita- 
tive aspects of the world tex- 
tile trade were dealt wiCi when 
the Multi Fibre Arrangement 
(MFA) was renewed last year, 
but the issues of tariffs, sub- 
sidies and rules of origin were 
left to this year's MTN talks. 

Despite tT i easy passage of 
the Hof lings amendment, 
which- was tacked on to the 
Export-Import Bank Bill, tits 
Administration still hopes that 
the House of Representatives 
will vote down a similar rer>- 
lutlon, sponsored by Congress- 
men from North and South 
Carolina. It will argue that 
these two states in particular, 
stand to gain very consider- 
ably from European tariff 
concessions on U.S. tobacco 
exports. 


BY ROY HODSON 


COLORADO SPRINGS, Oct 2. 


TALKS ARE going on between market to try to achieve short 
three U.S. Government depart: term trade growth. 
ments and the European The United States Government 
Economic Community towards a trigger price system, wmen is 
solution to the problem of the now just four months oia. is 
high volume of European steel regarded by the steel companies 
now being sold into the United as a disappointing failure, ir 
Slates market September and October import 

The Treasury Department, the' g™ ®i£° P Government 

ELZtk SBSrS p 

upon the Community to check Mr. George Stinson, chairman 
the rising inflow of European of National Steel, saw here 
steel which is upsetting the today that a reasonable level of 
U.S. market aud causing anger steel imports into the u.o. wouia 
among U.S. steelmakers. in his opinion be between 10 and 

According to ILS. Government ^s^Treasury* he ^aTd was ask- 
sources the West German the -.eel industry to accept 

industry is leading the European ,>f r cent. The current level 

invasion with exports to the US. ^ st *£, imporls into the U.S. is 
up 715 per cent in the first eight Se ai ^ 2 0 per cent of the market 
months of 1978 compared with «. cfjnenn cave warning that 
the same period in 1977. Other gg e researched a 

EEC countries have increased ^e^^ anti-dumping com- 
their market shares in the same foreiEn - steel- 

period as follows: Holland 50.9 S reatW to 

:k ^sssrs- sra 

Treasury, who spoke here today home ma t, 

to the International^ Iron and 


Government will not .support 
them they arc interested, as an 
alternative, in extending the 
trigger price system to give it 
more power. 

David Buchan adds '.from 
Washington: The Administra- 
tion has asked Congress to 
give it authority to waive 
retaliatory duties on imports 
believed to be subsidised for 
another year. As the present 
trade law stands, the Adminis- 
tration will automatically have 
to put countervailing duties on 
a number of EEC agricultural 
exports — a matter oE grave con- 
cern to the European Common 
Market countries — from next 
January. 

Up to now, the Administra- 
tion has protested that many 
EEC farm exports are heavily 
subsidised but .has taken no 
retaliatory action while it is still 
trying to negotiate an end to 
the subsidies in the MTN. But 
as additional leverage an- the 
EEC, the Administration tied its 
request last week for authority 
to waive duties until JaHuary 
1981 to a stipulation that by the 
end of the year ;there most, be 
a basic GATT agreement in 
Geneva, and . It. mast include a 
provision on subsidies. 


Eurofer sees slowdown 


BY GILES MERRITT 


Steel Institute annual con- 
ference, denied that he had 
discussed with the Community 
any proposal that there should 

be an orderly marketing agree- cimcTavriAL slowdown in 

b ' twBe ” Europe 'JS IK 

ana me us. us being forecast here for 

The British Steel Corporation last four months of this year, 
which accounts for the bulk of According to Eurofer. the 
British sales of steel to the U.S. •* c } u j, « t h a t groups the major 
is in a special position in this European steelmakers, the sharp 
imports row. Because of a series increases in steel exports to the 
of anti-dumping complaints filed yg t f, at occurred this summer 
against its products by US. steel- be con nlerba lanced by fall- 
makers the Corporation partially in „ _. Jes up unt ji the end of this 
withdrew from the US. market ye a r 

reducing its sales for 197S to only * Estimates prepared bv Eurofer 
nsn non *«««« suggest that total EEC steel 


BRUSSELS. Get 2. 

first eight months of the year. 
During July and August EEC 
sales to the U.S. totalled over 
1.4m tonnes. ■ 


and 


For syndicated loans 
issues a wholesale 



banking leader 
isamnst* 



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Long-term capital investment government or Fixed interest domestic DM loans forlong- 
state agency-backed jumbo loans, or other term capital investments. Eurc-loans In DM or 
large-scale financing cat! for a banking leader Dollars with appropriate currency options, 
with ail the credentials and expertise that international straight bond issue?, convertible 
guarantee a smooth, competitive functioning bonds or bonds with warrants, private plaqef 

o( any major money raising operation. ments and equity financing including stock 

__ , . . . exchange listings -all a re financing instru- 

0 Proven lead and co-management capa- ments readily available to WestLB clients, 
bihties 

WestLB, as a state-backed wholesale financ- 
ing institution is authorized to issue its own 
securities such as mortgage bonds, and other 
debentures. It also has substantial deposits 
from corporate clients and die 180 regional 
banks for which it acts as clearing institution. 


0 Experienced documentary knowhow 
0 Complete access to all major capital 
markets 

0 Strong placement power 
0 Secondary market leadership 
• Extensive refinancing capacity 
Full international flexibility 


With a balance sheettotal of more than DM SO 
These capabilities are Westdeutsche Landes- billion, it ranks among the top twenty banks 
bank's stock-in-trade. During the last full in the world and is among the first three 

calendar year, it managed and/or co -managed in Germany. WestLB is also a recognized 
atotalvolumeofUS$16.4biliion.The Bank has market maker in fixed interest securities, 
the necessary capacity and expertise to pro- The Bank - S , lighIy professional approach to 

. Vlde client-oriented credit facilnes either on injtja , e gnd org = nize interna :ional syndicates, 
its own or ,n cooperation with international jls own vas£ res0urces- imernationa ] flexibility 

financing partners. anc j balanced sources of funds make 

WestLB a solid wholesale banking partner 
for big-ticket finance. 


A strong force in wholesale banking 


WestLB 


Westdeutsche Landesbank 


Hna rfe u arVwfi- PO. 5 ■-'* T.J8. 0-flfiOQ DfeffiddQ'n.Tct C2tt'S2B1'RantfijrtCffi£w;Tof. 06 It O 57 9 J 
t/.nrfr.r.Tet Tvri.Tut. 75 ^ T».-|. 2160681 • 

S wpsic ii aifew WWilB tr.T«jrrf Ucm if! S A.Luxvncour - }. foL A 0-t ?3. '.l-t: iLB A jia Laiili=d.Hofig t-naq. Tel. 5 259 


R^nnrilflntatngQfffegS Laftt fiR1ElfC2 Office Men Veils Tel 7cZ-9n20: Rio dB Janeiro. Tel. 2 24 71 62. H:^ kor-1 Snu-r.p^'.! Atw. W 5 228.*-::. Tn*, .r,. T. l. 213.1811; T.-J o7 £1 31 

Piriictf..Hin-in%: Banque Franco -AUenwide iiTeL 2 59 01 03. Santa tia Bahia luve i'j nitravs iA, Rio d a Joncaj o, TeL 2 5C as 23 


350,000 tonnes. suggest uia» iuiai 

The Americans have responded export to the US- will reach 
by gradually withdrawing the 6.5m tonnes against 6.2m tonnes 

.. nnlnial , - Tls — l.rt ..... _ 1 fV ~ r Tl ,. tTurnfa . finnrn . 


It is hoped in Brussels that 
the expected decrease in Euro- 
pean steel exports will allay the 
U.S. industry's continuing fears 
of being damagingly undersold 
in its domestic market. Eurofer 
pointed out today tbatthis year's 
total export level will not greatly 
exceed that of 1977, despite very 
strong U.S. demand. 


uj ^4 auudii; wuuuiairuig uic n.nrn uinuun u.«,m tuuuco 

complaints. The last one was for 1977. The Eurofer figures 
withdrawn, at the weekend by imply a drop in the rhythm of 
Armco Steel. However, British sales to the U.S.. with only 
Steel leaders attending the con- around tonnes being sold 
Terence have made it clear that there by EEC producers during 
the corporation will not use its the Septembor-December period, 
new found freedom in the U.S. against 4.66m tonnes during the 


At the safe time. Eurofer Is 
currently emphasising that steel 
exports to the U.S. from non- 
EEC or Japanese producers will 
hit a new record of approaching 
6m tonnes this year against 
about 4m tonnes io 1977, and less 
than 2m tonnes In 1975. 


MITI tells Japan’s car industry 
to cut shipments to Britain 


BY CHARLES SMITH 


TOKYO, Oct. 2 


JAPANESE MOTOR manufactur- 
ers have been told by the Minis- 
try of International Trade and 
Industry to reduce their car - 
ports to Britain during tl : com- 
ing months. The reductions in 
shipment levels could bo fairly 
sharp and may well result in a 
shortage of Japanese /cars for 
sale in the UK. / 

The cutbacks ordtfr issued in 
the form of “ administrative 
guidance " is designed to re- 
assure -the British Government 
that MITI intends to honour us 
pledge not to let car exports to 
ritain «.::cccd IE'. 7 levels. Last 
week the British Ambassador to 
Japan, Sir Michael Wilfnrd, re- 
quested such assurances in an 
interview with the Minister of 
International Trade and Indus- 
try, Mr. Toshio Komoto. 

Sir Michael also apparently 
asked Mr, Komoto to try to per- 
suade the Japan Automobile 
Manufacturers Association 


(JAMA) to ser.d a mission to 
London for talks with the 
Society of Mot;. Manufacturers 
and Traders (SMMT). SMMT has 
been trying for some tnon.'.-s to 
arrange n meeting with JAMA 
but the response so far has been 
distinctly unenthusiastic. 

A spokesman for JAMA told 
the Financial Times this after- 
noon that the association prob- 
ably would send a delegation to 
London for talks with SMMT 
“some time in November." 
JAMA, however, understands 
that the purpose of the meeting 
will be to discuss “market pros- 
pects" in the UK in 1979. not to 
negotiate an agreed limit lor 
Japanese car exports next year. 
The London meeting could be of 
great importance in determining 
whether or not more frictions 
crop up nver Japanese car 
exports to the UK during 1979. 

JAMA and SMMT held 
periodic talks ahout the UK car 
market up to February this year 
when a meeting between the two 


sides ended with what appeared 
to be lack of agreement on an 
SMMT demand for Japanese 
export restraint during 197S. 
Following the SMMT JAMA talks 
discussions were held between 
the Britis h Embassy in Tokyo 
and MTU at the end of which 
MITI drafted a letter undertak- 
ing to “freeze” Japanese car 
exports to Britain in 197S. 

After the MITI letter was 
written monthly shipments 
figures far Japanese cars began 
to show signs of levelling off but 
the total for the first eight 
months of 1978 remained well 
above the 1977 level. Sales (from 
stocks accumulated before the 
MITI letter was written) nwe 
even faster and exceeded the 
level for the whole of 1977 by 
mid-September. It was in this 
situation that the British Govern- 
ment decided to make a fresh 
approach to MITI for “assur- 
ances't that the. situation was 
under control. 

Reuter *. 


Hitch in French Fokker talks 


F-. 


BY CHARLES BATCHELOR 


Wi; ; 


AMSTERDAM. Oct- 2- 


FRANCE HAS refused to give 
firm guarantees that it wilt share 
in the development costs of the 
Fokker-VFW F-28 super jet air- 
liner. This emerged here after 
the return of a Dutch Parlia- 
mentary Commission from Paris. 
French participation in the F.2* 
*uper— now renamed officially 
the F-29 — is seen aa part ot a 
package deal under which 
Holland would order French 


aircraft to replace its fleet of 
reconnaissance Nepumes 
Fokker has long expressed a 
preference for the French air- 
craft-— the Breguet Atlantique— 
against its competitor the 
Lockheed Orion despite the fact 
that the Atlanluiues will cosr 
about FI 6>ini each against 
FI 4045m lor the Ormns. This 
is because the French have in 
return offered to order 12 Fokker 


- l '^ r - 


Irish alumina financing 


FINANCIAL TIMES REPORTER 


EXPORT CREDITS totalling 
about $5Sm have been arranged 
by the Bank of Ireland with 
Allied Irish Investment Bank 
and Citicorp imcrnation.il for 
ibe proposed alumina extraction 
plant at Aughinisb Island in 
County Limerick. 

This completes the financing 
fnr the project which will be the 
largest ever to be undertaken in 
Ireland. An export credit facility 
iff around 4146m was signed in 
February, the funds being pro- 
vided jointly by a syndicate of 
UK banks co-ordinated by 
Morgan Grenfell and backed by 
the Export Credits Guarantee 
Department (ECGDJ. which put 
up £60m, and the Export 


Development Corporation of 
Canada which is supplying 
O$l30m. This was followed by the 
announcement in May of a ten 
year 8250m Eurodollar loan pro- 
vided by a group of 16 inter- 
national bunks led by Citicorp 
international and signed in 
London yesterday. 

Aughintsh is a joint venture 
company owned by Alcan 
Aluminum. Dutch Shell’s 
BiMition subsidiary and Atlantic 
Richfield's Anaconda company. 
The alumina plan! will bo in pro- 
duction In 1982 and will produce 
SOU.OOO ions of alumina a year 
From bauxite imported from 
Guinea in West Africa and from 
Brazil, 


F-27s for use by the Frenrb 
Navy as trainers and a»aO 
expressed interest in participat- 
ing in the F-29. 

The French refusal to give 
firm assurances on the F-29 may 
increase the Orion's chances. 
Fokker confirmed reports that it 
is also talking with Lockheed 
about the possible co-operation 
on the F-29. Until now an offer 
to allow Fokker to carry out the 
final assembly of the Orions has 
been as far as Lockheed was 
prepared to g 0 j n offering com- 
pensation work. 

In a sxatenaeot today, however, 
Fokker S3id a working group is 
still studying the. final “defini- 
tion ” of the F-29 and that until 
its work is completed no decision 
can be taken on who wifi take 
a risk bearing share in the- 
development of the aircraft. 

The French are also pressing, 
for Fokker to he a full partner 
in the Airbus A3I0. Fokker has 
a 6.9 per cent share in the 
Airbus A300. Fokker wants He 
smaller share in the new genan- 
ti'on Airbus beuase of the high 
development costs involved, a 
spokesman said. But it would 
still be a risk sharing partner 
in the new aircraft. 


-•At 

IrSO'r^V; 





! 


World electrical sales up 


! W ith all tin. jji j, , i nm l,;ni nui l uqm s gel | 

Thj 10 ,lj |jV-yV v -‘ J,UB,1, J O'l'vta-vjwirs? I 


iiurhlu 


BY GUY HAWTIN 


I Ttw-y will irilV-n piwii-c iiu 
p-ipi:nvctahl. Ant) ii'II ba-p vnur 
inmpauy njincur mcvcigi.- ivhvrc it dues 


FRANKFURT. Oct. 2. || 


THE WORLD electrical market 
was worth DM 800bn ($413.44bn) 
last year, and by ?9S0 this figure 
will have, risen to DM 9u0bn. 
These figures, produced by Sie- 
mens, West Germany’s largest 
electrical concern, illustrate ihc 
sharp rale of growth in Uic 
market since I960 when the 
world' market for the industry 
was worth only DM 2001m. 

According to Siemens, West 
Germany accounted for 8 per 
cent of the -world market, wlule 
the European Economic Com- 
munity us a whole accounted for 
•£l per cent- This is consider- 


ably smaller than the United 
Stales and Cauada which, to- 
gether, provide 29 per cent of 
the world market. 

Japan's growth rale has been 
particularly fasi— rising from a 
figure of 6 per cent in 1965 to 

1977 ? s 13 per cent 

The Siemens statistics indicate 
that European electrical manu- 
faciurers_ will have to step up 
exports considerably in order to 
maintain . their current position 
in the world sales league. In 
the eight years up to 1B&5 the 
growth of the European market 
— their home base— is likely, to 
be relatively slow. '• 


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BY KEVIN DONE 


taking f or severaI y ears ^ an attempt nocesaan- expertise was supplied 

battle whh ESI ,e ?. al 10 p™teet its interests in in pari by Bristol-Myers, which 
U.s Dharma5S«S' My ™ ? e an, ?^ yciU,n - 3 broad spectrum in return was given manufacture 
to the CniiJt S Pa y ‘ anU ? lotlc launched on the UK ing and marketing rights in 

U 0f Appeal . market in 1972. The drug can he certain countries, 

able Z£tl leagl F B !L unfavo “ r - . us ® d j.n a wide range of bacterial Last autumn the House of 
•*!,_ «.,on earlier this yearly in lections, Including bronchitis Lords ruled in Beecbam's favour 

. ou 5 t ' suspending and kidney and liver diseases, in another action, hy confirming 
hin*ii- * -ti* ‘°£. l “ e antl ‘ This latest legal move concerns that amoxycillin was not included 

■ .1 amoxycill in, ine patent an action begun by Bristol-Myers under the 1959 agreement. 

contesting the amoxycillin patent 


was granted in 1977. 


Pressure fault 
Brent oil pipeli 



BY KEVIN DONE, ENERGY CORRESPONDENT 

SHELL/ESSO has hit further SuUom Voe, which will eventu- 
problems in the commissioning ally become the biggest oil 
of the 96-mile-long oil pipeline terminal of its kind in Europe, 
running From the Brent complex providing about half the UK’s 
of North Sea fields to Sullom crude oil needs. 

Voe in the Sheland Islands. At the weekend. Shell cleared 
Shell said yesterday that another problem— an obstruc- 
pressu re-testing of the pipeline tion inside the line left over 
had been suspended after a from the construction period, 
sudden, unexpected drop in the The latest difficulty could be 
pressure of water being forced simply a problem with either 
through the. line. pumping equipment or safety 


Sales of durable 
rise 11% in a year 



BY DAVID FREUD 

SALES OF -durable goods have 
risen sharply over the last 12 
months, confirming that con- 
sumer confidence is now well- 
established. In June-August 
soles were 11.4 per cent higher 
than the same period a year ago 
in real terms. 

Sales of durables were the 
fastest-growing area in the 


Whi n h n . A . imiviii Since losing the licensing case, | check the cause of the drop, hut more serious cause being con- 

ivt £ rarile . d ._ Beecham in 1977. the U.S. company has turned its it could be some time before sidcreU. though, is that the pipe- 


* . . . was the most actively favour in July. countries including the UK. Thp 

traded^share on the stock market Problems between the two com- only country where the case has 
yesterday after rumours of an Pa"ies have arisen from a manu- E resold if Japan where 

s U eM aV The b r e rm> C n irt marketing agree- the finS ruling i’as in Beecham™ 

seas, ine company denied the ment reached in 1959. favour 

rumours Beecham bad made a major In about eight counrries, 

rinu»n "nl pn SP c, "S. d 10p breakthrough with the develop- Beecham itself has taken action. 
? }J ° 5p i ,Jler fall,n S as ment ftf serai-synthetic peni- alleging infringement D f its 

iiL~h»m P i.. e k. • , ^ - ciilins ’ but. at the time needed patents. It has been facing in- 

, *2*.™ hi “sbeei □ involved in assistance in setting up the creasing competition from un- 

legal actions with Bristol-Myers manufacturing process. The licensed sales in some markets 


Rolls-Royce reveals plans 
for novel nuclear reactors 

BY DAVID FISHLOCK, SCIENCE EDITOR 

TWO NOVEL schemes for small nuclear plant on-site under would have three generating sets 
nuclear reactors based on experi- sufficiently -tightly controlled — two to provide the 25 MW net 
ence in designing the Navy’s conditions; and how to provide electrical output and one in 
submarine reactors .were dis- power economically to peri- reserve. Rolls-Royce envisages a 
closed by Rolls-Royce in Basle pheral parts- of a large network, cylindrical nuclear pack nearly 
yesterday. such as the South-West of 60 metres long and 10 metres in 

The company was making its- .... . . diameter, weighing about 4,000 

debut at the Nuclex nuclear . f he scheme, -SHU in ine plan- tonnes and designed to operate 
exhibition and congress follow- ° ,n .? Phase, is being funded by at depths up to 1.500 metres, 
ing its decision to diversify into R°* Is - R oyce,, winch admits that it Venezuela has apparently 
civil nuclear ■power. It is the ,s unsure about the size of caused the British nuclear indus- 
major shareholder in Rolls- reacttirwbirti would offer the try sonic* embarrassment by sbow- 
Royce and Associates, a defence ^1. L° 3 » n,ere *t in bu - vlI, 3 a Magnox 

research, design - and procure- iffiMW dy firsr -S en e r ati° n nuclear plant to 

nient company for the construe- P a produce electricity and fresh 

tion and servicing of submarine n ud?ar SSrtor of SSjf” 8 f MW )*’ al S r - - Adnu ^ Jesu f Taborda. 
reactors. ' head of the Venezuelan atomic 

One civil scheme disclosed by bed ol pro^ucU^facSty to rt eneI ? y ^ommissiou. has been 
Rolls-Royce Nuclear Power is tb ! i he tSSm ive^deeu l ® ur,n S UK nuclear facilities in 
factory-build . im.II nuclear gXsofe^SS It TbdS g E V P 3 r 1 °‘ 

power plants, perhaps of about investieated as nart of a flm UEC Reactor Equipment 
200 MW electrical output— the EEC-funded study of sub-sea pro- Brital n completed the last 
output of Calder Hall. .Britain's duction technology, carried out P- an * of this type nine years 
first nuclear station— using the in conjunction with Sir Robert d2 ° and h “ no P ,ans t0 

ctices established McAIpine, BICC and Ivimphreys ano, hcr. Changing safety re- 


established. line itself could have been 

oil from the Dunlin ruptured somewhere between 

scheduled to. flow along the Cormorant Field platform 

the pipeline later this month, to and Sullom Voe. 

NCR pensions fond 
topped up by £59m 


shipyard practices 
for submarine reactors.- 


IP -I- 

in the latest three months than 
a year earlier. 

The revised index of the 
volume of retail sales for 
August, released yesterday by 
the Department of Trade, was 
slightly above the buoyant 
original estimate at lll.S 
(1971 = 100. seasonally adjusted). 
This was more than the final 
figure of 111.4 for July and close 
to the original estimate of 1114 
for August. 

At the same time new instal- 
ment credit advanced by finance 
houses and retailers continued to 
expand. Total advances were 5 
per cent higher in June-August 
than in the previous three 
months, seasonally adjusted. 

Although the total is in 
current prices there has still 
been a substantial gain in 
volume. 

The revised figure for retail 
sales confirms that June-August 
was the first three-month period 
in which the volume of spending 
in shops exceeded the average 
level in the peak year of 1973. 

In June-August sales were 3 
per cent above the level in the 
previous three months. Sales of 
durable goods were 7 per cent 
higher over the same period, 
while clothing and footwear sales 
were up 4.3 per cenL 
The smallest rise was seen in 
the volume of sales by food 
shops, up only 0.7 per cent in 
June-August compared with the 


BY ERIC SHORT 

THE NATIONAL Coal Board 
has hart lo pay an additional 
£59m Into Us staff superannua- 
tion scheme to maintain the 
real value of its pensions for 
1978. This was revealed in (he 
scheme’s latest report, for the 
year ending April 5. 

The pension scheme, which 
covers the board's manage- 
ment, supervisory and clerical 
staff, provides for the revalua- 
tion of pensions each year in 
line with (he movement in the 
retail price index. 

The index increased by 13 
per cent in the 12 months to 
November 1977. hot (be actuary' 
to the fund had advised that 
the scheme’s own resources 
would support a rise of only 
5 per cent. 

The Board agreed to make 
the additional payment to en- 


able the full increases to be 
paid. This year’s payment was 
twice (he amount of the normal 
contributions paid by the 
Board. 

This is the third year in 
succession the Board has had 
to pay extra to ensure that 
the level of pensions maintains 
their real value. 

The report shows that the 
fund increased by £112m over 
the year to £7G2m. Total in- 
come for the year amounted to 
£163m, of which £102m came 
from contributions and E61m 
from investment income. Bene- 
fit payments amounted to £52m. 

At the end of the year, the 
scheme’s assets were divided 
63 per cent in equities and 
fixed-interest securities, 3t per 
cent in properly and 6 per 
cent in liquid form. 


HIRE PURCHASE CREDIT AND RETAIL SALES 

(Seasonally adjusted) 

New credit extended by 

Finance 

Houses Retailers 
. £m £m 

Total debt 
outstanding 
(unadjusted) 
Cm 

Retail volume 
(revised) • 

Durzbie 
goods 
Total shops 

(1970 = 100). 

1976 1st 

2nd 

3rd 

4th 

340 

382 

392 

421 

493 

490 

521 

547 

2,349 

2,424 

2,516 

2,716 

105.9 

106.9 

1075 

105.9 

117 

122 

125 

1?4 

1977 1st 

2nd 

3rd 

4th 

457 

486 

544 

585 

550 

561 

605 

604 

2,792 

2,930 

3,108 

3,341 

1035 

102.5 

1045 

104.4 

116 

118 

121 

121 

1978 1st 

626 

634 

3507 

106.3 

125 

2nd 

716 

677 

3,797 

108.0 

129 

February 

20T 

277 

3,429 

106.8 

130 

March 

212 

20 T 

3,507 

107.0 

117 

April 

231 

232 

3594. 

106.7 

132 

May 

243 

228 

3,689 

108.4 

126 

June 

242 

217 

3.797 

108.7 

130 

July 

213 

245 

3.831 

111.4 

13S 

August 

252 

241 

3,953 

111.8 

134 

Source: Deportment of TroJe 


Two join Kirkby probe 


and fllnspnw 


quirements would necessitate 



voted on a barge, together wrth 1 gas turbines on the sea surface. t,iei LK s experience of gas- 
its turbo-generator and associ- through a new type of cable cooled reactors b yur dering a 
ated plant, then fioated to u designed by BICC; to ' withstand standardised 660 Mu advanced 
coastal site and cemented in the pitching and tolling of the pi-cooled reactor of the kind 
place. powerpack. being designed for the UK’s new 

The company believes such an The nuclear alternative would nuclear stations, and operating it 
approach could solve two prob- be a miniature pressurised water at lower power levels until its 
Jems facing the electrical supply reactor, smaller Ilian .the sub- mvn electricity demand builds 
industry: how to assemble marine, reactor. Each* reactor up. 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 

A CIVIL servant and a the PA report at the start of this 
management consultant have year which said that the Mersey- 
joined a Government working side-based co-operative needed a 
party to prepare an urgent report £25m injection over three years, 
on the future of the Kirkby plus various management and 
Manufacturing and Engineering other changes, 
j workers’ co-operative. Chaired by Professor Douglas 

The civil servant is Mr. Brian Hague, nf the Manchester Busi- 
HiHoo. the Industry Depart- ness School, the working party 
inent’s assistant secretary on is expected to produce a report 
regional aid, nominated by the by tlte end of November. 
Government. One solution discussed by the 

The consultant is Sir. Jack department has been for Stelrad, 
llarsden, of PA Management a Metal Box subsidiary, to take 
Consultants, who was nominated aver the factory and develop its 
by the- co-operative. He prepared radiator production. 


previous three months. Food 
sales are still running below their 
1971 level in volume terms, due 
to the sharp price increases m 
the early 1970s. 

Retailers are now confident 
that the level of sales will 
improve further, and do not 
believe that the tax rebates in 
July were a major factor in the 
recent buoyancy. 

If their expectation is realised 
the volume of sales this >ear 
will be 5.5 per cent and more 
above the level of 1977 — comfort- 
ably over the 5 per cent increa.-o 
predicted earlier in the year. 

Mr. Richard Weir, of the 
Retail Consortium, said he 
expected a good Christmas after 


tbc disappointment of last year. 

New credit advanced hv 
finance houses in August "was 
higher than in recent months, 
after allowing for seasonal .fac- 
tors. with credit for motor 
vehicles contributing a large 
part uf the increase. 

Advances totalled £252 m, com- 
pared with i’213in in July, and 
in the latest three months new 
credit advanced was 3 per cent 
higher lhan in March-May. . 

In August rc-tailers* lending 
v.-as slishll} lower than in .lul-., 
at £241 m compared with £24fi!ii. 
However, in Junc-Aus:u?t advan- 
ces were 6 per cent above, the 
level of the previous three 
months. 


Work starts 
on Ulster 
car plant site 

By Our Belfast Correspondent 
EARTH moving has started on i 
the site of the £65m sports car' 
plant, announced two months ago! 
for Dunmurry, near Belfast i 
The work was launched offi-| 
daily al a ceremony yesterday; 
by Mr, John De Lorean. founder; 
of the De Lorean Motor Com- 
pany of Detroit which plans to 
start production early in 1980. 

Recruitment has started For 40 
production engineers for assem-l 
bly line training. Tbe labour 
force will eventually total about; 
2,000 


Steel Board plans to 
52-year- 


a 
& 

BY RAY PERMAN. 5COTT1SH CORRESPONDENT 


THE BRITISH STEEL Corpora- 
tion gave unions preliminary 
warning last night that it wanted 
to close the 52-ye3r-old Victoria 
rolling mills at Coatbridge, 
Strathclyde. The mill has been 
losing Elm a year. 

The decision follow- a review 
of BSC’s seven light section 
mills which showed that while 
total capacity was 3S0.000 tonnes 
a year demand was less than 
200.000 tonnes. The Victoria 
works is the oldest, and said to 


be Lhe least efficient, of the 
mills. 

No dote was given for the 
closure It will mean loss or l&O 
jobs. Redundancy terms will be 
worked out with ihe unions. 

Steel at the mill has lo he 
dragged through the toilers, 
us nig thongs. BSC said it had 
found il increasingly difficult lo 
recruit men to do the work. 

Transferring work to other 
mills will save £800.000 a year 
without significant loss of market 
share or service to customers. 


< •. 


a a.-- 


r 


■C S T : 

1 U— v 




£P# • *~" 


.-,3*. 


■VX.V.. •- . . 





* i 

V-. - x.-'V- ' '<.’> • . * ■' 

v /■ ■f-v/:" - • ■ ■ y V. 


• ' Do you know what Sntiw Beach is? It’s the 
' twghTaltitgcfe oeach at the -feet ;o.f tfie Aipine . ■ . 

•peaks. • 

• '■ • Along wiih seas of toa .which dfesbh/a into . ' 

: nothingness from one hour to the.nexi it has . . 

v ; ■ ■ r...;...-. two;' suns: ;a- summer sun - sun. 

' *\ ■ ' " And ki^eneFal.every^uhg etee a romantic or ' 

V^ - ' v •. ■ ■ can;dairri;.oriiy - a bit- d'rf- 
..'fereni; ^'instead of just water^k.is,- 're0* skis; '. 
instead - of pedal-boats,- horsendrawh 
instead of saU-bbafs,'sail:pfanes; instead of’ 
soft/ ice,- -eternal -ice; instpad-of eagies; . .. 

; ; • '-jnsteadtrf. pictu fes di;e. fishing v%ges.'plctuf- 

!- ■ ■ ■" -■-^doe -mountain 'yfflag'es-: ;f7istea'd.'6f ports; y 

’ ; airports; instead of beach bands/^vatd? in the 





fails; and instead : of s wifrorwig, jnstaietprs, .. 
ski instructors: like toe snows of : toe sbpet; , 
: V ^iqw Beach extends froip jGrenofcle/ to c 
• v :: :^^bui^;the%jshth.^ea’ has:.toe loveliest ic^" 
ybergs; seas; wbetesfijr- 

; ■ offers; ftseif as the- Snow -Bteh^ar-chaht' 

•• - -.. mairfnd and passenger drpto ajfhpst so 
" destinations' the. world over:.to^8®pbrts' of 
Zurich, Geneva, and BasebMuthousei;.: 


DC-10. Beefns. M-ahcy! 

^ : . 'iV-V Me ■■■ ■ 


“ s " 'r " 

‘ ‘ 

‘ £y-V 



-i- J 







Financial. Times Tuesday -Ootolier-S 1978- 


HOME NEWS 


MP alms 
to control 
auditors’ 
shares 


Whitbread confirms 


police inquiries 


BY PAUL TAYLOR 


WHITBREAD, Britain's third Fennines proposes to continue return for the franchise 


C/3 largest brewer, yesterday, con- acting in accordance with the Mr. Frank Morris, general 

firmed that police were investi- police request." secretary of the 4,000-strong 

Sating allegations that employees Detective Chief Inspector Paul Working Men’s Club and 
ruKiHE.K stars to secure j n ^ company’s East Pennincs Little, head of South Yorkshore Institute Union, said yesterday 

legislation forcius ^uanors io ( division h a d made extensive com- Fraud Squad, confirmed the that some clubs received barrel- 

disciose tneir snarnomings in, mission payments to club officers request had been made. He said: age discounts on beer sales, 

audit client companies will W and 0 thcrs to win trade. "We are continuing our investiga- Commission navmenls to 

made in Uie next sssion of Pari la- , „ . *s nnj . th.**?. mHtteri." ■ V.°V' I nu 7 5Ion , _ paymeois w» 

mpnt hv Mr Torenw Hieeins Whitbread East Pennmes uaQS . ml ° mese matters. individual club members or 


FURTHER STEPS 


SNP 

attacks 

oil 

policy 


Brokers predict 

10-11% inflation 


BY MICHAEL BLANDEN 


Threat 
to 2,500 
airport 
jobs 


By Michael Donne, 
Aerospace Correspondent 


made in the next sssion of Parlia- 
ment by Mr. Terence Higgins 
Conservative MP for Worthing. 


Whitbread 


stated yesterday that the com- tv_ * 
oanv had been co-oueratine fullv U1SCOUMS 


Mr. Higgins, a former Minister P^ny had been cooperating fully 


■g 0 THE GROWTH of the economy As a result, a sharp fall in the • 

return for the franchise IIAllOV is likely to slow sharply next growth of real income is pre- lf|I9X 

Mr FraS wSriT^eeneTal flit I ilk, V year with inflation moving back dieted— from about 7 per cent in JUMO 

secretary^? the 4 borons into double figures, say stock- the year ending 197S to only ** 

Worictoe Men? Club aSd _ _ _ brokers. Phillips and Drew. * per cent in 1979- This will By Michael Donne. 

Institute Union, said yesterday SL^iih CoJT«i»ndont ln ***** Iatesl economic out- bnng a rapid slowdown in econo- Aerospace Correspondent 

that some clubs received barrel- Sartt “ h Correspondent the brokers forecast the mic growth . ' ln ANY DECISION hy a future 

age discounts on beer sales. THB Scottish Nat ional Party ^gefwT cause P drffiratties P to reil gros^ domestic product over Scottish Asse^^ to take tr^ 
- J 01 ?) 1 mi f sl0n i v Payments to ycste rday tried to revive oil as the next few months and the out- the past year, Phillips and Drew Atlantic air { 

individual club members or a politics] weapon by launching come could be an Increase of are looking for a growth of only PrestvicK 

fiSjS .nfSSJn#, - Contravene a new campa jqn under the slogan about 10 per cent in eanungs in 1 per cent next year. Manofac- instead to ^| as eow and Edm- 

Secuon 41(2){dU:i) of the ■>' r j 3e Boom that Never Was.” the present round. This would turlng production is expected to burgh . ’ n 


i - ji u fui uici iuiiiuwi r m m J ; — ‘ v „ r: . . -- , ioe ouuui ujai never me urrat ? iil iuuhu. iulo wi/uiu uu/uw.uun ^ v-r*—-- — — _ — .. 

of State at the Treasury and with Sheffield police for the past Mr. Short’s allegations are Licensing Act, 1964. and make A leaflet attributed allow for a degree of wage drift rise by 2* per cent after 4 per the cI “jre of Kestwnck and the 

Opposition spokesman on Trade, two months after allegations understood to centre on pay- the club liable to lose its licence. w i,j c iy by the party claims that above the guideline, similar to cent growth this year. io^ ^z^K jotxwen. 

introduced a Private Members made by Mr. Joseph Short, a meats to individuals rather than he said. _ North Sea oil is now worth the experience of the last round. In spite of the slowdown and toreat m ^a«eo n a 

Bill on the subject in July. This former credit controller with the club funds or licensed premises Discounts for large orders £ 1S0 bn. or £30,000 for every man. The brokers add that retail the extra benefits from North discrasion document prepjtfea by 

was mainly to stimulate dis* company. to encourage beer, wine and were "fairly commonplace," but woman and in Scotland, prices wia rise by about 10 per Sea oil, the brokers forecast a the Scottish Airp orts dmaon of 

cussion. since he knew it had Mr. Shorts allegations were spznts orders. the payments would be made to ] t goes on since 1969 when cent to 11 percent during 1979. surplus of only £H bn on the th ® r ."Pf? . !? 

little chance of being debated published in the Guardian news- There is strong competition the club itself rather than to the fin5t dIsc0V erles were made This Inflation rate would give balance of payments current 

before tbe end of the present paper yesterdny. bet tte company benteep b retsen . m tte npud- mdmduaJJ. there has been more unep , pIoy . U tUe scppe a W r i*. Mcoirat. . _ ^ 


session. statement said: "Both Whitbread mg clubs sector. Since 1945, tbe The Brewers' Society said dis- ment a faster rate of job losses. persoiwl disposable incomes un- The slowdown in the economy lands airtxaffi c. ■ 

He said: ’• It is pretty clear we East Pennmes and Mr. Short number of bcensed clubs has counts were part or norma worse health service and hous- less the Government steps in is expected to provide a back- Wi JS5'S??S?i 1 J!ic? called bv 
shall have a Companies Bill in were asked by the police not to increased from 17,000 to 31.000. trading praettee, but the subject jn& and greater poverty- with a Budget boost. ground conducive to a fall to Rrirtsh SS Sori? 

ii. a caccinn ic /ruita these matters in nublic. Brewers sometimes oner caDltal had not been discussed in the n «... r_. tha nmcwN the Bnnsn Airports Autnqniy. 


JiaTTSK ta S5-*£2S is to be sut . 


the next session — it is quite discuss these matters in public. Brewers sometimes offer capital bad not been discussed in the 
appalling tbe Government did not) Unlike Mr. Short, Whitbread East to develop club facilities in society, 
introduce one in the latest 


session. It remains to be seen 
if it covers ibis point." 

In any case. Mr. Higgins 
expects to press ahead with 
another Bill on tbe matter. He 
is in favour of seir-regulation for 
tbe accountancy professions, but 
believes legislation would make 
the professions' own efforts in 
this area more effective. 

His original intention was to 
attempt to make it illegal for 
auditors to bold shares in client 
companies. 


Caniey produces first TR7 


Mrs. Margo MacDonald, senior But with inflation picking up interest rates, with the prospec- H^ e -November 20 tn 
vice-chairman of the party, said: and only a small current account live 1979-80 public sector borrow- jn uiasg oolicy for ’the 

"No country in the world has surplus, tbe brokers suggest the ing requirement of £8J-9bn ^osiae t Airnorts— Prest 

discovered oil in Its back garden Government will next spring being financed comfortably “*^ e - R , Q nd Edinbureh. 
and allowed its neighbour to give only enough tax relief to within an 3-12 per cent money w1CKi ^ . . ' 

exploit the hencfiLs as has offset fiscal drag. supply growth target Plans DOStDOIied 


Gas flue danger 
survey planned 


A SPOT survey of about 500 
older houses is planned by the 
Association of Metropolitan 
Authorities to try to discover the 
extent of the dangers where 
solid fuel grates have been con- 
verted to gas fires. 1 


THE FIRST Triumph TR7 
sports car rolled off the 
assembly line of the com- 
pany’s Canlcy plant in 
Coventry yesterday five 
months after the shut-down of 
the Speke factory on Mersey- 
side. 

For Jaguar Hover Triumph, 
the specialist car company 
formed after the rationalisa- 
tion of the old Leyland cars 
empire, the move to Conley 
meant that the car "will he 
restored to a satisfactory level 
of profitability,” Mr. Pratt 
Thompson, managing direc- 
tor. said yesterday. 


Mr. Thompson, speaking at 
the Coventry factory, said: 
” Speke was a very grave 
situation. It was a disastrous 
loss-maker. But bringing the 
TR7 to Canley will restore its 
profitability.” 

The Speke assembly line 
was closed down by Mr. 
Michael Edward es, BL chair- 
man. after constant warnings 
about its lack of productivity. 

The move to Canley will 
mean that by next summer 
TR7 output should reach 
almost 1.000 a week. At a 
projected rate of up to 45,000 
ears a year — more than 80 per 


cent destined for North 
America — the Canley output 
should be doable that at 
Speke. 

In the last foil year at 
Speke only 23,000 out of a 
programmed 42,000 cars were 
turned out 

Mr. Thompson said that the 
transfer to Canley had been 
achieved on schedule. 

The plan was to build np 
output gradually, but to 
ensure that sufficient TR7s 
were available for tbe spring 
selling season in the United 
States. First cars would be 
shipped by the end of this 

year. . 


exploit the benefits as has offset fiscal drag, 
happened in Scotland. No oil- 
producing country has actually 
suffered a drop in living stan- — ^ 
dards as the oil came on stream. ■ 
as happened in Scotland. V_T 1. 

“There has been no signifi- G 

cant transfer of wealth created • . 

by the oil discoveries to Scot- OfTOincf 
land or to the Scottish people. wfctllljbJl, 

What has happened to the pre- 
dicted boom?” BY CHRISTOPHER PARKES 

She demanded an economic 


Greengrocers mount drive 
against ‘roadside pirates’ 


Plans postponed 

EXPRESS NEWSPAPERS’ plans 
lo launch a new London evening 
newspaper and a new national 
Sunday newspaper have been 
deferred to allow the group lo 
concentrate on the launch of the 
Daily Star, due for November 2. 

Licence dodgers 

THE GOVERNMENT launched a 
big campaign aimed at detecting 


plan for Scotland which set out BRITAIN’S greengrocers are pricing, Sunday selling, obstruc- the lm people who evade tele- 
the targets for full employment, being urged to devote themselves tion of the public highway and vision licence payments, at a cost 

modernisation of industry, re- to protecting tbe consumer from tbe Trades Description Act of £15m. 

training, the upgrading of the growing band of “roadside ' The traders are particularly r • . 

schools, hospitals and roads, and pirates and con-men " who are angry at those farmers and r OOtwear I2UT 

a Scottish oil fund, with £lbn to capturing an increasing share of others who buy fruit and THE state of the British foot- 


M 


This part FREE 
when you 


move to 
Newcastle 



a Scottish oil fuud. with £lbn to capturing an increasing share of others who buy fruit and THE state of the British foot- 
spend in Scotland every year, the retail trade in fruit and vegetables in wholesale markets wear industry is ** encouraging,” 
and full economic powers for vegetables. and sell it at the roadside as said Mr. Alan Williams, Minister 

the proposed Scottish Assembly. The wholesalers’ and retailers’ “home grown." of Slate for Industry, when 

The SNP has successfully national organisations which Sales of potatoes from the road- opening the British inter- 

used the oil weapon in the past, launched the campaign -in side — a trade estimated to national .Footwear Fair at 
notably in 1974 when It cam- London yesterday said they had account for 500.000 tonnes or 15 Olympia. Compared with two 
paigned under the slogan “It’s no quarrel with conventional per cent of all trade in raw years ago, there had been a big 
Scotland's oil.” But the party’s farm shops. But they wanted potatoes, and worth £20m a increase in the value of exports, 
showing in the opinion polls has their members to report ta . The season — was also criticised. 

now slumped to little over half local authority any stalls whicb Mr. Stan Westlake, of the retail J OUTISt report 

of its support at that time'. they thought did not meet' the federation, warned that bargain THE GLC tonight will debate 

necessary legal standards. hunting at such outlets could lead a report by the council's 

The National Federation of to shoppers taking home potatoes m ? n0 ritv Labour «rouo nn 

_ Fruit and Vegetable Trades and rejected by legitimate merchants. SuSS?,n London fhe renort 

DOAunrV ,he Re * ail Fruit Trades Federa- He also pointed out that prices ^.v. ich en ^pw^ es ‘ the finJJriai 

Kecoverv ton ^ published a guide out- were not necessarily lower than benefit* rtlSSSn to Son 

J ""ventiuna! grocer's fcTfT. £lS% 

/» (** a farm-gate and read-side selling shop. licensing hours 

I 1 T Tim tire ,n order 10 help greengrocers Conventional shopkeepers had . 

Ul UlUilliJ spot the offenders. to work within strict legal liraita- IVoiSG oavUl6IltS 

According to the document, tions. he said, and in the interests arott snnm hMichflUtK 

.» the faults to watch tor include: of fair competition tbe same %® OC iJ55S5&! (l “J5 1 “? 

POD If Mil Pd breaches in hygiene require- standards should apply to SSip-nJi 

LUilliliUCo ments. weights and measures vendors operating in lay-bys and .1^ 

law*; and rpnniaiinnq onvprnlnp Firm volvea may be between £300 and 

PRE-TAX PROFITS of the 97 laws regulations governing farm gateways. . £700 per household after an ad- 


PRE-TAX PROFITS of the 97 
industrial companies which 
issued full reports and accounts 
last month were 15-9 per cent 
up ou last year's comparable 
figure. 

The Increase was almost iden- 
tical to the previous month’s 
and. continued tbe recovery trend 
begun in July. 


More productivity means 
more jobs - CBI chief 


mission by the Department of 
Transport of an error in the 
way the 1973 Noise Insulation 
Regulations were administered. 


FINANCIAL TIMES REPORTER 

A CONTINUOUS improvement in Is very low. 


PRE-TAX 
PROFITS 
, * 


productivity is vital if the UK ” It is not that the average sent the interests of customers, 

economy is to survive. Mr. John age Df our machine tools is n t . . j . „ 

Greenborouph. president of the higher either. Ii is simply that *lin lailtl plan 

Confederation of British Indus- worker* in West Germany or A £lm land reclamation scheme 


Customers 9 man 

WILLIAM Timpson. the foot- 
wear group, has become one of 
the first llv companies to recruit 
a consumer affairs manager 
from outside industry to repre- 


try, said yesterday. / 
Mr. Greenborouph. 


nir. iircenDorougn, opening — 

the Production Engineering and t,,e,r ® ntls ^ counterparts. 
Productivity Exhibition at •* Our lack of growth lias 


the U.S. produce between two was given the go-ahead yesterday 
and three times as much as by Stoke-on-Trent City Council’s 


land reclamation committee. The 
project covers 380 acres around 


25 ;M| _ .Hti -bile manufacturing produc- of jobs available. Growth via qoll,ery ' 

II ‘i. ? "A’ Wfll tivity had improved since the increased productivity creates Shetland row 

+'JHL ?:•;/ It n/ ,ast W3r - M had not ke Pt P ace jobs. For example, if we can get p W shat 

Cif'vlAk I tinnlS-untf with con, l ,e6ilors abroad. back 1 per cent of our share in pAJJAKJ ^ eorge F Bir °L 

DIVIDENDS -our level of Investment in wld trade this could meaS J 

- V ~ manufacturing industry in rda- nbom an extra 400.000 jobs. w e k~ncr a^Suc raw bcScn 

l - l i- I Aon to output does not appear “ If we can get back 5 per cent him and the council’s chief 

' 1975 1976 1977 1978 V ? ry dlffe ^ ent ^°™.{bat of most of our. share of home market executive. Mr? Ernest Urquhart 

* ■ 1977 1978 °f our main competitors, hut the manufactures It could moan over whether theSm sSS 

Over the third-quarter of tbe ^ ectlveness ou r Investment another J50.000 jobs." Voe oil tSSiinS would be able 


Productivity Exhibition at “Our lack of growth has pre- ThT 

Olympia. Loodon, said t ha i vented an increase In the number Cb® 11 " 167 Whitfield 

—bile manufacturinc nroduc- nf inhc availahlp Crmufk ..in 


1977 1978 


.-.j*.-.-- 


Yes, two-thirds of your new factory and plant could cost you nothing when 
you move to Newcastle. All your company pays for is the remaining third. 

It's almost unbelievable, but just look at this example. 

If your expansion or re-location project is going to cost say £500,000, then 
you can recover over £300,000. 


PROJECT COST 

Factory buildings 

New plant and machinery 

Total Project Cost 

£200,000 

£300,000 

£500.000 

RECOVERY 

Buildinggrant 

Plant and machinery grant 
Corporation tax allowance on 

£44,000 

£66,000 

Net Cost of Froject 
(£500,000 less £322,000) 

£17S,000 

down allowance 

Tax allowance on plant and 
machinery (100% in 1st year) 

£56,000 

£ 156,000 

Additional assistance also is 

Total Savings 

available' lo reduce lhe net cost even farther. 

£322,000 


year, the monthly profits increase 
has risen from the second-quarter 
average of 8.4 per cent to 13.8 
per cent, which is still below the 
near 16 per cent average rise 
recorded m Jamury-March. 

Of the larger companies, the 
largest pre-tax profit gain was 
recorded by Davy Corporation, 
up 35.2 per cent oo the previous 
year. 

The cost of dividends was up 
18.4 per cent on tbe comparable 
period which is almost one-half 
oF last month’s exceptional In- 
crease of 35.4 per cent. However, 
I the sequence of dividend cost 
i increases over Lhe first three 
quarters of the year is 16.3, 19.6 
i and 23.9 per cent. 


Iberia seeks advice 
on Gatwick switch 


Voe oil terminal would be able 
to cope safely with giant, oil 
tankers. :. 


BY LYNTON McLAIN 


£162,273 will 


MR. WILLIAM H. LIDDELL, of 
Hendon, North London UK com- 
mercial director of Thorn Light- 
ing, who died when his Cessna 
aircraft crashed at Coventry air- 
port in April left £162.273 gross 
(£153.334 net). 


IBERIA. THE SPANISH airline 
may start legal action against 
tbe UK Government later this 
week In protest against plans 
to move the airline from 
Heathrow Airport, to Gatwick 
from April 1. 

The airline was told of flic 
plans by tbe Trade Department 
in August and has since pro- 
tested that the move would 
damage its commercial 
operations. 

BA, TAP, the Portuguese 
national airline aud Glbalr the 
Gibraltar airline are affected 
hat Iberia Is tbe first lo seek 
legal advice. The airline hoped 
that court action would not be 
necessary. 44 but If no solntlon 
can he reached at Government 


level, we will be torced lo take 
legal aetion,” Iberia sald- 

Ebcria’s solicitor was prepar- 
ing a document on tbe strenglh 
of the airline’s legal position 
and a final decision on whether 
or not Iberia takes legal action 
will be made by Friday or early 
next week. 

The Government announce- 
ment said last month that all 
scheduled air services between 
Heathrow and Spain, Portugal, 
and their islands and 
Gibraltar would have to 
operate from Gatwick rather 
Ulan Heathrow. 

The transfers are part of an 
attempt by the Trade Depart- 
ment and the British Airports 
Authority to relieve growing 
congestion at Heathrow. 


Price probe 
for group 
of ootirians ifft; 

By Paul Taylor 
THE PRICES and profits 
companies ln the D611ond :: 4ad> .. 
Aitchison opticians group s t* 
he investigated by the Ptlcr . 
Commission. ■ • . 

The commission’s 
under Section 5 of. 4he-’ . 

Price Commission Act tfgvdtejtiF ' '. 


be completed by December 
It will investigate the gross; - 


profit margins of DoBamT^rtutr- 
Aitchison and Wigmore’s,t&B- T : 
high street opticians whb-.pre^': 
scribe and dispense spectacle^ 
spectacle lenses and ccmtaC£- 
lenses. The commission will aflsfcV 
look at the prices at which these 5 ';' 
products are supplied to tbert.'V . 
by the other two companies nr-^ ; 
the group, Dollond and Aitcfiiflh**; 
Services and the 
Optical Company. - . :r^:r 





There are no strings attached to this method of 
financing your project. It’s government money, 
which means your money— use it to grow! 

At Newcastle were waiting to help you grow. 
Grants, long loans at low rates, tax allowance, 
rent relief, interest subsidies .. . plus extra 
special grants exclusive to this-region. 

Sites, skilled labour, housing, excellent 
amenities —you name it and the chances are w ; e 
have it. And don’t forget— Of fices and Service 
industries (with the exception of retail shops or 


similar services) also can qualify for sub- 
stantial grants. 

Tell us your requirements and we'll tailor 
a package specially for you, including sites, 
buildings, people, plus all the cost saving and 
funding schemes for your project. You'll have 
it on your desk fast marked ’Confidential! 

The best business move you’ve ever made 
could be when you ask for more information 
about Newcastle. 

Write, ’phone or use the coupon today. 


Shetland economy growing 
at over six times UK rate 






BY OUR SHETLAND CORRESPONDENT 


Mike Foley, Civic Centre, Newcastle upon Tyne, NEl SPR Telephone: 0632 251 80 or 610652 


n 


Please send me informaiian on lhe benefits of 
re-locating in Newcastle. 

To: Mike Foley, Civic Centre, Newcastle upon Tyue^ NEL 8PP 


1 


COMPANY 


ADDRESS 


L 


sr 



City of 
Newcastle 
uppivlyne 


Newcastle— 
could be your 
best business 
move ever! 


THE SHETLAND economy is 
growing at tbe rate of 8 per cent 
a year, compared with 14 per 
cent far the UK as a whole. Its 
wealth per bead of population is 
higher than any comparable 
economy. . 

This has been disclosed in the 
findings of the latest study 
commissioned by the Shetland 
Islands Council. The 48-page 
report, analysing structure and 
performance of the Shetland 
economy in 1976-77. is Uie work 
of Dr. lain UcNicol} and Mrs. 
Gesa Walker, both of tbe Depart- 
ment of Business Studies at 
Edinburgh University. 

The £7,500 report seeks to 
identify and measure (be con- 
tribution by each industry to the 
local economy. It follows a 
similar exercise by Dr. McNieoll 
last year, based on 1971 figures. 

With the help of information 


by more than 100 Shetland com- 
panies the researchers indicate 
piat tbe overall prosperity nf the 
islands In 1976 masked varying 
fortunes in individual local 
industries. 

The report shows that the 
traditional basic industries, such 
as fishing, knitwear and fish 
processing, central to tho ** non- 
oir Shetland economy, have 
received no real almulus and 
remain in a state of decline. 


Shetland's gross regional pro- 
duct lo 1976-77 was £41ra. income 
of Shetland households totalled 
£3i2m. 

Much of the increased pros- 
perity. not surprisirgly, .was 
attributable to oil-related invest- 
ment . ; 

At the same time the balancc- 
of-trado deficit rose substantially,, 
to £37m. This was because oil- 


related investment imported 
substantial goods and services, 
with foreign capital coming in to 
finance these investments. 

Dr. McNieoll said: “ What, we 
have here is a situation of 
economic development funded by 
oulside development and invest- 
ment. ; The. traditional basic 
industries, however, are essential 
for the creation of local wealth, 
but they - have undoubtedly 
declined In . the past five ■years.”. 


In 1971 the income of Shetland' 
households was about UQm, and 
the deficit’ ofl balance of pay- 
ments about £2m. The report 
shows thar .Income put Into 
people's pockets m 1976 from 
local industry ranged from £7m 
from oil .and. related -develop- 
ments: over. £4br from -fish- 
processing; and £4.8m from, local 
government. 


In all-round economic terms,': 
Shetland, according to the 
is performing particularly 
The underlying . theme is ihat:/ 
if Shetland is to maintainrJts ^ 
prosperity, decline In traditional 
industries must be halted: , 

The. basic conclusion by Dr. 
McNieoll is that Shetland's 
c«»nomic structure is relatively, 
stable over time.. The traditional - 
industries were found heavily - 
dependent on external trade, 
selling up to 95 pee cent of 
the<r output outside Shetland.. 
it was estimated that local 






output in fishing, flsb-processing,- 
texnles. and other manufactor- . 
ing declined in' total by. £2£m. 
between 1971 and 1976. 

Most growth' since 1971 Was.' 
concentrated In . the service 
sector, stimulated ' by . 
generated demand. 




*■/:**', 
*. v .' »~ 


-ii 









s Tuesday. October 3 197S 


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WeVe morethaii just a. major supplier of computer 
systems. We operate one of the World’s largest data 
- service companies. We manufacture and sell peripheral 
equipment and ancilliaries; We’ve taken a lead role in 
the development and delivery system required to 
implement computer based education . We. offer an 
. extensive range of training facilities. We provide 
consulting, technology exchange and engineering 
services. We even offer a wide range of credit facilities. 
Clearly, we’re more than a computer company. 


You claim to be the supplier of the widest range of OEM 
peripherals. Does this help UK customers? 

Beyond doubt. We sell to systems houses, leasing companies 
and computer -companies. Using their label or ours. This 
provides them with the economies of mass manufacture and 
frees their resources to develop systems. 

Do you supply peripherals to users of other manufacturers' 
large computers? 

Yes. To users of IBM Svstems 360. 370 and 3030 series. Here 


Managing Director, Jack Ward, 
answers this and other questions 
of direct interest to users and potential users 
of computer systems. 







ft 


- 






A , • * 


• * / 


1 **'*f c ‘ : 


we provide compatible and cost-effective solutions forsiorage 
and mass storage. 


You're also widely respected as (he World's largest supplier of 
scientific and engineering computer systems. Can you help 
other types of customer? 

Yes we can. Our expertise in networking and interactive 
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operating in applications as diverse as banking, 
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and health care. Customer appreciation is high because only a 
company with our breadth of skills could provide the total 
solution heeded. Helping to- find solutions to society's major 
problems is a key strategic goal for us. . . 


rrstv 


What sort of engineering back-up do you give customers? 

We operate a round the clock service throughout the UK. 
What’s more, our engineering department will plan, upgrade 
or build installations for any kind or size of equipment. We’ve 
already planned or built many facilities to accommodate the 
equipment of every major computer manufacturer. 


Your Control Data Institute is said to be the largest 
independent trainer of programmers, analysts and engineers. 
Once trained do these people find jobs? 

Yes. More than 95% of our graduates, many of whom have 
been previously unemployed, find jobs within our industry. 
Those who were previously employed almost cert ainly improve 
their status and leave vacancies for less skilled people. We also 
provide, at no cost, to all companies within the industry the 
best source of trained people at a time when the industry is 
desperately short. 


With your skiU in systems, why the emphasis on services? 

Thereare many data processing applicat ions t ha t a re bes [ . ' 
handjedby a . data service. For .example, many important 
applications, with flexible usage; can be made quickly available 
with little or no capital in vestment .Applications already 
available through our data services offer significant cost and 
availability benefits to our customers in their programs to- 
expand.their data processing capabilities. 


DATA 


Do you manufacture in the UK? 

Yes. We have a plant in South Wales which manufactures 
magnetic media. It has just been awarded 'the Queen's Award 
for Export Achievement. We also have joint ventures. With 
1CL w e have a company u hich manufactures and supplies 
computer ancillary equipment. With ICL and NCR we are just 
starting manufacture of peripherals for both the UK and 
export markets. R & D costs are spread worldwide. Great 
economies are achieved by mass manufacture of major items. 

. ' ", ■ ■ ■ •; . 

Why do you have such a broad base of products and services? 

Because the provision of hardware is only part of .the . 
customer’s problem. His best solution may not even be the 
purchase of hardware at all. So it makes sense to provide 
products and services through the whole spectrum of 

computer-based solutions. \ 

-Fortunately we’ve Lhe experience, 
■ 4';^ facilities and capability to 

S •«'% P rovide lhem in de P lh and \ 

in a^y that benefits ; 

4 *5 ' > our many users 
f+h'y** V V throughout the UK. 

Fur additional 

Biforniarion on bow Control Data 
Limited may help yiiur business wnic toe 
j i : “ MHI thb 36-page booklet. Control Data Limited, 

. 22a SC James’s Square, London. S.W.I. 


What Control Data Services are styailable to UK customers? 

We offer the widest £inge of data^rvices in the UK today. They 
fall into three categories: : • 

1. Processing — a wideYariety of business packages such . as 
• ledger accounting arid payroll. 

2. Timesharing services for planning; analysis and control of 

businessoperoboiisl / ^' J. ~j. - -r 

•3i Service® w?hidi provide computer-based batch, remote batch 
-a. and timesharing services for scientific lad engineeringusers. 

*. • \Ve have a major data processing ceaire ii* London . . '! and 
: it’s expanding fast, UK ciistom^rscan take advantage of 
facilities offered by ourglobalj&eL work. 

What docs your ProfessionaJ&n ices Division offer? 

Basically, unbiased soltititifts to customer problems. It’s made 
up of" people who are truly consultants. They are rated on how 
well they solve customer problems, even if the solution 
sometimes means we use competitive products or services. \ 


Queen’s Award for Export Achievement held bj Magnetic Media Manufacturing Division 











HOME NEWS 


Start soon on worker directors Bill 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 

MINISTERS are expected to major plank of the Labour detailed consultations, -the main be made. change them to fit in with the 

.-*tart preparing an Industrial Party's election manifesto and task of deciding what should go This is the main point of worker director part of iegisia- 

■ .Democracy Bill containing statu- likely to mention it when he into the Bill is about to begin, principle facing Ministers, who 

• tory rights on employee con- speaks at the Labour Party’s What is clear already is that will be aware that their chances If this change was made, to®/ 6 

; sultation and worker directors annual conference today. the basic White Paper proposals of getting any legislation would be a general rule that toe 

this month. Until Mr. Callaghan announced for employees to have statutory through Parliament will increase statutory rights on worker airec- 

■ • Under present plans, the Bill that there was not to be a rights to consultation on major if more attention is paid to the tors would not operate until 

would be published early next general election this month, company decisions and to board- interests of all employees. threp or four years after the 

year and start what is likely to there was no prospect of the room seats after three or four On more detailed points, the legislation came into force. 

.be a stormy passage through White Paper proposals quickly years will be contained in the treatment of multi-national and A proposals that all company 
Parliament. Tf a general elec- becoming law. Now the elec- Bill. other groups of companies has to directors should be required 

sr‘ lion were then delayed lung turn's delay has raised the faint The idea of the worker be finalised, as has the question statutorily to take the interests 

-■ enough, there would be a chance possibility that Britain might directors having one-third of the of whether certain classes or of their employees, as well as 

■ of the Bill becoming law next have statutorily-backed worker seats on ihc top tier of a sort companies — newspapers or banks their shareholders, into account 

summer. directors in the boardrooms oF of two-tier board structure will for example — should he when making company decisions 

• Mr. •lames Callaghan, Prime companies with more than 2,000 also remain. exempted from the legislation. is also likely to be included. 

- Minister, ha* identified himself employees by 19S3-84. There is likely to he a poli- The role of the White Paper's A proposal that all company 

■with the development of the The consultative period for tical row over whether these proposed joint representation in a general company law White 
'Government's policy in this area interested parlies to put their statutory rights should be given committee comprising union Paper published this year by the 

'.’and personally iaunchcd its views to the Government on the lo union members only in what representatives may also be Department of Trade, which 

industrial democracy White White Paper expired at the is known as a “ single channel " changed so that companies with also has primary responsibility 

Paper in May. weekend and. although there approach or whether some pro- existing established 'consultation for the industrial democracy 

He is expected to make it a may be a need for further visions for all employees should arrangements do not have to legislation. 


LABOUR 


Financial Times Tuesday October .3 1978 . 

-a. 


■7 ■' J * 



Chrysler truck men 
vote to end strike 


BY RAY PERMAN AND ALAN PIKE 

other engineering workers, but 
did not raise their basic rates. 


FT CONFERENCE ON INTERNATIONAL TRANSPORT 


Rodgers keeps open mind 
on Channel Tunnel plan 


Tyne ship workers 
join sales drive 
on Continent 


WORKERS AT Chiysler's 
Luton and Dunstable truck 
plants will return lo work to- 
day after a month-long stop- 
page-one of Ibe biggest In the 
company's commercial vehicles 
■division. 

Separate meetings of more 
than 2,000 employees af the 
two factories yesterday 
accepted hy large majorities 
shop stewards’ recommenda- 
tions for a return to work. 

The track workers went on 
strike over a pay parity rlaltn 
and previous peace efforts had 
failed to get them back. last 
week be Central Arbitration 
Committee granted the Luton 
and Dunstable workers in- 
creases in overtime rates to 
bring them into line with 


Mr. Jack Button, Dunstable 
convenor, told tlic strikers 
that they now la' w P** 1 their 
hopes for parity on a new' 
national pay structure Tor 
Chrysler. 

** The Centra! Arbitration 
Committee is the highest court 
in the land fur this type of 
Issue. Unhappily it was not the 
result we wanted, but wc have 
now exhausted all the possibili- 
ties. That is Why the shop 
stewards are recommending a 
return to work." 

Production restarted yester- 
day at Leyland Vehicles’ Bath- 
gate track and tractor plant in 
Scotland after a six weeks’ 


strike by machinists. Some 
vehicles left partly finished on 
the production lines were com- 
pleted yesterday, but It will be 
a Few -days before’ ihe factory 
is operating' normally; 

The strike was called off W 
days ago when the machinists 
bowed to pressure from their 
union and abandoned a claim 
for extra money to operate new 
machinery. The factory has 
been closed since for its 
autumn holiday. 

Management and unions are 
looking to a self-financing 
productivity scheme and an 
independent review of grading 
to Increase earnings and re- 
move the grievances of skilled 
men which, led to the dispute. 


BY IAN HARGREAVES. TRANSPORT CORRESPONDENT 


BY OUR OWN CORRESPONDENT 


"TRANSPORT MUST expert lo 
Take a lower priority in national 
spending plans. Kir. William 
Rodgers. Transport Secretary, 

"said yesterday. 

"“‘Mr. Rodgers, speaking at a 
. .‘eonferenee organised bv the 
^Financial Times and the 
^Chartered Institute of Transport. 

""said that in recent years, the 
"public had been prepared to pay 
, a . rising price for transport 
because nf the demand for 
_ higher living standard*. 

I- "But with the economic and 
"social problems facing all 
. countries, governments would be 
unable to maintain this upward 
...trend of spending. 

My message Tor the transport 
• .-.professionals is: make do with 
-.the resources you have gal. I 
.,van only give more to one rorm 
.tf f transport at the expense of 
- ."another." he said. 

Mr. Rodgers said that the 
■ Channel Tunnel was a project 
. well outside the scope of present 
..axailahle public expenditure, but 
he would be considering " with 
an open mind." the proposal of 
British and French railways for 
_a single-bore, rail-only lunncl. 
y -. On other European issues. 

t^T r. Rodgers complained at the 
; excessive attention to detail in 
the EEC debate on transport, 
which stemmed from the lack 
of an adequate political dimen- 
sion in Community affairs. „ , . .. . , . . „ . , _ „ _ . , . , 

Britain, having joined the ges,edl - ,n interests of Pembroke College. Cambridge. 

Community late,' had limited pfr,c “ ?r,c - v -. Current and a part-time board member 



Weighting 

offer 

to civil 
servants 

By Philip Bassett, Labour Staff 


IN A bid to win more work from men from the group’s yards on 
the Continent,, the Tyne Ship the Tyne would be going over- 
Repair Group is talcing workers seas. They would be split into £*Yj L . „ i,*? UnHnn 

and management from all levels three groups. ° nf iV? npr 

of the company to Europe later Each group will accompany Mr. wightmg allowa^ 
this moothto meet proactive Butler as he visits prospective JSS 

customers. customers. “ We are doing it so LI {j nf trC 

Mr. Rab Butler, chief executive the customers can meet the men ' IffUr* 6 

OF the Tyne Ship Repair Group, who wtH be working on their cre ™f SSfce unS believe 
said yesterday: “We will be ships and will be saying to them fUIs 

going on a sales drive to Scandi- ‘we think we are OK, what do Jg? 1 Stage Three 

navia. Europe and Greece which you think? V nuldelfiiM S 5 thin the 10 Sr 

will last about three weeks. Wc The novel sales offensive ^ n . e Iinil - t because not ati London 
wi-ll be taking with us represen- comes only a few weeks after the . _ nLs , re covere d bv 

tatives from the shop floor, shop announcement of a new era of c,vu are coverea 

stewards, foremen and yard man- co-operation between manage- ,U T — 
agers and introducing them to ment and men at the group’s six J^ don f^ended^to cove?lS 
shipowners. yards and 18 docks on Tyneside M St of houriJn travel weir and 

“This is a new approach, and in which a "no strikes for 12 tear anri other^’more minor costs 
1 think it will work." he said. months'* pledge has been given ? , hc capital are £465 

Mr. Butler said that about 20 to the company by its employees. {Jr* iSr lindon^affd £275 for 

outer areas. The allowances have 


Harland wins £30] 
BR ferry order 


BY OUR BELFAST CORRESPONDENT 


fltiiJh RatLtledtM: 

Brigadier D. N. Locke. director general of the Chartered 
Institute or Transport, greets the Duke of Rent at the opening 
of yesterday's international transport conference. 


• room for manoeuvre, but would boU, ^ ecks ™used |» under- nF British Rail, said that in con- 
not "ive wav where if meant s P eDdin S nn mads- railways and sidering the case for more rail- 
. ; reducing standards. Such a case had ln rece! ? 1 - vears CDSt »■>’ electrification, the Govern- 

- .n-ae tha nrnnncilinn far •, f'nm. 3 


not been increased since the start 
of the present pay policy in 1975. 

The hew offer would give a 
12.7 per cent increase in the 
inner London rate to £524. cover- 
ing about 150,000 civil servants. 

The claim, presented by the 
Civil Service unions, was for 
increases of up to 53 per cent to 
£713 for inOer and £372 for outer 
London, ..based on indices pre- 
HARLAND AND WOLFF or Bel- time for the peak summer traffic] pared by the Department Of 
fast has confirmed a £30m order of 19S0. Employment. - ■ 

from British Rail for two Dover Mr. Ronald Punt. Harland and a ■ ^ 

cross-Channel ferries. Wolff’s managing director, said: raiDllranon 

The company is already build- “ We are particularly pleased General secretaries of the nine 
ing a ferry for BR’s Seallnk ser- that BR should have returned to non-industrial civil service 
vice between Lame and Stran- us for the additional ships, unions will discuss the offer 
raer. and it was widely expected Coming as it does during a today and the full staff side- of 
to win the follow-up order. period of depression in the the National Whitley Council Will 
The ships will hold up to 1.000 industry, the order will provide debate it on Thursday. 


Ford car imports 
from Continent 
halted by dockers 


BY ALAN PIKE. LABOUR CORRESPONDENT 
ALL IMPORTS through the three The trade unions, says a front 


m ain "ports used bv Ford to bring page item, have decided that 
continental-built car? to British normal collective bargaining 
showrooms have now been halted could not be held off any longer, 
because of the national strike "There is nothing abnormal 
which entered its second week ahout this. In fact, it is the 
yesterday. ... ■ suspension of normal bargaining 

Blacking action by dockers is ih at j s abnormal. It has already 
preventing the import m cars involved our members in three 


through Harwich. Hull and y Cars n f hard sacrifice in the 


Lowestoft. With UP to one-third national interest, 
nf Ford vehicle v*il(l I n Britain .... . , , 

Sm 5 bn.»rt. Ibis will Pbl'b.ians 


not quote 


hMten the Impact Lf'th, strike P^. opinion 


on dealers. 


were a simple matter. 
TriiKnnrt and members and their families are 

Grnernt workrrs 7 ^^^^ public too-fi, .foot , crucbl 


rnrd'Vi-H their* mein- P art of iL Their judgment can- 
STS o7 .be »« be set aside so simp,,. 


passengers and 300 vehicles, us with work in late 1979 and 
They are due for delivery in early 19S0." 


Labour relations probe 
at Wear shipyard 


■was the proposition for a Cnm- t ?? ment . .? hou !^ “ P^pare for the| 

* immity driving licence, which ductivity than industrial action, worst on the energy from. 

.could have a detrimental effect «hen resource:* were short. The case for electrification bad 
on British road safelv standards, however, iransporl services had to be made on its likely internal 
. Agreement on this "issue would ln earn liieir kt ”-P or Justify rate of return and this case was 
• have to involve limited recogm- themselves on social grounds, materially improved if the future 
- lion of national driving licences Governments should avoid deficit was assumed to involve much 
between EEC states. “ financing and blanket grants. higher energy prices. 

Mr. P. G. Gaza let. director of By the year 2000. electric 

"•Energy BP Tradin ?- dismissed some of power might be three times 

rut ... Hie more extreme forecasts cheaper than oil compared with 

One of the biggest challenges about depletion of oil reserves, a 50 per cent advantage now. 

»• facing iransporl was the uncer- but said it was likely [hat some Professor Hans Joadt.._. r ...... 

..taimy of energy prospects. It time before 1990 oil supplies Forster, Director Daimler-Benz I builders, lo look at strained But the Induslrv Department I , 
was already time to plan the would stop growing and substi- AG. said that the technical I labour relations and low produc- said last night that unless rc!a-l unl,kely ' 

.transition between relative lutes would have to be found. possibilities for reducing fuel I tivity at the Austin and Pickers- tions improved it might step in 

’ pl l, y n , m 1,V b ® hor ! i, S e ; if decisions on substitution consumption in road vehicles I gill shipyard on the River Wear, with “ more positive action, 

air “cter Masefield, joint were taken in time, the substi- were small compared with i Sunderland. 

■ ^?. u . y ._ ch3 ' r , m ^ n or , Hr edonian tutes would be available in savings available through more ’ The fall in the yard's produc- 


A meeting of all London meat* 
bers of the Society of Civil and 
Public Servants, the second- 
largest civil service trade union, 
will be held on the offer 
tomorrow. 


TGWU Record that no-one has “ Rigid pay policies cannot 
sought *’ a hat tie ora political work. Conflict cannot be 
confrontation ” over the Ford abolished. Normal bargaining in 
pay claim. the best way forward.” 


Store ‘prejudiced’ 
says tribunal 


BY LYNTON McLAIN 

THE INDUSTRY Department cuities. Mr. Gerald Kaufman,] 
has ask8d Mr. Michael Casey, Minister of Slate for Shipbujld- 1 
Joachim i chief executive of British Ship- ing. approached Mr. Casey. 


-■ i,!i C ri, n fo5m adequate quantities at prices careful driving and better plan-] tivity over the past 18 months l .• . . 

™n C t °nfiM r f unlikely to be double those of of TOads and .traffic flows. ; was described as "deplorable” ActlOfl at mil 
i Lc.i fnlil fl current oil prices. Air and road Government policies should be ib y Mr. Derek Kimber. company ^ LV ' UUU ai 
‘ 1 'lunnaMnhi 1..',° transport, with petrochemical directed at maxinnsing savings i chairman in August. MANY of Dartmoor Prison 

^.almost lota 1 nonuse of these fuels r PO[ i s t oc t s would nrobablv bp in areas because existing: Shoo stewards aDDpated to Mr h!, 1 arilwn * r oro. vuisiye uj. «iri 

within the next 25 years. Electric sr) d the need for substitution regulations and market condi- J p rec j P willev Labour MP for iSne rrfr hmfrJ' [!? e,r ForCe hases ,n East Anglia after! 
power would be one key and the hSse of SE teriSiS? SSelT ,ions had a^ady pushed manu- ; sinder and and Nnr^h fn brinn ^ ,l ay ^ 0D1 an announcement that Italian 

■ :^!u m .„lph„r hatter>' proa, fed J£i» 2uS*Zr"? STS 


THE LITTLE U’OODS Organ is- woods Organisation, who denied 
ation were racially prejudiced the allegation, 
against two coloured schoolgirls. Mr. Prophet s$id: “It is vital 
an industrial tribunal decided that the procedures the company 
yesterday. should follow are such that per- 

Thc girls, who were awarded sons in the position of Miss 
£50 each, were told there were Wright and Miss Scott are not 
no vacancies when they twice allowed to feel that they have 
applied fur jobs ai the com- been treated in a way which 
puny's Bradford store in May. a pears to be discriminatory.’* 
When they s.\it a while friend No claim had been made for 
The society is espeeiedAo lead S t0 inquire she was mid there any loss by the girls. “The only 
a move among the uniorg Tor the w *?re vacancies. aspect we feel we should eompen- 

allowances lo co to arbitration in Mr. John Prnpnet. tribunal sate for is hurt feelings. It is 
the hope of increasing (he ■ chairman, alio criticised the not easy to put a figure on this, 
award to something like the 13.5] company fnr cn iplo; ing only but the suitable figure we think 
per cent teachers were awarded , ’ our floured pconle. iwo as is £50 to each ” 
after arbitration. -■ ' cleaners, on its staff of m Littlewoods said last night: ,r We 

Industrial action over the | The tribunal's unanimous are dismayed at the finding 
is possible, though ; decision was that Mips Juliet because we have a policy of 
Wright, 17, of Dorset Close, equal opportunity towards all 
Bradford, and II iss Sharon people, provided they satisfy 
Scott, 17, of Ron ley Lane. Brad- basic selection criteria. In some 
ford, hart hi*cn racially dis- of our stores, some 40 per cent 
criminated :igain.sl by Lit tie- of our staff are non-European.” 


Pickets leave 
U.S. bases 


PICKETS declared a victory 
, t. _ „ . . _ . yesterday when they were with- 

f®"„. artmoor, Prison s 500 [ drawn from outside U25. Air 


Hospital threat lifted 


..to be an efficient substitute for ' r ' . seeking technical improvements. ! CDn .; nut , d i a hnup "r»-i«tmna Him hiV-u 

.the internal combustion engine. .Mr- Gazalet said that even Another area for effective i cont,miod ,abr,ur f^uons back pjy. 
. He saw a clear need for major without any substitution in the Government action would be in : 

"public investment in airports, in transport sector, supplies of oil ra j S i n? maximum lorry weights. . 

.^quieter jeis. in a motorway box ,n *P e J' ear -Oou would be a change from a 38 tonne to a . 


. .around London and in a Channel sufficient for the transport and 44 tonne maximum offered the 
. . ’funnel. petrochemical industries. possibility of a 4 to 7 per cent 

Investment was vital, he sue- Mr. Michael Posner, Fellow of energy saving. 


Fall in new orders 
for machine tools 


BY MICHAEL CASSELL 


■NEW ORDERS Tor UK machine 
Tools during the second quarter 

• -of this year were 2 per cent 
••lower than in the previous three 
' months. 

Government figures released 
yesterday show that the value of 
■orders taken between the begin- 
-'hing of April and the end of 
^ Tune stood aL £122 m. a level 
similar lo a year earJ:*r. 

New domestic orders during 
the period rose lo £90m after 
£83m in the first quarter. This 
trend was. however, offset to 
some extent by 3 fall of 13 per 
cent In new orders from abroad, 
which dropped from £36m in ihe 
first quarter to £3I.6m in the 
April-June period. 

Compared with a year earlier. 

• home new orders in the second 
.-quarter were 3 per cent higher. 

✓while new overseas orders 
dropped by 10 per cent. 

.. In volume terms. total 


machine tool orders Tell during 
the second quarter and were 
significantly lower than in the 
same period a year earlier. 

According to the Government 
trade and industry magazine, 
overall order books stood at 

£267 m at the end of June, only 
2 per cent higher than in March 
and less than 6 per cent higher 
than a year earlier. 

Home order hookc continued to 
rise to £181m by ihe end of the 
second quarter and were 29 per 
cent up on the same period last 
year. Export orders on hand, 
however, fell between the first 
and second quarters by 9 percent 
to £$Gm. 

The provisional statistics sug- 
gest that sales of machine tools 
by UK manufacturers fell by 4 
per cent in current price terms 
between the first and second 
quarters but rose by 27 per cent 
compared with a year earlier. 


New coal 
fuels ‘will 
take time’ 


By John Lloyd 


•THE DEVELOPMENT of new 


Continental porcelain 
sale tops £100,000 


shelters for NATO. 

For 12 weeks the pickets had 
manned entrances to bases at 
Bentwaters, Woodbridge and 
Lakenheath. Suffolk, and Alcon- 
burv, Carobs. 

Mr. David Etheridge, an 
Amalgamated Union of Engineer- 
ing Workers shop steward, said: 
" The help and pressure of other 
unions have helped lo 


There was a good sale of Con- ing the week's total of the 
linentiil porcelain at Christie’s Phillips group to £1.092,316— Ihe [trade 

yesterday which totalled first lime the £Im mark has been bring about this victory."' Shelter 

£103.203. with about 10 per cent passed in one week. 

bought in. The top price was 


SHOP STEWARDS lifted their on security. 

threat yesterday not to feed The walkout by porters, 

patients al a 600-bed Surrey Ifi * chen workers, carpenters. 

hospital. They had said that the ^ tter5 electricians ^elong- 

paticnls would go hungry unless JS*!? the Transport and General 
the health district security ^ or ^® rs Union followed early- 
officer was suspended pending ?, or /L in * P ° I,C * ™ ,ts bo "’“ 
an inquiry into security. ° of ,hr ' , “ lart 

More than 200 


the £5,000. plus Ihc 10 per cent 
buyer's premium, paid by 
Reichert for an early Meissen 
armorial flaring pukal painted 
hy J. G. Herald. It went for 
almost twice its estimate. 


three hospital workers last 
week. 

i- l „ o „,." 0D 'J? ed,ca ) 0ne ,nan was charged with 
workers at Kingian General receiving stolen property. The 
Hospital earlier staged a light-unions said a "scar" would be 
ning strike against police raids, left on “ innocent *’ oeoole Any- 
They returned to work after the one suspected of tlmft should be 
security officer volunteered to called to account bv the health 
. .... - -1 take a weeks holiday and mnn-aurhoriiv before nnllpp were 

building remained at a standstill, agemeut agreed to talks today called in. said shop stewartl 


Other good prices were the 


coal technology to replace oiij £4.000 from Winifred Williams 
land natural gas "will be difficult i for a Meissen spirally moulded 


SALEROOM 


BY ANTONY THORNCROfT 


Textile group to spend 
£3m on re-equipping 

MV nav DERUIkl erATTICLl /"ADDECDnynEklT 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


’’■’■DON BROTHERS, the Forfar- 
based textile group, is spending 
'.'J£3m over the next IS months 
’.. re-equipping and expanding 
. ..capacity in its factories, which 
.M.are mostly in the Angus area. 
The group has been diversiry- 
' ing away from jute for 15 years 
■■' and has interests in man-made 

* fibres. More than £l-3m is to be 

• -spent on its recently acquired 
-• subsidiary Don Fibres, which 


extrudes polypropylene tape. 

Mr. William Low. chairman 
and managing director, said that 
the group had been spending 
between £tm and f2m a year 
lo keep its machinery up to 
date and strengthen its research 
and development and sales 
tc*3ms. 

He said: "Our markets are 
mostly in England and Western 
Europe and we are doing very 
well in them.” 


and long,” according to Dr. David 
Daiotoc. director of the research 
establishment at the National 
Coal Board. 

It was generally agreed that 
supplies of oil and natural gas 
would decline sharply from the 
'year 2000, and that substitute. 

! coal-derived fuels would be! ■ 

1 required in large quantities from ! 

! then. At times, however, the end ; 

I of the century seemed ** discon j pierced plate of about 1760. from 
certingly close.'' ; a service made for Frederick the 

1 In May. the Government said [ Great, and the £2.600 for a 
■ that it would invest £20m in a ' Nymphenburt* group of Der 
live-year programme tn develop , Gestorte Schlafer, modelled- by 
coal liquefaction (oil from coal) < Bust ell i. 

and coal gasification (substitute! Sewell, another London dealer, 
natural gas from coal!. [gave £2.000 for a large Vienna 

1 Mr. Alex Eadie. a junior | dinner service of about 1370. 
Energy' Minister, .said then that 1 Christie's. South Kensington, 
development of these techno! o-{ sold silver for £20.254. with Hat- 
pies would mean that the UK ware much in demand, 
would need all the coal it. Sotheby's held a glass auction 
could get to satisfy demand- ; which totalled £32.360. -The 

Dr. Dainton stressed that the, highest price was the £5.000 for 
problems which lay ahead in U “Ochsenkopf" humpen made 
research 1 and development. and| in Franconia around 1700. 

said char 2000 would be the year 1 . , 

after which nil and natural gasi Carden statuary 

production would decline. ratheri™*“M® t, _ *" n ‘5b prices for 
than that given in the Depart- 1 

ment of Energy's forecasts— the j *“?? a 

early 1990s. ^ and work5 ° r 

The development of the ! art y csterta > ■ 
fluidised bed holier which could ■ A pair nf sculpted white 
bum coal and other fuels at \ marble figures, three feet high, 
comparatively high efficiency.; of children representing spring 
was the highest hope for growth; and winter were sold to 
of coal sales to Ihe industrial : Crowlhcr ^or £2.300, while a 
market. ; seven foot while mar hie 'figure 

• "Mr. Ray Hunter, director of 1 Mozart holding a 

the Coal Board's western area, is ; £2.000. The sale 

to conduct a feasibility study -totalled £33,610. 
into new mining methods For the i A weekend sale of miniatures 


Unions’ chance to cut accidents 


Australian Iron and Steel Com-; and objects of art at Phillips 
pany. j New York realised £4S,54S, bring- 


THE close involvement of shop 
floor trade unionists in new 
Government regulations on work 
safety might seem odd at a time 
when unions are again becoming 
the nation's bogeymen. 

Those alarmed at the apparent 
resurgence of trade union power 
after three years' open or tacit 
acceptance or Labour's pay 
policies might consider it fool- 
hardy lo give trade unionists a 
new role as safety representa- 
tives. 

But pay has always been only 
one half of the trade union 
movement's concern. Conditions 
at work have also been equally 
important, though less likely in 
attract disapproval unless a work- 
force walks out over wtiat out- 
siders might see as a relatively 
unimportant issue such as factory 
temperatures. 

The introduction on Sundav 
or the new regulations on safety 
representatives under the Health 
and Safety at Work Act 1974. 
has. however, focused attention 
again on work conditions— some 
of which neither employers nor 
trade unionists can be proud of. 

In 1976. the last year surveyed 
by the Health and Safety Coin- 
mission, nearly 600 people were 
killed at work in 326,500 
accidents. 

More than 16iu working days 
were Inst through accidents 
nearly five limes as many as 
through industrial stoppages in 
the same period. 

Many employers. though, 
according to a new manual on 
the regulations, have just 
" cribbed inappropriate safety 
policies from other employers oi* 
from trade organisations, and 
have left overall safely responsi- 


NEWS ANALYSIS 


SAFETY AT WORK 


BY PHIUP BASSETT, LABOUR STAFF 


bilily with junior executives ” 
since the 1974 Act. 

The manual says investigations 
.carried out this summer have 
shown that less than 30 per cent 
of employers use written safety 
policies which meet the bare 
minimum legal standard. 

Trade unionists hope the 
active involvement oF shop floor 
representatives as watchdogs to 
check work safely srandards will 
lead to cuts in the accident 
figures. 

Mr. Terry Parry, general secre- 
tary of the Fire Brigades Union 
and one of the three TUC repre- 
sentatives on the Health aod 
Safety Commission, told the 
annual congress of the TUC in 
Brighton last month that many 
employers would find themselves 
" very hard-pressed Indeed " by 
the new regulations. 

The TUC sees the new regula- 
tions as “ a watershed in the long 
years of campaigning to put 
democratically elected union 
safety representatives into all 
places of work.” 

But in spite of the close in- 
volvement of trade unionists in 
the new regulations, the TUC 
places the responsibility for 
safety firmly in the lap of 
employers. 

Employers have sis main 
duties which are enforceable 
under the regulations. They are 


Placed under a general duty to 
consult the union safety repre- 
sentatives to promote health and 
safely at work. 

They will have to allow each 
safely representative tn investi- 
gate potential working hazards 
either in response to a complaint 
or a query by employees or on 
bis own Initiative. 

Safely representatives arc 
entitled to investigate employees’ 
complain Is about health, sarelv 
or welfare at work. They may 
also carry out formal inspections 
and liaise closely with factory 
or local authority inspectorates. 

Finally, employees will have 
to disclose information necessary 
to maintain safety at work. 

The genera] effect of the regu- 
lations is to shifr the scrutinv 
of work dangers back into Ito* 
place of work. This will leave 
the existing 900 factory 
inspectors as a last resort to 
bring employers Into tine with' 
the regulations by improvement 
and prohibition notices or 

criminal prosecutions. 

Employers aTe currently open 
In two years' imprisonment and/ 
ur a fine not greater than £1,000 
on summary conviction. But the 
Health and Safety Executive 
believe the fines imposed on 
companies are too low and 
undercut the work of the factory 
inspectorate. 


The regulations mean any 

I nuL Pen ? ent Trade union recog- 
nised by the employer can 

appoint safety representatives, 
home 150,000 are Ukely to be 
appointed. 

They will have the right to 
time off with pay for training 
5 n “ rt for carrying out their 
Functions. If two or more repre- 
sentatives ask their employer in 
writing to set up a safety com- 
mittee, he must do so after 
consultation with rhe unions. 

i tie regulations mainly concern 
work places where independent 
trade unions are recognised, but 
guidance has also- been given to 
employers without recognised 
trade unions. 

Health and Safety Commission 
officials, however, expect the 
a Z- sor ?' Conciliation and 
Arbitration Sendee will secure 
union recognition to brine these 
employers within the scope of 
Ihe regulations. 

In non-union companies, the 
commission hopes employers 
might set up a safety committee 
drawn from both management 
and employees “chosen freely by 
their fellow workers." 

The package adds up to the 
closest involvement yet of trade 
unionists in their own working 
safety, but the TUC is quick to 
potni out that its campaign is by 
no means finished. 

The next trade union target is 
legislation which -would compel 
employers to provide safety 
experts appropriate to each 
work place. 

The TUG also means to ensure 
ibat the new trade union safety 
representatives are not used 
under the new regulations a? 
cheap substitutes for professional 
and technical safety personnel. 


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'C- I^aiicial' Times Tuesday October 3 1978 








farewell to future wage restraint 



Reports by John Hunt, 
Ivor Owen, Elinor 
Goodman and Philip 
Rawstorne. Pictnres 
by Terry Kirk. 

State 
control 
of BP 
ursed 


the Labour Conference yes- 
terday decisively rejected the 
Government's . incomes poHcy. 
A majority of two to one 
spurned tbe five-per cent itmlt 
and any idea or further wage 
curbs. 

Mr. James Callaghan, on the 
Platform throughout a fre- 
quently stormy debate, took 
(he setback without a Ricker of 
emotion. 

There was no sign that hr 
recognised or acrepicd the 
defeat— and 1 Wr response today 

is likely to rcho Mr. Denis 
Healey's final' words to the con- 
ference yesterday. 

“We shall only fulfil our 
duty to the country if we con- 
tinue to fight to keep Inflation 
down — antf we shall.” 

But with. the block votes of 


the transport, engineering, 
mining and public service 
unions against him. the Prime 
Minister certainly faces a coid 
winter. 

The Government's position 
was ably — even magnificently 
— defended by Mr. Healey and 
Mr. Michael Foot. 

The Chancellor told dele- 
gates lhat Pay restraint had 
been the “ miracle ingredient " 
in the Government's policies 
that had enabled ir to reduce 
inflation. 

Whoever won the next elec- 
tion would inherit (he best 
economic prospects since the 
war. he said. 

The keys io a Labour victory 
would be the maintenance of 
the Prime Minister's authority 
and continued control of infla- 


tion. Mr. Healey appealed for 
resi raint. 

So did Mr. Foot. Conference 
was ignoring reality, he 
declared. “ That Is not a policy 
for Socialists. It is a policy 
for benuits.” 

Nothing (hat raised inflation 
could be good for the country 
or the Labour Government. He 
called on the parly lo show Its 
nerve, intelligence and courage 
in facing the country's 
problems. 

Mr. Sid Wcfghcll, the rail- 
way men's leader, took a 
harsher line. Conference was 
evolving a new philosophy. “It 
is the philosophy of the pig 
trough — those with ibc biggest 
snouts get the biggest share." 

He scoffed at the ** emotional 

spasm ” which moved the 


opposition to the Government 
and derided the responsible 
collective bargaining that 
sought 4t) per cent pay 
increases. 

“The trade union movement 
has abdicated its responsi- 
bilities” he »aiil. 

But if the Government had 
fhc host speeches, it never had 
a chance of commanding a 
majority of (lie voles. One 
union leader after another rose 
lo throw his membership block 
against the 5 per cent limit. 

Calling for more Government 
flexibility the trade unions’ 
demands became more rigid. 
Mr. Moss Evans, the trans- 
port leader, was hostile. Mr. 
(’live Jenkins was oratorical in 
his opposition. Mr. Alan Fisher 


of (he public employees 'union, 
inveighed emotionally against 
lhi> exploitation of dedicated 
workers. 

The Prime Minister noted 
claims that the country was 
both such a “ bucket of 
money" and a “sink of un- 
employment " that pay 
restraint should be removed at 
once. 

lie gazed distantly across the 
hall as somewhat sadly hut con- 
clusively, Mr. Joe Gormley, the 
miners’ leader declared: ‘Five 
per cent is not the pattern for 
this year.” 

The minors had supported 
Government puticy for four 
years, he said. It was now time 
lo let (hem and the other trade 
unions do their own job with- 
out interference. 



raises Tory s 



A STRONG warning was given in the debate, he painted a rosy “ faster than the average since Financial Times and the CB1 mem ever inherited." At pre- 

to Ine conference by Mr. Denis picture of the econumy and the war" were now showing greater con- vious elections. Labour had 

Healey. Chancellor of the Ex- declared: ‘The prospect ahead Inflation has been cut by more fidenec throughout the economy always had to clear up the Tory 
chequer, that .if delegates is a very encouraging one than half and living standards British industry was expecting mess. 

rejected the 5. per cent wage indeed." had been rising Taster than at more orders at home and abroad But if jt was returned at the 

policy it would be opening the j| e ar j, ued t j, al waye restraint any time since the war. 'than -at any time in the last 45 next election “we shall be able 

doors for a Conservative victory h ad h an ingredient These were the reasons why years and productivity was lo take a great stride towards 

ltc L ' ,3pShif with ■“"nlca In Ringing this situation abouL !*e opinion polls had been turn- rising f the realisation of our Socialist 



Miss Joan Lcslor: higher public spending needed. 


THF M-.iinn-.i J £ tt,r " hack "into”' 'power” To reap the all. there were now 90.000 prospects of any Government sibilit> of another great Icap W- 

ur"c N ihe Government in r.ke ™'i C2 ITT unemDlovmem' “ d ® KOn «w*« rewards whieh P had fewer unemployed than at this since the war" he told the con- ward like that of Mr. Attlee in 

“ r S” Ln “ 'lovernmeni n» wise le.ni in higher unemployment. ...n^ k,. ,k„ (•......n lime last vpif md 37000 fewer ference. 194o. 

^ ir , ec _ t ,_. Ct ! nlrul L . ,J y cr . _ Brll ‘ iih ..“ Tho today can settle menl's ooliev uver the Iasi three boys and girls’ without jobs than That was what so infuriated Mr. Healey recalled that the 


D.iu= u 1 no aenmc loony van seme ment's policy uver the last three boys and mrls without jobs than That was what so infuriated Mr. Healey recalled that the 
M T™. 1 . 4 y-^rs r > lastsummcr. Mrs. Margaret Thatcher, the pnst-war Labour Government 

a 51 per cent take, .utlhorila Eleclion. he declared. Die _. . w . Conservative leader, as -he w:o had transformed society but 

tive party sources said. fact is that we have reached a The chancellor jested grimly Tj|tJoHQn ten waiting in fhe church wear- after six years had started 

be. recommendation unses front uirmns point in our affairs. You that it Icli like old tunc* for IliuatlUti s^ichi »nH «-. a irhi arenlne within itself. The result 


HIGH LEVEL public expendi- 
ture was needed lo reduce un- 
employment and redistribute 
wealth. Miss Joan Lcslor. 
Labour Parly chairman, said 
in her opening address to the 
conference. 

“Surely we need to chal- 
lenge the bankers' notions of 
what is guud fur (lie people 
of Briiain.” 

The Lahuur movement rould 
nut accept (be coexistence of 
unemployment and unused 
resources. Production for use 
and not for profit was no 


Mr. Anthony Wedgwood Bonn, 
Energy Secretary, a senior 
member of (he executive, said 


Rewards 


n.an.c -A LC1VX9IUH iiunuay . general c,iei:Liuu, • nt wen i on. f. a i| aE han bv i Torv Press. if'OC sense huh .'socialism in k 

He claimed that his prediction The British economy was at ^ is W{iS happenin'* because the ILO spending C40hn a jear on nr 

that 1978 would sec a steady present growing faster than that conserv.nl jvos knew that Mr. in iqiu I ohm.r was rPinmed tn employment assistance win- 
f>H i" unemployment and an of Wwttn, ^nuany and proh- «, , h 7 “ a.*i p. ) L, ^^ w h ”u>h^C u n 'ooeheiy wore b.l„« prrvrn.n 

“ r asjrsj* a». l-ahour had n-nsa h ,„ rtoor C »P 2SL •~S , « “LJ!S!** 


corporation; 

Party sources said the move on 
BP was unopposed wiUtiti the 
executive!. 

The decision, reached without a 
vole, was taken at the end nf 

a marathon pre-conference 

session. 

The executive also called for 

n* :iM ir»e"siir f.-Wn*-* 

official and oil company papers 
to ibe inquiry. 

Mrs Judith Hart. Minister for 
Overseas Development, was un- 
successful in her attempt io 
get the executive to demand a 

, tribunal of inquiry into sanc- 
tions hosting. 

She told her colleagues on fhe. 
executive: “ This procedure 
‘has power tn get *1 the truth, 
hut any other kind of inquiry 
has slightly less power."- 

Ford strikers 
lobby MPs 

SHOP STEWARDS and con : 
venors from Ford plants at 
Dagenham,. Halewood ' and 
Bn s' Won yesterday lobbied ih .- 
conference tn enlist support in.' 
their strike against the Govern- 
ment's pay policy. 

They met onion delegate*; and 
various MPs Last night,' Mr. 
Ron Todd, the Fond* union's 
chief negotiator: met the Prime 
Minister and Chancellor Hen's 
Healey at a cocktail party in 
BlackpooL 




a.’. - -Si- "fusty. 

o - <5^; j- 

^ ' ,v..- :.'J 








What a chnngc it would he. After six vpars. members or the 
io said, if the next Labour party were again arguing 
iovernmi‘111 was able lo inherit between Ihemspives and *overn- 
‘the best prospects jnj : govern- mem was handed back to the 

Tories 

. "This time it must nol 

happen." he urged delegates. 
X <|j "It lies in your hands this 

" # afternoon to make sure that it 

resolutions ,« ^ 

23 s ss SEKinSSria 

Z uJ fii S. er h.rra S ,hc ^ "<>»•'"; 10 

„r?te5 un *Mken the authority of Mr. 

a rarH lilt., hv 4 u 17 000 to in (he labour miivw- 

4 ' l ,y ° meni and in the country. These. 
1 *'^' A he said, were the two main 

If staled that wage curbs issues in the debate, 
were not welcomed h> the Th(? r; 0 vernmeni and the TUC 
working class and would lead were l)olh a2ree( j | hat inflation 
to a possible rejection U r the mu „ be kcp| down 
Labour Parly. It instructed llic “Of course, you can control 
NEC to organise a campaign in j n fj a ijnu the way some count lies 
the labour iiio^emrnl agamsl d . simnfv hv verv strict rnnirul 


spending C40hn a year on un- 
employment assistance wlirti 
teachers were being prevented 
from teacliing and hosiiital 
workers were unemployed 
while hospital lists grew. 

The labour Parly hrlictrd 
in a stiorler working week and 
voluntary early retirement. 
But (his was not (he answer 
lo fhc fact that technological 
advance was shifting intis 
away from itKiiiufael uring 
I iiduslry a nd |nw arcis (he 
service seciur. 


“ It is more sensible tn be 
spending money in providing 
jobs than io spend if on nn- 
rinpluymenl pay." she lold 
delegaies. 

The Labour Parly was dedi- 
cated tn full employment und 
high lei els or public expe^fli- 
lure — two farlors which Kf/e 
closely eonneeled. .,5 

“ f»nr concern about public 
expenditure goes beyond ifiat. 
We have lo restate this ar^u- 
menf again and again. Public 
exiteiiditure on education, tfie 
healib sendee, social sendees 
mnl the environment are upe 
of the means or redressing ’’(he 
balance between the poor 3^1 d 
Hie Iwller off in our society.” 

U labour was nut the parly 
of full employment then it 
would cense to have its hisldfic 
role as Hie representative; 1 of 
working men and women. 

ll had to he dedicated' in 
iniproted and growing public 
services and. to ihe financial 
and (lemocntlie emtlrol of ihe 
country's democratic affairs 
whe slier frnm “ Thrysler. R'ns- 
setls. (he uil companies or ‘file 
IMF." 

These aims bail to bp ' in 
!<a hour's manifesto, nut just 
as aspirations bu( as obtain- 
able objectives. ■'* 


must be kept under control and 
ihe party must do nothing to 
weaken (he authority of Mr. 
Callaghan in the Labour mow*- 
menl and in the country. These, 
he said, were the two mam 
issues in the debate. 

The Government and the TUC 
were both agreed that inflation 


Elect; 
on 5 




\#V- 


10 a possiote rejeeuon ui w imK( b e kepi down. 

Labour Parly. It instructed Uic “ of course, you can control MR. ROY GRANTHAM, general ina people nf this country ^ and 
NEC to organise a campaign in i n n a tinu the way some countries secretary of the Asonciatiun of they are nol doing that.” 
the labour luuieuirn l against do. limply by very strict control Professional. Ex ecu live and Mr i.,'avm l.atrd. of the Amalga- 
pa> controls and Tor better 0 j t j ie ,„ one y supply, by cutting Computer Staffs (APEXt said mated Union nf Engineering’ 
improvement in Hung public expenditure and by rais- the pay debate concerned nothing Workers, discounted suggestions 
standards. ine taxes." he added. less than the nm’-.jmn of whether that unions nrght campaign 

The conference rejected. by But von can only adopi this Britain wa-. to continue («• have against ihe Government. "As a 

".626,000 10 2.806.000 a resold- method w'th a heavy cost in loss “ Labour Gfivermiir-nt. ir:uli>s irmon movement, we are 

lion supporting the economic nr jobs. The achievement of the He asked d'.kgaies io rep-i-t P'edecd wilhoul qii.jlificadon: in 
strategy of the Lahuur Government had been to reduce the motion on incomes policy *’'»rk in Ihe period ahead to 
government. inflation at ihe same lime as which opposed any tin in of wage ■•'■wtain ihe Labour Government. 

A motion from (’live holding down unemployment resiraini. sustain and finance our pany. 

Jenkins’s union A STMS, was ;i nd achieving rising growth He »aid ihe idea of Mr. Lon ; ,n j l ensure ihat we have amjhor 


2 



w.m 

Iff 


Mr. Denis Healey: pointing the way for a great leap forward 




approved on a show uf haniK 
This called fur a return to free 
collective bargain ine. a 

reversal in cuts in public ex- 
n«ndi*nre inlrodiivtion of 
import controls. 

Delegates approved a TGIVU 


resolution for a major reduc- the Chancellor declared. 


"if we rind nol had the sup. Murray— that ih-Te slimild o« Laf, " ur Government in the 

port nr ihe .workpeople nf 'his talks between the Government lw?r t K " 1 ;,l, oa«. 

country over fho past threp and unions in re-nlvc ihe i iincui . Bui he would nol accept more 

years Tor nindemtc wage “dire mtiiaimn." shmiid be m * "tin-s restraint ■■ and certainly 

increases, wc cmild not have adopted f 1 "* i«*r rent norm.’’ 

h rough 1 down inflation and un- "If the fiovenirnent is too Mr Sirl '.Veighcli. general sectc- 
cmployment at the same time." inflexible and iheir o|i|i.ioents (•">, ,,r ikv National Union" of 


loo loose in then jM it udes w r e BaUwaymen. c«^ademned 


lion in working hours as a 
means of sulving mass 
unemployment. 


Free collective bargaining, on need lo bang the heads uf btjlli mr,, inn attacking wages policy 
the other hand, had never pro- sides together and tell them lo JS ■■nothing more than * an 
duced sfirlti! itisiice for the lower serve the interests of the whole e, » n,, iinal spasm.” •' 

paid nnr had it increased of ihe nation." T u cheers from delegates;; he 


differentials. 


Britain had made a good r cjecfed “ the philosophy of -’the 


Wilson to go , _ . _ __ _ _ , 

n i | *• • ■■ “ w ^ w "* r Bl %/ Michael Foot warned that a would move ihai ihe crucial "■ a J\ <l 1 am the only f»ne 

fQ olaCKOOOl _ return to 15 or 20 per cent infla- motion rejecting wage restraint standing here saying it. 1 will 

. . Mr. • Mass Evans, transpeu-t with public sector employees, people and particularly young Scientific, technical, and Manas* tion would inevitable result in should he remind resect 11 until I drop down dead.” 

SIR HAROLD WILSON intends workers’ leader, launched the “Wc need to put a priority on people's views of what society enal Staffs’ loid ihe conference j be election of a Conservative Ms. Sylvia Ingersun, Lambeth Mr . Weighell insisted; “ I don’t 
to attend the conference onslaught on the 5 per cent pay reduction of hours rather than thinks of them." that the call wa; for frv collec- government. councillor. repivMUiung Noiwnod li,: ^ tfle 5 P<? r cent any mure 

It is expected that the Rhodesian i , r ,|] C y with unequivocal support maximising individual earnings," Mr. Thomas said: “Full five bargaining— starting last ~ Labour Parly, said a 5 percent . rh; * n - w,u hut it is there 

oil. row will be discussed, hiji for free collective bargaining. he said. employment may not be night. criliijy diff “ nni uu-an th<- jji.-rf..- i"" a use the trades union tnpve- 

Sir Harold insisted that he had “We want lo be free to nego- Mr. Tudor Thomas, of the Socialist, but Socialism without "We also rejec" any artificial | WO kpVQ oF company dirci'lnrs will he PV.’ 111 h as abribaled its responsi- 

nnt seen a copy of the time without civil servants glanc- Association of - Professional, full employment will have very restrain is on pay bargaining, and A vr ACT 3 limited to 5 per cem. onif.v. 

Bingham Report min junctions . jng over our shouiders to tell us Executive. Clerical and Com- Ittile meaning for many of our reject the curre . 5 per cent. 1h . r . . " ll does nnt moan the dealings , , t ’ l3 ' n icd that if union 

breaking He added that he lha t any extra jobs have to be pulcr Staffs, called on the comrades.” htf « l i w : .. .. ir inftaVron Grlninerobe anvuuud of property S p*;nil;it..r 3 will he ,0 u lf !?? ine 

had not read -the report.. created out of the 5 percent Government tn take steps to He was particularly concerned But the unions would run their , ^ ■ “ vh limiled lo / |n*r cent * 'I. . [hey wuuldn t know 

pot. ' he declared. - deal with the " unacceptably that last January 29 per cent «»f renirw^n. and would nni 1 5 , JJ55i" r d lh ‘ fc " Wliat it duo m-.-m ,s the !?. do ' , 


1 • "M tn his unavailing bid to avert economic recovery ami leaders P’fi trough — those* with the big- 

I AO C O H~ 1 Ol A 1/ BlCe %/ (he nverlhrow of the Govern- should “avoid defraying each S cs t r snouts get the biggest share. 

I w 3 B 8 VJpSi y mentis Incomes policy. Mr. other by i mol era nee.” APEX . ' 1 reject u. my union rejects 

f w Michael Foot warned that a would move ihai the crucial u * '[ 1 am the only pne 


had not read -the report.. 


Two kevs 

“ No policy that re-creates 


Sli-'uau lie i cun i U.-11 r r 

Ms. Sylvia Ingersun, Lambeth Mr. Ueighell insisted: " I don t 
councillor, repiVM*iiUng Nni-vinud !* :i ' the 5 per cent any mure 
Labour Parly, said a 5 per cent , n - Wl11 . but it is there 
retliiiB diff "nor m<-ai> th.- p..*rs, ''f. arise the trades union mpve- 
of company direrlors will he ^V’ 1 ’ 1 s abdivaled its responsi- 
limiied to 5 per cent. oiiu.v. 

