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LONGINES 


V No. 27,681 


Friday October 6 1978 


***15p 


& 



CONTWOTOU. SRJJMG PRICES* AUSTRlASdl Wt. MflUW fr 25? .DENMARK K r JJi FRANCE fr 3. Pi GERMANY DM 2.P; ITALY L CTfl?, -NETHERLANDS R NORWAY K r 3.5; PORTUGAL &e 79; SPAIN Pfr 48; MgBI Hr 3^s s SWITZERLAND Fr 2.0; EIRE T5p 


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general 


BUSINESS 


NEB prepares for wholesale Ford strike 

X JL AAn 


Nuclear Equities £40m venture 


sub 

theft 


reverse 

two-day 


in office equipment 


pnces 
leap 0.9% 
in U.S. 



rhree young Americans have 
!M*en charged, with plotting to 
: Jteal a nudear submarine, seU 
ft and possibly destroy a U.S. 
: dly with a missile attach. 

" - The FBI said the men planned 
to steal the submarine Trepang 
. From its base at New London, 
..Connecticut by training a 12- 
man team to board the vessel, 
kill the crew — which numbers 
' 107— and set off . for the mid-. 
■ Atlantic, where the Trepang 

* would be sold to an -undisclosed 

• buyer. 

In the process, an armed mis- 
sile would be launched against 
New London, “as a diversion- 
ary measure.** The plot came to 
light when one of the alleged 
participants — an insurance sales- 
man — showed the details to an 
undercover FBI man.' 


• EQUITIES reversed their 

two-day advance, and the FT 
ordinary index: closed &3 down 
at 504-8 - . . - - 

• GILTS recorded marginal 
gains in longs but shorts eased 
and the Government Securities 
index foil 0.02 to 68.95. 

• STERLING fell 5 points to 
SL9820 and its trade-weighted 
index was unchanged at 62.6 pw 
cent. The dollar remained, weak 
against other European curren- 
cies and its . -Appreciation 
widened to 9.7 per cent fflB). 

• GOLD rose to $223J in 
London. . 

• PLATINUM touched a new 
peak, of £159.40 -9ii the free 

j ^tpg'rMrAmg v --~ 

■ Imraii-:’ 

BO- Iflfflffl FREE WHET f - 


BY MAX WILKINSON 

The National Enterprise Board is preparing to launeh a major new venture 
in the office equipment industry at a cost of about £40 hl 

It has been given outline (automatic typewriter with The. NEB said last night: “It 
approval for selling up a new magnetic memory.) is true that we have been look- 

subsidiary which will be pro- The new subsidiary is exuected in S at "* e °?? ce equipment area, 
"Med with about the same T S?oi5LatS? role hut ir 13 stm earX * ^ We 

amount of funds as allocated to over^he relea^h and develop i>ave to have a great many talks 

Sa.. ite new semiconductor ss * nrSdStd to before we make 

, . have responsibility for marketing UI> our - ' 

. The office equipment company, y . The tfEB was not prepared to 

is not. however, expected to take ... . „ r say .whether money had been 

direct responsibility for produc- Jt will draw on the expertise oE T)r Q 7 j S k m ai]y allocated lo the 
tion. It will sub-contract to a a group of companies in the elec- E ro j eet However, within the 

gji n “ c ' minority sbareh<,,d - ssTnuS " 1 i ^ u ^T™ e ’ prolcct<,ver 

The venture is aimed to stirau- struments. Logica, the largest • • ! 

late the development of new UK programming company, is at The latest report by the 
products in an area now dorai- present negotiating with the National Economic Development 
noted by foreign multinational NEB, as is Monotype. Office sector working party for 

companies — including Philips, Approaches are also believed C0Q ' 

International Business Machines to have been made to Muirhead. f ld ^2ri{; rhim. i S5 y 

•and Olivetti, and other Japanese the facsimile transmission com- ,n * r “!r ,.. Bntl ? h u P^ufacturers 
and U.S. companies. pany, and to Computer Tecb- and 

The NEB wants to develop nolngy Limited (CTL) which Japanese competitors in high 


small business machines and* make the mini -computers. 


technology office products. 


Cabinet falls . - .PLATINIM 

.in Sweden ~ usoffl ft® ittscp 

Swedish Prime Minister Thorb- - 1 s . j 

jorn Falldin has resigned arid the J40 - ■> . -JL ' i — 

country's first .non>sociaHst Gov- . .Ll| a 
•‘eminent for 44 -years was being. - . fflLfL .J ■ . • 

; dissolved after only two years in ««„ • P y HI f 

-office. There has been increasing *' su " f 'fr- 
disharmony -in - the tripartite - ’ f 
.. coalition. ^ J . ' - a ■■■ 

UK faces pourt . ^T~ 

.. The UK .will be taken 1 to” She M J - | 

.. European Court . pf Justice over jn jui Sip.. Ott ‘ 

its. unilateral fliflieries protection. ' 1978 - r 

policy. according : to - Eainonn ' . - • _ 

- Gallagher, head of .tbe.EEC Gdih- market and dosed fOAfl.-np at 
mission’s -fisheries .. directorate. £149.65. i -ivv. • 

Back Page . : : .y. _ . ; • = - i ^ govaN SlOPBUBiMI^ liu 

Assad i n - Moscow launched the first of the ships in 
7 ™Z. 7 ■ r-L; the British ShJpbuildfe.TfllSm 

Syrian President. Hafez, ,A^ad polish order." It » tbdi. 4,4<K>-ton 
held talks with his Soviet bu& carrier Malbork JI .Which 
counterpart Leonid Brezhnev in w m be towed to Robb i^aledoh'« 
Moscow. They are beifeved to Lundee yard^ for : i .5tiiC,'? 
be fdrmolafing a cmamtba poS^: Page 16- •* ‘ 
tn cotin ter the - Camp ’jjkvidr : •: ' 'j-. - w ^ 7.- 

Middle East peace accord. Page 4 ^EXPORT . «r«Jer,v.to" J*alosten 
" • T wdrth£l25mifor^coAirot'eqnfp- 

Probe clarified ' ment which theifSorerament be- 
‘ ‘ . . '... Keves may be usedOT the manu- 

Scntland Yard .said it Is not facture of a nudear- bomb is 

rswruinc* smv 14 criminal £ . .»X_ • «.v a n n 


communications equipment based Mr. Bob Finch, . managing 

on the latest nucro-electromcs director of CTL, confirmed yes- LboJr Itsnm ^ TiS 

technology. terday that he had been having iSJ'LS'Lli! 

Its first tine of attack on the regular talks with the NEB about J?? 0 ? n?*! ^ttv 

market, worth several hundred possible co-operation- in an office ^ 

nxilhon pounds a year overall equipment venture, but he said r , a 2 d *"°™ d ®" 

m the UK. ill probably he to no deal had been reached at P en “ ent on th - u - s - and Japan. 


develop a word processing syste m present 


NEB's new role, Page 20 


Australia plans to borrow 
$800m in Tokyo 


““ lacmre- <JL a uuukii uuluu 

carrying out any “criminal under 1 fnvestigatpi by the De- 
inquiry ” into Liberal Party ^tment of Tr^e and Energy, 
funds, though an investigation^ Back Page / j. 
into homosexual assaults and < " . 


iiiw uuimwAUHi onadtiiiD - ciiiu . _ % a -_ ? 

misuse of funds at the National # PYE has Tbeen awarded a 
. Liberal Club is continuing. The design and development contract 
club and the party have no for a-communfcations system for 
direct link. • ~ • the- small And medium business 

. . ■ ‘ market. The initial contract is 

Powell'S attack worth' £^n, butthe uiarket for 

■ _ . _ „ the system is expected to top. 

Enoch Powell. Ulster Unionist -£ioom 7? Page fi 
MP for Down South; attacked his ... 

former Conservative colleagues ♦. DATS UN UK, the privately 
for .failing to . protest : at the. owned importer, has refused Ta 
“humiliation bf Brttaltt^ when take part any longer in the 

• .Tames Callaghan went “ to groveT voluntary scheme to restrict the 
and ask for . absolution from Japanese share of the UK car 
Zambia’s President Kaunda. Page market. Page 5 

' • 0 lATA director-general Mr. Kcrt 

^Nobel award Hammarskjold has critidsed U.S. 

. . -airlines policy which he warned 

Jewish author Isaac-; Basbens V could bring aviation nations inter 
Singer has X the Nobel direct conflict Page 4 

for Literatu A: for his writings on • . 

. the fate of JEa$t European Jewry. .# NEW^ HOUSING starts hi 
:• He grew lip in' the. Warsaw August’ were tile Towegt for six 
ghetto but emigrated.’ to the A7.S. months, according to Department 
before the Nazi holocaust. . 7 0 f the Environment figures. 

Page 7/ 

Chapter en€fs ^SHIPYARD management and ; 

A chapter in Ulster's history ends unions from Britain’s 29 State- 
this weekend when Betty owned yards ace to set up a joint 
Williams and Mai read Corrigan working party on wages. Page 13 

step down as leaders of the peace . . . ' , .. v . 

movement they founded 26 # PLASTICS producers, led by 
months ago. Dow ' CbemicaL -ICI. and Shell, 

Chemicals, have started a drive 
Aar bom te raise prices from present 

. ■ .., v - . rock-bottom levels. Page 5 

- A Laotiay refugee gave birth to . ■; 

a daughter aboard an Air France * MR. GERARD FA1RTLOUGH. 

• jet as it passed over Mont Blanc, ‘ managing- director of Shell- 

Mother and baby were “ doing Chemicals UK, is to become a, 
well " said the airline. divisional director of the National: 

■ ' Enterprise Board. Page 10, Men 

Briefly-*- and Matters Page 20 

Woman who burned herself to 9 ; sELFRlDGES, the London 
death , near Windsor was named department store which is pari 
as Pamela Evans Cooper, 54, a of-tbe Sears Holdings group, is 
director of Fortnum and Ma80n.. JKgoJ j a ti r ,g t o open a branch to 
MaiMim Allison, manager of Disney World, the' S70(hn leisure. 
SSSSar ^e , wa “ «n! a 1200 compler _ >t Orlando. Flonda.^ 
in^Londob for damaging a trans- Page 7, Sears results Page 
port police detention room at - sir julIAN HODGE is retir- 
Paddington Station. . ^ « chairman of the banking 

■ Fabad Mlhyi was commited for and . personal finance empire the 
' trial- accused of, killing El Al Hodge. Group. Back Page and 

stewardess Irit Gidron and the Page 31. 

attempted murder of . another 

stewardess irt London. COMPANIES : 

Otv of London biuanessmen. are 

offering £1.000 reward to find A THAMES TELEVISION pro* 

- missing schoolboy Mark Berk- tax profits for the year to June 
Sire, whose parents . work at g meroased by^ per cent to 

■ Billingsgate. = : £8B5.(f7.i6m). Pige 24 


BY CHARLES SMITH 

THE AUSTRALIAN Government 
is hoping to borrow a total of 
Sk00ro_ <£404mi Td Tokyo during 
tiic fiqal three Months -.of ibis 
•year in iyhat couVt become one 
.of the biggest fulfil raising oper- 
atioiB ‘.ever yodertaken by. . a 
foreign goveiTunent on the Tokyo 
eapital-marken 

‘The Y15Qbn : package consists 
of 'three separate operations. 
They are- on a yen-detnonioated 
bond issue valued at between 
Y50bn and Y75bn together with 
two syndicated borrowings 
valued at Y35tm to Y40bn earii 
The total amount is intended to 
satisfy Australia's external 
borrowing need for the fourth 
quarter- 

There will probably be no 
borrowing operations of a com- 
parable scale in the Euro- 
markets, or other international 
capital markets during this 
period. 

-- ' In the July-September quarter 
the Australian Government was 
active in European money 
markets. In July it floated a 
Swiss franc bond issue worth 
the equivalent of AS195m 
<£114m)- This was followed by 
■a-' ‘ . Netherlands issue . worth 
A$l-2Iin in August and a D-Mark 


TOKYO. Oct 5. 


issue worth AS11 0m in 
September. 

Australia announced last July 
that -it was joining *he queue 
of would-be borrowers on the 
foreign -yen-denominated- bond 
market. . 

‘ The Australian Embassy in 
Tokyo today warned. against firm, 
assumptions about the -amount 
of the new issue, or its -precise 
timing. Both will depend on 
conditions in the bond market 

There seems in be a greater 
certainty that the two syndi- 
cated loans will go ahead on 
schedule. One of these wtll be 
managed by the Long ! Term 
Credit Bank and the Industrial 
Bank of Japan with the Bank of 
Tokyo also participating.'' 

The second loan willjje placed 
mainly with trust banks (includ- 
ing Mitsubishi Trust) and in- 
surance companies. 

Australia has been borrowing 
heavily on -international money 
markets during the past • 18 
months to bridge the balance of 
payments gap caused by a de- 
cline in private capital inflow. 
In the 1977-78 fiscal year, total 
official borrowings amounted to 
ASlB06bn (net of repayments). 


Another A$448m was borrowed 
in Ihe first three months of the 
preset -'fisc?.’ year starting in 

J-tay.TWfj* *> 

AustrtSaV ' financing needs 
coincide with a strong revival 
Of interest in overseas yen ientl- 
ioc by Japanese banks. 

. James Forth writes from 
Sydney: Australia’s borrowing 
plan is part of a continuing pro- 
gramme to shore up the 
country’s reserves and stave off 
a unilateral devaluation of the 
Australian dollar. The aim is to 
convince foreign investors that 
there will be no devaluation and 
thus encourage a resurgence of 
capital inflow. 

Australia's balance of pay- 
ments is under pressure, with 
the depressed state of major 
economies " adversely affecting 
the exports of commodities such 
as coal and iron ore. Mr. 
Malcolm Fraser, the Prime 
Minister, warned recently that 
Australia could not count on any' 
dramatic improvement in its 
trade position. 

The latest- loan is easily the 
largest single block of overseas 
borrowing by Australia. 

Belgian, borowings. Page 26 


By Jurek Martin 

WASHINGTON, OcL 5. 
WHOLESALE prices in the U.S. 
jumped by 0.9 per cent last 
month, the steepest increase 
since the spring and a mattter 
of clear concern to the Carter 
Administration. 

President Carter moved quickly 
today to demonstrate bis aware- 
ness of inflationary problems and 
bad the immediate satisfaction of 
seeing the House of Representa- 
tives uphold his veto of the SlObn 
Public Works Bill on the grounds 
that it would contribute to 
escalating Government costs. 

Although both the leaders of 
his own party and of the Repub-! 
licans supported the attempt to 
over-ride his veto. Mr. Carter 
prevailed in an important test 
of will when the House voted by 
only 223 to 190 to nullify the 
veto — 53 votes short of the two- 
thirds majority needed to over- 
rule the President. 

Earlier today, be accompanied 
news of his veto with a brief 
note to each member of Congress 

Editorial comment. Page 20 
Money markets. Page 28 

which ran: “ The Producers' 
Price Index for finished goods 
rose 0.9 per cent in September — 
an annual rate of 11.4 per cent. 
I urge you to help me control 
inflation and to set an example 
of leadership for the nation by 
supporting my veto of the Public 
Works Bill .** 

The major factor in the rise 
in wholesale prices was again 
food, which went up by 1.7 per 
rent last month, after falling 1.5 
per cent io August. But non- 
food items also increased in 
price. This component of the 
index rose by 0.6 per cent com- 
pared with 0.4 per cent in 
August 

Just as disturbing was the fact 
that two other indices, which 
measure the price of goods at 
crude and intermediate stages of 
processing, both turned sharply 
upwards after dropping in the 
previous month. 

The --.0.9 per cent jump in the 
overall index— successor to the 
Wholesale Price Calculation— 
follows a 0.1 per cent fall in 
August, a more modest advance 
of 0.5 per cent in July and 
increases of 0.7 per cent in May 
and June. 

The figures tend to refute the 
Administration’s belief that the 
inflation rate has been abating 
from the double figure levels of 
earlier this year. 

The senior Commerce Depart- 
ment economist acknowledged 
his surprise at the sudden leap 
in food prices, while his counter- 
part at the Labour Department 
observed that the September 
returns “ cancel out the hope 
that things are getting any 
better." 

Michael 'Blanden writes : The 
Continued on Back Page 


made omci 
by TGWU 

BY PHIUP RAWSTORNE AND CHRISTIAN TYLER 


THE DIFFICULTIES facing the 
Government and union leaders 
in diffusing shop floor militancy 
this winter were, highlighted 

yesterday by the decision of the 
Transpurt and General Workers' 
Union to declare the two-week 
Ford strike official. 

It makes even more urgent 
the attempt to find a mutually 
acceptable compromise on Phase 
Four pay controls. The Govern- 
ment and union leaders start the 
search at their first meeting 
next Tuesday. 

The transport workers’ deci- 
sion. taken at the Labour Party 
Conference in Blackpool, was a 
reminder that this week's quick 
repair of Government - union 
relations at the political level 
has yet to stand the test of 
mounting pressure against the 5 
per cent pay limit. 

The Prime’ Minister's last night 
conceded that he may be facing 
a winter of confrontation, but 
said there would be do departure 
from the per cent unless the 
TUC could come up with an 
equally effective way of prevent- 
ing inflation risi nginto double 
figures again. 

However, no wthat the trans- 
port workers have thrown their 
considerable financial and organ- 
isational weight behind the Ford 
workers. Ministers are becoming 
resigned to the likelihood that 
the Ford strike will not be ended 
without the pay limit being 
breached. 

Some * are already calculating 
that a settlement of 6 or 7 per 
cent would be acceptable, pro- 
vided any extra -money beyond 
that was earned through a 
genuine productivity bargain. 
They expect to be able to suffer 
a defeat at Ford — as last year— 
without sacrificing the credibility 
of the whole strategy. 

The justification could be that 
few other companies would be 
able to point to such good profits 
as Ford in mitigation of a breach. 

Asked in a BBC television 
interview whether there was any 
room for a Government-union 
compromise. Mr. Callaghan said: 
“That depends. .Not on the 
overall objective. 'It's nothing 
to do with .5' per cent but how 
■you keep down inflation and pre- 
vent wage costs from increasing." 

He repeated his warning to 
the parts* conference that if 
inflation ran over 10 per cent, 
monetary and fiscal measures 
would be employed. “ We shall 
use the other instruments, which 
I fear will be unpleasant” 

The Government was not 
going to print the money to 
finaoce inflation. Spelling out 
the consequences of a clamp- 
down on the money supply, he 
said that the Government had no 
wish to see further unemploy- 
ment. 

“ That is why I am pushing the 
trade unions as hard as 1 can over 
moderate wage claims. This 
would be far. better than another 


couple of hundred thousand out 
of work.” 

The big question hanaina over 
the talks that start Dext Tues- 
day between Ministers and TUC 
leaders is whether — especially 
in the face of the transport 
workers’ determination — there is 
a formula whicb the TUC could 
square with its anti-incomes 
policy resolution at Congress last 
month. 

The Prime Minister made it 
clear last night that any re- 
definition of Phase Four would 
need to be narrowly drawn. 

Mr. Moss Evans, general 
secretary of tbe transport 
workers and one of the six 
members of the TUC on the 

Workers at Leyland Vehicles* 
Lancashire factories could get 
rises of 20 per cent in a pay 
and productivity deal agreed 
between anions and manage- 
ment. Back Page 
Benn and BP nationalisation. 
Back Page; other Lahonr con- 
ference reports. Page 10; 

Polities Today, Page 21 


National Economic Development 
Council, strongly hinted that 
there could be no acceptable 
compromise. But another TUC 
leader sugegsted that the TGWU 
could find itself out nn a limb 
when it comes to the private 
discussions. 

Mr. Evans said the TUC's 
policy was like . that of the 
TGWU, and added: “ I am not 
prepared to abrogate ray respon- 
sibility by departing from a 
decision democratically arrived 
at." 

The unanimous verdict of the 
union's finance and general pur- 
poses committee yesterday nn 
the Ford dispute will cost the 
union £500.000 immediately — 
the derision is retrospective — 
and another £240.000 for every 
week that strike benefit is paid 
to its 38.0no members in the 
company. The union is not short 
of funds and could keep up pay- 
ments for more than 10. weeks 
before it needs to borrow from 
the bank. 

Other transport union mem- 
bers, such as drivers and 
dockers, and other unions, such 
as the railwaymen's will be 
called on to help if necessary. 
Mr. Evans said. 

He denied that the strike of 
57.000 manual workers at 22 
plants in pursuit of a £20 
increase and a 35-hour week was 

Continued on Back Page 


£ in New York 


spot i sLae3o-re«5 5i.B7«o-»?6o 

1 month | 0.68-0.53 die k6W>.46dfa 

3 month* 1.7Q-L64 di* 1.70-1. SO ril- 
ls' m»n»th« I Ei.FCL6.t50 ril. fi.CJ0-5.pn rile 


EMI pre-tax profit down £38m 


* BY CHRISTINE MOtR 

HEAVY LOSSES on medical 
scanners and halved profits in 
its music business cut EMI's pre- 
tax profits for the year to June 
from £64.7m to £26m — at the 
bottom end of the City's expec- 
tations. . 

-However, the dividend has 
been maintained despite the fact 
that earnings of only 7Jp a share 
barely cover half the cost of 
total gross dividends of 14p. 

■i; Sir John Read, ebairmao, who 
tinted last week that the figures 
would be bad. said yesterday that 
tiie board bad decided lo main- 
tain the dividend " having care- 
fully considered the prospects 
for the current year and bearing 
fo mind retained earnings from 
previous years". • 

■; -. The news on the dividend 
treated a temporary rally in the 
share price but the closing price 
of 156p— an Up rise on the day 

—arose from unexpected good 
news from the U.S. 

Johnson and Johnson, which 


yesterday made a snap agreed 
bad for Technioare Corporation 
in the UJ5., announced that it 
had reached agreement with 
EMI over wolrdwide licences 
under EMI's scanning patents. 
EMI invented the medical scan- 
ner. a diagnostic machine . in 

Details, Page 22 , 

_ Lex, Back Page 
Johnson and Johnson hid, 

. Page 26 

which a mini-computer is har- 
nessed to X-ray technology, dur- 
ing. the early 1960s. 

.Tbe Company has been in 
litigation with Technicare for 
more than two years over 
patents on the scanners. 

. Now. Johnson has agreed what 
Sir John described yesterday as 
a "multi-million dollar put of 
coort settlement M recognising 
EMI’s patent rights. - • 

Although the agreement is 


conditional on Johnson and 
Johnson's successful takeover of 
Technicare, the settlement is 
regarded as very significant for 
other litigation by EMI against 
General Electric and Pfizer, the 
two other big scanner makers. 

■ Although be refused to quan- 
tify overall prospects before the 
annual meeting in two months' 
time. Sir John said that tbe 
scanners were- expected to con- 
tinue losing money for tbe first 
six months of the year and 
patent income was not expected 
to be significant 

However, .be. emphasised that 
for the first time, group results 
showed M a very profitable busi- 
ness " over a five-year period. 

The music division, which con- 
tributed profits of onv flfiSrn 

last year compared with £32.7m 
the year before, was hit by fierce 

comoetition among the lenders in 
the UB. record market. Warners. 
CBS. EMI and Phillips. 


Fly Air fiance to the Orient 


: r f : : ,:■* 
















o 



F SS 




CONTENTS OF TODAY'S ISSUE 


■ i-U. 


.2 

3 

‘4 

4 


CHIEF PRICE CHARGES YESTERDAY 


■Home news— general ...5,6,7 
— labour ; 13 


$ 


•(Prices in pence unless otherwise 
indicated) • 

j RISES • 

f ABrtL Dist Prods. ... 33 J * . 
Asscd. Fisheries . v- 50 

Bejam to T v 

/ Brit'. Commonwealth 305 + -5 ... 

k Dixons Photographic 136 + ll 

EMI I P * . 

- Famall Elect-. «3 . 

Lyles. CS.) g-T-J:' 

May and Hassell — g T * 

• Midhurst White +•§• : 

News InmL 2g * J* . 

Parker Timber- 306 + « 

Pawspn <W. Jm.y ...... 64 + 3- 

Vantona -...■■•■ 

WQiaenholme Brpnae 2a5 J 35 

Afrikander Lease ... 245- +.20_ 


Anglo - Amer. Corp— - 37B + 6 
Anglo UtcL Dev:" ...... 245 + 20 

Bisnopsgate- -Plat ... 100 + 4 

CRA> ...: F.. 3(W» + 6 

Northgate Expin. ... 435 + 30 
Westfield Mins. 132 + 13 


FALLS 

APV 

-Beecham — 

Brown (J.) ....* 

Dawson IntiiL. ....... 

Dowty 

Ellis and ■ Everard . 

GEC r 

Hawker. Siddeley . 

icl 

Racal Electronics . 
Tube Invs. . .......... 

Whitebmire -fG.I . 


.227 -6 
. 7in - 12 
.456 -8 
.105-4 
. 275 -5 
.1051 - 6 
. 327 - 9 
. 255 - » 

. 473 -7 
. 334 . .- 10 
_ 384 - 10 
. ICS - 7 


European news - 2 Technical page 12 

American news 3 Management page 1. 

Overseas news "4 Arts page 1» 

World trade news J J-Mdcr page 20 

’ Home news— general ... 5, 6, 7 UK Companies 22^5 

—labour : 13 Mining - 24 


FEATURES 

NEB’s new plans on the ' battle with Welsh Gas ... 18 

- electronics front 29 Energy review: Ireland, 

Politics today: Blackpool, "hope on the Porcupine 28 
* Labour’s shape of things 21 Stockbrokers and the insti- . 
'Around' Britain: doing rations 30 


Inlnl- Companies ......... 26-28 

Euromarkets 26 

Money and Exchanges ...... 28 

World markets 32 

Farming, raw* materials ... 33 
UK stock market 34 


Farm nationalisation: 

wealth becomes a burden 33 
The South Africa scene: 

preparing the economy ... 4 
Schmidt faces tough elec- 
toral test In Hessr 2 


ABpefcitJiJcnte 
Appointments Astvts. 

Book Return 

Cramrord' - ... 
Entertainment Cnhie 

Euro-Options' 

Food Prices 

FT-AcusriM Indices 
Lette r s ... 


Lex * 

Lombard U 

Men and Matters ... 29 

P rope rty 24-16 

Raring V 

Saleroom - 21 

Stare Information... S-5J 
Today's Events ..... a 
TV and Radio ..... .18 


Unit Trusts 35 

Weather » 

Base Lending Rates 12 

INTERIM STATEMENTS 

CDve Dbomt 3 

Emy 22 

ANNUAL STATEMENTS 
AAH United 22 


neat and May 

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OSLO, Oct. 5. 


Portugal’s Norwegian budget call for ‘loyalty’ 

socialists by fay g,estw oslo. <*t 5. 

^ ZEBO GROWTH in private con- as a result of increased social thereby mating Norwegian In- the Frige and Ekoflsk g as pipe- 

_ sumption next year and a mini- security contributions and tax d us try more competitive. ] l0es have been operational, mo 

mal rise - in public-seetor concessions to low- and medium- The Government will no longer “?® r e bag been no major accTOeni 

ftlrfl Vi ill 111 spending are foreseen in the income families with children, encourage certain industries— bke the 1977 Ekoftsk blow-out 

Norwegian Labour Government’s Pensions will also rise. sometimes with tbe help of sub- 10 JSl notmlpnm 

budget for 1979. presented to the Total expenditure Is estimated sidies-tp retain employees they 1978 to 19TO. pe^oieian 

demands mfeasoapt Eia® 3333=®^ 


Cyprus calls Italian 
for UN 

sanctions party I 
on Turkey Aa 


ZEBO GROWTH In private con- as a result of increased social thereby mating Norwegian In- the Frige and Ekoflsk gas pipe- ^ 

sumption next year and a mini- security contributions and tax d us try more competitive. jibes bave been mo r r«ii*]T/\xr 

mal rise ■ in public-seetor concessions to low- and medium- The Government will no longer V^ere bas been no major accident ATI I fJJjgjJ V 
spending are foreseen in the income families with children, encourage certain industries— 3® 7 I I „ Ekofisk bJow-out V11 W “ V - 

Norwegian Labour Government’s Pensions will also rise. sometimes with tbe help of sub- to mt production. __ . The President of C ypru s, Mr. 

budget for 1979. presented to the Total expenditure is estimated sidies— to retain employees they From JJW to 1979. petroleom Kyprumou. yesterday pro- 

st r' rat? a, «?&£ * «* spjk ? c sszz s^a-Si/tts'.^SB 

_. Id h,s Jg|g* ****** S 1 * than m the revised budget for £ {Jggf mobility of oil equivalent session to review tbe faSure of 

l\ JSHSS- ?***££ J? 73 ’ 2* V Unemmwment Is expected to The 1978 payments deficit is many states m implement Seci^y 


party moves 
to the right 


BY PAUL BETTS 


ROME Oct 5. 


1 1 .. v, * comparea wild an increase iJnwnniiwmi.*' BTnp ^ tn The 1878 payments aencit is many states to immemenroecurny - . • „ .. . , __. 

Kleppe. said -that the Gsyen- in expenditure of 18-3 per cent , sSrolv in some^S and now forecast to reach only Co2wfl resolutions. induding rmr SELECTION of SIg. Carlo owfi jnfiividiul teaga. -*nu» is 
BY JIMMY BURNS ments austerity, policies called from 1977 t0 1973. Tbe lower [J.®? vjfjjj KJEXI Y tnedkl NKr 12.6bn. against the estimate those dealing with the Cyprus Donat Cattia. the Industry an apparent Contradiction of 

for "loyalty from all groups and rise reflects the prices and in- ire? asom o be of NKr 208bn In the revised problem. Our Own Cwrepsondent E ML- ^ „ the Xteputy their recent pu bUe- jpronounw- 

LISBON Oct 5 a cerr .? ,D degree of ■“"*« by comes freeze and last-minute ™ SSut job 1978 budffrt. The Improvement Writes He^ateo S^ta^ - General of the menta of suportfortbetoiiTent 

LISBON, Oct. 5. many.” austerity cuts in a number of SvMtt on the Oilier forecast reflects urged the Security Gonad* to Democrat Party is tbe coalition which keeps a* 

SOME 10.000 jubilant Socialist Despite the Government’s sectors. In general tbe cuts will tT'cramamie? wldA hire^dS an 8 per-cent volume fall in consider invoWngmandatw^ StS^Lvefopment in tM dis- minority Christian Democrat 

Party supporters waved flags, tough measures, he said, unem- reduce planned investment nUr Mtegories cd workers, Sch traditional imports this year— »»<*«>« S3? but significant changes administration id offiefr through 

chanted and cheered early this ploymeot was bound to rise spending more sharply than day- M the ^der-lSs nr those over partly as a result of austerity has refused to heed VNtoaang Sjf c h be en taking place in the direct backing of . fee 

..morning in the sombre galleries (from the present level of about to-day spending on goods and 50 wbo^Sve been nnempIovS measures. At the same time, {* *£i , £^£ awai 01 Its troops {hi hierarchy of the fopg-ruling opposition parties, including tfi B 

of Lisbon s sports pavilion in 13 per cent). The past few years services, since investments can f 0r some time The measures non-oil exports have risen by an from the idand. oartv Communists and tbe SoriaGsta 

-what the casual glimpse might had shown how dependent Nor- more easily be phoned. aim toprovidetheeauivalent of estimated 1 percent. For 1979. n , ‘ Tattin's nomina- The Christian Democrat J*arty 

£" jfT.’nsrssisB ra/sapM sus - L 5 rir ^ ir ° ,er 1979 defidt o[ 16bn ®“ ch f STL*- pass rau M'ssLss^Ar'srs 

eleetrnal camnaien Although the inrinctrial cniinrrtus hart nnt Kr 6 1.4 bn— only 10.6 per cent as a whole. .... oIL*— tu..**.™. Dutch justice officials .have) reshuffle with the vk auonet tne Com- 


ubvc ibkcii iur met uruuu rdi3C> ways eroiiwu# was un me rest e 

on an as yet unannounced of the world; and the Western Total revenues are foreseen 


S S S , iS , S!Sr-BaSBS 1 3il t Sa SSBU aS 1 dS 5SSt " reP ° rLS ,r ° m The SrsTg. GiivTnni GallouVasparty ^ 

?h ?n ISSSC ^ pointed ot^ ^The _ budget _ refle«rta toe rfup^in^toe Sp is expected Petroleum, and Enersar«Id. .The nine stodente. ordered out dM«UP a «* SSI from toe veteran _right of- SSS 


_r._ - -■ — . — icirecto uic stunnme. the GNP ir PKDPCted reiroiemn auu nuci gy »*ju. tee nine 5iuoeiiu>. u/i/meu out emci «--- — — <=- _ from tne veteran rient of-centn, 

ship in public since the parlia- as a contributiou to the 15- Government's concern at Nor- to rise bv 3A Der cent from Volvo wiU be told this month 0 f toe country after staging a Piceoli as the new Christian Senator Si o Amintore Fa^nf 
j e, ui on i '5 r ? po 1 j J? y month prices and incomes freeze way’s growing foreign debt, 1977 t0 197s. but bv onlv 1 8 per whether it can share in the con- peaceful occupation at the Iranian Democrat President. ant j a ' new generation^ 

Socialist deputies > defeated Sr. announced last month, the expected - — — » «*■*/ — K * — »-i* — = — =■ — *■ — -=1 *'-'»•■****« *»,»,«♦ nami — - - - 01 


w^ d °tw!i re «L£ 0St t™ G0, vZI* budget makes no increases in Kr lOObn by the end of this year. This partly rene 
52L f k-, S 1 “direct taxes or charges for It aims at curbing imports by 100 percent Jump 


iMrfprCr Marii Direct 13X65 w111 rise by a and encouraging exports by tonnes of oil equivalents 1978 is discussed the deal early next 

K out 5™ %gut B SffS w tataJ 0f ab0Ut NKr 27010 (£27m) holding down 0051 LDCreases the first toll year to which both year. 

alternative to the polls. — — 

Sr. Soares offered his formula w'wt # 

w * German Barre sumves censure motion 

Minister as soon as possible. The QFl4‘l ^aw*aw 

new Premier would neither have • ge i w 

'aSSsS law changed m Socialist attack on economy 

but would nevertheless establish ® _____ . _ 

.a new consensus between the BONN, OcL 5. BY. ROBERT MAUTHNER PARIS, Oct 5. 

President and the Portuguese TBE WEST GERMAN Parlia- 

. ran lament, such a solution. Sr. ment today enacted two minor THE FRENCH • Government as "the sorcerer’s apprentice” Government’s economic policies 

- at *», was * e raost chanegs intended to make life easily survir. I its first big Par- If, at some future date, and in for which he held President 

'"III 6 prese ,j circur P: more difficult for terrorists on liamentary test since the General exceptional eirenmstnees, tbe Giscard personally responsible, 

stances. ana would avoid []jp run, hot retreated from Election last March when a Oanllict Partir domdad tn vnta Tho rnuumtrpnt hart nnt oven 


BY ROBERT MAUTHNER 


aeot. 1977 to 1978. but by only 1.8 per wnetner it can snare m me con- peacenu occupauonai. hw xreman Democrat n—iw™-. and a new generation & 

almost cent between 1978 and 1979. cessions following its cars-FowiiI Embassy in Aiigust, ckum they These changes were largely Christian Democrat denoti*i 

s year. This partly reflects the almost deal with Norway but toe spokes- were n beaten "Matron- the conseq uence of the murder from, toe north. 

rts by 100 per cent Jump in oil and gas man said toe final award could be ?"IdT^brEi n®k in May of Sig. Aldo More, the ^ f 

"«?. output this year to some 30m made only after Parliament bad J«*f" fiered a broken DBek party's late president. However, of t6g Party anTS 

ts by tonnes of oil equivalents. 1978 is discussed the deal early next vertebra. - frontal attack against toef>2 

es and toe first toll year in which both year. Hnqak nneration ‘ ‘ . munists is. also having effet^ 

— UUSaK ope ratio n Recent appointments Christian Democrat thinking, 

W Crechoslovajda's President Gustav i p j *./s a now balance The consolidation' bf ' tfa» 

4T ^ t • A m Husak is to have a second opera- nave leu new Christian Democrat*? wunoe^ 

.German Barre survives censure motion a vs3«r_3» ^Si.ssrstrs.'i^. 

anti-terror - o . n. . ^ Democrats party leader- 

law changed 111 Socialist attack on economy S3«r.-s* —sUSSS 

1 PAMSl 5 ‘ Gibraltar call .“’S" SSfSfSS-S 

nment as "the sorcerer’s apprentice.” Government’s economic policies Spain’s Foreign Mtolsfer. Sr. v wear ° f 111 6 e on raised doubts on Sig. Berliogsar's 


PARIS, OcL 5. 


me. rtuinGn • ijuvm umeai as iqe sorcerers ippreoucc. oorcroraenis ecnnuimc poucios qp<uu a i X k — ^ oarlv next vear. * 

„ V “ , — cuanegs mienaen to mane me easily survir. I its first big Par- If, at some future date, and in for which he held President Marcelmo Orem TTntn now the Christian 

IfalSi »l!l p 6 ii more difficult for terrorists on liamentary test since the General exceptional orcumstnces, tbe Giscard personally responsible, day renewed his caU for Britain ^^’riPi-shin revolved ston ™* or Grand Alliance #f 

^ run, but retreated from Election last March when a Gaullist Party decided to vote The Government had not even £ SSSS «JSSd tKa a " e democraS 

hetwr rn in ?hjf iSdi! J n8 .i what 11 co«tsidered unaecept- Socialist censure motion was for a censure motion, it would achieved its aim of curbing Unlt^ NatkSs wretarv-GenerafsiH forces ‘ . 

noiiffH*! lolnlrc S d aM« encroachments on per- defeated in the National do so only after mature reflection inflation, which in spite of all apLidine* to Reuter 4n *?rt^ his close Socialist criticism or Cfc* 

added hid bein’ tSZJhFSlX sonaI ,iljerty - Assembly late last night of all the consequences, be said, the restrictive measures that had accordu, S t0 . ■ ®“ fiSSff'tom "S »“*«- Party ideola^ . ^ 

davs "into “Issuing banal state- ,n toture, hotel guests will . The motion, which was dir- The probable consequences on been taken, was still running at • , left-of-centre factions of the P r09e<J aj additional embarriss- 

monts which give the Portuguese be reqoired to fill out in their ected mainly at Prime Minister this occasion were clearly not to 10 . J Jer cent year after year » be pothnlic clahll nartv The appointment of Sig ment ’ a - n d Sig- Berlinguer has had 

people the impression^ that^ev ^wn- handwriting n- registration _ Jtaym on d Barre’s economic poll- the tilting of the GauUists. If UltDOIlC Claim • party The appointment ^or^g. defend his part/S biricrical 

do not understand each other . ,,Sy chit. But toe Social Democratic eles was backed by both toe they bad voted for the censure Roman Catfactie Wsbops . right °of centre? and the 

a Jn mn rj L...iu.u i..,., (SPD)-Free Democratic Socialist and Communist parties, motion, tons ensurihg the defeat me ® t reached record J® ve l 5 critidsed local CoWfiu^at •*' ® -J. Donat Cattin This has lutenslfled. toe attack 

iii? «^rLSK P S!2rt g ^°2? (FDF) coalition refused to But their combined votes of 199 of the Government President ?, n d the projected growth of authorities yesterday tor diegedly ol ’Sig. Donat C tt n, fr0m other p8rtiea> todudlaj’lhi 

W h 1 1° p^rt p 0 p P ^ Mr , accept an Opposition sugges- fell 47 short of the required Giscard d’Estaing might well of ll 3,7 u £^ r ^ n A. rtW /r:* vrear ’ harassing their faithtoL A com- jJ® }?*& riaht of centre, and smaU ^ influential Bepabjl- 
'iff S tion that hotels should be majority. have desolvedPartiarhent aad fe« weU short of the 4-5 per BUn |que pobKtoqd aitw m left to the r W of rento* ?md ^ c!alin tbeltajjan 

ttthSpoUUol “iXSt rr Ir S„»% Te " r p“”p P «^o; ST* ™ hardiy in doubt for new etetlons SLSttLSi critic "to "'c toLS 'gSfTS!&^SBJ?JKSE 


1 Compromeeso 


Jn toture, hotel guests will 
be required to fill out in their 


political leaders. The patries, he Rnn ~. nhertv 
added, had been forced in recent son , aI r l,berty ‘, 
days into "issuing banal state- . ,n ru *®*T» ‘ 
ments which give the Portuguese ® e required tc 


wtof pSfflJtolSShto bES sr* ” 

sisssa 

Sid*' "ffito.'oS^SSiS ^7 fdp' ™ k "e n S '.7ld S tte 

alliance Sr. Soares then declared K.mSL * i UnS 

In no uncertain terms tha ntither dcS „I ifUll 
he nor any of his fellow party JJ® !*® resPpusIWIIti h f, te 
members were prepared to par- |"? n . apement5 an , d B w ®? d 51180 
ticipate in a preside ntially backed lnJrin E e personal freedom. 


tion tout hotels should be majority. have desolved Parliament and 

required to verify toe particu- Tb e result was hardly in doubt caltotl for new elections, 
jars against • passport or after tbe announcement before Given the recent wave of toe 


identity carl. Thta step SPD r w f e , of ^ Ondeletred by these strictures, West Gelmans. - Italy’s second largest Party, 3® iS „ 

id FDP MkHwa taH tte 5* ? 6ba If & P G ?J h L€ft_win S opposition by-election m. Barre confirmed that the The bishops complained that represent the creation; of a pany -xois.-rnff indeed be an 


goverment unless this was led by *be Oppolstlon had argned 
a socialist He stuck resolutely G* 31 rcgisi ration without verl- 
to a strict interpretation of the bcallon would serve as no 
Portuguese constitution. This deterrent to those toe system 
states that a new Prime Minister designed to catch. How- 
should be appointed with due ever, toe coalition bas main- 
regard for electoral results, tained that what Germany 
The Socialists, haring won .needs Is not new legislation. 


Rim.wTw ^\JS?irt imnmp largest member of toe rating successes, the ‘. conditions for Government had no intention of some local authorities harass new balance between right and . .. , 

DoB^r^fonrKdh?itiil« oS coalition, that toey would not going to toe country certainly do modifying Its policies. There believers and threaten them with left wing in the party leader- ..... ‘ . 

f ^pport the motion in spite of flo t favour any of toe coalition were two ways of stimulating job dismissal unless they give up ship. The sidewaye move of Sig. The Consolidation of t|l6 
SSSSc 525o2l tZSSm Bha !S 6r,t36 ? s “ c of “• parties, including toe Gaullists, employment he said. Th! active participation in Ouireh Ga [J oni> one of S ig. Zaccagnini’s nartv 

™*« P”* 0 "* 1 *"« l0,n - Barre s austerity policies: whosbe candidate was roundly authorities could revert to an Bven^-' close collaborators, from Deputy P^Ly uome^a^QlingUineS 

.U . W 0 ., on "Though M. Claude Labbe, toe defeated in a Paris' by-election inflationary policy which would ... . Secretary to Chief Whip Is increase V TOr the 

i J Cgls r ?.V^ n Wlti,0ut veri " leader of the Gaultist Parliamen- last weekend. have no more than a temporary Albania Dames vjnina further evidence of these new PnTTlTTUtniqtq -' • 

erou ?‘ W J S capful not to The main feature of the effect on employment or it could . , frferulKhhj trends aimed at giving the party, 

* s 3S m endors « the Government’s cur- censure debate was a stinging help companies to Invest and iSSfnuSPEi superficially at least, the appear- ■ ■ > ■ o iw >--. 

Has designed to catch. How- rent policies, he stressed- that his attack by M. Francois Witter- export as it was doing at the Ctow by^Sne ance of unity. - - • > " J - ' 


was desigoed to catch. How- ren t policies, he stressed that his attack by M. Francois Mitter- export a 
ever, toe coalition bas main- Party was not prepared to act rand, the Socialist leader on the moment 
tamed toat wbat Germany 


Portugal’s last General Election 
with 35 per cent of the vole; 


but more efficient enforcement 
In a second vole, the Bundes- 


argued then that this necessarily } tag allowed an endorsement 


implied them. 


to be entered in the identify 


This morning. Dr. Snares, while card of anyone who is refused 
Still remaining critical of Sr. a Passport or who has had 
da Costa's caretaker Government. ,heir passport withdrawn. 


Tight rein on 



years, has attacked China by niine OI oni ™- unfair criticism, af-- fits nartv 

for toe first tone in toe United The changes inside to e although It tJWly puts pressure 
Nations general assembly, reports Christian Democrat Party ' gj?U£5S' S Sii^SSSte 
AP. Albanian; Foreign Mimster.- indicate feeling that toe party’s sufh ^SS S & Srt?s 

U, Mac tl ISiaeJ «ilri Jite COVBm- anrnilaHfv’.l,^ rieon It S “ Cn »S me party 5 


passport withdrawn. 


BY DAVID CURRY 


PARIS, Oct 5. 


big-power state poBey and stands,’* local Sections in Maj toe party on k triSSSi 
n . n , i V fared "well at the expense of the r pizrati m-oo&Mm 

Warsaw Pact charge .. Comnumists. - The. emotional his party’s reiS 

The Warsaw P* ct ‘ ^sterday °^ e i?p ir cotnmunlsi^^g 

accused NATO of increasing ten- TAJL f f p d out 

sion in Europe .by staging th ® Prime Minister partore colnqid»nl 


r r ^i> Taris, 1 
. t» rerive I 
Euro- I 
ltd-pointed 
pger’g de- , 
arrival 
i: 'Chinese i 


did net bark openly 3 t the idea This Is Intended to alert «» FRENCH nnwiMint Iik lflnMM' imnilw? . b . The Warsaw Pact , yesterday 0 L5J e ' «J * r - *1 comrnuntam.C^Cfe^ye.pamled 

of another independent Prime rr °nller police within toe T? ni ? 5 ° 8 ' ye i, Recent figures have accused NATO of increasing ten- Y - Sl S-_. G !“ l30 out that aMjSridtoris de- . 

Minister. This might make Prefi- European Community to sus- Sf°°LiaSni l 'If hSni^^rtiic 00 w/Tihu shown toat toe rise in French sion in Europe by staging th ® Prime Min ib ter partore colnqidesi^ato^arrival 

dent Eanes’s present task some- Parted terrorists, since a *i a fl n .. of r p ” ,ng _ l t 8 p f bank credlta Vety tittle wagM has been stronger than manoeuvres along the Communist since the inconclusive general here today^-Sf- ^toe -XWnese j 

what easier, given toe virtual national identity card is all |^ at,on stra J®f y ““J T®**’ -if increase m bank lending has the Government intended, caus- bloc’s frontiers, according to elections of .June 1976. -has Foreign : a - 

rallngout of a new interpartv thai ‘s needed for travel has aonounced^ a target for been permitted over the past two ln * it tothreaten t wo permissive Reuter in Vienna-' succeeded, in enhancing his Relattons and ; 

agreement between member states of toe supply lower toan that years except for certain cate- companies with retaliation. East Germany’s Ambassador to party’s Image as a governing Italian. - ^ Patty 

^gnfi^ntly Dr. Soares felt "J"?- _ “ W " “ d ^ ,W ^ tJS? J?“ * “J ZfW { °™ ... . ' 


agreement. 


Signficantly Dr. Soares felt oln ®’ 


money supply lower ipan inai years except tor certain cate- comoanies with retaliation. East Germany’s Ambassador to party ; 

achieved in 19/ 1 and likely for gories of lending, notably export The Government has -also set toe Vienna-based talks on troop force. 
1978. finance. ,. itself a stiffer target for the reductions in . Europe told the wj,j 


wATUft = - - jDtl \ i 1HJL22 : 


-SiSL •sstjss^s trass k 

that ?he Pr£iS , f. A S5S‘ lifcreS Irf the S3 living contrasts with a 12.5 per cent some o* theti; export financing probable 

putedl? democratic * index since September 1977*. expansion this year and last year, to their credticeiUng. deficit is 

P Miri/ crat "' . .. ihc Federal Siatfeilcal Office a n d b intended to fall below the *: Monory mnted Itft week finance: t 

iP Ust v be *™ 6 ’ ‘ ’ reported todav. This w^the rate of growth in value of toe that some of toe smallest banks , ng 3nol 

£* President has shown respect i^J monthly ret "if IncreSe gross domestic product. receive^ more eenerous FFrs 3bn 

for the political parties and for cw^Trwirnh^,. i«s:q c " e _ . ■ . treatment However, tbe: Bank of a t a rate 

their dynamism and logic." he The De Sll er iS* i*«.ir i The oxpected rate of expansion France feels it would be almost L red wl 

said The price Index itself in GDP next year is about 3 per -, moa sKib\p tn administer such a P area ^ , ... 

SMfomnnfc e,,„v, , „„„ , dropped 0.3 per cent from its cent in value and just short of 13 dTs^lminato^ ^rtem eroeriS^ coupon for last July’s issue. the grottoes beneath St. 

tw?? £ “?5S“' cl L*^? , i s ' "**“* level In August, with coffee, per cent in volume. Retail prices Ji |» i dSScnltto .]* w a lso expected that France p «eris BasHica yewerday 

SfIo5 « S f mighf bare .re- fresh fruit and vegetables and are expected to rise by 7.9 per J? "* Sp Se beM’PPn where * ,n h ave less recourse to the « of the Roman 

gained some or bis old political e ggs all markedly cheaper. cent next year, compared with a 5Tna nh anks pud and hie flnan- ,n t emat, ’o na l market next year Catho lif.. 

ffc 00 K der 2 b y probable 10 to 11 percent this 1 iSSS nd a5d bte AmS- ^ this, which is already well 

tarnished during the break-up T ■ . vear n**rtlv nrnvoked hv toe ■ tiri. . “no below last vear’s lewel Fnr reports from Rome. At a 

£»=eS I’gsgazzz* “EESS 

pSb1”c at leSt ^nsitiv^ tn fhe Minister, told the French transport tlecommunications and ils hatches fimlv hatfened down . FFrs S.5^ 

SSSEi-V of coiSieiTatore out Porliament early today that electricity. While the balance of payments gwrter 

side his nartv whi' 3 J France would reconsider its The tightening of monetary has shown marked improvement 4 7. 

necessarilv P a2fnst cim- rhat th^ nnmigration policy i 0 fight un- guidelines, announced by M. so far this year, it remains *ul- rFrs - 13 

uncompromising stand" adopted em P ,Q y menl ' Reuter reports. Rene Monory. toe Economic nerable to an increase in 1 oil currency. 

by the Socialist leadership in the — 

summer seriously misjudged _ __ m * ■■ 

StSSSSSS Impasse on Basque constitutional c 

candidates’ realistic and undog- ' V • 

matte opinions at a time of ^ i 

pressing economic problems. BY ROBERT GRAHAM 

Significantly, when Parliament \ 


Bomb trial outcry 
defendant’s disappearance 


BY OUR OWN CORRESPONDENT, 




M. Raymond Barre. the Prime 
Minister. . told ihe French 
Parliament early today toat 
France would reconsider its 


tbe public of State services like European Monetary System With Anal quarter of 1977 totalled a j s0 greeted dienitaries brinning 
transport, tlecommunications and jf$ hatches firmly battened down. FFrs S.54bn whereas the first condolences from leaders of more 
electricity. While the balance of payments 2-“ arter nf t * lls rear saw than 100 countries. 

The tightening of monetary has shown marked improven^nt FFrs 4.75bn and the second 

1 J -.1 J __ C _ K , - 1 ., FFrc n Mk. T» |C *11 


immigration policy to fight un- guidelines, announced by M. so far this year, it remains tul- rFrs “Hbn raised in foreign Marseilles SWOOP 

Hnnlavmml Rpnlor rpnnrtc Rpno Mnnnrv fhp Prnnnmlr nor.lhlp tn an intnil CUITenCV. " 


THE DISAPPEARANCE of one with', the uri^'r : ’te remain in 
of the central defendants in the a Catanzarb. Uptil SirnasyTif ^ 
controversial trial at Caunzaro living" in. a CatiXaxnairtf .flat .*•» 
arising from the IMS Milan a girt - , friend^ . ’According 10 j 
hnmb outrage, in which 14 Italian 1 a xv.' : those, rerna nd«i ,n ; 


voted on toe rejection motion THE SENATE. Spain’s Upper unexpected vote In the Senate confused, but essentially ihey on tbe life of toe new Constitu- r_^„„ 

last raotnb. it was Sr. da Costa Houce todav approved the last constitutional commission. This recognise Basque autonomyiand lion, the Communist Party today LxCrfrian laCIOry 

nmrt not tho Rnrialictc «uh„ urava iv ' ■ J u »nn. - cna ,iol ■ .. 


nnivimnFnn,icinn empioymciii, neuifr repons, neae monory. uie c^utiuiuie nerauie io an increase in- on . .. . , ’ 

uncompromising stand adopted. •. Hundreds of police swooped on I people died, has taken some custody, must be-ffwi. 3*^ 1 

by the Socialist leadership in toe — — — — — Marseilles underworld haunts steam out of this week’s major specific tinfe- jf aw 

summer seriously misjudged „ ■w - ^ . m . 9 - i -m during Wednesday nichr in rhe police anti-terrorist successes. delayed. . .C-- ■ 

Portuguese public opinion, and Afl Unfi/tllgA /^AnCTlTVlrlAklQ B ^hoilltA hunt for gunmen who killed nine News of the disappearance of This law -was a consequence, 

In particular the popular support B lH Ij^iSSfci OH Ddoii Uv LUllMlluLlUlldl vflilllfilC people m a massacre m a local sig. Franco Freda, one of the of the trial, ’due lo^ resume »; 

Banes, and his ^ VU vvuutttUMVBmi VAlHUgV bar Rwjr reports ^ from Mar- Uu^ Neo-Fascists accused of Catan/^ro - later- tote month K 

and undog- ; V *Me ^ SjvjtjI I hundred PoHre being involved in the Milan has become popularly . known * 

° f BY ROBERT GRAHAM ? \ MADRID, Oct 5. JjjjB identities^ about na^f £ 

wI ! e " - ParI,an l? nl , _ x . . . " L pp- a copy of the min ri res of the so- Pietra Valpreda.-ahd.it wss 

vetea on the rejection motion THE SENATE. Spain’s Upper unexpected vote In the Senate confused, but essentially they on tbe lifq of toe new Constitu- 'called Red Brigades* “ popular prompted bv popular reseniw«t 

^ « w *f. Sr. da Costa House , today approved the last constitutional commission. This recognise Basque autonomy 'and tion. the Communist Party today merman ratTOry I trial” of Sig. Aldo Morn, tbe late against the* protracted - ^prison’- 

Seete^vlirh I niirt articles of toe country’s new 168- commission was handed the ran- a ■ JP®c«l s sort of treaty relanon- indicated a shift in its previous AN ULSTER district council has President of the Christian Demo- mom of untried defendants 
fmm* 0, J? es . t * P p ^ ause ar tiH e constitution However ftitutional draft from Congress, ship with the Crowo. outnght opposition to the PN\. persuaded a German leather : rrais. This follows the arrest of The disappearance has W * 9 

from the public galleries. , fcnra cti)I the Lower House, before the full toe monarch rather than.jPairjla* The party s leading nonstiuitlona I goods manufacturer to consider: a number of suspected members widespread .speculation in the 

— _ inere was «V total deadlock debate in the Senate Basque mem is accepted as exCTcsnng expert. Sr Jordi Solotura. sard estahlishing a factory in the pro- 1 of the extreme-ieff movement Italian Press over Sic. Freda? 

Yugoslav arrests ° ve r. a special addition to the .politicians in toe largely conser- sovereignty over the Basque that tt would he more damaging vince. The company—which has 'in Milan fate. Some leading newspai^ri 

Two^ Austrians have been Sdaos^ 311 ^ Ba5<,Ue P ° U ' ?P\V) Slned^hV cbmmisSoS ^The PNV failed in toe Eon- Bare Ife* nrt^n^r thl%\ J** n « been , named “ ,s Prepared in! While Ihe arrests in Milan are have suggested that he wa4.k'* 
SSS^tta. Y to 5 ?? a7 in«e4J le8 ?n The’ outcome of the Basque 5p^a°l to" an add^S? to toe gress discussioo^either^o have &o Accept i? SZT*™* 1 UP ,6n ^ ’ fiTrouji' 3 * "S' the beginning, ihe 

«p"on^ i "igallS^YiSSSSl the richu ! f h a H ““P™" 11 * he Mr! ' Tnm Daly. Fermanagh. ! now b«n causeri hy th" dis h.X rakeS place in an 

official news agency said yester- P?” 1 * «?_ nghts iJJJjL: r ® duc€d ( ^ a r P at ®J* e . rt within the Senate, council chairman, said the in- appearance of Sir. Freda, who inhere charged with vnspinaA 

day, quoting “reliable sources." °-9' J S*e of toe Basque country. recognise such n e hts. . there is only one last chance for terost was as a direct resuh i aoear* to have been missinr This is the result of the allc?* 

AP reports from Belgrade. There viability of the constitution but These nghts. known as Fueros. Faced with the prosjwcl of a change in the mixed commis- of a long-standing twinnin° Uince- Sundav' - G links of certainm members 

are also indications the agency prospects for establishing were abolished in 1S39 rad I all a Bas que boycott Of 'the sion of the two Houses of Parlia. arrangement between C.n Fen ! -Freda was nri-nnallv toe Halian secret- -services wi™ 

added, without providing further peace in tbe troubled Basque subsequent attempts to re-estab- referendum to approve [the ment, which' must approve the raanagh and the Bielefeld and remanded in eu«Todv but rtne tn some of the defendants, 

details, that toey were backed by region. Iista them failed. The precise Constitution, and the negative final draft before it is submitted Braciweede area of “ - r , PTfl3oaeq . IT ! ^^ociN &m due to * i ue aeiennams. : 

an iTiielligence service. i Tbe impasse results from an juridical nature of the Fuerns is consequences this would have to the country. mamv r 641 er ':L he repeated delays in the trial : • I 


eion. lifh them failed. The precise Constitution, and the native final draft before it is submitted Braciweede area of Wen r.»r ! ih?«»nnfM SltaTtart. # • i 

The impasse results from an juridical nature of the Fuerns is consequences this would have to the country. mamv r ^ er ':L he repeated delays in the trial 

; J many. . was provisionally released 


Schmidt coalition faces a stiff election test in Hesse 


CANDIDATES IN Hesse and 
Bavaria are preparing for the 
final frenetic days of campaign- 
ing in toe state parliamentary 
elections. On Sunday the elec- 
torate will decide not only toe 
composition of the state legisla- 
tures but also on toe future of 
Chancellor Helmut Schmidt’s 
Federal Government 

The vote will also determine 
toe composition of the Bundesrat 
the Federal Upper House and. 
while few would doubt a con- 
servative victory in Bavaria, the 
outcome of Hesse campaign is 
still unclear. For 33 years the 
Social Democrats have dominated 
Hesse — ruling either with an 
absolute majority or in coalition 


PVweML Ttwe*. paNiCwd Oil!* 

axrt ana ftclfdjvj- US. iuMcr-cii»n» 

fair tra&in SSW. 1 * f»ir m«fP |M» IWIW 

pim ilt rl,„ pgKtt« paid ■: NCV VtW*. S.Y. 


BY GUY HAWTIN 

with- the Liberal Free Democrats 
(FDP) — but if the Christian 
Democrats (CDUl take the state 
they would have toe added bonus 
of controlling two-thirds of the 
Upper House, giving toe ability 
to block Federal Government 
legislation. ■ 

Of equal Importance is the 
future of tbe tiny FDP itself. The 
Liberals, who have rarely won 
more than 10 per cent of the 
vote tn anv election, have exerted 
ait influence far beyond their 
sire. They are the partners of 
the Social Democrats in the 
Federal roalii i on snvernment 
with an important snare of the 
key Ministries. However, their 
popularity has hern wnninr and 
in the Hamburg and Lower 
Saxony elections they failed *n 

obtain the 5 ner cent oF the vote 

neefl^d tn gain representation in 
parliament. 

. With so much at «rake. toe 
three parties have been turning 


out their national stars to support craftsman. l s facing an uphill 
local candidates at the hustings, struggle. The partv has been 
But despite the crowd-drawing reeked by several major scagdals 
abilities of such men as Herr and there are signs that many 
‘-midt Herr Helmut Kohl, the supporters are considering 
CDU leader, and Foreign Minister abstaining or switching 
Herr Hann-Dietrich Genscber and allegiance. '• ^ 

Herr Franz Joseph Strauss, the Dr. Alfred Dregger. leading 

IF DR. Dregger wins in Hesse he will have a fair 
claim to leading the CDU/GSU to the polls in 
the next Federal election. 


leader of the Christian Social 
Union, the CDU’s sister party, 
the outcome seems likely to 
depend on the electorate’s 
acceptance of the three parties* 
leading candidates. 

Heading tbe Hesse Social 
democrats is Holeer Boerner. the 
current stare Prime Minister. 
Boerser, 259 lbs former building 


*** .fc Dt? t ,C8m * ls toe antithesis 
of the bouncey "man bf the 
people Boerner. The striking 
handsome lawyer is artidiiately 
neatinq toe right-wing flnnn and 
making the most of the Social 
Democrats’ recent past. How- 
®T* r - remains to be seen 
U m ' red Hesse s •? tradition- 
ally left of centre majority can 


swallow past principles In suffi- 
cient number to vote for the 
right of centre line. 

Ekkehard Cries, leading tbe 
FDP, has had the jab of re- 
establishing toe party’s Indepen- 
dent image. As junior partner 
both in toe Federal and State 
Governments, its loss of support 
has been attributed to its failure 
to maintain its individual 
identity. Gries appears to have 
succeeded in this — at least to a 
degree. 

As usual there are consider- 
able discrepancies between the 
opinion polls— prompting accu- 
sations of manipulation — but it 
seems that the SPD-FDP coali- 
tion may just scrape home. Tbe 
CDU. which at tbe last Federal 
election won 47H per cent of tbe 
vote, may well increase its per- 
centage but not sufficient' to 
wrest an absolute majority in the 
State Parliament The Social 
Democrats it seems can expect 


FRANKFURT. Oct. 5. 

to see an erosion of tbeir 43.2 
per cent, while the FDP, against 
toe apparent national trend, 
may pick up a couple of per- 
centage points. 

At this- stage toe election has 
developed into a mud slinging 
contest of classic proportions. 
Not only has Dr. Dregger been 
able to put the SPD on the 
defensive with its local scandals. 
Bui he has been able to exploit 
complaints about the poor 
standards of education in tbe 
state. 

Dr. Dregger has also put KPD 
opponents on the defensive with 
accusations that they have been 
soft on left-wing extremists in 
public service — particularly in 
the schools. Here he was handed 
ammunition when toe Social De- 
mocrat controlled Hamburg Sen- 
ate appointed 20 Communist 
school ’eacbers despite a gen- 
erli Federal policy of excluding 


extremists from sensitive public 
bemce jobs.. 

There has been considerable 
disquiet here over children being 
“indoctrinated" against the de- 
mocratic 'system by left-wing 
school: . teachers. Hamburg's 
action could, at least have been 
been -better timed from tbe 
Hesse SPD’s point of view. 

But more is at stake in tbe 

election, than local poHtics. If 
Dr. Dregger wins, he will have a 
fair claim to leading the CDU/ 
CSU to rhe polls in the next 
Federal election— a prospect ap- 
parently not viewed with dis- 
favour by Herr Strauss's partv. 
If Dr. Dregger fails it could lead 
lo toe break-up of the CDU /CSU 
coalition and encourage the Bav- 
arians to implement plans In 
form-* "fourth party" on a Fed- 
eral-iride basis. Either way. it 
seems,: Helmu* . Kohl, the much- 
criticiscd.. CDU leader, faces 
headache* 



europcar 


To rentacar in London, jl 
Bristol, Southampton. | 
Manchester Glasgow. _ 
Edinburgh, Birmingham- 
'"'Gatwick, Heathrow, 
Brighton. 

01-848 3031 

Or yoL-r travel a^ent. jl 


-1 




<n> i -T- yt-t 


• -Financial' Times Eriday Octobfer- 6-.-1978 



N BYS- 


loves SS^^^;^$i^'Biov& : threatieTO 


Sight s ™^y nuclear test ban talks 


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By Our Own Coirespbmhnt. - . 

NEW YORK. OcL 5. 

AFTER AN ABSENCE of- 56 
days, a 128-page edition of the 
New York Post appeared on the 
pews stands this jnarajng, bear* 
i^R portly testimony to - "the j 
success of publisher Mr. Rupert; 
Murdoch's nziliaferal 'dash for. a 
-settlement of - -the pressmen’s 
strike. ■■'—'• 

While MrJ’ : 'Miir.doqh T s rivals; 
the New York Times and the 
Daily News, .-were still searching 
for a negotiated settlement -with' 
. pressmen’s union . leaders, New 
Yorkers were thumbing through 
one of the fattest ; editions of 
their afternoon tabloid news* 
paper to have appeared for a 
very long time. ■ 

Laden -with '60- . full pages nf 
. profitable . advertising, today's 
.edition appears • to confirm 
expectations that the Post will 
enjoy an advertising windfall for 
as long as the -Times and the 
News remain strike-bound. 

au of the city's leading 
department stores start their 
traditional.- autumn sales next 

Monday and this is one of the 
heaviest newspaper advertising 
week-ends of the year. 

Seeking to capitalise on his 
temporary 'monppoly (two of the 
substitute strike newspapers are 
continuing publication) it was 
learned today that Mr. Murdoch 
washelping to plan a Sunday 
edition of the Post, which norm- 
ally publishes on only six days 
a week, and was 'therefore un- 
available to answer questions. 

About Ini copies of the news- 
paper were printed today and 
this may rise to 1.5m by-- the 
week end. 

-Before the strike,-the Post was 
selling about 645,000 a day and 
executives have every expecta- 
tion of more than doubling this 
over the next few days. 

Mr. Murdoch' has promised to 
implement any settlement, with 
the pressmen which is finally 
negotiated with -the Times and 
the. News whose officials- are not 
disputing predictions that ■ an 
agreement may yet be two weeks 
away. 


BY DAVID BUCHAN 

IN . A -development” that could 
! stall negotiations with the. Soviet 
Union and. Britain for a compre- 
hensive nuclear test ban treaty, 
the' Carter. Administration is 
reconsidering boW long it would 
want such a test, ban tA last. 
/'Earlier this yea/ the- U.S. pro- 
'posed a five-year ban on all 
nuclear evplbsitra.tests. But 
pressure from" the Defence 
Department' anil the Govern- 
ment's ■weapons-'- design labora- 
tories has since apparently per- 
suaded the Administration that 
any .test baa longer than three 
years would jeopardise the tech- 
nological superiority of the U.S. 
nuclear deterrent The fear of 
these groups' '.U'- that the U.S. 
would be unduly - restrained in 
making technological advances 
to offset the heavier Russian 
missiles. . .. 

U.S. arms control officials 
today denied that .any decision 
had been made to go for a three 
year ban, but;&aid--the desired 
duration of the teirt ban was 
still under , debate in the 
Administration." • - 

Mr. Andrei Gromyko, the 
Soviet Foreign Minister, in his 
speech lo the UN General Assem- 
bly last- week; said it was 
important to bring the test ban 


talks to a successful conclusion 
and reprimanded the Soviet 
Union's negotiating partners, the 
U.S. and the UK, for atallias- 

U.S. officials today rejected 
accusations that the Administra-. 
tion was deliberately slowing. the 
test ban talks in Geneva, so that 
any agreement banning all- 
nuclear explosions, which might 
prove even more controversial 
than the proposed Strategic 
Arms Limitation Treaty, would 
reach Congress after a SALT 
agreement. 

They said rather that the 
Geneva talks had been bogged 
down on tbe problem nf how the' 
test ban might be verified. Both 
ihe superpowers have agreed In 
principle to have ** black, box ” 
monitors placed on- their terri- 
tory— an important concession by 
the Russians who have never 
before agreed to on-site verifica- 
tion. But U.S. officials say there 
are still many technical details 
to he resolved. They also claim 
the Soviet Union has agreed to 
the test ban being of limited 
duration. 

Up to now. tbe test ban talks 
seemed to be moving a little 
faster than the SALT negotia- 
tions. A big breakthrough came 


WASHINGTON. Oct. 5. . 

last November when the Russians 
dropped two of their demands. 
These were rhatsMallcd “peace- 
ful nuclear. explosions" for non- 
military purposes be exempted 
from the ban, and that no agree' 
ment could be reached without 
participation of .. France and 
China. -.- 

The.. 1963- partial test ban 
treaty put a stop to Russian and 
American nuclear testing above 
ground,, but allowed unlimited 
testing underground Britain 
was' a signatory at the lime, but 
not to the 1974. threshold test 
ban treaty between the U.S. and 
the Soviet Union which put a- 
ban' on all underground nuclear 
tests above the 'level of 150 kilo- 
tons. 

Meanwhile, a study issued 
today on Soviet and American 
military trends into the 1980s 
concludes. that the early part of 
the next decade, will be a period 
of Soviet ' strategic nuclear 
superiority. Tbe report by tire 
Committee bn The Present Dan- 
ger. which draws together many 
of The opponents nf the Adminis- 
tration's attempts to reach a 
SALT 2 agreement with Moscow 
concludes that Mr. Carter's 
defence policies are inadequate 
to meet this threat. 


Venezuela names loss makers 


feTr.? 

r“ 

r; c.:-~ 

wf-: 

© V. ; . : 


Inco nickel ^ 
threatened 

SUD B URY, Ontario, “Oct. 5. 
THE UNITED Steelworkers of 
America - Union, on -strike 
against Inc®, lias.. asked tbe 
Teamsters Union jand tbe Sea- 
farers Inteznatloral Union;' to 
stop handling Inco nickel ship- 
ments, Mr. Dave -Patterson, 
local president, said. . 

No . reply bad yet" been 
received from the unions* be 
added. A refusal to move 
nickel would balt nickef trans- 
fers to mco nKtomere- Tleater ‘ 


BY JOSEPH MANN; 

VENEZUELA’S ^ . Cbiti-oller- 
General has published a list of 
16 Government-owned enter- 
prises which ; showed losses of 
$2£8bn at year-end 1977. 

The State-run .companies, some 
of which borrow, extensively 
from, foreign -banks) are a symp- 
tom of the serious management 
problems and- tendency \ to over- 
spend which have, characterised 
the oil rich- Government of 
President Carlos AndreB Perez. 

The 16 concerns listed by the 
Controller-General form only a 
small part of nearly' 200 com- 
panies and independent agencies 
owned by the. -Venezuelan 
Government. ,• 

Am ong the^ jmost importa nt 
industrial and 'commercial opera- 
tions in the red were: the IVP 
(Venezuelan Petrochemical 
Institute) with lose? of S598m, 
Si dor (the State steelworks), with 
a 'deficit: of $61;6m, ‘Aero postal 
fone of two Government' air- 
lines), 984m, inavi^.ffhe State 
housing institute) and 

Inos (the Goveriment --water 
company), $20»m. 

Other concerns wefte the State 
Railroad Institute, (now .in - the 
process of jyoritlng ^pst^^lbn 


contract with Canadian and 
Spanish consortia) and . the 
National Institute of. Ports, the 
State Tourism Agency, and the 
Corporation Venezolana de 
Fomento (CVF), an entity 
which promotes in do stria 1 
development. 

The idea behind virtually, all 
these Government agencies is 
that they should, pay their own 
way, but their record shows an 
entirely different picture. 

Although observers expect 
losses to occur in some of these 
entities, the sheer volume of red 
ink exposed by the Controller- 
General’s report caused a stir, 
and evoked calls by opposition 
parties for Government reforms. 

The Pere2 Government, which 
has earned and spent more 
money than any other in Vene- 
zuelan history, has often been 
reluctant to report profit and 
loss statements for some of its 
enterprises. 

In some cases Government 
officials said accounts of State- 
run concerns were so snarled 
that even. Government auditors 
could, not account for spending 
of-. large sums iof money: .: 


CARACAS, OcL 5. 

“ This report is just the tip 
of : the iceberg, ~ - said one 
Government official, who asked 
to remain anonymous. “The 
amount of - waste that has 
occurred over the past few years 
has been phenomenal. Most of 
these' Government accounts will 
□ever he made public. It would 
be too embarrassing, especially 
in an election year.”- 

Venezuelans will elect a new 
president in December and the 
current Administration has come 
under heavy fire from critics for 
alleged waste and corruption on 
a monumental scale. After 
news of the Controller’s report 
was made public, an Administra- 
tion spokesman sought to play 
down its significance by saying 
the loss figures bad not been 
interpreted correctly. 

Some of the deficits referred 
only to 1977 while others were 
accumulated losses. The biggest 
loss was registered by 
Corpora ercadeo. the Govern- 
ment’s agricultural marketing 
agency. Corpomercadeo was 
said to be In the red for SLSbn, 
part of which was due to sub- 
sidies paid to farmers. 


U.S. urges 
Syrian 
restraint 
in Lebanon 

fijr David Buchan 

WASHINGTON, Oct. 3. 
THE U.S. is urging Syria to 
use restraint, and Israel not 
to', intervene in tbe renewed 
bitter fighting in Lebanon, Mr. 
CS'riis- Vance, Secretary of 
State, said on television this 
•. morning. 

Any clash between these two 
countries, the Administration 
.rears, would not only vastly 
complicate the Lebanon situa- 
tion, but also jeopardise the 
Camp David peace accords. 

- -The U.S. has backed tbe call 
by France, currcniij in the 
chair of the UN Security 
Council, for an immediate 
ceasefire and separation of the 
Syrian troops in Lebanon from 
tbe . Lebanese Christian militias. 

The UA leverage within 
Syria is not great, Ihongh last 
week’s decision by Congress lo 
allow $90m in economic aid to 
Syria Is considered useful. 

TCie Slate Department yes* 

' lertfay gave Sandi Arabia a 
public pat on the back for its 
efforts to urge restraint on 
President Assad of Syria. 

- stare Department officials 
say no U.S.-made arms are 
reaching the Christian forces 
from Israel, and that tbe U.S. 
would strongly condemn any 
shipments of Israeli-made 
arms. . 

Mr. Vance, who today ruled 
out any kind of U.S. interven- 
tion, reiterated tbe Adminis- 
tration's previous call for an 
International conference on 
Lebanon. 


Pinochet may 
visit China 

By' Robert Lindley 

BUENOS AIRES, OcL 5. 
PRESIDENT A a gusto Pinochet, 
of Chile, may visit China soon, 
Sr. Hern an Cublllos, Chile’s 
Foreign Minister has 
announced. Sr. Cu bill os will 
lead an “advance-guard 
mission ” to China later this 
month 

While in China, Sr. CnfaiUos 
will invite Chairman Hua 
Kno-Feng to visit Chile. It is 
not. known whether Gen. 
Pinochet would gb to. China 
before or after any possible 
visit by Chairman Hua to 
Chile. 

Relations between Chile and 
China deteriorated drastically 
with the coming to power in 
1570 of President Salvador 

Chile has an important 
market for Its copper and Iron 
In-. -China, which in turn is 
reportedly interestd - in 
penetrating the Latin Ameri- 
can market with Its products 
through Chile. 


American car sales Mexican 

dip but overall Kpted 
trend stays strong b yjK, e , 


BY JOHN WYLES 

U.S. CAR SALES dipped 
slightly last month but not 
enough to damage tbe prospect 
of a near record year for domes- 
tic and foreign manufacturers. 

Tbe continuing strength of 
consumer demand looks virtually 
certain to confound gloomy pre- 
dictions made by- industry ex- 
perts at the start of tbe year of 
a.Gignificant fall from last year's 
total dealer sales of 11.179m 
cars. However, the overall 
strength of sales, which points 
to 11.36m deliveries this year, 
masks the problems suffered by 
some makers and the significant 
achievements of others. 

Chrysler Con>oration t for ex- 
ample. which is looking to the 
Peugeot-Cltroen purchase of its 
European operations to guaran- 
tee its survival through the 
1980’s, is having an increasingly 
tough struggle to maintain its 
grip on the American market 
Following a 20 per cent fall in 
its September car sales Chrysler 
has sold 6 per cent fewer cars 
this year than last and has seen 
its share of tbe U.S. produced 
car market fall from 13.9 per 
cent to around 12.6 per cenL 

General Motors on the other 
hand is going from strength to 
strength. By introducing many 
of its new 1979 models early last 
month ahead of Ihe domestic 
competition it pushed Septem- 
ber sales up 6.7 per cent on the 
same month last year. In 
anticipation of continued 
strength CM is scheduling 
record fourth quarter produc- 
tion. 

For by contrast suffered a 3.3 
per cent sales decline although 
its sales to date are up '4 per 
cent on last year. 

American Motors, tbe smallest 


NEW YORK, OcL S. 

and most financially troubled of 
the U.S- companies enjoyed a 
good sales boost in September 
which will raise its hopes that 
1978 sales will exceed last year's, 
thus baiting several years of 
decline. 

Overall U.S. manufacturers 
sold 659,229 units In September 
compared to 656,600 last year. 
Imports faile dto maintain the 
sudden . surge apparent in 
August when they reversed the 
trend of falling sales due to 
currency-induced price rises. 
Market share for imports fell 
from 20.7 per cent to 20.4 per 
cent in September and sales 
from 171,300 to 169,000. The two 
leading importers, Toyota and 
Datsun again suffered heavily, 
Toyota's sales fell by 10.2 per 
cent and Datsun’s by 20.4 per 
cent. 

Despite the rising pen Honda 
(up 19.3 per cent). Subaru (up 
29.5 per cent) and Mazda (up 
52.3 per cent) continued the 
sales gains which they have been 
making virtually all year. 

Volkswagen, whose sales are 
sill more than 18,00 down on 
last year, turned in its best year 
on year improvement for 1978 
with a sales increase from 
12,905 to 20,370. A sharp rise 
in sales of its diesel engined 
small car, the Rabbit, helped con- 
tribute to this gain. British 
Leyland's sales fell 41 i«er cent 
from 6,397 to 3,772. 

% 

1978 1977 change 

General. 

Motors 395,449 370,656 4- 6.7 

Ford 171,881 177,710 — 33 

Chrysler 73,893 92433 -203 


American 
Motors 18,006 


15,601 +15.4 


flights 
disrupted 
by strike 

MEXICO CITY, OcL 5. 
FLIGHTS WERE severely dis> 
rupted throughout Mexico today 
when air traffic controllers walked 
out in a dispute over contracts. 

Government employees stepped 
in to operate control towers at 
the nation's 46 airports to main- 
tain international fight opera- 
tions, but domestic flights were 
only 10 per cent of normal,, a 
Government official said. 

Airport operation hours will 
be from 9 am .to 11 pm daily, 
an official said, and will be 
gradually increased “ as the 
Government controllers gain 
experience.” 

He refused to predict when 
that would be and refused to 
identify himself by name 
because he said he was merely 
a spokesman for the new Union 

that replaces the Air Controllers 
Union. 

Domestic flights of the two 
national airlines, the privately- 
owned Mexicans Airlines and 
the Government's Aeroraexico, 
were cancelled and only 11 
international flights by each will 
be allowed daily, the official 
said. 

AP 

Trudeau party 
popularity sags 

By Victor Mackie 

OTTAWA OcL '5. 
PRIME MINISTER Pierre 
Trudeau's Liberal Party ; is 
sagging in popularity, while the 
Conservatives are gaining, 
according to the latest public 
opinion poll. 

Fifteen Federal by-elections 
are scheduled for October 16. A 
Gallup poll shows the Liberals 
dropped four points to 41 per 
cent public support in Septem- 
ber. while the Tories have 
gained three points to 38 per 
cent. 


Far East wins $300m ship order 


BY IAN HARGREAVES. SKIPPING CORRESPONDENT 


r<: 

#«./.-.■ 
iSw .... 



FAR EAST shipyards have won 
a contract worth more than 
$300m to build 12 containerships 
for Sea-Land, the shipping sub- 
sidiary of R. J. Reynolds Indus- 
tries of the U.S. 

This is the biggest merchant 
ship order placed for some time 
and in spite of the problem of 
tbe appreciating yen, Japanese 
yards were able to offer prices 
comfortably below those of Ger- 
man shipbuilders, which were 
the only Europeans to bid. 

Seven of tbe ships will be 


built by Mitsubishi Heavy Indus- 
tries, three by Mitsui Engineer- 
ing, both of Japan, and two by 
Hyundai of South Korea. Apart 
from Germany, the only other 
country represented in final bids 
was Taiwan. 

A11 tbe ships are for delivery 
in I9S0 — a relatively tight dead- 
line, which probably explains 
why other European yards did 
not regard themselves as con- 
tenders. 

Sea-Land said yesterday that 
the vessels, each of which has a 


capacity of 839 40-ft containers, 
will be used in its round-the- 
world service. 

They will replace existing ton- 
nage. but because the new ships 
are larger, there will be some 
increase in capacity on the 
service. How much will depend 
on final decisions on which ships 
to withdraw. 

The ships contract is part of 
a $58Gm modernisation pro- 
gramme being undertaken by 
Sea-Land, involving replacement 
of ancillary and shore equip- 
ment 


At the moment you’re probably relying on your telephone 
; to keep you within armfe reach of your accounts department; your 
stockroom, your salesmen, your whatever 

But you may be surprised to leam that the 13-amp socket 
in your office could feed you with information far more efficiently ■ 
than your telephone. 

Simply because, when you use your telephone, you’re at 
the mercy of the man at the other end. 

Is he the right man? Has he got all the information you want? 
How quickly can he give it to you? How reliable is it? And can he 
give it to you in the form you need it? 

On the other hand, take IBMfe 5110 computer Ife no larger 
than an office desk, asks no more than a 13-amp socket to power it; 
and once programmed, isn’t much more complicated to use than 
a typewriter 

Yet; at the touch of a button or two, you could check which 
warehouse items are out of stock or root out your unpaid accounts. 

Even more remarkable is its price: just over £13,000. And we 
may even be able to help you finance it 

The 5110 should meet the needs of most small businesses. 
But if you have more sophisticated needs to meet, we’ve more 
sophisticated small computers to meet them with. 

- Each one can help sharpen your cash flow; enhance your 
customer service, and improve the efficiency of your business. 


" But obviously we 


can’t Start recommending I rve listened to you. Now convince me I need an IBM 
the right computer for the { 5111311 computeE 

job until we’ve listened to ! Name — 

you and understood your « 

needS ' ™ ^ I Address. 

May we suggest j 

yduslipthecouponintoan I 

envelope addressed to us. I _ • 

1 j Chris Conway (GSD Marketing), Z 

Andhanqa I IBM United Kingdom Limited, Z Z-Z ZJ 

reserved notice on your j surrey tw9 id w. Teh 01-940 9545 =zz=r= 7 : 
13-amp socket ■ | 


j Chris Conway (GSD Marketing), ZZZS^ZZ ZZ 1 
I IBM United Kingdom Limited, Z Z—ZT 2Z>ZZ! J 

1 28 The Quadrant Richmond, Z ZZTZ I 

| Suney TW9 1DW. Tel: 01-940 9545 ZZZZTS j 

I — i 







jtaane&l Times Friday Oetoher 6 19?8 


OVERSEAS NEWS 


Assad in i Israelis divided on reaction 

Moscow for 


talks with 


Brezhnev 


By David Sattcr 

MOSCOW. Oct, 5. 


to worsening Lebanon crisis 


BY DAVID LENNON 


TEL AVTV. Oct. S 


I MR. MOSHE DAYAN. . the destruction of the Christian The restraint Israel is pvercis- 
, Foreign Minister. today accused forces m Beirut will lead to a ing over the Lebanon because of 

I Syria of actine very negatively cnllap.se of Christian resistance ibe peace negotiations also 

ui Lebanon. bul he did not think in South Lebanon along the appears to have affected Israel's 

MR HAFEZ ASSAD, the Syrian [the fighting in Beirut wnuld Israeli harder. They are opposed possible retaliation for Fatah 

President, arrived in Moscow | affect the peace negotiations by other Government figures who attempts Ki attack the purl Eilat 

today and began immediate talk* j between Israel and Egypt. believe thai Israeli military inter- with a. bomb-laden ship on 


with Mr. Leonid Brezhnev, the 
Soviet President It is believed 
the two leaders will be working 


Israel has aided the Lebanese venlion in Lebanon will sabotage .Saturday. 

Christians with arms and by the broader Middle East peace AP f m Tp . Avlv: IsraeJ 

.... . sending warplanes over Beirut, efforts. They suspect that one p| ai 4^nhuiM2n new tenements 

on a common strategy to counter ; But ii has not intervened directly of Syria s aims in stepping up in wirth-western -Negev 

the Camp David peace accord, [in the fighting, despite earlier the fighting is to drag Israel into desert in a line parallel to the 

Mr. Assad was greeted at the j threats nol to stand idly by while a war winch would be likely to ^^g,. A-jneullure 

airport by Mr. Brezboev. Mr. ■ the Syrians crush the Christian reduce the prospects for a peace Mjl]i5ter ^ ne l Sharon has 

Alexei Kosygin, the Soviet Pre- ' forces. agreement between Israel and. ,^,^,1^ .. 

suer. Mr. Andrei Gromyko, the' The Government's policy at Egypt. • ‘ 

Foreign Minister and Mr. ‘present is to urge Western Mr. Yitzhak Rabin, the former Mr. Sharon told a group nf 
Dmitri Ustinov, the Defence | nations to act to end the battle. Prime Minister, said be does not settlers from Moshav Sadot in 
Minister. His arrival was broad- 1 Defencp establishment officials believe the Syrian offensive is the Israeli-occupied Egyptian 


cast live through the Soviet have hinted, however, that this designed to undermine the Camp Rafab approaches south of the 


Union and Eastern Europe. 

This is Mr. Assad's second 
visit to the Soviet Union this 
year. After his first visit in Feb- 
ruary. 'the Soviets stepped up 
military assistance and Mr. 
Assad is expected to press for 
further expansion of military j 
aid daring his visit this time. 

The Soviets share Syrian 
anger over the Camp David 
agreements and the Government 
newspaper Tzvestia last night 
praised the “staunchness of 
Damascus" in the struggle 
against Israel. 

Mr. Assad is expected to dis- 
cuss the situation in the Lebanon 
where Syrian troops are locked 
in heavy fighting with Right- 
wing Christian militia as well as 
concrete plans to counter what 
the Soviets refer to as the 
"separate deal.” 


policy might be changed. David agreements, but is aimed Gaza strip that Israel will build 

The Israeli Government is at oppressing 'the Christians. the new settlements during the 

divided over how to react to the Mr Rabin said .that because of next three year to house resi- 
Lebanese situation. Some are the dispersal of its forces, the dents of the IS Israeli settle- 

urging military intervention Syrian Army was in no position merits to be regained by Egypt 

because they fear thar the to confront Israel. in the Sinai Peninsula 


WORLD TRADE NEWS 


China mines 
mission in 
Australia 


By Laurie Oakes 

CANBERRA. Oct. 5- 
THE CHINESE V Ice-Mi ulster 
for metallurgical industries, 
Mr. Hsu Uiih, arrived in Can- 
berra today at the start of a 
visit which the Government 
hopes will lead .to (he export 
of Australian . Mining and 
.Mineral Processing Technology 
to China. 

The Deputy Prime Minister 
and Minister Tor Trade and 
Resource*,. Mr. Douglas 
Anthony, in a statement wel- 
coming Mr. "Hsu. pointed out 
thar a particularly important 
part of the responsibilities of 
the Chinese ' Ministry * of 
Metallurgical Industries at 
present is the implementation 


IATA chief criticises 
American airline policy 


BY LORNE BA RUNG 


ORLANDO. Fjerida, Oct. 5. 
on the new wider brief. 


UNITED STATES l»l,cyon sir- ,M discuses <m «« 

lines was sharply criticised policy, and consensus and com* nat»o regarded "bv their 

yesterday by Mr. Knut-. Ham- promise were beine abandoned ^ey were regatta gi metr 
marskjoid. Director-General of without taking into account the goveraments as pwrottne inter 

the International Air Transport views of other nations. na „, g na i analysis their 

.Association, who warned that it Mr. Hammarskjold added that In < ite anal Maiys^ their 
could shatter the present rules during the regulatory debate P^u« will be dealt 
and bring aviation nations into there had been little discussion W otyer JtihK. SSSS2’ a? 
direct confrontation. .on side effects such as congested 1 1 steel, tcwies. rooiwear or 

His concern was primarily airiine-tenninals. jammed acc«s shipping. I facte rj 

over the effects of Ui. Free com- roads and passengers waiting for life f m *2tK 

petition policy on the inter- hours for Customs and Immigra- tradjng are r g W . com 
naUonal airline structure, which tion clearance. Lt . . j l ]0D *%**** unavoidable, 

he said was being forced to : All the greatly publicised he.said. = , - lt _ 

change in deference to American heaval on the North Atlantic It ri wa t s h _f l5 ? oll , ™f n ' s 
de-regulation nf airlines. * route had produced only- avers ee Kes^ fhat fo R ' ’ ’ Jjj; 

“ Within the international growth. Markets bad been dw- regulaUon tbge was an uapro- 
I community, there is deep con- lorted ‘ blit little °«» tr*(5c ^“ fncolvem^t in aLr Iren,- 



Cool response to Sadat Cabinet 


BY ROGER MATTHEWS 


CAIRO. Orr. 5. 


PRESIDENT ANWAR SADAT As if to remind the Govern- wide agrement that Dr. Mustapha 
told the newly-formed Egyptian ment of the task it faces, the Khalil, the new Prime Minister. 
Cabinet today that its major task census figures released today intelligent and a capable admtni- 
would be to transform the show that the population has strator, (here is little indication 
economy. He urged members to topped 40m. with an increase of that be has found any formula 
take the economic opportunities l.Sro in 21 months. When the for achieving a streamlined, 
offered by the challenge of International Monetary Fund homogenous team, 
peace with Israel. agreed to a $720m extended A main difficulty has been the 

Mr Sadat was chairing ih* facility to Egypt earlier this year reluctanee of capable men <o 
first meeting of the 32-member h identified population increase accept .ministerial posts. Those 
Cabinet, only II members of a* perhaps the single most who turned down offers cite the 


Ihsan Hijazi adds from Beirut: , ... - 

President Hafez Assad left which were in the previous critical problem facing, the better financial oppbrlunities 
Beirut with the tension in ! government. Public reaction io nation and urged immediate available as a result of Egypt's 
Labannn unresolved and his ! Oie reshuffle has been muled and action . open-door economic policy, and 


troops battling the Christian 
militia in what informed sources 
here believe to he a decisive 
showdown. 


in some 
despondent, 
rtenre of 


quarters almost The verv size nf the Cabinet *be reluctance of the President 
There is little evl- w „, a , so *. ork agams ; what has aUlhonty *° ,iie 


what Mr. Sadat 


I promised would be ** the Oetoher 


been a long-sought solution to 


President Assad returned to Igeneratinn ” and no significant bureaucratic <*ela. v - 


Damascus briefly yesterday after 
visiting East Germany. His 

Moscow trip was decided at last 
month's Damascus summit of the 
“ steadfastness and confrontation 
•front” aimed at scuttling the 
Camp David agreements. 

There are two key issues in 
the Syrian-Soviet talks- Firstly, 
the desire by Syrian leaders to 
obtain more sophisticated 

weapons to counter Israel's 

military strength, particularly 
after the Egypt-Israel “frame- 
work agreements reached at 
. Camp David, and secondly the 
possibility of Syria concluding a 
treaty of friendship and co- 
operation with the Soviets — 
something it has resisted hither- 
to. 

Mr. Abdel Halim Khaddam, 
Syria's Foreign Minister who is 
accompanying Mr Assad, hinted 
at an alliance with Moscow while 
the Camp David conference was 
in progress. 

President Assad had no time 
to meet President Elias Sarkis 
nf Lebanon, who for some weeks 
had been seeking a meeting to 
consult urgently with the Syrian 
leader on new security arrange- 
ments to defuse the explosive 
situation in Lebanon. 

Furthermore. Mr. Assad has 
given a categoric "no” to the 
French proposal for ending the 
current fierce fighting in Beirut 
between Syrian troops and the 
Christian militias. 

• The rejection was interpreted 
here as reflecting Syrian deter- 
mination to deal a crushing blow 
to the militias, who are currently 
; surrounded by Syrian troops at 
the north-eastern and eastern 
outskirts of Beirut 

Clashes raged for flhe third 
consecutive day with attempts 
by 'the militias to gain control of 
strategic bridges there, making 
no headway. The bridges are ! 


Government. 

, . . , It is also noliccablp that two 
divided 0 j more capable men in the 


lowering in the average age of departmental responsibilities, nu (going Cabinet, those 
the Cabinet, which remains in and a reluctance to take diffi- Education and Health, 
the mid-50s. cult decisions. While there is elected not to cbntinue. 


at 


both 


Shah’s opponent leaves exile 


BY ANDREW WHITLEY 


TEHRAN, Oct 5. 


THE SHAH of Iran’s leading in Knrmanefoa&, on unofficial urban pear and young people 

opponent the exiled religious estimates. was refused entry by the Kuwaiti 

leader Ayatollah Khomeini, is Until now western Iran has authorities, 
leaving Iraq, bis place of refuge remained relatively trouble-free. According to Iranian dissident 
for the past 15 years. Has Most of its towns and cities sources, he was then refused 
destination is expected to be escaped martial law. But with re-entry into Iraq: but eventually 
Syria where the large Shi’s the new government of Prime spent the night in the port city 
Muslim community could provide Minister Jacfor Sharif-Emami 0 f Basra. 

support and a natural base from concentrating on -tackling the [ Q town of Qazvin. west 
which to continue his campaign tidal wave of pay strikes now of Tehran, the martial law 
to overthrow the Iranian sweeping throughout the public authorities today announced the 
monarch. sector, the Kennanshah troubles discovery of an aims cache and 

In Iran itself, the western city ^ awe , serve d as a reminder that what *a> described as huge 

* IMS remains ^2 '&S* ^ - 

following four days of noleru Ayatollah Khomeini's move The ' government todav 

disturbances that began with began yesterday with an attempt announced the release o 
last Sunday's nationwide strike to cross from Iraq into neigh- another 86 “security prisoners, 
in protest against restrictions b oaring Kuwait But the 68-year- bringing the total released in 
imposed on Khomeini by the old religious firebrand, who the past month -to over 360 It 
Iraqi authorities. Fourteen commands considerable support is not known bow many others 
people are reported to have died within Iran, especially among the are still in detention. 


Gandhi to fight 
in by-election 


NEW DELHI, Oct- 5. 
FORMER INDIAN Premier 
Indira Gandhi, who has been 
without a parliamentary seat for 
a year and a half, announced 
today she would contest a by- 
election in the South Indian 
state of Karnataka. 


The election is due to be beld 
no November 5 2nd Mrs. Gandhi 


British A-bomb legacy 


BY LAURIE OAKES 


CANBERRA. Oct 5. 

THE AUSTRALIAN Government Interest to potential terrorists, 
has been seriously embarrassed . He said that, because the 
by the leaking of a Cabinet sub- highly classified Cabinet submis-1 
mission dealing with dangers sjon , bad been leaked to the 
posed by plutonium waste from Australian Financial ■ Review 
British atom bomb tests at Mara- newspaper In “a criminal- act." 
linga in South Australia. security measures at Marti in ga 

Mr. James Killen. the Minister l*?!* today been substantia fly 
of Defence, was forced to con- increased. 


firm tonight that there is a dis- The Cabinet submission said 

. , - — , Crete mass of about half a kilo- that 20* kgs of plutonium had 

vital for the Christian su-ppiy i is expected to file her nomina-,gram ef plutonium buried near been buried at Maralinga after 
line to the enclave around ition paper tomorrow. the air strip at the former bomb the British nuclear weapons tests 

jounie.h. ' Reuter I rest sire which could be of in the 19805. 


SOUTH AFRICA 


Preparing the economic laager 


'BY QUENTIN PEEL IN JOHANNESBURG 


INVEST IN your golden urgent needs support if the imports have dropped, also lo- 1978. but with the surohn bribe 

future, says the slogan in a recovery is to continue " chides a large element of *' un- gradually eroded, and turning 

leading Johannesburg depart- AJtbougti there was a consider- recorded transactions ” reflecting into deficit in the latter, half of 

ment store. Buy soutn At rica^ able boom m consumer spending political uncertainty. 1T79. Dr. Chris Van Wyk. Ahe 

L f ,^«t^ r m?cniaLi h on‘inw-m^ 2 Jun6, hci P ed to boost Shire the beginning of 197R. general manager nf Trust B|nk. 

t ^ ie Erowth rale - Jt w »s largely the long-term capital account recently forecast next year's 
* »■ ° f nrr«m- C D ede rtn fid Smnh an artlficial response to the ini- has also turned into deficit, in- overall surplus at 1 R4$0tr 

*h™ « 7n,nen ' ‘"Auction of a 4 per dreating a substantial repayment <£280im \ V 

S Curate reflection Sr the £ cn< genera ‘ “ ,| 1 e5 ta * a « of longer-term debt, without Urori a long-term capital put 

a more accurate reflection ot toe beginning of July. Sales fell further borrowing ro cover iL of an expected R250m'. tn 

; • ’.v .v , .. back sharply in July and August. As Dr. Boh de Jnngh. the the current year, and no further 

It ts the theme n economic ypfleciinj, wha , tibe standard governor of the Reserve Bank, oulflow in 1979. while;. there 
’th'o n^ S prim» Ministpr describes as tite ■' funds- pointed nut m h|s annual review be a contmuing drain of 


t . ri — "e un niiiuru nui Ml nta aiiniini ir.irw - ----- -- - ulflJli ui 

Botha, the new Prime Minister, m «nta! weakness nf most con- in August. South Africa has to RbSOm of shurt-term caiWtaf in 
SffiEiJKS —«■ >«*et," maintain a strong . current. *“ 5 ®? n ,n 1B7 ®- ^ 


- .. „ nAnmi , Tbp rise in earnings has con- account surplus ro pay for the w^uid a-llow net reserves ; to rise 

♦tH led «^ C0 PHmf sistently lagged behind the rate outflow o£ capital, but that by the present j*ar. 


options facing the new Prime 
Minister in his attempts to pre- 
pare the country for economic 
sanctions while keeping it on a 
path of growrh and prosperity 


Despite the high price of gold and a steady 
The South African man-m- the- growth in real domestic product, there are signs 
betifs cSfuseS^abom the that the revival of the South African economy 
** is running out of steam. The task for the new 

Prime Minister, Mr. P. W. Botha, is to speed up 
growth while preparing for possible economic 
sanctions. 


state of the economy. He knows 
that the world gold price is at 
a record high- Consequently. 
South Africa boasts a healthy 
6urptas on the current account 
of the balance of payments, and 
has done for 18 months 

Moreover, government spoke«- 
proudly ' claim that the 


economy has finally turned the price rise*, in re-spans** to the surplus is iikelv tn dwindle as ,n P ahead with projects which 
corner from its prolonged reces- Government's anti-inflation cam- the economy picks >ip. drawing Wf,l, lu otherwise be considered 
mon Since the beginning of the paign. and consumer spending in more Imports. uneconomic, and which geher- 

year real arnss domestic pro- has consequently been “spotty At that dine. Dr de Jnngh , J; v are rather Bian 

duct' has increased steadily from a nd erratic." announced d ■.»; in the bank J®"° ur -intensivn su.-h as Sasoi 2. 

virtual staenation in I9T7. In his Not surprisingly, t'ne business Ta te. from 9 to S.5 per cent, in „ia n !r ( ~? roin ' Cf,a P lam - a nd the 
March budget. Senator Owen community has been pushing for an effort to -nstain the economic ,,jE„? efl TL.! J . rJ J n,um ^nchmenl 
Horwood, the Minister nf further expansionary moves. The recovery This was followed by M, 11 t ' urn l ” },leelv tu 

Finance, pledged himself to Federated Cfliambcr of Industries a reduction in the commercial | a ti on h,- e 

cautious stimulation of the flag proposed personal and com- banks' prime overdraft rates, and !j. ni .“| * 
economy, and that continues to pauy tax cuts, a more oxpan- a cut in mortgage rales. Yet i n i P „ nQ i v< , r n ' rn . , i r ^ eii 
be the official policy. sionary monetary policy, better those reductions 5 , along with a - 11 1 l ' tS- 


and only RISOm next year. 

There is a growing fear in /the 
business community (hat ;the 
caution of the authorities ceuid 
be met with a renewed lrtter- 
national recession next iyedr—- 
and Ihus conspire io denv Sobth 
Africa more lhan a tpnipofary 
fillip in a pattern of long-term 
decline • ■ 

Wean win I «». hla.-k unemilioy- 
nient i< hkefy io increase int*:or- 
ably as lone the economy is 
incapable of suMoining orijwth 
rales of more than 5 per dent. 
The need in equip the economy 
to resist sanctions means- p Wess- 


on employment 

voting 'scarce 
capita i- 

Given the monetary constraints 


Yet in recent weeks a growing export incentives, as well as steady easing of capital market 00 . eri K^ r , 

number of .informed observers greater incentives for import rales, have coincided with the Jl ' . nce nt P ay 


Another measure significant rise in interest rates Ions us hVrpVs 'ih C1 . ,Unl ‘ c ^ n " 

h, intradimd in -h, C.S 


number of .tnformea onservers greater 
have warned that the revival is replacement. 

running out of steam, and needs which could m- muuuuvvu m me ll( , n n f ,v,„ 

further stimulation. While the rapidly would be the sera ppm? The result has heen tr. make in comH f 

official estimate of GDP growth 0 f the import surcharge, cur domestic financing of To reign fhe 53^,, nn 

is for up to 3 per rent in the rentlv at I“i per . ;i >nt iradn attractive Jwmn peculation abo„ t ble a« nn 

current year. the Prime The major consiramt facing fin.im-in? The Standard Bank j 0 mn ^ r g| nijrh " 

Minister's «wn F.conomic Advi- ^nvernmem pnltcy-innkers is the Review report* ” an acreloratin? ^nraetivc for Tnrpicn mveonrs 

*6ty Council puts it as low as unhealthy rapilal account of the shift towards the us* of domestic tn rounieracl the cominuin^onli- 

2 per cent. balance of paymentF. There has credit." which Jhrealens . to Mca | uncertainty. B ul av the 

The latest issue of the Stan- been 
dard Bank monthly . Review capita] 

refer* to a "growing feeling alihmiL , . fiuuw, 

tfcat demand an the economy reduction jh short-term credit as more than R1 lbn (ibS'Jmj in urgent. 


ao outflow of shurMerm ageravat»» ih«> outflow nf capital, p.-nnomic option's are limited a 
J since 1975 wnich. • Th»» balance . t»f payment* political solution, both internal 
i§h partly caused by the current snri»i:i« v prppf*t«»d to hi* external, hecom-j more 


uuiogy, adding Lhat “The 
Chinese Government has 
indicated lo u& that U sees' 
Australia as a possible source 
of this technology.” 

Mr. Hsu wilt he in Australia 
for three weeks. In a bid lo 
impress him with Australian 
technology, the Government 
has arranged for him lo see a 
wide cross-section of the 
Australian mining and mineral 
processing industry. 

Australian trade officials 
have been optimistic about the 
prospects of exporting mining 
technology lo China since the 
visit to China by the British 
Trade Secretary, Mr. Edmund 
Dell, tn. August. During the 
visit the Chinese asked -for 
Britain’s National Coal Board 
•to design, construe) and equip 
two big coal mines at Tatung 
fit the north-east of the 
country. 

Australia is now working 
hard on trade - deals with 
China. Two weeks ago a 
mission led by the Deputy 
Managing Director of the 
China National Import and 
Export' Corporation, Mr. Pi 
Yi-ming, left after signing con- 
tracts for large orders of iron 
ore, aliiniinluni, lead and iron 
and steel. 


Commerce Congress. 


brium*t bait can easily he thrown There was almost a .naive ft 

The US. Civil Aeronautics out of balance by a slight down- pectation that “X 
Board was. he claimed, imposing turn in economic activity. Mr. negotiations -Pi 

its own tariff rules on European H am marskjoid warned. tile window, govenunen 

routes, its own baggage rules Tt should be recognised by the let themarket All ro^jacuum. 
throughout the world and its U.S.. he said, tbat many of the In effect, the vacuum was being 
currency rules on many foreign world’s airlines are regarded as filled by an extension of the 
nations. far more than just commercial sovereignty of the U.5. Ctvil 

There had been no multi- concerns. They bad a miieh Aeronautics Board. 


France, Brazil co-operation pact 


BY DIANA SMITH 


BRASILIA, Oct. 5. 


visit. 


FRANCE and Brazil will sign a major political and trading Brazil’s official doors are held 
technical cooperation agreement partner of Brazil, and that Brazil wide open to France, ensuring 

today nn (he occasion of Presi- intends to reciprocate. that Brazil comes closer tq its 

dent Giscard d’Estaing’s official “France." M. Giscard said, “is stated goal Of “less dependence 

happy for you. for herself and on the United Slates through 

for the world ... as your diversified dependence else- 

econontv develops and diversifies where.” ' . '" 

..... .. ... J wp discover that our rwo M. Giscard himself, before he 

region electricity .authority and na tions complement each other travelled to Brazil, told Brazilian 
France s Alsrbem Atiantique ■ - - 

group, fnr supplies of' Alsthom. 


Also, a £150m contract will be 
signed between Brazil's southern 


UK symposium 
in Peking 


By Colma MacDougali 
A DELEGATION of *enier 
British businessmen is leaving 
for a 12-day visit to China to- 
morrow. The group will be led 
by Lord Roll, chairman of S- G. 
Warburg, and will include 
high level representatives of 
i.iKiih aerospare, BP. Metal 
Box, Massey Ferguson, and 
other leading British com- 
panies. The mission Is spon- 
sored Jointly by. the Times 
and Business Perspectives.' 

Discussions will cover a wide 
range of industries. They will 
he concerned with how the UK 
can. assist China in Its modern- 
isation plans and how China 
can Ih crease its exports and 
pay for further imports. 

President ~ Jose Lopez 
Portillo of -Mexico plans to visit 
China and Japan with the aim 
of solving-' Mexico’s chronic 
agricultural problem and ex- 
pand markets for its infant 
petrochemical industy- He will 
leave Mexico City on October 
21 for Peking and after a week 
in China he will spend four 
days in Japap. 


in many respects. ' correspondents in Paris that by 

j- ....... Indeed, while diplomatic and the year 2000 he expected Brazil, 

generators and services, for tbe fra(je representatives of' Brazil's through its size and -importance. 
Land i ola power station in the 0 th er European partners look nn to be one nf the 10 or 12 nations 
The deal will b e .backed not f u u v disguised concern, in the world which would be an 


south 


by credit from a syndicate of 20 


e- ^ . , ... . „ areas of Francn-Brazilian co- interlocuteur of '-the superpowers 

French banks lea by the Credit operation are multiplying ' in and .of a great, confederated 

every direction. Europe. 


Commercial. 

- The warm official and public 
welcome given to the French 
head of state and his ministers 
yesterday' was. all observers 
agreed, a striking contrast to the 
polite but cool reception Presi- 
dent Carter received when he - 


Deficit cut raises hopes 


partially offset by an encourag- 


Docklands in 
Japanese 
marketing push 


By Paul Taylor 

THf. DOCKLANDS Jeint Com- 
mittee. to its latest attempt to 
attract foreign industrial 
development to London's dere- 
lict docklands, has appointed 
marketing agents in Tokyo to 
persuade Japanese companies of 
docklands commercial and in- 
dustrial potential. 

Sir Hugh Wilson, chairman of 
the committee.- launched the 
investment campaign yesterday 
by announcing that the Tokyo-, 
based AMbo Marketing Company 
had been appointed as sole 
acents in Japan. This makes 
Japan the first country where 
the committee has finalised its 
investment-seeking arrange- 
ments. 

The campaign Is heing run 
through Walker Export. AMbo’s 
UK representatives. 


BY OUR OWN CORRESPONDENT RIO DE JANEIRO, OcL 5. 

: . j, -• . , hi _ ____ A SLIGHT improvement in Droughts earlier in the year 

visited Brazil m March this year. Brazil's monthly trade deficit— and fluctuating world prices have 
Brasilia's residents came out S44.623m in August, compared hit Bra21 ]- S pnDc j pa j commodity 
in force and lined the route with 878.926m in July— has harri o-j 

between the airpnrt and the city, raised hopes that the year-end S23e iSmbu" fait oTSw and 
While some of their enthusiasm deficit can be held to S700m or 
[could be attributed to their first SSOOni. 

opportunity ever tn see a Con- '^ ie accumulated trade gap. to 
enrde landing, there is no doubt *ke end of August, totalled 
tbat a concerted pffnrt wav made So 78m compared wi th a $ 304.3m 

tn greet the French visitors open- ’•"JP 1 " , L«n!5 - wi£»tat 1,< S5 
heartedlv ■ " imports rntalled SL1498bn, ana 

‘ - exports SI. 104hn. 

President Geisel’s arnL .M. The cause of this year's S587-5m. and of semi 
Giscard's banquet speeches last unsatisfactory export perform- manufactured goods by S210.6m 
night took mutual admiration, ance has been coffee sales of to the end of July, industrialised 
respect and trust to Lhe verge which,- to -the end of July, were products have now exceeded 
of effusiveness — a reminder "that only, half Ihe value of last year's commodity exporti-fot the- first 
France intends to be a constant, seves^oitihly sales. - . time ever^ • 


ng rise in exports of manufac- 
tured and semi-manufactured 
goods. 

'With foreign sales of manofao- 
lured goods increasing by 


India moves into shipbreaking 


BY K- K. SHARMA 


NEW DBUn, OCL 5. 


INDIA’S STEEL ttinlstry has for nearly 1» tonnes nf steel Meanwhile, India add the 
finalised a scheme under which predqctieH annually, and are patted Arab Emirates have 
it will import old and large un- important for the • Indian agreed to establish, jointly a Im 
chin e anH h»at Mioni which is facing a steel tonne sponge' iron plant at Abu 

serviceable ships and break them shortage. - - - - -J Dhabi which will use natural gas 

up so that the scrap can be The Steel Ministry's sebeme is and Indian iron ore. Sponge 
used in re-colling mills and to make shtpbreaking into 4 iron produced at the plant will 
electric arc furnaces. major organised ■ industry be sold back to India to produce 

: ThnrU in a nmn because it will provide not only Steel, which will' then be shipped 

There is a shortage ef scrap valuable scrap but also employ- back to the UAE. 
which bas made many re-rolling ment opportunities since If is India will submit a detailed 
mills redundant, while scores of considered a labour-intensive project report within two 
electric arc furnaces (or mini operation. To begin with nine months to the UAE Gove rnme nt, 
steel plants, as they are known) vessels will be broken up is Other areas of co-operation 
are facing closure for lack of four major ports. They will He- between the two countries, in- 
scrap for conversion into steel, bought from both Indian and eluding oil exploration, are being 
The misi steel plants account foreign fleets. 1 considered. 


Greece trade deficit widens 


BY OUR OWN CORRESPONDENT 


ATHENS, OeL 5. 


GREECE HAD a trade deficit of increase in invisible earnings tunitles offered by Greece as it 
S2.98bn in the first eight months wbieh totalled S2.62ba. These stands on the threshold of full 
of this year, a 17.5 per cent tf,ur J Ein ; ® EC membership and possibili- 


io crease over 


u,, jzu asa ssjtls -s-. . kusessx 


$2£4ba in January-August, 1977. ITnrt hp?i Ur ^i * n ^ rab w orld are 

JXbA of GreeS Tmpom SMLE?jS& by 1 " 8 , fSSSSShS^tJSSS "3 

in January-AugusL 197S. ,n 5SS5!L 0 ’ 2 SSJSi. to .Sn5 lT°™ l i t m L ss ! 0 !' ied ^ Prince 
increased by 13^ per cent to 


a Invisible payments totalled Albert of Belgium 
total of S4.S2bn while exports 'St of $I.03bn m „, The Belgian 

on!y ** per ccnt t0 January-August this year. an Minister of Commerce Hector de 

increase of 24.9 per cent over Bruyne and representatives of 

The trade deficit was largely the same period of 1977. 43 

covered by a 14.1 


per cent Meanwhile investment oppor- 


organisations, 
private companies. 


banks and 


Malaysia woos U.S. investors 


BY WONG SULONG IN KUALA UINPUR 


DR. MAHATHIR MOHAMED, of the world economy, the unfamiliar to arast Malaysian doubts about- Malayafa's rtshttire 

Malaysian Deputy Prime domestic political uncertainties businessmen. . „ - and radaj problem? Ve 1 mnS 

Ml " ,st t r of T”* 1 * a " d arising^ from the death of the Dr. Mahathir contends that If Ametinw. South Bait Asia aoS 

r? and c 'j a,rman nf ,h e Prime Minister. Mr. Tun Razak. foreign inveafors were to start Vietnam are synonymous, and 

comm,T, ®f ?" ,nvest ’ f n( * . * he ill-timed, sweeping ractorlea in -Malaysia the local Vietnam means bad business 

! n i!€ l _ s, ? ,1 P n _ parl, ? ular . J> ' the n ? w businessmen would join in. On Major new projects are now 



investment promotion drive. In repealed 
May 

Western 
ear 

,u r."”"'.” ,-•-7’:- men is unoer me tntra pian ts me viammy or nuiti/12 another 

{ 1 * eh iqE® 5 ' , ^_ bee r 0 v2™meni the sanJC as thp second &!»*>—• few hundred million dolars. info 
That the gpconfl highest rank- ,n the Govern mem „^ ou , 3.6bn ringgits. a coal project in tbe state whiio 

? n * ,niTns1er shouW "O" foreign I ' 0^°!^ hn During his current U S mis- *be Malaysian oil company. Pet- 

businessmen so earnestly reflects a . * otJ j Proposed capital of 1.-bn s j on> Malaysian Deputy ronas. would build a urea nlanr 

the importance that the 5J. n M! ,s anrt a 3n,l> f ,0,ential of Prime Minister will be able 10 The American aluminium eianr' 

Malaysian Government attache* . . , ... speak " witfi greater authority Reynolds, is also plgDnine a 

foreign investments — and ® ul last ; v<far nn,y 4nn pr, V than during bis earlier European S450m smelting plant in Fscr 
growing concern that invest- ,n ^ ul ^ l "| n a . tour. Malaysia if it can be guaranteed 

menta arc not coming in at the nT , e l tinent ° r 880111 ringgits and -n,v . Government was returned cheap electricity, 
rate it had expected. 3 J° b potential of 29,600. were in tiie . Jnty general elections. These projects call fnr 

Unlike the Second Malavsian » p , p ™ ved , The '^ ,rd p,a ? with a massive majority:- Equally amounts of foreign capital a S 

Plan, m which .he public sector ^ a " u '« ,ur ‘ n * t0 create 34 -°°° importanL . ruling UMNO expertise. But Malav^ L loot? 

played a leadine rnte , He new jobs a year. . . party has- confirmed the present in g f OT lalrly labdttNmWsSe 


played a leading role, the r*. « - , . . r - - 

curreni Third Pian (1076-80) »*n- slrongly denies leadership- medium-level 

visages the private sector as the rh.n«J 0ca L L1w Sl0rS « As a demonstration that he is jects. such as the tyro factor? 

main catalyst for growth. Tbe *?£ !d,n8 f >ack \,.^ e able to deliver his pledges, Pr. that Dunlop Malaysian Industrie* 

plan deeks an injection of 26.8hn SHHf* lhe r l a [ e P u » ,0 e Mahathir .. pushed through the be going into with The KedS 

nnggtis (some U.S512hn) in ,, n S e, ** llRre ' iol ° one-stop unit before be left m> State Development Corporation 

private investments, or an ^ c jL Se,d} \. as construction and tour investors, who have often The factory will cost onlv 
annual growth of 10 per cent II h, nc ’ raIhr . r l , han ,nto manu ' complained .. that bureaucratic Sl*'in. birt It will create more jobs 
during the five years. hcntntTg. which t« an area tape is one of their main Gian the Reynolds aluminium 

As it Turned out. non-nii 7en rarinc “■ friritraaohs. wlU now no longer smelter. 

n,V w l a| e onl V , “ 197B 3nd 1977 nartners 

grew h on y and fi per Cent Malaysia's iridustrialisatinn and licences, umciaib ai txie nnc- tne : country’s vast agricultural 


respectively, and this is very programme 
worrying . fnr the economic fhe 
planners 

There am canons reasons For evere „ 
this shortfall— -the aluggishaeas foreign 


cunnocnce frtritrauohs. wtu now no longer smeiter. 
withont foreign have to iua wound half a doien \ There are enormous npoortuni 
...... . departmeflta. s«king approvals lies for industries thaf 

industrialisation and licences. Officials at the one- the : count FV*e 



I k 


k 






TT+? 


1 


*C.*J 



EfflariciaT Times Frlday October' e 1978 



HOME NEWS 



°'e$ Higher Concorde fares approved by CAA 

JJ.L> SY MICHAEL DONNE. AEROSPACE CORRESPONDENT 

§ INCREASES of between 2 and bine tbe lt21-day and 22-45-day Airways will rise £rom £159 three classes of In-flight cabin . nse by 

P er ceD t in some North excursion fares into one 14-45- return, London-New York, to service. ^ rWD £455 A nw l *-45- 

\tlantic air fares from' day fare of £271 return, London* f 174, but wJll remain unchanged This concept, which on British day excursion rare or £360.50 
November 1, have been approved New York- Incentive - group, on Pan Am and TWA. Airways includes first-class, return - would be introduced 

S J y tbe UK Civil Aviation Author- youth and Budget-Plan fares Com mentioc on these changes club-class (including full from November i. 
yfe r including a rise In the have been eliminated as being ,c n al . f hnritTT .Im economy fare travellers) and . The rises cover the coming 

‘ • -oneorde London - New York unnecessary and too complex to J eroay, me autnomy saia discounl class (including all ^ nteP on iy. Up t0 end-viarch 

^' e turn fare from £905 to £820, administer. « was open to further cheap . rate travellers such as Yhey do not take tato 

->.?ad in the first-class return fare The ultra-cheap stand-by fare changes from the airlines, once stand-by and Apex), is Intended “l, ZT‘ 

• ;;. ‘ -rom £748 to £763. of £64 single, London-New York, they have realised that, as a to ensure that businessmen and account, tneretore the plana of 

■ ‘-‘-i But the authority has rejected will rise to £67 on British Air- result of their individual others paying higher fares do some airlines, including British 

Z ',-- ' v^.. rise in the economy-class ways, but will remain at £64 on requests so far. some disparities not find themselves sitting next Airways to seek further rises in 


Tilbury 
chosen 
as HQ 
for PLA 


Datsun UK will 
fight restriction 


on car 


BY KENNETH GOODING 


: But the authority has rejected will rise to £67 on British Air- result of their individual others paying higher fares do some airlines, including British . ... . DATSUN- UK. ihe privately- sun UK has in stock has not 

-. L iny rise in the economy-class ways, but will remain at £64 on requests so far. some disparities not find themselves sitting next Airways to sees further rises in By l*n Hargreaves, Shipping owned importer is refusing to been revealed 

are this winter, which stays at Trans World Airlines and Pan will exist between the fares to cheap-fare passengers enjoy- some Atlantic fares from next Correspondent rake part any longer in the volun- Datsun UK revealed that as 

- =340 return. London-New York; American flights. The reason is they charge for various types of ing the same standards of service April 1- ' . Lnnrtnn autboritv tary scheme to restrict the recently as a week ago it told 

... because it does not believe that that BA asked for a rise, whereas service. for less money. British Airways has not yet ™ Jaoan^e share of 3e British Mr. Edmund Dell Trade Secre- 

: ^: V: V“h 1S justm . ed ' on .$ e basis TWA and Pan Am did not. Tbe authority’s other main On the London-Houston route, completed rts studies, but is S® d !S3«nd5 in E?st London^to car market. tary. of a voluntary commitment 

' ™- be wst 01 pr07ldm 8 toe Another fares discrepancy be- decision on Atlantic routes is to British Caledonian lastmght said expected to mab e aa application J" n at TilSrv As a first step it has told its restrict sales by its dealers 

r .tween the airlines which emerges approve the plans put forward the authority had approved a to toe-authority later this year contamer port at Tilbury, As a nni : step « : has toifl in ^ ^ quarler Qf 197g $Q 

- ;; At the same time, the authority from the authority’s decisions is by all the big airlines, including cut of £33 In the return first-claw or early next for rises of 5 per “Jg* . . ... v * b ,,: e etock. that the Japanese share of the 

’as approved a simplification of that the advanced purchase ex- British Airways, Pan Am and fare from £854 to £821. but the cent in most Atlantic fares from * ^.s move, wmeft wUI lake cars as y nave » now. market wonld not be above 

- . toe fare structure tin t will com- cursian (Apex) few on British TWA, Coe the introduction of “full facilities” executive-cabin next spuing. ?id a half S ?ei“ reflecS ti£ latSt meSSire agreed between level of 1977 by the end of the 

— — — ; : — — view of PLA management that the UK and Japanese authorities, y ear - . Datsun aJ so under- 

its future lies in the Tilbury which will result in' a severe cut took to approach Toyota and 

— i . . -w operation rather than in the “ shipments from Japan this other Japanese car importers to 

Phnnp mil * UlQC<il^C nVAnilPAFC under-used upper Docks. month, Datsun HTv said it hoped seek their cojoperation. 

X liuilv Mill IrflSlILS DrUU-U-V'dr^ Sir John Cuckney, the PLA to “nullify the aim of the Mr Maxwell; Boyd, a dareetor 

. chairman, has made his view Department of Trade to reduce of Datsun UK. said yesterday 

ovnrnrri clear that the upper docks toe Japanese market share in that if Mr. Dell had waited until 

CJ.iUl5> •_ 1^*^. Should be closed in whole or Britain regardless of the share the end of the year he would 

C ■% * 1T1 nitJ fin VP part, freeing the authority to taken by other importers/ h f av Q e _to“nd Datsun's sales held 

b POHCAfl hvr JUUL Ul£i| UilTV build a viable future based on The company hoped its action at 98,000 cars. 

CallSeQ DY - ° TMhury aod its otiim - riverside would “help destroy the attempt This would represent 8 per 

■f ■« # interests t0 ge1 indirect quotas [on cent of the expected total of 

nVlAAD But the Government has Japanese cars] in total disregard 1.6m cars to be sold in the UK 

CierKS . IO DUSIl HD OnteS vetoed cfosures Td uoion a51 international agreements." m 1978 and would compare with 

A/ At management talks are now in II is not clear what effect this Datsun s b_ per cent market 

By John Uovd r>rn?rps<i on rpriu/Mno pmnlnv- removal of restrictions wilt have, penetration in 1977 when it sold 

y Jonn Lloyd ^ ^ (j^MERON S by orer OMuufter ™t &e Sto cks at the dealers are cer- 82.000 cars. 

