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LONGINES 


World’s 


CONTINENTAL sgjJNC TftKBt 


27,679 Wednesday October ' 4, 1978 ***isp w £ 

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general 


BUSINESS 



■v'.vSvrrs 


Unions see signs of Celanese and 

° film 

flexibility on pay 


Olin merge 
in $720m deal 


by RICHARD EVANS AND CHRISTIAN TYLER 



Customs men and ' drug squad 
detectives made' a number ot 
arrests in London following the 
discovery of the biggest haul of 
Chinese heroin ever brought 
into the UK, 

Thirty-two kilos of the drug, 
worth £6m at street prices 'and 
enough to keep . Britain's 
registered addicts -supplied for 
a year, .were found in the tyres 
of two Volkswagen cars imported 
from Penang, Malaysia; to 
London's Royal. Albert Docks. •. 

The haul : was found on. 
September 21 but its discovery 
was kept secret while the men 
behind the shipment were 
hunted. Four people were being 
questioned after', yesterday's 
raids... 

BA to seek 
fares Increase 


0 DOLLAR ;tts£i. r <gw>and, 

influenced by preffliflans from 
Mr. William fflBxft ;; Federal 
Reserve; ehaLrmaf!>! that U.S. 
Interest- Tates WOTM-peak before 
the end of the' year. (Page 4). 
It fell to z' je&M -h»w of 
DMLM15 <D®£$Etf) / and 

240rS per fine . " 

LondOn 

GoldPreee. 


MAY JUM ' JUL /AU6 SEP OCT 


Tares increase finished at ;;.S)vFr_ 1.5730 

British .Airways is expected to (SwFr * 1.5815);: . its.. . trade- 
ask the UK and U.S. for per- weighted average . depreciation 
mission to raise all transatlantic widened to (8.91 per cent. 

fares by a bout , 5 per. cent, start- sritRT Tvr; nnlnK in 

ins next April; Easting 

tialsr between first class, economy: 

and Stand-Bv would hp. m^in- "weighted index .was 62*5 (62.7). 
lained. Back Page . . .. 'GGLEkidtoised st^VTfewrd high 

of /$2^21, a rise of $4} on the 

Refinery blaze . ' j: 

At least four .people were killed f|:. EQUITIES' rallied on the 
and 11 others injured in a series Pnm£ Minister’s Slam f addi- 
of explosions at the. Contmentai . i**™? i„dnemnr ; in* 

Oil Company refinery hi Denver. 

Colorado.- The fire was reported ■ 

out of control am} damage- is , “*300^ taxation ano.- uglrter 
estimated at up to (SS.lmY-. monetary ^nitidis. Tao-FT 30- 
: - . • ' V t j.- '. sbareTndex dosed 6 petefc 

Kh^d;«*pei^ 

King Kbalid of - responded likewise,- 

nnflpni'/iDl ftnpn.fiifsrt «ir™prt in th. • y ' 


M^^TENANCE of single-figure 
reflation will remain the corner- 
stone of the Government's 
economic strategy, the Prime 
Minister told the Labour Party 
conference in Blackpool yester- 
aa Y- the 5 per cent pay 
guideline was badly breached, 
other economic measures would 
have to be introduced, he said. 

This w;as the apparently un- 
compromising attitude adopted 
by Mr. Callaghan as he tried to 
steer the divided Labour move- 
ment back towards a unified 
policy on nay. but trade union 
leaders and others saw distinct 
signs of flexibility in his speech. 

There will be early talks 
hetween Ministers and trade 
uoion leaders, probably next 
week, on the future of pay 
policy.^ when Mr. Callaghan will 
urge tight pay restraint. 

But it is accepted privately by 
some Ministers that the days of 
the rigid 5 per cent norm arc 
inevitably numbered. 

Trade union leaders were sure 
they had made a breakthrough. 
They read Mr. Callaghan's speech 
as a clear invitation to work out 
a compromise that would take 
some of the heat out of shop- 
floor militancy this winter. 

Left-wingers and Right-wingers 
agreed that he had risen 
triumphantly to the occasion. 


gone a long way to healing the 
rift so dramatically exposed on 
Monday, and retrieved Labour's 
electoral .chances, by hinting that 
the 5 per cent limit, if not the 
basic counter-inflation strategy, 
could be relaxed. 

Mr. Callaghan's, warning of a' 
damp-down on the money supply 
and more severe fiscal measures 
if inflation took off again was 
seen as something he had to 
say; a reminder to the country 
at large that he would not back 
down completely in the face of 
trade union pressure. 

Most onion leaders did not 
interpret it as the preface to a 
new austerity regime. 

When Ministers and the TUC 
meet, possibly next week, there 
will be attempts to turn Mr. 
Callaghan’s hints into a redefini- 
tion of the incomes policy, even 
though the biggest union, the 
transport workers, and others 
will argue for wage controls to 
be dropped entirely. 

Public-service unions will seek 
extra concessions for the low- 
paid, and all will call for repeal 
of Government sanctions against 
employers who. breach the guide- 
lines. 

But for all the mood of recon- 
ciliation in Blackpool, the 
Government — and the unions 
themselves — still face the pros- 


pect of serious industrial unrest 
this winter, whatever the future 
of the strike at Ford's. 

What the Prime Minister has 
done is throw down a challenge 
to the trade union leadership to 
tell him how they would maintain 
the level of inflation in single 
figures, and thus give Labour a 
chance of retaining power at the 
□ext general election. 

The question will be bow 
actively trade 1 union leaders and 
their members pursue the con- 
ference decision to overturn 
wage controls, and whether the 
Government will be politically 
courageeus enough to take com- 
pensating action should the infla- 
tion rate rise. 

According to Mr. Callaghan, tn 
a well-received speech designed 

to keep the temperature down 
after Monday’s traumatic confer- 
ence defeat for Government pay 
policy, any increase in earnings 
above 5 per cent was likely to 
carry inflation back over 10 per 
cent, something the Government 
could not permit. 

If. the -conference decision 
against wages policy resulted in 
a weakening in control of infla- 
tion and a return to double 
figures^ “then the Government 
will take offsetting action to 
keep Inflation down through 


monetary and fiscal measures,” 
Mr. Callaghan warned. 

“It is our responsibility. It 
is necessary that the country 
should know that the Govern- 
ment accepts that responsibility 
and that we shall not seek to 
evade it.” 

Although Mr. Callaghan's 
declaration was being taken at 
its face value by some, others 
believed it inconceivable that 
the Government would introduce 
measures, including tighter con- 
trol of money supply and 
increased taxation, that would 
raise the level of unemployment, 
in the run-up to a general 
election. 

One obvious area to be ex- 
plored within the terms of the 
White Paper will be the possible 
productivity element in a pay 
settlement. The Prime Minister 
stressed the need to keep down 
wage costs, not necessarily earn- 
ings. 

“ We are ready to encourage 
wage settlements that include 
genuine productivity deals, and 
that therefore give higher earn- 
ings which at the same time re- 
duce rather than increase wage 
costs,” be said. 

Mr. Callaghan hinted that the 
Government would interpret 
more flexibility than proposed by 
Continued on Back Page 


Conference report Page 12 0 Editorial comment and Men and Matters Page 22 0 Lex and Left’s proposals defeated Back Page 


At least 300 die as floods 
bring chaos to West Bengal 


BY JOHN WYLES 

A SIGNIFICANT realignment 
within tbe U.S. chemical indus- 
try emerged today with the 
surprise announcement of a 
S720m (£3 65.5m) agreement to 
merge Celanese Corporation and 
Olin Corporation". 

Although based in New York, 
Celanese has made no secret 
this year of its aim of expanding 
into new products through an 
acquisition. But few on Walt 
Street hud expected a consoli- 
dation of this magnitude which 
ranks as one of the year's five 
largest prospective mergers. 

On last year’s total sales, a 
Cefanese-Olin combination would 
rank sixth in tbe U.S. chemical 
industry above such giants as 
Allied Chemical. PPG and 
American Cynamid. 

Today's brief announcement 
offered few explanations for the 
merger beyond the creation of 
a company “with a broader and 
more diverse product line.” 

The agreement in principle 
will be considered by the hoards 
of the two companies on Thurs- 
day. It provides for the pay- 
ment of S30 a share for up to 
30 per cent of Olin's approxi- 
mately 24m shares outstanding. 
The balance will be paid on the 
basis of J of a share of Celanese 
common and J of a new Celanese 
convertible preferred stock. 

Tbe stock analysts' initial re- 
action was that the offer would 
prove altraclive to Olin share- 
holders because it would yield 
a 60 per cent premium over the 
company's closinq share price 
last nisjit of $18.75. 

Olin's bnok value is in the re- 
gion of *27 a share, and today s 
announcement brought a swift 
lean in share values to $25.5. 

The reaction of the regulatory 


NEW YORK. Out. 3. 

authorities will be closely 
watched for indications of an 
anti-trust investigation. On the 
surface, however, there seems to 
be little overlap since Olin 
specialises in inorganic com- 
modity chemicals while Celanese 
is a diversified producer of fibres, 
petrochemicals, plastics and poly- 
mer products. 

Olin has developed an increas- 
ingly strong custom chemical 
business over the past few years 
based on biocides, flame 
retardants and urethane 
chemicals. This business coupled 
with its brass production js seen 
as tbe kernel for promising 
growth in tbe next five to 10 
years. 

Olin's other activities include 
tbe production of stainless steel 
strips and coils, paper and cello- 
phane and sporting arms and 
ammunition. 

Celanese returned net earnings 
of $7Qni (£35.5m> on sales of 
S2.32bn (£1.17bn) in 1977 and 
Olin S7S.ltn ( £39-6m > on sales of 
$1.472bn (£746 rob 

But the coal strike, a fire at a 
sodium chlorate plant and a 
strike which halted its brass pro- 
duction are expected to reduce 
Olin's earnings this year from 
$324 per share to around $2.50. 

No details have yet been dis- 
closed as to how the new com- 
pany might be organised. 
Celanese is beaded by Mr. 
John D. Macomber, president and 
chief executive, who joined the 
company five years ago from 
MeKinsey and Company, Die 
international consultants. Mr. 
John Henske, president and chief 
executive of Olin, is a former 
director of Dow Chemical Com- 
pany. He was put at tbe helm of 
Olin earlier this year. 


There was no immediate report " STOEET.Avas - -Lfifi 

on tbe King's coflditiDn. • down at 8C&68 Uqm* th* dose. 

M-way protest r^erveS . - 

John Tymc. the seasoned motor- / - 

way protester. ^ ^ was- carried byrtCA^IOKm 

police put of the .M'iS inquiry . At'iR'O*- ylvvfl* 

? bh?nis'of ^Whv dr^we^^SS^ 1 * Official jeserve^ rose by 
a chorus of Why are ^e. last.->'moath to $lB.5lbn., 

^ the - previous month’s 

S h°°w "decline xtf £330m'.. Allowing for 

the back of the halL ManHAn.i ^kn'mnurinpt; and lftnn 


Princess cancels ■ 

.Princess Margaret .has canceled 
her five-day visit to the" Ptaitip- 
Dines. Doctors have advised her 
to continue resting-at the Sydney 
home of the governor- of New 
‘ So utli Wales. She has a respira- 
tory infection. *. - 

Charge dropped 

Journalist Duncan Campbell one 
nf three defendants, was 
acquitted on one of the charges 
against him when the . Old Bailey 
secrets trial rc-started- ' The 
chnrg? — under Section One of 
the Official Secrets Act — con- 
cerned information "which might 
be . - . nseful to an enemy. 

Superthief jailed 

Richard Jeakins, described by 
the judge as "a super shop- 
lifter” was jailed for three 
Years in London and ordered to 
pay £2,000 In costs after admit- 
ting 23 charges which included 
the theft of a Picasso print worth 
£7.000. a Blake watercolour 
(£17.000) and two icons <£9.300),. 

Jeakins was caught- wdien a 
woman store detective at Bourne, 
and Hollingsworth. Oxford 

Street, let down the tyres of 
his getaway vehicle ... a 
bicycle. 

Briefly 

Elizabethan goblet fetched 
£75,000 at Christie’s, a world 
record for auctioned glassware. 
Saleroom, Page 9 
Norses should be allowed to 
prescribe the contraceptive prlJ 
rays the royal College of Nurs- 

ui&. : ‘ . 

• Astrid ProlL suspected German 
terrorist, was further remanded 
al ,fiow : Street. London, to face 

extradirifto proceedings. ■ 

Reward fund for ihe pissing 

newspaper.- delivery girt Genelte 

Tate. has . been .closed at £23,000- 


riseJIO&n 

:0 UK’s' irifleial reserves rose by 
‘$108ffl last : >inonth to $16.5lbn., 
.reversing .the ‘previous month’s 
- decline of 4330m.. Allowing for 
identified borrowings and loan 
.repayments, the figures show an 
underhdnjg. (increase of $63m. 
Back JPage: ' ; 

• U.S. TREASURY hills were: 
threes 8.161 per. cent (8.106); 

■ and sixes 8.377 per cent (B.27BX 

0 IC1 has decided to press ahead, 
with, ambitious plans fo sanction 
capital expenditure projecls 
worth.morfe than £$00m this year," 
.despite repeated warnings that 
they could not be justified by^ 
current profitability. Back Page- 
Beecbara Group has, however, 
cancelled- its plan to build an 
£lSm pharmaceuticals factory in 
Ireland. The group wiM expand 
production at existing plants i 
instead. Page 6 

• NATIONAL Coal Board has 
awarded a £7m contract; to 
Murphy Brothers to_ work an 
opencast coal .site, in Powys, 
South Wales. Page W 

• FIREMEN’S leaders met local 
authority employers in an 
apparent bid to "ward off possible 
renewed militancy by firemen 
over the 42-hour week at their 
annual conference next week. 
Page 11 

• TGWU London regional office 
instructed members to . black 
work connected with Ford, where 
the national strike by 57JMW 
manual workers is in its second 
week. Page'll ' 

COMPANIES 

• CHINA PROVIDENT Com- 
pany, a Hutchinson Whampqa 
subsidiary. announced net 
interim profits of 
(US$lO-6lm> against HK*?6.5m m 
the corresponding 1977 penod. 
Page 29 

• PIONEER CONCRETE Ser- 
vices plans a one-for-eight scrip 
issue for the second successive 
year, after a 34 per vent Tise ra 
group profits from AS14.6m to a 

ASlS.flm. iUS$22,,mr. 
Page 29 . 


3Y K. K. S KARMA 

THE DEATH toll in the floods in 
Itviias'-yfest Bengal state is at 
least SOd. land -the firfui figure un- 
duuDtodJy will be -much higher. 
-•-Bases.-' train® and cars ■ in 
;CaIo0t» * stand \ in waist-deep 
Water, "having- been stranded for 
morn than five days. Shops have 
put. up the?r shutters. The few 
offices open\are thinly-attended 
because' public transport has 
broken flownV In : the Writers’ 
Building, seal of the State 
Government, thb harried Marxist 
Chief Minister, 'Mr.. Jypli Basu, 
says: “It’s a reak disaster" 

Mr. Basu who has taken per- 
sonal charge of relief and rescue 
work, has just returned from per- 
suading bakeries to step up pro- 
duction and pleading with whole- 
salers not to raise prices. 

.. Despite his unflagging efforts: 
Mr. Basu has still to get . the 
better, of tbe worst floods ever 
to. hit West Bengal. 

. Tbe rain now in its fifth con- 
secutive ' day has flattened 
shanties, brought down houses 
and .silenced jute mills and 
aciories. Here is no drinking 


BU6MJtm 


in fly 


BBttUKPOBE 3 

r-./"' flust • “““Wl 

V A ® 

. WBraw v 
jjufstopuH ' < CALCUTTA 

-? J fy I 


water, telephones do not .work, 
trains limp into Hovfrah' station 
days late, and naked children 
cry for food as drenched mothers 
stand " helplessly outside 
collapsed huts pleading for help. 

It will be days before Calcutta 
limps back to anything near 
normality. It will take weeks 
before damage from the flooded 
districts can be . estimated, and 


months to restore, the shattered 
economy .-of the State, the most 
heavily/ ffwlustriitised in the 
country. 

Its two steel, .plants, most of 
the coal mine®, and the two ports 
of Calcutta and Haldia are 
paralysed. Warehouses with jute 
manufactures and raw jute are 
under 10 feet or water, and 
nearly all jute and paddy fields 
have been washed \ away. 
Many power stations - have 
ceased generating, and officials 
say that few- roads will survive. 

The floods began with un- 
relenting and unseasonal 'rain 
on September 27. Thirty inches 
fell in less than 24 hours before 
settling to a steady downpour 
that still continues. 

Then came, reports of equally 
heavy rain in the catchment 
areas of the Damador and other 
rivers which caused flash floods 
that created havoc In West 
Bengal's 24 districts. 

Mr. George Fernandes, Minis- 
ter of Industry, who flew in from 
New, Delhi, Is so shaken by the 
scenes in Calcutta that he says' 


CALCUTTA Oct. 3. 

preliminary reports suggest 
damage of 20b n rupees (£1.2bn). 

Yoi the Chief Minister haii 
asked for a relatively motk-st 
R3bn aid from lhe . centra! ! 
Government. This is probably | 
intended for coping with 1 
immediate relief work, such as 
preventing the spread of disease 
More will be needed, but it will 
need more of a national effort 
to put West eBngal back on its 
feet- 

Mr. Fernandes says tbe growth 
rate expected for India this year 
will receive a setback because 
of the floods here and those in 
northern India three weeks ago. 
In the state itself, steel, coal and 
jute are worst affected. 

Continued on Baek Page 

£ in New York 


Sadat sacks two generals 

BY ROGER MATTHEWS IN CAIRO AND ANTHONY McDERMOTT 
IN LONDON 


Suit i SL967M6Ki : S1.fl71E.a72o 
1 niunih .; 0.74-0*7 .1U O.sa-O.5fi ill. 
Siiimilli* S.oe-l^C? •!•-« ' i.78-!.72ilis 
12 niMDIlm | fi.StM’.IOtli. 6.SU-&.60 ilK 


EGYPT'S TWO top generals 
uere yesterday remoied from 
their posts by President Ainvar 
Sadat. General Mohammed 
Abdel Ghani Gamasy. llu* War 
Minis) er, aud General 
Mohammed All Falmti, the 
Chief of Staff were l»oth 
reappointed presidential mili- 
tary advisers. 

These changes come two 
days after Mr. Sadat sacked 
Mr. Mamdonh Salem, his Prime 
Minister for more than three 
years, and replaced him with 
Dr. Mustafa Khali I. They 
come two and a half months 
afier Mr. Sadat, who lias 
promised a sweeping “ admini- 
strate e revolution.” formed 
the National Democratic Party, 
a move which has reshaped 
the political scene. 

Above ail. these moves must 
be seen as efforts to sirenglhen 
the President's position in the 
country in the wake of the 


Camp David summit. 

Negotiations on tbe conclu- 
sion of a treaty wilJh Israel are 
due (o start on tirlohcr 12 in 
Washington, hui observers 
have not ruled ont General 
Gamasy playing an important 
role I here 

The changes probably do not 
reflect discontent withiu the 
armed forces at the terms of 
the Camp David accords. 

General Ahmed Badawi, a 
former commander or the 
Third Army and in charge of 
array (raining and organisa- 
tion since June, has been 
appointed chief or staff, but no 
replacement for General 
Gamasy has been announced. 
He might be replaced by 
Major-General Hassan Ibrahim, 
head of the Egyptian General 
Intelligence Organisation. 

The Middle East aTter Camp 
David, Page 22 


Sime Darby to dismiss auditors 


- BY JAMES BARTHOLOMEW. 

A MAJOR- row broke out yester- 
day when Sime Darby Holdings, 
the - plantation . company and. 
overseas trader based in Malay- 
sia, announced a proposal to 
sack its long-serving auditors. 
Turquand' Barton Maybew and. 
Company. 

The auditors intend to fight 
their dismissal and have 
described the reasons given by 
Sime as invalid. “ It is up to 
the board to state its real 
reasons,” Mr. Dennis -GarretL. 
senior partner of Turquand, 
said yesterday. 

Sime Darbys explanation was 
that the group has' grown over 
tbe last seven years and its 
international interests are now 
substantial: The Sime Darby 
board feels that Price Water- 
house and Co., ^as one of Ihe 
largest international firms of 
accountants with extensive 
worldwide representation, will be 
better " placed to meet the 
demands of the Sime Darby 
group," the company stated. 

. However, this reason, which 
the company declined lo expand 
upon, was received with scepti- 
fcUm by the auditors. 


Mr. Garrett said that SO to. 90 
per- cent of the work on Sime 
Darby's audit was done in the 
Far : East, where his firm is 
stronger than any other. 
Turquand audits -28 out of the 
top 100 companies quoted on the 
Kuala Luinpur Exchange,, he 
said. 

One-third of the partnership's 
3.000 employees are in tbe Far 
East. 

He conceded that Price Water- 
house was stronger, in some 
parts of the world, particularly 
the U.S., but could not believe 
that this was the real reason for 
his firm's _ proposed dismissal. 
Sime would have to invest a 
great deal of money abroad 
before the majority of the. audit- 
ing work ceased to be in the Far 
East, he said. 

Mr. Garrett said that he did 
not know the real reason why 
Sime wanted to sack Turquand. 
He did not helieve the cause lay 
in Turquarid’s role in the Pinder 
scandal which hit Sime Darby 
five years ago. 

Mr. Pinder, a previous chair- 
man of the company,. was found 
guilty on several charges includ- 


ing misuse of funds and sen- 
tenced to three years' imprison- 
ment. Turquand played a signi- 
ficant part in exposing him. The 
■ senior partner Involved com- 
mitted suicide. 

Turquand claims it has good 
: reason to believe that Sime has 
confidence in .its competence. 
And although from 1972 to 1974 
they disagreed about the account, 
ing* treatment of acquisitions, 
Turquand doubts that this is the 
fundamental reason for its 
dismissal. 

Turquand . -.understands that 
the Sime board was not unani- 
mous in its decision to oust its 
auditors ol oyer 21 years’ stand- 
ing. But Mr. Garrett would not 
.name the directors he believes 
are on his firm's side. 

The auditors will fight their 
dismissal by sending circulars 
to shareholders before . the 
annual meeting on November 17. 
They hope that publicity about 
their dismissal will force Sime 
to disclose the' real reason, 
enabling them to produce a 
reply. 

Lex, Back Page . 


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Reuter inoni tor ANZX. f\ 


CONTENTS OF TODAY’S JSSUE 


CHIEF PRICE CHARGES YESTERDAY 


{prices in pence unless otherwise 
"7 indicated/ . 

RUiES- • 

Excheq. I2pc ’99-02-^ + * 
Beecham ‘Jz t L 

>85* tv 

, Footwear IMS. . ■ -v ‘3 1 r 

•UraikwT Brick — t | . 

Marchvwl t A . 

’Mttal Bon* 

Piwwrama . 1S4.U. * 


Ra'cal’.fclectronics 


.- 40 fr +-10 
. 400-+ 3G 
.■0Mr.+ :S..- 
, 142 + .7 
. 33(i. ■* 6 • 
. 76V + 5J 
. 123 > 5. 

. 340 d- It 


Reed lntoh JJ9 

Royal Insurance 

Startrile ■ 

Trust Houses Forte... ^4- 

Woodhead (J.) 

Afrikander Lease ... gj 
Anglo .American Crp.3aO 

Anglo Utd. Dev 224 

Bishopsgaie Plat.. ... 

Doomfontem 

"Gold Fields SA *g* 

Woof - 

-Marievale 

Norths 81 * E*P ,n - 
RTZ ^ 

Minerals ... u' 


European news 2-3 

American news - 4 

.Overseas news 4 

World trade news 5 

-Home news— general ... 6. 8-10 
• — labour 11 


The Middle East afier Camp 

■ David 22 

Shipping: A picture of un- 
remitting gloom 23 

..Why Charterhouse, backs 
the Byte Shops 19 


Technical page 14 

Management page 19 

Arts page 21 

Leader page 22 

UK Companies 24-20 

Alining 26 


FEATURES 

Gardens Today: Winter 

flower - power 20 

Battles about reinsurance 32 
Lorraine: Deep shadows in 

the steel valleys 3 

Guinea-Bissau economy . ... 4 


lnU. Companies 27-29 

Euromarkets 27 

Money add Exchanges 29 

World- markets 30 

Farming, raw malerials ... 31 

UK slock market 38 


Boussac Textiles: The 
WlUot Brothers move ... 28 

FT SURVEYS 

Kuwait < 33-37 

VS. futures market ...... 15-18 


Appointments - 

■ Rw am s 

CfflWWlI’ - - 

Entertain mwu Gold* 

European Opts. 
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Turkey may reopen U.S. bases soon SlOOm U.S. aid to ease 


BY METIN MUMHt 


ANKARA, Oct. 3. 


THE US. bases tn Turkey, bases and put them under ments. Talks on a new one are enabled the U.S. to keep track JL iiMfcVJL iJ' 

consiituling what has been des- Turkish Army command in July to start in Ankara next month, of Soviet air and naval activi- « , w 

eribcd as the most advanced 1075, several months after the the sources said. It is expected ties, missile and nuclear weapon tOrPP/I^I BY JIMMY BURNS - . '— ••• • 

land-based surveillence network U.S. Congress imposed an tn take a year before it is signed tests and general military 1U1 WUkH> - 

.in the world, are to be reopened embargo on arms supplies to during which the bases will still activity in the area surrounding - Giles Merritt __ . ' . . nlnds- 194— «83m in Julyaarf 

-within a week or so” after Turkey. The decision to reopen be allowed to operate. Turkey, including the Middle ' THEUS^has released- a further Portuguese Govermnen Aueast Bank 

having been shut for over three them, taken by the National The key bases which would East. BRUSSELS, Oct- 3. SlOOm of its share of a $150m mg to reduce Us balance iof pay ug - today offi.- 

years. senior Turkish govern- Security Council — the country’s reopen are Kargaburun, a US. Other facilities provided to SERIOUS doubts about western aid package arranged ments deficit from ' ^adto make '£* ■ 

merit officials said here today, highest consultative body — yes- Navy communications station, the Americans include airfields Belgium’s ability to meet current ui Pans last year to help finance $800m between ■ »arca iwo anu pe Jr® 

The Prime Minister. Mr. terday. has come in the wake located in European Turkey, and for tactical fighter aircrafi, OECD economic growth forecasts Portugal s balance of payments March 1979. • • _____ m ’ 0 nths of this year *?! a,nn, S 

Fallen! E.evit, is to make an of the repeal of the embargo at intelligence collection sites at defence communications stations are now being expressed inside deficit. - i; In the onginwioan agr officials, for* their n»» 

announcement to this effect President Carter’s request. Sloop on the Black Sea, Belbasi and supply and ammunition the Government here. According The U.S. originally pledged meat, the U.S. agreed to make ■ indjcated that 1 fS?’ 
alter a cabinet meeting expected While shutting down the bases in Central Turkey and Diyar- depots (including a dozen or so to reports in Brussels, the S300m. the largest contribution available the ?*_ month delay in unblocking 

to take place this w&k. Ankara bad also abrogated the bakir in the south east where nuclear warheads are Belgian Central Economic Coun- from a group of OECD member contribution within 120 days of month delay in unwo^mg ^ 

Ankara shut down the U5. Torkish-American defence agree- When active these bases kept). cil is concerned that the 2.75 per states It was clearly the eredlt formal acceptance of the. letter Joan fiave Admimstration_ 


i air anu navai aw>r n . — • — - - 

stars; forecast «y j.mmt ■ . 

STulddll »Y THE U-S.-has release » further Portuguese Government- plete- '» ‘ 5®7m 

BRUSSELS, Oct- 3. SlOOm of its share of a $150m ing to reduce its balance rf pay- 
facilities provided to SERIOUS doubts about western aid -package arranged ments deficit from iUMgmAt 

iricans include airfields Belgium’s ability to meet current in Parts last year to help finance 3800m between -March 1078 and peaed to mak oettefruseirf the; 
Lical fichter aircrafi, OECD economic growth forecasts Portugal's balance of payments March 197 9. ■ ■ ' . ♦*!?* JSt remainmg 


in take place this week. 


Ankara bad also abrogated the bakir in the south east 


Ankara shut down the U.S. Torkish-American defence agree- 


Moscow iDenmark aims at deficit reduction 


I 


BY HILARY BARNES 


COPENHAGEN, Oct 3. 


rent increase hgToss national line with t R'SSSBmVSZ of intent by the IMF. The de- «,me breathing spaj*' In whitf 

product for I97S outlined at the logical weight in terms .of its lay in unblocking the loan to observe Portugal s economic 

end of August by the Paris-based ability to affect future .business appears to have been favoured performance, particularly m jty 

Organisation for Economic Co- confidence in Portugal. $200m by both sides, but for. different abitityta meet, the targets set by 

operation and Development may this was made conditional on reasons. ■ v . 

nnt now be met Portugal showing evidence of In the summer months. Por-. The Sank said that bearing in ' 

TheBelgian economic plan- “satisfactory progress v In its tugal recorded a foreign mind the main object of the IMP , 
nlng body fs uudereiqod to L S'* 2* «cb»nse bounce so .T'ujL TOe Wtmn w« a, redunaiita the 


** <f\ I PRIME MINISTER Anker Joer- fiscal policy, combined with crease Government revenue next 

TsTssT % ISI *1 gensen promised a reduction in measures of support for employ- year by about Kr 1.3bn. 

w Denmark’s current balance of ment and business. This will be AP adds: Thousands of Danish 

By Fay Gjejter payments deficit by about Kr lbn followed up by .incomes policy workers downed tools and joined l hat the OECDs reporrs asstimp- 

OSLO. Oct 3. (£95m) to Kr 6.5bn next year and measures in the spring, to con- protest demonstrations today to “on of a 2.5 per cent Rrowtn in 

RUSSIA HAS PUT off at the further reductions Jn future when nection with the renewad of the protest at Prime Minister real disposable household income 

last minute a goodwill visit to he addressed the Folketing two-year collective wage Joergensen's statement. More an “ a 3.5 per cent rise in ex- 

Mo«c«w by Mr. Johan Jnrgen today, at the opening of the new contracts. than 10,000 workers gathered at Ports are open to doubt 

Holst Norway's Deputy Parliamentary year. The Government’s first major the Folketing square in a demon- The council has pointed out 

Minuter or Defence. The visit, The coalition government of problem may arise next week stration denouncing the alliance “»a* during the first half of this 

which was to have started to- social Democrats and Liberals, when a Bild to change the indexa- of the SociaJ-Democratic Labor yoar consumer sales rose by only 

day. was at the invitation of formed at the end of August, is tion base for income-tax From Party with the Liberals. The 2 per cent over the same period 

General I. G. Pavlovsky, expected to face a stormy session the hourly wage index to the strikes halted virtually all ferry of 1977. The first six months 

Deputy Defence Minister and ads autumn as it attempts to consumer price index is con- traffic and upset mail distribu- of this year a»o saw Belgian 

rom nun der-in -chief of Soviet cany through a tightening-up of sidered. The measure will in- tion in Copenhagen. export earn mgs increase by a 


Heist Norway's Deputy 
MinUter of Defence. The visit, 
which was to have started to- 


Spanish shipyard dispute ends: 


BY ROBERT GRAHAM 


MADRID, Oet in- 


land forces. It was discussed 

In April and dates were fixed ~ " 

On Saturday, Russia’s ambas- L^nlllllYl 
sadnr to Norway told the f 1 sfjllllll fill. 
Foreign Ministry that the visit 

SJSESS BY JOHN WALKER 

?M , ?rd a f V 'fl.e ariS N«r™iS: THE SWEDISH Govermnen, 
IWence Ministry announced skirted round the country i 
that a new date for the visit nuclear energy crisis at the 
would be set after contacts opening of the auiumn session 
hr i ween the governments. Qf ^ Riksdag (Parliament) 

ojr a M.sr n k oM «-»• r- Falld,n ' 

dicplmsure with Norway's the prlme Minister, concen- 
miiiiary authorities after an trated instead on the economic 
incident involving a Russian situation, suggesting that the 
military aircraft. The aircraft three parties in the coalition 

ih * fSSSm Government have failed to sink 
Arctic island of Hopen in , h ir Hipr C p e aces 
August, and the Norwegians , cfrnno 

refused to hand over the flight ^ r ' J ! aiwta adopted a strong 
recorder. The instrument is anti-nuclear stance when he 
now being held by the commis- came tQ P ower lwQ y eare *Z Q - 

sion investigating the accident. 

The Russians have not yet 

accepted Norway’s offer to let a U».rrnrr!Mnlri n 
Soviet expert be present when XSrZGZlHSKl 1 
the recorder is opened and 

interpreted. BY JONATHAN CARR 

A recent visit to Russia by 

the Norwegian Environment THE SECURITY problems for 
Minister went ahead as planned Western Europe posed by Soviet 
in a cordial atmosphere, medium range rocketry — the so 
despite the incident, suggesting u d u n weaDanS _ 

that Soviet irritation Is ra * . °° weapons— 

directed mainly at Norway’s are bel,eved to ha,e been a key 
military establishment topic in talks here today between 

Some experts suggest that President Jimmy Carter’s 
the flight recorder may become National Security Affairs 
useless if there is much further Adv i W Mr 7hion«. w 

delay In opening iL The con- "J r - *®** ni « 

tainer was damaged in the Brz ezin ski, and West German 
crash and it con Id rust inside leaders. 

if too mnch timet is allowed to Mr. Brzezinski was informing 
elapse, the experts say. Chancellor Helmut Schmidt and 


1 UU lUtu as wit oiiu Vi. m vvu aw ia WlUi UiC MUtridia- A DC f irnw* rfvu — a * — t — 17 *“ " 

expected to face a stormy session the hourly wage index to the strikes halted virtually ail ferry °* 1 “f 7< 1116 f ret slx “® n ? Ils m rONfiFUT Snrtalfet Orionted Because of the deiMnihi^L 

arte autumn as it attempts to consumer price index is con- traffic and upset mati distribu- of this year also saw Belgian LONGEST and most .tetter D „ h ^ ftrk S p ° r C u5 nri mrS) onrtJ $ % 

carry through a tiehtcoin^p of sidered. The measure will in- tion In Coneiihaeeri export earnings increase by a labour conflict since the legalisa- G «? er f] W E*«" U ?I°, Q 2*?® and 


I 


Falldin ducks the nuclear issue 


STOCKHOLM, Oct. 3. 


THE SWEDISH Government a position not shared by his On the Economy, Mr. Falldin. 
skirted round the country’s partners. Six reactors are cur- said that the middle of this year 
nuclear energy crisis at the rentl >* 00 stream, but Mr. Falldin would be a turning point, and 
of the auiumn session he!d up commissioning that although industrial produc- 
openin B of the auiumn session of two ot h er s by insisting that tion bad started to rise after a 
or the KiKsoag (Parliament) t j, e companies concerned have three-year decline it was not run- 
today. Mr. Thorbjorn Falldin. not met the legal requirements ning anywhere near capacity. , 
the Prime Minister, concen- For the disposal of nuclear waste. He emphasised that wages and 
trated instead on the economic Last week the leaders of the prices had to be kept in check. 


I situation, suggesting that the t0 


mere 1 percentage point com- tion of trade unions 18 months °« e L tbe *&&&■ ■ — 

c? ssjrfays r h „ a5 “ «rsaps?!ag-,, 

deman? in Ju!?5*bid fflBSS tb shlpyards ' Astineros Y Con- below that of the country’s lead- 46 workers were sacked 
seven-month rate 2 1 per cent stroc ciones (Ascon); in the ing shipbuilders, it ranks fifth immediately the sacking- ^ 

higher than for January-July north-western port of Vigo, in terms of turnover. In .March, announced the rest of the ^-ark-T ’-' 

^ 7 stemmed from management }077 the company changed bands force t -came synnatS;. 

efforts to rationalise the labour ^ rom ,ts Vtgo-based family which led the- management^!)) '. . 

force that resulted in a seven ownership to the Perez group in close down the two yards' on 

month lock-out. Santander. A combination of February 22. 

The most noticeable feature of this change of ownership and the Initially the 'strike cotnmlttM '••' 
the conflict has been the deep .?»« worldwide decline in formed by the workforce jhad. ft? 
divisions between the strike demand for new shipping ton- g upport of the CCOO'and DfiT 
committee, strongly supported by na ise led to moves to restructure although they were no: th» 
the local population, and the Ascon’s labour force. majority. Whenever . the drain 

two main national trade- union By early January the 1^50- trade unions sought to promote a- i 

organisations— the Communist- strong workforce suspected that dialogue and obtain a reopening 1 
controlled Confederation of the management was planning a of the yards, .the strike commit 


Credit squeeze 
in Ireland 

By Stewart Dalby 


DUBLIN. Oct 3. 
AT THE prompting of the 


three parties in ihc co.lldop jffg? JS« 5Ut!S SSTS' STB \ 

Government have failed to ainfc XI* i, «?hS“ on"* °° ***** * 7t baa 


Premier outlined Government. Ireland’s central WorJc ers Commissions . (CCOO) major reduction in employment tee opposed it 


measures. 


uuvcniiuvm uavc 1*1 icu iu auw nient is reacnea on disposal tion would he nresentPd later ^ "T* 

1 their differences. measures. The future of the this year aSeUlM out the £SH ct# . d J&. count,y * , > iee 5 sed 

Mr. Falldin adopted a strong plants is likely to be a key reorganisation 1 ^ ^the textile! ifhiV £in» 8l ifiS? i hLI5? 0 to 

anti-nuclear stance when he topic at Thursday’s Cabinet forestry and shipbuilding indus- Smf/ 


came to power two years ago. meeting. 


-tries. 


Dutch growth fund delayed 


BY CHARLES BATCHELOR 


.AMSTERDAM. Oct i 


limit private sector credit 
including some mortgages and 
property, ft has said, should be 

__ _ _ _ * no more than 10 per cent over 

Rp7071HCi/ 1 ITU KAT1U toll/’C nil CDHnritrr next six Personal HOLLAND'S LONG-AWAITED The individual and the cpllec- will grow rapfdly, leadhir to a 

ill I llfl IJlI al fll iUliiS till ScLlirilV ,oans for item? other than plans ifor capital I growtbphanng five parts of the growth fund, or decline indenratrd -f of ‘the sei^ 

w property, it hs said, should be ma / be delayed for another -year VAD, will be levied at a* rate of vices of the professiotwi paJofer 

BY JONATHAN CARR . BONN, Oct 3. restricted to a rise of 5 per cent, and Government funds giay be 12 per cent each on profits after and carpenter while ^increased 

Tm? cvrnnrrv nrn ki omc f nP vini.t w Har , . , . . . . , The move has been taken ^*ed to start the capita^ growth companies are allowed a return travel wilL mpaB^^&rther rfse 

THE SECURITY problems for the Defence Minister, Herr Hans bomber— has a sopenonty in because the 20 per cent guide- fund off. Unless the Bill covering 0 n capital employed. The indi- in the nnmbej- of cars on ftn 
Western Europe posed by Soviet Apel. of the latest position in medium range weaponry which line for an increase of private the collective part of theUchemg vidua 1 part will take effect from country’s already crowded 
medium range recketr^-the ». ^ S,,.™ SO"., fit 22SLS&S .’i W “J* Jauunry. 1977. end companies are _ An ageing MWc'aK 


li-v *17*| 

iVs ill! 


BY JONATHAN CARR 


BONN, Oct 3. 


Jimmy 

Security 

Mr. 


" J 2»uaan uMsom (5«m) in finan- trains inai loans |ii«.uiicu rnuip mui is- not be backdated in the same child care and day nuraBitts win 

President Jimmy Carter’s ensure that the UA and the cial aid this year under an a*ree- for consumer items other than ter Dries van Agt saidf after a way decline uajr 

National Security Affairs Soviet Union do not reach a new ment cloned in Bonn Fnreitm mortgages and property have cabinet meeting. m, ‘ ' 

Adviser Mr Zbigniew SALT accord involving inter- Minister’Hans- Dietrich Genscher been rising since early this year The. Dutch plans for capital compensate employees and h 

Rr7A»in*n s>nH Woct norm an continental strategic weaponry an( j his Sudanese counterpart by nearl y 50 per cent on an growth^haring will reniiirerom- tradeumons for thisfurther 

Brzezinski, and West German whlch leaves the medioin ^ ll-Rasheed^ ef-?S5r*“ Sr Jfo an «“ al basis. Since many of the panies makinl profits rf at least ^ IU implementing VAD 

leaders. rockets untouched. is accompanying President Jaffa? purchases include such items as Fl 100.000 ($48,000) af g icwl? th^rS 11 ^ 

Mr. Brzezinski was informing The Soviet Union— with its Nimeiri on his state visit to West [ore*?* 1 ears, the easy credit has pay a percentage of profits intira 1 Th 

Chancellor Helmut Schmidt and SS-20 rocket and- Backfire Germany signed the agreement had the effect of boosting Imports central fund. Part of the excess 5, e 5L ,s WjH 1M- Jh? 1 GCA 

^ agreement. and stokjn? in i latioil _ iurf 5t lF profits thus creamed off will go g-. 3 ?*. «nJBm) into toe fund, C „ Dri S^£ 

running at 8 per cent on an to the workforce of -the indi- tbe.SQci**! Affairs Ministry said. am* is pan-^r^iC.Swva 
annual basis. vldual company while the rest In a separate development, a 

From February to August this will go into a collective fund, consumer . report has revealed Government a dv«ory board- , 
j-ear. loans for items other than rm -’- ' — J ~ « * - - - - • 4 


rrom reoru ary to August tn is win go into a collective fund, consumer . report has revealed 
year, loans for items other than This fund wift be largely under that increased leisure will lead 
mortgages and property are esti- trade union/supen ision and it to a radical- change in spending 
mated to have risen by some will be use/ to improve pension patterns -in - Holland bv the year 


£7.5m a month. 


will be use/ to improve pension patterns-in Holland bv the year 
schemes. / . ' 1991). ■ The do-it-ymirself ..sector 


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w T* Aes Wednesday October ‘4 1978 


LORRAINE 


Europe’s 


OVERSEAS 


THE GUINEA-BISSAU ECONOMY 


deepen in the steel valleys smallest Post-war grain of 


8Y DAVID WHITE, RECENTLY IN NEUVES-MA1SONS 


TP® Steelworks Cafe at 
Neirves-Maisons, in the wooded 
WJls' near Nancy, you can see 
through the drLszle the new 
structure of heavy girders, rising 
against the sky,- grey on grey. A 
furnace next to . it -coughs, out 
names and billow ochre smoke, 
in the middle of the old steel- 
works, already part-condemned 
because of its pollution, it stands 
out like the frame of a great 
railway station* or the nave of a 
modern cathedral. 

It might as well be a station or 
a cathedraT rather than the 
oxygen steel plant it was 
designed ..to be for there is 
nobody - working on the site. 
Planned, as one of the most ad- 
vanced facilities of its kind, its 
fate— closure before completion 
— is unlikely to change under the 
new Government “rescue plan 3 ' 
for the French steel industry. 

Adding up what has heen 
invested at Neuves-MaLsons in 
recent years, the work on making 
the Moselle navigable to the site 
and the cost of the plant itself, 
abandonment means writing off 
the small sum of FFr l.Tbn 
(£2Q0m ). 

The axe has 'been hovering 
over the project since July, when 
Chiers-ChatiUon,- the. . owners 
made a co-operation pact 'with 
Usinor . the'. . biggest Trench 
steel producer, which has a rival 
project on the drawing-board. 
Since both companies, as well as. 
the biggest Lorraine group 
Sacilor-Sallac. will now - have 
common bosses In the state and 
the state-owned banks, there 
seems to be no Question of going 
ahead with both plants. 

For Neuves-MaLsons and its 

7,000 people it is like waiting for 
a death sentence. The -walls -of 
the works and the town are- 
plastered with.- defiant posters: 
“ Neuves-Maisons will live!" 

The same theme Is echoed 50 
miles away,.' on the '.Moselle 
north of Metz and in the neigh- 
bouring valleys' ;of - the Fenseh 
and the -One. where Lorraine's 
steel industry is most concen- 
trated — a string of desolate 


company hamlets, blast furnaces 
and rolling-mills, where the only 
colours are grey and brown and 
where even the place-names sound 
like a nasal, funeral dirge: 
Uckange, FI orange- Ebange, 
Knutange. Hayange, Hagond- 
ange, Gandrange.. - 
Union leaders 'reckon, that the 
Government's steel plan will 
mean cutting 15^KXt or even 
20,000 more jobs, in plants 
throughout the country. The 


w- >■-, 


Thionville 4 


L o p p W>i- h e 


F R AlN C E 


NeuvejP' 4 

Matsons 


0 Miles 10 


brunt will be -felt .in Lorraine, 
where three^iuarters of the cur- 
rent 16.200 .job" .'reduction pro- 
gramme is already* being, carried 
out — a iwo-yesif scheme agreed 
in mid-1977 between employers 
and the middlfrof-the-fuad union. 
Force Ouvriere, . 

Lorraine remains the country’s 
biggest steel centre; but its share 
of output has dropped from more 
than. haif-in 1974 to. about 42 per. 
Cent today. . A lot of equipment 
is old. but by no means all. 

The' -Sacilor-SoUac group, 
empire of the de.Wendel family, 
which employs half ofXorraine's 

69.000 steelworkers, has a fine 


modem complex at Gandrange. 
Usinor, when it decided last year 
to run down Its Thionville opera- 
tion and build its FFr 400m 
oxygen plant at Longwy instead, 
was closing equipment only three 
years old. Of the 4.000 who used 
in work there, only 1,000 have 
been kept on. The windows on 
the frontage arc broken. 

Usinor management refuses to 
discuss future plans in the 
region. Like Usinor. Sacilo’r- 


“ THE reconversion of 
Lorraine has been a 
success . . . ” M. Pierre 
Messmer, French 
Prime Minister, in 
Metz, 1972. “Every- 
thing being planned 
for Lorraine gives the 
impression today of a 
work-site hardly begun 
and already two-thirds 
abandoned,” M. Pierre 
Messmer, chairman of 
Lorraine Regional 

Council, in Metz, last 
week. 


Sotlac has agreed to co-aperaie 
with another : group. from 
Normanch. and its big old com- 
plex at Joeuf-Homucourt is 
probably due for the chop. The 

3,000 workers at Hagondange on 
the Moselle t. which, up to 1914, 
when this was German territory, 
was the fief of August Thyssen) 
also expect to be redundant bv 
1981. 

The companies say -that the 
French steel industry has heen 
slower in trimming its workforce 
than the Belgian. Luxembourg 
and West German competition, 
and that it now has to catch up 
with the rest of the EEC. The 


impact is all the worse since the 
Lorraine steelmakers put off out- 
right redundancies until last 
year. The number of jobs sup- 
pressed in 1976 was 1.500, m 1977 
it was 7,500 and in the first half 
of this year another 4.000. The 
region's shore of the 1977-79 
redundancy plan is already close 
to being reached and is -bound 
to be exceeded next summer. 

The decline of steel follows 
that of the coal and iron ore 
industries on which the steel 
industry was first based. In 1959, 
there were 60 ore pits being 
worked. There are now 23. and 
even those thanks partly to 
union obstinacy: three more are 
due to dose in the next few 
months. In less than 20 years 
the workforce of 26,000 has been 
reduced by SO per cent. 

The labour reaction is a 
mixture of resignation and 
revolt. There is on the one 
hand a strong streak of union 
militancy. Except in the 
recently-built Sol lac rolling- 
mi I lb. the Communist-inspired 
CGT dominates. Italian names 
arc common among its organi- 
sers. Italians being the biggest 1 
immigrant community. : 

Recently, unions called a one- 1 
day protest strike against the ! 
plan in the region's main steel-, 
works. Demonstrators blocked 
the Metz-Thlqnville motorway 1 
and the nrotest wu« judged a 
success. But accorrline to the 
companies, the strike had less 
than 50 ner cent. support. Union 
membership i s low. the unions’' 
nronagunda machine . is weak, ihe 
Press a conservative runnopoly. 
Sonin unionists talk in terms of 
a lon° strike, hut others are warv. 
afraid t*al it would peter nut 
after ii dav or two. 

The mood, now at least, dons 
not seem to be in favour of dig- 
p'ng in for a Verdun defence. 
What anears more orohablo is 
that neople will eraduailv Jeave 
t headed by the immierant 
I) alians and Algerians! to places 
where the job market is less 
grim. The shades of grey and 
brown in the steel valleys will 
probably grow murkier still. 


Gaidlists urge changes to economic policy 


BY ROBERT MAUTHNER 

THE GAULIJST Party, the big- 
gest member of the ruling coal- 
ition intends to tell the Govern- 
ment that it . must modify its 
economic -policy, and taker more 
notice of the GaulEsts’; views, if 
it wants to retain their support 
. After a meeting, of the party's 
political council, it was announ- 
ced that ihe .. Gaullists . would 
send -a high-level delegation to 
explain its position- to M: Ray- 
mond Barre, the Prime- Minister.;: 


M. Yves Guena. one ®f. the Caul- 

list .Party leader -Jacques 
Chirac's closest aides, said -that 
very strong criticfcoV-'-was ex- 
pressed at-the council's meeting 
of the policies pursued.. by the 
Government. . . . ' 

M. Chirac, who hastf.epealedly 
called upon the Government to 
take more effective steps:to com- 
bat rising unemployment, fold 
;mcmTSers of the council tnjfr.tfn 
series of. recent b^electiMi ,sSl- 


baeks suffered by the coalition 
parties was the direct result of 
public dissatisfaction with the 
Government's econnmic policies. 

The Government had made a 
number of fundamental errors 
of appreciation since its general 
elec lion .victory in March and 
had restored - the credibility of 
tlu* leftjwiPs opposition. 

The Caullists' warning fol- 
lowed af much-publicised speech 
over the week-end bv M: Michel 


PARIS, Oct. 3. 

Dchre. a former Prime Minister, 
who said that Ihe party should 
give . serious consideration to 
withdrawing from the coalition, 
failing a modification of M., 
Barre’s austerity policies. 

In spite of their criticism of 
the Government, however. M. 
Guena confirmed today that the 
Caullists would not support the 
Socialists* censure motion which 
was tabled in the National 
Assembly yesterday. 


army goes 
for growth 

HERRENBERG. Oct. 3. 

THE' LUXEMBOURG army is 
the smallest fighung force in 
Europe — with 630 men. But 
it is taken very seriously in 
this independent nation of 

305.000 people. 

“Our country is small, but we 
don't think liberty should be 
handed.- to us on a golden 
□late by the bigger countries." 
says . LL CdI. Marcel Goedert. 
executive officer of Luxem- 
bourg's - one military base at 
Herrenberg 35 kms (21 miles) 
norii of the national capital. 

At present, the heaviest weapon 
in the array’s possession is an 
immobilised World War Two 
American tank. This smallest 
of NATO forces has no air- 
craft. no armoured vehicles 
and has to practice infantry 
tactics in neighbouring West 
Germany because there is no 
room for large - scale 
manoeuvres in Luxembourg 
itself. 

On September I. the army was 
increased from two infantry 
companies to three, with a 13 
per cent increase in man- 
power. Officers admit, how- 
ever. that part of the goal was 
to absorb some of Luxem- 
bourg's 1,165 unemployed 
people. 

The Luxembourg defence budget' 
this year is 931m. compared, 
to SlTbn for neighbouring, 
France.- But officials say con-j 
fidently that Luxembourg will' 
-boost defence spending by! 
3 ' per cent per year for the 
next five years — a NATO goal 
that several oihcr alliance 
members have been unable to 
meet. 

In addition, the country' ntay 
soon form its first standing 
reserves since the 1960s. There 
used to be a reserve of about 

5.000 men and an army of 1,500 
until 1967. when compulsory 
military service was ended. 
Nowadays a main attraction in 
joining the army is a guaran- 
teed job upon discharge in the 
national police, prison service, 
post office, customs or forest 
service. 

The Luxembourg army always 
keeps bn call at least 60 per 
cent of its men assigned to the 
mobile force. The others can 

. .be .contacted within one hour. 
The only NATO territory 
where the Luxem burgers seem 
unprepared to fight is in the 
cold climate of Northern 
Norway. Its army has never 
shown enthusiasm for acquir- 
ing the arctic uniforms and 
training needed.. 

Luxembourg has also refrained 
from appointing any Generals 
in its armed forces. The top 
military tnan'Ss a Colonel 
AP. . ... 



BY TONY HODGES, RECENTLY IN BISSAU 


AT THE Domingos Ramos 
Agricultural Co-operative, a farm 
community named after a 
guerrilla commander who died 
fighting the Portuguese in 1966, 
fields of rice and sugar-cane are 
flourishing after this year's 
generous rains. Farmers expect 
a bumper crop when the harvest 
starts in November. 

For the first Time since 
independence in 1974. Guinea- 
Bissau may become self-sufficient 
in rice, its basic - food. For the 
past four years, the ruling 
African. Parly for the Indepen- 
dence rif Guinea and Cape Verde 
(P.A1GC) has been battling to 
resurrect its agricultural-based 
economy which was decimated by 
the 11-year conflict and the 
displacement of a sixth of the 
population across the country’s 
borders as refugees. 

Portuguese statistics show lhat 
the total land area under 
cultivation here fell from 410,000 
hectares in 1953 to only 125.000 
hectares in 1972. In the same 
period, rice output plummeted 
from over 100.000 tons to less 
than 30.000 tons and production 
of groundnuts, the country's 
main export from nearly 64,000 
tons to 2S.OOO tons. Once a net 
exporter of rice. Guinea-Bissau 
had to start importing it in 1968 
and. by 1074. the year of 
Independence. 30,000 tons were 
being imported annually. 

With no mining industry and 
practically no manufacturing 
sector (manufacturing last year 
employed a grand total of 1.833.1, 
the disruption of agriculture 
landed Guinea-Bissau with a 
colossal trade deficit. 

The deficit reached a record 
lbn pesos in 1974. when exports 
covered barely S per cent of the 
import bill. Since then, {he 
PA1GC has been trying to 
recover. 

And until last year, when the 
Sahelian drought swept south- 
wards into Guinea-Bissau for the 
first time, wiping out more than 
half the rice crop, it had 
registered some impressive 
progress. 

Rice imports had been reduced 
to less than 11,000 tons a year 
by 1976 and exports of ground- 
nuts doubled between 1975 and 
1977, rising from S.000 to 16.000 
tons. 

All-told, exports quintupled 
from a mere S8.4ni pesos in 1974 
to 427.6m pesos last year, while 
strict import controls and the 
rise - in domestic rice production 
meant that imports rose only 
marginally. The rate r«f cover of 
imports by exports improved to 
35 per cent last year. 

Then the drought struck. Fifiy 
per cent of the rice crop was lost 
in, the key rice-growing region of 
Tombali, which normally 
accounts for 70 per cem of the 


country's total rice production. 
Across the country as a whole, 
says Sr Avilo Jose da Silva, the 
secretary-general at the State 
Commission of Agriculture, rice 
production fell from 80.000 tons 
in 1976 to only 30.000 tons last 
year. 

He said that production of 
groundnuts fell, too, from 45.000 
tons to 27.000. 

Inevitably the trade deficit has 
dramatically widened -again. Sr. 
Armando Ramos da Silva, the 
State Commissioner of Trade, 
says tiiaL Guinea-Bissau is having 


MAURITANIA 


Bg rpl-f R j C A 


•GAMBIA — -r, 


R#3BIIfe^^ e \LEONE \ 


tu import over 32.000 tons of. rice 
this year, worth 337m pesos — 
three limes a* much as last year. 

In the first quarter of this 
year, exports were once again 
a mere 10 per cent of imports. 
The trade deficit. ai370.4ni pesos, 
was twice as large as m the 
equivalent quarter of 1977. 

But now farmers are optimistic 
that the post-war agricultural 
recovery can resume. U has been 
pouring with rain since the rainy 
season started in May. the 
Bissau meteorological station 
recording a fall of 1.36S ram by 
the end of August, compared 
with less than 990 mm in the 
whole of last year. 

Sr. Armando da Silva says he 
expects Guinea-Bissau to be. self- 
sufficient in rice when the coming 
harvest is in. But he will go on 
ordering some rice from abroad 
next year to build up stocks. 

The PAkiC is tr>iug. mean- 
while. to diversify its economy. 
Last year, groundnuts and palm 
kernels together accounted for 
over 72 per cent of total exports. 

The greatest success ha.*, been 
in fishing. Before 1976. Guinea- 
Bissau did nut expo: t :*n;. fish at 
all. Last year fish and shellfish 
made up 19 per cent of total 
exports. 

This progress has heen almost 
entirely due t«i the Soviet- 


■/ •' 





er 



re 






Guinean fishing company Esircia 
do Mur: 

The Russians have also 
negotiated rights for their own 
trawlers to fish inside Guinea- 
Bissau's 150-mile fishing limit. 
Sr. Joseph Turpin, the Secretary’ 
of Slate for Fisheries, says that 
20 Soviet trawler-, are licensed 
to fish there, with Guinea-Bissau 
receiving the proceeds from 15 
per com of their catch. The total 
value of the Soviet catch a pears 
to "be" around Elam a year, about 
five times more than Guinea- 
Bissau's own fish export*:. 

Mineral prospecting has also 
begun. According to Sr. Pio 
Correia, the Director-General of 
the state mineral company Pet- 
rorninas. Hungarian prospectors 
have estimated the country's 
bauxite deposits, in Bue. at 
250m tonnes. A more detailed 
study, he said, is now being made 
by a Russian team while the 
French Bureau dc* Recherches 
Geo logiq ues et Mimeres is pros- 
pecting for Phosphates in 
Cacheu and Oin. 

World market conditions, how- 
ever. may not favour exploita- 
tion of the bauxite deposits, and 
considerable investment wuuld 
be required. 

Sr. Correia says that Seagap. a 
consortium led by Agip. has 
applied for a licence to search 
for offshore oil. slightly to the 
south of where Esso found oil in 
1958. 

But he is unhappy with some 
of the terns proposed by Seagap 
and no agreement has yet been 
reached. 

Meanwhile, ps it battles with 
a legacy of colonial misrule, war- 
time disruption and drought, the 
PAIGC is adopting the policy 
of strict non-alignment lo 
attract aid from both West and 
East, and Arab states ton, 

S<* far. except in the fishing 
industry and bauxite prospecting, 
practically all the aid has come 
from the West. All this year’s 
unprecedented rice imports, says 
Sr. Armando da Silva, are being 
paid for by aid donors, almost 
all of tb®m Western govern- 
ments. The main rice-aid 
sunnlier is the United States, he 
said, followed by Sweden, Den- 
mark. West Germany and 
Holland. 

L'-st year ;* : i-in-k?nd totalled 
d ?.4 5ni pesos. 35 per cent of tntal 
innoris. And monetary transfers 
and ciiniiHl >n!low«. again over- 
whelm inc I. v front ihe West, have 
r«s»rcd ov**-ii|i balance of pay- 
nvnls equilibrium. 

External debt is mounting, 
however, and ihe debt service 
ratio U already 15 per cent. 
.ic-n-rf , ii'» j r , nfficia’s at the Slate 
-i.-i „f Finance. 

Coiuer.xhv.* Arab states have 
been wooed: Saudi Arabia is in- 
vesting * 4.5111 in a groundnut-oil 
plant and Kuwait is loaning 
37m to rebuild ihe airport here. 


. . . ■> 

‘ . .% '*-1 
<1 








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R^MRSEAS NEWS 


Financial Times Wednesday Octoter* 



Two major Iranian 

strikes end 

but unrest continues 


BY ANDREW WHITLEY 


TEHRAN, Oct. .3. B rRoyH o*on 


AMERICAN NEWS 


European 
steel 
exports 
upset U.S. 





Interest rates will 

of year, says Fed chairman 


• ■■ 



By Roger Matthews 

CAIRO. OcL 3. 

THE APPOINTMENT or Dr. 
Mustafa Khalil, aged 5S, as Prime 
Minister of Egypt has been 
recevied with favour by Cairo's 
business community and by a 
wide range of the political 
spectrum. The new Prime 
Minister was engaged today in 
consultations with present and 
prospective Ministers, which, 
according to the semi-official 
newspaper A1 Abram, could 
result in the formation of a new 
Cabinet within 4S hours. 

Dr. Khalil, who played a major 
role in the drive for the 
industralisalion of Egypt during 
the late 1950s and early 1960s, is 
now expected to throw the 
Government's full weight behind 
efforts to achieve a breakthrough 
for the country's open-door 
economic policy. 

As a firm bleliever in the vaTue I merits, 
of detailed planning. Dr. Khalil 
will be attempting the task which 
effectively defeated his pre- 
decessors — that of imposing 
consistency, co-ordination, and 
speedy efficiency on a slow, 
bureaucratic and poorly-lead 
Government machine. 

The prospect of peace with 
Israel offers Egypt renewed 
opportunities for attracting 
longer-term foreign industrial 
investment, and it is vital that 
this should be maLched by the 
administrative reform promised 
by President Sadat in his 
speech to the nation yesterday. 

Dr. Khalil, who is expected to 
keep the present economic 


STRIKES which The lower paid public sector has * c O£££AJX) SPRINGS. Oct. 3. 
mreatened the Iranian economy been particularly affected. Tn A WIDE measure of disagree- 
ended today after the manage- line with the Government's 5 ,ent still exists between the 
^nrJfT-^ 1 w 0lVed J £a7 t Wfly t0 the Political strategy of appeasement ®J r0pean and U - S - st ® el indus- 
or f5 e ? lands ' But ,he wave management attitudes havebeen tries over tradm fi practices, 
m n Wh ^ ICb began conciliatory. Informal meetings have taken 

10 ^ d , ays ag0> According to the Government P J *ce here in the last three days 
bodies d t0 ™ er publ,c ■**•»* news agency. Pars, workers at between heads of the two indus- 
Severai Insurance company, Wes attending the International 

Rank M?1H thi , ^ emplo J®f s ? f ? imeh Iran, today began a strike. Iron and Steel Institute Con- 

Industrial action by telecom- fe ™nce, hut It has proved diffi- 
n^Pia? h . haildles 311 m mi! cat ions workers, now In its raIt to tod common ground. 

£St VfJ 1 " - The issue is the hi E h .eve. of 

sstiss s?wssrs£Jws 

=±tar-5S? S SSswsa* 

fium also seems to be over. The Tran, today promised the slxiker* P °T _ 

National Iranian Oil Company higher wages and measures of _ Jacques Ferry, chairman of 
l back t » lat CTery * bin *L was wb3 t he called social justice to “club" of European 


now back to normal. Some reduce the gap between highest I stee ^ aa * ers aod P resid ent of °? e 


demands. including higher and lowest paid employees French Steel Federation, said 
housing allowances, bad been Elsewhere, some employees of b®* 0 ™ !eavi ng Colorado Springs 
met. and other demands were the state power generation con. tod®? that European steel sales 
said to be under favourable cern, Tavanir, are understood tn t0 the US. were not likely to be 
co " s ‘ deration - have started a strike, affectine ^““d “ “tber September or 

After many years id which electricity supplies. Disgruntled October. 

o?^I^ e m V ^^rk!^f ieard ITS” rajn£e froro ttoMta the Orders bad been placed and 
taking advantaSf telephone directory inquiries the steel had either been 

uSaintv *♦«* ? ollUeU department to the staff of a delivered or was in the process 
o ertainty to press their case. Tehran hospital for drug addicts. of being made and shipped. 

Deliveries of European steel to 
the US. market have been run- 
ning at almost 0.75m tons a 

Iraqi talks with Saudis 1 steelmakers are calling for 


BY OUR FOREIGN STAFF 


stronger protection measures. 

M. Ferry expects European I 
sales in the U.S. to fall towards ' 


BY STEWART FLEMING 

HR. WILLIAM MILLER, chair- 
man of the Federal Reserve* 
predicted today that U.S. 
interest rates would peak 
before the end of the year. 
His forecast comes after warn- 
ings last week from the Carter 
Administration about the 
recent rise In. rates. 

Mr. Miller’s prediction 
closely follows remarks by 
President Carter at his press 
conference last Thursday to 
the the effect that he believed 
that rates were now too high. 

The Fed chairman's remarks 
will undoubtedly tie seen as an 
attempt to ease the Adminis- 
tration’s anxieties about the 
Impact of rising interest rates, 
on the growth of the economy 
and to try to prevent a gulf 
opening up between the 
Administration and the Federal 
Reserve over Interest rate 
policy. 

Since the middle of August, 
C-S. interest rates have been 
rising sharply, partly under 
tiie influence of the Federal 
Reserve Board's monetary 
policy. The Fed has been 


^ TOR* 0* 3, 


tightening credit conditions In 
the money markets in an effort 
to control monetary . growth 
and thus ease inflationary pres- 
. sores. 

These moves by the Fed have 
caused growing anxieties in the 


Impact on the housing indus- 
try. This morning these 
anxieties were underlined by 
Mr. Robert McKinney, chair- 
man of the Federal Home Loan 
Bank Board, who claimed that, 
the housing Industry is now at 



Ins FSISE BATES 

1 

id- 



9* 



A 

a; 


L 

n 









7975 

1976 1977 

1978 


Administration that rising 
interest rates could posh the 
economy into recession. 
Officials have expressed par- 
ticular concern about the 


a “ threshold. '* Further 
increases could find the 
industry in trouble. 

Rut while the Carter 
Administration is expressing its 
anxieties about the economy. 
Wall Street economists and 
some members of the Fed's 


own open market 

fear that the iuflaSHSS 

entrenched a*d n££aS 
growth so. rapid, thaTfESS 
moves by 

? nt “ pward - Pressure ^ 
interest rates is sSHLaS 

In his remarks todaTiS 

Miller, who has beenr^L?^ 
about the need to tighten!^i2? 
♦tirnueh-wt the 
again seemed to aUgn 
more closely with - 1 
(ration's . view. 

He said that be *L_: 
accept that the u 36*2* 
inflation rate is 7 ifeTS?**: 
* per cent — a» — 
advanced by those 
a firmer monetary i_. 

Fed. He emphasised w m 
fits of the steps tbat Cow*^ - 
has already taken 
the federal budget &2S& 
against Inflation. - -..tFBJM 
It remains to be ami^LL 
Mr. Milter's renuoiik 
by the money and;-*S®V 
exchange markets 
is growing concern aJtaMrs'- 
iDflatvm and sooe^t^S^ 
about the AdmhSSS 
plans to tecHe 




Printers vote on Murdodi offer 


BY JOHN WYLES 


NEW YORK. Oct. 3. 


Irarii vtS-P?«w]iy S i S ^ n ? , J j h u Tn P rop osin5 a S9bn fund Iraq end of 1978 and in 1979. how- 
I le .ft Jeddah officially revealed its oil product ever - “You will notice a regres- 

iSic- / 3 h? er r 1 ? k *i. w !5 h £ rown tion ap d revenue figures for fie sio " °f°rdei ' ~ 

5?«« W «™ hd °. f Saudl ^ rab i a on fir st time, saring that these steelmakers. 

£ S J? ^ypt amounted to USm “fins ™ He said ♦: 


a way from the eamp David agree- SP fihn last year. 


and He said that sales would fall 
The iranic “ ' hV™ the long run for two reasons, 

denounced the Egvptian-IsraeU that ° U , revenues Flrst * ^ European companies 

proposals but refused to take nari i ncreas ^l , 5 u 5 ^ cent ,ast y®* r wlshe d to show moderation and 
in the meetfie of £° m in 19 76- The to take account of the feelings 

tion st sStes il Damicos lS SSr""*"! p,a ” s To rais e of *e VS. industry, 
month. 5Wles ln DainMca s l 3 ®! ?™2^ l0n t0 barrels' a day secondly, the U.S. trigger 
Iraq has suggested a $9bn fund * ' prices— "the protection system 

to be contributed by major Arab • Reuter reports from Beirut: a ff ain * t . cheap steel imports— 
oil producers to combat the Camp Heavy explosions rocked Beirut wcre rising to such levels that 
David agreements. It has also today, and Christian militia 11167 were ,ikel7 t0 prove Ln ‘ 
suggested a summit of all Arab forces said Syrian tanks were surmountable barriers to Euro- 
countries to discuss recent attacking a strategic bridge in P® 811 stee * sa * es tbe 
developments and the dispatch of the shell-torn east side of the Trigger prices are based on 
Iraqi military units to Syria's citv. the costs of producing steel in 

border with Israel. Syria has so Palls of dense smoke indicated J 3 ? 111 - “d they have risen as 
tar not responded to the offer the gunmen's targets as the ^ Y®h has. hardened against 
of Iraqi military assistance. crackle of heavy machine-gun fir.' ^ do,lajv 
me call for a summit has so echoed in the area. A militia M.- Ferry*k -assurances of long- 
T5 J A.J!® en s “ p P° rte d by Kuwait, spokesman said fierce ground ter “ moderation in the U.S. 

>c c ..» tn fc con , * ln an d Qatar. But accord- fighting was taking place at the market by European steel com- 

13 * ur ® tD fc eep a closer, ing to reports from Bahrain the Karantina Bridge which .was P ani *s has 'qot impressed U.S. 

e ;® °° ^ day-to-day perform- invitations for such a meeting under fire from about 30 Svrian companies. . 

e< M n0n3y ni bar !* c ? me rJf 0 ? Saudi Arabia or tanks stationed in a neighbour- Mr., William Verity, chairman 

Dredeeesaor. Mr Mamdouh ; Bahrain. The Iraqi visit to Saudi Ine district of Armco, the company which 

Arabia was immediately followed He said the militias had has J ust Withdrawn a long- 

hy an unexpected visit by King decided to seize control of the Coding anti-dumping complaint 

?^.! a T»?- f Jor dan j fo r talks with bridge, which carries the main a 8amst the. British Steel Cor- 


R^pert^JOTdoch^^ew 1 ^ Yoric ' tbe l aw J' Br - med iator who is advising; 

Portto the dh^s newstandsws S ew Y °rk the city’s printing unions said 

ssr hc b5,i ^ “» 


Gen. Abrea 
arrested 


whose'^ke^as halted P a U^^e SSSJvot™” 1 " *** °“* come of wou ’ d ‘nip'lement whatever ^be 
of New York's daily newspapers y pressmen negotiated with the 

for the past eight weeks. Neither the Times nor the Tl ^ es and tho L ^ e ws. 

Today’s vote was made News has commented publiclv , Hou-wr. *he pressmen's 
possible by an extraordinary on the latest moves by the presi- laadcr -, ." ,r -. Wtiham Kennedy. 

eight-hour bargaining session on dent of the New. York Publishers a so c1aimE,d t}ia t the proposed 

Sunday when the Post agreed a Association, Mr. Murdoch! But a « reement "protects - the union 
possible return-to-work formula there is thought to be some ? 0D “ pt of manning which 
with the pressmen’s leaders. bittemeses at the undermining implies that Mr. Murdoch may 
The tentative agreement dj®. of their position. • have significantly relaxed his bid 

solved the previously untterf v^ithop ^ to red uce pressroom manning, 

front which the N™ York ™1? newSis bwttfJlS u Nevertheless, the formula is 
Ushers had maintained since the of Se P details of iS i cins voted nn by Pressmen at all 

start of the strike and swung agreefienf at ti£ 1? i K thrM and it is an 

the balance of advanta>S C J5SL- “vij* °P eri nucstson of whether men 

towards the pressmen who had SSuff?^ bid TTSifH? 9 ’* ^ wh ° havR been on strike for two 
been resisting attempls to tion ^ ahead V ^thf!2^ n P i?? UC ' raonths vd!1 sIIow 3 minority to 
reduce manning levels ? in the will prove snLe£fu‘“ rorered ° WOrk befnre 3,1 are 

newspaper printing rooms. Mr. Theodore Kfieel. the men^ 


m 


all are 
acceptable settle- 


predecessor, 

Salem. 

Surprisingly, for a roan who 
has been actively engaged in 
Egyptian politics for 20 years. 
Dr. Khalil appears to have main- 
tained good relations with all 
the main currents and is 
respected by much of the Left. 
He is also an expert on oil and 
was sent by the President to 
Saudi Arabia after the 1973 war 
to work out the details of the 
Arab oil boycott. 

Dr. Khalil’s long administra- 
tive experience includes a period 
as Minister in charge of Indus- 
try. Oil and Mining. 

His selection as Prime Minis- 
ter suggests that Mr. Sadat may 
wish to emphasise the distinc- 
tion between an essentially 
technocratic government and 
the central committee of his 
National Democratic Party, 
which will provide the political 
drive. 


Crown Prince Fahd. 


traffic north from the city. 


Hassan blames Algerians 


BY OUR OWN CORRESPONDENT 


RABAT, Oct. 3. 


uoration. responded to M. Ferry 
by saying his: company is 
ready to go ” with a widg range 
of anti-dumping . actions against 
a number of -fhe big European 
steel producers, including BSC. 

When the September U.S. 
steel import figures become 
available later this month, Mr. 
Verity and other US. steel 


CAB rejects Trass World idea 


By Diana Smith 

BRAZIL’S iSk'^ 
have ordered the- 204^2? 
ciplinary arrest oTGea«3i£ ' 
Abrea. who resigned - ' 

President Ernesto GeisaTlS r 
tary household early Hda J 
The immediate cause- of !' 
General Abreu’s amst yatfi j 
day. was the leak &th* tnX j ^ 

a tetter he., had circulated fc-'- 

to over 10(1 senior officera.*.. * i ; * ' ’ 
In the letter, he criticised tita j,r 
be ca lied the_“mUItett-CQtttl* : " jj ’ i 


BY JOHN WYLES 


NEW YORK, Oct 3. 


tiiere wa/ Bnard’s objections .and 


A,Eeri ». Ki "* « Of tur81 from M.uriu'KlS JSSJ55, 


Morocco has accused 


the has declared a ceasefire with [Monetary 


Affairs at the 


AJgemn armed forces of violat- Mauritania since July when a I Treasury 

in? their frontier to attack a bloodless coup d'etat took place. I Tf th«> * m im r w 
Moroccan nrmv «mni, mi,- - lo °* p,ace - 1 . “ the figures for European 


Transkei 
camp row 
threatens 

By Quentin Peel 
JOHANNESBURG. Oct. 3. 
SOUTH AFRICA is reported to 
be building a resettlement camp 
to house thousands of squatters 
from Cape Town on the borders 
of the Transkei. The plan 
threatens to revive the simmer- 
ing dispute between the South 
African Government and its first 
independent homeland. 

The land chosen for the 
resettlement scheme is part of 
an area scheduled for consoli- 
dation into the Transkei near 
Queenstown in the eastern Cape 
Province. According to Press 
reports here, preparations for the 
new township have been going 
ahead in conditions of strict 
secrecy. 

Some 20.000 black squetters 
living in a well-established camp 
at Crossroads, outside Cape 
Town, have been told they face 
compulsory eviction before the 
end of the year. Although many 
of the men in the camp are 
legally entitled to work in the 
area, their families are living 
there illegally. 

Chief Kaiser Hatanzima, the 
Transkei Prime Minister, has 
refused to accept squatters 
evicted from their homes outside 
Cape Towm, because he argues 
that they are a South African 
problem — although a large 
majority originally came from 
the Transkei. 

However, the latest reported 
South African plan would neatly 
avoid the problem, by resettling 
the squatters on land which is 
still part of South Africa, but 
will eventually become Transkei. 
Ironically, both Chief Kaiser 


Moroccan army supply column The newMauri^iangove^ infiorn are still hieh 
twice last weekend. ment is anxious to halt the con- expected) l ! 

The incident in which an un- Sone^^the of 0 tte damafie immediate Governmenlfartion 111 ^ 
specified number of troops were v* If the Government does not 

killed or wounded on both sides, ^ a L AJ fif n . an commit itself to tougher anti- 

coincides with attempts by dumping legislation or a nei 


Algeria to get £e tfkero attack Hassi Tilemsl which is J^r price system based on 
Sahara conflict debated at the ten mi,e * insj de Morocco.mi an European steel 
current UN General .Assembly area vber * ^ frontier is fnSSTu * 2 JESS 
T . , ... J undisputed Officials hpre^saw in U-& ' companies say they 

It also coincides with peace the recond' attack fie AJeeriais W , U ? me Dew “tt-dumpiag cora- 
overturesbe'ngmade by Mauri- returnS with heaw relSSS S al t nts - ^ delude Armco, 
tama and Morocco, who shared me nts includine^^nfrs °^nrf Bet hl*hem, and National Steel. 

ba°ed d Fob Mrro 3 e rri Ua ^ mo ve^ sario's^guem^^ ™ d ‘Sot^the P^ sen t.said late? to]* Aey we?l 

l?s Cn pU 0 on S n^to^L7Jnt^t f e°d r wThK - 

intoTe Ko countriS tegrated tbat * e Polis ^o is F virtuaJIy " He fott!cast ,hat — 1 ' 


an, 


Algerian subversive army and market would not 


He forecast that steel Imports 
to the U.S. market would not 
persist at the current level of 


THE CIVIL Aeronautics Board said todav that 

has issued a qualified rejection basically a - trliSitinh^hi^ ,ra \ o^ections . and still 

for a new class of seirvke for the airline to suggest how ft 9 Ct0 ^ er 15 " 

economy fare paying passengera. might be overcome® 1 - • d ^y o,bpraepts be 

The move threatens the This was confirmed bv TWA wa C** hod by Pun Am and 

£S22 : ss ,r 1 

Z, Van sot, 

The board apparently has Ho • ■ 

objection to the .man of segre- 
pting economy from discount 
fare-paying passengers and of 
providing superior in-flight 
service. 


Arms sales talks 'serious’ 

BY. DAVID BUCHAN WASHINGTON, Oct. 3. 

But it argues that introducing " s ® , l 0U . sI >'" state Depariment’s politico- 

the scheme from October 15, as on ^ Carter Admin is- military division, that the Soviet 

TWA proposed, is uSair* to SSTLEffl* To world- Union seemed interred i 
cheap fare passengers.^^ widesales of ^conventional arras, restraint ^ a 1 


Observers here believe that the it rottid not art on,, - 

thl aC ^orapn a ail iif atte ^ pt t0 Bplit BUch 3 scale Without officS? l5f t ^ een , 17 and 20 per cent or 
the Moroccan-Mauntaman al- Algerian consent tota l market and expected 

the figure to fall fr 32-14 per 
cent The U.S. Government was 
not considering dismantling the 

Botha Namibia statement 

Also, the Govengnent would 
monitor future conditions con- 
cerning steel imports and would 


BY QUENTIN PEEL 


JOHANNESBURG, Oct. 3. 


in 

alius, jrcsiraiac. 

TCie Board said that consumers officfaTsaid toctiiy Depart2neat T , a 5 lis K JJ'J?, p ? rtly hconuse in the 
who purchased cut-price tickets ^ past supplying arms to such 

Tor travel after October 15 did But there was no indication c ?!i n * a * E »'P*- Indonesia 
so expecting the same kind of 7 et that a fourth round of talks aaa “° mal,a . had proved 
service as higher fare passengers on ar ms sales by the two super- co S? ler ‘R rod , uct,ve - 
and that they are thus “unfairly Powers, planned for December Uve ™ 1 *- us - military sal es 
affected,” by the introduction of would end in solid agreement. ’ ^ a U-time high of 

a new class which they knew A House of Representative 2il bn J. ft thr:past > oar - because 
nothing about committee was iniH W M was snld to NATO and 

A spokesman for the Board Leslte Gelb. director of toe ' “ 1 nln ” w,th whi ^ the 

uu. u.o^uas treaty commitment. 

San Diego crash tapes released 


BY STEWART FLEMING 


THE 


FEDERAL 


IVEW YORK. OcL 3. 


Administration has released tape small one^engfied Cessna ^ * ™ embe r of the Boeing responded 
recordings and transcripts of the training flight at toS s Ll “ y,a5: 0k ^. we ha d him 
final moments of conversation airfield. *ame there a minute ago.” addin'* 

bplLVnnn a •• it a » ... M ThinL- h- .. _ ■ ... 


around President Ga^aufitj 
sponsorship of General Jot, 
Bsptista Figueiredo as succeatu 
to the president, . • :v 
General Abreu aUeges-ffi tii 
letter ( published fully hr th . 
media and quoted even to* ^ 
sored national radio): that tte ■- 
coterie pushed: the sdeetito rf ' 
General . Ffgnefredo - tor «un* . 
that it wouIdlrathaimfet poTO 
during the. :next ■ p«fiafentfal 
tenure without learttf to Un* 
from the futureheid of state. 

After General AbrefriHfcnd 
be mounted a -mUK^ramGdacr 
opposing G enecal -PignenaiS 
His ooileap»r:«W«i2F'Et*r 
Bentes Monteiro ‘came 'fittrard. 
and was late'r • adopted; bj the 
opposition, .the .MDB^ (Bntihm 
Democratic Mfivebient) 'as ^their 
presidential Candidate. 1 ■*. 

until yesterday's:, events, ~ it 
seemed General Euler had few 
chances of a strong .vote in 4e 
October 15, presidential -ele^fil 
college/ B.ut now the_ situfttm 
may have altered: 

General Abreu 's 20^day afrejt 
was described by a ptesideptifl 
spokesman/; as\ an ; inevitahta 
response to a breach of mifitaiy 
discipline, _/ ,bat infopaM 
observers "maintain that 
decision to arrest him was not 
unanimouH._ ■ ‘J 

In his letter, General- Abrttt 
advises against violent mists? 
action to "restore tiie ideals <rf 
the 1964 revolution"' SinCR- bis 
arrest comes ozt'tbe ete ofrtte 
official visit of Preridenf GitctiM 
d'Estaing, a severe military crifli 
could create 'widespread lepw- 
cussions. . 


£:• 

life" 

Uir/- 

HV:.; 

to: 

ter: 

5:.. 

r... 


between air 
and the 


traffic controllers 


THE SOtTH AFRICAN res- intensive affotrfinn « n. »irei impuns < 

ponse to the UN Security Coun- Government* 6 There woSd respondappropriate)y. 
cd approval for a UN role in further consultation? with^ TudS^ Dr ’«£ ,et0 J SpetKmaam, chief 
supervising a ceasefire and free M. T. StSitSe SmiS * AfriSS ?? ecubve of Thyssfen of West 
S2 10 "* . «“ Na mibia (South AdmintetStor cSwat^fa 1b e present 

the 51 western } memh«™ 8i 7 n *i ^ ,n dhoek, before a reply was S?* ble in - - the _ u s -i “*** was 
n™ members of the given to the five powers “as k?. 

Sbief^ Counci1 as 5000 85 Pos- soon as possible." imports 

iiS»^l CAR,BBEA " A,D 

however lm P le raentation of the UN plan 

fl „ racit confirmation that was “not beinc closed h v an 

i°f log's 1 

“esSifi iSS&TSs 



^£!5L5L cr !??.?? ert !« ,la were our ij3ht" k be is p “ ssin « off l ° 


A few second^ earlier the 

_. .. - . -- — r- < ■•rui air- lower had told the Cessna that 

The transcripts still leave un- L! r n J? a »J ,c,,,ar tbeir us e J®t wa? two miles behtod 

answered many of the questions * “nS S,??n!W ,a ‘ u him and has you in sight* 

surrounding the worst air crasb . *^ ne *luci>tion Is whether or not The -.i,- (►,« 

n U.S. aviation historv. Sj®_i wo P 1101 ’ saw each other, dures a? Linrih??ni COalro1 proce ' 

There is now no rin.ih*- S.Y re ^ at Undberah a 



was a mile away. A crew departures appro:4t:bc5 


Canadian budget 
deficit 

tops C$800m 

By Victor Madue 

OTTAWA Uri. 1 
CANADA had a budget 
of CS8Q2m in August^ 
increase of 41.9 per cent_ir®s 
C5565m in August, 1987r 
Finance Department' nswriw 
today. • -• 'r 

Budgetary revenues^ totalW 
C$2.66bn, down .12 per^efflu 
From C$2 .69 bn in August k* 
year. • - • 

Expenditure, totalled C$34JWi 
up 6.3 per cent from CS&2§Sf 



Emergency plan fails to meet expectations 


j 

U i 


si “ ued ’ at * 

|Usbed during 

Vietnam-Laos plea for aid 


BY DAVID RENW1CK IN PORT OF SPAIN 


$55 


BY OUR FOREIGN STAFF 



ur.. j.. ” MUll. in 

Wasbmgton last December, has 
‘®“®d to live up to earlier 
expectations. 

A pledging session of potential 


VIETNAM AND LAOS have The Government says the 1 d, 0001-5 ’ who^formecTa Caribbean r% Tbe , toitial meeting last amount 

j _ 7“ v I «_5 ■ ** — 


largest single Caribbean ““atelS a poiftTnn^ particu I a ri>'“i n mtod for. right 

be a donor rather thi? - ^J'Tougly. he seems 
roan a that Venomaia 


George own farms In the area 

The South African Govern- 
ment’s attempts to evict squat- 
ters from the Cape, and its threat 
to demolish Crossroads itself 
before Christmas, has aroused a 
storm of protest in liberal and 
Christian circles here. Opponents 
argue that the squatters are only 
living in the camps because of 
the Government's refusal to 
build alternative accommoda- 
tion, and to allow workers’ fami- 
lies to live with them. 

In a statement issued last 
night. Chief Matanzima said the 
Snath African Government was 
trying to create a slum in Tran- 
skei territory. 


Europe and the 


^ from S ° m &orto J??™ 0 has offered an extra ’ TforS^ *1* a ^ **«&»** ‘ - 

South Amerita ^206m and Canada about S13.5m. reserves were TTSton^at last K38h U,t " ■ i s.‘ ; -. 


iT° n J£ a l ,y - V ni ^’ Kaiser J appeaJed for international aid immediate needs ”are "for” foiS! 5 IS roup for Co^opera ti on" " to December attracted 

Matanzima and his brotoer Chief j after heavy flooding that has clothing, roofing materiaL di«?i E c 0 n 0 m j c Development P° ver n ments 
Georce ow, fa™. « th. ™ l devastated ^ crops and homes. oil. se£k SiSJBfti SSS! ^SS CEI>, “ America, 

An official in Hanoi is quoted cides. I conference, produced commit “ 

by Reuter as saying that 4m In Laos, the Government ha. ' ~ ‘ 

Hftftri. 6 a ^ c ^ cd by ? aid 11131 1M.OOO tonnes ^jf rice 

hmicnr . awa ? have been lost and 500.000 people! ' q«». came economic recession but seem. *« organisation 

o ci b ° u s 5f and destroyed are threatened with famine. I eenni? i® a far cry from toe J orvvard pledge specific regard its SS 3m loin^.v 0 implementation of t», e 

2.6m tonnes of nee. According to prdiminary re^ SP^^S?^ ^isaged by nwin s President Caribbean DevSopment Ba^ fi 1 ^ h f s movcd 

22.00Q famlHec «« JjZ i w»C WijliamR. th* THnirfiri feres to express keen rii«n. / . eQl Bank hLs aricine? .u ’ - x 


Ha™ v, - ^ - — -- wennow nas I s *25a Id financial 5*. i ?L ra ? st J cvery knov C n Inter- Japan, which cannot be said to , is because 

people have, been affected by said that 120.000 tonnes of rice **ie : first year national aid agency. Yet only be suffering from any form nf WiUiaras' dislike at | 

.... - • ----- 1«D- ^bsequenHy came economic recession but s«m c SJL.J22?* ^nisati 


The flooding has come just 22,000 families 


are 


before the summer/autumn rice shelter. 

crop was due to be harvested and Thailand too has been affected, f ,DSplr,!d 


_ charge that the _ 
Dr. auelans have consist cot" 
far rejected. 

and President Perez himself ”satf:. 
pro. recenlly that he hoped that “»g : . 


express 5 keen^dirap^ Stress ***** ^ 

I .M^er. W h 0 ffiSS&SA SSST from ffl, sSmSTwS doSr S^ssss. -"23 feS f** 


Mr waff ii 


provinces in toe Mekong Delta, have been kUlSd and UcentiS 5f > “v5L S ? Xte *** President part, bare contended* that it is th * 
But areas north of Ho Chi Mlnh and northern Drovlnoe* un»n> mi - en _ ezu ^ia, .Carlos Andres unrealistic to exoeef 


S!5*.»Wi» WiimTLnnS SS&J&'SSWKS SHfeSu 


cut areas norin ot ho Cdi Mlnh and northern provin^Wre Carlos Andres unrealistic to expert them* to „£*!* r ail " u ?® T „drew stern tion' with toe dribhaan 6 w- n ? ec ’ G L wenmen t has, in fact, set 

P ravinc 5 s 111 w hat was off for two days. Hundreds of 1 tile minimum increase their existing levels of Ministers anxious to bre.iK «>uld be considered* * 

North Vietnam hare also been houses collaps^l ^«ment for toe ^bean aid (to wS toe fLSL ST JSS 1 * “ ssion - he disdamfuUy ^JSd i S 1 " fuod . for assistfa «5^ 


LS3 harvests because of the Chao^ Phya SinTn^M 2L"rS to pay their covered from recession, SJSL r SSL 10 keep Provided to facilitato to2 “S2 local resources. V 


collapsed. 
Bangkok, people 


ft&S 


oz 

drought. 


its banka. 


Phya River overflowed j quotas to • the 


‘ \ _roe .. Caribbean Venezuela if«»ir hT- . - Japanese fishing busts out 
Development Facility (CDF), as buled SJJte to CDF tecrative Canbbean waters. 


5I2m to CDF for the firat 


of of donor, enun frier." 
Ini particular he 


the exports 


As far as- in known, howe 
no regional government has 




There is.a certain irony in the 0 q avoiding, the irTvoivement^of r 0rne tenrarftje seek asfiistaw*^ 

if OD1 CAPj * ■ 


t 


rvr 

s. v j, ■ 




■ — t.t • 


TT-T 








5 


i-ML 


- fr-,1 °Pei; 

. - - JSRrfc.. • 

. «nj «?; 


Japan fears mission from 

_ Hyundai m 

U.S. may be unsuccessful Malaysia 

• . D.. J MIL^. 


European petrochemical industry urged 
to invest £6bn in oil-based feedstocks 


By David White BY SUE CAMERON • . MONTE CARLO. Oct. 3. 

•mfc-vn rw ? „ np^Sv 00 ,, 3 . 1 A TOTAL of 35 new catalytic that this could have reper- coafa'nd uranium, so that avail* by Mr. Clyde Boyd, president of 

iUJV,v ' Ul1, tnANCES PbCHiAhA Ugme crac jj ers — coating £160m each— missions on the size and growth able oil could be devoted to the Dow Chemical Europe at the 
atfe gap can be not represented, although this must be built in Europe by 1985 ™tes of their markets. Dr. of transport and petro- conference yesterday Sales 

expanding UjS. was an area in which the S°uth Korean industna! concern n-tmehe-micsi rnmnumL Geddes. reading from a paper chemicals. These were the two people should be judged on their 
than reducing .lan*n#.«o W l n ri W JLJnoi H - vundai Heavy Industries have ifpetroch e .mical companies _are ‘ bv Mr s Peter WaJter _ industries that would find the overall customer service, lie said. 


MONTE CARLO. Oct. 3. 


BY CHARLES SMITH 


TOKYO, Oct 3 , 


j*.- ■ *" d 5 iw BILATERAL TRADE between and that the trade gap can be not represented althou a h thj s i group and the leading 

g--“w« ,..° pj* ““ «!>• Save lo sarrnwed bv eicpamlilis WA- was ai '“ea 'in “ hirt “he Somb Korean Industnal concern 

?-• «** »etter balanced Mn exports rather than educing j a pa„ es ° “Sport promotion » vu "J“ i Heavy Industries have 

ft*.. jf trade -is to continue imports from Japan. Optimism Mission achieved particularly s ■ lflned a P? e3irainar . v agreement 


'■ v -“ 2 e*?j ^declared in Tokyo today. 

- - IZ ^' rs - Kreps'. ' Who" is ’ 

*■**■« ■>£ O'TflkVO PAVo..ee n .tl,.- ,ml 


■*” ri : ij ■ ^possible for the 
f c 3» ,5^1 j,tbe fact tirat it 
; ib e 'Japan had.-been i 
3 i*vr U 7, "Out most .-at. the 

,/and "that Japan i 
^ ‘-St/ ft>r pier -cent of 


ped -in exports rather than reducing Japanese import ororaotion ".vunaai Heavy industries have. * v ■ f M “J es written by Mr. Peter Walter, industries that would find the overall customer service, he said, 

ontinue imports from Japan. Optimism mission achieved uarticularly Blfined a Pf^liminary agreement to be assured of an adequate chairman of BP Chemicals, said alternatives to oil less economic, and not only on rewarding 
present that this will really he the case impressive results ” n an amhll,0 V s aluminium pro- supply w oil-based feedstocks ihe extra catalytic crackers would The provision of petrochemical volume selling which led to lack 

cp Sec- seems to be somewhat muted. Some Japanese officials claim je r* ln MalayS12, v until the beginning of the next be needed to lighten the oil feedstocks would become a major of profitability— a “massive leak 

Kreps however, both oh the part of the i 0 be nervous that an unsuccess- , Investmenim the project, in- cenTury _ Dr. Ken Geddes. or BP barrel and so increase produc- objective of refinery operations in the petrochemical dyke, drain- 

visiting U.S. exporters and their f u j jj a ] es effort bv the iqq or “ s0 eluding a gas-fired power plant, chemicals, said today. Catalytic lion of petrochemical feedstocks, in the future. . ing off our vitality." 

visiting Japanese hosts. • companies on the mission could lS estnna '« d at WOOm. making it crac k ers are refinery units which At present most oil refineries are “We are bound to see oil com- European producers of bulk 

th the The Kreps: mi&ion is officially exacerbate U«* -Japan trade rela- ? n ? of " aIays,a B most i m PO« a °t produce naphtha and other li"ht more geared to the heavy end pames- moving downstream and chemicals, should concentrate on 

on ever billed as a' return visit by tions and stir" ud orolectiohist 1T1 „ slr * al vwlures * . . f u els. of the barrel whieh is used for chemical companies moving up- overseas investment and on 

t it was American would-be exporters feelinss in the US Congress It Under l . h * agreement, signed . . fuels. stream,” Dr. Geddes said. “This expanding production of higher- 


! industrial ventures. 

I Under the agreement, signed 


.S. Company, placed orders for an example: the organisers are withwe bourn Korean company ruses the prim aril v fuel outlets.” stock supply. the weaker growlh in Western 

tD estimated ?2bn worth of U.S. reported to have set a target by March next year. e6 22Kr rinn ° ?hl l c 5a L“ H oil production did peak in Chemical companies which Europe, investments should be 

ss products. This figure is not of 3.500 business interviews to ! h ? P r0Je ^ s ?. es ahead - th , e n f th® r SoSiJT' 9bn tfae n iid,SOs - worId energy de- slash prices in a “desperate but concentrated in the U.S., South 

ies expected to be matched by the be conducted bv mission mem- aluminium reduction -plant is capuai cum o me crackers. mand would have to he met in- unrewarding” attempt to main- America. Australia and SouLh 

i." return mission, in part because bers dun tie a two-week stav Tn es P ected to start operating in He -warded chemical companies creasingly from natural gas, tain market shares were attacked East Asia. 


Vr *:« tr, l The. U5. export mission, which are newcomers .to .the Japanese mission say it would have been ye i^' 

■?iv - r ' Kreps is accompanying, con- market. ' better to aim for fewer meetings Jh e sta * e government of Sabah. 

‘."•sists of 138 busiuessmen and Japanese officials also claim and to allow more time for each "JP e r e , . c £ m P - • be 


sited, would share in the invest- 
ment cost of tbe reduction plant 
and be responsible for the power 


Third World 6 could face stricter rules 


r* — * — . ~- tion -or with “explaining U.S. mg groups covering: advanced (according to Japanese figures J The P°wcr Plant would use^ ^ down bv countrips which He also hit out at the “strident Mr. f 

"" trade., programmes.”) scientific equipment- (fncluding rose 31 per cent to STBIWbn offshore natural ^as. for which • . . . . ‘ rhetoric" which some developing dustrial 

JT^ American officials hope that medical instruments), “modern during the ffrst eight months of gathering facilities would also P r °J t ld ®«“ an p e pf °^ op " nations had been using in their would 

vrPJl Althe mission will be successful management equipment”, (includ- this year, while U.S. exports to have to be hunt underthe invest- meat, ^ Mr. re rer Peterson, a discussions with the major problenr 
t -. ^ Ap enough to convince the U.S. ing- computers h’ madiine tools, Japan during the same period ™ent P la ”-..‘ Preliminary memoer oi ine vvuiy Bran idt industrial nations. This, he said, boost f 

*'■ husinpcq - pninmuhiti- rh.-if th* rnn^ nnwacEinn anninKiMt anHsscored onlv a 10 oer cent cain feasibility studies are already Committee on . ortn-5outh Rela- nfrpn nninfnrmpd and has develon 


arrested 
in Brazil 


the mission wiir be successful management equVpmentr. (indi 
enough to convince the U.S. ing- computers b,’ machine too 
business - community that the food processing equipment a: 
Japanese market is now “open”. car parts. Consumer goods, a 

HK mass transit awards 

- Tokyo, Oct. 3. 


id be responsible for the power BY- LOR NE BARLING ORLANDO, FLORIDA, Oct. 3. 

!hlrni.n U 9 nn G inr| V m mw C ^ J THIRD WORLD nations may help themselves, making the best that OPEC countries would in fact a euphemism for financial 

^ have to accept stricter conditions use of available aid. future play a more active role, losses. He urged that some 

. .hVfh iaid : dowu by couDtrie-; which He also hit out at the “strident Mr. Peterson warned that in- form of arbitration system be 
r f. h j^: e nrnvidn finance fnr thpir d«vAinn. r hetoric" which some developing dustrial nations themselves established to prevent the break- 

thenng facilities would also P r °J ld ®,5 p prf . r nations had been using in their would be faced with severe ing or early renegotiation of con- 

ive to be built underthe invest- W^Rr-inrff discussions with the major problems if they did not help to tracts by developing countries. 

Bn . t . Pi aa - .. Preliminary “fmbei- e Willy Brandt industrial nations. This, he said, boost food production in the Mr. Peterson said it was cssen- 

asibility studies are already Comnmtee on . orth-South Rela- was 0 ft en uninformed and has deveiopfng world. By 1990. he tial that it be brought home to 

- --- . mplete. • nons saiu ne e. .not helped the North-South said, food shortages could create people in the U.S. that interna- 

a whole, the deficit is estimated Aluminium Pecnmey, which Mr. Peterson, chairman of the dialogue. severe price inflation unless tional trade was of great value, 

to reach S 13 bn < on the basis of [holds a leading place among United States Council of the Nevertheless, there was no some action was taken now. providing cheaper goods and 




- • 

I*/ ■ 

« •-?••• 
r.- 


* ■> 

;; \ - 

■yi- .*»•.: 

JTir ;p 


r» ;. __ 

r.— 

tlk > r 


* TWO JAPANESE companies lay tracks- ■ oyqrY&Skm of the 

l have won separate contracts 10km second .^Rhase . to link 

■ -“.r.' totalling Y5ibn (S269m) for Prince Edwa'rd. Vit^Tsuen Wan. 

second-phase construction of Nishimatsu -said its contract 
Hong Kong's mass transit rail- was worth YMim ($153m), and 
. ..way project, it was announced KumagaigumL's :f Y22bn (SllBm). 

•..* here today. Both companies have’ been carry- 

“ •*-' The .two- Japanese companies, ing:. out construction work under 

" involved. Nishimatsu Construe- contracts • totalling Y40.5bn 
-■■tion. and Kumagaigumi. said they (S214m) on 7 the -first phase of 

• will build tunnels, a station and the project. V ' - Beuter ; 

Chrysler-Europe takeover 
hits Mitsubishi exports 

. .... BY .YOKQ 5HIJBATA . . - . TOKYO,, Oct. 3. 

PEUGEOT-CITROEN’S proposed be marketed through’ the sales 
" takeover of Chrysleris European networks of Chrysler* serialising 

■ operation has had a considerable in large vehicles.” Tbis tie-up 
"impact on Mitsubishi ' Motors, boosted Mitsubishi’s . exports 

*: which! depends for about '60 per from 32,000 vehicles'. jn 1970 to 
‘ - cent of its exports on Cbrysler’s 98,000 vehicles in. the ear after 
’ . ; safes network. r ' • *. the tie-up. The compimy- exported 

-■ ■ Mitsubishi sells aH its- exports 320,000 vehicles last .year, and 
. r to the : US. through:- Chrysler's 430.000 vehicles are ^pianned to 
UjS. distribution channels, and be s0,d abroad this year, 
sells to the Middle East, Latin However, -.Mitsubishi > has 
America and Africa through be SH“ to suffer a sizeable s4les 
Chrysler's overseas sales outlets, decline in the U.S. market sizt\e 
Chrysler : International * SA the beginning of this yeai^doyvta 
<<3SA). Chrysler’s massive, pull- 26.2 per cent ;in the- fiat eight 
: back from -European interests, months' from the same .period last 
involves the possibility its ye?*; - . • , ■ / - ' • 

Chrysler International SA opera- Mitsubishi's sales setbacks m 
tion will bring about a cornddS^. U.S. coincided with Jhe intro- 
. :: able sales* reduction for duction of Chrysler’s oWn small 
Mitsubishi Motors. ~ vehicles Omuni ‘and -Horizon at 

- Mitsubishi also shows lt 1 is 

- disguised concern oyer tbe Quite conceivably to at Chrysler 

possibility that Peugeot-Citroen has _given top pribn-ty to sales 
tnay sell ite small cars In. the carSb . . 

,UH. through Chrysler’s sales . ^tsubishi Motors can t stand 
' networlL •■•••.• the present posmon of just look- 

• : „x,„„ i#B ‘ 7 „^.„» iog at other- car makers' good 

• w retreat luck in _tb eWorld’s largest UH. 

i£" n)P ? 1 . n market with impotent envy," 
■ J Mr.. Tokio Kubo, president 

U ,n Production - of Mitsnbishi Motors , before his 
. . and sales ofits own sub-compact departure for the U.S. via 
cars, which have already entered Western Europe. 

.competition- .with ..Mitsubishi's '''-Mitsubishi is even consider- 
smau cars. ing setting up its own sales net- 

• Mitsubishi Motirrs had a tie-up works in the U.S. Tliis will be 
relationship with Chrysler in proposed . at a Chrysler-Mitsu- 
1971. cm a basis .that “Mitsubishi bishT summit meeting scheduled 

• _ -..supplies small vehicles which- will for 'the middle of October” 

Singapore buses order 

FINANCIAL TIMES RfiPORTER 

;,\.p -A f2M order- from Singapore for. puts 'a premium on tbe efficient 

■ 1 ‘ 100 double deck buses has been use of space. 

won by Leyland Vehicles.' the BL . Leylaad’s single and double 
subsidiary, altar a IS-moulb trial . S Jy b ^f a a “ ou 0 f, % 

.... ,> moi?eis’ ts A,Un ‘ ean ' £52S JSSS.S! SSiBiSJfsS 

v w V . , * # rear-en 0 ineu models. . Service. .. The oew vehicles, 

- •’ The contract is a considerable which include UK-supplied body- 

^ . breakthrough for the British work, will be delivered during 
company, which has been trying 1979. 

■ to .seR- double deck buses to Ley load also . announced 

■ Singapore since 1975! ■ The com- another £4m-worlh of orders for 
pany js seeking to ' expand- its 225 single and double deck bus 

. range of overseas markets now chassis from the West Indies and 
that- UK demand, is levelling off. East Africa. 'Oie vehicles will be 
. and Singapore has been a prime going to Jamaica, Kenya and 
' target because road congestion Malawi. 


U.S. figures, which show a some- European aluminium producers. Internationa] Chamber of Com- doubt that more money was At present, many companies jobs in export industries. This 

wbat larger gap than the Japa- already has a joint venture^with merce, told the opening session needed for the developing were inhibited from investing in he said was often overlooked by 

nese Customs clearances statis- Hyundai in a plant in South of the ICC’s congress that these countries, particularly the poor- tbe world’s poorer countries bv special interest groups seeking 

tiesj. Korea. countries' would have to learn to est nations, and he hoped “political risks,” which were in lo protect their own industries. 


NGwTW\puts 


Franco-Soviet talks 


BY OUR OWN CORRESPONDENT 


PARIS, Oct. 3. r i 
oil . production I 


V .-•* f 

fiU 


HOPES FOR big French con- to supply oil .production 
tracts in the Soviet Union have equipment, 
been raised here by Mr. Vjadimir other contracts being discussed- 
Ktrillin,-’ Soviet Deputy Prernifa-. included telecommunications and 
4 Mr. Kirillin, in Paris for a computers — although Mir. 

1 two-day 'meeting of .the F-raneo- Kirillin did not refer specifically 
> Soviet “grand committee, ** said l0 Cll-Honeywell-BuH's interest* 
in a newspaper interview that j n supplying Tass with a second 
France- might soon sign a deal computer following President 

— — : — . ■ : — — Carter’s ' veto hairing Sperry 

• •: >V rvjQv^ ' Rand from fulfilling its order. 
* '■■ France and the Soviet Union had 

' " "f ) additionally exchanged infomia 1 
-"T- y . ’o^’ — — tton on experimental nuclear 

WASHINGTON, D.C § ™ P 


: ' WASHINGTON, D.C re ^^“ sin , erittg |nH » 

, JlJZeiiaissance of ip. line for a gas recovery pro- 

gramme in Siberia, while there 

Uraciousness - « ^.or a m son m 

-w/ alummaura plant m Siberia, 


: Aluxun r hotel-in the great ' ' 

v .• European tradition-. HegArtt^.quie^ 
'unruffled— never a convention. 



gramme in Siberia, while there 
is talk of. a.FFr 3bn iS690m) 
aluminium plant in Siberia, 
which would Involve Pechiney- 
Ugine Kuhlmann. 

The talks take place against 
the background of a sharp fall 
in France’s business with the 
Soviet . Union. Franco-Sovtet 
trade in the - first six months of 
the year dropped to FFr o.Sbn 
from FFr 13bn in the sam'e 


//; THE MADISON ™ 52S 

-' *“* ... Copect .Wfewf period last year. 

^ r 45A' aM-Streetf, NAt;ti'aihinguns,D^C.70e05 • -cp, ra £L French - commentators 

’• LL ■> . . t il tn 1 1-nfP 


Telex 64245 .. 

; '- I or stc-ynur travel agent 

...' T^RonMl-S. Cayaci'Prepnemr 



have linked the sharp fall-off m 
trade relations — at a time when 
the -West Germans, for instance, 
have increased their Soviet 
market. with po-H Uc al differ- 
ences, particularly over French 
intervention Sa Africa and 
France’s-' moves towarils closer 
.economic ties with. China. 




^UUUioia u ticauuuwAuyuu quu fll *i? . 

all the gateway cities we fly to in America. 


FuHFare Coach service is subject to Government approval. 
TWA carries more scheduled passengers across the Atlantic - 
than any other airiiae. ■ v 



Because of the 
increasing numbers 
of discount fare 
passengers the 
Economy section on 
many of our flights to 
America has been full. 1 
Therefore, to mat 
we are introducing a ne 
full fare passengers whi 



jh&'l r 


No.1 across the Atlantic. 



















Financial Tim$s Wedqestfoy October- 4 1978 


HOME NEWS 



Beecham drops £i8m £300m pumped storage 
antibiotics power station planned 

plant for Ireland I BY RHYS DAVID 

THE Central Electricity General- there is surolus uower. such as r b ■ swian-j 


IMore cui 


* THE Central Electricity General- there is surplus power, such as 

BY KEVIN DONE mg Board is considering building during thp 'Wgbt. 

* a pumped storage power station The water is then returned 

dropped* plan s* "to^bu Nd °a n tlSS SET 0 ” PU " f0r '**** So P«K ^iSS^ £m>nT^ 

pharmaceuticals factory in Ire- Beccliaw said \estcrday that , 13 rni,es oasl of Manchester. - I n'eVati n e** el ert r!c in-' ° & i n ^he 

land. It will instead expand pro- it had still to decide which 1 The £300m scheme, which , r,c “> 10 

duction at plants outside the factories would he expanded in I could take up to ten years to J** ’ll*. » r ansrer. 

Reoublic. other countries. I complete, would involve the use „„T„ e .Jr e,, f” lin S„ r ^ rP MW 

The Beecham Pharmaceuticals' The international division. ; . of two existing reservoirs in the opera !.®f °, smaU ”? u . 

international division announced which was respnnsihic rnr the Longdendale- Valley and the ££??,“ „ slor ^» e .. 

its plan to build an antibiotics Shannon project, has its major : building of a new reservoir on ■ fC i* ” 7 - ,n i '* ort ” 

plant at Balleycasey. near Shan- markets m Africa, ihr Middle, an adjoining plaleau. E.iiMS*!? 1 ’ 10 Jf tono 

non. County Clare in April last E asl anf j the Far East. The com- i The plan is likely to run into a mu< * bl ®S* r J. , 

year. The factory would have panv has some factories in these ! substantial opposition from ri.nnru-ic 

created '-50 jobs. regions. j environmentalists anxious to pre- hv?he°earlv 

Planning permission was given \„ the UK. it is already com- ( vent further development within - >onQ Wales, o> me ear». 

hy Clare County Council, hut a nutted ro a f41m capital spend - 1 the park. But Lhc Board made il 1 '® us ' 


b Man •a^ Safe' : 




OLOSSOP. 


in textile 
imports 


Artificial cigarette| 
fail sales targets, 
Celanese admits 



BY OUR CONSUMER AFFAIRS CORRESPONDENT 


a iwATfM? US supplier of ip December 1974, then in 

fnh^ T rn JO substitutes admitted Switzerland, and finally', in tg 
tobacco SUD 5 H»ulco trie last vear. Cahnou 





KaMnMriV 
— Mw 


TmtwistJfl. 


Holfsgwrth 


® t 


group of local people objected to j n£ programme over the nexl clear yesterday that no firm pro- i„_. 

the proposed plant on environ- ihrep > cars at its pharmaceutical , posals were being brought for- lOCal DfiSC 


menu! grounds. factories in Worthing and ward at this stage. Unveiling the Board's tentative 

After art unsuccessful appeal Crawley. Sussex, and Irvine. : The Board has invited the Peak plan in Manchester yesterday. 

L° J r , " anmne Board, they ^y rs h ire , I Park Joint Planning Board to Mr Len Nash. Northern Station 

decided to Lake the case m ihe our Dublin correspondent : undertake a joint study of the planning engineer, sold the 
L° se ? k «V njun " ,0 T writes: The plant would have > implications of the development Tintwistle site met a number of 

preventing Bcecnam from start- b ecn SIted j n onr 0 f Ireland's , and its impact on the leisure requirements essential to the 


A V.l etew r*» 
r*4i 

if National 

X r -'- 

t • % 


I ^ " t0Bacc ° f^,salM of cigarettes UK last year. Calaqese claimed 

, . yesterday that >«L r t C material yesterday that ia spite 0 f initial 

| Br Our Bradford Correspondent u?d n?t reached their projected response, smokers. j n Europe 
• ■ 'XU ?! 1 were slowly coming to accept the 

[THE wool textile industry The U S -based Celanese Cor- pew product 
I based tn Yorkshire ip seek-ins poration which manufactures the “We had always expected that 
I talks with Government Ministers Cvtrel brand of tobacco sub- consumer acceptance would b» 
to press Tor more import curbs, stitute. said that in spite ef the. gradual. In spite ofthe subsian" 

The industry j s particularly failure of sales to meet target tja j adverse reaction when they 

concerned -about the Targe ip- “we remain optimistic tor were launched, it is becoming 

crease in imports of ftalian cloth, future of Cytrel. clear tpat a slspificam number of 

' •« Cytrel was blended smokers in Europe have now 

■tawSfttaSr&iSSsrwi; ^ ,hera -" celaiiese — 

,o amw-s ssiT" ™. —>■ -w-m . h„ 

.t- tb. first WX.MIS. C., !SSJST!ffl ,, S!l?'35™5? 


, 6 LQSSQP 


JU lue uiai IUUIIUI 6 IH. Tne launen UI fcie« — ■■ hlpnripft with TvtrpJ «m» '• 

this year, imports of Italian. cloth tain ihg tobacco substitutes met b ended with c trej ntn. . 
wAM OS Sm cmnru mplrot r>r,vn_ . ° M xsnfinn in IhR UK . nli, » a Oi muic Ulan lm ■ 


were 235m square metres’, com- ' with a Door reception in the UK H 1 "* a 

nu»4 u>HVi V 1 C-. .H113TA niAtn. I _ 1 tha V.i«i ntsaTPttft * OBJ. 


and recreation in the area. The scheme. 


writes: The plant would Have . implications of the development Tintwistle site met a number of | n uj . , V™*.*** l2Jbm *ware metres and prompted Jbe Wg fc Cjsarerte a w- ^ ^ ^ ^ 

preventinB Be chani from start- b sited in onr of Ireland's 3 nd its impact on the leisure requirements essential to the A F ear * . .• manufacturers to cut their com altbmfah the comDarv”*!^! 

h.. hppn unemployment hlarkapou. ! and recreation in the area. The scheme. • ■ mitmeoi subsianiially. JJ; g ‘ h 

nelafn^for nmp mnnths But Beecham's decision could . Board is likely to consider the The valley already had five ovvae( j b y jje water authority DialoSQE .X-." The new smoking mate^al wa with^total el*ar etip 6 ^??-’ 

E„? nn S d a .p ? n r P fhi h^r^ has ,lavp repercussions ro r the whole ! invitation later this week. major reservoirs within it and b e likely. iAia 4 Ugws , . . iotroduced t0 meet the seeming P a ^ d on ^ e ,^ a V t c RSS^j^- 

hSn fixS 1 f ^ hearing has cnuntrv The R 3 yhPstos brake These two stations will meet its banks rose sharply to a high p „ wnuld be MPs and umoa reprewntttives growing demand for a safer 

b wh!m vpsiprriav ih^t it factory in Cork Iihs still nor ; the electricity grid's needs for Plateau providing an ideal base . JJe u P^ r rMervmr would b« would be in the deputation tp^ee cigarette, bui consume^ ;• were ImS 9 fniinK. ” I,b * 

coSd noT aff2 rd to d fva it h a nv founrl J s,le fnr dumping ; instantly available extra supply for tiie new upper reservoir. J ^ l S"S&£ki!mik a Govennneot MlnisteT..^ .. apparently reluctant to switch to Ushed J, aSufactnws^S ffi 

fanaer * ^Vroducuon ^at existing asbestos waste heeaus* of objec- . at times of peak demand The scheme would also be able building of ap .embaBtaneot. U really beyond tbe new product. r . . Jjl/S Sm" titeSnl? 4 -' 

HSS'm 10 £* tions from local people. [through the 19S0s, but by IMO to take advantage of existing Government departraeaU and 0 ^ Cigarettes containing ££*2 l0] ^ er ?* m ' ' “** om i«W. 

urgent” h f^ meet prowina Thc Industrial Development further pumped storage capacity major transmission lines running jbout S5 heettm delegation. It is now a matter *9 re first launched 10 Ganpany said- 

demand for pharmaceutical pro' Authority fears that industrial- will be required through the valley, and would aR «t l and now used for sport, fflr e dialogU8 bBtW e«q. Govern. — 

ducts. “THr requirementp nf ists may bp deterred from invest- . Informal talk? have already be close to the major load qiettts to stop this. 


but no dale for' the hearing has 

been fixed. : _ Th , e . 


R«rham «iri vRsi^rriav ih^t ii factory in Cork has still not ; the electricity grid's needs for Plateau providing an ideal base 

pmiiri ■ nni affcirri to wait anv found d site for dumping ; instantly available extra supply for tile new upper reservoir. h „,. .._ A _ u _ T 1 i r rr, 0 _. , rI — -- — .. ■ « K k— 

innppr Production at existing asbestos waste heraus* > of objec- . at times of peak demand The scheme would also be able building of ap . mbankmeat. Itj „ ^ really beyond ^> e new P r od uC * 

iS" rlti h ,3 in "c cspJndJS 'ri.ni lw»l pwjle. throurt ihe ISSOs, hm by IMO to lake advance of ayt.tina §f Vet^ I GovanmtenfdepartmeBti.anfi ou? I , ci « 3 J e " e , s ,„f“| 


SALES OF china clay produced 


urtTPTitlv tn mper -’i-nwin" me mausiriai uevpiopm^m luriner pum pen storage capacny inajur iraiumiissioa now ruiimns 

“JSSSf for pharmaceur.cif pro' Authority fears that industrial- will be required ^ through the valley, and would a «ect l aud now used for sport. 

riuci« “Thf requirements: nf isis may hr deterred from invest- Informal talk? have already be close to the major load 

the business leave no alterna- i n » In Ireland if they fpp| they been held with the North West centres of the North West. The f’KJriCT Mov 

hVf ■■ ' 3 re qoing \r. face this kind nf ’ Water Authority to whom the board had not yet decided the ^luild vttiY 

The original plan was io build problem. [ reservoirs belong. These are electrielty generating capacity of . 

an integrated pharmaceuticals Residents' iiruav* have dearly . likely to be followed by more the scheme, but it is thinking in colpc ricp 

factory including bulk produc- discnvereil how to nxplmt plan- dclailcd discussions on arrange- terms nf between 1.200 MW and .**^*^*J 

tinn. formulation and packaging nine leciriatinn m the full. ments for joint use of water 1.S00 MW. SALES OF china clay produced 

of antibiotics, such as semi- . catchment in the area for public If the North West Water jn the UK during the three 

nvnthelic penicillins. - n a- ■ . '■ tupoly and pumped storage. Authority agrees to co-operate, months *<> ' end-August was 

After the early delavs. thn plan r OSlIHS QHI0S Tbp P wm P cd storage system the scheme would involve link- 721.296 tonnes, about 44.000 

for bulk production was dropped *' “ *' provides the electricity industry ing two existing reservoirs in the tonnes up on the same three 

last Novemher. LAST posting dales fur surface' with one of its most efficient LongdeRdale Valley, to form the months last year. 

Beecham's decision will be a mail in nvch Australia. New • means of lurning on extra lower pumped storage reservoir. The China Clay Association 

blow lo the Irish Government. Zealand and mher Far East supplies 10 meet peak demand. The new merged lake wou'd said yesterday that ia the first 

which has been particularly ?uc- countries in time fnr Christmas This is done by pumping have a Water area probably SO eight months of this year there 

cessful in recent years, in attract- fail due next week. Parcels and water from a lower reservbir to per cent to 75 per cent greater had been only a slight increase 

tn? pharmaceutical companies to packets should be pnxted hv 1 one at a much higher level when than the 50 hectares of the exist- in sales— to the domestic , and 

Ireland. Favourable tax rcgula- October 9. and letters and cards demand is low. and creating a ing two reservoirs, and some export marketfr»-ever the same 

Hons have mode Ireland an nor later than October II : bank of stored energy when loss of agricultural land already period last year. • 


“We have to coqviqce our 
Government that they b*ve to 
go to the Italian Governmeptand 
say: ‘Either stop this, or we 
shall do something V 


in Ulster 




Water bill V 
may be paid 
in stages 


BY COLLEEN TOQMEY 



flT.srf * 
55:^.*- . 


BETTER COMMUNICATIONS bottom half' of the socki 'acd 
between education authorities, educational Acale~ 
industry trade unions and volute They inelude further oppor-' 
tary training bodies are needed tunities for young people' in 
ta narrow the unsatisfactory gap study or -. undergo • surwrriad 
in education for Northern work until; tiiey are IS: obUp, 
Ireland's 16-yeawrids, according dona on employers of 16- IB- year- . 
to a discussion paper published olds tb offer, day-release for 
yesterday. specialist tr.alniqg or . general. 




rpklp 1 '. 


April the , S^tn A worWn g party, get up lwt 


domestic households ' In the vear bv Lord Melchett the 18'yegrold? taahl§ Ito; get jobs 
Thames Water Authority;, krea {gg^g Ireland^ wSS&r “f J? *"*& ** # 



will have th «. option: -of . Paying Kducation. suggests in the paper ^ 

tqetr water bills in four instal- that an educational council The working paily. expect* 
ments. Instead of half-yearly. representative of each sector in that if the ^ TewmipWri^jituis 
A leaflet sent this to ihe community, should be set up were carried . ii^sawS:r^J«ihM 

every domestic consumer with 1 to debate educational policy alleviate the Sgijpui.^m'hleS of 
the half-yearly water bilLvjrecalls issues. youth, upemployment in the 

that, while the Price Comiaission tt says about 28 per cent of province because, as the tunqbR 
earlier this year agreed tq a 9.5 children in Northern Ireland of children who did well ai ' 
per cent increase tn charges, one leave school at. 16 without any school and went, on to higher 
of its recommendations vp& that GCE or CSE qualifications and education, increased, so. the diffi- 
tbe a * tority should mcaminejno one know? how many leave culties in placing ' unqualified 


Save time,cut costs. 

Go to the top with 
Norwest Holst. 


further ihe cost of offering its {without a job logo to. children in jqbr would, ease, 

customers the option of,' paying It recommends that secondary QpportumUeir ik Siiteei, Bel 
by instalments. ■ schools should have academic so £4 0ft 

The leaflet repeats ^»!SSinI h |3tofS l ^7£^ " ’ -- -^ - 

although the Commission bad 

lf»J th te 5 K pr Kisfi 'MrioVk soS UD «d New SPi) depot 

^ffhnrit V rtS in ! cconom 1 c problems justify 1 ^ TT Utpui 

tain^^ts 'increase at^ 2 per cent i speciai trea J s,enl and s Pe^ al SPD Distnbutitm aim to 
until next Adh! P ' measures, the report says, but streamline distribution seiwcs 

. .. 4 1 palliatives are not enough. . .in ■ BrlstoJ, South Wales and the 

If a householder decides to opt; Mdst of the 112 recommenda-' South West with- a new 100.800 
for in-rtalmenf payments, they 1 tions made by the seven-strong sq ft waiThouse at Thorabmy, 
would be mafle on the last days; working party drawn from ip- A vbn. ft ‘ will replace SPD 
pr April, June. October andidustry and. schools are aipied at depots at- >fiardiff. Swansea and 
December. ..- ‘young people, who are in the Brunei Wajf ^Bristol. 


