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No. 27,683 


Monday October 9 1978 


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WS SUMMARY 


"Ax 


agrees 

summit 


talks 






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• WORLD SHIPYARDS by 
r . „ ■ ' . 1980-81 will be working at less 

. The Camp David peace accord thaa’half the level of -output of 
• was put uuder renewed pressure the' boom years of 1075-76, ats 
. -last night when Syrian President cording to the latest forecast 
Assad agreed to attend the Arab of the Association of West Euro- 
.'^•'iununit proposed, by Iraq for pean. Shipbuilders. Back Page. 
"■.November!. It will be Assad's The projections »U1 be con 
’ 5rst visit to Baghdad. sidereS,. along with other ^ re " 

Syria’s Foreign Minister said 

•the trip had been agreed and all ““A’ ^nth 08 

-.the leaders of the “steadfast w °rking party uggt 
• -front" would attend, including , ensis in the Frencn snip- 
Palestine Liberation Organisa- bujldmg industry 
. iion leader Yasser Arafat. 


led to 3,200 redundancies at one 


Rival factions bave.fulcd Syria 

ind Iraq for many years but a ^ y 3 ' bW? re P aireia ta mrseines 


r v ' 
ur. . 


Page 2 


NCB and the Central E lee- 


t.: ’ 




’letter from Assad to Iraqi Presi- 
’ lent Bakr proopsed- overcoming 

• ‘all our divergencies to face _ _ 

; together . - f the Zionist push in tricity:' Generating Board have 

jur area." . reached an agreement in prin- 

Lcbanon's uneasy ceasefire «Ple for the ® 

. *as still holding after 24 hours. «»1 P° wer ^ In™! 

‘ out Christian militias- claimed the Government of-, about 
!be Syrians were using the lull 
•• to bring up extra men and The Coal Board, welcomes the 
. natei-lais. Rack. Page. . arrangement as. a shert-termsbiu 

tion to its problem of.-findins 
. Derry clashes adequate markets for its coaL 

• /iolent dashes in Londonderry ^ age 
eft 27 policemen injured as 

.. rouble brewed at the end of a 


in 


I 


rouoie orewea at tne end of a r has 

narch tocommemora.e the ten in 


ears that has passed since been ‘ “ irnpor^ot- 


--V : * 


Jfy* a 
f»" : -* • 

>.*■ 

K '» 

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Hfealth costs 


f. 


■if 


F. 

:• 

*: * 

• T) 


te ' 

AT T- 
sriv.i 



e vertical 
raft for its 
Vikrant, and 
20 Harriers 
£100m, 
der considera- 


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L 1 


lister’s latest iroubte? 1 fae£uL Elding down’ UK inflation, as 
« v L Li ” J ean * ■ September’s wholesale, price 

index, out today, is expected to 
show. Also published /this, week, 
the hanking and financial 
V 12.6 per cent rise in National statistics will give a-', pointer, to 
v-Iealth Service costs— to £Sbn by the growth in. money ishpply in 
.he end of the year— is predicted the month to mid-September 
„n a report from the Office of Back Page 
. leal th Economics. Page 3 

- • British doctors are 19 per cent % BL COMPONENTS OBvlsunch 
ealtitier than the rest of the ^g'^. campaign- dJ .sefflntwrnew 
if . ^ a survey m^ets. aidlmw ’prSbeti, 

r : !,'t the journal of the. Royal delegation will gb tn.SSan;!— 
olleae of Physicians.. Page 10 - try' to .brealc jate the 

^Aee rf.-h.il . -Par Eastern uterket; ! > while 
#neSS urantH. - . - reoeerrh:. expenditure tb- be 

-•*he world chess' championship: doubled at the GKN te^inology 
-n . the Philippines* took a centre “^t Wqryerhamptpn: . Bac»* 
■ raraatic turn when champion 
. .natoly Karpov resigned ihe.29thT._ i . 

_aine. giving Viktor Korchnoi big. 10 

econd successive win. Karpov take-off Harrier 
. ow leads 5 — 1, needing one whj aircraft earner 
o retain the- title. . _an order for 

• - and spares, 

iavonita verdict the n , bn 

*he Director of Public Prosecu- contract announced last week to 
ions has examined papers in manufacture '^he- Anglo-French 
he Savonita affair and is to take Jaguar aizhyaft in India. Page 2 
o further action. But Lloyd's Is z*\- 

nntinuing its probe into how: + UK^S&UES - of colour teler 
iat cars allegedly destroyed in visions are expected to reach 
fire aboard the Savomta— and i.s5i&: this year. against 1.6m 
eclared an insurance loss — last year, - The largest increase 
/ent on sale m Italy. • in . sales is expected to be for 

Judges accused poitebIa coio “ seta 

ain Sproat, Tory. MP for South;. 

Aberdeen, accused judges and ; LABOUR 
nagistrates of encouraging crime ■ 

»>' handing out light sentences.^# BL TOOLMAKERS* unofficial 
"oo many of them, had become ^committee" has decided to defer 
>ut of touch with ordinary: once inore. a call . foF. industrial. 
»eople, he said. " action by 3,000 tootioora men. 

^ - - Toolmakers’ leaders • will hold 

^OnKGnng nero talks over differentials within 

craft 

« «« 'sss. vsS^ss±vsa^ 

• n Cl the D vi Uage^gree? 1 at^fatoSr t0 r !S ct a * hop Awards attempt 
, ofi'fnrthanb ■ to end. the overtime'ban imposed 

> t ort “ a ' afl® r --the company brought in a 

’ i | v hew incentive : scheme to boost 

sneiijr « ■ * productivity. Page 4 

‘remier James Callaghan flies to L 

loon for talks about the pro- • °A1LY TELEGRAPH nianage- 
.osed European monetary sys- J2*Si 8 , Representatives of the 
• ’ • *-*’ National Graphical Association 


cm. Page 3 


meet today to try ta resolve the 


’rofessor Eric Ashton of the pay dispute, which has stopped 


M 

A 


■0 


iinmnghara smallpox laboratory publication of the newspaper for 
. i. us regained consciousness after four nights. Page 4 f 

I- c-:_ suspected drugs overdose. . 

.■££■■■’ fle u ’ a ’ ° . television news service because 

^abour retained power in New of :a refusal by broadcasting. 
*: ? >outh Wales with a 10 per cent unions to discuss such- an agree- 
■& * .-wing. meat. BackPage 

?- Veekly £50,000 Premium Bond ~ ,, tvnnM . - „ . 

h vinner lives in Surrey. No.: 1EK ■S.SSJP°?f n tEI Sf s 

#‘ £ ii7flno - stepping up their industrial 

J action because of union fearit 
s Julies ViHencuve of Canada won that some local authorities anay r 
Canadian Grand Prix for bring in' outside labour to dear 
jJV r errari in Montreal. blocked meters. Page 4 




CONJENTS OF TODAY'S ISSUE 



- ^ Overseas news 

.£3 World. trade news 

sc^Home news— general .... 

;■ — labour ...^ 

|SS?r^ ExecHtiyeS 1 Worid 

Technical page 


.. 2 
.. 2- 
3, 4 
.. T 4 
5 


Arte page 

Leader page 

UK companies 

■ International companies 

Foreign Exchanges 

Mining Notebook 


H 

12 


29 

29 

29 


FEATURES 


riTbe Stock Exchange v. 
Office of Farr Trading... 22 
The' East-West battle -of- 
the air waves 2S 

Beware safety- guardians 
with fearsome -lnrk 5 

Spinks . to join London's . 
big three 10 


BL Components confidence 27 
Fewer opportunities for 
... .Indians in the Gulf ...... 23: 

Justinian $ 


. FT SURVEY 
Eurobond quotations and 
yields LS-24 . 


Appoint meal* 

Juildino Notes 

3usiaessmu‘s Diary 
.ZrutMif. 
interUinntoW CaNb. 
Hnanclal Oian_.L~ 



V 

6 

37 

ti’ 

3S 

.T». 

-9 

34 


.- Lontbard ■. j..„ 

Men and. Matters .„ 

Stisra .Infarmatiu 

'Sport- . ......i 

-Todajr's. Bvcwr 
TV. and Radio- 
: Untt Trust* ............ 

ItfnttMr 

World E«h. .Ind: ... 
BOM’ LondhlB Rates 


8 

• 12 
3243 

• - B 

: S 
. 8 
31 
34 
. 2 
. 29 


2b 


ANNUAL STATEMENTS 

Broken SOB Prop. Co 26 
UuL Brfticti Sots.. . 
Mareton Tftompson 

and E vciotia d 

F.. sJ RatelHfc 

(Rochdale) ...™— 


27 


For iatest Skare Jn&es 'vhone 01-246 8026 


Rhodesia to end 


race discrimination 


promises Minister 


BY TONY HAWKINS, Salisbury, Oct.8 


Rhodesia's transitional Government will this week announce the abolition of 
all racial discrimination, Mr. Ernest Bulle, the joint Minister of Finance, told 
a rally in Sinoia, north-eastern Rhodesia. 


Mr. Bulle, wiho is a vice- It is understood that the edn- — has- ^already lost much of its 
president of Bishop Muzorewa's cation and health issues will be significance. 

United African National Council, tackled by using economics to Early last year European farm- 
promised that the announcement replace race as a criterion. There ing land was declared non-racial, 
would include the abolition of will be three, or possibly four, leaving only white urban areas 
the Land Tenure Act and major tiers of schools and hospitals, and the tribal trust lands subject 
structural changes in education providing differential services to the legislation, 
and health. according to the individual's In JulythetransitionalGovern- 

Quite Deviously, the announce- ability to pay. meat -declared commercial and 

mpnt is being timed to coincide The existing state-run white industrial areas to be multi- 
with the visit of the four leaders schools will become high fee- racial, leaving residential areas 
of the transitional government paying institutions, while black ^ the last bastion of white-only 


to the U.S. 

Mr. Ian Smith, the Rhodesian 
Prime Minister, and the Rev. 
Sitholo are already in the U.S. 
and Bishop Muzorewa and Chief 
Chirau are due to fly to Wash- 
ington this week. 

The transitional government 
has faced much criticism for its 
lethargic implementation of the 
March 3 internal settlement 
agreement, which provides for 
the removal of all racial discri- 
mination. 

Over the years, much discri- 
mination, especially of the petty 
apartheid kind, has been gradu- 
ally removed, but three major 


Smith attacks 
U.S. and UK 


U.S. and British support for 
the “Marxist terrorists** in 
the Patriotic Front guerrilla 
movement was the main reason 
for the continued fighting in 
Rhodesia, Prime Minister Ian 
Smith told American television 
viewers yesterday, writes 
David Buchan in Washington. 
Page 2 


ownership- 
But in recent months this has 
been abolished in practice as 
the Government has turned a 
blind eye to blacks buying and 
moving into properties in white 
residential areas. 

The removal of discrimination 
will have a profound impact on 
the - White community. Many 
whites are more concerned about 
the future of the education sys- 
tem than anything else. 

If they believe that the non- 
racial formula to be announced 
this week will lead to an erosion 


t of the extremely high educational 

areas remain to be tackled— schools in Urban areas will in- standards enjoyed by white 
education, health and reslden- wive significantly lower fees. children, they may well decide 
tial land. In rural areas, education will to emigrate. 

The joint Minister of Health be provided at the lowest rate. The decision to replace race 
and Education, Mr. Rowan A similar approach will be used by ability to pay as the criterion 
Cronjc, also forecast an immin- for hospitals is apparently acceptable to the 

ent announcement on the Tbe land tenure issue is con- moderate nationalists in the 
removal of discrimination, siderably less important. The transitional government but 


claiming that the transitional Land Tenure Act — which origin- observers here believe it will not 
government had developed a ally divided the country roughly be aeeepted by the Nkomo- 
“ uniquely Rhodesian formula" equally between 300,000 whites, Mugabe Patriotic Front, which 
that would allay white fears and coloureds (people of mixed see it as a vehicle for the reten- 
satisfy black aspirations. blood). Asians and 6.5m blacks tion of discrimination. 


Ministers to meet TUC 





BY RICHARD EVANS AND PHILIP BASSETT 


THE FIRST stage in what could 
be a lengthy and painful process 


of finding a paV formula to keep 

— = — ! _ ) ^ e £ gures j, e 


inflation in 

launched this week by senior 
Ministers and TUC leaders. 

The success ortfailure of the 
negotiations could be crucial for 
the Labour Party’s electoral 
future. \ 

Although there are signs of 
more flexibility. Ministers con- 
tinue to insist that the 5 per 
cent pay guidline will remain 
the norm unless and until a more 
acceptable alternative', is pro- 
duced in the talks. They, also dis- 
count, the belief that Sanctions 
will not now be taken, against 
companies that defy the guide- 
line. 

But confirming the problems 
that tie ahead, TUC leaders 
argued forcefully yesterday 
[-Against the 5 per cent limit and 
Implied that no agreement was 
likely unless Ministers were pre- 
pared to be a great deal more 
flexible than seems probable. 

Initial talks, which Ministers 
fervently hope will eventually 
heal the breach that threatens to 
do -Labour considerable electoral 
damage, will take place at a 
Downing Street dinner tomorrow. 

. The main discussions will be 
. launched a few days later 
between the six TUC represent- 
atives on Neddy and Mr. Denis 
Healey. Chancellor of the 


Exchequer, Mr. Roy Hattersley; 
Prices Secretary, Mr. Eric Var- 
ies, Industry Secretary and. Mr. 
Albert Booth, Employment Sec- 
retary. 

They , will start after both sides 
have had the opportunity to dis- 
cuss their attitudes— the TUC at 
its economic committee on Wed- 
nesday and the Ministers in 
Cabinet talks on Thursday. It 
is not yet clear if tbe first meet- 
ing will be at the end of . this 
week or early next. 

•Flexibility is likely to be 
offered initially in the way the 
pay White Paper is -interpreted 
by Whitehall, including the basis 
for a productivity element, and 
on more generous pay deals for 
the lower paid. 

These could provide a useful 
face-saving formula but there 
remains every likelihood that 
they will be insufficient to satisfy 
TUC leaders. 

The prospect remains of a 
lengthy : series of negotiations 
with limited chances of- a volun- 
tary agreement and a winter of 
industrial unrest as negotiators 
seek to breach the pay norm. 

Faced with this, prospect, 
Treasury officials are already pre- 
paring for tougher fiscal and 
monetary measures, and 
Ministers continue to insist that 
these will be Implemented if pay 
deals make ft impossible to hold 
inflation in single digit 


The TUC leaders taking part 
■ in the talks wilt be sympathetic 
to the Government's overtures 
but, bound by their congress vote 
against Phase Four and the reso- 
lutions of their own union con- 
ferences, are determined that any 
flexibility on pay rises will have 
to move a long way frotu the 5 
per cent figure. 

Mr. Len Murray. TUC general 
secretary, said yesterday : “ l 
have never taken the view that 
we are on a collision course. But 
1 don't believe the general coun- 
cil would be trying to make 5 per 
cent into'lO or 50 or 100, or any- 
thing of that nature." 

Mr. Moss Evans, general sec- 
retary of the Transport and 
General Workers' Union, has, 
led the union opposition to the 
5 per cent and will be a decisive 
voice in ' tbe ' talks. " 

His 38,000- members at Ford 
ente r ihe- third . week of their 
strike against the policy. The 
situation would be considerably 
eased by a mutually acceptable 
compromise between the Govern- 
ment and the unions. 

British Oxygen is expected to 
put a complex pay and producti- 
vity offer to its 3,000 manual 
workers to-day. Mr. John Miller, 
TGWU national chemicals secre- 
tary, said be hoped the company 
and the unions could "come to 
an arrangement" to prevent 
strike. 


Eric Morley dismissed as 
chairman of Mecca 


BY ADRIENNE GLEESON 


„ CLASH of personalities in tbe 
tiioardroom of. Grand Metropoli- 
tan has led to tbe dismissal of 
Mr. Eric Morley, the chairman of 
Mecca. 

" Although Mr. Morley was not 
available for comment yesterday, 
his wife Julia— organiser of the 
Miss World beauty contests^— 
said that he would fight. bis dis- 
missal at - today’s Grand Metro- 
politan board meeting. 

• She said that the manage- 
ment had always supported him. 
and “you cannot be asked to 
walk out of the back door when 
there is nothing to hide." . Mrs. 
Morley attributed the dismissal 
a disagreement over incentive 
bonuses to management, but 
added that the news came as 
a bolt out of the blue." . 


Mr. Stanley GrinsteadL, joint 
managing director of Grand 
Metropolitan, which bought 
Mecca in 1970, confirmed that 
there was to be a board meeting 
today. He said that a statement 
concerning the dismissal of Mr. 
"Morley would be issued after it. 


It Js believed that a long- 
standing difference of tempera- 
ment between Mr. Morley. and 
Mr. Ernest Sharp, the second 
joint managing director of 
Grand Metropolitan has come to 
a head in the past week. 

Mr. Sharp is the man to whom 
Mr. Morley has reported as 
chairman and chief executive of 
the Mecca entertainment group. 

The differences between the 


two men appear to have in- 
creased with time and eventually 
produced . agreement on the 
Grand Metropolitan Board that 
the situation could be resolved 
only by Mr. Morley 's departure. 

It is believed that the Board 
wants the situation resolved with 
•the minimum of publicity. 
The figure of £500,000 reportedly 
offered as a golden handsbake to 
Mr. Morley if he would go 
quietly was said to be greatly 
exaggerated. 

Mr. Sharp is expected to take 
over responsibility for Mecca 
after Mr. Morley's departure. 

Mecca has proved a successful 
acquisition for Grand Metro- 
politan. though tfie Miss World 
contest makes no profit 


Split found in oil pipeline 


BY KEVIN DONE, ENERGY CORRESPONDENT 


SHELL has found a spHt in the 
SBmile oil pipeline which will 
eventually link several North 
Sea fieldE to the oil terminal at 
Sullom Voe in the Shetland 

Inlan ds: 

Oil was supposed to start 
flowing through the pipeline 
later this week from the Dunlin 
Field, the first field scheduled, 
to Start producing to Sullom Voe 
from the Brent complex of 
fields to' the north-east of the 


Sbetlands. 

Shell said yesterday that the 
pipeline rupture was likely, to 
delay the first flow of oil for up 
to a month. Further delays 
could be caused by bad weather 
seriously hampering repair work. 

The tear in the SB-inch dia- 
meter pipeline is about 5 feet 
long and 9 Inches wide. It is in 
a . section erf pipeline- in about 
400 feet of water about 47 miles 
from. Sullom Voe. The line leads 


directly from the Comorant A 
platform to the Shetlands. 

The first sign that the line had 
been ruptured came a few days 
ago when pressure dropped sud- 
denly os the pipeline was being 
tested with water. 

The split was located yesterday 
by an acoustic device which was 
pumped along the pipeline from 
the Cormorant platform. A 
mini-submarine was used to dbr 
cover the scale of the damage.. 


New Bill 


to raise 
NEB’s 
cash limit 


By John Elliott, Industrial Editor 


LEGISLATION to provide the 
National Enterprise Board with 
a firm statutory financial base 
for the next two or three years 
is to be introduced by the 
Government later this year. 

A new Bill will raise the 
statutory limit of money avail- 
able to the hoard from the' 
present level of £1bn to 
between £1.5bn and £2bn. 

The Government's decision 
to go ahead with this politically 
controversial measure will be 
announced in Ihe Queen's 
Speech on November 1. 

It is likely to provoke an 
outcry from the Conservative 
Party which wants to limit the 
board's activities. But Ministers 
believe that the Bill will gain 
sufficient support from 
mloorily parties — including 
the Scottish Nationalists and 
Ihe Liberals— for it to be 
enacted fairly quickly. 

Tbe Bill is needed because 
tbe board has spent £720m 
since it was set up under the 
1975 Industry Act. This Act 
laid down an initial limit of 
£7 00m. and a final ceiling of 
£lbn which was introduced by 
a Parliamentary Order earlier 
this year. 

Although the £280m balance 
between the £720m so far 
spent and the £lbn limit wonid 
be sufficient to fund the board’s 
general activities for some 
time,, it may not be enough to 
carry it much beyond the 
middle of next year when the 
requirements of two' of its 
major subsidiaries, BL, for^ 
merely British Ley land, and 
Rolls Royce have been met. 


Top limit 


However, the precise amount 
of stale cash that the board 
will be free to spend next year 
will not be known until the 
Government's public expendi- 
ture White Paper Is published 
for 1076-79. 

This is because the Bill will 
raise only the statutory total 
limit of money that can be 
made available. It will not 
'guarantee an annual rate of 
spending. 

The annual amount envisaged 
in the last expenditure White 
Paper for the board was about 
£275m,and this will be assessed 
during the coming months as 
tbe board draws up both its 
own overall corporate plan and 
the individual plans for BL 
and Rolls-Royce. 

Meanwhile, Ministers will 
decide soon what top statutory 
limit should be stipulated In 
ihelr new Bill, which will con-- 
tain only a Tew clauses. As 
well as raising the limit, it will 
make some detailed changes to 
the way the expenditure is 
assessed. 


Schmidt 



secure by 
Hesse 



BY GUr HAWTIN 


FRANKFURT, Oct. & 


HESSE'S Social Democratic 
Liberal coalition Government, 
which has ruled West Germany’s 
fifth largest “ land ’’ since 1970, 
was decisively returned to power 
in today's State elections. It has 
assured the future of Chancellor 
Helmut SchmidL’s Government, 
which would have faced a 
Federal Upper House capable of 
blocking all its legislation had 
victory gone to the Christian 
Democrats. 

The results also come as a 
welcome relief to the liberal 
Free Democratic Party (FDP), 
whose Parliamentary future was 
deeply in doubt. In the recent 
Hamburg Senate and Lower 
Saxony state elections, the FDP 
failed to obtain the 5. per cent 
of the vote needed for Parlia- 
mentary representation. 

A failure in Hesse could well 
have dealt a death-blow to the 
party, as well as resulted in the 
political demise of its leader. 


will still be the largest single 
party in the state Parliament, 
it is substantially short of the 
absolute majority needed to un- 
seat the SPD/FPD coalition, 
indeed, it appears to have lost 
0.5 per cent of the vote, com- 
pared with its performance in 
1974. 

Counts tonight were showing 
the CDU with 46.1 per cent of 
the poll, the SPD with 44.1 per 
cent, and the FPD with 6.S per 
cent — well ahead of tbe 5.4 
per cent it gained in last year's 
local elections. 

The so-called “ Green ’’ parties, 
running on the environmentalist 
ticket, have done rather worse 
than expected, with a mere 2.1 
per cent of the total votes casL 

This out-turn will give the 
CDU an unchanged 53 seats m 
the state Parliament in Wies- 
baden; the SPD 50 seats — an 
increase of one: and the FDP 
7 seats against their previous S. 



HOW HESSE VOTED 

1966 TO 

1977 



1966 

1970 

1974 

1976 

1977 


State 

State 

State 

Federal 

Local 


elections 

elections 

elections 

elections 

elections 


% of vote 

% of vote 

% of voce 

% of vote 

% of vote 

Social Democrats 





(SPD) 

51.0 

’45.9 

43.2 

45.7 

423 

Christian Democrats 





(CDU) 

26.4 

39.7 

473 

443 

47.9 

Liberals (FDP) 

10.4 

10.1 

8.4 

85 

5.4 


Herr Hans Dietrich Genscher, the 
Federal Foreign Minister. 

Herr Genscher bad thrown 
himself so whole-heartedly into 
the campaign and pinned so 
much personal prestige to stem- 
ming the flow of votes away 
from the party that it was felt 
he could neither continue as 
Minister or party leader, had the 
party failed to scrape by in 
Hesse. 

However, vietory for the SPD/ 
FPD coalition has left a cloud 
over the Christian Democratic 
Union (CDU), whose coalition at 
a federal level with its Bavarian 
sister party, the Christian Social 
Union (CSU), lime 'been growing 
increasingly uneasy. 

Herr Franz Josef Strauss, the 
CSU's ebullient chief, has made 
it clear he will go ahead with 
plans to form a federal ‘‘fourth 
party," if the CDU failed to take 
Hesse. 


The outcome of today’s vote 
also appears to place in doubt 
the future of Dr. Alfred Dregger. 
the leader of Hesse's CDU. For 
Dr. Dregger, who sees eye-to-eye 
with Herr Strauss on most 
issues, victory in today's elec- 
tion would have given him a fair 
claim to lead the CDU to the 
next federal election. However, 
his image as a vote-catcher must 
now bo tarnished. 

First returns this evening, 
which are claimed to have only 
a 1 per cent margin of error, 
indicated that, although the CDU 


With so much at stake, it is 
hardly surprising that this was 
one of the ** dirtiest " elections 
in the state's history. There was, 
indeed, plenty of “mud" avail- 
able for the slinging, as the 
Social Democratic Party, which 
has dominated Hesse’s Govern- 
ment for the past 30 years, has 
in the past couple of years been 
rocked by a series of scandals 
involving some of Ihe most 
influential members of tbe 
Party's old guard. 

Dr. Dregger took full advan- 
tage of this and made great play 
of the slate of many of Hesse's 
schools. He was also handed 
much useful ammunition for his 
“anti-radical" line, with the 
news that SPD-dominated Ham- 
burg was ready to appoint a 
number of openly Communist 
school teacherc in face of the 
general federal policy of denying 
sensitive public jobs to extre- 
mists. Left or Right. 

Observers here claim that this 
election provided the CDU with 
its best opportunity ever to cap- 
ture the state Government. The, 
Social Democrats have been' 

demoralised and in disarray, 
while the FDP has been suffering 
from an inability to establish its 
image as an independent party. 

The feeling is that Dr. Dregger 
may well have gone too far in 
beating a Right-wing drum in 
traditionally “ red Hesse." 

All the opinion polls showed in 
the run-up to the election that 
the two main parties were run- 
ning almost neck-and-nt-L-k. 


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than send off the coupon without further delay. 


Send to: Coventry Climax Ltd., Widdrington Road, 
Coventry CV i 4DX. Tel: Coventry (0203) 27711. 
Telex: 31 1 192. 

Name.. 



a; 





Financial Times Monday October 9 1978 





auaa^ifi&a^&a 





OPEC 


concern 
over $ 

Oil -export iny 



raith blames Britain and 
S. for continued fighting 


BY DAVID BUCHAN 


AMERICAN AND British s«p- directly to Americans. Mr. Smith 
, port for the '* Marxist terrorists " and the Rev. Sithole are 

• Seriously conOderm^'^mo'v-h^ : m ,hc Periotic Front guerrilla expected to see Mr. Cyrus Vance. 

• awav Sm ih " riolhr as th 5 1 " a V n , reaS0D lhe U.S. . Secretary of State, 

of p’ricirra oil " Sheikh Khalif i f ‘ ,r th ? tontjaued fighting in probably tomorrow, in what the 
Al-Snbahr OPEC president. null- • Bbntiesta. Prune Minister lan State Department has portrayed 
caled today. Reuter reports from ; Smith told American viewers on as a last-ditch opportunity to 
Hamburg. 1 nation-wide television today, talk them out of their internal 

Sheikh Ali Klialif.i. who is also Mr. Smith and the Rev. settlement and into holding ail- 
Kuwaiti Oil Minister, loid a • Ndalanirrai Sithole, one of three party talks, 
reporter: The docliru.- of the t black members of the Salisbury Mr. Smith and the Rev. Sithole. 

has become so, marked Executive Council, who appeared questioned by American TV 
hare" 1 ? k, t of „5 a Vk' mi? l, ircail- together in the TV interview, interviewers today, insisted " the 
QPEr 1 arrived yesterday in the U.S. for door was still open" for Mr 

from this -,Cdra our cone. u. ions ^ ;in extensive tour, organised by Nkomo and Mr. Mugabe to return 
The Minister heads a special i Cl,nst: rva 11 ve ^ rnu P s here - to Put to Salisbury, but only within 

OPEC committee' lookin'' at th**i lhsir case for ,he internal the framework of the March, 

pricing of oil in" the lirtu nr the ! settlement to the Rhodesian 197S, internal settlement pro- 
° [conflict. posals. Mr. Smith put the blame 

! If they succeed in getting their for the failure of his contacts 

| message across to the American with the Patriotic Front to gn 

public, this could conceivably beyond his secret meeting in 

'drive a wedge between the U.S. August with Mr. Nkomo. on 

and UK Govern meats, which the intervention of President 

China’s Vice-Premier. Air. Tens , hitherto have pressed the Smith Nverere of Tanzania. He also 
Hsiao-ping. inn arrive in Tukjo - regime to join ail-party negotia- expressed a strong preference 
on October 22 for a one-v. .. -ok ' '*• **- *--• - 

during which 

forxnaj exchanj 

ratification of the 

Friend^h^^hJ^n'r.rJn Minis;'?” ' Ad, » in miration dithered about with some 0 -.. — 

has announced I v ril^- ' ' vh,:llier 10 3 ive Mr - Smith a visa Rhodesia but loyal to him. the 

Charles Smith AT 7 Ten* ’"ho' to * n,t,r The Us - eventually Rev. Sithole argued that once 
will be the "first "to-> ri,j n£ . se ! deciding it could not afford to be elections had been held, and a 
leader to viMt J.mm Jeni-e l*J 4 » ! sccn io be denying the Prime majority African government 
wifi be accompanied hy a jl'." [ Minister a chance to put bis case was installed in Salisbury, most 

member entourage inchidmg! 

Foreign Minister Hu.im: Htn. H?| 
will have talks with Prime: 

Minister Taken Fukud.i ami other I 
Japanese Cabinet Miniver 1 . | 

The economic siuiidioam.-? nf ; 

Mr. Teng's visit fie? chiefly in Vie i 

fact that he will gain a lii-Ml-h-jnd ! BY MICHAEL HOLMAN 

SSw^r— some t h rig'* no other' 1 top [ ZAMBIA'S DECISION to reopen port welcome of the two presi- 


we, the Ministers of . 
C dra- 1 — ' 

;Lsfer 
mitte 

. oil ir 

dollar's decline. 

Chinese "Vice-Premier 
to visit Japan 



WASHINGTON, Oct. S. 

nf i be present guerrillas ’Who 
were " now sittinc on the fence 
would opt for the new govern 
liK-nt. 

The Rhodesian Prime Minister 
said it was still realislu: to think 
that elections under the internal 
selliemene could be held 
December 31. but because 
certain mechanical dtificiiltiej 
by which he presumably meant 
that the Rhodesian security 
forces only control portions of 
the county — he could not 
guarantee iL 

-Mr. Smith made the argu 
ment today on TV — which 
looks like becoming a major 
theme of his scheduled speeches 
here, and in New York, Los 
Angeles and San Diego — what 
his government was now only 
doing what Dr. Henry Kissinger 
the "former U.S. Secretary 
State, had insisted on. introduc- 
tion of universal suffrage For 
black Rhodesians. 

The U.S., he said, was now 
going back on its word in de- 
manding along witb the UK that 
the Salisbury government do 
more. This will cot carry much 
weight with the Carter adminis- 
tration. which argues that events 
have moved on since 1978. 


aunda stands firm on rail link 


Chinese leader has been able iu 
do since the war. Neqnti.iti-jns 
of detailed economic issue* v. ill 
be left to a hiirh-pnw ered mission 


her southern route through dents was an informal affair with 
Rhodesia remains unchanged President Kaunda himself absent 

despite What appeared to be A|th0UJj , h copper and fertiliser 



Bengal deaths 


French dockyard crisis worsens 


stay on October as. j M«l«« this sion, ft is thought that the 

President Kenneth Kaunda lo Rhodesian railway will also carry 
reconsider his decision. lubricating oils, equipment and 

. ... . . i No official statement has been spares urgently needed for 

. Flood waters aiv still iiMnu iri U>e issued but apparently during an Zambia's copper mines, and cer- 
Sil meeting here on Satur- tain consumer goods. 

•SKiabS improwDicn : %i"“ j day. held at President Nycrere's Shipping officials here say that 
Router P rv-K*ri* from I re< * ueM - tbe z a mblaJ “s simply the transport crisis would be 
Calcutta The official deith rr,i| , n ' repeated the case lor reopening further eased if the BengueJa 
5h? “SJ.V ^em° T-relrl Si 2 : route. EarUer. senior Zam- railway line linking Zambia with 

far but Mr Jyfwl Ba»u' State Chi-f ! bian officials expressed surprise the Angolan port of Lobito re- 
Minfeier said it could -\e : miaily lhat the mMtin S bad . been Mn - °f* ns as planned in raid- 
top 2.000. Cholera and castro- 1 sidered necessary, and the air- November. Although there is 
enteritis have claimed about 200 
lives as 500.000 mud house- ha-.e 
.been washed away. 

Pakistan release 

The Sind Provincial governtneni 
has ordered the relea.-,e of all j 
people detained during ivm tests j 
which began in July connected 1 
with Pakistan's Press unions, a ■ 
government statement slid last 
nieht, Reuter reports front' 

Karachi. About 210 journalists.! 

Press workers, student* and 
fanners were being held. 

Vietnam food call 

The Vietnamese Government has' 
called for a major effort hy the J 
people to erow more food and, 
overcome the results of disastrous , 
flooding. Hanoi Radio reported 1 
yesterday. Vietnam, like Cam - 
bodia, Laos and parts of Thailand. I 
has been swept by widespread I 
floods j 

Gandhi arrests ; 

Police used tear-gas to disperse; 
more than .»,000 supporters of, 
former Indian Prime Minister) 

Indira Gandhi yesterday when 
they attempted to break ,t -ccunty 
cordon near the home of Prime 
Minister Morarji Dean. Reuler 
reports from New Delhi. Police- 
said that more than oU -a ere 
arrested. 


LUSAKA. October 8. 

uncertainty about the iine 
capacity, it is expected that 
Zairean traffic, which has been 
using the Rhodesian route, might 
be diverted to Lobito leaving the 
south free to handle Zambian 
goods. 

Meanwhile Mr. Joshua Nkomo 
leader of the Patriotic Front has 
delivered an angry attack on 
Britain, the U.S. and the Inter- 
national Monetary Fund, accus- 
ing them of contriving Zambia’ 
economic difficulties. Mr, 

Nkomo. opening a school near 
here over the weekend, went on 
to acknowledge that reopenin 
the southern route created 
difficulties for his guerrillas, but 
warned: “ Nothing will pass there 
which we do not want to pass. 


BY DAVID CURRY 

THE SEVERITY of the crisis in 
the French shipbuilding and ship 
repair industries has been 
brought home by the declaration 
of more than 1.200 redundancies 
at a yard on the Mediterranean. 
Meanwhile, a strike in the 
Marseilles repair industry now 
involves the entire 3,600 strong 
work force in the area. 

The three main unions have 
reacted quickly to the announce- 
ment of 1.212 redundancies at 
the A. Ctotat yard near 
Marseilles but have failed to 
come up with a concerted res- 


ponse. The Communist-led CGT 
is asking the sacked men to con- 
tinue to report for work, the 
loosely-organised Left-leaning 
CFDT wan Is Ihe entire popula- 
tion of the town to protest at 
the shipyard gate, while the 
moderate Force Ouvriere has 
promised unspecified action io 
prevent the dismantling of the 
group altogether— something all 
three unions fear. 

Meanwhile the last group nf 
workers belonging to the Terrin 
ship repair group— 600 men in 
the industrial workshops— have 


PARIS, Oct. S. 

joined their colleagues on 
unlimited strike. This means that 
more than 3.600 people have now- 
stopped work while de-peratc 
attempts continue to find 
formula to rescue the bankrupt 
repair yard. 

All solutions considered so far 
have involved severe redun- 
dancies and the Government h3» 
been unwilling to offer any way 
of avoiding taking such a step 
The latest rescue efforts centre 
around the attempt by the city 
of Marseilles (whose mayor is 
the leading Socialist M. Gaston 
Deferrej to take over the yard 


Students in Iran clashes 


Quicker justice 

Justice Ministers of th»- nine 
Common Market countries meet 
in Luxembourg today [*•■ discuss 
how to speed up the work of the 
European Court, the legal arm of 
the Community. Reuter reports. 

North Yemen accused 

South Yemen yesterday accused 
iieighbourins: North Yemen of 
shelling border areas in prepara- 
tion for what it called '* nev -ict.- 
of assre-asion.” Reuter reports 
from Aden. South and N»rih 
Yemen have periodically traded 
accusations of troop movements 
along the borders following a 
break in relations after North 
Yemen accused the south of 
involvement in the assassination 
of North Yemeni President 
Abmed al-Ghashmi last June. 


STUDENTS and guards clashed 
at Teheran University today and 

• police opened lire on crowds in 
j the Caspian seacoast town nf 

• Babul, as strikes and violence 
; rlared in various parts of Iran. 
1 There were reports of deaths 
' in street clashes last night in 
1 Bubal and demonstrators were 
: said to have burned down a 
‘cinema and damaged every one 

• of the town's 20 banks. Eabol is 
‘ not covered hy the martial faw 
! imposed on Teheran and 11 other 
1 ritics a month ago after demon- 
! st ri ‘inns against the Shah. 

Iranian radio and television 
; programmes were also disrupted 
! hi- strikes today. Administrative 
, staff at Teheran University 
joined a wave nf walkouts which 
| has hit the post office. Govern- 
i munt Ministries and several 

• hospitals. 

; The strikes pose a serious 
! challenge tn the authority of the 
six-week-old Government of 
Premier Jaafar Sharif-Einani. 


TEHERAN. Oct. S. 
Trouble on the campuses could 
create fresh problems for the 
Administration. 

In the western city of 
Khorramabad. the scene of 
fierce anti-Govemment riotiDg 
last week, demonstrators set 
fire to government buildings and 
banks. Demonstrations were also 
reported from several other 
towns in north and west Iran, 
some resulting from a class boy- 
cott by school students. More 
than a dozen people have died 
in the past week in clashes in 
several Iranian cities not under 
martial law 

Flights by Iran's national air- 
line iranair returned to normal 
after a strike of a few hours 
yesterday. Railwaymen also 
returned to work after folks on 
their pay demands with the man- 
agement. The authorities have 
meanwhile granted big pay and 
allowance increases to staff of 
four state organisations who 
went on strike a. week ago. 
Reuter 


Labor victory 
in NSW poll 

! By Laurie Oakes 

CANBERRA, Oct. 8. 

, THE LABOR Parly has won 
! sweeping victory in an election 
' for the New South Wales state 
‘ parliament. The Labor govern- 
; ment of Premier Neville Wran 
: was returned with a 10 per cem 
j swing. 

The Liberal-National Country 
i Party opposition lost al least ten 
i seats including that or the 
: Liberal leader. Mr. Peter Cole 
man. 

31 r. Bill Hayden, me federal 
i opposition leader, claimed the 
1 result was a warning to Mr. 

. Malcolm Fraser, the Prime 
Minister, lo moderate the harsh 
economic policies of the federal 
Liberal Government. 

In New South Wales, however. 
Mr. Coleman said the federal 
budget in August had not 
, affected the outcome of the state 
elci'tiun. despite its increases in 
direct and indirect taxes. Most 
. co:.: men tutors consider that the 
election was decided almost en- 
I lirely on state issuc-s and state 
personalities. 


ROGER MATTHEWS in East Beirut finds determination despite the damage. 

lristians defiant after pouts 



J WAS an air »<f fasu.il. 
nuling defiance, in East 
this morning. After six 
f almost ceaseless pnund- 
r the Syrian array the 
t\ damage is substantial, 
ere is little evidence of 
ajor dc-nL- m the deter- 
an nr' the righl-wiug 
an militias. 

inns. emerging from 
a week iu their basements 
ndergrwund shelters, sur- 
the blasted buildings and 
eets littered ’.wilt broken 
and chunks of masonry, 
■n. dressed is? ihvir Silli- 
est. were out playing, 
ntly oblivious to the ucca- 
explosion or burst of 
.e-gun fire- 

iainen — ,>r ;n ninny 
niliuaboys — cradled their 
and chatted idly. They 
j to have suffered few 
n the recent framing and 
nfident that lust night's 
■e will not hold. 

Svriao gunners ;»nd tank 
nders obviously had a 
eneral idea of the -iting 
. headquarters of Mr. 

Cbaotuun k National 
Party. The buildings 
have at best no ;Jass in 

it worst gaping holes in 
ides and collapsed upper 

e Mr. Cham nun. tbo 
* Lebanese President, 
militia, along '.villi that 


nf the much larger Phalange 
Party, forms the bulk of the 
Christian forces, was affable and 
showing every indication uf 
enjoying the situation. 

■■ The Syrians are very good 
at throwing shells from one or 
lu miles away." he says. “But 
they did not get one inch of 
our" territory and they will never 
dare actually to confront us in 
battle." 


Abuse is thrown as befits the 
party's title — liberally- “The 
Syrians are the biggest liar;- you 
Can meet.” he says. "They 
always use the cease-Sres io 
bring up more weapons and 
ammunition. 

*■ As Jong as the Syrians s-jy 
in Lebanon there will be fight- 
ing. They wish to dominate the 
whole country. Why else would 
they continue with this savage 


Begin warning on ‘slaughter’ 


31r. Menahem Begin, the 
Lrarfi Premier M-ui a message 
to Mr. Gyrus Vance, the U.S. 
Secretary oF State over the 
weekend saying that Israel will 
continue to do everything 
necessary to prevent the con- 
tinued slaughter of Christians 
iu Beirut writes our Foreign 
Staff. The Lebanon situation 
was considered at the weekly 
Israeli Cabinet iulm: ting yester- 
day. which also discussed, but 
failed to decide on, the level 
of representation at the 
israeti-Eg « pi iati peace talks 
in Washington later this 
jnunth. Meanwhile in Cairo, 
Ihe Egyptian delegation to the 
Washington talks reviewed IU! 
position while Dr. Boutros 
Glial i, the acting Foreign 
Minister saiif in an interview 
with Ute magazine October 


that Egypt wa* determined not 
io lea ie Washington without a 
peace treaty with Lsraci. 
Egyptian claims for J*2hn 
compensation for uil and 
other resources exploited by 
Israel during its II years or 
occupation in the Sitta'i Desert 
would he postponed for 
further negotiation. 

In Baghdad, the official 
Iraqi new'sagency Ina claimed 
yesterday that sixteen Arab 
countries had now agreed to 
attend a summit meeting iu 
Baghdad on November i tu 
counter the Camp David Mid- 
dle East peace accords. Mean- 
while. Mr. Yas.sir Arafat, chair- 
man of the Palestine Liber- 
ation Organisation left Jeddah 
yesterday with assurances nf 
continued Saudi support lor 
ihe Palestinian cause. 


and brutal shelling uf a civilian 
population v '' 

President Eiias Sarkis oT 
Lebanon is “just a Quisling." 
accord: ax ;« ;.( r chain oun. if 
Sarkis asked for a renewal of 
the mandate of the Arab deter- 
rent force (c-sse nlially the Syrian 
array) later this month "then 
God will inspire our reaction." 

Member# of his stuff share the 
sa.no almost aggressive cheerful- 
ness. “ v.> can withstand this 
!-nrt oi a--au)i for years.'' 

a senior iniJitiaman and tbc 
r.n.i'ia- are convinced that 
President Assad uf Syria will not 
r,< *f - n, v i ,, 3>’jii.ile political pric** 
o. ordering hr. • ;mops (o cry and 
■ Mre Beirut house by house. 
,. nnI Clear hn-.v many nf 

Peouljiiun remain in 
tjs, Beirut, but many h3ve Bed 
non... fn-;- casualties (if the 
n- :.r.!:>s djrin-j ihe oast week are 
pul :,v about I/O' killed. Ihe 

vi’ ■'■fn d?a?h toil ,i-.or 300. 

. .’" nc b'-Tonnial optimism 

ind eilie.ent :.rag:natisnt of the 
^V. “ ne 'T - 5 ‘ nne5 through every- 
T* . "hen mortar bombs bit 
-■'irpnr; rutiv.ay IjM nrahl 
JUil ••ehir.d a Bueiira TOT that 
. * •.v.rii'T had arrived 

irorn Ca;ru there was only 

r.Kcnennry di%arrMy. Unfortun- 
atel; - it vvi/ajd not be 

p»S'-:.'i!c f»>r the ba-jgjgc to be 
un. netted this evening, said an 
r.-!iie:al. hut ij would he avail- 

, *£ iirn :n the morning. 

And it was. 


WOKI.O I KADI NEWS 


s 


Dell visits 
Canada 
and U.S. 

By Margaret Hughes 

MR. EDMUND DELL, Britain's 
Secretary of State for Trade, 
leaves tomorrow for a week's 
visit to Canada and the U.S. 
He will be discussing the 
Prospects for world trade 
generally with. particular 
emphasis on che progress of 
the multilateral trade negotia- 
tions. 

Mr. Dell begins his visit in 
Ottawa, where he will he meet- 
ing various government 
officials, before going on to 
Edmonton when he will visit 
the Alberta tarsands projecL 
The Trade Secretary will con- 
clude -his Canadian visit witb 
discussions with the Ontario 
Government in Toronto before 
flying to Washington on 
Sunday nlghL 

In Washington Mr. Dell will 
have talks with Mr. Robert 
•Strauss, the VS. Special Trade 
Negotiator. Mr. Dell will he 
stressing EEC concern over 
what it sees as the growing 
protectionist mood in the U.S. 

EEC fears have been height- 
ened by the recent warning by 
the li-S. Administration that it 
would be unable to persuade 
Congress to extend its waiver 
on countervailing: duties 
beyond the January 4 deadline 
when the Tour-year waiver 
clause is due to expire. An 
additional threat to the suc- 
cessful conclusion of llte GATT 
negotiations is the UJS. 
Senate’s vote to exclude textile 
tariff reductions from the 
negotiations. 

At the Washington meeting 
Mr. Strauss for his part will 
no doubt emphasise that unless 
the EEC makes concessions on 
agricultural produels and sub- 
sidies the Administration wfil 
in any case have little chance 
of getting Congress approval 
nf the final GAIT agreement 
If In fact such an agreement is 
reached by the negotiators in 
Geneva by the December 15 
deadline. 


London mission 
leaves for 
South Korea 

Financial Times Reporter 

A LONDON Chamber of Com- 
merce and Industry trade mis- 
sion left for South Korea at the 
weekend with the encouraging 
news that the August trade 
figures has revealed a surplus 
in the UK's balance of trade 
with the Republic. 

Although the advantage is 
only slight with UK exports 
to South Korea totalling 
06.698m in August against 
Imports or £l6.663m, it repre- 
sents a significant Improve- 
ment as it is the first time 
since the early I970's that the 
UK has swung the trade bal- 
ance with the Republic in its 
favour. In addition this trad- 
ing improvement has been 
brought about hy an actual 
increase in British exports 
rather than by a decline in 
imports from South Korea. 

Even so there remains a 
vast and as yet untapped 
potential for UK companies iu 
Ibis area. Japan and the U.S. 
are currently the leading 
exporters to the Republic, 
while the UK, supplying just 
1.5 per cent of total imports, 
lags hehiud even its EEC 
partners. 

The mission, winch will 
spend 14 days in South 
Korea is led by Mr. Geoffrey 
Nichols, chairman and manag- 
ing director of Rotaprint and 
has a strong industrial and fin- 
ancial leaning. It will seek to 
exploit a market which has 
recently undergone a series of 
import liberalisation measures 
which have particnlarly helped 
the potential exporter in sec- 
tors such as machinery, trans- 
port. and high quality con- 
sumer goods. 

This view is shared in Israel, 
which wants more British 
participation in her industrial 
development One major pro- 
ject under consideration is the 
extension of her railway to 
EiluL on the Red Sea, for 
which British Rail consultants 
have submitted plans. The 
project worth Sl50m-$200m. 
would provide a new dry-land 
alternative to the Suez CanaL 
The Israelis have also been 
seeking the British Govern- 
ment's reaction to recom- 
mendations by a House of 
Lords select committee for 
tougher resistance to Arab 
boycott pressures. With the 
prospect of Egypt opening 
direct trade links with them, 
the Israelis believe the 30- 
} ear-old boycott may lose much 
of its credibility. 


India follows Jaguar deal 
with Harrier jets go-ahead 


BY K. K. SHARMA 

HAVING AWARDED a £I-2bn 
contract to British Aerospace for 
establishing facilities io manu- 
facture the Anglo-French Jaguar 
aircraft in India, the govern- 
ment here has also decided tn 
buy vertical take-off Harriers for 
its only aircraft carrier, the 
VikranL 

An order for at least 20 
Harriers is thought to be under 
consideration, which, with spares, 
would cost not less than £J00m. 
The award of these substantial 
defence contracts to Britain Is 
partly the result of talks In the 
past year between Mr. James 
Callaghan, the British Prime 
Minister, and his Indian counter- 
part. Mr. Morarji Desai. 

There has been considerable 
British government pressure for 
greater purchases by India to 
offset the large advarse trade 
balance between India and the 
UK. The defence deals wifi help 


reduce India's trade surplus with 
Britain, although officials here 
say that both the Jaguar and the 
Harrier are being purchased 
strictly on merit. 

Details of the deals will not 
be known until the contract is 
signed with British Aerospace, 
hut it is understood that India 
has seen red favourable terms 
from the UK, including long- 
term. credit and repayment 
schedules. 

Unlike the Jaguar, which will 
be manufactured in this country, 
the Harriers will he purchased 
outright with no manufacturing 
rights. 

India will also enter into an- 
other defence deal witb the West 
for the manufacture of sub- 
marines in this country. Mr. Jag- 
jivan Ram. Minister of Defence, 
has disclosed that negotiations 
are being held with the govern- 
ments of West Germany, France. 


NEW DELHL OeL S. 

Holland, Sweden and Italy. 
Teams from the five countries 
have visited India and their 
offers are being evaluated. 

The decision to establish 
manufacturing facilities is in 
line with the policy that strategic 
purchases should involve a 
transfer of technology. 

Mr. Ram insists that India 
must maintain its defence pre- 
paredness despite the improve- 
ment of relations with neighbour- 
ing countries. He has pointed to 
Pakistan's purchases of the.F-5E 
from the U.S. as well as recent 
Islamabad statements on the 
Kashmir Issue. 

Mr. Ram has scoffed at the 
U.S. State Department's denial 
of an agreement to sell F-5Es to 
Pakistan, and says India has 
contrary, although he refuses to 
disclose how many Pakistan is to 
get or whether some aircraft 
have already been delivered. 


Nigerian rail management pact 


BY OUR OWN CORRESPONDENT 


NIGERIA'S RAILWAYS are to 
be managed and run by India's 
public sector Rail India Tech- 
nical and Economic Services 
(RITES; which has won a 
Rs 200m (about fl.om) contract 
for three years. 

Announcing this, the Minister 
for Railways. Mr. Madbu Danda- 
vate, said 434 Indian experts, in- 
cluding a general manager and 
other senior personnel, are to 
provide the services needed 
under a contract he described 
as “ prestigious and unique ” and 
a “ tribute to Indian railways 
and its expertise. 1 ' 


The Nigerian railways are 
spread over 3,500 route kilo- 
metres and employ about 27,000 
people. Among the various 
branches of the Nigerian rail- 
ways for which Indian experts 
wilt be used are rolling stock 
utilisation, passenger' and goods 
operations, communications, 
improvement of financial 
viability and the setting up of 
training facilities. 

Meanwhile RITES and another 
public sector company, Indian 
Railway Construction, has also 
tendered for the construction of 
the 920-kiiometie high-speed 


NEW DELHL Oct. 8. 

railway line in Iraq from 
Baghdad to Al-Qaim. The five 
year flfibn project has been 
divided into four sections by the 
Iraqi authorities and India has 
tendered for all four. However 
one contract worth Sl-2bn. for 
which the Indian companies had 
been short-listed, was awarded 
last week to the Brazilian con- 
cern, Mendes Junior. 

The Indian Railway Construc- 
tion Company recently won a con- 
tract from the Iranian State Rail- 
ways for maintenance of railway 
tracks there, work on which is 
now in progress. 


Anglo-Polish trends reviewed 


BY CHRISTOPHER EOBIN5KI 

THE POLISH deficit in trade 
with the UK will be discussed 
at the annual meeting of the 
Anglo-Polish Joint Economic 
Commission which opens here 
tomorrow for a five day review 
of mutual relations. 

Trade trends from the Polish 
point of view are encouraging 
and the UK is now Poland’s 
second most important western 
trading partner. What is more 
Polish trade officials are thought 
to favour a further growth in 
trade which will enable the UK 
to make up some of the ground 
which separates it from West 
Germany, which is in first place. 

Poland's efforts to halve its 
1977 trade deficit this year lo 
around $lbn have meant drastic 
cuts in imports which have hit 
most of the country's Western 
partners. 

The UJK. is one of the few 


whose exports to Poland have 
risen this year. According- to 
Department of Trade figures ex- 
ports rose by 24 per cent from 
£ 141.9m in the first eight months 
of 1977 to £176.1m in the same 
period this year. 

UK imports rose even faster 
by 37 per cent from £103Rm in 
the first eight months of last 
year to £14L7m in the same 
period of 1978. 

. Thus the Polish trade deficit 
dropped by 10 per cent over this 
period. Indeed there is a pos- 
sibility that the delivery of five 
ships being built at Gdansk for 
P and-0 may even put Poland 
into the black by the year’s end. 

.The! fact that UK exports to 
Poland are still growing is due 
to the flow of machinery and 
equipment for the PVC complex 
being built by Petrocarbon at 
Wlodawek -and the Ursus trao- 


WARSAW, Oct. 8. 

tor plant extension and re- 
development by Massey Fer- 
guson Perkins outside Warsaw. 

At the joint commission meet 1 
ing. which will be chaired by 
the Polish Vice Minister cf 
Foreign Trade, Mr. Stanislaw 
Dlugosz and Mr. William Knigh- 
ton de Puty. Secretary at the 
Department of Trade, the prob- 
lem of protectionist barriers will 
be discussed. 

The Poles are unhappy about 
UK trade restrictions on such 
goods as shoes and textiles and 
are apprehensive that anti-dump- 
ing procedures will hit other 
Polish goods. 

Polish export hopes for the 
future are-set on ships-and ship- 
ping equipment, machine tools, 
construction machinery and 
electronic equipment. Another 
potential growth area as produc- 
tion rises is raw material exports 


$195m Soviet order for Technip 


BY DAVID WHITE 

THE FIRST of a series of large 
contracts which France has been 
awaiting from the Soviet Union 
has been signed here by Technip, 
the engineering group. 

The contract worth about 
FFr SSOm ($195m), is for “gas 
lift ’’ installations to . improve 
oil recovery levels in the western 
Siberian production fields of 
Saraotlor and Fyodorosk. 

Technip _ heads a consortium 
of companies which includes the 
British Cameo group, which will 
supply cable equipment for the 


venture. 

The main part of the -con tract, 
besides Technip’s share, goes to 
the Creusot-Loire group, which 
will supply a series of com- 
pression units for the main in- 
stallation. which will re-inject 
gas into the oil wells. Thomson- 
CSF, the telecommunications 
and electronics branch of the 
Thom son-B ran dt group, will be 
responsible for an automatic 
control unit. 

Technip has already been in- 
volved in installing gas process- 


PARIS. OcL 8. 

ing equipment in the Soviet 
Union and in building petro- 
chemical facilities. 

The deal, which was won 
against strong international com- 
petition, was the only one to be 
firmly forecast at a meeting last 
week of the Franco-Soviet Per- 
manent Commission. Although 
the French are confident of 
improving the recent record of 
capital goods orders from the 
Soviet Union by the end of the 
year, their earlier expectations 
have not so far been fulfilled. 


UK and Israel 
in trade talks 

By Maurice Samuelson 
BRITAIN’S SHRINKING trade 
balance with Israel — which is 
believed to reflect British 
industry's nervousness of the 
Arab boycott — is being 
discussed in Israel at a meet- 
in? nf the two countries* joint 
economic committee. 

A British team, headed by 
Mr. Peter Gregson. Under- 
secretary at ihe Department of 
Trade, is (raiding several days 
or talks witb ofilcials of the 
Israeli Ministry of Industry, 
Commerce and Tourism. 

British exports tu Israel 
totalled £274m last year, bat 
if oho excludes UK diamond 
sale* the balance was mar- 
inaily in Israel's favour. 

Mr. Stephen Wills, executive 
secretary of Ihe British Over- 
seas Trade Group for Israel, 
said that British exports to 
Israel could have been bigger 

if exporters look less notice 
of the Arab boycott. 


SHIPPING REPORT 

Tanker demand stays buoyant 

BY LYNTON McLAIN 

GREATER confidence among Mediterranean and West The Atlantic grain market is 
shipowners encouraged a' search African, load Ing areas were also expected to stabilise in mld- 
for higher rates last week witb active last week. Many inquiries October after the marked fail 
the result that the number of from West Africa remained forecast for the early part • of 
charter inquiries was similar to without ships and rates were the month. The Chiziese were 
the previous week. expected to- remain at recent active in the market and larger 

Tanker demand was reason- high levels. vessels were expected to obtain 

ably buoyant as oil stocks moved in the Caribbean trading was ?r*? iUins t ^ e SM °nd half 
upwards to meet the seasonal at a low level, buf “prospects 01 1116 moQt b- 
boost in consumption and as were expected to improve with 

Western nations prepared for the seasonal- winter trade. Q _ ^ _ - v i j 

possible oil price rises next year. On the sale and purchase i3€COHu-DHllQ 
Activity centred around the Gnlf markets, there was continued . > • - 

where demand for very large interest in bulk carriers and SD1I1 flllrt 

and ultra large crude carriers combination vessels. Many ” r “ IU 

made these vessels difficult to owners, however, were con- 7SJYfcrTO'0ri , f<in£ 
charter. Brokers reported that cemed about the “failure of 1 ' U 1 TTCgldJU^ 
there was litttle likelihood of some negotiations to materialise,- By Fay Gjester 
rates falling away. although owners recognised that ~ ... - • OSLO. OcL S 

A 2*0,000 tonne vessel ob- the shortage, of tonnage -would NET FOREIGN currency - earn- 
tamed Worldscale 445 for Wes- continue. A number of British tags by Norway’s merchant fleet 
tern discharge and - a 230,000 vessels were said last week, and will reach about NKr 7b n. the 
tonner for Eastern discharge there- were unconfirmed reports Shipowners Association predicts 
Worldscale 481. On a smaller that - the British. 19,700 dead- in its annnal report This Is about 
vessel, a 100.000 tonne ship was weight tonne bulk carrier NKr 500m less than in 1877 
paid Worldscale 77i for dis- “Silverforth" built in. 1969 had Nevertheless the industry’s cur- 
rent account surplus— its posi- 

tiva -l- 


charge Mohammedia. 


been sold. 


World Economic indicators 


TRADE STATISTICS 


France Frsbn 


. Aug. *78 

July 78- 

June ’78 

Aug. 77 

Exports 

2&690 

30057 

28025 

26.981 


Imports 

29.751 . 

29.852 ■ 

28.466 

28514 

US. Sbn 

Balance 

“1.061 

+0.905 

+0.459 

-1533 

Exports 

12.470 

11093 

12.126 

9563 


Imports 

14.090 

14779 

13023 

12032 

" 

Balance 

“1.420 

—2.986 

-1.702 

-1669 

W. Germany DMbn 

Exports 

21.900 

21.403 

25.600 

20025 


Imports 

. 18-BOO 

19.099 

21000 

19A04 

UK £bn 

Balance 

+3.100 

+2004 

+3000 

+2521 

Exports 

3.022 

31048 

Z973 

- 1772 


Imports 

2.964 

3.180 

3 J0 15 . 

2532 

Holland Fbbn 

Balance 

.+03158 
July -78 

—0.132 
June *78 

—0.100 _ 
May *78 

+0.140 
.'July 77- 

Exports 

7.986 

9.W3 

9.137 . 

754T 


Imports 

8.829 

. 9531 

9554 

8034 

Italy Lira bn 

Balance 

— 0*43 

-0338 

— 0AT7 

—-0493 

Exports 

3.772 

3,947 

3,995 

3,467 


Imports 

4,149 

3436 

4094 

3,184 


Balance 

-377 

+511 

-299 

+283 

japan Sbn 

Exports 

‘8.150 

7.9S5 

7527 

7JW8 


Imparts 

5450 

SjOOI 

6054 

5563 

Belgium BFrsbn 

Balance 

+2L700 

June =78 

+2.954 
- May *78 

+1073 
April 78 

+1035 
June 77 

Exports 

122JJ24 

771.955 

135.896 

126557 

Imports 

128.109 

126.154 

122.185 

131586 

1 

Balance 

-5085 

—14.199 

— 6289 

-5529 


tive contribution to Norway’s 
. payments balance — is likely, to 
be higher this year than last, 
because -of continuing large sales 
of second-hand ships in 1JKB, a nd 
much lower new snip imports- 
. Second-hand ship sales are 
expected to reach NKr 3.4bn, 
almost offsetting new ship 
imports worth an estimated 
NKr 4-3bn. After deduction f 
met interest payment* abroad, 
totalling an' estimated NKr 1.7ba, 
the industry's 1078 current 
account surplus is likely to "be 
- about NKr 4.4 bn. ■ Last- year it 
was NKr Lfihn.- 

• Meanwhile, an Oslo shipyard 
has announced the sale to Greek 
Interests of ode "of its floating 
dp- docks, reflecting a decline in 
the amount of ship' repair work 
the yard now expects to secure. 
The Nyland Yard, a member of 
the Aker shipbuilding group, has 
sold tiie dock to Khalkis shipyard 
near Athens for about NKr Urn 
(£L2m). It will leave Oslo this 
week and the tow to Greece Is 
expected to take about a month. 

FtmuaCML Timm. rp&Udied <lflilr <-,cnx Sun- 

MJtuU.dJy*. Vs iubsorlpiloijaoji.tM 

fl y^ llLt Saston *,iir niaili Mr aamnn. 
ScvMd (tan rvsu.1- paid jl New Yoik. N.Y. 


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FiorndU* ' ^Taa^s^Mo^day ^ Octoter d: X97S-' 


HOME NEWS 



Health service cost 

‘may go up 12.6%’ 


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BY MAX WILKINSON ‘ 

A 12.6 per cent rise in the cost 
of the National- Health Service 
to 18 bn by- the end of 1978 is 
aredicted in a report- published 
today.. 

The report, from the Office for 
Health Economics, says that even 
"hen adjusted for- the failing 
/aluc of the pound, the health 
service now costs three tunes as 
huch as . when' it was; ftrst 
ista Wished. 

About 5.7. per cent oF the 

"Iross National Product is now 
leveled to the health service, an 
ncrease of 46 per cent on the 
Proportion in 1949, the report 
lays. 

. On tire other hand it points out 
bat the proportion of the UK's, 
ncome spent on health care is 

nuch less' than in West Europe 
-jnd North America generally, 
vhere the' average spending is 
nore than 7 per cent of GNP. 

. In 1976. the latest year for 
[•'hich a breakdown of expemli- 
jures is given, the hospital 
ervice accounted for 63 per coot 
»f NHS expenditure compared 
iith 65 .S per cent the previous 
ear. Pharmaceutical services 
absorbed b.9 per cent of the total 
a 1976, compared with 8.4 per 


cent in 1975. 

However, the' report says that 
in spite of the small rise, the 
proportion, of NHS total expendi- 
ture which goes... to. -pharma- 
ceuticals is still , 20 per cent 
lower than it was tn the previous 
decade.. . 

- The report says - the rise in 
hospital service -cOftte over the 
years has been strongly related 
to increases in manpower, which 
now accounts for three quarters 
of costs. It says: r Numbers of 
all categories of personnel have 
expanded, though the .total of 
administrative and clerical staff 
has risen rather .faster lhan 
average.” 

' -Of ' the £4bn spent on the 
hospital service in 1975,. only 55 
per cent went on the direct costs 
of treating patients - Csuch as 
salaries for medical 'and nursing 
staff and expenditure-. on .equip- 
ment and supplies).. Administra- 
tion and general services; such as 
laundry, accounted for: 37 per 
cent and capitaL development 
took S per cent. v" 

The Office of Health Economics 
was set up in 1962 by the Asso- 
ciation of' the.-Biitish Pharma- 


ceutical Industry! Its report shows 
that there were 25.000 family 
doctors in the UK tn X976, an 
increase of 47. per cent on the 
number in 1951. However, the 
expenditure on .general medieal 
services has declined in real 
terms and as a proportion of the 
whole. 

Treasury projections show that 
spending on the health service 
is expected to grow by 2 per 
cent in the current financial 
year, but the growth will be cut 
to 1.9 per cent a year up to 1980- 
1981. 

The report comments: “The 
level of investment outlined re- 
veals that a substantial addition 
will be made to the net total 
of the capital programme. How- 
ever, the projected allocation to 
this sector is still far lower than 
the investment level planned 10 
years ago. 

“ To an extent, this reflects the 
claim of the recent health policy 
to put people before buildings. 
But there can be no doubt that 
in the long run, if medical care 
is to improve, more new build- 
ings are necessary to replace 
many of the present ill-sited or 
under-equipped old ones.” 


Cough inquiry extended 


; rH E GOVERN MENT-sponsored 
oquiry to find whether whooping- 
•ougfo vaccine causes brain 
lamage has been extended for 
mother year because the first 
•ear failed to produce any 
lefinite conclusions. 

Preliminary results have been 
mblished in the British Medical 
loumal by Dr. David 1 Miller, 
irofessor of commnoiry medicine 
the Middlesex Hospital 


. ' irofessor of commnoiry medicine 
f|C lt Middlesex Hospital 

Ub3 I r® 1 pW'jyiedical School, who is running 
^ r 4 V ri ybe study for the Department of 
lealtb. 


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Toy project 


farks and Spencer, which' 
s conducting a pilot project to 
.ell toys, has introduced a range 
if die-cast models under its own 
. »t Michael brand name. They 
ire being manufactured by Met- 
:oy, famous for its Corgi toys. 

Discount' protest 

he Association . of British 
'ravel Agents has- protested 
trongly to British Airways about 
'-s decision to use the word “dis- 
-ount” in connection with pro. 
osals to introduce threerclass 
•avel including a “discount” 
!ass, and . to open “discount” 
>ntres where all fares applicable 


to the discount class will be 
called “discount” '- fares. The 
terminology, ABTA; says, Is ill- 
chosen, confusing and poten- 
tially misleading. 

Travellers^: cheques 

Thomas Cook , and Societe 
Generate have announced a joint 
issue of new French franc 
travellers’ cheques. 

They are available In denomin- 
ations of FFr 100. FFr 200 and 
FFr500. 

£5m contracts 

Three hospital contracts totalling 
nearly £5m have been won by 
Holland Hannan and Cubitts Con- 
struction (London). They are for 
two private ' hospitals for 
American Medical (Europe)— in 
Harrow and Windsor — and 
extensions to SL Mary’s Hos- 
pital, Pad dington, . London. 

Go-op tea pricc cut 

The Co-op ia to eut the jRriee oF 
its best-selling ” 99 .pound 
.packet tea from 20£pi&d9p from 
today, in a special . promotion 
lasting until November \ The 
cut. will, apply to all the|CcK)p’s 
6,900 retail food outlets . \\ ^ ■ 


India gives 

Concorde 

all-clear 

BRITISH AIRWAYS has 
welcomed the Indian Govern- 
ment's decision to allow 
Concorde to use Indian airspace 
at supersonic speed, lt said “ We 
are delighted. It is another step 
to enable Concorde -to By more 
routes.” 

The Indian Government has 
proposed that Concorde flies over 
the seu 25 nautical miles from 
the Lakshadweep Islands, off the 
coast of Kerala. 

According to reports from 
India the permission would be 
withdrawn If the aircraft’s sonic 
boom caused any damage on the 
Kerala coast 

India has asked the makers of 
Concorde to supply equipment 
and an expert to record the 
sonic, boom. 

British- Airways had requested 
the overflight rights as part of 
its London to Singapore route 
for Concorde. .. 


Silkin may act 
over “ — ,M 

BY CHRISTOPHER PARKES 



MR. FINN GUNDELACH. the 
Common Market's vice-president, 
dissociated himself at the week- 
end from ibe remarks made by 
a senior EEC civil servant about 
the British stance on negotiations 
for a Community fisheries policy. 

But Mr. John Silkin, the 
British Minister who claims that 
be was personally insulted by 
Mr. Earoonn Gallagher, the Irish 
director-general in charge of 
fisheries in the Commission, may 
yet seek further action. 

Ministry officials said yester- 
day that Mr. Silkin was consider- 
ing his position after receiving a 
reply from Mr. Gundelach to his 
cabled complaint. 

Britain is worried that a man 
with such openly-declared anti- 
British views should hold a key 
position in the EEC bureaucracy. 

Mr. Gallagher is in charge of 
drafting Commission policy on 
fisheries. 


In his reply, however, Mr. 
Gundelach claimed that Mr. 
Gallagher’s comments had been 
“ reproduced in an excessive 
way" in the Press. However, 
neither he. nor the Commission 
associated itself with Mr. 
Gallagher's remarks, be added. 

Mr. Gallagher told an invited 
group of British journalists in 
Brussels last week that the Com- 
mission’s legal staff was already 
preparing a legal action for the 
European Court of Justice over 
some of Britain's, recent uni- 
lateral measures takeo to protect 
fish stocks. 

Mr*; Gallagher described Bri- 
tain's controls as ** anti-conserva- 
tionist, unnecessary and provoca- 
tive.” ' 

Of .Mr. Silkin, the director- 
general said: “ He has a political 
interest to see that the Common 
Fisheries Policy does not work.” 


Plans to increase tax 
on EEC milk production 


BY RICHARD MOONEY 

PLANS TO squeeze Common 
Market dairy farmers' profits by 
increasing the tax on each gallon 
of milk produced are being for- 
mulated in Brussels as pan of a 
strategy for reducing the Com- 
munity’s massive dairy surplus. 

Senior EEC officials favour an 
increase in the co- responsibility 
levy — a tax on dairy farmers — 
rather than a reduction in the 
intervention price, as a way of 
discouraging the continuation of 
surplus production. 

A rise in the levy, it is argued, 
will affect virtually all EEC pro- 
ducers while a lower interven- 
tion price will hit only farmers 
in countries, such as France and 
West Germany, where there are 
heavy surpluses of butter and 
skimmed milk powder for which 
the only buyer is the interven- 
tion agency. 

A third possibility might be 
the periodic suspension of inter- 
vention buying, Mr, Tom O'Dwyer 


head of the agriculture director- 
ate-general, suggested in Brus- 
sels Last week. This would create 
uncertainty and tend to dis- 
suade, farmers Irom overproduc- 
tion, be said. 

Mr. O’Dwyer also put forward 
an idee for setting a ceiling for 
milk, production which if 
exceeded would trigger a higher 
co-responsibility levy *' across the 

board.” 

He thought the imposition of 
a ceiling on production which 
would qualify for intervention 
buying would create too many 
political and philosophical prob- 
lems to be feasible. 

But Mr. O’Dwyer was positive 
that some special action would 
have to be taken to curb over- 
production in the Common 
Market dairy industry. “The 
Commission's “prudent price 
policy (which aims to keep 
annual price rises to a minimum) 
is not adequate,” he said. 


EMI to lease back London centre 


SIR JOHN READ, chairman of 
EMI, who said yesterday that the. 
company was not considering 
making any take-overs on its own 
account, confirmed that it had 
reached agreement for the sale 
and lease-back of its new London 
centre, the construction of which 
is within a year of completion. 


The other party to the sale and 
.leaseback has not been named. 
A likely candidate Is the ground 
landlord. Prudential Assurance. 
'Sir John said that the group had 
always planned to finance this 
development — which will cost 
£30tn-£40m — by way of such a 
financial arrangement. 


Row over 
import 
controls 
re-opens 

By John Elliott, Industrial Editor 

THE ROW between the Govern- 
ment and the trade unions over 
the issue of import controls will 
be re-opened this morning at a 
meeting of the National 
Economic Development Council. 

Union leaders are likely to 
repeat their demands for import 
controls after they hear from 
Mr. Edmund Dell. Secretary for 
Trade, that imports of finished 
manufactured goods more than 
doubled between 1970 and 1977. 

But the meeting will be told in 
a paper from Mr. Geoffrey 
Chandler, the new director- 
general of the National Economic 
Development Office, that general 
restraint on imports is not the 
right way to increase the market 
share of UK-made goods. 

Attending his second council 
meeting since he became 
director-general in mid-summer, 
Mr. Chandler will argue that 
import controls would provoke 
retaliation from other countries. 

Instead, Britain should try to 
increase its own competitiveness 
through various methods being 
tried within the industrial 
strategy. 

Some of the strategy’s sector 
working parties have set import 
substitution targets. For 
example, the office machinery 
working part aim is to reduce 
the share or the UK borne mar- 
ket met by imports from the 
present figure of 70-80 per cent 
to 65 per cent by 1880. 


Eurocurrency 
plan ‘a threat’ 

THE PROPOSALS for closer 
European currency links repre- 
sent “a threat to the UK’s 
interests, and indeed a threat to 
the international system.” it is 
argued today by Mr. Michael 
Posner- 

Writing in the latest economic 
review published by stock- 
brokers J. and A. Scrim geour, 

Mr. Posner, the Cambridge 
economist, says that little weight 
should be attached to the tech- 
nical debate over tbe exact form 
of the planned links. 

In particular, the different 
methods of conducting wage 
negotiations and the higher 
underlying trend of inflation in 
the UK leads him to fear that 
monetary integration will simply 
keep the pound overvalued until 
market pressures eventually 
overcome the resistance of the 
authorities. 


U.S. nuclear waste 
to be tested 
in Dounreay reactor 


BY DAVID HSHLOCKt SCIENCE EDITOR 


BRITAIN AND the U.S. are- to 
collaborate in experiments in 
Scotland aimed .at destroying the 
more troublesome ingredients of 
radioactive nuclear waste. 

The UK has agreed to place 
capsules of intensely radio- 
active nuclear waste, prepared 
in a U.S. government laboratory, 
in its prototype fast reactor at 
Dounreay. 

The scientists hope that in this 
way they can demonstrate claims 
that the fast-breeder type of 
reactor will be an effective way 
of “ incinerating ” the more 
intractable wastes. 

No facility' comparable with 
the British reactor exists at 
present in the U.S., where radio- 
active wastes might be exposed 
to intense neutron bombardment 
for long periods. 

If successful, this use of 'an 
advanced type of reactor as an 
incinerator ” could solve 
numerous long-term problems of 
nuclear waste technology.” says 
Mr. Cliff Bloomfield, director of 
the UK Atomic Energy Auth- 
ority’s Dounreay research centre. 

Mr. Bloomfield is awaiting 
formal approval from the US. 
Department of Energy, whose 
research centre at Oak Ridge will 
fabricate the capsules of solidi- 
fied high-level wastes. 


The capsules will contain a 
purified waste. chemically 
treated to yield oxides of some 
of the more troublesome in- 
gredients, such as tbe elements 
americium and curium. 

If these are successfully 
broken down into shorter-lived 
elements, the next experiment 
will also include plutonium, one 
of the longest-lived radioactive 
elements. 

The outcome of these experi- 
ments <also have an important 
bearing on another Anglo- 
American idea, the Civex concept 
for safeguarding fast-reactor fuel 
against any illegal diversion into 
nuclear weapons. 

The Civex idea, disclosed 
earlier this year, is to leave 
enough of the more deadly ingre- 
dients of spent nuclear fuel in 
the refined plutonium that will 
be returned to the reactor, to 
ensure that anyone interfering 
with the new fuel would receive 
a dose of radiation inrense 
enough to kill within hours. 

One point about Civex on 
which nuclear engineers would 
wish to be assured is that such 
deadly impurities in their fuel 
would not upset the performance 
of their reactors. 

Dounreay has already begun to 
study the problems of a manu- 
facturing line for select fuels. 1 


Callaghan for Bonn talks 


MR. CALLAGHAN flies to Bonn 
next week for the first of a 
series of autumn summit meet- 
ings which could decide Britain's 
future within the Common 
Market 

In two days of discussions with 
Herr Helmut Schmidt, West 
German Chancellor, he is expec- 
ted to indicate Britain's readi- 
ness to join the proposed Euro- 
pean Monetary System next 
January. 

Then, a month or so later, he 
will have talks in Paris with 
President Giscard d’Estaing 


when the monetary system . is 
likely again to dominate discus- 
sion. 

This will be followed . in 
December by u full Common 
Market summit in Brussels when 
the seal is likely tn be put bn 
the. new system, which will mem 
fairly fixed exchange rates 
between Europe's currencies. 

But before that. Mr. Callaghan 
is likely to face an angry meet- 
ing with Labour's National 
Executive which is opposed *o 
the new system. A hostile vote 
on the proposal was just avoided 
at the recent party conference. 


Guidance for housing groups 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


NEW GUIDANCE on the 
operation of Britain’s bousing 
associations has been issued by 
the Housing Corporation, which 
promotes, finance*: and super- 
vises their activities. 

The move comes within days 
of an announcement by the 
influential Public Accounts Com- 
mittee of MFs that it is making 
further- Inquiries into the 


finances of housing associations. 

Last week, the committee set 
out what it described as the 
■^disturbing” picture concerning 
certain associations, possibly 
involving the misuse of public 
funds. It also complained at the 
confidential status of the 
accounts of .housing associations, 
which receive large amounts of 
public money. 


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■* *T 11 

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thathedlputinabitmoreeffortonyourbehalfJHfe’ll make sales because 
he’ll knowthat you’re giving him the best support. 

Hewon’ttakeorders.He’llselL 

Whichis why he’s inthejob 
inthefirstplace. 

Find, out more about 
Mercedes-Benz commercial vehicles. 

Get your secretary to attach this )T 

advertisement to your letterhead and we’ll be in touch. [ JL 

Mercedes-Benz.The wayevery truckshouldbe built. 

Mercedes-Benz (UK) Ltd, P.O.Box 753, London SE1 5JZ. 



Y 





1 - 





SOME NEWS 



sion 


Japanese 
video 
output 
to double 


•NEWS ANALYSIS — TV TECHNOLOGY 

Instant news team 
without a slot 


BY ARTHUR SANDLES 


BY MAX WILKINSON 


A . LOXG-A' WAITED improve- of television tubes does not make 
ment in ihi- UK colour tele- the 14 inch size. 

vision market has begun. Al pre».*nt. imports from Japan cassette 
according to the estimates of are limited by the industi? 
leading manufaciurciv. ** understanding " which resulted 


TELEVISION SEEMS such a by American TV crews and their the average telephone book, mak- 

youthful medium that the sudden work being available fnr pur- ing the television journalist as 

arrival of arguments over new chase by the BBC in New- York untrammelled and unremarkable 

technology come as a rude shock, quicker than the corporation can as his newspaper rivals. 

FINANCIAL TIMES REPORTER But In these days of silicon chips itself process old fashioned film Wtrh Mll i n meitt that < 

and micro-miniaturisation, the reels. n t JJ likely to be con- 

JAPANESE production of .video impact of science on television is In the case -of the BBC the sidered very heavy and old- 
recorders is co ?;p 'nartc nt world arguments are unlikely to centre fashioned within a few years, 

■s expected to double this year to not nMv the U S and Janan. film on man , nin & levels, which would any agreement reached now will 

: d a total of 1.2m units. Mr. Masji SlbSf SS? ° bvlOUS ob i ection 10 ba , ve an im ^ act 0D manniD S 

« - reporting is ' later. ; 

TV crew is For some time now the cor- The actual technical skills that 
armed with P& ration has been using two-man were once required are rapidly 
equipment crews on film work and recog- being replaced by electronic 
nises that even with ENG a third gadgetry which handles all those 

often useful, particularly nasty lighting and oLher 

van has to-be parked some problems which a newsman can 

** UBd ” 7taS,, " i: ^^Irt^po&r****** “'For a year now the BBC has the crew are mea ^ ^ ^ 

Other estimates range down to New talks on a voluntary 
about 1.75m. ' 

Ap improvement in sales 



imported. 
The more 
dictions for 
are around 


The other called the Betamar. been experimen ting, with the full What instead seems to have causing problems for British 
, . . _ co-operation of the unions, with happened is that the BBC expert- crews when they travel abroad 

imitation of exports are due to * ™ a „r t d , h by communes* to Electronic News Gathering — ment has come to an end just as to cover Sorie/-less frequent 
. ljJ | ake P lacc between uix manufac- ^hinh it has ■ranred ficedces t0 EN 'G. This is a system which the major television unions have tfaege days thanks to union dis- 

desperately needed by UK nianu- lurers and representatives of the 1 " _ cences. uses a electronic camera been getting together — forming 

faciurers who have been run- Japanese industry in Tokyo next Mr. Hino said in London that and tiny video tape reerder one organisation covering both 
nio'g at only 50 per cent to 80 month. the video recorder was the usually linked to a van fin 1TV and the BBC. 

per cent of full Capacity for the The* improvement in the UK fastest-growing of ail Britain this means a Range 
last two years. Desoite the market and particularly the ex- Matsushita s products — last year Rover) which has its own micro- 


agreements and cost pressures. 

While other nations' TV crews 
are able to send back their taped 
material, the BBC has to seek 
out film processing laboratories 
and find television stations which 


last two years. Despite ihe market ami particularly uae ex- matsusnua s products— last year Rover) which has its own micro- /-i ^ j 

closure of a factory b^ Thorn. Peeled increase in sales of accounting for :! per cent or wave transmitter to beam back v^OUCCMCQ. 

the' largest producer and smaller sels can be expected to ®190m of sales. signals to a receiving studio. 

The BBC wants to standardise ITV traditionally .« duiuie uni «*•«! iMuummi 

on a Ekegame HL77 camera and higher manning levels as part of film Feiver an( j fewer U.S. local 
a Sony BVU 100 videotape re- its agreements than the BBC. a statioas have suc h equipment, or 
corder. fact that is already causing some , hp nprsnnnp i skilled in the use 


. r , have the right sort of equipment 
has much to hand]e their ^ old fashioned” 


director fur Thorn Television 


produce.. u .. u 

reductions in manning by most of one of Inc talking points, 
its- competitors, the industry is The Japanese have always argued fj..*—..* 

sriU burdened by considerable l,m '* ,s unreasonable UUipUl 

over-canacitv ror *• K manufacturers to ask „ . . . „ ^ , . corner. iaci mac is aireaay causing same thp nprsnnnel skilled in the use 

„ _ ‘ ' for a limitation on imports of ® ut the first half of the with these the BBC teams speculation now that both are 

_ V 1 !. marketing 3 r..odj not produced in the UK. current year, sales have been can record pictures and sound coverered by the Association of Th e corooration has no inten- 

In Brussels earlier this week, running at the rate of around on s itc. producing a tape which Broadcasting and Allied Staff. t j oa 0 f abandoning film 

can be taken to a- transmission 1TV has not so far managed to altogether in its news coverage 

total Japanese pro- point, send live reports directly yet an ENG experiment going in The mechanical nature of film 

. . ^ - ,_ r — — ^ would be worth about into a news broadcast or pro- the same way as the BBC. and ma k e3 the equipment easier to 

11 jump <3 per cent from last sales of colour picture lubes. 1700m to 1800m at shop prices, duce recordings which it can there might therefore be some service in the field than -ENG 
yeprs figure of b0,000 U> around A document published hy the Mr Hi , i0 exDPCte about 60 rer itsclf transmit for later use. grounds for thinking that the an d there are many in the TV 

- This is common practice in union is concerned that any business who would stii I say that 

agreement with the BBC— parti- fi] m j s t he more flexible of the 
cularly one that acknowledged twn systems on many occasions. 

... - - - - „ ... . T — that a two-man crew' was enough What is particularly bothering 

has. recently opened a factory to have been increasing by liO per Hc estimates that Japanese hours of the event, thanks to to handle an ENG unit — might the BBC at the moment is that 

produce 16 inch colour sets. It cent a year fur the last three wi,i . ®“ an i“ equally i ran i an TV crews using ENG pre-empt likely talks with the while it has been carrying out 

between the VHS and the Beta- n,v.n,,r m,*,, -,i«-„ mr „ i_ i : 


— sets be sold European electronic component SfiOOm a year, 

in 19/S. He says sales of 14 ini-h jTiakers. led by Philips launched This year's l 
portable colour sets arc likely a campaign to stem Japanese duction would 


140.000. 


European Electronic Component «„»' c r j«wn> outDut of video 
However, no British inanufac- Manufacturer? Association j aoe retor ders to be exported— rauch 1110 world - Recently a. 
turer makes sets in this rapidly shows that imports of Japanese m j.._i v tQ ^ rr s ^ British viewers saw pictures of ci 

expanding category, though ITT colour television lubes to Europe . ' ' the Iranian earthquake within tl 


hopes this model will be bought years. between the VHS and the Beta- equipment. They also saw on- much better-off 1TV companies, its research and experimenta- 

as a second set as well as appeal- Total sales of colour television J" ax - ?*“ m the export markets th e-spot coverage of backstage What must also be realised is tion many other organisations 

ing to those who want a small sets in the EEC last year were thinks tne VHij is slightly ac uon during the Labour Party that this step into ENG is only around the world have come to 

main television. put at 7.4m. .The Japanese ahead. Conference — but this British the first in what is likely to be a it for advice. “The irony is that 

Jbe tjyo market leaders. Thorn imported 500.000 sets and 1.9m The Japanese appear confi- example is unlikely to be continuing revolution. Television so many of them— acting on our 

and Philips, import their 14 inch tubes. A total of 2.4m sels sold dent that they have beaten the repeated for some time to come, people talk quite realistically of advice and experimental findings 

sets from the Far East. Mullard, in the EEC. or 32 per cent of only European contender Philips The BBC now faces the ludi- a 10-year span by which time — have moved into ENG. We are 
the= subsidiary of Du ten Philips all sales. incorporated a well into third place 
and the only UK manufacturer Japanese tube. market. 


in 


the crous prospect oF a major news cameras and sound equipment still struggling along, with our 
event in Londoo being covered could come down in size to match ENG in doubt/ 


Financial Times Monday October 9 197# 


LABOUR NEWS 


Westland staff 
likely to defy 

shop stewards 

BY PHILIP BASSETT. LABOUR STAFF 

MANUAL WORKERS at the achieve the company's target 
Yeovil Westland helicopter plant, turnover within present labour 
are expected today to reject a costs. 

shop stewards' attempt to end an However, the company and the 
overtime ban. imposed in re- unions could not agree about the 
sponse to the company’s new terms of the new scheme and the 
incentive scheme to increase manual workers brought in an 
productivity. overtime ban on September 1# 

The workforce was balloted The clerical workers followed at 
last week on the shop stewards’ the end of the month, just before 
recommendation to call ofT the the new scheme came into force 
ban for a trial period at least, on October 1. 
but the results to be announced -■ .• - • 

today, are expected to overturn Estimates 

^eShkmSs year the company Union officials feel the scheme 
announced it was foregoing an fa impractical because it is based 
interim dividend and that profits °n estimates or turnover and 
in the present year were likely labour costs rather than on past 
to be disappointing, because of performance. Present 
pay problems at Yeovil. . ance will not bring earnings 

After resorting to threatening under the scheme from me in* 
the dismissal of the 2,000 workers terim S per cent to the full 10 
in a last-ditch attempt to abolish per cent expected under the 
piecework, which Westland piecework deal. The enure deal 
blamed for jeopardising the involved some reduction in 
future of helicopter manufacture average earnings, 
at YeoviL the company con- Shop stewards at the plant 
sidered many of its pay problems believe that the pay problems 
had been resolved when manual- have not been solved by the end- 
workers voted to end the system ing or piecework and will get 
in July. worse. 

Part of the deal to abolish They tried to get the overtime 
piecework was a commitment by ban lifted, but expect the worx- 
the company to bring in a new force to have voted against them 
bonus scheme by September 30 because of the pay grievances 
which could give 10 per cent on that have arisen as a result of 
earnings if the workforce could the shift to flat-rate. 


OTOi CARS 


EUROPE’S LEADING SPECIALIST CAR AUCTION CO. 

nm 




& CO. 


INVITE ENTRIES AND BUYERS TO THEIR NEXT 

BUCKINGHAM PALACE ROAD 



AUCTION 


OF CLASSIC AND COLLECTORS CARS ON 
SATURDAY, OCTOBER 14th at 11 a.m. 