Businessmen are being over* ^ . „ . . ^ ^ to in Jy low'. At the weekend Mr. “If Mr. Dell had waJted be 

charged on telephone bills PLASTICS PRODUCERS have even point at about £365 a tonne Pl_ _ ■ . . Peter Fletcher, chairman of the would also have found that total 

because of human error in the begun a major push to put up for LPDE. - P P to oe an ci Datsun Dealers’ Association. Japanese shipments in 1978 

Post Office, according to Mr. prices— and this time there seems Low density polyethylene has SfJrtere will he thJ w «5inr maintained the dealers could would not have risen on the 

Alan Rich, a cost consonant, to be some confidence m the described as being the staff who occupy rented offices Jf 1 * t out .-^S f ' wetoe end of 1977 level, and that the Japanese 


By Ian Hargreaves, Shipping 
Correspondent 


Controls on 
mortgages ! 
stay in forci 


Phone bill 
errors 
‘caused by 
clerks’ 


By John LJoyd 


Plastics producers 
in big drive 
to push up prices 


®Y MICHAEL CASSBX, BUILDING CORRESPONDENT Aian Rich.' a cost consonant, to be some confidence in the been described as being the Stoff ‘who "occudv r^nt^H 7rnZ^ sell out before the end of 1977 level, and that the Japanese 

'•••" pnnwDft.o ftv , .. . . ■ . • ; The mistakes were made by industry that it will be able to least healthy of the five major in the World Trade rentre October if they did not put an had kept to the undertaking on 

-- CONTRO^ ON mortgage lending societies who have run W against c i er ks handling computerised make them stick. commodity plastics hut moves between the City of London and artificial brake on sales. shipments given early this year " 

x&sr ££s fo s^ nd “ g p ss jsjsukm xsssnsttT rs ^ III 1 But iust 1,ow many cars Da, ‘ he aMei 

- : ;£: sr » e bQiid - ASF ce " ■ rfBlent In s/™^V^ c “T r p »»n“ d UI e ^ ^ jblssj s is 

M-SSrsS dHlSa- igfSS™ gggsS' ip SSm GLC go-ahead for £50m 

S S2:= &smm amunersmith project 

.JsMSiarss sss/if ? srsria asaaasj iKsaSS s» - - — ■■ 

’S-SSsSssss ss£r • 7® » "a-.artrw m. ssr ™ “• - - ■.T^sn.'snisu: k tz *srB-.“,jBass 

• a *v D ««« 0 an«jir»nt P^onc and energy users aimed grade of low density polytheylene The company said that until shortage of suitable accommoda- Council's central area planning office space to finance privately 

~ mirinmmu iS? En iiS'd^ howeve^fhat ^Srage^prici at cu f ttn * ®°^ R - has been increased by about 10 made in the plastics field there tion within the container port. committee, gave the go-ahead a new bus station, car park, 

movement has limited to h ? a _ “ Te ItB UK dients more than per jmd m stands at £340 would be no opportunities for By leaving rented offices in the yesterday for a £50m property shops, public houses and leisure 

lending a maximum £640m a year wil have_nMU oy as £6 m a year. a tonne. But both Shell Chemi- re-inevstmenL It added that trade centre, the authority cal- development in Hammersmith, facilities, including an ice rink. 

.month for house_ purchase, a much as to pe .cent agams M jj s and ICI say a further in- when investments were made culates that it will save itself In spite of intensive local op- The six-acre site is now occupied 

figure wrnen, m tne event, nas per ceni ip crease will be necessary before they would not necessarily be In about £lm over the transition position, the GLC has approved by a pre-World War I bus depot 

- not been reached because some beetles are oeptmmgui VlTh!*** fTfAUIl they reach break-even point on new plants— there is currently period. Tbe PLA lost £4.7m in Hammersmith Council's plans and Hammersmith Broadway 

societies have bwn unable to. a ifflprwe costs, ICI estimates its break- considerable over-capacity the first half of this year. for a bus and Underground in- tube station. 


data, and could involve very The latest moves in the Indus- ^ . uu ‘ “ WY “ dockland^ — 

large suais— though to general, try’s year-long running buttle pSpytone fi?fd d ^ P 1 “ They will move initially to 
eties surest that house pnees ^ ^ agai T tock-bottois pnees for P Montedison, the partly state- nearby PLA-owned premises in 

restrictions on lending genially have stabiHs^in tbe manager of the SSdef hfgKd^Lit^ ?olJ- w ^ip^thp 6 nS 

st introduced in spring last two or three months, with National Utility Service’s com- ethylene and polypropylene „«/in « U L ■ ? P° s t a ff disDlaced from "these 

sssarsL. -SfSE r&rs " s es ,“- ssr»jf*5!-Lj*ta2 


at the beginning of the month 


opylene to another. Ultimately, tbe PLA plans to 

Yesterday ICI said it would bouse all its central staff in a 


movement has been limited to however, that -average pnees save j tB uk dients more than 

' - r.- -.lending -a maximum £640m a this year will have risen by as £6m a year. 

• .month for bouse purchase, a much as 20 .per. cent' against 8 

-• .- figure which, in the event, has per cent in 1977-'- 

■ -'- not been reached because tome Societies are beghming to wit- _ rr^nil-n 

-./'.societies have been unable to ness a substantiar improvement M| |>|J|J 

.attract sufficient funds to meet in net receipts and the. Govern- Mr 

. . ' their quotas. ment does not yetvfeel able to 4. 4.— 

• scheme would only create Tires- sanction any fairer lending IPK[\ 

-jiures which would eventually levels which the societies, might 

force nrices even higher than contemplate. wnlnr 

' ^.Ministers feared. For the time , being, tbe gf|i¥||||||rPr 

There have, however, been no societies are ready to continue ^ 

~ r: - -controls on lending on itema such to comply writh the Goyemment’s 1 1 • __A_ 

; as home improvement Advances request, though <vpositiwi is Oflchpl/— 

. . for improvement and modernisa- likely to increase the longer ■&« vuvvia 

- tion are now running at over- controls go on, especially if the R p , _ . 

£100m a month against £40m at movement is able and wishes to ' ^ 


By Paul Taylor 


“*the start of the year, reflecting push lending higher to help meet INTERNATIONAL STORES is to 
- - the position of the stronger the huge demand for loans. spen d about £333.000 on a one- 

-.i year project to evaluate compet- 

r . * ! ^ ‘ : ing computer check-out systems 

, , . . - at two of -its superstores. 

i ' . . Poor transport knks sS'srts 

^ . y i market shelves as well as pro^ 

*?a-' • ww "■ viding comprehenMve Informa- 

-4.: . Ill WQlAG r j Won for. store managers. 

1'/} HI ▼▼ ' ,v The first system, based on an 

1- • - IBM - mint-computer, goes into 

'"I . v — ' operation on Monday ’.at Inter- 

; rtnimn nv/k nl AVMCf - national’s seventh superstore at 

. ; ■ cause pro Diems m 

■■■* ■ : NCR 255 computer already 

« r BY ROTIN RSYES, WELSH CORRESPONDBNT installed at the Weymouth supers 

STRONG CONCERN over the would fit, ‘in conveniently with evaluation project could 

I'’ t. continuing inadequate transport other services, notably along the i n international choosing 

V, - links between North and South North Wales coast on e 0 f the systems for the 20 

. ’ _ Wales was expressed by Mr. Mr. Ricketts admitted the com- superstores it plans to open 

- C.C. Ricketts, chairman of the mi tree-had little idea how many y,itirin ^ ne:rt years. 

•' .. Welsh Transport Utors* Consulta- people would take advantage of Although other supermarket; 

Cf * live Committee, in Cardiff yes- such a service. It did not have have installed computers' 

terday. .- the resources to ^commission a ^ some of their stores, Inter-1 

Presenting a report on North- detailed investigation itself and national claims this is the first! 
. At. South Wales communication, the Welsh Office bad turned tiine two competing systems have j 

fill i l! t l 1 ‘Mr. Rickerts said that the focus down a. request for research been fuUy emp^-ed, and says' 
* *■ * * of Government and industry in funds. ' it could place the company in! 


Poor transport link 
in Wales . ; ' 

• . • . ■/■ ,y 

cause Droblemsr 








cularly if devolution came about, to introd uce such a train and incorporate laser, bar code 
But there was increasing con- that the extra revenue it might j^aijnrs which could revolutionise 
cern in North Wales amoug would be only ±iu,uuu. . ^hecx^it systems by doing- away 

businessmen and local govern- _T“ e report notes tnat tne pn C i n g individual items, 
ment officials that, with present Government has flrmjy ruiea Th e IBM system will initially 
transport links, Cardiff remained out any increase in the ruouc. be programmed with details of 
virtually inaccessible. Service OMiaaw pant for toe ^750 items. This will steadily be 

It was still verv difficult to S? 1 * Weverthele«, St increased to cover most of the 

triirt “ «i swa “roS sr j— •* « -• 

North Wales in a day. other than " r d . tane * 

bv the new Air Wales link from The -p»port also gives the n ^ 

Ha warden, which had limited M mmJttee*s backing to dis- Reaction 
carrying capacity and was con- cusaj[>ns taking place between ■ The main advantage fbr the 
siderably more expensive. Ctwyd Council and British Rail customer will be an itemised till 

The committee recommends in on the provision of a minibus .receipt containing details of 
its report tbe introduction . of a link between Flint railway purchases and price. Each 
new train service, leaving station and Harwarden airport checkout is linked to a store 
Chester at CS25 and arriving in for the daily' air service to and terminal which will .display 
Cardiff at 1.28, via Shrewsbury from Cardiff. This should enable information on a screen in front 
and Abergavenny. Tbe new travellers from Bangor, Nmra. 0 f .y, e customer and store 
return train wonld leave Cardiff Wales, . to leave on tbe 06^0 information for the supermarket 
at 16.30 and arrive back in Hoiybead-Euston tram and be m. management in response to the 
Chester at 19.42. Such -a train Cardiff by 10.00 am. check-out operators’ keyboard. 

The final aim of tbe system is 
to code all items, but Inter* 
national will first test three 
alternatives; items with only a 
code, items coded and prieed, 
and items with only a price. 
Customers' reaction to the 
system will be monitored. 

The second system based on 
the NCR 255 computer, which 
has been operating with visual 
display units for between 50 and 
100 items since the store in 


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Chester at 19.42. Such -a train Cardiff by 10.00 am. check-out operators’ keyboard. 

The final aim of tbe system is 

“ to code all items, but Inter- 

■ ^ national will first test three 

Hazards of ammonia SSSr.S 

• Customers' reaction to the 
. a ■■ • 1 system will be monitored. 

• traasDort studied aj^wS'aS ssutw^hs 

UWUOIJIV1I/ . has been operating with visual 

display units for between 50 and 

' BY SUE CAMERON 100 items since the store in 

IMPERIAL CHEMICAL Indus- a research concern. The study Weymouth, }j 

S£§’S_4j ! ££ « — Jy-J-- - ^: S n ^t 'SM'aSSS- between 





porting ammonda. SKto ' the Wo Uste^T is to7 way they 

The study, which is being sup- - b DO waj9r operate. The IBM system is 

ported by mamrEactiire.rs uifiSSa ftil ages in the UK in based on a mini-computer 
government agencies, » expected -JJcSit yeare^ nlttough there have, capable of limited functions 
n be complete _by toe ms^ie been / nnmber 0 f incidents In' linked by tad lmejo a main 
of next year- Researchers will UA most ^ ^em involving computer which produres most 
look at the way in wfaicb ^ . d by ra ]i.' of the management information, 

ammonia gas disperses after a ,^ { t viue ■ The NCR featt,r . es . a 

v tanker crashes or a ship carrying Thfi ^ threshold Jiro computer capable of providing 

S hdSt , for ammoaiajR SB manSgement information on site 

Findings of tbe sto g y witi be people tan work safely with the through visuaJ display units or 

used to see sf any changes need substance. Anyone taiting in rea<wm _ 

to be made in transportation tev?]s parts of ammonia 

methods to improve- safety pg r minion 0 f aip—or more— Riiflinc Kiitrc 

standards. . ' - would suffocate. 1IUIH113 IfllJj 

ICL which says its mitiatave ^ ' The -question is the speed at f^ r n n A IXnfpl 

j part’ of ais rrnratimring- safely which- a cloud of escaped iJiaflU XlUlcij 

nnwramme, • has contributed ammonia gas would disperse: It 

SlOO.QOO so far to toe research has been suggested that it would jjCHrDOrOUSB 
and may wefl hear an even higher disperse only slowly anil that if mrTmrTOir> 
dum -*rf tbe cost It was origin- a taideer crashed and its load BUTLIN S, tbe holiday camp 

aJLv thoueht the study would cost escaped, the lives of everyone in group, has bought the early- 

j^tS4MOOO at which poiat ICI the vicinity would be in danger Victorian 210-bedroom Grand 
offered to pay 25 per cent- for some time. But other evjd- Hotel, Scarborough. 

, - AWether about AO . ammonia ence suggests that an ammonia Butlin s already runs the 
help finance the cloud wo&d disperse in a matter OiftMviUe ' Hotel in Margate. 
sxSSy WhictPwfi be carried oht of- minutes posing a hazard for the .Blackpool Metrepole. and 
in America by Arthur D. little, only a very brief penod- 0» Ocean Hotel in Brighton. 



Concorde Mexico Qty. For fhe first time ever, you con take the new Paris-Mexico Concorde and 
arrive in Mexico Qty from Europe faster than by ony other aircraft in the world. Only Air France offers you 
Mexico by supersonic Concorde. There are two flights a week, every Wednesday and Sunday, leaving 
Paris' Roissy-Charles de Gaulle at 8 pmand arriving in Mexico 

City at 8.40 pm, via Washington, D.C. Our Paris-Mexico route -- — r c , - " 

fakes only 7 hours 40 minutes, as compared with the fasresr — ^ 5un ~ . Schedules vohdunn^y HOaober 

subsonic flight, which takes ^ 3 hours 30 minutes. You'll arrive in , 6 pm Pons 10.35 pm 

Mexico Gty relaxed, with the whole evening ahead of you. '‘ loco1 . nmi? ' 1 cie ^ oulle . Ciocol nmej 

There are convenient connecting flights from London and I | 

Manchesrerto Paris, and arrhe other end of yourflight, there are 6 tejc0 Qr/ . 8 0 ‘ m 

also inreresring connections to Centra! America. Take advantage riocoi rime) (local nme) 

of the most convenient Europe-Mexico flight ever, aboard — 1 — — - — 

Concorde. Ifs the newest addition to our growing Concorde ,.L T . ^ J 0 — 

network, now regularly serving New York, m m m 

Washington, Caracas, Rio and Dakar. 2 pH m 

The besr of France to all the world. 


6.40 pm 
(local Time) 


Paris 

Ch. de Gaulle 


Mexico Cir/ 


10.05 pm 
(local nmej 


■8 am 
(local lime) 

fhurs. n. 


toe Ocean Hotel in Brighton. 


15fi New Bond 5nee+, London W1. Reseivortons 01-499 9511-Tid«&t Office ond Passenger Sales Depanmenr 01-499 6611 UK Head Office and Adminissrarion 01 -568 441 1. 

A^ncheaer Reservortons 061-832 7A31. 








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HOME NEWS 


Fiijandal Ttoes’M 


Pye deal could be 
worth over £100m 


BY JOHN LLOYD 


PYE HAS been awarded a 
design and development con- 
tract for a new comunicatinns 
system aimed at the small and 
medium business market.- 

The initial contract is thought 
to be worth around £500.000. but 
the market for the system, once 
developed, will be over £100qj. 

The project, known as the 
Small Business System, will be 
designed to meet a variety qE 
needs within one system, which 
can be expanded as the cus- 
tomer’s requirements grow. 

Modular design will be based 
on the addition or subtraction of 
circuits, and the system is built 


up on a shelf of 12 boards, includ- 
inc the central control. 

Additional tines and exten- 
sions arc obtained by simply 
increasing the number of shelves, 
each with a capacity of 12 boards. 
Each board provides two external 
lines or four extensions. 


Digital type 


The system is fully electronic, 
and is of the advanced, digital 
type, which is both faster and 
more flexible than the present 
analogue equipment 
Facilities available, include: 
hold and automatic transfer of 


■ calls; conference calls; call 
diversion with secretarial over- 
ride and direct station selection. 

Pye says that "a very sub- 
stantial annual requirement ” Is 
wanted by the Post Office, and 
that export markets could also 
be extensive. 

The. system is based on Pye's 
design of microprocessors, using 
MOS-LSI (metal oxide silicon — 
large-scale integration) tech- 
nology.' 

Trial models for Post Office 
evaluation are scheduled for 
delivery early in 1979, and the 
development contract is con- 
cluded at the end of that year- 


Renewed call for 
ban on shop 
sales of fireworks 


BY MAURICE SAMUELSON 


AS BRITAIN'S shops stock up 
with an estimated 150m fire- 
works, there has been a new call 
for a complete ban on shop sales. 

The National Campaign for 
Firework Reform said yesterday 
that fireworks should only be 
available from gunsbops and 
other restricted outlets and that 
they should be sold only to 


licensed people aged 18 and over 
The call was ... •— 


Oil pollution disaster simulated 


FINANCIAL TIMES REPORTER 


THE ROYAL NAVY and the 
Department of Trade yesterday 
simulated a new Amnco Cadiz 
disaster — with the •'explosion" of 
a damaged supertanker off Berry 
Head, near Torquay. 

The exercise — named Janplan 
V — was planned before the 
Liberian-registered, American- 
owned oil tanker was grounded 
off the French coast last March. 

Yesterday the Royal Fleet 
auxiliary Pearleaf. took the role 
of a 250.000-ton supertanker 
nicknamed Oily Pool in the 
exercise. 


The exercise was based on a 
collision between the super- 
tanker and a liquid petroleum 
gas carrier north, of the Channel 
Islands, in which the LPG ship 
sank or exploded. 

The supertanker made her way 
to Lyme Bay. Dorset, to offload 
some of her oil and then 
anchored off Berry Head. Shortly 
after 9 am she “ exploded " — 
pumping out 20.000 ions of oil, 
according ro the exercise plan, 
with pollution of the coastline 
stretching from Torquay to a 
point 10 miles from Exmouth. 


Of her crew of 35 — three of 
whom were women — all but two 
were "seriously injured*’ and 
were “rescued" by RAF Sea 
King helicopter and the Brixham 
lifeboat 

In accordance with the “ worst 
case ” projected by the exercise 
planners, the Sea King made a 
simulated crash on her second 
trip to Torquay General hospital. 

Department of Trade tugs and 
Navy arid RAF ships were mean- 
while trying to “contain" the 
oil pollution. 


- - — prompted by last 
year's 62 per cent, increase in 
street injuries caused by fire- 
works. 

Mr. Noel Tobin, the campaign's 
director, said 733 children aged 
between five and 12 had been 
taken to hospital. 

This had shown the in- 
adequacy of legislation passed 
two years ago. raisine the pur- 
chase age from 13 to 16 and set- 
ting fines of up to £200 fur sell- 
ing fireworks to under-16s and 
discharging them in the street 

He attributed Britain's injury 
rate to the fact that UK fire- 
works legislation was the 
weakest In the world 

Mr. Derrick Worthington, 
president of the Fireworks Manu- 
facturers' Guild, challenged Mr. 
Tobin’s interpretation of the 
injury figures. 

The. 733 injuries, he said, were 
the second lowest on record. 
Most were for only minor 
injuries and only one in 10 was 
detained in hospital. He also 
questioned the amount of public 
support for such drastic reforms. 


Mr. Worthington also empha- 
sised the safety measures taken 
by the industry. Since 1975. pro- 
duction of "bangers" bad been 
halved, squib-type fireworks were 
"nearly extinct" and small •re- 
works could no .longer be sold 
loose. 

As a result, about 80 per cent 
were sold in packages. It was 
also understood that shopkeepers 
would not sell fireworks until 
three weeks before Guy Fawkes' 
night 

Mr. Tobin remained sceptical, 
however, suggesting that manu- 
facturers bad amassed a stock- 
pile of bangers and doubting 
whether they would adhere to 
the three weeks arrangement 

Mr. Tobin an the manufac- 
turers agree however that there 
has been a marked growth in 
organised firework displays. In 
the past two years, Fains-Wessex 
and Brocks have switched over 
entirely to the display market 
and dropped out of retail supply. 

Hailing this as a big step 
towards greater safety, Mr. Tobin 
regretted that hte other major 
manufacturers, led by Standard 
Fireworks, of which Mr. Worth- 
ington is managing director, 
have not ail folowed suit I 

However, Pains-Wessex said] 
that it moved over to the display] 
market for purely economic] 
reasons and there was still room! 
for retail supply. 


Institution 
formed for 
technicians 


Financial Times Reporter 


A NEW independent institution 
for Britain’s estimated 100,000 
technician engineers .and techni- 
cians was launched yesterday 
with the aim qF providing profes- 
sional recognition . for people 
employed in industry and the 
public service. 

Called the Institution of Tech- 
nician Engineers in Mechanical 
Engineering, and backed by the 
Institution . of Mechanical 
Engineers, it hopes to. raise ~the 
status of qualified technicians by 
laying down standards. 

The minimum qualifications 
will be the existing - Higher 
National Certificate and . the 
Higher National Diploma. ^Both 
ceased to be recognised-by OLE 
eight years ago when It placed a 
university-degree level as 'its 
minimum qualification..- 

The idea for a new institution 
followed a .survey of 70 com- 
panies and organisations 
throughout Britain which - ' s ug- 
gested that nearly 24,000 techni- 
cian engineers and technicians 
in mechanical engineering would 
be interested in loting such a 
body. 

In the next six year the insti- 
tution hopes to have about 10,000 
members and to have repaid- a 
loan from IME, estimated to be 
In five figures. 

The institution will be run by 
a 21-member council of techni- 
cian engineers . representing 
seven regions. Its president is 
Mr. Paul Fletcher, former, presi- 
dent of IME, and its chairman 
Mr. Stephen Cowling from Per- 
kins Engines. 


for UK— Jenkins 


RNANCIAL TIMES REPORTER 


MR. ROY JENKINS, president 
of the European .' Commission, 
warned last night that it^would 
be a major error if Britain did 
hot participate fully- in .the 
planned European monetary 
system, due to be adopted in 
the New Year. 

If Britain were not a full 
partner in the enterprise, the 
country would, be left “ in. the 
continuing limbo of second-class 
status." he told the Manchester 
Chamber of Commerce and 
Industry. 

A day earlier the Labour Party- 
Conference had called over- 
whelmingly on the Government 
to have nothing to do with the 
new scheme- for linking the 
exchange rates of’EEC and other 
European currencies. . 

.Mr. Jenkins said the 'proposed 
scheme could provide the overall 
economic environment in which 
those concerned with - industrial 
and commercial policy,' and 
above all with investment, will 
see a period of exchange rate 
stability. This stability would 
enable them to take' the longer 




term decisions that had so -tow 
been damagingly lacking, . — 

. It wafe - equally . important .te 11 ■' 
ripen up a real common ’marker 3 '• 
for publicly, purchased industrial 
goods in growth sectors. 
important that in telecoronmnicgfr 
tions, computers,, aircraft, e m- 
power station- technology WT' 
sh outproduce with a Europe, 1 , 
rather than i a national xriarkrti 
id view,” said Mr. Jenkins. ^' 
Third, he reassured .his- au&> 
ence that the Commission woiStf ’ 
apply stricter criteria to harmotf*' 
sation proposals, and would 4^ 
-operate under -the slogan:,*^ 
it moves, harmonise it" -- 
"iVe shall look closely to £& 
whether such proposals win "iAn 
mote" trade ; wlthtt thev cri^ ! 
munlty and will positive*; 
strengthen the "foundations-- ft- , 
economic and monetary unite*/ 
The Commission would aft 1 
itself with greater determination 
than in the past whether tbe 
proposals were really necessary 
and whether, -the -Comm ' 
could do the job better 
member States.' 


Airline places order 


Most people stall like to do business eyeball * 
toeyebaJL 

Seeing file whites of the other man’s eyes 
oils the wheels of commerce, they say. 

However, we in the telephone business 
don’t see eye to eye with that -view. 

And when you take a look at the facts, they 
agree with us. 

Travel costs have doubled over the last five 
years, oil crises being largely to blame. 


.JSsSBaaBST 3®sssssss- 

, . . Hence > it lias become critical takwanstaff ^PP^^frmany 


ai toeir desks andletthe telephoned 
care of the r unning around. 1 f 

It helps to Increase the efficiency 
your business. J (*■ 

Hdoesa’t get caught in the traffic. 

Eoesr/t get lost. 


^ companies. 

■ : T \ -Has it, with you? 


WeVehere 


tohelpyou. 


rr*r 


for two more 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS ' has 
ordered two more Boeing 747 
Jumbo jet airliners, worth 
about £70m, including spares, 
using a higher-thrust version of 
the Rolls-Royce RB-211 engine. 

The two aircraft will be 
delivered In the spring of 1980, 
and will bring the airline’s 
Beet of long-range Rolls-Royce- 
powered 7478 to 10 aircraft. 
Further purchases of 747s are 
envisaged, and the airline ex- 
pects by the mid-1980s to have 
as many as 40 Jumbo Jets in 
its fleet. 

The latest version- of the 
RB-2H engine which the air- 
line is buying is the 524C, -with 
a take-off thrust of 51JS00 lb. 


compared with the 50,090 -if 
thrust of the exf&Ung gj 
RB-211S in service. 

This greater ppwer wflj'V 
enable the airline tb operate ' 
its Jumbo jtete at -a higher 
maximum all-up weight oF° 

820,000 lb, giving greater nrift” 
and bigger payloads. •" 

Further and more powerfb} - 
versions, of the RB-211 engittb? 
are under development, indad-’’ 
Ing the 524D with a fakebF- 
thrust of 53,000 lb, which will 
be- available. for service in 1981, 
and the 524 G, with a take-off - 
thrust of 55,000 lb', both jrf 
which' will enable even greater 
ranges -and - payloads to Lite 
achieved. ■ 


Builders’ chief urges 


Mite 


review 


At 


... ' ■ -•> t'VL .yvv 

‘ BT MICHAEL CASSELL, BUILDING CQR!teS&$C&S ' ^ 

AN URGENT review of the dn district -valuer^- valuations. 
Development Land Tax Act was “The district vaJqercamrirfpq^ 
called for yesterday by Mr. 'Cotin sibly know ati the rirans stances 
Shepherd, president of the of the particular -. land •* and 
House-Builders’ Federation. . ” development being tnidertsken/ 
He told the federation's South with the result' that. tiiri notional 
Wales region at Cowbridge that open market value that- he -puts 
there were "fundamental inequi- upon the land -for- BLT purposes 
ties" iq the structure of tbe tax may be far in excess of the real» 
which ' required immediate or residual value- of the laud to 
reform. - the builder unfleitaking' ."thu 

In particular heed of change, development." 
he claimed, were the deemed dis- « Arttanfeift 
posai arrangements by which a wSS 

builder could face DLT liability jj :i52£2 

even-though the development as 
a -whole failed to show a profit.- 


Mr. Shepherd crltfciied th'e'^y 
in which the land element of J P roflt “ 00 * w ^? Qe ' 


house builder's business was Mr. Shepherd also conunerfetj 
taxed separately from his profits 033 other aspects of DLT which,- 
as a whole. ... ... he suggested, “ stowed .signs w 

being hurriedly formulated oi» 


By whatever method this is »*«***& mukieuv Hnuflu*.™ ■* 
done, it would be bound to repre- which now require reteskw." 
sent a unique form of discrimina- ' wanted . . changes in the 
tion aganst gains in the value of reckonable date,” from- winch 
the, stock In trade of a paitku- interest must be paid on. uBpaid 
iar industry." DLT. and he ealfed for an eha 

The .system of assessing tax to the plethora of notices and 
liabilities at the start of develop- inquiry forms issued -by the pLT 
meat,' be said, was particularly offices, many of which duplicated 
inequitable as they were assessed information. - 


Sales rise for plant hirers 


SALES OF 60 of the leading 
construction plant hirers in the 
UK rose- by 38.9 per cent over 
the three years, to April, last 
year, . but the rate of sales 
growth declined slightly in the 
second' half of this period. 

Sales in the second year 
undet 'review rose by 19.3 p B r 
cent but in the third year by 
only 16.4 per cent, says a busi- 


ness ratio report by Inter Com- 
pany Comparisons, a group 
which bases its reports xnaioJy. 


upon company reports. 

** Plant hire has been a . diffi- 


cult industry in the past three 
years,’’ the repnrt concludes. 

Business Ratio Report':^ 
Plant Hire. ICC Bustoess 
Ratios. 81, City Road, LondriA 
EC1, £44. 


HONIE CONTRACTS 


£2m orders far Elliott 


Two orfers, . worth a total of F. E. EEALT«DNT has be® 
nearly £ 2 m to r multi-stage com- awarded a contract br 'NEI 
pressors for the oil and chemical International Combustion valued 
ha ^?^S51» : KS^. ved b y at °ver H 00,000 for the supply o* 

5 ® 7jn bieh Multifluc chimney 10 
Knightsondge,. London.- They will be erected at I Cl Wilton works 
be manufactured at the com- -* 

WiPht P Thi fl® le #u ? f Work haa started on two advance 

--Ja? -^2l er t o fariones for the Department of 

motor And g?sr dnicn com- Industry at farnahv * tt**? iid-rial 

ta r thl%o?of ,l sef ,li ?S 535- .“SBSf-'SarSft 

a S{fllV to 

carbon Developments, is for a SON (HUIA). 

multistage- compressor.to be used An . , - tKd 

for propyfaiie refrigeration in n ^dvanefi .. factory for tW 

Bydcorom Poland b^Polimex GomhiSS? 1 Commission 
Cekou tioonhavorn. near Newquay,,® . 

• • if befna built under " a contract 

pvo tvt thp , y°rth abo ut £83,600. awarded r » 

chms " a s- “ N '" ,poy - 


fSn 

Hr r 




new A contract worth nearly smW 
equJpment^o BiBhnejl. Commum- to supply and install a compua* 


ijL T _“^_^^^"™. an - or der been won by PRECISION A» 




Television. - company : tff Eate* 

imevision.. Williams Group.- Edenbridge, Kea^ 


a S T ErVER AI, TELEPHONE AND 

SYSTEMS, -a GEC-Marcom Elec- ELECTRONICS mRWiBiTl^ 
tromes "company, is to supply bat hir . ctbtohaupw _ 

troposcatter Jink and line-of-sSit worth^Suf^^n 

radio ' equhmient to tbe DrihSl PARXk SS. J 0 « i 'JSKS.:iSB 
National -GaS Cnmoanv tk« "'"As ^private automatic orw® 


V 1 1 ■ 

_-.j t 


conummicapops yrom tne nurin- hin 

land ia pi&Smo* in the Gulf. g^Komimpite Tdef^witfekw 




Financial Times Frtday October 6 197& 


HOME NEWS 




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St. 


ELFRIDGES, London's biggest 
-.epartment store and part of Sir 
‘-■Juries Ciore's Sears .Holdings 
‘■. roup, is In an advanced stage 
:'f negotiations for the opening 
i'F a branch in Disney 'World, 
r.be STOOm leisure complex in 
; >rlando, Florida. The store is 
: De Of a group a£ British con- 
tras including 'British, flail and 
‘ass Charrington, . which is 
oping to settle contractual 
. etails. ' ’ . 

Disney World covers 27.000 
cres and is the world’s largest 
: heme park. It bad 14m visitors 
■ ast year and plans to extend 
be massive project with several 
latlonal pavilions in a World 
Showcase. 

The British pavilion is likely 
o open in the early 80s. i£ pre- 
. ent negotiations are completed, 
'.t will include a pub jointly 
'Perated by Bass (Barrington 
Jid Guinness, a British Rail 125 


train which will mak^-simulated 
trips around the British country* 
side and a reconstruction of St 
Pandas railway station. W. H- 
Smith has been approacbed and 
is considering running a book* 
shop - with London's newspapers 
“flown in daily. Hy Concorde." 
British Airways is also involved. 

The British Tourist Authority 
may be ‘closely involved with 
films in a lSWegtee cinema. 

Among' other. likely participants 
are Dun bee Combex Maix, which 
may run a toy shop* Heraldic 
Promotions and Associated Bis- 
cuits. The companies involved 
are in varying stages of negotia- 
tion. . 

Although nothing has been 
signed yet Selfridges 1 "said last 
night; .. “ We sincerely >hope we 
will be there. We are. all .for it.” 

It has been known for some 
time that Disney has been seek- 
ing British support ‘for ..a pavi- 
lion in World Showcase. Marks 


and Spencer and Debenhams 
were among companies with 
whom the American leisure 
major initially discussed its 
ideas. 

Cunard. Thomas Cook and 
Royal Doulion have also been 
involved in Hoiks. 

Disney has been faced with 
the problem that while American 
companies have, been eager to 
sink considerable funds into 
Disney World almost on a public 
relations basis, foreign com- 
panies have taken a more hard- 
nosed view of the exercise. They 
have looked for high returns as 
weal as major capital contribu- 
tions from Disney. Selfridges 
says its own capital involvement 
will be relatively small. 

The new extension to Disney 
World will consist of a large 
lake, around which international 
pavilions win be grouped like 
villages. West Germany, Japan 
to the plan. 


Home building starts 
at lowest level 
for six months 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


d t%. 
s 1 m 


^ Naim hopes to lead market 
aces or| with new floor cover process 


tore 


WAGE COST 

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am ^ BY RAY PSMAN, SCOTTISH CORRESPONDENT * \ 

/ d^AIRN FLOORS.: the Kirkcaldy- away from asbestos. - which is waste and labour costs. The new 
* * Jjased Unilever- subsidiary; . wtil expensive and has been branded factory should be completed by 
ntroduce a new process it as a health risk, particularly in next April. 
sS >eliev«s will give ft a big lead Sweden, where it is banned. . 

‘“d the market for cushion-vinyl The Nairn ; process will 
■'.it », loor covering. .. . integrate the glass fibre, with the 

-- Nairn claims more than 40 per vinyl, instead oTputting one .on 
:ent of UK sales, worth around top of the ritoeje, making the 
■ ’30m a year, and exports half of finished product ‘less liable to 
ts production. crease znd curL whileitis being 

5 A new machine WiD enable the laid, and more resilient to 
i company to use glass fibre as a -knocks. • - ' 

•-’-lase for . the - floor covering, The company ' plans to make 
■-.• '-ather than the traditional ouly. 2 . m wide floor covering, in 
- -".isbestos. * ’ • - this way initially..-; But Nairn is 

While this is not new in itself, building a £l4m factory to pro- 

■ v’airn believes that the way it dace 4 m wide, vinyl .which is 

■ . • ' intends to use the glass fibre is becoming increasingly popular, 

: 1 Evolutionary. . particularly in Europe. • 

, f ■' The industry has been moving The wider material, also saves 


WORK was started in August 
on fewer new houses than in 
any of the previous six raontos. 
according to figures published 
yesterday. 

The Department of the En- 
vironment said that contractors 
started work on only S.300 coun- 
cil homes during the month 
against 10,300 in the previous 
month and 11,600 a year earlier. 

Private housing slarrs reached 
only 11,900 against 13.300 in July, 
although the total did represent 
an increase of 1,500 on August 
1977. Starts in public and private 
sectors were at their lowest level 
since February when the build- 
ing industry managed to begin 
only 1&200 homes. 

According to the department, 
housing starts between June and 
August were 3 per cent down on 
the previous quarter and 4 per 
cent lower than in the same 
period last year. 

During August, builders 
managed to complete, only 9.S00 
council homes against 12.000 in 


the previous month and 13.700 a 
yfear earlier .There were 11,100 
private houses completed, a fall 
of 1,000 from July but a rise of 
700 against August 1977. The 
20.900 combined completions 
were also the lowest number 
since February. 

Total ■ ' housing completions 
from June to August were 2 per 
cent lower than in the preceed- 
ing three months and 8 per cent 
lower than a year earlier. 

Last week, the House Builders’ 
Federation warned that the 
indastry could be heading for a 
new recession next year, sparked 
off by a slump in activity in the 
private bousing sector. 

This jeer, a start on about 
155.000 private sector homes is 
expected, but the builders say 
this could fall to the poor 1977 
level of 135,000 because of con- 
tinuing restrictions on mort- 
gages. 

Council housing starts this year 
are expected to reach fewer than 
125,000 -against 132.000 in 1977. - 


£7.5m refurbishing for hotels 

BY ARTHUR SAN DUES 

THISTLE HOTELS, a division 
of Scottish and Newcastle 
Breweries, is. to spend about 
£7.5m on refurbishing its hotels. 

This follows the recent acquisi- 
tions of the Lowndes. Cadogan 
and Kensington Palace Hotels in 
London and the -Golden Valley 
Hotel in Cheltenham. 


The largest expenditure will 
be about £2.4m on upgrading of 
the Kensington Palace Hotel, 
between Kensington High Street 
and the Albert HalL A further 
£L4m is being spent on enlarging 
the bedroom and conference 
capacity of the Gosforth Park 
Hotel, Newcastle. 


James Capel again tops 
stockbrokers’ table 



UK paper and 
output rises 6% 


JWNS C 

A** ‘ 
?**~ m 
£i" '■* 

r*R 

>> , ■ 

■ *r 


- 

AM ’ 


BY MAX WILKINSON . . . 

OUTPUT FROM the UK paper. 
j .and board industry improved. by, 
|*6 per cent during July compared 
l (with tile same period; fafct yearr 
However, the latest - figures 
from the Paper and Board Indus: 
" try Federation shew that the 
.- cumulative total for all types of 
paper ■ and board production in. 
the first seven months .of the 
year was 1-3 per cent behind the 
- total for the same period last 
year. • ' 

The figures show a general re- 
. covery in the industry- since the 
_ early part of the year when pro- 
duction was substantially behind 
'. last year's levels. . 

The only products to show an 
increased output so far tius year 
are the high quality printing and 
writing papers and boards (up 4 
per cent) and wrapping and pack- 
- aging papers (up IB -per cent). 
Production of the lower grade 
-boards were down about 6_per 
cent. 

This reflects partly the low 
. level of industrial demand in 
. the UK, but also the continuing 
competition from exports in a 
range of products where large 
mills in Scandinavia and on the 
Continent tend to have spate 


. ■ c. 


capacity and the advantage of 
economies of scale.-. . . 

Ifiternationalr : -comparisons 
show, that the tJK'J iijgnsaiyi is 
slipping compared with European 
competitors as well as-Xhe major 
producing. countries. ? “ 

In the period January to July, 
when the UK output slipped by 
13 per cent to a^total of 2.4m 
tonnes, all other amn tries except 
Norway increased production. 
Norway’s output'was reduced by 
A3, per cent-.cThe increase for 
other countries was; Canada, 14 
. per. cent; _U.&, 3.4 per cent; West 
Germany, £5 per cent; France, 
33 per cdnU, Finland, 13.7 per 
cent *■ 

- The I7K indastry federation 
has expressed concern about the 
Government subsidies available 
.to foreign competitors which are 
not lavailable . to UK producers. 

However, it is expected that 
figures for August and last 
month will show an improved 
performance which .should put 
the cumulative total back up to 
last yearfs level. By the eud of 
the year the UK mills should be 
running at a considerably higher 
rate than they were at the same 
time last year. 


BY MARTIN TAYLOR 

JAMES CAPEL. and Hoare, 
Govett. equal first in last year’s 
league table of stockbrokers* 
research produced by Con- 
tinental mi nods, the U.S. bank- 
ing group, take first and second 
place respectively in 1978. with 
Kenrp-Gee, second equal for the 
-past two years, coining third. 

The firms are listed according 
to the frequency with which 
their analysts appear in the first 
-three places of the rankings by 
individual investment sector. 

These ranking* represent the 
collated views of investment 
managers from insurance com- 
panies, pension funds, invest- 
ment trusts and merchant banks 
based on the depth of knowledge 
shown by analysts, the quality, of 
their written material, the fre- 
quency of follow-up, both writ- 
ten and verbal, and the success 
and accuracy of the analysts’ 
recommendations and forecasts. 

Continental Illinois draws 
attention to star analysts who 
received more than three times 
as many votes from investment 
managers as the analyst ranked 
second in their sector. 

These were Michael Spenring 
and Michael Styles of Kemp-Gee 
in the electronics, radio and TV 
sector, Stuart Wamsley of 
Hedderwick Sterling Grumbar 
for chemicals. Tony Mackintosh 
of Wood Mackenzie for oils and 
Bernard Lardner of Laing and 
Cruickshank on merchant banks. 

Continental Illinois notes that 
the two brokers at the head of 
the league are both bouses pro- 
viding wide research coverage, 
while Kemp-Gee had the highest 
proportion of analysts in the 


STOCKBROKERS M LEAGUE TABLE 

H 


Firm 

Ranking 

1978 

1977 

1976 

1975 

James Capel 

I 

=1 

3 

=4 

Hoare, Govett 

2 

=1 

—2 

2 

Kemp-Gee 


=2 

=2 

=5 

Wood Mackenzie 

4 

=2 

1 

1 

Greenwell 

5 

3 

=2 

3 

de Zoete it Sevan 

^ £ 

4 

4 

— 

Phillips & Drew 

=6 

— 

6 

=6 

Rowe & Pitman, Hurst-Brown 


5 

5 

““ 


number one position in their 
sectors, reflecting their emphasis 
on high quality research in a 
more limited number of sectors 
of the market- 

Similarly, Wood Mackenzie, in 
fourth place, had as many first 
positions as James Capel but 
fewer analysts ranked second 
and third. 

“In general, however, these 
results demonstrate that there 
has been no basic change iu the 
source of most investment re- 
search used by the institutions,” 
the bank concludes. 

Among analysts who improved 
their position sharply over 1977 
of Ph 


were Bill Seward 


lillips and 


Drew who moved to first place 
in household goods from fourth 
last year, while also coming first 
in motors- 

Four analysts moved up to 
third place from seventh In their 
respective sectors: Mike Geering 
of James Capel in distillers. Max 
Dolding of Vickers da Costa in 
hotels, catering and entertain- 
ment David Lang of Henderson 
Crosthwaite in food manufactur- 
ing and Alike Coulson of Messei 
in golds. Gilt - edged market 
analysis is still easily dominated 
by the teams from Greenwell and 
Phillips and Drew, with Tim 
Congdon of Messei moving into 
third place. 


Derby develops Alfreton town 


DERBYSHIRE County Council 
will build a new community near 
Alfreton . which will eventually 
provide homes for 3,500 people. 
Development of Bro&dmeadows, 
a housing project in the area, 
will be carried out by Arncliffe 
Super Homes, of Leeds, after 


completion of successful negotia- 
tions. 

Under the contract worth 
nearly £lm. Arncliffe will buy 
more than 70 acres for housing 
to complement industrial 
development at Alfreton. Con- 
tracts will be signed on October 
12 at Matlock. 



Ordinary family cars no longer come-at ordinary 
prices. 

So it’s good to know there’s stifl arange of very 
special saloon cars at prices that compare most 
favourably with their not-so-spedal competitors. 


ft.’ ■ 


Player to launch 
£800,000 promotion 


4iir* t ?’ i 1 ■' BY PAUL TAYLOR 


- JOHN PLAYER Is to launch a 
L-onsujner competition expected 
to cost about £800,000 later this 
month in an effort to consolidate 
its market position in king-size 
cigarette brands. 

The promotion, linked to the 
company’s three king-size brands, 
reflects the intensely competitive 
nature of the market at present. 

Imperial Tobacco, which owns 
•- John Player and W. D. and H. O. 
Wills brands, appears to nave 
emerged sucessfully from the 
price-cutting war launched' by 
BAT Industries with its State 
Express brand earlier this year. 
'the market 


•t'-.'' Express brand earliei 
. t f Iji/i* - : Imperial’s share of 

toi :- i!! 


through its two . subsidiaries 
[slumped at one stage during the 
summer to about 54 per cent, 
down from 62 per cent a year age 
as a result of the BAT campaign. 
■ However, BAT prices have now 
been increased bringing the 
State Express 555 brand more 
into line with.' other King size 
brands and imperial claims to 
have regained much of its mar- 
ket share. 

The. “spot cash" competition; 
with prizes up to £5,000, will run 
until March 31 and is aimed at 
re-establishing Imperial and 
John Player, as the market 
leaders. 





work under new name 




rr: 


BY ROBIN REEVES 

A SOUTH Wales company 
making hospital equipment has 
been relaunched, after being 
closed for six months, with the 
help of the Wek& Development 
‘Agency and two other invest- 
ment institutions. 

A. C. Daniels, part of the G. D. 
Searle pharmaceutical group, 
was closed last April with the 
loss of 40 jobs. But a new 
company, Trevillton, has been 
formed to resume the business 
of making hospital - trolleys, 
ward screens; examination 
couches and drag cupboards. 

The agency— the Welsh equiva- 
lent of the National Enterprise 
Board— -has agreed to back the 
venture with an .investment of 
£25,000 in 25 per cent of the 
equity, plus "a £15,000 secured 
loan. Gresham Trust and the 
Industrial and •Commercial 
Finance Corporation are also 
each subscribing to 25 per cent 
of the TreriJltoh shares. 


’5 - 


. The relaunch is the brainchild 
Of Mr. Robin Kent, who also has 
a 25 per cent stake in the 
■business. As operations manager 
with Searle, be was responsive 
for dosing the A. C. Daniels 
operation, but in the process, 
became convinced it could be 
made, to operate s uccessful ly- 

£400,000 work 
on rivers 

MORE THAN £400,000 of, main- 
tenance work — from ^ clearing 
weeds to repairing banks— Is to 
he carried out on London s small 
rivers and streams by toe 
Greater London Council over toe 
next sir months. 

Work costing a similar amount 
has already been carried ou ? or 
stmted since April as part o* toe 
council’s programme to ensure 
the' unobsmicted flow of _toe 
Thamon and- its tributaries* . ■ | 


’ a totofexdtement. 

You can have independent suspension allround and 
servo-assisted disc braking on all four wheels. A lull 
array ofinstxuineiits, induding electronic.rev . 
courier, oil pressure and early warning systems for 


low brake fluid level and disc pad wear. 

You can seat five adults in luxury, with fitted 
carpets, thick padding and sound insulation and 
separate heating and ventilating controls for rear 
■ passengers. 

Youtahsurround yourself with safety features 
like arigid steel safety cage and front, rear and side 
sections designed to absorb accident impact. 

Ifou can have anlScu.fi. boot foryour luggagewith 
^low-level sill for easy loading. _ ; 

You can have interbody cavity injection and 
linderbody sealing to fight corrosion and a full 12 
month warranty. 1JLIU ^ , 


Andyoucanhaveanamethatstandsforthevery 
best in Italian automotive design and engineering. 
By now, you're probably quite anxious to know 
where you can find sueha car. 

Go along to your Lancia dealer and ask him to show 
you a Lancia Beta. 

The last thmgitls/is an ordinary family saloon. 



The most kalian can 

Lancia (England) Ltd., Alperton, Middlesex. 
T eL 02-998 5355 ( 24-hour sales enquiry service). 



VteBelaSa2o(mKtmge:Be!aim-£3.4tt35*Beta2600 (as &usbu^£4,(n5.44?geta2000-§4^.54*Btta2mES -£4,680.00* 

^PrkesindudeVAr at ^ and air tea, inertkirMseat belts enuideltt&y charf^ (LTZinawiand), but exclude number ptaies. Personal Export Jf yog are cligiMeb purchase a Lancia fret taxes, contact otrr Export Department. 


Whereto seetheLanriaBetarange: 


SRSLAND 
3& 0565 3247 

JUhfiBdftOdd^LakJacm Garage. 
TO;654S691 

A jlMlmtr. BmtwvMntaa. 

TH; 08444 K25 
BMbmyWhheEnsaGttSga, 
Te£C2855&733 


M: OH 94 5461 

'Briiyttotw BoorLaKfeW. 

02563$% 

BaflcJcm MknA (Baflfli 
TH-Q225 W8S71 - 

Be*»rt0u»7aII*yJWaa, 
TiffiS464491 
- Bhgto: JcrarttMuttm 
lbb 097 66 3556 

TS. ml»* 1mr r^bnnra PcooL 
1& 021643 WJ1 
.HaadfoofcLrablan Sprats Gia. 
18:025852358 

Pantea ofBcftoe. 

Tfefc 0204 mss . 

ha— fclMwllfaftu. 

U40202383M _ ■ 

BtfgUon:Keea ABelfa (Sarawii}. 
1U:0T917£1333 
• MBrirOttaantri On raftm. 

Tat 0272 371S9 

Ifet OH 601194 . 
BrigMBHULTffiqslSgBMal. 
m- 04446 42401 
CnAddffe^OiB&Soa. 

TaL- 022059751 
CflmfcrtfcCteiKsCfafia. 

Ttfc 053 473 2460 . 

ttt 22 4S3K 

OgeUeakHcSrate Saad Sarto* 

Statues. Tel: 0242 32167 " 
nmili i TTrfl 
^0244011404 


- Qddtafn:SBBBGsiag& ' 
TfifcOZlSSTSaVl ‘ 

.. Owftwpe K PiridBbflrtl^tei. 

Tet 04 7263592 
Coldustfszll&lzacstCEX 
TS: 0306 40455 

DaAaeDeBkao Smia Stt&ni 

abtffl2S345 

PerkjtMmk Pntdiard Motm 

Mr 03324658? 

TeL 0303854674 
D«tkefiten!Rfle£Barton. • 

TBfc 0305 67411. 

- I>m>atKDimhk Service StxtkSL 
. 7fek03i881«71 

Enewfelimailli CMp^ 

Tet 0S9 52 78553. 

-Bariaic II i nJiinia . 

Tel: 0329 2S2SU 

FoTkefittacJJl-Ross. 

. DA 0303862113 
■. ' JFmvLUoa BtoncdaieGsxi^ 

W: 034 202 4255 - 

OIRtwImi- tmamAhi 

uSS 

Glmwtgr WameaMnUgs. 

. T± 0452 413009 
G^WWiPuttoia. 

Tel: 0483 60761 

HetovwtfcHguflftl^ Jrt«M aula 

Care-Tet 09867 3666 

Bungtie: A iicbOfl'e Moiar Centre. 

TeLW236S6351 

Hatfield.-C.Waj'Ajjtoi. 

Tht 30 TUBS 

Eocferi: WUtMtae Service Statioa, 

Tel: 048 375484 

Hfadfceed: Solaris of Gaydiqtt. 

TeL 042 873 MW . 

HadteaflelA-LodrKGdd Motor Gazageh 

Td: 0484 29344 
MeefWiBhb p f*- f; -r-gr. . 


IpnkfeGdf Garage. 

Tfel: 047378877 
EedMrtk ffillarBiWL 
TU: M24 58078 
Rederiap Brou^rtra MotDB& 
Ty:0W67W231 
SWmdMMt: CobqeaeDepob 
•M 0562 68311 • 

Ear* 15m Hfll iOdJcraa. . 

Tel: 0553 85296 
lttdgz Barter crwcallejc 
Ty: 0532 634418 
4 atcitr.Tlitriy Caea 
TeL- 0533 413143 
I jara hi: Blccndo ^niffnrp- 
<IW: 05^281736 •; 

Ljrerpwk Bolton tSm. 

Tel: 0514894483 

LONDON* 

>TP6: KicfiarfKntttGna, 
Tel:01-3287727 ’• . 

ynr,; Waonee Fraaetltt 01-859 ©9L 
SB rWatarino vtajaae. 
TeL01-«*l»22 

fiCT ; (Sarrice aWJ Afaa - 
IVL 01-735 6559 • 
SmtPeterWeUeodtt 
TeL 01-828 7918 

<LItotne».7kL 01-873 7009 * 

SW10: LenStreetTefc 01-370 4tlt 
SV19l Ww HULTei.- (Jl-94 5 5686 
Wl: rurtmoa Garageaiy; 01-S35 5418. 
TOsXiieCleqDaridFhB, 

Tel: 0H95 «2S 

Wfc iScrriw aoljrUSDprtcad of 

£d»r«tan.T3el: 01-7437387 


)U6e«liad:DeHftllator(kk 
Tel: ness 22860 
jtrabestws&pcrteMotafc 
TeLtrtl. 2243325 


KnrfMdiBevlioisn. 

ILL 0623 810330 

Ne*a«ie-op*n-iy*e:ImDeU£rtots. 
TeL 0632 734591 

Norttauapton: Brou^rton Moloa. 

TeL 0604 38787 
Nor>ieh: Pale ter Motor Co. 

1W: 0603 45545 

Notts ngtaHK Blfldaan Motors. 

Td: 0607740 
OxfontAI>,B*rdas 
TeL 0865 53944 
PelEBtoa: Rogere Gsrags. 

TeL 0803 566234 
Pu^xmiae: Autocare. 

W: 073 57 3322 

Tetetbwiw^PetafaonwdiAn to c. 
TeL 0733 53146 
nn&oBUuR-Haipec 
TeL 0752771123 
Router Bolfes of Bo&aot 
TeL 0734 518185 
StixRe»«frSea: CfamtfaBold 

Gan^jaTet 0253 726679 
. St I«e:Ou» Valley Houas. 

3^L 0480 63641 

SLLmvda-oitStxSlnbbanejds 

Car»ge.TeL- 0424 420841' 
SczrfaorodgfeMiskinAEiuggB. 

Tet 0723 64 111 

Sheffield: MacSmBank Motor Co. 
Tek 0742 52488 
Sbobome: CUMSuagn 
'iteb 0:^3581 3262 
Bos tlauiHoi: Modem LigjtCara 
•W: 0703 22828 

S — fce ai: Thorpe Bay Autopolnt. 
Td:P702 588200 • • 

Btuated: Hu Stanatedllirtor Cp. 

Tel: 0271 812635 
SfadOaMBAaKlHan fcBt* 

Tat 0642551542 
SUMt-batVomnASlIll 
fflanley). ILL 0782 20244 
EU dW eajl w:Mbr Bnifc 
T&L 0789 58836 


MnincOIcLLonttSitdilMOiA 
TeL 0793 37871 
Th ant o n : P-Spctita. 

Tel: fl&l 312254 
TdfentVaVdjides. 

TeL 0952 618081 
TVy JwBcwiffflod 
114849 8831 

Thno: Playing Place Garage. 

■IH: 0872862347 - 
HubridgeWeDKGiTSnilJridge. 

Tfefc 0892 35111 

Wallasey: New Brighton Garages. 

TeL 05J 638 0046 
Waniaxtoic Jack Rose. 
7bL0I-«7«73 
Wamiksfav: Jem Marah. 

TeL0985 214777 
W aybr Ugei ToBy Broohg. 

TW:Byfl«c 191} 49521 


Tet 099 64 27856 
Wiadsor: Deha Motor Go. 

Ttefc 95 60707 

Whacy: Hutstau ofBrabonud, 

Xri: QMS 882217 
Wolmtaaptoa: Carols kottHS. 
TO: 0902 27897 


■ TO: 0905 851821 
Tbtfc Piccadilly Auto Centre. 
TW: 0904 34321 


SCOTLAND 

Abcriew CtonBsidBBM llotSB, 

TeL- 0224 29849 

AmGlwiHwil wniiiiit Mi 
TO: 0292 81531 
BockharucR-S-Nlcol & Scars 


V : 


INadeeButezaCug, 

TeL 0882 25007 1 
MlihamlcGlgBHaidBtBonMatBra. 
TO: 031225 9268. 




GtaapncGIen TTendmon Mo Una. 

Tel: 041 943115a 
Lsparic Uusrlicld Molors. 

Tel: 0555 2582' 

Mono? P.& Nicholson. 

Tel: 030922142 
Peebles: Brown Bras. 

TeL 0721 20545 

WALES 

Cardiff: Sdtoe Garage. 

Teh 0222 20329 
Pontypridd: rinows Garage. 

ToL 0443 402360 
SwaaseuGlanCdd Lawrence. 

Tab 0792 34837 

HawrfwdvwfcPrtd Retaf G stage!, 
TO: 0437 2406 

XOBTBE8SBELASD 
Brifcai:Suml(-y Harvey SCok 
T± 0232 41057 
limindyrCopdaiidQasw 
Teh 050 472 3878 

ISLE OF MAN 

Port Erin: Shore Garagea. 

TO 062 483 2021 


CHANNEL ISLANDS 
Guernsey: Si. PtltrPort. 
Dtwfc SfatwiTeL 0481 24025 

Jersey: St Htlier. 

CoJefarookaTO 0534 37357 

LeUcyr CoWirocdo. 

TO 0524 43738 


Lands Can anonff aeaHM^fitmar 
avthwitt4mdnnetuorh as listed. 
LuttffecfafmmSrpimbcri8iW7&. 
STD Codes arc gwen minus London. 






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■ \ ■ • . . 


aV 


If s British Airways new Elizabethan^^^Jice. 
As you and your fellow business 
settle back in the relaxing Club atmospber^^^ 
not only feel more comfortable. You’ll have 


As someone paying full economy fare to the 

U.SA, you’ll agree ifs time airlines offered you a 
better deal. I 

Well, now one has. 

From October 29th, all British Airways 747s, 
VClOs and DClOs flying to tbe States* will boast a 
separate cabin called Club Class. 

So without paying a penny more, you can set 
yourself apart 




free extras to look forward to, as well. 


•: V-: • 

' f- • 




YOUR OWN SPECIAL CHECK-IN 

You’ll appreciate the difference from tjie 
moment you arrive at Heathrow. 

Asa Club Class passenger, you use your own 
special check-in facilities. | 

Ifs quicker, easier. In fact, a real boon to the 
busy business traveller. 

And we’ve made similar arrangements for 
you at New York and at all other U.S. gateways. 


For a start the drinks are on us. \ 

The Club bar is open almost froth take-offto 
touch-down. And you’re free to ask for what you 
want ,, 



We thought you’d appreciate having a chink 
when you feel like one. And at no extra cost 


& > 


NEW ELIZABETHAN SERVICE 

Club Class is full of surprises -all of them 
pleasant 

Your cabin is further forward in the aircraft 
than Discount Class. 

Staff are assigned exclusively to your rah in 
So the service is even more attentive. And rather 
special, too. 


TASTYEUZABETHAN FOOD 

As part of our Elizabethan Service^ you’ll 
enjoy a menu based on authentic Tudor dishes. I 

^ lose served in the Royal residences and 
Noble houses of Elizabeth I’s day. 

j .^or instance, our Rycote House Rere Supper. 

Capon puddynge after Mistress Duffeld’s 
way; cutlet of : mbe Oadands, buttered lima beafrs I 
with carets and roasted potato; spiced pear Lady ■ 
Noms; comfits; posset Sir Francis.’ f 

Sounds good, doesn’t it? It tastes even better; j 


Our aim is to get you to America refreshed 



•except to Anchorage 


i fit : *». . I 


'rT-T 


Vi7 







ana relaxed. And therefore more ready and able to 
get down to business. 

To keep you amused, we’ve the usual in-flight 
entertainment Except that when you travel Club 
Class, it’s all free. 

You can listen to the music of your choice on 
your own stereo headset Or sit back and enjoy a 
good film-often one that hasn’t been seen this side 
of the Atlantic. 

FLY THE FLAG TO THE STATES 

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Octobet 6 197S 









State-ownership of North Sea oil 
should be our goal, says Benn 


Reports by John 
Hipit* Ivor Owen, 
Dlinor Goodman, 
and Philip 
Rawstorne. 
Pictures by Terry 
Kirk. 


Lestor 


to revive 


A RENEWED bid to Force a 
fresh vote on the compulsory 
rc-selection of MPs b; conalitu- 
fncy porties.. petered out ai the 
conference, ' 

The issue.' which provoked a 
major, row on Wednesday. was 
raised again ai the surt of 
yesterday's, session 

It was hrnuchl up bv Basing- 
stoke Labour Party delegate Mr. 
Terry Hunt, one "nf the proles* 
tors in the angry denium; ration 
over the. vote- muddle involving 
Mr. Hugh Scanlon's engineering 
union. 

Mr.. Hunt said- " I would like 
to ask you to clear up the mis- 
understanding and lU-feelmq 
when the million votes were Inst 
and denied the will of confer- 
ence." 

Mjr. Hunt said would be 
" relatively easy " fnr mnfon'nc*’ 
chairman XTiss .loan Lcsior in 
see whether delegate- ■■•.anivd 
lh® vote tu lie taken again 

But Mjs* Lest nr replied *' I am 
not going.to alter my ruling in 
any. way at all— I stand by my 
ruling." 

the row was sparked earlier 
In the week when Mr. Hugh 
Scanlon failed hecaose of pro- 
cedural confusion In rd<r the 
AUEW's BOO.OOO block \n;e in 
favour of compulsory re-ujledion 
of MPs. If he had rti.np **•. it 
would probably have lipped the 
\nt»> against the National Execu- 
tive's stand. 


Today’s agenda 

Em ironnicnt 

Lures Aerospace 

H®lp for elderly and disabled 


STATE. mWVEKSJ-JIP of North and will remain the fuundation 
Sea all. with .tho ' multinational and tbe strength uf this country 
companies having the role of long after tho oil has run out. 
contr.-ioii*r- instead of con- " Conference is not prepjred. 
regional res. was envi-agprf l>\ and the Government is not pre- 
Mr. Anthony Wedgwood Be mi. pared to see de-industrialisation 
th® Energy Secretary. taking place in this country 

Fie accepted, on behalf of the masked by the temporary bonus 
-NEC. the objective of hill public uf North Sea oil revenue, 
ownership in the North Sea and W*» mils cali .< hair to the 
endorsed Conference's decision contraction and reduction nf our 
earlier in ih».* wepk that BP and manufacturing capacity in ihis 
it- subsidiaries should he brought country." 

under full public control. Mr. Penn *airi the North Sea 

.Mr. Benn yesterday described oil revenues properly applied by 
rhe prus'cm relationship between a Labour Government with the 
the Government and RP. which full support of tiie trade union 
wan brought . inio partial public movement, was [be best chance- 
ownership in 1914. as "unsalis- of developing Britain's industries 
factory." and services, and preserving 

Delegates warm ft applauded as skills built up aver generations. 

■ he reaffirmed his. determination - ' 

to oppose - EEC Commission attacked 
proposals which would transfer 

control nf Britain's energr pnjicv The interest relief grants for 
from Westminster to Brussels.’ the offshore supplies industry 
He also mode it clear lhai the which were under attack by The 
Government would nut be de- EEC Commission had helped 
t erred by the Commission's view provide a large parr of the 
that the interest relief grants for 100.000 jobs in Scotland that 
th^' off-shore supply industry came from North Sea oil. 
wiere in breach of the Rome " F will not accept that the 
.'Treaty. Commission has the right 10 con- 

i'. I have been warned over a irol our energy policy or that of 
' period that we may be taken to any other community nation,'" he 
the' ‘European Court," he said. insisted amid cheers. 

*-■ The Commission was also- 

Control Strong!'" attacked by Mr. Gavin 

- Laird of the AUEW. ‘‘.-We ra»j«t 
Mr. Bdsffi. emnhasis.ed the tell them to keep their hands off 
importance- laFv.'C&oference in nur energy resources." he 
h«tinins "to .thtf polftical declared, 

will n^rde-d- in tafty through ratli- Mr. Laird praisod rtie Govprn- 
cal proposers, and wa» obviously ment for introducing the pei- 
deliglued ih.it the motion was rcleuro revenue 'tax bur com- 
unrhallengert. _ nlainsd that the rnaior-r.rl rcuu* 


Delegates 
criticise 
police in 
law debate 


Financial Times Friday October 6 1978 


Unanimous backing 
for move to end 
‘secret’ government 


BITTER CRITICISM nf ' the A DEMAND for the urgent intro-' in the next session for a Freedom 
oolWe marked the dctatP on duction of 3 Freedom of of Information Act r he declared 
police mancea ine aeoate on . n f oraint | O0 Act similar: to the. He reminded the Secretary uf 

Re« the 0 Vfo ue Secret'a” iSs one U^.,>refved .confer- Stale that the 1 as L manifesto had 

3SS; ? riSS bv maJI ence ‘ s unaniiooirs"; backing. said "Labour believes the pro- 

dLlnSates ^ d y - Also approved .were the party's cew ° f government should be 

TiS? derisive chMiti"^'ational Executive Committee- more, bpen to • he public. We 

when he imtated that Uic notice ' proposals for->->‘de r rpngjng, shall replace the Official Secrets 
™ s^K ^t to the laT i£ -reform? -of .House nf Act by a measure to put the bur- 

S Sly a. Other cltSJrJ ^'Commons procedures and of. the- den on public authorities in 
same way as otner cinzenfi. . ^ Service ;_-. justify withholding information 

Rees S apok? from ?he Speaking oh ^a^or the NEC 

rostrum, that the platform called Mr. Eric Hefffr. -MP fpr Liver- Secrilarfe^fn White haH Ts "'he 
for *i card vote when it seemed pool Walton, raajle ,jf clear he Secretanes in wmtenaii as »he 

-V 1..^:— _ •' tho Afhdn 'rrtrnmiltPP mPlfl- 00^3/16111 pOlitlClSRS UI tillS 


\ 


Mr, Benn speaking in the energy debate. 


thtf'ta resolution advocatinnj^so^'.-Wd* the oilier- cOmiViittee mem- P™*. CVwfi 
lute aclmn in enmhat vandalism hers would be putting heavy hlCh 

mlchi he defeated . “pressure on' the Government to drew applause. 

ft was eventual [yearned T>». introduce a Freedom of Informs- The ‘time I *** "j 

4 411 00a votes to-i.0B9,0Q0. -tfen Act in the new session of have to grie eaco minister a 
Mr rVs hlimrl “told deleeatw Parliament P o\ } uca\ office with political 

tn Rtoo raakjne generalised Mr. Merlin Rees, the Home civil servants as well, he went 
rharnes’ a-’athst tfie iinlice and Secretary, has ^already produced on. , . , . . . 

takp 57 un specific comnlalnts a White Paper proposing limited A treedoiw of information Act 
thrnuch Ve-^rnner channels so reform of section 2 of the Official *»J{JJ rLed M p y ‘for 

jlhev.cm.rrl he fully investiwtert. Secrets Act This,. s the much- S525? wJT"7d » membe? 
-soccessirm of delecates criticised catch all" section Lewisham west ana » memoer 

protested that the party which makes It an offence for iLcwy Swt wi 

manaeers had made a hig mis- government ^or public officials to U ^cmSer which 

take in Staging a law; and nrder divulge confidential information, " wtaaf "wvSIS? IS 

debate Primarily tn riemnnstrafe The resolution, proposed hy * h g ,1 movement wants to 
that concern over crime was not Wimbledon Labour parly and Srvour' he -aid 
the preserve nf Conservative seconded by Stnckporr North. “STi xi rman Stage, deputv 
p ?rt v rnn erenres. condemned the White Paper as Kene f a | secretary of the Union 

Hr. Peter Ward, prospective “completely inadequate. Q t Past office Workers backed 

Labour candidate fui ’Shipley. The motion demanded «»e ? he Act bufeaid he did 'not want 

arsued that Labour should not rapid introduction of legislation. Jo creale another level of 
seek to copy the Tones m baying along the lines proposed in the bureaucracv to administer it 
for bangmgand flogging. National Executive- document. ■ The Ntc doCum(m t .n 

™rtiiL?i^ r £!.h- Government at national and Commons reform, which uraf 

,ool Walton, in. replied tothe i oca | t C vei. it said, should dis- adopted ovenvhelmlngly. pro- 
it °L-.« close all its workings and publish poses powerful legislative com- 

Vrtmo Yn S a H internal documents unless mittees to consider govei-nment 


maintained that it was no use 


He described fewe madp.of’. JanTes 11 ^Siriwiyllig^SS deewinn tn proceed ri th the uranium would Have then run [berTvtarnot^JaVc-oIicer^abtut ^ ^urt^cas^'or ^"esti^v- ^1? a Un^ant sponge f 

i'll revenues as a Antral policy per cent of the nation'? oil nuclear waste rc-proce-jin? put. raugginas and other crimes. C0Urt CdSe 0C l°i te *Z: l t *?Li2 

i-suc. and restated the Govern- wealth. "That is far ton much." plant at Windscate. He wamed A resolution tilling for the Labour did not want to enlist - rt 

ment'.- viw that they should nor Mr Hugh Scanlon, m probably that if re-processtng technology reversal of the decision to in the hanging and flogging j •7 »! B bui C S n ve rnment dcpartmenL and 
h«> di'siparnd hut uspd to his last speech to conference *s were not developed civil nuclear authorise the building of the brigade, but it was important -to Bill for a register listing calls For the Commons proceed, 
regenerate British industry. president nf the AUEW. joined energy would be dead in 25 to 39 WTndscale plant was remitted to counter Tory propacanda that' ?' 11 ':. Government - ana . public mgs to be televised. 

" Manufacturing industry is with Mr. Benn in defending toe >cars because limited reserves of the NEC. ih» Labour Party really did not , es ‘ uTi w0 , be u 1 [ ,t,sr . a . The- NEC paper on civil 


di'siparnd hut uspd to his last speech to conference t’s were not developed civil nuclear authorise the building of the brigade, but li was important -to Bill for a register listing calls For the Commons proceed. 

:rner3te British indusiry. president of the AUEW. joined energy would be dead in 25 to SO Wlndscaie piant was remitted to counter Tory propaganda that' ?' 11 ';. Government and . public mgs to be televised. 
•Manufacturing industry is with Mr. Benn in defending the > cars because limited reserves of the NEC. th* Labour Party really did not , es ‘ .ft f, w0 , be er , a , The- ' N r P a P er 0n civi * 

rare aiinm law ami nrrtpr l r P a ' obligation to make all service rprnrm envisages each 

.... care auoui law ana oraer.. ^cords and documents available minister having his own privaic 

■■'■a - m ^ Am ■■ a on request. political office and having thi> 

Call for more council building ■ caiiaghan sssSsJsS 

i • . "There will be plenty of time in his departuifeot 

RESOLUTION calling for a .Mr. Frank Alla an. MP for Sal- France built more houses c-« r h the IMF, ihe CRI. Treasury ""SIX ODJ6Ci > - •. • 

: increase in council house ford East, who takes over as ywr than Entain because they officials, and the Conservatives '. »jrrrt /wr/raa 

tiding and opposing any cur Labour Parly chairman at rite «* n * ;I ? reat f r proportion of whn controlled .he town halls. £ ££ «1(IDS WitinillSf llVcI 

public investment ,n housing end of the week, stressed that the P ^ p, M,,V,nB lh l r?v ° lulion for the 01 HlICCtlOIl U VIW •**““*& UTV1 

i ffS2i^e SlUnaQ,U,gU6ly K&" Se««re% W „ ,l[ »i:; V ^ r ^cn he ^cfnel Ver^Ld. case PRIME MINISTER Mr. James 

. .' ■■ fl . , LrlninS io Sai ih»" on. wul lhht wa F Ending against mortgage us relief is Callaghan found himself an - PfTITlYlll tt POT FA¥OlllTlATI 

i al-n demanded the jradml ' 10,1 101 10 0?crillw lht P fu more money to increase Britain s that the heller off yon are the object of affection on the con* vUUIyll J. C f 

)! l tlfiil 0i niorliJl!f? TJX rulipf P w - dl5, hrm>in^ <5trirk*-c would li e> Tn hiptapr lh#i cuh^iHv vnu vet nn Fnraneo A 


legal nblfgation to make all service rpfnrm envisages each 
records and documents available minister -having his own private 
on request. political office and haviDg the 

• .Speaking : frfim the platform right, on taking office, to confirm 
Mr. HefFer made a plea to Mr. or remove the permanent seer*-. 
Rees who -was sitting in the hall, tary and other top civil servants 
"There win be plenty of time in his departuifeot 


A RESOLUTION calling f?r a .Mr. Frank Allaan. MP for Sal- France built more houses c-« r h the IMF, the CRI. Treasury GLW UK/Ivt-I 

big increase in council house ford East, who takes over as year titan Entain because iht-y officials, and the Conservatives 

building and opposing any cut Labour Parly chairman at the \ penl a Skater proportion vf whn controlled ihe town halls. £ af-fnrtf i avi 

in public investment in housing end of the week, stressed that the Lr'^in^ 0 ' 5 natlona produ ’ :t 00 _ Moving the re-olution for the (jl dXXvC-XlOO 

hv S .t P Si5"cr l Una0,,,,uU ‘ ly 5?e«urr o W „ ,U thJ ™ applauded when he '“"fe case PRIME MINISTER Mr. James 

■ , . . . ' fl . , LvSiiniJnt [Q oocraTd the nru lhht on<: way a 5 a,n?l mortgage us relief is Callaghan found himself ab 

h :i l=n demanded the jrudml , inKQl lQ °t- Lrjle P ru more money to increase Britain s that the heller off you are the object or affection on the con* 
abolition of mortgage tax relief p u * ■ housing stocks would lie to higher the subsidy you get up Terence platform. 


■ id* more rund< for buying to the voice of Ihe Labour Party, imrodure a wealth .tax ;on in- of counril- houses is that It is ^ntherhani. ? party- 'member for harltPd a rpcnin f °r Nelson and' .CoJne and , 

older Humes in inner city areas tiie NEC and the TUC. and you comes oter £100.000. -ochrily unjusL It «erae S no use- ?® Fears., w-bo ts .^lively ’ H -“ qn *5S" -Sr m«rt member of A STMS, said- micrc 

Ihe resolution declared total ' ,von 1 rar wrong.' are p r p S Rjrrg for a tnas- Repurpose other than to provide * T, ^) v ed ^th LaPOtw^ - : «i— •— »«— «- -» u - 


We are presniq* for a in. vs- f«r purpose dth'§r 'than to pro vide. 5 Jfl? 1 HJjK 


urn»j<titiun iu council house sales He wa« -.•.inding up a debale si’-e hutt.se building and Mm fur a select few.’ 
in areas where waiting lists fur in which delegates angrily provement programme. Ddrt t Marjorie Bahi.'-cff 

council tenant.- were more than attacked the policy of selling lei's fudge the isstw^fThU r.:e*db 

<ix inonth«-oria areas uf Itous- council houses and criticised more public spending • • 
mg stress. . *lw nw-ftown of direct labour W!irned ' V-^rful 

The sale of -emeti hom°s lo n u > • u j departments by coun- forces wanted cm£ not increases, 
innanis vyo'dd be fmlner ^ ,ls - e . r ' 1 l \:*s aiso some Thev w-tnied to slash c(iun<-il 

limited by putting a legal obltga- towaraa Uic nuiluiag | }0 ., se iniildirq and increase 

nun on local council < to main- s °c'^ flC!i rouncil house tents. They were 

ta.n their- housing stuck*. Mr. All.nin said Germany and ?!1 at i* — Turv MP< me Press. 


eel few." ■■ ' ; *. Then canie..^.re» - ti ‘tTolaV^a Vlo 10 the brink of anolher ‘oduslnal 

• r -1 v S'mthErate.v from .Han>li^.-.Pawfei&f‘ ,0 - v u *- Digger rote revo j ul i 0 n . 

.Rr, m Cord, a Society could benefit, hut it 

SJ’SSSS? d . , should also : be : recognised that 

. Tun . mn , . _ , ...... ^ r ^ lem "' mtllfons oif workers — white 

- ^• u J jeruc& - - - from conference chairmen/Mb*, ^MJp&larfiHadden. for tbe NEC. collar as wetfl as blue — could lose 

should suggest: that if Joan Lestor. Walter stepped up said =tfw.- proper use of micro- 'their jobs- 
Ft pull their linger nut fn r a handshake and emh«ice:.«3e'ctrontoi;.could bring a shorter “The trade unions will not 

flay, a shorter working stand idly hy and see their 


Hnn Ttfetftlne '€rir morp monov or s«iiq‘ niicro* 1 

lo be P allocated, to the NEB io h ^ d br ,u U?h i t J Bn . ,3 ’ r 3 


Jilin -mrir* : mni .--•an WS'UI, — K saiu Ul lllltl u- mvir JUUS- 

Hip nuiirii-19 7 hpv ,v ' ,n !f ri l " ««n • ivnin.-il they don't pull their finger nut for a handshake and embrace: electron te*. could bring a shorter "The trade unions 

* house Hu tiding and increase and lend money io our people with Mr. Callaghan and aimed .* ..iworklnfe .' a shorter working stand idlv hy and » 

■'ouncil house tent-;. They were thnn perhsips we should just crafty mock kiss at him-r^n^tireefe ylfiBgen. -holidays, and a members 'sacrificed." s 


.. , . , '-ciijncii house tent-;. Tliey were thvn portkips vie should just crafty mock kiss at him-ritttsjjretffc Tesgen '.holidays, and a members sacrificed." said Mr. 

Mr. Album said Germany and all at it — Tury MP«. me Pre*s. natiunali-e them.” Vnu declared, the delight of photographers.-; life fot* all. Hoyle. 


Council accuses Mrs. Williams 
in Rieois school court case 


Powell attacks Tory unions can SheH Chemicals 
silence ‘as inS p0It chief for NEB 

Britain is humiliated’ plant appeal BY KEY1N DONE 


silence ‘as 


A COUNCIL fighting lo pre- 
serve •'« a ram mar scivol as j 
separate ‘•clvwl in a enmprehen- 
sive >et-up w.is being iu>r>ued 
bj Mrs. Shirley ll'tilianis. »he 
Education Secreiary. like ;« •* re- 
luctani sun or." a High Cnuri. 
judge in London was told yes- 
terday. 

North Yorkshire County Cmm- 
cil is resisting a call hy .Mr*. 
IVillrams In submit fresh pro- 
posals for comprehensive <cho»l- 
ia? io Pipnn. 

ii wants m keep iho tuvin's 
grammar schoid as a separate 
secondary school from unr 
across 'he road . Bvit Mrs. M'il- 
Jiam* is anxi n us to .-i'T butii 
schools merged as une ccmipre- 
bensive. 

The council claim - 'bat 'he 
Minister has exceeded her 
powers under ihe lg"d Educ.i- 
tion Ac* in re'juinn^ the cumin! 
to submit further pi u|»>.-;iU m 
place of those already made |i 
i«: seeking :i di-cl.i ration ihai «he 
has imsinti-rpieled the Act and 
has :ic»ed un lawful L 

Mr. John W'llmer-. QU. for the 
council, i old Ur. .IiijIkl- Brow iv- 

V.'ilkinson that 'hft if e uo 
whether Mr*. William? had 
puwer to require the authority 
lo submit further proposals. 

“Tbe Secretary r.f State, being 
a lady. likes proposal-. jvJ the 
question in Issue is whether she 
can enforce a reluctant «uitor io 
make proposals to her." 

He said tbe council had "satis- 
fied the comprehensive prin- 
ciple" by its original proposals 
Mrs. Williams, he conlended. 
had now rower under the Act 
“ to tell us bow to gu about the 
matter.'' 

“In the present case, everyone 
is agreed that whatever hajinns 
in future, education i;i Kipon 
v-iil he provided only in «.c hotfix 
where arrangement ftir the 
admission nf pupils are based on 
the comprehensive principle-. 

“Entrv will not be Ua-ed wholly 
or partly oo selection by 


reference to ahilil; or aptitude " 
The county <.ounnl had 
adopted its scheme for two com- 
prehen-lvc schuul* for the 11 to 
IK age group after fully eon.-ull* 
in-j Hie wishes of i»'cai people. 

The twu ex i -ting schuol- — 
Ripun County Grammar School 
and Ripon Gorin ly Secunday 
School — were on oppn<lic sides nf 
the same road. The euiiniy's pra- 
po-als would keep them as two 
separate cumprehentiv « -i-hnols 
with a jmni -ix*h form college. 

But the Education Secretary 
wanted the coun. il to form one 
large school or ih« two prcmlacr 
.•aid Mr. NYtimci-i 

Mr IVilnior- »a.d lhal r» wa- 
f>. r rh»- council in decide whether 
io have one school nr ti*n. ii 
ve in eli.sp dm «-;ih schuols 
jnd parents in sjjejp area. 

“If uiir pi.ui - a re unrea-un- 
aiile. ;h'-n Mr-. \V;lltuin ! can >ti.-p 
in and ii-i- h-r puni-r* under ;ht- 
Education Nci. Rui <he h3^ h»rn 
careful no: fo d-, .md she in 
n<' 'v?.. :ti*e-:c-. ihai r>ur pUnt 
are unrea e on.-ii»i»> " 

The canned'- p!.m- for com- 
prcjicn-iivn re-organ; sal ion were 
.-uiimiUvd in Jill;, l.is: .mar. nut * 
month' later roum:i| vw in- 
formed »h.*t 'he Education Sec- 
retary rnn«Mderpij ;he propo«al? 
•‘UD-»jiitf«clnry" because the;- 
continued :he -r:.. irate t-.\lstenre 
of rhe i-vi schools 

She considered tiie count; '* 
proposals were "wasteful of re- 
sources” and would create ‘'un- 
necessary difficulties ' in the silo- 
cation nf pupils and .sixth form 
arrangemcnis. 

But v.helb'T Mr® Williams 
thought the proposals rir£u or 
wrong was irrelovan:. «,aid Mr. 
V.'il iner'. 

Tho council h-»rf ctfmr-l.ed •■■t*h 
its obligations under ihe Ertucj- 
li.«n Aci tn pur forward pro-". 
pOsyL -vhich -jav" I'ffrcV tOjihs - ' 
comprehensive nnnciple^Vf.' 

Mrs William; could jf’cefn 
them or reject them — in which- 
case things would go or. as 


before — but she could not 
deman f.iii her proposals. 

Originally, the council bud put 
forward a one-school plan which 
Mrs. Williams now warned, saio 
Mr. Wilmers. 

"Three public meeting? were’ 
held and if was wnsn'mely cieai 
that our consumer* — the eicciiv- 
aie — wanted r-*'o ?cho«»Is and. liv- 
ing a democratically elected 
body, the council thought it n-ht 
that they tiuuid consult 
parents " 

Mr. Wilmer suggest'd iit.i: 
the cfinrii had rcj-cicd fhc 
idea of a super-sizod contpre* 
hen-ive •jchool after the prin- 
ciple “the bigger iho better" 
gave v. .i;- lo “.-mail i- beauti- 
ful l." 

He contended tiia*. tr.i» ti'T6 
Act solely concernerj vi :h 
the comorehenfive p.-Jncioie. and 
»hui it left uniuuchpd ■Ii'- IP-54 
Education Act which mad 1 " ib' > 
rounui re-ptintible for pru*. til- 
ing secondary education, n ^ me 
Minister 

The hearing continue- luda/. 

BR's £120,000 
Scots travel 
centre opens 

BRITISH RAIL'S i' 5 JO : rave; 
centre ,«t Aberdeen Station .’a- 
fnrmaily opened ye?rerday n;. 
.tTr. AV'tllium Fraser, rhv Lord 
Provo- 1 of Aberdeen. 

Behind ihe ceremony !a;. nsr.e 
month** «:-tensiv«‘ bu tiding ■■••.irK. 

It enabled the ration to sh^ke 
off the shackles of it* outda-cd 
booking ball and Cf.-rr-.-xT/T. 
r>ffi(-o which. Bi’irwh R -i :! *.v1. 
'-'ecfiijioi'-jii'-keecin; w \ l n :odi:'.- 
s-jinrtartk!' ^ 

.-■Tiie n«»w cent r* offer n 
rtMUprehen-ive «-f 3R f 
jitici ;n-:Ji:d;7»3 t.elfet #<?*■ 

and slecner re.^r-'atior... :< i 
o.iiries and other servwes a.. 
under one roof. 


BY RUPERT CORNWELL 


Financial Timet Reporter 


MR. GERARD FAIRTLOUGH,- It was important tthat tbe public 
48. managing director of Shell sector should aJjid^ave its share 
Chemicals UK. is leaving the of managerial talent, 
company next month to join the VU the NEB Ue^l be joining 
National Enterprise Board as a a group Qf-.fQuvtiatfie4'..d/ visional 
divisional director. He will take dirfeciars-' wild .*re- ‘x'ewionstble 
up hU new post an December 1 fot a large number ofAwrerent 
Mr. Fairtlough has .been with companies. -He will' also he 



;r-gh;ened :.xtiori. jnd he 
s\ i -•.-<] !;i- ■ : J .-Hi - -. -.»f being 
una-.iM :<j br.cg s j-’. to -peak 


Lt'.io-;..: 


f'fr 1 ir.Ai.ng frV.m: 

t •• -■**' -. • nj.n il..'i:-in t.iwt it ha- 5 

•i^ome nr-rua' diet, on r 

-inch v t- i 0..1K i-f fed uhresi»i- f jncpij 
2- ;h.' - .*:MT jiriy t- m VIU °* ,U 

had f‘":nd Mtf'bin - c-tr* ordinary cause concern which accompanied the 90-day 

.? :l1 - '■’f -V- Br;ti.-b s. . MANY greets in London are redundancy notices Swift Levlck 

Fr;,-n“ M-.n'.b'.e- ■ tii-.-n:n= on ivin5 rl0m , e{i , f . lraR - lc f0[ 'he largest magnet producer in 
Fre-;d *r.. haurb in K.ao ,M,rnn„iemjl reason*, that the ' * he ' « id * l «« CUIt, «« 

Ph-idef!*. accrd.n? :.o Mr. punce and fire bngad-s are, ,l * , l0!,ses l0 , safeguard the proflt- 
Pn-- eii. a.’i- the rao.-t voii-;ng concern . -thle magnet operation, ttie Olhei 

re-"iti e.v iiip r h-iw an assef- -.bumetmir- isolated road bd i f ‘ t *. a ^“f* Iiess t, .. ... 
ti-n nr>n-:n*. >..• p : n,. n * i.i e ynnd ci rt*s. an- later linked to: Jj ' ^ ter * 

tn- ■ e«- ..;nd haw *-re:ne u chain of restricted arras I! ? Vh r "t - 1 * ^frL«. are 

Rri;.;,n. . fesfe-fd Vnd thi? hre brigadv. is worried- n!f e L^?« ke L ? 1 5 

to* rv had t*,..: 'i-... foanv restricted streets! I 1 n . aoare ?‘ l nfl m ,hlf foreseeable 


Af;;r.<n siati-s could take on the 


jPrs'wo 

Closed streets • ™'i re <X 


3sam when the market improved -tiecufed ‘to mbve into a new Lliemlcals th by Mr. Kenh 
Mr Stanley Speight, the forme^S'” e mT °- a nevv Walley. who will take, over as 

Master Cutler, has also ex-f Mr; Faj'rtinugh said yesterdav managing director on .Vnveinher 
: pressed fears that the Govern-] ifaj vhe: . -had alwavs been a fi Mr. Walley Is general manager 
f men* are nnt doing enough to- ; strong supporter and' protagonist hase chemical!, for. Shell 
| prevent further large-scale re-- of she- public sector and he had Chemicals International. 
i In j statement on Monday : npw daclded (o^ '-act on his beliefs. Men and Matters Page 2ft 


Oil paintings fetch 
£111,000 at Bonham’s 


* 1 '-; hr.v-. . been " "in 

extic gwiah-id •. tpt-»rch— a*.cidvr.l. 


Iqc uitni uf an 


ii -oak. Eastbrn ruar and 
s made. .£102,801 at 
le's.. A. Dutch oak'. cup* 
went to Stodel." London: at 
an oak four-poster Bed 
bought' by • Ivy House 


Senior Crown Agent paid under £7, 


BY JOHN BRENNAN 


THE SENIOR Crown ' .A gen*. Ge/y.' s.id «>vr.<jri«n :*» ir. nnji h^v® 

ultimately responsible* 'for ;>n ai*d reriaTnl-- ^rneunV; pard. n: «li» diffi- ultirs 

anniial procurenvent nnriMirac -j.inpe. tirjn 1 wa.- s-cinz pairt." -tf 1 li .i per-un." . 

,, ,,ri h »’S7-nt jnd m . h.«rqe .*f ■Sic St^rheni* -«-n:= a* ib- Ai'.u-iucli Sir Me? 

j wS n,j, “f giivr-innii nl-' inui: -.•<( -hi- :®nr«-meR ! w.-r«.- I -..i- . 1 : m® mm® ' 

, 1t4 P.irn-d j • i > i £K.2*m ^ r--..r*Tu in® ir: » t .-i h t-j ->1r -*'«nn tin- »h,r 
i*)4s. ' il I- T | :?Tf'.^-tn^ iiu-m-' - 

Stf-nh'-T. I ui.i- «®-u®r *-u- CiJ'jcf ’ <}•' hen • -ii.-*p ti.c 

\ .-,-ni 'until '* !•! !!!►• .-u ' r.i-x..P..ir*..fi:i-i' 

MiMinul in-^l!C*:m: tim -.ro-.n '.lr.n« 


Govan shipyard launches 
first Polish vessel 


SALEROOM 

BY 'PAMELA JUDGE 






EY O'JP. GLASGOW CORRESPONDENT 


TiiK I ii:> r 

'-.j ;• • •' 


■' ti;: |1 

•Ci i 


‘*224 n i in—-®- - -- ir 

ihar hr- "ftiiM ha-.e pre:V.-red :'>r 
«,:rrc.--»r •••• n, “ , "’ 11 :n ' 

v^at. preferably -■•.r.-tf-.e *i'n tii* 


J“lc-.i|.-.tf. “ • '« !' 'li ■ '■> 

. ' !i . - -. 1-1 

M-.eirf-i- T.n.-T 


r*‘ X ..ft ..ir- i.-i* 

?•!' Hr Hi- .ii 

; ,-r® 

::i-- i.-;-. i n i r 5 



i ,-.r r- I> ,Tti “.y 

•1 dcuiiTi- c: 

rane.i 


:-.i P'ii,.nd. mt - 
I: - 1 ; | no 

Pil >'i 

llnbj 

L Pt'tT 

• rt-.n - 1 *.1;, 

itf;-- ,./.t 

neM 


1 • ••• it* --.hi 

■ i; 

iiltinj •■:]!. 
•■h t.j* 

• •1 

'-''■•’71 


- * 1 : . 

<• : r; r- L-J ■ 

•; 

• 1 l- - • 

r . • 1 -. •• • 

: . -hi'c i -ni 

' f '.*' 


,wiil : fsterdav thar rhn closure . Canadian buyer — £7,500 for a. was bought" by • Iw -House 

. of Swift Levick's special steels Kneghoff depleting a North - ' ■ . ' ‘ ■ 

; operation v- as not the right way J American Indian paddling »■ 

• ft '»ckie the prolflem of compe- 1 canoe. A foreign dealer was snc- : - - #- ■» ciiyaAaA ' - 

. tition from other EEC producers.) cessful at £5.400 tor a work by dALuKUUltt 

i . i Theodor .KJeehaas, The Young ^ 

. J Kite . Makers by Harry Brookec- - BY PAMELA JUDGE._ 

% l ro Roil An*:. 4 went for BkSm as did The Happy 

VXIYt. JJAli tlvl jAfotber by Carl Hubner. Unsaid" . “■ " * ." ■ . “ 

« i t items 1 in the sale amounted- to Antiques. Derbysire, for '£4.200 

3 Cliance . -is percent; ,.« . and Lane Fine Art. London, gave 

I _ ! ' In ■ tl*e ■ afternoon- the same £3.400 for a Spanish walnut side- 

i CRITICS uF the 1976 Tutti Act house sold -English and Conti- table.. A Kasbaii JUochtasham 
should give it .i change to work'nentai .furnlrure, tapestries, rug made £3.000 and-an antique 
!j*?fr.»re trying m destroy IL .Ms. --Oriental nigs and carpets to the Agra carpet sold for £2.S00. 
Viw-n Stern, diwctnr of the • tune of ER4JS0. Some H per cent. At Christie's South Kensins- 
x.ifionai Association for the Care! was houeht in. A Dutch mar- ion. uniforms, miltisria. swords 
•I'd ReMtuIcnirm uf Offenders, quoin- display *'3hmet and a and fountain ' pens wept for" a 
-aid ;.n-1erda> Sehna rue each went for -W.fiOO. roial 0 r rJ3.”I9. An offic®r> 

Tho-® <.-iuii>niite<t to (hr anus of : and Caledonia Antinun-: paid, levee rujl nf the Surrev 
ilir .<-siiri.il ion niishi feel under £"..100 for a. Runaissahce-stvle' Yeomanry circa 1S00 sold fnr 
atiu-k at linu* w-lien to he raiitnl Italian walnut hitffe.t. A private E4.(KUt. . Y helnuM of th® 
: fio.gr„i,|p r >.-.r, r < r buyer cave £3.00n fnr s tilth- Inni-killmr Drjao»n< m the 1534 

inwnit than i.. |m- raii«d hnnMe.m centitrv French tulipw-nnd and pxiiern made llJSfto and 1 
tim:. -In 1 - -u ' 1 :<t its annual kin ’vond kur®.!!! pl.u. cn.iter of th® Ufa Lizht 

.u-etinv, id L’l'ud'.'b. j Metajvuik Engiish and Cou- Di.igiiocs wem for Ll.250, 


cJ jf j 


i 


.'vl'C^TV .. 


SEW 




;T# 










« 


For those ■ . 

who wish to combine 
the superlative comfort 

of travelling in a Citroen GX ^ — ~ — 

with extra performance, Citroen offer 
a series of solutions. 

Namely the CX GTi,theCX Pallas Inject- ***% 
ion and the CX Prestige; three CX models all with ^ 





It also accounts for some pretty miserly fuel consumption. The 
CX GTi, for example, returns 34.9mpg at a constant 56 mph 
(8.1 l/100km at 90km/h)? 




and road shocks 
There isrft a 
more comfortable 
suspension 





.j . • i' _ * - m . • • • • f 



engine will find the CX comes as nothing short of a system many car 

revelation. CX Prestige Injection (C-matic)^__^^ ^ 31iypnCC. 

A ride in the CX is remarkably , Aerocfynamic styling 

smooth with Citroerfs celebrated malces the CX an exceptionally quiet 

pn-inn car to dnve at any speed. 

ns I I I Steering is Citroerfs unique VariPower 

, system. No other car’s steering can match it. 

mUBSKSS SS fmm^ When parking it’s finger light, andpower 

j I IPg Jflfla P wKm re * urns to a straight line position immediately the 

storing wheel is released. On the open road it grows 
progressively firmer with increasing speed. 

"ft 16 rombinalion of VariFower steering and aero- 
dynamic styling ensures that deviation from a straight 
^ ''^7$a^BtB line is negligible inthe CX, even when driving on amotor- 

way in strong cross winds. 

' A rtuniber of subtie variations differentiate the three inject- 

/ JBBBw ion models in the CX range, each ofwhich has tinted windows, 

( / ^B^k JB rear sunblinds, electronic ignition and electrically adjustable 

X exterior mirror. 

The GTi is all its name implies, with a close ratio five-speed gearbox, 
V alloy wheels, matt blackwindow surrounds, front and rear fog lamps and 
specially designed head restraints. (£6979.05.) 

HO C-matic transmission is standard on the CX Pallas Injection, the most 
r luxurious of the standard wheelbase CX models. (£699777) 

The Prestige is the ultimate CX. Longer wheelbase and body, wider rear 

doors, extra head and leg room Air conditioning Asdection of the 16 models in the CX range I 

is standard Probably the most lavish of all saloon N ? o dd ° HP to p j p^ ~ 

- ■ . M ill*, r , A «« \ CX2000 102 109mph £4966.65 

cars available at its pnee. (£9254.70.) cx 2000 super 102 K»mph £ 5199.45 

It remains only for us to offer you a few' parting gsg, » ,33 SS 

: ^wor* as we leave you to ponder the choice. Whichever SSSSSSSSk^, S !S3 SS 

Of OUT injections you decide to CX2400GTiInjection(5speed) 128 Ulftnph £6979.05 

take, you can rest assured 
it will make you feel a 
lot better. 


Model 

CX2000 
CX 2000 Super 
CX 2400 Super (5 speed) 
CX 2500 Diesel Super 
CX 2400 Pallas (5 speed) 


BHP Top Speed Price 

102 109mph £4966.65 
102 109mph £5199.48 
115 112mph £5813.73 
75 91mph £6040.71 
115 112mph £6398.73 
115 lllmph £6582.42 


CX 2400 Pallas (C-raalic) 115 lllmph £6582.42 

CX 2400 Pallas Injection (C-matic) 128 112mph £6997.77 

CX 2400 GTi Injection(5 speed) 128 U8mph £6979.05 

mph £5971.68 
mph £6315.66 
mph £6081.66 
mph £9254.70 


CX240Q GTI Iniectinn 






k-n; iV y|ii SI 3 1 j 3 



CITROEN a 




-ron 
futui 
leadi 
meat 
If tfa 
«ugg» 
« tin 
natio 
Afric 
a mo 
realit 
II 

patri< 
Both: 
in hi; 
of Pa 

CBtiOl 
OptiOi 
Minis 
pare 
sancL 
'path 
The 
street 
being 
state 
that 
a re 
South 
fiurpli 
.of th* 
has d 
Mor 
men 
econo 
cornel 
sion. : 
year 
duct ) 
virtua 
March 
Horwi 
Finan 
cautio 
econoi 
be the 
. Yet 
pumbi 
have ’ 
runnir 

furthe 

official 
is for 
curren 
Mi rust 

"swy f 
2 per 
The 

darri 

refers 
chat < 



HJrTED BY ARTHUR BENNETT AND TED SCHQETERS 


• COMMUNICATIONS 

Small exchange with 
multiple options 


• OFFSHORE INDUSTRIES 


corrosion 




ONE OF the: major preoccupa- required .the.'. construction of a coal tar enamels are suitable for 
inons of the engineers and scien- series of test pipes made of steel North. Sea york and BP. . and 

tists in the. teams MiooortiUe tihe aTld coated intemaMy with high Chevron . have sdeeted an. 
usts in .m&leams suppotun-g tnmnprahvrB. o-.^ n>in- aDorODnate -enamel from Metro - 1 


to move 


beriefiT^media rely frm^the 
best products as they become 

a ^hfs bl policy is essential' in a 
Jwdf has been growing 


lists- in the. teams «uz>xx>ctiri£'the anfl coated internally with hign v^evron .nave wuecren i • an. f *- ,-^his policy « 

I temperature grade enamel rein- appropriate enamel from Metro-' ghpOfl - : .grbifp which has been ^rowing 

UKs North Sea efforts has been foreed flbr * inner tect to be used, on the Nunaa-fitilCrf-lJr ■’ ■. ■v r V.v' r i >at : abottt 40 per cent_ annuauy. 

the problem of corrosion, wrap and having an outer wrap field northern pipeline. Further , N AN - unn rt,: e deht The UK end has peen 
whether it is of -the metal used of coal tar impregnated glass tests are tn progress to deter- ™ AN, ™P jjjgj® ta J„. cu larly successful witb 

in the submerged section of bssue. Over "£e Urn upper temperate ^^X^SSSf.'oSSjSi 

m a*** HidiiwuMant vea-inon La TOT. a 4 hree-meh I aver limits appucanie .10 suen -r_ an j H< wt-W _ w ,n a * 5 - 5 ® turno . iqtk • 


A DEVELOPMENT contract has that the user will be able to used in concrete platforms, or ° f . bl J? density concrete is t 1 " nKride* Tn* .Rent on have reached an agreement worth is 1 

been placed by the Post Office enjoy such facilities as call the -effects on the toetals of the »PPWd. • - * OT 32 355141 ' ® - more than SUra .under which stS? iSSfloU 

with Pye TMC for what- will be diversion with secretarial over- pipelines of the «n purities in hot To reproduce North Sea condi- meantime. in No i^, a -* the latter will build 24 - central . 

called small business system, ride, conference working, execu- crude oil or natural gas as they Sons, the test, tank is filled with _ " -~ r nrn- Processors of .the .now obsolete;, ' - 

SBS. essentially a ten-line PABX tive right of way and repertory, emerge from the weHs. Depend- a' synthetic seawater cooled ? t corra sion problems -in Slg^a . 0 .. type, original ly^-gradg fl ' 1 

using microprocessor control and or abbreviated dialling. - iag on the depth and formation down;:to 4 degrees C. Hot oil is i hB D « sbQre industry specifically b r Xero ? lP ata 

«old-state cross-points (switching Multi-button telephone instrfl. from which the crude flows its then circulated through the pipe q- r j K structures,’ has been P la p e ;e ^%ting^ mac hine*! .o f: 
elements!. m*nts wilt he supplied with the temperature can exceed ■ 100 sections, from a thermostatically com Dieted at a cost of: £90000 5 ?^!*? . - j ' §|- Q 4 !! T 1 

At present the Post Office pro- exchange, allowing access to each degrees C. ' controlled external oil tank.. . Started in 1374 on the. 'initial ■ an j,' ^ ^ 

vides “under 10 lines" exchanges of the facilities by pressing one Metrotect, a specialist British ..Any creep -in the coating is tjvd 0 F Det Norske Veritag and ^ ^ 1 — 

m-meet particular needs in terms burton only. company which is a major sup- measured by- gauges fixed the Norwegian Ship Research TWl VPF 

of capacity and facilities. larger Capacity needs from two pier of the coal tar enamels used between coating- and concrete. Institute, it has .had. support t 

exchanges h<>ina cunnlipH hv the external Dins eiEht extension Nnrih Rbi nmailM nmipn. ■* < Kmi, r®®o yearn .ago-. — 



v.,......,. . - ■ ■ B lu-nuiuu IMS .ifSiou Eiin.uiuucii, ncoi- 

to be met with one.com- An advantage to the Post Office 0 f North Sea working . and the enamel, 
sive system via software- will be the reduction of spares hjsh -temperatures encountered The t 


meats to be n 
prebensive sys 
and the micro. 


iu -»iuui wc.indjsa tniy-iiuiuutsiii m.«*3ii- jjupe ana OI uie CMI l aar neai wim iupii:a aui.u an ijfqj ui t»n'gtinp 

of North Sea working . and the enamel. .- corrosion and envlromneptat memt> ™ 

high -Temperatures encountered The tests have ibown that at data; electrolytic data; paints mPJIJf)r j es 


% rD^red.Mnequarth e hordofany a fire, but the ' tank" wTll“^ 

variety of faetee- 


A KNOWN method for the pre. 
ventjon of an explosion a the 
seems to be petrol- tank of- a motorcar^" 
game in the filling the tank with- a -hone*, 
and packag- comb of aluminium foiL Ifsu^k 
cuts down on a tank ^is damaged, e.g. --ii = S- 
>ler, properly accident. leaking petroLmay start 


and the micro. with fewer, maintenance -visits, were stimulated. .- typical temperatures eocouc- and coatings and the character- Thr s move is helife made both Ing jobs. _ condncted away by the foil: ' 

1 r 7 e sa ^ that it is one of tbe More from the fp«DaTjy at BP aQd Ofaevron- jointly edm- tered in the -exploitation condi- istics of sacrificial anodes. - tQ sai i egt ^rA the'considerable in- ' Light enough — obly fMbs ■— One Prohlem is th atop lytarfo' 

first small exchanges fullv to Swindon P d. Mai me missioned the work which tlohs,. .glass ^bre - reinforced An English digest is a vatiable. vestment Fit : 'software that th*> to be operated with one. hanjt fitted I -wth 

eynlon Stored program tech.- vn'^hire SN 16 SNA (06662 ------ : - ” ~ ' interoatimial real-time computef but tougbly built to withstand gause f pan Jf-.j ^ y*\h fou.- 


eyiloit stored program tech.- v^itsh^c ^ row ' B ' - - ■ - , ... ' j - - ■- - internatioiial real-time computer blit tougbly duiii iu SS. “ ,,r “ ,v,u f .roil. 

mques. In practice this means 2121 ). : : — ” ‘ — 1 — - ■■■■ service etoud has made and to rteoroui daily use- is a staple moreover, filling very ^ tarfe 

a HANDLING •* - %£*£* C^tomeg^re 3T«IM ^ « W fhm ^ 

~ • nANUURu • . protected from machine failures. BTF British Industrial Fasten- tankers) with the foil, wpnid-be 

, Tnirkc til Wfirk ill AilVlCIPr /ntlfiS S OU moS e % 5 bl« S procanore SSks G HP 19 U 3 DS ?0298 S 367 S). ' -An invention which- Wi 

■ Pl' 5 icl*ipc Pill* cnlar Pficfc lllivlij .lv TrU^lk nl Udllgt/l LUuCo bunt -they are becoming , T lohg Nails can be driven at the rate grog* Jies of the foil while 

CUl CU 5 >lo AS jndustry anticipates more been achieved by the extensive fork-lift trucks (from Czecho- in the tooth. «rf around 200 a minute- surrounds -the' fuel tahk^wfift 

A SYSTEM of plastic bags, water temperature of about 60 rigorous controls to^be decreed usenf hydraulics.. Slovakia) feature in the raec- jacket of foil or similar flnf 


e RESEARCH 

Plastics cut solar costs 


HANDLING 


Trucks to work in danger zones 


instead of the conventional plate degrees C is usually reached, under the Health and Safety at The electric motor mounted m hanical handling service -nper- ^ CAE-pTY J t SPCU 0 ITY B «„ e « xm« b - «n M 

collectors, has been tried out the hot water is emptied'into an Work Act. a Midlands company a ftame-proof housing drives a atad in 'the UK by the company. W ■ n,»vwiui 1 shown to act in a way somewfcst 

successfullv during research into insulated storage tank for round- has pre-empted such legislation hydraulic -pump which, through These ranee from the three «. ... ft- similar to the eon per gauze siir 

solar heating by a group of the-clock supply, saving .80 per by introducing a rangp of Indus- the medium a '.circuit valve, cylinder. 1363 kg umt up to the \PQnKnQOCnn PrtnVPVOIM . roundine the ,ohi'- Dayy jafefV 

scientists at the Weizman Insti- cent of the cost of oil-powered trial triicks for use in hazardous drives 1 a- hydraulic'- motor to coo- four cylinder 3181 kg model. kJl-tlUO Uu&ij Uil V wJLt ▼ viu. jg mp which was used to ' avoid 

tute of Science in Israel. healing. ' environments. trot aU the truck, movements. It Lifts range from 22 to 4^8 a prnET K-rav Sag'eaee scUfen examination or hand-searched. mine gas explosions. ‘ * 

The system sunnlies ail the hot The shallow collectors consist The trucks are all pedestrian also arts as a hrake^ eliminating metres. Thefifth is the LPO KAFipex A ay O^gag^regp ^^^ciSer examination, the The blanket or jacket would 

w>tef Me? S I Soud cd 'M of plastic bags fPVC) measunng operated and have been designed the need; for traditional friction (liquefied petroleim gas) oper- SSjp? *S nnft has a high security mode, be made of a- material of 

Sthes Md il consSri nar - 42 ^ 35 raetres - supported manufactured by Dahks^ ^bf brake shoes’. A large cooling ated modelwhich-is particularly the^nveyorbSt U heat-conducting -pmoertifis.^ 

tic^ arlv sSitable for llSe ?on- hetween CODCrete CTrbs 1311 an Netberton. Halesowen Road, tank- dissipates the heat suited to operation in interior veyonsed system. th? 3 ?ray dlSage copoer or.; aliunfnlfim-la^jS 

sumeYs nf hot water such as tec insulation bed. They bold water Netherton, Dudley. West^Mid : generated : in- -the - hydraulic areas owine to its low fume IAL,:.with D the tec^ical; cp- ^ased ?o Permit the use of flexible “ -V? 

tones andhnsnUaK An nrh^r t0i d p P th of cm - The upper landsfBYIT SPG ((BST 66417 ) " sysTetff when' under load. All emission It is suggested- also operation of;Pantak (EMlJ.-has { 5 ®^“ an d close-up facllirv. 'Another 'application li :% e 

,d plication is seen in desalination part of tbe h ® 5 .!? transparent unHke other trucks for use in fuses, too. are housed in a flame- for container loadme because of applied a well-proven - 5 -ray tube machine oer- covering of pip^s for the W 

plants which TouidrlSiiep?^ ^ btrttonj pa « b »^ k - dangerous areas, says -the: com- proof .container. «s,- iow overall hrnght of oniy to a new camera teat, and fg^ ls to bet ter than the safety sport of inflammable UiEhrS 

heated water thus cutting down : For protection/, the bags are pany.-its ra^ee h^s bpoii design'd All trucks are battery powered L 82 metres. The truck has a video store to - | produce the £jJTs bv tbe ^ses with a blanket: "acmrd'T'e 

the cost o KSSK covered by a ^ard.' ihin. trans- f rom .the drawing b 6 arrf-to fit and ..-. have " - tiller ; steering. Uft capacity of 2.5 metres, for Rapidex 100 . which is claims; to f^ ard re ] ev a ant organisations to the invention Ton oil rigs, for 

ing sea waterto* distilfatiOE^point. .g««"t .plastic shget^upKially exacting BSAEEF^ spec ill cation a Their, compact^ design and - H 36 kg load. be the most advanced avatikbie. ™° u “ s b ou f ^ world This rt an- example).. ^ ... ^ " 

Th- .-i an ^ cte de ,,e loped m Israel Tpr^ maximum tot working in oil refineries: manoeuvrability-. -makes them "From NYK in Japan, in a Operation of tile Raplder' lOO dariTIs typically 0 . 5 mR/hr on the ' Fu^her infornu«tion fttnn -J. 

>.,I? e «» C i en > sts j bUt v. p .u c absorption of .light- yet «orru- petrochemical' plants and -artaa ideal for use- -Jo -narrow gang- range of battery operated fork i« -norriiallv eontinao'us a picture surface of the machine Tncor- van Tdbunj. fi fHarendon Oir. 

Sloc/af wfh ^ted for strength and durabinty where. there a?e solvents, etc., ways and they are' said to be Jim. to be' sold in'the UK oftKnte^HfeachtiimS pitted areraJIattondetirt^ d-ps, London Wfi AAY- - 01 -M 5 

advanc/ D^nn^r^h'pv cnuld hP V'l “ atenal ™P^ns special with low flash points. much more economical where through a nationwide distributor baggage beinu displayed on the which wtil shut the machine off 7635 - - • ■ ... : , . 

stabl . IlserB Miti-oxidarinn _ Consisting of three models-a truck operating needji may be network. Initially, the comnajiy -AS eonS ole monitor as i«E should radiation be continuously • V . .. 


Scans bags on conveyors 


avoiding such', disadvantages, 
surrounds -the fuel, tank yiltha 
jacket of foil or similar 
gauge material. This- can fe 
shown to act in a way somewfcft 
similar to the eonper gauze sur- 
rounding the^pM'- Davy -Safety 
lamp which yias used.. to avoid 
mine gas explosions. 


! 3 fmg. ‘ environments. troi -nu tne trucK. movements, it range irom 0.0 10 . ^-o n A e ,„ . . nr hand-searched mine eas explosions 

The shallow collectors consist The trucks are all pedestrian also acts as eliminating metres. Thefifth is the LPO ^^SSomenf h^ g - ? bem^x ^FOr^clO'ie^^amination. the The blanket or jacket would 

plastic bags fPVC) measunng operated and have been designed the need; for traditional friction t liquefied petroleum gas) oper- SSh-? *S woW' witv^“ cS onti has a high security mode, be made of a- material bf'jK 


incorooraled intn almnst anv I-” ,"* ” r - niU; „ “ .‘ “r ri - ““um-j. ujc , control console monitor as lug- should raaiauon oe cnnimuousiy 

build me S • 5 SiL t ^v 8 .TihJ- 2 Sff r»J pallet truck for floor limited tea few, hours each day will import a ranse of 12 front gage passes through the unit: In emitted for significantly longer 

. ; . damase by ultia-yiolet rayv for level movement .only, a I 3 A 0 fcg -r-largec- trucks: -ajje •. normally loading, counterbalanced and .the event of a bag reauirine than the normal examination 

^ ^ r vL ment T ater ls ff* JTf 5 ' I] h being ^made ibv straddle, and a- -cpunjierhaianced only economical.:^ if. used con- “sit-on" repch frocks. altbough ^ er or c iorer ^ Sd 

piped into the bags each morn- fhe Pa Iram factory of Kibbutz lift trDck— the expkjsiob'-pronf tinuoualy on arr eight-hour shift, any- of the Japanese models will the operator presses an alarm IAL CrouD Aeradio House, 

ing^ At 3 pm, when a maximum .Vachagan. Israel, . snedfiratlon for has •• Five' diesel poured Desta be^htained to^r^al order. ^tton^bi^Sr^tijat Te Haves RorS southall. MiddS 


[suspect bag is 'presented Tor re- UB 2 5 NJ. 01-574 2411 . 






~wr m 1 U *1 a. MAINTENANCE departments 

Less risk ol accidents 

Safety figures largely m the fitted with the minimum of dis- Tn T carrying out -emergency and 

day-to-day thinking of Lloyds turhance to normal . working 8 "L a !l d 

r, ... . 0 . , _ roniinp mncninery. This 'Should now he 

British Testing (part of Davey M ' acc irt C nts caused bv unnecessary, savs QnMitsplan 
International), Atlas ! House, shneP1 ^ misreading ^the^ safp with ‘ its intrn ^»ction of a wide 
Beiwell. . Lane, Sutton Cotdfietd, working load rating on a sling vartpty of tkerraosettine nwm- 
Wesi Midlands, B 74 4 AB‘ f 021 - or failing to recognise that a based systems whiefreonte ^in fwo 
308 . 7101 ). Many accidents, says sling is worn or overstrained -to [based on the standard sties 
the company, stem direcfiyjyom danger point, can be obviated hv ° r , tb . e , mo I ? t : 
using equipment that is not. up anyone familiar with the Stripeys tnat f, na . !s - but a^o. :mclo 3 tng 
to- modern standards, -thorn co**mr code. soiall sizes, of ancuiaiyt otodiicts. 

operation by untrained men, god ' The Power-guard overload cut- fn ? ne 

from lack of .proper care and out, of enuise, is de.dgned tn be for - engineering r^alft. T tfie 

maintenance of wines and lift-' fool-proof.' and Can “be' fitted .to P S, e ^' 

ani> LMiuinmont • . • i_ • i- . 1 ' repairs to-, .ninldnles :'^ 


Kit to meijd 

plant 










^ag equipmenL . ... •- crape glmost ,In a mailer r 

•The company has now intw- oT- mipO^es. This nor- only ' vL 
duced new mechanical handling rectifies Jhe safety gap but also G ” 4 „ t rh ^2^ 9 fwl 
aids. These include, a shfoud^fl: gives the overhead .crane 
overhead crane power »' supply operators, the same safety sran- 
Sj^fem (called Prelectors) and a dattoenjoyed; hy their colleagues 
V range of lifting slings fSlripeys) operating mobile machines. 
io .-which the safe working load The company has .now in- l» P t r . 

i* i/antiAn/-' Kv. x j J” • . : and release a cent for repa us on 



ii iden tiffed' by an overload cut- -aufS^^r SS^ra^ 

out system— this is called Power- inf scheme for crane drivers and ^Thp' 

piard. The latter fc particularly ; si ihgers (it stresses how remark- on Th Ou>fticouSe ^StSdSi^Sd 

^portanf.tw^is. overload ^ut-out ably few men are: actually « Er e«ate S 

System is a vffeKfoftqw-oir from specifically : trained to perform hnnrf pnnvJ 

of death by eleclrocution Ssf ^weH q mainmine^^khd prepert^Sh ^s-flwS.^lfetete 

^„ 0pPn bu - sbar c ' r ? ,,,,s ^P'JUly serviced equipment the S sS ™ floors., hotels 
that are still in use in workshops accident figures would ranidi* p iw : •' 

throughout the counrry-could decimate and come onto line with Thorp™: . 5 ?? -iTradi^^fai 
be .ehminafed by the shrouded —even push below — the accident'- WpihethV Wert- Yorkshire LS 23 
conductor , rail which can be level* for industry as a whole ' 



North America our COMEDcbckSat 

display has been selected for theUS Navy's A1 8^ V 
Hornet strike fi&Titpr Tn PurnnA tAro - 


Pvfon CtTTQ nrvni " 1 


Thank you, world. 


Y.WIOXUJ.JO.U 



the PanavTaTomado, in partnership withGeiman . 


More than 65 airlines now fly Boeing 737s. As a tnaljer of fact, over 445 million passengers have flown the Little Giant over 
2.5 billion miles. When we surveyed people around the world,. we found out the Boeing 737 was the 
No. 1 twinjet for one very important reason: It has many of the same comforts as the larger jetliners. - 


steady gtmvtb 

daiy: 


fcnantfl jraired, HoUinwood, Lancashire OI57JS ■ Selling technoloc 


^ 'rr^v 







[♦ ( > H 



:F^I ; i8s'®y October ;6^I978 


labour news 



party plan 


?s 


BY PAULINE CLARK, LABOUR STAFF 


Ministers attacked 

i 

for failing to solve 
hospital dispute 




deal and blames union 


BY OUR OWN CORRESPONDENT 


BY OUR LABOUR STAFF 


A SELF -FINANCING product!- rise from the middle of July. 


safer 


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‘.'•-Vcnv. 

i: :r::r . 


«'-/-.?■ 
J 'O-r - 


L £‘: e 
1^. 
«? .T r 
Rjtr-': 
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tv, 


MANAGEMENT AND unions re- 
presenting Britain’s- 28 State- 
owned shipyards are to set up a 
joint working party on wages 
in their first significant move-to- 
wards creating a unified pay bar- 
gaining system for the shipbuild- 
ing industry. 

The plan was agreed yester- 
day in what' were described as 
informal talks between British 
Shipbuilders and leaders of the 
Confederation of Shipbuilding 
and Engineering Unions repre- 
senting some 86,000 workers in 
Uie yards. 

Describing the move as a 
“ breakthrough *’ in mouths . of 
talks on how to sort out the un- 
wieldy bargaining structure in 
the -industry since it v:as nation- 
alised. Mr. John ' Chalmers, gen- 
eral secretary of Amalgamated 
Society of Boilermakers, said 
there would be a determined 
effort to establish a common date 


for wage settlements. 

A full report on the agreement 
is to be presented to the Con- 
federation in ¥prk .pest .Wednes- 
day and detailed., discussion of 
the development is planned at ra 
recalled CSEJK delegate con- 
ference in November. ■ 

The working party is to report 
back “ as soon as possible ” but 
it seems unlikely - that a new 


national, pay. policy; wiM- be for- 
mulated in time -for the bulk of 
pay negotiations under the 
current 5 per cent. Government 
pay policy. 

; British ShipbuUflers inherited 
an untidy and fragmented bar- 
paining- structure from, the old 
privately-owned r yards where 
negotiations were' : conducted 
separately and tied .only loosely 
to the national agreement for the 
engineering industry! ... 

Last year settlements under 
the ID per cent pay -policy went 
ahead -comparatively . smoothly 


Civil servants seek 
Secrets Act reform 


BY PHILIP BASSETT. LABOUR STAFF 


f'Kit to me 

"*• #■* |l> 9-» *■ 


it-- ... 

h 

B; 

71 * 

'JOS .... 


fc.,; 

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i ni-.tfi. 

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i. *- - 


BRITAIN'S second-largest civil 

service union yesterday called 
for far-reaching changes to the 
Government's plans for the 
reform or the Officials Secrets 
Act to bring about “ genuine ” 
open government 

The Society of Civil and 
Public Servants, which repre- 
sents 105,000 civil servants in 
executive grades, said that the 
Government’s White Paper on 
the reform of the Act was 
“ totally Inadequate** as a 
move towards greater open- 
ness. It is sending Its criticisms 
to Mr- Merlyn Rees, the Home 
Secretary. 

- The society, which is the 
• first «trtl service union to reply 
to the White Paper’s recom- 
mendations, believes that Its. 
members are more directly 
affected by official secrets legis- 
lation than any other group of 
workers. 

Instead of the two restric- 
tions proposed in the White 
Paper of * security and Intel- 
ligence ” and “ protective secur- 
ity measures,” the wider use 
of the defence-confidential 
classification and a new area 
to cover the field of -Inter- 
national relations, the society 
proposes that a.new Official In- 
formation Act should .be based 
on a statutory right of aecess 
to, and use of, information ex- 
cept for defined restricted 
categories. , 

Civil servants tend to.be 
restricted in practice much 
more by administrative sanc- 
tions, including damage to 
promotional prospects, loss of 
pension rights and dismissal, 
than by the terms of the Official 
Secrets Act. 

The society feels, though, 
that both criminal and admini- 
startlve sanctions should be 
used only for unauthorised dis- . 


closure of restricted informa- 
tion. 

Reform of Official secrets 
legislation should not, too, 
mala illegal the disclosure of 
annual departmental reports on 
employees— on issue on which 
the society and ifie Civil and 
Public Sendees 1 Association 
have been, trying to reach 
agremeent With ’the Govern- 
for some years. 

He. Gerry Oilman, general 
secretary, mid the present -Act 
muzzled civil, servants. Tveiy 
trivial Kern oh information was 
secret and potentially, covered 
by criminal.: and disciplinary 
sanctions unless disclosure was 
specifi crily agreed. 

• The Government's offer of 
a 12.7 per cent Increase .to civil 
servants’ inner London weight- 
ing allowances is . to be dis- 
missed by the right ; unions 
involved. The staff ride of the 
National Whitley Cohhdl may 
have to call a r special meeting 
"later this month. • 

The staff side wilHtiy to 
persuade the Civil; Stervice 
Department to make formal the 
current 44 without prejudice " 
offer before taking it to arbitra- 
tion to press for an brereasejon 
the lines of the 135- per cent 
recently awarded to '.teachers! 
London allowanced : p '.\ ' 

• The Civil SerriceAlntety. 
which represents WOO London 
traffic wardens taking industrial ' 

' action over a pay claim, has 
been told that the Phase Three 
' non-bidustrlal iivil servants’ 
pay settlement to which the 
wardens waiU their pay linked, 
would be “ sightly above ” the 
10 per cent ifridelines If It wtre 
apnlied. .' 

The uhion’s traffic com- 
mittee fe expected today to 
discuss.- the action, which has 
seriously affected the avail- 
ability to motorists of parking 
meters in the capital. 


partly because a number- of 
yards were able to achieve extra 
payments through the Central 
Arbitration Committee under the 
1946 Fair Wages 'Resolution. 

This year, yards are said to 
be holding back on their pay 
negotiations until the Govern- 
ment's attitude to implementa- 
tion of its 8 per cent policy be- 
comes clear in renewed talks 
with TUC leaders. But mean- 
while, yards such as Govan. 
which had settled by this time 
last year, arc exploring the pos- 
sibility of self-financing produc- 
tivity deals to boost tbeir earn- 
ings. 

Shipyard workers are likely to 
see some benefit in retaining the 
present sysLem under tbe current 
strict wage guidelines to ensure 
maximum flexibility for negotiat- 
ing productivity deals in the 
separate yards. 

Tbe unions have always em- 
phasised that there should be 
no rigid national bargaining 
structure but that local negotia- 
tions should be based on national 
minimum rates for tbe industry. 

Extra impetus for formulating 
a national structure bas arisen 
from the latest national agree- 
ment in the engineering indus- 
try where pay improvements 
have been biased towards engin- 
eering in private industry where 
considerably more overtime is 
worked than in shipbuilding. 


THE NATIONAL and Local 
Government Officers' Association 
yesterday renewed its attack on 
the Government for failing to 
find a solution to the two-week- 
old-. hospital works officers’ 
dispute as one of Britain's lead- 
ing cardiologists, warned that 
more patients might die on the 
hospital waiting list because of 
industrial action by the group- 

Mr. Ray Harris, a national 
organiser in NALGO, said in a 
statement last night: "It is 
within the power of Mr. David 
Ennals, Secretary for Social 
Services, and his Cabinet col- 
leagues. lo settle the dispute 
very quickly and any suggestion 
of risk to patients must be firmly 
placed at bis doorstep.” 

The union is among five unions 
representing 3,500 works officers 
who are restricting repairs to 
essential hospital machinery and 
equipment to support their 
demand for a correction to 
anomalies in a new wages struc- 
ture. 