.. - 


APPOINTMENTS 







Up means money. That's the fn>t lesson of 
business life. : - 

Norwest Holst take pride, in their ability- to taJtfi 
clients to the lop while sa\mg time and money. 

Our massive skills hav e led to the development of 
our own fully patented dimbinji formwork system. This 
method of building tall structures can achieve a 50*11 
increase over conventional methods in daily rates of 
v crtical production. 


/.Walter Thompson’s new chief 



Mr. Michael Cooper- Evans be- internal ccnxultancy services.' He stjtution for the Port Tin 
comes managing director of joins British Rail from Cannon purpose of the reconstitution via? 
J. WALTER THOMPSON CO. on Assurance. In his new post he to replace a Board of 16 members 
October 9. when Mr. John will lead a department which with a smaller non-represen lative 
Undesay-Bethuuc, at present will act as a service to manage- Board with .a proportion of 
managing director of both JWT ment at all levels or the railway executive members. 0 Ulw 
and J"T Group, relinquishes the organisation, identifying and do- members of the Board appnmtwl 
company post (0 concentrate on veloping productivity apportuni- are Mr J. W Cock Held: Mr. C- 
expanding the Group. ties both Impacting on and stem- Hall; .lir. D. S. Hay: .Hr- fi - D - 

l production. _ * ming from investmer*. manpower. Saul: Mr. P. Tiso: Mr. C. B- 'Void; 

-tv ,-= _ •. .. - , The AUTOMOBILE AbSOCfA- and resource plans, says BR whose aunolntmrttis will tun 

To your director ot building operations, ibis makes TION has appointed Mr. Mungo Mr. C R. Wood, chief finance from October 1 ml February =5- 


Nonvest Holst the people who can make sure he gets to 
the top at a good, fast rate. 

Your finance director will sec Norwest Holst as the 
people who bring costs down as they take you up. 

Both will appreciate why so many Norwest Hol^t 
clients employ our skills to bring dieir plans to*fruition 
quicker. For powpr station, heavy industrial and food 
storage clients ir^theUK, Europe and the Middle East we 
have designed arid built over 500 tall structures, including 
multi-flue chimneys, cooling towers and silos. 


Bisect as director of finance. He officer. London Midland Region, JDSU and CIJr. C. Godfrey and 
joined the AA ml .7 as internal British Rail, has meen appointed Cllr* F Rogers whw* append 
auditor, and is succeeded by Mr. financial director and company- ments 'will run to February at, 
Henry North who for five years secretary, BRITISH RAIL ENG IN- locn 
has been manager, financial EERING. Mr. Wood succeeds Mr. ’ + • ' • 

accounts. j. B. Watts who transfers to . "■ . ' 

* British Railways Board head- „BOLLA PIPES has 


COMPANY announce that Mr. 
D. D. B. McLeod and Mr. J. a. 


a^uu.iia. v. a. nans wno transfers to . . -^nninti'fl 

* British Railways Board head- HOLLA PIPES has WFHJ™" 

JARDINE, MATHESON AND quarters. Mr. W. A- kW *■ i"SSE 

COMPANY announce that Mr. * director. He h^» been prodm-Uon 

D. D. B. McLeod and Mr. J. A. Mr. R, N. «J a Costa will hr. 5 a , l ‘*?« r f0 ^ ^ C0 ^ aEn rii 

Hej-wood have been appointed tiring from full pai^ne^l^ wtih Sfel * nd ' Vewport : 

deputy managing directors. E B^VOBY, JT 1 LLN AND CO' factones ' * 

Mi-. McLeod Joined Ihe firm in on October 27, but W-I1I remain ,, - „ . nvvm 

19j«, baa worked In Hong Kong, associated vitb the firm. Mr. . Roger Sqqiwu. 

bjngapore and Japan, and was + aerelepment controller, ana .w 

_ j w.. . ,, . _ s , ,1 _»«,nanv5 


Employ tjie skills of Norwest Holst Group 3t anv* Singapore and Japan, and wa"s *' aerelepmerit controller, ana ;«■ 

stage ofvour requirements: for evcrvtvpe of bulldinH-from ^5S°L nted U d ilf clor ,n 197 U I , He Lord Remnant has been elected J 3 " 1 ** Taekey, the company 

tnT ° - ... v. 1 '■Si 1 ° will have operating responsibility chairman' of THE CITY OT ION. *-fitate 5 controller, have w™ 

tov\Ti centre. i_onjmerciai industrial dev^elopmenr to for all .1 a rdinea' operations based DON BREwErv a:,'D invest- appointed to the Board. 


house building, leisure ibeilities and refurbishment; for j > n Hong Kong, which accounted MENT TRUST. Sir Martin Wjlhln- 




site investigatiurf.earthmoving and foundations; for majo 
ciril enpnecrin« works and senices. All "hacked by 
specialist engineering desipt and services. 

Because our total capability extends across all 
aspects of constriction and civil engineering work, your 
company will ^obn come to appreciate us for our sheer 
weigh t of engineering knowledge and excellence; for our 
dedication lo thd highest standards of accuracy and skill; 
for our no-nonsense ability to produce the answers each 


CRAFTS ADVTSOBV 

EE announce* 


1 • » - - 1 - .. : «! iim^a. unues as a director of the com- cu.UMJTTfia. announce' 

itc in\estigatiinj,earthmo\ing and foundations; for major Mr. Hcywood joined Jardmes pany. Lord Reilly (formerly Sir 

nil eneinecrin« works and senices. All hacked by i? 1882. has worked in Hong * Reilly), the Comnuttee's ■ . 6r * 

pecialist enoinderine de<imt and services Ko JS- Thailand and Singapore, Mr. William Griffiths has beep ehler executive and /Wl 

ui cnemcenneae.iEii aiwi service^. and became a director in 1872. He appointed joint managing direc- member, has been elected 

will have operating rciponMbllity *or of the THOMAS JOURDAN cm ,3r ti»e World Crafk 

fqr all Jardines overseas opera- GROUP. He has previously held >n succession. to Viscount Etf** 

tiers including South East Asia, the posts of assistant mcnaglng * 

North East Aj.ia, Australia, director of ETH lnrtmttrl-. , KAISER ALUMINUM 


North East .Uia. Australia, director of RTR luduxtrles and KAJSER ALUMINUM , 
Hawaii. Southern Africa and the director or Haden International. CHEMICAL CORPORATION . ^ 
Middle East * has elected Mr. .Cornell O 

Mr. J. J. G. Brown remains Mr. Wilfred Meakta, director chairman of the Board, 
managing director of Jardincs peneral. of ordnance factories ^tr- Edgar F. Kaiser 


indiridualclientnfieds-lo’budget, to Standard, and to time. b Vn Previously announced, he f ,?d fighting vehicles) been named chairman 


1. se the coupon now to discover how- best you can 
employ us. ) 


— — -1 HIITIUUIIUCU, lie ■ -.U-r-"“ > CI|ICIeS 1 “-'ll UMUW I. HUH (IIOII -r Iff 

will be retiring from this appoint- in the Ministry of Defence fpro- °hd honorary director for l» p - 
ment and the Far East at the end curemcnt executive) hqe - been Maior. . presently president ar» 
of 1878. Thereafter he will jojn appointed to jhe post of taanag- cliief executive officer <P J™; 


| 1 

■ TorNorwestHolstLimited, 

I 35 Chesh 4 in Place. London SWIXSI-TR I 

I I would like 10 see how the s kill i of Norwest Holst could work ! 

w my company's idiwntage. | 


pany In London and remain on FACTORIES and head of engin- responslblHtles. 
the JardinOs Board as a non- coring staff fland and air) In the ' : * 

executive director. same department. He will take up Air. BL G. Adams. *Mr. R- r*. 

JARDINE FLEMING AND COM- ^l**®*? °, n ^ebnian* 11. Bosstjard. Mr. J. TL Charmsn. 

PANY announce that Mr. Nicholas retirement of Sir D- J. Downing and- Mr. K. A..J- 

Sibley has been appointed deputy & > flney * WCOn - Long have been made dlrvcug 


director 


of A, L. STURfiE (SYNDICATE 


company. He has been a director • v,p : r) “ ugias Galloway has been 31 ANA GEME NT ) 
of Jordlne Fleming since October 5SKH* j-, B ^gt r of 1 


| Company, 

( Address 


01 uia me rteming since wciooer «»» •-. ♦ 

1872. with .responsibility for the «r- P- A. G. Ostcr, deputy eh«J 

corporate finance department. ^jhatiu^ and miii take uo his man. will retire from thr Eosf'* 
* ne w daTie -* on January 1. He is of WESLEYAN AND r.BNEML 

Mr. Robin Kilby rp has been ASSURANCE SOCIETY ° n 

made a director of CIJVE Pf r . 1°!! p , " ».[y i rp ? l ' a tlon has December 31. 5Ir. J. A. AldrrWJ 


. . * THirn rnwSvw BANKERS chairman - bat, after JS yesj 

Mr. E. M- Undley, at his own *J I P®L_r '^f rc senta- service., will . retire from ti 

auest. has resinned from rh» tlTe omce in Athens, Greece. position of central manatfr »! 


request, has resigned from the 
position of managing director of 


osltion at - p 
eat ember 30, 


I . retire from If*-; 4^ 

general manager «>" . Wk; 

10. 1879. Mr. »>■ *■’ Hy>r 


A 


Norwest Holst 


special responsibility for the WOOD Leeds. 
North American account Mr. J. 5 . wooa UeMS - 


lotal capability- get it working for you 


' v ^v; 


subsidiaries- and ^AtvrwspQUL FORT Mr j aM « w nennv Jr. 

BRITISH RAJLH-AYS BOARD 

srsTa ssss? GiMSt G ^i RCLAS 


HARTLEPOOL 


Norwest HoIm Limited, 35 Cheshum Place, London SUlXSHB. 
Telephone; Q1-L35 99JL Telex: 91704 7 , 


BRITISH RAILWAYS BOARD flSw.'S^SSLiS fSS."SS^Sj!*”^J' i Si 


■ ' I, 




^T>l 








Wednesday ,'O.ctober' 4 1978 




rett^ 

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flowproblems due to highly seasonal 
trading^We helped them spread the load. 


Bfew SIM) 


“ 

**F.‘ 51 


r 


ne\ 


V 

* v.i- 



Anut andbolt manufacturer didn’t 
know what proportion of his 
overheads to include in his pricing. 
-Wfe advised him. 


ffjiiC 
" r*- 


flhr k *' 
ii-tit - ' 

«##* 


||l Five years ago we originated Barclays Business Advisory 

|j g Service for small and medium-size businesses. 

Since then we’ve surveyed over five thousand such 
llralWt businesses with turnovers of £50,000 and above. 

K» One thing has emerged above all others: most of them 

haverft been making the profits they could, and most of 
the bosses haven’t been able to put their fingers on the 
Mr reason why 

ESr As a result, some of them worried themselves literally 

W sick with those illnesses we all joke about - ulcers, migraine, 

|L insomnia - until we suffer from them ourselves. 

||P Actually the reasons haven’t been difficult to spot 

||L Many businessmen are far better at doing business than 

P^|| book-keeping 

|f|0 Others far more capable of handling people than paper- 

H|f work. Still others are too involved with the day-to-day r unn ing of 
IPm the business to make plans for the future. 

And if all this sounds rather familiar to you perhaps you’d like 
us to tell you a little more about our Business Advisory Service. 

What happens is that one of our executives will spend up to 
a week with your company 

He’s been fully trained overa period ofyears as a banker 
and latterly intensively trained in therunning of small businesses, I 

. particularly from a financial point of view ] 

He*U probably start byjusttalkingtoyou and your employees, j 
getting to know your business in a general way and seeing where Jm 
' everyone fits in. Jr 

Hell then begin a thorough study of s 
your financial procedures, your methods | A 
of invoicing debt collection and forecast- 
ing your cash flow. 

: Hell analyse your budgeting and how you -assess your 

, overheads,yourcostingandstockcontroL ^ 

Naturally he will take a look at your books. And it goes with- 
out saying that his recommendations are entirely confidential 

Gradually he’ll build up a picture ofyour business so that he’ll 
be able to giveyou a fresh look at it And quite probably he’ll be 
able to suggest some new systems to help you improve profitability 
(advice you can take or leave, of course). 

In several cases our Business Advisory Service has been 
able to save companies many thousands of pounds. 

We can’t promise this to everyone. But we can pro- 
mise the same degree of thoro ughness inour surveys. 

What does it cost? 

| If you are a Barclays customer it will be free, to 

everyone else it could cost up to £100 per day 

There is a waiting list but even so, perhaps you 
would prefer totake the first step in readingour literature, 
which we will gladly send if you post us the coupon below, or 
contact your Barclays Bank Manager. 



We showed a soap importer how to save 
hundreds of pounds a year by buying 
foreign currency ahead. 






mm 






■■ 








A leather goods fir m was able to 
improve deliveries and cut costs by 
better stock control. 







A forkKftcompany didn’t know 
wh^herthe service* leasing 
or sales department was making 
a profit. We told them* 




To: John Winter, Manager, Business Advisory Service, 
JuxonHouse,94StPaul’sChurchyard,LondonEC4M8EH. 
Please send yoiir literature to: 

^^fesName ^ 

" Firm 


Address. 


BARCLAYS 


A car-hire firm didn’t know 
whether it had made a profit 
or a loss until six months after 
the year end. We showed them 
how to judge monthly 


L : : ; I 







home news 


Rmuiclal Times Wednesday October 4 .1978 


u,ster Severn Bridge may 

company . _ ° J 

talks with close for repairs 

13 AnmiU BY ROB,N REEVES. WELSH CORRESPONDENT 

Kenauit L™ „ . 


By Our Belfast Correspondent 


| BY ROBIN REEVES. WELSH CORRESPONDENT J 

| CONCERN IS growing in South cost of new repair work is put A big programme of repairs! 
■ Wales and 'the West Country that as high as £lm. was completed last May after a 

the Severn Bridge may have to official refused to say 15-month period of single-line i 


r . tne oevern onage may have to v AHe omciai reiusea to say lo-month period 

THE DE LORE AN Motor Com- 1 be closed temporarily for another w “ a tiier * r fffic-lane closures, traffic each way’, 
na-nv. Mhirh is net* hi i chin* a ! responsible for serious disrub- ■ r».._s .. . 


Builder 

attacks 

mortgage 

queues 


Powell urges UK 
to withdraw from 
monetary system 


BY RUBERT CORNWELL, LOBBY STAFF | 

THE PROPOSED European , of resentment, ambition and j 
Monetary System was' a trap, for hostilities, understand very well j 


Tory plea 
for new aid 

pledge, 
to small 

companies 

By John Elliott Industrial Editor 


:V 

.# i ; : 


TOE CHAIRMAN of .Banatt De- Hy°°!iep. th.- onewnmd ?n- 

yelopments, Britain s largest the greatest battle so far in the offshnre island is to be turned I “?^ at =?* fl nu 


for two of its proposed ; P° r ,V. ^ 
i .. suppliers. J William R 

. .... Sir. John De Lorean. the 53- ! Transport, 
year-old former General Motors i statement 
executive behind the new pro-;.** 12 * 
ject. confirmed in general terms! crac ked 
that his company was in ! wbetber it 
negotiations with Renault of ! for a time- 


negotiations with Renault of|foraume- ia Th» ?c L f i . . This prospect is blowing up ; attraction of the buildine currency arrangements being A common currency, * n r £™£? SBDda terns by 

;.. J,r "* ce - i A government official said yes- bridge ca J. n ® 5 rhe **4 ™ n,y thre ® weeks before the! , tj bv deliberated mabinf worked out by the Nine’ would would be set at the heart of J ^ P 0761 ^ 111611 ^ inl fJ8ti*es 

His company k proposed newiterday that the Ministry of ac ™ s » Severn Estuary and is Transport Ministry is due to open I , 5 ma,ung cost the country its political envisaged scheme, meant com- \ developed under Mr. Harold 

..‘sports car will use Renault's V 8 1 Transport would make a state- a '[ lta > artei T of So “tb Wales a public inquiry into its plans tive— cbanneMml *fSd** t< S£ sovereignty and‘ independent mon government. "The one is ^*5' Sl“ ceIlor of the Duch y 

- engine and transmission. It is; ment shortly on further repairs “»?/£?*.- , ; . f° r rala £g the bridge toll from cl^mlSt Slpr- 1 he declared. -■ meaningless and impossible of » 

. .■transmission components upon . to the 12-year-old bridae H t0 carr > fou r lanes of 12p to 20p. H. ov ^P n ** nt coffers no doubt j An “ elenhant nit” was hpit,* without the other Accept com- Mr - Mitchell. MP for Basing- 


. -transmission components upon j to the 12-year-old bridae H t0 carr - v four lanes of 12p to 20p. H. ov ^° , P* nt coffers “no doubt j An “ e i e Tj}] 3 nt nit” was hpitio without the other Accept com- 1 Mr - Mitchell. MP for Basing- 

“isaS-SSes* ^ E3™ ‘ ^« :5 H^Sfe^!?S53S2S 

’’sion 6311 \verp fin ^rn l !rn disc >u I opened in September 1966 The flows for* 1 Ion* dp riad * cted traffic 33 a . disincentive in attracting The building industry through- Parliament had taken •. little doubt of the enduring scorn 0 f : are «i the box already. - 

Proceeding with p DeQ in oep eraDer iyBb - rhe Ho * 5 for »o°S periods. new industry to the area. °“* th , e country was in a notice of what was afoot and the Ulster Unionist MP for the Commitments are -needed 

^™ an n,an “‘l ' continuing state of crisis, suffer- unless Britain speedily spelled Conservative Party, which he ! “pw. followed by action after the 

taolu rers of car seats. — mg from the biggest deoressinn i nut ir« rr>fns»i m iiVa. in r»hni.w iovj election. 


sions were proceeding with 

I"'.' Recaro, the Went German manu- 
"facturers of car seaLs. 

, “Our plan is to establish with 
, ^ them a joint venture in 
Northern Ireland where we 
would build their seats. 

.. probably not only for our cars' 
. , but for other manufacturers in! 
j' other places." 

His company would soon * 


Controls aim for X-ray safety 


BY JAME5 MCDONALD 


* announce the aVinnintmoW* ' i , ^ . 1 ne encouraging signs earlier “ UUIE r P ian auoraing sovereignty. ‘Z ■ lir ,juuta a ' BU wanreo 

" managing director°for the «5m iJ!niEEP heiIS iI e fratne : j " rfae Commission said yester- Mr. R. p. Whitehead Health and year lhat lhe Private hous- askance to us British in redue- The European Monetary | representtng' smajj 

"Ulster operaSSn The on ^ V s !- o{ day **»*■ ouiilita factories, only Safety E&^ve 5 cLnell 1 ^ sector was about to reverse "» inflation and expanding- our System was likely to be approved bl ^i?^ sm . eiL f ^terests- 

-'ceSed Ps uidersTood tf “ « clad ' n S voluntary codes of practice Street. LondroNWJ P ' fe decline with the help of the Production. . by heads of Government! if theL^^f ■ «* 

' been with Chrvsler Eurnn#* .,nrii 1 ®‘ ve sreater were observed by other users. A second consultative rinmi. 1 ? ulldmg societies had ceased r-..Z!l? se .,_' v . ha k .?9 w the real Nine when they meet in Decern- ™? a ^,?L^ np !?^ rt 5- en ^J e i :isla t!on 


I cumiuuing state o: ensis, suffer- 1 unless Britain speedily spelled Conservative Party, which he “ uw :. 10 “ uwea scu on “ter the 

b'SSest depression i out its refusal to take part abandoned in February 1974. e n£2”' . _ . , 

since the last war. The public i matters would be settled by largely over its continuing rela- ”‘ e 96 es ^ a d been made about 
housing sector continued to I December.- .. tivelv' favourable attitude to the 9 han * in 8 general taxadon; reinov- 

stagnate, without the resource* “Simpletons who live in a Common Market. in g profit and price controls, and 

to improve the housing stock, barley-sugar world are at liberty ' He predicted that the Tories reducing Government statistical 

JJJ v"' ate v,i!q 0U ^ g C ?,° lpl , eti0ns L° ,ma g iDe that our friends the wduld lamely approve a plan f0 ^„„ . , .. , ' „ ' 

been the lowest French and our good, kind which would involve a substan-i Although he did not spell them 
for more than a decade. German allies have thought up tial extra surrender of national! 0121, ™ ore P 08 ^® commitments 

The encouraging signs earlier yet . “other plan for affording sovereignty. '2 n ot *u er lssuefi m a,s ® wanted; 

Uiis year that the private bo us- ^striance to us British in redue- The European Monetary [ ._~ os ® representing' small 

ing sector was about to reverse Inflation and expanding- our System was likely to be approved ht^iKsmens interests, 

the decline with the help of the tn sL e L - and Production.. . by heads of Government of the' ■ i0e ?®- weiude reducing the 


-'•earned is understood to have i t "S ~7~i nc,ua . V01un taTy codes of practice Street. London NWl — { ine aeeime with the help of the Ir %& an - a Production.. • by heads of Government of the!^^™, jeauemg the 

' been with Chrysler Eureoe untir^nf^r^ 5 !^ 1161 * s,ve s 5 eat v r were observed by other users, A second consultative docu !k U 2 ^ dmg societies had ceased ! t5 ?9 w the real Nine when they meet in Decern- ^PfW^cot Icgislatioa 

“ now. t-nrysier Europe until f protection to workers and the such as in medicine and den- ment is “n«3H .? 1 k? .. d -?S. I be «"« , Government inter- i Euro P e - ^ seething cauldron ber. • 

■ (Public, even people using the tlstry. next summeTanrf ' f ere P« In mortgage supply, and ^ ~ ~ r . — — ‘ 1 | problems perhaps through a 

t • i* . , , 1 proposed by _the The new regulations proposed sion hopes to see thp 6 n^u- mn. ! L9 ta ! y w . Jtb tde improvement of! jO-J J I State-backed guarantee scheme 


■ A SHIPMENT 
. ,-nre yesterda: 


\ c . . ; e T en People using tne tlstry. next summer "and th* ' J ere , nce R mortgage supply, and ! 

I9 . , i S r °"V»l, U t!h by **** The P® w regulations proposed sion hopes to see the new con-lv**-* W i lt j? tbe improvement of! 

ial S tfttsl ■ He f 11 a " d ?, af 5 ty Conira^sion. would lay down standards for trolsonthestaiutebookbymid- P iatIOna Savm8s,ntere5trates - 
• r c £E! W k d0CU « eDt the health protection of all 18SD. booK by mid- , Damage caused ^ ^ ri 

of Swedish ironj ,s ? u ® d lesterdaj by the Com- workers against the danger of limLdnn n • i house-buiidina sector ihronoh 

y brought the ; mission says that draft regula- ionising radiations and for the delays of up to Ke monf£ 

e handled at the I uons are to be draivn up under public. ?" Radiological * ~ r an tioe J!! 1 


r*-i • , - 'ul i.i j ctKX us . new regulations proposed sion hopes to see the new con- 

Terminal’s total : He f" 3H.SSI K S. on,he ^“ s 


£3.5m factory opened 

BY RAY PERMAN. SCOTTISH CORRESPONDENT 


for clearing bank loans.- 




■ I ■ V. imuuicu dl LliC 1 WWI4J “ 4 kW up uuuci PuDIIC- n • 

.. .British Steel Corporation's ter-: the Health and Safety at Work They would also lav down 1 

: -minal at Redcar on the south Act to replace the present proper “d°ose ” sundSds Tr »• 

... bank or the River Tees to 2om ionising Radiations Regulations people working with radiation ' ■ 

J«miS ^ ce r^ e ??« nin,; of the Of I0BS and 1969. which apply Comments on the document 
terminal in July 1973. only to factories: should be sent by January 3 to CUi PQ 


Opel launches 


Duke’s death duties challenged 


Shire counties 
plan to study 
village decline 


Pn«of a new house because of In Livingston non- town. West cosmetic*. i 

cash-flow and Interest problems. Lothian, yesterday bv Abbev Its development at Livingston.) ]nvill*V' ITIaHaI 
“The recession will end when Chemicals - employing 53 people, brings) iUAIIlJ UfUllcI 

The ' company, jointly owned ^re^toiLw ^“sSiiSIS W< 2S ' 0PEL " General Molors ’ Cermaa 
° f Nott k S w^|—- ei today -grouyj 


Albright buys London site 


A HIGH COURT judge was asked family m-England, owning 300 in the dark. Mr. Vinelott said. THE Association ' of r^. i x\lDriff ilT . 011 VS I jOtlflU 

yesterday to rule that death acres in JWdfj and Belgravia. The Minis try had said it would CoundirSaDounc^ ° JUvlIUU 

duties of at least £lm should f n ied ° r , c ^- cer blood poison- look at the matter a fifth time, a study oo the^dSeflM of /hi BY Kevin nnve 

not be paid on the £4m estate ,n f r - m I96 '- a 3ed 60 but the executors considered thS village - f * ° f t6e *™ N DON£ - 

ir“ w - aasaw ^ 


U Mr r JohTvme1mt a OT T j^ case - expected lo last four County GountdL said yiterS i c f omp ? ny - has bought a £3Jm 

^:i?] in .XL nc i 0 * t ,9 C -. f0r tbe weeks, is based on the 1952 that the *?r«S si,e >n . ««* London for the 


war wound certificate which Th P Minictrv - vi ' ’ .. serv,ce 01 a w »r- had been made worse bv ihel i? V i" 

would exempt the estate from ^ eren T7 later da^'ie^Ued | Rt 

giA uke v_ head of the rie best decisions, keeping e the m fx^>to e re ^The^toa!^ continues today. ‘ Swart ^hc l^rse ^r^S. COUQties | gSlM heaXart^an'J'^c! 


at Harrow ° w ”“ WPre “w models for the BritUh 

market to compete with Jaguar. 
Mercedes and BMW. 

n * They are the four-door luxury 

nvfrt Senator costing £9,500 and -two- 

alll" idoor hatchback coupe- version, 

the Opel Monza, with a price tae 

Opel has now moved from the 
- small and medium market, with 
porta nt part in the expansion a top P r *ce in the £5.000 range, 
of Albright and IVIJkon, which ; lo which wjl1 sel1 ifl Britain 
was taken o%er earlier this i ai ^.500 and above, 
year by Tenneco. the U.S. con- j The new cars have a three- 
glomerate with interests in oil, i l,tr e- six - cylinder . engine 
gas, packaging, agriculture and 1 equipped with fuel injection and 
insurance. ! electronic ignition which can 

In August Bush Boake Allen | lake the Senator to a top speed 


• f listing headquarters and fac- 

* tory. 


are used by the food, drinlL 
cosmetic and pharmaceutical 
Industries. 

It is expected to play an im- 


gas, packaging, agriculture and 1 equipped with fuel injection and 
insurance. J electronic ignition . which can 

In August Bush Boake Allen lake the Senator to a top speed 
announced a £500.000 expan- of 12S mph, and the Monza to 
mod plan for its factories in 133 mph. 
ihc UK and in the U^V Last They will he on display at the 
^9 ar had operating profits International Motor Show due In 
3 turnover of -open in Birmingham -later this 
WB ‘ C1IK ■ I month. . 


J-T'/j - f f 

, i 

i Gif ft \ 





Designing, supplying 
and servicing ihe most efficient 
packaging equipment forcustomers; 
it^sMetlBox^s business. 


As the people wjio know more about pgeleaging 
in a wide range ai materials than anyone else jn 
Europe, we're often asked for help on anything from 
better filling equipment to more efficient factory 
layout. 

We provide it, too. 

Our customers range from the giant 
multinational food companies, to the State packing 
industries of Eastern Eurcrpe. 

And our products range from precision, tools to 
computer programmes for improving filling line 
design to obtain maximum throughput. 

It's a service that goes far beyond providing 
better packaging; but it's all in a day's work for 
Metal Box. 



PLUM (Production Line Uprating Method): 

a Metal Box computer system for designing more 

efficient packaging lines. 




W Metal Box 

A good business to be in 

Queens House, Forbury Road, Reading RG1 3JH,TeIephone: 0734 581177. Telex: 347437. 


The small business may well need more 
service from a bank than a big one. The managing 
director is probably his own finance director and 
chief accountant and he needs all the help.a good 
bank can give. Williams & Glyn’s is uniquely placed 
to give him that help because we believe that the 
amount of time a bank spends on a company’s affairs 
should not be related to the size of its balance but 
to the size of the problem, or the opportunity. 

We have made a point of gearing ourselves to 
handle the business of smaller and medium sized 
companies at least as carefully as the biggest Our 
branches are kept to a realistic size so that we can 
allot more management time to individual accounts 
and we encourage managers to visit customers on 
their home ground in order to obtain a first hand 
understanding of their business. In short, we are 
prepared, should you wish us to do so, to involve 
ourselves in your business to a much greater extent 
than usual. 

Thats a higher degree of-commitmentthan 
many banks undertake. But then Williams & Glyn’s 
is a rather different kind of bank. Why not call in to 
see the Manager of your local branch. Or write to- 
Marketing Development Office, Williams & Glyn ; s 
Bank Ltd., New London Bridge House, 25 London j 

Bridge Street London SE1 9SX. 


Five ways to more 

profitable business 

1 Short-term Finance 
Overdrafts can cover seasonal 
fluctuations in revenue and 

expenditure or provide additional 

working capital. 

2 'Medium-term Loans 

A more formal arrangement for 
loans from 2-7 years for the purchase 
of new plant and equipment, etc 

3 Flow Control 
Williams & Glyn’s managers are - 
always ready to help with advice. ' 

4 Instalment credit for 
new machinery ' 

. spedalSlnrt,! Smenl C^dft 

- Bt ’ can Provide facilities 

5 Development Capital 

Williams & Glyn’s can provide 

public compaSesf™ 8 private an ^ 


W1IUAMS & GIYITS BANK LTD 


7M 


The most flexible of the big five banks. 

A member of ihc National and Commercial Banking Group and om 4 the Inter-Alpha Group of Banks. 











,r > Ple a 

mew 1 


.. ■* 

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sasiet; sr.j'- 

»fap I-' 7 =•• 

ie l launch* 

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fcury rnudel 

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&ry, 

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- r v 4 1978 


HOME NEWS 



SH?’l set before vote 


European links vital Tradition European Ferries 

e, ».a+a, inJuHnr break places £50m 

to motor industry by Sun order in Germany 

FINANCIAL TIMES REPORTER A lll^UlPP 

THE SUCCESS of the British co-operation across what, not ■ growth in the market during the j BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

motor industry depends upon long ago. were real trade and first eight months, and commcr- i By Eric Short 

developing European links. Su* political boundaries." he said. dal vehicle production rose by! • EUROPEAN FERRIES confirmed about the need to buy in work 

Barrie Heath, president of the Our trade with Europe, parti- only O.e per cent, against a 17 [SUN ALLIANCE and London yesterday that a £50ra order for in this way. 

Society of Motor Manufacturers cularly in- the vehicle compo- per cent sales growth. (Insurance is lifting the basic three cross-Channel ferries is to British Shipbuilders was also 

and Traders, said last night. nem area, was increasing rapidly ~ «i t w0 uld be fnnihantv J premium rates on contents insur- be. placed with a German, ship- unable to meet an extremely 

His speech, made in Paris on as was direct investment in the anybody from Britain . ’ i ance. thereby breaking with a yard rather than a British one. tight delivery programme, which 
[ the eve of the Motor Show there, motor components business. understate the damage which I jj!? 1011 eolng back over 50 Mr. Keith Wickenden. chair- invo,ves launching the first ship 
enmes only a few days after has been done to our industry ‘ The basic nremium rate for man of the UK-based ferry com- summer and commissioning 

|Lucas. the UK components com- Failure over the past five years by low comtat? nn an^demnitvbaiff P*"* said: “ ln June ' we stated r\ th ™ v , ess ® 1s . on 

1 was thwarted in its bid . . productivity and poor industrial I under which claims are based on that the order would be placed in Calais route during 1980. 

for Duceiher of France by an The British. vehicle industry* r{? i a tions which oven now ore j {£? pureent 5aSS of tte Sml Britain. provided that we 
apparent blocking action from failure to satisfy its customers showing only marginal improve- J concerned has been *5p percent received a competitive price ten- Shortages 

jthe French Government. . in the UK this year could well nien r" Jfiw ^hiUincs in we5/cinial der and delivery date front „ f , . J fT . 

| But Sir Barrie, who is also “erode its long-term competitive |‘ me sniuings in pre-aecmiai shiohuiideK Cam me! I Laird of Liverpool 

head of GKN, the largest British position.” The British industry still j currency) since the early 1920s. P ' was British Shipbuilders' pre- 

! engineering and components Vehicle production in Britain earned a massive surplus on its!. ^ ow - Sun Alliance nas In the event, neither of our f erre£ j V ard for the order; but 
i company, did not refer to this had risen only marginally this exports. Barely a car or coni- increased this requirements was met and we having recent Iv started work on 

set-back for Britain's compo- year in spite of large increases mercial vehicle maker in the P? r r*" 1 for new contracts from fee] it is a pity that the Govern- a T^avy frigate, it apparently- 

nents industry. - in car and commercial vehicle world produced a vehicle which November ]. though it la not ment was not able to support cou j(j no ^ guarantee the Euro* 


Oil 


Queen’s Speech tO motor MldUStry 


. « R^RT CORNWELL, LOBBY STAFF - 

: SS S C ™ Clr 

vto oh. the Qu^^n^fS 1110118 Margaret MaishalL ’ While the 
tainin- the Govern °°- n ‘ LiberaJ s are- also contesting the 

K^ ytbesecond w iD 

■ A snertai The Govemmeitt . and its usual 

LondoivGaziuJ ° n i ln ? e 5U PPortere can now muster 310 
the Sneaker Mr 1 ?Sl e * cl r? l f r votes In the Commons, a minority 

wm ™e tbe wSf° r / e TS 0 ™ 3 ®’ Df nine against aU other parties, 
former Lahmfr j two ** tbe NathmalistiSL are included. 

iS™e for nDiS L . 0I ! & da , y ~ ^ interesting feature or the 
ISjSt 10 lake P iacc Berwick vote-wUI be the SNP s 

' Porte Fra c f ^ , performance,. Although the 

Mr Joe ■ Har»r d S ^ ie .. ,ate N'atioaalists'wbaonly 13 percent 
maiortiv . MP - . wth a of the poll in October 1974, and 

SSff have no ■ chance -of .victory, the 
the but part y Will be looking for a sign 

vlcanf 1 ^ th Se rt«Ii? , ® h be f ause , that their fortunes are on the 
md 8 w' t J ■ Lh * ,J ? JuIy . of mend. 

maPLiMH ' ‘ • Mackintosh, is Should there be- some indica- 
„ lion that their support is improv- 

-Tr* To nes a -.9 per cent ing. some senior party officials 
capture u, a feat well believe that the 11 SNPs. the 
■withtn their grasp id judge from most likely allies. if the Govern- 
recent by-election results, even ment is to survive the Queen's 
t nose m. Scotland where Labour Speech division, may put a 
nas fared better than in England, higher price on- their support. 

- V 

Rowland allegations 
meet with silence 


FINANCIAL TIMES REPORTER 

THE SUCCESS of the British co-opeTation across what, not growth in the market during the 


European Ferries 
places £50m 
order in Germany 

BY IAN HARGREAVE5, SHIPPING CORRESPONDENT 


' The vehii'le ffiSSC^SI? ^ K’tSW! ““ """ dUn08 ““ 

r 7 ? 3y y 0 K“ l £ vcir SSSp j T. STS.* 'fS Shortages 

•JS^*'”**™™**” The Bnti.ii industry British ehipbei.de, S . _ 


“Further steps forward have sales. 


been made this year, and are in Car output was up 1.3 per cent, equipment or British licensed ex ^ n S Policies. 


worm prouucea a venicie WHICH ■ »■ “ « ««» ranu was noi aoie.ui auppun co Jd . g M;, rantee t h e Euro- 

has not any British original changing the i rate at present for ! British shipbuilders to enable pean Ferries* deadlines D LUf 


progress towards integration and compared with a 23 per cent equipment, said Sir Barrie. 

Marks enter music field 


them to quote eompetively to a Although some Briti sh Ship- 


BY PAUL TAYLOR 


MARKS AND SPENCER is to leading record manufacturers suffered Tram other multiple I areas and alt other rales charged 'hd^TnW ’ rrnm _ a because union leaders in ship* 

enter the music field on Monday such as CBS. P>e. Phonogram offenns , ^ “mpiS sMeil from tblm. fU Mdv TStaWv -bout *»«, Win* are committed m it 

when a range of specially made - and Polydor. subsUnUal discount * . The companv is completely n->m from ‘ihe P ^ Government's creasing the pressure on British 

records and cassettes %o on sale To promote the new range The stores selected include- restructlir in" its ratine system chinh..i Hi n I Tnihrulntfnn fund owners to order their ships from 

in 20 selected stores. Marks is building music centres five in London. ! and much hieh^r increases are ^ British yards. As prospective 

If successful the scheme, with in the 20 selected stores. As with The company said that there i bein^ made For other districts creating d 35 per cent - fi^P Conservative Parliamentarv can- 

44 recordings by star names, its other good-, any recording was no fixed period for the trial i De ~ “ : I ? 1 ““ ror .” n ST . “i* 1 ”™: tween the German and Brit i*h ^ 


The company is also lifting the British company as it did ^ 

co^Lc? where, i?cl2S!v"™e"; reCeml! ' 10 Po,iSh o?’wori, a nS° 

based on the cost or a new item The P rice from Briush ^ h >P* nent redundancies, their position 
f r 0n f goo ner cent to 35o ner ' builders, the stale-owned corpo- is stronger as a whole than the 
fen? Agaff the Soi rS ha lation, was apparently about lO German yards, where orders 
been standard since the “new forj P er “ nt f h'ghcr than the bid taken so far ror next year will 
old” contracts were introduced from the German yard. Schichau account for only one third of the 
over a decade ago- | Unterweser of Bremerhaven. mriustrj-'s capacity. 

These are just basic rates) However, this difference con- Yesterday s ^nnounrciuemni in- 
applicable to the lowest rated ceals lht- (act that the British ? lso hflve P°!iiu-al reverberations 
areas and all other rates chareed I innrtor nlc» tronpHtod from a because union leaders in ship- 


FtNANOAL TIMES REPORTER 

THE FOREIGN OFFICE would 
make no -comment yesterday on 
accusations by -Mr. Roland - 
“Tiny” Rowland, chief execu- 
tive of Lonrho. the . multi- 
national trading group, that Dr. 
David Owen. Foreign Secretary, 
had tried 'to persuade him to 
withdraw the company's legal 
action against the major oil 
.companies for damages over the 
supply of oil to Rhodesia,. 

Mr. Rowland alleges that when 
Loprha continued with . its 
action, the Government withheld 
a statement from tbe Attorney 
General's office clearing the com- 
pany of any criminal implica- 
tions after an investigation into 
its affairs by. the. Department of 
Trade, 

Mr. Rowland made , the accu- 
sations T in a letter sent to Dr. 
Owen ..on .September. IS. The 
text of this was released to the 
Pr css by Mr. Rowland This week. ' 
together with a reply by Mr. 
(1. G: H. Walden, Dr.' Owen's 
private secretary. 

Mr. Rowland wrote that ; at a 
meeting with Dr. Owen itr July- 
last year— a few months * after 
the establishment ! of ' the Bing- 
ham. inquiry into bi! sanctions ' 
busting— -the two had- discussed 
^rtre oil stipply jo. Rhodesia' and 
Lonrho-s writs against the major , 
oil companies over that supply”. 

It bad been Dr. Owen's “ polite 
but strong contention that the 
case ought to be withdrawn and . 
settled by other means(” 

Mr. Rowland said that: Dr. 
Owen had told him that “ Lonrho 


itself would he one of the! 
victims if the -company persisted 
with our legal action against the I 
oil companies,' in that all inter-: 
national companies would be! 
wounded by public discussion of I 
the contents of documents re- 1 
ceived by- the 1 ' Foreign Office.” ! 
- Mr. Rowland wdnt on lo link 
this alleged remark by Dr. Owen 
to the Tanzanian Government's 
decision earlier this year to ex- 
pel Xbnthe — on charges of 
sanctions4rasting~ and meddling 
in Rhodfesian politics. Mr. 
Walden dented- .the link. 

Replying to < these accusations. 
Mr. Walden , said in bis letter 
that Mr. Rowland's account of 
his meeting with the Foreign 
Secretary “does. -not correspond 
with the facts”.* 

The . meeting had been in- 
tended to urge 'Mr. Rowland to : 
make evidence- in: his possession! 
available to , the Bingham 
inquiry. Dr. Owen's sole purpose 
had been to ehsinre that Mr. 
Bingham had all -the relevant in- 
formation so there, would not be 
any possible char^ of cover-up. 

Closure thireat 

TEACHERS" AT a.' scb65I “f6r 
difficult children-/ thar faces 
closure are preparing/ to take 
a - salary cut iir; an s 'attempt to 
keep it open: : The-ttVhite Lion 
. Street Free Schot# in Islington, 
London, is unlikeiy to .survive 
if the Xnhfllr Loudon Education 
Authority refines to give a- grant 


to more or the company's 253 returned for a refund, 
stores. “The music business is -not a 

The trial range spans the new departure for Marks. Fifty 
musical spectrum from rock, pop years ago the stores had a steady 


mas carols to the range. 

Eadie for U.S. 


west London; the indemnify rate i 


« recordings by star names, its otner goodr. any returning »■> nu mm ™ lor u» trial For in5ta nce. in the highest ! ^ "“didateforDorking.Mr.Wicken- 

pneed at £2 JO L will be extended wilh an unbroken seal can be ^ a n ' C nSl ' ratine areas of central and north- 1 quo1 ”' _ „ . „ den can expect strong attacks 

to more or the company s 2a 3 retriroed for a refund. mas carols to the range. west London; the Indemnify rate | Although Germany officially f rom these quarters. 

slopes. The music business is -not a ; is increased from 50p to 75p per I has no equivalent to Britain's Each ferry will be able in 

The trial range spans the new departure for Marks. Fifty N afllp TOF TI N cent a™* l he replacement rale ! subsidy fund, it appears that ihe carrv 1.300 passengers and 350 

musical spectrum from rock, pop years ago the stores had a steady V-' .kj. f rom ss p tn SOp per cent- yard has been permitted lo lake cars or an equivalent amount of 

and jarc lo classical. The com- turnover in both gramophone MR. ALEX EADIE. the Minister Sun Alliance recorded an the contract at a substantial loss lorries. Although Mr. Wickenden 
pany emphasises that the records records and sheet music. . with special responsibility for underwriting loss oF £10 5m in on the basis of an understand- has spoken of a lutal ordering 

and cassettes “are not a budget Its decision to re-enter the the coal industry at the Depart- the first six months of this year, ing with the German Govern- programme uf seven ships cost- 
ra {J,se.’ field is expected to put more ment of Energy, will visit much Df it coming from a poor ment that ihe resultant losses ing fl O0m. the companv has no 

They have heen made ex- pressure on some specialist Canada and the U.S. on Sunday experience on its UK household will be covered. German shiD- immediate plans to place further 

clusivejy for the company by record stores which have already for five days. account. ; yards have talked frequently contracts. 


Elizabethan 
goblet sold 
for £75, 000 

A GOBLET from the reign of 
Elizabeth 1 was sold at Christie's 
yesterday for £75,000. a- world' 
record auction price for a piece 
of glassware. 

The presentation goblet, 6fr ins 
tall, was discovered in a hatbox 
in an English country house. /'It 
is dated 15S4 and is the work of 
the celebrated Venetian, Giacomo. 
Verzelini- 

Heide Hubner. a : dealer from 
Wurzburg, West Germany, 
bought the glass, which had been 
expected to fetch £20.000. 

The sale of English and - Con- 




Record breaking goblet 


SALEROOM 

BY JOHN FALDING 


tinentwl glass realised a record 
£152,417. 

The second highest price was 
£12.000 paid privately for a 17th 
century Nuremberg hausinalerei 
schwarzlot goblet by Hermann 
Bcnckert. 

A snip of old master prints at 


Christie's made £41,789. with an 
anonymous bidder paying £900 
for an' album of decorative 
prints after Nicholas Poussin and 
others. 

Phillips and Harris bought a 
George III carved mahogany four 
poster bedstead for £2.100 in a 
Phillips ' furniture sale which 
-totalled £38,100. Tbe same buyer 
paid £1.600 for a George III 
mahogany partners’ desk. 

A Phillips book sale totalled 
£22303. and 'Watford paid £1.350 
for two 1809 volumes of figures 
of plants in a Gardeners’ Diction- 
ary by Philip Miller. A jewellery 
sale realised £35.520. 





computer 
is really n( 



9 At 


Official user ratings of smaDbusiness 
computers have indicated that usere of Basic/Four 
systems fire most satisfied. .- 

Other reports indicate tfiat almost aH our 
cTients would prefer Basc/Four systems again if they 
need new or addftiona] computes. 

Large enterprises like AEG, Boehringer, 
Dtesdner Bank, Neste SanckKand Sanyo know by 
-^jgrerience that it is not oniy the handwarethat counts. 

UissoiSiisficatedknowtedyefln^ s' 
dedicated people above ail //J 


After a long study; oneof the world's largest airlines concluded 
that the plane mile costs of the long-range L-1011 TriStar, the 
L-1011-500 r are 8-10^obefo\vthose of its nearest competitor And 
that the plane mile cpsts of- larger jetliners are up to 3T!b above 
those of the L-10TI-500. 

That airline will beoperatingtheL-1011-500inthe nearfuture. 
. There are a number of reasons the L-1011-500 offers airlines 
such an advantage 

Size is oneThe wide body L-10TI-5CX) is the ideal size to replace 
ageing, narrow bodyjetliners on routes throughout the worloAnd 
it is also the rightsize to augment larger airliners which have much 


higher plane mile costs. 

The L-1 Oil's Flight Management System is another reason. 
Called the biggest advance since the autopilot, this exclusive 
L-1011 system saves millions in fuel over the life of each plane. 

This and other exclusive systems add up to the world's most 
advanced long-range jetliner. And manv of those systems -such 
as Direct Lift Control, Autoland and the FlvingTail-also help 
make the L-1011-500 the world’s most comfortable long-range 
jetliner, low in plane mile costs; advanced in technology; high in 
passenger appeal. 

' No wonder its called the. wide bodv beautiful. 


Add'eja Sur*ean Heaflaya^V' . 

font L H Bawncrfton 5 - ilSyAT AMaTELVESM - 

HDLLANO-T8L U204343SS 


The Lockheed L-1011-500 TriStar 

The worlds most advanced jetliner. 







It) 


HOME NEWS 


ito=M -nm '*"*“*** 

====== aS&*\ t 1 1 1: 





Tolley takes over 

f- ■ . 

from Sir Derek as 


management chief 


FINANCIAL TIMES REPORTER 


FT CONFERENCE ON INTERNATIONAL TRANSPORT 


Road and rail urged 


to attack congestion 



JIF LESLIE TOLLEY takes an apprentice production 
over tVie chairmanship of- Dip engineer al Morris Motors in i 
PrrM - 
a 

succeeds 

ID3 

who has been chairman of ihe I9B2, he was sen era 1 manager of 
institute's council for two years, the Nuffield body 
Mr. Tolley. a yed 64. is chair- Birmingham. . 
man: of Rcnold. ihe Midlands His present company, formerly i 
engineerin';. ■ company which known as Renold Chain, 
specialises in power transmission appointed him works director I 
equipment. He is also chairman Thp company was then Tun b> 
of Fade ns. the truck makers and Sir Charles R’cndld. the institute’s 


BY IAN HARGREAVES. TRANSPORT CORRESPONDENT 


division 


]j?sr year's Transport white 
that Paper. Not enough weight had 
pay been given to transport in draw-* 
>a\ io in? UP the national industrial 
infrastructure strategy. . 

I Thompson, chief executive of the costs would have, if successful. His paper to the conference 
.National Freight Corporation. an insignificant effect on road should be taken as “a declara- 
He told the international lrans- hauliers' costs and therefore, do non of interdependence " with 
port conference organised by the little in improve rail freight's ihe orher transport industries in 
Chartered Institute of Transport competitiveness. 



Hbb/i pputtatoc^ . 


meeting the nation's needs, he 

| and the Financial Times that this It would increase ihe average ^d. 


Mr. Peter 
Humphrey 


•r Thompson, National Freight Corpomtion's «*“«!* 

y Browne, chairman of British Transport Dnc«s Board (centre) and Air. Asad 7«*?r, 

chairman of Middle East Airlines ' - ' V..*'.;./ 


spending had been cost for moving a ton of freight 


A view on the most troubled Larger operational 


rubber company in which the heca rap managing director 
National Enterprise Board has a 1962 and chairman in 1972. 
30 per cent equity stake. will remain chairman of 

He left school at 16 to become institute for two years. 


in 

He 

the 


area of spending had been cost f 0 r moving a ton of freight a view on the most troubled LarBer operational units facturers towards smaller atr : remuneration for . ^orkajj.. 

neglected by Luvern incut. It was in a 52-inn- lorry by onlv 1-^p sector of the transport industries, offered a more secure position In craft was “a healthy and- unsocial bouw. 

’ in the interests of all transport on an existing average or fn.SO dipping, came from Mr. Roald Se markS. S Wad of Sura^ng sign." D * v ,d ' Bownck. vjc«hair : 

organisation iu sec something There would he h mniinupd p. Aukner. chairman of the Oslo- tra dln a interests stronger firtan- The afternoon session was man (rail) of British Rail,, said- 
.done about it. growth in roll-on roll-off freight b3sed Aukner and Neuman con- sudoo?[ SffSS of risk taken up with papers on man- that the key issue was, to nuRfc 

, Bwn where goods were business at the expense nr con- sulta ncv company and also a w be^r prosoec^ for SUlot power productivity ^ fmp oyees by 

[trunked by rail, tney had to be rafnerised movement. Wilhm director of European Ferries. miniSf C and r sS°S TreL Kart M. Ruppentbal. V th -**;*? 

Shipping companies increfls- ^ 

ingly would have to Gnd ways of ^j r Asad Y. 


units fauturerj^owurdi un50clal „„ 1Et 

„ - - . . . . , _ . — encouraging sign." 

P, Aukner. chairman of the Oslo- [jading interests, stronger finan- The afternoon 


Taxation ‘crushing 
British enterprise’ 


Mi 


■nu' 


* u 


Nasr. chairman SSn°srodl« “HhcUmver- ^flrtSutad h«l.o«>&iL 


infegra ring, operationally * and D f "widdii^East’ A^rhnes^warned sityof'BriVltfh Columbia, pointed in? success in . implement^., 
even finnnrially. with other ship- S R « Wh 5 productivity in Cana- 

owners and with land-based parts- panarj.v aircraft based on over- tfian airlines . ^Hsjactory results ltt. other . 


cases. 

The 


search 


FINANCIAL TIMES REPORTER 


involve higher retail 


A STRONG attack on Britain as put per man is less than 

an example of a society which quarter of its American emiiUrr- 1 Payload on the UK leg 

ha< rteliberarelv reduced Ihe Part. and about one-six th of that i interna rionaf journey - evHahlv 

nas deliberately reaucea me Jn j "An export container travel- prices. 

m°de ht pr srr eu i"s.mes “ Nor in the car industry. . say. 7,000 miles to its final 

i™* where with the same equipment.' destination may be moved at a Proicp 
i.aldsm th ouiput per man is about half : 20 per cent higher cost through- 1 * . 

rrvin he mu lona 1 • ood that achieved in other European 1 ou t simply because of the first Earlier. Sir Peier Parker. 

k r0l |P- -countries." 150 miles of the -journey in the British Rail chairman, praised 

‘ Confiscatory laxation and the British industry had become i UK." Freighlinens for its role in cim- 

climinaiton of incentive have a cripple and in the past 25 years ' Mr. Thompson dismissed 35 bining road and rail transport 

progressively destroyed ihe exist- Britain's share of world "trade 1 sterile the argument riboill the where each was more efficient, 

mg entrepreneur I sector and had i, ern reduced rrura 25 per , relative contribution offroad and There was need for the tUf- 
discouraged the crea it on of new cenf t(J g p er cenl 'rail industries towards ferent kinds of transport h work 

enterprise, he loin tne _bth -The income of the average; their infrastructure costs. together to meet (he needs or 

congress or the internaf tonal EngHshnun. not Ion? aau among ! Rail was usually competitive passengers and of industry, 

i.nanmcr i-ommorco in hichest in the world, has -with road only for distances of 'For the London commuter ser- 

t-lnrida. dropped’ helwnd thaf of Iceland , more than 200 miles and these vices, where standards had fallen 

Bureaucratic appropriation of and Finland and is being caught : journeys accounted for only 2.6 to unacceptable levels. British 

V* man’s natural responsibilities up by Spain amt Greece. j per cent, of all present road Rail wanted (lovenroiem hack ins 

frnm the cradle to rhe coffin had “The nvprwh filming majority \ freight movements, or 16.7 per for a charter with commitmenta 

replaced the spirit of proud and , n Britain aeree with much of; cent of ion-kilometres. to future spending and levels of 

independent achievement "with what I have said. They are; Even if half of this business service. 

thr *ickiy sweet atmosphere of ready in enthark ’ oa. a Tunda-i were Transferred. to rail, ti would On freight. Sir. Peter spoke in 
a rotting cuconn. mental cnunfer-P«vWbJtnn 'which, i reduce -the total- goods J vehicle favour of establish infra “little 

- Ir m no cnmcidencr ihat in if successful, will lead Britain! fleet bv only 1^1 per. ccnj and Neddy'* committee for surface 

The British >iceJ industry the on i - hack to ereat ness." ! • 'therefore have little environ- Transport — a possibility raised :n 


delivered to homes, factories and the next decade, hp predicted, 
shops bj lorry. there would he rn-m services f, n 

The railways ought not to be thp North Atlantic, 
fighting against an increase in Rf.ad haulaso rsnuuni'd the 
maximum lorry weights in the moct rfllcient wav of nun-in-.* the 
UK. as was currently proposed majnruv of the nation's co«d«. 
within the EEC. he said. -- Mr. Thomson satd. .ind it ua* 

Freiahvliners. the container- nm wnrth distortin? the rn*ts nf 

carrying company taken over hy.aji r o a d transnnrf to :*chicvr a *r ** i*’-* ne j«ywmi-ii usyu? i- »■•»*« .i .»>« rMiuirpd enncebliral thsii' - : - 

I British' Rail trom ihe freight m:-i„ 9 ] tr an ,frr to rn-l financial crisis to look for- that obvious gains n crew costs generous pay ^ »lement, d H ng 

i corpora 1 1 on in August was handi- The tnrrv mi»^n«-hllp had to ward «* nd 10 he decisive and and navigation equipment could the period of rising productivity, inerroqi employees, une .. 

capped considerably by the exist- helJme les, environ wnmliv cnsaliw. It would show a positive be offset easily by the disadvan- problems nf SWrarM* I^mSS Sn^ois wer^ - h^a W onn«fe’>’ 

ing 32-ton weight restriction, intrusive, hi.r flnv-mnu-t would state of mind " appealing to both rages of uneven workload on the responding to labour demands “"J 0 "* er J - 

which meant a 20 per cent loss in hove- in balance the co^t nf this creditors and fiosncial mstiiu- ground and reduced frequency and tougher ww-kuii! mte* V inhrin« skms ** 8 P - 

of an e^iertive hec*m^ ii would in- 'l" ns - of service. The trend by mami- employers seeking »xtra hhtoi, skihs. . 


n]\ 

p*-*. 

< 


r 
1 1 


, . . .. capacity aircraft based -on over- - - - .. . 

of the transport chain, he said, simplistic assumptions about Ho said the decline, to the 
It was vital that shipowners productivity gains. 1902 level, had set in in lyio. 

continued through a period of He presented figures t«> show It had resulted from over- consensus m 
deep financial 
ward and in 


for an - indastr* 
tackling majri 


7,-v ■ 


CONTRACTS 


Murphy Brothers wins 





drives 


TflE NATIONAL COAL BOARD an order from Narmimo Inter- involve between 6 and 16 Marcnl to accommodate turbine 

has awarded a contract worth national for the supply of two staff for a period of three years, compressor equipment: 

about £7m to Murphy- Brothers SOIrtV B6034 transmitters, together One. of the tnitiai tasks is mam- enclosures are designed to give^^v 

In work an opencast coal site with programme Input equipment, tonanco ot satellite ground station noise level of So. dBa at 1 metrec.^ : 

fit Trcdea. near Y«tradgynlats in an antenna system, vhf link and Boftw-arc along with development ■*: ;. . 

Powvi South Wales spares for installation in Sierra of new software. Further contracts have beeb C: 

The' board has estimated that Leonc - * „ awarded to 1J «L,»nifort conholv ■ 

the site will yield 355.000 tonnes Bp , „ C EC- ELLIOTT PROCESS AUTO, group or LANDlS -AND GYR,,: 

of anthracile from Tredeg REUANCE-MhRCURV . of Halifax. MATION has an order from the North Acton. London, to supply — 
Anthracite Is now exceptionally Yorkshire^ h :, .s won new orders Head Wriqhwon Machine Com- and install heating and ventilgHrtg.; ' 


scarce especially on the domestic ! vor,h ^‘O.OdO for its Haul major pany. Middlesbrough, in connec- controls and panels at- Coura^trf.'? 1 

mar k el Mark 2 heavy duly dockyard tion with a tinning line which £«om Berkshire . Brewery..; Thesi'!; 

‘ . - * .•• tractor from Iran and Saudi they are supplying to Hemijska involve installation of heatuie.cdh-V‘ ; J 

- Arabia. Cohne Inn A trrila in tha onorau na(ttrn n «j m.u 1 *•- *■ * I 


Indust rija Zorka. Sabac. Jugo- trolg in the energy cefitre F ajt(Ltiie^:-i 
slavia. • The contract, valued _ at supply and installation of. .pafliftfr-; 



Electronics company, has received rmimrm DiVlw ?5ii?PnpS!nSS is <or 3 GEC 203 ? 1 ma ,tj c ' controls and panels ffTtST..,. 

— limikuii.h UUKPORATION MARCH 4 computer system — • — v ’ — *-• — J J — ■ 


MARCONI COMMUNICATION Arabia - 
SYSTEMS. a ^EC^- T he pertec 

1MVt , . , . . . , for welfare block and 'bfew house 

I PGC) has been awarded a seven- automatically recording the This brings the total', value 'of-^- 
vrf r . contract by Digital Equip- qualiiy of the tinplafe produced, work undertaken by Landis andf ’ 
ment Corporal ion (DEC) for the * <- vr at the new ’ hrewafa - tw'-' 

production of peripheral memory . fCm1 „ . . _ m »* m i woo non orew^y » • 

equipment includin' 1 ‘ Pertec • order for noise control ±200.000. 

mfi"nrtfr media drivxs "snare hurts ^ffO'POienl has been placed with * ..... .-. 

SlTrawto! “ it TStaSS ACOUSTIC ENGINEERS MOM- IRISH BRIDGE. .-Uhta^iseT • 

equipment valued in excess of TON TECHNIC by Ingersoil Rand engineering concern engaged nr>; 
MOni will hr- delivered In ih«* first Destined for oil production plat- North Sea oil work, . has 'btfir- ' 
ruil year of prndiicfinii Deiivery forn, s in the North Sea Valhall awarded a .Ilm contract 6> .' 

is scheduled in begin in October field - lhe order comprises six Chevron for pipe work OB the 

acoustic enclosures with a*so- Niniao central production ,j*t- 

cintud inlet and exhaust silencers form. 


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IP'S 


\ £200.000 order has hr»en placed 
by the Ministry or Defence with 
■STANDARD TELEPHONES AND 
CABLES for type I2o0 electronic 
telephone exchanges, to be in- 
stalled on Rpya). Naval vessels. 
Made by the speeiil systems unit 
of STCs -transmission division. 
Footscray, Kent, the complete ex 
change system Is able to with- 
stand the shock force* of under- 
water explosions and ships' 
vibrations The system underwent 
two years' operational evaluation 
trials before being accepted by 
Ihe Admiralty for use on surface 
ships and. submarines. At sea Ihe 
fully automatic and unmanned 
telephone s-ystem i.s used for com- 
munication between cabins and 
cnmnartmcnls. In port it is also 
used for dlrert communications 
with naval bases and dockyard-, 
and can be connected into private 
and public telephone networks. 



The European Space Agency 
(ESAi has awarded MARCOl. 
COMPUTER SERVICES a service 
contract worth nearly £lru for 
the production of data processing 
software at its operations centre 
lESOC) in Darmstadt. West 
flcrmany. The service contract, 
which is intended to replace a 
number nf - technical assistance “ 
contracts, begins now and will 


M i ife fi >r 
tree brodiurc 
slinMiiif* all '^i! 
out range In: A 
( hos Webb .V- 
Sons. Dept. IT. 
52 tlQinm Gdn . 
London 
LC'IN 8DT 
Tel: (J1-4U5 (tell 


Normandy 



• hn 

be f . h ; 3 * \ 


4 , 000 TONS 
OF SURPLUS 
STRUCTURAL 
STEEL 


feh t 




V 


Slioll ll\ offer fnr sale approximately ' ;. 
4000 tons of surplus structural steel in- fr 
twenty five separate lots consisLingoi:- 
Fl at Bars - Plate 
Rolled Steel Angles 
Lniversai Beams & Channels 
Hollow Sections . ; ‘ 

• - Tbc Steel is stored in Glasgow and was- . 
originally ordered for Nt irth S.-a drilling ' - : 

platforms now completed. ' 

The material is between three and five 
years old and weathered. 

Potential purchase's are invited to write 
lor the detailed catalogue before iij.lu 78 
T - UK Materials Sendees, 

TJMAS, Shell Meat House, 

P.O. Box 148, 

Strand, London WC?R 0DX. 



-V, 




Al rauma-repola oy 

of Helsinki, Finland 
take pleasure in announcing 
the formation of their latest subsidiary in the 
United Kingdom, 

RAUMA-REPOLA (ENGINEERING) LIMITED 

to market the products of 
Rauma- Repola OY Heavy Engineering Division 
with, special emphasis on the range of Lokomo Products 

truck cranes and crushing equipment 
as well as to market-machinery to Chemical : 
Petrochemical and Offshore Industries ’ 

The maintenance factor for Lokomo Products 
has not been overlooked, 

and a repair depot with ample storage has been acquired. 

The new Company will be found at- 

' Finland House, 56, Haymarket, London SW1Y4RN - 
with another subsidiary, 

Rauma-Repota (UK) Limited, 

who market the timber products in this country. 

The Chairman of Rauma-Repoia (Engineering) Limited - 
. isMrXAngervuori. : - 


P%h 


Riil 


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Sjpjaflda]; Times Wednesday October 4 1978 


LABOUR NEWS 


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members told 


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Sir 

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BY. ALANPIKE, LABOUR CORRESPONDENT 

vSSSi^Sf^’lr^ ' G ® , * r ® 1 representing the3i§Dfl workers 
^ndon regional at the company’s Dagenham 
Instructed, all complex wet -y eslerday 'to review 
wncecied the progress of the:, strike. . A 

*2S*i^?S7-nm e ^ a -?! e i Mtl 2 nal of discussion was ihe 

manual workers possible - impact v^xki.-. Ford’s 
18 second week. negotiating positiott/of Monday s 

♦h« ^^^*^? reases ^ orts by ejection at theYLaboor- Party 
£u 1l £5k? 0 ‘ lmp08e “ the most Conference or thcSner eent-pay 
ngid. possible sanctions on the guidelines. “ :> - 1 - 

^?mpany. Movements of com- While Ford vtiL-cleariy watch 
?“*«* oars .from, .factories and carefully the outcome of discus- 
P° rts iaTe Sioas between TUC leaders and 
« n baited by syrapa- the Government -.which, it is 
actian. . from delivery expected, will follow -the con- 
anyers ana docXers. ference. the company apparently 

U is expected that the TGWU has no immediate plans to seek 
will tomorrow 30m other unions further talks with the unions. 
■*5... declare the * ord strike Last week union negotiators 
cw«i; J «.. . n, rned down a suggestion thai 
5>nop stewards and officials there should be exploratory talks 

Midlands unions to 


and said there was no point. in | 
meeting the company until.il 
moved from -the 5 per cent limit. 

Nick Garnett -writes : The first • 
formal talks between ihe TGWlK- 
an d the oil companies on this 
year's tanker drivers’ pay claim 
got underway this week with 
negotiations, at Shell. 

Apart from responding iu the 
drivers' 3(MG per cent claim. 
Shell. BP and Texaco arc also in- 
volved in joint ' management- 
union talks on productivity. Pro- 
ductivity proposals for Shell 
drivers. based on greater 
flexibility, shift and manning 
changes, appear to be the most 
advanced. 

Although the company’s shop 
stewards have still to discuss the 
proposals, some senior stewards 
nave unofficially placed a price 
or £S.500-a-year basic salary, in- 
cluding an element for ihe 
comins pay settlement, on ihe 
proposals. 


step up pay protest 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


3st orde 


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TRADE UNIONS in the Vest 
Midlands have called a confer- 
ence for Saturday to step up the 
campaign against the Govern- 
ment’s 5 per cent pay guidelines.' 

Shop stewards throughout -the 
region have been invited to the 
gathering, which has the official 
support of 12 trade unions. 

Chairman is Mr. Brian Mathers, 
regional secretary of the Tran- 
sport and General Workers’ 
Union arid; chairman of. the 
regional TUC. 

The speakers include Mr. Sid 
Tierney.- president of the Union 
of Shop, Distributive and Allied 
Workers, and Mr. Bob Wright, 
assistant general secretary >>f the 
Amalgamated Union of Engineer- 
ing Workers. 

The conference is a response 
to the growing feeling on the 
shop floor against pay re str aint, 
according to" cne of the 
organisers. Mr. Roger Poole, 
assistant divisional officer of the 
National Union of Public 
Employees. 

He said the determination of 
Midlands unions to fight pay res- 
traint and nress for . a 35-hour 
week was demonstrated by the 
official . backing given to the 
conference. 

“We believe the '5 per cent 
pay policy would act directly 
against the interests; of working-.. 
class people, and We intend Ip 


fake whatever action is neces- 
sary to ensure its defeat," ' 

Mr. Poole claimed the con- 
ference would : pitr?ide : a launch- 
ing pad for a campaign bf “ con- 
siderable significance " to the 
trade union movement. The aim 
was to . co-ordinate pay claims. 
Shop stewards would he urged 
not to settle within ihe 5 per 
cent limit.’ -." ....... 

“ For members fasettle at that 
sort of. level would: merely under- 
mine the efforts -o'f. others, 0 he 
said. 

Supported' 

He also underlined the need 
for unions to campaign through- 
out industry - for the 35-hour 
week.. “We must keep in line. 
It would be farcialif some em- 
ployers conceded the demand 
and others did. not" . 

, The conference organisers 
plan to continue the campaign 
through the regional TUC and 
local trades councils. ' A declara- 
tion expected to be supported by 
the conference calls, for .a com- 
plete return to n atrial collective 
bargain Log and the eaiJy intro- 
duction of the 35-hour. week. 

Mr. Poole sold -"the shorter 
working week would not in itself 
cure unemployment, 'hilt' was 
part of a . whole package of 
economic measures supported by 
the TUC to create new jobs. 





BY <HJR LABOUR STAFF 

A UNION Jeadej'in.the two-week- 
old industrial action by Britain's 
3,500 hospital' works supervisors 
accused health. tuifiiorities yester- 
day .dr. /^over-reacting. . by 
closing hospitals. . ; ' 

Mr.. Ray~ .Harris. .assistant 
oganiser in . the National and 
Local Government' Officers’ Asso- 
ciation;.', which claims to -repre- 
sent about 70. per cent nf the 
officer^ ;, involved, said that the 
industrial action was aimed at 
building .facilities rather than 
patient , care/ . - . .. r . 

The'' works officers, .who ; a re 
restricting repairs to .hospital 
machinery' such as. in laundries 
and sterile supplies departments 
in their pay differentials dispute, 
were said to be allowing emer- 
gency services to continue.- 
By announcing closures, Mr. 
Harris said, the officers werp 
brine "‘thrown into the political, 
ar-ma.*’, with the Government 
apnarentiy prepared to create a 
“ climate of deterioration in 
paJImi'! disregard for National 
Health Service patients." - 
The impact of the action con- 
tinued to build up yesterday with 
?. warning that major hospitals 
serving 250.00& people in Essex 
could start to shut next week. 


y union - 


- ■ V . • : - . ^7- 

. Mr: • John - WebbA 1 * district 
administrator of Area 

Health Authority. saiETtwo of- the 
three main hospigfis and five 
smaller ones inr; the district 
would have to close if the works 
officers, carried, out their threat 
to intensify their action. 

."This fs most series crisis 
we- have faced. The effects will 
be - catastrophic and deprice the 
- population of a . recognisable 
hospital serviw." Meanwhile, it 
.was costing as. extra. £18.000 a 
-weekifor hospitaLs to buy essen- 
tial /disposable. tinea and to use 
private -laundries. 

- Otter areas, including Bir- 
mingham. have already warned 
of the mounting impact of the 
industrial action. 

The five unions involved are 
considering whether to ask for 
further intevention in the dis- 
pute by Mr. David Ennals. Secre- 
tary far Social Services. 

They 'are. pressing for a correc- 
tion.. to .a differentials anomaly 
.in a pay restructuring proposal, 
hut were told by Mr. Ennals in 
the first week of industrial action 
that the Government was un- 
likely to allow any improvement 
in the offer because of pay policy. 


o 


EEC ‘red tape’ charge 


BY OUR LABOUR STAFF 

THE EUROPEAN Social Fund, 
heralded as one of the prime 
advtanges to- Britain in joining 
; the EEC, has proved a great dis- 
appointment to many private 
companies, a leading industrial 
relations magazine says today. 

Applications id the fund* 
which provides grants far the 
training and retraining of 

workers has been riddled with 
red tape, claims the European 
Industrial Relations Review. 

The fund had allocated finore 
than £23fim to Britain but most 
of this has been used to prop up 


state-run schemes. Only one 
U.K. company has received any 
social fund aid from an applica- 
tion based on the Temporary 
Employment Subsidy- . 

The magazine says the main 
problem with British applica- 
tions to .the .fund is a conflict 
between the rules of the fund 
and those of the subsidy. 

Social fund money is allocated 
only to named workers In a train- 
ing scheme rather than to the 
number of jobs they occupy. 
Employment subsidy applies to 
the number of jobs saved. 


f**S -1 l 
& ^ 


Grimsby fish ban stays 

^n H d°^ 

chants and tta.wler ownera failed, will be held on the ques io . 

’ ‘ to lift Grimsby's ban on Icelandic Porters insist that by keeping 
- •fish. the bari^ome concessions will be 

- ■ The imposed , in January. forced ou t 0 f Iceland for 

- - 1976. when British mwlers were G t)v .Tower. Mr. 

Only 75 of the 320 porters K not possible. • 

To the holders of National Bank of Hungary 
( Magyar Nemzeti Bank > 

Redeemable Floating Rate Deposit Notes due 1 980 

In accordance with the. provisions of ^l e tin J ole a s : 
American Express International Banking Corporation as 
Fiscal Agent, has established lb* ' rate cl .m ^est the 
semi-annual period ending on (he ljtb March. 19*0. at p 
cenL Iriterest dm? at the end of the Inlerest Period will up 
available upon surrender to. any of the Paying Agents o 
Coupon No. B. ' • - . • ' _ 

American -Express Intern at. irinal Banking corpora n 
as FiscaL Agenti - - . - 


Shop stewards said yesterday 
that the drivers might be more 
wary of taking industrial action 
on the next pay round because 
of the repercussions of industrial 
action taken during their Phase 
Three negotiations.' 

Th c growth of small distri- 
bution companies supplied by the 
major oil companies during the 
drivers' work-to-rule earlier this 
year had had a lasting effect on 
cutting the amount of overtime ' 
available to tanker men at the) 
main companies. ' ! 


Steel staff 
strike over 
cutsin 
research 

By Our Labour Staff 

ABOUT S00 OF British Sleel 
Corporation's senior and 
middle management staff will 
hold a one-day strike today to 
protest against cuts in research 
and development operations. 

The managers, members of 
(he Steel Industry Management 
Association, work in labora- 
tories ai Teesside, Sheffield, 
Sholwick, Soulb Wales. Mother- 
well and London. They claim 
the ■* Indiscriminate and 
arbitrary" run-down . or 
research arid development has 
cut staff by 2,300 over three 
years. 

The association, which is 
officially • supporting the 
stoppage, rears new plans far 
re-organising the corporation 
will break up more research 
(earns. 

It Teels the British Steel 
Board ought to reduce process 
costs, and improve product 
quality, plant performance and 
product development. The aim 
of such a strategy would be to 
halt the decline in the corpora- 
tion's home market share. 
Increase for elgn competitive- 
ness and open up new markets. 

Ordnance hit 

FOUR HUNDRED inspectors, 
whose two-week pay strike has 
led to 500 men being laid off 
at the Government's Royal 
Ordnance factory at Birtley, 
Tyne and Wear, voted yester- 
day to continue the stoppage. 


Employers move to stave off 
fresh action by firemen 


BY PAULINE CLARK, LABOUR STAFF 


J LOCAL AUTHORITY employers scheme would not necessarily those of the upper quartile, the 

:niet firemen’s leaders yesterday wear well with a membership point three-quarters of the way By Oui 

I in what appeared a last-minute which voted heavily last year for up the industrial earnings table 

effort to ward off any decision a strike, against the advice of Us in the official earnings survey of ACTION 


Ballots on 
more action 
by social 
workers 


for renewed militant action bv leaders. 

; firemen, over the *J2-hour week On the 4L’-hour week, the FBU 


last April. 


By Our Labour Staff 


bargainin' 


workers 

rights 


But it was also agreed that this threatened to spread yesterday 


jar their annual conference in executive still appears to have figure should be uprated to cover thp v„ ir ,n n i T *, 

! Bridlington next week little on offer. . pjv movements heLween April ?. S lhe * al »o nal t and Local 

■■■ In a fly ins visit to Blackpool. The union has warned of and November, and the calcula- Government Officers Association 
j where Mr. Terry Parry, general unilateral action on November .7 tions have been delayed. approved ballots on strike action 

[ secretary of the Fire" Brigades far implementation of ihe cut In With the firemen likely next jin four more local authority 
Union, and Mr. Wilf Barber, the hours, but despite the recent week to press I o know exactly the arca!j 

president. «Te attending the independent recommendation by va iue of the formula that they T ' . . emer3en _ v crjn . 

Labour Party Conference, the prof - J °hn Woods, chairman of accepted at the end of their .‘ ne un ' on . L eme agency com 

employers" delegation presented 1hc Central Arbitration Commit- strike, thc union will almost cer- mitiee. which ha^s already made 

detailed proposals for inlruduc- 1Pe ' lhat a date be jointly set, tainly suggest a recalled delegate strikes, official in Newcaste upon. 


the employers have 


iris the shorter week. ,be employers have still not conference in November to con- Tyne and in the London 

The delegation was Ind hv Mr a 8£CCd on one. - s ^d£[" an * v * P r °S r ^s made by then. | goroughb of Tower Hamlets 

Brian Rusbridse secrpinrv r.r iho Developments on the pay issue The union will face pressure: . ®,. . . nawicia 

focal Authority Conditions of may appear unsatisfactory to the for introduction of the shorter a J d Southwark, gate the go- 

Scrvice Advisorv Board which conference. week on November 7 from dele-! ahead for strike ballots in 

ha^ delayed so far selling a rt-lin Under last winter’s settlement gates of what the union estimates: Bradford. Leedc. Liverpool and 

[for a cut in the 4S-houV\ve<* ^ firemen are guaranteed a rise io he about half the 63 brigades f lhe London Bo rough of Wands- 

heenu.se it wants nninn ,,r about £4. half the difference which have already recruited: , h 

™ iVroS ■—» in ! Bln oli on . wor.-.o-ru., 


cost-effectiveness proposals. 

These have been a major 
source of contention between the 
union and employers since thc 
43-hour week was prmiiispd as 
pan of thc sctllernent of ihe 
firemens national strike last 
winter. 


Neglect of duty pair 
lose £50 fines plea 


I worth. 

Ballots on a work-lo-rule have 
been approved for Surrey and 
far Cheshire, where a strike is 
proposed from December 1 if 
special sanctions are not effec- 
tive by then. 

Last week the union reiterated 


winter 3,1 * Its full support far the social 

TWO FIREMEN WHO failed to working through the firemens Iwprkers’ strike, and Mr. Geoffrey 
Hours Drohlem carry out a stand-by shift, national strike. Drain, general secretary, an- 

m«uu*.a p. uu.tui because thev claimed fhev were The men — members of the nounced further plans far visit- 

The reaction of the 300 dele- ^ British Fire Services Association ing the picket lines, 

gates at their conference this being victimised, lost their appeal _ were sta tiooed at West Bridg- It demands a breakaway from 
year fa delays or indecision on 10 AOtungnamshire County f or d, Nottingham and were asked the present national negotiating 
this issue, as well as over the Council yesterday, against £50 to do a stand-by shift at the near- structure on pay and conditions 

'Government’s undertakings on fines for neglect of duty. by StockhiU fire station. because the social workers 

their pay, is a mailer of some Thpv wer* fmmH miiiv ’They claimed that because they believe their special responsibili- 

concera. i v lif ha * not joined the strike, they I ties in areas of greater social 

Any recommendation by the in,s y ear DJ 1 tne councils dt.v tt . ere refused refreshments at \ need would he better recognised 
union executive for more time ciplinary panel. The men stockhill and returned fa West: in negotiations with local 
i fa sort out the details of the claimed they were victimised for Bridgford. 'employers 


Introducing the Bri-slar. 
Guessing wfios behind if 
could win you a case 
of what \rou fancyc 


TheBri-Sfar? 

That's the corporate symbol you've not seen before. Yet in just 
five days our symbol will be seen by millions. 

Then you'll know we're a UK public company. 

Then you'll discover we're nearing the completion of an 
enormous expansion and nrxxiemisation programrftef " 

Then youll instantly recognise our brand name; the UK market 
\ leader, produced by a company whose efffa’ency is the highest 
\ In itsfield in Europe. 

\ On Monday next, everyone will know who's behind the Bri-Star. 

\ But meanwhile, you ||»- have the chance to raise a glass to 


help us celebrate the event -entirely with our compliments. 

Because if you can guess our identity from the clues here, 
simply telephone our answering service between 9a.m.- 5,30p.m. 
(Monday- Friday). 

Leave your name and address and what you believe our 
name to ^ be. If you're among the first 12 to guess conectlyyou 
j/Sfr could be among the first to join our celebrations with a 
complimentary case-of champagne, wine or scotch. 
We very much look'forward to receiving your call 

oY3o-tm 













12 








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Oratorical style of leadership: Callaghan wins cheers from delegates after his defeat on wage restraint 



Inflation still Cheers for Labour’s stylish loser No funds 


main enemy 


Report by John 
Hunt, Ever Owen, 
Elinor Goodman, 
and Philip 
Rawstorne. 
Pictures by Terry 
Kirk. 


THE • iov*»rnm>trri r is preparing n 
>ritemo iu help the lony-it-riit 
unui.iyM-uri aiunlKr !i thf- **ne 
alrcadj introduced for schuoi 
leavers and .\«iun$ peupiv. 

Mr (.'a ilu^han said that every 
one of ihe ono.<M»n limy term un- 
employed 'a as a standing 
reproach to nn.-ietj. Already, 
the Govern ut u ni hail ensured 
that ei cry -chunl leaver would 
have a ji*n. .» training place or 
oilier ivruK opporlunit; . 

” Now we inii nd to try some- 
Ihinu i ’-cn iunr»* diltieuli — 
preparation of a similar >cheme 
I»r the lnny-ierm unonip loved " 

He has a>krd t!i<' .t;>propnuie 
Ministers and the agencies 
involved m undertake .in u remit 
.-.tudv in produce a practical 
scheme 

The object would he ;*» offer an 
“assurance of helu to each of 
them." fly mi., ran teeing a job. 
or an opportunity to tram «ir 
i d rain. 

“In thu way. ¥>,' could redur- 
d r.i <r ii'.i 1 1 i nerd un l ary [nne-tenn 
iinciiipl ,, ynv , n s and. a- far as pro.. 
sihie. pul - lime hunt on jol- 
les'tien?." 

Without J 'iik: into -let ail. Mr. 
<'‘.fli,'c,’han a No prouiiMvl t !i,i * ; ni- 
nes', I.abiiur Government -.vuuld. 
if m.-risor;. . take rurilmr 
measures to cinlro: ;*i-;i- ft * 

•* We pio:ifi-c in •flop up the 
Mi3<k '*n pure. The ne\t 
Labour 1 love rn me til wt!I further 
strengthen the power* of t In* 
Price Cn.m mission if i* ii shown 
io need them " 

Turning so l!u* s^-ion of 
Pari la men i •*. hirli siar;*- on 
November I. he «:i,d lin* Govern- 
ment would hrui .■ forward con- 
trol erst. il measure- to enable 
people to ;i:i‘iieipj»e more in 
deci-inn-imkin’j 
The ti'-.v roiapanie; Bii! will 
ejvr employees the rizhr to 
much more information a hour 
i tioir cmpluyers" .'ilfair* There 
will *'C legislation giving 
teachers and parent* m<*n- 
influence m Hu* w.t> school*, 
arc run. Council Iuhim* tenant ■» 
v oil Id h p given greater conlrol 
uviT their horn*-.-. 

The Royal Cmn mission on tin* 
Health Service would i»e rcpori- 
,0'* m a few months and U- 
recommendations would -ho.-. 

fjnvernmenl hu* to unno 
much of the flam j sc caused by 
jj-p Tory rvoruanivition 

This would make management 
nf the health ‘Cni'.-e more 
responsive io patients and m me 
people who -rnrfc m it 
The Prime Minis! .-r ...id Uuati 
four conditions for sh- 
nf the nest L.iu-:ir rmnen* 
The economic -un.. <«i r>.".-i , ni 
’-cars must no: be ilirnwn a.m>: 
• he benefit? "f North Sea 
niust he »scd io :u...lerniw 
industry and provide n,.,. j..:.-: 
p-itain ruisr 1 i«iiiiii** uwre pro- 
Ble: and the country must 
t-ike advantage of new i.-ch- 
„ 0 io«v while guarding a-amst 
its' ill-effects. 

Today’s agenda 

■Eilucalion 

European Economic Com- 
m unit.' 

Kacialism 

Nuclear « capons 

Electoral reform 

NEC diK , unn , «! «n Sural 

-««..nu-nl i" 

England. 


THE 'hivemment will carry out 
its “ inescapable obligation " io 
control inflation despite thi* 
rejection of its 5 ner cent pay 
policy. i!h* Prime Minister s»id. 

Mr. Callaghan *aid that he 
and Mr Denis Healey. Chan- 
ccllnr, -..-ere determined to pre- 
vent escalation nf lnflalmn bj 
whatever measure'- were at 
hand, including monetary and 
fiscal action if necessary 

This would ho dyne “ relying 
as much as we can on the 
ri.-s.pu nail nil t> of the trade 
unions .inti upon our fLxeri 
policy, which we will try and 
interpret as easily as possible 
within the limits.'' 

He admitted that the rejection 
of the 5 per cent lunii by the 
con rerer.ee un the previous day 
hod been a defeat for the 
Cow rnm cut but insisted tha* 
the level of -pay dirt have a 
direct impact on price*. 

Any hi? wage increases tn 
excess of 5 per cent would have 
an effect on company liquidity, 
investment and the level of 
unemployment. 

The Prime Minister said that 
Monday's debate had conceit- 
Hated on pay levels but almost 
no reference hjd been made 
by noeoker? u> inflation. This 
ignored the obligation of the 
Government in do all it could 
io control inflation. 

Estimates 

The Tact that inflation was 
now down to single figures was 
partly the result uf the 
improved value uf :hc pound 
and of lower tin purl prices. 
Th»*ri* would have been a 
greater iiitpaci »»n the cost or 
living index if we had had In 
n. ly on wage lommh alone. 

He warned that ihc tiovern- 
:n»?nfs best estimate was that 
wages in excess of 5 per cent in 
the coming year wei-p likely io 
carry inflation into double 
figures, but conference had given 
no guidance as to how the 
Government should react to such 
a situation. 

Other countries, such as Ger- 
many. were making settlement- 
at nr below 5 per cent Wage 
Pai ’jainers in Britain had to con- 
c ide r ihc i-fTc-et that their claims 
wnuld have on international com- 
lieiinvenc’W 

He believed ?mde union 
I'Miler'. were sincere when they 
■«:iid that they were suing tn 
li-ir-am responsildy in the next 
1 “ months. 

'• tjiifortunaiely. there i>t rm 
n-rccd arithmetical rtefimtinn of 
the word responsible when you 
are making pav claims l have 
m-ver yet known a union nut in 
p.iv claims which it thou slit was 
irruvnon'i'de. 

■■ Supnosinc all ihes.- respon- 
sible pay claims in the end adri 
up tn mfl-'i'on mnvin? back into 
double figures, wuh .ill that 
irtinli«S 

■■ On *.*■■• de-erl our re-.-pnn.U- 
hililv and determinaiinn io keep 
down inflation " Poet ihe Govern- 
ment siand b." paralysed and 
helpless ? 


" The Government's inescapable 
responsibility i> to keep down 
inflation — not a;a<nsr anybody 
hut in the interests of the whole 
of the people of this country 
“ I would like to make this 
clear. If yesterday's decision 
re-ulted in a weakening of the 
impulse of pay policy and an aid 
in helping to" keep inflation in 
single figure*, if a* a result infla- 
tion starts to move up. then the 
Government will take ufT-ening 
action to keep inflation down 
through monetary and fiscal 
measures. 


BY PHILIP RAWSTORNE 

MR. JAMES CALLAGHAN came hack Trout 
Hie humiliation or defeat with a skilful and 

stylUh performance yesterday. 

The Labour conference — fickle as ever in 
Its ringside affections — applauded his 
rpsflienrc as wholehearted as il had 
previously rebuffed his rigidity. 

Mr. Callaghan smiled ruefully as he 
rubbed his bruises. The delegates grinned 
bark in apologetic sympathy. 

The Prime Minister graciously conceded 
points to his trade union opponents. The 
encounter had been a lesson in democracy, 
he -aid. Without being masochistic he bad 
even enjoyed some of it. 

But if Mr. Callaghan came cautiously out 
of his corner, he did so with renewed 
determination to carry on the tight against 
inflation. 

There was to be no yielding on that Issue, 
he insisted. The rejection of the 5 per rent 
limit had been a serious setback. He sighed 
audibly again at the thought of losing a 
policy that had brought such success. 


Hii*v was the' Government to react, then, 
he asked. Conference had left him in no 
doubt about what jhnuld not be done but 
had been short on advice about the 
alternatives. 

Mo*, the Got eminent to stand by, 
paralysed and helpless, and natch inflation 
ri*e again, he demanded. Uc answered his 
own question: “ No." 

The Government's “ inescapable responsi- 
bility “ was to keep inflation down. If U was 
to hr denied tbe arm of pay restraint, it 
would have lo use the other effective 
counters al its command. 

“The Government will lake offsetting 
action lo get inflation down through 
monetary and fiscal measures. Let no one 
underestimate Lite impact they would have 
on pay ami employment." 

The Government would have to use. 
however reluctantly, whatever means were 
at hand. But in ihis crucial round, with a 
general election at stake, he genlly 
suggested that the unions should not throw 


all the responsibility on the Government's 
shoulders. 

51 r. Callaghan said he would be as 
flexible as he could. “ We shall try to 
interpret It <thc 5 per cent policy) as 
easily as possible within the limits laid 
down hv the White Paper." 

But. with a gravely prodding finger, 
he reminded the trade unions that they 
had undertaken a responsible approach 
to wage negotiations. 

Mi. Callaghan said he was ready and 
anxious to discuss that responsibility with 
them. Some better way bad to be louad 
to resolve The issue of wage levels without 
resorting again to savage bare-knuckled 
dashes. 

The trade union delegates appeared to 
he just as eager to forget the previous 
day’s encounter. 

In an atmosphere mellowing with 
compromise, the Prime Minister bounded 
optimistically forward towards the other 
challenges that would face his next 
Government. 


Responsible 


“That is our responsibility Tt 
is necessary that the country 
should know that the Govern- 
ment accepts that responsibility. 
We shall not seek to evade i' 
and no one can relieve us of it-” 

The Government nail inert to 
net the support nf the irarte 
union movement for the 3 per 
cent waae limit — “ but we have 
faded this year— we have not got 
it" 

\everthel n s<. he told dele- 
gate- that thev still had a major 
contribution in make. He re- 
mained honeful that pav policy 
would have a part, to play 
through a responsible level of 
settlements. 

IT the Chancellor did keep a 
firm control of money supply- 
while wages were rising by more 
than 5 per cent, there would be 
an impact on company liquidity 
and on the level of wages that 
enmnamos could pay 

This would affect the number 
of employees kept «n work 

“ 1 don't want to follow this 
path." he told the conference. 
“ But until you tell me to go hack- 
on my policy of keepine down 
inflation i regard that as my total 
responsibility." 

He urged the trade unions and 
parly members ro concentrate 
their attention on the que-tion of 
helping the lower friid This was 
not just a matter lo be left to 
the Cabinet. 

Flexibility 

Mr. Callaghan emphasised that 
he was in favour of flexibility in 
wages nut flexibilil- was a two- 
way itiMncs*. 

"I am ready ami anxious in 
take up with the Trade union- a: 
any tij»<? the Jong-ierin approach 
t«» ihis problem in «*e ho> e are 
going in avoid in future the 
difficulties that have arisen in 
the rnur-e of the curron*. year." 

The Government had s. use 
any means it could to achieve it- 
Socialist ends — and he aid no- 
believe that wages *ou!d tyf: 
out of that calculation 

"Let u* have umre tali*-. I nro 
readv tn make -in approaih 
myself if the sinmns arr*e 
take tt up and -ec where v.<* mow 
from here " 

In Hie linger term, he .vi-im-.i 
tn find a butler way of decsdir.2 
the i.-ue nr— pay flveU The 
power nf the orcanisf-d -tI- >t in 
sni-n-jy nude this n—.e-.-ary -:h-n 
smzle A ’rnur»- had tise aiuiity lo 
di.-rupl the e com -in;. 


f.v fsoa K l'--' *■ 

i 

■w *>-.**_, --i 

2 r s* 




«.# ■ ■ 





■ , ! V ' 







Call to halt indirect 
tax rises for study 


DEMANDS FOR a ban on any in- 
crease m indirect Taxation were 
ignored l-y Mr. Robert Shcldnn, 
Financial Sucre I ary to the 
Treasury, in a -pi-ei-h from the 
rostrum- 

The <!:ir.;er-; in disturtins: the 
balance iw.uvei-n «lireei and m- 
il-reet tav.iMxn w.-re urderlinod 
f i*i, m she platform by Mr. John 
Carlwrinbl on l»*-n.df of The NEC 

Tr. Tivoid a vole, and a loins I 
c-cnain defuai. the ,p..nsnr- of a 
re-iiluimn ■.-Npr*-u;ns rippo*iTmn 
to any increase in VAT or other 
indirccl taxu# agreed in remit it 
to the NEC for consideration 

Mr. Carlwrishl promised that 
it would he taken into account 
•is part of ihc wider study of 
taxation policy already heme 
undertaken ii> ihe NEC. This 
would be the subject of a report 
to next year’- conference 

He nsknriwfl'di'ed the long-held 
suspicion- of r.h“ Labour move- 
ment ab"Ut indirect taxes. 

-nrmcing fr«un Mm iienof iha: 

i .!•!■• lao.-i h.ir-h!;. <<r. tn** 
j.,v. .-a pntfl. 

F.Ut Me MM'V-I t'la! '•»!.!• 
.-i.po-iiion :•» au- "’i-o'.-e v.ouid 
HI I* .HIT .1 rise in VAT on i-ixur; 
;I»UI-. ur. ?fc"Uld fin r:c.*d ar:-'. 


any addition to petrol duty c-r 
wen tn iho employer-' Nalir-r.ai 
Insurance contribution 
Mr. Cartwright empna-i-ed that 
the qucsiir-n o: 'h« proper 
bj lane** iu.-iween dir«.*c» and in- 
direct ravatton ui.iiid oc a major 
foaturo nf inv NE' r<-P"r' I‘ wti* 
hfi.-vj con-id-Tvil :n crcj: rf-rpth 
The ;iiiiiud- ..f the spun-or- :r. 
aan-vin j p-:t:ii :ii.* ru>'ifli* I .i;a 

io The NEC -.-a- cieari;. 
ir.r!m*ru«il b;. r:t>- fje? :hi! ar 
•■arlier ru-m'.ltmu c 3 -'.,n 2 ‘or rv- 
form of the tax crucrur:- to 
include the a ma is am a*, ion »’ f 
-ncmi jei.-urit;. benefits and ::*.e 
introduction or tax relief for t.T: 
co«l of travel to and from wire 
v.a> decisive l ;• rejected or. a -ho v 
of hands. 

Mr Sh*-;d>>n. wh.» hJghiijh'rd 
f hi- effi-ct nch ip vn r* bv Govern- 
men i pi »! ictus in rs.irruAirs ; ne 
ranyv Hi' afioria': ia«':i , . n . 
claimed Thai The Go<-*-rnrrten* h-jd 
•I'-'d T-vali-in a - :• **-••;. a". -" 

:m .i-ur- nf n-d:*i:-,ri::‘i-T. 

*-l • f«.r ., Lit -b:i ?!•:_• ’.i- 

uurd-ti 

"I . - . r : i*i -• .. r 1 i * : 

: or t-i.-: bii-df-r: i.ai f*:-*'.i*-. 
,|-v*'l"piii.-r.: ■' •''Uf S-rr:,.;.' 

ijy.i!|-.n he -r.d. 


balance 
of power 

THE balance of power in the 
Labour Party is shifting steadily 
towards the unions, a trade union 
dclegatv warned parly confer* 
ence in Blackpool yu-terday. 

Mr. John Edmonds, national 
inriu-triai officer i<; the General 
and Municipal Wurkurs Union, 
said U.al the balance between 
union- and constituency 
members w&* changm-.- each year 
Individual member-hip could 
have f a l!e n to r.nlv gnn.OQO which 
meant that union? made up an 
increasingly la rye prupurtioo of 

:iit- told! 

At each ulecimr.. the unions 
were being a?ked for more 
money. 

** Ti.r* party must recognise 
TiiiiS nnmn fund- .in- limitrrf. The 
;iq!iii<-.<E p.irlv ilt.ii r*- ie* In this 
up trade unpin finance is 
ivitrenu-ly nilnc-rai'ie rmd some 
would s*;-- unhuaiHiy al Ha 
hvart ” 

Mr. Kditii-nd- w.i- -uppnrting a 
>.Vu*r.:il Em-cut-. *• d*-ct*]nn to 
.-•■I :ib -«n ir.quin o.m-.muec info 
party organi-uTon 

But cxuC'.il i*.-»- ■::cmbe r Mr. 
Eric licffcr denied ih.<; there had 
• **en j great swing upwards the 
unions. *■ We have to have 
::r.Hy between the trade unions 
-,nd constituency parties '' 

He added that once the general 
'•l-clmn was nut nf the way. the 
ti'jp.'stion of party organisation 
w.puld h*» considered. 

Tn loud jpplause. he warned 
uruon delegafe?: “ li\ no good 
j::*t pouring money into party 
conference W; n*-fd people on 
d f 'or-te? :r. ‘ election 
cjnspaigtis." 


Listening to the memberehip: Peter Shore (left), Stanley Orme, David Owen and Roy Mason 

ing Militants lose fight for 
lce automatic reselection 


LABOUR militants lost their lone 
campaign to force all Labour 
MPs lo submit to automatic man- 
datory reselection by their con- 
stituency parlies by the com- 
paratively narrow margin of 
391.000 votes. 

A compromise National Execu- 
tive propowl introducing a two- 
siage reselectmn procedure — 
under which constituency parties 
.»a:;sfiod with their ?.irs will he 
able in formally re-adupt them 
and thus opt nut nf a wirier 
^-election process — was carried 
oy 4.091 .Win votes in 'J. 519 . 000 . 

It was the second major reverse 
-uffered by the militant Lef>— 
earlier attempts to give the con- 
ference a role in the election of 
the leader nf the Labour Party 
were decisively rejected. 

instead, enritprpnee narked the 
rtalux quo hy allowing the elec- 
tmo of the party leader to remain 
-niely in the hjnd- of the 
Parliamentary Labour Party. 

But under a change in the 
party'- con?i*tutu?n. the leader nf 
the parliamentary party will in 
future automatically assume :he 
mantle of the new formalised 
nt!e of Lender of the Labour 
Party a.- well. 

.Mr. Joe Ashton. Labour MP 
for Baasetlow, led ibe fight 


against automatic mandatory re* 
selection in a speech which was 
alternatively cheered and jeered, 
as the bitterness which has 
marked this controversy showed 
it;elf on the conference Hoor. 

He catalogued the pressures 
which are already imposed on 
Labour's 300 MPs — “eight died 
in the last year, some because 
they went In work when they 

were sick' - — and warned that 
they would be placed in an irupo.-i- 
-ible position hy automatic 
mandatory rus«*lection. 

“This instant hire and fire is 
not going to do the party a lot of 
good." 

Mr Ashlon spelt out the 
dilemma of Labour MPs. "We 
cannot win. If we vote for 5 per 
cent, we get kicked up the back- 
side by the constituency and Hie 
unions If we Jon'r vole for it. 
wl> get kicked by the electorate 
and lose the job as well.” 

He forerast that the intrnduc- 
imn of auiomullc mandatory 
rest-leclion would lead to ihc 
biggest " night nf the long 
knives and the higgest purse 
seen for many years." 

He warned delegates who 
rh cured ibis prophecy that some 
Labour MPs would nnt tamely 
accept the sack from Lheir con- 


stituency parties but stand and 
fight. 

He envisaged the emergence 
of disowned Labour MPs fighting 
as independent Labour candi- 
dates with the likelihood of a 
split vote in some 25 safe seats. 
This would prove disastrous. 

The case for automatic man- 
datory re-selection was argued by 
Mr. Terry Hunt, Basingstoke, 
who maintained that it would 
make Labour MPs more 
accountable to the Labour Party. 

.As a result, he said, there 
would be a greater chance of the 
policies approved by conference 
actually being carried out in Par- 
liament. 

Under the two-tier compromise 
system proposed by the NEC, it 
would be necessary for con- 
stituency parties to pass a vote 
nf ao confidence Id their sitting 
MP before gaining the oppor- 
tunity of re-selection. 

This had obvious dangers which 
would damage the individual 
concerned and' the Labour Party- 

JTr. Hunt contended that an 
automatic rc-selection process 
would pose no threat tn MPs who 
satisfied their constituencies. In 
<uch cases re-selection could be 
achieved on the basis of a short 
list of oDe. 


to fight 

European 

elections 


THE LABOUR Party will nnt 
be able to provide funds for its 
candidates to fight tbe elections 
to the European Parliament 
which are due to take place on 
June 7, Mr. Norman Atkinson, 
party treasurer, told conference. 

There were cheers from some 
delegates as he said: "The 
national party cannot fund 
European candidates out of 
money we now koow will be 
available. 

“ IF the British Genera] Elec- 
tion has not taken place by that 
lime, certainly we will not tam- 
per with this money. Tt will be 
put aside for tbe British elec- 
tions. 1 have to say there will 
be no money for the European 
elections." 

The treasurer, who is MP for 
Tottenham and an opponent of 
the EEC, said that the party had 
£330,000 in its General Election 
campaign fund. This was a long 
way short of what would lib 
necessary. When the General 
Election came. Labour would 
need much more than £lm. 

Mr. Atkinson said that the 
general party fund had gone 
into deficit in 1970 and in the 
1977-1978 financial year, that 
deficit rose to £61,000. 

“Without being hostage to for- 
tune. our arithmetic this year 
suggests we shall experience an 
even bigger deficit in 1978.. We 
anticipate something around 
£100.000 this year, and we will 
have to take some remedial 
action to put that right, be 
declared. 

The trade union affiliation fee 
would rise to 28p this year and to 
32 p in 1980. This, however, 
would not solve the problem, 
unless more income was forth- 
coming from other sources. 

Despite these difficulties, he 
looked forward witb confidence 
to the coming year and thought 
tbe party would have the funds 
to mount a campaign which 
exceeded previous efforts. 


Mikardo voted off executive 


dates 

planned 


. referendum - o iluvijiu- 
in Scotland jnd iV'aie-s are 
expected If. i.f n-ld at the 

of February or the beyin- 
Marco. 

!■? osact riaio : r , he 
•UT.-pd m t h- Queen's 

0:1 Now: uber L 

•■".tc •■!:■'£.- -.ro F-oruary 2 ~. 

i i?t. lijvtrt'. Day* or 

•• •*••". «:r.o-:Ti-:r rl.-oi -inn 

1 - 5 in- :-i*-it"i- front Mr. 

i •- P- J- i .4.»~ 

• • : • >l ,, ‘. * i.m; *( ir. -f ; t-j,- 

'■■* ;■ --uirn.-il :>• 

" ;i -••'i-n. | - ; 1>in tr.*-- 


MR IAN MIKARDO. a leading 
ficure on the loft wing nf the 
Labour Party for more than a 
quarter *»f a century, and a 
former party chairman, was io- 
riay cus'. I from Labour's nolicy- 
forming Nal.cmal Executive. 

Tins W3.* :J-.e surprise news 
when the results i*! 1 ihe elecimn 
for i he e.vec«fuv nex-r year weiv 
•;iven re it*? Labour Party con- 
f *.- '■•* :i r-i? in Riarkponl. 

1 1-.- ".'as \ nii.-d r,y; nf ibc rnn- 
• :rou-nci T -jrioiir P.iriy section 
■ a ihi* t'Xi*euii\-i? jfii.-r four re- 
.-..un-.-. whi<*h dr-Tayf'l tt.** an- 
'i**un.. , «*iiu-nl of (In.* results for 
: .’ o nu’ irs. 

'Mr Mikardo. MP for P.*-ihnal 
Green and Bow. is ihc only p*jr- 
-on ti» have chaired ihc party 
conference on three occasions, in 
1970 ;<nd :n 1971 and for a special 
cnnferenc** an tin- Gtumnon Mur- 
ker in that nerjod. 

nff with him goes Mr Jack 
Vflitey. Ms* for Sinke-nn-Trcnf 
Smith, who is regarded as a 
!a«irt»»n:»» 

Th-- I '.vo np-.>’com»-rs in Ihis 
-■e'l’iji or*- Mr Dennis Skinner. 
Ml’ :i*r Boicfivci*_ ., n< | \>,j 

Kinmwi--. Ml’ fur Bol'-veHn 

Ur. Pav;.- 1 i'v.-cn. ihc Foreign 
"''■cretary. f : i*-r| so am upio ihc 
Fve.-uMvr- i hi- -e-.-.nrt .urcmpt. 

Trie *rn!;. oihet r '“in rommed 
fr.*:n slit* ■■:.uiuiivc i* Mr. Jofm 


Cartwright, MP for Woolwich 
East, a i..* derate. He was re- 
placed on the icialist. Coopera- 
tive and other organisations 
group by Mr. Leslie HuckGeld, 
Under-Secretary for Industry. 

There were no changes in the 
women's section, but there 3 re 
-nine replacements in Ihe trade 
union section, caused by retire- 
men i. 

Anion ? the newcomers there 
were Mr. Doug Hoyle, president 
nf the Association of Sc s .?ntifie, 
Technical and Managerial Staffs, 
who is MP for Nelson and Colne, 
a t Mr. John Golding (Post 
Office Engineering Union). 
Under-Secretary for Employ- 
ploynient. 

As expected. Mr. Norman At- 
kinson. MP for Tottenham, again 
beat nff the challenge oT Mr. Eric 
Varley. Industry Secretary for 
th>' Parly Treasurer ship. 

Mr. Atkinsnn polled *t. 023,000 
votps compared with 3 . 71 S.OOO 
last year. Mr Yarlpy polled 
"B 77 .WHt against 2 . 743 *.(X )0 last 
year. 

Trade unions section 

RuseeM Tuck cNURi S.TKLnflO: 
.Sam McUuskio (National Union 
'll Seamen i 5 . 454 . 000 : Turn Brad- 
ley iTSSA* 5 . 270 . 000 : Alov Kit- 
son iTGWU » 5 . 245 . 000 ; X. Hough 
t r iMWl i 5 , 003 . 000 : Alan Hadden 


(Boilermakers) 4.963 ,000; Fred 
Mulley (APEX) 4.376,000: J- G. 
Russell (AEUWj 4.571,000; 
Emlyn Williams (NUM) 
42*43.000; John Goldring (POEU) 
3.040,000: Doug Hoyle (A STMS) 
3.435,000: Sydney Tierney 

(USD AW) 3574.000. 

Constituency Labour Parties 
section 

Anthony Wedgwood Benn 
(Bristol South East) 460,000; 
Juan Lestor (Eton and Slough) 
372.000; Eric Heffer (Walton) 
349,000: Frank Allaun (Salford 
East) 319.000: Neil Kinnock (Bed- 
welltyi 274.000: Dennis Skinner 
t Bolsover) 261,000: Barbara 

Castle (Blackburn) 260,000. -Ian 
Mikardo (Bethnal * Green . and 
Bow) who was not elected, pol- 
led 258,000. . 

Socialist. Co-operative and 

other organisations’ section 
Los Huckfield (National Union 
of Labour and Socialist Clubs). 

30.000. 

Women's section 
Judith Hart (Lanark) 

5.442.000; Lena Jeger (Camden, 
Holborn and St. Pancras South) 
5.407.000: Shirley Williams (Hert- 
ford and Stevenage.) 4,530.000; 
■Inan Maynard (Sheffield, Brigbf- 
si de) 4.085.000: and Renee Short 
(Wolverhampton North East) 

3.222.000. 


Doubts on 
farmland 
Bill timing 

THE INCREASING role of Soan- 
ciai institutions in farming came 
under attack when conference 
reaffirmed commitments to rake 
agricultural land into public 
ownership. 

While the resolution, which 
also pressed for action tn Include 
the re- rating of agricultural land 
and buildings, envisaged legisla- 
tion being introduced m the next 
Parliamentary session. Miss Joan 
Maynard, for the NEC. said that 
there was little prospect of this 
timetable being met. 

But when a start was made cn 
taking agricultural land into pub- 
lic ownership, she said, the large 
estates, which covered about 75 
per cent dF rented land, should 
be at the top of the list. 

Mr. Gavin Strang, Parliamen- 
tary Secretary to the Ministry 
of Agriculture, reaffirmed the 
Labour Party's opposition tn 
State fanning. Land m public 
ownership would still be worked 
by tenant farmers, he pledged 
Mr. Strang deplored the fact 
that more farming was being 
undertaken by the big financial 
institutions themselves. He 
found this just as objectionable 
as State farming. 

The Minister looked forward 
to the Northfield Committee, 
which is examining agricultural 
land ownership, producing a 
report leading to Socialist 
policies which were relevant, 
practical and decisive. 

Miss Margaret Manning. Man- 
chester Mors Side, urged that the 
public ownership of land, in view 
of the role being played by the 
financial institutions, should ijo 
linked to tbe natinnaUsation of 
the banks and the insurance 
companies. . 

Death grant 

CONFERENCE gave overwhelm- 
ing backing to a motion calling 
on the Government to increase 
what was described a* the 
" derisory” £30 death grant. 

The mntion deplored the dclav 
in raisins tha srant paid to next 
nf kin, and called on the Govern- . 
menl tn increase it' tu a level 
sufficient to cover the cost of a 
normal funeral. 




i 











JdiTi : * r: .. : • 

Wr r 

a Ij’f" i •» • ■"••- 

^ Mr \ > ’• 

*>[*?** .--. • ' .": l >; 

rx£ •<%-.• - . 

' ~ 

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5ft; *r. 

Pji .- : . 

£*• r,:.-: 

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ifltf* • t • •• 

i. 

?•>-*• •• 


mgi- 

0&r- 

V. Xfc 


m r - 

Fv- 

ft'.?- 


WK* 


A/<V by George Philip and Son Lid. C V97& 


r* 


Jfoubfso: 

irinland 

till nnisH? 


A range of International 
services no other bank can offer. 


! T 1 ’^ i 

* ' s ** i ** 

C3 !!! ' 


International Finance. Competitively. I 

Short-term and fixed rate medium-term ■ 

finance covered by ECGD guarantees. ^ 

Negotiating or discounting bills. Acceptance 
credits, Eurocurrency finance, Export factoring. 

International leasing and Instalment finance. 

International Branch Network. Competitively. 

Being the exclusive U.K. member of European Banks . 
International (EBIQ Midland can offer their clients the complete 
facilities of seven major independent European banks with 1 0,000 
branches throughout Europe and a world-wide network of joint 

ventures. 

International Transfers. Competitively. 

Foreign exchange, spot and forward contracts. 

. Cleanpayments, mail transfers, telegraphic transfers, drafts. 

Bills for collection, documentary credits. 

International Corporate Travel. Competitively. 

Exclusive to Midland, direct access to the world s largest 
travel company-Thbmas Cook-a member of the M.dland Bank 

^ r ° UP The fastest growing company in business travel providing 
the most comprehensive business ; travel service mdudmg^ign 
exchange in 150 currencies, travellers cheques, VJ.P. Service 
cards and 870 offices in 145 countries. 


Competitively. 


International Merchant Banking. 

Competitively. 

A complete range of international financial services 
from Samuel Montagu, a major Merchant Bank and 
a member of the Midland Bank Group. 

Eurocurrency credits, bond issues, corporate and 
investment services. • 

Samuel Montagu are also major market makers 
in bullion, foreign exchange and Eurobonds. 

International Insurance. Competitively. 

Comprehensive insurance and reinsurance 
broking services through Bland Payne— a member of 
the Midland Bank Group. 

International Marketing Services. 
Competitively. 

A unique range of marketing and export finance 
services through the London American International 
Corporation Limited, operating in over 100 countries. 

Information on regulations, tariffs, documentation 
. procedures and exchange control. 


Iw To ensure your company 
I makes the most of its 

international opportunities, 
you really should talk with us. 

For a prompt answer, contact 
George Bryen, tel: London 
606 9944. Ext 4057. T elex 
888401 or contact any of our 
branches throughout the U.K. 

TESTUS. 


Midland Bank International 

Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. Tel : 01-606 9944. 



) Delivers 


■ 








vr 





Financial Times Wednesday Oc /N f 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 

6 DATA PROCESSING 


• BANKING AND RETAILING 


Getting the message 
to the right place 


Electrons cheaper than paper 


g broadcasting 

Radio link 
for TV 


For 


carbon 

dioxide 









ACCORDING to the manager of as mmy Europeans might have and transmitted instead of the With IBM-tesed 'JPg****:' 

NCR’s special systems division expected: the multitude of banks paper Itself. ren^s in Oa^d (C^fOKMl, CvC fpniC 

in San Diego, people in the U.S. will have to get together and a This development is of some i3>L*-'AA^ 

followed in due course hv si 2DJ flc 3xtt degree of consumer importance when it is realised I Maryland) ■ rad Kansas City Q f r? m era | 

vrfiTISS, X opposition: overcome. that (according to NCR* many (Kansas) with WO slopes and I mail ALLOWING \ d ? sr ® e id othavel 

those in Europe — will soon be So far M point of sale fPOSl throughout the world do order offices. Montgomery Ward> mobility which is sud I ot “■ - 

_ . . . . wondering if they are shopping transactions are concerned. NCR nol t now bow much it is costing had begun to 'grow a sprawling heen previously unavailable ‘ selection of an- unused channel 

MAJOR UK contributions in housekeeping. 30b with many via the bank, or banking via the estimates a 1bat only about 5 per Jl m process one cheque, network of communications lines live broadcast systems, is a com Jn ^ geographic location bv the 

rtrZdum *%> «. »•— *° sms* "sets 

annou^d^rdaybySSS. A In %JTSULTSSi «« »f%-S :..ha_ta*K f- DCU^or da* canonic* '.SSS .^Kl^LSfiS. SfiaWSbAAffiV 

large British manufacturing connected. the U.S. between the retail in- something, his account is directly !■£ ia 

effort will be involved. The immediate market is the dustry on the one hand and the debited over communications 


rrk.^. « ik. nrncmnnf th«4 ciHik rnrinnalmatinn r.F a brw niim. RdHc ITb 4S A (ODD- O" Crystal. 



^ssr^Jtsss .is 

*i.~ ~*v — 1 ..«.** t — niitnmatinn area. IBM Hursley connections — retailers or u r:"?. u, _ e toucn-wne ieiepn«u«. To meet t 


switched network now. 1 has 16 , Fir., emission and it is con- back pack housing, the trails. 

nnrfac /f>An.miin(* , «K(w. - li-U *10081 IraP ol _ kU cnptirtTI mittap Unit WAIshd nnln iv 


press 
a 


To meet these challenges. NCR nodes fcdmmunlcaHon line ISA*! that a suitable section m it ter anir weighs only 16 

10 mee S. _ innplinncl ririvon hw VPB mini. VeilJCIlt til ; „ .i.adilv a tin- innlfiriinP the pIiimm rani,. 


the other as a central unit for automation area. — - — — --- . , _ 

the production and distribution has developed the 3730 with bankers. 

of the texts of all types ibat function . for use by offi^ In general, ofcourse. there tail laadStionVto^gJwurthe^U.S. sy ^?P me ^q 1 ’where * ?5 ft muni cations processor) serving ca,KU ** :V"m a de for rapid two hours continuous operatioit" 

many an administrative office in staff to prepare faultless docu- chains are seeking to improve soo - ial securitt ^mrats can be oulsd f. , San ^e^a where -SQ an astnaishin l e Provision is made tor rapi . operation, 

a large company or group is ments, to store and retrieve such their financial services to their made etectnmkJiWrrt— =-*-* «»*« specialists are tacklir 

required to originate. documents and to transfer these customers and control the “con- pensioners" accounts 

The first and largest unit, the documents throughout a com- „„ — «,*.». *h. h.„w. 

8100. commits IBM more than pa F y ‘ . _ . „„„ 

It derives from some ten years 


ess button in conjunction with h ‘ autel iy se t up its special junctions) driven by NCR mini- I# ,i»ectniin is already alio- including the clip-on recharg* 
secret personal identity code, J* division at Torrey Pines computers (the type 721- com- . ^ t J” e fo ? t v transmission. able battery pack, which gtvw 

addition^ throughout the U.S. Ja!f c, n T)i.«a where 250 mumcations processor) serving raTRa tnT - *’•«' »"«♦**»»*»• «~ 

.. . - - - . : - ~. evoial security payments can be *■?_ l ™j8 in * ?h ? wore an astonishing 20,000 terminals, 

their financial services to their ^de eiectronk^ly straight into gg SIa?fike?? loleSto network is transparent in 
customers and control the “con- pensioners" accounts. f fJfhnr hilto^s for the Tom, many aspects and other, equip- 

sumer dollar," while the banks The big problem for the banks. 2S? AccSStae to manager rae ?, t ®” d applications .can be 
22? J ««» on up as however^ the cheque, as iMs ^ ^SSda the Si^ls *** 7 added ; 


tocomS woVk on woJd procSlingrJften much retail business as po^ible UK. -Over there, some TwavTvstom d^lo^ Of considerable interest to 

J52SS? witl » adapted equipment, but it before legislative controls of 45bn cheques will be manipulated J^Jp that will not have wide- PTTs - in Europe will be Data- 
Srminals d “re siv^ f£ more D0W contain * specifically some kind are placed upon them. spread application in the Pac. the public data network of 

power than hitherto, takin* many de I i;;n . ed ^ or f* 1 ? Banking laws are complex in E c~n hnf^^uh 5 ^ drJn to countries in which NCR operates. C^Mda on which NCR ctm- 

of the functions away frSm the f U S but . °" e °S their ***** about 35bn^ dectron?c trawfer Interestingly, the . Bank of o^rk to Ttive with ^. the 

ofbanTaS MLsss ssr a,fte ra,e mosi “ pcrt3 . isarw aar^reurii 


To circumvent the legislation Sil , if ( S r ^ a -„./ ji !^ e is _ bo _ i . ns . dl ** S ( a Q n jh^FiTncfal'^rfmes' exchanges are being laid down. 

apart 5 0 - - SC a]e pro^ NCR’s Special Systems 

which is Division is at 4045 Sorrento 
Montgomery Ward, the . B il d, „ Ban Diego, 

third largest retail California 921-1. 

GEOFFREY CHARL15H 


many of them are. nr will be, closed about the system apart shown to the Flnanci 
seeking to open “electronic the proposition that each has a number of large 
branches’" at retail locations. cheque at its point of entry into jects in hand, one of 


from the 3790. essentially driven storage. 

from the centre- It allows work, important component is the 
including programming, to be new tesl display terminal, the 

earned out at points on the com- 3732 w hi ch has an anti-glare . ----- r — _ - _ , - , 

puter network that hitherto was screen and a typewriter keyboard In general, progress in the the banking system will be for 
reserved entirely for head- W f t h a bj]ity to display up to 22 U^S - in electronic funds transfer, totally scanned and its complete country's 
quarter experts. It can work on ii n0s 0 f go characters of text. *** EFT - bas not been as rapid electronic image will be stored chain, 
its own as a local computer and IBM calls this the typewriter 
it can be used to feed big of tomorrow since it gives the 
problems into a much larger operator full control of screen 
machine. layout in contrast to earlier 

Many new. components includ- models. But there is a major 
ing two processors go into the difference in that keying in the 
S100. These are powerful com- message “help" will give the 
puters in their own right and operator, and particularly the 
come in a total of seven models, novice, guidance on bow to 
meeting the contention oF some bandie most problems, 
users that the company was not The display will be made at 
keeping up with the competition Greenock and the controller at 
in the development of the Havant, and a typical installation 
so-called “front end" processor, with 12 typing positions and five 
This is a machine designed printers would cost around 
specifically to do an efficient £86,000. 

Data from echo sounders 

ACTlF Electronics, hydrographic Incorporating: real time clork. 
marketing associates of Beltings cassette recording and high 
Production Techniques of Titch- speed printer facilities enabling 
field, Kants, is offering a data hard copy logging or continuous 
processing and interpretation monitoring of recorded data, the 
service using the latter’s com- portable Dt. 2 is characterised by 
puters. power consumption as low as 1.5 

The service which relies on amps at 12V dc. 
newly-developed echo sounding Digital echo sounding facili- 
equipment and a data logging ties are provided by the new 
unit incorporating cassette re- Actif AD 3 unit a self-calibrat- 
cording facilities, enables a 2-10 ing add-on equipment designed 
hour hyrographic survey to be to operate in conjunction with 
dumped to disc store in less than any make of echo sounder. 

Three minutes, depending upon Using a crystal-controlled fre- 
the survey. Subsequent process- quency synthesiser for velocity 
ing is to customer requirements of sound setting, the AD 3 is 
in hard copy, punched tape or capable of direct measurements 
cassette. form,.. ... in feet, metres or fathoms. 

The introduction of the service Commercial enquiries for the 
follows the development of a Data Processing and Translation 
data logging unit capable of com- Service as well as the DL2 and- 
bining data from hydrographic AD 3 equipments should be 
positioning systems with digit- addressed to Actif Electronics, 
ispd depth data from any type of 2 Hawkhurst Cobham. Surrey 
echo sounder equipment KTI1 2QX (037-284 3643). 

m DISPENSING 

Provides correct dilution 

CHEMICALS USED for cleaning The device is connected to a 
can be accurately dispensed in mains water supply via a i-inch 



Tests are nearing completion on this 120- 
tonne forging manipulator, part ot £40m 
worth of orders from Rnssia won by Davy 
Loewy of Sheffield. The first big order worth 
£4m was obtained in 1975. In 1976, further 


orders worth E36m were received for five 
forging complexes and these included 
twelve integrated rail-mounted manipulators. 
These forging complexes are precisely 
controlled by very advanced electronic 
systems. 


0 COMPONENTS 

Tiny gyro 
available 

FITTING VERY comfortably 
into a golf ball, but . as fully 
engineered as very much larger 
units, is a new miniature gyro 
by Sperry. 

MGL-SO Microflex Gyro welgns 
35 grams, needs 3 wattjs of -power 
and can withstand 200g. ; 

It is suggested for such appli 
cations as laser and TV' head 
stabilisation, north^ -seeking gyros, 
bore-hole alignment units, etc. 
aad is available in two models of 
separate torquing rates. 

Hermetically sealed. this”mi ma- 
ture dry gyro is capable, of 
stabilisation in two axes and In 
such applications would be used 
as a reference source. >It can 
also be fitted into a tytoaxis 
servo-driven gimbal system ^with 
synchro outputs and in this 'form 
would provide an accurate 
reference for vehicle heading’or 
attitude. 

A rate gyro ^version" of the 
Microflex is being developed. 

■ Sperry Gyroscope, Dowusbire 
Way, Bracknell Berks. RGL2 
1QL. Bracknell 3222. 


LEGAL NOTICES 


the correct proportion with 


diameter hose and the chemical 
fluid is sucked out of the drum 


* ELECTRONICS 


C LIGHTING 


nuiu is (fuciveu uul ui uie uruui -m -i- * 1 * * • f ■». a 

jess* fn ^"prMni New idea Hi video discs 


Inspection 

equipment 


1:160 at the turn of a set screw. 4014). 






New York 
Miami 

Los Angeles 
Mexico 
Panama 


Ca»^L 

stf]% 




Santiago?^ 


Every Thursday Avianca takes off from 
Gatwick via Madrid to Bananquilla/ 

Bogota with immediate connections a 
to all of Latin America. This is the 
only non-stop flight from 
Europe to Colombia.., 

What's more 

Avianca offers 
three other weekly 
flights from the 
continent to South 
America. 