" ll does nnt mean ihe dealings , claim ed^ that if union 
of urouertv snenilatur; will he ‘■> , t'*r'« « ere left to determine 


ThrPP-nninf Mr. Evans' luid the Govern- high levels nf unemployment" unemployed male workers and ' 

inree mc0 |* “ We support .vour aim of (he country, particularly in 56 per cent nf j'obless women to organise a campai in ■ 

nr : £ft „ n l a „ Sli.S W ™ ^ -bi«k ; «« .jdor us. . ,'•« S »’ 

prison pioffl nn j support the view that the He spoke of the terrible Mr. Thomas f.a»d it was vital pass j 0n aie Speech attacking nonsense of the policy pursued “""V* l ” ■>*'-- um.ivs m General amt Municipal 

LABOUR’S National Executive batilc against -inflation is toe ' J'J" 1 ! JJJJf iifa" d r-JiJ ^hort* Govcrninenl pay policy on by ihe Government over the past . , , Work-rs' linion national officer 

vosterdav called fur -Govern- only battle lo he fuUgbl- lra.-gc. ■ ® tar * ,n ^4’^ steps to deal w, *h short- and b£ , ba jf Q r t(lc i„ wer pjjfj ram r> three years. JwBt’d on delegates io say Mr. Charlie Donnef warned that 

ment action lo improve His union would not be asking m ‘^ f y 'Ihl! 7 '-* b ’ snotiL" Mr Dr?blems and thore^hmihi^hi from Mr - Wisher, leader nf it would not be a recipe fur /"’n un|p ** ,h - f: '»vernment thought 

Britain's prisons and lo reduce the NEC to campaign against the ThoL^Lid^ “‘lo Urnse’ areals' an^ W Sriv «tiraulus d the lhe Nationa l Uni(,n of Public the destruction of the presenl ' SSl “ a ”?. m > ory I,r " enl, - V on incomes 

their nopuiation. " Labour Government over . pay Thomas -saia. io uie>e areas, an early stimulus Of ine E m pj 0 yees. Labour Government but for anv ,f^. t .*?'*ectivL ii.tr_diniru. policy it would be risking a etash 

he executive's statement on restraint. “Wc will do oiir own ** no ^ He urged support for a NUPE Labour Government, he said. ’ Oallnishan. bonn. I* nol and wilh united workers m essentia] 


epared to 
its wage 
ild be a 


their nopuiation. " Labour Government over pay c »«“«««• "l c Employees. Labour Government but for anv ‘o,/ cnucci-vc uarL-d nmy. potrey it would be risking a etash 

The executive's statement on restraint. “Wc will do our own “ n ® concern 1 1 1 nuhti^ ^evnencti^P He u raed support for a NUPE Labour Government, he said. nihJJ Pf ,«w h r vr-f! ? n 1 wilh . united workers in essentia] 

law and order says: “ Our campaigning." And he warned S n r?*. S P d motion demanding a minimum A coherent policy on wages and s,,e ! 1 as . ambulancemen. 


prisons" are grossly over- of the "confluences of a Tory 'bui a major factor casting a in deprived areas wage of £60 a week, iwo-t birds incomes was essential. To go J|“ * , ” 1 '™“{L ,ss V e . nv ? r «*. l l ,cn ,n 

* , i i« u 9 |. p niri> r.nvpruieDi which, he claimed, shadow over ine whole com* "ir* Cli\e .Jenkins, general n a*; nn oi avpr2^p oamm°s fiiru/^rH withnnt nnp would bp nor must talk of resi^nalion, Minisler i 

fashioned and insanitarv. would "preside com place utiy munity, influencing and shaping secretary of the Association of raeans breaking tbe°5 per io face the real problems of the Item Jh U f l nr' S *hi l ° li ' sl 5 nine 

" Tiie Sovcrnnient musl act lo over 3 iTUWive racreaM in un- . cent incomes policy, then so be world. Ih=m lh 3 . .t , s thrar problem pa ,ci » 0 rk 

men™ V and h ?edm*“”be e VraDn' added: "We ere L 1 dlffPI* " He attscked “ the Socialists ' S bu7'a a pohc C / fof o r,^ y N rty U pnl't' , 'lh. P lMF 1S S0 'V"{' 

Swr* 4 ,he <tuuuut» urner 

The three methods suggested policy and more sub: stantuu THE SPLIT over Europe in the mttlee for an etnersency motion than if they sat at home drawing ference, despite his emphasis on 

are the use of community ser- amounts of Sockui-A puouc L a j, our party was graphically expressing conference's concern unemployment benefit. "It's not the fact that he was pleading ■ .1 _ A 


wage of £60 a week, iwo-tiiirds incomes was essential. To go ! ui„ s ,^, > '‘r e l i m ch ,, Hp "nplored the Prime 
r»f national average earnings. " T f forward without one would be not of resignation. Minister to show some sigji of 

that raeans breaking the 5 per u> face the real problems of the JsfJL n 4 J s , n !? e . ,*. u ? t0 SJ l y . 10 l,M enmg on behalf of the low- 
eent incomes policy, then so be world. a ,s fht?lr P«*bicm paid workers, 

it." "That is not a policy for .7- plTi ° U £f' ^ i .* . Incomes policies had turned 

He attacked “the obscenity" Socialists hut a policy for . , TflL ^ v °n r ! ' ?L P I'itr' S S01 ^ for h lhe low pa . i(1 - ant J this 
of workers who did a decent 40 hermits." declared Mr. Foot. fh P v ^nri . Vh ;'L F ,T they were saying “ enough 

hours a week but were paid less But the response from con- should represent the work- i* enough. 


view 


Goodbye to 
smokv rooms 


hiiuiu u-juii *«* "vn vmiim iu> v rr ,v-vM ui uiijiiuiij, ituivn uiLiitri ■ 

" We will practice voluntary withdrawal from, the Coinmu- limited Britain's control over its Lahuur m 
riiiipriive tiiir' P i ni| ir and we will nity. Dr. David Owen. Foreign own currency or was a prelimi- millions of 
; '„*■ .. rioiri waue conlrola no Secretary, pleaded that the issue nary tu European federalism. ihe degradii 

!f .ir.ra w hL: duarlcr they come should not becanu another EEC Even if Britain remained oul- poverty.’’ 
matter Wtwi 1 J U4 " U lh n nnrii- "Rr. f.nr r 


would result in new calls for opposed to anyihing which either lhe most important issues for fhc rations lined up against lhe v** aw. v t 

withdrawal front, the Coinmu- limited' Britain's control over its Lahuur movement and ihe Government m hold ih-:ir fire. 

nity. Dr. "David Owen. Foreign own currency or was a prelimi- millions of workers who suffer Advucaling a formula which LABOUR'S NATIONAL Exeni- millions had been submit led ' In 

Secretary, pleaded that the issue nary lu European federalism. ihe degradation of low pay and would give all concerned “time five Committee a-sienlyy Lncitiy Us nvoiings over the weekend 

should not became another EEC Even if Britain remained oul- poverty." ti> ihink." he appealed in lhe acknowledged tin* niriy’< vnlner. ihr NEC was also divided over 

ririRFTTFS PIPES and cigars V"«V-‘ h,i nlpd"ed baitie within the parly. side the new monetary system, " So far. nothin? has been done sponsors of the critical resnlu- abiliiy to the Con^-rvalives on whether the subject warranted a 

^ were Clubbed oul in Black pun I Morrclf called on the Mrs. Castle, a Inn^-time anti- rhe said, it might re-npen (he for these workers. A wage of £50 lion opposing all wage resiraini the law and orri*'r issue hv taking full dpbaii- hut. in the end thn«e 

W6 ^k S /-nn ference was officially a ' r ’ n i i fJ enruurage a Marketeer, has the backing of question nf Britain's continued ir less is not a wage, ll is hardly lo allow ll to he remitted to the the unusual sirp of issuing a in favour, like Mrs Shirley 

^ i red a " smokeless zone” wnrkin« week in talks Labour's national executive com- membership of the Community, jn existence for these people. NEC for consideration. statement fnrmallv xpcllmc i"U Williams, won 

Delegates voted narowly in shpr . - a . ' _ _ . ™ , TM wsl,h was »" uprcceden- 

favour uf banning smoking £*j C+ 1 j * A. 9 The slafemen. which roMows Jed staiemeni. published yesler- 

vSfiws-s: Drugs profits an ‘immoral monstrosity’ a^ssss £3*3-3 

Sin- Unto u, it hod ” * . .... to. dispel th. Me. th» Ihe em.tlw >h M m exdu- 


Today’s agenda 

The Prime Minister, Mr. 
James CaHaghan. makes his 
- Psrliamcntury report. 
Agricultural land. 

.Taxation, 

-Death- grants. 

NEC reports. Including rc- 
selcction of MPs. 


panics The « ' for a Iloca- what she called the “divlim lm- Tbe Conservatives she -said tended lo include’ a final date. “My shopping list is the social problem. orr^r in general 

f resources for fur- patience” of conference over Hould be iQoW fQ ’ additional The NEC she assured L ar f? ‘ n ,bC l T ines ?‘ sa ' rt - T ^ r ®nsive in, tnnr. it «-,H ho Th. o 3 ,^ n j rop( ,„ Prt the 

tion or more i i&o National Government explanations that public exuendi hire nuts in ih.‘ i n t a ,,t te . ..le, Bl, ‘ he W3S adamant that ihe nut to copf-renm bv Ur Rnc Prune Vi n kip^« rt in corn ahwit 

thcr expansion or me possible provision was .7” ^ ?«h Iho ^legateA aiso acrepled the need NJIS wa& n(|1 on |he bnnk |lf TTpffn P on Thn-rfnv when .-nn^r Hip m.al.u* lire Tnd 

Health Serv.ce. being made for the NHS oul of St, hi, S lead In cn,IapSe - ,n 1977 ' n,,,rC paMen15 "n lJ com ,C nrehlAn, ™i!lS hv uifc« 

•* profiteering 01,1 ^”52 hm,,ed resources available. She 2 m Lhe build1n*» or new Sri ^ P ThTiVH«; P ^ U ? hosp'tais wtTe i rea ied than ever before mimity. as ti K known ; n r .hmir rtoav and re.^irmrri That Mh! 

is an immnral ^ r n h S ' r a l- c ' as nr ^niuted her. concern, that t he hosp i, a i s and other'' necessary c m , by ni " rc d ®. c ' ors - nurses and Pari v narlanre. will also he rrineinal rmnnriin, wore to hr* 

dared Mrs. behalf s >" s ^ em ,, cas t l - timils might developments. " ^ r - David Ennals. the Soeiul supporung staff. detailed f n >'Tvff in the rnmnumitv hv prn. 

reolying lo the debate on i oenair m3 kc the allocation nf adequate r Services Secretary, who recently This did not deter delegates The nrransomenu pninmiitep. vulinn | np ,| a,ithoriifp< with lhe 

of' ihe National Executive umv finance even more difficult than Mrs. Castle readily accepted spent five weeks in hospital him- in later speeches from accusing which is resnnnsihta for ihi* eon- pionnv nr.f.r. t ',, irv rehabMP-HP 

Lillee, during her own period of office a renewed demand in the resolu- self, made tittle impticl on dele- Ministers responsible for cuts in Terence agenda h^d nrujimllv u-ta-n u in H nm 

T .. si7P the NHS drug bill as Social Services Secretary. tion for the abolition of all health gales as he catalogued- his the Health Services of having reicrtpri ih.> idn ,,f 3 dehno r .n v id' «• , nwwn rerrealinn 

ust be controlled. She pointed But she warned that the NHS service charges. She agreed that achievements in expanding lhe “ blood ou their hands." the grounds lhat not enough facti * 









Financial Times Tuesday October 3 1978 




IS THE NAME 
OFTHEGAME 

Sponsored by 
the Financial Times, 

The Institute of Chartered Accountants in England and Wales, 
International Computers Limited 
in association with 

the Institute of Directors and the Confederation of British Industry 


Huffing and puffing over A 

sticky oil problem 


m 



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 of 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 bo 
arranged for teams in both British and European 
finals. 

For full details, telephone the National 
Management Game Administrator. Jack Layzell, 
on 01 242 7806, or complete the coupon below. 
Entries must be received by November 6, 1978. 


BY W. L LUCTKENS 

IRONY COULD hardly have estimated that the oil sands Bay Oil and Gas, Pacific Petro- mated to a certain extent They 

gone farther: a lire put Canada’s would yield 110,000 b/d from leura and Petrofina All going do not allow for considerable 

brand new Syncrude synthetic Syncrude in 1979. By 1989 the well, the plant would be in finds of conventional oil which 
oil plant out of action before sands would be yielding 330,000 production by the mid-1980s, have been made in Alberta this 

the formal opening last month, b/d and by 1995, 580 b/d. These Imperial Oil, one of the partners year and last at Pembina. They 

It was one more in the series of are forecasts which explain why. in Syncrude, wants to begin have not yet been . ftjjjy 

vicissitudes that has dogged at a moment when the entire working heavy oil near Cold evaluated: depending . upon 

attempts to win oil from the Syncrude venture seemed to be Lake on a commercial scale which forecast you believe, they 

famous Athabasca oil sands. collapsing under cost overruns, (producing 145.000-165,000 b/d) range from 200m barrels to 

The sands contain hundreds governments of Canada and having gathered experience with 1.5bn barrels (compared with 

of millions of barrels of oil— Alberta, and of Ontario as the a -pilot plant It uses wbat is proven recoverable reserves in 

provided it caii be extracted main consuming province, quaintly known as the huff and Alberta at the beginning 0 f this 

from a sticky, gritty mixture of stepped in to rescue it They puff method: you “huff” down year of 1.5bn barrels). . 

bitumen and sand. Their first shareholders, along steam to soften the heavy oil But Pembina Is not going t 0 

recorded use is by the Indians, change the basic pattern: all 

who used the stufl to caulk ■ do Is 1° slow down the 

their canoes. Attempts to tom igimnii fiHiiBia . decline of the conventional 

them into a source of petroleum — __ 4Thf»SP are eKDensive reserves of relatively low cost 

began early this century, with- f - ‘ ^ . crude in Alberta. The future 

out much visible success until / methods of producing almost certainly lies, with high 

1967 when Great Canadian Oil 1 tusmos ' ^ cost oil from the sands or fiem 

Sands, an affiliate of Sun Oil of PEUEama 1 oil: even if the so-called offshore ■ and 

Chicago, started work with a ■otblmwmi* * . frontier regions, 

plant using much the same tech- I ^ ^ j technologies are Oil and gas have been looked 

nology as the $2bn Syncrude / iidebti# 1 , - for off the Canadian Atlantic 

plant completed this year. f R1BEH1A / greatly 1 III proved coast, in the ' Mackenzie Delta 

GCOS never did become pro- [ .. . f Ws. , .i,_ area, and north of Alaska, jn 

fitable. partly because its capa- V * v&un 2nd new mCtllOQS are the Beaufort Sea. Except in 

city of around 60,000 barrels a AtV, Q V»ac^a the Beaufort Sea, no oil well 

day was simply too little, but HU,W , >tM “* ... found, the Athabasca worth going after seems to have 

also because it has been hit by \ rt :i ranter, tial will feeen found - though there is gas 

a series of technical problems. \ in potentially commercial <wan- 

Syncrude attempts to get j nAV - r Fip realised titles off Labrador, in the Delta 

around both difficulties: it is ^ \ ncvci wimiuwu and alM Qn ^ 

amply supplied with back-up ' . -1 — 1" cheanlv 9 The bi « current excitement k 

facilities for foreseen technical u - a " == v ' * concentrated on the Beaufort 

hitches (but as the fire showed, ■ — Sea. where Dome Petroleum has 

you cannot foresee everything); found hydrocarbons and caused 

and it is laid out for an initial w ith Imperial Oil (Exxon), and and then "puff” — up it flows. It s° me considerable stock market 
capacity, once bottlenecks ihave cities. Service: but' equally sounds simple, but the tech- c^itement. The phrase “another 
been cleared by 1982, of 129.WJ0 important they offered Syncrude nology is complicated and the Yrudhoe Bay was freely used 
wL g0l M S u we |j j H n ? t ! ,er a favourable financial' regime, energy consumed great, as in bu t far mare drilling than can 
60/K10 b/d will be added later. Alberta . for a start-up period the sands. The company may be this year will be needed 
Syncrude, like GCOS, is a waives royalties, taking instead open up a cnal mine specifically to evaluate the find. Drilling 
mming-cum-refiaing operation. a s hare of profit provided there for the purpose of producing W *H have to cease in October, 
The sand-bitumen mixture is j S uoe; ant j Ottawa guarantees steam to huff down. before the Beaufort Sea freezes 

scooped up by opencast Syncrude the world price -for Plainly, these are expensive over. That is a neccessary pre- 
methods: then the bitumen is ji s crude oil. or some $3 above methods of producing oil; even caution since it might he impos- 
separated from the sand by the Canadian domestic price if technologies are greatly sible to plug a blow-out, should 
treating it wilh steam; finally which is artificially held down improved and new methods are onp occur, under the icc. 
the bitumen is refined into oil to $ 12.75 a barrel for the time-found, the Athabasca oil poten- Frontier oil and oil from the 
which is known in the trade as being. lial will never be realised sands and the heavy oil deposits 

synthetic oil. The Syncrude Similar privileges are cheaply. The justification for account for a substantial chunk 
site is exoecled to be worked promised, though they would going ahead is partly the pros- of the $167bn which, according 
for 25 years, and by 1982 is still have to be negotiated in pect of a world oil shortage to an estimate of the Bank of 

expected to sunply about 7 per detail with any others who try in the 1990s and partly national: Nova Scotia, will he spent on 

cent nf total Canadian nil enn- their luck in the sands, or with Canada is one of the few indus- energy development in Canada 
sumption. In other words it is the heavy oil deposits deep trial countries to have its own between 1967 and i99Q— quite a 

an important move in the below the surface at Cold Lake, oil. The decline of the con- boost to economic activity; The • 

■strusole to lurn around the 0 n the Alberta-Saskatchewan ventional oil fields has imposed biggest single element in that 
Canadian enorey picture. border, and near the Peace a strain on external payments amount, which is calculated, in 

In the early I9i0s Canada River, in north-western Alberta, that will grow from year to constant 1975 prices,- is $91bn on 
nrodiired as much nil as it con- The heavy oil there is much year. The National Energy electric power, followed by 
‘■limed (thmT«rh half its needs the same stuff as is found in Board has just recommended $30bn on petroleum deveiop- 
**/ere imported and half its pro- the sands, though it is not a cessation of exports of light ment and exploration, $21bn on 
dimtinn pynnrted to the U.S.). mingled with sand in similar crude in three years, and its pipelines, and SSbn in the 
But the nil fields are declining, quantities. Unlike normal crude forecasts of April foresaw sands. 

Tn April the National Enemy oil it cannot be made to flow imports of crude oil rising from These are huge figures But 
Board m Ottawa estimated that without applying heat to soften 580.000 b/d next year to 1.5m maybe the scale of some of 
1.5m b/d of light and heavy iL • . b/d in 1995. these ventures is more strik- 

crude could be produced next New venturers have already Those figures allow for the ingly illustrated by the fact that 
h!!I d« wn f nn, ° forward: Shell is propos- yield of the oil sands and the steel booms from which the 

ioro ilS jLl °nf^ n , h/ ^ ! n ® 3 planl s J milar tn Syncrude, heavy- oil deposits which, in the scoops are , operated, that mine 

1 u imS /d *h y £3n !”h partn n ship ^ W1 fr h Of subsequent information. Syncrude's oil sand are each 

At the same time, the NEB chevron. Dome. Gulf, Hudsons the NEB may have over, esti- longer than a iqgtbatf pitch. 


\ jjju 

,.i{? 

; if 


ATKAUSC4 

tusmos 


peace una 
beatt on Krasin 

/ & , 


-J 

AlBERTfli 


’ 6 These are expensive 
methods of producing 
oil; even if 
technologies are 
greatly improved 
and new methods are 
found, the Athabasca 
oil potential will 
‘ never be realised 
cheaply 9 


National Management Game 1979 


an 



cii 111 mm in in 


{ Prizes worth over 


tiLiiTiV 


including cash prizes 
for ail finalists. 


To the 

National Management Game Administrator, 
International Computers Ltd., 

Victoria House, Southampton Row, 

London WC1B4EJ. 

Telephone: 01-2427806. 

I enclose the entry fee of £60 ( — I 
incl. VAT * — * 

Please send an entry form and full 1 — 1 
details of the 1979 NMG U 
Please tick boxes as appropriate 

Name 

Address 


F 


III mu 


cef 




i :x 


\ i. 


wherever there’s business. 


Any Eur°pea. n wanting to do business in America has a 
wide choice of banks. All offering an extensive range of 
services, a high degree of expertise and all claiming to be 
particularly sensitive to your needs. 

There aren’t many, however, who can offer more. 

We can. 

We can offer you an American bank that has a European 
background. 

We have 98 branches throughout the New York area 
dealing with domestic and corporate business. 

We also offer specialized international and foreign 
exchange services. ■ 

We can advise you and help make your entry into 
America go as smoothly as possible. 

We can do all this because we are an American bank 
chartered under the banking laws of New York State, but 
owned by six of the seven independent European banks of 
European Banks International (EBIC). ) 

Our Head Office is at 10 Hanover Square, New York 

But we are easily contacted in Europe through anv of 
the branches of our shareholders. 3 




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55;-g^sr^. 


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Tuesday October 3 1978 


«2tlV 

WV 

^ -T-_ 

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flWTEDBY ARTHUR BENNETT AMD TED SCHOETERS 


0 COMMUNICATIONS 

Talking and writing 
at the same time 

£e 

ordinarv t0 di9ra5aion can suggest additions 

eon fdt-L „ ™J£r e ,P il ®. ne se *vice deletions since the equipment 
ic *“ P* raon he *s designed to permit wipe-out 

““W ..diagrams and written as required. Furthermore, both 
ext, altering these as required, the telephone discussions and 
Testing of the idea through the diagrams can be recorded on 
pilot systems will begin in the casselte - tape for playback. There 
Netherlands next year and the is 811 inhibit mode which ensures 
developer — Philips Telecom- tliat only one person at a time 
municatie Nederland — says its 09X1 actually write or draw. 

“ Scribofoon " will be suitable A very small section of the 
for conferences - and mobile sP^oh band is used for trans- 
applications.: milting -the diagrams and there 

Based on initial work in Delft * s J 10 °* speech quality. 
■University of Technology the Scnb of oon would undoubtedly 
.unit consists of a screen and a * \ police and 
writing pad. This pad consists Jre brigades and there seem to 

of a layer of plastics with wires 5 e f , ew ohstac fe* 1° lts ra P* d 
in the X axis on top df it id development with. the .great pro- 
in the Y axis below. A poise rent § ress J >ein S »«*• microcircuit 
through the wires is detected by development a^the moment The 
a pen connected to a decoder y compwati.vely difficult 
and the latter determines the design, is in the filter 

position, of the point of the pen U ni* speech si g- 

at all times in function of ^ , £rom Pictures and is 

measured intensity and time lag c , ,? lex ;. ; . _ , „ . 

between start of the pulse and **** -extensive, work this 

its detection. P f* 1 ’** has done on TV- 

telephone systems, this particular 
° f P en .P? sl £ ons project can 'be seen as a means 
)ver the telephone 0 f reducing the amount of travel 
< ^ 9p,a y screen senior staff have to undertake 
™r^Hf^ ce,VUJe j ind ’ 33 016 con " during the course of the year, 
versation proceeds. Further,. from ' Philips Indus- 

when a group of people are tries, S Arundel Street, London 
using the system, the diagrams WC2R 3DT, ' 01336 4360. 

0 RESEARCH 

Study of noise in ships 


0 MATERIALS 


0 PRINTING 


Prevents splinters from flying Cuts cost 

SECTTRIFLEX IS the name of a claim. Work is continuing at St. 01 P FITH -- 

new form of safety windscreen These tests have been con- Gobain's French and German 
put on to the market by St ducted up to impact speeds of research centres, and meanwhile flmriTin 
Go bain of France which makes 65 km/hour- with completely Peugeot and the company are Llf y IJfi g 

thp fflaint fnp it that chmilri thn eaticfnrtorv wciiltc lfnn>QVBF. collaborating DO thffl inctalhflAn « O 


SECTTRIFLEX IS the name Of a 
new form of safety windscreen 
put on to the market by St 
Gobain of France which makes 
the claim for it that, should the 
windscreen be shattered in any 
way, glass will not come into con- 
tact with the passengers. 

This is achieved by adding 
internally an extra sheet of a 
tough plastic material to the 
sandwich of toughened glass/ 
polyvinyl butyral/inner leaf of 
glass.' This plastic material, the 
composition of which is not dis- 
closed. was developed by St. 
Gobain in its own laboratories 
and has been subjected to the 
most exhaustive tests, both in 
the U.S. and in Europe, to prove 
that it has. indeed, the properties 
ascribed to it in the compands 




claim. 

These tests have been con- 
ducted up to impact speeds of 
65 km/taour- with completely 
satisfactory results. Moreover, 
it has been shown that the inner 
leaf of plastic, which would 
normally be about 0.5 mm thick, 
is highly resistant to most of the 
soiling common to cars on the 
road. 

It has self-healing properties 
after scratching and can stand 
up to three attempts to stub out 
a cigarette in the same spot, 
with only slight discoloration as 
a result. 

Mounting of the Securities 
windscreen is by adhesive butyl 
strip and, so far as can be seen, 
a car manufacturer switching to 
its use would have no problems. 


Work is continuing at St. 
Gobain's French and German 
research centres, and meanwhile 
Peugeot and the company are 
collaborating on the installation 
of such windscreens in the 
601 TI and on final testing prior 
to the use of the Seen rifle.' 1 ; 
design as a matter of routine. 
At the moment, about 100 of 
these new windscreens are being 
made eaeb day. 

St. Gobain points out that 
there_ are no limits on shapes 
or thicknesses, or on colours. It 
asserts that the new formula- 
tion of windscreen is safer at 
65 km/h than standard lami- 
nated screens at 25 km/h. 

St. Gobain Industries, 64 bd 
Victor Hugo. 922C3 Neuilly, 
Cedes, France. 


AGAINST A background of in- 
creasing concern for the seafarer 
from the disturbing and some- 
times harmful effects of noise, 
the Ship and Marine Technology 
Requirements board has given its 
support to a shipboard noise pro- 
ject proposed by the British Ship 
Research Association. 

This is aimed at improving 
procedures for predicting noise 
levels in ships at the drawing 
board stage. It will be con- 
cerned in particular with 
accommodation spaces, and ex- 
tensive tests and trials ..on board 
ships are planned by BSRA. A 
full-scale model of an accom- 
modation space will be built to 
allow measurements under con- 
trolled conditions to be made on 1 
various materials and for various, 
cabin arrangements. 

0 RADIO & TV 

Clear calls 
without 


The move follows the success- 
■ ful completion of an earlier 
- three-year, "project " begun in 
, 1975.. As.in.the previous project. 
’ all funding, will be provided by 
i the Department of Industry. 

Hie Department of Trade has 
i recently published a Code of 
Practice for noise levels in Ships, 
: and has taken an active and sup- 
r porting' interest in both of the 
: BSRA projects. In the intro- 
-. duction to the Code, the point is 
made that the .technology neces- 
sary to ensure That every vessel 
meets its requirements, is still in 
. the course of : development It 
is with this technology that the 
BSRA projects are directly con- 
cerned. 

BSRA, Wallsend, .Tyne and 
Wear NE2S ffUY. Wallsend 

€25242.'. 

any number of speakers can be 
included in the system, which 
comes no more expensive than 
standard equipment * 

.. Reliance Systems, '!. Tursells. 
Mil ' Lane, , Wellingborough, 
Northants. . ' 



Dimensions of a cab for a Foden track being land, ERF, Seddon Atkinson. Scammcll and 
cheeked in the new £70,000 standards room 11001 of HoIIa “ d aBd builds bodies for 
,t the Coventry works of Motor Panels. A Poi-ler limooa nes. D esigned for checking 
_ the accuracy oi models, the standards room 

member of the Rubery Owen organisation, facilities are also used to carry out checks 
the company also manufactures cabs for Ley- on cabs taken off production lines. 

0 PROCESSING 

Sterilises and cools cans 


A SYSTEM ' designed to anto; 
matically sterilise and cool 
canned products in any standard 
size container at process tem- 
peratures up to 260 degrees F, 
has been introduced by F5IC 
Corporation (UK), Holt Road, 
Fakenham. Norfolk, N"R21 SJH. 

•; It can be built to customers' 
requirements by varying the 


number of pressure vessels and 
the length of the transfer and 
cooling tanks. 

One man, using this system 
with five pressure vessels, can 
do the job that formerly required 
nine men and IS four-basket 
vertical retorts, says the com- 
pany. 

Steam usage is considerably 


less than in conventional retort 
systems as there is much less 
metal mass to heat, less metal 
surface subject to radiation 
losses, and no air venting 
requirements. 

Fewer controls and instru- 
ments are needed and the 
system eliminates the use of 
crates, hoists, dollies and dumps. 


MEDIUM-WAVE infra-red drying 
equipment is now being used at 
the printing works of Aften- 
posten, Oslo. The equipment has 
been designed and built by 
TRIAB/Tri Innovations AB of 
Sweden. 

The drying oven is constructed 
from eight infra-red lamp 
cassettes, four insolation cas- 
settes. four special evacuation 
cassettes and a control panel. 
The infra-red- lamp cassettes axe 
situated above and below the 
print to be dried; when the oven 
is iu operation they are closed 
around the print deck by pneu- 
matic rams. 

The oven is currently used to 
dry, at about 140 degrees “C. 
copies of “A-Magasinet,” which 
is produced at the rate of 24.000 
per hour. The Norwegian pub- 
lisher expects now to save 
USS30.000 a year on running 
costs. 

Advantages offered .. to the 
printing industry using this 
technique are said to include 
low installation costs, reduced 
running costs (because of shorter 
drying time, lower curing tem- 
peratures and shorter warm-up 
time) and improved quality. The 
latter derives from the fact that 
medium-wave IR radiation will 
□either dry out paper nor turn 
it yellow. 

Further from TRIAB at 
Argongatan S. S-431 33 Mfilndal, 
Sweden (031-27 21 30T. Telex : 
21362 triab s. 


0 CONSTRUCTION 

Dust-free 

flooring 

A HIGHLY wear-resistant floor- 
ing, said to be ideal for semi- 
industrial situations, has been 
introduced by Index Finishes 
(UK), Index House, Dawkins 
Industrial Estate, Poole, Dorset 
BH15 4JY (02013 78661). 

This epoxy flooring is said to 
be dust-free and easily cleaned, 
making it especially suitable for 
floor toppings in dairies, labora- 
tories. bakeries, breweries, 
hazardous storage areas and tight 
or medium industrial areas. 

The flooring is seamless and 
resistant to a wide range of acids; 
alkalis, oils, solvents and general 
or commercial chemicals. It 
comes in a range of colours and 
is supplied as a two-pack- 
material. After being mixed 
thoroughly prior to application 
it should become tack-free within 
six to eight hours of laying in 
normal .temperature conditions 
and can be put to tight use after 


24 hours', although final cure' is 
achieved some seven, days after 
laying. • 

New entrant 
to market 

A DIVISION to market a range 
of hydraulic tools for the con- 
struction and public utility 
market has been formed by CCL 
Systems of Cabco House, Ewell 
Road, Surbiton, Surrey ' (01-390 
1122 ). 

The tools are to be known as 
the System 20 range and will 
initially include Toad : breakers 
(medium and heavy), demolition 
picks, clay spades, tampers, sub- 
mersible water pumps, hammer 
and percussion drills, grinders, 
impact wrenches, drills, cut-off 
saws, chain saws, capstan, 
winches, earth augers, and cable 
cutters. 

DieseL petrol, and electric 
power packs . are .to be supplied, 
as well as a “plug-in” pack to 
connect these tools to other 
hydraulic powered equipment. 

The division will be appointing 
distributors throughout Europe 
-during the next few'monfhs. 



The machine will be 
demonstrated at the National 
Exhibition Centre, Birmingham 
from December 4 to S. Kings- 

land's headquarters are at 25-37 
Hacknev Road, London, E2 7PA 
(01-739 5635). 


9 TRANSPORT 

Safer stops 


Inspection 


IMPROVED means of access to 
house drains are provided by 
the latest unplasticised PVC 
inspection chambers devised, by 
Marley Extrusions 

Within the 250 mm diameter 
tubular chamber there is a con- 
toured ring seal plug which fit s 
into a 150 ram 'opening to the 
drain and purpose made con- 
crete covers are supplied 
complete with nylon lifting keys. 

Rodding of the pipework to 
which the chamber is connected 
can be carried out in any direc- 
tion from the chamber. Full 
details of the chambers may be 
obtained from Marley Extrusions 
at Leoham, Kent (0622 54366). 


@ MACHINE TOOLS 

Punches and 
notches 

LATEST addition to the Kings- 
land Engineering Company's 
heavy duty’ metalworking 
machines is the J21/GXA Steel- 
worker which may be used for 
punching, shearing, notching and 
other operations. 

It has a 66-ton punching 
capacity and is fitted with power 
inching and electrically con- 
trolled clutches. It can punch 
steel "plate and sections up to a 
maximum of * inch thickness, and 
cut angle irons up to 5 inches x 
l.inch and round or square bars 
up to It inches. 


loadings 

NEW WHEEL and axle assembly 
for articulated Torry trailers, in- 
corporating static and dynamic 
brake, load compensation, is 
announced by Alexander Marcar 
and Co.. Richmond, Surrey. 

* The rigid, lightweight unit, 
designated VA, is capable of 
accepting loads up to 30 tons, 
and in all respects meets the 
braking requirements laid down 
in' EEC Council regulations. 

During every braking process, 
forces act on multi-axle units 
which tend to redistribute the 
load unevenly over the 
individual axles. To some extent, 
compensation for these moments 
is achieved by selecting brake 
cylinders of suitable size jind 
pressure, and by using additional 
valves in the compressed air 
brake assembly. * 

A better solution, however- is 
provided by axle assemblies with 
dynamic axle load compensation 
where, the braking moments are 
compensated within the assembly 
either mechanically, hydrainie- 
ally or pneumatically, so that 
each' individual axle bears 'the 
same load. 

The new VA construction 
differs fundamentally from con- 
ventional axle assemblies in that, 
since axle load displacement d.oe<s 
not occur, compensation in "the 
compound assembly is no longer 
necessary. In fact, compensation 
takes place in the axle itself, due 
to the combined action of pen- 
dulum bearings between the (eaF 
springs and axle body, and gull 
rods elastically supported agarnst 
the axle. Guide and brake fre- 
action forces are absorbed {by 
these pull rods, with the result 
that all forces which occur jict 
vertically on the leaf spring.- • 

Alexander Marcar and Co* 
Marcar House, Parkshot. Rich- 
mond, Surrey TW9 ?RJ. 01-940 
8201. 


stridency • exhibitions Long strips cut small 


PUBLIC ADDRESS systems tend 
to be strident, distracting and all 
too often incomprehensible. In 
libraries, offices and other areas 
where normal equipment would 
be too disturbing there is a need 
for some other form of paging. ■ 

This, it is suggested by 
Reliance Systems, could take the 
form of its “Whisper Speaker," 
which runs at only six decibels 
above the ambient noise level for 
the area which it is installed, but 
provides such clear sound, quality 
that messages are immediately 
understandable. 

Because it is so quiet, it gener- 
ally operates through' name 
recognition by the person called 
— others would tend to ignore 
messages not intended- for them, 
the. developers assert. 

No pre-announcement chime or 
call signal would be needed and 


Recovery of 
waste 

THE RECOVERY and reuse, of 
society’s waste in ways that will 
help conserve scarce natural 
resources, and the recycling of 
much that is thrown away or dis- 
carded, and its rebirth as by- 
products, is the subject of the 
second Recycling World Con- 
gress and Exhibition to be' held 
at the International Convention 
Centre, " Manila, Philippines, 
March 19-22, 1979. 

A brochure oon taming details 
of delegate charges, exhibition 
space costs, etc* is available 
from Recycling *79, 157, Station 
Road, East Oxted RHS QQF, 
Surrey (08833 4371). 


LOW-COST equipment for cut- 
ting long strips of scrap into 
manageable pieces is the P/A 
scrap chopper which, because of 
its scissor-Uke operating charact- 
eristics, can cut materials from 
paper to 3/16 in. (4.S mm) thick 
mild steeL 

Main application for this new 
equipment may be dealing with 
the remains of metal strip that 
are continuously discharged 
from a press after components 
have been punched out of the 
material. The problem is, of 
course, to transform this un- 
wieldly scrap into a compact 
bundle, which can easily be re- 
moved for sale and recycling. 
One answer is to incorporate a 
cutter in the dies. Even when 


this is feasible, however, the 
pieces of scrap must still be 
removed from the . tooling. 
Alternatively, the scrap may Be 
broken up by a separate, power- 
driven machine. 

P/A Internationa] has designed 
the scrap chopper as an inexpen- 
sive solution to the problem. 
The equipment can be mounted 
permanently at the : side of a 
press, where the cut pieces will 
fail directly into a container. 
Owing to low cutting force the 
chopper can be driven by the 
press without affecting the 
latter's performance. 

The unit can also be used to 
cut coiled stock to length. 

Serco (P/A Industries), S3 
Highcroft Crescent, Milverton, 
L eam ington Spa. 0926 38754. 


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

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


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


Please wriie. Kubola. Ltd. 

London Office: 11-12 Han over Street London VAR 9HF.U.K. 
Phone- 01 -€29*4 71 - i Tele -■ 263:35 KUBOTA G 
Athens Office: 20. 23in of Ocioher Street Filoifiei. Athens. Greec» 
Phone: 6325646, 6830605 Telex: 218261 KBT GR 


I 



Treating the effluent 


pa NEW TOWN 

^ ★ New leasehold factories and serviced sites 
are ready NOW. 

ic Government grants are available and 
substantial rent concessions may apply. 

★ New motorways, fast trunk roads. High 
Speed Trains and modern docks iink you 
with all yoursuppliersand markets. 

★ New Town housing availability. 

Cwmbran is one of Britain’s most successful . 
industrial developments -little more than2 flours 
from London by M4 or li boors by High Speed Train 
and hoars from Birmingham by rail or motorway. 

Cwmbran Development Corporate on has already 
built and let more than 130 factories, and the 
current buHdlng programme provides a wide choice 
of modem, leasehold industrial premises In 197B. 

Fully serviced, leasehold sites are also available. 

We have 45,000 people, excellent housing, schools 
and amenities, thriving industry, and a splendid, 
shopping centre - a magnet for the region. 

Get the facta about industrial opportunities 
on if Government grants at Cwmbran. Housing: will 
be provided for all workers in new industry, and 

the fcey men who come with you initially will be 

housed immediately. . rnn'sv 

Plea&write. phone wv& the coupon WUHT. . 

■BiHIIHHIBII 

Tele^janeCwmwanfiTfn ' 


A SERIES of effluent treatment 
systems, designed to efficiently 
treat effluent containing emulsi- 
fied hydrocarbons, has been 
introduced by Concept Equip- 
ment (International), Ho] wood 
House, 24 Holwood Road, 
Bromley, Kent (01-464 0621). 

Tbe installation of its CK 
Depurator, at the West Midlands 
PTE (passenger transport execu- 
tive) has resulted in total allevia- 
tion of the discharge problem, 
says the company, coupled with 
a reduction in clean water 
intake. 


The equipment Is installed on 
a wall at the back of the depot 
and has an overall size of II fti 
7 ins long by 4 ft 10 ins wide 
by 4 ft 7 ins high. 

An effluent analysis has shown 
a pH value of seven against a 
water authority permitted value 
of between 6 and 12; suspended 
solids measured 6-5 parts per 
million against 400 permitted; 
permanganate value was nil 
against 125 permitted: and 
chemical oxygen demand 60 
parts per million against 600 
permitted. 


m ■ * 




'/ ■ 




Cleans at high pressure 


ONE OF Europe's main suppliers 
of mobile hot and cold water high 
pressure cleaning equipment. 
Genii of Renders, Denmark, has 
Introduced a range of new 
machines. They are to be 
marketed through the company's 
UK sales office, Davellen, Ford- 
ham Road, Newmarket, Suffolk 
(0638 3857). 

Mounted on three wheels, the 
hot water cleaners can also be 
used in conjunction with Gerni’s 
wet sandblasting equipment for 
the removal of rust and old paint. 
Each cleaner is provided with a 
trigger-operated lance with an 


on/off control. 

Two principal machines in the 
range are the Fox 60 which 
operates at a pressure of 1,000 
psi and the Fox 150 with an 
operating pressure of 2,300 psi. 

Gerni is also introducing into 
the UK its Pony machine for 
cleaning vehicle brakes. Vain 
advantage claimed is that— -unlike 
compressed air systems — oil and 
grease is removed -as well as dust 
A degreasing detergent is used 
and either hot or cold water can 
be used. 

Electrically heated, the unit is 
mounted on four castor wheels. 


0 SAFETY 

Efficient respirator 


electrical wvBB&cabte? 


HO MfNIMiJ 
OfiD£R 



NO MSNIMOM 
LENGTH 


TTcusandsd types andsizes in stockfcrinOTg|ate^ ^^^ 

LONDON 015 & 18 H 8 ABERDEEWOSa ) 3235 ^ 2 
MANCHESTER OBI -872 4915 


LATEST vaiveless lightweight 
disposable respirator in the 
range offered by the occupational 
health and safety products 
group of' 3M UK— the 3M 8711 
spray paint respirator— offers 
protection against all paint for- 
mulations excluding those con- 
taining hardeners. Le. isocyan- 
ates and other dangerous 
sensitory materials. . 

Lightest spray paint respira- 
tor available, it weighs only two 
ounces, against the 12 oz of an 
average dual cartridge type. 
Wearer acceptability Has been 
found to be extremely good in. 
independent tests, which have 
also indicated that the perform- 
ance of the respirator exceeds 


that of most dual cartridge 
types. 

As the entire respirator is the 
filter, there is no cleaning 
necessary, and the cost of a 
respiratory ^maintenance pro- 
gramme, the need for additional 
cartridges, filters and spare 
parts, is eliminated, it com- 
prises an exterior shell and a 
moulded interliner, between 
which is a filter of activated 
charcoal- A soft face seal gasket 
and flexible nosepiece incorporat- 
ing a foam cushion, together 
with a durable double strap, en- 
sure an effective and - com- 
fortable fit 

3M, 380 Harrow Road, London 
W9 2HU. 01-296 6044. 








I 


BUSINESS AND INVESTMENT OPPORTUNITIES 


, READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 
for Growing 
Companies 


A French Connection 


New Packaging Technology 


If you area shareholder in an established and 
growing company and you, or your company, 
r<x|uirc between . 00 . 1 . MO and .000.000 for any 
purpose. ring David Wil Is, Charterhouse Development. 

Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently making over per annum 

VSHfr pretax profits. 


A young and active French company in the light/ medium 
engineering business seeks manufacturing licence and or 
exclusive sales representation fo r complementary products 
in France. We have been established for 21 years and 
employ 300 people in the manufacture of industrial fluid 
power equipment. Our organisation’ includes qualified tech' 
nical engineering staff and a well organised and competent 
sales force comprising 25 direct salesmen and 40 industrial 
distributors covering the whole of France and former French 
colonial territories. 


Ample capital available for a proposition leading to annual 
turnover of £500.000 upwards. The product must have a 
proven home market and be preferably in the fields of 
mechanical, electrical, pneumatic or hydraulic automation. 


Major International Company with particular 
interests in fulfilling the future packaging needs 
of the pharmaceutical, toiletry and cosmetic 
industries is seeking to establish contact with 
inventors and/or independent Research and 
Development -establishments. These must have 
developed or semi-developed ideas for new- 
technologies and suitable product designs which 
could be brought to.* test-market status in the 
foreseeable future through advertiser’s existing 
contacts with major multinational customers. 
Please write in file first instance to Box G.2463, - 
Financial Times, 10, Cannon Street, EC4P 4BY. 


Please write in confidence to P.D.G., Box G.2678, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


DISTRIBUTION PROBLEMS? 


CHARTERHOUSE 


LPW have the answer with their 
TOTAL DISTRIBUTION SERVICE 


Charterhouse Development, 1 Paternoster Row. Sl Pauls, 
London EC-iM 7DH. Telephone lfl-2-iS VM>. 


SPARE CAPACITY AVAILABLE FOR 


JOINERY WORK 


A one source service covering: 

★ IMPORTATION ★ STOCK CONTROL 

★ COLLECTION ★ CALL-OFF 

★ RECEIVING ★ DELIVERY 

★ WAREHOUSING ★ INVOICING 

★ COLLATING ★ CREDIT CONTROL 

★ RE-PACKING ★ DEBT COLLECTION 


in a unique Development in 
MEDITERRANEAN SPAIN 
embracing 

QUALITY CONSTRUCTED PROPERTIES 
Villas with air-conditioning and central heating and 
many communal amenities. The project represents 
a total investment o£ j^T?0, 000/ with planned com- 
pletion by 1980. Principals interested in participa- 
tion against collateral security, write to Box G.2664. 
Financial Times, 10, Gannon Street, EC4P 4BY 


La rye joinery factory. East Midlands, with own mage of 
products selling to building/construction industry can 
accept sub-contract enquiries for November-Mareta. Modern 
equipment, own wood, preservation capability. largo assembly 
facilities allow wide variety of work/volume? to be accepted. 
Quality, reliabiiity. keen prices assured. 

Enquiries to Box G.2692, Financial Times. 10. Cannon 
Street. EC4P 4BY. 


Like to know more, then write or phone: 
LPW LIMITED 

Pascon Road. Sharston, Manchester M22 4TF. 
Tel: 061 902 9911. Telex: 668686. 


VENTURE CAPITAL REPORT 


I VCR is the market for venture 
capital opportunities. 


WANTED — COUNTRY-WISE DISTRIBUTORS 


FOR STABILIZED UQUID PAPAIN, PAPAIN B.P.C. 
AND OTHER GRADES OF PURIFIED PAPAIN 


VCR is a monthly publication 
prepared for those seeking 
venture capital investments. 


Interested parties may contact: 

EXPORT MANAGER 

PAPAIN LABORATORIES INTERNATL. Tel: 50732 & SS077 
UDAT BHUVAN Cable: PAPAIN 

RAJMAHAL ROAD. BARODA 390 001. Telex: 0175-330 PAPAIN 
INDIA. 


! I Each issue contains articles 
about a number of selected 
I projects in search of funds. 

' and the individuals behind them. 


£3,000 PER MONTH PLUS 
with the 

KEMA COMPUTER 
PHOTO SYSTEM 

A portrait made tram a photo or a liva 
lubject and reproduced on a T-UWrt 
or other textile item in leas than 2 
minutes. Start your own ail 
busi jess. No experience necessary. 
Excellent (or shopping centres, mail 
order, carnivals, holiday resorts, lairs, 
hotels, etc. £5.000 sort capital 
required. 

Rena GmbH. Beechovenstr. 9. 

6 Frankfurt /Main. West Germany. 
Telex: 412713. 


SAUDI ARABIA 

An opportunity to participate in 
MIDDLE EAST BUILDING SERVICE 
an' organisation created to make it easier, less expensive and more 
profitable to sell components, materials and services which - are 
needed in the vast expansion of the Saudi Arabian construction 
programme. ■ 

for further details contact: Henry C. Dawson. Middle East Building Service. 

1-3. Pemberton Row. London. EC4P 4HL, or telephone 01-353 2300. 


AGRICULTURAL 

INVESTMENT 


AMERICAN COMPANY 
OFFERING 


EXCLUSIVE 
BRITISH ISLES 
DISTRIBUTION 


RIGHTS 

(MEDICAL FIELD) 

£50,000 P.A. 


Profits 


Excellent opportunity for dynamic 
person willing id do some travel ( a 
major market areas in Britain. £10.000 
investment (secured). For further 
information call Mr. F. Randall, day 
or eve. xt 01-937 8000 or 01-903 
6455. 


PROPERTY 

TRADING 

COMPANIES 


Please wrue to 

VENTURE CAPITAL REPORT 
2 The Mall 

Clifton. Bristol BS84DR 
Telephone: (0272) 37222 
lor luilher information 


FINANCE 

REQUIRED 

Alodium sizfd profitable Consultancy 
pi Building services situated In Sooth 
East rvqom-s nsfl.otw as a loan and/or 
equity or would consider a merger. 
Write Box GC643. Financial Tunes, 
in. Cannon StrcL EC4P 4BY 


Up to £4m. available to buy 
Companies leaving vendors with 
continuing involvement in busi- 
ness, with greatly improved cax 
and capital position. Wrice Box 
G.2690. Financial Times, 10, 
Cannon Street. EC4P 4BY. 


LIMITED COMPANIES 
Formed in UK & Worldwide 

ISLE OF MAN £133 

DELAWARE 5400 

including 


IBM ELECTRIC 
TYPEWRITERS 


PANAMA SB70 

Contact: CCM Ltd.. 3. Prospect Hill. 
Douglas. I.o. M. Tel: Douglas (0624) 
23733. Telex: 627900 BALIOM G. 


Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 per cent. 
Lease 3 years from £3.70 weakly. 
Rent from £29 per month. 


Phone: 01-641 2365 


INDUSTRIAL 


OPTICS 


Expanding private company 
seeks additional products and/or 
sub concracr work in fields of 
metrology, lasers. Holography, 
high technology. Optronics. 
Specialist projectors. com- 
pare meters. etc. 

Emphasis on quality, 
not mu production. 

Write Box G.2691. 
Financial Times. 

10, Cannon Street, EC4P 4 BY. 


CONTENTS OF OFFICE 
offered cheaply — all modem 
Large desks (2). Clerks desks (B). 
Typists chairs (6). Swivel chairs (24). 
Filing Cabinets. Cupboards. Drawing 
Stands. Plan Chests. Adler and 
Olympia Typewriter. 

Ring nnw •• 0-->m-re,al " 

01-837 9663 

329 Gray's Inn Koad, London. WC1. 


Private seller has 750 acres, 
of which only 160 acres are 
tenanted. oF good farm land 
with houses and buildings for 
disposal. 

Ideal investment situation. 

Write Box G.2683. 

Financial Times, 

10, Cannon Street. EC4P 4BY. 



JOINT VENTURE 

U.S. financial consulting firm 
seeks joint venture with firm/ 
individual to market proven 
asset allocation model in U.K. 
Principals In London, week of Oct. 16. 
Please reply Bov F.1Q53. 
Financial Timet. 

10. Cannon Streat. EC4P 467. , 


Forfurther information contact: 
K. Dean, 

ARBUTHNOT FACTORS LTD- 
Breeds Place, Hastings, 

E Sussex. 

‘ Tel: 0424-430824 . 


CONSIDERING SELLING 
YOUR COMPANY 

Ince reseed in obtaining the 
best prices? " 


CAPITAL AVAILABLE. Bujiikk man will 
>nvesi .n small virile ccmojnW. Con- 


nives: .n small virile companies. Con- 
1 trol not requires. Write Bov 6-2600. 
I ECOP^OBY T,,P ”' 10 Canaon Street. 

; USED CONSTRUCTION Equipment Dealer 
1 and Exporter requires hnanre for ex- 


pansion. Investment loll, secured. Prm- 
cipals only to Box G.2GB6. Financial 
Times. 10 Cannon Street. EC4P 4BY. 


£1 A WEEK FOR BC3 address or phone 
! menaces. Combined rates + .'telex 
! ■I - ’ 0 " c - 5 * - rest! • ‘ office, near 

I Slock Exchange. Messages Minders Inter- 
| national 01-628 0898. Telex 8811725. 
. QUALIFIED SALES REPRESENTATIVES, 
i Commission basis required On Sheet 


LIMITED COMPANIES 

FORMED BY EXPERTS .. 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 


Write ** Maxim.” Box G.2693, 
Financial Times. 

TP. Cannon Street. EC4P 4 BY. 


SHEET METAL FABRICATOR 
Spare Capacity 


EXPRESS CO. REGISTRATIONS LTD. 
30. City Road, EC1. 

01-628 5434/5/736 1. 9936. 


Established General Engineering Co,j - 
London area (with OS-21 approval) 
spare capacity immediately available, or.' 
Interested In making availabla regular 
]l. capacity to Company offering continuity 
ll'. of work. . 

[I Write Box G.2670, Financial Times, 

I 10. Cannon Street. EC4P 4BY. 


M«a. Fabricating! Group- London Area. 
Write Box C.2671. Financial Tima. 
10. Caimon Street. EC4P 4BY 


.s“kss t b °W£i 'tiszrizii .ktst® 


BUSINESSES FOR SALE 


FUNDS AND ABILITY 
AVAILABLE 


for investment in progrettivc butincis 
coupled with personal participation 
and expertise. 

PREFERABLY IN FOOD. DRINK OR 
ALLIED BUSINESS 
Write Box G.2689. Financial Times, 
10. Cannon Street, EC4P 4BT. 


PROPERTY COMPANY 


FOR SALE 


PARTNER WANTED 


BLOODSTOCK FIRM 


Exec.. 40. sales, finance and M.D. 
engineering company background, seek, 
partner [or company) in need of 
additional funds and management to 
develop/uke over existing business. 
Write Bor G.2679, Financial Timet. 

10. Cannon Street. EC4P 4BY. 


Invires inquiries from Companies 
interested m discussing leasing race- 
hone (if for substantial adverbs mg 
purposes, and our projection for con- 
aidcribfe consequential tax gains. 

Write Box C.26SI. Financial Timet, 
10. Cannon Street. EC4P aBY. 


A private limited company with an authorised and issued 
share capital of £130.000. The properties are mostly business 
premises situated in che best commercial and shopping 
districts of Belfast and Birmingham and have considerable 
potential value. 


Full particulars may be obtained from the sole Agents: 


fc'N,R. j.ftlcCQNNELL&CO. 


PLANT AND MACHINERY 


Estate Agents and Valuers 


II ROSEMARY STREET. BELFAST BTI 1QF 
Telephone 26673 and 20634 


SECOND-HAND 


PRINTING/PACKAGING 
MACHINERY REQUIRED 


Nationally known 


TIMBER FRAME HOUSE 
MANUFACTURERS 


for a foreign entrepreneur. A modern plant for 
manufacturing packaging materials of different kinds 
involving printing, poly coating, embossing, cutting, 
creasing, glueing, folding and other related processes. 


as a going concern 


Hereford. Well established and accepced system together with 
comprehensive plant and vehicles. Order book. Turnover 
approximately £1.000/100. Large potential. 50 employees. 


A Board Mill to supply different kinds of board for 
fills plant is also being planned. 


Principals only apply in writing to: 
A. C. Palmer & Co.. Provincial House. 
37 New Walk. Leicester, LEI 6TU. 


Feasibility of CEEE acquiring good second-hand 
reconditioned machinery in running condition is also 
being examined. It is a good opportunity for those 
parties who want to sell off their complete printing 
and packaging plants. 

IF interested in the project, please write to: 

' P.O. BOX NO. 675. LAHORE. PAKISTAN 


FOR SALE OR LEASE 

Compjuw preface concrete plane, including the follow inr; 

al1 "“S'****- UEBHERR powar erme model 


i™ ~ .1' ucnntAK po*er criftc mode 

£*20C. STcEL BUILDINGS si 3B4' x IDD' w 38' to ca»es. plus I20*'* 
60 x 14 , plus Ican-u section 60* ■ 12\ AHo 2 Liubhcrr overhead trarullhw 
C*"lfy crane* fer main building having 10-ton lift over 60’ ipan. Plant com- 
plew and eapaMc o' aroduemg 800 hooting units por annum 100 lo.n, 

Pnee as ipeoficd £350,000. or turnkey price if required. Vendor would (PIN. 

Principals only Opt If: 

CL’RZON FINANCIAL CONSULTANTS 
24 Curt on Strcer. London. WIY 7AE. Tel: 01.499 TT22. Telex: 299287. 


BUSINESS FOR SALE 


IRISH METAL COMPANY 


Precision metaJ manufacturing company located 
in Southern Ireland for sale. 


Current sales £1,000,000. • Can ho easily 
expanded. Strong local management team with 
established customers and excellent quality 
image. 

50,000 square feet, built in 1963. Qualifies for 
export tax relief. 


Write Box G.2684. Financial Times, 10, Cannon 
Street, EC4P 4BY. 


SUCCESSFUL TRAVEL 
AGENCY 


w?,h V 1 Jf**-* Tratcl Aixm in Glasgow nnd Edinburgh 

01 A,>ri, Ba irw - 0 « ) falmust doabir- previews 
?-? r -_,. lu r iov r r . > Jnd '"‘Pfcjlnn in surpass ouu rod] inn. by April 1973 
IJJf Jf 1 “T pan - The monaKJnK director Is pn>pan-if to continue 
hnlrie^^^rfLi? 1 ^ , ntfhvnk.ni or could nnualu as consultant. Tlv- business 

lour onera tors' Uceocn. Tbte business 
m ,0 . a s arKV orRaolsaUnn vriihliu: id invest soundly 

™Jwcrid. prOSPl ‘ eb 01 ■ oniff **** rue principals will be 


For JurUiur particular <t appln in icritinu to: 
COCHRANE & BLAIR PATERSON. S.S.C. 


2 Abcrcromby Place, EdlnburgU 
for attention Mr. Alistair R. Brownlie 


FOR SALE 

Well-established 

WOODWORKERS AND PRECISION 
MACHINISTS 


Producing higii-rtuaii^r mouldings and components. 

T/O £S 00.000 INCREASING 

Modern freehold premises. 13.000 f.s., on 1-acre site. 


financial Times Tuesday October 3 19.78 



# 11 


Hesblind. 


• ^ ■ ■■ . £ 

■/ ■■ r 






T .' & 




1 7a 



'^r 

4 Tl 


You're. lookingatMrke-Brace. Age 26; ;• 

and a winner. Judo green belt. Hoi at skiing^ 
lencing, canoeing, football, ice-skatin g, life - 
saving. A cross-country skiing contestant for 
Britain in the. 1976 Winter Olympics for the 
Disabled. And blind since he was ten. - .- 

How do you get tp be that gooctwhen ' 
you're blind? ■ ■ ; 

Largely 1t ? s your own drive and 
determiflatibn,And partly it's training. Mike iSv 
the living\proof that rehabilitation and V 
tramina for the blind really works. ‘ - 

Training .the blind to Hve and work like 
you and me' is the lifework of the RNIB. 

Please help us to carry on with it through .: 
your legacies and donations. 


ROYAL NATIONAL INSTITUTE 
FORTHEBUND 


224 GREAT PORTLAND STREET, LONDON WIN ffAA. : 


Under the Finance Act, 1975. bequests io charities up foa total of 
£ 100.000 are exempt Irom Capital TraftsterTax. - ' 
Registered m accordance with the: National Assistance Act 1345 


.t* Si \ 





luxurious 


erme 


inCjreat^Britam 


nm 


askforVktor^Britain^ 


Victor Britain is tine chauf/etjr drive, serwee 
of Avis Bent a ^ar. ■ 


LOCAL AUTHORITY BONDS 


Every Saturday the Financial Times publishes a 
table giving details of Lodil Authority Bonds on 
offer to thelpublie. 


For further details please r 
0i-248 8000 fctn. 266 


CARAVAN DEALERS 
FOR SALE 


SHOT BLAST 
MACHINES 


GENERATORS 


• BEVERLEY ENGINEERING 
GROUP 

. Sillingshunt, West Sussex 
j ( 1978 Winners of Small 

Manufacturers’ Award) 
have machines available for plate 
and sections of 1250 to 4000 mm 
wide. A 1250 mm machine is 
rfow ready for Immediate demon- 
stration. delivery and installation. 

Please contact 


Over 400 sets in stock 
lkVA-700kVA 

Buy wisely from the manufacturer? 

with full after-sales service 

CLARKE GROUP 
01-986 8231 
Telex: 897784 


SECOND-HAND OLIVETTI 
ACCOUNTING MACHINES 


Models 412/413 required By large 
retail company with head office m 
Ed'nburgh. Must be in goo4 condition. 

Apply, giving full details including 
price and where to be seen etc. to 


Directors nearinj retirement. 
Two large freehold sales sites. 
25-mile perimeter of London, 
abouc 4 acres total. 12 major 
caravan franchises, audited pro- 
fits for 1977 were in excess of 
£65.000 plus directors' Fees. A 
sum in excess of £700.000 would 
be required to purchase this busi- 
ness including current stocks, 
freehold and goodwill. Offers 
invited from serious purchasers. 
Write Ear G.Z675. Financial Timet, 
10. Cairinn Street. ££<P 4BT. 


GARAGE BUSINESS 
FOR sale 

ATTRACTIVE MODERN 
freehold premises ■ 


... .. D „ < E*i! ,y i l * ui PR cd - Gnad labour force. 

write Box G_66o. Financial Times. 10, Cannon St, EC4P 4BY. 


BUSINESSES WANTED 


approximately £: f 

square feet of ihewropnu . 

Phasing modnm design. Und^Lmd 

potrol storage 10.000 

Urge paved parking are*. ' ^ 

Wrrte Box C.36B7. Financial Time,. 
10. Cannon Street. £C4P 48Y. 


A Group specialising in protective 
industrial and hazard clothing 


would be interested to acquire companies in the industry 
wishing to join a growth company of international stature. 
Write Box C.2666. Financial Times. 10, Cannon St.. EC4P 4BY. 



LIMBLESS, 
LOOK TO YOU 
FORHELP 


fabrication 


SOUTH MANCHESTER 


Box G.2694. Financial Timet. 
10. Cannon Street. ZC4P aft r. 


COMPANY 


MR. J. MORTON 
Marketing Director 
Tel: Biliineshursr (040-381 2091). 
Telex: 87416. 


SAJ OF FORK LIFT TRUCKS. Q.cr 100'. 


used mxenmex. hmvbcd in manuiac- . 
lurerf colours and readrt or Immeaiate 
dciiaerv. Prit« reduced to 50-40 u ;, of 
cri"‘rai cost. Stocks musi be reduced ' 
Pneet negotiable BirmihpKam Fork . 
L - Truck Ltd. Tel. OZt-327 59oa,5. . 
Telex. S3YCS2. 


Spceialitc in Fabr.cuiaa and 

turn of la-je KaMr.als Handling 

Systems. Substantial Assets and Profits. 


Buoyant cafiluhed Br,d_ Qub 
L.ce„mt Bar Full Plann,„ g CnLot. 
Premises and Equipment For t»W as a 
corns concern. £2 ».ood o.n.o. 


Appijr Chairman, Sox G.2677, 
Financial Timet. 

10 Cannon Street, EC4P 187. 


Longden 3 Cook . 

60. Fountain Street. Manchester. 
Tel: 061-833 9781. 


WE WISH TO PURCHASE ” 

A SECOND-HAND BEVERAGE 
CAN-MAKING PLANT 

r 00 #^' overhauled and reconditinned line for the 

with filUntT 171 ? tVf(>: or T ^ r,fepiccc 12-ounce beverage cans 
with filling plant equipment is required. 

W r rrfc to HaUomi Bros. ■ 
sunqrou Avu., Athens - Telex Sl! 90.1$ halta gr ' 


Dona linns and information: 
Major The Earl of Ancaster, 
KCVO«TOn Midland Bwlr 
Limited. 60 West Smhhf fem 
LomknrEOA 9DX. 


British Limbless 

Ex-Service 


'®SHSS?STS1 a™. ”■ 


Men’s Associatioa 

<C1TE 10 ZHOSEttRO SSXS-UXiSe: 


We conic from both world wars. 
7* «>me front Kenya. MuJaya. 
Ade n, Cyprus. , . anid from Ulster, 
i ^m fceepingthe-peaccno less 
tnagjroni Tvarwe limbless look to 
yotrforhcfp.' - - . . - 

Arid yorrean help, fly helplnz 
Wr Association. BLESMAI/the 
^niish Limbless Bx.-Scrrice Men’s 
Association) looks after the 
limbless from all the Services. 

It helps, with advice and 
encouragement, to overcome the 
Mtock of losingrarms, or legs or an 
eye. ]t sees that red-tape does not 
..stand in the way of rbc right 
entitlement to pension. And, for 
severely handicapped and the 
elderly, it provides Residential 
Homes where thc\' cap live ia 
peace and digniiv. 

Hti^BLESMA.-pleasc. Wo 
peed money desperately. And, we 
iwtapenoy of it will 








I *1 Tv 













' : : J:^zmcial Times Taesday October '3 1978 







ff?] 

3 




HO.M Efe§e£WS. 


RED DEER BREEDING EXPERIMENT 



bland laird 


STATE HAS tamed 
^gktaOaiid in a gen on the 
S £?* of ScotiaiHl to 
an experiment which 
JSf^J*** a significant effect 
economy of remote 

In March last year the High- ■ 
jMMte and Islands Development 
goard. bought the nindown 
"ahoy Estate on the Morvem 
■Peninsula, Inverness-shire, as a 
site for the first attempt in 
Britain to farm red deer on a 
commercial scale. - 

The 3,800 acres of i» M 
round Xoch Teacnis, much of 
it exposed hill covered with 
heather and bracken, cost 
£275»®00. So far the board has 
spent £80,000 more .renovating 
buildings, draining and re- 
seeding field s on ftip ' lower 
ground, putting up. two-metre-' 
Mgh deer fences, and bnDding 
a breeding stock.' 

Private landowners from all 
over Scotland, including the 
Royal - Family 'from' the 
Balmoral estate, have- no-' 
operated in supplying deer 
calves, which have to be - 
caught on the hill take * 1 
from their mothers - within a ■ 
few days of birth to be success- . 
fully domesticated.' 

The stags have come from 
the Hill Farming Research 
Organisation’s - experimental 
farm. It will be two years 
before the herd is up to its 
fall strength, and before the ' 
first of the Rahoy-bred' deer 
can be slaughtered.- ' 

The venture bs a gamble. It 
has already been proved that - 
red - deer: can - be reared . 
domestically, and - there . is. 
strong evidence that they can 
make better use of: poor land 
than sheep, hence the -attrac- 
tion for the Scottish ' High- 
lands. where large areas are 
unproductive. 

But farmers and landowners - 
remain sceptical. It has to be 
demonstrated that there is a 
market for venison In commer- 
cial quantities and. that the. 
high Initial capital outlay can 
be reeotipeiL 

The Government as well as 


BY- RAY PERMAN, SCOTTISH CORRESPONDENT 


7*" -v-. 

, .«-w - >*. 

v "' 

- ; . * .->*-• 

’ ' 

.. t 


J 

,+ : 






r.'- • -• • • 

rVe>' 




r- r .\ :■* 

i- ' 


?r . ' ■ * x> 


r .y* •' 





air. Mike Alexander, farm manager feeding calves meal to the deer. 


private landowners must be 
convinced- :6n this last point, 
since deer fanning Is unlikely 
to ' be accepted unless it 
becomes eligible for similar 
grants to those for raising 
cattle orisheep. 

To test; the potential market 
the board 'Is financing a study 
by Stxrflng University in West 
.Germany, ■ WhJ ch takes most of 
the deer exported from Scot- 
land. 

Mr. MHse Alexander, a farm 
manager chosen from more 
than 60 applicants to ran the 
project,' believes It will be five 
-years' before' firm conclusions 
can' be reached. 

“I would like to do it faster, 
but the deer- will not lei me. 

We just; do not know what 


detailed problems are going to 
be raised in managing a herd 
500-strong in farming condi- 
tions." 

fdr. John Bryden, head of 
the land use department of the 
& inlands Board, is looking to 
other Tonus of income for the 
estate, to support tbe deer pro- 
ject. Under private ownership 
some cottages were let to 

'bftiidaymakers, and under the 
board's control this side of the 
enterprise is being expanded. 

The. old sehoolhonse and 
school room have been con- 
verted to make attractive 
homes, and Bahoy House, the 
laird's residence, with lawns 
going down to the water’s 
edge, is available for renting. 
Four cottages are to be built 


Fish farming on Loch 
Teacnis is also being con- 
sidered. Before tbe board 
bought the estate its annnal 
income was less than £18,000. 
By 1982 Mr. Bryden hopes it 
will have reached £84,000 at 
today’s values. 

He is adamant that Rahoy 
should' not be seen as a mode) 
for the way in which the board 
would run estates if its con- 
troversial demands for powers 
of compulsory purchase over 
neglected land were accepted 
by the Government. 

Too much of wbat is hap- 
pening at Rahoy Is experi- 
mental, and costs may have to 
be written off. 


■ I m 

- V 

• 

ij| 

v • 

IS 




Nox>ther buildmg society in tlie world can say that 


BUILDING SOCIETY 

Assets exceed £ZOOO million. 




Rosteidmrg 
Platinum 
Holdings limited 


(Incorporated in the Republic, of South Africa) 


Declaration of dividend and 
consolidated preliminary report 


Dividend 

DIVIDEND NO. 49 of 8 cents per share. South African 
currency, has been declared payable to members registered 
in the books of the company ac the close of business on 
13th October 1978. 

The dividend is declared subject to conditions which can 
be Inspected at or obtained from the company's Johannesburg 
office or from' the office of the London Secretaries (Barnato 
Brothers Limited of 99 Bishopsgate, London EC2M 3XE). 
Subject to the 'said conditions, payments by the London 
Secretaries will be made in United Kingdom currency at 
the rate of exchange quoted by the company's bankers on 
30th October 1978; provided that in the event of the com- 
pany's bankers being unable to quote such a rate of exchange 
an that day, then the currency of the Republic shall be ' 
converted at the rate of exchange quoted by the company's 
bankers on the next succeeding day on which such a rate 
is quoted. 

Dividend warrants will be posred either from the Johannes- 
burg office or the office of the London Secretaries as 
appropriate an 9th November 1978. 

South African Non-Resident Shareholders' Tax at the rate 
of 15% and United Kingdom Income Tax wiii be deducted 
from the dividend where applicable. 

The Share Transfer Books and Register of Members will be 
closed from 14th October 1978 to 22nd October 1978, both 
days inclusive. 

Consolidated Preliminary Report 

Provisional unaudited consolidated financial results for the 
year ended 31st August 1978: 

1977 Year ended 31st August 1978 

ROOO ROOD 

Net operating profit from sales of 
metal including dividends from the 
Matthey Rustenburg Refiners* group 
before provision for renewals and 

28.600 replacements 60,100 

Deduct: Provision for renewals and 

16.000 replacements 17,200 

Operating profit after provision for 

12.800 renewals and replacements 42,900 

8,300 Deduct: 8,400 

Provision for passible losses on foreign 2JOO 
3.200 cans 

5.100 Net interest paid 5,900 

4,500 Profit before taxation 34,500 

Deduct: Taxation and State's share of 
(100) profits 8,700 

4.600 Profit after taxation 25,800 

3.10 0 Deduct: Dividends 9,900 

I 3,i0ol Interim I — "I 


Increase (decrease) in working capital 

Stocks of metals 

Debtors „ 

Cash 

Acceptance credits raised 

Dividend due to members 

Creditors, taxation and sundry provisions ... 
Current portion of multicurrency loans repaid 

increase in working capital 


(7,200) 

30,300 

12J0D 

(5,800) 

(9,900) 

(15.000) 

1«00 


1,500 Profit retained 15.900 


Source and- Application of Funds 


Source 

Profit after tax 

Provision for possible losses on foreign loans 

Provision for renewals and replacements 

Decrease in investments in unlisted companies 
Decrease in loan portion of normal tax 


Application 

Net assets of subsidiary at dace of acquisition 
Deduct: Issue of share capital and premium 


Dividend 

Mining assets: 

For expansion 

Renewals and replacements to maintain 

production capacity 

Increase in working capital 


Year ended 
31st August 
1978 
ROOO 
25,800 
2J500 
17,200 
1.100 
300 


Profits 

Improved market conditions during the current calendar 
year have resulted in substantially improved profits for the 
year ended 31st August 1978 compared with the previous 
financial year. 

The negotiations that have been undertaken during the 
past year with a view to restoring the profitability of 
our sales to Engelhard Minerals & Chemicals for use by an 
automobile company have been sucessfulfy concluded. As 
a result the price of the platinum sold under this contract 
during the period April to October 1978 has been amended 
thereby increasing revenue for the year ended 31st August 
I97B by R5.69 million. 


During the year ended 3!st August 197B the group raised 
an additional 56.7m (R5.8m) in acceptance credits and repaid 
5187m (RI62m) of its multicurrency loans. 

Market 

The past financial year saw a significant improvement in the 
platinum market. This arose as a result of: 

(a) Demand from Japan being approximately 10% higher 
than in the previous financial year: 

(b) a substantial increase from early 1978 in the require- 
ments oF the U.S. automobile industry: 

(c) firmer U5. industrial demand, particularly in the glass 
fibre industry, and 

(d) a substantial reduction in supplies of platinum from 
Russia. 

(These factors together with the announcement of a cutback, 
in production by Rustenburg in November 1977 had a 
significant impact on the price of platinum. 

During the financial year the Free Market price of platinum 
increased from a level of $150 per ounce in September !977 
to a peak of 5280 per ounce in August 1978. On the 29th 
September 1978, the Free Market price was in the range 
527B-5288 per ounce. 

The company's total sales of platinum for the year were 
of the same order as for the financial year 1977.. However 
as a result of progressive increases in the company’s pub- 
lished price to the level of $250 per ounce, mainly during 
the second half of the financial year, the weighted average 
price was 20% higher than that achieved in 1977. The price 
of the company's platinum has been increased to S260 per 
ounce as from the beginning of October 1978. 

The company's sales of both palladium and rhodium were 
higher in the 1978 financial year rhan in the preceding year. 
The increase in palladium sales was entirely due to a greater 
volume of sales for use by the U.S. automobile industry. 
Other industrial demand for palladium remained weak. How- 
ever industrial demand for rhodium was strong. 

During the year the company increased its published prices 
of both palladium and rhodium. The palladium price was 
increased from 560 per ounce to S65 per ounce and there- 
after to the current price of 570 per ounce in February 
1978. The rhodium price was raised from 5450 per ounce 
to 5500 per ounce in January 1978. it was further increased 
to S550 per ounce in September 1978. 

Revenue from the company's sales of nickel was markedly 
below the level achieved in 1977 due to the lower nickel 
prices. 


For and on behalf of the Board. 


ALBERT ROBINSON i 
K. W. MAX WELL I 


Directors 


Head Office and Registered Office: 
Consolidated Building. 

Corner Fox and Harrison Streets, 
Johannesburg, 2001. 

P.O. Box 590, Johannesburg, 2000. 
2nd October 1978. 



... J ■£?: 


TIME Magazine has a unique aptitude for getting to the 
heart of: the matter. Although its origin is America, its out- 
look is global. TIME is written and. edited by an inter- 
national staff for readers with international interests. Each 
weelc 26 million people in 145 countries value TIME for 


its ability to shed light on distant news that may have local 
impact, or to detect national events that may have inter- 
national implications. Knowing the news that needs know- 
ing has made TIME the world’s leading news magazine. 
TIME: the news magazine for the internationally minded. 









APPOINTMENTS 


There will be no Jobs 
Column this week. 
Michael Dixon is ill. 



Shipping Management 

PRICING AND 
CONFERENCE AFEAIRS 

• this appointment is with the European arm of a 
major American shipping line. 

• responsibility is for the formulation and main- 
tenance of effective pricing policies designed to 
maximise the group’s profits and improve its 
competitive position. 

• A RECORD of successful achievement in a similar 
and senior appointment is essential. 

• remuneration is for discussion around -£11,000. 
London base. 

Write in complete confidence 
to Sir Peter Youens as adviser to the line. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IOi HAIL AM STREET LONDON - WIN - 6DJ 

12 CHARLOTTE SQUARE • EDINBURGH EH 2 4 DN 


International 
Credit Management 

c. £12,000 


auditing 


London: circa £7000 

Morgan Guznhb: a (eading international 
corporate bank, h tui ren*Jy engaged in a major review 
c-i 115 computer sv- terns covering all aspects of its 
activity and procedure. 

To assist in thh 13 -k. the bank requires an ' 
EDP Auditor to •-vnnin the Computer Auditing 

Group. Dutr« .Mil ii .c!i'.ie close liaison with operat- 
ing department -r .<\ EDP personnel, responsibililv 
for the deveir-nm-. ■ -t audit of a number of new EDP 
systems tog^lher v.iiii the audit of production systems 
and computer insLilbt'c n. 

Successful candidates will either have trained 
or gained post qualmcuiion experience with a leading 
scrounSancy practice or have substantial EDP pr oject 
cor.trof/rcview e-Tjer enceJhe ability to summarise, 
draw conclusions and present them to management 
is irnportanL 

Salary i>; up t: £7,000 plus evcellent fringe 
benefits, which include :n annual bonus of 6'*, rising 
to as high as 1? j a'tor two years' service, low interest 
mortgage facilities, cuirrntly 3'-i, non-contributory 
pension, life insurance and rneuical insurance plans 
and a season ticket loan. 

Please write or telephone for on application 
form io Kathryn M R&v. Moigpn Guaranty Trust 
Company of hte.v Vvk. PO. Box 161. 3 :• Lombard Street 
London EC3P:BH. telephone: ul-5553111 e*L 2747. 


Morgan Guaranty 

Trust Ctnn|Mmyof New luite 


Our client Klopman International, a European 
Division of Burlington Industries Inc., is 
currently seeking a credit manager to be 
responsible for crecft and collection policies 
and procedures applicable throughout 
Western Europe. The crecfit manager wiB 
report to the top management of the division. 
The level of sales and receivables is such as to 
require the highest standards of professional 
management — and a sound knowledge of 
European trading practices and terms. The 
candidate wifi therefore have at least ten years’ 
experience in credit management — of which 


three to four win have been in International 
work, and wilt currently be occupying a fairly 
senior management position. As some trawl 
will be required he or she should have 
knowledge of one or more European 
languages. 

Salary win be fully negotiable according to age 
and experience and will be accompanied by a 
realistic benefits package. 

Please reply initially to PA Advertising at the 
address below quoting reference S37331FT. 
You should enclose comprehensive career 
details. 


PA Advertising 


Hjde Park House, 60a Kuighlsbridgc, London SW1 \ 7LE. Tel: 01-235 6060 Telex: 27074 




A mentor ol PA lnicrr„i!ior?it 


MANAGING 

DIRECTOR 

Plant, Machinery and Motor Vehicle 
Leasing 


A public company is diversifying its interests 
into the leasing market and seeks to engage a 
high calibre Managing Director with proven 
in-depth experience to head up a new executive 
team, based in the West End. 

The salary for this position is negotiable and 
there are excellent prospects for further 
advancement within the Group. 

Applications, with curriculum vitae, in strictest 
confidence to The Chairman, Box A.6499, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


Medium-sized firm of accountants (WirLschaft.^.rufur.gs- 
geseLlschaft) in Hamburg. West Germany, is seeking a 

CHARTERED 

ACCOUNTANT 

with a few years’ post-qualification experience to join them 
on a permanent basis. Knowledge of the German language 
is desirable. An essential requirement is praciiL-al 
experience in Anglo-Saxon audit techniques and reporting 
requirements which should have included internal control 
analysis and the audit of EDP systems. 

Detailed application, including a curriculum vitae and 
present salary should be made to: 

Susat & Partner 
Wirtschaf Ispriifungsgesellschaf i t 
Neue Rabenstrasse 5 
Postfach 30 4G 42 
D-2000 Hamburg 36 


STOCKBROKERS 

An opportunity exists for a keen young person to 
join a successful team specialising in Private 
Clients. The candidate should be up to the standard 
required by the Stock Exchange Examinations and 
must be able to work without constant supervision. 

Write fully to Box A.6495. Financial Times, 

10, Cannon Street, EC4P 4BY. 


DISTRICT 

MANAGER 

European Trading 

Sizeable UA. independent petro- 
leum corporation, bated in Texa*. 
is current))' seeking ■ District 
Manager -to develop European trad- 
ing and sales opportunities in 
refined petroleum products of balk 
quantities. 

Responsibilities also Include trans- 
portation arrangements For inter- 
national cargo movements and assist 
in system requirements. Office will 
be located in prestigeus area of 
London, and will maintain close 
liaison with New York and other 
international offices of Company. 
Position requirements include S 
relevant university degree (or 
equivalent) and a minimum of 
five yean related exponent* In 
tho oil industry. Salary range is 
£17.000 to £20.000 per annum, 
negotiable, depending upon back- 
ground end experience. Competi- 
tive benefit package available. 

For Immediate consideration, 
please submit current mu ran In 
complete confidence to: 

BOX AA497 
FINANCIAL TIMES 
16 CANNON STREET 
EC4P 4BY 


FINANCIAL 

DIRECTOR 

Expanding manufactur- 
ing company, sales 
presently £2m, offers 
position of 

FINANCIAL DIRECTOR 
at c. £ 12.000 p.a. with 
car. To control one 
accountant and efficient 
staff and report to Chair- 
man. South Hampshire. 
Comprehensive c.v. to 
Box A.64S1, Financial 
Times. 10, Cannon Street. 
EC4P 4BY. 


THE PERFECT VACANCY may not eXKt. 
but we will do our utmost to find k iot 
you. Professional. Commercial and Indus- 
trial vacancies from Junto.- la Board 
level. Telephone* 01 -*01 8111. IPS 
CROUP, Financial & Accountancy Divi- 
sion. G. Lloyd's Avenue. London, E.C.3. 


EDITORIAL 

ASSISTANT 

required by 

LEADING MONTHLY ECONOMIC JOURNAL 
Ability to write clearly and handle figures. 
Only those with a good second-class honours 
degree, or better, need apply. 

Write with full particulars to 
Box A.64S8, Financial Times, 

10, Cannon Street, EC4P 4BY. 


LEADING INSURANCE BROKING GROUP 

SEEKS NEW BUSINESS EXECUTIVES 

Applicants should have bad selling experience (excluding life 
and pensions) with an Insurance Broker or Company and be 
confident of creating New Business opportunities with large 
industrial companies and carrying out discussions at Senior 
Director level. Vacancies in London and Bristol. Attractive 
salary with car provided and usual fringe benefits. Applicants, 
preferably under age 35. should apply, giving age. full career 
particulars and main qualifications for position offered, to Box 
A.6496, Financial Times, 10. Cannon Street. EC4P 4BV. 


MANAGEMENT 
ACCOUNTANT 
c. £6,003 

Bright, go-ahead personality? 
lei:: :!-.rc Ic-.iing Multinational 
c;sm<.uc: r .f3up and urn your 
c^a'ifiCitiOFi; in their dynamic 
European Financial Control Divi- 
5:5.1 Close involvement with 
mtL-r.iational promotional cam- 
P-i'Sn Budgetary control. Good 
fringe benefits and excellent 
prospects. Contact Peter Lloyd 
on Cl.?.?3 8055. 

Churchill Personnel Consultants 


Young Investment Analyst 

taught a, wcii-estasr.nieJ Uij invest- 
ment Group. Cind-dsut shotiq t<- at 
present employed in the investment 
field w ! th a minimum af r^a >«ts' 
experience, percsesi the ability co com- 
municate tad h eve the confidence to 
work on their own initia: re. An 
attractive salary and evtelicwt stafi 
benefits w.ll be altered ta iSt success- 
ful c and .dace. For further details 
please telephone 01-428 8582. 


COMMERCIAL 
CREDITS/CLERKS 2 

c£e.5QQ Perks. 19110. required 
ey leading ln:c-nar>onal Bankers 
Must have Letters a ; <>cdit Docu- 
mentary — Cua.anioc experience. 
Excellent mortage facilic.es and 
Perks. 

Rj-ig 01-283 6022 fo- appointment . 
VPN EMPLOYMENT JAGY ) 


LEGAL APPOINTMENTS 


D. J. FREEMAN & CO. 

Solicitors 

TAX DEPARTMENT 

Lawyer required to join solicitors' rapidly expanding depart- 
ment dealing with substantial work in the fioiri -f personal 
and corporate taxation. The successful applicant win have 

drive, flexibility and be able to cope with sophisticated and 
complex work. Commencing ?alary £1Q,Q0Q-£15.0GU. Ou'usvaiulm? 
career- prospects. 

Apply Ref: PK 01-6364055 
0 Cavendish Square, London W1M ODD 


LEGAL NOTICES 


NO. (MIPdA of 1DV8 

in Ihn IIIOII COURT OF JUSTICE 
Chancery Division Companies Court, in 
Ihu Matter of EASO/AT LIMITED and 
Ui the Matk-r of The Companies Act. 

NOTICE; IS HEREBY GIVEN, ftui a 
FV-titiuu fur ih- t-.'tndint up of \ he above* 
nani'.il Letup jnr bv lln- HKh Court of 
W .-..1 on Ho.- 2 SUi Joy ol Sninvinbcr 
I97S Bn.sini -.-1 iu ib<- said Court by 
IRENE note JONES of s. lilkli-nliOroUBh 
Garde ns. I; rent ley. Kent, a Creditor of 
the abo\i.-nani'.-fi Company iSewitw 
Machine Uperaion. and tbat (he said 
Pruimu is dtP.-clrd to be heart before 
the i^iurt stnmc at Ibr Royal Courts 
or Jusrii. Strand. London 1VC2A ILL. 
on Uiv awb day of Oi-iobcr 13T8. and 
any creditor or contributory of Uur said 
cntopany •josironu to support or apposc 
Uir m»l.-iii s - of .in Order on die said 
Petition may appear at rbr time of 
hoarim:. in prison or by his cmiusel. for 
that purpov:; and -a ropy f>< til" Petition 
will bo Innushi-H by tlu- undercltmcd 10 
.in; - crrd'iur or r*inin&ot‘>rj of ibr raid 
Company' tvcpnnnc -aieh copy on payrarat 
ui tin? n-:u!ii>-il i-n.irae ' lor rile same. 
WijiiD ti SUNS. ■ 

!■*. Ilutii Stnvt. 

C- rkt-nhim. Kim. RR'. IDT. 

Itrf D\r». Tel lUai'a 3116. 
SetM-srs (o r ;he K-iuion-T. 

NOTE— \nr p-r«i tfhn uni-nds ro 
appear on Hi- h.-arin^ uf the said HeLnion 
mu -,1 u. tv.- mi ur wnl by post to. tile 
abure-naiued nmici in wntiny of Im 
uiieduon to :o du. Ttu' noinre rmisi stale 
llie name and tWnn or tbe uerjoo or. 
it a ilrm the nanu. and add rr-ss of the 
firm and miw be sum-d by the persuii 
or Srm, or hlc or th* u solicitor Ilf anyi 
uni moss be •sermL or. U pocied. must 
be sent by pool In suHiviom tiny to 
reach the aljo-'e named not later than 
four oVkiek m tin- .ifiemoop of the 
ITUj day of October 18T8. 


BOND DRAWINGS 


Editor, life insurance 
information and data 

Major business information organisation based 
welcome preliminary discussions with P 

interested in developing and editing an L. ational 

service publication on long-term insurance at the intern 

level. 

The publication will cover all protective % investment ^ conjorate, 
legal and financial aspects of life and allied assurance an 
assurance and will be addressed to msurance profe^ n _ f _ , 
institutional and corporate managements and public autno ti 
worldwide. 

The appointment as editor, which will be full-time, is ni^t 
to interest either insurance executives wishing to make a career 
in financial information; or business/financial journalists with 
good background in and contacts with the industry. 

In either case an international outlook and proven ability to 
write technically sound reports or articles concisely and under 
pressure is essential. 

Assistant editor, life and 
property/liability insurance 

To work on the above long-term insurance publication and on 
existing general insurance information service. Experience in 
financial jour nalis m and knowledge of the insurance industry 
are important assets. 

Competitive salaries, attractive benefits and excellent career 
prospects. 

Those wishing to be considered for these assignments should 
write in confidence, outlining their professional experience and 
interests, to General Editor, Box A6500, Financial Times, 10, 
Cannon Street, EC4P 4BY. . 


Electronics Editor 


Electronic Engineering this year 
celebrates its 50rh Anniversary and. 
acknowledged as the Premier tech- 
nical electronics publication in 
Europe, is seeking an Editor. 

The Editor will lead an experienced 
editorial team which blends techni- 
cal electronics ' knowledge with 
journalistic skills. 

An essential part of the job will be 
liaison with the industry, reporting 
significant trends and developments 
in the technology, requiring a 
thorough understanding of electro- 
nics and an ability to communicate 
at all levels, from boardroom to 
research laboratory. ( . 

In addition to comin&sioriwig. evalu- . 
ating and controlling contributions 
trom electronic specialists around? 
the world, theiditor will be expected 
to conlributono the development and 
/ 


growth of the publication within a 
broad framework of policy. 

An excellent salary and company car 
reflect the importance of this 
appointment. Life Assurance, 
Permanent Sickness Benefit, contri- 
butory Pension Scheme and modern 
purpose built cilices are just some 
of the additional benefits , of the'.' 
position enjoyed as part of. the 
Morgan-Grampian Group which 
puhltshes over 40 titles in business, 
professional and technical markets' ' 
in Britain and the USA. >. 

The position is open to both men 
and women. 

Contact A fan Efderfield^Hufj^T 
lishcr, on 01-855 7777. ••*** 
Morgan -Grampian ( Publishers); »: 
Ltd.. 30 Caiderwood Street. 
Woolwich. London SE1 8 6QH 



COMPANY NOTICES 


LYDENBURG PLATIMUM LIMITED 

■ Incorporated In Ulc Rcoublic or South Africa) 

DIVIDEND DECLARATION 

v,.» T n£ twctl t WW Ws ot the tox the vcor ending 

SIM October 197B are as fallows: — 


Year endins 31st Oticber 


1978 

N*-t income bc'ore and after tav R97e OOO R408 OOO 

Earnings — per share - . . 6 70c 

Dividends— ucr share— Interim — 1 . 7 ic 

— hnjl — - 6.30c 0 93c 

— 6.80c S.JOc 

— amount ' R979.0J0 R3S9 000 

Number ol snares y4.4U0.00.' 14.400.000 

IX HBHEBY GIVEN that a final dividend No 49 ol ■= £& 

accepted snstost^M^ 01 "* * 

1 370^ to ^‘ocSlbS'T^?. °it t h ,C d^ m &^: ** ^ ,rem '" lh 

ifr^i rP< l-. l iLJ ne currency ol the ReouBlI; pt Sooth Atrrca. 
,T. , 5L. U IP , J Klnodom office will bo made in Umrca Kingdom 
Currency at the rat* of ecchaoao ruling on 3Cth October 1978 or 
■Uy thereaRer on which a rate of eachange b obUmaSte. Me ret 

Non-resident shareholders 1 tax of 15 per cent, will b 9 deouctm . . . 

«k“sS 5» tor^varehoiden whose registered addresses we outside the 

or abS.7* •« W riine^! te l97*. ntent.oned betew on 

- ^ let! conditions ol Payment may be Iikdcon at or obtained itnm mu. 
head office or the offices of the transfer s«r«atiSof tb? "* 

, By order of the boarc 1 

GENERAL MINING AND FINANCE CORPORATION LIMITED 

Conran Secretaries 
oer l. f Humanr.cs 

United Kingdom TrasHher Secretaries! London on.,,. 

Chariot conaolldated Limited. h?, - ' 

Charter House. Pane Street. M g?.k?,S W c, _ 

Aahlord. Kent. TN2J 8EQ. 

26th September 1978. London EC^V 7EN. 


6 . 80 c 

6 . 80 c 

R979.0J0 

14,400.00.' 


1977 

R403 000 

T.7ic 
0 93c 
2.70c 
R3S9 000 
14.4QO.COO 


CORRECTED NOTICE 

MORTGAGE 

BANK Or FINLAND OY 
U.&S20, 000,000 91% 
GUARANTEED BONDS 1781 

ai-.eriuon o' niiertisii pu 'vilified <n 
September 24th. 197B. f*lo«e ,^d 
No. F0F«5 mitead 0 f No. IDleb. 
Also die No 19091 may fi*ye appeared 
indecipherable in same mucs. 

HamSroi Bank Limited. 

41 Biihapsgaio. London, EC2. 


SANYO ELECTRIC CO. LTD. 

Curacao Depositaiy Receipts 
of Ordinary' Shares 

For holdcw^ or the above-mentioned CDlts a limited number 
of i? e ^S i -“ D “ al re P0ri for the six-munth period 
ending May 31. 1978, of the said company are available* a:-. 

The Sumitomo Bank. Limited 
II Queen Victoria Street. London KC-1N 4TP; 

Bank Mecs & Hope NV. Pclrerstrasse J. Hamburc 
Bank de I union Europoenne. 4 R ue Caillon. Paris, iie; 

Morgan Guaranty Trust t'.cmr.any of M^iv York 
23 Wall Street. New York. NY 1WI3; 

Snd 1 “fcp NV ' H,!rL '"= raCh ' MS ' 


CLASSIFIED ADVERTISEMENT RATES 


i e 

Commercial and Industrial Property 450 ij~r 

Residential Property 2.00 S( 

A]ipoinuncn!s . 4 50 i’', , 

Business £ Investment Upportuniues. 

Corporation Loans. Production Capacity, 

Businesses fur $ale/\Vaated 5^5 15 ( 

Education. Motors. Contracts & Tenders, 

Personal. Gardening 4 25 j;;/ 

Hotels und Travel " 2.75 1H 0 

Book Publishers — 71 j 

Premium po*ilrtons available 
(Minimum shp 4A column eras.) 

£1.50 per single column cm. extra 
For further detnils write to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


REARDON SMITH UNZ LIMITED 

_ NOTICE IS HEREBY GIVEN tint tha 
Transfer BoOEs ana Stock Roobter of th* 
eo moony win be cIdsM on 16th October. 
1978. for that day only. 

By Order of the Board. 

_ L..S- WILLIAMS, Secretary- 

Devonshire Haase. ■ ■ 

Crevfriar* Road. 

Cardiff. 


TEIJIN LTD. 

NOTICE TO HOLDERS OF BEARER 
GEPuSITARY RECEIPTS CBDR’Sl 
NOTICE IS HEREBY GIVEN that the 
. several meeting of shareholders held '8 
I lofiyo on 2Biir June. 197a. has resolred 
! "L a dividend ol to he otid . 

e-holly in :h c shares of common static 
to shareholders on record' la Uc Y«J«cr 
I O' jA,>reholdei5 of the company Jl ti 
March at. 197B. -. . 

..“"w deduction of the Japanese WUb- 
Ta * °L ’ 5 "^- bv-de«h«SB^ 
relevant number of shares. B.D.R.*i. 
lt- Wcr ? .Pinned to new 
k h n PS? e* J n . w B. D-R. for ea&i I3 « 
B-P.-R- *_ held. • |.fe- 73 ' new B.Dtii: , a- »r 
^ f g7jf*° B,D - s w : 

Fraction will uc disregarded. 
r«S^L R ' h. raaw .prcamrt 

3 9 *1 orOer to clan. IW 
tfl * ld «"d .at cltiiur the office 
tiro depositary: 

Banoue Internationale' a Lmwnaiohfg 

2. Goclevard Royal. * '. - 

Luaemboum. * 

^ ol the -depositary's «Hhtf 

H'«. Samuel^and Co.. Limited.- - 
45. Beech Street, 

Lonccn EC2P 2 LX. 

BANQUE INTERNATIONALE A V 
LUXEMBOURG . 

Soctete Aiwanyme 
as Dcponrary. 


AST GALLERIES 


C «£9P, B GALLERY 6i CorJ, Street. W 1. 

46.6. Recent Paintings and 

Scuiptartfi nr W F. ZAG. 26 INL- 
Zi Oct. Man..Fri. 10-5 30. Sats. 10-1- 


ART SOCIETY, 148. New Bond SL 


V 24. Darts Street. 

* ' 01.493 2630. JULIAN COOPER 

KS^Vr rsw"- w - ,2 ' 0ct ' *■ 


“fASKK?- J ine entish and 
MODERN DRAV.'iraGS awl 
■ British MARITIME PICTURES. 

| ■*-. Alh-irurlc Stro«l. Piccadilly. W.l. 


I T SS lARkCR . CALLCRV. 2, Albemarle 
| s* reel. K:cc-rfi.|» w.l Emiihltion of Old 
i awe ^.parting and lopa- 

draphtal prints ana cainiings and snip* 


CLUBS 



single 

per 

column 

line 

cm. 

£ 

£ 

4.50 

i4~on 

2.oa 

soo 

450 

14.00 

5.25 

IG.OO 

425 


2.75 

111.00 

— 

7.00 


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: : • ^ inres ToesSay October 3 1978 

■ • —■ • • _ 


The Management Page 



EDITED BY CHRISTOPHER LORENZ 



A Wall Street baron steps down 

John Wyles on how William Salomon built his challenge to the Thundering Herd 

i B ; c a ?!!* an 3, fi “ al arbiter of disputes." trading positions it often takes. However, Salomon’s potency the increasingly authoritarian 
is a hvwnrri -5 nam ® Elaborating the point. Gut- Weeks of close observation in the markets is now such that control of Rudolf Smutny, a 

common conci° r Tt n - Iesr P y freund says that Salomon took would be needed to gain some in the first six months of this partner since 1927. 
ceded tw V-? also C0D ‘ V v a r J lce - quality, institutional real understanding, but the year it elbowed aside Morgan Several partners, including it 
nersnnai ^ flas no great bond house and by allowing a system apparently functions on Stanley and Merrill Lynch can be assumed William 
fnr ° or t ^“ ,us numbt *. q£ 10 ^ the basis of exhorting traders White Weld to capture the top Salomon, had found Smutny’s 

tnarto ravily in ?>Jich he has new things ... he helped us and salesmen to achieve the spot as the leading domestic leadership increasingly ofaiec- 
cwu.rtK I !f m ? fortune, the grow into the largest partner- maximum possible turnover of underwriter of all categories of tionable and in 1957 thines 
securities business. Yet within ship in. the industry." inventory. Gutfreund says that securities, according to the table came to a head with what 

oatomon Brothers it is acknow- Some outsiders have deve- the firm does not commit pre- compiled by the magazine Salomon calls a - nalace revolt" 
wedged with some awe that Billy loped a quite mystical reverence cise amounts of capital to each Institutional Investor. In that year the firm lost heavilv 

baJomon s leadership has been for Salomon Brothers because trading department but trading The company’s international on foreign securities and some 
a central factor in the company’s of its enormous trading strength Positions and “ risk factors " are standing is only slightly less stocks that Smutny had moved 
phenomenal growth over the in an impressive range of securi- assessed daily. “ Yes, we’ll take dominant Last year Salomon to buy and the debacle wa< 
J 3 years- With Salomon at ties, from equities to corporate big risks, but that is why the ranked first among U.S. firms sufficient to promut Salomon tn 
the. helm the firm has been and government debt, to, more ca P lta I is there, says William in the underwriting of interna- 705,4 a ctoud of nnrtnnrc ; n 
transformed from a Wall Street recently, Eurobonds and Euro- Salomon. tional issues in various cur- 0T crani s i nff a „ enM !»j 

bond trader with a modest dollar instruments. Since the Balancing risks against rencies, and fifth in the world, d-mand Smutnv'c recionafinn 
capital of §15.4m into a major late 1960s single blocks of f a P J tal is one thing, but turning Salomon ranked first among U.S. In ig5 g william Salomon ioincci 

force within tbo tic r nnn n*\n i . it to the firm s financial art van- « i„ *>,o nn oi * _ ,lam Salomon joined 


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Salomon the managing partner (left) and Mr. J. HL Gutfreund the senior partner of Salomon Brothhra 


exceeded in the U.S. only hy the ^Ur,en~ S °' d *T° ° f -»nd“intte E^aTket, the SSJS* 

Fe^e“eS n smith Ly,K:h ’ Ptere * ^ JSttT 5 S^hfJ'iSr'.JSSiSS gSSSSiJSSta " amed the — coStteT "" W ' R ' ^ " d Mr ' R *“ rt “ r °* & '” m “ 

Thiis William c s i nmi ,„. e ”L! success, for it is often working The Smutny affair was clearly ? 

retirement last Sundav at th a and other instrnrment^ held fnr !° vef y small profit margins and A uflinvlfovinn L.J eci i ve ex P e rience for around $151m in the firm (bal- the firm will be to nurture its Lazard Freres. “They have tfte 
age of 64 from his dds* its own account and for recall 15 a s dependent as is, say. Sears AutilOfl 1 31F13II1 ' William Salomon. “I could see ancing capital is 558.1m of international activities, based competence and the capital, fcipt 

aging partner it.n JenTr mZLiuwTw Roebuck, on maintaining and , that if we had another bad year subordinated debentures^ and on offices in London and Hong they may have to buy the threfc- 

S sScaiV nn w n S expanding trading volume. S we would be out of business,” any partner who leaves before Kong, so as to keep Salomon piece sits.’’ : 

s»ne sigmncance nn Wall firms status as a premier ne«nitc 9 the bond trading bouse oE >,p cave racsllinn . u .. . p --tu-- ec 4. _ i_ ...:»i, 4k. — ......A _ F _ _ » 


wbc«, - industT y» SalomonTs flexibility and a nd market cycles than the 

niov- S ^.i v an / 1 ® ? com- speed of decision often takes its other large Wall Street houses, 

f ss profit and 

ma„Tofti n wLT! e tr m e«bX e . jjg “ PARTNERS PRORTS (LOSSES) 

age houses, it pays lip service ? Uch BEFORE TAXES 

to management concepts of J? 5 b y - Profits Revenues 

structure and formal lines of s *“® n,on - (Sm) (Sm) 

responsibility but reallv hopes j®*™? ^ 15 7ears m which }« J"- 7 

that they will never be fully 5 e ^ as been^managtng partner IS 23 

implemented. Salomon ia fir^ ?. e h “ bus “ e “ Irom !£l 11., » 

and foremost interested In HiL t f ad ag a ° Qr ’ sulc ® 1972 37 2033 

securities expertise. 1 ® 71 bas been located in a vast 7973 754 

; open space room .at number 1574 22 179 

A rhitpr New York: p,aza which the 1975 4«J 247 

A 11 MllWl firm kn.r4e V tVo Iawtaa. I 1D7C HI TiO 


gers? God no. By the time we G i°ns are . taken by a small 
have taught them the business executive " committee of the 
it will have changed, he says, general partners, which may 
His inclinations have given the meet several times a day for a 
firm somewhat different priori- few minutes at a time, 
ties. Edgar Aronson, one of . Outsiders are often greatly 
The 49 general partners, says intrigued by -how the company 
Salomon’* greatest contribution manages to control the risks 


by conservative attitudes, ” Sis' l,' ‘Splemented' by annual S np ? n ” ' 

hiI°f^h*.r Sh Jhfoh hart nrJviilS HiS u 0071513111 Preoccupation payments of 5 per cent interest though ten years old. is still Afferent in "sh-lT from h£ 
his tafber, which had prevailed y^th building capital, or more on individual capital and by lacking a client list with suffi- nrederessor More heartv inore 
since the firm s creation in 1910 pr0 perly net worth, because the fact that individual income dent blue chip names to put it outsoin^ he allowed Wimata 
Though a Salomon, he waited Salomon is . partnership, taxes are paid out of capital. 0 n a par with the prestigious gfiSSf to persuade 2 to 
11 years for a partnership, appears to owe a great deal to The agreement has guaranteed “old line” houses, such as ,. ome to wan street because 

because you could not be the experience of 1957. As a the flow of vital capital neces- Goldman Sachs, Morgan Stanley “i kn ew t was not a creat actor 

considered for a partnership result a partnership agreement sary not only to build up and Lehman Brothers Kuhn poet dramatist or teacher " 

unless you belonged to the 10- evolved which imposes both Salomon’s eminent trading and Loeb. he 0 ff ereC ] a i ob which 

year club. very strict limitations on the underwriting position, but also There is still a caste system required no more than some 

His speciality was selling withdrawal of capital, and also a to take the firm in new direc- on Wall Street and Salomon's knowledge of arithmetic and 
securities, and he had tittle system of current rewards which tions. Gutfreund has played a standing in some eyes is common sense ’’ But there can 
influence over the general is unusually frugal for Wall central role in developing its piercingly illustrated by a be little doubt that he’ bas 
direction nf the firm, which by Street. At the end of last month investment banking and one of remark attributed to Felix developed many other talents 
the early 1950s had fallen under the 49 general partners had his challenges at the head of Rohatyn. a senior partner at along the years * 


Louis Kleber on the problems created by new legislation 

The great U.S. pensions row 


there may be numerous similar legislation that would bar the 
claims on employers and trustees SEC from treating pension plans 
of pension funds. The dollar as securities. - 


ties. Edgar Aronson, one of. Outsiders are often greatly I 0 ■ I impact could be heavy indeed. To sum up, there is little 

The 49 genera] partners, says intrigued by -how the company •' M 1 1 V !y WjL SSL* y/ • • |/Vl BuP B Wr W llJ JL V If ? ne 3ctuarial study prepared likelihood that there will be *t>y 

Salomon’* greatest contribution manages to 'control the risks aF f° r the U.S. Department of fundamental change in the fme- 

has been ax “A people picker attendant on the . enormous THE PROBLEMS of the Social adoption of a value-added tax to Califano’s comments drew some would provide special tax incen- f? ab °L P^ a( jed the potential seeable future to lhe dilal 

" Security system in the United help keep the Social Security sharp aud pertinent replies, tives for small employers, allow jj, 3 ] 1 ' ' ty a | between S3.5bn and private-government approach^ 

States and the. relationship of system afloat — an abandonment Defenders of the private pen- tax-deductibility for employee 7°‘ -6hn ’ depending on certain meeting retirement inco&e 

the system to the nation’s mas- of the historic self-financing sion system quickly pointed out contributions and cut down fa ^ ors - needs. Nor is it likely that ahy 

■ slve private pension industry approach. that in addition to its basic role burdensome paper work. It To prevent this thickening of legislative action will be the 

■ ■ U 1 I I VI 1 I t if ILJ has stimulated new concern in Other would-be solutions in- of providing retirement income, would, said Senator Javits, make ^^P®' 11 ® 1011 S0U P« Senators Javits panacea leading tn simple 

II lkl I k I LI Congress, the business com- dude funding from general it is the basis of enormous ERISA • easier to live with.” and vMHiams have introduced administration for empl oyers^. 

1 1 ■' n 1 i t" I munity, and the working popu- taxation revenue, but this investment and growth capital i t seems, however, that as a l ~ 

lation. approach has met opposition that stimulates industry and the simplification takes place, new IHkllCtnACC 

IKrniTSKnnTnRVnfnynjIVnSfnnVS _When FederaUy - sponsored Since it could open the door to economy, thus contributing to wrinkles enter the scene. The tUUIdCd * - 

D ,-iocul -security was established Inordinate and inflationary in- a rising standard of living. 1973 Age Discrimination in Organisation and .Management Effective Insurance Bovine 

I iust- over 40 years ago. it creases in benefits— and cost. Refuting Mr. Califann’s Employment Act amendments of It & D, Brunei University. London Press Centre VovemSr 


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of charity. has contributed. with a complex, largely but obvious problems are ventory Control In the Food and Imnrftcinor ’ n . ’■ ’ 

In 1972, the system, which •_ Despite the misgivings, Presi- unfunded and economically un- created since most U.S. plans Drink Industries, APL Plus. , pn,vul * vnestioning and 


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has .been self-financing through dent Carter predicted that the productive system, subject to take age 65 as the normal London, October 26-27. Fee: Interrogatlon Techniques, Lon- 

equal contributions by em- new Social Security legislation political whims, which even now retirement. £175 plus VAT. Details from don - November 2-3. Fee: £120 

ployers and employees, took a would assure the soundness of cannot be amended without Then there is the matter of APL Plus, 50-52 Chancery Lane, plus VAT. Details from ASM, 

particularly significant step the system for the next half- long, acrimonious debate.” Sig- the highly controversial London WC2. 565 Fulham Road, London, SW6, 

when the Social Security amend- century’. Put who. in 1910, nificantiy. Dr. Robert J. 'Myers, “Daniel’s case." which is now ■ ■■ 

ments provided -for pro- could have accurately assessed who was Chief Actuary fnr the before the Supreme Court. It 
gressively higher dollar benefits, the social welfare realities of Social Security -Administration hinges on the contention that a 

linked to inflation. 1960? for more than twenty years, pension plan is a security, a 

As a result, many individuals So what now? Some quarters said he believes strongly in view supported by the Securi- "DTTTT TfiTTVT/"'* 

would eventually have received have even suggested a scrapping “both Social Security and ties Exchange Commission but iff lii iJB/ l |\ | T »| ! § jpj I ¥ 

more in benefits than they nf individual, employer spon- private pensions as desirably opposed by the Department of JL. JL ; 

earned while working. sored pension schemes in favour complementing each other.” Labor. 

The problem was aggravated of expanded Social Security pen- The Social Security debate If ^ SEC view carries the ---^ - mT iri 

by higher than anticipated in- sions. cannot be divorced from the da y- 3 new set of compliance IfA g 

flation and unemployment The Secretary of Health, Employee Retirement Income regulations and another power- AVXiAilkj 

Simply put the system was on Education and Welfare. Joseph Security Act of 1974 (ERISA) ful Federal agency would be 

the road to going broke in a few Cal ifano, Jr., stirred up a storm which was intended to added to the pension scene, 

years without a heavy infusion in a recent - speech: “Are we strengthen the viability of There are also potentially 

of money. comfortable with a system in private pensions. But along with preat financial ramifications, hvery Saturday the Financial Times publishes 

last year, further Social which some retirees pile up the its progressive and much-needed since the SEC view holds that a 

Security amendments sought the maximum Social Security provisions, it created new head- pension-security is essentially a table giving details of Bnildillff Sftriptv 

needed funds through a drastic benefits on top of generous pen- aches, particularly for small “ sole ’’ to the employee. ® 

increase in the maximum tax- sions, while other retirees have employers who have had to face Mr. Daniel sued the Inter- R*t*c nn nffar tn tha miMin 

able wage of American workers, no pension income and find complex and costly burdens in national Brotherhood of Team- ivdies. uu uuer lu me puDIlC, 

It will Jump from the 1978 level Social Security barely enough to establishing new plans as well sters because he was denied a 

of $17, <00 to $29, <00 in 1981 and g e t by on?" as maintaining those already in pension because he had had a 

also require the employer and Looking at the future, he existence. In an effort to stream- short break in sendee during 20 

lhe employee to contribute a asked if it would make more line the Act and remove some years of employment. He 

new high of 6.65 per cent each sense to recoup the tax benefits of its onerous requirements, claimed that misleading state- i? r, j «. *i i 

up to the taxable maximum, employers get for their contri- Senators Williams of New ments and failure to disclose r OT runner aGtaLlS please nil g 

Representative W. A. Steiger of butions to qualified private pen- Jersey and Javits of New material facts subjected the 

Wisconsin views these increases sion plans and apply them to York have introduced to Teamsters to the anti-fraud 01*248 8000 Extn. 266 

as a ticking tune bomb. more generous and widespread ERISA Improvements Act provisions of the Federal 
Representative A1 Ullman of Social Security. of 1978. Among other Securities Acts of 1933 and 1934. 

Oregon would prefer the Understandably, Mr. things, the proposed Act If Daniel's case is upheld, 


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18 



The UK’s 

standards 

ETf guy DE JONQUIERES in Brussels 

■iT HAS recently become fashion- Hal trade agreements -with the 
able for British ministers and EEC. These provide no ready 
senior officials to scold the Bonn le^at basis for limiting textile 
Government for preaching free imports, so that in many cases 
jriide in industrial goods while restraint has been voluntary, 
.tolerating, if not actually ahet- relyine heavily on the co-opera- 
ting the most protectionist fea- tion of the governments or 
lures of the EEC's Common exporters concerned. Wien 
Agricultural Policy. How. they Greek exporters exceeded their 
.ask, can the Germans justify such voluntary J, mits M"* ?vj! r ' P pr 
a. clear contradiction, especially onj y b , a , bls EE r C 

in the light of their constant able to subject them to 

famine about the cfist of tb? Quotas Ihrou^rii a 

carping about uie cost or me quesbonablc invocation of a 

..The question has point, all the safeguard clause governing sub- 

more so since it is now clear s,a,e> - 

iiijt German farmers arc Second, tiic prospective admis- 
cesponsibie for an increasing eion of Greece, Portugal and 
share of CAP snr pi usses. But Spain has greatly increased the 
the argument cuts both ways, sensitivity ni the EEC's relations 
T.h*> Germans might well ask. in in the whole Mediterranean 
return, by what logic Britain region. The Commission is undor- 
recnncilps" its campaign for stands bly anvious to nunimise 
lower fond orices through a difficulties which could further 
reform OF the CAP with its complicate negotiations with the 
demands for import curbs on three candidates, while at the 
manufactured goods which effec- same time attempting to soothe 
tivolv denrive consumers of the concern of other Mediler- 
«rcrs« m the least costly sources r3nean ermn tries worried that 
of supply. enlargement will hurt them 

economical l>. 