The works officers, who claim 
that some of them are being 
offered lower earnings than the 
craftsmen who work under them, 
have been told that Government 
pay guidelines prevent an im- 
provement in' the current offer- 

Professor Jobn Goodwin, of 
the clinical cardiology unit at 
Hammersmith Hospital. London 
— one of Britain's major teach- 
ing hospitals, said: H Tbe great 
fear is that tbe incidence of 


ueonle on the waitinz list dvinc vit y scheme at Viofcei* has been ■ The workers, who wilt not be 
will Screare '* 3 * 15 scrapped because the company, asked to pay back the money- 

' Patients with serimis hparr > vh,ch haildles Defence Ministry are to hold a mee:.'-; next week 
■disease who npprfpS nrrrant contracts., said it was operating to decide, what action , to lake. 
but^Sot emergency 6 treatment’ ?- utside Government pay guide- Mr. Jim Murray, works convener, 
'detprim-at/ lines. - would not comment on the com- 

C0U -„_ suffering Th xr ev ,..,,.|- imfm _ Tunn nanv’s decision veilerrtav. 


The company was now discuss- 
ing alternative pay arrangements-, 
with the worforce. 


serious disability or even ik^ne" The Newcastle-upon-Tyne heavy pany’s decision yesterday. i 
Before the dispute started 1 23 engineering company bas sent a The agreement, drawn up over 
ontnf more than iwinrth! letter tod 1500 shop floor work- several weeks, allows either side 1 
53£ Hstwere al read v°cl azsf crs «U«« them that the three- to withdraw if the other does 
urgent. month-old productivity deal Js to not comply with laid-down con- 


Plessey sit-in 
workers 
ordered out 


Perkins faces shutdown 


i jiHontt - be abolished Immediately. ditions. 

■ ? cancer i _ ® n “ Tbe letter blames tbe decision Tbe Elswick factory, where the 

ser I° U l hea ^ d,seas ® 8 are having on refusal of tbe egineering men work, handles a wi'c range 
to be turned away from hospital union's works committee to com- of defence contracts, largely in- 
because of the works supervisors ply with . a clause governing job volving tanks, 
dispute, Professor Richard mobility— allowing workers to be The company said yesterday 

VVeloourn. Director of Surgery transferred to other departments that the scheme was effectively 
at Londons Hammersmith Ho«- as the order book demands. terminated by. the. union which 
pitafc said yesterday. This clause is seen as'vilay to bad told Vickers that it could 

The hospital's management justify the cost of the agreement, not meet lhe conditions of the 
forecast that the 670-bed hospi- which gave the men a £4 a week deal. .. 

Tal may be forced to dose its | - 

doors- “ because it may. become 

unsafe to admit patients.” Tfc 1 • 1? 1 I 

« D a : %$. Perkins faces shutdown 

52? roJnd" "fie “"unto?" **“' PERKLNS FACES its second shot- for 10 days. As a result 5.5(10 
Dozens of hospitals, includme down within two months because P™ d “^b° n workers were laid off 
somer catering for children, are of industrial action by 800 key an f*J ®°° engmes a - ay , wer . e ,os,: : 
now handling accident and emer- maintenance men at the Peter- The . management rejection of 

aency ca*es onlv , . .. ., , „„ tbe re-grading claim came yester- 

8 At Leeds end Wakefield, sup- day a l ter a four,week ^esii&n- 

plles of sterile equipment have They have called a mass meeting turn.. A statement to union rep- 
been cut by 75 per cent. * or ^ 8 morning after the man- reseuta fives said: **We do not con- 

At Cuckfleld and Crawley bos- a 8 en,e " t rejected their claim for S id er that the claims presented 
pitals in West Sussex supplies of re-grading. by the union justify the re- 

sterilised fluids have run out. The company is tbe world’s grading of all or any craft jobs 
but unions are banning the use biggest producer of .diesel on the basis of a fundamental 
of commercially bought fluids. engines and when the dispute change of skill or responsibility.” 

In North Surrey admissions to started In August, the mainter The union replied by calling 
dll Wren’s wards bave stopped, nance men came out on strike for a mass meeting. 


WHITE-COLLAR engineering 

workers occupying & building on 
the 20-acre Plessey Telecom? 
munications complex at Edge 
Hill. Liverpool, in * protest' 
against redundancies. were 
ordered to quit by a High Court 
judge in London yesterday. 

More than 40 members of the 

Technical. Administrative and 

Supervisory Section of the 
Amalgamated Union of Engin- 
eering Workers have been 
occupying the building on a rota 
basis since September 26. 

At a 10-minute private court 
hearing. Mr. Justice Phillips 
granted Plessey a possession 
order on the property. 

The workers were not repre- 
sented at the hearing. 

Plessey s aid later: “The order 
is a step forward in resuming 
work in the building where 
System X — a new digital tele- 
phone dialling system — is being 
developed for the Post Office for 
introduction in 1980." 

The dispute started on July 5, 
when Plessey gave tbe union 90 
days' notice of redundancies 
affecting 60 Oworkers. 


r-«- 

%k 


NUT probes delays 



utmi n iiisj i ra m u*' 


SY OUR LABOUR STAFF 









THE National Union of Teachers 
is to examine the. progress made 
by local authorities, towards 
fully comprehensive education 
systems and to. identify those 
authorities “pursuing delaying 
tactics." 

The executive of the NUT, the 
largest teachers’ onion in tbe 
country with 2SS.000 memhers, 
has asked each of its 104 divi- 
sions to report on the progress 
of secondary education reorgan- 
isation in its area and whether 
any local authorities are drag- 
ging tbeir feet. 

The reports will also show the. 
extent to which local authorities 
are continuing to contribute to 
independent schools and will in- 
form. the onion of any attempts 
to disrupt comprehensive 
schemes. 

Mr. Fred Jarvis, general secre- 
tary of the union, said yesterday 
that it was seriously concerned 
that some authorities were fail- 
ing to meet their legal respon- 
sibilities- The union would 
consider bow pressure might be 
applied. 

Of the 97 locaJ auJrtoiitdes in 


England, 44 are now fully com- 
prehensive. A further 16 are ex- 
pected to be comprehensive by 
1981- and another four in 1983. 
Of the 33 outstanding, four are 
involved in court actio ns. 

.Mrs. Shirley Williams, Educa- 
tion Secretary, told tbe Labour 
Party conference this week that 
S3 per. cent of . secondary school- 
children were now in compre- 
hensive schools. Since 1965, 
the number of comprehensive 
schools has risen from' 221 .to 
3.678. 

Mr. Dewi Bonner, NUT presi- 
dent, said yesterday that the 
anion's campaign against woreen- 
ign pupil-teacher ratios wonld be. 
stepped up this autumn. The 
uniem had already saved 8,500 
jobs. • 

• Tbe National Union of. 
Students yesterday called for: 
planned research by the Govern-! 
ment into the development pfj 
micro-technology. The union, j 
which has put its case to Mrs. 
Williams and to Mr. Albert 
Booth, Employment Secretary, -is 
to carry out its own study. 





;s,ff 

Si- 


Unions give pledge on 
Times supplements 


Part of wir defence strength 

Equipment for defence which is winning UK and muffi-millm 
pound export orders Indndes theMariclUVIckm Main RattU* 
Tank and assochuediecoveiy vehicles. 


Building for bigger sales at MicheO Bearings 
The recently completed £44millicBidevdc?)ina3t at the . 
Newcastle plant of MkheD Bearings is part of the expansion 
programme or a company which now sells over 30% of Us 
OPtimttiu prwwi lri rnafferfq flffyqri p d a< ffi?narl i!> i pwwpHr 

and My, 


Healthy progress; in medical equipment 


Intei sivecare neonatal incnbnKxs from Tickers Medical 

have proved their value ta, competiti pc markets and other 

highly sppcfal sad eq o^meot such a5,LrP la tor Tents and 

Hyperhark: S VStenK ate gwmg lives and n innhig martote. 






■ 


* 


A 

■p O' 


TIMES NEWSPAPERS said The company said: “We are: 
yesterday that its three weekly encouraged that the unions nave] 
supplements would continue to recobnised the seriousness of 
be printed and published hi the- situation and bave taken 
London after receiving assm- positive and constructive steps 
ances of uninterrupted produe-- fo stop the pattern of disruption 
tion from the unions involved, that was endangering the supple- 
The company had told the ments’ future." 
unions on July 4 that unless The assurances do not affect 
they gave the guarantees, print- the notice given by the company 
Ing and publishing of the Times to suspend publication of the 
Educational, Higher . Education Times, the ‘ Sunday Times and 
and Literary Supplements would the thre supplements on Novem- 
be transferred outside London, her 30 unless the unions guaran- 
In the first 26 weeks of this tee industrial discipline, 
year 17 issues of the supple- •• 

lateness or industrial action. More Ordnance 

Yesterday the final assurance | yvffe- 
was received on future produe-. lay-OIIS 

ti The unions principally involved W “ e ° 

are lhe National Graphical Asso- Jaid. off at the ; Government s 

ciatioo. the Society of Graphical Royal Ordnance factory J 

and Allied Trades and the BirUey; Tyne and Wear, bn^- 

National Society of Operative ing the total sent hometo f ou, 
printers- Graphical and. TMedia because of a two-week pay. sot*® 
Personnel: by 400 inspectors. 


The strength of tbe Vickers Engineering 
- Group depends on far more than its wide 
diversity of products. 

It is firmly based on the ability to build 
bn strength in the areas ^ we know, and from 
this comes our outstanding record of 


To achieve these successes we are 
building in other ^ ways. Therecently 
completed milli on development for 

Michell Bearings in Newcastle, and a new 
multi-million pound investment in our 


markets. 

We are currently supplying high : 

L technology machine tools to ScandLadyia, 
medical equipment to the USA and nuclear 
test rigs to West Germany. We are also 
providing engineering knowhow for major 
projects throughout the world through our 
Derign and Projects Division. 


Group. % . : 

M of which increases our contribution 
to the ^onomy and gives more work for 
suppliers and more scope for further growth : 
and sales. 

The Engineering Group in the UK is one 
of the six operating groups of Vickers which 
cover OSshore Engineering, Roneo Vickers 


Office Equipment Group, Howson-AIgraphy 
lithographic printing plates and supplies, 
and Engineering in Australia and Canada. 
However diverse their products, all these 

groups have one thing in common- they are 
building on strength to win even bigger sales 
successes tomorrow. 




Building on strength. 

Vidas limited Vidas House Mill bank London SVY1F4RA 






JflaandaT Times Friday Osetober 6* 1978* 



BY JOHN BRENNAN 


When advisers clash 


IT is fashionable to argue thar 
Planning controls are now too 
complex and too sluggishly 
operated. Looking at decades of 
neglect in the inner cities it is 
tempting to put the case for a 
single executive planning 
authority with powers akin to 
those of the New Town Develop- 
ment Corporations. But. as Cum- 
bernauld Development Corpora- 
tion is discovering, even the New 
Town system has its drawbacks. 

Cumbernauld, near Glasgow, 
has been talking of adding to Its 
central shopping centre since the 
early 1970s. Phases I and 11 of 
the centre were completed in the 
1960s and a third phase, occu- 
pied as a Woolco store, opened 
some years later. In 1975 the 
Development Corporation 

received planning permission to 
build a Fourth phase of the 
centre, linking it on a level with 


the Phase I and n buildings 
which stand on 22 to 26-foot 
stilts above ear parking. It 
proved impossible to fund this 
scheme. 

Healey and Baker, acting as 
the New Town's property consul- 
tant. was asked to suggest a 
scheme that would be commer- 
cially viable, fundable, and 
which would be designed as a 
natural extension of the existing 
buildings. Its plan, which, would 
have involved rerouting a road 
under the control of the Strath- 
clyde Regional Council, was 
amended, drawing the ground 
level scheme further away from 
the exist me buildings. This 
revised plan has been accepted 
by the Scottish Office and earlier 
this year pre-lettings began and 
tbe Coal Board's pension fund 
agreed to back the £4}m develop- 
ment. With its 180,000 square 


WAP fund for Robeco 


IN A £20ra de3l Roheco — the 
Dutch investment trust Roiter- 
dnmsch Beleggingsconsortium 
N.V. — has moved closer to form- 
ing its own quoted real estate 
investment trust. 

Robeco. which took its first 
major steps into the property 
market earlier this year with 
the acquisition of a property 
portfolio from the Dulch group 
Fakhoed and which aUo holds 
share stakes in Hexelon and in 
EPCs one-time suitor Wereld- 
havp. has now bought the FI 90m 
f£22.1m> properties held by the 
WAP Onroerend Coed Beleps- 
ibgsmaatschappjj trust. 

WAP was formed in 197.1 by 
three Dutch banks. Amro. Pier- 
son Heldring and Pierson, and 
Westland Hypntheekhank. Before 


the 1974-75 property crash WAP's 
managing agents. Jones Lang 
W notion, built up a portfolio of 
shop and office properties in 
Holland. Germany, Belgium and 
France. The crash killed the 
banks' plans to launch the trust 
as a quoted property vehicle for 
their private depositors and 
smaller institutional clients and 
althoueh Robeco is believed to 
have paid around .FI 10m less 
than the gross portfolio valua- 
tion. the banks are happy that 
the sale price dully recognises 
WAP's low gearing. 

JLW is to remain management 
agent for the WAP properties, 
a comfortable position in view 
of Roheco's plans to increase 
its property investment activities. 


feet Phase IV scheme underway 
and due to open by Christmas, 
1980, Cumbernauld's planning 
decision now ran into a barrage 
of criticism from traders in 
Phases 1 and II of its centre. 

The traders claim that they 
knew nothing of the decision to 
build a ground Jloor rather than 
a raised scheme until they 
"happened" to see a copy of 
tbe plans in April this year, 
shortly after the Corporation had 
finalised its plans for Phase TV. 

A meeting of traders was con- 
vened in July, and an action 
committee asked 31 rs. 31*rgrer 
Bain. Scottish National MP for 
East Dumbarton, to query what 
the committee sees as the 
Development Corporation's 

steamroller tactics with the Par- 
liamentary Commissioner. The 
Commissioner could not help as 
the matter did not involve malad- 
ministration. The committee 
then called on the Scottish Sec- 
retary to hold a public meeting- 
And last week he replied saying 
that the planning decision had 
been made, and that it would be 
inappropriate at this stage to re- 
open the matter. 

Rounds one and two of the 
debate have, therefore, gone to 
Corporation. But the committee 
is now increasing its pressure for 
a public inquiry on the grounds 
of the Corporation's lack of con- 
sultation with existing tenants, 
and on the argument that tbe 
new Phase IV will kill trade in 
the existing ccoire. Here lies 
the core of the debate. 

On the one hand, Healey ami 
Baker argues that the new centre 
will make Cumbernauld a 
stronger retail magnet for the 
area and so help both new and 
existing traders. It also feels 
that a roof top car park on 
Phase TV will boost trade for 
existing shops. On the other 
hand, a preliminary - report pre- 
pared by the Scottish office of 



There may be close to 1.4m 
sq ft of air-conditioned offices 
available in the West End aud 
Victoria area of London. But 
Leslie Llntott and Associates 
cannot find 75.0UO sq ft of it 


Edward Erdman provides the 
tenants, with ammunition for 
their counter case. 

Erdman writes that Pha.>e IV. 
** is likely to be entirely success- 
ful in its own right . - . 
unfortunately at the ex'benso nf 
Phases I and n." The new 
scheme must, it feels. " have a 
damaging effect on Phases 1 and 
II in terms of siphoning off 
shoppers . . . ." 

If Phase IV does make a retail 
desert of the existing shops then 
Cumbernauld, which financed 
the earlier development, will 
stand accused of high-handed 
action. If. as Healey and Baker 
expects, the scheme helps the 
town to become a major regional 
shopping centre, the New Town 
planners will stand as an 
example of effective planning. 

Where developers face 


Freddie AlonsfieM 

In one place. 

In the past few days the 
firm has been commissioned to 
look for a single West End 
building of this size for what 
tbe market assumes is one of 


unreasonable local authority 
planning delays it is easy to put 
a case for New Town style 
executive decisions, and the 
property industry as a whole 
tends towards the view - that 
responsible planning need not 
mean endless years passing from 
public hearings to committees 
and back again. But what hap- 
pens when, as at Cumbernauld, 
the professional property 
opinions on an executive 
authority's scheme clash? Id 
this case the Corporation fails 
hack on the only realistic answer. 
“ we expect Phase IV to be a 
riotous success, but we will just 
have to wait and see." 


Its all company clients Bat a 
cast through the space avail- 
able lists reveals .nothing 
suitable. 

The obvious first choice 
might appear to be part of the 
Electricity Supply Nominees’ 
135.000 so ft “ Southside " 

offices over the Army and 
Naw scheme in Victoria 
Street, S.W.L But letting 
agents Richard Ellis, who 
earlier this year signed up 
Chevron Oil Service Company 
to take 36.000 sq ft of the 
block at close to the £15 a sq 
ft asking rent, are helfeved to 
be deep in letting discussions 
for another 60,000 sq ft of the 
building. 

As demand for units of this 
size now runs ahead of supply 
In the area It looks as If the 
relocation season could soon 
be upon ns again with pros- 
pective tenants forced to look 
elsewhere, and existing, 
occupants taking advantage of 
the market to assign leases 
and head for the country. 


In Brief . 


IT HAS been a week for manage- 
ment changes. Two were impor- 


tant. but unnoticed, and one was 
a formality, but misinterpreted. 

The latter was Percy Billon's 
decision to band over the manag- 
ing directorship of the industrial 
development group that bears his 
name, to Ron Groom and Alan 
Smith, who will now share the 
job.- Both have been easing into 
the role for the past 18 months, 
and, alter 20 years with the com- 
pany, in- charge of administra- 
tion and developments respec- 
tively, it is surprising that the 
move served to rcopeD the now 
mildewed tales of Board room 
strife. The appointment of Hugh 
BetUestone of Clerical. Medical 
and General as deputy chairman 
is a welcome addition to the 
Board, where Mr. Biltou has long 
made it clear that his son Donald 
will eventually succeed him in 
tbe chair. 


Over reaction to title ebangra 
at ' Bilton contrast with little 
reaction to appointments at 
MERC and Haslemere Estates 
where next generation property 
men have been filtering onto the 
main boards. 

At MEPC James Tuckey, who 
joined the group from SaviUs in 
1972. took over as director in 
charge of the OK portfolio at 
the beginning of the month and 
Roger Squire, who joined iu 
1972 and subsequently ran 
MEPC’s European operation, 
takes over as development 
director. At Haslemere Timothy 
O'Rorke. wbo specialises in pur- 
chasing London properties, is to 
join the board on November 1 
along with industrial developer 
Christopher Benham, 


IT IS three years , since Gower 
Press produced Its last Indus- 
trial Development Guide. Now 
Cambridge Information and 
Research Services has taken up 
the role of publisher and pro- 
duced . an updated edition of 
this nationwide survey of Indus- 
trial property and development 
sites. 

CLRS built its picture of tbe 
industrial property market on the 
basis of questionnaires sent to 
county and local authorities and 
to estate agents and developers. 
Although the response to its 
questions was good — all the 
county authorities. 80 per cent of 
the New Town Corporations and 
over 70 per cent of the district 
councils replied — tbe guide is 
necessarily not comprehensive. 

Only 100 replies were received 
from the private sector, and as 
the survey was carried out in the 
summer lists of available pro- 
perties and sites are bound to 
become embarrassingly out of 
date before the 1979 survey. 

But these are minor criticisms 
set against the guide's real value 
as a handy source of information 
on industrial development incen- 
tives and controls throughout 
the country. Its particular 
strength Is an excellent county 
by county review of tbe indus- 


trial market The sites and Wo* 
perties shown to be available 
may become dated. But the out- 
line descriptions of each 
county's markets and pfenning 
background are invaluable and 

are backed up with a contact's 
directory listing over 1,090 
private and public addresses 
covering most areas of the indus- 
trial market. 

One point to emerge . from 
CIRS's survey is the surprisingly 
large amount of land available 
for In da atrial development. 

Excluding sites of under 2 
acres the guide identifies no less 
tbau 300,000 acres of industrial 
sites currently available. As 
recent land prices show, much 
of this land is in the wrong place 
for developers. And price rises 
underline the growing shortage 
of suitable freehold land. Bat 
tike survey does show that 50 
of the 63 English counties and 
Scottish regions have over 100 
-acres of industrial sites ready 
for building and that in five 
areas. Greater Manchester, Lan- 
cashire, Humberside, Clwyd and 
Strathclyde, toer are over 2,000 
acres of industrial land standing 
unused. 

Industrial Development Guide 
1978-79, Cambridge Information 
and Research Services Ltd., B 
Market Passage . Cambridge. 
Price £11.00. 


OLIVER MARRIOTT, author of 
the classic M The Property 
Boom." and part of Jeffery 
Sterling's management- team at 
Town and City Properties, has 
sold all but 25,000 of his shares 
in tbe group. Mr. Marriott sold 
a total of 350,000 shares late last 
week, raising £45,500 at 13p a 
share. 

Mr. Marriott says that the 
share sale does not. however, 
“ in any way affect my rnle with 
the company." No move is 
planned, and he explains that 
the sale was for purely personal 
reasons. 


Property Deals appear on 
Pages Iff and 23 


INDUSTRIAL 



INESS PROPERTY 



13 acres freehold 
residential building land at 
Abingdon, Berkshire, 
with outline planning consent 
to be sold by Tender 

Closing date for tenders 
10 am 3rd November 1978 


Joint Agents: 


FRANKLIN & JONES 

— I Elms Court 

|M| Oxlord OX2 9LP 
aBES I Oxford (0865) 46666 


DRIVERS JONAS 

18 Pall Mall Hni 

London 

SW1Y5NF DHVHH 

01-930 9731 ■HL^LI 


Offices To Let 
in Central London 

SW1 4,500 sq. ft. 

St. James’s 1,100 sq. ft. 

WC1 6,000 sq. ft. 

WC1 925 sq. ft. 

WC1 800 sq. ft. 


tear 




BROMLEY 

STOCKWELL COLLEGE 


Superb 

Traming/Conierence 

Centre 

Close to Stations & Town Centre 

140,000 SQ. FT. 

SET IN 

15 ACRES 

OF LANDSCAPED GROINDS 
Suitable for a variety of uses 
(subject to planning) 

FOR DISPOSAL 

Apply Sole Agents. 


Hiliier Parker 

May A Ibmilrn 


77 Grosvenur Street. London VGA JR l 
Telephone: fll-RUfl “ijfifi 

iiH O'v L-ivlii ^fltnfxifsr. P-«.- >’• " iJ “ ■' " J 1 


cwt 

T- rv 


Air Conditioned 
City Offices 
To Be Let 


21 Holbom Viaduct, E.C.1 
1,230 sq.ft. 3rd floor. 

47/51 King William Street, E.C.4 

2,000 sq.ft. Ground floor banking hall. 

Broad Street House, 

55 Old Broad Street, E.C.2. 

2,030 sq.ft. 4 th floor. 

J LW Computer)- A Complete Answer 




1 4 Nicholas Lane, E.C.4 

3,470 sq.ft. Self-contained building. 

Bastion House, 

140 London Wall, E.C.2. 

3,605 sq.ft. 3rd floor. 

108 Aidersgate Street, E.C.1 
4,850 sq.ft. Self-contained building. 

Heron House, 

319/325 High Holborn,W.Cl. 

7,450 sq.ft. 2nd floor. 

15/30 Grange Road,S.E.l 
17, 680 sq.ft. on two floors. 

City Offices Department 
33 Kmg Street London EC2V8EE. 

TeJ: 01-6064060.1^885557 





TO LET 

AT 

Aston, Birmingfi&u 

12 Acre 

Development Sits 

This important rail-connected site is available to let on 
a long lease for industrial or warehouse development. 

Principals or retained agents appiy to: 

J.P. Ambrose F.R.I.C.S.,- 
Estate Surveyor and Manager, 

British Bail Property Board. 

Stanier House, 10 Holliday Street, 
BIRMINGHAM B1 1TG 




CITY E C 4 

t Between Cannan Srreet/Ch capsid- » 
FREEHOLD OFFICE BUILDING FOR SALE 
I Approx. 2.1C9 S;. Ft.l 

2A Easreheap. London 
EC3A 1AA. 01-283 1191. 





TO: FINANCIAL INSTITUTIONS. .MULTI-NATIONAL 

CORPORATIONS. BANKS. INSURANCE COMPANIES. ETC. 

Owner* nf an freeiw-i i-: - .. v.nuiil lit* 

plvaji-il tu ere*'' and )•*: i'O- i-.-jj-.- „r 

without •.w.ldentiui 3cevn.i,-,<-.da;:-.n. T.. :• i v.- ih.- 

innldiii" v. outd be In the rce'.un *.■ T 

l.iibrall:ir. in tin.- sleillu j an-a. -rrinv. . .t ,, ;il j,a- 

acivanuv.ei uur Channel N.ri-il- .-.-‘.i f \i:u : , n relation 

lu Capital Transfer Tj\. 7 T ■ j ti - .- f .- 1 C.-_- n " - -if I v.il!. 

■•Mornal -u-comits *'njr>\ fc • 

Tin- c S i in .» *•• i*. ienrivrj’r ar.-f -:.nv. n.. ■ 

P.-'im;: ".--..• u .«.• 

/ in' .-i.-fiT-'- - ••. .-•.-.rjv.vi : .. ^ 

r , i:*i*v» I rn* ! Ji> Slr.'f- /’ t,J}‘ 



*#!%»’. if . 


CROWN HOUSE 

North Circular Road London NW10 

20,035 sq.fi at less than 
£1.40 per sq.ft 


Ml and M4 Motorways 
within easy reach 


© 3 Passenger Lifts 


® Central Healing 


• Part Double Glazing 


• Equipped 


Computer Room 


• 21 Car Parking 


Spaces 


-Wombrey^ M jefd £es'e% : -H A'O ^2DL i ' 
p>-902 30 f 7 '>^-V *|-^- 





******** *' 
millilSA 



CARLISLE SI W1 


Entire modem office building 

to be in 

12,500 sq.ft Lift. C JT. Car Park. 
Mav divide. 


--"v 



I lei rinL> 

■ Sotj X; l );,iw 


l. li.ir:.-n.ri>nrw'« , is.'Ji. JSS.nAi illvSiriTl, I.uiitk'ii \VIX2(JL 

01-7348155 


^K) for Industry 


CAMBERUEY 

10.000 sq. fc. Warehouse 

TO LET — IMMEDIATE OCCUPATION 

COVENTRY 

New Warehouse/ Factory Development 
To Requirements to 300.000 sq. ft. 

Phase 1 Units from 2,750 sq. ft. 

TO LET or FOR SALE FREEHOLD 

GUERNSEY (St. Peter Port) 

Industrial Sites up to 3{ acres ; 

Also buildings to .tenant’s requir»Yntaa 
TO LET ' . 

LONDON, S.E.S 

Factory 4 J00 sq. ft. 

IMMEDIATE OCCUPATION 
LEASE FOR SALE 

MILTON KEYNES 

3.000 sq. ft. -40.000 sq. ft. 

New- Factory/ Warehouse Units 

-TO LET or FOR SALE FREEHOLD 

STAPLES CORNER, N.W.2 

Superb New Warehouse/Offices 

20.000 sq. ft. 

TO LET — READT SPRING 1979 

SWINDON 

2 ! .000 sq. fr. Warehouse 

TO LET — IMMEDIATE OCCUPATION 

TOTTENHAM, N.17 

Single Storey Warehouse 36.000 sq. ft. 

TO LET 

King&Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01 -236 3000 Telex 885485 
Manchester* Leeds and Brussels 



West End 
Offices 

75 Grosvenor Street, W1X0JB 
01-4990404 


Mayfair; W.L 8,250 Sq. Ft Modern First Floor Offices. 

Air-conditioning. Six car parking spaces. 

N.WA. 13,533 Sq.FL First Floor only available. 

Refurbished and modernised budding with prestige 
. marble-lined entrance. Lifts. Central Heating. Car Barking 

St James's S.WL 400 Sq. FL 

licensed Offices with use of Reception fatalities. 

Tesmsby arrangement Bully inclusive rent 



1/2-100 

acres 






























2 CopthaB Avenue 





OTYOF LONDON EC3. 

A superbly refurbishedoffice building of 

56,000 sq.ft approx 

OmtftheJew.buMngsgftMssizeai rrentfy available 

* AIR CONDITIONED. *FULLY CARPETED. 

* MARBLE LINED ENTRANCE HALL. 

# ACOUSTIC TILEDCEILINGS. 
ie DESIGNED FOR MAXIMUM FLEXIBILITY OF LAYOUT 

. . : A development by the Abbey Property Fond Usm 

Full details fiurti 


GRODT 


COL LIS 


163 MOORGATE. 
LONDON, EC2M6X8 

01-628 4704 




... •: • 

PEY <St. PetarFr 


t;H£YNES 

• ft a. 

l. 

3 CORNES. N.« 



«H*M, N. 


mm 


Central Area Phase III 

30,000 sq. ft. New Offices 

To Let. 

Private Car Parking Facilities 




Joint Agents: 




Chartered Surveyors _ 

103 MountStreet London W1Y6AS. 

Tel: 01-493 6040-Telex: 885557. gcala House, Holloway Circus, Birmingham. 

B1 lEH.Telephone: 021-6438822. 



A LAiNG Development 



BATH ROAD (A4) 


Airport 1 mile. M 4 ( junction 4 ) i/nile 

New WarehousesTo Let 
13.000-52, OOOsqft 

Available November 1978 


Heywood Industrial 

] Estate, Lancs. 
120,900 sq. ft. 

SINGLE STOREY 
WAREHOUSE 
| 10 Loading Doors 

2 miles M62 
I LEASE FOR SALE 

ft 

^^SGUEST&CQ. 

QUEST S. CO . PSUr.3 Sonw iMw ctmlg 

_BOflO 6*8322888 


LONDON, W.10 

Close Westway A40/M40 

TRANSPORT DEPOT 
WITH WORKSHOPS, 
OFFICES, WAREHOUSE 
AND YARD 
Approx. 15,680 sq. ft - 
FOR LEASE OR 
FREEHOLD AVAILABLE 
BRENDONS 
1/3 Ashbourne Parade, 
Ealing. W.5. 01-998 271L 


To Let 


Close to Bank of England 
Stock Exchange and 
other major financial 
‘institutions. 




Self-contained Building. 
Carpeted throughout 
High speed lift. 

Bronze tinted solar glass. 
High Quality Specification. 



FULHAM, LONDON SW6 
Prestige Modem Offices 
3,670 sq. ft . 

Central Heating, Lift and 
■ Car Parking 

Daniel Smith, Briant & Done, 
01-930 9385 


Chartered Surveyors 
Vintry House, Queen Street Race, 
London EC4R 1ES 
Telephone: 01-236 4040 


Richard Ellis 

Chartered Surveyors 
64Comhill, London EC3V3PS 
Telephone: 01-283 3090 



// To Birmingham 


WAREHOUSE/ 

INDUSTRIAL UNITS. 

Immediate 

Occupation. 

*5,000 sq feet- 
40,000 sq feet. 

*Eaves 22 feet. 

♦Large service 
yards and 
circulation 
areas. 


A Bryant-Samue! 
Development. 

^►Phoenix 

Beard 

15 Hanover Street 
London W1R9HG 

01 493 4213 

□□ Grimiey 
&Son 

2 St Philip's Place 
Birmingham B3 2QQ 

02! 236 8236 


■MSturgls«n 

& SON PARK LANE 

PRESTIGE 

NEW OFFICE BUILDING 
TO LET 

PUTNEY. LONDON S.W.15 

6,61 1 sq. ft. net 

Full details and terms apply ■ 

61 Park Lane, W.l. 

Telephone: 07-493 1401 Ref: MGS 



,,s . 


By Direction of GKN Bolts and Nuts Lid. 

WEDNESBURY 

West Midlands 

BESCOT INDUSTRIAL ESTATE 




1 ! i. a . v<aV» ’ ‘**v * '•* liflva 


B Apply Birmingham Office Ref: FDD/RFM 


! . 78-Cormcrre Rbw, ."-'-Parksicle House. >3 r ■ 

8iffri.r-qhar>: • *51/53 v- Street Sanburv; Oocrcv'-.r^ 
"B3 2HG London W1Y /DU. ' C/C' TA-V 

Tel. 021-236 8477 Tel OT 489 9452 ' Tel 0295-50484 


EDWARDS i 
BIGWOOD 
& BEWLAY 


HARROGATE N. YORKSHIRE 

VALUABLE FREEHOLD GARAGE, 
WORKSHOPS + SHOWROOM PREMISES 

Some 5,000 sq. ft. 

★ Excellent Showrooms 

★. 7-Bay Service Workshop? 

- ir Ample Stores + Offices 

* Covered Forecourt Free of Ties 
• ★ Built to Audi/VW Specifications 

042M4251 


20 Victoria Avenue, Harrogate HG 1 5 QY 


MANCHESTER C 

• City Centre location 

• 51,000 sq, ft, 

• Variable Air Conditioning l 

• Carpeted throughout r 

• Tinted spectra float glazing f 1 

• Natural York Stone facing \ 

• Units from 5,000 sq. ft. available i 


Outstanding Offices 
and 

Banking Hall 

M tw gy aw jyavs • r. yi «■ ' Vr ''^fK^sr.SJT^r.'wmnga 


60 Spring Gardens' 
Manchester M2 2BR 
Tel: MI-832 3183 

















patni 
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in hi: 
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sancti 
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being 
state 
that ■ 
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The 
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refers 
chat < 


>um deals ! 


Wingate to 
move OCL 


WINGATE INVESTMENTS. 
WImpey’s property subsidiary. 
Is to develop a 331,450 *0 ft, 
10-storey City fringe office 
complex for Overseas Con- 
tainers. 

On September 5. OCX. which 
has been looking for a new 
headquarters for some- years, 
followed through an Office 
Development Permit for a 
. scheme In Goodmans Yard by 
Fencfanrch Street Station to 
the east of the City of London. 
It submitted a planning appli- 
cation to Tower Hamlets and 
to the City Corporation for 
the offices (250,000 sq ft of 
which will be occupied by 
OCL) and for 48 flats, squash 
courts, and a public house on 
the site. 

In what must be one of the 
swiftest reactions to a plan- 
ning apnlication of this size. 
Tower Hamlets planning com- 
mittee agreed to the proposals 
on Wednesday evening. less 
than a month after the sub- 
mission of the scheme. 

The committee agreed to 
the proposals even though the 
site lies outside the Council's 
designated office development 
areas. The fact that the 
development is not specula- 
tive. and the possible loss oF 
1.300 OCL offiee Jobs to the 
borough, outweighed obiec- 

. tinns about the relatively low- 
level of planning gain for the 

- local co mm uni tv in the plans. 

The City Corporation is 

- expected to consider its por- 
tion of the scheme in the next 
two weeks. After that the 
plan$ will have to he sub- 
mitted to the Greater London 
Council and the Secretary of 
State for the Environment 

Lander Barfield, Wingate's 
advisers, make it clear that 
the scheme is still onlv in a 
preliminary stage. But as 
Wingate has options to 
acquire the portions of the 
site It does not already own, 
and is likely to enter into a 
form of partnership with 
British Rail on its section of 

- the site, a clear rah through 
the planning maze now could 

■ mean that work won!*! start 
on the hniirtine next ve»»- with 
a completion date in 1982 or 
1983. 

Aronnd 180.000 sq ft of 
offices in the proposed new 
building would he available 
for a tenant other than OCL. 
which would itself expect to 
temporarily sub-let part of its 
250.00Q sq ft until its staff 
numbers increased. This addi- 
tional office space would pro- 
vide Wfngate-Wimpey with 
two of the largest vacant City 
fringe schemes on the market 
by the early 1980s — the un- 


used OCL* biotic, ' -and the - 
second. 95-300 sq ft, stage of 
the Wingate Centre next door 
in the Minodes. 

Lander Barfield, which let 

the 66.000 sq .ft first stage of 

the Wingate Centre to Insur- 
ance brokers Bain Dawes late 
last year, looks to an acute 
shortage of large City offiee 
units by the end of the decade 
and to a sizeable rise in rents. 
With that In mind the firm is 
not yet marketing the second 
stage offices. 

George Trollope and Sons, 
who are acting for OCL oh 
the development, will also 
have an interesting office sale 
on their hands if the scheme 
does go ahead. When It moves 
OCL is to sell its existing 
128.IK10 sq ft Beagle House 
headquarters In Braham 
Street. Tower Hamlets. 



67,800 sq.ft 
commercial premises 
fully modernised 

TO LET 



~ A* . .. 




» w yM>: <— » — * - - 




COMMERCIAL Property Unit 
Trust, managed by Morgan 
Grenfell Property Services; has 
paid around £310,000 for a 15,700 
sq foot warehouse development 
in Bath. Country class Invest- 
ments’ scheme at Locksbrook 
Road, Bath, has been pre-let, at 
an initial £23,500 a year, to 
E.RJ)., a subsidiary of Thorn 
Electrical Industries. The sign- 
writers* friend Cuthbert Lake 
Claphaoi Drew Gibbins and 
Pearce advised' Morgans, and 
Connells introduced the fund to 
Coontryclass. 



INSURANCE BROKERS may be 
moving their -main clerical staff 
eastwards in the City but offices 
within walking of Lloyds still 
command the top City rents. 
Dron and Wright are this week 
asking £L7.25 a sq foot for Bland 
Payne's 7,550 sq foot underwrit- 
ing suite at 19/2 1 Billiter Street, 
just opposite Lloyds. The 1865 
block, was refurbished in 1964 
and the brokers will Jeave -the 
offices for their new Mincing 
Lano headquarters early next 
year. 


^Auto Lifts ^Loading Bay 
sf 1 Central Heating 


74 Grosvenor Street 
London W1X 9DD 


CHESTERTONS is to bring ail 
its West End residential opera- 
tions under one new roof from 
Monday when it completes the 
takeover of Hinton and Com- 
pany. Tony Hinton is to become 
a consultant at Chestertons, and 
the firm's existing bouse sales 
staff will move from their Gros- 
venor Street headquarters to 
Hinton's former offices at 47 
South Audley Street, Mayfair. 


01-491 2768 


Gluttons 


GREAT PORTLAND ESTATES 
has raised £3.8m from the sale of 
its 10.4 acre Uplands Trading 
Estate in Walthamstow, E.17. 
Bush Boa be Allen, the food 
flavours subsidiary of Albright] 
and Wilson bought the land and' 
the 230,900 sq ft of assorted in- 
dustrial buildings lying next to 
its present 9.1 acre site in Black- 
horse Lane. Walthamstow. Bush 
Boake Allen, which signed the 
completion papers last Friday, is 
already one oF the largest 
tenants of the estate and the 
additional space provides room 
for further, expansion. Jones 
Lang Woottob advised Albright’s 
subsidiary on the purchase. 

JB 


FACTORIES AND 
WAREHOUSES 


A name that’s recognised can inspire awej 
envy or, in this case, confidence. 

It’s a name with a reputation for accepting 
only the best, and maintaining the highest 
standards. An assurance for the wine-buyer r 
that his choice has been expertly selected and ; 
carefully shipped. 

A very good wine reasonably priced. 
Disti nguish ing it from the ranks of all the rest. 

In other words, a name such as ours can . 
sometimes be all the guarantee you need. 

Because when it says Bouchard Artie on 
the label, it says a lot for the wine. : ; 


FACTORY; WAREHOUSE — MS Junction 22 
it Htonbridoo, Somerset, on popular 
Industrial estate. 10.300 sq. It. plus 
ancillary offices etc. £ 105.000 Freehold, 
Apply: KING. MILES & CO.. Industrial 
Dept.. 24 Clare Street. Bristol 1 . Tel: 
0272 26571 . 


| RUISLIP. Modem distribution warehouse 
Of 6.000 M. ft. Phis 3.000 Sq. ft. 
offices. Excellent load Inc facilities and 
eaves heiphl Good access to Heathrow 
and motorway network. Lease Of 23 
years with S years revision, neat review 
1930 . Present tent £ 15.000 pa. Pre- 
mium reou.red £20 000 . Chamberlain 
and Bkfcerton Commercial. Tel. 01-366 
2201 . 

WIDNES, LANCASHIRE. Rot clan Unole 
storey factory with two storey offices. 
Floor area 70.000 sooaro feet. SKe area 
4.2 acres. Central he a On o. Sprinklered. 
Vacant possession. Freehold. For sale. 
Walker Walton Hanson. Eyard Lane. 
BrldlesmHh Gte. N and no ham. Tel. 

<06021 54272 . 


TO LET 

Close to Lincolns Inn Fields Self Contained 

FULLY AIR CONDITIONED 
OFFICE BUILDING 

11,800 sq. ft. (MIGHT DIVIDE) 

Available for immediate occupation' 

• Double Glazing 0 Fitted Carpets 
0 Fully Partitioned 0 Prestige entrance 
- ® Penthouse Flat 


read file small print first 


r 
•If 


* Fi 


Burgundy specialists and shippers of fine wine 
13 EGGLESTON STREET, LONDON SW1 
*Ame denoting the eldest son of the family 



Partaide Haiise.sSi /53 Brick Street 
\ - • djndgn YWHOU.-Tel 01-499 9452 
Offices aisaat . Birmingham and Banbury 


f EDWARDS 


BIGWOOD 
& BEWLAY 


Pf: ■ 

■ & . - 

f • 1 ' ... 





ACTON NW 10 

Single Storey 
WAREHOUSE 
20,822 sq ft 

Tailboard Loading and Sprinkler* 

EDWARDSYMM0N5 Tel. 01-834 8454 





56 52 Witch Lc-s on SVtfVTDH 


TO LET 

37 000 sq ft new office building 
as a whole or in floors of 9250 sq ft 

air conditioned doubteglazed ample car parking ayaflable 


AFINANCIALTIMES SURVEY 

Forthcoming Property Surveys 



IVAIL 


Joint Agents 


Chartered Surveyors 
40a London Road 
Southampton SOI 2AG 
telephone 0703 24545' 


Richard Ellis 


OFFICE RELOCATION 


Fridav 20th October 1978 


Chartered Surveyors 
6/10 Bruton Street 
London W1X8DU 
telephone 01 -499 7151 


CITY OF LONDON 


FOR INVESTMENT 


j SHOPS AND 
I OFFICES 


The provisional editorial synopsis and date .are 
set out below 


Date: Friday 24th November 1978 


A SELF-CONTAINED Office Wile, 1.160 1 1 
j«l ft- To let Ml Meoroate, E.C.2. 1 1 


Prestioc holloing. All modern amen,-! I 
tics. Td.r 600 1797 . Rel.: BSB/JBH .j 


Investment in 
Chateaux Vineyards 


ONLY £4.75 PER SQ. FT. 

• LONDON, W-IO. 

I Newly eomtroeted flm-clw allice 
’ accommodation to let. 7.400 sq. ft. 
or 2 seU-canained suites of 
3.700 sq. ft. 

1 Further details apply: 

LAWFOBD t, SONS LTD.. 

191 Royal Collett Street. 

I Camden Town. N.W.|. 01.465 4444 


One Premier Grand Cru and 
two Grands Crus Chateaux 
in the classic St Emilion District 
of Bordeaux 


INTERNATIONAL 

PROPERTY 


For further details please contact 
G. J. Akroyd in London 02-629 8171 
F. R. Boutet in Paris 260 6906 


I FOR SALS—— PARIS— bOB'oara Hainuntnn 
—Facing Mjgaii.it Ou Prlntempy ■« — 
t oro.imltv Manet and Soencc — Shod 1 
180 sa.m. Write to Bourdals Mdossins. 
160 . boufe.arO Hausimann. 7 SOOB. I 
Pari* - Frnw» Tf 777 1169 
INTERNATIONAL RESEARCH PREMISES. I 
SlauQfi.' 8 erfttni>*e 12.240 so. Il nett. | 
car ear* mg to- aoertw. 70 cart. I 
Main road potmen cfate to Town < 
Centre. For sale FreefKjtii or mar ton- \ 
Sider LcS-ifl Aoo'r Sole Agents: A. C 1 
c rq« a Co.. Uf.ndsor S 4555 . , 

wanted 1.000 sq. If. Office A team : 
[ n-odatlon ECS area Ai| delaili of ar»ll- 


INTRODUCTION 

RENTS 

DEVELOPMENT 

ARCHITECTURE 

RELOCATION 

PLANNING 

RETAILING IN THE CITY 



m 


Knight Frank & Rutley 

20 Hanover Square, London W1R UAH 
16 Place Venddme 75001 Paris 


able accommodation oieasc. Marlin i 
Sturgis. Sfjrg.s * Sqo 61 Pam Lane. 
W.f. Tel. 01.493 1401 


Fur farther information on advertising rales tn this Surrey 
please contact: Cliff Cannier 

Financial Times, Bracken' House 
• 10 Cannon Street, Loiiflon, EC4F 4BY 
Tel: W-348 8000 Ext. 234 


If you did, you'd probably be 
amazed how many people would 
want the FT-and quite rightly. 

Shouldn’t your departmental 
heads and executives be as well- 
informed as you are? 

Make sure they all have their 
own copies of the FT-every day. 






i HaaRCR & GOSS *lM. jell and managr 
icmmcrtljl o-ooertv. 33 . Prln'psshav ; 

; __ Exofer Si 171 ] 

»ja SKl-CMAlXT. Brand iww, *yst ' 

eV„ng. Slews =i*. Has nearly ever*, i 
JfiinB- L&SCO Dollar Premium eacmot. i 
Teleononr. a 1-642 1 B 9 Q I 

dus ai. Beta il . 1 warehouse Promises of 1 

24.000 so ft and offices 0 * IT . 500 f 
sq ft. IrclupaRg 16 nan Drta.is p. I 
< ■-Virso- A Co. 102 . Augustus Ro«a . 1 
l 5 W. 19 . 


FINANOAIT1MES 

EUROPE'S BUSINESS NEWSPAPER 


In these com^titive times 
everyone in business needs the 


:: j'V, 

: h:- ^tdr 


Tht content and publication dales 0/ Surveys in. the 
rinanciai Times are subject to change at the discretion 
Of the Editor 




EUROPE'S BUSINESS NEWSPAPER 


toil 















EDITED BY CHRISTOPHER EORENZ 





Japanese executives e~£S£S 

• q • to boom. Now. despite the 

abroad: learning — 

/ < -.••■‘-.-<9 where miracles never happen. 

. - jr - " w -■ . the airline is planning an 

CfiTIIO TAllfYn I0CCA11C expansion programme which 

OyillV: IVUfill XV»33Ull3 aims tu double .its size by 1981 

w ■ . . T .-.v,_ 0 ■ and sustain its claim to he the 

& 'JAPANESE executive work- Japan, which has about 360 stu- fastest-growing airline in Asia, 
lug in the outskirts of Londottdenis. More than, ISO °f those To do this it is buying both 


How Pakistan’s airline 
grew against the odds 


a ' ja^aaese executive work- Japan, which has about 360 stu- fastest-growing airline in Asia. BY DAVID CURRY of nnVo 

ing m the outskirts of Xondon- dents. More than. 100 °f those! To do this it is buying both j , ^ ■ v, h m , ltP , 

to thUdrra would are sent by -educatiotwonsemus j , he European Airbus' and 747 In the current financial year a In cooperation with the Saudi losses run from pilots (Saudi In an , 

probably be excluded from parents living outside the UK. ! .Jumbos. Depending on which profit of some $30ra on a turn- airline Saudia — another tempts them with offers of one more later in the year. n an - 
working in the very company. The problem of education is.< lf , he ; e lwo type3 becomes the over of around iWOilni is esample of exploiting the pns- S4.000-a-month salary plus Options are for two more <*is • f 


A300s but only four Jumbos 
while two DC-10 freighters 
could alsn have made their 
appearance. 

Ultimately the Air Marshal 
contemplates dispensing with 
the DC-10s while the 707/720s 
will gradually be replaced— an 
expensive business since the 
latter arc substantially written 
down in the bonks. The Fokkers 
wiil keep on flying with the 30b 
of opening up new domestic 


In any evpnt the airline fore- 
sees a growth rate of 700 seats 
per yeai^— translating into one 


which sent him here because felt most V executiv^be.tween ■ pivol l>f fleet P[A L .„ uld espect ed-five times the 1972-73 abilities of oil-rich Muslim house and car) to engineers, and 6 Airbuses. Jumbo and one Airbus Bv the 

tiiey haven’t been educated in theages of 35 to 4a. with inatur- 1 arrjve in the mid . 1980s wilh a jfj markets. cooks and handling officer^ The Airbus choice wasa 1980s one Ajrbus_Bythe 

Japan. His fears, quite justified mg families. Lower echelon | fleet of up to nine .lumbus or The generator for PIA's The changing nature of busi- Some senior managers could difficult une to make. There Dub»i and 

by Japan’s rigid social structure, staff are normally single newly < as manv as 17 Aj rbuses Just expailsion was what lhe West ness since 1973 is startling: in virtually write their own terms were strong feelings an the wffl S sereed bv 747s 

are increasingly shared by most married or have relatively | five years aso the entire fleet kn ^ ws aJ? the <jU crisis and lhe ,973 the UK contributed 22 per for moving to the Gulf. airline that it would be wrong x Al XJ_ j^Hkelv n 

middle-aged Japanese business- young children, ^sp. that toree ! consistrd oF !0 Boeing 7ti7/72Us Middle East knows as rhe oil cent of international passenger a further difficulty is the need to add a new aircraft type to the ^ Qver Muscat Doha and 
men with families working in to .*Y e in a rauntiy and five p oW£er Friendships, bnom. The Indian sub-continent revenues and Europe and lhe f0 car ry loss-making domestic fleet and ^ a wiser decision Bahrain am ot ^ ers 
foreign countries. rn mP ^!oi!i^r nrimarv That Brs t great expansion is rhe market place for labour U.S. together almost 46 per operations, even though growth would bavebeen 10 opt for add- pi a is doing its best to catch 

There are now 6,000-7,000 '“““if i;J%.I*2^rnrp -losini Plan was an act of faith, for the Middle East, not just cent. That has now shrunk to here has averaged 20 per cent mg more <4is. However, the u m inFrMtnicture aTld faciIi . 
Japanese living in. the UK S •mhrine which allows pak,slan had ,ost 55 P er cent skilled workers but even more 29 per cent compared with the an d local feeder-routes cannot Airbus was the only specifically ^ Its resprvat i OIls systera 



. . ‘ tjnom, me inoian suo-coiiuuem ...v T0 carry loss-maniug uuiii»uu -- - - - Bahrain, among others. 

foreign countries: mJ 01 ti^-pn^lr nrimarv That Bril grMt expansion is rhe market place for labour U.S. together almost 46 per operations, even though growth would bavebeen 10 opt for add- pj a is doing its best to catch 

There are now 6.000-7,000 *1 -t. - losmi p,an was an acI of faUh - tor the Middle East, not just cent. That has now shrunk to here has averaged 20 per cent mg more <4is. However, the m infrastructure and facili- 
Japanese living in. the UK JL”,' -wh aiinwl pak,slan had lost 55 P er cent skilled workers but even more 29 percent compared with the an d local feeder-routes cannot Airbus was the only specifically ^ Its r0Servar j ons system 

alone. Japanese educators esti- ™ n n ,.__ rinn< . that - o£ *ls pupulatiun and PIA half so for basic manual labour. PIA increase in the share of the be separated completely from short-haul wide-bodied aircraft wil , fee computer i sed bv year- 

mate that fewer than half of Sjjrj f ?#!ISS.--dmarto n ns busin ^s m Bangladesh. The i a pped that market by making Gulf and Middle-East from 12 international with justification, and the financial package was eni j U5 j n g the Atlanta-based Sita 

their children (estimated' at Jmnlnvm pni ' airline had also crashed four itself tile largest foreign per cent to 34 per cent. Despite a recent increase, fares attractive. The drawback is that 5V *tem before the airline’s own 

around 1,2001 are able to attend The .! rithal n nint for a child ^ airerart in less than 12 months, operator to the United Arab But all is not plain sailing, are cheap—the air fare from it has a critical range on some j 10m cym puter system takes 

a school accredited by the rM.-hed-u about 14 years of' was . los,n S money heavily, was Emirates and Saudf'Arabia. with PIA faces a basic problem: Rawalpindi into the spectacular routes and is unable to takeoff over later nn Money is being 

Japanese education ministry. a2e W ben rigorous stud v is re-' ,n d,spute wi,h its pilots and 41 weekly services to the although it is the airline of a Karakoram range around Gilgit, from some airports in extremely spent on a new Karachi city 

Around 70 per cent attend q^ed lo enter lhe right high * uffered a hemorrhage — like former ami 19 to the latter. The developing country it has set an hour's flight away, costs less hot temperatures with a full terminal and on a Jumbo 

weekly classes to study the school ! ™ ,,f skdled manpower <to Airbus is partly needed in itself to match the standards than the bus fare. load. hanger. The pilot training pro- 


-hJmr Japanese language, and the. rest, The eenerai manager- at a >. Singapore Airlines in 
particularly outside London, Japanese- el ectrom^company; 
m , . are de Pe°dent on correspond- unth « plant localed iff Wales:® r ..^. aphazard and s,ovenly 
141 ence courses from Japan, nr, in perhaps tvpifics the parent's- , , • 

• ~ rare cases, have regular access dilemma. * !v-*! n ate Air Marshal Nur 

: fo video tape recordings of tele- with two daughters, 14 and i Kbart , was appointed the 
_ « vision programmes from the 17 years old, he bas enforced > a,rl,ne s first full-time chairman 

'Tl I OI’ “a. ^ homeland — or tutors— to. keep a strict rule of “ Japanese only " sweeping authority. 

, , , " - - -p^-triem from forgetting the at home. He imports several!^" 108 * 8 generation ago, he 

tllG r national language. hours of Japanese television 1 had served a le ™ " th i lef 

*"-*“* 5 - The major concern of programming on video tapesl ®*ccutive of the airline but his 
Ja P ap ese parents is that Japa- each month, and supplemented ! ( ' hief ■sset was his reputation 

’ nese companies, some with his' children’s education ( a t ! ® s 8 ^ ar hero the 3965 lndo- 

y ep \ i.-i • impeccable images- as interna- local privately run.scbools) with j war - “ e made it clear 

'■'-^q^'tioaal enterprises, remain extra- tutors from time to time. ! bat he was going to clean up 

ordinarily conservative in re- ' He will soon return' to -Japan 1 airline with milnay 

. cruiting their employees. after six years' absence, but the I , , u ,f . . a ". a , he 

** m n. : whiia thMr ivai>„iii>a r ,«i4 rfauntiiaa remain : n symbolised his intentions when 







PIA has so far bought two Boejng 747*s with at least one more to follow next year 


**:«zyr 


While their executives and elder daughter will remain in ' n, » f TV _ 

jf-A «.vt, sta ff range f ar and wide in the U;K. to complete her educa- 1 [} e tnc io directors into sene these routes on which the of other airlines which draw on The backbone of this service 

-k • _ .... . . . hie r« m fa nn hit- firct riar in Ina .... . ... - : _ I _ . ... . . I. _ t-.i 1 


you need, 
tard Abe c 
ine. 


trom some airports in exiremei> <=pent on a new Karachi city 
hot temperatures with a full terminal and on a Jumbo 
toad. hanger. The pilot training pro- 

gramme should have caught up 
with demand by 1980-SI. A semi- 
automatic cargo complex is 
being constructed at Karachi 
and a pre-fabricated passenger 
terminal to take some of the 

misery nut of domestic flights 

was recently completed. 

Air Marshal Nur Khan does 
not look like a strong man. Rela- 
tively slightly built, with some- 
thing of a melancholy expres- 
sion. he owes his position fhe 
was appointed by Prime 
Minister Ali Bhutto, now under 
death sentence) to his track 

Air Marshall Nur Khan record as a manager and the 

reverential loyalty he inspires in 
There were hints at the time the airline, 
of the order that the Pakistan He does not feel he will he 
Government h3d preferred the with the airline for much 
Airbus to the Boeing option as longer. “I ciiuld leave or the 
a way of encouraging the French General (the military ruler 
to go ahead with the contract General Zia Ul-Haq) could sack 
to deliver a nuclear reprocess- me any day," he comments. "I 


tions during the last year of divisions. The younger daughter j JJ* l “ ^ ^ 'JUIC more than a third of all crowded and ill-equipped air- routes— the Karachi-Lahore ser- t0 de n ver a nuclear reprocess- me any day," he comments. "I 

university. will have to do^ her best to catch | ,n( " Passenger-kilometres flown. As P orts * P<>° r handling facilities, vice carried some 3o0,000 people ing plant despite \j_S. opposi- was willing to take risks the 

The ambitious student who up with her classmates back in j * talkine witii the nilnts the Gulf is relatively close. e\- and dele galion of responsibility Iasi year. . tion. Since it is not sure first time I worked for PIA and 

travels abroad for a year or Japan. ■ ■ . '- • . '- . P patriot P^^is return home d <>wn a seemingly endless line Finally, to some extent die whether the new safeguardi5 r am willing to take the risks 

two — even after graduating The plight of overseas busi- . h ‘ .» h _ an muc h m0 re freouentiy (on But in the Passenger's mind airline has been caught short i ns i sted U p 0n by France are and the decisions now," he re- 

frnm a good school— will prob- nessmen has spurred consider- Unenui v 0ca , ’ t0 average everv 18 months! than how he JS in the air- by the speed of its own growth: acc^table to Pakistan there marks. “But the airline needs a 

ably forfeit the chance of a able debate in Japan .recently. “S'which m««?he airline Jh^m^Som In the UK and P^ and how he is handled in It has had to lease slx 70. s to rem ^ ns the possibmty that new personality. Tm getting a 

ioh with a first-rate company The Government' has; been ° „ u®. e the air are often linked, and boost its capacity— an expensive i- lsiim4 , hari mav dwiri* in canr-el bit stale. We've sot a strong 


job with a first-rate company The Government has. been J nd a technologically backward Scandinavia (around once every “l* air are °“ en . ,lnked ’ *»oost its ea 

which prefers someone who has urged to estblish-.more schools C0UDtry woSd haveto acquire four years) or those in North PIA is aware that .its reputation expedient, 
come straight off the approved • overseas for the ■families of . .... ennhisti. America where the mainly pro- be tarmshed_ by the _ 


Off--- :■ 

qooN 'V, 

the 


come straight off the approved • overseas for the tomilies of lh skj ,j f ^ t gopj,,^. America where the mainly pro- an tarnished by the concerns in retaliation. At the tio ° is whether a new chairman 

educational escalator, businessmen and diplomats, but caled L . arrier F fessinnal immigrants are much repeated failure of the Govern- j raflflC moment the situation is con- and ?e Government will keep 

/ JsrssJsnrs.5? js *sa Marjwna - in,n srasr sass j- r 3 fus t ^ „ an , u „ 

v a T e "AaoJ P « eS Sondon a for ££ ^ "Jg? ^ an returns repe a ted>y ^od 1 np J-m opp^uon «. «» «BdJg file ""p.'kl™." 

children, hut the school, in Cam- > nised by the Japanese : them- measured” in nasseneer-kilo- J” 8 P ? St ^ etweeQ to this point. The airline has 198 J’ during which a -0 per came fr the > U.S. it ®*^ d Whether he goes or stays the 

^ den Town, only accepts full-time selves, who tend— as- in most nj eters - it manage? to maintain 1,as . also f>cen exploited by the become so dissatisfied that it cent annual tra ® c /° crease iS Air Marshal will have left his 

_ . r r : e : ' raelers ’- 11 managed to maintain airline. The volume of Dasseneer i i. exnected on scheduled services, order from France to the U.S. tr_ i 


Islamabad may decide to cancel bit stale. We've got a strong 
contracts awarded to French management team — the ques- 
concerns in retaliation. At the ^ on whether a new chairman 
moment the situation is con- and Government will keep 

fused. ** ® n- . . 

Continuity of tenure has not, 
OB . . ^ ! StnK the Of course, been a recent fee- 


mQ 


more 


hanrilinr nn-hnnrH wrvifP ami >'^ ar s ago to -bu.uuu a year now. terTnina | facilities in Karachi— facilities to some 57am. me g eet growth. If the choice is at a time when the country it- 

it accimiiatpfi wiri»> More than half the airline's it will recover its money from present fleet consists of two made to maximise the 747. by self has suffered successive jolts 

hnriipH 747c nr i!k imn thV business is still .“ethnic," the civil aviation authority 747s being bought from TAP: mid 1973 the fleet would include to its pride aud confidence. Per- 

flppr^anri mat mined then, especially in the Middle East, through a share of landing fees, tour DC- 10s; 12 Boeing 70 is qr six Jumbos, seven Airbuses, haps his greatest success will 

laroelv hv it* nwn mpaiiv i* But 80 P er cent of passengers The airline also faces a 720s: and ^S h t Fokker F27 four DC-lOs. sLx 707/720s and 10 lie in what happens after his 
■Spd an averaEP DUDfiu 1 on the New York run and 90 quasi-permanent problem ofloss Friendships. There are also the Fokkers. The airline will also retirement He has set the next 

alitv nf SO Ser rent while P er cent on fii Shls to the Far of manpower to the Arab world *Lv leased Boeings and one need to buy a small number of challenge. Whether the airline 

ernkndmff it* rouiP network East are non-Pakistanis, and the and lo south-east Asia. At one leased freighter. narrow-bodied twin-jets of the can rise to it without his own 

substantial Iv * airline says it could expand slage the director in charge of Confirmed orders are for one 737 type. supervision will be th e ultimate 

In the first six months nf this these services if it could gel the. personnel complained that no 747 to arrive in July 1979 (and If the Airbus is chosen as the test of his record and Govern- 

vear some YaSm neonle approval of the various national fewer than nine categories of to be maintained entirely by corner-stone of the fleet by the ment recognition of the airline's 

travelled b* PIA and tlm finan- authorities. worker were unavailable. The PIA) and for three Airbuses to same date there would be nine national importance. 

ejal year to the end of June The next route expansion will 
1978 brought S25ra in net profits, be a fink to Nigeria established 


more 

non-stops, 

more 

wide-eahins. 

from 

more 

cities 

to southern 


=. j" • 


31 


(atdithesuii. 

National Airlines. 

81 Pi ccad illy. London W1V 9HF (01-62982721 
. '■ Matronal Airlines Ina i? 
bicorporated in the State of Florida, U.3A 

America’s sunshine airline. 

\ational #Airlines 

Si ^ 


l 


A great place for industry to grow 



UOI JC4U in MIC CriM UA «UUtC iilC 1ICAI I UUIC CApailJIVII Fill v"; 

1978 brought S25m in net profits, be a link to Nigeria established yV^'i^v 

• ... i ' . i ■ • . ; v- 

Making the MOST gg 

out of work l?fl 

study measurement 

•I -I;*; ■ .■‘jWjM 

AMID ALL the slanging over that manual work Is performed ^ ?i. W ? 

Ford’s pay dispute, one issue to by people following certain set '*' s ' fc : 

emerge from the Dagenham motion sequences which are re- | 

shop stewards must be particu- peated consistently: and that 

Zarly familiar on many a shop the majority of (asks caii for 

floor: work study measurement, the moving of an object ' J - 

Replying to accusations that instead of measuring indivi- 

they were less productive than dua i movements. MOST concen- 

their European counterparts, on sequences 0 f moV e- 

the shop stewards complained ments Thefie are inted on yj. 

h Tn todividuai forms on which an \ 

sisteatly being subjected to obsen . er awards marks on a 

worKstuny. scale of one to 10. according to ! /■-. 

A work study team can some- distances moved and the com- iv J 

times be the most unpopular plexi ty of the move menr. The ~ 
wople in any Artory esperfjUy tota , led index numbers give the j > 
if they are seen as snooping" time for ^ job 6 ?- • •. : 

as they wend their way with J 

stopwatch and clipboard. - Maynard make some extra- : 

As the emphasis on preduo ordinarily bullish claims for the :j v 

tivity deals, bogus or otherwise. 5 ° t0 

is stepped up in this wge- f fast ( in applicalior i is PMTS , 
round. H. B. Maynard, the (predetermined motion time 
management consultants, have systems); 30 times Taster and as ■ 4 
just displayed a fine sense of accurate .as simplified PMTS; L ' >. 
timing by launching what they an “ “ ve times faster than the ; ./ . < 
describe as a revolutionary de- most common system. Time 
velapment in work measure- study. 

ment. MOST has been designed for ** ' ■ 

• Maynards claims that their simple comprehension and '• 
new system, which they have operation, according to May- -M 
spent eight years developing, nards, with complicated pro- 
can help increase productivity cesses capable of being analj-sed l v 
without upsetting industrial in one or two pages. I ‘ ’ - ’T"- r j 

relations, and that ft does not Tt _ j - *■' 

Swedish raolur group, in the Ma - ? 11 ia 'vh!ch the ; ^ 

1960s and was first introduced c in * ke K ’f s ‘ m, ‘ l 

in the US in 1975. n 1 on y acceptable, but ■■■.. • 

The management consultants ^ eicome ’ t0 untons— thuugh r 
explain thar The svslem is based doubtlessly point ,;;,L 

on two main considerations^ a ^ptable to 

American unions does not ± f 

necessarily go down well in J 

I Britain. ; - . ^ '?!% - 



•*. .’f? r >• i 






J ftl % t m i ‘ S ' ? *3.. 


mm 

•/J'v'vi $e| 




'f: m 

i'pv. ■ :vriO'x»r'J 


■ ■ V* * - 

■ ;*Vw; m I 

- vil i-l 


on two main considerations 1 



stin^ 


jei-- 


, . 

is 


ll* o^e 5 V'turape” ^*9“! rail 1 m»»*Wlin“ *jiW at March. 

fifishavsswss 

SMUalsHi/- 


a 


Maynard's president, Laurens 
van den Muyzenberg, claims 
that “our experience in the 
U.S. and at pilot installations 
in Europe is of productivity 
increases of 20 to 40 per cent 
following the installation of 
MOST in what are considered 
to be top manufacturing 
companies. This increase has 
been accomplished without any 
investment in new equipment or 
sweated labour.” 

H. B. Wa'anard and Co.. Ber- 
keley Square House. Berkeley 
Square, London , VVI. Tel.: 
01-491 3576. 


• • 

•' . v'*- 5J 

■ *.”**/. r* 
*\ 4 ‘ ;> 

; 

- :■ 

i 

; - 

:■ V..'.. ' >'■■■'“ • i. . * 


Site Hotel, LondoflM 


When it comes to selling. Edward 
Erdman and Company ha\e sold some 
of the most distinguisbedproperiies in 
the country. 

Our sen ices include not only disposal 
of property but also purchases, lettings 
and rent reviews, auctions, management, 
valuations, investment, regional planning, 


hi , 1M IWv.-'-';'! 


-S 

::3a 




town centre redevelopment, industrial 
consultancy and project management. 

We make no particular claims and 
rely on reputation and record as a national 
practice which remembers the personal 
touch. Where partners still do the 
problem-solving. 


|! Edward Erdman and Company • Surveyors 

rrr^f r i— i— 

2^ s 9 W' . • _ . . . 
















...Ft, 




i .v,,r iv'.*"':** 



* y 





18 

lombard 

Flexible public 
spending 

BY DAVID FREUD 

THE 5YSTEM developed In thU Before a regulator could he 
.country for planning and con- applied effectively the anirtl- 
trolling public expenditure con- gaiuated system must tie 

tarns a most paradoxical bias, developed U- correspond wuh tiie 
Tue built-in assumption is that practice of most large cunipame*. 
tne future can he reliably fure- In e> senee this means there 
wen. Spending plans ire drawn should be monlioriivs profiles f... 
up on the basis of Treasury cash outlays, always rolling < 
forecasts and it requires a major year ahead, and that departmen- 
upneaval to alter those spending tal e.vpenditure managers should 
plans, let as post-fifties Britain be required to manage rather 
has lurched from economic crisis than regulate their expenditure 
to crisis it has become patently If lhe> saw overshooting or 
clear that forecasts are subject undershootini* developing Uiev 
to a very wide margin of error, cnuld correct it — nrq within the 
A system that assumes every, single financial year but within 
thing will go according 10 the 12-monrh Tolling programme 
Plan represents a considerable .u 

triumph of hope over experience T,u * * ouU L d tl ? e ****** 
Thu did „ot n.«*«r wE« ;™ r l :K r th .S! k | 'S li ', i| ' M ' i 
system was devised in the Iasi , h ? fare,Cd 

century. Public expenditure Ji se ! ,p 

represented only a small pro- s urpiu* e.isli funds inwards the 
portion of gross domestic pro- e,t * e nf each flna n*'a> year. 
ducL However, ii is now a major ^ or *bis and other reason 
part nf the economy and its Stealer flexibility jn snenriin” 
inflexibility throws rhe mam would be widely welcomed. How- 
weight of coping wuh any short- over, there are further require- 
term adjustments that have to jnenis if we are to make the 
be made onto the private sector. best of ?ucl1 a reform. The in- 
troduction of roiling programmes 
Y-' 11 ' lake Government spending 
XvISlUllV further away from the realm or 

. “ the non-specialist and make 

mere is no inherent reason public debate on specific areas 
w-fiy public spending should be of spending more unlikelv 

aSfI e Jr. S <5y 0Sa,]Cl and have Thl " does not seem an'enor 
snendins P toiK °? er consurae 5 nious drawback when the nresenl 
taxation and barelv-cxisient level of discus- 

flex ibiy b whv"3i n * trea . t f f . d s <on 'in spending in the Commons 

nn . 1 pi i bllc is considered But In the last few 
spending itself? Adjusting both years backhench 
Sides Oc Lne eauatinn would mean 
far 


Financial Times Friday October 8 1978 


sides of the equation ^ul¥mVan ^^een - working haTon ma? 


less all-round disruption ing the lopic of expenditure more 
“! ere . is an unexpected accessible. The introduction of 
change m Lhe direction of the cash limits was seen by them a* 
Th°. ra L.. . . . .. . . * significant step in making the 

tne present rigidity of the i.overmnent accountable to Par- 
spending system docs not. of lament, 
course, insulate it From cuts. 

But these have always come as , . . 

part of the crisis measures that SnnniWilPa tpn 

have been introduced with ^UpiIlMH-dieU 

monotonous regularity every’ two Rolling targets wnuid rule oul 
or three years since 1960. If the simple comparisons — which 

system was more flexible, allow- could be debated on the floor of 
ing tor short-term increases or the House— of spending againti 
decreases m spending of between limits. The sophisticated monitur- 
1 and 3 per cent in specific areas, ing required would inevitable* put 
some of those crisis measures lhe main burden nf work on the 
. p Sr .P 5, .. na '’* be , en '.-ommittees. But the commit- 
avoided. Maybe the Chancellor tecs cnuld not dn an effective 
would have been able to avoid JO b without soedalist help. For 

inH^2f.rJ.* f - n ? n8 " fficu , U,e * this «««“ 'l »* important that 
econon J ,c package select committees are given their 
ill i us .f ° r such a ow ' n «laffs. This is something they 
regulator, for instance. have heen pushing for some time. 

of hi- a e« form j r and tbe Government has been 
chairman of the Public Expend!- stalling on the issue, 
ture Survey Committee, argues . .. .• 

in the latest Lloyds Bank Reive w* .w*/ 1 ?! *' !: nlllwu 55?,“!: 

that a changeover to a more raore ^ exib ' e system 

flexible system can now be made ™ u . 1 * 

fairly painlessly. It would use as p. au ! . a f5°. u . n ^j t5 1 10 r I in i . e ? ec ‘ 
a base the amalgamation, which L\! 1 1 . * 011 1 .,!?! i « f n *L I a,r 

Is taking place over the next two lba . 1 * bos ® , r l sp PPfi b e Jp r mon1 ' 
years, of the traditional spring I 0 '" 1 ' 10 ’ bj PP* ns obtain asis- 
Estimates with the cash limits tance of tbe san,e callbre - 
system introduced as a short- 'Lloyds Bank Beiietc, October. 
terra control on expenditure in 1978; .\'o. 130. 71. Lombard Streei. 
1976. EC3. 


Doing battle with Wales Gas 


BY ROBIN REEVES 

“THE CAS Board, like The rest a hospital and. last hut jint the flames of protest had been decided also to complain Meanwhile, on the issue of the gas Is one thing, liquid propane 

of our democracy, is more sens i- least, a fire station. It requires fanned by a petition from local formally to the Press Council, depot itself, Wales Gas* main gas under pressure is qurte 

five to successive kVbs up its little imagination to visualise residents calling for the depot's where judgment on the fairness defence is that nobody has been another. Moreover, it is because 

backside than appeals to its what might happen if there removal and a Wales Gas of the newspaper's coverage now paying attention to the 100 per Wales Gas was already on the 

better nature.” So thundered were to be an explosion at the decision to withdraw ns adver- rests. cent safety record since the site that it was able to avoid 

the North Wales Weekly New? depot. Bur. until this year at using — worth £200 a week — Even so, Wales Gas is obvi- depot first started handling submitting the installation of 

in an editorial entitled “Time least, the majority of people in from the North Wales Weekly ouslr OP p n ’ l0 the charge that it l*Q ui d gas some 14 years ago. the liquid gas depot to the 

in put the boot in. . . ,' r the area were inclined tu accept News because of its campaign- W as "deliberately "trying" to stifle Moreover, “everything possible scrutiny of the local planning 

The cause of the weekly Wales Gas assurance- rhar *iich ing coverage of lhe affair. public criticism of its position. has been done tD minimise tbe authorities. 

News’ strongly expressed indig- fears were without foundation. wales Gas' complaint was And to the protest campaign of an accident in the Even so. the upshot of Mr. 

nation was the continued Local attitudes were trans- t h e x eus * *• put r i, e bool over the gas depot has now very, very remotepo&sibmtyof Fisher's eventual — private — 

refusal of Wales Gas to remove formed by this summer s appall- \ n •• editorial amounted to been added a new row over the one place, Mr. Fisher meeting with Gwynedd council- 

iis liquid propane gas storage ins campsite disaster in Spam inciting the people of Han- right of public corporations to sa y s - tors was that the gas depot 

depot from Llandudno. when a tanker carrying liquid dudno to violence. “Until we try to censor newspapers in “If we believed there was a should indeed be removed to 


It is an is?ue which has raised propane turned over and 
qupstion.c not only about exploded, killing nearly 2flfi 
environmental safely, but alw people. If that could happen 
about the democratic account- with one tanker load, what 
ability of nationalised indusiries would be the effect of a disaster 
and even the rule of their involving a whole depot? And 
advertisinc. It is al.-u nnt the as if to underline that the 
first time that Wales Gas has Spanish horror was nor a wholly 
fallen foul i»r the Welsh public, exceptional Incident, it wa? fol- 
A few years ago. it proposed lowed shortly afterwards by a 
building a large gas storage liquid gas explosion in Mexico, 
depot overlooking rhe South The message was not lost on 
Wales valleys town of Hirwaun. the people of Llandudno, but 
Bur after a sustained local pro- the initial reaction of Wale? 



another site, provided somebody 
other than Wales Gas could be 
found to pay for it. Tbe removal 
cost is estimated at £250,000 and 


LLUNDUDNO 


4 m » _ . • . . t ^ _ _ tujl u cjuuiaicu at aiiu 

The signs sire that more is at stake than one the question of funding is now 

gas depot in a North Wales resort. There are £^1 p ^d Ued othe t ? interested 
similar installations in other parts of the UK, 
which now look less than ideally located 9 


parties. 

Nobody In fact doubts that 
Wales Gas could pay for the 
removal expenses out of its own 
resources, if it were necessary. 
But the signs are that more is 


ii??i campaign if was eventually Gas was ro sii tight. Mr. Dudley are satisfied there has been a which they advertise. The real risk, we would have no « stake than simply one gas 

forced to transfer the develop- Fi-hcr. the ?as baard'< chair- return to normal standards nf editorial staff nf every news- hesitation in closing the depot," depot in aNorth W ales seaside 

menr to another site. man, refused a request 10 meet journalistic ethics, we have paper in the region is up in he adds. T* 501 ?: ■ p “ e f e ? re 5 !f nila ! 

In this instance, the depot is Gwynedd County Council's reluctantly decided to withdraw arms at what they view as a Clearly, Wales Gas also ^ iiif - oU, ? r 

well established, rhnuzh it.* pre- public protection enmmittpe to uur advertising from your crude attack by a nationalised regards as important that it was in the wake of 

sence has long worried the resi- discuss The issue when it media." it told the Weekly industry on their editorial free- on the Llandudno site first Its J be Spanish disaster, now look 
dent? of Llandudno. Huldm? emerged that The meeting would News. dam and Integrity. One Ml? in forebears began making town ^ ess ideally located, 

up to 250 tonne? of liquid pro- be attended by the local Press. The Board was unimpressed the . Weekly News circulation gas there more than 100 years In these circumstances, Wales 
pane qa s fnr distribution He relented only after the com- by the reply that the phrases area. Mr. Dafydd Elis Thomas, ago, long before the houses, Gas has been in the forefront of 

throughout the rural districts mittee had acceded to hi? were obviously being used in MP for Merioneth, has publicly school, etc., were built in the a battle which could set a 

if North Wales, the depor is demand that the meeting he their usual, figurative sense. For accused Wales Gas of “black- vicinity. But the opponents of precedent for the gas industry 

surrounded by houses, a school, held in private, but not before good measure, the board mail." the depot argue that while town generally. 


Dom Perignon set to sparkle 
with top weight at Lingfield 

WITH THE inp 12 at rhe final winning track by beating Alhenia produce an interesting and 
declaration stage withdrawn Princess, who has proved a closely-fought affair, for which 
from this afternoon's Wolding- shade disappointing since heal- ihere is likely to be plenty of 
ham Handicap at Lingfield. John ins Rose Track at Nottingham market activity. 

Winter's course and distance hack in June. Funny Spring got off the mark 

winner. Dom Perignon, will be Willie Carson, who partners on this course with a clear-cut 
carrying top weight. Aihenia Princess fnr Tom win over Avon Salmon. He 

it is difficult to ignore his Waugh, could have belter luck followed in even better style at 
..Jim*. The well-made New- tbe day's most valuable event. Ayr where he beat Cherry Pick- 
market three-year-old. a bay half- the John Sutcliffe Trophy. Here jng by seven lengths. ! feel 
brother by Sparkler to Major the champion jockey-elect ride? reasonably hopeful that he will 
Green, has been in fine form re- Tender Heart, who would prove prove up to giving 3 lb to 

a popular winner since he is Ojibway. a narrow conqueror of 
handled by John Sutcliffe ifor- Azd at Yarmouth last time, 
merly Junior). _ — 

Tender Heart has proved him- 
self one of the toughest juveniles 
in training with a succession of 
u*eful efforts in varying com- 
pany. He will probably have 
only to reproduce the form 
which saw him runnina Avanti 
'V i f h y enutJed Carlo to two lengths at Brighton 

to his 8 stone 13 lb. la « time out. to win off his 

Doin Perignon beat Lei Us S-stnne 5-lbs mark near the foot 
Love by 2i lengths here early 0 f the handicap, 
last month, and then failed by The presence of three fast 
only 1^ lengths to cope with the improving middle distance per- 
much i m proved Regal us over the {oaa ers-Funny Spring. Ojibway 
same trip at Edinburgh. ant j £» 0 ya I Stall — in tbe li mile 

l take him to get back on the Hartfield Stakes, seems sure to 


ENTERTAINMENT GLIDE 


\ CC — Th«a« tficatJM jccctt certain credit] 
card* by tclnheni or at the Box Oftw. I 

OPERA & BALLET 

| COLISEUM. Credit Cards. 01-240 5350. 
Reservations 01-830 3101. 
ENGLISH NATIONAL OPERA 
Ton't. A Wed. 7.30 TM Seraglio. Tom or. 
A Tue. 7.30 lolantlie. Thur. 7.30 
Last pert. The Royal Haul at Hie Sun. 
"A brilliant and intriguing spectacle." 
F.Tkie. 'Bargain Prices!) 104 balcony 
scats avail, (or all Berts, an day of pert. 
Now bkg. for Nov. 


THEATRES 


THEATRES 


COVE NT GARDEN. CC. 240 10B6. 
(Garde litharge Crdd It Cants 030 6 BO 3 5 
-THE ROYAL OPERA 
DER RING 
DES NIBELUNGEN 

Tom or. 5.30 Gotterdanimeruna. Prom 
Monday: Co*ent Garden Prom* In assn, 
with Midland Bank. Man. 7.30 Oas 
Rhe tape Id. Tue. 5.30 Die WalkOre. Thur. 
5 30 Siegfried. 700 Stall* promenade 
Place! a: £2.00 avail, one hr. before 
curtain up. A few Stall* Circle standing 
tickets avail, each day el performance. 


KING'S ROAD THEATRE. 01-352 7480. i WAREHOUSE. Doranor Theatre. Cover* 
Mon. to Thurs. S.00. Frt.. Sat. 7.30. 9.30-1 Garden. B36 6008. Royal Shakespeare 
THE ROCKY HORROR SHOW Company. Ton i 8.00 Si<xd>en Poliakoff s 

DON'T DREAM IT. SEE IT SHOUT ACROSS THE RIVER 

— " Outstanding production." F. Times. AH 

•eats £1 SO. Adv. bkg*. AMwvOi. Student 
Standby £.1. 


LYRIC THEATRE. 01-437 3680. Eva. 8.00. 
Mat. Thur*. 3.00. Sat. 5.UD and 8.30- , 

JOAN FRANK | 

PLOWRIGHT FNILAY 

F! LUMEN A I 

by Eduardo FHlIppo 
Directed by FRANCO ZEFFERELLI 
"TOTAL TRIUMPH." E. News. “AN 
EVENT TO TREASURE." D. Mir. “ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS," Sunday Times. 


RACING 


BY DOMINIC WIGAN 


LINGFIELD 
2 _3ft— Antique Seeker 
.3-00— Royal Tiger 

3.30 — -Tender Heart*"* 
4.04 — Dom Perignon* 

4.30 — -Funny Spring** 

5.00— Historian 

5.30— Italian Sommer 
HAYDOCK 

2.00— Olro’s Folly 
2-30— Robin Hood 

3.00— Prince Kelly 

3.30 — Re pique 

4.00— Hopeful Polly 

4.30— Sounding Brass 


SADLER'S WELLS THEATRE. Rooebery 
Are.. EC1. 01-837 1672. 

SADLER'S WELLS 
ROYAL BALLFT 

Ton't. A Mon. 7.30 Solitaire. GHeOa. To- 
mor. 2-30 & 7.30 Rhyme nor Reason. 
Otselle. Tun.. Wed.. Thur. 7.30 tc* 
PaUnaurs, Intimate Letter*. Grasse Paso. 


THEATRES ' 

| A DELPHI THEATRE. CC- 01-838 7811. 
LAST 2 WEEKS. MUST END OCT. 14. 
Eva. 7.30. Mats. Thur*. 3.00. Sat. 4310. 
IRENE IRENE IRENI 

THE BEST MUSICAL 
OF 1976. 1 977 and 1978 
IRENE IRENE IRENE 

CREDIT CARD BOOKINGS 836 7611. 


MAYFAIR. 629 3036. Evs. 8.00. Sat. 5JH> 
ana 8.30. Wed. Mats. 3.00. 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 

UNDER M I LK WOOD [ 

MERMAID THEATRE IS CLOSED FORI 
RECONSTRUCTION. RE-OPENING 1980-1 


WHITEHALL. CC. 01-930 6692-77GS. 
Engs. 8.30. Fri. and Sal. 645 and 9.00, 
Paul Raymond presents the Sensational 
Sex Revue Of the Century. 

DEEP THROAT 
Bttl GREAT MONTH 


NATIONAL THEATRE. 928 2353 

OLIVIER fppen stage), Tongm 7.30 To- 
morrow 2.45 A 7.30 THE DOUBLE 
DEALER by Conffneve, 

LYTTELTON 'proscenium ttagel. Tonight 
7.45 Tomorrow 3 A 7.46 rLENTY new 
play by David Hare. 

COTTE5LOE (stnall auditorium) Until Oct- 
21 Eves, at 8 • AMERICAN BUFFALO 
by Bind Mamet. 

Many excellent cheap seals all 3 Hieatre* 
dav of nerf. Car prlc Restaurant 928 
2033. Credit erd Megs. 928 3052. 


WINDMILL THEATRE. CC. 01-437 631Z. 
Twice Nightly 8.00 and 10.00. 
Sunday 6.00 and 8.00. 

PAUL RAYMOND ' present! 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Taxes to unprecendemed hunts what la 
permtssiMa on our stage." ' Ev. New*. 
THIRD GREAT YEAR. 



t Indicate* programme in 
black and white 

BBC 1 

6.40-7.55 am Open University 
(Ultra High Frequency onlyi. 9.3n 
Fnr Schools. Colleges. 10.45 You 
and Me. 11.05 For Schools. Col- 
leges. 12.45 pm News. 1.00 Pebble 
Mill. 1.45 Heals and Tails. 2.02 
For Schools. Colleges. 3—0 Gla* y 
Dorian. 3-5-1 Regional News for 
England lexcept London i. .1.55 
Play School (as BBC2 11.00 ami. 
4.20 Hong Kong Phooey. 4.30 
Jackanory. 4.45 Captain Caveman. 
4.55 Crackerjack. 


5.40 News. All Regions as BBCl except at | OlVnfttV GRANAD4 

545 Nationwide (London and the following times: , 1 i.a> .m Thu u Your ruiIili Ja RamMi. 

South-Easi only i, Wales — 11.05-11225 am For 9.30 am Schools Programmes. S.15 TMc is Your Riahi. ».8B Granada 

fi.20 Nationwide. Schools. 1.45-2.00 pro Xant-v-pant. 12.00 Song Book. 12.10 am Rain- Reporu. *J> Ki«* off- nuo Reports ; 

«.4S Sportswide 5.55-6220 Wales Today. 7.00 bow. 12.30 Golf: The Dunlop 

7.00 Michael Beniine s Square Heddiw 7.30-8.00 Cawl a Chan. Masters. 1.00 News plus FT index. ‘ Grrsorr P«*. 

World. 8.00 Dad's Army. 8210-9.00 Michael 1.20 Thames News. 12J0 Farmhouse HTV 

7.30 ■' Carry on Jack slarnnB Ben tine's Square Warfd. 10.45 Kitchen. 2.00 Money-Go-Round. i.» am n^port wear Beadlinw. 122s i 

Kenneth Williams. Kane on Friday. 1I.15-1L20 News 225 Labour Party Conference. Headlines, ue Gambit. 

"Oft News. for Wales. 3.A0 Golf 4.15 The Flock ton Flyer. °JSL S' 

9.25 Horse of the ^ ear Show. __ Scotland— 10^3-10.4.1 am For 4.45 Magpie. 5.15 Thames Sport, a.jq Emm-’rdalV Farm, iojo Report I 


AUWRY. 838 3878. Credit card bkgs. 
838 1071-3 from 8.30 am. Party rates 
Mon.. Tue*.. Wed. . an* Frt. 7.45 pm. 
Thun, ana Sat. 4.30 And 8.00. 

A THDUSA Lre »^M|| WILCOME. I* 

" MIRACULOUS ^U^CAL.'*. Fin. TlmMl | 
with ROY HUDD and GILLIAN BURNS.; 

NOW BOOKING E°R CHRISTMAS AND 

THROUGH 1979. j 

ALDWYCH. 836 6404. Info. 836 5332. ] 
ROYAL SHAKESPEARE COMPANY inj 
repertoire. Tonight- Tomor. 7.30. Sat- . 
2.00 A 7.30 premiere production David 1 
Mercer's COUSIN VLADIMIR. "A 
thoughtful, provocative may. - D. Tel. 
(Student standbv £i.i With Red price 
preview* THE CHANGELING drain Oct. 
11i. AS YOU LIKE IT (next nerf. Oct. 
181. RSC also at THB WAREHOUSE 
(see under Wi. 


OLD VIC 928 7818. 

PROSPECT AT THE OLD VIC 
Derek Jacob! In - 
IVANOV 

Chekhov • comedy, with Clb-e Arrlndefl. 
Brenda Bruce. Michael Denison. Louisa 
Purnell. John Savfdent. Jane Wymark. 
" Jacobi's triumah," D. Telegraph. 

_ Today 7.30. Sat. 2-30 & 7 JO 
THE LADY'S NOT FOR BURNING 
returns October '9. 

TWELFTH NIGHT 
returns October 14. 


^MoSjTjur. 84KL C ft-l. o and^l»w 3 «.00*5hi 

■" „ JKUS CHRIST SUPERSTAR 
by nm Rico and Andrew Lloyd-Webber. 


WYNDHAM-S. 01-836 3028. CradK card 
Bkg*. 838 1071 from 8.30 am.- Mon.- 
Thur. 8.00. Frl. and Sat. 5:1 S and B.3D. 
" ENORMOUSLY RICH - 
VERY FUNNY.'' Evening News. 
Mary O'Mal'ev's smasn-hil comedy 
ONCE A CATHOLIC 
Auprame comedy on sax and reUgfon." 
Dallv Telegraph. ' 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. y 
VIC. 928 6363.' Ton't.. Toeior 




HAMLET. Frip. Thur. nwt 7.30 

RICHARD III. part of Shaknapaara 
trilogy ACTION MAN. 


CINEMAS 

ABC 18 8, Shaftesbury Aire. 838 BMt, 
Sap. Pert*. All Seats Bookable. 

1. THB BIG SLEEP (AA). Wk. A SOIL 
2.00, 5.15, 8.15. Late show Tontgbt i 
Sat. 17.15. 

2. DRIVER CA1. Wk. A Sait. 2.00, 5.11. 
8. IS. Late show Tonight A Sat. 11. U. 


10.45 Tonight— In Town iLondon ^^ools. 5.55-6.20 Repoitlnz Scoi 
and South-East only). 

11.15 Regional News. 

1120 The Late Film: “30 Is a 
Dangerous Age. Cynthia " 
starring Dudley Moore. 


F.T. CROSSWORD PUZZLE No. 3.789 



ACROSS 

1 Excursionist frora the south 
should make a good take-off 

S Method of printing but not on 
Sim location < 6 > 

10 Disconcert the top claw f5) 


6 Meanwhile, it could he now 
temporarily (3. 3, 4. 5i 

7 South American doctor take* 
a dance l5> 

S Standing round and proces- 
sing (Si 

9 Indian doctnr and bird (6) 


11 Policy in favour of metric*- is Shin able to be modified for 
tion (9) 

12 Waters reached from S.E- 

bearing (6. 3> 

13 Listen to start of the pump 

(5) .V . ri 

14 Failed to catch young lady 

going to editor C 6 » 

15 Know about desire in Cook's 
territory t7) 


_ * • !_ 1 41 «■ U ll I feJilli IU 'dlt UddLC 

“ SSTm’ “ Unusually ,»._n learner 


work 

20 Cotument about saint {Hi 

22 Crash giving pain round top 
of ribs (5) .... 

24 Small type or sketch that is 
always at hand (91 

25 No matter, who cares! f5. 4i 

26 I do it this way, being a fool 
f5) 

27 Story-book of skill f6> 

2fl Ignored small edition (.8) 

DOWN 

1 small and thickset tail-end 

acts by (61 . . 

2 SelF<ontrol shown by coach 
in interval (9) 

3 Touch and romprebend pre- 
cisely (3. 4, 6. -I . 

4 Brought to Lis b ^ as a 
ajay be (7). 


chemist I9» 

17 Don't fall we hear hut a bny- 
scout should be able to make 
it 1 4—4 t 

19 Involve turning nr.rih-ea«t anil 
follow ffit 

20 Dance about wish the Spanish 
l7) 

21 Jubilant in the late dance 1 6 1 

i.- 


nften struck i5i 

SOLUTION TO PL'ZZLE 
No. 3.7M 



\TV 


land. 10.45 Tormod Air Telly; The 
Norman MacLean Show. 11.15- 
1 1 J3Q News for Scotland. 

Northern Ireland — 10.23-10.43 
am For Schools (Ulster in Focus). 

153-3.55 Northern Ireland New*. 

5.55-6220 Scene Around Six. 10.45 
Star Brass. 11. 15-11210 News for 
Non hern Ireland. 

BBC 2 

England — 5.55-6.20 pm Look- 
East (Norwich): Look North 
i Leeds. Manchester. Newcastle c 
Midlands Today i Birmingham ■: 

Points West (Bristol): South 
Today f Southampton »: Spotlight 
Souih West i Plymouth i. 10.43- 

11.15 Easl (Xorvu-ht Time S!ip 2: 

Midlands {Birmingham i Band on t iisn\r 
the Run: North iLeedsi Close-up 
North: North Easr i Newcastle » lJS wiw Hum 

Friday North: Nortn West (Man- 
chester) Home Ground: South 
(Southampton) Report 
South West (Plyniouih) Peninsula; 

West iBrisroh The Krislo! Packet. 

6.40-7.53 am Open University. 

9.30 Labour Parly Conference. 

II. no Play School. 

1155 La hour Party Conference. 

2.00 pm Tennis; Davis Cup 
Semi-final: Great Britain v 
Australia. 

4.55 Open University. 

7.00 News on 2 Headlines. 

7.U5 Children's Wardrobe. 

7.30 News on 

7.35 Tennis: Great Britain t 
A ustralia r highlights ». 

5.05 Top Crown. 

*210 Wutiierinc Heights. 

923 Selected Horizons. 

10.15 Sounds Like Friday. 

10.55 Lale News on 2 
H.IU Rock Goes to College featur- 
ing Cado Belle. 

11.50 Closedown I reading). 


Ef.ra 1LM R. 

HTV Cymru/Walea — As HTV General 
Ftvic** ezcepi: 1.2B-L25 pm Penawdau . 
Nenyddion Y Dydd. 4.154.BS Gartd I 
Ala die. 4.00-6.15 Y Dydd. UJO Utler ] 
Pv- L4t.?r. 1L00 Ourlaok. U4S-12JS am 
Golf 

HTV West — As HTV General Service! 
•veps lJfO-IJO pm Rcpan Wen Head- 
lines. 6J54k30 Renan Wval. 

SCOTTISH 

1 JS pm New* and Road Report 1 JO j 
KouvM>ar:y. 505 Gambit. 4.00 Scotland 
Today. 4.30 Emmcrdal; Farm. 7 JO | 

12.40 am Close . with a Russian ThmsunnnyiiR UL30 War* and Means 
paintin" and musicaJ back- UJS Llle c * ,, • u -* Wc,lle Brodwtaun- 
ground by Borodin. SOUTHERN 

.Ml IP. \ Re^iony as London sou:Hern uo Gambit. 

““W « (->«•»!"* «ta>« S K £™ 1 ™\£‘££’ tg. 

lY'fi I 14 > iouLh East Area jnir>. 4JB Tell me| 

•1.1UU.4 ir.pUi-r WJO Weekend 10.35 McCloud 

2 Dm A is: a 515 Bygones UJS 5ondicm Xe«* Exira. 12.85 ami 

? la M P-nhe. U.30 Inieraauoaa: Golf, 
aal-.*:' <:»-r :s .*.an.jv Baker. 


5.45 News. 

6.00 Thames at P. 

6250 Emmerdale Farm. 

7.00 Mixed Blessings. 

7.30 The Rag Trade. 

o.oo 

9.00 The Foundation. 
io.no News. 

10.30 Soap. 

11.00 Golf: Dunlop Masters. 

11.30 Police 5. 

11.40 Bareita. 


AMBASSADORS. CC. a 1-836 117T. 
Nightly at B. DO. MiUncc Tua. 2.45. 
Sat. 5.00 and S.OO. 

TONY ANHOLT. PETER CARTWRIGHT 
SUUTH 

Thr World-Famous Thrlllrr 
b* ANTHONY SHAFFER 
"Seeing the Play again is In fact an 
utter and total Joy." Punch. Seal prices 
£3.00 to £5.00. Dinner and Top Price 
Seat t8 00 Inc. 

LAST TWO WEEKS. 


Eras. 8.00. 
' 5 and 8. 


APOLLO. 01-437 2663. _ 

Mats. Thursday 3.00. Saturday 
DONALD SINDEN 
(Actor or The Year. E. Standard) 
" IS SUPERB." KMWS of World. 
SHUT YOUR EYES AND 


THINK OF ENGLAND 
1 WICKEDLY FUNNY.* Tl 


Time 


From Oct 16 the new cast will Include 
Paul Daneman. Lana Morris. Dennis 
Ramsden and Carmel McSharry. 


PALLADIUM. 01-437 7573. Tonight at 
B.O.- Tomorrow 6.0 and 8.30. 

■ IN ONE GREAT SHOW 
„ ^ LENA ZAVARONI 
and war singers and Brian Rouen Dancers 
_RONNIE DUKES AND 
RICK! LEE AND FAMILY 


CAMDEN PLAZA <Opp. Camden town 
•Tuba.; 01-485 2443. The Bob Dylan 
81m RENALDO A CLARA (AAJ witft 
Boh Dylan A Joan Bane. in 4 track 
stereo. Progs. 2.50. 7.30 dally. 


PALLADIUM.- 01-437 7373. 

Queuing Dec . 20 lor a Season. 
DANNY LA RUE - 
aa " Merry Widow Turnkey ” hi . 
ALADDIN 

ALFREO MARKS as Ebenecar 
Dfly* WATLING. Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


PHOENIX: 01-836 2294. Evenings 8.1S. 
Mats. Wee. 3.00. Sat. 6.00 A 8.40. 
"TIM BROOK E-TAYLOR. GRAEME 
CARDEN make ut laugh." Dally Mall. 
THE. UNVARNISHED TRUTH ' 

The Hit Comedy by Royer Ryton. 

" LAUGH WHY I THOUUGHT I WOULD 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT." Era- Standard. " GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


CLASSIC 1. 2, 3. «, Oxford Street form. 
Tottenham Court Rd. tube). 636 OSIO. 
U and A Progs. Children KaH prt«. 

1 THE DRIVER -A). Progs. 2 05. 4 11, 
6 30. 8.40 Late Show 11 p.m. S»ecl2 
-Matinee All stats £1.00. THE SILENT 
witness <CA). Prog*. 11. DO. 12.00, 
1 . 00 . 

-j- Mel Ihnoaks's HIGH ANXIETY <Al 

ITogs. 1.40. 3.55. 6.1S. 8.35. Lew Show 

id p.m. 

3. THE TURNING POINT CAI. PtogA 

I-M. 3 JO. 6.00. 8 JO. Late Show 11 pjn. 

f'JW vf A f« WA,T (A ’- P ^N<- 

1 AO, J.55. 6.1 S. 8.35. Late Show 11pm 


ARTS THEATRE. 01-838 2132.1 

TOM STOPPARD'S 
DIRTY LINEN 

" Hrarious • ■ see it." Sunday Time*. | 

Monday to Thursday 8.30. Friday and i 
Saturday at 7.00 and 9.15. 


ASTORIA THEATRE. CC. Charing Cross 
Road. 7 34 4291. Mon.-Thur*. 8.00 pm. 
Fn. and Sat. 6.00 and BAS. 

BEST MUSICAL OF THE YEAR 
ELVI5 

EVENING STANDARD AWARD 


1.29 am 

1 -oulh. r , 4 , k00 




4-i tsi* 5.U Haet>5 

II. » 7h» Creiiur- 
\fraul i>( -Ji DlA. 


BORDER 


*12# am 3 (*-■!■• r S.I5 Gamnck 

V.i;. 4. BO L.ivir'.i:-l i r r,.j»y 4J8 

• '•.fSrr— Juy: :.;i ■ Tha lo.JB FirehouM 
11.30 Sarnibv .igr-s. 122B am Bonder 
Summarr 


CHANNEL 


Ljn--h 

UO 


1.18 pm ’Jhir.r.-.-l 
'A' ia i t'i- yr. 

$.15 Frrn'i -rdj - * 

«:x 6.35 7h. Lji- i 

: -v 16 . j? v 

‘Tari '-u; ' L14JS am 
D J*. a «:-r* 12.» 

ir. :-r T ich 


GRAMPIAN 

*2B am • -.-s' TU- is 1 20 pm Grampian 
'w 5.13 Lmir- riale FArm. 
.T4.n«- T..J j . 6-JS Tnp Club 
- r - v. lo JO The T»J4 
r-jl- U.» -! (l - ■-* 11 35 irrHSPl- 

*-;• - ;J U.l* am 'Ir.-n-.oa-i i.ale NiAtir 
" ' a P.-pon 


6.M 
7 30 


TV NE TEES 

1.25 am Thr Gogd Word foUtr.'-ed by 
No.-m East Knn Headlines. U8 om 
■.ortfl Ely. .New* a.-kJ Lookaramid 5-15 
r.ambi: 4.00 .Nartaern Life and Sports- 
•irr.«. W.JO Th-- PraerK-"-. UJS Charlie's 
AD4#ln. 12-10 am Epilogue. 

ULSTER 

1.20 pm LundKime. UO Gambfr. U3 
L'te»r Net * Headlines. 5-15 The Be»er'j 
Hi!lhill!c9. 4.00 Rrpar* 62» Sportacesf. 
IOJO Siam On Ice. UJO Charlie's Angel*. 
1225 am Bedtime. 

WESTWARD 

12,27 ant Gui lioneybuo'* Birthdays 
1.28 Wesiu-ard New* Headline*. 1J0] 
i;raA-n Court. 5-15 Emmcrdale Farm. 
4.00 W estica rd Diary. 4.35 Time Out. 
1028 l\* .14; ward l.ate Sc'ri 19 JO The 
if nigblurtui i.ji. M.iv-x- ' F*re Card Siud." *;amn* 
and Weather n,ih-n Mur-hum and D-.m Martin 12.15 
am Gnlf hi alilijhiv— Dunlop Masters. 12.40 
Fa.Ui For Life. 

YORKSHIRE 

L20 pm '"alendar .Yews. 5.15 Happy 
Da>* k.M Calendar ’F.mley Moor and 
? imiin. ed.iiin'*. 4J5 Calendar Sport. 
IOJO An Audience wuh Jasper Carrott. 
UJO •• The iiriurn of Joe Korreiier." 
•ijrrma Linyd Bridcev 


CAMBRIDGE. CC. 836 605B. Mon. to 
Thurs. 8.00. Fr(„ Sal. 5-4 5 and 8.30. 
IPI TOMBI 

EXCITING BLACK AFRICAN MUSICAL 
" Pulsating Musical." E. New*. 

Sea: Price* £2.00-£S.SO. 

Dinner and tap-pr:ce seat £9.50 Inc. 
FOURTH GREAT YEAR 


COMEDY. 01-930 2 578 

Last 2 Devm Today B.DO. Tomorrow 
5.00 A 8.30. 

EDWARD WOODWARD 
BARBARA TEFFORD In 
THE DARK HORSE 
by Rosemary Anne Sisson. 
Excellent family entertainment- Anyone 

of an* age 1* likely to enlov It." S. Tel. 

"Damned good theatre." Sunday Time*- 
"American* will love It." Gdn. "A laugh 
a minute.' D. Tel. "Chsoortumtles bril- 
liantly seized bv firm -rate cast. A most 
attractive and entertaining evening.'' E.N. 

NSTANT CONFIRMED CREDIT CARD 
TELLPHONE BOOKINGS ACCEPTED. 


PICCADILLY. From a. SO am. 437 4506. 
Credit Caras B36 1071. Mon.-Thurs. B.O. 
Friday and Saturday 5.00 B.15- Alr-cond. 

“ Dominating with unfettered gusto and 

humour, the BROADWAY STAR." D. Era. 
SYLVIA MILES 

"Towering performance*." Daily Mall. 
V1EUX CARRE 
by TENNESSEE WILLIAMS 
" Work* like magic." Financial Timas. 
■' There has hardly been a more satisfying 
evening In the West End . . .the BEST 

COMIC WRITING IN LONDON." Obs. 

" Sev running Hke an electric current-" 
Fin Tlmes^ ' DIVINE INSPIRATION — 
AUDACITY OF HIS HUMOUR — 
HYPNOTIC EFFECT." Dallv Mall. 


PRINCE EDWARD. CC. 01-437 6877. 
Evenings 8.00. Matinees Thursday* and 
Saturday* at 3.00. 

EYTTA 

by Tim Rice and Andrew Lloyd-Webber. 
Directed by Harold Prince. 


CURZON. Curran Street. WI. 499 3737. 

YVES MONTANO. CATHERINE 
DENtuvc InLe SAUVAGE , Al. 
ratatWesl. Progs, at 2.0 (not Stm.i. 4.05, 
6.15 and 8.30. Last 2 weeks. 


‘-fl^raTER SQUARE THEATRE. (930 
S252». Kirk Dougfas In a Brian De Palma 

! nn < 5 I - Spp- p rrt*. Wk. 

1.00. 4.30. 8.10. Sun- 3.30. 7.4S, Late 
Night Show Fri. A Sat. 11.45 pm! S »aS 
?)5*’Sl_. ,or ,? re 'l in S Pert - Mon.-Frl. and 

{if Parts. Sat. A Sun. except Lair Night 

dWlOW. 


ODEON HAYMARKCT (930 2738-2771) 
MIDNIGHT EXPRESS ■». Sep. Pg*. 
Dlv. al 2.30. 5.30. 0.30 pm. Late shSw 
rrts.. Sat*, and Sum. door* open 11. IS 
pm. prog, at 11.45 pm. All seats fakbte. 


OMON UEICE STEB SQ UARE (930 6111) 
THE CHEAP DETECTIVE (A) . Sen. progs. 
DW. Door* open 2.00. 4.4 S, 7-45. Lara 
show Fn. A Sat., doors open 11.15 pm. 


ODEON MARBLE. ARCH W2 <723 2011-21 
CLOSE . ENCOUNTERS OF THE THIRD 
51 -Ifti' ge«i uicm* Doors open Mon- 
Fn. 290. 7.30. Sat. 1.05. 4.1 S. 7.45. 
Sun. 3.00. 7.30. Laie Show Fri. A Sir. 
Poor* open 11.18 pm. All seat* bit ole. 


PRINCE OF WALES. CC. 01-930 8681. 
LAST 2 DAYS. ENDS SATURDAY. 
Evy*. 8.0a. Saturdays 5.30 A B.45. 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
Starring ROBIN ASK WITH 
CREDIT CARD BOOKINGS 930 QB46. 


PRINCE CHARLES. Leic. Sq. 01-437 81 B1 
Walerian Borowczvk's 
„ _ THE BCA5T (London X) 

Seo. Parti. Diy. (Inc. Sun. 12.40. 3.10. 
S.SS. B.35. Late show Nightly 11 . 1 s. 
Seats .Bkble. Llc'd Bar. 




QUEEN 

TSr*- _ . 

aa** 

|£^^AN^M d NU.« H ft E R^ 


S. gratis. " GOOD CLEAN *Gory"fun> 

Mfcy. « pwafey Jot 


RAYMOND REVUEBAR. CC. 01-73* 1593 

Al 7 «S1„? KSviVjS?- °PW* Sun*. 

JF A U L RAY M OND ^gnj*e n» 


THE FE5IVAL OF 
_ Folly 
21 it SEN 




'■m- :.>m «iV. 
•‘raip Cour 

TP. 4.00 Heoort A: 

.jr.3-. 10.3 Channel 

La:- '.In;*. • Fl*r 


CRITERION. 930 3218. CC. 836 1071-3. 

NOW IN IT5 SECOND YEAR 

LE5L1E PHILLIPS 
in SIX OF ONE 

..INI HALF-DOZEN LAUGHS 
A MINUTE 

SECOND "HILARIOUS” YEAR 
" Very funny." Sun. Tel. 


DRURY LANE. 01-838 3108. Mon 

Sat. 8.00. Matinee Wed.;.. * S*t- S-00. | Credit Card 8oaklng* — Seat* from £2. 


REGENT (Oxford Circa*). . 01-637 8882-3. 

Evw »■ aao 
, , ScffifeB^a/£tf 

„ , A little lewel." Financial TTrrre*. 
Smart, swell show." Daily Ejtprm. 
5o en lovable. ■ Sunday Times. 
Lvrics have more elegance 
man those for EVITA. 

Music more bite 

fhan.that of ANNIE." Sunday Telegraph. 


A CHORUS LINE . . „ , 

A rare, devastating. I a v ou 1- HP! n g ROYAL COURT, 

stunner." Sun. Time*. 3rd GREAT YEAR. | Evenln 


7 S°. 17 J*5v Alr-cond, 


DUCHESS. 836 8243. MOP to Thun. I 
Evening* 8 00. Fri.. 5«( 6.15 and 9.00. 1 
OH! CALCUTTA! _ 

*■ The nudity i* stunning." Daily Men. 
9th Sensational Vear. 


RADIO 1 


21 


Is) Stereophonic broadcast 
1 Medium Wave 

5.00 am Bad-o 2 7.02 Ta-e 

Trav,« 5.00 s.m.ir. Ra’^t 11.31 ?JT 
Kiim ->• 1 00 om P-!- r Fi-iM. *.31 

Kid 7. JO P-arr Dir.re • 

Cadm J - 18.02 J.ihn P M. 12.00-2.02 

B l l .1 : 

VHP Radio i 1 and 2—5.00 am *.t* 

t ! .•• -■ n.. "W.-ia 1.55 am ■ . ; ■. r ’i 

2.34 HjTv:<jr £30 '‘.'ta. 

i- 5.50 r.-.r.'. II.I.-..1 7.02 ■ : i.J .i . 

US ".m F. .-Ii:. 12.00-2.01 am .1 


pm 
5 as 
1.20 


an.1 


1.00 


. r-j**.«T coarer- •*• 12.45 .( M. Barnr — A Rrmlnucmce. *J5 

f. '7’ par: : McndrKioKn. Sinr? T'tur. 5.00 PM News maearice. 
• 1.05 Piaybii: 'ii S-& Weather: groararaiue news. 4.80 

'•! •' t.i r 7 >7- ? «Lrarir*lT \ *•'■». 4-30 Goinc Plan;*. 7.00 Sews. 

1.36 t .-.i win Fn'»- v u.,^ pri.-e 7.D5 The .troh'-r*. 7.2D 1'ieY f>f Hie Week 
« 2.70 p-vj,. ... X50 fr.'P- RR'7 Partin and Tflerlxjnu »*• 

3.10 Profile. 8.30 Any Ourtileo*? f.15 


DUKE OP YORK'E. CC- 01-836 5122. 
Mon. -Sat. Seo Pert*. 2 Only. 

BEST OF THE FRINGE 
GreM Incowtfnance of toe 3rd Kind " 

7.30 

" Naughtiest Girl In Ttm Behoof “ 

9.30 

IT'S THE CAMBRIDGE REVUE 
£2 per allow; £3.50 both show* 


“- 3o: 

A virtuoso performance.” D. Tel. 

“ ' " "DENC 
great 
Mail. 


INADMISSIBLE EVIDENCE 
This is_ one of the few great playa of 


5T1IDIO 4. Oxford Circus. 01-437 3300. 
Jill Clayburgh. Alan Bate* In Paid 
Mazunkv's AN UNMARRIED WOMAN 
rx>. Progs. 1.05. 3.30. 6.00. 8.35, 
Late show Sat. 10.50. 


CLUBS 

EYE- 189, Regent Street. 734 0557. A N 
Carte or AIMn Menu. Three So«s£aci>iar 
Fluor Shew 10.45. 13.45 VndVASrad 
music of Johnny Hawkwwor A Friends. 


London. WI 

rt™, STRlffte A5E._FL DO RS HOW 
THB GREAT BRITISH STRIP 

Show at Midnight and 1 am 
Mon.-Frl. Closed Saturdays. 01^437 M3) 
« *S£ -ft 1- * la In tact an 

£3.00 to £8.00. Dimwr and Ton Price 
Towering performance.' Dally Mad. 
part Of SkikoiKirc trilogy ACTION 
ODON MARBLE ARCH. W.2. <?J3 2011 -J) 


ART GALLERIES 


SEN NICHOLSON, recent paintings on 
iP**' ■ t *»*i |r JB«OJ A Tooth GallerlM 
j MP 3 * ■ Cork St.. London. W.t. atti 
OctobeT fg 28th October. tO.OO to 5,30 
^■■Iy. 10:00 until 1.00 pm Saturday*. 


the century." 


"STALTY. crodrt Cards. 01-405 8004. 
MmKUy-Thursday event nu 8.00. Friday 
S.SO and f.45. Saturdays 3.00 and 8.00. 
London Critic* Vole 
BUBBLING BROWN SUGAR 
__ ^ Best Musical ol V9T7 

Tet. bookings accepted. Major credit 
S*TdJ- Rests Drant reservations 01-405 

■C4 1 O. 




m r-r. id . r n 


i.d iirhon 


a«S f o- - 

■ it) Piavi 7S.4S 

1. 1 

■ rom America 4. 

ff-tr* ,t •. "i-iii. 

■\ -» 30 "..•*« f4J5 .\: 

1J4 '.I'.- 

j'h -r 10.00 The 

n* ■ : .. 

• 1 1-. >:an- -sn a. 

IOJO W 

.-•■k Undine . 

f " 1"'. ■- ' t* » 

7.30 . Ii.;r --jm Prht 1 - 

r -.JJI 

uilB tr.:z 

- 1 ! ? . 

ir ] rjfiiDj ■ ft 

■V p.’.l' 

:.m- 11.15 Thr 

S :o r 1 .. r- . 

3.70 V im- fr.-ini 


UJO 


RADIO 2 


5.W am : 'tiiiimarr 

H.-.ir.ti-r ... 'in b.15 

Th.iilnli: 7.3 2 T -r;. • 

3 27 Ra>.ir^: Rri'i-:in ail 2.45 
Thnu,-h: 10-07 .(.mmv Yaur.a 

pm armon.'r,' Wj:i 12.36 P. ■ 
)P'V. 

D 
t: 


1.5'M)ni and \"HF 

5.02 r 


*.20 f' -«t«V all*! 
• ‘rvi Ci’ifl'. f r 
:n Ifii'.;.;. * *0 

2 in.. r... iial 
•is ■ ■■ 1120 

'. irn. . r.arl 11.45 
•j-.. ri Son» 


- Li.se-ii.55 .• 

e-n'y— 4 * ,m, S4S- 

RADIO 4 


'•'"rid T-awti: 
10 55 Fnir 

U.oe \ Rppv 


BBC Radio London 

2H6in and 94.9 VHF| 

5.00 am kf Ralp 4J0 Ru«h Hr.ur 
®.uo Lur.-ier. L.»,. Ii05 om Cali l»i 
2.03 IH Horn.? Run 410 | 

i.. nior. Sn-.r:- D*»k MS ij.>nrt rrluas 
7.00 Lgr.l-. .'top. LiMcn 7 JO Black 

I.i.iiJ.»nrrc 2.30 Tracn rt»car1 10-00 1 
Lrir '-'i.h: London. U-OO-Close: as 
rurt.o 


FORTUNE. 8 35 2238. Eve*. 8. Thur*. 3. 

Saturday 5 and 8. 

Muriel Pa>'low a* MISS MARPLE In 
MURDER AT THE VICARAGE 

FOURTH GREAT YEAR 


SAVOY THEATRE. OlrtLM BBU 

Credit- cards 734 4772. Tom ConfJIn 
WHOSELIFE IS )T ANYWAY 
_ with JANC ASHER 
"A MOMENTOUS PLAY. I URGE YOU 
To SEE IT” Guardian. 

Era*, at a.oo. Fri. and Sat. 5.45 and B^S. 


"“"BE GALLERY 6. COT* street. W~. 
° 1 '754 4626. Recent Paintings and 
Sculptures tjv W. F. ZAG. 26 S«i . 
21 Oct. Mon -Frt. 10-5.30. Ian, 

IPINE ART SOCIETY. 148. New Bond St' 

uacirilj’mcu 51 ’ai- GH A RLE 5 RENNI iS 

“9?“oS. T ^Jit B ry* ,SO ,, » ln * Jn » 

JJJLj PINE ARTS. 24. Davri S trm W.f. 

01-493 2630 JULIAN COOPERrerwit 
mterralours. Sept. 12- Oct. 6. MoruLFrt. 

i MARINI «miB. Serai Society 7 * 
Annual EUib. et Solldhall, E.C Z Mnp.! 
Sat. 10-S. Until 1 pm Nov. 3. Adm. frao. 


GARRICK THEATRE. CC. 01-838 4801. SHAFTESBURY. CC. 01-836 6S96-7 I 
Eves 8.00. Wed. 3.00. Sat. 5.30. 8.30. 01-836 42SS. Eras- at 8.13 . mmImm 

TIMOTHY WEST. GEMMA JONES Thureday 3.00. Sat. 5.0of 8.30. 

MICHAEL KITCHEN TERENCE STAMP in 1 

In HAROLD PINTER S EDWARD GOREY'S 

THE HOMECOMING DRACULA 

'NOT TO BE MISSED." The Time*. with DEREK GODFREY 

LAST 3 WEEKS. SEASON MUST END ! Z Lv ■ — ~ 

OCTOBER 21 «. ! ^TJGAND. 01-836 2660. Eranlnos 8.00. 

Mat. Thwij S^W. Sats. 5.30 ud 330.1 


CLASSIFIED 
ADVERTISEMENT 
. .RATES 



GLOBE THEATRE. 01-437 1592. 

Eras: 8. IS. Wed. 3.00. Sat. 6.00. 8.40., 

PAUL EDDINGTON. JULIA McKenzie I 
BENJAMIN WHITJtOW I 

ALAN AYCKBOURN'S New Comedy I __ — - - . r — 

TEN TIMES TABLE r cc - _ OI-ASB 14*3. 

This must be the hamhest laughter i E *Bt- 8-M. Matinees. Tue*. 2. 45. Sats. 
maker in London." D Tel. "An Irresisl- | _5-S¥. *110 _ B “P 

" Sunday Times. 


NO SEX PLEASE — 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH 

OVER 3.000 PERFORMANCES 


Par 

hue 

£ 


Shi ale 
co farm* 
. cm, 

£ ■ 


par'. 

3.45 
1JS 

•va! ia» Lnr-f Ga Lai:r. -nU n c*' ...„ 

Mj. l-f I.iC.t Pratt 13.62 Fs<-.rs r^--‘ 

11 OS Br,»n Ma'iS-.w .r.rrivl »•*?* »?'■_ 

In-sm :zr!ud:nR 12-06 New*. 2.66-262 
am N’ve Suinmirr , 


T f' 0 , ■ Tea Luf.rt 

10.6S .-—rti r.j- 
10. JO Da 
K M 


1B.S0 

>n rurre'PMi- 

: 18.45 Mgrmnc _ 

Capita] Radio 

— T '<~ Ps. ■ r and 'hr 


*.#0 LBC Reports i.ienuauei’. 1.6Q 
Aftr FJipbr, e.oo N:*fiUme. 1.00 am i 
*.iahf E*:ra 


01-930 9B32- Previews 
. _ 00. Sat. 4.30 and 8.00. 

Opens Monday at f .oo 

GERALDINE McEWAN 
CLIVE FRANCIS 

NIGEL 
STOCK 

PAWL 

BOWLES HARDWICK 

and ramjLA fielding id 

LOOK AFTER LULU 

by NOEL COWARD 
with GARY RAYMOND 


. AGATHA CHRISTIE'S 

1 THE MOUSETRAP 

WORLD'S LONGEST -EVER RUN 
26th YEAR 

TALK OP THE TOWN. CC- 01-734 50SlT 

iAir-conefftloned. Firowi 8.00 Dndng; 
Dancing. 9.30 SUPERS REVUE 
_ KAZZU DAZZLE 
AT 114)0 PETER GORDENO 


THEATRE • 

Mon. tB 
NIGHTFJ 


UPSTAIRS, 780 2SS4. Eve*. 
. 7.30 Lunlere and San m 
by -David Gate 



IMm mdSSJIVKF hen majesty's, cc. 01-930 fiscs ft 
isnniEBo saavHf Evg*. 8.00. Matineei Thurg. and Sat. 3.00 x 
'ihuniis Rrta Wa« Shew " INSTANT ENCHANTMENT." Obseryer. T 


4.00 ant prer 
•* t.OP Mi.-ftari 12 DO Pitt 

r **h 3.08 om Rnjor jf.w: •? 7.00 

■ m 11- 7f.dnr .1 Tjn A.1r:.m l.mrj 
•'t.' •» # .0B % m Hum*. * lour 

f' - " ■*• 11.90 

•tr ° It'-" 2.1m am 

IiivuMag L^won L^ut Itnerasuonai 131 


THE MATCHMAKER 


VAUDEVIM-K. 5J6 9968. Em. 8 pvm: 
AN EVENING WITH- DAVE ALLEN. 

LAUGHTER ON A’ CONSTANT BOIla" 
The Times. 

LIMITED SEASON until Dec. 2. 


A Comedy by Thornton Wilder. " If goes VICTORIA PALACE. 


down «::h a deserved roar of delight, 

3. Td. For a limited season until ocl. 14. | 

" Hello Doily so mre to h»y» vou bacV.” | 

Ca.ly Mail. A Mg*rerolrce." Timet, j 
The man who wanted a ftists of bubbl* 
•od toppm iho*> must have hao lust 
thle Ht mind," D. Tel. 


828 4 735-6 . 834 1 317.1 

.STRATFORD JOHNS 1 

SHEILA HANCOCK 
ANNIE 

Era*. 7.30- Mai*. Wrtl. and Sat. J.4S. I 
i " BLOCK BUSTING — 

i SMASH HIT MU5ICAL." D. MaU. 


Cottin^raUd & ImhamaJ 
Property 4.80 

Reaidedtiai P roperty 2.gg 

Appointments 4J0 

BnsloeiK b Investment 
Opportunities. Corporation 
Loans. Production 

Capacity. Busin "sue* ■ _ 

For Sale/Wanied sjs « n - 

EdwsHJon. Moior*. ' 

Qomnets t Tend Era, 

Personal. Gartenla* 4.3S 

Hotels t Travel 2.73 

Book. Publishers _ 

pesltlaM aval labia 

IMtahnum tin 4 cetwnn cm* 
■LJOpor * fugle column cm extra) 

For fterdter drld/li trrsle to; 

Classified Advertisement 
Manager, • 

Financial Times, 

10. Cannon Street, EC4P 4BT 


14.no 

•.on 

1409 


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ftw&L limes Friday October. 6 1978 


Cinema 



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ac-ri* 

Sri '-’* . ' .' ■ ■’ - ■ 


by .NIGEL'ANDREWS 


Festival Hail 


rVaudevilfe 


Daniel Chorzempa 

by NICHOLAS KENYON 


We have heard all too little of part counterpoint in the slightly 
Daniel Chrirzempa's idiosyncratic dry fugue. 






m- . t « him 13,1:11 U P NFT - most to "be prevented from doing so. I don’t think Hill himself made 

imcnaei Foweil evenings during the next month But there is space here only to up his mind on the matter. The . ... . , 

aMitional Film Theafre ant j cep for himself What no ur R e you lo frequent ihe season, Drirer js an amiable but un-j music-making in this country Schumann s. Fugues 

The Driver (A) one could dispute is that Powell and lD J° in 111 the work re- salvages bly hybrid Hollywood) recently. After a spell 0 r over- on were also tightly eon- 

ABC Shafted Avenue! KdSiJSjhL He be.tTbe ggf SS 5El£i«*"“ «“* » *»» >S o. « SSTMTSEM 

TZTr ™ ica ssTiSSss ss £ks- S ssr “ r % aa 

me Odd Job (A) Columbia artistic purposes, and films like * - same time. 

.Matter of Life and Death. 



An Evening with 
Dave Allen 

by B. A. YOUNG 


^ lirr- 


5:1 . 

*V 


• • di *V a ^ ? r Of the hundred-and-one ways 

Britain is not so rich in great " tacfe ■'«««•» - aDd , ,7ie "«*» to smash up an automobile, you n av jd Helpern Jnr's Hollywood 
flhn directors that it can afford ?!“f ,afe of ,£2? ?'5 ,d 1 suppose that the cinema w T „- a i ^ /feature-length docu-, 

to ignore plausible claimants to Sd‘ (eW un ® xpl T d ‘ ' ou mentary about the American! 

that title. Those unduly cynical »•* 1° J* " ou,d be wrong: happily or un- film in duptr y- s embroilment in! 