Look at South America 

with those who know it best... with Avianca. the second 
most experienced airline in the world and the first 
in the Americas. 


v Avianca 

up The Colombian International Airirr.e 

The First Airline of the Americas. 


Consult your travel agant or. 

AVIANCA London W.l. 2. Hanover Street. Tel. 408 iSSa. 


water with the aid of a device 
now being marketed by Mayvil 

Chemicals. head where it is diluted by the 

It is screwed Into the bung water. Output of diluted chemi- VICTOR CO. of Japan reports casting, education, advertising, 

hole of the container and is cal is controlled by a valve, development of a video/audio music and information filing, 

essentially a 3-way mixing valve Mayvil Chemicals’ headquarters high density disc system for The player, connected to a 

which will provide chemical/ is at Abbey Road. Sandbach, home and industrial use. which domestic colour TV receiver, A THREE-dimensional measurinc 

m “ , from 1:6 t0 Cheshire CW11 9QZ (093 67 can be used in many applica- plays a 12-inch, grooveless plastic machine equipped with a micro- 

tlons. including movies, broad- disc which contains up ro 2 hours processor-based digital readout 

of colour programmes with system called the Airborne, is 
sound, on each side. Ihe first product of the newly 

Picture and sound informa- formed ITP, 7, Hi"h Street 
tion. including stereo is recorded Lutterworth. Leics. LEZ7 4AT 
as pits on the d;?c surface to IU4555 57828). 
guide a pick-up stylus. For re- f n addition to aclms as dis- 
cording a single la>er beam is tnbulor for leading makes of 
spat in tv-o, for recording machine tools, the company says 
iQiOnnation. lo be retrieved, the it wiU develop and market its 
other for recording the tracking own range of products. 

it is sole UK distributor for 
Information and -Tracking the rotary tables and special- 
signals are simultaneously picked purpose machine tools made bv 
Up clr-’tronipjlly as capacitance Sykes and Dyson and Midlands 
variations between the disc sur- a sent for Rudolphe Carne and 
face I'mi an electrode on the Co., supplier of Cazeneuve lathes 
tracking stylus. 

Al prc«ont four Japanese elec- 
tronic manufacturers, including 
Victor, have developed their own 
colour viJrrn rti?n systems. But 
no company has started com- 
mercial production. 

Victor says that Japanese de- 
velopers need to unify video 
disc systems before commercial 
production. Mitsubishi Electric 
Corp- and Sony Corp. have de- 
veloped an optical system video 
disc, while Hitachi has developed 
a pressure system. 


and Huron milling machines. 



-the world Ijn^st manufacturer 
of industrial Suction Cl-aners 
Bury St- Edmunds. SuHotV. 0254 b:-!*!'?! 


.>0 mesa 1 of Ui* ‘ ■ ■ 

In the HIGH COURT QF JUSTICE 

‘'notice’ is merfby crvEN «gL » 
PtfrUon for tli«' windme up of Uj* ojlj"*' 
nam^t Company 
Justice w.i'* on the of 

IS7S' un-seni'^l M t he said Courr oy 
SKANTJC * US’ MMITF.D wtoW-TrejS- 
t ctwJ offic- ft at Room SW. Ebw 
II mac, S St. Ma«in’g-V-Grond. U OTHg - 
RCt\ 4 DN. PlsirlUunir of EleonTcaj 
Goods, and that ihe sold Fe*Uloo ■ »* 
directed la be henrt hrfore the Court 
nmna ot the Roral Cowls of Jwto. 
Srrand. London W2.1 -LL. oo.-lhf 
day of Octob-r. IS78. and any creditor or 
contributory or the said Company desirous 
10 su&oon or oppose the auhinJ. of 
nir Order nn rti? said Periunn mss 
appear ar the rime or bearing In person 
or hy his Counsel for that purpose: and a 
copy 0 r the P'-iilion will be' furnished bs 
the underslxtied to an? creditor or eon- 
rrlhmory of ihe said Company retjairins 
Rich copy on payment of the regulated 
chaine Tor the same. ' • 

REVNOLDS PORTER 
CHAMBERLAIN & Co... 

Chicbcsicr House. 

27P-2S3 Hlsh Holbnrn, 

London. WC1V 7HA. 

Sobcliors for the Petitioner. 

NOTE — Ait* wrsnn v-ho Inii-nds to 
appear on the hearing of ihe Said Petition 
must serve on or send by post to the 
above-named, notice In writing of bis 
Intention so to do. The notice most State 
the name and address of the tbs person, 
or. If a firm, the name and address of 
the firm, and must be stened by the 
Person or Brm. or his or their solicitor 
fff anrt. and must be served or, £f pasted, 
most be sem by post in sufficient time to 
mocb the above-named not later than 
four o’clock in the afternoon of-: the 13th 
day of October. 1078. 


CONTRACTS 
AND TENDERS 


TENDER FOR BENSO OIL 
PALM PROJECT 

UK/GHANA GOVERNMENT ■: 
LOAN AGREEMENT • • 

The Ghana Supply Commiuion invite* 

. tenders Uom UK manufacturers- and 
supplier* for cho iiipply only of 
material* for the cotm ruction of tho 
m*n ■ null buiMtng of a f»a1m Ofl 
netory to be built at Bcnio in the 
Western Region of Ghana, 
interested British manufacturer*, tup-' 
plier*. etc., of such building materials 
can obtain tender documents for a 
non -refundable fee of £100.00 from 
the Purchflime Liaison Officer, Ghana 
Supply Commission. 58-59, Berners - 
Street. London WIP 3AF. 

Duly . completed tender documents 
should reach the Purchasing Liaison 
Officer on Of before 3.00 pm or* 
November 23. 1973. 


PUBLIC NOTICES 


aryf of - STOKE-O N-TWEyr 

£900.000 Miife* «Hh October: na JUl 
3rd January 1979 at an ,iferin .9-.' 
ot 9*w*V- o.a. • Applications "tctsS --- 
£5^)00.000. NO other . Mbs- ant 25b 
standing. 

BOROU GH Of t -OTOH - ’ - .V; 

1 £950.000 bill* '-ailed 4.10 78 
9 15-S4tns% to- maturer- j.i . 79 , - 
*p Plication* - £8. 8m. TbUi omnaiw2r • ' 

£950.000- • 'ZyFrt:; 

HAMPSHIRE COUNT Y COONOt 

£1 D.OOOJHO. issued 4th October tsVai-.'. 
3rd January .*979 -aft an - average 
ol 9-=uv% pa. ApniicaUauo -- m 
£30.000.000. E62.OOC.GQOr - bHta 
outstanding. 

OFFICIAL Nonet:":. / 

PROPOSAL TO CHANtar JHIW* uV^-. 

We. N A VOCE AN LIMfTEO 
Bermuda Bulldiog. - HandHnh.. •' 

owner of the merchant * sMo^sSr? 
BRIDGE ■* of LomSori: 1 - oflclat I'hS - 
377*50 of Grom Tannaao-' EB.mTSs 
ol Register Tonnage . 45,7**. SS : 
iprovlouslv owned bv SILVER J i-, f 2T 
CARRIER 5 LIMITED oh Londooj ^wSS£' 
to change her name to. '■ MN , 0 iS& 




Any; options mun I .-be -ator-ttH 
Registrar General of Snipping sm ' 
Uantrisant Road.- Canfifl ays^SS 
seven day* or the apoemance 
advertisement. . . . . ■_ - 

• ‘ f ^^-CH ATlilOlfcV- - 


APPOINTMENTS 


THE PERFECT VACANCY ,»av am m.- 
bnt we wHI do our utmost m hadltter 
you. Professional, CommeTcSJ aM IndBti • 

S al vacanoes from Junior to- Awd- ‘ 
el. Teteonone Ht-aB* SlUi'-TS*, ' 
GROUP.. -Financial A*diSiia«y'tt£- ! 

sfon. 6. Lloyd's Avemje.. Undbn^i^ . 


COMPANY 

NOTICES 


D MAINTENANCE 

Snakes down 
the drain 

EVEN THE most stubbornly 
blocked drains are told to be 
quickly and efficiently cleared 
with a medium-duty electrically 
powered machine." called Rior 
Prins. says Wards Flexible Sod 
Co., in Cleave Avenue. Farn- 
horny?h. Kent BTtfi 7ITB. 

A flexible, coiled spring rod. 
with wire rope corn is used and 
ran dear obstructions in pipes 
from 50mm to lOOmm in 
diameter. The rod is housed In 
an interchan enable rotatine 
drum powered hv a 4 lip sinqle 
chaw. 220V or HOV electric 
mntor. 

The motor drives the drum 
which propels the spring rod 
throush a feed mechanism fwhich 
the company says is unique) and 
not onlv nfrpc, a variable speed 
of feed — q to g metres /min. — 
hut also allmvs mst.-mf reversal 
of direction r»r fned i irrespective 
of drum rut.ihon. 

The machine, » hich is manu- 
•act u red bv fhp DnVh company 
Rilnr RV. is Tnuntod on i Uuhf 
but strong tuhr.ia^ gfpvi wheeled 
chassis and weighs 36kg« 


JAR DINE, MATHESONS CO., LIMITED 

WARRANTS 
Notice to holder* of outuandlng Warrant* 
to subscribe ror »oci: units or hkib.od 
each of Jardlnc. Mathsso" & Co.. Limited 
UUCP br the Sank of Bermuda Limited 
*5 Deoosttarv on ISth November 1971. 

Warrant holders are hereby reminded 
that tl»e ooBon period for the exercise 
of ihe subscription rights conferred by the 
warrants ceases on 15fh November 1978. 
* warrant holder wishing to exercise 
he subscription rights must surrender 
tne Warrants to airy of the warrant agents 
listed O" the reverse of the Warrant 
with the Warrant eccrcbc form endorser 
thereon duly completed, together with the 
Daymen* of the subscription price on or 
before the I5tn November 1978. 

Bv Order ol the Board 

_ K. W. YOUNG. 

Hung Kong. C ° rnB " nV Swrtjr ’- 

2ri October 1978 

THOMAS M PUGET AN D CO., LTD. 

The Forty- Rrst Annual General Meeting 
al Thomas Mouget and Company Limited 
whose reglaiered often is at 34 Corn hold 
_ Mkldieshrough, C | eve | and. TSS SOL. 
will be held at 11 30 a.rrr. on Tuesday 
24 th October. 1970. at the ofhc” gi 
Mews. Tanslev Witt and ComSTnv za. 
civ Place. London EC1N 6T„ 

N MrVEIGM. Secretary. 


A .- X ' 




DISTRICT 
IVfANAGER 

EUROPEAN TBaMmi 

Sizeable U S. imlependem .penav 
l«um corporation.: basMun lexn; 
is, currently .aetfcingr i .Efahec 
Manager to. Uerhtop -jEarupeur 
trading- and safes ospm&in*-i&: 
-refmed^petroteu mff i* » ec tt <gte?t- 
quantities. 

Respomlbihoes ajKL4B6WrJB!4, 
porta tion irrangnaifiltl '-ftX- imti- 
lutionsl cargo moTe«e«*.wri »**; 
In system requiremefTts^-Offittirffl'- 
be located in pawigjous an* tf. 
London, ; and wifl. ■alnaft-'clBm- 
II oil on with' New- York and- utter, 
incematioqtf bfficas of Ganpaaf.-. 
Position, xemiraneon Indade-.a 
relevant ameers wy degree, for 
equivalent)-. al».A FplwBind or 
five ydits 1 related mqwiaoM iff 
the oil '.-WKBT-' Salanr. rsn» 'II 
£17.090 to . £20,900- per onmno. 
negotiable, dapehdins hp°ji hic>- 
ground . and FWima Cmapetl- 
tiva bene fir package uvailairie. . 

For fmnfedMtc coosWerutfM. •" 
filaote rubmlt cunrel rtami ia 
complete confidence t« -a ' 

BOX A.6497 
FINANCIAL TIMES 
' TO CANNON STREET 
EC4P *BT . 


3v- 

ascr: 



RESIDENTIAL 

PROPERTY 


HYDE PARK views Iron b«h >«"*» + 
kit. a bath, £ 25-000 for a 
Only mlnwtes from Marble Arch- Rtw anl 
twi & Partners 439 B3SS. 

GROSVENOR STREET, MAYFAI«-_ Ptf* 
terre. Two rooms k + A S4 -tW £* 
offers around LSS.DOO. FMClwrt . •«" 
& Partner* 499 4333. f • 


PROPERTY 


EXCELLENT INVESTMENT. J SWWjrtff; 
Jurnlshwj lettings. OKOlMM _ 

b*h income nria. overheads and*"*? 
toad. S.E. London. 

Tel. 0T-B91 0281 or 0T^93 4927. 



This announcement appeals 
as a matter of record only. 




AND 


DM 150,000,000 

medium term loan 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 



V 


: f- .; 










6cebi^r; 4 1978 


FINANCIAL TIMES SURVEY 


JrM 






Wednesday October 4 1978 


*N 


Ecrsrt^;, .... -1 ... 

’■.at? - ■■!•/.•' 


3S*jr 


U.S, Futures Markets 


1BL1C 


N OTi Ct; 


Interest in fixtures trading on the U.S. commodity markets 
has been encouraged by the investors desire for protection against the fall 
of the dollar as well as fears of renewed inflation. The biggest growth has been 
recorded by trading in interest rates and foreign currencies. 


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THE EXPANSION of lie 
futures, industry continues 
apace. In the year to June last 
estimated volume on all the 
UjS. futures market leapt to 
over $l,400bn; making it a tril- 
lion dollar industry. This is,- of 
course, a somewhat 'misleading 
description since, as the Futures 
Industry Association point out, 
it represents the- theoretical 
amount if deliveries were made 
on all contracts traded and 
actual delivery made only on 
a small percentage. ' - 

Nevtherless it is one indica- 
tion of the. growth of interest In 
futures trading in the past 
decade and especially in the- past 
few years. The number of con- 
tracts traded on the futures 
markets .provided further evi- 
dence of the industry’s expand 
Sion. 

Total futures contracts traded 
in 1977-78 rose by nearly 17 per 
cent to $48.4m^-dotible' -the 
volume of only four years. ago. 
Soyabeans / on the Chicago 
Board of Trade remains the 
-gran daddy of aU : the markets^ 


Trend 


c But the restUy:. ' significant 
trend to emerge is the growth 
of a new breed of. futures trad- 
ing— the ‘ so-called ' ~ financial 
instrument markets ; covering 
interest rates and foreign cur- 
rencies. The$e . mai^Bts - .haye 
established themselviw : ;wtth 
astonishing success .in .a short 
time and have' provided the 
main excitement during the past 
year, with most, tradhiohal com- 
modities talcing a hack seatln 
r generally dull conditions, . 


e The importance of the finan- 
s dal instrument contracts seems 
t likely to grow even, more as a 
e battle looms between New York 
a and Chicago . over futures 
1- business. ;/ 

i The American : Commodity 
g Exchange, an offshoot - of the 
s American Stock -Exchange in 
; New York, has just launched a 
1 futures contract trading in 
b Gimrie Mae. (Government 
i National Mortagage Associa- 
ition) certificates ;to ''rival the 
. established markets' on the 
I. Chicago Board of Trade. The 
3 New York Commodity Exchange 
t (Corner) is also planning to rn- 
t troduce a whole financial instru- 
ments complex of -futures mar- 
s kets for fcedgingvor /speculating 
. against changes in interest rates 
tanging from Gmnie Maes to 3- 
month, 1-year and 2ryear -notes. 
Although the' .. Chicago ex- 
r changes were 'toe innovators of 
8 this highly successful new con- 
cept, it. is .claimed that the 

■ financial centre of -toe ' U.S. is 
, in New Ybrk ahd that they , will 

attract a whole. new volume of 
business from New York insti- 

- tutions ' reluctant - to deal in 

- Chicago. . . 

The Chicago’ .exchanges are 
t Tutting back with new contracts 
t and ideas to fight off the chal- 
* lenge from New York The 
l Board of -Trade recently Tntro- 
\ duced a revised GumleMae con- 

- tract to make the market-more 
! attractive to the eash trade, and 
l- is also planning' a contract for 
t Eurodollar certificates ' of de- 
: poslt-to be delivered id London. 

: Both Chicago and' New York 

■ are in agreement that the big- 
i. gest growth potential : for 

futures; trading is In. the tbifs-.' 
-.jv i •- . 


gest commodity of them all — 
money with new supplies of 
U.S. Treasury bills issued cadi 
week that theoretically should 
be hedged against the increas- 
ingly sharp changes in interest 
rates. 


It is claimed that the con- 
tract will offer investors as well 
as speculators the same, type of 
price and value protection pro- 
vided by commodity futures 
markets. While attention has 
been concentrated on the finan- 


Details of the changes made 
to the GFTC structure by Con- 
gress have yet to be fully clari- 
fied; but one important change 
is that the chairmanship of the 
Commission is now a political 
appointment by the President. 


troduce options trading on the< 
U.S. commodity exchanges for 
some time, especially as the 
debate over reauthorisation of 
the Commission . has caused a 
log-jam of paperwork. It is 
still hoped that option trading 


Financial contracts 
fuel expansion 

By John Edwards, Commodities Editor 


The success of the gold and 
foreign currency futures con- 
tracts also highlights the in- 
creasing preoccupation of in- 
dividuals and companies with 
the protection of their funds 
against inflation and unpredict- 
able currency movements. 

An even closer link between 
the stock markets and future? 
could be forged by the Kansas 
City Board of Trade plan for 
futures trading in the 30 in- 
dustrial stock average. The idea 
is to provide hedging facilities 
against fluctuations in the value 
of stock' portfolios. 


rial markets, other futures .con- 
tracts under consideration in- 
clude cbal. oil, ocean freight 
rates, and the New Orleans Ex- 
change is planning to reintro- 
duce a futures contract for 
cotton and other commodities. 

All these new contracts have 
to be approved nowadays by the 
Commodities Futures Trading 
Commission (CFTC), which has 
been the subject of considerable 
criticism. Its very existence was 
threatened when Congress had 
to decide whether or not to 
approve its reauthorisation for a 
further period. 


The CFTC came under parti- 
cular fire both in the U.S. and 
Britain for its failure to control 
the London options scandal 

London commodity traders 
were particularly incensed' at 
the had name given to UK mar- 
kets by. the activities of dubious 
companies in the U.S., which in 
many ' cases either merely 
pocketed the premiums or 
charged excessive amounts. 

In the U.S. ttbe CFTC even- 
tually took (he easy way by 
banning, all option trading, ex- 
cept for special trade options. 
This has. put back plans to in- 


wiU be authorised on the New 
York and Chicago exchanges, 
but the starting date is now 
more likely to be 1980 rather 
than hext year. 

Meanwhile there is consider- 
able resentment among com- 
modity traders against the 
CFTC. Pltlftxl and pathetic 
were two of the politer descrip- 
tions of the Commission's role 
so far. 

It is feared that the CFTC 
could over-regulate the markets 
and drive business abroad. In 
the prejudiced view of one New 
York commodity trader this has 


.already happened with the 
41 geriatric " securities market 
and it had to be prevented 
happening to the “adolescent ” 
futures - industry, which is still 
expanding; especially with the 
spate of new financial :instru- 
ments that is' attracting a whole 
new sector of investment 
interest. Financial institutions, 
which previously were mainly 
concerned with providing funds 
to commodity dealers, are now 
becoming participants as well 
to a much greater extent. 

At the same time managed 
commodity futures funds, aim- 
ing to provide a higher return 
on capital because of the better 
gearing in futures, 'are becom- 
ing increasingly popular as a 
source of investment for surplus 
funds; computers and charts are 
now common tools used to 
predict market trends. 

There is a totally different 
attitude among public and 
government circles in the U.S. 
to speculation on the futures 
market than in Britain. 
Mention commodities to a taxi 
driver and he will often ask 
what’s happening in pork bellies, 
soyabeans or silver. New 
Yorkers are even being wooed 
by TV advertising to participate 
in futures trading. 

Government authorities 
recognise that speculation is 
essential to provide the 
liquidity required for adequate 
hedging facilities for the trade 
user. A market without 
sufficient funds is unable to give 
the trade proper price protec- 
tion and the volume of specu- 
lation is recognised as -a 
necessary ingredient 


To the outside observer the. 
frenzied trading conditions and: 
dominant role played by 
“local" dealers, acting purely : 
on their account, may seem a : 
strange way of deciding com-.' 
modify prices. But the fact i&’ 
that the markets do serve their.- 
prime purpose of providing 
price protection fbr the trade 
extremely efficiently. 

Some banks are already 
taking into account whether a 
farmer, trader or consumer, is 
adequately hedged against price' 
fluctuations when deciding • 
whether or not to grant loans, 
and on what terms. The decline 
of the dollar, inflation and the. 
general concern about the world 
economic situation, has brought 
a growing awareness of toe role, 
that can be played by thei 
futures markets and explains: 
the great success of the finan- 
cial contracts. 


Image 


At the same time it must be 
said that the exchanges them- 
selves have also made consider- 
able efforts "to improve their 
image from that ' of' gambling 
dens to more responsible insti- 
tutions playing an important 
role. • 

The growth in popularity of 
gold and interest rate futures 
certainly helps the respectable 
image, and the exchanges are 
confident that they can contina# 
expanding. This will be especi- 
ally so when the trading in the 
traditional commodities, par- 
ticularly grains, is restored to 
more normal levels after a. long 
period of depressed prices. 


v 

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*#**•*• 

\ •: 

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•- 

!**+*;'■ • 
£•%"& . 
iff 1--' 



For 

technology 



iESiOEKTli 

property 




TK 





PROPER 


in commodities! 


- -- 1 


Benefit from nearly a century 
of commodities experience. 

Bache was founded in 1879. So when 
you consult us,*you benefit from nearly one 
hundred years df accumulated trading 
experience. - 

Today our commodity specialists study 
the markets minute-to-minute. They have 
access to the advanced technology avail- 
able at Bache, which includes very sophis- 
ticated computer and communications 
equipment. 

Consequently through Bache you have 
access to timely, key information and to 
practical, usable advice. Ask us about 
coffee. Or gold. Or soybeans. Or any com- 
modity. We believe our advice could give 
you a decided advantage in appraising the 
risks and potential rewards of the market- 
place, whether you're a trader or a hedger, 
or both. 

Take advantage of our 
woridwide trading capabilities. 

We are members of all major interna- 
tional commodity exchanges. So whenever 
you see opportunity in commodity markets, 
it's very likely we can help. 

You can put our expertise, our sophjsti- : 
cated technology, and our worldwide 
trading capabilities to work for you. For 
additional information and free copies of 
our latest research publications, call or telex 
your nearest Bache office. Or contact our 
London Commodity office, Bache Halsey 
Stuart (London) Limited at Plantation House 
Block A, Fenchurch Street London EC3M 
3EP England. Telephone: 01-623-4646. 
Telex: 883251-521. 


j.. 



Amsterdam • Diisseldorf* Frankfurt.- Gerfeva* Hamburg • 
Hong Ko.rig * London - Lugano - Madrid ■ Monte Carlo • 
Municfc F^rls_» ■Singapore' 4 Stuttgart • Zurich. 

.More than 160 offices worldwide. 





Financial Times Wednesday October 4 1978 




Go 

Silver 



PIP 


Copp 

Zinc 


- = , : rr. : r r 
!!!::!!! 
!JJ— '---L 
i i ii t ill 




Hedgers and speculators benefit from market liquidity, rapid order execution and prompt 
dissemination of trading data provided on COMEX... which is why more metals futures 
contracts are traded on COMEX than on all other United States exchanges combined. 

You should learn more about metals futures trading. Information kit available. 



The World's Largest Metals Futures Exchange 

Commodity Exchange, Inc, Four World Trade Center, New York, NY 10043 {212)938-2900 


SILVER COPPER GOLD ZINC 

5,000 Troy Ounces 25.000 Pounds 100 Troy Ounces 60.000 Pounds 




wmm- 


wa 








Where Does the World Turn for 
Platinum and Palladium Futures? 


There's only on© marketplace on earth 
for the trading of futures in Platinum and 
Palladium. And incidentally, only one fu- 
tures market in which Gold, in both 1-kilo 
and 400-ounce units, and U.S. Silver Coins 
are traded. 

The New York Mercantile Exchange. 

If you're interested in the hedging or 
speculative potentials in precious metals 
futures, this is where you'll focus your atten- 
tion — as the world does. 


And if you'd like the details on any of 
these precious metals contracts, or any of 
the other commodities traded on the New 
York Mercantile Exchange ... or ,» you'd 
hke a free copy of our popular primer. 'The 
ABCs of Commodities" . . . please send 
the coupon, below. 

Or talk to your commodities rro-er. 




NEW YORK 

MERCANTILE 

EXCHANGE 

Commodities Exchange Center. 

4 World Trade Center, New York, N.Y. 10048 
(212) 938-2222 


NEW YORK MERCANTILE EXCHANGE 
Commodities E 'change Center 
4 Wortd Trade Center New York f«.Y *0043 

Please send me a copv ot me New f'z-'- .Verzanv: 
Booklet that includes information on 

• PLATINUM • MAINE POUND iTE = 

• PALLADIUM • IMPORTED LEAN 5=E C 

• GOLD • PETROLEUM PRODUCT 

• SILVER COINS • INTERNATIONAL CUR 2 ! 
Also send me a free cosy of 

~ ABCs OF COMMODITIES 


Address 




U.S. FUTURE MARKETS II 


Brokerage houses 
branch out 


BANKS AND financial institu- Latest figures issued by the U.S. 

tions have traditionally played __ T ... , »___■_*■ 

a service role to the commodity Future Industry -Association show that 

markets either by financing the the Chicago Board of Trade still has the 

SL Hon'. share of total business, but Is 

and facilities for marketing of 

the product, including the 

futures markets. U.S. FUTUI 

The huge sums of money that 

are traded each day on ihe 
futures markets may be just _ . 

'* paper " transactions cancel- " anK 

ling each other nut most of the 

time, but nevertheless they do EXCHANGES 

represent commitments that 1 Chicago Board of Trade 

require financial backing. Not 2 Chicago Mercantile Exchange 

surprisingly banks based in 3 Commodity Exchange, Inc. 

Chicago, and New York, where 4 Mid-American Commodity Exchange 
there are the biggest futures 5 New York Cotton Exchange 
markets rn the' world, has G New York Coffee and Sugar Exchange 
established special links. 7 New York Mercantile Exchange 

Bankers Trust and Chase 8 Kansas City Board of Trade 
Manhattan, for example, have 9 New York Cocoa Exchange 


meeting increasing competition from the 
lively Chicago Mercantile Exchange just 
“ down the road. 1 ’ The New York 
exchanges now account for over 20 per 
cent of total business. 


U.S. FUTURES VOLUME 


■ 1977-78 and Comparison with 1976-77 


Jnly 1977 to 
Jane 1978 


July 1976 to 
June 1977 


Ranking 


been actively promoting the 10 Minneapolis Grain Exchange 
commodity service in recent 
years. In Chicago, leading banks . 

associated with the futures — — 

markets include Continental LEADING CONTRACTS 
Illinois. First National of 1 Soybeans (Chicago BOT) 

Chicago, and Harris Bank. 2 Corn (Chicago BOT) 

First National, for example. 3 Live Cattle (Chicago Mercantile) 
has held a membership seat t.n 4 Silver (Commodity Exchange, Inc.) 
the Chicago Board of Trade for 5 Soybean Oil (Chicago BOT) 
many years, which it uses as a 6 Silver (Chicago BOT) 
form of on-the-spot sales and 7 Soybean Meal (Chicago BOT) 
information branch to keep in 8 Wheat (Chicago BOT) 
dose touch with what is happen- 9 Gold (Commodity Exchange, Inc.) 
ing. 10 Live Hogs (Chicago Mercantile) 

Some 70 per cent of the n Gold (Chicago Mercantile) 
silver stocks, held by the Board 12 Pork Bellies (Chicago Mercantile) 
of Trade, are held in First 13 Copper (Commodity Exchange, Inc.) 
National's warehouses, and it 14 Soybean (Mid-America) 
provides loons against ware- 15 Sugar *11 (New York) 
house receipts: letters of credit i<j Cotton (New York) 
md general financial support 17 Wheat (Kansas City) 
for the market traders. jg GNMA Mortgages (Chicago BOT) 

ri . a . 19 Lumber (Chicago Mercantile) 

Similar 20 Potatoes, RW (New York Mercantile) 

21 Orange Juice (New York Cotton) 
Several other hanks in 22 T-BUls (Chicago Mercantile) 

Chicaeo and New York sperialis- 23 Silver (Mid- America) 

ing in commodities play a 24 Plywood (Chicago BOT) 

similar role in providing a ser- 25 Feeder Cattle (Chicago Mercantile) 

vice to the futures markets 26 p latimiin (New York Mercantile) 

However, the introduction of 27 (Mid-America) 

the financial instrument, and 28 Cocoa (New York) 

foreign currency. contracts £9 wheat (Minneapolis) 


Contracts 

% 

Contracts 

% 

in 1976-: 

24.662,008 

50.93 

22,064.069 

53.21 

(1) 

10.950,964 

22.62 

6,895,025 

16.63 

(2) 

6,400,451 

1&22 

6,013,371 

14.50 

(3) 

2,9564196 

4.04 

2.366,506 

5.7 1 

(4) 

1,2634109 

24>I 

1J054J73 

2.66 

(6) 

1,121,624 

2.32 

1,315,069 

3.17 

<31 

8524159 

1.76 

536.015 

1.29 

(8) 

7134)73 

1A7 

633,124 

L53 

(7) 

264,850 

4>5 

3234368 

.78 

(9) 

2354150 

.48 

- 214491 

.52 

(10) 


48,420,684 


41,466,011 


Similar 


Several 


foreign currency. 


7,708475 

254)2 

7.8854)16 

19.02 

(1) - 

6,028471 

12.45. 

4,683,943 

1140 

(2) 

3,760,499 

7.77 

2478,004 

6.94 

(4) 

3^11.911 

745 

4,121425 

944 

(3) 

2.614.870 

5.40 

2489403 

5.76 

(5) 

2401427 

5.17 

1.966.725 

4.74 

(8) 

2,339,727 

443 

2.135496 

5.15 

<7> 

2419.601 

448 

2478.888 

5.49 

(61 

1.807,244 

3.73 

646413 

1.56 

(15) 

1.665,409 

3.44 

1,096,166 

2.64 

(121 

L66L908 

3.43 

495,048 

1.19 

(17) 

1,482,919 

3.06 

1432,617 

2.97 

(10) 

1,080,741 

243 

1445,733 

3.00 

(9) 

951^14 

14)7 

1401.929 

2.66 

no 

941417 

1.94 

1,073,583 

249 

(13) 

858^31 

L77 

942,777 

247 

< H) 

713,072 

1.47 

633410 

1.53 

(16) 

608,645 

146 

235.011 

.57 

(25) 

526496 

1.09 

398422 

.96 

(19) 

5104)30 

L06 

24L557. 

.58 

(24) . 

4044)29 

.84 

160,507 

.39 

(29)- 

403.946 

.S3 

217,006 

.52 

(27) : 

386.449 

.80 

410,926 

49 

(IS) . 

352,593 

.73 

. 281,983 

.68 

(23). 

321,779 

.66 

; 107,166 

.26 

(35) 

279.184 

.58 

129401 

.31'. 

(33) ' 

266425 

.55 

397484 

.96 

(20) 

264,850 

.55 

323400 

.78 

(2t) 

235,231 

.49 

214402 

.52 

• (28) 

222,608 

.46 

73.952 

.18 

(38) ‘ 

219.692 

.45 

— 

— 

‘ — 

214.480 

.44 

• 50.073 

42 

(39) ■ 

189,963 

49 

142487 

.34 

(31) ' 

179,056 

. -37 

34,484 

.08 

(4ft)- 

162,920 

. .34 

219,028 

.53 

(261 

157.701 

. 43 

309477 

.75 

(22) 

143.603 

.30 

— 

— 

— ' ' 

139,100 

.29 

106491 

46 

436)- 

132,953 

47 

122,895 

■ .30 

(34 )' " 

117406 

44 

156475 

.38- 

(30) 

70407 

.14 

■ 76,661 

48 

(37) 

41.615 

.09 

— 

— 

— 

30424 

.06 

■ — 

— 

— 

87,763 

.18 

252447* 

.61 


18.420.684 

10040 

41466,011 * 

100.00 



means that the futures markets so Deu^e,,,^ (Chicago Mercantile) 222,608 .46 73,952- .18 (38) » 

are becoming much more 31 j apanese Ye n (Chicago Mercantile) 219,692 .45 — — - — - 

actively engaged with financial 32 Swiss Franc (Chieag0 Mercantile) 214,480 .44 ■ 50.073 .12 (39) ■ 

institutions as participants in 33 u ve Hogs (Mid-America) . 189,963 .39 142,387 '.34 Ola- 
the market as .well. 34 British Pound (Chicago Be/caiitile) • • ••'- 179,056 , .37 34,484- .08 (40) " 

The futures exchanges can 35 coffee “C" (New York) 162,920 . .34 - 219,028 - .33 (26) 

now provide protection against 3g (Mid-America) ' 157.701 - .33 309,277 .75 (22) 

volatile movements in interest 37 T-Bonds (Chicago BOT) : " 14V603 .30 — — 

38 Canadian Dollar (Chicago Mercantile) * 139.100 -29 106.291 -26 <3S>- 

weH as in pork bellies or soja- sg 0a(s (Chfcag0 B0T) • 132,953 .27 122.895 * .30' (34) " 

Tht h*c not w« 40 Fresh Eggs (Chicago Mercantile) . 117.506 214 156.275 .38- (30) 

m . Th Jn r , a5 wr 41 Iced Broilers (Chicago BOT) - 70.207 .14 76.661 .18 <3*>' 

hX, which are 42 (New York Mercantile) 41.615 .09 - -- 

in on fh l 43 Cold. 3 Kilo (Chicago BOT) 30.324 .06 — ” — 

S' one of “he leeder" a, 44 Contracts below 20,(W0 volume t7JC3 .IS W SMT -61 - 

^-Geowatwho M he r . r dV ' ... 48.420.684 100.00 41.466,011 100.00 

up their new ; .social futures U-S- iMhtttn) Auociation Jr 

operation, has been with Merrill ■ ■ ■ ■ ■ ■ ■ ■ ■ 1 11 ■ ' . * 

for 11 years, and had previously 

been in charge of the specula- the massive •" cash market " in form of “ gambling," Mr. Bagley futures and their interrelation- 
tive sales department of their government* and government feels that the pendulum could ship with the - other financial 
commodity division. He has agency debt securities, Collins swing the other way and those markets. 

spent the last two years study- and his colleague Joan Davanco, corporations that do not hedge The Chicago Mercantile Ex- 
ing the financial futures market who joined Bache from Seattle their interest rate exposure, change got round the problerii 
to see if it was the sort of First National Bank, are for instance, may in future be by setting up a special Inter- 
market in which Merrill should physically located in the firm’s accused of "gambling." national Monetary Market 

make a “substantial commit- government bond area. Already it is clear that a division to handle financial in; 

ment." They have now decided One of the first specialist certain amount of friction is strument and foreign currency 
to take the plunge and Mr. Hall financial futures operations, starting to develop between the futures. Rather belatedly the 
feels that the market is still in Conti Financial, was set up by traditional Chicago-based com- Chicago Board of Trade is fol- 
its infant stages and the growth the Continental Grain Company modity futures traders and the lowing suit and spinning off its 
over the next few years could back in 3975 under the leader- Wall Street brokerage houses, financial futures market into a 
be " absolutely spectacular." ship of Dr. Richard Sandor. It Despite the insistence that separate division and offering 
Consequently, he is building up had a head start over most of financial futures are just like specialist Financial Instrument 
bis staff to service not only the others and is today one of any other commodity future, membership. 

Merrill's important institutional the largest operators in the many Wall Street brokers feel However, some observers still 
clients bu‘ also the firm's re- specialist financial futures that the traditional commodity feel that the financial futures 
tail customers. market It has recently opened traders do not fully understand market is becoming quite 

The story i s much the same an 0 ffj ce j n New York* in addi- the ramifications of financial polarised. Pat Collins at Bache 
among the other important Wall f j on t0 j ts base j n Chicago, to CONTINUED ON NEXT PAGE 

Street brokerage houses. E. r. counter the competition — Z — - 

Hutton, in particular, appears from the Wa il Street brokerage 

to ha^e geared itself up in a houses, and has a staff of SDSCia lists Ifl 

major way to take advantage of ar0 und 10 senior executives all . . , ■ _ ... _ 

the rapid growth «n the interest of whom have mbas. . International Commodities Futures 

rate fuiurcs market and under . 

Martin Boorstcin now has one nf c n j«j- Raw Material Hedging Programmes 

the largest specialist staffs in ' • - 

this area. Hutton has several According to Dr. Sandor the ror corporations MIUJ 


make a “ substantial commit- 
ment.” They have now decided 


Split 


this area. Hutton has several According to Dr. Sandor the 
hundred retail account exeru- main impact of the new finan- 


nves that 
educated to 


are now 
market 


being cial futures markets has been 
interest to create a " whole new class of 


rates futures in addition to the speculator.” He sees the market 
firms full-time specialist being split into three main types 


interest rale futures sales staff, of users. 
At Shearsnn, Hayden Stone len d l0 


The primary users 
be the investment 


they lured .lay Barr over from bankers and dealers in govem- 
Merrill Lynch s Government men j securities who want to 
Securities operation to run their CClVer their positions. The 
nevv financial futures depart- secondary users are the com- 
ment. Like Merrill. Sh e arson is racrc j a i banks which use it 
heavrty biased towards ihe extensively to hedge and 
retaU end of the business with arbirrage lhe ir corporate bonds, 
other U)t branch offices across for exanipIe> and finaHy th^ 
he country and part of Birrs are the niorlfiage bankers and 
.luh is In run seminars for the 


firm's salesmen m teach them 
all about financial futures. 

Bache Halsey Stuart Shields 
was. another firm that went out- 
■ide to hire people to run its 
infant financial futures iipera- 


are the mortgage bankers and 
savings and loan associations 
which operate in the “ Ginnie 
Maes " etc. 

Many of the Wall Street 
brokerage houses, however, feel 
that there is tremendous poten- 


twn. In May. Pat Collins joined J ,al J« b * had in r developing a 
Bache from ContiFmaneial. the fourth category of user - their 
financial futures operation of corporate clients. Already they 
ihe giant Continental Grain are . «* ,n * examples of com- 
'ompany. Bache was a l read v P anies as dlverse as airlines 


active in the area and Collins an ^ public utilities taking 
see.- his role as that of a " pro- advantage of the financial 
duel manager" to ensure that futures market to hedge their 
financial futures are properly exposure to interest rate move- 
marketed through Bache's mcnls. At the moment such 
(lOo-odd salesmen and 180 examples are more the excep- 
offices. In common wiih other tion than the rule but Bill 
operators in this market Collins Bagley. Chairman of the Com- 
admits that it is sometimes modify Futures Trading Com- 
rather difficult Tu see quite mission . feels that ibis 
where he fits into Ihe organisa- >s bound lo change, given the 
Uonal structure uT a large background of volatile niove- 
brokprage house like Bache. ments in interest rates. 
Officially he is parr of the com- Whereas many large corpora- 
mndity division but because tions used lo shy away from 
financial futures are inereas- operating in the futures market 
tngly being used by uperaturs id because they regarded it as a 


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Financial TRiftss' Wednesday October 4 1978 

: U.S. FUTURE MARKETS HI 








17 


t 



merger 



well 


z 

tMer^ 

jVOsd ■ 

# /tec 

IH£b17:v 



THE MERGING of the four 
commodity futures exchanges in 
New York under one roof at 
the giant World Trade Centre 
seems to have gone better than 
anyone dared hope. That is 
the impression a year later 
after, the merger of - the four 
diverse exchanges — Comex, 
■sugar and coffee, cotton, and 
Mercantile — got together under 
the umbrella organisation of- 
the .Commodity Exchange Cor- 
poration (CEC). 

There; is such a diversity of 
futures markets within the four 
exchanges that it was thought 
they might have serious diffi- 


culties in coping with, their 
different -interests. However, 
that has not been the case. The 
four exchanges are still run 
autonomously, with; their own 
individual directors and secre- 
taries. 

.. But despite some ofivious day- 
to-day disagreements,; -all the 
exchanges declare themselves to 
be very pleased -with the bene- 
fits of co-operation- that has en- 
abled them te : provide -much 
improved trading -conditions 
and stimulate extra interest in 
their markets. Joint member- 
ships — that is traders who are 
members of two or of all four 


exchanges— are rising and this 
has meant an increased turn- 
over for several markets. 

There is a certain amount of 
caution about the future: it is 
emphasised that it will take a 
long time before all the differ- 
ent interests, can be merged. 
But as one trader put it: 14 Ten 
years or even fewer from now 
the New York Commodity Ex- 
change Corporation will be 
rivalling the Chicago Board of 
Trade iq size and stature." 
There is still a long way to go 
before that is true; nevertheless 
the introduction of the financial 
instrument complex planned by 


Comex should be a binding in- 
fluence that will attract interest 
from -all its fellow exchanges 
and be in direct competition 
with Chicago. 

.Comex is offering a “ bargain 
basement” membership con- 
fined to the proposed financial 
instruments, complex only of 
$7,500 for a seat to ensure ade- 
quate membership at the 
launching. Given the experi- 
ence in Chicago, where the price 
of financial markets seats has 
rocketed, there should be a 
great deal of interest 

A huge rise m gold futures 
trading has kept Comex jum 


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Chicago • records broken 


RECORDS SEEM to be broken - The Chicago exchanges. realise ing the past year, and increased niques and constant analysis by 
^almost every month nowadays that having blazedjthe trail into volume in com (maize) has very sharp minds. 

^on the Chicago futures thte new sector, t£ey a-going more than offset a slight decline The Chicago markets have 
... exchanges. Last month- the to face a major fettle in the of . Q been described as th e last bas _ 

Chicago- Mercantile Exchange years ahead with the.New York . . ^ tion of capitalism where the 

^ announced that volume of coil- exchanges seeking to get in on A success scored by the f 0rc6 g of supply and demand 

tTacts : traded in the- first seven the act, backed by their strength Chicago Mercantile -Exchange is can be seen nakedly at work, 
months of 1978 jumped to over as a major financial -centre. a big increase in the volume Trading is- 1 in fact, regulated in 
i-i 5^” 23I^U g i-oSi e Competition between the of contracts traded in live cattle, a stricter manner than in New 

' ■ vol- Chicago Board of Trade, which feeder cattie. and live hogs. York with check systems estab- 

which itself was a record /.9m — — - . - jished over the years, so there 


contracts. 


has not- happened by 


still accounts for over 50 per This ..- a , , , 

cent-Qf total U.S.' futures trad- accident. The Exchange has '? considerable _ resentment at 

: On the giant Chicago Board of ing, and the Tfast-growing made great effort, to go oot £• £» *SSS£ 

.Trade monthly trading . volume Chicago Mercantile. Exchange is t0 ^ farming population and by the Commodity Futures 
':!in .August reached an all-time intensifying the efforts to retain explain the ° advantaee<; of Tr * ain S Commission. 

record of 2-26m contracts: This leadership of the markets they “ bec jeino" h nw urice nrotec- But 11 "has to - be . recognised 

“ is the fifth time this year con- started and improve their share tion can ° be obta i ned and how world .of futures trad- 

tracts traded have topped the of the rapidly expanding futures t0 u _ th market. ing is changing In line with the 

* ;2m-a-month, pushing.' , total trade. Inevitably this luiist me luiures marsei. radical alternations in the whole 

'* volume for the. year to 17.7m. mean making rgreater efforts to Much criticism is often economic structure.-' Chicago 
•; contracts. 17 per cent above the become' better known- interna- levelled at the futures Ex- has. itself, been largely instru- 
previous year’s record levels. tiohally, since this is, where New changes for ■'the apparently mental in bringing about the 
> -T/v • - _ York isstroneand Chicago has illogical way that the market move towards a far greater in- 

: A m embersmp on tiv Board higtoncaliv been- 'somewhat price moves seemingly at the volveraent with the financial in- 

. of Trade fetched _ $2 10,000. in j t is the words of whim and ' fancies of specula- stitutions than in the past. 


ahead of the Chicago Mercantile 
Exchange in volume terms. But 
it has lost some ground on 
silver— although it is still the 
leading market- — because of 
doubts about the tax straddle 
business that accounted for a 
large proportion of its previous 
tournover. 

Other new contracts are being 
studied, including aluminium 
and nickel, but after -the bad 
experience with the zinc futures 
market that has so far failed 
to get off the ground properly, 
Comex appears more interested 
in expanding into financial in- 
struments. 

The New York Mercantile Ex- 
change. which has managed to 
survive the well publicised de- 
faults on its Maine potatoes 
contract, has bad great success 
with platinum futures' where 
turnover has leapt 

It is planning to revive its 
presently dormant contracts for 
foreign currencies in view of the 
increased interest shown in 
these markets in Chicago, and 
the general U.S. concern about 
the decline in the dollar 
jlustrated by the flight into gold 
and platinum. Other possible 
new contracts are for oil futures, 
for domestic delivery only. 

The Cotton Exchange is con- 
sidering efforts to revive its 
dormant petroleum market by 
changing the point of delivery 
closer to the U.S. It is looking 
as well at the possibilities of 
trading in cottonseed oil and 
rice, although nothing definite 
has been decided. Meanwhile, 
volume on its orange juice 
futures contract has expanded, 
partly through market condi- 
tions and partly through extra 


turnover generated by joint 
members of several exchanges. 

Falling prices and reduced 
interest have hit turnover on 
the coffee and sugar exchange, 
although the coffee contract has 
been widened to allow delivery 
from more countries. One idea 
being studied is for a sweeteners 
futures market, allowing deli- 
very of liquid sugar to recog- 
nise tile growth in the high 
fructose com syrups In the U.S. 
particularly. Another possible 
new contract is for ocean freight 
rates, which are of considerable 
interest to sugar and coffee in- 
ternational traders. 

Meanwhile the Sugar and 
Coffee Exchange is holding 
talks with the Cocoa Exchange 
— the only New York exchange 
not under the CEC umbrella so 
far. Although trapped in its 
present premises by a costly 
lease, with many years to run, 
the Cocoa Exchange is 
apparently impressed by the 
way that the different ex- 
changes have managed to put 
aside their parochial interests 
to their mutual benefit. 

A comparison between the 
trading facilities and location 
indicates why cocoa is feeling a 
little left out in the cold — depen- 
dent on one market for its sur- 
vival. The view at the World 
Trade Centre is that the CEC 
should have been formed 15 
years -ago and included cocoa. 
There seems little doubt that 
the growing international repu- 
tation of the merged exchanges 
in New York will make them 
a far more powerful influence 
in the years ahead. 

John Edwards 



and 



are holding a 

SEMINAR 

on 

1st November, 1978 

at 

THE WORLD TRADE CENTRE 

to outline the operations of the 

FINANCIAL INSTRUMENTS MARKETS 

Guest speakers will introduce this 
specialist subject together with a 
general summary of the opportunities 
available in all futures markets. 

For further information, please contact:- 

Conti 



sMumnKXSL 

Part of the Continental Grain Company Group 

WORLD TRADE CENTRE, LONDON El 9AA 
Telephone : 01 -488 3232 Telex : 887438 


J.E. 


Brokerage 

CONTINUED FROM 
PREVIOUS PAGE 


’ ’ 



TS 


IW 


September* the highest price one trader “ a whole .new hall tors with no trade connection. 

.ever paid fora seat there 2Ln4g am e” t hat is adding, a. new To the outsider the frenzied 

grange of excitement andiactivity. activity in the “pits” seems 
despite the cur- ™ extraordinary method of 

Ship prices to $210,000 for 'a financial martarts, itis not being foodstuff.. 

‘ seat. Mu eh of surge ^trad- forgotten that the Chicago mar- Bul the fact ^ that for all 
ing in the Exchanges -tan be kets ^ strength is based von- their the speculative activity and 
ittributed to the^ ^ pfienoSnenaI- lmportance ' to “ e possibly because of it, the 

- Rxcoess of the financial instra- Industry. , /.yV; markets do provide the price 

'.meat future® contracts that; flayed .The Board of Trade seethe protection.- and guidelines re- 
opened Up an- entirely new see-' world "prices for grains and qulred, by,. the trade to enable 

»r. They have cfiimed in-weH soyabeans-:-; Although -tbcsBeythem . i 0 .y operate, be it a believes that the market can be 

.with" tiie growing preoccupation marketer./ v&ave" been over- domestic- fanner or air inter- roughly divided in two. Atone 

~n the United Stated about the. shadowed ~ by heavy surpluses national .mprehanting group, extreme are what he calls' the 
-xnsettled state of domestic and- depressing.vprices and reducing Behind the stories of specu- “execution boutiques" who con- 
; ntemational economic condi- trading' activity, they stills pro*, lators making and losing vast eentrate on "executing” low 
tions, /symbolised by the decline vide by far the largest volume fortunes, Iies\the hard core of margin, high volume business 
In the value of the dollar and of business. Trading ip soya- a . sophistiWited market for a handful of customers. The 

±e growing, threat from infia-' beans and soyabean -products mechanism backed up by the customer dictates what has to 

,tion. . - has been, well maintained dur- latest communication tech- be done and those operators act 

very much . like wholesalers 
working away at say four or five 
very large orders. He puts firms 
such as Stotler and Co. into this 
category. At the other extreme 
are brokerage houses . like 1 
Bache, which concentrate oh ; 
providing specialist advice to 
clients, who are often not I 
versed in the ways of the finan- 
cial futures markets. If a 
chemical company comes along 
and wants advice on how best 
to hedge its future borrowing 
costs, Bache will sell them one 
of its “financial . futures 
products.' 

Even though there are divi-j 
sions within the various types 
of markets it is clear that the 
firms involved in servicing the 
commodity broking business to 
serving the financial markets 
Lare drawing closer and closer j 
Together. This is partly due to 
force of circumstance. During 
the doldrums in the securities 
industry in the early 1970’s: 
many brokerage houses found 
the going very tough and] 
decided to branch out into the 
commodity broking business to 
help cover their overheads. This i 
took them into, commodity | 
futures trading and then into 
financial futures trading, and 
they brought with them some of 
their major institutional clients 
who had grown disenchanted 
with the opportunities for in- 
vestment in the securities 
industry. 

In many ways there is a close 
parallel between the recent 
rapid growth of the stock 
options market and the financial 
futures market For some years 
the- Chicago Board of. Trade, 
America's largest commodities 
exchange, wondered how it. 
could, extend to the securities; 
market many of the attributes 
of its commodity futures mar- 
kets. Finally, it set up the 
Chicago Board Options Ex- 
change in the early 1970s. This! 
has proved a tremendous -suc- 
cess and is now the most 
important options exchange in 
the U.S. 

Meanwhile, the American 
Stock Exchange, the ’country’s 
second largest securities market, 
approached the commodities 
market from the opposite direc- 
tion. . Back in 1974 when the 
volume of business sank to rock 
bottom levels. Amex set . up. a 
special products planning divi- 
sion to search out new business 
opportunities to supplement the 
brokerage houses slim trading | 
commissions. It moved into 
options on common, stock and! 
then into odd-lot trading-in U.S. j 
Government Securities. Finally, 
it has branched out into the 
financial futures market by 
setting up the American com-, 
modi ties .Exchange. 



If you are an experienced 
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GROSVENOR. COMMODITY INVESTMENTS LIMITED 
4- Grosvenor Place, London SW1X 7HF 
Tel: 01*235 0791. Telex: 918329 


Name . ... 
Address 




Company 


The International Monetary 
Market introduces our 
newest financial instrument 

One-yearTMI futures. 

In the past twelve months, interest 
rates on one-year United States 
Treasury bills have been as low 
as 5.93% and as high as 7.88%. 

Such fluctuations are likely 
to continue to the conster- 
nation of money managers 
aroundthe globe. 

As the exchange that 
pioneered futures trading 
in T-bilis with our highly 
successful 13-weekT-bill con- 
tract, we are acutely aware of 
the need for additional short 
term interest rate protection. 

Now for the first time, financial 

institutions, funds and many other businesses have a way to effectively 
protect interest rates on year-long securities, such as T-bills themselves, 
CD.s and commercial paper of approximately the same duration. 

The International Monetary Market of the Chicago Mercantile Exchange 
is already the world leader in short term interest rate futures trading for a 
very simple reason— it works. It works because our origins trace back 
through 80 years of futures trading experience, expert brokers, a clearing 
house system that transfers cash every afternoon to reflect changes in 
contract values, thus assuring a smooth and default-free flow of business. 
And it works because there are always sufficient speculators— individuals 
willing to take someone else’s risks in the hope of profit— to provide a 
liquid market. 

For additional information on interest rate futures plus a bibliography of 
futures trading publications, call 800-243-5000. In Connecticut 
T800-882-5577. Or send us the coupon below. 



William Hal] 



"J^-inGoupoiv 


CHICAGO MERCANTILE EXCHANGE 

International Monetaiy Market Associate Mercantile Market 


PkasfiSffldmethe Benrioe dfesedbed about 

Your name 


Your address 


Send foCME, 444 Vi Jackson Boulevffld, Chicago, Illinois 60606. Dept 

l>week tyear Gold (IS. Deufsdiemarks Canadian dollars Swiss francs French francs 

U^treasuiyHHs OS treasury bills Copper silver coins Japanese yen British pounds Mexican pesos Dutch guilders 


AFffieraiiyLiixnsedGjntrBctAktk^ 






CANADIAN DOLLARS 
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U.S. INTEREST RATES 

Strategic decisions involving currency and interest rates 
futures require professional advice. Frisdberg & Co. Ltd. 
has been issuing a monthly publication providing just such 
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This specialised letter has met with the enthusiastic 
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Telex 519436 (Harris Born ) 


U.S. FU TUBE MAEKETS P’ 


Financial Times. Wednesday October 4 J9T8 

~ ' " ' Vv''- 






The interest rate 



INTEREST RATES futures 
markets in the U.S. are right 
on target for ;'et another year 
of record trading. After eight 
months the number of contracts 
traded in the leading counter — 
Ginnie Maes — was running at 
well over half a million, show- 
ing a rise of more than 100 per 
cent on the opening eight 
months of 1977. August was a 
particularly impressive month 
with 109.000 contracts traded 
compared to 75.500 in July and 
just 61,000 in August 1977. 

The background to America’s 
financial markets has clearly 
added nothing but power to the 
elbow of the futures markets, 
as interest rate uncertainties 
have built up to a point where 
eren the more unsophisticated 
money manager has been forced 
to take some kind of protective 
stand. Moreover, the one-way 
market in interest rates that the 
U.S. businessman has -experi- 
enced over the past couple of 
years, with money costs rising 
in ao uninterrupted line, has 
made the possibility of hedging 
via interest rate futures sound 
very plausible indeed. 

At the end of 1976 bank prime 
rates stood at 6 per cent. A 
year later they were 7J per 
cent,., while today they are a 
full two points higher still. 
Interest rate movements on 
this scale are almost unprece- 


dented. and- they have driven 
America’s professional money 
managers to seek almost any 
available shelter. In this sort 
of financial climate the futures 
markets of Chicago are being 
seen in an increasingly favour- 
able light. 

Trading in interest futures 
began .almost three years ago 
when, the Chicago Board of 

Trade—bistoncaliy a futures 
market for trading in grain — 
received permission to open a 
market in-Govemment National 
Mortgage . Association pass- 
through certificates. These 
GNMA 30-year bonds (known 
as Ginnie Maes) met with a 
success that comes close to 
phenomenal; in their first 20 
months of • trading, volume 
totalled something like §29bn 
as more than 290.000 contracts 
were dealt- in. 

Today five types of security 
can be traded on two separata 
futures markets in Chicago, and 
further additions are in the 
pipeline. Ginne Maes apart, the 
BoaTd of TTade operates a 
market in 15-year Treasury 
bills and 90-day commercial 
paper whHe its contemporary 
the Mercantile- Exchange trades 
in 90 - day and one year 
.Treasury bills. 

The former is planning to 
start trading in 30-day commer- 
cial paper as well as four to six- 


year Treasury bills. Longer 
term, and aimed specifically at 
international banks operating in 
London, the' Board of Trade 
could begin to trade in three- 
month Eurodollar certificates 
of deposit. Playing its ards 
closer to its chest the Mercan : 
tile Exchange claims to have 
“other -financial r utures instru- 
ments'’ up its 6ledve. 

The success of ..Chicago 
interest rate futures in .terms 
of the people that operate the 
two markets can be judged by 
the spiralling cost of member- 
ship. On. the .Board of Trade 
membership has shot up from 
$30,000 to $80,000 in less than 
a year, while the cost of a seat 
on the ' International Money 
Market (the financial futures 
operation of the .Mercantile 
Exchange) is currently nmaing 
at around $135,000, or roughly 
twice what' it - costs to buy 


membership of the New York 

Stock Exchange. L .- 

At "the moment interest rate 
futures are clearly a lucrative 
outlet for the operator, ‘and 
likely to* remain that -way -so 
long as volume continues to 
climb. There are .those the 
industry that Will argu'eU with 
some force that the- vast talk 
of* America's money managers 
have yet to Cap the futures 
market, and- that as’ a r: resuJt, : 
the sort of services offered. by 
the Chicago markets stiff . have 
enormous scope" for -iurtjier 
growth. rl 

“ One key here is '.clearly 
interest' -rate stability. There 
have been precious few signs 
recently that the US: .-financial 
markets are about to .break Jnut 
of thei* present nirmqil and 
sail into calmer waters.. 

By far the most pouter futures 
instrument as far as^iheTnve^ 


tnr is concerned is the Ginne 

Mae. a Government-guaranteed 
security traded in $100,000 con- 
tracts and representing a pool of 
Federally insured mortgages. 
Not surprisingly perhaps, Hie 
American Commodities Ex- 
change. which is a spin-off from 
-New- York's American Stock 
Exchange, has chosen Ginne 
Maes as the underlying instru- 
ment on which to has® tts sortie 
into the world of interest rate 
futures. 


Second 


A miracle of 
communications 



Clearing member New York Commodities exchange 
Clearing member New York Mercantile exchange 
Loriconex Ring dealing member L.MJE, 


service 



V-yViT: 
& •- 


■ * v » *y + . , 



'Chicago - London - New York • Amsterdam - Brussels - Geneva 
Hong Kong Paris:-: Rio.de. Janeiro • Tpkyo '* and major U.S. Cities 






MOVING THE opening New particular activity in which the 
York cotton prices through the customer is engaged. • 

London office of Reuter Com- That is now known as . the 
mercial Services to many Monitor system, which has 2,400 
destinations in I960 was a subscribers world-wide for com- 
highly streamlined human modity, banking and : financial 
operation. And when a fumbl- reporting. Now the directory of 
ing novice, such as myself, was the various commodity, services 
told to “go over to the markets ava ila ble fills 50 pages and users 
and see what it is all about ** the can elect to have a continuous 
first major stumbling . block silent printer or tbe Monitor 
would be Bill Bullock. screen or both. 

A giant of a man, he ran the * Specialist ticker services- are 
market prices communications provided in sugar, cocoa, coffee, 
section like clockwork and hqd grain? and oilseeds. \ wool, 
a memory for market message rubber, shipping and --metals 
code names, times and destina- which, apart _from essential 
tions which was not far short market news and prices will 
of miraculous. His advice to all provide coverage of any confer- 
tyros was: “kept your eyes cnee or symposium relevant to 
open, your ears open, your those markets, 
mouth shut and out of my ■< 

* • • - way Dimension 

This last injunction was . 

essential, for as the deadline for But the versatility of the 
the New York opening, cotton Monitor system has takfen. news 
flash ; message " RUTH " handling into ahothcr 7 dhnen- 
approached, one acolyte would «on. Through the screen and 
stand next to the teleprinter to keyboard; an operator can call 
rip out the line of code and U P contributed prices from a 
rush it over to the Smith-Corona market anywhere. He can select 
Xpert to copy. • up to 18 commodities of special 

, ' - importance . and have them 

rrora this stage the message g roU p e( i in ; a single display in 
was split between various out- which the, Inst traded price will 
?omg teleprinter circuits and he updated immediately - it 
the total transit time across the changes. To this can be added 
markets floor was probably an alerting service if one or. 
never more than about 10. other of the commodities in the 
seconds... . group reaches buy or sell limits 

There were, and still are, a "d this alert goes on even 
many of these code messages; when the operation is using the 
By tradition the codes were screen to obtain other informa- 
chosen to cut operator time on don such as scanning a news 
identifiers with boys’ names for story likely to affect his 'market 
daytime traffic and “girls’ for areas - • 

nights," as the saying went. Users are also taking advant- 
Security — essential in the early age of the “ conversational ” 
days of Reuters — was preserved facilities offered by the equip- 
bv ztoiid coding. But where raent. For instance, Philipp and 
the whole scheme of things took Lion is sending pre-markel 
something of a knock was when pricing of metals to its own 
market summaries from some clients through Monitor. 

SHE* “T 1° .^don « . The next step will be to pro- 

a , 3786 daSh of vide a link between the sub- 
acal ingredient. . . scriber’s own computer and the 

Seasoned markets "men fre- Monitor terminal, so that essen- 
fTuentiy- tore their hair over tial data. from the latter can be 
what was sometimes' pure gib- fed directly into the: local 
berish and the neophytes could system without the need for 
only wait and tremble. Those transcription and. thus, possible 
were the da vs when a small, error. 

active commercial section was To maintain its world data 
beginning to find attachment as base service, the company has 
a tail to a large, somnolent and set up data centres in Loudon, 
unwaggaole dog a serious hin- Paris. Amsterdam. Zurich and 
drance to expansion. New York. Direct links to the 

Now. the economic services computers of the various 
side of Reuters this year is futures markets around the 
likely to contribute as much as world have been set up to pro-. 
£G0m our of total world-wide vide an immediate input of 
revenues of some £70m. What some of the more vital data on 
nronortion of this Hrsi flan re which the service operates. The 
accrues from commodity inrorm- market price messages are 
ation is not known: it is pro- handled by a large ADX or nutn- 
bahjv considerable, even though matic teleprinter' exchange 
financial and banking inform- which is programmed to select 
ation looms so large in Reuter's messages by order of priority, 
battles for market supremacy. One of the pre-requisites fnr 
particularly in Europe. a satisfactory service such ac is 

described here must of course 

Fvnan^inn tje availability. And this is a 

i^A|Jau31Ull problem which began to be 

' Expansion of world commum- discussed within the 

cation facilities sparked off by organisation as far back as 1956. 
the appearance of the commimi- ^ has been achieved, at no 
cations satellites, and the simitl- small cost, by setting up a ring 
tnneous growth in the use of communications system around 
computers, made this rapid ex- atj 0 vo ’named five offices in 
pansion possible. ’ Europe and providing two tr-ans- 

!n 1964 ihe first computer- atJan,ic Jinics ' lines, one to 
driven service via an Ultronic London. Thus if there lr, n break 
TV-type display was brought in ’P continuity between two or 
and found immediate accept- European offices, messages 
ance wherever businessmen rt) “ TI, j the other way. And 
demanded ” insiani ’’ informa- '1 a ,n .* < wim th* U.S. goes 

rmn rather than wait till il came . . r * f ‘t a xlandby. In 

up cm the tape. this waj, nrj high on-line times 

There followed a ' period of t- e bc }?~ achieved, believed m 
intensive development and not ° Ver th ° 99 per rtnl 

a few problems centred on the wL , hni . • 

fact that at the time computers n ,*, no lJ? lc J’ rganisa - 

did. not have rho reliability r e - . ,l * 

quired to supervise and operate JJi e I If ’lij 1 ™ 1 . po,nl - 

a series . of large data ba<c< time beln a ft .is nnt 

which must b « 5! Md 

^W'took^untiMgTVto^proS of ' i,s *P««* 

STnS* ™. b r d r 

cniilri hr ll h in the offing wilh the impending 

' c c J l,ed 30 intelligent mo ve from 2.4D0 to 4,800 band 
If 6 lS Pne , Papable operations nri the European ring 
f ! n Z cu *<. on ^ r information and lhe links wilh -the U.S. 
and feeding it back inln the „ , _ . • 

pool of general data cm ihe ; .1 Cd pChoetCrs 

J 


The American Stock Exchange 
Is second only to the New York 
Slock Exchange in terms of 
size, and its American Com- 
modities offshoot will be the 
first new commodity exchange 
to open its doors in New York 
for almost half a -century. 

-• The American' Commodities 
Exchange has only been in 
business since September 12- so 
it is dearly early days yet. But 
something like two-thirds of 
all the Government securities 
dealers in the U.S. are based 
in New York, so the new 
exchange looks like getting away 
to a solid enough start. It has 
already had to more than double 
its membership to 154 seats 
from an initial 75 -seats. At 
present the newcomer plans _to 
add Treasury bills to its trading 
list next January with the 
option to take in' longer term 
Treasury bonds later in 1979. . 

To illustrate how a borrower's 
hedge might work -let us take 
a manager of a pensio'n" who" in 
Ihe month of March expects to 


receive, say. Sim -in funds for 
investment three mouths -later. 
As- a professional- money -mana- 
ger he is. responsible for main- 
taining income and preserving 
bond values. So as, protection 
against interest, rate. ■ changes 
our manager buys bonds with 
the best possible yield values as 
.soon as his. funds become avail- 
able. . - • 

He notes that .presently the 
yield on . bonds is ■ favourable 
and therefore decides, to look 
into current yield values, just 
in case they, have eased lower 
by the" time he gets bis bands 
on the Sim he is to invest. Oi/r 
fund, manager does UiisJjy 
simply tapping, the futures 
market. He -goes long, that is 
buys September futures cop. 
tracts to the value o£ &lm r - £y 
.Jung- yields have declined, as " 
lie wisely anticipated^ pushing, 
up bond prices and making .&$. 
actual capital outlay that, oiucli 
higher. Cover against this'. Is 
provided by selling - in .-ihe 
futures market the previouajji : 
purchased bond futures at the 
higher price. " 

Thus our. fund manager's 
loss.es in the cash- market are 
offset by gains in the futures - 
market, less the cost of dealing. 
The arrangement _bas "clear 
attractions. - Less obvious per- - 
baps is -the chance that futures 
markets offer for those intetes- 
ted in outright speculation tar 
capital gain. But the. prospect 
is undeniably there — with- the 
risk-reward ratios evenly bal- 
anced^ ■ - 

Jeffrey Brown 



EXPERJENCE 
EXPERTISE 


THOMSON -McKINNON has -been serving- the 
needs of Futures Traders for nearly .a century. In 
the demanding arena of Commodity .Futures yoii 
need the most complete research, available * 
through an exclusive arrangement- with the. Leslie 
Analytical Organization, Thomson McKinnon, can 
provide you with the analysis and market- insights 
of Conrad Leslie, the internationally recognized 
grain authority. 

We would be pleased to send you the latent Leslie 
crop- survey at no cost, -just return the coupon 
below: ■ • • 

P.lnsb send me the following items: (Tick Box^ 

i ) tbo grille ye* Art- Li ! ommr- ;.op rp-ecuir'. . 

fcli * r * 1 * l * lla " w . cro » forfeit ivrtrtl l 

b«lor« th* USDA rtf, turv«r. r,|, 41<t J monthly che fro*r>ni h. 

>ajjon n only thtotijh. ThomMm McKinnon^ *- 

I 1) The Thonion McKinnon Fusu-ct Fund Protpectui. 


11 '>«"« of Prostam. »or .m^cor* with 

TT , n i h tne aro «' J "*i l** MN 'furtdunonlal. , 

tecMfcai end computer generated . trading . tfKOrt»iefyUtioM. 

NAME 


| ADDRESS 


M«fl tnr 

Thowion A MfVionot, IntfrAiticiuJ Led 
SS.'LonMTW«|| 

London ECiM STB - - 


| LHtl 

| Ihoniion MiK-nnan Srr.i.ir; 
I. Nee York Pi n j 
M-w Vor*. 

N.Y I0DW- U-5-A. . 


In;, 




■ Thom ten 'Well mnw Imartniionjl 

*1. w it N««nui | 
BitiUdK Bol^urr- j 





>1 


rr*T 


3 








Finaifciai 'Times. Wednesday Qctobef;: 4- 1978 


The Management Page 



19 


EDITED BY CHRISTOPHER LORENZ 


IT WAS bare ly a year ago. that 
Bill- ■ -Cummings was cold- 
shouldered by his bank .when 
he soug ht s upport iii. setting up 
a new type of computer irasi- 
ness. ...Today, he Is secure in 
the knowledge that he can em- ' 
baik on a -rapid expansion with 
around £200,000 of outside 
financing available for his-firrt 
phase of growth. 

Cummings’s frustration at 
being refused any' sort of help 
by his clearing' bank is perhaps 
understandable given bis con- 
tention that he already liad a 
good; ten-year trading record 
from another- business. And 
what was to transform his for- ' 

tunes was not to be any change retaiI shops grew ; -out of his 

of heart on his bank's part buf esiistin S business. He owns 
the purest chance— an tmex- Computer Aided Systems, which 
pected meeting, with the dire’c- markets mini-computer systems 
tor of another banking organisa- lastly from Digital Equipment 
tion. Charterhouse Develop- Corporation. This, in turn, 
ment, which turned out to. share * volved out of a. company sell- 
Cummings’s enthusiasm for his in S traditional business systems 
new venture. such as accounting machines 

. The lmsimH Ciimings has 01,1 Cmmings started ‘ en 


Nicholas Leslie examines the problems Britain’s first computer 
’ . shop had in raising finance. 

Wliy Charterhouse bought a 
bit of the 


BY OUR LEGAL STAFF 



might use at home to complete j “ 1 

"fj°™ t h.t UK ! BUSINESS problems 

usere are estate agents, j 
solicitors, accountants and most,' 
other professional people. He 
reckons, for example, that a 
small computer, costing around 
£3,000 would enable an estate 
agent to match immediately the 
requirements of a client to a 
property he has on his lists { 
rather than going through a : What further action is required 
a laborious sifting process. Then i by the beneficiary from adverse 
again, a doctor would be able to possession aoiuLsiilon 4n orter 

fnr to register the additional land 
retrieye a patient s records for , on his deeds? | n any j jre ve 

screening on a video unit. A) j, ad BOine i an d under my exclu- 

hive control for aboot 20 years. 


Adverse 

possession 


set up is called “The* Byte 
Shop " (a byte is a unit of infor- 
mation In computer tech- 
nology). . This is a Tetkil outlet 
selling a wide range of com- 
puter hardware and software 


years ago on " a wing and a 
prayer." CAS’s turnover in its 
financial year ending In Novem- 
ber will be over £1 ul . 

Cummings had reckoned that 
this would stand &im in good 
stead when he approached his 


independently of the manufac- hank. National 1 Westminster, 
“ an entirely new for financial baling in setting 
concept since computer menu- up his first B yta Shop. He 
facmrers have histoncaUy mar- co Uld a, so produce. the. results 

L !?J heir of ao independent market sur- 

to customers. The idea behind vey he had commissioned which, 
the shops is to bring computers he says> showed that, a market 
—and particularly the .new existed in the BK •• Addition- 
mi cro-com puters— wi th in the ally , he had his- own impres- 
range of smaller businesses. . sions. gained'from a visit to the 

U.S. to assess the situation for 
.himself. . 

National Westminster would 
_ . . ‘ ’ . , • not put up anything, he says. 

This is the sort of -market Disenchanted, he decided to 
which big hardware manufac- finance his first shop himself 
turers have neglected, .largely This involved £48,000 (excluding 


Potential 



Right calibre 


businessman could have his 
accountancy work done on a 
in the Byte Shop for which they similar system and retrieve 
each paid £25,000. Each has also detai]s ol saleSf purchasing. 

provided a further £25,000 of budgeting and other infor- 
loans. Cummings can also call mati0IL 
on further cash of up to 
£100,000 by way of clearing 
bank overdrafts. 

a ro C se a ™S 0 ^ e ' S Joto T ^r e dT n a t Cummings does uot limit, acblevea by 
director because his comSi— applications to small businesses, ! declaration 
director, becaiise ^ p either, pointing out that many I by a person or persons who can 
through its connection With nf th< I * no „ Af micro- [speak of their own knowledge as 

use ‘ to the continuous open and 

organisations [exclusive possession and of the 

organisations —, . sence Qf any challenge t o it 

, Pr° v iPo Registration will not be 
economical than a big 1 


when I bought It, but Z have 
been shown a title deed of 1931 
supporting the claim of another. 
Do I concede that the land is 
not mine and plead the Limita- 
tion Act? 

All that is required is evidence 
of the requisite adverse 
possession. This may be 
achieved by means of a statutory 
or declarations made 


big 

he maintains. 

more 

central computer for a number 


Registration will not be appro- 
priate if the land is not in a 
compulsory area of registration 
: of title. In your case you can 
com- admit that your deeds do not 


llunh RouUalgc 

Bill Cummings, managing director of the Byte Shop, hoping for another four by Christmas 


S- had been rtudying the «« 

possibility of setting up some com P uters are ldeai for 
kind of computer shop. Some - 
study of the market had been 
done and a veiy modest "toe 

in the water” type of invest- , , ,. „ 

ment was imminent when 0 ___ nf 

another Charterhouse director ^ which Cummings’s Byte -sive you the' paper title but you 
toid Hardy of Cummings s Byte iU at oresen t" i S ; should not concede that you do 

Shop situated in Ilford. Essex. wi iU cany a p ^ eD i : not have title. Instead you 

Hardy thought it worth while at £,0 ° aro ° nt L il0iUu y’ tni!> . should assert title acquired by 
least to have a look at the shop, amount could oe spent on a; your adverse possession: that is 
The result was a discussion with multi-terminal system for edu-| W h a t Section 16 of the Limita- 
Cummings that led to his chang- cational purposes. As a result tion Act 1939 achieves, 
ing his plans and deciding to of the Charterhouse backing 

back Cummings instead. Cummings is just about to open J . p. 

An agreement in principle tos seco ° d - s ^ op in Southamp-j |^Jir0W£U ^ 
was reached within days and the t0Q and plans are already 

final go-ahead came just a few advanced for the next one. Can you give me an opinion on 
!l g =SLc T gttjm >* rn the North of;. he 

made another trip to England. ,;_ plvps o 6 

the U.S. market and An interesting feature °F,. ls ’ .. . 

also made a visit to Cummings’ organisation is the 1 1 am a company director, and 


irnngs 

study 

Hardy 


because the returns on their h^‘“r^7arch ”coSts)» which” he should start "tfself off ^ then Charterhouse Group— which he put so much money into any- assess theAmerican experience, way he is setting about ensur-jj* suited ^vine 
existing type . of . business have too tf out CAS’s reserves. back for ™oney“in a position feels has shown a willingness thing so young.” A combination of factors con- ing that the management off “V. companv «r as a far£ 

been so good and partly' be- That was a risky move, he says of strength.” His premise has to take risks by organising the The deal actually takes in vinced Cummings that a market each of his shops is of the best. 1 

cause selling to smaller com- because it meant leaving CAS Proved correct, he maintains finance for, and partially back- three parties — Cummings, existed for his type of retail Managers will, he says, need to _ 

panies tends to.be more com- potentially "short of working sorae what cynically, since banks ing, this sizeable initial develop- Charterhouse and United Elec- outlet, including a rapid in- have a good combination of ! written-down 

petitive and costly. . While In capital, which -couid have have Proved “only too eager" to ment: he hopes to open a further txonlc Holdings, an electronics crease in the efficiency in recent technical, management and j £850. 

the U.S. Byte Shops have taken created n cash flow' problem. provide cash now that the first four shops by Christmas, components distributor in which years of computer memories, sales skills. In order to attract 

off rapidly over the; past three . go -why didn’t he- look for cash shop bas got off to what he sees Charterhouse has also com- Charterhouse Group and another together with growing oppor- the right calibre each outlet will 

years, they are unknown in. the- elsewhere? His^answer is that, 85 a ver T successful start. mitted itself to supporting of its subsidiaries. Charterhouse tunities for volume production, be a separate company within 
UK. ; >- r after NatidnaT 'Westminster’s His cynicism does not how- Cummings beyond this first Development Capital, each has Also, an expanding number of the Byte Shop chain, and each; for the current year? If so, it 

extend to Charterhouse phase. For its part, Charter- a 22 per cent stake. The manufacturers of mini- and now manager will have a stake ofj™* 1 be at my marginal rate, 

had produced between 15 and 25 per cent of ,s rair,y niRn ’ l0 ) 


well gift. It has a market value 
of about £1,400 and will have a 
value of about 

(a) If I accept this, will the 
value or the gift, being over £10, 
be added to my taxable Income 


Guimnings’s conviction that refusal, he felt 1 he was 
there was potential in computer position of weakness. I 


’in a ever, extend to 
felt I Development — a subsidiary 


of house says that “we have never balance of 56 per cent of UEH micro-computers 



EEC’s thorny problem 

competition’ 



THE ^ iha4irect or indirect 

Department,-; of _ thC" . • EEC -taon - "of ^unfair - purch 
Commission has - only * • seven selling prices dr of-oS&eK 
inspectors . fen fact-finding ;. sad ^ ending cdndltipn&”*' & 
fact-checking operations. But nme.^ y#s 



BY A. H. HERMANN 

The ‘whole question of EEC market, was found by the Com 
.?or law and policy on pricing and mission to be market dominant 
air distribution systems was dis- and infringing Article 86 
cussed last week in Brussels at because at the time of the oil 
Dre a conferSpce attended by a crisis independent distributors 


SS . - ^^ 'Commisslon, wiieh enforces the J** numb f r of “feting man- were in a weak market position 

. .. ’ ^ * SOX 1 'H • nAtvmot(riiu% wtiLnc Treaty, company lawyers and —and the European Court 

neglected ^Sal practitioners. Convened remained silent on this point 
jauu wu.iiiM.twiv e thp TjncsiKfTitv oolicing the by European Study Conferences, when allowing BP’s appeal. A 

tronic- Hystfiq fox' the retrieval behaviour of monopolies in the the two-day seminar featured Swedish firm was found to b# 
of^ economic informatrop, strong ’ of crosumers. tnctoari several eminent speakers, in- dominant because its distributor 

data on 'development m attempte#to use Article 86 eluding university professors, depended on it for spare parts, 

separate^ markets, an a the- t0 -tofi jj^gers which would Commission lawyers and legal It was quite a relief to have 

pncmg otoOq selected products. > dominance. But practitioners specialising in this to leave the rough and tumble 

. The^ ^cm can. J 1 ? reebhtljftt turned Its attention field. of the Sheraton Hotel, where 

2 to Pricing policies and selective Though it was an exceDent the conference was held, and to 

distribution systems. By its and extremely useful confer- ascend to the august thirteenth 
- ifaSr nr* Chiirtifta decision it required ence, those who came hoping to floor of the Berlaymont, the 
ph»nuM**in United Brands— the former learn what is, and what is not, great, winged edifice of the EEC 
- SSal that KPrrS United Fruit Company— to seH allowed, discovered quickly that Commission. The thirteenth 

to importers in aHthis was an impossible dream, floor is inhabited by the Cora- 
5SrI?’'5?aSHofi or Pomraon Market conn^es atthe The lecturers either confessed m^onerea^ members of their 
S&JktfM abus^ their same lowpncewhfch it changed. ^ ^ ^ not w wliat c^iwts The silence and peace 
StmwT ” —-.to Irish importers. . the law is or differed widely in of P la « ^mediately make 

■%bS SStWon Department - Un i ted ^ir assessment of the Court’s feel ^ is another. 

obviZsly rJlies on the Sluter El ^? pea " i? ou ^ ^dgmente and the Commis- he tter w ° ri<L 

a great deal, particularly in its < ? ur ^ ^ <U ^ tiSfi hl V ?hi ***»'* policy on pricing, selec- ^ greedy rush of maiketmg 

latest drive against certain fte fact-finding done b ^_^® tive distribution systems and man ‘ , £® rs a "d confusing argu- 
pricing policies and distribution Commission, made mi nnporltent appointment of exclusive notation of business lawyers, 
systems which, in its ■ opinion, rolling about ^ fair pnmng. distributors. It is clearly bad form to xnen- 

infringe the hitherto neglectcd Dominant market enterprires,. . After these initial disappoint- ^ DD ihe uncertainties plaguing 

Article 86 of the EEC- Treaty, sahl the Court, must not asK tor njents, it was still hoped that EEC competition law and policy 
This provision of the Treaty a higher price than is reason^ some new light would be thrown when talking to one of the 

prohibits any improper exploit* able in view trf their cosm ana on ^ OTb j ect hy- Dr. Willy Commissioners, worse than 

tion of a dominant .‘market the? must pot take advantage Schlieder, Director General of going fox-hunting In a 
position within ‘ a substantial of the higher price levels i wmen the Commission’s Competition helmet 
part of the Common Market in exist in some Common Market Department He assured bis The basic problem with all 
so -far as trade between member countries but rather leave any .audience that the Commission this is that the Commissioners 
states is liable? to be affected by extra profits to be made to ini- did not intend to become a price have delegated their collegiate 
it. Article 86 gives a number porters and distributors who control office. His department authority in competition matters 
of examples of such improper bear the risks of the local would . proceed only against to one person— the Commis- 


in a crash 


practices. The first of these is market 


FINANCIAL TIMES 

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BMP <BY. 




unfair prices charged by com- si oner responsible for competi- 
panies dominant in their mar- tion, M. Raymond Vouel. 

,kets. When asked whether it This delegation of authority 
was not unfair to British com- seems a practical and justifiable 
panies to prevent them from measure when one thinks of the 
charging higher prices in the political pressures to which 
more affluent member countries, individual Commissioners would 
he said that only a very few otherwise.be exposed whenever 
British companies would fall an investigation against an im- 
into the market dominant cate- portant group of companies is 
go^y and that in any case the started. It is less understand- 
Commission would not treat as able why it was from the 
unfair prices which the com- Press that some Commissioners 
panies concerned could not learned last week about the 
justify by their costing evidence, formal investigation started by 
unless these prices were the Competition Department 
“ usurious ” and were charged into the market sharing arrange- 
by companies' with large mar- meats of the steel cartel operat 
ket shares. ing under the auspices of th*j 

. Dr. Schlieder is a charming Commission. This recommends 
man, and an amusing speaker production quotas and minimum 
but the notion of exorbitant prices for certain (though not 
prices cannot be found in any all) products of. the' steel in- 
of the Commission's decisions dustry. 
or Court’s judgments. The defi- And it would certainly be a 
nition of market dominance of .great pity if this delegation of 
both, the Commission, and the collegiate authority should pre- 
Court has been steadily moving vent the Commission from dis- 
away - from the yardstick . of pelling the dense legal fog 
market shares. which threatens to slow even 

British. Petroleum, with only further the already sluggish 
about 6 per cent of the Dutch European enterprise. 



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cov?°u t h* ; i w systss^s 

EroweenMEuTn 
weBdr.KkH»’E»M» rtafed n3«J 
RcfcrvnaHB'CT’ic-uW&l ’ Enslw® 
TNNpM'ia P hmm » er r. tftsSS 
CAB e TowMJXl 


is owned by Mr. Bennie Linden, a gap where you had the small the shop’s share capital. “It! 
its chairman, who worked products but nowhere to sell will be his. shop and he will be! tIon ~jf j j, n5 - 


Will 

the firm have In pay V.A.T. on 
this gift? <c) Wliat is the posi- 
. tion if I bny the car for a 

closely with Cummings to put them. Now we provide the out- building up capital value, says; nominal sum? 
together the Byte Shop strategy, let in our shop.” Cummings. ;There are no simple answers t0 

Cummings has had to part „ _ , Each manager will invest a hypothetical questions in this 

with 50 per cent of the equity r Ull-DlOWfl fimaI1 sum for shares abd,. field, as you will have inferred 

of his Byte Shop company to - ^ v . should he want to sell out at a | from your accountants* cautions 

get his backing, but is quite Cummings reckons that it later date, the company's j response, 
happy about this since it allows will be the business rather than auditors will determine the As broad guidelines', however, 
him to expand fast, with a con- the consumer market which will capital value at that time. It .we offer the following answers: 
siderable degree of control over provide him with customers j Si says Cummings, “a very nice! (a i Yes. you will be assessable 
all his shops, arid with the long ^om the outset This contrasts formula. - ’ which he feels is I (at your marginal rate, in 
term commitment of Charter- with the UB. experience where fair to each manager. The- effect) on the market value; 
house (provided, of course, that personal disposable incomes are scheme is based on one which |(b> Yes. it will constitute a tax- 
all goes-. -well). The alternative at least twice the level of the Bennie Linden uses in some of; ab,e supply for VAT pur- 
— a franchise operation — he U.K and where initial growth his businesses at UEH. p „ oses: 

agrees with Charterhouse would has been led by consumer Cummings is noi‘speculating/ c ^ >fou W1 ‘‘ he assessable on 
have offered him fast growth, ‘•hobbyists’* — that is, people on the size his chain of shops i 


the market*value-minusr£10, 
and it will constitute a tax- 


him to the who buy small computers to use will eventually reach, but onj able siipply (as in' b). 


but would expose 

probability that franchisees in the home. These have present estimates he reckons 
might soon part company to do ranged from very basic models that any community of lm can, J 

their own thing, thus disrupting which can be linked to televi- with adequate businesses sup- i No legal responsibility can bo 

progress and creating a manage- sion sets for playing games such port one shop— thus London ° cce P^ d by tf,e ™ ndal Time* 

ment problem. ' as tennis and football to more alone could support ten. This “[ ‘J' in inoShSw "lintl 

Charterhouse and UEH have sophisticated full-blown com- clearly leaves rom for consider- answered 

each taken a 25 per cent stake puters which, say, a scientist able growth. possible. 


by post as soon as 


The Berlitz system is 
still as easy as the first lime 
you used it. 

You may not remember the first 
time you learned a language. 

After all you were young at the 
time and lessons from mother were 
more like play than work 

Butyou did use amethodand a 
most effective one. 

Nature’s method.No records,no 
headphones, no gimmicks. 

One hundred years ago, 
imilian D.Benitz observed 
>le struggling through grammar 
b trying to learn a foreign 
language-and realized how much 
better they had done just listening to services have been introduced as an 
mother aid to business, multi-media teaching 

He studied nature’s methods, systems have been developed and 

refined them and turned them into ‘TotalImmersion’®teclmiques devised 
a system. to speed up the learning process. 

The Berlitz system has been But at Berlitz the basic, face to 

the most successful form of language face, person to person system has 
tuitionin the world ever since. not changedin the hundred yearsof 

Business executives who come its existence . Because it works! 
toBerlitzaretaughtpersontoperson If your business career could 




by people whose native language is 
used-who take on the fonctionof the 
mother in childhood. 

No other language is used. 

No mental tx^^io i slows 
down the process of learning. 

From the first word you begin 
to think in the new language. 

As international trade has devel- 
oped, so has theBerlitz system and 
the scope of its services. Translation 


profit from our experience ring 
one of the numbers below for full 
information. 

"We’ll prove it can work for you 
as it has for every child since the 
world began. 

'DOBERUTZmS 

SncetS?B 

Teaching the world to speak. 

lONDOPt 01-486 1931 CROYDON 01-686 2SS2 MANCHESTER OH-2283607 
BRMNGHAM 021*434334 I£ED£ 053225536/? EDffSURGH. Q3L-22&2577 





20 

LOMBARD 

A way to get 
decisions 

jBY DAVID FISHLOCK 

MR. ANTHONY Wedgwood Boo a. that tills, .f BP-rolnScm.T' as Mr. 
Secretary for Energy must be Wedgwood; . Benn"."iGjtHk . it, is 
given credit — if that is Hie right unaccept^bjifr ■-. Bot&.- r ttiey and 
word — for achieving something the Central- Electricity " General- 
no previous minister responsible ing Board "have also cigected bis 
for Britain's civil nuclear pro- alternative proposal, -that the 
gramme has managed before. He NNC’s activities should simply 
has succeeded in uni Tying the be transferred" to the . CEGB 
Industry on certain crucial whal can an industry do when 
aspects of pohey. it finds the minister responsible 

Many months of discussions so unsympathetic that he is 
conducted by Lord .Aldington, apparently prepared la delay 
chairman of the National Nuclear decisions- indefinitely, in the 
Corporation, involving inducin' expectation that eventually it will 
leaders. oflhiali and Mr. ca pi tula re to his view? Clearly 

Wedgwood Beno. about the in ,hl5 case the industry has the 
organisation and management of basic sympathy of the Govern- 
nuclear reactor design and con- pent. why else, wnuld It reaffirm 
struct Ion in Bril am. have pm- i'-$ _Faith by amuHineuig several 
duced ao astonishing unanimity { na J° r n ^ w projects. In .Isnuary’ 
of view. To a man the industry j* announced that the electricity 
appears to agree cm two crucial industry is to order two, possibly 
matters: that the present three- lhn - e l ^b^ QU ?* ra 1 T. st:,t A ons by 
layer manaeement structure ear, - v Ma - V *} 

imposed by the Government In " reeD li c ht for a new £ 600 ra 
1974 is unworkable and needs to reprocessing plant at Wmdscale. 
be changed swiftly: and that the J*™. 11 s : h J?. rl !!_ an _ n . 0U ^ e a .^!L h .L r 
Secretary for Energy will be 


i'50m investment in urannim 


making it work better. 

Secondary 

Since his 


hostile to any proposal the “* ft" re * “* 

industry takes seriously for u r b ° p n rojt .° F t . hc mp 

Th t . micro-electronics industry 
illustrates a possible way of cir- 
cumventing a minister . as 

... , . oh^rructive as the Secretary for 

T, (nartm(im ™ Enercy appears to be. Within a 

v D xr r ° win feu ' rtavs fhis summer the Govern- 

year? sigo, Mr WwS^ood Bpnn s annnun^Prl thrw sonarafp 

over-riding achievement has been injections of cash fdr.tius In* 
ro ensure that energy policy dustr y. totalling XMOm. with 

pn,lh,?a J every prospect df more to come, 
importance This is a period Overnight Use subject of roicro- 
when almost every other Indus- eJe ctrnnlcs became a national 
tnalised nation was bringing tnlkin? point for everyone up to 
energy to the forefront of t f,e Prime Minister himself, 
politics. 

Urged on every front by lus t t _■ . 

e\p->rt advisers to heed above U flUCrSt&IlClinS 
ail the problems of the nuclear 

industry, and tr» help it rebuild n T be 5 H,% c:i0 , be und , ,n »? e 
a strong base for the long-term i n t ? e actlv l2S? 

domestic electricity require- ? f ,hp rt J£ inktank set tip in 1971 
ments, the Energy Secretary to . Provide the Prime Minister 
has largely ignored their pleas. a " ourc 5 

His Cabinet colleagues mostly ^!L c ®,i" d !? ende / lt ^ individual 
have Failed to bring anv pres- de P*. r ttneots 
sure to bear (though they did ^ 

over the matter of introducing . T , hat both ? nv * te *"• 

the pressurised water reactor! a t ? d d * pa T rt ' 

to whirh the Energy Secrerary Ef"!l. '£* °! 1 
was vehemently opposed). But l u>tr> ' ™ ere „ delay,n . B , decisions 
one point which has- been Lbe v' , f , ll „ a '\ , 
rammed home repeatedly in the L -r^ kJ° S * - F 1 * 

past few years is th? long period h. n ^- I L l, 'l rated . by micro-elec- 
of gestation of nuclear projects. ^ ."'^V a * e 

No decision— or indecision— this 3nrrinslc ? H - v difficuIt makers to 


Winter flower power 

AS THE bonfires begin and the their list of new breeds, all of being the pick of named are not so high that thelfstems 
Michaelmas Daisies come into which are registered with the varieties. The pinks have long never need to be staked or 
their own. my thoughts turn to American Amaryllis Society had their followers, but I was propped io order to hold their 
plants which could be moved andean thus be ebown officially, not one of them untiM saw the pot from -over-balancing* ThelT 
indoors in order to brighten ^ , d d of scarlet- ne *' pink ’ Dai P t *“ ej »' ? clear flowers are held in the usual 
the winter. I do not refer lo crimson white or Flesh pink P aJe -™ se wth v .t»”*-rose groups of four or five at the 
the plants which ought to be tf7^v/rw have been left far slamens - a S™*" throai and L a st t ems a P«*- but u tbeir P etals 
wintered in a shelter, the Not^bi the old davs lightly deeper shape to the often tend to be . pointed a 

geraniums,; hybrid fuchsias, anv the worse for thaL trumpet. The reds are now so pretty variation. ... The dear 
verbenas. Daturas, and soft- Those plain colours are still flne,J ' bred that ** is hard for Capsicum red_ Fiery Fly, ;red 
leaved Penstemons. I am think- V 'crv fine Tn their wav But you and me t0 choose between like a Red Pepper, is most 
ins. rather, of plants which wh ' T ahnu lhe new Picotees. “>'• vermilion-red. onent-red, enticing. But there are whites, 
could be started into growth fiowerTXsl white ground is Mandarin-red Capsicum red, pinks and red and white stripes 
now and which will flower ed o ed like * chi-chi cottage s P°PW red. Dutch wrnulion. in this seetton too. weU stocked 

• eQe,ea ’ ilKe 3 cni-cni . .“j. tlood -red and "geranium lake by -Ludwig and Company: These 


Financial Times Wednesday Octfrer 4 1978 " 


notably in the gardens dosed cur iains, in a thin line of red? 



■season. TFi c best of course, are pjeotee plain and simple is 
bulbs. There is no news In the sood enough and not very . . 
world of the Hyacinth, except cheap . p Ico tce Petticoat is the shadings. 


red colour.”'. But These lesser flowers arej "tar jaore 


gradations are alL the official' convenient on a sideAabl^. 

How do „ you grow, them? 


The exciting -winter world of the Amaryllis 


that the spikes of flowers on qu0ejl of aI] a w - hlU . wiih a I am more excited By the Frankly, they are fooi-irdoL As , . ut lL Thcv would be a week and ybu will be 

the Roman Hyacinth are sparse ' soon as you wish to start them more interesting than your best .by the. bulbs. The new 

" ‘h, usually, in -late ^ rSbber-plant kept on a heavy varieties which I name lv * ^ 

»u begin bf water * JJ"" contract Tliev ought to cheap, so you would be adri&fl 

ir solid pots-TChoose r ^_ h en ougb to stand the to take care i)f them. for anottS ■ 

enough to" support evenina drop In temperature year. In an office, ,1 agree; thty 


gardens today 

by robin lane fox 


autumn, you 
them -in their 
a pot wide 


the . weight of the talV^stem “l ™ 1 vn.. .witch the ^office-boiler are cumbersome ■when -out ^f - 

whlrh uiill annMr ■ Tho Milh, wnen i ou . 5 c««nn Rot flw> -fnlln«{ nB •wJJI ! 


and better-balanced. If you 
prefer this, you will be spared 
the task of smking them so care- 
fully in the drawing-room. 

The world of the Amaryllis 
is altogether more exciting. We 
are all now meant to be so rich, 

paying ourselves more than . . . . 

prices take off us: why not firm and' thin red edge on return of the smaller-flowered -most, so that their, topi are r*V H ut of doors in their most throwing' out offsets, smaljfer 
spread a bit of it into the best flowers which are six. inches forms once known as Amaryllis quite clearly seen. .Keep them . e i tered beds, facing south side-bulbs which you can 
new breeds of the Hippeastrum, wide, held four to each stem, GracDls. These are - .special warin- on a window-sill and jj eneat |, a walL So they are on and flower after another 


which will appear./ The bulbs 
should be potted up. bn- 3 rich 


off for the night Favoured season. But the following yi 
the south can grow depends on yonr care a 


loam and only half-buried, at f^o^iner" sorts of Hippeos- flowering. They ioU : sopn : |» 

wiftKt «a that fhpir ' tm\{ >5» tne . , thmuiino' nut KffiiPH 


or so-called Amaryllis, easy- bulb Perhaps she will soon spread cousins to the big. ones, like water them frequently.; ;• .You i do ” “ so ver y tender. year. 

for anybody, though their right through tbe retail-trade. Butterfly Gladioli, to the not need a^ greenhouse pd. bring rn keen them Among these marahan.' 

flowers have been developed down to the sood Amaryllis hugely spiked show winners. A on these huge flowera.: but if If you _ there i s 00 iy hardy bulbs; the breedeJ^S* 

into colours which would win packs which are offered in big Amaryllis, the blindingly you. happen to have -a Vat^n one from year to year, there is oniy naioy . 


a medal in any show, however branches of Marks and Spencer white White Giant, say, will where you can" keep them in a one secre i “ ks -CrorasS^NeiSe aS*’ 

amateurishly' you grew them? where they can be bought with shoot tip a stem nearly. two feet damp atmosphere at around 55 not stop the water have immured A, 

me kings in this editing world confident -Picotee 8 quite tall. Hence it looks so startling degrees F. you-wfll end up with the notably bvW the^dcS 

are Ludwig and Company. PO awesomely pretty and well in most indoor rooms, bke some an earlier and finer winter, keep on wajerio^ until the Jong ia ty y on a ns‘ 

Bqx -18. HiUgom, Holland, worth' a. Few founds for a bulb, relic from a day at a fairground, show ,'of : flower. If I.sat in an and untidy leavK_ ba' vel begui o to 

Bowled over by -their RHS The mottled reds and whites But the Gracilis- varieties will office." I would consple" myself turn yellow Add m * ! Bio them^buy.the : belaud 

eshibits, I have been marking are more familiar. Candy Cane stop at a foot and a half. They by . making free nse of- them liquid manure to the water once . tne muts o progrras. ,.- 




Sr,cSed" r m0re * #WBa, * 0 “ Jta«nr”taS5.' Iho ” U oi.T.™ 

nave passed. frustrated and furious at the 

Mr. Wedgwood Bonn is insist- obduracy of tbe Energr Secre- 
ing that in any fresh " restruc- tary. might well consider pre- 
turing” of the nuclear inrtastTy sentins to the Cabinet Office a 
the state should take 51 per plan stating precisely the role 
cent (compared with 35 per cent and the management structure 
at present). GEC. Babcock and they see for a company which. 
Wilcox, and the seven other as the Thinklank is already well 
private-sector shareholders rep- aware, must be .a crucial part of 
resented by British Nuc’ear. any successful industrial strategy 
Associates are united in saying in the 19S0s. 


Kilijaro should win for Weld 
and Swinburn at Newmarket 

A YEAR ago Ireland's leading Greenland Park. I shall he sur- represents the young Italian 
young fiat trainer. Decmot Weld prised if this happens. trainer. 

and champion jockey. Wally of the remainder. I have most The length conqueror or High 
Swinburn, won the William Hill regard for Luca Cumani's land Prince in a maiden event 
Cheveley Park Stakes with lightly-raced Derring-Do filly. Do over this trip at Salisbury in 
Sookera, and there are strong Be Daring, Lester Pisgotfs June Halim if. a powerfully made 
grounds for thinking that Kilijaro Mount, and France's sole chal- son of Kashmir II out of 
will do the trick for them this lenger. Sliver Glimpse. Molinka, has put up two credit- 

v Unextended io the hands of able efforts in better company 
Kihiaro a full sister by former champion to beat at Yarmouth. 

African Sky to that high class Taffala in a 15-runner maiden He seems sure to go well, but 
French middle distance per- even [ at Yarmouth recently. Do I doubt that he will prove good 
former African Hope, has put Be Daring, a rangy daughter of enough to cope with the still 

Beil's had shown notable promise improving Mai ton Raider, 

when finishing a close third Tessoro Mio. 
behind Formulate in Goodwood’s Few post-war sprinters have 
Waterford Candelabra Stakes. enjoyed a belter record at New- 
It is difficult to gauge just market than Shuffling, and I am 
how good is the unbeaien Petingo hoping now the ground has eased 

— • filly. Silver Glimpse. The the William Hastings-Bass 

up several smart performances in scrambled winner or a maiden trained gelding will record his 
tho last four months with her event ai Deauville on her debut, sisth course win in the Phantom 
best effort probably in Phoenix Captain Roger's bay ihen de- House Handicap. 

Park's valuable Patrick S. Gal lag- feated a gnod, though apparently 
her Phoenix Slakes. not top class, filly in Thalie 

Although it can be argued that Dancer at Longchamp. 

Devon Ditty, a much-improved Another race in which Oumani 
filly since finishing one and a and Piggott team up is the lb- 
half lengths third behind the furlong Exning. Handicap, won 
principals in the Queen Mary, a year ago by Gu man is Honeg- 
should earn her revenge on the per. " This time Mr. .Carlo 


RACING 

BY DOMINIC WIGAN 


ENTERTAINMENT 

GUIDE 

CC — These theatres accept caratn credit 
Carps by telephone or at the Sax Office. 

, OPERA ft BALLET 

COLISEUM, credit earn*. oi-Z«0 525B. 

Re»*r»ailon4 Q1-SS6-3TG1 
ENGLISH NATIONAL OPERA 
Tomoni 7 30 Roval Hunt o* rbc Sun 
"A brilliant a<Xt irrcrtgulrw spectacle." F 
Tms. [Bargain Prices -1. Tomor.. SaL & 
Tuei, nest 7 SO toianuie. Fr> 7. so The 
servstip. loa Oalconv seats avail, for all 
pens on Hv of perl. Now booking for 
November 


THEATRES 

LYRIC THEATRL- 01-447 3«B6. Evs. B.00 


FRAt 
FINLAY 


JOAN 

plowr,ght |lumema 

hv Edeardo de FHIIppo 
•O lrec5d b" FRANCO ZtFTERELLI 
—TOTAL TRIUMPH." E. Nfwj. _ AN 
fvfnt TO TREASURE." '0. Mir. "MAY 
IT FILL 'rot LYRIC FOR A HUNDRED 
YEARS." Sunday Time*.. . . 


MAYFAIR. 625 3036. E<ri. 8.°0. SaL S.30 

CO. 


jnd 83D.._Wre. MiRAQO. 


WELSH NATIONAL THU. . 

DYLAN THOMAS'S, 
UNDER MILK .WOOD 


COVENT GARDEN. CC. 240 1066. 

tGerdenc barge Credit cards 836 6903.) 
THE ROYAL OPERA 
OER RING 
DCS NIKLUNGCH 
Tomor. 5.30 Slevtrted. Sat. S.30 
CrotterdammerDitg. From Monday 
Cavern Carden Proms Ip assn. With 
Midland Bank. Mon. 7.3a pas Rfteln- 
qoiti. Tues. 3.30 Ole Wafkure. 7oa 
Stalls promenade nlaces at Xl-OO avail, 
one hr. before curtain-no. A few Stalls 
Circle standing tickets aval), each day 
of perl. 


SADLER'S WELLS THEATRE. Rosebery 
Ave. EC1. 837 1672. 

SADLER’S WELLS 
ROYAL BALLET. . 

Ton L Tomor 7.30 SolltmlrA Prodigal 
Son Crosse Fuge. Frl. ^Mon 7. Jo 
.SoilDlre. Giselle. Sat 2.30 and 7-30 
Rhyme nor Reason. GtseDe. Tue 7 30 
Lei PaKneurs. Inornate Letters. Grosse 
F'JBe. 



Irish raider on- a line through d'AIessio's Froncft- bred .Khlimir 

. • v. r • 

" . ■!? ? » . 11 


NEWTVL\RKET 

2.00 — Galaxy" Taurus 
2 JO— Shuffling*** 

3.00 — Kelly's Corner 
3.35— Kilijaro** 

4.10 — Quecit’s Holt 
•4:40— — Tcsoro Mio* 


t Indicates programme io 
black and while. 

BBC 1 

7.05-7.35 am Open University 
(Htra High Frequency only). 
9.15 For Schools, Colleges. 10.45 
You and Me. 11.00 For Scoots. 
Colleges. 12.45 pm News. 1.00 
Pebble Mill. 1-43 Over the Mnnn. 
2.01 For Schools. Colleges. 3.53 
Regional New-, for England 
(except Lnndon). 3.55 Play 
School. 4.20 Felix the Cat. 4.25 


Jaekanory. 4.40 Animal Magic. 
5.05 John Craven’s Newsround. 
5.10 Touch and Go. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

£20 Nationwide.. 

£55 It’s A Knockout. 

8.05 Secret Army. 

9.00 News. 

925 SportsnighL 
ll.Ofi Tonight. 


12.10 am Weather and Regional of Britain. . 100 News, plus FT 

News. inde?. L20 Thames News. 1.30 _ 

AH Regions as BBC-1 except at Cfm\n Court. 2.00 After Noon. T,Uj _ Wri- 
the following times: — M3 Labour Party Conference, 

Wales — 10.00-1 020 am and 2.18- from Newmarket, njo Wuey. 

228 pm I Ysgolion. 5.10-5.40?^^ , *** 

Bilido wear. 525-620 Wales Today.' 


625 Heddiw. 7.15 Pawb Yn El Fro. 
7.40-8.03 Tomorrow's World. 1120 
News and Weather for Wales. " 
Scotland— 1 LOO-1120 am and 
2.18-228 pm For Schools. 525-620 


F.T. CROSSWORD PUZZLE No. 3.787 



11.40 Funeral' of Pope John Paul ?®?°w” I, ; ll Sco V an< b ^* WS 

(recorded extracts). and Wea,her f° r Scotland. - 

.- Northern Ireland — 323-325 pm 
[Northern Ireland News. 525 : 620 
Scene Around Six. 11.00 Spotlight 
on People in Northern Ireland. 
1120 News and Weather for 
Northern Ireland. 

England — 525420 pm In ok 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle): 
.Midlands Today (Birmingham): 


ACROSS 

1 Food rationing not attribut- 
able to the Long Parliament 
(5, i ) 

10 Hippy gun carrier (7) 

11 Giant who finished stone dead 

: (7> 

12 So be righteous and not drunk 
to start with (5) 

13 Hot day fur speed merchant 

: (S» 

.15 Among those bo in; con- 


5 Charming instrument pro- 
duced at Coveot Garden (5. 5» 

6 Canny type keeping the 

wheels turning (51 

7 Marvellous girl dealing with 
Inhs at Wimbicdon (7) 

8 Votes for persons enjoying 
tu rrent esteem (5. 2. 6) 

9 W r ell-defined training In 
dubious dealings <5. Si 

14 Inferior part given to bishop 
for instance (5. 5* 


for 


campaigning I 7 Take away the sailor's terri- 
tory (SI 


= sidered 
(2.3.31 

16 Doctor goes to work in shed 19 Rj, re tie disrupted m Africa 

■ - X 7 ' 

18 Run off with female to shelter 21 »nme vinegary stuff taken bj 
( 4 ) expert to gallery r7) 

23 Well may the slender king 

- Virrima pOOder (5) 

io Virginia , 5 Csiu|iuB PrjIe af , er aostililics 

(4) 


20 Fix price of a female sup- 
porrer going 
holiday area 

22 Kind of bic-heml rc-training 
Ivan to use office machine 
(4.4) 

24 Deal with special occasion (5) 

J6 Socially acceptable commen- 
dation io lift 17> 

J7 A beast wiQi a single third- 
grade tongue (7t 
28 I don’t know of demand for 
another question (3, '2, 7 1 

DOWN 

2 Henry sets over one objection 
■ to fish (7) 

5 Elected to give profit to news- 
man (S) liATojrirp 

4 Company about to take heart 
(4) JgSfiS 


SOLUTION TO PUZZLE 
No. 3.786 



.Shadows. 5.15 Batman. 

5.45 Mews. 

6.00 Thames At £ 

.025 Help’ . 

623 Crossroads. . 

7.00 Lingalongamax. • 

720 Coronation Street. 

8.00 I’m Dickie — That's Show- 
business. 

9.00 Born and Bred. 

10.00 News. 

10.30 Guy Reed 

1120 Late Night Theatre: 
" Welcome Stranger,” star- 
ring Hardy Kruger. 


GRANADA 


HTV 


5JO 

MO 


120 wn Report Wear HewUlnrs. L29 
Report Wglcs Kraal Ints. 2.00 Help Your- 
»'lt. SJD Crow midi, too Report Weal. 
t-15 Report Wales. 630 SnunefCale Farm 
U.J0 Tbe Sew Avengers. 

H7V Cy mro /Wales— .\s HTV General 
Service uxcepr. 320425 ptn Peflawdaa 
Niwjddjon T Dydd. UMiS Ttydw'l Am 
tod. . . . £00425 V DjnW. 

HTV WEST — Aa RTV General Service 
exam: l.awjo pm Report West Head- 
Unws. AOSAJq Report West. 

SCOTTISH 

l.S Ptw Newt and Road Rraort. 


Points West (Bristol): .South except at the following times: 
Today (Southampton); Spotlight . • 

- ----- ANGLL4 


7 Qp 

122S am C/osc: Russian painf- ^‘^nien uuly . us Bttfljft. sio Crom* 
in? accompanied by the fffi: ^^ oU nw T p^. i }?; jS f ^ lwn 
music of Borodin. c “ l “■* «“waw«L 

All. IBA Regions : as London SOUTHERN 


South West . (Plymouth). 

BBC 2 

6.40-722 am Open University. 

‘ 9.05 Gharbar. 

•20 Labour Party Conference. 
11.00 Play School (as BBC-1 
3.55 pm). 


12» pm Southern New*. 2.0B Rouse. 
P®rt»- *25 The Undersea Advcuuw.-s of 
Captain Swwi. 520 CroMroads. t09 Du 
t-^— . v . h> ' D * |r - 4JS Sccite Mul-Wivk i South 

US wn Ar-^lu H<iit 2.00 ami«'p»HT. E asl arfa oolji. IU8 Souihcra News 
525 Mr lid Mrs. 6.00 Aboui tnclia. • Kr,rq 1120 Shannon's Mub 
U.20 Chop pi r S^uad. 1225 am The Bjs MuB " 

Ouciloo. TyjVE TE£S 

AT* 


725 am The Good Word loUmved by 
I JO pm A TV \-n-aleslL 5.15 Youre ^'nrlh Kasi Kuw« Headlines. 120 Pm 
Onlv Varna Tsiiv. 6.00 A TV Todav Nm-th Easi New* and Luokarotmd. 220 
1123 and 2-00 nm Labour Party U-JO niioot 5mn; -The Head w- Leave " om ' u “nb. S2S Uanpr pars. 64E 

Behind “ Mariuic s.-haaHan Cabm. Norrhvrn Life. 1130 Gi-orge lUmillon IV, 

12.00 EPJloHur. 

BORDER ULSTER 


Conference. 

42S Open L'niverslty. 

7.00 New? on 2 Headlines. 

7.05 May I Have the Pleasure? 
720 .Vows On 2. 

723 Conference Report. 

SjOU Gardeners’ World. 

825 The Money Programme. 

9.00 MASH. 

925 Play of the Week: “Fearless 


*120 pm Horrt-r V:-* 100 Ronwt>arty. 

S.I5 Gimbil 6.00 Li«*arnnnrt W.Jr-«- uo pm LuiKhtlni-. SJ0 T*0 31* 
dny UJ0 Pow-r-r v.'irhmil Glors. 122S am * n **th.-r 421 Utoer *l«t ReadUnra. 

Border .--W5 S 11 rn.- 11 . 1 r 7 525 Cano>m. 52Q Croxiroada. 

Rroori*. 6^ The Bob Knrfron Show. 
CHANNEL U-30 Look and Soe. 1X.4S Bcdiime. 

1 18 pm Chsmn-l laiHMiv frw sr.d 


Frank,'* by Andrew Davies, 5-iS *fS? n, i ,, l2?!L plUU* 

I .....J D.„; Up 4.00 Ulano-.l \i-m-i. 641 l^'ll-i First. 


WESTWARD 


Htarrina Leonard Rossiter. 

10.43 My Kind of Movie. 

1026 Late News On 2. 

1125 Golf: The World Series 
from Akron. Ohio. 

1123 Closedown (Reading). 

LONDON 

13.00 am Cloppa Castle. 

13.10 pm Rainbow. 1220 Sounds Hc-^dinc), 


18.28 i lwnn-'l Uji,- \v»a U.30 SWAT. f" ^5]” RorK-rfann'r Rmbd^. 

1220 am News jml Wealher in t'rrm± *.’ 3 * WL-awaiH Njws Ilcadllnes. M 5 
IcdlopiSi hy LDr'nju-- Emcnljlr Farm. ttesiuartf Platr. 

w UJ.28 W«ttnrd Latr 1138 SWAT. 

1220 am Falih tor life. 


GRAMPIAN 


YORKSHIRE 


725 am Fir»: Th.r; i_20 pm Grampian 
Sm i Readlrn, * 5.2 S eimtwrda'c Farm. 

6JJ0 nraiOBlor Tnf.- (jo Volm- M«-r»p- l.8g pm Calopdar New*. 525 Cambtt. 
rrmm 1130 Kjm.iL-- Jro* s. 1225 am 6.08 Cali-nd.ir lEpilcr Moor and BrDnnnt 
r>-iu-. Tinnv 12.30 Gmmplan Laic Nisbt i-dirtcrmi U30 Elaine. The Singer of 

The Sow. 


RADIO 1 

(SJ SlmwkMle breadu 
Z Hedlom Wave 


247m 8.BS Vn-,r ;.j Choir®, part woe. 4JS Story Time. New* Magazine. 

; -S . 9 00 n-: ».B 5 This Wn-v- Cum- 535 Wi-aihi-r. proRranan® n®vi. 6.00 

pnv-r Ssrpn-rl r.nrt,.-r iSi. 10-W MHSIr Ntwv. 6.M Mr Word'. iSi. 7.00 News 

tut Qrk^n ■ S. io.j( ;>-raad Kraadnasi 7.05 The Arrbcrs. 720 Checkpauil. 7.45 

5.00 pm An Radio Z. 7 02 Dava Lee iS>. 1125 Ul'-C s.-oiUs>h SjniDlhini A Vnlva- 16 a Pvxsoa' RrcoUcciions by 

Tra-.u. 6.00 Sian or. IUt®» 1131 Pa'pl On-h-mr;, -S . LOO pm N, w*. 135 Con- Sir Pner P-ar* of Kathleen Furrier, 

lurn-i!. 2JJO pm P»’~r Powell. 431 ten Mr,:: -<■. 2.Co 5| USIC from (Hi J-vuh sansrr KS Analyats: Wha» Sort of 

Kid Jenvpn. T3g Th<- Spinners rSi (John Llturu iS*. l.BD and Tinmni-.-l Parliameni' 5.30 Kaluldosctioo. 73» 

Hjtiltf 7-. Mo It V If f. U.U Jobo Pel Bon- r.,--:ii.-.: i«> fi«w Tn.- Pop- Wi-aHii-r 10.00 The World Tonight. U3S 

■ 12JKW22 am A4 Radin 2. I mural. 26.M J63S At Hum®- Rwmrt Prirain Quiz ILH .1 Boob at 

VHF Radio* 1 and 3—54)0 am Wttb Rliditvr a: *h- V.-in j Hall 7J0 5«io*-a EL-diim,-. 1125 The UnancUd World 

Pa-li-i ? inclndliu 155 pin Good LiOrtnrm F.-s»ivj: in.. -.,i:in. r i parr I Jon,":. Tor-Sbr. 1130 Ncnw. 

8.02 Rjriio 3 GaU: IWi'fl ro Un- fajrnU Mncur- i>- 8.1S Tl, Ar'^ WnriCv, Id-.. DDr T 

S'. LU Tbe Frtil fculrr Story M3 SJS .Swimu I-. HH.,J jsrs. part 2 DDL K3Q10 1^0710011 

■ipnrw D"v6. 10.03 With Radio i. 12-00- RachnuiiiKo- 440 Srh-MiRraHy aUm anAmVITF 

102 ant With Radio 2. Speaknic. 2035 H-u Wasnrr Wmlt- ami s w ajn 


Radio 2 


Rnab Hour 


RADIO 2 •"* vnr “* l^rrxlnn Live. U.Oi pm Con In. 


S2B ant New* Sntnmarj . S.U Tony 
Brandon • S • In^ndlna 635 P«u«® f«r (.05-7. H pm op. 

Thmiabt. 732 Terrr tfosan «S» irKlndum Frrn.-tr CBacnN r mu'Jr 

8.27 Rartnc Bollrflc «wj -145 Pam® for Libr.ury. 5.45 lion.^-ivartl Bound. 
Ttiougttt . 10H2 Jimmy Yoons > ft 


London Broadcasting 


R.au> * VUE n — 2,83 Showcase. 4415 Home Run. 6.10 

Radio I VHP anW_4.0S-7.00 am *M t..r«r LKtep. 7.10 Bli.flt Lunrtorw-rA 

Lmwor-uo 3-» »m aj0 m i'ror. ; n- vnmuc stinhffaiw IKS 
<L55 Rtmuag a 10.03 Lafe NUht I -cod on. 2230-Ctm a# 
.oos 'S'. DAriiri Bound. tofc 1 

1225 mm WasBocen* Wal*. 223s Pew KAJLfll/ -4 

V'lrray it np» n House i*» iBctodtus L45 4g4tn. .THfm 2S5m and VHF 

*PW 1 Dhsjl 230 Davul Hamaron «si ut am M._- u« (20 "rnrrna 261m *mj 972 VHF 

induatng p.acma from , Sew»rt«t and Todjy. 620 Tola;- Macacne UvindllW 5,00 • m MomtQ S Music. LBJ 
2J5 ami idS Spans De*. 430 Wan- 6 jS Prayer for the iiav 720 and 130 norr-iniKi nc«. Information .mrel. sport, 
annera' Walk. 4.0 Sport* Desk. 430 Today's 7.30 and 8J0 \<n,< Uiad- nrt * n Show 1-80 pm GDC 

John Dana *Si bclDORV 5 45 SoorU linen. 7.C Thinch: -or Ule Day 5.0 R'-rort* 3.00 Georee Gale's 3 O’ClOcfe 
D®sk.. 6.0 Fuoru P-rk. Tje sine Some- Ant«ua. P. nnr pao- MB Sew* 4.05 c,il Lflc RcpOfT* 'ConilmiMSi 820 
rhlM SJmpla -S-. 7 Jo The SataMts *5> Llv-rs Works. 1.Z Hit- RoUohiMK. E‘jthr. 44» MshUInp. LM am 

S ^T or ' 2 SjK ’ c,aL tS8 Jo1c Vljr - U.m Ncut. 10JB The* Slop or Ibe Ultra. 

1M2 Offbeat with Orafcr,. 1830 Rtchart Smbblr .\ t£ tn*' 1 Mad March PnnU«l 12 -><41 a 

» ^ *!2«* 18.45 uiinirt Capital Radio 

a swrr 1LM x-p, 112s Sydney r»r*r l»lm and 95^ VHF 

«S!WL» , **«W- ipchrflrra 12M .\,- R *,. Think* -.lo-d, 1130 Thrnach My Windur. 6J0 am P.*r®r Vo™’* Breakfast s"hmr 

12.a? pm YM anrt Vmir* . 5 - 4.00 Miefianl arx.-! -S- 1260 Dare 
CjNtax* 1255 Cash rs. L00 pm Roper Scon iSi. 7. DC 
„ . . _ . IWWS 1-* The 1. unit (HI ’hJdar (S> TJ» Adrian lutc'k 

RADIO 3 Wm.Wcm.&MJF »«».' ^ .JSgZ x X? 521 ^ , 

U.B am We**t|pr. 736 Ne«>> 746 2J& (Arm wirtt m-.-s-t 3.00 \-a« J.05 livin'* r *i,. shnu- j*i j aa 1136 Tara 

V«tt »riwe«fc OwlflB. son 1 t8f. «J0 AThims Thr<u« <s,. «» Cburai B»eo- Johaoti * X'Uhi niohi' i|j* Duncan 


THEATRES " 

ADKLPHI THEAFRC. CC. 01 -836 7611. 
LAST 2 WEEKS. MUST END OCT. 14. 
EVB6. 7.30. Mat>. Thun. 3.0D. SK. 4.00. 

irenc iRENt . - Irene 

THE BEST MUSICAL 
OF 1976. 1977 and 197*-' 

IRENE IRENE IRENE 

CREDIT CARD BOOKI NGS .636-761 1. 

ALBERT. B36 3878. Credlc carff bkgs, 
836 1071*3 from 8.30 am. Panr.ntn 
Mon.. Tun-. Wed. and Fr1. .7;*5 pm. 

Thur*. ana Sat. 4.30 and 8 JM). 

A THOUSAND ' 


IND TIME5 WELCOME IS 
LI ONEL^B ART'S 

OUS°Mu!ScAL. , i; Fia/ifl mes 
HUDD and JOAN TURNER 
IKING FOR CHRISTMAS ANQ 
• THROUGH 4979,..- -.ft-.J 


I: 


ALDWYCM^ 636 6404.' lrHO.^aaft JsM, 
•COUWANT.Tn 
:«nd -7.S0. --Af 
ild .be madness not 
YOU LIKE rriT. 


ROYAL SHAKESPEARE C 
raOfrtWrp. Today 2.00 :«n 

wS&i'aiMP-. 

SSMFMfft jans&'ssss 




Dr-eiffwy 

RSC 

(see under *Y| 


AMBASSADORS. CC. Ol -836 1 ItT 

NiohBy *r-.8.00. Mat. Tuu. 245. SaL 
. 3 00 and B.oo. 

TONY ANHOLT PETER CARTWRIGHT 
^ SLEUTH 

TliP World-Famous Thriller 
by ANTKONVSHAFFER 
Seeing the play again i s - ur tan an 

63. DO to £5.00. Dinner and Top Price 
. Seat £ 8 ^ no Inc. 

LAST TWO WEEKS 


MERMAID THEATRE tS CLOSED* FOR 

RECONSTRUCTION. RE-OPENING 1980. 


NATIONAL THEATRE. . £2B 2JJS2. 

OLIVIER -open «goel: 

price mar.). Tofiifirhl 7.30jwE WOMAN 
bv EdwarcJ Bond® Tomnrrow 7 <aQ Thm 
Poifblfl Dc9lnr* 

LYTTELTON 1 proscenium stage’: Tonfgbt 
& Tomorrow 7 -45 PLUNDER by Ben 

COTTE3LOI 1 small auditorium): Tomorrow 
8 AMERICAN BUFFALO by. David 

Man^excellent cheap seats all 3 thcatras 
day of perf. Car part Reffmuraiit 938 
2033. Credit Card bookings 92S 3062. 