ITni'minini \ r None of these considerations, 

F S5 tTOSJ^ V OIC however, appear to cut much ice 

The simple answer in both with the UK Industry Depart- 
- 1S fl f enurv that all mv- ment, which has been relentlessly 
ornmenu operate double stan- bludgeoning the Com mission into 
rtards. ft is more important for closing eu.-iy last loophole in 
The Bonn coalition to keep the system regardless or its size. 
Bavarian farmers sweet than it s ° ra *.'! f , ,hc Lj * ses aljout which 
is fr, r Mr. Callaghan and his he l;K ha? en/npbined arc so 
colleagues to cmirt the farm vote trivial that .1 is hard to believe 
in Britain. Conversely, the pros- that they icpr-wnl any percep- 
i if oi r\F large numbers of textile tible danger to British industry, 
and steel workers being thrown For cxainpK. the Commission 
nut of i heir jobs is elecmrallv is now betas pressed to act 
more worrying to ihe Labour against lmnnrt*s of T-shirts from 
Government than it is to Chan- Malta, which ure nearing their 
tffllor Helniui Schmidt. ** indicalive " L-eiling for 1978. 

There is nothing very turpris- Similar action is being sought 
ing about this, though in the against Cyprus, another EEC 
epd it makes the adoption of associate with a small but eco- 
“ holier than thou” attitudes by oomically important textile 
EEC governments seem rather industry, 
redundant. As if to prove the 


Strtfflil share 

The Industry Department 


point, the British Government 
hjivc recently been displaying a 
degree of truculence over the 
implementation of the EEC's 

P wnu.d do'eredit 

j no. her context, would do credit niatrers isJ not Uie j eve ] 0 f im- 
tl hC ,^ Sl d eh d defender frwm a ^ iven t . ouo try but 

ot tnc k. the cunlu i al i ve ini pact of all 

. The great bulk of troublesome imports on the UK market. 

*&r!S^.S t PF? £ e „VS ™e UK has long objected to 

f y°iT.i.? S.,. rt iinH ^ C h i,S Ihe application of the same 
M.tcUy controlled by bilateral prind p, e Vo Us exports to the 

agreements concluded by the vs wliere :in an o*naly or trade 
European Commission with j aw allows anti-dumping 


Asian, Latin American and some 


w „ penalties and • countervailing 

Fast European supplier coun- dulies to be imposed pn imports 

meslau last year. But as growth wittaout requiring proof that 
m. supples from these srmr^ lhey have materially injured the 
has subsided, pari .of the sldck domestic industry. Only a few 
S? s b ? h ^ n Molifilfr driys a ”°- Britain joined its EEC 

Vn «« v T Jkpor ,^ , ^ ed ‘ ter ' partners in threatening to dis- 

ranean countries. continue llu» GATT trade nego- 

The Mediterranean countries tiatit-ns unless the Carter 
pose two types of problem. First, Administration can secure an 
must uf them enjoy a privileged extension beyond next January 
commercial status underwritten nf its authority to waive counter- 
by their association or preferen- vailing duties. 


Financial Times Tuesday October 3 19^ 

Television: some new boxes of tricks 


- almost open- wow, me iuueyeuu«m j.eie- 

FOB THOSE concerned with a comprehensive studio or out- as Chroma-Key; one camera re- subject camera will be auto- and thus promises vision Companies Association, 

the technology of broadcast side broadcast camera or, cords Che background picture, statically followed by the back- ended devri°P quality in association with Milliard, has 

teJevilon the last three or indeed, adapted for simple and by electronic means in the ground camera, too. future. Already the nignq ^ me pro blem with an 

four years have been a period tripod work. scanning, it automatically -leaves- . Another 'RriHsb rfn«ain»iTnont- conversion ^ nfrer tnnroniruic nronnsal made bv Mr 


lour years nave uv«n a |iw*w w*r v “ , _ ... , "irv'S'C r _ t "j -. Another 'British development 1 r n « the mov. mssuiw**- *“■ 

of quite dramatic change. The Link Electronics, a Bntish a hole 1 £EZSi£TE2& whlcb even tbe ™ tele- t0 the British PAL W. J. G. Orerington. Teletext 

nature and extent of the change company with considerable subject recorded on a second vision bulletins last week is the _ nd H c e versa — is users cannot ask questions of 

was on display last week in exporting • successes, exhibited camera — is superimposed. Independent Broadcasting sysbBra Cental tech- the service at present because 



UllodiUll HiUlig Iiwavw " , , * — * * — 7 ■ m — - — — — . OnH Hlf/1 flour flrVRl llUUiClk L3 VTCaw 

a great deal of it is also coming from the large, expensive - inch ease l on which.. the background ports direct from almost any- V™ . = nteres t to dele- the transmitter end. The 
raCnaniMt with n (1 D 1 CX Videotape recorders nirhirp is uttaphAii* ac the ei)K urhora in tho wniiil. ®I parocuiar h,nb in the TV set is 


about through refinement, with quad rap lex videotape recorders picture is attached; as the sub- where in the world, 
the emphasis on making equip- to the smaller, I inch helical 
ment smaller, perhaps cheaper, scan machines and now to even 
certainly more versatile, and 3 inch videocassette recorders, 
occasionally of higher quality. At one time it was unthinkable 
Th* m.hiificpri of these * at the semi-professional video- 
hL tS?the ENG cassette recorder would ever 

sss'js: 

itsws.ju-. 3S 4 . 


FILM AND VIDEO 

BY JOHN CHITTOCK 


fiates . memory bank in the TV set is 

Th»- BBC has introduced a automatically programmed by 
nntnut device en- the transmission signals and can 
JbliL;“eIet£t*sers to have a be interrogated by the viewer. 
SSSUfrf teletext data, using a teletext keypad. 

Rather like a very small, desk- Examples shown last week of 
top calculator with a paper roll ^ possible applications for this 
print-out. the machine faithfully Jncludad mortgage calculations 
reproduces whatever telet^ ^ 0D . various per- 

ML ^E^nStSS. mutations of car insurance. The 


am era moves, the badt- The biggest changes are yet xv set to which it is. connected. 

hMrt rtm^ra mTnimum of is 'already in broadcast use ground picture (under the to come. One is the gradual in- No doubt this equipment wiN be “^ d ‘ U on commerciiTintttSt 

ancillary ^ear the* ENG camera in a number of countries around second camera) automatically filtration of digital television, of considerable use in offices . ^ j th provision of 

SfrSs lodisplIrelfimmfUm the world. moves with it-.n perfect syn- replacing the analogue system where records of share pnees 

cameras for news coverage. Bur An innovation of the past two currently used on domestic and other data need to be kept J iecded P t0 8 feed ^ system, 

until recently it has been years which offers substantial Pj clure . ls> much smaller and receivers. Our present system permanently. . 

regarded as strictly for the savings in production costs is *h e scale of movement thus re- utilises continuously varying The other surprise was the Britain has ceruui^_become 

™Ggh and tumble work of Scene-Sync - a British idea ex- duCed >- electrical signals: the digital unveiling of an interactive a Mecca nwriiii ^ 

reporting where quality and hiblted last week by Evershed The effect Is quite staggering, system effectively comprises version of ITV’s Oracle teletext sery for new rneas in leievuaaa 

performance were of secondary Power-Optics. Even for the non- A studio camera can track in, only a series of interrupted service. The only drawback with engineering. A note or cynicism 

importance. Now there is a new engineer, Scene-Sync is great tilt up, crane down to floor level signals of a fixed value — the teletext so far has been that creeps in, nowever, t^om some 

kind of configuration called the fun, providing a novel way of — and the perspective view of signal variation coming from users are passive receivers of of the people to woom i spoke. 

Multi-Mode camera — a basic superimposing very realistic the apparent background of the the frequency of interruption, whatever data Is transmitted; A plateau must oe in signp.lm- 

optical head which can offer, backgrounds on to studio situ- Swiss Alps or Fifth Avenue will With an inherently simpler they can't ask questions of the provement ana development is 

with a few attachments, almost ations. The conventional way change as it should. Evershed signal form, digital television system — unlike the Post Office’s becoming too costly, too unsett- 

the portability of an ENG of achieving this is by an elec- has now added a refinement lends itself more readily to elec- viewdata service, which is com- ling and maybe in the end soei- 

camera or can be built up into tronic matting process known whereby Jens zooming on the- tronic processing and control pletely interactive. ally unnecessary. 


Prospective champion Carson 
rides six fancied runners 

WILLIE CARSON. already Murat has been improving Padrone, in the Simonsdean 
assured of regaining the jockeys' steadily in recent weeks, and I Handicap, 
championship he lost to Pat shall be disappointed if he can- Informative and amusingly 
Eddery in 1974. again looks like not take advantage of tbe written books on racing are few 
being ‘ among tbe winners at 6 lb he receives from Lester and far between, and for this 
Goodwood this afternoon. Here Plggott’s mount. The Nail, In reason Why You Lose- at Racing 
the dynamic Scotsman, who will, the Limekiln Stakes. can be recommended with 

barring unforeseen circuro- Tbe ultra consistent Norib- co ?® d ® nce -. ... „ . 

stances, surpass his 1973 haul of j €ac h. among the runners for the T Wr,tt *" by Freddie North and 

Settrinston Handicap, has run J ®remy Flint .this work should be 

well in each of his four races genuine he p to people who 

-once i saw him hairtinn nff hke to bet regularly or just have 
PAriNU splendid Again for acatS ^ occasional flutter. Its 13 

RACING victory in a?' apprentice hS ^apters Jn elude interesting 

cap at Chepstow in July. pie f“^ n 9°*“? t0 ^ ,F ac £” 

r . . , * _ and The changing year. The 

If he can reproduce the form last-named chapter gives admir- 
which saw him falling by only able advice on bets to be avoided 
163 winners, has well fancied a length to peg back the more and propositions worth consider- 
rides in all six races. than useful Kithairon in Edln- in* 

Two who seem sure to go par- b V r <fJ’ s Da f ! , kei i b Handi “P a fort ' Why You Lose at Racing 
ticularly weU for him on thhi ? | ht a h f n ,^ iSS^\SSSTS pub,isbed by Casse,J at « 

jackpotiupported programme are -SSlnfm™ 

Murat and Northleach- The first Sf£ ‘S.J iwSSm » f 
a stable-mate to Cistus. who justi- whoni be receivea 9 lb - 
Bed massive race course support Later in the afternoon Piggotfs 
in Sunday’s Prix de 1'Opera.at mount, the John Winter trained 
Long champ with a head victory Gypsy Castle, seems likely to 
over the fast-finishing Reine have the measure of Carson's 
Imperial. course and distance winner, fl 


ENTERTAINMENT GUIDE 


BY DOMINIC WIGAN 


GOODWOOD 

2.00 — Portola 

2.30— Mural*** 

3.00 — Lustroso 
3.20 — Falls of Lora 

4.00 — Northleach** 

4.30 — Gypsy Castle* 



f Indicate programme 
in black and while 


BSC I 

6.40-7.55 am Open University 
< Ultra High Frequency only). 9J8 
For Schools. Colleges. 12.45 pm 
News. 1.00 Pebble Mill. 1 .45 How 
Do You Do? 2.00 You and Me. 2.14 
For Schools, Colleges. 3.20 Cavvl a 
chan. 3.53 Regional News for 


Enuland loxcept London). 3.55 
Play School. 4.20 Lippy Lion. 4.25 
Jacks nnry. 4.40 Ask Arpel. 5.05 
John Craven's Newfound. 5.10 
The Story Beneath the Sands. 


MS Horse of Ihe Year Show. made for the Home. 1.00 News 
10.45 TonighL plus FT Index 1.20 Thames News. 

11.25 Roads to Conflict (origins U0 Crown Court 2.00 After Noon, 
and growth of the Arab- 2.25 Labour Party Conference. 


Surseon. 


5.4« News. 

5.53 Nationwide (London 
South-East only). 

6JZ0 Nationwide. 

6J53 Star Trek. 

7.40 Happy Ever After. 
S.10 Dallas. 

9.00 News. 


and 


F.T, CROSSWORD PUZZLE No. 3,786 



4.20 Get !t Together. 4.45 Magpie. 
5.15 Emnicrdale Farm. 

5.45 News. 

6.00 Thames at 6. 

6.25 Help! 

6J55 Crossroads. 

7.00 Father Dear Father. 

7.30 Fantasy Island. 

M0 Selwyn. 

9.00 Do You Remember 
Vietnam? 

10.00 News. 

10.30 “No Man's Land." 

12.10 am Close: A Russian paint- 
ing accompanied by the 
music of Borodin. 


4J5 Report Wak-s. 
DcRainon. 


Israeli dispute). 

It. 50 Weather/ Regional News. 

•All Regions as B£C1 except at 
the following times: 

Wales — 10.00-1020 am I Ysgo- 
lion. 5J5-6J0 Wales Today. 6^5 
Heddiw. 7.10-7.40 Glas y Dorian. 

11.23 Beehrau Siarad. 11.50 News 
and Weather for Wales. 

Scotland— 3.55-620 pm Report- 
jing Scotland. 11.50 News and 
I Weather for Scotland. 

Northern Ireland — X33-3.53 pm 
[Northern Ireland News. 5^5-620 
.Scene .Yround Six. 1L50 News and 
| Weather for Northern Ireland. 

i England — 5.55-6.20 pm Look East mrmmw ,. „ =■ „ . .. 

(Norwich): Look North (Leeds, excepl al rbe fallowing times: 

[Manchester, Newcastle!: Midlands 
[Today (Birmingham); Points West 

(Bristol); South Today tSouth- XJ5 pm Anatia Xcwv. ns iiouspptny. parii- 

ampton): Spotlight South West Aboai aqs.'ij. 7.w sor.iTdl. lzitf am camam Nemo 


HTV 


1.20 pm Report West Headlines. 
Hewn Wales Headlines. 2JK) H 


4J0 Survival. 


Si-rvur -see pi: L20.L2S pm Pea 
Ncwrddwii y Dydd. 0JSM.4S ( 
44W6.15 V Dydd. 10J0 ByWTd. 
This EWiljcd. 11.45-12.45 am Moj 

HTV West— .Vs HTV General S 
rxiepi: TJD-UO pm Report West 
Lnes. 6.15-tJO Hepon West. 

SCOTTISH 

1-2S pm News and Road Report 
HaiAnk. 5_20 crossroads. 6.00 sc 


ail ira 'mu. sour rroniemT i. 

All IBA Regions as tendon EmniLrdaJe Farm. X2J0 am Laie Cali. 


ANGLLA 


SOUTHERN 

1-20 pm Southern News. 2. 


! i Plymouth). 


I Belie v-. 


BBC 2 


ATV 


SJB Crossroads. 
Pay hr Day includm? Soutitsport. 
Xiunn.'i-dah- Farm. 12X0 pm Son 
News Extra. 


121 pm ATV 5-IS Gambit. 

6.00 ATV Toiljjr. TJX) bnunerdak- Farm. 
12.1B <un Form. (bins DilTi.runL 


6.40-7J55 am Open University. 

0.30 Labour Parly Conference. 

11.00 Play School (as BBC1 

3.55 am). 

11.25 and 2.00 pm Labour 5X5 Jcmiu quL«.' uo Lookoround Tucs^ fdUdhu^ 1 
Party Conference (further to- ^.W Emmerdale Farm. 1 T .1 0 «n 
coverage). 


BORDER 

tUB pm Border X*vys. 2JB Hoascparir. 


TYNE TEES 


North News Headlines. L2I 

Norm EaM News and Lookarouod. 

The brady Buneh. 6.00 Northern Llfo, 
7.00 (^nauirdale Farm. 12. IB 


4.55 Open University. 

7.00 News on 2 Headlines. 

7.03 Digame. 

730 News on 2. 

7 J5 Conference Report. 

8.00 One More Time. 

8.30 Roots of England. 

0.00 Roots. 

10 JO Floodlight Rugby League 
Tor the BBC2 Trophy. 

11.15 Late News on 2. 


Skt-bn; with (Jink 
Sd ternary, 


12^0 Border News 


ULSTER 


CHANNEL 


1J0 Lunchtime. 4. IS Ulster Nows Head 
lims. 5.15 Cartoon. 5JB Cross 


WhaTs On Whtro. 1.25 Wosi jt l.;o. 505 fiZnmn 
TTK- PracCev. *.00 Rmort ai Six. 740 w ™ unlp - 
The BtH of Iho Moppets. 10^3 CbaODcl 
Laic Nows. IZJfl am Cnmmtnuiros ot 
previsions Mvli-aroiogiqucs. 


westward 


GRAMPIAN 


12JZI pm Gm> llonnybun's Blnhdare 
U0 Westward Nows Ik-adlinos. 

Wo st at Ut. SOS Th*-' Practice. 

. 9J5 am First Thing. Un pm Grampian )Vostwanl DUry. 7M The Ben i. 

1 1J30 The Old Grey Whistle TesL Sew* Headlines. 505 The Flinistones. Mwppm*. MJi Wcajwinl Late News. 

6.00 Grampian Today. 601 Aodoboo- 1210 **" Fallh 101 UIc. 

KlUVtc Theatre. 1200 am Hefleawm. 

1205 Grampian Laic Meh: Heddimci. 


ACROSS 

I Imagine fruit going to river 


4 Tree from fellow with small 
wood (S) 

10 Not informed of French 
article about a war <7> 

11 Demonstration in favour of 
trial i7j 

12 Growth from street? No way! 

1 = rcr . pin-up tf.IT lt STSJ1 

15 Basket-work in topless stock- 

16 ExOtlc^frulI but people iu 22 =“< “ ck ,ree ; ' nd fruit d " ;d 

=« Tn^Xc'JLa ,e BW « iS-JS. "R*" 

2l »^; 7 upe SOing to .he * 


6 Fruit for uninvited third | 
person (10) 

7 Love variety of pear and| 
musical drama (5) 

S Formal eiu ranee of substitute 
for main course <rt> 

9 Made like network to make 
me bashful \5> 

14 Breakinc up turf racing? flO) 

17 North-African nuLi\u fiiiit (9> 

18 Source of fruit and vegetable 
right on top nf plant (4-4) 

ing 

delicious beveraae lu editor 
iS) 


LONDON 


93® am Schools Programmes. 

12.00 Choriton and the WheeUes. _ 

12.10 pm Rainbow. 12JJ0 Home- wturs Xw. 5.15 Crossroads. 


GRANADA 

US pm This I r . Voor HiSht. 


YORKSHIRE 

1.2D pm Csiendpr Nrea, 
Ymi*rc Only Young Twl*-. 64)8 
54# i Emluy Moor and Belmont < 
6J0 r.M Eromerdale Farm. 


before 


east (6) 

24 Fruit to make communist and 
contemptible scoundrel rige 
(3-7) 

26 Enthusiasm for lemon peel 
i4 1 

28 Madder or type of fruiL row 
<7> 

29 Lonely camper? (7) 

30 Planned a symbol indeed (S) 

31 Feast with unusual pears be- 
fore start of dinner {61 

DOWN 

1 Bearing enjoyment? (St 

2 Source or fruit and Informa- 
tion (5-4) 

3 Harvest hybrid pear (4) 

5 Sweet-course made jn- bed? 
(5-3) 


put up 
check their growth (4) 
SOLUTION TO PUZZLE 
No. 3.7S5 


SBEQED 



aigESSi^feasieG 


247m Gouts**’*. Brlsioi .9». 5JS Master CcHist": Cm Sorrv t Kncn’i Clik? igi 

Emnunori Kt ipfrciann. ajo wM 7 -#* News. 7J» The Archers. 7 JO Fit 
Ensemble of the Seomsh Chamber on < ■ , liw” Irom New York: the sial. 
Orchestra i Si. . 4.25 Piano Redial (S>- m American economy. UN Cros 


RADIO 1 

(S> Sicreopheaie broadcast 

SMedism Wmrc .... 

5.00 un As Radio S. 7J12 Oace Ld* Ja= Today on r- cords .&> 
Travis 0J0 Simon Bales. 11J1 Wpj Homeward Bound. I6J0 News. 16. 


Jcns- n. 7.39 FnliC iS 
UJJU John fv M \ <S 
Radio -• 


dour* RM'O - ' 


. TJ0 BUG Scotnsh Symphony Orchestra Milne l^.-elure bv Sir Fred Hoyle. 
12.Q3-z.Q2 am: As Concert, pan t. tivetiijvcn iSi. BAS KaleWo®*.oj»-. 5J» Weather. 5B.B 

A Miscellany or P- rsons - Crsl of two World Tonishr. UJ8 The Jajwn ExpLma- 

- ' Forviencr* iSi. 11.00 A Book at 


R A nin T l^OOm and VHP extracts fcorn Uic coaivrajtkjn of James tion of l 
.2. . _ .. c o-j NortScotc un:h WiILjri llaihli. *.» BwHImv "Howw Male." UJS 


n y , *»”, - ^ BBC Scottish SO. part z. Britten, bebusw Vltuineidl World Tonight. ‘ UJS Mew* 

iSoffifaRH-^srS^ & BBC Radio London 

‘ Y^r4V S . P 3SS£S .^’. B 20Gm and 94 J» VI 

t. 12J0 Peso Murray’s tSpcii* SHnafaL- j - L* am *’ Radio 6 jo Rush Hour. 

. mcludisg 145 Sports SSSiSTtaSh?’* -thu£n S’ua Lo^ati Lise. 12.03 pm CaUln. 2.03 

J Bamihca >S> including “ SSu i V«f ouiyiSSoS S L*d ^ Showcase. 4.03 Borne Hon. 6J0 Look. 


Slop. Listen. 7JD Black Londoners. B^J 
All Thai jazz. 1043 Lain Night London, 
“lose: A* Radio 2. 


B-Z7 Rocint; Bnllfiin and S.43 Pans? for Hn-ebi" Weill aad ■■Tho Thrm,».»nv 

VSSLUVST^sns:- ssx Sad «mj£*-3?mgsrsg 

open House <S> 

Desk. 2J0 Dand 

2.45 and 3.15 Sports Desk. 09 Waggoner*- s.as-7 JO m o«a Lnr.vV^t-c' 

Walk. 0M 5 Sports Desk. 4J9 John Dima ^ 

'S> including 3.45 Sports Deal:. ‘ 6^S RADIO 4 

tjo” Folic' T Si. B 1.B2 ^ ua Gata:' 434 m, 330 m, 285 m and vhf London Broadcasting 

Mathis at t ne Maries iS*. VJB Am one MO ant Ne«-. Uric Hog. 6.U Karra ins 261m and 97.2 VWF 

Your Soaccairs «S». 4J5 Sports Desk. Today. 6JD Today : Magazmo. includes* em » 

UJQ Variety CIo& starring Roy Casth-. « 45 Prayer for ihe Day 7.00 and e.ffi) A ' N " 

ChampaxR'-, T«n 5!tnnjrd llDZ spurts Today’s News. 7 jo and f.no News Head- Si ' 

Desk. 11 JB Brian Matthew introduces Law. 7.45 Thought lor the Day. 8 AS HayvsgwW; MO 8W.LBC 

^■Sr^'SSSSSfy. 1 ^ »-■ %£& ST' 8 &s- 

RADIO 3 464m, Stereo St VHF St S? ^ “ 

HlB am Weather. 7M Xpws. TJS Geer- Hindic Thraire. 11J5 Let s Talk About r*mitnl RaHin 
;urc <Si. 8.00 News.. 8JB MoroiiK Cun- M e Hite ptvum g»ic 01 n»ch«be«mL « 3 11,0 

^ - ““ ■* '■ — " “ — 104m and 95.8 VHF 

ant p.;icr Young’s Breakfast Show 


cert .Si. M0 S lew. MS This Week’s 12JS Sews. 12^52 am Yuu and 
Cefiiposer: Samuel Barter f0>. Plal> 12 J9 Desert Island Discs. U se Weather: 



Am worktw.de.. ust Cardiff asnUa» bmnj «* w TdiriB riT*a’ SSS 1 . ViS*W B !«,r MmtaiSi 
Prom, part 2 i5>. 2i5 Mime at si Weaiiicr. - progroinni^ scirv bj)0 Ncurs. JohoHii'c, Sighi kllghl igj. 


CG— These theatres accept certain credit 
cuds by telephone or at the Bon Otkcs. 


OPERA & BALLET 

COUSKUM, Credit cards 01-240 5258 
Reservations OT-836 3181- 
BMCLIM NATIONAL OPtRA 

6 No Pert, tonluhtl. Tomor. 7,30, Royal 
uirt of the Sun tBargam PrloKl) Tlmr 
& sat. 7.30 lotanthe. Frl. 730 Tbe 
serooilo. .Now booking f<w Noromber, 
104 balcony seats avail, lor all. Peris 
from 10.00 on day ot performance. 


COVENT GARDEN. CC. 240 10 6 6. 
(Garflcndiarge Credit Cards 836 6903.) 

THE ROYAL OPERA 
OCR RING 

DBS NlBELUNGEH ’ 

Tnt. 5.50 Die WalKUra. Tborr-SJO 
Sleflfrled: Sat. 5 JO Gflttordhnupening. 
Mon. next 7-.SO Covcm Gardeo’Erorns 
in assn, with Midland Bank. * Das 
RheiTOOtd. 700 Stalls promenade nUces 
at ££00 avail, one hr. nefore certain- 
up. A few Stalls Circle standi no tn^cets 
avail, each day ot oeri. 


SADLER? WELLS THEATRE- Rosebery 
Are, £C1 837 1B72. 

SADLER’S WELLS 

ROYAL BALLET 

Tnt., Wed. A Tfiur. 7-50 Solitaire. 
Prodigal Son. Grtnse Fuse. Fri. A Mop. 
next 730 solitaire. Giselle. Sat. 2.30 
A 7.30 Rhyme nor Reason. Gtsell*. 

THEATRES 

ADELPHI THEATRE. CC. 01-836 7611. 
LAST 2- WEEKS. MUST END OCT 14. 
Evg*. 7.30. Mats. Thurs. 3.00. Sat. 4.0P 
IRENE IRENE IRENE 

THE BEST MUSICAL 

OF 1976, 1977 aM 1978 . 

I IRENE IRENE IRENE- 

CREDIT CARO BOOKINGS 838 Z»1l 

ALBERY. 836 3B7B. Credit car* bkgs. 
836 1071-3 from 8.30 a.m- Party rates 
Man.. Tuet.. Wed. and Fri. 7.46 g.m. 
Thors, and Sat. 4.30 and- 8.00 

A THOUSAND TIMES WELCOME IS 
LIONEL BART’S- 
OLIVER 

“ MIRACULOUS MUSICAL." Fin. Times, 
villfi ROY HUDD and JOAN TURNER. 
NOW BOOKING FOB CHRISTMAS AND 
THROUGH 1979 

ALDWYCH. 836 6404. Info. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tonight 7.30. Tomor. 2.00 6 
7.30 AS YOU LIKE IT. "It would bo 
maoncss not to see the RSC’s AS YOU 
LI-vE IT," F. Times. With: David 

'Merger's COUSIN VLADIMIR (next perl. 
Thurs. 1 . Red. price previews THE 
CHANGELING (from 11 Oct). RSC also 
at THE WAREHOUSE Hoc under W>. 

AMBASSADORS. CC 01-836 1171. 

Nightly at 6.00. MOL TIN*. 24b. 

Sal. 5.00 ana 8.00. 

TONY AN HOLT PETER CARTWRIGHT 
SLEUTH 

The Word-Famous Thriller 

I br ANTHONY SHAFFER 

“Seems the play again is In fact an 
utter and total !oy.“ Punch. Seat Price* 
£3.00 to £5.00. Dinner and Top Price 
Seat, ta.00 Inc. 

LAST TWO WEEKS 

APOLLO. 01-437 2663. Evgs. 0.00 
M«ts. Thursday 3.0, Saturday 5 and 8. 
DONALD 5INDEN 
(Actor ol The Year. E. Standard) 

"IS SUPERB.” News ol World. 

SHUT YOUR EYES AND 

THINK OF ENGLAND 
"WICKEDLY FUNNY." Times. 

" From Oct 1 6 the new cast will Include 
Paul Danaman. Lana Morris. Dennis 
Ramsden and Carmel McSharry." 

ARTS THEATRE. 01-836 2132. 

TOM STOPPARO’S 

DIRTY LINEN 

"Hilarious - . . see IL" Sunday Times. 
Monday to Thursday 8.30. Fri. and 
Saturday at 7.00 and 9. IS. 

ASTORIA THEATRE. CC. Charing Cross 
Road. 734 4291. Mpn-Tnurs. 8 pan. 
Fri. and Sat. 6. DO and 8-45. 

BEST MUSICAL OF THE YEAR 

ELVIS 

EVENING STANDARD AWARD 

CAMBRIDGE. CC. 836 6056. Mon. to 
Thurs. 8.00. Fri.. Sat. at SAS A 8.30. 

1P1 TOMR1 

EXCITING BLACK AFRICAN MUSICAL 
" Pulsating Musical." E. News. 

Scat Prices £200-£5.50. 

Dinner & top-price seal £9.50 Inc. 
FOURTH GREAT YEAR 

COMEDY 01-530 2578 

Eras. Mgn.-Frl. 8.00. Sat. 5,0 0 & 8.30. 
Mat Thur. 3.00. LAST WEEK 
EDWARD WOODWARD 
BARBARA JEFFORD In 

THE DARK HORSE 
by Rosemary Anne 5us<m 
" Excellent- family entertainment. Anyone 
ol any upc li likely to enjoy it.” S. Td. 

" Damned good theatre." Sunday Ttmea. 

" Americans will lote it." Gdn, ”A laugh 
a minute.” D. Tel- ’’ Opportunities b»w- 
lUuttlT setaed by, hrst-rate cast. A most 
attractive and entertaining overling.” E.N. 
INSTANT CONFIRMED CREDIT CARD 
TELEPHONE BOOKINGS ACCEPTED 

CRITERION. 930 321B. CC. 836 1071-3. 
NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 
•n SIX OF ONE 

- . . and a HALF DOZEN LAUGHS 

A MINUTE 

SECOND “HILARIOUS" YEAR 
’’Very funny.” Sun. Tol. 

DRURY LANE. 01-836 8108. Mon. Co 
SJL 8.00. Matinees Wed. « Sat. 3.00. 

A CHORUS LINE 

“A rare devastating- loeous. astonishing 
stunner’ Sun. Times. 3rd GREAT YEAR. 

DUCHESS. 836 8243. Mon. to Thurs. 
Evenings B.00 Fri. Sat. 6.15 and 9.00. 
OH I CALCUTTA! 

“ The nuaitv is stunning.” Dally Mall 
9lh Sensational Year. 

DUKE OF YORK’S. CC. 01-836 5122. 
Mon.-Saf- Sep, perfs. 2 Win. Only. 

BEST OF THE FRINGE 
’’Hamalann pvor 1 ck ” 

7.30 

” Nanqhtlest OW In tin School 

9.30 

£2 pot show: C3.S0 both shows 

FORTUNE. B3G 2238. Eras. B. ThUrs 3 . 
Saturday 5 and 8 

Muriel Pavtow as MISS MARPIE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK THEATRE. CC. 01.836 4601. 
Evg*- 8.00. Wed. 2. DO. Sat 5.36. -8.30. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
hi HAROLD PINTER'S 
_ THE HOMECOMING . . 

’’NOT TO BE MISSED.” The Times. 
LAST 3 WEEKS SEASON MUST END 
OCTOBER 21 «. 


THEATRES 

KAYWARKET. 01-930 BBS 2 - f revs, tram 
Tomor. tvgs. 8 . 00 . Sat. 4.30 and 8.00. 
□pens October 9 at 7.00. 

U dtlWlLDlNE.McEWAN 

PETER ST ° CK PAUL 

SOWLE3 HARDWICK 

" am) TtNtLLA 71 ELDING m 
LOOK AFTER LULU 
br NOEL COWARD 
witfl GARY RAYMOND 


HER MAJESTY’S. CC. 01-030 6606. 
Ers. 8.00, MatiPees inurs. and 5aL 3-Oo. 
-INSTANT ENCHANIMENI. ’ Observer. 

THE MATCHMAKER 
A comedy or Thornton wUuer. “It sues 
down wicn a deserved roar oi oellghL 
D, Tel. For a limited season until Oct. 14. 
■ Hciio Dolly so nice 10 have you back. 
Daily Mall. ”A MastenMece.” Tunes. 
-The man who wanted a glass ot bubble 
and a toppm' snow must nave had lust 
this in mind." D. Tel. 


KING’S ROAD THEATRE. 01-352 74M. 
Mon. to Thurs. 9.00. Fri.. Sat. 7 .30. 9.30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


LYRIC THEATRE. 01-437 3686. EvS. 8.00 
Mat. Thurs. 3.00. 5 at- 5.00 and 8.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

bv Eduardo Oe Fllllppo 
Directed br FRANCO ZEFFERELU 
“TOTAL TRIUMPH.’’ E. News. “AN 
EVENT TO TREASURE." D. Mir. "MAY 
IT . FILL THE LYRIC FbR A HUNDRED 
"YEARS." Sunday Times. 


MAYFAIR. 529 3036. tvs. 8.00. Sat- 5.30 
and 8-30. Wed. Mats. 3.00. 

.SH NATIONAL THEA' 


WELSH NATIONAL TH. 

DYLAN THOMA5*S 
UNDER MILK WOOD 


LTRE CO. 


MERMAID THEATRE IS CLOSED - FOR 
RECONSTRUCTION. RE-OPENING 1980. 


NATIONAL THEATRE. 


928 2252. 


OLIVIER (open stage): Toit'L - 74 d. 
Tomor. 2.45 (low prices) & 7.30. THE 
WOMAN by Bond. 

LYTTELTON (proscenium stage): Tont 
7.45 THE PHILANDERER by Shaw. 
Tomor. 7r4S Plunder. 

COTTESLOE [small auditorium): Thur. 8 
AMERICAN BUFFALO bv David Mamet 
rats all 3 theatres 


THEATRES 

ROYALTY. Credit Cards. 01-405 BOM. 
Monday-Thursday evenings 8.00. Friday 
5.30 and B.4S. Saturdays 3.00 and 8JK). 

Loudon Critics Vote 
8UB8LING BROWN SUGAR- 
Best Musical of 1977 
Tel bookings accepted. Malor credit 
cards. Restaurant reservations 01-405 
2418. Limited number at seats available 
lor special. Press night on On. S Intro- 
ducing exciting new members to toe cast, 


SAVOY THEATRE. 01-B36 8888. 

Credit Cards 734 4772. Tom CnnU ln. 
WHOSE LIFE IS IT ANYWAY 
With JANE ASHER 

“A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT.” . Guardian. 

Evgs. at 7.00- Fri. and Sat. 5.45 and 8.45. 


SHAFTESBURY. CC. 01-836 6596-7. 

01-836 425S, E*g$. at 8.1 S. Matinee* 
Thursday 3.00. Sot. 5.00. 8,30 
TERENCE STAMP in 
□RAC U LA 

With DEREK GODFREY 
" Terence Stamp ha* extraordinary sage 
presence, absolutely stunning." hUchaei 
BakewNI BBC. Radio 4 KMeldoiCdpe. 


STRAND. 01-836 2660. Evenkigg 8.00. 
Mil Thurs. 3.00. Sets. 5.30 and 8-30. 
. NO SEX PLEASE— 

. WE’RE HETTISH 
LONDON'S LONGEST LAUGH- 
OVER 3 000 J>ERFOflMANC£S 


ST. MARTIN'S. . CC. '. 01-836 (443. 

Evg*. 800. hterinMA.-Toe 2.45. .Sats. 

AGRTHA*^IRIST1E‘S . . 

THE - MOUSETRAP. 

WORLD'S LONGUT-LVBft RUN 
26th YEAR 


TALK OF THE TOWW. CC 01-734 5051. 
Air 'Conditioned. .From 84)0 Dtmns. 
oancmg gxjumgwu 

AT 11-00 PETER GORDENO 


730 2554. 

tO. LM 

6 Son in NIGHTFALL by PavW. 


THEATRE UPSTAIRS. 
Ooens Tont 7- 


Subs. ;Ev9fc-.7.50. , Lumiere 


Many excellent cheap seal 

day ol Bert. Car park. Restaurant 928 
2033. Credit card bookings 928 3052. 


OLD VIC. 928 7616 

PROSPECT AT THE OLD VIC 
TWELFTH NIGHT „ 

Robert Eodison brilliant Feste. 
.Guardian. 

Today 7.50. 

_ THE LADY'S NOT FOR BURNING 
Derek jacob, “ easy and virile authority." 
E. Standard. Eileen Atkins '* ri vetting 
Physical HuidiW." Financial Times- "A 
gem ol a performance from Robert 
Eddison . . . Michael Denison. John 
SavidcnC and Brenda Bruce scoop up 
the laughs," Guardian. 

Wed.. Thor. 7 JO. 

Derek Jacobi In 
„ _ IVANOV 

Chekhov's comedy, with Clive Arrlndell. 
Brenda Bruce. Michael Denison. Louise 
Purnell. John Say (dent, jane Wymark. 
’’ JacobTs triumph." D. Triegraah. 

Fri. 7 JO. sac 2.30 6 7.30. 


PALACE. CC. 01-437 6834. 

Mon. -Thur. 6.00. Fri. and Sat. 6.00 ond 

JESUS CHRIST SUPERSTAR 
bv Tim Rice and Andrew Uovd- Webber. 


PALLADIUM. 01-437 7373. TonlSht. 
Thurs and Fri. 8.0. wed., and SaL 6.00 
and B. 30. 

IN ONE GREAT SHOW 
. LENA ZAVARONI 
and her Singers and Brian Rogers Dancers 
RONNIE DUKES AND 
RICKI LEE AND FAMILY 


MLLADIUM. 01.437 7373. 

as Merry widow Twsnhev ■■ in 
ALADDIN 

_ ALFRED MARKS as Ebenexar 
Dilya WATLING. Brian MARSHALL 


am 
BOX 


d WAYNE SLEEP 
OFFICE NOW OPEN 


PHOENIX. 01-836 2294. Evemngs at 8.15. 
Mats. Wed. 3.00. SaL 6.00 and 8.«0 

V«Dr. r ^ BRO °5 e ' TA Y LC>R - GRAEME 
GARDEN, make us laugh." Daily Man. 
THE UNVARNISHED TRUTH 
. TJie Nit Comedy by Royce Ryton 
h L * U GH WHY 1 THOUGHT I WOULD 
HAVE OIED. Sunday Times. "SHEER 
DELIGHT. Evg. Standard "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


VAUDEVILLE. 836 9988. Prey. TOUT. 
8 p.m. Opens Tomor. 7. BJn. Sabs. 

En: 8 p.m. 

AN EVENING WITH 
DAVE PYI1M 

LIMITED SEASON to DEC 2. 


VICTORIA PALACE. ■ - 

82B 4735-5. 834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNII 

Evgs. 7.30. Mats/ Wed- and SaL 246. 
■ BLOCK BUSTING—- . , 

SMASH HIT MUSICAL." U. Mail. 


WAREHOUSE. Donmar Theatre. Cerent 
Garden. B36 6BDB. Royal Shakesgtare 
Company. Tent . >8.00 Pe« Atldn % 
' h R. - ptle Atkin's . playing Js_ as 
i M*-dia 


en ioyable his- dialogue." The Timm. 

All seats Cl .80. A dr. bkp«. AldwvclL 
student standby £1. 


WHITEHALL. CC. 0T-930 8692-7785. 

Eros. 8-30. Fri. and S*T. 645 and 9-00- 
Paul Raymond presents the Sensatuma* 
Sex Revue of the Century. 

DEEP THROAT 
Bth GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 BS>2. 
Twice Nlgntlv 8.00 and 10.00. 
Sunday 6.00 and 8.00. ’• 
PAUL RAYMOND prWOTtS 
RIF OFF 

THE EROTIC EXPERIENCE OF THE . 
MODERN ERA 

“Takes to unprecedented limits wnMjs 
permissible pn our . stage." E*-_- .New*- 
THIRD GREAT YEAR. , ' • ' 


WTNDHAM’S. 01-636 3028. Credit Can). 
Bkgs. B36 1071 from a -3D a-m. Men.- 
Thur. 8-00. Fri. and Sat. 5. IS and 8-M. 
"ENORMOUSLY RICK 
VERY FUNNY." Evening News. 
Mary O’Malley’S smash- hit tsmedv ; 
, ONCE A CATHOLIC . 

“Suprcmn comedy pn sex and religion. 

.. . Daliv TeMrott. 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC. 928 6363. Thur, Fri . Sab 
Evgs. at 7.30 HAMLET opens a F hakes- 
pearo trilogy ACTION MAN. 


GLOBE THEATRE. 01-437 1592. 

Evgs. 8.15. Wed. 3.00, Sat. 6.00. 84C. 
PAUL EDDINGTON. JULIA McKENZlE 
BENJAMIN WHITROW 
ALAN AYCKBOURN’S New Comedy 
, TEN TIMES TABLE 

“ TTfi* most be tot happiest laughter. 
mak«r Hv London ■■ d. Tul. "An 
101 y enioyabie evening." Sunday. Times. 


PICCADIItY, From 8.30 am. 437 4506. 
Credit Cards 636 1071. Mon -Thurs. 8^0 
Friday and Saturday 5.00 8 . 15 . Air-cond.' 
Dominating with untetlered gusto and 
humour, the BROADWAY STAfl"’ d Ejcp 
... SYLVIA MILES 

Towering imriortnamt e/^ Daily Mall. 

^mr^.hr .TENNESSEE WILLIAMS 
^Wortcs like magic." Financial Times. 

There has hardly been a more saiislvlng 
cvlnlno In the West End ... the BEST 
COMIC WRITING IN LONDON* Ool 
,]Se« runnmg like an doctrtc current." 

F '":_ Tlmpj. "DIVINE INSPIRATION 

AUDACITY OF HIS HUMOUR 

HYPNOTIC EFFECT." O. Mall. 


■WSMMr Iduiiien 1 Th Jr».**and 

by Tim Rice and Andrew Lloyd-Webber. 
Directed by Harold Prince 


Cfc 01-930 B68I. 
LTUftC- - 


PRINCE OF WALES. 

LAST S DAYS: ENDS SATURDAYr 
F»gs. 8 .Oj^Satufda VS 5. JQ and 8.4S. 

__ THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
___ _ . *tarrt»> 0 ROBIN ASK WITH 
CREDIT CARD BOOKINGS 930 0846. 
Directed by Harold Prince. 


CINEMAS 

ABC 1* 2. Shaftesbury Aro. 836 8861. 
Sep. Peril. ALL SEATS BKBLE. _ 
lJ THE BIG SLEEP IAAJ. Wk. i SuH~ 

2,00. 5.15. B.1S. ... ___ 

2: 2001: A SPACE ODYSSEY (UJ. 7&nm 
mm. Wk. & Sun.: 1.30, 4.35. 7^5. 


CAMDEN PLAZA. (Opp. Camden Town 
Tvbej. 485 2443. THE BOB DYLAN FILM 
"RENALDO AND CLARA" (AAI Witt 
BOB DYLAN AND JOAN BAEZ. »».«-. 
track stereo. ProflS. 2.0 and 7-30 daily. 


CLASSIC 1. 2r. 2. 4, Oxford Strut w®- 
Totienbam Court Re. Tube'. aS6 OSrO- 
U and a props. Children half-price., „ 
T! THE TURNING POINT IA1. ,Fl|ll 
Stdreoohqnle sound. Progs. 1.05. 3J0. 

6.00. 8_30. 

2: Me! . Brook’s HIGH ANXIETY |AJ. 

PrOBS. 1.40. 3_SS. 6.15, 8 35. __ 

3: Special Matinee. All Seats 61.00. THE 
SILENT WITNESS (AL Progs. 1100. 

12.00. 1.00. 2.00. Last 2 davsl Slew 
MeOucen. an EMIMy OF THE PEOPLE 
CU/. 3 15. 5.45. 0.15 

4: HEAVEN CAN WAIT (AJ. Pr«B- 
1.40. JL59. 6.15. 8.35. 


QUEEN'S, CC. 01 -734 1 icd 

Eras. 8.00- Wed. 3 DO. Sat. s 00. VJo 
ROT . DOTRICe. _ GEORGE CHAK IRIS 

' C ^ D vSSKsr- J*wu3aa"-* 

eS^'b^AND ^ a N n u,N e H, T D E E R 0 R U 0 S R L X 
tte- ‘«r c H«K! SB® F s u pfc 

TACULAR SHOW IN TOWN." Pu£n. 


PAUL RAYMOND Drrvcnfl ' 

THE FESTIVAL or ERO?icA 

.. po _ n _Y »lr-ton onioned 
2 1 st SENSATIONAL YEAR 


t*BV. B JO, Mats. Fri. and Sat. 6A0 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACK5TAGE MUSICAL 
A Utt\Q Finjnoat Tbwr 

^matL t«eil show " Dailr* £»»»*. 

Sn anlovable," Sunday TimeT 
Lyric have more elegance 
than thO«d ter tVITA. 

Music more hits 

than that el Annie,’* Sunday TDlurahH 
Credit. Card Bnnklngi !uti- hom n 

MYAL COURT. 730 1745. 

* .KST^lTK,^ tw - 

3 WJll. - 


CURZON, Cuixon Stf«L W.l. 499 3717. 
YVE5 MONTAND CATHERINE DENEUVE 
In LE SAUVAGE IA». I English tub* 
tirlesi. Progs, at 2.00 mot Sur.i. 4-05 
I 6.15 ana 6.30. 

LEICESTER SQUARE THEATRE 1930 5252) 
Kirk Douglas- In a Brian De Fauna Sim 
THE FURY «Xj Sep. Peris, wk. 1.00’ 
4 JO. 8.10. Sun. 3,30. 7.4S. Sea» 

bkb'e. for Evenmg Pert. Mon. -Fri. A all 
Peris. Sat. * Sun. 


CWEON. Haymarkei. 1930 2738-2771.) 
MIDNIGHT EXPRESS «>. Sep. PfOBS- 
Daily- at 2,30. 5.30 . 8JK) pjp. All 
seats bookable. 


Leicester Suture. 030 fill)*) 
THE CHEAP DETECTIVE ;A|. Sed, PrOJIS. 
Dally Doors open 2.00. 445. 7 -43. 


ODEON. Marble Arth W2. 1723 2011-2 ) 
CLOSE ENCOUNTERS OF THE THIRD 
KINO IA). 5ep. groos. doorl ggen 
Moo, -Fri. 2.00. 7 JO. sai. 105 , 4 15. 
7.45. Sun. 3.00. 7.30. All seau bkbie. 

PRINCE CHARLES. Leic. So- 437 0181. 
WAURIAN BOROWC2YK*S 
_ THE 88 AST (London X) 

Sw. Berts Daily (loc. Son.i l2.dB.3-TO- 
S.5S. 8.35.'.- Law show Nightly 11.15. 
Scats Bookable. Licensed bu. 


STUDIO 4. Oxford Circus. 437 3300. 
JjM Clavnuroh. Alan Bates m ' 
Mwi-rliwr AN UNMARRIED WOMAN 
-x» Prir~x 1 • '.30. 6.00.- 8J5. 






\ t 
i • 


the NTSC ingenious proposal made by Mr. 


was on display last week in exporting ' successes, ewumren camera — is superimposed. Independent Broadcasting -^p bv digital tech- the service at present because 

London when the International such a camera last week. • Tnis Th e problem with Chroma- Authority's so-called transport- t be high they are not in a two-way link .to 


introduction of teletext, micro- v-usc « proviatng an eieccro-mecnamcai u is transportaote ton a ionyj. — ~ - innovations were memory store — ncctswwiy tor 

processors and signal trans- issue. Hence one of the other jink between the movement of It thus provides the means for rheme at IBC, two-way data— into the living 

mission along optical fibres. But trends of recent years — away the subject camera and the sending location TV news re- °»wdevelimmeats were room instead of leaving it at 




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y^P ^^ 1 Times Tuesday October 3 1978 
$*- George's, ' $£?;•• r.-. -:■• 

Hanover Square * : v|X ; 


y,""? 


by. NICHOLAS KENYON 


There are only 83 Messiah 
d *’*» !° Christmas, and it was 
wvse dE Rogey Norrington to 
launch his new version on 
Sunday night at the beginning 
re §ular (though un justi- 
fiable — Messiah is an Eastertide 
pi^ce) season. For his was no 
ordinary Messiah: the novelty 1 
of its sounds and the originality] . 
of its answers to the oratorio's! 
countless problems will remain 
in the mini and ear, I suspect, 
trough, many future perform- 
ances under; more conventional 
conductors. 

. Small-scale" Messiahs are noth- 
ing new, but this was thp first 
•° tu £. an orc hestra of baroque 




„ ...... 

i#VAsK«4rp»i jy^g, a&m mmiui k mti A/j 


Daniel Marot's initial design for the gardens of Hampton Court Palace. 

Re-discovering English gardens , 





3y Dr. ROY STRONG 


Elizabeth Hall 

John Bingham 

by DAVID MURRAY 

John Bingham's recital on work alive through all its length. 
(Sunday afternoon was technically The Fugue was again un- 
! expert, musically thoughtful- wonredl y ruminative but lucid 
, , . , and quietly purposeful: a per- 

and curiously, consistently formance of surpris in g rewards. 

muted. The una corda pedal on Tona! Mmtim 3 , mnst 
his piano seemed to be down as siienced va , our m chopm's 

.i!,U wa r up: th *j , ~i? «P- 10 book of Etudes. They 
-TiSn^fh hliH hccaiuc virtually a set of iniri- 

!?J itiSoi'LvM. C ? 6 ?h ? an f 0 l..! S cate miniatures, which cannot be 
tn deBt J h «! 'V2 right. Once more Bingham's 
thi 6 ° VJ^h 0 released. From mus j c i ans j,ip was everywhere 

L h yfpihnr DL hic r °/il\r apparent, but in receding hues. 

Bach’s Chromatic Fantasia and I? t rlw 

TTnr.na uj.th ■, i. oot suffer, and indeed some rew 

f-UftSf' ’ JUiw* nF die others enjoyed a sharper 

t ut PfJJ etralr attack— the violent fourth study, 
ing to the. back of the hall. ror Qne and lhe , enlh {char?7 . 

He set about Beethoven’s so- i ugly light and brittle here); but 
called ' Eroica Variations and there was a besotting want of 
Fugue, op. 3o. as if determined breadth. The pianists fluent 
to remind us that the nickname fight hand — tun reluctant ty arti- 
derives merely from the later eulate Chopin's figurations wvth 


instri ments, and the first to limit _ Symphony which uses some of energy — was regularly over- 

feacu.cd soloists, relying instead During the summer we went by the Trust, lhe restoration of on investigating a single riding re-create those of lhe missing Isaac de Caus for the Earl of the same material: it was not an , h hj . \ 

C ? s, J?^ r s from the 16-voicc to" Westburj'-upon-Sevem . to see the gardens nf the house as we of Yorkshire which alone threw eras. Pembroke. Although it would heroic performance at all. but a , ' p 

choir The playing was an un- one of the National Trust's most know liiem t0 have been in their up some 2,000 gardens of ‘ Chevenine House is a case in pose lhe problem of moving the gentle, deeply introspective one. wnere 1 began to u under whether 
quallied success. Rarely have 1 i mnni _ . h r L ctrir „ heyday, when lhe Duke and significance. poinL The great house of the famous palladian bridge across with weighty pauses for rctlec- his instrument simply had a dull 

h card 1 baroque orchestral string *v ,a =‘»naiive veniurgs, tne resmra- Duchess of Lauderdale irans- m„ v . v»>r nf th P Earls of Stanhope in Kent was the Nadder. inere is enough sur- lion in the second half of every upper register. The general 

pla £ iD F, *° unanimous ind -yet t* 00 «nd re-creation of the formal formed Ham into the epitome of rJ-hpL 1 m f art C in he mm. left by its last lord as a residence vtving even above ground tn the variation. A true singing line eKTeet was of shanelv melodies 

so niglly characterised: the other gardens laid nut by a lesser Restoration opulence. As In the mpmn ‘'J thrnuohom the for *be Prince of Wales. Rest ora- way of pieces From the fountains sustained it all. and there was f 3P _ in , r indisiinnt’ washes- rif 

rare iccasions have also been country gentleman, Maynard case of the restoration of a OM intrv nntfor ihp tMriPrchin of 1100 has transformed a moulder- and the grotto to rebuild the nothing limp about the rhythm 5e a§ .. ,. s , a ‘ n 
ones m which Mr. Norrington’s Ccdchester, at the close of the historic building, that nf the th _ pnoii^h TnurUt BoarH nod ins wreck into.an early Georgian garden. More even than ‘Wilton, — Bingham has not only a strong semiquavers, there is far more 
hand las been there to force. 17tfi century. Alas, the manor gardens raises as many problems. w hieh will have its focal ooint house of great style matching its. one thinks of Hampton Court, left hand, but a mastery of tn the Etudes than that, and it 

cajole and persuade his players house has been swept away, but What should be put’ back and m _ cnei-ta.-niar p^hihitinn at the ?P peara ^ ce m the engraving by' Leaving aside what needs to musical pulse which kept the should be heard, 

into. effects they might Dot have the garden, which is in the style what not. Every case has to be victoria and Albert Museum at l ^ e J? et!inn ^ na oF ,Fle happen to the interior the gar- 
a Item pfed conductorless. Quavers of Dutch William, with its long argued on its merits and on the ca Med "How Did Your Garden centu J>- . Tha1 aerial view also den and park still retain the 
swept agerher into real phrases, rectangular canal, its stately availahijity of evidence (and Q row v a celebration of a rec0 .™ s , lls marvellous gardens, basic shape of their heydav 

msteadhf rapped out separately ! walks made of ilex and yew and money >. thousand years of British «*arden- !? ,a,Iy lD J thc V ench manner, under William III— the Privy Festival Hail/RadlO 3 

tmostlmpressively in the big I its patterned flower beds, have in the case of Ham. for in-" Fmmthi<; theiTOuehTto ho y* e and garden locked lo- r; ar den. with its screens hv res “ vai ^an/reaaio o 

chorusq); strings shivering with all been put. back. The canal instance, the garden which emerge an increasing awareness get .. r axially in a geometrical Tijou. elements of the Wilder- 

. slassv Tecisirm in “ Will' Hn tVio h-ir knaj o nrpltv rorll-.rinL- m'ncorl,.^ <k-l r, f Ihu T nirim*. • “* . . . . .“Z _ UDltV. na.-p ..M j ,u. - .. . » ■ c.. ~W M f M -I • H 4 


glassy decision in “Why do the has at its head a pretty redbrick preceded that of lhe Lauder- uf 1 out^ "arden^ herRage^ f!i uni,y - ness and the great garden* facing 

natton.4 ' and “for he is like a pavilion from, the upstairs dale’s, that of Sir Thomas nften Ja ji en for 5ran ted! Out of This is perhaps exceplional in Wren’s facade with its pdte rioic. 

rehner lore ; and a well-turned windows of which the visitor can Vavasour, was certainly far more j t> t00 should arise the possi- England, the English not caring the avenues and canal which 

complement of four oboes and look down os tn -the geometry important. But garden history btlities of restoration and re- for such a doctrinaire and asser- stretch over the parkland beyond, 

three Jassoons adding their, of the garden but in an earlier and archaeology arc in their creation. Thanks to that monster tive aesthetic in their planning. Here more than anywhere we 


ness and the great garden facing 1 


Ivan the Terrible 


perky synds to Handers distinc- age it was also possible to look infancy. Most people probably Capability Brown and his fnl- And beneath what is now an have the chance to put back the MAY THPPPPT 

nvety nuanced- orchestra. tn the river beyond. In short have not even begun to think of lowers. ’ England, alone in irregular lake stretching from clock and replant the greatest of U J ivj .v L* r r C l 

Vocal B. Norrington’s solutions Wc found ourselves actually a garden in these terms but they Europe, suffered the wanton the back of the house lies the all baroque gardens of the late 
were hiily questionable. Ad walking imp. one of those aerial should. We still have no listing destruction oF two hundred years lines of the original clean cut Stuart age. p or ^ ora torjo that Abram vivid forceful and movin' 1 The 

admirab . detailed .essay in the ? f ??“ ntry pil ] v ° r Siirdens in thls^ country and of its garden history swept away formal lake which will comple- Screams of anguish would cf a5p .. fph rr «»tnfi nut nf Pro haritone Ariatoiv Mokrenko. 

program e by Anthony Hicks [idled ■ by KJj»-in hus Bntanma as research is still barely beyond to be replaced by lawns, hills, meat the surviving formal allies doubtless attend the demolition , “.,™ ue , ® ul _. ot , W as dashin^ in Fvodor’s son"— 

told us i at. the Faunflking Hos- Ulu»irata at the start of the 18th the exploratory stages, such list- irregular lakes and clumps of of the wilderness around. IF this of the ancient .overgrown yews kofiev s music for the Eisenstem . . * • ■ q- 

pital per rmance used the male century - An<r vh3t * delight it ing could never arise anyway trees. We have an em burros de is restored it will take its place but in 20 years’ time we would be fil ru lhe Terrible. Rfccardo t J . ruJia H ., niari - S con . 
Chapel I yal choir of 19. plus w *® ! r a, . K '^ the rudimentary. Dr. riche*** of landscape gardens, as a visual complex of historical strolling by clipped yew obelisks Muti is a passionate and ener- traJt0 was a tl)uch iJ Bht for hpr 

five oper :ic soloists who prob- Ham House, is lhe scene of a Lindstmm of the University of What we now need carefully to importance in the histnrv of the admiring the fountains and^getic advocate. The performance music • • 

ably joifd in the choruses. secor, d such imaginative project \ork has just supervised work consider is how to restore and evolution of the English country statuary as it arose from the he gave on Sunday night with ' 

Norringtq used this to justify ' ' ' , re-created embroidered parterres the Philharnmnia Orchestra and Gene rally, the performance 

his praefies (already featured Diaeh . The existence of the old lake with their patterns uf scroll-work Choms painted the orchestral ^, as . .5 !.V. a n L j*. r ,, !l°. W 'i 1 S ,' r ,.,V„ 

in severa.Schiitz Choir mlnla-!- . • beneath the irregularities of the in box. How beautiful it would colours onto bright banners of I,le woik il.elf does nut Full, 

tiirisatiom of using all his rr-ts rr* n ^ T - v1 . . landscaped surface raises the be and whal an enhancement toUuund — such things as Prnkn- rtpay such enthusiasm. While 

cbnristersps soloists in torn. || Vl P 1 tl Cll O’! T 1*0 w holc quest ion nf garden Wren s architecture conceive.! m f5 ev 's emplovment nf high lhtf cnloun in whtch ms patnied 

But the pint about Handel’s! 1 I1C: 1 I allbll&Ul dllOll U1 13^11110 DllIIipiC archaeology and reconstruction, match such a planting. UowLannel. sawing double has.se S . are hright. the strokes are broad. 
■*, rv . . w x Until now WP have hppn niece- r-vi rar.rrfin-ji-v mn m ho ..Kin I i , sometimes crude, often snort- 


Faunaiing 


own Jlfe*. ih performances is 

that the loists were famous. You do. not see little fat Ben no 
dramatics' skilled, and drawn ip- the sgu'alid scenes of his 
from the jera house. SchUtz family life. Hi&* fough fathei 
Choir men ers, with a couple of takes tiiiie ofl to upbraid him 
exceptions ire not,- and almost fax being fat and soft and soli- 
cit the sc s were correspond- tary, and his shrewish Neapoli- 
ingiy unde baracterised. fan mother tries to stop him 

On the oer hand, neither did t atfng so she . bemoans 

the singe make an ideal J*“ ““f r#h,e l ; 1 , 9 t - H . is 
chorus. Th blended reasonably Fa ^ er sboos htm awuj. so that 
well and n into effect man v of ca n pursue hts attempts to 
Norrington {refreshingly uncon- 

ventional ninns with efficiency h 

and skiU-lere was strength Wfe c a °l SWSSL vSt 
and purpof (rather than the ii BU 

usual relax! sentimentality): m ■ ""®: “• 1 th ® a! . . ,. 

their ‘’peal nn earth'’ and iL H e -is iytng in the middle of 
“the kingdq of our God.” and sta«e in white overalls, as 


Until nnw we have been piece- extraordinary, too. to' be able <.| 0 ckensni*l and celesta in sometimes crude, often short- 

moo I nheuil f Viic D ■ ■ t van n n<j • I _■ r aL . » _ . • liii nrl.iW ■ n i nenr p c i trrin I hn^O iC 




alternately & the pure homo- spates in the family .'pattern that , 
geneity nf a Wand-men choir. not shown in the other ; n o.dy- ■'p'Wm 

nr the real vkgbt of a slightly scenes. Though .he is the butt 
larger body. I Did Norrington of everyone’s contempt and ill- 
consider a irformance with, humour- he has in fact been 
say, Christ Gurch Choir and endowed by. -God tthe family are BflttgaBr 
Kent Opera s fists? Neverthe- practising Catholics t with an . 

less, a most rlarding evening: instinctive appreciation of fine 
welL (if oriably) planned, painting, perhaps even a talent Ig fl jjB K p! - •-*. 
thoroughly pflared,' and end-| for- it. This interests, no one 
iessly stimulate. but; himself. The world thinks • 




’■Ji 


meal about this. But up and to look down from the stale- unison and -rest ernwlin" win ded in inspiration— there is 
down the country beneath the moms on the piano nobile. as tljh „ ’ m „u a n^rtlcularlv lame very lit,le in Ivnn Terrible 
lop soil lies our inheritance of one was meant to do. on to the Lnd «i?rinS tn e( ' ual lhe memorable sim r 

rococo, baroque or. even, Man- patterns and out through the s pUcity. the broad tunefulness of, 

nerisl gardens. Sn far do one lias perspective below. The chorus was disciplined, gay. the contralto lament in 

been brave enough to tackle re- Gardens we have to accept st . ea d>'- and secure in whatever it .A lexander :Ver*kt|. Perhaps 
creation on the scale being sooner or ' , aler outgrow them- tJ * d (the mixture speech and there is one melody that has 
undertaken at William Ill’s selves. We stand nn the brink of simultaneous song in the something of that quality— first 
palate of Het Loo in Holland. a new and S { 3r nj n p adventure in penultimate chorus was npeci- heard orchestral iy then in an 
Not only is the palace interior restoration which in this country a,1 J’ wel1 managed i. Perhaps unaccompaniea cnorus; bur the 
being restored to splendour but remains virtually unexplored ft tho 1,,ne colour was less vibrant same melody recurs, in far 
the earth i« being skimmed. is> vvithin our grasp more than than an equivalent Russian more definitive form. in 
uncovering the fountain basins. anv ot h er area of rcsu»ra-| c 'hoir might achieve — though, Kutuzov’s aria in War nnrt 
steps and paths of the great turn, tn an back in time, tn order probably, with very little of the Peace. The programme note 
baroque sarden which is also tn lQ achieve this we must have ■■areful inlnnalinn and smooth wr.ndered why Prokofiev failed 
he put back to its great days. confidence and not let sentiment ensemble in which this chorus is to make a concert work of bis 
Who knows bu I that beneath and British muddle stand in the >n strong. Boris Morgunov deli- Iran the Terrible music, after 
the lawns of Wilton and in »ne way 0 f f 0rni ulanng a long-term verod the naralions with muc h lhe success of Alexander Kevsku. 
nearby hillside there still lies programme to restore to this of the high-sly led. rhetorical perhaps the composer himself 
much nf the ground striiclurc of crtu hu-y sumo of its lost garden majesty uf Eisenstein’s actors; recognised that the material 
the most famous of all pre-Civil inheritance from' the era before even without understanding the would be less fruitful for the 
War gardens, that created by the blight of Capability Brown Russian words. I found him purpose. 




.. N 




ranee 


Rheiiteold 


t . *, \ 

■ V^. \ t ■ 




Lcvmud Burl 


Robbie Coitrane with Lynda Marchal and Vincent Marzello 


iessly stimuiat;. but;' himself. The world thinks H Mffi gg . « 

he -should be playing hall games Sgfjiif . • ' . , ' V - ' • 1 

_ ' . of various kinds. .• O' 1 

Covent Grden -And this is the theme of Albert . ig, . • ' " ; 

' Innauralo’s moving little play. .. -'»>•' ■ i (■ 

•: - ‘ . It is not a new theme, the faggi .-„• -• . ’J&k # v .-\; < • '~ 

J^VL difficulty of sustaining ^an . ‘ 

world, but Mr. Innaurato's treat- •' v ; N 

T 3 1-v /ri-i A Robbie Coitrane gives more feel- j** 

|\ M r*| J I II ing than you would think likely J);- ;■ • Wm&rimB? 

■ AVllVlll^VXU a3 he there like a fat ' 

p chrysalis, decides that the one Lcvmud Bun 

The later parts \ the second ^ aent has made public, the Robbie Coitrane with Lynda Marchal and Vincent Marzello 

pil .ol L talent for eating too much, must 

frinp ijut nave lasphanges but provide him w'ith bis death- in spue of the unlikeabJ.e nature formed by a well-cast company 

there were none iMast night’s sentence; you see him literally of some nf the action and the under the direction of Simon 

R/ieinpoid — wbiciieaves only beginning to eat himself, having coarseness of the family's Stokes. Vincent Marzello and 

dribs and drabs to ttsaid Colin 0 rst be ® n marked 01,1 5nt0 joints language, poetic is what this Lynda Marchal play the father 

Davis was remarkabLn.-.'.p^rni provided with a meat- play certainly is. Slosliy so in and mother, Michael Poole Is the 

J.J3VIS i*ds, remanta nsuitessiuj c ] eaver Benno’s dialogue, where we are creepy old grandfather, Madeline 

in forecasting the Weep and - The use of the a Dal og> is whut free from the sordid realm of Church the 13-year-old. The de- 

scope of the - wholi tetralogy distinguishes the poetic young reality and move freely in the signs — four contrasted areas' 

while keeping Lhe sife of this American wrfters from the poli- territory of the mind. lying side by side — arc by 

fihefngnld within breludial tical' young British ones: and The' play is admirably per- Gemma Jackson. B. A. YOUNG 

bounds. Rheinpold is ‘Wrly ” in “* • 

two ways — in the fitext of H 

Wagner's work as a Mple and PfiStlVai 11311 

as part of the Ring w£ e writ- 

Khachaturian by david Murray 

music (Freia's. especial] has 

a kind of freshness wh|h was The death of Aram Khacha- be inept to seek for one single latcd more or less symphnnically. 
not to reappear, and thiispect turian last May seems to have inspiration for the music. (The structure begins to crumble 

of the score was finely raised. j ent new interest to Armenian Khachaturian remarked: "The thereafter, and the hectic Finale 
With a set like Syobodl for music, and last night the Insti- most important thing in a com- needs a lot nf leaping Georgians 
the Friedrich production^ is tute of Armenian Music pre- poser is his personality, his to hold it logether.) Tjek- 
aresuraablv inevitably thA the sented a memorial concert for aura ’’—and certainly his own navnnan clarified such polyphony 
first two parts will be givi on him. Loris Tjeknavorian con- manner is as identifiable as. say, as there is in it quite expertly, 
consecutive evenings Yet\ his ducted the London Symphony in Man tovani’s. It was interesting and the London Symphony 
inevitably ? entails a rfi the very early First Symphony, to hear; the elements of the played up with shameless glee, 
mn int nf hnldinc-bar-k Ifnr the familiar Violin Concerto and manner being tentatively assent- A particular pleasure m the Con- 
SS, for the singers’ E Smc of the innumerable dances bled in the First .Syn, phony, his cerio besides R.cc. s panache. 
Le felt this Lst Dr«ht Tth from Gayane*, f omitting, with graduation ^^ ntore was tJie ethnic warblmg of Roy 

K admirable restraint, the Sabre interesting still to find that its Jowitts clarinet behind him, 
SiT JosShfi? eVas^ ? s FriK Dance) To all the music Tjek- first movement is indeed articu- exotic and exuberantly wild. 

He. as usual, had some fprcJii navdrian bnwett J"™® 

phrases (how well he -shis energy and a preus be . PUTCeBI ROOItl | 

and fri.rtrntinn i ind L nature of -tnc .case moAot _We . ™ 







ast 


* m 




l Situations like this have many costly and 

\ worrying consequences for the people involved. 

\ Help overcome these problems through 

‘ Royal Insurance protection and service. 


anger and frustration j and - ie nature ot ine . 

I de Saram /Young 

golden apples, yet neither youl St -ndin- to'the first move- Cii.ll/ A KJ 

have given anyone hcanngithel " ■ . fieknavorian made a 

for the first time much idea dj™ cut j n the frenzied Rohan de Saram and Douglas section- of steadily permntaled 

their full Wagnerian poteatiall p.; Lezghinka- Young hegan their Sunday recital phrases in stamping rhythms. 

There is something to be-saiq ut Vr..„, _ ’ .jmibtless a felt rousinaiy with Barlok’s cello- and a liny coda of eerie, weiuht- 


rccur. • . feussian ballet score YVlin a goou laruaiy, virile thhc is> lutfli iui iraniewurs ror a stxiiving lour ae 

The choicest sineing cunchra! of fierce detach* bowing on this Magyar excursion, and with force which counts on the cellist 

from 6 Robert Lloyd as Fasiit— R.e G-striiifi. and Khachaturian his lithe asihly tn the Fnss one in find the thread - of musical 
absolulfllv clear" even bie l,t the mark resoundingly. It bad to admit that the viuhn of sense in it: de Saram did lhai 

•SS »I1 11 nterSs to team from th« girtol* ong.n.1 has ou prior ,-iih g er « fonvutiun. and 

qatainen’s hrother ^nt FaTw Km “that the serond sub- claim on the music. Hr. Young astonishing technical address. 

Is ia&S Mo .-SSS L, «£S£ 

fe/ss ssr'ikss ztszsjRjyrzs 

audiences _what a chanmng ani straight from G SU aver manner for a recently epithets sprang crossly to mind. 

tPriS ar n? ° A^r^utfv ferocity, and a unearthed “ Romance ” by Delius, as - extravagant cello - exercise 

?i blS J 3 ? Trthv^f hi pi r P nL S w« with 'the high- without sacrlficms tfcetr engag- succeeded exercise to no cumula- 

volume.rf sound wo^thy of hx cajoling » m n ^ en f, v jpgty personal style. Jhey make tlve effect. Frank Bridge’s: 

pitghty hammer-blow. Pamela register ^enin„ io ■ ^ PP ^ an exc itiog and aaventurous strange, intense Sonata for 

Payne’s Erda' was imposing fU th3 melodies of the stow e team celJo and piaao (written dur . 

only’ the Coliseum Erda was ablest _ look to the e\a P o disappeared ins the Great War) was far mort> 





. an exciting and aaventurous strange, intense Sonata for 
f team- cello and piano (written dur- 


thotigh 


Rhinemaidens'f jdaima Butte rflu. 



- S&& Royal -1 V 
Insurance ^ 


u uaiupm™ — - so myny oinernermiuai sussanui cun uuanc. 

^astJV - i would i urgent Shouts; there is a long 

■ - -RONALD CRICHTON I thngj into the pot 


DAVID MURRAY! 









BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fltuunlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Tuesday October 3 197S 


Without a 
mandate 

THE KNOW-NOTHING votes at gant wage claims which some 
the Labour conference on unioDS are now presenting. 
Incomes policy and economic ought to be possible. 


Financial Times Tuesday October 3 5978. 

B Y W. L. LUETKENS 



Risks 





rise of the franc 


S WISS EXPORTERS, like Swiss securities. The reasoning 
their neighbours in West behind the relaxations in part 
Germany, have been crying is that low interest rates will 
“wolf" for so long that it is help to tether the franc, 
difficult to persuade oneself that The difficulties in which the 
the latest appreciation of the Swiss find themselves arise to 

Swiss franc will place them in a great extent from . conflicts 

serious trouble. But equally, between several objectives pur- 

__ . sooner or later the constant sued in Berne. Thus there is a 

strategy are not altogether sur- If any such compromise is process of revaluation had to general revulsion against inter- 

prising; it is not the first or to be reached in the very few have same effect on their sales, ference with the freedom of 
the last time that the leader weeks available. Mr. Callaghan and there is some reason to international business. Jest Jt 
of a partv in office has been will have to talk more realistic- suppose that the moment of encourage protectionism in the 
embarrassed by the impatience ally about the aims of policy, crisis may have arrived. world. With exports of goods 
and blind prejudice of his sup- The Government has talked Th e nQte 0 f a oxiety in Berne and services accounting for 
porters. Mr. Callaghan may well only about checking inflation; it ^ unmistakable. Dr. Fritz almost one-third of GNP, that 
feel that there is no need to has not pointed out that a wage Leutwiler, Governor of the cen- is a prospect that the Swiss can- . 


The Rise of the SWISS FRANC 


take any notice of what Mr. 
Sidney Weighell. of the 
National Union of Railwaymen. 
called *' a mere emotional 
spasm — a vote for the philo- 
sophy of the pig trough." Nor 


acceleration iu the context ofl^i banb> has described the not stomach. 


.... ... — The same argu- 

a firmly anu-uinauonary mone- strength of the Swiss currency ment applies in the field of 
tary policy would do as much as r jdjeulous and suggestions finance. Throughout, there has 

to raise unemployment as to b ave even been made that been a determination not to 

raise prices. . . stimulatory measures may be impair the position of Zurich 

.... . - , 1 ” any case, it is not \eiy re q Uired nest year to save the as an international financial 

need he take much notice of dear that government restraints economy from a severe set- centre; willy nilly that must 

the arguments of delegates have had any very startling back. What is perhaps more mean a readiness to deal with 
whose minds are sn clogged with effect on the average nse in is ^at Berne has the foreigner, even if. he is try- 

ancient slogans that ihe> can earnings; it has been within a evidently hesitated to resort to tog to ride on the coat tails of 
nn longer see the real world, point or two of what an uncon- the measures that have been rite franc, 
and base their arguments on stra j D ed monetary forecast app i Jed aDc i re-applied in the There is another contradic- 
“ the profits of e pr ™ L ’* y J STJ'L' would ™ggesv and is likely to ^ iQ similar situations. The tion that may be about in 
tors, many of who a e . be so again. However, the extra j mpre ssion is hard to avoid that become a very poignant one for 
bankrupt. or refuse to acknow- i per cent 0 r 2 per cent would the auth0 rities are themselves the Swiss. Throughout recent 
ledge the sharpest recovery in not have gone to workers m pu2Z ied by the problem. years the central bank has again 

real wages for more than a g enera |_ but to a handful in an and again intervened heavily 


12C& 


100 ,'h 



_ 0 


1971 1972 1973 1974 1975 1976 1977 1978 


decadp. This was a contempt- exceptionally strong bargaining 
ible debate. position. 

What is really wanted from 
Difficult Stage the unions, by the CBI as much 

However, on this occasion as by the Government, is a coi- 
sotdiering on is not enough. An lective commitment to realism. 


against the franc in the inter- 
ests of exporters and the tnurist 
trade. ' Renewed and heavier 
recourse to this policy is now 
forecast. So far, the bank has 
.One figure alone really suffices accepted the concomitant that 
immovable policy cannot be rather than unthinking support t0 show up the size 0 f t f, e pro b- money supply will increase (by 
justified by the irresistible pie- for those who shout loudest. Ifh em Trade-weighted, the value an estimated 10 per cent in 


Doubled in 
value 



jutlice of 
obstinacy 
Tor 
been 
Call 
his 

spired, nor are they graven m 
stone. Democratic government Unpopular 
is in the last resort government The idea of any e{fort at 
by consent : and unless the moderation 5y tuc, at a 


, - A .. . _ . . , , — — , . — .» c . c , — .. - . the workforce was run down, it value, the better the prospects. 

. SV. n r: E* * **“ !™ -» *» been possible .0 keep the And ‘indeed. I he Swiss have 



■ . . tYUlll 1 1 did UCRUll IU lllllC.ihC IU ^ CMUIB 

nothing to do with trade as * ri ^ r ai ^^_|^ d P _^2 es . a ’® again, by some 1.3 per cent in story of Swiss (and German) 

such: capital movements into Prices are acruatiy EaJim„. the ^ 12 months to August. Those exports for longer than a de- 

a country of political stability ’ f rt statistics, however, also show cade shows that, for instance, 

and with not too inquisitive a where the appreciation of the machines built to high spedfica- 


JIIUU6IBUUU UJ UK twu, HI a S»v I - : mnnrte Tk* eiimrhinrt Hie* VVUCJ C U1C dULJICUUUUli Ui UJC Hum lumE.ll 

.... * . , ^ time when the militants are tax collector have been the |™ p ma * franc has hurt most Employ- tioos are such an area, 

policy which has at least ‘the ma j^ ng aU the n 0 ise. may seem mainspring. For that reason the 4US! n* W 5rfii* er c< 2 t,nu ® d ment m the clothing industry The watch industry is another 

grudging consent of those far fetched; but ^ union Swiss have taken a succession .JffL ^ was down by 2.4 per cent, that case in point. A few years ago 

affected, there seems little leaders, so far as they can claim of measures intended to ward off slfJJ 1 J ai lf iu the textile industry bv L2 the traditional Swiss watch- 

reason why Parliament should to lead , muJSt be aware of ** capita , infJows lt would be cent and in the chemical makers appeared to be at the 

in Novembei renew his conse q Uences 0 f an open split wrong to write them off as a * d p pIe - ma ^ ^ eel about j nduslI y by 05 per cent< end of their tether, caught be- 
au thonty to carry on by sheer in the j abour movement if it failure, since nobody could pos- ' - hl f Takpn overall thP ernort tween cfaeap niechanical 

W,11P0Wer * allpwed t0 persisL Mr. sibly tel] how high the franc dn ™ t ^ toe^uch^aiL ficures so f^ avatiabfe show n^ watches frora low wa S e c0Un - 

That consent must somehow Callaghan claims that his would have been without them. f complaint. Thev por^vpr obvious ravages of aDoreciatioh tties “ d ^ new-fangled elec- 

be wrung from the TUC. Mr. approach has general support. But the fact remains that the reces £ ion in 29 ^ 5.76 wi rh Exports in*’ the first eight tronIC watches - now the 

Callaghan and his Ministers now and opinion polls in the pasi desired effect was not achieved. relative i v mle Dain Last V pI^ months of this year totalled Swlss have moved up raarket 

stand beyond retreat for the have confirmed his beUef. -The The defensive measures 3 SwFr%Jbn?abomk 4 hn)S with ^eir mechanical . and 

doctrine that their brand of unions also know that they aT e reached a high point early this thj V ear 2 per cent is forecast against SwFr 26.8bn in January- 9 “ artz watches, avoiding the 

Socialism includes some plan- deeply unpopular. The Prime year when foreigners were {,£ mimh.but ^ August 1978-a nominal d ^tal watch. There has 

ning of the growth of incomes: Minister has already implied a barred from purchasing Swiss either for a Tnaturp econnmv crease of about 1* ner cent been a sbake -° u t in the Indus-' 
but this need not mean a rigid threat to appeal to a higher securities (except for a quota ™ er pr ™ ^^'^yone K 7 «£ greater UaM™ are once 

single-figure norm. The norm source of autlion^ than the of franwienommated loans in employment. The . labour given the rise of the franc. The agam rismg ‘ 

is there, as Air. \Vei S heU party conference, by. .going to raised on behalf of foreign {orre was down By aboHt mechanical engineering indus- 

pointed out. because the TUC the country; and although this borrowers), and when a puni- soo.000. two thirds of them try was among the best per- T T j* 1 

refused to accep any respon- is probably largely rhetorical, live levy of 10 per cent a migrant labourers who left the formers, the chemical industry Ungraded 

sihmty for oiderly bargaining, he and his supporters know quarter was imposed upon franc larse f o rf .i Kn work force for held Us own, whereas the tex- 
That whole approach has now Parliament could shortly deposits held in Swiss banks on home. The remaining 100.000 tile clothing and shoe industries frtriTt 

been formally rejected both by * eave h * 10 no choice in the behalf of non-residents. Even wer< , Swiss, most of whom were suffered reverses of differing lu * 1X1 

Ihe TUC and by the conference: matter. then, it was clear that loopholes women or part-time workers gravity. It ha s been a distinct source 

but by yesterday evening, some . The minority parties will find could be found, for instance by who had been sucked into It is worth looking at some of strength in the recent situa- 
nf the Government's most out- il hard to support a government placing money not with a bank employment during the preced- of the sectors in greater detail, tion that the Swiss economy is 

spoken opponents seemed which for the moment has lost but with a life insurance com- ] n a boom. It is notable that In August, exports of chemical heavily dependent upon imports 

appalled by the consequences a K authority for its policies, pany. As part of the new policy even after this shake-out. some fibres were down by 7.7 per of raw materials and industrial 

of their own victory. If the The Prime Minister and the now painfully evolving in 600.000 foreigners remain. A cent in value; those of yams components. Imports have been 

TUC is half as flexible as it is TUC have a few short weeks to Berne, the measures have in contingent of something like made of chemical fibres were coming in more cheaply in franc 

asking the Prime Minister to show that the labour movement P art actually been softened. The that size is considered a struc- down by 3.8 per cent, and those terms and have thereby helped 

be. sonic compromise, which is a movement and not a rabble, non-resident quota in foreign tural feature of the economy: of materials woven from cbemi- to hold down the inflation rate 



New optimism 
on SALT 


— ._. ... components 

vided they arc only reinvesting the Government figures, but the message is fairly and raw materials re-exported 

[the proceeds of the sale of other Given the manner in which clear: the greater the added in upgraded form. That portion 


of exports bos b» .by mdteg 

exempted from the effect of mm* ^ ncessi 0 ns. There is,, 
the^ppreciation of. s i gentleman's agreement, for ia-v 

Hn^hrnVrf !n increasing part of their own country, axe for-. ] 
JPJLS*”™ that aoDlies bidden to have Swiss accounts. 

ssssgfsrzlizvsz r r 

cals, shoes and foodstuffs. What there for all to see. 
has been kept at home has been For the foreseeable future, . 
the more specialised items, such one has to assume that the,- • 
as pharmaceuticals, with their Swiss electorate will grumble, 
higher added value, greater b U t will not want bank secrecy 
demand for skills, and incident- t0 jj e abolished. Since any 'step • 
ally lesser environmental prob- j n that direction could. be 
lems. . . ■ challenged in a referendum, the' 

The process of specialisation consent of the electorate wbulfl 
and moving upmarket can take ^ essen tial. 

on some odd fnnns. Whatever . wfaat dQ ^ gwiss d.V . A . ^ 

r Jii * 65 f0 h ,L >h d half a dozen sp,it ■ exchange rate has bee® K 
ladies' watch w,tij half a dozen ^ with a lower rate for: .. / 

brilliant cut diamonds inartefl uade ^ fw ^ .- 

.under the gJass to roll about actiQns For ^ occ 
mernly will nor by 1 - situat i on would have to beebafe 

fte Swiss eronoTO-. But wh«t dea , m „re seriotu. For 

has been going nn really, is tne ■ . .. . 

counterpart in ind “?^ ’ _ * e whether the machinery etists to' .> 

shake-out in the^labnur force^ ^ & spHt . ^ 

It is a kill nr cure . constant leaks from oie ad* 

ruptcles'tnltUy. Profits have of the fence to the oth ^. : . 
clearly come under pressure in An attempt can be trade, in . 
export markets, and also at insulate more industtes at 
home from rising imports. In least in part by exendihg 
Jannuary-Aosust of 1 TT 8 they cheaper export finance,and, by . ‘ 
came to SwFr 28.173hn. leaving helping with forward trana- 
the usual visible deficit, even actions. The banks ctJdd .per- 
though investment income haps be persuaded to gve more . = 
(amounting to SwFr 6 bn in help to the exporter vbo has ' 
1977) and tourist revenue concluded a contract ij foreign .' J . 
usually put the current account currency and then lust be 
into the black- Thar often leaves afraid that its franc-vlue' will 
something over for net capital diminish. ' 

exports in spite of all the capital 

inflows. 

Not that, the success story 
so far— and so far it must 
be accounted one — has been 
achieved entirely by good man- 
agement and the curative effect 

of raarket forces. There has remains. Trade relation^ 
been a little guiding uf fate between Switzerlandand West/^Sk 
done for instance by persuading Germany are extrefely closed 
the Swiss banks to provide a nri moreover the Groans are* - • ’• 
export finance at especially probably the most sious. com- 
favourable rates for some Indus- petitors the Swiss ire" to third" 
tries that were or are in diffi- markets. Judging V some of 
cuities. Watches are a case in the statements coting-' from 
point Berne, what really Jpsets the 

- The banks acted partly from Swiss is 'not the Vpredatidii 
the realisation that they could 0 f ^ir currency :fra^is the 
not expect to flourish in a sick dollar and the rest c the world, • 
economy, especially in view of but the appreciatin ' vifrft-vis " 
the close links between Swiss the D-Mark. The iw German 
industry and the world of inflation rate accetoates :tbat 
finance. But there must also problem, 
have been an element of public . Berne must thenbre be very 
relations involved. The Swiss tempted to seek avatiffn Jn- a 
Social • Democrats, who arc link with the Enqpeair - Cur-- 
members of the all- but per- rency Unit that Bffi and' Rris . ‘. 
munent -goverament coalition, are aiming a£ Srtjrts coming 
have for long suspected the from there yestertff bear this . 
banks nf upholding bank out If the frtnean be kept 
secrecy for reasons not entire!? in a reasonably -relationship ^ 
altruistic, and hence of being with the D-Marlmuch would 
responsible in part for the rise he improved Dm Jhe Swiss 
of the franc. exporters* viewjjnt . 

Small businessmen and indus- That is for tl Ittture- The 
trialists (some of whom are immediate Swisf&un is to per- . 
among the most dynamic entre- suade the woricthat the franc : - 
preneurs in the country') have deed not rise foever. Over the 
also been critical of both the years that has roved difficult: 
banks and the Swiss multi- speculation has gain and affatn 
nationals, whom they mstinc- become self-noticing. If the 
lively suspect of manipulating juncture now reached is its 
the exchange rate to the dis* serious as mar' Swiss believe, 
advantage of the smaller man. it should actuay help to damp 
There has been mounting agita- down speculate -ardour; 


Most seriius 
competitor 

One very obvious approach 


I: 


overall 

negotia 


MEN AND 

I Sticking to 
tradition 


BOTH Washington and iWoscow Nevertheless. the 
are once again making en- climate which the 
enuraginy noises about pros- p ,ons are being conducted has Tiffany's at Blackpool is not the 
pects Tnr the signature of a new lTO P rov « d 5n rerent months. The scene of lingering breakfasis 
xtrate'ric amu limintinn i-ree. ye 1 nera l tone 01 bilateral but is the ballroom where the 
m m7<xiTiTi ,1 , ^ relations between Moscow and Labour Party traditionally 
rneni ‘^-^LT H i. At the end of Washington is less acrimonious starts its jamboree. Thronging 
last week. President Carter said than it was earlier in the year, between its splendid plastic oak 
he hoped that agreement could A major factor has been a more trees on Sunday night the 
be reached by the end of the sophisticated less alarmist Socialists joined in a session of 
year, and both sides agreed that American interpretation of the Any Questions? which was 
there had been " some move- ** U5sian threat in Africa matched mainly memorable for the deft- 
ment " during the latest round , - v s 0 P ie '^'cations of restraint ness with which Energy Secre- 
of neuotiaiians that finished in ?■' th *L , ~ an J forCt * lhere - tar >' Ton y Benn sidestepped 
Washington at the week-end. ‘‘ Iean whiJe President Carters questions on the Bingham re- 
Mr. Cyrus Vance, the U.S. Stale a . and be,?n strengthened by port: the only time he looked 
Secretary, is now to fly to Mos- Congressional victories and the worried was when Shirley 
cow for further talks With Mr. £ amp DaTld summit success. Williams, the Education Secre- 

The President's authority will (ary, improvised on the official 
a key factor in the admirtis- line to say that a blockade of 
lion's battle to secure Con- South Africa would have heen 



They are quite happy with slick 
answers." 

Asked if the Fabians had 


At 57 he is only three veal’s 
short of the age when civil *er- [ 
vants are put out to grass but 


ever thought oF changing their ninunatory retirement would 
name. Miss Hayter said it was never h;u ’ e s,,lk ' d his volatile 
out of the question : “It would s P ,n, -_ Now he is to take up a 
break an enormous number or ** art ** , , nu - consultancy post at 
national and international National Farmers Union 
links." Among them. sh L . says. Hls P^vious post as second per- 
is that with Mauritius, whose ra:,n ? nI secretary has been dis- 
ambassador in London wae due ‘■'Obtinued. MAFF announced 
to attend tbe meeting. He had )‘ csle roay. 
been a life-long member of the 



Series 


Fabians, and had recruited 
fellow-members to help set up 
a welfare state in Mauritius 
similar to our own. 


Andrei Gromyko, his Soviet 
counterpart, in the second half 
of this month. 


Overdue 


be 

tration's battle to secure Con- j South Africa would have been 
gressional approval for whatever! the only way to make sanctions 
” agreement finally! effective. 


" Sam is watching Tommy 
Cooper and I'm watching for 
the Detector Van." 


Moved on 


SALT II 


It is. 
cynical 


of course, easy to be 
about such optimistic 


individualists 

Last month British Airways was 
busy switching routes, shedding 
any • "snob appeal image" and 
becoming a mass appeal airline 
which was "human and caring 
— or so its public relations staff 
were saying. But yesterday 50 
of us gathered under six chan 
deliers at the Cafe* Roval to hear 
of British Airways World Arts 
and Adventure Club. The 
artistic adventures are varied 


It is tough at the top in the 
Ministry of Agriculture, 

Fisheries and Food where the 

emerees „ MAFFia — as it is sometimes 

B Later, the stage curtains drew Europe compered with the known in Whitehall — rules to 

. „ f At 1 ‘ie same time, there is apart to reveal a drably-dressed desperate strains next door rigorous effect. Witness yes- 

pronouncements. They sound now m . uc { 1 . I . ess taIk m Washing- compere with a girl in a fetch- of the Campaign for a terday's resignation nf Sir 

remarkably similar to the fore- ton of linking new SALT ing red-sequinned cat suit at Labour Victory, a prospect Frederick Kearns from his post a n dexi ' l,i ng.jjut at prices from 

casts of imminent agreement agreement to Soviet good his side. So many eyes were which seemed that much more as second permanent secretary. ,0 an? h art fly the 

that have been heard on behaviour in other areas. The fixed on her that it took some remote after the leader's failure Earlier this rirrarfo hie "J mass appoal - 

numerous occasions in recent v 'icw that SALT is so important time Tor people to realise that to suppress dissent on pay. . harf siar A chance of approach? Not 

months. AHer the Vance- that it must be judged on its rhe compere was in fact the if lh e Tones do win the next took See or farm and food ?* " U ' B , rilish Airwavs savs - 

Groiuyko meeting in Moscow own meiits seems, for the Prime Minister. election, the Fabians can at least policy at Ihe time the "round ,n /|! fi,,na ^'iil stm. .sen and <;and 

last April, the Americans said tooment at least, to have won Al this point a minister in a console themsetvpv with « his ww o— remain the basis of its busi- 

they were reasonabl 
that the five-year-ion 
firms could be finally 

up at a summit meeting be- ments. cheating. 

tween President Carter and Mr. «. wcr - Ul * ocrs afrer Labour was kicked the French stranglehold on the 

Brezhnev some time in July. Western Lurope nm” soi y i f w ^ ere ' T he Foreign out of office in 1970. so if we fanu policy. 

The final stage of such It will be a pity if what is to *d me that it was com- i ose the election our member- He struck up dose rclatinn- 

negotiatious is inevitably the ’ ' r ”” n A '' 

most difficult. For many months 
the Americans have been claim 

jng that 95 per cent of the new enunui 

agreement is !,lro!, ' lu p,e 

porated in the 

text that already exists. It is iarly in Western Europe. The 
also generally thought that Mr. SALT in talks are likely for 
Brezhnev and President Carter the first time to include weapons 
will want to take the credit for systems based in. and targeted 
resolving a couple of important on. Western Europe, and cnuld 
issues when they finally meet, have major implications fur the 


October 5 Yachting World reprts fully on 'the 
most important internationabfifehore event of 
the year — The Half Ton Cuj We take a close 
look at autopilots and assess ne pros and cons 
of the various models cursntly available. 

Then to a description of tb completely new 
rig, the Anglo-Itatian Luna -designed by Dick 
Carter for the man who’s a his way to getting 
everything. Plus reports fbm Burnham and 
Thanet Weeks, Part thee qf Building a 
Waarship and a revievof pavigational . 
calculates- ! 


‘U 

■% 


... . ... mm nwiL-y ai me nme fiiL 1 around 

have won 11,15 PO ,m 3 minister m a console themselves with a big was prepared fnr Britain's entrv „ D , . ( 

ly confident ti ,e ~?^ s _ not mea P' corner was heard 10 lell one of jump in membership, according into Uie EEC After entrv his fi 0 '.*’ he 1 !* ,h 1 s .ti' ensure 

mg negotia- that SALT is totally his colleagues: -The Africans l0 the Society’s general secret work was quickfy Lon to thl ^ J" " air,ine fnr 

fly wrapped isolated from other develop- knew fur years that we were tary, Dianne Hayter. “ We bad development of * the striitew 1 ?? e ,' and . ran meet the 

, . Ir was obvious that a peak nf S.QOn nr 9.000 mem- which led to the breakin- of r fJC ; ds .. 01 ,] ie jspw.alist Traveller, 

lesians were Betti Bg oil bers after Labour was kicked the French stranglehold on" the ,nch,d,nR ,he r,vh ^hccialist. 

iiewbere. The Foreign out of office in 1970. so if we farm policy. 

n it will ue a pity if what isiy“ 1 '-i i mi? that it was com- i ose the election our member- He struck up elo^c relation- ~ 

e Hkely to be an acrimonious ^t° Iran ''| a ^ut* ship would suddenly go up," ships with both Pierre Uir- 

s. debate over the terms of a SALT 1 months after they knew shi» mlrf mv polleaaue. The ore- Finnic ihan irm “ 1 IU 6 



colleague to forget 
illuminating conversation. 


Fabian exports 


Wen cess- 

raemberehip. ** if still it was soon obvious that the them. " Greeimys. respectwi 

regarded as dilettantish and two men did nor get on. Sir comrade colonel.’’ the h.Snd 
JJlSJ lMl las fL - d0 ba .. vc “ Freddie wa , s elbowed nut of his said, raising his hat. “Out r.r 
, robletn w-ith our image, she position of influence in Commun my way; westernised reaction 
admitted. But when you look Market negotiations by the ary pig! - the .■nlnnel 


ber of serious gaps still remain concluded by the end of the survived its tea dance and held Fahians were simply thoughtful brief, 

to be closed jn the area covered year, it is high time ior much a thoughtful, thinly-attended —"You talk 

by the last 3 per cent of un- greater attention to be focused meeting in a room where 


solved issues. 


on what lies beyond it. 


~ IV. 

„ , Last year after a dis- nised you !” 

— You talk to some of the iinnly undiplomatic rumpus in 
Young Socialists, they don’t Brussels Sir Freddie lost his 


I Barbara Cage's speech on know the complexity of life, place in the EEC policy caucus. 


Observer 




i v 


1 ; » 


r: 





Financial Times Tuesday October 3 1978 


21 


Bank of England’s new i 




BY MARGARET REID 


THOSE WHO think the solution 
to Britain's economic problems 
lies in grappling with individual 
industrial problems as much as 
in applying the right national 
monetary and tax policies are 
to be found not only in White- 
hall and in company board- 
rooms. 

One of the chief among them 
is Mr. Gordon Richardson, 
Governor of the Bank of 
England, under whose regime 
since mid-1973 the Bank has 
developed a new and important 
involvement in sorting out the 
difficulties of certain industries 
and even individual companies. 

So quiet has the Bank's inter- 
vention been that little is 
generally known about it. Yet. 
in addition to its known role in 
assisting the revamping of the 
baking industry and in the 
slimming down, with appro- 
priate financing arrangements, 
of Spiliers,' which has with- 
drawn from bread-making, -it 
has played a discreet and un- 
publi cased part in relation to 
the unravelling of problems at 
certain other well-known com- 
panies. 

For instance, when J. Lyons 
faced serious headaches two 
years ago through the boost 
given to the burden of its large 
overseas borrowings by the 
steep fall in the pound, the 
Bank kept a close and sym- 
pathetic eye on arrangements 
for combating the difficulty. A 
series of disposals — of hotels 
and other assets — which was 
carried out by the company 
allowed debt to be steadily cut 
back and. as it happened. J. 
Lyons is now being acquired in 
a much-discussed £64m take- 
over by the giant Allied 
Breweries. The Bank, however, 
in no way initiated this merger, 
which is taking place with 
Lyons having reduced its bor- 
rowings, though they are still 
large. 


Because of the confidential 
nature of banking relationships, 
a company with a problem to 
tackle may sometimes be more 
willing to approach the Bank 
than a Government Depart- 
ment for a word oF advice at 
an early stage. The Bank may 
be able, as an observer says, 
to apply a spot of oil in the 
works-— lubrication which can 
take the form of pointing the 
way tu certain advisers, talking 
with a clearing bank which may 
have large overdrafts outstand- 
ing to the company, or even 
nourishing the board's rela- 
tionship with important and 
potentially helpful institutional 
shareholders. 


Concern 


The Bank's extensive concern 
with industry, the development 
of its Industrial Finance Unit, 
and the appointment of the 
eminent advisers it now has 
in this field, are hardly 
surprising in view of the 
Governor's background. Mr. 
Richardson was originally a com- 
mercial barrister and. before 
succeeding Lord O'Brien as 
Governor of the Bank, he was 
chairman of Schroders, the mer- 
chant banking group which 
advises a wide raage of com- 
panies. and a director of several 
leading concerns. 

Sir Henry Benson, senior 
partner until his retirement of 
City accountants Coopers and 
Lybrand. was appointed indus- 
trial adviser to the Bank 
Governor in 1975. More re- 
cently, Lord Crohara who, as 
Sir Douglas Allen, was 
successively both Permanent 
Secretary to the Treasury and 
Head of the Civil Service, has 
also become an adviser to the 
Governor with an active role id 
the industrial field. 

In addition the Bank’s Indus- 
trial Finance Unit has been 
built up over the past four or 


five years to a 20-strong team, 
which now reports to Mr. David 
Walker, the Head of Economic 
Intelligence, who joined the 
Bank from the Treasury last 
year. The long-established net- 
work of the Bank's regional 
Agents, tbe Governor's eyes and 
cars in the provinces, has also 
taken on added importance as 
an important, though not novel, 
feature of the Bank’s relation- 
ship with industry. 

The Bank has concerned itself 
since 1975 with the problems 
and structure of the baking 
industry, where its hand has 
been plainly seen this year in 
the sequel to Spiliers' decision 
to puli out of bread production. 

Then, in 1976. the Bank 
addressed itself to the much 
fragmented “ rag trade ” and 
commissioned Mr. Pat Koppel. 
a former deputy chairman of 
Courtaulds. to “ examine the 
structure and financial resources 
of the clothing industry,” which 
has been much pressed by Far 
Eastern and other foreign com- 
petition. 

The Koppel inquiry was com- 
pleted some months ago and its 
results have, since then, been 
under discussion with industry, 
representatives of the City and 
government departments, as 
the Bank's annual report in July 
stated. These discussions fol- 
lowed many others in recent 
years through the industry's 
Economic Development Com- 
mittee, and in other ways, about 
assisting the clothing industry. 

Further action following up 
the Koppel inquiry is probably 
not now far away. It is widely 
expected that one of the objec- 
tives which may be emphasised 
will be the need to take the 
industry more up-market to dis- 
tinguish its role further from 
that of its mass-production 
rivals in the East. The Bank 
would obviously be concerned 
with any necessary fortification 
of the industry’s finances 

As evidence to the Wilson 


Committee on financial institu- 
tions has clearly shown, there 
is no shortage of sources of 
capital for industry, though 
knowledge of them may some- 
times be inadequate. It is not 
difficult to imagine that, among 
eligible suppliers of finance for 
any appropriate modernisation 
nr expansion of the clothing 
industry, would be Equity- 
Capital for Industry, the City's 
equity bank which has as yet 
done relatively little business, 
and Finance for Industry, the 
bank-backed body which has 
also been searching hard for 
enough suitable lending outlets. 

An initiative by, the Bank of 
England in response to the 
scarcity of funds in the dark 
cash-squeezed days of the 
winter of 1974-75 led. in May 
1976. to the controversial setting 
up of Equity Capital, which is 
backed by over 360 investing 
institutions and by FFL The 
Bank itself owns 15 per cent of 
FFL the rest of whose capital 
is held by the big banks. 

In the most novel and little 
recognised of its functions in 
the industrial context — helping 
to solve the problems oE indi- 
vidual major companies — the 
Bank of England likes to keep 
an extremely low profile. Close 
observers have described its 
activities in some cases as those 
of a " fire-engine without bells." 

A glimpse of its role was. 
however, given in one sen- 
tence of its latest annual report 
in the section on Industrial 
Finance which was. signifi- 
cantly. considerably longer than 
in earlier years' reports: “ The 
Bank are also concerned with 
the problems facing particular 
sections of industry, especially 
where their solution may 
involve extensive financial re- 
arrangement *’ the report said. 

The next passage referred to 
the Koppel report on the cloth- 
ing industry and the resultant 
consultations as a specific 


instance of the Bank’s general 
interest in industrial situations. 

But the sentence quoted can 
clearly also be read as an 
allusion, for example, to what 
the Bank did id consultations 
leading up to Spiilers’ with- 
drawal from the baking 


about its activities was so total 
that those who might be helped 
remained quite ignorant of what 
the Bank, could do. 

Generally, the Bank sees its 
role in this kind of situation as 
that of taking an interest in any 
problem which is brought to its 


•• wvr />•? -a-*- 
^ - • : • •••* 
• • v.. ' ‘ . ■■■L' 



Advisers on industry: Mr. Pat Koppel (left) and Lord Croham. 


industry' earlier this year. 
There, the Bank played an 
active part in keeping the com- 
panies concerned in the pre- 
ceding negotiations in active 
touch and took a close interest 
in the development of arrange- 
ments by which Spiliers 
obtained substantial short-term 
facilities from its bankers, pend- 
ing the working out of new 
terms to place its financing on 
a more permanent footing. 

The Bank is most reluctant 
to discuss its “fireman " role in 
problem situations, understand- 
ably taking the view that the 
willingness of companies to seek 
its advice is nourished by the 
preservation of confidentiality. 
Naturally, this might, of enurse. 
be self-defeating if secrecy 


notice, seeing that the concern 
in question is in. touch with the 
requisite advisers and perhaps 
discussing some broad course of 
action, such as disposals or 
closures. it might well, 
on occasion, discuss with the 
clearing bank or banks involved 
the possibility of some altera- 
tion or easing of the terms of 
existing overdraft finance 
where this seemed necessary for 
recovery. Contact with White- 
hall is also appropriate on occa- 
sion: as the case of Spiliers and 
the baking industry showed. 

In some instances it may be 
that the board of a company 
in need of financial backing or 
with other problems is not in 
touch with an investing institu- 
tion which already has a large 


shareholding and might he wil- 
ling to help the company or 
invest further in it- On 
occasion, the Bank has been 
known to bring such parties 
together, with fruitful results- 

It emerged publicly in a 
recent court hearing concern- 
ing Burmah Oil — the subject of 
the Bank of England’s best- 
known and by far its most 
dramatic Intervention In tbe 
industrial sector — -that in Jate- 
1974 the Bank had a request 
out to merchant banks to be 
informed as soon as possible 
of any major financial problems 
under their knowledge. 

Tbe Bank sees its role of 
doing good behind the scenes as 
easier if companies with a prob- 
lem come to it in good time. 
This appears to happen more 
often nowadays. 

A question of a different 
character at present occupy- 
ing the Bank is tbe idea 
of a possible bank loan guaran- 
tee scheme for small and 
medium-sized firms which have 
exhausted their unsupported 
ability to borrow. In its recent 
report the reconstituted Com- 
mittee on Finance for Industry 
(headed by Lord Roll, chairman 
of S. G. Warburg, the City mer- 
chant bank) of tbe National 
Economic Development Council 
did not make a final recommen- 
dation on the desirability of 
launching such a scheme — of 
the kind run in the U.S. by the 
Small Businesses . Administra- 
tion — in Britain. 

But the report did say that an 
experiment might be worth- 
while. As a result, tbe Bank is 
at present engaged in much pre- 
paratory work about tbe form 
which such a scheme conld take 
if it were eventually launched. 
Some observers rate the chances 
of the establishment of such a 
guarantee arrangement's! 50:50. 

The Bank has also sought to 
fill what it feels may be au im- 
portant information gap by pub- 
lishing, jointly with the City 


Communications Centre, a guide 
to financial sources called 
“Money for Business.” Copies 
of this booklet, price £1. are 
obtainable through banks or 
accountants or direct from the 
Bank of England itself. 

Within the Bank of England’s 
sizeable Industrial Finance Unit 
one area where expertise 
is being enlarged is in the com- 
puter study of company 
statistics. The unit has. for the 
past few months, been taking 
the Datastream service, which 
is used to study ratios of lire 
various kinds cherished by 
analysts. Borrowing figures, 
gearing ratios and other 
measures of companies’ situa- 
tion and bealtb are scrutinised. 

It does not appear that the 
Bank, at present at least, uses 
the computer statistical service 
as an early warning system of 
emerging corporate problems. 
But the service plays a valuable 
role for the comparison of the 
position of any individual con- 
cern which is being looked at 
with the averages for its own 
sector, and could be used exten- 
sively for varied other studies. 

One important aspect of the 
Bank's position vis-a-vis indus- 
try is that its team of eight 
Agents in regional centres, 
including Birmingham. Liver- 
pool, Manchester, Leeds and 
Glasgow, keeps in close touch 
with industrial trends in tbe 
areas and relays the resultant 
Information to the Bank. The 
results of this service are also 
made available to the Govern- 
ment. 

The links the Bank thus main- 
tains with the regions have 
been reinforced lately through 
periodic visits of some of the 
Bank's directors and other 
senior staff to the various 
centres, where social gatherings 
are held with local industrialists 
to advance discussion of 
relevant issues. 


Protectionism 
and the weak 

From Mr. W. Calvert 

Sir.— Your editorial “ Protec- 
tism hurts the weak " 
(September 27) shows some lack 
of awareness of the issues faced 
hy governments of developed 
countries in dealing with low 
cost imports. 

Tn tbe footwear industry, 
which is not untypical oF many 
consumer goods industries, pub- 
lished figures indicate that 
approximately three-quarters oE 
the world's shoe making capacity 
currently operates behind non- 
tariff barriers or in most cases 
complete baas on imports. Thus, 
trade for most of tbe world is 
already regulated or simply pre- 
vented. The only markets of 
any significance that have 
remained open are West Europe 
(with non-EEC countries pro- 
tected by high tariffs) and the 

V. S. 

it follows that, while we have 
to contend with the concentrated 
marketing efforts of all the 
world’s most powerful Footwear 
exporting countries on our borne 
market our exports are shut-out 
from most markets in return. 
Ideally we would like to see tbe 
barriers erected against us re- 
moved: we believe that we would 
be fully competitive on level 
terms in open markets. In 
practice for various reasons this 
is unattainable and hence the 
only course apart from suicide 
is to erect our own barriers. 

It is also too simple a picture 
to imply that strong countries 
are protecting themselves against 
weak countries. In our industry 
the weakest countries tend to 
have no exporting capability at 
all. In recent years the fastest 
growing exporters have been a 
few newly industrialised coun- 
tries who have developed their 
industries behind bans on im- 
ports and who fn many cases are 
now running comfortable balance 
of payments surpluses. With 
their low wages, long hours of 
work, easy access to Western 
technology, design ideas and 
markets, and their refusal to 
accept imports in return they 
hold all the cards in a growing 
number of industries and can in 
no sense be portrayed simply as 
the weak. 

W. N. S. Calvert. 

British Footwear Manufacturers 
Federation. 

Royalty House. 72. Dean Street, 

W.l. 

Restraint of 
competition 

From the Director, 

The Knitting Industries 
Federation. 

Sir— 1 am dismayed by the 

\S%Eg “ Protectionism” 1 bu rts 

^Lt is accepted that no reason- 
able person should attempt to 
argue against the parauioun 
need to promote internationa 
trading policies which will 
advanM the often unacceptable 
socio-economic situation, in the 
1 ms developed countries. This 
mustT however, surely not be 
thieved at the expense of sacn- 
ficing established and essential 

in the developed 
worid which, like textiles and 
clothing, are largely employers 

FEC Representing 10 per cent 

th c ^f , mobility- wh0 are in- 

or >»? I of 

there is tn'the UK. 

and, Sore recant. 


Choice of 
jobs 


Letters to the Editor 

the East Midlands, despite above to the EEC is unlikely to be 
average industrial diversifica- reached this year. Is the UK 
tions. It is inconceivable that part of the EEC or not'.' 
many 0 f these jobs should be t understand that the balance 
allowed to be sacrificed on the of trade. Turkey-UK is £150m 
altar of trade liberalisation. per annum in our favour. It 
Low cost imports of textiles seems to be extremely foolish to 
and clothing, from Third World prejudice this trade for such a 
sources are often the products small amount of yarn value left 
of labour which is grossly ex- available for 197S. 
plotted in a manner repugnant S. Hart, 
to the international Labour Withington Hart. 