If you have a fine classic or collectors car allow us to show it to over 2,000 prospective buyers 
and realise its full value. 

Entries will include over 200 cars. Some early consignments include: 


1965 BENTLEY Continental 
1938 LAGONDA VI2 Saloon 
1929 SINGER Junior 
1936 ALV1S Speed 25 

1947 ARMSTRONG WHITLEY 
1964 ASTON MARTIN DBS 
1936 ROLLS-ROYCE P.ffi 

1948 DE LA HA YE 135M. 

1933 VAUXHALL Boat Tailed 

Tourer 

1955 ROLLS-ROYCE Silver Wraith 
1973 FERRARI Dino 246GT. 

1938 DAIMLER Light 20 Saloon 
1961 MORGAN + 4 Coupe 

1959 JAGUAR XK150 Coupe 
1927 AUSTIN Nippy 
1958 M.G.A. Drophead 

1956 JAGUAR XK140 Roadster 
1963 Rover, ex. Roval Family 
1968 ASTON MARTIN DBS6 
1938 MORGAN 4/4 


1972 ROLLS-ROYCE Corniche 
1961 DALMLER DART W/W 

1966 JENSEN CV8 
1947 M.G. T.C. Concours 
1974 FERRARI Daytona 

1976 LAMBORGHINI URRACO 

1967 JAGUAR 2 + 2 “ E ” Type 
1961 ASTON MARTIN DB4 

1967 ASTON MARTIN DB6 Volante 
1938 ROLLS-ROYCE 25/30 
1955 BUCKLER 36K Sports 
1961 AUSTIN HEALEY 3000 
1958 AUSTIN HEALEY 100/6 

1973 JAGUAR V12 “E” Roadster 
1958 BENTLEY Si bv Hooper 
1967 SUNBEAM TIGER 4.7 ex. 

works 

1974 ASTON MARTIN DBS V8 
1961 ALVIS TD21 Drophead 
1955 AUSTIN HEALEY 100/4 
1950 ALVIS TB14 Roadster 



SALES 


NEW ALFAS 
ALWAYS IN STOCK 

I INCLUDING THE NEW 1 S SUD Tl 
AND SPRIN1) 

78 A »a Strada Silver, air cond.. 

S.QOam . . £6995 

77 Alla GTV Black, velaur. alters 
£4495 

77 Alla 2000 Solder, choice ol 6 

Irom £5395 

76 «R» Snider 10.000m ..£4795 ‘ 

78 Sud Sprint Met. oreen 6 OODrn 

£3695 

77 |S) Alielta 1.8 6000m. £3695 

76 Sud -L- 19.000m .. £1795 

76 model 1.6 6 TV 21 000m £2795 

LEASE OR BUY 

Il MM iiM 

26 NORTH HILL, N6 01-341 5151 


COMPANY 

NOTICES 



NEDCRLAND5E UNILEVER 
BCDRIJVEN B.V. 
i formerly Van den Berah'c en Jurgen*' 
Fa brtefcan N .V. 

5i;% Prcf-;*<ice and Ordinary 'A 
sub-shares is-,Aed by N.V. Nrdertaadscfc 
Adminbtraue- cn Tr uat l caui acr 


The km half-yearly dividend ot 
2.75% i FI. 0.33i and an Interim 
dividend ol 6.52125% rFI 0.2IM637SI 
respectively lor 1978 will he paid on 
and alter 1 November. 1978. To obtain 
thou- dividends, certificates must be 
listed on terms obtainable irom. Lodged 
with lor marking, and left for live 
clear days ter examination by one of 
the lollowrno banks: 

Midland Bank Limited. Ne*» Issue 

Department. 

Mariner House. Pepys Street 

London EC3N ADA. 

Northern Bank Limited. 2 Waring 

Street. Belfast BT1 ZEE. 

Allied Irish Banks Limited. Securities 

Department, 

3/4 Poster Place. Dublin 2. 

Clydesdale Bank Limited. 

30 St. Vincent Place. Glasgow, 
from winch banks fuller details of the 
dividend may be obtained on and alter 
■1 November 1978. 

N.V. NEDERLAND5CH 


London Transfer Office: 
Umiever Mouse. 
Blacklrfars. 

London EC4P 4BQ. 

5 October 1975. 


ADMIN ISTRAT Mfc_ EN 


rRUSTKANTOOR 


TATE & LYLE. LIMITED 


ROVER SPECIALISTS 

Bt/Y 




0Q 



Sic/ Jann" 
fticaaiir? 

Mai.-- for 

te 


AftfeEtj 

S&jy&i 


HKaHRD.WOODFORD.LONI 

TEL: 01-969 6644 TELE*:895K20 


ROVER FOR OVER '50 TEARS ® ' 


NOTICE TO HOLDERS OF 
BEARER SHARE WARRANTS 
NOTICE IS HEREBY GIVEN to holders 
of Bearer Warrants ter ORDINARY STOCK 

of tne Company that a second Interim 

Dividend on account of the vear endeo 

30tf> September. 1973 of 6.35p net will 

be paid on or after 7th November. 1978 

to holders of Bearer Warrant* upon presen- 

tation or COUPON NO. 43. This brings 
the total of Ifte two dividends declared 

to date In respect of the current financial 

year to 9.4 Sp net <1977 9.1 4p nctl. 

Warrant Holders who are employees of 
Tate & Lyle. Limited, or one ol its 
Associated Companies, should follow the 

instructions to be displayed on the Com- 

panies' Notice Boards. 

Warrant Holders who are not emetevees 

must present their coupons U tho Com- 

pany at the address shown below through 
an Authorised Depositary ie.g Banker. 
Solicitor or Stockbroker! a ■ or alter 
7th November. 1978. 

J. E. WRIGHT. Secretary. 
Sugar Guay. 

Lower Thames Street. 

LONDON EC3R CDQ. 

9th October. 1978- 


UDDEVALLAVARVIT AS 
d GUARANTEED NOTES 1983 


ROLLS-ROYCE SCI1I 
1969 CONTINENTAL 
CONVERTIBLE 

White/ red trim. 93,000. now power 
hood, superb value (annually main- 
tained). Hiswry available on this 
famous car. £29.000. 

For further detcili. orran£ementi 
for viewing, etc. 

TEL: 0)62 5642 or 0*53 453423 


5. G. WARBURG A CO. LTD- announce 
that rne third Instalment of Bendy for a 
nominal value of U.S.S2.300.000 have been 
purchased lor redemption an 1st December 
1978. 

U.5.S2 5. 100.000 nominal Bonds will 
remain outstanding after 1st December 
1975. 

30. Gnecham Street 
London EC2P 2EB. 

9th October 1978. 


ESSO PETROLEUM COMPANY LIMITED 


NOTICE IS HEREBY GIVEN that the 
Transler Books of the 5i;?h First Debenture 
Stock 1979(83 ol this company will be 
closed from 18 to 31 October 1978. 
both dates inclusive. _ 

A. G. COLES. Secretary. 

Victoria Street. 

London. 5.W.I. 

5 October 1978. 


ESSO PETROLEUM COMPANY LIMITED 


ART GALLERIES 


There is still time to consign your car. Be sure to request your entry form today. 
Victoria and Co. have a permanent display of cars for sale at their showrooms in Bucking- 
ham Palace Pioad. Any car unsold at auction can remain in the showrooms on the sale or 
return scheme now being offered. 

ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 

U.K. £2 OVERSEAS AIRMAIL £3 

PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.l. 

Telephone 01-730 9438/9. Telex 886838. 


| BEN NICKOLSON. recent calntlnros on 
atwr Jt Wadding ton 0 . Toorti Galler.es. 
2 ana 54. Cork SI.. London. W.l. 4th 
October :o 28th October. 10.00 to 5.30 
daily. 10.00 until 1.00 o-m. Saturday*. 

i CHANDE GALLERY .“V Cork Street. W.l". 
01-734 46256. Recent Paintings and 
Sculptures by W. F. 2 AG- 26 Sept 
21 O ct . Mon — Fn. 10-5.30 . Sats . JO-1. 
I MARINE ARTISTS, Royal Society's 
Annual Eehb. a> Guildhall. E.C.2. Mon.- 
Sat. 10-5. Unlit 1 pm Nov. 3. Adm. tree. 


NOTICE IS HEREBY GIVEN That the 
Tramlcr Books of the 6 First Debenture 
Stock 1977150 ol this company will be 
Closed Irom 1 lo 14 November .1978, 
both dates inclusive. 

A. G. COLES. Secmary. 

Victoria Street. 

London. S.W.l. 

5 October 1978. 


jSUZAN SWALE'S SALOME. FteJd- 
bome Galieties. 63. Queen's Grove. 
NWS. 586 3600. 


FINE ART SOCIETY, 146 Now Bond St.. 
W.l. 01-629 S1 16. CHARLE5 RENNIE 

Mackintosh aim Scottish Painting 

1 9th -20lH Century 


PERSONAL 


CLASSIFIED 

ADVERTISEMENT 

RATES 



tdkftsfSae speddisfs. 

Experience qur experience. 

A.F.N. Limited Falcon VVori-s, 400, London Road, felgi'-orth, Middlesex. 
Tefer-Iime 01-53) 101 1 Tde< 261135 Also showroom at: 

12-16. Madrid Road. GuZdlord. Suney. Telephone: GuMfoid (083) 3&WS/9. 




CLUBS 


UVASunBenches 
and sun Panels 




d-'i 


NORDIC SAUNAS LTD Vl 
D* pi JSM Rarq*:? Surniir T«l 4W5I 

j.-r . , .fiv-,! 

APi-i • 'j-ijrj.vstDi ■ 0 vXn 

EaAUL'jSuMES &-Ih 


2 SUMS 


Com morel al & Tnduslnal 
Proprny 

Residential Property 
Aopommipnis 
Pusmev 6 invos'nnim 
Opponuniiies. corporation 
Loans. Production 
Capacity. Bnslneases 
Fur Sate- Wanted 
FdUL jilon. Alorors. 
Contrai-fs & Tenders, 
Persuuar. Garden in* 
Tlo:>.-te 4 Travel 
Book Publish-Ts 


Tor 

Unc 

£ 

4.59 

2.00 

4.50 


Xmpir 

column 

nn. 

£ 

UOO 

S.00 

14.90 


5.23 18.00 


13.00 

10.00 
7.00 


Premium positions available 
(Minimum sire 40 Cutemn emi 
Q5Q per single column cm extra) 

For ituVitr details ante to: 

Classified Advertisement 
Manager, 

Financial Times, 

10. Cannon Street, EC4P 4BY 




GARGOYLE. S9. Qrjii Slrrr' i nnHnn w • 

Mtu/ cro 107CAEE London. W.i 
TH, r-S ... A A.-_ F L Qa R 5 H 0 W 

C . R f* T BRITISH STRIP 
Show a. .Xjanight lam 
; Mon -rr,. Cie»e2 Saturdi.i. 01.437 6455. |. 


LEADING SOUTH AFRICAN AUCTION HOUSE 

From October 9-1! Mr. Donald Martin and Mr. Adrian de Knoop, 
directory oF W«cjacc Walding Auctioneers, one of South Africa's 
leading auctioneering houses will be in London and will welcome 
the opportunity to meet fine arts dealers and now presently 
instituted in the South African fine art auction market. 

For appointment please contact Griffiths on telephone 7306702. 


Talks today on stoppage 
at Daily Telegraph 

BY OUR LABOl/R . STAFF 

MANAGEMENT of The Daily at a cost of more than £530,000. 
Telegraph and representatives of The dispute started when mem- 
the National Graphical Assoc ia- bers of the telecommunications 
tion meet today to try to resolve and electronics section of the 
a pay dispute involving NGA NGA's composing and reading 
members that, with the loss of rooms' chapel (office branch) 
today's edition, has stopped the wanted extra payments for 
London publication, of four con- operating existing telephoto 
gecutive issues. equipment 

The paper’s management said The chapel then refused to 
yesterday: “Though apparently handle any material which its 
minor in origin. .a dispute of this members considered would nor- 
kind and the way it has escalated mally come from the telecom- 
has raised issues which' the munications section, including 
management of a national news- copy tor the City pages, 
paper cannot responsibly .set ^ dispute widened into what 
lightly on one side. members should be paid 

The statement said that the for last Wednesday night's work, 
loss of four Issues was “tragic The management offered half 
and costly,” and apologised to its pay. but the NGA claimed its 
readers^ More than 4m copies members sbould be paid in full, 
of the- paper have now been lost and walked out 


Unions warn off-shore 
catering company 

BY OUR LABOUR STAFF 

UNIONS pressing recognition secretary, said a* the weekend: 
claims at 13 Scottish offshore "We made an offer of a ballot 
catering . installations have six weeks ago, but their response 
threatened industrial action .was too cagey and oiir patience 
involving about 500 workers if was exhausted.” 
their demands are not meL . Mr. Allan Thoars, Scot Cater* 
The Transport and General jag’s general manager, said at the 
Workers’ Union and the National weekend that the company had 
Union -of. Seamen have given received no -indication from a 
Scot Catering and Offshore Ser<- recently formed ' consultative 
vices, of Aberdeen, until Monday committee . that the workforce 
to provide an acceptable reply to. wanted union representation, 
their- recognition claim. The company would like a 

The two unions met the com- ballot taken to get definite 
pany last week "and rejected its figures. “If a majority want a 
offer of a'ballot of ail employees, union to represent them, wc will 
Mr. Bill Reid, TGWU district not stand in their way." 


Traffic wardens step up action 

INDUSTRIAL ACTION by 3;300 pute about with which group 
London traffic wardens fa to be their pay should be linked, 
stepped op today because of If it fa linked to white-collar 
union fears -that, some local local authorities' pay rather than 
authorities may try to bring in civil servants' they could lose 
outside labour tb clear blocked up to 2&p per hour on overtime 
parking meters. ra £r s - 

The wardens have been ban- wardens win 

ing overtime and refusing to ^ P^- e or en * 

wind v inetere— making tb®™ thnj^,h re fhl« nt triii Par Mi? g Y 635 ’ 

inoperable for a- week in a di» “!,„»■ “ tee” 


plant strikers 
to meet today 

ABOUT wood workers have been 
laid off at 'the Smart and Brown 
engineering factory at Spenny- 
moor. Co. Durham. - because of 
an unofficial pay strike by 700 
truck drivers, storemen, and 
labourers.. . 

The strikers are due to meet 
today and the' company has 
warned of' more lay-offs among 
the remaining 2,000 men if the 
dispute fa not settled quickly. 

The . men. are pressing For a 
new productivity .deal which was 
held up because a four-day week 
was introduced, folio wine a drop 
in refrigerator sales. The stop- 
page has halted supplies to pro^ 
duction tines. , 

The unions and management 
decided to abandon the produc- 
tivity scheme for the time being 
and concentrate on preserving 
iobB. but the. decision, was. not 
accepted by workers -in the 
materials supply section. -.'. ' ■ : 

The laid<off. workers have been 
told to report for work this morn- 
ing in case the strikers, decide 
to go back. 

Another 100 met) have been 
Rent home- at the Government's 
■Royal Ordnance, factory . at 

Birtley. Tyne and Wear, because, 
of a three-week pay strike, by 
400 inspectors. About 800 
workers have been hud off so far. 


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Fiiianciai Times Sfonday October 1978 




Iptisvt. : 

ie&. i 

AS an 

*• ’’ ~ 

jJ. 

itSar>* 
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1 sk mim 

H Better times 

ahead H 

1 mS personnel 
managers? 

■■ . . '■ • \ FAMILIAR complaint from 
• |ie harassed manager concerns 
• . ' \ric prolific amount of legislation 
o emerge during the 1970s 
i-hieh affected terms and con- 
*;.litions of employment. Bear- 
ns ifae brunt of the responsi- 
liliiy to understand and explain 
’ ; . •■j.hesc laws has been the person- 

~ ' ■ : - ie l manager— -whose status with- 
r» many companies may have 
Uen as a -consequence. 

So it is interesting to 
»b.sen.-e a note of cautious 
“Its iptimism as' to the prospects 
‘ >f further legislation. It comes 

• n the preface to the recently 
- published third edition. of A 

• V.ri book of Personnel Manage* 
limit. George Thomason. Profes- 
nr of Industrial Relations at 

? Jniversity College. Cardiff, 

• - ulhar of the book, writes: 

" Whilst it would be a rash seer. 
.... 7 /ho would predict an era of 
.. : -■ lability in personnel manage- 

- nent and industrial relations, it 
distinctly possible that most of 

hi- foundations in law and con- 
ra\ government policy -are- now 
..- : -:ud for a reasonable period. 

: - "There is more ‘harmonisation* 

•ifh European practices to come 
nd that will mean more change; 
:■ .nd ihero remains the need to 
. ; - . ncrease productivity in British 

nduslry. But it is now possible 
"n develop a rather longer term 
. er^peciivc on objectives, and 
-.' 1 radices in these fields." 

The third edition of this 
.eighty tome, 594 pages, has 
'■'-leen revised and re-ordered to re- 
ect (he new divisions in the In- i 
c tr*. titule of Personnel- Manage-j 
£** xJII otuilIl ilient cxams - The book covers a; 

v r [Considerable area of ground and 
r-i * rovides extensive references For ; 

! £3k|£iC5 *\U l, rther reading. Although pri- 

L WlvUi ti IJ 11 for lhe stutldU of person- 

— r 11 iel management, it would clearly 

e useful to a wider audience as 
basic work of reference within ; 
company. | 

The four main areas which it : 
'.{■overs are: employment and 
. . lacement: employee motivation, 

” .erformance and development; 
roblems of authority in modern 
rsanisations. and the methcftls 
■ nd techniques of intervention in 
rsanisations; and industrial re- 
itions. 

- A Textbook of Personae l Mon- 
gement by George F. Thomason 
: published by the Institute of 

.- emonnel . Management. Price 
10 hardback, £7.50 paperback. 

Tinning name 

AST Monday’s article on the 
ward-winning design of PA-In- 
•rnationars Patecentre omitted 
' include the name of the 
■chitects responsible; they were 
• iano and Rogers.. 3 Avon Estate, 

• v/onmore " Road, London, W.14. 


SOMNOLENT EXEGOTWES all 
over Britain oxer in' for a rude 
awakening over the next few 
weeks, as hew regulationsabout 
safely at work start to . take 
effect. . 

The- new regulations, which 
came into force , eight days ago 
under the auspices of the 1974 
Health and Safety- ar .W-ork Act. 
provide for -an apparatus of 
workers* safety representatives 
and management-union com- 
mittees. in an attempt to ensure 
that - the Act’s ' existing pro- 
visions are properly carried oul 

Starting this month such 
safety “watchdogs" — about 
1 100.000 reps initially, and more 
as the months pass— will be un- 
leashed in all places of work 
which are unionised. Although 
these watchdogs have no teeth 
themselves, the legislation does, 
and their bark could well lead 
to a painful bite fortin prepared 
management For one thing, the 
introduction of -these watchdogs 
will effectively multiply at least 
a hundredfold the eyes and ears 
of the Factory Inspectorate. 

The 1974 Act laid.. "down a 
regulation that firms employing 
over five people mist have a 
written safety policy which 
must include the . organisation 
and arrangements for ' carrying 
it . out But there , was no 
practical way -of ensuring that 
these new responsibilities were 
universally carried out, since 
there are only about SMM> factory' 
inspectors in ' the whole of 
England, Scotland and Wales. 


James Tye explains how safety regulations which came into force this month 
will have a profound effect on managers throughout industry. 

Beware! Safety watchdogs 
with fearsome bark 


Tougher 


The construction of a taripaised 
“watchdog” apparatus at the 
workplace — the situation at 
Don-unionised workplaces has 
been left to volnntazy. arrange- 
ment— makes- it far more likely 
that companies will now have to 
carry out the letter of the law, 
or pay the penalty. .‘Under the 
1974 Act, directors; have been 
liable to personal, prosecution, 
fines and even imprisonment 
for f ailing to keep their work- 
places and their employees in 
safe and healthy order.. 

The new regulations are sup- 
ported by an apprqyed ; Code of 
Practice and Guidance Notes, 
both of which ' are advisory 
rather than mandatory, but woe 
betide the manager in default- 
in the event of prosecution he 
most show- that ther relevant 
provisions of- the Gods have 
been followed or that he 'has 
complied with the law -in some 
other, way. If an acddent<occurs 
after a director has 'failed to 
accept safety representatives’ 
recommendations he: could, well - 
find' himself facing. - personal 
prosecution. . \- jj. 

This all "adds yet "onertmiore 


item to the ever-widening range 
of legislation for which iLop man- 
agement ami directors (have In 
shoulder legal (liability, in 
practice as well as theory: not 
only their corporate liability to 
heavy fines under the Employ- 
ment Protection Act and the 
new Consumer Safety Act, but 
also personal liability under the 
newly-reinforced Health and 
Safety n-t Work Act 

The new regulations put 
unionised safety reps into a 
position to inrake recommenda- 
tions to management about the 
health and safety of working 
conditions, and require manage- 
ment no take notice. If an 
employer contests that the sug- 
gested action is not appropriate 
ur that it cannot be -taken, ihen 
the Guidance Notes suggest that 
wri-lien reasons should be given 
t« the safely representative or 
representatives. A union may 
appoint as many safety reps as 
it sees fit, consideration being 
given to the number of hazards 
present, the degree of risk, and 
the number . of employees 
involved. 

Significantly, under the new 
regulations, safety reps are not 
in any way legally responsible 
for health and safety at work 
and cannot be held liable under 
criminal or oivii law for any- 
thing that they anight do or 
omit to do while acting in thear 
capacity as safety rep. 

The Health and Safety Execu- 
tive is anxious to point out that 
the object of the Regulations is 
to develop consultation in health 
and safety at work. Any dispute 
over the implementation of these 
new regulations should be 
referred to the normal indus- 
trial relations machinery of the 
workplace, the Code recom- 
mends. 

The essence of the new regula- 
tions is precisely that directors 
will no longer be able, much 
Jess afford, to closet themselves 
in boardrooms and leave in- 
adequately trained first line 
managers to handle the. in- 
evitable onslaught by safety 
reps. The new safety laws will 
effectively mean that the buck 
does not stop until it reaches 


ilv 


“ 1 think the unions arc working on the * safety in numbers’ theory " 


the director named in the firm's 
safety policy. 

Even those directors who can 
point proudly to the fact that 
their firm has had not only 
union safety representatives but 
also safety committees for 
several years, would be unwise 
to assume that the new situation 
holds no terrors for them. The 
powers tinder" law supplied to 
the new safety reps will .quite 
radically alter the scope, 
strength and impact of their 
safety recommendations. It is 
not surprising that Bill Simpson, 
Chairman of the Health and 
Safety Commission. has 
described' the new regulations 
as “essential to the full and 
effective implementation of the 
Health and Safety at Work Act” 

The Trades Union Council has 
certainly not been slow to 
realise the implications of the; 
new legislation, and has put 
nearly 100,000 safety reps 
through an intensive health and 
occupational safety training 
scheme. By contrast the whole 
of British industry— and this 
Indudes banks, shops and offices 


as well-as factories and plants — 
has no more than 1,500 men 
trained* to Diploma Safety 
Management level — that which 
the British Safety Council and 
300 Members of Parliament see 
as a minimum requirement for 
any safety officer. 

What then, are the rights of 
the safety representative and 
safety committee? One of the 
safety rep's statutory - functions 
is to inspect and re-inspect the 
workplace at least every three 
months. Management must 
supply such facilities and 
assistance as the safety reps may 
reasonably require, a definition' 
which has to be negotiated at 
the work place. If the job of 
inspection is thought l to require 
the use of noise meters, detector 
tubes, dust level samplers and 
the like then management will 
have to negotiate what is reason- 
able for it to supply. 

The .banking profession— not 
one that you might immediately 
associate with industrial safety 
issues— has already run into 
problems with the installation 
of . expensive visual' display 


units, which could harm the 
eyes, if used over excessively 
long periods of time, or if the 
machines are badly sited. The 
big five banks, employing some 
250,000 people in Britain, could 
see the introduction of as many 
as 12.000-15.000 union safety 
reps. The safety of visual dis- 
play units, which are being 
used increasingly in most banks, 
could well become an issue, and 
correction of the faults by fitting 
non-reflective screens could run 
into literally millions of pounds. 

Meanwhile, senior managers 
in manufacturing industry 
could be faced with having to 
carry’ the weight of responsi- 
bility for the shutdown of entire 
production systems because of 
failure to meet adequate safely 
standards. 

The safety rep will be 
licensed to investigate potential 
hazards and complaints by 
employees, dangerous occur- 
rences and the scene of 
accidents, and make represen- 
tations to management arising 
out of such investigations. He 
must also be privy to those 


management documents which 
are required by the laws relat- 
ing to health and safety .in the 
workplace, and he will also be 
the normal recipient of par- 
ticulars of prohibition and im- 
provement notices from the 

Health and Safety Executive. 
The employer is required to 
allow safety reps time off for 
training, with pay. 

If at least two safety reps 
request the setting up of a safety 
committee then the em- 
ployer is required to do this. 
He must consult with the reps 
and the recognised trade unions 
of the workplace and, in a place 
where it can be easily read by 
the workforce, post a notice 
stating the composition of the 
committee and the workplaces. 

Another section of the safety 
rep's mandate is to make repre- 
sentations to the employer on 
general matters affecting health, 
safety or welfare. This could be 
construed to mean almost any- 
thing, and with the backing of 
the Trade Union movement, re- 
presentatives could well turn 
safety issues into political ones 
if management fails to respond. 
As Bill Simpson warns, “If man- 
agement says there will be no 
disputes — it's rubbish.” 

So it appears that when Harold 
Walker, Minister of Employment, 
recently described the appoint- 
ment of workers' safety represen- 
tatives as a powerful influence 
for reform in safety perform- 
ances in industry, he was almost 
guilty of understatement. 


The vulnerability of top man- 
agers lies in the fact that too 
few have bothered adequately to 
train safety officers to a high 
standard, while too m&ny have 
been content to pay lip service 
to safety by channelling respon- 
sibility down- to front line man- 
agers. Few sections of industry 
have grasped the nettle at board 
level — the majority have been 
indifferent or simply ill-advised 
bn safety, which has always been 
a largely moral obligation. 

Harold Walker summed up the 
employer's obligation when he 
stated that: “ . the health 

and safety function is so im- 
portant, so- demanding of exper- 
tise. experience and specialist 
knowledge, that increasingly it 
must be an exclusive function 
within management Equally, 


there must be explicit responst- 
btiitv for health and safety at 
the highest level within the com- 
pany." 

In defence of management, it 
has been argued that th^ regu- 
lations about safety representa- 
tives and committees are just 
one more piece of legislation 
that unfairly adds to the pres- 
sure on managers, making their 
job — to manage — that much 
more difficult 

Yet, if they only knew it, 
this one piece of legislation 
could be the most vital aid in 
increasing productivity and 
arresting unnecessary losses. 
Reportable industrial accidents 
cost the nation as a whole in 
excess of £lbn a year and chop 
24m man days off our produc- 
tivity. If all accidents, includ- 
ing those to property, are -in- 
cluded. the sum soars to an 
astronomical £48bn. 

Information and measurement 
are the keys to accident preven- 
tion, and the work of the safety 
representative could be a verit- 
able information treasure chest, 
enabling management accur- 
ately to pinpoint priorities and 
plan programmes to make 
companies more efficient. The 
safest companies in the world 

— the Duponts and Monsantos 

— are also the most profitable. 

Reacting to the top manage- 
ment complaint about being 
flooded by excessive inform- 
ation, advice and legislation, the 
British Safety Council has re- 
sponded by setting up a special 
service called Senior Executive 
Briefings. The aim of the new 
division is to select from the 
plethora of information on 
safety, vital factors of new legis- 
lation and fresh techniques, and 
then inform top managers of 
what they need to know. New 
safety representative legislation 
is a prime example of tbis 
category of information. It is 
also essential that directors en- 
sure that safety officers respon- 
sible for carrying out day-to-day 
safety management are fully 
trained and equipped to apply 
the latest techniques. 

Top management is now faced 
with an inevitable choice: it 
can either close its eyes and 
hope that the challenge will die 
out — and suffer the conse- 
quences — or it can welcome the 
new safety situation as a means 
of reducing losses, increasing 
efficiency and establishing better 
liaison, understanding and co- 
operation between all levels of 
the company. 

James Tye is Director-General 
of the British Safety Council. 
The Council has compiled a 
questionnaire to help measure 
the competence of companies’ 
safely officers. Address : 
National Safety Centre. Chan- 
cellor’s Road, London, Wfi 9RS- 
Tel. 01-741 1231. 


feu* 


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. : Nowadays, there’s a way y ou can get the 
speed and comfort of the 

flexibility bfiiaving a car to drive from place 
to place atyour destination.^ 

Godfrey Davis JE^ilprive. . . 


A GodfreyDavis rentalcarcanbe 
wailing to meetyour train at any one of 
over 70 main Inter-City stations'^ Simply 
contact the Rail Drive kiosk atyour departure' 
station. Or any Godfrey Davis office listed in 


your local YelldW'Pages.Qr any Travel Centre. 

"When you’ve finished with the car, leave 
it at Any Rail’Driye station.- 


Inter-City 


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TOiancisl .Times MoriSay Octofer^i^|f 



f 15m start on new 
town in 


Work on 
hospitals 
worth £5m 


establishing a 58-bed hospital in 
Osborne Road, Windsor, where 
the Elm-plus contract calls for 
altering existing buildings 


Lining and 

shoring 

trenches 


Genstar buys $91 
San Diego site 


TWO PRIVATE hospitals 


CONSULTING engineers. Haiste niunily services. 

and Partners, are preparing the Site work, which includes the American Medical (Europel 
infrastructure desisn and will be preliminary _ shifting of more Harrow and at Windsor, and ex 


managing ihe construction of Llie than 500.000 cubic metres 


£15m first phase of a proposed earth, has already started. 


of tensions to St- Mary's, Padding- 
ton, London, will add to Holland, 


ImUSSST the GERMAN manufactured IN a major development project next five to seven ye^; 

£™2 y .W !nded as res,dent,al Krings moduli trench lining and move, the GenStar subsidW of Genstar has arranged wth | 
accommodation. shoring system is to be marketed Socie^ General edeBe^iqu^ has Canadian beokforthe issue of 

Architects for both projects jn the UK hy the Building S '?™ 1 * 4 fo ? bind totalling preference shares to a iuw. 

are R. Seifert and Partners, Equipment Division of SGB. 8,600 acres m the neighbourhood flOOm These will ^ bO^St by 
quantity surveyors Widnell and Krings system, which Dm Diego, California.-. interest and wm D ® DUUi * 3 

for Trollope, and consulting enables excavation, shoring and It is co-operating, in this -pro- baak * 
engineers Pell Frisch man n ana lining operations to be .carried ject with the Penasquitosco co- 
partners. out simultaneously, comprises pany and the area taken over for 


1 1 The right way 
1 to build 




&WAR£HOUS&j^ 
CRCHDOH CCnCRETE fcQ^ 


Tst 2084BL- 


The third hospital contract for of steel lining plates connected the development consists of sec- 


.new town, Jarrahi, near Bandar 
Sbapur in Iran. 

Working io association with 
Hovernaft. Haiste teams in Leeds 
and Tehran are preparing land- 
scaping and Hood protection pro- 
jects for the area, roads, water, 
sewerage electrical and tele- 
phone systems and construction 
of 500 houses, schools and com- 


Another Iranian project on Haooen and Cubimf , Bten.lv. StaS'SUL Tb^SSSS .ESJS&*S$& ^.vInCED WATER ponficatloo b*™* pte-ta. W i* 

W hich Hatste .lt actively eosaged eapcrlcnca » tow ul bat Idm*. SL SccS^/Todered wnl SeTote” d "iSTa « it lag. * A Very l.rg^tombK S2 In S™ provided by 

being excavated, enabling dwellings wiU be. built and it is 4 ^~^r,,nn orcanisation is coming beres on the island of Bfcl 


Pure water for brewery 


Lain 



Ss3’ o oy7 v 3C£I 'SaSSSSEsss g* 

ssm - - ■ sks was z: z s» sss wSss*& 

lower CO. “ e first "\l eric ^i Ut M e[liea T alsQ Authority C Teachings Cubins' system for hire from its 70 remarkable, growth of • the San bottles 6 was being Increasingly pure wa^ 

i* Hashunzadeh. American Medical is also .. develo £ ^ ’ ct -- ctm - depots or for sale from 133 Cop- Diego area where keen demand conSinated with salt water due Bft*! 

tract is valued at £474.000. land Road, Ibrox, Glasgow. for land is anticipated over the “ ttSTproximity of the Weser. S|n5eSsand can be 

....,...^. 5^4 taVlTK l«s costly thay.otherSS 


phase. 


the North 


£600.000 contract to demolish and an. industrial and a warehouse 
showrooms and work- unit for Dimsdale Developments 


(South East). Value of this is 


\ £2 6 ni contract to fit out a new a cost of £*ni. The building will Trust at a cost of £949,482, while 
store in the Arndale Centre, be m Upper Fountaine Street for the London Borough of Hack- 
Manchester for British Home adjoining Permanent House and ney it is to construct an ohser- 
Stores is amonc the largest of adjacent to Albion House, the vation and assessment centre, a 
the latest award's to John Laing administrative centre, to which secure block, staff houses and 
Construction. it will be linked by means of an flats at a cost of £682.177. 

elevated walkway. A third contract is at Elm Lea, 

Hilh Further north, in Carlisle, Willoughby Lane. London, N17, 

“ Pi hale" ««£' M Lj.i_PS_ h a , begun work on a where. the. company is In erect 

floor area on two levels and 3 

£i£Ti third U level Sops for County Garage. This is 

P TnoVer 3 fifting-iu l contract. P«f of a £lm ^dernisation pro- ^30.000. 
also in Manchester, is for Fluor ’ll, 

.(Great Britain) which is moving 

into a 15-storey office block in 10.000 «j ft building for the 
Chester Road. Old Trafford. The preparation of new cars. 

£lm order covers up-grading of ^till farther north at Apple- 
the air conditioning system, cross. Ross-shire. ba® 

electrical installations, acoustic started work on a jetty and two 
ceilings and partitions. single-storey buildings to house DRILLING EQUIPMENT worth 

For London Transport Executive a com PJ‘ ler complex, offices ana £250,000 is to be supplied to the 
Laing is to build a bus garage at P' an *- wor ^ being carried Herat Livestock Corporation of 
Tbamesmead on the site of the 0llt for tfa . e .Property Services Afghanistan, by Duke and 
former Woolwich .Arsenal. Work Agency and _ is due for comple- ockenden. 


Drill rigs 
ordered 



By the end 

Braoerei Beck arid [ consequence. At thesamg^ 

operating ^one it needs much less than half 

with*! Snfoulpm enerpy repuM lor ^ 


pf 840,000 litres. 


based on water evaporation,;. 


The ’technology used is reverse The designers haw goat?#. 


osmosis. ‘in which the water, is modular approach whit^e^i 


forced through a semi-permeable part of the plant to be TaSeit 
membrane which bars the salt of service for maintenance* ! 
content without closing downitt^ 

. Design is based on the results operation. . 
of two pilot plants which have Fned. Krupp iGmhH.-.fflfejK 
been operating 1* years, one of fer Strasse, 4300 Essea^ 
16,000 litres/day within the Repnblic of Germany^.. 


Housing the 
workers 


tween Sandwich Bay: and { 
and one of the main tss^- 

be the construction of a an- ; 

bankment of colliery ahzOe - 
lected from the Bettesb'ar 
colliery tip nearby. • - 
The work is being carried 
Southern ' W. 


on the £3m contract started last 
Friday. 

The contract is for a sin 
storey 6,665 square melre build- 
ing. a ground and two-store, 
operating and engineering block 
with a total floor area if 4,400 
square metres and an external 
parking area of 3.310 square 
metres, together with access 
road, landscaping and drainage. 

In Leeds. Laing is to build a 


tion by April 1980. 


| Three jobs 
for Lovell 


The order is for two trailer- 
mounted Dando 800 drilling rigs 
with compressors and ancillary 
equipment Delivery will he 
made by the end of this year. 
The Dando 800 can drill to a 
depth of 455 metres. 


Wheeled units are now being produced by 
Portakabia of Huntington, York. This is its 
latest design. It is 7 metres long and 2.3 metres 
wide with walls of steel and plywood with an 


insulating polyurethane foam core. One of its 
main uses will be on bufldLng sites, hat as It 
can be towed by a Land Rover or~ similar 
vehicle it could also be used as a mobile labora- 
tory or emergency control centre. 


New code for explosives 


MOST PEOPLE learn from their Copies oF the Standard may 
The rigs will be used to drill mistakes— but not often, if they be obtained from BSI Sales 

THE LOVELL Construction water bore holes in the Herat happen to work with explosives Department, 101, Pentonville 

Group has been awarded con- Valley in Afghanistan. This is says the British Standards lnsti- Road, London, N1 9ND. Price 

tracts totalling nearly £2m. part of an irrigation scheme, tution. To ram home this mes- £5.60. 

At Brighton Hill, Basingstoke, sponsored by the World Bank, sage it has published a new code 


five-storey office block for Leeds Hants, it is to erect 56 houses to provide a etiain of oases for of practice, BS 5607 Safe Use of "M yf u 

Permanent Building Society at and 32 flats for the Guinness nomadic herdsmen. Explosives in the Construction I VI 

Initnalrv whioh uvuminoc th*» -1 " Avl V if vJl A 

won by 


Pipeline 
gets a 
cover-up 


ERECTION OF a 400-man labour 
camp at Pembroke Dock, Strath for tiie 
Wales is to be undertaken by Authority. . 

Austin Hall {Pentos Group) for «— 

Grandmet Technical Services. IN KRlEF 
The contract is worth £701,000.. to-,- nwtn*** 

The accommodation will house • JJ* 1 "® 
the workforce for a cracking worth about £70P,0(M) have ! 
unit being constructed hy Snam- won by West Group Interaadi 
progetti for Lhe Pembroke Crack- c ompames: TVest » Civil E 
inc Company. neerrag (£500.000) for fotu 

Grandmet Technical Services tkms at Seal Sands, Teeade 
is providing a complete package the Tees Storage :Co.; Wt 
to Snamprogetti, including all PiliflS (£135,500)^ for fouodat 
infrastructure works, furnishings for Llewellyn Homes in Mi 
and kitchen equipment. Also in- wlch. London, and (£75.000) 
eluded is a 21 -year management foundation piling to a r hba 


and maintenance programme. 



rial Buildings 


Wimpey 


Bell & Webster manufacture a wide range of industrial frame.buildings. 
The simplicity and cost effectiveness of this proven system cuts 
construction time, offers the builder and the industrial user a custom built 
product and meets a wide range of budgetary requirements. 

Get the facts about the complete range from 



Industry, which examines the 
practical implications of working 
with this potentially lethal, com- 
modity'. 

The construction industry is 
more hazardous than many 
people realise, but the risk v 

element increases sharply when WTMPEY UNOX has received a 
explosives have to be used for £ 550,000 order from the York- 
tasks such ai road construction. shire Water Authority for the 
tunnelling and demolition. supply of 

British Standard 5607 stresses 16.25 tonne/dav oxygen genera- 
the need for constant vigilance tion plant for treatment of 
at all levels to prevent bad work- brewery waste from the three 
ing habits and thus ensure the breweries in Tadcaster, York- 
safetv of those handling shire. 

explosives at the blasting site The system was selected after 
and anyone else likely to be .an extensive pilot plant study 
affected, including members of 'and inspection of Unox systems 
the public. treating similar waste waters in 

Comprehensive recoruraenda- Europe, the U.S. and Japan, 
tions are given for the safe stor- In Nottingham, Wimpey has 
agq, handling, transportation and won a contract valued at 
use of Wasting explosives and £391,000 for two bousing 
accessories for tunnelling, shaft modernisation schemes from the 
sinking, underwater blasting, city council, involving a total of 
land clearance and excavation. A 65 units at Collin Green, 
special appendix on demolition Sherwood, 
is included since this represents The work which has just 
one of the main applications for started, involves full refurbish- 
explasives in the construction ingfi including renewal of plumb- 
indastry. ing and wiring. All units will 

The code also advises on pre- be fitted with central heating 
cautions to be taken against a and the work plan will be 
variety of common, possibly un- arranged to enable the tenants 
suspected, hazards and lists the to remain in residence through- 
legislative requirements at out the modernisation pro- 


PROTECTION OF a 2 km strfetch 
of the Ekofisk to Teesside oil 


Sea defence 


ui luc lu letauue ou a -*■»- . 

pipeline is being undertaken in |A Allf 
under a contract awarded to 111 AYt-IH 


CEMENTATION Construction is 


Nielsen Seaway. 

Placed by Gasunie Engineer- 
ing, consulting engineers, on be- 
half of Phillips Petroleum Com- 
pany, the contract requires the 
„ TT v,riv e j e , om accurate positioning Of 2-4 inch 
a , limestone rock to provide a 
1 metre protective cover. The 


just starting work on a £580,000 to supply two 
contract to strengthen part- of installations for new--: ; $ 
the Kent coast sea defences. studios now under constrac 
The area of operations is be- at Doha,- Qatar. , ’ 


section of pipeline concerned is 
about three miles offshore, *nd 
at a depth of 30 metres. 

A tu-in-screw split hopper Ve* 
se|, with bow thrust called lhe 
Koraalzee is being ursd and i it 
is manoeuvred, with Hie aid of a 
sophisticated electronic position 
fixing system. She has a carrying 
capacity of 1.200 tons. 

The limestone is being sup- 
plied by Tilcon-Tiliing Construc- 
tion Services. 


- vjt 



Description 


£lim work 
to Roberts 


1 present in force. 


gramme. 


Anything you want built, 
anywhere in Scotland 
contact 

Gilbert AsH~\ 

Pegasus House. - 
West George Street, Glasgow 

041-248 2511 


Bell & wehster ttd 

Belcon House, Essex Road, Hoddesdon, Herts EN11 0DR.Tel,ephone: {61) 67141 



WHett 


Willett Limited Mitdiam Housa 681 Mitcham Road Croydon CRN 3AP 

Telephone: 01-689-2266 Telex No; 946511 



A ROBERTS (BUILDING) has 
been awarded three contracts. 
One at Adlestone, Surrey, worth 
£310,000 is for the building of 40 
flats with associated works for 
Crest Homes. This is due for 
complryjon by July, 1979. 

North Gower Street and Euston 
Street, London, NW, are the loca- 
tions for a £320.000 contract for 
the Chancellor Masters and 
Scholars of the University of 
Cambridge. .The work involves 
x... , . . demolition of 174-178, North 

Wimpey Asphalt has won a G ower Street and the construc- 

£9^m contract from the Man, of a new commercial and 
Chester international airport residential building and the 

authority Tor improvements at refurbishing of first and second 

Ringway Airport floors of 94-100, Euston Street, to 

Work is -expected to start in be completed by the end of 1979. 
January and will involve the lay- Escott s Oak. East Grinstead, 
--0,000 tonnes of asphalt. Sussex, is the site for the third 
The project also includes the contract. This is for the construc- 
construction of a new concrete tion of 65 dwellings, for Barratt 
fast turn-off, widening of run- Developments (London). Value 
ways and the installation of a of this is about £700,000. Work is 
new runway lighting system. about to start 


« 

Manchester 

Airport 

improvement 


MODERN USED ROLLING MILLS, wire rod . 
and tube drawing plane — rolf forming machines 
— ;(itting-r-fiaccening and eut-to-length lin 
cold saws — presses — guiloftines, etc 
ROLLING MILLS 

ST-x 12 " x JO" wide variable speed four 
high Mill.. . 

35" x 8 " x 9" wide variable speed four 
high MNI. ....... 

10* x 16" wide fixed speed two high Mill. 

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

1.7" x 30" wide fixed speed two high Mill. 

100 TON CAPACITY COINING PRESS by 
. Taylor and Challen — virtually unused— fully 
automatic — 160 s.p.m. x 24 mm stroke. 

IN LINE MACHINE for'simultaneous surface 
milling both sides of continuous and semi- 
continuous cast non-ferrous strip up to 16". 
wide. 

9 DIE, 1750 FT/MIN SUP TYPE ROD 
DRAWING MACHINE equipped with 3 speed 
• 200 hp drive. 2 D" horizontal draw blocks. 

22 " vertical collecting block and 1000 lb. 
spooler ( Max. inlet 9 mm finishing dawn 
to J .6 mm copper and aluminium.) 

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

24 DIAMETER HORIZONTAL BULL BLOCK 
By -Fa rmer Norton ( 1972). 

SUITING LINE 500 mm x 3 mm 3 ton capacity 
1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

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

1965 TREBLE DRAFT GRAVITY WIRE 


' Telephone 


DRAWING MACHINE by Farmer Norton 
27" — 29" — 31" diameter drawblocks. 


CONTRACTS AND TENDERS 


Argentine Republic Ministry of Economy 

HTORONOR 


Hidroelectrica Patagonica Sociedad Andnima 
Alicopa Complex 
Alicura Hydroelectric Project 
Contract No. 533 — Civil Engineering Works 
Prequalification of Contractors 


be 


In °rder to select Contractors from whom national and international tenders will 
HinSw.on constroet the main civil engineering works for the above contract, 
HXUKONOR S.A. will receive and analyse the qualifications and references from those 
nrms and consortia of firms from member countries of Interamerican - 


d, -I- i mn r"; — 7 " t . . “• — wt uii^Muuci iLuu Development 

Bank i IDE > that have adequate technical and financial capacity and wish to take part 
in tne call of tenders. 


HrDRONOR SA has started negotiations with Interamerican Development Bank 
in order to obtain the necessary loans to finance the works and it will take into account 
me rules of such entity, when carrying out the prequalification and call of tenders. 


. us T he Procedure of submitting these details is set out in a prequalification document 
which may be obtained from H1DRONOR SA», Av. Leandro N. Alem 1074, 1001 Buenos 
r . l 1 es «., rs CL ncine Republic, and at the main offices of Electrowatt Engineering Services 

E °x 8022 Zurich, Bellerivestrasse, 36, Switzerland, and SWECO AJJ. pn 

box o038 — 2. Linnegatan, S-102 41 Stockholm 5, Sweden, from October 9, 1978 


a> 


5 nveto P*» containing the qualifications and references of the Anns or consortia 
he submitted to Leandro N. Alem 1074, 3rd Floor, 1001 Buenos Aires 
Argentine Republic, before 5 pjn., November 30, 1978. 

The contract includes the following works: 

Construction of an earth fill dam, approximately 113 m high and SS0 m lone 
ul crest, on the Limay River. e 

A 750 MW powerhouse. 

A spillway of ‘an approximate capacity of 3000 cu. metres per second. 

Two tunnels for river diversion of about 9 m diameter and 750 m long. 

A discharge canal, downstream the powerhouse, of approximately 110 ra wide 
ana S km long. 

Auxiliary works. 


U> 

(I) 

e) 


0 


STRIP FLATTEN AND CUT-TO -LENGTH UNE 

„ jjY A- R. M. Max. capacity 750 mm x 3 mm. 

3 BLOCK WIRE DRAWING MACHINE equipped 
witfi ~i3f' db. x 25 hp Drawblocks. 

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

3 CWT MASSEY FORGING HAMMER 
single blow. 

? ROLL FLATTENING MACHINE 

1700 mm wide . 

7 ROLL FLATTENING MACHINE 
.965 mm wide. 

COLES MOBILE YARD CRANE 
6 -ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING UNE 10" x 8 " rolls X 75 hp 
per roll stand. .Complete with edging rolls, 
turfcs head flaking and fixed recoiler. air 

Hne s P Nd 0 / 7 S 0 ft/min 

and 0/1500 ft/mm. 

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

CINCINNATI GUILLOTINE 2500 mm x 3 mm 
capacity, complete with magnetic sheet 
supports and motorised back stops. 

-MACHINING CENTRE. Capacity 5ft x 4ft X 3ft 
5 Axes continuous path 51 automatic tool 
Changes: 5 tons main table load. Main motor 
" hP- Had than one year's use and in 
almost new condition. For sale at one third 
of new price. 

4.000 TON. HYDRAULIC PRESS. Upstroke 
between columns 92" x 52" day I is ht 51" 
stroke 30". * 


V* 

0902 42541)2/3 
Telex 336414 


0902 42541/2/3 
. Telex 336414 


0902.42541/2/3 
Telex 336414 


0902 4254lgj: 


Telex 33641 


0902 42541/2/- 
Telex 336414 


0902 42541/2: 

Telex 3364T4 
0902 42541/2/ 
Telex 33641- 


0902 42541/2/ . 
Telex 33641,. 


0902 42541/2/. 
Telex 33641 


0902 42541/2/ 
Telex 33641 - 
0902 42541/2/ 
Terex 33641 
0902 42541/2/ 
Telex 33W 
0902 42541/2/ 
Telex 33641- 
0902 42541/2/ 
Telex 336+1 
0902 42541/2/ 
Telex 33641 
0902 42541/2/ 
Telex 33641 
0902 42541/2/ 
Telex 3364f- 


ANKER WERK 400 TON INJECTION MOULDER 

Reconditioned. 


UPSET FORGING MACHINE 
4" dia. 750 tons upset pressure. 

Double action bed area 

iJa X 84 > 


0902 42541/2/£ 
Telex 33641- 


0902 42541/2/- 
Telex 3364»* 


development at Clays Lang , SI 
ford, London E.15. . ,w 

• Alexander Hall aiod^ 
(Builders), - Aberdeen Const 
tion Group, has been awank 
£im contract by Inverness ' 
trict Council, for 50 terraced 
semi-detached bungalows. ..-. 

• Hammond and Champnes — 


j i ' } 




0902 42541/2/- 
Telex 3364b 


01-928 3T31 
Telex 261771 


W e™nI cS^?r?o M N ,56 ’ “ d 1543 

H" AUTOMATICS, 6 spindle, 
excellent. ■ 


WiCWWN ir AUTOMATICS, 6 spindle. 


aNCINNATI CENTRELESS GRINDER. 

Excellent. ■ 


MAHO MH1TO0 UNIVERSAL TOOLROOM 
MILLER. Table 47" x 14". ExcdlenfcnniL a „ 

SLOTTING MACHINE M" strok^Xn’c . 


ARRIVED TOO LATE FOR THE LAST MINORS 
SIRlKE^Unused Mlnneapoli^"e 
Brushless AC Gneracor, 80 ICVA's. ■ • • • 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 26177] 

0] -928 3131 
Telex 261771 
0T-92B 3131 
Telex 26177] 
01-928 3131 
Telex 26177] 
01-928 3131 
Telex 26177], 
01-928 3131 
Tdex 26177] 

01-928 3131 
Telex 261771 X 
01-928 3131 V 
Telex 26177] 
01-928 3131 
Telex 26177] 
01.928 3131 . 

Tdex 26177J 




Luton 29771 
or” telex 82446. 


v 







‘Financial’ Timeskonda^Octob'er' 01978 







'&** br 


'Tife^virr 
*&*£ > T; ‘ 

Ucii'.r,- 

: -*©rlr>r" 
ittwi. ?vk- •:, 

& ±£«_- ; - ■ 7 w' 

e* f - r _ v „ 

dfi&R .Vf®* •••.. 

Sw. .■..•:- ': . 
ra*?»* - ... 

'---V-..: ; 


trrr •- ••. 

&r 7 - 

t-l'h " ; 




speed 
the work 


1?s ITS latest offerings to the 
runiinercial computer market 
Hewlett Packard has made 
extensive use of silicon-ao* 
.sapphire (host integrated circuit 
technology mainly on the basis 
that it i;, three to four times as 
as XMOS and consumes less 
power. 

n °e of the machines, the 
HP 300, is about the size of a 
three-drawer filing cabinet ll 
consists of a JO x 5 inch display 
»ri at the top combined with 
flexible disc drive; .under this 
unit is a keyboard desk and. 


below, a base cabinet containing 
main storage' and on-line disc 
slurage. 

The whole of . the machine's 
central processor is contained on 
three large scale integrated (LSI) 
chips implemented in silicon-oil- 
sapphire, each chip measuring 
less than an inch square. Hewlett 
Packard believes it is the first 
commercial computer to use the 
new technology.- ; The basic 
machine consumes about a kilo- 
watt and can be plugged into a 
13 amp ring main socket. 

Basic price is £24,000. which 
includes one language. 250k bytes 
of main error-correcting Jnemory. 
a 12 megabyte fi*G8. ' disc, one 
megabyte of flexible disc and 
the interactive display. I7p to a 
megabyte of additional memory 
can be accommodated in the 
cabinet and up to 240 megabytes 
of external disc can be “hung 
on '' to the system. 

Like many machines now 
coming -on to the market the 300 
uses a virtual memory operating 


DEC’s new dual floppy 


the 


:ur. . 
irk ' 
• *.i»i l . 


u-v' * • . 

■ / r i r ■ \ 

S&... r-. ... 

; . t . . 

MY,:;-.:. . 

T - k-' ' 

• 

Lt ’ll 

ice 


IN BRig 


DIGITAL Equipment Company 
has announced its first dual- 
density floppy disc. The sub- 
si.-iem. the RX02. accepts either 
indusrry-stantlard, single-density 
discs, nr one-sided, double- 
density floppies with twice the 
linear density of standard 
diskettes. 

For use with PDP-S and 
PDP-11 minicomputers (includ- 
ing the LSI-11 microcomputerl. 
the 11X02 is identical in rack 
si/e tu DECs previous floppy- 
di*»- subsystem, the KXOl. Each 
has a maximum capacity of 


more than one ' megabyte. 

Ability to read from' and write 
to both single- -and. double- 
density diskettes' - is due to 
program control '.and' a micro- 
processor in the disc drive con- 
troller. Since both single-density 
and double-density discs can be 
employed in the same twin drive 
subsystem, files can be trans- 
formed from single? to donblc 1 - 
density on the 6ame subsystem, 
under simple program control. 

DEC at Digital House, Kings 
Road. Reading .Berks. 0734 
5S3S55. 


system — the main memory * AUTOMATED DESIGN 1 & TESTING 

exchanges material with, disc for • AU 1 Will A I tU U»IUH « ” 

operating purposes to avoid the ■» «- « ment (ADEi. has a new auio- 

allocation of fixed segments of ^1 Ayp fl V routing and data capture package 

main memory to specific, func- v %*> WJJ which provides the complete lay- 

tions, effectively increasing the -» *- ! * out design service from circuit 

power of main memory. HP's Vl P1Y1 I’ll" $ft 111 schematic diagram 10 finished 

system is called AMIGO and Mill printed circuit board i pch > lay- 

allows multiprogramming, multi- MEETING MOVES hy major out and production package, 
taskmg (up to 16 terminals can opponents, Membrain. ATE at>e servos the electronic 
be supported) and the ability lo manufacturing division of the in Sies which 
manage badkgroimd jobs such as So]arlro n group, has brought out and LriiS 

SE“3bT£Jffir 5“S 9280 

made on terminals. ,n this approach (whereby all Quests systems, which urc mini- 

The dt'nlftv on the tflft is mr- components on a printed circuit computer based, speed up this 
ticuKrlv - 2 ° ATE *“*• itself. are lested process by allowing the layout 

™ he Wi individually) it complements the designer to use his skills and let 
"windows " each 3 whkS ran com P an >' s ^Ting MB7700 the computer lake care of repeti- 
bc Sed to a datT^ a“d W or ™cr computer-based live draughting tasks. 

scrolled both horizontally and , ^ ^ j Questar is the latest m a series 

vertically for viewing anid edit- . 1189280, a bed -of-n ails 0 f packages which are evolu- 

ing purposes. One of the 1S employed to link the unit t inn ary developments of Quest's 
windows is used ‘to dynamically under lesi to a measurement earlier- draughting systems. It 
label a column of eight “soft module controlled by a ^SO-based provides the pch layout designer 
keys ” to the right of tbe screen, micro controller. Test pro- w jib a powerful interactive 
allowing push-button selection P™™ 5 ^ loaded into the con- design aid. As such, it simplifies 
of operating system functions tmucr memory from floppy disc. ftj e process of pch design to lay- 
and application menus. Membrain will undertake the out sequence and its data rapture 

Hewlett Packard has also supply of appropriate bed-of- technique v. ill reduce the time 
applied SOS technology to- its nails , wilh ,he nails positioned spent at the digitising stage by 
3000 computer system producing f® suit the board under test, up to i0 per cent, 
the HP 3000 series 33 designed Alternatively it offers a enrres- Tb package allows data to be 

to Tnapt nn.Une Iran cun I inn ponding kit, for the User to Con- . Vl ;. »• lU UB 

to meet on-line . transaction £ ^ . ■ hnarri^ A entered at the circuit diagram 

needs. It runs the same mu lu- »™ "“{i hl * b ° w " stage and will then maintain 
programmmg executive operat- ^ Mine and Slin G Jem circult connectivity through gate 
mg system as the existing larger Jf “ wv/Sib m lSciSfli teTt allocation, component layout, 
senes II and III systems. Main SroSam is^n a routing (whether automatic or 

effect has been to reduce the s ,in ^ more manual) and subsequent editing. 

700 square inches of the earlier ? li?r n^siiion? Th,s Provides a check on the 

machine's processor to three SOS J ,“JJ " d P nsiUons - integrity of the final artwork 


vious methods where only pin- T_ 
connectors were specified. . I Il—ClrP llll 
Quest is at Ferhdov.-n (0202) wuvuu 

S91010. 


Of some attraction is the fact pJUSjS!? “** t3i,££i^ ara -! f of 

that the company is able to offer St n2SS*«Siw. K 
most of the peripherals needed Wimborne - Dorset- ((T-02> SSJ5J5. 
to operate these computers from 

its own manufacture. Among i 1 j 

them is the new 2 SOSA printer £1 DOHFCi 


which is then used as ihe basis 


which uses a 15 x 9 dot matrix 
and runs at 400 lines/minute. 

More from the company at 
King Street Lane, Wlnnersh, 

Wokingham, Berkshire RG11 QUEST Automation, known for tion for later in-circuit tests — a 
5AR (Wokingham 784774). its automated draughting equip- considerable refinement on pre- 


layout 


tbe pch manufacturing 
process. 

Database; thus crealed cun be 
post-processed ro produce other 
manufacturing information in 
the -form of numerical control 
tapes for photopiotlinq. drilling, 
milling, testing and component 
insertion. In testing. Questar 
can produce functional infornia- 


Analogue 

boards 

HIGH SPEED in-circuit testing 
of analogue printed circuit 
boards having up to 12S nodes 
can be tarribd out with the 
22301 tester put on the market 
by GenFad. 

Able to test a 100-component 
board in five to 10 seconds the 
machine, normally run from a 
*• bed of nails ” fixture, first tests, 
under software control, for path- 
to-path short and open circuits, 
identifying each fault by its 
typo ami corresponding pin 
number.' Limiting value tests 
are then made on resistors, 
inductances and semiconductor 
junctions, each displayed fault 
appearing in terms of component 
identification number, actual 
measured value and tbe corres- 
ponding test nodes. 

Together, these assembly and 
process-related faults account 
for 70 to SO per cent of those 
found on a typical analogue 
board. By detecting them as 
early as possible in the manu- 
facturing cycle users can 
eliminate expensive fault-finding 
that .might otherwise occur 
during functional testing. 

Test programs are kept on 
magnetic stripe cards, simply 
loaded; after this, testing is 
initialed hy pressing a button. 
GenRad is at Bourne End, 
Buckinghamshire (06285 26611). 


diagnostics 

DIGITAL in-circuit test' and 
diagnostics are being provided 
within the analogue ATE system 
manufactured by Racal Auto- 
mation. 

Reliable high speed testing of 
assembled printed circuit boards, 
containing both analogue and 
digital circuit elements, can be 
achieved by non-technical opera- 
tors using Raca! “ Rebate" 
systems. 

Sales target is the electronic 
equipment manufacturer who 
recognises the value of present- 
ing for final test only units con- 
taining: individually tested 

printed circuit boards known to 
be correctly assembled with good 
components. 

Basic principle of the new 
digital capability consists in 
applying a short' duration, high 
intensity pulse stimulus, in tbe 
form of a dynamic truth table, 
to the digital package under test. 
This guarantees that the correct 
input is applied regardless of 

internal faults within the 
package. Defects on lines 
external io the packages, or dis- 
crete components, are automati- 
cally located within the same 
overall test cycle. 

The input lest signal is pro- 
grammable over a voltage range 
that will accommodate all 
commonly-used integrated circuit 
types including TTT* DTL, 
NMOS. PMOS and CMOS. Data 
on a wide range of integrated 
circuit types is stored with the 
system library and in addition 
the user cun easily extend, up- 
date or modify data stored. 

The printed circuit board is 


’We shine in -a' 

. power cut! ; 

. *• i t t * . v . .< •, , v - 
generators from 2kVA 
' to 2000k YR for.sale and 
■ hire -"worldwide'. 

DAWSON - K EITHf 



. GENERATORS OF. POWER 


Teietr; 56431 Deekay-G- 


simply mounted on the jig and 
the fully automatic test cycle is 
initiated. Location of a fault is 
presented to the operator in 
plain language hard copy as a 
faulty component or package 
identification. 

In an associated area. Racul- 
Redac has secured orders worth 
£972.000 for interactive design 
systems for printed circuit 
boards. 

Contracts for the Redac systems 
were won in the United States. 
Germany and France in the face 
of fierce American competition. 

Faircbild Industries, Com- 
pug rap hies and Turpin Systems 
in the U.S. are lakers, as are AEG 
Telefunken and Siemens in 
Germany. 

Thomson-CSF is the French 
buyer and in Holland, Applied 
Control Systems. 

All the design systems use 
auto-interactive techniques to 
provide the designer with 
powerful automatic routines for 
component placing and track 
routing, in conjunction with fast 
reacting refreshed graphics 
terminals. The Redac systems 
are useful to manufacturers from 
those designing as few as 30 now 
boards a year to companies 
designing the most complex 
pehs now in use. 

Racai Automation is at Brain- 
tree RoadL. Ruisiip, Middlesex, 
and Racal-Kedac at Tewksbury, 
Gloucestershire. 


-time language 

CORAL 6fi for the IBM 370 series The new package- compiles 
is the latest addition lo the grow- standard official". definition. Coral 
-ing list of compilers from to assembler code, and has good 
•Systems Designers. error recovery and reporting 

As uell as producing a rosi- diagnostic and trace facilities 
deni compiler for the 370. plus the ability to accept inserts 
Systems Designers has available of Assembler code. . • . . 

cross-compilers to most, other . - • • - • _. • . 

machines. The new compiler This is an ^important step in 
;wiil run under the OS operating projnotins the ■ .Government 
*y.stera and all versions will pro- backed real-time language since 
duce assembler code. An lt ls . n lhu i m “ de °" * 

.“ Official Definition" MASCOT significant share of/ the UK 
(Modular Approach to System com PUte r population. . 
.Construction and Test) System Systems Designers,' 3. Pem 
will be available to users of the broke Broadway. ;Camberley 
JORAL compiler. Surrey. GU16 33CET. 


■ 


O HANDLING 

High lift 



mmoT skips 



W>‘ •• ; 
#-W\- - - 

rd A i - ' J 
» CO: 

i- : • 

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*+ •>•■'•• 
w 

. • • • 

rtteii, - 

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;rs€t.^ '■ 
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?(.V^ 


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St« S- ; - : 


ME * ** ’" 

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i -*-* • 

A - 

' 

Ifgc *'*- 


Soft sling 
to spread 


lifting in 
containers 




r. r ' ,: 




j-.i 

■ 

■ 

i* "r- ■*. 

sa ' . 


5V -J . 

A-" "- -!* ,T 
' ' 

, V.J-l 


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■ 


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ifcrvfi** * 


galvanised tubular: door track 
and the crab unit end carriages 
. are- fitted with easf^un-Jiylon 
wheels. During, trans&xhe crane 
' . is locked in position at ihe open 
ing end . of the container, 
reach A - two-way pendant ptish 
capa- button and an emergency stop 
loader control the hoist .nuiL* Power 
ith double-jointed arms, which via a festoon caWalinking 

a* lo be introduced at the Motor *tbe hoist to batteries mounted 

;how in Birmingham (October either on the container, iqrotftiie 

0-29) by Edbro, Lever Street, tractor -unit, or front mi outside 
• iolton, Lancs BL3 6DJ (0104 source. • ' -ff 

- tSSSSi. The speed of the lift is about 

Known as the Tip-a-Lift. it 14 feet a minute and its safety 
tas swing-over side bootus with features include i' safety -top 
in extra pair of lifting levers limit immediate .tbraking, auto 
»n their ends. This is said to locking (when the" stop button is 
tive a double-jointed facility for pressed) and an auto overload 
ifting higher than nsuaL or it cut-out. As ; with the hand 
;an he employed to lift from a operated crane, cross and long 
nwer level than that on which travel are manual operations, 
he vehicle stands. Further from Anglia at 

For tipping when high off the Boddingtdn Industrial Estate, 
•round, the rear bottom edge of Drove R/iad, Biggleswade, Bede. 
• h? container is restrained so (Biggleswade 312125) 

.hat tbe contents can be tipped 
iver a wall, or into another 
/chicle ruch as a rail truck. The 
naders can handle loads from 
12 to 24 tonnes according to the 
engih of the container. 

The company has extended its 
•an.se of tipper-lruck equipment - , , 

jy the addition of a small light- f raa ItfYOff 
.veigfat front-end model for UlV il/ilU 
;hort vehicles in the two to five j - > 

:■ onnes gross weight band. £L G S^ED. damage-free lift- 
-ailed the MEi’0. it weighs only of heavy goods an factones, 
16 kg and is supplied to body- j°.J^ s * 1Dps ' warehouses, ships, 
guilders as a rcady-to-fit kit. docks and other IociiUons has 

been made possible by a new 
type of lifting sling by Safes 
Equipment of. Croydon. 

The Safex Flexi-sling is in the 
form of a continuous .tubular 
loop of double-thickness fabric 
which encases a thick bank erf 
loose polyester yarn. It is. there- 
fore. free io spread out ’ to 
cushion the load at points of 
FOLLOWING THE interest contact. Kind to operatives' hands 
;hown tn hand operated gantry and extremely gentle to its load, 
•rones for use in ISO containers, it is amazingly strong, capacities 
:ays Anglia Handling Services, ranging up to 40 tonnes per sling 
he company has proceeded with Standard sizes are from 1 to. 24 
lie development of a powered metres in loop circumference^ 
zersion which incorporates a though .special • sises can ‘be 
specially adapted 24 volt dc manufactured to order. 

Jinch. * By the use of multiple slings 

The crane is of the undcrslung and/or appropriate bitches, there 
vpc which allows storage to is virtually no limit to the weight 
vjthin less than 20 inches of the of load which can be handled. 
■ontHiner mol. The gantry rqils Safex is at 12. Commerce WaJ, 
tnd crane beams are made from Croydon, CR9 4HH . 01-6S8 6032. 

9 INSTRUMENTS 

Gauges tall components 

INTRODUCED by Herbert Sigma datum. Zero re-set is by press 
is a height gauge with 16mm hunoji^ 150 tie 

LED digital display able to make he j ght gauge has a granite base 

measurements on components up (t0 35 grade A) measuring 
to six inches (150 mm) high. • 300mm square by 50mm thick; 

With an overall accuracy of “JveJERTl S to^ble 
±0.01min. the instrument has a ste p ped components to be 
thumbwheel presetting control measured. A variety of probes 
on tbe front panel which enables is available, including -2 and 5mm 
any dimension .10 be put on to ball ends, lmm thick disc tip 
th*> display. Thus, dimensions and an offset tip. . . 
can be checked without Optionally the gauge can be 
reference to base datum and equipped to give a binary coded 
allowance can be made for decimal output for printers, and 
stylus width in slot measure- foot switch re-set . 
nbnts. In addition, actual The company is at Sprint 
errors can be indicated if the Road. Letchworlh, Hertfordshire 
drawing dimension is pre-set as (0462$ 3841).- 

ft SECURITY 

Low noise disintegrator 

BECAUSE A slanted knife cutter They have been < designed 
in a security disintegrator 're- specifically for disposing of h|gn 
places flat cutting, but with a.. security information and are sam 
quieter cross cutting process, the to turn confidential material into 
machine’s noise level is much “ mlcnxonfetti” 
reduced, says Volmnatic, Taurus Acoustic testing, at jne 
House, Kingfield Road, Coventry- machines In typirai installation 
Its security disintegrators are 'areas shows sound levels or as 
intended for materials such as low as 83 dBA. Seven mo^ls 
microfilm, microfiche, printed are . ayat table i with 
circuit boards, computer print- capacities of from 50 10 per hour 
juts, tapes and cassettes* up lo' one ton per nour. 


- 1'- 


Fromlodayalotof 
people will be seeing 
stars everywhere. 


Allow usto introduce the Bri-sfar 

Sooayou'll be seeing it on television, on packaging, 
on transport all over Great Britain. 

Behincfit,a public company in which thousands 
have shares. 

A company nearing the completion of a £150 million 
expansion and modernisation programme. 

A company which is one lib. of the most efficient of 
its kind inlheworid-and the lllllllii,. lowest-cast producer 


1 

\ 


of its product in Europe. 

-Because the Bri-star is Ihe new sign of the British Sugar 
Corporationrthe makers of SilverSpooalhe granulated 
sugar bought by more people than any other brand. 


BRI-STAR.THE NEW SIGN OF THE 
BRITISH SUGAR CORPORATION. 

Wish Sugar Cacoicjticri Umtle-dl 

PC Bo* 2&Ounai«r fSjac! oogr. t Cl ’AM T «l. ;v * -} '.I 




'f-JrV' 


J 


n 




It 








5T 


Financial Times Monday October 9 1978 


lombard 



BY ANTHONY HARRIS 


ME. CALLAGHAN'S observation 
to the trade unions that he knew 
of “ no precise arithmetic defini- 
tion of responsibility " was a fair 
enough crack, in its way, but a 
sinister one too: for it does a 
lot to explain the rigidity of the 
policy against which the unions 
)vere rebelling. Ministers have 
been seduced by precision; and 
the seduction has been done by 
c *vil servants. Restraint, as a 
general policy imposed by 
general consent, is a fugitive. 
Imprecise thing, like horse trad- 
ing tand one can loo readily 
imagine the horse likely to bo 
bought by a syndicate of civil 
servants). ‘Decimal points mean 
Power. 

The power that a Government 
department can generate given 
one hard figure for justification 
was fully revealed in the “secret” 
memorandum spelling out how 
phases /our, five and no doubt 
six would be enforced. Without 
in any way adding In or inter- 
preting Ministerial pronounce- 
ments on pay policy, the .docu- 
ment went on to elaborate a 
whole structure of guidelines 
and possible loopholes with a 
sadistic relish worthy of the 
inland Revenue. 


officials who run it — but 
generated a whole counter- 
arilhmetic of so-called produc- 
tivity deals. The result is highly 
questionable in economic terms, 
but ibis is not really an economic 
game, but a power play. 
Numbers are not only useful 
conferring administrative 


Uneasy 


What is at work here is a 
natural and even laudable reflex 
of the bureaucratic mind. Civil 
servants are highly intelligent 
•nun, but curiously innocent: they 
arc somewhat out of their depth 
tn the. real-world of business, and 
they know it. 

However, civil servants are 
very good at arithmetic. Figures 
have a must reassuring objec- 
tivity and arc never con- 
troversial. Tivu and two still 
make four even in the Minister's 
constituency: give a civil servant 
a precise arithmetic definition of 
your policy, and he will soon give 
you a startling working defini- 
tion of what the French'caSl ihe 
droit adminixiralif — a phrase 
Cannot decently bo translated 
into constitutional English. 

Numerical expressions which 
start lire as * kind of illustration 
of a policy objective soon come 
to lake the place of the policy 
itself. The successive price 
codes, for example, substituted a 
cost-plus formula for the objec- 
tive uf price restraint. Many 
manufacturers found the code a 
convenient justification for 
raising prices — or at any rate list 
price v A discount from the 
price a Jin wed by rhe code could 
lie persuasively presented as a 
bargain. 

In pay policy, the percentage 
norm has not only justified a 
novel development of admini- 
strative power — the black Ii*:. 
which has entirely delighted the 


authority over the outside world, 
hut in keeping Ministers in 
check. Ferhaps the best example 
of this is our monetary policy. In 
nu other country is the money 
supply defined in terms anything 
like our own M3. 

313 js a very poor measure of 
anything which an economist 
might define -as money. It is a 
poor measure of liquidity, 
because of switches between non- 
bank holdings of bank CDs and 
Treasury bills'. Both are equally 
liquid: but CDs are part of M3, 
while Treasury bills are not. 
Swings of a billion or two across 
this frontier have been recorded, 
as have large swings between 
bank deposits /inside M3) and 
building society deposits (out- 
side). it is equally a poor 
measure of ‘ credit creating 
capacity, because it leaves out 
the building societies and 
possible parallel markets. It 
also behaves perversely, shooting 
up in a squeeze and failing when 
money is fed into the system. 

However; M3 has one supreme 
merit: it is directly connected 
with the public sector borrowing 
requirement. Whenever it 
grows too fast. Ministers can be 
tnld it is because the borrowing 
requirement is 'too big to be 
financed. 


Distaste 


This was the reason why the 
Mo definition was chosen as the 
right objective for monetary 
policy. There is growing dis- 
illusion with it in the Bank of 
England, where the present 
corset regime, destroying hank* 
in-.* competition, has been 
adopted with the deepest distaste: 
hut il may prove difficult to woo 
the Treasury away from a 
definition which can still be used 
ro bring the Cabinet to heel. 

One development on the num- 
bers front suggests a way of 
reversing the advance. We used 
to have a declared policy or 
securing a competitive exchange 
rate: but since the Treasury has 
discovered six different defini- 
tions of competitiveness, all tell- 
ing different stories, the policy 
itself has vanished. So the wise 
advice to the TUC. the CBI and 
anyune else concerned to fight 
off Whitehal marauders is this: 
whatever you say you want to 
achieve. preserve your 
ambiguity as you would your 
virginity. The price of liberty 
is imprecision. 


THE WEEK IN THE COURTS 


The courts intervene 
the prison syste 



BY JUSTINIAN 


PRISON administration will be 
more profoundly and lastingly 
affected by a decision of the 
Court of Appeal last week" than 
any episodic event such as the 
current disturbance at Gat-tree 
prison or the uglier riots at Hull 
prison in August, 1976. It was 
in fact the lattec that gave rise 
to six former inmates taking 
proceedings in the courts cul- 
minating in last week's deci- 
sion that uniquely injected a 
dose of legalism into the 
prison system. 

Until last week the courts had 
consistently decided That the 
prison system was exclusively 
governed by statute and rules 
made thereunder, and that any 
intervention by the courts in 
the management of a prison 
would be intrusive and im- 
politic. While it was never ex- 
plicitly said by the law that a 
prisoner was by definition with- 
out any rights (the usual way 
was to say that he had pririlegot 
that could be withdrawn at the 
discretion of the Governor) the 
clear implication was that be- 
hind the walls of a prison the 
citizen's ordinary rights were in 
abeyance throughout the dura- 
tion of the prison sentence. 

: Now at least a prisoner has 
the right of access to the 
ordinary courts to challenge the 
exercise of the disciplinary 
powers of Eoards of Visitors. 
Whatever the status of a 
person held in custody, and 
however attenuated the rights 
and liberties might he as a 
result of some punishment 
inflicted by the criminal courts, 
the right uf recourse to the 
courts remains unless and until 
Parliament specifically takes it 
away. Now that victory, has 
been recorded, the sis prisoners' 
cases go back to the Divisional 
Court for it to determine 
whether in any, or which, of 
the cases the Hull Prison Board 
of Visitors had failed to comply 
with the standards of justice 
appropriate to disciplinary pro- 
ceedings in prisons. It is at 
this point that the real test of 
the degree of interventionism 
by the courts will come. What 
standards will the courts insist 
upon? Will they crucially 
decide that a prisoner is 
entitled to have legal repre- 
sentation before the Boards, a 
concession that the prison 
authorities have stoutly declined 
to make? Irrespective or the 
winner of that prospective 


battle, the ultimate recourse to 
the courts by prisoners will be 
indelibly stamped upon the 
whole relationship between staff 
and inmate. 

The need to maintain order 
in prison is paramount. With- 
out it neither prisoners nor 
staff can live in peaceful co- 
existence. But order is likely 
to be maintained best when all 
within the institution feel that 
the normal precepts or justice 
are applied to their individual 
situations. People who offend 
against the criminal law and 
are sent to prison can best be 
taught the virtue of respecting 
authority if they are given the 
protection of the law even 
though their liberty is 
restricted. 


Disregard 


So long as prisoners feel that 
justice is absent' from the dis- 
ciplinary proceedings taken 
against them by the staff, the 
system of law enforcement is 
brought into cynical disregard. 
From that situation steins 
resentment at the institution's 
authority, which in turn may 
foment into outright hostility 
and even violence. Much of 
ihe disturbances in our prisons 
in recent years, is attributable 
to the lack of any acceptable 
complaints ■ procedure for 
prisoners. The removal of such 
grievances will go a long way 
towards a sensible modus 
rirendi in penal establishments. 

One result of last week's 
defeat for the Home Office may 
be a complete review of the 
existing regulations for dealing 
with prisoners’ complaints. Too 
often grievances remain 
unresolved until they have to 
he dealt with formally hefore 
the Gox'emor or the Board of 
Visitors applying the disci- 
plinary machinery. A quite 
modest proposal is to inject a 
filtering procedure on which 
both staff and inmates could 
rely for avoiding the necessity 
for formal procedures. This 
would require an initial “clinic" 
conducted by a single member 
of the Board of Visitors where 
prisoners could raise their com- 
plaints without the threat that 
a malicious complaint would 
lead to disciplinary charges. 
Tli is conciliatory process is in 
fact already followed in some 
prisons. If the complaints 
remain unresolved, then some 
arbitration procedure will have 


to be applied, and only in the 
last resort should disciplinary 
action be necessary. 

At the same time as the Court 
of Appeal's decision, the head 
of the Dutch prison service, Mr. 
Hans Tulkens, was m England 
talking to interested groups and 
describing the Dutch approach 
to these problems, which is 
much aliing the lines proposed 
above. In Holland the deliberate 
policy is to use -imprisonment 
very sparingly and then only 
for very short terms. This has 
averted overcrowding, to the 
point where it has proved 
possible to deal on a more 
individualistic basis with the 
problems of staff-inmate rela- 
tionships. 

In retrospect, the Court of 
Appeal’s insistence upon assert- 
ing the ultimate' power to super- 
vise, and If necessary to control, 
aspects of prison administration 
f$o far only in respect of- disci- 
plinary proceedings before 
Boards of Visitors and possihly 
of Governors of prisons) may 
mark the advene of a new form 
of independent inspection ' of 
prisons. -.Indeed. '• whatever 
changes are forthcoming, the 
result is likely to be the estab- 
lishment of an Ombudsman for 
Prisons, just as one' for the 
Health Service was found neces-. 
sary to supplement the work of 
the Parliamentary Commis- 
sioner for Administration (the 
original Ombudsman). 

• Pep inn r. Hotird of Visitors 
of Hull Prison. cx parte St 
Germain and others. The Times 
Laic Report. October 3. 197S. 


Lancia expects 
to sell more 


LANCIA, the specialist C3r sub- 
sidiary yf the Fiat group of Italy, 
expects to sell 12,000 cars in 
the U.K. in 1975$. an 85 per cent 
increase on the 6.500 sold in 
1976— the last year a Motor Show 
was staged. 

At thi» year’s show in 
Birmingham. Lancia's new ihree- 
speed automatic transmission for 
the Beta range will make its 
British debut. Developed in 
association with Britain's Auto- 
motive Products, it is the first 
transmission of Its type to be 
built entirely in Italy. 

The automatic option will be 
offered on right-hand-drive cars 
early in 1979. initially on the 
Beta 2O0OES sedan only- Later 
it will be extended to the 1600 
and 2000 models. 



BBC l 

t Indicates programme 
in black and White 

7.05-7.50 an] Open University 
i Ultra High Frequency only). 
P.3S For School*. Colleges. 10.15 
You and Me. ll.Ou For Schools. 
College*. 12.45 pm News. 1.UO 
Pebble Mill. 1.45 The Flumps. 
2.1)1 For Schools. Colleges. 3.1 3 
Harte-t Songs of Praise. 3.53 
Regional .Yetis for England 
K'.'.eein London). 3.55 Play 
School (as BBC2 11 . W am). 4.2U 
The Mole ami ft Carnival. 1—5 
Jacfcanory. 4.40 CB Bears. S/KJ 
dohn Craven's Ncwsround. 5.10 
Blue Peter. 

5.40 .Yen s. 

5.55 Nationwide i London and 
Smith-En't onlyi. 

R.20 Naii on wide. 

6.50 Dad'*- Army. 

7.20 Tycoon. 

8.10 Panorama. 

9.00 News. 


9.25 The Monday Film: "Till 
Death Us Do Part.” 
Starring Warren Mitchell 
and Dandy Nichols. 

71.00 Tonight 

11.40 Roads to Conflict. 

32.05 am Weather / Regional 
News. 


All Regions as BBC l except at 
the following times; — 

Wales — 1.45-2.00 pm Pili Pa la. 
2.18-2.38 For Schools. 4.40-5.00 
Sinngdifans- 5.55-6.20 Wales To- 
day. 6.50-7.20 Ileddlw. 11.40 
Dechrau Siarad. 12.05 am News 
and Weather for Wales. 

Scotland — 10.WMU.20 am For 
Schools (Around Scotland!. 5.55- 
6.20 pm Reporting Scotland. 12.05 
am News and Weather for Scot- 
land. 

Northern Ireland— 3.53-3.55 pm 
Northern Ireland News. 5.55-6350 
Scene Around Six. 12.05 am 
News and Weather for Northern 
In? land. 


6.40-7 

10.05 

1(1.30 


11.00 

2.15 

2.30 

3.00 
330 

4.00 
5.20 

7.00 


7.05 


F.T. CROSSWORD PUZZLE No. 3.791 



ACROSS 

1 Pasture land can get mo a 
vessel tfi) .... 

4. Upper class are id condition 

for sculpture (*»' 
g What does this need for 
lira ni a? .Utst about nothing 
1 4. 3) , , 

3 Able 10 communicate, but a 
throw follows (2, 5) 

11 Crooked enthusiasts for a 
writer of farces (o, i > 

12 Run a wav arrow i4) 

13 Call half-a-dozen tu lake a seat 

^ classic transatlantic bowler 

16 Perhaps serve in upper class 
world (S) . 

IS One affected with a problem 

2D Return to the status quo in 

21 such* we*are told is Monday's 


traps 


25 Compositions without 
16) 

26 Island jumper 16) 

DOWN 

2 Little time to emp Joy a timid 
creature i5) 

2 Current aversion* to a faithful 
companion (7> 

3 Retired teacher turns up at 
Sotheby's i3. 6> 

o Secret societies can be grip- 
ping <5) 

6 Disturb the Russian exchange 
unit he left (7) 

7 Gift from the Lady of the 
Lake 19 l 

IO The piece in the middle can 
be boring (6-3) 

13 A card game for the majority 
(5-2-2) 

15 Is page one given up to 
counter intelligence? (9i 

17 Tax one has tu preserve in 
Rome (7i 

19 Tolerates but is in nain (71 


Island 


■3 pllrtisient— but he way be 21 Oukk In.Hanis I5» 

■' Pouted with Bin (7, 22 Short WIL.1 Channel 

*i 7>vu in battle (■) " 

The swluiion of lav iSuUinlav’s prize pralc will l.c published 
Kith names of winners next Saturday. 


730 

7.40 

8.10 

9.00 


England — 5.55-620 pm Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle l; 
Midlands Today (Birmingham t: 
Points West i Bristol); South Do- 
day (Southampton >-. Spotlight 
South West (Plymouth). 

BBC 2 

7.05 am Open University. 
The Role of the Nurse. 
Democracy at Work — 
Progress Report. 

Play School, 
pm Let's Go. 

Roads to Conflict. 

Knitting Fashion. 

Making Toys. 

The Object of the Exercise. 
Open University. 

Nous on 2 Headlines with 
sub-titles. 

World Chess Champion- 
ship. 

News on 2. 

Connie. 

Dos O'Connor Tonuhr. 
Premiere 2: “Travellers.” 
by Sian Banstow. 
Discoveries. 

Word for Word. 

The Price of Freedom, 
bale News on 2. 

The Old Grey Whistle Test 
' live ” from Madison 
Square Garden. New York, 
featuring Jethro Tull 
(simultaneous with Radio 1 
stereo). 

12.00 Closedown i Reading). 

LONDON 

930 am Schools Programmes. 

12.00 Mice and Mend e lion. 12.10 
pm Rainbow. 1230 At the 
Embankment with Andy Irvine. 

1.00 News plu* FT index. J.20 
Thames New s. 130 About Britain. 

2.00 After Noon. -5-235 Monday 
.Matinee: "The DeGani ones." 
starring Tony Curtis and Sidney 
Poilier. 43ii Clapperboard. 4.45 
The Tomorrow People. 3.15 
Gambit. 

5.45 News. 

6.00 Thames at 6. 

635 Help: 

635 Crossroads. 

7.00 Cooper— Just Like That! 
730 Coronation Street. 

X.OO Robin's Nest. 

830 World in Action. 

9.00 The Sand baggers. 


10.00 News. 

10.30 Monday Night Film: "The 
Looking Glass War." star- 
ring Ralph Richardson and 
Anthony Hopkins. 

1230 am Close: A landscape o? 
Germany accompanied by 
the music of Wagner. 


930 

1030 

10.50 

11.05 

13.13 


•Th: 

Ha- 

Tu-a 

b.M 


Li.'. 


All IBA Regions as London 
except at the following times:— 

ANGLIA 

12.30 pm First Steps In First Aid. X.2S 
A:i-Jn .Wws. ■ 2.00 HuUjT5»ny. 2 AS 
My .-lory Movie: Colombo. 5.15 L'nivcrsr.y 
Cbadcaae. 6.00 About An^ia. 10.30 Tbc 
P-iin Ccio/ll iDwrvijyv Danny Blaneh- 
flo-vtr. U.00 F'.-nturo Film: -Castle ol 
Evil” 5iamo* Virginia Mara. 12J0 «m 
Rdkctios. 

ATV 

12.30 am Healthy E3iins. 1.20 ATV 
r.^widesk. t 235 The Mjiukc Idols: "Tit? 
Prise nur <r! Z'-ndi" Ka.-rm* Ronald 
Co:ir*n. Mad./kinv Carroll and Douglas 
Kairba-ii's .Inr. 545 In search of . . . 
:h. Man Who Would no: Dm;. *4® ATV 
Today. 10.30 Left. Ki=h: and Centre. 
U.00 The >:•;.? A vendor-. 

BORDER 

12-33 pm Uardemos Today. *1.20 Bor- 
v Z-00 Housi parry 2.25 MaiiiKi-: 
Met In A 3»r starring Laun.no- 
vsr. j:nm? Edwards and Dirid 
Iliaaoa. S.iS Loi varsity ChaHeoae. 
Lookariund Monday. bJD Canoon 
7.00 Mr. and It:*.. DUO Pro- 
0 cry 5=j offer. 12.25 Danaor in Para- 
. 1? . 1 0 am Bord-.-r j Summary. 

CHANNEL 

1.13 pm CbanneJ LuncBmn- tii-us and 
wn»: » on Where. 2.2S The Mystery 
.'lo-,..' McCoy. 5.15 I'd tiers ■;? Cbull-.uf'.-. 
6.00 CiiAancl Xv-ars. 6.10 The Beach- 
.sorters. 10.28 Cbanne! Late News. 10J2 
"R--- 711,00 The Horror Film: "TTie 
Cars-, o: ;h« Mummy's Tom > " 12.25 am 
y v.s and •.■.•carbi.r in Frecsh fallowed by 
Cbar.n.-'. Casctlc. 