OLD VIC. 928 7616. 

PflOSPECT AT THE OLD VIC 
THE LADY'S NOT FOR BURNING 
Derek Jacobi "easv and virile authority'' 
£. Standard. Eileen Atkins ’* rirelllrg 
physical lluidltv " Fhwn - Sal Times. “A 
oem at a oerformanee tram Robert 
Eddison , . Michael Denison. John 

Savident nnd Brenda Bruce scoop up 
the laughs-' c-uardlan. Tod*V Thurs. 7.30 
Derek J-coOl m 

IVANOV 

Ch-s hoy's comedr. with Clive Amndrt* 
Brand Brace. Michael Denkson. Louise 
Purnell John Savident. Jane Whvcnark 
" Jacobi’s trlumoh " D. Telegraph. 
Fri. 7.30 Sar. 2.30 A 7 30. 

TYfELFTH NIGHT - 
returns October 14th. 


THEATRES - 

THEATRE. * HI .Bale A. 
Cants 734 4772 . Tom- 

ihose life is rr Atnui^-.* ■ 


SAVOY THEATRE. 

Credit Ca 

■ WHt 

- with JANE ASHER. 

~ A MO^Nrous T P^u^^ - 

Eras, at 7.00 Fr.. and SaL 54S aM ix i ' 

SHAFTESBURY. yCC. -D1-SJ6 [ 6^9C^— . • 

01-836 4253. E»gs. at BJ S. , 

Thursday - 3 -00 sat." S.oa. bjSTT " 
TERENCE STAMP in - 

EDWAiSD GOSEY'S . . ' 

- ■ DRACULA . . - . . '- 

with DEREK GODFREY . 


STRAND. 01-836 2600. Evegln im 
Mat. Tin**. 3.00. Sats. 5.30 Md,!™' 
NO SEX PLEASE- 
WTRE BRITISH - '.L 
LONDON'S LONGESTlAUftH^r. 

over 5-ooQ Performances'-- ' 


ivgs. B.OO. Ij Mtm 


5.00 and Bifio •• 

AGATHA CHRISTIE'S . .-?. 

THE MOUSETRAP .'r- 

WORLD'S LONGEST-EVU RUNCJ >' 
2BHI TEAR 


TAUC OF THE TOWN. CC- OMU HSU 
. Alr-conpitloneq. trom B.OO -Eu«ltn,- .- 
Dancing 9.30. SUPERB JitVur": 

RA2ZLE DAZZLE . • Jl . 
AT 1i:00 PETER GOROEHO 4^1 


THEATRE UPSTAIR!. -730 11H. -&' \ ■ 
Mon. to Sat.- 720 Lumlcra & S«M? 
WBHIMU. by David Gale. - - 


VAUDEVILLE. -836 - 9986. OpeW Tont ?.- 
Subs. Eva*. B. AN EVENIWL Wlff 
DAVE ALLEN.. LIMITED SEASON.. MW. 
Dec. 2 . . . - • . -.'.v , ■ ciW- 


PALRCE. " CC.. 01-4S7-«»5a. 

. Mon.-Thur. 8410. Frl. and Sat-^G.Ot) and 

JE5U5 'CHRIST SUPERSTAR -s\ •' 
.-By Dm RIcf. JKT Andrew UPYd-T»*«mr. 

and 
W.JbOO 


[PALLADIUM. It (-437 7373'.' T 

■■tw. LENA i*VA 

* net tier Slnnart and *r*ah'.RdWtri Daopn 
» RONNIE DUKES AND- ,.*! 

V.i RICKI LEE AND FAMILY" - V* 

J— ^ r„ „ - .. j. 


APOLLO. 01.437 3663, Eves. 8.00 

444 D. Tnanday 3.0. Salaraar 5 and 8 . 
DONALD SI NOEN 

<A K!T«R , jaS^!? r ' E Standard. 

!»■ SUPER! ’ Newt of world. 

SHUT VOUR EYES AND 
THINK OF ENGLAND 
... "WICKEDLY FUNNY." Times. 

. J IS the. new cast -rill Include 

Paul. Daneman. Lana .Morris. Dennis 


R amadan and Carmel M cSharry. 
ARTS THEATRE. 0183B 21 32 

„ h(i h V 

“HHartou* . . see H," Sunday Times. 
Monday ts Thursday 8-30. Frl. and 
Saturday at 7.00 and 9.1S. 


A 5l?j UA » s c a ,rtn » c «« 

Road. 734 4291. Mon. -7Tiur*. 0 
*- 00 and 8.45 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE: CC 
Thera. BJH 1 . F" 

EXCITING Bt.'CK At- RICAN MUSICAL 


836 6056 Mon. to 

_V 5.4S St 8.30. 


"Pulsating MuNrsI " E. News 
seat Prices E2.00-E5.50. 

0 * m U5Uir2 few 


COWEDY, 01-930 3570 

Eves. ,M?n^Frl. 8.00. Sat. 5.00 ^ bTjq 
M ac Thur. 3.00. LAST WtR 
EDWARD WOODWARD 
baoiara JEFFQRO in 

. ™* DARK HORS* 

. . by Rosemary Ann® Sisson 
EMHlirt family entertainment Anyone 
2* a»v age is iihmv to enlov li.- s r-i 
D*mn®d good ihearrn." Surdav Times’ 

1 BgWLl" ;py 4JI 1 * Gdm"A lauSli 

UalTrk Oooorfuniries hrll. 

i^vithr ffrilrrd bv fint-nte Cast A nvxi 
B ^r«c Ilyp a nd enrnrtalnlnp ev®n(nq " E N 

insvant confirmed crfdit card 

Tel F PHONE BPgKINgS ACCaPTFD 


CRITERION. 030 3216 CC By; 107lTs 
NOW IN ITS «COND^L4R 3 ' 
LESLIE PHIL' IPS 
In SIX OF ONE 

’ ^ a A H MINU^ ZEN ^ UGH S 
SreOND "HILARIOUS” YEAR 
Y®ry tunny.” Sun. Tel 


D"»URV IANS. 01.836 BIOS. Mon ^ 
Sat. B.OO Marina*, Wed. A Sat! 3.00? 
... A CHOBU9 LINE 

* rare d®va3*jnnu, lirroin. a*rari**>no 
stunner Sun . Times- 3rd GREAT YEAR 

Q*ICM»«9. 3-fi 8243. Moo. Twi 

Eyenlngs 8 no. Pn <n MS and 9*06 
._ CALCUTTA! 

‘'.I mrjBty J* irmn'm N Dally Man 


PALLADIUM. t)1.437 7373. 

OD^rrlitB Doc- 20 for J Season.' 
DANNY LA- RUE 

as “ Merry widow Tvranke* '* In 
ALADDIN 

_ . ALFRED MARKS as E6eiw«r®r 
Dllys WATLINO Brian MARSHALL 
. "■ 'WAYNE SLEEP. . . . 

• BOX OFFICE NOW QPEM-_\ _ . 


PHOENIX. 01-826 2294. Evenings at 8 15. 
Mats. Wed. 3 -Up; Sat. 6.08 and 8 AO. 
J'2t«« M B,!0 ? ,tt " TA . YWR '' « GRAEME 
GARDEN make us laugh.". Pally- Mall. 

THE UNVARNISHED TROTH . 
t, •" - Boyc£ ’ R rtoo 

" JrfjUGjrt WMV THOUGHT 1 WOUl D- 

H4.VE DIED" Sunday Times. "SHEER 
DELIGHT. Evg. Stendard. " GLORIOUS 
CONTINUOUS LAUGHTER.- Tlnwa. 


VICrORIA PALACE. 

B20 473S-6- ■ ..834 Uif,. : 

STRATFORD JOHNS " \ 

SHELI AtHANQPCK ' - ! 

ANNIE . ' ‘ 

Evgs. 7.30. Mata. Wad/ and SaL MS 
v BLOCK BUSTING— 

SMASH HIT MUSICAL ." O. Mtf. ! 

warehouse. ::Dotuiiar . TMnmt.Xoveff^ij 
Garden. 836 6B0B. Royal HuXoMaitn 
Company. Tonight . B.OO. Fete Aikw's 
A AND R. " Pete Atkin's sMtaru-as 

rnloy able ns MS dljMugiW.' ..The^T^P^ 


AU 


"seats. £1.80,: Ad«7 tJuu... 
Student standby Si . . ' 


WHITEHALL. CC. 01 -5» : fiSS7-77S5. 
Eras- 8.30. Erl. an a- SaL MS «m 6JK. - 

Paul Ravmpnd . presents. tar J5e«*o«J 

",Sea ’Rerue 01 tfte.‘'lion|yi5v7! 

pa srsiWfe- 


u>- 

iY- 

9'-? 

nr 


THE E OP;Vlt 


" Takes' ro unprecedented (f, mi “ NWJvB 


WTNOHA' 

BJegr. 6 
Thur. 6 


SaL^SilS MdAW- 

~NL1r RICH '.I. 

VERT FUWW.” tycr.ua NtviL. . 

m<w as 

■■Supreme crgHji^ or -sen reH(*6*. 


"MAKE] 

LAU 


.JAKE WITH 
Guardian.- 


p icca pp LY. From i30 am. 437 4506. 
Credit Cards BT6 IOTT Mon.-Tbi|rs. : .8.0. , 

Fri day . and Saturday 5.DO. -8.15. Alr-cand. 1 

Dominating <*Mh unfettered gusto and 

humour, the BROADWAY STAR?*©. Ewj. 
.. Tll | - , SYLVIA MILES 
Tovrorlng orgonn am:«- ” . Dally Mali. 

' by TENNESSEE WHJ.IAMS 

" ''"BIWBI Times. 
Thera ha> nardhr been ■ more wtis’vino 
rranlnj In the West End . . . the BEST 
COMfC WRITING IN LONDON." aiU. 
SPJC runmno nice an Heetr'e- current.” 

auo&Tty ' g'^NE msP^AT^ 

HYPNOTIC EFFECT.” Deny Mril 


YOONG VIC. 92» E352. Tomof. «<- 
Sat- 7.30 am. HAMLET one* » 5WW- 
near® Tnlogv ACTION MAI*. 


, S2ll?iK E *S"rin" D- £1 -**» 6=77 

Evenings 8.00 Mathmra Thurs days 

and Saturd*ra as 3.00.' 

W '■«« AndreW Lfpyd-Webber 

. Directed by Harold Prince 


PRINCE OF WALES. CC 01.930 BGA1 
LAST 4 DAYS ENDS SATURDAY. 
Evg*. 8.0. Saturday* s.30 a®d 84S. 

THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
* love my wipe 

ralnn All 0£5l N ASK WITH 
CREDIT CARO BOOKINGS 930 0846. 


QUEEN'S. CC. 01-734 iibh 

Ev 93 . -B.OO. Wed. 3.00, SMf *C 00 Vr!’ 
HOY DO TRICE. GEORGE 1 ' CHAKfinS' 

"3S wJA « L,ER!i 

ST- Mir. -MOST SCENIC ALLY <«r 
TACULAR SHOW IN Tnw S**!' 


ONEMAS _ 

ABC 1 A 3 SHAFTESBURY AVI. M* WM 
Sen. Peril. AU SEATS BKBLC-- 
1: THE BIG SLOP lAAt. ' 

wv. » son.- 5 . 15 . a-ts. „ 

2: 2001: A 9PAC2 OOWWTIW JORl 
him. Wk. A Son. 1.3A 431. T.H, . .-a 


"RENAL DO AND CLARA'' XAA> ^ 
BOB DYLAN AMB JOSS. ,fU2 W*’ 
track selreo. Prooi: 1.00 and 7.8C. d»”: 


classic 1 . a x-A Ontanj jw»< 
Tottenham Court RA Tubej- BJBffJIft 
U and A Pnni. CSlIdran half BM.. _ 

J- the turning point: ;-AJ- 

Stereophonic sound., Erogs. 1-CS. 3J®* 

2 : 01 Mei^'lreak'f. JQGH; JJMITY: t» 
Preoi . l do . 3J«. 6.15, 7IJS. . 

3- SueclJI Matinee. All sto u .M JW..TW 
SILENT: WITNESS (A). - .Prom 11W 
12.00. 1.00 2 . 00 . final Pavl >^7 

Mr Quoen. AN ENEMY DF Wl H™ 
TUI- 3.15 S;4S - 8.-1S : .. 

4. HEAVEN CAN ■ WAIT 'AL FrM- 
1-60. Ml. 6.1 S> -.9.35- ' . 


CURZON. CursM StrBet, W T. 4*9 T737. 

VVES MONTANDCATHERIJMSWH2DW 

It. LE .SAUVAQG |Ak ** 

HtlM). Prim, ai .2.00 inot SwJ. 

9-15 and .8.30- - ' ' T_ 


SHO W IN TOWN.” P u^i". 
RAYMOND REVUES A R. CC . 0 1-7 14 1593 

At 7 £•?-. 9 am. 11 pm. Opens Sunc 
PAUL RAYMOND presents 9 *' 

VPJ&'SF » wwilci 

*IF SENSATIONAL YEAR 


LEICESTER SQUARE THEATRE •»*> 

Kirfc Douglas In a Brian D* Fj*« 
THE FURY fXL Sep. Peris. Hk. '® l 
£ Ja. 8 . 10 . Sim. 3.sa 7AS , s»» 
BkWe for Evcnlnff Pert. Mon-W*. . ®. . 10 
Peril. Ill a 5m - ■■ --- ■ 


OOEON. 


arkrt. 


Hiymarki 

MIDNIGHT EXP. 

Dally at 2.30. 530. 6-30 ««■ 

Seats bookable. . . •• 


(030 


ioOjEON. Leicester- Square. «« 

THE CHEAP 4WT2CTIVI Ulfc-SbR MV- 
Oflly Doors aoen 2.00. 4.4S. 7-«5. — . 


9lh Sensational Tear 


° UK u« V. V ‘J I "' , ^J C ' 01-836 5122^ 
MMJ'I S»n, P*rf|„ 2 ws Only 
■Per «~F TH« ROINGE v 
” Himalo<ya*yarleti •• 

7 30 

•*Ch»frael 4" 

„„ 9 SO 

*2 ner show: <3 SO hrtth snmra. 


Hurt 3 


FORTUNE. 8*e 7J3». era*. 

S«rurda» * ang 8 
pt+tr* a* mijc mmpic 
MU" nr» AT THV V|r-«^ AC c 
FOURTH GREAT YEAR 


"fS W ■ M ,,0r 2a5!r e, 1?i 01-637 9862.3 
THE K C Ja rt AT Y d To” 600 

... «c& r t e a a g t e •aa&g 

- fr.* *' Finar- -a 1 imes. 

smart swell snow." Daily Evoreu. 
•“JWdMBN ' Sunday- TfinKT^ 
riS, °l orB e'eoanee 

than these for EV1TA. 

than that of AN i Nie/- 0 sI, n o!, t * Tefrairanh 
Credit Card BoQfc.ngei^Sj 


ROYAL COURT. 730 1745. Alr-ecu. 

l ^,r“*S^a W 

A alJ l ? l,0%0 p erf o rm a rig#. " D Tin 

1NAPMl5Sr»Le EVfOENCC ' 


•MM Mamie Arch. W2 Iri'ij aaiHjj' 
CLOSE . ENCOUNTERS OF 1H( 

■ KINO (Ai. Sep progs. dOOrt Iff 
Mon -Frt. 2100 7.30. Sa(. 1 OS. <■'* 

7.45. Sun. 3 00. 7.30 A i r «e»is- ■9 *' 

PRINCE CHARLES. Laic. Sg. -439 *' s1 ' 
WALERIAN BOPOWCZYjr*.-..-': 
_ . THE BEAST 1 London J’ -'.in 
See- oertY Daily tlee . Sun.i 12-40- 3-™' 
5-35. aj5. Lata Show Nightly ..W-’f' 
Saati Bookabig. Lieenaed ea r. : - ; ' T _ 

STUDIO «. . Qvforit Clreufc.. AST 
JHf Clarttomh. AUn SatM .l8j.fi* 
Mavurksy't AN URMftawiDjWlff" 
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v. ' . ^ Wedn^Oay Octol^er 4 1978 

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by CHRIS DUNKLEY 


The Transfiguration" of Benno Blimpie 


by- B. A. YOUNG 


y&ej^taMy^. . one approaph^d the" seemingly emjjtasr supply or still time for that: and one great ' quantities . of them are tlie for programmes with. all the You do hot see lattie fat Benno 

-Of wonderful acting- 'talent in aspect of the heavily -mannered hack, even if the American ones spice, and variety of airline j D the squalid scenes of his 
“^T 11 w.witn. txepida- England. • camerawork docs prove distract- are. beginning to look emas- meals) has brought back Thejfamijy jjf e . m 6 toue j, father 

vfa ^ the^ book wqmjv thouohl’the viewer has * n * without offering any obvious culated. Most of Iasi week's Saint but with a complete lack or j ^eg time 0 ff to upbraid him 

S S nnS benefits. It is true that all sorts Slant fey end Hutch consisted of swank, swagger or style. Theyjf5 r being fat and softand so“ 

JSS 3 -*®T * te ,e T is,on ' i Dar ^i of flJra directors from the young Travolta-style' dancing with are reduced to borrowing from j ary. and his shrewish Neapoli- 

f0r : aids,; : ver&al of_yiS&aij and Ingmar Bergman to some of the plenty of. pleasingly shaped 77ie A«c Arenpers the habit of tan mother tries to stop him 

EnvTiiE ?« e *w “J® P° w *rful expected to- scramble along past hacks at Hammer Films have female bodies in satin shorts and repeatedly featuring a Jaguar eating so much as she bemoans 
/B'n^^o' n «w«V En8l, ? h - 3n ?uas.e» Jump -lilts' in: '.and apace: habitually used leaves, thorns, split skirts— “jiggle" as a com- XJfi to say new and “ quality ” ber miserable lot. His grand- 

Ifinn f" 05 . 1 r e^nt_inanifesta- what’ we- set* luatratf of a very lorn ' curtains, broken glass and pensation for. the violence which because cverj-thmg else about the father shoos him away, so that 
fiion. « Emily. Brofitev extra- * ’ •• J ... production says “old" and h e can nureue his attaints to 

gregasgag 


1 song, delivered as from Cathy f ron * a . symbolism which is 
Eamshaw, in which the bizarre Pushed .to the brink of absumlty: 
Kate Bush repeatedly demands to n series of Grand Gulgno] 
be let in at HeathdifFs window effects: and from a- very dis- 
Sure enough, this neW teTe- liB * ive ' s ^ e of camera direction 
vision version directed bv Peter ^ symbolism. Is mostly of 
Hammond. tmw^VSS the-earth/air/Qre/waler ^ariety. 
as mannered, almost 'as crazed, and not with any. subtle hints 

and nearly as wild eyed and at I 5. e e e01 D enta, T?rf lS^w 
f^etic as the Kate Bush ren- by _ Emily BronlP. hut _J.e^ er ® d 
Bering whii* it was impossible « ther *!» creax.craabiDg doHop*. 
to uhift out of the -back of the Tbere are no ordinary ■ storms 
m*Qd as nne watched 00 Hammond’s Yorkshire moor. 

rather works. Or is. not done on any ordinary old 
Den fft lik-^ KifS J0 “ ha °‘ flee but on a vast conflagration 

SiJifttita/i Che gotluek, apparently' covering most Of the 
inr kitchen floor. I Handy, for point- 

.r. and are pretty famihar with jng the- lens thrnuuh I ■ . 

? *•* Indlmr^^H a dim ond uses very 

1 narrative clarity goby the board. low Key .lishting for dramatic 

For some: .reason producer effect. Outdoors he- .cuts, a lot 
Jonathan Powpll, chose- to have from Ion? shot to roeditwn riose- 
.: Aq^rent bits -oT-: his .five-part up anti vice versa, an emphatu* 
aoptation dramatised .by dif- way 'of flvin? neopie in land- 
febnt writers. Thus. Part 1 was scsDe. His landscapes are not 
bdHugh Leonard and-Part 2 by half and half skv -and earth, nor 
- Dfid Snodin. Sueh fragments' even the fashieoable three- 
tic hardly seems designed to quarters sky. hut n^rer nine- 
pipure consistency or clearness tenths. And when he: uses big 
(t»ugh a lot of other television elosp-np he goes in. much tichter 
s<es and even rse rial drama is on the face than one - normally 
5 vpten in this way, of course) expects In televi'dnti drama: a* 
af no doubt there are viewers one mom^n* -in Part 2 : we could 



rubbish. rape - a nymphomaniac school. 

However. T have said before; girl, attempts that end with bis 
and will no 'doubt say again murder and the theft of his 
before l s™® up this column, that month's security cheque. Bui 
British ; television with three Benno is not there, 
channels a day to fill. 3fkS days He is lying in the middle of 
of the year, would be working ( the stage in white overalls, as 
miracles if it could come up with | fat as the Michelin man. and 
even as many as half a dozen] his first words, like his last, are: 
really original senes and anl“i am eating mvself to- death." 
equal number of original single] As he does so, he fills in the 
plays, -comedies, and so on eachj s p ac e s j n the family pattern that 
year. ■ are not shown in the other 

Wuiftermfl Heigh is is flue scenes. Though he is the butt 
entertainment.^ anil it is not of everyone’s contempt and ill- 
alone. -BBCl’s A Horseman humour, he has in fact been 
Biding Bf/ and London Week- endowed by God (the family are 
end's Lillie both show distinct practising Catholics) with an 
promise. It soes almost without instinctive appreciation of fine 
saying that all three serials are painting, perhaps even a talent 
transmitted on the same nisht for it. This Interests no one 
(Sunday) though thanks to the b ut himself. The world thinks 
Friday repeal of \\uthenv$ he should be playing ball games 
Heights it is possible to see all 0 f various kinds, 
three. And this is the theme of Albert 

A Horseman Riatng By looks . inna uralo’s moving little play, 

set to prove .et again trhc| it i s not a new theme, the 

S ° ga If on ® ? f difficulty of sustaining an 

BBC s first Proofs and is still artistic leaning in a philistine 

the clearest exaDiDle) that bonks worli bul Mr . Innaurat0 - S treat- 

teiter ,h”n ad Tm/- mem of “ is m ' el and J 1 '™ 8 - 


Poor Benno. 


Paul Dawkins and John Collin in * Wuthering Heights * 


SSSSJJ Hobble CoTtrene^ more feeU 

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rio uoiint tnere are viewers one mom^n* -in Part z we couio goom— might almost have been “ , 1 « ■ maoe MU 

have not read, or have fnr- see 1i of r a «hv'« e®es and no so on in the foreground to has now been purged from so written expressly to satisfy the I talent . for eating too much, must 


l.timnni Burt 

Robbie Coltrane wi:h Lynda Marchal and Vincent Marzello 


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I ten the bonk, who have been month— a BTC big rtnse-iiD. Frame the human figure beyond, many American shows. escapist wants * of urhan ' tele- P rovide him wit h his death- in spite of the unlikeable nature formed by a well-cast company 

roughly confused about time All this. I take iL'i« Hamniord’s But apart From occasionally con- BBC1 even has a new American vision viewers' in the late 1970s. ^ en, . en ^ e: 3 ° u see him literally 0 f some of the action and the under the direction of Simon 

• les and about when the action way of Conveying; oir television vpying a sense of eavesdropping import. Moat Warned, which is Lillie written for televisinn 5 e 2 in L nm S t0 eat himself, haying coarseness of the family’s Stokes. Vincent Marzello and 

» been flashing forward- and the fooling arbirvefl; bv Emily there seems no particular point based on he activities of— wait bv the Edwardian snecia is firs J t beeD mar J ked out int0 j° ints language, poetic is what this Lynda Marchal play the father 

on back.- _ Brnnt* in prose that the charar- to Its repeated use here. ror it _ a spe cial crime squad! r»,vid Butler (Dfmwlf and . P rDV,ded wilh a meat- play certainly is. .Mostly so in and mother. Michael Poole is the 

'uch difficuftirs would have t ere. the nt ions, a’td the verv That aside. Wutherma Heitfiitx Last week they dealt with an air- Rdw^wj Vff were both his) is a c ^J er ‘ , .. . . L Benno’s dialogue, where we arp creepy old grandfather. Madeline 

kn quite predictable when, texture of. the .‘.landscane and offers ihe equivalent* or a line hijack- How about that for varn abou t vet another of the The use of the ana lop- is what free from the sordid realm of church the 13-year-old. The de- 

’• jwell (or perhaps it was weather-, around. ; - Wulherine thoroughly good read. (A originality?. They will be driving Prince of Wales’s mistresses. dlstin 3 ^ ,s hes the pnetic young reality and move freely in Lie signs — four contrasted area ® 

' rector Hammond, or the Keirht* are more^ .‘mfehsft and thoroughly good look?) Being fast cars through big piles or Again the subject is about as J ? ra f ncan wriiers from the poll- territory of the mind. lying Slde h -" Slde are b3r 

* Titers, or all of them) decided larger than. life. By the nrddie an adaptation of a novel, dressed cardboard boxes next, and hackneyed as possible, bul again tlca youn? Br itish ones; and Tbe play is admirably per- Gemma Jackson. 

,pt to use any . cautions, or anv of .Ehisnde 2 Hammond and h>? in period i-oslume and photo- chasing cars with helicopters. j ( does’ look like making good. 

bice-over narration, or even any nast had won my Jsymparhv: and graphed in studio and wide Thames’s home-grown Sirecnei; rhottgb so far very slow, tele- Cnvc*nf fiarrlen 

fp'anatory phrases in the T was accenting *h* production open English countryside, it is on the same night came up with vision. - wwwciii vaotucu 

Palogue to help the nlot past on these ferins "of" theirs.. ; not quite what you would t-all its most subdued and boring jf escapist relaxation is what 

jarious milestones..: There has .Two- .small', worried 'do remain: an example of a strikingly new episode yet all about the raid- you desire, and on lengthening “I * 11 

jeen the occasional technical Ken Hutubmsob is. going -to have genre, of course. But then life crisis of poor old Red. the "autumn evenings it is precisely I jk O I J | I / ■ 

/•'vice such as the slow raix in to pile on the a£onyff. he is to nothing much that 1 have seen burglar. what many do desire, then Sun- I m s\ ^ I H r““ I B I I 1 If I 

part 2 taking us from the fares emerge as an even darker and in this “new" season is. . And tacitly admitting to a com- day is your night. It is to be . ^ -L VAA VAA Aq V/x vw 

pf the. children' playing Cathy more terrible. ’character . than Despite all the predictions plete failure of the imagination, hoped, however, that there is one 

and Heathcliff through .to- those Hind Ley (good -to -"see John which have been piling up for ATV (or rather ITC. their inter- senuinely new and original i p AM A T D PT) TPUTflV 

-.pf Kay Adshead and Ken Hutchi- Duttine in the latter meaty and a couple of years now. the rop national body with a . mid- series among those still to come • Dj U IN ALU 

son, two more new examples of melodramatic role) but .there is shows have 'not: petered out: Atlantic mentality and an appe- in this autumn season. 


tical young British ones; and The play is admirably per- Gemma Jackson. 


Das Rheingold 

by RONALD CRICHTON 


- ?Ne w 


York Opera 


by ANDREW .PORTER 


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In an age of producers Vanity 
and -folly, from which Wkgh4r 
has been 'a particular sufferer, 
the "Metropolitan Hkmtihttiuer. 
'produced by ..Otto". Schenk dnd. 
designed / by .-Josef ,* Svoboda. 
shines as a heaCoh of gooC sense, 
romance,' beauty; eToquence. arid 
concern for what the.. composer 
intended. It. opened, tbe season 
with some new singers in prinef- 
. pal roles. Teresa - Zylis-Gara's 
Elisabeth is. admirably conceived, 
at once impetuous and dignified. 
The- voice Is a little slow to 
speak: every sustained note 
tended to b6 a swell, ■ and ' the 
Prayer lost .'impetus. But her 
lone was fresh, full, and pure, 
and she gave a very pleasing per- 
formance. Tatiana Troyanos was 
a rich-voiced Vends: Neither 
lady's German was -quite sharp- 
cut. . 

Tan nh a users are not 1 thick ■ on 
the ground . today, . and when 
James- McGracken fell out .the 
Diet was lucky to secure Richard 
"Cassilly. His . timbre’? 7 ’ often 
develops an -ugly -snarl but-r-as 
we know! from -Covent Garden — 
his intellectual -and. dramatic 
command- of the role is. ;C0ra- 
- plete. Kurt Moll made hU. Met 
debut as a grandly .imposing 
Hermann. From ' fast season 
there was Bcmd We ifcl’s -ardent, 
romantic Wolfram, spoiled only 
bv some out-of-tune patches; and 
Kathleen Battle’s sweetly sung 
and winningly -phrased Shepherd. 
The chorus was strong but- not 
yet quite as smooth and ful.f .of 



The later parts of the second first two parts will be given on absolutely clear, even line. 
Ring cycle have cast changes but consecutive evenings. Yet this splendid tone-quality. Matti 
there were none in Monday's inevitably entails a certain Salminen's brother giant Fafner 
Rheingold — winch leaves only amount of holding-back for was also good, as usual, but 
dribs and drabs to be said. Colin Walkiire for the singers' sake, sacrificed mure tu characterisa- 
Davis was remarkably successful One felt this on Monday with lion without making more effect, 
in forecasting the sweep and Donald McIntyre's Wolan and Rachel Yakar's Freia earns her 
scope of the whole tetralogy with Josephine Veasey’s Fricka. a chance to show Covent Garden 
while keeping the scale of this He. as usuaL bad some forceful audiences what a charming and 
Rheingold within preludial phrases (how well he. shows stylish artist she is. Hermann 
bounds, Rheingold is “early " in anger and frustration) and she Bechl's D owner produced a 
two ways — in the context of some expressive ones, after the volume or sound worthy of his 
WagneriS work as a whole and disappearance of Freia and her mighty hammer-blow. Patricia 
as part of the Ring whose writ- golden apples, yet neither would Payne's Erda was imposing (if 
ing and composition took ap so have given anyone hearing them only the Coliseum Erda was able 
much of his career. Some of the for the first time much idea of to appear like this at the front of 
music (Freia's, especially) has their full Wagnerian potential, the stage), the remaining per- 
a kind of freshness which was There is something to he . said formers were much as before, 
not to reappear, and this aspect for the old solution of changing though the Rhinemaidcns 
of the score was finely realised, the singers of the hig roles that hlended poorly in the first srene. 
With a set. like Svoboda's for recur. where the mixture of amplified 

the Friedrich production it »s The choicest singing came and unamplified sound is very 
presumably inevitable that the from Robert Lloyd as Fasolt — nasty. 


Festival Hall 


Khachaturian 

by DAVID MURRAY 


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The Hall of -Sang, in the Metis * TannhSuser * 


vet auite as smooth and ful.f.of r ” ... and * orpHse beat* in the melodies of the slow move- thereafter, and the heclit 

tone as it has been. Under James ing -the music, it reveals the the" boyishness .by which be —which ts formally, harmonic- great issues are treated as ,ltt Ie | “fL*” b f the ^case most’of the ment “look tu the example of needs a lot of leaping Gt 
Lcvini?. there was richer orches- s ense t) f iL j doubt if one could sought to warm his ' naturally and politically -all over the more than local -colour, and so I concert bad to he extremely the oshugs,”^ though the prove- to hold it together.) 
. tral playing t 


s was ' richer orches- s ense 0 f if. .1 doubt if one could sought to warm his naturally a ] 3 >'- and politically -all over the more than local -colour, and soL oncert 

SS 1 ®, 1 reservcd . •«* p : ison ! H ' J -* he SSTpSaSnSn? SZSrSS n Mp «»» » 


The death of Aram Khacha- Russian ballet score with a good be Inept to seek for one single 

turian last Mav seems to have deal of fi ? roe <&tache bowing on inspiration for tbe music. 

lent new interest to Armenian gj* thfm'Sk ^oundmah^'Tt K t iachalurian remarked: “Tbe 
rnusie and on Mondav the Insti- •? ma ,, r ®®P unatn So • 11 most imporiani ihiog in a com- 

rausic, and an naonaay ine insu wag mteresUng l0 -learn from the p0S er is his personality, his 

tute of Armenian music pre- programme that the second suh- aura •». — ^d certainly his own 
sen ted a memorial concert for ject is "imbued with that spirit manner is as identifiable as, say, 
him . Loris Tjeknavorian con- of melodic contour, modal in- Maniovani's. It was interesting 
ducted the London Symphony in flexion and .. rhythmic shape to bear the elements of the 
the verv earlv First Symphony, Armenian folksong ; manner being lenlalively assem- 

the fsfmHiirViolin Concerto and 1 had alwa >' s supposed it came b j e d in the First Symphony, his 
some of the innumerable dances straigbl from Grieg. Ruggiero graduation exercise, and more 
V’mandi fomittinG with Riccl attacked the work wuh the interesting still to find that its 
mfsSS P ro ^ r eutty ferocity, and a first movement is indeed articu- 
Tlariopl To all themuSc TMe™ cajoling way with the high- lated more or less syraphonicaily. 
navnria'n broSt Seating register keenin S to °- Apparently (The structure begins to crumble 
and 4 , nrpciRe beat* in the ^ “iel° die s of the slow move- thereafter, and the heclic Finale 
nS K the cirmS of the ment “look to the example of needs a lot of leaping Georgians 

the oshugs,” though the prove- to hold it togerher.) Tjek- 


i +h» rpvtcpd nance of the climactic mutif navorian clarified such polyphony 

Britain’s theatres this su mmer. . De^ormance" the piWe. ' And '~ F ” - Z thal **““”*1 later tidied into 11 *»«“ 11 * ul “f th^ lvrnnhfmv with a might seem to be the finale of as there is in it quite expertly, 

Levine's Wagner: moves, so ^weU fm Q ^Se one couldvhot see it dangeroi usly .close to Tosca ^ needa a Caniglia. Gigli, here. The next new’ production J™ “ndiM to^Se^st mov^ Madama Butterfly. It would be and the London Svmphnny 

that in this, uncut version. there b ette r donfe. - . iJri i htlS and Becchi - or .? Tebaldi, Del was of Rossini’s II turco in Italia. JJjJS g”d ’neknavorian made a pure fantasy to detect “Rustles played up with shameless glee, 

were no moment, when attention meS ecpnd nieht-rfthe * StS Monaco. . end BasUanidi to set with Beverly Sills and Donald ^erooscA io "the frenzied of Spring" in the main Allegro C A er ^'r«Hef pT/ci f oanach?' 

flagged.- was a new -production of Billy izr.2 T?* the Pulses stirrins..- The ulain Gram. Or. rather, of The Turk r.mmneh Lezchinka. v i c -.na i,m» r, u tv,o cerl0 :._ _ pa _ n , ^, 


u.dtix: .-a., cs .u cert0 befii j, es Ricci - S panache, 
vivace tune, and in any case tbe was f be ethnic warbling of Roy 


. iwkwum uieuv u. U.A .. San Francisci) . “ uu ,u WIU a dcyh, # -uu ««*<■>*« generous cm in mtr oi ap rm « in vne mam .nuesro ■ hpcHp . RiPei -- Dana 

fi2 I ? described the production last ” ? .JJoffSSS? desigoS ^tion^f the opera. ^ ^ stirring.. The plain Gram Or rather of The Turk Gayaneh Le^hmka vivace tune, and in any case tbe ^s^fheXfc Slin/o"/ 

From curtain-rise bn the wfiS Conducted by-' ^ New York City Opera presentation might -have -suited »i Italw— translated into English There was doubtless a felt CDTnp pser throws so many other j r «wiifs clarinet behind 1 

tSniMbers bacchanale to -the Si'JJUJSS i it is-a strik- ils season with a run of a serious opera’about the French by me, and so I must leave Wii- need for a concerto which would things into the pot that it would exotic and exuherantly wild. 

final -tableau it faithfully follows in/^d-spectocularTjresentation. Victor Herbert’s _ i\aughiy Revolution, but in this work-the tiam Weaver to report on iL combine -the direct appeal of a ■ 

Wagner’s instructions— not as- a playea bn a cross-section of tbe ^5 h . f 1 1 1 ~~ i 

muSupJ reconsmiction of Q u ^“{ Indomitable which can - rise S? praduc? // ' A 

^rt^ 1 S?rMSwcS l ofmpdere « eSJriPeterJ»^?cVpto Vere - SS?S5f jS5S?r? f oS2S5!? ie it A I'M Uripf 

»E.S,d . Arts news m bnet ■ f' v 

SSttX VMttar are s ,t to becddte «» ^ W®* 1 ^ 


~cZ s i 


if*’ , . / 


ITiS^^ V 


c- t 


““ , " j (rtenoak hulk into ree oral nrae. niuudiu mauro, ana men; 

h?s° sco?t resftS ft contradict- on the first night rattier overdid: iirthe main roles. 


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September 19-7S. * 


■d Frederick ’ Arts - Council has ‘offered Webber are set to become the Miller; Brittens Albert H«rtBg 
But ’ Chenier Photography . Awards .to seven first lyricist-composer team to in a co-production with PBS of 
-photographers for the year 1978- have three - musicals running America from St. Louis; 
1979. With, this scheme, now in sunulianeously- in the West End. Wagner’s MeisterSmger von 

Its sixth year, awards 'are made . A _ pW nroduction of Joseph Nfimberg produced by Gbtx 

to enable photographers to take ajui Thc Technicolor Friedrich from Stockholm; Peter 

the time to undertake specific n^J^t Ss at the W^- HaJ1 ’ s sta ^ of Cosi f™ 

?™s or 10 K s s.ffl as sisra.irM 

■ David Larcber. of Stanhope Pai .‘ J ?“? „ : rDSep 5;,,„ ri Garden 5 RolaQd Peat's ballet 
Gardens. London. SWT, has- been \ s Si ?t version of * ? er ®![ QC 

offered *an award to continue £S!L from Marse,, J e *: and ^ ]eu 

his work ’ . oh photographic Teiley's Pierrot Lunnire. 

phenomena. Isabella ' deri- 0n Sunday evenings. The 

rezejezyk. who lives. In North ^ nn , ,n3 hic ^ Lai ln BnUsh Cicely Arts features programmes 
' Shields. -has been offered an ^ea^e hisiofy. on Joan ^iro. Joaquin Rodrigo, 

award -to continue her work on * Evelyn Waugh. Ibsen, Tolstoy, 

the. urban and industrial- land- Maria Cal las. Luciano Pavarotti, 

scape of the Newcastle area;. An RBC 2 is devoting an unusually P aul Robeson, and 1 Isaak- Fen- 
award has been offered to Boyd large amount of lime to arts man. 

Webb, of' Heneage'J Street Lon- programmes — in- particular musi- *. 

don. to enable him to continue cal ones — this autumn and 

bis work in staged studio scenes, winter. Each Saturday night In jr or the past five years tbe 
'An. award has been offered to Performance will present opera, directors of H. M. -Tennent have 
David -Chadwick, of Withington, ballet or a concert. presented, in memory of Hugh 

Manchester. - to enable him to This month Welsh National •* Binitie " Beaumont. £350 to the 
riraplete a project -in the city of opera's production of. Janacek’s most promising young director 
Manchester, ■ documenting its jfafcropofuos Case, with Elisabeth outside the West End. 
people and.events.- And.v Earl.’pf Sdderstrflm as the protagonist, Thj S year's award went to Bill 
Matlock. Dprbvshire, has been will be shown. In November. Alexander, for his production of 
Offered -on award « complete a Scottish Opera offers Dido and class Enemy at the Royal Court 

preiect. otr M society ” events all Aeneas, from Aix-en Provence, and productions for the RSC at 

over the coumry. An award has with Dame .Janet Baker, while a The Warehouse and The Other 
been offered tc John Davies, of fij m version of Puccini’s Tosco place. 

\>w Oilerton. Notts', for a land- features Kabaivanska, Domingo Helping Tennent’s directors, 
'■cape photography project and Milncs. During December Arthur Cantor and Nick Salmon. 
Edward Hawke, of. East • Ham, Munich's n.ew Lohengrin, to select the winner were critics 
London, has been offered, an directed by- Everdlng and Michael Blllington (Guardian). 
. a ward, to complete a col loiiHm of starring Rc n6 Kollo, tops tbe hill. Ann McFarren (Time Gut). 

. photographs and to publish them. . other attractions include’ Kent Irving WardJe (Times). B. A. 

_ . . tv. " ■ . ' Opera’s production of Monte- Young (Financial Times) and 

■■■M Tun Sice .and Andrew. Lloyd verdi's Orjeo staged by Jonathan TV producer, Barry Hanson. 


SELE-PEL 

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Milan 

21/24 October 1978 

Pavilion -30 in the Milan Fair Grounds 

The seasonal preview of Italian bags, 
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22 


Financial Times Wednesday, Qctober^i97R 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON KC4P 4BY 
Telegrams: Flnamlrao. London PS4. Telex: 88634J/2, 88389? 
Telephone: 01-JWS 80M 

Wednesday October 4 1978 


Common sense 
arithmetic 

PAY POLICY may or may not that the Government must stick 
be dead, but anti -inflation policy to policies which demonstrably 
, remains: and unrestrained wage worked, and asked again for 
, claims against a background of union co-operation in securing 
. firm fiscal and monetary policies the best results from those poli- 
. will do the greatest damage to cies. 

employment. If workers insist So far as pay policy is con- 
on pricing themselves out of cerned. it- is now clear that the 
jobs, there will be more un- whole fracas will result as we 
employment less growth and have suggested, in urgent efforts 
lower living standards, realistic to get co-operation between the 
wages are essential if growth Government and the TUC on a 
is tn be sustained. more flexible approach. Given 

That was the heart of the the damage threatened by the 
Prime Minister's message tn his present rigid 5 per cent rule, 
opponents in the labour move- this could be an improvement, 
ment yesterday — a somewhat but the search for such compro- 
ehastened movement after Mon- mises is always dangerous. One 
day’s excesses, which had the danger is tie emergence of a 
sense to resist attempts to Formula which looks reasonable, 
“democratise” the party by but which in fact drives up costs 
giving its self-appointed activists and compresses profits. Any per- 
life-or-death powers over MPs. cent age-plus-productivity for- 

A government, as Mr. Callaghan mu ia courts this danger, 
reminded them, is responsible a looser approach, centred 
to the electors, not the party. 0 n a credible target for reduced 
An* A inflation, and asking the TUC 

iXmuagea to oppo^ -demands clearly ia- 

This is robust common sense, consistent with this, would pro- 
and the Prime Minister’s firm- bably be more promising, as the 
nes$ must be applauded: but it CB1 has suggested, and a fe- 
is a pity that in one important form of the bargaining round 
sense he smudged his placard, would be more productive than 
He and the Chancellor have any amount of over-simplified 
sjjoken at the conference as if arithmetic.. Finally, the govem- 
fiscal and monetary' policies ment must avoid offering yet 
designed to reduce inflation more political hostages ro secure 
were an alternative to pay a policy which is in everybody’s 
policy. Thus implied threat was interests, 
first deployed by Mr. Roy ^ . 

Jenkins just under 10 years ago, ^Onnoi H'Olt 
after another Labour Govern- Meanwhile, monetary and 
ment defeat at the hands of the fiscal decisions need not wait 
unions, and the results were for the outcome of any such 
unfortunate for the movement bargaining; indeed, the first 
and for the country'. It was decision, on the rolling forward 
had reasoning then, and it is of monetary targets for the 
bad now. second half of the present 

The fact is. of course, that financial year, can hardlv do so. 
sound monetary policy, and a An anti-inflation policy- suggests 
fiscal policy consistent with a further gradual reduction in 
monetary objectives, are essen- the rate of monetary growth I years 
tia! at all times if inflation is Such a reduction mav not be idea 
to be avoided. The idea that easy to achieve. The rapid 
sound policies are simply an 



THE MIDDLE EAST AFTER CAMP DAVID 


Now the 




P EACE NEGOTIATIONS 
fbetween Egypt and Israel 
are due to start this month 

in Washington and the Carter 
Administration is still publicly 
optimistic even about the 
intractable issues . of the West 
Bank and the Gaza Strip. 

But the inevitable problems 
in the wake of the Capap David 
agreements are fast crowding 
in. Some 100 Palestinian 
leaders from the West Bank, 
inc’uding several mayors, this 
week rejected the limited self- 
government offered them under 
the Camp David agreement, 

while at the same-time the U.S. anr ,exed east Jerusalem:' why considerable influence it. still meats shown Jff President- 
Administration _is faced with the raere was n0 commitment -on has ov*r rhe territory it ruled Asawl ui £\s recent meeting 
increasingly difficult problem r.f rte fmure SQVereignl y of toe “J °\* " encourage West ^ Syr* i* 

how to bring Jordan into the west Bank as there had been bn » nl i 1 m-rticioate not read - v pnvatelyto dii_- 

;?«»*■ SSS' tokHS to ,P“' aP * „c mJS£ them out of hand. ^ 

erplieitlv. orovided for at Camp any Israeli troops or settlements On two The Saudis, for their part 

Hnssein *„ «d - M? “ d 

U.S. that before he sits down questions, to which ha-wanted ^ that at camp David he com- rei iorts that Saudi ArabULmirt 


BY DAVID BUCHAN 
in Washington 


wants clarification of the Camp 
David agreements on a ranee 
of points he considers crucial 
to Arab and Palestinian inter- 
ests. and a commitment from 

"hones, answer ” from ; the «“ „ to# ^ 

In W up the propose,, pew O.S. Officials here take . U.e “ "^e Forego Minister. It * 

transitional government on the tenor of these questions as a ' ^ Americans s ay, clearly ° r J » 

Wp t Bank sign of genuine interest on King * iVnlh J .t Samn Itavid that reg1011 ’ t0 ° Breara politic 

west «anh. w *__ ir 5_ n3rt «... t hev established at uamp u avia uiai ajlri sfatfl jn 

In an interview broadcast on Husseins part^ But piey are moratorium 


new West Bank settlements for 

the duration of the ^ peace talks a year though they^SS I 
with Egypt- due to be eo - mi gh t be & slowdown L 
pleted within three the flow Of this aid.' Th esSSfo: I 

Israeli t ^ ie CtiTte>r Administration ^ 


This view, they 
shared by 


say, 
other 


American television on Monday equally aware that blunt 


until 


the self-governing ^ 


the King said he had been taken answers^at tois stage would so authoritv for the West Bank The ILS! strategy- now ixfas . 
aback by the speed with which dls Pf‘ the deliberate vagueness was set'up, and thereafter the to be essentially to keepta r 
Egypt was moving ahead to con- ln the Camp David framework majority on that body Middle East in a -boJu? / 

elude a separate treaty with agreement as to undermine the wou j d b j n a position to con- pattern, while Egypt and ' i . 

Israel. He had not been pro- negotiations from the outset ^ any new influx 0 f Jewish sign a peace treaty andjhe 1 / 

periy consulted over Camp in the U.S. view, there is no settlers. first talks oh the West. m . J; 

David, and therefore felt “no great harm in letting King Hus- r - r , tn th _ future be- starr * ** necessary -witfat (! 
moral or legal obligation” to sein sit out the initial round of h f Hussein and Jordan and with only, at* h 

join in any subsequent West West Bank negotiations. Egypt, " a ‘ , p< . pr eTte n L of President Palestinian West ; Bank . 
Bank negotiations. and the U.S. for that matter, Sadat W jj] ’ the attitudes President Carters call Jastyy i 

As examples of the pointed can cany the baton for Jordan taken ’ b Svria and Sa ud j for a new international mi- 
questions tie has been putting settling the initial . issues: Arabia. That Syria would try tion effort to resolve- the. i-,. 

recently to Mr. Cyrus Vance, the scope of the new self- (Q orc hPstrate some kind of tinuing crisis in Lebanon stitl 
U.S. Secretary of State, and his governing authority, the means eon deni nation of the Camp seen in this context, /tyr , 
roving Middle East ambassador. which it will be elected, the o av j d accords was considered ^ es behind it is an Ameri - 7 
Mr. Alfred Atherton, King partial pull-back of Israeli inevira ble in Washington. But fear that if Lebanon werd : 1 ■ 

Hussein queried why the transi- troops, and the abolition of the y_g officials say that much flare up, in the form- oi -I ]' 

tion period had tD be as long as fsraeli military government. depends on how strongly this serious Syrian-Israeli. confroj^. i 

five years: whether the geo- But when the elections are condemnation is worded. They tion. tlus would grad 

graphical definition of the West actually held, the U.S. would deduce from the detailed in- jeopardise negotiations bn j:. j 
Bank should not include Israeli- like to see Jordan use the fairly terest in the Camp David agree- West Bahk. > 


Israelis acquiring a taste for the forbidden fruit of peac 

S URROUNDED as the Is difficult for the settlers to It proved to be the case in aware that the 700,000 - Pales- occupied territories want tl 
Israelis have been by accept that the government 1S6 "- when the appetite for the tmians living on the West Bank independence free of cont 
impassable borders for 30 W hjch up to a few wteks a-o territorial booty of that war simply will not fade away and by either Israel or Jordan 

t, most find hypnotic the pn«iura«>inp thP rrpatinn nf overpowered the original plan cannot be driven out by. force, they see the Camp David agree- hitting their training base 

of being able to get into a * . . , of swapping the captured Arab It was this which led Mr Begin ment as merely offering a sop across the borders and uhHj 

and drive to another v,, “S es t0 Uie «iuutry land for peace. Indigestion t 0 produce his proposal for to these aspirations without criminate bombing of r thei 


growth of consumer demand has country. After the Camp David now regards them as an obstacle caught up with the nation only limited local self rule for the fulfilling them, 
of - . •< deterrent deceives both now been followed by an encour- sumit and the Knesset approval to peace which must be in 1973. Arab inhabitants. Mr. Begin 


The Egypt-Israel pact agreed 


BY DAVID LENNON 
in Tel Aviv 


unions and governments. The aeing upturn in ' investment of *e “framework for peace” removed, 
unions are led to believe that p i an s, so that private sector agreement, the forbidden fruits Bllt even ^me of these 
sound policies are anti-union, demand for credit is likely to w i“ lm grasp: C 21 ™, the settlers are beginning to realise 

and should be resisted politic- remain well above the levels “ e that the price they are being 

ally; governments may believe, foreseen in April. This demand Sphinx are drawing closer by as fc ed t0 pay is small compared 
as Mr. Heath did. that given a has already prevented the fore- “ 1 * day - As 11 !? e expectatl0 , t ] with the reward.' For a people 

pay policy, they can safely kick ca5j t r a n in interest rates, and ^“ ds up - s0 a th f w, ‘ l who have never experienced 

over the monelary traces so threatens to raise the cost disappointment be if peace pe aMt its full meaning takes 

So long as these beliefs are nf debt service Tar enough to Proves to be a mirage. timt? t0 sink in. 

kept alive, the educational job push expenditure above target The acceptance by Parliament But they are beginning to few problems unresolved, but 

which a pay polio* must ar - - - - 

heart achieve is far more diffi 
cult than it need be. The les 

son of recent years is as clear show whether monetary re- j E © - P t peare treaty. The only could sign a peace treaty within problems, 

as it possibly could be: mone- straint can be achieved without I rea ^ issue in the debate was two months, three at the 

tary explosions, whether of some check tn consumer and I whether Isrtel w 
wages or credt, do damage. 


their*, 

refugee camns. . have all failed 
has already to make the Palestinian prob- , 
His autonomy plan as it is weathered the wrath of his own lera go away. There have been ! 
called, was first printed win*, who for ^ over SO more onllap Istach death ,- 

followed his bard hne from Palestinian : gtremila 1 


immediately after President 


Sadat’s astonishing journey to P° lic y espousing the right of the actions in the first nine months L 
Jerusalem last November. : a* Jews to control all the biblical of this year than m any whole j 


land, of JsraeL 


year since 1967.. 


Camp David it was refined r -> < 

little to give Israel slfehtly less Almost half of ihe Knesset This pattern wULcDnHade rf 

control, and the Arabs slightly u ^ rabers from his own Herut the PalestiniabsT. rare . not i 

at Camp David may have left raore ' . pkny, the largest faction within offered a reasonable isettlemeaL ) 

' ' Bui il does not come near to "® m1 ^ LUtud w «- re[used And *•“ 


Bt Un the other hand, revenue last week of the Camp David believe that peace is possible, the framework agreement on ‘ l , ome n 5 ar . l ° to vote in favour of the Camp security required vto comhit 

I'ffi- should also be above forecast agreement opens the way for a Their Prime Minister tells them West Bank and Gaza Strip j , 00 .* “ rau demana I David agreement m the these p in pri dcs -witi becam e in- 

le *“ The autumn assessment will speedy conclusion of an Israel- repeatedly that Israel and Egypt largely ignores the real J srae * ^irnttraw completely Knesset last week. creasingly irksome to « Israel 


Mr. Callaghans message policy and monetary targets (occupied Egyptian territory in' in the country will increase uncomfortably close to the 35 intractable as ever. 
would have been still more prove inconsistent, fighting in-Jorder to make a peace agree- the pressure on the government denseiv DODulated coastal Dlain As long 213 Hussein an 
effective if he had said simply fiation must come first jment possible. / not to make any moves which 0 f i sra ‘ e i • F lhe PUO reject the Camp Da vi 

I Tf wnt A4 PTf r«T> Tewenl 'tn #wii iT«] lanwivilleA >• * aornomonT thnro Ic J iftl 

An EEC aspect 
to mergers 


S em^tive Sue of l”aeii con The ^ difficu,t problems tasting the first, fruits of peace. 

f , — - — . T ,. .. - - - Israel believe*; that the West Ii wiS stiU lie ahead, for the Americans Israelis! are still highly sus- 

of some check to consumer and wither Israel would evacuate outside. . BanT is pan of the bibhS ™ t ^ have stUi t0 fiTld wa >^ to bring picious of the Arabs and many 

Government spending. If ^cal |some^ ? Jewish ^.^ e ™ e ^l ro ™: ! _Tb I s nsmg expectation with- i and of faSek as well as being remains the Palestinians, the Jordanians are ver3’ dubious about the 

and eventually the Syrians into prospects of- peaces But if it 
and the peace-making process. works with .Egypt, these reser- 

_ „ , _ l(A _ t . . . The first step along this road vations. can be expected to ebb. 

It was not easy for Israel.to could jeopardise the agreement. - Mr - . , ... agreement, there Is little would be to persuade Israel nnt to bp reolaeed : bv a louring far 

decide to give up the Smai “The appetite comes with t . ^ a 5 d /.l s now likelihood that any West Bank to build any new senlem^nt/nn areaneeLms on Se 

settlements. The traditioir of eating.” isT frequently heard ° r . GaZa pub,iC figure W0U,d 

Zionism was that settlements expression in Israel, and it E risk assassinaUon by a ^ eein 5 a development would' be the K is this new mood whirh j 

detemine the future borders of applies not only when the good “*£■ alHai ^ been Jo Participate in implementing starting point for iwrsuading creates the hop^that aeompre 

^ srae *- Jewish mother is trying to the autonomy plan. the Palestinians that peace is hensive settlement - may , be ! 


That tradition dies hard. It persuade her brood to eat At the same time, they are The Palestinians of the possible for them, too. reached. 


THE GERMAN Federal Cartel lain across the path of cross- 
office’s ruling against British frontier mergers within the 
Petroleum’s deal with Veba. the EEC- <*°nomic integration TribllfliteS 
West German energy group, was 111 Common Market is to 
the third occasion this vear on as many believe and CGfcbrStB 

which attempts by ’leading expect, to some re-structuring 


MEN AND MAHERS 


June 7 are less and less voiced 
in Blackpool. And what is 
increasingly striking Mikarrio 
and others is the hostility by- 


British firms to acquire a eon- industries on a Europe-wide At lunch in Blackpool ^ es ^' delegates to matters European, 
trolling interest in another EEC basis, it will inevitably involve day a colleague joined the William* the Educa- 

company have been blocked by the larger companies whicb Tnbunite Neil Kmnock Secretan- found herself 

national authorities In West arouse most concern among the H ’bo wan bus>- celebrating in a down' at the weekend 

Germany or France. Last «*, n.aKara of aa.iona. anti-trust and SJ" S-Sf JtaS fiES S&M 

shipbuilders’ leader and for- delegates putting themselves 
mer communist forward for Eum-election. As 

■My cup runneth over.” ex- 

jubilent Kinnock treatment of Bntam 


the French Government frus- industrial policies, 
trated Lucas Industries' agree- 

ment to buy from the u.s. Wider consideration 

Bendix group the remaining Motor components is k good 



said to rival that of the Onassis 
family. Not for nothing did 
Nice paper, referring to the way 
the Arabs are now active on the 
French Riviera, compare them 
recently with the nationality 
which had built up the Riviera 
Jts headline on the Arabs 
“ Les nouveaux Anglais.” 


shares in Du collier, the French Mse ; n point. The emomenr** claimed a „„„_ o . ^ m , hlr . nf _ 

electrical components manufac- SILSeraod stranger European about his eIection 10 Labours 40 ^Mr^cent ' polf^ Sarate 
rarer: while earlier this year C omp?nenti makere £ dSndto Natioaal Committee EurT- elation, w^d^revl 

the German Supreme Court con- costomera Sie veWde a father * opt^istic P 

firmed the Cartel Office’s pro- manufarturers- it E champagne. In a shift to the op " m,5tjC - 

hibition nF GKN’s acquisition of the European comDonents left he ^ nd the irrcpres^ble If ,. thc elections were held 
Sachs, the leading German JJdusm todwloo m SST£ Dennis Skinner have replaced together, he thinks, four in five 

motor component firm. Jzyfrl and Jn n r lao Mikarda and Jack Ashley, a voters might have taken the 

The three cases are no, .11 to."® 1 n,0 . dera,e L „ h , hI “J 

on the same footing. The BP- national monopolies which have V™* JfV" * at h,s " ew S Prc A n d 
Veba and GKN-Sachs deals were been built up in the past. Potion will provide a power iwjm ■ a “ a ' n « ■ 

banned on anti-trust grounds, _ . . p e past ba« for introducing what Tri- They think the Community 

whilP r liras’* bid for full coo- Ttas ,s not something which bunites are fond of calling “ In- stinks,” says Mikardo succinctly, 
trol of ^ucell i er ‘ran* up against be democracy in the Par- 

the French Government’s plans by “ 15X0 mersers Policy. hamentary Labour Party.’ Short relief 
to build up a major French- The Veba and Sachs decisions He is optimistic about his *■ 

controlled motor components reflect a general tendency chances, insisting that “the re- Michael Foot was looking, if Stafford, flew to Marbella in sheep are more adapt- 

grouping. Indeed, whereas the towards a more rigorous sentment felt against executive not cheerful, a great deal less Spain for the thought or two abIe and more cunning than 

German^authorities were moti- approach to industrial concen- government is a growing factor glum after the Prime Minister’s involved. It was only a brief ' nost breeds of farm animals.” 

rated bv a desire to head off a tration on the part of national hi all parties in parliament. ” speech with its powerful phrases trip. By Monday they were *1® spokesman. Gwilym Thomas, 

potential reduction in competi- authorities, noL only in West His colleagues refer affection- and curiously indefinite content, back and yesterday Stafford told adds that "their capability at 

tion it could be argued that the Germany where a new Competi- ately to his “music hall patter" Only ihe day before Foot had me that they had spent until the Jumping fences is prod i sinus 

French Government’s insistence tion Bill Is now before Parlia- but Kinnock soon proves him- been sounding grim warnings small hours talking out the and a five-hour gate is nothin? 

upon a "French solution” for ment. but also in Britain, self as thoughtful about par- that the vole against the 5 per various plans They have for the tn th<! mountain sheep. If there 

Ducellier will result in a dim- France (where a system of liamentary reform as be is un- cent pay policy spelt the end Dorchester with a represents. l!! greener grass on thf other 
inution of competition bv rea- merger control was instituted abashed about joining of the Labour gove. 

son of the association which for the first time last year I and “rightists” who rail for the next yesterday he had 


“With our constant diet of 
dog-eat-dog, its a wonder the 
species survives!” 


Wild in Wales 

The Welsh arc faced with a new 
threat — sbeep. Welsh Develop 
ment Agency chairman Sir 
David Davies says they roam 
into towns and “are at best a 
nuisance and at worst a danger 
to health and personal safety. 
The list of their crimes includes 
damaging cars, devouring 
garden produce, causing road 
accidents and overturning refuse 
bins. 

The WDA is now starting 
special fund to help local 
authorities while the Farmers 
Union of Wales complains 


joining nf the Labour sovernment. But live of the Arab srrtiup whicb s, “ e anv n nstaeli: they take 

*■ Sht thc hotel two years ago. some stopping.” 


sufficiently bou 

already ex is tsbc twee n Ferodo. in several other EEC 'countries I Olympics to be moved from recovered bis spirits to suggest The group still protects its 
thp French comoanv which has where the need for a mergers! Moscow: “I am fed up with that a better deal far Ihe lower anonymity behind the company 


the French company which has where the need for a mergers 
now undertaken to buy out policy has been under discus 
Bendix. and Bosch of West sion. There would 
Germany. 

ing ways 


company ... . 

mere choir chats about oppres- paid might d» the trick. “I’m Pageguide. formed in 1976 to 1 OUTISl gUIOQ 

therefore | s * on being indefensible. It is a not saying that we can manage purchase ihe ~ 


seem tobea case for develop!- fundamental right of people to ihe £60 a week they want, but it shares for EBm. repri {^SLmidoTtl^SlISrt 

ine ways in which wider speak their minds, even if what might move m that direction.’ sen ta five’s identity is now “ 3 ue “ al, , I,B v V 

Europea^ considerations could say is complete nonsense.’’ he told a colleague. But surely known. He is the Syrian-born [ wS?*dSi ”hted F m ^ 

be weighed In the administra- !t was the quite-weU paid Mouaffak Al Midani. a roan u„ ^ J r , de ” 3 hted to be 

unionists who presented the real close to Crown Prince Fahd h f nded a f^ nd °" b,,s r oute map 
Challenge lo the policy? “Yes.” first deputy prime minister and at r? e t,ck * t o0,Cc Hammer- 


Concern 

A common thread can how- 
ever be seen in all three deci- tire procedure which at one Mq 4-q Fiirnnc 

wholly the S merger control systemin the Mikardo who is 70 years old "fumne « '"w? re *** he ‘ r app ‘‘ rent in Saudi Arabia, 
national in character: if there three EEC countries presently seemed downcast at n^being " 10 M Sni th . at aou 30STll n 5 tourists 

were any argumems to be made operating one. It may be right ab i e to spend on e more year on . hnS" h ^f ""'i* st r ^ e seemed as pleased as the 

from a wider European perspec- to be more sceptical about thc the NEC before retiring. And A- a K TnL ! # befo ™ J he favoured Londoners. Why thi* 

five, they were not or could not alleged benefits of mergers, but an idea Liar he had first pul HiaD COnMCCtlOn detaiU arn n,-'!uu,L n _“ J“5 tber generosity? I 
be considered. As a result, a it would be a pity if some of forward — that the general elec- A bill 


smith 

Cunard 


underground station, 
has a massive hotel 



further obstadc may have been ^ j, enefits that might accrue Uo ns and Euro-eleciions should hue atr-cohditioiung 
added to the thicket of legal be held simultaneously— a Iso obvious] v needs snr 

and lax difficulties and the pro- were t0 J* lost beca “^ competi- now seems only a remote possi- and. on Sunday ihe Dorchester's Midani 'himvHir ho T.m i ^ Ior 
Mans of reconciling differing tion policy was being inter- biiity. Predictions that the twn chairman. Lord Pritchard, and m-e Has 1 h Hrl* 
managerial stylos which have preled on too parochial a level, elections will take place non Us managing director Peter Cannes and a j chi 


date." 


Observer 


Meet the 




I work for one of Britain's biggest 
businesses. We ve got-big new 
offices in Peterborough that serve a lot of 
the country from the Humber to the 
Thames. But \ know ail my regular 

customers. Like Thomas Cook and Pearl 
Assurance and Freemans. And Mrs. Jarvis 
down the road. 

Arthur Dance 



Find out about Peterborough now. 
Ring John Case. 0733 - 68931 . 

PeieiberqueK 

Development Corporation^ 

PO Box 3 Peterborough PEI 1UJ ' ' 














Flnancial Tifljses W^qsday Qetdber. 4 1978 






unremittm 




By IAN HARGREAVES Shipping Correspondent 


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WHEN THE editor of one «f 
Britain’}; numerous shipping 
journals announced his depar- 
ture recently, he referred -in a 
valedictory column to the sense 
of relief at no longer having 
to search for metaphors . to 
describe the industry’s depres- 
sed condition. 

Four years and probably no 
more than half .way into the 
shipping slump, the imagination 
is indeed stretched. H the 
industry were to select a poet 
laureate, the ideal candidate 
would perhaps be the depressive 
Victorian Jesuit, Gerard Manley 
Hopkins, whose final, “terrible 
sonnets” would not cheer any- 
one. but might at least make 
shipowners feel understood with 
openings like: 

“ No worst there is none. 
Pitched past pitch of grief. 

More pangs will, schooled at 
forepangs, wilder wring.” 

The industry is in just that 
position. It broods over the 
araphs of likely supply and de- 
mand and still is unable to pre- 
dict with certainty when any 
solid improvement trill occnr. 
Not befure 1980. virtually every- 
one agrees, probably not before 
1982. and many believe not until 
1985- The remorseless tanker 
market statistics show that 
there will still be a 30 per cent 
surplus of supply in 1982 and 
even beyond that date, it 
is hard to identify a certain 
course inwards market equili- 
brium. There will undoubtedly 
be improvement in some 
segments of the market — for 
e>:araple in smaller tanker sizes 
— before this date. but. that does 
not alter the general picture. 

The conversion of unwanted 
tanker orders iiito dry 
cargo ships at a time 
of world trade recession has 
spread the symptoms of the 
slump right across the industry. 

As the table shows, there are 
still substantial additions to the 
fleet in the pipeline and in this 
respect the position is now 



Cunard Champion, sold to a Bermuda-based company a few weeks ago as Cnnard disposed of 

its entire hoik carrier fleet. 


worse for dry bulk carriers and 
containerships than for tankers. 
A 10 per cent gross addition 
to the dry bulk fleet 
alone is due within the- next two 
years at a time when even the 
higher levels of strappings ex- 
perienced this year are unlikely 
to mean a loss during that 
period of more than 30in dwt 
at best- Although 12m dwt of 
shipping has been sold for scrap 
so far this year, the continued 
depression of tbe sttel Industry, 
which is the main scrap user, is 
still holding down prices. 

For companies wholly com- 
mitted to bulk -shipping and 
without the protection of very 
long term charters for their 
ships, the effect has been dis- 
astrous. The - • well-known 
collapses, such as Reksten and 
Colocotronis, have been far out- 
numbered by cases where 
effectively bankrupt companies 
have been given at least a 
temporary lease of life Jby their 
bankers or their governments. 


West Europe’s major liner 
companies have, because of 
their broader base and the 
shelter provided in at least some 
trades by strong conferences 
(the mechanism used by liner 
shipping companies to fix rates 
and levels of service! 
registered the impact of the 
crisis more slowly. Bat with 
their, bulk-carrier interests 
creating a running sore, even 
operators like Nedlloyd of 
Holland or p & O and Ocean 
in Britain, have been unable to 
withstand the normal ups and 
downs of liner operations, such 
as port congestion, without a 
dramatic reduction in profit- 
ability. 

There are a few pockets of 
stability, such as certain, highly 
specific roll-on. roH-off fern- 
routes. and some refrigerated 
container operations where it 
is difficult for newcomers to 
break in. but these are small 
in scale. 

In the last year, there have 
been a number of international 


efforts to “ solve ” this shipping 
crisis, but all have failed. The 
industry’s own tanker and dry- 
bulk pooling proposals — 
designed artificially to stimulate 
the market by creating a false 
shortage of supply — have 
foundered as most realists 
expected because the differ- 
ences between individual 
owners’ financial conditions 
proved greater than their desire 
to face common problems 
together. Equally, hopes that 
international concern about sea 
pollution would lead to com- 
pulsory changes in tanker 
design involving much reduced 
cargo capacity have proved 
illusory. 

The latest and boldest effort 
is to seek the agreement of 
the world’s shipowners, ship- 
builders. banks and oil com- 
panies for a scrap and build 
plan designed to get rid of at 
least the 20 per cent surplus of 
tonnage in the world fleet with- 
out starving the shipbuilding 


industry to death in the 
process. 

Individual governments in 
the main shipping countries 
have also become involved in 
dealing with the crisis, 
although the thrust of their 
policies often seems uncertain 
and there has been no effective 
international co-ordination of 
their contributions. 

’ The oldest scheme. Norway’s 
Guarantee Institute, continues 
tn be buffeted tn die country’s 
political arena partly because of 
the uncertainty of the financial 
risks involved and partly 
because shipping is not an 
electorally popular subject in 
that or any other country. 
Japan has decided to finance an 
oil storage scheme which will 
take an almost insignificant 
5m dwt of tankers out of 
service. Britain has responded 
with a small three-year debt 
moratorium plan designed to 
help, but on very touch terms, 
only the pure tramp-ship 
operators suffering from the 
worst of the crisis. 

Part of the problem is that 
governments are not experi- 
enced in dealing with the finan- 
cial / side of the shipping 
industry, which has tradition- 
ally sought and thrived upon the 
minimum of government 
involvement in its affairs. 
Although the invisible earnings 
of shipping are of great 
importance to the economies of 
Britain, Greece, and the Scan- 
dinavian countries, it is difficult 
to formulate purely national 
solutions for an industry which 
is fundamentally international. 

Shipowners recognise this and 
although they take a consider- 
able interest in the shipping 
policy manoeuvres of govern- 
ments. suspecting as they do the 
will in some cases towards 
nationalisation, their only un- 
animous desire is to see govern- 
ments cut rather than subsidise 
their shipyard capacity. 


There can be little doubt that 
the pressures of the slump, 
together with wider political 
pressures, are leading tu 
significant structural changes 
in the industry. The share of 
the world fleet registered in 
OECD countries has fallen 
steadily in the last few years 


np predominantly by the big 
Hong Kong-based flag of con- 
venience operators and by Ihe 
developing countries.' notably 
China. Of the 41 ships reporied 
as sold for further trading in 
AugTisr, for example, nine were 
for China, between 10 and 12 
were fur Hong Kong, with most 


WORLD FLEET: DELIVERY PROGRAMME 

(m dwt) 




To be 

% addition 

Existing fleet 

delivered 

to fleet 

Tankers 

32S 

20.2 

62 

Bulkcarricrs 

132.6 

13.4 

10.1 

Combined carriers 

<4.4 

2.7 

5.5 

Liquid petroleum gas 




carriers 

4.6 

1.9 

47 

Liquid natural gas carriers 

3i 

3.7 

105.7 

Containerships (twenty-foot 




equivalent units SS5.914 

237,566 

40.S 

General Cargo (m grt)* 

80 

8.8 

11 


FT estimate. 


Sources: Uofd’t Register and H. P. Drewry 


from over 80 per cent in 1874 
to just over 54 per cent, with 
flag-of-eonvenience registra- 
tions (28 per cent! and develop- 
ing countries ( II per cent) 
making gains. 

Even without the slump. 
Western shipowners accept 
that the developing world's 
ambitions in shipping would 
have been gradually met. either 
through the normal bargaining 
processes or through the 
strictures of the United Nations 
liner shipping code and its 
40 ; 40 : 20 share-out between 
exporting country, importing 
country and cross traders. 

But the severity of (he reces- 
sion has involved the destruc- 
tion of the equity base of some 
shipping companies and the 
serious erosion uf financial 
muscle in others. The ships 
these companies a re bei ng 
forced to sell are being bought 


of the rest going lo other Far 
East interests and Greece. C.Y. 
Tung, the second largest of the 
Hong Kong companies, has 
recently bought 20 ships total- 
ling 2m dwL 

The problem for Western 
owners is whether they can 
compete with this powerful com- 
bination of slate-controlled 
developing country fleets — such 
as the pan- Arab United Arab 
Shipping Company — whose 
expansion is as much a matter 
of pulitical as uf commercial 
logic, and the Hong Kong 
owners who combine the 
advantages of cheap crews and 
relative freedom from trade 
union problems with formidable 
financial and operating 
expertise. When the recession 
ends, the ships bought by these 
owners at slump prices will 
make them more competitive. 

The Japanese solved the 


problem of their own high crew 
costs by developing a strong 
relationship with Hong Kong, 
where owners bought ships and 
chmiered them back to the 
Japanese. This svsiem accounts 
for almost half of Japanese- 
controlled shipping. 

The Norwegians, with the 
highest crew costs in Europe, 
would like the freedom to 
follow the same panem. bur are 
prevented by their trade unions 
and .their government- In this 
situation they are urgenily seek- 
ing to improve the profitability 
of their ships by cutting crew- 
sizes by up to 25 per cent. 

Diversification is now re- 
garded as essential by ail the 
bigger British shipping com- 
panies Shipping remains, how- 
ever. a valuable adjunct, 
notably because of the taxation 
advantages it permits, within a 
diversified ^roup. 

Certainly, the major Western 
and Japanese shipping com- 
panies give the impression that 
they are slimming down ro sur- 
vive the siege rather than plan- 
nine to capitulate. In recent 
weeks, they have even had the 
encouragement uf profitable 
tanker rates in the Gulf and 
slightly firmer dry cargo rates 
in some other areas. But as 
John I. . Jacobs, the London 
broker, said in its recent tanker 
review, a slight breeze in the 
Gulf should nnj be confused 
with a trade wind. 

Only by finding some way of 
sending a huge slice of the 
world’s fleet n» a premature 
scrapping herth can the 
industry speed its way out of 
the- slump unless an unforesee- 
able event, such as a war. 
throws the statistical projections 
into confusion. 

Saving such unlikely develop- 
ments. the industry still has a 
long period uf siege conditions 
to face. To take another 
Manley Hopkins first line! 
“ Patience, hard thing.’” 


np? 

I* mi 


Letters to the Editor 


Accounting 
policies 


iqdustrv with particular account- the limits Implied by the per- 50 miners will be killed next year who is so entitled ... and Mr. 

ing - problems are given the mitted parity changes. All that producing coal. Smith will hare to accept that 

opportunity- of workine closely is needed is to keep differences To avoid nis own charge of I am not a publisher of commei 

with the Accounting Standards in national inflation rates below “rabble raising polemics Pro- cial directories! 

Committee at the drafting staze. the maximum tolerable dif- fessor Grant should compare like 



. — that Mr. 

of what has been aone so -Tar. tee ana roe reievanr interested marks or uunaers at a lower Smith overrates also the amount 

Some of the standards already parties, its enforcement -Will rare of 'interest. No doubt some- y- U Hncktey of information erven to members 

promulgated hardly ^ seem to command general support. ^ In body wdttld insure him against Ec nomicsh of funds. One does not need to 

be an expert to realise the woe 

of mao-nours mat must nave -get me - ~ jesisiauun -.n am to minimise uncertainly, vr up - -■ 

cone into their preparation (For before attempting to enforce it. might take'. a loan denominated 

example those dealing with the Harry Aston. • -•/ in European units of account, at 

treatment of VAT; government 2224. Ely Place. ECJ.r an intermediate interest rare 

Grants, earnings per share and •' . ■" ~ *.'• that should be reasonably stable 

source and application of funds . __ + and the same in all EEC 


bmu _ ' T v 

statements). The associated com- • InciflAr 
panics standard (SSAP 1) can X11M.I1CJ 
be positively 


*r 

it 


misleading in 


certain circumstances,. ■ while dealing 


ful ignorance of most of the 
working population- over pen 
sions. Members’ apathy is cer- 
tainly one factor — pensions 
are commonly regarded a* one 
big turn-off. In part, the apathy 
is psychological in that people 
do not like being reminded, 
. Sir , — if rroiessor or am (nep- however subluninallj-, of the in- 

control we seem to nave tor- j ein ber 29) accuses Mr. Morgan- evitable aging process, but 

free r.ranuilla r.f -a.trHhlltine tn" th^ ia ,Ie>> inWonsH thrminh 


standing. _ Whitley. 

After a generation of exchange sir. — If Professor Grant fSep- 


m , . tember 29) accuses ur. Morgan- evitable aging process, c 

gotten bow efficientl y tree Grenville of attributing to" the apathy is also induced throu 

work, provided n uc ie ar establishments, beliefs information heine d resent 


establishments, beliefs information being presented 
-es which are not sup- uninterestingly or incomprehen 

the evidence, he should sibJy. if at alL 

not use tfie same tactics himself, xiais failure is. In my view* 


accounting u-eaimenL ngui -cij*. , ected The basic principle of done by avoiding roe nw tor Professor Grant says that “it onlr partly due to non-acrount- 
the board without regard for the legislation Is that it is un- sudden large adjustments whicn bas been SU g ge sted that the ability Pension funds unlike 
fact that accounting presentation fair ( and be criminal! for confer .windfall gams and losses u , j- _ 10 . . : unas J._ un 

r.ci nudr tn ha toil nrpiJ tn thp . _ _ .0. _i .. L.l „r ihn riaht/wnmo 1 



-----otins presentation fjrir (ind be criminal) for confer .windfall gains and losses nuc|ear indus £J is onder attack Sort eommoSal operations do 

often needs to be tailored to i the me tp make a pr0 fl t on s hare on holders of the right/ wrung as conspicuous first largest in not as a rule ga in ^rlose’cus- 
nre urn stances of the individual dealings if L have knowledge not currencies at critical tunes It a era , on technology as foment through SSeeS or 
industry or business. . available to the general public, is rather sad to reflect that an tvhole.” He then, with no fur- fn rommunJcatlna 

Attempts to apply risjd rules ^ * actuai ^ prosp ective earlier Brimb Government pub- ther ^ denC e. assumes that this "“ariy tnd therTS tSSTlw 
in circumstances where they are investors. . llahed a White Paper in the .t.h ♦»,->* it _ ■ ,s _ rnu5 «l e5! ' 

clearly inappropriate have been At the same -time, there are middle of a world wai _ _ 

rightly opposed by accountants movements to encourage worker mote discussion and understand- £ not 1 rue'" of’thr overwhelming th^^cSelyfrefered ^Ufe 

and others within the industries shareholders, and to improve the ing of the negotiations at Bret; majorit) . 0 f those who are eco- durance Kffi whK 

concerned, and despite Michael communication. between manage- ton Woods from which the IMF lozicallv concerned and it is in fjfl.Iiv h mausIr y n,cn - 

Lafferty’s obvious disapproval or ments and work forces. If I am- emerged. -- - — -*■ ~ 

the ASC backing down, in this a -worker shareholder in a well- J. L. Carr, 

kind of situation I hope that the managed company, where my 56. Bournemouth Drive, 

critics’ voices will long continue managers keep, me informed Heme Bap. Kent, 

ro be heard. about the company's per- 


Middle East 
settlement 


, .7- -v assurance inausiry 

logically concerned and it is ra | ar ge]y because it does 
no way true of the Green market pressures, has signi 
Alliance. ficantiy reduced the use of tech 

We wish to see technology njcal jargon such as the 
used to the full for the good of notorious “ reversionary bonuses 
mankind. But it must be appro- compounded " quinquennially *' 
Priate technology Inappropriate which means just about nothing 
technology includes that which t0 the average customer. 

i»s£^ss5s - * -see 

of all — that which can only be ..jSl!!* 






t u&acv. _ . . uuvut UfC tuiilf/oii.r a 

He suggests in his article that formancc and prospects, am 1 
too little attention is paid to the not always an insider ? 
needs and views of the end-users What is the solution? Should 
nf published accounts, but he j>iv manager keep me in the dark 

wisely avoids attempting to about the company's prospects. OI ... wmcn can oruv oe . . 

identify this amorphous group, should I never buy or sell shares From Mr. A. Kaye organised in units so bi° and throughout the pensions indu 

On a simple head-counting basis in my company, or should i he Sir. In your leader of s ®Ptem- j m ^ ortant that catJ try. Many pension fund 

individual shareholders are prob- arbitrarily defined as a non- ber 25you statethat Jdj.Be,ins t ^ P contTt> , led hysrnal! ti umbers reply most helpful] 

ablv the largest sector— -and who insider (provided, of course, that next task should be to tell his Qf . , y therefore are to what ' adndttedly, are unsol. 
knows what their requirements I am not a director) ? country that id the end. al the " fjjf from sabweurs or cited surv ® ys - Man y “e actually 

are or how vou select their Mv own preference is for settlements In all the °cc u P*® d have t0 ^ guarded in wavs P leased when members of their 

representatives? The most vocaJ management communication. Arab lands, should be dis- which tijy^teJdvil^Ibertles. S funds dis P ,a y active interest i 
eroup are probably the invest- against worker shareholdings manUed. nuclear newer imhwtrr however, it is futile for 

ment analysts who represent and against the worst excesses of It is both possible and feasible t jfp l-liu TYjZ Ken Smith to intimate that such 

institutional and similar interests insider dealings. I am sure that at some future <*■» JJt- oq ■ d 0 l,babSf into the^rst attitudes are near-universal, 

-and they are the. ones who are other views are reasonably pos- Begin— or more likely his succes- ^ and Pro^biy infe the fir« R Lancaste r. 

best equipped to sort out for siWe. but it is surely not reason- sor— would have to do just that JJ 34. Napier Court, 

themselves what is not quite. t6 t^ralaertf But .l. jenousI,v question the X 2, Un?n.?r “ li^. ***** Gardens, 

their liking in the presentation .of as if they did not overlap- 
the accounts. In any event, they B. A. Cole. ,, - - 

are often privy to information Drnfee Wood, 
that IS not readily available to Devonshire Arww 

the individual shareholders. Amershom, Bvchvnffiiairtshtre 

The most sensible standard of 

til is SSAP i — disclosure of ' 


expediency of doing this now -- . wloTra much as dore ^lingfurm SW6 

“ Sa co e uM 3 witiidraw Gran^beprovid^ 

P ° * r from C ilie C0 «!Sie. such*a ,rom 


away 


all is SSAP 2 — disclosure oi 

accounting policies — and guided iYlOIltitJirV 

by this information in the annual 

report, all but the most fastidious . c P!T1 ' 

investment analyst ought to be ajoivm 

able lo make an assessment to From Mr, J. Carr. - 

Sir. — 1 agree with 


i ram clean, renewable and de- rpi o . 

me ,utnre 

But this is clearly not the case 
with Israel and the West Bant SKoiSS Alliance. 

graphic ^ ***■ *»». 

deep-rooted animositj’. 


job market 


Surely 

the best way to ensure perma- 
the view ment stability in the area would 
Lombard be to encourage a Palestinian 


Facts on 
funds 


From the Secretary and Chief 
Executive. The Institute of 
Chartered Secretaries and 
Administrators. 

Sir, — The Institute of Char- 
tered Secretaries and Adminis- 
trators is most appreciative of 
Michael Dixon’s warning (Sep- 
tember 21) about the future job 


i2S*.'^ v * 


suit his purpose. . - . 

Bather than make a case for expressed m the IZrTZZ- 'the West Bank 
a larger ASC bureaucracy, we column on September -0 that leadership in the we.t can. 

ou°bt to be .examining . the there has been a reinarkabie Jack "Hh strong local mteres . — . __ 

posalbiUly Of a programme of of informed public discussion of would I be me peaceful ^ Sir I "must confess lo some market for accountancy-trained 

4. Paddock Wood. 

Hurpendttn. Herts. 

Setting up 
standards 


fr is not 'even dear to me relationship with Israel. Such a amusement on reading Mr. ” u " a ]j Sed professionalH r Tn"naV- 
wbether intra-EEC exchange leadership could only evolve Sroiib s letter [Octoher 2) which. rQW | y fj ased financial subject, 
rates, unce fixed, are supposed to during a transitional period of m part, seems flatly to contradict We j B ree with Mr. Dixon’s fore- 
reinain the same for ever, nr autonomy in mine m an adjacent column. I ca?T and welcome the pubiicitj- 

whether Parity changes will be West Bank. am not sure whether he is he has given to it. 

Sr£ skjKI iMSMMs p5SSrS 


lr~‘ 


Sc” British damaging as 

to have lie hand, a system ~ . 

93 SS ^Js&SSUfS Generating 


The efforts of the widw 1££S3Sm. 
Property Federation wjf ?™ on tbe otb 
standard on 
amended in respect 


amended in respect of Property Slits « frequent intervals-say . ' 

mvestraeat companies, to which month or 1 per cent TlflWfiF 

he refers, only arose because tiie * ^‘“^Uould easily be P u w Cl 

siandard, as drafted, while proi^ _ u Qdated by private From Mr. G. Hockley . 
ably suitable for the average forward market Sir.— Professor Gram i 


_ __ — qnes- technologies. 

tions asked nor the analyses of If doctors start as general 
answers by sub-groups news- practitioners and then narrow 
s . a .^ y accord with all needs, their focus to become specialists. 
Also, some people want tnfor- is it that fn commerce and 
rnatton now and not “ early industry we try to do it the 
next year. other way round? If we start 

Mr. Smith claims that pension yntb narrow techniques on entry, 
fund managers are always happy can scarcely be surprised if. 
-to give information to those at a later stage, it is hard to find 

_ Anhilon fn raootrQ it U a . 


8 


GENERAL 

Labour Party conference con- 
tinues. Blackpool. 

President Giscard d’Esiains 
starts four-day official visit to 
Brazil — will include trade talks. 

Janata Parliamentary Party 
starts three-day meeting in New 
Delhi— nr* s^ible cabinet changes. 

Mr. Zbipnew Brzczlnskl. Presi- 
dent Carter’s special security 
adviser, in London for talks with 
UK Government. 

IMF monthly gold auction in 
Washingtoo. 

Crown Agents Tribunal re- 
sumes. Government Press Centre. 
Utile Sl James’s Street SW1. 

Sir Leslie Murphy. Xatinnal 
Enterprise board chairman, 
statement of half-yearly results 
(January to June). 

Mr. Edward du Cann statement 


Today’s Events 

on Reports of Committee of 
Public Accounts. House of 
Commons. 

Mr. C. J. Chetwood. chairman. 
Georue Wimpey and Co., speaks 
on “The necessity for a free con- 
struction industry within the 
British economy" at Westminster 
Chamber of Commerce lunch. 
Inter-Continental Hotel 
EEC delegation in Hong Kong 
for trade talks. 

Management of New York 
Times and Daily News meet for 
talks to end 55-day strike. 

Miss Monica Dickens at Foyles 
lunch. Dorchester. 

Sir Peter Vanneck. l.ord Mayor 
of London. at Institute of 
Chartered . Accountants lunch. 
Mon real e. 


COMPANY RESULTS 
Pinal dividends: Capseals. Cepe 
AH man International. Interim 
dividends: Beau ford Group. Fin- 
lay Packaging Higgs and Hill. 
Hilton c Footwear. Holt Uoyd 
International. Rockware Group. 
Sanderson Kay sor. Interim figure* 
only: London and Scottish Marine 
Oil Company. News International. 
COMPANY MEETINGS 
Acrow. S. South wharf. AY, 10. 
K. G. Boardman International. 7, 
Charlotte Street. Manchester. 12. 
Masiemerc Estates. 4. Carlos 
Place. Mayfair. \Y. 12. 

SPORT 

Golf: Dunlop Master. St. Pierre. 
Ten ni*<: Pernod Trophy, 

Stevenage. 

Show Jumping: Horse of the 
Year Show. Wembley. 


r-" 
* • . 


♦ - 
V 

. • > 


•I ■■ 

./ ■ 

P.. 1 


. ^ ^ ' '“-S' 5 '5/ fly \ V- 

• f i> ‘ di.’J .- • -JM v .a rt :--i 0^4 ■■■ 





• JM 


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Heed Office: 10 Clements Line, London EC4N TAB 


ex«e4 £o,-UH> suHioa 







Mf* S«* f fcmf #. >41 <*!■?*< - _’».pii., .' .m< 'it-t wr.Tt ••■■!■•■•' i 


Knancial Times Wednesday October 4 1978 



DIVIDENDS ANNOUNCED 


Cape Lids off £lm but sees some recovery 


FTRST-H.4LF 107S turnover of 
Cape Industries ro^e (ram 

X77Jt2m to £S7.43m bul taxable i||P|J| If*UTv 
profits wore down from £6.73m to fllUllL 11111 1 u 
£5.«tm. The result*. the directors ■ ** 

say. are much as e spec it'd, but , - . . . 

(hey remain reasonably contidpnl Armstrong Equipment 
that the croup will make some with profits in 19 i<-i 8 i 
progress in restoring profit levels for the current year co 
during the second half. cunimems on the audi 

taT: sy "j.jjar s ssv J2 ^ r» niK i ° f di 

Reporrins on the six months, second half is in pfOsf 
Mr. R. H. Dent, chairman, says disappointing with prnli 
that group sales were 13 prr cent n f non-trading factors I 
higher despite continued low itl jj ne w m, j ls p; 

demand for asbestos fibre, and i,«l. 

while fibre demand has not shown current 3 ear look equal, 
any marked improvement, ship- lo be on the road to 
ments are expected to show an second half of last year, 
imnrovina trend which should he 
reflected in the results far the 

second hair. H , lf . y( . ir bined with industrial dispi 

197s "i«rr resulted in lower profits 




Date 

■Corre* 

Total 

-. Total 


Current 

of span ding 

far- 

. -lost 


payment 

payment 

div. 

year ■ 

■i-"year 

Armstroos Equip. .. 

... 146 

— 

1-1 

2J7B 

2.03 

Averys 

.. int 2. to - 

Dec. t 

1.93, 

— - 

■;.'5.R7§ 

Ban kero' Invest TsL 

... int 0.3 

. Nov. 30 

0.5 

■ — 

' • 2.35 

Bunzl Pulp 

... mt. 3.16 

Nov. 20 

2. S3 

— 

4.0$ 

-Cape Inds. 

... .ini. 3.TB;( 

Not. 3 

. 2.9 

— ■ 

aai 

Diamond Shamrock 

-Nil 


0.67* 

Nfl- 

1.32* 

Estates and General 

...int. 0.S 

Nov. 29 

0.3 . 

• — - 

I 

liigall inds 

IM 

— 

JL14 - 

.157; 

• 1.7 . 

Park Place Invest. . 

o.ra 

. Nov. 30 

0.73 

T.12 

1 ■ 

Saga Holidays ...... 


— 

• — ' 

4.5 ‘ 



shows £2.4n» ri 


$ * 

r> t 

•I 131 


10.9 per cent. 


Tnmovrr 

bile an 4 insulation 
Aulnmntiv,- and tins 
Minimi 

Ij*« inior-crouD 

Pro5i 

P-’pri-c'aroii 

Trailing ornfit 

Ride and ln*u aimn ... 
A'linnioiiVL- and i;n«. 
Minins . .. 

S’i.uv of jsMtrMi'w 
Iww-i .... 

pi-e-tiix profh 

Tar 

ACT . . . 

rt vcrw» - 

N?i proHi . ... . 

El'fJonl'nirv d'-hii 
limhinjihJe 

Pr^furcnri- di' id’nrts . 

In-«*rim tiiTuAviuis 
ftrlalnr'il 

■ l.nsu-x - Of'ilH. r Includ 
pavmvni tor 1977. 


Arm .strong Equipment continues to show excellent growth llJp'Ot| 
with profits in 1977-78 nearly £2Jm higher at £8-7m and profits C7 

for the current year could be in the region of £10m. Lex al.so TnrluofisiAC 
cunimems on the auditor row at Sinie Darby. Elsewhere. JUJU HIS LI/ Jit 
profits continue to slide at Cape Industries but a more settled _ 

second half is in prospect. AmjV first-half profits are also Or Til ■ il'NslTl 

disappointing with profits only 5 per cent higher but a number A A »/llI 

or non-trading factors have taken their toll. Saga Holidays ;$ ixclUDKVG a half year contribu- 
right in line with its prospectus forecast and prospects for the tmn of £91 jSH from the newly- 
current vear look equal! v bright while Bunzl Pulp now appears acquired Thompson* (Funeral 
to be on the road to 'recovery following the slump in the FumlsheD.). taxable profit' of 
.A h~if I..t ,.n,r fnaall Industries grew from 

second half of last year. - £233.429 to £346.786 in the year 

ended June 30, 1!)7S. 

^ Directors say the eo«r of 
bined with industrial disputes has any growth. But the gains here financing the ca?ih element of the 
resulted in lower profits in the were not enough to overcome the acquisition has been reflected in 


Armstrong Equipment continues to show excellent growth 
with profits in 1977-78 nearly £2Jm higher at £8.7m and profits 
for ihe current year could be in the . region oF £!0m. Lex also 
cunimems on the auditor row at Sinie Darby. Elsewhere, 
profits continue to slide at Cape Industries but a more settled 
second half is in pro.specl. Avery*/ first-half profits are also 
disappointing with profits only 5 per cent higher but a number 
or non-trading factors have taken their toll. Saga Holidays ;s 
right in line with its prospectus forecast and prospects for the 
current year look equally bright while Bunzl Pulp now appears 
to be on the road to recovery following the slump in the 


■ assuming maximum increase! is Dividends shown pence per. share net excenr where otherwise ~ 

10.9' per cen L * Equivalent after allowing Tor- scrip. Issue. "t On "capital 

increased by rights and/or acquisition issues. J Additional 0.029p 
. t - for 1977. .§ Includes additional Q.0a87Gp. SAs forecast la March 

I nnQll prospectus. ( i Additional q-.0804p for 1977. 


luftu iinin aiiinnintive and 

SS5 dJSl i add? " amTensineering operations or the “ T U 7n^e'rrir7he'Ve a r r wtrw SS^JSSJlT 

M.lir Jt.isr, Pre-tax profit fisurc was struck setback in ihe asbestos mintnu £3.83m lo £4.25m, and after las “If JtrLn! Monday. 


engineering drop in margins in the automotive the 


at £0,35m I ISSUE NEWS __KJ 

CLUDING A half year contribu- , : j ; ■ 

n of £91.589 from the newly- -* y ■» fl . v ’T . 

•r“„a., T ^a 7 pffirs Yorkgreen call to buy 

[all Industries grew from 

ER.a spsl * ,,,c yrar rest of Interiite ; 

Directors say the co«r of . J. Wp'l# VFX AUIVAUIV 

Stmn^hiS^e^reirected^n A rights issue lo rai«e £174.500 directors 1 entitlements.. Full 
f aiS "!J ! ShTr-" ,s Proposed by the directors of document? will be posted on 


9. SIS 9.79.1 

3 KK 'J 151 


ji.tx.-i rro-iax prom n~urt- .'»»» aeLoacA m iuc iu ana >i«i »»» ... ...t, nnf iimaHv 

17.947 after depreciation £2.!Hm i£2J36m) activities. The former was. hit by P f £1SG,031 (£JI4.->80i. minority 5 er 

si*? and interest £t.:Kfm tO.Tmi and very flat replacement demand in interests of £15 t nrii and an extra- ° wn “' nea JV>? * . * HrrTir' CTADT 

was subjeei to ED l» adjusted tax the first quarter as retailers ran ordinary debit of £26.!ll» tml) * . ca ^. n , ” tA. 1 3 l Alvf 

f.e* of fn.£im against £I^m. down excessive stocks. This ended atiribulabre profit came oui al ^ inUament FOR PAWSON 

s There was an extraordinary hy aboiu March and there was £133.825 against £I38if4n Iasi time. . Yorkgreen was an inwfiment run rftfTOyil ■. 

i-t" dehit f«r the period of £Kc.iW0 soine recovery in the second At halftime,- when profil was t, ' u • s, !? un 5 nefl m ai lf The resumption of dealings tn 

m 3.-! compared with a £4.900 credit quarf e r b u j not enough lo help ahead £21.000 lo £102,000. directors- 3 W - . Pawson got off : to a 

Tnn and £H.H3m i£4.83m) was margins. The asbestos mining was warned that the improvement ri Mn .3P > a hi- dramatic start yesterday.. • • 

*.7jH retained a l so hit by general destocking might not be maintained in the £1" . trouble and went mto . Most of the activity was in the 

1 «: Karning* are shown as 20p within the trade. Cape has used second half. .liquidation, in i»i« uecnan s new shares, offered byway of 


tnrTiv PROFITS of AnujUrong 
2 tare, profits for the 

5 ? Tear included an estre- 

i?d?Sy Profit of U56.000 on the 
sale of a u-ade Investment. 

assembly industry and ns 
suppliers. 

Famines are shown as S.<P 
(C5P) Per 10p share for the year, 
after rex or 14,3 Jim ejwiparrd 
with £3 23m Iasi time. The- diji- 
drnd is rieDped up to -*.6460 
«2 027n) net. with a finai of 
1.464Gp. 

1977-IS 197R-T7 

mo aoa ■ 

BT. fi55 67 4^7 

Tnmor»r - ;; 

prat* - 4 uo a ■ns 

wu ■ ii« 

,.M urotll «2 T5 

Minoruivs loss — ■“ Ta 

t Frofli 

Net profit came nut at £4.12m 
against £3.03m and there were 
minorities losses of £32.000 com- 
pared with £5 000 profits. 

The directors state that the 
effect of retained income and a 
revaluarion of some properties 
has increased shareholders' funds 
to £25 71m. 'while deferred tax 
has risen to £L3U7m; n substan- 
tial part of which is likefy. they 


to *»; incorporated . tat : 
shareholders' funds durine +1. 
1978-79 year. - • . - t*:-, 1 ®* 
See-Lex 


rise for 


FOR THE first half of 197S : b- 
able profit of John Swire WS 
Sons rose £05oi lo Eliarti ^ii„ 
inriuding exceptional .. profits «r 
£I.4m compared with £i.3 m fa!* 
time. ' . 

I'be result Is after interest «r 
£lim (£0.7m ), inveatmenf incBR^ 
of II. Im- (£1.3ml and : assoria^d 
companies profits 
(£7.7m). Tax lakes £4 1 8ni : t£3 m \ 
and attributable profit -Is. 

(£S 6m after .minorities of- atinii 
In his annua! statement lb 
.J. A. Swire, the chairman /-taJ 
the dfffiruities nf the . xhippW 
industry had adversely affewi 
the group's hulk carrier Aw?’ 
although liner and .oomaiB^ 
trades continued to operate rnflif. 
ably. The outlook for ita bilfer 
businesses in the Far . . 

remained fairly aprimistte* 
said. • • J-- 

The sterling figures fbr-ihe i^ir 
year have been converted i**. 
June 30, 1978 exchange -raies r - 


in-«*nm rfiTidvniw ... '.t:« w; an aiWhional dividend of 0 0Sil4n which has been reduced by about L87p. 

Ri’tainr'ii i.ri t «9 for 1977 nn the reditetion in ACT ha i f K t nce *h’ e be-in nine of the 

- l.ossrx - Or-riii. : includrs additional vpa _ - :<im n final was n 11 h ‘ nce 1,nB oe^inninj. oi ine 

Divmvni fur 1977. >ca 3 3 - 302p hnal ' 3l year. Even ai present levels, the Tumoxer 

The building and insulation pB,d stockpile is still high 'relative to lw«m r’ !• ' 

division has traded successfully. romme nt ’ he 'r or,d demand - The out ‘ ook Oa?™ 

he slates and profits in this • Comment ror lhf , company is improving in E nB i.uenSr 

sector were 37 ppf ceiu jhead nf The .0**3 p *n profits at Cape the second half and it is likely Funpr?) ... 

the corresponding period last Industries has continued into the that the full year figure will be ■ 

j ear. current year. Only the btiiJrfine around last year’s IlI.Rm pre-tax. Mali ap *^i 

Lack of demand in the UK com- and insulation division managed With the shares at 12Sp, the pros- Pre-tax pram.-. . 

t« .. . . ; 

,\«-l liroflt 

■To m:i'ortlir>F 

i • H E-.»niorH Ides . ... .. 


Bunzl setback-hopes pinned 
on second half lift 

THE nrRFCTORs of fiunzl Pulp the reductinn in ACT — last year's larly well, the directors add. 

and Paper report first half tkTS final was 2.045p. Or July 7. 1978 agreement was 

sales doun by £5m in £104. 14m The croup's UK cigarette filvr reached with Reed inicrnatiofial 
and taxable profits behind at results "were adversely affected by to acouire the business and 

£H.7m against £S.02m. but they ihe continuing ' mo*'e to --impler of Coaled Specialities for £2 8m, 

expect the full year's profits to filters which caused further staff the results uf which will be cor- 


Diamond 

Shamrock 

Europe 


“ current chairman, bought the the close J 

1977-7% 1976-77 fron 1 (he bank. Meantime, the existing ordhiarv 

i t The management of Yorkgreen shares, suspended Iasi July at 42p 
fW-SM ?-5S*H J l ' as ,aken ? ver ^ Bishopsgale opened at 5«P and then rose to 
3 313 Iz * mo 33j ■ ProRresiSlve Unix Trust Managers. 64p beForc dosing af 60p. 

■«p«2 .759 409 an authorised unit trust operaled During the time of its snsnen- 

tiBiiu-L-nns ?:i s»4 iM.iss by stockbrokers Kitcat and s i 0 n, Pawsnn finalised irranee- 

ta* A-. mm “;J§ I H.4;i' A ^ ke i r .. ... ments for two acquttit tons worth 

t.oan sioot mrer^i -. Bja a j J3 Terms nr the rights issue are it.fiSin. a £Jm nghTs issue tnd a 

Mwngi-nwni expMues mu *<ii 76 tts one-for-one al I2p per share In £t i ra term bank- loan. ' 

pre-tax pram . .. ML7H S3 J«fhe market Yorkgreen's .-hares The company Is forecasting pre- 

hUvnm". j*;™ eased ! P to 15‘p. _ mx_ profirs of £400.000 Jor the 14 

To mzirortiimi .. ....... ij — In the 12 months to April IBIS months ending next February. 

E-.'nrorH iobs . ... ... rih>»i.« - interiite. which i< a supplier of . 

PIM ‘^.m: ’5?" panels, marie pre- . D CCTTI TC ' 

Retain.** . .. (■> ji.us lax urohts of E/0.986 on sale* of RlOH iS RESULTS 

. Relates lo closure of Drmmd, lacory. £493.622. U has net assets of H|U and SinflM d(iljWe rtahtfi 

£i v a ' B u7rri,.« VnrbtrrHn nnu .„ P .4 Issue of ordinary shares and 
J \e-terday \orkgreen produced nmr^ace debenture stock has 

tin ■ r l *n Lm lt lZ, ye3 J,° been taken up as to 8823 per cent 

UU Apr.! 3°. They showed profits Qf ^e ordinary shares and 

^ . !£?ii%ir»»!!ii£ gffgn srnWJs 

)CK tas ° f £11,a iw before excess applications. 

pany jncun-ejj a loss of £6.158 . n^ene and Company, has sold 

(£1./ .8 profit). Again there is no the balance of the ordinary 

k dividend. shares, and excess applications. 

, The proposed expatwion of which exceeded the stock avail- 

Interfile will entail RecWrand. at able., have been reduced fin the 


TW«« iwjvj The directors' of the group— 


add that the results, however, and had satisfactory results. u*w t(K« ufiVim. 

reflect a sicnificanr recovery from The pulp and paper merchant- Jit?,-. n ' rn nr " io ?!!m T ^e directors' of the group — 

the very depressed conditions inc #,d e . however, had a di8i>-i It '252 ;"% "SSL;, .' Imr | formerly Unkro Chemicals-s-aid 

prevailing during ihe second half period with a substantia! reduc- inrcnm. Oivutinns . vw sob at Ihe time of the offer from 

of last year 'lion m profits Pre<*x erofli Min mm Diamond .Shamrock Corporation 

Net profit emerged at p.'ini. *j he Fay group of companies J", pr ^, it jj J',!-. la,{t November that, the year’s 

against £4.13m after tax £3.5m resulis would have been main- jtmorun-*, , 4ss W profits would be. significantly 

l £-189 ml and after minorities and tamed at last year's levels, the Enraord. audits*' w urn lower than 1978-77. First-hair 

extraordinary items, the aitribuf- directors sav. hut for losses Mflk,ns " tu 3 m profiw had dropped. from 13M8.000 

able balance came out at Ei.tam incurred in Nigeria. to-ttWl.(W0. ■ 

compared with £3.7m iast time. Runzlund BiachAG incurred a ^ tut.m omiiii. | n accordance - whb the terms 

Extraordinary tiems comprised loss againsi a small profit last ©. Comment of the Diamond Shamrock offer, 

currency gains of D«74m for ihe time, but results have significantly Bunzl ts starting lo pm last year s no dividencts are to be pauj—a 

period t£H2Sm losses) and a debit improved over last year's poor second half profit shimo behind three-for-ane scrip has already 

or £0.3m f £0.4t»m credit). second half, and arc much better ]»• While the latent first half be^n proposed- • 

n r .r nro .k D ,,n, n i, nm . than anficiuaied at the start of figures are down oa the same The loss «s struck after higher 


investment portfolio. get 9 per cent with a maximum of 

If the acquisition i« approved H3.90U. 


1 997 i.hM formerly i#anRro Chemicals— said rhe directors expect to pay a divi- Ratners rights Issue has been 
,he j 1 ?? of v® /?” er from dend 0-333P Per share rhts year, taken up as fo 97.98 per ceitt and 

n™ n*si • s ^ amr3 £^ ' Corporation rhteriUea manaaemem accounts British Printing rorpocatldn’s 

a jim 4;‘iiv °' e ,j r L™ 1 the yearis yftow a profit of £30.000 for the issue has been taken up : aa. to 

P r ®„* s .kl? 1 i«iiL significantly firsr f^r months of its current. 90.16 per cent. In both easesjhe 

^ lower titan i9ifi , 7T. rirst-nalf t****,,* KiIsiim Hac fuuin snlH nnririhr 

m fn 0 riMinon dropped. from 12148.000 Kitkat and Akken has under- net proceeds W 'H1 be distributed 

39.000 crvd'iii. lv i „ written the issue, apart Jroaj the to enUtied shareholders.;. . i/ 


HAS INVESTMENT G8MJ »AMY 1IMIIEB 

INTERIM STATEMENT 

Flag Investment Company Limited, a wholly-owned subsidiary 
of Anglo-Continental Investment & Finance Company Limited, 
announces the following interim unaudited results fur Ihe 
six months ended 31st December 1977. 

fi months ended 6 months ended 
3 1st December 3Isi December 



1977 

1976 


£ 

£ 

Gross Revenue 

201,132 

381.619 

Frofit before Taxation 

96,132 

276.619 

Taxation 

49,989 

143.275 

Profit after Taxation 

46.143 

133,344 

Earning per 25p Ordinary 



share: 

O^Op 

1.44p 


mills export about 70 per renl of (£404.000 credit). 

their produce and thus arc very f 

vulnerable to changes in world - 

demand for paper and poper/ EcnoronTO 

products. At the beginning of ijopclallZdi 

this year the outlook was blealr _ ' ' ' 

but as it piosressed there wa*/a I PQffp pvnppfc 

noticeable upturn in wofld 2. I due 

demand.' This, coupled with ihe i . . 

•ftrengthening of the local U6ll(?r VG3T 

management team, left losses . •* 

substantially lower. The a.ssociale In spite of setbacks during the 
companies continued to perform current year. Lord Kissin. chair- 
well, domestic filter results were nnn of Esperanza Trade and 
not bright but the packaging and Transport. considers current 
oIr.stics companies recorded good development promises a resump' 
improvements. The outlook for lion of progress and he has every 
the rest of the year is brighten inc confidence that this will be 


Yearlings rise to 10f% 

The coupon Tafe on the local f£}m>; Northamptonshire County 
authority one year bonds rose Council «5wrt. Preston Borough 

fr X l . 01 ‘“j Z] 5 T "S’ Su°nderl«nrt £i ,aml. B 5 ”™om°n' 
—ihe highest level this year. The Borough df Wigan (flml. Birm- 

bonds are issued at part and mgham District Council (Cim). 
matlire on October 10. tS)T9. Borough of Chesterfield f£Jm). 

rhis week’s issues are: SL Medina Borough Council l£tm). 
Edmundsbury Borough Council Norihavon District Council (£}m). 
iflm). More Valley District noun- Crawley Borough Council (Elm), 
ctl Ulml. Llanelli Borough Grawesham ' Borouch Council 
Council <£im): Vale of Glamorgan (£imi. Oldham Metropolitan 
Bnrough Council f£4ml. .London Borough Council (£1m) Avles- 
KwrouRh of Hammersmith (£|ml. bury Vale District Council il’im) 
London Borough of Hillingdon East Lothian District Council 
film), Newbury District Council dim). 


RESULTS AND ACCOUNTS IN BRIEF 


U C0L0 ZETTERS CROUP iroolbafl pools arm 

be C0MPARY — Results fix June Sfl. 1S7S biiu-0'— Results tor year to March si 
7far alreaify known. . Fixed ousels I9?9 reuorted Scpr ember 9 with pmsptn ru 


The Dirprtnrs rpconimend Ihe payment of an interim dividend 
ai the rate nf 0 5p per share, without the benefit of any 
impui*>d tax credit. 

For the year cnd«*d 30th -Tune 1977.. a first interim dividend 
was paid nt the rale of 1.3p per share which, with the benefit 
of ini puled lax credit was equivalent to 2.0p gross. 

3lst December 3IsiDerembcr 
1977 197fi 

Net Asset \'alue per share ... 79.7Sp R4.24p 


and pre-tax profits around last exnre&ed in. profits. rireaity known.. Fixed aewi* iws moort.^ -d Sopicrumt » wim pn^Deiis 

year's level of £12 23m have been The directors are optimistic rorruu asw-ts Croun fard bbxoi* ri«?m m ismi. 

forecast bv directors. The share about present trading and are . <R 7?.y,mn , J ,3n " B » nft 

price is OTP giving a fuUy taxed looking forward to better results to ™ 10 UwUn8 ' SL SSSarTmE 

prospertive p e of a and a than m the previous year. sh»th wallis ano co »mpr»] ms w^sh Or*»nwefi Rowi. bc. October 

prospective yield (asvumins For the year ended. March 31, !?JP J ' WW maUvrsi— Rewiiiu io March xi 33 a> ii.na am 

maximum increase) of 8 4 per 19IS. profits before tax were down ^ ^!, re - ad> l„r c ®? r,wl L'naio B*«i avwrs Jaktar — tin (iivrdond ror tarr isamei 

pm < from fiT»m i „ nnim M, HJBI Bjfir. rwL curwni anwta *-oss lla.ini HllRMi after rax ol □« 1 6’ 

rom< *21. , 0n TUPT '; rswjoj in«..V3i MucNnK. Btnnmsliain. «»7*i. Atlrtbmahk- kn, £iT? ir 

— ■ ■ ■ ■ and ,* ?s n f-i8 3fitn against stovemlwr lo at nnon. »e*.074i. croup prom n armed at arter 

T L>e Kirw TUBOrMORTCN CIA 21m Intprnarinnal services . M * LAY5, AM nn— Rrvulti to March at. rf'-blllnk an I'xtraonilRarT Hem nf n«3.i3« 

inc nto irww.wniMo r«wtrih»Fi»d t.S.am « £r,mt to profit ,#re r»*ponwl Minina proper- n-wwnKkw o wtIxo tiovm ol the wm 

TRUST LTD. with copper and pvritfw pro- Hn^siment • B *«hn« | l In u s assod.ier 

a r 1WI T*-0 f E3 ii. 4%1 i. ivf rur-.'fil .rnitt, etc 74 twnffJiliy 

Capital Loan Stock Valuation — d ^’7? 9 ■“'■ nnu ,0!,s 1£4i0.000 *n.«ss». Meet ms. 129 'ojeapside. EC. JAMBS walker goldsmith and I 

IfH nrtnhur 107R P™? 1 » Ovluber 51 nl num SILVERSMITH- Results to April td. Wi* 


THE NEW THROCMORTON 
TRUST LTD. 

Capital Loan Stock Valuation — 
3rd October, 1978 
The Net Asset Value- per £1 cf 
Capital Loan Stock is I87.&lp 

Securieirt valued at middle market 
pr-.CH. 


Sea Containers, London, has 
anew telephone number: 


pr,res. contributions from this ProBi iuom «53S5i”vw ii » iTwSS 

source are starting fo diminish, j* MTOlr Wr thi- p-.-nod Hoard n mu- wonhwtmp inm-ii»r in mmowr M«-»iinK 

[the chairman says.. ■ ,ac,,, pront *" lB7S u ' 111 ’bow aausfaciors Strearham Hich Road. sw. Octohi-r as 

-■ m -i - — - — - nnprorrnji-nt over last vear. at noon. 

'"VES/MENT TRUST-lm^im EXCALIBUR JEWELLERY— Rnsiilrx f„ r 
dividend, 3 lb25p i2 SdSpi— Total S.IOEp April 3fl ier« uoar rrportwl S.-pr nilwr j-< 

lor Year ended Fcbruan 38. 1879. Pre-mv Fts^ assets twi 7S3 i XVti V,7 .. „p, 

revt'mie I83.7U half year to rurrrnt iwu Cl *11 437 if?.475..<K£i . N.-r 

aM8et ” ,ue Kf ,, o uld funds incn>.ise*l by 13S7 use 

amalca.J.aU'K' fEWITI derre.r-., MeerinB. Rrnnliwhnn, 

AMALGAMATES INDUSTRIALS— Oil niter 23. noon 

■ K.L. HOLDINGS— IBM meniuui j,™ L nr °? nod SeWnnber 2S. 1977 tn 

L-% s-m Udobor s to Ortrtnr ™ Sw,rpmb «' K - I#ra - ^ 3 MlO to- 

111 II C MHRrieni millet [or Payable on Octobr-r 31 . i«n 

II I II iuis.iuia. conicniog maktal{ a , wal 0( il(Ko << fijp, nrt . 

JJL. Xa X XCI A J FLAG INVESTMENT COMPANY— ™ rT| wPOiidinB rercniion nl income for 










mm 

f y ill# 

ilijkllfll' 

a jlj I 

jl' i 

M 


« 



•£l«t.373i Karniibik srr share 0 Son „ 3rw a-W.Pp n>r accumulaiion 

■lU#'. nei asn-i v.ilur per xture 73 ;sn “” ,m Esumated arow rlu-Id was 4.01 
■ !N24p' Inii.rim OJp nei rl.'lpi. Cum- th? *' w ‘ nt ' 

ujiiy i« wholly ontK-ri nubsKUarr ol Anglo- ^ ™® *4. A G. SMALLER COMPANIES 
'.omiuenta! Im.-snneni and KmaMv. FUND— Af. * ft Group has decld-.il in 
REUNION PROPERTIES COMPANY- rename ttte M. It G. Special Trun Fiinn 
i-rnss iii-yuii-- Im ih<- Juno :MI I97s( half- , f ,, ‘ MAG Smaller romp.Tni-s Kiinn 
-.v U I4SHK •n itt44M Mrc-fa* profli * ,|,h rrwn Oclober 2. 197S. II i B 

LSiLJM -x;i*H7|. Tjk (4l?.pa |£H7.7IJ». f,,,t non. truly r»d>.»;ia The nmun- 
Reiaiiuxl farmov I4|« im -EH2 ii9'. of ,he fd"d. Tlh» AI. £ n Snulfer 
'.umpanr IS a eiibsiriiarv nl Jarome Gompaiilev Knud la pi-sluiared in nru«Ui- 

.Tr'h.mn and fin nf Hong Kune. - ramuJ xrowib by invnsnna In stuailer 

WILSON PECK— No ordinary dividend ivmnaiiie* and bai a portfolio or abnui 
-iami- lnr !b. ; year io Mari.-P 4|. I97S and ,n Holdings >oime ol fft.-nr oTersea* 
no Preference dividend for »h-.' six m-nttix AUSTRAUAH AND international 
in November '1. ISIS- Tnrnnri-r riflj nu TRUST— Results ror July 31. 197K »- Mr 
UWJMi. iMf* (lJ.I'W ■ profli £iOB7j,- rMpon.U lUpiciiiN-r IS. invrvmcnin t 
* ner lai cr-itn £13 7W nfebir W.2l»i roarkei lalne: An^ralia £3 <nm i£i 09m ■ 

t.n«« aUrinutaftlR Cla.173 rprullt tS./Wi. t>K £2 23m iCillnn, attain i<19ftni 

l-nis per -share 1 Tip learnlnits 0J2p" im 7.1m i Ctirrmu aioers £i 33m i m yvm 
BR,T,SM CANADIAN INVEST- hata'lnes m -Dm f £0 =f>in> . 

KENT COMPANY— Interim dividend i.3Sp funds iDcrpased by £394 124 ins ias, 
‘111*, and Hnal nnr levs «lw" equal to Mwtlwt, l!0 UheapMde. EC. OdnSer 
I 7 d name, wr va*r ro February 2s. * pm. - 4 

<07.4. rmviavt. Pre-lnv rrrennr Hair ,e JP NEW THROGMORTON TRUST— Com r 3 i 

xsrru&r suets.'- jst fwr — - «-?2?saa5 

O'WI value per share PHOEWJC MINING AND FINAHCE- 
'iNTER NATIONAL INVESTMENT Klri“ St" T&l' "S&^JS,/XlS 


sea containers 

1 Har.0'jer Square, London Wl England 


vri Uew.sn irom o .-- moim n-mc-.i tor the nertnd 

^ 1 rk,(1,,n mnniia.mcnr T.i* &.K7 rO.noni. taaving nri prnn- 

evp- n^B P.m Imunn- nn r,0. £T Ml <£39 «ni. 5 nb|cet ro inveniripm nrn 
'"TER NATIONAL TOOLS vision. AttrlborMhte profir wr full rear 
. aA<M>ar>- nl Thnrn f, eLim aii — Fur amk-lnafed to mwi-il rhai rnr 1478-77 

Vi '« ail; finMlwr BARR INC TON HICH YIELD FUND- 

!*"" 'I*™**.. Pre-tas pmHi . Final dlMnbuimn on iiworm- iinirs tur ita- 
‘EUWIWB- Tax II y*? WM ai'cauuuiR penofl VpK’mtaT 21 Mrt i« 
CLOVER ANo'maiv ^ S'Wttl^T K l!W w,|l be CliSp.flM p-.i 

« iaXt 1 * Ji* ,M - r unTPH*r Jlurrti unit fj.itpi owibl* op November IB. 
11. I47}| v.-ar no? VMM »«S3W.OOm The lout dl^rfbunon for tta- veir anmonr* 
ra * •!9TW3S*'. Tax to 195P i9Av Dn the laiesr *ob-Knfnton 
4.4*49 .11/5*7 t:, » <inlinvry diurfend dav. Kepirtnbvr 7i rhe mrwmi priee of 
‘ ^a S , •W m, p,, Z' !l 4 ay«ei» uotiIim imltn wa* tAi.ip -xd amt tlm 

i?. 4 -'"' rurrem a os*!* e.flimjiefl gm».v yield cflletiUred In 

r , ^ t ' Tn ' poihoanv ■« Subsidiary xprorrianee khU th» terms 'of [be Dwd 
nr Tnnri Eivir'a! Injuries of Tnwi wan- 747 per rent. 


the mmEsmm mu 


The 52ml Annual General Meeting of the Company will i 
be held on 26tb October IS78. 

FINANCIAL. SUM MAHY FOR' THE YEAH •;* ’ 
ENDED 3 1st JULV 1978 - \ 

GROSS INCOME: £376.155 (1977— £536.337) •' %' '.' 

NET INCOME: £274 895 ( 1977— £242.176) Iv- : - 

DIVLDENDS: Incnme Shares 22.65% (1977— 19.5S«>5). 

Capital Shares 2.265% (1977— 1 
NET ASSET VALUES: Income Shares 59 3Wp (1S77— 5542p) : 

Capital Sharns 250.0np ( 1977— 20S.44p^! 
DISTRIBUTION OF INVESTMENTS by MARKET. VALUE:. 
United Kingdom 70.6%. Australia 3 4%, Canada 5.2%, 

14.9%. Far East 3.2%, Elsewhere 2.7%. 

The following are extracts from the statement of-* the; - 
Chairman. Mr. J. V. WooMam: - • - * 

tt is proposed to pay a final dividend on the Income Sham, 
of 14.07% (21% gross) making a total for the year of Siesfr.l 
(34% gross I This total compares with 30% gross oaid last' 
year and 2b% gross paid in the year before. This-yeaaV- 
Revenue Retention is- £37J542. ! must remind sbarehutderr 

that the level of Revenue Retentions is influenced strong - 
by tbe need to ensure in 1980. when £762.000 of io# coupon . 
Loan Stocks are due for repayment, that the Trust's nei incutfe 1 
after that event is sufficient tn main rain the then .level.' pj~ 
dividend payments. Despife this limitation on our distrihutioa.- 
policy. 1 expect the Trust next year to he able to increase tt$ - 
dividend again. '• .' . ' , V 

During the Trust's flnannal year, the F.T.. AH. Share Indes : . 
rose by 19.47%; the Dow Jones Industrial Index fell by 3.1%; 
tbe dollar premium rose by 10^1% and the sterlmg/drilac. 
exchange rate fell by 11%. The total net assets of- the Trust 
rose by 12.4%. Of course in making these comparisons one 1 
has to reinember that the Trust is nut an all equity fund. 

There -have ' been modest variations in the geogrip/iiof 
spread of the portfolio. Some South African goldrshaitt were* 
purchased during the year but your Board peeptred ter 

ejepose shareholders funds significantly to the politieal^ate^ 
of South Africa. The continued strong performance of thc; 
U.K. market has affected the percentage figures as KetOrieett-' 
the various markets and Lends to mask the absolute level 'oF 
portfolio investment in Individual countriee. -YoarTriJst has,, 
been adding to its investments in Australia wifha concenlratioo 
on natural resources. Similarly our total investment-in Japan, ; 
Hnng Kong and the Far East is growing;- almost wholly by - 
way of investment in specialised funds. Un both, cases the 1 
results have been very satisfactory, lire Canadian portfolio * 
has seen greater and rewarding emphasis this year on. oil and 
gas stocks In the U.SA. our portfolio has performed. satis- i 
factortiy and a number of changes were made during -the year.-, 
with a view to increasing our exposure io- companies With 
above average earnings potential. ’ ’ 

— .i 

Copies of tbe Annual Report can be bblained-.from the 
Secretary at the Registered Office; G.P.O. Box NP. 3*6 Caere 
Street. Swansea ' 


Watmoughs (Holdings). 
Limited 

35 % profit increase 


Nry :! 