Organisation, which benefit Century House, 
from export subsidies and where Ashley Road . Hale. 
the heavy overhead costs of Attrxnc/iarn, Cheshire, 
social policy and environmental 
charges do not exist. Beyond 
that, tbe domestic industries in 
these countries are paradoxically 
protected by truly penal tariffs 
and non-tariff barriers which arc 
not onlv applied against goods From the Liberal Prospectue 
from developed nations but Parliamentary Candidate for 
also other developing countries Basxetlaic 

which enable their industries to bir.— The Conservative Mon- 

achieve high levels of profit- day club l taking heed o( its 
ability within tbeir own domestic party's stance as a guardian of 
markets. democracy) has suggested that 

Textiles, clothing and foot- people- out of work for over a 
wear no longer stand alone. As year should be obliged to take 
recognised in your own scenario, any job offered for which they 
other mare capital intensive and are suitably qualified. Their 
higher technology industries, reaction to the suggestion that 
such as steel and TV sets, are no logic and equity dictate that an 
longer insulated from tbe market employer, in return, should 
disruption generated by low accept any. employee suitably 
labour cost economies. As qualified (or any job offered, 
capital and know-how seek out would be interesting, 
sources of cheap labour, this As an employer of SGO people, 
established trend will continue, and in tbe knowledge that tile 
as night follows day, to the point working relationship is fundu- 
wbere only those engaged in the mental to the successful opera- 
very highest technologies may uon of the enterprise, my 
feel secure but. such industries reaction would l tbiak be that 
are usually low users of labour. 0 f most people. Freedom of 
What then, do we do with labour i.-hoii-c in this area is a basic 
redundancy on such a massive freedom. 

scale? No. this must not be The institution of slate or 
allowed to happen. Realism and other projects to offer un- 
common sense dictate tbe con- employed people employment is 
tinuing need for effective, orderly a proposition of altogether 
marketing arrangements be- different merit, 
tween developed and developing Tony Wilkinson 
countries, until a greater equili- - idle Mount." 
briutn is achieved in the factors Rectory Walk. GamxlOt:. 
of production. Such a policy is ,\r. Retford. Notts. 

also in the Ions term best in- 

terests of today's developing TTr*arrs»* 1 rk* 7 rwnn 4 - 
countries who. in lurn. will one llclll piO * Ulcll I 
day themselves become more 


bard tu enforce tbe acceptance 
of a job unsuited to qualifications 
immediately following tbe loss 
of employment since anyone who 
bas been unemployed will know 
that it is virtually a full time job 
initially seeking employment par- 
ticularly at the higher levels of 
skills and management. 

1 suppose that once again 1 
would leave myself open to the 
charge of right wing extremism 
if l were to suggest that it would 
be very interesting to know wbat 
percentage of those currently 
unemployed is accounted for by 
immigrants of all colours. There 
is no doubt that the level of 
unemployment among immigrant 
labour is considerably higher 
than the average and this is 
surely something which the next 
Government of whatever com 
plexion must take into con- 
sideration in deciding its future 
immigration policies. 

Rovrena Mills. 

West Grays. Higher combe Road. 
Haslemere. Surrey. 


Transport 

strategy 


aay mems’iivt.-s wcduiv uwe i 
developed relative to tbe next OGnCIltS 
generation of developing nations. „. r£1111 

The plea is not one of toial * rom ffotreiia Mills 
protection but. ralhermore. the „ i!, 1 . 0 
restraint of unfair competition ■'[£ Gteo^w^ our bis c 
at a digestible level at the same * September -S> that Ibc fail.iri. 
time Suraginp - mofe detlri- J° , «* 

oped countries and more indu- noi. en-oura^u people to 

tries, through wider industrial «»■■« W**- ha 

diversification in the developing that this claim ,s a 
countries, to accept a greater dc f> “ nd « r ; 

share of the responsibility of 
advancing living standards h j; ,th 

among the poorer nations. v\hal is surprising is that s .< 

In the absence of such a m “ n >' 1 *SP lc f a t r h e , r pr f%" d , s ^ 
strategy kev industries will worh ,n fait that they 

witiierthe inherent skilswitibe cou,d be ■*«« w very little 
lost 1 and then for^b ow long win 

cheap imports remain cheap? aTr - G,eadow " D0L aa 

-lohn P. Harrison. 

7. Gregory Boulevard. 

Nottingham. 

Trade with 


Turkey 


ool 

employed person, aware of the 
magnitude oF these benefits in 
net terms — hardly •• little bits “ 
of snejji security. 

As long ago as 15176 a man wuh 
ihree children earning £70 per 
week in employment received a 
net income precisely 6ip per 
week more than his unemployed 
neighbour with a similar numher 
f children and a similar normal 


From the Managing Director. 

Withington Hart 
Sir,— Referring to D. J. Wul- earning level. The unemployed 
som’s letter (September 27) cun- neighbour with four children. 
cerniog restrictions recently mi- however, also with a normal 
posed on the import or Turkish earning level i»f £70. was as much 
cotton yarns. My company has as £3.78 per week better off. With 
been trading with Turkey for a the increase in benefits ; mcc 
number of years as merchants/ that date, the gap has widened 
importers of textile goods. I considerably. Moreover, the same 
agree with every point raised by argument thai 1 raised in my 
Mr. Walsoin. initial letter in opposing 

I was in Turkey when news of immediate dole being given to 
the baa was announced, and can school leavers, that is. that it 
vouch for tile very strong re- is highly inflationary a.nd that 
action this development pro- wage inflation can only le;sd 
voked from the Turkish business ultimately to increased urrempiV- 
commumiy. The method or ntent. can also he applied to the 
imposing the ban (by eancella- policy of giving lax free benefit-, 
tion of licences already issued) 1 am sorry that Mr. Glc-Jrto.t 
was particularly criticised, since has fallen into the “temporary 
this completely disregards tbe subsidy" trap. Any subsidy ir. 
problems, for producer and con- (he Tong term will unlv prove a 
sumer alike, tha: such a rapid deterrent to the free play of 
stop entails. It is made more market forces and hence w:U 
difficult to underhand when one inhibit tiie optimum Use of 
realises that tin- agreed total resources including labour. I 
cotton yarn input from Turkey think loo it would be a iiilig 


From the President. The British 
Transport Officers' Guild 

Sir.— The response (September 
26) by the Director-General of 
the Chartered Institute of Trans- 
port to the Guild's letter of 
September 22 is interesting and 
certainly calls for comment: far 
it appears that we are both seek- 
ing some means by which a more 
co-ordinated approach to a logical 
transport strategy could be 
achieved. 

The Director-Gen era l would 
prefer to >ec the establishment 
of one. “ all-embracing." Depart- 
ment of Transport: and we would 
agree that a good ivi-se can be 
made for al! forms of transport 
to he brought within the purview 
of one Government Department. 
However, such a transport over- 
lord would still be — perhaps even 
more — in need oi the best pos- 
s’-b'e factual information and 
advice before polic:- decisions 
were taken. 

The development which the 
Guild has been advocating for 
some time is a formal stiuvtiire 
through which ine various pos- 
sible solutions for *n> transport 
proo-eni can be placed hefore 
the Secretary of Stale in a form 
which identifies as objectively 
as possible *he optimum solu- 
tion! ?t for the nalum a s j whole 
— not i be one which happens to 
be most convenient or reflects 
the nio.-i powerful pressure 
groups. It is the Guild's view 
that in a mixed economy the 
most practical way in achieve 
this is by tbe establishment of 
a National Transpm-i Develop- 
ment Committee, representing 
both the nationalised and private 
:ec'.ors of The industry 

Tr.e Director-General questions 
■••ha i ?uc'n a committee would 
achieve and raises the spectre 
of additional delays in decision- 
making. The Guild accepts that 
any achievements must bo depen- 
dent upon Jhe quality or the 
members of the proposed com- 
mittee. Equally, the uset nines? 
of the proposed “ all-embracing " 
Department of Transport '.vnuld 
be dependent on the quuliiv nf 
the transport overlord hiniscif 
and of his permanent -laff. 

As regards llie possibility of 
additional delays, all concerned 
know full -.veil thai the lead 
time? for an;, transport capital 
investment project are already 
very long: and therefore further 
delays (if any i must h* -een in 
(heir proper perspective. 

Surely, what is of pa 'amount 
mi :*y nance, jc the effect* uf 
major decision^ nn iranspor: 
infrastructure must, for good or 
«!i. remain with (he count r\ for 
generations, is the need to 
ensure that any -ueh decisions 
are as soundly based as possible. 
Henry Haydon. 

Room 3<i7. iVesi Side Offices. 
Kings Crot-s Station. ,VJ. 


GENERAL ' 

Prime Minister addresses 
Labour Party conference at 
Blackpool. 

South African cabinet considers 
the UN Security Council resolu- 
tion on Namibia. 

Mr. Zbignew Brzezinski, 
President Carter’s special security 
adviser, in Bonn for talks with 
West German Government. 

President Nimieri of Sudan 
(chairman of the Organisation of 
African Unity! meets Herr 
Heimur Schmidt. (Vest German 
Chancellor. 

Lockheed bribe trial resumes in 
Rome. 

Stock Exchange turnover 
figure:- published. 

London Business Show opens. 


Today’s Events 


Cunard International Hotel, 
London (until October 6). 

Presentation of the Queen's 
Award for Export and Technology 
to Bland Payne Holdings at 
GuildhaH. London. 

Sir Peter Van neck. Lord Mayor 
oT London, attends Gresham 
Committee (City -Side) dinner at 
the Mansion House. 

Official Secrets trial resumes at 
the Old Bailey. 

Astrid ProJ] appears on remand 
at Bow Street Magistrates’ Court. 
OFFICIAL STATISTICS 

Treasury publishes UK official 
reserves for September. 


Bank of England September 
figures for capital issues and 
redemptions. 

COMPANY RESULTS 
Final dividends: Armstrong 
Equipment. Ingall Industries. 
Park Place Investments. Interim 
dividends: Avery’s. Bankers 

Investment Trust Cape Industries. 
Estates and General Investments. 
COMPANY MEETINGS 
Dowry, Arle Court, Cheltenham, 
Gk>s„ 11. English and Overseas 
Investments, Winchester House, 
100 Old Broad Street, EC. 12. 
Investment Company. 16 SL 
Martins-Le-Grand. EC. 12. 


SPORT 

Show Jumping: Horse of the 
Year Show, Wembley. 

Boxing: Alan Richardson v. Les 
P ickett . Aberavon. 

EXHIBITION 

Chinese Stamps, Stanley 
Gibbons Gallery, Strand, London, 
WC2 (until October 30). 
LUNCHTIME MUSIC. London 

Pauline Thurbum (soprano) 
recital at St Peter-upon-Comhill, 
12.30. 

Harold Dexter organ recital at 
SL Botolph. Aldgate, 1.00. 

Margaret Phillips organ recital 
at St. Lawrence Jewry. 1.00. 

City Music Society, Landini 
Consort, at Bishopsgate Hail. 1.05. 

Dr. Harry Gabb organ recital 
at Holy Sepulchre, Hoi born 
Viaduct 1.15. 


1 know we need 
more people. 



now we’re 


If yours ia a private manufacturing firm then 
you may be entitled to financial help from the 
Government. 

If you employed under 200 people on 
15th March 1978 in an Assisted Area, or one of the 
Inner City Areas within London and Birmingham, 
then under the Small Firms Employment Subsidy 
every extra full-time person you take on could 
get you £20 a week and certain part-time workers 
£10 a week. You could get this for up to 26 weeks, 
which should see you over their initial period 
while they gain experience. 

The map shows the approximate 
locations of the Assisted Areas. Send 
in the coupon for the explanatory- 
leaflet on the Small Firms 
Employment Subsidy, or phone-^ 

Jack Beilis on 01-2i4 6446. 

This scheme is open for 
application until 3ist March, 1979. 1 
<* . And the sooner you apply, the. better. 


ESa Assisted Areas 
Inner City 

Partnership Areas only 




oil firms Employment Subsidy 


r 

B 

I 

B 

9 

B 


Ploaso send me details nf the Small Finns 
Employment Subsidy Scheme, and the 
areas in which it applies. 

Post to: Jack Beilis, Small Firms 
Employment Subsidy, P-O. Box 702, London 
SVY20 SSZ.or telephone him on 01-214 6446- 


Name 

Company. 


Address. 


Department of Employment 










22 



Marshall Cavendish down 
£0.6m— sees improvement 

"WITH RESULTS depressed by the only a nominal amount at present. have taken place. 


Haden Carrier £1. 03m 
on better sales trend 


■ Financial Times Tuesday Qcfotier 3f J97S 



A JUMP In taxable profit from 
£793,000 to £1,025,000 is reported 
by Haden Carrier, building 

services and metal finishing 

engineering group, for the first 
six months or 197S on sales 17.2 m 
better at £86.tim. However, after Beotson Clark 


INDEX TO COMPANY HIGHLIGHTS 


Company 


Page 

22 


Col. 

4 


Company 
James (John) 


Page 

23 


Col. 

3 


Downturn 
at Percy 


failure or a new weekly magazine Mr. Bristol forecast an increase 
and (he postponement of a major in profits for the current year, 
partuork launch because ’of an 
industrial dispute, taxable profit 
oT Marshall Cavendish fell to 
£57-1.000 in the 28 weeks to 
June 30. HITS, compared with 
II. 2 m in the first 24 weeks last 
year. 

Directors say. however, that the 
group has had a successful pro- 
gramme of autumn parlwork 
launches and that profits for the 
full year 
compared 

Sales Tor the period were 
£«».57m. again IS.S2m. and after 
lax of £298.000 t£82(i.P00> net 
profit was £278.000 11578.000). 

Kurnma* per tup share are given 
at i.3!flp against 2.S2p. 


improvement in the UK in the „ , . 

first half largely stems from the ‘ Slr 'Ulan Pull inger, the chair- 
group's architectural window divi- “l 31 ?* says *"*/;, ,be Waher level 
aion: the Scottish building-window lu !! n 2 v ?T , Con Unue in the 
interests, however, are still s f c ° n “ half. In June he forecast 
depressed and Hardall's disposal- that group- profits would move 
chute business has been hit hy 3 satisfactory level 

the downturn in the Middle East in . had reached a 


Bibby & Saran 

23 

2 

Lane (Percy) Group 

22 

2. 

Currys 

23 

4 

linfood 

14 

6 

F. & C. Euro trust * 

24 

7 

Macallan-Glenlivet 

24 

9 

Grimshawe Hldgs. ‘ 

23 

1 

Marshall Cavendish 

22 -. 

1 

GT japan Inv. 

23 

2 

Paricer Timber 

22 

3 

Haden Carrier 

22 

4 

Pullman (R. & j.) 

22 

7 

Hume Hldgs. 

23 

1 

Saint Piran 

22 . J 

5 

Ingham (G.) 

23 

S 

Smurflt (Jefferson) 

13 

1 


strikes at BOC, one* of its major ye 5 uK ,ere u < *® wn «w 1 , 

suppliers, arc also hanging over Although in Ihe UK construe- - 

the group, which is already suffer- f' on njarket there arc some signs 

inu from excess ranacily after revival in demand, growth will ... . , , 

; ana mat proms tor me „ . having enlarged three factories remain sluggish, while in France directors expect improved results „ 

1 should be about £2.4ui. Fv*R THE first halt or 1U7S | aa . year in anticipation of higher the market is stH] declining with from the Middle East operations j n the last year. Meanwhile, the 
d with last years tl.OSin. taxable profit of 1 ercy l-ane Assuming a dividend an Inevitable and costly require- ln _ t J* e following yea re. group's Carrier Drysys metal 

^erased by 1<> per cent the ment «° reduce stair On The net interim dividend - - K 


be lower than the £4.S3m declared 


Group dropped from £iiR2.!)0n in 
£112.800 on a combination of 
sales down from £8.71 ni to 17.94m 
and pressure oil margins. 

Mr. K. P. Lane, the chairman, 
says the weakness in demand re- 
. ferred lu in his iasl annual .state- 
,,, . lcr . e,S l S menl hai continued, particularly 
or ill.uno tlU.nmn. and allribut- from coiHincnial caravan manu- 
al profit came out at £2&i.0f>0 facluri _, rSi while some improve- 
(£584.0001. nttni in the UK position has yet 

The interim dividend is 1.34p, to be nu idled in Luxembourg, 
against 1.32p last lime, and a final the directors expect to be able to 
payment similar lu last year's pay an increased dividend for the 
fi.ii'itip net is forccasL year. The interim is held at 1.2p 


shares yield 
per cent at 48p. 


Parker 

Timber 


“ finishing activities are likely; '-to 
A 


-share boost profits by up to £2m, again 


• comment 

Marshall Cavendish's attempt to of 
hreak. into the weekly magazine 
market has proved to bo an 
expensive failure. "Faces" macn- 
/ine lasted only 12 issues and loft 
Ihe company with losses in excess 
of £5tl0.0uu. This, coupled \\ fill 
induslriai disputes meant that 
in 


same period last year. 

Freehold premises have been 
recently bought in Leicester for 


Of ihe saii-s (otal the UK con- 
tributed £2 U2m ( £2.80 in t and 
Luxembourg £5. OTim t£ti.02m). (if 
ihe profit. ihe UK share was 
£411.288 i£X!i;icifi) and the Luxem- 
bourg share £28:f.:iDn (£5ii:s.iitm>. 

The resuii is .subject tn tax of 

pre-tax profits in Ihe 28 weeks £157.208 (f:{4.-;.2n0i tviili ihe _ , - _. ,, .. . 

tu June :tti. tniS were 52 per cent Luxembourg proportion £131.888 Timber (Plywood) which 

down. Directors are pinning their tCJUiLSno). Mel profit came out at , 1 mcrease capacity and reduce 
second half hopes on three new £133.4811 (£.'!:i!i.780). storage a ? d . handJm 8 vests, the 

parlw-ork launches. “On ihe A revaluation of group proper- vnairman says. 

Road.” “Stiteli by Stitch" and ties showed a gross surplus over .„£“ r en “5 t * *' arc ‘ 1 "L 

"Football Handbook." The firsi nf bnok taluc of £Lrt7m. A decision r mJJT 01 s before lax amounted 
the three, which is designed for on the treaimcnt of the surplus f° £2 - J 301 aS^inst £2.<4m. Group 
car handymen and spread in its accounts will he made td rnover - including direct exports 
over 98 issues, is shaping up to before the year end. 
be one of the most successful Lane operates as a mnnufac 
publications of Ihe 


costly require 

U per cem me ment lo reduce stall numbers. On . # . 

comfortable 11.6 the other hand the re-equipment . . . _ 

of the motor industry with which 2^ mainly from the U.S. markets. 
Carrier Drysys is much con- 5.M5p final was paid in 1977. More worryill g are t he UK build- 

eerned. continues apace in most ?* .nd* fhe^nrfbm ing encine?riri S services activiUea, 

.STiES ST -S — »«»“"“»« ^ -* •- «r-<* 

awarded a number of significant t£338.00D). 
contracts. 

In the MiddJe East, where the 
group experienced much difficulty 
last year, the situation 
improving. Even so, 
high cost of supporting UK over- 
heads. together with a conserva- 
tive approach to the valuation of 
there will be a 
from this area in 

_ * — , — a reduced level 

lident that a further prosperous compared with 1977. 

year will eventuaLe. Turnover Work is proceeding to plan, and to be completed in 1979-80. something better of the group! 
for the first five months to as several more satisfactory However, work is now well The shares yield an attractive 
August 31 has increased in value contracts come on - stream the underway and losses are likely to iu.8 per cent, 
by 17 per cent compared with the 



Crosby House 
— £0.47m loan issue 


the 


progress 

„ f id O" wortl prc-, as pmflu. £> ^tV-X^C £ST£l£ 

mi »--■ liHant th'it a fiirthpr nriwnprniK il. «n 


£1.0I>0 

£386.000 - , , . 

group turnover, which have ex- 

perienced ' pressure on margins 
Comment although there has been a revival 

Haden Carrier is showing signs in demand. And across the 
i* of recovery in the first half after, channel the group is shouldering 
iwiih The * difficult trading twelve months, a heavy redundancy programme 
• - - The main cause of Ihe trouble has which will add around £200,000 

been iwo Middle East contracts to costs. . For the fuU year-Haden 
(now valued at around £45m) may have Little trouble in making 
which are on a fixed price basis Il.Sm, compared witb £1.4m. On 
(and originally fixed term) and that basis the shares at 121p stand 
arc nearly three years behind on a prospective p/e of 12.5 an 
schedule. These are now expected clearly the market is expecting 


Beatson Clark ahead but less 
buoyant second half likely 


p of £236.000. was £45.7«m compared ANNOUNCING TAXABLE profits proceeded well with this major _ tr odi 
with £41 06m ahead from £l,19m to £1.45m for investment of £2.am and the plant ahead 

: During the year capital expen- , the fir ? 1 n hai / of 19TS - l " e d'rec- is already in operaUon. This addi- fifth— a 


cent 


— trading profits 36 per 

on sales up by nearly- a 
are slightly better than 


ive 'un^lu ;,,uminium vind0W diture on proje^ and mnchi iery dafk/ind Co. tinnal production, together with United Glass fnr the same pcrl^ 


group. If the three live up lu a^wmbiios. 
expectations, pre-tax profits for 
the year should reach £2.4ni. © comment 
tt'iih ilie shares selling at .11 p 
this gives a p c or S.S and a yield 
of 13.3 per cent (assuming divi- 
dend is maintained). 


amounted to IlJllm — a record. ® r , ?) as .* containers, say 

The additions to land and build- r Sho ^ "'7' 7' . mue gi 

ings of £381.000 included a new e H u . a ,[ ~ ct,rd £2 - 3Bm for the make its com ri but ion to trading U ] es af 


the effect iff imprming prntfuc- With food consumption showing 
tivity at both its factories, will }ittle growth. United's volume 

lass containers- were' 


Percy Laor’s huif-iimc figures are .sawmill at Dunston on Tyne ito wh0,e ° r l,J77 - resulLs during the second half, 

as poor as t ho company's long- he opened on October 17). exten- In the annual report in April. ro ti?^'- v J :ar r , s J 1 .l? -s - f r <? m 

i-.nge warning- earlier ihis year sive additional buildings at Dept- the directors stated that while * n and profit in- 

>UK-4ested: unfortunately, the ford, and further land in Kuther- they were confident about the c u , s . a a |ir . f,v,s * 0 - n 

upiurn forecast rhen for the glen and Pinxton. future demand for glass contain- slnc ' f . inflafinn of £140.000. Corn- 

second half is by no means It is expected that the building ers, they recognised that the loss p aralive figures have ’cordingJy j,a V ® improved by nearlv a 

for programme r '--* r 1 --n» I •< Iimiii rPSlali-d :inrl incliidp n simi- «... ■ V i .r “ 


KCA DIVIDEND assured. Caravan* output for programme in DeptTord will be of produclion at the company’s j Jeen resla . k : ,J tncll,r,p 3 s i™l- ^his pattern'is also evident 
The chairman of kcv ini.-r Kur ^. v u * , a "■ ho ' e w ^ s ‘ 20 l ^ r ‘■'ompleted by March next year Rotherham works through the 'jVL in™™ 0 " amounting to, jn esport marke[s where ^ ]as 
nJinn'il ' p Uri ’ d 0 '' 11 in the first half of the and will increase further rapaririy complete reconstruction of a glass i 1^2, 900. ...... . . are 29 per cent higher. Second 

thiTri’r , P h d fj .vearand thc immediaie prospects and improve services to custo- melting furnace there, would The irHcrini dividend is raised hnlf profiLs will not be as bu^anr 

the AGM that ihe company would for the industry, which has an mers. says Mr. Whitby. make it difficult to improve on from 2 P to 2 -»P nel P er 2s P share ho ^ du . recorSfrur 

re i urn lo paying a proper divi- August 'July order cycle, will not Meeting. Brlth, Kent. October 1977 results. . and a supplemental 0.048p for ti^ orthc Rotherham fac^^a 

_dond a«joon as pra^Mcal It pays be clear until the autumn -shows 27 si noon. They now report that work has ? pd a ^ ( ^^ hc pa it e Ss^ ^r»er of SroJp ouTpu??^ 

j iu„^ , n , n .nmm-ns — r.fi,i „ r has m62 n I a h re .] k i n production 


steady but BC's increased 'by just 
under a tenth, mainly because, of 
ihe company's emphasis on- the 
pharmaceutical industry . (three 
quarters of the earnings), where 


rBfWBv HOUSE the freight under .... 

ronvurdin" company which is ment .Subsidy scheme a mount 

freiglit Th buTmess C0, ii k pilrdia^d for^e /ireAiaJf'of^OTR xSg.. 
Som Cook! has announced a. subsidy is being reviewed this 
rlchts t^sue of convertible loan month. . 

Sock to raise about £470,000 as The directors believe t be, 

HP J? BS, for the Just JS money, together *iih the mfl ow 
montK7 iradin- oT compensation from Sn Lanka. 

^Shareholders^ will be able to will give the zroup s-ufficieirr 
subscribe to £3 of 10 per cent working capital untd its trading 
ro^erUble uiScured loan stock operat.ons «m again generate a 
19S7-90 at par for every five positive cash flow, 
ordinary shares. The stork is _ rnmment 
convertible between J988 and « n nn l ... .. 

1987 into ordinary shares at a Crosby is clearly m a position., 
rate of 67 £1 nominal shares . For where a conventional rights Issue.: 
evexy £100 stock, a conversion was out of the question; the, issoe „ 
price or l49.25p per share. The of deferred equity, however; * 
shares closed yesterday at I40p. should solve the immediate profe.- 
For 1977 the company Jera of cash shortage while giving . 
announced lurnover of £14.43m subscribers something of' 
(£9.64m) and net loss of EiWEJ.OOO income, a valuable asset f or 
(loss or £323,080) after a tax charge investors in a company that hiij 
of £8,000 (£4.060). For the half-year not paid a dividend since -the.- 
to June 30, 1978. there was a loss 1976 'final and envisages 'paying ■ 
of £136.000 on lurnover of £6.14m. nothing for this year and nextA- 
No dividend will be paid on Tbo company must be hoping that - 
ordinary shares In respect of the ETT backing will persuade 
1977, this year, or 1979. nor on the shareholders to top up tbeir. pr*. . 
preference shares until the group sent investment by subscribing fo 
returns to profitability. tbe rights: the market's 

International Investment Trust reaction, with the shares • up >l2|j .. 
of Jersey, which owns 240,000 of at 14flp. suggests the terms ha V p 
the issued 782,744 Crosby shares, been well received. •• - 

will take UP its full entitlement 

(£144.000 of loan stock) and |\FW TOURT PROP - 

has sub-underwritten, through rr •.. . 

Laurence Prust and Co.- the major AT J28-^n - . 

part of the remainder of the ** , 

rights issue. IIT cnuld in due ^The next issue of units m the 

course hold more than 30 per New Court Property fund is hietni; 

cent of the voting capital, but made on October 14, af 128Jjp. 

the Takeover Panel has granted P? r ., l ?. n,t - . T" 16 estimated gro* 
an exemption to the rule that is 4.5 per cent. ■ •" 

would require it to bid for the Tbe fund, sponsored '.by N. M,-.- 
balance of the shares. Rothschild Asset Managemeirt, • 

The company’s decision to make provides tax exempt pension funds . 
the rights issue reflects its urgent and chanties with the opportunity, 
need for working capital. t<5 hi vest .directly in properly 

Compensation from Sri Lanka for without getting Involved ia the' : 
its tc-a estates is trickling in hut administration problems, yet not' - 
cash-flow is under pressure. TIT, losing the tax advantages. Thb 
which originally took an 18 per fund now stands at 126m with 
cent in Crosby as an investment, units held by about 100 pension 
is now actively involved in the funds and charities. •/; 

management of the company Since the previous issue of. . 
through having Mr. Richard units a l the end of June. the. fumf 
Robinow on the Board. has continued to expand its 

The Crosby chairman, Mr. J. R. portfolio in tbe South East.-" 
Keafle'y. said in the rights issue Hecent purchases include offices 
document that 1977 had been a in Central London and Guildford, ' 
disastrous year for the group, and a shop property in . Portsmouth- 
drew ariention to the auditors' and warehousing close to (he M?~ 
qualification in the 1977 accounts .at Reading. The fund -is Dan 
which referred to serious fully invested in accordance with- 
vveak nesses in its accounting its targets, the portfolio being' ' 
systems. split 41 per cent offices. 24 per 

The losses were struck after cent shops, 26 per cent industries 
payments from the Government and 3 per cent agriculture. •*' 


A ' 


BICC Limited 


has sold 2,869;D00 shares of common stock 
of General Cable Corporation to 


General Cable Corporation 


The undersigned acted as financial advisors 
to BICC Limited in this transaction. 


Morgan Grenfell & Co. 


Limited 


Goldman, Sachs & Co. 


September 29, 1978 



0NSMURHT 


Interim Results to 31st July, 1978 


Sales (to Third 
Parties) 

Pre-tax Profit 

Dividend per 
Share — net 

Earnings per Share 


Halfyear 

1978 

£000 

92.833 

8,345 

2.81 2p 

10. 5p 


% 

increase 


11.6 

22.1 

13.6 

19.3 


Half year 
1977 
£000 

83,218 

6,832 

2.475p 

8.8p 


Year 

1977 

£000 

175,686 

15,977 

7.342p 

19.3p 


The interim Dividend now declared writ be paid on 29th December. 19?S to Shareholders on the 
ReffiSierat Is: November. 1P7S. 

Profits alter Taxation and Earnings per Share ha ve been re~ stated to take account of prior year 
adjustments in respect of deferred ta* ation. 


The first half of 1 97S saw very low levels otpnce inflation ir 
Paper and Packaging - on occasions negaiive inflation, and 
consequently the sales growth being reported is very real. 

T rading 

Sales activity in ihe period was in the main good Profit margins 
overall improved from 8.2% lo E.9%. This gain came from 
produciivily rather than puces. 

Continental Group Inc.- Divestment 

The Continental Group Inc. decided on 31 si Juiv, 1 978 to 
dispose of its holding of 1 0,1 02.1 63 shares in our Group by way ot a 


placement in the London market. The company is well covered on 
the supply of raw materials toy its commercial arrangements wrih 
SCA - Continental Forest Products and other suppliers. 

The Future 

The fuxure is. as ever, difficult to piedici and more particularly at 
ihe present time as there is a disturbing amount of industrial unrest 
in both the U.K. and Ireland. We have already lost more plant 
operating days this year ihan at any rime in the history of the 
company. Notwithstanding this I continue to see the year as a fair 
one for (he company. 



Jefferson Smurf it Group 

Swords Road, SantrYf Dublin 9, Ireland. 


Flirt ihp.'mm- 


R. & J. Pullman confident 


tend to recommend a final of not , ‘ n 
less than 3Jt.jSp (3.15Bp). 1 tW0 * notUhs - 

The company 
customers that 
will raise ils 
per cent and 

ihesi 1- . pre-tax looks a more likely. - out- Profits. additional depreciation ’of £102,600 

chairman not ialer than ihe^next come - M ? 95 P tl ? e shares stand .The group, whose activities Jn- and extra .. costs of sales or 
annual meeting, which Is ex- 



pected 

1970. 


to be held on May 10. 


• comment 

Beatson, Clark’s first 


on an undemanding prospective elude ihe manufacture, 'Ttribu- £100.000 less a gearing adjustment 

p/C of 3.S taking a line through tion, and retailing of outwear, js of £83.000. 

the interim tax charge, but the currently rnnsnlidating its export At year end .working capital vi as 
. yield or 2.3 per cent, ad muiedly business after three years of up £0.33m i£0.Um);- Bank over- 

covered nine times, knocks some dramatic increase and efforts are drafts were ub st£T.dSm.(£L39m) ' 

hair results of the gloss of the- rating. v being directed tow-ards the home and bankTouis were £L3iftf (Elm) 

^ market where business is picking including an adfince of 300,000 
• J u b considerably. Mr. M. A. Hope, for a new fsanory at Blytb under 
the chairman, states. which any government grants re- 

For the year t« March 31. !97S ceived are immediately repayable 
taxable profit reached ji record to the bank. . .. 

ElOSra (£(U)7m) on sales ahead Capital comniitraeats stood at 
tn £ 12.84m t£lL32m) and Ihe net £140,000 (£182^00).; . 


St. Piran Board ‘needs 
strengthening’ 


Shareholder pressure for 
changes at Saint Piran. the con- 
troversial mining and building 
croup, continued yesterday when 
Mr. Robert Morrison, chairman or 
Planned Savings Life Assurance 
Group, met one of the directors, 
Mr. V. E. Skinner, at the offices 
of the company’s brokers, Joseph 
Sebag and Co. 

Mr. Morrison requested that the 
Board be strengthened with inde- 
pendent non-executive directors 
to remedy what he described as 
the " crisis of cnnfidence " in the 
company. In a restrained meetmg. 
Mr. Morrison expanded on the 
points he made at the recent 
shareholders' meeting, when he 
blamed undervaluation of the 
shares nil “ suspicions nbour the 
company." in particular the 
foreign holdings and bnurdroum 
changes. 

Mr. Morrison suggested that the 
chairman or Saint Piran. Mr. W. 
Shaw, might find his post too 
onerous in view of the fact thar 
he is a non-rosidcnL But Mr. 
Morrison said afterwards that he 
was not necessarily suggesting Mr. 
Shaw’s resignation. 

Mr. Skinner was the only one 
.the three directors of Saint 
Piran in the country and able to 
listen tn Mr. Morrison's views, Mr. 
Skinner made nn promises but 
said that he would report back to 
(he Other Board members. Saint 
Piran is currently seeking a 


replacement for the last .chief 
executive who left for “ personal 
reasons.'' 

Mr. Morrison said yesterday 
that he considered Joseph Sebag. 
brokers lo Saint Piran, had taken 
"a strong and proper line" with 
the company. He was optimistic 
that action would soon be taken 
although pressure for something 
of this sort has continued for 
xnine time without result. 

Mr. Morrison claims that clients 
and funds under his management 
own 3 per eenr of Saint Piran 
while other shareholders sympa- 
thetic lo his views hold another 
X per mnL 


DIVIDENDS. ANNOUNCED 


Current 


Date 

of 


Corre- Total, 
spon ding for 


Total 
last 
year- 
&2f 
4.fil3 
-7.8 
.13 IS 
2.7 
4-6 
4.33 

734 

Dividends shown .___ 

* Equivalent after allowing for scrip issue.'.- f On capital 
increased by rights and/or acquisition issues.' j Includes 'additional 
O.tMSp. glnc/udes additional O.flSp. f.No interims previously paid.' 
I'. includes additional 0.1MW782. t4 Soulh African cents. . . 


Bcntsnn Clark . 

Currys 

Haden ■ Carrier inL 

Percy Lane 

Lydenburg Platinum 
Macallan (HciUivet .. 


pay.m-jnt 

payment 

did • 

year 

..int. 

2.5 

Dec. 1 

2 - -v- 

— . . 

..hit. 

1 

— 

-£ 


,.inL 

3 

Nhv. 24 

2.77 

— 

.JnL 

1.2 

Dec. I 

\2 

— 


«.«** 

Nov. 10 

0.95 

• r, 8 


3.14 

— «• 

3.22 - 

5.14 

..int. 

1 34 

Nov. 23 

1.32 

— 

..int.- 

2.81 

Dec. 29 

2.48 

. — 


4an 


Second City 
Properties 
optimistic 

CONTINUED nptimisni as lo the 
future prospects of Second Cilv 
Properties is held by Mr. «L L. 
4nborn<. the chairman, lie says 
the group ik very soundly based. 

The investment division is con- 
tinuing ro increase its income a> 
more reviews fall in. and this will 
remain mi into Uie early losus 
when the rental income will show 
a substantial advance over the 
IP/# -78 figure which, not or out- 
going, amounted to £260.182 
<£236. 123). 

Additionally, svlcrtitc growth 
by way i»r new projects is in hand 
and (he yield from lliose will 
beam to be reflected next year. 

Th‘- ' private devetnpmenls 
division i.> pi-ocresMng xatisfac- 
loriiy and has an adequate land 
bank. Further land has been 
acquired s tyre year-end but the 
impact oF the development land 
Lax in Us pn*senl form is having a 
disastrous effect on ihe land 
market. Mr. Jo her n.s cummenlK.- 
However, margins are returning 
to a more realistic level and the 
division's profitability should be 
»n target in 1978/79. 

As reported September is. 
taxable profit for the year to 
April 30, 597S, reached EL.flSm 
I ro.Jun i on lumuvcr ahead lo 
£20. 88 m t£14.05mj. 

At year-end net liquid funds 
were up £497.603 (Ell 1.281) with 
bank overdraft lower al £227.60.*. 
<f703.91ftj. Future capital enmmit 
men is were £327,000 (£47,000) of. 
which £274.01 *0 ( £47.011*11 had been 
authorised but not cuaLracietl. 


We'd like you to 
see our point of view 


J"T '£ 


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/V. . / d — r - 





- r-S m P-t —± .. .-?k 



Top nine office floors remaining 

46, 557sq.ft. approx. 
TO LET 

Generous Car Parking 



.'TaV "i.** - 


JONES UNG 

■IB 


^ v Chartered Surveyors - 

•*J font: Utr^i.-,;ini!do't LQV3FE. 4060,' 



% 


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23 





^ [ :,r.. 

428.3m * 


Sl’t* • 
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SXPJ-1 H 

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iSiwrji.. 

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ifi'a-jXf. 

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iev 


V; Tuesday October 3 197S 



to £8.4m at halftime 


Currys advances 
£0.6m midway 


fowe_p r oblem areas is beginning 


Nigerian results 



BOARD MEETINGS 


man, points out that the period 


dumping. 

saw verv low »*««"* Damping in also a problem in 

t£n.inpaner and^oiLSS, 0 ® Weh ^ sity Polyethylene 

nrice “ctor. and the group Is acting 


not rebound from the poor second appliance, television and radio 
half of 1977 as rapidly as equipment retailer for the period 

umiwr, ana roe group is aciinc on ex P ect ed- The year began with were £79.78m compared with 

price decreases on occasdons- rtmt front Packam-ne TmSiSJlS “ Wr e weather which closed £85.9m previously. 

JmiUitta? fc-P 1 ** growth con- are busy t ’andfas^anned, pap^r gams and sent fuel costs soaring. The profit is after depreciation 

vef y real- The mill Sets are -welldownbe- Second half profits are however £1,000 lower at £646,000, staff 

prediction that the full year would cause of the down-time effect of ^Pected to exceed those of the pension scheme contributions up 

v ne aPPeara to be weU- its major investment which isnow period last year. from £145,000 to £417,000 and a 

"jmded, he says. : being complete* The group baa recently decrease in the provision for 

Of the increase in margins, ha The distrihntinir divirion concluded the acquisition of a unmatured profit on credit 

says the gain came from produc* thriving, and Se the annual i ori ™ga ted _ company. Centralis trading of £933,000 (£822,000). 

IpbvL *?^ er ^ 3ari .prices hut report the group has purchased 
.group short of the a substantial' interest in Tele- 
* ,ev Sl ^ „ Rents, a TV rental chain, and 

f ? r “*? P®p°0, was £2J26m bought oat 'minority interests in 

if:: r m) Interests Smurfit ThomSpruyt and Pad ere. 

rose from £0.72m to £Llm, reflect. In the UK only umited volume 
ing the shareholding of Svenska growth is- being enjoyed by 
i-eltulotfa Aktiebolaget in its packaging companies, partly 
Corrugated companies. reflecting - the high level of 

Earnings per share are given consumer durable imports, 
at 10J>p-' against an adjusted 8.8p’ Corrugated', performed well with 
last time. The interim dividend some negatives- which are being 


INCLUDING INTEREST receivable 
of £332,000 compared with 
were weU £354,000 previously and a £65.000 

TUe following companies have aotlBcd 
daws of Board meetings 10 the- stock 
Exchange. Sucb mcetinss arc usually 
consldcrlnfi 
arc z»l 
dividends are 
_ . sub-divisions 

shown below ore based mainly on last 
year's timetable. 

TODAY 

Interims:— ttverys. Bankers Investment 
Trust, BimzJ Pulp and Paper, Cape 
Industries. Estates and General Invest- 
ments, Sheffield Twist Drill and Steel. 

Finals:— Armstrong Equipment, Ingall 
Industries. Park Place Investments. Saga 

Pffljlnjra. 

FUTURE DATES 
Interims:— 

Absrthaw and Bristol Channel 

w. ... _ Portland Cement Oct. ID 

Container Corporation, which is Directors say they should be Adda international ton. 12 

located near St. Louis and will able to look forward to a satis- Domimon and General Trust — on. 12 

give added value benefits to its factory Christmas trading period. ffSSSe ($ j 11 

corrugated sheet plants at The outlook for next year is less satMb — ocu s 

Frankfurt. Indiana and Fort certain but they feel confident the snenmigiu - Oct. 10 

Smith, Arkansas. The paper win all-round strength of the company Tank s con solidated investments .. ocl 

will also benefit will stand it in good stead. - — Oct 

On the future, they say ft Is The result is subject to tax of B p*TT- o«.u 

more- than ever difficult to predict £2. 01m (£L69m) and earnings per Uigbiapd Eiectronice oa. to 

as there has been a disturbing 25p share are shown ahead from ukc “«i EWot Ocu 

amount of industrial unrest both 6-5p to 7.7p. ww***®** <CeD-) <E ns’s.J Ocr. 5 

in Ireland and the UK. In For the first time an interim tAsneDded 


Ls raised from 2.475poet per~25p MTOtedT* FlexIbTes went slowly f dditi . on . growing absenteeism is dividend is to be paid. The lp 1 

share to 2.Si2p. and will absorb in the period but losses were a P™blem. Overall, how- dividend wifi be paid along with- 

£1.34m (£l.l8m). Last year a eliminated while the production ever - _ M . r - Smurfit sees the year a O06S782padcUtlonal payment for 

4JSfi7p net final was paid .on total gains in paper and board were 35 a fajr one ^ or t h e firoup. 1977-78. Directors say that all 


profits of £15.98m. Already a 
gross total of at least I2.5p com- 
pared with last year’s ILOUp has 
been forecast . 

Mr. Smurfit says that in Ireland 
the buoyancy of the economy 

provided a good, base for growth 
in the period. The business 
climate is- expected to remain 
positive for the rest of the year, 
and profitability is healthy. 

Also, historical investment in 


negated by losses in waste paper. 

which stemmed mainly from mo 

particularly difficult market Sales 

conditions. ^ rofi > sjS7 

Cartons were flat, paper — 

mere han ting met budget, and the ““ *** 5^= 

print operation,- aithongh small, ncl profit '''.'.'.'.‘.'.'".'.'.'.'.'."".".V.... eloss 

had a very good half year. A To unoorities i.iw 

Corrugated SbMt plant W^S Extraontinary loss s 

purchased in Liverpool, which 
has bad additional Integration 
benefits. See Lex 


Half-year 
1B7S 1977 


£000 


Attributable 
Olvidpiul 


1.982 

1,337 


other things being equal the 
introduction of the interim will 
c-n— mean a corresponding reduction 
on the final dividend they could 
13 consider paying in June, next 
M32 year. 

aoS! For ,asl year * a 4 -53961P 
dividend was paid on record profit 
4 of £10J2m. 

See Lex 


4.160 

UH 


Hume warns of slower growth 


r Z i : i UC 


Increases in distributable 4.58375p (S.09875p) _ and -the 

profits of the kind seen in the interim for. the 'currant year is 
immediate past at Hume Holdings 1.675p. .'T 

cannot be expected to continue At year end .liquidity was up 
says Air. J. K. Dick, the chair- £U9ra (£0A6m)~ with bank over- 
man. Even, so he forecasts drafts cut to £^6 (£202,021). . 
another increase for 1978/79. Meeting, Winchester House, 

“For an investment trust to EC, on Oct6b«-£6,- at noom 
continue to expand its disposable - T'-' 

revenues as an annual rate of 
approximately a third or more is 
not really a target which it can 
set Itself while still maintaining 
conservative investment - policies 
leading to. steady improvement in 
income dividend . and capital 
values," he comments. 

“ Every now and again I think 
we can certainly hope that cir- 
cumstances will be such that -this 
will prove rather too pedestrian 
a view but I think those occasions 
should be regarded as exceptions 
rather than the general rule." 

The extension of dividend re- 
striction must have some down- 


Halved profit 
for Inchcape 
Berhad 


Group pre-tax profits of 
Inchcape Berhad, the Singapore 
subsidiary of Inchcape and Co„ 


Increased loss 
at Bibby 
& Baron 


The pre-taxvloss of Bfbhy and 
Enron * . (Holdings) increased 
ten-fold to £110,000 in the May 31, 

1978 half-year . from turnover 
ahead £882,000 to. £1342m. 

The result fs after depreciation removed the then existing impedl- 
of £308.000 (£307i000)j debenture nient to the management of 
interest of --' £15, 600 (£16.000), foreign investments, and as a 

other interest of £187.000 consequence the proportion of 
ctraom ■ (£207,000) and includes associate overseas securities held via the 

of am mum- nn premium duriug Ihe year wee 
is a £60.000 .tax charge (nil) and increased. 

5^- rBaSOnaWy confldent last year there was a £2.000 extra- As reported on September 21, 

ordinary credit ' For. all last year pre-tax profits for the June 30, 
a £107,000 loss wasi incurred. 197S year amounted to £202,412 
Directors say a major reorgani- (£220.051). Net assets per 25p 
satiot) of the company's paper bag share were 214p (lfi5p) fully 
subsidiary has taken : place over converted, 
the past;few months, and it will Meeting. Park House, EC, 
be - some ' time before it is October 23, noon, 
completed; .The losses of this 
subsidiary have already been 


equity market in tie belief that 
the current year wiH show further 
substantial gains, says Air. W.T. J. 

Griffin, the chairman, in his 
annual statement. 

During the year advantage was. declined from Malaysian SlO.lm 
taken of the strengthening of the to So-lm in the first half of 1978, 
yen against both sterling and the including higher losses incurred 
U.S. dollar and of the general by the company amounting to 
rise in the Japanese stock market $3-5m compared with SI. 2m. 
with the result that the company’s Turnover improved from 
investments in Japan were sub- $355 .Sm Lo $3 95.5m and profits 
stan dally increased by purchases were before a SO.im minority 
through the investment currency profit against a $0.5m loss and 
market and by the utilisation of 81. lm extraordmaay credits this 
an additional currency loan time. 

facility, the chairman states. Current indications are that pre- 

He explains that the removal tax profits for the second half wall 
of the requirement to surrender be better than those for the first 
25 per cent of the investment six months, be adds, 
currency premium arising on the For the second half of 1977, the 
sale of overseas investments group earned 812m taxable profits. 


George Ingham 
shows little 
change 

From turnover of £S2S 409 
compared with £985.328 last time, 
taxable profit of George Ingham 
and Co. (Holdings), worsted 
spinner, dipped from £22.322 to 
JE214104 in the first half of 1978. 

. The result includes investment 
income down from £9,049 to £364. 
Last year there was a £7,125 loss 
on. the sale of investments. There 
is no tax charge this time 
compared with £14.007 last time. 

Bluings per share are shown 
at 1.07p (0.42p), and directors say 
that considering the delicate 
trading conditions in the textile 
industry they feel it is ■ in the 
long-term interest that the group 
position be improved and no 
interim dividend be paid. 

No interim was paid last year 
but a final costing £5.000 was paid 
after the group incurred a £52,209 
pre-tax loss for the full year 
Directors say it has been 
possible in the period to make a 
reduction in tbe large stocks beld 
at the end of 1977, and 
consequently there has been a 
corresponding reduction in tbe 
bank overdraft. However, they 
say the current increased retail 
spending has not been reflected 
in the textile sector. 



Eurodollars, sterling, D-mark, 
US-dollar, peso, lira, guilder,, krone, 
yen, ryal, rouble. 


Credito Italiano 

a bank 

in any currency 


> Backed by a long standing tradition of 
world-wide banking, all our special skills, 
wide experience, and vast resources are 
readily available to you in the comprehensive 
services provided by our London branch. 



37, Moorgare, London EC2R 6HX 
Telephone: 01-606 9011 Telex: 68M56/888075 Credit C 
Head ottice: Milan. 

Brunches and representative offices: London, New York, Los Angeles, 
Buenos, Aires, Caracas, Chicago, 

Frankhtrr, Moscow, fhris, Sac fiaulo, Tokyo and Zurich. 


for the year. 

The group associated banking 
company Hume Corporation , is 
still obtaining tic.' relief from 
losses brought forward ^and will 
continue to do so at least for the 
current year be points out . 

After disposal of Scottish life 


G. T. Japan 

inveslpicnt 

policy 


Improvement at 
John James 

. In the first half of the current 

K ar. both turnover and profits of 
hn James Group of Companies 
have... improved in comparison 
wPh the same period last year, 
although margins continue to be 
under constant pressure. 

Franked investment is also im- 
proving and if this trend con 
tinues, the directors hope to 

both 


Hume Properties, and Westiyn _ _ 

Investments, .net asset value at ^ bSTntadJy reduced." f u 
September 21, 197S. stood at benefits should accrue, in 1979. 
l0l.5p. This. can, be broken .down-. The. company is- a subsidiary of. 
as £ ?^^ as Low and Bonar Group, 

equities 14 Jp; longdated UK gSts - 
19-Sp; property, investments 2Bp; 
property sites held Cor develop- 
ment Up; banking and Instal- 
ment credit 7.Sp; miscefianeous 
trading subsidiaries LSp and cash 
and short dated gilts 5.5p. 

Mr. Dick says that the directors 
do not re$?ard such a large invest- 
ment -in the long end of the gilt since' the end of its last finan- 

market as necessarily a permanent Ha t year, G.T. Japan Investment recommend pn increase in 
feature and when tbe rime Trust has made, currency borrow- interim and final dividends, 
appears right their -policy would ings totalling US84m to take 

be to switch substentially into further advantage of the existing POT fnxn 

equities. conditions in the Japanese market, t vtato Ettrv/ 

For the year to June 30, 1078, and at the same time there has Directors of John Folkes Hefo 
as reported August- 10, 1978, been a . substantial reduction of propose the early repayment of 
revenue before tax was up at tbe investments held via the the remaining £92^309 nominal of 
£2J8m (£2. 05m) and after tax investment currency premium. .the . 7.5 per cent convertible 
32 per cent higher at Him. The The directors propose to remain unsecured loan stock at par on 
total dividend was raised, to fully committed to the Japanese -February 15, 1979. 

Grimshawe Hldgs. profit for year 

FOLLOWING A gain from £7,317 the redevelopment of the com- is not a major acquisition but it 
to £12,649 in midway profits, pany." - is a good indicator of where we 

Grirnshsrwe. Holdings, the indus- Conversations started recently may be going,' 1 says tbe chair - 
trial group reports a tumround with i#e Midland Bank which may man . , 

from a £38,561 deficit to a pre-tax provide a solution, the chairman - For tbe 1977-78 year there was a 
surplus of £28,520 for the year adds, and he expects to report the group tax charge of £4^96 
ended April 30, 1978. outcome of these at the annual (£16,123 credit) and stated earn- 

T turnover was lower at £3.02m meeting. ings are ^4p per 20p share, oom- 

against £3. 58m, owing to rhe Although the bank debt ts a pared with a.2.6p loss last ttoWL 
closing or sale of unprofitable deterrent, the group acquired Again no dividend is to be paid 
outlet# and the sale of- Mni- Aspex, importer of specJaUsed —the last payments 
circuits, where the group had a parts for the ophthalmic industry, respect of 1972-73. 

66 per cent interest. in August, 1978, at : a cost or - 

During the year the bank debt f225-°M. TJw “J}*S finS 


were m 


1917-78 


1S7B-77I 
£ 


Turnover 3.031^47 3,377 J55 


..._B rprttH'Prt hv ooo “Never- consented to and provided funds Trading profii ~ 29.afi 

mss x^sr 01 ' “■■■ KenDy ss^sa.— ss 

the Midland Bank is a matter of memoera. profit befora ax 28JHD 

continuing concern." says Mr: Pre-tax profits of Aspex for the Tax ebam — 4.s» 

Thomas Kenny, the chairman. “If October 31, 1977, year . were Nei pro& - ii.au 


that problem could bo materially £117,000 and ^M,<K>0 for eSrt. — 5A974 

alleviated it would make possible months to August 31. 1978. This Batatw<-H re-5g j 


J. 


HEWITT & SON 

(FENTON) LIMITED 

Manufacturers of domestic bird industrial refractories, kirn 
- furniture and electrical porcelain 

interim Statement 


The unaudited results 
corresponding ’figures ire as 

for the year 
follows r — 

to 30ch June 

1978 and 


Half-year 

Half year 

Year 


to 30 A78 

to 30-677 

to 31.J2.77 


£’000 

£*000 

£-000 

Turnover . 

1026 

1,116 

2.288 

Profit before taxation 

no 

66 

214 

Taxation 

57 

- 34 

111 

Profit after taxation 

53 

32 

103 

Earnings per ordinary share 

2.4p 

Mp 

4.5p 




• 4547 Quai des Bergues - Geneva 
Phone. 325000 


binds of banJdng Iransacuons - 


23.9431 
106.0981 
U57.7W 
*3UU 
♦16.133 
■32.G8 

3 ass 
63,137 
39^34 

t Credit, t Comprises £3^10 
(£40.633) Del surplus an sale a t sub- 
sidiaries, £43.063 loll) surplus op disposal 
at properties, £4.601 <£34 .559 1 pel adjust- 
ments jd respect ol provisions made In 
previous years. 

He reports that sales by 
Mangers while not buoyant were 
satisfactory and - profitable. 
Towards the end of tbe year It 
decided to service its larger 
customers only— tbe small 
accounts were too expensive to 
maintain— this resulted in a 
decline in turnover but with a 
sizeable saving in wage and 
related costs. 

Mr. Kenny points out that the 
group's rental income of £88£57 
(£106,098) almost matches interest 
charges amounting to £98,939 
against £107,704. Rents are dne 
for upward review in the next 
two years, while lower interest 
rates have been helpful but the 
possibility of lower rates con- 
tinuing is not encouraging. 

The chairman recalls that in 
previous reviews he advised 
shareholders that the group had 
contingent assets which would 
not be taken to credit until the 
cash was received. A small 
amount, £33,000, was received in 
the year to. April, 1978, and this 
exceeded the loss on the sale of 
the group's interest in Mini- 
circuits. 

In June, 1978, it received 
£205,000 and this win be included 
in the profits for the year to 
April, 1979. While not guarantee- 
ing a profit for next year, this 
income will make a profit a near 
certainty, Mr. Kenny reports. “A 
further £166,000 may be receiv- 
able but not immediately.*' " 

The surplus on the sale of let | 
units amounts to £43,000 and addi- 
tional surpluses are likely to be 
earned in the next few months. 

Mr. Kenny says: “There are 
some good reasons to expect that 
I may continue to report in this 
more hopeful vein; it is a happy 
change." 


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: : J 


24 


Financial Times Tuesday October 3 1978 ^ ^ 



Another move in Enlarged Linfood yet to 


:!0 

i«w 


Amey Roadstone moves 
into industrial sand 


Compton battle see merger benefits 


The struggle for control of the market, increasing its held- AIL HAS not been plain sailing and the three main divisions m- 


charges of £ 102,254 


at Cobb’s Quay, Poole, Dorset. 

ELLIS & EVERARD 


IN’ A move to enter the industrial outstanding minority in equal in- of “ considerable expansion " and 
sand market Amey Roadstone. stalments to September 1978. complemented I ts existing marina 
the wholly-owned subsidiary of August 1979. and August 1980: and 
Consolidated Goldfields, is paying til; to allow the consideration to 
£4..im in cash and shares for the be satisfied in shares or cash as 
privately-owned Buckland Indus- may be agreed between the par* 
tries. ties. 

On top of this Amey Roadstone Consideration for the 3 per cent 
may have to pay 
£j'm depending upon 

future profit performance. which has been satisfied by the nrri 

However, the group said last issue of 633.301 ordinary shares of Vlth a 


(CHEMICALS) 

Ellis and Evcrard ( Chemicals) 


interest 

J. Compton"'Son s and Webb. the ings from a near 9 per cent to at the enlarged Linfood Holdings creased" their volume. . f ^?jS|nr L-2, Laurence 

uniform manufacturer, is clearly almost 11 per cent TOiis how since the merger in MaY with On the retail side the origiH^i Hm gr on October 
some way from being over, with ever may be only a tactical move. Wbeatsheaf Distribution and Linfood group now has*** noon ^ - 

the news yesterday that the Carrington’s offer valued the Trading. lets with the st° re n " 

company has received another bid company at around fiOn. Lord Kissin. the chairman of whhwSolesSing 

approach. Linfood. says in his annual state- 155 y " food distribution 

aiSv on C fab?e° n CROSSLEY BLDG. ment the picture resulting from ^ were further 

already on the table with „ t h e merger has been initially less SEImImI while m the catering 

favourable than was expected SiJSion volume declined after 
because Wheatsheafs results decided to avoid 


Courtaulds currently outbidding The Bowater Corporation offer 

Sj?lSes V Sw'al puSEutves had Sarajted- in ^“Idvei^ir^ffmed by*fWo management 

ttja jffs JSsSJssxs^S 

kS SPS E5 — SSSSfSSS SHS A _ ^ ^ 

™ -*•-». h -.c h— — -h- Bortnwick and Sons. Domestic, takentf XiQ ^ iiVcr is remain open. Energetic steps have been kinds of small businesses follow- new whisky prices appears in- 

A more tmhkeiy possAdtty . is *. taken to rectify the position— Ing slow sales growth to the small evitable comes from the director* 

nrMr nv unvc including the dosing of plainly independent grocery retailers. of Ma call an-Glenli vet, distillery 

BENLOX BUYS 2y»S“£> *£?5JSj** t = As preriomily reported texabte 


Macallan 
Glenlivet 
over £0.4m 


night that the* Swrf the P« S^JrhS 1 5?£ SJSSS 

deal is considerably less than the cent of the enlarged ordinary a nd dom estic chemicals in South ^ even 


IS VIUlinuEl aui; le— UIUUU 1 I ... , P.nl.nJ 

stated figures as it is also acquir- capital — 598£0l of the shares w ^r ern _r5.?i? n „ 


ing significant cash balances and have subsequently been placed for 
and reserves as part of the Buck- Mr. King with institutions, 
land deal. 


The product ranpe of .the two Tffie ^“StSUo Linfood declined from {SLfEft 


STEETLEY TO 
MERGE CANADIAN 
INTERESTS 


i? SStaT not earlier ^S^ttSSTto tatoST i^t^h pS M ’lUWtaU Jg?m % •ffSS « ST ah«d mxabl^eaminp from MB'* 

•ncnuca, an “it ITSSLaSd that Jft- I *g£2£i 2 SSSZSL ‘"J'ES* iSSS* “* * AutitL # «“*» for 1110 * *** «v 

there will be some mutual advan- the company atllLSm— arc now «0^50 U»«|iU I***/ Cgjnete again trading profitably. _ A t September 4. Guiness Peat 19'8- 


companies is 
identical and 


there will be some mutual advan- the company at fiLLSm— are now ^ ““ — b : At September uumm i ™ was jj, i tae tfae foo- 
tage in gaining access to some of telling shareholders to hold fire Bouse, whose so^e asset ja In the year to February 25, Group, of which Lord Kissin is , modest increase 

specialised products until a further announcement is ownership °L • *5°** .,* *" ?* 1978 Wheatsheafs profit fell from executive chairman, held 17-73 per half-time when the’ surnlns^? 


the mare 


Steetiey Company’s wholly- 


^/lUUUVLj UUU| d IIHIMCI UUlUUilVCUIVl^ _ , - e . ** ■ ^ v I” ai V1U vilM.A 

bandied by Domestic and EHi« made. This is likely to com© Ja ter due mg a profit rental of approsi- ss2lm to £3.1m and in the merger cent of shares, 
and Everard (Chemicals). this week. nicely m,OTOjrnuwally. ■ docinnerrts Mr. E Ayiett Moore. Meeting. Winchester House, 

The acquisition is intended to Meanwhile Vantona, whose The consideration waioe me the chairman, said the group was London Wall, EC. October 25 at 


a "IIU1V 111AT uvvjuu>unjn l«* » CU4WUO, . - _ — /w» -i ‘ -t I- 1 r* — Li one* 

owned Canadian subsidiary, strengthen the branch network of original approach was spurned by «sue of l/o,0w orovrwry esnareson j monns' back to more acceptable to.SO 


Although the group does have 
a tiny amount of industrial sand 
interests this will be its first major 
introduction to this market. 

Annual production of industrial 
sand in the UK is thought to be 

*L r0U " d . 3n !_ -55 1 .in" 1 !* 5 Steetiey of Canada (HoidmgsTis Elirs^and' Evera rd* tChemlca IsT, ^ C ompton^ ihrectorsT h *as "very Beni ox. which wil l irwrease 

n - j 5 t0 be bld cs4 - 6m for th e 26 per bringing the number of distribu- recently been buying small Park Place mvesfenent in the cora- 

around i per cent oi this market. cent m innnty of Steetiey Indus- tion points to 19. amounts of Compton shares in party to 210,000 shares. 

Pre-tax profits of the privately tries it does not already own 
owned concern 3 re currently Steetiey Industries, based in NFW DRif f PIPF 
estimated to be running at around Canada, has two stone quarries C T«r t-uni ncD 

£;m to £Ini a year. and interests in distribution of SIUvknULI/CR 

To meet the cost of the deal electrical and engineering A/S Norceni is the majority 

Consolidated Gold Fields is supplies. shareholder of a new drill pipe 

issuing just over 1m of its own The reason for the bid is that stockholding company called Otl 
shares. Judging by the recent one of Si's quarries supplies raw Cmjnhy Supplies. The company 
performance of the group's shares material to S.C. (Holdings) on the differ from most others in 
this would indicate that the cash same site. The management of this field in that it will hold stock 

element or the deal is something the combined operation would be a* a principal rather than acting 

above £2.5m. made easier if the interests of only as a broker. 


BMCT raises holding in 
McNeill Group to 23% 


margins in the delivered trade 
and in trademark ets. The hyper- 
markets were running profitably 
and despite the preliminary costs 
of the opening of the Bristol 
Carrefour in May, they were 
expected to produce a profit for 
the year. 


DM2m loan 
for F & C 
Eurotrust 


at half-time when the' surplus was 
better at £291.000 (£240,000).' ^ 
With further rises in operating' 
costs already indicated, - higb»~ 
prices would be needed to eaabig 1 '. 
producers to establish a reason- 
able rate of profit. 

The Scottish whisky industry^ 
once more moving ahead although 
at a lower rate of growth.- than.”, 
in the past decade, and the 
pany is confident that 
benefit from the general advaStt.-'''- 
Group profit last year was- up - v 


Lord Kissin now says that 3t „ . „ . r - — . „„ 

should not be assumed .that all the TO TAKE advantage of the Bank from £295.000 to £362,000 but sUn- 

problems of the group have been of England concession ever the down on the record £481,000 sees 

caused by the High Street price repayment of foreign money in 1973-74. . .. .. 

Mr Graham Fereuson Lacev— He said that he had no plans I war and that competitive trading borrowed to buy bonds issued by Tax took £12,000 (£67,000) fear- 

whose jointly owned Birmingham as to bow this might be done but conditions have as yet been over- EEC Institutions, F and C Euro- ing a net balance of £390,000 


Buckland operates five nits— outside shareholders in one of The managing director, Mr. C. TnTMidUind Counties ^Trust' re"- BMCT may be prepared to under- come But it can be confidently trust has negotiated a five year (£235,000) for earnings per '25p • 
Hro'St’kSCt sEJ 25 ite-JJSJS *512 “ * continu- OJW. >SSfc “i »LJE incurred a SSS Bank. ^ WiUl!1,nS ^ tSSTJLSfJlSt & JO#'- J 


three near Leighton 
Bedfordshire. 


Buzzard, 


ally borne in mind. cent of the equity, an American over'biTfoTw^im^Mik^the Last year McNeill 

The Canadian stock exchange merchant bank_5 per cent, while Lancashire engineering concern— £lj3m pre-tax loss. 


final dividend of 3.1369p lifts the' ^ 


FINANCE FOR 
INDUSTRY 

A new company. ICFC 
Corporate Finance, has been 
formed by Finance for Industry 
to handle the group's corporate 
advisory services. These were 
formerly dealt with by the 
corporate finance department of 
Industrial and Commercial 
Finance Corporation and Scottish 
Industrial Finance. 

The new company identifies 
FFl's merchant banking advisory 
operations as being separate from 
the Group's investment activities 
carried out through ICFC, with 
its 18 brancli offices serving small 


_ Air. Lacey that the rationale for an enlarged The concession, introduced at total to 5.1369p (&6p), 

quotation of Steetiey Industries Norcent has 75 per cent? The rd a v B anMinted cha ir nia n said that losses in the current group was totally valid. the beginning of 1978, allows The retained profit emerged ar 

has been of no use to the group paid up capital is only £1.000 and of McNc flI Groan! the troubled year were running at a similar g nce measures h ave jjg-' ta fc- n loans for this purpose to be re- £281,000 (£197,000). v 

because it is too thinly traded most of the capital employed will JLJ 1 Sonsiruction^outflL * level This situation could not be t0 coLoSate the ^soSUs of paid with sterling 3t spot rather Steady progress wa s made duK 

and lowly valued to be used for be in the form of a loan from allowed to continue, he added. ^ gjon- ^ bU yinc w^cr will 1113,1 investment currency rate, mg the first half in the rte.tf " 

acquisitions. Noreom of at least Sim. Immediately Mr. Lacey warned He Wained the group's current obJiSS eSble it to tSTl i^d The effect of the move at F and C “The MacaHan w as a single ma?' - 

The offer, worth C$19 per .share, Mr. Keheloy was operations situation on management prob- fnp -j'^ among the larea ,s that this part of its foreign and stocks give scope for a farther? 

is subject to clearance from the director of GKN Oilfield Services 850 employees and sa*d ^ etru; over the past few years orEan ications ° investments totalling £4. 99m growth, in 197S-79. ■*- 

Canadian Foreign Investment before forming Oil Country. '. t 1I1 may b ®°ecessary to close exacerbated by the Jow level of * (£4.08m), will be held premium The eaang of demand for 7 iii»v 

Rei’ieiu A^enev ac wpII th«» McNeiU s construction equipment mn smictian work in Northern . tt is tor that reason fhat your free in a loan account matched by protein animal -feedstuffs 


Review Agency, as well as 
Bank of England and 
Treasury. 


ASSOCIATES DEALS 


diso-ibution division. ' Ireland "as” a" result of "public hwd is confident that with the ^ identical currency deposit. 

Mr. Lacey said that it would spending cuts. The level of re- addition of the hypermarkets the -piie loan which at June 


con- 


tinued throughout the year foUnr. 
ing the excellent harvest of im. 



YULE CATTO 
IN MARINA 

Plantation and industrial group Jacobson Townsley bought for closure of loss-making sub- 
Yule Catto has purchased the Raybcck 2.500 Bourne and sldiaries in order to curtail the 
fixed and current assets of Hart- Hollingsworth at 226p, and on significant trading losses." 


SHARE STAKES 

Royal Worcester— Rothschild | 


fort Marin:, [ran, the present Friday bought tr ,. 000 at the s an,e H e l s joined in the McNeiU ^STiSrSi^Sd|£g» in A P nf wT s reliecled ^sh^Vl^ei^d jaV. 


■becoming apparent which 
In 1977-78 the company bad use should lead to s more satisfactory 
Lord Ktssin says that the Spar of ?2ro multi-currency loan for a level of prices during the co ming 
Group maintained its market full year for the first time. This .winter mid' spring, the directors 


ns jo uihiilii uuicbs sermi- snmu partners in a deal worth nearly price. ■ board by his partner Mr. Cecil , th ,. M 

and raediu nV-stied fi r m J. FId^im «00.000. ^ On Friday Cantona Group McBride. The two men control MSL £ l uuS 

f'ornoratinn for Inriiwirv anrf The purchase is being made bought 50.000 J. Compton Sons BDICrr, which yesterday increased ^^Ing holding to l,16L50v 

Finance* for Shipping. ^ through a mature cf cash and and Webb (Holdings) at 65p. its stake in McNeilWrom 19.35 (approximately 19J per cent). 

Yule Catto shares. The Hartford Holding is now 1,842,300 shares pe r cent to 23 per cent — with Ley’s Foundries and Engmeer- 
pnvwirt' ronriD Marina partners are to receive (10.S2 per cent.). tie acquisition of a parcel of ing— Mr* D - Ley. director, has 

AtiVtviLN UKUUr £125,000 in cash, and will be Cazenove purchased 10.000 C. H. shares from McNeiU director Mr disposed of 25.000 ordinary 

The Ren wick Group has com- issued 410,000 Yule Catto shares. Goldrei. Foucard and Son ordi- John Guiness who intends to shares, 
pleted the purchase of 3 per cent Hartford Marina's partners have nary shares at 104Ap on behalf of retire from the Board WUsoo Peck— Mrs. D. Y. Brown, 

of the outstanding 9 per cent, agreed to retain two thirds of Northern Foods. Mr. Lacey said that'BMCT had as at September 12, was interested 

which It does not already own. the shares for at least twelve _Ca 2 enove purchased 12,500 no plans to increase its stake in 62,500 ordinary shares (5.93 

of the capital of Marine Projects months. Dawson International ordinary above the present level — at least P er cent). 

(Plymouth) from Mr. David King, The manna is near Huntingdon at lgip on behalf of Woodbourne until the reorganisation is com- Amber Day Holdings— Trusts in 

the managing director of Man ne. and consists of a 40 a ere basin Nominees, nominees for the Smith plete. If this is satisfactorily vS Mr. R. Metzger hasan 

The origmal agreement tof opening on to the Great Ouse, family, and 12,500 at 191p on concluded then BMCT will win- interest boucht 61)000 shares 

February 19731 has been amended Yule said yesterday that it be- behalf of associates of Dawson side? the injection ot a further ' 

(i) to defer the purchase of the lieved that the site was capable International. £jm in new equity capital. 


RoyWest Banking Corporation Limited 

Nassau, Bahamas 


Announces the establishment of a 
LONDON REPRESENTATIVE OFFICE 


at 


All of these securities having been sold, ihin advertisement appears as a matter of record only. 



$ 100 , 000,000 


Republic of Finland 


9% Bonds due September 15, 1988 


Goldman, Sachs & Co. 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner A Smith Incorporate*! 

Salomon Brothers 


Smith Barney, Harris Upham & Co. 

Incorporated 


Postipankki 

The First Boston Corporation 
ABD Securities Corporation 


Union Bank of Finland Ltd. 


Blyth Eastman Dillon & Co. 

Incorporated 

E. F. Hatton & Company Inc. 


Atlantic Capital 

Corporation 

Dillon, Read & Co. Inc. 


Lehman Brothers Kuhn Loeb 

Incorporated 

Bache Halsey Stuart Shields 

Incorporated 

Drexel Burnham Lambert 

Incorporated 

Lazard Freres & Co. 


Loeb Rhoades, Hornhlower & Co. 


Kidder, Peabody & Co. 

Incorporated 

Paine, Webber, Jackson & Curtis 

In c o r po rate d 

SoGen-Swiss International Corporation UBS Securities, Inc. Warburg Paribas Becker 

Incorporated 

Wertheim & Co., Inc. Dean Witter Reynolds Inc. Bear, Stearns & Co. 


L. F. Rothschild, Unterbergr, Towbzn 


Shearson Hayden Stone Inc. 


Yamaichi International (America), Inc. A. E. Ames & Co. Arnhold and S. Bleichroeder, Inc. 

Incorp o r a ted 

Alex. Brown & Sons Bank of Helsinki Ltd. Caisse des Depots et Consignations 


Citicorp International Bank 

Limited 

Robert Fleming Hill Samuel & Co. 

Incorporated Limited 

Kleinwort, Benson New Court Securities Corporation 

Incorporated 

Nomura Securities International, Inc. Orion Bank 

Limited 

Stuart Brothers Thomson McKinnon Securities Inc. 


Daiwa Securities America Lac. 
Kansaffis-Osake-Pankki 


The Nikko Securities Co. 

International, Xnc. 

Scandinavian Securities Corporation 


Osunspankkien Keskuspankki Oy 


Wood Gundy Incorporated 

Skopbank 


October, 1978 


Godfrey Davis — Rothschild 
Investment Trust is now bene- 
ficial owner of 2,495,000 ordinary 
shares (20.63 per cent). 

Amalgamated Metal Corpora- 
tion — Preussag AG now holds 
4,882,370 ordinary shares (76.7 ; 
per cent). 

Dufay Bltumastic — Mr. C. | 
Attwood, director, sold 14^97 
ordinary shares. 

Drake and Scull Holdings— Mr. 
C. Nalavez disposed of 50,000 1 
ordinary shares on September 21. 
and 250.000 ordinary shares on 
September 22. These disposals! 
were made from his uon-beneficial [ 
holding. Sale price was 35p. 

Cantors — Mr. S. C Cantor, 
director, disposed of 25,000 “A” 
ordinary shares. Mr. N. Jeffrey, 
director, disposed of 25,000 “A” 
ordinary shares from his bene- 
ficial family holdings. 

Hambros Investment Trust — A 
subsidiary of Hambros has pur- 1 
chased 152,326 ordinary sharcs- 
Hambros and subsidiaries now | 
beneficially interested in 2,405,250 
(9.01 per cent!. 

Jatel — Camellia Investments has I 
purchased 286,000 ordinary shares 
increasing holding to 1,220.546 
(80.48 per cent). 


7 Birchin Lane, London EC3V 9BY 

- Telephone: 01-623 5519 - Telex: 888691 


Resident Representative 
Frank Griffith Dawson 





.vfr 


ROYWEST BANKING CORPORATION UMTIH?,: ^ " 

is a wholly owned subsidiary of 

ROYWEST HOLDINGS LIMITED v 


whose controlling shareholders-are 

The Royal Bank of Canada 


Montreal 


National Westminster Bank Limited 

London 


The Royal Bank of Canada International Limited 

Nassau 









Ml > 

v 


t :■?. 

W ' 



Limited 

Record pre-tax profit in difficult year 


Year to 30th April 

Group Turnover 

Pre-taxprofit* 

Net tangible assets 
per share 

Dividends per share 

* before extraordinary items 


1978 

£24,716,000 

£1,832,000 


1977 

£20,295,000 

££778,000 


22.9p 

0.885p 


20.4p 

0.792p 


V. 

" ‘C-. 


Year to 30 th April 1979 


«The yearhas started extremely well 
and I anticipate a considerable increase 

m profits for the year.# 

Mr. Charles Cooper, Chairman 



s is? £ J> 

l yn 


Copies of theReport and Accounts ibrtheyear ended 30thAprii,1978 canbeohtained frran 
the Companys Registered Office at 2 Castle HiU.DudleJmstMiffi^ Dn^PS 







25 


to 


^ Tuesday October 3 1978 


1 


»■*•’■..> , ’ f ; 

*- ..- ' ; o 




?enu4? 

to cv.ie ’ £ : ■■. 

ir,r-i •• . '* l -«r, ■! 

jprjvj; •> 

W. tor i.-.. 

W V*s :r • . 

i-ia&: 

: £^-i* . • - •,... 

!*; f::r>v r - i - " 5 : : :' 
•• . . • •*. 

cen- •• 


BY JERRY GARRETT 

°h^Te^rw^¥ T pST^? a n JI Li, n launched a hid lor Pawson. The 



)ey Wootliff. .has b*m>iVLj a . , ultimately over-oO per cent 
of two acqiusitions^for^Ei Jet?®* the ca Pj tol - When the shares were 
rights issue £ ’monSi^lS suspended last July they stood at 
a £i.i m term l a ?n ^ d 4 ? p> bm Pawson was already 

Ullmann. loan- from Keyser changing its spots before the 

Yesterday’s PTtn nn ih.«. ^ *' sh ? re suspension, 
ing of ^arehniS^!? 1817 Mrs - tone Anne Kaye the ehair- 

P^owtaiwS^-mSSlS fS® £ an and her husband Mr. J. N. 
transformarh»« «iMD». comp *f te the b 3 ** 5ta y c J on with Pawson but 
smali loss-makJnB fr0Tn a ®* r - Kaye left fairly swiftly after 

facturer^ Wa ? u ' tl I e new management moved In 
£1.7m. to V of under after what was -described as a 

fa chorine ?n?2S dln? « mi,nu ' “slight clash of personalities." 

?e n n V rs Ka * e Went fair,y re - 

pretax. next *> bruar y °* f4ooj)oo Ex-Reed team 

. This profits ' forecast may be Meantime a number of the 
just the T start ; Even -^IrithAi.? fortner management ” of • Reed 

flirtho- ^ fi ' en WtUOUt fnovpH nr'- t« Inin Mr Wnnlliff 

lurtner acquisitions, a full 12 and 


• Sffrf. 
TXC.Cr'r.. 

» 

-it Ci 

t f«s- 

OK- *J, 

-.yp 

E-T-i. 

: l-Li-k i ' 
<. - 

,j f • 

SrtC.ti.-vj 

WiC::- 

Wi 

MS Wo 
hr t.»%* 
‘X^cai- 
Ittcfcs ; 
%' *ri :v; 
*«*■•:■ 
m. 

i‘ thi ju . 

IV" ;fc V:.v . 

Si-. 

i»7iJVKl ’ 
rfct 

iir fcrr; - -r: 

d lewd - 

*»? tv:-. 

i #/•; - 


kps-se sr 

™ Pawson could bf aSSTS Jf Powso^ empl0JKS v ° rkiue 
producing a mat of - over The ™n. 3 emou. stylo is very 

These chances are due sni»»i w * ,miJar to that adopted by the 

the new Sfnogemnt whicS when ttey were at 

gained control of Pawson a year ]ji, uv 

been a launched a £300.000 rights issue 


MINING NEWS 


In November T977 the company 
been a fW.h. ; .munched a £300.000 rights issue 

S mV ebim b t« abour aj1d started Plans to dose one 

that It m« hs i? C !L 0n factory at Halifax and re-equip 

publidv-niw^rt Tomnom?® another at Washington, at a cost 

had a d rhi\^ panies whic h bas worked out in excess 

t a A e(naJe chairman. 0 f £400000 

:h„ rcd 74 fnr a ^ n fi^° P t Ped mt A WHWn a month Pawson had 
thoueh *C d anterad the retalUng field with the 

m .\° the Purchase of WUbefort for £8fi.54fi 
onlv a y ®* ar ’ U WSIS ’ n a s h are deal and three months 

cniy a temporary respite. Iater . ^ company acquired 

Ideal target j Teff. a manufacturing furrier. 


The 


ideaPtaAe? V Woothff and va,uin S Teflf at £50,000. 
his feMow 1 dfrecEmv^nSo ff «nm , Ve ^ this was 3,1 ,m38l, beeT in 

moving out of aJ other tKtilf n \ 9tl0ri 1° the 5atesr m ? ve S- 
company William ReS" ,em?,e ^ the summer Pawson 
It WMntSrh^Mw announced its plans to take over 

liff iMm'wr^nde’ n jSd C. H. Barnard Sri Sana a family 
the company in 1981 nt the age 9*™* company ^ which manu- 
of 21 as a salesman. Elevi sare *«“«■ ®P d retafis military and 
on he was minunno ^=^1 ,' civilian uniforms. Barnard s profits 
was lPtTr apSS ch^n. " collapsed from 1220,230 m the 
While at the helm of S lWr. " d f d _w Janaary to 

Wootliff adopted the phnosonhy £ ? > ’- 801 , last Year,- bqt it is 

°Mi £a“-i?SP SptsrsK 

ingredients were managementand 'Tth? 8 ' f ° r ^ “ Ve 

the 3bUiU ’ A.' That noin. the manacamen, 

■Ho£?Mr SS2T* ,, announced its plans for another 

viclfm of a a rights issue n & the loan from 

eirly ^in iSn wT*#? c i“- e Key«r Ullmann. A couple of 

.Fer'ujsr.n ' t a™S hen i M K ; Geoffrey weeks later it came hack again 
Mr °Cecn h !f p f. rt , ne l with news that it ; was acquiring 

Rppfi Control of Occasion Couture, a private 

Midland 1 ^™**- Bu ^jngham and womens' fashiorrwear manu- 

S r iifK T^ L „ , facturer. for £400.000 cash, 

for flh!!?t 0 ^L S ? y h d . 0 S ®i £ e ® d Couture will be chipping m 

.ffflJS ““■ om forMyen mon,h! - 

Henton K The pro-forma balance sheet 

Using Quillcrown, a private: / 01, the. enlarged group show.^ nei 
companv, as their vehicle the'v borrowings of £1.58m compared 
• y with net assets of £2.89in — equiva- 

lent to 40.3p a share. Last Decem- 
ber Pawson had riet .assets per 
share'.nfl62p. 

• These ■ latest manoeuvres will 
take some digesting, but -Paw son's 
management- is already., on the 
look-out foe more acquisitions. 
Mr. Woathff says that at any given 
time he and his fii low. directors 
are considering three or mo-e 
possibilities. , , : 

He puts nb'Bmif 'oh the ims- 
sible acquisition i as Jong, as they 
are within the managements’ trea 
of expertise, whiehT presumably 
means anything in. -.the clothing 
manufacturing an$ : tetailing field. 

Meantime, witlr the directors 
controlling around 45 per cent of 
the equity, there is little likeli- 
hood of Mr, ‘Wootliff and his col- 
leagues being ousted out a second 
time— unless of course they want 
to be. ' 


in a cash and share exchange 


Limited 


wni> 


■'■:■■■ 

V .' ! "- 


1 J ; . 




NOTICE OF EAM.T RHIBimON 

CuracaG Tokyo Holding N.V. 

10V« par cent. Cunrunmif Nomdoa 19m 

On tebolf of the above Company, Tba 
Bank-of Tokyo Trust Company berehy 
gjres notice to holders of the above- 
mentioned Notes of the Company^ elec- 
tion to redeem an 15th November. 1978 

at 100 ' i per cent.- of the principal 
amount thereof iJl outstanding Notes 
other than those Notes to be reawneft. 
at par to satisfy the mandatory redemp- 
tion instalment of TJJS. 88.000.000 prin- 
cipal amount of Notes twbirii bvaodes 
the option to redeem a»«<Hnnni Notes 
at pari and those Notes drawn for ze- 
demntlon at par on Utb November, 1976 ' 
and 1977 and not yet presented lor pay- -I 
ment. 

A drawing to select the Notes to ba 
redeemed at par to satisfy the manda- 
tor v redemption instalment will be 
made today in New Turk to the pres- 
ence of a Notary Public. 

A list of the serial aumbtrs of the 
Nntes so drawn wID be published to the 
■ 'Financial Times" of London. "The Wail 
Street Journal” of New York City and 
“Lictemtmmr wort" of Luxemboars on 
13th October. 1978. 

DIE BANK OF TOKYO TVUT COMPANV 
As Fiscal Agsat 

Dated: 2nd October, 1973 


LONDON TRUST 

London Trust has recently 
recently repaid 37m of its U.S. 
dollar loan, thereby reducing the 
amount outstanding to SlOm. 


Taxation and Stale's share n.7ltn 

Profit after rax 25.800 

Dividends . 9J90d 

Ruiaibcd ; 


Irish Alumina 
raises funds 


ies 


year 



gms group 

Construction ® Property Q Engineering 


Results to 3 1 st March 

1978 

1977 


£ 

£ 

Turnover 

19.1m. 

IS.4m. 

Pre-tax profit 

0.42m. 

0.37m. 

Total dividend 

L649p 

.1.5421 p 


,-UU 

Jft4p 


★ 

■^r 


Contract building continues with a satisfactory work-; 
load with increasing emphasis on industrial- work; 
especially in the North where results have been well 
up to expectations. 

Estate development expanding with house prices 
starting to move forward more in line with costs. 

The new estates referred to last year are underway 
and others opening, up in Southern England. 

Land bank increased with a satisfying proportion on 
deferred payment terms and a major new site opened 
up in Colchester. 

4r The Group continues in good heart Profits are hard- 
won in this industry- by continued steady application 
and we look forward to the coming year with 
confidence. 

C. C. Wiggins, Chairman." 

Wiggins Construct Limited, 57 Hart Road. 

Thundersiey BenHeet, Essex SS7 3PD. 


Rustenburg on 
the rebound 

BY KENNETH MARSTON, MINING EDITOR 

the RECOVERY in the market fnr the time being. The price of 
for platinum has produced a platinum on the free market rose 
dramatic improvement in fortunes from ¥ 150 in September last year 
of South Africa’s Rustenburg to $280 iu August. 

Platinum Mines. Net profits for In addition to the- higher 
the year to' August 31 have platinum prices, Rustenburg also 
marched ahead to R25An (£L5.2jn) enjoyed increased prices 'arid 
from the depressed level of sales of its by-products, palladium 
R4.fi m in the previous year. and rhodium in the past year. . 

A final dividend is declared of The revival in the market for 
S cents (4.6Sp) following the platinum has stemmed from an 
omission of an interim payment increase in Japanese demand of 
In 1976-77 there was an interim approximately 10 per cent: higher 
of 2.5 cents, but no final was paid buying this year -by . the UJS. 

in view’ of the falling profit trend, automobile industry; firmer U.S. 

i9ih 1977 industrial demand; production 

M w c R*" cutbacks', and. importantly, "a 

^^"fo^rSab'aiid substantial reduction of supplies 

rc.-ciun.-t moms .. ir.2Q0 16.000 from Russia which feed the free 

Provisimi lor passim-? market. 

iQB.--.-s on foreign loans i5*i 2.3W Rustenburg confirms Monday 1 ! 
pSismESL p “k wisofl 5 'mo suggestion in Mining ■ Notebook 

pror.1 before m MaM A.M |ha , jt hag gycpessfuJJy renege 

4.600 tiated the prices for its U.S. sales 
n.ioo to the Ford automobile giant. As 
13 - MD i- 3 ™ a resuil of this, Rustenburg’s 
Although Rustenburg’s 1977-78 revenue for the past year fb 
platinum sales were similar to August 31 has been increased by 
those for the previous year, the R5.r,9m. 

company raised its average sell- As things stand Rustenburg. 
me price for the metal for the with its scope for increasing pro- 
past 12 months by some 20 per duction, is set for a buoyant year: 
cent. The “ fixed " price ter especially if the current moves 
platinum, generally adhered to to expand European demand for 
hy the leading producers, was platinum jewellery meet with 
successively raised during Rusten- success. But the major unknown 
Past financial year from is when Russian supplies will 
51 r? *2- • per 0UT1ce - return to the market in quantity. 

On Friday, Rustenburg announ- their virtual disappearance has 
ced a further increase to 3200 never been entirely satisfactorily 
nut the rival Impala said that tt explained. Rustenburg shares 
had no plans to follow this move were SSp yesterday. 

Good cheer at North BH 

"HJE INCREASING optimism felt purchases of Hartebeest Ergo 
about the Australian mining Randfontein and Trans*NataI 
industry in the world's markets Coal. ASA shares were £195 in 
iv as given additional substance London yestextiay. 
yesterday by the publication of 
the annual report of North 
Broken Hill which, without giving 
specific figures, indicated a return 
to higher profits, thus continuing 
" d -L r £ nt * which was checked in 

19// -78 THE internationai consortium 

Norih BH draws its income behind the Irish Alumina pro- 
from lead, zinc and silver mining jeet near Limerick in Ireland 
as well as maintaining a broadly has completed ' the financing 
based portfolio in mining, indu.s- arrangements for $308ra (£13o.flm) 
trial and oil slocks. _ of the development costs, writes 

The report- stated that total pro- Robert Gibbens from Toronto, 
duction of lead concentrates The members of the consortium 
should be sold ia 1978-79 and part are Alcan Aluminium with 40 per 
of the stockpile run down. It cent. Anaconda of the Atlantic 
noted that demand had strength- Richfield group with 25 per cent 
ened against the' background of and Billiton, the Shell metals 
tight supplies. At the same time unit, with 35 per cent, 
silver has been subject to con- Of the total financing, 8250m 
tinning demand for both indus- will be provided through a 10 
trial and currency hedging pur- years Eurodollar loan arranged 
poses. by a group of banks led by 

Against this, however, the situa- Citicorp International. A. syndi- 
tion on the zinc market remains cated loan in Irish pounds has 
difficult although prices have been arranged for the balance of 
Ijoriomed out and Free World the funds through the Bank of 
nroduction has fallen beneath the Ireland, 
level of consumption. 

Domestic economic conditions SPENDING RISES 

augur well for the companies on niirrrl 0 

which North BH relies for most AT BUFFELS 
of its investment income, the Afrim'* mid and 

roliT.’r’i' 1 - vSL* W i ta i5yaE: »™iii!i-prfllISlli B<^bront"n 

where the stake is 12 e:tpecU5 its capiIal expenditure to 

Mr £»? nF K *351 rS rise 10 R22m < n2 - 9m > in ihe cur- 
unrt rnL-f cent ° f Kembla rent vear to June 30 from Rl£3m 
intS, ™=r j-ct i,. nA fn 1977-78. Of the projected spen'd- 

Rh" hart" nn^inrnmi in ^. R2.7m WlU RO towards im- 

fSirn? «iS w provements to the uranium plant 

ner^nt to and R 10 - 3 ™ to the Strathmore 

per rent from 19< ,-78. but main- shaft systextu year * s pre . tax 

Kms ' It'S proRt rose by R18 - 9 ® t0 ^-8™- 

nrm^rin on 8 In annual statement the 

chairman. Mr. J. C. Fritz, says 
, A 'i l2m ' . Yest ^. rda y that there has been a tendency 
the shares were unchanged at on the part of uranium customers 
11 ' p - to take delivery as late as poss- 

, C1 rrl - r . ible but the medium term outlook 

A5)A SELLS ON A I* “relatively good." If the gold 
niciMr MADIfCT price keeps above S20fr per ounce 
aVIjIJnO iflAKlktl he expects another favourable 
Taking advantage of the recent f ° r , Ibe company despite a 
advance in gold share prices the »?i?i? or£ ! tlon , , 5 ^l e 

Johannesburg-registered ASA, 2oe 0re ‘ 5j e s were 17p down at 
which provides a vehicle for U.S. S36p yester “ ay - 
investment in South African cir l/cDuiArrc 
mining issues, sold some of its JlL. V JcKrUlnltS 

♦hiL '^ St ,K ai l d r° ld ^ nR 5, ill ^ , - e Half-year net profits of Ireland’s 
three months to August 3 L This Silverruines hare fallen to 
raised cash and other net assets £1364225, or 1.62o Der share from 
to RS58m fS9j2mi Trom R3B2m. £376811 in the P fi^ half of7he 
Total net assets, including p as t yeaT to last June when the 
Investments, at August 31 total was reduced by a second 
amounted to R202J22m (8232.55m). half loss to £326.681 
equal to R21.06 per share com- The company has 'a 25 per cent 
pared with R16.96 on May 31. Bv stake in Mogul of Ireland, which 
September 14 last the net asset has moved into losses as a result 
value had increased further to of lower zinc prices and reduced 
R21.2S per share. production. Despite a recent 

During the past_three months improvement in the -zinc pro* 
ASA disposed of its holding in ducers’ price Mogul does noi 
Consolidated Murchison and part expect a profit For the full year 
of those in Blyvoor. Els burg and to next June and no ■ dividends 
Western Areas. On the other are envisaged. Silver-mines shares 
hand there were further were 5p down at 34 p yesterday 

ROUND-UP 


- Finds on Bay Mining and Smelt- 
ing. the Anglo American of South 
Africa Canadian unit, has acquired 
more than 94 per cent or the 
shares in Whitehorse- Copper 
fallowing an offer of $4 a share 
made at the end . of last May. 
Under Canadian law, Hudbay is 
now qualified to acquire the 
remaining outstanding shares and 
intends to do so. When it made 
its offer, its holding was 41 per 
cent. Whitehorse has a copper 
mine in Yukon. ' 

★ * * - • 
Roman Corporation lias burlt up 
its share in Denison Mines, the 
Canadian uranium producer, to 
St. 5 per cent from 29.8 per rent 
at the beginning of the year, by 
purchases on the open market. 
Denison holds 12 per cent of 
Roman Corporation. Air. Stephen 
Roman is the chairman of both 
companies and the sharebuying 
is seen as a measure lo ensure 
that control remains in his hands. 
* * * 

Norsnda Mines, the Canadian 


group, announced from Toronto 
That it had started a court action 
against the El Teniente division 
of Codelco, the Chilean state cor- 
poration, alleging patent infringe- 
ments of its continuous copper 
smelting process. 

* * * 

South Roodeport Main Areas, 
the South African gold mine 
administered by General Mining 
but expected to cease production 
next year, has received an offer 
from ah unnamed bidder. The 
future of the mine will be dis- 
cussed at the annual meeting in 
three weeks’ time. 

.* . * * 

A public inquiry will be held 
in British Columbia early nexi 
year to help the provincial 
Government decide on -the 
standards and environmental 
requirements for uranium mining 
Nn uranium mine development 
will take place until the results 
of the inquiry have been 
reveiwed by the Cabinet 2nd new 
standards are ir» place.- 


-V 


» ^ *'* 


& 



Goldsmith & Silversmith 

Extracts from the Statement by the Chairman Ml Gerald S. Sanders 
It is with pleasure that I report that the profits exceeded .1 am very pleased to report that the trading results for the 

£3m for the first time. Your Board s policy of having larger stocks cunwtyearshow an encouraging increase ovwlascyau's 

available lor sale had a material effect on our results. 

These excellent results have been Achieved only hythe 
magnificent work of Brandi staff, badted up by the splendid help 

of our Buyers and all at Head Offioi . , 

. The Croup's liquidity has been absorbed by capital 

ssxr 

prove to have been a very worthwhile exerase. 


record Eumover. 

GROUP RESULTS FOR YEAR ENDED 30th APRIL 

- tom» 

Turnover 
Profit before Tax 
Profit after Tax 


1978 

17,290,701 
3,063,762 
3,001,671 
l&361p 
2-37996p 
7.71 times 


19 T? 

14,674,905 
2^43^98 
2,084,617 
1 2.751 p 
2l3131p 
5.98 times 


V 


• of.lv, D-Ort and Accounts are available from Seoctao; James ^ WakcrCydsmith & Slfc^mhh Limited, 

GapreoftheRcpongid*^^ 



World Value of the Pound 


The table below gives the 
latest available rales nf exchange 
for the pound . against various 
currencies on October 2, 197b, 
in some cases rates are nominal- 
Market rates are the average of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (S) member of 


the sterling area- other than 
Scheduled Territories; Ik) 
Scheduled Territory; (o) official 
rate; (F) free rate; (T) tourist 
rate'; (n.c.) non-commercial rate; 
(n.a.) not available; (A) approxi- 
mate rate no direct quotation 
available; (sg) selling rate; (bg) 
buying rate; (nom.) nominal; 
(exC) exchange certificate rate; 


(P) based on U.S. dollar parities 
and going sterling dollar rale; 
(Bk) bankers' rate; (Bas) basic 
rale; (cm) commercial rate; 
(cn) convertible rate; (fn) 
financial rate. 

Sharp fluctuations have been 
seen lately in the foreign 
exchange market. Rates In the 
table below are not In all rases 
closing rates on the dales shown. 


Plica and local Unit 


Afghanistan Afghani 
Albania- LuA 

Algeria.. Dinar 

» .... /French Franc 

Andorra. KiniiitJi'l'eaeU 

Angola— _ Kinuia 
AnticuH 1 (.'«rii<i«ui 5 
Argentina .... Ar. IVu Free Ha 

AuKsralui (5) . Australia, t 
Aurtrla.;....... Schilling 

Azure- — Fort im. K-tudr 

Bahamas (U) lia. Dollar 
Banglautebla) Taka 
Uatiraln (SI— Ulnar 
Balnrli- l>lr'S|M. I'e-em 
Barbuda- (S).. DarhaiV.*- Stt 

UelRinin^:^. B. Franc 

Uellze. — B S 

Benin C.F-A. Franc 

Bcnawia (S)_ Bile. 8 

Bhutan Inalbui llupec 

Bolivia Bolivian Pen> 


UpbiniaKS)^ Fuia 

Brazils. Unizctru 1; 

BrtruytoMd) V&. $ 

Brunei — Bmnoi 5 
Bulgaria lev 

Burma— — .. Kyat 

Burundi - Burundi Franc 

Camero’a&pL'.FA. Franc 

Lanada Canadian 8 

Lanaiy J i>Je — SpanMi 

L’ape Vooll I. Cap« V Hscmio 
Layman l-(Si Cay. 1. f 
Cent. Af.Hp.. C.h„v. Kianc 

L'liad C.F.A. Fiaiu- 

L'l.lle C. Fes,. 

China.—..-.... Kinrainlii Yuan 
Viili.rohla— .... C. Hex i 
.'r.nmrtv Ii-„, I'.I'.A. Ktnm- 
L.'aniiiifU’iid.L'.f.A. Franc ' 

L (M* ttna.1.. Loir® 

'. uha. Culwn Hem 

L'vpru'* (Si — Cypnir £ 

Uie-bo^iovni. Koiuna 
Oaunutrk—.. Danish Kitme 

l>ubuuci Fr. 

Dominica (6) K. Caribbean $ < 
Dumin. Hap.. Dominican Pewf 


Value of 
£ Sieriing 


81.00 

10.117 

7.82? 

' 8.54 

141.90 

njt. 

5.329 

1.707 

1.7030 

27.6s 

89.5a 

1.8715 

aa. 42.-v> 

0.737 

141.90 

E.B4 

f«< ni <60.10 
UfnutS.K 
5.84 
427 
1.9715 
15.67(*e1 
59.43 

l. 6327 
57.82 
1.9715 
4.3B25 
1.7158 

15-273 

178.485 

427 

2.5440 

141.90 


89.55 

1.B429 

427 

427 

!Bk> 85.42 . 

3.544 
(PI 77.68 
4S7 
427 
1E.BE5 
1.4650 
0.7125 
i icv.m>10.&0 
’n- 10.45 
I iTi 17.60 
10S5>4 
525.0 
5.328 
1.8715 


Flaw and local Unit 


Value ol 
£ Sterling 


Ecuador...... sucre 

Jfeypt— - Ban* fan £ 

Bchiopm Kihiupan Birr 

Kn'l’l (j uinen Peseta 

Poland Is, | Falklflnrf |fci 

Karri h,... H ,„ Danish (mute 
Fiji ir Fiji g 

Km Inn. I— MnrLka 

t rance t rencii Fran>- 

ritTmiiAi* L.I.A. Fram- 

fr-liuiHiia Local Fmni- 

>v. lhi. . lr.... L.F.F. Franc 

Gabon I'.F.A Franc 

IihiiiIiih (Si, Dmasi 

'.■crnuinj I 
It«-I> I 


Lbimarh 


llUi 49.00 
■ ki U.4B 
j (Oiu./94a 
trn i.34b 
iPi 4JJ857 
141-30 

l.D 

lO.&B 1 * 

1.B18S 

7.957s 

8.54 

427 

S.54 

15S.27 

427 

4.007 

5.81t4 


tierman.i 

Wet-i 

Ulmiu, ia| 

IJJ Ural tar |Ki. 

Glil«rt I, 

U recce 

1 ■ reen <mui 

Li renal la (S|... 
LiuaiiHhiui'e... 

Guam 

U i in i* mala..,. 
Uumea Ne|>.. 
LiumnLUI--au 

tiuyana.iSl 

xiaxu 

Uun.iiira lift. 
DcnaKonu (6) 
d unwary ....... 

Iceland my.. 

India (M 

I nrk>nmia 

Iran 

Iraq 

Irihli Kef |Lu 

Israe- .... 

luuy 

Iv.irv LVait... 
Jamaica (»>.. 

UpHlI 

I nr inn 

Kampuchea- 

Kenya (S) 

Koiea 

Knrtii (.Milt... 
Kimdl latln. 

Laos 

Lei mn. hi 

Le-»'l ha. 

Lihena 

LUiya 


[ DeuUch Mark 
Cedi 

(Gibraltar £ 
Aim. Litriiar 
Uracbinn 
Daui-h Kmiiei 
K. Carrilwnn > 
lawn Franc 
l» S 
Ljneiiuti 
ally 

tiujane-e $ 

Uupttle 
Lent j lira 
U.h. 6 
b orlii I 


1 ICrenn 
I mi. Rupee _ 
Kupiali 
Kin 

Iraq Dinar 
irvh £ 

Israel £ 

Lira 

I'.F.A. Frank 
JamniDt Dnnm 
Yen 

JunlMl Dinar 
Uie> 

Kenya Sbillinc 

Won 

Won 

Knwail Dinar 
Kip Pnl Fo- 
LeiMJiese £ 

Arhcan Kami. 
Lihenau 9 
Lihyan Uliuu- 


3.BJ1* 
5-65ii-0 
l.uil 
1.7030 
72.142 
10.6&U 
5-528 
B^4 
1.9715 
1.8715 
58.442 
67.BB 
5.027 
9J57 
3J8 
9.51 1 4 

.iruiii, / 4 . 8 b 
l.Tiviict56J3 

605.76 
15.87lm;i 
Bid. 17 
15B.D 

0. KSS6 

1. JU 

58.05 
1.5225 
427 
5.15 
3721s 
0.580 njj 
2.56B.B0 
14.810 
l.l< lot], 
954.46 
0.535 
758.60 
5.8160 
1.70655 
1.9715 
0.5836 


Place and Local Unit 


Value of 
£ Sterling 


Lie* ni'uiin... dwtw Irene 
Luuinbuur)( . Lua Praoc 


Mimk 

Mm'cint 

ilalajjwq- it) i 

Alrtiaw l (Si... 
■U ilnyuln (6). 
Maidive le-iS 
Alan Kfi 

UaitH (H)... „ 
M-trlliiiqiie.. 
Muininnia .. 
Mom ilian (tJl 

Mexico. 

Miquelnn 

Mtiruuu. 

-Vliinpulu..... 
M.auerrnl .... 
.IliKOft 

Mcasuuliique. 


I'm linn 

FlwI ucViteffc 
UC t>ranc 
Kwnclui 

Uingiiii 

Mai Ku|iee 
Mali Fram- 
MaiiewM 
Ull Franc 
Uucuiyn J 
U.Hupee 
Uexiisu Fear. 
L'.F-A. Fran.- 
French Franc 
Tugrik 

K. Darriliean i 

Dirl urai 

Moz. K».udo 


ID 


3.15S« 

60.10 

1D.D7I 

83.56 

427 

I. b0775 
4.48 
7.748 
854 
0.7690 
Bil 
86.263 

II. 812 
44.78 
427 
8J4 
6.75SS< 

6.528 

7.82, 

fab.085 


Haora Is-— . 

Ae|«tl 

AeilierlaiHiB^ 

.\etb- Anc'le*. 
Aei* tiehrides 
.V. Zealan .1 (ri) 
M anuua.... 

A' icer Up. 

.Hwenn IS) 

Anrnny 


Aii«U Dnilar 

Neielune ituuee 
tiulHer 

An Lillian Guihl. 
iFraoi- 

I Auetl. Dollar 
A .4. Dollar 
Doidotan 
C.F.A. tnm>- 
Snlra 

Urwe. Krone 


“^ u, ‘ j- KiaJ Omani 


Liman duitan- 
hm* in 

Pakistan Pkn. Bupee 

Manama Utw 

P&punM.U.lS) Kma 

Pniieuay Onaianl 

F’jif- M. Kp 

••I Yimen (Si S. Yemen Dina 
Pei-u Sol 

PhilippincM... 

Flicali-nU.iSi 

Fniand 


Fonugal 

Pin, Tuiiu. . 
Filncipe IkIci. 
PlieiiO Klcn. 

(jaiai (Si 

llenninn 
lie de la.... 
Klindwia .... 


Ph. peso 
it -lei imp 
I .Vfiw Zealand B 
Zloty 

Fsi-udo 
I'imnr Lw ih!6 
Pkmt. Pseudo 
U.S. 8 
(Jaur Kyal 

Frencli Franc 
Kimilerian S 


1.7050 

25.68 

4.15>« 

6.525 

138.02 

1.7(i30 

1.D558 

1S.b4 

4x7 

1JB4725-Sir' 

10.0811 

0.678 

IB.SS-ci 

1.8765 

1.5561 
245.85 
■AiO.6753 
ex lA 366.72 
14.510 
1.8558 
•Lnt 82.45 
ll 62.45 

89.55 

89.55 

88.55 
1.8715 

7.57 

8.54 

1.3672 


Place and Local Unit 


Value of 
£ Sterling 


tinman ia.... Leu 'i 

KwanriH-. Kmuria Franc 

si -Chris to- 

pher (S1....„ UL Can ween $ 
Si- Helena..... sL Heieua £ 

?l. Luma. ...... K. Danlihain S 

St. Pierre ti.F.A. Franc 

«.ViiatniwE. L'antibeui & 
TMlvannr Kl„, Uolon 
SnmtH (Am).. U.S. 6 
'*» Murinci... I tsiw u Lire 

'm» I.. we Hc^e. K-emlo 

*4nnli Amina. Ujral 

seneuat ... L.t-A. Franc 

>^vchpll»-. M .. ». Ilupee 
^iem?Le-rwtSj Lwme 
■>inc«l«ire IM. Mnc« pore S 
mini I-I-) Solomon Is. S 
'Nmiali Bep.... Snm Shilliiu- 
■'ih. Al rice IS) Uauri 
W. Amcan 

lemmne- 1 S 1 A. Band 

■*(•»**! Peseta 

?|sm. I'oilr In 
S.Nortb AIH..W Pcseia 
?r Lsuk* iS.iS. L. Jin pee 

Su-tan K|- Sudani: 

Surinam s. Cllider 

Swazi In nil (S.l Lajinueni 

>w»len Krona 

iwilzerlanti .. Sn Im Franc 

Svna syna L‘ 

Taiwan NW Taimn 

Iniixania iS.i. J'tu. Shilling 

rhiiinn i Bahi 

l'up» C.F.A. Franc 

l'uiupi It. |SI. Pa'anpa 
rnnMari (S.i..Vr>n. A Tohapo 

1'unlsia Tnniamn Dinar 

turkey Turkish Lira 

I'urka A L"h.„ U J). S 

1'iiVHlu Australian £ 

Uganda IS.i. L'a. Shilling 
Uniie.i Stales U.n. Dollar 

Lrugnav Uragnay Peso 

LIlx.A I'Kmli. U.A.K. Dirham 

U.S.s.U UnuMe 

Volta . L-.P.A. Franc 

Vatican Italian Lire 

Venezuela Uoiivar 


Vietnam Duke 

VlnitnlicU.S. Dollar 
Western 

Somoa tS>~ Sajucan 1 ala 

Yemen ilym 

Ync-wiavia.... New Y Dinar 

Zaire Ep Zaire 

Zambia Ktracha 


(i'm)8.4J 

me-)T22.79 

1S0J7 

i 

5.328 

1.0 I. 

5.328 - 

427 
5.528 
4.93 
1.9715 
1.6225 
88.65 

8.53 
427 

15.53 

2.0 

4.5825 
1.7050 ' 

{A 112.410 1 
1.70655 

1.70655 

141.00 

141.90 
50.7550)90 
i.\i0.7BB6 
6J29 
1.70655 
8.70 
3.1575 
I A 17.738 
< Pi70.974 
14.865 
S9.486rm) 
427 
1.5755 
4.7318 1 

0.771 -cl 
49.175 
1.971a . 
1.7030 

14.54 
1.971a 

{(cn»13.tO 
(Ifni 12.85 
7.67 
1.51 
427 
1.6225 
8.46 

0) 4.290 ' 

1) 4.21)411?) 

1.9715 

1.1656 

5.72i«!> 

37.0892 

1.559415 

1.55 


• Thai pan oi the French community ip 
A frica formerly part nf French Wes' 
Afrira or Frenrh Enualorlal Africa, 
t Hawes ner pound. 


5 Denerai rates of oil and Iron esporis 
92.S03. 

|| Ha<r>ri on cross rates asalnst Russian 
rouble. 


“* Bate Is the Transfer markei (nn- 
rmlled). 

rt Rate i* now based nn 2 Barbados £ tn 
the dnilar. 

;? Now nne official rate. 



es 


The accepted name for money. Worldwide. 


A member of Midland Bank Group. 


All of these securities having hem sold , this announcement appears as a matter of record only. 

September 20, 1978 

$40,000,000 

sea containers inc. 

lO 1 /^ % Subordinated Debentures Due 1998 


Warburg Paribas Becker 

Incorporated 


Bache Halsey Stuart Shields The First Boston Corporation Blyth Eastman Dillon & Co. 

InCOTOfflitied Inrnmnmtorf 


Incorporated 

Dillon, Read & Co. Inc. 


Incorporated 

Donaldson, Lufkin & Jezixette Goldman, Sachs & Co. 

Securities Corporation 

E. F. Hutton & Company Inc. Kidder, Peabody & Co. Lehman Brothers Kuhn Loeb 

Incorporated , Incorporated 

Loeb Rhoades, Homblower & Co. Men’ll! Lynch White Weld Capitaf Markets Group 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

Paine, Webber, Jackson & Curtis Shearson Hayden Stone Inc. 

Incorporated 

Smith Barney, Harris Upham & Co. Wertheini & Co., Inc. Dean Witter Reynolds Inc. 

Incorporated J 

Bear, Steams & Co. L. F. Rothsduld, Unterberg, Towbin 







• .Financial Times Tuesday October 3197& jj 





ERNATIONAL FTNANCI 


Further earnings boost 
for American Standard 

BY TERRY BYLAND 

THE PRESIDENT of American period stood at $l,964m and earnings in 1977. Last year Stan- 


AND COMPANY 


Merrill 
Lynch in 
merger 
talks 


Amsterdam Bourse agrees 

major trading extension 


BY CHARLES BATCHELOR 


AMSTERDAM, Oct 2. 