GRAMPIAN 

P.2S am Ural TVs*, mo pm Old 
Ho-i* — Wx Home. 1J9 Crjmptao Xcirs 
ii-Ji'.-n-.-i. *235 Mordar Manner: "Tlell 
Driv.-rs " sramr.s Stanley Baker and 
P..-;y Cununini. 5.15 University 
<_3j..-.:we. 6.00 Cranioian Today. 6.05 
Laver:* ar.l Shirley. 10.J0 RcEk-ciians. 
10-55 Ttw Monday F-lm: -'Funeral ui 
P-t .M" starring UWia;! Cam-:. 123 0 am 
Grampian lj-..* Xish: Headlines. 

GRANADA 

12JO om Farmhouse Kitchen. 120 Dodd. 
*2-2$ M;c.daT Mature-.-: -The Mao in th- 
Most" i-imsj Ker.nelb More. 5.10 
••5a: 's Sew. 5-15 Crossroads. 6.00 
Crjnaca fSepons. 6 JO rather Dear 

j-.rr.er. 10.J0 Mystery Hone Premiere: 
M.-Coy. 

HTY 

2i30 pm Farmhouse Kite-Son. 1.20 
r.iw. West H-iadlln-s. L25 F;-oort Wales 


li-adliiKJ. 2.00 IIuU>*- Parti. 72.25 Th 
Monday Manner: • S.-\>-ii Tounderc" 
starnit; Metrhen Luyil sod J allies 
RoL.-rtson Jmliyv. 5.15 The UitdiT*.-a 
AdV'.n-ureS of Capiutit Nemo. 5J0 Cru*- 
road r b.00 He port W’.,l. 6.22 Hepi-n 

Wales. 10J5 Th.- Mun.l.i> M.nr "The 
M.re-.narieS" M.trriu^ Red Taylor and 
K-nn-ih Mure. 

HTV C mm -Wales— As HTV Ceneral 
Se-r.iei- esecpl. 1J0-1^5 pm ivnuudau 
;,eu>-*.dlU't > Dy<1d. 2.30-22S Ilsuidden 
6.004^22 V Dv-td. 8.30-9.00 Yr WyiSnuS. 

HTV West — Ay HTV .T.-nefjf SYrrli-- 
L20-l.;0 pm Ri.iiun West Dead- 
Uses. 632-7.00 Rerun West. 

SCOTTISH 

12J0 pm FamihuiLie Klirtl-n. 135 News 
and Hoad Jt-.-oun. 12.25 Monday Film 
Ibi'iKv: 'Th.- Pnso/ter ot T.eoJa" 
surrint Ronald rr-lnun and Madeleine 
Carroll. 5.15 BaLfiT*. 530 Crossroads. 
6.00 «coil.ind Today. 635 Cnmed-.-sk. 
6J5 Father Dear Father. 10J3 Sume- 
:am= Snw^tl— ' The Mod— Presenter: 
C.orau:i Honey enmbe. 11.15 Late CalL 
13.20 air,\-u of >an train-t*co. 

SOUTHERN 

12-30 pm Farm FTosress. 1.20 Smith, rn 
Nev-i. 2.00 Housepjrty. 235 Monday 
Ma'ioee. "The- ilomei*on:iii;' a starrir^ 
Paine* a Xe.«l. 5.15 The l':id>. r~. i .idtvn- 
lur-.e uf Car-t.iui Nen:o. 530 i7.rr.s»,osUs. 
6.00 D:.v by Day. 1030 Svuihern \e-w* 
Extra. 10.35 MleJI. 11415 "Th.- Kee^aas." 

TYNE TEES 

q -25 am Tn-.- Uireil Wurd lullewcd U: 
Norh Ejii rietrs Headline*. 12J0 pm 
Davrf Xii.-ii •, World. 1.23 '."orth F.i-r 
-Ye s-s a:ld Lift'"- around 235 Kanifly. 530 
Cen.ritron Seen-.. 233 Caruon Tint-. 
3J0 Ljs,.o. 5.15 Linie-rsiy ihallenae. 
6.00 Norihem Life. 6.33 P><lKe 
tlOJO Th.- Monday Kilai. "The Sr.ral 
Sialre js>-‘* sijmn^ Dnrei.ii))- M CM Hire and 
George Sreal. 12.05 am Eptlogui.. 

ULSTER 

12J0 pm Farnihou-: Kitehon. 1.20 
LUnehMU-- 2.00 See You Mmi-Jae. t2.25 
Monday .Matinee, -•"nu- Pn-oner oi 
L,nd.i” viarr:r., Ronald Colma.t and 
David N'-ve-n. J33 V!*i, r Y.-w; Headlines. 
5 AS ilirtMon. 530 Cross road:. 6.00 R-.-purts. 
6J5 La:. -me a;rf <fti rt-.i 2030 .'.funrfay 
Mj’i* 10. SO Pho-.ourasir- m Koctu. 11.10 
lu Se-arih of . 11.35 lleiltiini. 

WESTWARD 

1237 pm i :ii- Hone; hun’-. Hinhdays. 
1230 F -irmliou,'. Kii'.hen. 1.20 Wesvaard 
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Westward Diary and sipariv De-.-k. 10.2C 
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Liic. 1230 C'usedown. 

YORKSHIRE 

12.30 pm Farrain,*. UU'look. 130 Calendar 
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RADIO 1 


24 Tm 


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7.30 .-ti'JU U- Ii ' loin, fuJM 10.62 4 chi 

P.e: '$■ -n.ludi-U :i It .Ul’l'O Tu" .a 
Comn-n *-lr.-- " lr.:m ’IjiIu-j-: Squjr. 
<..ird-u. Yurt: •» s.<iltsneou« -i n 

flEi.--' te-hT.siem. 12.00-2.02 am as 
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RADIO 2 UIHlm and YHF 

5.00 am .i f Sums- a.--. 5.02 T?-r 

"ran do: i <S- i>i.!u<iiii: «.!'■ Pjus. :rr 
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>.J7 Haellii Eutlelin aid *t U Pauv u* 
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1. *r,i a House '5> including 1.15 

De'h. 230 DaVIeJ Hanniluil -a- inchi-JiPE 
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1635 am Wrath-* r. r.W T.05 

ture -*?i. 330 Net,'. 3.05 M )rn:n4 Cc>; »'t 
i.» -.e-e>. 9.0S 7‘.r- v.'n'- ; Mom- 

tTrt'.r-;- Th BP'.-d ^jmiie •*■• v.45 lai*. 
■it, .'>*■: Mu .c 10.15 S-.aiiV.-. arj 


Ra vs thorn-.* i .oho and piano recital <Si 
11.00 North Wales Music Fesuval 19?;. 
par: :• ?.!a:h:as. Mw,r .S-. LL9S la 
bnor* <:ar<-. 1LS5 North Wales Music 
revival, tart 2. Schubert in,. 1.00 pm 
A cl' *■ M 2 BC bcscht.nie concert iS>. 

-.ar. lesser inicroationai Oman 
i" 1 j'-'/VlJ- ■' 1 Ma: in. e .’.’usicale «S-. 
3 « a=i b-isfv ‘.’■old Atrard 

■i a.j Kecorls of music b- 

ii- •..sy-ii 'S'. SA5 Tap-* oi S.lnd from 
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L.W.. i. or:;- Ircm c. i.-. . zp. 4) Xtr;.. 
C63S .v H one. 733 • Der Rtrot D. - 
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ch.-Vru-. -. 10.25 Bach and barpei- 

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3 VMF only_i.o-7.03 pm 'and 
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RADIO 4 

. „ ^r 4 ™* 330m, 285m and VHF 

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i.ousa: tor the oa--. 8M5 Air 

Richard Baker. 
10.03 -,>w< 10.05 Viii-I.ie. 1030 Daily 

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r ape;- 11-50 Aim.y-sncvmunip. 12.80 New 
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X.-t.v, ZjtS Listen tt'tlh Muih-r. 3.00 
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Stety T:me. SJ» PV- X.-w« Mo^aano. 
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N.-ai. 630 Dr. Fml&rS Cj -UkiK. 7.00 
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P- -d 11.00 1 1 in ilc al K. eJi.ni. LI. 15 

TS- !• ua-.ial Wurll T-ni.i-.hi 1130 

BBC Radio London 

206m and IM.B VHF 
S i 0 am 'S.idfrt -j 6. JO 1,'u.li Hnur 

4.00 i.o:,.|un late. 12.03 pm Call la. 2.D- 
Show ,av. 4.03 Hr, it* Him. 6 JO 

I.ei-iK S:e;i. I.I *!-.!. 7.3o ti'jck l.enduiKrj 

030 Ereak'vunai. 10.33 LMe Nunn 
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London Broadcasting 

26; m and S7.3 1TTF 

5.00 am Mhrcin--- Mu. le. 6.00 AM: nan- 

9!->y n^--.-y. .ri|..rnir>;;.in. rrav-.-l ;port. 

10.00 Fn^n rla;i * .■5how. 1.00 pm LUC 

R- pons. 3. CO 'll ore- i;M-.\ ■ D'ctuclc 
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AP.-r Slant. 9.00 N.^iisim, . loo am 
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Capital Radio 

I94n» and (»5.S VJIF 

6.00 am 'Fraham n-i- - hr^jtlini 

P'hfl e ■> . 9.03 Jlirlu'i A.:n. I 12.00 

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7.00 L-j"1‘it T.j.;.»* . > 730 AJriai. 

L'.v.-s ip. n :.in • ■: •. n.oo X «.-» "•• lir.rn.- - . 
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T.-.r *. uu Kiih: -j-. 


TENNIS BY JOHN BARRETT 


Something to shout about 
from Britain’s men 


SO AT LAST the British men 
have given us something to shout 
about. By defeating the holders. 
Australia, in the semi-final of 
this year's Davis Cup competition 
3 — 2 over tbe weekend at the 
Crystal Palace National Sports 
Centre. Paul Hutchins* well- 
balanced team have taken a slant 
leap forward. 

They have achieved more than 
3nv national side since that great 
team of the 1930s who. with Fred 
Perry and Bunny Austin in the 
van, ruled the tennis world for 
four glorious years between 1933 
and 1936. 

The fact that Australia won the 
last two singles yesterday — Tony 
Rocbe 6—3. 6—3, 6—2 against 
John Llovd, and John Alexander 
6 — 2. 6 — 3. 6 — 2 against Buster 
Mottram — was significant only in 
the manner of the British opposi- 
tion. 

Having been treated graciously 
by Neale Fraser's losing team;- at 
least it behoved them to. give of 
their best which, sad to relate, 
they did not. 

However, nothing can dim the 
heroic memory of tbe first two 
da vs. After the singles wins on 
Friday, Saturday night became 
a night to remember, a moment 
to cherish, when Mark Cox and 
David Lloyd brought down the 
1977 Wimbledon champions Ross 
Case and Geoff Masters 8-r-6, 
3 — 6. 6—4, 6-3. 4 * 

Not for 41 years has Britain 
been in the final of this interna- 
tional men’s team competition. - 
In 1937. with Perry having turned 
professional, the successful ; run 
was ended by America at Wim- 


bledon. . . . , 

Early next December Hutchins 
team will again face the U.S.. 
who completed victory over 
Sweden in Stockholm yesterday. 
But even if, as is possible, Jimmy 
Connors joins tbe successful 
squad of Vitas Gerulaitis, Stan 
Smith. Bob Lutz and Arthur 
Ashe, the task which a month 
ago might have seemed a daunt- 
ing one is no longer impossible. 

Those of us who saw the 
manner of this overwhelming win 
against Australia. believe, as tbe 
players themselves do, that any- 
thing is possible n'ow. 

The credit for this magnificent 
team effort must go chiefly to 
Hutchins and also to Roger 
-Becker, the trainer, for welding 
together four highly-individual 
and. at times, difficult characters. 


Hard to believe 


It Is hard to -believe now that 
:-back in March Buster -Mottram- — •" 
"ptir number one player who laid 
tbe foundations of:, this success 
by his mettlesome four-set victory 
over Tony Roche on the open- 
ing day— still had not -settled 
his personal differences with 
Hutchins that bad kept him out 
.of . -team competition since the 
.summer- of 1976. ; . .- I-’.. 

Three months laterhe was still 
having slanging matches ■ in 
public with David Lloyd. 

By introducing' the calming 
influence and .seasoned experi- 
ence of Cox and allowing these 
individuals frtfe expression with : 
in a WosetaiU' .but hjgbiy- 
' professional team 'organisation, 


Hutchins taught them to respect 
one another's virtues. How they 
have rewarded him. 

I don't think 1 have ever seen 
a finer performance from a 
Briton in Davis Cup play than 
John Lloyd produced on Friday 
to demolish John Alexander. 
After losing the first ten points, 
Lloyd’s racket became a mas;c 
wand that conjured pure magic 
from the ball. , . 

Poor Alexander. Rarely in tbe 
course of his ten winning Davis 
Cup rubbers from 12 appear- 
ances can be have felt so help- 
less as be watched the impossible 
happening before bis astonished 
eyes. . , . 

For 100 minutes he laboured 
vainlv to parry the quicksilver 
thrusts of a mao inspired, whose 
speed about the court, quickness 
of eye and impudent and auda- 
cious shots were almost literally 
breathtaking. _ „ _ _ 

The score, 7 — 5. 6 — fr - ?- 1 
was irrelevant. No one in the 
world would have contained him 
that day. 

■ The scenes on Saturday that 
greeted the third and decisive 
wimping rubber were heart- 
warming: a capacity British 
crowd, albeit a small one in this 
cramped stadium: the team, with 
David Llovd holding aloft a 
Union Jack, doing a lap of 
honour: and a sense of destiny 
im the air. 

' When the campaign began last 
March I thought this might be 
Britain's year. Now that I have 
yvitnessed the miracle of Crystal 
Palace, I know it is. . America 
beware.- 


SOCCER BY TREVOR BAILEY 


Not tingham Forest head 
for further successes 


NOTTINGHAM FOREST not 
only passed Leeds’ all-time 
record of 34 League matches 
without defeat on Saturday but 
they did >t wit h style aQ d 
panache when they demolished 
Wolverhampton Wanderers by 
three goals to one. 

This was a most impressive 
performance. which clearly 
demonstrated that the club is 
no one-season miracle team, con- 
jured up by the magic of the 
Brian Clough and Peter Taylor 
partnership. They have the un- 
mistakable look of a side which 
are heading towards further 
honours. 

But it is still early in the 
season, and a series of injuries 
could ruin everything. At 
present, however, only Liverpool 
whom Forest have already 
eliminated from the European 
Cup and last season robbed of 
both the League and the League 
Cup. look to be in the same 
class. 

What is especially satisfactory 
about the success of Notts Forest 
is that it has been obtained by 
attractive as well as effective 
football. Against Wolves, who 
are better than their lowly 
position in tbe table might sug- 
gest. they were a delight to 
watch and their third goal was a 
gem. something to treasure for a 
very long time. 

The elusive and’ skilful Gera- 
niill pounced on a mid-field 
eiror. slipped past three 
opponents before sliding a per- 
fectly weighted pass into space 
for Birtles to pick up a l full 


speed and shoot into the far 
corner of the net. 

For the second time, the 
“ dynamic duo " of soccer 
management has taken a strug- 
gling Midland club and turned it 
into tbe best in the land. 

In many respects, what Clough 
and Taylor have achieved at 
Nottingham is more remarkable 
than their success at Derby, 
because Forest bad become a 
footballing backwater at a time 
when financial pressures were 
making it increasingly hard for 
many professional clubs to exist. 

Several factors helped them 
to overcome these problems. 
This remarkable pair believed 
in themselves and transmitted 
the same self-confidence to their 
playeis. Their knowledge of the 
game at club level is enormous, 
especially in the vital matter of 
maximising on the available- 
talent. 


Discipline 


The football introduced at 
both Derby and Forest is based 
on doing simple things quickly 
and well, like releasing the ball 
at the right moment, ceaseless 
and intelligent running off the 
hall, retaining possession, using 
the width of the pitch and 
attacking on a broad front and 
continuing to try to put the ball 
in the opposing goal through the 
pressure of football rather than 
that of cavalry charges. 

However, the most vital reason 
has been their ability to convince 
the players of the need to accepr 
absolute discipline without com- 


plaint. This has hen made more 
palatable by Clough's personality 
and results on the field. Finally, 
they buy well and are not afraid 
to buy big, while they also sell 
shrewdly. This was shown when 
they let Withe go because Birtles 
was ready to burst on to the 
scene. 

Tbe signing of Peter Shilton 
last season has much to do with 
the impressive defence record of 
the club. None can succeed with- 
out a sound defence. So far thi<; 
season. Shilton has let in only 
nine goals in IS matches and 
last season only 18 in 37 matches 
— remarkable figures. He 
benefits from tbe covering in 
front, but his ability is a tonic 
to the whole side. He not only 
brings off same wonderful saves 
but. even more important, he 
makes fewer mistakes than any- 
body else, and that counts in a 
long campaign. 

How many more honours would 
Leeds have gained in their great 
days if Shilton in his present 
form, had been keeping goal for 
them? 

Under the effervescent genius 
of Brian Clough and the sound 
practical Taylor, Forest is a 
tonic to English football. The 
dub's pitch is perfection and in 
the short break between seasons 
It has spent some £400.000 on 
ground improvements. 

Ih addition to bringing auality 
football to Nottingham, Clough 
and Taylor ar.e now waging war 
on the hooligan section of Forest 
supporters, whose behaviour and 
language are driving people away 
from the game. 


GOLF BY BEN WRIGHT 


Horton ends his lean spell 
with Masters victory 


TO SAY that Tommy Horton of 
Royal Jersey 171, 70. 67. 71 — 
27 Pi backed into winning the 
Dunlop Masters tournament at 
St. Pierre. Chepstow, on Saturday 
sounds a trifle churlish. 

He won by one stroke over 
Australian Graham Marsh. South 
African Dale Hayes, and tbe 
extraordinary club professional 
Brian Waites of the Nottingham- 
shire. 

But the great Ben Hogan said 
many years ago that most golf 
tournaments are lost rather than 
won — and this was a case in 
point, as all but Horton of the 
overnight leaders backed off. and 
it was left for Marsh (67) Hayes 
(69) and Waites (69) to come 
through tbe field from behind to 
set an early target of four under 
par 2S0. 

Poor Brian Huggett found the 
ordeal of playing in front of his 
Welsh countrymen too much for 


his nerves, as he had wryly fore- 
cast the previous evening. 

His dual round of 75 culmi- 
nated in a disastrous two over 
par 5 at the final hole that 
plunged him into a tie for fifth 
place with the leading American 
Bob Byman. 

Horton set up bis winning 
chance with a splendid outward 
half of 33, and after a birdie at 
the 10th hole was two shots clear 
of his closest rival. But after 
dropping shots at the 12th, 13th 
and 16th holes he knew he had 
to finish with par 4, 3 to win by 
a single shot 

That he managed to do so 
after narrowly missing his birdie 
putt at the Z7th was a consider- 
able statement of character, since 
he missed the last green to the 
left, bad to pitch from hard 
ground over a bunker, and then 
hole a testing putt of ten feet 
for victory. 

Horton himself attributes his 


lean spell — he has not won since 
the Uniroyai tournament of 1976 
— entirely to his putting 
troubles, which have been in- 
creased by being captain of the 
Professional Golfers’ Associa- 
tion. 

Horton told me that he had 
first started to putt halfway 
decently when he played a few 
weeks previously alongside a 
woman professional in an exhi- 
bition match. 

He took an early Jead of 4 up 
and in order to prolong the pro- 
ceedings and deal kindly with 
his opponent he decided that, 
instead, of going through the 
elaborate ritual of studying 
every pott in minute detail he 
would hit it in the general 
vicinity of the hole. 


Almost every putt he stepped 
up to went straight in, and here, 
I think, is a secret that might 
benefit many leading profes- 
sionals. 


RACING BY DOMINIC WIGAN 


Guide is a necessity for many 


EIGHTEEN POUNDS for a near 
pocket-sized book published 
once a year is a price that might 
he expected to raise a few eye- 
brows. 

However, when that book is 
regarded as the standard work 
on its subject it is easy to under- 
stand why it is a necessity for 
many. 

The book is Tlmeform’s 
Chasers and Hurdlers which is 
again available in plenty of 
time for the new jumping season. 

It gives all the important facts 
— age. colour and sex. breeding, 
a season's form summary, the 
Timerorm Rating, a commentary 
on its racing characteristics 
plus, m many cases, suggestions 


about potential- Some of the 
most promising of Ireland's 
jumpers are included, too. 

At Newmarket on Saturday. 
Baronet took the major prize 
with a typically game effort In 
the Cambridgeshire. But the 
most eye-catching and informa- 
tive race with an eye to the 
future .was almost certainly the 
Group n Sun Chariot Stakes. 

Swiss Maid, who has made 
remarkable progress lately in 
the hands of Paul Kelleway, won 
this race with a good deal more 
in hand than the length or so 
margin might suggest and I have 
tirtic doubt that she wilf follow 
up with a fourth consecutive 
victory if brought out again this 


season. 

Although the temptation 1 
retire Swiss Maid must now b 
very real. I hope that her eoi 
sections let her take her chant 
on the racecouse as a four-yea 
old- Next year could well s« 
the good-looking daughter ( 
Welsh Pageant proving one t 
the leading middle-distant 
fillies in Europe. 


WOLVERHAMPTON 
2j 00— Carrot Patch** 
2JSO — Eight of Hearts 
3.60 — Ascot Rovale* 
3.30 — Cougar’s Surprise 
4.00— Marshal McCloud 
4L30— Warsong 





/ 





tis lean i 


VlCtOi. 


;it' 


for * 


THE PHILIPS N1700 VIDEO CASSETTE 
RECORDER. 

Our N1700 Video Cassette Recorder 
receives signals directly from your tele- 


rkther 


and vision, sp that you can tape entire 
programing 

■ • V 1 

But you’d be wrong if you thought that 

< *■ f S* ‘ _ _ __ _ * A • 


the box all evening. 

In fact, the N1700 has been designed 
especially with the selective viewer in 
mind. 

Because the trouble with beiog a selec- 
tive viewer is that sometimes you have to 
be a little too selective. 

You must know the feeling. Often, two 
excellent programmes clash and you’re 
forced to make a reluctant choice of 
channels. 

Omnibus or News at Hen. The South 
Bank Show or Match of the Day Survival 
or Reginald PerruL 

The N1700 solves the problem. 

Since it records the signals from any 
of the three channels independently of 
your television set, you can watch a pro- 


records the other for you to see later 

The only choice you have to make is 


However the advantages of the N1700 
don’t end there. 

RECORDWG AND PLAYBACK OF MATEiaAt MAY REQUWE CONSENT- SEE THE COPWBGMT ACT 1956; ALSO TTE PEWOfSOffPROTECTTON ACTS 1958 TO 1972. 


This may come as something of a 
surprise but the N1700 will also record pro- 
grammes while your television set is 
actually switched off 

So if you happen to have some people 
over the very same night that the movie 
you always wanted to see is on, don’t 
worry. 

Simply record while the set is switched 
off. And play it back at a more convenient 
time. 

And that’s the perfect cue to tell you 
about the N1700’s unique three-day clock. 

Say you went off for a long weekend 
desperately wanting to see a programme 
that appeared on the Monday. 

With the three-day clock facility you 
could set the machine precisely to record 
while you’re away. 

It will turn itself on, record the pro- 
gramme, and turn itself off (Again, while 
your set is switched off). 

Finally, of course, you can also record 
programmes directly as you watch them. 

You record them on a range of cas- 
settes up to 2 % hours long. Each of which 
can be erased and re-used. 

And the sound and colour picture 
quality are superb. 

But don’t take our word for all this. 
Visit your nearest dealer and ask for a 

demonstration. IphIupsI 


Simply years ahead 





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; The first London auction sale of coins to be held by Spink & Son 
under its own name will take place on Wednesday. J. Pearson Andrew 
traces the company’s path to the auction rooms. 


Spink’s bid to join 
London’s big three 



' . ' Financial Times Monday October 9 19 7& 

WEEK’S FiNAHClAL DIARY 


following'^ a recortToithe principal business Jjgi' 

^ate^ » -m— below ^ *5= 

mainly on last ye it's timetable. 


TODA 

COMPANY. M Err In 


Eiria S5 

Boood Pefflah. .HW tttolHm Hooke. Cmm -ti 


WEDWESPAV; O CT” 68 11 

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GrcrniStti 7MW. . Red. 10f10m| j£* 
HarnnerSJnltti 7AaDCfidS. Rod. EOnjJjSg 


■gg*,, P tBgg a, i,^KBg!i Grew Lotas Car. Lotus cars Lto- Hono Kong 

C GI iSSSw T?"** ?"**‘ K*"B* MoST WwJ PlaBUtion HouSe. *H y 0.20 

Glasoow. 11 _ *• _ ... is-is. Mincing lane. .*•«••• «. Ketmet 71 


Car, Ltd- M«h=. «™ K Vjr- Sffi 


“"« **■ “taimBiunr Sroiifc sww CtaSkuL . 

HogSTno^j. Gnat Earitam- HeM,; JSrSSr%MMwa. w* 


The Charles I silver Crown struck at Oxford during the Civil l"fK5* * m ' ■ e5££' 


.^BOARP MEETINGS 


War. It is expected to fetch £26,000 


•vaausen M,IIt »- «“« .s- 0 ricMu 


M ^B"&E^INGS-. Cor^tiO" Syndic 

Clnfllct '■ _ 


however, is the Oxford Silver bought by Spink and Son for s£ro *■ prog ^ {£S5^nd F< s?Mthciviie Tru« - Co " iwaN ?*Mi. r«. iapa 7 » 

A NUMBER of world record in September of that year, when of their own planned for the Ccow “ of Oariy 3L It is now the present vendor. JT* " u,d ‘ 

prices for coins are expected it was considered that Stanley 1978/9 season which will onoof the most famous coin. Further Spink sales this e[J , , l ^S^r : , Iw . T nm ‘ AwSSd^Fd. NSE 3 £SS^^B^Ri^fBMfty 4 t 5 ^. 

to,' be paid on Wednesday, Gibbons was Spinks’ suitor, include a number of fine ““f Enghsn silver senes, was season include an exceptional <!£££, ' - . T '3aS*kiriS»Soi»_Pffij* lnU - pSJ^c ,^ 2 foNMBd*. .nw:ai a -,.i, . 

When Spink and Son stages its The share pnee then stood at collections. T* nIS?JS? collection of the Benelux coun- K85& W“ BBS* “rrSS&i "tolre?# 79 £3*1- 

first London sale under its own 150 pence. On December 15, Spink's seller’s commission The en^Tv™ of d thL^ coiQ P was tries and France which was tgSSJS** - CBSum*!?' V General mw. 

name as coin auctioneers. The Spmk requested that dealings in will be 15 per cent, in line with iEL t l° gr ^fLis!f« ™ « C 0 I~„nrh formed on the Continent during ReeFSeeuti** j .. a«t eub _ 

name of Spink has long been the company’s shares be Sotheby’s £id Christie's. Glen- EEB th™Ist“n“ SnecSS B “ Wrt ! ' : ■ 

gsr«-jM- s=«.«r j: aSSfET^BS-^ 


*er. >V5. lall ;?Ta Heaver 3rd. * S.BTo 

UM. E-C.. ^ KeSnS 7l,pcBM. Brt. 1JJ4T79 j*,, - • 

Glllee Howe. =>=>■ l|WWB | BbocBrfs. Red 4Unc * • 

WJldorf HoujI, AldwycR- Jx-JB,*. ^SS 7 1 ^ 

ngs- tOBF 

i Fidds. M 5 uar* River Rubber 0.4B33Ss 

ato Newham 7A«cBdS- Red. 101U79 Tb 

Norfolk ShpeBte- Red. .1 BMs79 n£f 


Nortt^ Cornwall 7- , rpcB<U. Reo. 10^C.7» 


Nor Hi Shrooehlre 7«ipcBda. R«. TMdffa 

North anvatoh 7ocHd*. Red. 78-79 
NureUW ff.4PCBdi- Red. TBMJ.79 4Uor - 
P-Btos 1.SZ14*. . 


PttKa? r fWm 


eiCKiM inni.i r .„..i i nM 

Transatlantic and Genera, inn 

Weeks' Associates . ___ 


Portsmouth lOStoeBdj Red:' aiavz- tt. 
Restorm cl BjMKBcK Red. 18T4J79 
Rao.nson (Thomas) O.B6SSp . MochT^i' 
suOPtcmentarY chstrjbutlon or - djm£! 
o-a »r. ended -19771 - - 


•. W— fa As sociates E Rorturah BPrceBda. Red. _7a-4^79 4 i<b^: - : 

; Wotnbwell Foundry a™. b A vments — Sallord BwocBds. Red. 1 Ma.Tg - 

' • OIV4DENP * Red 11/10/7H. Sm*« Uofn C.l « Tldnsas 7.1 D . ■ 


~ — , f- - — J.U WUU Ail I 

hitherto been held in conjunc- Weir was 400p. auction houses, th 

tion with established auction- Weir strongly denied that it buyer’s premium. 


However, the company was the original bidder in Sep- coins increasingly have be- “Sroinhad been in three public sale for overthirty years. o^ 5 p a.. 2 -obbp w|^ unSSir. loiopcBd*. rm ^ 

announced in June this year tember. Although there were an investment medium as - A S i? n ? d . e - m r™. .Tli IS «!!Sr r: o. 6 ?s „„„ c „ suoc rainAV -."T? 


aaaouncea in dune uus year wmu«. ^ co me an investment medium as famous collection* hAfnrA it was On February 21 next year the jSS eOMSSaTtssS " : .£ 

tioneiri^inluowm We S 5® 83 bei ? 8 c ? Uect0 "’ ite ”?‘ £d rt l £££ te «7n 1«7. collection of the Rl Hon. Lord 

noneenng in its own right. clamedthztit accepted Weirs For .example, m next weeks More ^ it was in t, ie Hamilton of Dalziel is to be p - J 


loihiq 5 L,tjr , 

GaHort-Lllley Inds^ 0.6Z5 £3 AB60 FRIDAY. OCTOBER 13 

Glasoow 6>P(Bd5. Pw. . „ Msg rOMPANV MEETINGS— i • 


hprause of thp sTrom* T . ’ “ “ — ------- .more recently it was in uie u* ^ PMrfln Lan 0 m.n. sp - liSiSKSu G«.ncBds.. Red. i 

Dealers and mllectois from s ®, U arity io the Management Slfjf hv I™®'-. 0 - coUection. offered. This comp rises E nglish H(Shts*3^d' > isa&s Inv. Tst. ' Ine^ tp .. - ‘ ancBHs Rrd. 11/10(78. i 

around the world are expected of the two comoanies. of atru ? k Jy When the Lockett collection was milled silver currency corns s ^^ , Bsa Eno '° h * Eonwean tmcui^ g^ n 6 6 , iD ^ s . Red. W 1 '™^ 1 


CloUnde* rS - 11/10/78. £3.4860 COMPANY MEETINGS-^ •-" 

”*■ ■■■M < giSJS5M 6 > 0 PcBd S .. Red. 1 in 0/73. ' 

pcd. ‘mrv. Proa-' 


p^u^ViiHBrlt Rea. 11(1 Biro. imry rnra. 

& "E£22!s, (iSSdS Red. 11M0/78. £3.4860 HrttrlmS! 

±. ShS5. n d 6 fii^d S . Red. 11(10/78. B4M0 Ash and UW 


on offer at tie sSe to be he?d InfnS ®int. This is the 

in Quaglino’s, the St James's S^hrfS 0aly - specuneD known ^ have 

restaurant mid-way between h0 ‘? survived to the present day. It 

Sotheby's and Christie’s. The **“ an interes , tu,g auctum his- 

choicest coin in the collection, a November - But Wednes- tory, being sold in 1920 for a 

Charles I silver crown struck day ^ s sale represents Spinks record price of £250. When it 

at Oxford during the Civil War, real challenge to London’s was next auctioned, only ten 


is expected to be knocked down 


for about £26.000. auctioneers: Sotheby’s, Glen- £65. It is now estimated at ^ _ „ . _ . , 

ThP Wnuse nf Smnk fmmripri dinings and Christie's. £6,000. BRITAIN S . doctors are 19 per to the "higUj 

in 1666. is London^ oldest coin Patrick Finn associate direo- Also to be offered is a Triple SfpJSiS Ukel/tQ 1 d?l SdividSTfn 

dealer. It had remained a family of Spmks, insists that Unite of Charles I W1M) ^o Jg^^heart Sks and upper^cial” 

business in the truest sense of Sprnlrs aim is to become struck in Oxford in 1643. The much less likely to suffer from school, 

the word until last December. London’s leading numismatic Triple Unite, or Three Pound lung cancer, according to a “After be 

Then, however, the Spink auctioneers though he con- piece, is one of the largest gold report published today. members of 

family and its merchant cedes that it is an objective coins in the English series and However, the report published benefit from 


sold in 1956, the coin realised from Charles U to Victoria and s«»rt aiiimc*.. t».. 4 Up. ** SSaSSl g> - : ^ 

£760. Lt was more recently sold the collection is remarkable for stffwrt aaomauiord.. 4 jjp. - ' V £ 3 n Sa 6 D rth b ' dividends & iNTEPESTPAytMENri*. 

in 1974 for £20.000. when it was its range of dates and varieties. . * L ZZb USTSSMm ■ 

-- WarR HldRA. Q-S9p . . . .Wwt ow5r«hiro lO'.-peBds. Red. 11/10/78. BrtdQewalw Estarn 4 5p • 

_ -m -m • m r company meetuim!!. • ** 19 ^»uikday October 12 S , e r MSn3 B iS^4».'^«i. sj/ab'erttV.''.'' 

Dnpinrc 6 1 com ^m a e y eV.^“ & A 

lyuuurjs 17 /o iiedniuer ^ rrt .. IPJ . w^ n, "=. ^ ^^7^r Bds - 

WholOTJlj Flttlnos. Great /Eastern Motel, Dal" Elertrie I Ml. Roval Station Hotrt. Harlow ilpcBos. Red. 1 1.'Jf79'j|iW- Jlfey*" 1 
BY PAUL TAYLOR BOARD MEETINGS — I ''EfbilJ.' Pr?«e or Wale* t»"«. Birmingham. iS5trlbi?hon or 


crown struck aay ^ s 5316 „ presenrs bpinks record price of £250. When it I JF1 ft . fi t II ^ fl y ffj Hcdll lll CI un.ted Br rt ish sea. r*t.. rfj. caiinoB.st.,: biwww cmu-i «««"»""• Perry Dumwn Ta«Bds. neo.. a 4,-Bq^S^.- 
he Civil wan tort real challenge to London’s was neJt auctioned, only ten V J ^ nttm*. c«at /Hasten, r«. ira^g 

mocked down toee major exutmg com years later, it realised a mere BY PAUL TAYLOR e bS‘ard meetings— , ■■tR&wtu** wai« t.ne. Birmingham. 

Jink founded dinin§s rad Christie's. ’ EO/lOo! 1 ** D ° W estimated at BRITAIN'S doctors are 19 per to the "highly selective process HtawSd BytSpia ; . ' :;t ^Uy M "w. vSSS. a 0 ”*' , ^ "^ 7 , SSBSff >4^^^ roos 

IOUDOea . . . _ . npnt healthier than thA rp^t of that admits orirnariJv hoalthv Mtti ovol Itan Prop. *• * MTHs and Alien injjrif.. ^Winchester House, k raft Prod^oo^ o 23So. . ■* * - 

•S oldest coin ^ *obe offered is a Triple MUTSdB ^ >+. n 

lined a family 5“*5. i ^gS? 1 ^ young from heart attacks and upper social classes to medical SS^tSyMT*^ : ".V •rfeW-ood M-nr.. iss. Ham u«n. Wr« or i 


ttl r«UL IAH.UK BOARD MEETINGS— 

FMli: _ 

BRITAIN'S doctors are 19 per to the "highly selective process imwSd Etcemntn 


• T r -I.e4h MIIK tcioh House. Stannlngley. Ho^um 12 dcB44. Rc«. 9'*4b3 
Pugioy. W. York*. 3 House. J'WlBW (ThomaM l.005o , • -’JH 

. MJTls and Allen Inml.. Winchester House. Kra f t prod-ctloo- O 33So. .. -a/ 

•■•a v-S. j-*- 

■' •T^JS' Vliiood Man!.. 183. Ham Une. %8g? ° T 3,< ®- 






Bowthorpe 

. . - Cartwright (R.l 

becoming doctors, Faravll Electnmlci 
of the profession 


nrnfmrinn <^ntuff warmu 

profession Harmon rr. c.i 
high socio- l I ?*£^ r ,nr \ 


. harking. («»». ’ ’ M w LewUham l^peBds. Red. W8*i 

vewshims. High Rd.. WlUesden. N.W., Medway i2re«d*. Red. Sut/Boufi 

12 Mills & . AKeo Into). Sa ; 

BOARD MEETINGS — Ocodmitaf PrtrcVeum SI VPO*^; 

FlmN; Oocervin Deb. 3 toe \ oQq 

B.P.M. Hoiolngs _ ----* ac “ - »•- 

Dominion and General Trust . 

Photo* Me InH. 

Prectwtch Parker 


bankers Lazards accented an which is hardly likely to be was made from melted college by Dr. Robin- Murray, senior economic status, easy access to j wa»rfp^ gms* 

1 .... n- ... . — _ lantlimr i* (ha Tanila. Ir.r>.Hiln hinhlv^nanalirari moHInol ~,~,lWMtS BUkO BearTM* 


offer worth some £5m from achieved overnighL Spink plate during the Civil War. This le 1 <*“ re r ?t ^the London Institute highly-specialised medical care 0 , v ,deno & interest ir*yments_ rnterKu,-- 
Andrew Weir, the private ship- would continue to support the specimen was in the collection 3 SSSSiSKSgioh *Sfi TB'dit: * Adat VS% 




Pearl Ajiorsnct* s.esp 


R-Stmoor 4-3697P 

Rlv l•0^l*eTI atlTW?'’',*^ 
Rotherham UpcBdV Red, J4M 
Sedgwick Forhei 4o-.- V*- » 
9*erHfiA Knitting 0.4o * o'-'. ■ 
Thame* Plywood MAmHacttfree 
Thanet UpcBd.iRcd. -1 1.1-TS • 
Waiaham* 2. 3784 So .,^- 
W"*on iConnollyi I.Sp.OiKftn 
mentanr ddtnbutloa of -.Oi 
year 1977 j *. - * ■ 


ping, insurance and*" investment other London auction houses as of the Duke of Devonshire and ^There^ar? Dniv^hjte^causps ^ * • 

STr, Sained Cor r R C oom r afs°™^?s f0rit!i S b ^ d P aU “ ts “ d “« from d0 ««" «» mJS a°T" , 0 “^t2hA*^ .j'., •«.- 

00 E^ 01 ^t a stroke. Coin Room at St. James s. just over £5 It is now expected -peculiarly difficult to treat." likely to die than the general m °j£uhS»* lammu) 2 .i B f ^ 

The deal was shrouded in Sotheby^s, Glendinings and to sell for £10.000. Ur. Murray says that doctor’s population: suicide, liver disease r«> Bras., a.rzzo ’ ' 

mystery from the first rumours Christie’s have numerous sales The main coin of the sale, good health record may be due and accidents. Dr. Murray found. sSStS* “I^fk “cl V 


Ada* Electric and General Tiust 
Bronx Eng* .. . . 

Brunton* (Musselburgh) 

Debenhams 


Foster Bros. 

. HuT" f Cha rVi 0 , 1 " 0 ? r Bristol SATURDAY. OCTOBER : ‘t!*- '. jT- *T 

.Lfe Ccxxwr DIVIDEND A INTEREST PA7 ||EN»-m' - 

Martin Black P‘rh*rd* 4oc Pfd T 4ge. S<:orP*d -rwllflc-' ’ a_ 

J Metroy „ Stralhclrflc Var. Rate Red. l9&? £i*OBs; \ 

aS5s a " tf Br °° k SUNDAY. OCTOBER 1S.. -T . * 

s^c^“ PAYMENT ^ K 

DIVIDEND A INTEREST PAYMENTS — comme«*al ITnIoir Assurance Shn. M'^SW. 1 . . 

AHerdate fl'-peBos. Red. IS'479 4'/n< .A B’*oc 

AhneWk 8'-oc8d«: Red IB 4-79 4Uoc Coventry Sue Red. 1976-7B See ■ ■ • f 

American Trust 0 5Sd DeOcnhami Deb. 2',oc . - lV- > '• .* .* 

Angto Amert«»n Cnai Coron. 23 CIS - E'dridg^ Pope Lns 3'*. JJ|DC • ^ *<• 

Marti si ev giiptBdi. Red. 8'IO.SO i’iOC Huor Coron. 30rt*. • . • .j * : - 

Rwhaunr 7 ‘.ocBrts Rt-d i» 10- 79 S^dC Goode Durrant A Murray I, Joe Prt: 7 a «<‘ ■ • r 

Cardiff 8i*gcflds. Red 1B’4 79 aiipr Greater London 9'joc 1980-82 43gpcc- v ' 

Ovdebank 7%ocBd*. Red.lO lO*7B 3 ? «oe M/Hiders Soe Prf. 1.75 k . :.V 

Conolctcn 7*jOLBds. Red. 10'10T9 3%OC MrtroooHUn Water Board South tUark fc. Ur 

CwSon .F i 0-931940 Vamthah SpeDb. t'/s C . 

Cnmbnrnau'd & Kilsyth S'zpeBdS- Red. Monk* low. Trail Deb. 2UPC . ■' - 

18>4 79 4 upc Newcastle upon Tyne 9t«ocBd*. Red. ini. ' - 

Cvnon Valley B'HieBds. Red. IB/4.79 4 Iwk: 19B3 4'hk .- ” J ~ 

Dowty Z.T5&D MortrtH Deb. 7 me 

EastlelBh B'lprBd*. Red. 1 &4J79 4'*nc Norwcst Holst Ln. 3r ; pc ' • 

■mn* & Everard 30 - Scottish Agricultural Secs. TncDb. 19B0- 

Flmhrldgn 10'jocBds Red. 7'10'81 S'*oc 1983 3bPC .... 

Epson, & Ewell IIJtPCBdS. Red. 6-U/a3 9o>ithwark R^pc .Red. 1978-79 4^K — 

5 ■■ ib TriMiury 5bC-1M6-BS Jljpc - •-••. _ 

Exeter 9'uxBda. Red. 9'4f80 4HPC. Watnev Mann & Truman Deb. 3pc 

Ford I Martini l.lp Whitbread LR. S^tPC 

Francis (G. R-> 3.9Sp Wimoev (Georgei Ln. 3pc . 






The Non^ch way 

Is knowing what makes the wheels go round. 


5"ia 

Exeter 9'uxBds. Red. 9'4r80 4 'ipc 
F ord i Martini l.lp 
Francis (G. R-> 3.9Sp 


APPOINTMENTS 




This massive truck, towering above its driver, 
is one of a fleet of eighteen working round the 
clock for Derek Crouch Limited. 

The whole fleet, like other 
plant and machinery 
on the site, is insured 
with Norwich Union. 
Derek Crouch 
value the advice 
they get from 
Norwich Union’s 
local engineer David Haines 

f mm 4.L ^ — ? — l- » i . I _ • ■ i \ — f— I 


■82 / u. 






,%-p 

r '■'!%? 'VV'* 

n j# "- 1 ' 



someone who knows what makes 
the wheels go round. 

With Norwich Union 
smaller operators 
throughout the United 
Kingdom enjoy just the 
same friendly contact 
with experts. 

Whether you are concerned with plant 
and machinery or choosing a profitable life policy, 
this personal approach to insurance is charac- 
teristic of our special way of doing things; | 

the Norwich Way. 

Ask K b uT ker f NORWICH 


UNION 


Board changes at 
Watneys 



- Dr. X. H. . Button has been property division, has been 
appointed managing director appointed to the Board of lifcfc 
(operations) and Mr. J. W. Stokes Holdings. - v ; 

has been appointed managing . .. ~, 

director (trading) of WATNEYS ■ - . 

LONDON and deputy chairman of , I«r- John Whitehnro. lately i 
WATNEYS SOUTHERN. Dr. But- deputy director-general of the 
ton takes responsibility for brew- CBf has foj ^d t he Boffd of 
ing. production and distribution MITCHELL COTTS- GROUP as a 
at Mortlake, Isleworth and White- non-executive. director.-.- r 
chapel and for company personnel ... * ....... • 

policy. Mr. Stokes takes responsi- M T . . . Wrtxn 

bility for the company's tenanted , Se a brook tas been 

estate, for free trade, marketing SjEClTRlS^iiaker 

and property liaison. muuhlit/s ALh.UTKICALjinaKCT 

These appointments have been ’ 

occasioned by the appointment of ^bsidLary of Whit«roft - £r- 
previous Watneys London manag- ^ , * aa !T Cossford has bffi] 
ing director. Mr. Robin Soames as «5^“S?n d SS ,r »^ 

chairman of Watneys Southern T ^OMAS BYDER AND _ SON, Ihf 
and Watney Mann (West) in addl- e ,■ subsidiary w 

tion to retaining his chairmanship previous^ 

of Waineys London. w,tJl Alfred Herbert Groufc- 

Dr. Button was formely nroduc- + 

tion and distribution director, ^ 

Wilsons Breweiy. Manchester. er W 2^th?^piS 

Siii > renlln<' him is Mr It R . . . . operating as the ■ Texal® 

wn£al>tt.?ly production .ni *' B „7 d S? JSS 

riisfribution director, <Jara,™i Hoidin^s division of The Paper 


oismbution director, Samuel nr, , ‘ 

Webster and Sons. Halifax. Mr. J®™ 


i Stokes assiimte the depu? chair: ggg 

director. He is succeeded h? Mr ™? f “tfSE 36 i ndivl 5S 


T.R. E-Man^ formerly __deputy ^ 


managing director of Wafoe^ * Miss , 

London. ' y J va s formerly responsible Stfl 

. WPftTs retail and cash and earn 

fll - , operations. , -.1 

Mr. A. k. Slipper previously The Board is-— -Mr. M. C Thonutf 
managing director of the com- (chainnan): Miss Mansell; ® 
pany s health and chemicals divi- D. J. Attenbvrrow. managittf 
sioa has transferred to become director, Riggs Holdings C04 Iffr 

of BirdsaI T managing director 
flW^PPES tea and Eradfleld Brett Co.; WfM. Chow! 
mods division at Bournvilie. Mr. (commercial director and cod 
Clrve Thomnson is nrnmoted to pany secretary): Mr. A Gfldirfci 
managing director of the health managing director, M. Gilchris 
and chemicals division, which Co.; Mr. E. D. Golden-Hana 
.J h ® ffo i! d * , and managing director, Sheldeir 
™ Scotland Engineering Co.; Mr. F. Lewis 
rh«itJlh,i-. dd,e i on F ,asti « . «'n managing director. WPM Colon 
Cheltenham. Aerosols Inter- and Adhesives Co.; Mr. S. B 

fnn ^ aL cJl!l ck7 l e!, -7 and ‘Welling- Pickles, managing director. S 
{?" h , ", Ireland. Pickles and Co.; and Mr. R. Rea 

Dublin, and Jeyoq Overseas. dell (marketing director). Tfe 

★ new division comprises six opecai 

rLFORD has confirmed- the divisions and one servio 
appointment of Mr. John S. Fraser division, WPM Colour a® 
as chief executive and managin'' Adhesives. Sheldons Engineering 
director from November 1;- Th£ Bigg Holdings, Brad Geld 
follows the appointment of Mr. M. GUchrift. S. Pickles. W* 
T. W. Parfon as head of Ciba- Computer Sendees. WPM is- Iff . 
Geigy Agrochemicals Division, decorative products division $ 
Basle. Switzerland. Dr. Albfn rteed International. 

Knecht, currently head of. the Mr - R- Adams, managing diroe 
Ilford Lumiere Company in l r. r °I A H. Mclndosb and’Cp^ 
France; wiH succeed Mr Fraser Hh-kealdy. ‘ hus been appoint®* 
as director, marketiog, and as a Dro^ident of • the SCQTTJSF 
member of the Jlford group man- FU 7 LN 7 TURE MANUFACTURER 5 
agement. committee, also with ASSOCIATION.' - • : 

effect from November I. * 

* ■ 



£.i2S£' 


.■’’V.i'WBW 
T 1 ” .X-.-fT 


R.F.D. GROUP announce that Mr ] J ® hxi Thomson has beer 
Mr. G. B. navies, ctoef executive 


. : 


or ito pn 3 S d*as; MATERIAL RECO\^tY; accent 

has been aonointeri » Hirao« nr P? n Y. formed and financed ■ 


a a direc,or ° f ksi is ? 4 d jarw 

+ . * Corporation and Batchcioi 

tho . Robinson to recycle tin am 

, ne . toljownig appointments from domestic refuse. Mr. Thom 
Snrfr Board of son takes over from Mr. K. Dudley 

MIDLAND' BANK FRANCE SA. who lakes up his appointment aj 
Mr. Hervd de Cannoy, chairman director general of the FYWD 
of executive Board. Mr. Andre PRESERVATION RESEARCH 


Martinez, eseeutiw director and ASSOCIATION at Chipping Camp- 
general manager. Mr. Alexander L d«n on November L Mr. Thomson ■ 
Uembltx. executive director, Mr. at present marketing manager 
Konstantin von Kotze. executive the general • line group 
director. Mr. Francois Seurre Meta] Box. . r-- ' 

has been appointed company AIR WALES— CYJCRUr 'll* 

secretary. Principality’s Cardiff-based flaS; 

* carrier, announce .the appointment 

Having reached retirement age. of **“• D - s - Greenwood as 
Mr. Leonard- A. Mayhury graun mana eer-commerciaL He wflLW 


■aciftS:. 


^§3 w -' 


Kfoputy chairman, has resigned res P°nsibIe for the airline's coa* 
from the Board of L.CJ 5 HOLD- r H erriai affairs, IncRuJing man* 
INGS. He wiB continue as a nuis - ™arketinc and hndgetM7 
non-executive chairman of the con ^ n> li aud 'joins Air WafeS Ir 0 ® 


companies, within -the distribution 3 ; position on the ‘ wnj- 

division and wlU remain chairman ?? PC,al Planxiin? staff of Bnt>«. 
of Herefpcdsfitae.FufiAs.and deputy Amva JS- 

chairman of Patriot OWs, associato ■ ff _ ' 


comnanies rjf The _wroixp. Mr. Mr. Norman P. Appleton. .Mr.- , 
1 Geoffrey J. T; Richards has been David -R. Fraser, and Hr. Peter 
°f L-C-P. Home J. Woodwartf have beCTrgppomttd 
Improvements. -Mr. Stephen directors of WALKER AI© ' 
Marlcy, managing director of the STAFF (WESTERN). • 


•. ■■ - rfetub 














W»W*r VT, 


fE g£ 

>•;::• 

•; . • ft- .-..., 


-Financial Times Monday October '9 1978 

New York City Operai .. ,'.: ,( . . 


The T urk in Italy 


by WILLI AM WEAVER 

irala benefit even- __ 

voice— was .a properly sober, at- be driven home with an outsize 


K y Ki r Donald Gramm— in excellent witty point hi the test had to 
ing in® gity Opera decided to v - 


*5t7r._ 

utt-ja 


■i’t-g v* 
« *».- - 

is ■ 

-jjii-. * 


r . . 

W Vi-,. 


Hi V,- 


, KoS- s a ii n t ^ co ,, S‘ 1 °S' £ m7tiTe"“Tii‘r£"»''mo'ra"' s , oiid 

event planned obviously to raise character, the foreigner in the |} earU l>. huh not a 1 ways where 
spirits as Well as Funds-To* judge mid5t Qf a sparfcJmg, elusive th ^ authors haa intended. 

=-s.V hy the large and enthusiastic Neapolitan world* " As Prosdo- This suj-ing was really unnec 
'... audience, one would say the even- cimo, the poet-librettist who ? ar y- Andrew Porter's apt 

- " . was successful on both counts, sometimes follows, sometimes translation (suns with admirable 

Except for the Borber.Xossmi's directs ihe plot, Alan Titus sang intelligibility) caught perfectly 
operas are not often seen In New and acted wltsh. effective grace. l °e light-hearted original, but 
I', work's two opera houses. There Henry Price looked suitably fop- did not neglect the story’s wist- 

. was a Icss-than-successful present- pish and sang with plaintive ' u *> tender moments tin the role 
al,D P of a garbled Siege of charm in the less grateful role Zaida especially). The key 
lonnfJt at the Metropolitan. a few of the enamoured Nsrciso. The *° the interpretation was there, 
years back, and there have been accomplished buffo James hut Capobiaaco failed to grasp 
concert presentations of Twcredi BiUings made Don Geronio. the iL Fortunately, the Turk was 
; ‘ and Mose in' Egitto fairly henpecked husband, something always plesant to look at, thanks 
recently; but otherwise, next to more than just a -figure of fun. t0 the delicate, fragmented sets 

- • naihiag. This mounting of 11 in the small, but ingratiating a ud the elegant costumes 
1 “■ 1.7?' therefore, was a particu- part of the gypsy -Zaida, Susanne designed by John Conklin. 

weIcome addition to the Marsee sang acceptably but was Julius Rudel drew accurate. 

M . unable to indicate much of the nuanced playing from the City 

"£ ,™ e * a . r Character. Opera orchestra, though his 

• darbS who ri^r^rS^s^Sd Io tots, she— like the other interpretation made one wonder 
return^’ the audiences warmtl? members of the cast— was ham- if he is really a Rossini con- 
helpin^ create— even in the large P«tod to -Tito- Capobianco's pro- ductoi. .There were curious 
State Theater — an atmosphere of auction. Clearly the producer choices oF - tempo (the Turk’s 
intimacy, a kind of family feeling, did not believe that Rossini's entrance, preceded by a rielight- 
Stae was In radiant form. The unflagginsly inventive score and ful chorus, of oarsmen, became 

voice, which last year in The Felice RwmanTa ’urbane and un- bnfllingly lugubrious) and, often 

- merry Widow had seemed .usual libretto were enough to the sparkle 'was simply not there 
pinched and wobbly, was free sustain an evening’? entertain- Nevertheless, the opera came 

; and sore, skilfully and merrily meat. He cluttered the stage across, was enthusiastically ap- 

• overcoming every problem in with four Punchinellos, who plauded and has presumably 
Rossini's coloratura. Her FioriTIa mimed, fetched— chairs _ and won its place in the Now York 
was a huge private joke, shared tables, and unhelpfully inter- repertory. May other unfamiliar 

■■ r .' generously — but not -coarsely — ferred with the' action- No Rossini masterpieces soon follow 
with the public. singer was ever left -alone. Every it there. 






■ .'s 
: *v 


u i 

r t- 



Beverly Sflls and Donald Gramm 


Snape Mailings 



by ELIZABETH FORBES 


S': 

if-- 

'••‘i • • 

'4 

x.f- • 


T*-£--- - 


96 • 

- 


T^e-3- T 


•i-;- 

r ? 

« >.- ' 


The finals of the Benson and items on her programme, there is kovsky’s “ Again, as before, 
hedges gold award for concert little doubt that she would have alone" and Rafchmaninov’s "A 
V™®" ^£,2^ ““BS won P rize - She has technique. Dream " were exquisitely 

• -Sf™ uon ? ^fl J ^ w’nn^ rausicaUty,. .. intelligende. and phrased. But the tenor’s inter- 
SJtraJian^ sSrano ^oaSSnnd ch ?™ eenerous me^res: Her, pretative powers were not on 

. illing; Alla Ablaberdyeva, soprano 5.>!? c 7n saC,e leveI aS teciv ‘ 

from the USSR, came second, and Mo*>rt and Lujit. is tranjs- meal skilL 

Kathleen Livingstone. British formed to gold by.; the liquid Andrew Knight, on the other 
..soprano, third; fourth prize was sound of the -Russttn language, hand, uses 'a voice of limited 
won jointly by Andrew Knight, Chaikovsky’s “He^ioved roe so range to maximum effect. His 

- British baritone, and Alexei much" ideally cojtfbined emotion programmes were interestingly 

Martynov, Russian tenor. and ■ restraint * Mussorgsky’s varied and included several 

The fact that five finalists were Nursery Songs 7 illustrated her ballads by -,Loewe, whose 
selected from the last eight indi- delightful sense of humour. “ Erlkdnig" was powerfully 
' C 7 npeti 4?.^ whi,e ' ^okoflev’s settings -of dramatised and some amusing 

-5* !f a h5,t' “Ji-Ji-Jl!! P° ems b - v # nna Akhmatova dis- traditional French songs to pro- 

- Uve '^uien^ toat fiffi ? layed thfr ' m ?^ se 4 lmis si . de -7 vld ^ ^ght relief. He also 

'SlltmiS se^ed her P 6 ^ 0311 ^- Her P ,anrs ^ explored the mine of English 

- the Sits wSSeStopSerPeaS ‘• v L g71oles contributed Song more thoroughly than other 

-SSi? 5 l!J rt to jSS^SIS her sucwss - i;s; ■ , Gr Sr 

tog the winners, said that the Kathleen Livingstone cannot ac ®o™- 

verdict of the panel was unani- command the vocal opulence of pa ° M to- P ,a ycd hejpfuUy for him. 
mous. The other adjudicators these two sopranos, but she has ^ should also like to mention 
.£ &r £ Hugues Cuenod. Nina a wider stylistic range than two other singers who did not 
. B^ ka . n H N rS?u S caos ’ mns either of them. Her programmes set beyond the semi-finals; Lucy 

throughout the competition were Shen ton, Amencan soprano, was 
- Rosamund liling at 25 one of S Kil£nlly chosen (bv no means m sonie ways the most profes- 
£. e . y< l??5?f!^ 0m 5?? t0rs L_ beg ^ 1 the case generally) and -her sionally finished of all the 

fringing of Schubert. Wolf, entrants. Her preference is for 


her programme with a strongly 


of ? u ^ ceIl s Debussy and Poulenc was always modern music and some of her 
■Mad Bess. Her voice .is large, intelii^ent and appropriate to choices may not have pleased the 





hv U, Obrid^ra dC colour aD and ^dS ' “ «-SrBSrtl.-S: ‘ 

, were add^ ' iS wrlter ro^dt pi“ lst - rewdrdin? e^rience, of fh« 

Lieder by Strauss a«d Schubert The two singers who shared competition. busan Dennis, 

were sensitively interpreted, but fourth, place could not have been British soprano excelled in 
they also pointed up Miss Dung's more different in quality of voice songs by wolf and Strauss. Her 
- one 'urious defect, a lack of or attainment. Alexei Martynov voice is not large. But she uses 
clarity in enunciation. Her has a smooth, typically Russian- it with great intelligence and 
r sympathetic piaaist was David sounding voice, that he uses with her witty enunciation of the texts 
Newbold. • sensitivity. His Lieder are more was a constant joy. She was 

If Alla Ablaberdyeva had sung idiomatic than his compatriot’s ideally partnered fay Graham 
German and French, songs as hut it is Russian music that Johnson,- the other official 
'.idiomatically as the Russian shows him at his best. Chah accompanist 

Coliseum 


Covent Garden 

GoUerdammerung 

by david Murray 

The! memorable features of Brdhnhilde. and much to admire 
Saturday’s Gfttlerdummerung in it too. If the passion her pro- 
were Colin Davis’s conducting ducer pearly wants in “Zu 
and Bengt Rundgren’s laryngitis, neuen Taten ” is not a natural 
Obviously stricken, Mr. Rundgren condition for her. she rises later 
carried on bravely as Hagen; but to vengeful despair with un- 
his Watch monologue and the expected power. There were no 
murder-plot trio were ruined, complicated undertones in the 
and he had tn summon the Vas- Immolation, but she did not lack 
sals in a hoarse s otto voce. That intensity, and with Davis’s 
this sad chance did not break the closely sympathetic support and 
back of tbe evening redounds to beautiful orchestral playing 
the credit of Mr. Davis, whose something like a catharsis was 

grip OD the score was not jarred achieved- 

9&A * ■sr d 5isas ja-.-aa 

lodes a trifle tentative, especially pwrtunvtef^nSliS^SS 
the one which brings Wan, S?' nof Ster Und earlieJ Se 

to^he^eiohts- the na^liel bad conducted a resplendent 
*® *“ 5? l8h ?«£^ ,h LESlS!f! Funeral March). Ingrid Rosell’s 
from costume designs grows less per- 

from the Norns to Zu neuen ^gsive as the cycle nears its 
Taten^ and from Hagens Watch end; - Gunther's chic lounging 
to Brtinnhilde s rock-were clothes win do but Hagen’s 
masterly: unhumed, strong, ^watches of silver sequins will 
1 tailed. . . not dD either for a half-gen tle- 

Of the other principals. Jean maM at home 0r a warrio ?. The 

Cox sang Siegfried with attrac- Rhinemaidens are better as indi- 
tive ease as far as his meeting yidual characterisations (which 
with the Rhmemaidens. and then ^eir Gott^rdairmxerung scene 
tired rapidly. Jerker Arvidson invites) than as a trio; thev 
repeated bis nervy, effective rarely struck a just balance, and 
Gunther, and Helena Duse her perhaps Svoboda's awkwardly 
hoydenish Gutmne (the pro- ingenious Rhinebed is to blame, 
ducer’s notion of the character The .most remarkable aspect of 
makes little sense of her final the -huge, hanging lenses in tbe 
scene; when Wieland Wagner Gibichung palace is still what 
conjured up a similar Gutrune, they cost; was it really worth it 
he cut it). There was every rea- for a few eerie close-ups, and 
son to be grateful for Berit an occasional view of someone 
Lindholm's secure, consistent retreating upside-down ? 

Festival Hall 

Leningrad Philharmonic 

by ARTHUR JACOBS 

Strange that the Soviet Union's Concerto was Victor Tretyakov 
leading industry should bring — whose musical appeal to an 
not a note of music by any audience is reinforced by an old: 
living Soviet composer! The fashioned virtuoso demeanour, 
Leningrad Philharmonic, which the body swaying and the lock of 
ends its current British tour with hair bouncing. His richness of 
an appearance at Liverpool tone even in very high notes 
tomorrow, presented Berlioz, was one remarkable feature of 
Brahms and Chaikovsky at its the first movement; the other 
second London concert on Fri- was. that a structure which can 
day. Can it be that today's seem grim and inflexible 
officially-approved Soviet style of became warm humanised — 
musical composition would strike sentimentalised, almost. 

Western listeners as so old- ' Thus far it worked. But in 
fashioned that it is diplomatically the second movement, Mr. 
labelled; “ Not for export " ! Tretyakov's willingness to 
Hard to believe, anyway, that, “bend" the music went to 
such a young conductor as Mariss extremes, tbe end betog down- 
Jansons— no proper biography right unrhythmical. The final 
was given, but he appears to be movement made only a partial 
little over 30— should have freely recovery: a stronger sense of 
cbosen such a conservative pro- style should guide such a strong, 
gramme. More likely it was responsive technique, 
handed to him as an assignment, 
but he conducted it with splendid 
skill and fluency. The first-class 
orchestra] playing throughout 
the evening had many individual 
and convincing touches, both 
from the conductor and from his Basilica of SL Clotilde, Paris, 
dedicated musicians. gives the second .of this year’s 

It is a long time since I have ^tobrity recitals in St. Paul’s 
heard a timpanist achieve such Cathedral on Thursday, October 
an effect with such a soft attack, 12 at 6-00 pan. 
perfectly blending with the other * 
instruments instead of cutting 
through them In the exhibition- 
istic way favoured by some 
British percussionists and 
tolerated by their conductors. 

The tuba had a tone that was 
firm but light: not even affec- 
tionately could Danny Kaye have 
called it “ tubby The first horn, 
admirably delivering the famous 
solo in Chaikovsky's Fifth Sym- 
phony, exhibited a singing tone 
fwith generous vibrato) quite 
distinct from what we are 
accustomed to. 

In what we have learned to be 
Russian fashion, Mr. Jansons 
was not disposed to find agony 
or breast-beating in Chaikovsky. 

(There is a parallel, perhaps, 
with the less "tragic" way that 
the Russians perform Chekhov.) 

The end of the first movement 
was almost perfunctory. But title 
final impetus of the symphony 
was exhilarating — even. I 
should have thought, irresistible, 
but there were some in the 
audience who burst in with 
clapping at that dramatic pause 
a minute before the end. 

Berlioz’s Roman Carnival was 
even more remarkable, because 
Mr. Jansons never let it rip for 
the sake of mere orchestral show. 

Everything was crisp, controlled 
— I would almost say "delicate." 
a word I had not thought of- 
applying before to this much- 
played overture. 

The soloist in Brahms’s Violin 



A scene from ’ Solitaire * 


Sadler’s Wells 


Jean Langlais at 
St. Paul’s Cathedral 

Jean Langlais, organist at the 


Michael Corder 

by CLEMENT CRISP :V 

Any week of dancing that idea the necessary, step further sorely in need of creative gifts 
began with Grosse Fvge, that that turns it into something like his. Our classical ballet is 
choreographic cloaca -maxima, fresh and personal. so poor in choreographers that 

can but get better and so it Responsive to his score, we must make every effort to 

proved when Saturday's matinee Corder’s textures are unclut- develop and use an authentic 

at the Wells brought the first tered. clear: responsive to the new creative voice, 

performance of a first ballet, beautiful bodies be is using. Elsewhere programmes at'thp 

The choreographer tvas Michael Corder's dances ure clean in line, end of the week brought Giselle 
Corder. latterly of the Royal and enhance their interpreters — and Solitaire m sound enough 
Bullet, and I think his Rhyme i have never seen the three girls performances. Margaret Ear- 
ner Reason the most impressive better, nor the boys more happily bieri's mud-scene in Friday's 
creative debut since Kenneth stretched (Batchelor, a pure Giselle was well thought-oat; 
MacMillan's Danses Coiwertantes classic stylist, is an exceptional Judith Rowann made an impre«- 
took this same stage 23 years artist). sive, dominating Myrtha, and. I 

ago. Excessive praise? I ho-pe The work’s manner is in the enjoyed Christine Anthony s 
and believe not. main joyous. The girls are quite S^cst appearance as Berthe.. The 

Tbe comparison with Mac- defiantly elegant, like the Muses ^ ent ““n °whi eh D 3 ai ra S em bLr^ f 
Mil lan is more than arbitrary, in Apollo after a session at a Sp hunhnsr Lnds for 1 an 

Like him. Corder is a good modelling school: the two boys Sen? it ? centteS ce ba ck hn^ 
classical-. dancer with a strong -are sportive. easy__ in . Jheir 

jump; like him. he has begun prowess; and there are no mes- sta „ es of head-wobblint. decreni- 
wlth Stravinsky and uses the sages, other than the dancers' ? ud “ Solitaire Marion Tait 

Dumbarton Oaks Concerto to evident delight in well-made KarraS despite we^r- 

produce a flow of plotless dances, dances, and Corder s no less evi- ■ th ieast attracl j ve . W ig of 
alert, witty, youthfully exhuber- dent delight in making them. ^ year and ]j p bttog is 
ant and stylish and as with The style pays decent homage to f earS ome. Does no one care 
Duraces, from the very opening MacMillan and to Balanchine, 'ballets look'' 

steps of R/ipme there is a feeling both of whom Corder has under- 
of entire rightness about the stood. There are moments of 
choreography: the movement is sameness, when inexperience 
engagingly bright in impulse; forces him into repetition, but 
the quintet of dancers seem they are nothing wben contrasted 
essentially at one with the music, with the ebullience of his 
The east is from the main pagination. Wtot is s0 at t ra e- join the National Theatre’s 
Rovat Ballet troune- Deirdre tlve and so impressive about repertoire. It will open in the 
Evden ludith Howe and lenni- nor ftawon is the feeling Olivier Theatre on November 30 

Jackson Vchae! BatSr of * talent flexing its muscles, (previews November 24. 25. 27. 
and Stephen Sherriff, and Cordor taking stock of the dance 2SJM.I 

sets them dancing with a Liveli- Oself. The play, about industrial con- 

ness a shining pleasure in tbeir Michael Corder is gifted, and ilict, was written in 1907, and 
gifts’ and in the actual making he should be treasured. And was last seen in London in 1913. 
of steps, that I found irresistible, here is the rub. In July, he Michael Bryant is to appear as 
With no decor other than a stage quit the Royai Ballet to join the David Roberts and Andrew 
surprisingly well lit for the Dutch National company. In view Cruiekshank as John Anthony in 
Wells, the girls in simple of the fact that Rhyme nor a cast which includes Brenda 
dresses, the hoys in tights and Reason was first seen in Febru- Blethyn. Anthony Douse, Roger 
T shirts, Corder demonstrates ary at a choreographic work- Gartland. Glyn Grain, James 
true classical taste in using the shop, it is more than regrettable Grant. John Harding. Tamara 
danse decole, and an inventive that a bright new talent should Hinuhco. Sara Kestelman, 
willingness to take an academic be lost to the Royal organisation, and Nicholas Selby. 


Galsworthy's "Strife’ 
for Olivier Theatre 

John Galsworthy Strife is to 


i - 


ys 




•J-S— r " 



Iolanthe 

The revival of folantfte at the 
' CoJicgfjm — Thursday’s perform- 
ance was sponsored by the Mar- 
. tini International Club — is very 
properly dominated by Anne 
Collins as Queen of the Fairies. 

Majestic, regal, dignified, this 
influential fairy is played with 
such relish by Miss Collins that 
.".the usual malice injected .by 
' Gilbert into his portraits of 
middle-aged women is diluted to 
good humour and wit. If. toe 
Fairies in this production, origin- 
■ ally by Frank Hauser, now staged 
• by Hugh Halliday and Eric 
Shilling, are apt to behave like 
‘ ' the Girls of SL Trinians on a 
half-holiday, then their Queen 

- presides over them like a benevo- 
lent headmistress. 

Sally Burgess sings charmingly 

- as Phyllis, Joyce McCrlndie 
makes a gentle, attractive - 
Iolanthe. and Alan Opie. a 
sturdy Strephon, overcomes the 
disability of being a fairy from 
the waist upwards with fine 
nonchalance. But it is the 

. character .roles who have the 

"SSSwSSt^ Sw& Tomlinson, »hose niuto™, fits J»al soriritn'Je ron, f a ffl£f!E.^SLS?S5S2> 



CC — -These theraos -accept IceniUn credit 
the Box Office. 


uV- 


cards hr telephone or. at 

OPERA & BA 

COLISEUM. Cram cards Ol-bdO 5Z5B. 

Reservations 01-836 3161. 

ENGLISH NATIONAL OPERA 
Tumor. A Fri. 7.30 Iolanthe. Wed. A 
Sat. 7.30. The Seraslio. Thur. 7.30 (lost 
perl.) The Royal Hunt of the Sue. A 
brilliant and mtriflulno spectacle." F. 
Times. (Bargain prices!) 104 balcony 
U. ter all ports, an day oi pen. 


seats avail 


Alan Opie and Anne Collins 


Leonard Bwt 


vr-* 

for 


Tprrv Jenkins (Tolloller) -and the compliments lavisoea on null p rectum uy uie cmmu-vl LUC. VBWuwtnoii in uniWi,. 
K (MoiSSSSS by ttTQneS -of the Furies. IrishGnarts, Is thesmcallympstthey Job, Am as frtedonr.. 
. anotable pair of brainless Earls. Even the pair of scarlet ™?i effective. . does, the orchestra. 

Mr Caddy sings his paean to sprouting from the back of his If some of the contemporary oor the choms. . 

Britain in the days when she tunic does not impairhis dignity, references in Gilbert 9 text no Jolauthe was the first Gilbert: 
really did rule the* waves with The ' sets and longer raise a smile, the paro- aQ( i SuHivati opera ’mounted by 

splendid sincerity. As usual the designer Is acknowledged in dies of Wagner m Sullivans the then Sadler’s Wells company 
trio for the Lord Chancellor and .the programme— look, fr^b and score are M nearly 17 years ago: The English 
the Earls has to be encored. ;tnm: the^ opening scene witittpe while i one can .?} National Opera can- still be proud 


the Earls mu, "bottom of which th^ aeftoes* “and skiU of the QfX 

There m a “„, 1 2^ 0 ?fe5 r , o 5SI the unfortunate- Iolanthe ' is Rosainian first-act finale. . Hazel 
m W A ( ^n G S n !ota *^SrSfe sentence of Vfrienne oondnets viih due re 


ELIZABETH FORBES 


COVENT GARDEN. CC 240 1066 

(Gardens!] iron Credit curds 8S6 6903.1 
. THE ROYAL OKRA 

DER RING 

DCS NIBCLUNGEN 

Covent Garden Proms in assn, with 
Midland Bank. Ton't 7.30 Das Rhelngotd 
Tumor. 3.30 Die Walkure. Thur. 5.30 
Sleolried. Sat. 5.30 GStterdammerung. 
700 Stalls prom, places at £2.00 avail, 
one hr. before curta In-up. (250 of these 
lor students until 20 mins, before 
curta In-uP.) 

SADLER'S WELLS THEATRE. Rosebery 
Ave- E.C.1 . 837 1672. Last Week. 

SADLER'S WELLS 
.. ROYAL BALLET 

Ton't. 7.30 Solitaire, Giselle. Tomor.. 
Wed., Thor. 7.30 Les Patincurs. Intimate 
Letters. Grasse Fuse. Frl. 7.30. Sat. 
2.30 A 7.30 Braulllanfs. New MacMillan 
ballet called 6^ 78. Pavane. The Rake's 
Progress. 

THEATRES 

A DELPHI THEATRE. -CC. 01-836 7611. 
Evgs. 7-30. Mats. Thurs. 3.00. Sat. 4.00. 
IRENE - 

YOUR -LAST CHANCE TO SEE 

THIS GREAT MUSICAL 

IRENE 

MUST END- SATURDAY 

CREDIT CARD BOOK INGS 836 7611 

ALBERT. B36 3878. Credit card bkgs. 
B36 1074-3 from 8.30 a.m. Party rates 
Mon.. Tues.. Wad. and Fri. 7.45 p.m. 
Thurs. and Sat. 4.30 and B.oo. . 

' A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 1 

OLIVER 

-MIRACULOUS MUSICAL." Fin. Times, 
with ROY HUOD and GILLIAN BURNS. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 

ALDWYCH. BSB 6404. Into. B36 S332. 
ROYAL SHA'' E5PEARE COMPANY In 
repertoire. (No perl- ton't.. tomor. J. 

Wed. to Sat. 7.30 Red. price previews 
Middleton A Rowley's THE CHANGE- 
LING. With: AS YOU LIKE IT (next 
pert. IB Oct). David Marcer'S COUSIN 
VLADIMIR (next pert. 20 Octl. RSC 
also at THE" WAREHOUSE «eo under W> 

AMBASSADORS. CC. 01-B36 1171. 

NtgnHv at 8 . 00 . Mac Tues. 2. as 

Sat. 5.00 and 8.00. 

TONY ANHOLT. PETER CARTWRIGHT 

The Worhi -Famous Thriller 
bv ANTHONY SHAFFER , 
"Seeing the play again is In bet an 
utter and total iov." Punch. Seat Prices 
£3.00 to £5.00. Dinner and Top Price 
Scats £8.00 inc- 
FINAL WEEK 

APOLLO 01-437 2663. Evgs. 8.00. 

Mau Thursday 3.00. Saturday 5 and 8- 
. DONALD 5INDEN 

•. * Actor pf the Year. E. Standard) 

-■ "IS SUPERB.” News 01 World. 
SHUT YOUR EYES AND 

THINK OF ENGLAND 
"WICKEDLY FUNNY." Times. 

From Oct. 15 the new cast will indude 
Paul Danemaa Lana Mom*. -Dennis. 
Ramiden Hid Carmel McSharry. 

ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'5 

DIRTY LINEN 

-Hilarious ... see It." Sunday Times. 
Monday to Thursday EL; 30. Friday and 
Saturday.-, er 7.00 and. 9.15. . 

ASTORIA THEATRE. CC. Charms C«W 
. Road 734 4291. Mon.-Thifre. . 8.00 p.m. 
Frl. and Sat. 6:00- and n.JS. 

BEST MUSICAL OF THE YEAR 
. ELVIS 

EVENING STANDARD AWARD 

CAMBRIDGE. CC. BSG 6056. Mon. to 
Thus. 8.00. Frl.* Sat 5^5 and 8.30. 

. IPI TDMBf 

EXCITING BLACK AFRICAN MUSICAL 
"Puluttog MiMical." E. News. 

, Seat . Prices £2.00-£S.5O. . 

Dinner and lop- price seat £9.50 IncT. 
FOURTH .GREAT. YEAR 

CRITERION. 900 3216. CC 836. UU1>3V 
NOW IN ITS SECOND YEAR ' . 
LESLIE PWLLIPS 
■ t .ln-SIX OF ONE- 
, . . and * A HALF-DOZEN LAUGHS 

SECOND ■' HILARIOUS" YEAS) 
WW." . Sun. Tel. _ 

druRy lane. oj-»6~ ai08. Men. te 
Sat. - 6.00. Matinee We'd- A Sat. 3.00 
A. CHORUS LINE 

"A rare devastating-. Joyous astonishing- 
stunner.'' Sun. 7>mes- '3m GREAT year. 


THEATRES 


DUKE OF .YORK'S. .CC 01-836 5122. 
Mon.-Sat. Sep.' Parts.. Final Week 
BEST OF THE FRINGE 
*■ Channel 4 ” 

7 JO 

" Gross Incontinence of the 3rd Kind 
9-30 

IT'S THE CAMBRIDGE REVUE 
£2 per show: £3.50 both shows 


DUCHESS- 836 8243. Mon. to Thors. 
Evenings 8.00. FrL. Sat. 6.1 S and 9.00. 
OH! CALCUTTA! 

■'Tha nudity Is itiiMiing," l&My Mail, 
9 lb Seottr&oiwf fear. 


DUKE OF YORK'S. CC 01-836^5122 
Red. price previews from OCL 19 Mon 
U Frl. 8 p.m., Sat. 5.30 4 8-30. 
Opens No/. 1st at 8 p.m. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

A Comedy by MICHAEL FRAYN 

FORTUNE. 83S 223B. Eves. 8. Thurs. 3. 
Saturday 5 and B. 

Muriel Pavlow as miss MARPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK THEATRE. CC 01-836 4601. 
Evgs. 8.00.- Wed. 3.00. SaL SJO. 8.30. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
in HAROLD PINTER'S 

THE HOMECOMING 

"NOT TO BE MISSED." The Times. 
LAST 2 WEEKS. SEASON MUST END 
OCTOBER 21 st 

GARRICK. CC. 01-836 4601. Previews 
Oct. 24 A 25. B.OO. Open Ocr. 26 at 7.00 
DENIS QUILLEY In IRA LEVIN'S 
DEATH TRAP 

A New Thriller Dir. by 
MICHAEL BLAKEMORE 

GLOBE THEATRE. 01-437 1592. 

Evgs. B.1S. Wed. 3 00 Sat. 6.00. 8.40. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHJTROW 

ALAN AYCKBOURN'S New Comedv 
TEN TIMES TABLE 

“This must be the happiest laughter 
maker In London." D Tel. "An irresist- 
ibly .enjoyable evening." Sunday Times. 

GREENWICH THEATRE. 01-858 7735. 
Prev. Oct. 16. B.OO. Opens Oct. 19. 7.00 
Sub. evgs. 8.0. Mat. Sots. 2.30 

AN AUDIENCE CALLED EDOjOARD 
by David Ppwnall 

GREENWICH THEATRE. 01-858 7755. 
Previews Oct. 24 A 25. 8.00. Opens 
Oct- 26. at 7.00 

DENIS QUILLEY in IRA LEVIN'S 
DEATH TRAP 

A Now Thriller Dir. bv 
MICHAEL BLAKEMORE 

HAY MARKET. 01-930 9832. Opens 

Tnt. 7 . 00 . Sum. 8 . 0 a. Mats. Wed. 

2-30- Sats. 4.30 and B.OO. 

- GERALDINE McEWEN 

CLIVE FRANCIS 
. NIGEL STOCK . 

PETER PAUL 

BOWLES HARDWICK 

and FENELLA FIELDING In 

LOOK AFTER LULU 
by NOEL COWARD 
with CARY RAYMOND 

HER MAJESTY'S. CC. 01-930 6606. 
Evgs. B.OO. Matinees Thurs. ana Sat. 3.00- 
'• INSTANT ENCHANTMENT.*' Observer. 

THE MATCHMAKER 

A Comedy bv Thornton Wilder. " It. goes 
down with a deserved roar o( deltant." 
□. Id. For a limited season until Oct- T4. 

■■ Hello Dolly to men to have you. back." 
Daily MalL " A Masterpiece." Times. 

" The man who wanted a a lass el bubbly 
and loopin' show must have had lust 
this In mind." D. Tc> 

KING'S ROAD THEATRE. 01-352 7488. 
Mon. to Thurs. 9.00. Frl.j Sat. 7.30. 9.30. 
THE ROCKY HORROR- SHOW 

DON'T DREAM IT. 5E£ IT- 

LYRIC THEATRE. 01-437 3686. Ev«. 84)0. 
Mat. Thurs. 3.00. Sat. S.OO- and. 8.30. 
JOAN FRANK 

PLOWRIGHT F|LUMENA . FINLAY 

by Eduardo Fllllpoa 

Directed by FRANCO ZEFFERELLI 
" TOTAL TRIUMPH." • E. ■ Nnn. " AjN 
EVENT TO TREASURE.' 1 □. Mir,, "MAY 
IT FILL THE LYRIC FOR A HUNDRED- 
YEARS." Sunday Times, 

MAYFAIR. 629 3036. Ew: 8.00. Snt. 5 JO 
and 8-30. Wed. Mats. 3.00 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S . 

UNDER' MILK WOOD 

mermaid Theatre is closed for 

RECONSTRUCTION. RE-OpENING 1980. 

NATIONAL THEATRE.- . ,928 2252. 
OLiviCR (open stage): Tonight & 
Tomorrow 7.30 MACBETH. 

LYTTELTON (proscenium stage): Tonight 
7X5 PLENTY new play by David Hare. 
Tomor. 7.45 Plunder. 

COTTESLOE (anwlf- auditorium): -Ev« 8 
until Oct. Z1 AMERICAN -BUERALO by 
David Mamet. 

Many excellent cheap seam ail 3 theatre# 
day of pert. . Car nark. Restaurant 928 
2033- Credit card trims. 928 3052. 


OPEN SPACE. 3B7 6069- „ Hrtppj CMt 
Tape and Emlgaaia Bv BECKETT. Oct IB- 
29. Prwv. Oct. 7 7 MB p.ra. 


THEATRES 

OLD VIC. • • 92S 7616. 

PROSPECT AT THE OLD VIC 
THE LADY'S NOT .FOR BURNING 
Derek Jacobi "easy and in MJe authority." 

E. Standard. Eileen Atkins " rjtfotmg 
physical auldkv.'- Financial Times. “ A . 
gem of a pertonpance Irom Robert |TH. UPSTAIRS. 730 2554. Ends. Sat. 
tdPison . . . Micfud Dcnuon. John! Evs. 7.30 Lumicre a Son in NIGHTFALL 


THEATRES 

TALK OF THE TOWN. CC. 01-734 S031. 
A' r.condll (oruMi. From B.OO. Dining. 
□ancinB 9 30 SUPERB REVUE 
RAZZLE DAZZLE 
AT 11.00 PETER GORDENG 


Savidenc and Bremer Bruce-- scoop up 
the laughs." Guardian. 

Today. Tues.T.30 • 

Derek Jacobi in IVANOV 
Chekhov's comedy with Clive Arrindeli. 
Brenda Bruce, Michael Denison. Louise 
Purnell, John Savioent. Jane WymarL. 
" jaconi's triumph. ' D. Telegraph. 
Wed.. Thurs.. Fri. 7.30. 

TWELFTH NIGHT _ 

Eileen Atkins "a superb Viola.” The 
Times. Robert Eadison “ brilliant 
Feste." Guardian. 

Sat 230 4 7.30. 


by David Gale. 


PALACE. CC. 01-437 6834. 

Mon .-Thur. S.OO. Fri. and Sat. 6.00 and 
8.40 

JESUS CHRIST SUPERSTAR 

by Tim Rice ann Andrew Llovd-Webber. 

PALLADIUM. 01.-437 7373. 

Opening Dec. 20 lor a seaion 
DANNY LA RUE .. . 
at '■ Merry Widow Twankc-v >n 
• ALADDIN _ 

ALFRED MARKS as Ebcnwer 

Dilvs WATLING. Brian MARSHALL 
an* WAYNE SLEE 

BOX OFFICE NOW OPEN 

PHOENIX. 01-636 2294. Evenings 8.15. 
Mats. Wed. 3.00- Sat. 6.0 B-40. 

■'TIM BROOK E-TAYLOR. _ GRAEME 

GARDEN make, us Mart. Daily Mall. 
THE UNVARNISHED TRUTH 

The Hit Comedy by ’R wee Rreon. 

*' LAUGH. WHY I THOUGHT 1 WOULD 
HAVE WED." Sunday Times. "SHEER 
DELIGHT. '•' Exp. SraiKfard. -'GLORIOUS 
CONTINUOUS LAUGHTER." Times. 

PICCADILLY. From 8-30 a.m. 437*506. 
Credit Cards 636 1071. Mon.-Thurs. B.O. 
Friday S Saturday 5.00. 8.15 Alr-W"d. 

Dorn 1 mating with, unfettered l!»,s» and 
humour, the BROADWAY STAR. D. kxp 
SYLVIA MU-6S 

Tower ! dh performance. ’ Oally Mail. 

b,«5!f» E L,AMS Tinua 
•■Works like magic. " Financial Time. 
" There has hardly been a more satlslvlno 
evening In the West EmJ ■ • ‘ h ?. 

COMIC WRITING IN LONDON. Oto. 
■'Sex rurmlno Tike »n electric current. 
F.T. SEASON ENDS NOV. 18. 

PRINCE EDWARD. CC. 01-437 6877. 
Evenings -B.OO. • Matinees Thursdays and 
Saturdays at 3.00 

bv Tim Rice and Andrew Lloyd-Webber. 
Directed by Harold Prince 

QUEEN'S. CC.-. 01-734 1166. 

EvM- 8-00. Wed. 3. dO. Sat. 5.00. B.30. 
ROY DOTH ICE. GEORGE CHA KIR IS. 
RICHARD VERNON. JAMES VfLl/ERS 
THE PASSION OF DRACUIJL 
'■DAZZLING.'' Stand- "HIDEOUSLY 
ENJOYABLE AND GENUINE TERROR. 

S. Times. ’ GOOD CLEAN GORY FUN.’ 
S. Mir. "MOST SCENICALLY SPEC- 
TACULAR. SHOW IN TOWN." Punch. 

RAYMOND REVUE BAR. CC. 01-734 1 593. 
At 7 pm. 9 pm. ’ll. pm. Owns Suns. 
PAUL RAYMOND presents 

THE FESTIVAL- OF EROTICA 

Fully al r-epiWi'lon-"* 

■21st SENSATIONAL YEAR 

REGENT 1 Oxford Circuit. 01-63^ WfZ-s. 
Evgs. B.30. Mats. Fri'- and . Sat. 6.0D. 
TAKE THE FAMILY TO 

THE- GREAT AMERICAN 
• _ BACKSTAGE MUSICAL 
"A time lerfM.” Financin' Times. 
Smart, swell-show." 3n*lv Eauress. 

" So enloyablc." Sundav TIrih. 

“ Lyrics have- more rtiwiice 
than thcHe .lor EVITA. 

. . Music itibrc bile _ 

than that of ANNIE " — Sunday Telegraoh. 
Credit Card Book Infts — seals Irom £2- 

ROYAL court;. 736 1745. Alr-remf 
Evenings ai fl.OO. Sat 5 do and 8.3D. 
NICOl WILLIAMSON 
" A vlrtupso pertonnance." D. Tel. 
INADMISSIBLE EVIDENCE 
“This Is one of the few great olars of 
the Cenhirr."' D- Mail. • 

ROYALTY. CC. QV-405 FD04. 

Mordar-Thursdav evrnings tQD. Frirf^y 
5.30 and 8.45- Saturday 3 OD -and 8.00. 