... - - - the chirrupy little scherzo ver- 

when he became known to sion of the theme), but here a 
English Bach Festival and Prom little more relaxation might have 
audiences as a brilliant virtuoso been ln order. And welcome 
organist with the fa Me si Bach D »hough it was to hear the mean 
major Fugue in the business, he derin S prolixities of Cesar 

ha's been travelling the world Franck’s Fontaine en la played 

not -only as an organist, but as a f° r once without any sentimen- 
piantst, a composer (trained in and with absolute clarity 


1 •: - 




S’ St 

7. ■ >. 

1. ***“ 


Bur 

** 5' : 
V' 


The Driver: Ten™' At -£?’ "V? ea J ly cveQIn - could noT emfrely Vamped 

In fact, there has been a da* ^^^L^SSSSL^i 5S? i? the ten film-oiakere who were! Lll 3 Even Franck ‘ s Piece ker °^ ue 


1IIV0L VI 

American citiren. 


films. Where so; much British furthermore, 
cinema is characterised by a since this is 
dour, chastened understatement weighty archetypes and gives its 



laboration with Hungarian-horn personality that link films as i s 

r n Ai >Kk^ Clou. III in 


information (Dem 5601 10 prison for a year. (They | an [iphona) chords 


flexibility has entered the pro 
tbe grammes, and that the obliga- 



jsrsjsrt te*s; st-osz m j^h&£"£ 

^s^ssas a-^sjfjgje SLSLSSl^S SS 

£3 i ^ n “" *r*& * nerPlate and Tm "; Hollywood film «rfr and swathes anti-HUAC and anti-McCarthv. 1 »«umuidiea of the fite- fc-xceUenL 

“ Powell s Mrength is .his insight this movie in Stygian gloom. One director Edward Dmytryk. who 

ttea Shoes and Peeping Tom. mto the British character, and suspects that it could, and per- after release front prison gave 
"Such films as" is an odd h* 1 ? ability at once to identify h a p S more property should, have information to ihe hearings (his 
phrase when applied to such a w i™ . lT and 10 st " HJS been made in the 1940s: with feelings on Communism, he 

head-spinning rag-bag of enter- loH-minuie portrait of- that great Alan Ladd or John Garfield as says, had changed), and between 
tainmeots as the above, but British archetype Colon el Blimp. The Driver. Veroniea Lake as these extremes such varied 
Powell^ genius lay in his ability example f newly restored by The Player and Hume Crony n, Hoilvwood luminaries as Bing 
to express a personal vision Ihe- British Film Archive from mean and toothsome like Air. Lardner Jnr. Lestpr. Cole. Alvah 
through a vast range of subjects. a standard version two-thirds Dern, as The Detective- Bessie and Albert Haitz. 

To my mind he is not oaly this *hat length), .begins as a re- All that distinguishes it from ft j S a fascinating film: not 
country’s greatest director — creation, precise to the last droop a "40s film, indeed, is tbe jea«it for its early alimpses oF 



Leningrad Philharmonic 

by DAVID MURRAY 

There was an unaccustomed kovicb showed Jansons In a 
bjU’fi . Si a re about Wagner’s better light. It was rigidly ex- 
y.qgr-.'gf LPS?""” W T PoundwL and allowed » mell 

eSr B-m aken ll fnr °“ where; »“• >»<= cnn.icUon 

■■T.i-.Z.,.'':..!?' 5' l»e reading was impressive. 


>n 

.Srv 


.44. 

V 


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rt.f 


VP » I ; 


phetiu analyst of British char- of humanisation, using flash- counter-bluff is wholly self- Cooper is there, in his Mr. DeecLs 
acter. Prophets are proverbially backs To BlimpVyputh. Powell sufficient without. them, persona, telling the commitlee 

doomed to a cool reception in at once explains" ana vindi- Admittedly, “car chase” is not <*] am an ac tor (aiegle)” and' 7 . - 

their own countries; but years of cates many of Blinyvs -attitudes, quite the term for the best action *11 nfidina to them that Cammu- ? r Ttiem before the 

critical disregard -are now partly The film hit, or threatened In scene in the filmr in which njsn , ^ his mdiid. is “ not on the! 1h * t ,C,>1C ‘ snooks were cocked 

atoned for by a full-scale retro- hit. .so many tender nerves in O'Neal scornfully displays his Jack L. Warner gets) th« oSt Scherzo, which wore 


ni-sm, in his mind, is “ not on the 

National Filin 1943 that Churchill wanted its expertise 10 two men wishing i»i h^feiesslv^tled^ up' 

ate than never, production halted and sent out hire his services by driving them enunciate’ “idcoloe-ica. i C4U .«« 

ill rather late: and Fm hot copious memos to that effect. Rut around an underground car park r rr , m a cr> rioted soeech Louis 
that a season of Powell’s Powell’s film rode out the polili- at SO mph and breaking every g Maver °ets tetebv. And 


rSSt^^aJ^Srtlii were some- 

Dromised the latter w«Hr- the t,mes surpnsing. but they were 
pro^am mes h got n righ bJt ?et ?5 arply ?ffective--though surely 
as^in rhe Festival HeiinriBui the tension ought to.be relaxed 
again the J-esnvai Hall ren torn at the close of the first movement 

more than it was here. No 
"re snooks 


specuve at the 
Theatre. Better late 
but still 
sure 
work 
on 
the 
Royal 



in Ihe 
a fixed 

“I grad sound, or just the style of ,*. D * , 

' the conductor. Marin Jansons. ” 1 ' 1 ? 

was hard to say. Ceruinlv “ were . mad f e n«wrlepily lucid 
the Leningrad Philharmonic is l h I°^? bout - Ja ° sons displayed a 

the 
impact 
ever 



Dave Allen 


Lcairoini Burl 


7 suppose most of the people is a saloon-bar treatment, never 
... .. , onieno wmen wore a uvea ' likely to be tempted to an even- intellectual, seldom witty often 

Wagner, ur U,e parucular Len.n- Ae orrh«Sl «u” ! ins W .U> Dave Sllcn win knew S'ui Sl«" h «mm™. 



Deborah .-Kerr and Roger Livesey in * The Life and Death of Colonel Blimp * 


week. 

★ 

Finally and briefly, The Odd 
Job. This woebegone British 
farce stars Graham Chapman, 
former Monty Python stalwart as 
a London businessman driven to 
thoughts of suicide when his 
wife -leaves him. He hires an 
•‘odd-job" (David Jason) to 
murder him — at any moment 
of the man's choosing — only 
stipulating that the murder must 
be swift and unexpected. Un- 
fortunately. Chapman changes 
his mind about dying, but cannot 
convince his would-be assassin 
that the contract is off. 

Cue for an ongoing farcical 
■ situation, one would think, with 

many misunderstandings and 
comically abortive murder 
attempts. . Unfortunately the 
film prefers to run. about like 
a decapitated chicken, flapping 
its wings and making vestigal 
squawks, and displaying no 

sense of direction whatever. 
Chapman has some good 
moments of distrait pomposity 
and David Jason, pop eyes and 
Liverpudlian accent emerging 
rsrr-ta from a huge trencEcoat is 

almost funny as the assassin. 
r But the rest, co-written by 

f. Jr . \ ?:*v Chapman and ' Bernard 
McKenna and directed by Peter 
Medak, is undisguisedly ter- 
rible. 


the cellos and basses was notable 
— and (under Jansons. at least) 
an absolute minimum of nuances. 

In Chaikovsky’s Violin 
Concerto the soloist was Victor 
Tretiakov. sweet and even of I 
tone, holding the lyrical centre 
of things quite alone. Such assist- 
ance as Jansons gave him was ill 
judged, ln one way the conductor 
was too scrupulous, banking the 
orchestral fires as ff every solo 
note were too precious to risk 
covering; in anther, he was an 
unsympathetic time-keeper, bis 
inflexible beat regularly braking 
any excitable surge by the soloist. 
Anyone who expected a riot of 
Slavic passion, even in the 
Finale, must have been 
disappointed. 

The Fifth Symphony of Sbosta- 


Moroni exhibition 
at the National 

The first-ever exhibition speci- 
fically on the works of Giovanni 
Battista Moroni opens at the 
National Gallery on November 8. 
and continues until January 14. 
It commemorates the 400th 
anniversary of the death of this 
North Italian painter. 

Moroni, who became a local 
hero almost immediately after 
his death, worked mainly in 
Bergamo and Brescia. The 
exhibition will concentrate on 
his portraiture, at which he 
excelled. 


already what be is like and what allv^venturing on an anecdote, 
he does, and the stage show is on p of whic h j remember from 
much like the TV, except that a film shortly after the war. 
he does it longer, more than two scripted 1 think by T. E. B. 
hoars on the trot For those who Clarke. 

need to be put into the picture. If you want to gauge the 
be strides on to an empty stage standard of taste, I must report 
surrounded by black drapes, that there is a good deal of 
thanks us for applauding his reference to the Less public parts 
entry and. standing sideways-on of the body and their functions, 
so tbat he can lean his left elbow and that almost at the moment 
on the microphone stand, gives when Pope John Paul was being 
us through a microphone his laid in his tomb a lot of merri- 
simple. disrespectful ideas about ment was made about Popes. We 
whatever seems to come into his should have a black Pope, says 
mind. He gives us his ideas Mr. Allen. Pope Rastus I. 
about drink, statisticians, televi- The standards are not those 
sion advertisements, mothers, sex by which I choose to live, but no 
aids, men with their flies open, doubt I am old-fashioned, for 
conformity, dogs, farts, politi- the audience giggled, guffawed 
cians, racialism. Ian Paisley, the and even clapped as if we were 
Irish, the Jews, birth control, the all in some great saloon-bar 
Pope, the Queen. God. the Old together mocking the events of 
Testament and so on. He has the day. An evening with Dave 
an explosive delivery that sends Allen is clearly just the thing 
the t’s and p’s popping nut of for those who believe that 
the speakers like backfires. You mockery is the only acceptable 
might describe his choice as the reaction to life. Myself. I would 
subjects of a typical saloon-bar as soon have an evening with 
conversation, and his treatment Clive Jenkins- 


. 1 ■ 


££: 
Ti> ■+’ 


€ *■ 
4*' 

Wv- 


*. -- 

s 

r* • • 


Theatre Royal, Nottingham 

Die Zauberflote 

by RONALD CRICHTON 


m 


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*<-; 1 



To tour - tbe Glyndebourne natural comic quality needed- to 
Zauberflote. new last season, P«t over Schikaneder’s hoary bul 
w,.h David HockneyV ~ fX-d* 

quick-change gauzes and drop a muric-lraH' comedian than in 
curtains, was a. brave decision, -cultivated singers like Mr. Jack- 
The older and larger theatres in son. . - . 

the regions, though some of them The Taniino and Pamina 
(the Nottingham Theatre Royal were recent prizewinners. 

being . vhining _evample, 1.,.. A«rd. Sn) 

been modernised, are hardly bore hinwelf wel , knew tbe 
staffed. or equipped to cope with part thoroughly but was 
such a show as this. In Notting- hindered by a lack of body in 
ham the risk paid off. On. Wed- the tone. Helen Walker (GTO 
nesday Zauberflote went without ^ngers Award, 1977) has 
... ... . . j „ n ,ii plently of voice and except tbat 

visible hitch. And at least ^ tone nevcr . really cleared, 

it is cast with a bunch of major uggjj ft musical effect. She 
talents (something like this sum- needs to relax: Pamina is . a 
mer's galaxy at Salzburg) deep girl but there is Fun in 
unlikely to fall within Giynde- her too. Miss Walker's smiles 
bourne's '•rasp, this production’s were few and- shy. The trios 
strong visual impact will be the of Queen’s Ladies and Spirits 
deciding factor. (the latter still In their ghastly 

There are few artists working BrmJdH has been improved 
i ,h n ,tfp tnriav whether' and partly changed since the 

^ irJjLrfi ir fiill t interlace de- Festival. The chorus was pro- 

.“d MrtoiKly Msmeed. Bolh in 
signers. t0 “ Cosr_ the .previous i vming ,nd 


iinuously^ fitimulalinb'. Bet the <n Die Zeeberfioie one lusty 






.ft: 






producing 

Sf/dS’iTo.^.'S kept on dM the 

mi background for young ** r ^° b > bl * a "!" ner ° f 
singers with still-developing^ per- Placing. 

sonalities. Wednesday’s cast Guus Mostart has reproduced 
(there are alternatives for. most John Cox’s staging for the tour, 
or the leading roles) did pretty One suspects that Mr. Cos's main 
well on the whole. Though his work in this case was none m 
entrance- is killed by a too bril- the various phase.* uf coilabora- 
liavil red cloth draping the tion with - the designer — to an 
hinder parts of the lion drawing unusual extent, the designs are 
his ebariot, Willard White's the production, but movements 
noMv sung -and spoken Sarastro and .groupings looked more POBi- 
woufd grace any company. As tive than they did on tbe Glynrfe- 
.. the Speaker of the Temple who bourne first night. Nicholas 
j Jr expounds Sarastro’s doctrines, 3^thwaite conducled the 
* ' .ri Henry Herford showed that great Q 0urnem0U th sinfonietta. The 

■ ** *** 

' Fur O. GlyDd.bouruu C 

- virtues of thorough preparation pr«»se, wen timed 

were at hand. The Queen of the (vital to this opera) high 
Night was an American visitor, them'; That there was little 
Sunny Joy Langton. one half of sparkle or tenderness may have 
- an exchange scheme, between been ^ fan j t 0 f the Theatre 
„ Glyndebourne Touring -Opera T ^caustics, which from the 

and Houston—the English^ri- terriblv drv. Leisurely 

tone Phillip Bromley will spend, staus are rernu.y u 
some months with Houston tempos which under other c 
Grand Opera this winter. Miss cumstances might be revealing 
Langton released her fireworks are better avoided— they sound 
with limpid accuracy, but, the p i6ddins. .Even in fractional 
! result was more soothing .Ihan. paases ^ 'the’ sound is abruptly cut 

• . W-** bec “ e fuu 

j>\ sung, sought in vain for -the slpps.. -- : 


Cologne 

Moses und Aron 

by ELIZABETH FORBES 

: With, one of the finest choruses Chiefs, strangle the Youth with 
in. Germany and an orchestra — their neck-ties, 
slue. John MMM 

took over as chief conductor— lbe creduft^ of a p e0 pi e that 
responsive to tbe most stringent can be taken in by such obvious 
demands made on it, Cologne conjuring tricks. Moses, reluct- 
Crty Opera as better equipped to aptly parting with his walking 
UUK* Schoenberg's i— n-p*. 

masterpiece titan many other appalled but powerless to stop 
larger or grander opera houses. Aaron when he himself has 
By lifting the conflict (if such it failed to convert the people to 
can be called) between Moses his unimaginable God. The pro- 
azid Aaron from its biblical con- tagonists are strongly cast: Wil- 
text. Hans Neugebauer, the pro- |i am ^wis as Aaron presents 
ducer, has sought to universatise d f/ e ^ n i« a i 


the irreconcilable differences is 


PRO. assured, never at a loss 


the two men’s characters that lie 

al th« haan of Sehnpnbprff’s sings niS intricate, marvellously 
^ tiie heart, of benoenoerg-* expressive vocal line, with 

™ era ' apparent ease, negotiating the 

. Certainly the problem posed high tessitura securely and pro- 
bv the unfinished state of the jectlng his words clearly, 
last act is underlined by this As Moses. Rolf Boysen also 
production. Though the pro- gets the text across with force 
gramme prints the entire text and clarity. His speech, beight- 
of Act 3, with its final victory ened almost to the quality of 
for Moses, the performance stops chant, more flexible than that of 
short at the end of -Act 2. with some of his predecessors in the 
Aaron in the ascendancy; one is role, is not therefore the less 
left with the suspicion that impressive. None of the other 
Schoenberg himself feared what soloists has much chance to shine 
Herr Neugebauer- so ably demon- individually, but Barbara 
slrates: the glib-toncued Aarons Daniels <a young girl). Jean van 

of this world nsnally triumph Ree (a young man) and Takao 
over their worthier but tongue- Okamura (a priest) make the 
tied brethren. Moses' despairing most of their opportunities. The 
cry, ‘*0 word, thou word, that chorus sines with energy. 
I lack” makes a shattering accuracy and precision; the 
climax in this context various strands or vocal line 

Aefaim Freyer sets tk* work ly ..^ 


appl > 10 ° rehes,ral '«■* 
bbi but tie UbUreMSt's etothes frequently searing 

e b , U t' WrijS^Sl-uSS i“2' .*11* 
mil skirts wiss and make-uo J ™ D Prncn - irtl . whose dose 

S=t aSs SS S JC 

a cable-drum, a. fallen telegraph attttr ^ ted by Aaron, 
pole, a heap of planks and tbe 
pedestal bearing the Golden Calf, 
the stage is bare. The chorus 
tends to hug the walls of the 
box; except in moments of par- 
ticular tension; movements are 
stylised, though in the drunken 
and erotic orgies explicit enough. 

Naked virgins cause few eye- 
brows to rise these -days, and 
shocks mu3t be more subtly ad- 
ministered. as when the Elders 
(seven representing 70> tempo- 
rarily abandon their card game 
aniL. deputising for the Tribal 


muddied. The same qualities 


- Casting for 
Pinter’s ‘Betrayal’ 

Harold Pinter’s , new play 
Betrayal, will open in the Lyttel- 
ton Theatre on November 15 
(previews. November 10, ll, 13. 
14). Michael Gambon has been 
engaged to join Daniel Massey 
and Penelope Wllum in the 
principal roles. In a production 
to be directed by Peter Hail and 
designed by John Bury. 


Zambia Copper Investments Limited 


INCORPORATED IN BERMUDA 


Extracts from the review by the President, Dr. Z. J. de Beer 

The Zambian mining industry 


Tbe price of copper has remained depressed throughout the 
year under review. In consequence, neither Ncbanga 
Consolidated Copper Mines Limited (NCCM) nor Roan 
Consolidated Mines Limited (RCM), m which your company 
holds 49 per cent and 12.25 per cent of the equity respectively, 
was in a position to declare dividends during the year. ZCI's 
total dividend, interest and other income, amounted to 
USS2.04 million, while profits of US$0.12 million and 

US$82,000 were recorded in respect of currency fluctuations 
and the redemption of loans. After deducting administration 
expenses and interest payable of US$0.92 million, the profit 
before taxation and extraordinary items amounted to 
US$1.32 million, compared with US$1.85 million in 1977. 
After deducting foreign taxation of USS0.5S million, the 
profit before extraordinary items amounted to USS0.74 
million, compared with US$1.18 million in 1977. The deficit 
on extraordinary items, amounting to USS21.53 million, was 
covered by unappropriated profit brought forward of 

US$1.12 million and a transfer from share premium of 

US$20.17' million, leaving unappropriated profits carried 
forward at 30th June 1978 of US$0.5 million. The deficit 
on extraordinary items related in the main to tbe provision 
of US$19.89 million against the investment in Botswana 
RST Limited. (BRST). and BCL Limited (BCL) and against 
the loans to BRST. Shareholders will recall from my review 
last year that an amount of USS20.0 million was provided 
against a possible diminution in the value of the 

investment In and loans to BRST. at that time totalling 
US$38.03 million. This provision, together with the 
US$19.89 million provided this year, means that ZCI's 
entire investment in BRST and BCL. together with Lhe 
loans fo BRST. has been fully provided for. Only tbe senior 
unsecured Joan to BCL. amounting to US$0.7 million is 
retained at its original book value ln this regard, shareholders 
will recall from the circular to members of lOtb April 1978. 
which gave full details of both the restructuring arrangements 
for BRST and BCL and of the consequential adjustment in 
the relationship with Minorco, that the directors warned that 
it might be necessary to provide in full against ZCI’s invest- 
ment in and loans to BRST and BCL. After careful 
consideration, and in tbe light, inter alia, of the continuing 
depressed price for copper and nickel, and the loss of 
P38.5 million recorded by BRST for the year ended 31st 
December 1977, they have decided that it is necessary to 
make such a provision. The balance of the deficit on extra- 
ordinary items relates lo losses on certain assets resulting 
from the devaluations of the Rhodesian dollar and Zambian 
kwacha during the financial year, and the write-down of 
certain Zambian assets. 

The balance of dividends declared by NCCM and RCM 
prior to December 1974. amounting, together with accrued 
interest, to (be kwacha equivalent of US$6.G5 million, is still 
awaiting externa lisation from Zambia. 

Copper market 

There was little material change in the state of the world 
copper market during the financial year under review. Prices 
remained generally depressed in the face of substantial world 
copper stocks, and a lack of concrete evidence of a recovery 
in Ihe economies of the industrialised nations. London Metal 
Exchange (LME) stocks rose from 599.000 tonnes in raid-1977 
to 641.000 tonnes by the yearend, while LME prices declined 
from £706 per tonne in July of last year, to £665 per lonne by 
the end of 1977.. World copper stocks at tbat time were 
estimated at some 2.2 million tonnes. 

During the first half of 1978. certain events affected the 
international copper market, but. apart from temporary 
increases in the price, these do not appear to have had any 
material effect on Ute overall situation of over-supply. 
Although a proposal for a 15 per cent cutback in production 
failed to gain support from Chile at the December 1977 
conference of the Inter-Governmental Council of Copper 
Exporting Countries (OPEC), in early 1978, Zambia. Zaire 
and Peru announced a 15 per cent cutback in production. 
In March of this year. Zambia declared a 15 per cent force 
majeure reduction in deliveries of copper for the remainder 
of the year due to congestion at the Tanzanian port of 
Dar-es-Salaam and rail transport difficulties. The invasion 
of Zaire's Shaba province by secessionist forces in May of 
this year led to a severe dislocation of that country's copper 
mining industry, and resulted In a 50 per cent force majeure 
declaration. Although it appears that production has been 
resumed, it is likely that Zaire's output will be restricted 
for some time. While the foregoing reductions in output 
have contributed lo a decrease in world copper stocks in 1978, 
they have nut brought supply and demand into balance, nor 
caused any material increase in the price of copper. At ihe 
tiine of writing, it is not possible to predict with any accuracy 
when such an Increase might occur. 


In the light of all tbe adverse circumstances, tbe performance 
of the. industry during -the year under review was no worse 
than was expected. NCCM produced 377,156 tonnes of finished 
copper in the year to 31st March 1978, compared with 427,810 
tonnes in the previous financial year. RCM's production 
during the twelve-month period to 31st March 1978 amounted 
to 262,649 tonnes, or 10,896 tonnes less than production in 
the comparable period in 1976/7. Since the copper price 
remained depressed, both companies were obliged to increase 
their total borrowings, predominantly from governmental 
sources. Operating results continue to be adversely affected 
by an increasing shortage of experienced staff and a lack 
of essential imported equipment and spares. The congestion 
at Dar-es-Salaam. together with considerable rail transport 
difficulties, continue to be matters of considerable concern, 
ln the face of the foregoing, both companies have implemented 
detailed programmes designed to decrease expenditure. The 
programmes involve such measures as the rationalisation of 
mining operations, detailed reviews uf operating costs, 
reorganisation of labour, reduction in stores, and a general 
eutback in capital expenditure programmes. 

ln March 1978, the Zaiuhian kwacha was devalued by 10 
per cent as part of the agreement whereby the International 
Monetary Fund is providing Zambia with financial assistance 
totalling SDR 315 million, equivalent to approximately 
K322.6 million. Under the agreement conditions which the 
raining industry has been requested io meet include an 
improvement in profitability to the extent that NCCM and 
RCM at least break even by the end of 197$. a limitation on 
borrowings from the Bank of Zambia and the production of 
670.000 tonnes of copper during the calendar year. 

The devaluation of the kwacha will assist the companies' 
return to profitability in that currency, hut higher costs will 
be encountered as a result of the increased cost of imported 
items. It has also been necessary for NCCM and RCM to 
make special devaluation charges amounting to K16.3 million 
and K7.1 million respectively. 

At NCCM, the 12 per cent reduction in production is 
attributable in the main to the loss of skilled and experienced 
personnel . and shortages of spares. These factors resulted in 
poor maintenance of major treatment plants, which led to 
reduced rates of recovery. Periodic acute shortages of essential 
supplies also adversely affected the availability of plants. 
Copper sales totalled 384.560 tonnes compared with tbe 
previous year's figure- of 425.931. with an average realisation 
of K'1,002 per tonne compared with K1.072 per tonne in 19n. 

Botswana RST Limited (BRST) 

ZCl holds as 11.75 per cent interest in BRST. which in turn 
holds 85 per cent uf the equity in BCL. The balance of 15 
per cent in the equity of BCL is held by the Botswana 
Government. -Shareholders were infonned in detail in the 
circular lo members dated 10th April 1878, of the restructuring 
arrangements for BRST and BCL and the consequential 
adjustment in ihe relationship between ZCI and Minerals and 
Resources Corporation Limited (Minurco). which holds some 
49 per cent of ZCl The adjusted relationship is governed by 
an agreement between the two companies dated 16th March 
1978. and ihe action of the directors in entering into this 
agreement, and in arranging for ZCl to co-operate in and 
assist in the restructuring of BRST and BCL, was approved 
by a special general meeting of members on 2nd May 197S. 

Future prospects 

The financial position of the company remains serious. No 
dividends have been declared by either NCCM or RCM since 
1974. and balances of dividends, amounting, together with 
accrued interest, to the kwacha equivalent of some USS6.65 
million, declared earlier by these two companies, are still 
awaiting externalisation from Zambia. World copper stocks 
remain high and tbe level ol demand depressed. It will 

. r .require a sustained period of substantially higher metal prices 
before NCCM- and RCM will once again be in a position to 
declare, dividends, and such a recovery will only occur when 
. tbe world's industrialised economies move into a strong and 
sustained expansionary phase. At the time of writing, no 
such development can be clearly foreseen and the prospects 
for an early recovery in tbe company's fortunes remain bleak. 

" " Copies of this review and the report and accounts are obtain- 
able from the Loudon office oj the company al 4f) Hotbam 
Viaduct, EC1P 2AJ or from the office of the United Kingdom 

■ -Transfer Secretaries, Charier Consolidated Ltmtfed. P O Box 
102, Charter Bouse. Park Street. Ashford, Kent TX24 &EQ. . 


S ; 


> . 


20 


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FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantfano. London PSA Telex: 8883410, 883897 

Telephone: 91-348 8000 

Friday October (3 197S 


Dollar doubts 
intensify 


THE RENEWED fall in the dol- 
lar In the last few days is 
potentially the most disturbing 
development in the whole pro- 
tracted crisis of the U.S. cur- 
rency, because for the first time 
it is taking place against a 
background of reasonably deter- 
mined domestic action in the 
U.S. to correct the situation. It 
now seems that persistent port- 
folio switching by central 
banks outside the main indus- 
trial countries — mainly by some 
Communist countries and some 
in the developing world — is 
partly responsible for the per- 
sistent selling pressure. This is 
being met. reluctantly, by re- 
newed Intervention by the 
countries most concerned with 
the over-valuation of their cur- 
rencies; but as experience with 
sterling has shnwn. portfolio 
pressure is hard to stop. 

Unsophisticated 

As with sterling, portfolio 
selling has developed remark- 
ably late, and when the currency 
concerned appears if anything 
undervalued; but unfortunately 
the trouble is not being caused 
by sophisticated speculators, 
who might he expected to 
change their view rapidly as 
new evidence appears. The 
authorities concerned have had 
the unhappy experience of 
watching the value of their 
dollar reserves fall heavily over 
recent years, and are narurally 
anxious to reduce their exposure 
to risk in any one currency. 

In addition, their reserve 
needs have changed. Curren- 
the dollar are now pegged to 
the dollar are now pledged to 
the SDR or to some other unit 
defined in terms of a basket of 
currencies, and these currencies 
may be required for interven- 
tion. In addition there is a 
growing weight of international 
debt denominated in currencies 
other than the dollar — partly 
the result t»r efforts by strong- 
currency countries to encourage 
capital outflows. Reserves must 
partly reflect doht obligations. 

For all these reasons, port- 
folio selling pressure is likely 
to persist unless the prospect 
for the U.S. balance of payments 
is transformed dramatically 
enough to lend some speculative 
attraction to ihe currency — just 
as an improving oil prospect, 
coupled with the availabhty of 
high domestic interest rates, 
brought the switch out of ster- 
ling to a sudden halt at the 
very time when it became offi- 
cial policy to run down ster- 
ling's reserve role. The present 
market situation means that the 


need for a turn-round in U.S 
performance is considerably 
more urgent than before. 

In fact, of course, the new 
market situation has already 
had a considerable impact on 
the U.S. domestic scene. Up to 
the spring of this year the rapid 
and persistent rise in total 
foreign holdings of dollars 
meant that U.S. official debt 
could largely be sold overseas 
and there was little pressure 
on domestic interest rates. In 
more recent months the net 
flow appears in have slowed to a 
trickle, as continuing int erven 
linn by some strong-currency 
countries has been matched by 
portfolio sales. U.S. official debt 
previously sold abroad now has 
to be sold to domestic buyers 
and this borrowing, as much as 
the mature economic boom, is 
driving up interest rates in New 
York. 

If in these circumstances the 
Federal Reserve Board could be 
relied upon to pursue its 
declared monetary policies 
regardless of the consequences 
for interest rates, international 
financial pressures would in due 
course secure the deflation of 
the U.S. economy which is 
necessary to push the balance of 
payments out of deficit. The 
financial balance would right 
itself after a period of acute 
discomfort. However, this is 
neither likely nor. from the 
point of view ■ of the real 
economy, desirable. A sudden 
deflation enforced by an 
essentially financial crisis v/nuld 
not suit the U.S. or its trading 
partners. 

Unfortunate 

Since the central banks which 
are diversifying are small, inter 
vention by a few strong 
economies can no doubt con 
tinue on a scale sufficient tn slow 
the dollar’.*! decline: but the 
results are unfortunate. Switzer 
land, for example, has now been 
forced into a declared and 
highly uncharacteristic policy of 
monetary expansion, and Japan 
is pursuing a still more active 
foreign lending poliry. These 
measures are ontentially infla- 
tionary, and add to the pressure 
for portfolio switching and the 
ease with which it can be 
achieved. Proposals tn tackle the 
problem of the dollar’s reserve 
rule in a more orderly way 
through the International 
Monetary Fund, widely can- 
vassed two or three years ago. 
have largely been forgotten; but 
it may soon be time tn start 
thinking again about possible 
long-term solutions. 


Priorities in 
world steel 


THIS WEEK'S meeting of the 
International Iron and Steel In- 
stitute in the U.S. has provided 
another opportunity for the 
American steelmakers to wave 
the big stick at their foreign 
competitors. The main target 
has been the Europeans who. it 
is alleged, have been engaged 
in irresponsible price-cutting in 
order to obtain extra business 
in the U.S. The Americans have 
called for greater discipline, 
warning that unless the Euro- 
peans mend their ways a series 
of anti-dumping actions will be 
launched. The Japanese have 
suggested that a way out of the 
impasse might be an extended 
system of voluntary restraint 
agreements between Japan, the 
U.S., and Western Europe. 

Unfair 

In this debate the Americans 
present themselves as the in- 
jured parties, playing the game 
according to the rules while 
their overseas rivals are taking 
advantage of them through un- 
fair trading practices. This is 
a misleading picture. In the 
first place, it is not the case 
that the sale of cheap foreign 
steel in the U.S. has been made 
possible by Government sub- 
sidies. A study by the Carter 
Administration’s Council qn 
Wage end Price Stability showed 
that, outride the UK, the 
amount of subsidy paid to steel- 
makers by foreign governments 
was not significant and certainly 
not an important factor behind 
the growth of steel Imports into 
the U.S. 

Second, one of the potentially 
disruptive elements in the 
situation is the U.S. Antidump- 
ing Act which, as amended in 
1074, uses a different definition 
of fair pricing from that which 
Is generally accepted by other 
countries. If home market 
prices in the exporter’s own 
country are below average pro- 
duction costs (as can easily 
happen during a severe reces- 
sion), the Act requires that the 
fair value of exports should be 
calculated as the sum of direct 
production coats, 10 per cent 
ovnibfad and profit equal to 


8 per cent of total costs. As 
has been pointed out by Mr. 
Robert Crandall, the economist 
who wrote the report on the 
industry for the Council on 
Wage and Price Stability, this 
system effectively prohibits 
marginal cost pricing during a 
recession. There are also great 
difficulties in obtaining accurate 
information on production 
costs. 

Thirdly, the difficulties of the 
American steel industry cannot 
be wholly or even mainly attri- 
buted to imports. Even before 
the present recession the 
American industry had been 
suffering from sluggish growth 
in productivity, too much obso- 
lete plant and inadequate 
profits. 

The underlying problem is 
that the world recession has 
exposed the competitive weak- 
nesses of a number of producers 
in the traditional steel-making 
countries. The outlook over the 
next few years is for continued 
over-capacity, a very slow rise 
in demand and further Inroads 
by new steel-making countries in 
the third world. The task for 
the old-established steel pro- 
ducers. in Europe as much as 
in the U.S.. is to adapt to these 
difficult circumstances, to reduce 
their manufacturing costs and 
to brine capacity into line with 
demand. 

Adjustment 

The necessary adjustments, 
are more likely to be brought 
about by competitive pressures. 
Including price-cutting, than by 
international agreements which 
attempt to regulate vohunes 
and prices. Voluntary restraint 
arrangements, designed to pro- 
vide a temporary breathing 
space, can all too easily become 

permanent. As experience in 
textiles has shown, there is 
always a temptation for the 
importing countries to prolong 
and tighten the restrictions. In 
steel the adjustment process 
poses difficult social and politi- 
cal problems, but it is this issue, 
not market-sharing. which 
should be at the top of the in- 
dustry's agenda. 


NEB’s 

on the el 



BY MAX WILKINSON 


N ational enterprise 

ar public folly? The 
question is certain to be 
raised by a new series of plans 
for state capitalism to move 
into several new and highly 
competitive territories of the 
electronics industry. 

The strategy, now being 
drawn up by the National 
Enterprise Board, envisages 
four simultaneous thrusts into 
areas of business at present 
dominated by foreign multi- 
nationals. The plan, costing a 
total of perhaps £!50m. will 
therefore be the first major test 
of the NEB's ability to exercise 
leadership in the borderlands of 
new technology. 

It has grown out of a com- 
bination of accident and design, 
ro create a new capacity in 
sections of high growth which 
private capital has largely 
failed to exploit. 

It is therefore very different 
from the rescue operations 
which have taken up most of 
the NEB's time and money 
since it was founded three and 
a half years ago. 

The electronics sector is the 
first for which the NEB has 
formulated a coherent long- 
term strategy, mainly because 
it is the sector in which ii 
happens to have the largest 
number of investments. 

Of its 16 subsidiaries, half 
can be c falsified as being in 
the electronic or data process- 
ing field. Out of the total port- 
folio of 42 companies in which 
the NEB has substantiai share- 
holdings, just under 20 come 
into this category. 

The largest of the electronics 
subsidiaries is Ferranti. The 
NEB inherited a controlling 
share in the company from the 
Government in 1976, after a 
rescue operation in 1975. With 
the help of new management. 
Ferranti has pulled sharply out 
of ite nose dive. A 1975 loss of 
£500.000 has been turned Into 
a pre-tax profit of £llm last 
year on a greatly increased 
turnover of £S6ra. In the Jong 
term Ferranti could have a cen- 
tral position in the NEB's stra- 
tegy for electronics, but htere is 
no evidence as yet of any major 
plan to integrate it with the 
other companies in the NEB 
fold. The other large company 
is International Computers 
Limited (ICL) in which the 
-VEB holds a 24.4 per cent stake. 
ICL has also been a successful 
example of the marriage of pub- 
lic money and private enter- 
prise. but like Ferranti it will 
probably be left to its own de- 
vices for the next few years. 

ICL has emerged from Us 
early difficulties to become the 
strongest European computer 
company with sales approaching 
£500m a year of which abnut 
half come from overseas. The 
cost to public funds has been 
£12m for the equUy stake plus 
a £40m loan for development 
costs. 


The NEB has taken a very 
passive role in the running of 
ICL. However it is an example 
of the general way in which the 
NEB hopes to use public money 
as *' pump priming " to co- 
ordinate and stimulate the 
efforts of private companies in 
newly emerging markets. On 
the other hand ICL’s formation 
out of English Electric and 
ICT in 1968 canont be expected 
to provide an exact pattern for 
the future. One reason is the 
dearth of high technology com- 
panies in the UK which could 
form the basis of new groupings 
in the four areas selected for 
the NEB’s thrust Into elec- 
tronics. 

These are: — 

• Semiconductor integrated 
circuits. 

• Computer programming 
(software). 

• Computer peripheral equip- 
ment (printers, magnetic stor- 
age devices, etc). 

• Office equipment 

The NEB strategy for the first 
two groups has already been 
disclosed. It intends to enter 
the risky market for standard 
mass-produced semi-conductors 
with a completely new sub- 


The NEB did a deal with them 
in surprisingly quick time. And 
it certainly showed flexibility in 
being prepared to make one or 
two Americans into millionaires 
as the entry price into a U.S.- 
dorainated technology. 

The NEB’s entry into com- 
puter software has been by an 
entirely different route. Rather 
than buying U.S. expertise as 
in the case of Inmos, it aims 
to co-ordinate the talents of a 
number of relatively small UK 
companies and market their 
skills in America. The venture 
is based on the premise that 
programming expertise in the 
UK is good, and in U.S. terms, 
relatively cheap. However, most 
of the companies which sell 
software are used to producing 
tailor-made systems for in- 
dividual customers. They do 
not have enough capital to 
devise standard programmes off 
the cuff, which could then be 
sold to large numbers of 
different customers abroad. 

To fill this gap. the NEB set 
up a marketing company called 
INSAC, whose main job will 
be to sell abroad computer pro- 
grams devised - by UK com- 
panies. INSAC will not actually 


INSAC fails to do this, the com- 
panies will continue on their 
independent ways much as they 
did before. 

Like Inmos, INSAC is a fairly 
risky business, and sceptics are 
easy to find. The main question 
facing both is .whether the big 
computer groups in the U.S. mil 
be prepared to place significant 
business with government- 
owned companies across the 
Atlantic. Investment in INSAC 
and associated companies could 
reach £20m, and there is always 
the risk that it will be money 
down the drain. On the other 
hand if it is successful the re- 
turn on the investment will be 
very high, and the spin-off could 
be important. 

The NEB’s strategies for the 
other two sectors in electronics 
have not yet been published, 
although some fairly detailed 
plans have been made intern- 
ally. The development of com- 
puter peripherals centres on the 
Data Recording Instrument 
Company (DRI) in which the 
NEB bought a controlling share 
for £5m in July. 1976. DRI 
makes disc drives for magnetic 
storage. With sales of £20m a 
year it is the largest indepen- 
dent European company in its 


and small business computers to 
automatic typewriters 'and word 
processors. Although the UJ£. 
is still relatively strong In the 
production of copying machines 
and duplicators, most computer- 
like products have to be im- 
ported- from abroad. 

Moreover, the market is dom- 
inated by large multinationals 
like IBM, Philips and Olivetti, 
so that the smaller British com- 
panies now have little chance of 
making their presence felt in 
the UK. let alone of exporting. 
Even the UK companies which 
cap offer a competitive product 
are hampered by not being able 
to supply a complete range of 
equipment comparable with tba* 
of their larger competitors. 

Ihe NEB's first option, there- 
fore. would be to set up a com- 
pletely new office equipment 
company as it did with Inmos 
in semi-conductors. However, 
the investment and the risks 

would be so enormous that this 
possibility can be rejected out 
of hand. 

The other possibility would be 
set up a marketing organisation 
on tiie lines of INSAC. as a way 
Of co-ordinating the efforts of a 
number of smaller independent 



sidiary called Inmos/ which it 
plans to fund with £50 m. 

The setting up of Inmos was 
more of a commercial accident 
than the result of a- carefully 
laid policy. The NEB had: been 
wondering for some time what, 
if anything, it ought to do about 
the integrated circuit industry, 
and it had come, to the conclu- 
sion that one of the keys to the 
emerging technology lay in 
mass-produced -standard circuits 
like computer memories. Un- 
fortunately none of the three 
UK owned manufacturers had 
an entrCe to this market, since 
they all concentrate on tailor- 
made custom circuits. 

However it just happened that 
Dr. Dick Petritz, a Dallas ven- 
ture capitalist, and two associ- 
ates wanted cash to set up a 
new semi-conductor company. 


write programs, but it will aim 
to discover what programs it 
thinks need to be written. It 
wilt then place development 
contracts with one of a group 
of software companies which 
have agreed to co-operate. The 
NEB meanwhile is taking 
minority shares of generally 
about 27 per cent in these com- 
panies. Four companies have 
bten signed up so far. and nego- 
tiations with a fifth. Logica, are 
at an advanced stage. 

II INSAC is successful it 
will bring new business to mem- 
ber companies, while at the 
same time building up a gener- 
ally co-ordinating role over the 
British software industry. But 
its influence over tile software 
companies in. the scheme will 
depend entirely on its success 
in bringing in new business. If 


field but is dwarfed by the major 
U.S. competitors like Control 
Data Corporation (CDC). 

Because mass production is 
essentia] to profitability in this 
field, the most likely solution 
for DRI will be a link-up with a 
larger U.S. company, probably 
CDC. This might have hap- 
pened without the NEB’s help. 
However, the NEB’s funds, give 
DRI a much stronger negotiat- 
ing position, and can prevent it 
From simply being swallowed up 
by a larger company. 

The fourth part of the NEB’s 
strategy — for the office equip- 
ment industry — is in many ways 
the mosi interesting. British 
companies have badly failed to 
take advantage of the new 
micro-electronics technology to 
develop a range of new pro- 
ducts from accounting machines 


companies. This is in fact the 
direction which the NEB is ex- 
pected to take. 

To be effective, the new com- 
pany would have to be given 
complete control - over the 
marketing of a range of pro- 
ducts from companies within 
the scheme. The NEB company 
would probably also take over a 
general responsibility for the 
funding of research and deve- 
lopment In this way it would 
control strategic planning for 
future products. 

The present indication is that 
the NEB is preparing to spend 
about the same on office equip- 
ment as on semi-conductors — 
that is. about £40m over the 
next few years. Logica would 
take a central role in getting an 
office products portfolio off the 
ground. It has developed an up 


to date word processing system 
and is a leading company in the 
design of data communications 
systems. Systime. the Leeds 
mini -computer company which 
Is part of the INSAG group, 
could provide small business 
computer systems, and Muir, 
bead, if It were prepared to co- 
operate, could contribute its 
facsimile transmission system. 
Computer and Systems ' En- 
gineering, a small company in-- 
the office communications sector 
in which the NEB has a 49.8 per 
cent stake, could join the group. 
Computer Technology Limited/ 
the small mini-computer com- 
pany, might co-operate with the 
development of a word pro-, 
cessor. Monotype, recently 
rescued by the NEB and 
Barclay's Bank, could contribute 
electronic text editing expertise. 

Although the NEB . is "now 
thought to have agreed in prja- 
cipie to the scheme, the Ques- 
tion remains whether companies 
will be prepared to cede their 
all-important marketing rights 
to a state-owned company. Uch 
less they agree to this, the 
scheme would not have, inuch 
chance of success. Even then it 
remains an open question 
whether a state marketing com- 
pany can become a credible 
competitor with the multi- 
nationals without integration 
between marketing, manufactur- 
ing design and development 

The four sections of the eles 
tronics industry to- whieh the 
NEB is giving its first priority 
will clearly start to. overlap in a 
few years’ time. 

So the NEB may soon need a 
much more complex manage- 
ment structure to co-ordinkte all 
the various strands of activity. 
If it is to compete with big 
multi-nationals, it will probably 
be forced to behave like one. 
This would probably mean much 
more specific plans for integrat- 
ing Ferranti and ICL into the 
overall strategy. 

However* so far the NEB does 
not appear to have paid much 
attention to .this longer- term, 
question. Its major effort is be- 
ing spent trying' to make the 
four new enterprises success- 
ful. on the principle that you 
must walk before, you can run. 

It is easy to anticipate objec- 
tions to the new phase of state 
intervention- - in • electronics. 
Many will ^point to *0- failures 
of British. LCylahd and the in- 
flexibility of- the Post Office 
and say: “ Beware." 

But, alas, market forces have 
failed so far te create UK 
groupings strong enough to 
hold bade multinationals over 
a broad sweep .d! electronic 
products. Now even the success- 
ful bastions of the industry are 
in danger of being isolated and 
cut' down by competitors. 

So to those who ask why the 
NEB should appoint itself 
captain of this section of 
industry, the answer may simply 
be; " Because it is there." 


MEN AND MAHERS 


Choice recruit 
for NEB 

Why should a senior executive 
with Shell give up his career 
with the company at the age of 
48. take a drop of almost half 
in his salary and throw in his 
lot with the public sector? When 
I put this question to Gerald 
Fairtlough his answer was dis- 
armingly simple — a declaration 
of support for the public sector 
of the sort one hardly expects 
from the man who has been 
managing director of Shell 
Chemicals UK and the statement 

I think my colleagues would 
say Fairtlough is different." 

Fairtlough is to become a 
divisional director at the 
National Enterprise Board next 
month and says that that he has 
long supported both nationa- 
lised industries of the tradi- 
tional kind and innovations like 
the NEB. 

‘The UK economy depends 
very heavily on the public 
sector and this can be justified 
both for very large-scale enter- 
prises an for risky innovations. 
There is a stereotype of ineffi- 
ciency and paper-pushing but I 
think publicly-owned industries 
can do every bit as well as pri- 
vately owned ones.” As for his 
own involvement, he says, “ I 
fee! it is important that the 
public sector has its share of 
management talent" 

Fairtlough tells me that he 
has long been a member of the 
Labour Party, commenting wist- 
fully that he has been too busy 
running a large company to 
stand as a parliamentary candi- 
date. He had been with Shell 
for 25 years, joining it straight 
after Marlborough and King’s 
College Cambridge. Now he is 
tp look after a portfolio of com- 
panies and has- no plans to 
return . to private industry. 

With the Labour Party Con- 
ference yesterday calling for 
rhe nationalisation of North Sea 
(lil I asked him if he would 

favour this Idea. But ha would 



“ We plan to keep the next 
one!" 

not express whole-hearted 
approval: “The multinationals 
have a vast expertise which.it is 
often extremely difficult to 
replace or match,” he com- 
mented diplomatically. 

Chinese cricket 

One thing likely to preserve the 
gulf between the Chinese, and 
other nationalities is the stub- 
born addiction of some 
westerners to cricket. No 
amount of diplomacy will dis- 
lodge the Chinese from their 
view that foreigners who dress 
in white, throw a ball at each 
other, and run aimlessly back 
and forth must be basically 
untrustworthy. 

The foreigners persist, how- 
ever. Among the expatriate 
Australians, British, New 
Zealanders, and also Indians 
and Pakistanis, enthusiasts'kill 
seek to breathe some life into 
Peking cricket 

But assiduous research has 
uncovered only one space iff the 
entire city on which a quasi- 
serious game is possible. 

It la a tree] cu acre of day 


and determined afficinnados 
confess that their attempts to 
recreate the required atmo- 
sphere of breathless hush 
usually dissolve into self-con- 
serious Farce under the incredu- 
lous attention • of Chinese 
spectators. 

"Imagine trying to field a ball 
at short square leg among a 
forest of unyielding Chinese 
feet," said one player. “Yuu try 
to remember the Chinese 
phrase for “Please give me the 
ball* while the runs mount up 
— five . . . six . . . seven . . . 
eight . . ” 

The last recorded match in 
Peking was between Australia 
and Canada. The Australians 
had mislaid their equipment, so 
the game was played with base- 
ball bats and a tennis ball. The 
umpire was kind: nobody was 
allowed to be out until he or 
she scored one run. As for the 
“man of the match,” this was 
in fact an Australian secretary 
who caught a ball in her towell- 
ing haL 

Sadly the game was finally 
abandoned in a rainstorm. No- 
body had remembered to keep 
the score but it was agreed, at 
-least among the Australians, 
that the Canadians should lose 
— because they cheated by field- 
ing a side of 51 players. 


Unusual breezes 

“ More brisk than balmy " was 
how the Mayor of Brighton 
described the town's breezes as 
he greeted the 270 delegates to 
the 45th Clean Air Conference 
on Monday, but yesterday a 
member of the National Society 
for Clean Air was less compli- 
mentary. The breezes had been 
“ horrible when the conference 
started and horrible when it 
ended," be saldJ Still, the dele- 
gates seemed to have been im- 
pressed with what they had 
heard, in particular with yester- 
day’s talk on the economics of 
clean air or rather “how much 
pollution is good for us? ” — - 
which Julian Lowe, lecturer' at 
Bath University, described m 


being the central issue today. 

His talk came up with some 
surprising points, not least on 
the cost of pollution control 
equipment to industry. For 
Britain there are ony! vague 
estimates that pollution control 
is costing over £200m per year. 

But in the U.S. more precise 
national data is available. In 
1975 pollution control cost U.S. 
industry an estimated $7.7bn. 
while the previous year’s census 
showed that the petroleum in- 
dustry alone spent 29 per ceni 
of its total capital expenditure 
on equipment for pollution con- 
trol. 

Lowe cites a U.S. Senate 
report that the annual cost of 
air pollution control equipment 
necessary to meet various U.S 
standards will represent 1.7 per 
cent of CNP or 500 per cent of 
U.S. foreign aid programmes 
All this seemed to be the sort 
of argument I least expected to 
find favour at a Clean Air Con- 
ference, but a representative of 
the NSCA was keen to stress 
that the country could not sur- 
vive if industry was put out of 
business. As for the moves 
towards replacing our present 
“ best practicable means of cort- 
trol ’’ with national standard' 
based on EEC directives, the 
NSCA told me this raised a dtf 
ferent set of problems. The con 
sumcr. f was warned, is hkely 
to have to face up to higher 
prices. This sounded more 
familiar territory. 


Closing up 

A reader who recently visited 
Jordan tells me that he asked 
a taxi driver If he bad ever had 
any trouble with the P.L.O. 
"Only once,” came the Teply. 
“One night they shot at me and 
one paper said they missed me 
by ten yards; another paper said 
it was five yards, and a third 
that it was only two yards, if 
there bad been more papers, I 
could have been killed.'' ■ 


Observer 



Doesn’t he realise 
he can ’phone Extel 
for those 

shareholding disclosures? 

Extel has been logging and updating all those 
shareholding disclosures since April, 1977 when 
holdings of 5% or more began to be published. 

The complete record is instantly available— all 
you have to do is pick up a 'phone. There is no 
delay, no filing, no sending messengers. 

u - , SU Jl s ^ ip i ion to the extel SHARE- 
HOLDING SERVICE entitles you to 24 free 
enquiries a year and a further unlimited number for 
a smair fee. 

Extel also takes ONCE-OFF enquiries. 

To Extel Statistical Services Ltd., 

37-45 Paul Street, London, E62A4PB. 

Phone : 01 -253 3400. Telex : 263437. 

I should bke to know more about the Extel 
Shareholding Service. 

Name (block letters)-* 

Position or Title. 

Firm etc 

Address..^— 


'Phone. 

® • 


A. 


Extel 





Financial Times Fridav October 0 1978 


POLITICS TODAY FROM BLACKPOOL 



to come 


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there HAVE been two main 
battles In Blackpool this week. 
On the one hand the Govern- 
ment has .been fighting for its 
pay policy, while on the other 
the struggle for the future of 
the Labour Party after the 
general election lias begun. The 
two campaigns are not entirely 
unrelated. 

To stan with, there is a cer- 
tain amount of common ground. 
Hardly anyone now believes 
that the party's chances of win- 
ning the election are at all 
SQod. Indeed the range of 
opinion seems to vary only be- 
tween those who think that the 
election is still worth fighting 
and those whose minds are 'al- 
ready turning to the question of 
what happens after defeat 
There is also perhaps a certain 
division between generations. 

The Government's present 
strategy was put very simply 
by Mr. Denis Healey, the 
Chancellor of the Exchequer, in 
the incomes policy debate on 
Monday. There were, he said, 
two keys to winning. One was 
to keep inflation under control 
and the other was to strengthen 
the authority of Mr. James 
Callaghan, the Prime Minister, 
in the Labour movement. Such 
"as the importance of the 
struggle against inflation that, 
he claimed, the outcome of the 
election could be settled by 
Monday's debate. 

As everybody now knows, the 
Government lost by a majority 
of two to one. What is more 
remarkable, however, is that 
Mr. Healey clings to the same 
view. He believes that the 
defeat was certainly very 
damaging, if not quite fatal. 
But at the same time, and with 
Mr. Callaghan behind him. he 
is more determined than ever 
to press on with the counter- 
inflation policy. 


It is possible to argue here 
that, the Chancellor is being 
over-pessimistic, perhaps as a 
result of being oversanguine 
before. After all. it had been 
known since the early summer 
that the unions were opposed 
to the incomes policy. That 
was why the White Paper in 
July had to be written without 
them, and the union opposition 
was plain for ail see at the 
Trades Union 'Congress last 
month: Monday's vote . was 
merely an expression of that 
reality.- There is no reason 
why it should have made things 
any worse. Arguably, indeed, it 
was a step forward because it 
has established that there will 
have to be further talks between 
the Government and unions, and 
sooner rather than later. 

Besides, the fact - that such 
events could take place without 
tlje slightest effert-pn sterling 
was surely a sign, that the out- 
side world af . least. - was un- 
perturbed. It is not. entirely 
normal for a Labour Party 
Conference to leave the pound 
unscathed. (The official com- 
ment on that is that the markets 
are too stupid to be able- to 
concentrate oh more : than one 
currency at a time, , and this 
week they were top busy think- 
ing about the dollar.) 


Fight on 


That may be the logical view, 
but it is not the .view of Mr. 
Callaghan and Mr.' Healey. They 
believe that the Government has 
been badly defeated, and it is 
their conclusion .'that matters. 
Far from weakening the 
counter-inflation policy, they are 
ready to strengthen it. Sugges- 
tions that the 5 per cent earn- 
ings figure is about to be offi- 
cial ly raised to T per cent, if- 
only by a wink and a nod. 


should be discounted. It may he 
not achieved, but the Chancellor 
and the Prime Minister intend 

to fight OIL 

Mr. Callaghan spoke in his 
address on Tuesday of addi- 
tional fiscal and monetary mea- 
sures ir necessary. But it is not 
only that. It now seems more 
likely than ever that the coun- 
try will enter the European 
Monetary System at the end of 
this year, the decisive argument 
now being that British partici- 
pation could act as a further 
constraint on monetary expan- 
sion— and also a help in times of 
trouble. Not least, there is a 
general assumption, even expec- 
tation, that Mr, Callaghan will 
now do his utmost to go on un- 
til next October. 

The politics of this are all 
very odd. Here are two men pre- 
paring to defy practically the 
entire Labour movement not 
only on incomes policy, but also 
on Europe. But they are the 
Chancellor and the Prime 
Minister and, provided they re- 
main united, the rest of the 
Cabinet, for whatever reasons, 
will probably go along with 
them, it comes hack to what Mr. 
Healey said on Monday: the 
Government has two keys to 
winning — counter-inflation and 
Mr. Callaghan. That, for the 
moment, is (he sum or at least 
the summary of government 
policy. 

The struggle for the future 
o( the party is taking place 
against this background. It is 
generally assumed that if 
Labour loses. Mr. Healey will 
drop out of the succession 
stakes. But it is not simply a 
matter of personalities. It is 
also the passing of a generation 
and there is. too, a genuine 
battle between different 
ideologies. What has been hap- 
pening in Blackpool is that the 


various groups within the party 
have been coining out into the 
open again and, with them, the 
competing candidates for the 
leadership. 

There are perhaps six key 
figures: Mr, Anthony Wedgwood 
Benn, Mr. Boy Hattersley. Mr. 
Perer Shore, Dr. David Owen, 
Mrs. Shirley Williams and. in 
the background, Mr. William 
Rodgers. 

On his own 

Mr. Benn is very much on his 
own, remaining a member of 
the Government while making 
it perfectly plain that he dis- 
agrees with many, if not most, 
nf its policies. He has had a 
good conference, addressing 
fringe meetings and embracing 
all the fashionahle Left-wing 
ideas with an air of sweet 
reason. (Why not sanctions 
against Tran ir we're going to 
campaign for human rights in 
the Soviet Union?} If he has 
a tendency to remind one nf 
Kerensky, it is not immediately 
clear who on the further Left 
will stab him in the back should 
he ever become leader. For the 
time heing he is the Left-wing 
claimant to the succession and, 
what is mare, he manages to 
act without an impression of 
conspiracy- ‘‘Discussion,” he 
says, probably rightly, "is good 
for the party." 

The Bight, by contrast, rarely 
walks alone. Indeed, wherever 
there is a Right-wing gathering 
it is a pretty good guess that 
Mr. William Rodgers is some- 
where behind it. He is nut 
himself an obvious candidate 
for the succession and clearly 
regards his role more as the 
guardian of the Social 
Democratic tradition. But as a 
political impresario he has put 
on some star-studded shows. 


Partly because of the 
re-emergence nf Europe as an 
issue, Mr. Rodgers. Dr. Owen 
and Mrs. Williams have tended 
to appear on the same platform. 
AH three remain as committed 
as ever to the European 
Community which, given the 
present mood of the party, is a 
brave enough act in itself. But 
Lhere is alsn something else: a 
new desire to siand up and be 
counted and -,o resist the 
encroachments of the Left. Mrs. 
Williams, in particular, has 
re-emerged as a fighter, perhaps 
the most outspoken of them all. 
Nor is her aggression confined 
to Right-wing meetings: she 
operates even better in the 
open,. 

Yet The Right still has a 
problem in finding a contender 
for the leadership. Dr. Owen 
is an admirable figure, hut still 
perhaps tun vnung and, however 
bold in hi.- address, iackins a 
certain facility v.iih language: 
the mark mayhc <tf a natural 
scientist. Mr. Rodgers is a 
behind-the-scenes figure and 
Mrs: Williams is said, and 
believed by those close in her, 
to have ruled herself nut. She 
would not in any case relish ihe 
idea -of both majnr parties being 
led by a woman. 

What then of Mr. Hattersley 
and Mr. Shore? They belong to 
no groups and do not appear on 
the same platform twice, yet 
who is io say that their stature 
is any less than thar of their 
competitors? On Mr. Hattersley’s 
part at least, ir is clearly a 
deliberate decision. He was 
once a Jenkinsite. but dis- 
engaged before that word 
became nunc as abusive as it 
is in Blackpool this week. But 
if was also a wise decision. 
Mr. Hattersley occupies what 
the Tories in rheir own terms, 
like to call the middle ground. 



T <?m Kirk 

Thinking of Labour's crown? Mr. Peter Shore (left) and Mr. Roy Hattersley. 


He could expect to pick up some 
support from the Right, but 
also from the Left. Mr. Michael 
Foot, fur instance, is staid to 
regard him as one of the best 
and ablest of the present 

Cabinet. 


Strength 


With Mr. Shore it is a hit 
different. Anti- European but 
economically to the Right, it is 
not immediately obvious to 
which group he would belong- 
It also comes as a surprise to 
be reminded that the once 
youthful pro?.'ge or Harold 
Wilson is now approaching his 
mid-fifties — older even than Mr. 
Wedgwood Benn who seems to 
have- been around so long. But, 
as with the new Mr. Hattersley. 
the lack of close identification 
with any one group could be his 
strength. Unlike Mr. Benn he 
does not have to live down any 
reputation of being somehow 
sinister or even opportunistic. 

All in ail. and assuming 
Labour does lose the election, 
tt would seem that the succes- 
sion lies between these two men 
— Mr. Shore and Mr. Hattersley, 
with Mr. Hattersley emerging 
at Blackpool as the slight 
favourite. It may be of no great 
use to him. but there are those 


on the Right who still regard 
him as "one of them.” The 
reason is probably Europe, 
though Mr. Hattersley is per- 
fectly capable of trimming on 
lhaL 

If the above assumptions are 
correct, there is no great foun- 
dation for the view tiiat the 
Labour Party is moving de- 
cisively to the Left, nor that it 
is running out of people and 
ideas. Oiher impressions from 
Blackpool reinforce that assess- 
ment. Whatever Mr. Healey 
may insist on thinking, it has 
been a good conference with 
the party again coming to life. 

There were blemishes, to be 
sure. If one wished to be 
polemical, one could pick on the 
election of Mr. Dennis Skinner, 
the Member for Molsover, to 
the National Executive. Mr. 
Skinner’s sole claim to notice is 
that he belongs to the offensive 
far Left. Yet in the NEC poll 
he received 261,000 votes, 
against 159.000 for Dr. Owen, 

145.000 for Mr. Shore and 

142.000 for Mr. Hattersley. none 
nf whom was elected. That is 
the way the Labour movement 
judges its own people, and 
indeed the choice of Mr. 
Skinner is an encouragement tn 
others on the far Left to seek 
advancement by being more and 
mure outrageous. 


Even that; however, can be 
balanced by the comments nf 
some solidly Left-wing members 
of the NEC who watched the 
Member for Balsover attend his 
first meeting of Wednesday and 
heard him subsequently address- 
ing the Tribune Rally. They 
were appalled. “That man,'* 
said one, “ is not a democrat." 
Perhaps the Labour Party has 
woken up too late, but it would 
he a mistake to assume that Mr. 
Skinner is going to get his own 
way. If anything, he could 
compel a move back towards 
the centre. 

Not enough 

Perhaps, too. the Labour 
Party needs a spell in opposi- 
tion. but it would he equally 
mistaken to believe that it would 
then necessarily tear itself to 
pieces. A more accurate con- 
clusion from this week's gather- 
ing is that government by 
Messrs. Callaghan and Healey 
and a few top civil servants is 
not enough in itself to satisfy 
the Labour movement inde- 
finitely. It has been reaction 
against that that has charac- 
terised the conference. The 
Labour Party wants to say some- 
thing ag3in. but has not yet 
decided what. 



&»sV*<2!fcv 




The complete refurbishment 
service for commercial buildings 
in London and the Home Countie 


’-■e 


Letters to the Editor 


Imports of 
textiles 


is either obsessed by my name, 
or wishes to emphasise in no 
uncertain manner that- 1 -am to 
take serious note of .what he is 
saying. The effect, on ine is like 
being hectored and being jabbed 
in. the chest by a forefinger for 
failing to appreciate -ihal Mr. 
Price and his pack ' of angry 


c-' ■ 
j- 


m&r: -%■ 




hcrcM 

Aonr 

those 

igdi^’I 0 - 


From the Director. 

; British Textile Confederation 
Sir, — In his article of October 

3 on “The UK’s double. Stan- _ 

dards," Guy de Jonquieres, your cullers are being ruined by a 
Brussels correspondent, describe* collection of unscrupulous and 
a point of view held there which wily 1 orientals. I remain 
distorts the UK Government's unmoved and utterly; unrepenl- 
' policy towards textile and cloth- anL Appeals to bogus morality 
ing imports from the Mediter- and spurious patriotism aTe Jbe 

- ranean countries. • -refuge of- a weak- argument. 

The UK Government has done - which self-seeking ■. producers 

■ no more than to insist on. fair always invoke to confound the 
and consistent application of the common-sense and'/ legitimate 
decisions reached by the EEC self-interest of consumers. 
Council of Ministers on Decern- It is suggested Mr. Price 
her 19 and 20 last year and of that legions of consumer simple- 

- supplementary assurances given tons are fooled fry importers and 
to the UK by the European Conir. retailers mio believing that cut- 
mission on July 25. If parts of lery imports. .from the Far East 
the Commission and some are akin to, -the best Sheffield 
member stales have, since then, hardware. .Like the TV house- 
tried to go back oh what was wife who is said to be unable 
agreed, it is they, and not the to lell a 7b rand of margarine 
British Government, which are from butter, the assumption is 
showing “double standards.” without serious foundauou; as 

Since the beginning of the an advertising try-on it is prob- 
year. the textile industry in the ably harmless; as an attempt to 
UK and EEC has been laying its try to prevent us from continu- 
plans on the basis of Community ing to buy butter, it would be 
. assurances that the restraint pernicious, 
arrangements for low-cost lex- Consumers buying cheap 
tiles will be observed. It is on this imported cutlery probably do so 
basis, too. that it is engaged itr because they cannot afford the 
a dialogue with the Commission high priced Sheffield mer- 
on an industrial policy which ehandise. Neither Mr. Price nor 
will ensure its lone term future his members should be allowed 
as an essential part of the Com- to prevent them from continuing 
reunity's economic and social to do so. 

framework and as a large scale If Mr. Price thinks that there 
i employer. is no mischief done by restrict- 

s These plans will founder if ing cheap imports; I would refer 
i there is an unregulated upsurge him to the letter in the Fin an- 
'in low-cost imports: The Com- dal Times (September 27) from, 
-f m unity recognised this list the marketing director of -a. 

December when it adopted a Midlands textile machinery 
/ global approach to the most sen- manufacturer, whose company 
; sitive products. This approach has 'lost a considerable amount 

* formally recognised the effect of of good profitable business in 
''i cumulative disruption on the Turkey because of the “success- 

* EEC industry, and it was agreed f U l"- campaign by the textile 
Vj that the Mediterranean countries industry .. to. restrict cheap 

. • .* must therefore be included ■ in- imports of textiles. Since when 

r . ‘ y the restraint system. It is rather -was it patriotic and moral to 
'Vf? f late in the day to object to a preserve one set of jobs by -put-- 

* decision taken over nine months ting another set at risk— leaving 
rT, ago, and to the measures neces- the taxpayer (consumer) to 

- sary to carry It through. finance the comequence ? 

. / -Vi, In the first seven months of Will Mr. Price please do u* 

• 197S. while textile and clothing, (and his members) a favour by 

imports from low-cost sources not asserting that bis federation 
overall are running 15 per cent " seeks to pretax the consumer." 
higher than in the same period Most consumers can took after 
of 1977, imports from Mediter- them reives. If ebey require any 
ranean countries have risen by protection at all, it is from 
50 per cent. Within this overall specious campaigns levelled 
increase, imports from Malta against importers— that is, the 
and Cyprus have almost doubled.- 50m UK consumers, it reminds 
white those from Greece and me of thuse sinking trades 
Turkey have in some cases far unionists who only wish to see 
exceeded the voluntary restraint that the public is well served; 
,• limits before Community safe- it sounds more virtuous than a 


self-financing productivity deals time so as to facilitate going for 
Can be added On. interviews. An additional advan- 

cing possibility would be for tage of having these jobs part 
unions and employers to settle time is that they would nut have 
for. say, 8 per cent now tincor- the financial attraction of full- 
porating as much as possible in time full-wage work. Thus the 
a productivity deal) and agree people concerned would have an 
that if inflation exceeds S per additional motive to find more 
cent in the next 12 months then suitable work, 
wage increases will match it on Lastly I submit a question for 
a montb-lo-month basis. economists. If someone is sub- 

Whiie there are sound objec- sidised into a job for which he 
firms to the “ threshold " prim is not ideally suited and. assure- 
ciple. it would offer the oppor- iD 3 there is no other job he 
lunity of avoiding a damaging could do better, is that subsidy 
confrontation now and put the an opportunity cost a real cost 
onus Cor keeping inflation down Jo nation? I believe not. 
back where it belongs— on the B.Gleadow. 


GENERAL 

Labour Party conference ends 
at Blackpool. 

Kenya African National Union 
meets in Nairobi to choose a sue- dinner. 


Today’s Events 


Savoy Hotel, 


cessor to President Jomo Speakers: Lord Russel! of 
Kenyalta. Mr. Daniel Arap Moi is Killowen, Lord of Appeal, and Sir 
the only candidate. William Pile, chairman of Board 

Christian Democrat National of Inland Revenue. 

Council opens m Rome. HA1S Easle. once Britain's 

British Steel Corporation's rar largest warship, sails from 

distillation works at Lovca. Devonport to the scrapyard 
Cumbria, clones, costinc SO jobs. Summer Fashion Show opens in 
The Communist Party news- Nice (until October JQ). 
paper, the Morning Si.tr. attempts OFFICIAL STATISTICS 
to stop in the High Court Express Central Statistical Office nub- 
Xewspauers using the title " The fishes figures on personal income. 
Daily Star." expendilure and savings, and re- 

tnstitute of Taxation annual vised figures for the gross 


STV. 12 Assam Investments. 4n St. 
Mary Axe. EC, 12. Peter Black. 
Winchester House, 100 Old Broad 
Street, EC, 12.30. Border TV, TV 
London — domestic product (all for second Centre, Carlisle, 12.30. Centreway, 


quarter). 

US. Government publishes un- 
employment figures for Septem- 
ber. 

COMPANY RESULTS 
Final dividends: Cradley Print- 
ing Company, interim dividends: 
Firrain and Sons. Richards 
(Leicester!. G. W. Sparrow and 
Sons. Spun? and Company In- 
terim figures only: Francis 
Parker. 

CO, UP ANY MEETINGS 


Plough and Harrow Hotel. Hagley 
Road. Birmingham, 12.30. Diploma 
Investments, Great Eastern Hotel, 
EC, 12. Erskine House Invest- 
ments, Winchester House, London 
Wall. EC. 12. 

SPORT 

Golf: Dunlop Master. St. Pierre, 
Chepstow. 

Tennis: Davis Cup. Crystal 
Palace, GB v. Australia. Pernod 
Trophy, Stevenage. 

Show Jumping: Horse of tha 


AJt.H., Quaglino’s. Bury Street, Year Show. Wembley. 


Government. 

One immediate difficulty is 
that if the Government is serious 
about the intention to reduce 
direct taxation possibly at the 
expense of increases in indirect 
taxes, then only the net 
of such changes should 


4, Newcastle Terrace, Durham. 


Telephone 


.-•■v ■- ' 


manners 

^ rom M r - R' Goddard 

triw.rds the threshold. The Some! delce^bSSt Sone'Sml 

in the Retail Price Index but 
corresponding decreases in 
income tax are not. would 

IUC 

the caller! 


even more . irritating in other | 
countries. 

I am always amused/exasper- 

obviously hove to be .voided, f^Por^i.^Th^;. 6 Iele,,h0,,e| 

We could then enjoy the wiU ask « Est4v » r ^ you 
spectacle of a government pur- there?"), and the person answer- 
suing a monetarj policy which j n g w ill say “Estou! ” (“I am 
actually would reduce inflation, here! Both speakers will then 
thereby protecting its own add “Quem fata?" ("Who is 
incomes policy. that speaking? ”) but will refuse 

a u t0 ^ sc l ose their own identity. 

Aston ParH, A battle of wills then follows. 

Aston ttowam. Depending on the skill of the 

Oxfordshire. players, after five minutes all 

that has been established Is that 
you are here and he/she is there. 


‘ . . • . 7 ■ ■ -.w\; ‘/A"- / 1 

b'ty • ■ A '-r -: 7 ;■ • • *:• -. •• V’v-- >■?: ■i;.’’ .V- 


Unemployment ^wo'„^u^, h Uew 

benefits 


From Mr. B. Gleadow. 

Sir, — The large amounts 


of 


unemployment benefit that cer- 
tain individuals can get (Mrs. 


who you are talking to. It can I 
be great fun — if you havei 
nothing else to do. 

Richard Goddard. 

8, Shaftesbury Avenue. 

Kenton, Harrow. Middlesex. 


! guard action has been taken. In crude request for more money, 

fW* contrast, production in our own n. A. Bilitch. 

textile industry has fallen, by 6 Rtutholme Road. Putney, 

over 3 per cent, and 20,000 jobs j 5 , 

have been lost in the last year. ' 

Notwithstanding the fact that 

the great majority of low-cost T„^ 1#AQCOe j n 
iraoorts are now covered by lUCrCaScS 
restraints, the situation remains 
critical. 

The UK Government and tex- 
tile industry are not acting 
frivolously or unnecessarily in 
askinS that imports from Medi- 
terranean countries be made 

of 


■tain maiviauais can ymio. 

Mills's letter, October 3) do not (.nanSTPS ^ InP 
apply to about S5 per cent of Ul UIC 

the unemployed. For further WO VAiAncrflic 

enlightenment on this score I tt a r vldlgllld 
recommend the latest Midland From the Manaffing Director 
Bank Review in which there is BBC Radio, 
an article by Professors Atkinson Sir, — Major Anderson fSep-| 

and Flemming. It concludes that tember 30) wonders if there is 
social security Is not a major a "vendetta" inside the BBC 
contributor to unemployment. against the World Service and 
On the question of my sug- he asks why the information we 
ge*ted subsidy to price the un- are supplying about the changes; 
employed into temporary jobs, in the domestic frequencies does^ 
even though not ideally suited not mention BBC World Service, 
to them, Mrs. Mills makes some Everyone in the BBC is, 
'interesting, but I believe mis- proud of the World Service! 
taken, criticisms. She cUime this which broadcasts in English 24 
subsidy would distort the mar- hours a day every day of the 
keL I accept that subsidies norm- year throughout the globe, as, 
ally do this, hut some subsidies, well as of the other 38 language 
Including the one I propose, do services of external broadcast- 1 
the opposite. If the market is jug. .Tjjg grant-in-aid provided 
already distorted because for by Parliament, however, is pres- 1 
example, of minimum wage laws cribed for broadcasting outside 
■and unemployment benefit. the shores of Britain and all 
neither of vrtueh are market copyright and agreements are 
phenomenon, then a subsidy can drawn up 0n Ms bgsis 
help restore free market con- It „ trua a lsir number of 

dittons. ,i — 

In the 


wages 

From Afr. J. Hewitt 

Sir,— -May I offer a suggestion 
oh the current round of pay bar- 
may appeal to 


. , listeners in the United Kingdom 

ux tne absence of such ar e able to hear World Service 
market phenomena what wodd broadcasts directed to Western 
be the market price for someone Europe oa the rae dium ware 
for whom there were no suitable (this chan e*® 

4nswf»r: extremelv S .. Cn . anges fr ° m Present 


subject to the same system of « a i Dmg ^at. 
controlled growth as those frep 1 emplovers and unions at least, 
other disruptive souf*®*- g Ven a complacent Govera- 

/ are merely seeking fulfilment of ment is ^likely to be im- 
coramitments made freely by the Dre55e d 7 

’framework for The difficulty for any group of 

Se Sure derelopment of toe workeI * 
textile industry can be secured, crease is that they hav . 

~ ‘ Ian MacArtbur. . 

24, Buckingham Gate, 5WI. 

Cutlery from 

overseas 

. From Mr. N. Biliidl . 


vacancies? Answers extremely ^ 

low. In . free orerkrt such e 
person might weli take a tern 
porary job for which be was not 
suited at a wage which in com p Ment transmit ter- 
would be very low, 


a. view on what they expect in- 
flation to he like in the next 12 
months. While Messrs. Healey, 
Hattersley, et al, whose sole con- 
tetency is their bad forecasting, 
have been saying 8 per cetti- 
most workers, unions and prob- 
■ ably employers take a gloomier 
view. A straw . poll would prob-' 

Sir— To refer to me no less, ably indicate an annual rate w 
tha n^ seven times in one brief. 12 per cent to 1 4 per c ent this 
tetter (October 2i suggests .that, time next year. Herne tne u 

of Bntiab Cutters' Manufacfcurert rise of fi per cent now, even xx 


. _ on 1 

November 26) but this is a bonus 
arising out of the site of the 

sequence wouifl oe very low, ^, be (S Pe .. l 8 ara 

until a more suitable vacancy w ® w °“ld like to 

appeared with a higher wage, f* 3 *! Programmes in English 
Thus a subsidy which prices than we do but that 

people into jobs for which they depends on ®oney and the new 
are. not ideally suited and on a * 1C *_ ee - We have,, as well, a 
temporary basis restores free duty to broadcast, somewhere, in 
market conditions. ™ languages of our consider- 

Sbe also claims that job seek- immigrant communities. 

Ing is a full-time occupation for Major Anderson have no 
the unemployed and ibat tem- mmbt on the major issue. The 
porary jobs would interfere with feeling in Broadcasting House 
this. That is disproved by the fo r mtr colleagues at Bush House 
fact that rhe majority of job one of warm admiration and 
changes take place without any respect. It is they after all who 
intervening nn employment. Look- standard of BBC in- 

ing for another job while still dependence ■ and impartiality 
at work is thus perfectly feasible; flying around the globe. 

1 concede, however, that such Aubrey Singer, 
temporary jobs for the unem- Broadcasting House, 
ployed should parhapa be part- London W1 


F 


dompletipn 


t 




Please send me a copy 
meaningful colour brochure 


of 


your 


Name ...» 


Company 


F.T. 


Mansell Plan, a division of R. Mansell Ltd.. 

13-27 Grant Road, Croydon CR96BU 01-654 8191 


Address 




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22 


-Financial 


COMPANY- NEWS 


Static second half leaves 
Bejam down at £4.42m 


EMI Scanners 
lose £13.2m 


and jumps 72% midyear 


BY CHRISTINE MOIR 


FOLLOWING A £0.32m fall at 
midway, second- half pre-tax 
profits of Bejam Group, retailer 
oF frozen food and domestic deep 
freezers, were lit Ue changed at 
£2.0Sin aeainst £2.?4m last nine, 
leaving the figure for the July 1. 
I97S year down from a peak 
£4.8ra to 14 42m. 


HIGHLIGHTS 


The 1976-77 result was hnnsted 
by exceptional climatic circum- 
stances which cave rise to 3n $0 
per cent increase over Lhe 
previous year's profit. 

In .March, when reporting lower 
first-half profifs of £2.34m 
(£2.ti6ni>. Mr. J. D. Apt harp, the 
chairman, said that until frozen 
vegetable sales regained their 
normal level it would not be 
prudent to expect record profits 
for the full year. 

He now states that current sales 
of food and freezers are very 
satisfactory and says he Feels 
reasonably optimistic concerning 
the company’s earnings growth in 
the current year. 

Turnover for the year advanced 
£11 79m in £90.9Rra. which was 
split as to: Food £S3.9lm <£72 .28m) 
and freezers and other £7.QGm 
(£fi.9m». 

After tax of £3in a fNMi <£5-53,r»ft). 
earnings fell from 7SSp to 7.58p 
per l Op share. The dividend 
total is effectively lifted from an 
equivalent 1.4 52 p to 1.62lp net. 
costing £877.000 i£7S3.000). with 
a final payment of 0.921 p. 

A scrip issue of one cumulative 
preference share for every 20 
ordinary held is also proposed 

As at July 1. 1978 the company 
operated 144 freezer food centres 
and four have subsequently been 
opened. In addition, new’ stores 
ar Bedford. Gravesend. Har- 
boume, Lincoln. Salisbury. Ton- 
brulce and Tottenham should be 
operating by Christmas. 


Sears has had an excellent first half with profits 72 per 
cent higher reflecting a 60 per cent jump in the dominant foot- 
wear divisions and a turnmund at the loss-making situations. 
EMI's recent warnings on its- setback in medical scanners were 
justified given a loss of £13m on this product and overall profits 
are more than halved hut the dividend has been maintained. 
Completing the Lex column is Clive Discount where the first 
half results compare unfavourably with those at the same stage 
of last year. Profits at Bejam are lower but this was intimated 
at the half way stage and the current year has started on a 
more buoyant note, while a first time contribution has given a 
useful boost to Wolstenholme Bronze. 


comment 


Bejam warned, when ir repnrrfd 
a 12 per cent setback in first half 
profits, that its full year profits 
would fall short of the 1976-77 
record. So the laiest figures, show- 
ing only a small drop in second 
half profits leaving the year 8 per 
cent lower pre-tax. is basically 
what the marker had been expect- 


ing. This apparent ex-growth 
image lias in tbe main been 
caused by the effects of the 
drought in the summer of 76. In 
the 12 months from June 1976 
Bejam saw us frozen food volume 
soar as fresh vegetable prices 
rocketed. 

So in the latest 12 months 
Bejam has been competing with 
ail exceptional period. Sales 
growth has been slack: in the 
first six months Bejam saw a 2 
per cent drop in volume but sales 
stalled to pick up after January, 
md for the full year there was a 
1 per cent rise. SJeantime price 
inflation for frozen foods has been 
very low at around 5 per cenl. 
Freezer sales have also been poor 
with a drop of 20 per cent, but 
that was better than the industry 
average. Against this background 
Bejani has had to rely fairly 
heavily nn new’ store openings, 
thnuch there was only a 10 per 
cent increase in selling area. 

But the outlook for this year 
looks brighter and this is nn 
doubt one of the factors behind 
yesterday's lip rise in the share 
price io 65p. Food sales are con- 
tinuing to improve— turnover 
from existing stores is about 20 
per cent up so Tar— and freezer 
sales in thp first quarter are 50 
per cent up on the comparable 


period. Physical expansion is 
speeding up and another ten 
stores will he operating before 
Christmas, and virtually ail of 
there will be in the south where 
they turn into profits fairly 
swiftly. 

Outside estimates are pitched 
around £6m pre-tax for this year 
and on that basis the fully taxed 
p.e drops from 16.3 to 12.3 pros- 
pective— which is still very much 
a glamour rating. 


Profits slump 
for Assam 
Frontier Tea 


Pre-tax profits of Assam Frontier 
Tea Holdings — 53 per cent owned 
by Stole Darby Holdings — stumped 
from £4.23m to £2.3t>ni for I9i». 

After tax of £l.SDzn (£3.17m) 
earnings are shown at 31.43p per 
£1 share compared with 110.86p. 
and the dividend for the year is 
12.1p with a final of ltlp. 

There was an extraordinary, 
debit for the year of £234.413 
(nil), and there wax a £2.94m 
(£7,600) transfer from reserves, 
leaving £3:2 1m (£I.07tn). 


HELPED BY a Jumroundin profit . 
in the engineering division and 

EMI's prelim bra rv finure<=. pub- North America of £4.6m (£16.3m the elimination or losses 'in the 1 

lished yesterday ’contained for profit) which could not be offset U.S., taxable profits of • Sears . 

the first time a detailed five-year against consolidated taxes in the Holdings jumped 72 per cent from 
breakdown of sales and profits for L’K. . ■ £l8.5m to £31 Jm for the six 

the medical electronics division This was one element m the months to July 31. 1978, oir turn- . 

where losses of r l3 *'m on the high — 65 per cent— tax rate, which over up 15.7 -per cent to £522m. 
scanners were incurred last vear. produced attributable profits . Mr. Leonard Sainer, the chair- 
The figures reveal tiiai sales before extraordinary Items of man. points out that since the 
peaked at £93 ’’m in 1977 having only £7JBm and fully diluted results of a number of the group's - 
risen from £51m in 1974 and earnings of only 7.1p l25.7p) per activities are of a seasonal nature, 

profits reached a hei-ht ol £14 Tm share. . . . ... Bret-half profits should not be 

in the same year before collaps- Losses in France and Australia taken as a guide io those of the 
Inc in tbe past 12 months a« a exacerbated the tax position. In f u u year. 

result of cuts in hoxniial spending Australia, the group sold its con- However, the current -period has 
ta the DA- " fcUIBer electronics business to started well and the full-year 

. . . ' Rank last year after incurring results should show a satisfactory 

u-S. dropped from heavy losses as a result of improvement over the . previous 
E66ni in 1377 to £24m lasl year - extremely difficult economic year, be adds. 
whereas sales r outside North conditions.” In the 1977-78 year,- pre-tax 

America increased from £I7ra to j n France, there were also profits climbed from £ 44,67m to a • 

H ‘- m - . "severe downturns " made worse record 162.11m. 

Prospects are still noi good for by the start up costs of a major Trading profits for the ' six 
the current year when total new distribution centre and union months by division are fin £000$): 
orders for scanners worldwide are problems. Footwear retailers and manufac-- 

expected to be only between 120 j n the Netherlands, trading turers £17.929 (£11.402); depart- 
and units compared with a conditions were similar and there menial stores, jewellery and other 
peak of 4«0 hi 1976. were additional running in costs retailing £5,800 (16.3081: eiigineer- 

HoW f£i T Si r J °hn Read, chair- f 0r the new factory as well as jng £295 (£955 loss); motor 

man of EMI, said the picture had closure costs on the old one. vehicle sales, service and delivery 
not been “all gloom even last The breakdown oF EMI’s trading £2.648 (£2.711): licensed betting 
year. He sajd thal EMI had 54 profits by division was not, how- offices £6,501 (£4.178): property- 

per cent of all scanners installed ever, all slump. The leisure divi- development and investment' 

in the UJS. and although that K]on made a strong increase both £3.084 (£2.309): and linen hire/ 

level was not being maintained in ; n sales — up to £132m from £95m — industrial laundries and knitwear 
new orders, the level of orders an d profits — £U£m compared distribution (L.S.) £352 (£2.729 
was satisfactory. with £7.2ro. loss). 

New mode] scanners, espendi- Higher cinema admissions* a Mr. Saltier reports that- tbe up-" 
tureoo which had been heavy in £i m profit from the first year turn in consumer spending in the 
the past year, would "without a since the acquisition of the Tower uk has been particularly hene- 
doubt match every other strength Hotel, and bingo receipts, were ficlal to the group's footwear 
of other competitors.'’ Sir John j]ie main .factors. division. “While the departmental 

claimed, but the scanner business in the current year, the first stores have not done: as well as' 
would continue to lose money '<* revenue is expected from the new might have been expected, this 
least for the first six months of film business. Yesterday, Mr. cap be attributed, at least In part, 
this year. Richard Watt, the finance direc- to the fact that in 1978 we have 

An encouraging sign «a< that tor, said that . advance bookings not had the advantage of the 
the servicing of scanners in the and guarantees for the film dramatic increase in . sales to 
UJ5. was now beginning to earn *• Death on the Nile.” had already tourists which was achieved last 
profits as. older models came out covered the group’s £4m invest- year.” 

of guarantee. ment in the film. There were 'The increased profits earned 

Problems^ have also been 
encountered in the music division, 

where profits dropped from hunter.” . of unsettled weather on racing 7.- . fhe nprioH 

£32.7m in 1977 to £16. Sin Iasi year. srrong results had also come conditions in lhe UK and it should one * for ' one scni> teue * nmiisinn fnr iCferrmf 

despile a £9m increase in sales f rora the non-medical electronic be appreciated that in this After estimated tax up from 

from £430m. division, mainly defence and ex- business, results must necessarily Cilm to £18m, half yearly net .. . .■P***°W 

Sir John explained that the porl oriented, where profits robe be subject to fluctuation.” he says: profit leapt from £6.43m to £18.9m. "* weiw. « ‘0*5 

(£44Jm). 

See Lex 




^ si 


Hr. Leonard Sainer. 


Frcdihe Jten fcjy 


ment in the film. There were 'The increased profits earned » - „ QT . .t, a « interim HiviUonu - 

been hiph hopes also Tor “Convoy” in the licensed betting offices ment ts 0 3p net per-^P *■« The _ ntenrn dividend absor 


w ,-rofits rose be subject to fluctuation.” he says: profit leapt from £6.43 m to £18.9m e “ « “ ' , Vrro anm iniM 

international repertoue on which from £i2m to £13.5m despite a As Indicated at the last annual After minority interests of hVlf oF iqTs fri w ■ ” 

world record sales depended liad flight rail in sales from £lS2m meeting, interim dividends are. to JB34.U00 (£321.0110) the amount najI t«-.mi. 

shifted in the past five years to lo £j74 ro be introduced and tbe first pay- attributable is £I3.56ra (£6.11m). 


.significantly greater reliance ou Hcfe ^ main factor was lhe 


wii en1, ^ j bat *J e Cymbeline radar device which 

had be^n hpnivpn !hp . ... _ . 

market 


tad Jf en Io !!?f a8ed « be Vu een r- l c e has apparently won worldwide 
et leaders in the L . .. acceptance and where research 


Warners, CBS. EMI and Philips , nH 
tin that order), .which had Q 
increased the cost of maintaining 
market share. 


development costs 
already been amortised. 

On the balance sheet 


had 


Warne Wright sees same profit 


side, WITH pre-tax profits up from which experienced 


Further improvements in 
profits and liquidity for 
Illingworth, Morris 


Extracts from the Statement to 
Stockholders by Mr J van C. Hill, Chairman 

The action being undertaken to achieve the objectives outlined in my previous Chairmen's 
Statements has continued during the past year, resulting in a more acceptable level of 
profit, improved liquidity and a more compact management operation. Profit before 
taxation increased by £1 ,845,000 to £4,760,000 after crediting a realised - surplus of 
£374,000 on the disposal of land and buildings. Re-organisation expenditure amounted to 
£573,000. 1 am pleased to report an improvement in liquidity of nearly £2.5m. The Group 
has disposed of a portion of its investments since 1 st April of this year which has further 
reduced the high gearing. 


The future 

In endeavouring to look to the future it is inadvisable to ignore past economic influences or 
to underestimate the impact of governments' policies on the prosperity or even the 
survival of each individual industry. For example, 10 place a burden on companies 50 that it 
is more expensive to stop an unpromising activity than to allow it to remain in being, ties up 
resources which could be better used in new investment and job opportunities. 

Neither at home nor abroad are current trading conditions easy. To maintain or improve 
upon the profit of the year under review will require unmitigating effort and an upturn in 
international trading. 


RESULTS AT A GLANCE 



Year ended 31st Match 

1978 

1977 


£'000 

rooo 

Sales 

119.710 

115.801 

Profit before Taxation 

4.760 

2.915 

Profit after Taxation 

3.464 

1.685 

Dividends 

669 

605 

Earnings per Stock Unit 

9.86p 

4.60p 


short-time ceasing its operations in ' t 

_ r . ictc gearing was reduced from 48 per £636,000 to £674,000 at midway, working and an industrial Middle East This should ha 
were successful!* u4nnin« higher 0601 10 45 P er cenl last year, as the directors of Warne Wright dispute, the Board states. referred solely , to its operatic 

were successfully winning ni„oer !--•> — — •* • •-»- » — - i, planned for S. in Saudi Arabia. The rompa. 

hose, has- a wholly owned subsklla 
satisfac- in Bahrain as well as operaii 

CaoiYol Indwrtrh^KMT' Thp will related to recent acquisitions The profit expectation is pro- torily in all its activities. in Qatar and it is continuing 

-rouo's music hurimtss in the and to bolster reserves. tided there Ls no -further The group trades as fastener look for further opportunities 

US- had a very rowessful war Stock and work in progress had deterioration in the economy and makers. drop forger and 

producing profits oF $15J2m also decreased by £23Jm to- offset that strikes at present being engineer. 

(517.5m) and the group was in risc s of £5.6m in film and tele- experienced by major customers •. 

“a strong recovery position in vision investment and £15^m in not ur, duly prolonged, the 


were successfully u-tnninn higher 0601 10 49 P er cent last y® ar - aa tiie a 'rectors or warne w right dispute, tne isoarci states, 
royalties rherehv m Prrfnrin^ 3 result of a property revaluation, and Rowland say profits for 1978 Expansion is planned for 
mareins rcaucin* xh,s produced a £35.5m surplus, should at least equal the £L42m Taylor and Company, vet 

Nevertheless. Sir John said that “j? 1 r ? write £2l - 5m of good- achieved last year growth is proceeding satis 


ISSUE NEWS 


the U-S. as underlined by the debtors, 
charts in the past quarter.” 

Unfortunately, Capitol's profits 
were more than offset by the 
scanner losses in the U.S. leading 
to an overall pre-tax loss from 


See Lex 


Brasil vest S.A. 


Net assef value 's* of 
29th September, 1978 
per CrS Sbare. CrS32.531 
per D<M»n«!i*arv Share; 
U&S15^97.94 


per Depositary Share 

(SwnnH OorifM.-); 

U&3UB47.42 - 


per Demmtarv Share 

IW S| 


(Th'iJ 1erii>«): 
li.SM2.465.13 


Dixons Photo 
sees increase 
for first half 


New fund 
from Save 

mgs per share of 424ffp & against PfQ^pgJ* 


directors say. 

Turnover for the first bajf was 
little changed at £J 0.97m against 
£1 0.25m. Tax takes £232.000 
££140.000 restated) giving earn 


AGRICULTURAL 

MORTGAGE 




Ttonwver ... , 

Trading profit 

Deprecunon ...» 

Turnover at Dixons Photo- - 

graphic was buoyant and the ' — 

results of the first half year's N « profit' T. 

tradlns were expected to be satis- pm. dividends 

faetorily. ahead of last year, Mr. ora. interim 

Stanley Kalins, chairman, told Ruined - 

shareholders at the annul meet- The interim dividend 
ins. yesterday. 


The Agricultural Mortga 
Corporation- has issued S2m 

After five yean? of consolidating 10} per- cent Bonds dat 
ivi* ix-i Jts existing funds. • Save and October 12, 1979. -at' par. 

- lo.mM wzx,m Prosper is to launch a new one.- A proportion of the bonds Y 

«38.»* 8sr.N0 Its South East Asia Growth been made evailable in the mar) 

Fund is t0 be inv “ted. initially f or members, of the pubUc wh 
4744HH UkOM Ieast ’ m Hong Kong fsome dealings start today. 

:k:.doo -Hem .50 per cent of the portfolio^. Interest will be payable h. 

yearly, by warrants as folloi 

iti-’sh "" ’ " 

2S5.8W 

}° “2* 1 4? such 12 1979 "at -Hie rate- of ^4*72 p 

, . w Thailand or Indonesia. 

£W JJS.J?! ^ P ~ ,aSt yearS idea K.that the fund— which ^ bonds will be redeemed 


u^ L ’£Pi n !f_ on April 6 W79 at the rate 


.e« 3aa*Jin--{^ st J ; wiJI have the capacity £j.3125 iier ^ht- and.on Oetab 
i is. lifted ^ K-n V r^ A.,2S r “TS: SUCh 12 1979 at tim rate- of 45:4^72 p 


Mr. Kalms said he had noted final was also L32p. j . j . " " j ' — me uvuus win uc 

the adverse City reaction to his Although showing an, 'increase l rn ! i ii° L IT’ n 5^! \ a ' par on October l2 1979. 

remarks in the annual report over the same period last year. manaier** They are registered in multip. 

an? he wanted to assure share- the first half results are' depressed mT * “ ,st,,1 C Ja P aa of £1.000 and transferable Iree 

holders that no unpleasant news by uncharacteristic returns from R „„ 1 ,„ u " f , 
was m store. t*.— d w.m.« —a Because of i 


Thos. B. Wellincs and Company . ™ lh ^ P«rl«ipatio n of 

— . . . : local investors. South. East Asian 


This advertisement is issued in compliance icith the requirements of The Stock Exchange. 
It does not constitute an invitation to any person to subscribe for or purchase any Stock. 


THE PROVINCIAL LAUNDRIES LIMITED 


ISSUE OF £3644*75 

12 per cent Convertible Unsecured Loan Stock 19S6/88 
at par by way of rights to the Ordinary Shareholders 
The Council of Tbe Stock Exchange has admitted tbe above Stock to the Official List 
Particulars of the Stock are available in the statistical services of Extel Statistical 
Services Limited and may be obtained during usual business hours up to and including 



stamp duty. 

Brokers to the issue are Mu Ik 
and Company. .-— - - 


WEST KENT 
PREF. STOCK 

West Kent Water Compan 


markets tend to be very much 
more volatile than their Western 
countreparts; and .Save and Pros- 
per therefore suggest that hold- 
ings in its .South Easf Asia Fund 
should not form more than 25 per 

cent of any investor's portfolio. 

'Die managers themselves reckon offer for sale iyt ender of £1 
that this trust will be managed of redeemable preference .stc 
more aggressively than most, and has met with a poor response, 
that they would be prepared to when the application list dm 
go up^ to 2a per cent liquid rf yesterday only 59.42 per cent 
appeared over-valued, the issue had been applied - 
s " tlc| Pat® holding leaving just over two fifths of t 
more than a0 shares at any one stock in the hands of the und 


writers. 


The minimum initial investment The issue was of 7 per o 


in the new fund-whose launch at a Oto . 

cjosely on the relaunch nricp of £1)7 50 ner c’enL At ti 

TaiSfpadSSS^ FU0d 38 CSfi 

largei racmc i s £2*u. cent and redemption yi. 


Higgs & Hill 


In. the H igea and Hill comment 
yesterday u was incorrectly 


per 

was IMS per cent. . 

The average 
worked out at £97.29 -PfC-r 
despite the low ’ n 
tenders. 


Brokers to the 



slated .that the company was Laurie ftUlbank and. C<OTpi^-Jj 


Current 

_ . payment 

Bejam .; 0.92 ' 

Clive Discount 

EMI 

W. and R. Jacobs int. 

s. Lyles 

Rarrmr Textiles .. 

Sanderson Murray 
Scars Holdings .... 

Singapore Para 

Warne Wright *int 

G. White-house 

Ceo. Wills 

Wolstenholme Bronze mL 3. 


...int. 

2.92 


3D7 

....int. 

513 


2. ftp 


0.3 


3.47 

int. 

or. 


1.2 

.’.♦int 

1.47 


1.42 

...int. 

0.M 


— l rer snare 

‘Equivalent after allowing 
increased by rights anch or acquisit 
paid. STo reduce disparity. 


ANNOUNCED 


Date 

Cor re- 

Total 


nf sponrfing 

for 

ImVQ 

payment 

div. 

year 

y« .. 

•Ynt . ) f 

v n.s3 

1.62 

*1. 

Nov. 16 

2 


4.7 

Jan. 2 

183 

9.38 

. 9.2 •; 

Nov. 17 

0.R1 



4.0 ■ / 

■lan. 2 

2.47 

4.99 

4.4;.. 

Dec.fi 

"Oil 

0.3 

*n. q’ 

Nov. 20 

3.1 

3.47 

3.1 * 

Dot*. 1 1 

;_ 


■1 -. 

Nov. 23 

0.7 

1.2 

rt.7 

Dec. 1 

1.32 


2.fl 

Dec. 1 

1.27 

2.33 

2.0 

Nov. in 

0.S3 


3-5 

Nov. 13 

3.25 



7Jf 

net except 

where otherwise stai 

for scrip 

issue. 

4 On 

capi 




Emray Limited 


V 


Interim Report for half-year ended June 30th 7978 (unaudited) 
j 4 Months 
1 ended 
30.6.78 
COM 


GROUP TURNOVER 
GROUP PROFITS 
After Taxation 
•TAXATION 
GROUP PROFITS 
(After Taxation) 
Attributable to 
-Members - 


1,229 


48 

Nil 


48 


• .6 Months 

1 ended 

l 30 .6.77 
; £‘000 

12 Mpnthi 
ended 

31. 12.77 
LOGO 

; 907 

1.906 

75 

136 

75 

161 

59 

114 


%; ' $tH 


^ * 


9- 

5 I 


•'6' 


’ — u. j. ciangw. 

k . ,n line 1978 Circular I said that 'the profit* 

this jar wljl be very small in view of the sale of the Zambian 
interests. These interests were sold with effect January 1st. 1978 
and therefore -the results are not comparable. The proceed* 
received From the sale were not invested until the second half of 
the year.. 

j? " 0 ,* anei cipwed that taxation will be payable because ol 
stock relief due to expansion. 

Good progress is being made on the building up of * 
profitable U K. trading base. 

Executive Registered Offices, 

61 Grosywior Street. Mayfair, London WIX 9pA 





t. 



















dvU. 


'h'lranctaX'l^es . IMday October 6 f$78 




J.'?- ■■ 


after six months 





■m 






same 


issue m\ 

ViitKlL? 

MoRHtv/ 


j^TBR ; adjustment for the copper: 
S^pot .'jireSts before : tax. of 
WolsteflJroIme. Bronze- .Powders 
a^prbyed /fora £643,818 to £925,986 
If" 1 Jhe. '.first bait of 1978 on higher 
I Eurtioro-o£ £6. 83m again st£4. 82m. 

I »v?3mK addition -of Cbarie*. Open- ■ 
sha^ - and Sons (Manchester) — 
acquired" last' November— bad a 
noajor impact ion first-hair profits. 
f«e acquisition fibs certainly Jived 
up -to expectations, Air., Alan 
■ween; the chairman says. 

• Group sales, w*ile not exciting:, 
ere reasonable and the-, second - 
4ix months . should be at' lea^t. 
' as good as the- first— this implies 
group profits- for 1928" x't&stan- 
pw/y above tfM.£i.4m pre-tax of 
ttstyear, -saj^/ (he chairman. 
.The directors are also propos- 
ing; a one-for-one scrip issue and 
ere putting , proposals for the 
group’s shares to qualify as Invest-' 
jnentS- for trust funds governed 
by the Trustee divestments Act... 

^ -The -interim- dividend is lifted 

■Irom .3—5p. to a maximum per- 
mitted -3.5Tp : Green said it 

was -hoped J^iat . ±he substantial 
increase in’ profits .".coupled .with 
tiie slight: relaxation of controls 
would' have .enabled an increase 
of more than lh pec rent- -’.. 

Discussidos'/on this- are taking 
place wirtr. Vthe Treasury and 
Should the 'outcome be favourable, 
tiie Board intends to increase the 
final by substantially more than 
10 per cent. Trie final last year 
was 4.5665p.“ . : 

Copper account adjustments in 
the first half reduced the profit 
by £17.063. and Increased profits 
in 1977 by £31,709. Tax charge 
amounts to £480,060 against 
£334,269. • 

Referring to the proposal to 
change the parent company's . 
name to Wolstenbolme Rink. Mr. 
Green explains that the company, 
as well as being the base for the 
manufacture of bronze and 
aluminium powders, is now 'acting 
as the parent company of an 
expanding group of companies. 

Directors consider that- this, 
change should be reflected by 
adopting a new structure whereby 
the parent company will carry on 
no trading activities, but will, 
instead act as the bolding 
company of a number of 
subsidiaries. 

The directors recommend that 
the trading assets and activities 
of the present parent should be 
transferred to a -new subsidiary 
■which will adopt the name of 
Wnlstenholme Bronze Powders. 
This reorganisation will not affect' 
the assets, profits or reserves 
attributable to shareholders. At 
the same time it is -proposed to 
change the name of the parent 
company. 


BOARD MEETINGS 

' Tta feinowta? campaniar liw otrufiMf 
- dales of Board meetmts *wl Uu? Siwt 
Exchange. Such j»fette*s are - muaJlr 
held for me pnrpoet 1 . . of coosxhmiu: 
dividend*. Official tnHIcj D obs *t* ‘ urn 
ivaJIabk' AS >0 wMbur cfcH3cr.dK arc 
hitmms or Baals and- tfr.-siitHU Pistons 
slrown below 1 are bajSQd J 'a«iabr « last 
.rear's umcw&fc. ‘'S : - 
TODAY- ". 

. lowririK — yfrnm, mctwnlS' tL*icr'* , er'. 
Sabah Timber. G. W.v-Sqwww. spout, 
Tanks CisnMiud.lstxflPKiEs..- 
- : Wn M fc^Cawdiwi ' Pacttutmi}, 

: flradiey Print Ine. . Monnmtfflt . Securities. 
Oceana- CoowMitril., - ■ • 

: Rmm & -mres 

- iMwHu-r-.- - - • 'l'*-'- ' 

Collett Dtekenwn Peirtffntww. on. ll 

External lavestzoent Trust' On. U 

-?eb Interns tJoitaT; - Ocf. 12 

B1L* (dudes i of Brid On. 12 
Marts and Spcnccr' ~ on. j? 

Mena? . Oct. 12 

Serf (Austin i c .... - ■ on. 12 

Sandrman (Gcorw ti.pl i’-aT..? Oct 1.1 

Transatlanric and Gen. latests, ... Oct. 1! 

Trasi union On. a 

Wtaimngion Emunwrtne — ucL 26 

’ - 

Bareran Prodnai <M. 56 

Spencer Gears On. is 

SUB Jj£c A-tturawi y;--' ■. - . 'Oct. 18 

Tarry lE.W.i .7 . 2 l y . -CM. B 

For administrative' reasons it is 
not- proposed -to.-' 'adopt the 
changes until iTib group's new 
financial year commences on 

January i, 1979,,^ -says .. the 
chairman.- “ - :C 

The authorised' sharfe-'capifal is 
to be increased from. 1750.000 to 
£i.5m by crea ting"*ni addition al 
ordinary 25p shares. ' This ‘will 
enable the sc rip. issue to he made 
as' well as providing, a reserve of 
unissued capital . 

Demand for the group’s princi- 
pal product, bronze powder, has 
been at a somewhat higher level 
than in the corresponding period 
of -last year and '.the chairman 
attributes (his to the. modest re- 
covery in general . consumer 
demand in main markets. The 
group has had spare, capacity 
throughout the six months. 

'Subsidiary companies traded 
satisfactorily during the period. - 
All of them experienced increased 
levels of sales 7 and profits. The 
reorganisation of S. Fry . and Co., 
mentioned - in the' annual state- 
ment. caused some administra- 
tive problems, but.tls activities as 
' a group distribution centre for 
the London area, are working well. 

• comment • 

Taxable profits at .iVoIslenholme 
Bronze Powders rose 43 per cent 
on- sales 42 per. cent better leaving 
the shares 25p higherr.-at 2n5p. 
The result is largely - due to a 
-first-time contribution of roughly 
£2(10.000 from Openshaw. without 
which profiLs growth would be 


Dearer 22 per cent. Nonetheless 
the companyV guarded optimism 
suggests a full-year outcome of 
around £2m. Bronze powder- 
activities now account for only 
about half of group sales, and it 
is the development elsewhere 
which has underpinned the 
advance. Bronze power demand, 
noweter, is currently marginally 
better and, given the company's 
dependence on consumcr- 
onemaied customers this trend 
should continue in the second 
half. Meanwhile, the U-S. has 
also Improved following last 
year's overstocking by some manu- 
facturers. Longer term new pro- 
duels to rival foil and aluminium 
board should assure the con- 
tinued importance of the group's 
traditional interests. But the 
smaller subsidiaries will play an 
increasingly vital role and, once 
Openshaw has settled down, other 
acquisitions seem likely. The 
shares stand on .1 prospective 
fully taxed p/e of 9.4 and a yield 
of 4.8 per cent. 

Exploration 
Co. ahead 
at halfway 

FOR THE first six months nf 1978. 
profits nf the Exploration Co., the 
investment concern, advanced 
from JE20R.9S9 to £274.901. subject 
tn lax 0/ £128.420 against £104,073. 

The result includes its fully- 
owned subsidiary, Group Traders, 
but excludes associates contribu- 
tions. 

For all 1977, pre-tax profits 
amounted to 1564.449 and a single 
0.352 5p net dividend was paid. 

At the half year, group assets, 
taking investments at market 
value, stood at £B.44m (£5.92ra ai 
December 31. 1977). 


S. Lyles 
finishes 
down at 
£ 392,000 

PRE-TAX PROFITS of S. Lyles, 
carpet spinner and dyer, finished 
the year to June 30, 1978, behind 
at £392.700 compared with £744,196 
after £107,072 against X35&247 at 
halfway. 

Mr. John Lyles, the chairman, 
slates that the improvement in 
trading conditions during fhe 
second six months are continuing 
during the current year. 

Exports at £3.49m (£3^8ro) 

accounted for 35 per cent oi the 
year's turnover, which was down 
slightly from £10.2 m to J£9.93m. 

Earnings are shown as down 
from IS.TBp to 6J27p per 20 p share 
after tax of £101,500 (£135,550). 
Tax adjusted on the ED 19 
basis, has been reduced by £2,000 
for the 1977-78 year and by 
£341,500 for 1970-77. Prior year 
increases in reserves in respect 
of this charge aggregate £384,000. 
The dividend payment is Ufled 

to 4.98S8p (4.467&P 1 pet with a 
final of 2JISSSp |2.4676p); the 
increase U Influenced by the 
improvement in trading condi- 
tions, Lhe directors state. 



hit by Saudi Arabia loss 


Turn river 

UK 

Exports 

Pre-tax prafflta ........ 

Tax 

Not prcrfii 

Interim dnndoitd 

Final 

Leaving 


1977-7E 

£ 

6.B2S.3S0 

e.-tSj.ZM 

3 . 1 W.U 6 

H2.TH 

1HI.3M 

53!-'2S0 

TJ.hSS 

W.550 

50.105 


19*6- 77 
f 

ID. 1 ll 3 . 4 S 5 

G.sr.cn 

3^76^11 

W.1H 

1-15.556 

A&.Ud 

a.icst 

SOfll 

446,387 


DIAMOND 

SHAMROCK 

EUROPE 

The report on Diamond S ham - 
rock Europe in the October 4 
issue related only to the UK com- 
pany, formerly known as Lankro 
Chemicals Group Limited. Other 
Diamond Shamrock companies in 
Europe including the UK are not 
included in the losses announced. 


AFTER DEDUCTING exceptional wholly owned subsidiary, has 

items o' £2.64m, profits before bought 89,246 shares (14575 per 

tax of Bryant Holdings slumped cent). 

from £2-8flm 10 £64.029 in the year 

ended May 31. 1878. Turnover XT 71 • . t 

amounted to £57 m compared with yy ill tCilOUSC 

The exceptional item is provi- 1 
sion against actual and potential Qf| V 5H1DAC 
losses of an associated company 44»* » WUVViJ 

in Saudi Arabia being the tota'l , f*f\ 

amount of the group's investment 1 41 i / / ffl 

in and advances to that company. rfirl r ■ far fa* 1 1 1 

Bryant is not the first construe- THE DIRECTORS of George 
tion company 10 strike trsuhle in Whitebouse (Elngineering) report 
Saudi . Arabia. _ Streeters of record Usable profits of 022.305 
Godalming in juiy this year for the year to July 1, 1978. 
announced a marked deteriora- against £179.238 and say that 
tion * in its activities there and results reflect improved trading 
warned that, "a drastic re- in the second half, 
appraisal of its Investments there At the interim stage profits 
might be necessary.” advanced from £31,368 to £55.91? 

After tax of E1.14m f£l.6m) and *P?. ^ directors then said that 
minorities last time of £81,798 “^cations " e , r f tba* results for 
there was an attributable loss of year u '° uW sho ' v 2 modest 
£89,423 against profits of £965^9L “ t !2™ v , cm ^, « t . n », n i Pman 

Happily, the first quarter of the iSJuS* 

current year has produced excel- stales that both George wiijte- 

lent results, the directors say. The ( ‘Vr n«h n d n?\“Srfnrm eri 
?toiid ? s financial Dosition emmr) nouse (Birmingham) pfrfonnpd 

SramSe^Uouid^reso^ik 5 ^ S? 

PetcrbYS ° Die 

_, t Sj a tnfa? n «F°V7Ki;7n sustained a trading loss. He adds 

a 3 j£o a i 0f 3l ' 6h,p ar0iS that action has been taken to 

nrho redress this situation. 

RrTafit lake* 1 inu^ aPMnnt SaJes for r ^ e period were ahead 

j.p® «r C rr« ok from £llJ2Tni to £13.8lm and with 
extraoraj/iary item oF £48 j,8&i nre-t«iv nroflts uprp cnlit in an 
which represents release or pre- actiritv break do wnas to- carand 

res;uTf rt S a ^%h r ar^ V Tn “hid? dffibSSn £10.55m 
?. 1 sharefi in (£8.13m» and £200.000 (£110,000); 

Concrete Lta cold rolled metal sections and 

Pre T n .w esll 7 ,at * s °j pressings £1.5m (£1.5ra) and 

Sr ?«Hai ih i a e ° f !he act Hf ! a " d £141.000 (1135.0001; aluminium 

P° te0 ^l ?K es « r e e c ° n s ,dera Wy pressure die castings £1.76m 
, B ?, ur - e ' but (£1.64m) and £43,000 loss (£21.000 
dlpecion; consider that it is pru- profit), and central group costs 
dent to make ample provision. £7^000 (£87.000). 

Vigorous action has been and is After tax of £106.192 against 
being .taken to restore the posi- £95,689, minorities and preference 
ti° n - dividend 5 earnings are shown as 

C „1 nr - e*r * i/r W-TSp per 50p share against 

SHARE STAKE 11.05p. The dividend is lifted to 

Wyndham Engineering Com- 2.329 15p (2 086p) with a net final 
pany: Cliff Hotel (Gwhert). Car- pa5*mcnt or 1.42165p. 
diff, notifies ihat Cliff Plant, its There was an extraordinary 


credit of £14.646 (£39567) being 
the profit on the sale of 
preference shares, net of tax, re- 
ceived from a bonus issue by 
Centreway; during the year 
U'hilehmise acquired . further 
shares in Centretvay and the in. 
vestment in this rnmpany Is now- 
188.500 ( 21.4 per cent) shares. 

1 UH -78 19 - 6 -TT 


Turnover 
Pre-tax profit . . 

T« 

Ne: proSt 

Minorities 

Ext wort. CTWfit 

Making 

Prrt. div 

Interim orfl 

FwaJ 

Retained 


£ r 

2SJ05 179 JOB 

166.1K SW.SS9 

lie D13 

7.2 m 

14.B4S . r 9AiT 
130,70)7 132.017 

13.760 — 

6.737. BOX) 

10^47 9 .447 

93.25S 1O0.W2 


Crouch Group 
building scheme 
worth £3.5m 

The Crouch Group's develop- 
ment subsidiary had obtained 
planning consent for three office 
blocks in central and suburban 
London involving a investmenl 
value of some £U.Sm. Mr. Ronald 
Clempson, chairman, told share- 
holders at yesicrdays annual 
meeting. 

The construction would com- 
mence very shortly and it was in- 
tended to retain the two smaller 
developments for the investment 
portfolio and In -^ell the larger 
development 

Negotiations fnr the sale of 
this investment, were already at 
an advanced siase and should 
result in the profit on it being 
realised this year. 

Mr. Clempsnn also told share- 
holders that tlie group was confi- 
dent nf an improvement in profit- 
ability this year, that the 
increased building programme of 
Crouch Homes was currently on 
target and that all other subsi- 
diaries in the group were operat- 
ing profitably despite continuing 
pressure on margins. 


Clive 

Discount 

slower 

mid-year 

BECAUSE OF A 3.5 per cent rise 
in the minimum lending rats 
during the last sis months the 
results at Clive Discount halfway 
through the year to March 31, 
1979. compare unfavourably with 
those at the same stage of 1977- 
1978, the directors report. 

However the net interim divi- 
dend is raised to 2.03p (2p). The 
final last time was 2.7748p paid 
from profit of £2.1 2m (£1.32m), 
after providing for rebate, tax and 
transfer to contingencies reserve. 

In June the directors said that 
performance of markets in the 
current year would continue to 
be volatile while uncertainties re- 
mained as to political, monetary 

and economic outlook. 

A dramatic drop in Interest 
rates from the then existing rates 
looked unlikely but it should ba 
possible To maintain satisfactory 
running profits and jobbing 
opportunities should occur from 
time to time they said. 

See Lex 

Good start 
by W agon 
Industrial 

Mr. C. Leslie Smith, chairman 
of Wagon Industrial Holdin&s, 
told the annual meeting in Bir- 
mingham that the results for fhe 
firnt" five months or the cuiTent 
financial year showed a pleasing 
improvement over the figures for 
the same period last year. 

He was confident that given the 
maintenance of existing condi- 
tions group results would be 
satisfactory “and we may, indeed, 
break new barriers.” 

In the year to March 31. 1978. 
group pre-lax profit improved 
from £2.tiSm in a record £3.78m. 


company 


PROPERTY DEALS 


Vi l v : 

i'K! 


; J. Salnsbury and Bentalls of 
' Kingston have been appointed by 
the Tonbridge and Mailing District 
Council as joint developers. of -a 
■ £3m, 80,000 sq ft town centre shop- 
ping scheme. The building wfH 
include a community . centre, 
squash courts and assembly hall 
along with surface parking for 
603 cars. - ■ — • ' . ; 

Bentalls expect to occupy 
around 70 per cent -Of store - 
space with Samsbury In the 
remainder. Work on the site is. 
expected to start next' spring. 
Hillier Parker May and Rowden 
advised the council throughout a 
tendering period during which: 
schemes were submitted from 
Asda. Fine Fare and Tesco as well 
as a number of property develop-; 
ment groups. 


Two small office suites to the 
shadow of the Stock Exchange 
Tower have come. on to the let- 
ting market this week. Richard 
Ellis and St Quint in Son and 
Stanley are now marketing the 
16.500 sq ft self-contained office 
block that' forms part of the 
Clothworkers Company's giant 
Angie Court development. - The 
new air-conditioned block is 
offered at £300,000 a year; £1R20 
a sq ft. Haslemere Estates, 
through Jones Lang Wootton arid 
Drivers Jonas is asking just 
£12.85 a sq ft for its 7,000. sq.ft 
refurbishment around the corner 
at 27 Throgmorton Street, . E.C.2. 


Haslemere . holds an . underlease 
froth the Drapers Company on the 
building where refurbishment 
finance was provided- by -Friends 
Provident Life.: 

- 

Scottish shop rents. ,and- capital 
values continue to soar ahead. 
Private developers Arrowcroft In- 
vestments have notched -up. 'the 
highest retail rent eve* recorded 
jn v .: Sauchlehall Street this 'ttepk- 
with- a -pre-Setiing 0? 4 ’ double 
standard unit -in Its lyiiin former 
Daly’s department # ore scheme. 1 
.Van Alien, part yr the' Tootal 
Group, is to payy£75,000 a year 
for the shops- Levers, who acted 
for Arrowcroft ye not marketing 
the rest of theRQ.000 sq ft retail 
space until jfext year. Edward 
Erdman advifed.Van Allen. 

Richard EJtis has also been find- 
ing the Scottish retail market 
active. In ^Glasgow it now reports 
rents of fa O' to .£60 a square foot 
for shops in Argyle Street. £15 to 
£20 more than a year ago. In 
Edinburgh a Xl.-lm sale and 
leaseback for . the Electricity Sup- 
ply: Nominees. -of a 2.IK10 sq ft 
Elam shop at 113, Princes Street 
recognises current rents of over 
£5Q a square foot 

On the Princes StTeel deal the 
ESN was happy to receive .an 
initial yield of just 4 per cent.- 
Elsewhere Ellis reports prime 
shop rents of up to £23 a square 
foot In Aberdeen. £16 in Murray- 
cate in Dundee and £15 to £16 in 
Perth. . 






I - ■■ 

[ ; ■ y,:! .ir';.;: y. - • V;' • " ' ' ' ' ' ' 




i? ; 

Piwlf JiMH i 





n * f*. t JM. ■ : 


V i . . BHH H| H HR 1- ii 



MAY 


ns o Vi ' v 


. - Stockists and Distributors of Electrical Equipment 

A year of change forecasts 


lUiUica 

1978 

luiui y 

1977 

' I69UI 

1976 

liO 

. 1975 


£ 

£ 

£ 

£ 

Turnover 5,439,879 

3.466,437 

2:399,647 

2.627.902 

Profit before tax 

308,651 

247.778 

205.196 

1 94.863 

Profit after tax 

191.818 

169,755 

96.596 

93.363 

Ordinary dividends 

46.115ft 

41.02% 

38.11% 

34.65?& 

(cress wwVj/a/rt; 




4.67p 

Earnings per share 

8.45p 

B.49p 

4.8 3 p 


Fora copy of the Report and Accounts apply to The Secretary. 

Best and May Limited. 27129 Homesdale Road. Bromley. Kent. 9tu. 


Limi^ H oldin gs Limited 


-*,y 

;* *■<; 
^ 1 * v 


Interim Statement 

The directors of Give Discount Holdings Limited 
have pleasure in declaring an interim dividend on the 
ordinary shares of the company of 2'03 pence per 
share (equfvalent.to 3*03 pence per share including 
fhe tax credit appficab/e to United Kingdom share- 
holders)' in respect of thft year ending 31stMarch 
1979 ; compwad with the interim dividend of 2 uu 
pence per share (equivalent to 3'03 pence per share 
Including the tax credit] for the year ended SIstMarch 
■ 1978iThe cost of the dividend amounts to £30o,J// 
(1978 -£301, 800). 

' Mmunum Lending Rate has risen by 3i% during tf»e 
period and therefore results compare unfavourably 

with those at this stage-last year* ‘ 

The dividend win be pald on Idth November 1978 
to shareholders registered at the close of business on 
27th October 1978, 

I Keyal tKchangaAvey louden EC3V 31P. Tab OI-2B3 IIQt 


It is no coincidence that executives at 43 out of 
Britain's top 50 companies carry the American Express 
Company Card*. It isamatterof good business sense . 

Whether travelling on business at home or abroad, 
the Card allows key executives to operate more 
efficiently onyour company’s behalf. 

Worldwide acceptance 

They can settle bills at thousands of fine 
restaurants, hotels and travel offices around the world, 
simply and in style. . ” 

Unhampered by any specific pre-set spending . 
limits, and backed by your company’s own good name, 
executives can hire cars without a deposit, purchase 
airline tickets and even cash personal sterling cheques, 
in an emergency. 

The American Express Company Card is such a 
5 ophisticatedaltemative to cash, with ite worldwide 
recognition and acceptance, that executives can even 
meet unplanned expenses, such as last-minute 
changes in travel arrangements or theimpromptu 
client lunch. 

Simple expense administration 

This unbeatable flexibility and security for the 
executive is further enhanced by other tangible 
benefits to the company. 

These include: a reduction in the amount of cash 
advances; a reductionin the number and cost of foreign 
currency conversions; simplification of expenses i . 


administration for company and executive alike; an 
exclusive choice of billing arrangements, and the 
facility to settle monthly charges with a single cheque. 

The American Express Company Card Plan is 
already helping many top companies and their 
executives . It can help your company just as well. 

Simply write to R.A. Harris, Manager, Company 
Cards, American Express Company, 19 Berners 
Street, London W1P 3DD, or call his office direct on 
01-6378600, 

American Express Cards . 

for Companies •Sxmxt'Tfe Times' 1000-1977. 

To: HA Harris, Manager, Company Cards, American ^ 
Express Company, 19 Berners Street, London W1P 3DD 

I should like to leam more about American Express Cards for . > 
Companies. Please contact me at the address bdovr; I 

- Name - — - - • i 

(CAPITALS FLKASQ I 

Phaitinn : j 

Company — — i 

I Address — 1 


Tel. No — 

I mM B pew i »rf ^h Iiai k rtfi«MilyiBtiMp^A.^quartiy^to6!mtVieaRre«ient 





The 
street 
being 
state 
that 
a re 
South 
surpii 
,of the 
has d 
Mor 
men 
econo 
.cOrnei 
won. '■ 
year, 
duct l 
▼irtua 
March 
Horwr 
Finan 
cautio 
econoi 
be the 
. Yet 

jjumbi 
have ’ 
rannir 
furthe 
official 
is for 
qurren 
Mioisi 
sory ( 
2 per i 
The! 
dard 
refers 

< 


Thames TV up bibs and dhls 


MINING NEWS 


Financial Fi . Idy- ■ Octote. 

Minorco 

sails 




11 % to £8.65m 


NETT ADVERTISEMENT revenne constructed at a cost or CS44.5m 
at Thames Television increased SO (£I9mi and at the beginning oC 
per cent from £46.0rn to £56 .24m the year it Iiad reserves of 25m 
in the year to June 30. 1978, and tons averaging 0.492 per cent 
taxable profits expanded 11 per coper and 0.012 ounces of gold per 
cent to a record fS.S.im against ton. In 1077 production Mas 4.9m 


Berec sells 
Churchouse 


ahead 


gold to stay strong 


£7.76 m last time. tons of ore, grading u.425 per cent " _““T areaheaUh authorities" 

-Mr. Howard Thoma-s. chairman, copper and 0.000 dunces of gold. s,d,ar y of Siddeley Com- area neaiin autnontiea. 