Standard. 


William A. earnings at S9Sm. 


dard acquired Clayton Dewandre 


Marquard. told a Press confer- Looking ahead to next year, of the UJv. 
cnce in London yesterday that Mr. Marquard said that sales The transportation and Indus* 
he expects group earnings Tor and earnings would be at good trial products division, which 
197S to exeeed $7 a share. This levels, if not showing the same produced some 34 per cent of 
compares with $5.62 a share for percentage improvements of the world wide earnings in 1977, 
1977 and adds strength to the past. He expects earnings to be when its results were described 
earlier prediction that earnings above the rate of inflation in as “excellent," should hare even 
would be “substantially higher" the U.S., even after allowing for better figures this year, 
this year. Sales for tbc group, a conservative estimate 6f a In the U.S.. sales of freight 
which or .'rates in building pro- “flat" performance ly the cars and switching and signal- 
ducts. transportation, construe- national economy in 1979. ling equipment should increase, 

turn and mining, and security He expects to report a positive On the European side, the heavy 
systems, are on target for the cash flow in that year, for which truck sector remains sluggish 
previous forecast that they would the group has planned for a 10 but the addition of Clayton 
exceed $2bn in 197S. per cent increase in capital Dewandre should expand group 


A MAJOR shake-up of stock 4J0 .pm. FI 500.000 (S^.OOOt i^ne stock 

market practice is to be carried The aim is to establish "the — to the Exchange Associaao 
out by the Amsterdam Bourse, exchange firmly as the central The majority o* 

The measures, aimed at creating market place for securities’ continue to be jraaea_ 


Losses 

continue 

atSnia 

Viscosa 




A MAJUK snane-up OI SIOW wu.pm. tl DUU.UW Rv Our Own 

By Stewart Fleming market practice is to be carried The aim is to establish "the — to the Exchange Assoo^ By rmpond**. 

' 2 out by the Amsterdam Bourse, exchange firmly as the central The majority MILAN.Oet' 

NEW YORK. Oct 2- The measures, aimed at creating market place for securities’ continue to be traaea m vwo EVIDENCE Ini 

MERRILL LYNCH, the largest a more efficient pricing system, business and to expand trading, sessions — 45 minutes at ine rftical ^te of the '-ita 
ILS. brokerage company, has will come into effect on January No figures are available for out start of official trailing chemicals industry, nartifni< 

announced that It is discussing 1. - of hours business but . it Is last half bom- w official craning the synthetic fibm nSSffi 

a merger with Amlc Corpora- They will include a consider- thought to : be considerable. These latest - moves to expana f r0B , the first half w*. 

tlon. a North Carolina-based able extension of the number of These changes are expected to and strengthen the Amsieruaiu & Viscosa and AN1C™ 

insurance concern. shares that can be traded within lead to the more efficient pricing Stock Exchange come at anme & Vificasa> ^ 

Amic is a holding company official market hours, and will of shares. Out of hours orders when the exchange has recently and 

that owns American Mortgage involve changes in dealing pro- must now be carried out through been setting new trading recoras. „ ootrolled by Montedison^ 

Insurance, whose main busi- cedure for large lines of stock, a jobber on the floor r. of -the Turnover In August was ** losses continued in the lfiTsv 

ness is to provide Insurance The Bourse authorities may exchange. (S1.89bn) - the fourtb month losses ** on 

to . lenders against loss on also introduce a new commission Large orders may only be this year in which the r i *on fibres division, 


exceed $2bn in 197S. per cent 

Losses on foreign exchange, spending, 
which hit the group in the third America 


„ „ . _ business, 

which hit the group in the third American Standard's earnings Over the period from 1976 to to 
quarter by S4m to '"im are ex- base remains firmly established date, expansion of the European 43 
pected to be “ slight " in the in the U.S., whence some 5S per heavy truck division, which of 
fourth quarter of the current cent of profits came last year, manufactures WABCO braking net 

year. European operations., which in- systems for trucks, has pushed ted 

At the beginning of June, elude plants manufacturing up sales from 492,000 to 420,000 i nGI 
share eurninr' on a 12 month truck brake systems in Ger- (estimated) units. Over the same ft 
basis bad already reached S6.82. many. Austria. France and Italy, period, output of U.S. freight ten 

Total revenue for the same produced 30 per cent of gToup cars rose from 54,000 to 60,000. baa 

— — stoi 

bee 

$500m investment by Walt Disney 

NEW YORK. Oct 2. pro 

WALT DISNEY Productions will include participation by other subjects. was 

plans to spend ahnut $500m on General Motors, Exxon (U.SA.) In its first phase “the world resi 

two new theme parks at Disney AT and T and Kraft Inc. showcase ” will have 10 nations P* 11 

World. Florida. Mr. Card Walker. He said that Disney has participating with additional BHU 
president and chief executive, received letters of intent from countries expected to join in a C °D 

told delegates tu the World business or government interests second phase. J™, 

Congress of the International in 10 other countries to partici- The existing Walt Disney 
Chamber of Commerce meeting pate in the project. World has recorded a seven-year ™ 

at Walt Disney World. The experimental prototype attendance of nearly 90m a m 

Mr. Walker said toe projects community of tomorrow will be visitors, and the new theme s | e13 
“Future World" and "The ‘World operated separately from the parks are expected to attract a ”*** 
Showcase" will implement adjoining Walt Disney World. further Sm to 10m visitors in ** * 


to lenders against loss on 
residential first mortgage 
loans.' 1 

Its subsidiaries are licensed 
to offer Insurance services in 
43 states including the District 
of Colombia. En 1977 Antic’s 


mortgage structure. 


transacted without involving a level 


reached 


its fibres division, U 
accounts, for nearly half of “h 


The number of stocks which jobber when there Is no danger exceeded. ■ over snia’s synthetic fiWc? 

will be traded throughout the that they could lead to consider- The record cwSS rose flAher cent in cSV 1 

entire one and three quarter able disruption of the market with turnover of FI 4-32 bn. S hare thi S P ma5eS a MTh?, 

hour official opening hours will At least a quarter of the trans- turnover alone was FI 2.09bn out vo ]urne of sales. ■ ^ 

be doubled to about 40. At -the action must be carried out at the In August — only the second amtc the ehemir»V D ^ 

r*ima tlmfl ohfirAc and hnnrlc tin n nrotrnflimv Stnclr F.T(*hflnca tiHaa month in thp S history ... ’ . 


terms of its size and capital 
base dominates Wall Street's 
stockbroking community, has 
been diversifying agressively 
in recent years. - 
Last month, it revealed that 
Its next major diversification 
would be Into the residential 


Swiss permit Texon tax probe 


BY JOHN WICKS 


ZURICH, Oct. 2. 


half, in spite oE an IS jjeriSJ 
rise in group ■ saiesfr^S ■ 
reached L593ba (aroun&JrahQ : 
ANIC said it expects 
heavy losses for the rfefcfcf w'' 
year, implying the prolJaWfi£ , 


another reduction in 1 f r ' f / ra l 

capital. . ■;? IfiiiD 


BoUl AJV1C *** SnJa aiSia'N * “ 
provided by nin g measures to hbsSbSS-' 
also advance their -fibres operational * ? * , 

ir nrmr-jhno .l > i * ? 


property sector. It said that it the SWISS Federal Appeals for tax evasion . against the capital of SwFr 0m. provided by ning measures to 'ris&BsS ; 

was negotiating with “several court in Lausanne has decided to defendants in the criminal pro- Swissair, which will also advance their -fibres oper£tionsv3& 

residential real estate com- ' pen nit income-tax authorities in ceedings. the same amount for operating reduce losses, but the -ftrik 

panics whose acquisition would Canton Ticino to investigate A request to investigate costs. fibres industry in. genehuj- 

mark the company's “initial liability for defence tax of Texon’s debtors and creditors - The new CTA company is not. likely to be particularly banju'i 

entry into the rapidly growing debtors and creditors of Texon- named in a list forming part of as partly expected, to take over by the prospective bannhjof* 

residential brokerage nidus- Finanzanstalt, of Liechtenstein- It the documentation was rejected, the assets and liabilities of the part of the EEC ComimSln 

. , , . . was through this company that This decision has now been SATA, which is in financial diffi- 0 f a planned European fife : 

The company said that such g w p r a.2bn worth of clients' reversed by the federal court’s culties. It will purchase the air- carteL . .. : vi-.~ 

a move would take it another f un d a of the Chiasso branch of judgment line’s Caravelle aircraft how- Snla Viscosa and MoatetUan 

step closer to its goal of pro- Credit Suisse were shown last • A company has been set up in ever, and take over part of the have announced plans;' to me® 

viding a -full financial year t 0 have been channelled. Meyrin, near Geneva, to con- SATA personneL Flights with their synthetic fibres- aciwftjS- 


^ ‘ 


founder Walt Disney's concept 


of an experimental prototype series of pavilions displaying 
community of tomorrow and is future technologies for energy. 


vldlng a -full financial service. 
It has already expanded Its 
operations int? international 
banking,, life insurance and 


adjoining Walt Disney World. further Sm to 10m visitors in 11 already expanded its #ph e Ticinese appeals court had tinue the operations of the Swiss the three Caravelles will begin in a separate company, « n» 
“Future World" will be a their first year of operation. ? pe 2“ 0,ls .,- ,,,t ’ Internationa previously allowed the Cantonal charter airline SA de Transport next month under the new man- of a strategy to reform tfc ' 

series of pavilions displaying The new parks, including the nan *"°S*.. life insurance and tax authorities to examine docu- Aerien (SATA). To be known agement- As soon as possible, a finances of both groups. Jint- 

future technologies for energy, additions, will represent a total **-*’„■,? sprvic®® which are menls held in connection with as Compagnie de Transport majority of the capital of CTA edison’s fibres subsMaif 

transportation, the land, the investment of more than Slbn, f ,mUa r to commeraai broking the ^ ju^ice prosecutions in Aerien (CTA). the -new under- — whose definitive name will be Montefibre, also continued to ini . 


scheduled for completion by transportation, the land, the investment of m 
October 1, 1982. The projects seas, space, life and health and Mr. Walker said. 


in some cases. t j^ e T eX0 J, rasei ' in so far as Taking will begin its activities in announced later— will pass into at a heavy loss in the first iffi 

its nrst move inio the real jjjgjg coa i(j be used in a case November with a provisional western Swiss hands. of 1978 contributing safest®, 

estate business was in 1968 tially to Montedison gronn tasset 

when It acquired a mortgage • ; r-rr?* 

banking and property manage- v • n a i 

sarrxjtti ’SJi New plant Begnm-Say expects sharp Share issue 

'tST'VSBSt for PhUips - , . by Cycles i 

arrangements^ m,kii> g niovins ... lUlprO YGHIGnt 111 profits Peueeot 


Reed Paper 
back in 
the black 


Wells Fargo sees third 
quarter gain of 11% 


By Robert Gibbens NEW YORK, Oct. 2. 

RFF n pAPF^T^'^h^riuhi^ WELLS FARGO of San In the 1977 third quarter, 

Canadian arm of^ ” Rc^Vter- Francisco, expects third quarter Weils Fargo reported net WiffPT By Paul Lendvai UUK " """ CYCLES Peugeot, which is part 

national or the UK. was profit- earnings to be up more than 11 operating earnings of S25.1m or L^Cdll VY II 1C I VIENNA, Oct. 2. A FURTHER sharp improvement sugar beet harvest after two of the PeugeoKlitroen group; s "" 

able for ihe first time in eight per cent from the same period SL J‘ * *£3”' A THE AUSTRIAN subsidiary of in profits at the operating level disastrous crops, the company to raise FFr 332m 

consecutive quarters during the 0 r 1077 separately Mr. Cooley esti- n3VTHFIir Philips has decided to erect a is announced by Beghin-Say, the last year incurred a net Ioss-of through the issue of new sk^ r- 

third quarter this year, Mr. In _ npu , e r „[p,cp Mr pajuitiu new plant in Vienna to take over largest sugar company, in France. FFr 127m. This was largely the at FFr 400 each. . . 

Donald Ma elver, ihe president »;J.S, r rt p “ffi-.nSwmt n'r i ill 6 pra 5™ min ® 511 ° t be ]n !f 0 ‘ • N EW YO RK. Oct. 2. the world-wide manufacture of For the first half of 1978 the result of provisions against the As a result, the rompata'i -y 

said, but the company does not the h^nk holrtfns ^ Iih t DEAN WITTER REYNOLDS video recorders for the concern, company is showing a return of Unisuc subsidiary and additional capital will rise to FFr 3333a^ 

evpect to show a profit for the L h p e ^vn/r-t ^h^'ihfrS FwL hl b- Orsanisation, the securities Investment costs are put at FFr 155.5m (S36m) before write- charges for depreciation. . from. FFr 25m. The new shan-r'. . 

whole year. nnnwir ^?n ^ broker, said its Board has Sch 2bn (about S142m). The offs and provisions, • compared Meanwhile, the shares of will carry dividendshackdatedta JU 1 


New plant 
for Philips 
Austria 


Beghin-Say expects sharp Share issue 

bv Cycles 

improvement in profits Peugeot 


By Paul Lendvai BY OUR FINANCIAL STAFF CYCLES 

VIENNA, Oct. 2. A FURTHER sharp improvement sugar beet harvest after two of the Peugeot-Citroen group; n " 
THE AUSTRIAN subsidiary of in profits at the operating level -disastrous crops, the company to raise FFr 332m 

Philips has decided to erect a is announced by Beghin-Say, the last year incurred a net Ioss-of through the issue of new Gfcgngf>- 

new plant in Vienna to take over largest sugar company in' France. FFr 127ra. This was largely the at FFr 400 eat*. . . •• ; *7“ 

the world-wide manufacture of For the first half of 1978 the result of provisions against the As a result, the compa&T~ 


whole year. 

It has sold its decorative pro- 


quarter gain “to match the 36 share in 1979. Under the pro- 


ducts crouD to the narent and per cent S rowt b rate of the first gramme, customers can have 
•iien iniLkt, L .[!,n u-nctl™ half of 197S over the first half funds automatically transferred 


broker, said, its Board has 
raised the quarterly dividend 


4 V «. 1 


plant with a production staff, of with just FFr S12m a year Lafarge closed at FFr252220 ex- 1 January 1 this year, and share-- e ._ 


also its interests in lwn western ha,f oF 19,8 over flrst ” a “ funds automatically transferred 
pulp mills Ju« 01 im - However ' we d0 anti - Erom their interest-bearing 
over rsinom cash Newsorint ci P ate healthy earnings growth savings account to their cheque 

5S- -? f this 

fine papers have improved sub- year ^ wel1 as ,or 1M ' a - ap-dj 

stantially. Lumber has per- 

formed well, packaging has im- ^ - -r T r^t 1 tn iA 

S3S? p Lmher as improve^ Sandoz U.S. seeks $40m 

UI However 7B the Ce Dryden opera- NEW YORK. Oct 2. 


Sandoz U.S. seeks $40m 


NEW YORK. Oct. 2. 


tions in Ontario have “immense” SANDOZ U.S. plans to issue up will repay the paper should the pared with net earnings of 


problems to be overcome. Nega- to S40m of commercial paper company be unable to do so. S2.6m on revenues of $62.7m. 
live cash flows will continue for in thc us u^ugh the First Sandoz indicated that a Net income per share for the 

several more years. The pulp rnr _ n _ H __ primary reason for seeking the quarter was $1.02 s 

mill will need very large capital Breton Corporation. bank credit was that it is a fairly cents, 

spending because it is so old. sandoz said it expects tne nrst np^v company, having been Agencies 
Debt is stublp and was intprov- offering to be made sometime formed late in 1976, and it 

ing through the third quarter, this month The paper, which WJim p d t0 become known t0 ^ Gaminp qtnrkq 

The policy was to reduce debt will have the typical one-to-270- u.s. financial community naming MOCKS 

further by the proceeds of asset day maturities, will not be s, ,i,». The New York Stork 


tne poucy was to reauce aeui me- ijpicai oue-iu-xiu- (j.S. financial community, 

further by the proceeds of asset day maturities, will not be , addiiinn it norwi that 
sales. The pigments business is guaranteed by its Swiss parent ba nk -supp ort ed dodSt should 

?* ,I! //* r “S- J5 » ST COmpaDy * Sandoz Umited ' reStit “n PO some s for^Se 

n o! The paper will instead be company since it tends to com- 

fn Reed Pane? ar? still ^ a S ac ? ed b ? - a 84001 UTevocab,e mand a premium over non-bank 
‘ nr?SnS- P .tnSI " Irrnm,, bank revolving credit agreement supported issues, 
preliminary stage. Accumu- whidl provides that tiie bank Reuter 


from 15 cents to 20 cents per 3.00D is planned to go on stream earlier. Operating profits for rights on the cash market today holders can subscribe on 

share, payable November L in 1980. 1977 as a whole amounted to compared with FFr 261.90 on basis of one new share ftir three %■-. 

In the year to August 31, Tin* munirinalitv of Vienna F F r 7m in contrast to a loss in Friday with rights. Bourse currently Jteldi - 

net earnings increased Trom anri thls Austrian Federal State 1976 of FFr 33m. sources said. Forward market Cycles Peugeot’s non-consol W- '- 

S 12.6m to $18,601. Revenues renorted to have Droraised Beghin points out that its Lafarge shares, which go ex- dated net sales were FFr 820trfr-?-' 
«f^S4 1 2.6ni compared with l-^rse subsidtes and a P site cd interim results do not include rights on October 24, closed for the first half of 1978: for thtMfcs-- 

$239.lm last time. 1W000 snuare S metreshas been an ““specified capital gain of unchanged at FFr 260. whole' of 197T they totaflfti.sc- 

Net income per share was nm'diiiNi Vp of i>han»p hv thr> KFr 15.5m. The company, is Lafarge is making a one-£or- FFr L43bn.i - 

$2^ in 1978 against $2.62 in g™ 0 f Vienna. PhiliS Austria giving no indication at this stage five rights issue at FFr 200 per Reu^ - .— ‘ : - 

19 tf- reckons with an annual sales of what * if any. . provisions will FFr. 100 nominal to increase its ^ — : / t 

Fourth quarter net of $8.1m total of Sch4bnwiththe llon“ be raade ^ ainst Profits^r 197S. capitaL to FFr 558m from Ta , -j fl --' 

i «°* share gohig Sroad Porting Respite a return ton normal FFr 465m. ItalfflderloSSeS r- . • ■ - ... 

S26m m S eventies oTsffi 7m f tr ' Die Presse « the Vienna daily, 1 : : Italsiderexpects continued - 

<et inram^ntr^hin, lbe Government promised / this year, as an. increase in sales 

SrtSriL JlO* X^i£t?6 Sch 160m in ERP (Marshall Plan C| atM oilC CDD he TT C Jocnn *a proring insufficient to cow 

renti F ’ 5 counterpart) funds and interest OieillCIlS S66KS U od. 1SSU6 higher, costs, .' ' 

Vgencies subsidies involving credits of f rom Genoa,- - Fiist half sda 

■Y - . .. , „ BY GUY HAY/TIN FRANKFURT, OcL 2. ' 

»2)mino ctnnlrc Meanwhile, figures recently . . ’ • ' (million .mJlUqp.V Si-oon, 

o aiutKS released by the Austrian Central SIEMENS IS to become the first and The Lehinen Commercial steel prodnetipn^iang by ... 

rhe New York Stock Exchange Bank indicate that 25 per cent West German company to issue Paper Inc, cent to 5.3m tonnes, ice anhj 

* removing ceruin gaming of Austrian industry . and. S commercial paper in the UDited Kanwhll. the P!5K P 1 LS.2 1 .1- 


M revenues of S82.7m. !J e Die “fc 

"Slrte?^t P Mjia , ^Sd , mt M Scl1 16 °™ w ERP .(Marshall Plan 
h wr was 5t.u- agasnst 5b counterpart) funds and Interest 

Agencies subsidies involving credits of 

l^bn. 

*amina ctnr-Lc Meanwhile, figures recently 


Siemens seeks U.S. issue 


BY GUY HAY/TIN 


FRANKFURT, OcL 2. 


The New York Stock Exchange Bank indicate that 25 per cent West German company to issue Paper Inc, cent to 5.3m tonneSj_iae 

is removing certain gaming of Austrian industry and S commercial paper in the United Meanwhile the nroiin r*nnrt«i pan y a : net 1977 loss JH; 

stocks from iLs list of those Per cent of ail economic enter- States market It was announced «... wher ® 0 X395bn. .against the 

required to have special initial Prises were controlled by foreign today that the bonds will be «tis factorv S?mJ!ES years Si 

mar^n and capital require- capital at the end of 1975. The issued by Siemens' U.S. sub- 2^ S debts rose. In the flist half. , as tj 


preliminary stage.” Accumu- 
lated tax loss carry- forwards now 
total more than C$70m 
(US$3S.Sm.>. 

Abitibi extends offer 


Sears Roebuck profits to rise 


margin and capital require- capital at the end of 1975. The issued by Siemens’ U.S. sub- JL-.Jr debts rose, in the first 

meats. Renter reports Trom survey carried out in 1975 sidiary, Siemens Capital Cor- 1J7 So 11 ”..”,., ..i 1 - 1 ? 1118 . ■ . result of losses, while long tera; 

New York. concluded that the foreign poration. J! <SHSL,tE? r oi > whlch debts were reduced by coPTO|y 

The securities being taken off dominated companies had an The bonds will be offered to sion oh the. part of tfia 

ibe list are Bally Mannfactur- aggregate labour force of 153,000. the public through A. G. Becker vaned m indl ‘ parent company FinadeT, . 

ing Corporation's common sectors. Ioann into share capitaL . v . - 

stock and 6 per cent con. |~ " ■■ 

.1*^."- EUROBONDS I f — ** 1 


loans into share capitaL 


AD5E3D! exienas oner Zurich, oct. 2. ]i e r ibl 1 s % r J ii,ia, S d deben - 

The Abitibi Paper Company oI “MR- JACK KINCANNON. senior that Sears had picked the right u “? 1 ®r®' ®" d 

Toronto is soing ahead with its vice-president of Sears Roebuck moment to introduce its stock to fStiL,,!* " a T tI 8 ; 

CSSS cash per share offer for the and Co., told a meeting of Swiss Swiss investors because currency anfl Uel 

minority holding in Price Com- bankers and businessmen today stability measures announced on 

pany. writes Robert Gibbens from that the company's earnings per Sunday by the Swiss National p- _ ■ j ^ . 

Montreal. share in thc second half of this Bank had strengthened the dollar i-Opperweiu OptUTUSm 

Abitibi. until last week, owned y car would be better than in the today. Connerweld nomnnMnn 

5S uer cent of Price, and on Ont Sears Roebuck had flnt half in, in as fC 

Friday agreed to buy just over The meeting was arranged to net of $356.16bn or Sl.ll a of «5g 

lm shares held by Consolidated- mark the introduction of Sears share, down from last year's th an“last April's nroiectUm of 

Bathurst at CS23 per share. Roebuck shares on Swiss Stock first half net of S360.9bn or 81.13. sS An or SI So a shMc AP-DJ 

Abitibi expects to mail the Exchanges. Herr Ha nns Kessler Flnt half sales were .WJ577Jbn from KtisbnSh. 

formal offer to the remaining * director of the Swiss Bank compared with Si.6S3.77bn. Bnt ^ company noted that 

Price shareholders within the Corporation, to ld the meeting AP-DJ. a .planned rertSrturiSg of ifs 

next 15 days. JBimelaliics group, which re- 

Ten necolosespiea SEC wanting to brokers £?"££ 

THE American Supreme Court WASHINGTON, OcL 2. SLU'toUti of S16L3m 

has denied a request by New- A STERN warning has been Mr. Edward f. CBrienL presi- a share. * ‘ 

port News Shipbuilding and issued by the Securities and dent of the Securities Industry The company said this year’s 
Dry Dock Company and its ^change Commission to securl- ^ j swift] v denied that earnings should exceed 
parent Tcnneco that it should ties firms to stop a number of A5S0C1 f II0 °’ SW1IU> den ‘, 10,11 expected levels due to better 
become involved In a contract practices that the Commission “ n >’ f ” ud occurred b> any Ujan expec(ed demand for 
dispute between the ship- believes are unfair to customers, broker-dealer in any of these gp^auv alloy and carbon 
Mlder and the American The warning included the prac- . steel bars, improvement in 

Navy. AP-DJ reports from tice of issuing cheques to custo- . y oneo said tnar any demand for luhiog. and some- 

Washiugion. mers that had been drawn on 1 / m ask , ed wou ^i^S? 1 Vh« what stronger demand for 

The court lei stand a distant banks to prolong the at an \ time to any client tne Bimetallic products abroad. 
Federal Appeals Court ruling broker's use of the customer's ? m< ?, unt of commission for Copperweld also credited 
reinstating a suit by the Navy money, and the practice of retain- Brokerage services ana tne effectiveness or its cor- 

io force Newport News to ing interest and dividend pay- of custodial fee that porate reorganisation which 

complete work on a nuclear ments instead of disbursing them wou,a °c enargea, restructures the company into' 

frigate. upon receipt. AP-DJ three main operating groups." 


Tenneco loses plea 

THE American Supreme Court 
has denied a request by New- 
port News Shipbuilding and 
Dry Dock Company and its 
parent Tcnneco that it should 
become involved In a contract 
dispute between the ship- 
builder and the American 
Navy. AP-DJ reports from 
Washing ton. 

The court lei stand a 
Federal Appeals Court ruling 
reinstating a suit by the Navy 
to force Newport News to 
complete work on a nuclear 
frigate. 


expects earnings For the 
whole of 1978 to be “stronger 
than" last April's projection of 
S3 -8m or $1.50 a share, AP-DJ 
reports from Pittsburgh- 

But the company noted that 
a planned restructuring of its 
Bimetallics group, which re- 
sulted in a $9.1 m net charge in 
(he second quarter will hold 
full year net well below last 
year’s total or S16Jm or $2.91 
a share. 

The company said flu’s year’s 
earnings should exceed 
expected levels due to better 
than expected demand for 
specialty alloy and carbon 
steel bars, improvement in 
demand for tatting, and some- 
what stronger demand for 
Bimetallic products abroad. 

Copperweld also credited 
“the effectiveness of Its cor- 
porate. reorganisation which 
restructures the company into' 
three main operating groups." 


DM issues more active 

BY FRANCIS GHIL£5 

PRICES OF Deutsche Mark terms of the DM 150m for 
denominated bonds moved up Venezuela which is being Jed by 
today by about a quarter of a Westdeutsche Landesbank were 
paint in what was described by confirmed: the maturity of the 
dealers as more active trading bond will be 12 years and the 
than is usual on Mondays. Quite indicated coupon 6} per cent 
apart from the continuing good Final terms are expected on 
conditions in the domestic October 13. Lt was also confirmed 
German bond market, stronger that Marudai Foods would be 
buying interest from Switzerland arranging a DM 50m convertible 
than has been the case In recent through Deutsche Bank. Indi- 
monlhs seems to be behind this cated terms will be known later 
increase in prices. this week. 

Swiss investors are anticipat- In the dollar sector, activity 
ing an improvement of the trading wus quiet with prices 
Deutsche Mark against the Swiss unchanged. Most dealers now 
franc, a movement which was expect the U.S. prime rate to 
beginning to show signs oF move up to 10 per cent sometime 
materialising already today. One in the next 10 days. 

Deutsche Mark was worth The S20m convertible for Novo 
SwFr 0.823 at the close yester- Industri, the first ever for a 
day against 0.799 last Friday. Danish name was priced at par 

Thc private placement for with conditions otherwise uo- 
ISCOR was priced at 100} today, changed by the lead manager, 
as anticipated by the lead man- Morgan GrenfeU. The conver- 
ager Bayerische Vereinsbank. At stim premium was set at 10.2 
the same time the indicated per cent. 


u.s. $2o,ooaoqo- ; . 

Floating Rate U.S. Dollar Negotiable Certificate* 
of Deposit due 3rd April, 1981. 

The Sa nwa bank/ 
Limited i: 
London ; 1 


& 


In accordance wish the provisions of the Certificates, notice ^ 
hereby given that for the six months interest period 
3rd October, 1978 to 3rd April. 1979, the Certificates will earfTf. 
an Interest Rate of 10}% per annum.' Th* relevant inte^i 
payment date will be 3rd April, 1979. 

-vH 

Merrill Lynch International Bank LimitetH 

Agent Bank 




SWISS FRANC MEASURES 


Foreigners may increase holdings 


INVESTORS outside Switzerland 
will be able to increase their hold- 
ings of Swiss- franc securities, 
following Sunday's announce- 
ment of new measures to counter 
the sharp rise in the exchange 
rate. The share of foreign 
borrowings open to non-resident 
subscription will be increased 
from 35 per cent to 50 per cent, 
while proceeds from the sale of 
Swiss domestic securities will be 
liable to be reinvested without 
restriction. 

These* two relaxations in the 
regulations announced in Febru- 
ary ore seen by the National 
Bank as likely to contribute to 
government policy of keeping 
interest rales low. At the same 
time, it is hoped that demand 
for foreign currencies will be 
improved by the promotion of 
non-resident borrowings. This is 
intended to result both from thc 
expansion of the buying public 


for foreign issues and from a 
decision to allow borrowers to 
exchange half of their Swiss 
franc proceeds on tbe free mar- 
ket. The National Bank would 
also facilitate foreign currency 
investments by industrial under- 
takings- 

It seems unlikely that the 
programme will have a really 
striking effect on- the bond mar- 
ket. There has for some time 
been a marked shortage of new 
issues during high domestic 
liquidity, 'and primary-market 
bonds have been regularly and 
massively oversubscribed. Tbe 
recent SwFr 50m issue of 
Oberoesterreichlsche Kraftwerke 
at 4 per cent was subscribed 
“several times over." according 
to .lead manager Credit Suisse, 
and the same has • applied to 
other foreign loans. 

The possibility of reinvesting 
foreigners’ Swiss franc income 
from ihe -sale of domestic 
securities does provide the 


BY jOHN WICKS IN ZURICH 

chance for non-residents to stay 
in the market and to change -the 
type of domestic security held. 
Domestic securities include 
foreign borrowers' Swiss franc 
bonds, so this would allow non- 


the currency for foreigners, 
favours the repatriation of 
funds and aids Swiss exports. A 
number or deposit and money 
market rates have recently been 
cut and further reductions are 


If (he franc Is to be brought down to a realistic rate against 
the dollar, Switzerland would have to reduee Its surplus, prevent 
heavy capita] inflows, and persuade Swiss corporations to hold 
money in foreign currencies according to Sir. Guido Hansehnann, 
general manager of Union Bank of Switzerland. 


resident Investors to enter the 
market under the 50 per cent 
clause and subsequently ex- 
change the bonds purchased for 
Swiss securities. 

The Swi&> authorities are 
prepared to keep liquidity high, 
and even raise it above present 
levels, so long as the Swiss franc 
crisis continues, while the 
National Bank is determined to 
keep its foot on interest rates. 
This reduces the attraction of 


pending. Since inflation is run- 
ning at only an annual 1.1 per 
cent, even very low capital 
market coupons present an 
attractive real term interest 
rate for investors. 

The Swiss stock market has 
been having a rough time 
recently as a result of the high 
exchange rale, with some lead- 
ing stocks reaching their lowest 
price this year. Quotations 
improved substantially towards 


the end of last week, however, as 
the Swiss franc fell back rrom 
its record highs. The secondary 
market for bonds has been sub- 
ject to much less depression, 
although non-resident investors 
have been banned from partici- 
pation since February. All pre- 
tisted foreign bonds are at or 
over issue price, though turn- 
overs are not large, while many 
listed bonds have a substantial 
bonus in view of their now 
highly attractive coupons. 

.The level of these earlier 
Issues continues to lead to large- 
scale premature redemptions. A 
list drawn up by the Zurich 
newspaper “ Finanz . und 
Wlrtschaft ” of such repayments 
already announced between now 
and next July shows a sum ot 
nearly SwFr 650m of 4* to 64 
per cent foreign loans’ being 
redeemed anything from three 
to 10 years before original 
maturity. 

Feature, Page 20 


n>l~r YW 





tVttcbef , 






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- Tuesday October 3 1978 


LUNANCIAL AM) company news 



MONTEDISON 


t Snij 
?is cos a 



of 10% Saudi stake 


®w Ow- .. 

‘■^vEtE IDENTITY of the group of 
> .. *iudi interests which i s to take a 

P e I ce “V*S ake in Montedison, 
V:,; e financially fraught . Italian 
? lemieala combine, is being kept 

; - v ^nlosely-guarded secret. 

The operation, which involves 
^ bscribing to a Montedison 

1 v ' 3 “t? - 1 ® sue, thereby • pumping 
non-needed new capital iirto the 
-■ IS being .' tarried out 

* r •> T 2 u ^ i trusteeship of the 

..^-..■Jis-based consortium bank. 

.'.• aujue Arabe et. Internationale 
Uivestissement (BAJIfc 
\i r . he b aak. in which major. inter- 
u 9 nal _ banks; including 
• relays Bank, antf Arab, institu- 
.. - «iw have equal participations, 
; : 'V ids no direct industrial 
• terests itself, but has acted on 
-/half of financiers' from various 
. . .ab . countries seeking 
. :■ onymity.-Tbis is the first such 
eration 'made through Ihe B AH 
'become public knowledge, as 
* • -‘ii as being by far the largest 
■V. its kind organised by the bank. 
.■'.. The BAH, which has capital 
^d reserves of FFr 65m (315m), 


ttKE.: 

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BY DAVID. WHITE IN PARIS 

is a wholly-owned subsidiary of a balance sheet total of SL4bn on 
Luxembourg holding company, June 30 this year and that it 
Compagnie Arabe et Inter- registered a net profit of about 
nationale d’lnvestissement. The 57 m in 1977. 
holding company's $67m equity Its Paris banking arm, which 


The planned Arab investment In Montedison is the first such 
operation made through the BAH to become public knowledge, 
as-well as being by far the largest of its kind so far organised 
by the bank 


capital is split 50-50 between a 
group of Western banks and Arab 
interests from various countries, 
notably Saudi Arabia. Kuwait and 
Qatar. 

. The- Abu Dhabi Government 
also has an important stake, 
and the banking - shareholders 
include Barclays Bank, France’s 
state-sector Basque Nationale de 
-Paris, Bankamerica Corporation 
and Union Bank of Switzerland. 

Figures given by the hank in 
Paris showed that the. Luxem- 
bourg bolding company, had a 


also : :s offices in Bahrein and 
Beirut, showed a net profit last 
year of Frs 6m, an increase of 
20 per cent. The principal 
shareholding of BAH are a 10 
per cent interest in Hill Samuel 
and a 6.5 per cent stake in a 
leading U.S. investment bank. 
Dean Witter Reynolds. 

It also has shareholdings in 
development banks in Morocco, 
Tunisia and South Korea. 

The bank, one. of several Arab 
consortium bank: set up in 
Paris, has been operating for 


five years. Its balance sheet total 
has shot up from about 
Frs 2.551-1 in 1975 to 4.3bn at 
the end of 1976 to Frs 6bn 
currently. 

It has been .one of the most 
active of the Arab banks in 
the Eurobond market and in syn- 
dicated loans, while it has also 
shown interest in expanding real 
estate activities in the Middle 
East 

Meanwl.I’o, the Bourse has re- 
acted favourably to Montedison's 
announcement that a group of 
Arab, investors plans to buy 10 
per cent of its share capital. 
Montedison shares opened firmer 
on the Milan Bourse today, in 
spite of the .company's warning 
that it expects' heavy operating 
losses this year. 

The com pa-/ has announced 
plans to cover these losses by 
the revaluation of its asets, 
including its oil and gas activi- 
ties, fostering hopes that tbe 
group’s financial situation can be 
improved in the not too distant 
future. 


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Primrose Industrial sees major 
improvement for current year 



• BY RICHARD ROLFE 

L A. R. KEMP, the chairman 
... Primrose Industrial, the lead- 
i brick manufacturer in South 
' -rica, says in the annual report 
. _ ■ the year to June 30 that if 
. dgeted levels of sales can be 
- tieved, results In the current 
. ir will show a major improve- 
-nt on those for- the year just 
, ,.ised. .Last year,- Primrose’s 
UjJ-tax profits fell from R2.1m 
Rl.lm, -both figures being a 
v irp decline from the record 
m pre-tax achieved in 1976. 
e dividend was cut from 19.5c 
5.5c compared .with :24c. in 
' 6 . 

Sffective control of Primrose 


passed to the diversified:' sugar 
group Tongaat in April- Pro- 
posals are now before Primrose 
shareholders aimed: at merging 
the' group with Coronation 
Industrials, Tongaat’s wholly 
owned brick, manufacturing sub- 
sidiary. If these are approved, 
Primrose will allot 10.3m shares 
to Tongaat, raising its issued 
share capital to 2L5m shares, 
of which Tongaat will hold 65 
per cent. . 

- The . combined^ group' will, 
according to the boards, be tbe 
second largest brick manufac- 
turer in tbe western Wbrld, with 
total capacity of - 836m - face 
bricks and lbn stock bricks 
annually, though at present it is 


JOHANNESBURG, Oct 2. 

operating well below capacity. 

Rationalisation benefits 

expected to Bow ' from ' the 
deal include the elimination of 
one of the two existing head 
offices, combined research facili- 
ties and rationalisation oF the 
various regional markets where 
there is an overlap. For the 
period to March. 1979, a change 
occasioned by the need for the 
same year-end as Tongaat, these 
benefits are expected .to be worth 
2.3c per share. 

Lost year. Primrose earned 
9.1c per share, so tbe outlook 
is for at least the same over the 
current nine-month period. The 
shares are currently 115c, yield- 
ing an historic 4.8 per cent 




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Utd. Engineers ; 
Malaysia to 
raise U.S.$6.6m 

3y Wong Sulong 

XUALA LUMPUR, OcL 2. .' 
\1TED ENGINEERS Malaysia; 
» engineering and construc- 
<n company, has proposed a 
e-for-one rights issue, of 84 
_ r cent unsecured convertible 
m stock, to raise 15m ringgits , 
-.S^S.fltn) to finar loan re^i 

yments. , 

The company, wl ' ih has an 
ued capital of 15m ringgits, 

' d incurred borrowings total- 
-.g S6fim ringgits in loans, bills 
- exchange and trade credits 
. - the end of last year, and i& 
•est charges on these borrow- 
3 s amounted to 4.5m ringgits. 
.The rights issue carries a cou- 
n rate of 8& per cent, and 
U converrion rights into ordl- 
ry shares of one ringgit each 
. tween 1980 and 1984. The stock 
s a final maturity date of 
83. 

For the .'Irst hall of the year 
June, United Engineers re- 
• rted. a fall in trading- profits 
fore tax from 640.000 ringgits 
172.000 ringgits, despite a 
les increase of 23 per cent 


Public has 62% of shares 
traded on Tel Aviv SE 


...AY L DANIS. 

CONTEARY TO the impression 
generally prevailing, a study just 
released here by International 
Consultants, the Israeli financial 
analysts, .shows 82 per cent -;bf 
tbusbaxe&traded.'bo the. Tel .Aviv 
Stock Exchange are held by the 
public and slightly more- than a 
third by Institutional investors.- .' 

The market capitalifetion of 
all shares,, convertible, deben- 
tures and options quoted on the 
exchange, as at Angus r 31 was 
just aver l£40bp. 

. Of this l£256n was held hy the 
public. A breakdown shows that 
the public beld I£16.5bo of 
shares in commercial banks and 
bank bolding companies — or 
68 per cent of its total bolding 
— and only l£L77bn in Industry 
(7.1 per cent). The remainder 
is accounted for by mortgage 
banks, specialised financial in- 
stitutions, insurance companies, 
services, real estate; apd invest- 
ment companies. 

In other words, the public is 


TEL AVIV. OcL 2 

playing safe, investing in bank- 
ing shares because of their high 
profiability. Of the total of 
l£40bn listed, 57.5 per cent 
represents the shares of banks 
while -ftidustriai 1 companies with 
l££6bn' account for 9 per cent 
The figures ■ are qualified, how- 
ever, by- the fact that the 
majority of companies registered 
on the exchange have shares not 
listed for trading. 

For example, onjy JL£40.2m 
.nominal value -shares of the 
Dead Sea Wbfks, are quoted out 
of a total nominal share capital 
of I£300m. Many other com-| 
parties have shares held by the; 
founding families, and have gone 
public with new issues only in 
recent years. } 

The general share index rose! 
from 110.05 at the end of 19771 
to 139.85 on August 31. The real j 
increase in the market capitalisa- 
tion (adjusted for the increase 
in the consumer price index over 
the same period) was 7 per cent 


Tokyo 
office for 
Warburg 

By Charles Smith 

TOKYO, October 2. 

S. G, WARBURG, of London, 
became. the fifth UK merchant 
bank to establish a presence 
in Tokyo with the opening of 
its representative office today. 
Warburg has been actively 
involved In the management of 
Japanese international bond 
issues since 1964, bat has now 
reached the conclusion that a 
presence on the ground is 
needed to make the most of 
business . opportunities in 
Tokyo. 

Warburg joins Klein wort 
Benson, Baring Brothers -and 
Schroder, all of which already 
have Tokyo representative 
offices. Hambros dosed Its 
Tokyo office in 1975. Apart 
from the London merchant 
banks. Ward ley of Hong Kong 
and Jardine . Fleming, a Hong 
Kong based joint venture of 
Robert Fleming and Jardine 
Matheson and Company, also 
have Tokyo offices. 

Although Warburg has an 
established position in the 
management oF Japanese Euro- 
dollar issues, the bank has one 
other major line of activity 
which has yet to be developed 
in Tokyo — (he provision of 
corporate financial advice. 
Warburg apparently takes the 
view that conditions are now 
.ripe for the development of 
1 his type of business. It Is 
thought to be especially 
interested in assisting 
Japanese companies which may 
be Interested in buying Into 
U.S. or European manufactur- 
ing ventures. 

The Tokyo office is to be run 
by Wr. Martin Edelshai, who 
comes from Warburg's corpor- 
ate advice section. 


Samsung TV exports 

The Samsung Electronics Com- 
pany of Korea expects to have 
shipped 300,000 colour TVs to 
North America by the end of 
1978. In tbe article on tbe 
company published on Septem- 
ber 27, the figure was shown 
Incorrectly. 


K)0 
siev . ‘ 

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Local issue by Barclays Bank of Kenya 


BY MICH AS- B LAN DEN 


VA 

IT 

H.1 1 

I 

7 


! 


IRCLAYS BANK International Mr. Anthony Tuke, the. chair- 


.1 


UlUjAia DAllft UBIIUUHI 

\ \ 'ans to issue new capital in its 
*nyan operation to - local 
vestors, following the estab- 

1 bment of a separate locally 
corporated company in that 
untry. . 

The new company, Barclays 
ink of Kenya, has taken over 
e group’s operations in Kenya: 
arc) ays has been established' 
ere for over half a century, 
id has more than 50 offices-; 
roughout the country. The 
oss assets of the new company 
e more than £181m. 


ly T! 

man of Barclays, said: “Local 
incorporation in Kenya is more 
than just a change of name. It 
is -our intention to develop 
Barclays Bank of Kenya as a 
public quoted company and, sub- 
ject to the agreement of the 
authorities concerned, io make 
shares available to Kenya citi- 
zens. at the appropriate time.” 

• It is expected that Barclays 
.will want to follow its normal 
■policy of keeping a controlling 
holding where a company is 
using its name — the only major 


exception is in Nigeria. But the 
bank hopes that by interesting 
local citizens it will be able to 
raise further capital to support 
the growth of the new company. 
0 Barclays Bank International 
yesterday opened a new branch in 
Pittsburgh. The branch will con- 
centrate on corporate business, 
particularly that -connected with 
the finance of international trade, 
and wholesale banking services, 
in the area of western Penn- 
sylvania, West Virginia and 
Ohio. . 

Mr. Robert Seeley, general 


manager of ' Barclays Inter- 
national with responsibility for 
the bank’s North American 
operations, said: “As an inter- 
national bank we are allowed to 
have an office in certain major 
cities in the U.S. in addition to 
our branch banking operations 
in New York State and California. 
We have already opened inter- 
national offices in Boston and 
Chicago (1973), Atlanta (19761 
and Houston (1977), and tbe 
Pittsburgh branch is thus an 
important addition to our net- 
work in America/ 1 





HAIGHTS 

•an Australia SiPC 19S0 ■ 

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- Btralia «nc 1893 ■■■■ 

istraUan K. & s. Mac 92 
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water Mpc'l9« l-.i. — 
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ledlt National 8 Spc 1036 .. 


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SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


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LB SipC 1992 

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amersley 9* DC 1992 
ydro QBel>T 9pc 1992 ... 

:I Sipc 1987 - 

.E Canada Mpc 1BSC -■ 
acnuUan Bkicdcl 9pc 1992 
asscr Fe reason Bipc ’SI 

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inland lot. Fin. SJpc « 
siionai Coal BtL 8oc 13*7 
all, Wesiniioster 9nc “KMfi 
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eft-foundlanl 9pc 19SS. r 
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.‘Ortfes Koto. Bk. SiPC 19K 

it-’ onupe Wpc JSffi 

* orsk Hydro 81 dc HU-—. 

slo Bpc lSSS 

arts Aatonomes 9 dc 1991 
nov. Quebec Ipc 1995 
rev. -Sa&aicbwa. Mpc 
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HM Bpc 1992 

.•lection Trusi SJpc 1939 
hcU Inti Fin. Sipc 1990 ... 


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Australia 7?PC tW 

Bell Caw da 7Jpo 19S7 ... - 
Er. Columbia Hjd. 71DC '&! 

Can. Pac. 81 pc 19M 

Dow Chemical Spe 1988 — 

ECS 71DC I#K - 

ECS SIPC IBM 

EEC 7jpc 1992 

EEC 7Jpc 1954 

Bnso Catwir Sipc 1W4 

Goiaverken 7>pc 19*3 

Korku ol S SPC 1983 

Mlchelin 81 pc 1BS3 — 
Montreal Urban SJpcWBi 
New Brunswick S»C - 
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Royal Exchange Are. , LoodonEOV 3LU. I4J , 77) 
Index Gnide as al September 26, 197S {fm l2B _ 70 

Clive Fixed Interest Capital 114.31 

Cli ve Fixed Interest income 

ALLEN HARVEY&ROS^lNV^rMENT 6^. 


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Index Guide as at September Zl, 

Capital Fixed Inlerest Portfolio 

Lntome-i^sed intergst..FpriiQti° 


100.00 

100.00 


CtUcorp 10pc 1993 

Coumplds BIPC MSB 

ECS Hpe 19SB 

BIB S’pc 1988 

E1B 9JPC 1992 r -- 

Finance for ind. 9iPC 19«7 
Finance for Tnd. Mpc 1BS9 
Flsona lOiPC 1987 . — «... 

Gesiemer 11 k MSS 

INA Mpc 198S 

RowntreB IWpc 19SS 

Scars Mine 1988 

Total OU BiPC ISM 

DM BONDS 

Asian Dev. Bank Sipc MBS 

BNDE Bipc 1880 

-Canada 4Jpc 1983 .... 

Den Norste !nd. Bk. SpcW 
DuTOBche Bank 4£pc 1353 ... 

ECS Sipc 1990 - 

EIS 5? PC 1990 - — 

EU Aquitaine Sipc 1835 ... 

Earaiom Sipc 1987 .. — 

Finland MP?. 1888 ,™ 

Foranarte stpe M90 — 

Mexico 6pc 19^-— - 

Norcem SIPC }MB 

Norway 4ipc i«s 

Norway flpe 1953 

PK Banken SJpc 19SS 

Prov. QueBec 6PC 1W0 

Rautaruubki 5<PC 19^1 .. — 

Spain 0PC Iflffl 

Trondheim Sipc ■- 

TVO Power Co W MW5— 

Venezuela flpc 19S8 

World Bank 5Jpc IBW ..— 

FLOATING RATE NOTES 
Bank ol Tokyo 19S4 SJpc 
BFCE 1454 9 7U4PC 
FtNP 1983 9ft6W - 

BOB Worms MSS 9 pc 
CCF 19SS 8Zpc .. ..... 
Chase Manhttn. 9&iepc 
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9» 

m 

m 


Offer 

93} 


«1S 

934 

S3} 

934 

B7J 

94} 

9\i 

Ml 

97* 

93J 

DU 

WI 

w: 

91} 


971 
98} 
Mi 
100 i 
99 
94i 
Mi 
95J 
984 

m 

98 
9SJ 
i«i 
99} 
97} 
97} 
Mi 
96i 
97} 
W 
98} 
974 

99 


Ml 

99J 

100 

»5 

9Si 

9Si 

90S 

m 

100 * 


loti. Westminster U84 spe - 99# flaj 
Lloyds 1983 lUnpc 99Z 1009 

LTCB 1983 Slihpc .. .. 994 99} 

Midland Int. FS H7 SVitw Ml 991 

Midland Tot. FS ■» 97|«pc 984 9R1 

Nat Wesanbipr. Jiispc - M4 90 

ORB 1983 SJpc Mi IDO 

SNCF 19R5 95i6pc . 98} 901 

Stand, and Chtrd. '84 kipe 991 99i 

Source: White Weld Securities. 

CONVERTIBLES 

American Express Upc •R7 si* 8S 

Babcock Ss Wilcox 7pc m 131 

Beatrice Foods 4|pc 1992... 9S4 Ml 

Beatrice Foods 4*nc 1992 . 115 1164 

Beecham 6Jpc 19M 113 in 

Boots Bipc IMS os 99 

Borden 5pc MW 97* - 99 

Broadway Hale 4 :pc 1087 .. 74 Mi 

Carnation 4pc 1987 7fi 77* 

Chevron 5pc isgh 145 2«* 

Dart flipc 'BS7 S3 S3} 

Eastman Kodak 4jpc 19M p 7 

Economic Labs 45 pc IWt? 805 F2 
Firesiotw ope 1988 .... *-,'4{ 7fl 

Ford 5 pc 1988 834 55 

General Efccnir 4ipc 1087 33! 37 

Gillette 4,pc 1087 . 76} 73 

Gulf aad Western 5 pc isas 87} sa 

HaiTiS 5 pc 1993 217 219 

Honeywell Bpc 133B SB S74 

1CI 8,’PC mi 93} 064 

INA 6 PC 1997 99 KMJ 

Incheape BJpc M92 113 nil 

ITT 4jpc 1987 ■ miiviiiiataiBii S7| 89 

JOSM BPC 1992 147 1404 

Komaten 7ipc 1990 - 152} 1534 

J. EB7. McDermott 4ipc 37 1361 IS} 

BiBtsnsWfa SJpc MR . 200 301* 

MitSUi 7} PC 1090 134 135 

J. P. Moreau 4lwrl9BJ ... 90 1001 

Nabisco Wpc.ttW . 106 107} 

Owem niinoH 4tpc 1987 . 1191- US 

J G Penney 4»pc IBS? ... 74 j 7« 

Revlon 4ipc 1987 . . Iffl 131-1 

Reynolds Moral* Ik 1388 86 8T4 

Samhik 8}pc 1SR8 . . 113 115 

Snerrv Rend 4»nc IB37 ... fl“ 9SJ 

Squibb 43pc IBS? SI i «5 

Texaco 4Jnc -lftWt 73} 77 

Texas Ini. Airlines 7!pc "93 9** 99 

Toshiba «pc 1997 138 139 

T y Co. Spe Mb*. _ . 75 7B1 

TF Co. B!p c 1988 104} 106} 

Union Carbide 4»pc 1930 ... 87} 8s 

Warner Lambert 4J.pc UM7 B2 834 

Warner Lanrborr 4,‘pc ISfiS 7S 761 

Xerox 3 pp 198S 7fl. . 71‘ 

Source: Kidder, Peabody Securities. 


Currency, Money and 


Swiss franc 



Markets 





The Swiss franc fell sharply 
against the dollar in yesterday's 
foreign exchange market follow- 
ing the announcement over the 
weekend by ihe Swiss authorities 
of their intention to reduce the 
value of the franc. These mea- 
sures are to include further 
intervention in the market in 
reaction to what is believed to be 
an over-valued franc. However, 
there was a good deal of caution 
after the Swiss intentions became 
known with some sources suggest- 
ing that any re-adjustment in the 
franc would only postpone and 
certainly not change the weaker 
trend in the dollar. In fact tbe 
dollar reached SwFr 1.6200 at one 
point yesterday, compared with 
Friday’s dose of SwFr Loo 00, but 
its closing level was well below 
its best at SwFrlfiB15. 

Using Morgan Guaranty figures 
at noon in New York, the franc's 
trade weighted appreciation fell 
to 95.4 per cent from 105.9 per 
cent on Friday. On a similar 
basis tbe dollar’s depreciation 
narrowed to 8.9 per cent from 
9.1 per cent 

The rise in tbe West German 
mark against the Swiss franc 
renewed fears of further pressure 
being brought to bear on the 
weaker members of tbe European 
snake, but until it is seen a little 
more clearly how the Swiss are to 
act in the market, there did not 
appear to be any immediate 
additional pressure. 

The Canadian dollar continued 
to decline and reached a *5 year 
low against the U.S. dollar at 
84.10) U.S. cents compared with 
84.50i previously. In early trading 
in Toronto it fell further to 83.97. 

Sterling traded steadily for most 
of the day and after opening at 
around $1-9675, it fell on the 
initial firmness of the dollar to 
$1.9610. By noon it bad improved 
to 81.9725 before closing at 
$1.0710-1.9720, a loss of 50 points. 
Using Bank of England figures, its 
trade weighted index was un- 
changed al 62.7, having stood at 
62.6 at noon and in early dealings. 
There- was little reaction to the 
rejection at the Labour Con- 
ference of tbe 5 per cent Govern- 
ment wage policy which came too 
late to affect trading. 

NEW. YORK— The dollar was 
marginally weaker from its open- 
ing levels in quiet trading. The 
D-mark was quoted at DM 1.9325 
against an openin'* of Drt 1.9340 
while the Swiss franc firmed to 
SwFr L5915 from SwF ■ 1.5975. 

FRANKFURT — The dollar was 


fixed at DM L9340 against Fri- 
day's iL.:..;; of DM 1.93S6. It 
appeared that the dollar's fall 
against the mark was a reflec- 
tion of tbe latter’s sharp rise 
against the Swiss fra.?. Measures 
announced over the weekend to 
force down the Swiss franc have 
increased demand for the D-mark 
although it is generally conceded 
that these measures will have 
little long term beneficial effect 
on the dollar. The Swiss franc 
was fixed at CML2X27, well down 
from DM L2530 previously and 
its all time high cf D'l 1.3270. In 
later trading the dollar eased to 
DM 1.9320 In generally quiet trad- 
ing with interest continuing to 
centre around the Swiss franc. 

BRUSSELS — The Belgian franc 
Improved sHghUy at the fixing, 
with the D-mark at BFr 15.76471. 
This was slightly above tbe 
franc’s lowest permitted level 
within the European snake against 
the D-mark of BFr 15.765. a level 

which it touched on Friday. 
Recent measures announced by 
the Swiss authorities to reduce 
the value of the Swiss franc gave 
rise to fears that upward pressure 
would be put on the D-mark 
thus pushing down the weaker 
members of the snake. However 
this has not materialised as-yeL 
since the market is anxious to see 
the effectiveness of the Swiss 
efforts to reduce the value of the 
Swiss franc. The Belgian franc 
tended to improve against the 
dollar which was fixed at 
BFr 1 30.485 compared with 
BFr 30.55 previously. 

TOKYO— The dollar closed 
sligbtly higher against the 
Japanese yen at Y189.80 compared 
with Y1S9.15 on Friday. After 
opening at Y1S9.60, the U.S. 
currency traded quietly within 
Y 189.50-189.90. There appeared 
to be little reaction to the week- 
end announcement by the Swiss 
authorities of moves to amend 
the present over valuation of the 
Swiss franc. Trading In spot 
turnover was very low at $35lm 
while combined forward and swap 
trading amounted to S762m. 

MILAN— The lira improved 
against the Swiss franc and the 
dollar but the West German mark 
rose to near record levels. The 
dollar was fixed at LS22.95 against 
L823.55 previously while the Swiss 
franc fell to L515.96 from L53I.62. 
The D-Mark rose to L425.75 com- 
pared with L424B1. 

AMSTERDAM— The dollar was 
fixed at FI 2 0950 mirpm'd with 
Friday’s fixing of FI 2J065. 


THE POUND SPOT 


OrD.il 


U.T. 9 
Cauuli&n F| 
(iulhlcr 
Belgian F. 
Danish K. 
D-JIart 
Fort. Bar. 
jjan. Fes. 

Nrwgn. K. 
Kreodi Ft-, 
swertwh Kr| 
Yen 
Aurtrte Seb| 
Tiffins fr. 


ttouit 

catesl 

% 


8 


Day’s 

Spread 


1 .9610-1.8728 


91* 2.5240-2.3460 l!LSiJ5S-2.M46 


8 

l 

id 

B 

101 * 

7 

91* 

Ws. 

61*1 

4ia 

1 


4.11}-4.1fi* 
89.80- BO JO 


Close 


1.9710-1.9720 


4.12M.153 

1.9M0.18 


10.82*. 10.56*1 10.MJ- 10J55j 
2.80.5. BiM / taffij-iSU 
99.00-90.00 B 3. 50-89.80 
141.70-142.15 [141.BS-141.85 
liBlBa-1,625* 1,622.1,625 
10.08-10.1S* I 10,09-10.10 


fi.6M.65 

0.68*4.71 

S7B-578 

Z7.65-27.75 

5.13-2.18 


B,55*4L&4* 

9.63-8.70* 

571*475* 

27.68-37,70 

S-15i-3.Hl 


FORWARD AGAINST £ 


One nxmtb ' % pa 


D.72-0,B2r.|HDi 

DJ0-0.S0c.ptn, 

1 c. pm- par ; 

30-20 c.pni 
lepCureilis - 
Ofifi-IrSfl [4 ptnf 
aO-feO l' it 19 
28*126 r.riis 
14 tire du 
2i-S ore pm 
i}-21 c.pni 

5-1 ore Pm 
5.704.30 ypm 
16-6 gro pm 
4-5 c-pm 

l 


4.07 

4.35 

1.46 


ThreeinocitLisj % P**> 


1.96-1. 06 c. pm 
J2.50-2.20c.pu 
pi-2i r.pm 


4.98 te9-58r. pin 
—1.14 ti-2j oredis 
9.85 <95g-B58 pi pml 
— 15.40176400 c. dtt- 
— B.54 160-260 i*. diB 
— 1 JB Mliredis 
2.08 
5.BB 
5-70 
11.26 
4.54 
17.21 


[4*-2* ore pm 
lB*-7* c-pnt 
B*-6* ore pai 
SJM.46y pm 
4543 gro pm 
10Ig-91gc. pail 


2.88 

3.94 

2.90 

3.66 
M-6S 

9.67 
|— 12.84 
— b.64 

1 — 1.11 
1.39 
B.76 
5.46 
10. iE 
5.64 
12.27 


Be lid an rate Is for coovertlble fr an cs. I Sts - itm nth forward dollar 9.70440c pin. 
FloaiMlal franc 53J04S.M. 1 12-month 6J04.lDc pm. 


THE DOLLAR SPOT 

FORWARD AGAINST $ 


Day’s 



% 


•• 

Octsber 2 

spread 

Close 

One tmmth 

PJ. 

Three uroaihi 

P.I. 

Canaan s- 

~H05305 


BJJ2c dta-par 

-003 

0.B3 

—0.07 

GnOder 

ZJHiaojlU 


DjaajDediB 

-L94 

0-254-45C dis 

-0J4 

Belgtan Fr 

iUQ.g 


ojacms-JBcdb 

-0.72 

p«r-0.o3c dls 

— B32 

Ob nish Kr 

S3am-5J62U 


2Jn-230vredls 

-5JH 

S.7V635eredto 

-438 

D-Hark 

L931SL9465 

L93Et49332 

X-B3-0.98pf pm 

5-58 

239-23Mpm 

5.78 

Fort. Esc 

CBJX-45&5 

45.4ft«.63 

Sflc dte 

-2637 

23V5t»c dis 

-K.95 

lira 

8223002625 

822JU23J0 

V7cdb 

-9.91 

12- 15c dis 

-731 

Nrwim. Kr 

5J035-5I54S 

532U-5J230 

tLSO-LOSarcdis 

-476 

230-430oredis 

-238 

French Fr 

4315043325 

4332543375 

6JO430C dls 

-457 

OJ0430C dls 

-036 

Swedish Kr 

4405044290 

4.4HB4U20 

(L104L3aredi5 

-034 

D-05odis4U5opm 0.05 

Yen 

iaa.7VXM.as 

XS&8S-1893B 

1-20-1_10» pm 

631 

S.-17>3JB7ypm 

6-43 

Austria Sch 

XU1M44WI 

14.SU-M.Ba 

4.00-3 .OOJirti pm 

2.99 

8-7S-6-25arapm 

214 

Swiss Fr 

1-586046150 

1390049930 

IJ2-L2TC pm 

806 

345-34BC pn 

BJK 

* U3. cents per Canadian S. 





CURRENCY RATES [CURRENCY MOVEMENTS 


October 2 

special 

.Drawing 

Rights 

European 
Unit of 
Account 

October 2 

Bank of Morgan 
England Guaranty 

1 rates changes** 






-40.9 

U5. dollar 

.. 428153 

431778 

U.S. dollar 

8481 

- B.9 

Canadian dollar .. 

.. 452400 

456527 

Canadian dollar .. 

.. 7930 

—1X3 

Austrian schUUns 

... 17.9633 

18.4574 

Austrian sehillinx 

.. 14237 

+18.2 

Belgian franc 

... 393674 

403725 

Belgian franc .... 

.. 112.09 

+13-4 






+ 5.2 

Deutsche Mark .. 

.. 231848 

234791 

DeuTschc Mark .. 

.. 14434 

+38.0 

Guilder 

... 2-68481 

2.76087 

Swiss franc 

.. 205.19 

+95.4 








.. 243306 

248308 


55.95 

-473 

Norwegian krone 

.. 636794 

6.76021 

Yon 

.. 153.90 

+52.0 

Peseta 

.. 922791 

943360 

Based on trade weighted changes from 

Swedish krona 

.. 5-64540 

533486 

Washlnmon agreement December. 1971 

Swiss franc 2.0446a 

230647 

<Etank Of England 

Index= 10 D>. 


OTHER MARKETS 


Oct. 2 


Ament mo 

Auatialm Unllai ... 
i-inlimil Markka... 
Untz.il L'nixenu.w.^ 
Ureene Dntcfanui .. 
Urtnn Kong Uoitm 
Iian Hml 

Kuwait DiDtr(Kl) 

LuxcmPount Fraiu 
M^iavkia Doliai ... 
Near Zealand Dol lat 
xmli Arabia Biyai 
Singipoit Dollar... 
r»aithAfnmn Kauri 


£ 

Noli* Kates 


1.705-1.709 064.80-866.86 
1.6995- 1.70 65 0. 86 20-0. 8656 
7-9340-7.94 10^.03 654.0385 


37.72-37.BS 

71.270-73.014l 

9.305-0.320 

135-141 

0.530-0.540 

60.06-60.16 

4.47- 4.49 
1.85 13- 1J3 603 

6.48- 6.58 
4.374.395 

1.693569-1. 7186551 


19.13-19.23 

36.15-37.05 
14.72904.73 20 

70.46- 70.65 
[0.2723-0.2724 

30.46- 30.48 
,2.2800-2.2830 
0.9390-0.9435 

3.330*3.331 
2.2800-2.2830 
[0.8590-0. 8725 


|Aurina 

Uticlnm - 

Denmark 

Il-ranuc 

bermanv 

1 1 a ■ v 

- 

iNeinerauHi* „ 

[Anrwav 



|3pain 

wiirerlnu -1 ... 

Lmite-i States. 

V'lCi.wlacia .... 


27.26-28.25 
62.60-53.60 
10.45-10.60 
6^0-8.60 
3.75-3.85 
1590-1540 : 
371-381 

4.10- 10.20 
10.06-10.15 

92-108 

142Ui-147I E 

3.10- 3.20 
1.9676.1.9775 

39.041.0 


Rate aiven tor Antmuoa is tree rate. 


EXCHANGE CROSS RATES 


Oct. a 

’•leniiiu 

l'.>. Ui'llsi 

Ifttiaiirau 

lllll'HI 

UkicIiUiiiMpi 

"’wn* Frant 

Wb-i txermeu 

Marx 

Freucn Knim 

Italian Lira 

Asian 9 

i9lnirt lerm 

eis-9 

86s 07a 

SM-9'4 

14-16 

per-ig 

2,?.-8ifc 

153,-1634 

15-25 


i •lav’- iiiiimi 

ll»« I2!g 

87b 

6i<-9«4 

14-16 

pir-lB 

art-ait 

9*4-113. . 

20-30 

Bfi-a:;- 

•l.niih 

13L 13^4 

930-9 12 

9 S3s 

11-1114 

L SB 


105n- 107 b 

la-16 

S»'S-9>4 

I'liree oiiinili-... 

15 >2 14 

9Je-u» 


BV10 


3/D-3J* 

10l«-103fi 

16-17 

9rt,-9“; 

-ix tn.imh- 

1o39-1o?b 

S5s-«7a 


9-Big 

78- 1 

45a *=4 

lCJ.i-lOii 

16tE-17Ja 

9db-03- 

One .t ear 

13-Ia>s 

95« SfT B 


B68-d(B 

ills 

0^.378 

lo,f-lu,-. 

17-18 



Oc4. 2 

K-unri 'Merlins 

1. . Uu'iai 

UeiiiBchelLirkl Jsianese Ten 

Kreiiun hram 

jiwim Frau. 

Dutch tiolulei 

Italian Lira 

l/inade Dolls, 

Beiffisn Franc 

t’luunl Staring 

1. 

1-972 

3.U13 

372.5 

b.540 

3,138 

4.133 

lb23. 

2.344 

60.10 

l Umbt 

0.607 

L 

1.034 

188.9 

4.332 

I.S91 

2.096 

023.0 

1.189 

30.48 

L>ciilM-he M«rfc 

0.062 

0.517 

1. 

07.70 

u.^40 

0.823 

1 .004 

426.6 

u.615 

la.76 

lilHiii^e Yen t.-.V 

it.t-86 

a. 202 

10-23 

lOOu. 

22.93 

B 423 

11.09 

4a56. 

6.293 

161JS 

.-'rt-ia-ii Kraus' 17 

1.171 

SS-SOtJ 

4.464 

•436J 

1- . 

3.674 

4.039 

1900. 

2.745 

70.37 

iffl-- Fnun.- 

U.2 19 

0.628 

1.215 

118.7 

2.722 

I. 

1.317 

517.1 

0.747 

19.16 

iJnii-li liuiidei 

0.*42 

0.477 

u.923 

90.14 

4.067 

0./59 

1. 

392.6 

0.O67 

14.54 

IH'lin 1.1 r 4 1/0.1 

. 0.6 J 6 

1.215 

2.350 

<.29.6 

6.363 

1.934 

2. =47 

lOuO. 

1.445 

37.04 

.d'inltall Ih'. Ill 

' 0.427 

„.e41 

1.C26 . 

i58£ 

a. 643 

1.339 

1.763 

692.2 

1. 

35.64 

+ L'i-’li I'i- 

I.r64 

5-iBO 

b..-44 

619.8 

14.21 

5 220 

4 876 

2700. 

3.900 

10J. 


EURO-CURRENCY INTEREST RATES 


Jaoaaesc Yen 


'si;: 

23b-Zo; 

4. n -3.„- 

3i4^»a 


The folkwinfl nominal rates were audted for London dollar certificates of deposit: one month 9.00-&H per cent: three months 9.4D-0.3D per cent: six months 
9.63-0.63 per reor: one sear 9 60-9 JC per cent. 

Long-iemi Eurodollar deposits: Two rears Sfu-OPN Per cent: three years B7[«-99|fi per rent: four years 97is-99is per cent: tive years 9’i^9t»i6 per cent nominal 
dost dr rates. Short-ierra rates are call (or sterling, U.S. dollars and Canadian dol iars. two day call for snllders and Swiss francs. Asian rates are rinsing rales in 
Singapore. 


INTERNATIONAL MONEY MARKET 


Further pressure on Fed Funds 


The U.S. Federal Reserve 
injected further money into the 
banking system yesterday, by way 
of overnight repurchase orders, 
as Federal Funds traded at 
around Sjt; per cent, having 
touched !» per cent in places. The 
present target level for Fed Funds 
is probably around Sj per cent, 
but the ex 2 (l level ir y remain in 
doubt for some days as the New 
York market Is expected to 
encounter another week where 
money is in short supply. 

Treasury bill rates rose quite 
sharply in early trading, with 
13-week bills rising to 7H9 per 
cent from 7.83 per cent late on 
Friday; 26-week bOJs to 8.33 per 
cent from SJ26 per cent; and one- 
year bills to 8,20 per cent from 
8.14 per ccnL 

One-month certificates of 
deposit increased to 8.75 per cent 
from 8.70 per cent; two-month to 
8.89 per cent from 8.80 per cent: 
and 12-month to 9.05 per cent 


from 8.95 per cent 
PARIS— Money market rates 
were mixed, with day-to-day 
unchanged at 7 per cent and 
nne-month unchanged at 7}-7? per 
cent. Three-month funds eased 
^ • per cent to 7/ 6 -7ft per cent; 
while six-month rose T*a Per cent 
to 7f2-8^ per cent; and 12-raonih 
fell & per cent to Si-8 4 per cenL 
BRUSSELS— Shorter term rates 
were easier, as one-month fell to 
74-7} ner cent from 7J-7i per 
cenL and three-month money was 
quoted at 7g-7j per cent against 
7J-7} per cent on Friday. Six- 
montb funds were unchanged at 
7J-8 per cenL and 12-month were 
unchanged at 75-Si per cenL 
FRANKFURT— Call money was 
unchdnged at 3.5-3.55 per cenL 
One-month was quoted at 3-55- 
3.65 per cent, compared with 
3.6-3.65 per cenu while three- 
month rose to 3.90-4-00 per cent 
from 3.7-3.75 per cenL Six-month 
funds were 4.00-4.10, compared 
with 4.00-4.05 per cenL and 12- 


month were 4.10-420 per cent 
against 4.15-420 per cenL 

AMSTERDAM — Cali money 
remained very firm at 12-13 per 
cent, compared with IMS per 
cent on Friday, while one-month 
rose to 104-11 per cent from 
lOi-10} per cent; three-month to 
9}-10i per cent from 9}-10 per 
cent; and six-month to 9-9} per 
cent from SJ-9J per cenL 

SINGAPORE— Bank of America 
raised its Singapore prime rate 
by } per cent to 7} per cent, while 
Banque de llndochine et de 
Suez; Canadian Imperial Bank of 
Commerce: Chase Manhattan; 

Irving Trust; and Lloyds Bank 
International made similar moves. 
Barclays Bank lifted its prime 
rate by J per cent to Sj per cenL 
and Midland Marine reduced its 
prime rate by 4 per cent to 7$ 
per cent 

RONG KONG — The money 
market was tight with call money 
at 7i per cent and overnight at 
8 per cent. 


UX MONEY MARKET! 


Moderate assistance 


Bank of Fingiand Minimum 
Lending Rate 10 per cent 
(sinee Jane 8, 1978) 

Day-to-day credit was in short 
supply in the London money 
market yesterday, and tbe auth- 
orities gave assistance by buying 
a moderate amount of Treasury 
bills from the Discount houses. 
Banks brought forward surplus 
balances from Friday, but this 
was outweighed by a modest net 
take-up of Treasury bills; a 
modest excess ■ of revenue pay- 


LONDON MONEY RATES 


ments to the Exchequer over 
Government disbursements; and 
a Blight rise in the note circula- 
tion. 

Discount houses paid around 
8$ per cent for secured call funds 
in the early part, and late 
balances were taken at 84-83 per 
cent. 

In the interbank market over- 
night loans opened at 9-9} per 
cent and eased to Si-Si per cenL 
before rising to 8!-9 per cent at 
lunch. Rates eased again to 8-8£ 
per cent in the afternoon, and 


rose once more to 8|-9 per cenL 
before finishing at 81-8J per cem. 

Fixed period interest rates 
were generally firmer, particularly 
for the longer periods, on fears 
about the future of the Govern- 
ment's wages policy and specula- 
tion about a rise in Minimum 
Lending Rate if the economic 
situation should deteriorate. The 
12-month sterling certificates of 
deposit rate rose to iOl-lOi per 
cem from IOiV- 912 per cent. 

Rates in the table below are 
nominal in some cases. 


GOLD 


Little 

change 


Gold closed slightly firmer at 
$2171-218 in the London bullion 
market yesterday, a rise of just 
$i an ounce. The metal opened 
at $215}-2161 and was fixed during 
the morning at $217 00. The 
afternoon fixing showed a slight 
Improvement at $217.10. Trading 
was aL a generally low level and 
the slightly firmer trend was seen 
as a result of the U.S. dollar 
easing later in the day. In 
Frankfurt the 12} kilo gold bar 
was fixed at DM 13,500 per kilo 
($21723 per ounce) compared 
with DM 13,600 ($218.16) on 
Friday. 


Oi-l. 2 1 stept. 29 


IMIlllt.il in lain 
■AMfH.fl 

■;h«h-. 

■itcnmu. 


■. Iannis 

Mnrninn h\i#i“ 

AMwiiuun Hxin**... 

1.1, III I (.'Kill I..... 

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S2171218 
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>217.00 
ii.M10.lB9i 
'•>217.10 
.180) 


jieno. 


S217-2173 
82184-217} 
1 8217.43 
ii.1 10-297) 

] >2 17. ID 
'(£108. 62 4) 


Oct- 2 
rei 

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ns 

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L#jcai 

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tiiyrin.t- 

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Local aii'horur and fuunc*- houses sewn days* notice, others seren days* fixed. * Looser tenn local authority mortgage rate 
nommalU' threw ware 11*112 per cent: lour sears 111-12} per cent: flve years 121-12} per cent. A Bank bill rates ip table are 
bnylnK rales tor prime paper. Buylnx rare for rour-monih hank bins H per cent raur-menth trade bills M per cem. 

Approximate mHIuu rales for ouotnooth Treasury bills SUio-SSlsz per cent: and rwb-nranth 5 per cem three-month 
9 <m- 9I ner cem. Approximate seTUnn rate for one-month bank bills 9t» per cent two-month 9 -5 s* -8} per cent and three- month 
91332 ptr cent. One-month trade bills M per cent; nvo-mouth 91 per cent; and also three-month W per cent 

Finance Mouse Base Rates < published by the Finance Rouses Association! 94 per cent from October 1, 197S. Oearlup Bank 
□apttth Rates (far small sums at sewn days' notice} B.7 percent. Cfatarlas Bank Bass Rues for lending io p*r cem. Treasury 
mils: Average tender rales of discount B.185S. 


.Now 2>iJVerei4>Ile 

Uid sovaremn*....., 
Gold Loin, 

international iv 

h. run. errand — 

.\ew 5ov ensu 0 “,,.,. 

Old Siner-eiKOD 

aioj baij.n 

ilU }4(1>II^ 

is huoito 


:S22<* -C26* '5225^227* 
■£114.116) ;W114-I1S) 


>6145 

j(£3l-32) 

SB0}-B2; 

£ofl*-31* 


]961l.62i 

t£31-32| 

■ijBI-GB 

!(±atl2-3l3) 


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; fi:il3*-114*j 
S5B4-61* 

i£io; -sin 
8601-621 
■£j[ii-J1*> 
8*01-004 
j* 161-164 
SI 11-114 


32231-2251 

(£115-114) 

S69*-b1a 

i £30- ill’ 

S61-64 

i£30;-3Tj> 

5301-504 

5161-164 

8111-114 


MONEY RATES 

NEW YORK 

Prune Rale - 

Fed Foods 

Treasury Bills <13- week) 
Treasury Bills (25- week) 

GERMANY 

Disfouru Rate 

>iv^ruist)t ...... 

■ in-- month ........... 

Three (■ ninths 

Six twinihs Mb... 

FRANCE 

DlSevurn Rate 

OverutKbt 

one month 

Three months 

Six months 

JAPAN 

Ihscoum Rate 

Call (Unconditional) 

Bills Discount Rate 


9.75 
3. 9375 
7.99 
833 


3 

3325 

3.60 

3.95 

4JB 


93 

1A 

73125 

73 

S-0 


33 
a. 125 
4.625 














7" 


* W 'i 
. ; .1 • 


28 


WORLD STOCK 



KETS 


Fresh Wall St. technical rise in thin 



INVESTMENT DOLLAR 

/roiiit: 

$2.60 to £1—8 n% <«%) 

Effective C 1.971 5 37'% (40%) 
ANOTHER MODEST technical 
improvement occurred on Wall 
Street yesterday in thin trading, 
which was limited by many 
market participants observing 
the Jewish New Year holiday. 

The Dow Jones Industrial 


Canada 


Average gained 5.54 more 
871.au, while the NYSE 


lifted its 75 per cent initial margin national but the “A” stock of the VEBA group. franc’s j sharply^ rising trend Ll,016 and Pirelli Spa SS to L1.08L 

requirement on some GamSg advanced 13 to SI 58 in active Public Authority Bonds were proropted heavy buying 

| MU « but maintained it on other*. trading and the “ B " 17 to saB. ^SSS«bSkSl2 S Hl, e r k FoSfgn Sa^Xfs Sjy* stage Australia 

further. The. Swiss Bank Corpora- with the Sydney stock market 

tion’s Industrial Index picked up closed for the Labour Day. holi- 

5.9 more to 2S03. _ day. stocks on the Melbourne 

. . t-i . j _i M Leading Industrials were very exchange mainly drifted 'easier. 

After taking its recent good rise active with Ciba-Gcigy adding 40 BHP shed 4 cents to ash 66. 

a high a stage further in early trading, at SwFr 585, Nestle 30 at SwFr whi | 3 Myer, which is expected to 

Golds the market _ sustai n ed a reaction 3 i 2 iq i and Sandoz 175 at SwFr report annual results' +ht** week. 

j with a 3,790. _ ■ __ i M t a cem tQ ASli59 _ 


Loans also hardened. 

Tokyo 


Active Ram a da inns, still on a 
75 per cent margin, climbed li to 

$l-4j. Tt has signed a contract to Markets continued to 
buy the Ambassador Hotel in strengthen In fairly active trading, 

Atlantic City for a casino. Holi- the Toronto Composite Index 
day Inns, which remained on a advancing 6-2 further to 

50 per cent margin, shed 4- to for the year of 1,290.9. ¥ „ 

$27 J. It plans to build a 500- moved ahead 182 to 1.681.0, Oils on profit taking,_ to close 


to room hotel casino in Atlantic City. SD d Gas 6.0 to 1,7389, Metals and predominance of losses on. the ’ Banks -and Financials were However. Metro Industries was 


All 


1.L249! Papers 2.31 day. The Nikkei-Dow Jones strung, led by Bearer shares, of a bnght feature, advancing 20 

anks 1.07 to 289.48. Average niched a. new record Unkm Bank and Credit Suisse. cent-^toASlSCL 


.... Caesars World retreated $5 to Minerals 9.8 to 

Common Index closed 20 cents $47 in active trading, but Bally to 150.51 and Banks — • — d-Hinno 

higher at $57.98 and rises out- Manufacturing rose \ to Sa4. Pnce Co^ the most active Indus- "‘sn or o.iui^sz before a.oin - b Last Friday's disclosure that oil 

numbered losses by 7lH-to-618. Harrah's A to $28. and Del E. Webb trial, rose 21 to C$221 and Abitibi to 5.780^ for a net .loss iof *jb. Pans accumulations in the Strzelecki 

Turnover was down to 1 8.58m } to $24. M 3 to CSISJ. Both were halted until while t^o SB index was - uerformance No- 3 exploration well in South 

shares from last Friday's total of Amons Glamours and Blue the last hour pending news that JnaUyOjp down at 434.12. Trading Lasstvieek sgoqd pertormanre AstraHa . Cooper Basin are 
23.61m, Chips. IBM put on 3i to S2S0J. Abitibi is to offer C$23 for each ffiv smaller than first thought saw two 

that Du Pont 21 to $130]. Smith Mine Price share. *™^ U . n Si, t0 J^ iKE^SSy. p^kin was notable for a rise partners, Santos and Crusader, 


Analysts said, however. 


in concerned over 2} to 391}. Union Pacific I to $54J, 

rates and expecta- Kodak 11 to $61]. Mobil 2 to $714 (xGnnSWy 

i will move higher, and Teledyne 1] to $101]. choro 


investors remain 
risinc interest 
lions that rates 

They added that the Federal AMIC jumped 7} 10 $24 on news 
Reserve may soon raise the that Merrill Lynch has started 
Discount Rate, at which it lends merger talks with the company, 
funds to member banks, and Merrill added i at $202- 
rurther boosts the Federal Funds Cbessic System, on reporting a 
Rate, at which member banks third-quarter profits increase, 
borrow reserve* from each other, rose fi lo $30. 


Saturday's half-day session and of 14 lo FFr 229 in mostly higher f aJ * but ***** Partially 

last Friday's 400 bl Engineerings, while elsewhere, recovered later on news of a large 

Share prices were often higher, Nissan Motor lost Y10 to Y700, Legrand advanced 21 to FFr 1,976 f a ? now ,., rom * ® weU l. 

continuing last week’s upsurge Matsushita Communication Y40 to and Carrefour 22 to FFr 2,042. finishi ed 12 cents down atA$5 

and leaving the Commerzbank Y2.070. Toshiba Machinery Y4 to In contrast, Pengeot-Citroen zlier A$2.05, and Oru^er 

index a further 3.7 up at a new YS31 Sbindengen. Y56 to Y594, shed 6 to FFr 531 In Motors, cents off at 82 cents, after 

eight-year peak or 852. L Matsushita Seiko Y50 to Y1.300 Thomson Brandt, lost 6 to FFr 361 ce ^“- 

Continued optimism about tbe and Pioneer Electronic Y50 to and Club Mediterrance 14 to 


FFr 490. 


West German economic outlook Y 1,660. 

to control money grow th. They THE AMERICAN SE Market Value coupled with the strength of the However, resisting the subse- 
Predicted a rise V ! of a point Index moved up 0.63 to 169.54 in Deutsche mark fuelled the 9“ " e £„ n N £5?S HoUg KOUg 

to s* nor ppnr in fhi* »!isi*nunt n entail business. Volume 2.04m markets rise. Sheet Glass, up Y7 at Y230._Tai>o 


Si per cent in the discount a small business. Volume *.o*m DeB|9che ^Vr VyiSL and Most stocks lost further ground 


Kate and to 9 per cent from the shares 13.90m). 


Among Uranium stocks, 
continental retreated 45 cents to 
ASUL35, Queensland Mines 5 cents 
to A$3.45 and Pcko-Waflsend 4 
cents to ASfl.06. 

ELewhere in Minings, Commen- 


: tnmntnai 

114.22 

<1 Composite 

102.90) 

l 


, . r , iar^ I3.wm). rEEJSSE Warn*™ OaTSse YD firmer at in quieter trading, still depressed wealth Mining. A*2.20, and BUM. 

presently assumed turret oF 85 The Amex reduced rritiaJ «» DM i *-90 and BwnMe “J™** 11 OR. also YD firmer at Thursday’s -Hong Kong AS2J25. receded 10 cents aptece. 

per cent for the Fed Funds Rate, margin requirements on a number Vereinstrank DM o.00, whde Motors Y177. reflecting Land debenture issue. There was while Western Mining came back 

The Commerce Department of Gaming issues back to oO per had Daimler-Benz DM 830 . . r U0 ll r . wo £ - Isslies - . rCDe rA. li ° a slight recovery late in the day. S cents to ASl 75 and Utah 5 cents 

signalled some slowing of the cent from 75 per cent. Golden stronger. MAN climbed DM 730 in increased Government »-ubc although the Hang Sen- index to A&L35 Resisting tbe down- 

economy. in a report WjLS. Nuggett.ro.se ij to S27 4 . Nortek Engineerings and Karstadt added worte spendmg plans, were also £££**“* “gg SniuS f^dVere SSllated <32* 

construction spending fell S2.9bn 5 to $la£ and Showboat 3] to DM 2. 06 in Stores. nigner. — — a«,«. — -• 

or 1.4 per cent in At>iwt alter $34. . However. VEBA were DM 230 Switzerland 


a S2.5bn or 13 per cent .iui.v rise. Initial margin requirements lower following the Cartel Office’s 
Gaming shares dominated were maintained at 100 per cent decision to veto the proposed llie Swiss - National 


at 616.92. fields, 5 cents up at A$4J0, and 

Hong Kong Bank and Jardine Bougainville Copper, - 2 cents 
Matbeson declined’ 60 cents apiece harder at A$1.55. 


B*"? L* to HK$ 1930 and HK$ 1730 res- 


trading again. The New York SE on securities of Resorts Inter- take-over by Deutsche BP of parts measures to stem the Swiss peotjvely, while Swire Pacific lost 


NEW YORK 




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Hutchison Whampoa 25 cents to note after a small business, with 
HKS 6.20. and Wbeelock 10 ceois the Jewish New Year holiday 
to HKS 3.375. ■ restriftmu trade. Gains ranged lo 

Among second-liners, Hong 25 cents, while losses were 
Kong Wharf fell HK$ 2.75 to between 5 and 10 cents. 

HK$ 32.75, China Light HK$ 1 to Mining Financials - were selec* 
HKS 28.80. Gheong Kong 40 cents lively harder. Platinums and 
to HK$ 12.40, and Hong Kong Coppers were generally steady, 

while the Industrial market was 
narrowly irregular. 


Electric 25 cents to HKf G.65. 

Milan 


After last Friday’s pduse, shares 
resumed their advance in active 


Amsterdam 

Share prices firmed in quiet 


trading, with demand centred cn trading, helped by the recovery 
Blue Chips. of the guilder on the foreign er- 

Montedtaon moved ahead 8 to chance market. 

L286 following news that a group Among Banks. ABN put on 
of Saudi Arabian investors are FI 5.50 ' and Amro B_.k were 
taking a 10 per cent stake in the quoted 30' cents higher ex rights 
company. to its on^-for-ren share issue. 

Fiat rose 243 to L3.057, Bastogt Amro new rifihL: shares closed 
20 to Lfl 50, Snia Vlscosa 41 to af Fi 1.17. 


NOTES; Oversea* prim shown below aoi/or seno isaae. ■ Per stun, I Krancs 
sdtwe S premium. Belgian djYideoas a Cross rite. %. h Assumed dlvUtend after 
are after withholding tax. wrln and/or nghls issue, fc After local 

♦ DM 50 deoom. unless otherwise staled. Lares, n % far Free, u Pranai: Indodime 
melds baaed on oer dividends ulus tax. tinllac div. jiNom. n Share Bote, tuiv 
V Pta 50o -deoom. unless otherwise staled, and meld exclude special narznent. t Tndi 
•$ DKr 100 denom. unless otherwise staled, caied dlv u Unofficial trading a Uinorux 
h Swift- SOS denom and Bearer shares >*oldeni only u Mercer pending. ■ Asked 
unless otherwise staled, t V50 denom 'Bid. I Traded. I Seiler.. ? Assumed 
unless mberwiae stated. 3 Price at time xr Ex rights, id IS dividend, xc Rx 
uf suspension, a Florins b Schilltnca. scr p Issue, xo Ex oil. *. mterlni since 
Cents. H Dividend after oenrtiru: rights increased. 


Financial Times Tuesday October. 3 1978: . „ 1 . 1 

•S 


Indices 

NEW YORK DOW J01fES 





tndoatrlaJr.. B7TJ^ 


B'meB'odr* 


885^867.31.800.13 868.16 B8LW *ȣ 

S8.H4] 88.82] 08.9sJ 63 


l‘n«wpoit....J 284. 
Utiiitl*— ...| 108*1 


i Z44.Il] 282.84] 2«. BE* 245.4a] 24L55) *Wt 


I08.H! 106JJK106ja: 


j 7B,5Bol 23,010 24.3a0j 2B.B70j2B.S30 20.870[ - 


(Brti 

<0^8 

l*Ll) 


UEL7B 


feta 

I10J8 

i£/ll 


"aii, oTTSdii clanged from Aoerot 24 


UlS. 

an ix 
wjo 

®8i*» 



Sept- 29 | 

| Sept. 22 ] 

1 Sept. 16 

il«i* bko appra) 

lni+. di*. yield % 

5.48 \ 

5.50 ! 

6.39 j 

5.32 


STANDARD AJTD POORS 


Oct. 

2 


39 


ns.; 


-MU. 

28 

j 


-Scot. 

26 

1 li 

>78 

Since Co 

■mpUstv 

25 \ Hi«h 

Lren 

Kiui, 

' liil 

112.00 
j 101.90 

112^2 

101.80 

11S.7S 

102-62 

lUUtei 118 M 
1120) 
101.8^' 1M.A 
nasi 

+9.32 

(6/3) 

80.* 

(8/3l 

104^4 

ni/l/«) 

'U/US31. 

woe 

<L« 


Sopr. 37 I Sept. 20 | Sapt. l£ j Tew ago fegpmriK 


lnd div. yield % j 

4.86 

4.85 

| 4.63 1 

1 (— 

4^8.. 

lnd. IMS Iferw 1 

9.43 

9.43 

! 9.88 j. 

9.43* 

Ucfi Got. Rood >tcld J 

8.58 

1 8.47 

I a a .1 

7M 

W Y.S.E. nrT.ftOKMOET 



Bine** *nd Falls 
. | GvU'2 I Sept 5» Sifi-.a 


Oct. 1 
2 


57-38] 


-ept.i ^ 'tf-l 


a, High 

57.7J 67.4r S7.31I «•« 

; 1 j 


Low 


W.6t 

(Ba5i 


Issue* {nd»L— . 

Kises 

Fans.-. 

. Unchanged — ... 

ftew Higb«— — 

New Lmn -.1 •— 


1.834 

764 

618 

452 


L87B 

927 

506 

442 


LB96 1 - 
692: 
735- 
*wa - 
.. tf 
-aoj- 


eONTKEAl* ] 

Industrial i 
Gomtiined 

Oct. 

2 

Sert. * *w*ni. . 
29 j 28 j 

X 

If 

High 

i7» ■ . 

Uni . ; 

1 210.18 
1 219.03 

213.071 

210.62| 

212.1s! 

217.01 

1 n 

1 

210.13 mat ! 

218^5(2(10) 

Itflc.ft ,(bja • 
17062 (306): 

lit AON XU Ltoni^*ne 

1280.0 

1204.7 

1277.5 

I272J) 

1260.3 (2/10) 


JOHAN N JSSBUBti 

Gmd | 

ln£u atrial 

250.0 

204.0 

255.7 

204.fi 

254.7 1 
265.B 1 

253.4 

204.4 

27i i-u {!#/•> 

1. <n.uuw8) 

185 J (204) 
IM.i (lift 


1 

Ck-U 

i Pre- i 

| 1078 ; 1S78 
[ High ( Low 


- 1 Oet. 

1 ? 

1 ri«- 

[ Idle 

1 High 

j rtf 

W 





l*0i id) 

J \ 

532.4ft 

‘d( j 280.2 

I ® J8 



laatrana'V 

1 

delgnun it), 

Denmark r*. 

M .100.71. 

1 

93.96 99.69 

1 

91.57 1 94.86 

i MH.7P i 44L19. 
\22J9) (1)9) 

101.16 00.43 

(8/6) ] (88 Ji) 
88-95; 84.00 

Sweden 

Summer! 

8a3Db 

2742 

! 1 

(9ftl) ■ 
HlcjJt 
(4A) 
WJ.7 
liny' 

(itt!! 

Ul) 

SOLS' 

IZ6j8) 


tfranoe (tt). 82.9 ■ 82.6 
(jfennanv (it ! 862.1 j B48.4 
Holland (i)ii 


S8.5 , U7-5 


82.9 
ft.lOi 
882.1 
IK. 10) 
B£.l 
aU9> 


47 £ 
(3/2) 
769.4 
(U#» 
76.0 
(4/0> 


Hour Son*-', Biate 1 653.14 Tcn.iu 1 sum 

book £0^, , _ w<9] J lLU . 

Italy (ID '> 80.62 , 78.90 B2j2 65.46 

1 1 ' c&«) (10/D 

lama (aji 434.12] 4345M 1 434.94 £64.04 

| i l30.u| (4*10) 
lmsaw»re(fi 369.63 ' 36L69 1 414^0 ! 2620) 

; i I (6)9) : (9:1/ 


Hi 

27! 

9f 

181 

521 

i2: 

47 

27 

52 

Ki 


+a 


MONDAY'S ACTIVE STOCKS 

Chanfe 

Stocks dosing at 
traded price day 

Hamada Inns <31.060 

Holiday inns 478J80 

Pan- Amer. Airways 240,409 

Norton Simon- 244.089 

Exxon 180,500 

Sears Roebuck 167,100 

Canaan Work! IGSJNW 

Carder -.: UM80 

Genera] Electric ... 155.TO 
JTCH ; ^ 14&800 


+f 

-1 

+i- 


-5 

-I 


ilv 


t * 


GERMANY ♦ 


Oit. 2 


\Efi 

AiiUutz Verstch.J 

£UW 4 

hasp. 

uayer - 



Bajw- Vomnetik 
LHhalnt.Ne*l.wru| 
Ccsn mention k... 
Contifiuniml... 
LHumier-Benr- .... 
U»*ussa - 


Price 

JJin. 


8/.7 
327 1 


+ or 


+ 7 


142 

144.31 

298 

344.51 


la4 1-1 


232 

75.21 


+ 0.5 
1-2 
+ 5 


f 1 
+0.5 


5.3|i 

2t>6.5ji-2.6 : 


Uvck*rlK>!t ifilMUU; 

UutetHifl'Uung-.., 

L031I 

Hnriiefier....- 

Hneclibt 

H*H**<-h 

H.iiien 

hn>l uihi Salz 

KH'UdL 

Ks*itli.<( : 

k'.n-knei UIIIlu. 
h H(> 

nni|ip 

Cm. I p 


2o2.a) + 2 
ie&.3Ui.s 

2a6 +U.B, 


115 (-3 
lbb.5 +0.5 
142.1'+1.2 
<1 8.3;— 0.7 
178 -U.j 
156.2 +J.7 
3£5 !<2.b 


255 ' + 6.6 


92.2, -0.4 
164-Bi +U.0 

113 ;-i 


Lmnjl.nm 100... 


290 


LmtlMnia — 

MAN 

IlHiinL-iiunn 

Mi-iii ib,~ 

UlIfH-luTICI (tllL-k. 

M«i£tiviuauil 

'mii'itf ti.U t00| 

liiicin We^U liter 

'Iwrmij...., 

■Memc-n*. 

■*in2ui-lier ' 

iUwihi A.G 

Viut* 

VKBA 

erem-A We^lUk 

VulkjwwfiMi 


[1.600 


103 

2 <a 

119 

254 

tabu 

179.5! 


+ 1.5 


+ 7.5 

+ 0.7 
+ 5 


300.7.'+ 1.2 ' 


\f 

Y:. 

cv 

Uirt. 2 

•Pnctr 

Yen 

4 - or 

; Uiv. 

J 


i*aln ti +.«. 

3 35 

+ 3 

14 ' 

1 51.! 

3j 

1 -HU M 

459 

+ 9 

12 

28.1k 

to. 


920 

-5 

25 

18.7b 

to. 

.I)innn _..... 

410 

+ 7 

20. 

lti./b 

6 .. 


685 


IB 

88 . IS 

4. 

f»* n HIk'Ii* 

572 

-3 

16 

18 

2.1 

fill* hi 

225 

-1 

.12 


— 

Jim* in Moinr* .... 

505 

+3 

18 

26.bE 

5.' 


1,150 





... Itch 

841 

— 2 ’ 

12 

'88.15 

4. 

• t« ► Yi Aflilr. ......... 

1.860 

-40 

30 

1 17 

£.: 

'I’.S'— 

000 

-6 

l£ 

1 11 

£.1 

l-A-L. 

2.850 

—10 

— | 

.28.12 

4.£ 

-innraii K.c. t. 

1.190 

. ... . 

10 

■28.12 

O.l 

•VnilMlMI 

345 

+ 9 

i« 1 

19.48 

a.E 

.IIIUJI* 

300 

~4 

13 

1 ^ 

2 .' 

I 1 \..tu-L'+ ramie ... 3.7o0 

-50 

£5 

1 14-041 6 .; 

'l' 11 -llrlllljt 

<45 

+ 1 

20 

ui.b.79. 

9.5 

'-l.to.UI.lr5l Lfftllk. 

280 


10 

18.70 

0.0 

Jlil-iil.lslli Hr+ir\ 

121 

+ 1 

l£ 

— 

— 

.i'l-iili- hi c*irj-..| 

441 

+ 1 

la 

9.36 

li.b 

ilitou. A till., .4 

300 

+ 5 

14 

14.04 

4.5 

'•llt'llhK III 

588 

—2 

20 | 

24.44 

£.6 

■\ii.i>.n I..-IIMJ 

l, 6 Ga 

-40 

13 

18.72 

£.7 

Ai| I-..II >lun|wit..{ 

oo4 

+ 4 

12 

— 

— 

mr Mi'inr*..., 

700 

-10 

lb 

18.70 

b.J 

I'lHIWI | 

1.660 

-50 

48 


— 

mn».. Lu-»-ltii-....' 

247 

+ 7 

12 

2 a 

4.2 

r--t. '.-in Hii»lub... 

931 

+ 1 

£0 

25 

7.c 

I.i'i-i I.i 

L.3«SiJ 

+ 50 

20 

9.36 4.e 

■<-llV 




12 


llll- III. M -II Mil!,.... 

231 

+ 1 

11 

IlS.IB 

4.8 

• nhitin 1 . Iieiiin.* '. 

*toO | 

— 3 

15 

1 U 

2 .U 

‘t'h 12.160 

-20 

£□ 

18 

1.4 

1 

1 L 8 

1 

LU 


— 

*’*J.* Alarm.- ! 



11 

— 

— 

• ■ ** 3 'n h<u-t 1 'tinr *, I 

1.U50 



25 

to. 7 


320 

—3 

Id 

20 . 12 i 

o.i 

*"ra\ J 

i42 


lo 

2 a 1 

4.< 

... llltx. 0 * 1 , 1 . . 

128 

-i 

It 

2tl.94| 

4.9 

-,*-i» . 

t64 

- 1 

i ■ 


192 

142 


294 1 

242.3 + 1.8 


I ....-i/.ibl 4. 

(—2.3 , “ * 


9.£7j £.. 
18 I £. 
2a 5.. 


AMSTERDAM 


Oct. 2 


FVk-o 

Kit. 


r+or 


vin>u\ \V». At) 1 

V*»«» fKt. 'H). 

cuiUnkiKi.lUuj 

til hV (Kr. Id , 

\riini>«ink (K'.’iO) 

djjtfiiburi 

AliiiWeM mllr.'.Ui 

iluiiMii let tea* ur. 

K.-vviei % 

timwA.i . li0iim 

-juUHiiiMir . o. 

i'll Itroubict 
Hi.'iii-kl+i iK'. r- 
s;> Vint tfr 

limit.-, U.. 

-L.JI. tK.. IJJ..' 
*if. .Hi* .u l«J 
IKI'*11I it-. LJl.,1 
il.iVeiliiMKi.i li 
'«i Lini dk(K>.£ ; 
Vf, *.tC-1 

<t i^Uj ....... 

■ 

mi Oiuiueren.... 

iKhncii 

lulipmhi. un... 
(jii-cbVer(Ki.IUb] 
\etjayj.... 
>(i.nnu> (hud)... 
iiunmia (H.30)^.. 
tiutcfaiKISSL 
nvmiHii^ . 
Ui-uiGrp i Kl-X.,1 

+>** Ilur-H nil".: ' 

•itievet (K. juj.. 
•*>iiu He*, i *».i 
-r.l'ii.Hvi-l.l 


120.2 +1.7 
£2.8l+U.B 


Olv.j 


*£6 


377.5;+ 5.3 
91.0]+2^ 
7B.5hrt + U,3 

9ti.fi 1 

128.71 + 1.7 ; 

<3.5 +1.0 
306 1+2 
1+5A1 + 3 

Vl.-Jl I 

40.8 + 1.1 1 
1U5.5 4 2.31 


AUtaJ 

5u 

A2£b| 

26 

B£4| 

Zb 


Yi'i 


27 .N 
37.? 
9+.bl +.c 
20 j 4.9 
14 £.3 


2£.U, 


47.+I+1.1 
28.1; -0.3 
113.b'+0.t 
57.7]+ 1.2 
208.0] +6.3 


173.5 

£2.5 

1+2. 

44.9; 

27.6 

73.0' 


+ 3.0 


+ 1.0 
+ 1.9 
+ 0.2 
+ 1.4 


176.0] 

142.5; 


l££.Buf-... 

248.5! ] 


409.8 +9.B 


1 — 

- 

■ 12 1 3.2 

8 

4.1- 

1 1U 

6.0 

12.3 

4.3 

48 

4.2 

21 

7.£ 

It 

a.5 

38 

4.1 

23 

7.0 

17 

A25fi 

6.2 

7.£ 

•S.J 

a.B 

£a.fii 

O.i 

20 

d.I 

2 7* 

b.l 

SO.ad 

ti.£ 

4a.b 

o.t 

SO.iO 

1.] 

££ 

3.9 


COPENHAGEN 4* 


Lhl . 2 

1 Price 
Kronur 

1 +"**- 

tiii! 

flM. 


141 




— 

Uuiske Bank..... 

1263 , +4 

12 

9 != 

h*sl .VdihIh* Ci).. 

160 


12 


1 - uuumlttnketb-. 

131 >: 1 + *, 

13 

9 9 

Un’sireriEi- 

3563 , 1 + a. 

13 


+'nr. I^plr 

873 , t— 3 . 



Handel iIeui It 

127 i?l 

12 

12 



287 a, 

-ti 

3 .e 


190 


12 

■llictalirifa 

1151 a 

+ la 


I’TiraUiank 

132 t z 

__ 


Prnrin*l«nli 

139 

-ti 



rsi| 4 l. Uemtren... 

4031 , 

+ lti 



luperfoi. 

168 j-»« 

12 

7.1 

VIENNA 


rni-v 


Ull.'l 

«A 1. 2 

47 

- 


< 

i.rclilajutall...,,.. 

342 


1 ^- 


Pcmncner.... 

273 

+ 1 

Ri 


>«■«!« 

635 

■xl 

£8 


Vmiwril 

83 

tf 

— 


'U-yr Uatmli. r 

220 

a. 1 


1 i'll Slagnc'U-..,. 

235 

J+l 

10 ! 

4.3 


TOKYO \ 


\ AUSTRALIA 


i OSLO 


% 


•Oct. 2 


1.5 

2.5 
0-8 
U.c 


Au-t * 


kl.MIL r^ir utfils) 

ian* Australia.^... 

1.4 MUT1LSU 

8.4 Vnipoi kxpi»winu*,....„.„.. 

1.5 Vitpo* Petmibum..:.,.. 

1.: A4**tc. Minenua. 

2.7 A *we. Puip Hnper Sl~_... 
1*C IrWOC. Coo. iMintrifW , 

A*«t. Foiinitaiton Invest 
V.n.l, 

luHlmco. 

uirt. Ol- fi tiiu. 

•teoihoo Creek CfnM ... 

d.u*! Met*, In. ■ 

.wuealnvliie Cr^icr 

Jrsmt'iw luiurtrleK 

droken Hi*' Pronnetun- 

tH south I 

-.union United brewerv....| 
-o k ; 

JutiUxun l>me»ii...^„..„. 

-<w lU. 3.i 1 

..on-. Gtihiiie«l- Aiim> 

’Jon lamer (2 1 1. 

-irtairn- UlOUnlr,..^..... 


-0.02! 


+0.10 1 
— u.ul 1 
+5.1 
+ 0.01 


4.2 
2.6 

2.5 

0. 5 

1. £ 
l.r. 

5.0 

1.5 
ZA 
1.7 
0.5 

0. 7 

1.1 

1. + 
6.4 
l.c 
u.8 

1.3 
Z.n 

1.6 
u.’< 
4.2 


t0.77 
to^o 
12.23 
U.40 
tO.87 
tl-70 
71.78 
tl.80 
tl.13 
tl^l 
.tO.78 
^0.76 
*0.30 
1 1.85 
fl>55 
+2.10 

ta.66 'i-0JM 


HFi«, 


Oct. 2 


Kritso 

Kroner 


+ otTdi*. yh; 

t s 


tienten Bank 99. i+l. 
tknreguud 

Credithanli~.i.~...j. 113JOj+Oj 
ko»moKi..-^~..t 317.5; +5.1 

KretiUnMi'. 1113JXS+0J 

Norek Hydro&Bq 237.30] 


-itorehmnd 

BRAZIL 


99.tf[+Lfi | 



fOJll 


-<LDI 

+0.0S 


kCMUUti Au-tmlu 

Ouniuji UijI4«j> (3h 

diaCOtt 

tihiwxsiiiuh..^.^ 

bihuavour kamurves 

K.L lu.lu'-ineb^......,..^,. 

<ia>. Prot-ertv Xni-t 

H*nnrr»le\- 

Hunker 


j.j 


3.B | 
i.b 
£.6| 
£.91 
1.2 


Source Nlkkn Securllies. r«tro 


BRUSSELS/LUXEMBOURG 


I'nce 

Kn-. 


+ •» , 
— Ket 


Div. | 

Vth. |Yw. 1 


U.1 AlTOmii* 

Intel -Copper 

ivniunfiv lii.iu-rrie--. ....... 

-ue» iX*»n-ij..^ 

IJMIIMIM i a 

<1i-in-» Kxjihipition 

*1 1 It Htu (uu>h 

live’ Emporium 

*i-»» 

m 6om» Intffn Whins- 

\«in timkan H* | 

Ja+tKi Iim...., 

Ml rtonh. 


ah'hi aeoo 

Ih-rk.-n **B" 2.465 

t . H. It. Cement.. J 1,206 

k..-nll I 489 

KB1» i2,£10 

Kic-tirtiell [o .820 

i-'al.rkiuc Nat ; 3 ,U 30 

U.U. Imni-Hni 3,450 

Hcvairt ]1.460 

OUL i IJr+iN Li 1.640 

HiH.ikeii I 2.950 

Hi-i'i'lii * 1.825 

hreilii-iiauik ...^... 7,090 

Ui 1C* is ii,. Ih.ific. .(6,040 

fm H.mlui" [ 3.000 

''ctinrtiiu 13 <80 


116 

100 


177 


'-5 
1+15 
'-14 
-4 
\—b 
+ 10 kt£U 

1 17U 

+ 50 [150 
1-12 86 
1-6 90 

J170 

+ 10 142 


lien, Hsnii»H3.080 

nef " 


,Uwi.B»-iilinie'2 036 

*" h 'IH l4.<UO 

‘‘it '2 £00 


I*. 1 lull I-.II* L 

lit 

ii.Vilii.il Jit,. 


ii-nie Uuuiafiuc* 2.000 


2.-60 
I. -oil 
860 


+80 
+ 70 
+30 
+ 5 
+ 20 
+ 10 


-16 

-30 


+ 4 
L-40 


J90 

!n3<!3 

S2-K 

ItiO 

209 

140 

219 

A 2. Ill, 

170 


liter b*,wontinn 

Pioneer Cun r« e 


4.6 

8.1 


60 


7.7 

b.i 

5.6 
6.0 

5.7 
6.5 
o.7 

7.8 
4.1 

а. 4 
2.c 

9.8 
o.6 

6.9 
o.r 
0.4 

б. 7 


.te-*iu 1 CruiTMU 

1. C. 

uulb-an.1 j 

W*«e™ tvxp*or*tloa 

ii-utb id) 

•V’aiUHMw. 


’Vwlton Mini iii> ISO «tln. 
■V ■- * ■■!+ h,. 


♦ 1.43 
11.76 
t3.68 
*1.38 
t2.39 
*4.10 
* 2.86 
t3.75 
ti-o5 
1 1-40 
tO.B8 
tH.bO 
f0.29 
T3.10 
tl.66 
t2.25 
tO. 34 
12.30 
+0.15 
+1.13 
tl.ll 
+0.42 
tO.»o 
+B 25 
+ 1.69 
t2.50 
fU.92 
+1.+2 
tl.bO 
T0.14 
tO. 05 
+1.65 
+2.90 
+ 0.68 
+0.38 
+0.45 
tL90 
+0.61 
tl.75 
11.75 


Pitre 

.Oet. £ ,. 4 Chtr 

■f or Jlam] Yki. 

-- ;oivj a- 

iipppl 

095 

ust 

JU48 

.L1I 

7.38 

-aoi|j!i2]rL«s 
-ouSaie!8i5 
ia371&0& 

-00210.08 7JQ 

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■*..*< 


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i 1 Vale Bin Urt» PR 1.10 -HJAKl.lt 
+0X5J 


1-0.01 


Turnover CrXLSm. volume sum. 
Source: Rio de Janeiro SE. 



— JOHANNESBURG 


-0.01 


0.02 

[+ 0.01 


-0.10 ! 
-0.01 
(+1.02 
-0.01 


-0.08 


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1-0X1 
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MINES 

Anglo American boron. 
Charrer CwHMnM — 
Bast Driefonteto 

Rand 

0.30 

4.IB 

U.TB 

l£g 

+or* 

-f-BJi 

+i»: 

-US 

HW* 


0md 



two 



11.00 

+«J3 

RtWenfiarg Platinum 

LfiS 

1458 



10.70 


Cold Fields SA 

ras-iD 

B.S8 

+05 

+4.H 

De Beers Deterred ......... 