London Crltlrt Vrle. 

BUPRLING BROWN F'.'GAR" 

_ Rest Muslral tsf .1977 

Tel. bookinos-acceotpa..- - Malor. credit 
c»Fd|, Restaurant reserval'ons 01-405 
2.118. • 

SAVOY THKATRC. .' 01-836 8888. 

Credit C3"d^ 7T4 a. 77 ‘ 2 . Tom ■ Tnntt in 
WHOFE XlPf’lS iT ANYWnv 

A MOM C NTWJS .PLAY. « URGE YOU 
TO SEE 'ITT' Guanll* n - 
Ew». at B.OO. JFrL A SaL5 *5 and 8.45 

SHAFTYSBUBY, CC. J . Rl-ftSfi 

01.816 42BS. -Evg*r -it B.1S. M>tlneei 
. Thursday .-simi 5 n P 8.30. 

. TERENCE STAMP In 

EDWARD GriPEY-S 

D«ACU> A 

With DEREK nODFPEY 

STRAND. 01-838 - 2660.' Ev-nlnos B." 1 ' 
.Mat. Thu« 3.nn. s.»^.-v?o and 8.30. 

NO «*"Y PLPACe 

WE’RE RBIYI5H „ 
LrilVnON-S 'pY^TT .AIIGM— 

OWTR -3.000 PERtoPMANCFP 

ST. MARTI IK. CC. - 01-836 1443. 

Evhs. 0.00., Matinees Tues. 2.45. Sat s. 

_ 5.00 and 8.00 

AGATHA CHRISTIE'S 
_ _ THE MOUSETRAP 

WORLD'S LONGEST- EVER RUN 

2«fl I YEAR. 


VAUDEVILLE 1 . BS6 093B. Eves. 8.00. 
AN EVENING WITH DAVE ALLEN 
"LAUGHTER ON A CONSTANT BOIL." 
The Times. 

LIMITED SEASON until Dec. 2. 


VICTORIA PALACE. 

828 4735-6. 834 1 37 7. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evgs. 7. 3D. Mats Wed and Sat. 2.45. 
•' BLOCK BUSTING — 

SMASH HIT MUSICAL." D. Mad. 


WAREHOUSE. Donmar Theatre. Covcnt 
Garden. 836 6608. Rov.il Shakespeare 
Company- Toni. 8.00 PLAYREADING — 
WHO NEEDS ENEMIES by John Hale. 
All seab 5Qp. 


WESTMINSTER THEATRE. 83d 0283. 
RICE & WEBBER’S "Jaseph and the 
Amazing Tcchnlcoor Dieamcoat." With 
PAUL JONES. Twice Dally. Opens Nov. 
27. Tickets: £2. £3, £d. Book NOW. 


WHITEHALL. CC. 01-930 6692-7765. 
Evgs. 8.30. Frl. and Sat. 6.4 5 and 9.00. 
Paul Raymond presents the Sensational 
Sex Revue of the Century 
DEEP THROAT 
Bth GREAT MONTH 


'•INDViLL THEATRE. CC. 01-437 6312. 
Twice Nightly 8.00 ana 10.00. 
5unday 6.00 and 8.0 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Takes IO unprecedented llmils what is 
permissible on our stage.” Er. News. 
THIRD GREAT YEAR. 


WYNDHAM'S. 01.616 3028. CC. 

BLgs. 836 1071 Irom 8.30 a.m. Mon. 
Thurs. B.OO. F'i and Sai. 5.1 5 and 8.30. 
” ENORMOUSLY RICH 
VERY FUNNY. Evening News 
Mary O'Mylley's sma*h-hl! comedy 
ONCE A CATHOLIC 

" Supereme comedv on sex and religion.” 
Dallv felearach. 

“MAKES YOU S L 4AK E WITH 
LAUGHTER ” Guardian. 


YOUNG VIC. 92B 6363. Thur.. Frl.. Bar. 
7.30 RICHARD III. part cl Shakespeare 
trilogy ACTION MAN 


YOUNG VIC STUDIO 926 6263. From 
Oct. IB Young V.e Co. in Terence Greer's 

BALLROOM. 


CINEMAS 

ABC 1 a 2, Shaltcsburv Ave. 836 8661. 
Sen. Perfs. ALL SEATS BKBLE. 

1: THE BIG 5LEEP lAAl. Wk. & Sun.: 
2.00. 5.15. 8.15. 

2: DRIVER I'A). Wlc. A Sun. 2 00. S.I5. 
8.15. 


CAMDEN PLAZA (Opp. Camden Town 
Tubei. {M— 136 2443 The Bob Dylan 
film RENALDO & CLARA lAS with 
Bob Dylan A Joan Baez. In 4 track. 
stern. Preps. 5. SO 7.30 dnilv- 
CLASSIC 1. 2, 3. 4. Oxford Street (opp. 
Tottenham Court Rd. tubei. 636 0310. 
U and A Press. Children half-price. 

1. THE DRIVER (A). Progs.. 2.05. 4.15. 
6.30. 8.40. -5pcr.ial Matinee. All seats 
£1.00. - THE SILENT WITNESS (A>. 
Pi-ags. 11.00. 12.00, 1.00. 

2. Mel Brooks's HIGH ANXIETY (AJ. 
Proos. IJO. 3.S5. 6.15, 8.35. 

Z. THE TURNING POINT |AJ. Progs. 
1.05. 3.30. 6.00. 6.30. 


4. HEAVEN CAN WAIT lAl. 
1.40. 3-55. 6.15. 8 35. 


Progs. 


CURZGN, Curzon Street W.7 499 3737. 
YVES MONTANO. CATHERINE 
DENEUVE In Le SAUVAGE lAi. lEngllsh 
subtitles*. Proas, at 2 0 mot Sun. I. 4.05. 
6 IS and 6.30. Last 2 weeks. 


LEICESTER SQUARE THEATRE (930 5252) 
Kirk Douglas in a Brian De Palma Mm 
THE FURY fX). See. Peris. Wk. 1 CO. 
4.30. 0.10. Sun. 3 30. 7.4S. Seats bkbic. 
lor Evening Pert. Mon.. Fri. & all Peris. 
Sat. A Sun. 


ODEON. Hay market- (930 2738, '277 1.J 
MIDNIGHT EXPRESS (X). Sep. prtMt. 
Dty. St 2.30 S 30. 8.30 pm. All seats 
bkWe. 


ODEON. Lekwter Sauare. (030 6111.) 
THE CHEAP DETECTIVE (At. See. Progs. 
Dly. Doors open 2.00. 4.45. 7.45. 


ODEON. Marble Arch. (723 201112.) 
CLOSE ENCOUNTERS OF THE THIRD 
KIND lA). Sep. progs, doors open Mon.. 
Frl. 2.00. 7 30. Sat. 1.05. 4.15. 7.45. 
Sun. 3-00. 7 30. All seats bfcble. 


PRINCE CHARLES. Lelc So. 01-437 8181 
Walertan Boroncsvk's 
THE BEAST iLondon Xi 
Sec. Peris. Dly unc. Sun.i 12 ao. 3 . 10 . 
S.55. 8.3S. Late show Nightly 11.15. 
Sean Bkble. Lie d Bar. 


STUDIO 4. Oxford Circus. 01-437 3300. 
Jill Clavburgti. Alan Bites in Paul 
Maurekv's AN UNMARRIED WOMAN 
IX). Prog*. 1 OS. 3.30, 6 .Q 0 t a . 35 _ 
Law Show Sat. 10 50. 



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fINANCIAL TIMES 

^BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
telegrams: Flnantixno, London PS4. Telex: 888341/2, S838S7 
Telephone: 01-248 8006 

Monday October 9 197S 


via 


The Stock 


Financial Times Monday OctoBer * 3978-; 



to defend its rule book 

by NICHOLAS COLCHESTER and RICHARD LAMBERT 






•w 


~ V-F N OCTOBER 17 the * — * — — 

~n II Council of the Stock 

U H — * | T4% ^ Exchange will meet to 

■ •* £ • Ilf Ifl ft B decide whether and how to de- 

J H I am. I fend the Stock Exchange's well- 

T~’ B~ established ways against the 

"*ir Office of Fair Trading in the 

WHATEVER ELSE may be quences. The first is that the Restrictive Practices Court, This 
said about the Labour Party five per cent target becomes decision will dictate how the 
inference in Blackpool last 1,1 uch less important than it Exchange’s management spends 
week ar ipast ir fanpri nvpn if was - ***• Callaghan wants to much of its time over the next 
' 11 1; rtIt .; +h : , achieve wage restraint through three years. Whatever the de- 

jt-.djd not resolve. the central a ^j^ure 0 f incomes and cision, it will lead to significant 
guesuons of incomes policy monetary policy. Yet the more changes In the rules under 
and inflation. Resolution was the five per cent figure is ex- which British securities are 
perhaps impossible, but it ceded, the more monetary policy traded. 

would be a mistake to assume will have to be strengthened. It is odds-on that the Ex- 
that Mr. James Callaghan, the There will be a change in the change is already bound in- 
Prime Minister, has returned m *- - t . . . . exorably for diis court hearing 

^ The case for taking Britain at the turn of the decade, fol- 

from the s-easidi. a totally int0 the new European lowing a count-down tentatively 
defeated man. Monetary System also becomes listed in the inset. There is. 

Indeed there was one sense stronger. .Almost any scheme however, a small chance that 
in which the conference that helps to exert discipline the Council will decide, at this 
achieved a result beyond its at home at a time when union late hour, to try and persuade 

wildest nightmares. The 5 demands are running high is the Government that its trial 

per cent pay policy was likely to be welcomed in under the Restrictive Practices 
rejected by a majority of more Downing Street Participation in legislation is not in the national 
than two to one. but Mr. the EMS indeed could be the interest. It might seek trial by 
Callaghan's determination to external prop to the counter- a different process, or at least a 
keep down the rate of inflation inflation policy. Yet, even with- reprieve until it has condensed 
apparently lives on and may out Europe, there is a case for and revised the restrictive prac- 
eren have become stronger, seeking to maintain the value tins — rules — which it will 
- . of the pound. Industry will have attempt to defend. 

Monetarism to be told that it cannot be Having registered its rule 

The Prime Minister told the compensated for high wage book, as it was bound to do ^ Nicholas Goodisoo, Chair- 

conference on Tuesday — and settlements by competitive once the Restrictive Trade mun of the Stock Exchange 

repeated the message on devaluations. It would be Practices Acts were extended 

television later in the week — foolish to imagine that these to include services. the — — 

that if the five per cent policy is Noughts have not occurred to Exchange became guilty until 

broken and inflation becins to Mr. Callaghan. proved innocent. To establish quality of securities quoted on 


THE COUNT-DOWN TO THE COURT 


1973— The Fair Trading Act indades a provision for the registration 
of restrictive practices in the service sector. 

1976— The Restrictive Trade Practices Legislation is formally changed 
to make regi s tration of such practices in the service Industry 
necessary. 

1977 April — The Stock Exchange Rule Book, which defines hour British 
securities are listed and traded, is registered with the Office of Fair 
-Trading. 

1977- 1978— The OFT spends. 18 months considering tins ruIebook-Jn 
an exploratory stage. The Stock Exchange undertakes- to make its 
attitude plain by the end of October. If It then refuses to abandon' 
its rules, and fails to avoid or delay the process, an appearance before 
the Restrictive practices Court becomes inevitable and the -rest of 
this time table is triggered. 

1978 November/December — The Stock Exchange gets- together with 
the OFT to decide the programme of the investigation. 

1979 Spring — The Stock Exchange's lawyers explain to the OFT. -file 
broad outlines of the SPs defence. 

1979 Summer— The OFT replies in general terms. 

1979 Summer — Autumn. 1980— The two sides exchange increasingly 

involved arguments going into the SC’s affairs in detail? the- profit- 
ability of its membership, its role in the' economy, the effect o# 
changing the rule book on the primary and secondary markets for 
securities. - 

1980 October-March 1981 — A Restrictive Practices Court bear- 

ing begins, which could last between 8 and 10 w ee ks. The proceed- 
ings become formally "public" for the first time Both, sides call 
witnesses from among City experts and market users. The ruf h 
tried by a iudge together with a panel of assessors chosen by the 
Lord Chancellor. • • *• •C' ' 



- - that a system of “group qm^ 
nation” of these Commiggfet. 
rates will be established. 

SE might use the newly 
lished Council for the. Serial 
ties Industry as a -fortunes 
which the SE and its users’-^ 
agreed on a fair scale, of era 
missions. Prices would uotvjl 
, individually negotiated, but* 
least they would be fixed im 
the approval of all groups. ^ 

. The rule book of the Stifef ^ 
Exchange Is being 
. down, to pocket-book size-Jftigf 
something- that 

j a telephone t^fectory. ^ 


broken and inflation begins to Mr. LaJlaghan. 

rise in consequence, the Gov- » ... 

eminent “will take offsetting irresponsible 

action . . . through monetary and There are consequences, too, 

fiscal measures.” Lest there be for the Tories meetin° in 


stood them, there is a tendency ^ a °our. equally it would be ^ve.” mentions 17 restrictions. commissions-^ preserve compensation fund would be 
to believe that Mr. Callaghan irresponsible far Mrs. Thatcher Eight of .these are facets of the si °S lc capacity and the compen- unworkable if brokers were 
will neither wish nor dare to to say, as she has sometimes two key restT jctive practices 0 f 531100 fund - entitled to “price themselves 

w ’52 the Exchange practice which TVT rt t fami* in 0U L° £ 


conference op Tuesday— and settlements b y coW.tiee °nce <he Restrictive Trede T^*^***^' aJJZT “* ■ * P * of a— or, e«»™ n, the ' 

repeated thr> message on devaluations. It would be Practices Acts were extended 8 matang in the. secirotres-^ 

television later in the week foolish to imagine that these to include services, the — : 1 : ; — v- 1 - . — : — ! - British industry a, loss-maid^: 

that if the five per cent policy is thoughts have not occurred to Exchange became guilty until ■ business. Jobbers raiufatyMc. ■ 

broken and inflation be°ins to Mr. Callaghan. proved innocent. To establish quality of securities quoted on “voluntary” standards adopted users of the services specific triggered off a dramatic contrae- it 'today because they are :lste 

rise in consequence, the Gov- , ... its innocence its must either the Exchange. The rest of the by members and applied to and substantial benefits and tion in the broking fraternity, tained by the Gilts market ft . 

erhment “will take offsetting Irresponsible abandon the rules that qualify restrictions are rather loosely securities become, in effect, advantages.” The third is -that is Invariably cited as a vague by the fruits of ' diversification 

action . . . through monetary and There are consequences too as restrictions or satisfy the connected “ club rules,” some binding. A diffuse market, the “the restriction is reasonably example of what could happen Today the British swurito 

fiscal measures.” Lest there be for the Tories meeting in Coun 0,31 these rules will pass patently obsolete,- through Exchange argues, cannot be required for tbe maintenance of in London. Most institutions market place has only a handfij , 

any doubt about what that Brighton this week. Ton- think- fhrough “gateways" which which the Exchange controls self-regulated. another restriction found, not to want to preserve the protections, of stalls, a disproportwririt 

means, he went on to spell it in^on incomes oolicv in thp" define them as being in the the activities of its member- The second and third pillars, be contrary to the - public provided by the jobber/broker number of agents, and a dsrinfi - ~ 

out in his Blackpool speech. A pa^ vear or two has veered P ublic interest. ship. tbe listing requirement and the interest” split by the compensation fund, ing number of customers. 

decision to reduce the level of between the aooroach reierted At this sta § e ^ 0FT does The " ub of ^ St0 ? k rom P en sation fund, need no Although the restrictions and by the existing regulatory Viewed in this rather gtwnj 

monetary expansion, he said, j,v the unions this summer a QQt have to do much thinking: Exchange's • arguments in explanation. The fourth — bound up with self-regulation system. light the OFT presents'-' fik 

“will have an impact on com- jJ nd of German stvie eonrert^d it is for the Exchange to defend defending these rules is that minimum commissions— needs might be coaxed through these There is, however, a strong management of the SE ■wiik’if 

pahies’ liquidity— indirect, not acr i nrT wifh th* rather than for the OFT to they are the necessary ingredi- some elegant argument from gateways there are- other roles, feeling among some insurance opportunity as well as a tfimik 

obvious, but it will be there. It setf .; n „ , norm - attack. But the OFT is already ents of self-regulation. It claims the SE to bind them inextric- in the list sent round by the and pension funds that With In normal times the 
will have an impact on the level monetarism and » c ;rt , gathering ammunition for the that the four pillars of a self- ably to self-regulation. The OFT, which could well prove today's commissions they are change is slowed by the nee&tr**^’ 
of wages they can pay. It will _ PT t ;._ p aua .. a H V]r r ia arguments which will come regulated market are: single basic thrust of this is that harder to defend. Why. for paying for a wastefully large establish a consensus 
have an impact on the number trirj 1 . cn 'lfY lv ® Dar ' later. It has sent a circular capacity — to ensure that the experience has shown that example, should SE .members broking fraternity and for an Council whose members maki 

of employees they can take on ^ n - .7 s . °’ V tiie letter to users of the Stock iDvestor P 3 ^ 5 a - fair Stock single capacity is unenforceable have to seek SE permission to unnecessary quantity of re- their profits in a variety o 

their books, or keep on their r" 1 " 5 ' r- ls ‘™ pona ^ t nnw t0 Exchange asking them to com- Exchange price for securities; unless agency fees are fixed, diversify? Why should there, in search. Some would like to see traditional ways. Constraihei.. *- 

books.” t^° W -° ere p p slands - ment upon the SE's restrictive the listing requirement— to pre- Jobbers conid effectively deal effect, be a “ black list ” of per- commissions “ unbundled.” This by, but also cocooned within ' - ' w 

It is less than dear how far ine ^ter all, are no prac tjces. The letter lists the serve quality of securities: with the public by paying sons with whom SE members would mean that a fixed scale of the ring of Foreign Exchangi 

those words have yet sunk in. niore 1 ^ y t0 accept ‘he Ger- restrictions which the a ” compensation fund ” — to brokers nominal fees to pass are not allowed to trade? Why minimum commission would be Controls, the Exchange has bea . 

Even among those trades union °* an m ^ del hnder the Tories Exchange will have to defend. P T0 ^ ec t the investor from the bargains through. In addition, may not brokers ‘establish preserved for dealing and for unable to sustain Itself as tb 

leaders who may have under- “* ey have been under The list, which is “not exhaus- collapse of a and there is the argument that the branch offices without the con- settlement, but that extra ser- international service busines 

stood them, there is a tendency Labour. Equally it would be jj ve> .. me ntj ons jy restrictions. 6x8(3 commissions— tn preserve compensation fund would be sent of the Council, or supply vices, notably research, would it once was. The challenge fron - 

to believe that Mr. Callaghan irresponsible for Mrs. Thatcher 0 f these are facets of the sin ? lc opacity and the compen- unworkable if brokers were valuation services except .in -be paid for on a fee basis. the OFT presents the manage 

will neither wish nor dare to h? sa - v * as she has sometimes two key restTI - ct i ve practices of 531(011 fun *I- • entitled to “price themselves accordance with a minimum. A more general view is that ment with a chance of malnn — 

put such a policy into effect. All hmted. that if the unions want the Exchange: practices which V[ A f out of business.” scale of charges? . users of the Stock Exchange this club a tittle more capabi ' 

the available evidence, however, «ee collective bargaining, they couId not be abandoned without 101100 lfl This is the basis of the SE’s Nor can it be assumed that should have a mach stronger of ensuring its own long tern* 

suggests that he means what he should vote Conservative^ abandoning the unique way in n iL flP defence. Its worry in facing up »e Stock Exchanges restric : say in the level and structure future. 

says. The Prime Ministers Somehow a balance has to be British securities are Ollier ID aiKeiS to the OFT is that, however t» on s are universally popular of commissions than has been External pressures may ultT 

number one priority now is to found between monetarism and traded. The first Is “single ’ The first pillar is »• refine- plausible the case sounds and with its users. In response, bribe practice in the past. Funds mately force a chahge M the . 

control the rate of inflation, voluntary restraint. Mr. capacity.” This establishes that ment which the. Investor will however widespread its public the inquiry from the OFT*, the accept^ that the Stock Exchange,, stock Exchange’s deafing 
even if it means adopting the Callaghan is at least groping in members of the Stock Exchange not find in other major stock support, the case is not defen- National Association of Pension as Britain’s central securities system. But what the Exchange’! . 

policies advocated by Sir Keith that direction and the Tories ac t either as market-makers — markets, nor. indeed, in most sible unless it conforms to the Funds has set up a special case market, is a monopoly. But they management most fears is-tha- 

Joseph and seeing unemploy- would be unwise to sneer, for jobbers— or as agents — brokers other areas oL huying and sell- “gateways” laid down under the committee which is . trying to argue that a monopoly needs to the automatic, competition - 

ment rise as a result they may soon inherit his — approaching those market- ing. The public is' normally law. As with a mincing machine, reconcile the widely differing be controlled and that the only orientated bias of the Restric 

There are several conse- problems. makers on behalf of the invest- encouraged to' ask prices. and in whatever shape the Stock views of its members.^ The people who. can do that are tjye Trade Practices Acts wil.- 

ing public. They do not do advice from salesmen with Exchange enters the OFT British Insurance Association is cipher the users or, ™ore f orce the Exchange to ab&ndor - 

both. Brokers only buy from, vested interests in the form of process, its final shape will be n °t attempting to come up with threateningly, an independent its current system of trading 

H 1 md * __ aod sell to, jobbers. Jobbers inventory. Not so on the Stock defined by the holes. any agreed statement and is body. suddenly and without any coil 

W ll^TT lWi cannot deal directly with the Exchange. Here the public is The Restrictive Practices Iea,irln g it 1° individual mem- T>/ JC J OT |p|| sideration of what shoulc' 

JLU J 1.V1. 1/ -M.MM public. forced- to employ an agent to Court has never examined a ser- bers to say what they think. IVcMgUcIl Ifl ■ follow it The consequent? ‘ 

The second rule is that act for it. vice industry so exact precedents The majority of institutions _■ could be not only a painfu ' 

^ brokers charge fixed minimum The importance of this to self- are non-existent Three of the would view with alarm any <!Ud|illiKg. interlude for the Stncl . 

mYXJAIIAVI rates of 00100:1155103 to act regulation is less that the gateways appear well designed attempt to introduce negotiated, in fact the Stock Exchange Exchange’s membership, no I 

Lff TV t*I I 0x6 agents of . the investing investor gets a profesionally for the SE tn squeeze through, as opposed to minimum, com- appears to be resigned to adapt- merely a dislocation of the way . 

public in buying and selling negotiated price than that his The first is that “the restriction missions and are not anxious to ing itself quite substantially in in which industry and govern- 

securities. Another two restric- order is channelled willy-nilly is reasonably necessary to see any change in the single order to pass through the OFT ment raise funds, but also tin 

SWEDEN'S experiment with in West Germany. Support for tions cited by the OFT are to the Stock Exchange. Through protect the public against capacity system. The precedent machinery with its most vital collapse of the system whid • 

non-Socialist government, for the Centrists is sharply divided bound up with the “listing the jobber/broker rules the SE injury.” The second is that set on Wall Street, where a features intact Commission keeps the whole fraud-prom- 

the first time in almost half a betw een the party's traditional requirement " through which remains the one and only “the removal of the restriction painful move to negotiated com- rates are currently being re- business on the straight am - 

o it u n0 e ■ i . ^ agricultural base and the new the Exchange monitors the market and because of this the would deny to the public as missions three years ago viewed. There is a fair chance narrow. • ' ' 

century, looks as it it has failed. ge neration of young environ- — . ■ ' ■ ■ — — ■ ' - 

With last weeks resignation of mentalists who were attracted ■Jiff* A I A IflllTl'FlIil 

Mr. Thorbjorn Falldin. after by Mr. Falldin’s anti-nuclear |1/| Rjfl l| 8 I h |#-W. 

two years as Prime Minister, the policies. lYfllniv flBl wf lllvm I I KiiBaImP 

stage has been set for a return The environmental isls, how- D IIt tho 

tn power by the Social Demo- ever, are not as strong as they GentSemen P£ S£ s pa pe S r SodalisT chS- 

crats led by Mr. Olof Palme. But were. A recent opinion poll lenre p refereed tile cudeel To 

Mr. Palme will probably have 5 b °w*d that a majority of at a flTlS the°ran?er “A nathetfo wlr” 


Eyes left in 
Sweden 


men tm mum 


But the Socialist Workers’ 
Party's paper. Socialist Chal- 
lenge, preferred the cudgel to 
the rapier. “A pathetic jester,” 


. ' SwpHpc wprp in favnnr r , f — Jiauicuc jester, 

to wait ntalt for bis moment *ith the ouTeL pow "Cheer up! Labour can't hans it^dltorialised about the mao 


The BMA has been under 
some pressure recently. Doctors 
tell me that there is increasing 
discontent at standards of pay 
and work and in particular at 
the competition which today’s 
doctors will face from the large 
numbers of doctors who will be 
completing their training in 
about five years’ time. One result 
of the report by the Todd Com- 
mittee in the mid-1960s has been 
an expansion of training 
facilities. 


of triumph. The Social Demo- p rogramroe 35 originally con- on for over •* wa5 message who had once denounced Hugh 

crats are short of an overall ceived, and the growing popu- which greeted Labour delegates Gaitskell as a “ counter-revolu- 

partiamentary majority, and lari ty of the Social Democrats w ^° stro *led a 100 ? the prome- tionary." Its back page headline 

elections are not due for another does not seem to have been too na ^. e I*®* week. The Tories had 3 ’t 10 ? .^,. e U03 cceptable 
11 months. The immediate seriously dented by their reluc- decided that the Labour con- Foot of capitalism, and Us 
. . tance to take a firmlv anti ference was the ideal occasion report on the Labour conference 

prospect is a period of minority T n u^ ar t0 Jin l e aKe bnnly ^ to launch their latest political ended simply “ Goodbye Michael 
government by the two other pnaiiii«„v - poster in all its 48-sheet-size Fool We can’t say it’s been a 

noo-Socialist parties, the Moder- . . s 0 , oo es 1 glory. It was. they tell me, pleasure knowing you. But -it’s 

ate.s 1 conservative) and Liberals, ” e l". , one °J “only a very gentlemanly dig.” certainly been an experience.” 

Shorn of Mr. Falldin's Centrists. ^ d n 1 ^' t J alld,n and Their earlier poster on unem- 

W'ith the Social Democrats h*s partners came to _ power pro- had led to some — < 

riding high in the opinion polls, o ® counter-offers in Blackpool say- Cautionarv talp* ' 

none of the non-Socialist parties i" * J h ^ ing" Labour isn't worfing, the ^UIIOHary Tale 

wants ao early election. Mr. f. a J e ^ Sf., f r0(3uce Tories never will.” When I And dow a voice from across the 

Palme’s chance would then come a i5f rnatlv . es asked the Conservative Central sands. Writers in the West have 

next September w"hen ao elec- f° at ™ Office how they reacted to this been ignoring the growing sense 

tion has to be held under the J, S ; ’ 0 5 n . “®f e * ™ imputation of idleness the reply of frustration in the Middle 

country's rule that governments “ la f_ ! a ^ er was a bland: “ Rather amusing.” East over the “cavalier treat- 

must seek new mandates every t ! nt ° £ u .^ The Tories felt that such posters ment of foreign exchange pro b- - - 

three years. °" oe " 0, P ,oao . toe social on | y served to underline their leras.” So the magazine Diaruna tended to look on the strike 

a? na vThi<i aia a com ‘ ordinal point and commented Wal-Alam. published monthly cinnai weapon much as they viewed the 

Energy p ^ d * fn ^ e „ non - that there was no need to cap it by the Ministry of Finance and atom bomb - 1 ^ed him 

The non-Socialist coalition s e w^o b nild t0 ^creose'u^’ Did the CTonsereatives not fear Petrcleimi in the state o£ Qatar, S ^e^rice ^ pil about „ the nuclear 

always contained the seeds ->f emp^oyment benefUs ^d or£ a couoter ; atta( * TC ^ Engbton tells us this month, adding that through tiie e^ of tte 1970s weap0 “ - un , der , dlscu55io ° in 

its own destruction. Mr. Falldin number S othfv next - week? “ tave Wes,ern writers often spik as ^ ^evVS anotter nrire 50me bospitaIs of doctors re . si &°- 

was swept to power two years socialist policies inspired bv an i ;,th,0 5 t0 s 3 .'"- that would be much on behalf of establishment explosion in the 1980s P rag en masse from, the National 
ago on a wave of opposition their nredece^ora JDSp,red by wonderful. We would love to opinion in their own countries ^ ° ! . Health Service and them all offer- 

to Sweden's expanding nuclear hear it” the Conservatives said, as do the writers in totalitarian Watch out. the magazine ing themselves as locums — at 

energy programme, one of the Economic problem as “riiane as ever. But this countries of the Eastern bloc, writes,, the way world trade and higher rates — to hospitals, he 

most advanced in the world. But _. seems unlikely. When I asked The magazine “doe-i not ni»ces- -» doliars strength are going said that this had only so far 

his two coalition partners had -j-STninoKSS** Si ! # a the Labour Party if there would sartiy represent the opinion of J-J?® 7 j 8 ? 0 ? be imp ?f slble t0 been used in very few cases. 

wiid< '" their T p r ior srsssA't^stsss: ^ r T d lwo in T* is ba,,le the ^ iTr*" between a hawk and M arOT e S 

the programme and it was ‘ ** the conferences I was merely culariy aggrieved ahnnt turn a aove * nnwio. ? , 

always clear that the moment b tJ e ^ ay / a d rao ^ told: “What a good idea. We points not often aired in the Vou have been warned. - J^nt th^ J^eac? of^e 

SL.J 5 S 5 SSLa M ^ m ' Swedish welfare state. It°* ^ \ 1 misunderstandm^^ch i^ 


Torn Thistlethwaite, a spokes- 
man for tbe BMA, denied that 
the number of doctors joining 
more active unions than the 
BMA . was increasing, but 
explained that the idea of 
POWARs was to give the 
regional committees which now 
represent doctors a stronger 
base. He told me that doctors 
tended to look on the strike 
weapon much as they viewed the 
atom bomb. When I asked him 
about the “tactical nuclear 


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always clear that the moment «« “ ue f £™* 


definite y y - also economic. The coalition «. . . , — - uaiup 

Yet the non-Socialist coalition came to power just as the worst officials have been openly say- Mpdiral miiifan^o down and mitigate such tenden- 

was always an unhappy one. The consequences of recession and ing that a decline in the dollar mmutnuc cies.” He sees these permanent 

three parties are all committed changing international trade P fit* old tilT1BS T S3 k 6 no f ?° ba ? as 11 rediices -rn. e British Medical Assnria officials as increasingly neces- 
to dismantling pans of the patterns were attacking the ^ Or Ola Limes sa America s reai oil import WU folded i n l 832 otd stS s a ry now that the “iTacrow^ 

socialist state built .up over the country ’s industrial founda- The Lord President of the Coun- completely disregards the going strong is now takiuE one Tendency towards negotiating 
last 44 years, but their priorities tions. The non-Socialists have ril has had a rough Press from {act tiiat it is also cutting the mri ?l cfo f c . “work-load sensitive «x>nfrnpic“ 

are different. The Moderates not had the room to manoeuvre the Left following his setting revenues of the oil producing 5ts history that of^ai^fntinp In the BMA’s meeting last vear 

want to go further than the that they needed if they were the stage for the Prime Mini*- states in real terms.” n at GlasSraThe thit 

others in reforming the tax to change Sweden’s political ter's fresh demands for pay Its second bone of contention if aS befits th^^autioS m0 °d been mffiSlt^nd it 
system, while the Liberals course. They have Felt it neces- policy. The New Statesman con- is the speculation in the West guardian of our doctors these seems to remain so, particularly 
attach more importance to sary to concentrate on &mng tented itself with running ex- about whether this or that mem- Sw appointees wSl n ”i have a ™°°* the junior rente™ ^ who 

family welfare. Among the ihe country s economy and jobs cerpts from Michael Foots ber of OPEC was a hawk or a any such name instead find themselves eaminc 

Liberals there are many who without the luxury of introduc- speech to the Labour conference dove. “Mid-summer hysteria” POWARs is whaffhev than the senior luniarv^n.!!! 

feel that the party should be ing radically new policies- They of 1968. Unemployment, then had occurred, in partia l Tailed^ Ic^n^for pLce n? Sms to “wl? more ?oJS ? 

supporting, and _ trying to have not managed to convince 500,000 was “intolerable” and read, over whether the Arabs Worif*- STpftWA* P 


will certainly consider it Do WesL The first is the way that 


also economic. The coalition 1 yxni ^ iave an -’ su §sestions 7 ” West German finance ministry 


to strikes and would “damp 



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supporting, ana trying .o nave not mauagen m convince juu.uou, was iniojeranie ana reaa. over whether the Arabs Work Accredited Ren recent the POWAH. 

influence, a coalition with the the majority of Swedes of the real socialist alternatives essen- were actively considering a new five* Uttere have 

Social Democrats, along the viability of Such a. form of tiai. The Statesman felt no com- oil embargo, but not much heed out to the rma\ \o«i dLSont 

lines Of the SPD-FDP alliance government ment was necessary. has been given to the profS asklng for ^ ?o b?appSnted 


Observer 











nMis 

ions 

an 

3F 

EALERS 





isrv-" 

•vrvtrU; 

IjSJjn- 


The Association of International 
Bond Dealers (AIBD) compiles 
torrent market quotations and yields . 
for Eurobond issues. These 
quotations and yields are published 
nonthly by the Financial Times. 

The Association’s prices and yields 
ire compiled from quotations obtained 
Tom market-makers on the last 
vorking day of each month: there . • 
s no single stock exchange for 
Eurobonds in the usually recognised 
sense — secondary market trading 
justness is done on the telephone 
between dealers scattered across the . 
world’s major financial centres. 
Membership of the AIBD (which was 
established in 1969) comprises over 
-150 institutions from abont 27 
:onntries. 

A key to the table is published 
opposite. 


Eurobonds in September 


BY FRANCIS GHILES 

September 1978 could well turn out to be 
the slackest trading month the Eurodollar 
sector has witnessed this year: prices have 
weakened but there has not been the slightest 
sign of panic. Considering the bad news on the 
U.S. interest and currency front, the market's 
reaction has -been very <*alm and the fall in 
prices very moderate. 

Federal Fund rates reached the Si per cent 
level at the end of September and were set to 
rise higher. Short term U.S. interest rates have 
continued to climb. The U.S. prime rate is now 
expected by most dealers to top the 10 per cent 
mark this month. The feeling in the market 
contrasts sharply with that of one month ago 
when many dealers thought interest rates had 
peaked out and the dollar would stabilise. This 
has not been the case: the pessimists have been 
proved right and it is not President Carter’s 
remark to the effect that interest rates were 
“too high” and that he would “hate to see them 
go higher 1 ’ which is going to carry the conviction 
of the market 

The attraction of holding dollar denomi- 


nated bonds remains 'slim but then the attrac- 
tion of issuing new ones is equally questionable. 

The result is one Of precarious equilibrium: 
despite the corrections in prices of the past two 
or three weeks, the yield on long maturity 
dollar bonds was sttil only 9.5 per cent at the 
end of September compared with a six month 
Eurodollar rate of 10 per cent 

With one or two exceptions, new issues this 
month have taken the form oF convertible bonds 
or floating rate notes. One of these, for the 
Bank of Tokyo was of particular interest in Ibat 
it focused attention on the delicate question of 
commissions. The Selling group commission 
was the usual 11 per cent but both the manage- 
ment and the underwriting fees were reduced 
from £ per cent, the norm to 2 per cent, thus 
making a grand totpl of per cent 

Some Continental banks refused to come 
into the management group on the grounds that 
for such a small issue and for such a borrower, 
a cut in fees was unwarranted. The lead 
manager, S. GL Warburg, argued, however, that 
this borrower was a prime name and that the 


amount of the issue should not be a decisive 
factor in deciding the level of fees. 

With the dollar weakening and few new 
dollar denominated issues being floated, it comes 
as no surprise that the DM sector had a good 
month. Prices have moved sharply up, as has 
the volume of new issues. Japanese convertibles 
were definitely the star performers in after- 
market. 

At the beginning of September, tbe fall In 
the domestic interest rate in Germany, when 
everybody was expecting a rise, helped the bond 
market Later on the weakness of the dollar 
gave it a further boost and by the end of 
September Swiss investors were back buying in 
force for tbe first time in some months. Tbe 
result was predictable, with a number of issues 
moving to a premium in the secondary marker. 
The calendar of new issues is due to be discussed 
at this week’s meeting of the Capitat Markets 
sub-committee and nobody would be surprised 
by a further increase in the volume of new 
issues for October — November. 

There is already talk of a DM150m convertible 
for tbe Sharp Corporation next month which, if 
confirmed would represent one of the biggest 
convertibles ever for a Japanese company in 
the DM sector, a further confirmation of how 
buoyant this particular corner of the market is 
today. 


Tbe French franc sector reopened after a 
two-and-a-half year closing period: the reaction 
to the first issue to be floated, a FFr 200m for 
EIB managed by Credit Commercial de France 
was at first mixed. 

The issue went to a discount in the after- 
market but by last weekend the price had 
recovered: the bonds which bad been off-loaded 
into tbe secondary market the week before last 
were easily placed and demand, especially from 
outside France, appears to have been good... 
Critics of the issue argued that the maturity, 
was too long (10 years) and the terms too tight 
which was perhaps inevitable as the EIB is_ 
known to insist on very tight terms. 

The lead manager was also unlucky in that 
the French franc weakened the very week the 
issue was announced and interest rates on the 
Eurofranc moved up appreciably. 

Some Paris bankers would have liked to see 
the sector reopened much earlier in the year 
bat failed to convince the Mlnistfere des 
Finances of their case. The delay before the 
market was reopened thus dragged on and ill 
fortune struck. However, tbe issue is a long 
way from being a disaster: it was being quoted 
at 98-98} last Friday, wbich is a very honourable 
level. Other issues can be expected in tfae 
months to come but probably at no faster rate 
than at the rate of one every four weeks or so. 


CONTENTS 


M ucu 

! m f ‘ 

. ’ .■SA* ' • / * ‘ 

L CCVU 


... ^ rrff. 




3mA ; : 1 



GROUP HEADINGS PAGE GROUP HEADINGS PAGE 



US Dollars— Algeria 14 

— -Australia . . 14 

— Austria 14 

— Belgium 14 

—Bolivia 14 

— Brazil . 14. 

US Dollars— Canada .. 14 

— Colombia „ 14 

Denmark ..34 

.—Finland - 14 

US Dollars— Franee 14 

— Gabon 35 

— Germany 35 

—Greece 15 

US Dollars — Hong Kong 15 

— Hungary 15 

—Iceland 15 

— Iran 15 

US Dollars — Ireland 15 . 

— Israel 15/. 

—Italy 15 

— Jamaica 15 

US Dollars — Japan .15 

— -Korea .• 25 

— Luxembourg / 15 

—Mexico . 15-16 

— Netherlands • * 16 

US Dollars— New Zealand 16 

— Norway 16 

—Panama 16 

— Papua 16 

—Philippines 16 

— Portugal • 16 

' US Dollars — Singapore 16 

— South Africa 16 

—Spain 16 

— Sweden . 16 

US Dollars — Switzerland 16 

—Venezuela 16 

—United Kingdom • 16 

—United States 16-17 

US Dollars — Multinational 
—Supranational 17-18 

US Dollars— Floating Hate 18 

Australian Dollars 18 

Bahraini Dinars 18 

Austrian Sebil lings 18 

Canadian Dollars 18-19 

Euro guilders . 19 

Euro Composite Units 19 

Euro Currency Units 19 

Euro Units of Account 19 

French Francs 19- 

Hong Kong Dollars 19 


Japanese Yen 
Kuwait Dinars 
Kroner (Denmark) 
Kroner (Norway) 
Luxembourg Francs 
Saudi Rivals 
StexiingYpM 
Australian. Doll a r/DM 
External Sterling Issues . 
SpeclaL Drawing Rights . 
Convertibles— France 
; — Hong Kong 
j —Japan V 
.f — Luxembourg 
. — Netherlands ■ 

.Convertibles — Singapore 
>- — S. Africa 

— Sweden 
— Switzerland 
— UJv. 

Convertibles — US. 


The tabic of quotations and 
yields gives the latest rates 
available on- 29th September, 
1978. This information is from 
reports from official and other 
sources wbich tbe Association 
of International Bond Dealers 
considers to be reliable, but 
adequate means of checking 
its accuracy are not available 
and the Association does not 
guarantee that the Informa- 
tion it contains is accurate or 
complete 

- All rates quoted are for 
iodication purposes only and 
are not based on, nor are 
they intended to be used as 
a basis for, particular trans- 
actions. In quoting the rates 
tbp Association does not 
undertake that its. members 
will trade in all the -listed 
Eurobonds and the Associa- 
tion, its members and the 
Financial Times Limited do 
not accept any responsibility 
for errors in the table. 


WestLB Euro-Deutschmarkbond Pages 22-23 


BANQUE DE EUNION EUROPEENNE 



Our trading department is making markets 
in all French franc eurobonds as well as 

in US dollar floating rate notes. 

For any information or quotation, please contact our dealers: 
- TELEPHONE : 

PARIS 266.20.30 EXT. 2026 (5 lines) . 

PARIS 073.93.30 (direct line) 

TELEX: 

BANKEURO 210901 

We are a contributor on the Reuter Monitor System under 
page code BUBA/D. 

Banque de.l’Union Europeenne is listed under code n° 2 j 5 
in the A.I.B.D, Quotations and Yields book. 

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4, RUE GAILLON - TSOUl PARIS 


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Executive Directors of the International Banking Group from around the world are: John Dunlop, Joseph Galazka, 
James Hildebrand, Warren Hutchins, Milan Kerno, Harry Martin, Richard Milesjoseph Oliver, Richard Reibman, 
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Eurodollar securities trading: $3.25 billion 

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96 1/B 


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97 7/0 4.04 


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50.00 

50.00 

50.00 

44.00 

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30.00 

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99.00 
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5.75 15/ 6/1985 


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97 


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230 105 520 975 


75.00 

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100.00 . 4. SO 

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100.00 4.50 

1977 KATINA 1.9. 

99.50 7.875 IS/ 9/1984 

1977 VAFIW 5.9. 

99.00 8.00 1/ 9/1987 

1976 SCO HAT OX CREDIT TP® 

100.50 8.25 15/10/1901 

1977 SOTAT FTSAVCE 

100.00 7.75 1/ 3/1984 

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100.00 ' 6-25 18/ 9/1907 

1*76 F1KLATO - EOCSI PtTMJ 
100.00 9-00 10) 9/1984 

1*67 ZXXL1HD MORTGAGE BA'X 
V9.88 7.25 15/ 4/1979 

1*71 muifii H0B3CACP BASE 
98.00 8-50 13/ 2/1906 


PS 3/3 P.*7 9.1)2 £.65 

5.P2 P-33 102.00 

99 1/2 $.*7 9-11 9.05 

3.-7 9. 30 101-00 

99 1/4- .54 B.87 J.24 


fiilC. 3.75 
19*1 1981 


CC ED 210 105 320 703 713 
LX 72$ 735 7*5 910 

*32 9S3 960 975 
M EO 454 105 520 705 715' 
U 725 ’35 745 941 

*55 960 975 
GC ED 179 •” 

LX 


30 

1979 


rn.iM 
19.00 
20. ill) 
£0.00 


1*76 FUOAKD 90H3CACE BAKU 
100.00 9.25 1/ 

1*75 ICUft MOBTCAPF BANC 
99.00 9.75 15/10/1*81 


15.00 


1975 TOWSH EXPORT CPEUTT 
98.50 9.25 15/ B/1PE0 


>0 

7.30 .9.07 8.06 

5 

4.24 9.21 

IOO 

4. SQ 9.22 9. 25 
3.JS 9.:i 

101 

3.114 *.13 9.65 


2.54 9.J2 

100 

1.83- 5 .22 9.3S 


102.00 1078 


4.00 
1978 
1.20 
1*69 

1.00 
1973 


CC ED 402 •*♦ 
LN 


CC TO 
LXAK 
Ut TO 
LX •' 


33 10J 530 715 7ZS 
725 955 *7i 


in. 14 30 i.jo 

IH.SO 1990 1978 

*5 I- 00 
103.00 1978 D019/8 


35 105 520 701 715 
725 715 745 955 
960 975 
4 SO *«* 


100.00 


30 

1979 


or, ED 

52C 

rr. ED 315 105 520 705 715 
LN 735 715 745 930 

9J1 960 975 

CC ED 4l£ 105 520 705 71 3 


LX 


20.00 


15.00 

12.30 


1*76 Fcsnsn EXTORT CREDIT 
*9.00 9.25 15/ 2/1961 

1973 rrSBTtSB ND5TCTTAL I/UX' 
99-90 £.25 15/ 3/1987 


99 7,0 2-38 9-26 9.26 ' 9.37 

100.00 

9$ 7/8 B.46 8**5 8.60 

3.3 6 9.2* 102.00 


30 -15 

1990 DP1P75 


CC TO 
LX 

CC TO 
L5 


733 715 . 743 9 JO 
*60 975 

46 ««* 


15.00 

13.50 


1976 roniAB MUNICIPAL LDAS 
98.00 8.75 1/. 2/1909 


JS 5/3 10.34 9-26 9.06 

7.M 9.19 102.00 


30C .» 

1982 DP1975 


cr, ca 
LX 


1/ 2/1979 


99 :/4 .34 9-61 7.56 


nr. ED 
LX 


15.00 

10.90 


1971 FEEBfA OT 

90.50 8.75 1/12/1986 


99 1/’ 8.17 8-83 0-79 

£.73 0.S9 102.50 


60 

15W 


1.00 

1973. 


CC ED 
Ut 


10.00 

1.70 

0.00 

.55 


1964 

9P.23 


15.00 

1.88 

15.00 

3.12 

'50.00 


.1*64 

w.so 


HATHA* EPOIA 

6.50 7/10/1979 

RAUTABDUEXI OT . 

6.2S 23/ 6/1979 

R A O T AK U POa OT ' 

9.W 1/13/1*82 

REPUBLIC OT PISLATO 
6.00 1/12/1979 

REPUBLIC OF FINLAND 
6. SO 15/10/1*80 


98 1/3 1.02 8.63 6.73 P.63 

• 52 10-*4 100.00 

*4 1/i .73 8.9$ 6.46 * 


SOT 

1979 


99 1/3 5.U* 9-12 9.05 9.4? 

4.34 9.15 101.00 


98 1/8 1.17 7-34 6.21 

i6? *.Ii 100.50 


30C 

1981 

30 


-R3 

1968 
-75 

1969 
■ 71 

1977 


OC TO 
LNLX 


454 35 105 520 705 
715 723 73S 7*5 
940 935 *60 *75 
454 25 I0S 520 70S 
719 715 735 7*5 
»l »> !W 9»5 
361 10$ US 520 70S 
71$ 725 735 745 
95$ 960 *75 
316 105 520 70S 715 
"J5 7JS 745 9$S 
*M 975 

315 10$ 520 715 725 
735 955 960 *75 


CG ED 315 IPS 520 715 725 


•63 


REPUBLIC OP F ISLAND 
1 7.875 . 15/14/1*81 


9B 1/4 2.0* 7.37 6.73 

1.04 8. *S 100.50 

97 3.21 M6 0.28 


LRU 
CC ED 
PQ 

HP HT 
VC 

NP VT 


‘15 955 960 975 
A81 745 


100.00 


1 973* KBEBLIC CF FINLAND 
99.40 8-73 IS/ b/1983 S 


98 3/4 4.71 9.28 9.06 


S0.00 
SO. Dd 


100 . 00 
25.00 


1*774 REPUBLIC OP PTMIATO 
90.35 8.75 15/10/1**2 

1978* REPUBLIC OP FTSLAXn' 
99-65 9.00 15/ 9/1988 

1 *:«• 7W FOVUL 
100.00 0.875 1/ 5/19P8 

BS TOLlARS-nUrGE 


96 3/9 11.04 9.43 9-29 9.TQ 
9.S4 9.55 1UI-65 


30 9.00 

1*47 DP19B3 


98 1/S. 9.96 9.51 9.38 9.54 

100.00 


72J J05 570 715 725 

735 7*3 95S 975 - 

*04 105 520 715 72S ■ 

NT 733 743 953 975 

XP JET 413 32 35 HO 715 

NT 71$ $31 939 9LO 

973 

HP VT 479 20 32 35 60 

- 80 715 9J1 939 

9*0 STS 

JO 31 33 15 

ST 60 270 715 725 

931 939 940 979 
KP HT 555 60 


NT 

RP ST 465 


NT 


96 7/S 9.59 9-37 9.16 


45 2.50 

1980 PF1979 


TO EU 
LX 


3S4 


5 35 330 W* 
715 725 743 9*0 


13.00 
9.5*7 

25.00 
23. UO 


1970 AQfipOBT BE PARIS 
*9.25 9. OP 1W 1985 

]*;$ AIR FRAKCZ 
99.50 9.50 18/ 2/1982 


100 1/2 
101 1/4 


4.54 

3.01 

3.39 

2.20 


P.P* 8.96 W ' l -DO CC uff 

P.01 102. TO 1918 DPt“71 LL 

«.n2 9.30 A.4B 30 3.5ft GG EO 

6-0-t 101.00 1979 1*77 LX 


20.00 

9.59 


75.00 


1*67 ASDBE CITROEN 
99-50 6.7$ 15/ 

1*7* B.I.C-C. 

99-23 0.373 13/ 

B.r.c.e. 

0.73 

B.F.C.E. 

8.95 


1*7* 

100.00 

1976 

100.00 


15/ 

15/ 


3/1982 
3/1981 
2/1983 
7/1983 S 


9S 1/8 
*8 1/2 

98 3/8 

99 3/4 


3.46 

2.04 


2.46 

1.51 


4.J0 

3.55 

4.79 


8.41 7.10 90 

9.48 101.50 197B 

9.04 B. SO 
9- A3 

9-19 8.89 . 20 


5P TO 


f. 29 101.no 

9.21 9-17 9.J3 


100.00 


1900 

3I> 

1982 


2.17 
1*71 
6-00 CC ED 
197* LX 
3.00 CG EO 


1977 LX 


105 IDS 
. 520 
105 105 
230 
930 
93 10$ 
520 
117 105 
220 
92 •** 


205 2ift 215 
70S 520 5*0 
91$ *60 975 
105 210 215 
5*0 9*t *75 
205 210 215 
520 930 975 


SO.OQ 

42.50 

30.00 

18.00 

100-00 


1973 

100.00 


D.P.C.P. 

9.00 


56/ 

15/ 


1975 

100.00 


5.F.C.C. 

9.155 1$/ 


3/1982 

3/1989 

S/ISSJ s 


«3/4 
99 3/8 

JO 0 


3.M 

2.63 

10.44 

6.33 

1-4Z 


9.0$ 9.02 3Q 

9- OB 101.00 1979 

9-08 9.06 10.00 60 

9.12- JDJ.DO 1*81 
8.32 9.31 9-3T VI 

100.00 1979 


3.» TO ED 
19)6 LX 
-$0 a: Of 
19/5 LX 


500 20 32 33 35 
60 SO COS TO5 
931 939 940 975 
16S •"* 


CANT 

VT 


50- W 
40. TO 


1977 NOW tUTI'l-Ail iT Til’S 
100.00 7.oj3 15/ !/:*M 


1*75 RIJW VATION'.U IT Mi; 
lirft.30 9.)o !„/ 


7.5ft 

/.DO 

30.00 


10-C9 

2.19 


1*1. C-L.C.t. 

loi-oo io.:s ls/u/pAi 

17)4 C.C.il.C. 

100.00 10-15 15/1 1/1 9PC 

197b C14»VTr.>jK3 at FRAK5 

iGo.25 7.3V. 1/ 4/:**: 

1965 ' CUttKb UIMX 
97.25 6-00 15/ 9/1999 


54 3/4 
101 

:**2 1/2 
i* 1/2 
98 1/4 
9i 1/2 


3.79 


2>30 


9.3t a.os 
0-9/ 9.41 


W LO 
XI 


2.13 

4.13 
2.5H- 


8.88 10.00 
9.4/ 10.00 
9.15 8.52 


6C !•; 

IX 


1L7 10$ 710 215 220 
520 975 

500 10 H 33 6«l 
2QS i*)J *J| »jS 

*11 

9 : .’ft lr$ 7)15 21 

7-V 425 WO $1 1 
«-■>') v.i ft’s 
?: mi ;tii .'in ji* 
3:n "30 *i;. *»i 
*.-5 


60 805 
975 

310 520 


60 SOS 
975 
60 805 
975 


92 205 210 215 220 
973 
9ft 


1.9* 

1.40 


fl.SS fi.£S 

9-43 100.25 1979 


1.0ft HP Ll - 
19b9 LZEK 


luj 101 205 2|Q ’15 
520 9-.1 375 


tn 


‘rT^r. 


- • ■ - ^ 

Financial Times Monday October 9 1978 


9o 

730 

Sg 

s 

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■uT 

Si 

H 

2“ 

1“ 
lu — 

> 


BOR BOWER/ 

coutofiMAiuwrf 


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11 

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jnl 

40 

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PS 

»- 

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3- 

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0 £ 


vuiD 

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EC 

3 

(J 

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dz 

< 

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3 

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c 

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3 

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MAMET 

MAKEBg 


08 ODLIAHS^ARUIA {CORmOEDl 


AO. TO 
37.30 

15.00 
7.00 

30.00 


hmh 

7SJO 


10.00 
■ 6.80 
5.00 


10.00 

40.00 


25.00 

23.00 


23.00 
125-00 

25.00 


20.00 

20.00 

25.00 

23.00 

50.00 


100.00 

AS. 00 


35.00 


50.00 

48.55 

50.00 

50.00 

20.00 
9.50 

75.00 


*0.00 

34.00 

30.00 


40.00 

36.00 


1977 

100-50 

1970 

100.00 

1976 

100.00 

1975 
100.00 

1973. 
100.00 
1970 
99- a 

1976 

100.00 

1976 

100.00 

1977 
ioa-so 

1977 

99.50 

1970* 

99.00 

1978* 

100.00 

1975 
100-00 

1977 ' 
100.00 
1970 
100.50 
1977* 
100.00 
1977* 
100.00 

1976 

100.00 

1976 
100. TO 

1977 
100.00 

1970* 

99.25 

1970 

100.00 

1776 

100.00 

1975 
100.50 

1976 
99.50 
1976 

100.00 


CnUDlAH PfitinC-ffiBKTOA 
- 8-25 1/ 7/1984 

COT bv «—»—.» 

9-00, . 1/ 2/1985 
COT OFtSKZREAL 

9-25- 45/ 2/H« • 
cot or voxhhl 

■ 9-75 1/U/X98 1- 

cot as *'thit ■ 

9.B5 13/ 7/1960 9 

CD OF QBEKK 
. 9.00 -1/ 4/1982 S 
COT OF TAKOcna 
• 8-25 30/ 9 /1981 
ciTT op vmhn 

8- 7 5 30/ 9/1980 

CUT of WDM IPSO 

«-25 15/ 5A9B7 

CURBOXBUED'- IB1HI 

9- 00 1/10/1992 

DUmvnDB CO 
.. 9-00 . 15/ 6/1966 
REPORT IKfAUUHAVT CORF 
B-60. ..15/ 0/19B1 3 


* 1/3 l:l\ 


98 3/B 

99 3/8 J * M - 


9.0» 

9-» 

9-33 

.9. $6 

5.40 


8.55 9.UB 

100.00 


9.15 


102.00 


100 1/8 3* 1/ 
95 7/8 »-» 
99 


9.68 

12-B5 


3-» 
3-15 

96 1/8 3-W 


9-6« 

9.80 


96 1/2 10‘® 

94 1/2 8*62 


9-30 

9.19 


90 3/B 16.01 

95 3/4 J*” 


9.14 

9.53 

9-79 


9.31 

9-78 

10.54 

9-30 

8.58 

9-07 

8.73 

9.31 


60 J*™ 

1*8Z DPI 970 
» 1-00 
1980 1971 

2.50 
FF1970 
2.50 
EF1976 


V? ED 
XX 

VF BO 
IX 

HP SO 
LX 

VF ED 


IX 


101.00 


30C 

1979 


.AO 

1971 


BE HT 
ET 

VP TO 


101.50 


AS -30 
1981 FF1977 


VP ED 
IX . 
SUD 


10.00 3S/U/198t 

GREAT LAEBS 'EAPRS CO 
8-75- . 1/ 3/1984 
BOBE on. CD 

9.50. . I/. 7/1986 


98 1/2 4*88 
102 3- 13 


9-18 

9.22 


1 03.00 
S.AO 10.15 

100.00 

8.92 


30 

1970 

30 

1963 


1.00 

1970 


HP SB 


LX 


9.00 


8- 231. 15/23/198* 
TVM 

9- 00 15/12/1992 

XSX CANADIAN PISAaCE 

9.00 1/ 5/l«« 

m COUBIAV ITHVGE 
9.50 1/ 3/1986 

IMBCB M mm«h 

9.00 it 2/1992 
UACHTUAV HLORDEL - 
9.23 15/ 3/1993 

XABSET-FBCBBOH NED V.T. 

9.00 15/ 1/1J02 

HASESS-PTBBBWV BED 8.T. 

9.50 1/ 6/1991 

HASSET-POfiBSOH NED V.T. 

9.75 1/ 7/1982 

iaSXBEU. UKBAB COB. 

8*75 1/6/1981 

S8H BRiagil CX E.P.OBM 
9-00 .15 l 1/1983 


97 5/8 5-« 

M ■ * — 

7-75 
7.1* 
94 3/4 6-21 


100 


9.30 

9-36 

9.4* 

9-49 

9-39 


8.96 9.7* 

100-00 


9.50 


lOSJOO 


1.00 
FP1916 
$0 1.00 

1982 UP1980 
*5 .50 

1978 SF1977 


HP ED 
IX 

VP HT 
LM 

HP ED 
LX 

OT SB 
LX 

KF ED 
LX 


218 •*• *•-. 

361 105 945 973 980 
165-*** • 

165 

450 931 - 

350 103 943 973 980 
49 975.980 
4S 2U> 975 980 ‘ 

64 **• - 

210 ft** . 

218 *** 


479 ^in 35 Uni 


46 105 945 97$ 900 
210*** 


S59 


98 1/4 14-21 

99 1/2 3-59 
101 1/4 7-59 


9-2* 

9-14 

9.24 


* 1/8 12:8 
9 8 1/A ,4.46 

97 l:li 

95 7/8- 12.67 


9.2* 

9.20 

9*46 

9.50 

10.08 

10.47 

10.00 


9.17 

9.*1 

9.28 


10.37 

V) 


OT 

eh 

456 

*6* ‘ 


100.50 

1981 


LS 





9.56 

30 

2.00 

VP 

TO 

«6 



UJI.50 

1984 FF1978 

LS 





T 9.10 

10 


W 

TO 

441 

H4 


100.00 

1981 


LX. 





9.35 

30 

1.00 

PC 

TO 

327 

Aft* 


101-00 

1981 EF1977 

LX 







L.45 

V? 

ES 

456 

M* . 

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101.50' 

1984 DF197S 

LX 




> • 


101.90 

100.00 


9.91 io.rs 
100.00 


95 7/B 3.75 
*8 J/B 2-*7 


11.12 10.17 
11-23 
9.43 


100.00 


1.65 

1985 SF1979 
30 l.SO 

1979 DP1972 
AS 4.50 

1986 FP1978 
JO 1.50 

1900 BFJ9/6 


456 *** 

447 975 980 


re ed 
u 

PC ED 


599 5 SO 060 947 SCO 
975 900 . 


AM 


58 7,8 


9.31 

9-37 


8.89 

9.10 


101.00 


2.00 
1980 DF1977 


HF ED 
LX 

5G ED 
LX 


4A7 9*7 960 77$ 1 
917 **• 


25.00 


1976 NWHHHIimm 4 LAB 8TDR0 
100.00 9.73 . 15/ 3/1906 


35.00 
IS. 00 


75.00 

75.00 


125.00 

75.00 


1976 NBaiUlnm.lNI> HOT FZH 

100-50 9.85 13/ 9/I9B8 

1975 VORAXOA HUBS 
99.W -9.7$ "lAt/MM 

1*78* KWA SCDtU POOER 
59.00 9.625 1/6/2008 

1977 naranm) 

100.50 0-00 15/ 4/1987 


35.00- 

20.00 


1976 OKUODHSOO 
99.50 8.25^27/3/1983 


101 1/4 7.46 

9$ 1/2 9.96 

100 3/A 2.09 

I0£ ».67 

23.13 
93 1/A 0.5A 

96 1/8 A. 66 


9.63 9.48 

101.00 


60 .75 

1981 FF1977 


SC ED 
LX 


9.33 

9-32 


9.30 9.62 

101-00 

9.68 


60 1.40 

1982 F71977 


412 105 10$ 520 «05 ■ 
870 930 932 ttr 
945 947 97$ $69 
456 1$ *05 10& $29 
937 94 0 9*5 Mi- 
ms 980 
49 *** 


sp xa 

LM 


64 IQS 300 945 973 
980 


9.6* 

9.63 

9.16 


9.66 ' 9-72 
103.85 

8.58 


30 

1993 


1.13 

1979 


50 ST 
VT 

EO ED 
IX. 


125.00 

100.00 

75.00 

73.00 


25.00 

25.00 

30.00 


30.00 

50.00 


15.00 

15.00 

50.00 


10.00 

4.00 
35.00 


20.00 

14.80 

50.00 


50.00 


15.00 

9-00 

135.00 


150.00 

200.00 


90. OQ 
27.00 
50-00 


75.00 


1971 OKARXD ESSO-ELECTRIC 
100.00 8.25 15/ 1/1926 

1978* QHEARXO XHEtO 
99.50 8^0 1/6/1909 

1976 ohcarJd taata . 

99.50 UO 10/9/1906 
1975 OBlAEXO HUM 
99.30 . 9.00 15/ 9/1980 

’ 1976 nrriNtn ufnaft 

99.30 9.00 2/ 1/1983 

1975 omuHManai 

98.30 S.S0 15/ 3/1990 

1976 FORSa - 

100-00 9-30 15/12/1986 

1*75 FDUSttUD 
100.00 ULOa 15/ 1/1982 
1976 FBORSCE OF HMRTBBA 

100.00 6.73. 13/ 471983 

1*75 PROnvCB OT IUVTT0BA 

99.30 ■ 9.25 90/ 4/1985 

,977 FEOtlBCV - VEH 8ROTSVICX 
99-30 . MO :15/ 7/1964 

1969 FH09IVCE - VB> mnsnCK 
98.06 8.73 15/12/1979 

1976 F8 07IH L - 6 -VW BRUNSWICK 

100-75 ■ 8.75 1/ 0/1903 

1971 PVmHCE OT HEvnONMAVD 
99.50 0.50 2/ 3/1906 

1977 FH09ISR OF RSPtRBIDLAGD 

100-50 .. 9-00--' 15/ 2/1989 

19TB* nonvex ot BHisnsuini 
100.50 9.25 1/ 6/1990. 

i9ia noavex ot von scorn 

100.00 9-00 is/ 5/1985 

1975 protocb ot on»xio 
100.00 8.20 : 15/’ 6/1982 S 

1975 F8SFIKX OF OTUKia 
99-50 . 9.125 IV 6/2005 S 
1978* FBOPISCE OT ONTARIO 

100.00 9.375 1/ 6/2008 S 

1973 FROnVCH OT qBIK 

99.00 7:50 19/1/1968 

1976 ntonicc ot qOTbec 

100.00 0:50 ■ j/' 4/1981 .. 

1976 FRimwOT obebk: 

100.00 ■ ■ ■ 9.00 IJ/ 4/1983 - 


96 1/4 7.J0 
3.80 


8.96 

9.47 


96 5/8 6.67 
96 1/4 7.95 

99 5/8 1.96 

100 1/8 4.26 


9-18 

9.18 

9.21 

8.94 


H.58 

8.57 

8.80 

0.83 

9-03 

8.99 


9C ED 
LX 


748 931 
143*** 
143 *** 


102.00 


HOC 

1979 


3.50 

1977 


102 1/4 11.46 
7.01 

99 1/2 8.21 


9.16 

9.04 

9.58 


100 7/8 3.30 
98 6.54 


9.64 

9.26 


9.29 9.15 

102.00 
9.55 10.22 
102.00 

9.91 


90 

1901 


2.19 

1981 


50 

1961 


1.00 

FF1978 


8.93 


EC ZD 
LX 

SC ED 
IX 

SC ED 
LX 

SC ED 
U 

90 BO 
LX 

50* EC 

LV 

HP ED 

LB 

HP ED 
LN 

NP ED 
LR 


143 IDS 30$ 520 878 
>45 975 980 
143 *** 


1*3 *ft* 

143 *** 

143 •** 


64 105 US 520 60 
943 975 980 
64 *** 


101 

1/4 

6. <8 

8.97 

9.14 9.52 

90 

4.50 

B-Bfl 

102.00 

1980 

95 

1/2 

5.79 

9.02 

8.18 

4SC 



■ 101.00 

1901 

99 

3/B 

1-21 

9.26 

0.81 

30 

.71 

9.7ft 

101.00 

1978 

97 

7/8 

4.04 

9.30 

8.94 

450 




lOt.DO 

1980 

98 

3/4 

7.42 

8.72 

8.61 

90 

4.12 

8.86 

laz.so 

1981 

9S 

3/9 

10.38 

9.24 

9.15 9.64 

45 



10i.ro 

1*83 

99 

1/4 

11.67 

9.33 

9.32 9.55 

69 




101.00 

1984 

98 

1/0 

6.62 

9-17 

9-17 

90 


3.96 

9.58 

102-50 

I960 

97 

3/4 

3.71 

9.12 

8. 56 9.16 

30 





100. DO 

1981 

98 

3/4 

26.71 

9. 46 

9.45 *-69 

30 



103-45 

1990 

101 

1/4 

29.67 

9.46 

9.47 9-S6 

10 





101.75 

l99j 

59 

1/6 

9.KJ. 

9.29 

fi.42 

30 



6.01' 

9.75 

101.50 

1981 

97 

3/0 

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9.68 

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‘98 

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9.49 

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3.00 

1981 


HP ta 

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2.00 

1970 


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1.60 

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346 IDS 945 975 980 
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103 *** ■ ' 

346 105 945 900 
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479 35 931 940 


l.TO 

1976 


HP TO 
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359 IS 10$ 105 $20 
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S3 

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20.00 

13-95 

20-00 

17-60 

35-00 


25-00 

21-25 


1971 CntEXTS LAFAPCR 

93.50 N. 75 25/ 3/1986 

1*74 cm or VAKrn.LE 
98-00 10.25 19/12/1986 

1976 COfPAOTIB SAT 00 PHOTS 

99.50 N.75 20/10/1*86 

1975 COIXAGm VAX DO KIEVB 101 5/8 
99.75 10.00 1/ 2/1982 


97 7/B 

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98 3/* 


£.94 


7.68 «.14 
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101.75 

103-975 


3-34 

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9.37 . 9.84 
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30C 3.40 

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60 1.00 

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1980 


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LX 

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LX 


1CJ 105 205 2R1 215 
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J.25 

1976 


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96 105 111 215 210 
5/0 975 
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9-60 

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30-00 
■ 6.00 


20.00 

16.00 

50.00 


1959 CREDIT FONCTTO DC 7EAVCE 

95.50 5.50 15/12/1979 S 

J 976 CREDIT RATIONAL 

99.00 6.30 15/12/1966 

1970 B.X.A-P. . 

99.50 9-00 15/ 2/1982 

1975 E.R.A.F. 

99-50 9.75 15/11/1985 

1967 EIBCWtCtlE DC PRANCE 

98.75 6.50 15/ 2/1979 

1971 XLECOICIXE PC FRANCE 

99.00 B.» 1/ 5/1986 

1*77 EUCTNJCIZ& PE FRANCE 

99.75 8.50 '1/ 6/1987 8. 


97 1/4 

96 1/2 
99 1/2 

101 3/0 
90 3/8 

98 3/4 

97 1/8 


1.21 

.75 

8.21 

6.21 

3.38 

2.J8 

7.13 


8.07 

9.57 

9-11 

0.15 

9.15 

9.20 

9.47 


5-74 


100.00 


8.81 

9-03 


9.62 


101.50 
9.21 
100. *0 
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100.00 
9.74 
102.0D 
9.32 
100.00 


7.39 
5-63 
0.67 9.18 


8.72 

8.77 


30 1.60 

1978 196* 

' 20.00 
1982 
30 1.60 

1978 9PI97I 

30 2.40 

1980 FT 19 77 
90C 6.00 

1979 1975 

30 .80 

1961 1972 

30 
19*4 


100.00 


1976 EIXCTBICTTS 6E FRANCE 
100.90 6.073 15/ 1/1983 


99,1/1 4.30 9.21 9.12 9.2V- 30 

S - 100.00 1963 


108.00 1>76 EtDCmcUE Mf FRANCE 99 1/4 7-96 9.24 9.17 9.28 30 

100.00 8.90 15/ 9/1986 S 100.00 1984 


75.00 

40.00. 


94 5/3 6.54 . 9.37 8.72 10.2’ KW 
100.50 1982 


20.00 

10.82 

50.00 


35.00 


23.00 

25.00 


1977 ELT AODTEAZVE 
100.00 8.2$ 15/ 4/1985 

is, s)iw ! 51 7 " 3 .” 

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100.00 9.00 25/12/138Q • 7 ■ 

1976 C.Z.S.’ 

99.75 9.25 15/ 4/1983 


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so. no 

9.36 
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58.00 

48.00 

75.00 

70.00 

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9 9.1/4 4154 9.43 j.'jl 60 9.00 

3.46 9.49- 102.00 I960 1981 


60.00 

60.00 

40.00 


30.00 

30.00 

75.00 


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50.00 

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'73.00 


1*70 GAZ DC FRANCE 

99.50 9.00 15/ 3/1905 

■J971 irVIOCEL 

100.00 9.00 15/ 5/1986 * 

1973 MICHEL IH 

98.50 7.50 15/ 2/1986 

1976 VXCRBLTN 

100.50 - 9-25 157 3/1986 

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99.75 9-125 15/ J/1997S 

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9.23 9.26 4.64 M) a. jo 

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98.00 

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1976 

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99.50 

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U I 



Austrian Quotes 

otations and Yields of Austrian Eurobonds 



D-MARK BONDS 

6]% Brenner Autobahn 1BGS (G) 15-l.S 

6% Ddnaukraftwerke 1959 (G) lJt-15 

®}% Donaukraftwerke 1973 (G) U 

7% Girozentrale Wien 1976 1.11 

7|% Girozentrale Wien 1976 1.11 

S}% IAKW 1975 (G) 1.5 

fl}% KeJag 1973 (SG) 13 

8|% Oester. Draukraftwerke 1975 tG) 1-3 

7% Oester. Elektrizateswirt 1967 (G) 1JM.8 

7% Rep. Oesterreich 1968 1.4-1.10 

64%. Rep. Oesterreich I960 1.4-1.10 

9% Rep. Oesterreich 1975 12 

Sj% Rep. Oesterreich 1975 1-5 

7}% Rep. Oesterreich 1976 2.5 

6i% Rep. Oesterreich 1977 1.4 

TauernJcraftwerke 1968 (G) 1^-l.B 

7% Tauemkraftwerke 196S (G) 13-1.8 

9J% Tauernautobahn 1974 (G) 2.7 

84% Voest 1973 1.10 

84% Voest 1975 1.6 

6*% Voest 1977 1.6 

7% Wien 1968 _3.G-1.12 

81% Wien 1975 18 

U33 BONDS 

6% Rep. Austria 1964 51.1-31.7 

6j% Rep. Austria 1967 I5.3-15J 

8J% Rep. Austria 1976 15R 

6|% AusL Electricity 1968 (G) 1.1-1.7 

6}% AusL Electricity 1967 (G) 1.4-1.10 

a|% Alpine Montan 1965 (G) 15.6 

Bl% Tauer autobahn 1977 (G) 15.3 

64% Transalpine Fin. Hldg. 1966 31.10 

6J% Transalpine Fin. Hldg. I960 31.7 

G*% Transalpine Fin. Hldg. 1967 31.1 

6f% Transalpine Fin. Hldg. 1967 30.4 

74% Trans-Austria Gasline 1973 15.1 

AUSTRIA SCHILLING BONDS 

9J% KontroUbank 1974 (G> 14.8 


REPAYMENT 


l-S.74-83 

lJi.63-84 

1^.73-87 

1.11.81. 

1.11.83 

1.5J80-85 

1.5.79-88 

1.3^1-85 

1^.73^7 

1.4.73- 82 

14.73- 83 

1-2.83 

13.78-87 

2.533-86 

1.4^3-85 

13.74- 83 
1-2.74-83 

1.731 

1.10.79- 88 
1.&81-85 
1.6M9 

1.6.74- 83 

1.8.79- 84 


31JL.71-S4 

153.72^3 

153.78-90 

1.7.70-86 

1.10.71- 83 

15.6.72- 85 
15.3.83-87 

31-10.70-85 

31.7.7043 

31X73-82 

30.4.74-83 

15J.77-S8 


SINKING 

FUND 

{STARTTNG1 



CURRENT 
YIELD TO 
MATURITY 


3.1.70 

15.3.71 

158.77 

1.7.69 

1.10.70 

15.6.71 
15.3.82 

31.10.69 

13.7.C9 

31.1.72 

30.4.73 
15.1.76 


99i 8.84% 

98 6.7S% 


96| 855% 

97 6.73% 

98 fi.91% 




^ hj0& 

I^ople talk about NCB for some very good reasons 


DOMESTIC ISSUES 

8% Investitionsanleihe 1973/B 15J2 

8% Investitionsanleihe 1973 ZD /B 3.7 

8% Investitionsanleihe 1974/B 1.4 

8}% Investitionsanleihe 1974/H/B 22.10 

84% Investitionsanleihe 1975/1I/R 11.6 

8i% Investitionsanleihe 1B75/S/1I 25.7 

84% Investitionsanleihe 1975/m/B 28J0 

84% Invest! tionsanJeihe lflTS/S.-TII UJV 27.12 

81% Investitionsanleihe 1975/V/B 12.12 

8!% Investitionsanleihe 1976/S 202 

8% Investitionsanleihe 1977/S/m/B 2.6 

8% Investitionsanleihe 1977/1I/B 15.9 

8% Investitionsanleihe 1977 /HUB 20.12 

8% Wasserwirtscbaftsfondsanl 1977/m 3.6 

Sl% Energieanleibe 1975/HB U.S 29.10 

S]% Wiener Stadunleihe 1975/B 29.4 

8% Wiener Stadtanleihe 1977/A 10.3 

8% Wiener Stadtanleihe 1977/B 10.5 

8% Europ. Investitionsbank Anl. 1976 20.10 

8% Inter-Am. Entwicklungsbk. Anl. 1976 ... 17.12 

S% Tag Finco Anleihe 1976 19.U 

SJ% Sparkassen anleihe 1975/U/B 21.10 

8% Sparkassenanleihe 1B77/S/B 26.7 


13.2.77-81 (101) 
3.7.7641 (1021 

1.4 .76- 82 (104.50) 
22.10.75-82 

1L6.76-84 (103) j 

25.7.76- 85 (103) 

28.10.76- 84 (103) 

27.12.79- 85 (103.50) 

12.12.79- 85 (103.50) 
20^^1-86 (104) 

2.6.82-87 
15.9^246 
20.12.82 -S6 
3.6^2-86 

20.10.79- 85 (103.50) 
29.4.7643 

10.5.78- 92 

10.5.78- 02 
20.10.80-86 
17.1241-86 
19J141-86 

21.10.77- 83 (101) 
26.74043 


Nippon Credit Bank 

Formerly Nippon Fudosan Bank 


(R) Purchase for redemption purposes by issuer possible. The bonds so purchased may be used for repayment according 
to plan. (...■) Repayment at a premium. (G) Government Guarantee. (S) Local Government Guarantee. Yield calcula- 
tions are based on the middle price. 


New York Branch. 2 WaU SgteL . New *gi» ncbN YK, (Imemational) 232496 NCBN UR^42362T NCBN UT 
T « Anns! pc Affipp- sm WikW« ^uIctSlSuUc 1460, Los Angeles, California 9001 7 Tel: 213-629-5566 Telex: 674 377 NCBLAX 
¥> s J S'i'lfS Fraoffurt am Main, F.R. Geimany ■ Tel: 061 1-72 5641/2 Telex: 413387 NCBFM 

LiSS S Sri. ^ 7«impSr4 Fratw Tel: 073-0066/7 Telex: 212S47 NCBPAR 
Pans Office, de la ^^ 2 ^ Bldg^Dunant St., Beirut, Lebanon. Tel: 341474/5 Telex: 22194 NCBBRT 

Affiliates: Paris, Zurich, Horiolnln, Jakarta, SaoPanlo r 


Austmn securities are paiticulariy safe and attractive investoienls- 

_ \ . lajaBaasgsasata!-^ 

Iti4 aESMsssaRaasiafe 

secumies tl look, ^ier foreign companies on the Vienna Boise BiVi l<ad,rg AlBlrim millions tandling .cairife. 

Girozentrale Vienna 

Market Maker in Austrian Eurobonds 

MuujprSccorilfes Trading Dqurunent Karl VOMACKATel.:?’ M.fiftlTelK! 1.3195 . Dettun Manner r tj.hiuw, 

v • Teter. W»5 * Eurobond Dealer: HertwtSTEINDORFER. Tel 1 72 W 67S, Tel«i I019S ■ Aur^ 

. THen 1-3193 ■ Manage/ LINGER. Tei.:72«J?l 





























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25.00 
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®.)5 . 17 7/19*7 

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9.00 15/ 1/1989 

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1/10/1985 

AWI» n«T FIX 

7- 25 l/A/luSO 

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*■00 1’/ 6/1987 

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9- 2? 1/ 3/1*85 


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2967 

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AFLKT P7OO0CTS TFT 

r-)> ii 12/iNRo 
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fi.-’5 1/ 2/1881 

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1/ 3/1983 
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CARRIER inf - 

5.00 15/ 6/J9P7 

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1/ 7/2982 
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17 



Financial Times Monday October 9 1978 


2 o'! 

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. This Adsertisemenl appears as a matter of record only 
These Bonds have been sold outside iht United Suues of America and the Netherlands Antilles 


NEW ISSUE 


o 

IK 


4th October, 1978 


U.S. $24,000,000 

Intershop Overseas Finance (Curasao) N.V. 

( Incorporated with limited liability in the Netherlands Antilles) 

20,000 5J per cent. Guaranteed Convertible Bonds due 1990 of 
U.S. 11,200 principal amount each 

onconditionaily guaranfeed by and tronverlibie into 100,000 Bearer Shares of 
Sfr. 200 nominal saluc each (at the rate or five Bearer Shares for each Bond) or 

Intershop Holding AG 

( Incorporated in Switzerland) 

Union Bank of Switzerland (Secnrities) Limited 


Swiss Bank Corporation (Overseas) 
Limited 

Credit Commercial de France 


Bankers Trust International 
Limited 

J. Henry Schroder Wagg & Co. Limited 


Abu Dhabi Investment Company Atgmneiie Bank Nederland N.V, A. E. Ames A Co. Lid. Amsterdam-Rotterdain Bank N.V. . 
Bancs Commerciaie Indiana Bancs del Gottardb -- , Bases Naxionalc del Lavoro Bank of America International 
Bank Julius Baer International Limited Bank Canlrade AG Bank Lea Inlematioaal Lkniled Banque Bruxelles Lambert S.A. 
Banque Praacane da Commerce Exierwar Banqne de Flndocfaioe et de Suez Banque laienutiooaie a Luxembourg SA- 
Banque NaHonale de Paris Banque de Paris et des Pays-Bss Banque de Paris et des Pays-Bas (Sui&sel S. A. 

Banque Populaire Subs* S-A. Luxendmcss Bayer bche Hypolbeken- imd Wecteri-Bank - - - Bayerische Verebsbaok 

Berliner Handeb- tad Frankfurter Bank B&L Underwriters Limited Caisse des Depots et ConsicnatioiB 

Ceotrate Rabobank Cilicofp laleraatharf Group Cramnerzbank Aktteagescllsdiaft Credilaastalt-BuLverein 
Credit Indastriri et Commercial Credit Lyoaaaiy Credit Sn^se First Boston Limited Credit© Itallano 

Den Danske Bank af J87J Aktiesehikab Deo nankc’Creditbsak Deutsche Bank A.G. 

Deutsche CiroaenMle-Deutsebe Kommunalbank- Deutsche Liaderhank Aklieageseifsehaft DresAier Bank Akticngesellscfaaft 
EmmsobainR S.pJL Cefina lalernalwaal Limited Genosscnsdiafljiche Zentralbank AC-Vienna 

Gtfdimu Saete, latemaiiooal Corp. Croupemest des Banquiers Prhfe Gcnerois Hambros Bank Lhnited 

Kandebbufc (Qveiseas) Lunited Hfll San»uei A Co. Limiied Klein nort Beoson Limited 

Kredfetbaok SjV. Lnxembovgeose Kuivait Investment Company (S..LK.) Manufacturers Hanover United 

Metric, Hack A Co. Merrill Lynch International & Coi Morgan Grenfri! & Co. Limited Morgan Stanley Inlernational 
Samuel Montagu & Co. Limited Nomura Europe N.V. Nocddeutsche Landesbaak GirOzCntrak Orion Bank Limited 
riUiun, JfrMrini; ft Pferstm N.V. PKbankea ■- Rothschild Bank AG Salomon Brothers International Lunited 
A. Sarasin ft Ck. Skandcaariska fitskBdt Baoketi Smith Bamej, Harris Upham, S.A. 

Societe Bancaire Barclays (Overseas) Limited Sodete Cfflerole Sodete GaKrale-tt Baaqoe S-A. 

Societa RKUdna Aakontxva 4IAS Group Sltanss, Turnbull A Co. Sveaska Handebbaaken 

Vcitand g»*86p.‘ri*fa*tor Kant/n vaBcmkcn J- Voolobd ft Co. S,G, Warburg ft Ce. Ltd. 

Wcstdcabcfae Laratebank Gfrozentnie Wood Gundy Limited Zeatrabpa ri ago dec GcmeiudeWiea 


The stoiy behind 
marketmaker nr. 611 


T he story behind Market- 
maker 611 is the story of 
Rabobank After more 
than 80 years of steady growth^ 
Rabobank occupies one of the ' 
most prominent positions 
amongst the leading bank 
organisations of Holland. 

With a strong *4 
agricultural background, 

Centrale Rabobank heads a 
cooperative banking 
organisation with over 3100 
offices and a combined 
balance sheet total exceeding 
6 1 billion Dutch guilders , 

(in excess of CIS $ 26 billion) in l 

L 1977, 

Rabobank continuously 
extends its activities also 


internationally, and is now 
operating as Marketmaker 
61 1, in Dutch Domestic Bonds 
and Euroguilder notes. 

Considering the 
number of issues, in which 
Marketmaker 61 1 is quoted in 
the A1BD Quotations and 
Yields, it might be very worth- 
while to get in touch with the 
*Dutch Masters in Banking”. 

Rabobank is also 
contributor to the Reuter 
Monitor System under page 
oodeRABA-B. 

Centrale Rabobank, Holland, 

St Jacobsstraat 30, Utrecht, 
Trading Tel: (030) 362410, 
Telex: 70105. 


Rabobank S 

Dutch Masters in Banking 



MEMBER OFUMCO BANKING GROUP. 