Crompton Parkinson, a sub- authorities, public utilities and I BY KENNETH MAftSTON, MINING EDITOR 


THE CONTINUED low level, of 
copper . prices continues to ' bear, 
heavily on the Zambian copper in- 1 
dustry which also has to cope' 
with severe transport difficulties 
and a shortage of foreign ex- 
change. But the Anglo American 
Corporation group's Bermuda- 
registered Minerals and. Resources 


says that the tenth year nl 
Thames has been its most suc- 
cessful. measured both by pro- 
grammes and profits. 

In the first quarter of the cur- 
rent year, advertisement income 
has contended to rise and overseas 
sales are expanding, he adds. 

Direct expenditure on Thames’ 
own productions has been in- 


Scottish site 
bought to save 
electric plant 


pany. is paying aoout 11.4m casn * -tvvt 
for C ML Churchouse, a subsidiary /\x V D3.YS 
of the Berec Croup ipreviously » J 

known as Ever Ready Company). il.jlll IfM* 
Berec acquired Churchouse, a 1 ' " 


- . . ; • _ , th _ Corporation, which holds 49 per 

THE COLD price will remain possible, but he desorbed - the provide the funds to onng w cen t of Gambia Copper Invent. 

1 . it. no To nroducuon. luB - , r - . . Q V 


j fie, uuuw (jiilb "ui icuibiii ijuaaivic, whl ■ me -- — - Th# cem- oi copper invest- 

more or less at around its present medium-terra outlook as "rela- Hope prospect to production, meats, is keeping its head above 
levels— it was a record S2234' per lively 'good." - v corapank*s inprf^d rathe MJ- W ater and paying dividends 


own productions has been in- By Our Glasgow Correspondent tree ana £““» equipment, has aenuired Carlson- «««» r s wmeu umuniwu »» Development oi cne apsio “ "rr. group turned In earning 77 

S ™ pi ~ BUST?* 5^ STS ^£A 5SSEM SS- % 

1977-78 level of profits. . _ £*1?, JST t/JEsB time^APV h^sold _ APV" 5 W ** *aS’ helping Minorco 


ounce yesterday — and should stay 
strong in 1979. according to Mr. 
P. A. von Weilligh, president of 
the Chamber of Mines of South 
Africa, 

He told a Johannesburg; business 


Berec acquired uiurcnouse, a v--i •* i the Chamber of Hines of South 

speciality lighting manufacturer V .2nSOn-T OtCS Africa. 

with an annual turnover around AD _ , . . He told a Johannesburg: business 

£2}m. when it bought J. A- Crab- m *££.,.i" pW ™5 5 » *. wh . ,ch ™«=fpr conference yesterday .that the 
tree and Company aome six years Arn.^ Li rwson- factors which have influenced the 

ag0 . According to Mr,. Colin petal no.at.ly the week VS. 


AMCOAL STARTS 

KLEINKOPJE 

SHIPMENTS 


S rt£i ar- , G ™‘ Sink, to ite KSSStUerKSS 

I Bdualr,e5 from non-copper Inrestmenti 

Canadian Obas Oil. . . . r»r »>,««. 




a fitrtS tSBSm, 


Dcreloptnent ’of" the Anglo ^OGO^M .cX^te "an^^er- « 


1 Ihwfit for the period of Thames, fj" ~ SSS^SWS.^ 3? £*5= fflSiTe K S. . =5 Jhould he 

a private. unquoied company ^ Corporation^ ^of the UJ5. for £0.3m duriDS the rest af Rlchaids Bay stockpiles of the available in the near future. in/mSLl 


a private, unquoied company Scottish couyol systems fac^ wiring accessories. ^ rcidt Corporation of the for £0.3m ameliorated during the rest of Richards Bay stockpiles of the 
jonnily owned by RedifTusion Tele- .®f Satchwe.I Sunvic. a GEC breakers and motor control gear cash. y ear - Transvaal Coal Owners Aswda- 

vision — a subsidiary - of British subsidiary, and -its IJ00 jobs. but Berec spent some management Carlson-Ford makes filter J added: ‘ While the U.h. UoIL 

Electric Traction Company — and Th e 31-acre site at Motherwell time and effort attempting to presses and filter media for the douar may enjoy periods or At t |, e same time the recently 

EMI. was struck after the *‘ as owned ny the Ministry of build the Churchouse operations, distillery, brewery and food in- recovery over the next year, the completed 1,700-ton dragline “took 

Exchequer Lew of £J3.69m Defence, which has decided to when it failed to achieve its dustries Its products cnmplc- fundamental problems of that it5 wa ik." as Am coal put 1C 


Industrial Corporation which 
trlbuted SL34ra.. RTinorco's- totS 


EAST RAND CONS. SfS proat for 

1 n l Sm nnmngMfl v* 


EARNS LESS 


again*!, fil.fim. Net profit 
Cl.Ofim compared w.rth £7 
after tax of £4.B'Jm i£4.14m). 


Net profit ' was sell it together with the com- budget in 1977-78 a decision was ment equipment supplied by the currency have yet to he solved." The Ersr stage of the open-pit Half-yearly earnings fell at 
with £3.62ra pany'* rented 340,000 square taken to sell it. A PV group. He reckoned that South Afriqas mine's de>'elopment becomes fully- East Rand Consolidated, the 


J15.15ra compared with Sl2.7^rtrS 

a --nr 


al dividend total of 12 cents wa 


feet production complex. 

The agency stepped in to buy 


It'l l pi UVULUVII WVII1|IICA. I , . , APV said that the development sold production this ; year will he opera tionaJ in December and by Ldndon investment group with a ■***: ’ w - D - Wilson; the preside^ 

The agenev stepped in to buy I Crompton Parkinson is already 0 / Bowser's business has been to slightly up on last year when next June production at an annual portfolio stretching from gold .unorco remains confident thai 
the site and' premises so that a in the lighting business with a eustomere which do not match 22.4m ounces were produced, and rate of 2.7m tons will be reached, shares to UK industrials, it was „L.i :OIll ^f n f 8 - oipner . inresf. 


NOR AN DA long-term lease could be negoti-| range of light bulbs and light fit- the rest of. the group.- with its I? mar S inal rise is ] * keiy The second phase of develop- announced yerterday. — ~ uw 

arpri u -irh the comnanv and a tings and it sees the acquisition main 'business based on a ,n ^ meat comes to fruition in January Net profits for the six mooths cenr of /unenca _s I®3pfca|jo H 

^spiIln^*iti h R0lPr^^r further ten-acre she seL aside for a *' a tneans of strengthening its licensing agreement and tech- On the subject of uranium, Mr 19® when a second dragline starts to June were £108,000 against Copper- . yield ad^^ 

grnup. is selhn„ it? Bell Copper rurtner ten acre site set aside for lirnrill( . t base _ The Churchouse nnlosical hackine frnm Keene. von Weilligh commented that W nrkiTinr in a setjarate nit. This EiST.OOO in the same period of returns in years to come. , ’BB*i- 


ments, which indnde 365 dm' 

pent nt AnuwiA.'. k- ■ 


unit and its Morrison prospect to future development. 

Granhy Mining of Vancouver, a Mr. Hugh Jack, the agency’s 


product base. The Churchouse no logical backing from Keene. (von Weilli. 


working in a separate pit. Tats £j 31,000 in the same period of ^|V rn ®| n *' ea ^ t0 ^^-’'flesies 


(Jl UUULi — UU^n. Up. IIUIU IMrtl"- =- . ITUIIUnji IU O. — — 1:4,1 » ■ : 

range includes emergency, general It was therefore id the longer world 'demand conrinues strong W jj| a j] ow output ' to rise to an 1977. The company stated that Jnne prospect . of an. eariv 
area and amenity lighting and term interests that Bowser should and prices, remain * reasonably annua l rate of 42m tons. * w “" n ,ncrease m tho nnr " ut * 


subsidiary of the diversified U.S. director of industry said Ihe deal 3g S o Cialed equipment tor” local become part of Keene, 
resources group, Zapata Corpora- nhviated the possibility nf re- ’ 


investment income Was down increase in the copper price, TjJ* 

■ • _ m . • JAAtnonMon tPPIC thot tnn rhimui 4L. **' 


tiun. reports John Soganicfa from dundancics which could have 


Toronto. 


an?en if Saichwell Sunvic had 
been forced to move. 


No price has been disclosed. Both Hetu 111 ^ ,u 
properties are in British 

n k £lni cathedral 

Bell Coppers mine at Babme 
Lake started production in 1972 Q TlflPC) I Cpf lin 
and has llie capacity to treat flE'MEfll ovl Up 
13.800 tons of ore per day. Granby EXETER CATHEDRAL needs 


Green Shield chief sells 
motor dealership 


firm. Additional long term sales work at the project is going because or the later declaration feels that t he longer the xoarta 

have been made by South African on schedule The cost, of some dividends compared with remains depressed and prodnetttn 

producers for which production annollIlce<1 year using 1976 last year. J is curtailed, the: sharper wiTbi 

is planned to start at intervals mtme y terms, is R109m (£63.8nft. Revenue from dividends and the eventual recovery. 

over the next .few years. South y interest was £128.000 or £86,000 Dr. Z. J. de Beer., president ©f 

African output of uranium oxide leas th an in the same period last Zambia Copper Investments 

is running at about 5,000 tonnes a f AHOI TN TAPS year But it is anticipated the reckons that it will require-^ 

year and should increase in 1970, . total for the year will be:greater sustained period of substantklH^S?^^ 

but -Mr. von Weilligh did not OIL FUNDS than last year’s. At the. same higher copper prices before Ths^"*' 

quantify the expected rise. »—,*.*«- — j — ^ 

At the same time, there appear 


BY NICHOLAS COLCHESTER 


. v h time market conditions are. more Zambian producers can resum. 

Carotin Mines of Vancouver has fnr invpdment saving wivirf^nHc t. 


Vt the same time, there appear Larobn mines or Vancouver nas favoarab | c f 0r investment paying dividends. “The presorts v ' 
be signs that the scramble for reached an dealing, the company said. for an early recove : ; 


3 -j.uuu kuna ui vie jnri wax. \Jimiujr u-A u 1 un v^r» liccua . in ub oifaiia uiai ow , orAimnii fnivA^iAK QO QetUlIl^. flic icwvn/ 1 J| ttjkf 

Mining has a mine nearby which £lm for urgent repair and con- Mr. Richard Tomkins, chairman Stoneware building materials contractual uranium supplies is oil companies groupeaiogemerM The shares were 19Jp yesterday, company’s . fortunes ' remSri 

has a capacity of 14,000 tons of serration work — and a special and founder of the Green Shield enterprise. The Green Shield beginning to ease. In the Buffels- Aquarius Resources ynoer wnicft bleak." he adds. 

ore per day. service of dedication marking trading stamps group, has sold operation has been particularly fontein annual report this week funds have been . r rrn n hoIds 49 per cent of 

The new owners plan to expand tie start of an appeal will be his motor vehicle dealership in hard hit over the past year the chairman, Mr. J. C. Entz. said c J“P ,e *i on TECHNICAL HELP Nchanga Consolidated . Cotfjftj 

Bel ConoerTo 17 000 tons ofnre held in the cathedral on Bedford. The price of the deal following the decision by many that there has been a tendency at the^rolm^ldproperty near TiwnnNCCU • Mmesand J2’5 per i»ntof 

a ^ Vv wihiV* Fitnn 11 f.rriav 011 Ls undisclosed. companies to stop using trading on the part of uranium customers Hope. British Columbia. FOR INDONESIA Consolidated Copper 


a day. and Mr. William Flynn, the Saturday. ^ unmsmosea w 

Zapata chairman. said the Prince Charles, president of ..J?!' ^ T T k ptard b SSn t dealer new owns* of Beds Autocar 

acquisition gave Granby additional the preservation trust has said in pokes' —now renamed Charles King 

In^omr'iiinn* 8 vicinity of exi * 1 " * 5 P ecial message that it man said the motor business did Motors— is Swiss-based Overseas 

ln » ?. PeraI,0n * a ? reat „ trafledy ti the build- no t fit in with the retailing profile Buyers, a subsidiary of Union 

Bell Lopper s operations was ing was allowed to disintegrate. of other businesses owned by Mr. Trading International, a multi- 

Tomkins. national private company. The 

Orel 11 TC nun ArrmtMTC im nmer These include the .Argos dis- new owner proposes to continue 

vCtOULTS AN0 AleifOUNTa IN SKIEr count Stores chain, the Midland the business m its present form 

Ideal Homes and New Day Hold--and a spokesman said there would 
el ono mining AND EXPLORATION in rew:t or uie*° cam p* Mes and ut-ro- ing Furniture companies and the be no redundancies. 

COMPANY— Fur hrsi hair 19ts pre-tax (ore. I buy say they are cuiable to hansfy 

profit tijn-i.o >£l 17.1*1 >. tux £44.388 themselves as to i-alne of these assets. 

i £Kl.50ii hlmtres utclud'.- UK- fully -mvrted Ueeili». Leeds. November 2. noon. eilABE 1 CTAIfrC 

subsidiary General Exoloraonns but ia- MINERALS ANQ RESOURCES COR- 3nAKL 3 1 MfVtP 

eludes the associate companies' results PORATioN— Reruns for year to June so. Great Portland Estates Basil making total Interest 5,200,000 

GRIMSHAWE MOLDINGS ' industrial 1B78 already Unown Invenmeuta and loans Camuol chnirmnn voctpi-rlav cnlri sharps (516 oer cent! 

araupi-RMolts for Apnl .30. 197S year USSvSS.TSL' i«w,J69i. fixed assets 85.878 yesteraay SOta snareh io.io per cent j. . 

reported October a in lull preliminary <M.083i. Net current assets sailJOl 100.000 shares. VVadnam StTlngen r. C. hirin»C . 

statement. Group fixed assets ri.lSts (31 J*C>. Meding. Bermnda. November J. Scottish and Newcastle director, has UlfipOSEu Of oo.UUlf 
«n..Titn' net cmreni liabilities £«B son Zambia COPPER INVESTMENTS— Breweries* \s a result of Air shares. ' 


to take delivery as late as Aquarius holds the option to 


OIL AND GAS NEWS 


Testing completed 
at Fortescue Well 


The Ministry of Overseas Under the capita] reconstructite 
Development is spending £560,000 scheme proposed for N’chan$t 
to finance the investigation of ZCTs ^sjrej in that company wft 
Indonesian coal reserves in East fajl re 39.997 per cent. Reom 
Kalimantan, it was announced struct ton proposals are also heifi 
yesterday. negotiated for RCM. •" ■» 

Three geologists from the 20 has 12 per cent of tiie 
Institute of Geological Sciences, struseling Botswana R5T. It 4* 
London, are already in the field e*necred that the latter will drf 
as part of a three years' project, for funds under a standfn 
They are training Indonesians on facility towards the end of tH9 
the spot year and as a result ZO will nek 

The aid contribution covers also to make use of the loan facOfh 
specialist consultancy services and of 319.3m made available hi 
the cost of four drilling rigs, Minorco. .. • 

manufactured by English Drilling In London yesterday, shares tr 
of Huddersfield and mounted on ZCI were 14p while those or 
Bedford trucks. Minorco were I77p. 


mTSt STE- wmTZrEE E^Tciurt^cKresiSation i Compames investment TESTING HAS been completed at for the move Golf Ofl says that 

"hr r Trnrs«ttirS!c.W e Ufethe Halibut No. I wU» i» A plans to drill its Baltimore 


m! f»<n various trusts, bis non- Trust: scottisn rAm.icaoie o« r „ P LtIi 

land. Kill roounuo support. .Msn. inrest- Ku.rus >K4.noi. Auditors «.«■ pro visum beneficial interest in 1,040^60 has Assurance Sodety with s “h- nffehore Victoria The' find ^ aojron Wll ^ cat well to a -depth 


idiiD. Hill rouunu.' friippon. .\jsn. urrem- ku.ius >k«.siui. Auditors pro visum nenenciai imprest m l,VW^>MI nas . .“‘J . n _.j Vioinrio TTio firrt - 

mems and loam at cia^c: t£25o.7i2i han not be«n made ror decline in current be efl eliminated sidlary now holds l,788,»o0 shares field offshore Victona. inenna f 19,000 ft. Gulf is currently 

represents shares in and loans to cam- value nf group's investments In Ncbatuui Tnirf Hnnw Fnrte- KnwaitP Tn (27 52 per cent). ' was announced OO September 21 * ‘ ^ 

panies concerned in legal proceedings Consolidated Copper Mines and Roan nfla«T° hU 1VU ^Sl.fiJiIi ' Aauis Seeurities* H C Quit- by the Broken Hfll Proprietary drilling at 17.600 ft in the well 

brought bv a araun comnadV. Fnrther- l'unsalirijfPtf Vmn. sfatpri at a rwH „r vestment UmCf lias acquired minis- kcuthio. d. . v.. V£* p - r. ■ .1 - ..a u-hinh i. niiMU4 nffshnn- Nau 


brought bv a group company. Farther- I'unsaltdjted Mines. Stated a* a cmd or vestment Office has acquired 
more, n-cent acnonnis arc not available KOl.j'mi. Men ting. Bermuda. November 7. interest in a further 155.000 shares 


shares man, director, disposed of 10.000 Esso Exploration and Production which is situated offshore New 
- ■t shares at 21p on Septenlber 29. consortium. ..... . Jersey. 

■‘I I Electronic Rentals; Group: Results of the terts were pot G that it ohtBined 



FIDELITY PAORC FUND S.A. 

INCORPORATED UNDER- THE LAWS OF PANAMA 


, Electronic Rentals Group: "Y; Gulf says that it obtained 

o it Riack director' sold on disclosed snd thp well hfls been ... r 

Senteinber 15 49^57 ’shares al suspended for passible later sub- permission to drill at the 19,000 ft 
140 d and 18^50 at’l42ip sea completion, according to BHP. depth from the Office of Standard 

Shucspwre Para Rubber Estates: Halibut No. 1 was the fourth in and Geological Survey of the U.S. 
Kuala Lumpur-Kencre: Invest- a four . to six well series aimed at Interior Department following a 
ments has sold Z500 shares testing new structures west of the request last month, 
leaving interest at 161,000 shares Halibut- Two wetts were dry but Tbe company recently 

(6.17 per cent i . .- r . . . cotnpieted cemfeht casing to the 

Staveley Industries: Norwich wtfa Hal but No. 1. was suspended ft j eve j and ^ believed to 

L'nion Life Insurance Society for possible future sub-sea com- have commenced ’ the deeper 

holds 430555 shares (3 per cent), pleuon., drflting. . v 

Norwich Union Insurance Group ■ The rig used to drill the Hali- - . . . .? . 

i pensions U mana^ementl I2157S hut series of wells has now moved Indonesian oii producOon is 
ihm?0B S cent) and Norwich to' the Cobia field Cobia 2 location expected to fail tom barrels, this 
UniS? Gnu? ' tSi 214.50? shares and has started installing sub-sea IjSS^SSSn 
(1.5 per centf- Total 766.033 completion equipment. .. Mmmg Ministry. . * 



Notice of Annual General Meeting of Shareholders 
October 19, 1978 


i chare's 1 3 4 nei* cent ) , . — — — — _ _ — ^ mr , <l nu^vu 

Ferranti announces The follow- announced their intention to bring at around BOOra barrels compared 
ing share s3les by directors. Mr. c u hia .S e »d into production with actual production in 1977 of 
V F Dorey- has sold 233 units at al 3 of around AJ200m. 6I5m. State revenue from oil 

is-?,,' « v hd Fnrranri has ★ . ★ ★ exports in the first nine months 


consortium recently This year's output is'estimated 



Please take notice that the Annual General 
Meeting ofShare holders orFidelity Pacific 
Fund S. A. (the "CorpordtioTTlwifl take 
place at 2:00 P.M. at the Corporation s 
Principal Office, Outcrhridgc Building, Fitts 
Bay Road, Pembroke, Bermuda, on 
October 19,1978.. 

The following matters are on the agenda 
for this Meeting: 

1. Election orDireclon.The Chairman of the 
Board of Directors has proposed the re- 
election of the eight existing directors. 

2. Review of die balance sheet and profit and 
iois statement for the fiscal year ended 
May 3L 1978. 

3. Ratification ofthe actions taken by the 
Directors since the previous Annual 
General Meeting. 

4. Ratification or the actions taken by the 
Investment Manager since the previous 
Annual General Meeting. 


5. Consideration of such other business as 
may properly come before the meeung. 


Corporation^ Principal Office in Pembroke, 
Bermuda, or from the companies listed 
below, to the Corporation at the following 
address: 

Fidelity Pacific Fund SA. 

P. O. Box 670 

Hamilton 5, Bermuda 
Holders of bearer shares may vote by proxy 
by mailing a lorm of Certificate of Deposit 
and a form ofB carer Shareholder's Proxy 
obtained from the Corporations Principal 
Office in Pembroke. Bermuda, or from the 
companies listed below, to the Corporation 
at R O. Box 670. Hamilton 5. Bermuda. 
Alternatively, holders of hearer shares 
w Uhing; to exercise their rights personally 
at the Meeting may deposit with the 
Corporation the certificates fnr their shares 
or a Certificate of Deposit therclor prior to 
the Meeting. 

All Proxies fand Certificates ofDeposit 
issued to bearer share holders! mu>: he 
received by the Corporation not later than 
2:00 P.M. on October 19, 1978, in order to be 
effective al the Meeting. 


V. F. Doreyv has sold 233 units at 
357p. Hr. S. Z. de Ferranri has 
sold 100.000 shares in names of 
self and I. Mackeson -Sand bach 
and 330.009 in name of Control 
Nominees, at 357r>. Mr. B. Z. 
de Ferranti has sold 70.838 shares 
in names of seif and Owen Powell 
Simpson “A" accouni rmd 48.406 in 
name of Control Nominees, at 
357p. 

Talbex Grnup— P. J. de Savary, 
director, has bone hr 112.500 
ltl per vent convertible redeem- 
able unsecured loan -ioi-k 1979-83. 


„ . * : * * exports in the first nine months 

Without disc Insing any reasons this year totalled SU.S.582m. 


GENOSSENSCHAFTL1CHE 2ENTRALBANK 
AKTIENGESELLSCHAFT 

Vienna ^ aE28SSaS8SS!S» 

U.S. $40,000,000 Floating Rate. rss^r ^ 

Notes Due 1983 ?i: ^ ^ 

Forthe six montfis 

6th October, 1978 to 6tb April, f879 :: . itfr a S 
the Notes will carry an 7 " >L : a ? * r w 

interest rate of 1 0& per cent, perinnum. ) 

listed on the Luxembourg Stock Exchange. 7 ’ </;y ® 

By: Morgan Guaranty Trust Company of Nevv York, tondon ggg^TK 

AgentBank ... 


ei&sif I 


# Guinness Peat Group Limited 


THf gum * award «m 
WKMtT ACHIlvmiNT I }» 


Holders of remstered shares may vote by 
proxy by mauling a form of Registered 
Shareholder s Proxy obtained from the 


By Order of the Board nf Dire dors 
Charles XM.Coilis 
Secretary 


The Bank orBermnda Limited 
Front Street 
Hamilton, Bermuda 


Rowe £ Pitman. Hurst-Brown 
1st Floor; City-Gate House 
39-45 Fin diary Square 
London EC2A DA, England 


Julias Baer Infernal in rial Limited 
3 Lomhard Street 
London EGY 9ER, England 


Bank Julius Bar & Co. 

Bahnhofctras.se 36 
8022 /aiiich, Swffzedand 


Kmfietbank S. A. I.mpnibowgwBO 
43, Boulevard Royal 

Luxembourg 


BANK RETURN 


rwv.,wi^- 
i Or. i 
191 o 


I DC. i+' 01 

Dm-- r—1 

fi*» »*c* , h 


BANKING DEPARTMENT 


MALI LI riK.- 

1 ApilA 

I , iii*iii i 1Vp"*il... 


.'il.Ji.li-J 4 


•i#cuii[i(p4ii. . i.iVi.i.'-.wv _«j3.‘,)eo.007 

Kf 111.1-r- —lin,«09.4c4 


A e» 


0*»7.aP7 


-0K:.si.'.;ni _ii7,/na.wr 


linn. Vr.-u. -lie*,. l 
l.lMnii'tM.Shrr 

\ ■ ■ i-i'.ijJMir _ n.5W.«2f 

Premia*. 

V>*ilnr >ee» > > i .Ti|.l.il » 

'..in- tr.sj-.05S — 

U>n - . i?,s8i 


IlM'SlJTM ► NT 

LlAVrUfliST '£ “ 


Ill l.'ll..4|!AI:rtll. 1.: 
Id l : Ank'j,- Ii«-j4 


i.'.-'-vi/sH* - JijUiAO 
rt.X'.-Jir . iO.I7!r.-.P7 
!.'.i>r.'t2- S,ti2iC*-i 


A year of progress 
throughout the Group 


Highlights from Lord KIssin’s statement at the year ended 30th April 1978. 


$ Net attributable profits before extraordinary items 
increased by 27# to £7.95m (1977 £6. 27m). 

v Pre-tax profits for the Trading divisions increased 
by 4053 m £8. 88m (1977 £6.32) with substantial, 
progress being made by all divisions. 

$ In addition the disclosed profit of the Banking 
Division for the year increased by 5353 to £l.6m (1977 
£1.2m) after taxation and transfers to reserves. The Bank 
continues to broaden its worldwide interests. 


A one for one scrip issue is proposed to bring the 
issued share capital more into line with the Company’s 
overall worth (£-l5m) and to improve the marketability ^ 
of the sliares. 

'*’ Operations in the USA, have been expanded in addition 
to our increased trading and banking activities in Brazil. 
v Trading conditions in the Group continue to be 
satisfactory and with the imaginative and strong 
management team which we have built your company 
can. have every confidence in the future. 




1% 

2ra. 


interest 

when you invest 
with 

\brkshire Bank Finance 


The Year i n Brief 

Gipi ral and reserves 
Net assets per share 
Ncr earnings 
Earnings per share 

I Dividends per ordinary share: net 

gross equivalent 


1978 
£44,818,000 
135. Ip 
£7,923,000 
24.32p 
10.25p 
15.3946ljp 


1977 

£41,860,000 

U7:3p 

£6,255,000 

20.06p 

9.95205p 

15.16045p 


Ten Year Record 


□ Minimum initial deposit only £50. 

□ Only one month s notice required to 
withdraw any amount. 

□ Interest paid gross at quarterly 
intervals— without deduction of 


j To: Yorkshire Bank Finance Limited P.O. Box ft. Queen St_ Leeds LSI JHgI 


Net Earnings £000 


Capital & Reserves £000 


Plca.sc tell me more about Investment Accounts at Yorkshire Bank Finance. 


j.M2 

J.ew rac :=I 

3,iwp ; 


Address, 


income tax. 

□ Maximum balance £10.000. 


F^WSTT :'^ T V 
I: • %"«*■ “ -»» 

tjw v/.v 

2\ 857 *. : '.C.'X r :,>y- 

iL_. I ,,. !•, . r. , j . L.-S- •• - ’■ - . 


w.wa t .. si" _ ' 

ii.i«* • • 4 - 


9x» " A 


Yorkshire Bank Finance is part of the 
Yorkshire Bank Group.To find out more about 
in\ esiing v ith Yorkshire Bank Finance, simply 
compIete,detach and post the coupon. 


I Yorkshire Bank | 

Finance Limited J 

2Mol 


w 70 71 11 '73 74 7S 76 77 








tf 70 71 72 73 74 73. lb 77 


The full Report & Accounts, and rhe Chairman’s Statement, can be obtained from: 
The Secretary, Guinness Feat Group Limited, 32 Sc. Maty ar Hfli, London £C5P ?AJ. 


i 



iTJ *no rf : 

saik 61 


F^atffia Tfties I5i&y.:<s±]#ef *■ 197? 


yV*J> 1 ILp 


ahead Hau^OMs Malaysian on George Wills to Sime Darby duel defends 


:ra^ ir 

'it 
7 -■•■'■ 

-•*£5 

V, 


target with £24.9m 


beat forecast 


board decision on auditors 


the chairman, 


-<«rtoo7 ‘ ^aC'-: a subsidiary of Harrisons the' success ,of the..merfier with As known, following the sale 
'' r »Ui;r. •Jnd' • Crosfleld, report taxable H. -and C. there >m a saving in of the Zambian holding company 
’• mJ' -'.? r , * s ot £24L9m for the year ACT and the second payment was for £0.4m. remit tabic over the 

' ' •• . March 31, 1978. This is coni- increased from 225p. The total nest two years, the acquisition of 
V^jared with £24_3tn previously, a for the year absorbs X&fi2m. Reid and Lee. a UK motor dis- 

•r ' *"■ -i . \-, ! .igure which is for Illustration' T,p Str r tributor, was negotiated. 

. ; ->"• «iy and which hns h*?n derived ■ : iPSKi 


V ‘ V !: '■ ;°iy and which has been derived 

*•; ‘Js- .. rom the results of GoMeo Hope, orher b£^e 

S . - r.^ondon Asiatic, Pataiing, H. and Pre-tax mfb ;. 

k ^ex and Glensowrie prior to 3* 


■r**- ■.?- 

f 

fe' - -A--S . 

■ .■fedi|, fr 

:‘«r* 

J*-. • ‘ 


Sts 

S - 

g '•! ' • : 

^-’i v 

tR-r* * 

-t 

J -V .-- 

£ rc. '.-: 

* f;>- •. 


*/■ 

W 

r* 

ut &*••• 


Vrt^.r- 


'“■rsL becoming. ^subsidiaries- of SSlS 5 

■ • ?V. 5 .-garrisons Malaysian; ■ ■ 1 • firtraoni. 'aoWt '"Z 


laoriis . 71- " m 

awna t...:^:. tt.fM 11-47T, 

nraord. debit 15 895 

^ ^ v ^?% P 7 I 2S;? or *** ^ d«! 1T d-'tn OT n ‘^Urt.J 0 ^ 

3m (£2l.9Sml and was split CdMmj Hope, London Astatic. Paialm*. 

-\ i-iS. ■ to (£000): . rubber £3,519 H and C Laier. GUmrowrfe. prior to thdr 
£4^23); pahn. off and kernels teemm- suMdianec. 

.. -:i2^37 (£12,689); 'copni’ £397 

.I.-' -. cocoa £5.630 (£3^18). -m__ - ■ . 1VTTH SECOND half profits 

^. Drought during 1976 and 197t ^mr^V Iliaking halved from £186.587. to £80,793 at 
. Aversely affected crops for the , J ° Sanderson Murniy and Elder 

r - f": Parnculariy-duruiB the final Orfinfl nmOTP^Q (Holdings), the taxable total for 
; l ^ rte lL the directors state, gUUtl pl UgiCaS ^ fu „ year to June 30 1078 
'Khoush the effect upon the com- ..AoknrbQ finished hehind at £148.703 apainst 

■ >any S harvests seems not to have 2tll€r F£SDapC : a peak £209 jS7 last time. Turn- 

" 5 ^ 

”■ -1 Emray for the first half- of 197s. The directors state that current 
..' ^ I^ie ^ort tall in crops was com- Last time the surplus was trading conditions are difficult and 
.. >ensated for by higher cocoa £134,000 on sales of -£907,000 but there is as yet no indication of a 

. trices, they add. t h© directors point out that the recovery. They say it needs im- 

Crops during the current year results are not comparable as the proved textile consumption here 
. " Je expected to be ahead of last company’s Zambian . interests, . the and overseas to re-establish an 
. ’ear; the cocoa -price is w-etl below major .part of. its activity, were orderly balance with productive 
.. ast year’s- exceptionally high sold on January 1,. this year. The capacity, and so relieve distressed 
.. evens, although m general, other proceeds received from, this sale prices. 

: -inces are firmer. . w-ere not invested .until the Profit Included investment fn- 

After tax of £13.72m ( £12.79 m) second half. come of £41,079 compared with 

: a , r e_ shown is Wp No tax was charged for . the £37,523 and was subiect to a tax 

1 0.3 1 pj per lOp share — tax charges hair year against £73,000 for the charge of £32.!ttfi (£30,67flt Earn- 
. '/■* not coraparab/e because of comparative period, and ft is j nCs ner s 0 d share are reduced hv 
he effects of the transfer of resi- anticipated that no tax will be a thi” d from 9 3? to™ ip and the 
'S|«- <»f the underlying sub- payable because of the stock dlvTdendTstepped upt D 3 4^p 
. idianes and the introduction -of relief duo to expansion. - (Sin3pl net K p 

he UK holding company. The company ls‘ now ' making There wan an erfranwtinar*. 

- As already known, the dividend good pmnress on the building up ered i t of mm.to- f„_ e t 3 ?f a °r~’ n ?^ 

- ; * «*<*** “P a fmast 3.5P of a profitable UK trading f n r r ,l , 1 h ; f .^ ^ * h ',X^i 


Sanderson 

Murray 

downturn 


good progress 
after reshape 


DESPITE REPORTING a reduction 
in pre-Lax pro fit si from £445.000 to 
£305,000 for the first sis months 
of 1978. the diretcors of George 
Wills and Soqs (Holdings) say 
that latest management figures 

point to a satisfactory second half 
and they are confident of com- 
fortably exceeding their previous 
forecast of not less than £750,000 
for the full year. 

Last year, record 'profits of 
£967,000 were achieved and at the 
July annual meeting the directors 

said that all divisions of the 
importing and exporting group 
were continuing to show satisfac- 
tory progress with the exception 
of its international commodity 
section, where a temporary set- 
back in profitability bad ' been 
experienced. 

Turnover for the half year rose 
by £22m to £3QJJm. After. a tax 
charge of £159,000 (£231,000) and 
minorities of £10,000 (£13,000), 
attributable profits feU from 
£201.000 to £136.000. 

The .net interim dividend is 
stepped up from 0.R25p to 
0.92125p per 25p share — last year's 
final was 0.7292p. 


Sizewell 

European 

Investment 


of land, and buildings. 

U7T-1S 


WILLIAM COOK 

. Steel Castings for all Industries 

From the statement by : the Chairmen— Mr. A. Met.- Cook 
Pre-tax profits showed a substantial increase and 
the dividend is the maximum permitted. tfLacTdition a 
1 for2 capitalisation issue is proposed. However, our 
order book has recently turned down despite keen 
quotations and prompt deliveries a rrd thfs 'tendency 
could worsen. Nevertheless, although the prospects 
for world trade in 1979 look grim, your company feels 
confident that it will be able to deal with- -Whatever 
situations may arise. : \-V* • • 


Turnover 

limpet, income 

Pre-tax profit ... 

Tn* 

Minorltlm 

Attributable . ... 
nxtntonL credit 
Retained 


1177-78 197B.77 

C S 

4.835.0W 4.7M.Wn 

.' 41. DVB 37. 'SO 

W.793 2VLSB7 

‘ r.*w so »-r 

Sfir 9H7 

114.BB0 177.444 

SUM — 

man ii&^s7 


Ex-Lands 
well ahead 


SUMMARY OF RESULTS 1978 



Year ended 31st March . 

Sales 

Profit before Taxation 
Earnings per share ~ 
Dividend per share 


1978 
- £'000 
3,629 
546 
. 10.32p 
Z 09536 p 


. 1977 

•."••'•■E'ooo: 

"■ -2,96(1 
: 244 

. 4.56p 

155P 


ITUCH= 2£*T5iii,l 

tSEii.SC-A“ 

Vi**** 

OOOffcc.! 1 -; c n‘ 

tOue ' r*2 

g&xrrx:::-.;. 


Report and Accounts available from 
The Secretary, WUliamCook & Sons (Sheffield) Limited, 
: - Parkway A vent/e, Sheffield S9 4WA - ' 


Profits of Ex-Lands for the 
first half of 1978 rose from £21.000 
to £44,000 after charges including 
interest, but before tax of £18,000 
against £9,000. ProGls last year 
totalled £290^44. 

The tiirectors confirm that, 
subject to Nigerian exchange 
control approval, the proceeds 
relating to the sale of 60 per 
cent of the company’s 'sub- 
sidiaries, amounting to some 
£210,000. will be remitted to the 
UK. ..... 

Consolidation of the results of 
Ex-Lands Nigeria will therefore 
not take place- at the end of the 
current year and the half-year 
results have been adjusted 
accordingly. 

The investment portfolio has 
benefited., from the recent 
improvement in share prices and 
the Board expects income from 
this source will exceed that for 
1977. 


European stock markets, after a 
subdued start, showed some 
strength In the closing months of 
1977-78— a trend which has 
continued into the current year. 
Lord Parmoor. chairman of 
Sizewell European . investment 
Trust, states. 

At year end July 31. 1978, the 
trust’s equity portfolio was 
distributed in percentages as to 
Germany 29.3 (25.9): Netherlands 
19.3 (26.4): France 1S.3 (10.5): UK 
S.9 (9.2): Switzerland 6.4 (6.7) and 
Italy 3.5 (3). or fhe remainder 
16.8 (172) per cent was held in 
the U.S. 

Foreign assets at the balance 
date amounted to £7.22ra f£6.S3m). 
Foreign currency loans were at 
£5.4 m (£5 2m) and the premium 
on Investment currency totalled 
£0.S7m (£Q.T2m). 

Sterling assets of £5.35m 
(£4-2Sm) comprised holdings of 
Gilts up from £1J9m to £3.76m, 
local authority bonds down to 
£0.97m (£2. 35m) and other listed 
UK securities at 0.62m (££0.53m). 

Net liquidity was up £1.31m 
r£0.l9m). with cash and short-term 


deposits £1.39m (£0.15m) higher. 

As known for the year to July 
31, income was up at £700,507 
l £693,020) and net revenue 
improved to £150.372 (£144.624) 
after tax of £131,760 (£112^80). 
The net' dividend is stepped up 
to 1.8p d-5p) per lOp share. 

Meeting, 20. Blrchin Lane, EC, 
on November 2 at 12.30 pm. 

Downturn 
for Ramar 
Textiles 

ALTHOUGH TURNOVER was 
higher at £9.05m. against £7. Sim, 
taxable profits of Ramar Textiles, 
the ladies' clothing concern, 
dropped, from £274,670 to £205^983 
for the year to April 28, 1978. At 
halftime, the result was down 
£24.415 to £110.395. 

Full year earning? per 5p share 
are shown as 1.43p (1.55p) basic, 
and 1.12p diluted. On increased 
capital, the dividend is effectively 
raised -from 0J2ii35p to the maxi- 
mum permitted 0.3O18p net — no 
dividend is payable on £175.000 
deferred convertible shares. 

Following the Febroary scrip 
issue of two ordinary or two de- 
ferred convertible shares for each 
ordinary held, the directors now 
say that if nn shareholder had 
elected to receive deferred con- 
vertible shares, the maximum 
permitted dividend would have 
been 0-236 p 

After a tax charge of £21.441 
(£20,691), extraordinary debits 
this. time of £14.630 and dividends, 
retained profits emerged ; at 
£126,762, against £214^06. 

Profit rise 
for Singapore 
Para Rubber 

From turnover of £446,753 
against £413.381. profits before tax 
of the Singapore Para Robber 
Estates Improved from £72,013 to 
£112,834 in the year ended March 
31, 1978. 

Tax takes £54,000 (£28,400) 

giving earnings per 5p share ot 
2.051 p against l.BTlp. The year's 
dividend is lifted from 0.7p to 
l Stn net. 


BY JAMES BARTHOLOMEW 

The chief executive of Sime 
Darby Holdings. Sir. James Scott, 
yesterday defended his boards 
decision to sadf the company's 
auditors. Turquand Youngs and 
Co. 

Speaking from Kuala Lumpur, 
Mr. Scott said that Sime currently 
employs 30 different firms of 
auditors- and it was Lime to settle 
for just one. 

The board considered that Price 
Waterhouse was better placed to 
meet the needs of the group, 
which has substantial inter- 
national interests and is "un- 
ashamedly expansionist.” Price 
Waterhouse is one of the "big 
eight ” accounting firms in the 
world and has a more complete 
international coverage than Tur- 
quand. notably in North America 
and West Asia, he said. 

Mr. Scott declined tn comment 
on suggestions that the sacking 
has something to do with the 
Pinder scandal several years ago. 
Mr. Pinder was a chairman of the 
group who was found to have 
misused company funds and was 
ultimately sent to jail. Turquand 
played a significant part in ex- 
posing him. 

Mr. Scott also would not 
comment on the competence of 
Turquand, although he empha- 
sised that the dismissal did not 
reflect in the very least on the 
professional integrity and stand- 
ing of the firm. 

He would have understood the 
controversy caused by the chance 
if the Incoming firm had been 
unheard of. he said. But share- 
holders had no cause for worry 
with a firm of Price Waterhouse's 
repute taking on the audit. Price 
Waterhouse was already respons- 
ible for several audits in the 
group. 

Meanwhile, in London, Mr. Jobn 
Barney of Turquand, Barton, 
Mayhew and Co. reported yester- 
day that he wished Sime would 
reveal the real reason for his 
firm's dismissal so that a reply 
could be made. Turquand is 
fighting to keep the audit and will 
ask shareholders to override the 
Board's decision at the annual 
general meeting on November 17. 

Turquand. Youngs and Com- 
pany is the Far Eastern arm of 
the Turquand. Barton, Mayhew 
and Company partnership based 
in the UK. 

OUTLAY BY COPE 
SPORTSWEAR 

A new £350.000 capital spend- 
ing programme ig being under- 


taken by Cope Sportswear in a 
recently occupied factory al 
Ocean Road, Sunderland, 

formerly used by Jackson the 
Tailor. 


W.&R. 

Jacob 

upturn 


FOLLOWING THE forecast in 
-May of. a return to a more 
normal level of profitability 
throughou: the year, IV. and R. 
Jacob,- biscuit maker, shows a 
recovery from a pre-tax loss of 
£342.000 to a profit of £314,000 for 
the 28 weeks to July 14, 1978. 

The directors now say that if 
the present momentum of the 
company's trade continues 
throughout the important Christ- 
mas sales period they would 
expect to show a satisfactory 

year's trading overall. 

Last year a surplus ' Tn the 
second six months left the full- 
time deficit at £148.000, compared 
with £239,000 profit in The 
previous year and a peak of 
£819.000 for 1974/75. 

Sales for rhe half-vear 
advanced nearly £3m to £l4.59m. 

Slated earnings per 25 p share 
were 4.2p (loss 1.8p) and the 
interim dividend is raised to 12p 
(O.S125p) net to reduce disparity. 
Last time a final of 3.25p was 
paid. 

The result was struck after 
depreciation of £253.000 (£212.000) 
and Interest of £227.000 
(£206,000). Tax rook £85.000 
(credit £251,000i leaving a net 
balance of £229.000 (loss £91.000). 

Richmond Life 
launches 
diamond bond 

Richmond Life Assurance, a 
company based in the Isle of Man, 
is today launching a new single 
premium bond, the proceeds of 
which pre to be very largely 
invested in diamonds. 

The managers of the new fund 
— Cayman-based Diamexpansion, 
in which investment and financial 
group Ladica, and the Antwerp 
firm of diamond iraders and 
cutters Tache et Cfe have an 
interest — are to buy and sell cut 


and polished diamonds of between 
one and three carats weight. They 
reckon that such stones are 
reasonably marketable, but have 
built m two safeguards against a 
rush of withdrawals: first, up to 
25 per cent of the fund is lo be 
kept in liquid form (probably in 
Irish gilts), and secondly, the. 
right is reserved to defer redemp- 
tions for up to six months. 

Richmond Life, which own the 
Surinvest croup of unit trusts, is 
not authorised to carry nut busi- 
ness in the UK, although it can 
consider applications from UK' 
residents. 

The minimum single premium' 
accepted is U.000. although there 
is a savings scheme for those pre- 
pared to put in a minimum of 
£250 a quarter. Richmond Life 
snys that only a proportion of nny 
individual's money should go into 
this fund, and that it should be 
considered a two-to-three year 
investment. 

John Finlan 
returns to 
profit 

Following a loss of £92,105 for 
1977. John Finlan returned to 
profitability in the first half of 
1978 with a pre-tax profit of 
£20,86(1, compared with £3S,0K3 for 
the same period last year. Turn- 
over rose from £581.726 to 
£974.744. 

The directors say that since 
their last report, orders in excess 
of £l.5m have been received and 
it is expected that further con- 
tributions to turnover will be 
made by the developments at 
Luton and Middleton. 

After tax of £10,850 (£18,7531, 
earnings per 10p share fell from 
0.5Sp to 0.34p. The directors say 
they consider it prudent at the 
present time not to declare an 
interim dividend — the last pay- 
ment? totalled 4.9p net in respect 
of 1973. 

The company acts as a designer 
and constructor of industrial and 
commercial buildings and de- 
veloper of industrial land. 

ASSOCIATES DEAL 

Cazenove and Co. has purchased 
5,000 Ch Gnldrei, Fouchard and 
Son at -104}p on behalf of 
Northern Foods. 



Salient Points from Review by Mr. C. Leslie Smith, OJ3.E, Chairman: 


f Results show an jmprovernent 
of 41% in profits and 33% in /• . 
sales. This newly created 
record is in line with our long 
teimobjectives and is r./ . . 
.indicative of the sensible 
spread of our Group activities. 
The results justify 
recommending an increase in 
the dividend to 7.68p per share, 
making a gross total with tax 
credit of 11.53p compared with 

Key Figures for the Year 1977/78 

Turnover 
Profit before Tax 
Tax 

Extraordinary Items 

Profit attributable to Shareholders 

Retained Profit 

Earnings per share (after tax) 

Ratio of Net Profit to Shareholders’ Funds 


10.48p last year. 

During the current year we are 
starting several new activities 
and have negotiated the 
acquisition of Cotswold Coach 
Craft Limited, a respected 
name in the caravan industry. 

I am confident that in the 
absence of unforeseen 
problems, our .trading results 
for 1978/79 should show further 
improvement 5 . 



1978 

1977 

£O0O's 

EOOO'fi 

36,577 

27,548 

; 3,784 

2,677 

1,986 

1,386 

- 

.72 

1.771 

1,346 

1,037 

721 

18.85p 

14.11p 

37% 

28% 



AUTOMOTIVE COMPONENTS 
SO. GROWTH IN CAPITAL EMPLOYED 



Copies of the Report and Accounts may be obtained from 
The Secretary, Wagon Industrial Holdings Limited, 
Imperial House, Bourn vi He Latte, Birmingham B30 1QZ- 


Vtogon Industrial Holdings Limrted 


£43m 

5 ■■ " 

'V - : v ",-•*!:•• • 

*-*•*< • .. 


£53m ' 

' s r- TT rsrrr - 


■ 'C', ’’ ,,,> V-** 1 : 
v' . _ •?}•* ■ 


■; . .■ • .ft / '■ 

• * '1 . 


■ * : ... 



Results in Brief 


Turnover 

Profit before Taxation . 
Dividends - Interim 

-Proposedfia^, 

Earnings per share 

Net Asset Vajue (per share) ' 


Crouch Group 
Limited 

Improved results against 
declining industry trend 


Highlights from the statement by Mr. Ronald 
Qempson, Chairman, in the Annual Report and 
Accounts for the year ended 31st March 1978. 

1978 1977 ♦ ftefix profks of £449.000 compare with £406000 

£000 £000 previously. Although full provisions have been nude, no 

10,483 .9,966 Corporation Tax is payable this ycai; due largely to 

stock appreciation. 

449 406 investment portfolio shoe's a surplus of £778^)00 

3.63% 3.575% fl?ppersharejc\-er bcxjkvalfle-oct asset value 12i6p 

per share. - •• 

S.27% 7315% ^ G^stnicturehasbemradorafeedtoal^ 

5.63j> 5.68p greater flcxibiliiy tor expanskm and development 

. - - ▲ A new subsidiary mil concentrate on developing 

L2.6p 0*- p cnnmerd j| rid industrial sites and buildings, for which 

■ ' ' ample thwnce has been made available. 


Secretary, Crouch Group Limbed, SulizrhmdHaae, StaihWrrCmcrrG, Kington upmTtetnes, SmryKU-JU. 


Recent Highlights (Automotive Components) 

^ Purchase of a brake parts business in the USA 
-Nuturn 

# Curty, France s leading automotive gasket 
produce^ became a T& N associate 
% Nine other acquisitions in the components field 


TURNER 
&NEWALL 

Providing what the future needs 


Our disc brake pads,- brake and dutch linings, 
gaskets and filters, fan belts and heat shield materials* 
are manufactured by 33 factories and 17 associates 
’ in 18 countries. 

We are the worlds largest exporter of friction, 
materials and gaskets. 

And last year we expanded our world 
involvement even more. 

We are growing rapidly in automotive 
components, plastics, specialty chemicals, man- 
made mineral fibres and construction materials. We 
are growing in the USA market as well as 
continental Europe. Last year we invested, 
expanded and diversified at a more rapid rate than 
. ever before. We are very much more than the 
asbestos giant. 

W^y not take a fresh look at Turner & Newall? 

Write for our new corporate brochure, today. 


| ■ To: Public Relations Dep^ turner & Newdl! Ltd 
j. £0 Sc. Marys Parson*?--::* .iVWicf .ester M3 2NL 

I Please send me a copy of your corporate broenure and cr 
j Rep y,: and Accounts. 


• 





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.Financial Times Friday. October 8-1978 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Vl 


AMERICAN NEWS 


Carrier in 
Jenn-Air 
defensive 
takeover 


G. E. to acquire cable TV group 


international credits 


BY STEWART FLEMING NEW YORK, Oct. 5. 

GENERAL ELECTRIC, the board of Cox had authorised Cox Broadcasting acquired Cox industry— is Its ability to finance 
world's leading electrical equip- their managements to enter into Cable. Cable TV is a system expansion. But a merger with a 
meat producer, today disclosed merger negotiations. of distributing television pro- company of GEC s size (it had 


Drexel 
Burnham 
in bid for 




Belgium swnenes 
foreign borrowing 


ioi 


BY G1LE5 MERRITT 


BRUSSELS, Oct. i. ■■■' 


plans for another major dtversi- The deal wU1 be a share ^ grammes along wires similar ^ to sales revenues last year of 


By John Wyl«s 


fication — the acquisition for c hanse in which Cox share- telephone cable rather than $l7-5bn) would clearly remove 

S467m of Cox Broadcasting, a holers will receive 1 3 G E through the air. Companies pro- that constraint 

company which owns TV and fares' for each Cox shire, vatu- the system are able to Cox current ] r owns TV 


LME dealer ssss "u ogg t garisj 

new vork oct- keSmS- 


first foreign loan of the new loan whit* mciude-r 


CARRIER COB 
target of an i 
takeover bid ft 
nologies. today 


meiais axenange enruugn uie national seiuemenw - — t v, , ■ : 

ot BSaeLatae, .Walaon reportM interest raw cf 8 ta 9 Jta 

*isr?i^iraB^V5 p, ~* g-c w 

her firm from Anschutz Corpora- aTe s R, ea i! a domestic borrowing accepted to jom the manages eu 
tion or Denver. Mr. Robert Lin- tur 5 L aSSSE of a series group: they are AigemeneRaiji 
ton. Drexel Bu rn ham V pres idenf !S. a £|? S j« h '^ rt roiLn loans that could Nederland, Amro Bank, Sdd&> 


S-Ss aSiS EKftti 

Jenn-Air five days before United i 8 d 2i S £n co^Sa^irith E IacR on lhe future of ** CoX petitive threat id T three likely that under Federal Com- and chief executive officer. « needed to finance the £“*“**,* 

made its proposal on September q enviable business reouta- bus,ness - national TV network* CBS munications Commission regula- stressed that the deal was ccra- countrv * s er0 wing current budget 

IS. the outcome appears to be u Q n % make such a c?4mffint Cox last year reported sales j^c and ABC. SS Sbnlv tions it may have to sell three unseat on approval from the ggp ,fir0 !25f* hSfh^ ** mght .**■* 

extremely convenient for the tn _ n 0 ew i v emeretoe industry is revenue of only $lS6m (consider- one of several auoteri hut re la- TV stations and perhaps at least LME Board, which meets on •n.!, in soite of assur- a S® tit bank. ^ 


Westinghouse Electric settles 
Houston Lighting lawsuit 


Chrysler steps 
up Mexican 
investment 


price agreea lor ma c juai n e, wai- * BP. inobn snipping secLur, ruaaq r*atrn7V 

son, or the implications for expected to reacn or t ..Cotton Manufacturing Compaq: 

Drexel Burnham. - which The decision to resort to a is arranging a .512§ai loau jb 

apparently already engages in loan after '1® years or domesau seven yeara on a spread of jr-Wi 
some metals trading. • * » — '•« airondv besun to ,j,. nn <TE a •- - 


company. a development of immense ab ‘> lhan offer price) lively small companies in the six raoio stations. £ * result Mr Linton awes by the Belgian Government ^ 

The - definitive •■merger agre* si g nificaD ce. and a net income of S23.7m. cable TV business. It made no comment on the re ftf sed % 0 discuss either thh ST the deficit would be MjJ ££ Greek^onSnyouSd P '^ 

’nr ssim'or In its anno uncement today. The outlook for the company A constraint on its expansion question nf whether the proposal agreed for MacLame,WaF to BFr 85bn, toe < ^ shipping sector; Piraiki 

nw ofrSJ !uS "whlcf tou?d GE ' thaI “» board “ d u “ «*• transformed las, year when -eable TV ia not a resulatad raised and-tnist issuoa. s p ™ 6 S? r “tbe implSKS for «P«ted to reach BFr 

consequently raise the cost of Drexel Burnham. -- which The decision to £f^rtjo a is" arranging a .S12im iazajo 

Carrier's acquisition by United to - 7 - - apparently already engages m j 0a n after 10 « b d e D “^^ seven yeara on a spread oflf fa 

u«h B e u i.?."b s e8 m p^ Westinghouse Electric settles Chrysler steps s ° me —»****. _ ^0^5 

SlaS^^MisT^n.'r. auiisuuuac XbiCLUitf aciucs U p Mexican Ashland to 

^1“ “ Houston Lighting lawsuit investment sell assets 

BY OUR RNANC1AL STAFF SoS je^ 

itoS, e wbich“is t J I1 M 1 eSil b°“k°S WESTINGHOUSE ELECTRIC Under the agreement. Westing- in net income of S250Sm against S? OTe'f’Se °is "SscuS S?on“h Cl \tie domestic hanking throughout. The bnrroueriE “ 


Ashland to 
sell assets 


PITTSBURGH. Oct. 5. 


By William ChisJett 

MEXICO CITY, Oct 4. BY OUR RNANC,AL STAFF 
CHRYSLER MEXICO is to invest THE MANAGEMENT of Ashland 


ing to resist a takeover. 

The transaction involves 
Carrier issuing a minimum of 
1.35 shares for each share of 
Jenn-Air common, which accord- 
ing to the agreed formula is 
valued at not less than $30 per 
share. 


liLSKS The South Texas project will and tmnsfomets. 


Hydro is refinancing ® 
credit on finer: term* 
the same hank- ton 
raised the Initial credit 
The amonnt_ls Sl20ni 
borrower is paying- r* 
f I per cent for the -fee 


holders 


■«*»=• „„ n( hf ^ 1UC ««««« icau v>vj«i «uj and tranrfonhers. boostin'* exoorts and the rest on The properties under review the Swedish Slbn refinancing: three years rising to i per cetr 

Jenn-Air's board and stock- t J jj 1™“^ ^ v , the tota ! c ^ 1 . of production The other major sector of the new techuoUigy. accounted for about 19 per cent they are Deutsche Bank, for the last seven. . .. - r 

ilders are expected to meet ”™V ro quarter, 15 glum, of this uranium, rt said. company’s business lies in Chrysler is this year enjoyiDg of the company’s estimated — : ‘ 


Bank, for the last seven. 


Reticence on Sharp issue 


nouncement, Jenn-Air’s earnings anticipated profit on goods and the Court-ordered allocation contract business, provided the Mr. Parkinson estimated that use of the proceeds to repay debt 

have achieved a 57 per cent services to be purchased at ad is- plan at prices oragmaliy quoted, remaininff portion of nrauo nrofir exports this year will be worth “d to repurchase outstanding SHARP CORPORATION, the Banque -Extent sore d Afgenei 

Anmnmin/I nVAfirfVi vqIa Pfllint nV Ihfl Smith TflTDC nroinM WMbinoihminA ..... a 1 • ^ “ . _T_ . . j« 7. Vi.L«. . _1 j — _ L O TIM IfVltn gQB Ml l VAN 


annual compound growth rate count by the South Texas project 
between 1972 and 1977. The 


Westinghouse last year turned Agencies 


compound growth of sales has 
been 36 per cent. In the year 
ended June 30 Jenn-Air’s sales 
amounted m S72.J4m and net 
income S4.Sm or S’J per share. 


Johnson & Johnson bids for Technicare 


Despite the announcement, the Tn „ VCfW . J NEW BRUNSWICK, Oct 5. " ^ mendation might take place. The 

weakness in carriers slock which and JOHNSON has and by Technicare shareholders with EMI- of the UK that wrll MSI tlflfin I fYl 5) TKPt company presently pays 50 cents 

has been evident over lhe last 2? r ® ed . In PfincipJe to acquire Technicare is primarily en- allow Johnson and Johnson a IllariVCl quarterly. 


2bn pesos (^0m.) Total sales stock could result- in -higher Japanese electronics group, is floating a DM 100m seven yex 

this year would be worth 12-Bbn reported earnings per share. apparently scheduled to launch Eurobond with a sk years era 

pesos compared to 88bn pesos Ashland Oil’s management has a convertible bond ia November age iife of and a coupon of 7 
last year indicated that it will probably ^ e uai 150m. German per cent Final terns wffl b- 

_1 recommend an increase in the bankers remained reticent yes- set on October 18. Hard on tit 

j a company’s dividend, but failed to terdav about ®his issue, wtoich is heels of this .issue, it becam 

OlliL aeiay on Specify a date when such a recom- ^ unusual size for the yen-DM clear that Banque Erterieur 

. ^ 1 mendation might take place. The convertible market d’Aigerie was about to launch": 


ran.-, uitii c « iuiiii L I me !«».-■ .. : — _ - w r-- — ^,1 m- auvi. vuuiuuu cUlu Jimnsiin 3 

few days continued today and trennu^re Corporation on the gaged m the manufacture and worldwide licence under EMI's 
the stock closed at 326. down !. • r a u la,t eXt -‘uange of sale of medical dagnostic imau- X-ray scanning patents, as well 


PALM SPRINGS, Oct. 5. 
U.S. Securities and 


quarterly. 


._ . ~ seven year floater for 840m; Th 

lead manager wifl be Abu Dhab 


Deutsche Bank, the Luxembourg 3=rrZ,™ i i rT---' 

-j2-ssL>* » sr‘« s r 


prompted some selling. \ hi,e Technicare has about 5.9m 82.2m or 36 cents a share from The agreement with EMI wall after a talk t0 an “dustry trade negotiated purchases, Reuter Frankfurt parent f«r We Deu«whe Mark. Goo. 

Meanwhile, United s merger sh «“ ^S^'" g ie , , wntinuins operations on sales become effective on Johnson and here - 4 reports from Midland. . Announcement is scheduled twoWbusinesstea prices t 

move is under scrutiny from an T^ v ^ q . r l , « subject to of SIMm. Johnson's acquisition of Techni- Among major questions The company said the purchase today of a DM 150m bond fTOm tto DM marginal] 

several quarters. New York State a PP r °Tal or a definitive agree- Meanwhile Johnson and John- care, the company said. remaining, as the industry moves will be made to cover shares ^ Republic of Areeatiaa. It is rbaneed over the' day Th 

...... i — i : — i men! h V buth rnmnanips' Rnarri? con h,c raaphaH an , TTfm m flu. tn n^tinnal rnwlrnt cmfim icciipH tn omnlnunpc Jhrnmrh . & ... t u a n gcu uvcl.... Ule. uaj>. tu 


authorities are holding bearings mcn t by huth companies' Boards son has reached an agreement Reuter 

the week after next to determine - 1 

whelher United is complying 

with the Slate's takeover laws RESULTS IN BRIEF 

while the Justice Department is 


also investigating the possible 
anti-trust implications or an 
acquisition of Carrier which, in 
turn, has Bled an anti-trust suit 
Jiaainsi United 


Chessie System earnings drop sharply 

new, York, oct 5. 


against United NEW/VORK. Oct 5. inventories, and are not listed : 

• Tn Hartford United Techno- B ALTBIOR E-hased railway The Dallas-based bank hold- share earnings for the gas sys- on any rtock exchanges. . , . , . , , „ 

locies Corpora tion said it is filing holding company Chessie System ing company First International tem company stood at S3 ^4 com- * e fX? ,I « a timetable on how Asbestos Did taiKS 
a counterclaim lawsuit against reported a drop in per share Bancshares rose to $3.91 from pared with S3B3- “ e SEC would implement the Thp n . rnwprnmBn 


to the national market system issued to employees through to of 'mSdniff 

ttFiBLfssrJzKi s opao ° and stock p “ ss? 

P A" similar programme to bey ■" 

‘Over-the-counter issues are ning of the third quarter, there - — . ■ 

those that are traded by dealers were about 182.4m shares of " 

who buy and sell from their own .Dow stock outstanding. •• NOTICE 

inventories, and are not listed : 


NOTICE 


a caumerciaim lawsuu against ' — , — r w wiwa)- ^r~ ~ ~ — . me n „ 0 . j 

Carrier Corporation which it **™}*gs for tne first nine months &2.5# during the same period. . The dims retailer Jack Eekeid mandate ’ Mr - cSniJri 

claims made false and mislead- of the curren t fiscal year to SO - hinhor . Corporation had a better return ? 0U S las Scarff. assistant director p eneral Dynamics Corporation 

. . - .V.“ cents from S2 4S (nr rh.. Earnings were higher during JT 7 * for market reculaiinn fh» began negotiations about 10 day# 


To Costomers, Correspondents, Debtors and Creditors of 
Banque pour ie Commerce Continental, Geaero. 


ing sta te me n is to ^rehoders cents from S2.4S fur the «me **£S *™« fcSiwSS JSn "»9« regulation at toe began negotiations about 10 days 
and the oubHc concentinc tile "cr.04 Iwr yea. ln_ September 2“' “ii."* ^ earoines per sT^t S2^ SEC, said in an interview toat it *£<> on _a proposed^ takeover of 


and the public concerning the 
value of Carrier's own shares. 

United Technologies said its 
suit accuses Carrier of violating 
Federal Securities laws by mak- 


..71 .r* \_-r with aarnines oar «ahan» ir 17 saxa an interview teat it a .* w uu •» uuveuver ui 

;.rrie>s V o^^arW W Che5sie was involwd lnra crger »“* Jg* « taprovSeff oJefSs eS£ ^i d not be done “ by the end the company's 54 per cent owned 

SS, nMi,, talks with the Virginia railway “““ sh ° ea co ° cern ■«««• » si >« of this year or the early part of Asbestos Corporation. Mr. 

-S Carrier of violating company Seaboard Coast Line. c”r^ d ^ h ^T^ itSi67 S1 ”« American Medical Inter- 25“ SSES. P !Ti5“ W .^!S!. 


compared with S2.43. 


reaerai aecunues laws ny mak- The pulp and packaging con- ^ fip _. . . national company with interests months^ontoe off boa^tradin? Quebec rep0rtS Reuter 

ing the statements in a Septem- cern Diamond International Cor- quarter at toe elec- fn hospitals and laboratories in n v e r- th e-emi n t ^ ^ ° ” He told the' National Assembly 

ber 25 Press release and to a poration rose slightly for the SS ^rnla reported final share He airo ^not rote out toe h^ve“ ttot he could nST dfe 

le The 'releS^deseriSd ^ d 8*5 nine .^ months’ period from c , shar” earnings Tm- si^ 01 ^ yeaT ^ 10 S2 ' 53 possibility that the SEC would cuss the talks in detail. 

iffl«.Jars e- -i!!as « — » jl* wsv- , m .„ ^ aLra 1 ■sssa-'t, % .ts 


rr lnm 41 cents ,o “ «s 52^ JssiaLSr •£ Msffjsss fzsz 

a mergerwitb earner on toe company Kanfman and Broad ex- Year end results for Houston ties Ann Dean Witter Reynolds volvcment owned corporation with CS250m 

basis of $28 a common share as perienced a per share earnings Natural Gas Corporation in- Organisation with reported earn- Mr. Scarff spoke at a panel in capital and a mandate to mir- 

cjearly inadequate from a finan- iacrease ia the first nine months dicated a very marginal improve- #a SS steady at S2.65 from $2.62. discussion of toe National chase a majority share in 

rial p oint of view. from 55 cents to 76 cents. meat over the previous year. Per Agencies Security Traders Association. Asbestos Corporation. 


Assurance on profits by Ethyl chairman 



, NEW YORK. OcL 5. 

^ h iL C 2T F ,hyl . ! * ?H rerit earnings come analysts, is that Ethyl is anine 
poration, Mr. Floyd D. Gottward, from Us U.S. sales of lead alkyls. io be able t 0 absorb rougbtiv 

spends much of his time these which are used to boost the a 23 per cent decline in mta'l 

? Hf security analysts octane rating in petrol. earnings because of aikvls and 

“ at U L e „™ tTip J ny Wll > be profit- Even so. most industry still show a 10 per cent earnings 

able whatever happens to its lead analysts believe Ethyl can absorb gain per year during the J97fc- 

alkyls business the expected losses from U.S. 19S0 period.” said Mr. W. Thomas 

This was the case at an Alkyls operations and still main- Hudson. Jr. analyst of A. G 
analysts meeting recently when tain modest earnings growth. Becker, the stockbroker. 

S£.S2S??L£S l ? fc '5*i ,& ». B ^ ^ La uL E ^ yVb s1ock Nf- Aris P. Christodoulm, of 

ernmeut o oroers that the oil m- climbed SI* and this week rose Biyth Eastman Dillon and Cn. 
anrtry should reduce the use of another point to $2 4X. a new estimates that Ethyl earned $1.15 

h«H Pd « ClS "SS." 11 1 ?' sh - , a share from ns U.S. anti-knocks 

two-toiras between 1978 and story unfolding, whfrh business last vear 

l u ^ ^ WM ver ? rauc h the thrust of man- Mainline lhe ’ Tinvivrnmpnr- 

An estimated 35 per cent of agement's presentation to rJ? 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel: 01-283 1101 
Index Guide as at September 26, 1978 (Base 100 at I4.1.77J 

Clive Fixed Interest Capital 129.70 

Clive Fixed Interest Income 114.31 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Comhill. London EC3V 3PB. Tel: 01-623 6314 


Index Guide as at October 5, 1978 

Capital Fixed Interest Portfolio ion. 00 

Income Fixed Interest Portfolio UH3.no 


Trekking is for weekends. 


The Mitsui Trust and 
Banking Co., Limited 


Finish with the long trek to 
the office and leave commuting to 
olhers. Re-locate in Newport, the 
friendly and established town with 
excellent communications, fine 
leisure facilities and attractively 
priced homes. 

With direct motorway links 
to London, Birmingham arid the 
North, Newport commands a work 
force of well over a million within a 
20 mile radius and is a natural * 


choice for industrial expansion. 

Add to these benefits the 
wide range of available sites and a 
really helpful council and it 
becomes easy to understand 
why so many leading companies 
have re-located there. 

So take a ride to Newport and. 
find out more. Contact the Chief 
Executive. Civic Centre, Newport, 
Gwent. Tel: 0633 65491. 


Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Maturity date 6th October 1980 


n * Assuming ibe GnviwiimeiiYs 
>q regulations for reducing alkyls 
— hold to the schedule. “carninsK 
from these operations roulrl 
drop to perhaps 40 rents .1 share 
for 1980.” he said. iForelan 
sales will not t»c affected by the 
U.S. Government order.) 

=! Mr. Hudson, expanding on 
“J Ethyl's other businesses, said 
they tn3de ’’two very important 
acquisitions" io the mid-1970s — 
VC A Corporation and the Edwin 
Cooper division of Burmab Oil. 
_ VCA manufactures plastic and 
~ metal packaging components Tor 
toe cosmetic .rod toiletry in- 
dustry, and Cooper produces 
lubricant and fuel additives for 
toe oil industry. 

Cooper's earnings are begin- 
ning to increase and VCA win 
lake more time. “ Bui they both 
have tremendous potential for 
earnings improvement," Mr. 
Hudson said. 

In addition, Mr. Christodoulou 
believes that Ethyl has -very 
attractive coal properties." 

Reuter 


Banque Occidental poor 1 Industrie et le Commerce (Snlsse) 
announces the opening of its banking premises at 
15-17 Quai des Bergues. Geneva. 

In accordance with an agreement entered Into on the 2nd 
August 1978 with Banque pour le Commerce 'CootineniaU 
Banque’ Occidental pour 1 Indus trie et le. Commerce (Suisse) 
takes over, as from 1st October 1978. most of the assets and 
Liabilities as well as the securities portfolio and. certain 
contingent liabilities of Banque pour le Commerce Continental 
under toe terms of existing agreements between Bonque pow 
le Commerce Continental and those customers, correspondents* 
debtors and creditors taken over "by Banque Occidental* pour 
(’Industrie et le Commerce (Suisse). 

All the customers, debtors and creditors of Bnnqne poor le 
Commerce Continental taken over by Banque Occidental pour 
1 Industrie et le Commerce (Suisse) are being informed; 
individually in accordance with their usual arrangements with 
Banque pour le Commerce Continental. 

Banque Occidental* pour ITndustrfe; 

et le Commerce (Suisse)* 
Geneva. 30to September 1978 

Banque pour le Commerce Continental announces toat as frost 
30th September 1978, it ceases all banking activity. It entuely 
approves of the contents of the above announcement hr 
Banqnc Ocridentale pour ('Industrie et le Commerce (SufcwL 

Banque ptmr le Commerce Continental 
Geneva, 30th September 1978 


Alternatives 


also in 


Zurich 


BadlscheWammunafeLan- Our wholly-owned sub- 
desbank, one of South- sidiary,- ForEsutierung und 


west Germany's leading 
banks, operates both a 
representative office and a 


finanz AG (FFZ), provides 
diversified facilities for in- 
ternational finanringoper- 


subsidiary in Zurich spe- aliens, concentrating on 
ciafizing in non-recourse non-recourse export fi- 



HOW TO SUBSCRIBE 


report financing - unique nancing forfait} and other 

specialized bade financing 
Our ftjlty staffed represent- services, 
alive office arts as an infer- _ _ . , , 

matron and contact point 10 11 9° out more about our 



where business has room to boom. 



In accordance with the provisions of the Certificates 
of Deposit notice is herein’ given that for the six 
month interest period from 6 October 1 978 to 
b April 1979 the Certificates will carry an 'Interest 
Rate ot iO , .-h% per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 
London 


THE WALL STREET 
JOURNAL 

Rat* tor U.K. & Continental turoee 
S19Q ...... 1 rear 

HOJ 6- Month* 

M S Months 

Parade in dollar, or -nulla lent In 


for banks and clients in sefv}ces *n Zurich, , just 
oneofthe world's foremost contact: 


banking and trade finance 
centers. 


• Frederick Seifert 

Representative 


dollar* or -nuiaalrnt In . 
local Currency I 


Celtvcrv by icl Air Fr,i,h! (ram 
NW T- k n e n f Dusmots day. 
lOrn - area rain on )nuKi.| 

Send orffr» «Kh daymen i io- 

THE WALL Stueei journal I 
Internaflonal Pi-ns Ccmrr 
76 Shop Luna. London. t.C.a. in«i 4 na 
Ann. Mr.' R. bharp 
AlM dvallardr at rrtalor n*»i atanoa 
tlironfllM luivor 

ASK fOP. IT . 


BADISCHE 

KOMMUNALE LANDESBANK 
-GIROZENTRALE 


BaKmhoipIatz5 - P.O.Box 2098 ■ 8023 Zurich 
Tel. 01211 4606 


fe * v . 


Ctj y ( 






:27 



'Rt&aStfL -Times Friday : October 6 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



iw ,. ' 5 1 at Roussel- 

slfe^feUclaf- 


U.S. 


IflSTt**-. . 

?• 

* ; 

3"vf *i ;( t „• s *•: 

fc iP-“C-* d - r'"' ‘ 

e.-viii j .: 

*•«*« a 

ft 5iw« 

&' ~A* ; ..... 

* >’cr: ~ ■ 

* :'3-« " - . 

fr "; • 

£****•;;'- 
•a - 

tf t . 

* . m*- L *■.::. - ' . 

« Bar.,- 

-' *p*v ' ' 

• - 

«'•■ a ■ :‘ 

& Hr* - 

5 S'-:'-; 

(«■ %tyl: : .• , ; 

* i. • •-- 

jc : - - "•■•■ r ; 

bit; 1 ;- ” ■ • 

?•£/ 
is _ 

% x£V: : 


BY DAVID CURfet 


PARIS. OcL 5. 


” P- v\ ■ 
57* i\:-. 
W 

it* c : » 


• 8f Our Own Correspondent ‘ . 

* r,: - - One OF France's leading ohar- MATRA.tho Freqcn missilo and which has been one of the Stock 
’■ ‘-Vv maceutical and fine e&micaf engtaeenog group; is preparing Exchange's star performers this 
concerns, RousseMJclaf ’ . has to bunch itself into roe in- year, is promising an annual 
" -V registered gains in profits and *?*”*«* e*«Hfffm«Jet by con- improvement in net earnings of 
> . sales in the first half of this year Ending a flea! wifli Haras Data more than 20 per cent over the 
■ at both piVatcompany and Communications of the U-S- Ills next three years, and a 22 to 
Broun level “““ seeking public approval to set 25 per cent annual gain in turn- 

The ernun k ic M tti n « . »P a joint venture in which it over. 

. of efFori' w ^-’ ^old Si per cent of ihe This year's sales should reach 

. •■=•' related to capital to manufacture in- FFr 2.15bn, advancing to FFr 

£££? 5£ tegrated circuits In: France. An 2.6bn next year and FFr 3.3bn 

^vestment of . about. FFr 220m the year after. This year's pro- 
; conStSlii B S wS.hS S^wiS fS48m) is apparently planned, fits are likely to reach FFr 120m 
>:'« German? Jw and Maira says it should become against FFr 87.5m in 1877, tok- 

; £352 profitable after five years. ing into account FFr 3740m 

For Matra, the project repre- depreciation and about FFr 40m 
: 'L:; (a products ggjjts further diversification. It provisions. Next year’s profits 

fu°d ^ ___ has already established Itself in are targeted at FFr 147m and 

* V 19 JJ computer peripherals and in the those for 1980 at FFr 185ra. 

: l^ Cast a *? summer il took a 32 per cent The company expects to 

an ? Stake in Maourbln. a maim fa c- devote FFr 180m to Investments 

- ’■ : SSf' 5^*:“ turer of cartridge-making next year, against FFr 200m this 

- ' ta pets machines, eqolpmedt for the year, which included FFr 140m 

" af u?. ei fL^5 0 ^ 0rta ° i execeded. ^ conserves industry, .pistols and for its two recent participations. 

- -- •: warn s lhsl ammunition, as well as a 15 per The company has decided not 

' .® an “ - ® a f: J 101 continue cent interest in the radio : station to seek new capital from its 

:,T un t- the ® n d of the year Europe No. 1. shareholders but next July win 

' ° al i consolidated torn- f or the government, which make a FFr 200m fixed interest 

■ : reached FFr 2.015bn vill be called on .to provide issue redeemable over 15 years. 

.. ' M '0m) some 15.4 per cent up financial aid. il offers* a new can- The company said its group 

■ ?!?_ . a ‘ I ° 08 ^ P® r didate in the semiconductor and order book stood at FFr lObn. 

. ? eot better allowing for changes integrated circuit field. Thomson- The military sector accounts for 
. in group structure. About 61 CSF is already -discussion* co- around half total sales, of which 

. per cent of sales were made out- operation with. Motorola of the th rue-quarters are for overseas 

..; side France — the group’s ambi- U.S.. while - SaiPt-UohaJn-Ponl- customers. The main point of 
- tioo is to sell two-thirds of its a-Mousson is ■ also looking the diversification programme is 
‘ -•-. Production overseas. by the end around. to lessen dependence on this 

. __ of the decade. I On the profits front, Maira. military sector. 

Group profit was FFr 59.6m ' *- 

asainst FFr 39m representing a • 

Elkem forges ahead 

' - g °2? ?h F « r 12 J m * • , BY FAY G JESTS* - OSLO, Oct. 5. 