7.75 

S.I0 



5JG 

-fc» 


38.75 

+8SS 

President Brand 

*17-30 

17 90 

-8tf 


6-8S 


Welkwn 

a.oo 

+005 



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+65 


16.10 

-U» h 

- ' INDUSTRIALS 

AECI IS 

Anglo-Amer. Industrial ... tUUAtd 


PARIS 


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Price 

+ i>r Div. 

Fr-. 


Fra. 


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\,iu|iie</u.*hri'e.| 
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567 

517 

612 

600 


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>i lultaJt in "li'* 1 1,495 

4uel Uenneean .{ 610 

it'iilliwi........ 

riira «!..._ 

I'twhluej- 

•Vmurf.Kiumi .... 
t'L-nxfuiAlliroen.. 



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Uu.luule - 1 

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+l. Uu>«in.... 

>*>*■• tfusBieniH 
'■R*Z..^.._ 

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i— 1-4 
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21. lb 

16.3] 
26.2a 

14.3b 

42 
40.3! 

7a 
£1.3 

/B-bfcl 6.8 
12 J i.b 
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llit. , 
% 


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+ 22 
+ U 9 
— 14 
+3. a 
-14 

|-?T.6] - 1 1 


j.e 

4.9 

4.4 

4.7 

2.7 
a-2 


Barlow Rand 4-2D 

CNA Investments UO 

Currie Finance OSS 

De Beers Indnsuial *12.75. 

Edears Consul Ma led ntv. T2.75 

Edgars Stores 53.00. 

ErerReadr SA 12.10 ’ 

Fcderale VOUcsbeleggliics n.Mxd 






■rid 


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nrparermans Stores 
ftnardian Assurance 
Huletta 
LTA 

McCarthy Rodway 

NedBant 

4.7 Baaaara 
I A I Premier MiUlng 
Pretoria Cenvm 

Protea Holdings 

Rand Kims Properties 

Rembrandt Group 

, .... Rctco 

j— J4 33.nl 3.1 1 Sage HoWlage 

+ 3 A 14.10) 918 [ BA PPi 

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215 

1.8 

320 

b51 

229 

3*5 t 
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8.4 


6.5 
2.01 
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17.40 
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3.45 
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2.40 

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TTxet Oats a n£ NatL Mis. TUJO 

Unisec U0 

Securities Rand UJS 59.73 
(Discount of 3&5%) 



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10 


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Banco Bilbao 

Banco Atlanoco (lDOfl) 

Banco General 

Banco Exterior 

Bjuco General .. 

Banco C ran 3 cl a OjWOi 
B anco Hlsnaoo .. . 
Banco lnd. Cat- (I.DOO) 
fl rnd. Med) terra ueo 
Banco Popular .... 
Banco Sam under tssoi 
Banco Uroudo ti.oso, 
Banco Vizcaya . 
Banco Zaroasaoo ...... 

BMkutdoD 

Barms And a tori a 

2.71^^. WllC ” 

5.5 1 Dragados 

lniDob*nU 


6.1 

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7.5 

8.4 

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tiddnboim,— ..-J 
Volvo (Kr. Mi.- J. 


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10 

Vi 


6JJ 

4.n 

6JB 

£.5 

2.9 

4.2 

SJZ 


R. I. Arasonnas — 
Bsoanoia zme 

expi. Rio rimo - 

t*ecaa (LOSS ■ 

Fenosa ftjxnt 
G-rl. HrecUrkw 


9.6) 3. 1 1 


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tlutrnls .. 

fh.-rduero 

ruarra 

Paneieraa Reunidas — 

Vetrwftw - _ 

Pffifolew 191+5 

4.43b.4j2^“ * 


*3.0 


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... 126 
295 
SI 
304 
26+ 
270 
150 

250 . 
186 
100 
2SB 
930 
7t« 

2 a 

269 
150 
193 

29 

a 

270 
7450 
50 

in 

67 

6 MS 

u 

n 

165 

UJ5 

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15 

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120 


+ 1 
+ 3 


+ 3 


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- 1 


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+ U - r u 

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7.8 


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Telefonica 

Torres Hatcacb 

TnBtCrit 

Union ESec. — 


<S 5 Le 







r: 7 -Ssj\ 



























[mra 


ffifcPSfo Times Tuesday October 3 1978 






*- . il- 


*«■-., 

- 1 

»; *• . - ' 


Sw.tasiV*:. 

<K:- ... 

« .. 


ilia «.-. 



The Financial Times proposes to pnblish 
a survey oh Computer Peripherals on 
Tuesday, December 5th 1978. The pro- 
visional . editorial synopsis is set out 
below. 

INTRODUCTION A large area of the 
computer peripherals industry has been 
deeply influenced by the penetration and 
the, increasing power of the . micropro- 
cessor. This device can- make. the units 
which incorporate it potentially as power- 
ful as' yesterday's computers. ' Conse- 
quences for users and niakers. 

WHERE IMITATION IS NO F1ATTER.Y 

MEMORY IS THE KEY ; ' 

STEMMING THE FLOOD OF PAPER 

TERMINALS GIVEN A BRAIN 

POTENT AID FOR ENGINEERS/ . ; : 
DESIGNERS 

THE FLOPPY DISC JUST GROWS AND 
GROWS 1; :• .. 

DATA CAPTURE ! ■ 

For farther information, on the ' editorial 
synopsis and advertising rates please contact: 

Robert Murrell, 

Financial rimes, . . ; 

- Bracken House, . . 

10 Cannon Street, ... 
London EC4P 4BY. - 

Tel: 01-243 8000 exL.246. , 

FINANCIALTIMES • •••• 

EUROPE’S BUSINESS' NEWSPAPER 

The content and publication dates of 7 Surveys in. the ; 
Financial. Times are' jmbjeet to/ change- at the - 
discretion of the Editor. ; . 


A 


Edited by Denys Sutton 


i 

w 

awe. 

m 

•i' -*•-•••- 

v 

#rt • 

> Av_ * 


The world’s 


magazine 


of Arts and 


Antiques 


■ Published Monthly price £2.00. Annual 

j Subscription £25.00 (Inland) Overseas 
i Subscription £28.00. USA & Canada Air 
assisted ;$E>6. ~ . . 

Apollo Magazine, Bracken House, 

‘ 10, Cannon street, London, EC4P 4BY. 

Tel.: 01-248 8000 


APPOINTMENTS 


Bank 


Mr. Erie whittle, a director r 
and deputy chief executive 
Of LLOYDS . BANK INTER- 
NATIONAL, has been appointed 
chief executive in succession to 
the late Mr. Dennis Mitchell. Mr. 

Whittle has spent all his working 
career In international banking, 
including a number of senior 
appointments overseas. 

Mr. Brian Pitman has beeq 
appointed a director and. deputy 
chief executive of the bank. Mr. 

Pitman was' formerly a joint 
general manager of Lloyds Bank. 

In 1876 he was seconded to LBI 
as an executive director until 
joining Lloyds Bank group head- 
quarters in March this year. 

★ 

From November 1, Mr. John 
flood chap, chief accountant of 
w. D. AND H. 0. WILLS, becomes 
accounting director. He succeed* 

Mr. Leslie Rowell, who Is retiring 
as assistant managing director 
with responsibility for the 
accounting function. ' Mr. Brian 
Cloke joins the company 1 as 
marketing director. He succeeds Mr. Eric Whittle 

Mr. Christopher Cory who has ... „ , 

been appointed Wills managing chief executive of the -company s 
director. Mr. Cloke was previously linen supply division. The main 
bead of London-based marketing responsibility of Mr. Thompson 
consultancy CGL. He is a former is now that of chairman of the 
marketing manager and UK sales company's contract cleaning sub- 
director lor Rothmans Inter- srdiary, INITIAL SERVICE 
national. CLEANERS. 

w ^ 

Mr. Donald Atwood has been Mr. David Clqrke has been 
named vice-president of appointed an associate director of 
GENERAL MOTORS and general HANSON TRUST. He Was recently 
manager of the Detroit Diesel made president of HANSON 
Allison division. He succeeds Mr. INDUSTRIES INC., the parent 
James Knott, who has retired. company of Hanson Trust’s U.S. 
+ interests. 

Je ffr e>’ Greenberg has been Fo „ owing the* appointment of 
manager pi a viation for m«- a w Trower as chairman 
AMERICAN INTERNATIONAL "/“jj™ UK ' arm Eur^near^nrim 
UNDERWRITERS (LONDON) His Sivf^on.^e folio® S^ddiuS 
responsibility will be the London appointments at the MARDON 
office aviation account and the PACKAGING GROUP'S European 
worldwide (excluding the UJ>.) subsidiaries are announced. Mr. 
aviation account, produced in Trower is appointed president 
local jurisdictions. directeur general of Imprimeries 

* Debar SA. M. J-L. Debar 

Mr. G. R. A. Metcalfe has relinquishes his post as directeur 
retired from the Board oC general on his retirement but 
INITIAL .SERVICES, and Mr. H. remains an administrateur and, 
Lewis and Mr. B. K. Thompson in view of his long and distin- 
have been appointed executive guished service with the company, 

1 directors. Mr. Lewis is currently has been elected president 


dTionneur. M. J-F. Vignaud is 
appointed du-ecteur genera! and 
-administrateur - and Messrs. J, 
Girandet and Fh. Debar are 
appointed admin istrateurs of the 
company. 

Mr. Trower is also appointed 
president directeur general of 
Giraudet Emhallagcs a A. Mr. 
J. H. B. Allan, group financial 
conlroller of Ward on Packaging 
International, is appointed an 
administrateur of the company. 

Hr. J. R- Duncan, chairman of 
the plastics division, is appointed 
a director of Mardon Packaging 
International. Mr. B. Horsfield 
a group director and chairman 
of the flexible packaging division 
retires, and resigns his director- 
ships of Mardon Packaging Inter- 
national and of the companies 
within the flexible packaging 
division. Mr. E. H. Webber 
succeeds Mr. Horsfield as chair- 
man of the flexible packaging 
division, retaining his responsl- 
bilities as group assistant manag- 
ing director and his directorship " 
of Lawson and Jones. Mr. 
Trower succeeds Mr. Webber as 
chairman of the UK and European ! 
print division. 

★ 


Distillers 

Company 

Board 



Foseco ivimsep 
chairman 


Exlrans Technical Services 

material suppliers of Winchester 
and New York, have acquired the 
total Interest of Wilkins and 
Wilkins, marine and general 
engineers, Poole, Dorset. Mr. 
Alan Berrett. a member of the 
Extrans board, has been appointed 
managing director of WILKINS 
AND WILKINS. 

* 

Mr. G. W. Crokrr. is to he a 
director of FEN CHURCH GROUP 
BROKERS INTERNATIONAL: and 
Mr. R. A. Matthews, is to be a 
director of CREDIT INSURANCE 
SERVICES; both members of the 
Guinness Peat Group. 

*' 

ARTOC BANK AND TRUST 
has appointed Mr. Robert Sinclair 
n director and general manager. 
He was formerly general manager 
of the Gulf Bank, KSC, Kuwait. 
* 

HIcNEILL GROUP has appointed 
Mr. Graham F. Lacey as chairman 
and Mr. R. C. McBride as a 
director. 


The Lord Maclean has been 
appointed to the board of 
THE DISTILLERS COMPANY. 

* 

Mr. V. J. E. Davies has been 
appointed chairman of the board 
of ATLANTIC COMPUTER LEA.'v 
1NG with special responsibility 
for Investment and taxation 
matters. Mr, J. G. Foulston 
retains his position as managing 
director and chief executive with 
overall responsibility for Ihe 
group's sales and engineering 
activities. Mr. R. a. Gibson 
becomes European sales director. 
Mr. U. J. Dove has been 
appointed managing director of 
the group's industrial leasing 
company— ATLANTIC LEASING 
— and assumes responsibility for 
all the group's leasing activities 
in fields other than that of IBM 
Computer Systems leasing. Mr. 
K. Jeffs has been promoted' to 
operations director for the 
group’s administrative and finan- 
cial organisation. 

Other appointments to the 
position of executive director, 
made as a result of the reorgani- 
sation, are: Mr. S. P. Mason 
becomes UK sales director of 
Atlantic Computer Leasing. Mrs. 
S. Y. Cheng Kai On has been 
appointed finance director of 
Atlantic Computer Leasing anti 
Atlantic ' Leasing responsible for 
both the company’s financial and 
accounting affairs. She was pre- 
viously an auditor with Rowland 
Nevili. 

* 

WILSONS BREWERY of 
Manchester has appointed Mr. 
Bryan Wilson as production add 
distribution director. 

* 

Two new non-executive direc- 
tors appointed to the board or 
STENHOUSE INDUSTRIES arc: 
Mr. Norman Macfarlane, chair- 
man and managing director of 
Macfarlane Group (Clansman), 
and Mr. R. G. Newberry, director 
of BAIRD TEXTILE HOLDINGS. 


FOSECO MlN.SKP announces 
that Mr. Eric Weiss, the founder 
of Foseco, will retire us chairman 
on December 31, upon reaching 
70, but will remain a director. It 
is proposed to create the office of 



Dr. D. V. Aiterton 


President and it is the intention 
of the Board to appoint Mr. Weiss 
as life president. Dr. D. V. 
Atlerton will then be appointed 
chairman of the Group and Mr. 
A. G. T. Chubb will be appointed 
group managing director: 
currently they hold the offices of 
group managing director and 
deputy group managing director 
respectively. 

* 

NATIONAL PROVIDENT INSTI- 
TUTION has appointed Mr. 
Denis Parker, manager oF the 
assets division in succession to 
Mr. H. T. Maurice, who continues 
as deputy general manager. Mr. 
Parker, who was investment 
manager, is succeeded by Mr. 


i W. A. R. Good sail and Mr. C. J. 
Holmes, who have been appointed 
joint investment managers. 

_ ★ 

Midlands-based NEWEY GROUP, 
manufacturers or pins, haber- 
dashery and other small ware 
products, announce that Mr. 
Bryan c. Knight has joined the 
company as chier executive, and 
has also been appointed joint 
deputy chairman. He was manag- 
ing director of a haberdashery 
manufacturing company in Italy, 
which held the agency for William 
Prym-Werke. of Germany. It 
was announced recently that 
Prym had succeeded in its take- 
over bid for Newey, or which it 
now owns 99 per cent of the 
shares. 

★ 

Mr. R. Howard Woodcock” has 
been appointed chairman of the 
.Sheffield - based WOODCOCK 
travel and freight group, in addi- 
tion to his role of managing 
director. He succeeds his father, 
Mr. Douglas G. Woodcock, who 
died earlier this year. 

★ 

Mr. Colin Cartwright has been 
appointed works director of 
PERCY LANE I ARCHITEC- 
TURAL) a subsidiary of Percy 
Lane Group, the Birmingham- 
based manufacturers of glazed 
aluminium windows, entrance 
doors and screens and curtain 
walling. 

Mr. Jason Frangoulis and Mr. 
Nelson Robertson have each been 
appointed a deputy general 
manager of GENERAL ACCI- 
DENT. Mr. Frangoulis will lake 
control oF General Accident's 
newly formed international 
division. He will also relain 
control oF Ihe company’s research 
and development department. Mr. 
Robertson's overseas duties will 
remain largely unchanged, but he 
will assume wider responsibilities 
wilhin General Accident's head 
office management structure. 


Bob Dayk tax bill is 

big enough to cover Britain’s 

road-building programme. 


) / ;• 


/ 


,. Y . 


3 T 


■ f ;■# : ' • ' 

V : 



• .-•••• 






£2, 138m 


£1,872m 


As the Cost Accountant at Imperial 
Tobacco, Bob Day (amongst others) has 
the responsibility of making sure that the 
company is paying the right amount of 
Tobacco Duty to the Government 
And as tax contributions go, this 
one is pretty substantial. 

“The point is that we doritjust pay 
Corporation Tax through our parent 
company; with Tobacco Duty, we're acting 
as unpaid tax collectors on a massive scale. 
In fact, until the rules were changed at the 
beginning of 1978, we had to bear the 
financing cost of about £125 million that 
had been paid in duty for some weeks 
before we could recover it 

g? “But the thing that surprises most 

K people is the sheer size of the sums involved. In our last financial year to 
8E October 31st, 1977, for example, we handed over more than £1,250 million 

■ in Tobacco Duty- which was a good deal more than the £825 million spent 

■ on motorways, trunk roads and local roads in the 1976/77 tax year. 

■ Tf one looks at the contribution by the tobacco industry as a whole 
r in that tax year, it came to £1,872 million; nearly enough to pay for 

Government expenditure on housing (£2,138 million), more than enough 
to cover education (£1,515 million), the “law and order* services (£1,082 
million) or even interest payments on the National Debt (£1,157 million). 

: V “All this tax, of course, comes out of the pockets of our customers. 

But it does show what can be done when you make a product that people 
want and that Chancellors can tax? 

There’s more to 

Imperial Tobacco than Tobacco £ 


£1,515m 


j-r 


Duty of course. It’s the major 
£1 157m British-owned tobacco company 
£i, 082 m ni| in the UK market, a substantial 

creator of wealth, and an 
Pppl employer of over 20,000 
■H people in the UK alone. 




kV V~- ■' - . 

Si y V; V- > ' ■- 




Tom UK 
Ibtwcco Doty 


mm. btcmefivm Tobacco Duty and how it 

libraries. «d«nce and protective raabadofths COtttpGtVd witk SOtM€ YTUljOr GovCmTilCJlt 

andart, aetview expenditures in the tax year 1976/77. 


jpg *"*??“*-**-■. . ;j 




Imperial 'Ebacco: people atworit 


Imperial Tobaoco Limited— a member of Imperial Group limited 









Financial Times Tuesday October 3 1978 





; m'. : • .-tV...:; 












Rebuff for Alu min ium futures 

Brussels on 

fish policy on Metal Exchana 


By Our Commodities Staff 

A KELATKD .itwni^i h> ihe EEC 
Conimia-iiiin to get the British to j 
think again on it< unilateral fish ; 
conferva l ion policy ha? received, 
short 1 1 r . from the Ministry of : 
Agriculture. 

Tin? Ontimissinn wrote to the 
UK ministry «l the weekend 
requesting detailed mrurmutiun 
on the measures and the 
scientific evidence un which they 
are hasert. it urged ihat they 
should nut he enforced until it 
had lime to consider the position 
Ministry officials said yester- 
day that while the information 
would he supplied there was no 
intentiun of delaying operation 
of the measures, many of which 
were already in force. 

The Commission's move is 
seen as a response to pressure 
from the Danes and Irish who 
arc angry respectively at the 
extension of the Norway pout 
box (within which industrial nr 
fi?hmcal ' ins is banned) and 
an early end in l. i herring sea-: 
“on in the British sector nr the I 
Irish Sea. j 

The Ministry said yesterday) 
that the pmit hux extension 
started ai midmehl on Saturday 
\n Danish nr Irish fishing had 
been reported either in the pout 
ho\ nr Rnlatn's Irish Sea area 
on Sunday. 

World grain 
crop forecast 
raised again 

ROME. Oct. ‘J 

THE l!\ Fond and Agricul- 
ture Organ ixat ion has again 1 
raised its forecast for world; 
wheat and my rse gram prn<ltic-i 
tinn this yp.ir. in 1.14l>n tonnes. i 
repnrw Reiner. 

The rnrneysi is 11 hi tonnes 
higher lhan KAO invdieliiui? a| 
innnih ago. and would put HITS' 
prnrluciinn at 4Sm tonnes nr 4 4 
per cent above Iasi year's levels 
Whp-jt production is Turecust 
at 41riin tonnes almost S per 
up on 1977 and 1 per cent I 
higher than Ihc long-term trend. j 
the organisation said in y report 1 
hated nn informal inn available] 
up In September Z!f» 

The increase in forecast wheal 
and coarse grain production 
rpHects gnnrt weather, which has 
helped spring cereals in the] 
U.S.. Western Europe and the 
USSR, where record nr near- 
reenrd crops are now expected. 

There are also red ud inns in 
the psirmates for some countries, 
notably wheal production in 
Canada, the U.S. and Argentina 
which only partly nlTsel the up- 
ward ariju.siment. 

Coarse grains ouput is fore- 
cast a i 725m tonnes, ISm tn'nnes 
more than in 1977. 


BY JOHN EDWARDS. COMMODITIES EDITOR 


ALUMINIUM FUTURES trading 
had an encouraging start on the 
London Met «d Exchange yester- 
day. 

Members came from far and 
wide to be present at whai was 
considered to he an important 
occasion — the firs! new contract 
introduced un the Metal 
Exchange since silver was re- 
launched in 196X and the first 
lime ever aluminium has been 
traded there, after years of talk. 

There was a ripple «>r applause 
when the first aluminium trading 
“ring" ended with a turnover of 

2.000 tonnes, especially as it 
followed some lively pre-market 
trading. 

The market quietened down 
later wilh l 200 lot.- traded in the 
second morning “ring" 3nd only 
225 in the afternoon sessions. 

Prices moved somewhat 
erratically j,t first falling to £570 
a tonne ai one stage in pre- 
market dealings. hut lat**r 
sen line down between E5S4 and 
f.187 before closing at £585.75 a 
tonne. 


Thu* comperes with the present 
UK aluminium producer price of 
£710 j tonne for 99 7 grade 
ingots, delivered The LME price 
is for 99 5 per cent grade, ex- 
ware house with seller's" option. 

There were more spectacular 
price movements on the lead and 
tin markets Cash lead jumped 
by £11 to close a) £379.5 a tonne. 

The gap between »he cash and 
three months quotations has now- 
been virtually eliminated, reflect- 
ing a squeeze nn immediately 
available supplies, although LME 
warehouse slocks of lead were 
only ”5 tonnes down at a total of 
42.275 tonnes. Buying interest 
for cash lead, however, soon 
revealed a reluctance to self. 

The market was also -given a 
firm undertone by a series of 
increases in domestic prices 
announced bv leading U.S. and 
Canadian producers. 

Tin slocks were only 5 tonnes 
tower at 1.4S5 tonne? and the 
Penang market fell over _ rile 
weekend by .$>] 10 In SM1.S50 a 
tonne. Nevertheless London 


values rallied strongly , especially 
the cash price which gamed i'HU 
in £7.150 a tonne. The three 
months quotation gamed £90 to 
£B.y.17. 

A Tier opening slightly lowet 
buying interest, believed m be 
covering of past. I>usine». quickly 
moved prices up and the upward 
trend was accelerated when 
chart points were reached. 

A? expected copper stocks m 
LME warehouses showed the 
smallest decline for many week?, 
falling by only 975 tonnes to a 
total of 424.050 tonnes. 

The market wa» kepi up by 
speculative buying ihat offset 
trade selling and by further U b 
domestic price increases. Copper 
Range announced a 2 corns rise 
In 59 rent.* a Ih. while Inspiration 
put up ils price by 1 cent to dS 
cent*. 

Zinc slocks rose by 925 to 
73.325 tonnes and LME -liver 
hoJiling.s mcrcas.-d In 1-W.uOO tn 

18.220.000 ounces. 


Low key start for sugar market! 


BY OUR COMMODITIES STAFF 

l.UN DON'S new while sugar 
futures contract received a low- i 
key launching yesterday. There I 
is aOine anxiety not to publicise i 
| loo loudly the’faci that they are i 
'selling up a rival mark el m Paris i 
and ruffle the feelings of the i 
Flench even further 
| Turnover on the first day's i 
trading was a lowly 41 s inu of 
25 i «ui lies each well below the 
rillH luis traded un l he estab- 
lished raw sugar future-, market, 
hut still well ahuve the norm.) I 
'(itmovoi un the Parts itiirkrt. 

Loudon traders are cum meed, 
i however, of ihe need for ,i viable 
hedging market to cope wiHi the 
increased trade in white, rellneri. 
sugar. This, they claim has mil ' 
been provided by Jhe Paris 1 
mark el x ; nc<? Us relaunching I 
(after the 1974 “scandal." j 

Meanwhile sentiment remain? > 
hopeful on [he market thui the I 
International Sugar Agreement ! 
export quota*, will -lari “ luting " 

' next year and force prices abmi' 
the minimum level of 11 ccnl* ; 
a pound. 

However, there is some con- 
cern over the continued delay? 
in Congress even considering ihe - 
1 proposed domcsiic -iigar pul 'w 
j Icgisl.itlun ihat wll have K.i he 
cleared heron* '}'•• U.S. can ■ 
ratify the Interndltunal Agrec- 
nii'ni. 


It was noted that on Friday 
the inicrnational Sugai Council 
had to postpone the iniroducUun 
of the Agreement's sim.-k financ- 
ing fund Tor a further three 
months un:;f January l next 
year. 

Bin Pie.sideni ('.a Tier's autee- 
incnt to a'-i-opi 13 con is 


minimum price in the US nuild 
help speed up US ratification a I 
Meanwhile in Rome iho L : N I 
Food and Agriculture urganisa-] 
mm predicted ye.? lord ay tha' i 
world .sugar out pul will probably I 
decline .-uhsianl Lilly during the I 
197*? 79 -p.isnn from its record • 
92.5m lunnos level m 19*t-7S. 


Carter compromise 


BY OUR COMMODITIES STAFF 

PRESIDENT OARTEK has 1 
offered a compromise m an i 
effort in break the deadlock’ that 
has prevented U S. domestic t 
sugar legislation heing appmved i 
bi f>irigre.?x mu' sl*>pwrt rati- i 
fi cat ion uf ihe Internaiiunal t 
Sugar Agreement. 1 

The President confirmed that r 
be would accept ihe House Ways I 
and Venn? Sugar Bill which 
propose? a minimum price uf f 
13 cvnls j lb for U.S. growers. - 
This compare.* with Admin i* c 
slraiinn’ft original proposal of a f 
135 emits niininium price, which 1 
wii- later stepped up to 14 5 r 
cents. only two weeks ago Ihe v 
White Il’Ula? claimed in ;i IcRcr I 
in Congress tha I anything over c 


14.5 cent.? was “ unnei'i\*?:ir;l\ 
inflationary 

The President ir* nui i»re|un*il 
to accept the •■escalator" clause 

in ihe ways and means coin- 
niiiiee Bill, hut will give ;» 
C'liuinitment to give defieiency 
payments if U.S. production eo?i * 
rise above the 15 cents supptiri 
level. 

t'.nminenling un the Bill pro 
po?ins a 17 i*eni? nitiiiinuiu 
siii*pori price for sugai. !•> be 
considered by ihe Seiiaii* bwl.iv 
President Carter churn'd fhaf 
heel grower, could p-idmbly pro 
d'icc sugar for less than 53 ivn!., 
and even cane producer? m 
Hawaii ;von)/J find J7 rent- in he 
excessive. 


Coffee pact 

face-saver 

disappoints 

By Richard Mooney 

LONDON COFFEE trader* 
were unimpressed yesterday 
by the comp] fra lei) comprumi.se 
Turiuulii reached In Lund on 
laic on Friday nighl at (he end 
of Ihe International Coffee 
Organisation's three-week 
negotiating session. They saw , 
the agreement as little mure 
than a face-saving Tormula. 

Having reached a total stand- 
off on the price levels at which 
export quota trigger and cut- 
off prices should be fixed. Ihe 
Coffee Council agreed that a 
new International Coffee 
Organ ival ion executive board 
meeting should he railed If 
prices moved 15 per cent above 
or below ihe average for (he 0 
days either side or the .Heeling 
and stayed outside that range 
fur a run her 20 days. 

In effect, this means Ihat no 
furthei action is likely to be 
taken until mid-December, and 
there is no guarantee that any- 
thing positive would emerge 
from any meeting called then. 

Acceptable 

Bui this uulrnnip is thought 
to be quite acceptable both to 
the producer? and Ihe con- 
sumers. Neither side is par- 
ticularly anxious to commit 
itself to any long-term policy 
at Ihe moment a.s there is still 
considerable uncertainly on 
the size of many important 
coffee crops, particularly 
Brazil's. 

Kv December much of this 
uncertainly may have been 
removed and conditions may 
be more conducive 1 o run.?t rue- 
live negotiation. 

Sr. Arturo (hum** Jaramillo, 
genera! manager of the Colum- 
bian National t offee tiruners' 
t-'cileruiiuii. said the failure of 
the I. tuition talks me;tiu that 
the task uf managing the world 
coffee market " now lies in 
the hand* ol producers alone.” 

Bill this -lale men! struck 
little frai Into the hearts of 
the Loudon coffee traders who 
still renieinber the iiiuch- 
pnhlicised but totally ineffec- 
tive producer attempts at 
organised export restraint 
which have been mounted in 
(be past few years. 

Grain imports 

IMPORTS OF cereals into 
Britain last season were 7 HJtu 
l.mnes, compared with SJtm 
tonnes in 1977-7S. the Home 
tirnwn Ucrcal* Authority said 
vevJoi day. 

Whe.n purchases were 3 7m 
tonnes 1 7m tnnm-s uf which 
e.ime from the EEC Barley 
unpur is were 420.000 tonnes and 
miiivi; 3 5m mnnos. 


COLOMBIAN AGRICULTURE 

Pioneers break ne 1 
ground in Llanos 


BY A CORRESPONDENT 


ALTHOUGH ONLY a small pari 
uf the Columbian Amazon 
territory has been brought mtu 
ayricuJlur.il production so far. 
the upper Orinoco is rapidly 
bc.-nminp an important area for 
cattle raising and for some 
tropical crops. 

This region of roll log plains, 
known as the Lininw. covers a 
quarter of Colombia and has a 
population of only 600.000. 

Much of the area i* virtually 
uninhahlled. but the cattle 
population is nearing 5m. and 
the federation of cattle ranchers 
of the Llanos. Fedellanos. is 
playing an artive part in the 
development of this long- 
neelccted chunk of the country. 

Senor Hector Moreno, manager 
of Fedellanos, says: “We don’t 
just represent the ranchers, hut 
Ihe whole of ihe Llanos com- 
munity. We act as a voice and 
mediator for a wide range of 
programmes such as health, 
radio communications and trans- 
port equipment. 

- Rather than wait for Govern- 
ment organ i.?a lion* to come to 
Ihe Llanos, wc are setting up 
civic committees in small tnwns. 
and we will make our own 
demands.” 

He claims landowners are 
changing their attitudes towards 
investment in the region, but 
thal the difficulty of obtaining 
credit is holding them back. 


Settled 


Must of the .in*n close to the 
eastern inrdiHcra is already 
settled, and as this has the best 
soils, cultivation is concentrated 
here. Land prices relied soil 
fertility and accessibility, with 
an acre in Hie Andean picrinimii 
/one fetching a thousand times 
as much as an acre in the east 
near the Venezuelan border. - 
Despite the many plans for local 
mail* few have materialised, and 
settlers are dependent on rivers. 


horses and aircraft for transport 
— apart from the -brief Deeember- 
Mareh dry season, when lough 
vehicles can be driven anywhere. 

Rice, cotton, maize, cocoa and 
sorghum are the major crops of 
the Llanos. A fifth of the 
country’s rice. 15 per cent of 
cocoa and 12 per cent of maize 
are grown in the department of 
Mela alone, where the road net- 
work u best developed. 

Yields are still relatively low 
compared with other areas of 
Colombia, but costs uf production 
are also lower and tbe national 
crop growers’ associations have 
only Just begun to supply 
farmers in the Llanos with seed, 
fertiliser and technical advice. 

Agricultural experts are con- 
vinced thal productivity can be 
increased enormously, and a 
Government research centre in 
the Llanos is experimenting wilh 
different crop varieties. 

However, the lack of local 
storage facilities and the diffi- 
culty of reaching the national 
market during the wet season arc 
serious drawbacks. 

Because of these .prohlcms. 
farmers further east concentrate 
mainly on cattle raising, and Ihe 
animals have to walk long 
distances to the nearest transport 
prenl, losing weight a Jong the 
way. 

More than 70 per cent of the 
cattle in the Llanos are zehu. 
and most of them arc kept on big 
ranches of natural pasture. Near 
the Andean foothills, five acres nf 
land are needed to support one 
beast, but the ratio rises as h»rh 
as mte beast in 30 acres in the 
east where a ranch has . to cover 

12.000 acres In be profitable. 

Bngula t* tlir main consump- 
tion centre, and a hnu t 250.000 
head a year — 50 per cent nf total 
Llanos product inn— are taken to 
the capital. More than HHj.ObO 
head a v**ar go over the hnrder 
to Venezuela, and ,if least half 
of these are rustled cattle, 
smuggled out. 


COLOMBIA, Oct. 2. 

The Colombian authorities find 
it an impossible task tu police a 
deserted frontier hundreds nf 
miles long, and though Fedel- 
1 a ii 0 s itself ha* been providing 
personnel and equipment to Iry 
to control cattle rustling, con- 
traband is on the increase. 

Sr Moreno blames the Li>. i- 
nn.-nf for nnt taking the in- 
security problem seriously 
enough. 3nd points out that if 
there were better support pro- 
grammes for colon isls. newfy 
arrived migrants would not he 
*o easily persuaded to join the 
.smuggling gangs. 


Support 


The Colomhian Aerarian 
Reform and Colonisation Insti- 
tute t INCUR A) is giving some 
colonists land titles, credits and 
technical assistance, as well as 
carrying out small-scale educa- 
tion* beulth and transport pro- 
jects. 

INCUR. -Vs programme in 
Arauca was supported by a 
U.S.$10m loan from the Imcr- 
Anieriran Development Bank, 
and a second loan uf U.S.520m is 
being negotiated. 

■Some experts are concerned 
that a recent surge of spon- 
taneous colonisation may bring 
ecological problems for the 
future. Sr. Paulo Lug an. who 
directs the Las ila violas experi- 
mental Centre in the Llanos, 
warns that "the plains could 
become 3 huge .tropical desert 
if tree belt* and vegetation are 
not protected by settlers. He 
stresses the need to adapt tech- 
nology to local con dir ions. 

The future of the Llanos as 
Columbia’s “larder” may he en- 
dangered hy the ever-increasing 
uncontrolled SPltlcmenl. and the 
destruction of vegetation that 
with it. unless ihe govern- 
ment shows greater inlere.?l in 
ihe region. 


Austria wins EEC farm trade deal 


BY PAUL LENDVAJ 

THE EEC tias promised to make 
substantive concessions to 
Austria regarding caster access 
for Austrian farm produce m 
the Common Market 

Mr. Finn Gtmdeljch. the EEC 
vice-president and commissi oner 
in charge of agricultural affairs, 
and Mr Gunter Maiden, the 
Austrian Minister of AgriruJiure. 
*md here at the weekend lha» 


they reached whar thev called 
a ** breakthrough " in their 
talks. 

In detail, it involves a promise 
hv the EEC Commissioner that 
the question of the expnrt uf 
Austrian catfle for breeding will 
be resolved before ihe end of 
the vear 

He hinled that suhieet in 
approval by tbe EEC Council nf 
Ministers the new guidelines 


VIENNA. October 2. 

demanding a double registration 
of breeding cattle will not come 
inm force. 

However, guarantees must be 
provided thal ihe concessions 
are granted only in the case of 
breeding cattle and not cattle 
for daughter. 

Some progress appears In have 
been made also on easier access 
for the exports of Austrian mile 
for slaughter. 


COMMODITY MARKET REPORTS AMD PRICES 


BASE METALS 


inuiiitis cu-: 


r ri •• iimmii Irmi -.h ?'.? ’« K-ii 

iW-.-rns »juis> pnys i il mi*ii.c>? •lmi*- 


COPPER— Gained ground, mainly un.l-r C:,|hiid<.-?. iluv. iiunch* •.;:*! 
ifti* (nNifi'ff'.v • >1 Conic* which ir.i* aunb-et ^ (1( tll 

in conimmirtii twin- huyinj. Bui ilKru , , n> | a |-:i: "rii.-m — l 

h.i? h«w*n irartc v-llms mm :n- m>viiI«mv" ' m 

hu- iii 2 I nnvjnl ni-im •rj'lt-rt i|ii-i-ih m j; g 

»h.- nii-rniiis h-uv.-.-n r;*l1 .inti Kir. tun rnir-i^p. 

in ih>- al« tiumiii mu* hi-rt .1 h.ch lur sh*- , , ,, _ 742 5 =l 1 


Wir Sirs -hr »:■: .1 ■w-.-rns asamsi pnysi 11 «iimw 

IW.;. os. 57 6 * 3 . lb. 5 07. 60. j. ni Ji 'h- ci.c la?' w-.-k -n.l m^r-.li,r,i 


4- ■» 1 mu. :4--' 

— I'm.. ill- n: — 


1 ni-.rin-.- pas' luHiih-%? in rh-' lac» 

n( n-liMii'i< u-ilina iv i*r»« 

thrmi-jh I'Mirt iwiili:? Th:- n.afc-v irrtjinni 
.<i M ih i-Ium m ill- K -rh a*j 
U.J* ta TurOui-.-r ~0 in 


rlav «i li 1 ' 1 h.-lur- • iigiu .111 ihc K.-rn 
a' till. ai'i-r .1 da;- . 1 ! nnnl.-si ijiiiiihM? 

TurnM--. r 

\m»:e niMi.-q \l- «*l Tr.nlina rrp. irn d 


1 , . ... 742.5 3 -«.2i 144.5 5 - 5.6 
? 111 . .him lea .3 --a 7o5 .5 +7.5 

s -11 in'iil ?4» *4 


<•■1.. + •« +•< 

■ iTIi-im ■ ’ — 1 11 . .in--. « — 


mg-: tin ile 


ih 1 - in Oi- ni-irmii ■ .i-«n tur. h»r* irj.r.1 mu .. 750 ■' 1 


j- * ; »•; n fiir • ni«ii*'i« • .'•! '. 
li-l rC" ivhml. * -Kh 1 t : i -ai i r*>i •• 
tniii-iii- «7i!. Vi Kirt> Wir.-h.ir*. Uin-n 
iti nils i:i..’ i m«i-.-|. 

rr.1-1 •. U'.-n-.Miii WipSir- .-aMi >744 '. 


-n-f (.‘i.i'eif .Ji 
I . . -ml. • * - 

^r’lH^Hiihnr" - I? Ih - mart--' r-.-iv-r d 
irnm .in ui-'iiil f?l' i.p.-ird m.-' .' 


!.(;. Index Limited ftl-351 :;tfi«. Three months Tin U920-t>9»' 

2fl IjinmiM Riiarl. London SWlfl 011^. 

1. Tax-free trading on commodity Tutures. 

2. The commodlM futures market for Ibr <mafl»T investor. 



World Commodity 
Report 


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world's commodities, just clip your 
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Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre, 
i The FT Cinema, here in the City, offers seating 
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projection facilities. National Panasonic Vi" colour 
video tape and Philips 1501M video cassette 
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system. And luxurious private dining rooms with 
extensive catering facilities. 


FINANCI ALTI MES CINEMA 

All enauiries to: E. J. Dorrer, Crnema Manager, 
fhe Financial rimes. Bracken House, 10 Cannon street, 
London EC4P 4BY.Tel: 01-248 S0Q0 (ext 6/0). 


, 6..70 -3>l 7145-52 - 140 
• •(os. D - .0 s4d7s -32.0 

lU'l j. - i? 

t t». 70 ■ <2.? 7145 55 - ISO 
ob6>< . Id Voj4.j * yo 

/.7l3 --•> 

•l.au 10 


SILVER 

Sil-.-r w n?.?l I hi- :«n ..un * c tu-tirr 

inr sou: .h-lii-ry tn al« hull 

inurt m ..-v.-riLii .,i l.;. I"S i.-iii 

— iMitol. in? >H Hit 1 hxm- U"h- «wm- 

■>.T >;ji I,? r-r . Ill ..I" S'. III! 
•tiaii*. >1 Minn .nil. .-.•■i'V up u? t : juul 
1 ‘J-ni.ii.ih •>10"". .!■•!■ i ■■ !»• Th. 

in- ii* *i ji |. ■ .VO . .m 1 1. , jnrl ckr-.fi 

r-?-. .-p •/4P-.*»;i. . 

-hah; un + i mi + ••> 

• VI >|. |<H "i.J — 


ii-.ii- 1 ... -l.au to 

■ . V-ii. • • 

M.miMbi Sid .ijru «.:.-h i'i.hI’ 1 

•hr-.-, iii'ii .ih> 7?. *■ hi ?•■ M'- 

•luuii. suikUTd. is-o it i.in mrer nii.n-n, 
..->•111 j.i :• i>. 4H K -?.-h : Siandiid. 
ihrw inuiHhs £6»w. 43. 30. 

LG AO— Very nrm. Shun coieniK ar.d 
•ran- niir-iH. ill cj<h m/vrui arasnps.-n j 
vruiiii r;so :ii rvrvk.ird rao-ji wn.cn j|:-r 
uu* nine a< t.s»l. i:tvu uai. <••!> ;o .'rn ih- 
murium. L - rt* *un -h.; cia;.i*«o 

0 .-iO/ ■ ttitiiujl.ti *' uO<- Tt ".'..is 

•j-j! dii.-irr :ii ih" jI’ti-kwsi. •i-n»u«".i 
Th-.r.- ii luriVr nu-.iiirf hi 3.;i 
i'urvjr*i in- 'a ..j- ii i !»■ s ; > 
rn^. '"Il IU.I* 0 111. Ml 

III .'Ml. d l.-I '■ >. I'— ' "• ■ ■ 

-.i.iLilisfi.-.i di aomirt fu.ii/ Ji.rii-. r 

1 J.'. 1 1 Hill., i. 


ifcil i ,15.: j7vBU ~ll 

il. ibl.j J . .H-.-bO - c s 

^ri .....ni auJ -IS. 5 

. , ->|..i. y/a.i jil.ac 

lluni iu- i '..nh f.'.'i :• l‘i 7i "> -i. 

I ilir. ■ tttUM.n- ' S'* '• • 1 ■ 

'I »•? i h. r? rh.- ni'iii'r, • X 

-i i \i 1 -mmi. . nn 'ir -. 

-■■■nil li . ( .-I j?* .i ►-.-** Tiirc; niuirin, 
■,.-i| »>l j -1. »n V 14. 'll. 5 ■»! 

ZINC— GdincO uround Hum!' r. i 1 ’. 
ih.- ?ir<. a n«;h *ji i. j.. Nr>jra 
■.H.-r-.o niih.-r a- L..I . ji.-i m.'-.r'S ua ••* 
.ir*.-iiMj i ill on -h.. inun.iii^ ►. ,-rt. •"••uii 
.. ir. Ini :n* j i* 1 • hjriidr Uu/i.i. rr.n 
■* 1 L>; jjjiliI '.’id 1 i-U’I lur ni;.,- u( tai j: i.’- 
ihmii mniu-.v-r (.?'JU imWfi 

*• HI . » ••• I'.'". 

<|\l. »lll.-IK. — 1 I ll *i!l •» • — 


-1-1 . . 4 0.33. -1.1 -. J - I 4 

■ni. in.. . .^5 9i, -lit t%6.45 A I : b 

- .. un.. . J..S.95 - 1 -i 

:2i.viiili-. 3J9.V3 - I iC 

* LME— Tsirm.vr •’>£ .I7!. Iik/'kI in ii«.i 
or* .* l-.r-iiii • rnr- *. •iidu'.i? J9i i» s» • 
1.4. S« ! '<? : 7 Hi Th."-,- n*>»."I»' 

" J i 9. ".fcr riioo: r-.r - 

nr. i. Kero T*.r- .- ni-iulL- :w 6 •» 0 ? > 

" 7. 7 ALUMINIUM— TI.rt h? 

mcrrur.d .-.tn- ti?s-l'.v»> dli.-mnon cl**?.. 
r.'oS .*o- '*•<". Trio- i M.irriii.a i.V-1 
?? si >■>■> 'i. • i « -?. >: j. **s 

•r. 5. .-? >5 "• \t- '•i.i.ri: iM 5. % 

K.-rb Thru monin? i.**? ». 


EEC DAILY IMPORT LEVIES inH 

;«r -hi uni? .•it.;.-uw- i.ir «M 3 

. iirr.ii! lev* uiili Nmr.. Iht. auii Nil 
ii'. iiiimii?. wilh uri.-kiiois m hrock-M* Ml 
•Si ii-ii! - ul d. .-oiiiil p-r 'iniiU.- Common 
wtir4i -* i j?. r>--i ml <*i it. r*»' uih: 
Durum wheat— Uj 21 ri'si ml H2.<4. ru« 
Rre-*3 4‘. r-ii ml »si W r-u ni •: 
Barley-.'- »» o.oi nm. mi *s* il nm 
ii..l "i Onit— r>-»i ml ..‘!W. 
r. -> Mill Mono Colhi-r than hybrid lor 
sceduinl 'l w r«-'l ml •*! so i?-,; nil.: 
Bu'l’whcdl— .Ml ml idll ml*: Millet — t> il. 
r. • ih! "li.’l r*-'l .ill*. Cruln toinluim— 
'I'.- mi-; nitfl. ni, i ?l i? r-?i Min: 
Ki.nir l...tp$ Wlv j| or mUcd wnral and 
r,e — it:; h.'i, Rye— l.dtifi i l"0l 1.9 >. 


RUBBER 


HIGHER .Il-linu nn 'lie London obviicil 
it.irt’t i.'iust in-.r-it 'hruiprhi.a' 'h<? 
d-. .-Im'.iis un d «vddk tmte I^-wl* dim 
I'l l' r-|p.rl.?1 ., M.i |d>M Ml siiilii'.-li pmv 
:".i ..'dnlri i-r ills ihutcr. I0C1.I. 

*... I l^lwimV l'n-t nilr H"*'ll*-»* 
I.-. r.w i h-j_. 1 u ,i i .■ 


COFFEE 


i35i? 57 - kS7U -*5 

l-M oi -1... i4r.O el 
J.-fc.'Sj : i.9j>73 

53.ul-4.-50 

i-Vtf HO; li.-^.SOTl-Vb 
l -~-3 yu - c 0 l3c0 ( a 
1250 er i a l2a0 


*• -.2 9.5 0 tUiMbS ti 00 

M- .3.7. 64. 0 .2.bj-l4 ,U 

J 4-1 5 33- 5 5b :4.33 :4.4a bf.4r brf.55 

kp In. •} oi.l ib o:./.ct_0? 6i.S5bD.i5 
4. >3(0 ’.9a i:J5t..A os. /a tb.9u 

■ ii- .IB.. 2. C iu.?3 iv.J — 

lur' I., .fitlii.ai jrf.M/rfrfb - 

\,i i. is .5 .5... .4 i ••. >.wl /a. 3: .3 (5 

•I, -.io. :i.n fb.H .tMll.Ci l/.hilJH 


S.H- ■> 371 ■ l-'. > !u' i "K 1.? raaiM »nrt 

IS « I • .1* ■ IdllV* 

. it..'. i» ici- •.* "i.u'.T*. *-M- 

*■<-.: I.^I iv mi*.'. ■ .'••i* i.J Lip itud>; Di'L. 
... _ip H.I .ii. 


__ SOYABEAN MEAL 


ICO mdicoior i.r . 
H • ; r in-'lii?. 

Arjiii.js ’.'.in 
’ * I ’• •-> 


. • ■! ? IpUlk-' 

.r S. .“*■'* 
•...■•■iiibijn i*|ii>l 

I|rn<d-!l M 

..?h<?r mid 
■ IJiitmM.i? I' *. 


u; -i-in. ica 

■ sjiii. i tivrdiv 130 ?- 


GRASiXS 


d . i. ... 337.5 ♦e.b d35.5o - - 

■ ■■ Ii--. . i47 .o -b.a s4o .a -4.; 

•’•ii. -ui. aaV.a -6 3 

Prim.*.-.' - J4.31 

Monniu Thr.-. rmi'SlI? t it* 4*’ * • i 
Hi. 4: 47.?, i. #:.V 4i. 4*. K-rli 

lilr?? nuiiiih, '.!*. i. 7. .c n 

Tlir."' miHM’it » :•- 4? A ti . 4? K--. 

rhr>-.- niu.iin? ‘.t-. 4 ; > j; 

( i a ni > jr*l J"UIPI : f v»r oiCUl 

< ir jrrk'...u- . 311 . .rti- -■ * ? :l'.>* 


LONDON FUTURES -flAi-TAk— Th. 

■imr. ..i-i’ -l hi ,. hi-^iur 011 ■•h.Mi 
ti'ii 1 our .1 ■■ii''i.i , idi-i- b-o... -uppuri un 
— 'UUl*:r. lilv. ;u:.i: \aliKS inu?".l 
>'• . Iij- »’■•.- '!• iiinimrn 1 . 1 I 

•'jiR-ku'.* riih. dik| • in--: -Ii.. <|jr tv-iw-' n 
— *• ■” JH. 1.1 - r K.irl. v nw.-n-rt un- 

'II.UV .1 lull lr..|. >1 UP 'll -.i |..lllll? Ill— •'■T 
ii? •■Minn -r- mI .I- -ru.iid irny.’v..r 

— il- r - . Iu-h iik- -injrv:i 
i-.-;. —ii .. r» i»illi‘ lun.-r. l t ji r> purls 


Hie »i...ri - i u.tii.-d •! w k. • lu.»- .ii ih*. 
fijlt. .mil 1 l>i> _.ihi>ii.. Im ,,iii? ■•■md 

■ 1 i-MiHt u ,.v .nd.’iil ih- in.?ru. 1 «n 

I- nnt,?' Trad.-r* -.-uorjllv jrv uillii..' 10 
i.miI' lur hujjirn ai nil**- lev. -Is. s.NW 

■ .fiiin.-diii.’? i?-|uirto 

— 1 — 1 . 1 . .a, | "’."‘■•l~ r .T-lT,— - 

: r - | l ~"” 

Ik i.in . .. !fie. IU I3.C- vl.l 1 18.40- If lu 
I >.>,.»•-! . . ■ 1 1 r 3 u.» - 1 4C 11/ 4 -5 6<| 
.. . ;t >3 I .15 k 1 - l.ba 1 19.50- 17.30 

A -.111 1 “ aO-dt.i ♦ l.bs 1 19.00 

I -iiiv . . '.20,5 .250*25 
\.ijm«i . . . !i20 a> 94.5. * 1 75 

•■I..-— ■. 120.5 25.0 * 1.7: - 

SjIi-?: ir.T i*ai luiti of S tonnes. 


SUGAR 


COCOA 


Til.. Ml in- -I r-Wdi.-.-d ?-.-?d-. L 
thiI- d -.i-i ••" 1 n irr.r- r 1 . . • ;r i.'w . 

4 ■■■jiiir ■,-.1 o.i: - r'jnru '...1 4 :.: .7>i.iu- 



♦ • • 

— I- tt 




' 


ddl.O.- 

— .. j; 

ICJ 4 .1 

— .13 

SfO 7C 

— ^ 4 j 

sJ.li 

- /.vs 

“S 1 j 

— j a 

6 ... 5 

- J 1 

ez oi 

:5 

d:.L5 

1)1 

ii !•«».' 

Wtin.'.i— \ s> S*i-S“ i?i 


l.\ • 

+ - 

1 47 Q 14 0 

- 7.0 l;47 . 

1575 ■ <4 j 

-4.C 1 

Iti .4 .-1 0 

- 0 25 1 Sj . 

i<do.o a 1.0 

- 6.P 1 54-. 

l'S..V-V).* 

-Os 1250 0 

UOi.. is.. 

1 ? 1 1 si... 

1 ®5 It5j.' 

1 7 3 


"S.il.V 1 i'S'i-Ll !i>IS of’!0 "non'.'. 

laiernallenal Cocoa Organisation ■ >. 

ccbi s tr-i a-.'im-l * — Ddiij pr.-.cs S-.a-. *. 
ITu.15 ilupuli. Indicator prices u« *. 
13-da> ak-rjee 17S.57 'IR.;!.; Cid 

jHcrv.' IflSi ' 1€9 01 .. 

COTTOiN 

LIVERPOOL COTTON— -.'o or 

m..n' adl>4 «'r... r-SI-l-r.. I. r : J.\r: ■ >• 
Tdih-r^il Tra.l-.-r? f-.r.- nnr ;r-.sjr..-’: 
uir r.it- 1 n.vly .in’! p>imii-*. •• ,> - 
in. iitiui* d Inl'-r- ?i ir. 'li’in.. t!d-’-. 
411 .I Mn-dn .diijim-:. .'j' li.-.V. 


JUTE 


JUTE MARKET— Otilct. >.• r . 
•ui.l 1 lijnan Kir. 

BB'D PT» • *»i 
i>.« f. K.Tis :M7 PW’. l ! ! ■ y< 
un* '4-; '>”•« i. iiji 1 >* . 

*. ,-jii Calcuita ooods— ]■ iri> 
iniMk-- r-wa. K rr. i 

; r.iuj,' R tarns Li’ ,’U. 


. 1 Barley — . ■■ «i. i.,i. 

•i'; ..:*- ••.r* l. • • ‘-i.- Mj, 

IMPORTED: Wlkcai— |;.d %.> : ; 

a : ■ - ;i— r 1 . ji 

I'.ri’ o- ? .ru •. . |i >-r .,n: 

g.-! r. U6 lij-1 

r 1 •' j. r ■■ 1 . ... r ...4 I.nv. is;. 

ir-ii'SiLn:-.": K..?> r.u.- . r. 

Kdj;c — L .* It.?. 1 . ■ i. ■ r. 

L» ; il - .J u .«■ s.j s* Ciij- 9 

r- i \lr.ta” W ..v Llil .0 

~.i.i<i»-» - 1- r \:rn-jii v>-Uvw u.-i,. 

t**I in I.IJ'—I-.V >..-,l.r 

Ear c»— Er.^!i.i, y...j «- fs n £/!l. 

1-2 i’J, ti»i ’.' 0.1 ,i > ;i|. r? »*cl. (TV k’JIlI 
fci>* j "1 r.MHti i. ...,- „ 

MARK LANE— I’. c r.?itl* marl;'! 

-. 4 : i"r 4 ."*.ii- • : k_-.II-- ,iiVr>-' «• «lr 

*■ *1- J" —•:■■■ -in.- jij;. i MHI.no 
wheal *: ... r ,-. i.mii - • w>| ■■■■ 

• |... j., , | ,, |.|, .w 

Di-nalumhl... uualil. nnp,i i . ,..r*d I ... 

• - ■ ■ Ll.:_ .'•( .►(. 

I •■.•■?" •? .- G.iricy <1 111 . I—: 

..j * >: i •• -.7- l>- 

;• - - .j- 1 ■■ lj- i -t *.-. 

HbCA-i ..ji'iii ? i ..-ii, p..i :.ri. 
Oil.(’ millinq wheal — ■ ... .if .y: • »l 

Pe:o wKeai— ..... J{ ,.. r»; -•> 

■“ *- Pm-d furies—' r-.k 

■ :ii lid >■ •' irnnr l_. -, rf . i?f ".n 
TX- »*V • i».i . .r- . ik i*|. : -.* fur ih. 

1 *' - *•* ’• *lil. 9 Ij Ii. 

l . r . ..jc ’0 1 269. 


LONDON DAILY PRICE -raw siuari 

•:n ...an.'' 1 J 'non.- rn fur S-’P' J M 

,r.:,ini..||k tvln!.- '.i4ar ilJilv orut- 

IK- l .<» Ill-' £ t ! _■ .i’ll 

K.Miiiracins r.. i...ri? Irani Wasmi.s'iin 
r.-. .rl.i-4 :ii- !»«••>■.»* ul fh^ i !? S’i.;jr 
1 :..l i.ri..|.|. ..-rt i 'oo%- j) :h-- op’imic 

■kii-.i nr.. • . r.- -Jim- I mm i?kiii» Tinikn 
ur- »k?i.. ini !. i-l, Th r-jlier pne-s 
•t r. .in: .-ii. d «"liiii j ilarri.H Mi,’.' 
'.mi* .u--u iiri. -v-Tr ariiUH.1 ih' 1 hi»n?, 

r-iu.ri? •* i .-.imif Mik 


k :—i ’• ii'f. 

I’-..-. IU.»J 13.00 I i4.sb .4.-11 i.J 9 lC.9g 

»l«.-t l.j Jj Id.S 1 13.53' la.fu I aa lb 3(j 

H-. _ 1,1.14 yl.4fl lsa.bi2U..D 111 55 *1>.S<I 

\ •' :... Ii<4 ail ,4.3|, ldj.a5 dJ.ba ’irf. 7b 2 l.7a 

im... i;i -Jllf.f' cltili.? 13/. IS 

if- 34 S CBi'..fii5.dfi.55 -ol 50.25 

' I ?.. -1. .. UJ. 70 34./8. — 

•' jI-> *J I IS iS.ITh loll of -?0 tonnes 
Tai.' and Lviv twertiitry orlcv fur 
^rauniari,i paM-. wmi.- *nuar C64 *•? 
.- utir • j imme lur hume iradv and 
n.iiiri . >.,ni..-< mr vrpvn 
In-.crnakionai Sugar Anrccmeat: L'.S. 
*.\ni' :• -r I'. ioh m.i >i m k".i L'i'iPbran 

inn pti.-.s inr yp. ;■» flail* j.*li iSbdi; 

t j day .ik. : ii. ? . » j «. 


up MS per cent, av.-race «3o i-OSi. 
Scotland: Ciitlle up* Is a per com. wrase 
ri*..iRp i- osm: *lh?-p mu-n .1.6 n-’r l?hi. 
averaw TJ9p i-4.n>: Pips up .1.8 per 
cent, asoraiiv ifl.Sp ■ -uA». 

MEAT COMMISSION— A v.-.Ri Re IJISlmlr 
nnee* at rupreaviiianve in a run |« on 
iMuih.-r 3. CB— ilaitlc Wi.Rlp D.-r u.|w 
l -d.Mi: UK -Sheep I.T4 4p p.-r 

cu d c.w i-Mi. G8— P's* M iu p.-r 
UU l.w 1 - 1 , 81 . England and Wales — * *aTiie 
uiuiokt? d.iu-u 8 5 per >vm aw.Taii.’ prirv 
•* .V>p i -l> A|i. snerp di.'vn is H per k?»ui. 
rfk.'r.WH list 4u < - H 2*. h'u? mn/a .1 i p. r 
i'.-iP aik.-rjuu ol 2p i - 1.8. Scotland— 
•easily up lb per .-nr.. aver-iKi- *■ :>p 
i- 'lib*. Sherp down 14 4 p„r .?;iir„ 
at? raa. l.ii bp i-uoi: Mu* up 14 8 p. r 
cent . * reran 1 * 61 . p i+».l< 

SMITHFIELD ipeuee iier poumi i— Beet : 
S-.viush Killed Kidea 53 B lu a,.p. i-.in' 
luiHluuarlcrh £1.0 ID (iatf. lurcguarlers 
38.0 ni nun. veal: Kruduh tais Gtu to 
7u.u. Dutch hunts and cuds *4.0 m u. 
Lamb: k.it>:Ush ?maU 54.0 Iu iC.0. mmi mm 

0 Iu 5?.u, heavy 50 0 io 56 u. Scull lull 
medium. aj.O iu 56 u, heavy 4h 0 io 58 u. 
Impum-ft Irmcn: NZ YLs 5rf 0 to Aa.0. 
Pork: EmtlLsO. under too lbs :ii u iu 48 ii. 
mu-iso If- >o tu 45 0. I-Jn-Mn ih .no io 
41 o Grouse: Voniuc Krsi leach* Inn a 
iu 33n u PartHdpes: Yuuiu: 'each' Sint u 
iu 34U«. 

COVENY GARDEN i Priins in ?ierlim: 
per paekavi. i-x. up! ivn-.ih.-r Mihen*iv> 
riared Imparled Produce: Lemons— 
{'a hair I'D I .im, is-m dW -j ifli.i-.iii; 
Spaiiia Troys I J8-3 40: S. African- I ju. 

* do. i'-pruj Tray* .i.tfe.I.Ju, Ht.c.-s ; ju- 
I an* TurKKb 8 HO Orange* — S. Urc.iii; 
\alemia Lull' l..d-}jl. kra/Uiau: 

V jLsiCiJ L.kle lau-dw. Ar^cnlliie .>■** 

5 tn Crndiwt— (Aaiiimerfu. 4 *>i... 4<i: 

S Vru'iin* 4" 4 .'hi lamju.ili- a dh-i 4D 
Analc* — hn.- 111 'ft: JCme .-nip [.i.M.-il 

P'iu,iuu> *n-6> 75 3 i*>S Si *4 Ubm a»: 
4419 iiMMiM STurk Crmisuli .’u :h *1 3 4» 

V.' 4 *u. Lir.mii> Smith i |u-l.*u Rears— 
l*n’inti 4ii.\ai*Ina 3> d. Per p.iun .1 
I'allaii: IViltiani* 0.5lM> JI. Peaches — 
lla.ua IS :ra>' l.iai Plans — Kiimamaii' 
Alina Spaih Per ira* J.tlii Uaiian l-vr 
leiurui Siaiiley 11.15. Grapes— I talia it : 
(t.-jina l MI 3 iri. Black Kk-u’Da : su. 
/'alia I.dikiil.' (TciicO: Aluhtmsc p.-r 
ii..uiii1 u jo. Bananas — Jamaican 1 Per 
pound /> 14 Avocados — Kenya: Pikti? 

14 54s 4*10-1.111. S Mncan. Hut- Me i.'ta 
4 .Vi Custom— Dim*. Per 4 ki)ms 
i tu O moos— Spanish. .Ida: -3.S0: Duit-h: 

( tM-35i(l. Pickier* f0 Rita* t *5u Me too*— 
Spanish: Yel.ow H' 14 'J.id-J.IU. Green 
4 5U-J .14. lonuiK*- Duicn 5.18-J '5v: 
Jers-.’v l.hlh'5 ihi. Spanish- 3.10-3 30 Oates 
—Algerian Pur a* 0 ve bn* il *a. 
Pomegranates— Spanish: Per Do* 4U'bus 
•j M-1.sU. 

English Produce: Potatoes— Per 35 kilcw 
1 in-t 4>i Let luce— Pv i is round l.uu. G.i* 

I H’L lf»Wh 1.50 Cucinnbers — Her iray 

15 '5Lc n.-w er*Hi 1 1*0-3 40 Mushrooms— 
P-r p.iuini U.iU-H 75. Annies — Per paiiml 
Lord D.'rftv ■■ in fl 05. Hramluv il 06-*i n3. 
'.*ny*s iiraiige Pihpiii • iM U 15 Tydemaii s 
U.I4 Wonvrfrr peanm.kin U U4-II UA. Huv.MtN 
.» tieii Ui Pears— Per p.iund Williams m.IO. 
I'anl-Tn*.- o.lu-u.lS. Plums— Per uimnd 
Hn»h '* t- \1 ari.in.’*? S.'i-illiux .1 Ii. 
l.aMMt) 'i.U? Damson* — Per IHitiml u.!4. 
Tomatoes— H.-i 15-lh K**ali-.h \ hil-3 'Hi 
Cabbages— Per craic u Sii-ii 90. Celery— 
I'.'l n.'ad il Mb Cauhnoworv— Per 13 
l.iin-Mhi *i *o-t .81 Runner Beany— IVr 

id SiK-li ii. | n Beetroot— Pei Js-lb li o*i. 

Curran— P-.r 3*-lt> /Mill Capsicums— 
ivr pnuntl B. W Courgqllcs — Per pmuimi 

•i in n 11 Omons — Per uac I .10 | mi 

I'i.'Vi.t? 3 4*r. Swedes — Pur '5.?-ll» 0 aim iai 
Turnips— Pur 5* ib I. in) Parsnips— P-r 
> lb ■ .ml- 1 54 Sprouts— Per tl->intd H '*9- I 
n in Cobnut! — P-.-r piru'iii Kenr a.IA-nSi. j 
Corn Colli — Each U U44I.45. 


PKK F UlAMCiFS 


Price in loruu-a unless oiherwise staled 


« l.-r. 2 ■ h U.dii*. 
H78 — I® 


-leta.a . 

t iiiiiiiiih in :"7I O j 

I- re in vi i>: -* ,4’.il/9- 0 

i .k|.|vr -if*n kf H< .-5 744.75 
t in* nil Ii* 'ii. j-.'_rb5.93 
i ‘at ii.t ii>, .. . 1 5753 

' lll.Hllll' tn. I.. C/5J 25 

18-n.l I *4 ’• f 575 

U 1 .-4-h iCJ79.'5 

' |c379./5 

Si.1.1* . .. 

1 or Msia.etii.il ii I? l-7b I 


I zoeo 

. . S IU7W> 
i 5.5 1 738 fa 
4-7.5 C/53 75 
+ 5.3 C/3U 
k7.U C.45M 
V0.25 >211 575 
4l1.OLS44.125 
► 6.5 Lo48.87b 

I -S1.80 

I -I 1.93 


P.atmimi Imv i 

1*IW VlirkH. , 
l^mcK'i’yer tin 
M.i.? inn ob.. 

> n-’inTh? 

I ill Cn-h 

i numih 

■ ■iiiuMen in ... 

IV i.rmni ■'V.’U 

<n*’ -y-h 

3 hi. til lr* 

I*n>lilrem_. 


. euo ! i: 150 

,.|i!145.6 | t* io5.5 

. ISlddld f ? 123:50 

.2*8.33,1 * 1.1 rfcb.46, 
.[ £V3.95, +1.45 '93 45 
;l* 7,160 +140.0 EO.B72.B 
lc 937.5 4 93. Li l* ci 011.6 

S 14 1.06. ‘134 24 

■ '14 1(46 :140 44 

l’ 935.75 +4.0 i <-320.875 
. W46.Z5.+4.6 ; 323.87b 
.-?67a | l?62S 


Oils I 

t .■.•mull iPliln SBOOr + 16.0 >750 

J,i. urn mill ; '...78 

Liiimk- i ni l- ivi . Cs-O 1330 

Psmii 1I, N\nn. .... >605*. I ........ .'586 


Seeds ! 

i i.|+h Phuiii *5527.8 I . . 5494 

'■.iun.li iL*.i..i. . !Sdb8^i.-'-L5 --Ebi 


Gnus 

f«i >..k — 

H. «iii“ r.ii.irw?. . 

'!+«• 

IrHNv’li No. 3 Lin 
WlNNI 

A ■*. I K*?t ?i«-.i] 

A* i. ili«i>l\Vmi«-i 

I. U;il,il ll. .Ill I 

WON •b.|.lll-dll 

i- ■•( ihbI leu. 

Cidlee 4 * mi nr... 

1.4... 

O it mu W titles. . 

•Cm i o h> •• 

■ii ;m .Ksm, 

IV.... inm “4? ?. ■ .. 


'L*83 15 +0.2. J KBO.BO 

i CI02.76s : + 1.00 C 100.75 

•1:92.7a | «1 

u84 

Col ■ +0.25 C89,a 

:t*1.975 41.972.5 

,1.1.475.5 +4.U [41,227 J 

iill.466 +27.5-.4 1.548 
i/+.65c- +0.05* * 4.6 At 

!o2, • I .7.76.. 

It It 1.0 . Ic99 - 

■s/dj * >/0|i 


WOOL FUTURES 

i Pence our kiloi 


■ K'ominal. ? w^ur crop. : Unquuied. 
m Jpir'Aiuz. »'J idy -Sep: g Swrl. rivr 
mW.-Sov. tNov.-Di%. m Nov. ® Dec 
x Per ion. ; indicator once. 


FINANCIAL TIMES 

0.1.2 S .7 4 -i nV, *.*. 

236 3t» 3aS.74 2Su.bl j *37.19 
rHa-e i’ll? > MiinF == nm " 

REUTER5 ’ 

n.g.2‘ ji 1 - 1 „* * . :■ v,;,,- ,.:. 

1500.9 1495. B 1471.3 ^ 1802.4” 
'Nave- Si-iiiemhiw in" mf = ||iai. , 

OOW JONES 

!»,* Oil. | ?ige..i Minilh i’ l*wi’ 

■ (_i B _ I 

... -..* i *94*8 >r7.7 1^77.31> *73.62 
‘■ I'.ne- I » rMJ83j ■ *7.36 a >4.84; » t7.t*B 
1 Average" IM+Ja-:B=. lUUl - 

MOODY’S 


;U,S, Mark tits 


NEW YORK. Tlir. -'. 
Cocoa— D-e. Ut!M HS7.SH. Mure h 

HW-iO iM7.»l, Mat 188 la. -Illlr 163 .19. 
Scpi. isg.il*. Due. |.W>.1. bales: 2!lt. 

CgRec— * C " Ciiniraci— Dct . 151.35 
« 149.ii.il. Mitrch 141 3+141 .M . 1.19 Mi. May 
l-L..J-LISa.T5. July l.“„10-l 34.00. Sept. 

ISJH3S.M. Dec. l^.Oft-lSO. 50. March 

LtJ.nU-m.iM. s.iles: 5W lots. 

Cuupcr— i K-i. 88.68 (Sa.SJi. >*nv. 87 39 
iu* Jd *, Due. 67.65. Jan. IN 15. March 
*W.:I5. May TO V.. * July 71.30. Sept. 72. JO. 
IJvv 71.40. Ian. 7.7.30. Manji 74 55. May 
*.yjfl. July TbJA. Salus 5.2UO 
Colton— (In. m. IIU7I..III ,tft.2Pi. p cc . 

“8-15*. W iM.SSi, March «s ritUA.TO. May 
*3.90.69 U5, July 65.93. flct. C6-6U-88.T0. 
Due. 66 50. March 67.15 h,.l Sales. 3.200. 

•Gold— OcL 22U.I0 ■ JI 7 M*. Nuv. 221 .jfl 
'21ft.SU). Dec. 223.10. Pub. 226.70. April 
itO-Hi, June 234 Uu. Alls i-17.70. OcL 241.40, 
Dec. 245.20. Pch. 240 10. April 253.10. 
June 2?.7 iu Sales: W.KM. 

• Lard — Chicago loose 24.75 imjuim. NY 
pnnii’ steam 28 . 2 ? rradi-d iuiuli. 

tMalie— Dec 229J-229: UJrg). March 
291-239; r23fl!i. Slay 2451-245;, July 2491. 
Aum .’alt. IH- 2541- 
IPIatinvm-rfiei 2S7.UO (JS-'OOi. Jan 
.*49316203 38 <J87.nn*. Apnl 29,1.5*1. July 
296 211-282 411. On. 296 tM-209.lfl. Jan. 102.40- 
HlJsn. April 3U3.10.Mi.70 SkJi>i: 763 
'"Silver— Her. .1TS.S* ijin jm. Nov. SSi DO 
I ■V’T.Mi. Dec. . 1 * 1 . :n». Jan. v-i::fl. March 
393 mj. May rtihirfn. July s*-pi. ffjo.to, 

Di-c. 4*14.9 J d n. (Kfl2n. March firsKh. 
May BV* 20. Julv 8C7.W1. Sales: 7 3/lfl. 
Hand? and Harman ?uoi 186 un i.IGiioi. 

Soybeans— %'uv. 882-881 iiMl*. .Ian. W9M- 
fifis ifblSi ■ March 8TS',4rr8 May esi svj, 
•fnty 6S24-M3 Allis. 673. Si pi. 661. ftov, 
8+4. 

Soybean Oil— im. 27. v»-2i..1.i *33.271. 

Pi-U. 27- 00-24.9*1 I24.7T1. J.m. .'4 71-24 81. 
March 24 40 May 24 10 24.15. July 2313. 
■Mm 23 75 asfc.il 

.'/Sorbc+ii Meal— Oct. tit rtrt-jr: W1 
»l7l| 40 1 Pec. 177.8*1-177 Bl *174.101. Jan. 
ITS mu TP. on, March ISij sn-1V| no. May 
rsi 70 tsi 60. July I82.5n.is;>u. auz. 

IV! all. 

Sugar— No II: .Ian. 9 U-B.17 *9 ill.. 
March 9 Y' *9 TO). May 9.47. Jnh" 9 *A. 
Sepl. ft.s!, Oin 9 *9. Jan. »83-10.2«. 
'Irr-.-h ml S il.’s 3 513. 

Tin— 85A6/3) nnm. i642 uo mm ). 
•■Wheal— n.’u 34!S-.ies[ liHjti. Mirrh 
ICi-SC? ia37!i. May 337. July .732;, «Jopf. 
:.'ui mini n’*c a.:i; nom. 

WINNIPEG On 2. ttHye— Oei. 98 90 
“r; so>. Nov. 98 111 but *97 0(1 acted*. Dec. 
B9.WI bid May IM 70 bid. July 102 011. 

ttDaio— Ocr. !5 6H but 1 74.10 bid*. Dec. 
73 « *74 flu asked i. March 74.30 bid. May 
74.30. July 74 40 bid. 

ttBurloy— Oct. 71.00 >71.2*11. Dec. 72 60 
(72 L0). March 74.7U bid. May 75 0(1 bid. 
July 75 6.1 a ski'd. 

tiFlHxsced— Ocr. 214 rg niri i2.i4.4m. 
Nor. 254 Uu bid <234.00 bMi. Dm.. Sil.Ot. 
41 iv 258 to ask ed. .lulv 2ir.3u a ski’d 
' r Wheut— SntfRS 13.3 pur rent orcnrln 
00111-311 i-lf St IjUTunc*. 17: 74 1 171 .Hi. 

Alt renis per boohii es-w.irnhnuse 

untuYS niheruisr slal.-d. • *s uer lrny 

nun*?— inn mhice Im* • «:hir.*^o lonsp 
p.?r H» ins — Di*ui m As pn*ns ur*»- 
cimis rfav Pnme si. -am (nb nv hulk 
lank' k-ars * ilfiiLs > r .16 hi bu-l?-) ex- 
v arehiui'.' S.frflll hush-l li.T*. f ** p ., r 
irnv niim-e fw Sn nr iuiiis nl P*» o ner 
■?nr purtry di-llvcn-d NY. r o-nii. ner 
troy uu nrc ex-warr-hnusu. ;; New R - 
■■onirui'l I# h 1 shun tnu fur hulk Ion, 
ut 100 short ions d- titered f.n.h. raro 
CbkHcn. Tokjdn. St. l.uuia and Alien. 
" Gents p*'r to lb I’ushH in afore. 
** f *nts per 24 lb himhel. t: Ccnls per 
W [fa hnshul es -w a rehouse. 1! rents per 
.16 Hi bushel ex. ware house. 1.000 bush at 
lot*. c*i JC per lonoe. 


(IrvseV "»>l! I ■*»► 


M EAT / VE(« LT \ R l.ES 

MEAT COMMISSION- \l -r.U- U'sl’i- k 
i*r - -. »■ : i+ « iiijiii.- ui.irr.r-is on n-.t 
ik- Ji -- :4 k*' *' CB cam. <ai »lp i.- r 
Uu I 1 I - *• 01* UK •.’l.fti I If. per 
t|. '111. u '-.i;. CD I'lt? lull! I? I 

a ■ -> fi S> England and Wales: 

Huinli is il-»\»ii i. u-r k..-iii . 
.. r.J- pr-..— "ii -U- •: I*- *h •- i> .hmii 
2.2 ir-r cum. averjiw ICI.Op t-5.ai; P 151 


kMi<« I 222 . 1 J-CB.II ! , 

IV-VWW . {K-.t^Ul 

11?..;.. 14 jb.<k-40-U 

k|«* uaG.li-ol.U .. 

Jii-l . . . ;3».u -ki.U .. 

. .J.'-V.v -O.b .. 

I i-.v”i ?■• . pja.O *3.0 


SYDNEY GREASY— iljrkt-I was cUw.it 
i.ir I. ■l».iu n.i* r mlida> 

NEW ZEALAND CROSS CAEDS — -t in 
■ir.l-.t h.is.-r -,-.11 r 111 irilr.ul.- 1 . IJi-c 
7.7 law 11 \l ,r 1?'. .. *Nin Mu I'rt 183 11 . 
I ill v I<*l.i9«’i H.i mi rf .04 (J 1.1-c. 19.1a- 
95.0, Mar. 19:. 0-95.9. Xalus: QlL 


MOODY'S n .? 

ro't-j mp* Brazil soya 

■ j as — ■ ■_! < - ^ w 

a aa crop forecast 

ThmemAer JI. »«ll = !«*** ■ 

— WASHINGTON. Oct. 2. 

CONDON TEA AUCTION. MarK.-I uui.-r 

SST* l £Z n J £'°i'£r ,: wdlu “ n,3 ‘ J BRAZILIAN FARMERS’ plant- 

ing plans show a 1979 suvabean 
crop of 13 4m tonnes against a 
GRIMSBY fish— Supply good, demand USDA . estimate of 9.5m tunnes 
g«m. I’mra ai sihp*.? *iA- «unuru«-*..di this year, the U.S. Agriculture 

IK, ?i..ue: **helr v-*kd (iBkTl.M ..-wlUiuai rw-rlnli.m ^ 

i-i uu-ri 00 : lapse haddock t.?(H>-E^4d. WBPdriDTLnt -bdlfl. 

nuilium 13 66-1150. ?I1IH|I C3 HO-f : 60. - .1/1.8 tieltt . CPpO ft ,/f Ofll SflO 

tancc trfaiiv H 3 o.t 4 «o. mediinu ri«d- Paulo, it said this would mean 

0 5U. bear sniii.l I4.4*i-t5 nn. Ian;u sMinug] a ig 7 g.cn -rnnh nf Iff flm irurarf 

db.h-41 19 .w mi -rti uni l'i.UU: Urc hmoi, * . j fcw hk % . o 

snu-stl sn m-’ilmm L 8 . 5 D; rocfclbh rlTO. l *P l Wilh — 10 irflll IOC. 


Miibe LUB-CiJM. 


'export. 




PPSUeJnb.* _ 





;3Sr£Izicigi Times Tuesday, October 3 1978 


'■>£*& t*v 








is 


Tuesday October 3 1978 




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,S.T"y ( \; 

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support 




Industries 


This Survey, which coincides with the fifth Nuclex nuclear industries exhibition and congress 
in Basle, Switzerland, finds the international nuclear manufacturing industry and its 
customers cautiously emerging from several years of intense political hostility and public scrutiny. 


SE 




Facing 
up to 
the 
strain 


By David Fishlock 
Science Editor 


{% unclear electricty) 
1977 
22.4 

21.7 

16.8 
13 A 

13.14* 

1L0 

12.0 


THE THREE years since the 
last Nuclex nuclear industries 
exhibition and congress in Basle 
have not been happy ones for 
nuclear power and its advo- 
cates. They have been years in 
which events and accidents so 
trivial that in other industries 
they would barely rate a men- 
tion in local papers have .been 
blazoned across the front pages 
of the national Press. They 
have been years in which poli- 
ticians worldwide’ apparently 
unable to cope with the central 
problems for which they asked 
to be elected — economic 
stability, employment, security' 
etc. — have often found nuclear 
power a . convenient butt with 
which to distract the electors. 
And the last year has been one 
in which the world’s most con- 
spicuous advocate of nuclear 
power has been obliged to stay 
silent while those opposed , to 


the industry monopolised the look so enviously towards * — — 

news. nations which have recognised ... _ 

Dr. James Scblesinger, one- in the n?Uonal interest * GROW,NG WORLD DEPENDENCE ON NUCLEAR 

time chairman of the U.S. nud f r P r ° bIem f. . de T ELECTRICITY 

Atomic Enerev Commission and mand . wholehearted ^political fcLfcUTHlU! l t 

now U S Secretary for Enerev su PP° rt - France, W. Germany, 

appears to have lSt touch with s P ain - "*ly. Belgium Japan _ <% nuclear electricty) 

President Carter, whose contro- a “? n S the industrialised 19;6 19.7 1980 

versial energy policy he is try- oatious, have air decided to Belgium 21 22 4 — 

ing to implement. He is no f°, r S e ahead. Their decisions be- Sweden IS 21.7 24.5 

longer a confidant ., of Mr. token considerable political g W i tzer | an( j 18 16 8 Z. 

Carter: no longer part of the c ? ura § e because a groundswell -- 

inner circle of White House ad- of opposition initiated in the France — W_ 

risers. His critics accuse him ^ -S- m the 1960s has been co- Britain 13 13.14* — 

of failing to' .‘.'master the ordmated into an international ,» o ennanv ” jTo 

subtleties of political trench political activity, fast-moving, ~ “ 

warfare.” His friends say that ruthless, terrifying to the more United States ~ 12 -° 

tbe national energy plan he has timorous political leaders. Bulgaria 1 ’ — — “ 2Cf 

been given the task of imple- The Windscale Inquiry, ealled “ dq E estate ’ 

menting is too complex a by Britain’s political leaders Source: Atomic Industrial Forum 
compromise, seeking to satisfy when the going began to geT 

too many constituencies: that it rough in 1976, demonstrated ■■■■ . ■ ——————— — 

.*■ endeavours to substitute poli- conclusively that the nuclear 

ticaf perceptions of reality for opposition was founded on emo- «• taring experience” for the project— was that it would 
Teahty itself i; that it avoids ex- tional objections which oppo- Whitehall, for which no pre- heighten the risks of nuclear 
pertise because of the currently nents strove to justify on an vious appearances before weapon proliferation But the 
fashionable .view, that expertise astonishingly wid e variety of Parliamentary select commit- British Government is not alone 
by its very nature is con- grounds— international security tees, f or instance, had pre- in concluding that the Carter 

taminated and^corrupL . . public hazard, economic, em- pared officials. Witnesses Administration, in attempting 

The Washington situation has ployment patterns, etc. Several appearing in defence of the to condemn present-day repro- 
a curious parallel m Whitehall overseas witnesses were among project were taken aback by cessing practice and the separa- 
wbere Mr. Anthoby Wedgwood the 84 called by opponents w h a t they saw as the cynical tion of pure plutonium as the 
Benn, as Secretary for Energy, (compared with 57 representing opportunism of opponents in root problem of proliferation, 
presides over , the complacent the company and the govern- p i ace of anv coherent line of is taking an essentially parochial 
pot pourri which passes for the ment) of the proposed new pro- objection. The Inspector took and wholly unrealistic view of 
Government’s energy policy, ject for reprocessing spent a judicial view of the proceed- international energy supply 
Here, however, the -result has nuclear fuel. The Inspector, Mr. Logs and had no hesitation, for problems. Belgium, France, W. 
tended to be a back seat for Justice Parker, isolated 17 dif- example. in reprimanding Germany and Japan, in addition 
energy — and nuclear ' energy ferent objections and rejected witnesses for repetition and. in to Britain, all intend to proceed 
especially — which has remained every one. The reprocessing his report, for what he judged with national reprocessing 
*f. secondary political import- project. he recommended, to be wilful attempts to mislead plants. Except for Belgium — 

aape through a period when al- should proceed “without de- him. whose reprocessing plant at 

most; every other industrialised lay.”* 1 The British Parliament The strongest argument pre- Mol, .lately acquired from 

nation ;was bringing it to the subsequently endorsed his re- sented against the Windscale Eurochemie, is being refur- 

forefroht of politics.;' commendation with two clear reprocessing project— in that hished — all are currently 

- Small wonder, ’ then, the votes in favour. it drew moral support from the separating pure plutonium, 

nuclear chiefs of ' the two The inquiry, to quote one U.S. Government which, before Austria, Spain, Sweden— all 

nations which pioneered com- senior civil sen-ant who and even after the inquiry, tried with strong national opposition 

mercial nuclear energy-should appeared as a witness, was a to persuade Britain to abandon to nuclear energy— are among 


W. European nations willing to 
have their spent fuel repro- 
cessed by other nations, in spite 
of U.S. threats that it might 
not be prepared to grant MB 10 
licences for the retransfer of 
fuel it originally enriched. , 

In July President Carter's 
emissary on proliferation policy 
arrived in London with a new 
brief. He came in frankly con- 
ciliatory mood, to explore with 
tap nuclear industry and gov- 
ernment officials the possibili- 
ties for an “accommodation” 
between U.S. policy and tbe 
energy security of its allies. 
Could something be salvaged of 
a policy in which the President 
and his emissary, Dr. Joseph 
Nye of the State Department, 
still believe fervently? 


Need 


Dr. Nye stressed that the U.S. 
government is not opposed to 
nuclear power. He said he be- 
lieves that the U.S. could have 
320,000 MW of nuclear power 
operating by the end of the cen- 
tury (compared with 51,361 MW 
in operation today, and another 
97,310 MW under construction). 
His government accepted tbat, 
by the year 2000, nuclear energy 
could account for as much as 
15 per cent of total U.S. energy 
consumption. In Europe and 
Japan it could be as high as 25 
per cent. 

Dr. Nye said his government 
now recognised that some coun- 
tries saw a more pressing need 
to perfect the commercial fast 
breeder reactor than did tbe 
U.S. at present But he urged 
all to “ strive for a situation in 


which nations can place dif- 
ferent long-term energy bets 
without jeopardising each 
other's national security in- 
terests. We ask those who bet 
on breeders to include security 
costs which they impose on 
others, particularly safe fuel 
cycles, in their economic calcu- 
lations. ” 

He spelled out four points his 
government particularly wished 
other countries pursuing the 
commercial fast breeder reactor 
to observe: — 

• To avoid the temptation to 
try to reduce unit capital 
costs by “ premature ” ex- 
ports, and to restrict the 
FBR’s use to situations where 
it -showed “compelling 
advantages.” 

• To so design its fuel cycle as 
to make “misuse" of plu- 
tonium difficult and time- 
consuming. even though this 
might increase its electricity 
costs. 

• To minimise movements of 
plutonium fuel. 

• To organise multi-national 
institutions to safeguard 
FBRs against proliferation. 
Governments are today suffi- 
ciently well alerted to the 
dangers of proliferation for the 
rations pioneering FBR develop- 
ment — France. W. Germany. 
Italy, USSR, UK, Japan — to 
have little difficulty in accept- 
ing constraints along these 
lines. Already, for example, 
the three partners in United 
Reprocessors — Britain, France 
and W. Germany— have under- 
taken not to export Purex 
reprocessing technology pooled 
by the nuclear club, just as the 


two European enrichment dubs, 
Urenco and Eurodif, have under- 
taken not to pan with their 
technology iu other nations, 
even if those other nations 
are recruited in joint ventures. 
Britain and the U.S. have 
jointly worked out the Civex 
concept for placing the fuel 
cycle under much tighter safe- 
guards in the future. Even the 
apparent restrictiveness of the 
first of Dr. Nye’s four points 
fades rapidly when one con- 
siders how few nations could 
accommodate on their electricity 
system a plant of the size and 
complexity currently contem- 
plated for commercial FBRs. 

It has been authoritatively 
intimated, however, that the 
U.S. Government's focus of 
concern has shifted from the 
FBR — on the development of 
which it has been able to exert 
so little influence — to the re- 
cycling of plutonium through 
light water reactors. This is 
technology to which it is still 
firmly opposed. If this is so. the 
most persuasive argument 
against a technology which 
nowadays is recognised as 
having, at best, marginal 
economic advantage rests 
squarely with the U.S. itself. It 
must show convincingly that 
what today are little more than 
assertions that there will be 
ample low-priced uranium fuel 
to support a very large world 
expansion of nuclear power can 
in fact be substantiated convinc- 
ingly to those countries — such 
as West Germany — most inter- 
ested in recycling plutonium. 

“The Windscale Inquiry, 
1978, UMSO. £3.75. 


BNEL has produced nearly three 
milli on uranium metal fuel elements 
v arid one million uramum oxide fuel .. 
S pins for Britain’s nuclear power 
programme.This is equivalent to a 
saving of five hundred million tons 


million bands of oil from U.K. fossil 
fuel reserves. 








32 


Financial Times Tuesday October 3 1973 


in energy 



FOSTEH WHEELER 
POWER PRODUCTS 


Wc play a major role in energy engineering 
from a commanding position achieved hy 
providing a wide range of services and high quality 
products. Our ability to meet production, 
commissioning and cost targets is acknowledged 
by major companies and governments, and our 
world-wide operation is backed hv the 
international resources ot the Foster Wheeler 
Croup. 

Within a modem management structure we 
have established extensive capabilities in overall 
project management, research and development, 
design, engineering, procurement, site 
construction, repair and maintenance, and an 
effective after-sales service. Wc have access to 
considerable research and dev elopment data 
within the Foster Wheeler organisation to support 
our own R and D carried out in Britain. 

These functions serve our own extensive 
manufacturing facilities, and arc also available for 
direct use by customers. 

The specialised products which we design and 
manufacture for the requirements of the energy 


industry range from power generation 10 
environmental control and include steam raising 
equipment for power, process and marine 
applications, nuclear components, heat 
exchangers, pressure vessels, cooling towers and 
incinerators and pyrofisers for municipal and 
industrial waste disposal, and also fluidised bed 
equipment. 

The world's largest works-assembled 
waste-heat boiler was produced by us and shipped 
ahead nf time: the world's highest design pressure 
for any hi -drum natural circulation 
works-assembled boiler for a chemical plant in 
Bangladesh is ours. Six out of seven LNG t Liquid 
Natural Gas » carriers have boilers of Foster 
Wheeler design. The QE2 has three of our 
massive ESD units. 

We have a world-wide sales team directed 
from London. Contact our Sales Director it you 
have a project involving energy engineering: we 
can probably help, even to the extent of taking it 
over completely . Ask anyway, as there's a lot 
more vve ran tell vou about ourselves. 


FOSTER WHEELER POWER PRODUCTS LIMITED 

Greater London House. Hampstead Road, London JSWl 7QN. England. 

Telephone 01-388 1212. Telex 203984. 

Works at Hartlepool and Dumbarton. Associated companies throughout the world. 


Ftt-1 1 1 > 


WORLD NUCLEAR INDUSTRIES II 

U-K. in the doldrums 

TVVn VIEWS. apparently has been running at about 90 isation to produce what he calls before 1983. Three oil-fired the Environment, has since indi- 
sharply m contrast, can be per cent of full power, and a “BP solution” — a 51 per stations under construction arc cated that he will want to see 
presented today on the slate of which- for availability has aver- cent state shareholding in the expected to. take 8-9 years to a preliminary investigation '* to 
the nuclear industry in Britain, aged 72 per cent since 1974 “and National Nuclear Corporation, complete. assess^ the background and 

One is that, basically, all is well well over 90 per cent over the where today it is 35 per cent. The corporate plan puts some need” before embarking upon 

now that certain decisions — last 20 months.” He can report, fOn the other hand, the indus- of the blame on “incoosisten- a formal public inquiry of the 
such as Government approval as he did in his annual state- try’s hint that the state should cies in pay between different Wind scale kma. Such an 
Tor ihe Wind. scale reprocessing ment on the health of the take 100 per cent has also been trades and employers, and investigation, by a commission, 
project and for the construction nuclear programme in Britain ignored by Mr. Anthony Wedg- varying annual salary review could permit the government 
of new nuclear stations — have to the International Atomic wood Benn, who recognises that dates.” But the Board has re- to put forward much more hack- 
heen taken. What remains to Energy Agency last month, that a plan to nationalise another, signed itself to the - fact that ground data on the necessity 
he done is esscniiaily some Britain almost alone in the ailing industry would get short there Is little which can be as it sees it —-for the Project 
cosmetic surgery - to improve the world is making good progress shrift from his Cabinet col- done to improve matters at its than was possible at the Wiml- 
reaeinr design and construction in two advanced technologies leagues at this crucial time in seven existing big construction scale Inquiry. lAt windscale. 
industry’s performance. for the nuclear industry: clos- the Labour Governments life.) sites. It is putting its faith in t ^ 10 . se . favour put forward 

Th*> other view is that the lhe Euel for comoier- Some, however, fear above all the future; in .common national onl y "k' tLi docu ' 

M.’ohlems of the indu^trv'-s per- c ‘al fast reactor fuel, with a that under the guise of assisting agreements for all labour m ™ s Qf Y 1 * °°J ec,;nr ;V 
formancc lie much more than " cw reprocessing facility now the industry he will attempt to employed on site for its new °" e ie £!"" ' ipon wmen the 
<hin-deeo Thev are oro found being commissioned at Doun- foist upon it, in influential posi- projects, and in better project electricity supply inausiry ana 
S o prevem anv- rena^ reay; and dismantling highly tions. new executives whose management from its con- suppl,er* are firmly 

sance nf 5,” UK IndSrtxy? radioactive reactors, with pre- reputations are founded wholly tractors. a « reed 1S ^at 

fortunes as promised bv liminary forays into the expert- on public criticism of the in- The new nuclear power management structure °f 1,3 

demand forecasts for nuclear mental Dounreay fast reactor, dustry’s activities and of the station projects under discus- nuclear contractor is unsatjs- 
nnwer and services. Thev The industry has had its personal integrity of its lenders sion in Britain are two 1,300 MW factory . toi r the succwsful execu- 
require radical sur-erv if the Problems, Sir John acknow- — no matter how often those advanced gas-cooled (AGR) l lon of P r °J cc * s - 

SdSSv " oVnive ledged P“ blic ‘y month, criticisms may have been dis- stations, planned for Heysham do f . sat,sf c y ll * “S 0 ""* 

The more sanguine view is " but has ful, y justified the credited or demolished — under in Lancashire and Tomess in 

^presented nublidv hy Sir /aiUl ho P® s of P ionMre the pretext of helping to restore Scotland: a 1,200 MW pres- J h, .® b w!* 1 »' ery 

v [1 rcst’ii i co puoiiuv “ the „ hMn « r hmiipci anri .» nf s r i a n». THic ..ifioMi u.otpr t own » decision of the Nuclear Power 



asked" to“undergnr in order'to generation in this country, that ^pply" industry! ‘prime chosen, somewhere in Britain. 


justify its plans for one new 


fast r f actors b ®, mtrodu « d customer ‘ for lhe nuclear ^ . 

project, and that this inquiry °P a commercial scale, and that j n d ustrv * s plants. The industry. U6SI2I1 

elicited from the Inspector the the , ««««» will be lhe * sh J pe of the CentraI 

resolved. 


does not satisfy GEC. 30 per 
cent shareholders and super- 
visory managers, which finds 
._ w both its management style 

shape of the Central . t .. and its clear preference 

Electricity Generating Board, ft I rvl' for PWR - resented by 

in conflict with Government ^ ect . s dlffers - With the AGRs. ot h er shareholders, 
policy in that it does not share desi en work is proceeding It <jnes not satisfy the nJhf . r 

the government's lone-term if™ 1 / rrrr^thf Private-sector shareholders. 

«. «..v- i-u »..•.« A more cynical view is taken faith in domestic coal, but is between the CEGB, the Smith of k nnvvm collectively as British 

iwneri nuclear companies: Bri- hy some— probably most— of the unequivocal in its enthusiasm jcniwno ?ctriciiy Board, and Nuclear Associates which con- 
ish Nuclear Fuels, with record nuclear industry's leaders. Their for nuclear power^ irrespective „ ar ^ ov ^ e ^ ll Co ™ p f. Dy "7 aider themselves disenfranchised 

is 


Construction 


unequivocal conclusion that lhe 
project should proceed “with- 
out delay.” 

He can point to the perform- 
ance of the two wholly state- 
nw 

pre-tax profits of £1 1 m last year. P°i nl >5 that nuclear reactor of reactor choice. The first cor- operating arm of the National in thc p resent structure— " no 

and which more than doubled construction has no future in porate plan of the CEGB to he *™f ar r single rights at all” as Mr. John King, 

-is export earnings, to £23J2m. Britain the way it is organised produced by the new Board led des,gr ? of . ark , r con_ chairman of Babcock and 

out of total earnings of £l» 51 m: and managed at present. They by Mr. GJyn England, this struction to begin on tiie two wjjcox, says bluntly. 
and the Radiochemical Centre, point to the three nuclear summer, states bluntly: '‘In all *“f s i'LIo ' wan ™ e The industry appears to agree 

marketing radioactivity, which stations under construction in scenarios studied by the Board. , LLL,b hopes tn choose broadly upon the basic ingredi- 
also announced record profits. England, completion dates for nuclear power proves to be the ? eI ° re tbe e " d of Ul,s . year ents of a new structure: a single 
£B.7ni on sales of £33. 7m. and a u 'hich have been receding most economic choice for elec- be ween four foreign vendors— BoanJ fe j qil ing ovpr a unified 
return on capital of 33 nor cent roughly 12 months for each year tricity generation at high load r^. 1 ib S' . an . Wl !^ ox - Com- design and construction com- 
— at the upper end of UK in- passes. They point to the factor, and its cost in Teal terms ? I dS . l,on p anV ; a majority shareholding 

diu-trial performance. “These complete failure of the heavy is likely to increase fairly slowly aDf nghon sc— -with retained bv the private sector 

re-sults show that in the right electrical plant industry to over lime.” J (the dominant portion of which 

circumstances the industry can “rationalise its resources into The CECB . S over-riding prob- Britbfh S PWR* hv" ilwilr. would Presumably still be held 

produce a good return on invest- single atron* units, in response j ■ that projects exhibit in £5.* r^rT m by adopting hy gec J; top management 

men. and contribute valuable tothed« ^ fr0m m0re ^ one greatly strengthened in project 

overseas earninss." the Cabinet Office think tank now suffered with al , v ' p “® ' FR , expenence: and clearly defined 

Sir John can point to the per- rc P° rt recommended last year, cn^ct^n in Britain. Produc- «n, no i v industre^nri Vhi UK demarca tion between its role 
formance of the nuclear power su ^ there are stl11 ostensibly at larKe sites is * 1 Yj Anfhnrut ^ and that llf the de -‘ fi8 f n team of 

nations already in operation, competing companies making appallingly inw and still dcclin- stin l^draft^a n^n of 1,10 CEGB - Cast ioto a simple 

for which the electricity -supply turbogenerators, boilers, and ins the CEGB reports. Ltion^ thpv bnnp^ tXht hi pIan for action * and a 

industry estimates a cost advan- CKen nuclear reactors. Estimated completion dates for t\4 n the 'Goveramem^ clear ponent of the Government’s 

rage over fossil-fuel stations of They point to the failure of the three 1.250 MW nuclear anoroval This annroval is spen industr!al strategy, and laid 

35 ppr cent against coal, and 50 central government — in the stations under construction as the sine aua non for the hefore 036 Pr*®* Minister him- 

per cenl against oil chased on shape of the Secretary for ha\^e slipped another vear in the nex t steos of seekine foreign wIf by way of the G« h in^t 

historicaf costs l. He can pnintb. Energy — to show any apparent past year, tn the period 198I-S2. nartirmation and niannin« 0ffice * could yet 

the performance of lhe l K sympathy for the delays in But Dinorvic. a 1.800 arw approval for thT SmiST- "BE wSn ^tention of Govern- 


;U nm,r .^ n . er ' y nuc, . car construction, or for Lhe pumped storage project -“"the jSh^Hm hTs jndlcate^that tiie ment 


in the way another 


MW prototype fast rcacror at intrinsically long lead time of technology of which is well jnduslrv wHl not hp readr to adranced technology — miern- 
Dounreay. which thf< summer energy projects. They hear only established and proven." Itegun nut its r.FR 1 ni««^ tn m'.hiin processor "chips”— has done 

j that he believes all could be in 1974 as a five-year project, is inquiry before the end of 1979 in Britain this s unm er - 
‘solved by an industrial reorgan- not now expected to be finished Mr. Peter Shore Secretary for ^ ’ 1 ’ n ’ ■ 1 ’ 





200 reactor 



operation 


For up to 16 years the CEGBTs eight 
Magnox nuclear power stations have been ;K- 
working safely reliably and • 
econo micaJIy. amassing 2W) reactor years . *. ; 
of valuable opterational experience. - t £ 
With the firsl advanced gas-cooled ‘ .'£. 1 - . 
reactors i AGR) now in service, nuclear 
power is soundly based to help meet * 
future electricity demands 


-.■? ■■ 


CENTRAL ELECTRICITY GENERATING BOARD | 


David Fishlock 


Rays of hope in U.S. 


NUCLEAR POVV'DR was already 
in trouble when Mr. Jimmy 
Carter was elected President of 
rhe U.S. But since then it has 
been in considerably worse 
shape. 

The woes of the nuclear in- 
dustry in the U.S. go back to 
the late 1960s and early 1970s 
when an embryonic opposition 
hegan the apparently hopeless 
task of trying to stop the use 
of nuclear power for electric 
generation. Jn the intervening 
years, the movement has suc- 
ceeded to such an extent that 
even the President is an oppo- 
nent of some aspects of the 
industry and a lukewarm sup- 
porter. at best, of others. 

However, it is an over- 
simplification to suggest that all 
of the nuclear industry’s prob- 
lems have been brought about 
by rhe anti-nuclear movement. 
The biggest arises from changed 
patterns of energy consumption 
and wildly disoriented long- 
range inad-forecasung. These 
Tactors have abetted the anti- 
midear movement to such an 
extent that the U.S. nuclear 
industry today is surviving only 
by working off a huge book of 
back orders. Not a single new 
nuclear unit has been ordered 
this year, whereas four have 
been cancelled and 23 have 
been deferred by their prospec- 
tive customers. 

The industry is embattled and 
gloomy, but it takes confidence 
in the thought that eventually 
the nation will recognise that 
it ha? no alternative but to turn 
back m nuclear power, for very* 
sound reasons— as the most en- 
vironmentally acceptable, the 
cheapest and the safest means 
f generating electricity on a 
massive scale. There arc enough 
nuclear rcaciors already operat- 
ing and in hand tn ensure the 
survival of the industry through 
Lhe lean years, it is argued. 

Ironically enough, it may he 
the problems of coar that will 
usher in a new nuclear era in 
the U.S. Tough environmental 
laws affecting open-cast mining, 
punitive dean-air standards, 
and a growing debate over the 
consequences of carbon dioxide 
in the atmosphere are the 
stmnce«t indicators that, in a 
reappraisal, nuclear power may 
he seen to be more advan. 

: a genus than its one serious 
competitor. 

F»r all nf its problems, the 
nuclear base in the U.S. is fairly 
«ound. According lo the Atomic 
Industrial Forum, the industry's 

irade asocial ion, 71 uniLs have 
•■perafing licences, representing 
51,361 MW i>£ electricity 


generating capacity. Another 
89 plants have cumsirnctiun per- 
mits — 97,310 MW of capacity. 
Six more plants have limited 
work authorisations (a pre- 
construction permit licence 
enabling site clearance to 
begin); and 38 more 
plants are on order, represent- 
ing a potential increase in 
nuclear capacity of 43,715 MW. 

Of a total generating capacity 
in the U.S. of 556.882 MW 
nuclear power accounts for 9.5 
per cent — a sufficiently substan- 
tial amount of electricity to 
suggest that even the wildest 
political pressure could nut 
close down an operating plant 
unless there were technical 
reasons for revoking Us licence. 
Of course, the plants are widely 
scattered but some areas — such 
as the state of Connecticut and 
the ci ty uf Chicago— a (ready 
draw more than half of their 
electricity from nuclear plant 


Potential 


Why nuclear power is seen 
today as the "option of last 
resort” is an enigma. Certainty, 
on the surface, it outdistances 
other advanced technology on 
almost every count: environ- 
mentally. in reliability, in cost, 
and in its potential for further 
development. Yet opposition to 
nuclear power is emotional, 
deep-seated and widespread. 
The industry has traditionally 
tended to brush off its critics 
as a lunatic fringe not worthy 
of serious consideration. But 
legislators and others who 
sample the political waters have 
taken it seriously and have, if 
anything, tended to cultivate 
the anti-nuclear constituency. 
The best illustration of the 
emotional quotient in the 
assault on nuclear power has 
been the diversity of issues that 
have been raised over the years. 
These include the effects of low- 
level radiation; the integrity of 
reactor pressure vessels: emer- 
gency core cooling (the system 
by which a jet of water is 
released on to the core during 
a nuclear accident in a light- 
water reactor of U.S. design); 
high capital costs; terrorism: 
security from seismic upheaval: 
production techniques and 
materials quality: waste dis- 
posal; and proliferation resist- 
ance. 


Of this litany of real nr 
imagined faults, it seems tn me 
that only two have merit in 
light of the extraordinary 
thoroughness with which nuclear 
power has been studied in the 


U.S. They are waste disposal of purposeful ambiguity, 
and proliferation. To neither o£ Nuclear power is an example, 
them is there a quick, clean The President has delayed the 
solution. In fact, in the dis- construction of a big fast 
posing of waste, the opponents breeder reactor at Clinch River 
of nuclear power appear to be and allowed himself to become 
determined to perpetuate un- locked in a fierce conflict with 
certainty by resisting any key members of Congress over 
government plan for burial. So the issue. He also has resolutely 
long as there is no permanent turned his . back on the 
repository for high-level wastes, reprocessing of spent fuel and 
nuclear power can be presented endeavoured to persuade 
as threatening the public. The America's allies to do likewise, 
fact that most radio-active waste in spite of their strongest objec- 
in the U,S arises from the tions to the logic of his case, 
military nuclear activities, and 

that these have to be disposed effect of this ambiguity 

of . in any case, does not on the nuclear industry’s morale 
diminish the ardour of those has been shattering, and at the 
determined to advertise civilian same time it has given tremen- 
nuclear power as the real dous credibility to the idea that 

threat to ‘future generations. nuclear power is evil but pos- 

Likewise, confusion abounds sibly necessary. U.S. nuclear 
on the issue of proliferation, opponents constantly tell the 
Opponents of nuclear power public that, yes, it is evil and 
■widely advertise power reactors no, it is not necessary — because 
as potential “bomb factories” solar energy can do the job 
because plutonium is a by- instead. The President is not 

product of their operation, of the' opinion that solar can 

There is a wave of emotionalism do the job. But he does little 
which argues that if the U.S. to correct the misapprehension, 
took a lead in banning civilian _ . . 

nuclear power,, it would some- : _Tnc ambiguous attitude of the 
how restrict- the spread of Resident and 'his admimstra- 
weapon's a round-the world.' More . uon was clearly illustrated in 
conservative American politi- . a rec f n * sP ee ch by the Deputy 
cians and the nuclear industry ^ ecre ^ ai T for Energy, Mr. John 
itself maintain that almost'fhd OTieaiy, at the opening of the 
reverse, would obtain: that /Three Mile Island nuclear' plant 
hesitancy on the part of the.UB. in Pennsylvania. “We've come 
in supplying the technology, :en-. a * 0D £ front the sword-to- 
riched fuel and reprocessing it Ploughshare days of Eisenhower 
once promised to make .freely tJie time now when many 
available under its “Atoms for People regard nuclear as evil. 
Peace ” programme will push were taking on faith the 
other nations into a- stage of' bona tides o£ nuclear power, but 
advanced nuclear sophistication ^ wer en't taking everything 
and the threshold of weapons in* 0 account The back end of 
more quickly, Thi* happened, the fuer cycle was ignored. We 
of cmirsp. With Britain and were taking wastes without any 
France when the U.S. withheld clear, crisp idea of what to do 
its assistance after the Second with -them. We were denying 
World War. tbc possibility of class nine 

Traditionally, both political .accidents — the euphemism for 
parties in the U.S. and every 3 very devastating accident? — 
president since General .Dwight -is.4hink.able, in. fact." 

Eisenhower have supported. .’Mr- O'Leary then outlined n 
nuclear power in the belief that -strategy to “bring back nuclear" 
it is the technology of the which consisted of recoin mend- 
future and that it offers the iag an •* international political 
nation a way out of declining regime” to deal with prolifera- 
fossii-fuef reserves into a highly Hon: a resolution of the waste 
plectrifjed economy: The first • disposal issue; and licensing 
break in that confident execu- reform. But true to the tradi- 
tive chain has. come with; Mr., tions of 'this administration, he 
Carter, whose sense of political added a -caveat which left the 
ennstitirenev is enormous. -Per- nuclear people feeling that the 
hans thp President's sense of administration.- even when, .a d- 
the constituencies that make up rotating nuclear power, is at 
the American voting-public is the same- time pulling its 
so highly tuned, so finely sensi-. punches; He went. on:. “If the 
tive that It shows the ‘difference . waste problem is really a prob- 
beiweon the public’s desires and lem for the next 20 generations, 
ils needs. In many areas of then let’s >111 it; hut if it is 
government, the President, has- benign. : relative to. . the other 
resolved this conflict with a kind options we have, lets not throw 
CONTINUED ON PAGE 1Y 


TF-.r 





Tuesday GctoBer 3 1§78 

WORLD NUCLEAR INDUSTRIES ID 



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-. Europe— and r„ r C u al ^P 1,0663501, today. Part of there is a programme of con- until a duplicate head-end plant tory in the large stable salt 

• many throuvhm.h Iv . ma i!. er * th ® p conc ® raed "with the struction of the very high is brought into operation formation below the site, 

could without™' constructi °n of a new WOO integrity stainless steel storage around 1984. In the absence of interest 

cultv build , Lr " tonnes P* 1 year thermal aside tanks in which wastes will be By 1986 the first half of UP3 from the German chemical in- 

which Would proc ® SSIt ^ plant reprocessing plant (THORP) to held as a liquid for an interim should be available and will be dustry the country’s electric 
and plutonium * j! ra] T n oxide SP? 0 * * rom Period of ten or more years, to assigned to reprocessing for utilities have formed a joint 

fission orndiintB ■ • ra * a , ve AGR power stations and allow further decay and conceit- foreign customers. The second company, the German Company 

fueL The hflc^ I ?«St?ii 1UClear light water /reactors in tration before solidification. The half will be brought in two or for Reprocessing of Nuclear 
published at +LI ? ^ er , C0UDtries ' has. been sub- important thing with these three years later to meet the Fuel (DWK), which will under- 

: first Geneva !l e J ect . t0 , an exhaustive , public tanks is to .ensure that there is increasing domestic require- take the overall management of 

peaceful on the inqu,I ?‘ Alth ough * he 61141 out ‘ always an adequate margin of ments. Like BNFL, Cogema is this giant project 

in 1955 FrATw+hf^ «^.!fo^ n j rsy S has L bee5 satisfactory for spare capacity tecope with the pressing ahead with the con- in terms of overall time and 
of civil’ nnpSL l 8 ? 5 ir . ^ probably put back new arisings and to allow struction of storage ponds so total cost the Gorleben project 

Eurone V f plneilt - 1,1 J* 1 ® starting date for the pUnt transfer from a leaking tank in that they can receive the spent will be one of the longest and 

an essential rtoS™i?fnt een a J at east tW ° years ’ t0 198/ ’ toe (unlikely) event of a leak fuel which they are contracted most expensive ever undertaken 

' most rntiwtrioc wl™ iS-i..!* The raore urgent part of the occurring. The present position to handle ahead of the com- in Germany. It is likely to be 

research * < BN FL expansion plan is, how- is that all the waste material pletion of the reprocessing 1993 or 1994 before the final 

' this area in their ?■!? i ® ver * toe refurbishment of from the military and civil plant. stage is complete. At 1976 

nuclear programmes fadUties for reprocessing reprocessing actirttiesat Wind- coriebon-For a variety of Pf“ s J 1 * Preliminary estimates 

T !* . . . Magnox fuel, and this work has scale is contained in 14 tanks. TPSSDM Germans have fallen of cost wa ? "“““d D M 4bn 

In addition, national and not been impeded by the public Two more are on standby, two wav hehind the British ( £lbn ). Tbis excludes the pur- 

commercial interests from 13 inquiry. Magnox fuel can be are being installed, and a fl d French in the provision of chase of land ullt,Ie cost of the 

countries have participated in held in storage ponds only for further six are planned. AATHwsrmai reorneessine ser „ sinking of the mine for the waste 

Sationfi ^iwSLS 1 ^ “ te 5- ® f6W * m0n ? s ***? corrosion DetaUed design work is now vices mSpport ofS large P^tory.which will be met by 
national collaborative projects threatens the integrity of the more or less complete on a pilot nuclear rawer programme. On -the Federal Government and 
in Europe, the Eurochemic cladding. Smooth and reliable plant for the solidification of an interim* basis thev will in fact cou ^ d amount to a further 
reprocessing plant at Mol. in operation of the reprocessing high-level waste? Conviction £ ser- DM L5bn * Considering likely 

197?^ ^th° Pe w d f | rom plan J f l ^n^scale is therefore at Windscale, should start next ^ce?fSS Cogema, and^haps mflation and interest charges 

60 tnnnp^ 2 nominai I Jy a Vltal service for. the Magnox year with operation scheduled also from BNFL. But through ^ e , extended timescale 

• Per year. The Italians power stations, which are pro- for 1981. As with reprocessing tri^rtite company. United ° f ^ pr ° ject total amount 

commissioned a pilot plant, viding some 13 per rent of the itself the basic technology for RenrSSSreT fURG) they are of ™ vestmeD t which will 
SSS i!?, 3 C4pa S2L. of “ UK : s eiectricity at, the lowest vitrification is well established, £ a ^^n < to benefit from eventually have to be raised by 
thp r? ea ^~ m 1969, and cost ■ both from work in the UK and, th e British and French exper- 164 commercial interests in- 

operatin? rh^WAK h ^t V 0 * The 1113111 chemical separation through a very free exchange ience v^iile a t the same time h^hetwe^DM inhn be ?nM 
with ? UOt P Snt part of 1116 P lant > which uses of mformat ion. f««n around the contributing valuable technical ** DM 

40 tonnes per the well-established ■ Purex world.- The main problem now experience from the WAK pilot 15bn (£2 - 5bn “ £3 - 7bnl - 
solvent extraction -process, has is the design and testing of plant. In addition they have 


year since 1970. 