Six months SixmoTrths ... ^ear.tip31 . 
to 30 June ta 30 June • J>»ceiafc^''r 
1978 • 1977 •' ' 1977 ; 

Turnover £4924000 £3807000 £5221000 

Profit before tex £405 000 £300000 £816000 

Bamfngs per share 5-59p 4-_56p : . . l2-26p .., 

Outlook Group sales continue at a high level 197S 
expected to be another year of prog ress. 

Copies of the interim statement to shareholders can be * 
obtained from the Secretary, Watmoughs (Holdings) 1 
Limited, Idle, Bradford, West- Yorkshire BD10 SNL. ; ; . 


ESTATES AMD DEMEfiAi IMVEST^TS i 

LIMITED - h 

Announcement of Unaudited Group Results for the Half Year 
ended 30th June 197S 

Half year to Half year to Year to.- 
30th June 30th tuna- "31st DeVv 
1970 1977 197?; 

GROSS TURNOVER £603,000 £864,000 £2.4S0iCW 


>?Ul« p 

^ . _ 


GROUP PROFIT BEFORE 
TAXATION 
Estimated Taxation 

GROUP PROFIT AFTER 
TAXATION 

Deduct Preference Dividend 


107,000 

90,000 

337000 

(T3.0CO 

47,000 

2Of0CO 

44.0G0 

43 bno 

126.000' 

4J49 

4.349 ; 

• 8.657. 


£39.651 


£33.651 - £1 17.303. 


’• The above results do not include any contribution - ffC?” ■ 
Courtty and Suburban Holding Limited (CftSi. v/hich '.«« . 
acquired with effecc from 1st July. 1973. but ihe results For. 
ttw. second half of ihe year will include those of . CAS: Tm 
D irectors anticipate that the results for rhe full, jwr w A 
show, an improvement on the apo.recare of the proriw.of 
ca.5 and E&G far the year ended 31jr December J977, -*ffich 
amounted .to £S2Sfl0ff. before taxation. ' 

2. The Directors have declared an interim dividend in respc*’^- 
0, i ch f,2S r « e ,” d » in * - 3,st December. 1978 of 0 Sp per 

«"!* ^ ^ 0 Jp ) On the 9J245QQ ordinary, stock .U|MtS. of 

ZOp each Tn issue prior to the acquisition of CBS. This dhndeniJ 
totals L4H.6Z3 and together with 3 tax credit - of 0JM6p- pcr - 
stock unit, amounts to £7*371.. The Ordinary Sroek.'UviM- 
titled.; tn censr^eraoon for rhe acquisition -cf CSS wilt 

December Wa'' - *"* 1 reSReci of tho epdfng 

The divld end wfH-be_p a fd on 29th November. 1978.' ro ordinary 
OwSr 1^8° n ’ Che M *" ter * l close oMwSlness W27th 






Financial Times Wednesday October 4 1978 

ahead £0.3m. to 



£6.7m at six months 


Saga mee 
forecast 



25 


mns- 



proiit advance 


_ fim half of. 1978, . (£12,000) extraordinary credits 
raxaoie profits or Averys, maker relating to property 'Changes, 
of weighing, testing and 
measuring machines, advanced * comment' 

U %3Hm to £8.7m, on higher - Comment.. 

turnover of £54.03m against Considering orders, have been 
£47JS2m, largely ttxe t result of about. -one-third higher for most 
inflation at home and overseas, of this year, Arerys’ 5 per cunt 
The result includes investment profits rise in the. first half is 
income of £140,000 (£125.000) and disappointing. While margins 
» share of associates' profits b*ve been ' strained hy increased 
amounting to £92,000 against non-trading: factors have 

£74.000. - taken their industrial 

Mr. R, c. Hale, the -chairman, action at Smethwick, which 
■ *■ says that the percentage increase affected production in the weigh- 
"■of trading .profit compared with Ing and testing. machine division 
“■that of turnover, reflects the over a six-week -period- probiWv 

• - pressure of inflarim on margins «»*• around £500,000 while 
-- — earnings show an increase of adverse currency woremw;* 

10.5 per cent against a 13.7 per took away another £100 000- H*w. 
“ cent rise in turnover. ever, without' any further indus- 

• Orders are remaining at a trial .action, the position in the 

• satisfactory level and. the directors second half looks much more 
•. . anticipate better results for th& hopefu]. Home. demand for weigh- 

second six months, while the fuJi ing machines has responded _ to 
• • year's profit should be not less the upturn ip consumer spending 
than the record £15.4m for 1977. while overseas sale* add exports, 
The.. chairman explains that remain strong, especially »n the 
- industrial -action at the group’s Middle East and parts of Africa. 
.. main weighing machine factory in The new digital electric scale 
_ Smethwick adversely' affected continues to sell well in all 
both home and export sales and- markets. The shares yield a 
■ caused the profit of the weighing prospective 5 per cent -at 19lp. 

. and testing machine division to " 
be lower than that of last year. 

The general . products division, 
in particular, and the intcrna- 
. tional dhrisipn. did well to. make 
up this decrease, he adds. 

Half-yearly earnings per 25 p 
•_ share rose from 7.4p to S-2p and 

the interim dividend Is stepped 

up to 2I 5226P fJJI27S9p> net. with A FURTHER increase In dividend 
■-* supplementary 0.0a876p for 1977 is expected -at - Tor Investment 
i — also to be paid, following ACT Trust for the current- yew, Mr. 
reduction— last year's final was J- V. WooIIam. the chairman, says 
; 3.88224p. •" in. his annual statement. 

Attributable/ profits for- the The increase wilt xome : despite 
' period improved from £2.76m to the limitation imposed by the 
; £S.04ra, after a tax charge of need for profit retentions tn 
■ £3. 53m (£3.46m>. minorities ; of ensure sufficient net incomes to 
; £136.000 .(£173,000). and £3,000 maintain payments after the 1980 

: Spillers still talking io 
; banks on loan terms 


repayment of £782,000 of low 
coupon loan stocks. 

In the July 81. 1978, year when 
net income rose from £242.176 to 
£274,895 the dividend -total was 
raised from 4.92p to 5.6B25p net 
per 25p share. 

Mr. WooIIam says there were 
modest variations in the geo- 
graphical .spread of the group’s 
portfolio in the year with some 
South African gold shares pur- 
chased. Investments in Australia 
were added to with a concentra- 
tion on natural resources and the 
total investment in Japan, Hotie 
K ong and the Far East is also 
growing mainly through invest- 
ment in specialised funds. 
Changes were made In the U.S. to 
increase the group’s exposure in 
companies with above average 
earnings potential. 


Bowring in 
reinsurance 


Dividend rise 
forecast at 
Tor Tnv. 


company deal 

C. T. Bowring, international in- 
surance broking group, is forming 
a reinsurance company in .Singa- 
pore. ICS Reinsurance, together 
with a consortium of other Inter- 
national insurance groups. 

The new company will start 
operations with an authorised 
capital of SS-Wm f£TT5ml. and 
will have an issued and paid-up 
capital of SS!2m (£2.7m}. Share- 
holders of the new group include 
the Insurance Corporation of 
Singapore, which holds a 30 per 
cent stake; others include the 
Bowring Group of London, the 
Pohjola fimun of Helsinki and 
the National Insurance Company 
of Mew Zealand. 

The underwriting and business 
development of ICS is to be run 
bv the Reinsurance Management 
Comorarion of Asia. 


PROFITS before tax of Saga 
Holidays, at £1.9) m for the year 
ended June 30, 1978, are in line 
with the March prospectus fore- 
cast of not less than £l.S5m and 
compare with -£lJ2m in the 
previous year. 

Earn mgs per 2 Op share are 
shown at l6.B5p (12.1Sp) and the 
dividend is the forecast 4.5p per 
20p share. In the offer sale the 
directors expected to pay divi- 

dend in a full year totalling 6 75p 
with the interim in April and the 
fin. 'll in November. 

Having regard to' the antici- 
pated growth In overall volume, 
the Board considers that current 
year profits will be satisfactory. 

Year- 

1S77-T& 18T&77 
OHM £000 

TunWW If U.MS 

Profit before tn lAM LH6 

Ta* B7T 63S 

NW profit Ml Ml 

mvkVnrts — r»0 39 

Retained - ttl «l 

Hie range of holidays offered 
was again expanded and 191.000 
people took the group's holidays 
during the year. By judicious 
purchasing of foreign currem-y 

the group was able to give rebates 
to certain overseas holidaymakers 
before . taking iheir holidays, 
totalling £164,000. 

• comment 

Saga’s futl-ycar profits are right 
in line with last March's pros- 
pectus forecast. But then Saga’s 
directors had a very good idea of 
the full-year bookings while at 
this time of year it Is almost 
impossible to tell what will hap- 
pen. However there is no reason 
to suppose that the company will 
lose its growth- image, because of 
its dominating position in the 
market for off-peak holidays for 
the' aged. Last year the number 
of holidays taken rose by 18 per 
cem. It has strong links with 
dubs for the elrirrlv and fhwii"*i 


BOARD MEETINGS 

Tile rnHotdPK companies have noMfiei 
dares of board meerinsB w the Stock 
Esdusse- meetings ar- usually 

held !dt pon»« ot considerlnc 
d'vtdentb. Official ladfaatinns are' not 
available as to whether dividends are 
I m trims or finoii and the wWirlsions 
shown below are based nualj an last 
year's timetable. 

TODAY 

ImeHaif: BsaufoM Group. F. C Finance. 
Finlay Packaxuut. Bums and mil. Hiltons 
Footwear. HoU Lloyd Internal ;onal Rocfc- 
wnr'>. Panders®! Ksffser. Trlpleveet 
Finals: CaBSMlS Cone AUnun Inler- 
neiionaL ’ 

FUTURE DATES 
Interim: . 

A!l»t»OBf* • prt. 70 

ftronx Ewlncrnns net. u 

Buhner and Luxnb ... %ov. 3 

English National Invesmw-ni ... Pei. 34 

F*nwit Electronics net. to 

□rieoe 0 * London Oct. 9 

I7<jw<lcn-S , nan Warn Oct. 9 

Intrr-oty Inwment On. JO 

King and Skaxson Nov. io 

Mertln-Blaci Oct. t? 

MareiwtH - Oct. 9 

SHlncourt Oct. 12 

Wetiero Brothers Oct. 1 ; 

Ftoafcr. 

Canadian Overseas Packasum Oct. <l 

Crecn <R.i Properties .... Oct. S 

Kalamazoo Oct. 18 

Lockwoods Foods On. U 

npeana Consolidated Oct. 6 


its quarterly newsletter (on top of 
the traditional brochure) it keeps 
in close contact with its market, 
ll also pays close attention to 
priee, and supplements the 
return on its holiday operations 
by using clients forward payments 
to earn inrerest with deposits 
at Loeai authorities and the banks. 
Of the latest profits the contribu- 
tion from interest received is 
probably Close to £lm. At 185p 
the shares stand on a p/e of 10 8 
and yield 3.7 per cem— next year 
the yield win rise to nearer 6 per 
cent. Currently 80p above last 
March’s offer price, the shares are 
up ' with events, though Saga 
should . continue to show steady 
crowih! 


A FURTHER advance in profit is 
confidently expected by the 
directors of Burns-Anderseu for 
the coming year, according to 
Mr. W. Burns, the chairman, in 
his annual statement with the 
accounts. 

The confidence arises from 
their expectation that Knibbs' 
new retail outlets will move into 
profit, the additional manufactur- 
ing capacity ai Lycett and Platt, 
and the anticipated increase in 
the contribution from joint 
companies. 

As reported on September 21, 
pre-tax profits jumped from 
£433,453 to a record £620,920 for 
the June 30. 1»78 year. The 
dividend is lifted from I.45p to 
!.619p net and a one-for-one scrip 
issue is also proposed. 

Net liquid funds increased by 

£884.000 (£306.000 decrease) and 
net assets are shown at 62.4p 
(48.90) per 10p share. 

The group's associate. J.B.G. 
(Property), is now clear Of 
constraints to develop some 750 
houses at Wfimslow and over the 
next seven or eight ‘years the 
directors expect a continuing and 
increased profit from this source, 
states the chairman. 

Overseas, the position in 
Montreal is unchanged, but the 
steel bar conversion factory in 
Bahrain suffered a small loss 
mainly owing to operational 
difficulties. However, the Lycett 
and Piatt subsidiary completed 
£0.5m of bankfliting work for the 
Bahrain Monetary Agency and 
several major Middle East banks 
at satisfactory profit margins. 

During the year iCnfbbs, the 
group’s motor car distribution 
subsidiary, opened four new 
branches .in the north west, which 
boosted ' turnover, but gross 
margins from the new units were 
absorbed in expenses. The 
directors expect a good profit 
contribution in the coming year. 

Mr. Bums explains that a sig- 


nificant feature of the year's 
expansion was the opening of its 
first Volkswagen/ Audi dealership. 
This will be followed by the open- 
ing of another towards the end 
of the coining year and these new 
units will give the company added 
marketing strength. ’ 

The store and bank fitting com- 
panies both showed a considerable 
Increase in profit as a result of 
more work becoming available 
and also the volume of work 
undertaken in the Middle East. 

K3. Reinforcements again 
increased profit despite the low 
level of activity in the construc- 
tion industry and both its subsi- 
diaries had a very successful 
year. K.B. (Western) now appears 
set to make an expanding contri- 
bution ro group profit, the chair- 
man adds. - 

In April, the company disposed 
of its electrical wholesaling sub- 
sidiary. Melvin Electric, which had 
not rtwra the the progress ex- 
pected of it. 

In late August the company 
purchased Olney Brothers and its 
associate, shop and store fitters, 
for £110,000— pre-tax profit to 
February 2S. 1978. was £52.118. 

Meeting, Manchester, October 
26, noon. 

Estates and 
General Invs. 
ahead so far 

Although turnover at Estate? 
and General Investments declined 
from £864,000' to £603,000. pre-tax 
profit rose £17.000 to £107,000 on 
the first half of 197S. 

The results exclude any contri- 
bution from Courty and Suburban 
Holdings which was acquired with 
effect from July ], but remits 


For the second half will be 
included. Directors expect the 
aggregate profits of the two 
companies will exceed last year's 
combined total of £525,000 before 
lax. E and G's own profit for 
1977 was £332.000. 

The half year profit is subject 
to tax of £63,000 (£47,000), and 
after preference dividends 'of 
£4,349 (same) available profit 
is ahead £1,000 to £311.651. The 
interim dividend is lifted from 
03p net per 20p share to 0.5p and 
will absorb £48.623. Last year a 
0 7p final was paid Shares issued 
in the C and 8 takeover do not 
rank for the interim payment. 


Park 


AS EXPECTED, profits before 
tax of Park Place Investments 
show a considerable advance from 
£219.000 to £430,000 in the year 
ended June 30, 1978 on sharply 
increased turnover of £2.04m 
against £l.44m. 

The directors are confident 
that the group has now estab- 
lished itself at llr; higher level 
of activity and expect that the 
current year will again yield 
further progress. 

Tax takes- £140.000 (172.000) giv- 
ing earnings per lOp share of flip 
against S.2p. A final dividend oF 
0.8I67p makes a maximum per- 
mitted total of 1.1167p compared 
with lp previously. 

Profit is struck after interest 
or £71.000 (£98.000). There are 
extraordinary debits of £35.001) 
(f— UU» and £202.000 against 
£57.000 is retained. 


BY ANDREW TAYLOR 

AFTER HOPES that negotiations 


Spillers is due to announce its 


would have been completed last interim figures around- the end 
month. Spillers has failed to meet of this month: 
its timetable. ' for . renegotiating . 
terms of a ffiSm short-term loan 
facility. 

Strict financial controls were 
placed on 'the group by a con- 
sortium of . bankk in return for 
the facility which was designed to 
assist Snillers’ programme - of 


Good start 
for Kursaal 

Mr. Eric MicAdie, chairman of 
„ , , ...... Kursaal Company, told share- 

bakery closures undertaken this holders at the Atik that a good 
Y ear - start had been made -to the 

SpilUers said yesterday that dis- current year and' that profits far 
missions were stiP continuing with the first four months were ahead 
- the banks but that the renegia* of the - corresponding ^.period, 
tione were now not likely to .. be ;- .The . company .-.-.owns' the 
completed before the end - of Dragonara . • Palace-.- hotel, and 
November. This- timetable had casino- in Alalia. \\- 
been mutually agreed u4fB the 

The group said fhit 'the ' period TUNNEL HOLDINGS 

for negotiations had been .ct'-nEDCNTi idc ■cTArii' 
tended as the original timetable AlttStiv I. UKJfcr plUtK, 
did not allow sufficient time io- - The directors of Tnzuief Hold- 
agree final terms.' SpiHers said jugs have' decided to propose to 
that the discussion*- with- the stockholders the early redegip- 
bank* were “continuing m a very tion of the 5j per cent debenture 
relaxed manner."; - ; - stock 1883/88 currenOy outttimd- 

Under the terms of the Facility intfar a price o?^£93-per £100 
Spillers has- agreed to -consult with nomlna)— of the -- stock,- *>iui 
its bankers oh future; "dividend 'aecrded in Fe rest’ tp of 

payment and capital expenditure: repayment; * Formal.' dtfcumfcms. 
However, Spillers has said that including the. notice of meeting, 
the terms of the deal does not will be despatched -as soon as 
restrict management of the group., possible. . »; 


CLIVE INVESTMENTS' ^UMITED ... 

1 Royal Exchange Ave., Loudon EC3V 3LU. TekjPl-2S3 1101 
Index GHdeas al September. 26, 19784Ba$o lOflat 14.L77) 


Clive Fixed Interest Capital 
Qive Fixed Inlerest Income 


129.7(1 

114.31 


ALLEN HARVEY A ROSS I3WE SILENT MANAGEMENT LTD. 
45 Comhill, London EC1V3PB: Tel- 01-823 6314 
Index Guide as at September 28,1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio : 100.00 


BUILDING SOCIETY INTEREST BATES 
GREENWICH - ' LONDOH GOLDHMVX 


( 01 -ns « 2 U> 

2 SI Grernwiri? Rlsh Peatf, 
Greenwich, SKIS 8Nt. 


“If'voak Raw S45M. Shuv Accounts 
I w; Sup 1 pc. Sharei 7JCV- Term 
Sham 5 tt * (% above dure rate. 
S jrn. IV above mare rate. Interest , 
pvd- Quancrtv cn s&arcs.'t>*nn shares; 
MoniiUj- income share* 6JHM 


XBMW UZU 

lJtir'cn»swtrt HJtfh Road. 
London W4 2XG. 


Sah-pn- Shares »so. 

D«dmu Rm^. s. 4a. 'Share Accounts 8.95 


BUNZL PULP & PAPER LTD 

Interim Report 1978 

Unaudited results for the Half year ended 30th June 1978 and 
comparative figures for 1977 are 




Sfx months to 30th June 

Fear- 


1978 

1977 

1977 


£000 

£000 

£000 

Sates 

,104.144 

10W 33 

203JJ83 

Trading profit 

5,252 

7.206 

10,248 

Share of associatas* profit 

1.997 

1,786 

3.531 

Net interest and dividends 

548 

976 

1.526 

Group profit before taxation 

6,701 

8.016 

. 12.253 

Taxation 

3.503 

3.891 

5.770 

Group profit after taxation 

3.198 

4.125 

6.483 
. ' $87 

Minority interests / 

489 

607 

Earnings for shareholders 

2,709 

■ 3,518 

6,596 

Extraordinary items 

Currency gains/ fosses 

742 

279 

jsa 

1.333 

inn 


Other 

iminfls after extraordinary hem* 

irnings pdf share 
Before extraordinary fawns 

After extraordinary items 

ividands per share 
NettosharehoWew 

Gross equivalent 


3.154 3,698 4,363 



4.7S3p 4.333P 3.052p 


Sales and profit, for tha first half of 1 978 were lowor compered with 
, corresponding period ml 977. The main areas conmbunngtothte 
Cline were Bunzl-& Biach A.G., paper trading in the UK and overseas. 

d UK filter manufacturing. 

After allowing for improved contributions from associated companies 
deduced pat inlerest paid, the Group pre-tax profit was lower at 

.7 million. . 

However these results reflect a significant recovery horn the very 
pressdd conditions prevailing during the second half of 1 977. 

The Directors have decided" to pay an interim dividend for 1978 of 
62p e sS^her with the promised e*re 0.029P a share or^of 

77 arieina from the reduction of the basic rate of in to 33%. This 
a / interiWdhridend of 3.191p a share will be paid on 29lh November 

78 to shareholders registered at the dose of business on 

Lost vear we made a forecast « this stag* which proved m be too 
Ifonforthe whole of 1 978 to be in fine with that for thepreviousyear. 


With its booming economy and gigantic natural 
resources, Brazil presents some of. the world's most 
glittering opportunities for trade and investment 

And there's no need to go to Rio or Sao Paulo to 
explore the possibilities. Right here in the City; the Bank 
of Brazil can tell you all you need to know. 

We can tell you what Brazil needs to import, and 
what our exports are. We can tell you all about our 
domestic market which areas are most promising for 
investment and what help you can get from the 
Brazilian Government We can put you in touch with the 
people who are most likely to be able to help you in 
your venture. 

Besides an omni-present branch network 
throughout Brazil, we have 48 branches in other . .. 


countries. We have capital and reserves of more than 
US $3.5 billion and total assets of US $46.7 billion. 

Our London manager Mr. Jose Fernandes de Luna 
will be glad to put all his extensive knowledge at your 
disposal. He will show 
your business success 
in Brazil can begin in 
King Street, London. 

If you think you 
could be a partner in this 
great enterprise you will . 
want to know how.you will 
benef itand howto setabout 
it You can find out both by 
talking to Jose Fernandes de Luna at the Bank of Brazil. 




BANCO DO BRASIL 

15/17 King Street London EC2P 2NA. Telephone: 01-606 7101, Telex: 8812381. 



ABIDJAN* * AMSTERDAM • ANTOFAGASTA • ASUNCION • ATLANTA* • BOGOTA -BRUSSELS • BUENOS AIRES • CARACAS • CHICAGO • COCHABAMBA • COLON • CONCEPCION • FRANKFURT - GENEVA 
GRAND CAYMAN * HAMBURG • LAGOS • LAPAZ » LIMA • LISBON » LONDON • LOS ANGELES • MADRID • MANAMA • MEXICO CITY • MILAN • MONTEVIDEO • NEW YORK • PANAMA > PARIS • PAYSANDU 
PUERTO P. 5TROSSNER • QUITO • RIVERA • ROME • ROTTERDAM * SAN FRANCISCO • SANTA CRUZ DE LA SIERRA • SANTIAGO • SYDNEY ■ SINGAPORE • STOCKHOLM • TEHRAN • TOKYO •TORONTO • VALPARAISO 

VIENNA' • WASHINGTON ♦ OVER 1000 BRANCH .OFFICES IN BRAZIL 

' . *Ci:iaa3ttibeap8r>edjnl3<'3. ' 





' Financial Times Wednesday October 4 l.g7S y.’ 


BIOS AND DEALS 


MINING NEWS 






Hoskins rejects Talbex : 
‘no commercial logic’ 


withdraws £10m offer 


BY TIM DICXSON 

Hoskins and Horton, the Birtn- year ended March 3 L 1978. nor transportation activities in north 
ingham-based contractor. has to any interim which may h® west Europe. . j 


-Carrington VTyella, one of the group — a major supplier to Marks equipment for the cerame mami- 
maki contenders in the takeover and Spencer— is valued at £S.im. facluring industry. _ 
battle for Compton Sons and Any deal, however, will hare The company has also .acquired 
■Webb, has withdrawn its bid to have the hacking of the the capital of Graemrosa Plant 
which valued the company at Sumray and Shaw families which and Equipment for £200,000 in 
around £10m between, them control 55 per cent cash. This company is engaged in 

Thi* mirro'ntit i us t one Si the ordinary shares. ; _ The the- paction of control .equip- 


Ranger: 
to decide 


r 

Lf 

# * 


uuva tUHUOMUi. uua , — ---- - • . . i_:„ __ j„ ibiucu un IIUI ill iuwwuk»>» 

rejected a takeover approach declared in respect of the half The purchase js oemg maae at aroliIld £12ni( 
from the Talbe* Group. year to September 30. 19.8. through SwArisiSd However. Courlauid- may not 

In a letter sent to shareholders Application has been made to . h fnrt i»« c«-i« associate have the field to itself for very 


ZZSdVSr «« S w 0 MW KairoN. NMMnmt • - 

Df^r' orf U a» n r 1 KlJfffhe cash and ^h roBmorton^aLS^h^ds a 0 per men t' for U the au°onaat^ h^ndi|5^ development in the **! ke bou^the 1 nrof IE® * 011 ' 

cent 5take ta the *"»* of JfSerB 

valued the uniform manufacturer - J MclVAUGRTClN - *,? which represents, the. way of life. . - 

ar around £l2m. WM. BOULTON The privately^ owned James SSSSbwl p2p». "** decided to Eovfronmentai coriaiderafew. 

However. Courtauidi may hot ACQUISITIONS McNaoghton Group Is strengthen? leave fo them a decislonon sign- are &iso a major factor in SasS 

have che GbU to for vers svyuioiuviij . , __ . * , ■ .n-ppment which wiu ^.aunn whm nrhw - -ks» ■ jStT 


McMaoghton Group Is strengthen- leave to them a decislon on siffljj are aJso a major factor in Sas*5£ 
ing Its paper merchanthig bus!- Ing the agreement wm«» wu where othw 


sees no commercial advantages in f acture5 a range of high quality CoFlofl TlTflhpT 
a merger. towing caravans under the trade >3«.UalI X IA11MCI 

Last night Talbex director Mr. name “ IVindrush " at leasehold • x_ 

Peter de Savory, speaking from p ,. fin ises at South Humberside IHOVinS UllO 

' Nassau in the Bahamas, said he industrial Estate, Grimsby, and at ® 

• did not accept or agree with the June 30, 1975, had neL assets of Trolanf! 

Hoskins statement. approximately £145,000. llvifluU 

While a spokesman for Talbex It u anticipated that trading Timber distributor Sabah 


industry, for £790.000 cash. 


race the s&se Is *et for yet mauc macnines for Uie ceramic auupaiaucs g^-eement. wtuen 7 :~^: ~ p~~yr T * 

another ^idde? 6 to emerge. ° r industry, for 1790 j»Q cash. Qaoer merehailtin . royalties to SSHSE ■ 

One possibility U that Vamona The netasset value rf^ernce 3CtjTities J «&tiatad5n*35 be Paid to the A ^J?{p e n s s development ;of uranium- Xj- 
*1 22L«?“ J S™ 3 *!'** S9L0B2 Sore deducti^proS Midlands where McNaughtop says tenns and the the two mlm mihw. 


H«S offer was* a takeover Aijm before deduct!^ provS Midlands where McNaughtou says SS-Tw be takin to the «• Z°t 

"v £*£%!£ ‘ 5 ! SSfeji ieopie who Uve neg-the 'JBtS. 


2S5* Sed'S? 1 Co= g-tax profit for the period was TSJS^SA 5 Sl^ 

S ^ enable the 


V . ■ _ - . u IA umiufhiiru iliac hbuiiia l„... - ' l(Hr , (ALqUiaUJUn WIU CKiaUIC \UK mvuilU Mill LU QlGUUU 2101 X 1 . II 1 

in London said a u profits before tax of Cotswold for Timber is plannln,, to make its cun*eiK battle for Compton. group to provide a complete ser- has deciiaed to disclose the cost 

w ould be made to Hoskins sh a re- 1975 w ill be not less than £100,000. 8™* acquisition In Ireland. The Vantona directors, who were m v [ ce ^ ^ supply' ot process of the -deal, 

holders in due course. He indi- company which it has reached London last night for a meeting, 

cated that an announcement agreement to purchase is the were unavailable to comment on 

would probably be made in the P£>vi Moran Group, a timber importer whether they now intend to make xv A , -m -m a 

next couple of days. JtfO W 3.1C1 S XJUl and building materials distributor an offer for Compton. KilTT'SirT 38fflflC 7 (Hlfl TlIfkTG 

Talbex recently bought 29.2 per , with branches in Dublin, Cork, U(UlUil> ^•WU |XXX#Xo 


— - —-'7 - . MOC b- p (vpn Since then the ^gTeemcBt fe. 
I5 e ,„ A SX«Mli e te.f.M.d b SM _si«ned to thj^eyej^ 


Ume to think about the’ Ftench Anok SJ 

no ps? 35 ™ .m. f^ssijvSS 


. cated that an announcement agreement to purchase is the 

would probably be made in the |j r»v* 5 o ffim Moran Group, a timber importer 

next couple of days. 1X0 vr dlcl S XjIU and building materials distributor 

Talbex recently bought 29.2 per , with branches in Dublin, Cork, 

cent of Hoskins from the fllirCll3.SG Limerick and Sligo. 

Bahamas-based Artoc Bank, of L*,; „ , Terms of the deal have not yet 

which Mr. de Savarv is also a The Bo water corporation has been decided as they will depend 

director. Artoc also holds 22 per bought two forwarding, ware- on a complete audit of the group 

cent of Talbex. housing and Rhine snipping com- f or year ended September 30. 


THOMSON OFFERS 
40p FOR REST 
OF EC SHARES 


Barratt adds 2,000 plots 
to its land bank 


called to hear their decision No £££ Mr. ARaiT 

time limit has been put on the Sarfr . t4 *_„. an Prpmier. * 


time limit has been put on me iSaskatC h e wan Premier, dest^M 
decision. . . .. the agreement as at " llghthowtf- 

fi ^ a "r e ?H r e^i E e SSSliai ,, uS 1 iISS deal be«u« rft fltiWjtfi . 


^ wring precSes fc t?ttl^^^ 

mines to be allowed to go aneao. ■ vTf 


Yesterday's letter from Hoskins si^hBTOtro^SonpTn ^ °1 dnl P ou?coroe Sf tb^a^uiSSon ^"he "Som/on Barratt Developments has added tangible assets of the companies sSo^which is'duo^o be^n this at “the mtae ^be mSeop' 

fnllmvc aci mnniK's announce- ««eqisn Drvsiroin uruop in a aeai determined by the outcome of r ,,, ..non w=»* i *« i nc t -Anri i northern Saskatchewan reew* 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


mines to be auowea xo go aneau, ^ follow. r - 7? 

hut there Is now no hope of • . . ■ ,-rt • 

anv construction work being These include the requirm«+ 
aecomplished before the wet that 50 per cent of/the wori^S 


foliowB- l a sV mon hV announc^ ^abSuTST ^ " 3 “ <£1??^ no ^Sounc^ienJ ^ the remaining 2.W0 pVoTs SSB a^d‘ 'Vo' la^^riT" 

ment that Talbex had approached v _ nia _ rA , rf ^ at , 5 nd rP° ^"°,V. nCeII l^ 1 i shares of EC (Holdings) not to Its land bank with a £3m and tbeir combined pre-tax profits previously, the NLC had agreed by 1982 and Amok must also ttteet 

Hoskins with a new to making a IS ®JP ected for another two already owned. agreed bid for two subsidiaries in the year to March 3L P -197S in principle on the terms for the stiff environmental and wwfcer; 

bid. . , T 1111 . , ^ ^ The terms are 40p cash for each Of Maidenhead Investments totalled £198.000. ■ ^ * development of Ranger, but subse- safety^ standards. Mr. Blakeaej 

Referring to the subsequent «ere both part of lncotrans of Morans last reported pre-tax OT di n arv ^iaro^ ThomJ.n alreadv (Holdings). nuent pressure from dissenting said that the deal marks the fi» ,^.- k 

discussions Mr. Lloyd says Talbex Holland, itself a subsidiary of profits, for the year ended Sep- issued Maidenhead, which is wholly uriurvc ATTrvc t r\ AhoriginaJ Groups caused the NLC time that a Government has ft® * 

saw advantages in the two groups Brostrom. The two groups have tember 30. 1977,. were £537,000. S*- 8 "5i °\ i rvfu«.ifh^ HENLYS ADDS TO ^^decision to ratify the a hand la dictating, b&iS 

working together in the export net assets of £5m and Mr. D. J. H. This f/rure excluded a building 2?^d^ O^ieiT conK! of A^vle Securiti^has^^eed^to CHRYSLER- SIDE ' . SSnSIit It ^ understood that practices and it opens: theM ^ 

fle Rejectin- the possibility of a yes Ferday ?hTtiie re^of tile AmIJI* «»• oiSTw- ^SSiderS tTte A third Chr^er main -dealer %FSE#\ people full? realise gr «“ * “ 

«ejeciin« tnc possiniiiiy oi a yesreraay inai rne varue oi rne o^ren and Premier Buildings. Hon for these will amount to fCorinmneadows) businesses to b 33 now joined the. stable of that uranium mining will eventd- CanadJ' 

merger. Mr. Lloyd says Hoskins is purchase was roughly m line mth This wifi not form part of the sale £503 7 £ r UleSe WU1 amOUnt 10 Bamtt^Tke C 6m S SSSha J? Henlys. which has justTmulred m 

already operating most efficiently net assets. and wiU remain with the Moran tl' «•!-«- u a nri» will ^ raised hv an insrh Roy Thomson of Aberdeen^ , 

and l ‘in adSlSon 1 the toim renture • n^^^orlnr! fa ?ahah said yesterday thar the the a PP rov ^ of the* requisite tutional placing of 2.48m new Henlys, which is better known T Tlori pAol fO ll 1| 

in icuu-air ui*h' inrai nartnurc is ■ a modest step foreard Sabah 5a id yesterday that the ma j or in es a t a oieetin** of the Barratt shares. The housebuilder as a Leyland dealer, already has fi J 9yj.fl A dWJL AA 

polid*! U i pSicSSJ Si&to Ihr V?"? SeKorthe Tare"" ° a be «■>»,!«. late n VW «00,000 of Chmier 

Uie next three months the de ' d<> P IIien t o£ Bowaters of expansion and dnersification. acquired, and at an extraordinary Ash and Francis loans from and Nottingham and the group WHITE INDUSTRIES of Sydney contrib 

The Hoskins Board has declined general meeting of EC. and to the Maidenhead. is currently pursuing the acquisi- anc i Mitsubishi or Japan, are to uranini 

unanimously^ that there wuSd 5 eu . DF CT . WCC sanction of the High Court of The new Barratt shares will Don of a fourth Chrysler spen d ASldJm (£0.45m) on a new Lake u 

no 3 further value in disc^sions SHARE STAKES Justice. represent a 7 per cent increase dealership. ' - rkfiway line to link the Ulan coal- Bow 

with Talbex since a mereer would nnf» rwn „„ . The directors of EC tother than In the group’s Issued capital and ' The acquisition of Thomson is fi e id 0 £ New South Wales directly Numiic 

not be in the interests df director i iS"* those representing Thomson) and will rank, alongside the existing thought to have cost the group to the port of Newcastle. The line Midwes 

employees or shareholders StS p£&£ it ^ J^, eIy their adrisers, Hambrns Bank, shares, except that they wiD not something in the region of £)m. wiU rSn from Ulan to Sandy Esso N 

T?ie 5te? afiS loin« out that SSfSK “J 1 stated that ^ W? shar ” consider the^ terms fair and be entitled to a final dividend for Interest in Chiysler dealership HoUo J^here it will join an exist- the pr. 

Hoskins' interim EroffiJ for the “ W1S “ ^ t “ taI hoI ^ ,ng * 2 L per cenL reasonable. These directors intend the year to the end of June. 1978. has been renewed slnee the ,v£ railway the. on 

half vear to June 30 1 978 r *Jl ter ■ C ! ty Inv cstment Grow— Lous Newmark— M. C. Martin to recommend unanimously that The purchase is due to be announcement of the proposed xj P v oka. managin'* director -Mm lb 

increaiS by 56 per cent aftS f KESS,^* beneficial interest and D D Rothschild, dhectors, shareholders should vote in favour completed on Friday. link-up between the Ctasler and of dSSSSSlTS 

interest and excluding excentional ' n l;} 3 ?-? Iff shares (12.4 per cent): each sold 3.000 shares on Septem- of the scheme and have under- Ash Homes, which has been Peugeot car and track groups. CwitW w«terdav that financing mS 
i!cm? excluding exceptional L Weubo „ (7 _ 3 per her 28 and H. H. Newmark. taken irrevocably to do so in established in the West Midlands iT number of other. British ^ ,HM “* 


advantages in the two groups Brostrom. The two groups have {ember 30. iDT^/were I537.0TO. n^inarT and thl r^Lt not Jr' f£u£SbZ HfcINLY ^ ADDS TO _ in decision w ratify the a hand in dictatii^ iS 

ing together in the export net assets of £5m and Mr. D. J. H. This r/rure excluded a building ^j££d^ 0wmed h consKtl of A^vle Securiti^has^^eed^to CHRYSLER- SIDE ' . - SSSSIit It ^ understood that practices and it opens: the® -2 
r Slater a Bowater director said .subsidiary, comprising of J. J. $59 359 mSSE The am-sidera- selfite Mh Homes In d FramfiS A third Chrysler main dealer SK'oSSdli ^people fully realise for future development .frX 

w Bf Uwd P SS b Hiskins il XdwST im ro^lTfliiiewfth Twr^ifi^nf tion for will amount to (Springmeadows) businesses to 3 now joined the stable of that uranium mining will even tu- Canadian north. . . . 

“ ,,ne Wth “i! . Barratt. The £2. 6m cash purchase b« just acquired 


and. in addition, the joint venture “ marked a modest step forward Sabah said j^esterday that the 
in Kuwait with local partners is j n the way we want to go in purchase will continue its policy 
poised t begin production within the development of Bowater's of expansion and diversification. 


Ulan coal rail link plan 


Bow Valley is a partner with 
uxnsc OU and Gas us-tfc 


reflects an improving trend ol 
trading profits over the last If 
months.” He adds that the Board 
anticipates a very satisfactory out 
come for the year as a whole. 


in Sydney yesterday that financing ihg— Q uarterly prMnciioc rennet. 
arrangements have not been com- ttwrels 

pleted but that his group would 
probably supply 40 per cent of ^ 
the funds. Assaimur. 

This would correspond to Lead u?er centi u- :f.s.| 


.. u«rewiur> oi me company uiscreuonaiy runo. irrerocamy to vote in larour ot name. logeioer win rrancis, inomsons sales m Uie- Aberdeen Mftoihi«h v^iiitv in Ufan the SDrcr umuns/tomw) aj ai\'- 

or its subsidiaries. Johnson Matthey — Following the v*»eme Jn respect of their Ash holds a land bank of around area to around 800 units- a year. “Vfr* T? 1 - Srinn tft hii? in nnc ,|Mr **“•' ' ia.» u**" 

Molins — A family trust of which companies hold an interest in ex- holdings. 2.000 house plots, and a number The group also has a Ford nfL ; n i hrmlridtr nf lJS 

W Unlin, -I i i. . naff. I? -a- -nn *- Timlhnp than ranraunt P-O (if inrlllCtnnt nmn«rtV citoc moinlv rnnnhin nnanrian in V.^l. announced in tile miUCUC Ot Uht Lead C DU centra 10 (totlltcfi) .61JJ3 53JSS ' 


WAGON MOVES trustee, toget 

INTO LEISURE . 

Wagon Industrial Holdings has . ^ har ® s ' 
completed the purchase of the _ "/“IflT**.® - 


D. W. Molins. director. »s a cess of 5 per cent: Johannesburg Togefher these renrecent 658 of industrial property sites mainly franchise operating in the North “™;V ncea u 
trustee, together with M. H. Seyes- Consolidated Investment 3.880.700 per CPnt of the issued ordinary not in the Birmingham area. . Net East. m «*i* ' k ■ i. ;* 

Phillips and D. O. Bates, has sold Ordinary shares 122 J per ceni). aJ»*<**dv held by Thomson. . • ' n rU D i-V 

33,700 shares. Prudential Assurance 855^27 Thomson has been advised by ■ .'A- 1 ouowea piar 

Whitbread— A trust in which (5.03 per cent). S. G. Warburg and Co. Formal fi™. *?_ *? 


855^27 


use Lead concentrate (Manes) B1J33 SLSS 
Containing; 

has Gross lead' (tonnes) 36SB3 K.ns 

. . Silver (kflogramsi 2&li7 


capital of Cotswold Coach Craft, ?■ c - Whitbread, director, has an * Birmingham Mint — Company £ CTI HirnatdhI!l ?ini ^ d !ioi S *2 
,r I i_ r- inlprfl«i hoc cnM UVinnn *‘A*' n ..ia.j ,k.t v.tl.-.l -n_. DP alsnatcnea as soon 35 


manufacturer of Windrush Cara- intE ! rest h as sold 100,000 “A” notified that National Transport 

vans. . ordinary shares. Tokens has sold 200,000 shares In P raeacaWe ' 


OIL AND GAS NEWS 


Mitsubishi's intervention has h 

allowed plans for expansion at if 

Ulan to go ahead- At present CoatoiniaR; 1 r* j- 1 

there is a small underground ztnc (totnwrt 

mine producing some 4ra tonnesl ■ ' ~-- h'- 


Wagon aims to use the new Altifund — C. and A. Pension the company, thereby reducing 
company as the foundation for the Trust at September 27 had a holding to 101223 shares 13.06 fTT APPROACHFD 

building of a leisure division. holding of 200,000 income shares per cent). Mr. D. C. Hol!;y, nomi- A v,|,j _ a _ ^ __ th a f 

As previously announced, total (8.33 per cent). Derby Trust had nee director of National Trans- Footwear Industry In vest mem « 

consideration was £500.000 satisfied a holding of 150,000 (623 per port Tokens, has resigned from Yesterday the "mmo'c Shires 

-by £273,000 in cash and the issue cent). the Board of Birmingham Mint. 12 ?to76}on^ew S that 7he 

of 100,000 ordinary shares. These Euro therm International— J. D. Technology Investment Trust— company had received a takeover 
shares will not be entitled to any Wilkinson, director, sold S.OOO W. R. Merton, director, sold 22,363 approach. 

final dividend in respect of the shares on September 22. shares. At last night's dosing price the 


More gas found in 
Hopedale well 


of steaming coal a year, but the 
injection of fresh capital means 
that an opencast mine will now 
be developed. 

Mr. Neville Wran, the NSW 
Premier, said that the Ulan 
deposits were estimated by the 
State Department of Mines at 
about 14bn tonnes. 




Provide free ' * .1 

intematlo^ 
fhksforyourcSents. 
frommajordtifeh . , 
airopescandn^.: • 


SPECIAL DEVELOPMENT AREAS 


CHEVRON Canada, a unit of per cent and Phillips Off 
Standard Oil of California, has (Nigeria), 22.5 per cant, 
confirmed a second gas and light ' * * • * 

oil producing zone in its Hope- Preliminary evaluation of elec- 


BOW VALLEY ON 
VERGE OF 
EXPANSION 

Bow Valley Industries 


and Ireland. 




- >M-t> 
•TVe * i 

eCo. 


J. 1 j- “ ,, ' 7 • - - — — — « — J ' w» Vivv navvy vanvj uiuiiau IC9 UI 

dale discovery well 54 miles trie log and core data indicates Calgary expects a cash flow of 
onshore Hopedale on the the oil accumulation discovered CS38.8m this year, increasing to 




Labrador coast, r epo rts Robert by the Strzeledd No. 3 well in I reach CSi78m in" 1984, reports 


for Brtherdxas Vaptem: 

MnKmnsMuwMiBiaSM'SBai.aNmiaintt*' 





ACE KILBRIDE 

(Why did 740 Companies before yours 
progress to East Kilbride? 

A good deal.) 


Rlklunc u , -•» .. . . . . V IOUI U1 Iim, IC-pUIUD 

w,tp 2! L . ,u 11 Soulh Australia IS relatively smaU. John Sogau>icfa from Toronto. 

ic ^ ^ a?c° r d>ns to Delhi International At the annual meeting, Mr. j jfff iWffrlfW 1 *. 1 

ratf U !rf P,< ?f o 8 "*!- 4 .stabilised Oil. the operator of the well. J. R. Harris, the president said 
Sf b ir c « fe fl Last week it was announced that the increase would reflect 

rail™ at 3 Ami*!* we , n *® wa 4 at a rate of revenue from the Kitts coal mine. 

raie ox sio oarreis daily. 2.400 barrels of oil a day. the the Areanah, Heimdal amf Brae 

.“SoS* highest recorded daily flow rate off andlSfl Jds a nd mdudw S 

first zone flowed gas up to I8.5m in the Cooper Basin, from the — - - — 

cubic feet daily and light oil interval 5,515 to 5,539 feet. 

condensate at about 500 barrels The company added, however, 

daily. The light od is a by-product that the find is significant in 

of the gas extraction. terms of exploration potential and ' 

* ^ ^ of any future oil development — — - — — — — ' . ; • 

projecL 

A consortium of companies, The well will be cased and a a '-' 

mcluding the National Nigeria further testing carried out when 4 M 1' /ft - ’ 

Petroleum Corporation, Nigeria it reaches total depth of 8,540 /m M /» 

App OiJ and Phillips Oil feet. On completion another well . / — % H - , / m 

(Nigeria) have discovered a new will be drilled on a separate struc- k WJ 1% ■ W / 

petroleum field offshore Nigeria, tu re nearby. _ ■ ■ _ -Ml. 

The discovery -well, Benlboye Delhi International Oil holds a "^WT ~~W~ S V^T" “W-W— a ■w’ 

North l. encountered 33 hydro- 21 per cent stake in the well, I ■ M % B Mm m. / L » 

caibon bearing levels. The well while other participants are ■ I P ■H MB ■ / n . %/ m 

Is in the 0ALL-S2 licence area of Santos, 35 percent. Crusader OiL I H n IB , ■ ■- ■/— % W.' 1 

the River Niger delta, about two 30 per cent and Vamgas and J J \ M A l M M Ml » I k I 

miles offshore in a water depth Sooth Australian OH and Gas ~ ^ m m ™ -Jm,. m 

of about 15 feet with 7 per cent each. "V~ TJ Ti. AT~W wi ' 

A testing programme has been 4r * -A- ■ ■ % fm I* I '■ ,■ 1 

completed between 1,350 metres Shell Canada Resources has dis- I I % /■ J§ B Li ~B. ■ 

and 2250 metres. A maximum covered gas and condensate on fl . B %/ I ■ ■ . ■ > -■ W 

flow rate of 343-0 barrels of oil its recently complete Shell-HB 'B J II V m JB. M - - M - ' J' l 5 -M'. 

daily was tested at 1,900 metres. West Pembina 6-29-47-n W5M — 1 -• ' 

metres, the flow rate was 2!o94 Ttie well was drilled to a depth PRELIMI NAR Y announcement 

wlf 6 be fl filled Jmineclifltely to test flowed At | T i , i i k.» OF THE RESULTS FOR 

eraluate the structure and deter- cubic metres of gas per day S ‘ YEAR ENDED 30th JUNE 1973 - 

m l25 of 32S cubic metres of condensate m. r%- 

JSfnn? 7 1 ? e ll w t I li ff* '“«■«* owned directors of Saga Holidays Limited announce that 
2P5& N& SSfaf su ou n S'd*Sal heH 3,1(1 HudsoDS Bay for toe year ended 30th June, 1978, are as 


S ’ : N »•. 


PRELIMI NAR Y ANNOUNCEMENT 
OF THE RESULTS FOR 
THE YEAR ENDED 30th JUNE 1973 


Tear ended Year-ended 
Mth Jnne 1978 30th June im 


%n 



Turnover 


Profit before taxation 
Taxation 


U.S. $20,000,000 

SUNDSVALLS BANKEN 


Profit after taxation 
Cost of dividends 
at 4.5p per share 


Many world famous and household 
names are among the seven hundred 
and forty industrial and commercial 
companies who have located in East 
Kilbride, since Scotland's No. I New 
Town was iirst established, and the 
direction signs which they followed 
are even, more obvious today. 

Why did so many companies select 
East Kilbride in preference to other 
Special Development areas? 
Probably because for thirty-one years 
.East Kilbride has believed in a full 
team effort between the New Town 
and the incoming company, to make 
sure that you move in and move in. 
to profit with the least in con veil ien ce.- 


We put our heads together with 
yours. 

Today, the top men in the East 
Kilbride Development Corporation, 
w ho worked to make a success of 
more than seven hundred relocations 
arc ready to put their accumulated 
experience to work for your com- 
pany. 


If you think that thirty-one years’ 
■successful, practical experience is the 
extra that makes East Kilbride the 
Ace in the pack, a ’phone call to East 
Kilbride .4 1 11 1 could pay dividends. 
Ask for heads George Young, man- 
aging director, or George Grassic. 
director of development. For a very 
good deal. 


FLOATING RATE CAPITAL NOTES 
DUE 1985 

Far the six months 
4th October: 1 978 to 4th April 1979 

, In accordance with the provisions of the Notes. 

notice is hereby gh/sn char Ch8 rats of jntssrsst 
has been fixed aelOu, per cent, and that the interest 
pavable on the relevant interest payment date, 4 th 
April, 1979 agamst Coupon Na 1 will be US $ 50-87 


Retained Profit for the year 
Earnings per share 


18,554 

12,895- 

1,908 

1,316 

977 

655 

931 

661 5 ~ 

370 

30 

661 

631. 

16.65p 

12.lSp •• 


C£ nt. 


MR. SIDNEY DE HANN, CHAIRMAN, 
REPORTS 


East Kilbride 


Agant Bank: Morgan GuarontylTOsc Conqany of IWVtortc, London 


We put our 
heads 
together 
with yours. 


<& 


SCOTLAND’S No 1 

The Town that was Built to Build Business. 


EAST 


KILBRIDE DEVELOPMENT CORPORATION. AlhoII House. 

East Kilbride G74 ILL, Teh Hast Kilbride 41 ] 1 1. Telex 779141. 
Our London contact: Jack Beckett, Scottish New Towns 
London Office. Tel. 0 1 — 50 «<&3I- 


To the Holders of 

General Cable International N.V. 

Guaranteed Floating Bate Loan Notes 1M0 

In accordance with the provisions of the above Notes, 
Irving Trust Company, ng Fiscal Agent, has determined 
the Rate of Interest payable with respect to Coupon No. 
17 on Friday, March 30, 107D to be Eleven per cent 
Hire) per annum. 


The Company has 
achieved -the forecast of 
profits made at the time 
of the Offer for Sale 
earlier this year and 
accordingly the directors 
are recommending the 
payment of a dividend 
of 4.5p per share (6.72p 
with related tax credit) . 

The range of holidays 
offered by the Company 
was- again expanded and 
191,000 people took 
holidays within the group 


during the year.. By 
judicious purchasing of : 
foreign currency the 
Company was able to give 
rebates to certain overseas 
holidaymakers before . 
taking their holidays " ■: 
totalling £164,000. 

Having regard to the: 
anticipated growth in 
overall volume the 
directors consider that ■ 
profits in the current year 
will be satisfactory. 


P 05 *** te * hj * r et“>>‘ters on 

* e Attwui{ < Sm * r <X Sfeetms 
UfUl be held in Folkestone on 2 ?th November 137 &* 






■ S. 1 ■ - 

*• ‘ " i 

• ' : V 


October 2, 1976 


Irving Trust Company, 
Fiscal Agent 


• "• HOLIDAYS FOR THE OYER 60V 


t 






If 


INTER NATIONAL: ''FINANCIAL AND COMPANY NEWS < 




NORTH AMERICAN NEWS 


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sought by Food Fair 


BY STEWART FU^WG 

! FOOD FAIR, one at. the lop 10 
food retailing groups with- sales- 
. . revenues, in 1977. of £i.4bn, has 
V filed • for protection- under 
Chapter Eleven; Of the Federal 
;; Bankruptcy Act." 

: ■ .Mr. Jack Friedland, president 
'jof the 510-store chain,, -which is 
-/.based ip .the-. Eastern OS., 
■ stressed that -.the company is sot 
i bankrupt,, -but- conceded that 
> Food Fair is facing “a temporary 
■■ liquidity problem M which he 
1 believes can be overcome: - 
Under Chapter Eleven, a-com- 

- paoy is able to continue operat- 
ing but seeks protection from 

' , creditors by -the Court while it 
_ tries ' to work out plans for 
.- paying its debts. 

Food Fair, which. Is prominent 
•> in. the New York area and last- 
---year . purchased Hills Super- 
markets in as effort, to try and 
strengthen -its . organisation in'. 
New York City* has bad a patchy 

- profits record for -several years.. 
• . -A decade ago It earned profits of 

i SlOm on sales revenues of . 

Sl-3bn. Bui since then, in spite 
■- of rising. turnover, earnings have 
: - steadily declined. In 1975 it 


reported a SSUra loss on sales of 
-$2-.4bn. In the ‘following two 
years : it. reported: profits of 
.around S2 J>bi on stagnating' sales 
revenues sit the $&5bir level. 

Food Fair says io its bank- 
ruptcy- petition that it has lost 
sales' volume because of itsr in- 
ability to fully stock, its super- 
markets: and 'compete effectively 
with rivals iri.il s' market areas. 

: -It points out that its J. M. 
Fields subsidiary, -which- operates 

70 discount. department stores, 
has been a draw on its-cash flow, 
leaving Food Fair with insuffi- 
cient cash flow* to purchase stocks 
in quantities which Would enable 
it in obtain- maximum- discount 
levels. - - : „ 

In addition, tiie. rapcrm&rkpt 
group has suffered from the 
emergence of strong competitors 
in areas where it has traditionally 
-been d am i nan t. ■!;. These i factors' 
have contributed ;lo narrowing 
profit margins. - -- - 

Share . analvstjsr -.have . • heen 
.hoping thaj steps- . the company 
has -Hpon - lakina -■over the oast 
two vears to iwiruinise lfe super- 
market' operations to -concentrate 


NEW YORK, Oct- 3. 

in areas where it is already 
represented. -and the overhaul of 
Fields Discount- Stores would 
result in a steady improvement 
in earnings. 

However, the company has 
been forced to seek protection 
From creditors, following what it 
describes as decisions by sup- 
pliers not to extend normal 
credit terms. 

In its bankruptcy petition, the 
company says that its total un- 
secured indebtedness is $279ni, 
with public debt of $42m. But it 
says it has inventories of $230 m 
which are unencumbered, and 
will be able to support credit 
which it is anticipated will be 
evtended by debtors in posses- 
sion. 

It added that it has . total 
current liabilities of S21T.«m and 
total current assets of S344-3m. 

For the 40 weeks to May 6. 
the rnropanv reported . sales 
revenues of and a small 

profit nf $282,000. compared with 
a nrnfit of S10.7m a year aco. 
which included a" S4.2m gain 
from- an accounting change. 


iOIl Upturn 1 for 
Reed Paper 

in third 

t. Get- .3. 

is already Oil Eft GF 


General Telephone expects t>bwtn 
higher earnings this year 5m shares 

''*■ STAMFORD. Oct. 3- at $47 


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M WALT DISNEY Productions 
w plans to spend about S500m bn 

two new theme parks at Disney 
f . .World, Florida, Mr. Card Walker, 

. . president and .chief ' executive, 
told delegates to. the "World 
■Vs., Congress-, of "the /International. 
.: V;- Chamber of Commerce .meeting 
: at Walt Disney World. 

Mr.. Walker said the projects 
- ‘.6 “Future World**.. and “The World 
“---Showcase" will " implement 
■ K founder Walt Disney's concept- 
of. an experimental prototype 
community of tproorrorw -arid is 
^scheduled for. completion by 
_ ‘October 1, 19S2. The projects 


will include - partieipirtion by 
General -Hotors.-' Exxon iU.S.A.) 
AT and T and Kraft Inc. 

He said thaf_. Disney has 
received letters of;, intent from 
business ’,or government "m teres ts 
ip 10 other countries to -partici- 
pate in the pfojeet- ■ 

' The ; exparimeiital .prototype 
community of tomorrow will be 
operated' separately from the 
adjoining Walt Disney World. 

• ‘‘Future World;’ will be a 
series of pavilions- displaying 
future technologies- for. energy, 
transportation, ."tbe* land,, the 
seas, "space, fife* nd health and 


NEW YORK, Oct. 3. 
other' subjects. 

In its first phase “the world 
showcase" will have 10 nations 
participating with additional, 
countries expected to join in a 
second phase. , 

The existing Wait Disney 
World has- recorded a seven-year 
attendance of. nearly 90m 
visitors, and the new theme 
parks are expected to attract a 
further 8m to 10m visitors in 
their first year of operation. 

Hie new parks.' including the 
additions, will represent a total 
investment of more than $lbn, 
Mr. Walker said. AFiDJ 


Sears Roebuck sees better earnings per share 


MR. JACK KINCANNONVsenior 
vice-president of Sears Roebuck 
and Co', tofd a meeting of. Swiss 
bankers and businessmen yester- 
day that the company’s earnings, 
per' share in the' second "half of' 
this year would be better '^ian in 
.the first. r .. ■•'•V-- 

. The meeting: was arranged to 


mark the introduction, of Sears 
Roebuck shares .’uri'- Sw.ii>s Stock 
Exchange's. Herr Hahns Kessler, 
i director 'of ' the, Swiss Bank 
Corporation^ told, . the- meeting 
that Sears bad. picked the right 
moment to introduce its : stack to 
Swiss investors, because currency 
stability measures announced on 


i 

.*■ — - t» 




ZURICH. OcL 3. 

Sunday by the Swiss National 
Bank had strengthened the dollar 
today. 

- Sears Roebuck had first half 
net of S356.16bn or Sl.ll a 
share, down from last years 
first half net of $360.9bn or SI. 13. 
First half sales w'ere"S9.5i7^bn 
compared with $?,683.77bn. 
AP-DJ. 


EUROBONDS 


By Robert Gibbens. 

MONTREAL. Oct. 3. 

REED PAPE". LTD., the troubled 
Canadian arm of R:.J inter- 
national of lb. UK. was profit- 
able for Lhe first lime in eight 
consecutive quarters during the 
third quertar this year. Me. 
Donald Maclver. the president 
said, but the company does not 
expect to show a profit for the 
whole year. 

It has sold its decorative pro- 
ducts group to the parent and 
also its interests in two western 
pulp mills for a loud of jusL 
over CSlOOtn cash. Newsprint 
demand has been strong and 
fine papers have improved sub- 
stantially. Lumber has per- 
formed well, packaging has im- 
proved and piilp has become 
stable with further improve- 
ment in 1979 likely. 

However the Dryden opera- 
tions in ’Ontario have “immense" 
problems to be overcome. Nega- 
tive cash flows will continue for 
several more years. The pulp 
mill will need very large capital 
spending because i.r is so old. 

Debt is stable and was improv- 
ing through the third quarter. 
The policy was' to reduce debt 
further hy the proceeds of asset 
sales. The pigments business is 
still for sale. Talks with a view 
to the sale of Reed Inter- 
national's 87 per cent interest 
in Reed Paper are still at a 
“preliminary stage." Accumu- 
lated tax loss carry-forwards now 
total more than - C$7 Oxn 
(US$58.8m.). 


Gen star land deal 

Genstar Ltd, the Canadian build- 
ing materials, chemicals and real 
estate- development group 
indirectly controlled by the 
Societe Generale, of Belgium, 
plans to buy more than S.000 
acres o£ land in San Diego from 
a U.S. company, Periaquitos. for 
891m-- reports our Montreal- 
Correspondent. Tbe company 
has also- arranged jp raise SIQOm 
from the Royal' Bank' of Canada 
through the sale of variable rate 
redeemable preferred . shares. 
The land includes commercial, 
industrial and commercial nnd 
industrial and residential areas. 
It will be sold to .developers in 
the' San Diego area, which is 
growing at an impressive rate, 
G pins tar says. 


PER -SHARE EARNINGS of 
General . Telephone and Elec- 
tronics Corporation in 1979 could 
rise to between $4.20 and S4.30 
from $3.91 in 1977, Mr. Theodore 
F. Brophv, the chairman, said. 

“Those are reasonable expec- 
tations.” be said in commenting 
on analysts’ projections- “We 
expect a good strong year," - he 
added, however, that a “ substan- 
tial . increase " in the Canadian 
dollar would have a negative 
effect on reported earnings be- 
cause of foreign currency trans- 
lations. 

GTE operating telephone com- 
panies added 912.000 phones in 
the 12 months ended June 30. a 
6 per cent increase compared io a 
5.1 per cent increase in the year 
earlier period. He said revenue 
from toll calls is up about *7 
per cent from a year ago and 
calling volume also is increasing-. 


So far this year GTE units have 
been granted about $9m in rate 
increases, about 45 per cent of 
the amount requested, and appli- 
cations for an additional 515m 
are pending. 

Revenue from telephone opera- 
tions accounts for more than half 
the annual revenue or this diver- 
sified telephone holding and 
manufacturing company. 

Manufacturing operations are 
“ further ahead in percentage 
terms." Mr. Brophy said, largely 
because of a “major turnaround" 
In the consumer electronics busi- 
ness. He noted thal the con- 
sumer electronics business re- 
prmeri parnrncs of S*lm for the 
first half of 1978. comnared with 
a loss of about the same amount 
for iffT7 Derif'rt. 

“Wp expect th«* progress to 
rnnrinttf- ' in manufacturing 
Mcnt'nnu. although not at the 


Wells Fargo sees third 
quarter gain of 11% 


WELLS FARGO of San 
Francisco expects third-quarter 
earnings to be up by more than 
11 per cent from Lhe same period 
of 1977. 

In the news release, Mr. 
Richard P. Cooley, president of 
the bank holding company, said 
he did jiot expect the ~third- 
quarter gain "to match the 36 
per cent growth rate of the first 
half of 1978 over the first half 
of 1977: However, we dD antici- 
pate 'healthy earnings "growth 
for the final quarters rif this 
year as well as for 1979.". 


NEW YORK. Oct. 3. 

In the 1977 third quarter. 
Wells Fargo reported net 
operating earnihgs of S25.1m. 
or 81.14 3 share. 

Separately, Mr. Cooley esti- 
mated that automatic funds 
transfer programmes lo be intro- 
duced on November 1 under 
Enabling Regulation . will cost 
the bank 5 cents to 10 cents a 
share jo 1979. Under the pro- 
gramme, customers can . have 
funds automatically transferred 
from their interest - bearing 
savings account to their cheque 
accounts. AP-DJ' 


STAMFORD. Oct. 3. 

74 per cent level." he said; refer- 
ring lo the 74 per cent increase 
in manufacturing income re- 
ported in the first six months. 
“ 1979 should . be a good year 
for the products business over- 
all." 

The group expects to spend 
about S2£bn on construction in 
1979. up from slightly less than 
$‘2bn budgeted for this year. 

About S1.7bn of the total will 
go to construction oE telephone 
facilities, up slightly .from the 
Sl.fibn ■ slated, for telephone 
facilities this year. . 

GTE expects to generate about 
70 per cent of its capital 
requirements internally. 

Productivity continues to im- 
prove in the telephone operating 
units. 

The Automatic Electric Com- 
pany unit, which manufactures 
telecommunications equipment, 
is selling business . telephone 
systems directly to customers in 
Bell system operating territory. 

GTE Sr Irani* hopes to pick ' 
up some ■ of Rockwell -Inter- 
national ; Corporation's business 
from the' closing ef ilsi Admiral 
colour television set operations. 
GTE Syivania also plans to l.J 
on Admiral’s private label busi- 
ness. 

AP-DJ- 


ASHLAND, Oct. 3. 

ASHLAND OIL has offered to 
purchase 5m shares or about 13 
per cent of its common stock 
for S47 a share cash. 

The offer is not conditional on 
any minimum number of shares 
being tendered and will expire 
on October 20. 

Ashland said that if it buys 
less than all the shares tendered. 
It will purchase the stork 
tendered before October 2 q:-ch 
a pro-rata basis. 

The company said, however, it 
will buy all shares tendered by 
persons who owp less than 100 
shares as nf September 25 and 
who have tendered all of their 
stock. 

Reuter 

Carrier bid blocked 

Carrier Corporation said the New 
York State Attorney General 
issued an order blocking United 
Technologies Corporation's t-ro- 
posed tender offer for up to 17m 
shares of Carrier, reports Reuter 
from Syracuse. 

The Attorney General has 
ordered a public hearing on 
October 13 in New York City 
into various aspects of the pro- 
posed Dffer. 


Thu or.nouiiccnwm appears as a mutter of record only. 



SEC warning to brokers 


A STERN, warning has been 
issued by the Securities and 
Exchange Commission to securi- 
ties, firms to stop a number of 
practices, that the Commission 
believes arc unfair to customers. 

The warning included the prac- 
tice, of -famine cheques to custo- 
mers that had been drawn' on 
distant banks to prolong the 
broker’s use of the customer’s 
money, and the practice of retain- 
ing, interest and dividend pay- 
ments instead of disbursing them 
upon receipt. 


. . WASHINGTON, OcL i 

Mr. Edward 1 . ' O’Brienl, presi- 
dent of tbe Securities industry 
Association, swiftly denied that 
any fraud ■ occurred by any 
broker-dealer in any of these 
practices. 

Mr. O'Brien said that any 
broker if asked would furnish 
at any time to any client the 
amount of commission for 
brokerage services and tbe 
amount or custodial fee that 
would be charged. 

AP-DJ 


THE SANWA BANK, 
LIMITED 

• U.S. $30,000,000 

Floating Rate Dollar Certificates- 
of Deposit due 28th September, 19SI 


Ct£MicAi_BAr\K Intern ATK3IMAL. Limited 


25th September, io?*. 


et Commercial Little investor interest 




ILILL ’J sy > 


cic group 

Ttt£ leading 
private 

‘ • banking" ~- 
' organisation. : 

v rm;Frauqe.V ' 


LONDON J 

74 London WaU EC2M SNE.f 
■’ Telegraphic address : V 
. Canonicus Ldn EC2 .{■ . 
Phone 53857 00 (20 lines} 
Telex 886 725 Canonical Lan 
Foreign excfaan^ 
telex 888 959 Cangpex Ldn 



ii 


fcVUl **• r \ 

ru> - 5 ■ 


US $25,000,000 

Floating Bata London- Dollar Negotiable 
Certificates of Deposit, due-Merch 31st, 1981 

The' SANtVA Bank, 

Limited 

Xo.vpois- 

Notice is hereby grifeh that the current interest period ends on 
'March- 30th. 1979 arid not March 29fh. 1979 as published 
in The Financial Times on September 29ih. 1978. The relevant 
interest payment-date will be Maich 30th. 1979. All other 
terms arid conditions remain as previously published. . . 

Credit Suisse 'First Boston Limrred 
Agent Bank . 


Tfals hdinerfiserrienris issued in compliance with the requirements of the Council of 
The Stock Exchange. It does not constitute an invitation to any person to 
subscribe for or purchase any Bonds,-. 

ISIOVO IISIDUSTRI A!S 

( Incorporated as a company with limited liability in Denmark) 

US $20,000,000 

7 per cent. Convertible Bonds 1989. 



NOVO 


lW '■ 1 


The issue price of the Bonds is 1 CM) per cent. 

; of their principal amount. 

Thefoliowihs have agreed to subscribe or procure subscribers for the Bonds. 

Morgan Grenfell & Co. Limited 

’ Deutsche Bank Aktiengeseilschaft 7 " '• 

Swiss Bank Corporation (Overseas) Limited 

; ( Copenhagen Handelsbank 

The 20 bblj Bonds of $1,000 each-^onstituting tha above issue, hava 

boenadmittario the Official List by the Council of The Stock Exchange. 

Particuiars of the Company arid the Bonds are available in the^jfeti^l 
- Cytpi Statistical-Services Linuted and copies or the statistical cards 
■■*^2K^K23taU-'lioi« on any weekday (Saturdays 
' ^p^d) ” P »and including 1st November. 1978 from fhe brokers to the 


BY FRANCIS GHOlS . 

.THE .Eurobond markets were The selling group commissi on 
steady yesterday, particularly in was the normal 1J per cent hut 
the dollar sector, where trading both, the management and the 
remains very professional with underwriting commissions were 
no timber sign of real investor set by S. G. Warburg at j per 
interest. = ' cent ; .} per cent is the norm for 

The Bank of Tokyo 830m floater both, but managing and' under 
was priced at par with condi- writing commissions of j per 
tions otherwise unchanged by the cent are not nnheard -of. ^ ' . 
-lead manager, S, G. Warburg; a Certain first-class borrowers 
15-year maturity and an interest such as. EGSC," Citicorp,- and. Aua- 
set at one-quarter of . a. point tralia have paid such -fees, bring- 
above the average of the six ing the total commissions they 
month, bid arid offered xale^ for. have paid to 2$ per cent. .- 
Eurodollar deposits. The issue The EEB has succeeded- In pay- 
fell tt> a discount in the after- ing a total of only 2i per cent, 
market, which is unusual for On the other hand, both Midland 
floating rate notes: it was quoted Bank - and - Westminster Bank 
by the lead manager at 981 lest have issued 15-year paper offer- 
night. • ing commissions of per cent 

Though this issue was nearly S.. G. Warburg argues that 
twice oversubscribed, according Bank of Tokyo is as good a name 
to the lead manager, it has as any, and ' thus should ' be 
focused attention on the delicate entitled to the lower manage- 
question of commissions.' Three ment and underwriting conunis- 
banks; : Credit . Suisse-First Bos- sions. Other banks also argue 
tori. Deutsche. Bank and Swiss that while the - Bank of Tokyo 
Bank - Corporation . refused in vi- issue is a 15-year . bullet, the 
iations to cq-manage- the issue others' all have an average life 
because they were ^iphappy at of- less than 15 yearn. Further- 
the - lower than usual level of more, these issues were for much 
commissions. . . • larger am ounts than S30tri, which 

itself, justifies a cut in man- 
agement, and underwriting com- 
ments of the Council of missions. Lastiy. in the current 

n to any person to *? ad market conditions, cutting 

. commissions is not wise. 

Activity was greater yesterday 
^ in the Deutsche-Mark sector, with 

r f-lt l yv pnees up for .the second day 

- r* I running, this time by a quarter 

. . w to half a point. . 

fty in Denmark) A new issue . is expected 

~ tomorrow from DC Bank for the 

Banque — Ex&rieure — d , Alg4rie. 

Indicated terms for this 
DM^lOOm bond include a coupon 
i jk *”1 P er cent aod a seven-year 

nndS l30S/. ; maturity. Indicated terms of tbe 

Wl,va ^ ■ DM 50m convertible for Marudai 

Foods include a coupon of 3i per 
cent and a' conversion premium 
of 10 per cent. 

The DM 30m convertible for 
• Kayaba Industry was priced at 

par with conditions otherwise 
unchanged by the lead manager 
Westdeutscbe Landesbank. The, 
- Issue is ' convertible -into (he 

company’s Toyko listed shares 
from January 8 next year at a 
- price of Y305 per share- Kayaba 

Shares .closed on. Tuesday on the 
Tokyo Stock Exchange at Y280. 

> The fixed' exchange rate for the 
life of the bonds is Y97.50 for 
iftF cent. one DM? 

In the Swiss -franc sector, the 
measures . announced by the 
authorities last week have so far 
had little impact on the bond 
senders for the Bonds. market. . 

The next bond to be floated 

in- this sector, on October 25. will 

; -- ---- be for Malaysia.' throuefa UBS 


Early involyement in international 
trade gave merchant bankers a head start 
in foreign exchange expertise. 



Fiom Da it el MessnBVPoWKtiesSra^^ FranWufiie:? 


issue: 


4th Octubec r 1 97 & , 


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Financial Times Wednesday 


INTER NATIONAL FINANCIAL AND COMPANY NEWS 



"ft? l n ®» 


rC 


IVECO 
warns of 
earnings 
decline 


BOUSSAC TEXTILES 


The Willot Brothers move in 


BY DAVID WHITE IN PARIS 


Sharp first half # 
growth at BIC 


By Kenneth Gooding 


BY DAVID WHITE 


PARIS, Oct, $ 


IVECO, the pan 


TH E PINAL SEAL was put on the "Willow have picked up a label, as well as, more obviously. The Agache-Willot group; judicial control. There are now BY DAVID WHITE PARIS, Oct. $ 

j coding th ? c ose of Mar cel Boussacs bargain at FFr' 700m— estimates that of the Christian Dior though founded on textiles, is about 3.000 at Boussac after the 

PARIS Oct 3 rui? 9 0v ® r the troubled textile of the real value of the Boussac fashion business, the juiciest now more heavily involved in latest cuts— 500 retired early at n acfd Bic firouo the together ' France's two 

n-European croup i f 1 ? ,pire r beanng b,s parae.wben interests range upwards of part of the Boussac empire. retailing through Bon Marche 56 and 700 were dismissed— and nr throwaway pens, makes. Dim-Rosy' and Colrw^* 

in the twmmerclal i f he .^ Fou C aggressive Willot FFr lbn — and that they want tn The takeover is being made Snd other outlets, a sector 14,000 spinning and weaving «i«»arnTeJiehters. in- - Baron Marcel Bich. cli»-fr^ 


vehicle Interests of Fiat ini?™;?" 1 * irom me nnrtn movea divest themselves of textiles as through Saint-Freres, a tradl- attorned Dy the cacnet of Ted workers in the region overall. world-wide by and founder of Bic, told 

Italy, Magirus-Deutz or'L , th eek to taIfe P ver th ,® a matter of general policy. tional northern jute company Lapidus.and now Christian Dior The Lorraine regional council, in creai &ed pro half of shareholders earlier this 

Germany and Unic in France, ’ dal .-' . n,a nagement of its small •* Boussac’s problems were in which the Wiltots took control couture. a report to the prefecture of the ?£• planned to. incarDorat^^ 8 

made a profit after tax of SSOiu ! 'a^ione* in the Vosages region \ Xs financial management." one of in 1969. This is now being Butin the Vosges, the Wiltots Vosges department. foresees 11513 > ear - private holdings in Diroco 

in 1977. compared with -S38ni ; o1 _ eas,errt Fr anve. unionist said. " It has never been transformed to pull all the are treading on sensitive terri- 11,500 jobs disappearing in the Net earnings of the group, the group; as well as his into*? 

previously. But Dr. Bruno fr 01 ! “ > ear before lak ‘ ng "'i er short of potential clients" Wiliots industrial interests into tory. They won their takeover next IS' months, and then 700 a which includes Biro Bic In j Q Laroche, ah Tin-ma]** 

Beccaria. vice chairman and • completely, the Agache-Willot as tl> pr0 ve this point, the one group, which goes pro- bid partly because they had the year for four years—5,300 in Britain and a number of other me n' s ; outfitter. rad flS® 1 
managing director, warned ; Stoop will run the Boussac fac- Boussac plant at Vincey. just vision-ally by the name of support of the state-owned banks rotal by 19S3. : - subsidiaries and affiliates over- h 0a ibuilder 

here today that the group J lor,eS ° n . behalf of the Paris norlh of gpinal. could be seen Boussac-Saiut-Freres, but which like Credit Lyonnais,, which had n„„ OCn „ um . seas mostly engaged in making Fulfilling his hODe th»i 

would do well to break e venj com iiktci a 1 tribunal which lasl week working at full capa- may well be called just pumped money .in up to last Bic ballpoint pens, rose, to companies 8 .would b e ‘ .ifi? 


- , . , , . . - . ,«*i ...ay weu De caiieo jusi puiupeu munry in up to Iasi Bic ballpoint pe-ua, ru»e. uu comDanies .would he -in hTF" 

In 1978 after allowing for i ficcirted in August in favour or cilv The factory, built in tbe “Boussac.’’ ' spring, but also partly, because ^f P ^^i d ta - t ca ^}^i- have T J obs Fr 92 4m (S21.2m) from Fr 65.6m. financial chabe bv the 

depreciation. F J* r J 001 ? lS1BOrn v style of a Victorian hospital, has M. Jean-Pi erre Willot, who has t^ey up with.a plan lnvolv- at Wotoo -a West Sa!es showed a more modest * brought fcilW hX ^ 

In the first six months of th.s^id for thp ha <* its «>* forc ® down ^ B Ser cent growth, just topping 

vear production had fallen 8 ihe yejr is for tbe brotbers to „ 0 - c urm T? ad „„wnn f .v QiaKe ruooer nxiures tor motor 

per cent and there was an II j carry nut their agreed res true- wen out Tn Seotember in vehicles, and others ^are offeree 

per cent drop m vehicles j turmc of Boussac and pay back H i Qf .up takeover bv The new owners of the Boussac textile concern have pledged retraining. The Govemmem 

invoiced. ! the first instalment or Boussac who plan to convert themselves to its continuing survival. This will include the the 

tS Ve2[ s S^Si e Ven i 1 ituVs ^r ame nt and the h jQtQ a fu ;. ninjre P plant presum- preservation of the Boussac label itself, as well as that of tbe c.> l co° I a^e anno^c^ 5^ 

cem in the first six months 5 of i The creditors have no worry *® Co n For a m a ^ta " ch a i a. Chriiitiaa Dioc fashion bnsi ness, the most glamorous part of sarae -tirae as the Willot takeover 

1978 compared with the same [on this score, with the Agacbe- c d e ' the ailing empire a plan to create over- 1.4Q Q new 

period last year ] Willot group's reinforced posi- But the ■ people who are left ■ jobs and spend some FFr 500m 

The flow of orders in the firat ! tion as the leading French textile were now. for the first time in a on ne.w roads between - now and 

half was not unsatisfactory, j concern as well as a big retailer, lon “ time, working a full 40-hour . . , 1985. 

however, and showed an 1 and with FFr 121m aTreadv in week. Orders had started commg been described as the real mg less unemployment than the ...... 

increase of 11.5 per. cent com- ?he d bas from the proceeds of old i° again from clients who were boss” of the team, said in a rival bid from the Bidermann SlSlS i b o^i a c n t ? fi,r de ' 

pared with 1977. =M Bousshc's w4ze dd^ss ons previously afraid they might not recent interview that cutbacks clothes groyp. cime in the Late 1950s. there was 

Last year IVECO'S sales totalled >, is newsDaoeiV and P bis race be Fulfilled, and supplies of raw only affected obsolete companies. Labour reaction to the. redun- * P ! 1P0 C h 0 ’™ 1 new - ®?tal in- 

$2.99bn (S2.7bm and are fore- Worses P P material had been released by “In every other case, it must dancy plan was muted, in com- ll ?,. ^ V f£lf s ’ bat that 

cast to reach S3.25bn this year. But M Bnu«ac had another L-ompanies which had been afraid be said that Boussac products parison to protests earlier in the en°ea Wl, « 1973 oil crisis. 

Some 1O8.6O0 vehicles were pro- m-iri* Lsi of not being paid. The same has are top notch, the brand names year when wages dried up and workers have already left 


The new owners of the Boussac textile concern have pledged 
themselves to its continuing survival. This will include the 
preservation of the Boussac label itself, as well as that of tbe 
Christian Dioc fashion bnsi ness, the most glamorous part of 
the ailing empire 


make rubber fixtures for motor ? per mhIJ frrnuT mark at group Diroco showed a: net p*® 
vehicles, and othare are offered Fhe , b ,K cEmuarST- with ° r FFr 18 m in the ttm.hatfS’ 
retraining. The Government Fr „ o „ 107bn compared * lUl against a loss of Fr Llm.-. ™ 
made an effort to cushion the Fr 980m - Group profit last yeardrdhM 

effect of M. Boussac's final finan- The results reflected a marked slightly to FFr 133.5m jr*» 
cial collapse, announcing at the improvement in— among other FFr 134JJm, a -fall ascifoS 
same-time as the Willot takeover sectors — Bic's interest in largely to the cost of lahndtiiw 
a plan to create over 1.400 new women's tights, through Diroco. disposable razors into a : hfefig 
jobs and spend some FFr 500nt a holding company which brings competitive market. . “ 


on ne.w roads between 'now and! 
1985. _ . j 

After textiles began their de- 
cline in the late 1960s, there was 


Profit boost for 
Banque Rothschild 


Some 108.600 vehicles were pro- ori -H e a loval low-uaid hut well oF not bein S P aid - The same h * top notch, the brand names year when wages dried up and ™a«y nave already left ... PARIS. 

duced 1103,000) and this yearly Jrcd-for workfOree^ ^ and f0 r h a PPe°® d & other Boussac totally intact and production Boussac workers took to the >Q the direction of Ate ace to the rHTI n f-rTv ? 

the total will drop to 108.000 i Roussac work-pr« in r'hp Vn-ap« plants, five of which are due to levels are too low.” He went on streets. Not everyone felt the east or Franche-Comte to the BANQUE ROTHSCHILD, which year net eamjngs fell sharpjy.fi :. 
if current forecasts prove ! j, i!.rl De vo c,es cease all textile activity under to predict that next v e ar. if all Impact, and the unions’ power south, where Peugeot has its is to absorb its parent company FFr 85m.. - /- ’ '-v'- 

correcL ; 13 ess Slire - the Willot plan. went welL the Aeache-Willot proved limited, with less than tnam plant at Sochaux. Pay Compagnie du Word through a After the mergerthe bahkinji t 

Capital investment reached! The Boussac textile business Keeping in mind the Willots* group', with a total workforce of one in 10 workers v member, there ■« some 30 per cent higher, reverse takeover, expects be capitalised at. FFr 208nt,^H '■ 

$235m (8155m i and this has ,lin, J ljecn seen as a ’* la,Me reputation for tougb and some- 40,000 including some 10.000 Factory occupations on the tines for this year to top FFr 100m reserves of FFr 640m and:.* : _ 

would fail to 8312m this year 'duck, and it was the first in tiie t i me s unscrupulous approach to from the Boussac takeover, or the famous Lip watch cam- fxJ ay, 2i" (*23'm> from which it will pay a balance sheet of some FFr Shu > T rf 

but over the next six or seven re-elected governments list of takeovers, the unions are cam- would increase its turnover from paign were planned, bnt there ° F j? bo™ 1 dividend in excess of FFr 10-50 <S2.0Sbn). It .wiU expangjtj i'i 'i 

years IVECO will finance B ! companies in this category to be paign mg on two platforms. Even FFr Sbn this year (including was only one partial occupation JvJ (. 7. “‘ s , r ea i - a share. ' international financial operatmnj *■ 

further Slbn of capital invest- 1 purged, in a plan which ex- if industry has to diversify, the Boussaci to FFr lObn. “And,” at a small plant in Epinal. lifted S' YhI rw* .HfK--# 01 "®® President* Guy de Rothschild such as Eurocredits and export';’ 
mem Trom its own resources, pliciily did not rely on official region should keep what is worth he added, "there will be no when details were given of *h Jvncoa- «hi n • ® av<? told a news conference- here that financing, develop its" private n 

Dr. Beccaria said the most) funds bin which at a time of keeping of its textile plants, more losses.” alternative employment. it 5 o h e - years the merger with Cie du Word will Clientele and strengthen its ■' -f 

significant venture so far in I rising unemployment, involved including a surprising amount of Ai the same time, he admitted. The 100 or so plants involved ItJ i * i h S ivc lbe liank a soUd financia j assistance to French and locatai £;'* ’> 

39<S was the setting up of a ! only it moderate number of modern machinery. .And the that the group’s policy was to in spinning and weaving cotton nw thp mX-i n ^l. maj? n base- “ II is a d >'na» 1 >c and institutional investors., "-;: v 
SS 0n a-m! h ■ ri n rt 5 1 , 2!^SS!Sr* tl ’ ‘ P US 600 WilIotS should be kept 10 their div ®rsitfy out of textiles, and in the Vosges, many dating back p ?obab]y b ge“er4te some^nmi offensivc operation with About 55 -per cent ‘bf- the f 

^ i *^ d i fiJ?* dw .• promises - _ , that although, Agache-WUlol to before W’orld War 1. have nentTnlaim Sit nfhpL^-.ho emphasis on profitability. The bank’s shares will be iielil by: 2 -I .- 

!° ”f t ' k H Sf ks „jr '* U I! u nd opposit * on pohtJ ; The new owners have p edged would continue to be in the been in decline for a good 20 mount?to?rea will have io rlw bank is now entering a phase of pnbUc. 35 pef cent 

w n ri^' S hm Lhai ^. e "* e t the degree of the “ continuing survival of market for other companies it year*. About 8.000 jobs were m ite thernial ‘ and iXlS maturity he said. Rothschild family.' J -S . 

broke dJwn LkS S v. ? , , « ^ has ^ Boussac ' Thl5 include the tvouid buy no. more textile lost from 1974 up to May this wate!? its fo!Sts £& its "JSS 1 The operation which wiU -be remainder by current shS;'' 

likelv to do a deal 3 with buled ,0 Bou ssac. suspecting that preservation of the Boussac interests. year, when Boussac came under tial far tourism P ° completed before the end af. this hoIdersincludingAetnaLifKjai -- 

Renault of France). ^ 1 1 year, will be_ retroactive to Casualty Company of the J7S. • ' . 

^fflS s ? , isfS - s p S Paris bourse active | Caristerg buys i Enasa cuts losses : ■. SiSfiS 


Renault of France). 

Dr. Beccaria revealed that! 
IVECO had not given up the 
idea of a link with a U.S. 
manufacturer and that tents- 


Paris bourse active 


BY OUR FINANCIAL STAFF 


Carlsberg buys 
stake in SVG 


year, when Boussac came under tia l for tourism. 

Enasa cuts losses 


live talks were going on withl—™. K • . , c Iff i3 V ROBERT GRAHAM MADRID, Oct. 3. _ a tb i * r\ - • 

^CoTATstinZTand ready^^T refle-tod rn^bouS S. SSS^ p°e!iod S mPPmcarx-v , fN AS. A. SPAIN'S largest 'Indus- cent stake until 1973.1s being SAME (WliieS !}&&& C,- 

1 V to CO n s i d e r S f a voif/ab f urth e r ! turnover for September which over in the bond market rose COPENHAGEN. Oct. 3. trial vehicle manufacturer plans watched with special interest _ ~7„ ^ 

rnrms r.f co-operation.' Dr. Bee- rose b - v 44 P er cent aS^inst the 38 per cent. 1 CARLSBERG, the Danish ' 5° introduce short time and here bv the motor industry. The BY PAUL BETTS • ROM^. CW,3. •; 

earia said He added that the i leve,s of Au sust. stretching the Bourse activity was last at ita ! hrewery. bas bought a major j ' n f tllute a scheme of early company accounts for 51 per SAME. Italy's second largest capacity of some 250 eaginesi L-- . 

company, which is known to be voIume adv a n «» for the first present levels in Januarv 1974 interest in the French company reu reraent to combat slack cent of domestic medium and manufacturer of agricultural day. -K - 

» n TlMv. A LiUk r -..l 1 I ’ n TflP mnnrhr nf thlc VPar In * fsnnitflo r.ATlPiViTA rlar Vix.- # Cl/r' % marKe4 Cnncwlionc and cut ils 003 VV fnick nrnrill^tfnn ■ 7(i nnr J iWffhinopv o ftar- TTiit TVoffnri T T"' •' 


COPENHAGEN. Oct. 3. 


: CARLSBERG. 


SAME denies Deere de# 


Danish'. 10 .introduce short time and here bv the motor industry. The BY PAUL BETTS 


ROME?, Oei, : 3. 


company, which is known to be i v ?* ume for the first -present levels 

talking with Leyiand Vehicles.) nine^inontbs of tins year to a just before tt 


the B'L truck ‘and bus suln fuU 70 P cr «nt. 


that year 


sidiary. hn.s systematic con tacts ' ^ breakdown of activity pro- prices down by almost half in i Is beer sales in Franc 
with all European manufac-J v ided by the Stockbrokers the space of 12 months. Yester- pany announced today 
rurers. .Association shows that despite day, prices eased following a In a separate de 


rurers. | .Association shows that despite day. prices eased following a In a separate development Provisionally, the management 15 V ,n " m * « a- joss. 

His comments come only shortly] the upsurge this year in fixed gain of nearly a tenth over the Thomson-CSF and tJie French' anticipates cutting 36 working 2° I ^' er *.. and 1 * ts mam • share- 
after Mr. Desmond Pitcher, the i interest investment, and the sub- six days trading to Monday. Industrial Development Institute da i' s In 19™- At the same time. H?L. f Jr • slate . . ho,dln 8 J .com- 
former managing director of sequent powerful display by However, this still leaves a (IDIi are said to be bolding pro- wiM introduce a scheme to divest 

Leyiand Vehicles, who is now [bond market new* issues, it is gain of 74 per cent over this lira in ary talks with a view- to w ’ hp reby all workers reaching P v, r a * Cen , *. 

f^ SU thf dlvlsl0n ' said : equities that continue to play year’s low. The impetus in acquiring a stake in California the age of 59 will be entitled to in/ilLtwfai app 5£f,? be A ■ tbree 


industrial vehicles in Spain. with the John Deere Group df-farm machaoeiy gronp has : ian- 
Enasa is running at a-. loss, the U.S. . aged to retain profifabflity s> t. 

hnM«v er ‘.H and . i ts share ' _ result of its, flexible stnictiiie 

bolder the slate holding com- Despite continuing difficult and relatively low worttinte of 


include the- Lambnr pWai 
>r . raa nufactairiag, .concent 
increased fr#, about Xfilta 
J73 to more -ton taooim 









29 



-Financial- Times Wednesday October -4 1978 


LNTL. FINANCIAL AND C OM PAN A N 



Pioneer Concrete to make 
scrip issue after record 


t-. 

tototL. j , 

: Barf. s 

if.i b 

. -'-...a. 

Wtva’.T 

♦be v >v. 

•»' v 

Sjajv. *-. : 

• r Ti::S:'A, . 

■>• 

*f??r - -1 ' 

LlrV.V-". "- 

?S F? r ; 

IS*^,- >4 • 

*:UcVv" V A.N A: 

PFr . Jr ‘ 

* ' .1 • . 1 

Siss 


or 


?£?.? :• * 
Ft r T-.ir. 

' Af>: : 

'iy: Lj ■ 

•e parr** ■ 
:-£i,-nc . 
J’JrW 1 -*. 
Lu-orr:: :• 
S*K» 

Sifter 1 .-.. 
:fcr’ v .. 

tarfjj'u* . 

A i*-' •■!, * 
MM- -.' 
!;- 

£3-: >. 


*Y JAMES FORTH 


PIONEER CONCRETE Services, 
tbe international -pre-mised con- 
crete^ quarrying - and building 
. products group, pjahs » Oiie-For- 
eight scrip issue for -the second 
successive year, after a 34 per 
cent rise in group earnings, from 
■ ASH.Sm to a: Tenord” AS194Sm 
< uss 22.7m). -The result betters 
the forecast of A$17.5ra made at 
last year's annual meeting, and 
resulted mainly from a strong 
Increase in the contribution from 
overseas operations. 

The recovery in overseas 
operations, which began in 1976- 
1977, was expected to continue, 
the ‘ directors said; Overseas 
operations accounted for almost 
fiO per cent of the A&5m increase 
in earnings. The directors said 
that the Australian group also 
performed creditably, with a 
marked increase in the. contribu- 
tion from the cement, manufac- 
turer. Cement Industries, which 
is jointly owijed. with -CSR. 

Trading activities* in Australia 
however, brought only -marginal 
gains — achieved against a back- 
ground of contracting market 
demand, continued hesitancy in 
the investment climate, an 
increase in unemployment and a 
re-emergence threat of industrial 
unrest, the board stated. 

Output in the pre-mix concrete 


and quarry divisions declined, 
the lack of any impetus to 
private, sector activity in the 
Commonwealth Budget for- 197S- 
1979 indicated that -it would be 
difficult 'to maintain the volume 
of output even at 1977-78 levels. 
In anticipation of this: situation, 
steps were taken some, months 
ago to gear _ operations to the 
anticipated level 'of' demand, in 
order to preserve as far as 
possible the level of profitability 

in the Australian .operations. 

The major overseas gains were 
made in Hong Kong, the U.S. 
and . Israel, ..with -improvements 
also seen in Portugal and West 
Germany. The Hong Kong sub- 
sidiaries' gains reflected the con- 
tinuing high level nr building 
activity in the Colony. --. 

In- the UK. a moderate increase 
in output from the addition of 
new concrete plants, .was the 
main factor in operations achiev- 
ing improved result's: -The- direc- 
tors said that a number of new 
projects would start' in the UK 
during ihe current. year and that, 
while all may not be immediately 
profitable the strategic-medium- 

term benefits to the 'group would 
outweigh any short-term diffi- 
culty in -market penetration. 

The most creditable perform- 
ance oversea s w&& by the Israeli 


SYDNEY, OcL 3. 


subsidiaries, where trading 
results showed a marked improve- 
ment in Australia a dollar terms 
despite a 50 per cent Israeli 
devaluation in October. 1977 and 
a general decline in the market. 
Losses wore again incurred in 
Spain but there' were indications 
of renewed activity and an 

improved performance was 

expected In the current year, if 
this trend could be maintained. 
Heavier losses were incurred in 

Italy and there was little pros- 
pect or an early return to profit- 
ability. Losses were also incurred 
in Germany but there was an 
improving treDd. 

• The South African subsidiary 
traded profitably, whi'? the 
Portuguese operations recorded 
their maiden profits. In March 
the f.-st pilot investment in the 
U.S. was undertaken with the 
acquisition of tL.ee concrete 
plants in Dinning ham. Alabama. 
A sm: :i prcOt was achieved but 
it was still too early to make 
any definitive -judgments. 

The dividend is held at JO 
cents a share on capital increased 
by last year's scrip issue, and 
the directors said that it would 
be maintained after the latest 
proposed scrip Issue. The latest 
result equalled earnings of 23.9 
cents a share compared with 20.1 
cents in 1976-77. . 


Toyo Trust to open branch for 
Ordinary banking in London 


Australian 
food group 
confirms 
losses 

By Our Own Correspondent 
SYDNEY, Oct. 3. 

M ARRI CKV1LLE Holdings, (he 
food group, incurred total 
losses of A$4.17m (U£.$&Vm) 
in the year to June 30, the 
first result since control 
switched to the Southern 
Packers rood group. A loss 
was expected after the results 
for ihe first half when a total 
deficit of A S3. 1 4m was 
announced. 

The latest figure reflects 
abnormal items, mainly 

A.M.pifn future income lav 
benefits previously credited 
which were written back, but 
the group also ran up a trading 
loss for the year of A$1.2*m. 

Southern Packers gained 
control of Marriekville late last 
year after sustained buying of 
the company’s shares for 
several months. Six months 
later a takeover bid was made 
for ibe outstanding shares. In 
the meantime, the new board 
had instituted a programme 
of rationalisation and engaged 
in a price war to increase the 
group's share of the margarine 
market. 

The campaign contributed to 
-the trading loss but Marrick- 
t'ille is believed to have re- 
gained much oF the market 
share lost in the past five years. 

The directors also reported 
that Southern Packers had 
now received acceptances’ 
totalling 85.4 per cent of 
Ma rrick ville's capital. 








toy • 

itH: V 

iiwtf '• 

■ 

•few 

Kr.: 

iv:: 


BY CHARLES SMITH 

TOYO TRUST and Banking Com- 
pany. one of Japan's seven trust 
banks, is to open a branch in 
London in two weeks time. The 
London branch will be .Toyo's 
second overseas branch, and will 
bring to five the number of 
Japanese trust banks with full 
branches in London: The branch 
will undertake ordinary banking 
(not mist) - business, although 
Toyo is understood to have a 
long-term interest in building up 
overseas trust business. 

Toyo. in- common -with, other 
Japanese "trust banka, has expert-. 
>nced a sharp rise in -assets 
recently, partly because. ..of- 
success in- attracting -Jubds^from 
corporate pensions, funds, which 


are a novelty in .Japan. The 
accumulation of. pension, fund 
money has led trust banks to 
look overseas for the diversifi- 
factidn of their : loan .portfolio 
with particular- stress being 
placed on the .development or 
syndicated . yenrdenomi Dated 
loans. 

Toyo will also use .'its London 
branch as a base : jto; service the 
overseas needs of . its Japanese 
cheats and . as an information 
gathering centre. A farther line 
of business could be ..investment 
councelling, an area "in which 
Toyo specialises. 

Toyn trust was formed 19 years 
ago through the merger nf the 
trust departments of. the. San wa 


TOKYO, Oct 3. 

and Kobe banks and the securi- 
ties management division of 
Nomura Securities. The bank 
retains close links with Sanwa 
and Nomura, as well as with 
Taiyo Kobe Bank (into which 
the Bank of Kobe was subse- 
quently merged). 


N7KKO SECURITIES COMPANY 
has set up, a wholly-owned subsi- 
diary. Nikkn (Schweiz) Finanz, 
in Zurich, reports Reuter from 
Tokyo. 

The new company capitalised 
at SFr2m. will engage mainly in 
securities transactions, taking the 
place of Nikko's Zuneh repre- 
sentative office. 


Increase in profits for China Provident 


IW'» 
»_t 


p Paris 

itfou Css 

wee 


BY ANTHONY ROWLEY - 

• . . ' 

‘CHINA PROVIDENT Company? 
a real estate and iransportation 
subsidiary nf Hutchison. 
Whampoa. .announced, net 
interim profits of- HKS50.2ra 
lUSS10.61m) against HKS6.5m in 
the corresponding -period of 1977. 

Mr. A. G. Hutchison, the chair- 
man. said that the 1978 halftfear 
figures - included profits realised 
on occupation, in June of phase 
three of the . company's West 
Point property . development. 
China light is involved, in a 
property • development - by. 


redeveloping the compands Old 
Godown sites in the western disr 
trict of Hong Kong Island. 

-. Mr. Hutchison -estidrited that 
the net consplidated,gruup profit 
for this year as a.^'hole would 
be not less than vHK'S65m com- 
pared with HKjSo.fim for the 
whole of last ydar. 

- In view nfrthe magnitude of 
the' companjr developments in 
hand.- China Provident is leaving 
the interim, dividend unchanged 
at 25 'cents 'a share. 

Reviewing the company’s half- 


.HONG KONG. Oct. 3. 

year performance, Mr. Hutchison 
said that cargo-handling business 
at North Point in Kod§ Kong had 
been very active and container 
terminal operations had 
improved considerably. Phase 
three of the West Point develop- 
ment by China Provident 
Development Company was going 
smoothly and plans were well 
advanced by the group for 
erection of cargo handling 
facilities in Kwun Tong. Other 
substantial developments were 
also in band. 


NBT warns of 
need for higher 
timber prices 

By Wong Sulong 

KUALA LUMPUR, OcL 3. 
NORTH BORNEO Timbers 
Berhad has continued to face 
difficult conditions Is the 
opening months of the current 
financial year, since May, and 
unless there is a quick upturn 
in timber prices, an early 
return to high profits is 
unlikely, Mr. Akbar Hydari, 
tbe chairman, says in his 
annual report. 

The timber market has 
remained poor, while operating 
costs have Increased as logging 
operations moved further 
inland In the East Malaysian 
state of Sabah, the report said. 
The company sees some signs 
of improvement in the timber 
market, and should demand 
improve, the measures taken 
by tbe company, it believes, 
will bring about better results. 

Reviewing the group's 
operations, Mr. Hydari said 
that it was necessary to dispose 
of some of the group's non- 
timber Interests to Improve 
its liquidity and to free 
resources. 

To date, 33,000 acres of Us 
40 per - ceni - owned associate 
company, Sabah Softwoods, 
had been planted with fast- 
growing pines. 

For the last financial year, 
ending May. NBT 'made a net 
loss, after taxation and extra- 
ordinary Items of 443,000 
ringqils (UJS.S 194,298) com- 
pared with a profit of I5J8m 
ringgits the year before. 

Depressed timber prices, 
lower timber output, higher 
costs and royalties all con- 
tributed to this serback. 


-Bid Offer 

STRAIG HT5 

Alcan A ni trail* B4PC 1889... 9oi 
AMEV SpC 1987 ....... W 

Australia SJpc IBS!. - M4 Mi 

Australian M. S S. 9*PC *« SSI 

Barclays BanK Blue IWZ .. - Ml f 
Buwater 9]pc 1992 ... . - Wl »J 

Can. N. Railway Slpc Wtt 95! m 

Credit National f»pc 198fi_. fffti 97 . 

Dpnmarh Bjpr 19M 97 971 

ECS »p c 1993 99 99f 

ECS 8Jpe 1997 '. 9M B6i 

EIB Slue 199! — 9« -B7. 

EMI 9iPC 19S9 W ; 

Ericsson Hpc 1989 ........ S» - 9*1. 

Emo Bpc IBS*. Nov. - - 99! 994 

Ci Lskes ?iwr Hoc 1994 9t* 9&1 • 


SELECTED EURODOLLAR BOND PRICES 
MID DAY INDICATIONS 


Bid Offer 

ttatoerrier (Hoc 199* ....... 108 1091 

Hydro Quebec 9pc 1992 ... 97 97| 

•1C1 S*pc 19S7 Mr 99* 

IBE Canada «pc 1986 .. 181 10IJ 

MannUlair Horde! Bpc 199! 97| 93j 

Moysey - Ferguson Sine ”91 ' W! 9H 

Mldielin 9ft»C 1988 ... 9*4 1U0 ; 

Midland Ini. Fin. Sine '9S 9ol P7i 

National Coal Bd. 9rc 19S7 K 9.1! 

JJaU. Westminster 9pc me M 99* 

Nell. WStmoHr. 9pr 'B' tObi 101 


help 
on the 



DIVIDEND INCREASED 


1978 
is our 32nd 
consecutive 
year of cash 
- dividend 
payments 


The Board of Directors has increased the 
quarterly dividend rale from 50® to 55C for 
the fourth quarter of 1978. thus raising the 
anticipated annual dividend rate from 
$2 00 to S220. The increased fourth 
quarter dividend is payable December 1 2 
to stockholders of record on November 1 7. 
This is the seventh consecutive yearly 
dividend increase. More than 232,000 
stockholders will share in our earnings. 

M.H. COVEY. Secretary 


Tenneco Inc. 

' ' HOUSTON, TEXAS W ® 

Natural Gas Pfpelines - Oil ► Automotive Parts 
Shipbuilding *' Construction & Farm Equipment * Chemicals 
Packaging. ■ Agriculture & Land Management 


HU Offer 

Newfoundland Bpc 19W ... 99 Ml 

Nordic Inv Bank SSpc 19^9 97 97* 

NorRPS Kmn. B!r. HPC 1994 95 95! 

Narplpe ?!pe TWO ... 9rf fr.f 

Norsk Hydra. Sfpc IPBS Mr M* 

Oslo 9pc I98S . .. 99, 183 

PW1* An in mi Ties 9pr 1991 9Si 99J 

Prov Qorbfc 9pc 1995 9fi 97 

Pros Sajiatcfnrn Sfnc 'fifi 97i M 

Reed imernalianol 9w 1SK7 94! 95} 

RRM 9pc !#»: ... 91, 95| 

Selection Trial *;nr 1M9 91* B3} 

Shell inti Fin. 8loi ism .. w py 

Slcsnd. Eoskrlda Sac 1991 99 99! 

SKF fipc 1957 .. 91} 9.'* 

Sweden iK'doni 8*p<- 1967 9.‘i Ki 

United Bis cutis 9pc 19SS .. 97 97t 

Volvo 8pc 19S7 March 92 Mi 

NOTES 

Australia 7»pc 19®4 03} Mi 

Bell Canada 7*p< 1997 sit Ki 

Br. Colombia Hyd vfpc 'B5 9~j 

can. Pac Slpc I9S4 .. _ 9*: 97 

How Cbrailcal Bpc I9SS ... Mj 9.1} 

Bps Tjpc 1983 Mi . 95, 

ECS Slpc 1989 94 WJ 

EEC 7>pc USB — Ml 9?J 

SEC 7}pc 19S4 99} Mi 

Enw Cnuc-.t sipr 1«4 ... . 951 w 

GoUiverkeu Tipr 1993 94i 95 

Kocftnms 9pc USS M «; 

Micbeua Si pc 1983 ... 9r s ssj 

Montreal Urban Sfpc 199] 95 09t 

New Brunswick Spc ISM 95 9ij 

New Bruns. Prov Fjpc 'S3 974 SBi 

New Zealand Sipc 13SP Ml 951 

Nordic lov. Bk. TJp,- 1954... M 91| 

Norsk Hydro 7]oc 1983 95: 96 

Norway Tlpc 1962 — 93* 94* 

Ontario Hydro &pc 19S7 ... 93 F.-l 

Stager Slpc 1962 97 97} 

S. of Scor. E3«. Blue 19S1 93 . 93! 

Sweden iirrtonii 7}pc 1933 9*i 96 

Swedish Slate Co. 7inc 'S2 95 Ki 

TWmeS Miw 19?4 ... . 371 99 

Tennovn 7jpc 1967 May _ 9S* 9S 

VolftfWagf-n 72PC 1987 92} . 931 

STERLING BONDS 

Allied Breweries 19Jpc 1990 Mi 91} 

Clrfc-orp 10lK 19M ... F-'l Ml 

Connaulds 3tnc 1989 6S* S9* 

*»pc USB . 9-:i 

.EIB Mvc IBS* Wi 97J 



'■'-v- s. . 
t A. 'r . -- 

J-L . _ 

?Si 
“ * 

aV" . .. :• 
f- 

.•i ’rS • 




PRIMROSE 
HOLDINGS LIMITED 

(Incorporated tn the. Republic o } South Africa ) 

- : \*CL0SlNG I -OF REGISTER OF MEMBERS 

: c hprphv eiven that for the purpose of ascertaining those members 
SSSSSd to attend^vSfaUhe AnS General Meeting and the General 
MeeuS to be held on 23 October, 1978, at which the merger of Primrose 
Meeung^o oe U - , Limited will be consiaered. the register of 

^closed front 18 October. 1978. untU 23 
October, 1978 , both; days inclusive. -■ . order of fie Board 

*' ,r- . H. M. Nielson 

- Secretary. 

Johannesburg . 

4 October, 1978. - : - 


BM Dffor 

EIB 9} pc 1992 924 Wi 

Finance for Ind. Mpc 1987 90* . 91* 

Finance for Ind 1 tape 1988 93 94 

FI sons mpc 1987 ... - BO* 974 

Cestnner line 19B9 — 024 984 

TNA tape 19SS 90 91 

Sowmrw UHpc 1988 ...— 81* 92* 

Sears 104PC-I9B8 914 92i 

Total Oil Bipc 1984 90 91 

DM BONDS 

Asian Dev. Bonk 54 pc 1988 Ml 97* 

Tl-NCE filpc I9r* B?J 98i 

Canada 4tpc 1K>3 ... .954 99 

Den Norske Ind Ilk. fipc ’98 100i lOW 

Deutsche Bank 4iPC 1983 ... 9M . Mi 

ecs ape two sss 944 

SIB Hoc 19B0 Ml M* 

Elf AqnitaJne 5‘pe IBSS ... 954 

Euralom Jfpc 1997 99 93i 

Finland 34pc- 1388 ......... _ 93 9SJ 

Fort in arks 5 3 pc 1990 99* 99 

Mexico fipc 1S55 974 . 98 

Norcem Sloe 19S9 ... IN* 101 

Norway 47pc 198S 99 991 

Nnrwav 41 pc 1999 97* 98 

PK Banken 5tpc 1988 M* 97* 

Proc. Quebec 6pc IW0 971 9S* 

RaraamuWd 54 pc 1988 Mi SR| 

Spain fipc lBfiS «... M4 97* 

Trondheim Slpc 1988 97* 89 

TVO Power Co. Spc 1988 US 98 S 

Veooznela fipc 1988 97 87* 

World Bank 5ipc 1939 ._ BSi - 98! 

FLOATING RATS NOTES 

Bank nf Tokyo 1984 Hoc .. 99* 99g 

BFCE 1944 871SPC .. ..... 99* 991 

FN'P 1939 B5 K pc ' 991 mo 

BQE Worms 1B55 9pe .... 99 984 

TCF IMS BJpc- .. -.- ;. BSI 991 

Chase Manhitn. *98 95upc - 97* 981 

Creditanstalt 1!K4 Sipc 99 991 

DG Bank 1982 9pc .. .. wu ion 

G7.B 19R1 9}pc 99* IN* 

mu. Wrsmmww 1984 Spc . 99* 994 

Lloyds loss SUuiUd ■ ... »* IBM 

LTCB 1583 81 it, pc 99* 9Bj 

MWland fan. FS *S7 S9]£PC S!l 99* 

Midrand 1m. FS ‘93 B7»pc BSi 99* 

Nat. WefiTmlnnr. *90 9 Sksc 99* 984 

OKB 1982 Bipc 99* ]M 

SXCF 1985 9i|6Pe 981 99* 

Stand and Chud- *84 SJpc 991 99* 

Sfiuiw White Weld Securities. 

CONVERTIBLES 
American EmreM 41 pc w S2 
Babcock & Wilcox 7pr -92 131 
Bealrue Foods 4iw JW2 .. ■ w 

B«atTiLC Pood^. 4* pc 1992... U4* 

BMwham 8|pc 1991 114J 

Boots 6Ipc t9?C' W* 

Rordcn Ape 1992 V7 

firoadwav Hale 41 pc 1957... 74 . 

riarnarton 4 pc isyj 7S 

Chevron Sue 19&8 l«i 

Ian 4-:pe 1987 K* 

Eaynian Kodak 4ipc 1988 SR 

Economic Lobr. 4jpc 18S7 SB* 

rireaione Spc 1B88 . ... 74* 

Font. our 198s • - 64 

Oneral Electric 4ine 1987 S31 

hinetw- 4iac ibs 7 ...’ ' ..." '78* 
ftalf and Western 5 m IBSS 874 

Harris Spc 1892 ; 2 is 

Hanerwell fipc lSEB -.qu 

ICl flfpp 1092 .,•..4..-...™ 95* 

WA Gpe 1997 - 99 

Indvape SJpc UBS 113* 

ITT 4!PC 1587 g?i 

inare fipc IW2 _.. M7» 

Komatsu 7*pc 1990 iss 

J. Ray McDermott 4fpc W 1*9 

MdTSttsSiila SJpc iflBU 70S - 

MtlSlli Tlpc IBM- -us 

J. P. Morgan 4;pr ibs7 . . » 

N’abLvo She 1988 -.. ioe 

hwens Blhwts 44pc 1M7 .. ns* 

,1. C. Penney 4;pc 1957 ^ 71* 

Revlon 4’oc' risr ' ' 15fi 

Reynolds Meuls 5W 1988 . ssj . 

Sandnk 6-pr i>K<t ... »* 

Swrry Rand 4;pc IBS" ... 07 

Squibb 4rpr 15R7 SI 

Texaco 4*DC IBS? . 74- 

Texas Ini. Airlines 7*pc '93 BSi 

Toshiba BM 1692 ' IIS 

Ty Co. Spc 1984. 74* 

rr Co.'.8;k lass ... .... jm* 

Union Carbide *ipc mss «7i 

Warner Lamben 4jpe 1667 82 

Warner Lambert 4JPC UBS. 7? 

Xerox Spe uss 75 

Scarce:. Kidder, Peabody Sacnridas. 


°34 
132 
100 * 
- 116 
115* 
99* 
BSI 

- 5? 

17; 
247 
M 
874 
92 
78 
S5i 
. 87 
55 
89 
S20 

ss 
96* 
100 * 
215 
89 
348* 
ISS 
161 
206 
338 
10D* 
3974 
119 
76 
IV* 
SS 
117 . 

ss: 

K4 
77? 
Mi 
13 
-7S 
JMi 
. 88 
«* 
7W 



Currency, Money and Gold Marions 


$ at all time 
D-mark low 


'Bank; 



Oct. 3 {ratal 

Dot's 

CUM 

!* 1 

hprend 



Sterling generally remained on 
the sidelines in the foreign 
exchange market yesterday, 
attracting little pressure despite 
the Government's problems over 
its wages policy. Most of the 
interest centred around the Swiss 
franc and the German D-mark, 
following the recent moved an- 
nounced to push down the Swiss 
franc This led to a sharp rise" 
by the German currency, which 
was probably encouraged by the 
Swiss National Bank. There was 
surprisingly little pressure pn the 
European currency snake how- 
ever, pointing towards probable 

purchases of Dutch guilders and 
Belgian francs by the Swiss 
authorities, a* wed as the obvious 
buying of D-marks. 

The Swiss centra] bank also 
entered tbe market to buy dollars, 
but this failed to prevent another 
fall by the LLS. currency, which 
touched a low point of SwFr 1.57 
vesterday. compared with a best 
level of SwFr 1.62 on Monday, 
after the new measures were 
known. 

The dollar finished at 
SwFr 1.5730. compared with 
SwFr 1.5915 previously, and fell 
to a record low of DM 1.9115 
against the D-mark at the close, 
compared with DM 1.9327 
previously. 

Sterling opened at S1.9&40- 
1.9650. and touched a high point 
of -81.0740-1. 9750 in the afternoon 
as the dollar lost ground against 
most currencies. The pound 
finished at $1.9730-1.9740, a rise 
of 2D points on the day. Its trade- 
weighted Index, as calculated by 
the Bank of England, stood at 
62.5 throughout, compared with 
62.7 on Monday. 

Forward sterling was firmer, 
with the three-month discount 
against the dollar narrowing to 
1.72 cents from 1.90 cents 
previously. 

The Canadian dollar fell to a 
record low of 93.61 U.S. cents be- 
fore closing at 84.04 cents, com- 
pared with S4.09{ previously. 

NEW YORK — No new factors 
were seen behind the dollar's 
sharp fall in early trading. Hie 
market was busy all morning, but 
became quieter after the close of 
trading in E u rope. 

FRANKFURT — Tbe Bundesbank 
did not intervene as the dollar 
was fixed at a record low of 
DM- 1.9228-1.9303 against the D- 
mark, compared with DM 1.9300- 
1.9380 previously. Hie previous 
Bring low was set on August 15. at 
DM 1.9290. Trading was quiet, 
with the weakness of the dollar 


attributed to the movement out 
of Swiss francs, which has been 
accompanied by a preference to 
buy D-marks rather Ilian dollars. 
The Swiss Trane fell to DM 12138- 
1-215S against Ihe D-mark at the 
fixing, from DM 1^117-12137 on 
Monday, and sterling also lost 
ground, to DM 3.7860-3.8000 from 
DM 3. 800-3. S 14, 

In nervous late trading the 
dollar fell to a record low of 
DM 1.9113-1.9130. Central bank 
Intervention may have cushioned 
the fall. 

MILAN— The dollar fell to its 
lowest level for 32 months against 
the lira at yesterday's fixing of 

L82I.95. compared with LS22JJ5 
on Monday. At the same time 
the D-mark rose to a record 
L426.69 against the lira from 
L425.75, while the Swiss franc was 
slightly firmer at L51S.60. com- 
pared with L5 15.96 at the previous 
fixing, but still much weaker than 
the L563 record level set early last 
week. Trading was fairly active 
in D-marks and the volume 
traded In dollars was normal, at 
SH-Sm. The Bank of Italy did 
not intervene at the firing. 

ZURICH — The dollar declined 
against the Swiss franc despite 
intervention by the Swiss 
National Bank, estimated at 
around 5275m. Early trading was 
described as very quiet, and 
during the afternoon the U.S. 
currency fell to SwFr 1.5750,- com- 
pared with a morning rate of 
SwFr 1.5915. 

BRUSSELS— The strength of 
the German D-mark pushed the 
Belgian franc to its lowest per- 
mitted level of BFr 15.575 per 
D-mark, within tbe terms of the 
European currency snake, at the 
fixing. The dollar fell to a record 
low of BFr 30.2875-30.4375. com- 
pared with BFr 30.41-30.56 on 
Monday. The French franc also 
declined, to BFr 7.0010-7.0310 from 
BFr 7.0340-7.0640. 

PARIS — The French franc lost 
ground against the dollar and the 
D-mark at yesterday's firing, 
with the U.S. currency rising to 
FFr 4JJ225-43345 from FFr 4.3215- 
4.3335, while the D-mark 
improved to FFr 2.2452-2^502 
from FFr 2^361-22411. 

TOKYO— The U.S. dollar fell to 
Y18S.90 against the yen from 
Y189.80 on Monday, but finished 
slightly firmer than its opening 
level of YI S8-70. 

A MSTEHDAM— Tb e dollar fell 
to FI 2.08725-2.08975 at the fixing 
from FI 2.09375-2.09625 on 
Monday. 


THE POUND SPOT 


C. .A \ 

Uniuuliui £j 

bulkier 
Mrifflsn F. j 
Duiltfa K- 
U-lbu-lc ! 
Koru&e. I 

Nprgfl. K. . 
French Fr. I 
wfriieb Krj 
V«*n i 

Airitrw aclij 
w*u Fr. • 


A !1.D€4j-I. 9!:0 H-alW-tJIHu 
al?,Z.5e|j-Lflbfi5 cLi470-itJ4aD 
fils L 4.09-4.12* 1 4.B9H.101 
Ea.5U-6S-6& 

10.4S-10.B3 
B.77-S.t>04 
Sd.BO-a .ss 


MJ049.BU 
1D.&MU.=2 
8-774-4.7’ 1 
89.1S4M.4B 


a 

B 
5 

la 

B 1 141.00. U LB9 ‘I4K40-MI. 0 
10L«; 1.B 144- 1.64 1i| l.&D-l.tel 
r ! m.024- 10.07 i ID.L5-1Q-L4 
8.1W-0.S4 ! BJO 1-0,61* 

US' 0.60-8.08* > B.bW-tt.Wi 
4 V 566-575 | SfOj-tfl- 

41 S . 27JD.ii.60 , 27.54-27.41 
I ; 3.10-1.14 5.10-5.11 


FORWARD AGAINST £ 


One mouth % pA. >Threemonti]» ? pjk 


,.62-d.S2>:.[inii 

.lu-u.fltk-.i | uj 
’ •-•-PTIi-lcjUh 1 
I5-C5 e.piu 
far-Ziirvii> ;- 
jlz-ils (V jmi' 
•U-laU rdlk - 
/b-ias p.d» '- 
1-3 ire dir 
Jf-guiepn ■ 
5* !* u.j.'m 
>• I ..t* |>m 
. „.45-t.2tl >|>n»< 
j (5-n "n. pm 
jig fTg --.mil 


5.46 '1.77-1.67 c. pin £.43 
5.Z2 2.15-. .ulk-.pm 3.54 

1.46 !&-2 c.pm 1 <.44 
2.01 jsI-42 1. pai ' E.16 

-1.14 ij-Sjuredik — 0.66 
9.55 l4Sa-eSg %•{ pm ; 9.79 
- 14.44' 17MC0 c. ilib — 12.88 
-6.46 .150-^50 e. din — 6.66 
-1.4a 2-4 lire ill? —0.74 
2.0b ,4^-2* ore pm 1.19 
4.23 ie?-70e l ym ; j-89 
2 .13 -d A-tk, ure pm > 6.47 

10.G7 3:65-9.35 y pm. 10.16 
4,5s 43-33 trvpm 6.56 
13.04 .)03fl-P3ec. pm- 12.72 


Belgian rale is for convertible trines. 
Financial franc K.M-K.M. 


Sir-monih forward dollar 2-47-3.3iC MIL 
IZ-nooUi O.Io^.Ooc pm. 


THE DOLLAR SPOT 


October 3 
duiad'o B* 
ilullder 
Bolelan Fr 
Danish Kr 
D-Mark 
Pon. Esc 
Lira 

NrwmL Kr 
French Fr 
Swedish Kr 
Yen 

Austria Scb 
Swiss Fr 

•D.S. 


Day's 

spread 

-fflOMW 


Claao 

T!®W 


un«02Ama iMvmrm 

30.13-30391 30JJ-3LU 

5JZ7S-5J460 5J27S5J2W 

X.4US-L.42M 1.9115-1-4130 

45JH45.4S 45.20^5-35 

82LB0-82ZJB - 8ZL5M22AH1 
SUMO-5 -1UD 5.9849-5 8MO 

4J125-4JS15 4 3125-4 3175 

4-Tm-4-4ffl« 43770-9-1790 

287 JO- 188.75 237JO-187^0 

1337-13.98 13.87-13381 

1374003710 13748-L57U 

cents per Canadian S- 


FORWARD AGAINST S 


One month 


p.a. Three mouiln p.a. 


0334131c db> 
D.45-0.MC dis 
3131c dn 
2.00-2. 50c dls 
l_Q3-fl.9Bpf pm 
35- 180c dls 
335-535flrc dls 

055-1- Wore dls 
9 35-0 -15c pm 
030-0,79pre dls 
L20-LlBy pm 

1. 20-3. 91 pro pm 

132-137C pm 


-0.4S 

-239 

-0.75 

-536 

5.19 

-28.M 

-532 

- 1-88 

935 

-X.64 

635 

3-09 

9-17 


931cdi>d31cpm — 
0.39-0 33c dls -0.94 
31-51 c dis -9 JO 

539-630C dls -4.63 
3.63- 2.56 pf pm 5.95 
130- 530c db -27-78 
830-11 lire dls -43E 
3J5-33Sare dls -2.82 
933-0 JOc pm 0.45 
0.50-0.73orc db -0.05 
335-3 J*r pm 634 
9.304.S0gro pm 2J2 
3.67-3.63C pm &6S 


CURRENCY RATES CURRENCY MOVEMENTS 


Special European 


October 2 

Di renn 
RfnMs 

Unti ol 

Acceom 

Sterling 

ojumv 

1^8153 

1J24R) 

11 .%M 
39.0614 

IL669415 

Canadian dollar .... 
Austrian BcbUfins . 

156527 

IS .4574 
40.1725 


6.80186 

7.05035 

Deutsche Hark 

2.47848 

2^8481 

zjom 

2.76087 



5.70290 



1084.42 

Yen . ... 

Norwegian krone ... 

2OJ0A 

L56784 

92. zm 

248408 

6.76021 

94 8360 

Sired ish krona ..... 

Swiss franc 

5.64540 

2-04468 

5.80486 

2.10647 


October 3 

Bank 0 1 Morgan 
England Guaranty 
Index changes "6 

Sierllne 

- 6253 

-41 2 

U.S dollar 

... 83.45 

- 9.2 

Canadian dollar _ 

... 7855 

-18J 

Austrian sctiUUnp 

... vQ.ta 

+17.7 

Belgian franc . .. 