■ At the parent company -level ' ■ ■ 

net profit was FFr 55.1 including ELKEM - SPIGERVERKET. the for ferro-alloys and aluminium. 
~~~ same FFr 6.8m gains from the Norwegian metals, maoufactur- two of the group's major pro- 
disposal of shares. .At the same ing and engineering concern, ducts. Demand for most other 
stage last year company profits increased its group profits, turn- product lines is still weak. 

• u ' er c FFr 41.7m after a 0.9m over and exports in' ..the- first reflecting the continuing reces- 

T* ir- shortfall on share realisation. eight months of 1978. sion abroad and the economic 

F © P i , Net Etoup .-pre-UE profits f^f owa aaw ^ Norwa '’ 

Ferodo raising capital readied NKtSi ($l.«m) in the The .....(neerins division ron- 
' j Francaiee du Ferodo will raise RS*! 0 ** °* January to Augiist C | UC i ed contracts worth NKr 144m 
its capital before the end- of this afte . r ® rdina £Y . deprecratl °” in the eight months against 
", month, reports Reuter from 1 9 2m> NKr 7Sm a j*ear earlier, but 

- Pa li s - ' W J ^121 depreciation conditions for the dryi- 

.’*- . The capital increase* will of NKr 106 m in the same period s i 0n * s main products arc still 
.-enable the- company, to make ,ast . year. . Turnover in very difficult due to the slump 
. ' acquisitions to complete its ". a ,? u ^ r ^; u ^ ust . io the world steel and metal 
Ducellier. deal with DBA. The NKr l,S85ra against NKr LSOOm- indnstrv. 

1978 results shonrd .be “suffi- Exports werew orth- NKr l.OSthu “Competition for contracts is 
ciently good^ to ensure a main- against NKr 950m. . keen and clients are often reluc- 

tained dividend on the new capi- The slightly better results this tant to go ahead with planned 
* : tal raised. year reflect Improved- markpt« n*-ni*-"ts. the rnmnanv *mid 


BY FAY GJESTER 


OSLO, Oct. 5. 


S stage last year company profits increased its group profits. 1 

1- . v f®ro FFr 41.7m after a 0.9m over and exports in' -the- 

n am K? shortfal1 0Q share realisation, eight months of 1878. 

** ”■ - , ~ T" . ■ Net group .-pre-tax ...pi 


McKinsey 
report 
favourable 
to Fokker 

By Charles Batchelor 

AMSTERDAM, OcL S. 
PROSPECTS for the Dutch air- 
craft manufacturer Fokker are 
favourable, according to a sur- 
vey carried out by the man- 
agement consultants McKinsey. 
World demand for new aircraft 
Is expected to recover to the 
levels prevailing before the 
oil crisis and the F-29 jet, 
which the company is now 
developing, is expected to be as 
successful as its predecessors, 
Fokker called in McKinsey 
earlier this year to assess the 
company's future In the air* 
craft prod action market after 
the Germ ua government's 
plans to merge the German 
side of Fokker with Messer- 

scuinilt-Boelkuw-Biufcn iMUfl) 
looked like leaving the Dutch 
out in the cold. The McKinsey 
report has (looked at a num- 
ber of options open to Fokker, 
inclndlog the complete Inde- 
pendence of the Dutch side 
and various forms of co-oper- 
ation with the new German 
aircraft group. 

Fokker declined to give full 
details of the repori, because 
this might prejudice ihe 
negotiations which are now 
going on with the iwo German 
aircraft companies and the 
German government. It did. 
however, reveal that the study 
showed that labour produc- 
tivity at the company could be 
improved 

The favourable prospects 
for the F-29, which is an 
advanced! version of the F-28, 
and which Fokker hopes to 
bnild together with the French 
and other international 
partners, lake into account 
British Aerospace’s recent 
decision to develop a short- 
haul feeder airliner, the BA£- 
146 (formerly the H5-146) 
Fokker said. . 

The report bases its con- 
clusions on a number of 
assumptions — that Inflation in- 
Holland does not rise relative 
to the U.S. inflation level, that 
the guilder does not rise 
against the dollar and that 
Dutch government support for 
the aircraft industry is con- 
tinued. 


FLICK’S U.S. EXPANSION 


Spending to a deadline 


BY GUY MAWT1N IN FRANKFURT 


NEARLY three years ago, the 
Flick • group, one of West 
Germany's largest family busi- 
nesses, saddled itself with a 
problem few corporate execu- 
tives would envy— it set itself 
the target of spending some 
DM 1 .35 bn ($97Qm) by the end 
of 1978. 

Wednesday’s news of its 8259m 
hid for 7.4m shares in the widely 
diversified U.S. chemicals con- 
cern W. R. Grace could. If it 
is successful, bring it within 
shouting distance of this goal 
Furthermore, it would increase 
Flick’s slake in the New York- 
based group from its current 
12 per cent to 31.1 per cent 

The spending money came 
from Die sale in early 1976 of 
Flick’s 29 per cent stake in 
Daimler-Benz, the immensely 
successful West German motor 

manufacturer. In order to avoid 
capital gains tax, the money bad 
id be invested in Industrial 
activity within two full la\ years 
after the year in which the sate 
was made. 

Flick. West Germany’s largest 
privately owned industrial hold- 
ing company, has always been 
coy about discussing its business, 
but reliable estimates indicate 
i that at least DM 800m of the 
same. DM l.S5bn raised from the 
Daimler-Benz sale has been 
speril on investments that 
qualify under the rules govern- 
ing exemption from capital gains 
tax. 

Further investments totalling 
another DM 450m or so are 
apparently awaiting approval — 
although it seems by no means 
certain that all will be approved. 

The Flick group, sales of which 
total ■ about DM 7bn, cannot 
necessarily be judged by the 


rules applying to publicly held 
concerns. For a start its decen- 
tralised administration tends to 
make it difficult for an outside 
observer to gauge its perform- 
ance. despite the fact that a 
structural reorganisation into a 


W.R.GRACE 


! ; ; Atet tone per ? 

: Share [MJrd&rtiaJ > ■ «■■■*■ 

SO -■ briara t m tanr " M ■ ’ 


I' 1967 '69 *71 *73 *7S *77 


partnership with shares means 
that it is obliged to publish more 
information about itself. 

Profits, which Iasi year totalled 
DM 58m. st;-*in puny when set 
against sales. However, Flick, it 
must be remembered, is a family 
concern firmly in the control of 
Dr. Friedrich Kar! Flick, second 
son of the man who built, the 
empire- Profits, therefore, would 
take a second place to protecting 
and expanding the family’s 
assets. 

The Grace acquisition should 
be seen in this Ught. If Grace's. 


earnings performance has not 
ranked with the best of U.S. in- 
dustry. it is a solid concern with 
considerable potential, according 
to observers here. A larger stake 
will give Flick, already the 
largest individual shareholder, a 


By boosting its stake in 
W. R. Grace,, the West 
German Flick group — 
already the largest 
single shareholder-— 
would gain a far 
greater voice in the 
running of the UJS. 
company- Flick’s 
management has had 
two years in which to 
make up its mind about 
the direction in which 
it wishes the company 
to go. 


far greater say in the running of 
the group and the Flick manage- 
ment have bad two years to make 
up their minds about the direc- 
tion in which they want it to go. 

For Flick, Grace ties nicely m 
with their subsidiary the Dynu- 
mit Nobel group.' the chemicals 
division of which accounts nearly 
50 per cent of its turnover, while 
there is no intention to merge 
the two operations, closer co- 
operation could yield rewards 
for both concerns. 

Sic wart Fleming adds from 
New York: When the Grace 


board meets today to consider 
the Flick proposals they will be 
facing a decision which could in 
time transform the organisation. 

Grace, a 54bn sales a year 
operation which is the fifth 
largest chemicals producer in the 
U.$., has been dominated since 
1953 by J. Peter Grace Jr. grand- 
son of the company's founder. 
Will Jam Russell Grace who left 
Ireland in 1S46 to escape the 
potato famine. 

Peter Grace, when be took 
over, immediately began an 
astonishing diversification pro- 
gramme which Initially took the 
company into chemicals. But 
his restless energies also led 
Grace to venture into a wide 
range of totally unrelated 
businesses, some of them with 
little success. 

The most conspicuous Eailure 
was the atiempr to build a major 
food manufacturing group in 
Europe which eventually led to 
the divestiture of such well 
known businesses as the Van 
H oil ten Chocolate Company in 
Holland and the French cooking 
oil concern, Salador. 

Despite disappointments, how- 
ever, Peler Grace's urge to 
diversify remained, and since the 
1970s the company has been 
pushing into the consumer 
marker with the acquisition of a 
number of fast fnod restaurant 
chains. It has also undertaken 
expansion into retailing Includ- 
ing tbe Herman's sporting goods 
business and the Sheplers 
Western Wear operation. 

Tbe result has been something 
of a hotch porch of -businesses-— 
at least in the eyes of share 
analysts — and a company which, 
while it has grown in size, has 
had a sound, but unspectacular 
earnings record. 


Svenska Cellulosa fall 


. BY JOHN WALKER 

SVENCIxA CELLULOSA. 

Sweden’s largest forestry 
industry conglomerate, shows a 
marked dro? in pre-tax profits for 
the first eight months of this 
year. They emerge at SKr 1,676m 
($40m) against SKr 243m 
For thp whole of 1978 the com- 
pany' suggest that profits per 
share will amount to SKr 20. 
icnmnare^ m ^Kr ?9. 


STOCKHOLM. Oct 5. 

Group sales amounted to 
SKr 3.2bn !S730m» compared 
with SKr 2£bn. Within tbe total 
forest industry accounted for 
SKr l.Bhn and hospital products 
and apparel SKr lbn compared to 
SKr SS3m. 

During tbe final four months 
of this year deliveries of forest 
industry products are exoected 
to and «n are prices. 


Modest growth at PLM 

BY OUR OWN CORRESPONDENT STOCKHOLM, OcL 5. 


PLM, tbe Swedish metal can, 
packaging and waste treatment 
concern, raised group pre-tax 
earnings, slightly to SKr 12m 
(82.8m) from SKr 11m in the 
first eight months of this year. 
During the second four month 
period, earnings amounted to 

SKr 7-Stn (SI .Tin), somewhat 

lower than foreea^t 


Sales during the second four- 
months period of this year 
amounted to SKr 725m in cur- 
rent prices, a rise of 13.4 per 
cent, of which 5.4 per cent was 
accounted for by an increase in 
volume. Total sales for the first 
two periods this year amounted 
to SKr 1.3bn. an increase of 7.2 
t*er cent at current nriees. 


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CITY OF COPENHAGEN Swiss Francs 60,000,000 5% External Loan, 1974/83 

DRAWING OF BONDS 

Notice Is hereby given that a Drawing ot Bonds of the above Loan look place at the offices of Morgan Grenfell & Co. UmHed on 28th September 1978 attended by Mr. Richard Graham Rosser of the firm of De Pinna, Scorers & John Venn, 
Notary Public, when 4008. Bonds for a total ot Swiss Franca 4,000,000 nominal were drawn for redemption at par on 15th November 1978. The nominal amount ol the Loan outstanding alter 15th November 1978 will be Swiss Franca 20,000,000 


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8360 8385 8368 8397 8408 8416 8418 8421 8431 8433 8437 -8458 8469 8563 44904 44825 44036 44952 *4981 44891 44992 45004 45007 45009 45010 45052 45056 45071 45208 45214 45216 4522Z 45244 4535S 

8746 8808 8618 8822 8823 8826 8832 8835 8842 8850 8880 8871 8875 8887 45363 45371 45377 45380 45*03 45413 ‘ 45433 45435 45447 45465 45482 45487 45493 45518 45539 45572 45560 45582 45592 4580* 

9001 9000 9028 9033 9039 9040 6071 9155 9170 9220 9231. 9235 6250 6311 <5616 45818 45619 45821 45524 45654 4587* 45676 4568* 45894 45709 45712 45713 45758 45780 <5788 45790 4579*. 45800 45839 

9476 8SOB 9512 9528 9532 9535 9567 9573 9602 9818 9621 9633 9646 9858 *5841 45847 45849 45880 *5861 45865 45866 45873 45894 45956 45988 45983 45985 4601* 46039 46044 460*8 46315 48338 48353 

9711 9796 9815 9823 9830 9835 9638 9838 9842 9849 * 9902 9937 9944 9968 46365 46374 46386 46406 46410 46*23 46468 46474 46477 46479 46480 46486 48494 46524 46525 46614 46622 46630 46714 ' 46722 

10357 10392 10401 10404 10408 10430 10440 10466 10476 10479 10*94 10502 10606 10517 48726 46741 48759 46800 46803 46810 46837 46843 46851 46855 46858 46863 46909 46916 46919 469*0 489*8 47015 47024 <7031 

10582 10S94 10606 10609 10612 10615 10T14 10718 1072D* 10737 10742- 10743 10750 10751 47035 47037 47134 ‘ 47170 47186 47261 47265 47271 47283 47290 47291 47295 47297 47320 47328 47334 473*1 47343 47368 4739* 

10919 10996 11011 11022 *11023 11046 11051 11057 11058 11077 11081 11086 11092 11104 47399 47418 47*24 *7439 47440 47453 47480 47504 47509 47510 47511 47515 . 47546 47554 47588 47617 47630 47637 47643 47648 

11134 11138 11147 11157 11161 11174 1117S 11177 11181 11189 11203 11208 11210 11211 47667 47676 47701 47715 47731 47733 47747 47755 47769 47773 47775 47836 47850 47853 47856 47866 47886 47912 47929 47095 

11331 11339 11363 11456.-' 11457 1W62 11467. 11473 11485 11487 114B3 11516 ‘ 115*0 11591 <7997 48008 48013 48014 48080 4808* *8086 *8091 48107 48112 48133 48181 48182 48187 48198 46217 48223 48245 4B256 48258 

11668 11676 11683 11689 .11743 11756 11768* 11770 11785 >11834 11872 11889 1194S 11949 48260 48271 48286 48308 48341 *8345 48349 48400 48402 48441 46443 48450 4S458 48459 48460 48498 48504 48519 *8522 485*0 

11954 11963 If9 71 11977 11996 12001 12008 12039- 12056 12965 12070 12078 12081 12099 12105 12132 12135 12152 12181 12188 *85*6 <8588 48805 48628 48633 45844 48665 48866 48S93 48711 48722 48729 48752 48755 48768 46776 48785 48791 <8792 48799 

12173 121B4- 12189 12216 12229 12235 12244 12253 12258 12271 12306 12313 12319 1237* 12378 12400 12*06 12413 12417 12421 46802 48825 48834 4883B 48855 48859 48861 48863 48881 48898 48908 48915 48923 48941 48951 48961 48894 48030 *9032 *9039 

12422 12424 12425 12427 12481 12475' 12487 12498 12507 12511 12514 12521 12528 12534 12544 12547 12572 12674. 12586 12S87 49057 49069' 4006* 49088 49074 49102 48121 49134 49137 49175 49200 49214 49227 49230 49246 49269 49281 49282 49285 492B9 

12589 12605 12806 12623 12670 12697. 12731 12738 12757 12760 12768 12767 12772 12603 12826 12838 12905 12989 13008 13011 49292 *9296 49297 49303 49313 49317 49336 49356 49360 49386 49367 49374 49400 49410 49*24 49430 49451 49482 49496 49523 

13177 13181 13200 13200 13215 13217 13242 13254 13257 13272 13290 18292 13311 13325 13342 13379 13401 13431 13442 13449 49524 49549 *49550 49568 49571 49579 49627 49648 49651 49654 49666 49630 49708 49710 49717 49735 49736 49762 49784 46770 

13460 1 3490 13509 13511 13512 13615 13521 13570 13575 13564 13595 13800 13610 136*8 .13657 13880 13662 13664 . 13711 1372* 49772 49777 49786 49791 49793 49795 *9797 40790 49826 49842 40853 40878 49887 49688 49896 49923 40948 40953 49988 49989 

13763 13773 137B4 13805 13834 : 13836* 13851 13654 13885 13895 13925 13929 13986 13994 14006 14014 140*4 14048 ' 14060 14082 49091 49890 60008 50000 50011 50014 50022 £0033 50043 50057 50002 50066 5007B 50022 50080 80101 501*9 50168 50214 50232 

14083 1*094 14106 141S6 14129 14135 1416* 14172 14175 14189 14206 14213 14216 14233 14238 14245 14271 1*276 14232 14298 6025* 50278 50205 50293 50302 50315 50317 50357 50373 50379 50383 50386 50398 50403 50404 50406 50414 50415 50*53 50467 

14308* 14326 14327 1*345 14346 -14381 14388 14389 14*15 14420 -14427 14447 14452 1*482 14519 14533 14542 14563 14570 1*575 50*92 50505 50514 50520 50528 50555 50559 50582 5059? 50602 50624 50635 S0643 50645 5C655 50693 50697 50705 50715 60722 

1*581 14596- 14631 14640 146** 14647 14548 14662 14667 14868 .14671 14680 14668 14692 14697 14712 147*0 147*3 .14750 14782 50740 50873 50886 50892 50912 50923 50938 509*3 50945 50996 50998 51000 51001 51020 51043 51065 51071 51072 51086 51867 

14785 14603 14814 14826 14828 14833 1*846 14847 14867 14872 1*885 1*904 14913 15100 1S173 1 5191 15217 15223 16239 16243 51092 51094 51151 51154 51160 6ti8l 51182 1 61186 51201 51202 S.1212 5121fr 51224 51225 51227 51228 51231 51266 51271 51287 

15260 15273 15276 15286 15346- 15392- 15395 15407 " 15431 15446 15448 15452 16455 15465 15477 15494 15505 15510 .15516 15523 51300 51301 61308 51311 51325 51335 51360 51368 51376 S1438 51443 514SO 51451 51482 51488 51494 51508 51518 51541 61578 

15524 16526 .15530 15645 15558 15574 15594 15622 156*1 15674 15682 15690 1569* 16696 15708 16723 15729 15737 15739 15742 51562 51701 51708 51715 51896 S1955 51961 51965 52022 52027 52053 52065 52068 52070 52096 52096 52103 52122 52127 52133 

15744 15754 15776-15798 15803 15804 15808 l5fi36 15871 15874 15875 15680 15898 1591 T 15014 15934 T5036 15051 15968 15973 52140 62144 52161 52217 52230 62244 62274 52231 .52234 32267 52299 52363 62379 62384 52*01 52405 52409 52413 52415 52418 

15993 15895 16017 16033 16043. 16048 16130 16139' 16152 16170 .16223 16266 18271 16278 16281 16302 16318 1BS57 18361 16365 5242? 62439 62489 52496 52548 52564 52569 52584 -52595 52601 52605 62609 52612 52632 52634 52667 52689 62703 52704 52718 

16372 16378 16386. 16389 16394 16405 16435 16458 16477 16478 . 16485 16491 16492 16503 16507 18517 16540 16548 16551 16559 52726 S2729 527B2 62794 52797 52807 62811 52819 52853 52857 52875 52870 52881 52888 52691 62919 52923 52939 52942 52950 

165S8 16607 16635 16639 16640 16655 16662 16682 16691 16706 16707 16712 16718 16729 16738 16742 10744 16761 16773 16781 52961 53031 53055 53066 53075 63082 53088 53116 53132 531 S3 53140 53141 53149 53173 53175 53194 53254 53259 53287 53300 

16802 16835 36844 16868 16876 16906 16910: 16927 16934 16943 16969 16976 16096 17055 17066 17061 17094 17100 17105 1711B 53329 533S9 53388 53392 5339S 63444 53456 53481 53488 53*94 53524 53526* 53536 53558 53565 53571 53S77 53579 53598 53608 

17127 17738 17143 17160 17166 17195 17209 17210 17213 17258 17275 17276 17277 17281 17354 17362 17369 17422 17*35 17472 53515 53617 53629 53671 53676 53677 53882 53701 63708 53726 63750 63780 53792 53798 53812 53813 53815 53826 53832 54046 

17488 17503 17506 17511 17S22 1753f 17568 17569 17578 17564 17587 17667 17640 17645 17667 17673 17698 17700 17723 17740 54070 54099 54110 54118 5*130 54135 54155 54157 64159 54182 54188 54206. 54236 54241 542S3 54273 5*282 54296 54200 64430 

1776Q 17762 17768 17784 17819 17844 17870 17888 17903 17911 17915' 17916 17921 17939 17960 17982 17995 17997 18026 18029 S**** 54461 54455 54655 54707 54725 54743 54745 54750 54751 S4761 5*774 54778 54788 54862 54948 S4952 54954 54957 54962 

18030 16032 18073 1807B 18077 18083 16102 1B107 18126 18140 18161 18173 18177 18217 18229 16245 18257 18258 18274 16277 54983 54994' 55015 55021 55028 55032 55039 55048 55054 55058 55083 55069’ 55075 55077 55079 55097 55106 5S114 55115 55146 

18315 16324 18326 18344 18364 18378 '13377 18401 18414 18420 - 18435 18440 18*54 18464 18472 18*80 18484 18485 18553 18557 56162 SS166 55172 55190 5510* 55201 55204 55209 65220. 55237 .55248 55249 55251 55359 55269 55280 55286 55300 55418 65428 

18561 16563 18565 18625 18653 18690 18699 18717 18720 18726 18732 16797 16804 16807 166*9 1B868 16888 18304 18914 18938 56*33 55438 5S449 55450 5547* 66481 65484 55502 55507 65516 55526 55530 55534 55580 5558* 55589 55599 55619 55527 55620 

16956- 18907 1807* ‘16979- 19000 ‘ 19021 - .19024 .10038 19042 19p48 19084 19091 19103 1910* 19116 19124 19135 19138 19176 10195 5563* 55646 55656 65684 55692 55712 55736 55728 55731 56746 55760 55762 55025 55946 55947 55954 55958 55980 56006 56023 

19200 -18221- - 10285 19286 10292 78300 18306 10318 18330 19335 10452 19454 10463. 10406 10503 18521 70577 19582 19598 19802 56027 56030 56042 56048 56052 56087 SBQ69 56094 56099 661 02 58109 56111 5S512 56134 56143 56150 56154 56188 56192 56221 

19612 19843 19651 19668 19671 : 79072 1969* 1BOTS 18706 19722 19728 19745 10786 19768 19770 19774 19783 19784 19796 19600 56226 56234 56257 56261 56267 5627* S6S15 66321 56325 56340 56373 56380 56385 56497 56499 56513 56523 56543 56646 56605 

tiffins 19860 '19869 - 19872 19908. 19956 19959' 19965 200 13 20034 20035 200*3 20057 20061 20063 20066 20110 20107 20206 20216 5661^ 56626 68627 58645 5668* 66691 .56761 56766 66774 58794 5681 B. 58835 56837 56844 56648 56847 56856 56696 56900 56908 

202-18 20228 20227 20255' 20261 '20293. 20333 20338 20351 20370 20373 20438 20452 20458 20462 20463 20469 20477 20491 20514 56916 56820 53033 58946 56959 56979 56685 57010 57026’ 57038 S7045 57046 57060 57061 ‘57103 57107 57114 57122 57137 67144 

SCw 20567 20699 20705 20716 207 17 20720 20723. 207*8 20756 : 20797 20649 20850 20852 20655 20857 20893 20898 20910 20923 57132 57195 57200 57202 57210 57213 57250 - 57255. 57271 S7272 57285 57295 E729S 57315 57S42 57360 5737* 67377 57362 57401 

“20957 20575 20976 -21003 21090 21095 21099- 21105 21108 21131 21135 21142 21150 21151 21168 21189 21226 212*1 57*03 57408 57413 57433 67442 67505 67509 57518 57526 57527 57541 S754S 67553 57561 57568 57576 57589 57591 57502 57652 

fSSz- 5?Ia5 Tl3AQ 21355 21365 21372 ' 21373 21387 21389 21403 21413 21417 21425 21430 21435 21514 21515 21534 215*0 21546 57762 57774 - 57778 577» 57791 67806 57814 67825 57846 57848 57902 .57037 57938 57974 S7976 57983 57989 58014 58035 58036 

215M 01573 2159* 21655 21666 21669 21676 21686 21668 21698 21699 21717 21728 21731 21734 21762 217G0 21768 21773 21/76 5804* 58074 58077 58078 ' 58063 58107 58109 58113 58137 58142 58247 58249 58281 56291 58309 68321 58S28 58331 58348 68356 

9177A 21779 21817 21830 21833 22027 22062 22065 22069 22091 22092 22120 22141 22146 22148 22161 22186 22196 22242 22323 58359 58360 68387 68398 58429 58441 58487 58496 68507 58523 S8527 5856D 58563 58571 58576 58591 58613 58639 58675 58676 

22339 223*4 22353 22374 9«wn 22408 22434 22440 22518 2Z520 22563 22591 22615 22657 22677 22687 22669 22696 22703 22716 58700 6871* 58717 58739 68758 68750 58763 58770 58808 -68817 58820 58821 66824 58830 58833 58837 58838 58882 58900 5L901 

2272* 22725 22745 22761 22765 22807 22818 22874 22B91 22904 22907 23121 23122 23181 23305 23347 23351 23355 23367 23369 58506 59908 58820 66924 58927 56953 66955 58857 5886Q 59960 68987 58988 6SC0P 69007 59009 59019 590*6 58050 59084 59090 

M97P 33375 23*28 23429 23431 23433 24374 24386 24395 24406 2*416 24427 24461 24466 24467 2*495 24502 24543 24S76 24580 6910? 59114 56116 59137 59160 59168 59172 59190 59218 53229 532*7 59265 59278 5B288 59303 59305 55314 59317 59820 59324 

24536 SI SfiS SIS 24829 34555 24673 ■ 24684 24700 2475* 24252 24787 2*771 24775 24784 248® .24813 24819 24833 24849 59326 59331 - 59339 59344 59363 68368 69377 W397 W4ta 5943 -fiMOS.-'aMM. 59452 »*« »79 ^ ^ 

24856 24580 24865 24882 24888 24908 24915 24917 24922 24935 2*948 2*975 2498* 24997 24999 25016 25038 25047 25049 - 25054 59565 59591. 59595 59599 59616 59524 58635 59659 59712 59713 59795 59818 58828 59840 59844 53878 59947 5996B 59982 59999 

wwt Ssvl'j efagn M38T- 25383 25396 25402 25403 25405 254io 25438 25470 25476 25489 25496' 25510 25 5 2 0 The above Bonds may be presented tor payment of (he proceeds of redemption at par on or after 16th November 1978 at the , offlceebf any of the iPaylng Agents named 

2^44 25347 253 53 &3B0 25387 25383 Z533B ___ 25713 25731 26732 85768 25770 25780 25603 ».«*» 25839 25B42 25853 on Ihe reverse ol the coupons, or *1 the office 0! Privotbanken AKt Copenhagen, In the manner specified in Condition 6 ofthe Terms and Conditions of the Loan printed on 1h« 

25861 25B71 25874 25876 25893 25903 25907 25912 25921 25935 . 25941 25854 25959 25B66 25372 25680 26984 25392 25335 26007 reverse of the Bonds. 

2 SS ££• ?Su ISj £ -iSn S SS ISs? SS SSI SS SSs awS 55 S ^ S Each Bbnd. Whnn presented for redemption, must tear Ihv coupon dated 15th May 1979 and all subsequent coupons, otherwise the amount ottha missing coupons will b« 

gg -|Sg 28535 - 26539 26548 SSI 26561 20573 - 2361 4 26638 26641 26654 26656 26668 26677 2637B 25682 256S0 26719 20723 deducted from the principal to be repaid. 

207a 28730 . 20738 267*2 . 26745 2G749 26768 2o783 26855 26859 268|| 26687 2S893 28903 2891| SMIS 28920 2602T 26930 28940 The undermentioned Bonds which were drawn lor fire tallowing redempBohs have not yet been presented for payment:— 

^ ™. gg-’Sffi.gS S-.SK’ 27282- 35 SR. 55 . 35 35 35 35 35 SIS 35 33 S isiM^ember^SSmption n* »w «« « m van mu zw 24547 <7723 <7725 4772a 52703 52705 

as E li 35 ^ 35 35 35 S 3 S 5 35 'SB- 35 35 3 ?S 58 85 35 ~~ — *» 

SS 15 ? 85 '35 55 ' SB! -SR 1 55 3 $ 35-35 3 SI 35 35 35 - 55 .-* S 3 55 35 t»M«— »iw-pta 7301 w 12541 ww - wu.otdb. imb.wi 24542 30413 33271 49275 4927s 57245 59245 

ISm 38295 23340 28350 28457 28478 M481 28492 28506 2852* 285*1 28550 28566 28569 28572 28591 .28593 28601 23753 . e . h| , , 1QTCD _ H 

20779 28790 20935 20968 20877 28832 29050 29098' gl43 gig g«5 2|220 »233 Z9260 g2fl* ZJ273 JS291 g306 29311 29313 ‘ 5 q ave „ 7576 10428 10435 12212 13189 13192 13207 13214 13707 13710 14038 14517 14M7 14544 14002 103SS 

29316 29338 28404 29447 29441 29444 29506 29S2* 28588 gfig ggl gg6 ggO 2SJg »H2 ZMB »719 g74* g749 WTO ^ 163M 1a366 24544 2^23 30260 30804 31348 31353 31357 31384 31386 33394 33941 34571 34763 35328 35861 36941 35346 

28780 29796 29787 2S804 298® ®813 .288g 29SM 29553 2986| g075 |9BM 29899 29SS8 gS 'SxS ^ SK 39115 3932S 39332 40265 40414 42339 42802 42906 43504 44558 45041 45044 45047 48033 48136 48352 48359 48880 50575 51507 

25 SB SS -« SS .SS--S5 .» SB SS SK -S5 SS -SS. 5 B m SS.BS SB SS Si! 51521 “ 02754 542a 50907 » 

vtacr «n/cA wuci 30*77 30480 30481 30485 • 30531 30532 30637 3C576 30531 3 056 P 30fPP 30606 30643 30665 30672 30679 1511, November 1977 Rode motion 

30TO1 30693 30718 30/2 20748 3081) 30B14 30815 30832 3QTO9 30880 30886 30TO2 OTg7 30898 30904 30906 30979 30901 30984 5 7 11M 1821 2832 3329 2533 *585 4598 5042 5147 5189 5240 5W 6888 6005 6512 6926 7084 7390 

30990 30902 31014 31021 31026 31041 31059 31000 31074 31102 3 107 31111 31121 311M 3 132 31137 31140 3 142 3114B 31183 757 S 7706 «12 9154 9331 9?B5 9903 10429 10436 10572 11831 12052 12083 12126 12130 12262 12577 13176 13202 1320ft 

31209 31226 31229 31237 31248 31362 31358 3156S 31435 3 530 31535 3 540 3106 31557 315B5 31601 31603 e1«04 ■ 31G08 31611 13 30* 13363 13708 13768 14518 14520 14528 14537 14638 14546 14550 18356 16*95 16501 10508 16512 16522 16539 10824 16841 

81B17 llS23 31824 31651 31856 3t87t> 31677 31707 31711 31774 31790 31793 31797 31K6 31B15 31027 31B34 31852 31669 31fi73 16 S*3 16864 16857 16081 10887 16902 16907 1B908 16918 16918 . 17175 17107 17630 186*1 18660 18669 19576 19614 13683 20225 

2lSoo 31904 31924 31925 - 31927 31928 31964 32)00 32004 32830 320J3 £*039 33MB 32KL >2085 33098 32100 32104 2 1D82 21530 24548 2459* 24664 2*694 24883 25064 28124 30258 30251 30277 30562 30583 30728 30861 50865 31117 31162 31190 

J79 32133 32202 32208 32219 32220 32235 32237 32249 32259 32272 32280 32282 32341 3! ;?4 31197 31349 31359 31366 31370 31380 31566 31577 31582- 31506 3)806 31610 31705 32032 32035 33217.. 33220 33232 3S242 


31878 31893 31099 31904 31924 31825 - 31927 31928 31964 3ZWU XfflO* ««« £££ XfJE til'* 21002 21530 24548 2458* 24664 2*694 24883 25064 28124 3025B 30251 30277 30562 30508 30720 30561 SOWS 31117 31162 81190 

32T10 32U1 SSI 32147 32150 32175 82179 32193 32202 32208 322)9 32220 32235 32237 322*3 32259 32272 322B0 32282 32341 3 , 3 a* 31197 31349 31359 31366 31370 31380 31566 31577 31582- 31506 3)806 316)9 31705 32022 32035 33212 33220 33232 33248 

K3M 32368 32343 32382 32337 MW SS! ' SS? SS SS? “?!? ®S?I HS5 SSS UK HU? H!« HU! SS S3! SS SS SU 


32S3B g25g2 32606 32610 38026 328*7 32851 32653 32678 32760 -329» 32814 32834 3«39 3M99 32M4 32905 3^70 32943 329*7 2SQi2 38153 38215 30218 38687 287*8 38802 390S6 39067 39326 39361 39924 39925 39B29 40025 40030 *0202 <0266 40708 41028 

Sll 3M1B 33100 33120 33153 331® 33223 33238 33248 33254 33257 33273 33275 332B3 33286- 33301 33310 3331* 33328 33331 *,*5* 41774 *179* 42340 42429 42640 4Z903 42905 4*257 4*576 *4916 *4907 <4872 449E6 44S39 <5221 45230 4S410 45798 46820 

3333* 33370 33390 33391 3339B 33420 33432 33449 33*52 33459 334S4 33486 33488 33499 33510 M5» M541 M5*2 33548 33583 <5893 47032 *70<0 ■ *7044 47049 *7600 47736 47736 *7737 478B5 47901 47328 48132 48210 48322 4835* <8728 48810 48812 48814 

33533 33596 33603 33820 33637 33647 33850 33656 33661 33862 33670 33678 .33893 3369o 337D5- 33760 33702 33760 33786 3330. 43510 48620 48900 *8934 49122 40399 *9542 <9003 50167 50213 50401 50*17 50582 51265 51269 51279 51359 61516 51519 51953 

Sea? SSI 33353 33008 33901 33910. 33939 33968 33080 3K») 3*D03 3*008 340JS 3*054 34067 34106 3*111 34)18 3*1ffl 5Ifts0 5186* 51979 5Z13Z 52136 5S1<2 5264? 52701 53260 53262 54154 54208 - 54227 5*229 54231 5*233 54238 54202 54054 55002 


S 34221 SS 34259 «272 34276 3*29* 34298 W299 34319 3*333 343*6 3*358 3*361 3*363 

™ 33! 'SSI- 3444Z 34446 34456 3447* 3*477 34498 .. 34499 • 3*503 3*»3 3454* 3*583 3*590 34594 3*509 

2d337 344*5 . tTJTI n*7cn vatth unm ‘LiOfT’ T*oi K 'TAflio qiott oiti'wi 


34367 34374 34397 ^415 - ^3 34715 34725 - 3*7*9 3*759 ' 34778 34787 3*886 34907 3*915 34019 3*927 3*933 

34653 34558 M063 34675 34577 34695 34713- W76 ^ 35,43 35,47 351*9 35156 35166 35172 35185 35192 35205 

34944 34950 3*951 34»1 34986 34999 35016 35KM gMaj 35353 35374 35377 354,4, 35*90 35507 - 35513 35516 35519 

' Sfw Ham J£5 SS 35530 35077 35680 35708 35772 3577S 35813- 358)8 3S8X 358*2 3S847 3588* 

SSS Ha? -BS.-SS S5 SB SS SS «»r =«_»-«» ^ ^ 36310 36330 38332 


rffrr rrrrr 35590 35077 35680 3575a osnz 3577s awnj. 35947 a&ss* 

SS S .13! S m! 36217 aerc mct tor actp «oi9. Mm m 36330 


5(960 51964 51079 52132 52136 521*2 5264? 52701 53260 53252 54154 54208 - $4227 5*223 54231 5*233 54238 54202 54054 55002 

55013 55408 58750 57000 58040 58043 58050 £8393 58747 58748 59246 

Principal Paying Agent: Morgen Grenfell t Co. Limited, 23 Great Wlnchpefer Street, London EC2P 2AX. 

Note: Bonds presented for redemption to Ihe Principal Paying- Apenl in London must be lodged by kn Authorised Deposltary and four clear days for examination will bp 
racuirec. Bonds cannot be accepted through the post. ■ ■ - * ■ ' : 




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Nippon Kokan plans new 
plant despite recession 


BY CHARLES SMITH 


TOKYO. Oct. 5. 


U.S, bank 
buys 10% 
of BFC in 
Australia 


THE POUND SPOT | FORWARD A6AIN5T £ 


Qno naonUi | Jpj. 


to weaken '-IS* 1 ¥ f| 

The dollar remained weak in FRANKFURT — The West Gar- spSi. r5. 8 ] 4 0.4S j 4 ® ** 

the foreign exchange market yes- man Bundesbank bought $&9m to Li™ >“'* a sL.iii.Cf 

terday, despite continued heavy prevent a further decline of the ' b <i 7 m).& 1} 

intervention by tUe Swiss National dollar at yesterday’s fixing. The ™£ h t T[ t 8.624-2-M- 
Bank to push down the value or US. currency was : fixed . nn- Yen 4‘* , i S'S b AB. 

the Swiss franc. The U.S. currency changed at DMI .8920-1 .9000, The seh *‘s 8 /‘ Sk m 

fell to SwFr 1.5S37A against the Swiss franc fell sharply . against '»•« 1 

Swiss franc from SwFr L5B25. the D-mark however, prompted-hy L — i 


By James Forth 

NIPPON KOKAN (NKK), shore, facing the Island of April, the company seems likely • ; SYDNEY, OcL 5. 

Japan's second biggest steel Ohgishima). Its steelmaking to have to stabilise its produe- The National Bank of 
manufacturer, expects to bring capacity is 3m fons at present tion by . mothbaiun,, another Detroit, the 18th largest bank 
In its second blast furnace at (from one slant blast furnace) blas t fu rnace at its otter ultra- in ^ UAi ^ purc hascd a 10 
its new integrated steelworks in but this will rise to 6m tons B sle ^A, n W ?it£L,afii£ per cent stake In the Austra- 

Ohgishima, south of Tokyo, next when the second furnace is ..™L aiteraative Uan ^many, Bene- 


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IE*, j aru pro I 4-53 45-63 irm-pm 


a.l54-9-«4i 8S8-2SH ■?-!*» H-W 


may. the company said today. opened next summer. to p tu> "nimpuiiiy 

The “ blow-in " at Ohgishima is NKK was obliged to build the “!gL Fiikuvam^otant a 

likely to be accompanied by the Obgisbim a plant after pollution m^rnmncaparityoflSm tons! 
“mothballing of one of three troubles at Keihin began to is ^ worid - s P 1{U ?est steel plant 

• blast furnaces still in use at cause problems with local and ^ equipped with a total of 

• NKK s other giant steel plant in government; m the region It flve hlast furnaces. Two of 
Fukuyama, although the com- has devoted 20 per cent of the these are in mothballs at 
pany say s it has not yet reached total of Yl.OOObn IU.S S5.1bni p^ent-so the closure of another 
a decision on this question. invested at Ohgishima on anu- £ ouJd mean putting more than 


mooem sieei wun» ai per cent stake In the Austra- Swiss franc from SwFr L5B25. » amrewr, ^ — 

Fukuyama. The alternative finance onmnanv Bene- and also lost ground against the substantial intervention from the Belgian rare is for • xjt 

would be to pile up unacceptably an The members of the European cur- ^wiss Nation al Ban k. The Swiss PteancUi franc s~7iwc.se. 

large stocks of fiSiahed sleeL ££n?ake. jSder fte iSowi aulhorMes determination to re- 


convertible franca. 


Sli-jnmrtb forward dollar a ti t 7 . 
1 12-mmib 5^5.70. . . . 


Is the world's largest steel plant 
and is equipped with a total of 
five giant blast furnaces. Two of 


a decision on this question. 


Nippon Kokan is the only one Portion equipment. 


half of the plant’s total furnace 


of Japan's five bi" integrated The structural recession in -capacity out of operation, 
steelmakers which is now Y.'bich the Japanese steel Indus- Nippon Kokan will dose the 
engaged in the construction of try has found itself during the last of seven smaller blast 
new steelmaking capacity — a past three years means that furnaces at its onshore Keihin 
seemingly strange position to be Nippon Kokan has no reason to works this winter as the last step 
in considering that only 70 per want tn press on with complo- in the process of transfer from 

cent of Japanese steel making tion of the second Ohgishima Keihin to the new Ohgishima 

capacity is in use at present blast furnace, apart from the plant. This will mean a tempor- 
The Ohgishima plant built on technical one that a major inte- ary and welcome cut in produc- 
an artificial island off the west crated steel plant cannot oper- tinn capacity — but the cut will 
coast of Tokyo Bay. was designed ale indefinitely with a single last only until the Ohgishima 
to replace the congested and old- furnace. When the number two Dumber two furnace is completed 

fashioned Keihin works ton furnace begins to work next next summer. 


U-S. bank -joins three other 
banks. Including the Bank of 
Tokyo as malar shareholders 
of Beneficial. 

The National has taken up a 
placement of 4.625m shares at 
80 cents each,' or ASS. 7m 
(U-S.S4.3 iq) for Its stake. In 
addition, it will provide a 
U-S-$10m line of credit which 
will supplement the ASJOm 
already available, including 


nf n verv «tmn? D-mark The dnee tne value, of tne currency 
° f ..“ was reflected Jn the early mnrn- 


Sidfcr declined to DM 13935 fram JM “S-gftJ-g 

ta^*a3ySm fT^SbS'S Swias franc, compared with a fix- THE 

f ^ n?ifaS!7 u “S level of DM L2150-0170 on 

® f # ^5 Wednesday. Later in the day the 

a il s0 J^ U r t 0 r recor ? Swiss franc was fixed at oaa^s 

Uie Belgian franc at the Brussels DM i.igT0- L 1990, rather firmer Caa»<vn ? 
fixing, and closed in London at {ij 8n first thing yesterday, hut still GnUSer - 
J2P- compared with weaker than Wednesday. Sterling M“f r r 
BFr 29JK5'l previously. At the als0 lost gainst the gg?k 

same ume the D-mark remained n-marjr falling to DM 3.7580- fw-Esc 
at or near its maximum level 3.7720, at • Uie fixing. -. from Lin 


THE dollar SPOT FORWARD AGAJNSt ^ 


Caaad'n 5* IU54UI 

cSSer 2.CK3P- 2.0630 

Hainan fr 2}hj-29jW 


$A20m from the Bank of I against tlie other snake members, jjat 3.7G3M. 7770 previously. 


Tokyo. 


Nptrua. Kr 
French tr 


SJ525-5.Z72S 

uvis-ufoo 

45JM5.45^ 

B1L5OS19-40 

5.0Z25-SJ3W 

d.Z70&-4.3S9S 


dollar's trade-weighted BRUSSELS— The Belgian franc mm «j5ib4.36» 


National ^ Bank of ! depreciation, as calculated by improved slightly against “the [ Yw 


Nisshin Steel aims at 50% gain 


BY DONALD MACLEAN 


Detroit said the bank wanted a 
“sound Investment window " in 
Australia because its customers 
in -Detroit- had ties there- 
After the placement the Bank 
of Tokyo will hold 16.4 per cent 
of Beneficial’s calptal. while 
two local banks, the State Bank 
of South Australia and the 
Rural Bank of New South 
Wales, will hold 8.2 per cent 
and 4J> per cent respectively. 

The National will not have 
any Board representation and 
has a polipy Of 'non-involve- 
ment in the mangement of 
foreign - Investments. The 
approval of the U.S. Federal 
Reserve Board and Australia's 
Foreign Investment Review 
Board, has already been 
obtained. 

The National already has an 
association with the Bank of 
Tokyo through the Bank of 


D-mark, rising to BFr 15.7842*, AjwpJaScb UKi® 

at the fixing, from the- previous * wtta *- r u.s. cents* per Canadian 5. 


Austria Scb 15.7Si3.7M 


HOMS 

2.0590-2.0605 

29X5-29.90 

5-2700-5^725 

L3950-UB960 

45-2M5-45 

BU.OOaiB.7S 

5JS7SaJ199D 

4JM304J2BSS 

4J M 04J6 M 

IBJJDMSTJB 

13.75J-15.7U 

L5BS0-1J87V 


one in«atii pa.- TOiee ibmQh.' I; 
0.024LD4C pm fljQ par-AJUc iu I 

UD-L7BC dis -4L4B LM-UOi diV 
13i7c dfs -R4I7 15-lTt «* - . 3 
2.15-3JSbrMHs -6X4 7.7S*Sonsifr J 
I.034L9B PT pm 6X7 £8KU3plW'3 
— TSJta lHUWk- a.T- • 4 


fixing level of BFr 15-765, which ' 
is -the Belgian canrency’s^ lowest - 
permitted level under the- terihs 
of the European currency snake. 

The central bank did hot Inter- ’ ,cu 
vene at the fixing, as the Belgian ■ • ; 

franc also gained ground against 

the French franc to BFr 6.96- o**™ 1, * 

6.99 from BFr 6fiSS0-7.0l80, and 

rose to- BFr 29.8050-295550 from sterling 


35-lSBe dls —28.44 
XflMJWlrfcdta -6JJ0 9*tL8fffa^v3 
2J0-2-90oredl* -632 7 ^ “nrTjV rj 
par-OJOc tils — BJ8 USjn3c3?£f 
i.904L2Dur«n» -5-63 ZBFSlOanifa.^ 
lJ8-UJJy pm 704 UHOp^ 
4JS-30Ssrn WB X27 800409«T^4 
1-27-1 -22c wn 907 3.6S-306CPBI ^ 


CURRENCY RATES | CURRENCY WOVagirr 


Special Enrapeas 
Drmtag -Unit of 


October 5 


RbrtKB Account 


NISSHIN STEEL COMPANY, the Although aiming at a 50 per company fears that the ment in the mangement ol 

Japanese integrated steelmaker cent profit gain, the company strengthened yen may restrict foreign investments. Tbt 

and the country'* largest pro- feels that that it faces too many export sales — though its profits approval of .the U.S. Fed era 

ducer of stainless steel products uncertainties to make a firm are cushioned against the effects Reserve Board and Australia's 
aims to increase its operating forecast of .the year's earnings, of the yen’s rise by the fact that Foreign Investment Review 
profits by some 50 .per cent in Both operating profit and sales it is a substantial importer of Board, has already beer 
the current year, to March, to were reduced in 1977-78 (with raw materials. obtained, 

some Y14bn (S?4m), from turnover falling by 5.2 per Nisshin produces ordinary The National alreadv has ai 

Y10.5bn io 1977-7S. cent to Y2S4bn), as a result of steel, stainless steel and other association with the Bank ol 

This was revealed by the com- the cutting hack of production specialty steels and processed Tokyo through the Bank ol 

pany -in London yesterday. in line with the general swing products. Its main customers are Tokyo and Detroit (Inter 

Ooeratin" nroflts for the first towards lower stocks. the Japanese makers of con- national), a Jointly owncc 

half of the 0 current mr due to Tbe inriustI T. Nisshin says, has sumer durables, motor vehicles London merchant bank, 
he released *hr>rtiv are exneeterf now worked off excess inven- and home appliances (with The placement will increase 

to be around Y7bn P ectea tones, and with the domestic exports accounting for only 25 the capital of Beneficial lo 

market having turned upwards it per cent of overall sales), and A 823.1m, with shareholders 
In 1977-78 as a whole, profits j s looking for a recovery in the demand from these. Nissbin says, funds excedlrig A$45m. 

fell by 11 percental the operat- prices of steel products. has protected it From the full The directors expect that tht 

ing level, to YI0.4Sbn. althoueh Unit sales, nevertheless, are effects of the recession. The existing dividend rate or 6.73 
net income rose by almost 49 expected not to change appre- order backlog in these areas has cents a share wU! be main- 

per cent to Y5.63bn. clably in volume this year. The risen to record levels. talned on the higher capital. 


FRENCH 

FRANC 


Br 29iMM.29.9930. The Swta SiSKiS” 


0*51394 0673714 

1 .29234 133669- 


franc fell - very sharply to XSoiaa schilling ... 17.7849 ML4W8 

Br 18.850 from BFr 19.1885. BefeSr franc - »A57B 39^Wfc 

MILAN— The dollar was slightly Danish k pur-t 

firmer at yesterday’s fixing of MiirK — 

LS17^3 against the lira, compared fraic "" .. 532153 5.71655 

with LS16.55 previously. Sterling ib&.K iovzjis 

fell to LI .622.95 from LI ,623 AO, Yen - 20-&2 M9^7 

and the Swiss franc also lost Norwegian kroner ... 63WM brz&i 

ground, to L517 r 57: from L523.80. S? 

The Japanese yen eased to L4A79 238425 


o J f H a M J J A s o 


ODiaineU. ^ ■ ■ - ... Ill i n nm+ iue JCU lAdfs Swtsa franc 2 JH 42 S 

The National alreadv has an from UfiSS, and the Freimh frMc 

association with the Bank of Morgan Guaranty of New York, dedlned to LUL03 froin U9137. — 

Tokyo through the Bank of widened to 9.7 per cent from 9.6 JSLaEBSK 

s&,r. k s « as oth£r markets 

London merchant bank. quiet and sterling showed little — 


Sterling ■ ... 6256 flj' 

U.S. dollar 8332 . i-tfe- 

Canadtan dollar 79JJB ~m v 

Austrian schQItnK 14U9 +a»- 

Bctetan franc w* -flu 

Dantsti krone UU9 + 

Deutsche Marfe 14633 - +3so 

Swiss franc 20436 ' ' 

Guilder — 122JK .; 

French franc - — sx- 

Lira — 5537 ~sj i 

Yen — 15165 ' -«U ' 

Based oa trade weighted cttnicras 
Washington agrwment December. , 
(Bank of Ecgfauf 2n4cx=lSU; - 


V2& SJfjar.TiS.'S 


T siM«ili855 Rnri touched a *elgian franc rising a Utile to 
^ \ L37B9 from L27.34, and the 


Nou^un 


Industrial Equity lifts payout 


BY OUR OWN CORRESPONDENT 


SYDNEY. OcL 5. 


A523.1m, with shareholders’ Danish krone to US5 l 48- from A^enu.m *!!£?* 

funds excedlrig AM5m. S. ol i*!L 1 _* a "22i* ^ ^ Lt53 J4. The Dutch guilder eased amu«im unihit^. ■ 

The directors expect that the &SLE nJZShZt 10 L397 - 3S f ™ m U9S however. iSf iSS^Z ~ 

existing dividend rate of 6.75 ^ d £ Ua ^ lin »^ S "JS Trading was heavy in D-marks ^ l S,rj 7 1. 314-75.059 36.98 36.S6 «e™y 

cents a share wUT be main- Rnd r ““So 2LS , «° d .«? and dollars, with the Dank of S^ko£d?Ju.Y: 0.o73a- 9.=>9 4.728 .4.7.-30 iwiy 

tatniwl nn iho ,,..11,1 declined to SL9845-1.9S55 again. J( 3 ]y selling most of tte £32.5m Imo KmI 136-142 68.62-71.64 Japui — 

h, * her rapjf 31 - it remained around SL9825 most exchanged at the fixing to meet Kumit DiooriKD) 0.633-0.343 0.«689 i^t7<W Aetheri*nd» — 

connection o{ ^ aftern00D> and' closed at SnSSSl demMd due to Fr^c 69 2^69.36 ^ 

with the 1J.S. group of the same ii.ggi5-l.9823, a fan of 5 points Sportpayinente. Uo!ior.... g jaBmoiSiSS!!! ~ — fc ~ 

aT^FT ° perates ,n Ans ‘ on the day. TOKYO— The dollar fen slightly 5j5?flK I iS5»i| 1 Sou6.64 3^sooo-3.350i 

trana as BFC. sterling s trade-weighted index, to Y186.70 against the Japanese Singapore Doiinr... 4.J7-4 ..-oi 8 z.i06 5-2.2085 

r on Bank of England figures, was yen, from YI87.10 previously. - It Suuih Afrfcxn Kami 1 1.7131-1. 7392 0.8643-0.8775 1^ 

r*4cflnmnifin unchanged at 62.6 per cent opened at Y186.60 and felt briefly ■ 

L/dMlCUUdlilt throughout the day. to Y1S6.5G in late trading. Rote *lreii for Arsemta»'ts free you. _ 


tfUMi&O 
62.6063^ 
10.40.103.- 
.6.43536. 
3.72J3S 
1590-164 
• 371381 
4.054.15 
9.B5-1DO 
93-109 
143-146 ' 
3D5-3. IE 


Castlemaine 


Rale elm for Ara«nrfna ts free me. .1.. — . - 


INDUSTRIAL EQUITY LTD., employers' share options the The directors of Thomas CTOim 
corporate takeover specialist, capital of 1EL will rise from Nationwide Transport today 
proposes cash aod free scrip A83m to A$4’m. The directors announced that the company ricn l» v 
issues after a solid increase in expect to pay a dividend of at had also bought recently a Ur A i* /O 

profit for the y»ar to June 30. least S cents a share on the further 43,166 Mcl 11 wraith shares 
Earnings rose 38 per cent, from increased capital. at AS2.75 each: taking Its hold- 

AS2^5m tn AS3.1m (USS3.6m). IEL is currently locked in a ing to almost 1.63m snares or 
lifting the earnings per-share battle for control of the ship- more than 15 per cent of the 
from 46.1 cents lo 51.1 cents, ping group. Mcll l wraith capital. 

The dividend has been raised McEacbarn. It controls already 

from 8 cents to 9 cents a share, about IS per cent of the capital TNT. which jointly owns 

and Is bidding; AS3 a share for McDlwraith's major asset, Bulk- 
The directors plan a one-for- 50 per cent of the remaining ships Ltd., has built up ifs hold- 
eight rights issue at AS1.25 each shares. IEL has now entered ing in recent months, but the 
to raise AS969.000 followed by a the ^hare market and has picked directors have denied that there 
one-for-five scrip issue. Together up small parcels during the past is any Intention to make a take- 
with the exercise of some few days. over offer. 


EXCHANGE CROSS RATES 


Textile 
Alliance offer 


Libya joins ^potash project 


BY RAMI G. KHOUR1 


TEXTIL^ N ?\LUANCE Ct has j LIBYA HAS taken* 5 per' eent- agreement. This follows a si mi- ooe-fornfive free scrip Issue. 

received an offer for its shares Ean,inSb e< t ua,led 45B cents 

held by the public of BKS10 pr ^ eul Jast montlr by wnicbthe a share compared with 48J5 

a share in cash, the company -fh' Ce riS°i a water ^ oE World Bank will provvde^S^^ , cents on the lower capital in 
announced here • * 1110 . Dead Sea - The Libyan share in credits for the potash project. 'TflJB-77. 

The company has requested v, "°5 ks °j Jt ?* about The ^, or[d _^ ank i had • originafly * , The -^- improvement came 

the Hong Kong's to ck Exchange S10 ™’ ac , cor ^. mg : to a draft agree- planned a S25m loan, but raised gbout largely in the second 
to restore its quotation Tor h*V r «M» sl J? eefc 11 42 ^ 35ra - a J. last momenL baK wbeh, - profits rose 19 per 
trading from Octobers! between the Arab Potash Com- The project aims to produce ent to-A$6flm. although the 

Last 8 month, the company JrJs the Llbyan J-™. tons h °J P°?S' P 1 ^ s Christmas i> sales are not 

said that it : received ah . fc ' -.u sc T he< * ul « d ‘ f>i?ta.rt -party fhcladed h^this period. Earn- 

approach from Certain prio- o J? 1 * 0 • p I 0V,de J„ he l n J 982 : J 1 & Ur «^ st angle lugs cose 13 per cent to A$6fim 

rinai Potash - company with a Sinm : industrial scheme ■-. ever in tte first six* months. 

SSh STSSItBi L*Sf JH! - long-term loan, according to the attempted in Jordan. . 


AMMAN. OcL 5. 


By Our Own Correspondent 
SYDNEY. OcL 5. 
CASTLEMAINE PERKIN'S, a 
major brewer In Queensland, 
lifted gronp profit by 12 per 
cent, from A$I0.3in to a peak 
A$11.6m (USS13.4m) In the 
year to July 31. The increase 
outpaced the sales rise of 6.3 
per cent, from A$179m to 

ASl91m. 

The direeton pointed out 
that improvement in sales and 
profit was achieved in a year 
In which the growth of the 
industry in Australia was only 
marginal. .The dividend has 
been held at 15 cents a share, 
but will be paid on capita! 
increase during tte year by a 
one-for-five free scrip issue. 
Earning* equalled 45B cents 
a share compared with 48.95 


Kmin* Sterhnir 


Kound Ster'iiu 
UjS. Dollar 


Ueukvhe Atari. 

Yen 1.000 


Vrendi Fmne 10 
>wi— Franc 


Omed OuiiJei 
Italian Lira 1.000 


lAtiiKiian 1*1 m *r 
ite'ct' n Fr»'w l<v* 



I U umdu tUrtlJtianw* Yen I Frencli rian. | m»im> Kraza.- tPuusn Uuiaiet I Icalum Lira j lAuiada-Pnllai | Babdaii ft 


8.495 

I 3.140 

4.080 

1623. 

• 8.345 - 1 

4.285 

l.e84 

2.C59 

818.9 

1.183 

2.3£9 

I 0.835 

1.085 

431-5 

0.524 ’ 

22.86 

! 8.458 

io.sa . 

4359. . 

6.312 . 

10. I 

3.697 

4.B04 

1911. 

4.781 

2.705 1 

1. 

1.299 

516.9 

0.747 

2.081 

0.770 - 

1- 

397.8 

- (X67C 

5.235 

| 1.935 

2.514 

1000. 

' . L445 ' ; 

Z.622 ! 

j -» 1.339 

1.740 

692.1 

■■ -1. 

14.32 I 

1 5.395 

6.880 

• 2737. 

3-98 - 


14 M 

86.54 "" 


EURO-CURRENCY INTEREST RATES 


17.S. Dollar 


CanadiAn 

Dollar 


Dntch Guilder I Ftane 


Weat German 
Mark 


i Frracta Prone ! 


♦Short ierm . ...I 


i da*. 'a noi lre, 
Mnntn . - 


ITiree iimqihs. .1 
Six iiuiitln... .. 
Une Yi-ar. | 


8le-858 

11-iH* 

12 '4 I 2*4 

12U 
Ut« I3s% 
13 1*1- 


dij 9 
tK 9 A, 
9»S 9!» 
blj 914 
95» 10 


7-71« 
736 753 
9ij 9J 4 
95S 97 9 
8'b 10's 
U--J0 U 


7-10 

12-17 

13VI4N 
lSb>-14l a 
13 14 



to restore its quotation Tor 
trading from October 9. 

Last month, (be company 
said that it f received an 
approach from ^certain prin- 
cipal shareholders which might 
lead to an pirer Tor the 'shares 
held by the public.- - 
The company said that 
Klelnwort Benson (Hong Knnp) 
had been appbfnted to advise. 
To ray Industries of .Japan 

holds jnsl under 5n per cent 
of Textile Alliance. Mbilp 


The-.-. ^ improvement came 
•gbout' largely in the second 
half whefi - profits rose 19 per 
enf -to- ;A$S?lm. although the 
Christmas* sales are not 


TtK fnUoR-ln« nommaJ rates were quoted for London dotlor certificates for deposit: one month 9.03-8-93 per cent; three montha 9.S04.4D per cenC Btx mar 
B.TS-H.Ai per cent; on 1 : year 9.70-9.UO per cent. 

Lons-u-nn Eurodollar deposits; Two years 97i6-l»i6 per cent: three years 97n-»?ib per cent: lour years »7j6-9»t6 per cent: five years 97j6-99]« per cent w*na 
dofllnx rates. Short-term rates are call for sterling, Ui. dollars and Canadian dollars, tire day call for suildera and Swiss Irenes. Aslan rales are dochis rafts 
Slnaapore. 


INTERNATIONAL MONEY MARKET 


GOLD 


Growth for Pick’ n’ Piay 


Full Hong Kong 
licence for LBI 


New York rates steady 


BY OUR OV/N .CORRESPONDENT* ■' 


JOH.WESBURG, Oct. 5. 


’By Ron Richardson 

HONfT KONTL Oet. 3- 
LLOYDS BANK International 


U.S. interest rates showed a Bankers acceptance offered PARIS— -Interbank money mar- 
stearUcr tendency yesterday with rates were quoted at 8.66 per cent ket rates showed Iitt)p change 
Fed funds trading at Sts-S? per for 30 days. 8.65 per cent for 60 with call money remaining at 7 

ftnnl ftnmnnrorl la'itVi G na v> nirnf ran rinwr Q 7 S ma. r nn 1 — —a. « .« 17 


Bankers acceptance offered 


Further 

record 


i-dpiuu VI or !<■> IIIKIIU. •■.-.■■Uiw 'UI ?»«. K“ 1 icucws uvn rionMiklakine Momanc'allaw. 

HKSlfl each, and reported a months to August 31. hypermarket sUfVVP ' costs, ft underi5S^ri»i£^fr 

fSSSS^tST SL H 2? , 5 I fuViw increased- by 46 per gj dealing opcUhSs It 

SS fr • Am-***™™ .helped range of retail banking 6er- 


aulhoritics pushed up the rales cent for 150 days and S.85 per rent from 7}-7ft per cent. Three-month ^ old Tnse 5* to 5222J-223{, a 
on Wednesday by making matched for 180 days. High grade com- money stayed at 7,V7l per rent as a frtjri y q^et morning. \ 
.sales but refraioed from Inter- merical paper traded at 8.63 per did the. six-month rate at 75-8 per trading picking up in the a 
ven ing in early trading yesterday, cent for 30 days. S.70 per cent for" vent. Twelve-month funds were noon M'ben the New lork nffl 


However conditions remained un- 60 days and S.SO per cent for on slfehtfy easier at S!-S* per cent opened. The metal was fix* 
easy days. against Sj r «4h\ per ceni S223.40 (£112367) in the mon 


easy 

Treasury 


■ iviisutj oui.-> were ume FRANKFTTDT r’^11 AMSTERDAM — Dutch rail an d at $222.70 (£112-333) ^|| 

changed with 13-week bills at un^4ed^t lfo 3 50 pe r rent moncy remaio « d firm at 20-22 S afternoon, before rising «• 
8.20 ner cent un si isht.1v from S.tR 1 . fitrr rent ...ll. nn ns nvnrri dasine tevel. , 2 


Japanese plea 
on Securities 


L uj LUC cuu U* IIIL- luiuai pilose ui ornmre markptr*»rc arp ctartino 

1 the . hypermarket estabUshment p?raar- 

- 1? smss3s-«5 

by g . peT ^ where market saturation is fast 


TOKYO. Oct- 5. 


j ing new outlets in-tepires where chin „ 

! j£S5jass2f?j 


a um 1 v, U«.- 4. .i »hi> '-nlifia VnnM Kn ,L.-- V x-uc plaflQed thnlSt UtfO black 

JAPANESE SECURITIES com- • be . re a?lu a S ^ .Residential areas is having to be 


ponies are asking. the Fmahce 
Ministry to expand (heir frame- 
works for broker trading In 
the Gensaki market. 

This is a relatively . free 
Japanese market where bonds 
are traded under repnrehase 
contracts up to six months? 
local securities sources said. 
Renter 


..„j . ,.r thp'rftSirf - - .resmeaudi ximj la U4»i"e 

end -ox the road. . .. ... re . lhoU g] ll afler its partnership 

• The estabUsbmenU ' of hyper- offer to NAFCOC. the National 
market^ Ut South Africa does not African! Chamber of Commerce, 
follow y tike. European pattern, was rejected -earlier this year. So 
wb ere : o-flir ofi t a b i U ty is ".'-only while rooni for turnover growth, 
aebieved-after some two years. ' is seen. ■with. plans for five addi- 
The ^ cat-own ing South -African tional hypenu'aTkets by the Feb- 
house wife can be more flexible io -ruary-2S financial year end. sub- 


vices. • . 

About 2(1 forcijrn-ovvncd 
finance hoqcrs — inclhding 
National- "Westminster, as 
earlier reported— have taken 
np fair hanking licences since 
the Goverrimenl ended Its 12- 
year moratorium on new banks 
In March.' These are now con- 
verting. their operations to 
compete with the 74 banks 
which received permission to 
operate earHcr. 

Meanwhile, Midland Bank 
has announced that it is to 
establish a Hong Kong regional 


L 20 pe n r “ nt "PsJteW fpotn , ! *?* as MsVmoSh money atlE «*nt “compared with 20-25 per record dosing level. 

, ,a , 1 * 3^ 3-65 per cenL The three-momh cent on Wednesday while the one In Paris tte 121-kWo gold 

week bills unchanged at 8.40 per showed little movement at an< * three-month rates remained was fixed at FFr 30^50 per 
! 5? n *-.__ l ? n S* year . b iU® were 3.93^.00 percent white six-month at 1&_17 P er cent and 11I-12J per (S22L93 per ounce) in the a 


ni are ina I ly firmer at S-J per cent money rose slightly to 4.0-4.1 ner “® reapccnveiy. oix-monui noon, cn 

against S^2 per cent One-month cent compared with 4.0-4.05 ner mone y was slightly easier at I $221 .64) 

1 certificates of deposit rose to 8.80 cent on Wednesday. Twelve-month 9 < _9 3 P er cent against 9J-10) per FFr 30,5 
per cent from s.u per cent while money was also stichtiy firmer at cent Previously. aftemom 

two-month deposits were emoted 4.13-4.25 per cent from 4.15-4.2 per -.BRLISSELS — Deposit rates for 

unchanged at 8.01 per cent Three- cent previously. At its regular the Belgian franc ^ ^(SmmereiaU 

month certificates edged up fortnightly meeting, the Bundes- remained ■ firm with nno mnnth 

slmhtly to 0.10 per cent from hank's Central CoiScU dec!SeJ?n LZ at ^73 2? r ceS "25 T TV 7 

9.06 per cent keep credit poiicies unchanged. SSm at 7% ?S £t ^ 


per cent and 1IJ-12} per (S22L93 per ounce) in Hw- i 
respectively. Six-month noon, cmnoared wjtb FFr 3 
was slightly earicr at l$^i-64) in the morning. 



9.06 per cenL 


UK MONEY MARKET! 


r. Twelve-month 9 J-93 P er vent against 9Hof per FFr 30,500 (522158) Wednft* 

ichtly firmer at cent Prevniusly. afternoon. ? , 'i i -e, 

rom 4.15-4.2 per BRUSSELS — Deposit rates for *« ^ 

At Jta regular the Belgian franc {commercial! r, I q a ll if 

B. the Bundes- remained firm with one-month 0ct - 6 ! zt - i 

te. L n .™ ney at 7 5' 7 3 per cent and U o;,« m u .,cu, ,« i - ft*, tt, 

"* unc * 1 * ln ® e ^- to 8 -m 0D .b at 71-st per cent . . 1M|W Qf U 


’ her choice r of shopping centre and /sequent growtt rates. _may be representative ofiBce on October 


Pick' V Pay’s experience Is that ‘slower! 


STRAIGHTS 

Alcan Australia Fipc 1984 .. INI 

A?IEV Siw 1*7 9*i 

Australia ilpc IPK . . . t:» 

Australian M. & S. 95pc 92 M 
BarcJars Bank Sipc 1932 .. P«J 
Bowator 9!pc 19BC ... . 17! 

Can. W. B iilwajr Sipc T9S8 l.ii 
Credit Rational P-pc IKS... PM 

Denmark S!oc I9*< 97 

ECS 9pc 1993 99 

ECS Si.-< 1997 934 

E1B SSpc 1992 fiti 

EMI 9i|K I*** 9L-1 

Ericsson Pipe 19S9 9« 

Esso Spc 1*8 Nov. £?! 

Gt. Lakos Paper R5 dc I9S4 l '7i 
Damorsfey B4pc 1992 .... inn 

Hydro Quebec 9pc 1992 ... 97 

1CI Sipc 19ST Ml 

ISE Canada 94 pc 19SS 101 

Macmillan Blocdel 9pc 1992 17S 

Massey Fcmtstm 9ipc '91 

ATlebelin 9!oc IMS 991 

Midland InL Fin, Sipc "K MI 
71.-inonal Coal Rd. Sdc ifisr 93 
Nad. Wosunlrwrer 9pc I9W ion 
NaU. Woimnatr. 9pc ’88 ‘B‘ ;i«ti 
NcirfoundJaiid 9pc 1MI ... 9* 

Nordic Inv. Bank S!dc 19s« 97 

Norses Kom. Bk. SJpc IW2 n.t 

VnrplDO 34pc 1999 nr. 

Norsk Hydro Sjpc tOM . ... u« 

»flo Dpc W** nrij 

PONs AUlQIKHlh'9 np.- 1991 
Pros’. Que-ricc 9pc 1B95 .. !M* 

Prnv. Siiskalchwn. ?.Snc 'W5 971 

Peed Intern r tiofial Ppc IS?" 7? 

KHM Fpc i r '!*2 

Selection Trust Sine I&9 9lj 
Shell Inil. Fin. EJpc 19W ... 9> 

Skand Ensknda npe 1991 m 
SKF foe VK7 . 9H 

Sweden tX'dnmi' Sip-: 1997 ss 
Unli»>d BisdiKS 9pr 1P?9 . 

Voire Spc >(&* March ... .. 92 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS » 


£0 HVERT 1 Bt.es 

American Espress -Ur? 'FT 32 
Babcock A Wilcox Tp; -92 1W| 
R.’atnce Foods 4‘iw V»2 .. ost 


, * NOTES’ ‘ . 

Australia T*ne rw .. .. 
9S5 o-’ll Canada Tine 1957-.. . 
9C1 Br. Colombia Hyd. 7jpc 

Can. Pac. Sipc 1954 

.. Dow Chemical Spc I95A ... 

ECS 71pc 1SS2 

,Js i ECS 3 ‘PC 1959 

9rt 1 EEC 74BC 1W*- — 

o~ EEC 7ipc 19M 

m Enso Gwtreil Bine IW 

naj Gotaveriidi 7: P£.. 13S - — — 

*31 Kth*ums -“pc 195- 

Mlchelin 19S3 • ••• •• 

,U.,5 Montreal Urban F.pe 1W1 


Now Bronawli* Spc 1951 

t. DrM <d ti,- ■ 


New Bruns. Pror. flpc ’93 


.oil New Zealand Sipc MSfi 

,1 11. T.r Rl- tot: 


nfi? Nordic lot. "JiW 1»S4... 

au Norsk Hydro 7«pc I!B2 

.nn Norway 7 Hie 1B32 .. . — 
htj omitrio Hydro ape 1»7 ... 
ngi Slnsir SS^c ..... .... 

,hn, S. ol Sen*. Ele*:. Stic llWI 
‘ Sweden lirdom' Tip- IIN2 
Swedish Stare Co. T.pc 

q7 ; Tdffl«x 9‘pe 

q;j Tcnneco 7Jpc 13? . May 


Bfd 

Dftw 


-«M ■' 

oner 



D« BUNDS ’ 



ni 

■ !>Ji 

Asian D-v. IL.nk 54BC 

P4» 

97 


or.i 

HNCE -fllpC.tSSf . 

1*4 

994 

y.’i 

9n* 

Canada -iiBC 1 9S3 ... .... . 

9«» 

"94 

5H’* 

n7 

Dcti XwsJte Ind, B4-. spc He 

ino* 

im 

94.* 

4M 

Prijisrie Bank 4!pe tSs.1 

9?f 

n? 

"41 

9-W 

ECS oipc I 

94 

91? 

<r:i 

S«i 

EIB Si pc 1990 . _ ... 

Pi 

94‘ 



Elf Aaucalne Sipc IMS ... 

941 

91» 



Enrarara ijpc l"S7 . 

9* 

9SI 

a.’-i 

M 

Finland .ilpc 19i6 

r« 

re! 

9ti 


FnrsxnsH-'5 a?pc 1990 .. ... 

■>71 

"Si 

ms 

4<il 

Mexico dpc 1951 

97J 

PS* 

FTi 

»*. 

Worcom Slpc 19^9 

inn* 

ini 



Morwar 4rpc 19=J 


99} 



Norway 4J»c 1*S3 

97* 

99} 

97* 


PK Bankcn a:pc 19PX 




S'lj 

Prov. Quebec 6 pc 1990 

a75 

PS* 


93! 

Hamarooldd 7jpc 13S5 


97 

P-.t 

ft! 

Spain 6pc 19«S 

9 r<l 

urt 


Eecdiam 5jpc 1992 . 
Honrs 67pc its: _. 
Borden ape I1B . 


ud:.i liu- .1(111 la One I [ 

nuneei . 1 J 

S2951-SS4 'SMf-f 

Muentraz »222i-S254 JS22M 

Vlominc 5225.40 

(£112.6871 

Afternoon fixing.. _ S 222. 70 1 823-5 

(£112.883- j(£112. 

Go»l (.Vrtnti 

tfavne-t icnlly 

hmsermnd 82S&S-S81J ,5S«i- 

|(£l 16-117. Ilflltt 
New .rkirerel«n*.„..8B21-M4 

<f£Sl4-&l'*l '(kA™ 


CheT7n-t 3pc I91-5 
Tlari ITpc 1<K7 ... 


-w- a . (ena-Bsa. 

Large assistance SSl: 

New .rkirerelKTu..^.'8B2i-64A 

Bank of England Minimum but as it turned out Wednesday's banks There wm ai«;n a ^ 

Lending Rate 10 per cent ?n,,f to comribute small net take up of Treasury i nni ^> s ‘mSS-rL j(£5W 

, 11M , to -o, somewhat to creating a shortage, bills. ; G™.i Coin* ' ! 

(since June s, Discount houses were paying in the Interbank market over- ,n, « rr, »*K"ia"i i - I “ 

IY TO day credit the London 


DAY TO day credit in the London call loans at the start and c 
money market appeared to be in balances were taken betw 
short supply yesterday and the per cent and 6J per cent. 


Ford 5 dc I9S- 

General El.-tanc 4 ^ pc 15 C 7 


^ : * Tw K pe ^. ccm a , na P» r ccrn - fluctuated between 81 per cent ,J,d ^renuam. .Sc(U-.3 

Mi auth.inlies intervened by buying The market was fared with an and Vfbre do^fn-. 

75* a larcc amount of Treasury oiUa. excess of revenue transfers to the balances vrere laken ar J *? «'7--i- 

ts rill direct from the discount Exchequer over Government di.^ e^Jt. taJccn at 4 per cent | Lf 1?!. 6 ?'!*! 


:iil direct from the discount Exchequer « 
houses. InirtaHy conditions bursements 


il. nouscs. imrta«y conditions bursements and run do*n »V.«Lc u.. 

” Vointvl towards a rather fiat day balances brought forward by* the no ShS *** 


So 84,101. 


„. ; 3e(U-i2i 'Sri* 4 

...|SJ'7.’I ■ 
„SI69-U« iS 1 ®-] 

I8U1B-II& /fWf- 1 


LONDON MONEY RATES 


MOREY RATES 


ITT 4ip<r LIST 


j titcriliig 


94 i Traadhetm 5Jpc 19S9 

KK TVT> Power Co. floe 18 S 8 
97! v«ie»el* «PC WSS 


STFRUKC BONDS 
injl Allied 5ww>«« ISioc 

«n* Citicorp iopc 19m 

97 rnortaulds 91oc 19-9 . . . 

9S E«» Kpc til-3 

•K F.FB Wpi? ll*# 

9fl* E1E 9ipC IM? 

Ki Finan.-p (nr Ind TTk 19*7 
nsj Finance tor I ml Wpr ins? 

93* Flwas UJilW I3?7 

K* Gesiemrr Up: 19*1 

#11 WA l*ne U , P« 

ir- nowotre* Ifipc 193S 


34 FLOATING RATE NOTES 
S5 t Bank cl Tokyo 1984 Pipe ... so* 

V* BFCE 1354 P'k.K °*k 

« BNP I9S3 S5»PC 991 

BCE WortK 1995 9ac !W 

CCF 19?5 ?Src ... vsf 

fll* Ch9» glilM'S T: 95[5pc 

bi Cnslltansjali 19*4 Sine 99 

&M DC Bant is*: Bpc .... **i 

«i»j czb inn 9 :pc *wa 

w: Iml. Wewmlnsier 19=4 ?oc Wl 
n;i Llnrns 199-7 SlTiCtiC . ... Wi 
0, ITCB 13S9 !ll|k|ir VH 

»nrfian4 nw. fs ■=? kbhpc *-i 


9jJ Midland ir.t FS 9*1 ?7>P1 


Nat. WpstminsD. '99 #Siapc 4!* 


BJ( SeftH iBiTC 19S3 


Ml OKB I9SS Me? 

#11 SXCF 1865 9S»pc 


Source: Vriute w>'4 s&cuRCoe. 


Koran nn Tine liwo”!."!”.!" 159 
J. Ray MeDcrmoti Cpc -57 137* 

riimsiilia Cine vwn ml 

Mli«iri 7jnc IWfc) . . . j.Trii 

4. P. Mtman 4!nc l»T T» 

99 * Nabisco 5tpc llRv jU#‘ 

#91 n>-rns n'lnols 4 -k itff"" ]|# 
»! J. C. Penney 4 >m 1*137 " ?t* 

9SJ Rfrion 4ioc tin? ' ' j.il 

"81 Rrynoli3 MCtil> ’.dp l«c c7' 

99 Kardcik Clrc 19s? ... ; ,j 

»» Sperry Band 4fjtc IP57 ... 

1» Sambh 41W 199; . flj) 

;wt Teviro 4Jpc ISS 3 ...' ““ *54 

«• Texas Inf. Airlines 7'pc -At «* 

1«W3 Tbs&‘>i S;n>- 199; .. 141 » 

Ti* Tr Co. 5pe 15S5 ] . 731 

*>S« T y Co Stnc ti*« ... iff« 
’->« Tnron carbide lire ’.TEt e=- 

» V’arrrr Lara*y>n 4*m: vs? sff 

W’am-r Lsr-h-ri 4jp- lass 73* 

99 Xeri* 5 pc 19* ri 


Crrti Rente Inter hank j Autburity neKoliobJo 


of dfpre.it 


PI nance 
House 
Depostla 


-i 3 Oimljhl I — 1 4 -B&» 

117« ?doyn — I - 

! *1 7 dnye >-r ! — j - ' 

' n ’4 7 dure fiottde..; — ! 85g-8te 

Itil* ftnif munlli....l. BA-0A Si’^-S.V 
78 r*.. in-nlbf.. ' 9,i-Bl3 I . 9la-9^ 

'Si Tlirta- naunllia.i S?b 9 rk j 9 T *-lO 

Si'emontfis....; JDJ3 IUI4 ! IQ!o I0«i I 
‘JjL Nine inotilhP..i IQis IOr, r I 101- ICoa , 

S, ywycar I lOIj IO#j I left 10 1, 

"1* Ittll T-rtU-B... .1 I ' 


Discount 

'Jo m puny market Toeawify 
Deponite depusil BUIb# 


NEW YORK 


Bank PlneTnute R ? Ie 


« 

- >.7 


ti-9i, Oia- 10 

J 0ii-9i, 

BS.-10 I Oia OT e 
94t ZOl« I 9iB-10fla I 
1 10sg KM* I 

lOia-UmE 10J8 101» | 

lUellSn ■ I 


I BV87 8 j 

j 87 a -9 j 

I o^, i 

llOU-10^1 


J Treasury Bilb"'r»erMk)' H 

_ I Treasury Bills <2S-week> — M 


j 

®A4i| j 

i 


GERMANY 

Discounted Rata 

OfernWit 

One montb ...... 

Three months ... 
Six man ih 


FRANCE 

Qtatouni Rale 

OvcjTldll 


Ub.u 1 authornr kiuJ flnamr Ihiuscb «wwi days’ nociw. oth<-ra scren daw find - ijm^i* t Prt n local nv crrlchr 

nUAMinMlb' djr« years nMli p-t eem; four yifare Ui-12| per cm: fire yean istmSr Jf hewiTJ^SS* i 2? e memh 

arc bu ying ra tes tor prime paper Buyinp rate tear-month bunk bills te Per (mr-nOTilh trade bills 7B|* j ShT*™]!!!!?™ 

cent: 2nd hiiunnnh UUn nu rpnr I ^ * mMltll 


„ Approximate rates tor mmi Hfei 8 ol ami ™ J2. i 5E. e,,nt 

«* 94-9 per cent. AporoxlEiarc seUKw rate- lor ooe-mmuh bat* bine » ' it W j^pir 

L- nmHwnonlh pi per cetw One-mortb trade bills 9* ner com: two-momh M iff 


Source. Kidder, Peabody Secoriae*. 


i; »br<v-norrih -w tx-r cem One -month trade 1 
^ Hm,s e R«« <pi*Ushed by t 

78* DtBMh Rotes Tor small 9um« »> seven 
i. Bills: Aver as* lender rales of dlscarat 9.1K8, 


rv,” lwo ' raon “ « «*» sS 'also rti^rnm Ti K ££ ^ i JAPAN 

r^Sall* wSp ^ per c«it from October L 1578: Bank Our.ouni Rate 

“«“> 6.7 Per cenL Clcsrias Bank Bose Ruh far Jendnu lA ner rnm Call innrmvi.r 


JAPAN 

Diar.our.i 


Bank Base Kales for Jeodou'10 per CCOL Treasury Cail <011000411101131) 

•- 1 Bills .hlseount Rare .. . 




‘rr-*r. 


m 





7--J 


fci&v 

. ■ 

a . ■■ ' i 

?-K': .: 

‘it ’-'.-4 ‘ ' 

fSj : : •■ 

» 

fci'f - : 

.... 


ENERGY REVIEW; IRELAND 


BY BRUCE ANDREW5 



pinned on the 



r-. 




* 

as ■ \r ;: ' 
: ‘. tv; 

M . . t % ■"■' 

as 

w 




s 


• CuP.n 5* 


at i--.- 

■kS : ^ 

Si" .1.' 

i* 

* 

» 

(R 

35 .... 

« 

** i :.. 

H 
S* . 

4* ■ 

■*T 

•3 

iS3‘ ' 


COMPARED with the UK, 

Ireland appears to . have been 
endowed with only vary limited 
natural resources. The UK has 
coal reserves to last- for 
centuries: Ireland has. virtually . 
none, while Britain has been 
fortunate enough to discover 
abundant reserves of North Saa 
„ oil, Ireland has seen 51 wells 
a, drilled in Its _ offshore waters' 

\ since 1970 with no better result 
.’"'v than non-commercial indications 
^ of oil. One small gas field has 
7 Lr been discovered and brought 
') 5 into production at Kinsale Head, 

■* -lij? off Cork coast- This will 
'\.;£ ^ sooo supply -^bs equal to 15 per 
£• cent of Ireland’s present energy 
'/ -I? requirements, but until this i* 
s .$» month there was little else to 
< :£• show for the exploration f'-T? 

- ;£ programme. 

. i': ' •• is 

' : t t ‘ An announcement this week, 
however, brought some hope 
that the energy balance between 
-NCy tjr. the two countries might some 
— ~ •«/ day become more equitable.” 

Jf- Phillips Petroleum reported 
^“that oil flows of up to 730 

^during 5 tests ^itT well S/8?ln haT? been 331(3 aban- the existence of suitable reser- find it interesting— to put it at 



The semi-snbmersdble drilling rig Sedco 708, which drilled Phillips' first wildcat exploration 
in the Porcupine Basin 100 miles off the west coast of Ireland 


^ the Pornminp Troueh 105 miles doned without testing— Elf- voir rock of adequate thickness, its weakest.’ 
¥ “est ofT IhlZn ^^ Aquitaine’s 35/2-1 W not oil-bearing, and now 0)1 „ mp 


7; After the unpromising results 
;i obtained from the • Irish Sea, 


rn „ . ... companies have spent 

Aran consortium’s 26/22-L there is proof of the existence bet>veeil £aom and £70m explor- 

Elf-Aouitahre reported only ** 0l L ® ltho “f h not in suffi aen t j n g in the Irish sector this year. 

quantity to be commercial. n % estimate(if and j g per - 



>•;... - 
l.b-4-Pt 
5. : 
> - j 

<,-• 

ffiC - 

sv -* 

2s ■■ +-r> 

_»'r» . 

*"M ..-1 . 

LMt-j.i. 
*.*<•'.=> 1 
r -if *. -• 
5 ifr-ff ■.- 


is’ now regarded as Ireland’s discovered. 

1 best oil chance. But exploitation These announcements come ^ nffiri . l5 aT . ft _- int ollt - .The .Government, on the other 

_ of an bU deposit in this towards the end of an Irish th^ th^ if o^ tf^ second h,n J “J ““«?“».»“*■ 

turbulent Atlantic territory drilling season which, with 15 the Porm- ^ rar ^ se °2 bIanc ® of enthusiasm 

would present . formidable wells spudded in previously un- ■ -® d th tb pbnijns well ,n ltS efforts tD maintain the 

technical problems, soluble only explored ter^ory has seen ^only ^SespuddeS ^Tand^fiSO ° ratl0n “ 

at high cost,, and couid be Europe s largest, programme of j Q arpa 1Bia ana iuau. 

justified only by an excep- genuine “ wildcats ” this year. * ■ Continuation of the explora- 

tionally geiod discovery or a Of t4 wells completed, only one. The Government is also progrumme a t a high level 
^7" substantial improvement in the the Phillips well, has revealed f^5 ou - T ! a ^f. d -,.^ y is important to Ireland. Current 

- real price for ofl. 


oil in any significant quantity: the oil Phillips found. It was 0 jj consumption is about lOu.GOO 
The ' 15th * well; sank by sulphur-free crude, of 34 barrels a day— a relatively in- 

Deminex on block 35/6^ is still degrees API. similar, to North significant quantity to a large 

at an early stage. and comple- Sea °” “d of -the _ type which industrial nation but represent- 
. tion is! not expected until late commands a premium on me j ng ab out 75 per cent of ire- 

7 „Jh. e fl0 . w r ^ te r * “ rd £? u November, perhaps .even De- market. land’s total energy consumption. 

~ _ ,? s . 35 , offS , h °5f cember. ' The oil companies have' little Even a producing oilfield which 

Yet. altough the news is not to say but appear to be less was small, by North Sea 


Water depth 


- standards and Phillips has been 


- - at pains to emphasise that the E0 ^ d “ bT WorSe. The optimistic. “ But I suspect that, standards, could meet Ireland’s 

SSSb' vrtiitever they may. say publicly, entire oil need, end prod-. 

■ dal esp^ienHn ^ldlW^ by the Phillips- ^11,’B.eintains the, «e prlv.tely very en- changes m energy strategy. 
Sater dS driiled-a den£ its «utlou* optimism. Officials rouraged by what has been seen 
far bevond that found in ^v P^mt out that all the conditions this year,” says Ireland's NUCkar 

y S.™ LS SLiS-ifK which favour large oil'accumu- Minister of Industry, Com- 


•S-. y • 


North Sea field currently 
.thought to merit development 


J ar g 0 

lations have been forad in the merce and Energy, Mr. Plans for a nuclear power 

Porcupine^. They -Stress that Desmond O’Malley. “ Certain station, says Mr. O'Malley, may 
— — As if to reinforce the truth seismic surveys have shown the wells have been drilled which pass the point of no return in 
that Ireland’s search^for oil has area to bear a remarkable' re- have been technically 1 dry ' but about 18 months. It would be 

— 1-jnot yet been successful, the semblance to the prolific Viking have nonetheless caused the ironic if Ireland foond itself 

• Phillips report was followed Graben sector of the North Sea companies who drilled them to irreversibly committed to .the 

' - this week „ by even less and to contain: a number of come back to us to look for production of nuclear power 

. encouraging- news of rwo more large structures which could- be- territory- nearby. -That, to my only to find it (jid not need it. 
; Porcupine wells, both of which oil traps. Drilling has revealed mind, is an indication that they So [Car. about five wells are 


certain to be drilled in the Irish 
sector next year. Companies 
committed to drill are Elf- 
A'quitaine, BP/Aran, Amoco, 
Chevron/ICI and Gulf. 

In addition. Marathon and 
Esso, both of whom have large 
acreages under licence off the 
east &nd south coasts, must drill 
previously undrilled blocks next 
year if they wish to retain them. 
Amoco has rwo Porcupine 
blocks under option until the 
end of this year. If it takes up 
the options it must drill one 
more well in addition to the one 
to which it is already 

committed. 

These wells could brine next 
year’s total to ten or more. 

It also seems increasingly 
likely that Ireland will award 
further offshore licences within 
the next few weeks. As the re- 
sult of interest engendered by 
the Phillips find, small as it is, 
and with the need to give new 
licencees time to consider their 
1979 drilling plans, the timing 
would be right. Officials say that 
active discussions are in pro- 
gress with oil companies over 
licensing, including some com- 
panies who have never before 
drilled in Irish waters. 

The. Phillips find, moreover, 
will enable the Government 
more easily to resist the temp- 
tation to snften the licence 
terms. On the face of it, the 
terms -of existing licences, othpr 
than the earlier concessions held 
by Marathon and Esso, are 
tough. Tbe state is entitled to 
demand a full equity stake of 
50 per cent in a commercial field 
and government “take” on oil 
profits could be as much as 78 
per cent. 

But the Government is eager 
to point out that these are maxi- 
mum terms and that the Irish 
rules are distinctive in their 
flexibility. The Minister may 
reduce royalties or settle for a 
smaller participation percent- 
age. He may even abolish both 
altogether in the case of a field 
which might otherwise be mar- 
ginal. Mr. O'Malley stresses that 
he has- no need or intention to 
change the licence terras materi- 
ally... but implies that the Gov- 
ernment would readily reduce 
its demands should they imperil 
a field's development by making 
it unprofitable to the licencees. 
“What might be appropriate for 
a find a few miles offshore 
might not he appropriate for 
one 100 or 125 miles offshore,” 
he points out 


The time for new Irish 
licences may also be ripe be- 
cause the oil companies are 
finding the conditions posed by 
the established North Sea oil 
nations increasingly irksome. 

Licensees of UK acreage, in 
particular, are concerned about 
the way the British Government 
has changed the rules— the 
recent proposal to increase pet- 
roleum revenue tax is cited as 
but one example — and by the 
stringent terras imposed for- the 
forthcoming sixth UK licensing 
round. 

Sixth round 

Mr. Johnie M. Ouzts. executive 
vice-president of Hamilton 
Brothers, was reported last 
month as saying that his com- 
pany. .operator of the first 
British offshore oilfield to come 
on stream, the Argyll field, 
would probably not apply for a 
licence in the sixth round and. 
after drilling two obligatory 
wells, might cease exploration 
in British waters. 

The need for Britain, with 
proven reserves sufficient to 
meet its oil needs for some 
years, to maintain tbe explora- 
tion momentum is not as great 
as that of Ireland. 

Ireland may one day -be able 
to afford to take a harder line 
with the oil companies. It 
would dearly love to set up its 
own oil corporation, indicates 
Mr. O’Malley. But it would 
probably not be on tbe lines of 
the British National Oil Cor- 
poration. he adds, rather it 
would be more akin to British 
Petroleum — an entirely com- 
mercial body with a state 
majority shareholding and 
private shareholders as well. 

The great day for the Irish, 
however — the day when a com- 
mercial oilfield has been fully 
established — has not arrived yet 
If (some would say when) it 
does, the impact on this small 
economy would be dramatic. 
With one modestly sized field 
enough to meet home demand, 
Ireland might quickly become 
a. net exporter of crude. 

This happy position would 
present an outstanding oppor- 
tunity to raise Irish living 
standards,, still among the 
lowest in Europe. 

Hence there is an overwhelm- 
ing incentive to encourage off- 
shore exploration activity. It 
seems likely that Ireland will 
remain Europe’s leading wild- 
catter In 1979. 


AFINANCIALTIMES SURVEY 



REPUBLIC 

SEYCHELLES 

NOVEMBER 11 1973 

The Financial Times proposes to publish 
a Survey on Republic Seychelles on Satur- 
day, November 11 1978. 

The articles will discuss the island's 
general economic situation, and the 
future of the main industries. 


Tourism forms a major part of the economy 
and this subject will have special attention 
both from the view point of the tourist and 
the potential investor. 

For Further information on the editorial 
content and the advertising rates please 
contact: 

Nicholas Whitehead 
Financial Times. Bracken Hou«*» 

10 Cannon Street, London EC4P 4BY 
(Tel: 01-348 8000 Ext. 7112) 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys m 
tbe Financial Times are subject to change at the 
discretion of the Editor. 


The war that never ends 





We British are a peaceful people. When a war is 
over wc like to consign it to the history books - and 
forget it. 

But for some the wars live on. The disabled from 
both World Wars and from lesser campaigns, now all 
too easily forgotten ; the widows, the orphans and the 
children - for them their war lives on, every day and 
all day. 

. In many ca scs, of course, there is help from a . 
pension. Bui there is a limit to what any G ovemment 
Dcpa riment can. do. 

This is where Army Benevolence steps in. With 
understanding. With a sense of urgency : . .and with 
practical, financial help. 

To us it is a privilege to help these brave men - and 
women, too. Please w ill you help us to do more? We 
must not let our soldiers down. 


The Army Benevolent Fund 

for soldiers, ex-soldiers and their families in distress 
Dept. FT, Duke of York’s HQ, London SW3 4SP 


*«r- 

1 


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s'. 


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Geobanking. 

A massive copper mine in Mexico. 

A nuclear plant for the world's largest power 
company. 

A shipment of grain for Elastem Europe. 
Geobanking. 

It is money moving and working around the 
world. 

It is.the Manufacturers Hanover way of 
worldwide banking. 

Unlike most major international banks, 
Manufacturers Hanover does not enter a region 
or a country with a rigid operational philosophy. 

Instead, it adopts a way of banking that works 
best for a particular place at a particular time. 



Geobanking. 

In some countries, it dictates the opening 
of full-service banking offices, such as the 
Manufacturers Hanover branch in Frankfurt. 

In others, it calls for the setting up of a 
specialized subsidiary, such as Manufacturers 
Hanover Asia, Ltd., the Hong Kong 
merchant bank. 

And elsewhere, it may mean reliance 
on representative offices working with- 
indigenous banking systems to form one 
of the most extensive correspondent 
networks of any U.S. bank. 


Geobanking. 

. It is wholly responsive, since it fine-tunes 
banking to national and regional needs. ' 

. It is flexible, admitting swift adjustment to 
changes in prevailing conditions. 

And Geobanking is synergistic, enabling . 
Manufacturers Hanover to marshall strengths 
from the worldwide resources of a $35-biilion 
organization. 


MANUFACTURERS HANOVER 
Thebankirigsouix^Wxldwide. 

Headquarters office: 350 Park Avenue, New York, PLY. 10022 










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30 



CONSOLIDATED* STATEMENT OF CONDITION 
AS AT 30- JUNE 1978 

(IN MILUON ESCUDOS) 


• — incJudmj Pwiupai Mqaimhlqu> and France 


ASSETS 


LIABILITIES 


Cash and Due from Banks 

8 574 

Deposits 

62 025 

Correspondents Abroad 

2 537 

Sundry Creditors 

20176 

Bills Discounted and 




Loans (a) 

73177 

Capital and Reserves 

2 373 

Securities 

3 815 

Provisions 

1 821 

Other Assets 

6008 

Other Liabilities 

7 716 

Contra Accounts (b) 

78 094 

Contra Accounts (b) 

78 094 



172 205 


172 205 


(a) — tt va MHfcpn escudos of rediscount mcJutterf 
(N — IS ?0J wajKVi ■5WKJOS Of rerJiscouni not inducted 


CONDENSED BALANCE SHEET AS AT 
3T DECEMBER 1977 

UN MILLION ESCUDOS) 


PORTUGAL 


CONSOLIDATED" 


/* 

1976 

1977 

1 


4 e*7 

643* 



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3664 



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139 iCJ 



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2 34? 



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1976 

1977 



6325 

6923 



1C91 

2204 



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2 805 

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4655 



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116 323. 

150 966 



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4 145 

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1 16 £23 

150 8H? 

J 


BANCO PINTO & SOTTO MAYOR 


Head Offiee-Rua Aurea, 28-LisboivPortugal 
International Department-Av. Fontes Pereira Mela,7/13'Usbon»Portugal 

PARIS-DUSSELDQRF-MONTREAL-TORONTO 



The way we cherish skills 
is me way we % 


The art of the calligrapher has 
always made him a highly esteemed 
figure in Japan. 

Today the young still gather at his feet 
Such a willingness to learn continues 
to colour ail aspects of Japanese life. 
And nowhere more so 
than in Japan Air Lines and our 
training facilities. The six-month 
training of our hostesses, 
considerably longer than any other 
airline, is just one example. 

But one that helps explain Why the 
service they provide already persuades 
more Europeans to fly JAL to Japan 
than any other airline. 



MPJUV Am UNBS 

We newr forget how miportantyou ane. 




j/ 


.V.. ' ^cfej rimes Friday 

Martin Taylor dbcusscs Contlncrij al Illinois’ investment analysts survey published t^a^L 


Stockbrokers and the 

analysing the analysts 



IN THE space of a few years. 
Continental Illinois 1 annual 
tables ranking stockbrokers 
have become, established as the 
event of the year among the 
small, clan of City investment 
analysts. Upon the. tables de- 
pends largely not only the 
reputation of each firm but also 
the individual earning power of 
the analysts themselves. 

The most striking feature of 
the overall ranking of stock- 
brokers is that of the eight lead- 
ing brokers in this years list 
{three tied for sixth place) ail 
have finished in the top group 
at least twice in the past three 
years. But it would be a mis- 
take to conclude from this that 
the business is anyrhing less 
than intensely competitive. ' 

It is ironical that a survey of 
<tn industry which prides itself 
on statistical sophistication 
should be crudely based on the 
subjective assessment by fund 
managers of the usefulness of 
analysts. That the anaiysts are 
useful is un eon tested; fund 
managers agree that the service 
provided by the best analysts 
has improved enormously over 
the past few years- There is no 
temptation to run indexed funds 
weighted, as in the U.&, accord- 
ing to a set formula between 
market sectors in absolute dis- 
regard of analysis. .The indi- 
vidual rankings by sector sug- 
gest that there is now a rela- 
tively small and settled pool of 
experienced researchers: bro- 
kers maintain that it is much 
more difficult to make a reputa- 
tion now than it was a few 
years ago. 


Obvious benefits 


The benefits for the more 
successful research brokers are 
obvious. ■ Fund managers do 
appear to try. to reward work 
that impresses them by giving 
husiness to the Arm concerned, 
although dealing skills remain 
a vital criterion for the institu- 
tions. It is difficult to calculate 
the cost-effectiveness of an 
analyst's work — but even more 
difficult to find a major firm of 
brokers that would consider 
cutting back on' its research 
department. 

This -being said, Ihe styles 
vary considerably.' This year's 
winners, lames CapeJ. ' and 
runners-up. Hoarc Govett. both 


offer their . clients virtual . 
blanket coverage of the UK 
stock market sectors, although 
only 13 of Capel’s 20-odd 
analysts cover British Industry" 
against 20 nut of 30 it Hoare’s. 
Other .firms, such as Kemp-Qee. 
which finished third, have built 
up a reputation for. expertise in., 
relatively few * areas. ' in 
Kemp-Gee’s case food retailing,, 
building materials, electronics; 
and pharmaceuticals. Smaller: 
firms can make a mark in one 
particular sector— Vivian Gray 
in textiles is a case m point. 

The increasing sophistication 
nf the analysts’ work has guue 
hand-in-hand with more 
demanding standards on the 
part oF the institutions who use. 
ir, The distinction between a 
broker's salesman and a broker's 
analyst is, for better or. worse, 
dissolving as the major fund 
managers expect to speak direct 
to the analyst — expect, indeed, 
to have fairly continuous con- 
tact with him. The institutions 
have varying needs — the largest 
use their own first-line analysts 
who make company visits, just 
as the brokers do. and -supply 
their employers with informa- 
tion parallel to that which they 
receive From the brokers. They 
develop tbp highly important 
secondary skill of interpreting 
-not -what the company .says 
about IfselL but what the 
analysts say about the company.: 

It is a commonplace observa- 
tion that fund managers are 
interested in only half an inch 
of the one-foot thickness of 
paper that lands on tbeir desks 
every morning and there is 
certainly widespread grumbling 
that the multiplication, of 
material and advice is wasteful. 
Little is likely to be done about 
this at the moment: what is 
more significant is that; in any 
given sector there may be only, 
say. six analysts with a large 
following {certainly, the suces- 
sire Continental TliLnois -lists 
suggest this) and that a very 
large number nf fund managers 
may make investment decisions 
nt about the same time nn the 
back of three or four’ circulars 
which they hare a FI read. It is 
really not surprising that msti- 
tutions act in concert when they 
receive identical advice, simul- 
taneously. From the acknow- 
ledged. experts in a particular 
field. To what extent this makes 
'■•um'’ of 'h? forecasts in 


brokers' crcul.rs WMUUMW 

^° ,her £5S£ — « 

JSSity over the short tero. 

h “ liKle ,„«-lem“ p "rtfoto 
suatsffc '“-^institutions 

S™Nooncisn a lvoeoo« ? h 

say they detect some movement 
aJay frem the assessment of 
huw « particular sector will per* 

the medium term back to 
analysts of the chance* . of par- 
ticular companies within the 
:= which on a longer view 
becomes a question of 
but the survivors Not sur 
prisingly, increased weight is 
now given >o studies of p°r 
porate cash flow and 
On the gilts side. po!iti«l 
economists have been taking 
over from econometricians 

What trends are developing 
at present are harder to discern. 
The institutions, which waste no 
time in telling brokers exactly 
what they want, have shown 
little interest yet in the calcula- 
tions of return to risk ratios 
that U.&. analysts ■ consider 
indispensable. Chart analysis, 
meanwhile, is treated with 
caution. Some fund managers 
confess shyly to “keeping an 
eye on the charts— no more than 
that." one expressed anguish 
that “ more and more brokers 
are wasting our commissions by 
hiring expensive chartists to 
write garbage at ns.” James 
Capel employs a full-time cur- 
rency analyst and. like more 
and more brokers, a slaff to 
■study overseas markets as well 
as encouraging their individual 
industry analysts to look at EEC 
as well as British firms. Utilisa- 
tion of output capacity by 
manufacturers is a relatively 
neglected area that may come 
in for mure study. 

Legislation on insider dealing 
might have some effect on the 
. presentation of brokers' reports 
about particular companies: 
some brokers fear that it might 
make contact between analysis 
and companies almost impos- 
sible. leaving them to rely 
entirely on published informa- 
tion and outside sources. Others 
argue that the large companies 


on which institutional liiteres 
is concentrated already have, ft 
highest standards and are ho 
given to dropping profit , 1 ^ 
casts over lunch. 


Confusion 


A more serious threat nigh 
be posed by any move towani 
negotiated commissions., Thar - 
is general agreement that -ft 
U.S. experience, wift- Berigj . 
small firms going to the ^ 
must be avoided, but some ^esa , 
fusion as to bow this inig^' 
achieved. Brokers- gengrafi 
feel they could not afford.^,* 
back their research departn^ 
unless negotiated rates^ 
they be i ntiroduced. 
such a . level that-r-^rSjg 
economies would be inevHagft 
and even then; migfit not 
research facilities simply^ 
vide an excuse for rhe ca^^ 
to offer even lower titmiaj 
sions? Some fund managers^ 
they would be prepared^^ 
for research ■ in . TetaA^ • 
lower dealing ousts: nqpjfeft 
or not., some depl^ftSt 
expense of dealing wWM^eaa 
uneasily suspicious tbafhi?hd 
j point, from commiwioa 1 ;^ j 
might result in 
deterioration of research, Ttten 
is some feeUng that .lovn^.^ 
mission rates could be ujtefltjj 
they reduced- tbe-ever-eapa^- 
among brokers' analysts; bca no' 
by too tnueh. of course. rs^.' 
brokers simply prefer, potl'i 
talk about it 

The most successful roseate 
firms are unanimous^ thay'eTt 
if their market shares are for' 
to hold in a strong bull marfe 
when speculative business tnd 
to be very widely sprea'tCVft 
feeling, among their .tastftc 
tional clients that as one jm 
it, “ We’ve really done onr-^btT 
— we’ye been fhoroagh,*‘j»^ 
tects them and gets:' then 
business in difficult tinie&L:^ . 

Among the attributes that , 
good analyst must have m be^ 
able to present and inteipie 
information,, perhaps Qie-nios 
priceless is a nose for bad news. 
Most brokers are rather 'co 
when asked whether I® 
.creased depth of tiieirworttba 
improved the. ..reUabiitty-- 
their forecasts;.' the. opTaioii 
their customers express sugges 
the best of then£ at least v de 
sen-e to be rated a Strong itold. 


MINORCO 




‘It si . 


ivilNERALS AND RESOURCES r COR,PORATION LIMITED 

flucorpernied in Bermuda ) 


Extracts from the review by the President, Mr. W. D. Wilson 


Profit* for the year ended 30th June 1978 were considerably higher 
than m 1977 predommanrty because of higher dividend income 
received from Engelhard Minerals & Chemicals Corporation t£MC) 
and Trend International Limited I Trend I in which the corporation 
has interests of 29 per ceni and 43 per cent respectively No divi- 
dends were received, however, from the corporation's copper 
mves-tnentS. namely Zambia Copper Investments Limited <ZCH. in 
which Minorca holds 49 per cent of the equity, and Inspiration 
Consolidated Copper Company (ICC), in which a 15 per cent 
interest was held at the financial year end. As a rwult of the off'-r 
made in June of this year by a company jointly owned by Minorco 
and Hudson Bay Mining and Smelting Co. Limited (Hudbay) of 
Canada to acquire all the capital of ICC not already owned by the 
two -roups, the corporation’s share was increased to aporoximately 
36.5 per cent, equal to that ol Hudbay. While, at present copper 
prices, the company is in a loss-making situation, your board is 
confident that these price levels cannot pertain indefinitely, and 
that once more economic prices are attained, the investment in 
ICC will prove to be profitable. 


Total crude oil production by the Indonesian joint venture in'i977 
was 28 5 million barrels, an average of 78 DOO biirels a 'dw. com- 
pared with a total of 27.7 million barrels, or an average of 75^!® 
barrels a day in I97fi. Trend's share of 1977 sales 'amounted' to.- 
2.8 million barrels as compared with 2 6 million barrels »f» the 
previous year. • • ’ - 

During the financial year under review the corporation received' 
dividends Irom Trend totalling USS2-59 milhon. '. 


Profits 


The profit before taxation and extraordinary items for the year 
ended 30th June 1978 was USSI6.32 million, some US$2.51 million 
or 18 per cent higher than in the previous year. Dividends from 
investments amounted to USS1S.12 million, compared with 
U5SI3 94 million in the previous year, while inrerest and sundry 
income rose by USW.4I million to USS2.42 million. Zamanglo 
Industrial Corporation Limited's (Zamic's) operations contributed 
US$1 34 million, and net gains arising from currency fluctuations 
totalled US$1.45 million Administration and other expens*--., 
interest paid, prospecting costs and a small, loss on the redemption 
of certain bonds amounted to U5S4.0 million f 1977: USS3.40 million ) 
After deducting U&Sl.lS million 11977-. USSl 09 million) in' respect 
of foreign taxation, the profit for the year before extraordinary 
items was_ -USSJ5.I5 million, compared with USS12.72 million in 
1977, an increase of some 19 ppr cent. Dividends amounred ro 
U5S8.83 million or 12 cents a share- The deficit on extraordinary 
Items of USS158 million re'ated rn the main to the lass on certain 
assets as a result of the devaluation of the Rhodesian dollar and 
Zambian kwacha, and a write-down of an investment held by Zamic. 


Zambia Copper Investments Limited (ZCI) 

ZCI earned a net profit before extraordinary items of US$0 j-4 JnfflidP 
for the year ended 30th June 1978. No dividends 'wet*: rows*?* 
from either NCCW or RCM in which ZCI holds ’49 
I2J5 per cent of the equity respectively A deficit bn eAtiamtfbwT'" 
items of 05^2153 million was recorded, of which tiS$19.89>inftfiop 
related to the provision against the investments in' BRST-and^l*. 
and the loans to BRST. This provision, combined 
of US$20.QO million recorded in the previous financial year/ oh?*®. 
that, with the exception or the senior unsecured loan to-. 8£ Cj g : 
Uai0.7 million, full provision has been made ih respect .of-Zggjf . 
total investment in BRST and BCL to date. The i»alap«:J^g£ 
deucit on extraordinary items related to the loss arising/ 7rdat£^'<rf 
devaluations of the Zambian kwacha and Rhodesian doliar.'ianCs 
write-down of certain Zambian assets. The deficit on e«i^ofai^ 
items was covered by a transfer of USS20.17 million from.jihr* 
premium account leaving an unappropriated profit cerried-'fpnP 
at JOth June 1978 of Ub50.5 million. - No dividends.-werd-V ‘ 
during the year. 




Engelhard Minerals & Chemicals Corporation (EMC) 

EMC’s net earnings of US$122.6 million-in 1977 were some 2 per cent 
below the record of US5 124.9 million achieved jn 1976. 

As in each year since 1969. the international marketing activities 
of the Philipp Brothers division were responsible for mast of the 
company's earnings. Despite the relatively depressed state of many 
of Che industrialised economies, this division operated at high levels 
throughout the year. The strength of the Philipp Brothers division 
rests upon the broad spectrum of commodities in which it deals, 
ranging from individual^ minerals and metals to fuels and fertilisers. 
The Engelhard Industries division achieved record earnings during 
1977. mainly because of. improved performances by the auto catalyst 
exhaust department, the United Kingdom-based operation and the 
domestic chemicals and catalyst group. 

The Minerals and Chemicals division also earned record profits 
during 1977. with the kaolin and cracking catalysts departments 
being the principal contributors. 

Dividends per share paid by EMC during the year were U5SI.20, 
compared with US$1.05 per share in 1976 

EMCs net earnings for the six-man r|i period to 30th June 1978. 
compared with the corresponding period in 1977. fell by 
US$7.68 million to U5S5S.3) million, the decline being due m rli* 
main to depressed trading conditions experienced by the Philipp 
Brothers division in world metal markets. 


Zambian industry and. agriculture - 

The corporation's interests' in the industrial and agricuta^Iseri^ 
of the . Zambian economy are held through' ZamarigloVlQ^t? 
Corporation Limited (Zamic). . No [withstanding. The deprewof* 
of the economy, several companies in which Zaniic hasten. ' 
were able to record improved results- compared with the 
year and to declare higher dividends. 

Zamic ha* declared an unchanged dividend of K500.000 net of : wiffi-i 
holding tax, but as the 1976/77 dividend of- the same amount has not | 
yet been externalised because of Zambia's very tight foreign 
exchange position, u is not possible to estimate when the latest 
dividend is likely to be remitted. 


Australia and Brazil 


The corporation has for some years participated in the exploration 
programmes of Australian Anglo American Limited (AAA). AAA. 
is conducting an active programme of exploration in Australia, and if 
engaged as- well in a joint venture with Amax Inc.. Conzinc Rio Tintoi 
of Australia Limited and Preussig A.G. to evaluate the Names* 
copper deposit in Fiji. A preliminary evaluation is expected to be] 
completed laic in 1979. 


Inspiration Consolidated Copper Company (ICC) 


The corporation continues to participate in investments in Brazil; 
through Anglo American Corporation do Brasil Limiuda fAmbras). 
Ambras*. investment in rhe Morro Velho gold mines has shown 
increased profitability and current higher gold prices have permitted 
the declaration • of a substantially increased interim dividend ot 
approximately US$3, T million and created a Favourable outlook for 
the balance of rhe year. . .Ambra* is also currently evaluating the- 
zold project at Jacobin* where indicated reserves aggregation 
between -six .and. 10 million tonnes at an average grade of abe' ,f- . 
9 aft have been located. Ambras has agreed to participate to th« 
ext#ntiOJh3-5 per cent. in a 5.000 tonne a year ferro-nickel project at 
Niquetandi* subject to the satisfactory completion of the financing 
rpr rttis^roject. which n currently being arranged. Other oppor«. 
tunities : fur. in vest mem are currently under review. 


Members will be aware that on 6th June 1978 the corporation and 
Hudbay announced that they intended to make a tender offer, ar 
USS33 a share, for all of the shares of ICC not already owned by 
them Ac that date, Hudbay and the corporation owned 23.42 per 
ccnr and 15.62. per cent of ICC. respectively. As a retult of the 
lender offer the corporation and Hudbay. through an equally-owned 
US company, have increased their ownership oh ICC to approxi- 
mately 73 per cent- Total acquisition costs to- the corporation and 
to Hudbay. excludes Icjal and investment bankinc expense*, we re 
approximately U5S23.6 million and USSM.4 million, respectively. 


Total prOsptrccizig expenditure for the year rn these and orher areaf. r 
Which -hirbeen charged against revenue amounted to USS2.44 miHion, 


Trend International Limited (Trend) 


Trend's 1977 nst earnings of US$11.65 million Compare favourably 
with a net loss of US$591 million I before extraordinary items) rp 

1976 and exceeded those of US5 10,29 million m 1975 bj 13.2 per 
■rent Extraordinary items in 1976 consisted of a write-off of 
-US$65 07 million upon the revaluation of recoverable Indonesian od 
reserves and as a result of air amendment to the terms of th* 
production -.h^rinz contract w»rh the Indonesian government, men- 
tioned in review laji year In addition- Trend- was ret}i|jr*d -rn 
make special paym-?nis of U5$? 11 miliiqn and US$8 62 million id the 
Indonesian governmcnc-witli respect to 1977 and 1976 production, 
respectively. 


Future prospects 

Despite .the difficulties facing the copper companies in which the; 
corporation,. is- invested, your board remains confident that thesr 
Investments will yield adequate returns in years ro come. While- 
there would appear to be little short-term prospect of a material 
increase, in the copper price, the longer the present depressed pHC* 

levels pqrtam, the- greater will be the number of existing .producers 
who will bu obliged, as a* result of. financial difficulty, to turf*** 1 ;' 
operations. - This factor, together with the delay in the devclopm«'’ri 
of new mines, must, m the longer term, result in a material ahd- 
sustained increase in the copper price. 

In rhe interim, it is fortunate that the rorporatron. ** a result of 
fhc policy of diycrsifi cation followed by the, board ip recent. 
has a substantial and stable level of income derived from non-coppei’.- 
investments. ' 


C npiex of this review *nrf thr- report and nctnunfs ore obMmtfW*- 
from.tlhe London office of i), e company n t 40 Molborn VutrfilCt. 
EC1P. fAJ. or fra m th c office- t*f t#r« United Kingdom Tritnifcr- 
WrMor.cs, Churler Coftofirfnfgtf L«miied. P.Q, Bax 102, Onrter 
Home , Pert Street. Ashford, Kent TN 24 SEQ. 


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F^d^ jpctpte ^VW73 




APPOINTMENTS 



isp 


PHOENIX . ASSURANCE an- 
nounces the' .-'■ retirement on 
December 31 ofSfe-W. C. Harris 
as chief general - manager. • He 
will continue as a - 'director and' 
will become a deputy chairman 
on January l. • : , 

Mr. ft. K. Bishop, at . present 
deputy chief general manager, 
will succeed Mr.- ..Harris as duel 
general manager. - ~ \ - 
.. Other . ‘ appointments, 'taking 
effect from January 1 arc: Mr. 

A. R. Matsnle; at present general: 
manager. (honw>. and Mr. K.W1I-; 
ktason. at " present general 
• manager:, and secretary, ro he-, 
deputy chief - general . managers. 

Mr. E. r. wills, ar present deputy 
secretary, to be secretary. 

--_•+••• - 
Sir Julian Hodge win be relin- 
quishing all his- appointment? in 
the HODGE GROUP on October 

31. . ..- r ' .: : •-." 

Chairmanship of ihe mam com- 
panies in the group will be taken 

by Mr. R. A. S. Lane, vice-chair- 
man flf Standard Chartered Bark, ... w ljr «M«hon 

.the holding company. A successor:.. r‘ ¥ 

will be appointed in. a few months. '. 

Changes arc -also taking place continue as a director of all of 
In the Boards of .the three mam ^ groan’s operating, companies 
companies in the group. and as president** the groups 

THE HODGE GROUP: Retiring overseas compaiiies- Mr. Alasuir 
members— Sir Julian Hodge, Mr. jtntehelL financial ' director, will 
W. G. Pullen,: Sir Andrew James succeed Mr. Devereux as group 
Maltland-MaksdU-Crfchion. Lady raana «ing director.: This realign- 
Hodge, Miss T. Hodge, Mr. J. R. ment ena jjle Me Devereux to 
Taylor. New members— Mr. A. U devote more time to the long- 
Robertson. depmy managing term dewlopraent of. the group, 
director, Mr. D. P. PmJtt, senior in the UK- and overseas, 
general manager. Mr. A. E. Ely, T i 

General, manager, UK (shortly . . . 

general manager UK and Europe), Mr.' 'Hugh llailor -has been 
aU Standard Chartered Bank; Mr. appointed groups fina ncial direc-i 


S-- 



Scotland c. £7,000 4- major benefits 


Our client is a major Scottish 
financial institution employing 
some 8,000 people, providing a 
wide range of services to 
industry, commerce and the 
public. Management succession 
planning indicatesa requirement 
Tore very small number of able 
accountants (menorwomen) 
seeking a career in banking and 
financial services with prospects 
of progressionto top 
management posts. The 
essential requirement isforhlgh 
calibre CAs, ACM As or ACCAs, 
ideally aged between 25 and 28, 
with post qualifying experience 
in financial ormanagement 
accounting, preferably using 
computerised systems. 

A relevant degree would bean 


advantage. Starting 
remuneration will becirca £7.000 
p.a. or more for particularly well 
qualified candidates. Unusually 
attractive benefits include an 
immediate low interest 
mortgage, car purchase 
scheme, non-contributory 
pension.and generous 
assistance if required with 
relocation. 

(Ref: AA50/6590/FT) 

initial interviews are conducted by PA 
Consultants. No details are divulged 

to clients without prior permission. 

Please send brief career details or 
write lor an application form, quoting 
the reference number on both your 
letter and envelope, and advise us if 
you have recently made any other 
applications to PA Personnel Services. 


general manager UK and Europe), 
all Standard Chartered Bank; Mr. 


IV. C. Harding, managing director, tor of BRITISH. ROAD^ SERVICES. 
Hodge Finance, and Mr. A. C. ‘ 1 ’ 

director. Finance and D ^ DeyenUi is appointed 

deputy chairman and managing 
- JUIJAN S. HODGE ANDCO.: director of -r ROSSER .AND 
Reiinns mcrateft-Sir Julian RUSSELL (the group holdin? 

1,1 « ^ l , r j A ”d ^ Wl ' company). Sir. M-.-B. Swain is 

Crit^tto^ Sfr.£L a Mr. appointed managing director of 

J}; ^ Rosser and Russell (London) and 

as 

^snrMs^aa kmjM* 

unnrv- mivrp • PaH .„ managing director of; ltosser and 

Russel! (Northern ). of which he 
SSSmEiAJSS S’ was formerly a director. Mr. !i|. 

Andre»«, Mr. T. K Mole. Sir. L 


PA Personnel Services 

127 George 5treet, Edi nburgh EH24 JN. Tel: 031-2254461. 

. * rr]n'n.*ie-;r-; PA •r.lK'tJTinnjI 


Managing Director 

fora division comprising companies ■vrfiicli manufacture awide range 
of products for the health carcindustry.Tlxedivisonispartofaiargc, 
■wdl-tno wn and very successful group. 


• the role is twofold: to direct and control the division through the 
managing directors of the individual companies; secondly, from a 
_T25m turnover base, to accomplish furthergrowrh forwhich ample 
hmrk arc available. Emphasis is on. developing business overseas. 

■ proven success in general management in a large manufacturing 
company, coupled with experience inintcmational market develop- 
ment is essential. - 

• salary for discussion to attract those already earning well into five 
figures. Age probably around 45. Location; North Midlands. 

Write in complete confidence 