However, even if this cost 


m a reliable and flexible systems for 


unique 


The problem today, therefore, operated - since . 1974 

is not one of basic reprocessing purpose-built bupding.. - There remote preparation of liquids of diS] ^ afTadioactive waste in rpnTn rP«i™ pn , prnHw( 

technology. It is the need to is every espectetion/ that it different chemical composition ^ Misused salt mine at Asse. reprocessm*, enterprises in 


_ pnjie ZjL which is probably the highest 
experience from trial Qf ^ ^ ree commercial 


take advantage of economies of will 
scale; for 


continue .to function aud radioactive content for 


Europe, is 


translated into 
charge on the 


, . „ , , .. Planning is an hand to build a direct 

large commercial reliably for -"a- : good many feeding, with glass-making com- - j*--* inteerated reprocessing ^ 

installations witii capacities of more years. Brit. a -potential ponents, into a vitrification Ld waste^posal centre on a nude^-^wer it ^ouS 



maccessioie tor maintenance m- nitric acid for feeding into uauuie anyimng irom iasi t b j t honed bv 1985- 

owin ? to high levels of radio- the cheihlcal separation plaot. factor waste, material which £ » ^“00^ wil re™nt Ger‘ 

capacity of 1,400 tonnes per man estimates of the charge 


activity. 


Steelwork is ticw rising for a 


has had as little as 
cooling to Magnox reactor 



It. 


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_ _ charge 

The situation has been com- huge new building, 270m long year, ^ handle ^ the attributable to' sulphur’ removal 

plicated by the ever' more by 80m wide apd 35m high, on nave 1130 1U ‘ -U German requirements into the pi^t in coal-fired power plants, 

stringent safety standards im- a site between the Calder Hall y ears cooing.- 1990s; 3, plants for the process- which is put at 2.5 Pf <0.63p) per 

posed on all civil nuclear power, station and the .Wind- Initial site clearance work for mg 0 f the recycled uranium and kWh. 

installations, by changing ideas sc *to complex: It. will house THORP should start early next plutonium fuel; 4, plants for the c - D . 

about financing and commercial three large new' storage ponds, year. The first construction treatment and solidification of ^llDOD JvlppOD 

contracting for spedaT services each 45m by 20m arid 7in deep; work will be the building of five wastes; and 5, a waste reposi- European Editor. Nuclear News 

in the nuclear field, and. by the three reception cells for the un- large storage ponds to provide 

greatly intensified environ- loading and deaning of the & capacity for around 3,000 

mental arid political controversy heavy : transport . flksks;- and tonnes of oxide spent fuel, with 

surrounding' the whole subject three new decaimlpg facilities, one pond on standby. These 

of reprocessing. /.- .. Many features highlight the ponds should be available for 

very greatly increased standards the receipt of -spent fuel by 
Milifaru of -safety now called for. The 1984. 

IVJLUlUtry hug^-. concrete pools, for The BNFL team designing 

Britain and France dearly being ® n THORP indudes a number of 

have a head start in roprn^pcc. hundreds: of - ped&stals .so that chemical engineers who have 

ing on a commercial scale. Not .5 re “ a 3pace below.the ponds been involved in the building 

only did they acquire expert- 'J-JJi* of water of four reprocessing plants— the 

ence from militaiy reprocessing , earI y military plant and the 

activities at Windscale to the certB “ 1 y Magnox plant at Windscale, end 

UK and Marcoule in France, but- very important in the general two plants for tost reactor fuel 
they also had to meet aii early °£jS e e ? st ?^ at Dounreay: Important con- 

large-volume 1 requirement for scale reprocessing facilities and siderattons in an oxide plant— 

.the reprocessing of natural det ^®2 applicable also to the fast 

uranium (metaJ)' spent fuel at ¥“™? to. the mashgement of reactor reprocessing plants— 
from the fiist-generation radlo aotive waste .materials. A indude: 1, the need to filter 
Magnox reactors. Spent fuel ?L w ° rk “ put fine soUd matter after the 

from these reactor* has tn “ band for .the- treatment and initial dissolving of the spent 
reorocessed fairlv miieklv after babdliri&.qf waste materials at fuel to nitric acid; 2, the need 

»« leveb from the sm.ll is, the early stages of solvent 
Pianr* winrioAoio /u/ifh » volumes of. highly-active fission extraction to minimise the enn- 
capadty aC of ' Tier products— Isolation of which is tact time between the highly 

vear) and La Hague' (with a one of the primary objectives of active solution and the organic 
capacity -of 800 tonnes Der year? r eprocessing-^to larger volumes solvent, which can suffer some 
have been operated since 1964 of ^h^tly contaminated liquid degradation due to radiation; 
and 1966 respectively to meet wh * ch at various stages in and 3, the need to make pro- 
•Ivii requirements in’ the two 1,16 chemi cal processing com- vision for the higher concentra- 
rountrie? In toe 1970s? state- Pj®?: This low-level waste rion of plutonium in the process 
owned but commercially struo- prescribed str ... 

hired companies — British to“ts, be discharged to the sea, . a French design of rotary 
Nuclear Fuels (BNFL) and An important point made by filter will be used to achieve the 
'3ogema in’ France — have also BNFL at the Windscale inquiry first of these objectives. Pulsed 
teen established to operate and was the intention to keep the columns, well-proven in smaller 
sell special nuclear fuel cycle low-level discharges within — plants around the world, will 
services, including reprocessing, and probably well below— ^ the ****& instead of nnxer settlers 

Windscale — BNFL is cur- present authorised limits, even to -the initial separation stages 
rentiy engaged on a massive though- the total volume of fuel of toe plant to minimise con- 
refurbishing and expansion pro- being reprocessed will be ^ time. Solid neutron 
gramme, which could eventually greatly increased with THORP, ab ?°^®” “ S® 
cost more than £lbn at rts Wind- In Practice this undertaking L 

scale factory. These ambitious means that painstaking, and vn ?' ?® used t0 P re ' ent 
plans, conceived in the mid- often quite expensive, measures mncauly 
1970s when it became clear that must be applied to all process 



33 



make you see doubl 
at Nudex 78 

We’re at Nudex In a trig way this year. In toe British section we're 
on Stand 436, Hall 5. In toe US section our associate company, 

Hayward Tyler Pump Company, is on Stand 21 1 x Hall 5. 

At both stands well be pleased to tell you about toe wide range of 
Hayward Tyler pumps for the nuclear power generation industry. 

Glandless and controlled leakage primary coolant pumps, 
safeguard and emergency cooling pumps, auxiliary 
horizontal/vertical cooling and service water pumps, chemical 
and radwaste system pumps - all manufactured to ‘N’ stamp quality. 

Hayward Tyleris manufacturing and service facilities in toe UK 
and USA give support to agents throughout the world. 

Hayward TyBer 

Hayward Tyler limited 
PO Box 2, Luton LU1 3LW, England 
TeiephoneLLuton (0582) 31144 Telex; 821 58 Tyler G 
Hayward Tyler Pump Company, Burlington. Vermont, USA 
Hayward Tyler Incorporated, Norwalk, Connecticut, USA 

sSEf AStcm-PlaU Company 



HT54 


the IRI Finmeccanica group 


1977 

36 companies 51 works 86,000 employees 
invoiced value 2,5oo,ooo,ooo dollars 


main stockholdings 


thermo electromechanical and nuclear 



VJ mica AI Wtaiuw — -rr— - ^ 9 . 

there was going to be a world- streams to ensure that as tor as KflfllHrP.lflfillt 
wide shortage of commercial re- possible radioactive materials * 
processing capacity rather than are removed and concentrated, La Hague — Initially thel 
the surplus predicted at the or that liquids with low levels nuclear programme in France 
beginning of the decade, pro- of contamination are recycled -paralleled very closely that in 
vide a good illustration of the within the process plant the UK. But the turn of events 

■difficulties facing the rammer- For the high-level wastes in recent years means that] 

Cogema expects to be leading 
the world in the commercial 
reprocessing of oxide fuel | 
during the early and mid-1980s, i 
France has a smaller require- 
ment for the reprocessing of i 
Magnox fuel but a substantially 
larger requirement for the re- 
processing of oxide fuel in the 
next decade or so.. The French 
have been able to follow 
through at La Hague a scheme] 
to introduce oxide fuel -into the 
existing natural uranium plant j 
by the addition of an oxide: 
head-end. In addition thel 
refurbished military plant at I 
Marcoule can eventually take 
over virtually all of the require- 
ment for natural uranium re- 
processing so that the La Hague 
plant, with its oxide head-end, 
can make a phased transition to 
oxide reprocessing. This will be 
followed by the building of an 
entirely new plant at La Hague; 
more precisely, two identical 
plants providing a degree of] 
back-up for each, other. The 
total capacity of this UP3 plant j 
will be. 1,600 tonnes per year. 
Originally UP3 was scheduled 
to follow closely behind THORP, j 
It will probably precede THORP J 
by a year or two. 

The present situation is that 
the oxide head-end plant, with 
a nominal capacity of 400 
tonnes per year, has sucessfullv 
completed two test runs with 
fuel from a boiling water 
reactor and from a pressurised 
water reactor, as required by the 
licensing authorities. Cogema; 
now hopes to start commercial 
operations with the plant before 
the end of this year. Alternate 
campaigns of oxide fuel and 
Magnox. fuel are anticipated 


AMN □ .ANSALDO □ BREDA Termpmeccanica □ N1RA □ SAIGE □ SIGEN 


aerospace 


SN/A TECHINT 


TECNOLOGfE ENFRG£T(CH£ AVANZATE Sp A 


Sc -’5 •/> .?// pauses o' 

Ed-:'^ C R : NG DESIGN, PROJECT MANAGEMENT 

SchtDiiiiNG. COST CONTROL. CONSTRUCTION, 

NOTING PROCEDURE PRE^AR.^ NON 

QUAD Jr ASSURANCE ■ • . • 


SAC-WAR; E. FUEL HANDLING . 

JSV. CiAUZFQ MECHANIC A;. r.GUtPMEN > o 
AND SYSUMS COR _ , 

NUCLEAR POKER CLAN!c> : ._0_ 
f : l >_ ARCH AND DC VE! oRu.tN T F- C,L, . N S 

' . ;f i r: V 'CL t pi A N TS 


SMATECHfNT 


AER1TALIA p ALFA ROMEO Aviation Division 


automotive 

ALFA ROMEO □ ALFASUD □ SPICA □ VM Stabilimenti MeccanicI 


diversified products 

AERfMPIANTI □ ' GM1 □ FAG italiana □ MERISINTER □ SAIMP Q TERMOMECCANICA 


the thermoelectromechanicai nuclear companies and aerospace companies of the Finmeccanica group 
represent Italy's major complexes in their respective industry areas 


ROME (ITALY] 
Vlalo Pilsudskl 92 
teL 06J7771 
telex 63971 Flnmec 


NEW YORK (USA] 

Park Avenue 460 
tel. 35541505 

telex 710 581 5230 Finmec NY 


MOSCOW (URSS) 
Kursovoy Pereulok 1/1 
tel. 202J1.11 
telex 7833 Finsid SU 




& 


Financial Times Tuesday October 3; i978- ; 




ENGINEERING FOR ENERGY 

GENOA -ITALY 


BWR NUCLEAR POWER PLANTS □□□ THERMOELECTRIC POWER 
PLANTS □□□□□ THERMAL POWER PLANTS FOR INDUSTRIAL 
PLANTS □□□ DIRECT CYCLE GAS TURBINE POWER PLANTS □□ 
COMBINED GAS/STEAM POWER PLANTS DC STEAM PROPULSION 
MACHINERY FOR CONVENTIONAL MARINE PROPULSION □□□ 
NUCLEAR AND GAS TURBINE MARINE PROPULSION UNITS OCC 


WORLD NUCLEAR INDUSTRIES IV 




W 


take the lead 





AMN is the leading company in the plant engineering serior of the JR1- 
Finmeccanica Group and operates in the don.es: ic a».d .titernalional 
markets for the design and supply of complete 's, s^n-s nn d/or subsys- 
tems for both conventional and nuclear power pUr.b:. AMU is also now 
obtaining very satisfying result? in the nuclear h;wr>wr,g field due to 
the considerable experience acquired through in** construction of con- 
ventional power plants both in Italy and at*r ;o*JJi»ig "7,000 f.H’.'e 
of installed capacity. AMN has been working in this since 1903 
i.e. since its considerable contribution to the of the 'jar,- {■: 

oliano BWR power plant. AMN subsequent!/ de.ul^ued itt onjanica- ^ 
tion and capabilities and was the prime coi-tr*.rc-r \r the Cuor-o rr 
nuclear plant, the largest power plant built ir. il-'v '.o bate. Follow- 
ing the completion of Caorso, AMN is now enoritL-d ■( j thv construe- Z 
tion of the two Montalto di Castro units, which unlike tl'.e latest BWR 
reactor design and which Will generate up to 1000 MVVe each. Af.lfl is 
developing ,rs nuclear activities both on i-s o*.*.n account arid join fly rf. 
with other organisations and industries, both in Italv and abroad. Re- “ 
search efforts have enabled AMN to develop a 1 GO MVVe rc-sctc r design, [•.- 
which is part icu lari*/ suitable for countries which, on v.int of their £ 
modest power requirements, are confined to rvuy.L.in rn-ci vW, size “■ 
units. Other Finmeccanica companies under the U-aci.-rihip or Arfealdo T} 
spa suppor t and supplement AM N a capab ihties. « 




ONLY TWO of the 29 nudear 
reactor orders expected to be 
confirmed this year in seven 
countries outside the U.S. will 
go to U.S. nuclear manufac- 
turers. These are two more 
plants for S. Korea, from West- 
inghouse Electric. The other 27 
will go to European and 
Canadian companies, according 
to The Fifth Annual Inter- 
national Survey by the U.S. 


EUROPE'S NUCLEAR ORDER BOOK 


For W. Europe 


For export 
from Europe 


Reactors .... 
Enrichment ■ 
Reprocessing 


67 NSSS* 

10,000 tonnes 
10,000+ tonnesf 


thenr to concentrate on nucleai 
power. Their strong . nucleai 
programmes have meant offei; 
to the more developed coua 
tries not only of nudear powei 
plants, but also of reprocessing 
facilities and enrichment ser 
vices— backed by favourable 
terms of financing. 


14 .NSSS 
2,000 tonnes 
4,400 tonnes 

__ . **_ - Financial competition 

* Includes orders obtained by Westinghousc Nuclear n-mope, faetween supplier countries -U 
national ourwy W y w.o. wbohy owned subsidiary of Wcsttaghouse El ectric , based m quite significant, according fa 
Atomic Industrial Forum (AIF) Brussels- t Includes estimates for national programmes in ua Mr Moore ^ All recent contracts 
this summer. France. for the construction o£ nuclei 

AIF figures show that 14 of plant in less developed coc* 

these 29 reactors will be exports. tries had involved official export 

The countries where the orders assistance from the ^ 

are expected this year are: plier country. The fmanc%. 

France 4 iCruas 1 and 2 and parties and other organisations courage foreign orders of U.S. competition has become evaf 


Paluel 3. already ordered, and are affiliated to Foratom, the reactors.” He adds that the more important as, given the 
St. Maurice: ail with Frama- Association of European Atomic situation could be reversed by large capital requirements aatf. - 
tome i ; West Germany 3 (Neu- Forums, embracing 14 West Iranian nuclear orders which long repayment periods, smaiL 
potz," from Babcock-Brown European nations. Only France, the recent U.S.-Iran agreement differences in the level or type . 
Boveri Reaktorbau and Vahnura West Germany, the UK and now makes possible. The U.S. of financing can have a large 
A and B from Kraftwerk Union. Sweden have exported complete expects to receive orders for at impact on total costs. / 

although the companies hold nuclear steam supply systems, least six to eight of the 20 Mr. John Elliott, senior ptiih 
little hope of signing contracts France’s sole supplier of nudear power plants Iran ex- c j pa ] 0 f the UK Export Credits 
before the year is out); Iran 8 NSSS is Framatome, a nuclear pects to construct during the Guarantee Department (ECGBy 
(four from France and four design and construction com- 1980s. discussed this competitioa^in 

from W. Germany); Italy 4; pany, the main shares in which Addressing the conference on terms for financing at a cos.. 
Korea 2 (already ordered from are held by Creusot-Loire (51 world Energy Economics in ferencc on nuclear exports sad 
Westingbouse); Romania 4 per cent). Commissariate a London earlier this year, Mr. the City, held by the British . 

(from Atomic Energy of l’Energie Atomique (30 per j 0 fa n Moore, president of the Nuclear Forum in London. 1st 

Canada): and Britain 4 (Heys- cent) and Westingbouse (15 per u.S Export-Import Bank, laid spring. He described fay 
ham 3 and 4 and Torness l and cent). Framatome has invested the blame for the falling U.S. Americans were upset, “*t . 
2. all from the Nuclear Power in enough production capacity share on a ** narrowing of price losing the financing forthe 
Company; the British position is to build eight 900 MW NSSS differentials between U.S. and turbines for the latest ■" 

examined more fully on p.II). (or six 1.300 MW NSSS) per foreign producers, their in- Korean nuclear projects, ^ritetk " 

AIF figures do not include two year. The current domestic creased marketing efforts and ECGD supported “an extra- - 
additional 600 MW Candu re- programme fills about two- expanded government assis- ordinary length df credit and 
actors from Canada to Romania, thirds of this capacity, and it tance, including export financ- an unusually low rate af 


thought to be too speculative, also has export contracts in jng” a closer examination of interest” in order to counter 


Calculation 


hand for Iran and South Africa, shift in nudear plant sup- the U.S. bid. 

As domestic orders decline in pliers reveals a change in the Hut Eximbank has parties-/ v.:' 
the 1980s, the plan is to keep character of the competition, he pated in a high proportion pi ; 

A quick calculation reveals the capacity filled with exports. sa id. Between 1955 and 1973, U.S. nuclear power plant ; er- V- 

that the U.S. share of the but one the nuclear the U.S. won nearly 80 per cent ports— -45 of the 57 nuclear prjF 

nuclear power plant export under construction in 0 f ajj non-Cora mu nist export jects since 1955. Up to Marik <•" 

market outside the East bloc er ?^ y are the responsi- orders, with the majority of 30, 1978, Eximbank had Sub- • 
has fallen drastically, from 100 hility of Kraftwerk Union. It those lost going to different ported some $4.9bn of OS t r : 

per cent in 1972 to 50 per cent x I ^°_ uJac u turing . ca P a(3t y technologies, usually to those of nuclear plant equipment exports - : 

last year, and now to only 14 * or NSSS — that is for six or the Canadians and the British, by authorising nearly ?2.8bn la- 

per cent. Europe’s order book seven a year. It has 11 plants However, in the last four years, direct credits and $1.4bn id 

is summarised in the accompany- under construction in W. Ger- th e u.S. has won fewer and guarantees. Eximbank then had 

ing table: many and orders for another fewer export orders, with all the applications before ijt . .Wpflh 

This table does not present 11 0Perseas (Iran six. Brazil contracts lost going to overseas more than §2bn in U.S. exports 

complete picture, however, two * Austria, Spain and Swit- manufacturers of American of nuclear plant eqttipment ' 

because Europe also has a “ riandJ - its plum contract is technologies, the W. Germans The single largest Esraiank 
thriving business in components „ ^ opened by the and the French. borrower for tiuclear is 

and services, from pressure ?”S ,an „. a8reei ?!H t . ® f . 19 '«- The maior Dr0 ducer S of Spain, with a total exparare of 

ine major producers of some 8965m. Uther cow&fei fa- 


and services, from pressure agreement or tyro, 

vessels to safety evaluations, for l .l5 n C0 ^- S ^! uU T fUe L 


vtsseis io sarciy evaluations, for " t- nurlear nlanr nufxirip tHp T7 C 5Ulue ♦aooiu. AJUier cooomesffl- 

miclear stations outside Europe. nuclear plam outelde the U^ whi£h it has 

Over 1.600 manufacturing com- £"» ^ «*• On-fdSW^ 


HEAD OFFICE 

l«m GENOA riTALTl 
Pinza CaHgnono, 2 
Tnl.t 010-59061 
Taiu: 37048 



month fd conduct a feasibility Canada and Sweden. Of 1ft • t , 
study for Argentina’s third ex P°rt orders for NSSS an- amoui,TS Qi ex P c 


siuoy tor Argentina's third iur an- , &7 q 7mV 

nuclear reactor — a heavy water nounced by these countries 
reactor. A Canadiaitltalian from 1971 to 1977, W. Germany 


group were originally .seen as ^ on ten orders,’ France six, 
the favourites for this ; brder. Canada two and Sweden one. sSil 

of M theAIF WiJiVST r T \ eJCP °H rt r hTUSt by ^ but West 

of the AIF, believes that the French and Germans 


loss to the ILS. economy of the from their declared decision to none 

8 y ,b ' S | hare 0f \ he in * inc [ ease tb*" exports of high- since l^^^d-T^aace <$16m 
| i nUC i Car “ arket 15 let ; hnoIogy equipment both for but none ^^1959); , 
traceable in good part to recent political and economic reasons. ' ^ - . S, , - B 

licies Given the exigencies of the Pem MaKBaU * 

dis- energy crisis it was logical for Editor, Europdm^EnerffsSeport j 

- ^ gU 


U.S. Government 
’’ which have tended 


WORLD NUCLEAR PLANT MARKET US. SHARE AND EXIMBANK 


Global nuclear export orders 
U.S. supplied 
Extra financed 
Ratios: <%) 

U.S /Worid 
ExJnt/U.S. 

Foreign orders: (Country 
of supplier on left) 


1955-70 

32 

24 

15 


1971-73 

25 

20 

18 


1974-75 

19 

9 

8 


75"i 

63% 


80% 

90% 


47% 

89% 


1076-77 ’ n, . 

: 8. 

■4 

50% 

100% - , - 




Non-Exim: 


Can-India (2) 
Paris 

Ger-Argentina 

Neth 

UK-Japan 

Italy 

Fr-Spain 

Swit>3 

BeIgtmn-2 

lndfa-2 

Italy 

Swalea 


Ger- Austria 
Switz 
Can-India 
Korea 

Swe-Finiand 


si 


Ger-Iran (2) Fr^.Af;<2^- v*--. 

Brazil (2) Ger«pa4n(<3K ||i ■ , 

Luxem • . SM ' 

Fr-Irau (2) -* y 

Belg (2) 

Switz ' ,7.^-Cv 


4 


Switz-2 


Source: Eximbank. 


U.S. 


CONTINUED FROM PAGE II 


— a ancf l ’ d" rath er live^Tso^ar nuciMr^ 6 rf h0 + rt tenn 11181 sUc}l ^ California, where-.rfs^ 

world - ”s tile bes? ontion SE “ d “! tiy . aee ^ Iaw effectively pi^ 

we have.” th ' p ' Tte question is whether construction of nuclear pe*^ 

reraam , enough plants until the waste issuers 
jSIpPflc L *th e W ? y of bacW °S resolved to the liking of ®* 

l>eeUS manu^hfrJ? 6 ^ UI L- n ^ ear Jegislature. Similarly, ^ 

The view ot the nuclear in- Ss Eecto^fomhS ™livated 

dustry is that, eventually, it tion Engineeri^^ 0 ”"- ViCC commissio “ are W** 



win triumph, ^believes Jhat ^k7n5 W&Jt^fn 


the world needs American the 
pressurised and boiling 


„ energy 

pressurised and boiling water retain nuclear 8 nersotni" rTUC . Iear P°wer have becomc ttu 

reactors; thoi it needs the fast The poUliS M P ^ Cs ° f A , me - rica . in an e ^ 

breeder reactor; and that it States are ac diver** i? 11 .? 1 ordinary polarisation of 
needs reprocessing. It believes ^ 00 ^ ^ ^compll^and S ^ eneral - f tfae ’S 

that future U.S. Administrations geography di/nwSte -.nd ^ ° f the ,. :Den ? ocr ^ tl L 
will be driven to concurrence. although nudear power has gfi P ”^g SS?"c5 


J s A ome ^ 7 n taken a political drubbing on a cie nce take as “part- of th«i 



c v» 


mounting problems with coal scale never endured before bv ,-+T - e 35 part- u* 
will cause the log-jam in any .industry, it Z fi2£ «■£ 9 JS?LSSt 


n _ uc J ear construction to begin winning a jew frien^^y 


ti;. 


to free in the next two years, members of the Congress SSpSti*. an? mo 5 »^ 

Commonwealth Edison, the beginning to show understand- £.t n „r aBk. 


Chicago-based utility, is ing and 


«ven suDDor? 2 ?^ republicans are in favour 
evaluating bids on two' nudear nuclear power. As the dollar nu £ lea £. pt ™ ,ei \ TTC 
plants. Public Service of weakens, solar power appeal JUW' “XSS 

Indiana wUl make a decision to be more elusive and recedes Jt by^ 

fnal fnurnu ■ 



‘4, "A\\t 

W- 


next year 
already 
nessee Valley 
receiving bids 


■ar on bids which it further away, and coal causes T 

has in hand. Tht Ten- increasing envirohmenlal cora nlr^foS 

Valiev Authnvitn « cem wm.. to eittract kilowatts per 1001 


Authority is cent, some re^valuation of L“ **"• 

on a nudear nuclear energy by politicians es SSf. b 4 y jjjf h | ppe ?f a * th) 
power plant and will decide well as utilities seems to be ffiSSl "u 1 ??’ A l SWJ ?* 1° 
next year. American Electric inevitable. nghr will be a swing in fa 

Power, the largest privately- However nuclear power hac nu ^ Iear ' ener F>"- ^ _sj 
hwned utility M. iu ondureh 

America, is evaluaung i is travail that there are n»w an^uisn. 

Its system with a mind to turn- serious institutional barriers to Llewelyn KjH 

iflg. to nuclear power. its use in a number of states. The Energy Doily, Washing!*. 









>1 


rr^ 














l\jr 




ib ex^vsv.^ 

- 

i‘1 . 

• 


•: 

IK^ 

Mi jus '- 

ijr» 


\ « 

* 

i-v' 
*/»■ 
C— : * 


- j -*-' ' 
n;' 

-y-'- 


?- 


lS?€s ’Tuesday Cfctober zf&ffS 

WORLD NUCLEAR INDUSTRIES V 




to win reprieve 

1D ^ m ^' ® nc * more effective safeguards the unburnt uranium and be new institutions to 
r . *”■ l ”f scene for the U.S. against proliferation when plutonium fuel locked up in strengthen safeguards against 
onlifvr ^ t*s anti-proliferation transferring “sensitive tech- spent nuclear fuel. Neverthe* proliferation. Lately the U.S. 
emPTw 01 19 ?* for nology.” But the seven founder- less, it emerged that the U.S. has been showing greater 

mergence of proliferation as a members ' of the : so-called planned to bring strong pressure ■ sympathy with the aspect of 
targ ® t of- .anti-nuclear cam- Nuclear Suppliers’. Group — the to bear on other nations— and .energy security raised by most 
l h SS 8 - 111 Europe ‘ The y 3150 U.S. USSR, UK, France, West above all on the UK and France, of its allies as their reason for 
iea President Carter to launch Germany, Japan 'and Canada— which were planning large-scale rejecting current U.S. non- 
J™ agreement of the six first agreed that any new con- international reprocessing proliferation policy. Some 
C r Heads of State present at trols would not apply retro- operations— by refusing perm is- participants go so far as to say 
toe London Summit in 1977— actively, e.g. to the German- Sion for spent fuel which had the U.S. Government has begun 
the International Nuclear Fuel Brazilian agreement- or the originally been enriched in the to lose interest altogether. 
Cycle Evaluation (INFCE). French reprocessing plant U.S. to be transferred to another New Institutions being; 

The first event in May 1074, contracts. - nation for reprocessing. explored under INFCE include 

was the explosion by India of a " tk- «,m — + 1 .V ™k 0f the three European an international nuclear fuel! 



power 


it will not accept the U.S. anti- of an international fuel bank. 


the fact that India bad always ment by the Royal Commission . acce P c tne T * A anU ' ... . . „ ... . 

been an nnknntpn „ * . e - proliferaDon policy. Its Super- or ' fuel trust, would be to have 

wnt^lftheSoln SL ***** fa « factor will depend -somewhere outside of the U.S. 

itself was- a nmfnund 5r c 5?P iai ^J??f on Plutonium fuel obtained by and beyond its control— a stock- 

Sfose naHons whXVr r^rW reprocessing. It went ahead in pile of enriched uranium avail- 

S^SfhS 5“*. “e^er. .of .the UK 1977 . 78 ^ ^gped contacts able to any nation which had 

8 IS 0 ** ^neTgy AuJhoTity. Japan to import 2,200 placed all its nuclear facilities 

A^ugh the rwortsaiditwas tonnes spent fuel, even Snder safeguards, had an un- 

summer 197=5 wac ”2f d " sat * sfie * i t* 13 * .nuclear energy though Japan has no approval blemished record and had 

S Prewnted no environmental from ^ v s for the undertallen not t0 deveIop its 

, problems at Brcsent. it drama- of 0( fueL Bm it has own enrichment or reprocess . 
SST^SaSw! ' ^ risks it foresaw might toId PaWsta0 ttat> although it jng. The U.S.. whose abrupt 

countrv with ^ n ^ e ,^ r ° m a large ^Pgnsxon m ^ still prepared to provide demand for the renegotiation of 

made^nuriear plutonium -tra®*- Two reprocessing technology, it will all enrichment contracts last 

inrr thp mCU £ erroneous ^ assumptions were not provide the technology to year precipitated the necessity 

Dlntnnhiirf^ ^ !^ dely made bveraas about the separate pure plutonium. for such a fuel bank, has shown 

nranivnr. t«- J? enrich Flowers Report Ctius was that, Britain’s political leaders most interest in promoting it. 

a ' R<tyai ^ Cominisdon .report, have been Jess outspoken President Carter has pledged 

pwrwnn° nte any natl0n ^ ad ^ ha*? been’ called for by the publicly than those of France, a "substantial commitment" — 

- ‘ UK Government- It^had not. but the message is nonetheless but at the same time it has 

The other was -that Sir Brian clear. Foreign Secretary David been stressed that such a fuel 
IranSTPIM Flowers must "have raised the Owen, in a statement shortly bank “need not be unduly large 

. report’s fears before the UK after the London Summit of to accomplish its purpose of 

The furore oyer the German^ AEA and failed to win atten- May 1977, pointed out bluntly reinforcing the reliability of the 
Bra z il i an contract also high- tion. He had not. some of the weaknesses, as uranium market by reducing 

lighted a number of other in April;/ =1977 ■ President Britain saw it, of the new U.S. political risks." 

nuclear contracts under nego- Carter formally declared a policy. An effective anti- 

tiation involving transfers of moratorium.nn tone of the three proliferation strategy, he said, StorloiilillP 

“ sensitive technology ” (Le. sensitive technolbgies — repro- “ must go hand-inJiand with a ^ _paaaiag 

reprocessing, .enrichment, heayy cessing. The : Prudent, already viable energy strategy." The The electricity supply indus- 
water production). France, for warned privately by the "ETK that implication is that a strategy try in Europe, however, has 
example, was negotiating to sell it would not support such a which appears fine for the U.S. pointed out that it will be 
Pakistan and Korea their first policy, took care to stress then, with half the Western world’s taking steps itself to safeguard 
reprocessing plants. Such. nego- and again at the London summit proven reserves of uranium, but fuel supplies in future by invest- 
tiations had prompted the U.S. early in May, ' that - this was which has allowed its re- mg in its own stockpiles. 
Government to bring together— domestic U.S. policy - for con- processing and fast reactor tech- Professor Heinrich Mandel, 
for the first time — ' the seven trolling proliferation, and- that nologies to slip behind those of Board member of RWE, West 
leading nuclear exporting he recognised that other nations Europe, might not be viable in Germany’s biggest utility, 
nations at a secret meeting in’ '.with no. indigenous uranrum Europe, for instance, which has summing up (as its chairman) 

London in April l97S, to try to ought not be so willing to forgo to rely heavily at present on the Uranium Institute’s meeting 

Europe's in London in July, said that his 



HOPKINSONS 

Valves for 



•Parallel Slide Gate Valves for 

Main steam isolation p 
Main and bypass feedwater isolation 

Baimrcfrdf-pfant isolation and regulating 

•MainSteam Safety Valves 
•Electric Actuators 

SeeusonSand 5 ' 433 at 
. /> ■ J. TO/ 



HOPKINSONS UM™ 
p O. BOX BZ7..HUDDERSFIELD 
ENGLAND, HD22UR 

td. Hudd W »firtcl22171(STD=‘>*« 8<l - T " tex5ieffl 


A mamter of.ttie HOPKINSONS H0LDIN6S Broup of Corapames 



energy imports, 
worries are given point by the industry would be stockpiling to 
recent U.S. embargo on en- an extent “far larger in total 
richment supplies to EEC than any which an international 
countries and its evident reluc- fuel bank is ever likely to 
tance to provide assurance that possess." Here, he believed, was 
no such embargo will ever be a potential source of worldwide 
imposed again. insurance against disruption of 

; -Britain's most teHing political energy supply. He urged the 
response, however, is the nuclear industry to seek ways of 
Government’s acceptance of the organising and pooling its 
findings of the report -on the stocks so that they could confer 
Windscale Public Inquiry. This a degree of mutual assurance 
endorsement has permitted upon the industry as a whole. 
Britain to follow France in At the instigation of the U.S., 
signing mew contracts with the International Atomic 
Japan to import a further 2,200 Energy Agency carried out a 
tonnes - of spent fuel for two-year study (1975-77) of the 


reprocessing. 


French reprocessing contracts 
. (September 1978) 

Tonnes 


Japan* 

Sweden 

W. Germany* 

Switzerland 

Austria 

Holland 

Belgium* 


2,200 

620 

1705 

469 

222 

120 

324 

5,660 


feasibility of conducting repro- 
cessing as a multinational opera- 
tion. It concluded that practical 
reprocessing centres could be 
set up by groups of nations with 
an affinity of political and com- 
mercial interests, even though 
they were not geographically 
close, provided at least one of 
the partners could contribute 
technology, industrial back-up 
and at least part of the cash. 
The study was shelved when, 
early in 1977, the new UB. 


* p lanning national reprocessing Administration made it plain 
facility. that it no longer saw such 

77“ “ . , T centres as sufficient safeguard 

W. Germany, watchful not proliferation, 

only of U.S. but also of USSR Since ^ en F rancei Britain, 
reaction to any suggestion that West Germany, .Belgium and 
It harbours nuclear weapon Japan have all conflrmed 
ambitions had been out- ^^1100 0 f proceeding with 
spoken of the three. But it bad national centres. . Britain re- 

*J*®*jff iL iut0 “, 1U11 ? at mains interested in principle in 

its WAK pilot plant, mid plans ^ idea o£ operatill R Windscale 
are proceeding for its first com- under international controL but 
mercial reprocessmg plant at the problem is complicated by 
Gorleben. Meanwhile it has the fact ^ -windscale site ' 
signed a contracr with France ^ ^so used to reprocess mili- 
for reprocessing of 1 705 tonnes ^ p ] ut onium. France, also 
of spent fueL It has also refused interested in principle, has 
to renegotiate any a^ect of its separated dvii and military re- 

Wlth processing into two different 

All three nations are par- ] 0ca ti 0 ns. . . 

tidpating in JNFCEL called for ^ international stor of 

b ^-?^ U ' S r t0 ^ S ^ cnne ^ P os * plutonium is seep in some 
Hbihty of nuclear ^ the simplest way of 

technologies inherently more starting the process of interna- 
resistant to nuclear weapon tionalising the fuel cycle, 
proliferation than those whu± Britain has shown considerable 
depend on the “sensitive tech- iaterest ia ^ possimty o£ 

-nologies, at least in their placing its civil plutonium store 
present form. Altogether, 42 a£ windscale, where it. already 
nations and three international retains plutonium for severe! 
? r «^f®E Dns ParticiPatmg other na tions % under interna- 
in INIfCE, recently defined as a tional inspection and control, 
"co-operative interaation A M a partner m urenco, the 
study of ways to design and Anglo-German-Dutch enrich- 
znanage the nuclear fuel cycle rae nt gro^i, it Has recently 
that would reconcile energy acquired a further' interest in 
security ana military security international plutonium 

concerns. storage. Urenco's contract to 

TJ supply enrichment to Brazil— 

IflCa which has n °t signed the NPT— 

INFCE began with a U.S. idea t ?>f, t . plut0 - H i u “ “P?” 

that it might rank nuclear ^ » 

technologies in some “ order of 5f- under international 


merit" of their potential (or ^^“ uar rf‘ 


lack of it) for making weapons. 


plans to 


France, which 
build... plutonium 


iflLA Vi 4k; svs nm s M WR nwayviu. -i • .. 

Britain bus played an important !*“*?* *1 "* “ T1 repro«ssmff 
role in convincing the U.S. and . ?? ^ a P ^ is 

others that such a ranking could 6 

be the biggest contribution of JLZiP*- ^ raatMnal 

aU time to proliferation in the _ 

information it would give any- S general 

one -seriously contemplating a ff^t“ e ] lt T , 1 .!5J? ng “ ore 

nuclear weapon. ■ ^ advanced nuclear nations that. 

With the half-way point J?*?™' new multinational m- 

approaching for its eight work- . .. ' U P- 

ins Darties one thins which has s ? l0 “ 1< ? Preferably be under the 

triv* nn Kunnnrt to President “ e vei F least consistent with it 

Carter's unilateral Indictment J 111 

of plutonium as the root of all te f 

proliferation problems. 

major outcome of INFCE is 2 J m 2?5«ii2S5 S leiS 

ejected to be the “acquittal” advaaeed P»c3ear nation. 

of plutonium. But another will ' UaYid. llSnlock! 



35 


NUClfAR 

SERVICES 



The United Kingdom Atomic Energy Authority is 
one of the worlds leading nuclear research and development 

organisations. 

Close involvement In the successful development of 
nuclear power in Britain enables the AEA to offer a wide range of services 
on a commeragl basis to customers in the nuclear industry in 

the UK and overseas. 

The services are backed by expertise in all aspects 
of nuclear power, by the facilities available at the Authority's research 
establishments and by experience in operating prototype thermal 
(gas and water cooled) and fast reactors. 


UNITED 
KINGDOM 
ATOMIC ENERGY 
AUTHORITY 

Research and Development for the Nuclear Industry 

UNITED KINGDOM ATOMIC ENERGY AUTHORITY 



> 



grou 




an II alien newly-formed 
organizational structure grouping 
five IRI-Finmeccanica companies 
operating in the 
thermoelectromecfianical 
and nuclear sectors 


ANSALDO 

BREDA TERMOMECCANICA 

ITALTRAFO 

SIMEP 

TERMOSUD 


ANSALDO Group T i 
Tasks 


( to promote 

the overall capacities 


! to develop 

Increasingly advanced technologies 


to gain 

new competition areas 


ANSALDO Group’s 
Organizational Structure 

All the operational units, such as companies, divisions and plants, have been 
linked lo ANSALDO - i.e. the Group’s leading concern - and their previous fields 
of activity have been organized in four main business areas: 

ENERGY •TRANSPORT*!NDUSTRY*!NDUSTRIAL PRODUCTS 

all dI which operate at present in accordance with fully independent although 
closely integrated managerial lines. 

With 7 divisions, 11 plants, 16,000 employees and an order book totalling 
540.000 million liras in 1977, 

ANSALDO Group takes on a leading position within. the Country's 
thermoelectromechanical and nudear sectors. 



ENERGY 


^TMNgPgRT 







"■»JHPaST.RY 

sS ' ^ 


INDUSTRIAL i 
PRODUCTS 



ANSALDO 

BREDA 

TERMOMECCANICA 

ITALTRAFO 

TERMOSUD 


ANSALDO 

ITALTRAFO 


ANSALDO 


ANSALDO 

SIMEP 


ANSALDO Group □ Genoa Italy 


A fuming point in strategies and structures 
An answer to international competition 


'4 








36 


Fima&ft Times ;Tues5ay .Gctote £ .,.. 




STOCK EXCHA NGE REPORT 


Late turnroimd in equities leaves 30-share index 1.4 
down at 499.2, after 494.0 



MAY J(JM JUL AUG SEP 0 


Account Dealing Dales T.1S7 fell J to S| in £10>paid form, to 80p In reaction to adverse com- 
Option Institulional and arbitrage sell- ment before finishing only a 

"First Declare- Last Account ins again found buyers active only penny lower on balance at S2p. 
Dealings tious Dealings Dav at lower rates and the investment Combined Englr-.-i, a firm mar- 
Sep. 18 Sep. 28 Sep. 29 Oct.'lO currency premium fell further, bet last week rollowm,, the re- 
Oct- 2 Oct. 12 Oct' 13 OcL 24 Business at the cheaper rates was cord interim results, hardened IS 
Oct Ifi Oct 2fi Oct 27 Nov 7 sometimes substantial but, aided m0 JS n t0 . ?.?*** OS ^ ? 

' - Nc « ^ the unexpectedly firm showing £„ 190 ^ r S S* 8 eiits nd 

from 9.30 a.m. two i»«ii was nays earlier, of sterling, the premium closed at '”* **&■ aimlHr 

The anxiety and tension which the day's lowest at 815 Per cent, ^ aftcr neSem 

marked yesterday’s opening of down 22 points. Yesterdays SE " fferin „L , n a Vh* D market Foster 

the Labour Party conference at conversion factor was 0.«212 the other hand, gained 

Blsckpnol overshadowed stock (0.7113). 4 to 159 d in rcSPODSfi to Press 

markers at the start of the new Interest in Traded Options was comment and Enrobe™ found re- 
Account. A receding market restricted on the first day of the newed support at I45p up 7. 
lately on growing opposition to Account and only 52S contracts cieftrieat eased 4 to 3BSo 

,hc Governments 3 per cent pay were completed. GEC attracted a f 0 7i 0W intr the anmmncement of 

guideline, equity shares weakened reasonable trade, however, and of nrdoosed closure of its 

further at the outset following the 124 deals transacted. 77 were refrigerator and freezer plant at 

P i^ eS t C h ,rU Th nt i °w th °i> f F nI * ,c done in the 0ctober 3M series. Hartlepool. The other electrical 

efforts by the Labour Party to Ferranti issues traded fairly 
uain trade union support for the quietly after last Fridays official 
counrer-inflalion policies before debut, the new Ordinary reacting 
the conference started. to 353p on scattered offerings be- 

Thc prospect of 3 defeat for fore settling at 337p for a fall of 

I he Government on pay left S on the day. with the new nil 

equities particularly vulnerable paid closing a similar amount 

to ; mall nervous .selling and down at 237p, after 233p. In con- 

j i rices were marked down at the (rust, Bightwisc attracted buyers 

opening. The thin state of trade and pushed ahead to close 7 

si a* fikevii.se noticeable in a dearer at l£2p, 

ESSE 1 ?n" > \ h 'i h,ch a „;?.hS HK & S hanghai down 

business, owing in reports that Foreign banks were inclined 
the powerful engineering union easier bn domestic and invesl- 
was having second thoughts ment currency influences. Hone 
about voting for the motion con- Kong and Shanghai were particu- 
demnins wage restraint: the con- larly vulnerable at 2S8p, down J4. 
fere nee's rejection of any pay while Bank or New South Wales 
restraint was announced too late cheapened 10 to 625p. Home banks 
to have any noticeable impact on drifted gently lower in thin 
sentiment. trading. 

The political uncertainty Still drawing strength from 
ne?ated other factors which Friday's favourable interim state- ", .... 

included encouraging surveys of roent, Hambro LiTe edged forward loaders replaced initial falls with 
l-.K. industrial opinion and 2 to 390p. but other Insurances modest rises. GEC rebounded 
advance reports of a broker's gave ground on lack of support. fr0I ?A 1 ® p t0 . a r i? t , better 
favourable review of equity QRE. 220p, and Willis Faber. 230p ori day at 322p. Contrasting 
market pro-specis. By noon, the* so. declined i> and 5 respectively movements ara °2p. secondary 
FI' Industrial Ordinary share A slack session in Breweries issues included MR Electric, 4 
indev had (alien below stll) for loft prices littie changed. Among better at 22ap following F*ress 
ihe first time in a month, but the Distillery issues, Macallan Glen- comment, and Parnell Electronics, 
low of 6.6 was finally whittled lived reflected increased earnings Hi cheaper at 38a p on nervous 
away to one of only 1.4 at the with an improvement of 5 to 385p. s, ell,n g ahead of the interim 
clove of Unfounded Bamberger*. a firm market at " 1 7 ul i9 :J J? rh, £f 1 are expected 

rumours cdiiccrning the U.S. Dip. in front of the announcement shortly. Elcctrocomponcnts were 
patent for Amoxtl unsettled of the hid worth about 7Sp per <V*ot®d ex the scrip Issue at -98p. 
Bee chain, down to i590p before a share from International Timber, Engineering leaders plotted an 
close of a net 10 off at Tflop. reacted sharply in the late trading irregular course in thin trading. 

IR-spiic the effects on attendance to close 11 off on balance at 77 p; John Brown drifted down to 434p 
of the two-day Jewish New Year international Timber eased 5 to but rallied late to close unaltered 
holiday, business, as illustrated by L2Rp. Elsewhere in the Building at 440p, while GKN ended 2 off 
the number nr bargains marled, sector, adverse weekend Press at 26Sp. after 265p. Hawker put 
was much the same as on the comment left its mark on some of on 4 to 248 p as did Tubes, to 
previous Monday. Interest was the leading Contracting issues. 394p. Secondary issues performed 
displayed in bid and situation Geo Wimpey eased afresh to 80p similarly with WlUlehoiue rising 
stocks, which provided many a^d closed li cheaper at 81p. 5 more to I12p in a thin market 
minor firm features, but the over- whi,e losses of 4 were recorded ahead of Thursday's preliminary 
all trend was reco-mised in the in Taylor Woodrow. 42Sp. and results and Spear and Jackson 
five-to-two majority of falls over ^wie! Holdings. 133p. Lower improving 8 to 142p on revived 
nstw in all FT-o noted industrials half-yearly profits prompted a speculative interest. British Steam 
Slt-cd-ed securities ““re in reaction of to 76p in Blocldej-S. firmed S to 103p and Haden 

fi ue need by t he^enera? unce rt a in «v « hile McNeiU Gr ™P a Carrier *“*««*• 2 to 121p. the 

S »n iL 0 n o ?Pm3 n * Jmilar a ™ un t !° 41p blowing latter in response to the higher 
recovery xf is Piffled bv news oF the con t mujn S losses and interim earnings. Jones Group 

SiPrm S ! proposed reorganisation of the fell 6 to 70p in reaction to the 
i-c f ,21 company. interim profits setback, while 

late trends in tni l*.S.. the Federal ici drifted off to 3S8p before further consideration of the poor 
Reserve rate was yesterday raised picking up to close 3 dearer on half-year earnings prompted a 
in H per cenl. Once again the level the day at 3H3p. On the other fresh fall of 4 to 90p in James 
of trade was extremely low, a hand, Fisons cheapened 2 lo 358p. NeilL 

situation which is likely to persist « j- . . A Press suggestion that a hid 

while the Labour Party conference Currys disappoint may b e Imminent directed atten- 

conunues. Corporations followed Leading Stores closed narrowly tion to Robertson Foods which 
the mam funds and the recently- mixed after a late technical rally, moved up 4 to \33p, but R own tree 
isMicd Sontfawark l,- per cent Marks and Spencer initially eased Mackintosii, rumoured to be the 


—Gilts remain unsettled 

interested party, slipped S to 31)3 p. duett session and doted with Anglo-Transvaal, 7 cheaper at 
Elsewhere in Foods. Fitch Lovell occasional losses. Church bury, I28p, provided the only 
closed a oenny harder at B4n after 320p. Qammerson “A” lost 7 and significant movement - in •. lacfc- 
fi^ follS PrSs comment i> respectively, while Stock Con- Juitre South Africans. .Among 
Elncbi rd °Cnnf ecttonerv Sled 4 version closed 3 cheaper at 255 p. Rubbers. Plantatiop HoUUhes re- 
Blaebird Confectionery eased * cons{dera tion or the a isted the easier trend with an 

1 1 ' annual results caused a reaction improvement of 41 to 67p xd. 

Bcechara dip ft rally Golds fall afresh 

ouweT »n r'JSS tbSlL^Sp t *S. ! is5ue }*?■ 

have been refused a patent in SiebenS Up late M 5 i “.hHrJE 

.f .-s-^-se ~nT^e -ajsss 

company denial to the effect that sett]ed initial j, by news that the nrenfium ^lch 

difficulties are being experienced vvest German Federal Central curreD F y , premium \vmen 
in the LTK and not in the UR gfi l^TvSSI SStfJSSi^ substantial 

helped the shares rally to close dea i British Petroleum eased to P P**** 5 - 

10 down on the day at 705p. jyifip' before rallying towards the ® 

Other miscellaneous Industrial c | 0 ^ e t0 finish unaltered on 'beJWl m the premium and were 
leaders drifted lower with Glaxo balance at 892 p. Shell closed 2 additionally burdened by scattered 
reacting from recent firmness to j ovv - er at 5^ £ ter 5550, Outside sel b°S from the Cape and London, 
finish 5 off at 62$ p; the interim leaders, late speculative sup- despite the steadiness of - the 
results are due next Monday. nort n U shed Siebens fUK) 12 bullion price, which was finally 
Turner and .Newall picked up lnte ju^hcr to 340p. 25 cents, firmer at $217,623 per 

to finish a penny dearer at ISflp. investment Trusts took the re- ou £L ce " 

after l<6p. Elsewhere, Press ct?nt setback a stage further on The Gold Muies index lost 
comment and suggestions that continued lack of support. In ground again, falling 5.5 for a 
Arthur Guinness may soon bid pjnancials. Park Place Investment 5-day loss of 16.9 to 163-1 — its 
ror the outstanding K per cent hardened 2 to 39p ahead or today's lowest since July 18. 
of the equity _ it does nor already preliminary figures. International Among heavyweight Golds, 
own saw White Child and Bcney investment Trust of Jersey losses ranged to flj, as in 
advance rapidly. to touch 12.>p and a {tnicted renewed interest aod Randfontein, X34J, while Vaal 
close 30 higher on the day at T2fip. ri>se 5 furt h er to a 197 g 0 f Reefs, £145, Free State Gednld, 
Already in receipt of sin agreed 050^ £tg and Western Holdings, £20, 

'„ Up P er . , sha C? ^sh °5 er Textiles were easier for choice, all registered falls of around a 

£hh S„o??i Pt !’ B 4 ons . an J Charles Early and Marriott eased half-point. 

the revelTtion rnm^nanv 2 on tl,e disappointing The lower-priced issues showed 

has rece ved a^urthJr 2 a ch interim statement, while losses Libanon 20 off at 503p aod 
which mS a ne P w nffe? of wcre seen ln Uster - K P' Doo«fontehJ 13 cheaper at 288p. 

being made I Crosbv House rose and Tootal > 46*p. Yorkshire Fine South African Financials moved 
12 to S on news of the oriv WooUcn, however, crept forward similarly to Golds, but prices 

posed fflMJ-jS rldured a penny to 46p tended to recover slightly at the 

loss for the' half-year. Beat-son ' 

Clark edged forward 2 to 195p OPTIONS 

following the interim results, but - 

a reaction in the investment DEALING DATES in English Property, Avana, 

currency premium led to a fall nf First Last Last For Cullen's Stores, Bamberg, Lad- 

12 to 257p in Jardfnc Malheson. Deal- Deal- Deciara- Settle- h ra ke Warrants Coral Leisure. 

Scattered losses in the Leisure ings iugs tion meat 1 1 n™»i 

sector included Barr and Wallace Sep. 26 OcL 9 Dec. 28 Jan. 9 UDT ' Tate 1,1(1 Lyle ’ Da P le ,uit - 

“A" 4 lower at l4Sp. and Black Oct 10 OcL 23 Jan. II Jan. 23 Ladbroke, Stallex International, 

and Edginglon, a similar amount Ocf. 24 Nov. 6 Jan. 25 Feb. 6 Kwik-FIt. KCA, Talbex and 

,- v r\i a t tbbp- . For rate indications see end of Bishopsgafe Plats., while doubles 

still reflecting the critical share Information Service were arranged in Magnet Metals 
fX, M""ey wan e ,ve 0 for the ra U nnd TOT. 

lr a n dfnl_p n nl^ l fii,°shc r d a penUl NEW HIGHS AND LOWS FOR 1978 

off at 73p, aflcr 74p. follow inu The rollo^ing securities auaicd In the Exch. 121oc 1981 Treas. S'jk *05.12 

fresh comment on Lhc company. S Share Information Service vc4tcrd.lv Treas. 14 dc 1982 Troas. 3oc ‘66 Aft. 

prospects', while Dovrt<’. 267n. and aKa ' ne<5 aml Lowi f 01, n97B - fondinn a«:ne iis-B 7 Trw*. 2 udc 

Flight Refuelling. I67p, lost 3 NEW HIGHS (24) r “ 5 " interwationai. bank 

apiece. Rolls-Royce were actively beers m SDcsteck'n^ 

traded before closing a penny MoMl ‘ a "‘ G1 * e TJ!f l , f D , MGS i- 1 Cilw «bc coSK^ainM 

easier at 113p xd. while Arm- B,n.beft,«« shuttering Oo. bupc cow. 

strong Equipment held at 37p in Hnreh ,, _ llt Dhwn Photo. 

front of to-day’s preliminary stores (in Baxter Tnnwwi DI,!STR,AlS 1,1 

statemenL Of the isolated firm eambw* Jjaga^g? A , paper cu 

spots, ERF hardened t\ more to British steam whitehouse textiles tti 

in«lp and Keren improved 5 to fto*,**™ Foods 1 ’ 0005 m Early cc.) ft 

123p. HOTELS (21 ScvDtrc Resources 

News oF the counter-bid of £1 Pr,ne “ 01 w, |S i ousir!a£s , < 6 » s — : 

per share Irom Argus Press leFt Diamond stylus oire* * niCCC Altirt rt lie 

Trfdant Group 14 higher at 9Sp. Mwnoii* 5»iSf KlatA AINU rALLo 

Jefferson Smnrfit hardened 2 to ^motors (i> C VF<CTPRriAV 

197p in response to Uie half- Brown Eros. IWIEHD«l 

yearly results, but Marshall rridcnt Group 5-. walker u » same 

Cavendish closed li cheaper at shipping n> untwi Fmd» -ns 

51 P. after 50p. on the ^ ,J ' > shoes n> f^o ESk s tb n 

riiarply lower interim profits, stylo show mewSiis .V 2ia sas 7*s 

McCorqDodale gave Up lOp to lnm _ Financial and Prop. ... tt m 250 

300p and Mills and Allen 7 in Iny Tru ^ ,T" USTS {1 > o»b 4 7 2s 

183p. while Newspapers to give ,nt * Trust * sv ' , Plantation. a 9. u 

ground included News Interna- NEW LOWS (19) - *2 ” * 

tional, 5 cheaper at 240p. _ . *"JTish funds « 11 R * cw,t lssu “ 5 p • 

Properties passed a rather sub- frcM- iTsw “sal m. aSc 02 -oi Totals as 954 iw 


FINANCIAL times stock indices 

W- ^ " 


|4b>*- 


t«T*. 

99 


Gncvminenl S«o— — 

FlirJ .lotci»«l.-— — — 

InduriiMl 

Gcrfrf .Mines 

Ucxl. Ulv. Vichl 


"60.71 1 70.00j 70-02 
7l.7a{ 7X.asj 71-80j 
499.2; 500.6| 601. 


tiepu 

98. 


Sept. 


60.971 70.151 70J24 
71.86) 72.04{ 72.161 
509.4 


4 T»»r 


499.2; 500.6' »"■* 606.0. 514.2 — «.nr 

163. l! 168.6) ITO.l' 173.3: 177.9] 180.0| 

6 37i 9.36 5-351 5.31i 5.24( 6.27) 

UM. Ulv. ’CieM.....-. j • ; jS16 lS 0 «; 14.86' 14.95 

"“r-™; sJJ l.w, (lW up; Ulj -8.J 

49M 1 . lMi J 5.162J B.49lJ' B.lS9| tjS 

1 ‘ ™ 9B .J MJ0 J 8sl3_ 

_T. - 

" 10 am 496.7- U am VSJ3. Noon m.0. 1 pm 4M.0.. 

2 pm 4W.6. 3 pm 485.0. 

Latest Index 0-2* BBS 

. Based on SS per cent corporation tax. twa-S-Kk 
Basis ion Cort- Secs. 13/10/». Fteed InL 1928. Ind. Ort. VT/3S. Gold 1 
Mines 12/9/ 53. SE Activity July- Dec. 194.. 


TSJSg. 

80icp 

MCU. 

Malt 

5.15 • 
15.14 
9.42 
6.772 
117.21 
18.232 


highs and lows 


S.E. ACTIVITY 



197 i 

iiinee C-DDipUation 

1 

. r.lill 

Vow 

High 

Low 

Ooct. sees... 

78.58 

(3rl» 

58.79 

iS/fc) 

1Z7A 
19/1 *55) 

49.18 

(3/1/75) 

Fixed lot.... 

81.27 

10! ll 

70.73 

16/tj) 

15U.4 

i2U,U/47) 

90.34 

io/I/75|\ 

(01L UnJ_... 

935.5 

433.4 

(3(4) 

649.2 

1 14/9/77) 

40.4 ' 
(26/6(40) 

Cnli] Mines. 

coe.b 

:14.U* 

130.3 J 442.3 

rtr/l) )(21,r(75) 

43.5 ■ 

(2B,i0.71) J 



(Jot. 

Sept. ‘ 


3 

29 - - 




Gllt'Ei%d ._ 

168.2 

147.5 

Iwliucrld ...J 

173.8 

174A 


?peL-uative 4 

Totals ......... 

3-davAvenwel 
U lit-Edged .. ' 

ipeeuljtUvv.. 
IotalB ......... ■! 


OD.Ui 29.7 

115.4! 110 J 

168.0! 160^ 
162.5'. 166^ 
38.6 3031 

116.71 lift.! 


close refiecting some American 
interest Anglo-American Corpora- 
tion fell to 332p at one point but 
rallied to end at 336p, a net loss 
of 4. Sentrust gave up 8 to 204p. 
De Beers remained friendless, 
losing 10 more to 4Q0p. 

London-based Financials held 
up well despite the weakness in 
the UK equity market. Lack of 
interest following the overnight 
closure of the Sydney market for 
the Labor Day holiday coupled 
with the lower premium prompted 
widespread losses among Austra- 
lians. 


In Uraniums, PancontimH^-^ 
dropped 73 more to 975p, Pekh^‘ : 
Wallseud 10 to 490p and EZ 
tries 5 to 250p. ' .j.'rf 

Base-metal miners to los^^ 
ground included Western MliiWyr 
8 down at ■ 144p, MTM floMlW-'-' 
5 off at 187p ex-dividend, and;- 
Bougainville, 3 cheaper at 127piV 
BH South closed a penny harder • “ 
at 120p despite the announcement'^--- 
on Friday of sharply increased -<~ 
losses for the year to last June, 
Elsewhere, reduced hatf-yna/” 
profits saw SQvermlnes fall 5 to 1 
34p. v 


LONDON TRADED OPTIONS 


| 1 Ot-iolnr 

January 

April 





CliifaiiiKi 

(.'lining 

' 

Bnuftv 1 

Cljvl Inn 

p«i'* 

nffer ! Vnl. 

oWw 

Vnl. 

lafler 

Vol, 

C4®b._7: 

Br 

750 

145 

10 

165 

1 ' 

_ 


89C^i 

HI* 

850 

48 

15 

90 


115 



■a 

BP 

900 

20 

3 

55 


82 

— - 

*1 ‘ ■"** 

BI* 

950 

•Hz 

29 

32 


53 

1 


CnUr fml.l 

160 

23 

7 

30 

15 

34 

10 

I79p • - 


200 

1 

— 

7 

30 

16 

— 

„ 


120 

5 

7 

81s 

5 

• 12l» 

— 

l20li. : 

CliC 

280 

46 

— 

67 

11 



322 p - 

GKC 

300 

26 

77 

41 


El 

- 

„ 

liKf 

530 

7 

28 

• 23 

— 

31 

t:' 


UKC 

360 

2 

— 

14 

- 

19 

7 

•• 


100 

11 

— 

19(2 

IQ 

21 

— 

104p .: 


110 

5 

23 

12 

20 

13 lj 

5 


Gmml 31 vt 

120 

1% 

— 

6lc 

10 

. 71« 

6 . 


ICI 

360 

36 

7 

47 

— 

56 


393p :: 

ICI 

390 

13 

5 

27 

6 

36 

— 


ICI 

420 

2ia 

20 

15 

5 

20 

20 


lend So^ 1 . 

200 

35 

3 

41 

— 

47 

— 

233p 

Ij*n-i s«5- 

ZBO 

16 

12 

24 



** 

_. v . 


260 

2 

— 

6 


11 

2 

• f 

AUrKs A: 8|i. 

70 

15 

5 

17 

5 

20 

-w . . 

Mp~ 

‘ Uark“ A 5p. 

80 

6 

— 

11 

1 

13 

2 

„ 

liarRv A >p. 

100 

3( 

— 

2 

13 

6 

-- 


Mil'll 

590 

35 

3 

46 

2 

68 

— 

563p 


600 

6 

— 

22 


33 

1 


1'otn.L 



252 


134 ■ 

— 

55 




November 

Fetiruarr 

May 


HOC Inti. 

00 

112 

_ 

31 2 

a 

5 


72f,'. 

UnrftR 

220 

5 

5 

11 

— 

16 

— 

a 06 p. * ; 

Hn.ii 9 

240 

He 

5 

6 

— . 

11 





260 

S4 



3 

14 

61* 

. aw 


EMI 

140 

n 

28 

19 

26 

23 

— 

143p‘ . 

Imperial Gp 

90 

2 

— 

3 

— 

4 

1 

Blp. • 

Total* 

— — 


36 

— 

46 

— 

1 

-ww : 


r-v- > 


:. - r- 


J' 


ter 


jito-i 


FINANCIAL TIMES CONFERENCES 



moo« rat muff 


ROME 


OCTOBER 16-17 1978 



Premier Andreotti will give the opening 
address at the Financial Times-INSUD 
Conference The Outlook for Italy' being 
held in Rome on 16 and 17 October, 
1978. He will be supported by a 
distinguished forum of speakers who 
will discuss the forward development 
programmes now re-shaping the Italian 
economy. Of particular interest will be 
the studies of Italy's relations with other 
countries of the EEC, the Arab World 
and the United States. 


The list of distinguished speakers includes: 

H. E. Or. Rinaldo Ossola 
Minister of Foreign TfJde, 
kaly 


Dr. Garret FitzGerald, TD 
Fofrnerly lush Foreign 
Minister and now Leader of 
the Fine Gad Party 

H-E. Mr. Abdulla A, Saudi 

Chairman and 

General Manager 

Libyan Arab Foreign Bank 

Dr. Qntonia Giolilti 
Former Budget Minister. Italy 
A Member of thv 
I'nirynissw Of tire European 
Communities 


Mr. Giorgio Napolitano 
Partner Comunisia 
Itoiiano 

Or. Horst Schulmann 
Ministerial Director 
Bundeskanzlerami. 

Dr. Ugo La Malfa 
Preadent 

Panito Repubblicano 
lialiano 

Mr. William P. Drake 
Dnccrur 

PannwaU Corporation, 
USA 


Fretiiivr AoJieosit 


7)io Fin.inn-ii Times LM. Cor.luiwice Oigamsalion, Bracken House, ID Cannon Street, London EC4P 4BY Tel: 01-Z36 4332 
Tele*: 27347 rTCOMF □ 

please send me further details oi THE OUTLOOK FOR ITALY CQNFERENCf 
Block Capitals Fteavs 


Name 


Title 


Comoanv 


Address 


ACTIVE STOCKS 


Denomina- 

Of 

Closing 

Chance 

1978 

1978 

Stock 

tion 

marks. price ip) 

on day 

biJ5*v 

low 

Beecbam 

25p 

14 

705 

-10 

743 

583 

ICI 

n 

12 

393 

+ 3 

421 

328 

GEC 

25p 

10 

322 

+ 2 

33S 

22S 

BP 

IT 

9 

892 



928 

720 

Shell Transport .. 

25p 

9 

562 

- 2 

602 

484 

Tate & Lyle 

li 

a 

lS4xd 

~ U 

218 

164 

BAT Inds 

25p 

s 

303 

- 2 

346 

267 

Marks it Spencer 

25p 

8 

82 

- 1 

94 

674 

Gd. Metropolitan . 

50p 

7 

109 

- 1 

121 

S7 

Rncal Electronic 

25p 

7 

329 

- 1 

3R2 

191; 

Rolls-Royce 

2op 

7 

ll-’ixd 

- 1 

1204 

83J 

Royal Insurance... 

25p 

7 

347 

- 3 

425 

343 

Barclays Bank 

. £1 

6 

325 

- 3 

368 

296 

EMI 

50p 

6 

143 

— 

190 

130 

Glaxo 

50p 

6 

628 

- 5 

648 

515 


RECENT ISSUES 


EQUITIES 


= t - " E± I?*- 1 . -■ 1 l" i 

L'-w 5, i ■** t, "ir Tt'L.-i- «ni ~ i It 

i»: ~ - iii-zii i !/•» 1 ' 1 5^ •" ^ " j 


00 , K.l*. ' Ii>U :‘l 71 ii.Hrtler- oii|n.-iii.kU. . i OS 

101 F .1*. < - • 4W 54S 'FVrrunti Xen- 257 

101 Xil . — oWT'Tn iSOpm ] Dn. Xil Haul ZBIfmil — B 

,r - ' K.l*. 24.11 .<-!;■ 5112' tfnihir Nat Gi-|<. Uiitrs: 531:i + ig 
F.P. • — 112 ' ItXl |l%hMriH» 1122 | + 7 

i • 1 : l 


Aia.411 a. 1,4.4, 7.4 

-8 ! .-.5,7611.0 3.410.4 
1,9.751 11.0! 2.4 9.4 
52.14; 1.319,811.3 
- - 5.1 


FIXED INTEREST STOCKS 




lU7f 


: l.- 


1 ='-^ 1 

! U i + - ,r 


Up 

- 13 10 

Hi- 


r.i\. - 



Cl-i - 

>. 

• 1 

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90|| 

ml 20 b 

ITi'li 

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K.H. I O 12 

K'(3j 

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1 * 

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SI 


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C9914 

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ltl.-|. Wth«tvMM IL'tt'l'*. f*»l .... lji >r -U 

W(i UrUU Ut'ft. lOf, l*rl 9Q , ) .. 

I> >i WiiS*t •»..(!.. i\ HH. itWJ 10ii . . . 

I'>!||I J»U1 !>.' Wii I'll 101, > 

l'.» M ■ '-wan !»<•«•»•»< I'm.... , 107,..-'r 

f>-i? II •<« A unlit, NJH CW'JW-tto CUftia ...* 

Ivl ll.utartl A'l.vivllmm It^, l ; <iv l.ll. . |01a« .... 

•ifcU hVwinaK'M aivl » - h**lw<a Var. Itate lHiiS....* 98>« 

I* .WUtnl*"'0>>Y.l.iiiii. I'm 81 • ... 

*:l?|» llaralall- ll>i I'ri 

# >«rll«uir4'e< »iir. ItnU- kt*l. JUfaj 98 ' ... . 

?0|. rk-r. In* . ?% I'rt SOi. 

IDS 'irigbTriie tn-. . 120 '•♦5 

r»« S»'uUiwii*W t V2»i% K"l. Ml Slj.-ij 

9ili oualboi.iitf V#i. l.nU* !»o ; 97S, 


“RIGHTS” OFFERS 


• r - • Lull -I 

l*iw t = “ Ki'iimie. 


1'nii- 


13J? 


<£. » 


1 1 i^-li - L<s 


' l'l.i*m u :+ «t 

• I 'nee — 


b6 
28a 
500. 

5'J 
44 
12 
110 
I'FIIO 
265 i Nil 
66 j r.r. 


r.p. 

V.\‘. 

Nil 

r.p. 

f.i*. 

Xil 

i-.i*. 

Nil 


100 
65p 
76 
66 
74 ' 
10 
n 
86 
94 

77ct*. 
4 o 
4 
400 
25 


Vrl 
4M* 
F.H. 
Xil 
Ml 
K.P. 
Y.V. 
XII 
F.H. i 
Xil 
. F.I'. 
i Nv 


F.P. 

.Ml 


190 
22:9 
a-4,9 
40 d 
29 9 

219 

S' 10 
22 0 
6.10 

29.9 
t» 10 

85.9 

119 

6il0 

21.8 

20.9 
6! 10. 

25.9 
0 10 


27-10 'tj i »© i.ti,i>.iHa Un« 

27 lO • 5-1 M.I.M 

lx 1«. iipm 7pm l!»fh* Kn , mi 

2411 .« 15 •mai l. >•„„ 

10 1- It,:- M Unli t I'nnluis , 

— > ji]|«r4'iauv B'ta* 

; 3 11 u; : » imW. 

— ^nii Arnn't-'ie. Hr. I%iri.k> 

17 11 4}pn, SnailfMIs'lV 

14-10 tv 72 Uoti-Ih 

3-lt ’> (4,i lum.l»ula\ nv.L»9?-J5 

— *.i*j ; <o 'ilvt i’lvvuia 

13.10 >'•; ',6 ,H)M X riimll* • 

10 11. L4,<iu. l.nai|<. 

27.10. sm e4 Imtiel •'x-rvir,— 

— |4 lOK’trh nlll.1. ..... ... 

27. 10 %^4)i'.£2i>)Mntl>-N W;TY»v«*... 

27 10 2|:nn Ufun U>u. A Mullaiul I ml 

4.10 111 : |04 fPntpirtv l’a»mcr)Ui(B 

— IpD ^P*D Ikll'l L'IKImJI 

27.'1C tv to Itaiini, .Jvnvlli r-i 

S'll aVri.m Knliun, 

8 11' >U , i3:j ll<K»nl» Enj;.. 

6 11: 14 • |n 


60 . . 
427 -4 
7, — 1 
65 -I 
52 .... 

3m>t . 
158 -1 

20,a„. . 
36|.in.- 2 

74 

lain! ... 
65 « 

77 • . .. 

20i>i,'.— I 
94 , .. . 

14 , .. .. 

tWSfjW 

12|.ii< — . I 

107 : 

4|.m- . .. 

69 I 

5|>m, — »s 
296 .—7 
10 is, r >2 


Rt'noncini.n. date ii.-imH? lari dJi' Inf dealing irw nl .lainp flua 1 b KUilirR. 
based no nMimaTr. o AuunH dividend and yletri. a Paivtast (llndend: 

w nrevinu-. yi-br'^ ^annnui. » Dividi-mi and j-iclrt bas>jr| on oroaccctos 
>tr i>in*M- niEual c iimaiV' for 13;«. kGmw. t Kikiip*-': a-oiimcd. ; Cover allows 
i.ir convtaMion it uharos nm omr rankloE tor (Uvidegd or ranMmt nniy Tnr resiriawl 
mv;flcntL>. } PlarlKB price >o uublic. /-.: pcnca unlcs' oihcrwn*' indicaicd. 5 issued 
by icwlcr. H uff-rwj to holders nf nnliiiary sfcurtM as u "ngiiK" “Issued 
tu wjy "f Kinllalr-aimn. tt Rcintrodncud. f* Innud in crmnuctinn with reorsanlsa- 
ii'urrM- r.r UkiMvcr. i;,i loirvduciiDn. Q Ivtual tn fnmj?r nri-iorcncn Iwtden, 
-? iJ ! "! {Pr ' »" r lulb'-Piud/, • ProwsBinai or parUywiLd Jlfotinuat ieum. 

ir Willi uarrauL,. 


Yu: , 


FT-ACTU ARIES SHARE INDICES 

These Indices are tbe jtint compilation of the Financial Times, die Institute of Actearies 

and the Faculty of Actuaries 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures in parentheses show number or 
stocks per section 


Mon., Oct. 2, 1978 


Index 

No. 


49 


51 


50 


99 


Day’s 

Chance 

% 


_Ea. 

Earn! up 

[Yield %1 
(Maxj 

Corp. 

Tuan. 


CAPITAL GOODS (171) 

Building Materials f 27).. 

Coo tracting. Construction (28) . 

Electricals (14) 

Engineering Contractors (14)— 
Mechanical Engineering(72).- 
Metals and Metal Forming(16). 
CONSUMER GOODS 

(DURABLEN53) 

LL Electronics. Radio, TV (16) 

Household Goods (12) 

Motors and Distributors (25). 

CONSUMER GOODS 

(NON-DURABUE) 0721 

Breweries (i4'j 

W1 nes and Spirits (6) 

Entertainment, Catering (17) .... 

Food Manufacturing (19) 

Food Retailing ( 15) 

Newspapers. Publishing (EL-, 

Packaging and Paper (15j 

Stores (40) 

Textiles (25) 

Tobaccos (3) 

T oys an d Games (6) 

OTHER GROUPS (99 J. 

Chemicals (19) 

Pharmaceutical Products (7)-... 

Office Equipment (6) 

Shipping (101 

Miscellaneous (57l 


INDUSTRIAL group (495) ... 


Oils (5) 


SOO SHARE INDEX 


FINANCIAL GROUPrtWl 

Banks(6) ..... 

Discount Houses (10) 

Hire Purchase (51....... 

Insurance (Life) (lOi 

Insurance (Composite) (7) ., 

Insurance Brokers U0> 

Merchant Banks ( 14)..~...._. 

Property (31) 

Miscellaneons (7) 


Investment Trusts (50) ..... 
Mining Finance (4) . 


Overseas Traders (19) 


ALL-SHARE INDEX<ti73l 


241D8 

207.70 

380R5 

554.75 

369^1 

191.13 

170J0 

212.07 

260.22 

18231 

126.93 

212.88 

225.15 

27734 

26L23 

20935 

225L2& 


379.11 

143.61 

20132 

184.05 

24133 

11632 

209.95 

29534 

278.85 

135.42 

425.04 

22232 


22632 


50L78 


249^ 


163.05 
18036 
203.83 
155.81 
13 1.33 
12L02 
341.21 

81.72 

255.00 

109.64 

22231 

107.06 
320,12 

227.06 


-03 

-0.9 

-13 

+0.4 

-03 

-03 

-0.7 

-0.7 

- 0.8 

- 0.6 

-0.4. 

-03 

- 0.8 

+0.4 

—03 

-LO 

-0.9 

-L7 

- 0.8 

-05 

-03 

-0.4 

-05 

-0.4 

+03 

-13 

-0.7 

+03 

-0.7 


16.04 

17.03 

1836 

13.07 
17.99 
1738 
1559 

16.15 

1435 

1632 

19.43 

15.63 

14.90 
1535 
1554 

18.47 
1353 
2059 

18.08 
10.86 

17.91 
22.76 
19.45 
14.83 

15.48 
1030 
17.94 
14.62 
1656 


Gross 

Div. 

[Yield 
(ACT 
at 33%) 




537 

557 

433 

334 

7.01 
5.73 
836 

5.02 
3.96 
6-21 
6.50 

5.76 

630 

5.19 

658 

5.15 

457 

636 

7.44 

452 

757 

7.75 

5.48 

5.72 

639 

3.69 

551 

7.17 

632 


Est 

P/E 

Ratio 

(Net) 

Corp. 

ftxSM, 


857 

8.12 

7.96 

1058 

754 

7.72 
833 

857 

9.91 

8.44 

731 

8.63 

933 

9.72 
9.40 
737 

1033 

6.85 

739 

13.45 

736 

530 

651 

859 

850 

1L9S 

655 

8.73 
8.02 


Fri, 

Sept. 

30 


Index 

No. 


Tbunt,, 

SepC-1 

28 


Index 


No. 


20.92 

20955 

38507 

552.73 

370.02 

19152 

17158 

223.49 

26235 

18358 

127.48 


21433 

226.95 

27659 

26329 

2U56 


22731 

38553 

M4J6 

202.40 

18432 


242.93 

117.06 

21077 

29455 

28196 

136.44 

425.15 

223.91 


24175 

21173 

39015 

55456 

37253 

19373 

172.92 

21328 

26150 


18412 

327.71 

21352 

226.08 

27732 

2BH 

21250 


22633 

388.90 

244.74 

20143 

18355 

24330 

13653 


21055 

29451 

2KLM 

13654 

427.76 

2W7t 


Wed. 


.Index 

No: 


247.49 

21540 

40854 

555.73 

37884 

395.% 

17689 

21586 

26436 

U459 

22934 

216.44 

22272 

28138 


267.41 

214.48 

230.87 

393.65 

14657 

20360 

18547. 

24459 

22876 

21121 


29751 

28355 
138J1 
43L43 
977 91 


Tue&r 

.Sept 

9B 


Year 

t»i»nnO 


Index 

:Nn.' 


24953 

■yuiA 

.409.99 

5033 


3MJ0 

19731 

176.74 

21737 

26599 

18354 

J3LZI 

21838 

23138 


286.48 

27L46 

21333 


22934 

39672 

14755 

20655 

18535 

24895 

11952 

21357 

29893 

28256 

13849 

43633 

22842 


Index . 

No, 


21957 

28S46-- 1 
34i ir:-;- 
03535 " ' 
ffll : ! 
13811' v.: : 
16453^- 

2PW:;’V 

Jftss . . :} 

ms 

-1245S-. 


20915 

ZI71S 

246* 

255.47 

ZH51 

22143 

3sza. ; ; 

H8J6.i 

20232'* 

17750.: 

23459.’ 

20830 




-05 


-05 




-05 


-LO 

-0.9 

+05 

-15 

-13 

-15 

-0.7 

-0.9 

+L1 


— L2 
- 0.6 


- 0.6 


j 

1533 


25.93 

15.63 

13.85 

3.40 

23.03 


313 

16.48 

1532 


1.01 


534 


5.96 

650 

8.49 

559 

7.13 

754 

455 

5.95 

2.98 

7.62 


456 

6.65 

7.18 


5.48 


750 


850 


5.79 

8.44 

1033 

5059 

5.62 


31.94 

739 

8.19 


502.69 


25849 


164.63 

18L89- 

20333 

15535 

133.03 

32237 

346.47 

8256 

25756 

10844 


22532 

107.76 

32801 


22835 


50415 


25034 


16432 

182.92 

20357 

15333 


13L66 

32233 

34531 

8238 

25639 

10868 


227.16 

107.44 

319.98 


22866 


505.10 


25334 


16538 

18188 

20435 

15731 

13638 


124 J8 
34873 
83.67 
259.02 
10953 


229.86 

10939 

32728 


23158 


sm& 


25534 


16832 

18632 


20837 

15814 

13876 

12631 

34142 

8432 

26237 

11834 


229.03 

10814 

32679 


23235 


B8»rv7^. 

5nw v :-^,: 

Z&St-y . 

^ ' ;« 

2 

vast *-**., "• 

196Jff >:• 

W93r:^' 

18936>;-J|, ■ 

15176 

35938'AS . 

ttl .. 
WEfftv 

23B» 'p: ■ 
mM. • 


2BB56 

10073 


22685 


FIXED INTEREST PRICE INDICES 


Br 

itish Government 

Mon.. 

Oct. 

• 3 

Day'>i 

change 

% 

xd adj. 
To-day 

xd adj. 

1378 
lo date 

1 


104.45 

-020 


706 

2 

5-15yeois 

11405 

-035 


701 

3 

Over 15 years 

11951 

-039 


1023 

4 

Irredeemables 

12667 

-0.43 


9.02 

5 


11212 

-031 

■ 

<36 


FIXE D IN TEREST 
YIELDS 

Hr. Govt- Av. Gross Red. 


S years 

Coupons 15 years 

25 years 


Medium 

Coupons 


5 years ;.. 

15 years 

25 years....'....!. 


High 5 year; 

Coupons 15 years 

25 years 


Irredeemables. 


Man.. 

OcL 

2 


938 

1L05 

1L92 


1205 

1258 

1258 


1206 

3234 

1298 


3L74 


Fri- 

Sept. 

SO.' 


9.03 

1L00 

1136 


1195 

1273 

1223 


1L93 

1278 

1293 


1L68 


Year 

ago 

t&pproxJ 


5J1 

aM 

880 

976 

Vp_ 


9.08 

1030 


878 




MiiiiiIhV 

. «)c L 2. 



IT r»t. 

dvirt. 

! av 

Tni^. 

>rrn. 

| M'S)! {rridny 

1 Snu. [ Sri*, 
a 1 3 

f iulri 

,\n. 

YWiC 

an 


15 

20-yr, Red. Deb & Loans (15) 

57.7) 

112.87 

57.70 

67.70 

57.56 

57.57 

’ 67.54 I' 5T.57 

16 

Investment Trust Prefs. (15) 

51.37 

15.86 

51.37 ' 

51.37 

51.71 

51.71 

51.71! 51,06 

17 

Cuml, and Indl. Prefs. (20) 

71.34 

13.08 

71.47 

.7L38 

71.48 

71.45 

l 

71,54 j 71.3& 


Tbiiw.J Ycer..^;.. 
derc C .. 

21 .mrprt*)- .• 


S734j 62.61 

6L06 j 56.41 ^ 
11.39 J *79.55. A n 


tunes, a net or uie cbbuIumiu b avaflabio'rMm *SoPa£lSJJ^/lw, B ^M^!!iS|f ,, 22L ““Waaro nnMIctad in S 
Landoa. EDM* 4 BY, price Dp, by post 22p. PM"*bw* tin Flnaadat Ttaici, Brackoa Hetau. Camum 


IP Satar - 
BOBo Simd, 

- 


r.v nr., w*. 


I -y 'rr^3 








































































37 



. Tuesday October 3.’#S,; 




s.^-i - 


UNIT TRUSTS 


I 





OFFSHORE AND 
OVERSEAS FUNDS 


i 


Abbey Unit Tsl. IHncrfi Urf . 

■TsmGBtBjiwiwRd, Ajrie^u^- ' Framliagloa I n it MgL Xld. Ifl) 

Abbey Capitol 1 35.1 ."f 6 **? !”. Ireland Yarfi&.MB&DH.' 0li'4SCT7l 


Afebay Income Un 6 

Aite? lno.Trt. Fd,. 3&i 
Abbey Cen.Tst.._ 47.0 
ggnlijn -JfnsL Tot w.7 


39=h 


W 5 
500 
725 


-04 
-0 5 
-O.b 


a. in 
S.Bo 
414 


'Anv'r!e;iii, 


Allied Hambre Grouu* 

■R^ewraaras* 

Balanced wunit. 


CiipitaJ Tm. ._•. __.. 
„ „ InromeTj—. 

4.15 int tlroirth Fd 

393 Da. Accum _ . 


\ SU 



1U 

3.32 

6J1 

2.14 

214 


Allied 

Erl Linds. Fca.1 
Gnh-t Inc.. 


67.9 

65.6 

38.8 


72.71 -0.6[ 
702 -0 A 
£-5 -0.7 
385 -0.4 
78 0e -io 
117.7 -0.7 
133.9 -X2 


557 


Friends’ Prm-dL Unit Tr.’ Mgrs.* 

Fi\tuni End, Dorfemj*. 0306 0O5fr| 

Frte ndi; Prov. Uu_ |45 2- ' -05j 

Ho-Acu-uju. (38.9. 02.41-0.6] 


357 

3.97 


s.e 


A CT lVl . 


&v'- 

*-V . k .. 
.ii-'V*. . ... 

■•ted..,- I- . 

tt -{- . 


Elect & Tnd. Dev Ws 

Allied Capital nt 

■i Hambro Fond ii0 O 

BunbroAcc.Fd._i 1251 
bmw Fond* 

High Yield Fd— _ 1737 

5 KSsr== 8 : 

. lMnHiaal Final. 

TnvmaUonai 77* 

Pacific Fund 

fK 1 .® America It SS5 
s USA.E»em m *__ gj 

1 Specialist Fund; 
Smallerco.-,Fd._|4(La 
gidSmlr roiKil Sc 

vtess:.^ .*93 


537 G.T. jUoit Managers Uif 
5.06 18. Finsbury circus EGL517DD v . 01028813] 


459 

951 

409 

454 


G.T. r*p. roe.; ..no. 9 

Do act 1999 

G.T. Inc. Fd. Un. 1648 

C.T.US. fiiGeii ... . 1409 
U.T. Jcpnn Sc Gen— 922 


78.W-04I 775 ♦Gl.PetmlSx Fd. 1931- 3»| 

728S -Q.4I 4.60 G.T Int i EW„_, 1455 ®5f 

432| -oi| 6.94 C T.FoflrydsFd.-pJ. b2A 


iSi m zz 

■«=;, 

9TA« 

J5M 


350 
350 
820 
220 
oeo 
350 

160 

624] l 7.00 

29 3f -02| 2J2 G. & A. Trust (aKg).,.. 

51 « -O') 1.93 5. Raylc^hFU- Brentwood ■ r0277122T3O0| 

i;« G * A -~~ — !.«• 

Gartnore Fund Managers V (aXg> 

427 3. SL Mary , ud. EC3.V8BP. : 01-283353] 


43_3j -0 1) 
32 In -01 
1055 -09 
4513-05 


4 57 njATO-rlciinTsV — 
JS SribshTrt tAcal- 

5 02 Commodity Shore - 

451 Extra Income Tst 

4*8 (riFarfian Trust — 


020 

321 

323 

846 

052 

849 

6.14 

320 

533 

0.87 



-•'313 40 M 
63.9 -0.8 
6 - 1763 -1-2 
i 275 -0.2j 

— -.-m— « «.n=i,-u^ 4 68 triFar East Trust— (392 1. *«3* -Ojj 

"• s : **"» v.11 (Men ua. iSSgVS** dfe - ST 

asss.?±igsr fis«=5ViL-B? • «s «* 

.... - ■ 1 475 UJlBiLTBUiAceJ— P5.7 . .-3Ml— --I 

•: i Noblest ‘ C °' ( M. d ' , Gibbs (Antony) Unit TSt Bigs. Ltd. 

.VInc.MonUilyFund.|175 'K5I «^t oaf 3,TVeder1tk’sFl.,oldJewiy 1 BCZ • 01-98411l| 

' . ^ ** , ' a ’ luiAU Income* —JOLT. : *7.M-1-3i f-M 

Arbathnot Securities Ltd. faHe) ■S£*T? w t — (&-£ 'IS i 

37. Queen St London EC4R 1BY 01-038 5281. ' tt» 

117 61 —0.8 
' -SS2 -04 
631 -0.4 

gj" 0 - 5 

40 a +6j 
226 -06 

68.7 -0.1 

98a -0.1 
Ml -0.1 

196d 

«2.7 — OJ 
50.1 -03 

33.8 -0.4 
465 -05 
3tC —0.4 

29.7a -02 
22.7ml -OJ 
1053 
33*| 


turaliwMe Fd 1093 
High Inc. Fond 420 

• Aix urn. Units) ... , SB 6 
'■-.W Wdwlfuis., B.9 

-jT^wenee Fuiul. . 24.4 
■-£ r- (Accum. Unitsj_.^_, 37.9 
'-apital Fund 216 

Commodity Fund _ UA 
l Accum. Unit»l___ 91.9 

. '*■*?? <■ yplfcWidrwl.U.l 55.8 

‘/jit ■ Fin.tFrop.Fd 182 

• n ■ Giants Fund M3 

• 7 't Accum. Unitsl 963 

Growth Fund. ‘ m. w 

V. - Unitsi 02 

■ .•wnallerCo'sPd.^. 283 
: -T - ‘ * UiU. Fd. . 276 

.. '■-'■te^W'dneLuta.) 21.1 

• 97.9 

JW. Amer. * Jut Faj3l2 


1062 _ 

90a Govett (Johulf ' 

T7. London Wu] l.KCa 

jiS S-hlr.Sept.22 D47.6 

^2 Do- Accum. Unit ... [177.4 


<n-«8BS8S»| 
I L85 

. __4 LB5 

Next dealing ctay'Oct. 6. 

4 Grleveson Management Cot Ltd. 

4.78 58 Gresham SU.EC2P2DS. . . 01-40649231 


2-8S BarrinBUmSept27. 

2-= lAecum. Units' 

2- 52 BtngJLVd SeptSS. 
263 lArcom. Umts.i— ... 
2g Endeav.Sept.aS. 

3- 91 (Accum. Units 1 

U29 Grochstr Sept. 38 
IS {Accum. Units)—. 
1-55 L11 ftBrsis. Sept! 
1-00 (Accum. Units) 


0239 

'^ZS43 

MtI- 

2458 



1863 


npiu 

22X7 

_ 93P 2 



343.2 

||aW 

241ft 

25X4 


97.7 

• 1019 

mmm— 

101.4- 

305.7 


728 •' 

*■ -7t_2 


ism 

km 



■4.43 

443 

7.47 

747 

241 

241 

300 

3.00 

3.89 

3JH 


^WIONS 


!i nit ^ ■fet Md.v (aKe) Guardian Royal E£ Unit Mgrs. Ltd.1 

• ~ IV- t . 8 ° 01-831 am Royal Ecduuue. EC3P2DhL . .V0I-4C8801J 

TTnimra ■ *a '4 m u . Henderson AdmiHslration^ (aXcNg) 

Do. AueL acc. 784 

'!*)• AuslIbc 6LB 

Do. Capital 6SJ 

Do. Exem pt Tsl -... 1M.7 
Do. Extra Income . 3* i 
Do. Fin&odal 62.7 

Do 500 782 

Do General E 7 

Do. Growth Acc 428 

-.Uo. Income Tat. 88 8 

■Do Pr f . A'ua. Tst 147.7 


» 

S-, 

ft. . 

Jt". 


i.- ■ 

Sb— - 

a ; .;. 

I.. > 


k 

t 

* ■ ’ 

K.\ 

p-'-- 
■ ■ 

#.. 7 


Ev 


1195 
30.9 
67.8 

M4i3 

463 
9s3 

Prices aVSeptT US', six t subdi. 

JS| 

jDo-WTidjrideTst.. 515 55.7I 

Bl4t,InJFdliie— .__|&6.0 asqi 

Do. Accum. 1755 TO2| 



..Baring Brothers <81 Co. Ltd* (aJKx) 

*8. LeadooballSt,E.C3. ' 01-6882830 Japan E*empC__ 

Next sub. day October it. 


H? U.K. Funds 

1'“ caboeRecovery , 

1-15 Cap. Growth Inc— .(473 
■■ Cap. Growth Arc.— [48.9 
Income ft Assets _ [34.7 

Mgk 

SS ggfeu, 

Seaer Ftua far 
Financial & ITU 
Oil A Nat. Res 
Intents iteaa) 

Cabot. 

International 

202 Wld.'WWeOcL2. 

481 o ww Fmuh 

4jn Australian KLZ 

Kuropean '-'KJ 

NAm...__' —.[40.7. ‘ 


Cabot Am. Sm. —[553 



Minster Fund Managers Lid. Provincial Life tnr. Co. Ltd.¥ Save & Prospsr continued 

?! , n F ! ?r fI Stt -'Wh U rsi .BC4. 0)6231050 S2Z.Blivbapigaie.Et'2. 0MM7C533 Scot bits Securities Lid* 


Uiiru.rOcl.2 

Eaempt Sept ap, 


—...pa 5 
.... [U31 


550 

5.48 


Pmlltic Units— {885 

HlKh Income ]l239 


948)4-0 7) 

132.71 


Scolhilc— 

Semyleld. — 

PrudL Portfolio Mngn. LhLV laifbMe) 

noltmrfl Bar*. EClN 2SI 1 
.Fnidentlol _ll333 


4051 -1 41 

107.11 .. ..| 

ML.^ Unit Trust Mgemnt, Ltd. 

Dirt Queen Kirect.SWIHWG. 0I-83073SL 

MUtUniU |48.1 50 6] . .. | 356 

Murray Johnstone U.T. MgnLV (a/ • 

I1K1 Hope Si reet, Ula^ow, G2 SUH 04l Kl5S2t Qullttf MRIUIgeRWBt Co. LltL¥ 

MJ Eurepeuu 182.7 88 1| J 

Dealme Day Friday. _ 

Mutual Unit Trust Managers^ (aXg) Quadrant Income... JlH5 

15. CopihaU Ave, SC3R 7BU. 

Mujqjj Koc 29u*...,|n 0 55 


313 

7.08 


[380 
535 
59.2 
264 0 


403 

702 

450 

2.13 


40 si -a j 
57 £ni -3.4: 

Mil -05 

, . 27a 51 

Scot Ex.ihd.^0 — JI321 189 7nfl , ... 

14151 I 421 ' , ‘ nCv ‘ s al ** pL — 1 ' Nevl 4Ub “W *>CL 11. 

SehlesiugM' Tni s i Mngrs. Lid. (axz) 
140. Sooth Street, Dorhinc. <U3uGi6»ui 


Target Tst, Mgrs. (Scotland) UXb) I Ale*ander Fund 
19. Athol Cncwent, Edin.3. • 03 1-229 8821 IS ! 87. rue Noire Dame. Luxe mbourc. 
Taipei Amcr.EssIcS? 4 2951 -0.1] S.75 

Tarpet ThiHle 41 9 45 M -0.41 5.45 

Extra income Fd -pO.O 645^ -02] 9.98 


Alexander Fund.— 1 SUK7JZ5 | .....] — 
Net asset value September 27. 


Keyeelex Magi., Jersey Ltd. 
P0Boa88 l SLHe]<cr.Jrraey..iEnc oi-ooe 70701 
Fonselex,. 


7.04 Trades Union Unit Tst. Managers* 

IOO. Wood SI reei, E.C £ 

TUUTOcl.2 |5U2 


fiendsclev 

Key&elex Japan .. . 
CeuLAneuCap 


Fral371 IM +90 2.7 

RrJlAB 1M« ~ 

U4.M — | . . — 

5137.12 l+OJOl — 


2.46 The St It Exchange. ECZN tHF. 01-0004177 Am. Exempt- <|22.9 

i38i7{ 


Quadrant uon. Fd. .ttl3l 117.9] _....] «1 Am. flnwrt?i-.— -120.7 


JBTlh ItM.i 

rH, K hnd-.pB 
i Mtt Ldrv. [265 
nc.Tst. [30.7 


7.61 Exempt HiKbVM- 
Exempt Mfct ~ 

oi-8p648oa Reliance Unit Wgrs. Lid.y 

Reliance Hw. 1 TBqbridBoWdl!i.Kt. 088222271 [Sf mfwdrWt.-.: 

SBSRKlidBJ 33 5SKS&:- 

SetfordeT. Int— ..J44.9 485) -Oiq 524 Mnrlrn Loaders — 

31.M Andrew Square. EdUtburph 9151 Ridgefield Management Ltd. Frvd*GUt’riust-.. c 

Income Scpj. 20 — (1586 ' 1748) I 538 38JIO. Kennedy SL, Baariumter 0SI 236E521 FropenySh^esH.™ W5 

?U-5 225-«| S38 RJdpeneid InLUT.hOSO H0.« ] 258 f. l ? e, f? r fi L S 


Mutual Inr.Txt 1' 
Mutual Blue Chip. 

Mutual HtchXlJ 


1 77- 

17 47.1 

. '.9 645* 

National and Commercial 


£4 id 
31.3 
29J 
28 2 
33 0 
«2 
320 
549 

29 t 
326 
31 S 

Z4 ld| 

30 6 . 
3334 -02 


24 1 
21 


- 0.1 
-0J| 
-0 1, 
+i.rt 


-a 1 
-M 
-pi 


-02 


-or 

-0.1 


302 

Z.C2 

739 
4 09 
899 
9.42 

199 

405 

4.19 


Transatlantic and Gen. Secs. Co* 

91-99 New Lundon Rd. 

Rarhlean Kept. 28... 

(Accum. Unit* 1 - .. 

Barb^spi. 5cm-27. 


Alien Harvey & Ross Inv. Mgt (CJ.i 

nifxmi il.CharineCnw.SL Helier.Jsj'.C.L 0034-73741 
uijju 8 ?*! lAHRGiBBdBJra-lSiDn* U03| I 1258 King & Sbaxson Mgrs. 

SH Jm -u.B( I ! Chorine Cross. S l HHler. JerRey.iiB34i7374I 

Valley Use. St. Peter Port. Grnyy. (0481 1 24700 


(Arbathnot Securities (CJ.) Limited 


1239 

1.99 

223 

492 

492 


BnrbJispV SeuL27.pO 9 

Uurkm. S<*pt. 28— |B4* 

1 Accum. Uni Li 1 

Colmo Sept 20 ...~. 

1. Accum. Li m tii. 

Cumbld. SepUT 

Unit 11 


National Provident Inv. Muetb. Ltd.» R»ih«*»Ud Asset Management (gl j, Henry Schroder Wagg « Co. LULV 

AD _ — _ Rolahmiw ffJ idii4Kim' ffiAAHAd! - rw-. m Pn*» c. 


48, Gracechurch gL EC3P3HH 

N.PJ.Gth Un.Tst (494 52.1 

lArCUm. UnltSP 603 ( 

NPI D-aeaw. Trust ... 133.7 141 
lAxeora.Unltri"«._.Ji43.6 151L 
7iW cr * 0,1 28 N «« dealiiv'Oet 3ft 

Hnces on RepL. 8 Next dcalmj; Sept. 20. 

National Westminster* (a) 

t? 1 - Chropndo. EC2V 8EU. 01-808 8060. 



2-80. Gate bouae Rd„ Ayl os burs'. 0296 5M1 ]jD rbeopsldc. E.CZ 

N.C. Equity Fund- 1 J7L9 — " 

N.C. EiigpJlK.'ra. D4.7 


NX Income Fund. .052.8 162.6 

H.C. IntL FA ilnc.®3 94.0 

N.e. Inti. Fd. IAN.mt 9S5 

N.C. Smllr Coys Fd l573 1675a) 


182.M-15J 

122.0m -04 


s 


329 CsplulSopl.2fi JllftS 

IS. BgS-te£5=:feS 


156 General Sopt- 37—. 
4.71 (Accum. UbMsi— . — 
Europe Sept 21 — 


Bothscfaifd & Lowndes MgmL (a) lAcruia Units' p£ fl 


■-apilul rAccum. 1 1666 

Extra Inc W)2 

Flnnoc'al 34 \ 

Growth lur I79 

income J6S 

Portfolio Imr. Fd— . 71.4 
1-nlrerxnl Fdidi.... 59.0 


7151 -0.71 
7A« -0.4 
36.6 -0.4 
945 -09 
395a -0.4 
7b./ -08 
634 +04 


St Switii ins Lane, Ldiu EC4. 


01-8384356 ■Pu&CtmMSsp^ 6 - 


42S Now CL Exempt. ,.|£133.C 1410«d J 345 Ss 2 

759 Prices on September JS. Next dealing October "newtST-WP*- 1- z 


90 6 

1133 

133-' 


1G0.6 


114 5, 
133.4| 
209.1 
3:0 6 
M5 
218.6 
55 4 
371 
2861 
2958 
221 Si 


(Accum. Un, 

Glen-ScptM 

(Acc dm. Umtsi.— 
Marlboro Sept. 26. 

(A’.L-Um. UqjLiI 

Vnn.GwU1.Sept.D6.. 

i.Xccum. UnlUi 

Van'HySepi 28 — 
01-2403434 Vane Tee Sept 27. 
( Accum. UnlU.j 
WieltT Sent 2B_ 
LArcuiii. Units'. 


551 

550 


16 


For tu-x exempt fund., only 


229 

229 

681 

681 

353 

353 


Do. Accum.... 


[796 

83.9 


1223 

1301, 


90.9 

93§ 


B4« 

883 


1043 

1096 

iHM1 

1303 

1380 


160.7 

1703 

■ ■■*-• 

558 

586 


604 

642 


57.7 

hi3 


74.2 

71.7 

t|(|| , 

539 

566 



630 

65.1 


52.2 

5S.0 


649 

604 

mmmmmm 

75 2 

798 



46.1 

48.6a 


(U 

508 


633 

678 


760 

884 


69.9 

74.6 


00.1 

85.4 

-.... 


J ‘Owmas Street, Douclas.LO.M. . i06W.«« 
0534 721 1. Gill Fund (Jersey).. & 14 91^ | U00 


Klein wort Benson Limited 

20. Fcnchuich Si.. EC3 


IS Tyndall Managers Ltd,* 


2il 

4.12 18. Cnnvnge Road. BriuoL 


Cholanfortl 0B45 51 851 P.O. Box 284. St He! ier. Jersey. 

5x1 Cap. Tsl. 1 Jersey)— ]U8 0 122.CJ | 420 Gill Trust ilojl’i— [103 6 

531 Next dcnllpd date October 10. Gilt Fnd. Gucniscm9J21 

in oca s. 1 ] “ 

E mdmn^C 5rJ l« Mf ^_...„J 3.07 5fi5fiSC5=|Ml 

538 

730 Australian Selection Fund NV 

Ira Market Opportunities, cfa Irish Young «t 
4U Ombwaile. 127, Kent St. Sydnej-. 

3j? USilSbnros — — | . SUSO.64 J -...J - 
9 y? Not asset value September 8- 

|j2 KB Far East Fd. 

7» Bank ■* America International SJL 
Z!£ 35 Boulevard Raya L Luxembourg G.D. K.H. LuS. G*lb Fd.. 

tea Wldinvest Income _ KIM14JS Ukil) j 7.42 SI«n« Bermuda — 

470 Prices at Sept. 28. Next sub. dole Oct- 4. 

4.70 

7-|7 | Basque Bruxelles Lambert 

2, Rue De la Recence B lOOu Brussels 
Renta Fund LF [1.931 1.991] +1] 




01-623 (WOO 


Eurimest Lux. F. 

Guernsey Ine 

Do. Accum. 


■KB act as Londi 


+m 


. un , 

t9 0 734 

^5.1 . 90.« — 

SU 51432 

SUP 12.42 

SUS4L61 
5U 519.15 

. JUS5J9 , 

Uni/ondstDMi.... 120.155 2U0l 


+aiu 


on paying aeonta only. 


2.96 
418 
4J8 
139 
IB 
0.62 
060 
1.73 
8 06 


7.97 


7.70 


344 
3. 89 


Income SepL 27 

tAccnm. Unlbi 

capital SepL 27.1 


&.« Rowan Unit Trust Mngt. Ltd.* {a) 

545 FlnchiirrSa.. S5T* niJUM'IU 


Scottish Equitable Fnd. Mgrs. Ltd.* lArrum-Umist- — 
SB Sl .A ndrews fiq-# Edinburgh mi^BBBlut 5«u«LlfmlM-Z! 


NEL Trust Managers Ltd.* IftKg) PeniritieaficpLaB' 

Milion Court. DorU nc, .Surrey. 5611 Mifih)^d.SepL2P 

SS»«ar isrM U^l ™ 

Norwich Union insurance Group (b) 

P O. Box 4. Norwich. NR13NG. 080322200 

Group Tst. Fd. 1369 0 388.4) -2.01 5 08 

Pearl Trnst Managers Ltd. <aMg)fii 
Hleh Hoi born. WC1V7ZB 01-4058441 
453 


703 

73 f _ 

1B85 

390.5a .. 

57 1 

60.3 „ 

M3 

84 6 _ 

85.4 

89.7 .. 

105.4 

210.7 .. 


r Accum. Units) 

Merlin SepL 27. 

(Accum. Umtsi 

Royal Tsl Can. Fd. Mgrs. lid. 

54, Jermyn Street. S.W.L 01 

Capital Pd. [69.4 7X21 ._...| 

Income Fd. ,...{713 _ _ 752] 


3.92 


nits P5-8 56.1 .. 

nits 67 ° 64 o| .. 

Dealing du? Wednesdsy. 


500 

5.00 


Int. Earn Sept.27... 
1 Accum. Umlii. 
Fret Sept.27—, 


IMS 
193 8 
US 2 
190 4 
U50 
1632 

255.4 
290 0 

104.4 
1292 


Barclays Unicorn Int (Ch. Is.) Ltd. 

l.ChiniirQuu.SL Heller, Jriy 093473741 

Overseas income _. |47 .0 _ 495) [ 12.10 Lloyds Bnnfc IntL Geneva. 

350" 


027232241 
130J2) .....J 7.93 
203 6 7.91 

342.0 ..... 4.01 

206.0 4.D9 

1200 7A7 

I7L4 7.67 

2682* ..... 4.91 

1103 7“ 1225 j Barclays Unicorn InL (L 0. Man) Ltd. „ . r _ 

337.0] ._... 1225 1 1 Thomas SL DougLas. LoJUL 06244858 ® * y <J, ™ B P 


Lloyds Bk. l C. 1 . > U/T Mgrs. 

Pu. Box IBS, St. Helier, Jersey. 053427381 

Lloyds T sLO'iMl2s...|63.1 66.44) 4 067 

Next dealing date October 16. 


— fcSyL ^3 1 1. Place Bel A>r P.O. Bo* 438 1211 Geneve IL 


rv • - ‘■'w 

Sebat-ppi»lFd..gSl 5j.7rf 

Sebas Income Fd.„|321 3361^ 


Scot. Cap. Sept. 
CAccubl Units' 


9 


...2 

1482 

176.4 


356 

745 


Peart Inc— 


Q4B 

26.71 

29.4 

3X7 

342 

36.B 

370 

398 

478 

513 


Pelican Units Admin. Ltd. (gHx) 

81 Fountains*. .Manchester M143S588S 

Pelican Uni la |*L3 . 97.0f-r0.1] 4.82 

Perpetual Unit Trust Mngmt* (a) 

48 Han Sl, Henley on Thanes 048126868 liniv. Growth 

P’petualGp.GUi. — (452 4*5) | 303 Increasing Ii 

Piccadilly Unit Trust (aMh) 

Antony GHihe fall Ttuss Haufoti Ltd. 


Prices at Sept. 16 Next dealing Sept. 2b. 
Ja Save & Prosper Group 
6.92 4. Gnat SL Helens. London EC3P 3EP 
68-72 Queen Sl. Edinburgh EH2 4 NX 
Dealings to: 01-554 8889 or 031 226 7351 

Save * Prosper Securities Ltd.* 
Imeraarietul Fund* 

Capitol 
W®. 


. 336d] | 829 

Security Selection Ltd. . 

16-19, LlncolDB Inn Fields, WC2. C>i-G310938O Cjpiul Growth .-1839 

UnrlGUiTht Acc — 124 9 265) ( 125 Do Accum 87.7 

UnvlGthTMlne— lli.« 23. l[ .) 223 Extra Ine. Growth- 412 

Stewart Unit Tst. Managers Ltd. (a> ffigSSwnSZ: 5i 

031-2283271 Do. Accrue 203 


484 

484 


45. Charlotte Sq .Eduibuigh. 

tstewan AmeritM Find 
- Stand ard Unit* - — W 8 71 41 -0J| 138 

Accum. Unit* — — [72.B 76.9] -0^ — 

Withdrawal Units . [S3 4 57.01 -02] — 

“Stewart British Cniui Fund 

Standard 1416 1540 J 420 

Accum. Units ——Jl64 8 179 ij j 4.10 

Dealing iTues. & Fa. -Wed, 


High Inc. Priority— 66.9 
International—. 3®.? 
Special Sits. P4.7 


•31 US 1 tea Unicom AusLExL. 157 A 

179.81 ] 8.68 Do. Au*. Mux. 38 8 

155N 528 Do. Grtr. Pocllle 70.6 

US* -....] 5.18 Do. Inti. Income— 39 4 
M-. WU. Db.l. of ManTrt.— 458 
Br7?3ZBU Do. Manx Mutual-. 263 


93.81 


21.7) -0.: 
71.9 


5.73 


61.71 . 
418 . 