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LS 

K ED 
LX 

PC ED 


412 35 215 90S 911 
914 910 935 940 
445 9*7 950 
536 90S 915 938 


LN 


408 **• 
28 405 
28 905 


102.00 


8.68 


3.21 

3-U 

4.18 

4.39 


10 ( 1.00 

100.10 

100.00 

100-00 

100.00 


NIT 

1981 

MC 

1980 
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J479 

ion 

1480 

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1981 


7.50 

1982 


NP EU 
LX 


117 35 310 905 915 
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SP EU 

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VC EC 
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517 *•* 
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412 *•* 
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5e.00 1*75 MLDLVND BASF fl. 0:1/4 101 4-12 

100.00 8-50 12/11/1982 S 


100.00 


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1980 


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IS 


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ICO. 00 7-688 18/ 5/1987 5 

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100.00 9-438 20/ 7/1993 S 

1977" JUCT-JSAL riSASClEU L6:I 
100-00 10-25 3/ 1/1993 8 


lao.co 
100. CO 
40 -00 


1978* NATIONAL VEST 5.5U/4 
100-00 9*313 21/ 6/1990 S 

1976* SnPFOS CREDIT 5.7S:1/A 
100.00 9-50 15/ 3/1981 S 

1470* OFFSHORE HDflSC CO 1/4 
100.00 $.633 19/ 7/1986 S 

1976 05TOUU3CSE FCST 6. 5:1/4 
100.00 6-625 17/1 1/1982 S 


96 1/6 8.63 

98 3/6 14.81 

99 1/2 14.27 ' 

98 7/8 11.73 

99 1/2 4.46 


7.77 


9.50 


100.00 

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10.30 

9.42 

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1983 

30C 

1983 


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517 35 210 215 ??0 
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98 7/6 7.80 
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99 3/4 4.13 


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8.65 


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100.50 

160.00 

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*5 

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30 

1981 

30C 25.00 
1979 1985 


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103 21D 215 230 905 
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935 947 
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580 35 *15 905-930 
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9-10 


100.00 


:oc 

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25.00 

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7475 PARIBAS 7.25:1/4 99 3.’* 2.19 

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1474 P0FOLAP ESP TTT 7.25:1/4 4$ i/i 3.17 
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100.00 10.25 31/ 8/1040 S 

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408 35 205 210 220 
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317 


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100.00 8.BB6 5/ 4/148 J S 3.92 

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50.0a 

75*00 

60.00 

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100.00 

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20.00 

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1977 

100.00 

1976 

IN.00 


1J77 

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S.S.C.P. 6.25 I I/A 

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8.125 1/10/1904 8 

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1951 

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1951 1479 

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1978 1975 

9-41 

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100.00 

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100.00 

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8.875 15/12/1946 5 

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9.00 15/ 9/1980 

EUBOPEAH 1EVES7XENT BARK 
9.00 1/11/1982 5 

EUBOPEAH JHVESWEJT UBX 
9.00 15/13/1982 

EUROPEAN EmOBtEHT BASK 
9-DO 15/ 1/1982 
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9.00 15/ 9/1990 

EUROPEAN E3VESTXEHT BANK 
9.00 15/ 5/1997 S 

EUBOPEAH rKVESnaST SANK 
9.125 1/ 7/1993 

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$.25 I/. 3/1998. 5 

EUROPEAK INVESTHETT RANK 
9.50 15/ 2/1985 


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1/2 

6.01 

9.15 

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93 

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5.50 

9.11 

8.40 



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B? ED 1«J 

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NP EO WZ 405 

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IX 

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10.00 SP NT (II 
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it 34 35 
SOS 931 939 
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609 615 625 


930 9M 947 
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330 947 


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520 940 
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415 6£5 975 


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32 33 35. 
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99 3/4 3-30 9.06 9.02 
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9.17 9.48 

101.00 


18.62 
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4.42 
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102. 50 
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101.00 
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102.60 
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30C 4.00 

1985 PF1979 
30 3.00 

1969 DPI9B3 
60 10.00 
1988 1984 

30 5.00 

1990 0 PI 986 
30 2.M 

19<0 PFI976 


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75.00 

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200.00 

250.00 

200.00 

230.00 
210.03 

303.00 

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197; 


joa-un 

700.00 


300.00 

250.00 


250.00 

2su.no 

25D-00 


200.00 

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200.00 


250.00 


250-00 

250.00 

250.00 

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100.00 
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1975 
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100.00 

1976 

9«.51 

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101.00 

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1.75 1/ 6/L9R- 

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a. 13 J5/S/I98fl^. 
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8.75 IS/ 5/1988 

WORLD BANK 


7.00 

WORLD SANK 


7.125 
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7.65 

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7.75 

VORL0 BA HR 
7.80 

WELD UHK. 

a. 00 

VO ELD UBC 

8.00 

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8.15 

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a. 25 

WORLD BANK 
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9.J5 

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6.15 

WORLD BANK 
8.373 


1/ 5/1982 

1/ Kim 


WORLD BANK 
8-375 


WORLD BANE 

8 .60 

WMTLn BANK 
8.85 
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e.85 U 7/200L 
WUHLD BANK 

9.35 I5/IZ/2G00 


1/ S/19E7 
1/8/1987 
3/12/ 1 986 
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93 1/2 S-®7 

91 3/8 9.62 

97 3/B 9.»2 

94 1/2 3.59 
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92 5/6 8.59 

93 1/8 8-84 
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98 7/8 1-26 
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96 1/2 0.2b 


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9-16 

9.01 

8.99 

9.09 

9.08 

9.09 
9.15 
9.13 
9.08 


0.29 

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8.99 9.64 

101.00 
8.99 4.57 

101.50 

T. 54 


45 

1*81 

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ST - 60 

9*0 

SP NT 413 20 
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9*0 

SPEC 186 IDS 
LWL32 975 

EE ED 1B6 10S AOS 409 415 
i-nas B 420 425 975 

SP ED 
LX 

SP ED 
LX 

07 ED 165 
LX 

TtP ST 413 20 
ST 80S 

HP EB 165 «” 

LX 

SP ST 4A{ 20 
ST 805 

SP EU 525 105 
LX 415 

SP EO 594 35 
BIBS 975 

HP ED 439 870 
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HP W Ml 37 

H? 885 

SPED 117 
LX 

SP WE 413 20 
HT 805 

HP EC 1 6b 105 
UHL 

976 

BP ED 517 


32 31 SO 
931 939 975 
230 405 409 
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930 940 960 


973 


32 33 60 
B3L 939 975 


tt 33 60 
931 939 975 
405 409 415 
5 £3 947 960 


LX 


1986 


7.67 

B.*3 

8.50 

8.49 

8.25 

8.35 

8.62 


92 7/fl 2J.54 
J7-9J 
99 1-79 


9.18 

9-27 

9-10 


9.08 9.65 

102.50 

8.56 


30 8-00 

1989 DF199D 


98 7/B 2-21 9.11 8.62 


94 


27.(4 

18.08 

97 7.75 


9.16 

9.23 


9.11 


9.08 9.56 

102.50 

8.82 


TO TO. 00 
1990 7JP1990 


5? ED SIT «** 
LX 

SP EU 396 115 
L*J 

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ST 929 

5P5T All TO 
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SP SE (58 20 
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R 939 

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458 20 
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939 
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32 60 931 
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32 60 9 31 
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12 60 931 


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SI 

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32 60 931 
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32 60 931 


ST 
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975 
35 931 940 


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32 60 931 
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35 931 940 


9* l.'e 23-17 
17.41 
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9.13 

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9.04 


9.10 9.62 

102.50 

8.90 


30 io.no 
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HP ST 479 20 
m 975 


32 35 60 
939 940 975 
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59 7/0 7.21 9.07 9.06 


98 7/S ::.7S 
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9.17 

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9.24 

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9.13 9.10 

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30 10.00 

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bp st (11 :o 
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33 33 MJ 
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25.00 1975 ADELA 1NTESWQT S:!-3/a 99 5/« 

25.00 100.00 I0.*M s' 1/1983 J 

*0.'W 14TF.4 ASUCAH LEV Wf. 7:1.4 Oil 7/8 

100.00 9—35 :v. 7/1983 5 


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1976 VIZCAYA INT 7.25:1/4 

300.00 8.438 12/11/1981 S 

1977 WILLIAMS * GLTHS 6. 5:1/4 

100.00 9.375 23/ ^1964 5 

ACSTBALIAS WLLABJ 


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99*25 10.00 1/ 10/ 1983 100.50 

10.00 1977* AUSTRALIA* RESOURCES 98 '4.1 MO. 60 10.20 1D.75 

1 DO-00 Hu no 1/12/19B2 _ IDO. DO 

15.00 1978* cmcopp 0/s ns L 100 I/- 6.38 10.36 10.45 10-51 

1 00.00 10.50 15/ 2/1965 201.00 

12.00 1976* BANK OVERSEAS EOLDLNGS 97 1/2 4.75 12.19 11-79 

100-00 11-50 1/ 7/1963 

AT? TRIAS SCHILLINGS 


30 

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HP EU 350 960 
LX 

HP fen 600 960 
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30 

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30 1.50k PC EC *12 960 

1983 PT1979 LSSI 

PC BO 3*6 647 947 960 
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150.00 
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350.00 
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98>50 7.00 20/12/198) 


M.00 9.50 I*/ S/1979 

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12.00 

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15.00 
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1977 .VAT ALCFKIE SAVTntTMN 
100.00 ' S.7S 1/ N/19*,’ 

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ltlO.ilO 0.75 157 .'..■1982 

1977* PETR0LEO5 SEUCAWJ5 L 
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1977 HLPUBL1C or PDILIPPt'.Ea 
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1977 . 

100.00 


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9-50 1/ 8/1982 


1976 

100.00 


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9.0U 15/ 9/1903 


1977 

99.75 


BASIOUE CA5ADIB.TJC Rif 
8.25 15/ 2/1952 


1476 

100.00 

1976 
99.30 

1977 
100.00 


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9.25 15/ 4/1902 


9.75 22/12/1961 

BUT 

8.73 1/ 6/19B2 


1977 
99. DO 


MBHBPICIAL 7IK 1ST 
9.00 15/ 2/1984 


BEXEFICTAL PTM INT 
9.50 15/ 7/I9SD 


25.no 

25.00 


1975 
IDO.OO 
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luu..« 
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100.00 


BENtFiriAL EI5 1ST 
9.75 15/12/19(2 


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W! 

BP TO 456 210 415 870 9t2 . 
LX 9J5 957 945 (47 

980- 1 • ' ' 

UP EU 456 210 435 520 870 

IX 912 995 937 «S 

917 980 _ 

NP SU 456 205 210 42* 520 
IX ' - 870 912 *15-937 
VJ5 947 9(0 . 

HP EU 457- 2l0 9X2 9(5 9(7 

LX 980 

re ED 418. 205 410 425 S2f : 

LX _S70 912 935 937 . 


30 

1964 


94S S4T 960 
FE EU 418 ZU5 210 425 


LX 


8 


. 4.34 10.il 9.54 10.32 
100 J» 


XI 

19B2 


30 

1981 


1976 GEHELCUt 

100.00 9-00 15/11/1981 

1975 GEBELCAB 

100.00 9.50 1/12/1982 

1977 COD3UL BOOBS LTD 

100. DO 6.50 1/ 5/1984 


D 97 1/2 3.13 9.95 9.23 
D 9# 4.17 10.09 9.69 


670 912 955 < 
9(5 947 9*0 _ 
PC EU 418 209 2X0 425 32fl 
LX 870.912 935 937 

- HI 947 980 __ 
K EU 410 205 210 425 KO 
Lx m 912 935 937 

945 94 7 980 

PCEO 416.205 S1OM5R0 
310 912 335^37 
9*5 947 980 - 
227 980 


U 


93 1/6 5.59 10.15 9.1} 10.88 

100.00 


30 

1982 


BG . 
UQ 
PC 
Uq 

hp eu 


227 980 


1974 CHS MOTORS ACCEPTANCE 
100.50 9.00 IN/10/1901 


97 5/8 3.04 9-93 9.22 


1976 CES lWTtIRS ACCEPTANCE 
100.00 9.00 1/ 2,’iw; 


97 3/8 3-34 5.93 9.24 10.27 

100. N 


30 

196L 


1976 era MOTUHS ACCEPTANCE 
100.00 9-35 1/ n/ 1983 

1975 GEN MOTORS ACCEPTANCE 
100.00 9-50 15/10/1*81 


91 1/2 4.67 9.(2 9.(9 10.32 

100.00 


30 

19BL 


3.0( 9.69 9.60 10-05 

100.00 


30 . 

1980 


50.00 

50 .00 


1976 GEN MO TUBE ACCEPTANCE 
100-00 9.50 1/ 2/19Bb 


97 1/2 7. Ji 9.'$S 9.74 

5.67 10.09 101.50 


30 (.35 

1481 071982 


30.00 

30.00 


1976 SEN «WB ACCEPTANCE 
100.00 9.75 3 5/10/ 1 9R3 


95 1/4 10.0A 10.03 9-92 
. . 7.91 10.08 102.50 


30 ' 3.00 
1961 DPI 982 


25.00 1977 HALTER F-HELLEE (CAM) 

100.00 9.30 15/ 7/I9B4 


97 3/8 5.79 10.10 9.76 10.35 

100.00 


30 

1982 


15.00 

35.00 

23.00 

is. oo 


99 l/B 2.7 L 10.09 9.64 


1978 TSflZHl E. HELLER 1 CAN) 

98.50 9-75 15/ 6/L981 

1975 aramnrs bat 

100.50 10.25 15/11/19(1 

1976 IAC LZMQTBD 

100.00 0.50 15/ 5/1981 

. 1977 UK HABRSTEB CRED11-CJ0 92 J/4 4.34 10. 90 3 ^3 11^4 
i a. 75 U 2/1983 — 


100 1/4 3.13 10.13 10.32 10.08 
' 100.00 


99 


2.62 9.(0 9.60 


-30 

I960 


100.00 


100.00 


30 

1982 


25.00 

24.00 


II! 7 !. *** *»WRSn» CMDEX-C4B 98 3/8 7.54 10.04 9.91 1U-6A 
99.50 - 9.75 IS/ A/1986 5.75 10.12 . 1 00. NO 


30.00 

23.00 


,i2 7 L THTJARTEarra.rann-CAB 99 1/2 2-9! in ^4* 10-30 10.65 
100.50 10.25 1/ 9/1981 


1.00 

1977 


1976 IBB CANADIAN FINANCE 
100.00 9.50 1/ 0/19B2 


100.25 

97.7/R. 3.84 10.18 9.7L L0.3R 

loo-db 


30 

19BD 

30 

1981 


1976 ISE CANADIAN PIKANCP 
100.00 10.00 1/ a/1986 


» 3/8 7.84 10. U 10. H 10-38 
6.38 10. 14 100.975 


1.29 

1978 


so.oo 

20.00 

25.00 


1976 EMBOSS HWT.CORP 

W.M $.13 |j/ b/1982 

1977 LAURENT UK FTP CAP 

100.00 9.SU 30/ b/1982 

1977 NAN HAH LCASlsc CANADA 
IDO. 50 H.1S 15/ 5/1402 


98 1/4 3.71 9.81 9-41 .' «.98 
100.00 


30 

1901 


10.00 
25. UQ 
20.00 
16.00 
35.00 


101-00 


30 2.40 

USAm978 


DP EU 
LX 


ion. oo 


3o 

1981 


77 205 210 
6/0-912 
9*5 947 
218 201 210 
- 870 »i: 


100.00 


30 

ISfiO 


re eu 
IX 


25.00 

30.00 

so-on 

15.00 
IS. 00 

20.00 


1977 

100.00 


A«?6 

99.00 


l$7b 

■M.QO 


CBBTSLES CKBDrr - CAHm 9J 1/2 .3*71 71-4# 9.99 12.16 

L -*/ WimI 100 -TO 

®5!iHKr * s,/ = s, ”iSS:g 

loo 1/8 17,75 9.97 9-99 


1975 

100.00 


19’4 

inu.'M 


UR or LAVAL 

10.06 l." 7,'I9$6 

cm OF OCEBEC 

in.no I >r 11/1*93 

ClTT OF QCEdJC 

I0.J6 1V10/W?* 


30 

1481 

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1981 


PH ED 
12 


9(5 $(£ 
218 205 210 
810 912 
- W5 946 
446 9S0 


42 5 520 
$15 937 
980 

475 520 
935 937 
9(7 980 
42) 320 
933 937 
947 980 


15.00 

15.00 

20.00 

19.00 

30.00 


l$75 KHANKA Klifc. 

99. M 9.75 l/H/1900 

l$Jb BDKANUA JUSIC 
100.06 9.75 15/ 7/1982 

197A NO KIEV 

99.50 9.75 15/ OX9B3 

l*7» S07A SCOTIA POWER 
99-a 9.50 1/ 7/1M4 

1976 PAS CAN AD IAN PETPOL 
KK.SO 9.75 15/11/1303 

1975 PB0WM8 OF MANITOBA 
99.50 9.25- 30/ A/naj 


or Lrt 3.15 10.31 9.14 
94 1 /( 3-62 10.19 8!7S 
99 178 2*09 10.21 9.04 

98 7/8 3.79 10. 10 9-86 

99 .1/4.4-54 9.93 9.82 


99 1/8 16-75 9-M7 9.58 9.92 

. 201.00 

99 1/4 5.13 9.93 9.8J 10.02 
160-00 


KB2 


96 1/2 6.56 9.33 9.39 

4-58 9.64 102.00 


is ;s pxomcE or sBcrom<wjuiD 9« i/2 4.A2 9.09 9.64. 

00 9. 60. 15/ 5/1983 . 4-33 9.(3 101.00 

,« 7 L pac T? l 9T or HDnUflxnUBO 100 5/8 7.21 10.il 10>(19 10.30 
100-ZS 10.25 wiwiiMt i*. — 


30.00 


19/12/1995 

. WI* WOTWCE UP NOVA SCOTIA 

100.110 9.00 15/12/1983 


LM.» 

L 99 5/0 17.1) 10-04 10.04 

102.00 

L l« 1/2 [A.M 10.31 10.49 I0.il 


I486 


NP EU 
LX 


BP CU 

tt 


1**M 

100.00 


COMM CFUJI r ^ F « i.’t. s,*2 10-M 9.8* 


10.'. 00 


BP EC 
LI 


SU.LKi 


!$r-. 
ioo. j® 


CC»1RJL--.IA'_ : M-A L 101 

IU-'S IW i/1995 S 


1V.TO 11-14 11.^ 11, >,5 
1 LJ> 11-10 m3. on 


IMS 


1.67 

lira 


NP EU 
L5 


412 21Q 870 945 990 
412 210 912 9(5 960 
412 910 912 945 MB 
103 210 912 945 MO 
517 Sin 937 942 980 
57 9(5 


.20.00 

5.00 

50.00 

15.00 

15.00 

is.ao 

10.00 


981/8 3.22 9.(5 9.17 
99 


lOl.DO 


.90 3.« 
»B0 1981 
• 30 .50 
19791*1(76 
30 1.2Q 
1980 PJ197S 


64 305 210 625 520 
LS 870 911 933 837 - 

WU 947 980 

PC EU 436 JOS 210 425 53} 

U 070 912 939 (57 . 

945 947 910 

re EU 456 205 210 425 530 

LX BlO 912 935 9X1 

*15 947 980 

re EU 456 203 210 «5 9Z0 
LK - 870 912 935 937 / 

9(5 947 980 

PC CU (37 205.210 425 520- 
U 810 912 933 937 . 

94 5 9(7 980 

PC EU 456 205 210 <23 530 

LX 870 912 $33 957 

545 947 9OT 

PC ED 436 205 218 425 530 
IX (rto 912 95S (37 . 

945 947 (BO 

PC ED 318 210 «23i 520 91* 

LI . 935 937 945 9(6 . 

. 947 980 

re eu iiA 210 912 913 943 . 
LX (46 947 980 

HP EO 857 310 912 9)5 9*5 
IX 947 960 

HP EO 64 510 912 935 937 . 
LB . 945 947 980 

BP HI 456 210 425 528 870 
IX 9U 935 937 945 

947 980 « 

HP 80 Aifi 210 425 520 670 
LX 912 935 137 9*5 - 

947 WO ' " 

HT EU 457 2)0 870 913.935 _ 
LX 9<5 9(7 980 

re ID 441 M3 210 4M 520 . 
tt o/D 912 939 W7 

9(5 941 980 

Rl ED 441 205 210 «25 920 
LX - BJO 9l! 935 937 
90S 9*7 9» 

K EU 339 210 912 915 «7 
LX (43 947 965 980 * 

BP 10 IIS 230 W5 Si? 512 
■LX ■ 9JS 937 54S MB. . 

(4 705.210 425 520 J 
912 933 93) SET 
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64 zU) 870-912 H7 
945 980 

M 210 (25 670 912 
935 945 m 
£( 310 520 912 535 
LX 937 945 

SC EU 103. 310 935 9*5 980 
LX 

PC m 218 210 425 320 *12 
IX 935 937 945 94* - 

4«7 960 

86 S 10 (43 947 J#> . 


i 


PC ED 


HP EU 
LN 


SP EU 


3.38 9.82 9.80 9.94 

100.00 

95 1/2 3.80 11,24 I0.ZI ' 

101 .00 


.i? 7 ® PROVTIWIAL NA5H-CANAM 
lOO.DO 9.50 15/ 2/1982 

1$75 PODTE-aks-tf cnarj ' 

98.50 V.75 18/7/19 03 

• 147 3 tJOYBEt MaD-EltjCIRIC 

99.M 9.MJ 15MU/I98I 

J1 7 L „ CIU4M cwesnnr . 

-IDO.OO 9.50 31 2119*2 

1977 qotPCC mus nxptvTin: 

99.00 . 9.50 15/ 9; 1904 • 

19’N QCLflEC PR8AJI COMWISLTT 
78. JO . V.Ii 26! >/ 1991 
|1J4 OLTUFC UilMl' COHW.ITT 160 3/8 1.13 l n '.32 10.71 
106.00 10.75 15/11/1979 I • ' 


99 7,78 3J>» 9-54 9.31' 
97 1/2 5.33 10.3ft 9.14 
97 5-96 10.19 9.79 

9! 318 (1^ Su.lfc 10. OL 


30 

mi 

(PC 

ISBQ 


fir cu 

IS 

»'W UU.210 >12.-943 9*7 
“ 980 . 

0 in 105 210 H 2 (43 9W 

LX 

64 20$ ZID (25 U70 
935 937 »3 
9A7 saa 

J7 210 B» 937 945 

990 . * 

18 M3 *817 - 


OT CU 

u 


HP EU 
LX 

HP SU 

LX . 

Sfi EU 165 210 SMS® 52 
U . 9jr (tt ,9i1 9W 

HP EB 408 *10 

ix '. - : ; ■ • ■' 

UP EU 60S MU 

tt . 

HPtU 1ft 912 945' 440 
U 1 

HP Eli 4ft 412 943 9(0 

LS ' '■■ 


/ . 


'.'4i' 


A., 







Financial Times Monday October 9 1978 


FOflRO*Vm^ ' . 
COUPOH MAtUfiflY . 


_1_ 



CaPMMH mrjiBs <CffSTS«2»> 


,12*7* J “ B * CV33SEM Baumcs" -».l/2 
100.00 9.50 14/ */(»= 




»» BANS oi* casaca 

i».co *.® is/ i/m*. 

W6 MY41 3AMCW CJLVUU 
KHl-OO e.7S 1/ tflHO. 

1077 BOCAL EASE W PIMA M 
100.80 9.Q0 u/ J/I992- 

w* sotal t«s or wwi 

loo-on 9,50 i/i/iwa 

,12-? WSAL TtMT 00 HM1CMB 

lco-co 9.yi 14/ 

l?:* - howl. twist eo mhteme 
»®-W 9.74 ■ 1/ 9/1912 

1974 EDUUSCZUiaUS 
106.00 3.40 11/10/1900 . 

iw scow; • 

:oo.:a h.ts 


3.n 9.17 
$£ t/i 3.X $.11 
94 3/4 3.30 9.25 


9.04 


93 U- 13-18 9.1 D 
11.32 8.21 


99 

99 i/2 
99 1/2 
99 3/4 


0-W 9.65 
7-10. 9.69 

3-30 9.69 

3.92 1.90 

2.04 9.63 


9.14 

9-65 

1.55 


lies Bsur - 
99.74 9.50 

197b 80X3AT 
99,30 9.30 


If 2/1982 
1/ 9/1 »0 
It T/im 


<13 3/6 3.34 9.94. 


» its 

99 3/0 


1.92 9-95 
2.75 9-73 


9.56 


EC.® 

J.l.75 


197.4 SfflKffi-SElPS ATC.r.0 
34.50 9.75 1/-8S1MJ 


l“7o TULfaCTLT OCCAM, 

in.ao 9,:o is/ 6/1M2 


t*:, toms-tu* f is ala 
9K-i5 16.00 15/ 6/19S6 


901/4 4.34 9.94 
3.71 10-51 


37 1/2 


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97 1/2 

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100-59 

9.71 1/LL/19BI 


5. DO 

1*75 

98-50 

70631 or KISTRU!. CAST 
9.7.-- !£/ 7/19S2 

95 1/2 

25.n0 

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S..*'. 15/ 3.'!“* 2 

98 3/4 

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. 9.25 J/ 5/1 9a: 

98 

20. m 

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miw: CUUUr OP CANAAA 

9E 5/8 

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9v-m 

9.73 U 0/IM6. 

n.TUX'C.faDERS 


60.00 

1977 

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7.50 '/I0/l“64 ■ 

• 96 3/8 

50.00 

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99-50 

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!«72 

ALUMENC BAST 

9E 1/8 


7.TI lo.tn 
6.44 10.13 

3.50 9.84 

3.09 9.74 

3.80 11.24 

3.i.t 10.15 

4.17 10. 66 

3.39 9.90 


7. SO 1C. on 
6.1! 10.63 


10.21 

9-67 


9.1) 


LO.OO 100.00 


:/ 10/1979 


7‘i.i.J 

3?. JO 


7'. .90 
3’.:0 

bl'.OO 

75. CO 
75.06 
75.00 
75.60 


?u.w 

35.00 


I* -3 ALtcinrr basic 
J uC.IU o-.i ]/ 5/1990 


lN'S* , .lLO»IfC BV'.r 

99. » P.25 14/ 5/1983 


1*»'l Alu'Jtf.C BAiir 
100.00 / ■ ;■» 1/ 1/1919 


92 7/8 


6.0! 8.79 7.70 
3.01 t-!5 9.55 


1.0! R.BI 6.11 
.31 10.13 


1.39 7.(4 fc-49 
2 .09 8.27 


1*7. .5UTMO.I BASIC 
59.50 9. 30 I-/ 


Li 14:9 


95 2/3 4.62 7.62 6.34 


98 5/1 l.K S.74 7.H 

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to 


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MARKET 

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345 310 AJ5 

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2lS MS 210 
870 912 
Mi 946 
219 210 429 

912 9U 

946 J47 
211 205 210 

670 912 
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2!B 710 520 
933 917 

947 960 
64 210 870 

9J7 945 

64 2J0 070 
137 945 
2U 210 870 
937 W5 
980 

218 210 870 
917 945 
980 

64 210 STO 

946 980 
64 210 870 

917 945 
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64 210 425 
933 937 

947 980 
456 205 210 

870 “12 
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456 205 710 
870 912 
915 947 

656 205 210 
870 912 

913 947 

457 .-ns 21(1 
870 912 
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77 210 425 912 935 
937 945 965 980 
326 210 013 945 947 
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256 7ID 425 529 879 
913 495 937 945 
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456 210 475 920 970 
“12 “15 937 943 
94 1 MO 


1975 ALCTWE S.'AK 
!~.i0 M.2J ll 2/16*0 
i“:. alcemcc bask 
ion. DO 10.00 I .'12/1979 
197. ALCOVES F I AST 
99. SO 10. 50 1/10/1479 

197# AHBOI6S* 7ST 

“4.7S 8.25 15/3/1983 


10! 

1C! .3/8 
1E1 i/B 

100 r/s 


1.34 8-tl 0.-1 
1.17 8.66 : ,9.(6 
.1.0! 1.7- 10-33 
4.16 7.99 8.11 


1973 4- IPO BALE 


101.00 


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15/. 3/1960 
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94 1.66 7.71 6.28 

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98 7/8 1.3'. 8.12 7.93 
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15.110 

1977 

17.50 

2977 


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91.50 , *.M 1/ i/1979 

100 3/B 

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60.® 

1174 A-TEO BASK 
jro.M “.75 • 15/17/1479 

10X 

1.31 8.78 8.65 

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1174 AH3Q E.USE 

100.00 10.75 1/11/1979 

1D1 1/2 

1.® 8.20 10459 

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».» 6.75 15/ 9/1981 

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2.96 2.20 8.2* 

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103 

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99-25 a.25 1/ 4/1*80 

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9“.75 6.7b 1/ 2/1483 

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4.42 8.» 8.27 

50.00 

1975 AUBTXLfaS CLCCTBIC1TT 
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101 1/8. 

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1*72 hank ices s eorc 

98 i/4 

1-Ot 7.62 3.83 

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9V.50 5.15 1/10/1*79 

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40.00 

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99-50 6. CO 1/ if mo 

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1.59 7.79 6.16 
1-09 8.63 

70. DU 

T976* BANK FLEES £ TOPE 
lOD.® 7.00 1/ 4/J9B3 

96 7/1 

4.M J J3 7-22 

■7S-00 

1477 BAT. HEXS * TOPE 

100.00 . 7.75 15/ 5/1962 

9* 3/8 

3.82 8.26 7.11 

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1*7« buck mies A Hope 

99.75 8.3* 1S/1 J/L9B1 

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40.® 

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1M.OO 1U.OO If 8/1*79 

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!37 600 
60S 
jl09 
227 600 
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237 

237 


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60* 60T AQR 
.$10 011 910 
•01 601 603 
Ml. 607 .OH 
610 611 “10 
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60s 607 608 
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601 BO! M3 
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“ID #11 910 
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606 407 "OR 
bin 611 4lu 
Ml 602 #03 
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Bill 611 910 


337 **• 

237 *a« 

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238 »•* 
339 

218 ••• 

218 

228 *** 
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338 *** 

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255 *** 
245 “4“ ■ 
245 *** 
215 «w 
225 *** 


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20.00 

23.00 

15.D0 

18.00 

10.90 

5..S 

12.00 

10.40 
15.00 

15.00 

25.00 

22.50 

17.00 
15.64 

15.00 

11.40 

12.50 

6.39 

20.00 

2.60 

15.00 
8.25 

12.00 
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12.00 

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EP*o E51TS or acornr cagnuUED) 

1976 cirr or coeoaucc. 1075/8 7.71 

99.00 . 8-75 15/ u/19S6 

1975 cm or COPEKRAGEC 109 1/2 6.99 

99.50 9423 . 25/ 9/I9H5 . 

1974 CITY OP COrEHUGOi • 103 1/8 1.13 

94.25 10,00 14/11/1979 ' 

1975 err; or hslsuu no i/a 4.34 

lOO^KJ 10.00 31/ 1/1983 

1»71 cm OF W«T 162 1/4 

48-00 8.00 13/ '9/1966 

19:4 cm OP OSAO 

98.50 8-675 !/ 4/1992 

i»7h cm 'or osu 

100.00 10.00 5/12/1981 

1473 cm OF OSLO 

99.90 9-25 15/10/1985 

1974 CDIT&CICTE 

99.50 9-00 12/ 3/1989 

1971 CCWONTOU-ia - M-STEALU 162 1/4 .-7.84 

99.75 8.00 ]/ 8/1966 

i»7t aaumaozES dhbszlds 162 1/4 

98-75 8-00 . IS/ 7/1986 

19*8 COPEBIAOU CDDK7Y 4018 162 

98.25 6.B75- 24/ 5/1980 

19*9 CQPDSACC3 COOSTT 6UTH 

98.50 7.Q0 H S/1986 

1971 COPEWACEB CWMIT ABTH 

100.00 840 10/ 2/1986 

1975 CapaaUCE9 C0U3TT AETB 

99.50 ' 9-25 33/10/1989 

1*15 C0PEKQAGE9 TE123WOT 

9.50 28/ 5/1985 

CnHJrt KATIOSAL 

8.00 30/ 7/1996 


7!96 
4.62. 
ID- 1/4 13.50 
7-87 

105 1/8 3-18 

1.63 

106 3/4 7.04 ' 

6.50' 
105 1/8 ID, AS 

. 7-19 


5-05 

7.7“ 

4-69 


■•5.W 
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10.00 

15-00 

12.50 

20.00 

5.00 

25.00 

2D. 00 

15.00 

15.00 
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17.00 

12.00 
12.00 
12.00 

4.72' 

15.00 

10.70 

20.00 

18.50 

15.00 
9. 75 

12.00 
7.20 

30-00 

26.70 

11.50 
1.10 

12.00 

4-00 

12.00 

J0.80 

15.00 
13-08 

12.00 

12-00 

MJB 

J(.« 

20-00 

le.00 

20-00 

16.00 

22.00 

22.00 

12.00 

6.40 

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23.00 

25.00 

23.00 

15.00 

10.70 
S.00 
5.55 

40.00 
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20.00 

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4.50 


99-50 
1971 
99.25 
1971 
200.00 
. 1976 
100.00 
1971 
99.75 
19/0 
100.00 
1966 
99.29 
1“75 
9“.O0 


p riurnn SCPPLT-l.t. 

8.25 7/ 3/1986 
ekso-chtzett 

9.25 10/ 2/1984 
ESCDM 

8.25 11/ 6/1986 


181 3/4 

162 1/4 

109 1/8 

110 3/4 
162 

161 1/4 
108 3/8 
161 5/8 

163 


5.61 
3-24 ' 
7.37 
4.20 
7.07 

8.66 


7.11 

8.98 


6.50 

.6.17 

6.33 

8.12 

8.09 

6.70 

7.96 

7-44 

8.24 

8.03 

4.78 

4-J9 

6.77 

8.18 


5.13 

4.67 

6.72 

b-O-i 

7.53 


.'8.13 6.45 

183.50 
«.*5 3,31 

.. 102> W ' 

9.70 

9.08 - 

7.46 2.A1 

102 -DO 

6.51 8.05 
182-50 

9.51 


75 1.00 

1WI PF1977 
Ii 1.36 
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8.67 


7-46 
7.46 
6.42 
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7.46 


8.48 

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4.78 

102.50 

3.31 

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102*50 

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102.00 


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101. 25 
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101.50 
5.62 

102.50 


7.83 

4.23 

7.60 

4-10 

5.37 

7.70 

4.22 


1613/8 7.34 
A. DO 

5-11 
3.71 
5.96 


4.53 
3-21 

5.54 
3.20 
8-72 


108 1/3 
104 5/8 
160 7/8 
106 3/4 
111 J/8 
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163 7/S 7.46 
4.16 


104 


10.40 

7.06 


161 3/4 10.72 

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162 1/2 J.H 

3.59 
7.19 
5.06 


9.25 26/ 6/1980 

HIEOj'tAH COAL 6 SUB. 

5.75 1/ 2/1986 

FOOASD - ISO HTCE BARE 106 3/8 
9.50 7/11/1983 

1976 EU1SE3 ITLEPSaUE CO 

99.00 9. DO 15/ 9/1994 

1975 0-7.5- 

99.75 9.75 10/ 4/1933 

7964 CXEATEX COFCRBAGEJ- 

98.00 3.625 15/ 9/1984 

1977 DUT8AR VDR.4 

100.25 8-50 20/ 6/1937 

1975 E1A1RAS VOWA. 

99-73 9.75 25/ 3/1935 

1978* mnsniAL bake-piulasd 
100-00 7.00 5/ 9/1793 ' 

1971 EBOOK Of bCHAEE 

99.50 ' 8.00 25/ D/193S 

J 978* KflBMKLAnnr.ETOTTET 

100.00 7.75 25/ 1/1593 

1963 BOKES nHORKAUASK . 

99.00 5.50 15/ 1/1983 

1971 KSCES OTWBRAlllAaa 

98.75 7.75 15/ 3/19M 

1974 PEfiBKET DCISS KDUUU8S 

98.00 8.75 42/ 2/1989 

19b 9 PBoracE op xanno 
.“7.® 7-00 17/ 6/1969 

1970 PMWVCZ OF HA'.TTtBA 
300-00 9.00 18/ 3/19*2 

1975 PSOTISCE OF KA51WAA 

100.00 . 9.25 8(12/1985 

1966 1IDEESES SE1B3E1ED1T 
98.00 fa. 30 25/ 2/1980 1 

1968 BEEP MPLS GROUP 

98.50 b.7S 15/10/1963 

1973 EEFT7BUC OF ICElASD 

100.00 8.50 24/10/1988 

1976 BEKBUC OP 1CILAM1 - 

100-00 ■ 9.23 20/ 2/1983 

197b VEPULlC 0 1 ICEWHl 
100.00 ' 9-25 16/7/1986 

1974 BE7UBUC 0? ICEtABD . 

99.50 10.00 20/12/1594 

1 975 BOTBUC V 1BB1SD 
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1974 XEFQK.IC OF ZBEUBU 

99.50 ‘9.75 15/ 6/1984 

1970 IEPUBUC OF SOUn AFRICA 163 1/4 4 J5 

98.00 8.73 ‘ 30/12/1982 

W7B 4 S.0-2. - SB»CE 
99.50 7.00 5/ 7/1993 

1971 SJD.S- - PMUCE 

1QO.00 8.00 4/ 7/1986 

1979 SJ.R. - rnsCZ 

100.00 9.25 15/12/1 W5 

1975 841.8- - PUKE , 

99-50 . 9-30 5/ 5/1987 

1971 S.S.C.F. 

99.50 7*75 . S5/ '3A9« 

1969 Bcomw DTOBO/ELEnaM 162 .1/4 6.20 

W-00 8.00 10/13/1984 4.11 

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ido.00 a.oo is/iO/im 

1*75. ontsraaiK i ; ‘ 111 ifa 7 * zs 

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1975 VILLE DC SAWr-OTinWB ? V* 9.77 
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7.29 

7.07 

6.38 

4.53 

2.93 
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3.93 

7.93 
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8.45 

8-07 


7-70 


8.59 

5.39 

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3.75 
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30 1.25 

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1979 l“72 
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128C 1-30 

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103 115 203 2(5 520 
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230 115 5® 

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330 115 520 T4S 
230 115 520 
117 US 2D5 215 5® 
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230 1(9 520 745 
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14.52 

7.22 

7.14 

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30 

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230 

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7.74 

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230 

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101.75 

1979 

1973 LZ 




14.22 

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102,50 

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7.63 

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105 3/4 5.70 
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230 115 530 

103 115 705 210 213 
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520 970 
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40.00. 1471 RARE «£d 4 HOPE 

1®.® 10.00 1/13/1979 

68.® 1972 MiriDU FEJlfaLLTH 

15.® 1«.® b.M 1/ V1979 

73.® 1471* c.r-1. - naira 

94.ro 1.75 1/ 8/1953 

75.® 1975 C112 OF OSLO , 

99.50 B.2S U 7/1983 

73.® 1*7* CCS DP 09U 

1®.® 8.35 1/ I/I4M 

100.® 1976 C0inD[.VCALX8 - ACfiJftAUA 

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30.® 1972 c0ro.nL or edkopc 

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99. 50 9.25 2/ ./]««:. 

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loa.oo *.® iV 9/I9S.’ 
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49.50 7.25 1/10/1485 

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1477 EUROPEAN lSTK-TTWEAT HARE 

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99.50 “-SO 1/ 6/1974 
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14/2 GOVT ■ or K& 2CALAMI 
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99.75 A. (JO 1/ 3/1483 

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1975 GOVT. OF RE.' 2EAL.VCTJ 

94.M 9.nu 1/ J/I9SZ 

1972 HAMU91ET IF UN M4 

49.50 U.75 1/ 3/1179 


101 2/4 
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93 7/8 
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201 3/4 
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4.54 8.23 
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99-25 6-00 .15/11/1980 

99 1/4 

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99.50 o,50 15/ 3/1979 

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15.00 
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90.30 6.50 1/ 6/I46J 

1*72 RED SR HIDDLRbTANDSSAMi: 100 7/8 
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1975 


“OC 

25.® 

101-15 

1980 

I?7J 


30 

50.00 

104.00 

1979 

I97P 


300.® 



!0 79 


40 

40.ro 

102.25 

1979 

1979 


sp eu 

FFH8 


SS 


PC CC 
U 

rc to 

LS 

TO ED 
LS 

?:p ED 
IZ 

NT ED 
LS 

SP EO 
LZ 

NP LU 
IS 

NF EU 
LX 


C* - . CD 

LX 


179 307 

222 115 505 510 5S0 

223 115 5*5 510 520 

222 115 510 520 
130 115 510 520 

223 115 510 520 
230 115 520 

230 IIS 510 5>0 

224 115 5ID 530 
224 115' 510 510 
2 Hi 115 510 520 



































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Financial Times Monday :6cfaberj3t^78^| 


Bonr.o’.VER/ 

coupon MArunnr 


lli;rviml<i: FWM'J itnpiSV'CS) 

1“73 ELROFL1A ?■* ' 

99.110 so/ 5/i?S8 

197? EmflNA D 103 5 

lOO.DO 9.7S 30/ 1/1WJ 

1977 etbupun' OxV t w-rc. 95 I 
9f. 1)0 6-. - 5 I VI2/ 19*7 

l«7l mOTUX COAL 4 ST*. .. 93 7 

fi.in) 7.00 16 / J. I»’S 

l“'J ETRoruL-; COAL 1 -■■T- > L 9i 7 
98.25 :.0i> 1/ 7,'l“*o 

197 j ebfopeah coals -tik. 9i ~ 
9S.50 :n;i3i-i , ii-4 

1971 CT90PCA'; Oj\ 1. £ r'lFL 98 7 
ino.oo T-’i I«, 

1*75 ECP<il>r,v. COO i S'FH. 0 103 r 
99-: 3 9.00 12/ 3/ IPO 


!«7i ZUBOPE.U C')V. 1 1TOL 

99.50 ,0-On J,i’Il/l“*l 
197; elsupun iMF-MHEvr bask 

99.00 4.75 is/ir.ixs? 

1971 EDSOrCAl avn-riFA.T BASS 

m.ijd r.rw i',/ie. J i9do 

jiitj cupoPtA. - ; i*ves»/.:.t bact 

98.50 ?.<J6 U 2/11KH 

J",’1 ELVliPl.v; IMASTWF.'-T BA.5C 
Sd.23 7.00 1.' o.'IBfi 

1«7J EBHiWW: EiVTsTPtEI.T BASK 

99.50 7.00 I > 9,1993 

1975 EU?0"LAS SVC-.TMSST EH 0 I 

lOO-lrt) a. ,5 23/ 5/1985 

i»7i nreoprjuj jsvoTMfxr bask : 
100. 00 10.00 15/ll/l-fBl 

19 73 FiaUM> - 19M.iT FI'VD 
99.50 7.00 I5/in/l9B/ 

1*72 CRAM' ITTBOrOLlTAS HOTEL 
■9.25 9-75 1/ 9/ IPS? 

197» intu'wseli r. n«:.'.K 
100. 00 A. 50 10/ 3/ 15*1 

I«7S riTLKk-iSELLF nw- r 
I«W-MJ 9.00 15/ */ 1905 

1972 1ST SFAMKHD cXLCTKlC 

59.00 I, 9/19B7 
1972 nsmoM of nrsuPK 

lOn.oO fi.75 l-./ S/I5S7 

1971 FEILIP5 1ST ns S 1 

100.11 15/ 5.1985 


!*72 SLATER. LALCTP r.T FIS 
99 . JO 7 . 7 * 15 / 10/1937 

SAIL*! K1ALS 


e toi g j§s »v 

%! 5 c .3 ' 52 s ir- 2 ;Sc S' 

l^i 5 5 i z 


7.S4 

7.13 


roc 

E.iM 


102.23 

1979 

t.ta 

9-41 



B.-l 




r.*o 

7.30 



6.03 


101. 50 

1978 

A.—* 

7.34 


7<K 



101.25 

IS. - * 

a.M 

7.62 


roc 

9.01 


101.79 

1979 

7.70 

7.U 


6UC 

7.#; 


101-5D 

1979 

a. ai 

7.84 



8.14 


joi.oa 

1979 

a. n 

8.66 

1.40 

72T 

7.84 


101.25 

1*80 

8.11 

8- 97 

6.95 

30 

8.12 


101.10 

1980 

8.71 

9.56 



b.8a 




7.J6 

7.12 

8.3V 

OiYT 

8. 1- 


102.no 

1961 

7.18 

7.16 

9.11 

90T 

7-*6 


103.00 

1982 

8.-2 

7.69 


7t>r 

9.39 


101.75 

1980 

8.39 

7.69 


761 

9.10 


101.73 

1980 

7.88. 

7.43 

*•?« 

30 

3.38 


102.00 

198* 

8..’I 

8.53 

“. 12 

300 

8.19 


102.00 

1980 ; 


MARKET 

MAHERS 


230 115 510 520 
230 115 510 *20 


222 IIS 505 510 520 


223 115 510 520 
1U 113 510 520 


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COUPON M AI UHITY 


mas**:. '.rax lie isstfv irsr . rn 


oS }'C 

g<«s 

a£\B. 

a 3 I £ c . 


5 

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BORROWER/ £*• 0= i 2 im I =3: 1^51 

coupon Maturity sS | -2ei 

• - ‘ £1 i 5 H I p oft 


j 'vie 

Ziul m £;U1 

8| ill II 
II 

llsj is j 

m i3=ir! 


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rLMWT TOP T.K'STBT 
10.00 15/ 3/1999 


nscis isx ns 

10.15 15/12/1987 


ISA LVTL HOLDnr; 

11-00 1/ J/1988 


10., .fi ln.OB 
e.kl 11.09 


10.25 11.72 
101.50 


<i.A2-12.lfi 

8. -2 i-'-i" 

9. j2 11.90 ' 


ut 

NP ED 
LX 

222 113 503 310 520 

is.no 

38.00 

1978* 

100.25 

KOV.'.ntf.F BACCmirJH ;<rr 
10.23 15/ 2/1988 

92 1/2 

«.3X 

11.58 

11.79 

11.08 

HP SB 

223 113 51D 520 

15.00 

1473* 

SEMI ttt rnr 

92 2/8 

9.38 11.35 11417 

CQ 



loo.oo 

10.23 15/ 2/1988 




HP ED 
LX 

HP EO 

222 115 505 510 520 

25.00 

1*77* TOTAL Btt HA? PIG 

90 7/3 

6.(7 11.24 10.04 

222 115 510 520 

1 ttJ.no 

9-123 1/12/1984 



11.37 

LX 


is.no 

147P* 

BEIT8KWD i CI> 

92 3/2 

ll.*- 

11.71 

HP W 

222 1L5 505 510 520 

15.00 

IDO. DO 

IJ.SC 15/ 4/1990 


9-114 

11-90 


LX 




SRCUl PP-VW1M tilKS 





hp eh 
LX 

223 US 505 510 320 

50.00 

1475 

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102 

1.71 

7-66 

8.S2 

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230 113 SOS 510 520 


lro.oa 

9.00 LSI S/J9A0 


8.36 


LX 


50.00 

ii:s 

BLBTTP.TiTTIE PC FPAHlE 

102 3/S 

*.30 

8.79 

HP HI 

223 115 510 520 


100-00 

9. DO 17/ 7/1983 




LX 


4n.ro 

;n?S 

SWEDISH OTE SWEAT BME 

102 1/4 

3.7S 

E.26 

8.60 

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223 113 510 520 

-0.00 

100.00 

9. DO U 7/1991 


2.15 

7-8E 



Mi .50 
I«h3 S71981 


3 7 .90 

1993 P719P0 


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915 091 
520 "Ol 9J3 
550 540 525 


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959 975 990 
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950 9 M 975 

210 571 "OZ 
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930 975 


30 rr 20 517 520 n-5 975 

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?0 Cr. LB 2=9 210 520 8C5 973 

1980 LI 

39 10.20 :•? LD 517 520 735 E0>975 

1379 1379 121 


9.(i. B.AA 
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f .»/ B.7A 
9 . 9 » 


102.00 
8.33 7. A3 
101.00 
8.67 7 . 6 fi 


4DC taO.nO 
1980 1970 

75 Pd.OO 

1979 BP1978 
45 C 20.00 

1980 7FI979 
HOC 80-00 


1 ■* 



7.“ta 


101.00 

1981 

1481 

LX 

9-i 

5/8 

- 

7-Ji 

7.83 

6.B7 

117.00 

75 

1979 

80.00 

1978 

hp nr 
LX 

91 

1/8 


6.19 

9.07 

7.41 

102.25 

r O 

1*78 

so.no 

1978 

HP EU 
LX 


8.57 8.AA 
102.00 


8 . 9 ) 9 . pi 

».93 U>.37 
9.01 11.25 
—ii [-.IS 


90C ion. no 
I960 7P198L 
h/K 8n. Ml 
1*79 1978 

90 5n.nO 
1978 1978 


222 IIS 505 510 520 
230 115 510 520 


223 115 505 510 520 
230 115 310 320 715 


22Z 115 510 520 
223 115 510 520 
2J0 115 510 520 
223 2 L5 510 520 
223 115 510 520 



1*73 

ACIOP1H7AS L 103 

3.62 

7.26 

8.01 




O! EU 

525 230 


99-00 

S.2S 9/19*2 







DQ 



|*:5 


4.«2 

7.80 

8.27 


30 

16.00 

cr J* 

440 230 

R-.iiC 

ioo.ro 

S.S„ ll 9119-i 

3.0: 



101 .00 








a.fO 

P.32 

8.35 

7.05 

roc 

8.50 

Be is 

585 230 

50.00 

10.1.00 

6. SO IS* S/I9H6 

:-u 

8.16 


101. 00 



OQ 





».:i 

P.J2 

8.34 



25. ftl 

BO A3 

585 230 

ili-.ttl 

1 00. 00 

6.75 11/ 6/1927 

b-Il 

8.22 





L"J 





j.*; 

8.1* 

5.97 

0-71 

30 

2. SO 

PO JUS 

518 230 


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9.00 1/ 0/1492 S 




101.00 








4.03 

S.2, 

7. it 

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20-40 

r/z 

5S5 230 

100. 0'i 

loo.ro 

8.30 If 4/1927 

0. 51 

7.9J 


101.1)0 

1960 

1993 

uq 




PTLPLI5C.W 












fta.Dfi 

7-97 

7.05 



.13 

*p rt< 

359 305 425 

. 2.30 

98.00 

b.SO l :■/ 10/ 1 *6 . S 

3.11 

9.0i 









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1-J4 

h.t't 

6.61 


•HIT 

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359 300 715 

.40 

97.73 

6.30 1/ 2/19*0 i 

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*.A3 


100.50 

14‘9 

19*6 






S."l 

*.98 

8.83 


90 

-*0 

If! EO 

3*6 307 9*5 

6.70 

99.75 

6.73 13/ 4,1987 


7.0* 


103-00 

1979 

1975 



7.:o 


SEW 2CMJLSU 11-11 14u 3.'9 

3.97 

x.7* 

6.84 


90T 

.55 

np nr 

359 300 %5 

2.73 

97.71 

b.7i 17/ J/1992 t 

1-9.’ 

6.65 


101.51 

1979 

1970 



7. DO 



2 , lz 

*.*J 

6.95 


40 

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HP FU 

359 3*5 

1.7* 

97. 7S 

r.ro 1/ 3/1 «6i 

i.iL-o.ta 


101.51 

1978 

1970 

l:«ifp 


I2.ro 

J«7J 

EEP OF IPFfAM* 7.VM3 101 3.4 

9 - .’0 

-.58 

6.K 


4 SC 

1.25 

hp ru 

359 9*3 

12. >0 

98.00 

7.00 15/ 1/198* 

M.All 

v.tl 


101.75 

1979 

1979 



21.00 

1“72 

Honeusj LNT 7. so 9: J/- 

13-73 

6.85 

6-8U 


on 


31' EO 

25 315 


lOi'.OO 

«.IS 34/ 6119*: 




103.34 






1 <*r» 


4- Hi' 

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7.32 

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iiir. 

.28 

5.' rr 

3*1 TOO 965 

2.32 

96.00 

7.2', i/ :;i9i j s 


7.0J 


iro.oo 

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1471 

1 roorr 


fibrin 


O.S-RUiBER rXIFTt II. 1* 100 

i.‘. 

-.48 

6.09 

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-Ml 

(•f. ?u 

315 9*5 

1.00 

sr-oo 

*.ro Ji/ c 

i.j* 

6.08 


100.25 

1979 

1471 

LNU 




ACTUAL! A.-: C.'LIAJI. 0-1 





















14-2 

PUPAL * 7MUMT11:. **»• 101 1/2 

X.4f. 

*.37 

6.51 


30 

a. 00 

SO HI 

21S 307 

27 .00 

100. ou 

a.5o >.:• s 

-.86 

t.23 


101.50 

1980 

1978 

LX 



CgCTETJ llH.E5-gm.Cg . 

wi.ro 1472 Efmn BAscise • rr 

lO'.lM.loO.OO 3.00 IS/ 6/19H7 

‘..no 19*1 JexcHEuri*? dft • 
a :. bo loo.oo *.w 3/ 1/19B5 

ao.ivi urn arts er'i/mrac nutis 

30.00 98.» ;J5/ SI 1985 . 

■ cPCTERTP MB-mng; nose 

fniri 1971 ASIA MtiuTbM Hr 

50.00 llia.OO .■ • 6.50 - l/a/1989 

COCTCnreUB-JApAg 

30.00 1975 AT.AJU CBHaCAL L 

30.00 J 00.80 . 6.25 . 30/ 9/1990 S 

I'.'-On J97J 'ASUI UPTICAL 

10.00 200.00 6.00 ' 31/ 3/1992 

15.00 2976* ASICS «WP 

13.00 100.00 - 5.75- 20/ J/J993 

18-00 H7I DAX SIEPOU PAlpriac 

.31 109-00 • 6.73 31/ 5/1986 S 

30.10 1976 DAZET 1HC 

2*-78 100.00 6.00 31/ S/T991 5 1 

15.00 1976 MIKA OOOSR Rnrsm 

12.65 101.00 -7.Z5 2U 3/1991 S 

10.no !4*i HIT ACE 2 LTD CIO 

1.10 100.00 6^15 -il/. 7/1979 5 

30.00 1469 HTTAOB LIB 

8.20.100.04 *-2 > ~ 30/. 9/1984 S 

MJM 1478* JIO-mtAJH 

*9.96 luu-00 ' 3-75 - 31/ 8/1993 8 I 

£0.00 19X7 170-TOUDp 

*9.9ta in. 00 6. 00 31/ 8/1992 S J 

fiii.im 1977 JTJSCO 

AO .10 100.04 6-00 20 1 1/1992 1 

20-iiO 1177- KAO SOAP CO ' 

Zu.oa 100.00 6.00 30/ 9/1992 S 

2o.no 19*9 TcrtArso K&sur actus t>; 

1.06 100.00 t.fi 30/. 6/198* S 

50.ro 1979 KOMATSU Lm - 
49.96 100.00 7.15 30/ 6/1990 B 

73. na '.476 cteota ■ ' 

79.9. -100.00 , 6.75 1 5/ 4/1991 S 

30.nn 1476 KAStTI 

30-00 100.00 6.50 31/ 1/1991 I 

inn -on IQJJ SUISFOHm tLECniC ISO 
88.20 IPO. 00 6.75 20/11/1490 S 

30.04 I97S' MITSUBISHI ELECTRIC 

8. 14 10tl.ro 7.50 31/ 3/1941 S 

24.0" 1477 SZTSinrSfileAS CB£M 
18.80 ion. DO 6.00 30/ 9/1492 S 

50.ro 1976 MITSUBISHI HE.ATT T50* 

50.ro 200.00 6.50 31/ 1/1941 S 

hO.ro 1917 MnSUMSHT COUMMTIAN 

40.00 100-00 . 6.00 31/ 3/1942 S 

34.00 19)5 srrsoirsHT cot ro rat ins 

30.00 1 00.40 7.M 30/ S/1990 3 

6g.ro 1976 ausnBisHi roifnjunoR 
34.37 UH.cn 6-75 31/ 3/1991 S 

5<l.ro 1475 mrsoi 6 CO 

61-36 lia.OO- - 7.25 30/ 9/1990 S 

20.ro i«7i unset t co 
1-72 IDO. 00' 8.25 31/ 9/1 989 S 


a A* 60 

J ' 0 ' 105.50 1478 


I i/i 10J.00 Hi* 

ISO ■4 


in 3/A 9-2* 
72.73 35-U6 


71 7/8 0 . , * 

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92. 2 J tpIrOO ' w'rif JIMiMfl." - 

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1976 1 / 4/ 1970 LXZEB 5 2 !S 635 Sj/ 

9H s;5-^ 

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30/ 6/1970 30830 S PJS 9*5. : 


Ht 26.S7 HB4, 9.7 Tn HI 730 SJ5 SS0 O75 
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in. .10 

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ILL S /0 
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186 1/5 

1900 
1)6 7/8 
1160 
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652 

24 3 3/8 
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l'l* .50 

1-98 'U 

104.00 

1-27 *0 

104.00 


2.13 

ms. so 
2.58 -0 

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105.50 

4.38 

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1.96 *0 

104.00 
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1.15 -o 

104.00 

2.11 <n 
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1 . 1/ h/1976 

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1 1/ 2/1977 

14.91 TEX 628 

1/ 9-1978 

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1/ 5/1971 
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1 1) 9/ 1976 ' 

1.32 2LB 5.1 
■ 1982 1/ 8/1976 1 

- -3.13 2M 79J ! 

1/12/1964 ; 
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1/ 1/1970 . 
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DP1995 */ 9/1977 . 

2.65 TFW 188.7 1 

1/ 7/1977 ! 
23.97 7 EX TOR 

1/10.1977 : 
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1972 1/ 9/1969 I 

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priwi 19/ 2/14?6 , 
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1 / 7 ,i?:t u 
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17/ 9/1175 AO 
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17/10/1974 AS • - 


515 9»«y) 

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:o 2!0 Jts 
9-0 415 SIS 


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1«72 AfMMH 1--T F.x 
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99.SU lo.ro 15/ 3/1*93 

is;,-* coomass l*.t fi\ 

9B.OO 4.-5 li/12,-1499 

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100.00 9.625 1,12/1419 

1978* EVRjrFJS IWF^TOV FAST 
1 On .0(1 ■2.75 !*-. I»F1 

ECBOP'JIS LW> W.T TASK 
96.75 i.7S 15.12/1492 

i*;** ns*-, rut :•••■»« i. 

99-50 10.25 15/ I'l^O 

m- 7 » rLV»sv» M! : 

99.50 ?.75 U/I2/I1B? 


9t l.i : .71 ». 30 6.15 
5.44 V.«l 

91 1/4 I-.41 10.72 

3.26 11.28 

e» 1/4 11.21 11.14 10.92 
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h... m.»i 

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93 7,8 1..21 in .59 10.39 


91 1)2 II. -A ll.M 11.20 
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91 5/4 *>.-! H.2. IJ.iJ 
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316 rn* 510 “il 4n 
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INVESTMENT FUNDS 

The following funds include Eurobond issues within their portfolios 

Quotations & Yields as at 29lh SepU 1978 

SOCIETE GENERALE De BANQUE 
BANQUE GENERALE Du LUXEMBOURG 


Zfl.ttl 

1*77 

TOtWX BEAL “Mi IT PFV 


1*S 

1/6 


1 .DO 

o| . 

30 

-2.94 TEN 522 

K. B EU 105 •»* 

12.38 lan.ao 

6.00 ■ 10/9/1992 

s 

*7P 


-rw 


10* .10 

1980 

1/ M/1977 

3-“ . • . 

15-mO 

1*77 

SIT DO D.ECTK1C INTUIST 


1 w 

1/2 


;.*j 

• ft 

45 

3.39 TLX 744 

;.rro;6'3«* 

11-6“ 100.0a 

6.00 30/ -9/1942 

5 

72 1 


.SJ 


iu4.no 

1931 

1/ 4/1977 

LA 

15.ro 

197* 

altos. . 


2 1* 

1/4 

2-».n 



45 

-3.21 ire 3H. 1 

3P EV t*J •“». 

15-10 

ICO. 00 

*.25 30/ 9/1991 

5 

•“S 




144. CO 

1980 

- 1/1 2/ 1976 

LX 

31'. ro- 

it;* 

SAOTn ■ELRCTKIC 


IS* 

1/2 

i.Uh 

1-57 

• n 

JO 

— U tet: :i« 

XP EL* '3*6 **» 

le. *2 

IWj-00 

*■25 30/11/1991 

s 

2'P 




1, u.ro 

1981 

14P2 i/w/ll'6 

U 

I--..IUI 

IHS 

sasnn ELECTS il 


21* 




ffi 

Jil 

-3-26 TE“. 171.5 

SP E'J 568 415 »lj 41 

-3.09 

: -vi.ro 

T.S1 30/11/1440 

6 

2 VO 




iM.ro 

1980 

1991 1/12/1975 

LT. !>l r , 9*3 9M 

96* 

is.on 

1 977* 

SETTS9 PAPEPBPA2P MIC 


112 

1/2 

5.:' 

5.18 

p?. «n 

m 


>p rr 588 «ij ‘ 

15.00 

im.ro 

30r9/l®92 

3 

414 


1 .iril 


1 .K..W 

1981 

2/(978 SILX 

:1.1a 

1*77 

SUMIKWI ElAchlTC IND 


1 78 

7/8 

3-3A 

• 7* 

-n 

’ll 

-2.53 TEH 223 

l.T K 292 «*• 

1*.;* 

100 . M 

*.00 3n/ 9/19*2 

s 

:«o 


. N*i 


IOh.TO 

198 Q 

l n B2 1/10/1977 

lss: 

3o. m 

1*7* 

soil ran httal 


i.w 

3/8 

s-oa 

5.17 


31 

11.69 TEE-UA 

I P £C 48B 513 911 OJfl' 


Fund . 

Rencinvesc 

Capital Rentinvest 


Rent invest 


P rice 

LuxFr 917 

LuxFr H 22 

1977/78 

High 

LuxFr 917 Lu 


First Issue 
Price 

LuxFr 1000 


24.96 I00.ro . 1 6.00 31/ 3/1992 S 92 

15.ro 1461 YAHS* CMNKAL 1OT H“ 5-1 3/4 1 .01 

2. CO 100.00 6.0D 31/ 3/1984 3 **3 1 .«2 

15.ro l“i7 TOXTO Wtrt STO»E 1-8 *-l" 

1J. “0 100. CO 6-00 31/ 7/1992 S 470 .*4 

Jfi.OIJ ;“i7* TPSHCHA ’■ IT.* 1/4 A.54 

5rt.ro 100.00 . . 6.23 30/ 9/1092 S 1*2 3.52 

3il.ro 1925 TOSHIBA I. I* I 7/8 —16 

25.-2 lro.-JO . 6. IS 30/ 9/1990 S 1-2 3.52 

CtwemilBLES-LJ.^tM 8 , 11 . 9 .-. 

25.ro 1“'2 0E2JXU. SttWR 1 1(. 12*. 9.20 

23.60 100.00 2 5.25 1/9/1*37 2 24.18 

WCVEBT 18LE2-CETBIS I JLWS 


-0 

102.00 
2.12 <<l 

104.00 

2.83 *v 
106.10 
1.07 ■<? 

101.50 


•14 -1 . 30 

103. 50 1978 


L9S3 - 1/1 1. '1976 IX ?.?* %2 9ro 

923 . 

-2.30 IE* 152.5 SP HI 736 i'i 920 JM- 
19/2 1/ 7/ISC4 1MJC “6* 

-5.24 VE* *21 EC 4t 3 515 111 “ro’ 

1/10/1977 LX “1“ «.) 

•**L 96- 991 

-3.77 yrs i -4 sr ec -85 “•» 
10/11/1977 LX 

-6.99 sex il* :.r rr 513 
1/10/1975 LiSI 


-2.3D IE* 152.-. 
I9/L 1/ 7, ISC* 
-5.24 VE!' ill 

1/10/1977 


- 6.99 SEX 11 " 

1/10/1975 


iu lil : f T.F EC lal 9)5 • 
IS 7/1973 La 


L ow [ High 

LuxFr 839 ! LuxFr 917 


Yield Div. 
% : Pace. 

8^06 j 21 Nov. 

! ( F 69 .- ) 
(Capitalisation) 

1975/78 


Capital Rentinvest i LuxFr 1422 LuxFr 1286 LuxFr 1422 


LuxFr 818 
LuxFr 1028 


so.m mv aco 

50.00 100.00 ' 4-75 -1/1/1969 

25.00 19 M* AH»«> BATE 

29.ro H».ro 3.30 .-.l/l/iws 

2).9ft I-)7 r»» 

33.10 IDO-'W , r.?5 IV 6/1492 

15 . 1 ,) [Oku ctSTrlroCAORJ 
1 S.O) 1 FKIJI 0 5.75 ‘ ■- 1 / 1 / 19*9 

-0.ro '.444 Btwowns 

34.50 1 PO.OO • . 2^1 * — If 8 / IPS* 

2C^» K.L.K. ' ■ - ■ 

li.ro 10J.UU 3.75 1/ 7/1 »f* 

io.ro. jimi -in/£ v vnwiatV 7 T*p ?/:.K , 
3.U1 1JIJ.M ■ BoO 51/ 12) I9fl- 


7? 7/8 6.02 7.81 
32 


237 579 *U! fin 




107.10 

1*79 

1980 

U 9/1969 AE 6> i:s 






9X. ain b:n . 

2.01 


Ol 

in 

“1.52 

F7. 14 HI 64j *23 *■»'. »"! 



112.15 

1478 

i“«n 

1/ 1. 1970 JUS H>*10 “TO- 

f.Oi 

4.95 

OJ 

*9 . 

-L.P1 


3.73 


1US.OO 

19P0 

19*8 

i.V h/1975 L9 

K.i* 

r.ji 


30 

72.02 

n. 93 VP EU 745 ?:n roi 6P2 . 

5.1« 


11j.ro 

!?;u 

I9J.lt 

I » 1 71970 At »*. 610 9*6 • 

*.09 

7 -23 




n H<v SP PC 737 5;n roi . 



njo.00 

t)73 

1979 

1/ 1/1964 AXIS 6119 MO PM' 






•1.5 “Ml I",. 

4.“l 

3.37 

.n 

p“rt 

-5.17 

r- 231 P3 EO 737 520 fU 

4.51 


lui.ul- 

l'.B 

1».’« 

1/ ;.’i“99 asps. pi" pie mil 






!■'. S!St 



.,'1 

31 

-1.-1 

ft ;•>.* f' EO 43 Mta . 

y.*5 


K72.-00 

lira- 

M’S 

i/'jrwr«i- 1 


EXPLANATORY NOTES AND ABBREVIATIONS 


LISTINGS 


Antwerp 

Amsterdam 

American Slock 

Exchange 

Brussels 

Beirut 

Dublin 

Dusscldorf 

Frankfurt 

Hone Kong 

Kuala Lumpur 

London 

Luxembourg 


= Milan 
= New York 
= Paris 
= Rome 
= Singapore 
— Unquoted 
= Vienna 

= Zurich & other Swiss 
Exchanges 

AVERY 
= Euror'e 

= Europe New York 
= ■ New York 
= Europe Asia 


COUNTRY 

FRANCE 

HONG KONG 

ISRAEL 

JAPAN 


ISSUE/COUPON/M ATUR ITT EXCtLVNGE RATE 


eons 

I. GU.YRANTEES 

2. I 


GG = 

Government 

CL 

ptrat 

SC. = 

Guarantee . 

FM 

nn 1 

State or Local Govt 

NP 

vital 

PC - 

Guarantee 

PS 

line 

Parent Guarantee 

Jour 

so 

p.r, ~ 

F#ank Guarantee 

SC 

PW = 

These borrowers 
have Public Works 
Loans Board as 
lender of last 
resort 

su 

UL 

TX 


TYPE OF GUARANTEES OR SECURITY 


GG = Government CL = Collateral Cover 

Guarantee. FM = First Mortgage 

SG = State or Local Govt NP = Negative Pledge 

tv- Guarantee PS = Subordinated — 

Pt, = Parent Guarantee Parent Guarantee 

£!». “ P'“ nk Guarantee = Special Clause 

PVV = These borrowers SU = Subordinated- 

have Public Works Unsecured 

Loans Board as CL — Unsecured Loan 

lender of last T\ = Throughout 

resort Agreement 

SPECL\L REFERENCES 

L GENERAL— ATTACHED TO NAME OF BORROWER 
D = Domestic Management croup 

L — Bondholders option to redeem loan prior t«> maturity 
P ■-= Private or semr-privale placement 
JIG - Principal. ‘Interest payable In more than two currencies 
" Withholding tax (with percentage rale 
\\\Y = With warrants 
XW = Es warrants 

2. I/DiH ISSUES 

The figures shown are the fixed I, DM parities which prevail over 
the lives of the issues. 

3. FLOATING RATE ISSUES 

The figures given are the minimum coupon rale: 

'Ti margin above LIBOR. 

A. ATTACHED TO MATURITY DESCRIPTION 
S = Semi-annual payments 

.k ATTACHED TO NEXT S/F AMOUNT 

PF = Purchase fund — the amount shown is the annual total 
(or total to the next coupon date), which may be applied 
"he year associated with the amount shown relates to 


NETHERLANDS 

SINGAPORE 

S. AFRICA 

SWEDEN 

UJv. 


Michel Int Dev. 6 

Suez et lUnion Paris 7 
Asia Navigation lot 6 

Leu mi Int. Inv. 7 

AsaJhi Chemical 6j 

Asahi Optica] 6 

Dai Nippon Printing 64 
Daiei Inc. 6 

Daiwa House Ind. 7] 

Hitachi Ltd. fii 

Hitachi Ltd. 6! 

Hokushin Electric fi. 

Ito-Yokado 6 

Jusco 6 

Kao Soap fi 

Komatsu Manf. 6i 

Komatsu Ltd. 71 

Kubota fi! 

Marui fi! 

Matsushita Elec. fi! 
Mitsubishi Elec. 7 

Mitsubishi Elec ■ 7| 

Mitsubishi Gas Chczn fi 
Mitsubishi Hvy. Jn. - 6) 
Mitsubishi Corp. fi 
Mitsubishi Corp. 
ADtsubishi Corp. fi! 

Mitsui & Co. 71 

Mitsui & Co. SI 

Mitsui Real Estate 6 
Nitto Elec. Ind. 6 

Pioneer Electric 6) 

Ricoh 

Sanyo Electric 61 

Sanyo Electric 74 

SetLsu Paperboard 6} 

Sumitomo Elec. 6 

Sumitomo Metal fi 

Takeda Chemical fi 

Tokyu Dept. Store 6 
Toshiba fi! 

Toshiba - 6J 

Ennia 

AU other issues 7i 

Dev. Bk. or Singapore 6$ 

United Overseas Bank 64 

Rand Selection Corp. G4 


DP = 


the year end of the purchase period. 
Non-cumulative option to double sink 


Sand vik fii loss 

Babcock Nederland 7 1992 

Beechum Fin. 6J 1902 

Burmah Oil 5! 19SS 

Burton B.V. 5! 1»!I2 

Comp Air (UJv.) Si 19R7 

ia Int. Fin. 6* ismr 

Inchcape (Bermuda) 6j 1992 

Rank Organisation 41 1993 

Slater Walker 5j 19S7 


1985 F.Fr 5554 =S 

1985 F.Fr 5.554 -S 

1989 SHK 5.07 =S 

1984 I£ 10.1028 =$ 

1990 Yen .303.0 -S 

1992 Yen 282.0 =S 

1986 Yen 360.0 =$: 

1991 Yen 300.0 =f 

1991 Yen 301.0 =Si 

1979 Yen 360.0 =Si 

1984 Yen 360.0 =$1 

1902 Yen 248.0 =$1 

1992 Yen 272.0 =$1 

1992 Yen 277.4 =SJ 

1992 Yen 26G.0 =SJ 

1984 Yen 360.0 =S1 

1990 Yen 294.2 =Sl 

1991 Yen 303.0 =S1 

1991 Yen 299.0 =81 

3990 Yen 303.0 =$1 

1985 Yen 3B0.0 =?1 

1981 Yen 305 J =Sl 

1992 Yen 272.0 = 81 

1991 Yen 305.55 =S1 

1992 Yen 267.0 =S1 

1990 Yen 294.0- =31 

1991 Yon 301.0 =S1 

1990 Yen 298.0 =S1 

19S9 Yen 299.0 = 81 

1992 Y'en 267J3 =S1 

1992 Yen 264.13 =81 

1989 Yen 280.0 =81 

1991 Yen 295.0 =S1 

1991 Yen 293.55 =S1 

1990 Yen 302.17 =S1 

1902 Yen 343.0 =S1 

1992 Yen 267.0 = 51 

1992 Yen 287.5 =S1 

1984- Yen. IfiO.O - =S1 
1992 Yen 266.0 =81 

1BW2 Yen 254.0 =S1 

1990 Yen 2055 =51 

1992 D.F]Ji.4565 =S1 

1991 SS 2.44 =31 

1988 SS 2.32 : =S1 

I98S SS 2.32 =31 

llffifi RD 0.7143 =S1 

19SS SwKr 4.7825 =SI 

1992 £0.574 =S1 I 


DILLON, RJEAD 
OVERSEAS CORPORATION 

10 Chesterfield Street, London, W.l. 

Tel: 01-493 1239 Telex 8811055 

JAPANESE DOLLAR DEPOSITARY RECEIPTS 




msmw 


The interest rates per annum applicable to the following US8 
Floating Rate Note Issues were announced during Septem- 
ber. These rales are quoted for information purposes only- - 
and should be confirmed prior to the execution of a specific 
transaction. The rates quoted apply to the six-month, 
periods shown. 


f !’V 

i \ 


1992 £0.574 
1992 £0.574 
1985 HI 417 


F.Fr.H£5825 =S1 
£0.552 =S1 


1987 10.552 
1997 £ 

1902 £0.552 
1993 £0.425 


sinking fund payments. 


G. ATTACHED TO CALL NOTICE (DAYS) 

C = Callable only on coupon dales. 

1 = Callable only at annual intervals. 

Otherwise callable at any time. 

7. YIELD TO NEXT CALL 

0 = Yield is negative. 

8. ATTACHED TO YIELD TO NEXT CALL 
(CONVERTIBLE ISSUES ONLY) 

R = Call is subject to a restriction governed by a fixed relation- 
ship between the share price and the conversion price. 

9. CONVERTIBLE ISSUES 

The share price is always denominated in the same currency as the 
conversion price. Please note that where the premium exceeds 
200% no figure is shown in the premium /discount column. 

The following convertible bonds are subject to convertibility 
into Lhe indicated slocks. 


Union Bank of Switzerland (Lax.) 5% 1951 differs from other 
convertibles m that the bonds are denominated L*SSi::5D and each 
bond is convertible into I Bearer share of S.Frs. 50U nominal value 
of LBS. 

Credit Suisse (Bahamas) 41% 1991 differs from other con- 
vertibles in that the bond is denominated US31000 and each bond 
is convertible into 1 Bearer Share of S.Fr. 500 nominal value, of 
Credit suis&c. 

The following convertible issues have conversion rights which 
expire prior to maturity: nicn 


NAME OF BOND 


Asahi Chemical 
Dai Nippon Ptg. 
Hitachi 
Mitsubishi El 
Rand Selection 
Takeda Che in. 
Toshiba 


MATURITY 


30/9/ 19D0 
31/5/1986 
30/9/1984 
31/3/1985 
1 '3/1986 
31/3/1984 
30/9/1990 


NAME OF BOND 
American Tobacco Int. 
Asia Navigation Int. 
Bankers Int. (Lux.l 
Broadway — Hale Stores 
Burmah Oil 
Chevron Oil O/S 
Dart Industries 

Inter-Conlinenlal Hotels 

Int. Standard Elec. 


ISA Finance Holdings 

Kmney 

Leosco World Trade 
Leasco Int. 

Levin-Tow nsend Int. Fin. 
Norwich OS 
Owens-Illinois 
Plywood Champion'Int. 


CONVERT1BI.E INTO 
American Brands Inc. 

East Asia Navigation Co. 
Bankers T rust New York 
Carter Hawley Hale 
Shell Transport &. Trading 
Standard Oil or California 
Minnesota Mining & 
Manufacturing 
Pan- Am World Airway 

International Tel Si Tel 


Warner Communications 
Reliance Group Inc. 

Rock wood Computer 
Morton-Norwich Products 
Owens Coming Fibreglass 
Champion Int 


The following international convertible issues have fixed rates of 
currency conversion: 


1«. DENOMINATION OF NON-DOLLAR BONDS 
Euro-guilders— all denominated 
French Franca — all denominated 
with the exception of 
Aerospatiale 

European Coal & Sleet 7% J9S0 
European Coal & Steel 71% 1991 
Franchise de Pet roles — BP 
Philips Lamps 10-;% 1980 
Roussel— Ucl a f 
SOPAD 

STERLING-DEUTSCHE MARKS 
Enso Gutzeit 61% 1050 
I Cl S% 1986 
Ireland 7% 1951 
Ireland 7% 1988 
Mel Estates 6?% IDS” 

New Zealand 65% 19S2 
New Zealand 71% 1978 
Rothmans Int. 6'<% 1992 
Sira Kvina 7i% 1983 
•Slater Walker 7J% 1S)S7 
Swedish Lam co 5}% 19S0 
Turin 6i% 1984 
US Rubber 6% 1989 


CONVERSION 
RIGHTS 
EXPIRE 
15/9/1990 
30/4/1986 
31/8 1384 
28/21985 
31/1/1986 
28,2/1984 
15/9/1990 


FI. 10,000 
Frr. 5,000 

Ffr. 10,000 
Frr. 10.000 
Ffr. in.oon 
Ffr 10.000 

Frr. 50,000 
Ffr. 10.000 
Ffr. 50,000 


Names Close at 6/10/78 

HONDA $26 1 

ITO YOKADO $99 

JUSCO $60} 

KOMATSU FORKLIFT §3.71 
KUBOTA $31 

MURATA $4.95 

NIPPON MEAT PACKERS $3.26 
PIONEER $161 

RENOWN $3.71 

SONY $7.85 

TAISHO MARINE $11 5 

TDK $11 . 

TOKYO SANYO $1.72 

TRIO $34j 

WACOAL $24 i 




From 

To 

Rale 

B.N.P. 7 min 

3983 

1.9. 78 

1.3.79 

0A- 

Hapoalira 

1982 

S.Q.7E 

8.3.70 

ftl 

Bqe Louis Dreyfus 

1083 

1IJ.78 

13J3.79 

94 

Leumi lnt’l Investment 

1081 

J5.9.78 

15.3.70 

*A 

Leumi Int’l Investment 

1984 

15.9.7S 

15J.79 


Nippon Credit Bank' 

1883 

15.0.78 

1571.79 

Hi. 

Sumitomo Heavy 

1083 

16-9.7S 

16.3.79 

9 ji 

Banque Nat de Paris 

1981 

I8.0.7S 

18.3.79 

nj 

Enpetrol 

19S6 

21.9.78 

21.3.70 

10 

UR-A.F. min. 

1082 

25.0.78 

27.3.70 

91 

.\ilied Irish 

1084 

2SJ1.78 

28.3.79 

Wt 

General Gable 

1980 

29.9.78 

30.3.79 

11 


Interest rates applicable In the issues listed beiow «dl be 
announced during October. 


Banco Union 
. Sociele Genera I e 
SundavaUsba nke n 
Softe 
G.ZJ3. 

Costa Rica 

B.C.L 

l.M.DJBJ. 

Bqe Nat D'AIgerie 
O.K.B. 

Bank of Tokyo 
American. Express 
Bank of Tokyo 
Int’I "Westminster 
Union Bank of Finland 
B.F.C.E. 

Bi>ogradska Banka 
I-H-L 


1983 
- 19S4 

1985 

19&3 

J9B3 

1985 

1081 

19S4 

1982 

1988/93 

1993 

2982/85 

2981- 

1984 

1982 

1983 
1953 

1985 



BANKERS TRUST INTERNATIONAL LIMIT EJ 

5(>h0 New Broad .Street.lx'ndpn EC2. " : 

Dciilen. Telephone: 5W 6A^Io.Telex:}s.SJ(M2. 


1 1. YIELD CALCULATIONS — — - 

jufSfJjSS? mw iuaw ssss 

«** »“ * rale 

12. MARKET MAKER COLUMN*-'* 

13. OTHER NOTES 

Ipplyii^lhoVhnZIL ^ >? mai ? ,n = nuixtandin* are o.stimatcri by 
appyint, the scheduled sinking fund, instalments. These are further 


- ‘%K' 

4. 


POTents h^'hren SSS' s ™. la ' ivo opUo " ‘° snldnK 

S/cof^l 

“ fe and a "t call yields arc adjusted t? 

Ste ffiarhe basia^at the t»rr»»arPJ 

dale of publication of ubis list. bond as 8000 as possible. after t 

SvSi^nt^rocSJrt^f^^h^Shan^ by adi^ jj 

currencies comprise 






'rr-^T: 


■sew . 



Financial Times Monday, October.? ..IK'S 




>w*jiTjisiir-simm.v3is lamvrssi 


I 960 kuik law**; 
ia>.:v -.-71 *3/ 6//5HJ. 

iv-9 T/A fiU Mi.-.: 

’-' j . 

r ." 7 p^tj. vet -3 *<fA»e r 

"■?* iwr cams 

iwL..:, t .::i i/l-l, J'Nl 

! ..rv.iC jrJiili «6MC 

iJv*- ?.w i.V:r/i«* 

f >... ■ *.UfciL4 


!'ui • *._■* 

. I'l.VI - I -I f -’Ll f.'t in'll 

i-ihj !■ — ri re a <ry 

m.i«j Ii«,u9 ...’ ■/ 3M9»» 

Iwt.fiT p;,, gVb.T SCt'afi iSAK.li*S> 

l‘».uu Icai.GJ- 4.55 31/r2/I991 

; lire* ISKRSTiii* 0/5 ITS 

• ■‘■it Ku.M J.Z3 If 10/ 1940 

« 4 .oq i«* sAanK orasaci 


4.49 3 - 3 fi <0 

a-Zi .1* I, 


i-J.’J- 

,-rl J" 


r;i i/i i.t: i,«5 ,*o z« .-r-.zi 
173 1/3 4-22 JC2.58 117S 1973 


J1)|/:.S.7» S.trt >. 

i.»>i -•«.:■ lii.'-O ii'* 

a>- f .:9 •• *» 

„../ ti'.Pi 2;,(n J»Jt 


§ MAKERS 
n 


-3.77 FI. 4? 1,'J -K. Ell 34b *•* 

u i;r«*> jzi 

n : a ?l;„ '•" « -'3i >ai m? 606 

I.'J IIUI r Jl> An bill Sibil 


!.r A*. 5/6 93S <w,D 

!« 9 MJ «75 

1 / ■>: !*’• ..H.I. 


».S Ml] 1- . 
11.11 .Jfi 




Sa 1 •*. “> ;;c_ I c j 

§& §2o j MARKET 

l* S&2 II MAKERS 

ufil S*- J I a ! 



|si =|g 

k<£ iJ-- 

"°S Si 

5g 3 iai 


o“5 53£ gr MARKET 

= *.?S I MAKERS 


CtR7UT|HLL.V«<a> (CiSTO/MI 


i nu cdejujw 

100.00 4.73 


hlTOOS ITT 

,11/lVlwJ 


m; 4.»o ».Ji J.a/ .3* in ri i/z y. p; 447 ,, , 

2* 3/8 3.8/ l?.w 101.75 = PI1 *7 I/:i/n»F 11 4M 1 


■•i.-'.j .-. >_-j :j* <s 

L 7 . p:t 


1 .:: - 1 . 

JSl.rfl IVl 


*" Pi' 11 : t: 5WI "**, 

ll !■• L 7 . si„ **>, #;5 


1.05 -0 « 

101.00 1979 


5;h r*- 

1 = 4.33 } 9 ii IT! 9 34 


r ro *M 805 

1/ 9/J»*9 LSZIDS Ml 975 

b.:B SI' til 317 ?5 ?M 

llV 1/1977 LS lljri f|Ji 

•ion 9J4 



».;.i» 

lon.W 

4.79 

•t/ZMii* 

a::5 



1 CU.OO 

t97? 


in . hi 

197/ 

■sues bi-x 

s-irracxi 

i:.* 

VO 

2 .WJ 


TOP 



ion. oo 

4.20 

at st a rr 

Wi 


7.27 

104.20 

1973 


l'.H.lll) 

197ft 

UUfiiM U4.--C 


^7 

U2 

3, «ff. 

o’- • 

* 

2 ’.. 

18*23 

100 . JO 

1.3.3 

l i! it 198 1' 

3/153 


3.27 

100.23 

UU 


W’ Sr S' bl7 15 M3 

.’ 1 / 13/1077 is 9,0 sum 


1 / tt /1977 IT 

5niia4.11 K f 

U C. IM 7 t> L'j 


ceviHiu./::-i.'.r. 


l' 9J5 940 3u0 

" 15 . 

Eu.its i3 son n;n 

l> •« MQ *MU) 

915 


ST HUSBSinWt 

Makffii 


19 “ &.\B 7 o-T. :.zcr a [j^.i) ! JO 7/9 ?.J 5 *.T 7 * 9 ' *'• - 2-14 Mr- n aj 714 

!::.« liiio/ira i-j j ,«3 ;.aia..M »» 

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• - . J • . 

' This announcement appears as a mailer of record only, 

GENECO 

GENERAL ENGINEERING AND 
CONSTRUCTION CO. LTD. 

U.S.S 10,000,000 
MEDIUM TERM LOAN 

Guaranteed by 

FINSIDER INTERNATIONAL S.A. 

Msnagedby 

EUROPEAN ARAB BANK 

Co-Managed by 

THE NATIONAL BANK OF.KUWAIT S.A.K. 

BANQUE GENERALE DU LUXEMBOURG S.A.. 

Provided by 

EUROPEAN ARAB BANK 
NATIONAL BANK OF KUWAIT S.A.K. 

BANQUE GENERALE DU LUXEMBOURG S. A. 

BANQUE COMMERCIALE POUR UEUROPE DU NORD (EUROBANK) 
FRAB BANK INTERNATIONAL 
SOCIETE CENTRALE DE BANQUE 

■ / 

1 Adviser to the deal 

■ HNEUROP CONFIRNEC S J> Au 9 MILAN 
- Agent: 

EUROPEAN ARAB BANK (BRUSSELS) S. A. 


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The following Tombstone annowicements were published in the Financial Times during September 

BONDS 


Tombstone Publication 

date date 

1/9/78 THE REPUBLIC OF 1/9/78 

PANAMA 

uss7o.ooo.ooo 

Floating Rate Serial Notes due 1990 
DiHon. Read Overseas Corp. 
and others 

OFFSHORE MINING ■ 5/9/78 

CO. LTD 
US$100,000,000 

Guaranteed Floating Rate Notes 
due 19S6 

S. G. Warburg Sc Co. Ltd. and others 
6- 8/78 A/S EDSPORTFINANS ' 6/9/78 

USS50.000.000 
9J% Notes due 1986 
Citicorp Int. Bank Lid. and others 
Aug. 78 EXPORT DEVELOPMENT 6/9/7S 
CORPORATION 
US$125,000,000 
8.60% Notes due I9S3 
Salomon Brothers and others 
6/9/7S STATIOL 6/9/7S 

DM 150.000.000 

8% DM Bearer Bonds of 197S/1988 
Deutsche Bank Aktiengesellschaft 
and others 

Alls. 7S SVERIGES INVESTERINGS 'S/9/T8 
BANK AB 

Luxembourg Fr. 500,000,000 
S% Bonds due 1988 
Kredietbank S.A. Luxembourgenise 
and others 

12/9/7S TRiO-KE.VWOOD 12/9/78 

CORPORATION 

DM 40.0tw.000 

DM convertible Bonds of 
1978/19S8 

Deutsche Bank Aktiengesellschaft 
and others 

13/9/7S COMMONWEALTH OF 13/9/7S 
AUSTRALIA 
DM 250.000.000 

6% DM Bearer Bonds nf 197S/19S8 
Deutsche Bank Aktiengesellschaft 
and others 


Tombstone Publication 

date date 

Aug. 7S DOW BANKING 14/9/78 

CORPORATION 
SFR 50,000,000 
3J% Bonds of 197S/19S8 
Union Bank of Switzerland and 
. otbers 


Jun. 7S COMMONWEALTH OF 
AUSTRALIA 
S 175.000.000 

5 year S.45% Bonds due 1983 
$75,000,000 

15 year 9'.% Bonds due 1993 
Morgan Stanley & Co. Inc. and 
others 


1S/9/78 


July 78 BANQUE DE LUNDOCHINE 
ET DE SUEZ 
US$40,000,000 

Floating Rate 'Notes Due 1985 
Banque de l’lndochine et de Suez 
and others 


3/7/78 EUROPEAN INVESTMENT 19/9/78 
BANK 

USS100.000.000 
9.1% bonds due 1993 
Societe Generate and others 


20/9/7S EUROPEAN INVESTMENT 20/9/78 
BANK 

DM 300,000.000 
6% DM bearer bonds due 1990 
Deutsche Bank Aktiengesellschaft 
and others 


20/9/78 SUNDSVALLS BANKEN 
USS20.000.000 
Floating Rule Capital Notes 
Due 1985 

Credit Suisse First Boston Ltd. 
and others 


20/9/78 


Sept. 78 THE COPENHAGEN 

COUNTY AUTHORITY 
US$25,000,000 
Private Placing 
91% Dollar Notes due 1990 
Daiwa Europe N.V. and otbers 


20/9/78 


Publication 
date • 


21/9/78 


Tombstone 
date 

Aug. 78 IMATRA N VO UttA 
OSAKEYHTIO 

Y 10.000,000 

Y notes due -1993 

Daiwa Securities Co. Ltd. and 
others 

Sent 78 A/S EKSPORTFINANS 22/9/7S 
US$50,000,000 
9% notes due 1986 
Citicorp Int. Group and others 
l/S/78 SONATRACH 26/9/78 

Bahrain Dinars 8.000,000 
S‘.% Guaranteed Notes 1978/1988 
Gulf Int. Bank B.S.C. and others 
27/9/7S EXPRESA NACIONAL DEL 27/9/78 
PETROLEO S.A. 

USS25.000.000 

Floating Rate Notes Due 1986 
European B ankin g Co. Ltd. and 
others 

Sept 7S PHILIP MORRIS INC. 27/9/73 

S200.000.000 
S.65% Notes due 1984 
Goldman. Sachs & Co. and others 
Sept 78 THE TOYO RUBBER 27/9/78 

INDUSTRY CO. LTD. 

DM 30.000/100 

51 % Bearer Bonds of 1978/1933 
Commerzbank Aktiengesellschaft 
. and otbers 

27/9/78 ASAHI OPTICAL CO. LTD. 27/9/78 
DM 50,000,000 

31% Convertible Bonds due 1987 
Westdeutsche Landeshank 
Girozentrale and others 
27/9/78 PETROBRA’S 2S/9/78 

DM 100.000.000 
7% Bonds due 198S 
Westdeutsche Landesbank 
Girozentrale and others 
Sept 7S EUROPEAN INVESTMENT 29/9/78 
BANK 

USS 100.000,000 
P% Bonds due 1990 
The Nikko Securities Co. Ltd. 
and otbers 


LOANS 


Tombstone Publication 

date date 

July 78 GENERAL WAREHOUSE 1/9/7S 
AND COLD STORAGE COMPLEX 
USS7.0GO.OOO.CIOO 
Medium Term Loan 
The First National Bank of 
Boston Ltd. and others 

Aug. 78 AS5I 1/P/7S 

US$45,000,000 
Ten year floating rate loan 
facility 

PKbanken and others 

Aug. 78 COMISION FEDERAL DE 1/9/78 
ELECTRICIDAD 
USS600.000.000 
Medium Term Loan 
Westdeutsche Landeshank 
Girozentrale and others 
AUTOSTRADE 1/9/78 

US$50,000,000 
Five-Year-Term Loan 
Ultrafin AG and others 

29/S/7S COMMONWEALTH OF 4/9/78 
AUSTRALIA 
Dfls. 300.000,000 

Fixed Rate Term Loan 1978/1993 
Aigemene Bank Nederland N.V. 