... 112.38 

+ 13.0 

Danish krone 

... 11559 

+ 4.9 

Deutsche Hark .. 

... 145.61 

+38 7 

Swiss franc 

... 236.72 

+96.7 

Guilder 

.. 121.89 

+19 a 

i-'rench franc 

... 98 JS 7 

- 5.7 

Lira 

... 55.72 

— 47 j 4 

Yen 

... 154.58 

+5L5 


Based on trade neichu-d eh-imres from 
j Wash inn too aarwim.-ni Darrin ber. 1971 
I i Bunk ol Entdand Iodex=liKi<. 


OTHER MARKETS 


Occ.3 


A-eeuima Freo — I 
Ausiraim Doibi j 
.■inland Markka-.. 
Brazil Cruzeiro...... 

Green Diacbma ... : 
Hnna Kona Dotbr. 

lidn Kial 

Kiienl Dinar (KDl 

UiaemhoiRu Frun> I 
M^iyoia Dollar _ ' 
NrwZeahui'1 Dnllai ' 
am*' A'atHa Kiya ] 
-'•nanrore Doilai ; 
-cirih Arnren Kami i 


1.710-1,714 


1.7003- 1.70u3N3.Btr39-0.86o0 
7.»28 J-7.B36uM.08€»4.ii273 


57.34-d8.34 

7S.131-92.B75i 

B.au-g.dd 

133-141 

0.53GUO.34O 

S9.-Hi-9B.bO 

4.4624^.4775 


B66.4d-a6tl.bl 


£ 

>ou> Barm 


18.92 10.42 
36.04-c 6.92 
|4.72Bu-4.-ii00 
68.41-71.4% 
[O.c 686-0.^73 6 
31.1S4IO. Is 
<S.fc765 d.27c6 


1.8 J68-1 AJOa 810^4 1 6-0.94 4 a 
6.»9-6.b9 S.29-3.&4 

4.3625-4.^775,2^260-2.5:280 
1.&07-1J 2i7 0.8592-0.6*. 24 


,au»i rta .... 

' .e-elum - 

j Denmark. ...... 

Ir reruv.... 

:Geniruinv 

Ilu>% 



lAethcranrtp .. 

I.tutwil 

[Koriuaa. 

, -nun 

rviizerian-i ... 
'unittf.1 Main-. 
ViiKreVrik ... 


27.25-28.25 
„l 62.50-63.50 
.[ 10.45-10.60 J 

J 8.608.60 ; 

3.75-335 
,. 15901640 

571-381 
..! 4.1010.80 

10.05-10.15 
92-108 

,.} I42lf. 147ia 
3.103.20 
1.9675-1.9779 
39.0-41.0 


Rate given for Argenuna Is Tree rate. 


EXCHANGE CROSS RATES 


Oct. 3 

Kotin** niermic 

L . . 1»* -a> 

Uei»icheliari.i4«[«nMF \en< rrenufi Fntm 

•vim rwn. 

Dulrtti liu< riei 

■ M it 11 Lin 

• . mi'll Ll'-lla 

t-mrj 

t*oaml Steniny 

1. 

1.974 

3.77B • 

371.0 

8.510 

3.105 

4.098 

1621. 

2.348 

59.55 

UJi. Uo<lar 

0.507 

1. 

1.914 

188.0 

4 312 

- 1.573 

2.076 

821.1 

1.190 

30.17 

UeutHcbe Mari 

O.Z65 

0.522 

i; 

' 98.21 

2.253 

0.822 

1.085 

429.0 

0.621 

15.76 

lapnnese Yen 1.000 • 

3.695 

5.319 

10 . 1 a 

IOOO. 

22.94 

8.369 

11.04 

4368. ; 

6.327 

160.5 

/reneb Frane lu 

1.175 

2.319 

4.439 

436.0 

10. 

3.649 

4.815 

1904. 

2.759 

69-98 

•iwis- Prune 

Q.322 

0.636 

1.217 

119.6 

2.741 

1. 

1.320 

521.9 

0.756 

19.18 

Lhiicb UmOubr 

0.244 

0.462 

0.929 

90.54 

2.077 

0.7S8 

1. 

395.5 1 

0.573 

14.53 

IM.ian Ur* UtM 

0.617 

1.218 

2.331 

223.9 

5.251 

LSI 6 

2.529 

* IOOO. 

1.449 

36.75 

ifeuvtMn Di-mi 

0.426 

0.841 

1.609 

158.0 

•3.625 

1.323 

1.745 

690.3 

1. 

25.37 

le mi Freup ID 

1.679 

3.314 

6.34 S . 

623.0 

14.29 

6.214 

6.881 

272L 

3.943 

100. 


EURO-CURRENCY INTEREST RATES 


(•«. 3 1 

Sterling 

L'.-f. Dollar 

C> radian 
Dollar 

1 

Dutch ftuiliter 

owits Franc 

Wear German 
Mark 

French Franc 

Italian Lin 

A •iso 5 

Japanese Ten 

fStn-rt term ' 

Bi»-H 

«.!* 9 


14-10 

-i. -a 


>0 11 

10 la 



1 days mriii.tr' 

Ijrf. 12J,, 

b5 a 91* 

Bla-dU 

14-16- I 

-l- -2 

4|V*A 

* .0 

12 18 


.v.-2.i 

Month ■ 

13i| .5aa 

0Ti-9rt1 

■*»* 

1 11,-1 Ilf. 

M*- -'8 

art. >s 

9U 9> a 

I4V151J , 

b-r 

2 U - Ss 

Tbrre nmntbK..; 

131* 1- 

b&5 . Tg 


loss it r a 

38-19 

358 .^4 

93b 93fl 

14 15 j5l S 

. fg • 

2 .T-a.i 

Six nn.nihs. 1 

. li&a I4i a 


9, i U 


3B it 

306-^4 

9.8 91® 

i4 15 

Urf« » -i 

3Ir 13 

One y 

13i 2 .lc»4 

934 10 

has 10 

ase-oiE 1 

54 


irf-1 U 

1314 

93jv7 B 

. 3i4-.i1 


The following nominal rare* were auaied for London dollar certi Scales or deposit: one month 9.05-8.95 per cent- three months 9.45-9 S3 per cent; srx months 
9.70-9. GO per cent; one rear B.7M.6D per cent. 

Long-term Eurodollar deposits: Two jears BJ-9J per cent; three years 9»-04 per roar: foor years 93-95 per cent: five years M-»i per cent nominal closing faie*. 
Shon-ierm rates are call for sterling, U.S. dollars and Canadian dollars, two day call for guilders and Swiss francs. Asian rates are dosing rases in S Inga pore - 


INTERNATIONAL MONEY MARKET 


U.S. interest rates steady 


U-S. interest rates were steadier 
yesterday with 13-week Treasury 
bills quoted to S.13 per cent com- 
pared with an average of 8.181 per 
cent at Monday's auction and 26- 
week bills at 8l86 per cent against 
3377 per cent at the auction. One- 
year bills were little changed at 
S.J9 per cent from S.20 per cent. 
There was no intervention by the 
Federal authorities in early 
trading with Fed funds trading at 
3?r-S^ per cent as opposed to 8+J 
per cent on Monday. One-month 
certificates of deposit were un- 
changed at 8.75 per cent, two- 
months at 8.88 per cent from 8.SD 
per cent and three-months un- 
changed at 0.05 per cent. 

Bankers acceptance offered rates 
showed little change at S.60 per 
cent for 30-days, 8.65 per cent for 
60-days and 8.75 per cent for 90- 


days. 120 -day rates were quoted at 
8.80 per cent, with 150-days at 8.85 
per cent and 180-days at 8.S5 per 
cent. High grade commercial paper 
rose to 8.60 per cent from 8.55 
per cent for 30- days, 8.65 per cent 
.against 8 60 per cent for 60-days 
'and 8.70 per cent compared with 
8.65 per cent for 90-days. 

AMSTERDAM— Tbe Dui cb call 
money rate continued to firm 
yesterday and was quoted at 14-15 
per cent compared with 12-13 per 
cent on Monday. Longer term 
rates were also up with one-month 
money at 11-111 per cent against 
LOJ -11 per cent and three-month 
at 10-10J per cent from 9}-10i per 
cent. Six-month money was quoted 
at SJ-9I per cent against 9-9} per 
ceni. 

FRANKFURT — Interbank 
money market rates showed little 


GOLD 


change with call money at 3.50- 
3.55 per cent through to 4.10-L20 
per cent for 12-month. 

PARIS — Money market rates 
were again mixed with call money 
at 7 per cent, unchanged from 
Monday and one-month funds j 
earing to 7ft-7rt per cent from; 
7j-7| per cent. Three-month ] 
money was also easier at ?£-7 a, \ 
per cent against 7^-7^ per cent- 
as was the nix-montb rate at j 
7IS-713 per cent compared with! 
7^-8^ per cent. On the other 
hand 12-month money finned to 
8 tV^A per cent from 8J-8}. 

BRUSSELS — Deposit rates for 
the Belgian franc t commercial) 
were unchanged throughout from 
7}-7} for one-month to 7*-S} per 
cent for 12-month deposits. 


Record 

level 


UK MONEY MARXETJ 


Interest rates firmer 


Bank of England Minimum 
Lending Rate 10 per cent 
(si nee June 8, 1978) 

Interest rates continued to rise 
in the London money market yeii- 

terday, reflecting uncertainty sur- 
rounding the Government’s pro- 
jected 5 per cent wage policy and 
the implications of its rejection 
at the Labour conference. Interest 
also centred on Ufii. rales which, 
despite President Carter's asser- 
tion that rates were as 
high as he would like 
to see them, still showed no 
signs of peaking out Discount 
houses buying rates for three- 
month Treasury bills rose from 
9 yV-9, t s per cent to 9^-9| per cent. 
This would indicate an MLR of 
10 per cent under the abandoned 


LONDON MONEY RATES 


market related formula and the 
realisation that interest rates 
seem unlikely to decline in the 
near future, may see an even 
higher MLR being discounted' 
before long. 

• Day to day credit was expected 
to be -in slightly short supply In 
the money market although the 
final outcome was a fairly flat' 
day. Nevertheless the authori- 
ties gave a large amount of 
assistance by way of large Trea- 
sury bill purchases and a small 
amount of corporation bilLs, both 
direct from tbe discount houses.' 

The market was faced with a 
sizeable net take up of Treasury 
bills and an excess of revenue 
transfers to the Exchequer. There 
was also a slight increase in the 


note circulation. Op the other 
hand, banks brought forward 
balances some way above target 
Discount houses paid S$-8* per 
cent for secured call loans at 'the 
start although closing baJanres 
were taken between 4i per cent 
and 6 per cent 

In the interbank market over- 
night loans opened at 8*-9 per 
cent and eased to Sj-S] per cent 
where most of the day's trading 
occurred. Later in the day rales 
fell to close at 1-3 per cent- 

Longer term rates were firmer 

with three-month at Og-iO per cent 
compared with 9jj-95 per cent on 
Monday while the 12-month rate 
rose to 10HO| per cent from 
30i f a-10} per cent. 

Rates in the table below are 
nominal in some ca ses. 


Gold closed at a record high 
of S22J 3-2221. a rise, of S4j on 
Lhe day. The merai opened at 
5219-219}, anil declined initially to 
8218.80 (£111235) at the morning 
firing, ft rose to 5221.40 (£112.272) 
at the afternoon Gxing, and, trad- 
ing was quite busy afler the open- 
ing of the New York market. 

In Paris the 121 kilo gold bar 
was fived at FFr 30.050 per kilo 
(S215.93 per ounce) yesterday 
afternoon, compared with FFr 
30.3 1 o (£218.06) in the morning, 
and FFr 29.800 (S2M.I8) Monday 
afternoon. In Frankfurt the 
12J kiln bar was lived at 
DM 13.575 per kil ($219 II per 
ounce), compared with DM 13,500 
($217.23) previously. 



fn. 3 

O.t. 2 

I an it uu -lutl Ira tllia 
- ■Ullt.-P) 




S<l9-!l9j' 
.'SJ1B.8 1 
<£111.2561 
. Sill 4? 
(£112.272) 


vlomiui: hxlnc 

Wiamoon nxinu... 

St it 00 

iJL'Uu.lBS) 

S2l7:ib 

‘£110.183) 

‘lomeeriua'ii- 

S 227-229 

S224^Kei 

(£1 14-1 lb> 

S61-c3 

i£dl-*?i 

660i-B2i 

■-«iii-al4) 

\ew Oocereutra..... 

■ lid Sm-eieiani- 

. oid Unn* 

.nIeninimnH'!\ 

i£li5-i Si 

. Sb2;-c4i 
r£3l#-WJ) 

sbl-tS 
'£0l- A?) 

tew tnvereiciix... 

J.d aoveret^Tu 

sAi Laa.er 

1*1 Pi-U6ii-I£llta.na4) 
s60-c! Jwuxj-cU 

i£*m-sI 4) :£S0i.4ii-, 

fipUi fceOi b2i 

i£31-e8i 

eoDB-ouS SdOI-dO.4 

•j bavtm 

Si ID-116 

blil-lH 


: Sterling I 

Oct. 3 i Cmtftcate j Interbank 

197B . t* devotil 2 


J Local {Local Anth.! 
' Authorltv j. necotlAtac 
' ilertmiis ' bond* 


Fixunai \ ■ DlMmat 

Horae 1 Compavy j roarkw 

Depoalti ; Deposits ! dcpuHt 


i BtegiMc 

Twamry Bank 

Bills* J Bill** 


;FlnfTndr 
! Bills# 


Ovemlghl 

days nnlirc..] 
days nr 
days notice..' 
One month ....; 
Two muni he. ..j 
Three months. < 
Six month? 
Nine mouths-i 
One year . • 
Twi> jeers. 


1-9 


■ Bis .9* 

9i%-9Ja 

9lW 

lu* 101* . . . 

I0j% igsb 1 116a t »4 
ti-talOis IiSb-ios* 


STj.gig 

91*914 

91q- 9&9 
Big -10 
1038-101* 


Bi|-9l| 

9-9 1 4 
B-BU. 

91d-97 8 
94» lwl4 

10 l ie 
1114-11% 


019-10 
919-10 
Big lOlgi 
95a u ig j 
USs 1.5s 

•L 5e 1 . h i 


9l! 

9*0 

10 

101« 

ii' 

1«I 


75« 9 I 41g-Bl« 

9U 

912-998 
10 >8 


83*-87 8 

5 7 » 

0ta 

01* 


— 1 — 


0* 

9^-014 




0A91t 

0 tv-ta 

IUI 4 


10 
10 

lOta j 
lull 


Local acthnriry and -finance houses seven days' notice, others seven days’ fixed. • Longer term local authority mnrtsaAe 1 
rate nominally three years nj-ilj per cent: [chit years Iti-lfi) per cent: five years !2*-12E per « m. O Bank bill rates m table] 
are burtiis raie^-fw prune paper. Bay ins rale (or four-month bank WHii 10 per cent: fcnr-niomh trade bills to* per cent. 

Approsjmaic «®nj? rates for one-mofiih Treasury bills par c«ij; and iwo-amnih »-»* per cent: three-mouth 9W4rhs- 
Px per ceni- Approximate scUins rate for one-month bank bllla O'w-H per cent; two-month OSia per cent: and three- month 
•P» r»er rent. One-month trade bills- 9! par cent: Iwo-mouih M per cent: and also three- trromb K per ctvi 

Finance Hansa Saac Rate* < published br the Finance House? Assnaatiotvl K per cent from October 1. 197S. Clurinq Bsnr 
Oepwlt Rates (for email turns' at seven .day*' notice) 5.7 percent, OeaHmr Ran* Mac Rata far feuding id per root, rreatur* , 
Bills: At erase tender rates ox discount 9.1&S. 1 


MOSEY RATES 

NEW YORK 

Prune Rate 

Fed Funds 

Treasury Bills r 13- wept 1 
Treasury Bills do-week) 

GERMANY 

Discount Kate 

Overnlaht 

One month 

Three months 

Siz months — 

FRANCE 

Thitoutit Rate 

Overnight 

One month 

Three months 

Sis months 


i*. uu:i: fame 1 

• ■*'! . ! ■: II- • • -mi* .. 

Bills Discount Kate . 


9.7S 

9-8075 

8-1*. 

8-34 


3JJS 

3-W 

3.93. 

4X1 


*5 

7.0 

7JS 

7o7S 

7X7S 


S 3 1 
4J2S 
0JHS 



.« 30 , 


Financial' Times Wednesday Ocftberf^8 




WORLD STOCK MARKETS 


Dow slightly easier after light early trade 


INVESTMENT DOLLAR 
PREMIUM 

$2.66 to £1—834% <81t%) 
Effective 81.9735 389% (37j%) 


said of Miner's statements. to $6* and Leisure Technology schaCt added DM 8j0. Degussa ruling coalition mainly discoorag- of traditional aboriginal Iand- 


GoH shares benefited from the i to $63. 


strength of Bullion. Dome Mines Roy G. Dinsdale, a Nebraska Preiissag DM 3.00. 


DM 3.50, Horpener DM 5.00 and in? fresh hoydng. Bourse prices owners in the site area. 


climbed 24 to 387 j. ASA g to 829j, businessman, began his offer to Public Authority Bonds .were day. 


Preiissag DM 3.00. finished easier for choice jester- Pancontmenta] lost another 35 

Public Authority Bonds were day. cents to AS12.00. while Peko- 

quietly mixed, recording gains of Banks, however, were in good WaUsend fell 16 cents to AS5.S0, 


AnTR HARGrVALLV mndtne Ca*"Pbe« Bedlake i to $3 Of. Homo- buy 31 per cent of Wyoming Ban- quietly mixed, recordmg gains or Banks, however, wore m good waiBena reu re cents to am 
' ra^Jv WaR * x .° IMS and Rosario corp far $15 a share., Wyoming up to 20 Pfennigs i «"d The v i.uiiu fU. surf n Tw c tints 5 >wit> 


the recent technical raUy. Wall ™ ! *** Rosano 

Street turned easier in further Resources, i to $20*. 
light trading to show a rather Petroleum issues were also 

mni>d picture at mid-session. higher. Atlantic Richfield rose 1| 
The Dow Jones Industrial to 8345. Exxon, which has 


* Regulating Authorities sold a ahead. to a$z, 60 . 

Canada nominal DM 17.2m of stock Elsewhere Pod am and Among Coals. Howard Smith re- 

Vydiiaua fDM 33.6m). -Mark Foreign Loans Dunkerque-Nonnandie were uo- treated 20 cents to AW .10, and 

■The firming trend persisted yes- were firmer. quoted for a time due to an influx Thless ' 3 cents to • A3&27 and 


extending to 10 pfennigs- The Locafraztce leading the sector and Kfthleen Investments 5 cents 


Regulating Authorities sold a 
nominal DM -X72m of _stock 


to AS2.60. 

Among Coals. Howard Smith re- 


~ , ^ -at; rievdoned a rerharppjshie lithium Tne firming trena persisted jw were m-mer. quoted for a time due to an influx Thless 3 cents to A$3£7 and 

bJSenr » to-SuSu*tn1S torday monfing in fairly active v ^ of buying orders, but Bourse White Industries 15 cents to 

wWrnfml a^d xliaco i to S24T * trading. The Toronto Composite Tokyo sources were unable to explain AM.65. ^ . 

SJJJL, ram>r iiirma.il hi Th*. Indcs K ain ed 3.0 more to 1.283.9 closed with an the demand. Podaia were finally Elsewhere in Minings, CRA 

Index was a# cents down on balance Garner supped 4 to $2b?- Tne middav while Golds advanced . 1 r®"* 11 5? os . . t .j *»i un pp r 2M declined 9 cents to ASS and 

at 857.98, after rising to S5S.Q6, New York State Attorney General vvSf- u easier tendency after mixed trad- 31 up al FFr -W. _ ^ „ * “SuaJL! nS* Sma 



JfJUSJfftt 2T ISM'S '#■* S3S S3 =T-rafSS«s J*-5sfinSiaSf Jg£ MI" Go,4a ' Us ■ 

— : — 5Tfl2«!^c!SSS 


Moulinex, down 6.1 at FFr 142.9. Consolidated Goldfields 10 cents 


^ .rf imtex chanatyl from A«nrwi - 4 _ 

— f ^epj.29 ; Sept. 82 

turf. rtir. yield % I — TTZ J 1 


Sept. l •‘Sew 


Warumi) 


Closing prices and market Unto* T^hiotogfei were ^KEc!l£\E 

. reports were not available unchanged at $43|. were each up ! in a 

for this edition. Sunbeam ietl 2| to 5214- The Abitibi has announi 

company expects that fiscal share bid for Price. 

2S.TT? JS1 Germany 

ZLEVSPS aSS* “ m - *i S^S-AfTi-i JStVGgK 

. Analysts said there was Ettie second^uaxter loss. on^nce asain^by h 


share bid for Price. SwifFPrlam? attracted renewed interest on. the 

to Y2.lo0. Nippon Oil Y 14 toY7D2, awIEZenaUd gas strike in the Strzelecki No. 3 

Germany SHJjJg 1 , SEvwK/yS® 4 d The recent recovery movement well. Stotosmcked up 4 cento to 

„ T J „ . . .. Mutoukoshl also] IS to Y5S0- gave way to a widespread retreat A82.1 2 and Crusader, after react- 

f Stocks generally moved further However, Textiles rose, Jed by reflecting investor dts- tog afresh in early trading; rallied 

ahead in lively Trading, spurred Cotton Spinners on anticipated a pp 0 ) ntnjent with the renewed to close only a cent easier- on the 


STANDARD AND POORS 


. I _ 


Analyste said there wa s Httle on on once again' by botfi" domestic good eanting prospects. Nisshfa of the dolbr delpui day at 8 L rento . ‘ 

to cheer the market. The dollar Lockheed added i at $28| on ^ fore 3 gn buying orders. The Spinning advanced Y26 to Y5» jSSh-SL r 3 

ssrtas. defen “ contrtC,B SptaninE t0 SB Hong Kong 

market w s« wi „u s; TrJ o£ * at 859 - 5 on jmuot Ejjcnc cw- - ESSLaTS .' ^ ts ■*. . 

«3S .r™SS“S a. 16 ? .aa ,, , l J iter initially bnyers ate iiopins to ^ e e a Hanuiaotutcra aiao Co^Hnn'. InduatrUl inden .'SS fAd^r°id P ?£ 

X J3T55JSISSt 3 5S5 SS^tJSSr Vo ’" me 1,0m S&r se Dn u,e ratas Deu,iChe fr£ !?&?* Ind “ 581 

wiH peak this year and that Husky OH topped the actives BBC jumped DM 10.50 in Elec- Y935 * i 1 ^ng 3 Kone Bank mit on in 

current U.S. policies will cut 1979 list but eased i to 8378. Allied tricals. while in Banks. Commen- and C * S1 ° Y1 ° t0 ' 933 ' eento^lo HT&13 50 vfflle Honi 

inflation, by 1 to 2 percentage Artists, in second place, shed i bank gained DM 2.50. Daimler- p™* C ^£L3£"JS ^ 2 ^ c S Und^fd iSdtaeMat^f 

points from the present 7 to 8 per to $ 6 £. Benz rose DM 550 and BMW raris . . r ^ d nn E^J° nds> 2 ^ cento aoi^ to 

cent range. “The ivhole thing However. Resorts International DM 250 among the Motors sector. With political uncertainties however, were quietly steady. jjKSn 70 and HTCStfli? 
just doesn't add up.” one analyst “A" rose 6 $ to $164}, VertJpDe } while elsewhere. Metallgesell- resulting from dissent within the Tnlionnark..^, tiveiv Hutchison 



112.851 1 18.71 


Machine Manufacturers also Corporation’s Industrial index recovery from an oversold po si- 

improved. f e jl 6 ,i to 274.1. Don in quiet trading, and the 

Matsushita Industrial moved ciha Geigy declined 25 to SwFr Han 8 Seng Index picked : up 5.61 
ahead Y19 to Y764. C. Itob Y9 to pgO, Nestle 70 to SwFr 3,140, t0 622^3. 

Y250 and Casio Y15 to Y935. Swissair 14 to SwFr 796 and Hon S Kong Bank put on 30 

n Credit Suisse 55 to SwFr 2240. £? nts . ,0 HK819.50, while Hong 

JranS Domestic and Foreign Bonds, Kong Land and Jardlne MaUieson 

With political uncertainties however, were quietly steady. SJSSTSj wSSy *° 

rp.-ujti.lg: from dL-sgru within the J ohannesbu „ tlv«y. Hutehtoa wSiSLTdBS 

I 5 nants at HRSfi_25. hnt Swir» 


Sept. 20 f Sept. Li j Ywi- ago fipp^T 



NEW YORK 


AWxJt Leh« | 241a j S47g 

AiMreesocMph-.i j Z7ia 

Aetna Life 1 Caj-r **114 > -»0”b 

Airpmducx- _) 28U ; 2Bi~ 

Alcan-tluirlDiuiul 221 g J 32Lf 


Cnrnios Gia» j 581a 

CPCInr’ro'riaoiiii 49 

Unne._ I 5314 

Croc tea .Vai ( Z 8 I 4 

Ormtfo Keltertnchr 54lj 
Cummin, tin^tne 58 
Cun i** Wncht...| 18lg 


.VJera. 46l« ■ 463« 

AJIeg. Lu-llum.... lblg ; 181 b 
A llectieii V J’.iwer 18 18 

Alltel C hem la - 1 53a* 1 351s 

Allied atom- I 261* 26U 

Alii- Chalmeri.J 33ig 34t a 

A MAX I 483s 49 

Amemla Bern — ' 315s I 31 34 

Amer. Airliner ^. 1 165g I 6 I 9 

Amer. Bn orie — I oOlg 505s 

Amer.BnTRd.wt-. I 56 5554 

Amer. Cmi 38ts 39 

Amer. CyannmMl 301s 30 

Axner. Di«.Te)..i 29 J 4 291, 

Amer. Elect. Pt-w ! 23U 231s 

..Amer. Eaiin^M...; l4?s a41s 

Amer. Bome Prod 391a 295 r 

' Amer. Medical... oO !g 30lg 

Amer. M-il.ir e I; bU 

Amer. hai. Cat.. 45^ 455 g 

Amer. Sum lard. 49 Jj 4858 

Amer. Stores aSij 

Amer. Tel. X Tel.; c25g b 2 i a 

Ametek I ^014 AS 4 

AR F J 20ss SO 1 * 

a u p. i aeia 455a 

Ampex 165a 165g 

Aneb-.ir HixLinu.; 30>s 31 

Aalieuser Butch.- i55t 2514 

Armen 22t'> 20-x 

A.SJI ic9 ' j 28', 

Awmen U 11 18V| | ISlg 

Ajsuco 15>, , lSJg 

Axhlanu Oil 46 ' 46 

At!. Richfield SA ' 3 - 53J« 

Auto Oam Pro....' 31 is j 515 4 

A VC 14 ig 14 1» 

Area 31 [ 30 13 

Area Pn>luct»...| 55 1 s 1 55 
Balt. Gaa Elect...) 26 J, j 26> ( 
Bank America-.. 271* | 27 
Rankers Tr. fi.T. 36 | 36 

Barber Oil 1 2blg 26 

Baxter Traveoor.l 43 lg > 42&a 
Beatrice FonJU... 268s ' 263 b 
B ectonDickenaon 38 is i 379, 

Bell* Howell 1 B0*a ! 208g 

Bead ix 385s ! 3Bi, 

Bengneft Cow tB'l.- 4dg 43« 


Liana I 31 Is Sllg 

Uan Industrie# .J ^ 3 Sg 43 >3 

Deere... _.i a 55a 343, 

Del Monte - 43 S 3 4373 

Deltona 12ss 12ia 

Dentvply Inter... 18 16 lg 

Detroit Rdiaoa.... Its* 153, 

Diamond jhaiurk 253s 29 

Dictaphone 17Sg ' 177 a 

Digital Equip..... 485g 48/g 

Dipney tTValt),_. 437s 425e 

Dover Corpn 4734 463, 

Dow Chemical.... 287s 28M 

Drevo. 311s 30 U 

Dreaaer --23, 43 

Dupool 1301a 12734 

Baffle Pitcher 22 21S« 

Kart Airliner 12 t 8 I27 a 

Kart man Kodak., oils 608g 

Eaton-..- 40'g 40 


Del Monte ' 43Ss 

Deltona 123s 

Dentvply Inter...) 18 
Detroit Kdiaon.... 1A 5 , 


John* Mancllle.. A21s | 313, 
Johnson JnfmaoD 83 14 83 tg 

Johnson Control. 2634 I 27 
.lorUentrtactnr'ii 347 a ■ 361$ 

K. Mar Con*. 27 12 \ 277 3 

KaRarAlumini'tn 363 , 1 36 tg 

KaLter Industrie). 21g i klg 

Kaiser Steel 26 1 ; ( 263s 

Kay 13 ! J27 fl 

Kenmcntt 2734 281& 

Kerr McGee- 457g j 46«s 

Kjrtde TVaiter 45 - 1 o4te 

Kimberly Qlerfc .. 46'a 4910 

Koppem .It, J 2 II 4 

Kratt - 477a • 477 g 

Krocer Co,„ o4l a . A33& 

Leaswey Trana.... 3 SI 3 | A5ic 
Levi -jmuga.— ... 36 35is 
Libby Ow. Ford 27l 8 I 271s 


Kev 101 5334 52U 

Kertx-ld* Metal,. 36 | 55 lg 

KevnoWs K. J.... t2U 623a 
Kb.-h'ano Uerreii. 28 ! 28W 

lluekwell Inter... 36l s 36> 9 

ItnhmAHaas 353, [ ASl, ^ „ 

| L'!‘Trne^S75/-t! t<‘ 'ml 

Koym. Dutch j t4i, 1 e3ia U. 5.40- lay Mil*.. 7.93 : i 7.7 7 » 

KFE | I4U f 141, .* 

Ku-b loss 1 lifts HSg 

Killer arslcm „ ‘ 253, [ 25 lg 
.-Mtewat- etonw... 433, 43 Sa 

a LJpe Mineral*. J a73a ! 27 


ffc-t. I wl. 

6ir*W £ j 29 

Wnotw.Tetb 217a I 21^4 

Wv'y 6>a . ® 3 « 

Xerox I p61j J 557 g 

dntnta - I iSTg : iStg ! 

denitb I tail 10 < lrk> 1 *^ , 3 I 

C.-..TroAh.«l>h:d t«S4>J • »94ii I 
L^Trwe^iTS/^ 1 t-* 1 1 | 


HFS11.70 and HK$17.40 respec- 
Johannesbur? tively. Hutchison Whampoa added 

® 5 cents at Hh.J6.25, but Swire 

Gold shares were higher across Pacific were unchanged at HKS10 
the board on Overseas interest while Wbeelock declined 7.5 cento 
following the improvement in the t° HKS8J0. 


1,834 I 1.873 


Bullion price. 

Mining Financials 


Elsewhere. Hong Kong Wharf 
gained recovered HK$I to HfC$33.75, 


ground in line with gold pro- Hong Kong Telephone 50 cents J H 0 STTREAL 


to HKS34 and Cliedng Kong 10 


B. G.AG | 301* 

Ei Paso Nat. Gao) I7*s 

Eitm j 35 

Enjersun KJ'ectrlcj 341g 
EramyAirFr'iffbll 23 t b 

Knihart i 39 on 

K.M.I 2 Ts 

BuffelbarH. 25 

E«ma(k 1 2612 

Ethyl I 23«a 

Exxon 5214 
FurcbiM Cam era a 63 a 


ft 7 ® I<OT ’ smites.-.. J 36 

t¥*l Libby Of. Fonll 27ls 

l|]| & Kn a. 

1301a 1273 , Litton- Induat — »5ia 

23 5 ifi tockheed Airor 1 ft 281, 
lgTa i 27 ft totmdtar InduBt. ,934 

rl% 60aS too* Llsad Ltd. rSft, 

40 >s 40 ** tontoisaa Land.- . 344 

W Lubrisoi 427s 

301. jar, toeky Store 167 a 

I7ftn 17 * L'ksX’unffvt'wTi. 10 U 

33 33 UMUl'tao L13* 

341s 341* — 1 — ' 411 » 

23 is 23 il Altta. Ha a» vet.-. | 6814 

395a 395, ^spg Q- -- \ 344 

2 ?c » 7 a MonlbooOil I S2fts 

25 * 244, Manne Midland j 164 

26 4 264 Marshall Field.... 1 2 lag 

524 52ic Jlay De|^.Mf)re»' k6:$ 


l&fc ‘■*4. Dept. Stores 644 
4 g | Firestone Tyre...) 124 
55* Pat - ‘ Vu - Boston.! 304 

314 Flexl Van 21Se 

141 * 1 Filnlkote— i 34 

304 | Florida Power-.. I 317a 
65 Floor 394 


MCA -..j 02 , 

McDermott I *6 

McDonnell Don*! 32 
UeGmv B1II.__J 24 


JOUffi 32 

_.J 245a 

Memonx.. 49 7 a 4834 

Merck. 604 60 

MezrtJl Lynch-.. ZsOftg 20* 
Mesa Petroiewn.. 363, a Si, 

MGM 474 46ls 

MUmMmffftMlff 58* 581, 

Mobil Corp. 71* 70 4 

Monsanto 074 06 * 

Morgan J. P. — 47* 47* 

Motorola. 464 447« 

Morphy Oil 61* 634 

K»hfiw_ alt* 277* 

Naleo Chemicals. 29 294 

National Gan 184 18 


Methicbem StabLi 24 
Black A Decker. .) 194 


Bolce Cascade..- . | 30 is 50* 

Morden 29* , 2 Bi b 

iSont Warner...—' 32* i 334 

Bran iff lot 164 ■ I 64 

Jlmscan •A’...—.. 144 , J4lg 

Bristol Mven. 34 344 

BPatADrttB....; 174 J7»a 
Brockway Glass.. 317^ 1 3Ha 

B rami wick ■ 16* I 164 

Mocynis Erie...-.: 18 • 177s 

Motorn Watch. ■ 9 ) 8* 

BnHtnfftm Ntbn^ 433, : 434 

BnrrouffO.. 773* I 78 

Campbell3oup.... 34 7g 1 54* 
Canadian Pacific.) 20* > 204 
Canal Randolph..; llsj • 113* 
Carnation 31* { 51 t 8 


P.1LC 1 26 

Paid Motor. 454 

Foremost Mck 1 22* 

Foaboro 1 374 

Franklin Mlot-J 97g 
Freepost Mineral! 274 
Fraehauf 31* 
Fuqna lnda .— 1 12* 

G-A-F. ] 144 

Gannett — _i 46 

liemAmer. Int_J 10* 

G.A.TJI > 294 

Gen. Cable ! 173* 

Gen. Dynamic* J 83 

Geo. Uiectnce I 03* 

Gen. Foods J 33* 

Ueneral MUb. ..J 304 


25 I 257a 
454 454 


374 37* 

07s ! 97g 

274 I 274 
31* 1 317s 


7L Keeu- Paper...! 3153 31* 

Santa Fe InrU..._ 344 a4* 

Saui Lnroat- 7 63* 

Saxon Ictds 71g 74 

acfadtr liretrmc.. <4 144 

Scfainml«rffer— . 907s 90* 

aCM 24 13* 

-cott Paper_ ... 6 4 <64 

Soovi> Mrg....... 223* - *3* 

scivlder DoaCapj 4 . 4 

xb Lontainor—.. *84 <sb* 

Seautam — .7* ,7* 

earteiGJX) .aij ia3 t 

'tan. fiuetmek 22* ,23, 

SKDCU -01- 404 

iliei Oil 64 36* 

?be->Ttanaport... s44 d4i- 

stem jl lg 1 SO* 

.'ItroodcCrj-p *6* j 36* 

simplicity Fht n* 11 * 

tdiiyer — 19 I 18 * 

snritb Kune.. 1 913, j 89 

Soiitrcui h* ! 

auuUW'iwn I 564 I 38 

'outbemUai.Ert.l a5* I k64 

Southern Co. ! 1 4 i la 4 

3ttan.Not.Ue — c6 c4t b 
rout hem (4dfic.i £07* 31* 

SoutbeniUaiiway J ; 6 I b44 


CANADA 

A-lUla Paper ; 1 S 4 I {18 

Vffnicn Bac>e. • 75s . 1 f', 

AicinAiucnintuiii; .&»• 8ft 

A'ffiNnaSte» 43, -4 j. 

A-i-eatos- 8 -7 , 

Bunko! Woutn-nl 44 4 

dank Nova -cutui 207g 2Ub| 
Baal Uennrc».. 4.-.0 f4.0. 

Be< Ieieriame... >24 I Zl| 
Bosr Valley Ind.. -a4 I * 6 l S 


ducers. to HJKS34 and CIi 

Diamond leader De Beers closed cents to HK$12.5fi. 

10 cents stronger at R7B5, after . 

reaching R?^8. Amst erdam 

Among Platinums, Rusplat - 

advanced 14 cents to R1^2 and Stock prices mostly gained 
Lydenburg 11 cento to RUSS, both further ground. 


Oct. sept. I spot. sept. 
2 29 88 | 27 


Induat rial 
Combined 


MM U.J.i.MTI 



mixed but with a firmer bias. 

Australia 

The recent weakening trend 
continued across a broad front. 


I Ueneral Milh. ... 304 
UenemJ Melon. J o34 
Geo. Pub. Gui... la ig 

l Gen. Signal 304 

1 Gen. lei.Blect— 304 
j Gen. Tyre. — ...J 28* 

] Gec«*x>_ - 6 

■ Georgia Pacific... 29* 

Groroutce. 274 

Uel^- OU. 414 

Gitictta —.—i 3 1 * 

Goodrich B. F.-_ 204 


o34 I as* 
la* 1 to* 
304 1 £94 
504 ! 30* 
284 i 287g 


46 Hat.DiaeUW_ 81* 21* 

10* Nat. Service IndJ 16* 19* 

294 National Steel— 31* 31 

17* NMemaa-. 60* 494 

824 NCB 604 60* 

627 b Nepuinelmp^„ . a64 ' aais 

334 New Eufftaad Hi- 223, 28* 

30 New .England Tell 33* -34 
034 Nw«am Mobawk 14 144 

18* .NiagamAtwre. — 103* | 113* 

294 N. Ul&luatttea. 204 1 204 

30* NorfoikAWesteru 264 ; 2t>4 

287g Notch Nat. Gas... 56* | 36* 

6i s Nthn-tatarea 254 25 

29* SUmat Atrimc*, 31 30A* 

274 Ntbwew Banootpi 26* 263* 

414 i »«««» 5lmoa_.. 194 19 1* 


sa i fr- 

Carter Hawley—! 104, : 19 j£ pu,<L —- [ ?»«• 


Caterpillar TracteJ 681* I 687 B 

CHS 653, 564 

Celaane Corpa— 46lg I 453* 
Cental A lb 4 { lb* 

Certain teed.. I 2l7 8 | 21* 

Oohob Aircraft-..) 934 ‘ 43* 
Chare M a n h attan 34* ! 343, 


Grace WJL. • 304 

GrUAUaa FacTeaj 7* 

Get. Notch lron_l 27l B 

Gne>- bound J 13* 

Gull A Weatcrn J 16 
Golf Oil 25* 


Occidental Petrol 197* 
gl* Offilry Mather^. J kSS, 
M7 8 Oh* Bdlaon. 1 177 a 

11?, ou ” =3 “■> 

29;* Oraneas Hbtpn_l ,6 
7* Ovena Corning. J 324 
27* Owens Ulniota.4 224 

13* Me Gw J 23* 

144 PhdficLlghttnffJ 2 ui 3 


Jrcroft-.-l 434 I 43* Haiibnrroo 

— inbactan 34* j 343, [ Hanna Mining... 

Chemical UkJNT. 41? a 1 413, J tiarauchleger. _ a04 

Cheaebtoh Pond. 24* l 24%s ( UarrU Cormu. 344 

Chess te oystera — 30 j 29* HehurE.J.^. 42* 

.Chuago Bridge.^ 064 ! 66 U 1 He uh e tn »■#* 

jOhiysfer. U7 B j 12 1 

g mc. Mitacroo.... 343* ( 544 i Hewie Psekairi^.r 874 

Iticorp 1 36* ; 264 Hobday In na_ — | 27S* 


Citicorp 1 36* J 264 

.pities Smwe..-. 55l B 64* 

City Iareatiiic_..l 164 16* 

Cleveland 303, 307g 

CocaOola ! 44* 44 

Colgate Pklm [ 203, I 80* 

Co Ulna Aikmaa.-i 11* ; 11* 


Holiday In nft „ 273* 

Homestake 38* 

Houe>-well^_ — 66 

Hoover 43 

HoqeCcrp. Anwr 30 
Hoa 6 tonNat;Ga*i 45* 
HunUPta _4 1 Chin. 141, 
Hutton 20* 


Pan Pwr. & Ltff- 214 
PanAm Word Air 94 
Packer Hannifin. 27 
Peabody lntL,_j 27 

Pen. Pw.&i, 814 

Penny J.C — *63, 

Pernmnl 313* 

Peop<ea Drat 13* 

Peoples Gae>. — 34* 
Pepaloo — _.| 29* 


Cotnmhla Gaa...,.; 27*1 27* ! LU Industrie* ^.1 29 
Colambia Put..^; 2lig i 21* lINA 44 


64* Peridn Ehnar i 26l 8 

127 s PM J 043 , 

50l a Ptlw -j 354 

264 Phelps Dodge — 241* 
14* Pbiladeipbia Ele-i 17* 
204 Philip Morrl»_...| 72 1 a 
283, ! PbilhpsPecro'm.j 34* 


264 « 267ft 

043, 64* 

354 36* 

241, 24 


South land i 1 

SVl Baoahares. 273, 

Sperry Hatch.-.. 204 

S pertv Band 44 

Squibb 32* 

Standasd Bread. *6T« 

Std-OUCatllornin 47 
Btn. OU lodiaa*. 03* 

Sul on orkx 37 * 

Atanff Chum Usd _ 434 

SSSJfcd &, 

Bun Co. 44* 

Bunstrend 48* 

Byntex. 367 3 

Technicolor. 14 1 g 

rektroclx— 474 

Tdedyne 1014 

778 

refleco 51* 

I'erore Petrole um i 10* 

Texaco M* , 

Texasgoit .24, 224 »“«> i 20 * I 20 

Texas Kasum.-. 58* | 36* 

Texas matte - 89 I 88 Ie»1hi 16* [ 164 

Texas Oil ft Gaa.A 5l4 414 Inland Nat. Gji*..; J»i, ! 114 

Texas b'ttlltia ...f 204 804 Im p. v Pipe LiW 17la I 171, 

Times Ins _l 474 474 Kaiter Jtaouro®! 15 154 

Tltoee Mlnur_.1 324 Sa Laun Fin. Corp.. I . e* I t’-s 

Timken j 49 484 toJ.lsw Com. -B'J 4.75 4.65 

Inane 43 . 43lg Mcmil'n Bloe.ii.-i 24 84 

Trancmerica- 18* 1B1 2 Massey Fergn«7n| 13 13 

Transoo...— — I 21 4 213, McIntyre. 1 r73, «74 

Trans Lnkaj .i 364 37 Moure Corpo • 364 36 

Tran-way lotr'n. 287s 234 M oun ta u i B utelOl 3.15 8.90 

Tmnr World AirJ 243, 243, Nnreu. 1 * Mlner.-.j ;64 364 

Travelers — 1 37^8 I o77g Noreen KnerK>-...{ i67 b 17 

Cn Ccmtinentai J 193, ( 19* Ntbn. Teicoonj—i 40* a9* 

ig«on*Q« ^ ^ assssssa * 5 £ ss 

«WI Century Fox »3* a3* Pacittci>euo.eum: 47 r 47 

KAfiV «*» *9 Phn. Can. Pci' in. tB* 36 

UABCO — t <6 * soft, Patino I j, 

DGL- — — <0* 8 O 4 Peoples Dept. oJ 4 9 * 

L an ever-.... ) -34 ,0 Pace Can. A l)<‘ 1.93 1.89 

Lnucrer NV j 607a 60* P scerDeveiornill .34 254 

Colon Haaoora-.j «6* «6* rtiwerCocporat'irj 204 197$ 

limon Uarlude— ,| 3«i 8 3h* Pace I 22 * t!9* 

Lawn Crenmerce^ 9* B* Vue*«c Btutveoa! 2.16 2.15 

LnionOd CaJlf— 66 * =64 i Banker Uii 19 19 

Union Pacific — | .44 »3* | Heed Btenbou^.^ 11T B 1114 

Utnroyai — : • 7 * -1 77o j HwAlann J t-7i» 384 

| United Bands J 13* '■ 13i» «®yai Bh.recan., ibft, 407 fl 

L'B Bancorp 1 334 33 > Ko >‘*' Trn ' r 1 194 1 191* 

SSST" 1 frls j i 7471 74 

mSSET ili* i I 32* 324 


riP Cn»rf« ,04 

tsraaoCn J, 

Untvou is.si 

Canary (finver-. 
Usmfiuw Muter-. 164 
>■■ io*i l« l-'emeni - , . i, 

L'anail* sff Uiri. j^l, 
C-i o.l nip bfcCom 284 

Canada Iniluti-.. klig 

Can. Paella; .—.1 Za»j 

Csn. Pacific lur. 5i, 
tiro. Sutvt Oii-.| c5 

Cariuis O'Keefe.. | -.4! 

Casaiar AM!«*tiv.| IGlg 

Cheitam. .7 

L-umme.j... w „„.| 334 

C-du. Bathunu..! 57 

cio,uinwOir.J lt !4 

Uaeka KeromeetJ 67* 

t-Vuin— 1 : 4 

27* Daoo Devcrf. 12-4 

204. Den iron Mraw-I 76 

4*3, Dome Mines-...- It 2 
324 Dome PrUnltom 954 

Dominion Brtd«e) t*7 

Dnmtar— 22 

Dupcsjt — J J 64 

rHieon'ffvNiskeJj S2A, 

Fool Motor C*a4 78 

G rn st w — 33* 
GuuitYei'wkiifieJ i4.'a 

UnU Oil Caib.te-j 334 

H*s> hctBkr.Csn ‘ cl, 

Hon Loser. -...r 142 

Home Oil "A" • H24 , 

Hudson Bay Man: 3 5, | 

Hudson Bay. • 237g 

Hudson Oil A tu H3 i 

.. , I.A.C. 1»5, I 

10* Imico... 36'a 

1 1 niperial Od J - 3 >, J 

224 low i 20 * I 


• 04 I ‘H4 

tS^J s'i7 


in response to results. Bisplat Hoogovens and Royal Dutch 
rose 7 cents to Rl.77. rose F] 1.30 and FI LOO respec- 

The Industrial market remained tively among Dutch Internationals, 
mixed but with a firmer bias. Most Shippings and Transports 
. were very firm, with . Van 

Australia Ommeren advancing Fl 9.00 and 

KLM Fl 2.60. 

The recent weakening trend Gains ranging between Fl LOO 
continued across a broad front, and Fl 2.50' were registered in 
Uraniums were notably lower Oce-Van der Grinten, Amfas, Pak- 
in the wake of the decision by hoed, Ennia and Lagemene Bank 
the Northern Land Council to Nederland, 
place the future of the Ranger State Loans, in contrast, were 
Uranium agreement in the bands slightly lower in thm trading.’ 

— — — — -- • Germany (ti 1 SB6.7 • 662.1 

NOTES: Overseas DriM shown below jod/or scrip issue. Per share. I Francs j„i«-«a m i rha 

exdude S premium Belgian dividends o Cross div. i» Assuroed dividend after d oUan “ ** » \ “ ° 1 88 -® 

are alter wnbholdina i tax scrip and/or nghts . issue, fe Alter local or 

6 DM denora. unless otherwise jraifd. rakes, nt % tax free, n f-Yancs: (ncluditu; Hoa ? 6 “ ,a3 

yields based m nef dividends olns tax. undue div. pNora. q Share, split, 's Div ... el50 cm« 




Prs 1978 i 1978 
virus Hlftb Inw 


» nt m.ua *?iil S65JT1 1 Iff) | E*te.79 I 44 LIS 
; j l ddi 

«,£inm till 100-03 9dB6|l0Ll6! 90.45 
: dtb ) ; (23 jb) 

oenatarkH 94-31 94^7 9Bjfc 94.00 


prance (tty 82.4 


(Orb) (23^) 

98^5 94.00 
t l4/5) rtV2) 

”■“1 S -S MONDAYS ACTIVE STOCKS ^ I 

S06.7 • 662.1 8bt«.7 ' 759.4 - / „ -..-O mM' 

; .3001 *17/5! Stocks CtKfiiB or. 

S3.b I tlHJb ao.1 ! 7v.O .. . traded pH« day,. 

(IU9| i 14 4- Ions 431.000 IQ a.ft 

622.53 626.92 1 W(.7o ' 363.4s Holiday Inns 43S.W9. Si r -V ' 

. rtafl CIM? Pa®- Amer. Ainrajs ZX.m % 




’ Octi 

3 

Pro- 

VioU. 

Bttain 


97.79 

W 

Sweden 


578.41 

362.43 

urn eri’rtc 

274.1 

_ 

260.2 

- 


X** I-nr#=r 


■Wpi-flidr 


;3ij : * 2 * 

37 ! )s 6 i, 

tola ! tola 
670 I 6 
I 24 : la* 
12-4 !?H» 


ward on net dividends pins tax. Undue div. pXom. oShare spBt. s Div . ' \ Z'iL Norton Simon 244JM , Uj ■ -V 

OPia 5n»i donum, unless otherwise «raie .1 and yield cxcludo special payment, rindi- U W ,SI * El - 89 - 80 - to “ :TT^' ,7?, Exxon ]«,vw su - /f - 

* Dirr b-i deootn. unless otherwise stated, cu led div u Unofficial tradiog. oMtoortty . 14 ; -i, ‘ ju aa : «s ns Sears Roebuck I6TJW 53. ^ 

■t> SwFr jOO dsnom and Bearer shares eolders only, w Mersei pending. * AKkad. la Pan m, j w.w ,rr Caesara World 162 8m v ijS- - 

unless whenrnse stated. S Y50 denom. ♦ Bid. 5 Traded. * Seller * Assumed „ M m • i fitX •' ££ Cartier .• 154.480 77 'i*' 

unless mherwise stated. 5 Price at time xr Ex rights, xfl Ex dividend. xcEx SiagaporeltV.StA.*- iSw.6z;4l4ic ; &>-.o General Elcriric ... ]S3708 sy j 5- 
of suspension, a Florins b Schillings, serjj Issue, xa Ex alL a Inttfijn since \ 1 <8fg > • WDl NCH .. 14SA00 fit ■'ii ' 

• Cent*, d Dividend after pending tigtns increased. \ ■ 



or 

Oct. 3 

-0 

>0 

09 Bergen Bank — 
22 BomRamd 

-6 

...- Vredltburiti-ti.-. 

+0 


,~o 

rO 



Oom.lnBCo. ofAm I lB7g ' 19 ^ Inftnoil BaadliHj 

Combustion fing. 1 39 38* 1 1 aland Steel .J 

Combustion Kq-.i 14* 14 * ' I Milco-. 

C'm’wtb Kdison. 26* 1 26* I 

Comm. Saterlite. 43* J 424 IBM 

Computer tiaonc. 157 B ' 137s 1 ItnU Flavoars-. 

Conn Life Itw-.— 394 '■ 3B4 ! In tJ. Harvester. 

Comae r 21 ; 214 1 Inti: Mini Che 


Comae , 21 : 214 

■Cot E dison M'_J 24* 244 

"Consul Foods | 237g i 237 a 

Consul bias Gas-.; 384 i 387 B 
Consumer Power 24 , 24 

LkmUneotal GrpJ 303, 1 30 7g 
Comlnentnl GiL.I 29* : 294 
Continental Tela 16 ‘ 15 7s 

Control Data-.-, 38 • 374 

Cooper Indus 1 49 j 494 


IBM ‘280.5 1277 

IttiL Flavours — . a5lg 1 04* 

Inti. Harvester.-! 40* I 40 
inti: MlnAOheml 40 ■ 39* 

Inti. Multifooda,.; 20* | 20i, 
lnco_. -J 174 i 17 

tnrl D » I ,R I Jii- 


I Pito^F Bowes ,— 1 **47g 

[Ptttaton. i 224 

[Mesas? Ltd ADM 224 

j Polaroid -.[ 4&4 

J Potoroec Elec 1 145, 

• PPG Indnstriaa-j 29* 
Protiir Gambia, -j 864 
Pub Ser Elect. J 23* 


34s. I 34sX tiSateeL- ab* 1 26* 

’ 42t? i tau La TechitoloffweJ 43* ! 43l a 

‘ ■£?. Sc tV | D dWSu_l 20 * 20 * 


V irffima Kkct — | 14* 

Walgreen • 294 

Harner-Cemmn.j 49Tg 
Warner- UunOett 274 
! Waate-lUnhnenJ 29 


20 * 20 * 

14* 144 

294 29 

49Tb 49 
274 27* 

29 28 


WeHs-Faz go 1 297 B j 30 


Western Be 

Westesn 


| shell Canai is 15 

. iiemtt G . Mint* 1 * 
I jlttotaftli -.- 1 06 * 

| rlmpsr>n • e jg 

steel oj Cam.ia .,1 a 67 B 
steep Hock Iron.. 3.75 
{ Texaco Cana- la... ' hB 
j Toronto Dom.Uk.i BO* 
i TmitECaaPipeLni 18 
Trens Mount. Opr 87 B 


I Inti. Paper 46 

ipg -...TZ- 374 

I lot. Rectifier..— [ . 13* 

1 Inti Tel. A Tel 51ft, . 

I Iota Beef.-— .1 397$ ) 
1 10 InernstioaalJ I 24 . 
1 Jim Walter- J 32 j 


Pub her Elect. -J 23*1 234 i 'iVnT^Tl T5 8 1 ,S a ' ***** J tbb 

Patman — Zj *54 J 947a j S, ! i?l® fLowoGas | i2 

Bute*- • 17ft, | 17* WestiafftaaaHlec, s24 I 2l7 a i Lt.i.»«sue Mines! 


13* j 131, 
31ft, 314 


Bapid American J 14* 

Baytheoa. J 477* 


Baytheon 

Mil k 

Bepobt lie's t«eL 

ttesorU Inti— 


14* 141 8 

477s 47* 

30* i 291* 

26* j 26* 
158 I 146 


I U'wnac I 28* 

Wcyerbaeoaer — 1 294 

Whirlpool ( ^4* 

White Coo. Znd J 20 * 

William Co i 19* 


I 28* r 28* 
J 294 ! 294 
( i4* 24* 

20 * I 20 * 

I 19* | 194 


I Walker Sitatn— J 37 

! We«t Coast la D P i II* 
I Weston Gro 19 * 


74TI 74 
32* 324 

13 1 144 

,a* i 74 
36* 3tai, 
C* 6* 
267s 2 fS, 
3.75 3-85 

hB 47* 
20* 204 

18 18 
87s . 67s 
to* tto* 
12 127 S 

8 * frTa 

37 564 

U»t 11 * 

19* 194 


1 Wisconsin Etoct-j 27ft, 1 27* 


tBId, s Asked. (Traded. 
L New stock. 




“ 


— 


— 

— 



:UROP 

EAI 

4 01 

’TIC 

NS 

EXC 

IAN 

SE 


retiw | 

Oo 
Vo,. | 

' lA*t 

j 

V«J. 

in. 

Lta 

A 

Vol. 

pr. 

Loot 

Stock 

ABN 

F.3701 

0 

12 

3 

21 

0 

53 

FJ80 

ABN 

F.580| 

4 

930 

1 

17 

0 

26 


ABN 

F.39Q 

— 


6 

10 

a 

20 


AEZ 

P.30, 

38 

3.30 

0 

6.40 

0 

7 

P .33-30 

AKJi 

P.32- 301 

10 

1.50 

35 

3.30 

83 

5-30 


A KZ 

F.35) 

0 

0.80 

10 

2.50 

49 

3.50 


ARB 

P.6B.9Q, 

O 

11.50 

1 

12.50 




P.79 .40 

ARB 

F.73.90| 

1 

6 

1 

7.70 

1 

9.30 


ARB 

F.78.90 1 

1 

1-50 

-8 

6.60 

1 

8 


ARB 

F.63.90; 


— 

i 

2.60 

5 

4 


SK 

S50, 

2 

114 

0 

15* 

a 

14 

SSI* 

KK . 

*60 

2 

2Ta 

0 

6 

3 

a 


HK. 

570 

O 

in 

0 

2 

8 

3* 

•1 

G31 

*70; 

— 



* 

1 

isfi'ses S 

HO 

F.35, 

— - 

6.50 

— 

7.20 

ZO 

8.50 

P.40.10 1 

HO 

F.37.50' 

8 

3 

30- 

5.30 

2 

7 


HO 

F.40J 



2 

35 

4.30 

9 

B.80 

1 

HO 

F.4S! 

— 

0.70 


2.70 

SB 

3.50 

1 

IBM 

S260‘ 

7 

24 

— 

30 


35I«; *280* ll 

IBM 

SZBOl 

6 

6U 

— 

1641 

— 

23 1 


IBM 

S300J 

A 

it 

1 

8U 

2 

15V 


KLM 

F.I33.30! 

1 

35 

- ' 

39 ■ 

— 


■168.20 

KLM 

F. 142.90 

3 

27 

i 

29.50 I 

— 

— 1 


KLM 

F. 152.40. 



18 

1 

23 . 



, _ , 


JCLJl 

F.ieo; 

7 

9 

17 

i9 . 

1 

20 i 


KLM 

F.161.90, 

26 ! 

8.50 

27 

18 1 




KLM 

F.170i 

13 ; 

5.20 

1 

12-80 t 

54 | 

L7J0 ! 


vt.m 

F. 171.40; 

24 ! 

s , 

14 ‘ 

13 • 




KLM 

F.lBl[ 

47 ; 

0.80 ! 

23 : 

8.50 ] 



_• ; 


gr.v 

P.190.501 

_ ( 

0.60 | 

27 | 

6.70 

\ 

_ . 


wr 

p.ioa.90 


6.70 • 

9 , 

9 I 



— : 

F .114v50 

N14 

F.H 6 . 90 I 

— J 

1.10 

15 | 

4.10 i 

, 



NN 

F»20( 

— . 

— | 


— 1 

26 ; 

6.30 J 

M 

PHI 

F^5> 

13 1 

3.90 ' 

— 1 

4 i 

1 

8.20 ' 

p.27.70 

PHI 

F ,27.50 

35 : 

0.60 ! 

21 ; 

1.90 i 

60 1 

3.50 i 


PH7 

F.30! 

_ i 

0. 20 I 

14 > 

L10 

168 

2.10 


PRD 

S60l 

— •• 

*! 

10 

1* 


$*'349* If 

BD 

P.130! 

30 ; 

5.50 [ 

2 

8.90 | 

__ 

12 | 

7.136 1 

RD 

F.140j 

_ 

0. 60 | 

38 > 

3.40 ! 

8 ’ 

6 1 

1 

UNI 

F.nO: 

3 1 

17 i 

10 117.50 i 

«■- 

— [ 

r . 127.40 fl 

UNt 

F.120, 

6 ; 

7-60 . 

5 

8.30 

Wt— 

S 

1 

IT.VI 

F.130 

— 1 

0.80 

16 1 

3.10 

_ 

5 

1 

SON 

345 

— ; 

8 , 

. 1 1 

74i 

- 1 

84.362* |i 



Nov. 


Feb 


Ms.v 


1 

BA 

860' 

_ 1 

741 

4 I 

104! 

— 1 

l24iS64i< I 

BA 

8?0| 

- 1 

■34: 

1 1 

6Ts. 

1 > 

7l«! 

i, K 

[ TOTAL VOLUME IN CONTRACTS 


1296 


1 


BASE LENDING RATES 


Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

APBahkLtd. 10 % 

Henry Ansbacher 10 <£ 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N-S.W. 10 % 

Banque Beige Ltd 10 % 

Banque du Rhone 10*% 

Barclays Bank 10 % 

Barnett Christie Ltd. .. 11 % 
Bremar Holdings Ltd. 11 % 
Brit Bank of Slid. East 10 °o 

■ Brown Shipley 10 % 

Canada Penn't Trust... 10 % 

CayzerLtd ID % 

Cedar Holdings 10A<£ 

■ Charterhouse Japhet... 10 % 

Choulartons 10 % 

C.E. Coates 10 % 

. Consolidated Credits... 10 % 

Co-operative Bank .*10 «h 

Corinthian Securities . 10 % 
Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagii Trust 10 % 

English Transcont II % 

First Nat Fin. Corp. ... II 
First Nat Secs. Ltd. ... 11 % 

* Antony Gibbs 30 

Greyhound Guaranty... 10 % 
GrindlaysBank 310 % 

■ Guinness Mahon 10 % 

■ HanthrosSank 10 % 


■ Hill Samuel ;..|10 % 

C. Hoare&Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 °o 
Industrial Bk. of Scot 10 °b 

Keyser Ullmann 10 % 

Knowsley & Co. Lid. ... 22 % 

Lloyds Bank 10 

London Mercantile .... 10 *?& 
Edward Manson & Co. 111% 

Midland Bank 10 % 

I Samuel Montague 10 

• Morgan Grenfell 10 

National Westminster 10 % 
Norwich Genera] Trust 10 % 

P. S. Refson & Co 10 % 

Rossminster io % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited 7 ... 10 % 

E. S. Schwab 

Security -Trust Co. Ltd. ll‘*5 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

trustee Savings Bank 10 
Twentietn Centurv Bk. 11 

Ban kof Kiiwait 10 % 

WhiteawayLaidJaw... 10 }°* 
Williams &Glyn-s ... 10% 
Yorkshire Bank 10 % 

1 CanBnmee ,tf ^ Ac=0pttn2 B °VEe3 

£dp dcpotiis Tts, l-awott depoalti 

>« 

5Haa * nww 
ana ond^r up in cs.dbd 
and tnvr C5.0M 
Can deposits over £ 1.000 7%, 
bnnana ana Ceposjtc 71%. 




«rns—.<. ►, 



























































































Rhancial Times !y%dnesday October 4 1978 




Sfitr. * SI? 


rqcff^j'.'T^rr.^; 




■JrU. 


81 


■FARMING A 

\j 

D ^ 

:aw .materials 




copper sales shock 


Zanibians plan 


Giants take 
over in egg 
business 


BY JOHN EDWARDS, COMMOWTKS EDITOR ' . 

2AMB1A iS cutting back copper At the same tifrte'it is known cast' rod manufacture and. to a which closed £7.75 up at £387.5 
supplies offered to fabricators that:tbe Zambians have n 50 per lesser extent, of wirebars. There a tonne. There is a shortage of. 

under direct supply contracts by cent shareholding, in a. new con- is also a shortage of copper coo- immediate supplies developing as , By Our Commodities Staff 

™ P, er c $?L m . 1 ? 79 ' “coding tn tinuons casting rod plant that is centrales and blister, required a resuli of heavy buying I?4P!D .oncenir-.iir.n nf 

leading U.K. fabricators ' yester? due to come an stream in France by refiners, as a result of the Eastern Europe, particularly the! p r j«'j s h e£S 'industry in ihr 

xX> *. sarae '*». this year and they, are likely to production cuts, caused by un- Soviet Union. ! hands of a r^tiVeiv Sr V™. 1 “ 

charge have, a commitwentiD supply a economic prices or by other There is also' repotted in be a! scale producers continued* last : THE H A PPY prospect _nf future balance .milk output with demand at milk prices 


‘Dairy farming can thrive 
despite profits squeeze’ 


BY CHRISTOPHER PAR ICES 



prices be fixed .at. £8- over the known. 
LME settlement price 


and Exchange annual, dinner, -where Metal Exchange yesterday and a „„ atfal _ d bv lh6 reduc ri 0 „ in 

cathodes have a premium .of £2 suppliers' normally take the Prices were hardly changed in a ** ra aled D - lde reauraon 


lead output worldwide, ! the 466 holdings' in the count rv 1 t* !d out i'«twd*y by Dr. Keith farmers had been taxed. 



a tonne. This compares with opportunity- to negotiate with trading conditions, JJJ P 0 U 0W ° beginnhfg to be revSled 

present contracts which are based consumers the 12-month supply JJ™ prewiums.planned by the fav strQng s bu " in | , nterc ^ frotn 

on parity with the- LME price contracts for the -followips year. Zambians should make little gj s inevitably, 

for wlrebars and a. £4 discount is being held' iater than usual aifferenc c to market price move- ^ ralat J„ ‘ u,Ul v 

for cathodes. •- and it is anticipated Jtot the J* W1 » “JSfiJ Zinc values also jumped yester- 

Fabricators were apparently matins, season could extend fgjjf'j™}* SSgy* or ^ ethcr way with the Cash price climbing 

informed' by telephone of "ft* »*«? . 5* uSttW b * » » 

for 100 JS rising because of a shortfall 


■s Zambia's intentions and are now Chileans, it is understood, will 11 : ,s * *-« . 

seeking more formal discussions, open their campaign .next, week “{«■“*' “'* *"£“* ” s ® f l p in supplies to meet improved 

• .On leading, company described when visiting France. - . LMEnri^ HT.r ™ ~ demand, although surplus stocks 

the cutback conveyed in a l.t is known that the Canadians ^me pnee, sime they are pro- are *La Sr . hr 

^tense” telephone call ™ ’* ?r CB i sierified t£ Metal Exchange eloped. New 

“bitter blow 4 . to customers who their supplies, because of a specified des^nabon, hopefully Jersey Zinc> one of leading ! 

had put their faith in Zambia, reduction in output resulting on a ‘ JJJ* U.S. producers, announced it was 

He claimed that -the fall in from the mining of lower-grade !°P, 0 .f' tl0 P Jip premium relies putting up its domestic zinc price 
Zambian production did not ores and mine shutdowns. Much, ° n the ability of the fabricator ^ u.s. by 2 cents to 34.5 
■justify such a large cut in however, will depend on whether buying the copper to remain cents a oound, for prime western 
.supplies to companies that had the Canadians, ChUe arid, other competitive while passing it on grad e. 

put their confidence in suppliers are shut out pf the bis t-u«ioiner. In other words. .\lnminium had a much quieter 
Zambia. • U.S. market either by -proposed « would be difficult for one j n lts second day of trad- 

_ Memaco. the state-owned sales import quotas or, more-. likely, supplier tu impose it without jng an the Metal Exchange. Turn- . 

organisation, refused to make any bythe more competitive, pricing suport from a'il the other lead- over dropped to 1.-I25 tonnes! 

comment last nigh L It is believed attitude developed . by U.S. mg producers. against 3.625 toDnes on the first 

•that the cut will apply to all con- domestic producers? Meanwhile lead continued to day. The closing price was vir- 1 

"tract customers, but there, may Although there -are still big surge ahead on the London Metal tually unchanged at £586.75 a[ 
be some exceptions where supply surplus stocks of. copper avail- Exchange yesterday. Cash lead tonne. It is pojnied out that this 
commitments have been linked able in the world, there te a gained £10 to close at £389.5 a price does nor include the im- 
with loans particularly in the shortage of the good quality tonne and establish a premium port levy included in the U.K. 
case of the Japanese. brands required for continuous over the three months quotation, producer price. 


i!« 
-*« i 


S " 

Ifttz 






■S 

j* 

y' r - - 

' 

vS W 


U? 


m-v 

XrH-- 
i"r v- 


fef? 


-*> 


»*• • 
<> 
a"" 

*4_- 

tl 


MPA- \ 


jv : 
i-- 

•i* '. 

-It . 


f V" 
a. 9 


4 :>* 


U.S. sugar 

policy 

setback 

NEW YORK, Oct 3. 
THE U.S. Senate Finance Com- 
mittee approval today of a Bill 
Betting a sugar price objective 
of 17 cents a pound lessened 
greatly the chances of having a 
domestic sugar programme this 
year, according to trade sources 
here. 

Some sources said the panel’s 
passage of the. Bill sponsored by 
Senator Frank Church was a 
'serious setback, coming less than 
two weeks before the Congress 
recess. . 

The price objeefive of 17 cents, 
exceeds the 15-cent. level viewed 
as acceptable to the Garter.. 
Administration..' 

It is doubted that even a 
House-Senate conference '-commit- 
tee will have enough time to 
produce a compromise package 
before the Congressional recess 
Tbe failure of Congress to. pass 
a domestic sugar programme 
also will prevent a ratification; 
vote on U.S. membership in' the 
International Sugar Agreement 
-Reuter. •••'■* 


6 No case for metal stockpile 5 


BY ADRIAN DICKS-. 


ntw high. 

Traders said the Swiss were! 
among the biggest buyers in the 
afternoon. j 

Earlier. Japanese activity: 

WEST GERMAN users of metals An unpublished study by the matter for companies themselves, i pushed the price in £1-46.50 an oVI 
such as chrome, manganese and Foreign Ministry last summer. For the longer term, however. ! in the morning. Then, before the I 


well below** 

other Community 

Dexter claimed that dairy 
net margins had 

, j. - - - - . . recovered from recent depths, 

with more than 20.000 caged • ]? e3 “ er - director-genera! of the “ Despite these and other Alilk prices had risen, feed costs 
layers. Governments Agricultural De- measures. EEC deliveries of were relatively stable, sales of 

A year earlier there were 435 w l°P m ^nt and Advisory Service, milk rose by 3 per cent in 1977 calves and olid cows produced 

producers on this scale acmunt- Even thnugh the only way to and a further 4 per cent in the good prices and yields of milk 

ing for 5o per cent of national control EEC dairy surpluses was early m-onths of 1978.” be added, per cow had risen, pushing 

egg output I in squeeze the profits of the Talks on new .production con- margins to between 35 per cent 

At the same tune the number i European industry as a whole, trd projects had already and 20 per cent of output on 

of small-s^ale egg farmers ion- ; farmers ln this country would started. “Bu-t whatever price many farms, 

tinued to shrink, About 5.000 l be abl * to continue producing levels are agreed and other i n ,«,« .ofins net margins averi 

producers with fewer rhan 500 more milk, he claimed. measures taken, the milk sur- . *. t 1Q . 0 , 1BTI 

hens gave up the bsuiness last . British dairv farmers coaid P lu ses will only be restrained by a £ d 1B72 a eoinbinallori of f av . 

Allhough there are still j also look forward Ib a period of sq H? e * m fL, • th 5 ourable influences pushed theni 

69.000 of them, farmers of this stable costs and returns, thanks productaon, Dr. Dexter u lQ ^ l0 04 per tenL ^ l|t t ^, en 

size account for a mere 5 peri mainly to the protective effects economic and cbmatic disasters 

cent of national egg production, j of EEC membership which would - struck and marains reii to less 

Since 1971 the total number j shield them from violent upsets INGt margins than 5 per cent" on many dairy 

The industry's strength lay in British dairying had shown it units. _ • 

tbe big herds big by .EEC stan- compete with the major Dr. Dexter also promised 

dards — of SO-100 cows, kept on industries in Germany and greater stability in costs and 

faniliv farms in those' parts; 0/ France which between them pro- returns than in the past decade, 

the coimtrv ideally, suited to duce 50 per cent of all Common “The fluctuations in cereal 

grass production, he told a "dairy Market milk - . . despite suffering prices and the violent raove- 

con/erenre in Blackburn. the apparent disadvantage of ments in beef and cattle prices 

However, he warned, there was 10 w n“ ,k prices: in the early ia70s reflected world 

5U1I room for improvement. . Proof of this was to be ; Jound events and the transitional prob- 

Altbough the hest of British mrlfc In . the increases iR production Jems nf adjusting to Gommiinity 

producers could compete with in this rountrj-. arrangements." 

the best in Europe, average per- Output tius year was likely to But the EEC arrangements 

substantial 


of egg-produeine holdings has 
fallen from 125.000 to 74.000 
while the total number of lavers 
has dropped to 4»m from 54ni. 


Platinum at 
new record 


formance in ibis country was be 4 per cent higher than in now provided a 
reached ; still short of the average in I B "‘ which was -itself a record degree of insulation against 


By Our Commodities Staff 
THE PRICE or platinum 

a new record on the London free! Holland. season. The trade in dairy cows price fluctuations nf Dip typp 

market yesterday, hitting £148.50 1 The Common Market's and female calves was buoyant, which so affected UK farming a 

an dz at the afternoon fixing in; attempts in recent years to And ail this was being achieved few years ago. 

the wake of gold s progress to a, 



Growers attacked over 
rubbish in potato bags 


sidering a national', strategic be 'financed to the tune of reserves, so that for example a j price unchanged at $250 an oz 

reserve. ' DM 3bn-DM 4bn (up to £lbn» worsening situation in such key for the time being." 

At a meeting -ioday 'af the Participants at today's meeting areas as Zaire or southern Africa ^ 

Economics Ministry, a group of were reported to have agreed might leave eWst Germany more 

industrial users of- imported with the Economics Ministry Fine vulnerable than other Western! T anf | rlaoror 

minerals agreed with Herr Detlev that stockpiles are primarily a countries. < A-iaiiU UCdin 

Rohwedder, State Secretary in : 


BY A CORRESPONDENT 


charge of raw. materials policy, 
that diversification, of. supplies 
and higher level* of stocks have 
greatly reduced the country's 
vulnerability. 


Coffee attacked by pests 


By Our Commodities Staff 


THE CHAIRMAN of the Potato their early markets.” 

Marketing Board bas criticised Mr. Grantham said his con- 
Engllsb growers for 
“ rubbish." Mr. 

Grantham warned that if they crop potatoes. 


Call to end 
cruelty, not 
live trade 


By Our Commodities Staff 
selling demnation of shoddy marketing ; Rp . . 

Geoffrey also applied to growers of main- ■ ® .■ 1 SHEEP producers bava 


raised their voices against tbo 


BY SUE BRANFORD SAO PAULO, OcL 3. 

To-day’s meeting Is Ekely to ^ , 

set the tone of a. report by an THREE SPECIES of caterpillar, trol the caterpillars because they j competed among themselves. 

inter-departmental group ' ‘ ” ’ 

senior officials, due to. be pre- 
sented for Cabinet discussion on 
November 1. 


did not improve their quality. “It is foolish to put second- j riamour for a ban on exports of 
they could lose their lucrative quality stuff nn the market. . |IV ^, animals for slaughter. 

A SHARP fall in the amount of j market for parties or new especially when there is a: .The i\ational Sheep Associa- 
farm land offered for sale in potatoes to overseas producers, surplus and when the money is| tlon 1NSA1 has written to Mr. 
England in the three months He told a meeting of Worces- there." be said. ’ John Silkin, Minister of Agricul- 

ended August produced yet-tershire and Herefordshire “if you are selling a good’ lure — who himself favours ah 
j another rise in price as bidders ■ growers: “This year I found product, you can name your! en d to the live trade — savingthat 

|5 kilos of rubbish in a 254dlo price. IF you are marketing 1 cruelty should be prevented 


of two of which were previously ar ® resistant to nearly all types J Only 12,900 hectares (32.000] bag of earlies from Lincolnshire, rubbish, and too many growers ■■ rather Ulan live exports banned. 
:e- Rrarii have of spray. Morover. it is not easy! acres) were sold compared with “At that time, our own are. you have to rake what is! Mr- T. R. Johnson, chairman 

9n _ . „ D * ’ .. to spot them, as they are the’ 16,800 (41.500 acres 1 in the three potatoes were selling for 6p a offered. |Of the NSA council, wrote that 

A . ... attacked 2m coffee bushes in the same eolour igtbe ' 

MU ^ T& z S SSL 

PfJrikSB && 


. 0 — , , , IU 9|JMV LUtUJ' lUt; Biv UIV , llliv.il.' IM LHC LUI CL i pULdLUC) HtTC J MI Wp A UUCfCU. | LMUULII, *1 lUdk 

attacKed -m conee busnes^in me sarae colour a? the leaves and! months ended July and 17,500 ' pound, whereas those from “When growers were putting 1 the debate on the issue had 

I hectares (43.000 acres) in the j Cyprus and France were making their potatoes into a bag straight ; become “ emotive on one side 
with Dreviaufl t hinking at the V* c > aiCi 3 <wtr 4,1 The affected bushes belong to i comparable period of 1977. ! I2p and 8 p a pound. from the field, it was easy for a (and concerned with short-term 

Economics Ministry which has chewing up the leaves of the jj r Jorge Wqlney Atalla, once! Average price, at £3.121 a' “The Italians are continuing picker on piecework to Inb in commercial advantage on the 



Sovernraem to reconsider-.this 
■sr? 


COMMODITY MARKET REPORTS AND PRICES 

g MLETALS -VirultniiNd lleial Tradmit iwwrted KllBPed back to 151)65 on protit-iaklns and 


COPPER— Steady In roomie trading, 
tout the afternoon was very auiet. In 
me manna;? forward metal . fluctuated 
between £7to and 1774 -wit)) good volumes 
chanyitTC hands around EjTO-£ 7T2. Cnmex 
was time changed -at the opening and m 
London a sllRhUy easier trend duveinped. 
talons the price down to CT89.5 before a 
eRiw oa the Kerb of £77U. Turnover 
19.958 i cones. 


.C-OPPEK 


-a.m. . 
Official 




Amaiaanuted Metal Tradmit raported 
that in the njonttuft caA-nrlreban» traded 
at £7483. three montlB £752. *yi.5. n. 
70. 1, to. Cathodes. caab £73«. uwee months 
£758; . 3S.S. 58. . Kerb; V [rebars, three 
months £770. 7BJ..78.. Aftgnoon- Wire- 
bare. three mombfi fm.Si n. a. 70S. 
TO. 60.3. Kerb: Wtrebarj.- ifaree months 
£789.3. 5, 78. . jik 

. TUI— Little changed .4ta balance. -For- 
ward meial traded vSf . to E5S65 alter art 
advance in (he East -ovenughi. but then 
' a-Bl. ctrj" pioi. - - ■+*» 

. TII5 | Official J. — jCnofflcmi : — 


! £ 


748.5-9 i44 
7b9-.7P 


w- t. i £ i £ 

Wlrebaru; • - . 

L*rh ,7«9.5S8-c7 

3 ntiMthr i 770-.& ,4-8 
>ettl'tn'nt] 750 +7 • — : ......; 

Cathodes' \ • j • ! . 

Ut-h 738.-5 I+7^755A 7.S -4 
3nrwnthv..' 758.5-9 +B 767.5-8^ +4,75 
SQtTl’ui'ntt 7SB.5 >7.5/ — 

r.-. JjiM.' blK> I 64-66 * 


3 moiirtov. 
Sertiem'Ii 
Standard 
-Laiih ....... 

4 monttu. 
bettlem'L 
MnnkaE.. 
Now.yprt- 


.. JC ! C j L‘ 1 

7A0980 *147! 7170-90 
6976-7000 * 102 \ 6945-75 1 
'7SB0 ;t 160- - 

71 B5-205 '-+IS6 I 7170-75 
6960- b i+ 100, 6945-46 
7205 |t155; — 

ilcBO i+30 | — 


£ 

38 


r32S 

-2 


Itedse 'Wlliiis Bull liqmdarimi to'ik tbe 
price down to £ 6 .as ic me afternoon but 
fresh brainy m late trading led to a dose 
on the Kerb of £6.965. Turnover 1.836 
tonne* 

Morning; Standard, cash £7.180, £71200. 
three months £6.9S£L 73. TO. ao. 30. 53, 60. 
High Grade, cash 7.330. Kerb. Standard, 
rash £73». £7518. Utreo months £6.870, 
S3.. Afternoon: Standard, cadi £7.188, 
£7.190, three months £6.965. 30. 45. G. 49. 
39; 3S. 35. Kerb; Standard, three months 
£6.940. 45. 50. 60, 63. 

LEAD — Straits as forward meu] 
advanced from a start of £363. A short- 
age of nearby supplies led to the emer- 
gence of a backwardation. Sentiment 
was improved by recent Ea?i European 
buying. Fresh buying and chon cover- 
ing- allied to buying from an influential 
source in late trading, allowed the price 
on ibe late Kerb to dose at £394 4aftcr 
an actrre session. Turnorer 12.190 tonnes. 


COFFEE 


Robusras broke ahead In improved 
volume. Conmnstdon-houEe charust buyers 
were pnnmnem as the marker breached 
August's blghs. Drexel Burnham Lambert 
reports. Further buying In late afternoon 
prompted some stop-lass covering- and at 
the close r aloes new 34S higher on 
balance afte r an a ctive session. 

l'o*lenlKy'T"j 1 

Clow I -f- or ! Bunnw 
i — j Done 

j£ per Loxme . 


COFFEE 


November... 159CL93 

January ' 1512-18 

.Vino ........ 1444-54 

AI*v IdBO-Bb 

Julv ' 1340-45 

-erUeinher 1 5 14 20 
X-veraber.J 1895-99 


-.’5.011595 45 
■r «9.0 1512 463 
l + aO.5 1435 380 
-r 43.0 ! 1380 534 
' - 58.0 [1540-299 
t35.C|13X5-2&Q 
*— 3841-1271-60 


I am. |+ or p.m. 't- w 
(JLAD I Official I — 1 CnoBlolar — 


I.G. Index Limited 01-351 3466. Three montbs Aliunlniam 584.5-589.5 
29 Lament' Road, London SW10 OHS - 

1 . Tax-free trading on eommqdlty futnres. 

2. Tbe commodity futures market for the smaller Investor. 


COMPANY NOTICES 


Bnak of Montreal 
Established 1817 
Dividend No. 480 

Notice Js hereby given that a dividend ol twenty-eight 
cents per sharq on the paid-up capital of this 
Institution has been declared for the current quarter 
payable 29th November, 1978 to shareholders ^on 
record, as at tbe close of business 31st October, 1378. 

Shares not fully paid for by Slst .P c t? b .® ^, I 8 ? 
will rank for the purpose of the said dividend to 
the extent of the payments made on the said shares 
on or before that date* 

By Order of the Board 

J. H. J- P- Levesque 
Assistant Secretary 


PERSONAL 


- WE’D LIKE S% TOO ’ 

Of Londoners ^ help ijsthis 35«*“Jf|j 
Even for .an tour or two. rw w n 
moot a great -bonch of ,n 

a oartv itnwsuhere at 3 ww* . - , 
the choice * yotnu. 

Next SaturtJey. 7*h October, « cWm" 
The Hampton Suite. Glouc«to- Hol^ 
Harrington CardeM- , 5.W.7 (opposite 
Glourauer- ftcad tube statiooi, 
or too Churcti or Jto BattiV- OW 

£!K>. ' 

inear Ban* t" 1 * stat '° n \_ 

ns igo dir lor tno nariopa*wi«w 
far "mcouIIv Handicapped CftUdron. 


hampers 

OF GOOD FOOD & WINES 

Britain's leading packers supply- 
ing the great stores of. the world 
and leaders of industry. 

the hamper people ltd, 

Strumpshaw, Norwich. 

Tel: 713937 

Telex: 975353 Hamper* 
Colour brochure on /equest. 


art galleries 


|8EN NICHO^BOM rcccft* palnOW 
0< "" 

Z 


motor cars 


ROLLS-ROYCE SC11I 
1WS CONTINENTAL 
CONVERTIBLE 

White /red ‘nm. 93JHUL new powf"- 
hood, wper!? walu * (att.nu* 1 ^- 
iun«l I. hi jury JMilable «tw 

.funoui car. £20.000. 

■ For /art!w 9stoili. arnmtaaent* ' 
f or viewinS. etc. . 

TEL: 0362 5642 or Q9S3 4S14Z3 


rcccft* D 3 inw"i*» Mn 


28 S dctobofTlO-OO » S.30 
daltv- to .M until 1-00 Pm — 

ru*NDE GALLERY, «. Cork Street. W-l; 
^■TM 4MS. ^Recent PaitKlM'seSS 

•STOwa.tfeS i<S& 

MACKINTOSH Abb .Scott Wl Pampas 
l9th-a<Hf i Centu ry- 1_ 

recent wptefcolours. SWT. 12-Ov*- 
Metw-Frl. 10-5. 


„ w.m. gr aer r GALUERIES. 758- 5HPH 
wj^Modwo pata«"9«. KuiKure* 
iS^ine InteraastoM' 
^Bot^W'iao r*n«e- 7“**- - frt - . 
1Q.fMJ-5.Oft. . *«.- -10.00-1.00. * 


J £ £ J £ 

Ca«fa. n .....| 383.5-6 ;-r4.2fi; 389-90 ;+19 
3njOOEhaJ a8a.-5 tO. 6 1 a87.-8 t 7.76 
tctt'jOwui I 386 '+4 j — ; — - 

U.<. Spotj 3ag,j j 331,34 I 


Sales: 4.SS2 iS.SSOi lots of S tonnes. 

ICO Indicator prices for Oa. 2 fU.S. 
cents per pound): Colombian Mild 
Arabicas 177.06 'ITSSOt: umrashed 
Anblcas 15S.QV motor, other rnfJtf 
Arabiras 155 47 h.vlooi: Bobusias fCA 
IK'S 14S.90 >147.73 1 : RobUStas 1CA 1998 
ltt.50 <14S.25.i. Daih- average 15L54 
ilo«48i. 


rest- ml<. Maire other than hybrid for 
seeding i— £0.19. rest nil iSLSO. rest oil>. 
.Budtxheat— All nil vail nil*. Millet— 
+L58. rest oil <45.21. rest ait'. Grain 
sorghum— 80.95. 0.83. 6S. nU (SI .58. 0 .63. 
8.83, nil.*. 

Flour levies; Wheat or mixed wheat 
and rye floor— 12&. 73 f 127.82 1 . Rye flour— 
I30.8B 1 139.981. 

SOYABEAN MEAL 

Tho market gained £1.60 on trade tow- 
ing but failed 10 hold this level doe to 
initial hedge selling from Europe and 
profit-taking. Ter it closed «0p no on 
the day. Trade brains continues to under- 
pin the market, reports SSTW. 

" ' Vt-rtwrtaypF ur \ Uu>me>s 

Clovo ] — Unite 

-Cpenonne' [ 
r 

October 11730-20.0'.+ 1.36 110.50 

December I1/.7+I/.8 4 0.46 118.00- 17.80 

February -...'I IO.5J.l9.fi: +0.40 120.80-19.20 

April I20.S5-2T.0' -*0.56 — 

June i2I.6t-22.5 4 0.15: — 

AngnvC ,121.03-34.0 eO.Sfl — 

Octre#r L .. .. ! 121.6+26.6; -I 0.5B, - 

~ Salts: 223 ■. 1671 lots ol S innnea. 


Mortons: Casta £386. £385. £365114. Three 
months £388, 85.6. 65, S4-5. 65. Sa.a. 65. 

84.5. - 81 S3. Kerb; Casta £385 j, ts. three 
months £3815. S5. Afternoon. Cash 29$. 
98. three months ssss, S&3. sr. svj. S3. 

88.6. 88. Kerb; Cash £396, three months 
£387. 86.5. 87. 07S. S3, 88; 80. 91. 52. M. 9S. 

ZINC— Very Arm. helped toy the general 
tone of lead and Jnfluenced bythe <eaih- 
ness of copper, a shoruge of nearby 
maud contributed to the firmness nf the 
marker. Forward maierlal siarred ai 
£MB and climbed through the day to doa* 
on the Kerb at 1455. Turnover CSOO 
wanes. 


RUBBER 


SUGAR 


STEADIER o netting on the London 
physical marirnt. Fair tnWrea rtaroukhoin 
the day.' closing on a quiet note. Lewis 
and .Peat reported a Malaysian god own 
twice Of 266-t257i cents (buyer, . Oct.1. 

>o. 1 iTeaieidaj'fJ Prenoai ! Buraneu 
R.s.ir. 1 L'kne I Clow i . Pone 


. *.m. ;+ xt. p.rn. ,t+or 

ZLN'O ! OOetaJ i — , tnofficia.! — 


»• ' £ £ 

Cash j 342.5-5 +6.5' 545^-4 +8 

Smunths.. 432.0-3 — 5.5' 453.5-4 4 75 
^'toent- 443 i + 5.6! — — - 

EVim.westl _ - i ; 29-411 

Horning: Cash £342 J. three months £353. 
54. 53.5. S3,. 52.3, S3. Kerb; Three mantas 
£353. 32.5. 53. .Afternoon: Three months 
1333. 53.5. 54. 55.^. 534. 54. S3. 5. Kerb; 
Three month* £353.5. 54, 55. 

* Cents per pound. ‘ SM per plraL 
t On previous unoffiaal close. 

SILVER 

Sliver was fixed 4.65p an oacce higher 
for spot delivery in the -London bulThio 
market rwierday at 2SL00P L'.S. nasi 
equivalenifi or the fixing levels were; spot 
576.7c, up B.4c; ttaree-mnnita sstoc. irp 
fc3c: sU-momh 596.7c. up OSn and 12 - 
month GfILac. up B.lk.. The metal opened 
at 2»-SHp 'i57Bi-576ci and closed at 
mStbSMMp <5Bft561ic». 


Xnr 1 

1 M- * 

Jtun-Morj 
Apr-Jne 
Jv-set* ; 

Uet-Lfaii 

Jan-Marl 

Apr-Jne- 

Jy-3ept.v 


ea 95-82. in' 

ob.sO obAff 
67./ll-t7.«ui 
8dA0-hfi.Bfi| 
/VTftiUsl 
t5 78-/5 SOi 
io.fifi 

77.7B-77.7j- 


BSJfttBIWi 

t2.7u-64.U0. 

b7.6fi-b7.70r 

68.7D-bfi.aai 

71.I0-72.UO 1 

73.80-rajM! 

7645-76.39; 

77.B5-/a.Wi 


fi8.9O-G2.S0 

u.70 

Vfi-bC-tfiJO 

88^flb7.7u 

7D.40-E9./6 

/ 2 ^l-/ 1 . 6 b 

74.50 

/8.6J-75.7D 

78.80-77.70 


Sales: 474 (471> fans of 15 tonnes and 
• tl2» at 5 tonnes. 

Phssjcal dosing Prices /bums) were: 
Spot 62.750 i82i; Nov. 62.730 Dec. 

63.5flp f6S2S>. 


GRAINS 


LONDON FUTURES < GAFTAt— The 
wheat market opened 10p down and 
a abolish easing a fnrtber 2 Op on country 
•telling, prices bv the ninrnmK dose bad 
recovered by up' to 58p due to dealer 
buying. Barley opened unchanged and 
remained steady dwnnchnui the morning, 
commercial buying being- .the- maun 
leahtnu. in the aricrnoon hoih wheat and 
barley saw little movement m a thin 
market, Acb repons. 


SILVER i Builwu rfoK L-3I.E. H-nr 

per ! flxrus I — : clow . I — 

■ tinj- ,w. j pru^ I j " ! " 


WHEAT 


BARLEY 


Spot J293 p j+4.66 a04.4j, [4B.4 

Mono rh« .1300.6 p ' -M.aS 301-SSpk6.4 
? month* ^at-8-7p ’-r4;7ta: — 1 

3 montbal aSS.Bii ;+6.65 — ; «—• 


me— ' Turnover IS ffflt lots of 18.888 
oes. MornlnB: Three months 233.7. 300.6. 
388.5. sms. 390.9. 300'. Kerbs: Threp 
months S00.fi. 300-3. Afternoon: Ttyee 
months Ml j, 1.7, 1.8. >.7. I.S. 1-6. i-8, 
I.B. Kerbs; Three months 305. 2J. 

• ALUMINIUM— Three moalhs morning 
Ctose £5Sfi.5fl-£537 f£536-£3S6 51 afternoon 
tiose S£5-50-£jSS rszaie). Trades: 
ilomfng £696 j. 57, S6J. RS. 86.5. Kerb: 
Three mondis £388. Afternoon fSSfi i i 93. 
Serb: Three months £586. Sales: LEM- 
iosoesi 


COCOA 


TratUng was duD for most of ths day 
alihongh the undenone was strong. 
Amiviiy ar ihe rinse tmrir values to tho 
days highs, recorj GUI and Duff as. 

i Y<54UTd*y’fi :"+w f_r " 

COCOA ! Ulwe ! — : l^nt* 


Xn^UMir'l 

Da- 1977.0-78-0 +30J) 1873.D-iK5 

llareh . 3nB.0-IZ-u +35^2015.198011 

Urn- 20 18-3-20.3 ^28.5 2030.0-1995 

Julv 2809.0- i 1.0 -r 293 2011.0-1386 

cent. 1870 J- SO. 1 ,-17.6 1964-ft 1S65 

li'a- 1940.0-46.0 ,25 0 1940.0 1922 

M arr-h )9«i.0-g1).0 -6 .0 - 

Sales' "I 4t» tl.lS-yr.'ors of 10 '.mines. 
InlerantfoNl Cocoa Organisation fU S. 
cents per pntmili— DaJy price nr.t. ?: 
289-S? (l<0 12"». • Indicator Prices On. 5: 
15-day average iTI.H .tiTLSTt; 22-day 
averaga lTOJi 1 798.63 


ll'estcrdaj , 'a) + or Jtertwiay'B] + or 
Utouto' . close ■ njuse > — 


Xov. ; 88.16 '+0.15! 80.80 : +O.10 

Jan. j ao.Bfi: ; t 0.151 aS.26 i+o.10 

liar. 93.3 J , + 0.2ti' 8t.60 +0.03 

Ab.v_| J9B.7a^j+i»;1iJ!_8d.lU WU.05 

Bastoesa done- Whrat— J,'«rir. STiStWBJa, 
Jan. 90.-n-M.sa Jaarch ffi^fl-S3.ao, Uay 
94.3ftMiU. Sales. 78 lots. Barley— Nov. 
6D. 49-80.30, Jan. 53JjS.11, March 83.46- 
65.60. May toT.B0-S5.lQ. Sales. 76. 

IMPORTED— Wheat: CWTtS So I lflj 
per evil ucl. 95.75 Tilbury selieri. U.S. 
Dark Northern Surtng No. 2 14 per cent 
On. 84.75. Nov. 65.75. Dec S7J0 tranship- 
ment East Crust sell era. U.S_ Hard Winter 
131 per cent OcL 85.00. Nov. 88.00, tran- 
shipment East Coast sellers. EEC wheat 
unquoted. 

Mahe: UU. French OcL 109.75, Nov. 
100 00, Dec. 101.00 transhipment East Coast 
sellers. S- African While OcL/Nev. S] SO 
Glasgow sellers. S. African Yellow Ocl/ 
Not. BliSO Glasgow Sellers. 

Barley: finnlish Feed fob Get 78.0ft 
Nov *2-50 seller*. 

Sorghnm: nnikndied. 

HCCA— Lomtlou ra.farm spot prices. 
Other milKns wheat— England 87.70, 
Uorks and uxon sc.50. Feed barley— 
NK England T4Jdl. Berks anil Oxon 74 10. 

The L'K mortetiry ctwflicient for tbe 
week bealnnmg Ocl B hifl increase lo 
u;i. 

EEC DAILY IMPORT LEVIES— The 
foQawing ESC levies sod areimums are 
cffCLtiv* -tor -Ott, -4 In ufl:I* (if account 
per tonne. I»*. order current levy plus 
Nov- Dec. and Jan. premium. 1 : fvriih pre- 
vntos in brackets’. • Common * wheat— 
&! W: res: lU! 'S3J2fi: Jest ntli. Durum’ 
■riieat— ISaiil: rest nil 1125.91: rest nil;". 
Kyi— 85.4ft- re« nt! '85.46, rest nil,. 
Barley— flO.23. A W. 0.9.1, ml iBfr.SS. 0.4;. 
OjH, &!»< Dane— 75.86. lest mi ii*184, 


LONDON DAILY PRICE 'raw BOgir) 
£11 j.PO ■ samei a tonne of for 0«.-K«v. 
shipment. White sugar daily pnee was 
fixed ai flll.n t£112.00.t. 

Opeoins prices were around overmshr 
levels and i her carter quotation--, were, con- 
tamed in a narrow range for the morn- 
ing- reports c. Ctaarnikaw. Later, how- 

ever. fnilowiiur reports that the (>.R. 
Senate Finace Coramiuee had passed the 
Smrsr Blil of Senator Church, forward 
prices rallied sharply by £2. But prnfil- 
Ukina pared the gains to some 75 points 
by the dose. 

?uc"f ; • 

Prof. rYwtewlay'ii Prarioni ; Bujrruew 

Comm. : CkiM j Clou Done 
'-rei. ; j i 

£ per omor 

Dec. 115.65 (5.86 H4J5-15.M 1 16.: 0 14 25 

March . . H9 7Q- (9.au)l 18.8* (8.3* IS0.5P lb.2a 
Slav .... ; 122 la-22 ^s; 121.10-21.40 1S2JB-2T.0B 

Ans - 125.00-26.fifi' 124.50 24.x A 125.7b- 24.00 

Uet '147.7ft 40.06= 1 01 M 27.76 1Z9JKI-27.26 

Ua-. : 150.75-51 J9il30.5U 51.00, Ifil.flu all.cO 

llarcb ..| 1 84.-i»Ml»0l 155.70-54.70' _ — 
Sales:"' S. li*”» 3.116 i" lots of 50 tnnnesT 
Tate and Lyle ex-refinery price for 
granulated ba,i« -white *uzar wa*.- £284.63 
iratnc a larine fur ‘homo trade and 
£171.00 ( rattle i fur erport. 

International Sugar Agreement: US. 
Cents per pound fob and stowed Caribbean 
puri. Pnccs for Ott. 2: Dally 8.W ts.977; 
13-day average 8-36 (S.32 1. 

WHITE SUGAR— Futures dOhed £0.S3 
to- £1.90 per munc higher. Near Keta. 
posiuan closed at £121^0 io.H2I.75 after 
a rraduta hioh-low of £121.30 to £119.50: 
April £L34.7.i iO.fl2S.50 after 1124.75 10 
C122: and July £128.75 to -£130 after £128 u 
to £157.56. SalMi 413 lots t4l£l of 50 
tonnes. ” . " " 

WOOL FUTURES 

LONDON— Dali and featureless, reports 
Bache. 

(Pence per kQaj 


to M0. anporced frnieo: XZ VU 54 0 to 
SS.fl. . - 

Pork: English, order 100 lbs 37.0 to tf.ft 
JW-I28 lbs 3S.0 CO 45.6. 128-160 Hn J6.0 IO 
43.9. 

Grouse: Young Best teacbi 190.8 lo 
220 . 0 . 

Partridges: YoUOff feachl 2004 to 240.0. 
MEAT COMMISSION— Average fi««d 
prices at representative markets on 
October 3. DB— Cattle BS.41p per kg.Lw. 
(-0.451; UK— Sheep 123. tip per 

kg.csi.d.c.w. i ->-8.4 1 ; GB— Pigs SaJp per 
kgJ-ir- «+0Jt. Ingiasd and Wales— 
CaiU*; numbers down 23 per cent, average 
priet 65.1 jp i-0.31i: Steep down 15 j mtr 
eriu. averagi* 133.7p i -*-0.4.; Pigs down 
119 p«r vent, average fij.4p itU.2i. 
5coiiand— Ca.Liv down 9.t» per wut. 
a-vrogc M.24p Sheep up ;».t p- r 

veut, avurage I3b.4p i-i-a.ic Figs up 
vil per cum. uvrrjge ffl Op i — 'b.li. 

COVENT GARDEN — i Prices m Slerliug 
Per package except tvbere otherwise 
staled.— Imported Produce; Lemons— 

1 ml i a ii. I2U. I jtfs - new ,wop j.iM.211: 
touatua. Tra_s I.5U-2.JU; S. Airicun: 7.34- 

i. iui. Cyprus. Trays 3.nu-J.2u: Turkish; 

S.tiO. Oranges— S. Airicau; Valencia Late 
4.386.20: Uramlian: Valencia Laic . 3.3u- 
:i.h0; Argentluc 4.K0-3.4U. Grajwlruii— 
Uominlcau: 4.39-5-40; 5. African; fas 4.6 j: 
Jamaican: 5.00-5.40; Cyprus: a.iM-5.4-1. 
Apples — French: New crop UoldvO 

flulldOUS 2 (Mb 72 2.I7U-L20. ft4 l.sd-l.iflj: 
40-lb 3.B9-I.2U. Mark Crunson 20-lb t4 2.49, 
Uranny Smith 2.10-2.60. Pears— trench: 
Alesandna 2iU: Per pound liaban. 
Williams u. 2tH)2U. Peaches — I Lilian- li 
trays ftfiftlsO. ; Plums— RwnajU an: Anna 
Suadi per trra l.M), lUUan: Pur pound 
Mauley 0.14. Granos— Dalian.- Regina 1.6ft 
2.M. Blat-k Regina French. Alphonse 
per pound djil. Bananas— Jamaican Per 
pound it.14. Avocadus— Kenya: Fnene 
16.24s 4.0O-4. 30: S Airlcan: ruene 4.0o- 
4 3it; IsravD; LSU-tsO Capsicums— Omen. 
Fer 3 kilos O. Oulwii— tipjoish: 3.60- 

j. 20; Dutch: 1.80--MU. Fickjers 10 kllus 
i.l’ii. Meioits— .Spjatsb; Vtdiou fi M 2.70- 

з. 7U. Green 3J2HUI. T#ma«es- Umcn 
2.1U-I2M: Jersey: i.ob-S.Ou; Spanish: 2.UO- 
•J.J9: Guernsey. 2.0 ft -20. Deics— Algerian: 
Per glove box 0.33-0.35. Pemesraiuue*— 
SpjnuJi: Pur box -W ’90s a.IhKLaU. 

English Produce:. PMataes— Per 25 kUos 
2.181.46. Leuucn — Per U round 0 70. Cos 
l.uO. Webbs 1.20. Cue embers — Per tray 
12-245 new crop LS0-2.40. Mushrooms— 
Per pound 0.64-0. 7u. Apples— Per pound 
Lord Derby 0.81-0.05. Seamier 0.06-0.09. 
Cux’s Orange Pippin O.Bo-OJC. Tide mao's 

и. iM. Worcester Pcurmaju 0.05-U.Uft. Russets 
u.uft-0.07. Pears — Per pound Williams tuu. 
C t»o Terence 0.KHUI. Plums— Per pound 
Uush ii.Oa. Marjorie's Seed Jug 6.12. Lai ton 
0ih>. Damssns — Per pound 0.15. Tomatoes 
—Per 12-lb KubIinS - 1 .00-2.86. Cabbages— 
Per crale O.WMJ.Du. Celery— Per r.ead 
O.tui. Caulinowers— Per II Lincoln u >o- 
1.06. Runner Beans— Per pound Stick tLle. 
Beetroot— Per 2to-ib P.fiO. Carrots— Per 
28- fb OJO-iF.TdT' Cagskums— Pef bound 
039. CMirgcues— Per pound lUiHl.12. 
Onions — Per bag 1.30-1.68. PickJers 1.40- 

2 j0. SwWet— Per 2»Ih to.MWJ.60 Turnips 
^Per 20-lb 1.00. Parsnips— Per 23-ih l.uu- 
l.io. sprains— ■ Per ocutnd ii.or-iu». - Cob- 
nuts— Per pound' KCUT 0-.33-0.3j. Corn 
Cobs— Each 0.84-0 (C.- - 


PRICE CHANGES 

Price In looses union otberw-tsu stated. 


U.S. Markets 


*£?*£»*- 1 Oct. 3 + or • Month 

1 | 1978 — ' ago 


■ I 

MeUia I 

At o mi mum.. <£710 

Free marker te,*).;61.B70'B0 
C.#cws*«b Hr.Bvr fi74B.73 
' mnmh« In.' in r i£769.5 

L'nh Cdbnl# £733 

* month* ,io. 4ii.|£758 

iifll'1 'Fmv >M.-Si.22- 123 

looi r»«h. ... ,k3B9.5 

’ mimih*. £387 J 

N'fa-ue- ; ! : 

t ny MM-kM<eiit<i>-.;S1.7B 

1.90 


Plat taitin nwv .«. 

Free Mtrkrl 

Vii'Chiiii cr i /am. 
*i-rer rrnv . 

S months ..... 

I'm tla.(b..._ 

i itnnth- 

tllTU-MiHi 1 21 

IVolfram 52.04 cif 

A.m* i»*h. 

f mnni he.. 
Prolocem... ... 


£150 

'L 140.50 
,4122 '27. 
293 
:300.6m 
I t7. 172.5 
,E6 955.5 ■ 
■8141.06, 
>141, <»6' 
£543.75, 
l' 533. 75 
6675 


(tils i 

C'neonui <Ptiili..._.;^70QM 

limuiviDUt. _T 1 ; 

Lin-w-i L’ruAe <ri..U:5bO 
Haim Ma Incan - . )fi612u 


£680 

S 1075 ■95 

+ 4 L751.75 

-^4.26 C746.75 
t 4 11720.5 
*•4.75 £"<23 
-4.5 £209 875 
T 10 £540 
■r 7.75 L345.25 

$1.80 
- 2.5 1.93 

.. . . £130 
: 3.73 £1*5.66 

>12*50 
>■4.89 .'to. 1^« 
-4.55 ^95.- 
22.5 £o.985 
2 fb.387.5 

6137 82 

>140.44 

-8 £318.5 

>• 7.5 '2526.75 
'8625 

-6 9755 

.. . . imea 

£330 

-7 S58B 


BoecU 

Cfipr* Phillip :£532-5t . . 5494 

-nwMM ,8276 b: .-9.6 !>263 


Grains ' I 

dar ev ; 

Home fntdres. . -£83.25 

Meiw* 1 

French No. 6 Am JJ102.7&* 
W beer 

No. 1 K»( Spnti* £93.76 
Nn. j Hwvny'intej '£85 
Lu&ll"b UiniuutvIfiHl 
Loomi >biijmi-nl..'..'A'2.071 

Future lire..; ,t2.011 

L\>ITee Fuinre....... ! 

■N«V <£L5I5 

i-orum -A' ln-iec.....74JB5r 
Kuiv-er kno — .... . I62.25i 
-U*sr :ttnn: £111.0 

i*tm|.* h 4« mi.*...;473i> 


+0.10 3B0.6 

100.76 

- 1.0 £91 
+ 1.0 

£80.5 

; £1.564.5 

V 36.5-^1.809.5 

-49 £1.533 
+0.1D 74.63c 
+ 0.25 a7.76p 

£99 

-£7dp 


Nominal, t Xvw crop. : I'noiiotrd. 
fir-runo-Aug. ti Jufy-Seot. o SrDI. rrict. 
' ft, -t.-Xnv. . t Nov.-Drv. aVfy, m Dec. 
x Per ioil z Jadicaror price. 


Marcos threat 
to ban log 
exports 

MANILA. Oct.. 3. 

PRESIDENT FERDINAND E. 
MARCOS threatened to outlaw 
the export of logs unless loggers 
voiuatariJy beLped the Phihp- 
s&ies: o <«> toifi ttf L500 Mob. V*nps Govermneot conserve the 

Sydney greasy, aow iin order nation s threatened forests. 


Australian 

Greaar"’wl 

or ( Butinou 
Cl4ae j— ! Done 

LhMOPer 

1 | 

• , — 

Dvoemiw ... 

t2to.ftau : 1 — 

Jluvo 

236.6-40.0 : — 

May 

138.0-11.0 1 : - 

July.... 

SiBJUsj) j - 


Z58JM0J1 ‘ : — 

Dccsinhvr ... 

250.0-43:0 j J - 

Uares 

242.U-47.fi ! — 


buyer, seller, hwincsft sales'— Micron 
contract; OcL W ^.736.0. SB 5-337 S. X<‘. 
Dec. 3580.fl48.ft it; March 

SjH.ftlift'j. W7.ft.T555, iO: May 
.162 0-381.0. — : July 3fi7.fl-W7.-J. Ur72!-3G7 0, 
23: Oil 37LiU372 ft 370.3C7H.5. 2: Dec. 
374.0-373.8. 374.11-374.0. J4: March 375.5- 
377.0. utl. nil Total sal as; lJft 

NEW ZEALAND CROSSBREDS— Close 
'in order buvnr. sullrr^— D*>c. Ito7j-U8.0. 
Mariib 167.ft!M.d, May lM.Vl.n.fi, July 
191.tMK.il. Oct. 192 0-lU.il, One. 193.6-1B5 .Ui 
M arch Wl-ftM6.fi. Sales: .Nil. 

MEAT/VEGETABLES 

SMITHFiELD — i Prices In pence per 
pound— Beef! SfC'iweb killed rides 6?.J fo 
57 8. tlire hmdqu-jriers t52.D to 65.0. Foro- 
auarirrs '**■ il to 3S.0. 

Veal: Enslifib Fats B2 0 lo 7D.0, Dutch 
Hhuff and Ends $4.6 to 9T.8. 

Lamb; English Small 56. P to et*.p, 
Medium L-'O *o W.O. 5«.fl to 55.0. 

ScakA Medium- S2.o K9 Sfi.ft, -Heavy *1.0- 


•' There has to be a stop some- 
where,” the President told a 
national forestry . congress. 
“Even today t have reliable in- 
formation that only 50 per cent 
of the loggers are voluntarily 
complying with my inst ructions." 

President Marcos said he had 
already cancelled 1-0 timber 
licenses and said: “If necessary, 
1 will cancel all limber licenses 
and institute the most draconian 
and' most radical measures to 
protect our forests . . .-unless I 
axn convinced .by arguments to 
aUow exportation of logs to 
continue, it is my ■■intention to 

fclop it immediately." 


FINANCIAL TIMES 


'*s- 2 fs*iu. as m.^Hii 

! Tear 4B-' 

256.59 iaS3.74 ; 250.61 j 

237.19 


REUTERS 

tiel. 3 j Out. 2 agm Vwir a*- 


1 509-9 ; 1500.9 ; 1471.3 ; 1502.4 
(Bam: Se^MUher is. l'931=108> 

• OQ W JO NES _ 

iw ) Oct. | j UuoUil year 
W_! i j 29 j 4 cp j' 

twt ..-579.58,377.7 lsS77.3lj473.62 
fotiirr-' 5 79.2 3317.3 6^74.24 3 17.0a 
(Av«ntg« 

. MOODY'S 


lluiir'* 


a*. ■ .'.r. . ,.... 


95 8^1 J56.2 939.4 S27.5 
fDKombvr f|. iin'i"=IMi' 


YEW YORK. Oct. 2. 

_ CiCB»— Doc. 167.45 Ring 

lfifi 90 <187.10'). Mas- 166.15. Jnljt 164.85, 
Sept. 162J5. Dec. 158.85. Sales: 2M- 

Coffee—" C " Contract— Dec. U2js 
»lfa.65>. March Ml.35-14I.5fl '139.381, May 
l3o-2*.I3S..a, July U5WM.D0, Sew 
132.00-132.75, Dec. 128.8ftno.50, MaiSi 
I35.flftl32.D0. .Sales: aflfl lots. 

Cspper-Oa. SfiSfl 1 65.05,. Yov. «7.|* 
*M .w, Dec. fiT.ei. Jan. 68.35. Mart* 
sp.M. May .n.'j, July 71 . SO. Sept. 73Jfl. 
Dec. .3.40, Jan. ;:.i0. March 74.53. Mar 
<■■*-50. July Tfi.uj. Sales: ;.^oo. 

Coilon — del. fi< 10-R4 30 n«e. 

6« LS-6T..4U Ida 55'. March n*.lflLfl>.70. May 
U9.9nM.y5, July 69.95. Ua M.6ft0fi.rfl„ 
Di-t-. 66.5H. .March 67 15 b-.ij. Sales: 5A59. 

-Gold— Ocl. 220.IU iZIT.POi, Xov. K1.3B 
•219.5111 Dec. 22J.10. Feb. 226.78. April 
2:lli.3a. June 234 00. A ur. 237.70. riel. 341.40 
Dec. 245-8. Feb. 24* IO, Apnl 253. Ift 
June 237.70. Sul.-*: ln.9J4. 

1 Lard — Chicago loose 24.75 'same), yf 
prune si cam 26.25 traded turner. 

IMalze— Dec. ::P2-22Sj CJA* ,. Marcfl 
239J-239: ■ Odfiti. May 3464-8451. July 24M, 
Sepi 2513. D-c. 254i. 

{Waiinum — O ct. 2S7.ni iSKrsn., jag. 
2S9.jft30.5O 1 -2*7.00 ». April 293.50, Jnty 
29fi 20-262.48. Oct. .’9S.9ft21W.lfl. Jan. .S02^ft 
M2. 60. April 2l‘3. 30-305.70. Sales: 785. 

rsilvw— Oct. 572 So iSGJJA*. Nn-. S7T.(8 
1 447-40 •. Dec. 551.30. Jan. 3S320. March 
593 sfl. May 602. -W. July Ml. 30. Repi. 620.40 
Dev IW 50. Jan. 539.2P, March 645.6ft 
Ma;- fcsa.’n. .lulv 667 00. Salps: TJfll) 
Bandy and Hannan spnt 366 . oq i 561.50)! 

Soybeans— Nnv. 6e2-fiS1 i6JP. Jan. 669+. 
669 (6551,. March 674i-676 Mar SPl-ftfla, 
July BKJ-663. Ann. 675. Sent. 661. Ntr, 
aw. 

Soybean Oil— Oct. 23 3ft 25 55 '53 373'; 

Dev- 25 00214 90 ■24.73-. Jan. 24.75-24.85 
March 34.40. Mar 24.lfl-a4.lS. July 23.9ft 
Ana. 22 73 asked 

[Soybean Meal— Oct. 174 nO-HTah 
ilTntn.. Dec. I77SIM7TM '174.10.. Jan. 
ITS Sfti79.no. March ISOjfl-ifli.M. Mar 
15L7P-1SI.60. July 1S8.50-IS2.M, Auk. 
182 ■ 

Sugar— No II : Jan. 9.15-9.17 rsiqv 
Wurth 9 12 '9.09.. May 9 47. July 0 BA 
Sepr. 9.62. ri«. 9. 99, Jan. 9.9ftlfl4ft 
March nil. Salt-.i. 3.311. 

Tin— fi.ifl-oEO nom. '642.MI nnnU, 

■-Whcal-rDec. .l48-ft:.«:4 (342 *j. March 
'432-342! i“7; ,. May 117. July 332:. Sept. 
326* (win. Dec. 2314 nom. 

W'WNIPEG. Pet. 2. *tRie—Oct. 96.90 
*9“.58'. Nov. os.io bid 107 00 avkedi. Dec» 
Bfl.90 hid. May 101.70 bid. July I02.M. ; 

trOaic— riot. 75.00 bid (74.1H bid.. D«ia 
73 00 i74.no aski-d > March 74.60 bid, May 
74.3H July 74.40 bid. 

n Bar ley — Ocr. 71. nil '7I.2H>. Dec. 72.90 
172 in,. March 74.70 bid. May 75.00 hid, 
July 75.60 asked. 

(l Flaxseed— Oct. 254.70 bid C54.40L- 
Vov. -254. W1 bui >5%|IMI bid*. Dec. 233. go, 
May 236.70 asked. July 2.76.30 asked. 

"Whoai— 5CW RS 1“5 wr cent pnKeip 
content ctr SI. LauTenre 177.24 'I73j4j, 

All remv per pound u-wareboosg 
unless oihennse slated. *Ss per troy 
nunce— inn ounce lots, t Chicago kHMo 
Js ptr inn lbs— Dept, or Ag. prim pre- 
vious day- Prime sleaiP fob. NY bitfle 
tank ears, t Cents per 56 lh bushel ex- 
vi-r rehouse, .'■.nrm bushel lots. 5Js tw- 
troy nimve for 50 m anus of 99.6 Mr 
i-rt purity delivered NY. 9 Cents per 
Dav ounce *x-wareh*u»e. I| New *■ a - * 
in/nraci In $s a shnn ion fur bulk low 
Of 10(1 short inns delivered f.n.h. car* 
Chicacn. Toledo, St. Loitig and Alloa, 
“ Cents per 6* 1b hushel in stfltvs. 
t. Cents per 24 lb bushel. Zt Cents per 
A« Ib bushel ex-warehouse, a; Cents Per 

56 lh hushel ex-warehouse, 1.000 bushel 

luts. ft SC per lonnc, • 


CRIMS8Y FISH— Supply fair and 
demand goad. Prices per vatic ai shin s 
«:de luuproutescdi: shelf cal =4 .TO Vr-w, 
codlings 23.0ft £4. 00; large Suddnck £4 jft 
L-OO: rnednmi haddock ss.38.i4.fl0. ^rnatl 
£3.3ftia£0T lafte plaice £4.00-£4.58. meJiuni 
i4. 4ft £5.53. best small 33 3ft £4 .v>; !aru» 
Iklhftjd dogfish £10 M Tnctftiun iSOfl. 
™>diu» IcOum sola Xs^fl; Baube £1.40- 
£3. 30. 


RACAL BLT\'S 

In g £178, 001) deal Hacal Hee- 
Ironies ha.s acquired a furiher §0 
per cent of Enquiry- Sysletnjs 
lakini' iis.Make in tbp messas* 
eornmunieaiion^ and teles 
manasenient company to 89 pex 
cent. . - 

Racal said that the company— 
which qcneriiied sale« of more 
than ISOO.wn Iasi year and is tq 
be renamed Racal-ESL— will con- 
ccnlratp in the hiffh technology 
area of automatic desk-to-rieyfc 
message transmission usinz 
microprocessor controlled equi> 
ment. 


I 







HUNGARIAN INTERNATIONAL 
BANK LIMITED 


LONDON 


has pleasure in announcing that 
at a meeting of the shareholders held in London on 
2Stli June, 1978, it was resolved to increase the authorised 
share capital of the bank by £1,000,000 to £4,000,000: the 
increase to be funded by shareholders' subscriptions 
totalling £500,000 and capitalisation of £500,000 of the 
reserves of the bank. 


From 1st October, 1978 the capital of the bank is as follows:— 

£ 

Authorised and Fully Paid Shares 4,000,000 

Subordinated Loan Stock 1.500.000 


L500,0Q0 

£5,500,000 


Principal Activities 

The company commenced operations in August 3973 and is a fully authorised U.K. 
bank, carrying on an international banking business. Activities include: 

1. inter-bank deposit and foreign exchange dealing, 

2. bill discounting, a forfait placement and trading, 

3. short, and medium term euro-currency loans, 

4. documentary credits, 

5. market making in secondary U.S. $ London certificates of deposit ffor major 
U K. Clearing and Canadian bank issuers for periods of from one to six months), 

6. market making in National Bank of Hungary eurobonds, 

7. leasing. 


.by John moore 

THE ARCANE business of and Lloyd’s provided tlie sot- responsible for the poor pro- ; At -the recent ammaf 
reinsurance has hit the head- port for the U-S. domestic inirar- conditions in the markets ing of reinsurance profession^ 
lines m a big f way this year. A ance market. Hard-to-place risks' os are the new. aggressive and. in Monte Carlo. Mr. GnimS; 
string of disputes between ended up in London and so did relatively inexperienced com- Benktanderr-a chief actuary 5* 
reinsurance groups and other a large chunk of reinsurance, names *be Swiss Re group, gave T 

m ^S as l concerns— the most Over that period premium R af H er than lose business and waramg that /'several of tW 
notable between the Brazilian income from the U:S; to the ™ a rtS sh^ becaiSe^of refus- reinsurance nsk carrier*® 

ffjawfiVdc SSSSrsss sg 

Jtssssgsa SSsrsrss "rzZ 

auflEffenme ihi» Wav “ awesome rate, provided they make up the difference with He - 5tre ™. *** U* aw* 

are Eobuz^hairt h »d the backing from financially, profitable business, or offset important task of supervise 

IZ TitoLS rapable Pirent Tfe mmo of the eettack with euthonSes was to 

companies “ * “ Prudential Re, a subsidiary of reinsurance. The reinsurer in solvency. Solvency is ^ 

^ . * . .the Prudential Insurance Com- turn adopts a similar philo- relation between the sue. of ffi*- 

The increasing, number of pany of America, was formed 2y . policyholder's surplus, the 

rernsu^ujce legal battles and j n 1973 W h en 4t was 1 under- However the reinsurance margin in the premiums, w ,/ ! 
debate S stem ^rnm net premiums of S3 1.5m. groups have their own problems. J* 1 ® sensible net retention 

wSg £ ' TonStior in By 1976 Pn.denUar.Re wi s fJZ^chmarkete hoovering insurance company. *»■ 

net pram “ 5 - 


are affecting all insurance 
mechanisms. Ail insurance 
markets have become highly 
competitive in a way which 


Reserves 


ency for insurers with improved to lay down solvency 
capital bases to retain more of for reinsurance coacerrab&’ 
their premiums rather than lay cause the margins depend nw 
off their risks in reinsurance. the mix of their busiruMslJJ 
The new boldness of .the P°“cy they pursue 


some regard as verv harmful . u worm The new Domness 01 .me — ** — . p«A«ue m, 

to those operatine within it Insurance scene has changed, insurers ha3 iD turn led the r®?®™® 5 - 50 aprons *»> 

Reinsurance Mem ing ly a S *fl “ arke 5 hawe Tecovered reinsurers into highly corapeti- jjjldly about what a suiftfej 

J-nSTjLr and have mad ® insurance com- tive conditions. And they are Virgin should be particular?. 