76a , 

42.9a 

493 

28.6* 


liO Three Qu ays. Tower Hill EC3RSBQ.01-«»4S88 


140 

840 

8.90 

1.40 


Atlantic SepL 28_ 
Au*.Ex.SepL27 — 
CldJjtA«SepC7- 
Island 

I Accum Umtsi 


KIIS3J5 

5US267 iJU I — . 

nsun 12JH - 

134 3 144JS -0 J| 9322 

193.7 2I»J4 -o3 9322 


9zi Bishops grate Commodity Ser. Ltd. 

’■g P.O. Boa. 4S, Dougin*. Lo-U. 

2m AfLMAC “SepL 4 KUS27J6 

-aid 7M CANRHO-Sejn 4-P-065 1. 

ZStI j in COUNT "Seta. 4_. E2.4(J2 3 

lira sis Original^ issued at *510 


Samuel Montagu Ids. Agts. 

O®**- 2 * 9 '! 114, Old Broad Sl. E C2. 

Apollo Fd. SepL 27. [SF 4080 
JapfestSepL 15 


3- Frederick 1 * Piece, Old Jewry. EC2R BHD. 

OI-538 4111 


Fund 

High-Yield )542 

High loceme Funds 
High Return— —1687 
Income — — — — (42.7 


! 0-7] z.17 gQQ Alliance Fund Mugt. Ltd. 


(blTSB Geo oral (466 

1 bi Do. Accum— — »0.0 

— 1 . . Sun Alliance Hse. Horsham. 040364141 !£{ S B a5S?5® — El 

BUjaad IS 

7381 -04i 7.9S Target Tst. Magrs. Ui* taHO 1 


TSB Unit TruEts (y) Bridge Management Ltd. 

2LChantry Way Andover. Hants. 02M82188 PO - Box OOB - Grand Cayman. Coynun Lb. 

Den lines to OSH 63433-3 NT>a»hl Sep t . 1 ) Y17821 | 4 — 



45.1 


149 


945 


49.9 -05 
642 -06 
665 -02 
693 -03 

93.9 -0.4 
1006 -05 


3 79 G.P.O. Box 580. Hong K« 
sin NippinJUSepL27. 12132 


Kong 


7.85 


2228) I 0.77 


053473114 


Extra Income— 1303 

Small Co’s Fd. M3.0 

Capital Fund 

Int Eras. 4 Assets. 
Private Fund 


964 

97.6 

36.7 


•• 1663] -3 6) 
A0.7 -02 
8&X +02 
- -J25 .-05 
962n -L2 
. 292 -09 
56- 7a -05 
33LS 


1535 

286 

229 

4.721 

5.031 

739 

5291 

7.90 


Bishupsgate Progressive MgnK. Co* BUI Samuel Unit TgL Mgrs-t (a) 
3.Bisbopsgate.BLC2. 01-5888280 4S Beech SL.EC3P2Ut V . 01-6288011 

B , BntePr**SepL28-Mifc2 2096! I 325 (b) British Trust USA 

Acc. Uta*-SepL36_ B33.7 24>S _ I 3,25 IgllntT Trust Sfl 

B~gateItiLSepLl8*-M92 2013] "1 188 (*> Dollar Tnufl — ^ 187. 

..Accum.) SepL 19* _ (209.9 -mil I l^a IWCapltal Trust — 303 

Next sub. day *Oet 8 —OcL lfl! (biFtnancialTruaL 89.9 

_ . . _ - fb) Income Tru* Z78 

Bndge Fuad Managers* faMc) 

046, Regia House. King William St- EC4R <WH«h5MdTai_K3 

aAR - laid L* (ate) 

6091 "J 587 IS. Christopher Street £,<^2. : .. 01-24772431 
2B, Intel Inv. Fund (915 ; '«LSf . ....] 6-20 

536 Hey Fond Managers LtdLfrXgJ 

Is 25,WlkSt,S5C2Va.*S. -OieOBTOTOj 

Sa£t K» EnerxyliLFd.- W13 K« -66j 324 

^ Key Om. ., U2J 76.* -0.5 4.63 

*KeyEx«nptFd._p788 189 J 527 

Key tncoum Fund— (89.9 - 903] -81 9.19 

Kiey Fixed InL Fd. . G9.1 62W . - 12.64 

KnySnuDCo%Fd-IlU2 m3 -0.4 5.63 


American k On4_t255 

Income* 56.0 

Tapital Iac.T^_ 40.6 

448 
1508 
mi- 
ll.? 


Do. Aec.t 

Eicjnptt 

InierntL Inc.T- 
Do. Arc 7 — 


f- 


—Dealing Tne^tWod tTbura. Prices 
19O0SL 


Britannia Trust Management (aKg) 

1 London Wall Buildings. London Wall. 
London EC2M SQL 01-838 047BM79 



1 


Tomxn Ittad - 

603 

Domestic. 

auxempL— . ; 






snretli-,. — 

85.9 

nfl Growth-, — „ 

I! 

Mnernlq- — — — 
_JoL High tac 


iorth American—. 

29.6^ 

•roperty Shares — 


-tatuxChaaen i 

JnltEnorgj-- 

M3 


828 -0.41 
- QI -0.4 
64.9 -0.4 
895 -0.7 
43.4 -0.5 
727,4 -15 
438 -02 
24.7b -0.4 
785 -0.7 
1053 -16 
92* -49 
813] -OJ 
711 -0J 
SJ —05 
424B -0.7 
8864 -0.7 
40J -04 
3U -03 
5640 -20 
117B —02 
589a -0.7 
36Jx -02 
■36.9 ..... 


4AI Klein wort Bensun Unit Managers* 
ib3 50. Fenctmnrb SL^KCH. fli-623 flood 


KBUftitFd.lnc.^ r 

4JCB. UnitFtLAc_._[ 

t£ KJLFd.£av.Tl5U_.£ 
895 F^BJ'dJn.TStAcc. 

2 9} KBSmlrCo'xFdnii c_ 
434 KB. Sm. Co* I'd Acc. 1 
7 77 High I'M. W. Inti- f 
3.74, HlChYid.Fd.Act..| 


97. 51 537 

123.4 . ■: 537 
642 +B3 435 
1 652 48.4 1.435 
528 599 

526 sjn 

503 4..^ '*08 _ 

5fl.7l-.j3 80a[ 

239 L & d Unit Trnst; Mauagemriit Ltd.* 
368 The Stock Echongn. EC2N iHR 01-588 2aoo 


5^ L*ClpU-& Gen Fa ; [1063 J 

J-S5 tOWBon Sees. Ud.* «»Kc) 

37, Queen's St-. London iSC4B!BY. 01-2365281 


rhe British life Office Ltd.* (a) 
lelionce Hse., Tunbridge Wells. Kt 08K 22271 


^.esssassdB- 

2*1 "Growth Fund. ]572 

■SAcctnn. Unite'. 


OAr— -• -’ 


- 1L British Ufa 102 

-3L Balanced*—. — _(S20 


ttGtlt and Warrant OT.4 
lAmerican Fd. - — P4.4 
3<Arcum Unite) 325.4 


546 WBSgf YiewT^^Ks 
"■"I oS -*<Accuin. Unite) — |te2 


43 A 


49-9 b33 


6X7 

681 

425 

263 

274 

49.1 

704 


‘35 


264 

264 

X7H 

050 

053 

1131 

1331 


mt S ; • • r - 

irt.« 

mx 

tt* ' 

wu • ~ 
as u - * 

sax . - J - : 




iL Divide ad* ™_J461 493] .....\ BO* *Mon. Toes. ttWed. SThurs. ”Fn. 

■Prices Sept zfTiiest dealing Oct M. w - ttwed. rraurs. rn. 

. ox.i-(«- £, . ‘ Legal & Genend- Tyndall Fund* 

ea 5 Sjt=iH ea^i ts WteffiiJaF 1 “ 

, KcW™--Sa 36.7rf -0.41 ■ 460, Leonine Admlnialratfam Ltd. 

leeeral M.O 202rf -rOJj 539 5. puVo SL, London WIH 67P. 01-4865891 

AWlb Accum. [W6 | LeeDlst 18|3 893(-05l 4.70 

'» 3253 -03| 9.48 


Growth Income. 
■Uph Income 


ndrx. 


JPX 

MlJt- 

J* » 

TP'S 

3Si& 

37k II 

t*i - 

i!5C 

'ixstt 

ha P 

StV 

3C Tf . 

i >* -* 

■A** 1 

-L~ J/ 

itr -V- 

"JS ^ 


- 


Jversens 

■erfo nuance 

tecovery - 

Ixznpt AugnstlO. 


{on. Gen DUt — 
la. Gen. Accum. 
Po.Iae.Diri- 


Laa Accum.. 


923] -05| 429 


£7} _-o jl 346 Uoyds Bk. UnU Tst Hngrs. Ltd.* (a) 


—031 ™ 

H _ojl 302 Regutrar , *_ J Dept, Ganng-fay-Sea. _ 

-0.9) '435 Worthing, West Sussex. 01-823 !2B8f 

-0^ 654 Balanced 1527 56S -0.41 0.44 

J 455 Do. (Accum. ■ 724 77.81-0* 449 

_ _ , Worldwide GwUl... 55 7 59.3-0 219 

huuda Life Unit Tst Mag**- Ltd.* ihr<Ac«Hn.j /|.i 7s3 -o.d im 

UiHhhSLWimto.He.*. RfirSlffi ^ ^ ' 

5 36flj — 02| 7.41 

Jo. Inc. accucv. — . 1402 476| -03 7.45 Lloyd’s Life Unit Tst. Mngrs. Ltd. 

7200. Gatehouse KtL. Aylesbury. 03085941 
(17X5 180-9] — J 332 


S-S Extra Income— — 165 J 
So. 1 Accum. 1 1713 


1382 


lapel (James) Mngt. Lid.* . 

OOCSd Brood St. EC9N1BQ 01-5888010 KquihrAncum 

SS =±=d K & G Gra ^ 

. Prices on. SepL ao. Next dealing OcL A. 


Throe Quays. Tower Hill. BC3R SBQ. 01826 438B 


See also Stock Excha n ge DeaU 

^-riiol Unit Fd. Mgrs. ,H3a 


.filbunt House, Newcastle^ poa-Tyn e 


Jerlltd. 




M=i- 


361 

361 


AnsDaUdm — 
t Accum. Unllsl- 


T:- 


« -U -J 


7.70 

7.70 


57.1 
583 
792 

nits' 86.5 

Compound Growth UM 


Commodity, 
(Accum. Uni 


Contortion Grcwih[6&7 
CVL-ivenooc Lnc — J70.9 
Dividend —11252 


•to. Accum. Units 

to . HS eb. Yield M6.4 

... Jo. Accum Units _p7.7 60 2} 

. Next dealing date October 4. 

Charities Official Invest. Fd4« 

% -- 7 London WsU, SC2N 1DB. - 01-5881815 ( Accum . Unlts> [2373 

3’ ^SSiSSlItffS = I dL“ ©5fea= I! 

>;•£ .OUnantb. Only «%-l3lable toTteg. Chuntios. 

<; ?er Onrtcrfaeuse Japhet see Jones Finlay p^E^tern 592 

& Jhieftaln Trust Managers Ltd.* laKg) ^jSinv'SmZT W2 


1 New SL EC2M 4TP. 

-S ’linen con te®** 

* . ligb In come W9 

nternatioijalTri— tej»3 

taste R**r«LTB-g6 
" -nan. Growth Tst— 1235 


01-2832632 (AcctmL Unite). 
24.91*0.71 162 General —.—— 
4721-03 821 lAccumUnltSI— 
253-0.’ 293 .High Inceme-..-- 

29.73-03 420 (Aecum. Unite). 
25-3—021 7.41 

TiAft 1*1-; 

(AeetmL U 


. 822 
. 178 2 
. 2773 
. 1103 
.. 1856 

Japan Income JB0.8 

_ (AccU">- lln us) 1823 

1 ::: >nfederatibn- Funds 1 Mgt UWW; ^ K= ^7 

-4) Chancery Lane. WC2A 1HE 0I-M20^ HjdEmd.- M.7 

' -;■> .growth Fund — (462 <85] I 394 (Accum. Units) 3126 

■" Cosmopolitan Find M a n agers. ^munbdbi SJ, 

-iJ ,n Font StraeL London SW1XBEU. »»« JSSStSSS, 

r : . ^SSSfS^RJ S3 - J iJS LgSBsiKgS 

Craxgaount Unit Tst Mgrs. Lid, spectaUsed Foods 
:! v WOFtntorLnne.BSVffia. «-«»«82 jg-—- 
-■' iiShlMome go.? — j _ i^.ribppdgptjS- 


6ll.8a -X0 
623 -10 
B4.4 —06 
922 — D.7 
2252 —03 
712 _... 
75 5B -0.4 
1KB -L0 
2575 —19 
■573 +03 
586 *03. 
953d —05 
1303 -06 
63.7n -0.4 

76.4 -0J 
716 -0.7 

87.5 —0.9 

193.4 -08 

306.9 —L2 
1175 -08 
197.7 -13 
1925 -LI 
194 2 -XI 

233.4 — 0 E 
299 £ -1.0 
2S10 -L4 
3323 -22 

94.7 -0.4 

97.7 -05 

199.4 -L0 

302.9 -15 
3901B -08 

2418 -18 


ar-x* 

X93 
139 
X39 
460 
460 

3.60 
2.93 
7.90 

7.61 
761 
330 
330 
3.04 
864 
237 
237 , 
450] 
450 
-561 
561 
801 
8.01 
222 
222 
3.97 
3.97 
645 
665 
396 
-396, 

4.7B] 
4.78 
■3.91 
3.n 


•t 'torth America o — K 
Hid. Mnl- High Inc.p 


m sa« 

J UW8 

seiffdB il 


147.8. 


-AM 


627 

627 

1390 

7.43 

7.43 

556 


. lAfCU? 

■; vrrscent Unit Tst Mgrs- Ltd. (aKg) BemEx.Ort.2 

rt; 4 Mdriiic tre*. Edinburgh 3. jai-sxfsi MannUfe Management 
-- : ’>e*. Amer. Fd 126 0 - 27-3 +0.1 1_® a. (toorge'B Way. Stevenage. O43S56101. 

JS'o—hw* — f 589 ** 

i • *04 433, -0 5 4.W jj a yg ow ^ r Management Co. Lid. 

wE 3 SS 


JTs V ! ■Olserationary Unit Fund Managers inconH» < s f pL2G...‘-Uii5 

& ■■■ ^asaseSB^ »« " assaatv w 




3ld Jewry, SC£ '. 

3rew. Wrodtratra-. 1 
JLWneh'er O*MieS04 


fl < -fine i 167 30.Gr«hiijnSL.EC2P=BB. 

0! ^ 6 ^ Mem. Con. SepL 2i.®?3 207^ 

7sa 

Acc 'i'tsr&epT Z ? — 81 ^ 


W 8 i 


01^004555] 
358 
358 
242 
L42 
413 
413 


... =-*l * 3 92 SSirirnt s^s ar-fit; 

v' ' SniMa A Dudley Tst- MngmnL Ltd. - ^4 

T »Ariinrt«iSLS.W;i. . , Ama-U^-SoP 1 - 38 P 917 

' Bbwhi Dudley TK_|».6 79.1] ..-•■] *“ „- <in-j Bank Group . . 

For Eqaitas SeeontieslJiL ™nK Trust Managers Lid.* <b) 
see Abbey Unit Trust Mngt*. Cour tm»d House, silver aMetje^^J 

495 
2.84 
254 
30S 


Equity & Law Un- Tr. 5L* (KKhKeXz) 

A»«xhsa»R4. Ill)* Wycombe. 049433377 ^ 

&mity«L8w ____)*8 l. 7Xfiri-ft# 419 Do. .trt-cm. — -- g| 

'Junes Fislgy Unit Trust Mngt. Ltd. m^coSST “ 

041 234 1321 Income 153* 


IV«^"‘ 


itltWcstNita Scent Glasgow. 


.iSSBg*B 
i5fteB2!:ai 


319 r». Accum. ^ 

219 inlcCM tionai |«-i 

7.95 Do A«tt» 


.. 68 9 

392 EnujO'^soj'P 4 '— “J 7 


1619 





Knsrn ss. -ea.rag'bcto^ ** ***** 061 3L 

CORAL INDEX: Close 4^501 N/ T 499^4 


insurance rase rates 


fPtxjperty Gtpwth. •— _ 

tyaabrugh (Staranteed — 

' t Address shown under Insuracee 


.S3 7% 


"pnri Prop^^y Bond Table- 


Accumltr. Fund. ..(67.3 
Technolncp Fund... 

Par East Fd 

American Fund. 


Accum. Unit* pass 


UJL Fond* 

UKE<lBity (445 

Omkh Fnndstxl 

Europe 193.4 

Japan - — ........11097 


'33.01 9.70 

465 450 

505 440 

515 —0.4 4.30 

<0.0 420 

731 330 

65.5 7X2 - .. 330 

29.7 32.1 -05 1.10 

[252 272] +03] X60 

Practical Invest Co. Ltd.* lyKc) FiiiiSiidSets.... 

44. Bloomsbury Sq. WCLA 2ILA 014)238893 High-Hiaimuni Ponds 

Praclica_l Sepi27_g613 l TL adj j 461 Select Interest. 


Sector Funds 
Commodity- — 
Energy.. 


J74.4 

II 


31 . i’»re>6*m SL .EC2. 

ml-M ** SSiSSSSiT-. 155 

10MJ-0.4I 3.08 TSfftQ.'&.a. 
113.6a -0.9} 031 *Do. Aer. Units. — 
795]. ] 130 TarKC»<!ilC Fund — 


I'eeiina 02965941 Ulster Bank* (a) 


600 
379 
2219 
54X4 
116 3 


843d) -XOl 
765 -0.4 
773 -05 


Target Growth PS.I 

3.79 Target loti — ; ^573 

- ~ lulls _ l30.4 


4X5 -0J 
65 L? 

40 71 -03| 
2336 
3173 

1226 

31.12 -03) 


4.01 Select In come ) 

I 


L74 Do. Retnv. Units 

3J7 Target Inv..---—. 
T sl Pr SepL 27. .. 

&AM fM SBSisz 


33.7 
,164 2 
70 9 
13.6 

20.8 


29 4a) 
32.7 
562 
1718 
52.2 
:«9 
214 


:8I 

— U 4] 


3.60 

449 

6.03 

6.47 


Waring Street, BeliasL 
(biU later Growth _. |3U 


7.05 Britannia Tst. Mngmt. (Cl) Ltd. 
H3 30 Bath Sl, St, Heller, Jersey. 

Sterling. Dnuuni wed Pda. 

Growth Invest C37.6 40.7 

IntnLFd. 923 99.1 

Jersey Energy TriL. 1343 1453 

UnivxL JTsLSig— EX28 X40 

High lnLStlg.TU_ D.96 0.994 


117 Grp Sept. 20. _. 
J 17 Jersey Sept-30 
117 Jera-O'sScpL 


Murray. Johnstone (Inv. Adriser) 

163. Hope Sl. Glasgow, C2. Ni^USSB 

■Hope Sl Fd. I SUS40 91 { I — 

•Murray Fund -| 5US12J9 | \ — 

"NAV September 15. 


033239231 

4X71-03) SiOjutoya.'S^L^g, 

„ Unit Trnst Account A MgmL Ltd. ___ . 

(.47 vi m- 1 1 ■ n. pi'/D did n, om >ni« I IWIv DwcniliiACfl Fdt 

-S M TklnK William SLEC4R 9 AR 01-6234051 finlvdl 5 Tat. KITS552 5ml . 1 

aUO Frinrs Hse. Fund — |165.D 17401 -91 4.44 lnlJSgh lMaj 

Wirier Grth.Fhd ...W-l 3553-0.3 4.49 ^ 1 

Do. Accubl P7.7 3W] —0.9) 459 


Negit SA. 

10a Boulevard Royal, Lumlwunr 
NAV SepL 29 __l SUS 12.66 |+0J8) — 


451 

243 

2.45 

3.46 
4.32 
7.78 

1152 

4.90 


X00 
100 
150 

,1V, Negit Ltd. 

Bank of Bermuda Bldgs., Hamilton. Bnndo. 
NaV SepL IS'. |£652 — | | -i 


900 


Wieler Growth Fund 

King William SLEC4R9AR 

Income Units pZ.8 

Accum. Unit* --- . .. [385 


01-6234051 

na zd 


Phoenix International 

P0 Box 77. Sl Peter Port, Guernsey. 

142) J - 


INSURANCE AND 




BONDS 


Value SepL 20. Next dealing October 0. 

Brown Shipley Tst. Co. (Jersey) Ltd. mier-DoUar Fund. [142 ■ 

P.O. BnxSBS.SL Heller. Jerwy. 0534 74777. J . _ .. 

a*u I sterling Bond Fd. .]£9.96 10.00) -tuo) 1X75 Qnest Fund MBgmnt. (Jersey) Ltd. . 
^ 1 P.O. Box 194, SL Helier. Jersey. 0534274U- 

Quest Stlt FxdJnL. 1895 95.1 

Quest InlLSecs. BU59U 1K.9 


Abbey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. London lademcitj i Gnl. Ins. Co. Ltd. Save A Prosper Group* 

2-3 St Paul's Churchyard, ECX 01-3489111 Vinrola Houre. Tower PL. EC3. 01-6088031 18-20. The Fbr bury. Reading 58251 L 4, OtSl Helen’s, LndiL, BC3P 3EP. 01-554 88BB 


Equity Fund 
Equity Are.... 
Property Fd. 


Property Acc 

Seloctire Fund._ 
Convertible Fond . 

VMooey Fund 

OProp. Fd. Ser. 4_ 
VMon. Fd. Ser. 4 


MS 

._ 335 
150.9 


VEquity Fd. Ser.'S ~B73 


VConv. Fd.Ser.4 


157 X 

946 

132.8 

125.4 

1290 

1381 


1134 



— Gth.Prop.OcL3 1 735 


832|+0.9| — 


Money Manager.. 1552 

MM. Flexible 1323 

Fixed InteresL 1*4 7 


m = 


— Equity Fd- 


¥MoaeyFdScr.t..lllX3 ....... 

Price* *t SepL 26. Valuation normally Tees. Property Fd 

Fixed Interest K. — 
.. ._ __ Gtd Depoait Fd. _ 
01-437 SBS2 Mixed Fd 


Bui Inv. Fd. - 

Property Fd." 

Eagle Star lutur/Mldland Assur. * — -i i - 

1. Thread needle SL. EX22. 01 5881212 The London Sc Manchester ABS. Gp.* CompJ > »nsJ r a.t - 

Eaglc/Mid. Uniu„ 1 54. 7 56.7] -D-5) 650 Wills ia(le Part Exeur. unrnia ^u%P» nam..-- 

Cap. Growth Ford. 

As L Soc : 

Amersbajn Rond, High Wycombe ~ 



Albany Life Assurance Co. Ltd. 
31. Old Burlington SL. W.X 
OEqnity Fd. .Acc^..»02.7 

VFbed InL Arc. 1141.4 

OGldJfoneyKd Ac..fU5.7 
01ittl.31an.Fd _4cm . 

WhppJdLAcc... 

Wole Inv. Acc.. llTXi 

Equity Pen.FdAcc.toEO 
Pued XPeiLArc .-..D79B 
GTdLMon Pen. Ace. .031.7 
Ictl Stn PnFdAcc— jll35 

Prop Pea Acc JU55 

hTple iav. PetuAec- [213.9 
AMEV Life Assurance Ltd.* 
Alta Rw, Aim Rd, Rripie. 

AUSV Monaced __ 1144.9 
AMEV Mgd. ‘fiC— 129.9 
AMEV Money Fd.— 2064 

AMEV Equity-Pd U95 

AMEV Fixed Int 92J. 

AMEV Prop. Fd 995 

AMEVStafretLFd. 3054 
AMEV MctLPen.-B' 1055 
Flexipk n — .... ■ ..-'985 
A3tEV7FramlinKton_ 

American— IS9.9 

Income — (962 

InL Growth 1 192.7 


117.9 

324J 

-0.9J 

!092 

114 % 


1092 

114 7 

-0.4 

1003 

1053 


113 J. 

1193 

-D.4 


Flexible Fund .—.... 

Inc. Trust Fund 

Property Fund 

GuLDepo&B Fd. — 

M A G Group? 


244’ 
2H3 
955 
3621 
1212 
lifil 
W 5 
ua.3 


232.6 
1594 
11235 
1250 
pil 5 
190.2 
]Z3X7 


)94.B 

1005 


■Aices on September 26. 
denUt 


ngs. 


PropJPenvFd.' 

GUt Pens. Fd.. 

Depo8J*ena.Fd.t 

~ ices o._ . 
tWeekly 

Schroder Life Group* 
Enterprise House, Portsmouth. 

Edrityl •L»- 2SM 

Equity 4 JBiM 


1140.4) 

168.7 

130.1 -021 

xsxt mmk 

222.7 mU 
2005 -101 
2445 MM 

998 -04f 
2062 


Butterfield Management Co. Ltd. 
P.O. Box 196, Hamilton. Bermuda. 

Buttrcxs » IS .."j\ 754 

Prices at SepL 11 Next sub. day OcL 9. 

Capital International S-A. 

37 me Notre- Dome, Luxembourg. 

Capital InL Fund | Sl'SHM (+058) — 

Charterhouse Japhet 
X Paternoster Row, EC 4. 

Adliopn 1DK3LM 

Adi verba [utSLM 

Foodak- 
Foudla . 


Quest IntL Bd BUS97.8 , 

Price ot SepL 27. Next dealing 


Kicbmond Life Ass. Ltd. 
48. Athol Street. Douglas, I.OJI 


i xiThe Silver Truit 
Richmond Bond 97 
Do. PiaUniun Bd. _ 
■Tto. Gold Bd. 


11095 

Si 


Do. Em. 97KE Bd 0532 



I Emperor Fnnd_.. 
Hint* no— 



i-S Rothschild Asset Management iCJL.) 


jimbm 

O.CJSq.Kr. SepL 28.1553 

O.CJncFd. OcL2 162J2 

15054127 43361 J 251 O.C.lnU Jd.t $136 

I OC 5mCoFdSept29. 1525 
Clive Investments (Jersey) Ltd. o.c. commodity-... 1446 
P. IX Box 330. SL Holier. Jersey. 0KM3738X 


General Portfolio Life Ins. C. Ltd.* Three Qugra. Tower Hid ecsrsbo. 

Pers. ransion***.— I 249.4 


SO Bartholomew CL. Waltham Cross. 

Portfolio Pund_ I 149.9 

Portfolio Capita I __ [43L2 


WX31B71 


44 


J =i = 


Coni. DepoKl* 11295 

Equity Bond** 1149.1 

Family 795C" " 

Gresham Life Ass. Soc. Ltd. cuiS£2|S?^i::.'- 

E Prince Of Wales Rd. B'mouth. 0202 7G7655 Intenuunl. Bond 


— G2. Cash Fund... 

G D. Equity - Fund- 
„ G.L. Gilt Fund — 

Heigate40I0X GL.inU.Fhsd. 

GL. Ppty.Ftod — 



(99.0 

1123 

DU 

117.6 

975 



TJaiuced Bd . 

Property Bd** 

Ex. field Fd Ed 


1713 
194.3 
207.1 
110 0 
257 4 
!»5 
z-.b 


1251 

156.6 


112.6 
115.6 
134 9 
1551 
93.1 

57.71 

«i! 

ces on *SCpL 27 '•Sept. 28. "*Sept. 29. 


JtcNwrryFtJ.Ed*. )715 
American ?d Ed.* 54 9 

Japan Fd-Bd.* -*1« 

FWce 


Fixed InL 4 _ 

Managed 4 

Money 4_ 

— Overseas 4_ 


957 

Property 4 - 1593 

K k S Govt Sen. A - 12X5 

B.S pen Cap. B 123.1 

B.S Pen Acc. B 134.9 

Ungd. Pen. Cap. B- 211.9 
Mmjd. Pea. Arc B. 254.0 
F. InL Pen. Cap B 975 
F. InL Pen. Arc. 8 986 
Money Pen. Cap. B . 966 
Money Pen. AciCB- 98.8 
Prop. Pen. Cap. B_~ 10X6 
Prop. Pea. Acc. B— piftf 


1395 

137.4 

588 


245.1 

146.4 

1 144.1 
134.6 
100 8 
3675 
128.0 
1293 
14X8 
22X2 

267.4 

182.4 

una 

10X8 
103.2 
307. C 

109.4 


CUveGiUFdfC.Ll. 19.74 
0706 27783 IClhre GilL Fd. Jty.|.[9.71 


453 P.O.Box 58, SL Julians CL Guernsey. 048) 28331 

. — . 2.76 
I +0J| 6 79 
151 
3X1 
4X9 

. ... 066 

_ . ,, -Price* on SepL !w Next dealing OcL 13. 
j n w . fPrlces on September 21. Next dealing October 


Growth A Sec. Life Ass. Soc. Ltd.* 
weir Bonk. Bray-on-Thames, Berts. 062634284 Merchant lavesors Assursnce* 


Flexible Finance— £1067 

Xaatfbank Sera. - — 5464 

Land ban It Sex. -Lee. 117.5 120- 1 

G.iS. Super Fd-_{ £7.982 


I! 


' — ' ■EttonBse'.^Srra'tliSL.'^vfl.don. 


Scottish Widows' Group 
PO Box 902, Edinburgh EH165BU. OS 1-835 8000 


Cornhill Ins.' (Guernsey) Ltd. • 

P.O. Box 1S7. SL Peter Port. Guernsey 
IntnL Man. Fd |]775 1936) 4 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta Inv. SepL lfl_[J0SU6 227)- { — 

Deutscher Investment-Trust ■ 

Ptmfach 288S Blebergasse 8-10m00 Frankfurt. 

Concentre [D9I 2LB 22501 — 

XuLRentonfond*— pMJO »*J ._...[ — . 

I Dreyfus InteRoutuenh! Inv. Fd. 
P.O. Box N3712. Nassau. Bahamas. 

NAV SepL as JHS1L52 X7JE71 ] — 


Rothschild Asset Mngt. (Bermuda) 

P.O. Box 064, Bk- of Bermuda Bid., Bermuda. 
Becerra Assets FdJ JUSlo.D | — J 
Price on SepL 26. Next dealing OcL 3 


Royal Trust (CD Fd. MgL Ltd. 

P.O. Box 184. Royal Tst Hse. Jersey. 0534 27441 

ILT.Iatl.Fd BUS9J2 103S | X00 

R.T. InlT «J*y. . Fd-.ftO O 96fl| | 321 

Prices at SepL 28. Next dealing OcL 3. 


F<or Arrow life Asottranae see 
ProvUerwe Capital life Assmnee 
Barclays life Assur. Co. Ltd. 

25E Romford Rd, E.7.- 
Barolaybonds* — >113X0 


'&&£= 

Property. 


International J95.0 

Managed 1112.7 



Properiy. 

Property Ptn&. 

Equity 

SquityPeap. 

Guardian Itayal Exchange s£!!wm5?fi«5V.‘: 

Royal Exchange. E.CJ. 01X837107 UcposltZ- ..!- .. 

Property Boods [1876 1954} -*-321 — Deposit Pens 

Managed. 

Hambro life Assurance Limited* uS^Equity'fi.™ 

0I-S345544 7 ow Part Lane. London. W1 OVU60Q31 IntLStocaged 


1563 



iiK.l 


6X< 


1772 


1423 


1353 

• ■I.. 

220A 

... 

1433 

• re... 

1‘'35 


142.7 


135.5 


1O4.0 

- 


D1-6SGSI71 Inv.Ply-Scrlwi 1 110.0 1106 -X9 

Inv. Ply . Series 2 1033 108 8 -3.4 _ 

InrtCash DeL2 - 99 J 1046 +0.1 

EkULA.cc Sep. 20^. 147.9 154.2 

ExUUncSep'20. - X44X 1503 

Mgd. Pen. SepL 28. 2763 2763 -73 


— Solar Life Assurance Limited 


Emson A Dudley Tst-MgXJrsyJLtd. 

P.O. Box 73, SL Helier. Jersey. 0S34 20381 North American 

EJXLC.T. 1127.1 135.4] 1 3J» Sepro-* 

Eurobond Holdings N.V. 

HondeUkade 34. WUlemstad. Curacao 


Save A Prosper International 
Dealing to: 

37 Broad SL.SL Helier, Jersey 033440301 

Vi Dollar Acnond naled Fnads 
Dlr.Fxd.lnL**4 — 1930 9 

IntanuL Gr." [788 


Far Eastern 1 pX16 

n*tp.97 
11550 


StcrUag-deDMolnaled Funds 


Channel Capital*.^ 
Cbumei lslaadad.- 

Com mod ***2t^.. 

^ n -. . L««iio« AJCnus: laud, 15 ChriBXnvbcr SC KCX SL Deposit 

10712 Oy Place London E.CXN BIT. 013422903 ] TeL 01-247 724*. THm 1814408. - “ 


Fixed InL Dep 

Eqtuty 


Property-. 


Cik Edged- — 
American Acc — 
Pen-FXDep Cap 
PeqJXJlepAcc. — 
Pen. Prop. Cap... 
Pen. Prop. Acc — 

Pen. Man. Cap 

Pen. Man. Acc — 
Pen-GUtEdg Cap 
Pen. GiltEdi* Acc.. 
P*n.B.S.Cop — 
Pea-B-S. acc. — 
Pen.D-vF.Cap.— 
Pen. DA. F. Acc 


Money icox 

MoiLFMlsAtrcuJSL _ 1C2.4 

Do. Initial N3.9 

GiltEdePensAcc... [97A 

Do. Initial 

Money Pens, Aec. _ 

Do. Ini Uni 198.4 . . „ ... 

- *Cnrrect units value October 2. 

Beehive Life Assur. Co.. Ltd.* 

71. Lombard St, EC3. 01-6231288 

BJk.Borao.OrL2— | 133.70 [ [ — 

Canada Life Assurance Co. 

TO High SL. Potters Bar. Hens. F-Bar 51122 
EqtyGtbFdOct L...I 633 I -61) — 

HrimL Fed SopL 7.| 126.1 | ...Ji — 

Cauon Assurance Ltd.* 

L Otynvlc Wy_ Wembley HA90NB O1-80B 887U HeaiuoIOakc. 

Equity Units IOBjM — HUB] 

Property Units.— -. £1032 — +0.03] 

Equity Boed Bret. Q2S0 12XD 
Prop. BmuVExec- 0357 1436+0831 

HoLBd/Exer/UniL 0334 1433 

Deposit Bond 11Z7 U93| +OX| 

EJquIty Accum 188.0 

Property Arcum.— E13.06 — I+OJE) 

H^Aecnm. X664 


126.8 

19X5 

1653 


1255 

1826 

1ZU 

xsax 

2875 

2695 

213.4 

277.4 
1225 
1302 
126X 
145X 


1836 

1065 


33351 .... 
20X6 
1746 

156.7 — 
194J 
1366 

1322 

1081 

136.0 

ltt>2 ...- 

2185 

2B4.0 _... 

224.7 — 

2920 ..... 
1291 

137.1 _... 

1325 

152.6 


NEL Pensions Lid. 

Milton Court, Dorking. Surrey. 

Nelex Eq. Cod |S9.0 93.61 

NolexEq.ArtUm.-S21 3 1276] -0.5] - 

Kclex Money Cop.- pX9 56 21 

Nelet Mon. A:cJi7.7 71.3 _... 

NelexGLh IncCap.. 153.9 56 fl 

NriexGthlnc.\cc_[S-7 S3.6! ..... 

Nel Jtad Fd. Cap. ..{405 . 51 2 

Nel Mxd F«. Ace... [49,7 52XJ 


Solar Managed S — 
Solar Property S — . 

Solar Equity S 

Solar Fxd IulS-_ 

Solar Cash S- 

SolorlntLS 


Next Sub. day October 25 


5911 Solar Managed P_ 

_ Solar Property P 

Solar Equity? 

Solar FxdJnL P 

Solar Cush P 

Solar Intl.P— [300.7 


13X2 
133.7 
172 2 
1)69 
10X6 
1095 
1369 
113 A 
17X7 
1166 
10X4 


1382 -0.41 
119.7 +0J — 
383-3 —06] — 
123 3 -OS — 
308. C ...... — 

1872 — 02| — 
1375 -0.4j _ 
119.4 +0J| — 
180.1 -66] — 
122. B -0.4J _ 

1075 -....! — 

1076 -OJJ — 


— | NAV per share September 29 51152050. 


12455 

[1532 

11332 

11085 

114.4 



Sl r ixed***J. , , 

■Prices on SepL 12 b. "SepL 27. 4 **Sept 26 

■ScUesiager Xnleniatwual Mngt. Ltd. 

41, La Mode SL, SL Heller, Jersey. 053473588, 


SAIL 


S.A.O.L 


Gilt Fd — 


I« 


Son Alliance Fund M a ngm L Ltd. 

Sun Alliance House. Horsham. 040081141 

Expir'd Jut SepLl3. IS1572 16361 1 — 

laLBiLSept 2 b 3— , | 0364 f ..._[ — 


F. & C. MgmL Ltd. Inv. Advisers 
1 2, Laurence Potmtney Hill. EC4K. OBA. . 

01-623 4880 

CeoL Fd. SepL27 — | 5US628 [+084| — 

Fidelity MgmL ft Res. (BdaJ Ltd. 

PO. Box 870. Hamilton, Bermuda. 

Fidelity Am. Ass... I SUS28L79 
Fidelity InL Fund- SUS2464 
Fidelity Pae. Fdu. — | 5USS7.79 . 

Fidelity Wrid Fd— | SUS1668 M.«| - Schroder Life Group 
Fidelity MgrnL Research (Jersey) Ltd. Enierprire Boose. Portsmouth. 


+o&i — 


Inti. Fd. Jersey {166.00 112604 . 

Intnl.F'd.LxmbiX- _ [1157 12.361 +D5i 

•Far East Fund |l01 107| .. 

■Next sub. day October A 


J 


+1] 


MS 

459 

12.17 

321 

Iso 


07052773S 


WEnufty — 98.9 

2nd Property.— ... M64 
2nd Managed 1602 


gSSSC^r zzr- 


104.71 -OJ: 

203.7) +02) 
96.01 -0| 

36/S-0J 
11751+06) 

1073 +0.H 


2^-15 


Hearts of Oah Benefit Society . 
15-17. Thrtriocb Pisco. WC1HB5M O1-387S02 
137.9 406) +0 J| — 


Hill Samuel Life Assur. Ltd.* 

NLA Twr.. Addlsrombe Rd, Crop. 
♦Property Unite.— ~ 


NP1 Pensions Management Ltd. ttt ..... , 

48. Gracechurch sl. EC5P5KH. 01-8234200 Sun Alliance Linked Life In*. Ltd. 

Masaced Fund C572 163.71 | — Sun Alliance Hou*e. Horehom 040354141 

Prices OcL X Next dealing N«. L Equity Fund J13X0 137.91 -LOl 

-- _ , . _ _ _ , „ . _ „ Fi xedinterestFd- _. [lW>.7 13Z41 - U 2] — 

New Zealand Ids. Ca (U.3S.) Ltd.* Property Fund U26 mix ...,J 

Maitland House. Soethend SS12JS D702a3P55 F± - 1 1033 _10 l 


Ktwi Key Inv P1ao.U57.4 


FarEartfd 


Property Senes A. 

Managed Unit* 

Managed Series A.. 
Managed Senes C.. 
Money Units — 
Money Series A 
Plxea InL Ser. A 
Equity Series A 
Pns. Managed Cap.. 
Pas. Managed Acc.. 

Pmt- G toed- Cap 

Pm Gteed. Am — 
Penx. Equity Cap _ 
Pens. Equity Acc — 
PncFxd-InLCap — , 
Pns-FMUnLiVra. 
Pen*. Prop, Cap. 
Pens. Prop. Ace- 


U6X2 

1593 


1053 

110.71 


170.4 

179.4 


|UvIM 

i»s 


972 


-03 

1221 

320.6 


98.6 

103? 


932 


*0.1 

963 

ina.1 

-0.4 

1468 

1537 


1536 

1638 


U6S 

U24| 


113.9 

119.9 


1072 

1U.S 


1088 



95.0 

JfJJ 


W7.4 

lOZJb 


96.4 

1PI 3 

„„„ 

978 

103-0 

— 


Imperial life Ass. Ce. of Canada 

71256 


W-7 

2nd. American 926 

2ndBq. Pen aJAsc.. 162.0 
2ndPro.PensiAec. .. U10 
2nd Med. Pena/ Acc 104.0 
2nd Dep. Penn/ Acc 1012. 

2nd Gilt Pena/Aec. 9X2 
Suit. ,Vitr FcniJ Acc. 94.9 

L*E52Jr 29-0 

L*ESiF.2 2B.0 

Current value September 2ft 

Capital Life Assurance* 

Cocixton House, Chapel Ash trim 

KeylnveaLFd 1 10779 I 

Pacemaker Inv -Fd. . [ 13A76 | 

Charterhouse M ag rni Gp.* 

Stephenson Hse. Brunei Centre, Blotchley. 

MBton KcynesOS08-®*1272 
Chrihoe Energy 

Chrthna. Money 19.4 

Chnttt, liamod. 99.7 

cbrtbse Equity — 1*6 , 3M| — I — Irish life Assurance Co. Ltd. 

Sg3 ^0 T r 

City of Westminster Assur. Ce. Ltd. S&SmSin&i “ pL2 S7S -3] 

Bingsfeeed House. 6 WhUehorae Boad. EatempL Man. Fd — Bai-S 1163 +X< 

Croydon CRU2J A. 01-6849684. Prop. Mod. OcLl — > 190 2d — L 

Prop. Mod. Gth |20X9 222^+2. 


Con. Deposit Fd— 


[157.4 

1623 


106.0 

1125 


113.9 

1220 

„„„ 

»3 

1C U 



113.9 



127.9 

MlMl 

fTTl-U 

1103 


1978 

1027 



Deposit Fund M2 

Managed Fund— pill 


— 0.7f 


Waterloo HriL, Don Sl, SL Helier, Jersey. 
0534 27581 

Series A itntnU ] - £429 1 ._...] 

Serlei B (Paclbcj — I £M.OO I I 

Series D iaju-Ass. J £1932 | .... | 


laternattonal Fand* 

£Equity IU72 

ffiquib 14ZJ 

£ Fixed Interest 1396 

SFixed Interest 1666 

OlanBEed 130.8 

SMonoged 1242 


1487) 

113* 

139.1 

132.2 


“ Sun life of Canada (U.K.) Ltd. 


X 3,4, Cockxpar SL. SWrY 5BH 01-8005400 |F«- vk -DW.Qp.T«- 88 >a ..... 


First Viking Commodity Trusts 

0«24 4682.~Ldn. A4ts.'D^WA Co- Ltd.. J ’ Henf y Schroder Wa «* * CO. Ltd. 
03. Pall Mall, London SW17 &IH. 01-6307857 120. Cheapa)de.E.C6. 01-3884000 

F*L VEt Cm T» — [382 3621 I 250 

420 


Maple L/.Grth. 

Maple LL Mangd. _ 

Maple U Eqty 

PrrenL Pu. Fd. 


211.6 

1367 

133.9 

732J 


ChenpSOcL 2... 
Trafaiear Aug.3l_. 
Asian *d OclX. . - 


Norwich Union Insurance Group* 
po Bex 4. Norwich kp.isng. 00(522200 Target Life Assurance Co. Lto. 


__ Fleming Japan Fund S-A. 

37. rue Notre- Dame, Luxembourg 
Fleming Oct-2 | 5US6723 1+2671 — 



Managed Fard — C 
Equity Fora .— —I 
Property FiimJ. — f 
Fixed Int “ end — l 

Dcpan! FnnJ 1. 

4Nor.UoiiSpt.10 — | 


^:?|= B xa 

tJ 1394! 

24 - lU.jJ -CM 
7.0 U2.fi) ... . 
2206 | ..._ 


Phona Assurance Co. Ltd. 
4-5, Kins will! (UE SL, EC4P 4HH. 

Wealth Ars. pi46 120.7] -; 

EbV. PU. Ass j BL2 

Ehf. PbJBq51 — -1*1-7 


Tercet House, Gate bo use Rd, Aylesbury. 
Bucks. * 

Xian Fund 

Man. Paid Acc.— [12X7 

Prop. Fd. Ire. 

Prop. Fd. Acc 

Prop Fd. Inv. 

Fixed InL Fd. Ise.| 

DcpF’d. 


I Free World Fund Ltd. 


353 = 


M AD.PetL P«LCap_,. |120i 

Prop. Equity ft Life Ass. Co.* guro^Fd^: 

119, Crawford Street, W1H2A5. 01-4880807 PropPenJdAec. 


«XE2JR11 imperial House. Guildford. 

— Grt. Fd. Sept 29 — 1»6 

1 — Peo»Jd-Se^ ( S._|7p5. _ 7621 


383 

403 


19.4 

3X0 



39.7 

4L7 


368 

1343 


— 

15X0 

• 



lull 

Managed Fund 

Fixed InL Fd. 

Secure Cap. Fd 

Equity Fund— 



R. SOkProrv 3d.. — I 

Do. EiruityBi. 1 

Flex money Bit 1 

Property Growth Asset. Co. Ltd-U 


US6 

792 

15X8 


E:1 E 


Prop.l\rti_Fd.Cup.„ 

GuarJVn.F(LArr |9S6 

Guar J^nnJFd. Cap. 

D.A.Pen.FdArc 

D-A2*enuFd.Cap— 


ArtrohnytcSmsOfl Bu “ erfl * M H4nlillon . Bennudn. 

AyiesiwtyitKiicflai»fi| NAVAiit3J j j j _ 

I |G.T. Management Ltd. 

Park Hse- 18 Finsbury Circus. London EC2. 
| TeX 01-428 813L TLX; 880100 
on Agents (or. 

Anchor VUniCs— .IUS106 1.13] 

Anchor Gill Edge — 19 41 948 -038) 1360 

Anchor lntni SLG527 5 « ^ 

Anchor In. Jay. Tst . 18.2 322 

Berry Fat Fd. SUS57J4 

Beny PacStrig. 346.00 36X92 .... 

G.T. Asia FdL S2KU-M 115 .... 

G.T. Asia Sterling-. 0660 17JB .... 

G.T. Bond Fund — 3US13.9B -0JK 

G.T. Dollar Fd. SUS75Z 

G.TJartflcF i STJ 516,93 -OJitf 

G.T. PbiHppiae Fd — SUS1L1S Hn|+0.^ 


98.4 

104J 


12X7 

128.1 


tHiM 

17A1 


7 > 

m 



r-r.ro. 

10X5 

186-S 


96.4 

3?7>9 


iff 1) 

79.1 

-xs 

[nkJH 


-12 


138.1 



17KK 



irTr^B 

1383 



129.1 



1595 


15X1 

159J 


958 

100.1 


953 

100.1 


)58 

1004 

+08 

9S3 

1M3| 

+0fl 


1227 1+0 

DnrlincFndSeptSS.pAZOS 222] 
japan Fd. SepL 2X-I8US8.46 951 


Sentry Assurance International Ltd. 
P.O. Box 326. Hamilton 5. Bermuda 
Managed Fund— ..[HSJBS XHf [ — . 

Singer & Friedlander Ldn. Agents 
20, Cannon SL. EC4. 01-248D048 

Dekafonds UHS723 ZUOt+aJH 5 92 

Tokyo TSL SepL 1 _r JU5.4O.0O 1 J 1H 

Stronghold Management Limited 
1.92 P.O. Box 315, SL Heller. Jersey. 0534-71488 

1.01 Commodity Trust ...[92 93 9762J 1 — 

0.70 

'jus Surinvest (Jersey) Ltd. (x) 

X12 Queens Hse. Don. Bd. SL Helier, Jty. 0534 2734P 
.American Ind.Tst_.U7.63 7.1 

Copper Trust fuib3 11.9 

Jap. Index TM. |flll7 


559 

066 

093 


— Leon House. Croydon, CR9 1 LU 


West Prop. Fuad— 
MunagcdFund. 

SS3 SS&sa 

Moray Fund. 
Giltrqf 



PULAFOWL 

Pens. Money Cap. —W6 
Pena. Money Acc. -Wf 
Fens. BqujtyC*p.-g6 
Pens. Kq ubyA cc. -p33 — 

■Fund currently closed to new 

Perform Units 1 21B.4 |- | — 

City of Westminster Assur- Soc. Ltd. 
Telephone 01-884 9£M 

RS^Ss— &S 3 'Slrd = 

Commercial Union Group 
St Helen's. X Underabait EC3. 

VrAnAr At SepL 29. | 39.97 

Do. Annuity Uts — 1 19.S2 

Confederation Life Insurance Co. 

50, Chancery Lone. WC2A1HE. 01-3420282 


King ft Shuan Ltd. cut. 

S2.CornbilJ.S3. 01-823003 ♦ReUreAnnuity — 

Bond Fd. Exempt -116253 1S356) 1 — *tooied. Aunty — 

Next dealing data OcL 4. 


All wither Ac. Uu.| 
_ . VAU Weather Cap.. 

Ijmgham Life Assurance Co. Ltd. eiu*. Fd. Uia_ 

lancham H8. HrimbrooiDr. NW4- 01-2035211 ~~ 

iS5& l %£ nsuu tii& iSHH- SStSFciM 

w^sWaa Fdl^x MS;ptS:c£;u3 

Prep. Pens. Fd- — 

Legal & General fUnlt Assur.) Ltd. 

JCtnewmod _ Haaxfe. Kingntood. Tad worth. BLdtSotCap. Ul.Il 


1875 

185.6 

778.7 
77X6 
156.S 
1566 
7C.0 
697 

178.9 

177.9 

142.7 
14X9 . 

3166 
1256 
123.1 
1864 

^ , . 1475 

Prop. Grorilb Pen&lonc ft Aimailiee Ltd. 


PTOpotty Fund 

Property Fusd iai- 
Agn col rural Puna. 
Asric.Fund iAl — 
Abbey NaL Fund.— 

Abbey NaL Fd iAi 

0149288263 Investment FUnrt-- 
550 bmtmtii Frt.tAi. 
— Equity Fund — . — 

Equity PnwliAl — 

Money Fn nd 

Idntwy FundiAi — - 

Actuarial F--=d. — , 
GUI -edged Food — 
t-Edged Fd iA). 


Surrey KT206EU. 
CajhuilSaL— 

Tto. Aeeum. - - 
01337500 Equity Inldfll. 

.tm Dp- A ccubl 

-"“I “ Fixed Inldql.- 
Do. Accum. 


Inti Initial _ 


VEquity Fund — 
VMannBial Fund.— 
VPtPFVnd — . 
Psnol. Pen. MneiL_f795 
Sulfgd MnftLPn. _1 
GnmpMned.Pn.- 
FTsj. fi InL Fen. 

Equity Peufioii 

PropertF Pension - 


1738 IfELSj 
U9U 200.91 
42X5 

|79J 

199.6 
2078 
14X1 
259.1 


Manaocd (nitisl— 

Da Accum. 

Property Initial 

Do. Accum. . 

Legal I: General ill 
Exempt Cart IntL - 

Do Accum. — 

Exempt JSqty. InlL- 

Do. Accum — 

Exempt Fu(ad InU. 1 
Do. Accum. .. 


Cornhill Insurance Co. Ltd- 

32. Cornhill, KC3. 0J-SB5410 Exempt Mu gd. lpiL| 

Cap. Fob. SepL 15 .[1350 — [ — [ — Do.Awu m. — y--- 

GKSpec Sept. 15 — 056 ~ J — — Exempt ETop.lniL. 

MnGtitf'd SepL20 ... |l85 J lWJl 

Credit A Commerce Insurance . , . , , _ 

l20.RegcntSi,L«id*u^iF*5FE. 01-4307081 leg«l Jt General Prop. Fd. Mgrs. Ltd GUtFu nda).-- 

- -ilZXO 132-0] — II.Qumw victoria Sl,EC 4N«I> 01-248 B07B SSSty^uiJ^r “IT 


Buna Heath 53458 
958 100.4 -0 

98J 103.71 _ 

1263 mot - 

129.9 136.3 

1106 1ZZ.H-0 

119.9 126J-0 

50X4 MfcS 

102.7 ioa!z -o.' 

1208 127.2) -1 

1242 138 S -0. 

99.9 1053 -0. 

nH PorirauLUL 
1978 U3.0J 

1602 1055 

1333 14C.4 

136.6 1432 

114.7 128.8 

1175 123.7 

1292 136.0 

OLA 3394 

973 UM 

1Q0.2 1055 


0385 1454 

^296 ljff.y 
1452 
1523 
1S0JS 
1344 
1542 

1406 
149.4 
1547 
1339 
12X8 


oi-Gsooeao Trans international Life Ins. Co. Ltd. 
2 Bream Bides.. EC41.NV. 

Tulip Invert- Fd. 1W.4 15731 -3 J| — 

Tulip HanEd. Fd_- 118.4 124J) — 2J — — 

Moil Bond Fd 1222 1286-32 - 

Man. Pen. Fd. Cap. 1285 133.1 -32 — 

Man.Pen.Fd.AcE. g4.9 14X1 -3.4 _ 

Waned Lnv Fd lntl _ 100.9 106 J -2.4 — . 

MngdJnvjrdAcc pOX5 1064 -ill — 

Trident Life Assurance Co. Ltd.* 
Reulode House. Gtoucerier 046330841 


^o'3l 


ziiz 


Gartmore Invest Ltd. Ldn. Agts. TSB *- ! «t Trust Managers (C.L) U«L 
ni-a n ff g aarltSL Maty Axe, London. SC3. 01-2833531 BneateUc Hd..St.San«ir.Je r rey. 05M 734M 
U1 ^ 008 '"'Gartmore Fund MngL (Fir EjbII Ud. Jersey Fund .. _ — W2 S3 ■— 1 ifi 

1503 Hntctaiooii Hat lfl FJarcoun Rd. FLKong ^ U iSw? y „^ U ^r' « aul? L'iiL a 9 ® 

HRi Pae-U.TW. BBEJfS mil I 190 Prices on SepL 27. Next sub. day OeL 4. 

Japan Fd Z&SU53e HttS .'.."'.I 830 

N American Tri — ISUSIUE 12 m ■{ Tokyo Pacific Holdings N.V. 

Inumis Manacemrut Co. N V. Cure coo. 

GartmorejBvestmcnt MtogL Lid. NAV par shore SepL 25 JUS7087. 


P.O. Box 32. Douglas. loBL 
Gartmore lull. Inc_[B.6 
Gartmore lull Grth|772 


062423911' 


Gartmore lull. Ine_ [a. h j 10 JO 


82.2 


220 


.0272 


Property- 

Enai WAm erl can _ E 
ilk Equtty Fund... f 

— t&tEdgedZl!!! 

— Money. — 

— International 

— Fiscal,—.— 

— Growth Cop— - 

— Growth Ace... 


J4eas- Ungd. Cap, — 
Pens. Mncd. Acc 
Pens. Gtd-Dep. Cap. . 
Peua-GULDeo Acc. . 

Pens. Ppty. Cap 

pens. Pry. Ace— — 
TrdL Bond - 


Providence Capitol Life Ass. Co. Ltd. TrdLGJ Bond' 

3 a Uxbridce RoFd, WL 2 EPG 01-748 81 IX *Cnah value 


134.7 — . — 
1581 ...._ 
160J _....l 
92.0 +0JI 
12X3 -X« 
05X3 JZj 

1303 
13X0 
112.0 

157.5 
137.4 

142.6 

125.6 
132.0 
1186 

115.6 
1222 
1284 

393 


98.6 

lor £100 premtom. 


— Sri.MiLFiCap..-|9Xl 

— SeL SIWL Fd Sid. ... lgJ 114* 

— Pension Eqturv i3SJ 3425 

— Pension Fsd.inL.... ^L4 124J 

— Deposit Fd C-p. - . 47.4 506 

— Deposit Fd. Acc. — 474 50 C 

— Equity Kd. L‘s.p ..... 46 7 49 1 

— Equity Fd Acc. .— jj. 7 491 

— ■* Fxrt. tnL Cap 474 SO C 

Fxd. Int Awl 474 50 C 

_ lmnl-Uap.. 474 50.D 

IntnL Acc. 47.4 50.t 

_ Managed Fd.Cnp... 47.1 49.7 

_ Managed Hi. Sec... 47X 49.7 

__ Property Fd.C.'4». - 474 SOD 

_ Property Fd. Arc. .- 147 4 506[ 


u Provincial Life Assurance Co. Ltd. 


„ _ nullified Fd--_ ... 

222, EishopEpa le. E. IZ2. 01 247E533 EqnityFd.. 


Tyndall Assurance/PensionaV 

IX Capyngc Road. Bristol 027232241 

3-Way SepL 54-,— 

Equity SepL 28 — 

Bond SepL 28 

Property SepL 28— 

Deposit SepL SB. — 

3-Way Pn. SepL 21.. 

Q'neas Inc. Sept 2a 
Hn.PtL3WSepL.l_ 

Do. Equity SepLl— 

Du. Band SepLl 

Da. Prop. Sept. 1_ 

Vanbrugh Life Assurance 
41-43 Maddox SL. Ldn. wirpla. 


mi 

...... 

. 175.9 


367 7 


108.7 


1295 

1IliH 

1537 


B2.9 


1742 


27X8- 


388.8 


873 

.....i 


Hambro Pacific Fund MgmL Ltd. 
2110. ConnauahL Centre. Hour Eotut 

Far Eaxt SepL27_pHKlS57 1MU | — 

JapaaFuwf “ pD 38^ ...-.] - 

Hndm Bank (Guernsey) lid/ 

Hunbnw Fd. Mgrs. (CJL) Ltd. 

P0 Bex 85, Guernsey 0481-28521 

CJ. Fuad -0538 1636! 3.70 

ItunL Bond JUS 109 J1 112 <3 860 

InL Equity JUS 1186 lZ23ri 2J0 

Int Svgs. ‘A* JUS L06 Xtffl - 

InL SvU. 'B - SUSLZ1 L25| .... - 

Prices on SepL 27. Next dealing Ocl A 

Henderson Baring Fund Mgrs. Ltd. 

1605. Gammon House. Hon* Kong 

Japan FttSeM. 20 . pKOTI Bit) | - 

Bonne Head. Bond Fd- Sew. » SUSlftSTS. 
•Exclusive of any prelim, charges. 

HiU-Samud ft Co. (Gnenury) Ltd. 

|B LeFebvre St, Peter Port Guernsey. Cl. 
GnenueyTsL [155.6 166.ll-3.eJ 369 

Hill Samuel Overseas Fund S.A. 

1 87. Rue Notre D*hK. Luxembourg - 

(SUaUB 2Ulj-t0.14f — 


Tokyo Pacific Hldgs. (Seaboard) N.V. 
Inti nut Management Co. N.V- Curacao. 

NAV per share SepL *5 JUS5164. 

Tyndall Group 

P.O. Box 12S6 Hamilton S. BenamU. Z-Z7S # 

O'seasSepL 27 — -ISL^JS 

(Accum. units) f 

3-Wa7lM.Sept.2i_y 

t New SL, SL IMke. Jersey 

TDFSLSept-28 

(Accum. Shares) — 

American SepL 28. M3 
tAceum shares) — g06 
Jersey Fd. SepL 27.(219.6 

(N on- J. Acc. Uts.) [3106 

Gilt Fund Sw«. 27 ..(1068 
(Accum. Shares' _. |1410 

Victory itonae. Itonafas. UeofMan-MS) 1 

Umuged SepL 21 _J1382 143.4] 

Utd. Intel. MngmnL (CL) Ltd. 

14. Uukoator Btreex SL Ueiicr, Jeraey. 

UXB. Fund UUS| [ 7.9Z 

United States Tut, lntl. Adv. Co. 

14, Rue AldrinGer. Luxrmbcmrs- 
US. Tsl Inv. Fnd... | SUSU15 ]+068| 8.98 
Net osteu SepL 29. 



J — . | International Pacific Inv. MngL Ltd. S. G. Warburg A Co. Ltd. 


Prov-Kajiagtel rd 

Piw.CaflhFd 


GfcCKagdFiL- 

Crown Life Assurance Co. Ltd.* 

Ctwti Life Bm, Woking. GU21 1XW 048825033 


XiGftpJd. Scptfl[97J 10X71 ... 
Next nub. day Ocl 2. 


129J 
£060 

.__juax 

U0L3 

M7i 


•l — Fxd. InL Fund (96.9 


136.01 -..., 
rn.fi 
122J 

206.7 
3U9 

102.1 


-0.7 


intnl.Fund 

Fixed Intend: Fd 

Property F<L, — — 
C#ih Fund 


004.4 

WA 

1204 


_ Vanbrugh Pensions Limited 


PO Box R237, 68, Pitt SL Sydney, AnaL 
01-4BB4S23 J‘* mv ^ i " Bqu*tyT9L-|8Aa48 2521 1 - 

J.E.T. Managers (Jersey) UA. 

PO Box 184. Royal Tst. Hw , JerseyOhM 27441 
Jersey Extra L Ttt. -p97.0 2090) . ...J — 

As at Aueuxt 3L Nnri sub. day Sc pi. 29, 

Jardine Fleming ft Co. Lid. 


159J -OJI 
257.0 -1.91 - 
169.9 +0a - 
1766 -02] — 

1552 

12651...-., 


30, Cre* ham Street, ECS. 
Cnnv.Bd SepL 28,1 5 U 59,66 

EncJnt Sept 28 ....[ SUSU ' ' 
Gr. S'- 5Fd Au*. 31 3US7 Jfl 

Merc Ebd Sept 27 .. Jr^UUS 


01-8004651 


S946 - 

518 74 ...... _ 

«7JB _ 

S U«( JO 2* 


Kang'd Fdbd.tec., 

Slang'd Fd.lncm 

Mans’ll Fd. tail 1 

Equity Fd. Acc,.,— '' 
Equity FcUncnL— . 
Equity Fd Inlt 
Property Fd-Ai 
Pnmerty FA 1ncm_ 
Property Fd. Dm. „ 
Ine.Tst Fd. A n . — 
lBV.T5z.Fd.tacm.— 
lav.Tn. Fd. Iniv__; 
Fixed Int Fd. Aw.. 
FVt let Fd- Xncm. . 
Iqtert. Fd. Acc— 
InlWLfd.IaOT. 

Mont* Fd. Aec. 

Money FdJnenv — 
Dte.Fd.lncm.-.-> 
Crown Kt. Inv.'A -: 


1107 J. 
107 J. 
1C6-5 
991 

99.1 

98.1 
95.9 
95.9 
948 
1062 
1062. 
me 
192 
991 . 
1172 
1172 
976 
970 
1068 
1672 


H171 -0.71 
112.7 -0.7 
11X0 -0.9 
1043 -2.2 

1043 -12 
1032 -X5 
100.9 -12 
100.9 -13 
99.7 -08 
11X7 -18 
1117 -18 1 
Ull-3 -1.9 
1043 -OJ 
1043 -01 

1232 -0.7 

1233 -0.7 
102.1 ..... 

1022 

1X2.4 -OJ 


_ Prudential Pensions Limited^ 

6jq Life Assur. Co. of Pennsylvania HoibornBnrB.EnNX'CH. oi405B2ss Eq«dty 

— 3SLS2TiMrn«wtSt,Wni)Bft. 01-ttSffi85 EqnitFd.S».*pL3D-|123S5 28 JS -...J ~ 

a™* — .p» imi 1 - ssatss-Es sad= 

Uoyds Bk. Cnil Tst Mngrs. Ltd. Reliance Mutual Welfare Insurance Co. Ltd.* 


4 1 -43 MnddM SU LdiL W1R OLA 

Managed I10U 1MJ[ 

Equity ®98 1M6| 

KSE=Ja iM4i 


01-490023 [ 4 ® h n * 8r - FonnouchL Centre. Hone Sons 


Jardine Eoui.Til... 
Jardine J’pn.Fd.* .J 

Jardine S BA. , 

Jardine FlcmiiiL-. 
Inti. Par. Set* line.). 
Do.iAccum.1. 


H M3 73 32 
HK340198 
SUS20.06 

HtOTATl 
f HKS15 06 


7-52 

571 


NAV Aept. 14 -Equivalent sl 
Next nib. Oct 6. 


X90 

080 

X70 


71, Lombard SL.EC3. 

1103.4 


Warburg Invest. Mngt Jrsy. Ltd. . 
1. Chorine Cross. Sl Heller, Jsy.i.l DKM 73741 
CMFUd SCPL28-. KUS13* H2B+0.6IM — 
C¥TUd.SepL28.. p4 39 147b|+0Sa — 

MelabTst.Sepm .-jC1238 12.6U — 

TMTSenL 14- UTS — 

TMTUd. SepL 14 ..[£1139 11.69] — 

World Wide Growth Management* 

10a. Boulevard Royal, Lutembowfi. 
Worldwide Cih Fd| $1151663 |+063] — 


01-623 1288 Timbridac Wdi-.EeuL 
. — 1 727 Ed Prop Eds. 1 2058 


1156 

426 


Uoyds Life Assurance 

20. Clifton SU BOA -UK 
MltLGLh. SrpU? — _ X3846B 
Op5*ATT:SepL 28 _ 1406 148.0 

MOO OpJ A^gi-SeptlH. I«0 • 1493 

- Op.VAWJ3epC28.I575 1658 

086 OpS'A'ManSeptSR. 157.5 1658 

- ppJ'ADpLSer^- SS.9 129.4 


taaffi 22271 Winslade Park. Exeter 0382^21351 

] — Ktoneynuiker Fd...-| 1105 I .. 

Fur other Funds, plenxe refer inUje I 

Rothschild Asset Management Muchreter Croup. 

SLSwthtmi Lime, tendon. EU4 o)^s43ss Windsor Life Assur. Co. Ltd. 

M-Pn®.... ^ .|M4 m3| | - Royal Albert Hn*_ Sh*« SL, Windsor 

' ^ ' Xl/e Inv Plan*. .... [7M 7X61 

FulureAMd Glhta 


NOTES 


£8144 


Royal Insurance Group 
Ne» Hall Pl.'iiv.JjverpooL 
EUyral Shield Fd [1467 UX2J 


2200 
44.00 
ra ft an 

Flex. Inv. Growth -.[1055 HI n) 


Furort.\55d.Gt1i(b|. 

051227-W2 ReL. As«d. Pena...... 

~4 “ 


1 5 .p ,emi 1 u ®- «rcpt Where mdiealed fc and are In pence unless otherwise 

indicated. Yields % (shown in Instrolumni allow lor all boj’ing expenses, a Offered pnrex 


include all expei 
opening price, h 

— prOTjium inmranee. x v„jiw pnv innuaes 1111 expenses except aeent 

„ * Ottered price includes all expenses if hough; through manacer*. * iir'7 nS;r 

- * as 


xpetoex b To-day* prices, c Yield based on offer price d Extiinated. c Tiwbri 
m re ^ P insurance plan*.* Sing]* 

mranee. x Offered price includes uli expenses except anm'c commtsmam- 




- 




.rrrr- 


exporters- 

UNSIUGE BARRIERS 
E 

contact- B. D. Kay. 

INTERNATIONAL FACTORS LTD 

Circus House. Haw England Raad. 
Brighton BN1 46X Tel: (0273) 80S7D0 

Bmmnytwm. Cardiff. Loads, 

London. Manettostor. 


FT SHARE INFORMATION SERVICE 


Fin a ncial Times Tuesday October 3 1973 - 
FOOD, GEOCEEItS— Coat 

m&u* | &*k | price | + -*1. Sc IcwiSIr 

S3 120 (LorelliOF) 


& RAILS— Cont. 


Ifigk Low 
55 1 42 


OB 

XBgh Low 


BRITISH FUNDS 



la* I -stock I £ M LB.UWL 

“Shorts” (lives up to Five Years) 

101AI I2L37 I 8.68 


Wti 




% 

wp 


m 


I STS 

Hiati Low 


AMERICANS 

Suck I £ l + - 






+fi 


m 



97 I— 3j 112.76 


RentokillOp 


DRAPERY 



7V. 




m 




Hsghl'dDtataOp. 



105 
49 

37 
48 
145 
134 

£ 

& 

£ 

47 
193 
184 99 

46 28 

35 13 

1% 150 
134 73 

57 28 

£ Is 

224 
23 

no 

77 


it*: 


I 


15 

3.1 77 
21 263 
I f 34 | 31 
5-1 15 10 



ey Benito 


m 




Da.4pcDeta.ElQ0 


Nat Gas $1 


fil 



m 


ss 


Da.5pcPref. 


German! ng. V&c. 



FM 4 
GrtlPW 9 

3.1 - A 

8.7 - D 

4.7 8.9 ^ 
92 - i 

5.1 — m 

93-5: 

2.8 - ,2 

b N r “ 

« z $ 

1 6.6 152 % 
3.0 - $ 

■a “| 
■a " « 

45 


a * 1 

6 7 - J“? 
3; 50 

“= n 

ji 30 

43 13.0 *§ 

” “ 155 
— ~ 57 

72 — 105 

U z “f 

0 9 - 

H “ S 
‘J= « 
I 1 - « 

2.4 - If 

8.7 — ' 2? 

to — 107 

|2 — 141 
62 “ 185 
si ss!S 



1312 
63 
150 

_ 220 
SLB^ 

9.4 

30 ! g 
94 
258 
200 . 

2D 8 
190 77 

200 146 

U7 W 2 INSSNewsiOp 

26 2D 
45 251a 
52 33 

6 >a 

§■ 


101 58 

•74 44 

44 21 

?P IS 


55 32 

S wl 

104 74 

103- 68 

38 25 

50 21 

160 98 

138 82 

495 231 
175 100 
52 30 

ing 87 5 S 2 

_ 76 50 

83 ?7 53 

109 77 63 

a g 74 48 

140 48 26 

™ 115 35 

39 36 36 

* 82 61 

139 128 81 

165 140 



FINANCIAL TIMES 

BEL 4CKEV HOUSE. 10, CANNON STREET, LONDON EC4P 4BT 
Telex: Editorial 8SS341/2, 8SSS97. Advertisezaeate: 833032. Telegrams: Finantimo, London PS4. 

Telephone: 02-S48 8608. ■ 

For Shore Index and Easiness News Summery in London, Birmingham, 

Live rpool and Sfanccester, Tel: 246 6826 
INTERNATIONAL AND BRITISH OFFICES 


EDITORLAL OFFICES 

Amsterdam: P.O. Bos 1296. Amsterdam-C. 

Telex 12171 TeL 240 555 
Bir m i n g ham- George House. George Road. 

Telex 338890 Td: 021-454 0022 
Bonn: Presobaus 11.104 Hnusollee 2- ID. 

Telex G8BSS42 Tel: 210039 
Brussels; 39 Rue Pucale. 

.Telex 23383 TeL 5124037 
Cxiror P.O, Box 2040. 

TeL B38S10 

Dublin: B Fltrwilliam Square. 

Tele* 5414 Tel: 785321 
Edinburgh 37 Georg? Street 
Telex: 72484 Tel: 031-228 4:30 
Frankfurt Im SachsenJayer 13. 

Telex: 418283 Tel 5S5730 
Johannesburg: P.O. Box =128 
Telex 8-8257 Tel. 838-7545 
Lisbon: Proco da Ategna 5S-1D. Lisbon Z. 

Telex 12533 Tel: 3ffi 508 
Madrid: Espronceds 32. Madrid 3. 

TeL -441 6772 


tester: Queen : g House. Queen Street. 
Telex 666813 Tdi- 001-334 0881 ' 

Mobcow: SodovtvSamot ertuunra 32-24, Apt is. 

Tc‘c= 7800 Tel: 200 =748 
New Voit 75 Rockefeller Plaza.’ -N.Y. 10013. 

- Telex 08390 Tel. I212J 541 4625 
Fans: 35 Rue du Semier. 75002. 

Telex 220044 Tel: 236.57.43 
R to.de, Ja n e iro : A real da pres. Vargas 418-10. 

Rome: Via della Kerrcdc 55. 

Tele* 61032 Td: 078 3314 
StoeLholre: c.'o Swaska DogbLadet, 

Telex 17803 TeL 50 80 88 ^ 

Tehran: P.O. Box 11-1879.' 

Telex 213930 Tel: 882808 
Tokyo Floor. N 1 bon Kelsai Shltnbua 
Budding. 1-9-5 Otemaehl. Chjyoda-ku. 

Telex J =7104 Tel- 241 2920 
Wa*diingion. 2nd Floor. 132S E. Street. 

W . Washington D C 20004 
Tele* 440340 TeL iC02j 347 8376 


is f? 

«" 210 
40 

97 ' — 

138 
82 
107 
116 
70 
94 

®T (Rofu 

23 jRawliasm UJpr 

« 

90 66 

188 135 
« 3Hj 
50 30*a 

55 40 


64 „ 

155 

32 Ittam 
35 
95 
30 
56 

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m 





RedlffustoB 


&S jRidiar^ofLdc. 

62' 

44 
60 
^2 
21 

»■ 

L9B 
69» 2 

D 



90 

55 
38 
27- 

27 IWeeks Assoc. lOp 


riJroHkh-Sp 


ADVERTISEMENT OFFICES 

Road - "fteassw i&ssiar stnet 

jrZhpzi* raSS-SRS's K ToS?aAwkm4Sm x ‘ Ym 10018 

3““7«S 13> »*W *> Sentier. 75002. 

18=83 Tel - 554667 Telex 230044 Tel. =3088.01 

HOU "’ The U&uSrow - T^ojinaabiwa BMilrUng 1 - 6-10 Crt.lkm.da. 

no. wwv Lhiyoda-lru. Telex J 27104 Tel. 285 4050 

. Overseas advertisement representatives in 

Central and SwrJi America. Airies, the Middle East. Asia and the Far East. 

Eor farther details, please coataci: 

Overseas Advertisement Department. 

Financial Tunes, Bracken House, 10, Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worldtride or on regular subscription » w i n 
Subscription Departmcm. Financial Tinea, London 


Bayer AG. DJLHl 



CariessCipel Uk> 



Barrow Milluin. 


Bailers York lOp' 


26 

5.3«udlM 
2-3 m 3.9 w?j 

3 ^ 7.8 

3.H 5.0 A2l w 

3.S 6.3 C.7IM 

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MOTORS, AIRCRAFT TRADES 

Ufotors and Cycles 





140 
122 
79 
66 
56 
214 

& 

75 tambrnnanflCCTi 


$ 


m 



Clydesdale inr 


Cw«aalS«3.Dfi 



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U 

2.6 4.9 34.4 . 43 
1.2 7.9 155. 43 
U 4.9 2E.D 95 
1.0 4.4 
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EdiQ.Inr.Df.El_ 


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SOUTH AFRICANS 

R(L3Q 1 105 


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7.6 
46 
8.9 

104 
41 
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63 

8.6 

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§ 

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Bros.Mp.1 44 (-1 |L42 {3 


PAP ER,. PRI NTING 
ADVERTISING 


, ca tO 

1 f|| 78 
5.ZI ps 

3» 6.01 6.0 

0. 

hi 2.0(16.7 

il ws 

7 JIM 



WaddingtonU 


7.41 «l | |g 


72 38 

ZL 15 
15 -J 
61 54 

65 55 

.49 42 

52ia 21 

107 73 

48 29 

71 46 

142 102 
50 24 

82 53 

15h 12 

56 41 

34% 
25 IB 
91 69 

74 48 

53 25 

40 18 

68 20 
34 20 

99 84 

7B • 50 

45 20 

106 271a 

66 19% 

48 36 

37 26 

34 23 

73 78 23 

7 3 35- 18 

12.0 66 46 

78 54 44i 2 

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88 2 48 
56 41 

46 34 



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5 3 3.6 7.J 
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_ 6J — 
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£1 27101 
3J 4.4120 
29 73 7.8 

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21 5.513.6 
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21 73 8.7 
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128 
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47 33 

83 ] 62 
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68 
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no 
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163 
35 
46 
82 
106 
114*2 
131 
61 
63 
137 
034)1 75 
111 ® 
3.0 140 

41 
35 
192 
163 
£65 j 4 
652 
£52 
520 


74.13 1 
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3.86 L 1 


3.72 L 
0.81 2 
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1 



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7. 

3. 

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6.71 32 
6.910.4 
9.9 72 
7.7 5.6 
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36 
6.4 
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43 
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8.7 





118 
58 
94 
150 

69 481a 

122 90 

197 145 
no 76 

no so 
105 81 % 
26 21% 
108 86 
83% 64 


i 


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207 I 2 


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172 
23.4 
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3.11 
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2.0 4 > 


The Nomura Securities Co. r Ltd. 

NOMURA EUROPE N.V. LONDON OFFICE! 
Barber Surgeons Hall, Monk writ Square, London Wall. 
London ECs-'Vs BL Phone: (Ol) 606-3414,6253 


Sue? Fla NFIOG 



tl.OS 3. 
1825 3 
D.49 L 
3.07 L' 
rQ% 

4.99 


1978 

High Low ( Stock- 

210 155 Falcon Rh 30c 

24 15 Rhod 'n Corn If?®. 

80 52 Roan Cons. Kl 

41 32 W&nJdeOnL Rh 1 _ 

SO i+1 11.41 I Ml 2.9| 9.41 17! * 10 ***»**- 


MINES— Continued 
CENTRAL AFRICAN 

| { J+ erf Die. 

I Stock- | Price J — j Net 


rw 

rw GTi 


165 -5 Q60c 
1613 +% 0.57 

65 I 

33 Q9c I 

14 - 



m 


AotEdotvE]-] 95 


- I -1-1- 


AUSTRALIAN 

15 j 10 [AcmmSe I 11 

64 EouffiunriUeSOToeaJ 127 



3 

60 
130 
166 
£68 
575 
211 97 
25.6 445 
343.30 
2431 19 
78 


t-. 



19.01268 1163 (ZandpaniU 


NOTES 


Loins olfaemitc iwficaied. prim and net dividends are in 
pence and deoradailioia are ZSp. pritr/eanlnp 

ha ra:iaa and corns arc based oa latest annual reports and account* 

17 and, wi ere possible, arc updated an half-yearly figure*. P/Es am 
i'i ealcnlaled on Ibc basil of net distribution: bracketed figure* 

5-3 indicate 19 per cent. or more difference if calculated on “nil" 
drtlribtrBOH. Covers arc baaed oa -uadnui' distribution- 
7.Z Yields are based on middle prices, are grses, adjusted lo ACT of 
6.7 35 pcs: cent, and alien for value of declared distributions and 

5.6 rifihti SvcnriU-w midi d»MMaiaa«lm« H.W Hlwa gwllng arm 
quoted inclusive of the investment dollar premium. 

\ Sterling denominated securities which Include investment k 
dollar premium. 

* "Tap" Stock. 

* * tilths and Lows marked thus have been adjusted to allow 
for nehs issues for cash. 

f Interim since increased or resumed. i 

i lntenm unco reduced, pawed or deferred. i 

it Tax-free to non-mudents on application. I 

* Figaros or report awaited. { 

ft Unlisted security. 1 

6 Price at time ol suspension. 

J Indicated dividend after pending scrip end/or lights isenet 
cover relates to previous dividend* or forecast*. 

4 Merger hid or reorganisation In progress. 
t Not comparable. 

* Some Interim: reduced final andior reduced earnings 
indicated. 

f Forecast dividend: cover on earnings updated by latest 
interim siii cement. 

5 Cover allows for conversioc of shares not now ranking for 
dividends or ranking only for restricted dividend. 

i Cover does not allow for shares which mar also rank for 
dividend at a Idiuo date. No P/E ratio usually provided. 

9 Excluding a final dividend declaration. 

* Regional price. 

II No par value. 

a Tax free, b Figures based on prospectus or other official 
estimate, c Cent*, d Dividend rate paid or payable on part 
of capital: cover baaed on dividend on Tull capital, 
c Redemption yield, f Flat yield, g Assumed dividend and 
yield, h -Assumed dividend and yield after scrip issue. 

! Payment from capital sources, k Kenya, tn Interim higher 
than previous total n Right* issue pending <? Sarnlnga 
based on preliminary figures, i Dividend and yield exclude a 
special payment, t indicated dividend: cover relates to 
previous dividend. F/E ratio based on latest animal 
coruinc* n Forecast dividend: rover based on previous yea r"a 
earnings, v T.v: tree up to 30p m the E. w Yield allows for 
currency clause. >■ Dividend and yield bused on merger terms. 

: Dividend and yield include a special payment: Cover does not 
apply to special payment. A Net dividend and yield. B 
Preference dividend passed or deferred. C Canadian. Rlssoa 
price. F Dividend and yield based on prospectus or other 
official estimates for 1973-80. C Assumed dividend and yield 
after pending perl p and/or rights issue. D Dividend and yield, 
based on pnupectnt or other official estimates for 
I9TS-7B. K Figures based on prospectus ar other official 
estimate; for 197a S Dividend and yield hosed on prospectus 
or other official estimates for 1978 N Dividend and yield 
based on prespectas or other official estimates for 1979. P 
R . Figures based on prospectus or other official estimates foe 
1 2 1 2 1 BTC-79. Q Gross. T Figures assumed. Z Dividend total to 
dale, if Yield bated on assumption Treasury Bill Rate stay* 

9.6 unchanged until maturity of stock 

•— a f , 

48.6 Abbreviations: td ex dividend; teex scrip issue; n- ex rights; a cat 
all: A ex capital distribution. 


“ Recent Issues " and “ Rights ” Page 36 


This service is available to every Company dealt hi oa 
Stock Exchanges throughout the United Kingdom for a 
fee of £408 per annua for each security 


5 

261 j 

141s 
103 
56 

HO’nlConanonlfttlp 


28 J 46 

653 32 




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Westland Er>gir»or» Ltd 

PO 80* No. 5 ,‘ ' 
Y«Nii, Sorr.ersct. 
I 3 A 20 . 2 YA 

ITe! Yeovil •'033^ 3 ™ 


improved 

BI) antnmRtin iti 


/ ■automatic Vy* 
control valve 


IHasoneUan^^^J - 

^ y' 


1 ^ P3<°1 feed lah^nmw 


GROWTH IN DEMAND FORECAST AT ONLY 1.9% NEXT YEAR 

World steel outlook gloomy 


BY ROY HODSON 

The outlook for the Western 
world’s steel industry remains 
gloomy after four years of 
recession. Air. L. J. Holschuh, 
secretary-genera (-designate of 
the International Iron and 
Steel Institute, forecast a 
growth In demand of only 1.9 
per cent nest year when be 
spoke at the opening of the 
institute's annual conference. 

The small growth In demand 
for steel would come, mainly, 
from outside the big steel- 
making and consuming areas 
or Europe, North America and 
Japan, lit those three areas 
the institute's forecasters ex- 
pect levels of steel demand to 
remain virtually unchanged. 

The general sustained up- 
turn Tor steel demand for 
which the world steel industry 
had waited for four years was 
still not within sight, he said. 

In the U.S., which had ex- 


perienced strengthened steel 
demand, with the industry 
working at 85 per cent of its 
capacity, it was possible that 
1979 would bring a halt to the 
upward trend. 

“ There are as yet no reliable 
indications that the principal 
cause of slow economic growth 
or stagnation in the Industria- 
lised countries will be removed. 

“As long as such disturb- 
ances as cxchange*rale disorder 
and imbalance in international 
trade sufficient (o cause infla- 
tion persist, Lbe economic out- 
look is uncertain." 

The 29 Western nations 
belonging to the institute are 
expected to make 458m tonnes 
or steel Ibis year. This will 
be 4 per cent above the slump 
year of 1977. hat still 36m 
tonnes below the peak of 1974. 

The institute has prepared 
estimates of steel production 


and usage in the Communist 
bloc’s economic grouping, 
Comecon and China, and con- 
cludes that total world steel 
consumption will be 715m 
tonnes in 1978 and 735m tonnes 
In 1979. 

Ur. Eisbiro Sad to. president 
of Nippon Steel and chairman 
of the institute, said he 
believed order was gradually 
returning to the industry. “It 
seems to me that the world 
industry has begun, albeit 
slowly, to make progress to the 
establishment of a new Inter- 
national order over the past 
year." 

Re claimed that the (wo 
main systems for disciplining 
markets, the European pricing 
system and the U.S. trigger 
price mechanism, bad gone a 
long way toward Improving the 
world steel market. 


COLORADO SPRINGS, Oct 2. 

They were measures which 
were helping steelmakers 
everywhere, to achieve better 
financial results, and had the 
beneficial effect of eliminating 
sale below production costs, 
a practice widespread among 
steelmaker's previously. 

The steady enlargement of 
the State-owned sector in the 
world steel Industry meant 
that 45 per cent of total pro- 
duction was In the public 
sector, said Air. Charles Baker, 
retiring secretary-general of 
- the institute. 

Within its membership. 22 
per cent of producers were 
Slate-owned. 

He spoke against “ deteriora- 
tion of the business environ- 
ment through governmental 
encroachment.” 

Washington presses EEC to 
check steel invasion. Page 6 


Lucas talks 
continue 
iu bid for 
Ducellier 

Financial Times Reporter 

A HINT has emerged that Lucas, 
the UK car components com- 
pany, still hopes for an amicable 
end to its bid to take control of 
Ducellier. the French electrical 
components group. 

In a prepared statement. Lucas 
said discussions were continu- 
ing with Ferodo. the French 
concern which has taken effec- 
tive control of Ducellier. it 
added that Ferodo has “ declared 
its wish to collaborate with 
Lucas." and that talks were also 
taking place with the French 
Government, which has had a 
strong hand in determining 
Ducellier's future. 

Pressing ahead 

At the same time, however. 
Lucas stressed that it is pressing 
ahead with legal action to pre- 
vent Ferodo stepping into the 
dominant position in Ducellier. 

The company's statement 
indicates that the French 
solution to Ducellier's future 
which has involved Ferodo taking 
the majority share in the com- 
pany. against Lucas’s 49 per cent 
stake, came as a surprise to the 
British group last week. 

It hints strongly that a scheme 
of arrangement had been worked 
out which would have involved 
a Ferodo interest in Ducellier 
but Lucas controL The two com-! 
panies were brought together last] 
week by the French Government.) 
“ in the belief that they had come; 
very close to an agreement con- 
cerning the control and manage- 
ment of Ducellier." the statement 
said. 

Presumably, Lucas is hoping 
for a solution somewhat along 
these lines, although it would 
make no further comment, yes- 
terday, beyond saying that it was 
w expecting something to happen 
pretty soon." 


ITT prepares bid for 
Egyptian phone project 

BY JOHN LLOYD 

SOME OF the world's major tele- Philips of Holland — are also of the companies in the U.S. con- 
communications companies are preparing plans, but it is believed sortium and President Anwar 
preparing bids for work ou these do not yet include any for Sadat of Egypt met in June, and 
modernising and extending a manufacturing facility. it was thought that this meeting 

Egypt's telephone network. Philips, which won a £1.5bn bud set the seal on the consor- 

One of the most advanced of Saudi Arabian contract in asso- tiura's success, 
these is being prepared by ITT, ciation with the Swedish company Aretos managing director has 
the U.S. multinational communi- L. ML Ericsson last year, would since , told communications corn- 
cations company. It involves not comment on whether it would exwutlves in Cairo that 

substantial participation by the bid jointly with Ericsson. President Sadat had asked him 

company’s UK subsidiary, STC, Ericsson said yesterday that }° P ut tbe bid out to competitive 
a leader in telephone* cable the size of the bid made the tend er once the specifications are 
manufacture. consortium approach likely but ... .. 

The whole project, planned in « wouW wait until the situation jrZvjfo** 

two nan- thr first snread over clarified before drawing up pro- Preparing a mo, clearly 

rwo pans— tne nrst, spreaa over , * * * believes the situation is open. It 

five years, worth around £Lfibn p , . .. also thinks th*» 11 <! wmcnrtinm't 

i fyiifim i and thp swnnd nwr iTTs plans are similar to those 3150 ““P* 8 106 consortium s 

20vears. 3 worth around £20bn already submitted by a U.S. con- Proposals .are ovewmmpl ex. 
7i*5u » . wo f m around iiunn ' thoueht to he the ITTs package includes pro- 
(£5.1bn)— is the most ambitious soroum. once tnougnx to oe ine , " n r. . 

ewer nmnnwri only senous contender for the , ? . ?*■ exenanges — wnicn 

ev SL p e 05 ?- . . . . contract. would initially be the company s 

The Egyptians want their tele- contract. electronic Metacoma exchange, 

communications network up- . manufactured in Belgium, then 

sradeA , a " d * x . l , end8d f £ om „ lts Uncertainty its digital exchange-cabling, 

present 400.000 lines to about lm . . servicing equipment and training 

lines by 1984, and about 5m lines Tha* consortium is composed programmes. It will also be 
by the end of the century. ®f Western Electnc (the manu- refurbishing a plan for a maxiu- 

The project also entails build- facturing arm of AT&T), General facturine facility which it had 

ing a plant making fully elec- a “ d . Electronics and not formally submitted, 

tromc. computer-controlled ex- Continental Telephone. “Nothing has been sewn up 

changes for the Egyptian and There has been considerable yet,” said an ITT executive. “ I 
other Middle Eastern markets, uncertainty over the intentions think it will go the usual old 
At least three European com- of the Egyptian Government and route — a specification wiH be 
panies — CIT-AIcatel of France, Areto, the telecommunications drawn up, and it will go out to 
Siemens of West Germany and administration. The chairmen tender for the best bid.” 


BP-Veba 
to appeal 
on £210m 
deal veto 


THE LEX COLUMN 



of U.S. rates 


BY ADRIAN DICKS 


„ , Of one thing we can he rare: 

BRITISH FETOOLEUM 1 " sid ^,'g ^^rterd^the^ede™ Index fell 1.4 to 499.2 at Bamberger®, which pm 

- ” “ e,COme ° f * 


energy ’company, announced to- £ * „T ■ A™ rh«, 

day that they will appeal to 9 P e F cent * * ra ® of mor * tb ® n 
Count Otto Lambsdorff, the West a P°mt in the past two months. 
German Economics Minister, to although the current target rate 
overrule last night's decision by is thought to be np more than 
the Federal Cartel Office block- 8$ per cent. And for the first 
ing Deutsche BP’S DM SOOm -time there is just a hint that 
<£2l0m> deal for most of Veba’s th e climb in transatlantic rates 
Gelsenberg subsidiary. is starting to have an influence 

At the same time, Veba said qq £h e financial climate In the 
it would “as a precautionary ^ W ith confidence ^ sterling 
£?*c£5 being eroded by the political 
rallng watot tte^l the for- 

Deutsche BP said it was still ward discount has been open- 
considering wbether to take ing up in the past few days, and 
similar action. there has been a corresponding 

Veba said tbe ruling had come climb by Eurosterling money 
as no surprise in the light of rates— the three-month rate is 
discussions with tbe Cartel Office now dose t0 131 pe r 
since the proposed deal with ' __ 

Deutsche BP was announced in So far, the movement of UK 
mid-June. ft noted that the domestic rates has been modest 


( . WTfglY AVERAGE 

905 

h: 

M 

KT 

HT. 

Federal Funds Rai 

i 


- 


1 

r 

*r 




i 








J 

J 







55. 

1 

1978 









M, 

J F ft » M i •» * 5 0J 


to .profits last year. .■ 
succeeds, it would also 
International Timber 
little more secure, 
Montague Meyer’s holding?!] 
its equity would be dHutedtft^|j] 





10 to S per cent. 


Jefferson Smnrfit 

Jefferson Smurfit has b^g 
progressing by leaps andfcv^- 
over recent years. In 1973 gh%. 
sales were only £23.8m. and piwj 
tax profits a mere £1.5ia:-2# 
the end of last . year however; 
sales had multiplied ! over swa» 
times to £175.7zaand the' pt^ 
tax figure was more thaa' : Mi 
times up at £16m._ Last;yeSp 


Cartel Office had given its bless- and can be attributed to short a boom hut it can earnings per share amounted#.: 

ing for all the _ components of term fluctuations of confidence £fi!l E „. n L, hnn Anm vector. 19.3p, 43 per cent.more^tiam^ 


the complex deal except for tiie ratheP ft an ^ s'blfrin'the ret^i^saies fiStres^how- 1977 and over eight times tint' 
Indirect 25 per cent share that fundamentals But there is an da>s reuul & , ales n ?u re s snow - ‘ 

BP would acquire in Rubreas. SfiaSn" ^diriness aft er an ,ns b* 1 ®* volume * for durab . ,e 

West Germany’s biggest Importer oTrtBhU goods shops Up 7 ““U? Yesterday’s Interim staC 

and disinbutor of natural gas. ^ IS, aSv? h Jo? doYn- Sm«irfit suggests * 

is unchanged at 10 per cent next J' tLn i*- sn,wtjl “ 00w «aug «*:■ ' 


Dominant 


Thursday it will have achieved 


to a more normal, but '-stiff:. 


The Cartel Office objects touts longest period at one level 



Merger planned by Bambergers 
and International Timber 


Held up 


Lucas's $26m (£13.3m) bid for 
the 51 per cent of Ducellier 
owned by Bendix Corporation of 
the U.S.. has been held up since 
December, 1977, by the French 
authorities. 

The scheme, put together by 
Ferodo, involves setting up a 
new organisation called Societe 
en Participation with DBA, the 
Bendix holding company in 
France, through which Ferodo 
would indirectly control 51 per 
cent of Ducellier. 

Lucas, however, claims to 
have pre-emptive rights to 
acquire this 51 per cent hold- 
ing, and is proceeding with legal 
action on this basis. 

“Lucas has been advised that 
the Ferodo action contravenes 


| BY ANDREW TAYLOR 

TWO British timber groups, distribution network. Mr. Groves of timber for the furniture indus- 
International Timber Corpora- said; "For example Bambergers try while Bambergers has con- 
tion and Bambergers. are seefcug building products division is centrated more on supply to the 
to merge in an agreed deal largely based In the South and building industry.” 
worth £7.6m. South West while our Interests Directors of Bambergers are 

International Timber is bidding in this field are largely in East supporting the bid and say they 
three of its shares plus 170p Anglia, the Midlands and the will accept International Timber’s 
cash for every seven Bambergers North West.' 1 terras in respect of their 10.6 

shares. The groups have a com- The two businesses were per cent holdings. International 
bined turnover approaching largely complementary but there Timber is also offering 65p cash 
£ “S2. m ‘ ■ j were some areas of difference, for each Bambergers £1 Ciunula- 

The pnre caused some surprise “ We hare supplied a good deal live Preference share, 
in the City as speculators had 
been expecting somewhat higher 
terms and Bambergers share 
price yesterday fell Up to 77p 
having reached 92 p ahead of the 
bid announcement. 

Mr. R. E. Groves, chairman of 
International Timber, estimated 
that a merger would make the 
combined business the second 
largest UK timber concern — in 
terms of sales — behind Montague 
Meyer. 

Last year International Timber 
generated sales of £134.6m and 
Bambergers produced saJes OF 
£3S.6ra. Combined sales in the 
current year may approach 
£200m compared with the JE247m 
generated by Montague Meyer 
lasl year. 


2— 
1*1 
43 *. .* 


worse than this. 

But the company reports that decent, pace. Sales are lffpgpj 

the “'further 1 strengthenrng' of since Tariy *"19727 “'So‘ "far "the margins are still under pres- cent higher, and pre-tax profits. 
Ruhrgas’s already dominant posi- money supply has given nn sure, suggesting that competi- up 22 per cent at f&ffln. .TltoiS? 
ti on. the removal of Deutsche BP reason f 0r anxiety on interest lion remains strong. Cunys best performance has come fro^tV 
as a potential entrant into the —w but in the absence pf sees the second half progress- Ireland on tbe print and packa&3 f 

natural gas market, and the con- * --- ■--- - - = :j >- **- — - ■■ 

centrarion 
interests 
international 

Se in ed the course '"oVdiscussloiK PhtiUps and Drew, in their set to report pre-tax profits for while the contribution from-!- 
with the Cartel Office it was eon- latest economic forecast pub- the year of about £12im; at Nigeria is cut- by on e-Qiird.'3T»* : 
firmed today Veba and Deutsche j^bed todav, are projecting a 190p the shares represent fair outlook for the year is for pre-- v. 
BP had put forward a P™!?™? 1 rise in MLR to 11 per cent hy value on a prospective fuiiy tax profits of about I19ni.-Mlp‘ : 
by Cologne University Institute ^ year-end (though they sug- taxed pe of 7j. give earnings, per share (n i 

ease again during 

rf The voting ^“hts of Gelsen- Purelv domestic devdopments timber merger trode' on a' prospect^ ; pe' 

berg’s 25 per cent stake in W hi e h tighten credit— tike the International Timber turns of about B, , and stiff • have 
Ruhrgas. which Deutsche BP is DaynJent of spec i a i deposits last our to be the bidder for Bam-, attractions. 

19TO 'are^eldsed in^cSn^ mon ^ or tfa e b| s VAT "? nsfer be ? ere ir : *8"^ f uit ^ and . , . , -, r . 

lion those of a holding due in the next week or sor-can cash offer burnt a few spec u- NrR TT&X: 

comp an v named Bergemann. be largely offset by the Bank lative fingers and left Bam- Nl-D renSlOO FiEDfb 

among whose other shareholders nf England in its money market bercers lip down at »/p. The just how hard it i^ fora peD* - 
is Texaco. The Bergemann- operations. It is the sterling- two liaye apparently been eye- sion fund to keep up with inBs- 
Gelsenberg block totals 56 per dollar exchange rate, once ing each, other for some little tion is demj»Btriited : ’by the 

'S h n P r W S aRaSn - which is likely to be the while, and the bid comes at a National Go^^aard^wKchhas 

vote ml a^ngemem offec- factor - ■ of . ^atiy recovering for- sent out the aocbvmtsqf 

tively gives the owner of these 
shares the largest single voice I C' r , rrvK 
in Ruhraas. » l^urrya 

In order to meet the objec- 
tion that Deutsche 

haic C throuEh e Se mechanismTf 1ar « progress. Cash takings and offer signals the start of a raise paym^bhy lS po Oftt, 

BeruemannVan effective majority trading profit are both 21 per further bout of rationalisation the same as taflatiOD. Tne cost 

in Ruhrgas, the Cologne Insti- cent ahead; but a £272.000 in- of the sector which shares in was a defiaency^cdnWhtitfim <* 

tute suggested they should either crease in the charge for pen- some of the smaller companies £59.4m. compared ;With nondsl' J 
sell stock or make over voting sions (which now amounts to may already be discounting, contributions of £4&2ra. ' Tfia J 

rights to some of the non-oil £417.000 >has limited the pre- Timber companies want to previous year the defidedey 

company shareholders in Berge- tax increase to 18 per cent, to diversify out of the wholesale contribution was £542^ AB ' 

Ho‘™'hS“t MwnnmanS SSS SSJ2!?. 0 ' J?^'.. C “ r . , ?' s .. is c ?“ modlty .. busin ^ jet this, and lnvestfflfOt>cmie;n!.: , 
Fried. Krupp Huettenwerke. 

The Cartel Office is understood 
to have rejected this com- 
promise. But it may well be 
put forward again to Count 
LamsdorJI when, in accordance 
with the Cartel Acts, his ministry 
holds a public hearing into the 
case. 

Details, Page 2 


. . . 


tuffes in the timber sector, superannuatiou sebeme; Acornd-- 
Profits of both groups could jug to the actuaiy*jflse scheme 
pick up by very roughly a tenth could oniy. ri^e .wia ? S^er. 
__ - Curry’s interim figures reflect tb,s y®* 1 - cent pensioasi&e for 3977-W- 

Iheni ^wrrnld j a P eriod of solid, if unspectacu- _The question is whether the although the Boatti^ opted^tv ^ 


emphasising that it is not ex- closer to their customers. The £61m, to cover benefits <rf £5W 






Montague controls a 1(1 per 1 essential kevs 
not only the statutes of the. cent stake in International 
partnership company Ducellier Timber. 

hut also the company law of The groups said 3 merger 
France," it says. would provide them with a larger 



UK TODAY N.W. England, N. Wales. KE. 

DRY with sunny intervals, some and Cent. N. England 
rain in north. Sunny interrals, rain later. 

London, E. Anglia, S.E. England Max. 15C (5VP). 

Mostly dry. sunny intervals. Lakes, Isle of Man, Borders, 

Edinburgh, Dundee, S.VV. Scot- 
land. Glasgow, N. Ireland 


Max. ItiC (61F). 

Cent. 8. England. E. and W. Mid- 
lands. E. England. Channel Is., 
S.W. England and 5. Wales 


of raio. 


Continued from Page 1 

Cabinet expected to defy pay vote 

the economic strategy of the next election — keeping inflation of 1931 when the Labour Govern- 
Labour Government and paying under control; and strengthen- meat bad run away from power, 
tribute to the role played by the ing rather than weakening the “Let us make sure we do not 
trade unions in overcoming authority of the Prime Minister, make the same mistake, when 
inflation. After stressing the advantages °“ r forebears split to atoms at 

In the incomes policy debate gained already from the Govern- tbe critical moment and let the 
Mr. Healey, belligerent but not ment’s economic policies, the Tories in," he said, 
really gauging the mood of con- Chancellor claimed that whoever . After the debate Mrs- Shirley 
fercnce, warned starkly that the won the next election would williams, the Education Secre- 
debate could settle the outcome inherit the best balanced sbe 00t believe 

of the next general election. economy and the best prospects tb f conference had understood 
In his view there were two of any economy since the war. what J* ra 1 s doln e. a fld that it 

Mr. Foot produced the spectre was helping the Government 
win the next election. 


to winning the 


Cloudy, outbreaks 
Max. 14C 1 57F ». 1 

imerVa ' S - »Sr«'nrU,. CC 5'.E. 

Max. 16L (6U ». Scotland. Argyll 

Sunny intervals, showers. Max. 
120 <54Ft. ! 

Orkney. Shetland 
Sunny intervals, showers. Max. 


BUSINESS CENTRES 


Aitfsirdm. 
Athens 
Bahrain 
Bar cl- Iona 

Beirut 
Belfast 
Belgrade 
Berlin 
Blrouhm. 
Bristol 
Brussels 
B. Aires 
Cairo 
Cardiff 
Chicago 
Cologne 
Coprnhsn. 
Dublin 
E.Unbrch. 
Frankfurt 
lioneva 
tilasaow 
lli.-lfiinki 
H. Koruj . 
.To'bnrs 
LLibon 
London 


V'dav | 
midday I 
-C “K 
9 4S 
24 75 
SX SS 
19 6 C 
29 SI 


Madrid F 
Maruhstr. C 
Mulboume C 
M-2xlco C. C 
Milan 


YUiy 
midday 

W «l 10C (50 F). 
l: 55 Outlook: 


Rather cold with 


li S4ll1onrri?aI 
9 | Moscow 

7 431 Munich 
U 32 1 Newcastle 
13 Sal Alew York 
S 4» Oslo 
13 S3 Parts 
SO Siij Perth 
11 ii PriKU 11 
17 b3 RpyKJarfi! 


gs sunny interval^ and showers. 

13 53 

11 92 
4 39 
8 46 

12 34 
IS 64 


HOLIDAY RESORTS 


7 *5 Ajaccio 
1.1 S3 Aluk-rs 
S 16 u| Biarritz 
C II a; Iffucknonl 

R 2 32 Bortlesux 


in aujRlo rtc J'o s 24 tb BooIokul' 


11 S2 Rom*- 

12 >1 S IIU! a pore 
19 ruisinekhuim 

13 rujSirashru. 
n 

II 52 1 Tehran 
7 45 TcJ AVI? 

75 £6 eDj Tokyo 
C 21 Toronto 
s 19 mi j Vienna 
S 13 53 1 Warsaw 


Y'dar 

midday 
°C K 
F IB 66 
R 13 S3 
O 14 57 
K II 52 
C 1-1 55 
F 11 


Y'day 
midday 
«C -V 
of Man C 13 55 


U rcj nsshlnra. F SI Te; Malta 


Jersey 
Las Pirns. 
Locamn 
Malorca 
31 j Mai uui 


«7 cap- Tn. 
46 Corfu 


IK 61 i Nairobi 
'-’4 7,i Aapltw 
IS 64!.\liv 


V 14 37 

V 54 75 
U 13 S3 
F M fii 
S n tr, 

s :r fi 

C 20 6F 
fT 22 72 

K 15 44 


F 

21 

Tn 

rtori-nts 

R 

Li 

aS> BUmIl-c 

S 

2j 

ii 

S 

24 

76 

Fimcftal 

F 

2“ 

n; SaliWirs 

c 

II 

52 

5 

29 

S3 

Gibraltar 

S 

24 

Tij TatlillT 

a 

24 

7*3 

S 

26 

79 

Guernsey 

F 


»| Tcni-nfi* 

s 

22 

72 

S 

i; 


InushniL-Ji 

1' 

IU 

5aj vali-nrta 

5 

57 


c 

12 

r,4 

insemrss 

r. 

12 

Ml Vi-nu.'e 

K 

13 

55 

n 

9 

49 

S— Sunny. 

F— Fair. C~C|0Udy. 

R— Kiln. 


Jjutemb'ff S 1U OU Zuneh 


C 9 AS 


Th— Thundeiworm. 


Continued from Page 1 

Phillips oil strike 

Aquitaine on block 35/2 and 
Demin ex on. block 35/6. Of the 
first 11 wells completed, none 
have shown significant indica- 
tions of oil or gas. 

Tbe Phillips an noon cement 
does not yet herald the 
discovery of a major new oil 
province off Ireland. But the 
find coaid prove to be of 
great Importance in the long- 
term hy encoaraging Inter- 
national oil companies to con- 
tinue searching. 

The Phillips find Is of good 
quality crude, similar (o that 
found In the North Sea, being 
light and snlpbnr-frce. 

But it was made in L411 
feet of water, far deeper than 
any or the North Sea discover- 
ies, which are nearly all in 
depths of less than 600 feet. 

The Brent Field, for example, 
tbe largest discovery in UK 
waters, is in no more than 480 
feet. Tbe water depths in the 
Porcupine Trough could be a 
serious deterrent to the 
development or any eventual 
discoveries, unless they have 
very large resen es. 

The Phillips well Bowed at 
730 barrels per day. u was 
drilled about 105 miles west 
of the Shannon estuary. Signs 
of both oil and gas were 
met during drilling to a depth 
or 14,500 feet. 

The oil tested was light- 




34 degrees API — and flowed 
along with small amounts of 
gas from one zone. Other 
zones were tested bat without 
success. 

The well is being plugged 
and the rig Sedco 708 will be 
released. 

The company said .yester- 
day: “While Ifte recovery of 


I am damned if 1 want Black- 
pool 1978 to be the- greatest 
victory Mrs. Thatcher has ever 
had.” she declared. 

Another leading moderate, ) 
Dr. David Owen, the Foreign 
Secretary, said at the same Cam- 
paign for Labour Victory fringe! 
meeting that the onus was now 
on the opponents of incomes 
policy to come up with some-j 
thing viable that would hold, 
inflation. 

If they could not produce an 
alternative the Government 
would have to stick with what 
it had got. 

In similar vein Mr. William 
Rodgers, the Transport Secre- 
tary. insisted that the searcb Tor, 
a settled incomes policy must 
go on. Those who said that 5 
per cent was too rigid and ton 
unrealistic, had a duty to ex-i 
plain the alternative they pre-j 
ferred. 

JSESgAStSJTSnL gov-I 


your company policy. 

Fewer people than ever are -willing to ** 




ern merit’s &*** MaS treatm^theyneed. 

leaders more determined than fortunately there is an alternative 

ever to persuade the Government Independent medicine and Private Patients 
to abandon or at least relax its pr an Wirawfi ^ HS 

wage controls. w . 

- ...v - Both Mr. Joe Gonnley or the . JSy^ < ffi^? P ?5 ecau » tl, V 

this quantity of oil cannot be miners and Mr. Alan Fisher of Know that within PPPs flexible range Of 

considered commercial, espeei- the public employees, whn had health insurance plans, there is one which will 
aiiy In the 1,41 l-fect water pulled no punches in the debate, be right ibr their needs 

— » .. — said afterwards that the Govern- au nnn j „ 

ment should talk to the unions So xmei out how PPP puts the nation’s 
and urgently reconsider. health first -the health oiindividuais and. 

Th , _ At the same time, a common of companies like those featured a bovc. 

of ntl r^^art M w 0 r£: C^P^^^^coupontod^. 

was that there was time to repair — — - 1 — — 

the damage if tbe Government „ PmM t*r u. cuwemwTir 7 ~Z~ 

acted quickly. - ? 5* Timcs Lia ' Brtckcn Uwi4v * ^2? ftf-S 

© Tbe Tioaniiiti Tam.“ ju 5„ jjjj 


depth in which the well was 
drilled, the Phillips Group 
is encouraged hy Uie test 
results.” 

The group 

hf- 

(Jil 37.5 per cent, Amerada 
Hess 20 per cent and Century 
Power and Light 5 per cent. 


Pla* 1 - FREEPOST. 
TUNBRIDGE WELLS. KentTNlZYZ 

Please s«nd me detafls of PPP privatehefl 
i-ompaniesGlndividuals/FaxnilieaQ 
Name u nw under er >-efln rfwl 

(lii ab ou*iipnW? | 

Company itfnpplioihiri 

• - 

Fruition 

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Address 

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