4/S/7S OFFSHORE MINING CO. 5/9/78 
LTD. 

US$350,000,000 * 

Medium Term Loan 
Citicorp International Group 
and others 

NAGRAFIN BANK LIMITED 5/9/78 

USS30.000.000 

Medium Term Loan 

DG Bank International and 

others 

Aug. 78 THE KINGDOM OF 5/9 7S 

MOROCCO 
USS300.000.000 
Medium Term Loan 
Bank America International Group 
and others 

July 78 CA1SSE CENTRALE DE 5/9/7S 

COOPERATION ECONOMIQUE 
Dfls 100,000.000 
Term Loan 

Nederlandscbe Middenstandsbank 
NV and others 

June 78 OFFICE CHERIF1EN 6/9/78 

DES PHOSPHATES 
USSIOO.OOO.OOO 
Medium Term Loan 
Abu Dhabi Investment Co. and others 

Aug. 78 REPUBLIC OF PORTUGAL 7/9/7$ 
USS3 00,000,000 
Medium Term Loan 
Amex Bank Ltd. and others 
TUKKIYE CUMHIIR1YET 8/9/78 
MERKEZ BANKASI 
US$100,000,000 
Loan Facility 

Arab African Int. Bank — Cairo 
and others 

12/9/78 NUCLEBRAS 12/9/78 

USS110.000.000 
12 year loan 

Westdeutsche Landeshank 
Girozentrale and others 

S/S/7S BANCA CATALANA 13/9/78 

USS20.000.000 
Medium Term Loan 
Interunion-Banque and others 
HEMIJSKA INDUSTIUJA 13/9/78 
ZORKA 
USS35.000.000 
Project Financing 
USS27.000,0fi0 
US$8,000,000 
medium term loan 
Lazard Brothers & Co. Ltd. 


Tombstone Publication 

date date 

Sept. 78 NATIONAL 15/9/78 

PETROCHEMICAL CO. OF IRAN 
USS270.000.000 
Medium Term Credit Facility 
Iran Overseas Investment Bank 
Ltd. and oihers 

BANCO' NACIONAL DE 15/9/78 

CREDITO RURAL SA. 
US$600,000,000 
Medium Term Loan 
Bankers Trust International Ltd. 
and otbers 

June I PHILIPPINE-SIN GAPORE 15/9/78 

PORTS CORP. 

US$15,000,000 
Term Loan 

Arab-Malaysian Development Bank 
and otbers 

July 24 LAND OIL RESOURCES 15/9/78 

CORP. 

USS10.000.000 
Term Loan 

Arab-Malaysian Development Bank 
and others 

Sept. 7S THE ELECTRICITY 18/9/78 

COUNCIL 
US$500,000,000 
Credit Facility 

The Sumitomo Bank Ltd. and others 
31/7/7S NORSK HYDRO AS. 19/9/78 

£30.000.000 
Eurn sterling Loan 
Citibank N.A. and others 
SOMISA 19/9/78 

USS25.000.000 
Medium Term Loan 
Banco de la Nacion Argentina 
Sept. 78 CREDITO COMMERCIALE 19/9/78 
US$20,000,000 
Medium Term Loan 
Societa Finanziaria Assicurative 
and others 

Sept. 78 H1DROELECTRICA DE 19/9/78 

CATALUNA S.A. 

Dfls 32,500.000 
Fixed rate 10 year loan 
AMRO Bank N.V. 

20/9/78 FUERZAS ELECTRICAS 20/9/78 
DEL NOROESTE S.A. 

US$40,000,000 

Standby Credit and Term Loan 
European Banking Co. Ltd. and 
others 

July 78 ASSOCIATES CAPITAL 20/9/78 

CORP. 

Canadian $10,000,000 
Medium Term Loan 
Merrill Lynch Inc. Bank Ltd. 

13/S/7S PRIVREDNA BANKA 21/9/78 

SARAJEVO UDRUZENA BANKA 
US$30,000 
Eurodollar Loan 
Citicorp InL Group and others 
10/S/7S RUDNICI INDUSTRIJA 21/9/78 

ZA NIKEL, CELIK I ANTIMON, 
FENI, KAVADARC1 
US$50,000,000 
Eurodollar Loan 
Chase Manhattan Ltd. and others 
S/9/78 HELLENIC AEROSPACE 21/9/78 

INDUSTRY 

ussso.ooo.ooo 

Eurodollar Loan 
Citicorp Int. Group and others 
Aug. 78 THE CENTRAL BANK OF 21/9/78 
THE DEMOCRATIC REPUBLIC 
OF MADAGASCAR 
US$29,600,000 
Medium Term Loan 
Citicorp InL Croup and others 


Publication 

date 


Tombstone 
date 

INTERNATIONAL 21/9/78 

INVESTMENT BANK MOSCOW 
US$500,000,000 
Loan due 1988 

Dresdner Bank Aktiengesellschaft 
and others 

Aug. 7S AUTOPISTAS DEL . 21/9/78 

ATLANTICO C.E.S.A. 

USS4S.000.000 
Medium Term LoaD ■ 

Bayeriscbe Landesbank 
Girozentrale and others 
Aug. 7S FLAT DIESEL BRASIL S.A. 21/9/7S 
USS40.000.000 
Medium Term Loan 
Banco di Roma and others 
Aug. 78 COMISION TECNICA 22/9/78 
■ ‘ MIXTA DE SALTO GRANDE 
USS 100.000,000 
Medium Term Loan 
Manufacturers Hanover Ltd. and 
others 

Sept 78 HYDROCARBONS BANK 25/9/78 
LTD. 

US$200,000,000 

Floating Rate Loan 

The Sumitomo Bank Ltd. and others 

REPUBLIC OF PANAMA 26/9/7S 

USS300.000.000 

Medium Term Loan 

Citicorp Int. Group and others 

THE BAHRAIN NATIONAL 26/9/78 

OIL CO. 

US$60,000,000 
7 year project linked loan 
Gulf Int Bank B.S.C. and others 
BANQUE NATIONAL 26/9/78 
D'ALGERIE 
USS120, 000,000 
Medium Term Loan 
Gulf Int Bank B.S.C. and others 
GULF AVIATION CO. LTD. 26/9*78 
USS40.000.000 
Medium Term Loan 
Gulf InL Bank B.S.C. and others 
Aug. 7S MINERACAO VALE DO 27/9/78 
P ARAN ALBA S.A. 

US$30,000,000 
Medium Term Loan 
Chemical Bank lot and 
Libra Bank Ltd. 

14/9/7S BANK SAKHTEMAN 27/9/7S 

(CONSTRUCTION BANK) 
US$50,000,000 

Medium Term Credit Facility 
Chase Manhattan Ltd. and others 
17/7/78 THE REPITBLIC OF KENYA 28/9/78 
US$16,621,000 

Projected-Related Term Loan 
Bank of America and Export-Import 
Bank of the United States 
OLEAHTNOSAS 28/9/78 

ESPANOLAS SJV. 

USS8.000.000 
7 year Loan 

Banco de Londres Y America del 
Sur and others 

Sept 7S PHILIPPINE AIRLINES 29/9/78 

INC. 

US$7,248,000 
Medium Terra Loan 
European Asian Bank 

July 7S THE REPUBLIC OF 29/9/78 

INDONESIA 
DM 11,707.927 
Fixed rate buyer credit 
European Asian Bank 
JUGOBANKA UNITED 29/9/7S 

BANK BEOGRAD 
USS10.000.000 
Medium Term Loan 
Japan International Bank Ltd. 


OTHERS 


ToniDscone 

date 


Publication 
date 

4/7/78 ENNIA N.V. 1/9/7S 

Flux 250.000,000 197S-19S3 
Private Placement 
Kredietbank S.A. Luxembourgeoise 


18/7/78 B.A.T. INTERNATIONAL 
FINANCE LTD. 

Flux 250.000,000 197S-1988 
Private Placement 
Kredietbank S.A. 
Luxembourgeoise and otbers 


1/9/7S 


5/9/78 


Aus. 78 PROVINCE DE QUEBEC 
US$500,000,000 
Ten Year Credit Facility 
Orion Bank Ltd. and otbers 

7/9/7S WESTBURNE PETROLEUM 7/9/78 
SERVICES LTD. 

USS50.000.000 
Senior Notes Due 1993 
Private Placement 
Lehman Brothers Kuhn Loeb Inc. 

Aug. 78 MEMOREX CORPORATION 7/9/78 
1,269,536 shares 
Common Stock 

Lehman Brothers Kuhn Loeb Inc. 
and otbers 


8/9/78 


May 78 CANDEL OIL LTD. 

USS36.000.000 
Buchan Field Development Finance 
Int. Energy Bank Ltd. and Canadian 
Imperial Bank of Commerce 


Sept. 78 THE BRITTSH ALUMINIUM 11/9/7S 
CO. LTD. 

5.80S.370 Ordinary Stock Units 
Ca2enove & Co. and others 


Tombstone 

date 


Publication 
date 

3/S/7S THE REPUBLIC OF GABON 12/9/78 
US$S0.000,000 
Project Financing Facility 
Citicorp Int. Bank Ltd. and others 


6/9/78 TEXAS INTERNATIONAL 13/9/78 
AIRLINES FINANCE N.V. 
US$25,000,000 

71% Convertible sub. Debs, due 
1993 

Smith Barney. Harris Upbam 
& Co. lac. and others 


Aug. 7S INVEST) CION A BANKA 13/9/78 
TITOGRAD UDRUZENA BANKA 
US830.000.000 
Project Related Terra Lnan 
Bank America International Group 


SAMER 

Saudi Riyals 36.000.000 
Guarantee Facilities 
Al Saudi Banque 


14/9/7S 


Sept 78 METRO-GOLD WYN-MAYER 15/9/78 
INC. 

US$49,125 per share 
Common Stock 

Swiss Bank Corporation Ltd. and 
others 


Aug. 16 AG&P 

Saudi Riyals 169.000,000 
Syndicated Standby Guarantee 
Facility 

Credit Suisse First Boston and 
others 


15/9/78 


Tombstone 

date 


18/9/78 


Publication 
date 

Sept 14 BENEFICIAL 

CORPORATION 

$10,000,000 

Ten Year Currency Exchange 
Agreement 

Blyth Eastman Dilion & Co. 

19/9/78 CASIO COMPUTER CO. LTD. 20/9/78 
DM 40,000.000 

3 1% Convertible Debs, due 1985 
Dresdner Bank Aktiengesellschaft 
and others 

PROVINCE OF 25/9/78 

SASKATCHEWAN 
Can.S75.000.000 
9}% Debs. 

Dominion Securities Ltd. and others 
Sept. 73 TOFTE 26/9/78 

CELLULOSEF ABRIKK A/S & CO. 
Dfls 75.000.000 
due 19S4/199S 
Private Placement 
Aigemene Bank Nederland N.V. 
and ethers - 

BRAVO 28/9/78 

800.000 Shares 
Common Stock 

Lehman Brothers Kuhn Loeb and 
other s 

THE SOUTH AFRICAN 29/9/78 

BREWERIES LTD. 

50,000,000 

112% Unsecured Debs. 1994/1998 
Private Placement 

28/9/78 STANLEY ELECTRIC 29/S/7S 

CO. LTD. 

DM 40,000.000 

31% Convertible Debs I978/19S5 
Dresdner Bank Aktiengesellschaft 
and others 



SWtalTi mesMonWW 






Dfls 75 , 000,000 


EUROPEAN 

investment BANK 


j 7%% bearer Notes 1978 due 1985 


Amstodam-RDtiETdffln Bank N.V. -2* 

A3 *^ BanW ^^^et d e sPa ^B a s y 

DeutscheBankAkdenges^Isdi^ 


BankMees&HopeNV 
Pierson. Hddring Ar PfasonN.V » 


WestLB Euro-Deutsc hmarkbond Quotations 




fcsu« 


8% Quebec Hydro El. 71/86 


aj/o Vwcucv, n^urg U ( t Of 

6\% Quebec Hydro El. 73/88 


6 » 


6l% Quebec Hydro Ef. 77/87 


87% Queensland Alu. 70/85 106.50 

5j% Rautanitikki 78/88 (G) 

7i% Reed Paper 73/88 


8 % 


7i% 


SAFE 


7\% Sandvik 72/87 
9 1 % ‘Sandvik 75/83 


9% SA.P.L. 75/80P (G) 


8^/a Ship. Co. New Zeal. 75/80P (G) 
8{% Ship. Co. New Zeal. 75/81 IP <G1 
8j% Ship. Co. New Zeal. 75/82 HP (G) 


7% Singapore 


6\% S.N.C.F. 68/83 (6) 

7j% Soc. Dev. Reg. 76/86 (G) - 
Soc. Dev. Reg. 77/92 P(G) 


6i 

9% 


B±% 

7i% 


8% Souch-Afr. Broadc. 78/8 IP (G) ... 
7i% South-Afr. Q*H Fund 78/82P (G) 
7i% South-Afr. Oil Fund 78/82P (G) 
7\% South-Afr. RaOway 73/88 (G) ... 


9h% South-Afr. Railway 75/80P (G) 

Qlo/ CA..<.k-Ar. 7cion in 1 


9'-% South-Afr. Railway 75/80 (G) 
B'-i% South-Afr. Railway 77/80P fG) 
8% South-Afr. Railway 78/81 P (G) 
7j% South-Afr. Railway 78/82P (G) 
8°,; South-Afr. Railway 78/83P < G ) 


6i% 

6 % 


Spain 

Spain 


78/88 

6% Sparbank Oslo 78/90P 

71% Standard Imp. & Exp. 7H/82P ...... 


7% Statsfoeretag 77/85 

10?£ Steiermark 74/80P 108 50 

8j% Stockholm City 75/83 ; 104 90 

8 i% Stockholm County 75/87 


77% Scudeb. Worth. 69/79 

fl'C/ M.nl TC IO 


7*% Sun Oil Int. Fin. 73/88 

7i% Svenska Cell. 73/88 102.00 

9?^ Svenska Taendst. 75/85 10675 

6i% Sveriges Inv. Bk. 72/87 

7% Sveriges Inv. Bk. 73/88 

8i% Sveriges Inv. Bk. 75/83 

Sweden 77/84 ; 1 

6% Sweden 77/8 9 

9|% Taisei Corp. 75/80P ... 

10% Tauernautobahn 74/79 
9^% Tauernautobahn 74/81 



Middle 

Price 

Currerl 

yield 

Life* 7 

Yield to . 
Maturity” 

Sepavtr.erc 
D-nrar.d.?!e;y drawing 
• bvbrarpar' 

Sf— citing lurid - - 



10575 

7.57 

425 

653 

1. 977— 86D : 



102.35 

6.35 

4.31 

5.86 

1. 428—870-^-^; 

101.50 

6.40 

4.68 

6.11 

1. 3.79— 88D‘: 



102.70 

6.33 

8X8 

6.09 

16. 8X7 ' : 



100.65 

621 

9.17 

6.15 

1.12X7 • 'i' 



10650 

7.98 

3.96 

6.71 

l.l 126 — 85S 1 -.' 



9620 

5.98 

7.44 

6.40 

1. 4.84— 88D~rf£ 


103.25 

7X2 

4.50 

6.38 

1. 1.79^-885 

,-r 


107.25 

7.93 

375 

6.26 

1. 7X2 r - 

•-? : 


10625 

753 

5.50 

659 

1.4.84 


100.75 

521 

4X4 

5.07 

1. 8X3 



10525 

7.36 

420 

6.40 

. 1. 6.77— 865 

. . -T 


105.00 

9.76 

1.09 

5.37 

. . LH79-- ,. 

L-- 

102.50 

7.32 

6.69 

7.01 

- -I. 7X3-875 - 


104.00 

721 

4.13 

- 6.35 

- 1. 228— 87D-; 


112X0 

826 

4.34 

6.01 ’ 

- 1. 2X3 . . . 



101.75 

8.35 

0.17 

3.80 

dld.p.l. 12.78(1011 


103.20 

6.78 

5.34 

627 : 

' - l.'2X4 


106.50 

8.45 

1.42 

4.16 

- 1.-3.80 


104.00 

625 

433 

5.43 

1. 478—87S . 


10875 

621 

828 

5.41 

1. 2X5-89D 


105.00 

7X6 

1.67 

5X3 

. . 3- 6.80. 

'. V4 ' 

10350 

821 

3.64 

7.35 

22.5.82 



10350 

821 

3.66 

7.35 

27.5X2.. 


106.00 

6.60 

2X7 

3.92 

1,1)20-815. 

> 

10250 

6.83 

2.22 

5.86 

1. 7.78-825", 


101.50 

6.40 

4.59 

6.10 

1.5X3- 


10325 

8.47 

0.34 

4.68 

dld.p.l. 279fiin> 

S'-'r • 

105.50 

8.06 

354 

6X4 

1. 6.76— 85D 


104 00 

625 

■ 2.95 

5.01. 

- U0.72^-83S. 


105.25 

7.13 

4.74' 

6.18 

r. 4.80— 86D 



99.00 

6.31 

14.21 

6.36 

16.12X3— 92D- 


105.00 

8.57 

277 

6.93 

-. . 1. 5.79— 83D : 



99.90 

6.76 

550 

6.89 

I. 473-84S , 


103.00 

825 

3.94 

7.75 

I.M.76-X5S ^ 


10050 

771 

4.03 

7.75 

■ I JL77— 86S 



99X5 

7X1 

9X9 

7X2 

1.UJB-87S 

rr 

10050 

7.96 

2.42 

773 

J. 3X1 - 


100.00 

7.75 

-3.83 

774 

1. 8x2 

r ’V±' 

100.00 

7.75 

3.96 

775 

16.9.82 



9925 

7.56 

9.67 

7.60 

1, 6.79-885^.-^',- 

10250 

9.02 

1.16 

6.87 

1 . .628— SOD ; 


10425 

8X7 

1.75 

657 

I. 7X0 


101.00’ 

.8.17 

1.84 

7.62 

T. 829u_80[y 


10175 

7.86 

2.26 

7.11 

2: 1X1 • 

' * 

T* 

100.00 

7.75 

3.59 

7.73 

1.5.82 . - ^ 

10150 

7. 88 

475 

7.60 

K 7.83 . - ■ 

•7. 

101.50 

7X8 

4.92 

7.62 

1.9.83- • 

■ST..": 

104X0 

6.73 

4X0 

5.97 

- 1. 2.79-885 

_ d‘.- 

102.50 

6.59 

5.84 

622 . 

1. R84 

- -; T , 


97.00 

6.19 

959 

'6_42 • 

1.-5X8 •: 

■J-.-' 


9725 

6.17 

6X7 

650. 

16. 5XJ — 90D • ■ 


9925 

7.81 

3X4 

7.97 

I. 8.82 


102 00 

6.37 

925 

6.20 

1.1.88 


100.70 

5.96 

7.86 

5X8 

1. 9X4— 88S \ 


1D450 

6.70 

4.88 

5.90 : 

.Li82-^xa>-. 


10850 

9.22 

2.00 

5.4] 

ljoxo --;u 

. •••- 

104.90 

8.34 

3.36 

7.04 

15.476-^830 1..;:. 

10750 

8.14 

429 

6.66 

I. 4.79— 8fDy 

i r-~ 

101.50 

7.14 

0X4 

5.45 

1. 8.79 -^.;T 


105.00 

8.10 

3.75 

6.93 

- 1- 7.82'^^ 

■•".V 

104.50 

7,18 

5X8 

6.43 

' 1. 829-B© - 

■ m ^.'+ 

102.00 

7.TI- 

4.57 

671 

1. 229-885 •: 


106.75 

8.43 

3.82 

6.91 • 

.1. 3XO-85S ' 


102X5 

6.56 

423 

5.95 

• 1. 378—875-^ 


103.50 

6.76 

.4.68 

6.10 

1. 3.79-X8S ‘ : 

• : '.r 

10550 

8.06 

3.13 

6.48 

1. 6.80—835 - • 

'".r 

10450 

622 

559 

553 

I. 5X4 ' 


100.90 

5.95 

8X6 

5X5 

I.J2.B3— 895:'-..: 



9% 


67 /£ Tauernkraftwerke 68/83 (G) 

8% Tenpfinco 73/93 

9\% Tenpfinco 75/82P 

6\% Thailand 78/83P 


- 105.00 

9.05 

1.46 

5.78 

16.3X0 - 



9.50 

1.00 

4J3 

1 . 10.79 . . 

' i-i 


8X0 

2.75 

5.28 

1. 7X1 

' ' 's 

. — ,109.50 

822 

3.42 

5X3 

1. 3.82 

v 

■ ^ 

109.25 

824 

4.42 

6J1 

1. 3X3 



5.65 

14 JO 

5.77 

1. 4.84— 93S 



6.83 

228 

5X9 

I. 274 — 83D 

w* 


6.28 

2.87 

5.24 

l. 9.74— 83S 


10725 

7.46 

919 

6.9 1 

i.l 1.82 — 93S 


10625 

8.94 

3.42 

7.34 

1. 3X2 

. • . 

9825 

6J6 

4 JO 

670 

1. 4.83 

’ * 


7.76 

3.50 

5.43 

l. 4X2 


108.00 

7.64 

375 

5.80 

1. 7.82 


’ 102.85 

6.32 

1.41 

4.34 

I. 372-8JD. 

. ?.* 


6X7 

3.59 

5.61 - 

1.1275— 84D 

■ 

104.75 

9X7 

1.36 

573 

JO. 280 

• 7 V’ 


5J6 

5.00 

5.74 

1. 10.83 



6.49 

479 

6.48 

1 JOTS— 875 

v 

....i. 94.90 

6.32 

4.50 

7.36 

1: 4.83 


10175 

6.63 

3.11 

621 

1.1272*— 835 



5.90 

8.48 

6.13 

1. 4X6— 88D 

‘ : 

103.80 

723 

3.41 ■ 

6.34 

1.1075—845 


98.00 

6.12 

9.34 

628 

’ 1. 284— 88S 

■-7 

98.15 

5X6 

4.92 

6.19 

1. 9.83 


109.50 

8.90 

3.17 

6.33 

1.12X1 


U1.65 

7X1 

5.95 

6X9 

1. 5.81—875 


10025 

5.74 

5X4 

5.69 

1. 8.84 ' 



670 

-3.58 

6.49 

30. 4X2 


103.00 

6.80 

2.42 

574 . 

1.1074— 83S 

• .5. 

97X0 

6.19. 

9.42 

6.43 

1. 3.84—885 

• . v 

-104.50 

670 

2X2 

520 

I. 674—835 


10725 

7.69 

325 

573 

I. 8.79— 84D 


101.00 

5X9 

621 

' 5 J5 

15.1284 

■J 

108.00 

7X7 

5X9 

676 

1.1079—885 


10825 ' 

7.85 

4X1 

6X6 

1. 6X1— 85D 


102X5 

6J8 

8.08 

6J1 

1. 6.84— 89D 

: J 

103X0 

6X1 

5.35 

5X3 

1.1179 — 88S 


100X0 

5.47 

327 

5.37 

4J1 — 85D 



8J% Thyssen Car. Fin. 75/82P 

6f% Thyssen Inv. 66/81 

Tokyo El. Power 69/84 .... 

9i% Toray Ind. 75/80P 

5t% Toyo Rubber 78/83P 

6 Traf. House Fin. 72/87 1... 

6% Trinidad & Tobago 78/83 . 

63% Trondheim 68/83 

53% Trondheim 78/88 

7\% TRW int. Fin. 69/84 ....... 

6% TVO Power 78/88 (G) .... 

5i% UDS Group 78/83 

9\% Unilever 74/81 P 

81% Unilever 75/87 

53% Uniroyal 78/84P 

6i % Unit. Arab Emirates 77/S2F 

7% Venezuela 68/83 

6% Venezuela 78/88 

7% Vienna 68/83 

8i% Vienna 75/84 

53% Vienna 77/84P 

8j% Voest-Alpine 73/88 

8}% Voest-Alpine 75/85 

63% Voest-Alpine 77/89 

Wells-Fargo ex w. 73/88 .. 

SJ% Woridbank 65/85 

6^% Woridbank 68/80 103.75 

6f% Woridbank 68/84P 102.00 

6}% Woridbank 69/84 103 25 

67% Woridbank 69/84P 1021)0 

6% Woridbank 69/84P ... 1 .....^...... 101:00 

8^% Woridbank 70/80 107.10 

8% Woridbank 70/86 ....■ . 105JS 

7i% Woridbank 71/86 I 105.25 

71% Woridbank 71/86 II .:. • 104.90 

64% Woridbank 72/82 105J10 

6i% Woridbank 72/87 103.00 

63% Woridbank 73/83 105.10 

6\% Woridbank 73/88 ; ; 10IJS0 

8i% Woridbank 75/82P 10825 

8% Woridbank 75/82 JO g 65 

81% Woridbank 75/83 ; ] 10 js 

8% Woridbank 76/02P 106JJ0 

7i% Woridbank 76/82P 106 00 

7;% Woridbank 76/83 ; 108 JO 

7j% Woridbank 76/83 108 25 

6?% Woridbank 76/83P 10230 

8? n Woridbank 76/84 ... 1 m 50 

Wor, dbanfc 77/82P .""I"!... T0l!25 

7 . n Woridbank . 77/05P . in? nn 

6{% Woridbank 77/BSP SI'S 

« x worwtenk 77 ar iil 

Si% Woridbank 78/84 ... SHi 

6% Woridbank 78/88 ...^7" S'g. 

5|% Woridbank 78/90 .... 98 m 

6a% Yokohama 68/83 (G)*.*.* 104^5 

7% Yokohama 69/84 (G) . n tfs 

J ok h-rf arn i 71/86 fG > ’ 105 JO 

8 L ? J« h ‘^Kogyo 75/80P 106.00 

8. 0 Yugosl. ^Inv. Bank 77/84P .101.00 

aicobted'as fol?^^ apBear ln ytar5 jnd decimals of years and are— in tfiis «mtexfc-v 

m a a ! Ur, - r,r in nse of 4 lump-sum repayment 

-ro ^ the quoted price is below 100 1 

-to average life in S the b^S ‘Kb the ouot « d «^ce h above >00. . 

G Government Guarantee ‘ • 


627 

6.37 

6.30 

6.37 

5.94 
734 
7X0 
7.13 

7.15 
. 6.19 

6J5 

6.42 
6^8 
7.62 
7.36 
7.44 
7.55 
7JI 

6.94 

7.16 
6.59 
734 

5.43 
6X7 
6.34 
5.84 


6.33 

5.62 
5.99 
5.84 
6.47 

6.62 
7J8 
825 
7.92 


1.84 

2.68 

3.09 

2.68 

2.92 

1.84 
3.59 
4.02 
4JI 

3.75 
433 

4.34 

4.85 
3.67 

4.17 

4.75 

3.84 

4.00 

4.59 

5.00 

5.17 

5.34 

3.96 

6.42 
6J9 

6.96 
825 
8J9 

5.84 
9X4 
9.80 
2X7 

3.43 
436 
1.75. 

3.60 


4.32 

5X5 

5.41 

5X5 

5X0 

4.47 

6.31 

528 

6.2 T 
5D0 
5.91 
539 
6X0 
5.68 
5X1 
5J8 
6.19 

6.02 
5.44 
5.80 
6.16 
5X5 
5.14 
6.03 
6X2 
5J1 
6.10 
6.09 
529 
5.96 
S.9S 

520 

521 
6 JO 
5X6 
7X6 


7. 8X0 • 

2. 1.77— 84D 

1. 6.75-^-840 

2. 177— WD 
I. 4.77— 84D 
1. 8X0 . 

1. 7.77— 86D 
1. 677— 86D 
1.1277— 86D 
1. 7.82 
I. 378— 87D 
I. 2X3 
1.5.79— 88D 
1. 6.82 
1.12.82 
1. 7.83 
1. 8X2 
1.10X2 • 

1. 5.83 
1.10X3 
1.12.83 
1.2.84 
15.9X2 
I. 3X5 
1. 5X5 
15. 9X5 " 

v. 1X7 ; - 

1. 5.87 . 

.1. 0.84 
1. 8X8 
1,2X7— 90D 
1. >72-835 
30. 973—845 - 
T..877— 86S 
7: 7.80 

15.12J9-X4S. 






'Jiy 



n; 


Finahcial^Tiiaes Monday October ' Sr 1978 

3th September 1978 WestLB Em’o-Deutschmarkbond Quotations and Yields 



23 

tisement 








nepa,nnni 


Middle 

Price 

Current 

Yield. 

Ufa’- 

Yioldn 

f.’iJluriTy’ 

D - nvniddiary tJr j jvmn 
by lot at par 
*?- Ginitng Jund 


^^198: 


'.■b 
D' - 
1 .'0 


>-o 

o/ 
• fO 
its 


.-a 


i»er .. 

- ii . o' 

«•■' . 'ft 

O' 





^Uridji^rlQ \ j 






. 


i ; .- 

*1 * • 
t o 

.c . c 


Z. • 

/•' • _ • 
•?.i .. 


j *■« 

-h •• - 


w , • 
J. 


•* ' , 
/ S''-" 

"■<:/: 


F - , 


#•'* •• 

■> "* 

. A • . 
-» * 

. %/;.-• 
-7 r 
jl._ 

■ » 

.1 1 - 


. t -.i 

5 :•• 


ADELA 76/83 

ADELA 77/82P 

ADELA 77/82P 

aeg 66/ai . ; 

Airport Paris 69/84P (.GJ 

AKZO 75/82P 

AKZO 76/8 JP' 

AKZO 78/34? ... . 

Alusuisse int'l. 75/83 ^ 

AMEX Inr'n. 77/84P 

A P E L. 74/81 fG) 

ARB5D Finance 76/83P 

ARBED Finance .77/97 ..... 

Ardal-Sunndal 75/SlP ................ 

Ardal-Sunndd 77-'B9P ; 

Argentine 67/79 : 

Argentine 69/79. 

Argentine 77-S4 

Argentine 78/85 - : 

Asian Dev Bit". 65/84 

Asian Dev. BL.75/80P 

Asian D*y ; 6k. 76/82 

Asian Dev. Bk. 76 j33P 

Asian Dev. Bk. 77/85 

Asian Dev. Bk. 78/83 

ASKO 75‘BOP 

Aumar 73/88 (G) 

Aumar 76/84 f G) 

Aumar 77/84 <G) 

Australia 67'S2 

Australia 68/83 ■. 

Australia 69/84 

Australia 69/84. .... 

Australia 72/87 

Australia 74/80 ..... 

Australia 75/32 

Australia 75/82 IP 

Australia 75,82 IIP 

Australia 76/33 

Australia 77/81? 

Australia 77/89 

Au'tralia 73 '83 

Ausrr Ind. Dev. Corp. 72/87 

Austr. Ship. Cam. 76/B3P iG) ... 

Rep. of Austria 63/32 

Rep. of Austria 69/83 

Rep. of Austria 74'79P 

P.ep. of Austria 74/80P 

Rep. of Austria 74/8IP 

Rep. of Austria 75/80P 

Rep." of Austria 75/.8JP 

Rep. of Austria 75/62P ;.. 

Rep. of Austria 75/33 

Rep. of Austria 75/83 P 

Rep. of Austria 75/87 

Rep. of Austria 76/86' '. 

Rep. of Austria 77/85 

Rep. oF Austria 77/87P 

Rep. of Austria 77/87P 

Rep. of Austria 77/.87-P 

Rep. of Austria 78/88P 

Autopistas Catalan 78/35P 

Autopistas Espan. 69*84 iG> 

Autopistas Espan. 71/86 fG) 

Auropistas Espan. 72 '87 (G) 

Banco N. Cbras 71/86 f G ) ......... 

Banco N. Obras 76/81 (G) 

Banco N. Obras 77/82P.(G) 

Banco N. Obras 77/B2P FG) 

Banco N. Obras 77/84 (G) ...!.. 

Banque Ext. Algeria 77/33 

Banque Nat. Aigerie 78/83 

Barlow Rand. inv. 73/82P (G) ... 

BASF 65/80 

BEC Finance 76/83P 

Beecham Fin. 76/83 ., 

Bergen 74/79 

Bergen 75/85 i 

Bergen 77/89 .• 

BFCE 75/83 fG) 

BFCE 76/84 (G) 

BFCE 77/87 (G) 

BFCE 78/83 (G) 

BNDE 77/87 

BNDE 78/86 

Borregaard 75/81 P 

Borregaard 77/84P 

Brascan Inti. 73/88 

Brasil 72/87 

Brazil 76/86 

Brazil 77/34,.-. 

Brazil 78/85 

Brenner 68/83 (G) 

British Petrol 65/80 

Bruxelles-Lamberr 77/84P 

Burmah OH 70/85 

Canada 78/33P 
CarWberg-Tuborg 77 187 P 

C.C.C.E. 75/85 (G) 

C.C.CJE-. 76/86 iG) 

C.C.C.E. 77/89 (G) 

CECA 64/79 

CECA 65/82 

CECA 71/86 

CECA 72/87 

CECA 72/88 :... 

CECA 73/88 

CECA 73/88 

CECA 74/79 IP ;. 

CECA 74/79 IIP 

CECA 74/8 IP 

CECA 74/81 ..... 

CECA 75/BOP 

CECA 75/82P 

CECA 75/62 

CECA 75/85 

CECA 76/8 IP ." 

CECA 76/83 

CECA 76/S6 

CECA 78/90 ... 

CECA 78/90P 

C.E.D. South Africa 7B/82P (G) 

CERGA 73/81P 

CESP 77/87 (G) : 

Charter Cons. 68/83 

Chase Manhattan Ov. 78/93 

Chrysler 69/84 

CIBA-GE1GY ex w. 75/B5P 
C.N. Autoroutes 69/84 (G) 

C.N. Autorouces 75/82 (G) 


105.85 
101.00 

100.50 
■10250" 

101 J30 
107X10 

103.00 

101.50 
10825 

101.00 

106-50 

103.00 

101.85 

104.25 

101.25 
101.70 
102-75 
104.35 
99.30 

.102.75 

105.00- 

106X10 

106.75 
103.90 

96.75 

104.75 

103.75 

107.25 
104 75 

103.80 
103.90 

104.50 
105.60 
1G5.50 

110.15 

1 14.00 

108.00 

107.00 

109.50 
10275 

101.80 

101.15 
10250 

105.00 

106.00 
103 75 

103.00 
109 00 
1 1 1 X30 

105.25 

106.00 


7J6 

4.50 

- 6.45 

i. 4.83 

7.18 

3.7 1 

6.92 

16. 6.82 

6.97 

3.84 

A.84 

1. 8.82 

5J5S 

1.32 

4.00 

1. 272— BID 

6.44 

2.83 

6.09 

1. 37 5— 84D 

8.41 

3.34 

6.57 

1. 2 82 

751 

4J7 

6 96’ 

1. 683 

591 

5 JO 

5 67 

1 4 84 

7.62 

3.82 

5.77 

1. 8.81— 33D 

6.68 

550 

6J2 

1. 4 .84 

939 

2.15 

6.63 

1.12.77— BID 

7J2 

5.09 

7.02 

1.11.83 

6.63 

a.67 

6.46 

1. 6 53—875 

8.39 

-275 

6.98 

1. 7 81 

6.67 

7.09 

6 52 

1. 7.62 — B9D 

6 58 

1.17 

5.44 

1.12.70— 79S 

7.79 

"M7 

5.60 

1.1272— 79S 

7.19 

6.00 

6.60 

1 10.84 

6.55 : 

6.42 

6 63 . 

]. 3.85 

6.31 

3.33 

6 17 

1. 9.75 — B4S 


8.10 

7iS 

7 26 

674 

5.68 

9 07 

723 

8.39 

7.4Q 

6 26' 

6.50 . 

622 

6.87 

6.64 
9.03 
7.B9 

7.64 . 
7.71 
6^2 - 
5.M 
5^5 

5.93 
659 
7.62 
6.60 
627 
9.22 

8.94 
8,78 
9.03 
778 


2.T3 
■342 
-450 
.650 
9.5? 
"1 50 
4.57 
328 
5.75 
2.56: 
2.78 
2.77 

3.51 

455 

2.00 

"3.34 

.3.50 

359 

4.42 

4.00 

944 

9.92 
4.89 

4.92 
1.98. 
2.45 
0.75 ■ 
2.09 
3.17 
1.34 
2.67 


592 
5.99 
5 98 
6.24 

5 95 
6.05 

6.64 

6 47 
672 

4.83 

529 

4.80 

5.55 

5.53 
A 58 
4.38 

5.65 
6.00 
4.80 
4.48 
5.50 
5^4 
6.14 
6.77 

. 3.B6 
4.92 

5.27 
5.08 

5.83 

5.28 
5.74 


16.11.80 
1. 3S2 
1. 4.83 
1.4.85 
I. 5.88 
1. 4.80 
1. 2.79— BBD 
15. 8 77— 84S 
1. 7.B4 
1.11.73—825 
1. S.74— 83S 
1. 2.75— 84S 
1.11.75— 94 S 
1. 2.78— 87S 
1.10.80 
1. 2.82 
1. 4.82 
1. 5 82 
I. 3.83 
1 .10 32 
1.11.85— 89S 
I 9 38 
1.1 1.79 — 87D 
I. 9.B3 
1. 4.73— 82S 
I. 4.75—835 
I 7.79 
1.11.80 
1.12.81 
I. 2.80 
1. 6.81 




~:-o 


104 00 

B.4I 

1.96" 

< 6.48 

1 

4.79— 82D 

104 00 

8J5 

4.34- 

:785 

1 

2 83 

104.00 

8.41 

2.44 

6.88 

1 

4.79— 8 3D 

109.00 

7 JO 

-4.58 

6 17 

1 

578— 87S 

109.00 

-7.11 

-6 05. 

5.92 

2 

5.83— 86S 

105.75 

6.38 

5 62 

5.52 

1 

4 83— S5S 

105 CO 

6 67 

6.19 

- 6 DO 

1 

1.83— 87D 

10425 

647 

6.2R 

5.91 

1 

2 B3 — 87D 

1 00.20 

600 

8.92 

- .604 

1 

9.84— 87D 

99.30 

579. 

773 

5.86 

15 

7 64— 88D 

99.75 

7.02- 

• 629 

7.04 

16 

1.85 

103 CO 

7.04 . 

3.16 

628 

1 

7.73— 84S 

103.60 

772. 

4.32 

7.14 

1 

10.77— 86D 

100:10 

674 

4.24. 

6.72 

I 

1078— 87D 

104.75 

7.64 

4.41 

6 85 

1 

11.77— 86S 

106.60 

844 

252 

6.44 

1 

9.81 

101.00 

7.IS 

3.88 

6 94 

16 

8.82 

10075 

•6.95 

4M 

678 

16 

10.82 

101. so 

6.92 

6.00 

6 77 

1 

10.84 

10070 

7.45 

5.04 

7J3 

IS 

10.81— e3D 

100.30 

723 

4.42 

7.15 

1 

3 83 

100.00 

B00 

3.88 

7.99 

15 

8.82 

10225 

5.87 

TJ0 

4.4i 

1 

10.71 — SOD 

10325 

7.26 

5.09 

-672 

l 

11 83 

108.85 

7.35 

. 5.09 

5 93 

1 

11 83 

10675 

9J7 

1.17 

3.96 

1 

1279 

108.75 

8.05 

4J2 

- 6.44 

1 

5.B1 — B5D 

105.50 

6.87 

6.14 

. 6.14 

1 

2.81— 89D 


109.00 

108.40 

10450 

99JiJ 


757 

7.61 

670 

577 


373 
4.73 
628 . 
8.27' 


55! 
6.14 
6.11 
.5 79 


1. 7.81— 83S 
1. 7.02— 845 
1. 2.83— 87S 
15. 1.06— 98S 


./ 


■■O 


• 

J. - b 


-/O 

' 3/ 
-•O 
?.• 

^'O 


3/ 
- /O 
0/ 



IUO. IU 

97.95 

o JJ [ 

6.89 

3.7U. 

7.42 

s. a 

- 7.10 

1 . i OA-tlf / 

1. 3.86 

1PB 

105.00 

8J7 

2.59 

; 6:80 

1. 5.31 . 


101.00 

6.44 

6.00 

629 

1.10.84 


105.50 

8.06 

5.67 

'•728 

1.10.79— 88S 

' •: r . 

100.60 

6.71 

424 

" "•6:58 •■ 

•1 . 10:75 — S7S 

mm*'.. 

10760 

8.13 

5.03 

6.91 - 

1.10.82(80-86) 

... 

104.30 

7.40 

5.59 

' 6.o8 

1. 584 

... 

99.75 

677 

6.34-2" 

6.79 ■ 

■ i. 2.85 


102.50 

6J9 

2.78 

5.i+ 

1. 874— 83S 

mm . ’ 

100 JO 

5.47 

L"1 d 

5.02 

1. 671— 30D 


100.75 

571 

6.21 

560 

15.12.84 


105.40 

1 06' : 

3.93 

7.03 

1 .1 1 .76 — 85D 

mmm 

9875 

4:8lr* 

4.64 

5.05 

20. 5.83 


101.50 

5.9)1 

9.17 

5.73 

1 ,12.85—87.0 

• •• 

108.00 

7.87 

4.44 

6.36 

1. 4J1— 85D 


110.00 

773 

621 

6.43 

1. 7.83 — 86D 

... ’ 

104.30 

.-6.71 

6.68 

6.18 

1'. 4JI— 89D 

... 

10225 

5J8 

067 

2.10 

1. 6.68— 79D 

... 

100.75 

5.46 

2.45 

5.15 

1. 4.71— 83D 

... 

10425 

719 

3.93 

623 

1. 5.77— B6D 

... 

10275 

6.33 

4J7 

5.79 

i; 778^-87 D 

• •a 

103.00 

6.80 

5.05 

628 

2. 1.79— 88D 

... 

102.75 

6.33 

4.77 

561 

1. 479— 88D 


118.00 

657 

5.42 

3.99 

1.11.79— 88D 

... 

1042)0 

9.62 

0.84 

4.9S 

. 1. 8.79 

*mm 

104.00 

9.62 

0.92 

5.40 

.1. 9.79 


1 12.C0 - 

8.93 

2.92 

5.44 

l. 9.81 


113.10 

8.62 

3.17 

5.15 

1.12.81 

... 

105.50 

7.58 

2.17 

5 24 

1.12.80 


106.00 

802 

3.42 

6 47 

1. 3J2 

... 

109 JO 

7.31 

4.21 

5.41 

15.12J2 

... 

105 JO 

. 8.06 

3.38 

6.61 

1. 4.78 — 85D 

... 

10475 

764 

3.21 

6.30 

15.12.81 

... 

109.00 

7.11 

S.00 

564 

i.io:b3 

... 

107.10 

724 

5.94 

6.23 

• 1.10.82— 86D 

... 

93 65 

5.61 

9.33 

6.16 

1. 4.85— 90D 

itB - 

9825 

6.11 

8.18 

6.28 

1. 8.83 — 90D 

G) 

9975 

7.77 

3.81 

7.8! 

20. 762 

... 

10150 

6.40 

250 

5 82 

1. 4.81 

..4 

100 50 

6.97 

6.49 

6.90 

1.1 1.83182-87) 

..a 

100.35 

6.45 

2.94 

6.28 

1.10.72— 83S 


100.75 

5.96 

10.18 

5.90 

l. 964— 93S 

• mm 

102.50 

663 

3.17 

621 - 

1. 7.75— 84S 

Mli 

105.00 

6.43 

7.00 

5.86 

1.10.85 


103 JO 

628 

2.85 

5.13 

1. 3.75— 84D 

... 

10675 

8.90 

329 

7.11 

.16. 162 


VestLB Euro-Deutschmarkbond Yield Index 

eptember 29, 1978: 6.'l39& (August 31, 1978 : 6.257«) 

C.N. Energie 69/84P fG) ........ 

% C.N. Telecom. 68/83 (G> 

?i C.N. Telecom. 70/85 (G) - 

. C.N. Telecom. 75/82 (G) 

-% C.N. Telecom. 75/83P (G) 

% C.N. Telecom. 75/83P (G) 

.% C.N. Telecom. 76/83 fG) 

Comalco 71/86 

% Comalco 75/82P 

% Com. Fed. Electr. 77/82P 

% Com. Fed. Electr. 77/84 

% Com. Fed. Electr. 77/85 

Com. Fed. Electr. 78/88 

. % Comp. F. Deutsche Bk. 78/83P . 

. % Comp. Franc^ Petr. 75/85 

% Comp. Franc. Petr. 77/84 . 

Consorzio 70/91 fG) 

% Continental Oil 70/85 

. % Copenhagen 64/84 

'% Copenhagen 68/83 

” a, a Copenhagen 69/84 

% Copenhagen 71/86 

'■% Copenhagen 75/85P 

Copenhagen 76/86 

- ■% CoFinci! of Eurooc 73 781 P .. 

’% Council of Europe 73 '88 

% Council of Europe 75/S2P . 

• Council of Furope 76/83 

CoFfncil of Europe 76/83 

Council of Europe 76/83 ..... 

■% Council of Europe 77/87 ..... 
i% Council of Europe-78/86P .. 

\% Council of Europe 78/88 ..... 

Courtaulds Int'l. 72/87 .... 

"Courtaulds Inr'l. 73/S8P - 

i% Credit National 77/87 fG) : 

\% Credit National 78/83P (G) 

3% CVRD 76/84 

\% CVRD 76/86 

3% Daimler-Benz 70/85 

\% Daishowa Paper 78/83P 

5% Danish Export 77/82P 

1% Danish Export 78/83P 

V.% Danish Oil 74/78P fG). .. 

Danish Oil 74/78P (G) 

[% Den Danske Bk. 76/86 

\% Denmark 68/80P 

7% Denmark 69/84 - : 

Denmark. 71 /86 

Denmark"72/87 

Denmark 74/89 

Denmark 76/82 



101.75 

6.39 

2.75 


103.75 

627 

3.04 


105.25 

8.08 

3.87 


104.15 

8.40 

3.42 


104.75 

863 

4.38 


104.00 

8.65 

4.36 


10565 

6.85 

4J4 


104.50 

7.42 

420 


105.25 

8.79 

3.67 


99 JO 

7.04 

3.92 


104.60 

7.65 

SJ7 


101.75 

7.13 

5.54 


98.20 

637 

"7.43 


9830 

4.44 

4J9 


106 34 

7.99 

422 


I03J0 

629 

5.75 


I06J5 

7 96 

5.77 


102.40 

8.06 

0.17 


1 00 25 

5.74 

3.63 


102.75 

6.81 

2.68 


104.50 

6.46 

3.10 


106.00 

7.31 

4.04 


105.25 

8.79 

3.81 


106.60 

7.04 

6.00 


101.25 

6.42 

2J9 


103.10. 

6.79 

5.00 


108.00 

8.80 

3.34 


106.00 

8X12 

2 28 


106.50 

728 

305 


105 00 

6.67 

5.17 


100.50 

6.22 

7.03 


100.75 

6.20 

775 


100.05 

6.12 

7.57 


102 00 

6.37 

5 10 


i02.ro 

7.H 

4 57 


-100.75 

5.96 

6.95 


101.50 

5.67 

4.92 


10825 

831 

4.31 


107.40 

791 

5.64 


10625 

7.53 

3. 96 


9925 

5J4 

4.84 


100.25 

5.99 

2.55 


'99.75 

5.76 

2.61 


10030 

10.70 

0.09 


100 JO 

1020 

0.17 


107.50 

7.67 

6X12 


100.00 

6.50 

1.49 


103.55 

6.76 

325 


105.50 

7,49 

0.09 


-102.00 

6.62 

4.96 


109.25 

8.47 

5.63 


10325 

762 

3.34 


5.78 

• 1. 2.75— 84D 

5.13 

1.11.74— 8 3S 

7.05 

1.10.76— B5S 

7.31 

1. 3.82 

7.90 

16. 2 83 

7.86 

Ifi. 2.83 

5.74 

16. 4.83 

6.&1 

1. 6.77— 86S 

7J4 

. 1. 6.82 

7.15 

1. 9.82 - 

6 98 

1. 6.84 

6.86 

1.1 1 .82 — B5D 

7.06 

T. 4.84— 88D 

4.74 

. 1. 5.83 

6.70 

1* 5.80 — 85S 

5.80 

" I. 7.84 

7.18 

1. 1.77— 91D 

5.51 

dld.p.l. 12.781 102) 

5.66 

15.12.70— 84D 

5.98 

2. 5.72— 83S 

522 

- 1. 6.75— 84S 

6.15 

1. 4.77— 865 

7.59 

l. 3.80— BSD 

6.15 

1.12.81— 86S 

5.94 

1. 581 . 

6.25 

. j. 7.79— 88D 

b.72 

1. 2.S2 

5.60 

- 1. 2 79— 83D 

5.37 

- I. 5.80 — B3D 

5.85 

1.12.83 

6 16 

1:11.83— 87D 

6.12 ■ 

1. 7.86 

6.11 

16. 5.84— 88D 

6 02 

1. 7.80— B7S 

671 

1. 2.79-r-8SS 

5.87 

1.10.83— 87S 

5.40 

1. 9.83 

6.72 

I. 2.S 1(82-84) 

6.14 

1.12.82(83*86) 

629 

1.M.76— 85D 

5 68 

1. 8.83 

5.89 

Ml 78— 82D 

5.84 

I. 6.79 — 83D 

4.57 

. due 1.1 1.78 

6J8 

due 1.12.78 

6*9 

1.11.82— 865 

6.61 

. 1.1022 — BOD 

5.87 ■ 

l. BJ5-84S - 


7.24 

■6.26- 

7.18 

5.46 


cJld.p.l. 11. 78(103,5) 
1 . 12.78— 87S 
1. 3.80 — S9S 
1. 252 


Issue 


Current 

Life"- 

YkHdtO 

Repayment 

0 - mandatory drawinq 

Pnca 

Yield 

Maturity* 

byte* ■* par 





S- Simtinq fund 


fliVo 

7 3 o 

61% 

Si 01 *" 


8% Denmark 76/B2L— - 

To Denmark 77 /E3 

7i?i Denmark 77/87 — • 

5iTb Denmark 79 '84 

6% Denmark 78/88 

61 "a Den Norske Ind. 77/89 (G) 

6 To Den No-slte Ind. 78/90 fG) ...... 

6'.TC Disiricr Paris 69/84 (G) 

7-i"/b EEC 76/83 

7i% Elecr. Council 71/86 (G) 

Elect, de France 70/85 fG) 

E'etrobras 77/87 <G) 

Eietrobras 79-86 (G) 

Elf Au-mame 78/88 

$:% Elf Norge 77/BOP 

SJ?n Elkem 78/B8P 

6°i ENEL 65/60 <G) 

6i% Ericsson 72/87 

8^; E SAB 76/8 IP 

ESCOM 65/80 (G) 

6i c .; tSCOM 68/83 (G) 

8I c b E2COM 70/S5 (G) 

ESCOM 71/86 (G) 

61% ESCOM 72/87 (G) 

7% ESCOM 73/69 (G) 

9^.% ESCOM 75/80 (G) - — 

8% ESCOM 78/BI IP-(G) 

8% ESCOM 78/81 HP fG) — 

8’,% ESCOM 78/81 P (G) 

7\% E5TEL 73/88 

81% ESTEL 75/85 

8*?.; ESTEL 76/83P 

6*% ESTEL 77/84P 

61% ESTEL 77/84P 

51 °i. Eurarom 77/87 

5'% Eurofima 64/79 

6% Eurofima 65/80 

6i% Eurofima 67/83 

7-'% Eurofima 71/86 

6'% Eurofima 72/87 

6- 1 Eurofima 73/88 - 

S”.', Eurofima 73/88 

10% Eurofima 74/79 P 

9% Eurofima 75/85 

B% Eurofima 76/83 

61 'll Eurofima 77/87P 

5;.Vo Eurofima 78/88 

6% Europ. Inv. Bank 69/84 

7% Europ. Inv. Bank 69/84 

8% Europ. Inv. Bank. 70/80 

7- JTo Europ. Inv. Bank 71/86 

7i% Europ. Inv. Bank 71/86 

Europ. Inv. Bank 72/87 

6/o Europ. Inv. Bank 72/87 

6s?o Europ. Inv. Bank 73/88 

7% Europ. Inv. Bank 73/88 

10% Europ. Inv. Bank 74/8 IP 

8% Europ. Inv. Bank 75/80 

9}% Europ. Inv. Bank 75/83 ............ 

8% Europ. Inv. Bank 76/83 

7i?b Europ. Inv. Bank 76/83P 

6i% Europ. Inv. Bank 76/84 

6% Europ. Inv. Bank 77/89 

6% Europ. Inv.- Bank 78/88P 

51% Europ. Inv. Bank 78/90 

6% Europ. Inv. Bank 78/90 

81% Europistas 71/86 (G) 

B% Europistas 72/87 { G ) 

101% Fin. Inst. f. Dan. Ind. 74/7BP ... 
7\% Fin. Inst. f. Dan. Ind. 76/81 P ... 


108 50 

104.50 
106.60 
100.25 
10C JO 

103.40 

100.40 

102.85 

1 07 JO 

105.00 
102JO 

100.85 
98.42 
95.25. 
101 00 
9S00 

1014)0 

102.75 

10S.M 

10055 

9850 

102.50 
100 65 

95 .00 

97.00 
104.15 

101.00 
101.00 
102.00 
104 JO 

108 00 
1Q6J25 
100.00 


7J7 

6.46 

680 

5.24 

5.97 
6J3- 

5.98 
632 
676 
7.38' 
828 

6.94 
6.86 
SSI 
5.6? 
6.05 
5.94- 
6-57 
8J3 
6.46 
660 
829 

7.95 
6158 
722 
8J8 
7.92 
7.92 
84)9 
7.42 
7JS7 
84)0 

6J0 


3.92 5.52 1. 9.82 

4.63 56! 16. 5J3 

8.63 6.23 16. 5.87 

5.34 5.19 I. 2.84 

93 4 5.92 1. 2.88 

5.93 6.04 1. 6£0 — 89D 

.7.94 5 93 1. 5 83-90D 

3.17 5.4B 1. 4 75— B4D 

4 JO 5.37 1. 4.83 

376 633 1.3 77— 865 

04)9 5.97 clld.p. 1.11. 78( 102 J) 

6.85 6.84 I. 9.83(83-87) 

7 JO 74)2 I. 4 06 

8.61 5.97 15. 5.E6 — BBD 

1.54 5.04 16. 4.60 

7.61 6.60 1. 6 54— 83D 

1 75 522 ». 7.69— 8CD 

4.42 6 01 1. 3.78-87S 

2 34 6.35 1.2.81 

1J0 6.10 1.10.71— fiOD 

2.93 7.08 1.10.74— 83D 

3.36 7 60 1. 4.76— B5D 

3.72 7.94 1. 3.77-66D 

4.68 ■ 7J5 I- 9.78-87D 

478 7.76 1 ■ 5.79— 88D 

I J4 675 1- 3.80 

1.78 7J4 15. 1 .BO — 81 D 

1.83 7.36 1.2.80-8 ID 

234 726 1. 2.81 

5J2 6.74 1. B.79— 885 

5.01 6.56 1. 6 81— 85S 

4.42 680 1- 3.83 

64)9 6.50 Ml. 94 


99.25 

6.30 

5.15 

6.42 

1.12.82— S4D 

9820 

5 86 

9.09 

501 

1.11.87 

101.00 

5.45 

0-84 

424 

1. 867— 79D 

101 75 

5.90- 

1.16 

4.40 

• 1.12.68— SOD 

106 JO 

6.10- 

2J58 

406 

1. 9.71— 83D 

104.00 

7.45 

3.67 

6.47 

1. 2.75— 86D 

102.25 

6.11 

4.74 

5.69 

1. 9.76 — 87 D 

103.00 

6-31 

4.69 

5.74 

1. 3.77— 88D 

106 00 

7J5 

524 

6.61 

1.10.77— 88D 

10525 

9 JO 

. 1.17 

5.22 

1.12.79 

109.00 

8.26 

427 

650 

1. 2.81— 85D 

11125 

7:19 

4.34 

5.04 

1. 2.83 

103.75 

6.51 

628 

6.01 

1. 2.83— 87D 

100 60 

5.47 

6.80 

5.39 

15. 2.84— 88D 

102.20 

5.87 

2.85 

5.22 

I. 3.75— 84 D 

105.25 

6.65 

331 

5.41 

1.11.75— 84D 

105 JO 

7J8 

1.59 

4.42 

2. 5.80 

106 JO 

7.04 

378 

5.64 

1. 3.77— 86D 

107JQ0 

724 

4-35 

5.88 

1.10.77— 86D 

10200 

6-37 

423 

5.94 

1. 3.78— 87D 

102 JO 

5-85 

528 

5.44 

1. 9.80— 87D 

102.75 

6J7 

5.05 

6.09 

1. 2.79— 88S 

10425 

6.71 

5.47 

6.06 

1. 7.79— 88S 

1 10.75 

9.03 

2.92 

588 

1. 9JI 

107JOO 

748 

2.17 

433 

1.12.80 

112.00 

8.48 

324 

535 

1. 1J1— 8?D 

107 JO 

7.44 

* 3.22 

5.39 

1. 7.80— 83D 

107 JO 

721 

5.00 

5.97 

1.10.83 

106.00 

6.37 

4.64 

525 

1.1281— 84D 

100.75 

596 

7.19 

5.87 

1. 8.82— 89D 

9925 

605 

9.84 

6.10 

1. 8.88 

93 80 

5.60 

BJ3 

6.18 

1. 3J5 — 90D 

9B.B5 - 

6.07 

1200 

-6.14 

1.10.90 

104.25 

7.91 

366 

7 03 

1. 2.77— 86D 

10425 

7.67 

4.03 

6.89 

1. 1.78— 87 D 

100.00 

10.50 

0.09 

10.01 - 

due 1.11 78 

10225 

7J3. 

229 

640 

1.12.78— 8IS 


WestLB 


Institutional Investors Dept 


m 

For current prices and further information call 

Dusseldorf Telephone 8263T22 InternationalBond 

Westdeutsche Landasbank Telex 8581882 Trading Dept 

Girozentrale 

PO Box 1128 Telephone 8263741 

4000 Dusseldorf 1/FRG Telex 8581882 

London 

Westdeutsche Landesbank Telephone 6386141. 

Girozentrale Telex 

London Branch 
21. Austin Friars 
London EC2N 2HB/UK 

Luxembourg 

VkS.iLB liiUrFn.il«nn >1 S.A ^ 

47 B:-ul ward Boy m Telephone 4 54 93 

Lu/unib*. i.i'i " Telex 2831 


887984 


Hong Kong 
WestLB Asia Limited 

. 1301 Hutchison House Telephone 259206 
Hong Kong Telex 75142 


Westdeutsche Landesbank Girozentrale 
.Leading Marketmakers in Eurobonds 


6% 

7% 

61% 

7% 

7*% 

8i% 

7% 

8% 

S\% 

51% 

7\% 

8% 

S-% 

7\% 

6i% 

7% 

9 i o. 

3 /a 
8|% 
6% 
9i% 
9i% 
9i% 
7% 

71 o/ 

•4/0 

5}% 
5 >% 
6% 
91% 
6i% 
7% 
71% 
8 % 
6J% 
8 % 
7% 
7% 
84% 

B'% 

81?' 

71% 

7)% 

64% 

8*% 

7’.% 

6\% 

8 % 

8% 

8% 

7% 

71% 

8?4 

7% 

64% 

Oj .I 

5% 

74% 

71% 

74% 

61% 

61% 

8 % 

7% 

9% 

5'.% 

6 * 0 / 
7 in 

7% 

8% 

6J% 

61% 

8% 

84% 

7% 

6 1 £*/ 
t.O 

« *& 
■i a 
710' 

•t.O 

8 < a/ 
4 'O 

5s% 

n% 

7% 
7% 
*\% 
8J% 
Bi% 
71% 
6% 
7% 
71% 
81% 
8 % 


Finland 64/79 10175 6.14 0.92 4.33 

Finland 64/80 - 101 JO 5.91 126 4.80 

Finland 68/83 103.00 6.80 2.61 5.82 

Finland 68/83 - 102.35 6.60 3.11 6.00 

Finland 69/84 10275 6.81 3.00 6.07 

Finland 69/84 10425 "7.19 3.42 6.20 

Finland 70/85 101-80 8.35 0.17 3.67 

Finland 72/87 103.00 6.80 4.30 629 

Finland 76/84 103.95 7.70 4.13 6.85 

Finland 78/83P 99J0 5.53 4.34 5.62 

Finland 78/86 98J0 5.84 7J4 6.00 

Finn. Kom mural 69/BI (G) 102.50 7.32 2.15 6.33 

Finn. Kommunal 71/83 (G) ...... .103.25 7.75 2J2 6.68 

Fors marks 75/83 (G) 10625 7.76 322 6.04 

Forsmarks 78/90 iG) 98 JO 5 84 7.64 5.99 

Francetel 76/83 (G) 106J0 

Francetel 77/84P (G) 103 50 

Fuji Heavy 76/8 IP 10200 

Gen. Zbk. Vienna 75/82P 1 1 0-00 

Gen. Zbk. Vienna 76/83P 106.00 

Gen. Zbk. Vienna 77/87 102.15 

Giroz. Vienna 74/78P 100.00 

Gtroz. Vienna 74/79P 104 JO 

Giroz. Vienna 74/BOP 108J0 

Giroz. Vienna 76/81 105 JO 

Giroz. Vienna 76/83 . 106.50 

Giroz. Vienna 77/82 10125 

Giroz. Vienna 78/86P 99 JO 

G.LS. 78/83P 99 JO 

Goeteborg 75/85 P 108 JO 

Goodyear Tire 72/87 101 55 6.63 0.17 5.87 

Grand Metro p. Fin. 77/84 ......... 104 JO 6.70 4 JO 5.78 

Guardian Inv. 73/83P 101 JO 7.14 227 6.49 

Guest-Keen-Nettl. 76/83 10720 7.46 4J9 6.14 

Hamersley Iron 72/87 102.75 6.57 4J6 6.03 

Hazama-Gumi 76/81 P 10500 7.62 2.67 5.90 

Helsinki 68/83 10155 657 2.69 6.33 

Hitachi Cable 77/B2P 1C2J0 6.83 325 6.12 

Hitachi Shipbldg. 76/81 — 103.00 8.01 2.42 6.83 

Hooqovens 70/85 -10520 8.08 3J4 6.93 

IAKW. Vienna 75/85 (G) 107 JS 8.12 3.99 6.47 

Iceland 69/84 103JW 7.04 350 623 

Iceland 77-/87 105.00 7 38 5 28 . 6J8 

1C I Int’l. 72/92 101.65 6.39 654 6.18 

I C I Int’l. 75/B2 106 JO 7.98 354 6.52 

ICI Inr’l. 76/86 10620 7.06 7.15 6J9 

1C1' Inti. 77/87 10525 6.41 7.05 551 

ICI PU 71/91 (G) 10325 7.7! 5.76 .732 

I mat ran Voima 71/B6 (G) 103.95 7.70 4.02 6.98 

Imatran Voima 72/87 fG) 1C32S 7.71 453 733 

Indonesia 78/84 : 9830 7.14 6.00 7.43 

Ind, Dev. C. Sth.-Afr.78/82P (G) 1QC.00 7.75 3J9 723 

Ind. Dev. C. 5rh.-Afr. 78/83P (G) 102.00 7.84 425 7.47 

Industr. Bk. Japan 68/83 103.00 6.80 0.17 3.9 1 

Industr. Bk. Japan 73/80 P ; 101.00 6.44 157 5.83 

Industr. Bk. Japan 73/81 P 101.00 6.44 2J9 6.05 

Industr. Bk. japan 78/84 100.35 4.98 525 4.92 

Ind. Min. Dev. Iran 73/85 100 60 7.46 3 45 7.28 

Ind. Min. Dev. Iran 77/87 ..... 101.00 7.67 6.68 7.54 

Ind. Min. Dev. Iran 78/84 98.75 7.34 5.96 7J2 

Ind. Mcgebk. Fini. 64/79 (G) 1Q0.40 623 039 5.61 

Ind. Mtgebk. Fin!. 68/80 fG) 101.75 6.63 1J8 5.65 

Ind. Mtsebk. Fini. 71/86 fG) 104 25 7.67 4.49 7.00 

Ind. Mtgebk. f ini. 72/87 (G) 10230 6.86 434 6J9 

Ind. Mcgebk. Finl. 75/84 'G) 106 2 5 8 47 2.91 6.54 

Int. Am. Dev. Bank 64/79 102.50 5.37 0.75 2 10 

Int. Am. Dev. Bank 68/83 103.45 6.52 2.70 543 

Int. Am. Dev. Bank 69/84 104.00 6.73 3.26 5.71 

Int. Am. Dev. Bank 70/85 107 00 7.94 3.79 6.49 

int. Am. Dev. Bank 72/87 1 J02J5 6.60 4.67 6.17 

Int. Am. Dev. Bank 72/87 II 102.30 6.60 5.08 620 

Int. -Am. Dev. Bank 76/83 P 107 00 7.48 4.38 6.11 

Int. Am. Dev. Bank 76/83P 10830 7.64 42S 624 

Inc. Am. Dev. Bank 77/87 104.40 6.70 8 25 6 29 

InL Am. Dev.- Bank 78/88 100.45 6-22 925 6.18 

Int'l. Coml. Bank 73/83 102.50 6J9 2.61 5.68 

IRAN 68/78 9950 7.29 0.17 10.44 

Ireland 76/81 Kfc’.IO 7.78 2J5 5.29 

> R f ex. warr. 64/79 (G) 10025 574' 0.75 5.46 

ISCOR 71/86 (G) 100 40 7.72 3.97 7.77 

ISCOR 72/87 (G) 97.30 7.19 425 7.91 

ISCOR 73/88 (G) 9675 7.24 4.61 735 

ISCOR 73/88 (G) 102:50 8.2? 527 7.90 

I5COR 77/80 IP <G) 101.00 6.17 1.96 7.68 

ISCOR 77/80 IIP I G) 101.00 8.17 1 70 7J7 

ISCOR 78/82P (G) - 100-00 7.75 2.99 7.72 

Japan 64/79 100.50 5.97 0.67 5.29 

Japan 68/83 10375 6.75 2.J7 5.36 

Japan Dev. Bank 76/83 <G) 106.80 6.79 4 30 5.49 

(apart Synth. Rub. 76/8 IP 106.50 775 275 5.62 

Johannesburg 71 /BMG) ............ 10230 730 . 424 .729 


1. 9.70— 79D 

2. 171— SOD 

1. 6.72— 83D 

1.12.72— 83D 

2. 5.73— 84D 
1.1073— 84D 

clld.p.l.l2.76( 101) 
1. 778— 87S 
1. 6.81— 845 

1. 2.83 
1 . 2.86 

1.12.72— 81D 

2. 576— 83D 
1. 7.80 — 83D 

16. 1.83— 90D 


dld.p.l. 12781 10175 
I. 8.81— 84S 

1. 279— 03D 

2. 5.83 

1. 778— 87S 
1. 6.81 
1. 772—835 
1. 1.82 
1. 3.31 

1. 6.76— 85D 
1. 5.80— B5D 
1. 573— 84S 
I, 4.80— 87S 
I. 378—925 
1. 8.82 
1.12.84— 86D 
1. 5.84— 87 D 
I. 1.77— 9ID 
1. 4.77— 86S 
1. 1.78— 87S 
1.10.84 
1, 532 

I. 7.83 

cli.p.!.l2.7B( 102,5) 
1. 6.80 

J. 5.81 

1. 1.84 
T.5.77 — B5S 

1. 7.83— 87S 
16. 9.84 

2. 5.70— 79D 
1.1 1.73— 80D 

1.12.77 — 86D 

I. 778— 87D 

J. 4.78— 84 D 
]. 7.70 — 79 D 
1. 772— 83 S 
1. 8.75— 845 
I. 9.76— B5S 
I. 678— B7S 

1.1 1.78 — 87S 
16. 2.83 

1. 7.83 
I. 1 .83 — 87S 
1. 1.88 
1, 679— B3D 
due 1.12.78 
1. l.BI 

30. 6.75— 79D 
1. 6.77— B6D 
1. 4.78-870 
I. 3.79 — 88D 

1.1 1.79 — 88D 
16. 979— 80D 
16.1279— SOD 

1. 4.8I-^82D 
1. 6.70 — 79D 
I, 3.72— 835 
I. 4.83 
1. 7.81 

1. 977— B6D 







Repayment 

Issue 

Middle 

Current 

Life* 

Yield to 

D - mandate ry drawing 

Price 

Yield 

Maturity* 

by lot at par 

S- sinking fund 




63% Johannesburg 72/87 (G) 

7«:& Johannesburg 78/82P (G) 

J/djk Telefon 6?/84 

jyask Telefon 72/87 

7\% Jydsk leiefon 73,88 

9% Jydsk Teiefan 75/62P 

6s% Ransai z-ectric 69/S4 

7 Kansai Electric 71/66 

8,% Kawasaki Steel 75/52 

61% KcLAG 73/88 

Si'-'i KHD Finance 72/87 

7. % Kjobenhsvns H. Bank 76/83P 

7~~ Kjober'havn^ Tel. 72/87 

7% Kjobennavns Tel. 72*87 

6’% Kiorcnnavna Tel, 73/83 

5f . KLM Royi! Dutch Airl. 78/85P ... 

7% Kooe 63 >33 (G) 

6; : . Kase 69.-34 fG) 

7;% kebe 71/86 ( G) 

6!% Kobe 72*37 iG) 

8 % Kobe 75/BOP IG) 

7- °: Kobe 76/83 |G) 

6-’% Kcbe 77/37 fG) 

5i% Kobe 78/86 (G) 

7;% Kom muni. Inst. 76/S3 

8% Konmunl. Inst. 76.*84 

7;% Korea Dev. Bank 77 '84 (G) 

S:% Kubota Int’l. 77/B2P 

5-j% Kvaener Ind. 78/86P 

8- ’% L^ht-Serricos 77/82 (G) 

6: % Li^hr-Serviccis 78/86 (G) 

87% Lcrtft. Cr. Bk. Japan 70/65 

10% Lanza Int'l. 74'79P 

8!% Lonza Inti. 75/BOP 

7% Malaysia 72/84 

6" 

9 2 
8 ' 


Malaysia 77/85 

Malmoe 75 '84 

Malmoe 76/83 

6^% Manitoba 77/84 

67% Manit. Hydro El. 72 /B7 

6J c : Me^al Fin. Comp. 78/90 

7% ME PC 73/88 

7% Mexico 65 'BO 

7 % Mexico 63 '84 

7;% Mexico 73/83 

9% Mexico 75/82 

8% Mexico 76/33 

7-V% Mexico 77/84 

6% Mexico 78/85 

71% Mitsubishi Gas 76/81 P 

5j% Mitsubishi Petro 78/83 

72% Mitsui Toaisu 76/8 IP 

9% MODO 7S/S3 

7% Montreal 69/89 

6% Montreal 72/92 • 

Montreal 73/93 

Montreal 76/86 

Montreal 77/87 

7f% Mortg. Denmark 69/84 (G) 

7i% Mortg. Denmark 71/86 (G) 

7% Mo ng. Denmark 73/68 (G) 

6J% Mortg Bk. Finl 69/84 fG) 

7- ;% Nafi. Mexico 69/79 (G) 

81% Nafr. Mexico 76/03P (G) 

7% Naff, Mexico 77/82P fG) 

8J% Nafi. Mexico 77/84 fG) 

8- 1% Nafi. Mexico 77/84P fG) 

01% Nat. Bk. Hungary 75/81 

61% Nat. Bk. Hungry 77/85 

6'% National Lead 67/79 

8% Nar’l Westm. Bk 73/88 

6’% New Brunswick 72/87 

■7^% Newfoundland 69/84 

8% Newfoundland 71 /86 

6f% Newfoundland 77/87 

61% Newfoundland 73/88 

6 J % Now Zealand 69 'B4 

7i% New Zealand 71/86 

7% New Zealand 72/87 

9i?o New Zealand 75/80P 

New Zealand 75/80P 

81% New Zealand 7S/80P 

9i% New Zealand 75/82 

74% New Zealand 76/83 

7;% New Zealand -76/86 

61% New Zealand 77/84 

New Zealand 78/86 

9% Nippon Kokan 75/82 

Nippon Steel 78/85 

Nippon T T 75/82 (G) 

Nippon T + T 75/82 (G) 1... 


6V 

s:-‘ : 

7= 


i'i 

8i°‘ 


8 


7.04 

5.04 

5.97 

16.10.83 

7% 

6.52 

530 

5.97 

1. 4.84 

7{”, 

6.86 

3.17 

627 

1.12.81 


8.41 

3.42 

5.9! 

1. 3.82 

61% 

8.02 

3.83 

6.65 

I. 202— 83D 

5i% 

5.87 

7.11 

5.62 

1.12.83— 87D 

4,o- 

9.75 

-0.17 

936 

due 1.12.78 

%% 

9.33 

1.17 

5.63 

1.12.79 

7i% 

8.99 

217 

5.47 

1 .12.80 

6% 

6.64 

3.09 

5.03 

1.11.81 

71% 

6J1 

5.09 

5.74 

1.11.83 

7% 

5.41 

4.00. 

5.01 

1.10.82 

61% 

5.78 

8.00 

533 

1.10.86 

6% 

6X13 

4.42 

6.12 

1. 3.82— 83 D 

6i% 

8.99 

427 

734 

1. 2.81— 85D 

8i% 


73% Nippon T + T76/B3 (G) 

5J% Norcem 7B/85 

84% Norges Komm. Bank 70/85 (G) ... 
8% Norges Komm. Bank 75/00 (G) ... 
8% Norges Komm. Bank 75/80P (G) 
7% Norges Komm. Sank 76/81 (G) ... 
7% Norges Komm. Bank 77/89 (G) ...> 
6% Norges Kcmm. Bank 77/89 1(G) 
6% Norges Komm. Bank 77/89 II (G) 
6% Norges Komm. Bank 78/90 (G) ... 

Norpipe 76/84 1... 

6% Norpipe 76/88 

6% Norpipe 77/89 

7±% Norsea Gas 76/83 

7% Norsea Gas 77/89 

9% Norsk Hydro 75/87 

8% Norsk Hydro 76/88 

6:|% Norsk Hydro 77/89 

8i% Norway 75/80 

8\% Norway 75/BOP 

71% Norway 75/80 

7% Norway 76/81 

Norway 76/81 

oj% Norway 77/82 

Norway 77/82 

Norway 77/82 

Norway 78/83 

Norway 78/83 

Norw. Mortgage 77/87 

6% Norw. Mortgage 77/89 

7j% Nova Scotia 71/86 

Nova Scot. Power 72/87 

64% Occident. Overs. 68/83 

Oester. Donaukr. 59/84 fG) 

Oester. Donaukr. 73/88 (G) 

Oester. Donaukr. 75/85 (G) 

7% Oest. El- Wirtsch. 67/87 (G) 

7% Oest. El. Wirtsch. 76/83P <G) ... 
Osst. Ind. Verwaltung 78/85P (G) 

I0i% Oest. Inv. Kredic. 74/79P 

Oest. Kontrollbank 74/79 IP (G) 
94% Oest. Kontrollbank 74/79 IIP fG) 
7% Oest. Kontrollbank 76/83P fG) 
Kontrollbank 77/84P 
Kontrollbank 77/64P 


Oest. 

Oesc. 


63% Oest. 
6% Oest. 
51% Oest. 


fG) 
fG) 

Kontrollbank 77/B4P (G) 
Kontrollbank 77/85P (G) 


54‘ 

51‘ 


Oest 

Oest 


Kontrollbank 78/84P 
Kontrollbank 78/B6P 
L?nderbank 77/82 


fG) 

(G) 


6 ie < O K O 64/79 IG) 


94.80 

6J9 

4.68 

7.61 

1. 9.78—870 

100.00 

725 

3J8 

7.73 

30. 4.82 

103.25 

7.02 

3.37" 

626 

15. 9,75— 84$ 

1C1J0 

6.64 

4.41 

631 

1. 3.78— 87S 

103.50 

7.00 

5.04 

6.40 

1. 2.79—885 

10725 

8.39 

3.75 

673 

1. 7J2 

103.30 

6.53 

2£4 

5J5 

1. 3.75— B4S 

104.75 

7.40 

3.93 

6.33 

1. 5.77— 865 

105.50 

829 

2.65 

6.40 

1. 6.80— 82D 

102.70 

657 

4.84 

6.08 

I. 5.79— 88S 

103.15 

6J4 

4.40 

5.90 

2. 5.78— 87S 

1C2J0 

7.20 

5.17 

6.78 

1.12.83 

106.00 

7.08 

426 

5.97 

2. 1 .78 — 87S 

102 40 

6.84 

4J8 

6.34 

1. 5.78— 87S 

10005 

6.50 

520 

6.48 

1. 4.79— 88S 

9925 

5.04 

3.48 

523 

1. 5.79— 85D 

104.10 

6.72 

2.62 

5.37 

1. 6.72— 83S 

104 00 

6.49 

301 

5.36 

1. 5.73-84S 

10425 

7.43 

3.87 

6.46 

1. 2.77— 86S 

103.00 

6.55 

*1.39 

5.94 

1. 5.78— B7S 

1C 3. 75 

7.95 

1.67 

5.80 

1. 6 80 

106 80 

7.02 

4.67 

5.79 

. 1. 6.83 

105.50 

6.16 

8.67 

5.67 

1. 6.87 

10112 

5.63 

7.75 

5.40 

I. 7.86 

103 00 

7J2 

3.48 

6.73 

l. 4 81 — 83D 

104.50 

7.66 

4.14 

6.72 

15.10.77— 84D 

100.25 

723 

6.17 

7.19 

1.12.34 

100.00 

525 

3.27 

5.07 

1.12.81— 82D 

98.00 

587 

7.36 

6XJ9 

1. 3.84— BSD 

10620 

8.00 

3.42 

6.40 

1. 3.82 

9825 

6.87 

7J9 

7.05 

1. 5.86 

101 75 

8.35 

009 

8.38 

dld.p.l. 1 1.78(101.75 

104 00 

9.62 

1.09 

6.06 

1.1 i. 79 

103.25 

7.99 

1.62 

6.05 

15.5.80 

100.60 

6.96 

3.07 

6.76 

1. 6.75— 84D 

95.60 

6.59 

6 92 

6.76 

1. 9.85 

107.50 

8.60 

3.79 

6.91 

1. 2BI— 84D 

105.75 

7.80 

2.83 

6.00 

1. 3.80— B3D 

105.50 

6.16 

5.75 

5.36 

1. 7.B4 

103.00 

6.55 

4.67 

5.98 

1. 6.79— S7S 

100.15 

6.24 

B.67 

622 

2. 1.85— 90S 

100.50 

6 97 

4.81 

6.86 

1. 5.79— 83D 

104.75 

668 

1.17 

2.64 

1. 6 71— 80S 

102 JO 

6.83 

2.67 

6.05 

2. 1.73— B4S 

102.25 

7.09 

4.49 

6.64 

1. 1.79— B8S 

109 10 

825 

3.75 

6.19 

1. 7.82 

I09.2D 

733 

4.67 

5.69 

1. 6.83 

107.45 

721 

5.67 

6.14 

1. 6.84 

97.75 

6.14 

6.50 

6.43 

1. 4.85 

102J0 

7.56 

2 67 

6.67 

1. 6.81 

103.12 

5.58 

4.92 

5.02 

1. 9.83 

102.00 

7.60 

2.96 

6.97 

15. 9.81 

104.35 

8.62 

3.13 

7.37 

1. 6.30— B3D 

102.75 

6.81 

520 

4.35 

1. 4.70— S9D 

10025 

5.99 

695 

5.95 

1. 9.73— 92D 

101.65 

6J4 

7.09 

6.44 

1. 6.74— 93S 

10825 

7.85 

4.10 

6.15 

I. 727— 86S 

104.25 

6.71 

4.60 

5.91 

16. 7.78— 87S 

105.50 

7.11 

3.50 

5.82 

1.11.75— 845 

104.00 

7.45 

3.75 

6.63 

1. 3.77— 86D 

102.10 

6.86 

4.99 

6.48 

1. 7 79—885 

10225 

6 60 

2.92 

5.99 

1. 4.73— 84S 

101.00 

7 18 

0.67 

5.77 

1. 6.72—795 

10625 

8 24 

5.17 

725 

1.12.83 

100.00 

7.00 

3.92 

6 99 

1. 9.82 

T05J0 

829 

5.42 

7.46 

1. 3.84 

106 00 

8 25 

542 

7.35 

1. 3.84 

106.40 

7.75 

2.75 

5 66 

1. 7.81 

97.75 

6.65 

7.09 

6.91 

1.11.85 

10025 

6 43 

0.67 

6.04 

1. 6.72— 79S 

106.25 

753 

524 

6J5 

1.10.79— 88S 

103 00 

6 55 

4.89 

6.02 

1 .1 1 .78— 87S 

107 00 

6.78 

327 

4.96 

1. 8.75— 04S 

106.00 

7.55 

4.18 

6 31 

1. 8.77— 86S 

102.75 

6.57 

4.89 

6.08 

1 .1 1 .78 — 87S 

103 40 

6.29 

5.86 

5 79 

1. 4.81—885 

102.90 

6J6 

2.76 

5.67 

1. 2.75— 84D 

106.85 

7.02 

3.94 

5.62 

1. 5.77— 86D 

105 JO 

664 

4.16 • 

5.47 

1. 2.7B— 87D 

105.50 

9.00 

1.34 

5.10 

l 2.80 

105.00 

881 

1.34 

5.24 

1. 2,80 

104.50 

7.89 

1.75 

5.46 

1. 7.80 

109.25 

3.92 

3.25 

6 48 

1. 1.82 

105.75 

7.09 

4.42 

5.97 

l. 3.83 

107 JO 

721 

6.03 

622 

1.11.82— 86D 

104.25 

6.00 

5.59 

534 

1. 5.84 

9920 

529 

7.42 

5.38 

1. 3.86 

103.40 

8.70 

2.48 

7.41 

1. 4 JO— 82D 

102.12 

5.63 

6.92 

5 37 

1. 9 85 

10425 

8.39 

3.42 

728 

1. 3.B2 

106 00 

7.78 

3.67 

6.35 

1. 6.82 

107.50 

721 

5.00 

5 97 

1.10.83 

100.20 

5.74 

6.42 

5.70 

1. 3.85 

106.00 

8.02 

3.87 

6 83 

1.10.76— 855 

I05J0 

7J8 

1.67 

4.48 

1. 6.80 

104.50 

7.66 

1.75 

522 

1. 7.80 

104.50 

6.70 

2.59 

508 

1. 5.81 

105.50 

6.64 

622 

591 

l. 4 80— S9S 

100 95 

5«M 

6.74 

582 

16.10.80— 89S 

101.25 

5 93 

11.17 

5.84 

1.12.80— 89S 

I00J0 

5.97 

7J5 

591 

I. 8.81— 90S 

107.15 

7.93 

368 

625 

1 . 2.80— 84S 

107.40 

7.45 

7.08 

6A5 

1. 6.83— E3E 

102.00 

5 88 

903 

5.30 

1.11.84— B9D 

105.50 

6 87 

7.58 

6.31 

1.12.83—885 

10525 

6.65 

8.87 

6.21 

1. 7.84— 89S 

109.25 

8.34 

4.75 

665 

1. 3.B0 — 87D 

111 25 

7 '9 

6.92 

5.96 

1. 4.83— 88S 

104 25 

6.47 

7.46 

6.02 

I. 6.82— 89S 

104.85 

7B7 

1.59 

4 96 

1. 5.80 

105 00 

7.86 

1.67 

502 

1. 6.80 

106.00 

7.31 

2.17 

4.76 

1.12.80 

105 30 

6 62 

2.59 

4J6 

1. 5.81 

108.50 

6 91 

2.75 

4.16 

1. 7.8! 

103.75 

6 27 

325 

5.21 

1. 1.82 

103.65 

6.03 

3.50 

5.07 

h 4.82 

102.15 

5.63 

3.84 

5.11 

l. 8.82 

99.20 

4.79 

425 

4.96 

l. 1.83 

97 50 

4.49 

4.50 

5 00 

1. 4.83 

105 00 

6.90 

6J7 

6.29 

16. 5. S3 — 87D 

99.90 

6.01 

7.47 

6.01 

16.11.82— B9D 

T06.50 

7.28 

4.51 

6.17 

1.12.77— 86D 

10425 

6.71 

4.98 

5.98 

1.12.78— S7S 

102.00 

6.37 

2.95 

5.84 

1.10.72— 83S 

101 JO 

5.91 

2.76 

5.48 

1. 2.65— 84D 

103.50 

6 52 

5.14 

5.93 

1. 3.79— OSS 

11025 

7.94 

4.36 

5.99 

1. 3.81— S5D 

103.50 

6.76 

4.14 

6.12 

• 1. 2.73— 87 D 

105.25 

6.65 

521 

5.80 

16.12.83 

9875 

5.57 

6.75 

5.72 

1. 7.85 

104.75 

9.79 

1.04 

5.44 

16.10.79 

10335 

920 

0.67 

4.40 

1. 6.79 

102.50 

9.27 

0.75 

5.94 

1. 7.79 

105.25 

6.65 

5.17 

5.79 

1.12.83 

10350 

6. 52 

534 

5.96 

1. 2 .84 

10325 

6.30 

5.75 

5.81 

1. 7.84 

102 50 

6 10 

5.04 

5.73 

1. 8.84 

101.50 

5.91 

7 09 

5.73 

T.11.85 

101 50 

5.67 

5.84 

5.44 

1. 8.84 

99.75 

5.51 

7.34 

5.54 

1. 2.86 

101.45 

5.42 

4.17 

5.10 

1.12.82 

101.25 

6 17 

1 09 

5.11 

1.11.70— 79D 


WestLB SD Certificates (Schuldschein-lndex) 

4 years maturity: 5.609& 5 years maturity: 5.85^ 



Ontario 69/84 

105.00 

6.19 

2.77 

4.61 

I. 2.75— 84D 

cot 

Ontario 72/87 

103.40 

5.80 

529 

5.24 

1. 9.80-87 D 

7% 

Ontario Hydro 69/84 

104.70 

6.69 

326 

5.48 

l. 8.75— S4D 

7>;% 

Ontario Hydro 71/86 

105.50 

7.11 

452 

6.06 

1.12.77 — 86D 

6i% 

Ontario Hydro 72/87 

>03 75 

627 

5.03 

5.61 

1. 6.80— 87D 

AJ D L 

Ontario Hydro 73/88 

104 00 

625 

5.78 

5.66 

1. 3.81 — 88D 

6*'% 

Osaka 64/79 (G) 

100.00 

6.50 

026 

6.55 

2. 1.70— 79D 

6^% 

Osaka 65/80 (G) 

101J0 

616 

0.83 

4.43 

1. 2.71— SOD 

6% 

Oslo-64/79 

102.00 

5.88 

0J0 

1.99 

1. 4.70— 79D 

5;% 

Oslo 65/80 

102.50 

5.61 

0.92 

2.98 

1. 3.71— 80D 

7 % 

Oslo 67/79 

10100 

6.93 

0.42 

4.45 

1. 3.72 — 79D 

7’% 

Oslo 69/84 

104.75 

7.16 

3.50 

6.06 

1.11.75— 84D 

7i% 

Oslo 71/87 

104.00 

7.21 

4.24 

6.50 

2. 1.78— 87S 

6.’% 

Oslo 73^90 

102.50 

6.59 

6.09 

6.24 

l. 7.76-r90S 

qrW 

Oslo 75/87 

107.75 

8.35 

4.39 

6.B8 

1. 3. 78-875 

6i% 

Papua 73/88 

10175 

6.57 

5.46 

6.13 

1. 7.79—885 

6\% 

Pzrker-Hannifm 77/87P 

102.00 

6.62 

6.61 

6.36 

1. 6.83 — 87D 

8!% 

Pemex 76/63 

no.ro 

7.95 

5.17 

6.41 

1.12.83 

7% 

Pemex 77/84 

103.50 

676 

5.92 

627 

1. 9.84 

7% 

Pemex 78/86 

10150 

6.83 

725 

6.55 

1. 1.86 

7% 

Petrobras 77/84 

100.75 

6.95 

6.00 

6.84 

1.10.84 

7% 

Perrobms 78/88 

99.57 

7.03 

7.93 

7.07 

1.10.84— 88D 


Philip Morris 72/87 

101 J30 

6.68 

0 09 

6.78 

cll.p.1.1 1.78(101) 

7'% 

Philippine 77/84 

100.00 

725 

6.09 

725 

1.11.84 

6{% 

Philippine 78/85 

96.75 

6.98 

6.50 

7.39 

I. 4.85 


Philips 75/8 IP 

106.00 

825 

2 JO 

6.07 

1. 4.81 

8\% 

Philips 75/81 P 

105.00 

8.10 

2J4 

6.28 

15. 4.BI 

B:% 

Philips 75/82 

109.00 

8.03 

3.46 

5.78 

15. 3.B2 

51% 

PK-Eankcn 7E/88 

98.87 

5.82 

7.53 

5.93 

]. 5 84— 88D 

91% 

Platm. Malmoe 75/80P 

105 00 

88? 