JI?* Plies’ reserves healthier, and finding it increasingly difficult to cover the eventuality flftaS- 

tte ?o^« rommSwWcS for ^ last few years ««« to ttiir choice claims arising from earthing 

^£SVSSSSS h " heen a rel ? tiTCly favourable 5 bSsfness. which is often un- - da **g*. - 

is simple to u cr.tana. claims experience in. many profitable and troublesome. As Mr. Benktander also wanw- 

Defined, reinsurance is the classes of business. reinsurers trim their own rates, of the danger from the 

protection that insurance com- Because of this, - many the insurance companies in turn boy" competitor who perteji-- 

P a, ll C,S ., and underwnte i’s con- insurers and reinsurers have increase their business volumes was not aware of the pracfiai.Y: 

tractually arrange among them- f e ] t ab j B t0 dip ti, e ( r 1nt0 t0 t j, e reinsurer— preferring to . consequences of pared premia*;.;'', 
selves for !ne purpose of insurance markets where some- take a commission on their risks rates. He is not eager to 
developing their own business, times -they have little expert- while at the same time making ou t what his action, costs- to, 1 
Often risks are ton great for one ence l * 8lin? that their profits remain cause his first priority i,T 

insurer to bear solely on his Xhere Ls more n more consistent. . . inter the market and creafc" 

?irir a ™rt U Sf thf ni^u^h^tw insilre and reinrare than there’ In those conditions many re- Potion ip it . .w..-.. 

all or part of the risk with other j B demand to satisfy, that will- insurers rely increasingly on - Surprisingly, for what has W 1 
cnT,cerns ? r spec* 3 ' hst ingness. This has provoked their relationships with brokers come an important function,*, i 
reinsurance companies. competitive conditions in'- cer- in order to provide business the insurance industry, refaw- i! 

Reinsurance gives the insur- tain lines of business the like flows. Here problems often surance is subjected ' to htth-nr ' 5 
ance company the flexibility to n f which has not Been seen for arise. For the business is the way of government W- •] 
accept risks of an amount and years, for there is now a world* occasionally produced for the trols. Legislators have tended to 4 
of a type which, without re- wide premium hunger. ; reinsurer by what a judge concentrate supervision on ft* \ 

insurance, its capita! would not Premiums in relation to the '••described in a recent action as insurance companies becanserf. I 

be able to cope with. It allows SJbSfdwfid ™en wjo get a gj«r - direct link 

insurance companies to grow m to the bone Fnr instance. Indus- °f business in a short tune holders: the sharp end f 

— «nd new insurance offices trial fir^premiiSTTn E^- but leave a lot of troubles consumer market. 
to be estahhshed. in re i at j nn tn r be of behind them. f'ntncU- } 

Like the rest of the insurance insurance cover have fallen by - TO® broker's job is to secure \^alEStrODll6 ' • • ! 

industry reinsurance is highly around 25-30 per cent since the best possible insurance r J 

cyclical. It expands when in- 1973. and other property dam- cover for his client at the best W1,at fear in. the i» 

surance companies' financial ase insurance premiums stand pos-^ihl® («r cheapest) terms trance mdnstry is that if a | 
reserves are eroded by falling a t rates lower than bfefora the th e companies. The even- Iar S e natural cata^m^ -* 


catastn^ie i 


stock market, values or under- Darwin disaster of 1974," tual profitability on the insur- occurs then many reinsnBm ^ i 
writing losses. An above aver- Marine insunm~ ance business does not matter companies are likely to ftfl j 
age rise nf non-life reinsurance by the t0 hfm because he is pai ^ a b *? USe of rate ■«»«-«( 1 
nrpmilims TiPtwoon IQTfl " _ . won 0 1 snipping. rw,TYi/m i Ecirt-n hacni? nnruhr nn I-hs onder-resennnp' IioMIn Jki-L. 


ping groups. Aviation insurance 


by such conditions. Withmanv B hi» WdSTiS OTmin S increasingly reluctant to P"M Their failure^ 

In these circumstances claims business has been trimmed as t0 sett] l c,ajms wb?ch nil 8 ht ** SIS® 8 *&***& * 

could become onerous, par- airlines operate leaner airlines reasonah,y contested when pre- •*« throu^ont ; fta 

ticularly if inflation is incTeas- preferring to operate wide- ““u* 1 * ar ® mnSv^^nf i 

ing the value of the risks. Ne.w bodied jets But the valun of . InevitaM >' 0QCe a reinsurer man - v financial strains, 
business is turned aside and individual risks has risen re- hecftn J e * embroiled in a dispute. And yet. the industry mgs* 
an increasing amount of re- quiring perhaps some increase JPJJ“ ,a *wn in insutmee Rich a crisis 11 1 necenacy fe- 

insuranr.e cover is arranged, in reinsurance, cover while circles about its financial posi- bnng Minty back to, the. 
When this happened in the U.S. premiums are pegged by -com- ^■ n * ll 2 1 , IL! 1 !I^ r SlS er , mark ^ J or ll i only 

between 1973 and 197f^a petition. Other iiSirance thar- the financifll of reinsur- competition pulls out after t 

penod when U.S. insurance kets are equally competitive +h nCe ^SJl 0T V e Wh i£ h has ■ eVBr ? run • of loaseii ttir 

companieB’ operating results Manv nf the mainr been the subject of mudi pro- premums can again start to i«- 

decUned London c^p mM .* SST* dlSal "° n “ Jg 




Business in the air. 


At Rockwell International, we see our 
business as helping business. And to do 
this we put technology to work.The 
Rockwell Sabreliner is one of the most 
successful business jets ever built It gives 
executives a quiet, roomy working environ- 
ment whilst speeding them economically 
to their destination.Time is valuable. Our 


technology hel ps make the most of it 
The same standards of thinking apply 
to another range of business tools-the 
industrial sewing machines we build for 
garment manufacturers. Fast working, 

reliable and versatile, they're helping 

business make the most of its most 
valuable asset-people. 


Business on the ground. 


V\fe put technology to work in a wide 
number of areas. Automotive, space, power 
tools, industrial valves, micro-electronics, 
printing, telecommunications and energy. 

And, of course, aviation and industrial 
sewing machines. 

Rockwell International. Putting 
technology to work-tor you. 


BrambwEngneer^C&LM.,l£^ ^BoS«e?ln^TOSSsA 


f you would like to know more about 
us, please write tpThe Communications 
Director, Rockwell International Limited, ' 
Rockwell House, 23 Grafton Street 
London W1P 5LG, England 

9 Rockwell international 




Roc * Mgil International Lm.. laxion; RocKwefl-Maufelgy Lm. Afcester; Rodweg-Rimacs cG&tt finbrni tm . i nh-ocw . Rghiril Th n. . 

Automottie CteMto^VWwfyhamptoaR ^ v ' < * w barni«« 






k 




Financial llmes. Wednesday October j4 ' 1978 


•AS ** 

* -S%r:,r- * rr s .-f^ 
WBsraisfV . 


SURVEY 



.Wednesday October 4 1978 




l 


f 


tar?;-. e ... 

!* r*r:r- ‘ a / u 

f S^Vf.; ' V - 

55 r p.. ? 

? IS'I -. . . • • * 

©r , -1-/7. '*■-••■ 

■*a- r-v '" • • 


Kuwait is one of the wealthiest of the Gulf States and a major source 
- of aid to the Arab world. Its financial sector, though relatively unsophisticated 
by Western, standards, is gradually increasing its international involvement. 


tTAKT'-X. 







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r,.» 


IvBKiargesfdnd leading bank in- 
Kuwa^for '25' years. 

NBK THe bank,wfucH hcs grown with 
Kuwait, taaneet the demcnds of the 
economic ar^infrostajcture . 


•NBKFoir service bank able to' take card 
of ©8 commercial, merchant ond . v • ' \* 
Investment bonktng fei^iirernenis.' 

MBK Worldwide correspondent ; ; » • : 
bonking network Before undertaking \\ 
pny business in Kuwait or the Gulf.' . ■ ;■ 
area, use'ydur golden key and consult ' 
pur international banking group. ; ■. 
Investment and Merchant 
Banking Division , ' 

Tel: 4220Ti, Tele* Kwf 2043/2451, 2704. 
More y AAartet Dtviaon Tel: 44 1098/9. 
Telex: 3226, 3227, 3327 Kt. 




7\> 

■ -r Y* i 

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ir --^7^ \\ A - 








The National Bank of Kuwait SAK 

RQ Box 95 Tele* National Kwt 204$ Telephone. 422011 (Head Office) 












- •• ' .H y * ,‘U S 

■ -Financial- Times Wednesday Ociober^agT? 


KUWAIT BANKING AM) FINANCE II 







KUWAIT'S ECONOMY and the followed by the Kuwait Foreign gramme its political vulner- The same appLies . te Kuwait, *^bowe»er^ - 

handling of il> finances are in Trading and Investment Cora- ability. The Kuwait Fund for pa ted revenue for # = •'* 

many ways uselul pointers to pany t SO per cent government) Arab Economic Development hjch i leaving aside . interest a ^ B0PJJ capacity t.TwS 

the future fur those oil pro- and the Kuwait InternationaJ fKFAED), now a model for ■ foreign holdings) is to cultural potential is'li^tftnS 

ducers of the Gulf. Saud> Investment Company (KUO Arab aid funds because of its vnatfui compared with its industrial possibUitf* iS 

Arabia and the UAE which can (private). Their activities, political . independence .and «wh nr »vious year slightly] ess so; This h£fjJ2 

expect to continue generating which arc reviewed elsewhere, capacity for m a ki ng judgments KD2.3bn m the - previous .> ■ 6 ^L wll th6 : b 

surpluses in the future. Having complement each other in their on economic criteria "Was, after Predictably, in spite ot tne oov- * financi* i wHS 1 * 

in the 1950s been the first state specialisations but reflect the all. set up shortly -after the Iraqi ernment's efforts to diversify. {j 0tJ g a „ d 35 a result they^' 


to 


10 undergo the unsettling ex- long-established and growing attempt to fake • over the th . hu ,,- o£ this re venue,-95 per * soohistiratelr iLI^ 

hdi>nminp rnlB incfituHnnc /anrl mimtrv in IQftf Airf tne DU1* *■ . , mOTe sopuismwea tnaru 


perience of suddenly becomins role of Kuwaiti institutions (and country in 1961. Aid .obviously ^1 «unes from oil. And it can- „« nthP r * 

opulent, it has had longer to not just Government-backed remains an arm of foreign under iined too heavily Kuwait? dune? -of 

?!L"' e LH ,e :_'“?H?. ri 5.. e .^' r f; °° e . s) in ** ■ SSSETS X. ohm » »“<*. « p™viaes „ iBteraaIiona , 


gances that initially go with it underwriting and placement of friends while tiying to allay foundations of the economy, are ^ns^in^d' hVthi 
Kuwait lias become more es- fends-in effee, the surpluses fears about secants. Aid from contribution to 

pert than others at putting into — the mtemationar bond Kuwait to ! ff“ r developed j r provides 91.. per fn operate in the 

order the day-to-day running of markets. countries touUed (at current ™* DUe 0 ‘ f , 0 £i exports, . 75 ^ vere lSmotionf ^ • 

*• economy, it lias, at the It was with this background exchange per cen t of foreign ^change 


the economy'. Jt lias, at me u was wi n un> i»«siu»hu ‘rC^^T-r iS= t per cent of foreign exenange R 

same time, attempted to reach in nnnd that to}™** «« ‘ “J ^ earnings and 70 per cent of the gST 


same time, attempted to reacn m moi u» - — - r*. *r; - ■ “ earnings and «u per ceni 01 me .i nrN iCiiv.-aii 'ha*' 

decisions pn the sort of safe- GmMt set “P JeJnyiolatc *'%**'***** GDP. However, tlie budgetary nesied with some enS^ 


aeviaiDiis on Tile sori ui a. ■ ------ i-mu ' GDr. However, u*c uuu£c>«ij. nessed with some enviiii^^^ 

guards it heeds to take against " Fund for Future Generations GAP oyer 1 he. past &evdn years. surp | US- a ftcr successive falls 0 .ring the arowth 

the day when oil and its direct derived from 10 per cent of all ^ Kuwaiti * Government is s ince 1975. is expected to re- offshore - banking - -am?® 

revenues begin to decline: Government revenues, as a long- ^^3^1 t0 reveal the . details cord in the current financial pnmacv j n manaSng /a uiSs’ 

whether to diversify into large * erm pension fund. In the con- o£ ^ tola | inoney disbursed as year a rise of KD35&m from f or K u ’ wa iti dinars. 

oil-related or unrelated indus- f**E o£ \ its earnings and mreM- grants and loans . -but' according KD285m. During 1978. it ex- pe red by an interest 


natural resource replacing oil d ° lla T; But this is more because 5527111 the following - year, cioated decline of 8 1 
in the ground and live off them ® f *™. *‘ lort ' te t ^ e „u„ if ,„ Between those years the main crude Q ji production, 
long term. fluctuations on the purchasing recipients were the * frontline" 


Kuwait International Finance Company, 
better known as KIFCO. is becoming an 
important name on the international 
financial scene. Its assets and income both 
doubled between 1976 and 1977. 

KIFCO is active in financinglarge 
projects, syndication of multicurrency loans, 
managing and underwriting issues, portfolio 
management, lending in Eurocurrencies, and. 
foreign exchange. It has appeared in 
underwriting/ selling groups of 250 
international issues, and has entered the 
Japanese convertible sector and the Asian 
dollar market. It continues to contribute- 
significantly to the growth of the Middle 
East capital market. 


In reaching its enncIiision« powe . r °!L a barrel °f ° iJ . th . an Arab states: Egypt ($997m.), -r i 

.“** * ls Ln ..’ on the Resen-e, which is in- s; VPia (S o 74m TT -Tfirdan I ,0031 
the Kuwaiti Government has vesled on a 10 . 2 5 year ^ /Smi While ^ amounts - L/ULai 
been helped by various factors. Scale . But officials take comfort I? 9 ®?*- ™ Oil prod 


8 per cent in ment for the- streagtheBit^S,-? 
on. the local market was 

sion to amend the T968 bani^- ; 


the Kuwaiti Government has vesled orJ a 10 . 2 5 year time JgJj* 1, 

DPPTI hplnpri hi* vonniis farlnrs _ e i9*iTOTni. 


law. The new recsiob-*St 
promulgated in Octdfar^'S- 


been helped by various factors. Scale , But officiaJs take comfort ™ of eiSTlSS Oil production in 1977 aver- year- with --die a imof 

First. Kuwait is a longe-term £ r0 ra the measure of diversifica- ™ LviL Bv aged 1.97m barrels a day com- the local capital , raarktf® 

surplus state, which unlike ti on of their investments, which ^FAED has risln ^SS^slnS P arcd wilh 2 l4m b/d in 1976 ' ?. anking sce J) e *? f 


Saudi Arabia, cannni possibly offers protection. But basically and it is Kuwait's aim for fiscal the same time..;:iiie .iiofaflS|V. 

expect to absorb all its income. ^ long-term commitment— and practical reasons- to keep conunumty-^reabsea 

It has therefore been del ■berate expressed in Kuwait's public ^*1 stebJ the level at 2m b/d. This is tional Mnn» ; '- 

policy to invest abroad its supp ort for the dollar-stems P^y becauee of growing local back the develop^Btcd ‘ 

money as a source of future /rom greater confidence in the had ris^n tn S? 475r^ needs, such as industry, dec *? ipa^eU.in-K^rf. 

income. I- urthermore. even economy of the U.S. rather than Ai rhn „ h f .h ^ tricity generation and for de- (Unar-d nominated, . .bon^i 

though its surplus from nil is ^ those of Europe. Or as Although Kuwait officials are .. H niants and also to largely because there wetc^T- 

bound to decline, as a result of Mr. Abdcl-Rahman Attiqi, the ! “ Sftn^'r provide input far the LPG pla nr, J - 

ihPim>n>«Pinti.Am M m A fmm r been a certain reservation 1U1 u “ cpnmrerciai 


Arab and Third world not prooiems out u aura ooes nav^e ^ industrial Bank -of kS- 
just because of lower returns, the richest eillzens bn earth. (iBKl.and thatwo-devekmT^ 


I KlRVATTTNJnrPPTVTATTriXrA T Fr\t A \rrr Fn c A T. r ment Board was set up ln emerges. Kuwait is undoubtedly tion 
I vv ™ 1 AlN 1 nKJN A l IUJNAL FINANCE CX). 5.A.K. London. Ten years later, the dedicated to the working of free speculi 

*A ■ P.O. Box No. Ill 92 Salat-KU\VA]T. Tel: +M272 Telet2569KTGinencv. ^ k,t .- f ° rrt8 - but . ,he “?>» 


The Dutch are dredging 
C ; ; / t constmctii^newdikes and 

l^ouisanovo*thew^ 

Five of the^ world’s biggest 
companies areDutch. 

Dutchtugboatstowships 
safely over the five oceans. 

The first eontinentalairline 
to Newiork was Dutch. Forty 
percent of all transport in the 
European Common Market goes via die Dutch. 

HoIlandistoosmallfortheDutch. 

Does it surprise you then that a Dutch 
bank,the ABN Bank, has branches 
in almost every financial 

andtrade centre indie world? ^ 


; .-v .-'.***** 


Qr- 


/r***^i 


bound to decline, as a result of Mr. Abdcl-Rahman Alliqi, the Sin '2Sf provide input far the LPG pla nr, few participants beyipi the %{■' 

the increase in the income from Kuwaiti Minister of Finance b ®*f ^ Kuwait mav have some commeT ^ 1 banksr-fte-^S|. 

investments, Kuwait can look has put it :: there is no altera*- abo “ l 1 ° ve 2? e J ts • h,.f If a i Jn a fourth investment 8 anqgS^ 

forward to its long-term total tiveto the dollar." Arab u atld ^^r? world not problems but it a^o does have industrial Bank -qf Kijfe \ ' 

surpluses continuinz to rise. J ust because of lower returns, the richest citizens on earth. ^IBK), and thfr tWtKdeVehtina e \ 

Its assets at present arc esti- MstmnWPr but ^ be^se of ' the According to the Union Bank ^nds. KFAED and AFeS^*' 

mated to be in the region 0 f J-TlatlipUW Cl security of investments and of Switzerland the per caput Early in 1977 tbV Aiftr '(£»$' 

over 830bn; composed of S26bn a second feature has been restrictions imposed..; by sIow GNP in 29/ # was 811.950 re- pa ny for Trading Seoiigii^ ’ 
in the Reserve at the end of manpower Kuwaiti citizens administration and . .changing presenting a. real rise of 4.8 (ACTS) was set iip fay - 1 mUan * s 
June. 1978: about S4 bn in early make up less than half the ,aw3 ‘ formation, of ■ the- per cenr over the previous KUC to create an friTedfe 

197S held by the finance population and the Government ^ flter ’ Arab ^y^tment Guaran- year. Unlike many countries secondary market 
Ministry for budgetary expendi- acu tely conscious not onlv of tee CoEP 0 ™ 110 " has reduced where such a statistic repre- other KTuiefinrn ina W ■■■ ' 
ture: and foreign currency the social problems this conld soine of 0,es * risks - ^ nts mainly levels of direct ties. This .stimulated ' ' 

holdings oF the Central Bank cause but also of the fact that Since the post-1973 boom re- Government spending, in banks to issue ' teWto.tfSjfr ?- 

put at 32.3bn in June by the th j s situation could become lented there has been talk Kuwait’s case it reflects more short-tern? certificate* of -AMH-r ' 

more acute if labour rather than from time to time .admittedly genuinely the economic stand- (CD). There were a 
It fits into Kuwait's early capital intensive projects were of a somewhat unconvincing * n S of the individual citizen in additional significant ■ jPS 9 ^l : 
acquaintanceship with wealth selected (such as the LPG plant nature, of the need to introduce f ^ e . ^Sht of long standing First, the.; - - 

that it should have started chan- at Shuaiba whose first train austerity into the economy, policies to redistribute the opened the waiy temafe^ayiS^ ;r. : 
TieUiug part of its Resent* inlo starts operating this month). This partly reflects concern at site's wealth as broadly as pos- -able _■ for local- industries -tifatir, g. 
equity investihent as early as In the process of working out the potentially damaging pofi- $ ible - Thus it has an advanced, medium and long^erni , sr, 

1952, when the Kuwait Invest- these options. a paradox tical and social effects of ihfla- craddle-to-grave social welfare Second, it has -give? ounsktef' \-< 

ment Board was set up in emerges. Kuwait is undoubtedly tion and the uncontrolled system. Wages are kept high, able impetus to tlie KD ^.l.; 

London. Ten years later, the dedicated to the working of free speculation on the stock market The Government assists local market itselL lt has inadft^^ a? 

Government took a 50 per cent market forces, but the Govern- and in real estate. At the same businessmen. In addition there market more genqineiy giKP'^ 

share with the private sector to mient intervenes directlv— not time, the budget for 1978-79 has been a Jong standing Gov- national. As a result inore finny fe- 
establish the first of the now least because it generated from fending June 30), provides in eminent policy of buying expen- half fte^insUtirtioiMliiu^^. 
renowned "three Ks" the Kuwait oil such a high proportion of money terms for a, freeze ,in ^ ,ve ,Md from the public and KD bond issues Jre-iioiis4M|ir ^-; 
Investment Company, which was income~to an extraordinary spending on development, as the selling it back cheaply. ' comfortable in 

““ [extent in social affairs, and also Government becomes more con- .. .Thus in the current financial th ? bonds ca u b^b o^.- 

1 1'* * predictably in the' economy, cerned with economising in ybar allocations for ordinary an 2 .' < ** w 25^i!^2S3’-l' 

rlnp/l CXI TlO* rrs Intervention takes not only view of the declining budeetaiy spending, development and and t * u# .- ^ *” - 

LU CU-WU IW, the form of Central Bank cun- surplus, which was exacerbated property were up bv 57 per S°»l,® ore 

C_7 tro! of the commercial banks, last year by anxiety over the cent, and th* hndmt‘>n dotiaris' weakness,; • _ : t • I, 


hut also snrh com names as the cent down on the 
Kuwait Flour Mills or the year's projection of 
National Industries Company. Allowing for mflatioi 
It is noi unfair to attribute as over the past year 
one of the initial motives for r»*m. this represents 
Kuwait's impressive aid pro- cline. 


ov tnnanon estimated an. exercise in notional guide- * L.- ' 'taTTlTiS 5 - 

M-« w .< IS per line, then in 'drawing Bp precise ’“'T,*'?.', ^ • 

represents a real de- targets— indicates that the state , ** a ti o nal r «ctitre_ as ' 

is aiming more at services than Anthony- McUentt0|fc 

International Markets % I 


: . V .V' ; 

. i 


Steady growth continues 


mvest- refineries and a petrochemical serandary market has greatly the big international banks, aad 
S :" d „ US S ra,h ! r than ship m,t Improved. But there is still a assert^ lh& don^ahee >*r fif 


C ° r f nr ; u distinctly TOSHKA to* this Hh 

ate borrower will put a seal nf Kuwaitis see the need to about the list of borrowers, and has been' dollar KtiianfflsS' hotf* .]|j 

approval upon the Kuwaiti diversify the sources of income, the jrd market need^* the evbr and KD synaicated®®^ -] ** 

dinar capita) markets. In the As one banker put it: "Banks appearance of some good nam« SS&wSSSw'.'l 

rA n il ra ^ e L S ^ k i n . s ™ r 5 a .r d to -avoid the imprfssion^ "55 


rial institutions has developed industry. It does require laree j s ^ibffy to be unfamiliar^fh off ® red rate) - 1 . . 
largely in reflection nf the inputs of skilled specialist !. 1? ^ 0nP reCent ,t)a ? - 

country's position as a chronic labour, which is in very short L,. ^ under * lemcm was a s fi lt ' 

i . i n..K «ul Uc under tne imn P^inn L-mi - J arraS'SJfc:-- 


exporter of capital. Originallv supnJ.v around the Gulf! JL . is^^un^strlUlSo 6551011 Ki>II - 7m and _ 

the Government was insirn- The three " Ks " continue t,i „ a r .L S _f !? u 5 b * tn ? nr * er eup " Union Cement of . ■ 


The Dutch are globe trotLers. 
They have to be. if their small 
country i«> to mean anything in the 
world. They have been building, 
transporting and trading in foreign 
lands for centuries. 

So ha* the A! gem one Bank 
Nederland in -10 countries on the 
five continents. 

Supporting local as well as interna- 
tional banking needs.They know 
the right people, the languages, the 
markets. due to their 150 years* if 
international business and banking 
experience. 

Evcrpv here the Algemenc 
Bank Nederland can offer you the 
same service bated on the support 


of their head office experts in Am- 
sterdam and their strong financial 
position. 

Apply for the brcxrhure 
"The international network of the 
Algemene Bank Nederland”. 

ABN Bank. Dept. , * 
Vijzelstraat 32. BO. B«ix 669. Amster- 
dam.The Nethertands.Telex 11417. 
Telegraphic address: Gen bank. 




1 '■*♦!■•*'■ ' 'rl.-r *i: Th c i'i r 

I-' TC : : u 

f-.A, \,... . K-tV p. 

(■II JU. 

Vui lif-.l'-- K.i-.i l*i. rLi'n.-J.il; Liuilflii.' - l . 

I'll 1 1 .T-7JI. i.iJiHI. jflt", i-jui. 

XI. ,i. I'.i •■•h I m-. ,ir< h'liMai;- Hi-. -;.i- . 

1 hii., P :lvi. I'll !>••• J.Hi: i-, 1 ; ".*J.” ! ""^i. , i-|. \ r 

-ii.in '• v .L. r. ■: I ..iiMir.i; ,\I f - .i i t.-,. 

• ••i .;ii, ■; > 1 .i-li - • I <uUk • 

I— ■ in ' \ii* x.f, V.-. u'li Cl..i-ri rJ~z Abe.,; :\rz, 

l*i * l--;. !iv | -Ip ■ >. .’ 1 ij ia 1 1 1, , !u| 


up 






i v >' 


ABN Bank 


mental in sertinq up two »f the have a close relationship with ai| Kn 11 £S!t cbmpMiy ... 
bui xn vest men 1 companies. In 'he Minutry nf Finance, and ^ dfairl >' ^ady parf y .owned' by. Kuwait*^., 

provide expertise in channelling 1,ie Uovernmcm remains by Tar . 51 a l,asKea ° r currencies, vestars. The lead manage^^c- . 
the State's surpluses abroad " l, ie largest investor in the st ‘ll. with a permanent sur- were the Industrial.' Bai w^ ; • . 

Kuwait Investment Gomnanv region, but the institutions have? Plus the Central Bank can set Kuwait and KFTCIC. -Tfitf 
i KID was set up nt 136t and achieved some success in diver- the ,ev el of the currency very was syndicated among BMEgfr- .. ' 
is 30 per cent Government s,f > in s the sources of funds. A much where it likes, and it is a banks, and institutians,;ftwf^. 
owned: Kuwait Forcicn Tradinn hcy ract or in this has been the matter For conjecture what them- in Kuwait, and alra0^ra& 
Gontravtin^ and Investment dt?ve *°P men T uf the KD bond Policy might be in, say, ten the rest elsewhere in . ' 

Companr tKFTGIC.i was estah- market, which has been wen as >-eat ?! tl f” e - A stronger KD or with /strong Arab . 

I i. shed three rears later and means ,,f countering the w <>uld trim the domestic infla- While the Kuwaiti banka ,- ; 
features a Government share- exchange risk which looms large *± on »»*■ ° n the other band, keen to play a mnre actire.m^^; 
holdinc of so per cent. m ,he minds °E investors in the Kuwait jias provided very large m managing syndicated 

The third of the three "Ks"— ID j , - denominated they are also anxious to see.w®^ • 

Kuwali International Invest- A tori anrf°?r,v Vh 3 V ni» P1 i I i> S co " ntri ^ s * major international^ 

ment Company fKIiC) — is. how- ACCClCrSlCCl fr™««t D «r cban f Se in Policy In vesting in the Gulf area, c .. 

ever, entire K- owned by the' A good deal has been wou,d th ls context there .ha&-^w' : 'v. [ u 

pnvate sector. It was estah- achieved. Tt is five years since tari« n3TOSnip 10 Uiesc tern - some . disappointment - 

Iished in 1073. and since then the first interantional KD bond n - - mmiher; of foreign baaks^ h a f W o. ;• . 

a number nf oth**r private issue was launched for ifie . A more fundamental problem turned down loans like that?®^ ; 
invesinirnt npc-ratinn^ have Philippines by KUC. and the * s l . bat ^lere are no natural Union Cement. -=r - 

hern founded. pace accelerated until 197fi foreign . borrowers of dinars, in The difficulty Is that the : -y ‘ : • - 

Arcording m Mu* Central' when 13 issues raised KDTfim. { ! ,e shape of foreign corpora- pean and American, hanks h«g§-j 4 ;-: ;■ 
Bank. 13 of thi* 17 investment There was a reversal in 1977". tions -which want to match KD n # 0 real means of .assessing ; ' 

i-nmpanies suhiect to Central when six borrowers raised only aMOts- and liabilities. In this risks of Gulf projects. -A qui®*^5 : 

Bank supervision have been set KD3liu. But the market has se nse, .the KD is always going phone call to - a - hapke 1 *; - 

up within the past four years, picked up again much more to be a rather artificial currency Kuwait for an opinion 

Some uf these foreign share* strongly this year. In which to borrow. - the only method o£ : 

holders, including fnreign hank« In the first nine months bund Kuwaiti financial institutions scr « n l“8 and thatiis .-«gj !% . 
which are keen to. get sonic Issues totalled KD93m with a have also . been very active In re® 1 ^ ' a' satisfactory -basis- ■ - 

Min of fiHiihnid in The pr*ii**r- trend inwards longer maturities loan syndications, something of on commitments- of 

icrt Kuwaiti hanking market, The lae.sf KDlOm issue for Elec! a bodm area in the Middle East si2e - " / L : # - 

hut under Kuwaiti law such trobas stretched out t 0 12 years this year 'a Iso a wave or Gulf bur ' However. .It * s UtertUble .. 

Gireivin interests arc. limited in nna vmipon nf 3} per cent— and rowero'havc come to the market. an mtcrnatioftaleitp^w . • t 


Bank and 


“•ervites mduslry around the marke expect There to ba num* Union de Banquc's ATabes ct • , * rcad >' rnme a- long; way i .'Th?ftj--j!-. ,• j-. 
export nf capital, .mst a s »r can her of other issues— perhaps as Fraacsir!^. ' arp. determined . in ' 


export nf capital, .mst as ir can bur of other issues— perhaps as KraneaTiifts. " - aro..deterr 

make Mtnsn rnrnn ml exporting- many as six or .seven— before Arpb.ban.kers have been seiz- rurtber --. '‘ 
cuitiurj. like Kuwait, tp build the end oi lhe >eav...a.Dd ihe jng the opportunity io squeeze. ’. . 


. pwy RiteSS* ' 


i^i yi pi— ‘-s ■» 


■-■■■ :-X-V'A 




Fin^pcl'al' times Wednesday October £1978 

KUWAIT BANKING AND FINANCE III 


Comnsercial banking 


i^*<C tlfF-.l 

^fteqorr.v . 

: ? r - 

iriJ-’ 


8$ 

fkiti-'v ■ 

l%*v 
- *•*. ■/. 

tWi* a.v 
RiS-T? ... 
K ' -ST" . - 

^*o.V . 

>t» ; .1? ~ 

ire f.i"- 


o^v^r-; 

Vt/rt'i.' 

ayij' 

• • 

3rr2*.r:.: • 

K . - 

Jarr*;-. 

cv.-rr..' 
»is‘ v-ir.-- 

; 

ffwst • :- 

^iV:« •: - 
**.- T 
W'iur-i.L: 
near w* - 
■bo ;„- a 
> r. 

?KJ2 

«; '->■' 
rfr. her ■ ■ 
Daii-c-.v 
Msr^r'.y . 

.. 

sWr^v •. 

I if . 
a'...-.:- 

13 .S ; ..• 

■- 

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te- ’:. - 

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iJSf * 

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m: r: 

• • 

imri'Mi . 
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r 7*v, ; 
&.**-}. • 






fcfr :k-' 
WMcc* ’ 

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dfrir- 
tec. ••••'•••'■ ■ 
- 

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fe:-- 

ir-fv?;- , 

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-!. NORMALLY' rather cosy exposure and holdings of foreign oJ* 12 per eent compared with 

• Tjrtd of commercial banking investments rose only "ibodestly the more normal- 4 per cent 
: ) Kuwait has'Vecehtly become' in the first hair of the year.- or so. 

=. ' little less tranquil. As well as For the commercial- banking Certainly the determination 
. tiduring a rather mild Kuwaiti sector foreign currency assets of the Kuwaitis to keep control 
srsion of a credit squeeze in now represent only about a-third of' their banking system remains 
877— ^vheo.at one time annual of the balance-sheet total, a- far undiminished— and the decision 
rowth of' the aarrowjy defined cry from the 54 per. cent, of to allow the Bonk of Bahrain 

'. ioney supply dropped to 1974, let alone the 70'J»r cent of and Kuwait, registered in 
. round 15 per cent— the banks' 1971. Besides reflecting', the Bahrain and owned as to 50 
- aye had to contend with, the growth and development of ; tbe per cent by Bahraini citizens, 
•: itrusioh of the Bahraini Off- Kuwaiti economy, thjs pattern to open a branch in Kuwait 
lore Banking Units into some is also explained — particularly City's commercial district can- 
:. eas of - the Kuwaiti dinar -more recently— by the .growing 1,1,1 he taken as representing 
' oney and banking markets. • uncertainty over exchange rates, any kind of precedent. 

Expansion of the balance Still, the Kuwaiti comthercial .J h ^ re ' s e tortuous explan** 

• leets of existing banks has b a«ksobtainsubstantia^ep?wlts t '° n for ,hl | 5t ' 01, cession, relat- 

- •'••so encouSS^the Covers in dollars and other 'currencies £*J° the ' ln «?, hl * t 5 r, Sh 1, ? k5 

ent. to allow 8 new institutions the normal course of their *? d oe ™?iinn 

open up. Burgan Bgnk was business, and in absolute terms d Offshirc 8 BanWna Unit 

^ r JSaiKSf-SS "t r ,he“ Bank 

.. -u»nce House— which- is to has continued to grow. - mcreas- 0 r Kuwait a consnnium bank 
\ aerate under strict Islamic \^SX V they now have the *bn* A nun7ber * of Kuwaiti financial 
.. ) v r' h *? opened - its doors ihfi and .staffing: institutions, including coramer- 

4thjq the past few weeks, arid- develop their own: cial banks, own the other 50 

iere has even been the un- loan business: a number of mb- per ceQt Qf BBR ^ , t was 

■ .recedented appearance of. a stgntial dollar credits wye »een made a special ca ^ Even so 

V ;reign registered bank. Bank arranged in the GuK this year. lool{ threfi yea ^. g be £ ore p er . 

Bahrain and Kuwait, on the 1 ' ’. ’. f._ ' . . mission for a branch in Kuwait 

:r ®U®* Interhsink •- : was finally given, and under its 

The pattern = of • comihercial ****•. ' .• • ' present licence bo more 

• ' inking in Kuwait has normally The commercial ■ banks have branches are allowed, 

one o f buoyant deposits become internatienfljisrf^ in BB ,v eveniuaJ]y opened for 
- id inadequate domestic lend- another way, m that there. bU5lness in Kuwait last April. 

- ,g opportunities, ■ That is. cer- been signs of a growi^ reswnal with independent e^ piTal of 

toe Pjcture i - at-. present interbank money market ipvohr- KQ 3m So far it has operated 
: he banks have become very ing Kuwaiti bub-art tanks in rather unpromlsing condi . 
.-. quid, and while dep 9 sits grew elsewhere m the ■<££. , a. u with lhe other Kuwaiti 
v nearly « per cent in the first ^se extent this- ifflujet « in ba|iks all nquid. and a 

■ ?lf of 1978. bank credit. Kuwaiti dinars, and some of the . fee j in ‘ ^ ^ other 

; - -MM at less than. half that commercial banks des^ie being 

• the OBUs in Bahcain.yAccoidtng ■ shareholders are not verv 
The slbwdbwn .in credit, in to the Central Bant of Kuwai t, , . nrespnre 17 

. n ct; dates from' fh.e .-‘third KD time deposits mainlined by pIe ®^ at lts pr ®* cnce * . ( 

rarter of 1977, -For -a: rime the. commercial banks with the came on the scene just 

iere was - a -“Corresponding OBUs amounted ip ." around * y ea c ,^h e . launching of 


quarterly and annual basis— 
but it also imposes, a rigid 
system of interest rate controls 
If this interest rate structure 
were to become unrealistic the 
banks would find their develop- 
ment severely hampered. 

This threatened to happen 
until the law was changed in 
November, 1976, allowing the 
Central Bank the flexibility to 
change interest rates according 
to circumstances. The old rigid 
interest rate ceiling of 7 per 
cent was then abandoned, under 
pressure from worldwide 
interest rate rises. 

The new structure, which was 
introduced in February. 197 
and has not been changed since 
is ratber complex. The maxi 
mum lending rate, which applies 
to loans in Kuwaiti dinars ex- 
tended for more than one year 
is 10 per cent, but a 7 per cent 
ceiling still applies for short 
term secured lending for financ- 
ing “productive" economic 
activities (such as imports, ex- 
ports or construction). There is 
an intermediate 84 per cent 
rate for “non-productive’' lend 
ing. Meanwhile, small savers 
have been assured a -rate of at 
least 4| per cent on savings 
accounts, whereas 4 per cent 
had Generally been paid pre- 
viously. 


Opened 


iarp reduction in the rate- of . KD 187m at the end of 1977, lhe substantially larger Burgan 

•owlhof the money 1 supply in while- the" OBUs hid some a * , »*?n i«J' ‘ 

*h« «vjr - »U„ 4TTi -- idilrvt AAnnn'tail liHfW' ihfl h3Q "tOtal Capital Of KD 10.6m. 


capital 

boasted a balance-sheet 
total of K£> 176m. Burgan was 



. tfwalt. but the aetibH. of the -KIj L -i4(lra deposited With the 
overnmerit in ‘pumping; large. Kuwait? commercial "banks.] and 
-1ms into the stock market .in . Undoubtedly -the OBUs .have 
'■ support operation cbntribixteij' cpritributed to the develbppient _ set , U P alter a period of 
a- surge in the monetary^ of the banking seCtbr in Kuwait: extremely rapid expansion or 
jgr#gates early. in 3978/ . : .before- they came on thq sfbne. banking systera in Kuwait 

Tire tailing away of - the’ there could scarcely have ''been ” in early 19/7 almost all the 
nnoinie boom during‘f97fl had .sajd-to be a KD money market b ^ nk5 substantially increased 
ft- real estate borrowers over- at all. On the other handi the ^ beir capital through nghts 
retched, and many rmportersr OBUs represent ootp petition. fpr. is ^ ies - 

• und tti«nselves canyihg much lending. Dinars deposited With. appeared that the Govern- 

..... .. . . .. : — .. .. ^ i *- establish a 

the new 

! limits were 

• it construction and real estate are-permitted to operate on less ^aced on the -size bf individual 

ill bear the scars of earlier. strnigent liquidity -ratios thgb pr^ate shareholdings, in the 
~ -er-optimism. and demand has banks in KuWaiVthey are o|ffen end, npwever, the Government 
- i oved slow’ to recover. . in' a position to lend at .flner j<self took up 51 per cent of 
There are signs, hdwever^ that rates. . -- - • > Burge ns capital: the Ginrern- 

- ink credit has. helped to fuel However, on. several^ occa- ment already owned half the 
is year's stock market revival. ' siong the OBUs have gqne shorr ca Pi ta ^ . tbe Ban ^ Kuwait 
iere are also indications that of KDs and thtf Kuw^iti banks the Middle East, but does 
: resurgence of trade activity have had' opportunities to bring not have significant interests in 
. is produced, within the: past ..home tq: the OBUs* just where °^ r commercial banks 
w months, a useful upturn in the domestic market is. The f a P*h from .Kuwait Finance 

tter of credit business. , big advantage /Of - the Kuwaiti House). . 

And interestingly, it does not banks ' lies in. their possession It' is particularly necessary- in 
k : ’^pCar as Though the commer- of currency 'siv’ap Facilities with Kuwait fpr there *o be a close 
“il banks have succumbed at the Central Bank, so that relationship between the 
! heaiily to the temptation l« they are under no pressure t» Central Bank and the commer- 
bble more extensively in supply the OBUs with KDs. cial banks, for not only does the 

reign currency assets as a way . The last time this happened Central Bank impose liquidity 
employing domestic sur- was in the middle of July,' when controls and require regular 

uses. The banks’ net foreign overnight rates shot lip to 10 reporting — on a monthly, 


State investment 


Tbese interest rate levels 
have opened the way for the 
banks to develop their term 
lending business. But there are 
still areas where they find it 
hard to operate — notably in 
consumer instalment credit, 
where the high cost of paper- 
work and bad debts cannot be 
accommodated within a 10 pqr 
cent ceiling. 

Overall, the commercial banks 
in Kuwait currently present' a 
healthy if somewhat unexciting 
picture. They are well 
capitalised and still expanding 
comparatively fast by inter- 
national standards, although 
increasing competition and weak 
loan demand are putting their 
profits under a certain atnounL 
of pressure. . while the recent 
new entries to the market have 
worsened the perennial pro- 
blem of staff shortages. 

Some bankers complain that 
the Government neglects the 
Kuwaiti commercial banks, pre- 
ferring to place the vast bulk of 
its deposits abroad and favour- 
ing some of the other Kuwaiti 
financial ' institutions, notably 
the three “Ks." Bat it is also 
true that the commercial banks 
are isolated from the full blast 
of international competition, 
and are fortunate to be able to 
operate in a proteeied market 
consisting of the richest people 
in the world. 


Barry Riley 


Piling up the money 


*TJKE MANY of. the OPEC cent or more (against the pre- 
ta tries which suddenly vious 10 per cent) to come put 

?ame rieh after the 1973 oil into the open last year: It 
ice leap and. have sub- emerged that the KIO held 
juently managed to spend more than' f 400m of British 
sir 'way out of surplus once company shares, with' a panicu- 
■re. Kuwait has been piling lar liking for Insurance, bank- 
wealth for litany years in iqg and other financial holdings. 

^ OS ° ™, British portfolio is! of 
course, insignificant in a global 
Kuwait has been learning context and the Kuwait Govem- 
a- to live with its oil wealth Q,ent now has some 17 portfolio 
ce the early 1950s. and in managers in the majnr in vest - 

* process has become one of ment cen t re s around tiie world. 

• .world's .most ' exiierienced, ft is also a big investor in bonds, 
well as oiie of the largest, ibis side of its reserves being 
■tfolio investors. ’ For more jgrgely handled by the big in- 

1 n two decades the Min!Stry vestnjent ^mpanies’ in Kuwait 
Finance has been aceumulat- thre g » Ks " KFICIC. KIC' 
; a reserve the. size of which and kjjc. - 
a closely guarded -secret- but . 

atrotably of the order of Tbe major development in 
il” ; recent years- has been the set- 

ting up' Iff 1978 of the new 
^se Investment acti]ritJes of ^ Special Fund for the Coming 


To begin with the new fund 
had transferred to it some $3bn 
worth of the most desirable 
assets m the existing reserves, 
and .tiie 1975-76 budget surplus 
of /,Sl.75ni. Since then, the 
Special Fund has received 10 
per : cent of the Government's 
total- revenues, non-oil as well 
as pH. It should be emphasised 
ihkt the entitlement is related 
to revenue x, not surpluses. 

The whole of the Kuwait re- 
serves come under the authority 
of the Finance Ministry. They 
encompass a huge range of 
assets: cash -and liquidity (which 
is kept in the form of negotiable 

instruments), government se- 
curities! corporate and institu- 
tional . bonds. convertibles, 
equities and property. 


.os- •«»*- -r-- --- -- — - Special . Fund for the Coming 

■ Kuwaitis dame; briefly to G g nerat j pnSi « Kuwait has less 

.die attention in 1974; in nee(J than mosl oiJ producing 

t year the Government ^^5 ^ worry about what 

; pped UP -V iliJS.nS happens when the wells dry up. 
iity- stake m - Daimler-Benz, fQr ^ rKCnt ^ produc- 

. German . mptor lion existing proven reserves 

pped m during. a wouj-d last for the best part of 

tie to buy the Brittsh 2 , eeJ]tlir y All tbe same, con- 

/jMy company ' e ern about- the eventual exhaus- 

■ leh ^ *^1 itSoT ® tion ofthe oil wealth has be- 
; uncommercial Union. cflrae a political factor. 

rhe Kuwait Investment Office Jn past Kuwait re- 
V Condon bought at. Ferves bare occasionally been 
rtin’s for over flOOmr ana f 0r -special ..purposes— . 

m ® somewhat, - tight* as grants to other Arab 

ped Press conference T() states at times, of war, or for 
3 l 9 in the - ‘deal. But the uncommerc2a j aid-lype loans 
.wgitis were, surprised ana ^ investments. which are un- 

y 2«- { 1 , r Hke]y ever to be paid. 

■itical reaction to their pur- • _ , 

tses in both- Germany end The concept lying behind the 

■* UK- Since then.. tfieir. profile speeial Fund is that, a rcsen’e 
i got lower and lower while can riow.be accumulated whicn 
*ir portfolios have become , s by law inviolable, and. which 
Ker and larger: -.4 .can - be unvested in_top class 

taro inmtrhria' into the KIO's: equities and other long term in* 
tare innghw ^e wstments. with the assurance 

r "“re .hat lWe.nnof b e di 5 Wrbed 

Owners of states of 5 per for si least . o years. 


Equity 


There are also direct equity 
investment in the Arab world 
arid elsewhere, the capital of 
the State institutions .(includ- 
ing the Central Bank, the 
Kuwait Fund for Arab Econo- 
mic Development and Kuwait 
Airways)* loans to an invest, 
ments In Kuwaiti public com- 
panies. .loans to the IMF and 
the World Bank, contributions 
to oil producer sponsored pro- 
ject aid funds, investment com- 
panies and recycling institu- 
tions, and bilateral goveniment- 
lo-govemmenr. aid loans. 

The. extremely long time scale 
for investment naturally lends a 
certain detachment •’ tn the 
Kuwaiti point of view. Short- 
term "prpblems such as the weak 
ness of the dollar really only 
concern them to lhe extent that 
they hold cash balances in 
advance nf expenditure. 

Tn fTip ishurt-lerm investor 
lhe weakness nf Wall Street, 
exacerbated hy .the, weakness of 
ihri dollar, represents a severe 


performance problem. Tn con- 
trast the Kuwaiti Ministry of 
Finance, taking a 25-year view, 
is likely to conclude that it is 
even cheaper to buy dollar 
assets, while the fall in value 
of its existing investtnenis 
represents only a temporary 
fluctuation. 

Certainly the Kuwaitis have 
adopt ed very conservative in- 
vestment policies. They are not 
known for switching large in- 
vestments. or trading out of 
one market into another, ll 
would, of course, be reiy diffi- 
cult for them to embark upon 
active portfolio management 
with S25bn of assets, for 
attempts to shift even a frac- 
tion of these investments would 
lead to. chaos on -fiie stock mar- 
kets and foreign exchange mar- 
kets or tbe world, and would be 
self-defeating. 

.- The Ministry of Finance is 
prepared to move its cash 
balances around as far as it can 
to avoid losses. But Arab Gov- 
ernments resist any suggestions 
that they actually engage in cur- 
rency speculation as such, in 
the pursuit of short-term profits. 

The topical problem is, need- 
less to say. the weakness of the 
dollar, and this certainly makes 
for difficulties for the .Kuwait 
Government in budgeting and 
making • revenue projections. 
But as far ae the long-term is 
concerned, it looks as theugh 
the Kuwaitis are still strongly 
backing the U.S. 

To an extent this is because 
only in lhe U.S. arc the capital 
markets large enough to cope at 
all easily with the. immense 
impart of their investment 
revenues. Bui it is also because 
on a 35-year view the U.S. looks 
a more certain political prospect 
than alternatives like Europe. 

B.R. 



1968-1978 
Tenyears 
to make a name 

in banking. 


Ten years which have made the 
Alahli Bank of Kuwait one ofthe best 
known names among Kuwaiti Com- 
mercial Banks. 

Ten years whicn have given the 
opportunity to the Alahli Bank of 
Kuwait tobe renowned for the quality 
of its services to international contrac- 
tors operating in Kuwait 

Ten years which have given the 
opportunity to the Alahli Bank of 
Kuwait to become the best known 
commercial bank name in the Middle- 
East in the field of underwriting of 
Eurobond issues. 


Ten years of progress building 
the Bank which is always trying to 
serve you better in the Middle-East, 
the Alahli Bank of Kuwait. 


Main balance-sh eet figures 



Endl96B 

End 19’2 

End 19” 

Year ol operation 

7 

5 

10 

Capital 

0.000 

2,000 

7.000 

Capital & Reserves 3.748 

4.085 

38.608 

Deposits 

50.21 1 

86,754 

442.839 

Advances 

23.711 

38.851 

234,577 

Contra-accounts 

25.703 

J2.149 

181.445 

Total Balance-sheet 78.232 

133,288 

653.582 

Net profit 

322 

908 

2.215 


■figures in lhausancs e* Kuwai!' Oma'i) . 

1KD.= 2.80US S end 1?68 -IK'D -U.S.£end!&r2 

1 K.D. =3.5 7 U.5.S end 1 S77 



.Alahli Bank of Kuwait 


ALAHLI BANK OF KUWAIT . P.O. BOX 13 S 7 Kuu-ait -Telex 3067 A HI IBANK - Cables AHLIB.LVK. 
■ 


Bankers 

Here's why the Commercial Bank 
is uriquely qualified to service your 
construction clients in Kuwait 

Local Leaders 

The Commercial Bank is currently providing 
more financial support to the construction 
industry - than any other bank m Kuwait. We aim 
to maintain this position of leadership by pro- 
wling international contraclors and theirban- 
i-ers with the right financial package serviced 
by a leam of experienced professionals. 

Reliable Service 

A cornerstone of our success has been ourabil- 
itv to consistently provide the construction 
mdustrv with reliable service We strive to serve 
•.our clients -.v/thjhe same slandarti of serw.e 
they have come 'to expect from you. 

The Right Financial Package 

Our assets exceed S 2‘ b billion We have the 
financial strength to put together the right fman- 
c ial package to service the needs of even your 

largest international clients. 

An Experienced Management Team 

Our management team has developed an inti- 
mate knowledge of lhe construction industry. In 
addition, they have had years of international 
banking experience You and your clients will 
be 'working alongside a team of high caliber 
professionals. 

Indepth Local Knowledge Call The CBK First 

Our specialist Market Information Department You will find it most profitable to call the Com- 
provides in depth information and advice on mercial Bank concerning construction and con- 
locaf conditions. You will find this service key trading in Kuwait Contact Mr. P. Pirme, Mr. A. 
to successful ventures in Kuwait. „ Shepherd or Mr. M. Yahya. 



The Commercial Bank of Kuwait S.A.K. 

Your Partners In Progress 



fcVLNI 1 




36 



Financial Times Wednesday: ''October 4 ~ 197& 


KUWAIT BANKING AND FINANCE IV 




3 


The Stock Exchange 


Social as well as a business forum 


w 




In -April.- 1977. a temporary 


20 D 


323 


200 


175 


150 


133 


WUWgMB .J. . _ . ■ 

i ■*- V • 


u.-U, > , 

’.-‘.H ■ ArA-'Ah .vv 


?T' ■’ ’ ,* ,, V • ’t*^^'V* Vy ’• 
. v- 

- •/ • ” 

■ 4 . " .•* * 

•;\-k 


AN - EVENING stroll on to the swts of no more than 500 nr took the opportunity to launch quarter so far in 1975. 

trading floor of the Kuwait 6un. There are only 36 com- rights issues early in 1977. This Although nun or two more trading floor was opened and 
Stock Exchange — which is open panics listed by thp exchange, took something like KD l2Uui rights issues are in the offing — the market now features price 
until S p.in. each night — is a Yet in terms or turnover it out of the market. one is under way from National display boards and a closed- 

social event as well as an upper- ranked as the tweirth largest In several non-Kuwam com- industries — the market overall circuit TV system to relay prices 

t unity fur a financial flutter for the world In 1976. coming p 3mes a j sn tapped the market quite firm and solidly to brokers’ offices.' Plans are 

wealthy Kuwaitis. ahead or markets like the a hout th/s time like the ^ asc d. There is beginning to be being made for a purpose-built... 

They do nut need to be mum- Brussels or Italian bourses. Sharjah Group which is optimism about the 1978 profit slock exchange building but it 
hers, for this is a remarkably Duriug last July, a busy ^dumed to be 95 per cent figures <all companies report may be four or five years before 
unstructured stnek market with month, shares were traded to a Kuwaiti-owned hut is not for lhe year to end-Deeemberi: this is k ready: 
no fnrnial membership uf any record value of KD 204.5m. or c .jj S jjj|e fora listing in Kuwait One oF the market's strengths Meanwhile the introduction 
kind (though brokers need a sonic 1380m. London equity ( which does not prevent lively ,!i ihc freedom with which deal- uf a system of formal stock 
Government licence). They do, turnover fur that month, unofficial trading in the soi/Jr). in gs can take place in many exchange rules is believed to be 
however, need tu be wcaithy. «-alculalrc! on a compare!) e A m id all this eomnanv orofib luading shares - Vei Y large under consideration. In the 

The minimum trade is a LOOP- basis f ignoring London 4 double , n 1 , qtr , , , trades can take place without longer term too some thought 

share block, which for one of counting! was roughly £800m. m hn rti<nnnnint mudl im P acl 0,1 P riCM — on one may need to be given lu the 

the popular bank or tmancial Brokers' commissions m Kuwait [or the da ^ recently, for instance, relationship between the stock' 

shares could easily mean an arc. however, tiny compared whole Kuwait economy shar es in Kuwait International market— which deals only ' in 

investment «r well over with the London scales, and of lh ? nw wiih JSSi r ^vestment Company worth equities— and .the KD bond 

e<lual tM n,nre than ,nurse arc no stamp a * al over KD2ni i£3.7m> changed market, which has developed 

$3o.00fl. duties to inflate the cost of J^tattg hands but the deals led to only entirely separately. There is 

Statistically the market i* nil trading. £*" ° r rU-oT p J jvp a m,nor fa » ,n ,fie share P r '«’- aI so some debate over whether 

nr surprises. Thus National Naturally, such a narrowly P«jL in th ^h an rf e nf The Kuwait stock market non-Kuwaiti shares— notably • 

Bank, the count’s larges is based stock market can be MAs in the hands iof l ™wneT*. rema/ns very loosely structured, those of companies registered 

capitated at no less than volatile. The buuiu in the J® Indeed there n no le^al frame- in other Gulf States— should be 

> h “ Kuwait. economy which d ri ,f h n ] U \ the work, or even a book of rules, admitted to official listing. - • 

th«? Midland nr Lloyds in Lnii- followed the surge of ml * to govern its operai/ons. Until An opening up of the Kuwait 11 P enn,t a wave of new issues listed, 

don. \et the National Bank revenues in the mid-lftTfls was a ^ out ,n December recer) j| v ,be market was Stock Exchange' which could Mrreatlv increase 

disclosed ner profits ol a mere ^pecttculariy reflected in share r - n " r — ' ,ne marhCl " as M0CK ^cnange, 

£9.5m fur 197«. and showed p r j cc ^. Indices arc not available 
shareholders' equity of around f.ir pnrif»d < 

£10Um. only a fraction of that i,p..j n ning of 
displayed by the above British po [ nt nnlhc 
clearing banks. recorded. 

This is typical of the hair- 
raising share valuations to he 
seen on the Kuwait market — A TUlllS 
hair-raising, that is, to obser- Taking January 
vers accustomed to the more jflo the unofficial 




DWAIT STOCK MARKET 

1 Unofficial All Share Index “ 


! I 


W 


A 


■e 197T - ™ s fal1 of a '>out25 per entirely unofficial. 
> cent was not unusual even by However in \nv 
ie ihc standard.^ of. say. London lhp M inict L. ' ; 


-- 

_ . right of all Kuwaiti citing 

however'; which could greatly increase The requirements for listing a } Ie f st oae 5bare m an$^ 

could easily undermine the very.: tbe supply of shares? . are on j v th a t a company shall fl0tatl0n - " 


ember. 1976, high valuations which depend 


Three 



John Hollis, formerly head of back the shares it has bought capital invested. Moreover? the listing on May 1 this year. Inci- P n ™ te companies 

cost of new capital via rights dentally. Burgan claims to have P ul * *c ana ootam- market^j^ 
issue is- extremely low and no fewer tlian 314.000 share- uons> 
attractive to companies already holders — a reflection of the 


t h* 1 "r n^rn^UnT 13 . F S Kiiw^r 6 ! hi Public relations at she London within the past year (and on ( 
rv t 1976 as imhSltu. ™ Iph ^1, ?i l ll l Siock E -«hangc. was brought in which it is currently showing* i 

The Secondary Market 




down-to-earth ratings which Index reached over 250 by early prices fixed on a formula 
apply in New York or London. December nf thar year. Huge related to recent lows. In all 
Yields are rarely much more profits being made during this this move cost the Government 
than 1 per cent and often less, period from the property boom around KD 150m — more than 
Price-earnings (p/ei ratios, re I- helped to fuel the stock market’s half n£ which was taken up by 
dom calculated, are typically rise. Property shares, in fact, eager shareholders of United 
in the range from 30 to 80. In led the way for other sectors. Real Estate and Gulf Insurance 
the case of the banks, for with a roughly inur-fuld rise, who had had their finger 1 ? burnt 
instance, the average p/e is while the investment companies in the property market. By enn- 
a round 60 — and this is ealeu- which were also heavily trast no hank shares were sold 
lated on the basis of profits involved with property, followed to ihc Support Fund, 
which bear no. fax other than closely behind. When the fund was closed on 

the 5 per cent of profits which Eventually the property boom April 8 this year there followed a HT4TTFTV . . . ... ' . 

Kuwaiti companies are obliged ground to a halt, however, and a series of* share splits by com- w ere its broader maricetihaang funo issues such as Bahraini dinar of the discounts when ^ 

to set aside in favour of the the stock market followed suit. pumVaimins « ,h* SM, V”. “ *»« ^ ™ .We^e. viS 

Kuwaiti citizens who alone can Once it had stopped rising it marketability nf their paner. !he of an acme secondaty depth of -the KD- bond market But can one market maker aH KD bonds are now. quo£$ 

non ne ‘ — ^ • 


Moves towards added 



own shares. 


5. Given the Kuwaitis’ ran into technical weakness There were three waves nf these " larkct * ^ financial institu- Ju i ? U n eS -*2 1 ^ ,,t f? L t0 il [ tIe c more and develop a retail market J* i?- par or above; ' Moreover, pSS 

hkmg for quick deals, and the which resulted fmm the Kuwaiti split* in April. Mav and Juiv tions in Kuwait have been P ^ ? S ' Secon ‘ which it claims oth«r Kuwaiti mfru t- ft ■ I U pe T. rates for CDs have been 

they are among the system nf f, inward dealing, whereby rUpan.^ dimmed w ° rki ^ hard in the past couple l ^ ! kC ; ^ 


W.. easier during 


fact that _ _ 

richest people on earth, the Shares are hnught at a premium their share*, often wnh * _ ^ 

giddy level of share prices he- for settlement un in a year nominal value nf KP 71 or the rwun *2 r ’ s financial infras- ?£! oun !^ f 10 more ^ an about wg. . t ui K niunt muroeen opene 

comes a little less surprising, ahead— a premium which KD If), down to KD 1 form.' tnicmre. The result has been a ^ 25,000 on a one-point spread. According to ACTS manager to trade more actively in RecenUy. though the CD in, 

firs matin imnrnvpnienr in th„ ■ j , , . - v . the irjarkeL But many in the i . . • 


- of veare to fill vawning gaps in and bonds «>uld be traded in institutions have been neglect- enw of ACTS has encouraged n „ st ,f_. r • „ . . 

“ - - ‘ ' other Kuwaiti financial institu- fh? if* '“5^ ^ 

tinne tn I he harbeen opened^. 


The total equity market rapitali- reached 25 per cent ,n one As the import of I he sc moves dramatic improvement in the The domestic bond issues of Yusuf Abu 'Khadra, useful !- ,e -®, ut n,an y ,* n lbe has become 'verv ^ quiet 

sation ts now o£ the order of stage in 197fi. Wien there com- he^an to be felt, and as credit dc ” r ^‘. ° r sophistication of 1975 and 1976 by the Industrial demand has been* building up *- u ? aSt financial community feel , f -• ■•TV- 


KD 3bn- mitments hecamc 

What makes the Kuwait slock settlement during 
market particularly unusual is individuals found 
its degree of concentration. It overstretched, 
is reckoned that the active" Moreover, inanv 
share trading community con- notably almost all 


due for conditions hecame once acain Kuwait s capital markets. 
J9« • some 
themselves 


tfiat more market makers have 


The - question is how nmrt - •. 



companies, up through n* 1976 peak, renre- years, and from ahout 1974 on ^ Central Bank of Kuwait 44 per 

1h<* hanks, senting a gain of roughly a were nominally public issues, meant that they were quickly accounts. 

swallowed up in banking port- 


cent 



folios. 


~ w* IIO10MC1 LI CUiL LUUU1" — URb MiHflL SL C - 

savines lions before the KD markets point and in any case there a» Je 
• • can be approached with full no precedents to suggest ;VFt-£. 

. D ... . , „ _ . confidence. - Bow .CT.inrestors mi^it behwe U 

But it is less easy to attract , . when interest rates were risine 

the interest of Kuwaiti citizens IS noticeable, for example, '■ _ 

The banks were meanwhile wh .®— unlike- expatriates— have^ ^ that two of the large commercial One way of tackling the pTOfc-i : 

exploring ways of lengthening a «? ss to th e much more bi,nks - including National Bank lent would be the establisjunrar, 
the maturity’ of their deposits lucrative property and share ?* Kuwait the biggest of all. of tebre -market makers, -«M 
which to an overwhelming markets. To the Kuwaitis bonds have declined to issue CDs so th« is certainly something titft 

extent were short-term (though rather tame. At the same far - has been widely canvassed. Tbe 


the development of' the time, however. ACTS i* attempt- According to 


one banker: 


other investment company 


nitte V' 


he builders of a new 


Bahreini OBUs. which are verv ,n S s« Jtse ^ up as something "We would want "to see^the raG an* KriCJC are thougfe 

active in tbe KD markets, had « f a training school for maiket tested when rates were t0 ta ! e bond and- CD trading 

been greatly improving the Kuwaiti citizens in the operation beginning to move up At nre- operations under consideiafro.-] 
effectiveness of interbank deal- of capital markets, and around sent we can’t promise our cus- and some o£ *** 

ingsj. 15 have passed through the tomers that the marker will be an d fimmeial institutions wotiH 

Issuing certificates of deposit departments so far. liquid. We might find ourselves certainly ba^ such nj# 

(CDs) was an obvious way for Besides KD bonds, CDs and having to buy the CDs back operations even ttwg.J 

the banks to achieve their promissory notes. ACTS makes again.’’ they may not be jjrepamlJ* ; 

■ initiate them. i-ne. genera - 


objective — but this came up ? market in four U.S. dollar . The very success of ACTS in ArrcSk 

against the problem of theses which were effectively developing the miket hav ® s Pe«. ati ; n . ia 

?^ at ? u ? d . vhe Midd ! c East - ™»rrt that in these early stages 


dary market. The banks would Ir is also looking at the po* It has' bron operatingYn^fai^ makers withip tIre neXt 3 ^ 
have risked giving KD CDs a «*>HHy of trading in other Gulf able trading conditions. Instead - BS* 

very bad name if holders had - 


found it impossible in practice 
to trade the paper. 

The bey development was the 
appearance on the scene of 
ACTS, a market maker with a 
no-nonsense name, the Arab 
Company for Trading Securi- 
lic> The decision in launch 
ACTS — owned 65 per cent by 
Kuwait International invest- 
ment Co and 35 per cent by the 
Industrial Bank of Kuwait — was 
taken m 1976. though it was 
April 1977 before operations 
started. 

The impact of ACTS has been 
rapid and substantial. In ihe 
hnnd market it is now possible 
to deal freely in amounts nf 
KD JUO.UOfl on half-point 


spreads, and there have been 
important benefits to • the 
primary market. 


Securities Market 


in the Middle East 


ACTS market makers for all Kuwaiti Dinar Denominated 
Bonds, Certificates of Deposit and Promissory Notes 

Dealers in all Fixed Income Securities 

Portfolio Advisory Services 


fl iJLoil gjijgUI liglajd cujj-xtii 
Arab Company forTradino Securities s.a.h. 


P.Q. Box 22722 Safat, Kuwait 
Reuter Monitor: ACTS/'T/ U, ACTB/ C 


Telephone: 41D3S2, 410334, 410416 
Telex: 2797. 3216 


Before ACTS was launched 
there were 22 KD bond issues 
in public hands, all of them 
quoted at a discount. Since 
ACTS has been in operation, 
however, another 15 issue* have 
been launched nn a declining 
trend uf coupons and with 
maturities gradually extending 
a* Far as 12 years. The total 
float of KD bond issues is now 
some KD 330m. 


Once ACTS was trading suc- 
cessfully. moreover, many banks 
hecame convinced that the time 
had enme to test the water with 
CDs. In October 1977 Gulf Bank 
announced the issue through 
KIZC «r £6m of tranche CDs, 
with maturities ranging up to 
2 years. 

Two other commercial banks. 
Alahli and the Commercial 
Bank or Kuwait, have also 
issued CDs, as have two of the 
specialist banks, IBK and 
Kuwait Real Estate Bank. All 
except Alahli are now offering’ 
tap CDs. and maturities extend 
u> 3 years. Another innovation 
was KREB's issue of the first 
KD floating rate CDs in April 
this year. The total of KD CDs 
now in issue is estimated to be 
just over KD 100m. 


With a capnal of KD lm,| 
ACTS is flTOngly hacked hy its] 
shareholders. It publishes .* 
w^'kJv comment on ihe bond 
and CD markets. And as part of | 





•„ ■ l, 


m y- 


. J 






\ 


'fT^ 


3 


a 




Wednesday OfetOber 4 1978 


KUWAIT BANKING AND FINANCE V 


iWiJi 


’•St*! 



Property 

Bedrock of local investment 

■s ' • ■ * - 

p -f 5 . •sor.fime;riatr^yTinvbIve lii S selling land in National Real Estate 'Company, square metre and a poor build- attitude of Kuwaitis to the At an instil tUional levei. the 

■ tnat there will Be- quite, one area at a high price and which includes the Ministry of mg KD 130. Either way the value of land. In. valuing a pint major traditional investor has 


fi best of Kuwait’s young Government buys land and .then on their capital and reserves enough to justify the lower a figure which would represent a disastrously unsuccessful 

>perty developers is syxnpto- teases it back to private plus bank loans for their rents and occupancy levels a reasonable profit. Then L-apiiai hind: in a Uruguayan beach re-, 

tic of the-chaigte that is over- -developers. Overall : it owns resources; they do -not take which the poor building will costs plus profits a r e deducted .-sort; at presen 1 its investments 

.ing the city. -Hitherto con- about 90 per cent, of the land deposits as the Kuwait Real command. from the rent, and the residuu are Kiwa Island (on the coast 


cuously drab, combining the in Kuwait city: 


Estate Bank does. 


At the same time the more 


represents' Ihe value oF the land, of South Carolina) which it is, 



»,i|iiow -seeing- some really lm- aoie sectOT or me Kuwam econ- unupany, wiui me vears ^at p roper ty boom amvwi a ‘ . ,ai oeiow 1 '"‘i” 

JWissive buildings coming : into . omy and to give 70 per cent of specific purpose of taking time which at its peak in late 1976 wh> t| l be market u-ill puy j n properly inve>tnn a n(<i have been 

vice, buildings which reflect Kjpwaiti nationals air.jjicome deposits and savings accounts saw office rents running at P ra clice. Conversely, jf f , n ,. made by ihe Finance Ministry, . 

■ new-found pride of their from- property: For the ordinary from the public (only borrowers 12-14 per square metre la ^ t -' s tend prices paid inir. which handles the State reserve 


V pired of these is the yellow Against this background -it rs -“*u,v,uu„ iS . i^oans oe reaehed its bottom in October. ina[ nuy V . , « . u V , r 

. - ne headquarters of the easy to see why in the- past the secured on property but they i 977) it would be the better are makmc ? u osses " n 'heir not be g re., or than that of the 
• wait Fund, for Arab Econo- Government allowed some very ” eed , no£ be used for property buildings that would have the operations whereas normally of thc 

i Development, though a few third-rate development to take development— -mdeed, the Bank highest levels of occupancy and their pi ?! fs n f 1 ^ r *5S»«lcd as *' ; 1 r n J ho ’^'”£ s JJJf 

idred yards ... away .down place. To have intervened a,Ens specifically to avoid financ- their rests hold up best. enormous by Western standards. maJe up of \ arums one-off pur- 

: barak al Kebir Street the would have hindered the funda- . P nv fte house-building. This suggests that ihe ‘ ™ 7! II 'r-v?.. J. > ,£!f ff 


Savings Bank. 


:: '» «>w give a better impreSion the- expense of the immigrant or J* : 1S “J in Y ^d«Ss tC to h fev™lT I equS e to t and w j lich . sbou,d nut be 

what Kuwait might look like expatriate populatiorL-TLikewise £tSn- o! P the R^J^Eiblte the best m the West - ^ere are “T CW J- tn yie .u “"S-T as 

the Future. . . - it is easy to undenrtiuxd. Jlow S„k rather th.n^w£2 *«*« ®ajor factors on the *’*! • . G * w “ . be,r **6itunal 

anyone coming new. to many development projects in- J : ' who Kuwait property scene which al *l l “ de t ?. b “ ,din . 2s as * h,n ?* 

wait is bound to wonder why volving land purchase In d ™ ? ho a " "°* Jf make it very different from the wb ’ cb will fall duwn in io 

lid not seize the opportunity Kuwait take an extraordinarily v,'u^ i iT P ^!!} g „r Sf West. The more "visible" of l' ears and can be wn ! ,Cn i 0|T 111 


: barek JTStiZ “SmTS G 3d housebuilding, “ ~ This suggests that ,he 

•V wait Soukh building and the mentally important' process of pn £ J "” of th * TmnrAVPmPnfc Kuwaitis regard land as an ii* 2 ? * ?, -rin ’^Pr.w rn- Cor' 

■ i headquarters of the Gulf allowing: Kuwaitis -to en^ h ^ d ^ bb ^ed Credit and imprOVemeiltS investment in itself-as an asset p 0ra ;Y on ' in London aid ^ 
. nk and the Commercial Bank themselves, in most instances at b ?‘ n ?s Bank. despite the imorovement whlch 030 nnl >' increase in value M., n l ,.,7^ 7 

j row give a better impression the-expens4 of the inu^ant-or J** s ? n e p ^fty »v«st- ^ ^ fevS? 7o and wbich nut be ” >n J^L lin « ^^st 

what Kuwait might look. like expatriate BopuIatio^TLaewise backin „ c 0 f th® R^J EstSl the best in the West * are Sr^^fheir 11 £317 "( ‘ hr,,u = h special property port- 

the Future. . _ . ‘ « « Bank, ' rather than individual l mi two major factors on . th . e It ^5,, irf folios man:-iped by Chase Man- 

inyone cumins new to many development projects in- d who are now smtin- Kuw,it P™P'rtJ' «cene which *>> *“* “ f . * ! h,n J* halian nnrl Bank of America 

wait is bound to wonder why volving land purchase in . e J:*”- * no make it very different from the whuh w ’ 1 lH fa ” duun ,n 10 hi t.hi- US and bv its London 

lid not seize (he oppoitunit>- Kuwait take an extraordinarily !h! West. The more "visible" of J earii and can be V ' c, ‘ 0|T 111 uffshuni ihe Kuwait Invest- 

hcr-a. some point over the long itme to go. atartod. .ESS^^SSSiSS* o? ?— •* «*>• environment which -™re°‘ 

; years or so — of turning rpr^nt v Mr « tho vLoit Is unusually severe, combining paratu. 1 , . p ^ n ' u J, l 1 l - n Wiihm tile Arab world the 

■If into a bold and beautiful TrapOfl -a nd lb e South al Kebir are sreat heat occasional sand *»veslinent is nor illogical. Jhey ^j nj . :rvv ji: cimc**ntratins its 

‘"Pie of the be« of later 1 t .. **** JSSTbZ *' orm ' W * h humidit >' lead ‘ fand^K-i will" mZ'*? Investment through IK few* 

■ntieth century town plan- The beginnings of the hew K<t Z rv.mnt.nt, wrhuf ^ in S to a bifih salt content in i a " d "!u!- ,u . n *-‘ R*at Esfaie Consortium— hav- 


■If into a bold and beautiful Tropp#? •• -and the South al Kebir are great occasional sand 1,1 vestment is nor illogical. Jhey ^j n j.. rn . concentrating its 

‘"Pie of the best of later. 1 . .. ^ f Kuwaiti s,orm5 ' W * h humidit >' ltad ’ fand^-i will” ZZZ mxestnienl H.S£h ihl {Snih 

•ntieth century town plan- The beginnings of the new Estat g companv. whS* one^f jj 1 to . a - high “ II cont f. nl in r indefinitefy becauJo hYiiuv,^' R « d Ksra,e Consortlum-hav- 

2 g and architecture. But to trend towards better buildings the most ta I ked-about® develop- J? e a,r 10 t n e l T tam ffl0 “ ths ° r ment^ afreidv ownin'* «m inz rcvKHri earlier schemes to 
?2ine that the Government can be traced frojn the comple- nienls novv undcr wav combines 016 year ‘- Chea P. contractors • • •=- - I 1 j aa kt some investments through 

ild have done to Kuwait what tion in 1971 of fte Maraoukh an office buildin^ l Meridien haV u, som ® times added t0 these bu vin° f more ^nrl pjl ™, ihe Kuwait Airways Corporation 
u»emnn-dM to P«rI S . m Ps.rl,' At the time thfe taige^ ^ h" tei ,o<J “ shaping P™blcms by using saline w.ter, jjj MJ “ £2.5®,^ 3 " d ,hc K " mit HMels Com - 
Wrs. ago is to credit traditional apartment blocks' built right on and is being built by the Sal- * nd ajf8re ?2 e ' The , he aT to do anvthin° to d^Dresi land Pany— wh f ch itself owns shares 
.hlan gnvenmicn, with. more ao po mt where Kpwrnt, Boy hiyeh M uES ‘ ”*L “S“ ttSJL' T* prices. ^ ^ '“ d '» , ^ '» »•««». and 


THIS 

SYMBOL IS YOUR 
ASSURANCE 
OF QUALITY & 
SERVICE 
IN THE GULF. 


olute authority than it ends and the coastline turns closed sharehfTldine^'comoanv y ber€ builders have Cairo. The consortium, to which 

- sesses and be ignorant of the. south. -was unique an at least oartlv owned bv Fnfc ° PW not « expansion joints, the With their attachvinent to tlie Ministry has pledged Slbn. 
•ial signijiconce of land and four counts. • " ■ P ThJre ^ more to the saad int0 machinery and land—which givesthe Kuwaitis was set up in 1975 by the Minis- 

•perty in Kuwait. It was the only residential emnS on saline humidiTy muc \ sreajer reassurance as ln , lhe ' three K s. the three 

-ronv the time -when tee building in Kuwait « iu S£Sto* S ^'thr^-preSd SUSSL ^ !«»'!'* P™pcrly companies, the 


in hotels in Khartoum and 
Cairo. The consortium, to which 


& 


MOHAMHI ABDULRAHRAAN AL-BAHAR 


te-*- ' 

m 

& '•'* • 
Vi. • 


n it couia spena on eonven- nrst duplex apartment m the prestige reasons, the greater ‘^-k- 
ial development in 1952 and State < and by normal standards aesthetic consciousness of the Z- 

3, State land Buying became its apartments 1 were very new Inflow of expatriates and of stronger 
principal means by which spacious); it had self-contained the Kuwaitis themselves as they material 
revenues were transferred -.amenities- including ‘a ' super- travel more and the longer-term jn the Y 
) the hands of ordinary .matket and a hairdresser; and it view that is bound to be taken ; 


property developments, the ment of both publje and private \ r ,b world outlets for aovern- 
tough environment means using sectors. Most private investment mom prop p r , v investment. To 


ABU DHABI Tel: 27230 P.O. Box: 44? Abu Dhibi, Telex: AH 2259 
BAHRAIN Tel: 713606/8 P.O. Box: 5357 Mtname Bahrain. Telex: Gj 8299 
DUBAI Tel: 660255/9 P.O. Box: 1170 Deira Dubai, Telex: DB 5445 
KUWAIT Tel: 810855 P.O. Box: 148 Safat Kuwait. Telex: 2302 
QATAR Tel: 321706/7 P.O. Box: 2171 Doha Qatar, Telex: DH 4255 


Uh OASIS TRADING & EQUIPMENT CO. 

OMAN Tel: 703865 P.O Bo.. 1002 Malian Oman, Telex. 3329 AlfaiheMB 


' S2- 

*-■ 

:■ x.v ■ .. 
4 ... . 

* • . 
i. _■ ■ • 1 


Ifare services. ... ^Within a: year :.the building better buildings have become an the materials being used in the tors to buy holds.-- 

"he exact inccbariics of land became the first asset of the. 'economic - , necessity for the most modern buildings in I r ' 

‘ ring have varied from area to Kuwait-. Real .Estate. Company.f-fnvestpr. Kuwait and elsewhere in the 

a c according to time and promoted, by the Marreukl^. For a start the cost of build- Gulf are now much better than ; 

- - suipstances. Typically the and this company- was followed ing has gone up to a point they used to be, but whether 

' te; "buys laud at the market in *'turii by the - United Jfeal where it is now impossible to die’ buildings will be well main- 

. ce or, a bit over, zones it, ~ Estate Company and the fc^wait get one-’s money back in two or tained. given the terrible past 
tails services and infra struc- National Real Estate Cj^npany three years, as lucky investors record of most property owners 

c, and ihe;n sells it off for (both of them public companies were able to do at the beginning in this respect, remains’ an open I Mif/’ 

.."thbr development or private likb'-'thef.KkrzbukB ^nipany). 'of the 1970s. -Then construction question- - ■ L. A-rltMwj 

i sing - at only -slightly more Sn'd more recently Iby'some hair- costs were about KD 30 per The other conspicuous differ- yx 1 

;'n it paid in the first place. . dozen closed ; shareholding square metre of floor space, ence between the property busi- 
•'rom the point nf view ot. the companies." whereas a good- building will ness in Kuwait and its counter- 

a lively "poor” Kuwaiti, this ■ Generally speaking the Kuwait now cost about KD 170 per part ia, says, London, is the 


Michael Field 


The Law of Islam 



tmnm 


Dutch imports; DS. 111 , 920 million 
Dutch exports? Dffl. 10^197 million. 


. V ' ■ • * 

. - - 

■ V7, 'V ' 

■ ■ . 



j brti-j 4 " 


kiHu 

TV* 1 


MfC. SCHOLARS r 'have ; ■ ■ , ■ ■ '■ ^ -j 1 - articles provide that 5 per. cent 

er been ‘ happy; 'aboutTrihe ’ ^ ye who ^hexe! Observe your duty to Allah, end §tve up 8f pWfita shal] be set a 

»*rn -- M MSfi y “practices remaineth from usury, if ye are . believers. And ye Sest p brtian of the earnings to 

have, become established not then be warned of war from AUah and His .messenger, ^ distf j buted among share- 

hour therMoslcm world. repent, then ye have your pr^aeipaL holders and • investment 

the i^st' few: years have . W rong wot, and ye shall not be wronged. depositors, 

attempts: .In/;* number of . .. . ' ' • -. ,. Cieprly KFH is very much an 

ties, to . s€t,, iip Islamic immediate and significant im- finance letters of credit, which “^haowa buautity at this stage, 
s which.-dq 1 not offend con- pacL y 0 figures- are available will be done on the basis of a “v relurn t0 depositors 
ative members of the Faith. but c jaims that initial de- fixed charge. In the future will “ a matter for guesswork — 
movement has now reached posits are far beyond what had corae the extension of credit te though the - Dubai .bank is 

j -been • projected. "They are ten small businesses on apercentage claimed to be paying out good 

t _ is thought tJratVthe much, as we had profit-sharing basis, and in due- profits. Yet. there is a strong 

riself is.. behind’ the- Kuwait' expec ted” ,sNid: a-- spokesman- course the bank may invest in religious pull among the more 

...iernmentimtiativewh^cfi'has Tbe.key..J>omt 'about Islamic a Aride- range of projects. conservative sections' of the 

' to th"e ; setting uf> of the ijauMhglWtitat air'fprms of ti»- KFH will -operate under a population. 

: wait Finance .Bou^e. . Cer-. {erest ' payrn ents and receipts carefqUy controlled term strue- Many citizens refuse to accept 
.'.Hy - the Government hos h fl n«AH .gudi ■■n rg»fri aa- tiire! .'Current and sayings interest on their savings 

r'.Jbtished a- special law upder , inn ^h^re fnrp ~h3s «o operate oo ac^cwnts. immediately withdraw, accounts with the normal com- 

. .jch it can operates -'and has the basis of profit sharing and. ableTwip be separated from the merdal banks in Kuwait. They 

JO uprv^dl per cent of the: permissible charges or commis- longer term deposits committed hold specially coloured deposit 

'JLOpi .capH'al,- of .i«?uch-.^ on& e&nSdt' with for.eanditibnal or unconditional hooks to distinguish their 

.f"2.5in ' has Been. paid u> exoorts^' sometimes outside Investment (conditional deposits accounts from the normal 

' iiOly- - : v Kuwait, in order, to be sure that will be linked to a particular savings accounts which return 

>bate : has centred around ils a Ttivities— which under its - prefect*. " **. ’ interest of at least 45 per cent. 

T -Islamic • prohibition of articles ot associaron may cover proportion of workiog This satisfies their conscience 

: 'Jty: Already lhe Kuwait “ wrtr , d field— shall be car- t0 ^ used for financulJ J ^ leaves the banks happy too 

rernmea* maintams strict DUt « without practising a °y one project is not to Such customers form an 
gats bn_ permissible levels- • > onn whalS()ever .- e«c«*d 9 per cent, and the limit ebtfious market for the new 

i&tefkt rates,, but this ts not t« offering ^ s ^ort. medium and long- Islamic bank. For them any noo- 

; iigh to satisfy strict inter- f term projects is to be 30 per usurious retunr on their money, 

ten Of Stari-ah law. n-s wnt °" the olber side the however sm,H snd unwmin 

Arguments are still itoing on 10 its customers and livings degree of participation in any will represent an improvement, 

ing scholars !*) decide what accounts. Longer term P - project is being left to the On the lending side too KFH 

pr is hot j usurious, -what is are bfeing. ootitined- throu* discretion of the directors. reports a steady stream of tele- 
u-esLwhatisjprolfit and yield of Phone inquiries, though it in- 

husines. contracts. - Now the OUallTV tends to study the market 

jernment has .-set: up a. ® -X' -* ‘ f farther before opening up this 

yaiti shareholding, company P enod - There .are. also ce Deposits committed for Aspect of operations, 

tificallv to engage in finan- cates of uncoiMiitJonaj contin- ,qyestment will qualify- forprofit ^ coaven tional commercial 

l insurance and - , various, inve^ent' (teposi^. which distribution on a pro rote b«m 6anfa ^ Kuwait vaSTS 


*» 


r ~ v % 



K'- ■ 

- ■* 





insurance 


!TA.I« after^vefy -long periods by- the Stetidhiition of up tiT lO per « “jg 

iestiblishment of the Islamic bank - ■ . t cen F. ^ others ^ mnch 1 

Ik of Dubai; "Rooghiy . In addition r KFH aims to capital. S -^T IC , y . ^caking, ser j B uj2y — and indeed KFH 
filar institutions include the. operated .the wholesale money depositors will also shart i in any ^eads to set up more 


In our business bouquet is a flower for everybody. 
As long as you use the inside bank: NMB Bank. 


Blar institmiorts mmuae uie. operate iii- we mreaas io set up more 

Snic Development Bank in markets. .Bow.it- intends to do losses if the bank should fall branches; It is licensed to carry 
Si Arabia! Bank Faisal in this -on a non-osurious basis on hard ume^ on almost all kinds of business, 

artoum, and Nasser's fslamic remains to be seen but it claims The - conti: nuous mv^ment significant]^ at le^ one of 
4k in -Cairo, While there are to be developing working rela- deposits^ wtiJ earn ^ j a j. g?st commercial banks 
as to set up a similar ^ open- tiopships wtth other banks, reiurn. Savings depoats are to has bgen e3 jpi or j n g ways and 
fin jSdanV both local and ' international, be offered .a lower rate of profit mMns by which an J 5|amk . 

Kuwait Finance- : House Wells Fargo is mentioned as one paruapation, a^d bnc i de poate banking service might be run 
£Hj opened .its doors oh bank with which -agreement has are to be offeredsometiung. in sidg .by-si de with tfie renven- 

St 31 Judging by the ;been reached: • tiwwl “ usurious ’■ hanking 

|bef of Kuwaitis crowding On -the lending side KFH is amounts Jistnhuted 1 w m he 0 pewt ieh. 

Vmnrfocr hankine ball’ one dipplns its toe in the water care- very much at the discretion of p n 

♦^morBins^ 1 has .’Mde°sua fully; It is just beginning, to the directors, although the . B.R. 


Holland’s prosperirv proves io be a 
fertile soil for any kind of business- lust a 
glance at Dutch trade shows that ii is con- 
siderably more important than ii sounds. 

With the largest, busiest port in the 
world, iis vasnransit trade and mulii- 
billion imports and exports. Holland— 
although a small country- plays a signifi- 
cant role in world economy. 

So when dealing with Holland, deal 
with the bank that knows Holland beat; 
the NMB Bank. 


Though NMB ranks number three 
among commercial banks, it isnumber 
one with thousands of medium-sized and 
larger companies that form the backbone 
of Dutch business. 

Because NMB finances a consider- 
able amount ol their business, ii has 
gamed an expert knowledge of inter- 
national trade. 

So, the next lime you deal with 
Holland, turn to the NMB Bank and turn 
yourself into an insider. 


NMB Bank. P O Box 1800. Amoordam. 
U'h-phvnr: ..02U-*43 U U1. 11402 nmb til- 

NMB Bank ib rfprrs.'nled in New York. Kao Paulo 
and Bi-irui and has a branch in Curasao. In addition 
u-ir nun a Finance Company and a Trust Company in 
Curasao. Netherlands Aniilles. In Zorich NMB 
(Schwvizi A G. is at your serxice. As a member ul the 
Inter- Alpha Group iif Banks we have joint represent- 
ative v-ffito in S3*- Paulo. Teheran. Singapore. 

Hone Knni: and Tokyo. Our New York adtirC-ss is at: 
-lift Park Avenue. ii-tex o?4J4 AMPR1MI- 
New York. N.V. 10022 U S A . tel I2I2 i 6hK.h47o. 
Balance sheet loial as al J(l.ti.io7S nil 31.000 million. 

BBANK 

NEDERLANDSCHE MIDDENSTANDSBANK N.U 


03 O' 5^^ 






STOCK 


HANGE REPORT 


Financial Times Wednesday October 4 197s . / 


Technical rally accelerates after PM’s stand on pay 

Equity index rebounds 6.0 to 505.2— Gilts also recover 

Account Dealing Date* tween extremes of 81 J and S3 per new nil-paid opened at 5p leaders yesterday largely because rcncy Influences. Among secon- to a half-point., as in Western 

Option veil I , the premium closed a net l premium, touched 24p.and closed or technical influences. Bank clary issues. Bnrmah found Fresh Holdings, 120* and. West Driefon- 

•First Dcclara- Last Account higher at S2( per cent. Yesterday's at 20p premium. Elsewhere, the Organisation closed !i better at support and put on iLmore to 77p. tein, £2$}.'. 

Dcalln-s lions Dealings Dav SE conversion factor was 0.7249 leaders moved forward in. thin 2&5p and Glaxo, on renewed buy- Small rises littered Investment Among' lower-priced stocks, 

Sep 18 Sen 28 Sen *»S" Oct 10 <0.7^12). trading with Gussies A. 324p. and ing. interest ahead of nest Mon- Trusls following another slow Kloof closed 17 firmer at 573p 

On 2 n-i i*» o,i n Oct -*4 Business quickened in the Burton A. 137. closing 2 higher, day's interim results, ended 7 trade, but Yorkgreen Investments and the marginal Marierale 8) 

Orr' oni’ ■»« ftn •>- Vm **7 Traded Option market and TtH Currys rallied 7 to 197p following dearer at RS.ip Continuing to re- eased marginally to lojp on the better at S4p. 

■ ■•New lime" dr»nV« m« iahc piace contracts were completed comment on the interim, results fleet the company's rc-ussurmg fund-raising proposal which ‘ ' 

tram 9J0 Im. earlier. compared with the previous day's and improvements of 3 and 4 statement with regard to the accompanied the preliminary thi^movane^nf r^wt 

4 continuation of the technical ■* 2S - Courtaulds attracted a respectively were seen in Header- patenting of its “Amoxil" drug, figures. Park Place rnyestmenl hewed the puoyancy of^ GoWs. 

recovery which suirted late the particularly good business with gw Kenton. SOp. and Waring and Reecbani rallied 7 more to 7t2p. continued hrmly m Financials. . . C “ I £ 0T * D ° n 

previous m» as under wav 1« deals, while Grand Mel and RUbra-. Ittp. Metal Box improved K to 356 p as rising a penny to 40p on. the .sub- « MwhSr “IS* 

Slim in ih" Prime Minister's Bout* recorded 127 and 103 Shoes were featured by a jump did Reed Utf£mttoiul. to Hlflp. stan Hally increased earnings. 

speech *L the Labour Party con- respecUvely. f ,,, IO 7fiJ . afler SO p. ln Foot- and Unilever, at 564 P Elsewhere. Movements in the Textile sector ™***gZ* t VSSP&S!? 

ference The mil--, generally ,s * ues 1rSl,,t ‘ tl bu icily, wear Industry Investments follow- Press comment attracted fresh in- were restricted to a few pence 

thought in have been overdue 1,1,1 '"if . ,n, V^‘ P'^mptod in- news of the hid approach. vestment interest in I CL which either way. in common with the l^? S oi£ tBd Afri ' 

after the weakness of the past ini ! , 1 ~\.~ fn< L I ! lS -*^ *. If i !i he npB Pfessey figured promincnLly in r *>se steadily in close :w higher otbr leaders. Courtaulds were * vander Lease la to 220p. 
trading Account, lacked ennvic- Jj!, * l “"‘'i.Vli' nett Electricals, rising 5 to I23p on a! a IP'S peak of 4«ip. Scars ini- brra at I24p, up 3. Rio Tino-Zinc were prominent 

tinn. however, until early reports ,,4u~nreL IvlL ^vivwl bid .speculation Racal Proved 11 lo 42p following pub- Plantations rarely moved from among London-registered Finan- 

hogan to tiller through ol Mr. 'in Hambm E, «tronics. a popular candidate I icily given to a broker s circular the overnight levels, but Plants- Cials with a rise of 7 to 248p. 

Callaghan s determination to re- 1?/^ which in in ■ t«i7« for the role or bidder, advanced Highar annual carnmes helped uun Holdings edged forward 2 A further rise Jn the free 

«isf a wages explosion. of 4(KJn in nhflnulS naufto 11 to **•*■ aftt ‘ r 342p: K was JngalUndwtrfcs improve- 2 to 33p to tiUp for 3 two-day improvement market platinum . price to a 

The warnin'* a hour the nossi- Frid-ivv! PmHrahle interim announced late yesterday that and Saga Holidays edged forward of hi n n small buying in a record sterling level coupled with ! 
bili ly or' additional monctarv and icmlnt Sphere I™ *“«» hatl «^ndcd its holding > to I83p. Cape Industries restricted market. sharply improved profits .from 

fiscal memmre^w1iich°coiiid'niean ^Vp/and^'Pnidemlol. I43p. gained pC i«*2?iri 0 on ■ r* ,, Hustenburg caused a good 

higher taxation and tighter money 4 apiece as did GRE to 224p and " he assoc ated Enquiry Systems “* er P w«S25* Rally III Golds ^ ernan ^ Platinums. Rusteu- 

coh trots -iDoevtrcd Vo "i\c ihc m- General Accident to -><Hn white Ltd. Farnrll Electronics, at 398p. "■®P- and Restmor. l!IUp. gamed * borg climbed 8 to 94p. Lydcnburg 

S?in- in w Sullies ^particular R«“l™ rose *8 m 355|i. ' wtovmj f of mem weaknw. "WMvriir.and »am«Ui A surge m the buUion 3 , 0 62p and Bishopsgate Ihl 1 

impct'u> although man/- dealers Activity m the hanking sector Prompted by fears about the firmed a to 12op. wee to ai ^ .hi arn0Um r° - 

issued the reminder that business remained at a low ebb. The major forthcoming interim results, while The Leisure sector displayed S2.r-.12j per ounce reversed the A poor performance in over- 
wa< si ill /iosiierat civ thin dealers edged forward in thin renewed investment demand several notable improvements and downward trend or the last five night domestic markets resu ted 

Rr.nlh Lw ipmonr-irilv SriU: “hll? Discount were Ufted GEC fl to 328p in the late was featured by revived bid days rn South African Golds, en- in Australians being marked down 

.hrn^nri ■ S', Inclined 'firmer with Union rally- fra^e. EML however, remained speculation in a re.sirktc-d market abling the Gold Alines index lo here ai thr start but prices |ended 

' k U- " i . • c t inc 5 in :;top undianged at 143p in front of which IHted- Pleasure ma 31 to recoup 3.1 at 166.2. to come off the bottom following 

anwi tM perMhiin? upura prev Breweries attracted a better tomorrow's preliminary hgures. 7btp Norton and Wright. " also p„r,« «-rrr nurk^i un renewed support at the lower 


FINANCIAL TI MES STO CK INDICES’ 


69.85-. 09 71, 70-00. 70.0Z, 69.97 

Fixed immo. 71591 7178 7185 7l -e°; 71 -« 7 »-Wl 7aS 

Induitruil 505.2; 499.2; 600.6= ‘501.2: 506.0 614^ .62^ 

Gobi Mine* 166 ® “5.1- 168.6' 170.1; 173.5: 177.9; 

Onl. D,». VMM ■ .5.31 6 37; W XM* - 5.31, 5.24J. SjH 

Jbvniaa'. YT-J^rluliir*'.' W.98; 15.15j 16.12 15.16- ».04i 14^ 


p,K tUuo inetn*{i.. 


8.75. 8.77 


IS. 16' 15.0* 14.861 -3^ 

8.741 s.so; a.9ih • 


UnlinctmrlMd.. •' 4,629 4.98* 4.843 5.162.; 6.491, 5.159! , 830 

b 4 u, tv turnover - , 63.14; 86.06! 98.4* 89.24, 85.6^100^ . 

Kqu.rr - ' 14.7 64 17.355 1 6.726’ 16.333- 17,570; 17.1a, 

to am 300.6. u am 500 8. Noon jOC 6. i pm 564 4. 

2 pm 304 0. "• pm .'M R. • 

Latest Index 01-706 8026. V 

• Based on iZ per .com eornoranoo M* * Nil =8 Ha. < 

Basis Govt Sec*. 13 10-20. FlX'-d Ult. 1328. lod. Old. l/7?3a.- thtf - 
Stines. 1-' » *» SF. Activity July-Dtc. 1W2. ^ 


HIGHS AND LOWS 

tffir "Since Crnipilallnn 

1 

■ iiijit 1 . tmir I H ieI* Low 


Govl-^eca... 78.58 

ii;li 

Fixci Ini—. 81-27 
lO-’li 

I ml. t'ril I 535.5 

' 1 14.91 
(mill Mine-. 208.6 


127.4 ; 49.16 
<■9 1 -66i i ij 1 -7t>i 


s.E. Acnvrrv-S 




•<-- • - “ e - txss^ im sri. 

70.73 i5u.4 5U.33 . speoHatwe .. • 32-Qi: ' fitS." 

iu/Bi dj, Il,47.| »,l/7bi .. Totals 105.4 iSf 

433.4 ' 549.2 49.4 ' gE£E5?i 170 j£ ^ 

1-iJI .|14.MrV7j | ‘ 176.ft 

130.3 ■ 442.3 43.5 T-pe«Jietl*i»..J 37.0;. jqjj 

>n; 1 1 l-:if»n.-7bi ;r*-lu>7li 1 Totals — 1 14.y- Tg f!} 


164^ 4S&; 
32^ J5?T 

““TmSE 


37'SS! 


shout 'the yxersisiini; upward pres- 

sures nn L’.S. shori-terin imerest t»re rre> 

re.es. i n reply ro ihc Prime a 

Minister's hint nf possible Govern- f _ dt 

me nr spending cuts and a tighter "... J*" 

monetary policy, quotations re- 

gained initial falls ranging lo ] f*"™ "gg * 


. .. ...jj j_.. v' uciirrfiia >«>u a^a'»ivc LaT uuy- ■■ -v « l«io m 

Distillery wax more modest. Hawker Sidde- da>. hut actual buying mterc.sl in£! in the a F rer .h£,urs' trade saw on speculative buying. 


able impact. day. John Laing A and Jobn gain of 4 to I4tip in Spear and that talks are continuing with IJenomr; 

The day's pattern in leading in- Mowlcm rrgMered gains of 3 at Jackson. Whitehouse continued lo regard Id the company's bid for Stock lion 

riustnals was well illustrated by 2Wp and 1-T3p nispcctively. but attract buyers and put on 3 Duccilier. Armstrong Equipment BP £1 

the :10-. share index which, after George Wimpey which depressed further to !13p and similar im- responded to the good annual ■ sl,e| I Transport .. 25p 

being only a point or so up at the the market last week with poor provetnems were recorded in results with a rise of ’1 to liflp. •Cl £1 

first two calculations, went pro- interim results, held at Sip. Else- Tecaiemlt. 147p, Stone-Plait, UQp, Gains of 3 were also marked Compton & Wehb 20p 

gre.ssiveli heller lo cross the 5D0 where in the Building sector, a and Reno Id. 135p. Vm, Boulton against Heron. I2ljp. H. Z’crrj. Bcerbam 2-ip 

mark again and dose a net .six )* 7:>at [-' stream of small^ buyers hardened a Khade lo 20p following I12p. and Appfeyanl. f>2p. while Boots 2 .Ip 

points higher at 305.2. Secondary rto<J London Brick 3 lo tWlp and news of the two acquisitions. H- and J. Quick improved 1J to Bowaler £1 

issuer followed the leaders and for Blue Gjrelc a like amount to 276p. Foods moved higher with the A7p. Dalgety “New Nil- 


Denomina- 

tion 


of Closing Pianee 
marks price i ju on day 


£1 
'20p 
2-1 p 
2-lp 
£1 

Nilpd. 

23p 

23p 


traded hri-klv Trom to ; j'", , ^ J J ,v n «a- sputers unisneu xi naraer m picked up the previous day s fall umxo ->up n wo 

ESS seuilng at b ? 0p: Snow nt ^ '*** ^ ' '° u Grand «>P « »« 

Jp in%«ni? C =% 4 to tS^but Kd «f ThuSy? ^StA ' OPTIONS 

W 1. Pgusam aetivo 122p _^ ant icipatlonof preliminary gained in to 2S0p. tS! - nJtSn- sZE* rSSL 


1978 • 
low 
728 
484 
328 
25 

583 ' 
184 
163 
33pm 
. 67\ 
34{, 
226 
61 
233 
51-i 
87 


the main funds. Corporations W. U PaU'SOD active t^SSSSWTSSSS ^ ^ 

drifted e-iiier with LCf issues Proceedings In the Stores market Confectionery rallied 5 to 83p. Oil 1C3Q6TS firiD 


BALING DATES Security, Reliance - Knitwear, 

Iasi Last For Central and Sherwood, New 
Deal- Declare- Settle- Throgmorton Warrants and 
ings tion meat Capital. Belhaven Brewery, Brit- 


wake of Canadian buying which and Anglo United DeveCfijgL 
began late on .Monday evening- 10 lo 224p, after 228p, aB tSg 
-\ortbeate themselve.s jumped 55 ing rumours concerning ^5 
to 41 Op. after 420p. Westfield United's uranium ' expftSE 
Minerals 20 to 117p, aftpr t2Jp, work m County Donegal 


LONDON TRADED OPTIONS : %■> 

— .. ' A : 

i.MiW JMiimrv , April \ I 

Ki'nriiv 1 L’l-tin-i ' ('Ii-iub' i Oodtq; . !. 

pritf . "Hi-i 1 V.-l. 1 uffer ' V<il. offer ' Vq|. '-. ' jjg-. 

*. ■ . - r • — I - -1^ : 

; 850 : 58 3 95 - [' 119 J' \ 

' 900 23 - 37 . 59 -- 87 ■ - <■ •• 1 

950 5 ZO .34 56 - -I- 

'■ 180 — 5«s - Sl 2 ; .13'; i 

lbO 21 : 5 39 5 , .34 . - — 1 .- nffi- J 

tan F, ia - 15 16 22 •- -L * i 


r Ip y ■ 

: }■ . 

(.- ::M r 

i ->-^S };- 

-; aaaji: f. - 

;• f 

j ■:} J 

;• . ** i 

V bTOp J' ‘ 1 

; ; ; : »?■ 

I 1-: 


0|>ll--ll 

J-! :'rri:i' 
priif 

Cl'-ninu 

r.Hi-r 1 

V.-l. 

' CI'-IUK 

1 uffer ' 

V<»r. 

nr 

850 

58 

5 

95 


m* 

900 

23 - 

37 

59 


UP 

950 

5 

20 

54 



180 

T« ' 


5t£ 

— 

Luilf fJ.il'l 

lbO 

21 : 

5 

39 

5 

< ,.||. 1 mill 

180 

5 

12 

• 15 : 

16 


zoo 

1 

25 

7 

— 


10O 

6 

10 

27 

— 


110 

16fa 

15 

17ir. 

10 

fnlirlllil'I* 

1 w 

7 • 

27 

11 . 

10 

L'i-»ii laiiMr 

130 

2 

25 

6'? 

61 


500 

30 

55 

45 

2 

Ki 

430 

8 

11 

27 , 

1 

(i Kl' 

560 

2 : 

- 

16 : 

19 

Drari-I W*i 

100 

i*i? . 

50 

20 : 

_ 

(jinn-l Mm 

11U 


3 

1211 

30 


UO 

nj ■ 


61? 1 

64 

let 

360 

41 

6 

50 

1 

HI 

390 

14 

— 

50 

2 

IC1 

420 : 

•!l 2 1 



Ip 

10 


200 

52 

2 

38 I 

■ . 

Iaii-i Nk . 

220 

I3fa 

2 

22 

— 


yesierd.iv with a good two-way pared with the suspension price jp. ■ mn best of the day with a rise of Stocks favoured for the call were arranged in .Spillers, 

husmes:, taking place on both of 42p. the shares moved forward Jump 8 at »O0p. while Shell ended si mi- were Tanganyika Concessions. French Kier, Premier Consoii- 

arhitragc and institutional in hcciir dealings to touch Mp Firmer conditions returned In larly dearer at 57T>p. Royal Dutch ERA, French Kier, Anderson dated Oil, Barker and Dobson and 
account and, afier moving be- before closing at Mp. while the the miscellaneous Industrial dosed 4 higher at £45’, on cur- KlralhcUde. Spillers Automated Briitania Arrow. •: 


ljin-i --m. 
Viirh* A S|-, 
Mnrk A >|-. 

ll-lV A I-. 

Jlmli" A. --|i 

-•lu-l 

Sl|r-|i 

l.-mi 


| 

ll-.ii- 

KM I i 

KM I 

I ITIj H-IIXl Up 

in /. 

I!TZ . 

I.'TZ 

Toi.-ih 


14 1 .- ^ 

8 2 • 

. 5 ' . *• . i3 
62'. - 2 - 


Wl -rnurv 


a 

, 20 

• 4 

: 12 


i 6 

1 3 . 

‘ 19 

_ 

5 

! 35 

i 3 

i 6 

| 44 

- 5 

1 30 

• 21 

• 17 

: 79 



25 i 27 j- 
40 ' ! 16 : 
30 : 1J 

- -t 84 

~ f H 

12 {.26 - 


Turnover at 14-month low 


BY GEOFFREY FOSTER 

GROWING OPPOSITION in rhe 
Government's 5 per cent pay 
guideline combined with >nmo 
poor trading statements frum 
major companies served to curb 
investment interest in the UK 
stock exchange Iasi month. 

Trade in ail securities was 
over 32 per cent down on August, 
declining £3.95 bn in £8^1bn. 
the lowest for 14 months. The 
number of bargains transacted 
was 55.893 lower al 499.451. 

The FT Slock Exchange lurn- 
o\cr index fell from 376.3 in 
August to 254.7 last month. The 
19 1 1 average was 442.6. 

Business m giii-edgcd securi- 
ties was drastically reduced. 
Turnover slumped £3.4bn. or 39 
per cent, to £5.35bn. The lowest 
since August. 197H t£4bn). and 
ihr number of bargains fell by 
6.754 to 53.133. 

Trade m shorts dropped 
£2.8&bn. ur 45 per cent, on the 
month to £3.4 bn. again the lowest 
since .Aiigu>l. 1976. while that in 
other fixed in i crest securities was 
£fl.5bn down al £1.94bn. The FT 
lurnowr index for British 
G«jvi*;-n;nenl Sevurilio was 22H.4 
•-onipa.vd with 37 1J in August 
and ti-e 1977 average of 47S.8. 

Gi.ifdgod prices iiiiivv-d nar- 
rnvviy :h rough out the month as 
m.stj’i onal invest or.*, displayed 
a ni.i.:.t-d n-lui-laniv to coniiml 
new fund.-, to the market in the 
wake of rising U.S. interest 
rates. 

The Government sevuntio 
index eased from an ond-August 
level of T\H> to luuch 69.77 on 
September 27 and closed the 
month a i 70.000: this compares 
with the year's high or 7S.5S 
recorded on January :j. 

Reacting trom its year's high 
of £2.2hn in AugusL trade in 
rqumes declined £0.3l>n last 
month al 70.00: this compares 
with the September. 1977. re- 
cord of £2.751>n. The number of 
oquily deals receded by 43.147 
in 393.368 anil l he average value 
per hargain wa» £222 lower al 
£4.S3S The K'i turnover index ■ 
fnr ' irdinarv' share* fell lo 339.2 


MONTH LYAVER AGES 1957°10 0 

HOW STOCK EXCHANGE TURNOVER IS MOVING 


7Q 0 L 

SBiM GWtllWttlfl flJIRIMTlciO 

600 -' 

QfmyuiriSiUiiES 1 


lUSEOiaiflD fT: 


300 §(.U 

200 - 


Ihk 


i \ I 


NEW HIGHS AND 

Tht fallen in? Vrcunt'fi auolvtf m th«! 
Shire Inlormal'on Service vesicrdav 
•named n? w Highs, and Lowv far 1978. 

NEW HIGHS (43) 

BANKS 111 

Brown Shi oley 

... ... . «ERS «7» 

Macghan Cfanhvel 

BUILDINGS <4> 

Srpnnfae L«nrqe S.A, 

Howard Shutter,™, M,rsha'K (Hal.lavl 

CHEMICALS HI 
Hoet hil Fin 10oc 
. Uns. Ln 

_ STORES I4l 

Bamhcn MSS Nw, 

-di’U tng. Panson fW. L * 

_ „ ELECTRICALS «3> 

Cray Elrctroma Pcrlln-Elmcr dee 

Fidelity Radio 

ENGINEERING <S> 

Babvoc^ A Wllto* Startrite 

Whllchousr 

600 Grouo 

„ FOODS til 

*v»ana Roberta on Foorfr 

Lockwoods 

HOTELS <21 

Swan R» Jr. inn Wheeler v 

INDUSTRIALS ill 

"... Man. Ship Canal 

"Wl INK Prnt.ge 

1 ^? erv,<,s Siientmoiw 

lnlcr-CHr 1 98a -85 

MjgnOlr.1 Group 


I LOWS FOR 1978 

INSURANCE (1< 

H-mhro Lne 

LEISURE (1) 

Morton a Wriaht 

MOTORS |1 1 

Brown Bros. 

McKjv Secs. rR ° PER7V 1,1 
SHOES Cl I 

Footwear Inv* 

TEXTILES <2> 

Dmon Inti. Dar-on Inti. A 

TRUSTS (Si 

Neon S A. Nippon Fund SlO. 

Common Mkt. Trr«t 

MINE5 Ml 

Saint Piran 

NEW LOWS (9) 

BRITISH FUNDS Ml 
Treat 1 1 roc 1979 

, INTERN -riONAL BANK t1» 

3 pc Stock *7-82 

CORPORATION LOANS «1> 
Lennon rorp 9 '.PC 

-984-85 

LOANS 11 1 
Met. Water 3 DC S 

ELECTRICALS Ml 

Ci -lion 

_ ENGINEERING ill 

Te» Abravivet 

INDUSTRIALS Ml 

StOClMkr 

NEWSPAPERS Ml 
Inti Tnamson 

« OIL5 1,1 
CWde Petroleum 


FT-ACTUARIES SHARE INDICES I 

These indices are the joint compilation of the Financial limes, the lnstiftrt^ of AetorieS ~ 

and the Faculty of Actuaries .J?;’-.’ ‘;' r 


EQUITY GROUPS 
GROUPS & SUBJECTIONS 


3 Contracting. Construction (38». 

4 Electricals (14) 


CONSUMER GOODS 



RECENT ISSUES 


EQUITIES 


CONSUMER GOODS 


from August's 393.7 but still 
compared favuurabl> with tiic 
1977 average pf 299.9. 

Leading equities as measured 
by the FT Industrial Ordinary- 
share indcs Iasi month advanced 
lo their higher levels since 


RISES AND FALLS 
YESTERDAY 


British Funds 

Carons. Dam. a 

Foreign Sands 
Industrials 

Financial and Prop. 
Oils 

Plantation 

Mines 

Recent Issues 

ratals 


Up Dmn Some 
63 6 7 

2 14 46 

402 251 884 

13* 72 J07 

JO 6 20 

5 1 25 

48 32 56 

11 8 24 

675 396 1.368 


October. 1977. Institutional sup- 
port following the Prime 
in taler's surprise annuuno> 
meni which removed the possi- 
bility of an October general elec- 
tion helped prices move forward 
sharply in tbin trading. Quota- 
tions drifted lower towards die 


end of ihe month, however, as 
Ford workers led the increasing 
revolt against the 5 per cent pay 
limit. 

Threatening noises from BOG 
International's key workers 
depressed sentiment further. The 
FT 30-Share Index bounded to 
an 11-month peak of 535.5 on 
September 14. Iben fell away to 
dose the month at 500.5 for a 
net rise of only 2A points. 

The South .African political 
situation and disappointment 
with the amount of gold bid . for 
at the International Monetary 
Fund auction were two adverse 
factors restraining investors' 
interest in gold shares. 

After bavin g rea eh ed the i r 
highest levels for around 21 years 
in August, gold share prices 
reacted and the FT Gold Mines 
Index fell away to close Septem- 
ber a net 14.7 points down a l 
16S.6. its lowest since July 19. 

The price of gold bullion, how- 
ever. rose S925 on the month to 
$217,375 an ounce, after touch- 
ing a record $219,575 on 
Sepleinber 25. 


IjjT-i !*»- J; 

r = J - . M- H j £ V + 

— t!:;ii , Lip . - 

318 -i II i.nittti . 83 , 

1-1. 32'tl SiV- a* 1 ’- ronuin 367 

>!! *2 10 y-:vmn ^*1^11' I*'- .'ll Paul... 2S7imi. r 10 

H - ij. .'Mr MpiPii ,\hi \|i-|[. izi' : 

1-" 112 ' ll.'ifhlwi-— 122 .—2 




I RetailingU5». 


‘-i 2.4 1' s.J 4.4 7.4 
rf.rfrH-S 2.5i 9.7 
>-&. 76 11.9. 2.3 9.7 
' (2. M; J.3 9.8 1 1,3 
-• - - 5.1 


FIXED INTEREST STOCKS 


- -- ir H 4 ;]i , Lrn : 


hskv -luaiviiniip- Oai%. |*n. .. ... 

• 9eji Ifalin Bru-. IC'i Prl ' 

lulg Uriri... IViifl n.Nk- 7V I'ri. I'XiJ 

i I01jiT.a?lit-L I-,- Ui.’i I'n 

HiWsii IH- Owl 11*.^ Hll 

22Blir-l(i- a - mif !■ t«i M Uci s'ACU-Oj 

Ii-I Hi '«nn1 A Wvii-lliMn, It-r, t u*. Iji. «p.i4| 
■Ja .hill-11121. -ii wii-f k-hchn \'ar. I.'hIp litj . 

J- Lallipiii Jpiurs i.,„„ |« IW .. ___ 

4el?|i 'Irnilall' HpuIb-. I<> u I'n 

bop ivn-. ».•. im. ivr. . .! 

icu l‘i K !,i„i^ i-.'j -h, . i. 

•T|->,nM l uarl. »_.-r|i L.'Iv*- a l:,.l. 

4JI-j -ImiIii i\.i ( - \a». I.nii I.hj-j 


-RIGHTS” OFFERS 


? i + ,,r ! 


. 13| 

Mp 

10>«. 
imp 1 .... 

. 107 1. . 

-L261;. . 

lUl-u .. . 

ue — 

m ... . 

99l-p —I; 

80p ... . 
120 .. . 
ei z - 1» 

97 1 ; - i< 




Category 

Value of ail 
purchases 
& sales 
txn 

Total 

% 

Number of 
bargains 

Total 

% 

Average 
value 
per day 
Cm 

Average 
value per 
bargain 

Average 
number of 
bargains 
per day 

British Govt- and British 

Govt. Guaranteed 

Short Dated f having five year* 
or Icj* to run) 

3.405.2 

41.0 

21.387 

43 

16X1 

159.220 

T.018 

Others 

1,944.1 

23.4 

31.746 

6.4 

9X6 

61,239 

1,512 

Irish Gove. 

Short Dated (having five years 
or less to run) 

358.2 

4J 

T.55T 

OJ 

17.0 

230.954 

74 

Others 

295.8 

3.6 

1851 

0.6 

14.1 

103,757 

136 

U-K. Local Authority 

259.5 

3.1 

7,814 

1 3 

12.3 

33^08 

372 

Overseas Govt. 

Provincial arid Municipal 

11.0 

0.1 

1.910 

0.4 

0.5 

5.784 

91 

Fixed Interest Stock 

Preference and Preferred 
Ordin.vy Shares 

13&5 

T.£ 

38,824 

7.7 

6.5 

3,517 

1,849 

Ordinary Shares 

1,901.1 

22.9 

393,363 

78.8 

903 

4433 

18.732 

TOTAL 

3.311.5 

100.0 

499.451 

100.0 

395J 

16,641 

23.784 


Iwn ff'-uiiln-. ISif 

(•'U'-. i a ii„i- 

l- : -15- , Hlfcll | l-u« 


o5p F.P 
75 f.l 1 . 

65 

M \i, 

IO F.|*. 
77 6.H. 

Ba \i: 
38 \il 
77., i%. 

4 j r i* 


19 9 J/ 10 U • 
• 22 9 27 10 Vxi • 

24 !» 13 l.^-iliiu , 

40fc24 11- i« 

9 10 1 tti- 
18 1030 11 
‘ll ) 11 14-' 

tjpil,' 

« io 17 n *i|H„ 
22 9 la 10 . su ' 
o 10 3 11 ICtmi 
' *3*4 

29 9 13 il c: 
6-10 10 II .-*1-111. 

25 b 27 IO 6*5 

11 9 27 10 
6 10 27.10 Ipn' 

— --' 

— . JWlI 
■29 9 27 1C m.- 

* 10 ill jijtdn 
a 11 ill 
9 10 * 3 . ii ;i 


\n ■ -II |lrx~ .... 

■W.I.K. 

ft Karin* Itaiui 

iliaiLfuil liolift- .... 
,Unn»#. Hum hi-- . ... 

ii L I -ini",- Uni-,- 



n > K-. 1 1. IVtn-l.- '. .. 

Ii 

LMiraiU 

n Ihilai BiI'iiw.i,,- l->.i 
a ii- i n.anis . 
11m X --mu It 

i, Hiiu-i-jii r . ■ • -ii 

lllllMI Ml t Hi-- 

. nhiiiili-k Hi-nlin^i- ." 

, Ia-\ -or, l, 

• L-n. 4 W'll.Kii.f Itpi, 
i Pnw 7,‘iv iff.Jo 

s I^-iiiI.-h 

Iiai:i.-r* 1 -.-»*-»cih' ... 

. Ki-'iai,-— him «- mh, .... 

Ib'WNfc- hlij 

W • 41 >iHI 


. Pnir , — 


70 - I 

352,? 

7 Mil . 

' 65 

52lj . 

31- 1 -in . I- 

J38 • . 

2->|ii» . . . 

33mn —5 

.. ..... ... . 74 . i 

ni.LnA-W- ijpin — i t 

6b 

7b - l 

21 ••in -■-! 

95-1 

la . . 

85iirn - i- 

1S|-K1> .. .. 

■ SOiini 

51411-1 

70-1 

5‘21'm - Ij 

296 

10" .. .. 


61 FIN ANC1 AJL CROUW 109) , 

62 Banks(6) 

63 Discount Houses flO)...„ 

64 Hire Purchase 151 

65 Insurance (Life) (101 

66 insurance fConopositeiiTi. 

67 Insurance Brokers 1 101 . .... 

68 Merchant Banks il4i 

69 Property t3i).... 

70. MiscelIaneouM7» ' 

71 investment Trusts C50i .. ... , 

8l Mining Pinancei4» ... 

®.L Oversea s Traders » 19) 

99 ALL-SHARE INDKX(S73|' 


FIXED INTEREST PRICE INDICES 


Tncs.j 

Oct. 

3, 1978 

Man.. 

OcL 

2 

.- r 

FW.’ 

.'S\ 

TIuua. 

% 



Est. 

Bummer 

Grass 

Etf. 

P/E 

- 

■ -• 


Index 

Day's 

Weld «V 

Yield -X 




Index 

No 

Chaqs« 

Corp 

(ACT 
at 33% 

«N«j 

Carp 

TuXW 

No. 

No'. 

Ne- 

244X6 

+ 13 

15.83 

511 

8.68 

24X08 

24X92 

2«75 

220.01 

+X) 

16.84 

539 

8.21 

207.70 

20965 

2173 

3B43S 

+0.9 

18.09 

4.09 

8.03 

38085 

38517 

39015 

566.83 

+22 

12.79 

3.27 

10.81 

554.75 

55X73 

55486 

374.16 

+ 13 

17.75 

5.81 

7.64 

36921 

370.02 

37XB 

19333 

+1.1 

17.08 

564 

7 81 

19133 

19162 

■195.13 

170.95 

+0.4 

15.63 

833 

8.87 

17030 

17158 

17X92 

224-62 

+12 

15.96 

4.93 

877 

21X07 

21349 

213X8 

26338 

+13 

13.97 

3.86 

10.04 

260X2 

26235 

2615D. 

183.24 

+0.4 

16.26 

6.18 

B.47 

18251 

18358 

1BU2 

228.48 

+1.2 

19.19 

643 

7.30 

126.93 

127.48 

127.71 

22527 

+1.1 

15 46 

5.70 

8 72 

21288 

2143 

213 JE 

22932 

+1.9 

14.62 

618 

9 41 

225.15 

226 95 

22688 

28272 

+2-0 

15.06 

5.09 

9.91 

27724 

276.09 

27732 

264,77 

+X4 

1533 

6 59 

952 

26123 

263X9 

26331 

211.82 

+1-1 

18.27 

5.09 

7.25 

20955 

21X66 

21150 

22736 

+1.1 

1339 

4.52 

1034 

225X6 

22731 

22613 

38425 

+1.4 

2032 

627 

6.94 

37911 

38543 

388.90 

145.82 

+13 

17.80 

7.33 

740 

14341 

144J& 

144 J4 

203.06 

+0.9 

10.78 

4.48 

13.54 

20132 

20X40 

20143 

186-39 

+X3 

1739 

7.48 

7.35 

184.05 

18432 

18X85 

242.41 

+02 

22 71 

7 74 

5.21 

24183 

24X93. 

.24330- 

116.99 

+04 

1938 

5.46 

6.03 

11652 

11766 

U&S3 

22234 

+1.1 

14.67 

5.66 

8.79 

209.95 

210.77 

230X6 

297.98 

+0.7 

1537 

634 

8.46 

295184 

294X5 

294X1 

28138 

+0.9 

1021 

3.65 

12.06 

278.85 

23X96 

28X04 

23926 

+X8 

17.45 

5.46 

6.83 

235.42 

136.44 

13654 

426.67 

225.70 

+0.4 

+13 

1457 

1632 

7.15 

6.03 

8.77 

8.14 

425.04 

4S.75 

42736 


+X2 

1539 

5.48 

8.73 




50732 j 

+L2 

13.77 

3.96 

739 

50X78 

50X69 

504.15 

16426 “ 

+0.7 


5.92 


163.05 

250.49 

164.63 

164.62' 

18X03 

+0.4 

2532 

6.48 

531 

180X6 

18X89 

18X92 

205.74 

+0.9 

— 

8.41 

— 

20333 

20363 

203X7 

156.72 

+0.6 

15 54 

526 

8.49 

15541 

15555 

15353 

134.11 

+2.1 

— 

7 00 

w_ 

13X38 

13X03 

131.66 

122 62 

+13 

— . 

7.15 

— 

12X02 

12X67 

12X83 

340.97 

-01 

13 86 

486 

1032 

341X1 

346 47 

34531 

8134 

-0.1 

— 

• 5 96 

— 

81.72 

ft? Tti 

8X68 

255.94 

+0.4 

339 

X87 

50.47 

25500 

25726 

256 39 

10937 

+0.2 

2X98 

7.61 

564 

109.64 

108.44 

10858 

22322 

+03 

3.12 

4.64 

3X04 

22231 

225.32 

22716 

108.72 

+1.5 

16 23 

6.55 

730 

107.06 

10776 

107.44 

319.98 

— 

1532 

7.19 

8.18 

320.12 

320.01 

319-98 

22944 

+1.0 

— • 

5.40 

— 

227.06 

22835 

22866 


l*i7 -Ijj.-v ' • 
aaffi 'Hjf - -1-.* 

5^.-r • 


JS . 


jSSS. 


FIXED INTEREST 
>TELD5 

Br. Havt Av. Gross Red 


Tucfl.. 