to G.W. Elms as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HAIXAM STREET - , LONDON WIN 6DJ 


12 CHARLOTTE SQUARE 


EDINBURGH EH 2 . 4 DN 


Morris. Dr. W. J.. Roche. Mr. J. R. 


of Rosser sod Russell l 


cu. opsin Group in tbs Oisnti; foods 
business rsquirs# a auillflsd 

CHIEF EXECUTIVE 

for its recently acquired US sub. 
sldiary. US or UK nadontis whiting 
to rake up residence id New Jersey, 
who have previous experitnet m the 
confocrienery butineu. are Invited to 
send their applications a 

Hermes SQaastoff AG 
att. Mr. B. WeBennunn 
Ankcrstr. 53, CH-SQ2A Zurich 


the reBrecr VACANCY m*v not exist, 
but we will 00 oar utmost to find it for 
you. Professional. Commercial and Inftus- 
trlal vacancies from junior to Board 
level Telephone 01-481 8111 . IPS 
GROUP. Financial & Accountancy Divi- 
sion. 6 . Lloyd's a venue. London, E.C. 3 , 


LEGAL NOTICES 


Taylor. New members— Mr. Lane, iwortlienij.. .. • • • • 

Mr. Robertson. Mr. Pinks and. .Hr. 

Ely, aU .oi Standard - Chartered Following a - reorganisation of 
Bank.- AM)REWS-\VEATHERFO!L, the 

The result of aU these changes building services engineering sub- 
will be. that, with the -exception sidiary of Poivel) Duffrjm. Mr. 
of" Mr. -C. "C Taylor, assistant 'V. G- Andrews, "i' director of 
managing t -director of Hodge 1 PowH Duffryft. who has held the 
Finance. Who-will be a member of ..positions of both chairman and 
the Board of Hodge Finance only, managing director of Andrews- 
and Mr, R. J. Klrnmis, financial WeatherfoiL relinqmshos the man- 
controller of Standard Chartered aging directorship- but remains No. ooteir or iers 

Bank, who Win sit bn the "Board chairman,'. Mr. L';A' Cole, pre- &S5J 

; of the Hodge- Group only. aQ three yioualy deputy' managing director, TOlStnQS 

companies will have the following becomes managing, director. Mr. limited ud in the uauer or ns 
-common Boards- of directors; "Mr.; J. W. Howard, becomes deputy companJes acl iwa . 

R. A. S. Lane, vice^rfi airman of managing director. Hew appoint- ** 1 ?. TIC ® Grv F 7 l’ * 

S-rwred taM* jjtf ?* 

become chairman of the three Biggs. Mr. R. F. Butler,. Mr. E. jtubce mis on me 7tt> dv at Septemher 
Hodge companies: Mr. J. A. Pelskt and Mr. \V. A; Reading. i»n. pre*««e<U 10 die said Court br 
Stephenson, a general manager .-. - =. eubie corporation umited wuese 

S5u S1 S d d« d M Sl‘^2l.?S n »f : ’i!2 Thf SKrt^.ofSUte to T^<ip "aiZJt 

wiU be deputy chamnan of the and President of th6~JSKTnSH and m*i me Old pentHm is directed 
three Hodge companies; Mr. A. L OVERSEAS TRADE BOARD has 10 68 *•«* wwoe conn smios 11 
Robertson. deputy . managing anno^ned- fivp nfrw .dimiiwt' rw Royal ' Coons of Josace. Straad 

,ur ‘ ^ chairman. Josiah" Wfcdg- camriboiory or Ae s&U Company matron 

rhlFfL.* -SEEKr wood and. Sons: Mr. Moss Evan*. SW**^* 1 ■SS^LSi L a S B JlL» 

Chartered Bank; Air. A, £. Ely. cetlftra i. ‘h-ancnnrt toder on ihe said Petition mar appear 

general manager, UK. Standard iw 51 '2* **— ? to wnaa 


6 


SAARBERG-INTERPLAN 

GeseUscbaft ffir Rohstoff- 
Energie- tmd Iogenieurtechnik mbH 


We are a leading German consulting company with world- 
wide activities Id mining technology, coal research, water 
and energy engineering etc. 

For our projects in the Near and Middle East we are 
seeking a . 

MECHANICAL ENGINEER 

2-5 vears’ experience in power plant engineering required, 
preferably with basic knowledge of German language. 
Please Jonoard your, applications lo; 
Siarberg-lnterplan GmbH 
Stengelstrasse 1 

D-6600 Saarbrfieken, W. Germany 


d^tity iMMjSnc director of the ^ 

Hodge Group; Mr. S. E. Taylor,, u SSa s««? ’ 

chief financial executive: Air. WX ^teljncm^grshlp of the Board is Romford, s^acx. ...... 

Harding. . -managm?. • dir^te'-. now . ■ . Rtf: comp/ciss. 

Hodge Finance; and Mr A, C. " ^ r - Denials Lawrence has been - T^, : 

Webb., director, finance and }* e CO‘ NOTE^S^p^on to 

administration. ; OPERATIVE DEVELOPMENT applir at die hcarlus of the said PtaSw 

.t.*. . . .AGENCY. Until recently he was tarn serve on. or nod. by post u>. iht 

... „ _ J. . • - "an under-seereiarv in-the Denarr- towe-named notice In %cr1dne of hb 

Mr. P. D. Gibson, director, per- raMf 2? ; iw«i, .m2 c fnt(ffl!i00 «> » Ho. The notice man str« 

sonnel . and administration, BP r°. e n ~-° * toausrry,.mcludm„ amonq the same md addrew or the pmon. or, 

OIL is to retire at the- end- of -the - n I s /^?PP ns, bi titles the direction Jf . a Brm the name and address of-rhe 
• • of 'policy on small firms. In that finn aRd be daned hr the omon 

cw clty. he chair., th. «.rtcln, SC 

. Aroup on - a Co-operative Agency, he • sent by post in rod dent tpno to 
:The> recommendations contained the above-named not uter than 

in the . Group's report, published %trr o’docfc In rtie tftenfoon of the 

, as a White Paper in October 1977 aWl *** 2LS2SS 

were enacted, with ail party sup- . No. 0ftSi8 of its* 

'■*s “ Develop * sss,a°°cssu :«aE*s 

ment Agpnqy Act 1978. . _ the Matte r of UMEROT PROPERTIES 

• LIMITED and In the Matter of Tho 

BANKERS TRUST COATPANY ^wnrCE fs^fTEREBY ciycx. that a 
- -has announced that Mr. Carlos M. Pentlon for :be windlnt up of the abore- 
CanaL Jr.,^ executive vice-president comoahy by 'the mch court -.or 

i" ^ ° r ir'r t 'T l .J un *' ss“js 3“ ’tizsTsrs 

]Rg - Aas. stepped down as stumb corporation umited rehose 
cnamnan of Bankers Trust Inter; realserwi office is situate at is 8u . 

'national.- the bank’s London-based Svhhln’s Lane, London. E.C.4 Bankers. { 
investment' banking subsldiaiy. ^ -Jhn the oald Mm* Jtinwed 1 
Air- r-mii unii _ j- io .be heard before me Court slirUts at i 

(I. ,f fill u. CO i W i. n V U n 4 5‘ ^ ’ , ® al CO am of justice. Strand.! 
lor of BTl. Mr. John F. McDaniels London wext ?u- on the 2 Sn) day 
. .... has been appointed charrman of of^Ortober. tats, and any .creditor . or 
BTI-and wni continue as its man- r mr^mto n of the said Ctwnpanj- deauvus 

-Mr* ,3ee r < b*r* > on , ite 23°*Pi>ililoa ,n may* appear [ ( Coupons” iodwd’' "at” tS« London 

turn, llonal responsibility for .the a; the rime o t heart ns. in person or 
groups invest mient banking activl* hr -hi* counsel, for that porpow: and 

ties outside the U.& ' 1 J W 01 tht P® 11000 will he furnished j roh hSween *rb« 

I. . by tho underttoefl to any creditor or P .m 

. comrlbntorr of the said Ccrmoaay rvquir- !| 2L 1 Jliv - 

' Mr. ■■ Ray Hedlev "fiap ' been ln * roc6 OT tf *e recuiaied 

appointed a director of BELLWAY a, • 


for a major tfivision of a wtU-4cnown group of engineering contractors - 
■which operates internationally in the oil, gas and petrochemical 
industries. The profit record is impressive. 

• responsibility is to a Divisional Director for monitoring and 
financial control of the division's performance. In addition to 
managing a staff of fifty in two locations, the role offers scope in 
the continual development of systems which must meet exa cti ng 
requirements of substantial clients. 

• A qualified accountant is required with experience at senior level in 
a comparable role involving kmg term contracts. 

• age under 50. Remuneration in the region of -£12,000. Can 
Location: South. 

Write in complete confidence 
to G.W films as adviser to the group. 

TYZACK & PARTNERS LTD 

31 AN AGZKENT CONSULTANTS 

IO HALtAM STREET • , LONDON WIN GdJ 
r, ^# CHARLOTTg 

S - 

. . j* sdp: •&-. • • . , . 

• .r s 7 *Ip ’• •* . ?.* .• 



. Mr. A. V, .Driver. ..' arid costing on all ihe company! ' " 

•: ■ .. . . housing developments. ««■; cowrav. 

year He will be succeeded by - ' ■ + tm- Romford <saa« 

Mr. A. V. Driver, currently general . ' : L ; L Sntykor^ for ihg f^aa My . 

u i«c pp riii "i*- Mr S E Rgk.r ha e ' faMri ' NOTE.— -Any person who intends 10 

Driver is a member of the Clean SfSSSi r'ffi S SlTmS 

Air Council and hon. secretary- Of- O'- b A vB AAD PROSPER GROUP Shore-named mules in KTirine or hia 

the Oil Industries Club. ■ woonsibie-for general- operations imnuuon wm da. The notice om« ware. 

■ ■* ■ and personnel ’ . - the mm. and address at the-»-rson. nr. 

■ * - • . "-■•.-•-.-•fa firm rlw name and address nf the 

Mr.' C P. Baker hav -beei^ Brtn and must he stored by Ihe person 

appointed deputy chairman, and ' Mr. Michael Thompson, a joim ^^«, or b ?' !K .^e^«r^Sied f m m- 
Mr. D. C. Ba tes managing director general manager of LLOYDS be **nt by post in vafficiuu mne to 

of GLANYILL ENTHOVEN AND BANK. ha« been * appointed foach tire ahove-nawed not later .than 

CO. (UNDERWRITING 1_ Mr. R. T. assistant group chief executive at n’rtoek hi the afrenwu of the 
u. rip h«i. * 18th of n ember jots 


and is responsible for estimating 
arid costing on all the company’s 


KENNETH ELLIOTT & ROWE, 
213*316 Sooth Si reel. 

Romford. Eisps. 

Ref: CD TIP *1211*. 

Ttf • Romford «aj* • 

SnUcUors for ihe Peaaoner 
VOTE— Any person who intends to 



i lndocmne et de Sue*. 

In S*» fee r land: _ . _ 

At Credit Suisse, zurwi. or Snriss 
Sank Corporation. Basle, or at 
any of U»«.l r Bronchos. 

Coupons Indued at tba London 
Secretaries "Oflice must be left four 
clear Business days for examination 
and mar be deposited on or altar 


(Saturdays oxceoted). 

South African Non-Resident share- 
holders' Tt* of 15 *. having been 
imposed on that proportion of the 
dividend declared deemed to be pay- 
able out ot the profits earned in 
I South Africa. Che effective rate lor 
! this dividend Is 14 . 97 %. This ta« 

i will be deducted irrespective oi Iha 
domicile of the person surrendering 
■ the .coupon 

The gross amount of the divi- 
dend to be included in anv return 
lor United Kingdom Income Tax pur- 
. .poses is 8 . 737796 b » indicated Below- 
per 6.26 
cans Share 

United xinpdom currency 
oduwalent of Oivi- 
dMd is d«ljr»d 8/3^796? 

South African Non-Resi- 
dent Shareholders' Tax 
at 14.97*^ ... 1 .1060488 


CO. (UNDERWRITING), Mr. R. T. 

Beil and Mr. J. J. P. Toomey have 
beeb 1 appointed directors.'; 

BrJdop ..announces two new 
appointments to the i Board of its 
UK subsidiary, BRIDON . WIRE:. 
Mr. B. H. Axe. chief accountant., 
and Mr.- J. Churcbfield, general 
manager^ pf the ' Templebo rough 
HoDing Mills. • ' - ■ 

1 + 

Mr. .Ian Deslandes, director of 
housing at . the NATIONAL 
FEDERATION : OF ; BUILDING 
TRADES EMPLOYERS, has. been 
appointed' director of' industrial 
relations from January 1, 1979. 

•k j 

Mr. R. B. Burke arid Mr. A. - F. 
Griffin have been -appointed 
directors of ALEXAND ER H 0W- 
DEN INSURANCE BROKERS; - - 

• it. r 

Mr. Many, M. Dupre, m. has - 
been named mana ger of the Paris 
office Of RAYTHEON OVERSEAS, 
a subsidiary of Raytheon* 
Company, U.& 

* • ' 

Mr, Alan-R. Devereux. marraainS : 



Mo; 092371 of ISIS • j 

4 n lh* HIGH COURT OF JUSTICE 
Cbaneery Divisxmi Companies Cuurt in . 
Out Miner of .KENILCROFT UNITED . 
And id tbe Macffr of Tfar Cnrapunids i 
'Act. IMS. 

. NOTICE IS HEREBY BIVE 9 E Ul« 6 ' 
Peiltlon Io: tire Wtndins op of the above- : 
named Company br rbe Riob Court of » 
Justice was on tho 2 Lv day of Ssoiemlwr : 
1918 .' pivwmed (a tbe uM Court by | 


United • Kingdom Incom* 

. Tpx Et -laashp on thp 
grots imount of *n« 
dividend oi 6.737796a 1.5756Z5P 

f*gt' amount 5.8S43230 

Ptrpro. UNION CORPORATION OJ.K.) 
LIMITED. 

London SacreCErios. 

L. W. Humollr It*. 

m-incos Haase. 

95 -Gresham Suee:. 

London EC 2 V 7 BS. 

«tb October. 1978 . 

NOTE: Under the double t»« ,»»«• 


MOTORCARS 


ACLO PERSONA-EL OPpnBTlTVlTffiS I ment Between The Unttod KiMMm •' 
Trad Ins as Lesai oppornahrlw. an tlauattl tnthi ' 

Vffijmju e Company, or 16 WladmHI Hiu. j difidend--ls allowsole as a credit 
EpSeld. Middlesex, and ihm the said gnlnst the United Kingdom up p*v- . 
Petilloa IS directed to be bean) before ; *pi e in res pen of the dividend. The 
lire court sirtiajs at the Royal Conns , de«* 8 m.«tw at »>» L. J£5 ' 
of -jBBttcr. Strand. Londoa WOA ZLL. ' g.i»- 9 »A,w«gl«Ly . 

on che Wth day of Ociober W 8 . and I A.«pTtS - 

any creditor or conrrlbarorr or toe said j M te or ownns UMtion louMcstrir. 
Company desrons to. Support or oppose.lt . 1 111 

the maklns of an Order on ' fire said \ 

Petltioo nay appear- at the time of mftalurcica Barbara 

Ireartaa In person or by tats Coonsel for COM 8 ANWIA METALURGICA BARBARA . 

that purpose: and a copy of die PbUdiw • 

wtH tie fnrnls&ed by the undersiened 

to any credlior or co n i r fanory of the ISSUE OF 12 JOO.OOO ORDINARY 
said Company rennlrlne sneta copy on I SHARES At uais .30 PER I 

pasmeor of the regulated charge for j OEFOSiTARY share . 

the same. - . NOTICE M HEREBY GIVEN that Bearw- j 

howelljones & partners. ; ewgianr Re«w* £. l IS! t >! ? ., r l gSPj, 

a i Ti i iiBi , !>..(. Evrppewr Ovomu Issuing Corporation in 

' i... res pea of ordlnanr stuns of Crtl M par 

Klnction upon Thames. value of Comsanhia MoUlurpi» Barbara [ 

Surrey. KT 1 2 AF. ir* now available. . 

Solldiors for i be Petitioner. The 12.800 000 - ordi nar y shares hey* ; 


ISSUE OF 12 . 800.000 ORDINARY 
SHARES AY US& 1 S .30 PER 
DEPOSITARY SHARE 


v^TF _inv >tAMAn ifhfi fq I A lorripn cipitil r^ftlstfattefi wltti ttjf ■ 

, * 0TE -~y .-M Sri, In” Cenwal Bank ot Brazil oi ussi. 459 . 363 . 0 S: 

. appear on lire haartas of the said Peridon to USS 1 I. 40127 S vet Depositary 

* Mr Michael Thompson . mw on. or send by non to. the Share- 

. . .. ■ .niLUACi H above-narnsd notice In vriilss of bis ; copies oi we Depositary Agreement i 

■Mr. Alan-R. Devereux. wana»Hift .... memm w to.dA.TVe jot toa IIS?* “ SmSon ^SrSS5L.*o.^^ . 

director of SCOTCROS «nd chair + group headquarter?. He has been ff.*"™*; ?£££% & [ £™l£3E5 t '&rtee. l 1 - 1 **-?*-^ i 


Sir. W, R. Alexander, and wiil don. succeeda jlr : .Thomp«ia^ . kma o*r of oamur ipt* 


GOVERNMENT Of MAURITIUS 

MINISTRY OF A® hkXfcTDRE AND NATURAL RESOURCES ‘ 
AND Tfffi ENVIRONMENT * 

BULK >UGAR T&ftMlNAL.— FpRT .L.DUIS _ . ^ 

AUTOMATIC AND WAN»AU >IRe ALARM SYSTEM 

-V-W 1 CONTRACT NO. 20 ** 

Tsntlers closing at I )Q p.m. on Wedn^dajr. 6th Dfcsmber 
1978 are -invited for the -following workv 'fpr 
Termmal at Port L^tis.'- Mauritius, m accordance:' with 

Specification, Drih'di^’afrd' Genfirri. .^eyitfinons -pf Contract; Nf* 
Contract No. 20. 

The Con tracr iy^Tor -'tjre .ju pplyf arid ‘instaira'tion- i snder British ; 
Code) of an Automatic and Hinud Fire -AlaYm ‘ System for two 
large sugar storage sheds, each 364m long by ^6m wide and include 
for approximately 400 smoke detectors and a manual alarm system 
complete with mimic panel. 

Drawings, Specification and General Conditions of Contracr 
may be examined at the offices of the Consulting Engineers. 
Macdonald Wagner & Priddle Pry. Ltd., at Port Louis, Mauritius 
and at North Sydney. N.S.W., Australia, and also at the 
Mauritius High Commission. 32/33 Elvaston Place. London. S.W.7. 
England, and the Mauritius Embassy, 68 Boulevard de Courcelles, 
75017, Paris. France. 

Sets of Drawings, Specification and General Conditions of 
Contract for companies registered in Mauritius may be obtained 
from Maedonald Wagner & Priddle Pcy. Ltd.. Rogers Automotive . 
Building. Gir. Edith Cavell & Mere Barthelemy Street, Port Louis,- 
and for companies registered in all other countries, they may be 
obtained only from Macdonald .Wagner & Priddle Pty. Ltd., 100 
Miller Street, North Sydney, N.S.W.. 2060. Australia — Telex No. 
20B36. The non-refun dable charge for each set of. documents 
obtained m Mauritius Is 580 Mauritian Rupees .and 80 Australian 
Dollars in Australia. 

Envelopes endorsed "Tender for Contract 20, Fire Alarm 
System. Bulk Sug 2 r Terminal, Port Louis <k and containing a Tender 
accompanied by a Tender deposit are to be addressed to the 
Chairman. Tender- Board, Ministry of Finance. Port 'Louis. 
Mauritius, 2 nd lodged in the Tender Box. at the Chief Cashier's 
Office, Accountant General's Division.. Treasury Building. 
Chaussee. Port Louis. Mauritius or posted from overseas to reach 
the Chairman. Tender Board. Ministry of Finance, Port Louis, 
Mauritius an or before the closing-time and date. 

The Tender Board does not bind itself to accept th- lowest 
er any tender an d wilL not aisign any. reason for the rejection of 
of a tender. 

Ministry of Agriculture & 
Natural Resource! A The Environment 


There’s no need to hunt around the West 
End for a suitable venue or viewingtheatre. 

■The FT Cinema, here in the City, offers seating 
in comfort for 50f people. Full 16mm film 
projection faalities. National Panasonic W colour 
video tape and Philips 1501M video cassette 
viewing. Eledrosonic 3601 slide presentation 
system. And luxurious private dining rooms with ' 
extensive catering facilities. 


FINANCIAL TIMES CINEMA 

All enquiries to ihe Press Officer, 

Financial Times, Eracken House. ]0 Cannon Street, 
London EC4P 4BY. Tel : 01-248 8000 (ext 7123). 


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to 

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ca 

Ur 


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ru 

m 

Af 

fu 

aii 


as 

ag 

ne 

pr 

Ds 

»S 


cu 

•it 

in 

wi 

CO! 

the 
" s 


Pr 

Be 

La 

tro 

mi 

he- 

shi 

1 

Da 
vis 
Mo 
mo 
“ si 
■ f rn 
Cai 
1 

. the 
the 
obt 
we 
mil 
aft 

WO' 

Cai 
pos 
tre. 
ope 
son 
to. 
\ 
Syr 
acc 
at i 
the 

“p 
to 
of I 
had 
con: 
leac 
mer 
situ 
F 
give 
. Fre: 
cun 
betv 
..Chr 
• T1 
her* 
min 
to ti 
'furr 
,the 
■outs 

v ca 

cons 

by Dl 
swat 
no I 

Jine 

Jouc 


SO 


futur 

lefldi 
meat 
If th 

■uggt 

a tin 
natio 
Afric 
a mo 
realit 
It 

patri< 
Both; 
in hi: 
of Pa 
catini 
optim 
Minis 
pare 
sanrf 
path 
Th« 
street 
being 
state 
that 
a re 
South 
surph 
,of tbf 
has d 
Mor 
men 
;econo 
comei 
sion. : 
year, 
duct * 
virtu a 
March 
Horwc 
Fin an 
cautio 
ecopoi 
be tbf 
; Yet 
bumbi 
have * 
runirir 
furthe 
official 
is for 
curren 
Mimsf 
soty < 
2 per 
The 
dard 
refers 
Chat « 


32 


■ Financial Times Friday October 6 1^78 ... 


WORLD STOCK 








on 




Indices 

NEW YORK- D0W,0SES 


' ":'v .* 


Dnw Chemical tacked cm SI to because of “very serious cash flow 1.S to S53.4. • 

S20f. It is to buy back about 2m problems.” Among Motors. Daimler-Benz 

Labrador Mining, on intentions declined DM 4.30, Volkswagen 
lo pay a special dividend or C&J. DM 3 00 and BMW DM 2.30 
ro«c J to C%'44. 

Lochiel Exploraliort ea^ed ■' 
cents to CSu.30 on lower tirat-half 


Tokyo 


INVESTMENT DOLLAR 

PREMIUM 

5J.60 to £1— 531% (82%) of iLs shares in Dm open market 
Effective SIJMBQ 4fl% over the nexi 13 months. 

AFTER OVERCOATING concern General Electric eased Si to 
about a rise in the Wholesale S52J on .-latino that third-quarter 
Price Index in September. Wall pro lit ewins will not match the 16 
•Street extended Wednesday's late per cent rise of rhe first half. It net profits, 
improvement in active early also plans to start merger talks 
trading yesterday, helped by the witli Cov Broadcasting, which 
dollar's steadier performance. jumped SU} to Sj 9 after a late 
The Dow .Tones Industrial start. 

Average was 389 firmer at 879.74 Johnson and Johnson advanced 
at I p.m . while the NYSE All SltaS-So It has agreed to acquire advance. 
Common Index rose 33 cents to Technics re Tor stock. Technics re 
S5S.M and advances exceeded moved ahead Sli to 8131 m activ 

trading 

THE AMERICAN SE Market Value 
Index improved 0.87 more to 
1 70. 5!t at l n.m. Volume 2.32m 

share* l2.l3mi. 

Champion Home Builders were 


The Mining sector was boosted 
by a • rise -in London -metal 
exchange prices. CRA advanced 
s cents to A 8368. while gains of 


Stocks 
mixed 
halted 


finished on a rather 


D.M 3 00 .... . 

Deutsche Bank receded DM I SO. about f» cents 'were recorded in 
while Stores had Karstadl down Western Mining. ASIA'S, and HIM. 
DM 3.00 and Horten - DM 230 A 32.33. -RenisOn Tin. ASltMO/.and 
cheaper. In the Electricals Central Norseman. . AS 13. 10, 
sector. AEG shed DM i.jo and improved 10 cents apiece, while 
Siemens DM 3.20. However. MAN. Bougainville Copper put on 
in Engineerings, gained DM 1-00. 3 cents to A51.59. 

Public Authority Bonds were in .After recent ' depression on 


investors kept to the sidelines, 
awaiting further developments on 
the currency front. 

Sandoz retrieved 50 to SwFr 
3.530. Cfba Geigy 30 .to SwFr- 943 
and Union Bank 20. tn SwFr 3,040. 
but J.dmoli .were 30 lower at 
SwFr 1.380. . : 

Domestic Bonds' were steady, 
while Foreign Bonds, closed 
narrowly mixed. . 


note aTter profit-taking firmer vein with gains ranging to diminishing prospects of an early 
a fresh stock market o w pfennigs. The Bundesbank start to raining the Ranger pro- 


* advance. The Nikkei-Dow Jones soW dm 2Sm nominal of paper ject. Uranium Issues staged a 
Average, aftpr jmiching a new jd.M 12ml. Mark Foreign Loans recovery. PekoAVallsend gained 
record hiah of o.fOT-87. came back were steady to firmer. IP cents to AS5.9B, Queensland 


rinsing prices and market 
reports were not available 
for this edition. 


to 5.790.77. up 2.92 on balance, 
while the Tokyo SE index man- 
aged a net cain of 0.39 at 435.46. 
Trading remained active, volume 
coming to 370m shares {410ml. 
Shares with good earnings pros 


Paris 


Mines 20 cents to A53.20. Panconr 
tinental also 20 cents to AS12.00 


Johannesburg 

Gold shares. In the absence of 
fresh support. mostly lost .part 
of Wednesday's' gains. 

However. Mining ; Financials 
made further progress. Among 
Diamonds. De Beers closed xrn- 


and Kathleen Investments 10 cents mm 

Profit-taking left shares mostly to AS2.50. £SiaSf d *i? t nSw?’ • fte . mi ^ T1 . n g 


lever on balance. 

Thomson -CSF eased by about 


Industrial leader BH7 advanced 
S cents to A8S.66. while IQ 


higher 
scored 
R31.50. 
Platinum 


R8.05. but 
advance of 


Anainhit 

R3 j 0 at 


-shares were a' few 


declines by about a iwo-to-one ..... „ - 

margin. Trading volume expanded active and put on Si to S3j. It pens, such a* small-sized Steels per cent after announc7ng~mat it ^iistraifa added* 3 cents "at" ASMS. 

Uy 4.38m shares to 20.4Um from reported increased profits earlier and some Public Works issues, intends to raise its capital, but ’ b\s Wales moved up 12 cents _ . 

the pret ions day's 1 p.m. level. in the week- were prominently firmer. Tokyo Matra gained ground after Wed- m or’e to AS7.S2 but orher Banks cents firmer, while Coal. Issues 

■ The Labour Department an- Carnation added SJ at S32. A Steel rising Y27.it> Y927. Nippon nesday's announcement that i* were mainly easier. CSA receding recorded .further scattered gains, 

nnunced that IS. Wholesale 22.000 share Diock changed hands Sheet Glass 5 10 to 5 240 and will increase its investment 7 rente to 4.32 

.prices rose 0.9 per cent last ai S31J. Maruichi Steel Tube Y50 to Y1.010. programme. 

Pharmaceuticals rose sharply in N'ord Cie. subject of a reverse 
the morning, but subsequently rake-over by Banque Rothschild, 
retreated on profit-taking to end were unquoted, due to an influx 
lower on the day. of selling orders after a recent occurred 


cent last 
month after a fall of 0.1 per cent 
In August. 

Analysts said the market could 
further build on the previous 
day’s late gains, but noted 
investors may turn cautious 
towards the close, ahead nf the 
report on the money 


Canada 


weekly 

supply 

Blue 

moved 

■easine®* 


Stocks often pushed further 
ahead m busy trading yesterday 
morning with the Toronto Com- 
pn.-ife index rising fl.3 more to 
l.::oj.4 at noon. Metals and 
Minerals strengthened 23.2 to 
Chips and Glamours L 166.9 on jndex. while Papers rose 
higher after initial 1 5U 10 154.52 and Utilities 0.49 
Du Pont gained SI 10 m 192.75. Banks, however, de- 


Coppers held steady. 

Milan 

A further reaction took place 


Hong Kong 

in *S35S? uiffit 

Blue Chips and Populars closed suspension because of an influx taking the Hang Seng Index down c-i i-l, " 
w ith no clear trend, with Toyota of buying orders. .another 1032 to 60128. Total r^fSK - 1 10 f- 850 Pirenj 


Motor Y10 higher at Y$So and 
Matsushita Electric Y15 up at 
V780 but Pioner Electronic down 
Y60 at Y 1,610 and Sony off Y10 
at YL500. 


Apart Trom Banks, all sectors turnover showed an increase to ono - « 

weakened, with Bouygues ’osing HK3 1 06.07m from Wednesday's 4 , b° . viri 3 i 00 

26 lo FFr 825. Creusat Loire 4.2 joiv level of HK974.51m. M P °. r i5- 0 ^ a J ar ® e flr »t-lialf lOM. 

to FFr 79.8. L'Oreal 65 ‘.n FFr Hone Kong Land declined 70 Monied boo, however, closed 9.75 
734. Pechincy 5.8 to FFr 103 0 and cents to HKS11.10. Swire Pacific aos, ' nsf fh “ "* 


St 324. Smithkline : to S93i. Alcoa dined 1.71 to 2S7.66. and Golds 
SI to S4SJ and Honeywell SI 4 to slipped back 4 S to I..30.5. 

S67. S. B. McLaughlin lust I in 

Xerox climbed SI F to S5T4. The CS71 Canadian Bond Rating Ser- 
company has introduced two new- vice said it has suspended deben 


Germany 


Bourse prices were inclined to 
slip back as the market continued 
lo consolidate Its latest advance. 


Poe lain 20 to FFr 229. 

Australia 


copier*. 


lure ratings on the company The Commerzbank index eased 


NEW YORK 




Urt. 


Stnrk 


n*. 

4 


O-st. 

s 


Stiyk 


CM. 

3 


ANhytt [^h» 

"AdiirMMjjjriiph . 

'Aptn<i Life A Ci" 

Air produi’H* 

AluaaAtuiuintnm 

Alow 

Alleg. Lu*tlura. . 
AllBiiTien.v l'»iwer 
Ailiert ChenmaU. 

AHieH -Jo-rcf 

Alin Chulmerp... 

A M \ X 

Amenine He>i.... 


*ra»t. Airline*... 
A mer. BninA*.... 
Amer.Bfw-V»«t.. 

A mer. Can 

Amer. <.'renemi>l 
A mer. I»i*i.lel.. 
A mer. Rieci..tW"' 
A mer. Expree*... 
• Amur. R.inie Pn«i 
Airw. V| Eaii'SHl ... 
A mer. HhIit .... 
A mer. >ai. Pee.. 
Amer. Swn.lecri . 

.A mer. Mi.re« 

, A mer. Tel. A Tel. 

Amelet 

- A M F 

A SIP 

Am per 

-Anchor Ho.-kma 
Anheu«er Buwh. 

Arm»'. 

A.e.A 

.-A'xmen Oil 


A-eiw. 

A* blend nil 

An. Kichfielii.... 

■ Am- (tat*. Pro.... 

A VC 

■ Arc 

A run Product*... 

Ge» Elect... 
'HAm-i-r PiiDte .... 

, iwiik A iiiem-e .... 
Hanker* lr. X.T. 

Barter 1 ill 

Hasier Tmvencr. 
Ke«| nee F*>»i | 

B-ei-o L>ickeo»OD 

Hen Jt fiwell 

Hen. In 

JBeajruei i;.ni* *H‘ 
Heihleheru Steel. 
Hlflck A Li(*.-I»er.. 
Hieinc 

H*n« C«.*c*Je — 

Hi.nieii 

Hi.ru Warner 

HnuiilT Ini.... 

Hnutonn ’A" 

Hri«it>l Jl veri 

H Pei A Pnt K.... 
Hro-kna v U I***.. 

Bnui-vnck 

Hm-iru- h'rie 

HiMura Walclk 

liurliuutiin Nibn. 
Hnri*.|i]{li 

. . iiiji.... 

, . ' aua-ium IV- 1 fie. 
1. *ii*i J. 'auiii.il ^1.. 

-. • 

. - < ari ler A lienenl 

1 -i «ii*i Hiilri . .. 

■■■ * alerpilliir lia'-l* 

- • M> 

1 ei«iir-el. 1.17*11... 

1 onlial 1 a.W.... 
l"*rtainlee*i 

'< p.mik Air. -rail.. 

• ha-e Maithnila" 

1 hemli-e. Hk.> V. 

i'hM>l.ii;li I’.iliit. 

I lie».ip>y-lenl... 

• I'liinyij Unni;p.. 

• iirv«lf»r 

i.im-. 'Iila -run.... 
, II||-.T|. 

‘ 1 n nr* »ei vice 

T ini in. ■ — 1 iiia- ■■ 

I i.iWanA Cl lit .. 

- L> .ml. 1, In 

’ I. 1 *» Palm 

'I ••••ill* Aikniaii.. 


34S, 
88U 
411, 
28 
33 *k 
47% 
IB 
IB1, 
35U 
26 
35 U 
481, 

3 1 1, 

16H 
50 
553, 
39t« 
293, 
291, 
23'. 
35'. 
29. V 
291, 
CS> 
461, 
50 

343. 

621, 

331, 

203 , 

35 

17 ■ 
30 r, 
*f5Ij 
21 >, 
301, 
181? > 
161, ' 
46s. 
545, . 
321, 

14 
SOI; 
54i, 
26«, 
28l 4 
27 

37 
26U 
43 
26J« 

38 
201 , 
38 I S 

5 

241, 

191, 

64 

30?, 

291, 

323, 

171, 

15 
33 S, 

18 
311, 
161, 
18U 

8', 

431, 

76 1, 
345, 
20 
111, 
All, 

12 

IB r, . 
57 J, 
5514 
45i, 
IV* 

22 i, 

44. 6 

351. 

4 J i» 
241, 

29 >a 

361, 

111 , 

36 
26 >, 
561, 
161, 

31 

H4I. 

2l>i? 

1 J 1 . 


341, 

281, 

411, 

281, 

33 

46 

1B1, 

171* 

35 

26 

3514 

477 b 

3 Ub 

Ml, 
50 
55 
357, 
291, 
30 
231* 
55'* 
291* 
291, 
61, 
457, 
80 
3S 
62M 
341? 
201 ? 
351, 
164, 
30i? 
asi, 
22 
501? 
181, 
151, 
461? 
641, 
32 i, 
137, 
50H 
64m 
261, 
251, 
27i, 
361, 


I Corning GUw 

; CPC Int’m'tlouai 

, Lreue 

| Crocken .Nat 

1 Cmwn/lellertach, 
j Cummin. Endue. 

Cum*, Wright... 


59 
501. 
55U 
281? 
34 '4 
371, 
18», 


581, 

491? 

533,’ 

28J, 

541, 

371, 

1BU 


I Dana 1 

, Hart Induatrie*.. 

I Deere 

Del Home 

* Ueltnna 

t Dencply inter... 
i Deimit Edison.... 

■ Uiamood ^hamrfc: 

I nicuphone 

I Digital Equip 

Di.ney iWalO„... 

Poser Corpn 

! Dim- Chemical.... 

; 

I Prerser 

j Dupont... 

j Eagle Pitcher 

I Ha- 1 Airline* 

I Eastman Kodak.. 
Ealon 


511, 
43 
55 ', 
431, 
121 , 
18 
157, 
25 U 
175, 
48a, 
421, 
47U 
291, 
31* 

421? 

13H] 

21 ?, 

13 

1:31? 

4u*> 


S1U 
431, 
55ia 
453, 
121 , 
IB 
153* 
25 
17*, 
483, 
41 r, 
471, 

ass, 

32 

421? 

1291? 

211 * 

125* 

60S, 

403, 


* E. G. 4 n 

j Kl P»*o Nat. Gar 


LILra 

i fcmerronKl’ectnc 
; HmeirAirFr-iphl 

1 Eiuhart 

1 K.M.I 

( bmielhani 

’ h.mai k 

I hi hr: 

: E* XtHl 

FmoihUd Camera- 
Fe*l. Dept.auM-ea 
] Firestone Tyre... 
F,t. Aai. 8*>«t«n, 


30?s 

17v 

327, 

o35, 

23 j# 

395, 


305, 

.171, 

53 

54 
235, 
397, 

Z>B 


I Flesi \an 

Mint If me 

Florida Power.... 

| Fluor....... : 


F.M.C 

Pot*! 


I -1 1 1 ml .la <■■» 

I •* ■nul la |*icl... 

1 "m I .1.^ ,ii 

! ■■nilHi'l i. *n hut. 

i >.iiiKii.ii.-.n h*] . 

■"m e III KiIkhi. 
li'inn, Snirrll'e. 
i •■niiaiicrdcieiii'. 

i ..im I ,ue In- • 

i mirw ' 

c-«i Kill -on Ml'..., 

in Fond* 

Ci'n-,11 Nal Uar... 
C.<n«umer ISiwer 
i. "iii menial Hry.‘ 
Conti Denial Mil..! 

Coatmenlal Telrl 

Control Dale ...! 

•W'P*r In.lna ' 


*7,p 
21 
lf», 
381, 
15 
26 1? 
H4 1* 
137, 
40 
-ll, 
44 V 
23s, 
391, 
44 
50 >, 
29i, 
IB 7, 
38 1, 
«8J, 


427, 

261 ? 

38 
201? 
351, 

51, 

251, 

19>, 

63V 

311, 

291? 

321? 

17 

141, 

331, 

174, 

311? 

161, 

IB 

B7, 

431, 

761 , 

34t>, 

20 

Hi, 

311? 

121 * 

19 
67 V 
S6i, 

43 
le'i 
217, 
43»; 
35 
42 
24 J, 
30 

96 1, 
117? 
o5s, 
2 b i, 
56 >* 
157, 
30 J, 

44 V 
201, 
Hi? 

27 J, 

20 J, 
18:, 
39 1< 
14*1 
264, 
43., 
IS ft 

39 V 
21 ', 
84 1 « 
23 S, 
561, 
241, 
501* 
287? 
157? 
37 
48», 




! Mankim Mint... 
KreepiM Mineral 

Fruetiau; 

Fuqua indi— 


25 

247? 

26V 

: 26% 

24J, 

241, 

521? 

521, 

36 

a5>« 

341, 

343* 

13 

127? 

3UV 

30V 

21V 

21‘, 

a2tj 

33 1* 

31 V 

31V 

391, 

, 39'? 

261, 

• 257* 

44'. a 

44 V' 

211, 

217? 

»7t. 

. 371* 

9’, 

9i, 

27 V 

27V 

32>? 

31i, 

13V 

12i, 


H.A.F 

Lixuueit 

! Uen..Anier. lot... 



i C*eu. table. 

I i.en. D.taamiL.*.. 
f.en. Kie* vnc*.... 

wen. Fixsi* 

Uaneml Mills. .... 

General Motor,.. 
Ixen. Pub. L'til... 

1 Lien, bignal...... 

{ Lieu. lei. Elect... 

lien. I’vre 

] iiene«o. 

! UeuniM Pacific... 

tieMuuice 

i belli cu 


13*, 

46 

HU 

29«a 

17v 

831? 

a3 

33V 

30*, 

d 3 i* 

167, 

301? 

301? 

28 

5J, 

2V*, 

29*,' 

411, 


13s a 

461, 

11 

291? 
17 s, 
82i, 
631, 
33!j 
30s, 
02;, 
161 , 
301? 
30i? 
281, 
57, 
29 s, 
291, 

411, 


I'll 

! lioolneii H. F... 

I lio-.'l.vear Tire.... 

: tidllil. • 

• i.trace w.lt 

I i.irt.ALMn I’ai-Tea 
I'.fi. Nortli lr.,.u.. 

I iipevlH-.in-i ........ 

1 1 .mi .\ W*.|,rn„ 

l Ullll *.*«, 

UaliiiuMon 

■ Hauna Milliner ... 
j Hsrin t-iileuer. .. 

. H*i r,- Cor pa 

I rlein.- H. .1 ' 

| Heubem 


51** 

201, 

lii? 

32 

all, 

V 

271? 

13V 

144, 

2&1? 

72 

56i* 

eU 

551, 

-27, 

A'lH 


317, 
20 v 
1*K 
3 is? 
29 j, 
7i, 
27i, 
15V 

14 J, 
25 1? 
71V 

56i? 

20> 

35>? 

-3U 

27-, 


Juhn* Mann lle.. : 
■l':-h n«*n .lohnvm! 
Jqfanaon L-iDlrol.' 
4 o v Ala nnfac l nr'c : . 
K. Mar <Jorp..— 
KaiserAlumini'ivi 
Kaiser luriuitriea 

Kaiser Steal 

Kav 

Keoneeort.... 

Kerr M.-Gee 

h'i.lde Walter.... 
Kimherly Clerk.. 

Knppere 

Krail 

Kroner Co. ■ 

Leaxa-a.c Trans.— 

Len *imiiaa 

Llbr-r Ow. Ford .| 


321, 

841* 

271? 

54 

27V 

384, 

21, 

264, 

131, 

2BJ, 

464, 

547, 

45V 

217, 

473, 

33U 

353, 

365, 

271? 


32V 
83V 
26d? 
341* 
27 'r 
364* 
2U 
264, 
13 
27*, 
466, 
351, 
45V 
211 ? 
47J* 
34 
351? 
561? 
27 


Stock 


Oi-L 


25 cents to HKS9.55. Jardine 
Matheson and Hutchison Wham* 
poa 10 cents each to HKSI6JS0 
. . and HK$6 respectively, and 

Mining leaders, selected Indus- Whecloek 7.5 cents to HK83-25. 
trials and Oils moved ahead in Hongkong Bank, however, were 
more activ e conditions. unchanged at HKS19.00. 

Among second-liners. China 
[Light shed 40 cents to HKS2S.40. 


against the trend at 
L2S5.00 after very active late 
tradin^ 

Bonds were mixed in a more 
active market 


Amsterdam 


Oct. 

3 


IWIpn 

KeynulH, Metal*" 
Kernoid* K. J.._ - 
luub'*on Merreli. 

1 Rockwell later... 
Kohmi Hsu - 


83 : 53 

36*, > 356? 
631, ! 614, 
27V • 271* 


Stock 


Oi-T. 

4 


OlL 

3 


56V 

356, 


361* 

35*, 


LigRCt Group. 

Lilly i Eli) 

Liltr-n IndiMt 

Lockheed A i ner 'ft- 
Lcne btar I adiid - 
L)dk 1 «I«d <1 Ltd. 
Djukudji Lnuii... 
Lumwii 

Lmir rioter 

L'ke Vuns't'fni. 

AtacMilva 

Mac? K. H 

Hits. Hsnover..... 



Ma rat boo Oil 

Marine M id hind. . 
Marxha.ll FteldL...' 


33V 

48V 

25 

28J? 

251? 

18V 

23V 

441* 

16fi S 

flU 

UV 

41V 

381? 

32*, 

611? 

161? 

21 


531? 

48V 

25i« 

28V 

251? 

184, 

255, 

44 

161? 

10 

11V 

42 

381, 

334, 

611, 

167? 

21 


Ko>al Dutch 

ETE 

Kan Tor* - 

] Kyder Syneua 
Satevray Store*...' 
Joe Minerals.. 

*. 

9antal 
rJaul luvext. 

Sernf) lnd> 

Schlitz Brew Ins..’ 
fiehlumhereer.,.. 

■jCJI .i 

4COU Paper. 

lira 

ocudder Duo-Cap, 


Ma.v Dept. blow 

MCA 

MulVrmuU. 

McUoansll Door 

McUraw Bill 

Memorex 

Merck- ' 

Merrill L,v7ict.— 
Musa Peiwieum.. 

Ml.t.M 

M Ion MmjjAiiLr 

Xliiiiii l.cirp 

.Vlimsaoto. 

Mvtgan J. P. 

Motorola 

Muspby Oil 

.Nitbiitai 

■’faw Chemical,. 
.National tan 


26 

52V 

i6i* 

321? 

24*, 

48*. 

591? 

201 ? 

367? 

471? 

581? 

715, 

971, 

48 

43 

52 

*7* 

281? 

18 


*6 V 
&2l? 
264, 

5 lTf » 

2<VJ* 

484, 

595, 

201, 

961* 

47 

584? 

711? 

671, 

474, 

44V 

614, 

277, 

29 

18 


St. Regis Paper..; 
9»MaFe Indi. 


65i? ; 
157? I 
117* . 
26>* . 
435? j 
87*, ! 
32i? 1 
34V 
? lg : 
134? 
90V ; 
214? • 
161* ; 
22i? I 
tV > 


C5I, 

14 

113* 

261* 

45*, 

27 

317, 

54V 


7i» 

13;, 

90V 

ie2 

161, 

224* 

61? 


-Nal. Distiller,.... 
.Nat. bervice Ind. 
National SllnJ.... 

NaLouia, 

NCK 

XeiAuoe Lmp. 

New England EL. 
New E'nclanil l'el 
Niagara Mohawk 

Niagara bln r* 

N'. L. Industriea. 
.N'lrluUAWcareni 
Non l» Nai.liaa... 
N'thu. Stales Pwr 
NtliwrM Airlines 
.Nth wet, Uanroty 
■Norti-n Mmon.... 
Uo-i.lenlai Petrol 
Ogtirs Mather—. 

Wluo bluu>n 

Ml,o 


315. 
16V 
51 
4B 
611, 
461? 
22V 
337, 
14 
11 
205* 
261, 
56V 
2Sv 
314, 
26V 
1WV 
194, 
25 U 
17i, 
24** 


211 , 

161 ? 

31 

49 

eov 

-6L? 

224, 

335, 

141* 

107* 

204* 

261 , 

361, 

25 

304* 

264, 

191, 

197, 

25 1? 

I /sir 

241, 


Va Container ' 

SewRpara 

aearleiG.D.) ' 

rear. Knebock 1 

SfcDO.t 

■rlieii Oil 

-aheiiTraiuipon... 

3U-IUI 

oiRTUrleCorp 

aitnptierly PaL... 

aincei 

aiciih Kline 

-JOiltron 

soutlvlown 

rout hem Cal. 2d. 1 

Southern Co. 

9thn. Si*. Re.... 
aouibem Pluafic.. 
Soutfa ertU toil way I 


277* 
E7i* , 
loss I 
22V 1 
397? 

464, I 

45;? . 
931? ■ 
5bV I 
UV 
>84* | 
921? ; 
44, 
381* . 
25V 1 
lav :• 
366* 

91 

68V • 


281 * 

271* 

13a* 

221 ? 

391* 

36s? 

441? 

517, 

56V 

UV 

181? 

90 

41? 

381, 

254* 

la 

35s? 

51 

55 


, H*wie Packard...' 

j H"‘Ub\ li»n« 

! Hi>nie-iake 

! lloUewHii 

j 

« H-rpl "tp. 4m« 
i HiMi-l'-u Nai.t.ia 
| Homil'n .Ai>. Inn 
tiilll- it iK.P.].... 
1.1. In.lnsinai... 

I'N-N - 

{ Inner-on Kan-1.... 

! Iiii*n-isi«.-i 

| Icilcn 


B7V i 

^67, 

a7v 

637* 
I2>« ■ 
3Qi? 
•:5V 
141, 

20V 
28V 
•*41? . 
591? 
37 i. • 
151? 


B7v 
26 ri 
39', 
64 j-. 
12.-? 
5Q 

14 i, 
20V 
29i, 
441* 

89 V 

iBV 

154, 


Drerseaa r-hip,... 
1 iwpnx Corning... 
t.iwenr lllniui,,... 

I'acllv; a a, 

I’a-.-'ii-- iJelnins- 
Pan Par. 1 Uc- 
I'anAin W,,j»i Air 
Parker Uannifio. 

I"esi»»h Inti 

t'e*i. I’* . * r 

Pen ii v J. C......„. 

1'ennzc-il 

I'm H'«* Dro*;..— 

People, (4a, 

Pepsic*-^... 


< 5i? 
32*, 
214* 
23V 
.2C*, 
21V 
9 

271? 

27 

211? 

36V 

31V 

15 

547, 

207? 


*6 
324, 
2 £ 
23*4 
20 

“}*- 
*8 
26i? 
211, 
*6*, 
3 Is, 
131, 
344, 
29 


-ScaHliland ' 

sVl Banshaies. 

aperrv Hutch 

»perr\-k»D*< 

iquibh 

siandand Brand.' 
>ttl.OiiCaiiiornia 
3tn. Oil Indiana.' 
■yLd.UHilfaio 

5UuB Chemical—' 
Sterling Uruj;..-.> 

dtudebakar. • 

dun Co...... 



5>-ntex.„ 

I o-hiuwlor. - ' 

lektronix- ' 

l'eifldvne...— 

leie* 

l'eneoo 

I'eroro Petroleum' 

1'eaaiv. ■ 

I'uasgulf- 

I'cxa. Kaatern...- 

lezas inot'm 

Lea.. Oil A Gaa.. 
icui Utilities... 

Inner In, 

lime* Mirror......' 

lunkeu 

Inane 

I raoruienca. 

iraneco. 

I ran, L'nmn 

Irati-na* Intr'n. 
Iran- W-m-Ii) All. 

I'raceiers 

In Lontineniai- 


511, 
27s, 
201 , 
43s? 
324, 
261? 
47V 
53-6 
38 
435, 
17 i, 
bOV 
44V 
487, 
361, 
141* 
471* 
1021 ? 

71* 

317, 


31 
27V 
201 ? 
*3V 

32 s, 

26a? 

47 

63v 

371? 

431* 

18i? 

60 

441* 

49 

551? 

141, 

474, 

100 

74, 

314* 


Woo l worth ,..-... ' 21 V 

"yly 6i a 

Xerox.-— 581, 

£aj»U 157, 

*eaiUi Radio 16 1* 


U.**.Trea».a®L9«: "94 r, 
L'5Tro*»«i»T8/5t.: +31 

L.S. 90-day lulls. 


21 V 
6 s? 
55'* 
154? 
lti t 

r0, ry 
i*Jl 

8.17t: 8151 


CANADA 


AWtiU Paper—... 
Agtuco Eajt'e— . . 
AmnAlaminium; 


\iBi-ma3t* 
Aanesti 


itoa 

Bank « Mcouieal 
Bank Nora tfeotli: 

Bane Kerouroee-.- 
Bell Telephone-" 
Bow Valley Ind..l 


187? 

a 

395? 
afil* 
48 
24 
21 
4.00 
62 1* 
451? 


189, 
81? 
37 T? 
i6l, 
471? 
£4 
21 

r4.05 

o2i? 

UBT? 


BP Canada ' 

Hmeuan ! 

Bnoco 

Ckigarc ttraer...' 
Camflow Mine*.-) 
■Janaria Cemenl-; 
Camilla MV ban.: 
Can.toip UkCnot' 


17s? 

I7V 


175* 

161? 


:B.ao :9.oo 


39 

16V 

liv 

101 ? 

287, 


Cajuda luduU..- 151 V 


Can. Paci tic 
Gan. Pbutic I nr. 
Can. Super Oku. j 
Carlins O'Keefe..' 
Ca.ru r Asbestos J 


23 V 
*21? 
66 
4.55 
10V 


387* 
l«4* 
11-38 
1 Oo g 
28 1? 
ftl'j 
234, 
K35* 

es>, 

■4.40 

104* 


Cbieuam^. 

Com men -J 

Com-. BaLburnt... 
kotnumer [is*..- 
Coseka heKmjneex- 

Co-uiil 

Oann Oerei. ...... 

OeniMKi Mines... 

Uume Mine,- 

tk-me Peiroieum 


a7 

337, 

36S? 

181 * 

54* 

la 

I2V 

79 

1L6 

US 


Dominion Brtkte fi61* 


Uc-coiar— ... 

Oupoui 

FsVcorige Nicke>. 
Font Motor Cap. 


SZ 

I7i? 

341? 

811, 


27.- 

331* 

36*, 

151, 

5-, 

laV 

12*i 

78V 
1031;. 
96V 
t'564, 
22 
16V 
-53 V 
81 


1QV 

K47, 

22 

38U 


10 V 
U4V 

22v 

38i, 

681? 





r-iiaroif’.... 

■ 931* 

491? 

IliM 

281 

2765* 1 

I'l-li-ruec El“ .... 

1 141? 

liV 

(in-. Fiavmir*. 

.4J,y 

-.41, | 

i’Pb ln-lu*rrie+. 

< 293* 

2SU? 

Inli. Hmfpln ... 

597?! 

391, 1 

i'T'A'.'i Uamtoe.. 

, b6i? 

fcbV 

lull. Minll/beni 

391, 

39 7? 

I’ul • Set fclect... 

ZJI, 

2cv 

Inti. UiiUiloolf.. 

201, 

. 201? 

P-ilimn ...... 

i 465, 

4SV 

IlKV.. 

171, 

' 171, 

IN nea 

; 17V 

17i? 

Ini. K«iifter 1 

lot? 

13V 

Ua,-i-i Amend n 

: i4v 

<61, 

14V 

low* beet 

391? 

, 39 1? 

KL’A 

[ 30 , 

29 :« 

IU InertMtir-oal.J 

1/‘| 

! 12 

kepuhllic Steal.. 

1 r6if 

?61? 

Jim Wnli+r 

317? 

53 

, Kiwii ■ Inti. . 

1 1B7 

163 


Pwkln Klmnr..... 

Pei — ... 

Purer 

I*bci[« Doric*---- 
Ptiiu.M|diM Kle. 

I'Iiiii?- ll-»ms 

flu M ip*- Pettu'm. 

Pilslmry 4jji- 

Pn nw bnwe, 34 ?? 

PilKton 22U 

Pin >ey Ltd A liK 241? 


27 
34 4* 

3&V 
*SV 
1 <V 
72V 
541? 


26V 

3**-, 

351? 

24., 

171? 

72V 

34V 

«5| 

244, 

221 , 

234, 


I Iril’Ti mi t Oa».' 

I lirw ...; 

p -AAli Century Fn*- 

i Lbl 

I L nuever 

: L niter ei XV 

{ l.uku Bancor*'... 
i l. uion Cari-ide.... 
j Lmoii Loni metre 
Lnu-n un Utul.. 

} L ni-.'ii Ps^'ific 


31 

31V 

201, 

20 

471, 

47i? 

321* 

32V 

4BV 

484. 

43 V 

421? 

ItaV 

lai, 

20V 

20 V 

o5J, 

a 51, 

22 m 

23 

25ia 

244, 

371? 

37>, 

194. 

197? 1 

64. 

64, 

381, 

3Bv 

04>« 

34V 

4lM 

39>2 ; 

£ bjs 

£61? 

20 V 

20 1? 

441? 


62 

61', 

*64* 

284, 

40 

39s? 1 

9U 

9V 1 

95V 

C6 ' q 1 

141* 

a4i s 

•■>1 

,5, 

13 U 

13V 


<jen*iar...._ ■ 

GuuntYel'trknlle. 
Gun On Can?<t>. 
Hair kcm-t.Ueo. 
Hull inner.. 

H-.ime Oti 'A' 

Hu-teon Hay Mae 

Hi Moon Hrr 

Hudson Oil A G*,: 

34V 

15»* 

351? 

9U 

43 

421? 

Zsi, 

22 v 

431? 

20 

Im, »co ...... ........ 

a7 

Im|.>erlai Oil .... 

a31. 

I'KOw 

20:, 



16 

Inland Nat.Gns.. 

Ml, 

Ini'p. v Pipe Lmt 

17 

Kairer Kdourcea 

15.? 

Lnun 1 in. O-orL-.. 

9 

Lol-tevt Com. 'W. 

4.60 

Mctuil'n Hicwii... 

241? 

Mwey Ferou-ou 

13 

MnlulTie— 

<9 

Hivtf Corpn 


M-.oinuiosiateKr 

285 

.Noinn-la Mine-... 

06*4 

N-.-ii.-en hneruv.. 

16»* 

•Nibn. leiei.oni.. 

40 

'iiiiii+jd pnri'ri. 

- 45 

Pa- iH-.- Copper M 

1 90 


S3:, 
35a? 
23 U 
B'-? 
427? 
424, 
21 
227, 
431? 

If'?* 

56.1 

234, 

20V 


16v 

111? 

17 

151, 

tij 

4.60 

241, 

131* 

»8V 

36V 

3.U5 

36s? 

16 

4CH? 

-.4a 

3.00 


Pa-.-i tic PeLro 'emu 
Pan. tan. Pei'm. 

PmViuu 

I'ttipies Ueju. 
P.sye Can. Jt i.i. , 


IVittiUrimi'u 

Price 

Sl>iei«i: aiurce-:*) 


diurnal 

Cuiled Brands... 
Ua Uanoirp....... 

ts Li.V|j*iiin 

Ca ah->e 

l-a -teei— 

L'a leclniokic:e*. 

I V Induslne*.... 

\ irclniH Elect. 
Walgreen 

t Warner. U'-ni mn .• 
i Warner- Lami-en 
Mule Man 'mem 

II •Mix-Firco.. 

iVesICTD Baumrt 
Western N. Amrr. 
Western tnion...' 
iVi>iitin?tV fc:n 

IVeenco 

Weyerhaeuser.... 

W’hiripuo.— ■ 

While Con. Inrt- 

Willtam C«- i 

« KHX.'Ilaln Elect ... 


33U 

30 V 
cl* 
£ 7l? 
«3V 
21 
l+i, 
K9V 

271? 

28-5 

a»4, 

27V 

30 

187? 

*17, 

2UI* 

*41? 

-04, 

19V 

*7», 


331? 
SOI? 
47i? 
2 64, 
43V 
21 
Xhv 
29t* 
49 'j 
271, 
264* 
291? 
26-', 
33 

19 

21 S, 


l-'wi >lenh-?n«e. . 

K»0 k-ii-.-lu 

IT-.tal Bk, nl L,n. 
i!oi». rrurt 


46 
35 
1* : * 
■i? 
2.18 
*rlr 
211 ? 
324* 
6.25 
185. 
ii. a 
37'? 
3SV 
IS-? 


455* 
34J, 
1 »*!>» 
13 V 
1.95 
K3V 
. 201? 
22V 
2 29 
18a? 
llSfi 
a 74, 
5Dl; 
197? 


Cheung Kong 20 cents to 
HK311.S0, Hong Kong Electric 
1.5 cents to HKSti.43 and Swire 
Properties 10 cenis to HKS3.75. 
w'hile Hong Kong Wharf fell 75 


Share prices softened over 
broad front in thin trading. 

Losses of between ' FI 1 and 
FI 3 were sustained by Amro 
Bank, Deli. KNS3I. Heine ken, 
Algemene Bank Nederland. OCE 
and KLIL Fokker and Pakhoed 


cents to HKS3L25. Hong Kong were isolated firm spots. 


Telephone 25 cents to HK33-3 and 
Tai Cheung Properties 5 cents to 
HK$2.12o. 


State Loans were lower. 


Brussels 


Switzerland 


mixed 

light 


Local issues presented a 
appearance following a 
Market recouped a little of its business, 
recent sharp fail in a quiet Pettoflna receded 65 to 

trading session. The Swiss Bank BFr 3.645 and UCB 28' to 

Corporation Industrial index BFr 1,202. but Fabrique Naitonale 
picked up 1.5 to 2712. improved 55 to BFr 3,100 and 

The steadiness of the dollar Solvay 25 to BFr 2^05. Pan Hold- 
against the Swiss franc induced ings held steady at BFr 3.020— 
some cautious investment re- the price was incorrectly quoted 
purchases although ' many yesterday. 


notes: Ovtraui arloM ihowii betow and tor scrip unu. - Per share, f Francs 
-xcHitP S Dremnirn R»UO*t> tovMsmv a Grass div %. H Assumeh dlriikmO aTtn 
■rr after wirhhnlrUi-K tu teno and/or rUhK tssoc. 6 After focal 

• DM 50 denars unless otherwise stated, (area. m% tax Free, a Franc*- tactaUn* 
fields based wi net tUvuieod* ohi? rax Umlac dw. v Mom. q Share spilt, s Dtv 
V P>* SSs demon, unless otherwise staled and view exclude special oarmeaL r Indf 
4, DKr tW dennrn 1 ml ear otherwise staled, -otett-drv u Unofficial trading" o tunsrtty 
i> SvrFt 540 dennrn and Bearer MarM -alders only. 0 Aleraei omuthic. * Aaked 
unless nritenvlse staled 3 Y5» deooni. * Rid. t Traded, i teller. ’ Aanraed 
■nles* nrtierwtse stated s Price at dm* tr Ex rlchia. xd Ex -Uridend. cc Ex 
if suanension 1 Plnruis b ^eMlHnss scr p Usm. va Ex afi. • interim stau e 
Cents, d Diridsm- alter pendlna riabtx -ncreaasd 


Oct 

« 




i . ... «; B71 s«! 865.82 85t.il 1 BBO.nl 007.74 7<LH 1 lBSfczgf n» ’ 

IndhaWale- »»•*?. * w - a0 . ,7K# V \ ' J '®W» 

c.™. ;,«.«! -U4 -n ’w j K-lilSl 

;.B1oj24.SM|2a,570j ' - j. '- . | [ . _j: 


Trading mil. 


UD0W- *|8B. 1481 22.650} 18, 


23.1 


. or index changed from Aujfwt 24 



H TAnm ARD AND POORS 


1978 


OcL J Ont. 
4 I 3 


°t \*T 


Sept. 1 Sept. L 
28 I 27 ' 


High 


‘S'uh* Cempivt' 
Lin' j High. 


I«r 


r TZ I MAE 115.72 112.99!. T12.6Z; 1 10.71 I B&-52 j 164.S*| 5,53 

JlnduMruta, 1»-«. ,,a *^ ' l . ~ {U/Bf. (6* IflLL-fli {38*2 

" ' I i wi tM la -in % efi ini es ioa vi aaoo 


JCompoalte ‘ lOfi.O 


IDS .80 182.M! IK.bk 101.88. »!.«' 1U ; M f . ,W* *T*t. 
1 , 1 .1 • 1*«8) 1 <6/Sl kHUfSS] 



j Sopt. 27 

> sept. SO [ 

Sopl. 13 : lraragoej^BB,.] 

Ini die. yield % 

{ 4.86 

[' 4.85 { 

4-63 i 


lnd. P/E Ratio 

j 9-43 

9.43 . ! 

9.88 ; 

'9.4s; •-. 


| 8-68 

8.47 i 

8.55 1 ■ 


N-T-S-E- ALL COJOIOIf 

Risen and Falk ' . 

i Out. 4 Oct. 3.4 Oerji 



. 


— z — : 

0 igh ! L-.-W Rises 

740 ; 

ssri? 

68 JW 87.80 57.78 67.78 

60.58 ! 48.57 

iLirSj i lV/3) 

L'ni.-tiniiafd 
New Hmlin 

.. .. 440 ; 

^ 1 

SSi?S 

-t-x 





MffHTREAL 



• 147 - 


a ! 3 i 

* 1 » 

H-ali j 

- U'y % ‘/ 9 - 

ln-iu*triol 

CoiuMn +1 

815.74; 215.43 
219.82 2 13-64 

2la.lft' , I3_-/ 

! 19.63 21-1.521 

218.74(4,(0, . 
2I8J2 riilft ! 

- ta(^u IT' 

. 174.62 «CTi/ 

TOBOJTCO L-jinv-v»n* 

1296.1' 12,0.6 

1230.9] I2a4.i; 

1235 J l4i tv. | 

•' 4I|| 

JOHAUKESBURG 

Got-/ 

Ic-llollisl 

; . 

256-5 i 289.8 { 
268.0 1 284.7 t 

i 1 

266.5 [ 285.7 - 
264.9 j 264.6 | 

27/.u run j 
iH.lCHNfl) 1 

• B8.tr wi.ay L 
1«." (UA • 


• 



• ’ ‘ - 

Ifi rum* 1 Hij;h i Low 

f Oct. : Pro. 

1 b- tlCHJfl 

i 1 Inw 


s, 


(22 (9. I ll;3l 


Belgium ti'* ®.73 MWJglgg 


Denmark i 1 
Franca tttl 
Germany l'i 
Holland i$*-j 
H ongjKtoJ^ 

Italy UC« 78.43 
Japan 


» 84.34 ! 94.34 


653.4 6.!»2 


S3.* . 69.1 


(33 Jn 
S8J9&1 94.00 
(1«:6) I&/3) 

62.* 1 83.0 I 83.0 ! 47/5 
! <4.-l0i I I3'3) 
E66.7 1 7».» 
13:10) 1 <17/01 
95 M ' 78-0 
f 11.91 : <4/41 
6CC.28 613.60 707.10 383.41 
I <4/81 ' (15.141 
' 8E.6 S> ».45 
<25,91 : <1011* 
(.:} 456.46 436.07 ' 436.46 ' 564.04 
, ! (S' 10) ! <4/l0> 

Sine'&DOre^] 575.67 - 376.61 ■ 414.50 < £53.0 

^ . I (g^) \ gMj 


Spain. 

Sweden 


(rfj, 87J1 - U0.7K 

; * { i9/6* 

f«j 378.0] : 377.27 1 anr^ 

Switzerldt/i 37L2J 369.1 L»8S 
1 1 f (Mdl 


. 8i# 

aw 

326.1' 

Od! 

251/ 


30-’! 


imam 

197S. n Ham Seng Bank 31/7/84 nnui 
Cnmmertdale ITaUans 1*73. niS 
New SE . 4/1/98 * b Straits Titans h* 
'■ Closed, it Madrid SB ttaZriTeSMn 
halm IndnstriaJ t/i/sa. fSvls Itr 
Cnronrartan 1 nnsvallshV .. 


WEDNESDAY'S ACTIVE STOCKS 

Cham 

Slocks Ontaa a 
traded r pries d? 

UAL u.aauM 

Maslc Chef — 313.898 


Indices and base dales (ail baas rabies _ ----- 

100 -except NYSE Ail Common - 50 KennccaiT Copper _ 381500 
SUUHXanls and Poors — 18 and Toronto Minnesota Miffing _ 398,788 
300 — l 900. the last named baaed an I97SI. Sears Roebuck ...... SXUN0. 

• KxcJulina boons, t *40 rndmnals Carrier — 259.4W 

« •» inti nst rials. 40 Utilities. 49 Finance Eastern Air lines-. 2 sa^» 
and M Transport. 1 Sydney All Ontmarr. Kanob Serr/cea — _ 250^89 
n nehrtati sk st/IStoa “• O pp etottigwn <tK Federated Stores £5ATM 


■411 
14 ; 
s« 


1/1/73. It Paris Bourse 1881. ti Cdnaun- Polaroid 




■ 221 
2$ 
124- 
itt 
84* 
5% 


+ 


GERMANY • 


rict.e 


Price - + or Lhc. TId. 
Dm. • - 1 % - 


l KG - : 

Allianz Verdch... 

BMW 

BASF ..... 

Bayer ' 

Bayer- Hypo 

Bayer- \ erelnibk.- 
CiNiIot.N>l.wTU - 
Ci-mnierriwnk..." 

iV-ori Gumtui 

Liaio>!ei-Beu& 

Uexurai • 

IVma/t. ' 

Ueuucbe Bank 

Ures-tnerKank .... 
Dycfceitioir Zeiut.. 

Uutchoirmitig I 

Hafng 

Harpener ■ 

Hoechst 

H->esoh | 

Horten 

Kail un-ISalt. ; 

Karoadt 

Kaijilx-t | 

KlOL-lcner DM 100.' 

KBI> i 

Krupp ' 

f jn-.le 


86.1'— 1.5 
580 »1 


31.8' 5.0 


143.0,-1.8 ; 18.75 6.b 
298.9-1.628.^ 

3«i8 ;-2 1 18 I 8.6 
165 -1 * - 


76.2 — J.8 - . - 


Z69.a-1.B| 17 3.8 
1,6 +1 ; 11 3.1 

310.5 -1.8 88.12' 4.5 


177 


1 


50.2 +U.5! 


1S5.6 1 + 1.5 1 14-04- 4.5 
335 -3 . ;23-4« 3.5 


2 81, 
3b V 
84i? 
id 01, 
191? 
38 


wi'irc K Viurw 

jenai-m. 

>liel. ’.aim. la 

dte.-Till «i. .Mine, 
- tei mi- u. u 

impajft 

-letti -.1 Uana-'a.. 
•I«t- ItoarK Iron.. 
IfU-MtMMh.... 
Innuiiu Ih-m. Uk . 
t'rau>(. an Pi pe I ■■ 
Crana M.ami 0,«» 

riucv 

Union Gal 

Un. -Kut Umi-i 
Walker Hiram.... 
Wort C-.n-t Inn, 
Weston Hen | 


71* 

52 

15 

8 

06^8 

V 

iV 


32 
14 ?g 
71* 
3fcft* 
6V 
at 1? 


3.80 5.7a 


37J* 
^OV 
18 '* 
8'k 

It' '? 

Ur? 

pj, 

r61, 

111 , 

191* 


*ta:, 

kin? 

181* 

BT* 

fla'2 

117, 

H* 

37 

1IV 

•IMS, 


t Bid. t Anted. I Ttaded. 
I New -tori 











#• 

EUROPEAN OPTIONS EXCHANGE 

■Jet. ) Jan. Apr 

P«ri«« 1 tnl. !«l Vnl. 1 ten Tnl. I*ial Stock 


AM 

p.a7.ao. 





fi 

: 6.80 ; 


- P.SS.fiO 


. A hX 

K.30 

20 

2.90 ; 

— 

: . - , 

3 

9 30 1 


AK7, 

F.53.S0 

B6 

O.BO 

28 

2.80 i 

— 

— 


*KZ 

F.3S 

— 

— 

20 

2 

fiS . 

3.20 


KK 

•40 

1 

231* 


— 

— 

- .3627? 


FK 

ISO 

7 

15V 

10 

14 ' 

— [ 

— M 


KK 

£60 

1 

*»« 

1 

65, 

— 

— 


RK 

S70 




19 

at? 

1 

4im 


r.M 

860 

— 

— 

1 

4'? 

— 

- S63V 

. 

Hi l 

r.37.50 








1 

6.30 P.39.40 


Ht« 

¥.40 









so 

3.10 

_ 

HO 

F.45 









10 

3 40 

• 

IBM 

8260 

7 

6 

2 

15V 


- 5280 


IHM 

*300 





18 

a 

5 

13 


KLM 

P.142.90 

7 

23.30 

6 

86 

— 

- K. 160. 00 


KLM 

K.150 








17 

29 

. . . 

Klill 

F. 152.40 

7 

9.50 . 

a 

16 

— 

— 


K 1,11 

F. ISO 

a 

4.60 

17 

12 50 

1 

21 


KL.M 

F. 161.90 

17 

4.20 

21 

12 . 

— • 

— „ 

WB 

‘ IS 1.11 

P.1.70 

15 

1.50 

35 

9.50 

24_ 

*4 


KI.M 

F. 171.40 

19 

l.ao 

40 

7.90 

— 

— m 


KL.M 

F. 181 

— 



17 

5 

— 

— .. 


k r.M 

F. 190.50 





97 

3.60 

— ■ 

— ,, 


KI.M 

T. 209.60 





28 

1.50 

— 

— 

, r 


F. 118.90 




2 

480 

— 

— F.lii.BO 


J-HI 

r.as 

6 

2.40 



— 

-- 1 27.30 


l*H 1 

P.27. so 

56 

0.50 

525 

1 80 

12 

2 80 


PHI 

K.SO 

_. 


64 

O.BO 

19-J 

1 90 • 


nsn 

ESO 

10 

3 V 



— 

>53V 


. Plill 

SsO 




22 

5V 

— 



'in 

r iso 

6 

4.10 

1 

7 70 


- P. 13380 


if l * 

F.140 

.. 




10, 

9 


I Nl 

f. i z 

S 

A fiO 




1- 125 ao 

ta . 



V - 



V*\ 



VI 

8*0 



<5 

P’l 

- 

- NpSt, 

. 

PA 

SIRA 

1 

-f 

‘ _ 

— 


— 

a 

o-st 

f?5 



. - 

— 

11 

lkM?’i 


M-r 

Ai '-■•<' ’IF 

(> •- 

\N tM'.t 

' 


\Ar 10 



BASE 

A B.N. Bank 10 

Allied Irish Banks Ltd. 10 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Aosbacber 10 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 ^ 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd 

Banque du Rhone 

Barclays Bank 

Barnett Christie Ltd. .. 
Bremar Holdings Ltd. 

BriL Bank uf Mid. East 

1 Brown Shipley 

Canada Perm’t Trust... 

Cayzer Lid 

Cedar Holdings 

Charterhouse Japhec... 

Choularlons 

C. E. Coates 

Consolidated Credits... 

Co-operative Bank 

Corinthian Securities . 

Credit Lynnnais 


LENDING RATES 


10 % 
10 % 
10 % 
ioj% 
10 % 


u ^ 
11 % 
10 

10 «r, 
10 % 
io t, 
101% 
to «*, 


10 % 
12 % 
10 % 
10 % 

10 % 
10 % 
10 


10 

10 

10 

'10 

10 

10 


The Cyprus Popular Bk. 1ft % 


Duni'an Lawrie 

Engi! Trust 

Kngli<>h Transcunt. . 

r.-t Na:. i‘in. C.orp. . 
First NhI. Secs Lid 
■ Vnlrnt Cl Iris 

^roytinypri i.naraniv 

‘■rindh^ * 

S ( !iuinne«5 Msh^n 


. in 

. 10 

. n 

. in 

n 

HI 

in 

Tin 

in 


I Hambros Bank 10 ^ 

I Hill Samuel 510 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of ScoL 10 

Keyser Ullmann 

KnowsJey t Co. Ltd. ... 

Lloyds Bank 

London Mercantile .... 
Edward Manson & Co. 

Midland Bank 

I Samuel Montague 

I Morgan Grenfell 

National Westminster 10 V& 
Norwich General Trust 10 °ii 

P. S. Ref son & Co 10 % 

Russininster 10 *?» 

Royal Bk. Canada Trust 10 % 
Schlesingor Limited ... 10 % 
E S. Schwab 111% 

Securilv Trust Co. Ltd. 1J % 

Shcnicy Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Iweniielh Century Bk. 11 % 
United Bank or Kuwait JO % 
Whites way Laidlaw 
\N ill i;i in., i r.;ivn's 
Yorkshire Bonk 


10i% 
10 % 
10 % 


.Mi-rtilv-r* 
iN-nimiti- 
t il-lj -K'pn«i'» ;-. 


"I *-i» Ac .-Milne Bou,.-s 


month -t^posl'* 


% I 


?d<. <1:e?siU nn -ijnu' «*f Si? I"! 1 * 
*n4 im4er 7-'. tip m Kj.iwn 7>-. 

iip'l p-?r 

C ,"1 ■J»*rrMi , » *”■ -p [j am ;» p 

C'tnand acd 4crmu> 


9Z.fff0.7 - . - 

183.5- 1.0 18.76 S.L 
113-4-1 i - . - 

286.8- 1. 2 25 i 4.4 
Umeot-mu 100.... 1,595 I...:.. ..I 35 7.8 
LuiL/iau«e — \ 100.5 -r 0.3 ' 9.36.' 4.6 

830 +1 ' 18 l 84 

179.5- 0.9 IB. 18 4.8 

£60 t l : 10 19 
650 •— 5 : 18 1.4 

178.5 — 1.2 f - - 
la7.4— 1.6 — - 

ie,.7.-u.l! 25 6.7 
£76.2-8.3 28.13; 5.1 
400.0-5.2 25 4.2 
272.3 -2.5 26.94. 4.3 
11B.9 — 0.9 l/. It 7.3; 
192.9'- 1.0.1 7.16 4.5 . 

131.8- 0.4 .9 J8 o.6i 

300 -1 18 3.0. 

339.2 —3 0 25 i 5.2- 


MAN 

Unune-iruum 

Vielglltftr 

Munv-bi.iipr Buck 

Ne-Lt-riUHUU 

t*raii*sus UM ICC 
Uii-.-in M e-u hie-- 

■'v.-l-criuj- 

-leuieti- 

lu-i Zu-.Ler 

I iiy— cu A.G ... . 

''■tin 

' HUN 

v*-rein*A- We-tBio 
V -Ui»B||;M| 


j TOKYO 1 


■J ' If T72 


■ SI 

wsmm 


m 


333 |-8 

14 

r a.t 

‘ Canon 

44A - + i 

ia 

2.3 

Cblnna...* 1 411 -+1 

20 

2.4 

| i_Vi Nippon Prim 

885 1 

18 

1J6 

! 

218 -5 

18 

2.8 

• Hand, Momra... 

503 >+t 

18 

lJts 

1 Houte Fcn-1 — . 

1,170 :+10 

55 

tJ5 

i C. Itnta.. 

243 i 12 

2.5 

; lio-Vakwto..._... 

1,860 ;-30 

50 

0.8 

1 /ant- 

793 i+3 ' 13 

0.B 

. I.A.L— 

S.9L0 !-r 30 

— 


1 Kansai fc*»-Upw.!L160 —10 

10 

4.3! 

J Ki-maisn 

3n0 !— 1. 

18 

2.6 

uuoa*. 

290 8 J 

15 

2.6 

• KyiAo-Cerainw... 

3.620 ,-10 ; 

56 

O.o 

; Umbuibit* Id-i... 

180 , + 18 j 

20 

1.3 

HiUuL-irhl HniU. 

279 j 1 

10 

1.6 

llitiultibiUearv 

120 ! 

12 

6.0 

iin,ut-i»hi Corn.. 

456 ,—5 | 

15 

1.5 

Uitaui A Ct-. 

399 1-1 

14 

2.3 


673 1-7 ( 

20 

1.7! 

A*pf*jo temo 

1.700 i— 40 ! 

15 1 0.4 ; 

.Nipjjrjn ?hinpan.. 

796 ;+l ' 

12 1 O.B | 

Ma-au Mmora.... 

688 ,-8 

16 ; 

1.2 i 

Pioneer- : 

1.610 '-60 

48 • 

1.5 | 

»n.lo Kwcuie-.. 1 

24S U 

12 l 

2.4 

xtirui Piruih ... 

928 | + 2 : 

50 

l.Cj 

ChlMM-lo....— ...... 

L3nO !— 10 | 

eO , 

U.8 

»ny 

1,300 io : 

4u • 

1.3 1 

lai*bo JJjiMne — 

231 -l : 

11 1 

«.4 

<>ke>ial.be mica.'. 

450 '—13 ! 

13 

1.7: 

1 UK 

2.440 ,-20 

30 

u.v ; 

■ a in 

118 

10 • 

4.2 

to,\u Marine 

490 i+l . 

11 . 

1. 1 ! 

'•AWlMMFow'r'l.OlO —30 

a 

4.0 : 

IvfcVU-BflFO ' 

516 i+l . 

12 ■ 

1-Mll 

Univ 

142 ■ f 

lJ . 

3.51 

lu mt* Owp 

VZ7 — t , 

V** , 

4.9; 

li-rnta ll-mr 1 

885 '+ 10 . 

3-. ' 

111 


AUSTRALIA 

| BRAZIL 


Oct. 6 

;+« 

Anri. S J — j • Oct. 6 

■ Pnce I + or Ciw, T* 
i Orux ; — jMy.f i 


NUM1L i&> eeni „„... J 
Ncruw Au«tTmlU. u .....Mi...J 

VII Al'IL SI .] 

Nmppt Kxplorattnn 
Vmpoi F8tro»miin...«...«.-4 


10.76 

TO.95 

12.25 

11.35 

tO.87 

tL-69 


I+4JH ; Hooco do Brad i 
i +0.02 r Banco lUa P3 


L87.i 


U.lt&t 


■<J.#2 , Bonoo Ilm FA ...) 1.41 paaTjJ.371*-' 

Hol/jo MinelniOPj 1.15 ifeOJIpJL^O.tl 

; L)iw Amor. 0P..| 3J« i-OJWj.3^6.0 

+UB [ LVtrorirao PP...,.. 1 BJ9 

«».« 
8 


'\*ioe.PuiplWSU.....i 11-65 i-MI.tB'. -Ptretll OP 'WS0.; i l._:!0:HjiU, 

A.wc. Coow lii-tuvtriei....^: »1.88 : ] DP-r -1AB. 

\u»t. FauniUnloo tnraM...i tl.IO 1 k"**** gv™{rJ - 5-®9 

Vole Klo PocoPPi 1-15.1* 


.t.iV.t. .. h ........... ....... . 

iivilnNO.i.Mta, 

Altai. DU 4 On 


■fciuuninnlie Copper [ 

Bnunhlo- 1 oJailrles. I 

BnAeo Hill Prepnrtnrv.^.l 

KH iaoutb.4— J 

Otriton United brewerr-. J 

iSII 

vuckt-uro Cement. ■ 

•>iok < 0. J.t 


:1.80 

10.75 

ia73 

t0.25 

tl-25 

♦L59 

12.05 

18.66 

11.48 

11-To 

13.45 


I M- . . ■ 


1-4.02 


Turnover CrSUnt tWnnjeOWn. 
Source.- Rio 'de 'Janeiro .SE- 


Vi? hi 


I-H0.D6 ; 


OSLO 




12.39 

:3.88 


j-MlI 

L fi fM i 


'.•jotaiij Au* train 

ivp kuM«j (811 _..! 

<1K 



-ptST 


T. 

Out. 6 

Kroner 

r.j.-V 

< 

Uerpen Hank 

. 98 

-r'i 9 

r 9 

tt-HTOjwrd 

78.5 

-3JS\ 


Craitittaiik....^^ 

114- 

— Jii 

E 

Kuraie*„„_.,„_ 

305 

-10 < 20 

e 

KrodiCkeeian ».... 

111 

-1-1 11 

E 

-Norsk HyriruKrtB 

228 

—6 12 

c 

woratirand 

100. 

-.+••4 '741 




L.14. ItHu-trira • 


■•o« (UaTt.ii. 


Source Nikko Setanttn. ToXyn 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


•Irl. 6 


' Price 
Kl*. 


_ I 


Wkn.I «Kl. S5J1 • 

VBiuiF'. ’HA J 

v.i-ctuJtatit'i.lOu 
vMKV iKi. i*...: 


1 19.7 —1.3 . ,28 4. 
52.2 — u.o I — — 

377.0 —3.5 iA256,‘ 7.6 

, 90.7-0.3 ; 5U ! a.6 

Vam/enk (F'.SUi; 78.2xr,— l.a ;A245[ 3.8 
iti|«iK-.-rl. 

129.9 +0.4 [ 824| t.3 


Li-iL? M'o»l m- K.t-i! 
tiulii-ia ttiiaolc.' 
h-«rvler -f-.aj)... 
hnuwN.N . Urarci: 
i-.urCotn l»uK .iU). 
'.»i,i*i BrotwleaKi' 
Ue'nekon it-'i. S'): 

fK«jfc,ircn* (Fi.iUli 

itumei L>.f f ;.JiXV> 
i\.l-.U. iKi. 100;.. 

* nl. Muller (120)^ 
luAiei rFi. 10)..- 
Nal.N^llnrtPi.iU) 
'c-iLreO Bkltt.aV 
Ve-i MiUHkiFi.sOi. 

Jnf | Ki.20| 



1 ,u uonoereo 

I'ahbn»l It 
■'tulip* ifi. UJi 

■/ju'ctiVenFi.lOu 

■ioueco 

KuiincO iflMj ....I 

-(orantu (Fl.sui ! 

■ U-yxi Uutchf K^Z.' 

iiaranl-uri; I 

iertiiQrp(/e|^U!! 
W-.Uvdi-^-i 
L in tew (FiJ0)...j 

‘ Ik Ira*- lie*. ( IT j; I 

rt r*r ‘. L'tr. H viXil 1 


73.4-1.6 
305 I— X 


26 ! 7.1 
I 37^1 l.b 


143.5 : — 1.5 ! 37.6' b.B 
71. ti- j 94.6 4.9 


£0 I 4.V 
14 ' 3 5 


40.3-0.8 
102.3— £.5 
39.2i— 0,1 1 - I - 

23-4, ! 12 i 5.1 

164.0, — 2.9 
4b. 

87.3 
113.9 
56.G 


— . 8 14 9 

1.1 * 19 | 8.2 
.8 1 18.5: 4.4 
-0.4 1 48 - 4.2 

-0.6: 21 1 7.4 


206.5J — 1-0 i 22 l 5.3 
176.51- 1.0 1 36 -4.1 
42.01+0.3 ; £3 ' 7.2 

16u.S -0.3l — ! _ 

47.5 *0.71 — ■ - 
27.3—0.1 17 6.2 
75.0 — 0.4 — 1 - 
17b.7l+U.2 !.V2B6' 7.2 

142.0- 0.5i — ; - 
123.2—0.21 >9.5 5.6 

134. 1- — 0.3 55 , /b; O .0 
248.2 — 0.3 [ £0 I 8.1 
lt.6.5-2.5 27*-' fi 2! 


1 


■ 

tiirT- 

I Uct. » 

. Price 


Fra. ' 


*' rx 


I Net • 

' Artied 

.2,45 J 

- 25 

1 _ 

berken "B"..,.. 

.2.670 

’+20 

jllb 

l-U.K. Cement.. 

. 1.288 

+ 16 

100 

Lv-kvnll 

. 468 

■ — 5 


KBKS 

. 2.5ij 

—a 

177 

r.iea-troiieil 

. b,B10 

+ LO 

430 

fai-rlgue Nal.... 

.3.1 JO 

+ 59 

J70 

ft.B. litnoBm... 

.‘4.O05 


150 

(revaeit 

.’1.462 

!— 10 

1 BS 

UULiUrux Ll... 

1.640 

1-5 

■ 9U 

Hw<ikon 

2.840 

i— 60 

■170 

1 ii* a-.i-ui—M 

1.U10 

10 (142 

KredieUamk 

7.170 

+ 70 

290 

Ids Ki+ale Beije 

.'5,950 

i— 5J 

.,3-ia 

i'an Haidine*. ... 

I5.02U 



I etrofin* 

'3 645 

-69 

180 

ftx. Con. Bunin 

"|3.o90 

1 + 15 

206 : 

Mh.ijen.Heleiqu 

*2.060 

+ 15 

140 

sofiiui 

J3.11W 

-.216 * 

yt ny 

2 SOB 

+ 25 

A2.ini 

frai-tion Me t.... 

a boo 

Una 

170 ■ 

UCB 

1L 2.2 

-38 


L'nMin. <1 lOt 

834 

— M 

50 ■ 

vleiile Moutaffue2,030 

+ 16 

__ 1 

SWITZERLAND • 


Price 


Dltr. 1 

O-f. A 

Prs. 


L 

I 


4.5 ; 
6. 1 


7.7 
6.a 
5.5 
b.o : 


Mye Kmporium | 

'e»« — 

Nl tMas IntonuiUoDAi 

v ' ,, h Brotteo H'.lineXbO > 

'/wthn.iira..... 

jii soui'b^.—^....... ..... 

■.'Uer Kxiuimcioo 

rti-oeot Uuu.Tei 
■Ic-Aiu x ifl'inu,.,. 

1- Meijtb 

•Hiidiau.l Miniu*... w 

^/eriiu* Kxdii'ratiro 

1 -a-lL iSi ‘ 

'I’ll ’MU .... 

< l e>4cii] Mnutuc ioO •emu , 

>i ■•iiitiTrr/]* 


11.41 

10.86 

t2.62 

t 0.29 

13.U5 

♦1.64 

12^8 

10.83 

12.35 

10.13 

11.13 
tl.10 
t0.41 
t 0.43 
12.35 

Tl-bB 
(2.55 
t0.92 
11.44 
<1.75 
t0. 14 
tO.51 
tl.BS 

:a^7 
tO.70 
tO. 35 
r0.45 
:l.B4 
to.ai 
11.76 
U.75 


i+ajtii 


■0-M I JOHANNESBURG 

i+iiofi ' 0ct - 3 

,+ j.ui ' 


HIRES 


Rand +0 


_ 1 no ; AftSlo Americati Corpo ... 
' 1 Lhorier Consolidated 


OrietomelB 
.**' M E/sbura 


' ji'l.'i . Rarmnny 



■6.7t 
11.71 
l.« 
tlial 
lib 
36. tf® 
. 410 
PJH 
B.« 
-.6J8 
... T3«» 
aao 

. — 1&09 

6.2* 

_.... 

..... rdWS 

T» 73 

ism 


+1 


6.8 : PARIS 

5. 

! Qc». 5 


4-1 UeuieN* ' 

f-5| UnoiiBiJccui’tV. 

2.6 . \. r Liquid* 

■1.9 VquiUine — ..... 1 
°-6 I -1C 


6.8 ■ 


42.0 +O.I S0JD 1.1 
414.9 + X.9 33 3.0 


COPENHAGEN * 


Price r 4. orTDiv.'Tw. 
Krimrr ' — *r 1 ® 


\ mlel Bisnkea 

Ihntkl- Batik ' 

hurt A*Mlb- 
Fiiutiitiainkon..... 

jrrnana 

K-ir. I'aiur _ 

Hau.lcl'IjBnk 

.N'Ui'n H.(Ki40' 
'■■ni Kale)..—... 

: Ida ink 

rrxeai>«ok ....... 

J'n-vin.lgtiik. 
*-.ipli. Heron-au.. 

••lUfilw 



AiumiDiuni 990 .4 is 

tUJU-A' 1.915 1—5 

Clba Lieiu V Kr.l-XN b45 j+10 

Do. HHrtCon.’ 715 1+10 

. _ Uo. Uee. 1 659 1*3 

144.0 jM.iO, 0.5 ! .-re-lil '2,*05 1 T fi 

1 ?5‘? — ?’? B - t ' i Rwro-Mi 1.795 KL 1 * 5 

■"“** ~ ' Kirdici -.Geuniei.] 550 t+5 

fluff man PiCert'. '63.250 * + 5001 IOO 1 li? 

U. fc 1 1+150,110 ] 1 7 

Inicrtuu-i U 3..DJO j jji ; /a 

lelmu-i iKr.tOui.. 11.380 30 | 21 i'k 

NeaL-eiFr. liXb...i3.1kjU .+ 10 '*Jsj b'b 

Ua Ke;...... ,2.. 95 ;+15 i'i 3 d./i 3.9 

-Jerlikuu M 1 K.19J1 ;2.670 
•‘ireiii >1 1‘ it.LvAjj 2M7 
-ajHliv iKr. £M-..;5,5GU 
**u. Han twh.; 393 
7.9 ( S uiibi-er Cl FlO.-' *55 
9.0 1 ■> ' zer Ct i/t.hKi’ 287 
7.C , S « !■ -air (Kr. 790 
9.8 1 " l*a Una «Fr.K.». 337 

3.4 I -ni»«Koi lK».AC'.4.675 
ni.-n Uauk 3.i 40 


■K-uveue* ........ 

O. » j d.>:.v. Gervu*.... . _ 

I --arrefmir 2.015 

ft'RlWj.K. i 413 

- 1 c-l-i. 

o-O , Uie Ua neat re. 442 

— I ‘u|r Metl'lei i 

l credn Com. Kr" 

j '.rv-ia-a L^nre 

I Uiimw 

; Fi. Ketraiea ....: 

*'en. Ucddemaie. 

Ituetai 

lacuuoa Uonu. 

‘•"large 

L'CtrenJ 


KlOOf 

i+ '-2* Sis^nburs PlflUnum — , 

■-0.01; b;. Helena ; : 

1*0115, Southva?] 

, j-- • ! Cold Fields SA 

. Oj'6 Union Cwpnoratlori 

1—8.82 ! De Beer* Deferred 

>0 M \ BlFVDqruilZlChl 

! East Rand Pry. 

■ Free Stare Geduld 

• ; President Brand 

,-O.fll President Stcyn 

. , SlQfuntetn ' ' 1 

•*0.Bl ■ W'eftom .. 

1 Wcsi Driefnnreiti . 

.... : Wiewern Hold lacs . 

:+0.nS ; "'■esiern Deep .... 

INDUSTRIALS 

AECI 1 aw 

Angln-Atner toduntnal ... 1*. jO id 

! Barlon- Rand 42 *'-* 

I iDTexinwnti r3.W 

Ffie I far Div.:fiT I Finance -. • 8.«S 

Fr-. 1 — ' ; * 1 Do Beers Industrial 

” ‘ Ednara Comofidaied Iiit. 

Edgars Stores 

EverReady SA 

Federate Volk? he testings . 

Greatermans Stores 

Guardian .As-suranco 

Huleils 

LTA 

McCarthy Rod way 

NedBank 

OK Bazaar.* 

Premier Milling 

Pretoria Cement 



.+9.D6 


730.0 >0.2 1 (i; 1 o.B 


443 

375 

556 

537 

825 

600 


1+3 

1-5 


—26 

—30 

1-25 

1-7 


tSAJ 


in. 


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_ ’■ BY CHRISTOPHER FAUCES. 

+, ' DENMARK HAS thrown Its. 

behind the Commod liar- 
->. a e £ ^pniniission's campaign over 
:>x fisheries policy which is leading' 
* ^.'tQ a. shnMfcdown in the. European . 

— ■ Court of Justice. 

' After a Cabinet- meeting.' In 
Copenhagen! yesterday the Gov- 
ernment said it would press the: 
■. ..." Commission - to start" a ‘ special 

rourt action against Britain's 
'■ r -■ > unilateral ban on industrial fish- 
> .*lbg for -fishmeal in a large area 
: the North Sea. ■■ 

Government' sources were 

footed by . .agencies -as saying 
" ' ^>>that if the Commission failed to 
action It was logical for 
•the .Danish Government to go to 
-x law itselL - --• 

“A senior- EEC official claimed 
zji in. .Brussels yesterday that 

7^*^. Britain was to be taken to court 
.by the Commission over- -its con- 
“'"Htrols in other sea areas. 

"'''-7 Mr. Svend Jakobsen, ' Danish 
.Fisheries Minister, -Said that the 
J 1 : ‘Tenuest for lesa! action was 
]0 : specifically aimed at ’British"' con- 
• -trols in the so-called pout box' 

_ -^a large area of the North Sea 

-^off the eastern coast of Scotland. 
Officials at "the Ministry ..of 
Agriculture in-London said there . 
— ‘ 'could be no question of imme- 
i -dtate-- action,- since the-Britfsh 
- . Gqvpntmpnt still had to respond 
— to the' Com mission's own com- 
'plaint about the controls.' 

- - Last weekend Mr. Finn Gun de- 


a over 
ban 


. jach, the EEC Agriculture Com- 
. mlssioner, asked Britain to. delay 
implementation of its most Te- 
ncent conservation' measures and 
jet.. him .see thesetentifle evl- 
denes on- which rhe.cnmrols.were 
.based-.-- — . • • 

The new restrictions, which in- 
clude the extension of the pout 
box two degrees- "to the east, are 
already in force.- v. - . 

Britain bases- the. -enlugement 
■ of -ttiff area .onv Statistics pro- 
vided' by the : International 
Council for . the: Exploitation of 
the Sea. If the ban on industrial 
fishing inside "the "box— m ■ force 
from October., until" March next 
year— were applied, all the year 
round, it could lead to a 35 per 
cent rise in haddock stocks in the 
North Sea auL.a.jSQ ~P*t cent 
increase. In the .number • of 

whit ingrin the -arise- lv. . 

The -Danes say 'that JJie: ban 
will cut their industrial, fishing 
fleet off from' potential ^catch 

of ‘ 200,000 tonnes • df “Norway 
pout : for processing ; and lose 
them almost £400,000. ... . 

The British,-, however, value 
the potential- increase In stocks 
.of .fish .for human ; consumption 
at three times the Danes losses. 

They also claim, that there "are 
plenty more Norway pout shoals 
in the area around, the "box. 

Danish • trawlermen. have been 
warned by -their, leidegra .not to 


risk being caught inside, the pro- 
scribed zone. British naval pro- 
tection vessels and surveillance 
aircraft are keeping a constant 
watch. 

Penalties for illegal fishing 
range up to fines of £50,000 and 
confiscation of tackle and catches. 

Ur. Kent Kirk, leader of the 
fishing fleet in Esbjerg, on Den- 
mark's west coast told Reuter 
that if the Commission failed to 
stop Britain's unilateral actions 
he wnuld press the Danish 
Government to consider abandon- 
ing all co-operation with the 
EEC over fisheries policy. 

He said that continued British 
domination of key parts of EEC 
waters undermined all possi- 
bility of a compromise on Com- 
munity fisheries policy. 

• The Ministry of . Agricul- 
ture announced last night: "In 
view of the quantities of mack- 
erel which have been landed in 
the UK in recent weeks, it has 
been decided that the permitted 
daily catch of mackerel which 
may be landed or transhipped 
by British fishing vessels will be 
reduced from 5 tonnes to 3} 
tonnes -per crew member per day 
at sea." 

The change is to take effect 
on October 9, 197S. Arrange- 
ments for the South West 
fishery are still under consider- 
ation. 


Lead surges to 17-month peak 


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' BY JOHN. EDWARDS, COMMODITIES .EDITOR !: — _ 
"•■LEAD PRICES surged upwards same time demand for lead h as 

• again on the London Metal been much better than expect etL 
Exchange yesterday reaching the "Other base metals .were also 

"••highest levels since May last higher.. Uad'ssifter metal. zinc 
■’ .-.year. Catfh lead rose by £17 to rose by £8.125 to J&9J & i for 

■ ^ j ■ £412 a tonne showing a gain q£ cash metal, ^efiertipR better 

£43.5 this week -.alone,- Signifi- demand and reduoed BtippUes as 

■ ^cantly, cash lead has moved to .a a result of produ^on cutt»ck| 

', £6 .premium over, the three . Tin was encouragfed by a rise 

! ■ months Quotation which was .£15 .the Penang ■•.mykeL-o e - 
— - up at £406.75- . . night aqd resorts., suggesting 

5SSS 

- the high prices attract fresh lead " Cash tin 'Closed £72.5 up at 
into the LME warebnuses. A-.ftD, £7245: a. tonne, rdeaplte ■ some 

' .in warehouse stocks is- expected eaxly offerings •of-'cash' .metal 
. .: this week however. - " arid profit-taking sales Itf .the 

*' U.S. buyliig demand overnight afternoon. ; .=•■■■-■■ " 

.“brought a.-, firm opening as :.tSppp«r prices. als»-. advanced 
dealers covered their positions; -strongly.. Gash ';wirebara 'ploMd 
and further buying interest tfien £8^"hrgber at dW52 : a.ipnne, The 
"' " '— c ame in from the Soviet Uni o n_ market . >yas boosted by me tren a 
and "Far” Eastern countries, in offier'inetals "arid some trade 
Speculative buying fuelled the buying. • . 

■^~r*pward trend,, although- -there : -In , -the U.S^ Asarco "jraised its 

• -<vere profit-taking sales at the" domestic . selling . price., by 

“T-iigher level. - another 1 cent. to .70.. cents. a lb 

London broken, . WaUice for^ratbodes. .. 

: Brothers, claim in their latest • Reuter reports from ^udbury 

- metals market report that sun- that the United Steelworkers of 

- "lies, of scrap -lead are' tighten- America union., bn strike since 


farers International Union to 
stop handling Inco nickel ship- 
ments. Dave Patt'etson. local 6500 
president said no reply has yet 
been received from the unions. 
But a refusal by them to move 
nickel would halt nickel and 
copper deliveries to lnco cus- 
tomers. 

An lnco spokesman said the 
company has had no difficulties 
moving nickel to customers 
since the strike started. 

World sugar 
output fall 

' By Our Commodities Staff 

A" FALL in' world sugar produc- 
tion in the 1676-79 season to 
91.01m tonnes was predicted by 
sugar statistician F. 0. Licht 
yesterday in h ! s first estimate of 
the forthcoming crop. 

This compares' with a final 
estimate, .for .the 1977-78 season 
of 93,709,000 tonnes. 

I Beet output in 1978-79 Is put 
at 35J5m tonnes, against 35.97m 
tonnes previously, and cane at 


Sharp fa]l 
in cocoa 
market 

By Our Commodities Staff 
COCOA PRICES fell sharply In 
late trading on the London 
futures market yesterday 
afternoon. 

The March position, after 
having traded up to £1,995 a 
tonne, fell to £1,943 before 
dosing at £1,953.5 a tonne, £31 
lower than the previous elose. 

Trade and speculative selling 
was reported to have been 
triggered off by rumours that 
the third quarter grindings 
figure in the U.S. may fall by 
as much as 10 per cent com- 
pared with earlier predictions 
of a 5 per cent decline. 

London merchants Paterson, 
Simons and Ewart, in a report 
reviewing prospects for West 
Africa in 1978-79, forecasts a 
fall of 83,000 tonnes to 785,000 
tonnes. 

It puts the Ghana main xxop 
at 260.000 tonnes, which Is 
above many other market esti- 
mates. Total crops of other 
producers are put at 257,000 
tonnes for Ivory Coast. 170,000 
Nigeria and 97,500 Camerouns. 

The report says that crops in 
all ihc main West African pro- 
ducing countries wiD be early 
this season and are likely to 
tall off abruptly at the end of 
the year. 

This suggests that sufficient 
cocoa will be available to meet 
the requirements of industry, 
with something to spare until 
the second quarter of next 
year. 


Malaysian aid 
for Bangladesh 
rubber project 

BY WONG SULONG • 
KUALA LUMPUR, Oct. 5. 

A TEAM of rubber experts from 
Malaysia left today for Dacca to 
study how their country could 
help Bangladesh set up a natural 
rubber industry. 

The team's leader, Mr. Ahmad 
Farouk, deputy- controller of 
rubber research, said that the 
Bangladesh - Government was 
anxious to diversify its economy, 
wlpctr is based on jute exports. 

The team would be in Bangla- 
desh for a week to find out 
whether Malaysian high-yield 
rubber clones could he adapted 
in the- country, and the type of 
training and research facilities 
that would be required. 

Earlier this year, Malaysia 
signed a five-year agreement with 
Vietnam to provide assistance in 
rehabilitating its war-ravaged 
rubber plantations. Seven Vietna- 
mese technicians are at present 
attached, to. .rubber . reseajch 
centres in Malaysia for training. 


farmland nationalisation 


Wealth becomes a burden 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


THE NATIONAL Union of 
Agricultural and Allied Workers 
baa put in a call for the 
nationalisation of farm land. The 
reasons given are fairly vague. 
The real one. the redistribution 
of wealtb—dear to all socialists 
and a good many others toi^—. 
is left out of account. 

The point is that farmland is 
very valuable. The owner of 
even 100 acres is by any standard 
a wealthy man with land selling 
at anything up to £2,000 an acre 
in smallish lots at recent auc- 
tions. A large Hampshire farm 
was sold for £1,800 an acre last 
week. 

Established farmers, at least 
the 50 per cent of them who 
own their land, look on these 
rising prices with increasing 
dread, not with the joy that 
becoming millionaires might be 
expected to arouse.. This is 
because the increasing values 
will eventually make it harder 
for their heirs to find the capital 
taxation incurred on inheriting, 
or being given, the farms. 


Swollen 


Recent Finance Bills have 
eased the position of both work- 
ing > farmers and other small 
businessmen in this respect, but 
the problem is that the value of 
land Is out of all proportion to 
what can be earned from 1L 
FaTming capital consists of 
land and buildings, while work- 
ing ■ capital is represented bv 
machinery and livestock. Work- 
ing capital for quite a big farm 
could amount to no more than 


25 per cent of the value of ttae 
land. 

So, when a farmer dies his 
estate will be swollen by the 
value of his .land, and the taxa- 
tion to be paid on this would 
probably make the provision of 
working capital very difficult 

The owner of a non-farming 
small business has nothing like 
the same proportion of capital 
invested in land or its equiva- 
lent. The Chancellor of the 
Exchequer's concesions are prob- 
ably of real help to him. But is it 
acceptable that farmers or land- 
owners should have extra con- 
cessions, just because they are 
so wealthy that they can't find 
the cash to pay their taxes? 

There is no doubt that land- 
owners have a case. It is not 
their fault that other people try- 
ing to join their club are pushing 
land prices to levels which will 
penalise them. But the same 
could be said of owners of 
stocks and -shares, whose heirs 
have to have them valued for the 
payment of tax. 

The main difference is that the 
tax could be a real burden on 
the successors to a landowner. If 
an heir receives inherited wealth 
in shares, a proportion of them 
can be sold off without real hurt. 

The argument against giving 
concessions to land-owners that 
other capitalists do not enjoy is 
that, in an egalitarian society, 
concessions are always resented 
hy those who do- not enjoy them. 
There is, too, the possibility that 
some land-owners would quite 
cheerfully accept the concessions 
and then cash in on the full 
market value of their property. 


This could be covered by 
putting conditions on the con- 
cession, such as making it 
obligatory to hold the land for 
a term -of years before the 
owner could gain any benefit 
from a sale at above the original 
valuation for tax. less the conces- 
sion. This would not be difficult 
to administer, as all sales and 
transfers of land are monitored 
by the District Valuer. 

A further development could 
then be to alter the basis of 
valuation for tax. At present, 
land sold with vacant possession 

is the criterion for valuing the 
farm of a man who dies as a 
farmer-owner. If it is a tenanted 
farm, then the rental value is 
the basis. Because the vacant 
possession value is so much 
higher than its rental value for 
farming, there is a good case for 
a concession here, subject to the 
condition suggested above. 

There Is an alternative which 
may even gain some support 
among members of the agricul- 
tural workers' union. I have 
never seen any reason for 
objecting to nationalisation of 
land simply nn the grounds 
that it is socialist dogma. What 
really matters to rae is not 
owning the land — although I do 
own a portion — hut its posses- 
sion without fear of eviction. 


Australia 


. Faced with the demand for 
tax, 1 see no reason why the 
owner should not pass over a 
certain acreage to the State in 
lieu of cash, the . raising of 


Seals eat £12m fish a year 


BY OUR COMMODITIES STAFF 

BRITAIN'S POPULATION of 
60,000 grey seals eats as much as 
10 per cent of the catchable fish 
to be found In the national 200- 
mile zone, the Scottish Office 
claimed yesterday.. At average 
landed prices such' consumption 
is worth £12m a year. . 

In a response to pressure 
groups which want tp stop the 
planned cull of grey seals, 
officials from the Scottish Office 
said the population had doubled 
in the past 10 years and the num- 
ber around Britain was likely to 
continue increasing at a similar 
rate. 

There were no natural preda- 
tors or other factors to stabilise 
the population, they told repre- 
sentatives from the Greenpeace 
Foundation. 

. The decision to reduce num- 
bers was taken on the advice of 
the Seals Advisory Committee 
and after consultation with | 
official conservaion bodies. i 

. And . the campaigners were i 
warned' not tty interfere with the i 


killing since any further distur- 
bance in the breeding colonies 
could lead to even greater dis- 
tress by increasing the number 
of pups - abandoned by tbeir 
mothers. ? 

; The Government says it is 
satisfied that the planned cull 
will not put the future of the 
seals at risk, officials added. And 
they made it plain that there 
was no question of the cull being 
ordered for commercial reasons 
or “ the convenience of the fur 
trade.” 

Grey seals were first protected 
by the law in 1914 when the 
population was estimated at 500. 
The Grey Seals Protection Act 
forbids killing of seals during 
the breeding season when they 
spend much of their time oo land 
with their young, and the skins 
of tbe pups are most valuable. 

The current culling pro- 
gramme aims at reducing the 
grey seal population by half over 
six years. The main reason for 
the reduction, the Scottish Office 


says, is to reduce losses to the 
fisheries which are currently 
about 56.000 tonnes a year. 

Net cost of tbe operation, after, 
allowing for income from the 
sales of skins, will be between 
£10,000 and £20,000. 

JAPAN TO IMPORT 
LESS TIMBER 

TOKYO. Oct. 5. 
JAPAN'S TIMBER imports from 
the Soviet Union arid New Zea- 
land may fall in the half-year 
beginning this month as the re- 
sult of a drop in domestic de- 
mand. according to the Central 
Timber Supply-Demand Co-ordin- 
ating Council here. 

The council estimates that 
Japan's timber imports from the 
UB. will total- 10^7m cubic 
metres this yeax^-up 4 per cent— 
while imports from South-East 
Asia will be 1 per cent up at 
21.14m cubic metres. 


which might cripple him. This 
land could then be rented back 
under the present laws for a 
couple of generations and no 
money need be found. 

Some people have a horror 
of being tenants of the State. 
It is preferable, admittedly, 
not to be a tenant at all, but 
1 have rented land from both 
the State and private landlords 
and have found little difference 
in the bureaucratic approach of 
their agents. 

To sell out to an institution 
would be another alternative, 
but an institution would prob- 
ably wish to secure the whole 
and not simply part of the 
holding. 

In their proposals, the union 
mentioned the State ownership 
of land in Australia and New 
Zealand. However, the reason for 
State ownership there has been 
to hold the land until it could 
be disposed of in smaller units 
as circumstances arose, mean- 
while leasing it in much bigger 
units for a term of years. 

The difference between this 
overseas system of tenancy and 
the traditional British one has 
been that only the land is leased. 
The fixtures — bouses, fences and 
buildings— are the property of 
tbe tenant and can be sold by 
him when departing. 

If nationalisation should have 
to come in Britain, for either 
fiscal or political reasons, it 
would be sensible perhaps to 
enact it on the basis that while 
the State could jn the end. own 
the land, the tenant should own 
the fixtures. 


Sri Lanka to 
boost rubber 
production 

COLOMBO. Oct, 

SRI LANKA hopes to boost 
rubber production to about 
170,000 tonnes by 1983 as part 
of a long-term plan to develop 
its rubber industry, a plantation 
ministry spokesman said. 

Tbe plan, to be spread over 
15 years, includes a replanting 
target of 3 per cent of the area 
under rubber or 15,000 acres -a 
year, he said. 

The target is to be gradually 
stepped up to 5 per cent to catch 
up with a big replanting back- 
log over the last few years, he 
added. 

The plan will be Implemented 
with assistance from developed 
countries and a three-member 
team from the UK Ministry of 
Overseas Development is already 
advising the Government on 
increasing production and im- 
proving process techniques. . 
Reuter 


COMMODITY MARKET REPORTS AND PRICES 

- BASE METALS ■ 


U ACT? -UTKTTAT C • • . 00 Co®* 1 pram jxeVpnjfli-wKUw which 

iOAijH MEiIALJ .. . Jell. Johranl. matergl at £772j. on tho 
COPPER-— Horod ahead on tW London aiienwon kerb, 17,950 tomai. 

fetal Ex rfraT w**. - The Bnnncfis of other Amalgamated Tradiw. reported, 


■ COCOA- RUBBER 

J The threat of prwluwp.seniiis lead to STEADIER opening on Ota London 

£ j £ £ further loos UqoidaUon and chartist short- physical market. Good Interest thnmsb- 

- tw 7340-50 j- 72.5 Bellini, GUI and Duifus reported. out the day. closing on a firm note- Lewis 


MEAT/VEGETABLES PR,CE CHANGES 


a.m., +«1 three months £77*. 73.5. 73. 7*A Ttr 

COPPSKj Official ' — tfnoffldil — 75 5. Afternoon; Wlrebare, three months 

— ■ -tr**- t 

-4-nwmttu. 1 JZ74-J5 f4-4.fi 1 73S-.B -I+7.7S. TlM-^Oghar. Tt>a tbe In U* Penan* 
Soni’m'nt 764 H-4.B — — price caused forward ifL.-SS 1 ' 

Cathodes 1 , f - *- ' ’ ' firmer at Si/m- ThTenfic r. caa rtUt bn^ 

dun........ 740.5-1.5 *-8.76 759-. B +S.76. w jufi stop-loss Paying pnshf-d J«W 

amount, J 762-. 6 >+4 7BO-.S +446 g w a dux's high oT P- 0 ® HJS'W 

hertrm'nu 74LB +4. — eased fracUonato to . dose on itaiafo 

C.->. o'mcj 626 1 65-66 — • •.kerb ac £7,m Tunwror: LSW toonr*. 


STEADIER opening on the London SMITHFIELD (pence per ponnd>— Beef: 
physical market Good Interest through- Scotch killed sMea 53.5 to 57.fi; Ulster 
out the day. doting oo a firm note. Lewis hind Quarters $3.4 to 66.0, forequarters 
and Peat reported a Malaysian ttodown 36.0 to 39.0; Eire hindquarters £3.0 to 
price of 281 (258+) cents (buyer, Ocl>. ,B5.0. forequarters M.8 to 38-0- _ 


Price In tomes unless otherwise stated. 


SK888BH wiwii 

72 5. Afternoon; Wlrebara, three months •* month*. 703MO +107. 7ow-so -+77-b xieo. — 1825.0-26.0 

m ni- .72, 71.5. re? Cathodes, caah dwtfomX 7260 +tl5 - Mureh 1BM.B-W.D 

Em.B. Kerb: Wirehai*. three months < Mtanlta R_ *1886 +2« — May 1968.0-60 


York I — 1 J u l> -„.i 1865-0- BB.O 

Morning; Standard. caSh £7JS8. three Sept.— 11960.0-80.0 


TlM-fififlolier. The rise In f* J 1 ?** months £t!o«. 45, 40,' 50 , 40. 30 , 3i High 4*ee.^ 11310.0-24.0 

price:, caused .forward ““Wj; .JfL. Crude, three months £7.045. Kerb: Maiv h^ '1082.0-1300 


50- 5 1985-0-20.0 

51- 0 1385.045.0 

29.5 20001959.5 

25.5 1887.060.0 
17.3 1871.048.0 

10.5 1325.0-05.0 

•45.5 — 


No. I Yesterday'll Precious 
R-ti.s. Clone ('lore 


Nor. 02.70 B5.60 02.0005.00 1 — 

Dec 84.00-84 J5 82.50-85.75' 05.85 

Jan-Slai 85.70-65.80 85.00-85^0' 66-90-65.50 
Apr- J ne B8.2fl-6e.25. 07.56-87.00 : 88.40-87.65 
Jv-oept 70.40-70.SOj 08.70-09.B0. 70.50-89.75 
Od- Dec 72.40-72-BBf 71.0S-71.75 1 72.60-72.40 


Oct, 4 
1978 

■for 

Month 

•go 

£710 

91.070)90 

— 

£680 

91075/96 


LG.- Index Limited 01-351 346? ■ - • Three months Lead 
29 Lamont Boad, LondDn STV10 OHS . • 

1. Tax-free trading oh commodity futures. 

2. The commodity futures market for the smaller investor. 


- : ^T.rn'-o«a7 TarfloTOr. LSW worn*. — D»-w U72.nsh nnucawr pnew oct 5: 

— rkwp.fiC 17,-oee. lurnora ___ LEAD— Very iVm again with both cash 15-day average 172.17 (17231); 22-day 

I """ '■'■ "■ ■■ j and forward metal reaching their highest average 17103 (170.08). 

■_ . _ I levels since early May, 1077. Forward 

. - • Three months Lead 4O4.(M0&5| metal opened u £395 and quickly moved - pfHJCITE 
' • iimM broach ihc £480 level owing IO over- X JLiAj 


Jy-depLj 


Veal: English fau 02.0 to 70.0. Dutch 

hinds and end* 84.0 to 80.0. — 

Lamb: English small 33.0 to fil.O, 
medium 53.0 10 58.0, heavy 50.0 to 54.0; Metals 

Scotch medium 52.0 to 57.0, heavy. 50.0 to Aluminium^ E710 £630 

54.0. Free markss (art)- 81.670(211 9 1075/96 

Psric: English, under 100 tts 37-8 to Copper cash W.Bur E7S2 +B.5 2731.76 

46.0. 100-130 fos 38.0 to 44.0, 12 M« Hm 5 month, dp. do. t772.E5 + 7.75'U746.76 

37.0 to 42.0. Utah Oathodk. 2769.25. +G.75 S720.5 

Grew*: Young best 1B0.O to Mfi.O each. 6 ^ ^ £760.25 +6-25 27 23 

PamWaes: Yotmg MM ID ! M0.fi each/ Troy or. S225. 125- +0. 75 #209.875 

Rabbits (skinned); 43.0 tu45.fi. Les.1 cash. E412 1-17 £340 

MEAT COMMISSIOR-Average fewodk 3 2406.76^13 1345.25 

prices at representative markets on Oct- a: jjiesei^ : t 


nnHwarlcetT 


Copper up; 
sugar 
drops back 



FOR INVESTMENT 


SHEFFIELD 

Prime freehold reversionary industrial 
.investment 6S.ooo.aj. ft -let to two 
pubUc companies. Prico n50,t-3ts. 
■Joint Agents: 

DavM Lewis &. Company, . 

5 Balfour Place. London W1Y 5BG . 
Td; 02-409 0387 (Telex JSHfifii; and 

Bernard Thorpe ft P 
2». Park Sonant. Leeds LSI SPQ. 
Tel: 0532 459101 (Telex 657902) - 


COMPANY 

NOTICES 


up to breach the £400 level owing to over- v-v/i 1 g_jj 

nlritt UB. buying, USSR and far eastern ' . , 

buying which In lurn touched off soma ROB U5T AS remained steady to 1 
lErtW and stop-low boring. Values rose range for foe whole «*«on today, 

afresh in tbe artaruoun with' heavy buying Burnham reported. Trade selling 

cash material establishing a £7 backward!- m et all rises throughout, and at the close 
lion at tme point- Forward metal touched values were at the days ‘ a ^ H ler 
So day's highest level of 1410 In the some late stop-loss liquidation. Dealers 


Sales: 408 (343) lots of 15 tonnes and 
1 toll 1 ldl of 5 lounes. 

Physical dosing prices (buyers) were: 
Spot 02.00p ( BLO0I; Nov. 02.75p 162.25K 
■ Dec. 64.00p (63J0). 


SUGAR 

LONDON DAILY PRICE 'raw sugar) 


SiSTiSrS 1. , 5 :*Vr 5 sawthe session aacouBOlklauon titer the BUM moM* . tonne a, far «. U-Nov 


re £4 1B.5 oh the late kerb following profit- recent upward move, 
taking. Turnover. IfilSfi lounes. " 1 Yeoteniny’a 

: " I "T.£T M- «ri _ (km. i+'5r OOFVRH I t ' l09g 

LEAD OfficW - Unofficial - 


JAMES BEATTIE LIMITEO 


Transfer Books retatino to the 8g% Fa 
Mortow Debenture Stock t979-81 of ; 
Company win be ctoMd trom the i* 
to ttie 3Tst October. 197a. 

By Order of tbe Board- 

C. T. LOWNDES. Secretary. 


11.6-2.6 +17 

■AA.E-7 +15 JanUMY-.... 


to ttie 3Ttt October. 197a. . >t orn ing: Cash M0S, 7J, T. three months September J 131 

. g. T. LOWNDES. Secrttuv- 14A3, 4. 7, 6. 5» 5.5. 6. Sk5, 4# 3.S« 4* November^. IRS 

THE AGHICULTORAL MORTCAGB— 5*A - I 

CORPORATION LIMITED S.^Vm^mRu VSTJBJi 

S«i% DEBENTURE STOCK *973778 Th^a^montS MM 6is,%J' 5 « ^ 

Agricultural Morttraae corponiHon Three months mbs, bu»..o. Arablcaa 17&.00 

Lfoilfod -3*1% Debwmire Stock l»75r7» - ZINC— Gained graund mainly -Influenced Arablcaa- 153.00 


recent upward move. ahlpmenl. White sugar dally price was 

— ▼rtmi.W fixed at mo .50 rnilAOi. _ w 

, v J ^ . Opening quaQulons were around kerb 

no FT HU Lloso -f-ee omnnem levels, but prices drifted later In thin 

JJone trading. During I be tilemoon Com- 
£ per umne mission House stop-loss liquidation was 

, a ,_ 7-' b " 7___ , . touched, off and Dec. fell to £112.00 before 

November— 1617-1B +6.5 1639-16 support was uncovered. Short -covering 

JnnUBiy 3.622-24 —3.6 1540-16 then develuped which lifted prices some 

March — 1436-38 — 0-6 1430-29 150 points from the “ tows “ by the 

M*)’ — — — 13BO-9D — 1397-84 close, C. Caarnlkow reported. Tbe whiles 

Jul y - — 1383-87 +2.B 1354-50 market remained very steady throughout 

September- 1310-20 — 1320-15 foe day, despite the decline In raw 

November.- . 1295-300 —2.3. — prices. 

WHITE SUGAR- CTtne: . Feb. 018.56- 
Sales: 3,450 (5 175) tots of 5 tonnes. “S' 

ICO Ind rafT nrlQMr fftl> fipf 4 Ml C Si-Ut. ± 1 W. iS-BltH . 25 , NftT, £JjJ. 5 UnQ 3 j, 


»640t f — 7 
*278.5w +0 


£330 

25 3588 


74 0494 
O.SS|$263 


done: Feb. mSff3-O17.S0. April £123 
.unwaaooa mli Ju ]y nagdasOJO. Sales: 138 lots of 


-■ — v . . - - -- - Q7u all, iiBwwwu™ — — - — - -—■v, inwvn. “WKt uiuu 

INDUSTRIAL investment MR SALE: “3 '23^2?' dSi. ^ the . conUnotag fimrnm of the lead Arablcaa 1S5JSS (aamei: Robustas 1CA 

9.68 Ac^prodiKlna- EiJ^aoo mr iSm cmsc. market. After trading quietly on the pre- 1976 ugjo (14SJ10); Robust as ICA 1968 

•sasa 1, Tgrgroat Jhghltocfc tramm r m , rtor around tbe 1353 forward metal i«.00 (143-50). Daily average 161.82 

?n t& ^ » the dVi i highest level of [151.671. 

seiiina Aoents: Edward* 'Blawood & the^veajna £300 hi the afternoon prior w dosing on ARA8ICAS — No sales; ' all ammo red. 

Bjnbury ' 13,8 kert) 81 £SKLS - Tnn “ ren 8 - tt0 

Oxfordshire, oxt & OAH. will be payable to the .persons rMtsfeered. tonnes. GDillUC 

EXCELLENT INVESTMENT— 2 pnooertles. as.holdem of tbe Stock et that time. — — — 7T~^ — ZT^ vJ I vAJU'u 


a * "ownioer Tne £300 hi foe titonoon prior to dosing on 

Banbury. 10 ^ nb £* Bnij fB< i rm ptiarr money foe late kei® at £358.5. Turnover: 8.460 
will be payable to the persons raotetered 


EXCELLENT INVESTMENT— 2 properties, 
furnished lettlnps, excellent tenancies 
high Income, min. overheads, and vrork 
hmd, S.E. London. 690.000 required. 
Tel.. 01^91 0281. or 01-693 4627. 
FIRST CLASS SHOP Iwestment. Arnold 
Nottingham. Tenants Tesso, WophwrUi. 
Finlay. RHM. Reversions 1979. 1989 
and 1986. Rent £8.870 oor annum. 
Freehold for Sale. Walker Walton Han- 
ion. Chartered Surwvar*. ByanJ Lane, 
htotoflnffham. ■ T«i. 5MG31- 


GOLD SILVER! 


SO tonnes. 

Sutfvr 

Prcl. 

Comm. 

Cod. 

Yoetfirdny'* 

Cloro 

Previoua 

Utoae 

Bindnen 

D-KM 


will be payable to the persons reolstor 
« ENT — 2 properties, as holder of tbe Stock et that time. 

excellent tenancies BANK OF ENGLAND 
overheads, and work .. — — - • — - - 


EXHIBITIONS 


' ZINC 

a.m. 

OffloU 

+■ Or 

p-ra. rt-for 

GooDtoiB.1 — 


£ 

£ 

£ £ 

C&sb 

346.6-7 

+ 4 

349-. 25 +8.12 


536-jS 

+4 

35B.&-9 +83 

ST meet. _J 

347 

+4 

— — ■ 

Prtmlwest; 

— 

— 

29.31 


£ per tonne 


D*' {113.60-13.001114.38-14.35 114.60-12.00 

March. .Ill7.15-17.25 117.75-17.80 117.K-1B.IM 


H IMPORTED — Wheat: CSTRS No. I. 131 JJ*™ - - iig JAisjSiiq’qBJnnD 150 M 18 25 

~ per cent, Ocl W.Q5. Tilbury, sellers, U.S. 1I17K1 SSim'IkIS flops' snlii 00 

E 12 Northero Spring No. 2, 14 per cem, 

i 1 ' oa. &L0S, No*. 85.05. Dec. 88S8. tranship- ^ IS 



LONDON COIN FAIR, Saturday. 7ViOdto: S’nMBt. _J 547 +4 ~- — — Winter. 131 per cent. OcL 8430, Nov. Miurli..n31.75-5^n8[152.Dfi32.76,1i2.g6-SI -g 

I ber ^J° SSL 1 ®: 8 g"--Cuirtbe r l l*na Prim. W«d I — I 1 29.31 I — 8SJ0. transhipment East Coast sellers. SaL-s: 3,697 I3J38) lots of » ttmnes. 

c Sur Kehs' iS&i "la • ■ Mnrnlne- Threo months -1356, 56_£. 57, -BBC grades unquoted. Tate and Lyle ex-refincry price for 

win, dealers. Adm ission Z5p. . . 58 “^ s> ™« M,° wl ^bf Thre4 Mate,: U.S^French 0«. 103.90. Nov. sranulnled basis white sugar was. 22M35 

— " ■ 1 - months CS5. SES. Afternoon: Three 101.00, Dee. 103.00 transhipment East a. tome for home tratfa and 

Al ‘ , months 1356.5, 57. 573, 58, 59, 5fi5, 5S. Coast Sellers. S. African White Ocl-Nov. 0 70-00 far . s 

CLUBS ■ -• 58.5, 59. Kerb: 'Hitm months 1359, SBA .Sl.SJ. Glafsow sellers. S. African Yellow ,nte C^ L ^L 

• • ■ i--- Id. »T 58.5, 53. Oct .-Nov. 61 JO Glasgow sellers. cents p« pou^fob and riow«l Canbtaan 

: .• cents per poimd. -JSM per pkaL Baiicy: . English Feed fob, Ocl SLH, P*ti- , 4 i J?? 111 839 (8.9a), 

eve; 1B9. Resent Street -734 0557. A la » q_ uix-vtoua nhofflcla] dose. Nov. 83.00. East Coast, aeilncs. 15-day average 8.49 (3.42). 

Sww l 'ioJ5!"l~2^jtod 1AS ^ ALUMINIUH-Threo months morning St ^ am ' — 1 WOOT FTITITRF^ 

mule of johnny HawkesworUi A Frimta nga (£586.75): afternoon riose U _. T | . UIEV WUUL f U I l)j\L5 


CLUBS 


Basic Metal Co Ltd . 
Vineyard Walk, London EG1 _■ 

01-278 63T1 Telex:."22159 


mule Of johnny- HawkesworUi A Frimta close £584 (£588.75): afternoon dose 

CSM7S ffSRS.5). Trades: Ifornlng: Three 

! • months £884. 83.S. 83. BS.B. 8 L Kerte: 

W.l. On traded. Afternoon: Three months 

I58J_5. 84. Kerbs: - Untraded. Sales: OO 


tonnes (1.725). 

SILVER 


WHEAT 


BARLEY 


festorday' 

+ oe 

rutmriay'B 

+ or 

arnth 

clo*e 


tiow 


Knv... 

8&90 

+038 

81.25 

+ 0.40 

Jan ._ 

91.70 

+ 0.66 

84.00 

+030 

Mar- 

94.10' 

+0.45 

86.30 

+030 


96.E0 

+ 0.451 

88.75 

+ 0.SB 


LONDON — DuH and feature loss, Bacbe 
reported. . 

SYDNEY GREASY— Close On order 
buyer, seller, business, sales): Micron 
Contract: OCL 330.9, 339.5. mO-338.5, 3; 
Dec. WB.0. 350.6. 349^-349.0, 9: March 
358.3. 3SSS. 357&3S8.S. IS; May ' 384.8, 


Rabbits (skinned); 43.0 to45.fi. E412 1*17 £340 

MEAT COMMISSION-Average^ rewodk imo SS£:™ ZZ : 0406.76^+ W 6345JS 
prices at reprwentaUve markets on Oct- a: micRei * : 

CB cattle 67.19P per fcg-l.w. (+*.*/; Free Mark'peii-ifvibl S 1 78 « i rq 

UK sheep ISfiDP per kK.ert-d-c.w. (+4.9); free BlarfcetfoUKIb) H"*** 

CB pigs 6T.4P per kgJ.w. (+2.0). 1 

England and Wales: Cattle numbers down 

0.9 per cent, average price 06.75P i +0.671; Platinum Uwy o*.. £130 — £130 

Sheep up 7J per cent, average price Free MarkeL..^ £149.65 + D. 4 £136.06 

136. ip I+4J): Pigs down 12.T per cent, Quidnilvor (761b.) 812,tf25 *125/30 

average price B7.4P 1+2.8). Scotland: . silver trpy oa..— _ 294 . BSj —0.36 466. Ip 
Cal He down 16.5 per cent, average price 4 mooth».._,™_. 4u2.10p — O.BO 493-p 

6S.50p (+0.221; Sheep down 2J. per cent, rtn Daub. *;7.245 +72.3 £6.989 

average price 131.7p ( + 5.8). 4 months £7,06 7.5 +67.5 £6.887 J 

COVERT CARDEN (prices ,n , Jrte ™2 Cunncea (x)— *142.94 + 1.86 8137.82 
per package unl ®f s ,, Woirram 82fo) elf S102 47+1 5140/44 

pnxlBur. Lenwns— Iislhto: 120,150 s new ^neemah. £MS.12S +*.126 £510.5 

crop 5. SM^SpanJa^Tray s LafiiM. S. JraOTthg • £3a8.75 +8.5 £520.75 , 

African: 7.00-7^0, Cypres. Trays S.Bft- PtcIucwt,™. 8676 *626 

3 JO. OrawjKs— S. African; Valencia Late 
4.30-5J6; Braalllan: Valencia Late 3.50- Gila 

3.66: Argentine: 4-SD-5.40. CnweftwH— Uxsooat (Phtl) g/foi — IO *755 , 

Dominican: 4.86-5.40; S. African: «s Uroonrtnau ... ; K&88 

4.50: Jamaican: 5-00-5.40: Cyprus: I UB Linseed Grmle(vl_ £520 £330 

Cuban: +20-4.50: Israeli: Jaffa 4JW.85. Palm UatojrniL *690« -26 *588 
Apples — French: New crop GoMeo 

Delldnus 20-lb 72 2.00-2.10. 84 1-80-1-90; 

48-lb 3^0-450, Stark Crimson 28-lb 54 Seeds 

2.40. Granny Smith I.IO-S.CO. pcar *” Uopeu Phillip — _ *640t —7 A *494 

French: Alexandria 2.B8: Per PO™d -wyatwi *278.5w +0^s|g263 

Italian: WIfffanis OJUt. Peaches— Italian: ^ 

14 trays 5J6«.M. Mums— Romanian: 

Anna Spafo per tray 1.60: Italian: Per Grain* 

pound Stanley 0.12. Grapes—lWllan: barley j J 

Regina 1. 60-1.80. Black Retina 1.50; Home gntnrw £S4 +0.00 £80.6 

French: Alpbwiw per pound 0.70. Uum 

Bananas— Jamaican: Per pound #14. Preach No. S Am £105* 2100.75 

Avecsdee— Kenya: Fuerte W24’* 4 B«- Wbeu 

430: S. African: Pnerte 4.WHL50: Isradf: *0.1 Had SprinR £93.05 -0.4 £91 

4.58-430. Cans I cmn»— Dutch: Per 5 kites Mb.2HmxdWtm*r £64,30 —0.4 J 

338. Oaten*— Spanish: 3.6IW.I0: Dutfo: ■ ifoglUh Hilllngt £91 £89.5 

1.68-230. Mcitms— Spanish: Yellow 6/14 Ooou* fo,nment.„i£l. 3863 -2B.&C 1,984.5 
C. 783. 78. Creep 33M30. Future Mar.. £1,8513 —31 £1.902.5 

Dulch: 230-230; JerKer 1.85-2.1 •; Coff« K„iuro.^«-„. 

English produce: potatoet— Per 25 Mas Sov E1.523 —3.5 £1.533 

1.18-1.48. Lettuce— Per 12 round 8.58, Con llouua 'A’ l ndei__ 75. 16 o 74.63c 

100. Webbs 130. Cacmnbcrs— Per fray Euuber Into - B9u a7.76n 

12/2+a new crop 130-2.48. Mmshrosms . -tuipur £110 —1 £99 

Per wti 0.SW.6II. *“**»rf W f®™ 1 Wooitopj 64« id to... £75p 279p 

Braznley 0.06-0-09. Loro Derby D .04-0.05. — — *- 

Car's Orange Pippin #.IIW.12i Tyd email's . ^ , 

0.84. Wereester Pearmatn 8.0S-0.6S. Russets j.™”**)- tMfiW cnp. I LfHqpotefl- 
0 874). 10. pear* — Per pound Williams *.1D, ?£?*£***• ■ AMPL 0 SaW. rOd. 

Conference «■<>«>■’!■ "“5* , p ^ nd sP&'toS.' • ® 

0 09, Mariorie’j seedling 0.12. Laxton * nm - * M fi M a m c bcb*- 
0.08. Damsons— Per pound 6.15. Tomatoes 
—Per 12-lb English 1.68-3.00. Cabbages— 

Per crate fltfM.fltt. Cetoy-Pff . nTnYfro 

0.88-0.07. Canimowers— Per 12 Lincoln 11'UlvfjO 

L88-L48. Runner beau*— Per pound Stick 
0.10. Bectruot — Per 2Wb 0.66. Carrots— — — r 

Per 2S-Ib 0.50-0.78. Camdcums P er pound 

030. CanraetM* — Per pound 8.1VB.18. FINANCIAL TIMES 

Onhms— Per bag l.fltt. Pickier, TSMM •** **- 

Swedes— Per IS- ID 6-56-030. TiwtHp*— Per OcL 4 Oct. i KpnLb asri Year aim 

28-lb 1.00. Partnlna— Per 2Wh 1.00-130. 

Surouta-Per pound tt.07^.0. Cobnuts— 858.71 [237.69 240.83 | 230.66 
Per pnund Kent 0.46. Car* cub*— Each (flue: 7nl» 1 iHfoM) 

0.04-8.05. ' 


INDICES 


Copper -■ where tiest? 

AMKJU^o3pperismlor)QBrtra(^atte^ 
if is a ^long way ton the peek price seen 
in 1974.What is the'Bk^ jmce-movement 
overtfienfficttwoyBars? 

Ptestxjthavepfet»red aocMTpdiensivesiuay 
on copper wfcich will he^) you to answer 
ihis question. 

Prescot Commodities Ltd 

. 6 BIoou3sbnry Square, Ix«dca , i WC1A 2LP 

■ T&%ixxK:Gl'2{& 2142. Td2c 231ia • . 


HeasesBaiiMaoowof^raport'Cap^Mal^i^j^ 


tor spot delivery in me ltob™ ouhjuu Bustness done-Wheat: Nov. 8.95^LfiO. 23; Dec. 3763. 377.0, 376.5-373.5. 12; 
market yetterday _6t 2&4.65p. U J. «« JaJL *1.7041.48. March 84J>93j». May Mart* 377.0. 37B.fi 378.0-377.0, 9. Total 
eqmvalenw of foe a»ng Icveto wofe: «OK M.60-M30. Sales: 348 lota. Barley; Nov. —tes: 121 lots. 

5B4.4C, down OJc: ttoec-month SUSALR Jan. W38«.fi0. Mart* 86.49- (Pence per kilo) 

SL ?ia=WST-i|-T==- 

(Stu&Mri am! closed HGCA— Locatwn ex-farm spat prices. Grawytt.joll Close — Done 


584.4b, down 03c: ttoec-month ■ 8135-81.10,’ Jan. W38«.fi0. Mart*' 86.40^ 

down 0.6: S&month MAfc, down 0.6c, 8L26. May 88.6M838. Sales: 374 lots. -r.TTriSw 
UtiW-monfo^c. to«8Au»e^U HGCA — Location ex-farm spot prices, £££l£t 

1 ^ d09ed Other milling what: N. Lincoln fSfiJO. '■ —3. 
at 2M+29MP (583+5»«. . Feed N- Lincoln £83.70, Hanu. I 

■ * " .and W. -SuEsex £82.70. Feed barter: t 

SILVKK Bullion -f- or HU.B. f « £74.48, Hants, and W. Sussex f74.7fi 
per fixing — oloee — UK monetary HtofiGeieat for tbe week March ..— ...p 
troy oa. price from OcL 9 win remain unchanged. May p 


India’s tea 
crop lower 


FINANCIAL TIMES 

OeL4" Oct. 7 Mon Lb agej Year ago 

258.71 1237.69 849.23 | 239.66 
(Baser fobr 1. IfiSScMB) 

REUTERS 

*■***■ Oct 4 Montii mp4 Y«r ago 

1608.8 (1607 J 1479.0 1604.4 

(Base: September IB. 1031=160) 

DOW JONES 


-294.3p +0.4 

30l.76p +0J 


SOYABEAN MEAL 


me oa. price from OcL 9 Will remain unchanged. Mnv..— ■ — SM .0-583 — 

. — — 1 — i J mmmm. -— » ' J Illy — B34 JM3.0 

X* 894.fiSp -fl.4z94.3p +0.4 COYATIFAN MFAT Urtol«r^--g54.tt-4a.O - 

monLha.302.10p -0.6a3ai.7Bp +03 3U i aDI-All MEAL/ Lte«-niber _.Co5,IM3.B — 

IIb tOd -S - 1;“ The market dosed H higher, having Maw"-. T ---P5fl-M73 — _ 

mmuba san.top been £130 op taJUaUr, Physicals saw Sales: Nn (samel lots of L5W klloa. 

— — J good demand In Europe for American BRADFORD— prices substantially un- 

LME— Turnover 4M (153) lots of 18,000 soyabean meal and the underlying tone chanced, with general firmness in wool 


Moody*! 


MOODY'S 

~ Tics. Oct. Monfo Yes- 
4 3 ago ago 


382.5, 2.L 23. 23. S3. W, 23- lYeotOrtfoy ' + or "ifo^a - 

Three monffts 36LL Afternoon.’. Thre e . 

months 30L5. Lfl. 13. Kerbs: Three 

months 301.7, 2, Z.L 2. .... £p«rtorttw 

rflTTON October™.., 1 18.09-183 + 1.18 1 19<M 

VVAAW . December™. 118.99.193 +0.65 115.50-18.60 

LIVERPOOL COTTON-No . tptAJff Ship- Ftfjraarv 17830313 +0.88 in.lMDbM 

mart aales were recorded, foatinf April 12T.0fl.21 3! +0.70 19138 

total for *t week « hr at 1^ *“»**• Jme™™., w,.flB-2fij +1J0 — 

ocwraooni wereresmeted and 1 urn *rja a accost i21.fltM4.fl + i.ofl — 

heard of addlttonal, demand, F. w. oou+er. 122.70453 -0.t6 128.08-28.88 

TattsreaB reported, tntereat wu cblefly ■ - ■ ■ ■ ■■• - -7—- ; - 7 ,.,; . — 

btAtricaa and Far Batters atyfofi, . S&k 98 CUB) tots 0* i-tonm*. 


ford. The atuatian remains very diffi- 
cult. trifo order hooks effectively so abort, 
bnt ihe market tone seems ahghlly bettor, 
helped by Sterling's strength. 

NEW ZEALAND CROSS &R EDS— 
Unchanged to a shade easier Iff qnfot 
tradinC, Bachft leported. Close fin Order 
buyer- seller, business, sales): Dec.- 1B730. 

190.0. un traded: March 187.5, 1963, an- 
tra ded: May 19L0. 190.0, 191.0, S; July 

191.0. iw.o. minded; Ocl 192-0. 1M.0, 
untrtded: D» 181.0, 1943. IB3-5, 5: 
Man* foLO, iflfio, tmtndad. Total sales: 
10 lota. 


By Our Own Correspondent _ uu " Jpwt5 

CALCUTTA. Oct 5. 

INDIA’S TEA crop up to the end 

of Aumist this year was 7m kilos >P<* — 508.18 379.23 377.17 376.75 
period I.<t H gt yg A s 

according to industry sources- tAvm** ifls+dMs-mo) 

They do not think that the 1978 MOODY'S 

output vrtll 1 natch the 1977 — o«. oct. Moufo x*. 

figure' of 560IS Kilos. Moody*! 4 2 ago ago 

However, a definite indication _ |( 

of the size of this year’s crop *E* 

will be known when the Septem- f«wnhr n. mi-w* 

ber figures are released by the — 

Tea Board- * 

Unlike jute, tea growu in tbe _ .. . . 

WRli^a norftern diterlcti i of 5SSM.-.7ST!; 

West Bengal has not been pmcwM) per none; Sbdf wd c.00- 
affected by the latest floods. But 

_ nnncirfarahlo nnantitw nf t»a medium fiaddotit f3.88-£L58, 

a considerable quantity or tea 0iro . n>8a; i„ gl! qwee 

Stored In warehouses for tne E439C4.V0, medium plaice £4JB-£5Jii. best 
local auctions, as well as for mall Blaloe q.m-kjo; large Sklnaed-dna-. 
oT-nn-rt has been damaged hr “r X L M > medium CT.flfi: form lemon 
aamagea oy wfofi ITJO, median tt38; rodfofo a.BO- 

last week's rains. imp, saitbt ajso-a.a. 


Uommt.>|B64.O|j65.6|0fiO.6|l 
fDeeemtxr n. iasi=w«l 


NSW YORK. OCL 4t 

PRECIOUS ' METALS dosed mixed or 
speculative even I ox- up prior to ihe release 
of the IMF gold auction and the release 
of the wholesale price Index tomorrow. 
Copper dosed (Usher on trade arbitrage 
buying while sugar declined over con- 
rusiofl concerning a domestic pan. Cocoa 
rallied on trade arbitrage buying 1 and 
speculative short-covering on expectations 
of a relatively constructive U3. grind 
figure on Friday, Bache reports. 

Cecea— Dec. 168.95 (15730), March 1S845 
(106.85), May 167.50. July 16B.45, Septa 
163.45, Dec. 1593s settlemenu. Sales: 664. 

CefTee— " C " Contract: Dec. 154.7B- 
159.60 053.78). March 140.75-146.90 

114435), May 141.88-14138. July 137.30- 
13838. Sept 14S30, Dec. 13S.00-U4.0fi 
March U5.00-135.M. Sales: 896 Ion. 

Copper OoL 6035 (6430). Nov. 67.4* 
(07.10). Dec. 68.00. Jan. 8835. March 
09.66, May 78.65. July 71.65. SepC 7335, 
Dec. 7330, Jan. 7430. March 75.SS, Max 
7530. July 76.80. Sales: 5,600 tots. 

Ctitnn — O cl 63.6S43.75 > 63.75). Dec. 
(S384535 (66.14). Man* 68.0048.05. May 
6038, July 6930+0.48. Oct. 66.1+6638, 
Dec. 65.8045.90, Marti) 86.85 bid. Snluae 
5350. 

*GoM— Oct. 22100 (22330), Not, 2253* 
1224.78), Dec. 327.0ft Feb, 338.7ft Aprfl 
23140. June 238.10, Aug. 34L90, Oct. 

245.70, Dec. 249.60, Feb. 253.60, April 

257.70, June 26130, Aug. 20530. Saleas 
15.000 tots. 

tLard — Chicago loose 2430 traded 
(2175). NY prime steam 26.00 traded 
12635). 

tMtiw— Dec. 239-2291 (22»). Man* 23ft. 
2381 (2381). May 245+345. July 1481, Sept, 
251. Dec. 2541. 

8 Platinum Ocl 29630 (20238). Jan. 
2S730-299.IM (29430 1. April SSS.OOkftOLOfi, 
July 303.90-304.il, OCL 30830-307.90. Jam 
318.80-31030, April 313.3*31338. Sales: 
1,782 lots. 

(Silver — Ort. 57830 (580.00), NOT. 582.80 
(584.50), Dec. 587.00.58830, Jan. 5B5.58. 
594.80, March 004.00-60430. May 613.584 
July 624.00, Sem 633.70, Dec. 842.70, Jam 


26.600. Handy and Barman spot bullion 
580.50 (5TS.M). 

Soyabeans— Nov. 572-671 (6531), Jub 
OTS4-OTO (6710 1 . March 68&68H, May 6884- 
680. July 688 , Auk. 081, Sept. 584 . Not, 
658. 

BSonUan Men! — OeL 17530-178.78 
(174.40). Oefi 179.B0-lf8.S8 (177.40). Jam 
17930-179.80. Mart* 1SL0O-18D39. May 
181.MMM.00. July 182.68, Aug. 18230. 

Soyabean OB— Oct. 28.26-16.23 <25331, 
Dec. 2S.60-S.ca (25.42), Jan, 25.38, May 
23.01-25.05, July 24.80-24.73. Aug. 2430- 
24.55. Sept. 24.15. 

Seyar— No. 11: Jan. 130 (9.20), Mardl 
936 (935). May 9.58-932, July 9.68. Sept, 
9.8*336, Oct. 9.92-9.94. Jan. 9.90-1939, 
Marti) 18.00-1930. Sates: 2,993. 

Tin— *65.0*37838 asked (855.0ft*78.9fl). 

"Wheat— Dec. S43t-5Ut 13464). March 
389 (3411), May 3344. July 321i, Sept 
£41. Dec. 3331. 

WINNIPEG, Oct. 4. t+Rye-Oct M30 
bid (9738 bid). Nov. M.EO asked fflSJfl 
asked). Dec. 9830 asked. May lU.Sfi 