1.59 

5.82 

1. 5.80 

7'-% 

Privatbh -Copenh 77/E3P 

102.75 

7.06 

4.50 

6 51 

1. 4.83 

6 ' % 

Pyhrn Autobahn 77/89 (G) ...... 

101.25 

6.17 

8 33 

6-05 

1. 9.84— 89D 

61% 

Quebec 72/87 

101.50 

6.40 

4 56 

6.10 

1. 7.78— 87 D 

7 ■ 

Quebec 77/87 

107.35 

6.99 

8.34 

6.33 

1. 2 87 

7% 

Quebec 77 >87 

105.45 

6.88 

867 

6.40 

1. 6 .87 

6% 

Quebec 78/90 

97 75 

6.14 

9.00 

6.33 

1. 5.85— 90D 

6*%, 

Quebec Hydro El. 69/84 ............ 

103.50 

6.52 

2.76 

5.44 

1. 2.75— 84S 

7’% 

Quebec Hydro EL 69/84 

104.75 

6.92 

3.34 

5.75 

1. 9.75— 84D 


Continued 

on page Z2 


v 






H 


M 

P 
tc 
. w 
& 
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24 


Financial Times Monday bct<fter & l^g > ■ 


Extel’s 

International Bonds Service. 
Up-dated every week. 

How up to date is the 
service you use? 


MARKET MAKERS 


REGION 1 ; BELGIUM 


105 Bondtrade 
110 Dewaay, Seville, Senate 
Van Cam pen hour Sc tie 
115 Kredietbank N.V. 


REGION 2~ FRANCE 


230 Ban quo Arabe el Internationale 
d'lnvestissement (B.A.l.I.) 

235 Banque de I’Union Europeeune 
75060 Paris 
4. Rue Gailion 
P 206 20 30 TX 210 901 
225 Banque Louis-Dreyfus 
205 Banqne Nationals de Parts 

75009 Paris 16, Boulevard des Italiens 

P 225-4700/523 5500 
T 850S14/650819 

210 Credit Commercial de France Paris 

215 Credit Lyonnais 

21S E. F. Hutton Services S.A.RJL. 

220 Intcrunion-Banque 
270 Smith Barney Harris, Upham & Co. Inc. 
75001 Paris 20 Place Vendome 

P 260-3404 T 68060S 


;REG10N'3.?GERMANY/AUSTRIA 


300 Cnmmerzhank AG 

6000 Frankfurt Neue Mainzer Strasse 32-36 
P 13621 T 416111 
T 416345 

305 Deutsche Bank AG 

6000 Frankfurt Crosse Gallusstrasse 10-14 
Junghof strasse 5-11 
P 2141 T 416731-4 

306 Dresdner Bank AG 

6000 Frankfurt GaUusanlage 7-8 
P 2631 T 414 901 
P 23 OS 21 T41220 


307 Westdeutsche Landesbank Girozentrale 
4000 Dusseldorf Friedrichstrasse 56 

F 826 31 22 T 858 1882 

309 Creditanstalt Bankverein 

1010 Vienna Scbottengasse 6 

P 63692540/1 T 74324 

310 Girozentrale nnd Bank 

■der ftsterreichischen Sparkassen AG 

1011 Vienna Schubertring 5 

P 72 94 272/72 94 772 T 13 195 


REGION 4- ITALY 


405 Banca Commercials Italians Milan 
407 Banco Antbrosiano S.p-A. 

409 Banco dt Roma 
415 Credito Italian o 

20123 Milan Piazzo Cordnsio 2 

P87 1744/8862 T 35617 
P 89 01 16 

420 Istltuto Ban carlo Italiano 

425 Lstttuto Bancario San Paolo dl Torino 

430 Monte del Paschl di Sena 


REGION 5 -LUXEMBOURG 


505 Banqne Generale du Luxembourg S-A- 
510 Banque Internationale k Luxembourg S-A. 
540 Baycriscbe Landesbank International SJL, 
Luxembourg 25 Boulevard Royal 

P 474021 T 1249 P 475911 
515 Dewaay Luxembourg S-A. 

520 K rediet bank S.A. Luxembourgeoise 
Luxembourg 43 Boulevard Royal 
P 26411 T 1451 

530 Swiss Bank Corporation (Luxembourg) 


REGION 6- NETHERLANDS 


600 EL Albert de Bary & Co. N.V. 

601 Aigcmene Bank Nederland N.V. 

602 Amsterdam-Rotterdam Bank N.V. 

603 Bank Mees & Hope N.V. 

604 Barclays Kol & Co. N.V. 

Amsterdam Herengracht 500 

P 262 209 T 12 130/12 193 

611 Central e Rabobank Utrecht 

SL Jacobsstraat 30 
General P 369111 T40025 
Trading P 362410 T 70105 

612 Van der Hoop, Offers & Zoon N.V. 

Amsterdam 497 Keizergracht 

P 020*227311 T 15441 

605 Bank Morgan Latrauchere N.V. 

610 F. ran Lansehot 

BOG Nederlandsche Middenstandsbank N.V. 

607 Nederlandse Cre diet bank N.V. 

608 Pierson, Heldring & Pierson 

609 Slavenbnrg, Oyens & Van Eeghen N.V. 


REGION 7 -SCANDINAVIA 


705 Bank of Helsinki Ltd. 

(Helslngfors Aktiebank) 

740 Den norske Crediftank 
750 Den Denske Bank of 1871 Aktieseiskab 
10SS Holme ns Kanall2 

Copenhagen K P 153JSSS T19441/19Q65 

710 R. Henriqucs jr. Bank-Aktieselskab 
1200 Hojbro Plads 9 

Copenhagen K P 12 00 52 T 19 162/19 953 

715 Kansallis-OsakesFankki 
720 Klobenhavns Han del shank 

10S1 Holxneos Kauai 2 

Copenhagen K P 12 86 00 T 19 177 
745 Postipankki . _ _ 

730 Privatbanfcen Aktieseiskab 
735 Skandinavlska Enskdda Banken 

10640 Kungstr&dgardsgatan 8 

Stockholm P 763 50 00/24 28 30 Til 007 
725 Union Bank of Finland 

(Nordiska Foreningsbanken Ah) 


REGION 8 - SWITZERLAND 


800 Bond partners SA 

805 Credit Suisse/Swiss Credit Bank 

860 Swiss Bank Corporation 

8022 Zurich Paradeplatz 6 

P223 11 11 T 53 471 
870 Union Bank of Switzerland 


REGION 9- UNITED KINGDOM 


901 Akroyd & Smithers Limited 
903 Bank Johns Baer International 
905 Bankers Trust International Limited 

910 Banque Francaise de Credit International Ltd, 

911 CiUcorp International Bank Limited 

London 335 Strand 

Wt2R 1LS P 836-1230 TSS4933 

912 Continental Illinois Limited 

914 Credit Suisse First Boston Ltd.- 

London 122 Leadenhall Street 

EC3V4QH P 2834200 TSS3731 

913 Daiwa Europe N.V. 

London 8-14 St. Marti ns-ie-G rand 

EC1A 4AJ P 600-5876 T S3 4121 

915 Deltec Trading Company Limited 
920 Dillon, Bead Overseas Corporation 

London. 10 Chesterfield Street 

W1X 7HF P 493-1239 T 88 11055 

P 491 4774 Trading 
992 Dominion Securities Limited 
925 European Banking Company Ltd. 

London 138 Leadenhall Street 

EC3V 4PP P 638-3654 T 89519681 

927 The First Boston Corporation 
930 First Chicago Limited 


931 GeldmanS&ebs International Corp. 

London 40 BasmgbateStreet 

EC3V5DE P 6384156 -T8S 7903 

P 6339243 >. 

932 Hambros Bant limited -J.- 

933 IBJ International limited J 

London Bucklersbiiry Hbnse . 

EC4N 4HR 3 Queen Victoria Street 

P Trading 236-0551 T883411 
. . P General 236-2756 

934 HUE! Samuel & Co. Ltd. 

935 Kidder Peabody Securities- Limited 

Loudon 24th Floor 

EG2P 2LA. 99 Bishopsgate 

. P 8336272- -T 88,4694/5/6/7/8 

938 Loeh, Rhoades, Homblowez International Ltd. 

London 55 Grusvenor Street 

WIX 9DB P49L3S8I T25432 

939 Kuhn Loeh Lehman Brothers InL . 

London P.O. Box 15 "■ - 

E.CL3. Commercial Union Bldg* 

1 Underahaft - 
P 6232904 T 88 7461 
p 283 7727 

936 Manufacturers Hanover Limited 

937 McLeod, Young, Weir lnternataonal Llmited 

940 Mend Lynch, Pierce, Fenner & $miUt 
(Brokers & Dealers) Ltd. 

London 35 Newgate Street 

EC1A7DA. P 236- 103Q T 8S 5357/88 US01 

941 Morgan Stanley InternationaF : - - 

London P.O. Box 132, > • 

EC3P 3HB Commercial Union Building 

1 Undershaft, Leadenhall Street 
General P.626-921 T 88 12564 
Trading P 2838201 TS951621/2 

945 Nesbltv Thomson limited 

942 The Nlkko Securities Co. (Europe) Ltd, 

London - Royex House ■ 

EC2V 7LJ A Id erm anbury Square 

P606-717L T 88 4717 

943 Nomura Europe N.V. - - ...... 

London Barber-Surgeons Hall, 

EC2Y 5BL Monkw&ll Square, 

London Wall . 

P 606-7482/6 T88 11473 

946 Orion Bank limited ' . 

London 1 London Wall 

EC2Y 5JX P 6003222 T 88 3496 

P 600-8000 Trading 

947 Salomon Brothers International Ltd. 

950 Samuel Montagu & Go. Ltd. V 

955 Scandinavian Bank Limited 
960 Strauss, Turnbull & Co. 

London 3 Mooigate Place 

EC2R 6HR P 638-5699 T 88 3201 

962 Sumitomo Finance International 
London 66' Gresham Street 

EC2B 7EL P 6065645 T 881 1043 

964 Vickers, da Costa & Go. Ltd. 




Extel- 

the International Rond ? 
Dealer’s best friend. 

’Phone Sales Offices: 01-2533408 - 

or Telex: 263437 


qfi5 S. G- Warburg & Co. Ltd. 

London 30 Gresham Street'. 

EC2P 2EB P 600-4555 T8 

967 Wedd DurtacherMordannt Ltd. 

970 Westdeutscho Landesbank Girozentrale ' 
London 21 Austin Friars 

EC2N ZHB P 6383141 T88 7084/5- 

975 White Weld Securities 

980 Wood Gundy Ltd. . . .. 

990 Yamaichi International (Europe) Ltd. . 
London St. Alpha ge House * "* 

ECZY 5AA 2 Fore Street . • -• 

P 628-2271 TS87414 


REGION 10 - UNITED STATES 


10 Arnbold and S. Bleichroeder, Inc. . 

New York 30 Broad Street v- 
NY 10004 P 943-9200 T 82710 

P 9439214 T232250RCA . • 
202 Drexel Burnham Lambert & Co. Inc. ; 

30 Kidder, Peabody & Co. Incorporated ' . ; V 
New York 10 Hanover Square 

NY 10005 P 212 747 2000 T 233 493 - >. • 

32 Lehman Bros, Kahn, Loeh Inc. -v 

New York 40 Wall Street 

NY 10005 P 7974220 T420107 

33 Lazaryi Freres & Co. xJA--: 

35 Merrill Lynch, Pierce Fenner & Smith , 
P 212 768 1212 T 420.93$ .?■» 
60 Salomon Brothers ~ 

New York One New York Plaza 

NY 10004 P 212 747 7000 T22242R ,-^ 
70 Shields Model Roland Incorporated -„' s ft 
80 Atlantic Capital Corporation ? 

T829?27l 

90 White Weld & Co. Incorporated .- 

T4239tgr 

005 The Arab Co. for Trading Securities SAKTVi 
Kuwait P.O. Box - ' 

22792 Safat Kuwait 
P 410 318 T 2791-ACTS 


LEAD MANAGERS 

1 — Crcditanstait-Bankverein 

15 — Butler Bank 

16 — Credit Suisse (Bahamas) Ltd. 

IS — Gutzwiller Kurz Bungenur Securities 
25 — Union Bank of Switzerland (U/W) 

2S — Bankleumi Le-Israel 
32 — Banque de Bruxelles S.A 
35— Banque Lambert S.C.S. 

38 — Burnham & Co. 

43 — Kredietbank N.V. 

46 — Societe Gone rale de Banque SA. 

57— Nesbit. Thomson Ltd. 

64 — Wood Gundy Ltd. 

72 — Privatbanker Aktieseiskab 
77 — McLeod, Young Weir & Co. 

92 — Banque Nationale de Paris 

93 — Banque de Paris et des Pays-Bas 

94 — Banque Rothschild 

96 — Banque de L'Union Europeenne 

103 — Credit Commerciale de France 

104 — Credit Jndustriel et Commercial 

105— Credit Lyonnais 
112— Lazard Frtres & Cie 


117 — Socicte Generate 

112 — Western American Bank (Europe) 

13S — Commerzbank/Banco di Roma/Credit 
Lyonnais 

140 — Commerzbank AG 
143 — Deutsche Bank AG 
150— Wardley Ltd. 

157 — Pkbanken 

159 — Kuwait Int. Inv. Co. S.A.K. 

162 — Arab Financial Consultants 
165 — Union Bank of Switzerland 
(Securities) Ltd. 

179— Westdeutsche Landesbank 
Girozentrale 

1S3 — Jardine Fleming & Co. 

1S6 — Banca Commerciale Italiana 
1 $9— Banca Nazionale de Lavoro 
196 — Banco di Roma 

214— Williams Glyn & Co. 

215— Orion Bank Ltd. 

219 — Kuwait Inv. Co. S.A.K. 

221 — Banque Europeenne du Luxembourg 
S.A. 

222 — Banque Genera le du Luxembourg S-A. 

223— Banque Internationale a Luxembourg 
S.A 


224 — Banque Lambert, Luxembourg. S.A 

229 — Investors Bank, Luxembourg. SJV. 

230 — Kredietbank SA Luxembourgeoise 

234— UBS DB Corp. 

235 — Blyth Eastman Dillon & Co. Int. 

237 — Algemene Bank Nederland N.V. 

238 — Amsterdam-Rotterdam Bank N.V, 

245 — Bank Mees & Hope N.V. 

247 — Nederlandse Credietbank JSF.V. 

249 — Nederlandsche Middenstandsbank NV 
254 — Pierson, Heldring & Pierson 

256 — Royal Bank of Scotland 

272 — Skandi navi ska Enskllda Banken 

273 — Svenska Handelsbanken 

257 — Kuwait Foreign Trading Contracting - 
& Investment Co. 

292— Bankers Trust International Ltd. 

297 — Barclays Bank International Limited 

298 — Baring Brothers & Co. 

315 — Hambros Bank Ltd. 

316— Hill Samuel & Co. Ltd. 

321 — Investment Bank of Ireland 
323 — London Multinational Bank Ltd. 

326 — Ivleinwort Benson Ltd. 

327 — Kuhn Loeb Int 


328 — Lazard Brothers & Co. Ltd. 

332 — Manufacturers Hanover Ltd. 

335 — Morgan Grenfell & Co. Ltd. 

336— National Westminster Bank Ltd. 

337 — Nikko Securities Co. (Europe) Ltd. 

338 — Kuwait International Finance Co. SAK 
343— ^Rabobank N.V. 

346 — Rothschild NJUL & Sons Ltd. 

350 — J. Henry Schroder Wagg & Co. Ltd. 

352— Caisse des Depots Consignations 

353 — Singer & Friedlander Ltd. 

354 — Sumitomo Finance International 
359— Warburg, S. G. & Co. Ltd. 

361— White Weld Sc Co. 

375 — Bank of America 
378 — Bear Sterns & Co. 

386— Brandt (Wm.) Sons & Co. 

389 — Kuwait Financial Centre 

396— Daiwa Securities & Co. Ltd. 

397 — Dean Witter International Inc. 

399— Dillon Read Sc Co. Ltd. 

401 — Dominick & Dominick 

402 — Citicorp Int. Bank 
404— Drexel Harriman Ripley 
408 — European Banking Company 


411 — First Boston Corp. 

412 — First Boston (Europe) Ltd. 

413 — Merrill Lynch, Pierce, Fenner & 

Smith Inc, 

418 — Goldman Sachs & Co. 

421— - American Express Middle East DevL 
425— Hayden .Stone Inc. 

431 — luteruhion — Banque 

437 — Kidder, Peabody & Co. Inc. 

438 — Blyth, Eastman Dillon & Co. Inc. 

440 — National Commercial Bank Saudi 
Arabia 

441— Kuhn Loeb & Co. 

445— Lazard Freres & Co. 

447 — Lehman Brothers 
449 — Loeb Rhoades & Co. 

454 — Merrill Lynch, Pierce, Fenner Sc Smith 
456 — Morgan & Cie International 
458 — Morgan Stanley & Co. 

463 — Nomura Securities Co. 

479 — Salomon Brothers 

480— Banque Bruxelles, Lambert SA 

481 — Postipankki ' * 

485 — Smith Barney & Co ■ 

487 — Barclays Merchant Bank Ltd. 


488— Kidder. Peabody International Ltd/' 

500 — White Weld & Co~Inc. ' ■ 

501 — Yamaichi Securities - .'rj. 

510 — Salomon Brothers InternaUanaLilii 

511 — Merrill Lynch IntnL Bank. Ltd: \y; 

516— Union De Banqnes Arabes et -it 
Francaises (UBAF>- - - ; 

517 — Cr&lft Suisse-White Weld LhL •- ~ 

518— Arab Finance Corp. • '.ff 

525 — Banque Arabe e t Int DTnvest - 
536 — Loeb, Rhoades International Ltd..:"' 

555— Goldman Sachs & Co. Ltd. Inc. ' ' 

556 — Jardine Fleming International lot 
560— Jardine Fleming International LtiL 

585 — BA1.L (M/E) Inc. 

586— Bank Hapoalim 

594— Indo-Suez & Morgan Grenfell ' .^ 
(Singapore) 'V'K 

599— Swiss Bank Corp. (Lux.) . r 

600 — First Boston AG • . ' 

630— Barclays Roll & Co. N.V. * 

637— National Bank of Kuwait . . . v 
639— Morgan Grenfell (Asia) Ltd. '. -.. 
708— Dean Witter Reynolds Int Inc. • •> 
715— Merrill Lynch Int (Asia) ^ v .'- 


COMPILED FOR THE ASSOCIATION OF INTERNATIONAL BOND DEALERS BY INTERBOND SERVICES LTD. 

••=*.£ 

•"£.V 


lius atuuuncemeni appears as a matter oj record only. 


NEW ISSUE 




September, 1978 



15,000,000,000 Japanese Yen 

A sian Development Ba nk 

5-|% Japanese Yen Bonds of 1978, dne 1 September 1988 

Daiwa Securities Co. Ltd. 

Deutsche Bank Aktiengesellschaft S. G. Warburg & Co. Ltd. 

Algemene Bank Nederiand N.V. The Bank of Tokyo Banque Nationaiede Paris 

(H.Iluidl N.V. 

Credit Suisse First Boston IB J International Limited The Nikk o Securities Co.. 

(Europe) Lid. 

Nippon European Bank S.A. Nomura Europe N.V. Swiss Bank Corporation 

(Chenezs} Limited 

Yamaichi International (Europe) 


Limited 


Amsterdam-Rotterdam Bank N.V. 


Credit Lyonnais 


Dresdner Bank 

ALtiEBeeieUsefa.fi 


Jardine Fleming & Company 

Limited 


Kuhn Loeb Lehman Brothers ' 

Akia 


N. M. Rothschild £ Sons 

Limited 


The Development Bank of Singapore 

Limited 

Kredietbank S-A. Luxembourgeoise 
Sod^td Gen^rale de Banque S.A 


Union Bank of Switzerland (Securities) 

Limited 


Am ex Bancom Limited 


AE. Ames & Co. Limited 

Banca del Gottardo * Banca Nazionale del Lavoro 

Bank Julius Basr Internationa] limited Bank Leu. International Ltd. 

Banque Bruxelles Lambert S A Banque Francaise du Commerce Exterieur 

Banque de I'indochioe et de Suez Banque Internationale a Luxembourg SA 
Banque de Pans et des Pays-Bas (Suisse) SA Banque Rothschild 

Bardays Bank International limited Baring Brothers & Ox, Limited 

Berliner Handels-und Frankfurter Bank 
James Capel & Ca Cazenovc 

Christiania Bank og Kredilkasse 


Ayala Finance (H.K.) Limited Banca Commerciale Italiana 

Bonk of America International Limited 
Bankers Trust International Limited 
Banque Generale du Luxembourg SA 
Banque de Neuilize, Schlumberger, Mallet 
Banque de I’Union Europeenne 
Bayerische Vereinsbanfc 
Blyth Eastman Dillon & Co. International Limited Caisse des Depots et Consignations 
£ Co. Chase Manhattan Limited Chemical Rnnb fa tema 

Citicorp International Group 


Chemical Bank IntemationaJ Limited 
The Commercial Bank of Hong Kong Ltd. 


Commerzbank Aktiengesellschaft Continental Illinois Limited Copenhagen Handels bank County Bank Limited 

Credit Commercial de France Credit Industricl et Commercial Crcdiumstalt-Bankverein Dai-Ichi Kangyo Paribas Ltd- 
Daiwa Europe N.V. Daiwa Securities (ILK.) Limited DBS-Darwa Securities International Limited 

Den Danske Bank ari871 Aktieseiskab DO BANK Deutsche Genosscnschafisbank 

Deutsche Girozentrale -Deutsche Kommunalbank- Dillon, Read Overseas Corporation Drexel Burnham Lambert Incorporated 
EOectenbank- Warburg Aktiengesellschaft Euromobiliare S.p.A. European Banking Company Limited Ferrier Luliin et Cie 
First Chicago Limited • Robert Fleming & Co. Limited Fqji International Finance Limited Goldman Sachs International Cbrp. 
Groupemcnt des Banquiers Prive Genevois Hambros Bank Limited Hill Samuel & Ca Limited 

Internationa! Credit Alliance, Limited IstiLulo Bancario San Puoio di Torino Kidder, Peabody International Limited 

KIcinwort. Benson Limited Korea Associated Finance Ltd. Korea Associated Securities Inc. Lazard Freres et Cie 
Lloyds Bank International Limited Manufacturers Hanover Limited Merrill lynch Internati onal & Co. 

Mitsubishi Bank (Europe) SA Mitsui Finance Europe Limited Morgan Grenfell A Co. Limited 

New Japan Securities International (HJL) Ltd. Nippon Credit International (H.K.) Ltd. Nippon Kangyo Kakumaru (Asia) Limited 
Okasan International (Asia) Limited Orion Bank Limited Osakaya Securities Co Ud. 

Oversea-Chin ese Banking Corporation limited Pan Asian Finance Limited Pierson, Heldring A Pierson*N.vi 

Post Office' Savings Bank of Singapore . Rothschild Bank AG Samuel Montagu & Co. Limited 

Sanwa Bank (Underwritere),Limited Sanyo Securities Co., Ltd. J. Henry Schroder Wagg & Co! Limited 

Schraders & Chartered limited Skandinaviska Enskilda Banken Smith Barney, Harris Upham A Ca Incorporated 

Societe Generale Strauss, Turnbull & Co. Sumitomo Finance International Svenska Handelsbanken 

Tokai Kyowa Moi^aa Grenfell Limited United Overseas Bank Limited, Singapore Vereins-und Westbank Aktiengesellschaft 
Vickers, da Costa International Limited J. Voniobel & Ca Wako international (Hong Kong) Ltd. .Wardley limited' 
Westdeutsche Landesbank Girozentrale Wood Gundy Limited Yam atone Securities Co., Ltd. 


Creditanstalt- your partner in Austria 



and International Bonds of Austrian issuer 


.. T- 

... » - . •— - jrf. 


Selected Austrian Schilling Bonds 
of Austrian issuers 

maturity up to 5 years 

8 % Osterreich 1 973/ B/81 

8 % Osterreich 1973/111/8/82 

8 1/2 % Osterreich 1 975/S/83 
81/2% Innsbruck 1974/8/82 
81/2% Steyr-Daimler-Puch 1974/8/81 
7 3/4% VO EST-Alpine 1973/ 8/82 


Middle Average ' Yield to 

Price Life average life 


100.75 
102,25 
102,50 
101,80 

101.75 
“102,25 


1,37 

2.13 

2,43 

2.13 

2.08 

2,25 


8,05 

7,92 

7,67 

7,87 

7,77 

7,87 


Current Redemption "yl 

Yield (mandatory drawings by IdS; 


7,94 15. 2.77-81 at 101,0 .. ! 
7,82 20.11 .74-82 at 102,0 to 1025 
8,29 5. ' 3.76-83 atl 00.0 to 10© 

8.34 1 9.11.75^82 at 100,5 ' 1 

8.35 29.10.75-81 atl 00,5 • 

7.58 4. 7.77-82 at102.0to103jC 


maturity over 5 years 


81/2% Osterreich1975/S/!ll/85 
8 % Osterreich 1976/II/B/86 

8 % Osterreich 1 977/S/B/87 
8 % Arlberg Strafientunnel 1977/B/85 

81/2% Wien 1974/8/84 
8 % CA-BV 1976/ 11/ A/91 

81/2% Energiel 975/1 1/B+S/B5 
8 % Energie1978/B/87 

8 % Semperit 1973/88 


104,25 

4,15 

7,96 

8;T5 

. 27.11.79-85 at103,0 tolCB^ 


100,50 

6.55 

7,90 

7.96 

21 .10.83-86 at 100,0 



100,50 

5,87 

7,87 

7,96 

15. 2.82-87 atlOO.O 


ws . 

100,30 

4.32 

7,90 

7,98 

29. 7.80-85 atl 00,0 

'j? 


101,25 

3,25 

8,01 

8,39 

2. 7.75-84 atlOO.O 



100,75 

7.01 

7.85 

7,94 

7.10.77-91 atl 00,0 

• m y 


104,25 

4.07 

7,98 

8,15 

29.10.79-85 at103,5 



100,25 

6.41 

7,93 

7,98 

1. 3.83-87 at 100,0 



102,25 

4.99 

7,94 

7,82 

30. 3.74-88 at103,Q 




Selected US-S Bonds of Austrian issuers 

, 6 % Rep. of Austria 64/84 

5 3/4% Alpine Montan 65/85 ■ 6 3/4% Rep. of Austria 67/82 

6 5/8% Austrian E lectricity 66/86 8 3/4% Rep. of Austria 76/90 

63/4% Austrian Electricity 67/82 81/4% Tauernautobahn 77/87 

9 1/2% Osterreichische Kontrollbank 74/79 in Austrian Schilling (traded in US-5 only) 


Interest is payable without deduction for or on account of Austrian taxes. 
For current prices and further information please contact- 
For Austrian Schilling Bonds: Robert Jekl, Robert Wasinger 
(Telephone: 6622/1701 or1707. Telex: 74261 -63) 

For International Bonds: Walter VogI (Telephone: 6622/2222, Telex: 76948) 
Code for Reuter Monitor Securities Program: CA DA, CA DB 


© 



Creditanstalt- Bankverein, Schottengasse 6, A-1010 Vienna: 










fsas&z 


financial 'Times Monday October 9 1378 . 

the West believes inlhe pow^:- ; af its ideas, then additional transmitters and funds for broadcasting to the East 
‘^SL < are more important than missiles $ — Hungarian uadhctuai 





West 


1“ M'fr 



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Jjl 



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ir Afah : 


'. v 5 TWO mysterious deaths 
v; Bulgarian broadcasters in 
Y'don have dramatised for a 
:t v &r pubLic a crucial, albeit 
\n ignored or forgotten 
i :»•*<£ of East-West relations: 
battle of the airwaves, 
iternational broadcasting to 
em Europe and the Soviet 
3a (excluding the very 
•. .'ial case of Yugoslavia) pro- 
v'S on indispensable lifeline 
> ■ nfo rmation for some 360m 
from East Berlin to 
Ata, from Budapest to 


v»e nations living in this 

- .; 'motis area speak a multi* 

of languages. They also 
of course, in their life- 
.l.-fibs “d histories' the level of 
•‘-.■‘‘T economic development 
the rigidity of their 
• Lv. Tnal controls. But . for all 
‘ r diversity, they live in 
"" 3 ; . sties which still find it 
:ult openly to discuss even 
-i.. crashes and the effects of 

- .ral disasters, let alone their 
"--’■ny current problems such 

’ - • V ..-rsonnel changes at the top, 
■ \ ~ underlying reasons for 
1; - omic difficulties, or dis- 

r.:.v '“at activities. 

•day. a traveller to eastern 
’P e (always excepting Yugo- 
a) finds no Western news* 
on the newstands, 
■ . gh official Communist news- 
' - ■ rs are plentiful. The 
ces are slim even that he 
^get a copy in the selected 
■-■national hotels in. Moscow, 
: ue or Bucharest where the 
gn newspapers are either 
t sold out” or ’‘have not 
- irrived.” . . 

‘en foreign language Cora- 
\ st newspapers disappear 
the stands if they carry 
.» contrary to official policies 
“ e ruling Communist parties. 


Issues of the French I’Eumauite 
criticising the treatment of 
Soviet dissenters or even of the 
Yugoslav Politika carrying re- 
joinders to Soviet attacks have 
never readied their Soviet 
readers. . 

Western publications* are 
made available in fairly large 
numbers and in a selective way 
to special groups within the 
Communist elites. • Domestic 
press, broadcasting : and mass 
media; are subjected either to 
censorship or to the self-censor- 
ship of tested editors. Even the 
Communist leadership receives 
internal ' confidential bulletins 
which vary according to their 
rank. There is a kind of “hier- 
archy of colour" in each Com* 
man 1st country, with the “very 
confidential” items going only 
to- the top. In - Romania, for 
example, if someone who has a 
daily bulletin' with a red stripe 
henceforth gets one with a 
yellow mark, he knows he has 
been, demoted in the hierarchy. 

Only in the area of interna- 
tional broadcasting are the Com- 
munist regimes unable to -main- 
tain total control oversews and 
views. Any ordinary Russian, 
Hungarian or Bulgarian can 
switch on a news > program me 
broadcast in -his native tongue 
and thus can hear even news 
items or commentaries which 
are regarded by the party 
officials as “highly confidential." 
As a consequence of the 
transistor revolution, radio is 
more than ever' the principal 
means of breaking through to 
the peoples in the East ; 

In the Soviet Union and other 
Communist countries of eastern 
Europe, ownership of radio re- 
ceivers increased more than 
fourfold from 1955 to 1975 when 
(according to the BBC hand- 
book) sets numbered over 92m 


BY PAUL LENDVAI 


with about two-thirds of them 
able to receive shortwave. After 
World War II the BBC was 
number one in international 
broadcasting. Today, the Soviet 
Union is ihc leading interna- 
tional broadcaster totalling 
1,999 hours in 84 languages, 
more than the combined hours 
of the U.S. stations (Voice of 
America, Radio Free Europe, 
Radio Liberty) with Radio 
Moscow joined since 1964 by 
“Radio Peace and Progress,” 
presented as an “independent 

voice of the' people" with even 
more aggressive propaganda. 
International broadcasts from 
the Warsaw Pact countries 
(other than the. Soviet Union) 
have doubled to almost 1,500 
hours per week in the last 20 
years. The importance of the 
battle of the airwaves is shown, 
incidentally, by the curious fact 
that maverick tiny Albania 
(total population about 2.5m) 
broadcasts 490 hours in foreign 
languages weekly, three times 
more than Italy and approach- 
ing the BBC with 727 hours 
broadcast in 37 languages. 

Regardless of the aggressive 
propaganda content, no western 
government has ever suggested 
interference with, let alone 
jamming of. Communist-con- 
trolled broadcasts. 

For the Communist regimes, 
however, foreign short-wave 
broadcasts have all along con- 
stituted a major point of vul- 
nerability. They have sought to 
meet this problem- with a variety 
of tactics. Listening to foreign 
broadcasts per sc has never, not 
even under Stalin,, been a 
criminal offence. However, the 
mere discussion or repetition of 
items from those broadcasts can 
be regarded as “distribution of 
hostile information” 

But the main method of com- 


bating foreign broadcasts has 
been jamming, coupled with 
permanent attempts at dis- 
crediting the foreign broad- 
casters as espionage centres or 
“ instruments of subversion, 
permanently violating the 
sovereignty of the Socialist 
countries," That the best and, 
by implication, most dangerous 
propaganda is a statement of 
facts was recognised by Stalin 
when, in 1948, he ordered the 
jamming of the Russian- 
language broadcasts of Voice of 
America and, one year later, 
those of the BBC. Since then, 
the extent and intensity of the 
electronic jamming, which is. 
of course, contrary to inter- 
national law and the Montreux 
Convention on international 
telecommunications, also signed 
by the Soviet Union, have varied 
according to the given state of 
East-West relations and. more 
particularly, in relation to the 
internal and external crises 
affecting the Communist world. 

Thus, for example, Poland 
stopped interference with RFE 
broadcasts between November 
1956 and January 1971 but 
resumed jamming after the riots 
that toppled the Goraulka 
regime. All the broadcasts of 
the Munich-based Radio Liberty 
(RL) in 16 of the languages 
spoken in the Soviet Union, in- 
cluding a- 24-hour Russian 
service, an? jammed. Bulgaria 
and Czechoslovakia have never 
ceased to jam Radio Free 
Europe broadcasts, but Romania 
stopped jamming in the summer 
of 1963 and Hungary in March 
1964. 

During a heated debate on 
the controversial Basket Three 
provisions of the Helsinki 
Agreement concerning the free 
flow of ideas and information, 
at the Belgrade follow-up meet- 


ing a year ago, the U.S. Ambas- 
sador Arthur Goldberg sarcas- 
tically remarked: “it has been 
said that bard currency short- 
ages prevent the purchasing of 
information products from the 
U.S, Yet it is hardly a lack 
of dollars that motivates the 
jamming of We'slern radio 
broadcasts.” It is estimated, 
for example, that in the Soviet 
Union 3,000 transmitters are 
engaged in round-the-clock jam- 
ming, costing over $30Qm a year 
—more than the total cost of 
Soviet domestic services. 'When 
the Polish authorities ceased 
jamming in the autumn of 
1956. they themselves gave the 
amount saved as S17.5m. 

Yet j ammi ng can never be 
completely effective. As to the 
Communist charge of inter- 
ference in the internal affairs 
of sovereign countries, an 
answer was given by a Western 
diplomat in Belgrade: . . any 
listener who finds news from 
Western sources uninteresting 
or offensive, has a quick remedy 
— he can switch off." But the 
fact remains that in the Soviet 
Union and Eastern Europe 
many millions of people listen 
regularly to foreign broadcasts. 

The list of Western broad- 
casts is led by the Munich-based 
U.S. stations, Radio Liberty and 
Radio Free Europe, set up in 
1951 by the CIA as part of its 
covert propaganda operations 
and secretly funded until 1971. 
Though the corporation respon- 
sible for-the two stations, now 
subject to funding and super- 
vision by the U.S. Congress and 
run by a board for international 
broadcasting, claims to have 
severed “all links with the 
Central Intelligence Agency " 
in 1971. the Soviet bloc con- 
tinues to denounce the stations 
as espionage centres. They 








Radio Free Europe’s HQ in Munich. The mysterious death of Bulgarian broadcaster Georgi 
Markov (right), jabbed with a poisoned umbrella, has served to dramatise the airwaves battle. 


were merged in 1976, have an 
annual budget of and a 
staff of 1,821. 

They are different from VOA 
or the BBC. They reach an 
estimated daily audience of 13m 
to 15m people in Poland. 
Romania, Hungary, Czecho- 
slovakia and Bulgaria and 
between 2m and 3m in the 
USSR. But they broadcast not 
only to the East but also about 
the East European countries. In 
terms of weekly programme 
hours, to the Soviet Union 
Radio Liberty leads with 434 
hours, ranging from a 24-hour 
Russian service to half-an-hour 
broadcasts in Kazak Turkmen or 
Uigur languages. Then follows 
Voice of America with 168 
hours, the BBC with 33.8 hours 
and Deutsche Welle (the West 
German short-wave broadcaster) 
with 18.7 hours per week. 

According to the most recent 
estimate. VOA has the largest 
following with 27m listeners in 
the course of an average week, 
followed by the BBC and 
Deutsche Welle. Radio Liberty 
has slipped to fourth place due 
to jamming and competition by 
unjammed other Western 
stations. 

But It is above all in eastern 
Europe that the Western broad- 
casts have an enormous impact 
Aside from the special case of 
East Germany, where 80 per 
cent of the inhabitants receive 


even West German TV broad- 
casts on ordinary sets, the 
annual report of the Board of 
International Broadcasting gives 
the following estimates: four 
out of five Czechoslovaks, three 
out of four Hungarians. Roman- 
ians and Poles, and one out of 
two Bulgarians listen to 
Western radio. Predictably 
Radio Free Europe, which 
broadcasts every day for about 
20 hours in Polish, Hungarian 
and Czechoslovak as well as 13 
hours in Romanian and eight 
hours in Bulgarian, has the 
largest audience. This makes a 
grand total of some 27.5m in 
the five countries who regularly 
or occasionally tune in to the 
broadcasts beamed by 46 trans- 
mitters in Germany, Portugal 
and Spain. 

Many listeners are, of course, 
interested mainly in non- 
political entertainment Thus, 
for example, in Czechoslovakia 
Radio Vienna has the highest 
audience, followed by Radio 
Luxembourg. These two stations 
bave everywhere a loyal 
following. 

While the BBC still enjoys 
the highest degree of credibility, 
all major stations receive from 
East European listeners high 
marks for their fair and accurate 
reporting. Above all, the fact 
that the Western broadcasts 
regularly report on political or 


economic crises in the Western 
countries and on the youth 
revolt and terrorism, etc., con- 
vinces sceptical audiences east 
of the Elbe that their newscasts 
and commentaries are reliable. 

Foreign broadcasting to 
eastern Europe is therefore a 
new and extremely important 
dimension of Western diplo- 
macy. The broadcasts function 
not only as a sort of surrogate 
domestic radio or press for 
audiences otherwise dependent 
on state-controlled information: 
they also, directly or indirectly, 
influence political developments. 
This is the reason why above all 
RFE/RL but occasionally also 
VOA and the BBC are subjects 
of propaganda attacks. The 
Czechoslovak and Polish sed’et 
services claimed in 1968 and 
1977 that they had planted key 
agents at the Munich stations 
and gave much publicity to their 
lurid revelations. The Soviet 
bloc has also put pressure in 
the past on the government in 
Bonn, and may yet do the same 
in Spain and Portugal, to oust 
the transmitters of the “ sub- 
versive stations ” from their 
territories. As a Hungarian 
intellectual put it, “ if the West 
believes in the power of its 
ideas, then additional transmit- 
ters and funds for broadcasting 
to the East are more important 
than missiles." 


Letters to the Editor 


rofitable 

juality 


1ES LTD. 


ierinAustfj 



LUSt 


Mr. F. Pike 

—Your leading editorial 
: non sense arithmetic” 
ber 4) deserves much wider 
than it will get Only a 
vords were devoted to the 
tional job which a pay 
• must achieve, but the im- 
wce of this aspect has been 
under-estimated, 
le of us really understands 
he Chancellor picked 5 per 
Why not 9 per cent? There 
dence that the Ford wor- 
ave done their ovm home- 
and they will have drawn 
own conclusions. It is as 
-.rous to under-estimate 
|j:ial acumen as it is to over- 
• : ate it 

*■ the Chancellor and the 
, have a difficult task. On 
"(one hand they have, .a' 
!,iur for parity of wages; on 
jther hand they bave the 
ned arguments for the pro- 
e use of our human and 
rial resources. If they are 
ured to adopt policies which 
u- parity of wages, invest- 
will be concentrated in the 
profitable industries, unem- 
,ient will mushroom and 
>mic pressures could be- 
intolerable. But the 
ler spectrum of investment 
l would be encouraged by 
•ia based on good manage- 
of our human resources 
t offer our society an escape 
the vicious circle ia which 
ave become trapped. 

» Chancellor needs to 
.in these options in terms 
we can understand and 
• irt. Reducing Inflation is a 
is to an end; not an end in 
. If anything the 5 per cent 
favours smaller wage dif- 
itials. It offers very little 
„„ for those who are concerned 
t employment in the future. 
. C. Pike, 

'he Stores, 
n, Beds. 


General J_ Cowley offers most 
practical and humane advice for 
dealing with moles on his lawn. 
Raymond Nottage is like a mole, 
endearing but a nuisance. Let 
us however forget the No;. 7. shot 
and concentrate, as it were, on 
the empty bottles technique (bot- 
toms down or bottoms. up). , 

Nottage has.. long had .an 
obsession about pay-as-you-go as 
distinct from forward funding 
for pensions. In this- country, 
broadly as a proper reflectibgjof 
being a mixed economy. We b&ye 
pay as you go (public services), 
notional funding (NHS .and 
teachers), partial, funding (state 
pensions) and full f undin 
(private sector and natiqnatis 
industries and public wrpora- 
tions). The - scenario is set out 
and the economic implications 
of permutations bfjtietbod are 
interpreted in receift reports to 
the Wilson Committee from the 
Government Actuary and from 
HM;Treasury. . 

After reading those analyses 
and thinking further, would Mr. 
Nottage agree that no single 
system lor financing pensions (in 
Italy, Germany, France or UK) 
can be either a universal 
panacea or prove healthier in 
long term practice than the 
economy within which it oper- 
ates; and that, in the UK, the 
relevant question may be 
whether long continuance of 
huge forward funding by 
nationalised industries and 
public corporations is likely to 
overload outlets for remunera- 
tive investment for all funded 
schemes ? You can have too 
much of a good thing; but it does 
not follow that it is had in 
moderation: and in its proper 
place (the private sector, whicb 
minds Its own business), 

R. M. Bankes-Jones. 

154, Paleioell Park, 

East Sheen, SW14. 


ing our own pension system and 
that ail the options should be con- 
sidered. It is, however, dan- 
gerous to assume that the pana- 
cea for the shortcomings of pen- 
sion schemes is the abandon- 
ment of funding and the adop- 
tion of a pay-as-you-go system. 
This would merely put off the 
day of reckoning. 

P. C. Price, 

PO Box J30, 

142/152, Long Lane, SE1. 


Facts on 
a- funds 


From the Chairman, file 
National Association of Pension 
Funds 

Sir,— -Mr. Lancaster did not 
read my letter very carefully 
before dashing off his reply 
(October 4). 

In the first place the NAPF 
Year Book which was the subject 
of my letter is an entirely new 
venture on the part of the 


association and has nothing to do 
with the annual survey of pen- 
sion funds that we have pub- 
lished now for several years past 

To say that “people want 
information now and not early 
next year” is not very sensible. 
Publication of any comprehen- 
sive record takes time and the 
information contained in the 
book when it comes out will be 
just as up-to-date as we can 
make it. 

Although the National Associa- 
tion of Pension Funds is firmly 
on record in favour of making 
Information available to those 
entitled to receive it when pen- 
sion managers are asked to par- 
ticipate in what Mr. Lancaster 
admits are “unsolicited surveys" 
they have a perfect right to 
refuse the invitation if they are 
not satisfied that the interests of 
their members would be served 
by taking part, 

K. G. Smith. - 
The National Association of 
Pension Funds. 

Prudential House. 

Wellesley Road, Croydon. 


Exchange control 


xports of 
ve sheep 


*; >: •• ■ 


i fhe Secretary. 

■mal Sheep Association 
Your report of October 4 
e 3i) on our chairman's 
r to Mr. John SiJkin. Minis- 
jf Agriculture, in which he 
forward the National Sheep 
ciation's belief that live 
. rts should be controlled to 
ant cruelty rather than 
ied, stated that Mr. Silkin 
ars an end to the live trade, 
reply to onr letter may well 
r this to be an over- 
lification- 

i effective development oE 
carcase trade in Europe 
3 be very desirable but our 
is that legislative measures 
idy specified in government 
rts could prevent cruelty, 
this is an option tbat should 
could be open to us now. 
NSA is very , much against 
current tendency to assume 
the present situation or a 
are alternatives, with no 
! choice, 
i Thorley, 

onal Sheep Association, 
ile Heather Farm, 
esbury. Trinff. Herts. 


"• 5 * 


Inly as healthy 
s the economy 

a Mr. R. Bahkes-Jones 
r — In your correspondence 
nns of October 5. Raymond 
age pops np, yet again, this 
to try to tie Mr. P. C. Price 
nots about costs of pension 
ision without unravelling 
elf; and the good Major- 


Paying for 
pensions 

From the Managing Director 
C. T. Bowring and Laybom 

Sir, — The purpose of my letter 
of October 2 was not, as Mr. Ray- 
mond Nottage suggests (October 
5) “to eulogise funded schemes” 
but to identify the major weak- 
nesses. of the pay-as-you-go 
system. Indeed my conclusion 
expressing support for “the 
present 'mix of state and occu- 
pational benefits" demonstrates 
a balanced view as to the respec- 
tive merits of the two systems. 

Inevitably funded schemes, 
like many other - institutions, 
suffer from stress at times of 
inflation but the true ultimate 
cost of a pension is not any less 
under a pay as you go system 
than under a funded arrange- 
ment— It may appear Initially to 
be cheaper under a pay as you go 
system, the true cost emerging 
to be borne by subsequent 
generations. How this cost is 
shared between employer and 
employee is irrelevant to the cen- 
tral issue. - 

Mr. Nottage goes on to suggest 
that in Germany "their state 
pension system has contributed 
to the enviable strength of the 
economy” and that we should 
learn from their experience. It 
is, I believe, the book reserve 
system of funding occupational 
schemes which has made a signi- 
ficant contribution to the G? r * 
man “economic miracle." Sig- 
nificantly, since 1974 the German 
Government has found it- neces- 
sary to impose a system of com- 
pulsory solvency insurance to 
protect the interests of members 
of schemes whose benefits are 
secured only by the assets o£ 
their, employer. 

I bave always held the view 
that we should- study the systems 
and. experience of other indus- 
trialised' communities in-deveiop- 


From Mr. J. Neioman 

Sir,— It is now almost 40 years 
since the introduction of Ex- 
change Control to the UK under 
the Emergency Powers (Defence) 
Acts 1939 part of which were 
later re-en acted as the Exchange 
Control Act 1947. These laws 
were originally brought in (as 
the .. name of the legislation 
suggests) to cope with the 
economic problems of the Second 
World War but in form they 
have remained virtually un- 
changed since. The question 
should be now asked wbat is the 
use of this legislation, or does 
it assist the UK economically or 
otherwise ? 

After some years of experience 
in dealing with virtually all 
aspects of exchange control, my 
feelings are that the operation 
of the Act by the Treasury and 
its agent, the Bank of England, 
is harmful in absolute terms to 
the UK balance of payments, 
promotes volatility in the short 
term sterling exchange rate 
against other currencies and 
lastly, places obstacles in the 
way of successful exports of 
British goods and services over- 
seas. 

. . Broadly speaking, the rules 
divide transactions ' into two 
categories— current account or 
ordinary trading account trans- 
actions, and capital account 
•transactions. On the former, 
payments may be made through 
the official foreign exchange 
market after obtaining the 
necessary delegated authority 
from the authorised bank con- 
cerned. Similarly on the latter, 
receipts should be converted 
through the official foreign ex- 
change market without delay. 
The . symmetrical treatment of 
receipts and payments should 
mean that the UK . exchange 
would not be affected apart from 
any underlying imbalance. 
When, however, a currency is 
weak like sterling (even though 
it has occasions of relative hard- 
ness as in the last year against 
the dollar) the natural inclina- 
tion of- businessmen is to attempt 
to play the foreign exchange 
market by delaying or accelera- 
ting the transaction concerned. 

This is exacerbated by ex- 
change control since its presence 
encourages awareness nf cur-' 
reocy movements. In addition, 
most businessmen feel that the 
Bank of England will always he 
an opposite speculator in' the 
movement of sterling-parities 
and, . unfortunately, exchange 
controls encourage the payment 
Of commissions and fees, etc- bv 
non-UK residents, which are 
retained outside the UK illegally. 


On the capital side, inward 
investors are usually well aware 
of exchange control and so 
structure investments that little 
capital injection is received— 
the finance being overseas debt. 
This debt is usually repaid after 
the minimum period possible, 
together with interest The in- 
vestments then pay excessive 
dividends so as to strip the UK 
of cash and hence reduce the 
overseas investors’ exposure to 
the decline of sterling. 

Outward capital investors from 
the UK may not generally con- 
vert sterling into a foreign cur- 
rency so that their investments 
bave to be financed 100 per cent 
by overseas borrowing. Not only 
is this unsound business prac- 
tice. but it leads to a continuing 
drain on the UK balance of pay- 
ments because of the interest 
payable on the debt and the ex- 
change difference burden. When 
income ultimately arises from 
the investment, then the Bank 
of England attempts to obtain 
remittances to aid the UK’s 
balance of payments .with the 
objective of making outward in- 
vestment self-financing. Although 
this may be achieved. I am sure 
that the balance between out- 
ward and inward investment is 
weighted against the UK’s 
balance of payments.- 

The Bank of England is in 
general a most helpful institu- 
tion which does its best to assist 
within the framework of the 
rules. Having said that. I am 
sure that the complexity and 
difficulty of obtaining consents 
—rather than having a frej ex ; 
chance system — presents an 
obstacle in the way of UK 
businessmen contracting busi- 
ness overseas. It is one more 
problem which confirms some of 
them in insular attitudes. 

The above are my feelings 
based on experience and are, of 
course, subject to criticism since 
they are not quantified and thus 
not proven. It is significant to 
observe here that the Treasury 
and the Bank of England have, 
to the best of my knowledge and 
belief, never attempted to justify 
the efficacy of exchange control. 
Cynically one should not expect 
bodies to be self critical or for 
onen government to exist In the 
UK. so T doubt- if the real 
evidence will ever be prodnepd. 
The experience, however, of the 
other major trading nations in 
the world is indicative : France. 
Germany, Netherlands,. Japan 
and the U.S. have no exchange 
controls of the UK type. Need 
one say any more ? 

John A. Newman. ' 

21, Mincing Lane, ECS. 


GENERAL 

National Economic Development 
Council meeting. Mil thank Tower, 
London. 

Mr. Ian Smith and Rhodesian 
colleagues in the U.S. for talks. 

British Oxygen pay talks 
resume, Charing Cross Hotel, 
London. 

Gen. Moshe Dayan, Israel's 
Foreign Minister. addresses 
United Nations General Assembly. 

Zambian High Court hearing 
on legality of presidential can- 
didates. 

Delegation from Peking 
Municipal Revolutionary Com- 
mittee arrives in London for talks 
-^visits Tourist Board and tours 
London. 

Trial of-30 Tunisian trade union 


Today’s events 


leaders accused of tiring to over- 
throw the Government resumes. 

French railways threaten four- 
day strike. 

Traffic lane closures start on 
Severn Bridge (M4), probably 
until end of the year. 

European Parliament five-day 
session opens in Strasbourg. 

EEC Justice Ministers two-day 
meeting starts in Luxembourg. 

British Conncal of Productivity 
Associations’ conference on 
Contract of Employment at 
Waldorf Hotel. London. 

Talks resume on differentials 


dispute which has prevented 
printing of the International 
Herald Tribune in UK 
Statement from Mr. Peter Hall 
on the development of the 
National Theatre. 

OFFICIAL STATISTICS 
Department of Industry pub- 
lishes September provisional 
wholesale price index numbers. 
COMPANY RESULTS 
Final dividends; Glaxo Holdings. 
R. Green Properties, Lake and 
Elliott. Interim dividends: Edin- 
burg Investment Trust J. E. 
England and Sons (Wettington), 


Freemans (London, SW9). Helene 
of London, Hewden-Stuart Plant, 
S. Jerome and Sons (Holdings). 
Lesney Products and Co., Reed 
Executive. Interim figures only: 
Levev. 

COMPANY MEETINGS 
See Financial Diary on Page 10. 
SPORT 

Yachting: Sailing Speed Week 
at Weymouth. 

Boxing: Dave Proud fPenge) v 
Colin Ward (Northampton), 
Seymour Hall. London. Dave 
Needham (Nottingham) v Alan 
Roberson (Newcastle). Marion 
Hotel and Country Club, Middles- 
brough. 

LUNCHTIME MUSIC, London 
Organ recital by Roger Carter, 
at SSL Michael, Comhill, LOO. 



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S6 


COMPAN Y N EWS 


Equity & Law (Managed) 
funds up £1 1.6m to £52m 

" ■ MT . 2 ' - At— TTT Pnnt, 


TOTAL funds under management margins in the UK and Eastern, 
of the Equity and Law (Managed) sectors were lower. 

Fonda rose by£116ni to £52JLm The intend dividend payment 
the year ended July iVi* lifted to 0.55p (0-5p) net per 
1978, . according to the latest 30p share— last - years final was 
report and accounts o t the lJ34p. • 

company. Net profit came out at £1.4Sm 

The company, a subsidiary of compared with £2.17m after tax 
Equity and Law Life Assurance for the six months of £L59m 
Society, offers Investment manage- against £L94m* 
ment to pension schemes through Minorities took £1,000 (£3.000) 
grogs margins and to greatly in- operating . pooled funds » n a and there was an extraordinary 

RflARD M FFTI UfiC creased costs, Mr. Anstls says. unitised basis. For the year under debit far the period of £109,000 

BUMKU me t. 1 IIHaJ In the group’s butchers supply review, there were two funds (£406,000 credit). 

T*» f ? D ^ n n* I **** sector turnover was ahead, mainly available, a property fund and a 


A. Goldberg recovery continues 
with £0.6m at halftime 


GROWTH EM taxable earnings 
from £438.000 to £586.000 was 
achieved by A. Goldberg and Sons, 

SSSSSTS K*hffiT!S S jaragga^a:!&; 

August 19, 197S. Turnover, held r«r pnrposw or cunsMerims profits declined due to higher interest, but since the year-enau 

exclusive of VAT was £2J)Sm bet- dividends. Official indications are not costs. further fixed interest fu™ 035 

ter at £10 57m. ’ awaitabic as wither diwdm^ are Also due to increased expenses, been added to the range, 

ter at £ic.a7m. 2!^^“ P^a were static in the meat The market -value of the Mixed 

Sales in the second I sue mn^s *«n toased mamiy ““ subsidiary, although turnover was Fund rose by nearly £9m over 

have been encouraging and sub- today up on the year, and profits from the year to £44 Am of which 

jec.t to reasonable economic con- EUtabmBh u.S. company continued at a nearly £6m represented new 

“ *’ reasonable level. money Invested, either by con- 


ditions a satisfactory outcome for j."e. eiviand (WeQinston), Freemans 

the current period should be I London SW9i. Helene cl L ondon. 

-tfoinprf the directors say. ffcwteH'W Plant. S. Jerome. Lcswr 
attameu toe tttreciors w p^ uclil MardnrW. Reed Ececoite. 
Because of a change of year-end |j lciiuilg | 1 |. 

the full-time result will be for Ranis:— Glaxo, TL Greco. Properties, 
the 58 weeks to March 3L 1979. LaJio and Q1I«I. E. W. Tarry. 

FUTURE DATES 

Last year tne company con- , nwrtms: _ 

Unued its progress back towards Altanote industries 

the record £2.31 ra surplus seen in .vs* k. Biscuii Manufacturers 

1973-74 with a Il.fiSm total. BPB bum: «« 

Stated earnings per 25p share ,in 

for the 26 weeks were 2Ap (1.7p) EM0K . p„n-s Uwestmcut Trust 

and the net interim dividend is moss Bros 

raised to lJ232p !1.12p»— the tinal Monwrcare — 

last lime was 2.9947p. *?££% f » 

Trading profit at mid-term was Vw.MianiV" ! 

£1.13m (£849,000) from which the Rub-rold — - 

depreciation provision was Sptru-Sarco Engineering 

£248,000 (£149.0001. After tax of Taylor PslUsier 

£305.000 (£238.000) the net balance 

came out at £281.000 (£220,000). 


Net liquid funds decreased by trilbution or investment income. 

£66,214 against a JE27L3B3 increase Over 90 per cent of this new 
last time. money was put into equitaes pR _ TA _ 

Meeting. Winchester House EC, thereby boosting the equity 
November 3 at noon. 


Francis 
Parker 
well up 


OcL 19 
Oct. 10 
Nor. 39 
Oct. t8 
Ot'L 2S 
f\t. 24 
Oct 12 
Oct. 23 
uct. 12 
Oct. 1J 
OcL It 
OcL 10 
OCt. 1? 
...... Oct. 20 


Firmin 

expands 

midterm 


profits of Francis 
Farker increased to £1334)00 for 
portion of the portfolio to 73per ^ h n jf of 1078 compared 

S£L at i25£ ^7 SL? 1 * y f a ^t e S with f34 - 000 f° r previoSsnSe 

pared with 67 per cent at the Turnover was £8.47m. 

beg iniring . The offer price of the a g gin<rt . £15 
u“«s ^Y^ced by 19 per cent The group returned to profit in 
compared wWi a 20.4 per cent ^ njn p P months 'accounting 
a no trotral index consisting to end ^ ^er three 

year's of losses totalling £4.45 m. 

and ^5 per cent FT-A over lJ The directors have decided not 
years gilt indra. to pay an interim dividend as 

_ The market value of the they feel it is still necessary to 
Property Fund stood at £7.8m at retain m aximum funds within the 
the end of (be year with an 


......... «i. group — the last payout was « 

Ocl 17 the DIRECTORS of Firmin and ^ c t, nt i” single dividend of 0-5p net for 

Finals:— n^t is Sons, manufacturer of badges, °^ er fiP 06 °f u nits. Dunne the 1975 

Furvard t.vIimIo^ o^. is bu ^ ns and ^tary ornaments, 10 properties were added to pre-tax figure for the half year 

Sandhurst M3rv .nn6___ li:: __. _J repon a ^ in turSver and tax- tiie portfolio at a cost of iurt was struck after interest of £0.69m 

* able profits for the first half of over At the end of the <£ij23m) and was subject to a 

. J • 1978. Turnover was up from ™e P 01 ^ 0 ™ w>as d,vlde « tax charge of £33,000 against a 

for the balance valued the mining £806,000 to £992,000 and profits 24 -3 P®r cent offices, 28.4 per cent £63,000 credit. The directors say 

company at some $i.S5bn. advanced to £218,000 against shops, 20.7 per cent industrial, and that the lower interest charge 

Amax rejected the approach, £163,000 last time. the remainder in liquid form, refieets the farther reduction in 

pointing out that its assets are Pnjfit for 1977 was a record A^eement hag been reached to group borrowings achieved since 

worth more than S3.1bn. There £375^00 an d ^ their report the purchase another six properties the end last period, 

have beer no further develop- directors said that the outlook for for just under £1.2m which will Parker is a holding company 
ments since then although it is 1973 was encouraging, and that a reduce liquidity to 11.4 per cent, with activities in the production 
possible that the matter could further increase in profits was The Fixed Interest fund has of aggregates, manufacture of con- 
raise anti-trust bearings. anticipated. been added to the range to enable crete products and building 

An 8.3 per cent stake m Amax First half earnings as shown as pension scheme managers to blocks, shipbroker. stevedore,-, 
x _ is held b.v Londons Selection g.ogp p^ r 25p share compared supplement the fixed interest Plumbing and heating; etc. 

resources group The latest pay- Trust which, in turn, is 2o.S with 6.01p. and the interim divl- element beyond that provided by 

ment isjjemg_ raised by 1L, cents p Pr cent-owned by Charter dend is stepped up from 1.229p Mixed Fund or as a straight 


Amax lifts 

quarterly 

dividend 


The first increase in its quarterly 
dividend rnte since December 
3974 is announced by America’s 
Amax diversified natural 


to 55 cents i27.9pi on the common Consolidated, 
shares and is payable on 
December 1. It thus indicates an 
annual rate of S2J20 compared 
with the long-standing S1.75. 

Mr. Pierre Gousseland, the 
chairman, said: “The decision 
was based on Amax’s increasingly 
vigorous performance, including 
the company’s record second 
quarter. I am confident that the 
strong earnings pattern will 
continue and I expert that results 
for the second hali of 1978 will 
also set records." 

He added that the company's 


Similar year 
seen at 
Meat Trade 

For the current year at Meat 
Trade Suppliers, Mr. W. C. Anatis, 
the chairman, says the directors 
anticipate a continued low level 


to L37238p net Also announced investment But, the company 
JS sdditional payment of considers that investment should 
0.03722p for 1977 on the reduc- t* made into this fond for long- 


tion in ACT — last year's final divi- 
dend was 2.45682 p. 


Turnover 

Investment Income 
Pre-tax 
Tax 

Net profit 


Hall year 

1975 

1977 

5000 

£000 

99S 

606 

IS 

16 

218 

163 

113 

85 

103 

TO 


term investment rather than 
short-term tacticafi switching. 


FT Share 
Service 


Sabah 
off £lm 
midway 


FIRST HALF 1978 turnover of 
Sabah Timber Company, a 55.8 
per cent owned subsidiary of 


Plantation gets 
tax clearance 

The directors of Plantation 
Holdings announce that certain 
fundamental clearances in connec- 
tion with the capital gains tax 
aspects of the proposed recon- 
struction of the group have now 
been received from the inland 
Revenue. 

ANDERSONS 

RUBBER 

Andersons Robber shareholders 


financial results were beginning to of profits from the group's casing 

reflect the capital investment pro- companies, and they hope that the - . c ,. . iuwuu auU cimuriK 

gramme of the last five years rest of the companies will main- The following securities have « a ^ 0D s “ have applied for 100,821 new 

when over $2bn (£lbnj was tain their figures. K ee _ a( jded to the Share Tnfor- f ron Li ordinary shares offered to them 

invested in new or expanded As known for the April 1. 1978 ma ti 0n Service annearine in the pr P fi ? h* h | Tld t0 under the terms of the company's 

capital projects. year taxable profits fell from S^rt^ Tlmes® last f ^ “rtefats" styled placbig- 

It is also possible that another £461.445 to £362^28 on turnover Profit for the whole of 1977 Andersons Rubber made 

factor in the Amax decision to down at £9.47m against £10.24m. Ba ^ 01 '. . , Fnfl ” rpora ff ° slipped from a peak £9.69m to arrangements for a placing of 

lift is dividend has been the cash The dividend is stepped up to (section. uverseas New £7.04m. 400.000 shares at 35p eadbTbut 

and share bid mode in September 7. 32n (7411 p> net per share. York). The directors state that UK shareholders, apart from the 

by Standard Oil of California The casing comnanies’ sales Ca T tJlcrs , Superfoods (Section: turnover improved 1 slightly while founding family, were given the 

(Socali, the fourth largest U.S. were down and profits well down Foods). log- production 1j»_ Sabah was opportunity of taking up the 

oil company. Socal already owns due to difficulties of obtaining OUmm N.L (Section: Mines — ahead of - the , corresponding shares hr the proportion of one- 


20 per cent of Amax and the offer good quality product, too low Australia). 


period last . year : ' m However; -for-two. 



Financial Times Mond^ Oct<^ ft^Srag 



Vw 

' ' 


Pentos spells out 

Midland Educational holders 


to point out that -none of- the 
points in their board's ' defence 
could stand up to proper 'scrutiny. 


,. pentos has . The directipfs wffl be -wiiK 
THE BATTLE for control of the ably, tnore “"L. first closing shortly to sen wt- -tin .'.toss 
book and toy retailers Midland offered for the®- « qSbc ^ tQ . reasuns^ why ^&ey .rtani 
Educational continued' over .the date for the rea qae'beat intaareaa of sfag gfao te. 

weekend, with the biddo', Pentos, morrow. not to accept the ofierx: 

writing- to Midland'^ ^shareholders cTANI FTV rl: '-V.'V 

A. G. STANLbl ‘W’ RIBBONS TAKS 

BLAKEY OVER EORCffiJ^f 

Pantos, whose interests stretch SJPJHh^ largest specialist re- 
from publishing and- book, selling 1 P* 16 I* home decorating tne equivalent of 
to ooWtoiS ttoewl A- G. Stanley 50 per cent 

accommodation, poimk> bat that ? at K^S^ht a^0.13 per cent stake 
Midland’s growth to iecent jears. ^ n^y Siifp Monte and Wakey JS 

has not kept pact with .inflation. PaoersT Yesterday Morris wli » 
and that the board has mad^no ISf'afflS? ordinary shares rose bailee by toe 
S?*-'- 1 «« ® SWwbU. tb. "A -Shares 

ato state. 7S*' G P s£uJey described It. pur- eMW ■ aeilted as.Mi, ptj( 

^^s»«jss.-jsss 

per cent higher than v ev«a. the it hoped "U.at they tallied to us Wore CT.MFFr 

inereaved dhndend which Mid- fist." J , u . r7S^a»»^ 

land’s board bad forecast;' that Directors and their families, o£ FFr 2,743^96 (£332,065),- -j 
toe current market value of and other relations of moitis ana 
Midland’s shares is - . "purely Blakey are understood to horn 


FD TALKS 


speculative that the offer repre* about 60 per cent of the DISCONTINUED - < 

seats a 13.6 pe r .cen t . premium The group ^its The directors of *o#mm 

aver. lh& under! vans n*»t. Aeoafe “not considering soiling iia 


^ 

dustries 

which have been 
which: may have Jedfvta: 



BHP ANNUAL MEETING 

■ • f“ "Ai.. - 

Extracts from the address by the Chairman of BHP, Sir James McNeill, at (He. 
Campuny'sAnmalMeeringheld in Melbourne onTutsday. Scptemher 26.197S- -«'■ 



SIR JAMES MCNEILL- 

Business Outlook •: ■ 

; “There are grounds £or some encour- 
agement. -Australian manufacturers who 
have struggled with inflation and poor de- 
mand, with inevitable consequences for 
earnings, now see signs of business activ- 
ity moving up. albeit slowly and not yet in 
all sector. The reduction in the rate of 
inflation will be assisted further by the 
Australian Government's recent Budget, 
the overall thrust of which should assistthe 
general recovery since lower inflation will 
contribute to increased competitiveness. 
Our steel order intake for the domestic 
market has continued to move up in recent 
months and if this is maintained it augurs a 
lift in economic activity. The indicators are 
not without warnings however. Aus- 
tralia must remain competitive in its cost 
structures with the rest of the world, if we 
arc to lessen the problems of under- 
employment of our workforce. Some ad- 
justments have been made in this direction 
under the pressure of economic difficulty 
and. with improved business conditions, it 
is important that we hold on to such pro- 
ductivity gains and improve on them. An 
Australian economy that can compete on 
world terms is the best basis for a prosper- 
ous future for all our people.’’ 

Other highlights of Sir James 9 
address were — 

The Financial Picture 

. . the company achieved a substantial 
recovery in net profit from the levels of 
1976 and 1977. Nevertheless overall earn- 
ings, certainly in real terms, are still some 
way behind results achieved in the first 
half of this decade, and there is a consider- 
able way to go before the overall trading 
performance can be regarded as satisfac- 
tory .. . net profit attributable to sharehol- 
ders — some SS ! 500 000 — represented 
a return on shareholders’ funds of only 4.1 
per cent. While this was a welcome lift on 
the 2.S percent of the previous year, it still 
compares unfavourable with the average 
returns of 6 to 7 per cent in the 1960s and 
the first half of the 1970s.” 

Debenture Issue 

. . we announced on Friday, 15th Sep- 
tember,* the Board's intention to raise 
SS0 000 000 to S 100 000 000 by way of a 
debenture issue to shareholders and deben- 
ture hdiders . . . The issue is to be under- 
written as to an amount of S80 000 000 
with the company reserving the right to 
accept lip to S20 000 000, over- 
subscription, on the following terms: 

9.7 per cent per annum for 6 years 

9.R percent per annum for 10 years 

9.9 per cent per annum for 1 5 years 

It is pleasing that such a large issue can 
be made at rates below 10 per cent per 
annum ...” 


-SIRJAMESMcNEILL 


Fmariclal Results— 

Year ended 31st May, 1978 

PercnRaye 

Year ended 31 st May 

previrawyear 1 

Consolidated Sales 

$2373920000 

+ 11% 

Net profit: 


' • . 

- before extraordinary items 

$92060000 

+55% 

Steel Division 

43421 000 Loss 

+17% 

Minerals Division 

22458000 

— 2% 

Oil and Gas Division 

Other subsidiaries and 

104028000 

+31% 

investments 

8995000 

-4% 

— after extraordinary items 

- attributable to BHP 

$88926000 

+51% 

shareholders 

$81 483000 

+58% 


aver. toe. underlying net assets was “not 
of the company; and ' toat toeie. holdings.” 

is commercial Jogfc to the -bid. • v-% * uc/c/xiW /BAIRD 

The reaction of the flB dttri d DAWoUli / being made: for the ' ntinf 
Board, however, /has been a * The dir f°^ have been discontuiMi^P 

blanket rejection ;of thei»’ ar^ . national (with toe S * 

ments. A letter from chairman -Mr. Stantey F«M, of RAYBECK/B #3^ 

Mr. Gordon WUco£ also sent cot wiiam Baud), and. then’ ttoim* . ....'••.sSTJ 

to shareholders on " Saturday, end advesers. Following toe annM^i 

urges them to ignore the "Bentos and Go., find notfwng m -the formal the offer by Raybu&^fnT-lfeqi 
document: and claims- that the proposals which in -any way alters and Hollingsworth - 
Pentos offer is still “totally 1 in- to ear view that the takeover bid shares, proposals are^h*^ 
adequate and unacceptable." Mid^ by William Baird is “totally un- mitted fpr toe .repayrieat. 
land’s shares, at lSUp. are still acceptable bolh commercUdly and B.jand H. Stow aafi jaa 
priced in the markat- at consider- finanrtahy.” wi “ ^ tne prefer* 

‘ - snares. '• _•> 

J The loan stock.. war iblM 

Share stakes 

Vlnten Group— Sire; J.;S. Vinten, .United Biscnits (Holdlngsy: Sir cash pejrffi 

'rife of W. P. Vinten, Hector Laing’s beneficial interest °TJ e di^tore 
director, sold 50J300- aiiares has been reduced by 34,000 shares fecommend the loan storied 
between September 28; and Orto- at R 85p. Worcester; R<>thscbi]d Posals and the 

Horace Cory and Co^~ P. ; L. Investment Trust has acquired a ' WITT TAM^ & riti 
Kobnstann, director, has' ceased further 30,000 shares making hold- . . -'tv. 

to have an interest in 4),000 ing 1,191.500 shares (19.8 per Williams and James (Engine 
shares by reason of a disposal of cent). which manufactures and matf 

that number of shares 'by London Sumatra Plantations: ^the W. and J- Pacebraker hyari 
H. Kohnstann and Co/ Inc . — Harrisons and CrosfieJtt bsB concrete breaker, has forniS 
Mr. Kohnstann remains bdterested bought 10,000 shares and is joint company. Pace Prmfi 
in 2.614,499 shares (28.42 per interested in 7,171,718 shares with their Canadian distrSffi 
cent); - (45.01 per cent). Polyquip <rf Canada, to. kai 

Stave ley Industries— Prudential Alexander Howden ' : Group thr breaker in the U.S. . :• -t 

Group holds 1.232,939 shares Kuwait investment office has Pace will operate from> 
(about 8.7 per cent). bought 25,000 shares malting head office in Toronto, wit 

Ferranti— National - Enterprise- interest 6,937^00 shares (7.67 per branch operation in Mdntna] 
Board is interested In 13^33432 cent). - ‘ Some 50 per cent of-Wi^n 

ordinary unite (62.5 pa- cent). Trident Television: Sir James Pacebraker sales are now^bi 
NEB is committed to dlspofiing of Hanson, director, has bought for exported to 27 countries oven 
2,666,666 units, which, were a family settlement a further and this latest venture is etpoi 
offered on September 28 to qther 15.000 "A” shares. to materially increase sides t 

holders, and following such dis- 
posal, which will be completed on 
October 27. NEB will be interested 
in 10,666,666 units (50 v per cent) 

A, and J. Muckiow Group: Allan 
J. Muckiow. director, has sold 

35.000 shares. 

Govett European Trust: UK 
temperance and general .. .provi- 
dent institution bolds ; 1,175,000 
shares (5.S75 per cent). 

Hawley Goodall Group.' Michael 
A. Ashcroft Holdings has bought 

35.000 shares. 

Aberdeen Construction Group 
Kuwait Investment Office, has sold 

250.000 shares leaving interest m 

835.000 shares (7.57 per cent). 

F. Miller (Textiles): F. Miner, 

director, has sold 54,486 shares. 

Beneficial holding now 2m shares 
(1S.5 per cent). Mrs.' L. Wajn- 
garten has sold 352,000 shares. 

Holding now 800,000 shares <7.4 
per cent). Mrs. S. A. Hepner has 
sold 252.000 shares. Holding now 

800.000 shares (7.4 per cent). Mrs. 

M. Danztic has sold 252,000 shares, 
holding now 800,000 shares <7.4 
per cent). 

Wintrust: R. D. Szpiro. director, 
has acquired 3,000 shares. 

Tarmac: R L. jL Runciman, 
director of a subsidiary, has sold 
4^05 Shares at I50p. 


BADGES 

ALL TYPES IN MOST 
MATERIALS 

FOR CONFERENCES AND 
EXHIBITIONS. STOCK AVAILABLE. 
ENGRAVING. LABELS, 
NAMEPLATES 

AdvertlslnE gins Items available 
Incorpora Ung your embtezn or ]oro. 
Key rings, paper knives, calemiars. 
ere., Istvan Markovlts rBadnemakeri 
Ltd., Cobbold Mews, London. W.1S. 
Tel: 01-743 U3L 


Steel Fares Better 

. While our company has fared bet- 
ter than most steelmakers, plainly we have 
not escaped from a protracted and severe 
downturn. Our ret loss amounted to 
$43 421 000 as against $52 137 00 0 last 
year. However, we have done better than 
average, and this is demonstrated by restat- 
ing our Steel Division results to an ac- 
counting basis more comparable with that 
generally adopted by the rest of the world 
steel industry. On that basis, we made a 
profit of $36 131 000, after paying in- 
come tax of S50 952 000, on raw steel 
output of 7 363 000 tonnes. Partly we 
achieved this by selling a total of 
2 539 000 tonnes in world markets. To do 
this we had to meet unusually severe com- 
petition - . 

Minerals Profit Steady 
“The Minerals Division net profit after 
tax was $22 500 000, about the same as 
last year. The production restraint which 
has helped the world steel industry to cope 
with problems of over-capacity and market 
deterioration has had a counter effect on 
markets for steel making raw materials. 
Shipments from our Groote Hylandt and 
Yampi Sound mines were lower than in 
1977, but Mt. Newman operations were at- 
a higher level. Moreover, the inclusion for 
the first time of a full 12 month's results 
from some of our recent investments — 
ThJess Dampier Mitsui Coal, the Robe 
River rail and port facilities, the Telfer 
gold project — lessened the impact of the 
downturn. The year under review saw 

some increase in expenditure on new plant 
and equipment at the Division's various 
mining properties, the total amounting to 
just over $64 000 000. We are pushing on 
with the important Gregory open cut coal 
project in Queensland; with expansion oF 
iron ore capacity at Koolan Island in 
Yampi Sound: and with the completion of 
the feasibility study as to possible de- 
velopment of. the copper and gold reserves 


at Ok Tedi in Papua New Guinea. Good 
progress has been made on the ore be- 
neficial! on plant at Mt. Newman." 

Oil and Gas Profit Up 
“The net profit of the Oil and Gas Divi- 
sion, at $104 028 000, was appreciable 
higher than in the previous yean Largely 
this reflected the new pricing formula es- 
tablished by the Austral ian^Govemment 
. . . from 1 st July, -the actual proportion of . 
our production attracting import parity 
(less $3 per barrel levy) increased from 19 
pec cent to 26 per cent and in accordance 
with the Government’s declared policy, 
'this propanion will continue to rise . . . 
With all crude oil now charged to refiners 
at import parity ... the total take of Com- 
monwealth and State Governments in the 
form of royalty, crude oil levy, and income 
tax amounts to about 80 to 85 per cent of 
the total crude oil revenue. Clearly any . 
Increase In Government take above this 
.level would be inconsistent with a policy 
of providing adequate incentives for ex- 
ploratin and development . . 
Manufacturing Results 

“The overall results from our manufac- 
turing subsidiaries and associated com- 
panies were down bn the previous year, 
reflecting in the main the prevailing 
economic conditions. However, Aus- 
tralian Wire Industries Pty. Ltd., Rheem- 
Australia Ltd., .and Koppers Aus- 
tralia Pty. Ltd., improved on theirprevious 
year’s earnings.’ ’ 


SI M CO MONO Ft NOS 

Sat uni Investment. 
Mahsificmcm Co. I.fd. ’ 
CAN NON STREET H -IN 6A t 
Telephone - .0l-236 U25 . ’’ C 


Rates paid for W/£ 8.10.78 

Mon. 

an 

% p.a. 
8751 

7 day 

% P-a. 

8548 

Tues. 

8591 

8.545 

Wed. 

8.479 

8548 

Thurs. 

8.648 

8.548 

Fri./Sun. 

8.418 

8531 


WORLDWIDE FUND 
LIMITED 

A commodity fixtures trading 
fund 


Net Asset Value per $1 share 
as at 30th Sept 1078 SI 1.42 



Extracts from the Chairman's Statement of the 
Annual General Meeting in Rochdale on 6th 
October* 1978. 

, r . Once again I am pteaagdtoreportamo re suc<M8sfutyaar^. v 
:‘^than last-year, the GrqupT umover bpt0g Ei ,711 ,S9& - . >>' 

.. 'rtHnpared with£T.473^8fastyear. 7 ' 

The results in respect of /ijihur tordaiid Sons tRpriiitejaJ:- Hr 
Limned amount to £73,653 compared with £52^705 

Our Group Profit before taxat i oi i m rwuritetoCMT.Kfl 
compared with £376,163 last year. • -5 v ’5:*t 

The final dividend recommended of 4.25 p per share falhii >■' 
maximum dividend that canbe'patd under the dividend! • : ' °- 
conpolsandwiththeintenm.divHlerxlalre8dy43aidciftp y -- 
per share.^ makes a total for the year of 5JSp per share ■ 
compared with 4. 70p per share last year. . ') 

I am pleased to report thatour order bookts in a veiy. •*/■' 
• healtfry state and we hope to be able toTnamtain our . . 

• present position as one of the leading spring manufactures : 
in the country. 

F-S, RATCUF F E 
INDUSTRIES UMITED 

Crawford Spring Works, Norman Road. 

Rochdale. Telephone: Rochdale 40415 




FINANCE FOR INDUSTRY TERM DEPOSITS^ 

Deposits of £1,000-£25,000 accepted' for fixed terms of 
years. Interest paid gross, half-yearly. Rates for depoti 
received not later than I3J.0.78. 

Terms (years) 3 4 5 6 7 8 9 l< 

Interest. % 11 Hi Hi 32 • 12}. 12} 12} li 

Rates for larger amounts on request. Deposits to and forth' • 
information from The Chietf Cashier, Finance for Indiisti 
Limited, 91 Waterloo Road, London SE1 8XP (01#2& S2 
Ext 177). Cheques payable to “ Bank of England, a/e FFI; - . 
FFI 4s the holding company for ICFC and FCL 


11 


LOCAL AUTHORITY BONDS 


Authority 

(telephone number in 
parentheses) 


Barnsley Metro. 
Bradford (0274 


(0226 203232) 


Manchester 
Poole (0201! 
Poole (0201! 


(061 236 3377) ... 


Southend (0702 49451) 
Thurrock (0375 5122) . 
Thurrock (0375 5122) . 
Wrekin (0952 505051) . 


Annua] 

gross 

interest 

Interest Minimum Life; 

payable • sum ton 

% 


£ 

Yen 

m 

+year . 

250 

5^7 

Hi 

i-year 

500. 

5-7 

11* 

4-year 

LQ0Q 

6-10 

10 - 

4-year 

500 

* 

ioj- 

i-year 

500 

9 

M* - 

4-year 

500 . 

M 

m 

i-year 

200 

.6-7 

10* . 

.. 4-year 

258 

-s 

ii 

i-year 

300 

■4 

10} 

4-year 

300 - 

r ,» . 

Hi 

yearly 

1,000 

■ 1 j 


Printed copies o( this address ara 
available from: 

Th© Secretary 

The Broken Hill Proprietary Ca Ltd. 
BHP House 
140 William Street 
MELBOURNE 3000. AUSTRALIA. 


Bwqsraa 


®BHP 


UNITED BRITISH SECURITIES 
TRUST LIMITED 

Secretary— Investment Trurt Services Limited 


Three year summaiy of results 


Year, 
ended 
30th June 

1976 

1977 

1978 


Gross Assets-, 
(lets current. 

liabilities) • 
£'000 
61,076 

. 69.390 
76,835 


.Net Asset . 
Value per 
Ord share 
136p 
• T55p 
. 13lp 


Gross Ordinary shares 

Earned ■ Paid- 

LlJOO per share per share 

L693 3.47 p • . 3.42p 

3 -086 _ 35Bp 3.97p 

3,366 4. 44p 4AAp . 

lion ^ **}**** ^ necessary to take accounrbf the capitslba-.- 

tion issue .n October 1977. of I „ cw ordma 7 ^hare for each ordinary share held. . 

JUS"' gWC h ° Win8 * Accounts equal 3041 p^' cent ot th*i 

In his statement Sr Geoffrey Kitchen draw attention to the company's ten-yiar. record of «gul«‘ . .. 
dividend increases and hop ed that th« pattern.. would. be continued in.1979: ' . 

Copies of the Accoaotsare available From the Registers •- •• VV' 
95 South warJt$treet,io/K/ofj SE» tun-' -- 4 







Financial Tiines Monday October *9 1978 



BL 



By ARTHUR SMITH, Midlands Correspondent 


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. R MCGRATH, who gained 
‘'“V./encc in financial mariage- 
* t, 6 . with large organisations 
SiflM Esso Petroleum, Ford, 
■rt/. Up Rail and the National 
Corporation, is- proad 
. - - size of his new company. 

. : C\ ; V y°u realise that with a 
: /er of nearly £800m and 

i;/: workers we are one of 
V ar Sesi motor component 
; : ;^.. e rs in the UK? For eom- 
"m. Smiihs Industries has 
L -' turnorer and. 19,000 

>ees and Lucas Industries 
of £S86m with 68,788 

-■ .V CS.” ‘ 

' . ’• . >_McG rath,. aged 46 and the 
; V=^al di^otor of Leyland 
r ’ i; -. and Bus. was recruited a 
f :J t, ’onths ago by Mr. Michael 
the BL chairman, to 
^ managing director of 

ij~.~ .newly-created BL Coni- 
— a hoLchpotch of an 
-•■ satinn embracing the 
‘ - ; r Leyland Cars' body 

■ operations, foundries, 

w . nent manufacturing and 

. ' ' * dlfj ,'Ution. 

extent of the state-owned 
; Rations involvement in 
;; <V nent manufacture is 
' : 'V an accident of history. 
: . iries of mergers and tako- 
V';*; that led to the creation 
:: ie nation's largest car 
bly operation resulted 
• ...n ownership of a whole 
-. of in-house supply 
. ions. 

grouping 

~ requirments for these 
:»], now been g roup e d 
the BL components 
>:*c. But as part of Mr. 
'^rdes's philosophy of 
;:ing responsibility and 
.?• ig identifiable and more 
-^..eable units, activities 
.been split between four 
subsidiary companies, 
.[with its own managing 
- >r. financial targets and 
‘• ss strategy. 

companies for which Mr. 
-'•tb takes overall responsi- 
' are: 

■ -ssed Steel Fisher. . With 
workers and an expected 
=ser this year of around 
. this group of factories 
•es and paints the body- 
1, and some other oompon- 
jB)r the full range of BL 
Lid for Rolls-Royce. The 
" rincipal locations are 
*, Oxford; Castle Brom- 


n i 


wich, Birmingham; VySpeke. 
Liverpool; . Llanelli, South 
Wales; Swindon and Dunstable; 

• Parts. With' only 3,500 
employees, the highly profitable 
wholesaling, and. distribution 
operation has a turnover similar 
to that of Pressed Steel'Fwher. 
Through the well-known' Uni- 
part ‘ network, parts and 
accessories are supplied for 
most makes of car in Britain 
and Europe. 

• SU-Butsc. The component 
manufacturing operatibn em- 
ploys 8,000 and expects a turn- 
over this year of around £114m. 
Products are supplied not only 
to BL- but also to competitors 
such as Ford. Chrysler, Vaux- 
hall, Volvo and RpllsJloyee; 

• Foundries. Sales of £aOm and 
3.700 workers. -Iron--, and 
aluminium castings are supplied 
to the car, tractor, truck and 
diesel engine industries/ 

“ We see ourselves as. auto- 
nomous components suppliers. 
We get very little interference 
from BL in our day-to-day 
affairs." says Mr. McGrath. 
“ Consistent with our main 
objectives to supply. bodies' and 
components to BL car? we now 
have a wider responsibility tn 
expand sales to the : outside 
world." 

The reasoning behind 1 the 
planned assault on component 
markets is simple. The com- 
pany has the capacity to meet 
BL requirements for L2m 
vehicles a year. 

Estimates circulating within 
BL suggest that car output this 
year may be little more -than 
750,000 and target sales for next 
year will probably remain at 
around 820.000. 41 With a lot of 
capacity we do not need much 
money to get launchedinto new 
markets," Mr. McGrath points 
out. 

~ While the market perform- 
ance of the cars company has 
been disappointing, the- creation 
of a separate identity' for com- 
ponents allows the opportunity, 
if no more, of cutting loose 
from the downward /drift and 
seeking new markets. v . • 

.. Mr. McGrath is quick to point 
to the' growth potential of com- 
ponenis, which have high' added 
value airfare easily transport- 
able. • BL Components may . .be 
lacking: Investment in some of 
the latest-volume assembly tech- 
niques, but has machine shops. 


that would stand comparison 
with the best in Europe. The 
company has the added advan- 
tage of lower wage rates. 

Mr. McGrath takes a comba- 
tive attitude towards the con- 
cern expressed within the UK 
components industry that BL is 



Peter McGrath: 
little interference 

using taxpayers' money to ex- 
pand in areas where there is 
aiready sufficient capacity and 
domestic companies have 
demonstrated their ability to 
meet foreign competition. 

“It should nut strike fear 
into the hearts of UK com- 
ponents companies. It is com- 
petition. Thai is the world we 
live in and jf it drives people 
out tn seek new markets that 
must he gnnd for Britain." 