Oct 

3 

IMS’s 

chance 

•L 

sd arlj. 
To-day 

art ndj 
1978 
to date 

10456 

+o.n 

" — 

7.06 

U4.30 

+022 

— 

761 

119.79 

+023 



10.23 

127.22 

+043 



9.02 

11233 

+0,19 

. 

836 


1 Ixw 

2 Coupons 

3 

4 Medium 
-5 Coupons 

_R 

“J High 
8 Coupons 


5 years .. . 
15 years .... 
23 years. - 
5 years... . 
15 years. .. 
25 years.. . 

S years 

15 years .. . 
23 years . .. 


‘ 

Tues.. Mori- ' 

OcL del. r'* 


1X03 li«5- . "2®!*. ' V 

1X89 ' M.W 

32.00 1ZK 
1277 1228 . 


12.06 
. 12J4 


*■* JlO| lrredeetnables.. .L-.l..| lXW'l’-' UJ?" 



J Tues'.. Oct. a 

[ Mnp. 

j Fl i-'nj 

; Thor*. 

W.-|. j 


1 indeK : YipI*[ 



ogi. 

■wpl. f. 

, 

1 .v fc 



1 

'■ i 


■ "v. ' • 


.stun- :»*?■>»«: ! 

>ent-' awt. NgjJX • 

•ja : as . (• MW?*: \ 


•5-c5gt,srjss. , xss 

'sssltc srvcgrfsjr zsxrt—- 


16 Invest men L Trust Preta. M5r 91.82 ' 13.67 ol 37 ' si 37 91.37 ; 51 .7i ' SI. 71 . 5 1.7 1 5i w ^ 

17 L-omi and fndl- Prefy (^ 0 ) | 71 - il J ».« 71.34 71.47 71 i? ^ 7X40 VI.4S j yj.44'. 71 49, »*£ 

Lbtujgd. EC4P 1BV. price Uu. by tn»«r 1 U " ,,w F **ianclBl rimn. SracJccn Hboh. Cjnwtm ji ( . 


< ^Tj r t 'rv <s H’ 



^pgjirigl IJnaes Wednesday Oetofcey . 4 > 1978 . 




i £u 


i 


.39 


AUTHORISED UNIT TRUSTS 


TaSSaS^M' aSS 8- ^ if!L .. ft * B, M'**** Writ Mgt Ud- fa) 

c ‘'0- AriosbuO'. n»65«l ,V7, Ireland Yard. EC4B SDK. . D l -348677! 



- , -• A W»wCapitot_ - .,(M4 
. -. S^haTlncoma-. .162 1 
•: Abbaylpv T-j Fc(..j381 

.. .>gW* 8 yC« T»i_ .ffir.t 
.Bnuun Prog. TsvlW 1 

..^Allied JQaoibro.Groiipv nti>) - 

T; &wb *- 
>j •. 688 2831 or Erenhrood jgg 77, 

V.VaUtoed Faafa 

t; ;_•-*] hed lat. „ 

-iBni/iads. Fluid .... 

firth- A Inc _ . . _ 



1.18 

3.33 


651 
2 14 
2.14 


• li-clq :r 
ffw> * .. ' 
HV* ■■ 

Ji. 


*V • 


S.p 


'Elect, fc 2nd. Dev 
ARM Capital....... 

HambroFunii 

HmnbroAct Fd._. 
I5etw Foods 

SjBhVwMFI [73A 

Hkhlnmne «« 

AH. Eq.lnc..._. . 
Inkmuettsaat Fm^ 

tot££ut«*wi .[275 

^Pacific Fund . • jjjs 

America - . [53 5 



51*' Aroenran _ . .. 

Capital Tw 

Income Tit __ _._ _ 

lot. Growth Fd. 

Ho. Accum. _ ]\?4 4 

Friends* Frovdt. Unit Tr. Mgrs.V 

Pi*J»m End. Dorians." ~ * O3065QS5| 

Friends Pri*.Uio...M5 7 . - 4BH+0H 3.93 

Do. A worn. ... 1»B - BSi-4-04 3-43 

♦071 
♦OS 

C.T. Japan & Gen. „ 

79thd -i-D_2f 775 JWt famR*.Fit_ - 
73 ♦0’S an JfT.tal'LPhwJ™,.. 


ill- 6.T. Unit Managers lfid.V 

496 lS FliiitHirvareitfECTafTDD 


G.T Four YdtFd [58 7 


poo 

108.8 

iIMl 

Mil 
913 
143 Z 
U3l 


- iJ* 1 * 


-As 6. 


■ uiiuiuiwniii, ..._ 

fc^vPncrfic Fund . .... 
’■i |? ec , .0< America.. 

USA Exempt* 

^taslallst Funds 
Jmellcr Co.‘s F«J .. .Uo « ' 

hidi^nlr.Ca'sFii fii 

, jM®SBySlU 995 

'iJK.M'n.&Ccfty 42,7 

■ JS*S as 1 Ean > l n». 60.0 

;^tpt. RmL-. Cos _ $15*33 


49.W+0.M 688 

?5 J G. ft A. Trust (aXjt) 

' Rvlei eh Rd- Brentwood 
A-.- 1348 



fiMJI ?£ Zm 

JBU ** 


. 168771 8 5773 0 0 1 
36-01 +0.41 4 AO 


j»a . 

52.18 . 

106 5 >10f 
45.7 +ft? 
651 <4(U 
256. la -o il 


W^rcmranTsr ._ 
British TM. (Acc). 
Commodity Shan - 
Exrra Income T«t_ 
(irfw cm Tnw . _ 

iHderson Unit Trust -Managers Ud. 

FeneuarehsLFCX^fiAyi. 6239231 Jn*. Ajjencies ... 

indenanU.T .... |5».5 StAfl ... I 4.75 uid.&rmptFd. — 


427 
457 
454 
501 
.6 4$ 
469 


-Vnsbacher Unit Mgmt. Co. Ltd. 

. Noble S4. ECSV7JA. . oi-flZ3«ns. 

DC. Monthly Fund. 1X75 185) .- . I 920 

^rbathnot Securities Ltd. (a He l 
4wn St London EC4R 1BY- 01-2365231 


Gartmore Fnnd Managers y (attg) 
—Sl-llaccAse. EC3A8BF. • ■ 01-2883631 

K 9 v Sllj-tta 016 

9 . 64.4 405 3 J* 

0.7 177.1 *04 J23 

8 27.7 *0 2 841 

1 - 42-llB -0.2 052 

3 662 *02 8*6 

X ' *41 40 M 

,M 35 . 3541+051 327 

_ ,191 97.4H 40 J 5 H 

(ciIatL TsLiArc.l ...b4A • Mfl-l-S M9 


OED O 


jvera Income Fd._ttBB2- 

. t'Ch Inc. Fund *22 " 

.'AecuMuymtSl 58A 

_ .'-«*> Wdnri.Litai561 
•_ jefereuce Fuud_ MA 
- ' ■ ' ee ,“T- UBlial....^ B.9 

apltnl Fund 210 - 

- dOlmofU C- Fu nd _ 6SA 

^ tecum. Units.™; S3 

-s’, Wfirn Ss 
Tn EcFrnp Fd. .. 179 

'.ants Fond;. ®og 

_ cum ._Cr.itaj — ..46.9 

PTSQ^SMfcr Si 

^ imHn-rn'. K 9 

aal^rn&IiiO.Fd.. 7TA 
f6W-dJ2d.Uts.j__ 111 

ormunFH 970 

LAjner. & Ihl FdJSU 


U7-0|-?4< 

ru 

8.96 
1250 
12 90 


45.4 *0.2 
. 6 33 +03 
M3 *02^ 
26J 

US 

as 

68J -0<H 
M2 -0 « 
■ 592 -0.« 
193m -o.a 
•43.1 ♦0?f 
505 +04) 
38.9 +02, 

- 46.6 +02 

' 3U +01) 

29.7a ...r 

2Z7a ' 

1053 . 

333 -Oil 


431 Grietreson Management Cm lM- 


Gibbs (Antonyt Unit TsL Mgs. Ltd. 

3. Frederick's PL. old Jewry, EC£ OM084I1) 

laiAGlnroBW HS.7 - 47Ad . - J 820 

i»i A.G. firowibTt_..pS.fc • 43n-~0.fl 5lS 

tajA. G- Far Easr . [» a z&m ) 030 

Dealing ■Tubs. ftWea. 

Gtn-ctt (JohnW 

77. London Watt. RC2 ' 01308*00} 

3M±i.a 

Next dealing day Od. 0- 


4.51 SSGmhun St_EC3P2DS. 
2-*2 Barting«HiSeptJr7.tt2a9 

H ttSSN&Sa'.BH 

iS iAccutn Units) 22L7 

Endeav.Oct3_.__ 2313 

3.J9 lAeenm. Untwl. 2S9S 

Ji9 Grochstr. Sapt 28- 97.7 
129 fAretun. I'nlU).. _ . 1014- 
H5 lA&Brsta.Sent87. 72.8 
.1* LAccum. UoHs)_ 768 



J-chway Unit Tst. Mgs. Ud.V (aK?> Guardian Royal Ex. Unit Mgn- Ud. 

17. Hj gh Holhora, WO V 7NL 01-831-5253. Royal Exchnnce. EC3P 3DN. -"-01-8388011 

■5fiSSasrir4«>ffLi-<A.L* «• 

“hn.™*, L«.. ¥ laKcM£) 

nunra Ho 352 Roariord Sd. E7. 01-534*iM Ere ntwood , Ewwi! 0^7-317288) 


1C 

i+ 

t.y. 

ri 


'S? 

» 


as-* 

?*■ 

| 

*+■ 


nienrn America.. 133 9 

" 4u«t.*« 77 4 

o Ann. Inc 610 

<* Capital. . .-• ... 683 
■« ExeapTTst.. 115 6 
•' Extra Income . 283 

o Finanrlal .. 62.0 

" 500 783 

o. General S2.9 

a- Growth Acc__ 43 2 

o IncotneTM ES5 

to. Prt. A*ns. Tu... i«7 7 . 

Pricm at Sept. 2». Next sub. da* 
o Eecovary....... 453 **3f 

* TruateeFuDd... n?7 

o S'ldwrideTst.-. 51.9 

ttOn-FcUnc (U 

o. Aecum. 1760 



. L’-R. Funds 

4 cahoinecovcry l - 

*79 t'ap. Growth I lie.. .. “’® 

Cap. GrmvUl .Ace.. 

Income A Asset* .. 

High I»M.mc 
Hioh Income . 

Cabot Kara In 
Sector Fundi 

Financial & [TU 

Oil & Nat Rn 

International 

Cabot 

international ._ 

WhLWldeOcta... 

Omwh Funds 
Australian 

! »A 

. 10Z4 

. *as" 

! 1273 

Cnboc Am.Sza_ SSLS' 



ariug Brothers & Co. LULf (>Xx) 

<. Leadmhall Sl, E.C3. 

JTrtton Tat. 1186 6 19231 .. 

o. Aocilm _{ZJLA • 2014 _ 

Men sob. day October 11. 

ishupsgate Progresslv® Mgnxt- 06)8 Hill Samuel Unit M. Hgn.t .W 

Btehopegate. g- C2 01- 388 8280 46 Beoeh St . ECTP 2LX 81-6288011} 



saaePr**Sepi28 
r.Vw ™Sept28_ 

^ateInt.On.3 . 

■ccirtn.) Oct 3 12M5 

Next aub. day 'Oct IT 



325 ,(b> British Tnut. 11553 - 

3 25 Cgl Inti Trust 220 

9 m UiDoUarTnut 88.9 

2J3 iMCnpital TYuat... P0 B 


<bl Financial Trait (90 6 
_ (b i Income Turn I2fl 2 

ridge Fund Managmf (aXe) 

•-«. Rpgn Home. King WUUam EGCR ^ieldTut. |31.4 

•R- 8J-62343S1. fatal v #al(al 

■nenrnn & Gen.*.. 25 5 2691 .. . 1 41 u®. 

row - ... 5*7 593 -14 6JJJ 

■pltallarf. 186 432 235 

v AcrT" ... «8 47.7 285 

tempt! .,-1500 1603...-- 

I trail I net.-— 1HL1 193 ._ . 

Aftt... 19.9 212 


-863 +02 
33.1 +03 


96 9m 
302 
57 44 
353 


♦0.7| 

+0.4 

+0? 

+o.a 


534 
286 
229 
433 
5 BO 
729 
525 
788 


Miuster Fuad Muugers Ltd. 1 Provincial Lire lav. Co. Ltd.V ^ve & Prosper continued 
Minucr Hie. Arthur Si .8X4. 01-4231050 msiihap«i:tta,EC.2 ni.S47G533 Srotbils Securities Ltd.V 


Min«er<fcr.2_... .IMS 

ExMipiO.t 2.. . [Joes 


FTAlilic Umte J89-2 

Hifih Income 11253 


9S3id -0.; 

13191 -1.. 


40 5) ... } 5 SO 

104ji9-2b| 5J5 

MLA Unit Trust NgranL Ltd. 

OWQuoenSinKLSWlHWi:. 01P30TX3. 
l-hite .J47.4 4981 -0 8| 3.61 

Murray Johnstone U.T. MgnLV iai 

isa Hep* suvot Glasgow . gzsuh 041-221 3521 ftniltrr Managetneut Co. Ltd.V 


3U Kcotbur ,_..-p83 

7 04 Shield 9J3 

SenuharOa— ... ♦- 59 6 

Pmd]. portfolio Mngrs. Ltd-V i»Hb«c} scot Ea-ga-^.-. -Rmo 
H olborn Bars. EC1X2NU 
PTBdmfflfll 1154.8 1423) +1 0i 424 


58 3m 
640 

. , _ 276J 

HMffiKH ShK Fx.Vld'0 .. 110.1 189 70 

014058=3 -Prices « Sept ZJ. Ne« tub d 


411| *0.3 
'■ *08 
+0* 


400 
6 92 
4 47 
213 
. 734 
ay Oct ii 


. I 2.46 ’RieftlLExebansp.ECSNlHP 01-8004177 .Kin. Evompt 


a-S:-..i 


4.81 

7.61 


HJ European. . .182.7 ' B8.1) 

Dfailmg Day Friday. QewtrantGen. Fi.lllS l 

Mutual Unit Trust HanogersV (aKg) Quadrant lncwne_ll343 

Mn^T^AuV^. 7 ^- Reilnnee Unit Hgrs. Ltd.V 

- ' ■ ^ ”° 5 *-® * 55 51 Reliance Rse.TucbrWfieWalk, Kt. 08MC271 

+0.1 665 GpB0rtuaiiyFd..'_|716 76S| —1 ^ 

.... 8.4J StWardc T. lAci-.J.. M6.0 4921 1 

SeUordoT.Iac......|4A9 488} [ 


Scfalcsinger Trust Mngrs. Lid. laHit TtrirrocT a 

140. South Street. Dorking HIM*. 80441 


Mutual Inn. T m .' 
Mutual Blue Chi- 


ill 

555 

721 

77.3 

438 

475 

600 

64501 


Am. Growth — 
Exempt HifibVld. 
Exempt TOR- Ldn-. 
Extra Inc. TK. - . 


raeswjn 

National and Cosamercial 

5*4 Andrew Square, Edinburgh 031^30 0151 Ridgefield Mfluagemfut Ltd 
' -.68.6 ’• ' 

308 
1348- 


f-g intniGwwh. 

5 J} lnv.TH.URiU. 

L24 juarket Leaden - 

•NHYwM*. 


Income Sept. 3). 

1 Ac com Un|u,< 

Capt Sew zo 

(AceoRi uiutsi. . 



N C. Inti Fd line 1 88 4 
VC. Inti. Fd i Arc 1 89* 
N.C. Smllr Cwb Fd ' 


94.2 

953 

167li 


Capital •Aecum ,.. 

E»«n> inc.._„... 

nanrial . 
Gvnwthtnv ..... . 

Inrome 

Pnn/nliDlm.Fd . 

UntversHl Fdidi .. 


b7 1 

72J 

+0.5 

W.9 

75J 

145 

36.1 

+0.2 

no 

955 

+15 

J7.2 

3)9> 

+0.4 

723 

775 

+1.0 

S9 9 

625 

-15 


American Sent. 27 .1703 

Securities Ort. 3. ._{i77l 


— 3 5) 


538 3B40. Kennedy St. Manchester 
338 Rld8cneldltU.UT.lU30 U , 

379 Ridgefield Income. |9BJ> US.o| 

National Provident Inv. Mhgi* Ltd.v 

*0 GrarpchurfbSt-EC3P3HH " 

N.P I GihUn Trt 1472 
lAccum. Umtei' I57.7 
NT»I CRN Tnin .. 1X33.7 141 Sdf ..:...} 225 
lAccBhi I'nilsi- .. ®33 XS2.r . . J 223 
.‘ST'* on S'P* =8. Next deal ipg Ogt aa. 
mces tm Oct 4. Next dealing OeL 1& 

National Westminster* (ai 

liJl. i-heapfirte ECSV 8EU 014W 9009: 

422 
752 
9.48 
545 
6.43 
538 
. 224 

NEL Ttubi Managers Ltd-V laKgl . 

KUton Coun . Dorking. Surrey. Mil Hich Yld. Sept. ffl..g73 

BtejwxrrBB IffllM « " 

^ T«. cm. Fd. Vtgn. Ltd. 

Group Til. Fd. JJ732 3928) +9.41 5.03 

Pearl Trust Managers Ltd. flXgXz) 

2S2 Hish Holborn, WC1V7EB 01-4058441 
Penri Growth Fd -.[24-8 26.71+021 473 _ . . __ 

Acran umu 29.4 3L7l +o3 Save & Prosper Group 

Pearl Inc... M2 ' 363} +0J] 43J 

Pearl LnU Tst. — _ 37a 353 +0. “ 

(Arcum. Uoitei-.. ,|478 eT*j +n 

PVIlcan Units Admin. Ltd. lghx> Sme ± Prosper Securities Ltd-V 

B1 r Domain St. Manchester 081-8888685 “■ T 

Pelican Unite Bo 9 97.71 +07| 4.77 JJtSST^ "“mt 

Perpetual Unit Trust Msgmt.V (a) ilS™™:':"'"®:* 

48 Hart St.. Henl 01- an Thames 048188888 Unlv. Growth 1713 

P'pciiiBifip.Glh ...145 2 «S1 ...... J 333 

Piccadilly Unll Trust (aXh) 

Uiony Gibb* Unit Trust Manjwnv U4. 


Pref.aGHtTnnt.-ta4 

5tarea.-.|tt.5 


23.0 24 2d +011 3U 

08 312 >0 1 202 

V.% 52-5 -0.X 741 

272 78 6 -0.4 4X0 

30.7 3Jo .. 9u 

S? S-5 

334 32 7 -0J _ 

.Ml 549 ... 301 

1 273 29 6 . .. 400 

31.0 33 3 +0 5 4.26 

B91 J13 +02 - 

Mia _ U39 

30.6 2.05 

334*j +0.1 222 

MJ *0 2 4.87 

21 H] +0 2l 4 87 

J. Henry Schrader Wagg & Co. Ltd.V { ynS7_;..!.' 

— ^ wjBjjy yWgyUir 

. -2^ 

XI - jsl 
2180 
356 
39J 
1861 


sr 081 238K521 Frepeny Stare*-- - US 

SS.3 ::::.! 


UKftth-Dlat . -(283 


I 

Target Tri. .MgrK. (Scotland) iallbl 

IP. Mhnl Cre-'Ceni Eriin a. v3] 22980212 
TarfiM AnwrE*s1e|27 5 29 61 *0 1| 174 

Turu+iThifile .. 42 2 454-0* 5.40 

Extra In i-arac Fd. 160 0 645«ij . I 9 98 

Trades I'nion Unit Tst. ManagersV 
10(1. H nod street. EC2 
|512 

Transatlantic and Gen. Secs. Co.V 

B1 « Nm- Lonrlon Rd Chvlm«forH 0S455HKI 


014388011 [AHRGilt Edg.Fd 
54 5d-0ji| 526 


1133 


Wick Di Sept 29. ..{69 9 
Do. Accum. — 


Tyndall Managers Ltd.V 

IB, Cxnynce Rood. Bnstal. 


_ InromeOcf 
159 lArenm. UpIM 
H* General 5+ut 37. 

4.70 (Arruci tlnltei — 

BotbwhUd te Lowndes Mgmt. (ai 35SS5. S DSnP:'- i-p6 * 

5t-SwUhiaiUite.tdP.EIC4. 01-SW4358 ^?o niA "< 

Newct Exemti* JOS3 9 141Pd| . | 3.45 .££^^4 12 as" 221 s3 

pn«f n September IS Ke« deSm* October ftSShlaV -1 

# , Scottish Eqnicable Fnd. Mgr*. Ltd.* 1 A'-Vum. (Site, "....: 
Rowan Unit Trust Magt Ltd.V fa) sesi. Andrew* sq. Ml nburph osi-sunei SSSSifn’ftof ' 
city Gate Hse..FInibuiTSQ..EC2 . 01-006 1008 lnM>0W United — W.« M.7dl -l u 505 TmE *rn Sev it.. 

1.12 Acrum. UHte.- - - P , - 7 lv «_. bS 3 , « -D M 5 05 lA+un I'mui... . 
3.99 Dead a* day Wedncuhtj Pref.scpt 77 

Sebag Unit Tst. Managers Ltd.V ta) uiubi. . . 


2.53 

695 

6.95 

153 

353 

ZJ} 

232 

412 

344 

3-89 


Barbican Sent 28— 
lAccum Units 1 ._ 
BwhExpi Sopt27 

Burkjri, Sept 38 

I teemn. Unit* 1 . . 

l olmo Sept 39 

1 Accum. Unite 1 •_ 
Cumbld.SepL27. .. 
(Accum Unlui . 
filets. Ort 3.. 
'Aecum Unit*‘> .... 
Marlboro Oct 3 ... 
lArcum. Unim _ ... 
Van. Goth Ocl 3 .. 


rAccum. Unite > . _. 

WickT5*pt28 

1 Accum Unlte> . 


790 

839 


1225 

1301 


90.4 

Mb 


04.4 

BBS 


UM 5 

1095 


130.2 

1380 


160.7 

1705 

_ 

55.2 

50L6 


504 

647 


567 

602 

-U 

724 

775 

-14 

52 7 

555 

-1.3 

606 

63 a 

+ 15 

5X0 

535 

-12 

63.5 

66.9 

-1.5 

738 

777 

-L5 

tel 

48 6tf 


485 

»S 


WJ 

67 0 


760 

SO 4 


694 

745 


001 

85.4 



OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fund 

T7. rue Noire Dame. LawmbiAiH: 
AlBxanderFund 1 51*57 25 I 4 — 

Net asset value 5rptcraber 37. 

[Allen Harvey & Ron; Thy. Mjrt. fC.1.7 
|l.Ch«nnfi'-*roi+.Sl nelrer.Jrs ci. 0J34-73741 
10002 10.031 1 124W 


Keyseiex Mngt. Jersey Ud. 

PiTRo’cjM.Si Hclicr. .Terwy 'Ekp.014M818PC 

Fonseies |FnlJ71 

Bon did cs . IF r 134 IS 

Kvyiofrt Japan .1614 
LcniAateUilap — 


erwy 'tup. umwo rone 
>1 J71 1.501 . I 2.7 

11415 ’J«W . _ 

133 - (-0241 - 

£137 15 -0.03 — 


Arbnthnot Securities (C.I.I Limited 

PC Box 584. SA Holier. Jarscj. D534721T7 
Cap TH-<Jorw?'i. (118.8 122 0|. .[ 410 

Nevt dealing dale October 10 . 

Govt Ec» TBt-.--.l79 101] \ 12 M 

Next deahne date Ocrobor D 
[E«4lnlJTstlClt..(fl3 a 1ZM|..-1 3.07 
Nexi dealing date Octabur 12. 

Australian Selection Fund W 
artel Oppun undies, c.o Irish Young & 
mhwflnre. 127. Kent St. Sydney 
|CSSl Shares .1 SUSf.64 ,1 . . 4 — 
Net aaKt value September B. 


King & Shaxson Mgrs. 

I Chari ngCroca. St Helier. Jerter. <05341 T3T41 
Valid- hIr Si Peter Pon firnnc i048|i 247M 
t Thomas Street. Douclai, 1 0 M. 106M148M 
... T914 9161 J12» 


Income Sept 27 _ _ 
f Accum Unite' . .. 
CapitelSopl. 2T_... 


1 Accum. Units 1 ....... 80.5 

Merlin Sept 27 BM 

iAroib. Unite).. — (105-4 


73J 
1*71 
M.0 
84 Jb 
89.7 
110.7 


34. JerateP Street S W.f. 

StenSFd.r“^:Ki 7521 .-M 7A5 
Price* at Sepl li V*xk dealing Bept. SSL 


75; 


136 TO Box 311, BcMtay. Hse., EC 4 
336 Seb* S CapHal FB-E-0 |b 

Bebac Income Fd.-PZ-O 33. 

Security Selection Ltd. 
19-18. Ltauwlp-hlnir F) rl(U,Wc2. 
-j 3IS Unvl Gth TW ACO 


01-2369000 24. CaaUeSL. EdiDboreh. 
-Oil 3 97 Seot.lnc Sepl 27 1S12 

-0J 1J7 Scot.t-»pSepl27. 

1 (Accum Imiai.. - 

Lomtoa Wall Cnmp 


a „ 4. Great St Helens. London EC3P 3BP 
4-75 68.73 Queen St- Edtatburah gBB W X 
4-R5 DooIlagS to: 01-691 88®' or 031-338 7351 


01-^318838-9 CapluJ Growth .... 

-J— g*3 26J( .... I 223 Po Accnm. . .... 

Unvl GthTstlnr — [ZL7 23 lj . ..( zzs Extra Inc. Growth. 

Stewart Untf Tst. Managers Ltd- la) ;* .T -* 

AS-ChariottcSq-BUnbnrsh. 081.3363271 S^ecSiT!_!?!l- 


Pla «. Old Jewry. EC2R BHD. 

Oj -a38 ^1 1 1 


Extra Income . ... 
Small Co 1 * Fd., . . 

Capital Fund- 

Int. Ern* & .\ucte. 
Pnvaie Fuad . 
Areumlir Fund .. . 
Teefcnoloc? Fund.. 

K*r East Fd 

American Fund .... 


& 
477 
373 
,679 
(657 
794 
25 8 


331 +01 
468 
SOS 
51.1 +D-1 
403 +93t 
73.9 +0.1, 

71.4 +0.2 
3U -D.Jj 

27.4 +6.11 


970 

480 

4.43 

4.80 

41# 


ltmaslnx Incm 

Pond 

Hifib- Yield 

-154.9 

1Uah Inrene Fends 


-|692 

Income 

Jo* 

V.K. Fuads 


UK Equity 

|455 


S3 +0 1 

77.2] +«9j 


59aa*+84) 




TStewnrt Araaricaa Food 
Standard Unite — fen n.4 

Accum. Units — — (72 0 76.9) 

Withdrawal Uxttts-(9S.4 573] 

•Stewart British Graftal Fund 

Standard— 152.91-1.11 

259 Aecum. Units -0635 17Bro -l jj 

5.69 Ueollnc tTOra. 6 Fn "wed. 

ZJ * Sun Alliasee Fund ftlngt. Ltd. 

Sun AlHance Heo.. Hnraham. 040384141 

7J£ sstikssseBS 1 

ZU Target TsL Mngrs. Ltd.V laKgi 


138 


4.13 

4.13 


Rlghlne. Priority.. 


lularnatioua) 

Special Sit*. — — 


lb) Do. A ccum. 6B3 

<bi TSB Income 62.6 

lh) D p Aecum. 65 3 

TSB Scottish B8 6 

tbiDo. Accum. 95 0 



5J1 
531 
399 
435 
435 
538 
538 
7 ID 
7.10 
443 
4.43 
275 
2.75 

3 32 Bank of America International 5 A. 
7-S 39 Boulevard Royal. Luxcmhaurfi r. D 
5® WJdi n+wt Income .JR-SU* D 1MH| ..(742 
Price* at bepl. 28- Next mb date Oct. 4. 

7 97 Bauque Brnxdles Lambert 
7 W s. ru* De la Regence B iDM Brussel* 

Rente Fund LF. .-11.928 L488I -31 7.72 

* 3T f J 5^L 1 Barclays Unicom InL (Ch. !».> Ltd. 

' " 793 I. Charing Cross. SL Heher. Jr*j DM473741 

Oversea* Inebme |47.0 49 a I u.lO 

UnidollarTrua . KJSU71 12W ...J JW 
Lnibond Trust |5V51tIfi. U2iq-Diq 100 
■Subieci 10 fee and withholding tax** 

5 ^ | Bare lays Unicom Int. K. O. Maul Ltd. 
1 Thomas SI , Douglas, l o M. 0624 4866 

LSD 
UO 

840 
&90 
1.40 


Gill Fund iJerscrt IE 
G1J1 Trust il.o M 1 103 6 

G)li Fnd GuermeriE9 21 
lntL Gan. Ski. Tit. 

Fine Sterling ...1117 93 
First Inti fl'SUUf 


I06J 

923 


. . 12.00 

.. .. | 12.00 


18DH .. .^ - 


BUS 


Klelnwart Benson Limited 

50, Fenchureh Si . EC3 OJ -623 83M 


Eurlnvext Lux. F 
Guernsey iur . 

Do Accum. . 

KB Far East Fd 

KBIstl Fund 

SB Japan Fund .. 
X.B L^S GMlh.Fd 
Sifiurt Bermuda ■ 
•l ntfmda.DMi 


1.186 

s; ns 

SUS14.H 
SUS12 42 
SG540.9S 
SUS13 15 
, IL'SS 19 . 
|20 10 Z1.20I 


+51 


>0 37: 


+0 ml 


2.46 

4.1# 

418 
139 
185 
D6Z 
S 60 
1.73 

on 


■H jl'nicom Aml Ext 
sm I Do Aua. Min. 

518 
5 18 


Ew.firtr. Pacific. — 
Do. lull Income — 
.Do. I oftinnTa .... 
0X7Z3ZZ41 Do. Manx Mutual.. 


1574 

617 


370 

39 8 

-3.0 

706 

76 8 


344 

42.4a 


455 • 

*93! 


265 




*KB ac: as London mviug agunts only. 
Lloyds Bk. «C.IJ VfT Mffrs. 

F O Rot 106. SL Helier. Jmov 0334 STSfll 
IJoyda Trt. O'seac 1631 M4uf .( 8.67 
Nexi dealing date October 18 

Lloyds Bank Inti. Geneva. ! 

I. Flare Bel Air PO Box 436 1211 Geneva 1L 
Lloyd* Int Growth ISF300J 321 M .... | 17D 
Lloyds in:. Income |SF287 296 0| .... | 6.70 

M & G Group 

Three Quays. Tower HiU FQREBQ. 01-6264588 
AUantic^ept 26 
Aust Ex. SepL 27 
GldExAc«sept27 
Island 

(Accum L'aiui 



m 


Overmas Fundwri 

Europe W3 3 

- IKS 


Practical Invest. Co. Lid.? (yHci 


SIS i 

3 20 SMtor FnBd* __ 

Commodity |7B4 

Energy. .. 1714 

FinancislScc* . (723 


108 

U2. 1 


+0I[ 889 aj.crejh^nsa .ECj. 
R+991 4 89 

Target Equity 


, „ Blshopsgaie Commodity Ser. Ltd. 

9.19 P.O. Box 42. Douglas. LolM. 0624-Z3S11 

4M ARMAC *SepL 4 .. .. BtCT 71 1453 .. _.| — 

4 B6 CANRBO**S«4. 4. £L0fa5 1JM . J _ 
739 COUNT "Sent 4 ,.|C.* 2.54R . .J L23 

2-51 OrigliiaX$' Issued at *510 and —SUM. 
509 

TSB Unit Trusts fy) Mtenagemert Ltd. 

nctautiyWar.AadJfr.Hte*. ^ C T""( 

Dealt ugs te CC&i 63432-3 GPO bS rom Robb ' 1 

tbYTSB General -..-1468 +0| J j| Fd ^27^J2 8 22.251 ... . I 8 77 

695 +07 rol Britannia Tst. Mnfimt. (Cl) Ltd. 
948+04 233 m Bath St- St Hrfier. Jersey. 053473114 

loili +0^| 283 


Samuel Montagu Ldn. Agts. 

1 14. Old Brood St.. E.CJ2 01-98864M 


A do llo Fd. Sepl. 27 

Japfest SepL 29 

T 17 Grp Soot. 20-.._ 
1 17 Jersey Sept80. . 
1 IT JersyO'sSept 1’ 



+0-661 


3.80 

088 

186 

068 


1.30 

1.60 


44. Bloomsbury So- WC7AZRA 61-8ZS8888 HIxh-WulnuuD Fnada 

PraciicalS«pt_37_ .| 161-2 mid I 491 Select Internal ... | 

SH — 4 4.01 Select Ihcome 


Accuql Units 1 2325 246.1 




002) -02| 
2.93 -<J7 
79 5] -84j 

*».’3 +o.zj 
77 7] +0.5| 

278.91 *2 
57 giej +oi] 


131 Target Gill Fund 

Target Growth 

3 74 Target [irtl — 

1 74 Do. Retnv Untta .... 

3 15 Tsntct In*. 

Tfii Pr. Oct 4 

Tfit Inc.—. 

21? Tfit. Pref 


Dealings urn 3941 Ulster Bank* la) 


Jerllnfi Denemhutad Fds. 


313 

412 

-0? 

59.9 

65 Ox 

-0 1 

382 

«1I 

+ 0 4i 


2285 

3W2 

-5.1 

-71 

U6.8 

1224 


292 

31 4ti 

+0.7 

269 

28.9a 

-0 5 

30.0 

325 

-P.4 

33.7 

toi 

U2Q 

170 5 

+2 3 

309 

??3 


156 

14.9 


208 

224 

.. !.. 


363 

450 

597 

661 

661 

3.00 

4.47 

282 

252 

34& 

*06 

778 

1182 

490 


Warms Street. Belf.ul 
1 biUlster Growth . 1588 


Unit Trust Account ft MgioL Ltd. 
King William Si EC4R9AR 
Friars Hse Fund. -G65.0 
Wirier firth Fnd (121 
Do Accum. ... (37 7 


Growth invest P76 

Jaml rd 928 

<123235231 Jencr Energy TSt 134.3 
41 71 ... | 510 UmvsL STstStft. •• E2.28 
High IniStig-Tw . 8.96 
1'8. Dollar Deaeniliiued Fd*. 


2 00 
1D0 
180 
100 

12.12 


Murray. Johnstone (lav. Adviser) 

163. Hope St. Glasgow. C2 041-231 5521 

'Hope SL FA 3TS40.91 ]..] — 

•Hurray Fund .1 SUS1289 ] j — 

•NAV September 15. 

Negit SJV. 

10a Boulevard RovaJ. Luxembourg 
N AX' Sept 28 J SL S12 66 | . . . ] — 


i 


01-6234851 I'tuvjJ STB |STSi52 

17481. .1 4.44 luLHigblntTn. ...[5050.97 100*1 { 900 

^39 R .!"!.[ 449 Vahjp Sept. 29. Next dealing October 0. 


-Wider Growth Pond 

Kmc William St EC4R9AK 


Income Units ... g8 


Accum. Unite.. 


INSURANCE AND PROPERTY BONDS 


Brown Shipley Tst. Co. (Jersey) Ltd. 

01-6234351 Ip.o Box 583. St Helier. Jersej. 053474777. 

34 Wj " " | 48? Bo “ d F(l - 18 00, 1 

Butterfield Management Co. Ltd. 

7.0. Box 195. Hamilton. Bermuda. 

Buttress Equity — BTS253 TM J 148 

Buttro® Income. _WS21I2 2M ■ -J 784 

Prices at SepL II Merc subi day Oct S. 


Negit Ltd. 

Bank of Bermuda Bides.. Hamilton. Brnuia. 
NAV Sept. 13 (Eb.82 _ ( j — 

Phoenix Inlernationotl 
P0 Bax 77. St Peter Port. Guernsejr- 
Intet- Dollar Fund.. (242 2.62| .... 




[U2J. 


— BaLInv. Fd. 

— Prnpaty FA' 059.4 

— Gilt FA (l23.7 


15. Christopher Street, E.C1 
ln»*L Inv. Pund. .._ |9ZJ.. 


012477243] 

991] +06) 6.10 


58| Key Fnnd Managwri: Ltd. (a)(g) 

5„ SS.HUkSt-.EXSV&IE. m-a0BT07A| 

’ — ’ * m.a.' 87 jj + 081 . J2i 

Iu20ti I830rt 

ritnnnia Trust MansgBBkent UKg) 

London Wall Buildings. London Wall,' 

.nd«nEC£M5QL 0 1-638 0478, WTO 




•Key Exempt Fd ..... _. _ 

Key income Fund... U6.B. 9L4l+0 9| 1981 

Key Fixed lot. Fd M3 
Key Small Co's Fd -1111:7 


638 
118 8 


ii 


3 « 


+02 1264 
+0.5] 589 


'eta. . . 


|S7 -» 


ilnd '-1 _...tel.l' 

"CTunoduy^.- «... (856 
.imestic -W3 


t!- 

Mi. 


h 

fe 

h. . . 

t 

i-.r -. 


^ y 1 1 ' 409. 

ira.J: g?" ^3.S 

ildft literal- -97 5 1048] -0.7 

xwctb as a 

c.S.Gro«h 75 9 

tl Growth 67 0 

wWt.Tst.Shares... 43.7 
•nereis .......... 39 5 

•L Hlfih Itlr. 83 3 

?vr7*%ue 338 

rth - American. 29 9 
olimioruu. _ . . 55J.0 


■op+Tty Share? . |W6 


1178 


851 +05 
. 62.2 +0.4I 
' 65.7 +ir« 
-899-+fl.rt 
44. B J-oa] 
1275 +0.1 
448 +03 


a 4 +181 
6 715 

721 +02 “ ' 

4^^ 

59 5a +0.' 

alaf 

5681 +4.1, 

».7c ... 

5 It* +8 
36.1a "... 

36.9 ... 


4M Kteinwort Benson Unit Manngersy 

«20- 30-KouchurchSl ,EC8 


0.67 

388 

635 

v»91 

t-a.94 

4.41 

274 


KA Unit Kd Inc.... 
WCtf UnitFd.Ac ... 
KB. Fd. lev. Tir*.... 
K_B FaluTst-Acc . 
KBStottMWiJlne.. 
KE-SmCos-FdAcc. 
IRfih Vld FA Inc . 


3.78 Hlr.hVldFd.Ace.. 



oi^oawwj 

•-W 


m 

■15 

&« 


Abbey Lifa Assurance C«. Ltd. Cnuador larazance Ca Ltd. London Indemnity &GnL Ins. Co. Ltd- gave & Prosper GroupV 

i* 3 SL Foul’s Churchyard. EE4 _ Ol-MBBIU Vincula Bouse. Tower PL EC2 01438981 11MB. The Fmbury. Beading 68351 L 4. GLStHelen'A Lndu- EC3P SEP. 01-554 88S0 

Gth.PropdCL3Z (73 -S BLH — J — Mon^ Mg^gar— . * 

Eagle Star Inau/Midlrtiid Assnr. Fixed iatarest.._ 

l.TbreadueadleSt-ECS. 81-868 1212 The London A Manchester Ass. GnV Caom^axPUtL 

KagW Ml d. Units. _(54J 5M — 4 6.00 Winsiada Par*. Exeter 0382-52155 

Cten. Growth Fund 

Equity & Law Life An- Soc. LtAV , 

Amersbam Read High Wycombe 0484 33377 eExpt. rav. Trt. FA 


Equity Fund 

Equity Acc. 

Property Fd 

Property Ace 

Sol eel Ire Farid 

Convertible Fur.d .. 

f Money Fund 

VPmp Fd. Ser 4_ . 
VKsn Fd Ser 4. 
VEquny FA Ser 4 
rcanv Fd Scr 4. 
Wlouey Fd Ser 4. 
Pnces at OcL 2 


$1 

1509 

157.1 
99.6 
1338 
135 
1290 

138.1 
362 
13J 

ms 



u?a| * 0.3 


aluatitm normally 
Albany Life AsEonuiee Co. Ltd. 
31. Old Burlington Sl. W.L 
<f Equity FA Acl. ..[282 7 
VFixco InL Acr .. |U14 
VG 1A MonevFd. \r. 1115 7 
VlntLMan.Fd4cm. JUS 
bPropJ-d-Xcr. . U01 

VM-ple Inr Acr . 173.1 
Equity Pen J-AAee. 2420 
Fixed U mlAcc . ..D79B 
G'lAMon-Pen Acc. (133 7 
Intl.8fn.FnFd.4cc . |l2L0 
FrupJ*Bn_\cc ,.|U5j 


Tues. 


Equity FA — 

Frt^jeityFA 

Fixed Interest F. 


213 3) 
14&S 

liTS 
119.4 
115 « 

182 3 

254 7] 
1892] 


M"ple Im- Per. ACC 


U7. 

1321 

225.1 


Ct A Deposit FA . — 
01-4375682 Mixed FA 


AMEV Life Assurance Ltd.V 


11193 

1093 

iSs 

113.5 


1255| +L4| 

1053+01, 
119A| +0.4] 


2441 


141.3 


955 


162.1 


1212 


150.1 


>45 


UOB 



General Portfolio Life Ini. C. LtdV 
00 BarUudomew Ct_ Wallbam Cross. W 731071 
Portion o Fund.. -( 149.9 ] . . . - 

Portfolio Capital -|422 44.4] { - 


Gresham life Ass. Soc. Ltd. 

2 Prince .4 Wales Rd. R mouth 03K 787855 
CJ. Cash Fund - .NB.0 1832J . . - 

GX. Equnv^nd . 112.3 110 - 

Alma Urr . Alma Rd, Reigati*. Reifale4fllOL G.L DAL Fuad — U7 6 US* . 


Flexible Fund 
Tnr Trustnwd...- 

Property Fund 

G I A Deposit FA — 


MAG Group* 

Three QngiJ, Tower Hill EC3R 8BQ. 

Per*. Pention •**_„ 

i'oov Deposit* 

FqutnrBond** 

Family 7W0+" -... 
FaimJy81JH*r_... 

GiKBoud**- 

ImeruamL Bond** 

Manafied BA*". - 
Property Bd**. . 

Ex. Yield FA BA* - 


Deposit Fdt 125.1 

“ _. 2U 5 

1921 

Prop.Penr.Fd.* 2317 

Gill Pen*. Fd 95.0 

DeposPons FAT- Jm 0 8 

'Price* on September 28. 
t Weekly dealings. 



Capital International S.A. 
37 me Notre-Dame. Luxembourg 
apital Inc Fund _| SUS1&95 | 


erhonse Japhct 

|l. Paternoster Row. EC4. 

Adlropa— |BS31» 

Adioerta DR5L4I 

Fondak DM3753 

Fondls DS2730 

EmpororFund-. 73 47 
lspsno -|SVS4I7I 


Quest Fnnd MngttmL (Jerseyi Ltd. 

P.0 Box 194. SL Helier. Jersey. 035427441 

Quest SDg.FxAlnL.f89 8 95 6) I - 

Quest loti Secs. SGS956 «C.g ... . — 

Quest lntL Bd JSUS97 1 liuj — 1 

Price at SepL 27. Next Oci. A 

Richmond Life Aus. Ltd. '* 

4R Athol Street. Douglas, 10 Jt 091423914 
fxjTbo Silver Trust [1U.2 


J _ RjchmondBendP7.|i7&2 
H Do. Plat main BA ...11362 

Do. Gold Bd. (ll6i3 

Do. Em. 97KB BA _ (163.8 

O1-34B39S0 

429 Rothschild Asset Management 

MulMJi 4.88 P.O.Box 5& SL Julians CL Guernsey. D4B1 3838i 



AMEVM.vta, 

A1J£Y3t&A- 


sod. 


2.19 L& C Unit Trtut Management L#.V| 

The Stock Echauae. EC2N 1HP Ol sufi^jO' 
Ml ucinr. FA (148 1 1S27( .. JJ 8.36 




1 


>oii Chanxe. _pD5 

•irE^WTfiy . (34J 

-he British Life Office Ltd.V (■) 

dunce Use.. Tunbridge Wells. KL 089222271 

-.British Life (S3 4 S45(+06( S.48 

. /Balanced* BL2 547^ -OM W 

-Dividend' W5J 48. 4( -0.91 9J0 

'Prices OcL 4. Next dealing Ocl 1L 

rown Shipley & Co. Ltd-V 

, PouuderaCt- EC2 

•• U Aits Oct . 5 B24.4 

.• fCC.iOet.J .^42 
'civic Trust* fw a) 

In anti a! 34.8 

■ncral . . .. — 192 

owth Accum 479 

'outhtneome 376 

jfh ! ncome . 9' 


55? HCintl&GenFd |J06-2 189-4] 

li* Lawson Secs. Ltd-V faXcl 
26J 37. Queen ’ pSl, Loudon BC4R IBY. .01-8368281 
455 8 Raw Materials. .. (4871 4U 

4 69 - JH Accum UUI(*L... 45 4 ' 4M 

£48 'Growth Fend 57.2 617 

- *1 Accum Unite! 63 J) -,-680 

ttfiilt and Warm hl J9 3 .' 42 4 

tAmoricao Fd: 24.4- ’ 265 

tfitccom Uuilat 36 A. if 27 4 

" High Yield «5. 491 

" ^Ac cum.Dmfai....feL2 70 4 


-13^ 


633 
633 
3b4 
264 
179 
050 
050 
1151 
. 11 31 

*Mon.-*Tue*..+t.Wed tTbura. —Fn. 

Legnl * General Tyndall FnndV 

ntAonnsxt 58. Canyuse Roa A Bristol. 05T! 323411 

l aw W^Septl3...i — |4A4 688] .. ..[ 4.«1 

| Jig tAccum. Uniat— .Ku 86 ol | 4.41 

■' ... . Next tub- day October li. 


rformaaee ...^.(615 

-reverr — 122.4 

rapt August 10 ..[61.9 


P 

PS 


36.9)d -+o a 
20 4a +07H 
50.8 +o.a 
39.9a +.02] 
325a .... 
227 


583 
583 
-9-48 
lit 

28*d iOJi -451 


459 Lea nine Administration Ltd. 

SJ 9 2, DukeSL, London WHK8JP. 01-W8W9! 


LeoDtsL- — 
Leo Accum.. 




85 3j +0« 

93fl +0.9] 


45S 

424 




Lloyds Bk.~Unll Tst. Magrs. Ltd.V iai 

215) +o.lf In RejUrtrai's Dept- Gortux-hy-Sea. 

653+08 U1 WoctiH n&West Snww*. 

23» -... 684 Balanced K34 

M5| ...... 455 I>o IAccUm.1, 735 

:>Bzda Life Unit TsL Mngrs. Ltd,V d^iaSmS!^'.'. 7oa 

■Hich St. Potters Bar. Herts ‘P Bar Sl 125 - 37 » 

•n. Gen Dh« — 1489 4251 +05j AX SV 

«GO0 Accum- 494 .. 5JLS +0.7| «35 SH 

Int. Dirt ..' . . JM -St7j +05 7S9 OB-tAcnimJ [7ZZ 

--.Inc. Accom.- - 1435 4*8] +0.4] 7J9 Ltoyd'i Ufe Unit TsL Mngrs. Ltd. 

ipel (Jameal Mngi Ltd.fi' TtS80. Gera houraRd- Aylrebuiy. 03865941 

Maid Brood SL, BC2N 1BQ OT-5888910 EQuity Accum. — (1718 180.9) ..... .| 3.72 

Sarfil Giw pv tyncxti 

■'Prieet on Oct-Ttlext dealing Oct- 18. Three Quays, Tower BDL BC3R «JQ. 01616 4588 

See also Eteck^Ejcchange Doelinjp. 

34-2J 


01823139^ 
57 4] +08 
78.9 *11 
605 +0.5 
75 9 * 0 6 
935 +DB 
1281 +! I 
£82 +04 
776 +0 4 


456 

456 

2.17 

217 

386 

506 

7.48 

748 


• ; Aecum. iltilt*- (898 915 

: K£sav--i3i; ■ s a .-.-:.l 

• • Nest dealln* date Dcfober A 

laxities Official Invest- FdV 


Australasian B6.4 

(Accum. Unite! (37.7 


jitol Unit Fd-'Mgra. LuLy (aWcJ Amencdu— -_Z_r.w.9 

Ibunt House. Newcaaile-upon-TYuo . - Sites ^ ->-(328 

•rilol - ..... (745 76.| J J*1 

Gcuopcumd Growth. 014 9 
Conversion CrmthM.7 

. Conversion Inc I7D 5 

Dividend P2A6 


Commodite (795 

7.70 lAceum. Units’!, l 


770 


- London Wnil.SCXNJ DR. . 01-0881813 r Acetua UniUl— 23*2 

. -ome August 15- (18217 . I .... | 628 European.- 53.5 

rum August 15.-IZ75.66 — ’ 1 iii. J ,.r~ • ^ cru ™ ^-’nllsJ 5J.7 

^uauth. Only aiallabie to Reg. Charities. Extra Yiojd. — — W8 

•ir Cbarterbonse Japtef see Jmon Fiplgjr jftSUSSim ^ 


iieftain Trnst JSauagers Ltd-V ia«g» KEffi£&iSZ/* 


LSnwSt EC2J4 4TP 
1 trncan - .. - .... h:A38 

•Mucame, (44 0 

. crnateonal Tit ,liit268 

ue R88K4. TB.W7 5 ' 

; wl Growth Tst ]Z3 S 

’Dfederation Fonda Mgt Ltd.V (ai 

rhan«ryl+M.Wr2AlHZ: 01^120382 

Mth Frond — - - 146 0 485] -D2J 


66 9 

■ 01-003 248C iAeeurt. Unltsi-— 83 B 

General : D73 

f Accum- Units' 2759 

High Income. 189.7 

LAcrqui. Units) 1846 

Japan Income 17U 
lAcctnu. Umtei— _ 1M 4 

Matmum — — 21A1 

(Accum. Uniat 275 3 

Midland.. 1M6 

iArcum.Umu)_. — 1123 
^reum^inlcoCT- 9?i 



396 


.'Smopoliun Fnnd Managers. 

ronrStreetUondoft SWUl 9EJ 01^38 KH. S«ondGen-_~- 1K.9 

SaSft^K - as : dS sSEfeii 


'higimraat- Unit TsL Hgrs. Ltd- ' spvLaioed raids 


554 _... 

SOU -0 7 
A1A -0.7 
042 -02 
921 -02 
1242 -05 
725 -15 
751 -0.4 
155.2 —0.6 
2565 +1.2 
578 +03 
585 -0.3 
948a -05 
1301 -07 
625d -12 
691 -1.3 
712 -0.4 
87.1 -0.4 
3924 -L0 
2995 -15 
1U8 -0.7 
1968 +21 
190 4 -21 
1925 -21 
2345 -29 
295 9 -3 7 
2*0 9 -01 
3326 -0 3 

94.6 -0.1 

97.6 —0.1 
1«.4 -1.0 
3013 -16 
1895 -06 
241.1 -0 7) 


OJToacer Lane, BOV fiUU. 
■'ihlDconSe — _[S®0 
rtb American-. .(508 
ffl&untH«Mnc.l588 


Ol 4306 Sfisa Trustee — . 

(Accum. Uottsj- — 


= 1 =* = 


11548 

[301.6 


ltd.OcL 3 

. (Ascinn. Unitsl— 

ascent Unit TsL Mgrs. Ud. (»KR) PomEx-Dcls 

8iriiicCr». Edinburgh a. J_ <Bi-«s«ai Mannl.H r; Management Ltd. 


1633 -1.M 
».i -j.9 

1MJ 

(154.8 1568 -321 

'm2 . 1972 -4.0| 
1147 0 155.ll . 


1 93 
193 
141 
141 
462 
46S 
363 
298 
796 
766 
78* 
330 
350 
8.30 
B.10 
2.43 
243 
*57 
4.57 
564 

:m 
a.oa 
808 
217 
217 
4.82 
4 02 
646 
646 
3.98 
3.98 
4B2 
4.82 

■3.93 

3.93 

' 651 
651 

iaw 

759 

759 

536 


IntcrttalT'.— . 

Reserves— 3-1435 

' rt- Tokw — 1288 



in at George’s Way. Stevenage. 

f86 Growth Uidtx [58.9 559| 

46 


0*38581 Of 

| 3.83 


:V^ • 


S.07 

54S 

3.00 


0IJ3»455T 


.Wipeh'or O's 

nson & Dudley TsL Mngmut. Ud. 

'fAritugJon SI .*S W.l 
.son Dudlfe+Tst (736 . 

For Eqniizs Securities Ltd. 

' -see ,\»ey I’nlt Tnat Mngrs. 


ne H-^ 7 ! 

Z73 fll'lbw 


Jg Mayflower MaBagment Ca. Ltd. 

, HII8 Gresham St, EC5TV7AU.- OlrtOBWP^ 

acretiencry UoU Fnnd Managers i n «mies«pc.2e— |aii5 ii7«rt .... 

Blotnfirld SL.ECSM TAL . MfPt®? 1 »§3 T 

Jnc.SeptJB— -■ (1B62 . 198.6] I 46 Inteniail SopL2S..fa67 MZ* .... 

pu,d "tiSm KSLISEST" m 

reSiSer...B91 • - S 5 l ^ 

Merc IntOrt.4 — £1^ 

OlAOBTMl M« r c.V?VS*ptJ!B 5 .taL4 

nil “T«i 

Midland Bank Crvnp 
Unit TrnsI Managers Ud.v (a) 
CobrraoiHi Houre. Silver Siroet -mud 
1 ■ - „ , Sheffield SIHRP. TeI.07«79B^ 

iuity 8rLaw vn. Tr. Rtv CaHbY _ 

.■terahamRA, Hlfih Wycombe. 04943837? Do.Aicu£ 4S-2 

723a! +M 4.U 


75.7 

816 

2567 

3115 


+0J 

+0 5 


4.15 
4.15 
253 
253 
4 13 
453 


tnty& Law _ 168-9 


Growth-- 


Do.AccUul 


37J 

.400 

- .‘dh Finlay Unit Trust Mogt- L^L^ SfSetunT-Cill .. 

/ u,we*t Nile streaL CHaseow. . 041 SO* ‘“i Income — ® S 


Jjalaj (qlumfl (2S.2 

cnnrL*nlcs 29 5 

>\nl4FlBCOi^— 



Do Accum..- 


K25 


Fdl atsL. (SO 2 
nun Unit*.- _ p4> 

Tic ex SepL 2?. Sot d«iwe 

CORAL INDEX: Close 506-511 


InLcraetumaU, 46.1 

Un. Accum. *9 3 

Hlfih Yield. 63A 

Do. Accum . 69 5 

Buuhy Exempt'.— JO*-' 

rt Sept detiinfi Oct 31 


77* *03 

89.2 -M 
405 *03 

43.3 +0.2) 
305 

Ml -cf 

BS .49 

49.9 +05( 
53J 

684s +85^ 
74.7 +db| 
IMJd 
1UJ 


4 43 
4 931 
2.B3 
283 
3.06 
JOfi 
622 
623 
251 
251 
826 
856 
15.63 

SB 


INSURANCE .BASE RAT 

?prape«3- Growt h.f..— 

tV -’'SrfSrS'sIwf™ undPf rnsnninr * !r anijTropwty Bond T*W.' 


if 


jC«EV?ropFd ■ 92.5 
A.M&.'MamPoo Fd.JUB 4 
AME’£l? < APen B U5S 
FlBuriwt -.i - _.+8.9 
AWEV/yVatnlieicnni 

American _[E99. 

Tncome . _ .196 Z 

Int GrmnTi _ . . .1927 _ ...... 

Per Arrow Lite Assurance 
ProrMeace Capitol Ufe Assurance 
Barclays Life Asaur. Co. Ltd. 



— GJ.Ppcy.Fund. 


tgpeni 

Pnce* 


249.4 


114.5 

125.6 


1491 

1566 


1718 

__ 


198.5 




2071 

112.61 


uoa 

1156 


1474 

154.4 


1605 

168.6 


856 

93.1 


703 

74 8 


549 

57.7 


614 

645 



Growth & Sec. Life Am. Soc. LtcLV " 28 *" SepL a 

Wetr Baa*. Bray-on-Thames. Berk*. 063&342M Merchant Investors AssoranceV 

LewiHBA. 383 Hishfiu Croydon. 01-6883171 


- Schroder Life GroopV 


Equity 1 

Equity* - — . ... 

Fixed Int 4 

ItuiafiedA - 

Money 4 

Dveraefls4...... .... 

Property 4.. 

K&SGorL Seen 
B S Pen Cap B 
Pen Acc B .. 
Mngd Ten Cap B. 
Mugd Pen Acc 8 .. 
F Int. Pen. Cup S 
F ini. J^n. Acc B| 
Money Pen. Cap. B 
Money Pen. Acc B. 
Prop. Pen. Cap B. 
Prop Pen Acc B .. 


2505 




232 8 

245.1 




139.0 

1464 




TJ74 


..... 



1008 

1141 


_ 

95.7 

im.1 




159.3 

167.1 



1215 

12*0 


_ 

1231 

1295 


— 

134 9 

1411 


_ 

211.9 

223 £ 



2S4.0 

267.4 




972 

102.4 

... 



986 

103.1 




96.6 

1010 




980 

103.2 


• 

1016 

107 0 




103.9 

109,4 


— 


Lxndhrak Sea. Acc U75 J20. 

- E7.T 


C.ftS. Super FA 


r.9«2 




Guardian Royal Exchange 

Royal Exchange. EX 5. 

Property Bond*.... (1876 


griiperty— 

Property fenr . ,. 

Equity. . — - 

EtjmtyPtea* ... 
Money Market . . . 
Money XttL Pens .. 


262 Romford KA . E.7 


01-534 3644 


Be rrrlaj bonds*. 

Propert y _ 

Iniernational . . . 

Managed.-.- 

Money.. - 

Man PenAAccum . 

Dr. Initial 

Gilt EdgPensJlcc .. 
Do. Intual • . - - 


,153 9 
1224 
110 3 
1042 
95 0 
1327 
1035 
102 4 

ft) 

»*_ 


Money Pew ACC _(1325 


Do. Initial 

•Current uni 


S I 
4 


98.4 
ila ralue 


01-283 7107 Deposit 

19S4I....I- gggglm.. 

Hsmbro Life Ammea Limited V 

7 Old Part Lane. London, Wl 01<tM>MBl tnaXnnafied 


1565 

W 

177.2 
142 8 
1855 
130.4 

143.3 
1083 
1417 
1056 
104.0 


Scottish Widows' Group 
PO BcxMC. Edinburgh E3U83BI' 031-C55«KW| 
nvPTy.Sams 1. . 


ni Ply .Series 2 (i03 X 

IM7.9 
1441 


art Cash Oct 2 

E yt'lAccSop 30 

sl* tine Sep 20 , _ 

Mfid. P«i Sept 20 12763 

Solar Life Assurance Limited 


uoo 
108.8 
I'M 6 

154.2 

150.3 
2763 


Clive Investments (Jersey) Ltd. 

|P.O Box ro. Sl Helier.. I ene>- 0534 37361 

Clive Gilt Fd. iC.l i .|9.74 9 76j ... . | 11 09 

0705 27733|Clive Gill Fd.iJsy.i |971 9.7M (11.00 

Tornhlll Ins. iGuernseyl Ltd. 

►O Box 157. SL Pelcr Port. Guenny 
Intel. Mon. Fd._ a77.0 19251 -03| — 

Delta Group 

P U Box 3012. Yasmu. Bahama* 

Delia Inv. Sept 19.. (SI 'SI 36 22JJ | — 

Deatscfaer Investment-Trust 
Poctfach 2635 Bieber;a*»e S- 10 flWfl Frankfurt 
Con centra . - --JDM21 !l -.22501+0301 - 
Ini. Remenioiidi — |DM HJI J»«| - 

Dreyfus Intercontinental Inv. Fd, 
JPO. Bax N8712 .\a.5s%u. Bahamas;. 

NAl* Scpi. 23 |SiSll52 D57] /. I 

Eras on ft Dudley T8t.MgUrsy.Ud. 

P.O. Box 73. 5* Heller. Jersey 0634 20591 

ELD J C T. H2T.1 135.4f | 330 



aW+Olfl *94 OC.Bi.Fr.Sept.3S. S5J 
LER+O.lffl - OCJnc.Fd.OeL2... 1622 

CMl +03l 2.K OC.Inti.Fd.T $136 

OC SmCoFdSeptSS. 152 5 
O.C. Canmodltj-* ... 144 6 

O. C. Dlr.Comdly t.. 528.64 301... 

•Pnrea on Sept 29. Next dealing Oct. 13. 

tPri cn on September 21 . Next dealing October 
9 

Rothschild Asset MngL (Bermuda) 1 

P. O Box 984. Bk. at Bermuda Bid . Bermuda. 

Reserve Assets Fdl SL'SIOD |. | — 

Pncc on Sepi 28. Next dealing Ocl 1 

Royal Trust (Cl) Fd Mgt. Ltd 
P O. Bov 194. Roval Tst Hse.. Jersey 0534 27441 
RT.Int'l Fd. ... .15115982 I8«H-O10| 3D0 
RT.intl iJs>.iFd..|9e.O 96« 3Zt 

Prices ai Ocl 3. Next dealing Ocl 10. 


Eurobond Holdings N.V. 

HanceUtade 24. Willerastad. Curaraa 
Landes Ixrctm: InlcL 15 Christopher St , EC3L 


~ 10-12 EJj- Place London E.C IN dTT 01343 2B05 Tel., OI4B47 7243. Trier: S8I44ML 


~ Selur Managed S .. 0318 


Beehive Life Assur. Co. Ltd-V 


Fixed Int. Dep. - 

Route 

Property 

Managed Cap. 1 

Managed Acc 

Overseu_.._ . 

Gilt Edged _( 

American Ace 

PenJT.I Dep.Cap — l 
PmuFJ.Dcp.Acc. . -I 

Pen. Prop. Cap. ( 

Pen. Prop Acc. . 

Pen. Man. Cap-. 
Pen. Man. Acc - 
Pre.GiKEdR.Cap - 


SSf 

1S7 

152i i z 

icfif 

16&j 

21B5 
284.0 
224.7 


71 . Lombard SL, EC3. 

Blk.Horeo.0rt 2 .| 133 70 J . ...J — 

Canada. Life Asonrance Co. 

2-6 High SL, Potters Bar. Hens P.Bar 51122 
EqljGihFdOcl.2. .1 633 

Reum Fed SepL 7 ] 126.1 

Cannon .Assurance LtdV 


01-6281288 Pw GittEdj.Aw Imi 


126.1 


Plea. BE. Cap .. _ 

PCA.B.5.ACC. . {U51 

PcB.D3LF.Cap . 

Pea. D A. F. Acc. _ 


103.6 

1060 


1373 

U2.1 


NEL Pensions Ltd 

MDtoa Court. Dorkiac. Surrey. 

NrietEq. Cap W0 99 61 

NclexEq Accum... 1206 126.91 

Nele* Money Cap. 62 9 663) 

NeUte Mon. Acc. 67 7 713 

XeJexGih IncC+l^ S3.9 56.7 

Noire Gib Inc Are.. 55 7 58.6 

NriMxd.Fd.Csp. «as 51.0 

Jiri Mxd Fd Act . |497 523 

Next Sub. day October 


- 0n 


35 


5011 


SolsrPropertyS 
Solar Equity b. .. 
Solar Fxd. &>i 6 ... 

SnlarCoahS 

Solar Icil.S 

Solar Managed P... 
Soiar PropcrtrF.. 
S^lar Equuj P . ... 
5flarFtcdIaLP.._ 

SolfirCashP 

Solar loti.. P 


1137 
173 9 
117.1 
1016 

100.4 
1313 
1134 
173 4 
1167 

101.4 
1109 3 


+0o 


. 

mm 

+18 

- 

+05 

““ 



-0.4 

1 

+0.5 

_ 


__ 

+ie 

— 

♦01 

j 



-04 



NAV per share September 2P 5Y520 80. 


iI-(C3 4680 


IL'S628 


Bda-J Ud 


Save & Prosper International , i 

Deallax to 

37 Broad Si . Sl Helier. Jersey OS34-2OS0I 
T^. DoRar+iremBlnaiNi Fonda 
DIr.Fxd.Infi 930 
Interiim.Gr.*; ... 8 01 
FarEaKCro-t.. 52 85 

North American*t 1.00 

Sepro**!. . 1558 

MrrlhuC 

Channel '^apisalO. . 246.2 
Channel Island**.. 1535 
rounnod~;. . 1331 

Si. Dep-rsit 1003 

St Fued***;.. _. JiM 4 , 

•Prices 00 Oct 1 "Sepi 27 ~ i +SepL 

Schlesinger rntcraatianal Hngt. Ltd 

41. La Motto St., St. iicUar, Jersej-. 053473588. 

- — “ ‘ 8.43 

4.59 
12.11 
328 



Fldeluj Pac. Fd... ( 
Fidelity WridFd...| 


Sl'528 79 
SUS24.M 
SUS5910 
SUS1669 


+ L J1, 

+0011 


81 

86 


93 

SB 


225 

22-7 

+01 

10600 

112 «W 


U 61 

12.22 

♦004 

102 


, + 1 * 


Snn Alliance Fond MaagmL Lid 

Sun Alliance House. Horsham H038414ZI 

Ex^FdjBLSepLiz ftl672___i63.8| . J — Fidelity Mgxot. Research 1 Jersey l Ltd 

“ Iv/aertenHs 
0614 27561 

. £4.19 

£10.09 


— Hearts of Oak Benefit Society 


r* u __ . ... InLBo Oct 3. £1325 I 

NPX Pea si on ■ Management Ltd 

48. Gracecburch St- EC3P3HB. 01-6234200 Sun Alliance Linked Life ins. Ltd |s*nes Ailnml , . 
Manas ed Fund . 1 157.2 JM.7I .. j — Sun Alliance Hotue. Horsham 0403 64141 [sertes 3 iFacificu 

Price* Ocl 2. Next dealing Now. 1. Equity Fund ... _..(132.0 139 U +1 1| — |Sertet D lAmAiM 

_ , . _ _ ...» FixedInierertFd . (1070 1127| +03; 

New Zealand Ins. Co. IU.K.) LtdV Property Fund . 

Maitland House. Southend SSI US 070262965 L n J3 rT, f^-?) , *i Fi 


Don St_Sl Helier. Jersey. 


Kiwi Koy Inv. Plan .(157A 


1. Olympic Wy , Wembley HA0ONB 01-M2887S Hearts ol Oak |37J 


15-17. Tavistock Place. WC1H ASM 01-3916020 SnmllCq'sFd ....U06.0 


Equity Unite 

Property Unite.. . 

Equity BswidiExec.. 

Prop. Bond/ Exec. 

Bri. Bd-'Qxec/Unlt. 

Deposit Bond . 

Equity Arcam 

Proporty Accum .. . 

Mnsd. Accum. 

2nd EquIIJ’. . ..... 

2nd Property 

2nd Hanagad 

§SS85 EfL— . 

2nd. American 

ZnOKq. Pew (Acc . 

ZadPriPens/Acc. 

2nd WBd- PenriAcq 

SS WfSStS: 

LftEM-F.S. . — PBQ . 

Current *aloe October JL 
Capital Life AssoranceV 
Cohlfton Rouse. Chapel Ash Wlon 

CKSSffitti'l iES I :™:| z 

Charterfaoase Magna Gp.V 
Stepbensoo Hse. Brunei Centre. BlricUer, 
Mihoo KcynMOSOB-641272 

£f 

Chrtiiss.Manaaed.. 39.7 417 

c C°bK": **pu 

M^na Managed... 1510 
City of Westminster Assur. Co. Ltd 
Rlngateed Houae. 8 Whitehorse Bowl 


3921 



+8.9) 


Hilt Samuel Life Anar, LtdV 

XLA T*r-. Addireeeabc Rd_ Croy. 01-6M4335 


0 Property Unite.- 1612 
Preroe rty Seric* A 105.1 
Managed Dolts — 1694 
Managed Serin A.. 100.0 
Managed Seri esC.. 96.7 

Hum*- Unite 1221 

Money Series A : 98.6 

Fixed Int. Ser. A .. 93.1 
EquUy Scries A ™ 96J 
Pn» Managed Cop.- 146.0 
Pnt Managed Acc.. 155.6 

Pus-G'SeaU-Capi. 106.8 

Pnj.G7eed.Acc.- _ U3.9 
Pen*. EqohyCap- 1S7J 




000228811 


Pen*. Equity Acc IMS 
Pua.Fxd.Int .Cap .._ BfcJ 
Pns.Fxd.lnLAcc_— . 974 
Pena. Prop. Cap — 914 
Petw. Prop. Acc.._..|97B 


1613 

1107 - 

17M -l.ffl — 
385.2 “DTI - 
10U -0.5) - 

)7Bf 

103.4 ..., 

98.C -0JJ - 

1012 -02 
153.7 ..... 

U&J .* 

112 4 

119.4 | 

13?* ~~ 


w 

ma 


S5SSfd Fi ,:..S.¥ 

American Fd. .. .... les.c 

Far East Fd 118.7 

4339 DOiBdcedFd - ^048 
_ Loq. Deposit Fd. .(97.9 


162 3, 

S# 

iiH +1.8] 


1250 

1185 

103.9 


+03) 


-2.9] 

+0.l| 


DeptwitFnnd 

ManafiadFund 


;132.0 
(107 0 

Sub 

103 8 
981 
1122 


uan 

188.9 
103 3 
11&2I 


-85 


+0.3 


£1932 


j-'o'iwj - 


Snn Life of Canada (LXI Ltd 

2.3.4. Coriwpur Sl .SW1Y5BH O1-03O54OC 


Maple U Grth 

Maple U. Man fid. . 
Maple U Eqty .. . 
Pcrsnl Pn rd .... 


2116 
1367 
133 9 
2127 


Norwich Union Insurance GroupV _ , . 

FOBre a Nonrich nr fSNG. 003322200 Target Life Assurance Co. Ltd 


First VDdng Commodity Trusts 
8. St George'4. SI- Douglas. I o M. 

0824 4882 Ldn. Acg Dunbar fi- Co. Lni. 

S3. Pali MalL LCkndoa 5W17 5JH 01-0307957. 
Pst-ViliCm-TM .062 381] I 250 

Fat Vk.Dbl Op Tat )690 73 ^ I 4.18 

Fleming Japan Fund SA 
37, rue Noire- Dame. Luxembourg 
Fleming Oct 2 f SUS67.13 i J — 


SAIL... - 

SA.OL 

Gilt Fd _ ... 

I nil. Fd. JifUP - 

IninJ fdJ-xmbTZ. . — . 

•Far Ea*l Fund . .JlK 13Cl +lj 170 

'Next bud. day October 4 

Schroder Life Group 
Enterpnae House. Portsmouth. 0706 27733 
laternadOMd Fends 

‘Equity ... Z {117 1 124 5( 

S Equity I1425 1515 

cnwdlBteren. .139 8 1«7 

SFixed Interest ._ 106.6 113.4 

CKanaged.. .130 8 159.1 

SMonaeed Il242 132 3 

J. Henry Schroder ffagg St Ca. Ltd. 
ICO-Cbeapstde, E.C 5. 01-5884000 

Cheap 5 Oct 3 ( 1259 |+0.02f 2.38 

TrafiufiBr Aug 31 SUS193 25 . - 

.Asian Fd Ocl 2 braJIB C*| . . 242 

PirimxFndOcU. SA2.06 11J-0M 470 

Japan Fd. SepL 21 ..)il : £646 0071 . .] 0.44 


Managed Fund 
Equity Fund.. 
Property Fund. .. 
Fixed Int. Fund 
Deposit Fund 



Target 

Bucks. 


Borne, Grictinuae Rd. Aricsbnry. 


♦,Nor.CultSpU5 

Phoenix Assurance Ca Lid 

VhKinx WUHamSt. EC4P4HR 01-6269870 

' % £E>“ 3 i:Ie 


Imperial Life Ah. Ca of Canpda 
Imperial Bouse, GuldtdnL 
Grt.Fd. Sept 28 -...1766 8SJI . _..| - 

Pena Jd- Sept 30 - 170 J 767) J _ 

Unft Liriced Portfolio 
Managed Fund ._ Sts 103.fi 

Fixou InL Fd 106.7 101M 

Sec are Cup FM.. . [975 lD2.ri 

Equity Fund [1D02 105 3 


WeritiAxs 

»>ra.A« 

EbTPh-Eq 

Prop. Equity ft Life Asa CaV 

1 18, Cravfoni Street, W1H 2AS. 

R. Silk Prop Bd.. I 1056 
777 

aw 


Man. Fund Inc. - . 
Man. Fund Acc — 
Prop Fd. Inc ..-. . 

Prop. Fd Acc 

Prop. Fd. In* . 

Fixed InL Pd Im 

Dep.Fd. Inc 

Ret Flan Ac. Pen. .. 
ReLplonCap-Pen... 
Man Jen J’dAec-... 


™* fs 5 b^L- ■ 


Pr operty Growth Aasar. Ca LtdV 


Man.Pon.FdCap... . 

Gilt Pen.FdAcc.-_ 

Gift Pen Fd Cap .- 
01-4860857 PropJenJd^Cc. 

_ Prop Pen Jd-Cap ..|151 1 
Guar Ptei JUAcc— 
Gnar.Pen.Fd.Cap 
D A Pen Fd.ACC... 
DAJreJFdCap . .. 


^ = 


rrm 

1042 


_ 

11217 

1281 


__ 

11105 

116.1 


—a 

142.0 






^ m 

1015 

306.9 



^2 

Ml .I 
7sa 

^01 



654 

-0.1 

_ 

1319 

1202 

gy 



1316 

138.5 



1295 

1297 


— 

1515 

1511 

1595 

1591 



950 

UWB 


— 

950 

XBB.S 


_ 

958 

100 a . . 

— 

955 

100 5] 

— 


Free World Fnnd Ltd 

jBunerfield Blda, Hamilton. Bermuda 

SUS194.91 i ....-( - 

G.T- Management Ltd 

Park y’JrxglJuiy Cfevra, London ECZ 

TeL- 01-828 8131. TLX. 888100^ 

London Agent* for _ 

Anchor -K Unite.. (US106 
Anchor G Ur Edge... 

Anchor InL Fd 

Anchor In. Jw. Tst 

Benr P« rd- 

Berry Par Strlg 

G T. Asia Fd_ 


- G.T. .Asia Sterling.. (£16.60 17JCDJ 


— G T Bond Fund — 

G.T Dollar fd 

G.T racifierd 
u T Philippine Fd_! 


IU| 


. STS5754^ 


5USU.97 
SUS7J2 
St’S 170* _ 
SCE1U5 llfij 


- 0 . 01 } 

-0.151 


1.41 


192 
L01 
0 70 
0^3 
130 
112 
529 
066 
6.93 


Sentry Asonrance International Ltd 
P.O. Bos 328. Hamillon 5. Bermuda 
Managed Fund tJUSJB 25551 ... ,| — 

Singer fit Frledlander Ldn. Agent* 

2ft. Cannon St.. EC4 01-2480840 

Dckricmd* . ... I0ja7JI 2UH+0.UI 5.90 
Tokyo TiL Orl 2 ,.| SUS40.99 [+9«H 151 

Stronghold Management Limited 

P 0 Box 315. Sl Heller. Jersey. 0534-71400 
Commodity Tru a ...(92 W 9782) 1 — 


Surinvest I Jerseyi Ltd fx) 

Queens Hse. Don. Hi SL Hriim.Jsy 0SS4Z7348 
American Ind-Ta.. (£7 67 
Copper Trust... — (€1157 
Jap. Index Tst - .|tllll 


ll'^-o'ooj — 

11541-0.07] — 


- LaoD House. Croydon, CB01LU oi^ooeDS Transintern at lonal Life Ins. Ca Ltd 


Croydon CRO 2J A 
Wwt Prop. Fund _ 
MmifiDdf inrti.. .. 


I rink Life Assurance Ca Ud 

ll Finsbury Square, EC5L 

Blue Shp. Oct ! ‘ 

Managed Fund - . 

Exempt Man. Fd.™ 


(618 65 0| 

1845 1W.« .... 

U 1 66-9 +051 - 

Sl 1 

125J 

62 2 ' 654] +05 

1710 
124 3 

^ m- 

I5B.5 

used to new Inreatpjent 

. . 2JA4 ■ | ..... 

City si Westnrinster Anar- Sec. Ltd 

Telephone 01-884 9664 

Flat Unite (1255 13151 . — I - 

P ropary Unite IH J I — 

Commercial Union Group 
SL Helen's. 1. Undershirt. EC3. 

VrAnAcAL SepL 29 I 59.97 

Do- Annuity L1S.+-I 


01-8840084. Prop. Mod OctI _ 


Equity Fund 
F»ma*nd Fund — 

MongrFund 

Gilt Fund 

PULA Fund 1 

Pens. MnfitL Cap.... 
Pans icnfid Acc. 

Pen*. Money Cap. 

Pans Money Acc... 
Pent Etjoiiy Cap... 5S-3 
Pam Equity Ace... f*“ 
rand currently e 
Perfcrta Unite 


_ Prop Mnri-Gth 



King & Shaxson Ltd. 

KS.CornhHI.EC3 

“'‘wusuaftf* - 


Property Fund.. 
Property Fn ad <Ai. 
Agricultural Fund 
Aarlc.FnndiAi . 

Abbey Mat Fund .. 

Abbey Nat. Fd -A< 
01-8288283 bivettment Fliad. 

5 00 Irtverijnont Fd.iAt 

r iSSSSr*;-: 

— Money Fund 
— Money FtojwJ lAb- 
Actuarial Fund. ... 
Gih-edmdFund . 

GiU-Ertged Fd. < A',.. 
O1-SBS430 4>Rebr® Annuity.... 


•iDUDcd. Aon't' I 
Prep. Growth PUnm 
All wither Ac Uts 
•AH Weather Cap.- 

Wmr.Fd Uts — 

PeuriooFd.Ua..... 


Langham Life Assurance Ca Ltd 

LongiiBm Ela, HolBibrook Df.NVM. 0J-JO332U 


Wrap. Bond.., H444 

Wisp Iff) Man WTO 


Legal ft General fUftit Asm.) Ltd. 


M»U. Pest*. Cap Ct 


EiapNMd ' Honsc, 
SurrmKTSOSEtr. 

1 _ CothHUttel.. eg 

Do. AenuL 98.5 

01-3837500 Equte 1 Initiil 127.9 

Da Accum 13Li 

Fixed InlliuJ U6.9 

Do Aecum 1202 


Confederation Life Insurance Cn iml initial ”f — .'. 10L5 

ni. 2420262 Do. Accum 102 H 

Managed Initial..-. 121.6 
Do Aecum 125. L 


50, Chancery Lone- WCU IKE. 

1173.8 182.51 

191 J 200.9| 
4215 

!W5 83 5j 

3178 
2591 
1411 


_ Prnperti Initial... W9 
Do Accum 1028 


Legal A GeamI iLnit Fwuleari 
ID3 01 
185 H 

140.3 
iuij 
120 .: 
123 


fa 

fa 


— Provincial Life Assurance Cn Ltd. 


VFSquity Fund 
tM^maged Fund.. ■ 
ePIPFund. . . .. 

Fatal P»n.MnEd. 

199.6 ::::"! - Exempt CMh lmt .W78 

im- 1 

32.CornhiILE.C3. -01-8265410 Exempt Mned Iciul292 

Can Feb SepL 15-|135 B — J.. -J — DnA«*um -. -- ..D324 

> ISSpec. SejuJS b ii — I — ExenusFrep Iatt..{978 

MflCihfdScpLaj. llgs 5 . 195,51 - .. ) - . Do. Accum. -.]U0 2 

Credit & Commerce Insurance 

220. Regret Sl. London WIRSFE 01-4387883 Legal ft General Prop. Fd. MgrS. Ltd 

. 1 1, Qu«n Victoria 51.EC4N4TP 01-2480878 

U^p^ns^flfw.1 ML7I... .4 _ Kd.%L&: 

Aeat sod csy OCX. Z. 

Pradentio) Peasions U m ite d V 
Life Assur. Cn of Pemwrlvaifai HoJbant Bar*. BtiN 2 nh. 

3M2 New Bond fiuwiTBM. 01498005 EqukFdSllitJffl^ ^ IC750 

LACQP Unite- - -1990 1040] * h.f e— W I39.« 





Prop. Fen*. _ 
FrapLHas.Cap.Ut* 
" Soc. Pen. Ur. 
Soc. Cap. UL.. 


mi 

1512 

1351 

iSI 

1585 


1341 

1224 


+L4 
+L3 — 
+87 
+8.4 
+0.9 
+09 
+05 
+ 0.2 
+25 
+2.3 


1887 
186.V 
787 A 
780 8 
1577 
1575 
705 
699 
1812 
180.1 
1*27 
14L9 
117 6 
1231 
123.1 
USJ 
147.5 

■ms & AnauItlcS Ltd 

11385^ 1454] 


+ori 


-U 


ii 

402 

+05 

+07 

ill 


2 Broom Bldg*., EC4INV. 

Tulip Tm e*L Fd 
TullpMaocd. Fd... . 

Man. Bond Fd.. .. 

Uau. Pre.Fd Cap 
Mon. Pen Fd. Acc.. 

Maned Ira- Fd Inti. 

M n gala v.Fd Acc... 

Trident Life Assurance Co. LtdV 

Renalade House. Gloucester 045358541 


149.4 

1575 


1184 

124.6 


122.2 

1286 


126.5 

U3 I 


134.9 

1419 


im'i 

1062 


1015 

106® 




r tujnm 

— EqumfAmt 

— ujl Equity 
Hub Yield. 


Managed ■ 11275 

GtdMfid 1493 

Propest}'.. — 1514 

“ ; (American -. 86.9 

■ Fund.. 1364 

1429 

ciii Edged':: - :;:;: m - * 

ltOD«- 1245 

International M&l 

FI semi 129.8 , 

Growth C«p 1297 

Growth Acc 134.7 

Pen*, lfufid. Cap . ... U8.6 

fstiasfe'ls 


Pe<i j, Gt d. Dtp A ec . . 109.1 
Pan* Ppty. c5).._ . 115.4 
Pens. Pty. A«!- — 1212 

Providence Capitol Ufe A«8- Cn Ud n^t^.a'iid.-.'r 985 |-o ^ 

30. Uxbridge Rood. W128PG 01-7480111- *?«* ™ lue ,or £lw P^ miunL ' 


134.7] i 

158.1 
1M3 
92.1 +03 
123 3 +2.14 
1515 
130 7 
13U . 

112.4 +04 

137.5 
1374 

142.6 

123.6 
1120 
1100 

115.6 
1222 
120.4 

39J 


Sri. Wo. Fd. Cap. ... 
SeT Mia. Fd 9ta .. 
P«J*iQB EquiD *- 
Penrion F*d 
Deposit Fd Cap-. 
Deposit Fd. Acc. - 
EquttyFd. Cap .. 
Equjtj FA .\cc. — 

Fxrt Int, Cap 

Fxd.Inr Ace 

In ml. l"ap 

Intel. Acc ......... 

Managed Fd Cap. 
Managed Fd. Acc 
Property Fd Cap 
Property Fd. Acc. 


Wl 

108.7 

138.3 

120.4 
1474 
174 
4t7 
467 
474 


9651 
U«1 
142.6 
1241 
59 11 

50.0 
49! 
<9.1 
58.8 

50.1 
SOD 
500 
•97 
497 
50.0 
50.0 


___ Managed Fd 

222. Blshoptcate. E.C 2 / 01-2478983 EfljtffFd ■ • 


Tyndall AMnrance/PensionsV 

18, Cuynge Road. Bristol 0272 32241 

3-Wm-Sept 28 

Equity Sept. 38. 

Bond Sept 28 

Propertj Sept 28 . 

Dcpooil SepL 28,.... 

3- way pn, bept ai. 

O seislnv Smh 28 
Mn Pn 3-WOn. 2. 

Do. Eaully Ocl 2 

Do. Bond Oct 1 . 

Do. Prop. Oct 2 - . 

Vanbrugh Life Assurance 

41 -43 Maddox Sl, Ldn W1R9LA 
1520 


1281 



175 9 





1677 




1087 


— 

129.5 


— 

153.7 

... . 



829 



1785 

+16 


2B0.4 

+10 

— 

1612 

+ 0 6 



898 

+2.6 

' — 


Gartmore Invest. Ltd Ldn. Agts. 

2. St Man 1 Axe. London. ECS 01-2853 
Gsrlmar* Fund MngL iFVr East 
1503 Hutchison Hse. 10 Harcou 
HK&Pac. L* T« — RHK3925 C 

Japan Fd. _arSU3M n. 

In. American T*t..._piKnB U 
Inti Bond Fond.,.-. ISGShDI II 
Gartmore Inrestaorel Moot. Lid 
P.0 Box 32, DougtetloM. 0821 2W1 1 

Gartmore inti Inc.. [23 6 Z5 11 -.1 IDJS 

Gartmore loti. Gnb|748 79 61 -2 M 2 20 

Hambro Pacific Fond Mgmt Ltd 
♦110. Connaught Centre. Brag Song 
FarEasiS«HL27. . BflKUD 26.421 .. . I - 
Japan Fond- |5l'S98J IIS] | — 

Hambros guk (Guerasey) Ltd/ 

Hambros Fd Jlgn. (C.l.) Ltd 

P.O. Box 88. Guernsu;' 048I-2G21 

CJ Fund .a--. 1514 1612 -2.61 3.70 

Intel. Bond SV5 109J08 11257 -(Ql BS\ 
Int Equity SUS1L07 U.44n +051 2J0 
Int. Svfia ‘A* SUE LC6 1JK ... . _ 

lot. Svg* ■8* JUS 153 iSrt+O.OzI - 
Prices <» On. Neqt de&lmfi OcL lL 

Headers on Baring Fund Mgrs. Ltd. 
®5. Gammon -Boure, Bong Eottc 
Japan Fd. Sept. 20 fUiSUI D7W .. j - 
Baring Bend Bond Fd Sept. 29 SL'Sia579. 
■Exclnriv* at any prelim, chargcu. 

Hill-Samuel ft Co, (Guernsey) Ltd. 

|8 LeFehiTe SL. Poter Port ITuorncer. C I 
Guernsey Tst [155i 166-4) +0.3) 358 

HiU Samuel Overseas Fund SJL 

37. Hue Nwro-Dame. Luxembourg 

JH.S8J* ZU1| -0.101 - 


4 


TSB Unit Trust Managers (C.L) Ltd. 

Bagatelle Hd.SL Saviour. Jersey 053473494 
Jersey Fund — 150 2 S2g-10| 45* 

Guernsey Fund .|50.2 529) -I o| 4 54 

Price* on Ocl. 4. Next sub. day Ocl 1L 

Tokyo Pacific Holdings N.V. 

Interns Monacemcnt Co N v . Curacao. 

NAV per shore Sept 29 SL'STO.87. 

Tokyo Pacific HIdgs. (Seaboard) N.V. 

Inumi* ManoRctncui Co N V . Curacao. 

NAV per share Sept. 25 JL'SSI.84. 

Tyndall Group 

r.o. Box 1X64 HmriUre 5. Bermda. 2-Z7SO 


0 sea* Sept 27 _ [ST515J 

■Accum. Lnits'i SCSI 98 

3-Way InL SepL 21. JSTS1» 

! New 5L. SL Hdier. Jersey 
TOFSI. Sera. 38 ... 

1 Accum. Shares) — 

American Sept .28- 

vAcrnm &haro*i 

Jersey Fd. SepL Z7. 
iNon-J. Acc. 310 6 
Gill Fund Sept 27.. 1065 
i Accum. Shares). 1410 
Ylctorr House. Donrias. Isle of Man. 6C4 
Menafied SepL £1 ...TU62 1«5T f 


6M 


200 


1101 

24111. 


Ltd IntnL Mugnud (C-I.) Ltd. 

14. Mulcamer Street. SL Holier. Jersey. 

L IB.Fund BTHria U5E]+1 7B| 7.7f 

United States Tst. Inti. Adv. Ca 

14. Rue Aldnnger. Linembourg. 

US Tri.inx.Fnd...| 3LS11.18 1+0.03] 089 
Nei Mceu Oct 2. 


_ j Internationa] Pacific Inv. MngL- Ltd. S. G. Warburg ft Co. lid 


Pror. Manared Fd. 
Prov. Cash Fd - 


(26-CMngdFd- -.11210 I - 

Crown Life Assurance Ca LtdV 

crown UfeHse.WoWng.eC21 IXW 048625033 


11291 
.'106.0 
111 6.6 
,1015 

US 1 


1361 

Ul.f 

ig! 

WZ] 


^ = 


mini Fnnd ... ... 
Fixed Intent Fd.... 
Property Fd. 


2*6.9 

1045 

» 


015094823 
16001*0.71 — 
2599] *2 « 

UOffl *01| 

177.1 +0.41 
15551 . 


d Fund Are. -(107 4 

.'dFd-inon ■■ J07 4 

Mng’dFdlnit. — 1Q5.B 
Equity Fd.ACC — 99.6 
Equity Fd. InenL... 99.6 
Equity Fd Ipit . 986 
Property Fd Acr ..967 
P roperty Fd. Incm.. 96.2 

!5WSIR»l8& 

Inr. To. Fd Incm. .. 106.7 
Inv. Tst Fdltut— -. W* 
Fixed lni Fd Acc. 993 
Fid Ini Fd teem [993- 
ntcri Fd Acc. ... 1167 
.nies'LFdincm.... U6’ 
Mmej-FdAcc. .... 970 . 
Money Fd Incm . 
Snt.fi Inxm . -.. ui7 2 
Crotat Brt- In; . a . _ lfi7.Z 


648 


603 



Cosh Fund ....._ tlZO.* 

Vanbrugh Pensions Lisdted 

41-43 MaddmSL. Ldn W1E9L.4 01-4aS4B23j^ } "~pgf n ’ , f^' 


PD Box R237, 56. Put SL Sydncv. Aust. 
JrneJin Equity Tat. ISAJ.40 2S2\ | — 

JJ^.T. Managers (Jersey! Ltd 

PO Bos 1M, Royal Tri Hse. Jtare;tK34 27441 

Jersey EjerrnL Tst. (197.0 2D9.0| | - 

as at August 31. Nest sub day SepL SO. 

Jardiae Fleming ft Ca Ltd. 

46tii Floor. Counaufiht Centre. Hong Kong 


30. Gresham Street, ECS. 
i.’onx Sd SepL 28 


Enc.Tni.Sepl.28 

■list 5Fd Aue_31. 
Merc Ebd SeptS-.. 


.66 
YlS18.74 
SLS7JS 

srsuji u 


014044589 

J liw 


1 _ Fxd.InL5ept.20.- q?-« 
Prop. Fd Sept 20.. 1'““ 


2 a__, 

19.72 

27. 


Managed.. 11(71 § 107.0| +0J 

01-409X222 Bqulty JlSO.fl lit? 

....4 - POBdrintewri. — m 2 1M/, 

_ Pwpartr (991 104.4J 

I — Goaranieed soc ins. Base Rales' uhle 


+05) — 
lTI+1.1 - 

+05 - 


Uoyds Bk. Unit Tst. Mngrs. Ltd BeUance Mutual 
7l.Lomhard5t.Eca . 01-6881288 Tonbridge Write Kent. 


1__ 

ta 

no 

104. 

104 a _ , 

ISJj -ta.sj *.33 
12281+05 - _ 
1021 . 1000 
uir .... - 

uzjUocl as6 


EWtePt- 199.0 104 24 -4 n 7.77 Rri Prop Bda 

Lloyds Life Assurance 

20. ClrBon SL EC2A 4MX 


.MUlGth.Sw« — 

PpS ATr.Scpt 28. 
Dp S-A'Epr aepr58 
t'pJ'A'HY-SepI 78 

Op5'A’Man4iqK2fi J 


UMS 

140 6 148.0) 

142 0 , 149 S 
1575 169 3 

.157.5 1U4 


— — Op5ADpd»epiaa„.|l2i1 1194] 


Welfare Insurance Ca LtdV 
080222271 Wliudado Park, bcurr 0302-52155 

| 205) | . .) _ Monev maker Fd .. I 110.5 • I . ...| . . 

_ .. .... . . „ • For ether funds, please rater to The Londafi 

Kothfchlld Asset Management Manchester Group. 

St SwtthirbL4nr,LondM-E« 01 «« 4358 IFindSPT Life Assur. Ca LW. 


JarfroeJ'pnFd*... 
J aid ineS. E_A- — 
JardincFienLlai. - 
Inti-Pec.Seco.fInc. 1 . 
□o.iAccum. 1 .— 
NAV Sept .14 


HMT552 
HSS4019S 
5US2046 
HRS12.42 
HKS14.91 
KK515.06 
'Equivalent 5 


Next sub. On & 


Warbaig Invest. MngL Jny. Ltd. 

1, Charing Cross. St Helier. Jrv. a 053473741 

CSftF Lid SQpL28„ 

CMTUd SepL28.... 

MrutisTS Sept5L. 


1-ffi TMTSew-14 i.BraiJI 


L70 



L'sstfls. 


TMTLtdSep* 14. 

World Wide Growth Management^ 
Ida. Boulevard Royal. Luxembourg. 
Worldwide GUi Fdl STS1647 1-0141 - 


NOTES 


N.r.Prop™ 


(120-0 170^ ( - 


Nest bah day - — - 


_ Lite im. Plan* 

Royal Insurance Group FutureAMri.r.thi«i> 

New Hri! Ptecn. LlirtTOOL 061 2274422 ' 

Ko}*l Shield FA — 1145.4 1«3.8| -14) _ Flre^Grorth.:. 


Pncro di> n« include S premium, except ■where indicated f and are m pence unless ochenrioe 
rinval aihon He thi+iti winrftnr *+ "shown in last rrilnmn: oJIcm for all buying « pc rue* « Offarad Brices 

so+al Albert Hse..5nretbl. WlntUor -.■™l44[| IK i ud eallriLpens«. b To-da/s prices c 1 leld basrei «, refer iron'd Rstpinied jtToda” 

opening price, b DiNribOtion free of L K tex«2«. p Pwiodtc premium inNjranceplan* * SincJa 
Iwjbiiit! insurance s Offered "price includes all expense* except agents coniniiaion 
J nlicred prlT- include* all repontw* if houfiht throuen manafior* i I*n*v!oii* daj'f prwi+I 
If Net of Ux on realised cani'al earn* unl+t* indlcaied n» a 4 fiurrnsey groea. * bliaiiendBd. 

• f Yield briwe Jermej uu. ( Ea^ubdiiiuoq, ™ 


176 4 72 61 

.22.00 

uoo 

126.40 , 

105.5 Uity 


» 


































































































































































































































































































































































































42 



msm 





John 
Williams 

CARDIFF 33622 


Companies NouseSewjpll i 

Extelare Exjief 

EXTELSTATTSnCAL SERVI^SltD^ 

37/45 PAUL ST. WNDONECa^etf % '■ ' 

Trf : 01 -253 3400 Telex 12634^7 , ' 


Wednesday October 4 1978 


British UK official reserves 
to^eST U P f 54 m last month 


Gold and 
Currency 
-Reserves 


the lex column 




Atlantic 
fare rise 


BY MICHAEL BLANDEN 


By Michael Dome, 
Aerospace Correspondent 


BRITISH AIRWAYS is expected This suggests that the Bank of 
to ask the UK and U.S. govern- England took in some foreign 


THE UK’s official reserves rose further to the weekend measures dollars also took the gold price 
by $106m f£54m) last month to by the Swiss authorities to bring to another new peak. It closed 
$16.51bn (£8.37bn). reversing the down the value of their currency, in London at S222I an ounce, a 
previous month's decline of Sentiment was also affected rise of S44, compared with the 
3330m. by a prediction from Mr. William previous record dosing level of 

After allowing for identified MHler, Federal Reserve chair- $219’. \ 
borrowings and loan repayments, mail, that U.S. interest rates — . .. . d ^ d . s 

the figures show an underlying i 

! rrnSSi “ 1115 reSCrVeS of $63m - U - S ‘ “tore* 4 «*«* *■** 4 agaoS^DM 1^327 on the previous 
tt.ii.amj. Mining News Page 26 day. and fell from SwFrl.5915 

This suggests that the Bank of Money Markets Page 29 to SwFrl.5730. The pound -also 


li§ 




• V/ '-»• . 1**4 -a 




. The Prime Minister yesterday 


believes it will get;a.better& 


SSSSPJ5 .h2S*°° fiJKS!! rest of the loan is likely to 


agahiS DM1J9327 on the previous ^during tie cuS^T Zonth. 0 ™ rises lead to An a««eia®> n of 
day. and feU from SwFrl.5915 AgSt this^he UKmade the inflation rate. “The Govern- 
to SwFrl.5730. The pound -also repayments of $I07m of foreien ment take offsetting action 
gained 20 points to $1.9735. but bo?^^ mainly ™y the t0 *eeP inflation Sown through 


ments soon for permission to currency during the month as a with other currencies rising Offl^ ^'ese^eDavmen^ were monetary andfisaa : measured 

raise all ti-ansatiantic air fares result of support operations for Jg«“ ‘ ? eak faefore “• ead of more rapidly sterling's trade- ^ ]Se vrfTh the^iSl sSi^SSl to the City, Calta^S 

ApriU per cen om next dollar.^ cane brie g y ander With wdespread intervention ^hJed mdes slipped from 62.7 f th?se j speech received* * modestly 10 , 

Existing differentials between pressure towards the end of the to bold down the Swiss franc 0 • During the month, the pound favourable .reception .on the 

various classes of traffic will be month as a result of doubts reported in Europe, the main The UK reserve figures were moved up significantly against vague grounds that he. seemed . 

preserved. But continued infla- aroused by the Ford strike. But effect was to boost the West affected' by two main special the dollar, at one stage coming to . be -standing- .firm:, .both- the 

tion is eroding the financial posi- for most of the period the German D-Mark, one of the main items.- Foreign currency borrow- briefly close to the $2 level. Its gilt-edged and equity'* markets 
lion of all the Atlantic airlines, exchange markets were aims of the Swiss Government Ing by the public sector under peak closing level In London regained a little of their recent 
including British Airways, and dominated by the continuing ' However, the dollar - slipped the exchange cover scheme trading was 31.9310 on Sep* But if the- Government i«s 9 * 

Others are also expected to seek weakness of the U.S. currency, back again, reaching a new low totalled SI 50m. This was the tember 2L At the same time, ™T‘ 

fares rises. The pressure on the dollar against the D-Mark and losing first tranche of a 3500m loan the strength against the dollar “~ liy „ w. squeeze 

British Airways, in common was renewed yesterday as the ground against the Swiss franc, arranged with Japanese bankers took the official index to a best “ aHQ utere are 

with its competitors is studying exchange markets reacted The renewed move out or by the Electricity Council: the level of 63.3. admittedly . reasons for 

the effect of the ultra-cheao . : scepticism ahead of- an election . 

fares such as Stand-By and — the financial, implications 

Budget Plan rates introduced a! * . _ ' _ - could be quite painfnL. 

Id ready to go ahead smurf sales 

this summer has risen by about A •'V gv Uolf/ifl fiscal or monetary? Already man 

15 per cent, the revenue yield ilulLclI - there is a serious case r to be “ t 

has gone up by much less 'with « ^ put forward for tightening fiscal ing 

with £ 800 m DrOiectS after some 

.o^av? SSK nIlU piUJVVIO .oaimforaPSBRof^n,, Ha 

North Atlantic, but not enough TSl.lI 19 1 8-79 .was t^ken • Wiethe bilit 

to enable it to stave off the need RY icevin hone 1WU - assumption that this wouid be pnvi 

for fares rises next year. M j j compatible with . economic rtsin 

The overall position is S/lTPlV fPSl ■ growth of 3 per cent, Vhfle ttin vest! 

expected to be reviewed soon by IMPERIAL Chemical Industries adding new capacity. trial customers in the UK were o»uvij l,vul ’ balance of payments- would lie Gove 

UK and U.S. Government officials has decided to press ahead with • Last year, for example, ICI not increasing their demand as - In • modest surnlas.. to ifaet GDP even 

when they meet to consider what its ambitious plans to sanction spent £130m in the UK on plaDt quickly as spending was rising. By Lynton McLain .. outnut mea-Ar*.' atrea 

action to take over cheap fares capital expenditure projects improvements. although some benefit was being „ , , _ ™ 5 

for next summer. It is then that worth more than £300in this Much of the expenditure on felt. Sales of Smurf toy figures ristn 0 at an annual rate of over 


£3£SS i«i« «« <um» sMpzf&mm 

economic policies should wage ^ .^Jh nut iriS 

rises lead to acceleration of without Lbei to 

the inflation rate. “The Govern- fr,.-, ' f - om au *S®^lei 

meat will take offsetting action 11 '* r 1 ^.. 

to keep inflation down through ^pucation 

monetary and •fiscaa : ineasu^ea.* , ^ 

*** ^ Callahan's a . , 


ICI ready to go ahead 
with £ 800 m projects 


BY KEVIN DONE 


Smurf sales 
halted 
after some 
fail 

safety test 


scepticism ahead of- an election 
— the financial, implications 
could be quite painful _ . 

The key question is: Will the 
measures in faet be primarily 
fiscal or monetary? . Already 


j a iy — close-knit -Far EaSffSfeife. 

10 * “ J UfN . J — community. 

fL — = = - To some extenttfol^^ 

— 1 ~~ — — quands, dedsi onte;^iaj^ ^ 

/£ -- i t ~ i I Izz possible. But-in giriBg-thfisaT 
/El — mti at ttKPY sag— Darby board 
* nz: ZT zz: zzz zz — amounts to an ' 

81 r == t=p veal their ;^eal t&m 

Apr May Ain Jut Aug Sep Oct. • planned change Tttrhtundvart 

1978 either tafciog 

' T. or are resohite.Ttr .tftehj^S 
^ 'z. ' .v.that they^ --are' 

monetary growth targets could gainst share&oWHri^twfcrti^ 


■RATE AT«EKUf BSUE- 


Apr May Jun Jut Aug Sep Oct. 
1978 


fiscal or monetary? .Already monetary gruwm «rgeu> against shaireholdB«^:iHto^ 
- (there is a serious case to be he tightened as a way^of heatL. H y le boaf'd does' 1 ^^'' 
put forward for tightening fiscal ing off a return to inflation of spond TurguandS are ttiwtf^- 

_.i: J !_ in A_ . 1ft font nr ten a/hinh IK ■ . ^ “VwHfB- 


By Lynton McLain 


policy, and it is likely to get I® cent °J , 60, w ^ ch ing to reveal, morel' So ihi'Wi' 
stronger. The hi^t-risk decision widely expected for next year? in . the Shni^.^!! 

to aim for a PSBR of £&5bn in If so there is a serious possi- - 

1978-79 was taken on . the bility of a credit collision as the . . . 

- assumption that this would be private sector tries to finance its • -./* 'V f 

compatible with ■ ■ economic rising production levels and in- AnnStrOOg' CAIIUPBIM ' 
growth of 3 per cent, yhile the vestment spending, while the ArmstTmKr . 
balance of payments would be Government attempts to unload , • . ■ y 

in modest surplus. - In Tact GDP even more gilts on to the • 

A,. «t<a niitmrf nuiMpfim m>ihMbv<i inctitiiiinnc impressive, eamtnge B9T share.- . . 


Sales of Smurf toy figures Insin. 


British Airways’ plan for fares I year, in' spite of repeated warn- new capacity will' be directed The ctreneer exekanee rate of r; rinrhv 

ris ^ w, . ! L be P ut t? «!• U-S- lings that they could not be overseas. ICI is building the ha 5 & aIs f^8er exch g ate f^ol promotion state the ig78 consumers* -expenditure UarDy 


n the output meashxe was already reluctant institutions. 
ising at an annual rate of over fuf W 


the company Is ttiokihgfn 
terms of aver- ; fl0th-pr^r ^' 


The UK has always taken a justified bv current profitability. £200m first stage of a major new , iheflist half nf iq/S in 

more cautious view than the U.S. „ * ... * n . „ chemicals complex at Wilhelms- ir. hi r * J JSiiSJ 

over Atlantic fares, and is expec- haven in n °rtb-west Germany to P r2»m° f |? 5 «I^ 

ted to support British Airways' drret lor. has told employees that, manU f ac ture chlorine, caustic ■ £309ia Jn *he 

plan. But the U.S. Government tallowing completion of the raid- soda vlny , ch | 0 ride monomer. first half of 1977 - 
bus already rejected proposals by >‘f ar capital- expenditure review, and polyvinyl chloride, one of At its biggest petrochemicals 
Trans World Airlines for a fares P'/JP* { °* future capital spending the most widely used commodity complex at Wilton an Teesside, 

rise next summer, and is not will he kept at the same level as plastics. ICI still has five plants shut 

expected to welcome the UK that announced in the spring. _ down and another working at 


some ot mem. . — j iu> auuiuirs. ui tavuuj ui rntc . .. . 

National Benzole which ,ttSt abOT,t *» reaJd ^. even. Th|g Waterhouse, has landed toe ^ 
toothed /he nm Promotion ta exnansion has led to a surge in group in an unprecedented 
May. said last night that some jnvate sector credit demand pu btic row. Thanks to leglsla* 

of the plastic toys, imported gently nmmmr:. At about tion enacted in the 197G Com- ' 

from Germanv. broke the UK £6bn a vear) which’. has un- : a pajue<j al wttltSt.ArmTOTpnavH; - 


f, r ®« ^ L^ a Ponies Act Tu«,uands artS^ 


??*• -v. * , o . t , IGI is ready to give the go Negotiating reduced capacity as a result of limits. The Smurfs will not be settled the gilt-edgpd market t-kin" arivantnee of the rieht 

Meanwhile British A ' rw ®>^ ahead for the spending of more . nc it hoc hm.oht a *^ e P r otanged Industrial dispute available again till the end of and belned to produce the un- *n Hia irf-p inrf in 1,6,55 tor paper ipay.I)#i ^ 

hieeiW ioreo^r efhiJ than £800,n ttn future * £35m cbemlclls “"ptoS 8 in over th6 of *'*™*** % m0a !t , c ^ k usuai phenom^on 

tag isTo P be kSSWs from.Allied.^tol ^“^rotTLtromems 0 ?' *«. fold by garages For 38p ^(.^erest holders in favour of ^ oivn 


First, Club (w-hPch inriudes^ * “ ^ ^ ^ruments. ^ |rates 

full economy-fare passengers). P r °P osed rfi c° r d level of £700m. Ai„ er ican Color and Chemical, a No official talks have been held Benzole nctrol and even non- I An 
and Discount, which will include Hut Mr. Ibbs warned that U.S. dyestuffs manufacturer, for with trades union officials since ttr owue ^. 

all the cheap-fare travellers. profitability would have to be about £26m. August and no meetings are The ^m naly w ^ 

. . . improved to justify such a high In the UK this year the com- planned at present. hailed bv the coinn 

Discrimination rate of sanctioning® being con- pany has sanctioned part of its However, the problem of re- start of * a children^ 


re-election. 


own -,The: company is luoaer&kt?! 

a 'furfbaf -tei^nisatlpfr, * > 


tax A e? ' But the 'new law —which « 

taxes and/or cut Government desIgned t0 prevent ^ quiet Wgttf 


ThP move k in line with that timied into 1979 and beyond. The £140m chlor-alka’i expansion at cm i ting new artificers could ease 

Ilf sever-il other Arlmtir airiinec lcvel ° f spending for these years Wilton on Teesside and has said slightly in response to a recent 
ui several outer .‘vuaniic a i runes. , i :» m, .. — 


lines has sought permission for 

First Class. Full Fare Coach and I u .^- b «‘ ■* ,s 

Economy classes which the Civil j n, ncant_. share 


recommend a change. In this gmnSSS SSl- 
case the Sime Darby directors -2Hr®KSS -* 
ar, Justus Oielr 8 cUon « 


Aeronautics Board of the U.S. moderaiain 


has temporarily turned down’, j existing plants rather than to This meant that Id’s Indus- work. 
Other airlines adopting the con: — 


eept include Air-India, KL1I. 
Lufthansa and Pan American and 
others are expected to follow* 
suit. 

The change reflects the air- 
line's recognition of the need for 
more discrimination between 
passengers travelling on the new 


hwn cia nnmi hr iVia romMiiv danger in these circum- w. uia is not as Mor^y^ased, . -dlstribu^i : 

afler lesls .bowed that (he lead 'iSSSSSt “U!* *. 'SJ M- 


contenV or a the ' 'paint’ used 'on °J CB a " a ; n P\««d upon mon- thp S ?nn' strike zfe' a relatively f 

some models was greater than eta - f T policy, which is much less ""J 1 * Q™ 1 * tl,e co "' beadatffie:. - inor« Import®^ 

the limit specified in the Toys of an electoral factor— at least ■JJzF*’ ,r 15 °f toe top 10 shareholders' .wrlJ be hoping 6* 
(Safety) Regulations 1974. so long as the Impact on mort- “P* 18 ,ar B est in the 50 od news * from -Forfl :, --a 


Labour Left proposal rejected 




BY EUNOR GOODMAN 


The West German namufac- ga g e rates can be cushioned East -7 where Sime Darby f 6rm df ^. ork on ,fhe *. 
fi^ c ^ c Kav lnf^^i CS in at ’In I somehow. Was the Prime Minis- has most ^ lts operations. model; Ihe tilbtraed teplarevatr 
rApects loBritfcb law How- fer ^ Dt *ne vesterdav that »Hp It i« nn«<rihk> rh^t cin» tww rA* *h-' v**nrt . 


Mcather ^ 


class o[ ultra-cheap fare, and LEFT-WING attempts to ensure wing adversary. Mr. Tan Mikardo, The compromise, which, after ever, tests carried oat by local 

those, majniy business travellers, that Labour Party activists have but ’gained two new militant an at times passionate debate authority analysts showed 

paying the full economy class a major role to play in the elec- opponents with the election of was approved by conference lh at the amount of lead in 

tar ®.- ... .. .j ... . . . tion of the party leader failed Mr. Dennis Skinner MP for yesterday, means that const i- the paiut did exceed, in some 

At toe same time, tsntisn Air- yesterday at the party's con- Bolsover. and Mr. Neil Kinnock, tuency associations will. have the cases, levels set by UK law. 

ways recognises that foe new f ere nce in Blackpool. MP for Bedwelty. option of putting their MPs The amount of lead which UU toiiav 

Advanced* Purchase" ExcSnrion Another move by the Left, to He also lost one of his most {S^Sres^e-sXrti^ni not w^£ micTfftlflMnt ri.sk fnnl^h 6X7 in S0UCh * 800,6 rain 

fare! tatere*!? Sdy.'SS U™l W MP bf!°ta g?tihroi& ftUl tive wff iTJofi cAmSt ^roured b?" the^G °and “ “Vhe* D^paJttSem of" Health i ondo "* * An «* ia - S£ - Cent S., 

SST fares C, “packa?™' ta jS ^ ^ K^ftKA: minorS? ^ 

being prepared for next summer. Earlier in the day. however, SjSf'.^ir Radical ideas fibres a I read v sold. ~ sunn y «P eU5 - Max. 16C 

although at higher levels than the Left had a qualified victory ?££?“L t6 JSrJtSwnSSS^ ™ 1,Cai IOeaS National said that the cam- SiPh ^ ^ 

nave prevailed this summer. in Iho elections to tbe 29-member i£L d ^)S»sSt a Siii r ' The conference- also rejecicd p ;»n had been introduced to S *TJ[; En S lan < , » S. and N. Wales 
The interiors of its Boetne 74i National Executive Committee. I| wp toe more radical ideas put for- add a “hit oT ton to ^trage suan y spells. Mas. 

■ton, bo jets flying the North It increased its representation in oth er affitiatedorsam- ^ appointi lhe party forecourts and to make am^?k ^ S Bd Ijtk fl f „ 

Atlantic arc being _ modified to the constituency division and sa "°" s ’ , . reader. Presented with three »" »bo indusiiy, as ^veti as to cw-jyS™’ “ ak * s ’ L? f Man ’ 


ter hinting yesterday that the It is possible that Sime Darby for the'.Escort 


' ■ UK TODA Y 

MOSTLY dry in south, some rain 
in north. 

London, E. Anglia, S£^ Cent S., 
E. and Cent. N England. E. 

. Midlands, (\auneL Isis. 

sunny spells. Max. i6Ci 

(BlF). . I 






uic more raaicai iaeas put ior-j ana a mi oi ran to garage 
ward for appointing the party j forecourts and to make a mark 
leader. Presented with three Jn the industry, as well as in 


provide special seating areas for more than held its own in the , Party moderates took comfort ontinn . ^ jT-i, „ oij m h , Vi , beta sell more Detroi** The 

Club Class passengers. union section with the election from tbe fact that while Mr. f ^ 1 ° b > camoaign had involved 

These travellers will get free 0 f the well-known Left-winger, Skinner and Mr. Kinnock were fi cni *d lhe parliamentary party T-shirts, plav sets, sew-on 

drinks and in-flight entertain- Mr. Doug oyle, MP for Nelson w ell to the party’s Left they the exclusive right to elect the badges as well as the lead- 

ment. and a higher standard of and Colne. might prove to be less subtle leader, conference voted for only painted plastic figures. 


meals service j champions of their cause than 

Mr. Gerry Draper. British A 'r- 1 jyt nileratPX Mr. Mikardo-. the acknowledged 

ways’ director of commercial _ elder statesman of the Left and 

operations, said yesterday that it In . ,he womens section, the a master of tactics. 


champions of their cause than 3 slight deviation from the status 
Mr. Mikardo-. the acknowledged „„„ 


slight deviation from the status National said last niehl that 
10. tbe West German regulations 

The party's constitution will be J£ er ‘ n * ° f ^J nt 


aperanuns. sam yes’.eraav mai it •«. s a master Of tactics. uic iwn> s iuusuiuuuu »im f »»«« 

recognised that the business fand^ mmlcrn candidates failed M r. Mikardo. who has been on changed next year to make it thnse ii, Britaln lt had ran 

Thrt rS ines^ r !n Cd i ^d ne :. i d / a '' moSer^tes hke' W M g rr S S the executive since 1950. appears clear that the leader of the «£d .bel? 

7.hl ihro t i. P h ?hnS wSaffli' Ednriii wfJn- to have abenated his traditional parliamentary party is also v<*rtfv the as-uranres of the 

fh , 6 " p , * J™?*! 1 ,l f l ~ h -!" her rar^^ri hpr U ° S U °' supporters by being too closely leader of the Labour party. As German n»aniir-.c»tirer. A new 


The businessman had paid . 
fare “up to three times highe 
than many discount fares.” 

CAB rejects Transworld plea 
Page 4 


ratliTII>ri hpr coil iv» ui me bauuui V- ■-»S| i~jmiitninr(T, iV new 

7 L identified with the NEC’s com- at present, however, it will bej hatch of Sma'fs to he sold in 

j In the constituency section, promise proposal for the re- MPs only who have the right to! Britain later this month would 

1 Mr. Callaghan lost his old Left- selection of MPs. vote for the leader. 1 be painted In the UK. 


15C (59F). ' 

N.W. England, Lakes, Isle of Man, 
S.W. and N.W. Scotland. Glasgow. 
Cent. Highlands, Argyll and 
‘ N. Ireland 
Rain later. Max 15C (59F). 
NJS. England, Borders. Edin- 
burgh and Dundee 

I5C (69F> dry ’ SUnny SpeUS ' MaX - 
Aberdeen, Moray Firth, NE. 
Scotland, Orkney and Shetland 

(55F) ttered sh0w6rs * Max - l3C 
Outlook: Mostly dry, occasional 
rain in north. 


AUSTRALIA 


BUSINESS CENTRES 


Continued from Page 1 


West Bengal flood chaos 


Continued from Page 1 


Pay flexibility 


! AntfiTdm. 
Attic ns 
Bahrain 


C JO 5D Luxemb'g F 10 sn 

1 5? 2 s ;; g 


S 31 S8 Manchsir. r tn ss 

Barcelona F 18 « Mplbourtw C u ~ 


S S SI Milan 
F II 51 Montreal 


Bcta-adc. C 23 77 MWCOW 


Bcrltti 

Brnuoua. 

Bristol 


c U 37 
5 is S3 
C 7 « 
C 4 W 
C 10 58 


steel plant, at Durgapur writ not 
he operating again until tbe end 
of October. 

At least one month's steel pro- 
duction will he lost, although 


! the Treasury the conditions on employees, welcomed the pnssi- 1 fira«*is 

•' u..tr*P ricxe l-.iH rlnun-i in Iha I»IIk. .1 I. , i-sl .. I BlldaiV-W 


c S 4? Munich c W 58 

.. {J 5 g”g MW V 13 35 

n h N'T*- York s n .V 


c S « Oslo R 71 s? 

r 33 73 ; Pari* c 9 « 

R n 5? Phou s 17 

k $ ~ c 10 a 

r I. *j R.-yhiavlh r 

C 17 « RkMh.J«« S -/3 K 

c s 4n. Rome C 17 Kl 


diiction will lie lost, although Mr. ■ Ramachandran estimates Mr. K. K. Kanaria, chairman or ■ P re vent inflation by whatever fend off pressure from public- c-wntaon. c 9 

really senous damage to the coke , he , 0S!S of production at 30.000- the Indian Jute Mills Association, means are at hand, relying as service workers for big pay rises c .ta .y. Utpckwra 

“dS^l rs«iH « r or »*» S-wj: isl-k ^ Hr . ass* s it S«®t 

s”™s wir sjss as s ssss ’ 1 or “ die 10 he,p ,hc isr.r. 0 fi Ym^?-js 1 ; ^^ 7 ' '»*«■• ?s f 1 »\&r 

Particular y the coal reclamation dllctiun a!otie wU , amount to destroyed for the third time this | -Mr. Moss Evans, of the Trans- 3,i ‘he first priority for Parlla- Lond " a H K M Kurtrt 


and handling, systems and the a hont RSOOui. The national pro- y ear and toat damage could 'port workers said afler the ment when it returns next month. 
HuS^Th^iSnt 1, SimSifi r0 »I in ! duclion target of 102m tonnes in a,uolinl *° R2bn - Part of the jute I speech : “This in no way detracts The country had now been! 


« C 17 «J 
□porn s -jb <■:. 
k-holm r u j- 
*ris. c io ju 
ex S 17 si 
«« . S 21 70 
ATlv S S7 jij. 
«> 'S 13 77 

<•'» »: u S4 

M C 10 fin 

•' 3 40 

* C UJ 50 


Thinking about doing business ’Down Under’? . 

. Contact us at the Commonwealth Trading Bank of 


Australia. 


HOLIDAY RESORTS 


mi . » n .. idiATi Ul IV^IU lUIIUCd III _ • 1 ’ r — I.UU4III J IlflU Illl W iJtfLT! nWUUA I HhM I 

hVit L fm,n°Tnd?fn Vlnn fiscal 197S-79 will not be «®P on lm acres was harvested; from pur policy of cuatinuins to offered by Mr. Callaghan and Mr — - 

riTnv- d R^™5 achiewi before the floods, but about half ,‘bargam freely with employers Denis Healey, the Chancellor the X2F* 

and Steel Companj s Burnpur - . -u--.-™ has probably been destroyed. j on the basis of their ability to choice between 5 per cent wa»e “r d -F "I? 1 ’- 

*St d p3RS™ ‘J. iSuHl'Sf ™S5Sa SS', y pa .' R ,, w !;“'T ^ »"» tSS? ? U S SS? § ? * 

ffferted. bead stocks but steel plants may intatS ri« Jd MlSf bS Sn , But U Mr ’ CalIa 3 han and bis to'"* or ^ ran notary and fiscal s w S SpU c a S 

Coal production is tbe worst eventually be starved of coking one knows whea distribution wtu c ? f , 8es oto prepared to talk °° e 6311 only ^ « a tjjcarno r t- ” 

bit and this could start a chain coal and thermal stations of their S"| ln SSSS£w 5u5 ^° n0mic and sociul P roh - Vfi? Keith ' r ™ m f u“ SgS* u 19 M< 

chandren. tbe Energy Minister, supplies. abfe to resSSc wo ™ >1^ *f n M ^ pepavod to SS lc ^S rt £?£ p fi? c S ntre for a*w«. VS 

liiher industries. Mr. G. Rama- Thn Wps» Rnnca! iirim mi lie i P? rt those dlSCUSlons." P °J )C > Studies, he Said. CawTowuC 16 m Malrohi 


Vday 
fnldd.i- 
*C -F 

S 27 31 
C 14 57 


We’re part of Australia’s largest banking group and 
our London branch provides the *vJtaJ lliik,' between 
you and ail aspects of Australian finance, . 
commerce, industry, rural production and 
developments of all kinds. 

Phone oar Manager Intemalionalto forge that link! 




4*Z 


chandran. tbe Energy Minister, supplies. 


able to resume work. 


v is m 
s 74 73 
S 22 72 


a i Commonwealth Tradis^ 
/ BankofAusblia 


8 Old Jewry, London EC2R 8ED. - 

Telephone: 0t4&50 »43t TeJex: 883864 Dea/ers? 88i2558' : 


pumps To drain mines belonging juie stocks is put at RaOm. millions homeless. 


,, an vi-h r raenI furUlcl - industrial r is £: 

Alan i 13 hcr, public yingnation. u-aW s-^,. 


licawri'^l iliu PtM Onii— ; Pnniinl ir ss'^iTli^TWW's 'Pr< , iS-"fnf-3afl- t*Jl^S' , a'. 


Lrt. alP „ « I ? ‘ ffl* '■ ;«"naL Tipies Ull.,’ BrawbtO llouw. uii'mta fitrixT; WJf. ^ ^ ■ 

r-i rftr. R-R»,q -f' .Th^ Wnnwirf-TiiiKa. , 


: vL;r=r~': 

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