July 103.00. 

ttoats— Oct. n.00 bid (75.50 bid), Dem 
75.40 bid (74.90). March T4.70 bid. Hay 
TLT9. July 7438 asked. 

ttftvfoy— Ort. 71.80 bid (71.00 btd)i 
Dec. 73.20 asked (7238-72.48). Marti) 
75.00- asked, May 7530 asked. July 75,19 

m. 

SSFIaxseed— O cl 760.90 bid (2SS.78 bM),- 
Nov. 259.80 Md (255.80 bid), Dec. 338.79 
bid. May 261.70 bid, July 260.40 bid. 

IflWbent— SCWSS 133 per cent protebi 
coni rot cif SL Lawrence 17634 (176.94). 

AO cents per pound ax-warehone 
unless otherwise staled. * Sa per troy 
ounce— 196 ounce lots, t Chicago loon 
|ts per. 100 lbs— Dept, of Ax. prices ore- 
Irious das. Prime steam fob. NY bunt 
task 1 cam. t Oon per M fb bushel ex- 
warehnuM. 5.080 bushel lots. 9 Is par 
troy ounce for 58 os units of 993 new 
wot purl it delivered NY. 7 Cents per 
troy- ounce ex-warehouse. ( New “ B ” 
contract in Is a abort ion for bulk lots 
of 108 short tons delivered r.o.b. cart 
Chicago, Toledo. SI. Louis and Altos, 
— Onts per 69 lb bushel In store, 
ft Gents per 24 lb busbefe - - It Ceots W 
48 5 toW 5 * 1 «-wa rehouse. Sfl Cents per 
5* to bushel ex-warehouse. LBOO bra^ 
Ins. H« per lame. 


•v 






STOCK EXCHANGE REPOR T 


Financial T 5 ines. Friday October ^ J .978 


"IN 1 
futui 
leadi 
meat 
If tta 

«ugg» 
i tin 
ratio 
Afric 
a mo 
realit 
It 

patri* 

Batin 

in bi: 

of Pa 

cafioi 

optioi 

Minis 

pare 

saner 

‘path 

" The 

street 
being 
state 
that 
a re 
South 
surpli 
of tht 
has d 
Mor 
men 
, econo 
cornet 
si oh. 
year, 
duct t 
virtua 
March 
Horwc 
fin an 
cautio 
econoi 
be the 
Yet 
pitmbi 
have 1 
ruunir 

furthe 
official 
is for 
curren 
Mjoist 

tiny C 

2 per i 

Tbe 

dard 
refers 
(bat < 


Equity leaders become uncertain after two-day upturn -- fin “ c ' a t 

' — — -y -g "H Guroniucnt 6e» 69-35 69^7 6B.E 

but EMI up in heavy trading on news of U.S. deal s=ee f : “ s 


L TIMES STOCK INDICES 

CM. r Oct »•- OefcT 1 Oct. 1 ' am. 1 Sept. lAya 


Dat ” spvh? ar* * “ e ^ beiier at x jek css ss&s- Sy&ss^ssjs 

SiSrSkii^t Bro °“ 23 up at 253p ' Vantona better «Ss > were 

Sep. I* Sep. » Sep. 29 Oct. 10 5 * "A.IUS EBD g«* late '•‘gJ&.'S «S“'*oS n fcSSllf £**£ S 5 S 5 «I ^Swpto™ 

TrincentrnL ISOp. fell G apiece. higtier at S)p in a belated upward 


Industrial--.- 

SoU All nos... — X73-9 174. 1 

Oni. Dlv. Yield — 6.S1 6.24 

(rulin') 14.98 ,14.79 

P|B Bado (net) ft) a -®5 a96 j 

Dealings marked 4,793 5,038 


6935 6937 60.86 69.71 70.0C 

71. B2C 71.61 71.691 71.7ft' 7136 

604.8) 611.1 605 3| 4993^ flOO-t 

173.9 174.1 166.3 165.1 168.C 

6.31 6.24 .5.31 6.57 &.5C 

14.9ft ,14.70 14.9ft 16.16 15.12 

8.85 1 8.96 a.esj 6.76 - 8.77 


170.1 .148,4 


3>(iilrr t urmrer Cm ._| 

Knulh* lanipino lotsLj 


6.24 .5.31 6.37 

.14.70 14.98 16.16 

8.96 8.85 8.76 

6.038 4,629 4.984 
87.56 62.74 63.14 
18,202 16.499 14.764 


16.18 16.20-' 
8-74 938; 

5.168 6,643 
98-44 112.79 
16.7261. 1830ft 


gj as SF? js-fta ^^sss^sss 

™ 2 E«“ ^ ded co 0 n & S SS™ dKif«dh^E,°,“™£ £>/ ap^'^Hte^inteJhpfiT^ On «E other hand South 

frvm MU. two budneu du, tuned Owel l erwtti contract. lained bt . fore easing back to offeHngsandlack^suDMrt^nd left feUmdsTVbade harder at African Financials continued to! 

Apprehensions that . equity totirttang M l cmmA w ith the around the overnight - level in “gf fills 12 . I 4 p. Explorations finished a penny attract American buying. Anglo 

markets could enter into a state pretious, days 9 o. light trading: after-hours, the Reecham lost that much at 710 i> firmer at ZSp on tbe first-half American Corporation advanced 

of uncertainty while the Govern- Ferranti issues encountered a shares attracted a heavy turnover wb j] e ptPdngtnQ cheanened 4 to' rproflts increase. Srnalf sealing strongly to dose another 6 firmer 

ment attempts to reach some form less active trade, fte new ordinary and dosed a net 13 * higher at ffSBneJfKsp and SEd 3 from Kitchen Taylor at at 378 p-a two-day improvement 

of compromise with the unions reacting 9 to 378 p on scattered 15 8 ip following the announce- ffiZlTSn £d of Sin of 2 S-and De Beers put oh 3 

over pay were considered one of offerings. ment of the company’s licensing h*H .in easier bias, more to 421 n. 


Kqulty Uuwiin- utaLj — I 18 .2 02' 1B.49BI l «w. lftaoa 

: 10 am UZS. 13 am 509.0. Noon 5053. 1 pm 583.6. A 

2 pm 3M A 3 pm 504.0. 

Latest Index 01-246 8826. 

•Based on 52 per cent corporation tax. tND=S.<32_ 

Bas«s i«& Govt. Sees. 15' Mi'S*. Fixed. Int. 1928. Ind. Ord. 1/7/35. Gold 
mi,° !•./». 55 . SE Activity Joly-Dcc. IMS. 


.several possible reasons for a re- Home banks surrendered the agreement with ~ Johnson “>*1 caveup ~5 to 635 and"BOC liter” Acairut 'the trend, small buying Ln London-registered ' FinancitUs 
versal yesterday of the recent two- prev | oua day’s sm a H ga in s m thin Johnson. FarncU Electronics, SaSnSS «tSl owsbadSwed bv a SI? mSS Sited British nnd held up wS in view of the 

day advance in prices. trading. Among Discounts, Union interim results Tuesday, rose 8 the threatened strike of some of Commonwealth 5 to 305 p, after weakness of UK equities. Gold 

Immediately It became apparent improved 5 to Slop but Chve were further to 423 p. after 430 p, Thorn f ts workers Parted it more 30 S Caledonia Investments, Fields d imbed 3 to 185 p but Bio. 
that Uie recent small demand had unmoved at up following the Electrical, at 3 / 6 p, gave up 6 of ro ggip Awaiting further news whhdi holds 49 per cent -of Tinto-Zinc slipped 2 to 250 p. 
evaporated, dealers lowered lead- interim statement. Merchant Wednesday's advance of 16 . Other o[ the r^cent arm roach wlitch may w md C? improved 4 to 274 p. The recent buoyancy of the free, 

lug mdusLT'aLs and the manoeuvre Banks were notable for an notable casualties included GEC. lead to a furthw Wdfor the com- B Test iles^iok on a rather mixed market platinum price prompted 

soon bad its repercussions. Short- improvement of 3 to 233 p in 9 easier at 32 jp. and Racal Elec- pany Compton Sons and Webb annearance. A Press suggestion further Cape and London buying 

52 “ M „ 5 S! 5 rtS fSTSSS Gu ^ ess ^ . rfter - cl ^- troa, “* 10 chcaper at ^ SdSd f SSS? l?oV&. after SJTthfbld from Wm. B&fnSy ? Ftagmm. Bishopsgate rose 

r»-^fv ifis? nnlrifiv 1 ^! man s confident remarks in his Favourable Press comment and 73 p, while Vantona rose 9 to I 37 p prove abortive left Dawson Liter- * to lQOp, while gains of 3 were 

thevhad^moWd' "higher k ihe annual rev,ew - the chairman's encouraging on speculation _ concerning its national down 4 at 195 p and the common to Lydenburg ^d. 

^ Bher n 1118 Insurances closed quietly dull. shareholding in Comptons. Sears “A" 3 lower at I 94 p compared Enstenbuig at fi^p and- 102 p 

m !ri? !r DUS1 . ?• , u Sedgwick Forbes lost 10 to 425 p, r 1 ~ touched a 1978 peak of 451 p in with the share exchange and cash respectively. ,• - ^.i 


company’s licensing Monday's annual results. Glaxo . Shippings had an easier bias, more to 421p. 
vitn Johnson anti „ a „_ un 5 * 0 g^c __j Rft r inter- Apainst the trend, small buying in London-registered 


' FinancitUs 
view of the 


highs and lows 

'~’j 1978 . place OompUaWon 

I HtsU I Ia'w High J Xow 


sx. Acnvnr 


soon bad its repercussions. Snort- improvement of 3 to 233 p in 9 easier at 327 p. and Racal 
term professional speculators Guinness Peat after the chair- ironies, 10 cheaper at 3 $ 4 p. 

readv mTeart iu"? Koulcldv^ man ’ s , con ^ dent remarks “ ^ Favourable Press commeu 
ready to react just as quickly as annua i review. the chairman's encoux 

4 SL 52 ? tU5her ln the Insurances closed quietly dull. W 

mjd week business Sedgwick Forbes lost 10 to 425 p, + — 


.Govt. Secs— 75.05 
( 5 fl) 

*“•••■ % 7 
Ind. Ord..— 335.6 
(14/9) 

-GuH Mitu»-| 206.6 
(14/3) 


127.4 49.18 

.(9)1/36) (5/1/7S) 

150.4 60.33 
128/11/47) (5/1/76) 

549.2 49.4 


—Daily 
Gilt-Edged- 
lndu»tTien f— 
SperuloUve— 

Totals .... 

6-rtn.vAvcrage 


167.0 16L3 
170.6 -. 174.3 • 

38. 1 4^.4 

109.1 II4.-7.' 


ll4;9/77) indastrlalB-l 171.5.173.6 

442.3 43.5 Spwul*tire..4 35^ 362 

0/5/75) 1(28/10/71) Tot»la~ I HO.ft JJSL2 


This demonsU-ation of the eon- while Hambro Life, a firm market 
tmuing sensitivity of markets Q j following favourable 

owed something to the fact that j n j er dn figures, eased 5 at 400 p, 
jobbers were unwilling to take afier riVD 

stock on their books, preferring „ J v ' . . . . 

to maintain balanced positions. Amalgamated Distilled Products 


SSaS&'SFJMf 160 Xi S 3 SSTM-JW; StSt Golds mark time “KSG 

inrtiai rise in the FT 30 -share sneculation that the company 1 of sitnport Prompted a fall of 15 South African Gold shares 306 p refit 

1 riv S «.Hh a -> nm has sold Its Robert Porter ^suth v I to , 9 °T> in Avon Rubber. ICI. at tended to mark time after the front of 

0 f i^reV^ iDS ^ ^ ridiaS luvergorton barteued 3 «0 J- 473 n. gave uo 7 of the recent strong rise over the previous two report o; 

f 6-3 to IMP for a two-day speculative 'H'liuitfiX ?! I| j wod rise which followed an in- days. Buying interest fell away Other di 

down on balance at a 04 . 8 . advice of 13 butDlstillcrs, at .■wilK 5 £/| I vestment recommendation and as the bullion price traded around edged up 

Speculative enthusiasm i in the 2Q4 p „ are up hal f 0 f Wednesday's f suec»«wions that PJessey are ahnut its overnight level prior to renewed 

Electrical sector faded but EMI : p ’ 7 R ' §:?**■ "n to s»ll Its 24.42 per cent s»ake closing 75 cents up at a record London, . 

^ V ^ ed ^°H Sly . °x n L e,i v f that the Timber issues provided a spark 140 tiff in »he company to Racal Elec- 8223.125 per ounce following the the Nort 

dividend had. at least, been main- n , Tu J)“" p ^ ue f n f/j tronics. outcome of the latest Interna- move sha 

tamed and the later news of the « an otnerwtsc Uff Firm of late on the chairman’s tional Monetary Fund gold themselvt 

sinning hconsms agreement w-Uh Cte iT v e 1 Q 7 R IT remarks on current trading, auction, which was generally Anglo Ui 

Jnhnson and Johiuon Inc., a dea ““J by me recently agreed 13 /B || Norton md Wrirt( ^ed 3 more considered satisfactory. 245 p and 

wh.ch an EMI spokesman said “ e J^r°f ^mbergen, and nter 130 ^ ' ' ' - - 1 L! t o a hieh for the year of 21 Sp. The Gold Mines index eased 0.2 L 32 p. 

could represent multi -mil! Ion “““ r — f” ■■ 406 SEP0CT / Ban- and Wallnce Arnold A found 

dnllar income for the company. S™Bul 4 bcnlr at ISd sunnorr and Improved 4 to 153 p. 

unaffected by the tumround in T l ra bcr 6 up at 106 d reraa T ks at *»» annual general The large pa v claim drawn up NEW HIGHS AND LOW! 

eq.nt.es, British Funds welcomed piS* finished 8 to the good at meeting attracted renewed invest- by B L Cars shop stewards tended " LW " ,Un3 

a b^ef early expansion in trade, u*. Elsewhere Crouch Group men l . m ^ eres l 1 ° Dixons Photo- to unsettle the Motor sector but The following securities Quoted in the 

•*&.= lo 69 p following news of JSSR 'SE^l M1 ^ «!»"« , P ««uf . d^topod SSS« ETSSS" ind S tov« e for y iftraf 3V Vi 2 Stb? ,B " 

dlroried «• »he longer maturities pi ann ij,g permission for three r y ,, t0 . feature Stores with a an d scattered lasses mainly re- 


MAT JDK JUt AUG SEP OCT 


immediate response to the sharply offer worth 208 p. S. Lries firmed A finner trend developed tn. OPTIONS 

higher interim earnings before 4 to 65 p on the improvement in Australians reflecting the modest vr 1 ,vn- "'-‘’"ri 

closing a penny better on balance second-half trading, but tower rise in the investment currency nr AUNG "DATES wood, William Press, Dafcsea In, 

at 44 *p. Comment on the in'errm interim profits left Sanderson premium and the improve- ternatiopal. First National- $w 

oerfoi-mance helped Molt IJnvd Murray a penny cheaper at 38 p. *nent overnight m Sydney and First Last Last For rY P “ eV “‘V '‘of 

Intemational gain 3 to 172 n but Melbourne markets. Deal- Deal- Declare Settle- “*« ,nS»l?Wa!SiffSri£' ’ 

persistent small selling and lark Golds mark time Conzioc Riotinto moved up fi to injjs „, gs tion ment 1 ^. iS 5 fr 

of sunoort prompted a fall of 15 South African Gold shares 306 p reflecting buying interest in Sen 26 Oct 9 Dec- 38 Jan. 9 . P TT- , ■■ ' %- 

to 190 p in Avon Rubber. ICL at tended to mark time after the front of the beptember quarterly q£‘ 1Q Qct. 23 Jan. 11 Jan. 23 

47 Sn. gave uo 7 of the recent strong rise over the previous two report on the Ashton venture. ■ N 6 Jan. 25 Feta. 6 pcan Investment. ^ Puts were done.; ^ 

good rise which followed an in- days. Buying interest fell away Other diamond issues generally ucl - ** wo '* 0 _ “ ^ In Lucas Industries and Robert- 

vestment recommendation and as the bullion price traded around edged up a fow ponce. Elsewhere For rote indicottons se e en d oj son Foods, while doubles were- ' 

suec»»<ifinns that Plessey are ahruit its overnight level prior to renewed speculative buying from Shore Inlormation Service arranged in Ultramar and First 

to s«*ll Its 24.42 per rent *»ake closing 75 cents up at a record London, Ireland and Canada saw stocks favoured for the call National Finance and SJ per cent — 

in the company to Racal Elec- 8223.125 per ounce following the the Norths ate group companies FMf central and Sheer- 1992 / 97 . ' r . 

tronies. outcome of the latest Interna- move sharply higher. .North/yilo ‘ ■ — • 

Firm of late on the chairman's tional Monetary Fund gold themselves jumped SO to 435 p, — — . •- 

remarks on current trading, auction, which was generally Anglo United Development 2 D to- - ■ AMmfta] TDAIUTn nCTIflMG 

Norton and Wright added 3 more considered satisfactory. 245 p and Westfield Minerals 12 to LUreB/UN I KMURD UrllUll 9 • 

to a hleh for the year of 21 Sp. The Gold Mines index eased 0.2 132 p. 


LONDON TRADED OPTIONS 


to a hleh for the year of 21 Sp. 
Barr and Wallnte Arnold A found 
sunnorr and improved 4 tn I 55 p. 


n-iccoll 4 hi'Hpr at R3n anil sunnorr ana improved 0 TO loop. 

imd in J?J 5 Cr Timber 6 up at 106 p rem ff ks at annual general The large pav claim drawn up 
corned HJH* finished 3 to the good at r ^f wed *"«*■ by BL Cars shop Rewards tended 


NEW HIGHS AND LOWS FOR 1978 


The following securities Quoted in the 


TEXTILES ay 

Yorks. Fine Woollen 


downed vi the longer maturities p] ann ij,“g permission for three ' i ! oad i |. y 1 , t0 feature Stores with a and scattered la«tses mainly re- 
whigh were quo%°d marginally blocks involving a 13 . 8 m ri *S °f 1 L t0 Bribers, lolp. fleeted the absence of further 


ivn.L-n were qw\“u margmaiiy blocks involving a £ 3 Sra r j u ‘vV"” 1, cuiiocts, iai P . nected tne absence or further NbW 

firmer on overnight 1 eve's, but investmeuL Occasioiul selling an ^ ^ C /„ Sl “ ,ey * ,jS P- r05 ® j. support. Dowty eased 5 to 275 p 0 

the shorts eased before miiyrng c j jp p ed 4 frnm Miibury at 4 Sn ap,ece * wh»e Improvements of 3 and Lucas 4 to 307 p. while Dunlop Bn« a n ° 

°, n ICI touched 402 p in early WJ ,,, I S ’ shaded a penny to 74 p. Dutton Fir4l NaU . Flft . 

day. Minimum Landing Rate was dealings but lack of sustained 3 , t p - L ; Forshow eased a penny to 4 S!p, rirn „ 


NEW HIGHS ( 56 ) 

CANADIANS tl) 
BANKS (1) 


Dubiller Unitcch 

F^rrwll Elect. IVestinghoiist 

Thorpe (F. W.i 

ENGINEERING 16) 


BACON 


October 5 
£ 


Week ago 


Month ago 


The investment currency market reflected ICIs purchase in the l"!"’ 1 ?: U P the previous a reasonable business following eambers^ PMrumrw. l.) 

experienced volatile conditions company’s equity from Unilever, r,5e .,? r 13 an “ Freemans favourable Press comment oh E! 5 I vantona 

again yesterday. The premium 4 easier at 582 p. Good interim ,■? ,5 , eas ' er at Wednesday’s interim statement m * electricals (si 

, — ■ — %up. the la tiers interim figures a nd advanced 13 to 283 d after oubiiiw omicch 

: are due next Monday. Of the 265 p ThowCF C W 

FOOD PRICE MOVEMENTS Er^'vlrTf^ E ~ msf 

after 82 p. the first-half results 2 S 3 p. a net 2 -down, bur Stock Hoi*.b*©« ltd Engineering 

October 5 Week ago Month ago are du ^ nn October 17 . Conversion held a gain of 5 at siuehird Com FOOQS n ' 

RArniS r £ £ £ Engineering majors became 27 Sp. Renewed rumours ef bid 'noustriaijs tt 4 > ( 

“T. » vulnerable to light selling on an possibilities lifted SI id hurst c»£ 2 ?Voi.i« rEfiJESStf* 

Dam-h A.l per Ion 1 . 1 T 5 3.115 1.175 i:nwl||lne market. Hawker Whites 3 } to 4 Slp and in :i ih«o Compton a w«»b Rr-i»ar nwt 

British .\.l per ton 1 ,I)S 5 1.055 1.035 Siddeley reacted 9 to 253 p end market Estates and Agency g£ 7 II , i‘ l s 5 j?’?toia.n«j 

Irish Special per ton 1,010 OflO 000 T^ihe Investments 10 to 384 n improved 3 to 45 p. imtui s-rYfers Shiirn* w^re 

Ulster A .1 per ton!; 1.050 1,030 1,000 whfie John Brown, a good market’ ft ;i C niiiofW rin 11 Macb,rU,B * 

BITTER of late on Press mention, ran back LMH 5 (JUl^liy QHU Norton 4 wriah- 

NZ per 20 k« ... 12 50/1 ^72 12 59/12 72 li 5 Q/i*» 7 «. | to Elsewhere. G. White- Interest in the Oil sector was mawndont NEWSPAra * s ,1 ' 

Engi^h per rwu- :::::::::::: nS^ri? kMMm £5 ■ % , - 5 Sp H despit i a * a p r t j ^ ,,aHv } ™ 

Danish salted per cwtt... 7 S. 9 S/S 1.72 73 . 98 / 81^7 7 S .98 S 0.02 the a . incr f?. wl dividend and of any further suppnrf sre BnfJsb propcrty rai 

ruppeire profits, while acquisition news Petvolenm drift lower 10 close *'i«d London 6 Obtnet 

failed to help ,VPV which .gave up with a loss of 6 at J»nftp. while **,* s cvJESSff” 6 m 

NZ per tonne 1461.50 1 , 161.50 1 . 161.50 6 to 227 p. Recent >?pecuJative!— 

English cheddar trade per . favourites Charier Gifford, lSflp. , „ rrArf/r 

toru, e 1^«3 1^75 1^75 and Spear and Jackson. 142 p. ACXIVE STOCKS 

EGGS* reacted 5 and 4 respectively, but * 

j , Beauford Group hardened a shade ' No. 

Honie-produce. further to 5 fip in response to the ^ . Denomina- or Closing Chance 1073 I 97 S 

5 “ 5 Q -n , v 2 qtHvITS — increased interim dividend and Stock tion marks price fp) on day high low 


Dani-h A.l per Ion 

.... 1.115 

3.115 

1.175 

British A .3 per ton 

.... 1,055 

1 . 0 S 5 

1.035 

Irish Special per ton .. 

.... 1,010 

ano 

Sf *0 

Ulster A.l per ton£ 

.... 1,050 

L 030 

1,000 


TRUSTS (S) 

S'shootsate Prop. KPatni 

Caledonia Inn. London Merchant 

London 6 Liverpool 

TEAS CD 

Warred Plants. 

MINES (1) 

Tanks Con*. Prcf. 

NEW LOWS f 6 ) . 

BUILDINGS <1) 

Aberdeen Const. 

ELECTRICALS (1> 

Motorola 

FOODS (1> . 

Brittsh Vending 

PAPER (II . . 

Finlac 

OILS (II 

Aran Energy 

TEAS (tl 

Assfm In vs. 


RISES AND FALLS 
YESTERDAY _ 


HP 

BP 

HP 

Com CaiuD 

uio uu 
Uiar iviil.i 

Lonrtauld- 

GKC 

litO 

GKC 

llrsml Me; 
(.irami Mel 

irmad Met 

ICI 

ICL 

ICI 

Land sect. 

Ijju.i set-. 

q Th v t-J 
Mark' .t 
Mark& i S|*.i 


Clmlttai 

offer 

VoL 

llo-lDI! 
offer ■ 

Vol. 

Uhvviii: 

offer 

Vd. 

cfcrir - 

60 

20 

99 



123 


. 9 Q 7 p ; 

23 

11 

64 

IB 

89 

— 


5 

7 

38 

6 

62 

— 


1 

3 

• 61 ; 

- 

91 ; 

— 

Mlp 

y 

10 

20 

6 

27 

’ 

! 85 p 

U2 

2 

9 

— ■ 

18 

— 


2 

— 

6 

16 

9 

— 

122 p 

29 

10 

.46 

• ~ 

55 

— 

326 p 

8 

5 

26 

3 

37 

1 

r. 

2 

. — 

15 

11 

23 

— 

’ 

1312 

42 

23 

— 

24 

■ — 

lllp 

S 

6 

. 1312 

- 

- 15 te| 

— 


Ua 

" 

6 i- 

11 

9 


, . •; 

40 

3 

53 

3 

58 

5 

. S 97 p 

i 313 

28 

31 

15 

39 



2 



15 

10 

20 

5 


1512 

40 

24 

1 

32 


233 p 

4 


15 

10 

21 - ‘ 



141 - 

2 

17 


«0 

— 

B 3 p 

5 

5 

10 

15 

13 is 



4 

5 

ei 2 

15 

9 



31 

16 

63 

— 

-66 

’ 

577 p 

5 

33 

24 

3 

37 

— 



250 

- 

143 


11 



BITTER 

NZ per 20 kg 

English per i-wt* 


12 . 59 / 12.72 12 . 59 / 12.72 1 ^ 59 / 12.72 
75 . 59 / 77.6 1 75 . 59 / 77.61 75 59 


Danish sailed per cwtt... 73 . 93 / 81.72 78 - 98 / 81^7 7 S .98 S 0.02 
CHEESEf 


Compton 1 Webb RrlvPP PBVVS 
Dyke* (J.1 R«:mor 

Hr* (N.i S-Jrs Holdings 

Inirla' Inrvfees Sharnv vv^re 

Maelarlane ^'k-ntnight 

LEISURE (It 
Norton & Wriah' 


PAPER (2) 

East Lancs. Paper Horn -on & Son* 

PROPERTY m 


British Funds 

Corpus Dom. and 

Foreign Bonds 

Industrials 

Financial and Prog. ... 

Oils 

Plantations 

M'ncs 

Recect Issues 


NZ per tonne 1461.50 1 , 161.50 

English cheddar trade per 

tonne 1,273 1.275 

EGGS* 

Home-produce: 

Size 4 3 . 00 / 3.30 3 . 00 / 3.30 

Size 2 S. 70 / 4.10 3 . 70 / 4.10 


BEEF 

Scottish killed sides ex- 


1 . 161.50 


Up Dim Same 

9 — ' a 

U 4 : 47 
304 3tt K6 
48 82 553 

6 14 16 

I 5 IS 
54 » 60 

18 6 ZD' 

508 488 1^27 


I KnreiulW I PeWuary 
•I ! 1 


* 

rin< Gri 

Impc-rlnl Cp[ 

J 


1 _ 

23 

12 

32 

30 

11 

— 

21 ] 

1 

7 

— 

»2 1 

43 

16 

— • 

-22 

7 

9 

_ 

13 



5 

1 

8 

10 

8 I 2 

e: 

9 

1 — 

Sifl 

— 

. 4- : 

7 

16 


■20 

I 97 


18 . 

. ; < ; 


r- 809p 

"l. 

- • 148p 

1 

2 ! 2p 

— ■ 260p 


LAMB 

English 

NZ PLs/PMs 


October 5 

P 

Week ago 
P 

Month ago 
P 

53.0 37.0 
36 . 0 / 39.0 

33 . 0 / 57.0 

36 . 0 . 3 S.O 

54 . 0 / 58.0 

— 

52 . 0 / 58.0 

56 . 5 / 58.0 

54 . 0 . 59.0 

54 . 5 / 35.0 

37 . 0 / 46.0 

37.0 46.0 

36 . 0 / 46.0 

36 . 0 / 39.0 

36 . 0 / 39.0 

36 . 0 / 39.0 

e price per 

120 eggs. 

t Delivered. 


Satisfactory Interim results 
lifted Wane Wright and Rowland 
2 to 54 p. Occasional support was 
forthcoming for Shipbuilders 
where Vosper firmed 5 to 207 p| 
and Swan Hunter 2 to 157 p. 

Be jam figured prominently in 
Foods, rising 6 to 65 p on the scrip 
issue proposal which accompanied 
the preliminary figures. Asso- 
ciated Fisheries responded to re- 
newed speculative interest with 
an ’improvement of a to aOp, while 
investment demand left Geo. 


mm 

■ ,*oi 


Denomina- 

No. 

of 

Closing 

Chance 

1978 

I 97 S 

Stock 

tin:i marks price tp) 

on day 

high 

3 --W 

low 

GEC - 

25 p 

l« 

327 

- 9 

253 

BP 

£! 

13 

OOG 

- 6 

926 

720 

EMI 

aOp 

25 p 

25 p 

13 

mi 

+ 131 

I'll) . 

mo 

Shell Transport ... 

12 

57 G 

- 6 

692 

484 

BATs Defd 

11 

2 h ’3 

— 5 

394 

227 

ICI 

£1 

9 

3 fi 7 

- 4 

421 

328 

Marks & Spencer 

25 p 

• 9 

S 3 

- 2 

!M 

67 i 

Thorn Elect. 

25 p 

9 

376 

- 6 

4 P 9 

30 S 

Beech am j„ 

2 Sp 

8 

no 

-12 

743 

5 SS 

Dal gety “New" ... 

NiVpd. 

7 

37 pra 

+ 2 

41 pm 

33 pm 

; Dowty 

5 *ip 

7 

275 

— 0 

304 

152 

Imperial Group ... 

25 p 

7 

Sli 

- I 

S 3 

71 { 

■ Mid-land Bank ... 

£1 

7 

33 R 

T 

3 :i 0 

330 

Sears Hldys 

25 p 

7 

11) 

+ 1 

451 

27 J 

Unilever 

2 Jp 

6 

5 iXl 

- 4 

632 

476 


FT-ACTU ARIES SHARE INBICES 

lliesfl indices are tkc joint ctutyilatiw of tbe Financial Times, the faatHute rf Arfmriq 

the Faculty of Actuaries 


EQUITY moms 

GBCRJFS & StJB^SCTiONS 


Thnr, Oct 5, 19?8 


Toes, f Man, 
Oct | Oct 
3 | ’ 2 . 


Figures in parentheses show number erf 

stocks per section • Na ' • 


.». > sp>y 


RECENT ISSUES 


EQUITIES 


Index 

No.. 

Day's 

Chnngt». 

245.13 

-13 

210.06 

-L2 

305.81 

-0.4 

555.40 

-Z 1 

350.13’ 

-03 ■ 

W J 6 

-L 2 , 


Est 

P/E 

Ratio Index 


aah "* 1 a 


Index 1 Index | Index 
No. i Nol I No. 


I>«ue \ gsjg - . 

Pruw = — ■ 1 j _i — I 

\ P‘. < ~ Hiati ' inn , 


[g_ I I ;l ■: ti.-l . . 

i| ilfiap! 


wms. 
mm 



775 F.P. . — io) fcOu < lJiiiiyh.\lunriiini..Ney 825 660 1 5.4' 9.0 3.6 

.2° *■- 1 ‘- 1 318 -i ; it j< until 'iiuthui ...i; 84 i+t '/*a /.* '! -. 1 , 

, y iK m -t-° If^nonU Xe* 378 -9 [ oS. 75 11.9 u_Zi 10-2 

l «» A 1 , 1 **■’ JO S? J ,wi:2*-vm Dp. All Hu.) .182 . m-S I #5.re|ll.9i a.2.10.3 

' . • K! . ^4.11 iP-ij AMsr^lfliiu*' ShI f«n*« -Molrn 52h — 1 *2.14! I.ol 9,7lll.4 

F.P. : — 1 CZ 1 “■ i ii:;2Tir*iq* ,1U2 ' * _ ; s ; s.l 


FIXED INTEREST STOCKS 


=* L 

i C rt «' 


6 Engineering Contractor* ( 14 ) _ 350 . 13 " —83 3 J .47 

6 Mechanical Enguieericg( 72 ) 19436 -13 16.99 

8 Metals and Metal Forming/ 1 G) _ 170.99 - 0.8 ix f? 

CONSUMER GOODS 

11 (DU&ABLEM 53 ! 21632 - -U! 15.38 

12 Irf. Electronics, Radio. TV ( 16 ).. Z&7.08 -13 33.78 

13 Household Goods ( 12 ) 135.89 16.82 

14 Motors and Distributors ( 25 ). 123.18 —08 1937 

CONSUMER GOODS 

21 (hK>N-DUBABIJ 8 M 172 ) 21685 - 0.7 1534 

22 Breweries 04 ) 230.91 -03 1433 

23 Wines and Spirits 16 ). 286.32 -13 1434 

24 Entertainment, Catering ( 17 ) __ 271.42 +03 34.95 

25 Food Manufa c turing ( 19 ) 21137 - 6.6 1829 

26 Food Retailing 05 ) — - 221127 +02 13.14 

32 Newspapers, Publishing ( 12 ).~. 393.92 +13 19*92 

33 Packaging and Paper( 15 ) 3A6J21 — 0.8 17.62 

34 Stores ( 40 ) 204.40 -12 10.71 

3 5 Textiles 125 ) 18631 - 0.9 17.67 


Office Equipment (6) . 


“H w J? 5J0 872 24832 24426 24108 24 L 92 2 M .94 

H ~ 539 828 2067 2MJR 207.70 20965 208 JM .• 

437 836 387.45 38438 38835 385 J 7 35554 

“H H-Z 5 32b 53(162 56633 55475 35273 4 WJ 3 

572 776 381.45 37416 36921 370 J 2 

7JK 1%J0 19L13 19162 169A4 

-0.8 1533 S33 837 17237 170.95 17020 17L58 IMS. 

J* 830 21850 7MH2 21207 23.99 263*; 

“L2 13-78 3.81 1037 27D40 26338 26322 26235 24934 ? 

“ 8.60 185.96 18U4 18251 J8338 19932/ . 

-Off 1937 6.46 7.19 12924 128.48 126.95 127.48 12438. 

“H S- 79 21839 21527 21238 ZSAZ3 ZO& 

947 23172 22W2 Z2SJ5 226.95 21938’ 

“- 05 29057 1X271 Z7&.99 247rf . 

■3J JfS 2? 27075 26477 26123 36329 airi* - 

iSS J 2 73229 73121 28955 23166 ***-’ 

tff }JJJ 9 ?Z W-Sg 229.91 227.66 22526 22731 23&J*. 

lii 38758 38US 37911 385X3 3x777 

“fS US I'SIq 14744 14552 14551 14476 144.91 ■/ 

-L2 10.71 A&K I fn mmaf I .. «i.df : 


: c«r^jc 


Rronaal Times I 
Surveys, » 
Braden House, 
.10 Cannon Street, 
London EC 4 P 4 BY 
Tel: OJ- 24 SSCOO. 
Pleasesendmedetailsot forthcoming 
✓ FTSurvcys. I am paitiaslariy interested 


<— 1 “= Uiaii ■ i«m . 


— 13/10' in- liisi 1 ir Ultra la- U'J Pn.._... . ia„: 

P.P. 1011 ?-v HhuiiJIiik. Il^ Pn. ■ 9B,,' 

V1-* . 4'1- K'V IV Urtilui IVulcrui-rkiYS; Prf. lr»ai ! in i. 

F.P. lOdl lull, lull- CaikcL (d.l I0J3. Ptl . im.. 


INPtlSnilALCHOOFWW. 

Oils ( 5 ) 

580 SHAKE INDEX 


%U» 8 II ut’i'nAn •-’ej ,. M .• IU /I I w* a- Rivruiv 

“'J, Hin'i, muIUi Im £28L-' J 62 BaOkstO) 

J-.l. B-li IV) ll»a«nl aWyiullnui li% l-n>. Ui. »^4*I _ IXOl v: I m nicrnnnf 


99p uil 29.* 
ClOj t.l*. B-li. 
tfltflj F.P. — 

- ... 3-1 1 


Ki-miiigoii iu-l t. bcl<«i Vv. Uai« INU ... I 0ai 4 
' Uiliiani Jbiwsi Ciiiii. I'itI | gi !— 


Discount Bouses (10) 


Insurance Brokers ( 10 ) ... 

Merchant Banks (14) 

Property (3D 

Miscellaneous (7) 


“RIGHTS” OFFERS 


.o- 


S — l^ii— i 
l»iu* s— . Ki-imn.-. 
Prtw • = li*i« 

Vi • ■ 


- 242.41 

-03 

22.71 

... 116.94 

- 1.1 

193S 

.. 21337 

-07 

14 60 

- 297-81 

— 0.8 

1538 

.. 230.G9 

-13 

1023 

.. 139.85 

-1.4 

1737 

... 426.74 

-LZ 

1437 

.. 229.24 

+03 

16.07 

.. 23033 

-03 

1530 

- 511.71 

-0.9 

13.66 

.. 253.76 

-0.9 

1536 

.. 16534 

-03 



- 120.96 

-13 

25.83 

- 208.43 

+0.7 



- 15837 

+02 

1538 

- 136.18 

+03 



.. 12336 

-10 



- 341.01 

-11 

13.91 

.. 82.69 

+06 



.. 258.67 
- 099.15 

-03 

+03 

336 

23.33 

.. 223.92 


3.11 

.. 11031 

- 0.1 

15 77 

~ 326.06 

+0.4 

14.95 

. 23936 

-0.7 

— 


4.45 13.63 20631 20306 20132 2 D 2.40 HBkff 

7.47 7 .» 18826 38639 18485 18432 178 * 

7.74 531 243.99 242.41 24135 242.93 ZMtf 

xJS iS B 622 11559 “W* 117.06 30824 

iS 2 - 5 ! 21459 21234 20955 219.77 288.81 

655 M 30030 297.98 29534 29435 2 M .96 


336 1234 28433 28138 27835 28196 — 

!- 5 ! ML«I 13936 135 .S 336.5 339 * - 

K K6a 42554 42375 50615“ 

5.94 837 22912 2 g. 7 D 22232 225.9 3 2320 ft ! . ' 

- 87 S 23230 22 a 9 fl Z 262 Z 227.35 2 »j^ . 

_ 36 jo j j^ 7-62 501.78 502.69 52406 

ZS 5.93 25230 M 935 250.49 24430 


16623 16426 


imb l m« 


6.48 531 183.41 18103 18026 18189 

858 — ?»•» 205.74 20333 20333 2 «L 77 : 

IS 838 158.02 156.72 15531 35535 19 &W 1 

iS ~~ 13533 13421 231 J 8 133 .® 355 J#V 

12 J 24 ’ 79 12252 12102 J 22-67 16172 . 

436 1028 34433 340.97 34121 346.47 344 JtT 

'■?“ — ° 2 J 7 8164 8171 8126 97 JB 


25921 255.94 255.08 


8 U& 97 m 
25726 23436 


Portion * 

: Company j 

Address j 


. Cliraiii” + m 

i Pnee i. — 

| p: ; 


~2L -- I - 50 . J 0 ° 30 _ 10987 109 LM 10844 11198 ' 

fg 22333 22322 _ 2 X 32 " MB' 

646 J-g 25 * 108 -72 107.06 107 . 7 * Miff 

-A 3 L 32^74 319.98 32022 320.01 289 JP - 

537 — Z 3156 89-44 227.06 22835 226.13 


Some people may 
regard most newspaper 
supplements as litd e more than a means of 
increasing revenue. 

We know differently. Judging by the 
amount of requests we get to produce an 
FT Survey on various industries and 
countries, we know our survevs are taken, 
seriously bv readers - and advertisers - 
around the world. 

An FT Survey offers a once-a-year 
occasion when we can stand back from the 
pressures of day-to-day news, and present 


an in-depth analysis of all thatis happening 
within a particular subj ecr. 

"Which explains why FT Surveys are 
highly regarded ayan essential source of 
tacts, figures and authoritative opinion. 

Why thei're so widely read, and often 
kept l ong after they’ve appeared in rhe paper. 

And why an increasing number of ’ 
advertisers find them such sood valuefor 
monev. 

HNANCIAX TIMES 

EUROPE'S BUSINESS NEWSPAPER 


66 F.l* 
28 j 1 . 1 ' 

JVC.- .\i. 

• Sj F.l- 
44 . K.K 

12 \i: 

118 V.V 
KKIM .Nn 
lea vi 


F.I-. l«-9 a io ii. 

1 . 1 '. za w *7 io v-o 


BJ '.litnitiMO Kni^ 


FIXED tNTEBEST PRICE INDICES 


^VJ7 1CI v-0 ,U •U.l.lt 540 j ,9 

: h‘»> ■ 7i«niiU»rK-it ILnu’ lOwu'+5 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Bed. 


Y eat ■ 


.oin d 0 1 Pi .'Unri'U PdiUm- i 63 ia‘ 

19 10 SO 1 1 bi-ui JIjimi.UjQOkv V/arcs .. : 2 lj|.ui; 

. -I '* 1 a 11 im- 140 + | 

V," a" m .-T , , -* 1 I"‘ : riW’V'*- Kr - HW'-iu. 20, mi .. .. 

I .1-. ilid H !r' s*.: -.:. : 3 Jr w8 

T.l*. 6 10 3 11 n-i /a 


British Government ; 


Day^a xd «g. xd aiH 
change Today 1978 
*6 to date 


1 i ow 5 Tears — 

2 Coupons 15 years. 

3 35 yexrg 

4 Medium 5 jesrs......... 

5 Coupons 15 vear-i ~ 

A 25 years. 

7 High 5 years 

8 Coupons 15 years. 

® 25 years 

10 hrcdeemablgq ' I 


100 -llnie Ra'iunUi-!v»riiv.iii%(li{ lOO —l* 


74 . a u 

10 r’, 1 1 

77 K.P 

Bo r.r 

38 Ml 
77ii». Ail 
40 K.l*. 

43 F.l'. 

200 V.V. 
25 .\a 


1 “ r i/ij r? -ijiul'i! funl Mhieiils... M 

7 ? 29 9 15 , K ,||||1 

_ 6 o f.i*. B/io 10 u ^ ,Hi«.iort linjup. 

m 1 .'. ^* 4 * 47.- 10 b 6 -ImtiQi fx;r« 1 

r.'L- u l‘JIa Tfltuntek U/.idin-n “ 

t'i!- IVS*?! ’ 10 S'.i.niiLes ni-n ka.- J 

F.P. . 6 10 J 7 . 1 Q j.je g; I^n. A il-IUurt iod I 

•Jr — M|4ii. 0|«cn l*«wf**n i*’.l»i I 

-9 ui’ :ltaurrh iMtikol 1 

l S*,™ 3; H M «i’ |Boiuin«< Knitwear. _'.ls 

Ail 9-10 bill Vi y, ttmrnvll 


bo | ..... 

78 -2 

88 ;,i 

96 . 

Jo ' 

87pm; 

101 

25pm +3 
4|im tl 
72 .i-l 
51 +1 

312 +7 

38 4-2l{> 


Under 5 years 20432 +03< 

3-15 years X2<LS — 

Over 15 years 32037 — 

Iiredeesiabte*-"- 12731 — 


4 Medium 
.5 Coupons 
fl 

7 High 

8 Coupons 

9 


Tliurr., (VI. b 



Mrm. Friday J TIium. Wm. W ■ ‘ 

v ! tot*- Siort. I 8e|«. . 

“ J •* 1 27 j • 26 li»jipM»*)« - ^ 


Kenumsiiiiin flafe ii-niiiy nay for aeaiinn tree or 4011111 fluiy, n Kn-ure- ’ * 

ia-.rn nn DTwpectn-. r iimaie. n Qssunea diviflenri and n«0. u Knrocarf 'tlnivm , 

| I * re ® scar’s rarraiucv » Dlyiflww and ricHJ fouert 00 oromenn' 16 ^ 
ur urn-r official est I marc- fnr >9iB o Cross. 1 i-'wum assnmwl. 1 C«»er a)knr> 

’ Vnl i™ ranMnK ,ar dl«dcna or ra nfcmji only for rcstnrr«i *7 < 

ff. 8 F Sj ! , t y lw ' puWc. at Ptaet axiom otherwise Indicmed. It«wi 

bi ii trier. hOrtfN-M 10 hnWers of orrfinar* shares u a “ notes." ~ lssne*i 

ISil'l ? 1 *3 f l»lefwliiMi | . I* CoomCUnn Qtrrti renresMsg- FR| 

■ . T '-'l Introdurtion. Qltsued id former orefeivnce hnlderj. ibbcs 

5 KS lW •Pro«*Hi«i « P-niT-PMl Ovlmeol talers EEL.. 


15 20 -yr. Bed. Deb & Loans ( lSi 

16 InvestmentTrust Prefs. (15) 

17 Coml. and IndL- Prefs. (30). 


B7.7ojr 12.87 37.70 ^ 57.70 1 67.71 57.70 1 67.70 ] 97.66 S7^7 1 62.4B ‘ 
51.74 f 15.36 31.74 1 S1.22| 61.57! 52_3T j 51.37 j. 61.71 B1.71J 66.78 


71 . 37 | 13 . 06 1 71 . 37 1 71 Jl| 71 .S 4 ,. 71 A 7 71 J 8 j 71.48 71,45 | 


riMenrfllw jleW.' Kfghs Mt fnn record, hue - if aim owl vebMe and rumtjtnmn , . , ,■ - . .... 

^a. E*wiD.%«Sbl (, M 5 a ?"* 10 , ' 1 " IT**?*?* Tku^S«tef fiSSitfSES.NJr . 

~ . '•••: '• 

: • • ' u ' ■ 


• - — — - • - 1— rr-r 


‘rr-T 





3 ^; . ’ ■ . 

Zzr< ^ 

«- -*<_r.. > . . i- -. 

*'- 5%i , :.: 

*’ *<*ii : !? i'. 

if-.-*® ■*;* 

^ 4 - :.; 

it rS.Tt i ./ 4i «*. 

*»*ss ; r ; :* ^-: 

fei. -»•*•;• , 

GJ'i 


is *. 

S.e, 

EaSS-a,.. ; . — ~ ' • 


4 ' ’ • r ■ 
V+. a" . 

? ’ ** 

i t : a 

iT' . ' ^ . . 


'TiONs 

■• - awi’. \* 
f. S “^J’ ■". 

kv • 

Si i. 
^ *«- ■ 


*:;■ vj:. 

r*. ‘ • -.1. 


fAOED 0? 


AUTHORISED UNIT THUS 


77T5Q 

Is.i5 


l U<L n {a> Fund Managers Ltd. Provincial Life Tire. Co. Ltd.V Save * Prosper continued 

Abbwcinand^ ^3^ir3 an, 1YariE ^t aDlL « £fc rf Oicaawt Mirwx-r Hire Arthur St, EC*. OI^BJOM Ca.HirtwpMoio.En ftj-2««533 Scotbits Securities Ltd.? 

jggjgsS: M l te agwatr» »aa=i fit bkse=b& wa « ssz=xt »v 

Allied Bmdini Group* (axg) Friends' Piwdt. L'ntt Tr. Mitts.? Sil^MTam^iTT ? ",Jt >M p™*«i»i_ lus.o los-lri u +jtw«»ri*:7. Nassau. 

StegJ-. Hua°°- Wwr.Fm»wi PiahaaiEwt D«tmfr : _ CO065O5.' vL^®* J° hn8lone U - T - »?nL» (a) , SehJesiuger Treat .".En-rs. 

vl-588 2891 er Brentwood (0Z77) 211450 . FrtcndaPror VvOm* 49.41+0.1; 3 AS Hope Street. Gla*ew.C2 21? H Ml 231 5531 Quitter Management Co. Ltd.? l«.Soodi Street. Dcrting. 

na-Affimi , ,.. |WT ftifl+oil 3X8 E ‘ ,r opeaa a ... ¥ ..l«M S8.7] r0.7J 2.91 TTicStt Exrbancr, ECTV 1IIP. IJt-flOOHIT? A« RsClBpC B51 24 Is! 

74H-oa Stt - „ Deallns Day Friday. CuadrentGco. Fd. (U3.1 UT? J 4BJ Am. CwgLo- fcs.9 312 

«7|Io3 s» fr-T- Unit Managers Lid.? Mutual Unit Trust MaaaecnV (aVsl Quadrant lneome... 134.S 1»7^ 7M IS? 


^SSSS=BJ ; TM i 
gSSJSSSiHgi sfEsf ; 

BqtUMt P mg. Tat 109.7 . 71^ -J>4 3 

Allied Hanabro Grnopf (aKg) . . 

Hsmhro Hm, HuBoa.- Brentwood n«w. 
W-388 2831 or Brentwood SECT} 31 1450 
Balanced Finds . 

Allied 1st 

BntlndftFUnd 

Cnb.mne.__ 

Elect A lad. Dev 
Allied CeDiuU 
HatBbrof’ un d_„ 
oambraACe. Pd. 

Income Ponds 
SfSh Yield P d__: . (m« B ri +0. ffl 7 

AJt JBq. Ine. 4O -Hlj} 2 

TatwaatUnsI IW. 

asffr—pt am 1 

JMisaEfi lini i 

Specialist Panda 

Smaller Co.'s Fd._ 

^tdSmlr.Co'aPd. 

RjB«w«rySiU.._ 


535 II ich Income |U63 13551 +0i| 7 M 

__ Prutfl. Portfolio Mngrs. Ltd-V iaiibKc) 

'Yir HnlboreBm.EClN2.NH 01-W5BK2 

, . Pnidcntial 1135.0 143.51 -1 0) 421 


Target TsL Mgrs. <Scot!zndi iaHb> Alesafidw Faud 
19. Atoifl 0.:,.t::t. l.'-iiiti «C J -22* t-f! 2 17- nse 74orrv I^a™?. Luvmboent 

T.-swl Ara-r-u-lcfiTi 29 7! ->'n| Vn Alessnafr Kura* . ,.| fcusja | -.-4 - 

. pl.5 -D2I 5 37 :«* uudt vniue uaobrr 4. . 

Eiiia Incoci- Fil _ jiuj b£ 'ci | 9 93 

_ . ... _ __ lUIe:. Harvey * Ress lav. KgL (C.L) 

Trades Unioa ^ail *sL Kaoasert.. 1 ,chart n( ;Civi«e.Es.Ke:i ¥ r.J«y.cL i»34-737« 

i 5S^;£ K iu!l !fS 12® 

Trassatlfiatic tsd Gca. Sacs. Co.? Astetiatf Seecrilt-s fC.L) linited 

P.O. Hoi V t KL ii.1l cMmef. 05M721T7 


‘Prlcos at Sif*. 27. N«t suit dar Ocl 1L 
SeUcsinger Trasl .-.En-rs. Ltd. {ails) 
140. Sontb Street. Dorking. <C.^V'8o4I 

Ara r.scmpt S?I 24H4*ci| J.17 


f a fr-T. Unit Managers Lld.y 


4.92 W, Flnbur CbduEC2M7DD 

GT. Cap. Inc BOB ; 

Ja.Acc.--. — .. 108.9 1 

475 g.T. Inc. FA Uiu— IHI T 

429- G.T. US. * Gen S5l2 1! 

G.T. Japan 4tCeo_ 912 95 

7H ♦Gt FeflS.Es.Fd IC.1. 5 

aS G.T.JnrLPtaBd 1633 ■ V. 

r™ Gj.PonrYiFd SU . i 


— , Mntual Unit Trust Maangcre* (allgl ml, -d-, 1 ^- 1 «ii T St| is? 

71 “■**? M 1?" S"!*? aU 5, w - £C2R 78U - ntO64803 Reliance Unit Stas. Ltd.¥ BSSc Ta _. ... j?i 0 3; Ti _0 * q ^ 

H :::::: UedK&=8 f3 sl^j « 

§y r:: li SSSiMfcSI *83 liS 8SBa?»ttr|l S|r:j %$*•' 

g83 I'- §|g National and Commercial^ 4 Sv Wl «laT.l B c.._|«4 47.s3-4.9l 520 ^.b 3.J 

l 7|j LJO 31. su Andrew Square. Edlabanrb08l-S56M5X Kldgefldd Management Ltd. rni’*CiIi*Trjitl. 224 2i id J . J2J9 

M.4) 7-00 Income- Oci. * — _.|M32 1M2J J 538 38-H), 5cnoed!?Su MonctUoACr Ofil 23GS521 Property Shares .... 2C 9 31.1] +0 1 ZI>2 

^veum. lijnt 1 ) 023.6 23LV...J 538 RidMfleidlnL UT.IlttLO 1M.0) -20| 2.63 9?^ w- S? HJ-? ?17 

Cape °ct *i — — CU2.0 13U ._ J 184 Ridgefield Income. 97 104.0 -LB 904 A iL r F-rs. A i xru,n - 2SW+3J 4.23 

(02771227300 Units) [Sib lSIl ..Jj 3A4 recemc.|w «n.uj 1.14 l jj t G rt h.D l il iaji5 220I....J 453 

TOf -OJI «5 National Provident for. Mwg m. Ltd.? BotbsebUd Asset Managem e nt (x) j. Henry Schroder Wagg & Co. Ltd.? 
lr _ k ,. Vrft 4 &GrercchiorbSt,EC3P3HH 01-623 4200 7M0,GalrtodaeIlA t .VIesbuiy. iKSe.Wl iap.Cboapslde.ECi Pl-SUITK 

tn V(aMg) NJ.LGth.r"TVl„|47^2 5l3l .1 ato N-C. Equity Fund- |17M 18S5WI -091 3A4 Ca^LalOSs IK"? 113M [351 


HI siewcjBr . 

vta-a.il ** <*• AA-ttwt^ (»Hg» 

5l3 ZSd 193 - 3, Rs»feigbR&. Brenni(nd 
,»3 +03 £92. G.4.A. J34.9 .. 


31^-rfl 2.B2 

79rf+0.1 77* 
28^-02 4 07 
32 J .... 9 52 
<5.4J -nl 3 920 

V 4] +03 - 

5? £’ +D 4 2.97 

3‘3 

33.91 -C.2 4 23 


Eeyselcx KagL. Jereey UA | 

PO Bot 93. St ! Iclier. Jersey. . /Enr.OMOT n> W 1 

Fnnwles (Pr'lJJl 15^ ..._.| 2.7 ] 

Bjndneles fSX7» I8.7B — j 

Ko-st-li'S Japan [tl+3» — I ...j.1 — i 

Cent AscaCap i £137^2 jtflJMl — ^ 


TUtPTOci i |Si2 E45U5 5. 

Trassatlfintic tsd Gca. Sacs. Co.? 


Keg & ShaxeoD Kgrs. 


Gjntjnore Fund Managers ¥ (aKg) 


428 2. Si. Mary Are. ECU 88?. 

«1 FuAwricaaTg.- ■** '■ 

4.n. BiUtthTB-iAcc.) 

2.92 Commodity Share 


Ocl* IIHJ l&UJ J 538 38-ffl, Kenoe* St, HDECheatcr 0S123GS521 Property Shares -...|2C 9 

- Units) E3.6 231. | ...J 5J8 Biderfeldlnt UT.IIOLO 10R0| -20| 2.63 

%%sszdkt Si :d IS “J- 1 * *« 5iJl<S£i^rsi 


31.1] +0 ] 
3< :wt -03 
25 ffl +3J 
22ffl 


01-283 S53 1]< A eeun. Units)-. J 


EquityPnnd.. 174.4 18S3sl -0.91 32A camLaKX'13 IK9.7 

Enc.BeK.TSL 115.4 122.73+03 2$9 (Areua.1—- ! 132.0 


Extra Income T 
IzVFar East Trust 


Exjc. smlr. Co’s _ _ 

Anderson Unit Trust Managers Ltd. faromeFunrt. ... ■ 

158. Fenehurcb SL, EC3M fiAA. 623SS31 ISS^EfJSpT 

Acdetxou U.T, — _ [543 5U4 —I 4.75- 

A^jM^UnUMgmL Co. Ltd Qibbs (Anttmy) 

1 Noble SL.ECJV7JA. 61-843 6S7A 1 tvmbrifWM n 


27. t -OJ 833 ■Prices on Ore 4. Nest dealing On. 1& 

esn +fl.t 051 Natioaal westmiosteiif (a) HoUuchHd & Lowndes MgmL (8) tf£G.vS,u7?.~ , && ~£5 ^Jj £S 

agi -0.1 L32 '^L.Chrajnlde. EC2V 6BU. Ol-aw eoaoi SLSwUhlB5Lanr.Uln.EC4 01-CT4356 .... t.'Ji 

15.C-8J0 3J6 LapnaliAcmm) — *7^ 72. « -0J 4.18 New CL Exempt K233 0 -14L0M I 345 SupL 25>.Q 

98.1a -0.4 5.28 Exxraloc — m>A 75 i -0J 7.47 PricraoeSepieniba^. Ncm define October ’Keetwen Sept _ |>Ji 2 2L. s3 ...... 3.W 

■ 37 A 089 Financial |34A 372-0.1 542 w jS ”*** **-«uinfc ua>UI i ‘For laT c-iempt funds cnly 

■ • Gniwtbinv [99 6 961 -02 540 Scottish EguitabSo F ad Ken. LtdV 

«ibb> (Antony) Untt Tst Mgs. Ltd. «3. -dj |37 Rowan Unit Trust MngL Ltd.¥ M -asu Andrews S*. Vartan* raw 56«oi 

. ...J. r+1 “411J u^^nulFdid) "SJ tel UI C«y Grt* B**.. Flnahuiy Sq.. ECS. Ol-mSIOOS jaromeUnilfl 1514 RM...I S05 

8JB am™ * ° -77* .7* American Oct S-. 70 0 730 -0 5 1.12 AccuavUniis JS97 t3SJ 5X5 

5.10 NBL Trust Managers LtAf (a)(g) Securities Ore 3 177.0 187. o — 3 99 • Dealuu cuv Vfcdnredav. 

050 Mihw, Court. Dtrtine. Surrey. SMI High VIA SfptaO. 97.1 M O — 7 44 Sebag Unit Tiil. Kaawc Ltd? Is) 

gja^n tz ass!sfffc=si isi = in oSS, 

. eiH«-nignffle._pi-B M4 4 -Hl.ifl 7X4 f A (wnim. . UK • 1114 3 5a JL»hne Caral.-l Fd . 155 8 57C.^*nli + en 


, . Europe O res. |J4.l 

(U lAccum. 

336*356 «ra»ChaF«iSep-Xi> (130.6 
I ,T *SpecEcSupL 12.. p3T.a 

Liji *Eeeoven'Ser«- 12 |21£2 


01-3408.-14 
.._J 213 
— 2'3 

6c; 

, 695 

.._.. 351 
.. .. 3 FI ■ 

+0.S 7 S5 

+lj 2a2 

4.12 

5.-14 

3.S9 


3 Var. Lica. 0«. 2 —JsLO 

w iAi-cuex Cnia.. Jj 

Vau’K-uii 3 !i39 

■J* Vm<! r.-e Jrt 4- . ":.7 

J l* <cum 1‘nna i ...„.U'7.7 

1 V.iecYOeLS It2.2 

2 lArrua. Umau _ 7=x 


57 X' 

m, :::: 

*5o ?! 

6o 2 -9.2 

£U T. -Oi 

si :::. 


*==«=» » ■»“ « SSSSSS^S^Si !Ti5i ISSSSE 


Arbutlmot Securities Ltd (aKc) 

37. QoeesSL London EC«R IB Y 01-23S5281 


■ Extra income Pd 
High Inc. Fund 
icetmi. Unib 

% WdrwL 
erencoFund 


117X1 +02 
45.t +0J 


(ai AJ7. Growlhn— J40A . 
WA.G. Far East-_.r26.fl •" 

. Deakag *Tuao.1 



ur Govett (JehnW- 
8-S 77. London WalL KC2. . . 

s-hir.sreK.22 nan 

S-K DQ-Accum. Uutt__ll77.4- 

32 - 5n Next doling day 


322 &ab cf America h'xnutiaaal SLA. 
T99 35 Cvcicinrd I.uj; -sbeen; GJ>. 
ft-J Vlduncu um — I 7 -«! 

y Zq Pnect at Sop-- 23 Next sob. date ore 4. 

4i9 

7.67 Scsrse Brazens Lranbert 

2 , Rlo Vv Is RejetM 2 IC33 Brusseis 
Benia Fund LF [2,931 L99H 1 7.71 


U.llV U BdU-rs-»,*£if? e.Mrf —I 12.W 
Gih Trust (?.o K i. J1B3 6 106^ .._.J 12.00 

11:11 Fnd. Lucres L-yj£.9 22 924u4 ——I 12.M ■ 

lati. core Seen. Tit , . 

IBtfiSzdBfc 3 d - 1 

Eicinwort Eo=50U Limited j 

3). FenehiircbSt.. EC3 01488008 

EarinvcsL Lux. F. +S 2.94 

Gtcrtseylsc. - H.0 73 4 4.1ff 

ti-i. 4ce i».-n — . 35. 1 90A — ... 4.28 . 

KB Far EutFci MJS1CJ2 ... 139 

Klilnti. Fund SUSHIS -0X7 L iS 

Jib Japan Fund SUS40.9C 051 

StB.US.GwtJi.Pd.. cu gnu DM 

SI-ectB-.-nnada 5JS5J9 L73 I 

■UaifondciDKi. 2CJ0 2L2C 


B'i. Aceua - 

KB Far Eui- Ft! 

KJJntl. Fur.d 

Jib Japan Furd 

K.B.ttS.C«rtL.Fd.. 

RI-DOC B-.-rmnAa 

■UaifondciDKi. 


+51 294 

4.1B- 

4.28 

... 139 1 

-0X7 . 

0.61 

D.M 

L73 I 

6X2 : 


W.-ck D:. Sept 23.... 9 J> ; el ..._.j 7.V7 Bcsrse Brazcaos Lcmfcc 

Dtx Ac s i li l S 5'"H — »J 7.97 o Rl. 1 Dv Is Pa'Ju'jcc S ICOO ! 

Tyitcla!! Mfinsgcn Ltd.? HentaFundLF — 12,931 LW 

SSSSlfSiSi 20L-M 3ar^S7S Uniccra laL (Cl 

lAcf.m :.-niisi.-„ -]■«£ ?W!4I 610 l.Chsnw-lTO Si. ddler.Jny. 

Capii£!ure4 ;I32 L’d UJitUl j 4.26 


fit* 


oi^B85fflo Norwl «b Uniou lasorance Group it>) 

i ls5 P.a Bax 4. Konricfa. NR1 3NC 060382200 


Group Tre FA |3752 ■ 39*9| -U( 4.99 M.JcnnniS*raot,S.WJ 


lAccum. UmUi 105.9 1115] 354 SehagCapii.il FA -|35 8 375a< +0J 

„ , Sebafi Income FA. .[32 4 55.9^ +«.: 

Hoyal Tst Can. Fd. Mgts. Lid. Security Selection Ltd. 


Growth F und 

tlSSSSS%:_ 

Elastorn * Inti. FA 
’ (6% WdrwLUia.) 

F onHgn Fd. 

N. Amer. Sc InL FA 


+ii A73 Grfeveaon Management Co. Ltd 

+-L0 4.73 B8&MbemSL,EC2P2P&. - 01-000 

— 2X9 Barrlagtoo OcC4_|n|l '.23831 1 ■ 


2.« BtngB. YAOct S— 

iSjSSEggf— 

3 87 lAccum. Units); 

1X9 Grochmr.Sert.2B_ 
L29 ^Ac a^n-UniS 


Pearl Trust Manager* Ltd faKgKr) SSSfA- 

252 High Hoi bora. WC1V7EB 01-4098441 Prices at 

Peiri Growth rd_.BX 271] +0.41 4.66 - _ 

'drau Arctu7iLinu«.— 29.9 322+oi) 4 66 Save & Pi 

5-56 Pearl Inc J53 36l5l-0 7^ 6 89 4. Great SL 

*56 Pearl I'm IT* 37a 40 +03^ 4J2 6&V3 Oucen 

7.W lAccum. Units). (48.2 5Lg +0.4( 4.72 

i3i PrUcaa Units Admin. Ltd (g*x) gave & Pi 
2JS 81 Fountain SUMancbcsUr 001-2365085 t..., 


Capita] Frt 1694 732j . 

Income FA _-„__|7L5 755] , 

Price* at Sepc 29. Next dealing 


Save & P rosper Group 

4, Great SL HtdeoJ. London ECIP SEP 
68-73 Queen Su Edinburgh EH2 4N.T 
Deal legs to: 015M 8899 or 031-226 7391 

Save & Prosper Securities Ltd? 

latreuaUawal Fund* 


-j™ . H1MI L’rnia 4.04 rnnital ITJIfl an M I 

Wf.n _ 1 135 Ei*Smli."dre4”Sw' 77Xi i I'm Per Pctual Unit Trust MngmUf (*»> Lri^ Hgfx 29 3 TZ\] 

Ma+Ojj 1X0 l^SfuiSwizlTig >. m-ZZl ilra «RwtSL. Beolm on -maaea 0*0126068 Uata-Gn »t h_. |72.9 .7*3 +0-iJ 

Archway Unit TsL Mgs. Ltd? <aKc) GnanUan Royal £x..Unit Mgro. Ltd. PiecadlUy Unitrust (^b) ^ 152 hSyicS fSAi - 

817, High HtHbere, wciv 7NL. 01X816233. fioyal Exchange. EC3P8DN. . ' 01-08 soil Ani«rr Ciu* Unit Trort Hanrem LtA High Inceme Foods 

see — — ek 

- - — ‘ Henderson Adminstratfoof. (*XcXg) income |mx . 83N J 9tc U-K. Fund* . 

PtotrIm- m-i+miT, 9 Barldgb BogljHattOTL Small Co's FA M3 5 47. « J 4.70 CK Equity |4SA 


X3P8DN. - 

-W62” 


.Barclays Unicorn Ltd¥ (aKcKg) 

Unicom 



i_ u “IS* 8 ®” ****** Ci “» t'uit Tnwt Haugen LtA High Income Fend* 

** fcartssf^ "**• oi<i,bwit - «=“ m saag ?.— bs 

onf (AKCKg) R^traiocooM jjj. . 333 ) ohj UK. Fund* 

^ Small Ce's FA 435 47.« 4.70 UK Equity |4SA 

D2T7-2172M Capital PuuA,_._ 47.0 50js 4X0 Overeeas Fuubtzl 

taL Ern*. & Assets.. 47.7 5x3 _... 4.B8 Europe (94.2 

air. !.oo inr 

Far K«rt D ^d l ?^Z 295 3l| ^0.4 l“ cS5u£I5^!___[80X 

American Fund 25.6 . 27.1} +03 150 ?^25 dl ‘ y [?§n 

Practical Invest. C& Ltd_¥ tyHc) FfuutalSocs.. \nj 

44. Bloomcbnjy Sq. WC1A 2RA 01-6239893 Hlgh-ROntonjn Fxods 

PracticalOcL 4 [157.7 lWAnl — J 4.U Select InlernaL E265.7 

Accwa Units [2275 24L4] — J All Select luromo &5J 


■rtoi W- *f S S?f lX-B, Lincoln’s Inn Fields. B-C2. 01-0316E3M 
Sij — -I lit 1'uvlGUi Ts Acc __|!4 9 ?6=| _...| 2^5 

d^n'oa.U* LfortGth Wine. .. 217 211 .... J L23 

deahDS ^ u Stewart Unit Tst. ifcmagers Ltd. ui 

* -45Chari«leSq,EAnbursh. £01-2262271 

i ECIP 3EP I SK n xit Americas Fund 

EH2 4N.T Standard L'nili 147 2 71 7[ +0.N 157 

031-226 7391 Accum. Unns_. 72 5 77J +3 a| _ 

i ties Lid. • Wlltatrawal Lnns_|53 1> 57J^ +0J^ — 

ines imly -tnemt British Cs-iuil Fuad 

Standard- ; .- -)405 3529) J 4.13 

40 H — J 257 Accum. Units llrJ5 170 cJ j 433 

29 Oj | 3 68 Denlitm iTtfcS. i Fn. -Wed. 

.78J| +O.U 2ii gnu AJOianco Fend Mngt. Ltd. 
Aai^+Ad 717 Sun AllimtceHvj., h nrjhnn-. (KU3C4M2 

^SflSJS“|§S- rtHM is 

ZS Target TsL Blngrs. Ltd.? larig) 

31. Grcshcm SL, EC2. Dealings: rCM51Ml 

^ __ Target Cpcrniajm-'S 8 41.71 +0 21 359 

49.0) -0.4] 486 TariTcl Financial.... lao-l 65 fc!d — 0 ’I 4.45 


'. : cct:n I'nui [lira IT 21 4.15 

LiL-zipL 0.-L4 L34 Llin 7.a 

i.v«cni LVutsi )1M 3 lc*73l ...._ 7.22 

InL Tam. OcL 4 ,ZV. 6 2+1.21 5:'.2 

1 .tn'cn. l-r.irui 12?-' 6 !75fl 5.72 

Fn 1 i*?t -1 p2S 10° 0^ ’V.J 

lAicamUrjL'. 1 _|I3C.O 137 3j ... u ILiS 

24. Castle t-L-Cdinbcrcj. CIU UK 

ScoL joe. Ort •-. Jl!.»0 177 £J J S "7 

Soul Cap '.>rL4 142.2 if." .Or) j 559 

IAceunIX-stLi. |l73.0 ^.y ..._] 55V 

Locikn Wall Gran p £27? 2324 1 

CapnalCrmitb..... fAl C7.ll +0ji| 5.f7 

Do.Acol.ti. _ — ,J3J Fc.5- +0.6 5 57 

Extra Inc. GniT.lu.Kl 4 ^ -0.: 915 

IV» Accux. |4C 2 51 r -if 9. if 

F inacmai Pr ns - 111- 5 17.7 1 4.23 

Du Acrxx *2 ' 6 . 22C< +01 4 <0 

Hirh IRC. rr!,»n:y_. iJi 735! +11 2 7 44 

luieRir:ii>n>h_ LIE 72. 'a +0.3 250 

SroeitJ s:t+. :3a .n say +ci| s.c2- 

TSB Urlt Trusts (y) 

21, Chanay Way. Acdorer. Hants. £CG4 62KS 
ncrlujg.i u2o5 E'4:<2-2 

« biTSB CciH-rel 1475 +0.1 372 

1>| IHx Acc-wtt. ya L5 E +07 3 il I 

lb> TSB Jr come |fc27 L7.i* +0.5 6*12 

(b) Du Accum_w-..'t£4 76 JI +05 6 02 1 

TSPSccRish ;; 7 45-1 251 ; 

(biDo. Arciim. :«3 IKL-.i 251 


Ororwias Icecmc _(C73 
■ ; »>-icE.irTrurt — j-T: J 
liaijontj Ttl+I EUSLISS 


(CfL Is.) Ltd 
ijy. 0C34 72741 
4951 1 1252 

uHi '.'.'"'.I &« 


3 ,3-?y jpsTr^I-sysUa'cr.ra snt (LO. Han) Ltd. 

;"'4 iiiS l'^Jc.-n.wSL.Dotilia.TaiM. OGH-tfW 

dSjS l !■»! I- eie are. iusLSlL. 1*4.1 5C2| — 35 150 

..J5-7 7M. i+L VJn '.tOi K.-ti-O-C 2.M 

„ J ■; y«t Do.«iror. PlciTic JJ9.7 75-ft ...— (33 

1 svw io. I=A inenm-j 3" 4 42 -^jC B JO 

Z . 2^.1 i.*::+n-»iL_ --5X <w3j £.*» 

lixliaisMutual—l+bJ: 2fl3 L43 


■KB ect as London Taring aguita only. 

Lloyds Fk. (CJ.) U/T SSgrs. 

r O. Box 135. SL HaDcr. Jersey. 083427581- 

13o"iisT2LO'9ms.-|63 1 6i.4u!j ] 0.67 • 

Nut lienBng data October IS. 

I 

Lloyds Bank Inti. Geaers. 

L Eel Air P.C. Box 433 1211 Gcncre IL 

us&Ke^jnBi JsrM a 

X & G Group 

Three Quays. Ti>«erHinBCaB6BQ. 01-626 4S8® 
Atlantic Ore 3 >^_BUS3iir 3.471 — J — 

AasL E:_ Ocl 4 HJS261 ZB) .1 — 

G!<t.fcsArc.CW-L4_ SJISI171 013 .....i — ■ 

Island 1355 lA55d +1.D) 93J0 

lAccum Dnitsj [194.9 . Vf)M +L4] 93X0 


+ 0.6 
44 El -ij.: 
51 F 1 —0.2] 

22 c! off'i 

733! +U 2! 


c ?s Sishopsgece CcraraodlSy Ser. Ltd. 

9. if ?.0. Eo-42, D.>u.i'=u.!.c.:* 032*453911 

2-^4 Ar-MAF ‘Sc «K. 4 JET? 7J 299 ._...[ — 

SjH C'.rJK”'3**5«pL-L.l£i..f5 JJLM — 

i” COUNT— Se+l.a_,ULtK 2547] | 133 

+53 matfaabg iaued +t -510 3»rf «£Lon. 


133 

"tLOOL 


Bridge 55a=age^:22t 72A. 

irvj s+ir* - p r '- Sue SOS, Greed IV; men. Cayman la. 
^ N-baahiSept 1.. J Y17XZ1 I —l - 

JjJS jji t *— » GPm. B->« C3i>, R-.mr Kong 

fil r.srpiaFa-'Jc'-i-SLSna SHJ+0531 072 

76 j) +03 tK Drieannii Ttl. Kaga£. (CD Ltd. 

9jlJ .„.. 231 ZU Doth SL, SL Heller, .c-.-suy. 033473114 


1G2.-.1 251 


'ffl ia=i in ISSiSSf-^ 7 


|Kfi 





1013-0 31 3.06 Target Ex. O.L4 2171 

n* 4d *qM 0.31 dDc.Acc. l , nits_....[?+i.7 

793) 4 LSI Target Gih Fund ...Tie 9 

Tarpct Growth 29.4 

7*21 -oil ig.gjftfczg}, 

7" ^ Spaiai S i’ia IJ dj 


12LS 

3L6n -0.: 
293:d -hi. 4 
32 N +05 
>6.6) *-0J 
1J03 . .. . 
3; 3 +0.3 

i«.g . . 

.22H +03 


Ulster 5L=t«; is) 

Waring Struct. Bali art. 0332352 

ib)Ulstei'Gro'xth—.|395 424} | 5J 

licit Trust Account & SSgr ni. Lid. 

King WiUiamSLEC-iB PAR 01-023 A' 


Star!.ag L«==tlast.-.J r-da 

Uroa-th invua: <?7 6 

Intnl.FC |- 23 

itaslmBr 1 - l L -^ 


Friars Bsu. FuruL. II 15.0 
WtelerGnh. Fad ._ 32.1 
. Do. Acc urn. I? 7. 7 

Wider Growth Fund 
King Will inn: 3 l EC4f: t’.V2 

Income Units |XC 

Ac cum. Units [525. 


4241 I 5X2 'J nival. f-TrL g*c.- .— 2 2-«| 1X0 

T+A IU#WJU*Ta-is:« 0-9N 1 7232 

..J3nn. -Id. ,, A Eollcr maninl — r - r&a. 

01-023 AJ5! Unn-.l.s '.a |5li;V2 5224 | — 

174 £1 .1 444 inLiiisk laL TsL^-gUslT? 1C^ I 9X0 

39 J| UTlj 'A49 Value Sept 2a Next dealing October 0. 


INSURANCE AN 15 PROPERTY BOMBS 


L74 P1 .1 444 inLiiisk InL TsL^-BUsllt 1^4 I 9X0 

39J| 'A49 Value Sept 2a Next dealiiig October 0. 

Brssra SfcipToy Tj:'.. Co. (Jersey) Ltd. 

01-623 <931 c- o. Box 533. S4 Hu! icr. Jency. 0334 74777. 

^“5 j ^ StarjngEocdFJ._p.rS 10X0) 1 1L75 

3uiCert~e!d il-Iaiyzeal Co. Lid. 

PO. Eox ilj, Hjjtci!*.: r. Somada. 

+-. TJ rui-.rrecBsiii'y — |r. ■“.« ztil. — | Lea 

1- i >? La.ireua iircor..f — ISb/.'.l 2+-I| 1 754 

. . ITicv* ai s+ jl 1: Next sub. day OcC. 9. 


Satnaci ISoategn Ldn. Agts. j 

1 14, Old Broad SL.E.CX. 01^88 6464 1 

apoiio rd. sag, to. |sweg «taa ...._) 3.aa ]_ 

Jaufcst Sept fil CEStBS liw J i. 

II ■ GrpScpL 3D !US12* nS j IK ■£ 

II7Jcrecj-^ptJ3_ £55 9 6ig — J «4 f 

U7 Jsjb'&nSpLt? — [£1150 1139| 4 — J 

a array, Jshastoae (lov. Adviser) | 

lta.UopeSuGlaseow.es. 041^2315521 J 

■Hope SL FA 1 5U542JZ [ — -I — { 

■Unrray Fiu.d I SUS12.15_ __4 — *4 

NAV Septaaiber 30 . 4 

Hagtt SJL 

10a Boulevard BoyaL Lnsemboorg 
NAVSepL29 | SUS12.56 | 1 — Cf 

A 

Neglt Ltd. g 

Bant of Bomulu BJd%, Hand Boa. Brads, i 
NAV Sept 23 [£6.92 — | 1 — .( 

,1 

phccstix Intenatioiifi! A 

P0 Box 77. SL Pourr Pori, Guernsey. » n 
In ter- Dollar Fund -J2.-0 . 251)-0X1( — 

Ocest Fuad Magma L (Jersey) Ltd. ] 

P.O. Box 1M. SL Ed!<*r. Jersey. 053437641 ; 

C-ucst SOC-FxdJrti_ B4-6 »-JI -5-5j - ; 

C'jftrtuiti.PccA__iP'S9L0 97.S-5.CI — ; 

Qm-rt lull. BA ifl.o- ^7 V7-S1 -S5| — . 5 

Price at OcL A Neat deulins OcL 11. 


r r/ !■ : ■' ; it jUm I 

g j -M 




1 nr 

rr*!r*rrr?' 






Bwiwa wia a^i 

1 ■—fa' 1 


Abbey Life Assurance Co. Ltd. 

141 SL Paul's Churchyard. EC4. 01-3*891 

Equity Fund 37.7 39.71 — 

Equity Acc 32.4 34 2 - 

Proeertr Fd. 130.9 158.9 — 

11 PropertyAcc. 159.7 168.2 — 

Selective Fond 933 912 — 

Convertible Fond . 133 J KO.O — 

VManey Fund 123.5 130.1 _ 

VProp.Pti.Scr.4_ m3 138.0 — 

VMon.Fi Sor. 4 136.7 143.9 — 

VEquiiy Fd Ser. 4_ 362 382 — 

VCotv Fd. Ser.4._ 1135 U9i ..... — 

VMoocyFd.Scr.4„ 11X5 117.4 — 

Price* at Oct 8 Valuation normally rues 
Albany life Assurance Cn. Ltd. 

3 31. Old Burlington SL.W.1. 014375S 

® VEqulty Fi Acc 1988 2682-4.1 — 

VFiiedlnLAcc 1416 149.0 +QX — 

YGliMoueyFdAc.. USX 1ZL9 +QJ — 

3. Vlcll Jiau JdAcm . 114.1 120.0 +05 — 

VProuFdAce. U85 1163 +0.4 — 

VW pie In v. Arc 172J. 181.1 -1.1 — 


. CspSsl fnipraailyaal SA. 

r ■ * zn rot? KoUv-j^anuv Lcst gbfl cifS 

iXd. Crusader Insurance Ca Ltd. London Icdenu-.ity St GnLIu& Co. Ud. Save li Prosper Grou?¥ Cuprri - olfccJ—I 5v.1sia.O3 | 

01-3*8 032 1 Vincula House. Tower PL, EC3. 01-6268031 1 830. The Forburj-. Reading 561511. LfltSlIicli-lXLtihi . •O’ WDl-SSISiS 

— Gtb.Prop.OK.3 1 735 83XJ .._.J — Mom+Mnmijer.- _|F33 33 1| +031 _ B.-L In- F. J ’-‘2 ‘I +05 -- Charter 33ESC Jav.iiS 

-- “ Mfc WrtMc BJ4 33^ +0.3^ - PrppereyFd.- ?<-.! IV. S - 1. PllCTWMPitaw.EC^. 

n A. ni. • nnlt. 1 m FlJ«lIat(Ittt U+ 8 365( ] — GJt Pi .V-.S 1^.+ — InUi, II..'MU UOL 

...... — Eagle Star Insur/MIdiand Assur. • Detroit Fdt 1TM mrl — .rnBi+t, Ih'reS S«r 

— — i. Thread DoofleSUECZ oi -sag 1212 The Loadca St Manchester Ass. Gp.¥ Coon.re«FdT — SiLTl . .. — K ■»■■„ > 7 ib.^ T 'J 3m! 

ill EagleflUd. Dniu_ [55.7 . 57J| -86| 5X9 winstade Part Exeter. 03SE-52I5S gW*|S5S%ft H-! % *£J K ' D - 7 “ Kondia__.__ [oi-^a . p ; j| 


Can. Growth Fund.. 
OF) ex. Exero^i Fd. 


“i = Equity & Law Life AS8. Soc. Ltd.¥ $££££$% 

J — AmerohaiH Road. High Wycomb® 04M 33377 *Ertilrv. T sl F i i’tr 1 

Equity F)L [1188 12U| -881 - FlSnble Fund 12L2 

ally Tuet Property Fd- 109J 115.0 - Inv.TnirtFuni_. . L-3J 

T+rf Flacd Interest F._ 1095 1152+02 — Property Fund. — «5 

gul Deposit Fd. W0.4 1056 — GUI Deposit Fd — IOOX 

014375662 Mixed / d 113.9 119 aj — 0 J — 

-^-1] ~ MAG Group? 

+x3 _ General Portfolio life Ins. C. Lid.¥ Three OunreTo-xerHUJEcaReBO. 

“ SI Bartholomew CuWaUhamCroas. WZ31S71 Sl^SL.w- 1 »», , 

+0 41 — I 1+ao 1 1 _ pv.-s.resnaun’* — I Z«9.4_ 1 . 


Gilt Puns. w. — if .1 i::.:| .. 

DuposJ-cre; Fif — ]1 l0.9 1C65! + 

•PricL-s 01 S-.-nmlvr dG. 
)W«t!y dualin^A 


-ISffles-, 



Equity Pen JUAcc. 236.9 2493 -5 

Fried LPen Ace laftl 1885 +2 

GTiMonJPraAcc., 13L9 1381 +0 

iniLiln.PnFdAee 1ZL7 128.9 +0 

PropPenAcc. 1263 132.1 +0 

Jf pie I nv J’ejLAcc. pl2.6 223.71 -1 

AME\ 7 Life Assurance Ltd.? 


lie a +02 

128.S +0.7 
132.91 +88 


“ Portfolio Fund. 1 1489 I J — CraT^diBiT- “m 6 125 7 ' — ” 

Z Platfollo Capital ._|42X 44.4J ....J - ". C5 of 7 - 

_ Fo.uii7»VI- U^3 — -jJ _ 

— Graham T.Jf* Au fine 14*1 • F^trily ffl -Pfl- 193.3 — . -OJ — 


3 Gresham Life Ass. Soc. Ltd. gSbSS^I ZZ io? 

2 Prince of Wale* .Ed.. B'mooth. 0202 7676S5 Iirtcrnatnl Bond**. io7. 


GX. Cash Fund 

GJ_ Equity Fund , 

Gd. Gil t Fund 


mm i iTii i j| 1 1 1 1 ■ 1 u . Vi Z| : * 


<57 Ainu Use, Alma Bd., Reigate. Relgate4010L GX.lnti.Fund ZlilfiS 

Era -3 z 

i 2J®^5fc;gSl. m ■“ -- Grewth i Sec. Life 

S « J ■ -imi - Weir Bank. Bray-an-Than 

AJ^v^F^Fi ^4 mi :z - SSdSSk £ ‘ 

AMEV r£c<LFon.-B- 185.5 1113 — lia 1 

f Fleriplan {9819 13*xj _ “H 

9 AMEVffrtmllaghm^.. 

1 AnajricaD— B89 . 987) .-I 

i teams —1 »62 n>i.f _J — Guardian Boyal E» 

J P rwridenee Capital Ufa Aamrancn PtopertyBonda — P37J, 
, Barclays Lite Asaat Ca Ul Hambro Life Assur 

2M 732Rarta^ad.,E.7. 01-5345544 7 old Pari Lane. London. 


— Managed Bd.-_.lc7X 

Z M. BG~r 

- 9 2SSSS%a>fa 

Japan FcLBd.* Jui 


— Mnco. i'in.Cjp.R ,121-Jl 

-25 — Mn-.d. Pen. Ac?. 3 .iZilO 

— F. InL JVmv. Cup. Hr- 7 

- F JtsL Pnr^ Act. S'X.l 

+4.7 — Mon 7 Pro Caw II .195 7 

— Horn.*- >n. ’-co. H_| 11 1 

— Prop Ivn-Cnp E_!:-^S 


Schroder Life Gr???? 

Enterprise House. Pcru>motrth. 

Equ it>- 1 I 2523 

E?!ily4 2 133 2-K 

Fixed lut i ilTJC la' 

Manageu 4 jif.tS 14; 

Kcncyl !‘ , ' , a9 Ilf 

Ovi-rsou 4 — __.i3 9 Y. 

Prepay 4 i1£-.l 161 

Ki;3 Ccr.t E ccsl 4 . t+3 2 121 

B.S. IVa Cep. B 12X1 12* 

B S. P-jn. Arc. 5..,...i?35 2 lii 


CU-.«e Enveslssectc Uersay) Ltd. 

P.O. Box 320. St Helit-.f2.Tcy. C5»3738L 


S iT<? Cjlt FiiC.! I . K.23 9BZJ .... J IfM tPrlcea on Septamber 

. OTte 27733 Cli*e Gilt Fd. uay.l. l"75 9.77] J 11X3 


EicSuaocc Uie Aej. Ud. 1 

43. AiV-i 6u lion, -Lac. L05L 0624 23814 ' 
(x 'The Silver Trust UZjL4 1181[ -051 — ; 

J IliChaonti Soiktrt. U79.9 183.41 +0.41 1832 V 

— H Do. iXcllct'a d 1386 M7M+Li| — . 

EiG-Jdl' 117.6 isa-05l — l 

Do. Eta. 07/02 Dd — »i.9 1735^ +83} 1X41 . 

01-2CSCE8 .1 

■°3 ix RrfaschiM Asad BSansgement (CX) j 

X/U p.O.?oxr3 l SLJnllacaCLGuertisey.04B12B331 
._... <A6 OCJvq lr ScpL».lS5J £S5 k9 8» I 

O.U — O.CAukrd.OcL2 [XAX2 1725 679 I 

0Sj 2X2 fi.'Uc.lLFd-f SLT4 1.+3 L21 I 

OC STiCaFiLl - [>!1S. [] 5115 152if 301 I 

Ltd. O.C.Couart'tr IS445 153X ..... 409 ; 

O.C.Dlr.Coadq-.t_&264 30 «| _.... 0.66 
"Prices on SepL M Next dealing OcL 13. I 
— --j 10-g 1 Prices on Septamberrt.Nuo£ dealing October j 


CcmiiiS Ezs. (Guernsey) Ltd. 
r.O. 7oi 1X7. SL Fc:-.- Port. Caenucy 
iatuLl+an-Fd [177.0 lix5( [ — 

Delta G!>3C? 

P.l*. ?mx NnL-rc. Babarure 

Delta Ia». SepL 13_pJ£2J4 2 271 1 — 

"eciscLsr Ccveslrt-«n6-Trcrt 

U35 BicSwriiA'c i7.’0C3.\) fTnnlnnrt 

Court i-t-j JT-CXXO 2230) | — 

— Tu>-i.rXL:rUc&iis--]i3 llfJ 7lv7] _ ,.| — 


Roilisciild Asset Mast (Bermnda) 

P.O. Box 66*. E~ of Bermuda Bid, Bermnda. 
ZU-sonw Asserts FdJ SUSMO I — 
Prica on Ori. i Neat dealing Oct. 8 


EayrI Trust (CD Fd- Mgt. Ltd. 

P e. Box 194. KoyalTre Rae, Jersey. 053427441 

F.T.lntl Fd. W-1E982 3F« ,....1 3 M 

E.T lni'l. iJxy.i Fd.J?SX W O) 4 3 33 

Prices al CcL 8 Next dealing Ore 18 




2JA BarcIaybond* 4 __|129.9 

L ” ^SiSgedZZZZglOO 


Growth & Sec. Life Ass. Soc. Ltd.? . ** **° Ct ^ “ So?t 1 

Weir Bank. Bray-an-Tbtanea, Sots. 062884284 Merchant Investors Assurance? 

ISSStfSS^: iffl UI = ”« 

BS5EE if E 

Equity Pens. 17?X 

Guardian Boyal Exchange llli 

Bum) ExctwngeJBCS. 01-2837107 Dcpoiit- - 13J4 

Property Bond* — [1X75 195.4) | _ Derail Penn. — „ 10 3 

Mnnngcd. — 1P35 

Hambro Life Assurance Limited ¥ IjuL£"iij iry .... -ZZ xors !"!!! 

7 Old Park Lane. London. W1 01-4800031 Inti-Manogcd 104.1 

Fried InL Dep 025.9 153 61 -MUj — 


.._..| ~ Prop. Pen. Ace. D~.Jlri.9 1* 

SepL 2SL . 

Scoitish Widows' GrM? 


r:te7.*L3 S\.:jr?ontiOTato! Kav. rd. 

r.v>. !'«<+ r 177712, K»i.A Oi'i.'jaos. 

IIAVOULS --&XA SUI+IL1CJ - 

•Ert-IMI Cl 3u=Iry Tf,i.rtsUrsyiSd. 


383=1= n.v. 

. . ■ lil-ndci-kj-re 2-J. Wili-.mFoi. Curacao 

Scisr Lire Assuruace Lind ted .iceriM latrf. js chr:,-t*^we- SL. 

10(12 Cly rtacoLondn. C.C.IMTTi' Q1-U22S05 1^4. Ci;2-.7 .1~. T ries: t» t«» 

Solar Mar. ancd-S-. ■»« +0.i| - ^cr i^ro SeptauD-^- _ vUS20i 


A " ■' S=ve & Prosper Haterostloral j 

■I t+y. C.4 D.-^lirr ia; 

37 tiroL-J SL, SL Eelier. Jersey 0534-20591 1 

Jilil+O+r — u - £ - MlsrdeaomteaSjjl Fnnii 

' ■ Dir. Fxd. ._ [?^ “.83 731 J 

St-irsyitd, V. t rS-h-‘i^'*+ , ~ "*~|^G 57.lSj Z" — j 

012+3^X1 No.tli Acienccn'4 .1x02 4J3) — , - 

=5] | 3X0 S*pro-*l 11550 lo.9+| — . l 

Ctireroo gsass±& W" i 72 

te^Hrr SL. SCS. St Po^'t |3*-1 103X1. 625 ;■ 

4, SL--iied—4 |I144 12lx] ...._ 11.49 . 

li SUSCOXO. -Prices un Oct 2. **OcL 4. —SepL 28. 


n ■ -■ 

i3l " = - •; 

* 

m 

^ ■ - r - ; 
Mr -- ra '• 

s-- . -■ 


• Lr - 1 * 
f* ; 

*9 ; : : 

ft If 
3A i ^ - 

1' 

iSi .■ * — 

*s ■ «•“ ’ : 
# *■ 1 
«*--•'*■ 

*A '■ ■* 7 
» • JS - 

y.fc ‘ • i*- 

*.*»¥ , “ _ . 
3FS : - 

¥* : :•* 




wr { 




rryfi 



'/I 1 

fiinpMi 



wSMi 


Equity 190.9 

Property- 1665 

Managed Cap 1485 

M an aged Ace . _ 184.1 

Orersoa* 129.2 

GUt Edged 125.6 

American Arc. 101.6 

PereF.LDop.Cap — 1293 
PenElDepAce. ... 1521 

Pen. Prop. Cap. 2075 

Pen. Prop. Aec. 2695 

Pen. Man. Op- — 2134 
Pen. Man. Ace 277.4 


ISgfggrgj^ 

25 


, Inte rn a tion al 95.9 . 161X +0.4 — »j*naSedAcc' 

Managed 1348 120.0 +05 — rvreS£* ‘ 

M^—r— — gS-4 GuSdZZ 

Do. Initial 1 97.8 ‘ 103.0-12 — ' 

.S2r±S! *8518:1= ^3i 

KSSffltfSiiiE 5 ffi! 

■ •’Current unit* value October 5. Pe^. Man Ace 

Beehive Life Assur. Ca Ltd.? Pre.GUiE&C«p_ 

, 71. Lombard SL.EC3. 01X231288 p ^' ro Acc " 

f Blk.Hxwe.Ort.2__! 133.70 I.....J - SliS&ZZ: 

} Canada Life Assurance Ca Pen. daf.Cip. — 

ta6 High St, Potters Bar. Herts. P.Bar 51122 FolD^F.Ac 

.ISS^Ss-tI SB |=J= hmti. of c 

Cannon Assurance lid.? 15-17, TMitoc 

1; Olympic W7, Wembley HA8QNB' 01-8028878 -BeartsofOak. 
Equity. Units 108X4 — |+6J8| — 

, ssraifcps = *“&»“• 

Prop, bon d/Exee— {03-57 l*ja ..Zl — KLATwr,Ade 


1536 +IU - 
7W.B -05 — 
1755 +D.7 — 


136.1 -03 — 
1325 +6J — 
107.0 -U - 

136.C - 

1605 — 


224.7] _.... _ 

29B.B — 

12jfl - 

137.3 — — 
132.9 ._ - 

152.3 .._ — 


SSjd = 


~ Solar Prt>i“rtyS — 115.7 

— SoljrEquilyS. -.75.9 

— Solar Fid ioL S 117.5 

Solar Cn;h S lOi.7 

S.-iarlnas Til 

3511 Rotor Uaiwvcd P_. !XLD 


sviarFrA.at p.— u. i 

Solar CaO; p 1015 

Solar Inti. P 919 


1:5.2 +0J 
123 7 +0lJ 
l(rj 1 

ior-i +02 
i+z.s +02 
129 ■-* .. .. 

35-7.7 +0.1 
1332 +0^ 
1379 . . 
105.2 *03 


A 121X] ...,_| 11.49 
*OcL 4. “SepL 28. 


NEL Pensions Ltd. S.'iarlad S .'IZZI 571* 3355 +02 — 

££*Zcg!!!^lr*'*a SSSSspsSfc-ISI iwS +0 : “ 

NelenEo >5 t2c._^i4 12)| +1.2 — — it 2 ? JS? “ 

ri = SKSSi'KrSil - 

NSi”cmkc££|w k | :::::: - sorarmu.p — •no 1054 +03] ~ 

NfcMi'rt.’luttSlIv.s 5^C| ””!! — Sun AUiar.ce Ford Kangni. Lti 

Nel llxd Fd Acc...[*97 52 j[ ...... — San Ailinncir Reuae. rl-'ishim. OJJ3 (K I* 1 

Ncaa Snb. <Liy October 25 Err- Ftf InLSepLU. IC57 ? 262X1 _... 1 — 

.___ . „ . InLDn.OcL3 1 £23 S \ ... .} — 

NPI Pensions Hanag^ment *.♦& 

48. Greece huiehSL.EC3P SHU. 01-031100 Sun Alliance JLialied Life ins. L!i 

Manreed Fund — f!572 163.7) [ — Sui Alliance Bouse. il'.niUB 0-J2t*i-u 

rTiccs Ore 2. Next dealing Nor. L Kqnii ,-FutJ p33.£ WJ.SI .. ..J — 


F. <L- C. RHeeL Ltd. Eav. Aiyissrs 
M loan’oce FounleeyULli.EC'iaoS.J. 
J1-L23 4!rO 

•7orLFU.Ser-L27_J SITS6XS )_...[ — 

PKpiitr tesas. & Rsa. C3da.) Ltd. 
P.O. r.ox G7-7. Harultoa. Zvimciia 


Scnlcsinger Irtematlonal Kngt. Lid. ’ 
4L La Ko3e St, SL Hr tier, Jersey. 053473588. 

S.AJ.I as E7| +11 C53 

B.LOJ. M 99f +1 455 

Gilt Pd. 225 22.7] 1221 . 

JatJ. Fd. Jersey 107 !I3.Wr7 +1 125 

IctnlFd-Lxmi.^^ 2!.6S 12.771 +0.06 _ 

■ Far Sa*t Fnsd. ...JiM 16£| ...^ 2.73 I 

■Next sob. day October li. ! 


i. j 


Hearts of Oak Benefit Society S^r 

13-27, Tavistock Place. WC1H8SM 01^878030 S-tir li Co s Fd 

.Beans of Oak 1372 393) | _ TedinotofvF 

‘ E nro l pc. rd 

Hill Samuel Life Assur. Ltd.? nPsSpdZZzfiSJ 

KIATwr, Addricombe Rd, Cray. 01-6864355 GUtEdacd Fd. — 134.8 

C Property Tnlri __ H.M Z lirtJj _ Cua-DcpceiLrd — 197.9 

Properly serf ei A , 105 J. 110 7 — .. . . ... _ 

Mmaged units m.o laoi +08 — . Ncrsieh unlaa Ins 

Managed Seri es A _ 100.9 1063+05 — PO Box +. Ilnrwich NK3 31 

j nti 

Hooey Scrim A. 


f Tices Ore 2. Next dealing Nor. L Kqnii ,-FutJ ,p33.£ 

Fircif i Qtvrvrt r dL . iltii.O 

New Zealand Ins. Ca (X.I.EL) Ltd.? rrop»riy fu-kJ U2.9 

Maitland Howta, SoulbendSSI 2JS OTIC 83053 ?tL -fcS 4 

Kiwl.KeyIay.Waa.K74 1LZ3) 1- KhS!j “hi'in 


Sun A3iiar.ee Fnr.d Kacgai. L^i FiiiiiyKrhiFdJj j-iis) - Schredcr fafe Group 

Sun AUiancirRcus*.-. K-'fihim. OJjSftSMl .... n.rt.miniiii irow+rr 

Err- Fti InLScpL 13. [C257 2 2628J _... 1 — Fli- 2».v Tf.r.BS*- HOKCTCh CeiSCjr) Aid. How. Portsmouth. 0705277 

IaLCn.OcL3 r 223 ZS ] ... .J - liMgnKia, Uoa XL, Sl Ketiar. Jenny. pto f p 1 ;7r 124 « i_ 

Sun Alliance Listed Life ins. LJd ^ 1 , _ ^jfesSEET "“‘J - 

Sui Alliance Bouse. I'-.-riham D-y3GSI41 Ser^jB iFj .•<HcW| £17. 7 I ..—1 — feel ".'.I _ 


Err- Fti InLScpL 13. [ESJ57 2 26281 _... I — 

IaLCn-OcLJ 1 £^2 3 \ ... .} — 


^ ' ■> #.) fi¥#, 













assaa- W ~iz 

Unit Linked Portfolio * 

Managed Fund — I98X 103X1 | — 

ni* 0 101-S .ZZf — Proper*. Fund 135.7- 

S«r urn C *p. Fd ra7 2 1Q2.« ] — ProPcrl) riitid ' Ai. - JP4 q 

EquiO Fuad |llKL2 3C5^ ..Zj - AcrWuii *-ro: FUad. 7074 ”Z 

Acne f undiA*-__ 7U.3 

AbSgSS-gS: 157.5 z: 

1L Finsbury Square, ECZ 01-6288753 lareatawV.Fuad^ 79 3 

BlueShpOree M3 BU|+0.4| 5.60 Itrnranrr.iFd.CA). 699 

Managed Fond C353 247.7^ +03 — Eq-jil;. 1 u :d 1351 

Erempt Mno. Fd-.pll.a lltd EquiB Fsndi.M 1320 -O.l 

Prujx Mod Orel-,. 180.7 19oSi — Money Fh-d 1427 

Prop. Mod GUl |20L9 2225) — Money Fu->_1 'At — 141.9 

Actuirt.ti l uu-1 — 117 6 

i P | (. .mi. f » J Gib-OUf-lCi r)Ud,. 1IU.5 ..... 

King & Snxr son 14a. Gul-Etii.ciFAlAU 123 5 

52, Corn lull, EO. 01-6S5433 *ftc-iire Aonuify — .-,.. 

, . ... . _ VAIl Wej-.ncrCap.. 123.7 1353 

La n gham Lite Assurance Ca Ltd.' . VI n» Fd l i.< 145a 

lancham Hj, Holmbrook Dr, NW4 0I-3C52U coo^r^n “Fitl"" 


mmmi m 


1 ,.mTT7 


PropBondlExee— 03.57 1*36 — NLATwr,AtkHscombeHtL 1 Cruy. 01-68643S5 re. 

BaL BdJExec/UniL 13A3 14.3? +DX* — ^Property Pnlri __ [1.6L2 169 Jl J _ Con. DcpoaiLrd 

DepodLBood U2.7 1193 — ITopert y Series A _fl05i llOTl .... J — . T7 „!^. 

Equity Accum. 19L0 — +3.0 — Managed Units llTLO IBOi +03) - . NcrTP.ch Ud109 

Property Accum._ 03 06 — — . — BiaaaEed Scries A_ 100.9 106X1+031 — PO Bos A Norwich 1 

> luid. Accum. L675 +4 — Managed Sori«C_ 976 

SdEquHy 1002 106.0 +14 — Money Units 

2nd Property 1064 112.6 — — - 

SaditaOTifed 100J 1067 +0.4 — 

2nd Deposit—. 98X 183.7 ...... — Equity Series A -_J 

aadCtBZ 93.7 96.1 ...... — Pnaltimaged Cap.. 

2nd American — - 94A 1004 +D2 — - Pna-ManaccdAcc.. 

2nd Eq. Pens/Acc. . 1033 1093 +14 , — Pna. G'tccd. Cap. 

2ndPnxPoaalAec.- 111-0 1173 ...... — Pna.G'iecd_ Acc. 

2nd Mgd Pena/ Acc 104.7 110 3 +0.4 — Pens. Equity Cap 

2nd. Dep-Fens. Acc. lOLl 107. S — Pena. Equity Ac c 

2nd GilTpcua/Aee. 912 96S| ...... — PnaF5d.lnr.Cap. 

2n d. Am P +nq/Acr. 97.0 102.71 +03 — PnaFxdJnLAec 

LfcBSJJF «3X f2S -.... — Pena Prop. Cap — 

D&ESJ-F.2 283 303) +03] — Fare Prop. Ace 

Current velao Ortober 6 
Capital Life A«mxuuce¥ Imperial Life Ass. Ca of Canada 

Conriton Boose. Chapel Aah Wtou 090228511 inwerial House. GuildlQnL TUSK Do LrutyBd j 

Keyln vere F d — -j 107.79 1 — J _ Grt. Fd Sept. 2» 1766 83J| J — FI« liuno Bd J 

PKemalterln V-Fd . | 1X4.76 | — J — FeuiFd. SepC 2P„J7a3 J — 1*-,™+,. r*mtl 

Charterhouse Magna Gp.? Unit Linked Portfolio H Property Crowt 

a=f= issaci=iii Sld= K£?a 

SS sil - Irish Life Assurance Co. Lti SSSS-fTSt 

Mama^wd — ' HlX — 1L Plwbury Sqnar^ECZ 01-638KS3 Inrerejax-V.FuadJ 

&T«Swfe«tc?ALur. CS Ltd. 44] 1“ 

Bingrtead Rousts, 6 Whitehorse Road. Exempt Mnn. Fd-.mi.O 1168 Eqjir. Fi:ndi.M_— 

S^nCR02JA. 01-6B4968*. gup.Mod.Orej— U0.7 1 m 33 _ MonoFu'O-.-— 

sasasafeHt. i»i=d= bssjs^: 

afcll S3 Z Eng & Steson Ltd ‘ jtSSSSfflc 

Money Fund JlS3 132.1 ...._ — 52, Corn hill, KO. 61-6295433 OftciireAnnpity.-. 

GDtftud ,«.6 +6-2 - Bond Fd. Exemre -110222 10355) +0. 05 1 - 

PlOAFund g7J.9 174.4 — - Nest dotliag data Ore IX. ??w4h - AeL^ 

Pens, lined ran. _ IlilB 130* — All Wth'— ui*. 

pSi^c^.Zpi 8 io.l = Ingham Lite Assurance Ca Ltd.' ^ 

A* 8 ** i rr^ ^ :zi - ss.rM^SntH: 

at? ASSUr ' 144 Le * al * G«ne«i Assur.) Ltd. 

Telephone Ul-68* SBBf Kinmnenod Himu Rlne+wnnA .1. S&T Ait. 


023 - 

1121 _ 

1229 ..... — 

10S< .. . — 

1M.6 +11 — 
124.1 -lfi — 

1104 — 

103.0 — 


U0.S - ..J - 
112.7 -Oil — 
U9y-Hi; — 
lt.-8.fl +0il - 
1043 .. . I — 
1K W *0.3 — 


J«T-e»: Tired It? 1 10331 ... I — 

Man aj-.-j Fond.— (1230 11'5| *02) — 

Sue Life cf CansCz (uRL) Ltd. 

2. 3. J.CocVjpur St_S-.il Y5aa 01- LI 5400 

Mji'Ic-Ia. Gnh | ii-ai 1+33} - 

M.ijtiu Lf. MareJ.. .[ 17+7 _..7J — ' 

MnplcLIEare _| li:'9 | . ..J — , 

Pcrenl.Pn.Fd. 1 2113 I -1 3 — 1 


i.+k j 5 iFj.-ji'.ri — £13.7 ---) — 

Sirifc, d ial^assjI tiara J ....J — 

rirsi VUdDC Cctoiw* 53:7 Trccis 

fiV 1- cv- Ltd. J- Schroder Wagg & Ca Lid. [ 

I'S.Pil! f ? a-!.;ocdJi?WT7L;e. t.l-3307tS7 EN.Chtff psidt.ECX. 01-5384000 i 

, Fit. Vrk.CcvTiL-.. ‘57.2 79 2j +L1| i«0 CVfaCOK.-i-.-_l [+anM 233 } 

F4.V^DbL«.»p.3ht.Jt*.0 70.3 .... j 3X0 TrrJal.ro-Aug.31_l SDSM3^J — : 

a*i.- nvuoctJ — rnzva bjq ...^1 2.g * 

Fiaa'rj SJL SSmMjSeLS ^. linui w8^S| dS 1 

27. r=c Notre- Dann?-, f-Utar'- Jaarg “ t 

eiemmcOcLa 1 $us£743 | — 4 — Sentry Aicuraace- 2uJerasti«Eal Ltdw J 

Free ^7o?3d Fund Lid. p -°- 3011 Hamilton 6 Bermnda 1 

GnLerCoM Dldg_ BeciiJion. Denouda. Man aged Fund pUSLJS 25^ 1 — ■ J 


5i:qvity 1^23 

il- u.*l Interne 

SP1 Aed Infer w ’.Jm 

£:i^n&r^d ^0.5 

SU&HA&ed 1242 


II = 


Ncrwich Unka Insurance Groups 

Po Bor*. Norwich NKi 3NG. ««i322200 Target Life Assurance Ca Ltd. 


Kansced Fujm- 22L2 272X1-0 2} — 

Equity Fund 36 73 5S-.-61 -14 — 

Prope r ty Fund .1335 17 B fl .. . — 

Ei-.-ed In'- Fund — 1533 16131 +02 — 

Epnosit Fund— — ; 107.4 113. ol — 

♦Nor. Unit Spc45_ 22ao [ — 

PhoeoLt Assurance Ca Ltd. 

4-5. King William St. EC4P4KR. 01-fi»SS78 

Wealth /.«> [115 8 122.GI 4 — 

Eb r. Ph A« , 824 4 1 — 

Eb-r.Ph.LiE. »L7 66lJ J - 


T.trect Bouse. Ctachouro lid. Ayli+hu-v. 
L-jcfct, Aylvahunr ■' iS4l 


Vi.ri Irt. Pi bv_|+*I-5 

T.K-n Fti. :r.c. ‘-.5 

P.eil Pla*. Ve Pei . ?.• 
EoiFTanCinP^n-- el 7 

J-'. an -Pci ^tiArc iZl 9 

Jfa:: Fej FiCai.— 11‘- J 

Giit Pea FdArr l' .S 

GIB Pea.~d Cap. — 1233 


Prep. Equity & Life Ass. Co.? ^ ^>^.Z r.u 

1 IB. Crawford Street, W1H2AS. 01-466005? Trop PcaFd-.ce. li-2.5 

_ R. Silk Pres. 5d — I 1656 | J — Prop.F.n.FdVap- 11U. 

-UN* Du LruityM 77.7 1 — C.Bar+V" Fti A.-,-— 4.9 

71256 FlerUi.nc.Ed-._J 1514 | _ C ji+ P en FdL ap. -,:3 

1 1 D-A-Pea.- iAcc.... ' . 3 

DAJea.f ACap 55 S 


{ West Prop. Fund-,. HX 
1 MaaacwfFund 18*3 


King & Shaxson Ltd 

52. ComhitL wra 
Baud Fd. Exanpt -110222 


Proper^' Growth Assur. Ca Lid.? 
Leon Hcu.ve. Croydon, CRB 1LU Ol-SIOOt 

Propen.t Fund 1S5.7 ..«.. — 

Prnpcri.t Dind'Ai- ‘IPs 9 — 

Acrrcuiti-r.'i: Fund. 7C7 4 — 

A(nc r6»iAL_ 7Z3 3 — 

Ahhejr N.’t. FatKt— 2577 — 

Abbey.'.'?' Fd iAi. 157.5 _.... — 

lDtesu&'V.nmL. 73 3 — 

Ihtcsuht.* Fd.fA). 699 — 

Equili Fu-:d 1331 -96 — 

Eqjitv FeedlAI _ 1310 -O.fc — 

Mono Fi:"0 1527 — 

Money Fin 1 ‘AI — 141.9 _... — 

Acniiri.ti t un-i — 11 v 6 — 

Gili+re.rjdrtucU. 12J.5 ..._. - 

Gul-EJi.clF4.lAU 123 S — 

eftetire Annuity — 1X5 J? ..... — 

♦limned. Ann i» — 1475 — 


385 1 -06 - 
15i 5 +.i 1 — 

7V 7 : - 

6-. ■? -a i — 

i;u c| — 

LljC* -0.1 — 

f'-'E — 

0*5 — 

lc-_- _ 


I WJ1M.W 1—4 — • 

■ni Lte. 

baty Circus. London 3C2. 
I32i £35! 00 


Singer & FTfetflASder Ldu. Agents 

£0. Cannon SL, EC4. 01-248 06*8 

r->kalom<r [DK7Z7 BUB J EBg 

TukyoTsLOreS SUSW.90 1—4 151- 


01-SH1M06 Trees: r.e<snal»ona! Life fas. Co. L*i i^Are.l^edeu.^. 
■— " 2 Cretin HJdes . EO-MNV. OI+Wj-Bi rartbare Fnnd Usd. ia.- r 

Tulipl'.vt;'- Fd — P : ~4 1373) — '-rz: iraiettron Hac. F:/ 

— . TuJii’lL'iffd Fd — [11+-1 — JLKX Pir. U.7iL— JUt-.-S* 

Stan ’"M Kd.... -jiU 1 L'loj — JrpsuFd 

Sinn. iVa.Fd.Ci-B .|U63 IT*. II — N..Vo'.ncricTre liiSTj-i 

— '■■ Mon Kn?d 154.9 1-ILS1 ..... — Inti EU-nd Fend— .plVMj=3 

ISctiKl IBV Fd Inti _ I j.--+9 1C3J1! — - 

-9 61 - Wn«dlnv.Fd_Acc-.|l015 iCo.3) ....4 - C oLc+rS.l'u- 

Tiideni Lile Asnsroace Co. L'.-J.V 

Heo^lade House, C > l.-c+Ijt 04525041 

Unnoccd l'.S2 13? T .. .. 4 — 

C:d M<ltL )■•-_ : 2 V 'ft , 

iTopcrt;.-. iL. 4 -to.’. . . J • — 


, WSfl 13 F 3 Shrer^nli KanagemenC Limited ’ 

•.rcnorir.t Fd^ KTiXl JF +icil 1*1 P.O. Box 315. St. Heller. Jersey. 0534-71486 j 

^uehrrSn. Iry.Tsl.&ji 22 j[ .... 3-01 Cocunoddy Trust _p3J5 93X6(+IL24| — 

r pacFtt .r_SUS53.« 1+300] QJJS. j 

•rr.'i'ol c v^~ftraso£, S n£-ai ; f i» finrlnves: (Jersey* Ltd- (*) : r 

•=T /---mSarttasJaU- 1731 -6.-* 1 3.1A Que+u-iHsa. Dn Rd St. Bolicr. Jsy. OKU 27340 . 

S^SVyS +aM ^ .rinerirnntcdTre-KTXB 7X5f+ail| _ -{ 

SUS7X2 — .J 3tS CotterTn:-. Ejl.63 i0.90|+flX7| — 

ti-TPaeJer-d. — -.lfUS3733 +30T 1 , 0S3 [rTlJLB LL+3+old — . 

vl.T.r-ti 5ppic?F.L-|CTiaii5 n.r7} ._..J - ^ ^ ^ 

Gsrtasere Invest; Lid. Lds . Arte. T,t 3 Unit Trust ^wingers (C.H.) Ltd. 

2. Kt liery Are. Locden. cXU. ' 6I4J33BB1 r+ralojie Rd^ St Scricur. Jeney. 0S3473«t 


1 VJ3732 I --J O tS Cotter Tro 


* VP^f^tiron S?I!»‘y+rcM- a KJ. H For.* ®55£i J8 ^ 1 

ILK i Fie. U.7iLZltf!-Vfc ?»jl „ :..? 'Z-J e rices on OcL 4- Next sub. day Oct. 1L 1 

JnpauFd fcV! "...I 0.50 T 


“ LangflEm 'A' PiaiL . (67 4 71 4- rr»- Pn">auT)t 

- CW 'SafeSt-S 


m mm * 





» aara 0. i. bm. Tv: 4n£ 

Tv5 A A A& M^l 3 5' 2a | WTO -jj'jij “ Fixed iPlHa'i..- 1169 

Du. Annuity LU — [ 19.20 — Da Ace am 1203 

Confederation Life Insurance Ca lull initial. mu 

”T^ KSsciS 

rfAjuiiy Fnno — — — i~-3 — •- — Do. Aceum , , , L25 6 132' 

W^edPumU- iW3 — - Fn^ertj-JmiLU-- 999 iwj 

S^i F S?'5^5“' 7*4 — __ Do.Arcina. 1028 108J 

qSSifKJSnS? - S 5 — Z Legal & Goerel a ail frostaro 

r^Sm 55^£.“ i99X ^ ZT — Exempt Cosh IniLJ97.8 llU.t 

FfcSfireKa " W?8 ” - Do-Accum .boo* 105.S 

ISSSrMLZ: IL - Exempt EWf.Iiit.Ba3 1J8.4 

ComhiU Insurance Ca lid. 

32. CornUlI. E.C& 01-8385410 Exempt Hugd. but 

VBffiM il^= IfiSs: 

Credit & Commerce Insurance . ■ „ 


156* —0.3 

I2a3 -oi 


S. l. f,!kt F f Cap. „. 9V1 96 3| - 

SuLK-it Fdbld.- 1IH7 124.6 — 

Pension Kqulit 1328 1*69 ..... — 

Pennon I- 43nL._ 1189 122 5 — 

Deposii Fd. Cup. — 46S 4* 0 — 

Deposit FJ.\cc._i OM 431 - 

EqgiiyPlCjp. 46.9 49.3 - 

Equity )y.A-:c. 467 49! ..._ — 

FkL?U- C up - — 500 — 

Fsd. I: L Acc, fl.4 500 _.... — 

Ininl.'.Ji.- — 474 56 .3 — 

lntnl Alt.. «.4 50.C .... — 

*1or..iic’i ! " Cap .. C7u 7 — 

Maaacv! FiAcc.- +7.1 4^7 — 

ProK-rt-rij- Cap.. . «7.4 K« - 

Iroprfir- T AAce_j474 50 j] ...J — 

Provincial Life .Assurance Ca Ltd. 
SSL Biihoptenp. E.C2. 01-M765S 

Pro,-.MannS5dFd.|n9J 1360j | - 

Pror Ta+h Fti- 136D Jllfl - 


«g5 ...... — tropL-rty. L--.4 

JSJ-; 1 — Motiv-.AiDL-noa-n-;: .. 

M75 C.K. Fund- 1-7.5 

a Aanuitm DuL llirii'Aia r-;-3 

* H5A) - Gii - E d*!ed ta 4 

JJ5J — latjnu.tiu.isl J.;-l 

y ■— ■ *" Crt'AlhCap— J+w’5 

«± — GryJibArc 1214 

152 j .... — Pltj. Vju:d.-7.ip._.*22S6 

J38 1 — Pena M. ini Ace. - l"j0 

150 S — PcsuAlytro-M.--". 5 

115 J .— Pen ^.Jidlw-.'UJe Kl 

3>*.9 «.... — Itsu Ppiy.l apL.- . V.iA 

+E-* - pLK.F7y.lL-c 1212 

... . _ _ , , Trdt r.-v.,1 373 

Life Ahs. Co. Lid. *TroL G l. Pooti ._. | 93 5 

IPG 01-74CD11L *‘-' ;:sh talov fc-r £!J0 


iVSSmSznEt uS : M T =^ Eoifiings N.V. I 

r “. wI -■ - 1 tolmij Maoajwnent Co. N V . Curaeao. 

~ t K^rr»n nav «*«« ore 2 nmuL 

G^unwVntLVtotiliMX 7«b| T.?.*| *2X0 Tnkyo Pacific Kid ^3. (Seaboard) N.V. I 

p,_l— , . . . Inmair. Mtaaiiremect Co. N.V.. Curaeao. 

EPXCb.o j-n3t::c Ptt.l EiffcL taid. NAV ?=.- share Oct 2 SUSSLOt ' 7 


1 ^? t .. ..4 - SLaxcbro T-acEc P^til Eisr:;. Lid. 

!"!"! — . "! Tit *;ta CcnSt:. Hon..; Morx 

l’2tj-l3‘— Japaa •■’hreL^ZZ.fejfifM Z.\ ’\ — 
i:?3 — esaiSK iJSusnisrty) LULI 

^■-7! i,,- - Fd. : ; Sern. iCJ.) Lti. 


Tvada)) Group 

P.O. Do: 13+ EtomlKmi 5. Etrowh, 2-2788 


fi;? *3 i _ Fd. lissro. iff!.', Lti. 

li»5 — :*U)toa%tfl»BU7 Cflll-DSSl 

H i’l - 431.9 vi.3 ._...[ 37a 

--■■ - Trtrj *-b^ SPS.:C5« 113X- J “ SO 

1^56 -... — tretrai^; S’J^San li-'- -J ... 1 2.13 

b-y — !*re J- x~ ’.V SL'6hj« it; ... 1 — 

- -=t S.-a ’B' 5L’s!L 23 Liij . .| - 

ji-;? — . Prieia on net A Neal deJiuji net 11. 


m L’3sh ’.Iiliie fc-r £!j 9 preiaiiLn. 
Tyndall Assuiunee/PeziiMsy 


...... _+ f 

= i 


1J •.'jijuia Sujii. Brislcl. 

— .u "rt 5 3! 

— L-t-i+j iV- 5 17 

— Hi-nd Ore S lf- 

— ftbpenpCV). 5...— . 10 

— Ik-miu'iti r* ... 15 

— 3-V.jj- Fr.fi 71.21- 1? 

— i/siiaiar i-.i 5.. r; 

— Md.'-d.U-Vi' l 12. . 17 

— El., 11 1 2.... 28 

— Do.^cU->tl: IS 

— lK.lhf.0d 2_ JK 


(ETS22S41 
-C-5I - 


n?nd7rjoa Etoing Frci S^sss. Ltd. 

*'•*. rtou’Cron diiJSL*. Hong v.<jr£. 

Ja?a.r. r.i iKfti 4 — |SKKJo j;C>+P Wl — 

Bann - red Bond Fd. rt 1 ?i. Sla=79. 

■j U c»to .»o si ncy prclire churscs. 

riil-^tscd & Ce. (Gti'rr.se.v) Ltd. 

S CarPeli-ro SL. Petar i’ort Otn-rnscy. C.L 

lUerosoyTre J157X K3.3| +0-5j 3i3 

iiiili Ssanel Overseas Fo^d 3LA. 

77. Eu: Notn+Dcmy, rirefcmnmni 

ffHnii 2Lq+oi2| - 


1 L«iy O rireOrt J |SUS1» 

- - i ,ij iAo-.-cd Ur:U) |PJSLt9 

T ~-.+, s-w-jrhafapLSi-IWM 

... M . ■ter 2 New St- SL Halier, Jersey 

--JUj ■— l i* 7f-Mil.OcL3 C7.9S 

*— • •?:, -I i V- lAccum. Siiuusi — EliiO 

••■ ■ I 2— - American Oct 5 98.0 

i-i ■" I “ l.Virijai shares i 9J.0 

, V" v? Fti. Oct 5 .... 2J7 6 

leej:uc net 11. (Non-J. Aec VI* i— NWO 

, „ ... C:!t Fund &:«. 5 135.6 

C-- 1«;3TS. Ltd. i Acv.-u.r_ ibr.rcc! ._. 1W.2 


Irl =” i 

__0J34S7saus : 

S30 -0 IfH _ 

13 M -flJOj — 

963 -Oil — 

963 -03 _ 

230-f -LH 'MS 

3263 -2M — 

707B -0.4{ 1171 
143.0 -o3 - 


Victory !v:-ar?. Deegtos. laic of Man. 8824 M11L 1 
SlsuJce^Sept21_}13M 1434) .] — j 

Uid. lEtal BTngraat fCLL) Ltd. 

14. Kulir«uter Siren. SL Heller. Jersey, - i- 
UJLB. Fund JJUSiMA 1B5J5) ) 7J9 _ 7 

United States TsL IntL Adv. Ca . ■' 

14, Hue Aldrincer. Luxembourg. ] ■ 

U-S.TsL1ht.KwL_ 1 5US11XD [+0X9 0X9 
Net asseu Ore 4. ! 


„ rntemstlosa! PcciSe Irr. Eeflt. Ltd. S. G. ?7arborg Sc Co. Lid. 


120, Begem St, Landoa W1B5F& 0t4»TO0 Legal & General Prop. Fd. MgK. Ltd IMj . I 

C&CUngd_F±_l|lZZX 132X| — J— 1L 0 d ecn Victoria 5L.EC4N4TP 0I-Sri0678 _... 3D91 lW.* ^6jj - 

“ _J ' “■ -| — Fjci let Fund — — 96.9 


Crown Life Assurance Ca Ltd.? . 

Crown Dlf0 H*e- WokintOUSl UCW 0*8® 6033 

ssasa^ifei miiu 

Maul'd Fd. tail SOM 112^-53 - 




INSURANCE BASE RATES 

fPropertyGrowOre... j - ’ T o^5- 

tVahfarugb Guaranteed T^rt ^‘'-T ZZZ7 

' . tAddMa abowh under Inadraoee and Bgtyerty Boqtf TlaMe - 


Ming-d Fund Acc. _ 10SJ 113 
Haul'd Fd. loan. -10&1 113. 

Haul'd Fd. tail 10M 112. 

EsDity Fd. Aec 1085 105. 

Equity Fd. Incm — 1005 105 

Equity FtL IniL 99.4 1M. 

Property Fti. Acc™ 967 ML 

Properly Fti. 1 b«l. 96 J 10L 

i5SB«SS£=R p- 

lnr. Tit. Fd-Inem.- 106.4 - 112 

IhV. Tst Fd. IniL 1KX UL. 

Fixed InL Fd. Arc.. 994 IMj 

Fxd. InL Fd. Incm. . 993 . 1M- 

latm‘'LFd.Acc—. llBO 124. 

IntaiT.Fd.Iacm— UAO 12*: 
lioney Fd, Aec. — ^ 97J IB- 

Ma*C»|y.lHCBl— 972 IK- 

DHL Fd, loan. __ 107.7 213. 

crown an. lnv.‘A’_ $£72 — 


10571 .... 

iM.y -0; 

ML7j +0J 


Ltd.? . XAGPrpLFd. OcL 4)98.7 lflJ3[ | _ f^lTbl Fund |fa.9 lttuj ....T| _ 

if ffiib. dfly Nov. 1 

7&WCKKB Prudential Pensions Limited^ 

-02 6-48 life Assaj. Ca of Pennsylvania noibore f.i«. kcin lvh. oi-wsbj 

-<ti2 - 39-42 New Bond SL, W170RQ,. 0MS8 8395 gH ,f . ^ ISZS I- 

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38 



HALL & PfCKlfS 


SUM 



BELL' 


SCOTCH WHISKY 


STEEL AND 
TOOLS 


Friday October € 1978. 


BELL'S 





LABOUR TAKES STEP TOWARDS NATIONALISATION 


Benn backs BP takeover 


BY RICHARD EVANS, LOBBY EDITOR 


THE LABOUR PARTY moved a 
substantial step towards a com- 
mitment to full-scale nationalisa- 
tion of North Sea oil yesterday, 
with a conference decision that 
alarmed senior Ministers. 

Air. Anthony Wedgwood Benn. 
Energy Secretary, drew enthu- 
siastic cheers at Blackpool when 
he gave his backing and that of 
the party's National Executive 
Commitee to a resolution call- 
ins for public ownership, and to 
a policy statement demanding 
that British Petroleum and its 
subsidiaries should be fully 
nationalised. 


Confident 


But the oil industry last night 
reacted with indignation to any 
idea of nationalisation — and one 
U.S. company warned that it 
could lead to an immediate dry- 
ing up of investment in the 
North Sea. 

It was stressed by Ministers 
after the conference debate that 
Mr. Benn had spoken without 
Cabinet authority and that the 
Government's attitude towards 
both BP and the North Sea oil 
companies remained unchanged. 

There is no Government pro- 
posal to extend the State’s inter- 
vention in offshore exploration 
and development, or to make 
changes extending the Govern- 
ment's 51 per cent holding via 


the British National Oil Cor- 
poration when the sixth round 
of oil licences are offered 
shortly. 

Nevertheless, the conference 
decision means that Left-wing 
members of the executive, who 
are in a majority, will fight 
fiercely fnr both commitments to 
be included in . Labour's matti- 
festn for the next, general 
election. 

And the party's Left-wing is 
likely to be much more con- 
fident following the set-backs 
suffered by the Government at 
this week's, conference. 

Any party commitment to 
further nationalisation is 
regarded by Mr. Callaghan and 
most Alinisters as a political 
albatross and yesterday's debate 
will be seen as an electoral gift 
to the Conservatives. 

Mr. Benn, wbn looks set to 
resume bis role as leading 
advocate of Left-wing policies 
when the manifesto is drafted, 
said thr executive accepted the 
objective of full public owner- 
ship of North Sea oil. 

Demands for the complete 
takeover of BP have clearly 
gained strength In the party since 
the publication of the Binghnm 
Report, which disclosed that the 
company, in which the Govern- 
ment already has a 51 per cent 
stake, was involved with Shell 


la the breaking of Rhodesia 
sanctions. 

An executive statement on 
Southern Africa accepted by the 
conference argued that the Bing- 
ham revelations, demonstrated 
the need for more public 
accountability of multi-national 
companies. 

It calls on the Government “ to 
take all necessary action to com- 
pel companies to disclose full 
information about their opera- 
tions abroad and to bring BP 
and its subsidiaries under full 
public control." 

He. went on to warn that chal- 
lenges were being made against 
Britain's energy policies by the 
European Community, including 
a threat of legal action over 
subsidies paid out to firms to 
keep orders and jobs in the U.K. 


Activity 


Kevin Done writes: The nil In- 
dustry bad already become 
disenchanted with the Govern- 
ment's North Sea policy before 
the party conference vote to call 
for nationalisation. 

Exploration activity has fallen 
sharply during the last few 
months and much of the blame 
Tor this has been put on oil com- 
panies' uncertainty over the 
nature nf conditions they can ex- 
pect in future offshore licensing 
rounds. 


The Government has been 
accused of breaking its word on 
North Sea tax conditions by pro- 
posing to raise the level of Pet 
roieum Revenue Tax. 

And oil companies are un- 
happy at what they see as the 
crowing influence of the British 
National Oil Corporation in their 
affairs. 

Undar the present Licensing 
round which closes next month, 
companies have 'been asked to 
offer BNOC more than a 51 per 
cent stake in licences and to hid 
to pay for some of the State cor- 
poration’s exploration expenses. 

Last night companies were un- 
willing to make any public state- 
ments on what they see as a 
party political matter. 

But one senior U.S. oil execu- 
tive commented: “What the im- 
mediate effect will be is to dry 
up any more investment in the 
North Sea. Why should we spend 
any more money if we are going 
to he nationalised? 

“If you are going to be con- 
fiscated you' are not going to 
spend any more than you are ob- 
liged to. This is a dreamworld; 
it is unreal.” 

The industry recognises that 
nationalisation is still far from 
being Government policy. But 
with Mr. Benn closely associated 
with the conference vote, it can 
only add further to the indus- 
try’s growing unease. 


Probe into 


Pakistan 
order for 
‘N-bomb 
equipment 9 


Hodge chairman and 
ten directors retire 


By John Lloyd 


THE GOVERNMENT is investi- 
gating a £ 1.25m export order for 
control equipment which it 
believes will be used by the 
Pakistani Government in the 
manufacture of a nuclear bom!). 


The investigation comes at the 
same time as the disclosure that 
Mr. Z. A. Bhutto, the former 
Pakistan Priaie Minister now 
condemned to death by the mili- 
tary government, has claimed 
that the country was “on the 
verge of full nuclear capability 
during his term of office. 

The order for the electrical 
control equipment was placed 
earlier this year by Ibe Paki 
slant Government with Emerson 
Electrical Industrial Controls, of 
Swindon. The company says that 
it understood that the equipment 
was for use in a textile plant 


Interview 


However, officials from the 
Department of Energy and the 
Department of Trade investi- 
gating the contract now believe 
that the equipment would be 
used in the construction of 
nuclear weaponry. The senior 
management at Emerson were 
informed of this view in an inter- 
view with officials some weeks 
ago. 

The Government's attention 
appears first to have been drawn 
to the contract by a parliamen- 
tary question tabled on July 20 
by Mr. Frank Allaun. Labour 
SIP for Salford East 

Air. Allaun asked Air. Edmund 
Dell, the Trade Secretary : " If 
the supply to Pakistan of equip- 
ment which will form part of 
that government's technological 
capability to manufacture its 
own nuclear weapons was made 
with his approval ? ” 

Mr. Dell replied that the 
order had not beeD approved, 
but that it would require his 
approval only if the equipment 
fell under the provisions of the 
Export oF Goods { Controls > 
Order, 1970. 

Officials are now considering 
whether the control equipment 
should he placed under the 
terms of the Order. The range 
of products covered by the 
Order — largely defence and 
nuclear equipment — is reviewed 
from time to lime, and may be 
amended. 

The equipment, nn which 
work has started, is due for deli- 
very next year. The Department 
of Energy said last nicht that 
clarification was expected io a 
few weeks. 

Emerson — which is currently 
suffering from a work-to-rnle hy 
its 200 employees in support of| 
a pay claim — says that the! 
order ’ is ‘very important" to 
its husiness and " could seriously 
affect its operations ” if banned. 


BY JOHN BRENNAN 


SIR JULIAN HODGE, 74, is retlr- 
ing as chairman of the banking 
and personal finance group that 
bears his name. 

Sir Julian's departure, and the 
retirement from the boards of 
Hodge companies of no less than 
10 other directors, including 
Lady Hodge and Miss Teresa 
Hodge, comes a matter of weeks 
after the revelation that the 
Office of Fair Trading was 
“ minded to refuse " applications 
from Hodge Group subsidiaries 
for consumer credit licences. 

Details of this move have 
never been made public. And 
it remains to he seen what effect, 
if any. yesterday's management 
changes will have on the even- 
tual decision of Mr, Gordon 
Borrie, Director General of Fair 
Trading, on licences 

Standard Chartered Bank, 
■which bought the Hodge com- 
panies for £42m in 1973. said 
yesterday that the Board changes 
at Hodge Group had been con- 
templated at ihe time of the 
acquisition and discussed in 
detail this spring. 


The bank would - not say 
whether the moves were related 
to the Office of Fair Trading's 
recent reaction to Hodge’s two- 
year-old application for a con- 
sumer credit licence. 

Standard Chartered is expected 
to make its written reply to the 
Office's Informal refusal of a 
licence in the next two weeks. 
IF Hodge's subsidiaries, Hodge 
Finance and Julian S. Hodge, 
were unable to obtain a full 
consumer credit Licence they 
would have to stop providing or 
arranging personal loans through 
their 100 High Street offices. 


Half of profits 


The personal finance side, one 
of the largest in the country, 
contributed about half nf the 
group’s £7.5m pre-tax profits last 
year. Standard Chartered Itself 
reported profits before tax of 
£126m in the year. 

Mr. Gordon Borne had “nothing 
to say" on the Hodge manage- 
ment changes yesterday. The 
office is unable to comment on 


Individual cases under review. 

Mr. R. Lane, former managing 
director and now vice-chairman 
of Standard Chartered, becomes 
temporary chairman of all three 
Hodge companies. Mr. J. A 
Stephenson, a Standard Chartered 
general manager, becomes deputy 
chairman of all three. 

Lord Barber, Standard 
Chartered’s chairman, said 
yesterday: '* Some months ago 
Sir Julian told me that be wished 
to retire this autumn from his 
various positions in the Hodge 
Group. I am particularly grate- 
ful to Mr. Lane for taking on the 
chairmanship for- the next few 
months until a successor is 
appointed. 

" Both Mr. Pullen and Sir 
Andrew Crichton informed me 
some months ago that they 
wished to retire from Ihe Hodge 
boards but, knowing Sir Julian 
intended to retire this autumn, 
they agreed at my request to 
remain directors for the time 
being." 


UK faces 
court 
action on 
fisheries 
policy 


BY RICHARD MOONEY 


Details of management changes, 
Page 31 


Leyland Vehicles and unions 
agree productivity rises 


BY NICK GARNETT, LABOUR STAFF 


A PAY and productivity deal 
which could give rises of up lo 
£15 or 20 per cent for a large 
proportion of workers, at Leyland 
Vehicles' Lancashire factories has 
been negotiated by unions and 
management. 

The deal, which the company 
says is within the 5 per cent 
pay guddelincs. has still to be 
approved by the Department of 
Employment and formally rati- 
fied by the unions. Leyland 
Vehicles said last night, however, 
i hat mass meetings of workers 
had agreed ihe deal. 

The package, which applies to 
the 9,600 workers at the com- 
pany's truck and bus plants ui 
Leyland and Charley, has been 
partly designed lo reverse the 
erosion cf skill differentials and 
prepare the ground for planned 
expansion of the company’s 
operations in Leyland. 


Bathgate 


The scheme is also geared to 
improving industrial relations 
gene rally and a similar type of 
deal is likely tn be offered to 
workers at Leyland Vehicles' 
problem-hit Bathgate plant in 
Scotland. 


This would be in line with the 
drive within BL, the holding 
group of which Leyland Vehicles 
is a part, to boost productivity 
and sort out its labour relations 
difficulties. 

In return for higher pro- 
ductivity payments the company 
says it has won agreement from 
the workforce on reducing 
restrictive practices and demar- 
cation problems, increasing job 
flexibility. The company said 
yesterday that it thought this 
would be a significant step for- 
ward in labour relations- 

The pay package, worked out 
by a joint union-management 
team and tn run for 12 months 
from September, is made up of 
three parts. There is a 5 per 
cent across the board increase, 
together with a self financing 
productivity deal worth up to 8 
per cent. Jinked to job flexibility 
and an improved attendance 
record. 

There is a further productivity 
bonus, linked to output and built 
on to an existing bonus scheme 
which at present is giving aver- 
age payments of 5 per cent. The 
hoosted bonus scheme could give 
skilled men 7.5 per cent on top 
of Ihe existing 5 per cent bonus 
payments, semi-skilled workers 


4.5 per cent and unskilled 2.5 per 
cent. 

The productivity scheme is 
linked closely to high production 
targets and will be carefully 
monitored. 


Targets 


BRUSSELS, Oct. 5. 
BRITAIN WILL be taken to the 
European Court of Justice over 
its unilateral fisheries protection 
policy, Air. Eamonn Galiagher, 
head of the EEC Commission’s 
Fisheries Directorate, said here 
today. ” The legal papers are 
being drawn up now," he added. 
In a scathing attack on the 
British attitude to EEC fisheries 
negotiations in general and Mr. 
John Siikln. Fisheries Minister, 
in particular. Mr. Gallagher saidj 
some of the unilateral UK 
measures were discriminatory 
against other EEC members, 
anti-conservationist, unnecessary 
and provocative. 

He singled out the case of the 
Mourn*? fishery off the coast of 
Northern Ireland a s the clearest 
example of anti-conservationist 
policy. He claimed Britain had 
kept this area open for fishing 
in defiance of a Commission call 
for its closure on conservation 
grounds. • 

This was the most likely case 
for European Court proceedings, 
Mr. Gallagher said. 

On discrimination he cited the 
Isle of Man fishery where Britain 
eanlier this year unilaterally cut 
the total allowable catch to 
9.000 tonnes from 12.500 tonnes 
and allotted itself a quota of 
8.100 tonnes. This meant that 
the UK catch was cut by about 
II per cent and other countries 
by up to 80 per cent, he claimed. 

As an example of unnecessary 
action Mr.- Gallagher quoted 
Britain's imposition of a 70 mm 
minimum net mesh size 
( formerly 50 mm) for scampi 
fishing i,n UK waters. 

The EEC fisheries chief attri- 
buted the severity of UK con- 
servation measures partly to Mr. 
Silkin's well-known anti-Marfcet 
feelings. ** He has a political in 
terest to see that the common 
fisheries policy does not work." 
Mr. Gallagher declared. 

Mr. Gaila Cher’s view of the 
situation evidently does not 
reflect that nf his superior. Mr. 
Finn Gundelach. EEC Agricul- 
ture Commissioner Mr. Gunde- 
Inch said yesterday that no 
decision had been reached to 
fake Britain to the court over 
fisheries. He said any such action 
would only be taken i with 
extreme reluctance. "The 
dialogue is still continuing." be 
said. 

Mr. Gallagher was evidently 
p re-judging the case. Ministry 
of Agriculture officials said in 
London last night. 

Air. Silkin had been asked by 
Afr. Gundelach to justiFy his 
recent conservation moves and 
supply scientific evidence to sup- 
port them. 

His response was still being 
prepared and the evidence — 
based on statistics provided hv 
the International Council for the 
Exploitation of the Sea-~was 
being collated- 

Danes seek industrial fishing 
action. Page 33 



THE LEX COLUMN 




EMI sings 


i M 


flti J 




i «i 

{ ru 




Hie market breathed 8 sigh 
of relief ‘.yesterday morning 
when EMI held its final, divi- 
dend and reported pre-tax pro- 
fits of £26m, not quite ranking 
as the horror story which, the 
pessimists had been fearing. 
But it was the afternoon’s news 
of -a potential scanner royalty 
settlement with its U.S. com- 
petitor Ohio-Nuclear, now being 
bid for by Johnson and Johnson, 
which put some bounce into the 
share price. The closing level 
was up lln at 156pj Where the 
yield is 9.3 per cent ' 

; Twn main factors He behind 
the collapse in EMI's profits 
from the £ 64.7m achieved in 
1976-77. First, scanner lhsres 
turned out to be not the £5m 
or so guessed by outsiders, but. 
£l3-2ra — a total deterioration of 
r 97.9m from the previous year. 
The reasons for this have been., 
well aired: a savaae 80 per cent 
decline in U.S. sales, and heavy 
development costs of the ney 
scanner range. 

Secondly, a serious squeeze 
on the worldwide music business 
has left profits all bnt halved-— * 
with only £3.2m from this divi- 
sion in the second six months. 
Heavy startup costs on the 
French distribution centre and 
the factory in Holland have 
exaggerated the underlying 
decline which relates to the 
growing domination of the inter- 
national music business by U.S. 
artists: EMI's British talent has 
largely been driven out by the 
tax system, and the group’s 
?drategy is now to build up its 
U.S. activities as a base^for its 
international operations. There 
is some encouragement • in 
Cipitol’s recently improved 
showing — it can boast the cur- 
rent Number One in the U.S. 
charts Boogie Oopie Oogie. 

Outside these two areas the 
picture is much healthier. The 
leisure side is well ahead. 
Thames TV has contributed 
slightly more and the defence 
electronics business is modestly 
better for the year. Moreover 
there is now a good chance of 
recovery in the trouble spots. 
Although a further loss on 
scanners is inevitable for at 
least the first half this time, 
the overall deficit for 1978-79 
should be much less. The music 
side. too. is likely to benefit 
from the tailing away of 
exceptional costs, while films 
could have a useful impact this 
time. 

Helped by, say, £15ra of loss 
elimiuation EMI could push 
pre-tax profits back towards 


Index fell 6.3 to 504.8 



ing side, as well as eliminate 
of the U.S. Highlander . fo \ 
wear losses. Elsewhere, gh 
racing weather has 'help i 
William Hill profits to theitoj .f 
of £l|m. But departing: :i 
stores and retailing have jp* 
been able to achieve the. rem 
results of Jubilee year, -• 
because of a reorganisation ' .- 
Lewis's provincial charq. '2 
yesterday’s closing priceirf.^u . 
the shares trade on aphftpT 
tive fully taxed p/e of stem- ji 
This slots in at a premhumt 
the market (p/e 8) .aijfl. a 
count to the stores sector fp, 
11). suggesting that the prp 
is about right for now.? , C 


ru*-: 


£50m. But the past year has 
left its mark on the balance 
sheet — where end-Juae net 
debt was £123m against tangible 
shareholders' funds of £163 nt, 
after a property revaluation. 
And the group's management 
still faces a major, .task in 
tackling the deep-seated prob- 
lems in medical electronics and 
music. 


Sears 

Sears Holdings has had a 
good half year. Sales are up 16 
per cent, trading profits up 57 
per cent, pre-tax profits, up 72 
per cent at. £36 6m, and attribut- 
able earnings are more than 
doubled. A similar gain cannot 
be expected from the second 
half year: nevertheless there is. 
a good chance that Sears can 
make £90m (£65 Am) pre-tax 
overall especially if the Christ- 
mas season goes well. That 
should take the group into a 
position where it can benefit 
from the dividend cover conces- 
sion. allowing the year's payout 
per share to rise by possibly 15 
per cent • 

The main profits thrust has 
come from the dominant foot- 
wear division. where sales are 
ahead 30 per cent. Here a 20 
per cent volume gain has in- 
creased trading profit by 57 per 
cent to £174)171. And Sears says 
that profits would have been 
even greater if it had not set 
aside a provision to allow selec- 
tive price-cutting in the current 
half, in accordance with its 
understanding with the Price 
Commission. 

The other reason for the 
improved results is the turn- 
around Sears has achieved on 
the (slimmed down) engineer- 


Discount houses 

The discount houses' caun 
quite decide whether a freezh 
fog is about to. descend t 

Lombard Street Mibfmu 
Lending Rate was tmefaang 
yesterday and the houses ?: 
no justification for an early rfc 
But the Prime ; Mioiste 
remarks about " fiscal - ai 
monetary measures ** have p> 
voked suspicions that nflfc! 

contingency plans may run , 

higher MLR aa' part of." * 

package. . . } : \yi 

Clive Discount's inters 
announcement yesterday tb 
results for the six months 
September compare unfaybi 
ably with those . at the mr 
stage last year is hardly.; st 
prising, for the -discount mark 
has had a rough time for mr 
of the year so far. ..The sh'ar 
yield a historical 9.6 per re? ? 
slightly above the average f 
the sector: the interim dhndei 
is held. • • 

The market is prepared “f 
the worst: asset -books has 
been shortened, and' the she , 
ding of gilts, that began in la 
June as. the euphoria dyer tl 
last official- package began * 

wear off has steadily continue 
The 115 per cent yield no 
available- on two^ear Gover. 
ment stock is^a&eady discoun 
ing higher and the Tre 
sury bin Tate may well crei 
up again, at- This aftertioor’ 
tender. - 

At the moment howeyi. 
Treasury bills, give a positT e 

running margin and so espe 
ally do bank bills of . which < 
supply has increased 
mously as a result of- the core 
The discount market may ni 
hold £1.65hn of bank hills, - 8 

against £1.19hh .at the end 
the June banking month,, a 
even eligible bills now '-yfi 
slightly more than CDs of co 
parable maturity. 


OFF THE PEG FACTORIES 
TO SUfTALL SHAPES AND SIZES 


Wages for skilled men earning 
about £76, including bonus, for 
40 hours could be raised lo a 
maximum of £91 if highest pro- 
duction targets were met. Cur- 
rent wages, without existing 
bonus payments, for semi-skilled 
arc £67 and for unskilled £61. 

A company spokesman said the 
highest wage rises allowed under 
the scheme would only be avail- 
able if there was a “massive" 
increase' in productivity. 

Management at BL Cars is 
devising a new productivity offer 
for its manual workers.' The 
group’s shop stewards combine 
has fixed a claim which would 
mean minimum increases of 19 
per cent on basic pay of con- 
ceded. 

9 Negotiations were taking 
place late last night between 
unions and Vauxhall manage- 
ment over the company's pay 
and productivity offer. 


MAINLY dry, sunny intervals. 
London, SJB. and S. England, 
E. Anglia, Midlands, Channel 
Islands 

Mainly dry. sunny intervals 
Alas. ISC (64F). 

East, NE.. N.W. and Central N. 
England 

Mainly dry, sunny intervals. 
Max. ISC (64F). 

S.W. England, S. Wales 
Mainly dry. sunny intervals. 
Max. 17C (63F). 

N. Wales, Lake District, Isle of 
Man, S.W. Scotland, Ulster 
Cloudy, occasional rain and 
hill fog. Max. 17C (63F). 
Edinburgh and Dundee, Aber- 
deen, Highlands, Moray Firth, 
Argyll, N.E. and N.W. Scotland 
Bright intervals, some rain. 
Max. 17C (63F). 

Outlook: Becoming colder 


BUSINESS CENTRES 


No magic 

Mr. Alaska Ir Alai pas. the 
personnel director, said yester- 
day: “ tf the Government refuses 
tn issue ' a licence for us, then 
the equipment can be purchased 
elsewhere in Europe. There is 
nothing magic about it." 

The Pakistan Embassy refused 
to comment on the order last 
night. Neither has there been 
any official reaction to the report 
yesterday that Pakistan may bo 
close to nuclear weapon develop- 
ment. though international diplo- 
matic opinion is thought to agree 
with this assessment. 

Mr; Bhutto, in a rebuttal of 
charges that he rigged last year’s 
•general election, claims that 
Pakistan was seeking the capa- 
bility to explode a nuclear 
device with the aid of reprocess- 
ing. plant to be bought from 
France. 


Continued from Page 1 


Ford strike 


claimed. A+l that was needed 
was tor the company lo bargain 
“ fairly and freody " without 
reference to a third party. 

Mr. Evans highlighted the 
dilemma of the unions — and the 
clash in Blackpool — by re-affirm- 
ing maximum support for 

Labour jo the coming general 
election. 

John EIHort writes: Tbe Con- 
federation or Brills h Industry's 
presidents committee compris- 
ing about 20 indii-slrialists held a 
lengthy discusion on recent pay 
policy developments at its 
monthly' meeting yesterday. 

But there was no sign of tbe 
CBI laiinchinc any initiative or 
calling for talks with the Gov- 


ernment until Ministers and 
union leaders have met next 
week. 

Pay problems are not expec- 
ted to be discussed at the 
monthly meeting of the NEDC 
next Monday which wit] be con- 
centrating on import pc-aetra* 
tioo and the performance of parts 
of the encinering industry. 

However CBI leaders are likely 
to ur^e Ministers in start talks 
snnn on the longer ierm reform 
oF pay bargaining and on ways 
nf improving economic under- 
standing. This is in line with tbe 
calls fr a national economic de- 
bate made by the new director 
general of the NEDC, Mr. 
Geoffrey Chandler, earlier this 
week. 


Continued from Page 1 

U.S. prices 


dollar continued to slide in 
foreign exchange markets, hit- 
ting another new low agauist the 
D-mark and other members of 
the European snake, it re- 
covered from its worst levels 
later in the day. 

The dollar's trade- weighted 

depreciation as measured bv 
Morgan Guaranty at noon In 
New \ork widened from 9-G per 
cent lo 9.7 per cent. 

Against ihe D-mark, the dollar 
closed in London at DM J.8955. 

I r " n ‘ lbc Previous day’s 
DM 1.800/ and it fell against 
the Swiss franc in spite of sup- 
P° r ' from SwFr 3.5925 to 
SwFr 15Soit. The sold price 
rose 10 another new peak aL the 

close in Loudon of 52231 


Anurrlm. 

c 

Yday 

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YMjf 
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Alhrns 

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73 

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BAftraln 

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53 

m 


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HOUDAY RESORTS 


Afar-cin 
Slctnrs 

Riarrirr 

Plarhnfwl 
SnrrtrJUT 
Bniilninr 

racahlaiCJ X „ .. 
r*ip- Tnwn s is ill 
| Corfu F n 7T 

' Pnhmvnlk C 1C M 
1 S C4 75 

Florctiw F lfi fil 


F 19 M 
S 5* 75 

F it m 

F IS SI 
S 17 RS 
S 11 57 
73 


Piirrhal 

PihraUar S' S# S* 

,GiMm«er F f« 
iiiwhmri! C 11 X 
Tnva iTtW r IK si 
W* n Man C • 14 57 

Tn-Jnvml F ?0 63 . .. 

P— Fair. S^-Siinnr. C— Cloudy. B— Ram. 


.I'wr 

Las Pints. 
■LncartM 

i.trmr 

Matures 

Malaga 

Malta 

Xaimbl 

Xaides 

Ntrr 

•'Iriwla 

Opnrtn 

Rhrrt*S 

S* Muirs 

Toneirr 

Tunis 

Veflk* 


5fl 


c is 
s :i r. 
C » W 
r in sb 

s ?; n 
f m n 
S M 75 


r is si 
s is 
s » « 

R ?2 7! 
S ?5 77 
R 9 4? 
F SI 77 
F n m 

s 2 c 

F Ifi B1 


*• , • ■ 

, have factories in Milton Keynes, ranging from a few: •; 

hundred to many thousand square feet, all ready and waiting to • 
move into. At very competitive rents. 

t + 1, ^° n ? ai ^ es th e y *nake very good business premises. " 
Ifyprofes ‘ rial °'^ e reeen ^ arnva ^ : “they were obviously designed^. 

And our position is ideal for business. We Ve midway 
between London and Birmingham with excellent road and rail : 

. „ n< nFT. connections with both. The Ml, for . 

cf) QQU™ example, is just 1 mile from Milton 
•• ^ Keynes. 


^ * :***^/T are 


Last but by no means. 


„ ?*' ^ east » if you find that you’ve •/ 

vnthefac 
ved into, i 
/T: problem. 


'fis * outgrown the factory you $ 
• v * — -•* /. moved into, that’s no *3 



,500 s *' You can ; 

_ CJl . move into one of 
• - ■/ ■ ■ pur bigger factor- .. 

ies, and hand the ' 
; \ .? originalleaseback - 
• >■ to us. 


I would like to know more. Please send me details. 
I Name .Position. 


| Company, 
Address^. 


FT/6/I0j>;i 


DIKE 1 - rOROKCOMMERCC.V.LTM l** 6l WMMnim. MrUCN 


• • © The ntmteui twm* uu.. 


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