Mr. McGrath argues that for 
a company receiving loans from 
the state the case for seeking 
business efficiency is the 
stronger. " We will only do it 
in-house if it ran be done- more 
cheaply. If the pricing offered 
by outside suppliers is right 
we would be unable to put for- 
ward a commercial case for new 
investment" 

He acknowledges there are 
complaints that BL Components 
might attempt to take advantage 
of its idle capacity. “Compet- 
ing we certainly will be over 
a wide range of products. But 
unfairly, no. 

The need of car assemblers 
to be assured of supply would 
require them to place business 


with more than one company. 
Wc have some cases where we 
arc unable to get business from 
some BL companies because the 
pricing of our competitors is 
too keen. There are other ex- 
amples where prices charged 
to Austin Morns arc so high 
that we can get discounted cash 
flow returns uf 30 per cent and 
more ' on brand new Invest- 
ment" 

Mr. McGrath cites the case 
of the planned £24. 7m 
aluminium foundry on a green 
Held site at Leeds as an ex- 
ample of where the private 
sector was given the first 
option. “If traditional suppliers 
of aluminium castings feel they 
can supply all BL requirements 

more effectively and cheaply, 
they can scotch any new invest- 
ment of mine by price nego- 
tiations with my sister com- 
panies." 

BL maintains that the new 
foundry will provide a saving 
of up to two-thirds on labour 
costs. The facility, scheduled 
to come on stream by the end 
of I9S0. will, increase BL 
aluminium capacity from 7.0U0 
tonnes a year to 1 3,000. 

Mr. McGrath is clear about 
the company's strengths and 
where growth can be expected. 
“ Unipart has proved itself as 
nn exceptionally good market- 
ing operation and we intend to 
build on that." 

At the manufacturing end. 
SU-Butcc is anxious to develop 
interests in electronically con- 
trolled equipment. " .Joint 
ventures with specialists in the 
field of electronics will hi very 
much in our minds." 

For Pressed Steel Fisher, 
where only £10ni of the current 
1300m turnover is with outside 
companies, breaking hack into 
markets abandoned a decade 
ago will be difficult. 


The increased scale and inte- 
gration of body assembly work 
means tow companies would 
turn to BL to meet require- 
ments. But there could be an 
important, market for sub- 
assemblies -and contract work. 
The aim is to build on the com- 
pany’s strength in the applica- 
tion of computers u, engineer- 
ing design and tm.l manufac- 
ture. 

While lbero i« undoubted un- 
rest within The UK components 
industry' at BL’s planned move 
into new ventures, there is also 

a considerable mea*uri‘ of scep- 
ticism: "We have heard all this 
before -but it has never come to 
anything,"' was the weary re- 
sponse oE one senior director 
in the industry. “BL does not 
have the eredihiln.v iu make an 
impact. The components opera- 
tion is so enmeshed with lahour 
problems that it will he dragged 
down along with the cars com- 
pany." 

Mr. McGrath is conscious of 
the problems. He makes no sec- 
ret of -the fact that the com- 
ponents companies will push 
their own names and identity. 
•*\Ve have to accept there is no 
way wc can persuade people to 
place large orders unless they 
have the assurance of regular 
and continuous supply. On price 
ancf quality vve think wo can be 
competitive. On delivery *.ve 
have to prove uur reliability." 

Mr. McGrath him?!* that man- 
agement morale has recovered 
dramatically from the low point 
it hit in the early days of the 
new company, lie laughs: “At 
the outset f wondered whether 
it was -the soap I was using; 
nearly all the senior people 
seemed to have left. But in a 
company of this size there is no 
shortage of talent. Wc have ap- 
pointed front within and re- 
cruited from outside tn form 


what 1 believe is a very strong 
team." 

Ail senior management had 
been through the psychology 
tests introduced by Mr. 
Edwardes and have proven 
track records within the 
industry. " The whole 
philosophy of management is 
that we encourage people to 
develop their ov/n initiatives. 
Everyone knows what is 
required of them." 


Targets 


Mr. Edwardes and the BL 
buard set the components group 
targets for cash flow, profits, 
return on capital and whatever 
indicators can be developed 
for productivity. Those objec- 
tives are then translated tn 
company level by Mr. McGrath. 

'* Michael Edwardes does not 
want to hear from me what has 
gone wrong. He cuts me short 
when 1 am trying to tell him. 
Ho just wants to know when 
I will get it right and how." 

Mr. McGrath is lucky to the 
extent that his empire embraces 
the highly successful SU-Butcc 
and Parts operations which 
according to one private 
industry forecast could return 
a profit this year approaching 
£lli0m. But there can be no 
mistaking the problems he faces 
in pushing through a pro- 
gramme of diversification into 
new markets. The immediate 
problem appears to he the 
threat posed by the 32 tool- 
makers at SU Fuel Systems, now 
in the tenth week of their un- 
official strike. 

In the longer term he must 
not only overcome hostility and 
scepticism within his own in- 
dustry, but establish a confi- 
dence among customers that his 
companies can deliver the goods. 




27 



Another year of steady progress 

In his Statement, the Chairman, Mr. M. F. Hurdle, 
makes the following points on the year ended 
31st March 1978 

■Jr Volume of sales has increased by 4%. 

■X; Construction, acquisition and refurbishing of Public 
Houses continues. 

■?£ Revaluation of properties shows Cl 7m surplus. 

■Jr Company well placed for the future. 


SUMMARY OF RESULTS 

Year ended 31 st March 

1978 1977 

External Sales 

24,960,982 

21,431,466 

Profit before taxation 

4,163,990 

3,452,379 

Profit after taxation 

2,043,974 

1,659,038 

Profit retained 

1,648,458 

1,264,041 

Earnings per ordinary 
share 

8. Op 

6.5p 

Dividends per ordinary 
share 

1.881p 

1.6842p 


Marston, Thompson & Evershed Limited 
Brewers, Wine & Spirit Merchants 


Ivi'*' : 


*i;-: ■ 
r ■ 

s&f.i.?- r- 



UK TRADE FAIRS AND EXHIBITIONS 


//; ; . T.tie • 

. % -4 — 2S Improve Your Horae Exbn..-' 

/- .5 — 19 Junior Fashion Fair International ' 

. •' 

WF'-'- "8 — 21 International Communications 

?... 0— 29 SMMT Motor Show • : /- 

r yfr ^-t" q ^jggg 4 — 25 Electronic Instruments Exbn. 

fctS-3 4 — 26 Environmental Health Exhibition 

y ’- 4 — 27 European Offshore Petroleum Conference and 

f Exhibition . - . - 

***'**- ■ ~;4 — 27 London Fashion Exhibition 

A — 28 Business Equipment. Trade Exhibition 

-27 Management Services and Equipment Exhibition 

0 — Nov. 3... Midland Metal Sawing and'Tube Working Machine 
.. .... „ Exhibition 

•' * I — -Nov. 2... Equipment and Machinery Demonstration.' Labels 

jl, and Labelling 

5 — 8 Furniture Preview Show 

13 — IS ...... ENPQCON — Environmental Pollution Control 

u. Exhibition 



Venue 
Olympia 

Royal Horticultural 

Society's Halls, SWl 
Cunard Int. Hotel, W.6 
National Ex. Centre, Sinn’hm 
Post House Hotel. 

Southampton 

Bournemouth 

Olympia 

Olympia 

Cunard Intnl. Hotel. W6 
Exhibition Centre. Harrogate 
Addison Exbn. Centre, 

Willenhall 

Clothing Technology 

- Centre, NW4 

Olympia 

National Exbn. Centre. 

Birmingham 




a AUTHOR 




OVERSEAS TRADE FAIRS AND EXHIBITIONS 

2 — 23 USSR Scientific Research Equipment Exbn. Moscow 

2— 13 Annual Library- Microform Conference and Exbn. Washington Hilton 

•5 — 22 International Wine Fair - • .Verona 

'9 — 22 Solar Energy Exhibition, and Conference Verona 

:6 — 29 World of Investment *78 - Los' Angeles 

.3S — Nov. 12'. SNOW 78 — Sports, Winter and Recreation Sbnw Basle 
► ilS — Nov. 30 . INTERPEL — International exhibition of Leather 
*'■ and Travel Articles Dietikon 

10 — Nov, 3... Electronics Trade Fair ■ - Amsterdam 

3 — S International Book Fair .BeogTad 

7—11 International Sheet Metal Working and Forming- - 

Exhibition . Essen 

, ' S — 17 British Industrial Exhibition. • Mexico City 

11 — 19 International Hotel, Tourist Equipment and wines, 

spirits and beverages exhibition Geneva 

13— IS International Packaging Exhibition Paris 

13 — is International Food Manufacturing and Processing 

Exhibition Paris 

DSENESS AND MANAGEMENT CONFERENCES 


' * ... i Brit. Council of Productivity Assocns.: Contracts 

•*"'*' of Employment 

"tfp 10—12 IPC ElectrieakElectronic Press: Water Power and 

Dara Construction 

.Lu- . " 10 — 12 ASM: Cost Analysis and Financial Techniques for 

v i _i tbe Buyer 

T ' Abacus Conferentes: Using Industrial Design 

Copyright to the best advantage 

__ 12—13 Institute of Marketing: Effective Pricing 

^ — 1 12— Dee. 14 . City University and FT: The FT-City Course 
FT Conference: Outlook for Italy 

S mm i - y j } 17 Institute’ of Marketing: How to Manage Salesmen 

JT * . f? u ! 1 for More Profitable Selling 

17 AGB Conference Services: The Threat of Crime to 

' Industry and Commerce. Six Robert Mark- 

« * I *e* £ ; ; 17 — * ASM: Legal Implications' of 'Engineering 

IMl I L J Contracts ^ Tte> 

Iff) * * “ 17 London Chamber of Commerce: What the U.S. 

/ -Buyer expects- - 

t. • ■ , ^ 17 — ESC: International Leasing 

‘ IS Henley" Centre for Forecasting: Planning 

— ‘ "" Consumer. Markets 

18 Industrial Marketing Research Assocm.: Forecasting 

;BA^> Demand for New Products 

ifL? 18 SRI International: Computer Security 

.19 Institute of Purchasing and Supply.' Forest 

. . Products for the Furniture Industry 

?’ U V ... 19—20 asm* Establishing Good Communication Systems 

• Within the Company . . , . 

'' ' 19—20 Management Centre Europe: EEC Legislation on 

Bankruptcy and Insolvency Procedures 

20 Abacus Conferences: Intervention by the eel 

‘ . Commission ■ in . Operations or. Trading 

■ • Companies ! " , _ . , _ , 

23 23 FT Conference: Finance and Industrial Develop- 

. - meat in the Gulf - ■ 

f •■Nr : 24 AGB Conference Seryiees^ Trade Union Recogm- 

. ^ 2.1 - ' tiori— the Options . ’ . ‘ ’ 

3 . 24 . -Institute of Purchasing and Supply: Rubber ana 

Allied MatenaiAr-into the *808 •' 

tP ■ ■= ••• 


Waldorf Hotel, London 

Grand Hotel, Llandudno 

Cafe Royal, W1 
; Kensington Palace Hotel, 

London 

Royal Horsesuards Hotel, SWl 
City CJniv. Business School 
Rome 

Royal Garden Hotel, 

.Kensington 

Cafe Royal, W1 

Cafd Royal, WI 

69.*Cannon St., EC4 
Carlton Tower Hotel, SWl 

Carlton Tower Hotel. SWl 

Kensington Palace Hotel. WS 
Hyatt Regency Caspian Htl., 
Chalus, Iran 

Royal Lancaster Hotel, W2 
St Ermins Hotel, SWl 
Brussels 

Kensington Palace 

Hotel, WB 

Bahrain - 
Piccadilly Hotel, Wl 
Grosvenor House, Wl 


■ Goebel: Picture ol.flovorion shooting range 



■ . Choosing 

a financial partner need not be 

a shot in the dariL 


There are many criteria for selecting 
one bank over another. The reason for 
choosmg Bayerische Landes bank is not 
only sofid, but also quite simple: We want 
to he(p other people prosper. 

Our financial sirength, our quick decision- 
making - we are unencumbered by retail 
banking or a complex branch structure our 
international presence, our wholesale 
banking services, and our professional drive, 
make us well placed fa meet your financing 
needs: 

• Long-term fixed interest DM loans 

• Roll-over credits via our Luxembourg 
subsidiary 

• Private placements 

• Bond issues or equity financing operations 
via stock exchange introductions 

• Short-term trade financing 

We can refinance long-term 
credits through the issue of our own 
bearer bonds. Here our vast experi- 
ence in municipal finance is of great 
value. And we can structure a worldwide 



syndicate of underwriters and selling groups 
and price issues sensitively, promptly and 
independently. 

Our private placement capacity is en- 
hanced by our positron as clearing bank for 
a broad regional network of local universal 
banks (SparkassenJ. We can also give sound 
advice about introducing foreign companies 
on any German stock exchange. 

With a balance sheet total of close on 
DM 60 billion, we are among West Germany's 
foremost universal banks. We are bankers 
to the State of Bavaria and belong to the 
powerful financial organization, the Spar- 
kassen network. 

Bayerische Landesbank is a combination 
of sound banking and solid growth - plus 
two very special ingredients - “Bovorion drive 
and friendliness". That's what makes us good 

partners for your international financing needs. 


Bayerische Landesbank Girozenfrale 
8000 Munchen 2 , Brienner Strasse 20 
TeL: 217T1, Telex: Foreign Dept524324 
Cables: Boyembank Munich 
S.W.I.F.T. Address: BYLA DE AAM 


Bayerische 

Landesbank 

Qrozentrale 

MternatkmalBankingwithBaiarianDcxve 
and Drkxtdljness 





-,-1 


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28 . 


Financial Times 


: r i j u* 


1st NOVEM BER 1 978 REDEMPTION 


BRITISH LAND INTERNATIONAL N.V. 
U.S. $16,000,000 8 % Loan 1987 


REDEMPTION OF BONDS 


F.ri tieh Lanfl International ‘N.V. announces that for the redemption period ending on 1st November 19T8 it has purchased and cancelled 
Lon-te of t he a hove loan for U. S.SIro.000 nominal capi tal and tendei'ed them to the Trustee. 

The nominal amount of bonds to be drawn for redemption at par on 1st November 1978 to satisfy the Company's current redemption 
oH isrs i mn is accordingly U.S-S1.1 15,000 and. the nominal amount of this loan remaining outstanding after 1st November 1978 will be 
U..S.SH, 400.00*1. 


DRAWING OF BONDS 


i. e i = a.'.'m-dimrlv hereby -Liven that a drawing or bonds of the above loan took place on 21et September 1978 attended by Mr. Keith 
Fiv.ni i.- Croft E.i kerofthe fi ini of John Vean&Sons. Notan- Public, when 1.145 bonds foratotal ofU.S.Sl, 115, OOOnominal capital were diawn 
for r.'df’mpnnn .urvu-nn i.*t November 1078. from which date all interest thereon will cease. 

Tlie foil owing ait the numbers oi the bonds drawn: 


1 

8 

12 

o7 

43 

T-I 

tnl 

82 

109 

116 

1-12 

1-18 

155 

'388 

209 

213 

216 

227 

232 

245 

- s;i 


grW 


320 

Sir, 

351 

357 

36-5 

o32 

388 

389 

331 

411 

436 

445 

464 

474 

473 

487 

NU 

51.1 

r>i; 

5>7 

5-M 

rtn 

611 

636 

642 

&W 

663 

681 

T2S 

m 

733 

734 

738 

751 

787 

791 

7f1!l 

an 

O-J 

arr 

xw 

S77 

878 

888 

325 

MS 

958 

997 

3008 

3014 

1021 

1026 

1039 

1048 

3051 

3052 

JiiTI 

31(77 

1078 

13:10 

11 '5G 

not 

121*5 

3256 

3271 

1273 

1279 

■1267 

3331 

1365 

1380 

1396 

1-100 

1418 

3417 

1449 

U»iT 

1171 

1ISI 

1.VM 

1513 

361! 

MIS' 

MW 

1543 

1544 

1*46 

1519 

3561 

156-1 

1569 

1574 

1585 

. 3587 

3«ti 

3606 

JlilJ 

mil 

3707 

1718 

1710 

1 7A1 

1738 

1742 

1751 

1767 

1788 

1797 

1824 

1826 

1839 

1554 

1861 

1868 

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Witness: K. F. C. Baker, Notary Publiu. j 


Th* abo’-p bon. Is may bp presented for payment of the proceeds of redemption at par on or after 1st November 1978 at the offices of the 
pa • i n a ,'cn r.s nj medon r he coupons in the manner specified In Condition 7 of the Termsanil Conditions of the Loan printed on the rcversp of 
tln : bond.', Eai.!i of these bonds when presented for redemption must bear the coupon dated IstNovember 1979, and all subsequent coupons, 
oiliei v/le* the amount of the missing coupons will be deducted from the principal to be repaid. 

Principal Paying Agent: N- M. Rothschild & Sons Limited. New Court, St. Swithin's Lane. London EC4P4DU. 

i i - a -- j 




in the 



BY MICHAEL CASSELL, Building Correspondent 


FEW OF the Indian workers that its people are. not given 
who return home on leave anything less, than . fair treat- 
a board the weekly Gulf Air menL It believe* that, because 
night flight from Muscat in the their expectations may be so 
Oman to Bombay’s Santa Cruz much lower than those of other 
airport would support their groups of foreign workers. In- 
Government’s conviction that dians working abroad have' too 
most of its people are being often been given a baii'4eal by 
ruthlessly exploited by uncaring and unscrupulous ero- 
employers of all nationalities in ployers and that the tim» has 
the Gulf. come for a ch ang e, 

It is a belief which has led 


There is no doubt that India, for a curb on Immigrant fa 
for the time being at least is Under the Indian ..© 
paying a major role in sniPPly- wont’s set of condition 

p lay i us c-ut w th Tahniir worker* i 


mg the Middle East with labour workers ^recnUted by ^ 


to the introduction by the QfrgnHprl 
Directorate General of Employ- lju.(IUUCU 


went and Training in New The Indian Government 
Delhi of a daunting 25-point would contend that for every 
list of pre-conditions which any satisfied worker returning home 
foreign employer must meet abroad flight GF 014 on a ticket 
before he can export skilled, paid for by their - employer 
semi-skilled or unskilled Indian there are thousands of others 
workers, who find themselves stranded 

without pay or acconuixodation. 
Dpplinp Many, because they have found 

wort; abroad without visas, are 
As a result, recruitment from initially forced to pay- fioo or 
India for work in the Gulf more to the .agencies which 
states — almost exclusively in- arrange some form of empioy- 
volving construction projects — ment and are then- made to 
is declining rapidly and com- hand over a proportion of their 
panics are looking elsewhere regular wages to the agencies’ 
for recruits. local representatives to prevent 

To the men sitting excitedly ““ fr ° m ^»g exposed to the 
on the “Golden Falcon” TriStar, autfaont ies. Those on return 
the one-year contract they have v ^ s .' , orihe . . immigration 

just fulfilled in a country only t0 a “ ow to stay 

two hours from home across the a , then , seek work from em- 
Arabian Sea represented any- p J oyers who advantage of 
thing but exploitation.. Their their vulnerability,. by -offering 
period in Oman was perhaps the them hard work and. little pay. 
best chance they would ever According to the. Government, 
have to save money and to help many thousands work under 
pull themselves and their appalling conditions Jbr months 
f amities above the subsistence or even years in an effort to 
level of millions of their raise sufficient money . to pay 
countrymen. for the air fare home and 

Clutching, almost to a man, eventually return disillusioned 
a new Japanese radio-cassette and as penniless as on the day 
which seems as compulsory as they lefL . \ 

a passport and which provides Critics of the Government’s 
the most obvious symbol of latest move, however, contend 
their orereas success, most of that its determination to ensure 
the passengers want and intend a fair deal for its overseas 

to return again to Oman. workers is depriving many 

The brief holiday with their Indians of the ’ desperately 

families will be largely taken up needed jobs which attract rela- 
discussing plans for the land lively good working conditions, 
they intend to buy, the bouse Measures to improve the 
they propose to build or the status of the worker overseas 
progress in providing a suitable cannot, say opponents' of the 
dowry for a daughter or sister, new restrictions, .be permitted 
Though they may be aware to develop to the point where 
that their conditions and rates Indians find it almost impossible 
of pay may lag behind those of to get work overseas. The 
some other groups of foreign preservation of -a r- country’s 
workers, they are ever miDdful dignity in the eyes of the inter- 
of the alternative awaiting at national community, they 
home and, for the most part suggest is ranking :in the 
are well satisfied with what Government’s eyes in import- 
they see as their good fortune, ance behind employment and 
The Indian Government, how- foreign earnings for such a 
ever, is determined to ensure poor country. 


commodity which ig scarce employers — introduce*, 
in most of the Arab nations. It this year— basic ; cates o 
is estimated that more than 2m for various , job ...c^ 
Indians are now working in the in each country have 

0 O lf five times the number recommended. - They raj 

employed in the region before an increase of aJ»ut25^ 
the construction boom got on current average raiesj- 

undcr wa >' at t ^ ie sta f t °* “ ,e Among the other, gf- 
1970s. laid down, employers * 

The recent recession nas tractuaily. bound V gfa* 
meant a reduction in the months’ notice 'of .-rejjhm 
present flow of workers to the must provide 30 
Gulf. Agents who. four or five paid leave, offer, frebfr 
years ago. were recruiting as services and free.-ftm 
many as 5.000 people a time for jiving accommodation:— 

individual construction projects .. . .7^ 

are now handling at most a few , 

hundred. COnCutlOriS^ 

Demand is as much for • 
skilled workers as for site F f“ transport 
labourers. Reputable agents ln. worl J is also 
India have nationwide networks & m Pjoyw musl 
of sub-agents who can summon employee remits 
at short notice Sikh carpenters f ce ^ of 
from the Punjab, masons from In . d,a - tha ^st 
Gujarat and Rajasthan and actl on to. be borne jpjto 
office staff and machine opera- P an y- \ 

tors from Tamil Nadu province. niey are conditians.^'^' 
Recruits are trade tested and employees from ajo^v^ a - 
up to 60 per cent of 4hem prove would normally . expeef 
themselves pro6cient enough which, for many 
for the jobs on offer. Most sent significant improve 
face 12 months or two :years Leading inlernafipntf;^ 
living in tented communities — tors, including those . fm 
though these are now giving UK. already provide'«a 
way to prefabricated buildings lively high standan&fa 
— and earn three times as Indian site workers ttboc 
much as they could expect at British employee wbiUJ-; 
home. them) but even they ' e 

concern at the exienfaifr 

Wages r4";L n r r ^ at,0Mt i 

In many cases, however, their . Some cantractors.-arg 
Gulf pay might still only be looking more lowm-dA-Pai- 
between £20 and £40 a month. Sri Lanka and Banglade. 
with the facility for extra over- Their recruits, and aget- 
time payments. With ■ free Bombay and New i 
accommodation and food, most demand Tor5 

still manage to send a great w-orkers has already falter 
deal of their wages home — the regulations carne ints" 
unless they are in the hands of But the Indians ban " 
an Arab sponsor who threatens major factor working' in 
to cancel their visas unless he favour; they are gem?) 
retains a proportion of their gardetL as better worker! 
wages. more, highly develop 

Some states — such as Dubai than many of their coop 
— permit the worker to take his in the labour-market v'* 
family with him, while others Whether or not employ 
like Oman dictate that he must the Gulf are prepare 
earn at least £20 a month before acknowledge this fact- by 
he can contemplate 6uch a move, ing Indian workers im-f 
In Bahrain, concern is mount- conditions and prmidnife 

ing over the large numbers of the Indian Governments 

unproductive dependants who nothing more than a>... 
arrive with immigrant-workers deal, is now being pil-lr— " 
and there are mounting calls test. 


m l 7 Lb' 


-i 


Kuwait Airways lamtch 



Th e firs t office penthouse in the sky and the first Jumbo direct from London to Cairo. 

V\fe will have three flights weekly London-Cairo-KuwaitPlus one direct flight 
to Kuwait with onward connections to Abu Dhabi-Dubai and Bombay. 



,; *Ci 


THE O ASK: We' re opening our unique tourist lounge 
refreshment bar where you will be Able to stretch your legs 
and meet other important businessman before your arrive 
In Kuwait at your destination. 



THE BUSINESSMAN’S ENTERTAINMENT: We know you 
won't want to think business all through your flight That's 
why we're the only airline with entertainment on every 
flight Ws show fflins or you can tune into the Latest in 

stereo Bound. 


THE BUSINESSMAN^ STUinS In the Eamomy Section, our THE PENTHOUSE SUITE: First Class passeneers will enter 
newjumbo jets provide a quiet study area, so you don't a world flavoured with the EastThe ridSv-aLneted and 
have to lose time whfle in transit, but rather sink into a 


comfortable seat, have refreshment and do your work. 
Remember there will not be any telephone interruptions. - 


cushioned observation lounge in the pemboSewlU ^nake 
the hours pass unnoticed. 


TIME-HONOURED HOSPrCALCTS: As OUT jfiaheSi \ 
bigger so does bur service, for us a St 

matter and something we're proud ctf/lbats wbyj . A . 


you a choice of three tnenusin First Class and two 
. Economy Class. 


THE BUSINESSMAN'S CLUB OASIS: WfewiU be THE BUSINESSMAN'S SCHEDULE; join us on OUT 

inaugurating pur exclusive Oub for those who like extra businessman's Jumbo from London Heathrow to 

information and enjoyment on their business trip. First Caiio-Kuwaft and Bombay - Our 

Class passengers become members automatically. And this new four flights a week wiB be introduced from Novem bet. 
service will be indispensable when you arrive In Kuwait, to Don't forgetour 707 flights leave London for Kuwait 
help and Inform you of existing services. every day 




KUWAIT AIRWAYS 

Does more to make your business trip ajambo suc ^ 

Kuwait Airways. 32-35 Piccadilly, London WLTefc 01-491 4280 * Birmingham: 5di Floor; The Rownda. New Street, Birmingham B2 4M.T«fc 021-643 5811 ■ Glasgow: 124 51 Vincent Stiwn,Glasg<n* 041-248 3588 ■ Manchester: 2t8RoyaJ Exchange fhdkHng, Ma n duuter27D&'I»«^ 


.X 


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The dates when some of the more important ompany dividend 
tatements may be expected in' the next f e w weeks a re-given in the 
blowing tabic. Dates shown are those of last year** announcements, 
xcept where the forthcoming board meetings' (indicated thus*) 
ave been officially .published. It should be emphasised that the 
ividends to be declared will not necessarily be at the amounts or 
lies per cent shown in the column headed “ Announcement last 
ear.’' Preliminary profit figures usually accompany final dividend 
. anouncements. 


Latest bond issue by CA 
to include new feature 


jriV*-- ... 

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Announce- 
Diic nxm last 
. year 

icmw Nov. 3 lm. UJS 

..tilled Irish 

V Banks Oct. ZI tut. i.st3 
. Uloait London 

Props. ...Nov. 10 Inr. 1 
Vmal Pou-.-r 1" 

Kns.. .Oct. 10 IxiL. !.« 

*■ idsId Am. 

i. " Croup . .Oct. IS Finals due 

• Mr. Biscuit ...Oil 10 lm. I.4W 

-B FMdS Nov. S Inr. 0.7333" 

PB Industries... Nov. 2S Inr. 3.B 

V SC lbtntl Oct. IS InL 0.7 . 

t of hvLiid ...Nov, 7 Ini.' 5 

• croc OH. 27 Ini. 1 .0751 

: irrlult-y 

Ha intro Wop. --Nov. 2 Ins. 1 
■ i-rry Wiscln*. ...Oct. S final ml 

oeis ..Nov. ifl ini. .’j (uruust 

Ourlhorw Oct. IB lm. 0.73 

. : nUsh Homr 

Stores . 0«. W lot. 2S 
route Bond 

Ut.-buL- Ocr. 14 Final 2.03S 
. roten Shipley ..Nov. to tat. 4 

atcr Bjrdcr . . ..Nov. 9 Ini -i.it* 

ojtn Bros Of*. 21 Inr. 0.77-IM 

r, hh 3ats Pntons ..Nov. a la! I :m 

■ J fin, ons. Cbldlu-lds OcL U Final 5.33K 
'‘Ujjsral LcLsarc ...Oct. H Ins. 3.3 

ebenbams uci. 12 InL 1. 3003 

r- La nue NOV. 4 InL 7 

ucrilc Steels ...Oct. IS ^InaJS 78S 

upon Oft. 19 lQL 1.623 

*• DITH Oct. 34 inr. a 

Ills and 

Gold ji tin... Oct. 13 Ini. o.ss 
mpiiy Stores ...Oct. 11 inf. 2.22 
imoss vviitty _0*t. IS ■ Ins. 'SZ 
i-rrard and 

NaiiuuaL OcL 13 Int. 4 
* .n and Duffus ..Ocr. 25 Int. 34M 
rattan Wam. ...Oct. 10 Int. 1.7* 
aufc.r 

Sidik’lvv .. ficL 2P Ini. 1.8543 
lalli (C. E.i _JVor. 8 ini. l.tiJ 


. . . Annranct- 
Daie • mem Ian 
yrar 

. BupworUi fj.l ...OcL-Tfl Final 1.65 
•aiphbnd Dist. ...OcL S3. Final 2.067 
Hover imitiam .. o«L 74 Ini.- 0.35 

•Lalus; tJ.i Oil. 27 InL 1.25 

London Brick - _.n«.. 27 Jdl iam 

- ' Lucas ink Nsr. 7 Final 0.B8S 

Malbnson 

Denny. Nov. 1 int L25 

-Marctaviel OcL 9 InL I 

•Marks and 

Spencer. Oit. U. int. 1 7 

Martoruir Nov. V, l-'fnal 3.75C 

■jjdal Bor Nov. 21 .lnf.-.M 

•Mcnojr _...OcL 13 Int. 1.M5 

Wiakr Assets .. Nov, 8 . Tot. 1.523 

'MoUtrfcacc OCL 13 JnL 

•MturUau iJ.» .....Act. J! -Inr 1.3 

rc arson fS ■ ; ocl. T !«• 2 

Brad lent Int. .. Nov. » Int. D.,72 

Reed lull Nov, 1 lot. j-Sj.£ 

-RuEby Pun. 

Cemcnr ..Oct 18' Hit. 1 0*9 

•fiOfl Group NOV. 30 inr: utf 

Samsbory U.i ._Nov. 9. InL 3.0328 

•Scottish Mel. . , 

Prop. . OcL 19 Huai 1JW34 
•EL'lUor Kugng. ,„OCU I*. UH- 9.3535 
5miili Inds. ....-Nov. 8 htaal 4JB03 
Smith tvr. B. > ~NoV. 10 lot. LM545 

Spillers Oct. 34 InL 0-B25 

•Spirar-Sarco on. 17 1 m.-3.W37 

StavelL-y luds. ...No®, a Sec. InL 4 
Swan Hunter ...On. 11 Final 3.M9 

DEM _NoV. 2 to- 1-78* 

L'liL Beal Prop.. .Oct. W Ftual 3.9 

Wtaitbread Nov. S .Ini. 1.H7 

•WHmot 

Bnvdcn .. ..Oct. W- Jot. -1.5 

Wood HaU Tal Nov. 2 Final 4A11 

•Vousbal 

Carpels.. .Oct. 25 InL 2.M5 

• Board mccltnn Initoaied. 1 Ricbis 
Issue since made, -i Tai fire. I Scrip 
Issue since made JrotB reserves. 


Br PAUL LENDVAI 

AUSTRIA'S No. 1 hank. Credit* 
anstalt Bankvcrein (CA) is to 
raise Sell lbn (570m) by ihe 
issue nf a three tier bond loan. 

Two branches of the bond 
issue arc earmarked for pur- 
chase under fiscal privileges. The 
co-callcd “A" tranche has a life 
nf 15 years and is redeemable 
annually in 15 annual instal- 
ments beginning with 1979 while 
tranche “C" has a lifespan of 
eight years. Both will carry a 7-J 
coupon and will be priced at 
100.25 per cent. 

Buih have a yield of 7.7 per 

cent but assuming fiscal privi- 
leges. the yield rises to 9.7 per 
cent for tranche A and 9.5 per 


cent for tranche C respectively* 

Under Austrian law. every 
resident can buy up to 
Sch 100.000 (about S2.000J worth 
of bonds per anum with the 
Federal State providing a 10 
per cent rebate and with interest 
sot subject to taxation. 

The new feature of the CA 
loan is the tranche B with a life 
of six years and redeemable only 
after maturity with a coupon of 
7} per cent and priced at 100. 

CA began in 1974 with the 
floating of its own bonds which 
reached during the past four 
years a total of Sch4.1bn exclud- 
ing redemption and including the 
new issue, CA bonds in circula- 


VIENW'A, Oct. 8. j 

tion “will reach Scb4-7bn or a 
market share of 15 pec cent of 
the bond issues floated by Aus- 
trian credit institutes, i 

About 80 per cent of the pre- 
vious issue has been subscribed 
to by domestic private clients 
and 46 per cent has been pur- 
chased under the system of tax 
privileges. In view of the recent 
statements made by the Finance 
Minister about a reduction of 
federal subsidies for savings as 
from- next year, which in 1978 
alone cost the Treasury in the 
field of bond issues some 
SchfiOOm, dealers here expect 
that the CA issue will be over- 
subscribed. 


DSM cutback to hit Limburg 


RECENT ISSUES 


EQUITIES 


BY CHARLES BATCHELOR 

THE STATE owned Dutch 
chemicals group, DSM, plans to 
cut its workforce by 2,000 over 
the next five yearn due to the 
recession in. the industry. This 
will mean a 15 per cent 
reduction in the company's 
13,000 employees in the Limburg 
area of south eastern Holland. 
DSM s tulut workforce in Holland 
and abroad is 33,000. 

The group's main problem 
areas are fertilisers, yarns, fibres 
and plastics, ii said. DSM's net 
profits have fallen sharply in 
the past four years from the 
I record FI 518m (,?251m) in 1974. 

I but the company has up tu now 
ibecn able to avoid the substantial 


reduction in production capacity 
with the attendant loss of jobs 
which has been forced on the 
major Dutch chemicals group, 
AKZO. 

DSM's first half figures 
announced a few weeks ago 
showed net profit more than 
halved to FI 30.8m (Sl5m> from 
I he FI 70m in the same 1977 
period. The company said it 
might go into the red in the 
second half of this year. Net 
profit in the whole of 1977 fell 
16 per cent to FI 110.3m on sales 
which were 9 per cent higher at 
Fl 10.1 bn ($4.9bn). 

DSM must increase turnover 
through investment while at the 


!!3s.:«!±: ® 

x: .'£^“>.3 5^i ' I 
• t - I FTluh ! 




RU-h [ Lm j 


Plantation Holdings bid 


r.r. ZmiL jflg 31i«:iunr.r NM Lev- Jlvtrij 33 +It W.WL9 3-lill.t 

I F.P. - j 122 ;i00 (Htghnrtw ,120 J-4 J ~ -16.0 


FIXED INTEREST STOCKS 


3 §i! 197B I 

3 =a|- ■ Stock 

psj ti >ab | Uvr j ■ 

J 13/101 l?p ;i<U;ii 1 .Vmtwinjuio U* Uiuv. Prt..,..' 

'lO/Ill 99|, ®p)BenD Bn*. ID* Ptf„ ....... 

> 4rl; lOJfl. 10 lurfauoi Wmem-orks 7* Prf. I9K5 

! 10/tl. lOlJ lUlulL'uaket B>'.> 10J5K Prf 

Ja7, l0; Uf?p| UJ4*i.;U<w«n DeGwoc.JO*a Cri 

1 aofyi £281*1 JEZSIJ. Hill 4 ^mlib 14% Ui. Ocl-OOClMa...^ 

; Bilk, luia* wl Huwunl cWynfluau 18% Un>. Lu. HS-dL. 

— I auael *» Kenvtugton and Cliebea Var. Rato 1865- 

I 3»li; 311*! 7«j Cjuhum Jsme* 8% Cum. Frel ..... 

ilO/lliIomam 98l S p.-»l(inlislU£blUu Kl* Pn 

! 10/11; rtJp eWpTwjp. wffr. Inv. c* Prf. «... 

I — £££pm£J9pm:Pn>r. bnadriw 12% Cnv. 8B/88. — .... 

I — ' 1AJ ; 1UO KlffliCwwc 10*Lonv. Ldo. hM5... .... 

I 10il- S I S IcHintbTwfc Corp tied. 1387, 

— . uuijl U7i*;->inilliriv , i'r Vnr. Kme 

| - | SOisl £9*2 W«t Kent XCaivr 7% PncL 1063 


" RIGHTS - OFFERS 


O ! 

Ill P-- 


BY WONG SULONG 
AN INVESTMENT holding com- 
pany, set up by the Malaysian 
Chinese Association, the Chinese 
Parly in the Malaysian Govern- 
ment. has announced a 60m 
ringgit takeover bid for Planta- 
tion Holdings Ltd. fPHL). the 
British-based plantation and en- 
gineering company. 

Multi-Purpose Holdings Ber- 
had (MPHB) has been casting its 
eyes on Plantation Holdings for 
the past two years, and the 


KUALA LUMPUR, Oct. 8. 

opportunity for a takeover came 
when it recently persuaded 
Hutchinson International of 
Hong Kong to sell off its 11m 
shares. 

MPHB and its sister organis- 
ation. Muki-Purpose Co-operative 
Society, together held 20.7 per 
cent in PHL. but with the 
Hutchinson deal and its purchase 
of another 700,000 PHL shares on 
the market. MPHB now controls 
almost 50 per cent of PHL. 


AMSTERDAM, Oct. S. 

same time reorganising its weak 
paints and rationalising its 
existing activities to cut costs, it 
said. The company faces a num- 
ber of difficult years but it 
should then be able to improve 
profitability and guarantee its 
future. 

I-t has only a small home 
market and is Fieavily dependent i 
on exports. High wage levels in, 
Holland, high energy prices, 
tough environmental legislation 
and the firmness of the guilder 
have made selling abroad more 
difficult in the past few years. 

Au Printemps 
in profit 

PARIS. OcL S. 

Au Printemps SA announced a 
net profit of FFrs 18.5m com- 
pared with a loss nf FFrs 46.8m 
last time Operating profit 
totalled FFrs 12.2m compared 
with. . an operating loss of 
FFrs 14.7m previously. 

The company said operating 
profit for the whole of 1978 
should be at least equal to the 
FFrs 35m profit forecast in June 
at the annual meeting. 

Group profits for the first half 
should rise at least as much as 
for the parent company. 

Reuter. 


Bell appeal 
on Saudi 
ruling 

Bv Robert GihbenJ 

MONTREAL, OcL 8. 
BELL CANADA, the largest tele- 
phone utility in the country, has 
asked the resulatory authority, 
the Canadian Radio-Television 
and Telecommunications Commis- 
sion. to review its ruling that 
revenues from Bell's participa- 
tion (with Phillips of the Nether- 
lands and Ericsson of Sweden! In 
$3bn Saudia Arabian telephone 
modernisation and expansion 
project must be counted as part 
of ordinary revenues for domes- 
tic rate-setting. 

Bell, now an internationally 
listed company, has estimated 
that its share of the project will 
generate revenues of around 
C$1 bn over five years. Profits 
would be around CS165m. Bell 
had proposed C$32.7m should be 
treated as income for regulatory 
purposes, and the balance should 
flow through to present and 
future shareholders. 

In its review request. Bell 
argued its Saudi work is not 
material and is unconnected 
with the provision of phone ser- 
vice in Canada and beyond 
CRTC jurisdiction. The ruling 
had effectively discouraged the 
company from seeking “ further 
such importunities " and is 
against the interest or its share- 
holders. 

Shaheen claims 
counter offer 

MR. JOHN SHAHEEN has an 
offer ready for submission to the 
British Government's Export 
Credits Guarantee Department 
(ECGD) to buy back his bank-! 
rupt refinery at Come-By- 1 
Chance, Newfoundland, including j 
ihe immediate expenditure of 1 
S50m to repair it 
The report of the Shaheen 
offer came in the wake of an- 
other proposal by First Arabian 
Corporation SA to buy the 
100.000-barrel-a-day refinery, 
closed since the end of 1975 fol- 
lowing the bankruptcy action. 

Tn St. John's Industrial 
Development Minister Mr. C. 
William Doody said the New- 
foundland Government would 
study the First Arabian offer 
closely but details were not dis- 
closed. 

AP-DJ 


j r.i^ 


Rustenburg now 
on the mend 


4. M|.j ...... 

Wlpt' 

- 107 pi 

...{£861*1 




Currency. Money and Gold' Markets 


Snake slithers on 


: s i-L i 
J SB. t ..... 

i 


BY COUN MILLHAM 




19/9127,10' 75 b9 lAwummi fin*- 

2Z(9!a7-10' 447 IB.TJL 

23/91 la/lv 147pm 7p<n. Honour Hamt ... 

50it|^4,ll| 74 uti IBiacMkvnd jL 

10/1| Ofris: 61 . Unlwa » , rluiiu«„_ 

118/10130/11, 6pm '2*3 P« K-'tuinge Wares. 

I a 1(9 1 o/lJ. 145 l»a jUbubfi. — 

— I — MOpm idpmjUio. Fr. Pei rotes. 

8/10:17,11; 4lpm 35pm Lteixn.v I 

22/9' 13, 10 -o | W tiorada^ - I 

6/10) 5;11! HO 100 lUula.vBIc'niasric lU^UnvJaiStMU. 

— I — | to 1 4 ! to -iGlobe and l*hneilU 

| 29/9!l3/lC| K» , 76 ;HJ» 4 Sjmitb I 

6,10110 11' 69 i 83 iHowdoa Qropy. 

26,9:27,10! 96 j o» 1 Initial timicea | 

— i — i 14 | 10i»|nKunlct Holdings — j 

11,9.27,10; uUpm'SsiiKqiLea e>er\K». I 

6;1037.‘1D 106 f 97 |ti*. A: UWIand luH...~ ' 

— j — I Sfipm; bim'hsWB' ; 

— | — ! *pm; 5]ira!Rand Ujodon...: 

29/9i27,10, 80 , tsd |lteiaer» ,Jwv«Uerej I 

6/10; 5/li; bl ! 45 i Ke i»nce Ko>ivear~- ' 

26/9 8/ 111 320 I 2fc 5 -Hlfanto 80^ ...I 

9/10 6/1 1! 39 ,i 3o WeanraLL. ... ! 


73 

340 r 

12ih»|4-2 
68 +5 

21* pm. — „ 
140 | 

20 piri 

37(mi 

75 

100 j 

ba j 

78 : 

88 ! 

96 • 

lair -rip 

86|UH; — 1 

101 ! 


24* (in, 1 

—'8 

3|un‘ 

— 1 

72 1 


50 

— 1 

320 ! 

+ B 

38 | 



The snake is a versatile 
creatiire. It is very flexible and 
hot easily distorted to such an 
extent that it breaks apart. This 
is just as well, because tbe recent 
pressures brought to bear on the 
particular variety known as the 
European joint float agreement, 
would certainly have destroyed a 

CURRENCY RATES 

Special European 

October 6 Drawing Unit of 

RlflMs Account 

Sterling U5UU 84I7Z2M - 

LT.S. dollar LZM5B 133002 

Canadian dollar 1.52274 L5S7I7 

Austrian sebUUng ... 11.8252 183743 

Beteian franc 38.7224 34.4549 

Danish krone SH543 7^3505 

Demsche Mark ..... 2^5588 2J53<9r 

C HQder 2.66879 2.73U4 

Preocb franc 535422 5.73UH 

MUra 1058.75 X04230 

Ven ML 667 2 50436 

Norwegian krone ... 632076 6.73268 

Peseta 9L9251 44.9448 

Swedish krona 534499 5. 8 23 48 

Swiss franc 2.B5SS9 1 J I H 5 


less resilient animaL 

At a time when there has been 
much discussion about an en- 
larged system to include France, 
Italy and the U.K_, under the 
banner of the European Monetary 
System, it may be appropriate to 
look at the fate of the present 
currencies that are tied to some- 
thing as strong as the West Ger- 
man D-mark. 

The current system, or European 
currency snake, re wives around 
the D-mark, and it is difficult to 
see how any new system will 
avoid the eld pitfalls while 
inflation rates are so far apart. 

At present the Dutch guilder. 
Belgian franc, Danish krone and 
Norwegian krone are included in 
the agreement, and while all have 
been dragged up to record levels 
against the dollar, They have 
bounced along at ihe lowest 
permitted level against the 
D-mark. 

Short-term interest rates in 


Public Works Loan Board rates 


tiro. 


Renunciation dale usually last day for dealing free or stamp . duly, b Figures 
■d on prospectus estimate, u Assumed dividend end yield, a Forecast dividend: 
■r based an previous year’s earnluur. r Dividend and yield based on prospectus 
ujier official estimates for 1978. q Cross, t Figures assumed. 1 Cover allows 
conversion of si tare- not now ranking for dividend or ranking only tor restricted 
■Jend'i. S Placing price to public, pt Peace unless otherwise Indicated. 5 Issued 
lender. i 1 Offered In holders of ordinary shares as a “ rlghl«." ■" Issued 
■ray uf capita Italian. S! Reintroduced. S3 Issued in connection with rcorganjsa- 
. merger nr late-over, ill] Introduction, p 7s«oed in fnrmer prelorence holders, 
llnimenr letters lor fulb'-paid/. m Provlsmaai or partly-paid alluuncai letters. 
/iUi warrams. 


Effective from September 30 


Year* 

Up tO 5 

Over 5, up to 10 
'Over -10, up to 15 
Over 15. up to 25 
Over 25 


by ElPt 

ni 

121 

m 

12s 

12i 


Quota loan* repaid 

at 

Pt AT matnrltyfi 


Hen-quota loans A* repaid 
at 

by El Ft At maurKyS 

12} 12} 121 

12} - 12} 13} 

13 13} 13} 

13} 13} 13} 

13} 13} 13} 


HoHand have risen above 20 per 
cent. The Dutch have lifted their 
bank rate by 1 per cent lo 5} per 
cent recently, and every week that 
passes seems lo bring fresh 
speculation that Belgium wHi be 
forced to follow, although the 
rate still remains at 6 per cent, 
unchanged since July 27. 

The pressure on various Euro- 
pean currencies with regard lo 
each other has produced a 
peculiar situation, with several 
touching record levels against the 
dollar, but showing signs of dis- 
tinct weakness in the short-term 
forward market. 

This is simply a reflection of 
the changing pattern in interest 
rates. On Thursday Euro-guilder 
one month rates were 18-19 per 
cent, compared with 91-9? per 
cent for one-month Euro-dollars. 
On this basis the one-raonth for- 
ward guilder had to be at a dis- 
count against the dollar. A glance 
at the forward dollar table shows 
that sterling, the guilder, Belgian 
franc. Darnsh krone, Portuguese 

THE DOLLAR-SPOT 


escudo, lira. Norwegian krone, 
and Swedish krona are at a dis- 
count against the dollar. This is 
not a sign of the underlying 
strength of the dollar, but more 
an indication of the upward 
trend in European interest rates. 
Prospective members of the EMS 
should take note. 

GOLD 


lio-it Bunion to Hurl j 

ouni-ei I 

flM*e S226-723J ,S222j-aS3* 

Opening 'SM4-!2Si !SS2Sl-t24 

Momme fixing '8/26 20 3225.4‘> 

liJilg!.?** ,i£l 12.667, 

AAqraunn lixlnij S223.1 S222.W 

<£U2.S9ll ,[£1123351 

tir.id Comb , 

■ lomcttl tally 1 ■ 

Knnswmnil 'S280-252 :S229J-!31J 

lill 10-1 171 0 : 116 . 117 , 

New Sorrm/cns 3b2| l4l .H62;-B4i 

■ £4 1 i-3. i» it £3 U- toi, 

Olil Siiverriuiis. 56H-65J ;S60A-62^ 

'(£51- £2 1 ^£tD*-51*i 

Omd t oln*._ i 

intpinniioiuiiiv — — 

knitrrmml SU1|-!5I| ,6250-252 

>i£U5MIS4>;ti:ilfii 1 1 7i i 


;$eo*-t24 

^£iDi-51Ai 


BY LODESTAR 

RUSTENBURG PLATINUM duly 
confirmed last week's report here 
-that it has restored Lts Ford con- 
tract i which absorbs some 20 per 
cent of tbe mine's ©unput) to 
profitability by .sucee.«&iUy re- 
negotiating its terms. The -nows 
came with -the announcement of 
an overall profirs recovery, par- 
ticularly in the second farif of the 
jiear 10 August 31, that bodes well 
Tor 1978-79 earnings. 

This, combined with the com- 
pany’s further raising or -its pro- 
ducer price lo £*60 an ounce and 
the continued buoyancy of the 
firee market in platinum, led to a 
burst of Ntrcngih -in die (shores 
which once again rose above lUbp. 
Friday afternoon's London fixing 
price for the melal was Sl96i. It 
has thus almost reached the $300 
that was predicted as a possibility 
by tbe end of the year. 

Meanwhile, -the platinum market 
situation is much the same as it 
urats when last discussed here. The 
Japanese remain strong buyers, 
Russian selling on any-tihijit: like 
its former scale is stilt absent and 
the Now York stock position con- 
tinues to he denuded, leading tu 
a shortage of aciual meial to 
satisfy speculative demand 
fostered by tile weakness uf -the 
dollar. 

Rustenburg shares closed on 
Friday at 107p. The next liilip 
could come from a further raising 
of the producer price. In fact, 
there is already talk that the rival 
Impala. which is still quoting $250. 
may when it does make a move, 
lift its price to S270. If such 
levels can be sustained then 
Rustenburg could well see some- 
thing like a 75 per cenr advance 
in current-year earnings and a 
sharply higher dividend. 

The key question at the moment 
is whether the motul price is 
going to manage a decisive bt*ak 
above $300. That depends to some 
extent on whether gold is going 
to continue its record-breaking 
course or whether November's 
raising of the U.S. Treasury's 
monthly sales from 300,000 to 
750.000 ounces will begin to cast 
an anticipatory shadow over the 
market. 

If gold's strength does continue 
one of the South African shares 
that could be particularly 
responsive is that old favourite 
of this column. Libanon. In the 
year to June, during which ihe 
bullion price was considerably 
lower than it is now, dividends 
were more than doubled to loo 
cents (58p). 

Even the normally conservative 
chairman, Mr. Robin Plumbridge. 
sees a further advance in the 
distribution for 1978-1979— provid- 
ing the gold price remains at 
about $200 an ounce, at which it 
stood when he made the predic- 
tion in August. On Friday gold 
was 92232. 

Lib anon’s capital expenditure 
for the year to next June is 
estimated to be R5.5m but -this 
should not be an undue burden, 
as the company h> well-placed 
financially. Some decrease -in 
grade of ore milled is lo be 
expected, hut -the life prospect 
is still long enough not be be 
worried about. 

A buyer of -Lhe -bares should, 
however: realise that he must 
necessarily be putting his faith in 
the gold price remaining above 
$200. If it does he should be 
getting a good return on his 
money with a reasonable chance 
of some capital appreciation. 

Those bulls of the gold price 
who do not want -to risk their 
money in a single mine should opt 
for Lebanon's U.K. parent group. 
Consol ida-led Gold Fields, the 


INSURANCE 


shares of which, as analysts are 
always lamenting, seem to be per- 
NisienUy undervalued. True, the 
exposure .to South African gold 
is being whittled down as a 
matter of policy, but it still plays 
a significant part in -the company's 
fortunes. 

Gold Fields* re.sulls for the year 
lo la.*t June are due on Wednes- 
day. They should make a favour- 
able showing with still better 
things in store for 1978 711. The 
shares at 185p must -urely became 
more responsive one of tiiese 
days. 

The shares of the Canadian- 
Irish Norlhgate Exploration group 
have been having one of their 
periodic bursts of strength. Lead- 
ing the way have been those of 
Anglo United Development and 
this has prompted fresh rumours 
about lhe company's Irish 
uranium search in County 
Donegal. 

Hard news is difficult to come 
by. I gather that work has not 
yet progressed lo the drilling 
stage, but it is possible that 
surface sampling may be pro- 
ducing encouraguig results. Pre- 
viously when there has been a 
surge of stock market optimism 
based on the Donegal uranium 
possibilities it has been right to 
seize the opportunity to take 
profits. 

It could be this time as well 
particularly in Anglo United and 
that other member of the group 
WesUield Minerals. In fact, the 
best way of retaining an interest 
in the Irish uranium play could be 
through Northgate itself. It has 
a 24 per cent stake in Anglo 
United and, as has been noted 
here be Tore, is a cash-rich take- 
over target. 

The shores thus offer an excit- 
in'- ride from time lo time despite 
the fact that the Tynagh lead-zinc 
mine in Galway <s still closed by 
an industrial dispute and that the 
Tara mine is still a long way. 
from becoming the bonanza that 
it was once cracked up to be. 

Inquiries still flow in about 
Canada s Barymin indicating that 
there are still plenty of share- 
holders on this side of the 
\tiantic some no doubt dating 
from the days of the great Irish 
prospecting rush. Barymin is still 
participating therein, although 
the former excitement in the 
share market that the Irish base- 
metals search in which Canadian 
companies are so largely in- 
volved used to inspire has now 
faded away. 

So Bary min's current hopes rest 
on its Yava lead prospect on Nova 
Scotia's Cape Breton Island. I 
hear from Canada that the com- 
pany is still seeking the remain- 
ing CS2.5m if 1.07m > required tn 
bring the mine to production some 
lime during lhe coming year. A 
nearby concentrating plant has 
already been acquired. Initial 
milling rate is expected to be 600 
tons a day. 

Clinching a financing deal is 
believed now to be in its final 
stages. Barymin shares have been 
a lively market at times in 
Toronto recently touching a 1978 
high of 115 cents. In London they 
arc currently quoted at 5Bp. 
Yukon Consolidated has a size- 
able interest in the company. 

* ■* 

The long-awaited recovery In 
base-metal prices now really 
seems to be getting up steam, 
with consumer re-stocking at last 
beginning to give some solid back- 
ing to lhe movement. The 
remaining months of 1978 could 
be a good lime to get out of tin 
shares but 1979 could be the year 
of the other base-meta] producers 
and of RTZ in particular. 


New Sovereign*-- '5-60-62 1S6I4-6&A 

i£4iq-Sli‘ 'i£SJ-J2. 

Olil Sovereign* ; S61X'B5,i .S60A-t2i 

iJlS 1 c 2) ;i£i£>£-aii> 

Sa/Kwjie- S«6-Mi8 ,8507-51* 

510 Hauler.,. 'S1W-1G5 JS168-1B4 

SD K»>in...._ S 107-1 12 >S 108- 115 


FORWARD AGAINST S 



BASE LENDING RATES 

A.B.N. Bank 10 % ■ Hambros Bank 

Allied Irish Banks Ltd. 10 % ■Hill Samuel ; 

American Express Bk. 10 % 

Amro Bank 10 % . H.o.ngkpn& ?r Shan 

A P Bank Ltd 10 % - Industrial ' BK.' of^ 

Henry Ansbacher 10 %' •- KeyserUltataurt-- .- 

Banco de Bilbao 10 % Knowsiey& Co.Ltd 

Bank of Credit & Cmee. 10 % . Lloyds Bank 


j-Sr Bank of Cyprus 10 % 

-s- Bank of N.S.W 10 % 

Banque Beige Lid 10 % 

Banque du Rhone 10£% 

Barclays Bank 10 % 

^ Barnett Christie Ltd. .. 11 % 

Bremar Holdings Ltd. 11 % 
Bril. Bank of Mid. East 10 % 

Brown Shipley 10 % 

Canada Perm't Trust... 10 % 

Cayzer jUd. -..-- 10 % 

Cedar Holdings 10!% 

J Charterhouse Japhet.;. 10 % 

. Chenlartons r - 10' % 

-3 ] C. E. Coates 10 % 

P ”- . .A J.-'-n ' Consolidated Credits... 10 % 

■»"* Co-operative Bank *10 %‘ 

. r •f; .$-5?" Corinthian Securities. - 10 % 

'v > Credit Lyonnais ■- 10 % 

**>"3 ML/** The Cyprus Popular Bk. 10 % 

•- . Duncan Lawler* .......... 10 % 

'■iT '■ 1 Eagil Trust 10 % 

. “ English Transcpnt- ^..11% 


^J- First Nat Fin. Corp. 
, y First Nat- Secs. Ltd. 


■ Hambros Bank 10 %' j 

■ Hill Samuel j glO % 

C. Hoare&Co .....tlO % 

Julian's. Hodge 11'% 

. Hongkong Jc Shanghai 10 % 
Industrial' BkL' o^scOT. 
KeyserUl&nantf-- lO’^- 
Knowsley & Co. Ltd. 12 ■% ■ 

Lloyds Bank 10 % 

London Mercantile .... 10 % 
Edward Manson & Co. 11|% 

. Midland Bank 10 % 1 

■ Samuel Montague 10 % 

■ Morgan Grenfell 10 % 1 

National Westminster 10 % 1 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossrainster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 %. 
E.S. Schwab 114% 

: Security' Trust Co. Ltd. 11 % 

Shenley. Trust 11 % 

Standard Chartered ... 10 % 

■ Trade Dev. Book 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 104% 
Williams & Glyn’s _... 10 % 

. Yorkshire Bank 10 % 

■ Members of tbe Accept Inc Hooaes 
Committee. 

■ v-day deposKa W., l-roooiti de'posrtu 


• Non-quota loans B are 1 per rent higher in each case than non- 
quota loans A. t Equal instalments of principal, t Repayment by half- 
yearly annuity ffixed equal half-yearly payments to include principal 
and interest). 5 With haJf-yearly payments of interest only. 

THE POUND SPOT FORWARD AGAINST £ 


One month 
0.61-0.04c pm 
Ua-LSOcdis ' 
13-17C dts 
2. 75-3.25* red ■ 

Ut3-0.9Bpf pm 
15- 180c dl* 
JSO-SJIire ah ■ 
2J5-2.75oredis 
e.SMLttSc pm 
B.A0-0.40Mrdis ' 
IJS-LOSsr pm 
0JS-3-2Soro pm 
1.30-OUSc pm 


IWcL 

pc*. -6. wt«- Ito.vV 
% spread 


Ujj.S 

Uaaiulian $ 

Snkripr 
«ktbi> P. 

Wlirk -. 

Port-Bac. 
Span. Poo. 
Un 

Mrwjro. K'. 
Frendi Pr. 
‘waUnb Kr 
Ven 

Auitrto cxdi 
,'*n« Kr. 


5 1 1.1)775 LB850 
4jtl2.i2Sa-2.34dO 
S/™.- 4.073-1.186 
•ff-' -6a.D&-59-55- 
^8 s-10.42 18.47' 
-5 5.75-S.7bt 

Id B3.S0-tD.10 
B ! 140.55- 141. 10 
(Oq 1,620-1.617 
1 I 9.954-10.025 
91*1 H.4B-9.55 
61;' 8.645-9.675 
iiil 558-175 
4 i t 27.20-27.40 
1 3. 153-2-163 


11^)810-1.5020 
l2.5SB5Sf.8595 
4-U8J J1J39J. 
{' 58.40-6330 
i 10. 453 10,48^ 

usi-i.n: 

09.40-83 JO 
Ul.fflM41.T11 

9.97: 9. SB; 
8.50i B.Bll 
9.E5i-8.bBt 
572 474 
27.50-27 .40 
I s.is: 5.14^ 


(Jns month j ^ pj_ jThreemomhn % pj*. 

0.62-U.42v.pin 2J5 Il.65-l-fi3c.pm 5.19 

O.Sfi-u.Bfi^pm . S.Ofl ajHKl.9ft..p,u. . 5.85.. 
1-2 j'.diii — 4.40 jllg-’S <--pur 0.91' 
10-25 e.rtlH — S.S3 j20-6 v.ptLi -i— 8.47'- 
£14 4 U —.5.73 '1m cTLMho . i—2.B7 
4Sfl liopi pm 9.16 <-<<^14 ffi uni . 9.2B 
6b- Ifao c Jis — 16.3S2t«>-450 i-..il n 1— W.SJ 
25- I2fi L-.diH — E.8B ,120-220 r. dl* —4.82. 
1;S. .IK, ill*. • f- 1.46- ^-7 ..re d)H 1.35 


.ire in*. |— ..ream i.ob 

2-4 ..r» dl* -6I4.-BI4 — 2.91 

iia-Hl r,um 2.B2 [ii-8; c. |an (— S.17 
2 ir* pm-par hfiH-rS4 .«* pm 2.3 
s. 20 £.95- y toil - 3:89 ^20 8.M.vpm -.65 
-17-7 -re pm 5.27 40-30 are pm 5.12 
334 -23* c.pixi | 12.41 tll/lg-Olac. pin 12.1% 


Belgian rale Js for convertible francs. Sii-monlh forward dnliar 3.22-3 A3c pm, 
Financial tranc 62.65-62.75. ■ Rale for 12-mamh 5J>5.75c pm. 

Freadi Franc on Ocl 5 should have been 
6.403-8.493. 


Day's 

October 6 spread Close 

Canad n S’ 84.67-85 hS 84-67-84.70 

Guilder U620-2.D6W 2.066^2-0608 

BeUsiaa Fr 29.W-J0.04 29.90-24.95 

Danish Kr 5^750-5^825 5-27B0-5.2805 

D-Mark UMS-1.W40 1-9838-1.90W 

Pon. Esc 45JJS-4SJ5 4SJO-45JO 

Urn M9JMSBJ8 S2UM-821.30 

Nrwsn. Kr 5-0425-5.8530 S. MM -5.0505 

French Kr 4J93O-UW0 4JZ93M.2970 

Snvdl*h Kr 4J675-U78S 4.36754.3700 

Yen 187.90-190JI5 188-60-188^0 

Austria Sch UJ»-UJt2 USO-13.8ZI 

Swiss Kr L5830-L5960 1 JS3O-1JU0 

' U.S. cents per Canadian *. 

OTHER MARKETS 


Arceupn* Peaci^... L7B2- 1,726 l869.04-U71.05 
Aintmlw Hotter..'.. 1.7025-1.7095lCfJi590-0.8625 
Kintoail Markka.... . 7.921 a 7.93i a l4.0005-4.0025 
Brazil O-iiiemi.....'. 37.51 58.61 ! lU.93-ltf.43 

Greew limehma... 70.9697 E. 707 [ 35.80-36.70 
Hone K,-nc Dollar. ».o6-9.aa ,4.7290^.7440 

Inn Km'.. 13&142 ! 70.45-70.65 

Jcun-4iT Ihnar iKDt 0.533-0.643 I0.h713-U^714 
biumlynirc Plain- 69.40 69.50 26.B8-30.00 

■3I*l«V*ia Uoltor.... 4.45li-4.47 2. 2650- ifl. ^600 

>rwZ™lBinl Unlbu 1.8567-l^e47 0.6370-0.6410 
haiid’ A-xhia tlijnl,. b. 54-6. 64 3.3240-3.2280 

Snurepic- DnllAT...! ' 4.36-4.o7ts 2.E065-2.2080 
ikiiiili An iflin Lind 1 1.7087- 1.7348 0.8623-0.6755 


Anxiety over new 
code for brokers 

BY OUR INSURANCE CORRESPONDENT 


Three months 
DJU-0.05C pm 
l.IMJBc rite 
13-17 C dl* 
IL2S-S.75oredis 
2.95i90pf pm 
1385D8C dl* - 

10-12 lire dte - 

7J5-7-75oredis ■ 
narh.20c dte 
0 .7n-L2Boralls - 
3JL5-3.D5y pm 
8.50-4.089 re pm 
J.7B-3.tSc pm 


Auun* 

Uei/num 

Denmark .... 

Kranee ... 

Liernranv 

I lull ........ 

J*l«n 

.Netherlands . 
Nnr**v 
Hnfiussi ..... 
Spain 

• wftiej-larwl .. 

1,’nitei Slate* 
l'lismteviH ... 


! ; N.iiK ttote* 

J 27.0-28.0 
. 62.6D43.50 
.! 10.40-10.50 
. 8.46-8.55 

3.72-3.82 
. 1560-1640 

371-381 
4.05-4.15 
9.95-10.05 
92-10U 
143-148 
3.05^.15 
.! 1.98 -1^6 

J 40.043.0 


Rate ffi*ep Tor Arjjemlaa is tree rate. . 



EXCHANGE CROSS RATES 

(.let.fi j IVniU'l Slerlmsl L'.s. Dcular J LtenlscbKllaik| Japanese Hen I Knencli J-ranvj.Owiaa Kraw; I Uu/cti Guilder 1 lunau Lira I tumln DtJ/tn t B-hjisii Frino 


Pound Steriiim | 
U j. Dolbu- | 

bBuraehe Hark ' j 
Japanese Yen 1JM0 j 

Fnencb Pranv 10 

SMw Prsnu 

'Dntdb Guilder • ' . • !" 
-Italian Lira ],CKX>- . J 

ISuumIud Dbiipr -! 
Beifiiiin Franie Iff’ 1 




! Guinness JMabon ....... iff 


Dmnasd and deposits 7i"i. 


E - ■ CLTVE.IN^TMENTS LIMITED 

^ \ : j Royal Exchange Ave^ London EC3V 3LTJ. Tel: 01-283 1101 




index Guide as at September 26,1978 (Base 100 at 14-Li *) 

\ Clive Fixed Interest Capital 

Ctive Fixed Interest Income - 

• JiEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 

45 CornbiU, London EC3V 3PB. Tel: 01-623 6314 

Index Gnlde as at October 5, 1378 

Capital Fixed Interest Portfolio JJjj.OO 

Inc ome ‘Fixed Interest Portfolio • 100 - uu 

. Index limited 01-351 3466. Three months Aluminium 583.8-589.2 
Lament Road, London SW10 OHS "j 

1 . Tax-free trading on commodity futures.. 

2. The. commodity futures market Cor the smaller investor. , 


MONEY WTES 

NEW YORK 

Pfliac Rate •••••; 

F«1 Foods ;• -• • 

Treasury Bills iir,weelii 
Treasury 301s iSB-wecki 

GERMANY 

Pisco urn Roto - 

0wrni#ht 

On* month 

Three month* 

Six months - 

FRANCE 

Discount Rate 

OvenUBht: 

Oho mqntb — 

Three montba 

^ix months - - 

JAPAN 

Dtscomu Rale 

Call iUDCoDdUHsna] , i 

BUIS Discount Rate 


LONDON MONEY RATES 


85a-8T8 

9*8-648 

97e-10* 
10J--1Q5 b 
io,i iO)i 
iwa-iort 


Tjn-fll Autb.l 

AutliMriiy ! oegntioble 
dei-ioit- . nnnd* 


Finance 

Bnu«o 

Depouts 


| DlHCnuui 1 


J Xlegible 


91--978 
9i, IbU 

lOu'iUs 

11)4-111? 


0S9-97 b 
912-93^ 
9*2 95* 
10 - 101 * 

104, 1D7 B 

105, 10"fl 


Cwnaany mariiet Trwsurj- ! Bank iPtneTrad*- 
Uepociu I dstMlt ' Bills* t Bill** I Billsdi 


«.*•»!« 

9a*. 9fs 
lOU-lth'i 


atfrliig bml Autb. Finance I DIhpiuiiI [ j Xlegiblc 

Ovt. 6 . Cerrifiinic Inb>rt«flk Autburliy ! oefifrtiallc Bnu«o Cnmpany marlet Trrosurj- ! Bank FineTradt- 

197c urdeinsil d^Ltcirii . nnmta Depouta Deposits datixlt < Bills* t Bill** Bills* 

■ —rm., | .. - . -i- — - — ■ ■ - — I j ■ — . — 

tirenUgbl—... — 6-9 - ! — - 85, -Big 6-8 Jb — - — 

2 days noitee.. — - 85g-9 I — — - — j — — 

1 days or — - I — — 87g-9 — ; — — 

. 7 days nouca.. - 85a-8Ta B7 8 -9 | - 9*4 - 84»-8 Bb - - - 

One month 91, 9^ y-9,> y-9i* I 9S9-97 B gi 2 fll 2 BJft 91g-9,V S,^-9 J 4 10 

Two months^. Bft-Oifl 92a-64g I 912-95, 97a 9'* 9U-9& 0-!-i;-9)e 10 

Three month*. 9^-95a - 97e-10rf- 93. -97 b j 9)2 95* IQ)* -IQli 95s 6^-9^ 9i*-9ts 10)8 

Six moat ho.... lOls-lUDg 101*-105 b 9V1UU I 10-10>* 10i 4 - - 10>*-10i* 10i> 

-Nino months.. 1048-1012 10, i 1014 - 105, 1D7 8 U - - I 

Dae year. iOSs 10i ? l&l^-lO)* 101*14. ] 2 , 105, 10t b u _ _ — [ — 

'iVa yeare....^ | 11)<-11 )? - - I ' — j - - 

Local authority sod finance bouses seven days' notice, others seven days' fixed. • Looser tend local authority tnortsaac 
rates notnlnauy three years m-is per evnt; four rears iiMy per cent: five years u*-US per cent. ® Bank tun rates in-tible 
aro Ouyloe rales for prime paper. Buying rate for four-month bank bins 10 1» per cent; four-month trade bfila HU per cent. 

Approximate Belling rotes for one-month Treasury bills 3 Uk- 9 per cent: and tarn-month Bfr-Uu per cent: three month 
WSfrWlfi Ptr cent- Approctoate sclilug rate for one-month bank bills 9)tg-W per conn iwo-monih 9*tsa-»i P® uenU and 
three- month 9;-9u» per cent. One-most h trade bills 9. per cent; uvo-tnomb St per «m; and also three-month <4 per cent. 

Kinaace Haase Base Rsut , published by the Finance Houses Association i **4 per cent from October l, 1978. Clearing Bank 
Deposit Rates vior small sums at seven days' notice) fi.7 per cem, ctwino Bunk b*m Rates lor lending 10 per cent- Treason/ 
BUis: Average tender rates of discount 9J45L 


WHEN I go shopping for food, 
clothes, home furnishings, or 
goods of any kind, I have a wide 
range of shops from which to 
choose as well as a wide range 
Of goods of apparently similar 
quality and price. 

But it has never occurred to 
me to ask my selected shop- 
keeper what his sales margin — 
mark-up — is over his suppliers' 
price, and I think that many a 
shopkeeper would give me a 
very short, sharp answer were 
I to pose the question. 

As a customer,- and a con- 
sumer, is it any or my business 
to know, and if I did know would 
it make any difference to my 
choice of particular goods and 
services, any difference to my 
choice of the individual shop- 
keeper? 

These questions occurred to 
me when last week 1 learned of 
the new statutory instruments 
recently made by the Depart- 
ment of Trade, dealing with the 
registration of suitably qualified 
insurance brokers and the 
establishment- of a code' ol con- 
duct • 

The statutory instrument that 
took my attention was the Insur- 
ance Brokers Registration Coun- 
cil (Code of Conduct] Approval 
Order 1978 (ST I97S/1394). This 
code aims to eliminate unprofes- 
sional practices, first by setting 

out three fundamentals and 
then by giving a dozen specific 
“for examples.” 

Good faith 

The three fundamentals at first 
reading are unexceptional — that 
the broker should at all times 
conduct his business with utmost 
good faith and integrity, should 
do everything possible to satisfy 
clients' insurance needs, placing 
clients' interest first, though 
with due regard to others, and 
must not use misleading or 
extravagent advertising. 

At first sight fine, but I must 
confess just a little anxiety about 
the use of the phrase “ utmost 
good faith " In this context. The 
phrase has a very special signifi- 
cance in insurance law — the 
insurance contract has long been 
designated as one of utmost good 
faith and it is this legal principle 
that requires the policyholder to 
disclose all materia] facts to the 
underwirter. 

Among the specific examples 


given in the code of conduct of 
instances of unprofessional con- 
duct appears one which must 
have caused much heartsearching 
among -the brokers, and seem- 
ingly must have been positively 
required by ihe Department of 
Trade. This is that the broker 
vciil be guilty of unprofessional 
conduct if he fails to disclose 
the couimimion he is receiving 
when requested by a private indi- 
vidual taking nut a UK policy. 

Of course, the rule is for con- 
sumer protection. The thought 
behind the rule is that the 
amount of the broker's turn can 
influence the advice he gives his 
client in the choice of insurer 
when several policies are avail- 
able with commensurate cover 
and very similar rates. Such 
advice may. therefore, have a 
degree of self-interest which can 
he against the client's interest. 


Motor policy 


But if so why protect just the 
private individual — what about 
the small businessman? And 
what about the individual who 
goes to the broker seeking motor 
insurance for himself and insur- 
ance for his shop? Why should 
he be entitled to know on his 
motor policy whether his broker 
is getting 10. 15 or per cent, 
or even more but not be entitled 
to discover whether his broker is 
getting 15 or 20 per cent on his 
shop policy? 

No doubt the answer is that 
the line has to be drawn some- 
where. and lo draw it anywhere 
else would involve, for example, 
differentiation between large 
and small business risks, 

But it is to be hoped that as 
disclosure of commission is now 
lo become a feature of the 
arrangement of personal insur- 
ances through brokers that the 
brokers will Jet the habit spread 
to business and to clients which 
are not strictly specified in the 
code. 

And now that insurance 
brokers have been singled out 
for disclosure of commission it 
will be interesting lo see whether 
the Department of Trade and the 
Office of Fair Trading have their 
sights on the suppliers of any 
other goods and services-^- 
whether this is just the first step 
to our knowing how much our 
supermarket’s mark-up is on our 
favourite brand of cornflakes. 








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tbat 
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surpl 

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year, 

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•yfe-.^ai Times Monday- 


■+>->;, ST** 
8 J33S 




AS MARKS' 


INTERNATIONAL BONDS 



CURRENT 


mternational BOND issues 



anese DM convertibles star 


Borrowers 


BY NICHOLAS COLCHESTER AND FRANCIS GHILES 


Ui DOLLARS 
}§Novo Industri 
JtBank of Tokyo 
ft Canada 
ft Canada 


Amount 
m. . 


Maturity C °T* 

Years a> 


Price 


Lead manager 


oe 


t 


20 
' 30 
460 
350 


1989 

1993 

1983 

1998 


15 

5 

20 


7 

S*» 


TOO 

100 


Morgan Grenfell 
S. G. Warburg 
Morgan Stanley 
Morgan Stanley. • 


IT WAS against lb? Yen and the 
Deulsrhenidi-k that th* U.S. 
dollar was la>l week; 

the Swi«w Franc wj< und-nnined 
by th* new n( the 

Swiss ail l hun lie.-.. TI.,- .lj;<anese 
stuck markiM ivn>’il:o another 
high fur the y- ti iK- week's 
end. i.'iimhai' i ! i.-.-r.- two 
develu|jiu' ni.> an.J n i.- imt sur- 
prising that c.nn1ii. i:i • in ihe 
market I • n* Li '^I-«i--i!*»i*ntisitod 
JapanpM.- •-■•'live: "Mv— ciuilinued 
to he very fat mi' r !.■ i •- indeed. 

The issue im- Ni^nn Diesel 
Motor, wlmJi via.- - ai par 

on Wcdne-d.r. was ■ |Tinl*.*«t by 
Friday night ai in:;. i’u*!h 1 .-* ■ n i - 
putc-r — an eai'li-.r is-ite — was 
quoted a> 1 1— I coin pared with 
108 the previ'm- l-’i'i'I;iy evening. 
It was euiifinne-i liiai .Maruriai 
Funds would i>e i.^n:rg a conver- 
tible. Late in tie v.-.-l-. ihe word 
gm. round lini Shall* Curpura- 
tiim. the -.•■■li all I i"»hed 

.lapaneM* eWcli'i'iiii:-' group, 
might well up »he Market in 
November f«»r 11* 11 150m via a 
convertible bond. 

This would i>v one ef the 
largest of this tvr>+ "i issue .seen 
—they tefi'f i" nv fur Ei’IMum ur 
DM50m — and it* >ize is also an 
jndicjiiiin m Japanese 
enthusiasm Fur thi.-* market. The 
list nf an|*lii;:d ion ? If the 
Japanese Jlinisir-’ i-f Finance 


for international bond Issues in 
the last quarter of this year 
showed Sharp as wanting only 
JDMoUin. Other forthcoming 
issues tentatively indicated on 
[his list included concern hies for 
Olympus Optical and for the 
elciTninn' equipment company 
iunt-rui Tatcishi together with 
straight DM bond issues for 
Orient Leasing and for Hitachi 
•jhipbiiiiding. 

The DM sector of the bond 
market had a strong week, under- 
pinned by the performance of 
the currency and by speculation 
tiial the renaissance uf the Pan- 
European currency snake will in 
3 II likelihood see the DM 
inserted at a high level in order 
In give the system a modicum nf 
initial stability. Turnover in the 
market was up and though prices 
were inived the average move- 
men I was about plus one 
quarter uf a point. : 

The weakness of the Swiss 
franc last week apparently 
prompted Swiss investors to 


redouble their buying of Dill 
bonds. Dealers said they were 
bigger buyers jast week than they 
had been fur some months. The 
Vlennao Capital Market Sub- 
committee will meet next Fri- 
day in Franl-ftirt to decide on 
the volume uf new straight issues 
tu tie floated in the month from 
October 1t5. Observers In 
i.'.i.Tmany fuel that, given the 
recent strength of the DM mar- 
ket. an increase in the volume 
of issues authorised to close to 
DM lbn is on the cards. 

La.st time the Sub-Committee 
3 ulhon:.i.i| a monthly volume of 
DM fiJOm. 

.\monv, iw.v u-sues announced 
last week wjs a private place- 
ment of DM IflOm for Cotupagnie 
Financiers do la Deutsche Bank, 
ihe big German bank's Luxem- 
bourg subsidiary, and two 
straight issues. one for 
Venezuela and another for the 
Ranque Evieru'iire d'Algerie. 

The dollar bond market re- 


BOHDTRAOE INDEX AND YIELD 


Medium term 
Long term 


October 0 
9335 B_2k 
92.08 3. Si 


September a 
93.42 8-22 

92.47 8.33 


1978 

High Low 

av.84 <14 4) 98.34 (5/10) 


94.07 f!9.4) 


92AS (29/9) 


Euroclcar 
Cedcl ... 


EUROBOND TURNOVER 
(nominal value in Sm) 
U.S. dollar bonds 
lost week previous week 
.. 1.026.7 10413 

4610 426.7 


Other bonds 
las: week previous « 
342.3 288.6 

403.9 188.5 


mained In Its strange state of 
paralysis aDd the loudest souod 
in the London dealing rooms last 
week was - the rattle of back- 
gammon chips. Investors are put 
off -by the near-term prospect of 
mounting interest .rates and a 
falling dollar. . Borrowers are 
taking a longer view — over what 
they perceive to, he a bump in 
rates and a trough for the dollar. 
Whatever .the short term outlook- 
corporations are- reluctant to 
commit themselves to 9.5 per 
cent for 15 years. And with 
their - international sales staff 
telling them tbat ihe dollar has 
just got to be undervalued they 
are unwilling to ..believe that long 
term curreney^gaios will defray 
the interest cost of such dollar 
debt : J ' \ 

A grand gesture by a big bor- 
rower aod some big long term 
investorS'Cbuld in theory rccon- 
ciie these different time frames: 
the problem fa that the imme- 
diate outlook is too demoralis- 
ing. Salomon Bras, in its latest 
Comments on Credit, provides a 
bleak round-up of the lack of 
iiripact of rising U.S. rates on 
the U5. money. supply, it con- 
cludes baldly that “ interest rates 
will rise sharply ’’and that “this 
renewed - pressure on interest 
rates, will be heightened by the 
disillusionment seeping imo the 
market place from the realisation 


that the third quarter rally -in 
the U.S. bond market was but a 
brief interlude in a bear market 
which still has powerful momen- 
tum behind It.” 

An alternative way to -bridge 
the credibility gap would be to 
revive issues denominated in cur- 
rency “ cocktails ’’ like the SDR. 
This should in theory bring 
together investors who are 
anxious to diversify ont of dol- 
lars and corporations who are 
afraid of borrowing them on cur- 
rent terms. Major investment 
banks have been hawking this 
idea around in recent weeks,, but 
there are no signs yet of major 
response. Perhaps, as in 1975. 
the idea will sink in just in time 
to be rendered obsolete by a 
recove rv in the dollar. 

A S40m seven year floating 
rate note was launched at the 
week-end Tor Banque Exrerieure 
d'Algerie. This note will bear 
an interest rate of « per cent 
over Libor and a minimum 
coupon oE 71 per cent and will 
be managed by the National 
Bank of Abu Dhabi. 

There was some confusion in 
the market which could have 
resulted in this issue being post- 
poned. The DMIOOm straight for 
the same borrower had been 
launched earlier io the week. 
While the two markets are very 
different and the floating rate 


D-MARKS 

Nissan Diesel Motor 80 
t**iSCOR (gteed S. Africa) 40 


J§Kayaba 
**ENd NV 
f|**Maruetsu 
Venezuela 
§Marudai Food 
Banque Exterieure 
d'Algerie 

Argentina * 

**Compagnie Financier* 
de ti Deutsche Bank 


30 

50 

30 

ISO 

50 


1984 

1984 

1985 
1985 
1985 
1990 
1987 


6 

7 

"9* 


3* 

Si 

3* 

6i 

34 

61 

3} 


100 

100 £ 

100 

100 

100 


100 


Deutsche Bank 

Bay. Vereinsbank 

WestLB - 
Deutsche Bank 
BHF-Bank 
WestLB 
Deutsche Bank 


10ft 

ISO 


1985 

1988 


71 


DG Bank 
Deutsche Bank 


100 


1984 


53 


99 


Deutsche Bank 


SWISS FRANCS 
Norges Kommunaibank 
(g*£eed Norway) 150 


1988 


1001 


Banque GutzwiUer; 
Kune. Bungener - 




KUWAITI DINARS 
Electrobras 
(g* teed Brazil) 


10 


. 1985/90 — 


81 


KIIC 


LUXEMBOURG FRANCS 
JECSC 600 


1988 


7} 


991 


Banque Generate. 
du Luxem. . - 


UNITS OF ACCOUNT 
{Swedish Mun. Fin. Co. . IS 
■ Net yet priced. 


7* 


199* 9i 

i Fool terms. •» ftacement. t Floatkw rate not*. II Nr nimnm . 

tt Registered with Ui. Secuntle* and Exetaige 1 9unS»»e 

Pole; Yields are calculated on AIBD basis. 


99y Krediethank Luxem. 


5 Convertible- , . 

find. '-'S' 3 *? 


note will be essentially placed 
in the Middle East, a' collision 
would not have been welcome 
news- - 

In the French Franc Sector 
turnover was reasonably good 
with prices unchanged. - The 


recent issue for European 
Investment Bank improved in 
price noticeably after its early 
troubles and was quoted last 
Friday afternoon at 98-9S3- It 
seems that the bonds unloaded 
In the secondary market in the 


days following the pri§ij£nf } ' 
issue are now in 
The French franc /mpro^-— 
ginally over the weejf-iit“V 
foreign exchange markWi 
some dealers reported im* 
demand for these bondsi 


Ooidices 

NEW YOiSK DOW JOZIES 


N.Y.S.E. ALL COMMON 


'RTS' 


Itlaea And Falls 

; ih Lfi i_ IM. 6 0.4.4 


3 1 High I Lew 


5«.c4 S3. IS itf.o: r j/M 60.38 i 48.37 


, Hib [iilnt'n 

-^|«. ' 

I l«iU 


I v-nen traded a .878 ‘ 1.896 1.878 

Ri5« ■ BOO. 1 871 740 

Fall* 643 I 594 698 

■.nclmngeri I 435: 431 440 

Hfaln ' — ^ — ' - 


HiKh Oin 


Hijjlii 
Nh« l<n 


MONTREAL 


lii-lii. I rials- 38P.02 17 JJJ.bT Vj/.tf) B7I.56 86&.M 307.74 742.12 1051.70 41.22 

if :' , i <]l:ll!3t, ie»7;3-l 

F'iiii* H sj j j 8a.7s 88.54 j0.66 86.75 — • — 

|4>|| ill'll 

Tr"i-|-rl... 2*i 88 -4t.5S /■*:.»’. 244.40 1 244.74 244.11' 261.4# 13s.il ' 279.88 ] 13.25 

i^i'.ii . i9.-1i . ti.'iiAi) ihfit.421 

I i Miin- 10b. 2? JOh.lJ IC.-.Ue 105.55 105.92 108.12* 110.98 . 102.84 183.32 - 10.58 

. i.M. i£2 i'i) i2U;4,69) .M,4;42> 

Tr*ilill« u-l. I 

i «VT - 1 2M20‘-:.I43 I2.bI0 lf.580 23.8 10' -■ — _ — 


»M. 

ft 


i.M, 

4 


IM. 

3 


W7J5 


Hi-fi 


J.m 


I. .lull t«l • 2 19.75 218.5! 213.74. 115.43 219.75 (6/10) j 162.90 <16® 

I 222.98 221.66 219.82 2 18.64) 222.96 ( 6 1 10) ' 170.62 iftinli 


TORONTO 1316.0 1305.5 1295. V 123Q.a| 

JOHANNESBURG 

■ ii. ■■! 

I, 1".. 


SC 222.96<6i 
i.O 1518.0 (S 


16 ? 1 U>. | • 998.2 i30/l) 


, „ ... . S7UU4.«| 'j 185.0 .».<» 

267.2 267.1 J 266.0 ! 284.7 | 271.1 05f9i' I. 194.9 i Uwi 


■ I iili .-li-Ui--’ 1 


\i.~iisl U4 


lml. ill*-. i 


.'•rj *i . L9 fir (it. £2 Sr|.r. 1ft ; (Tfar nfipn-x • 


'»• i. 


I’n-. 
V MUf 


la'l/ 

UiKl. 


1014 

liiir 


iVt. 

6 


rkiua 


j Hit j 
! Hl-h 1 


5.48 


S.50 


5.39 


5.32 


STANDARD AND ?U0ES 

M.-I. H-1. 


1 1.-1 . 


.-trl'I. 


I •'is ->iiia*i* I <»m |>i In l ii 


lilUi. Il>« I Hll- ll I La.ll 


: III HIM 114.44 114.37 114.51 113.75 114.22 113.72 116.71 85.52 134.(4 3.52 

. ll2.Ni I rtf? I 1 1 l.*l/Wi 'ioO/Fw.'. 

iiv.mi-.-iu- 103.52 io;.:: ;o;&, 102.60 102.96 102.54 106 . 99 . bs.so . 12 s. as 4.40 

' iH;3i 1 1 lil;h3i t 


Australia' 41 .' 
Belgium • i * ^.- 
Denmark'” 

E ranee »fn cl.* 
Germany ut -'»!.»■ 
Holland ».4 


11 - 1 . 4 2? | fiejH . a. 1 ; Ynrae | in|i|Pn.r 


Hong Xi^ng ■'!«*— *3 
Italy :9.'.o 


I ml 'llv. rii-M * 


4.79 


4.86 


4.86 


4.67 


lml. \'lE l.'KlIn 


l/'HS •-■<». I’-III.I \ •••I'I 


Q.59 

8.64 


9.43 


9.43 


9.18 


Japan CA.Vft 
Singapore-i S7f..7i 


mi.lr. 

■►J.ii 

•J-1.04 

SEA 

Kv-Vl 

«.4 

>cc.af 

4.Vi.4ft 

SHJin 


fmh.79 4(1.10 
■ 22.N. | il/.M 
101.16 


Spain 


ir.'w 

• *M.as 
! 1 14 /.— 1 

x-t.o 

rtilUi-, 

ft«./ 

ivloi 

■VI 

• - lift** 1 
7l<7.7U 

,a.9k 

a>(0» 


(2S.M 
94.03 
Kiil 
•7/*i 
1 win 

7tfJ.4 

r I7,fl 

ih.O 
i4/4 ( 
3KJ.4) 
(15.14) 
6ft. 4ft 
MO/li 


8.58 


8.47 


7.65 


4.*.7ft . 364.0* 
ihdoi i«;iui 
4M.r»1 ; 262.0 
iRjli 


id) 97.6b ( H7JI JI 0 . 1 .I. «7.t« 

( ii'/M |IVa4) 

Sweden v) 302.10 1 3»8 AI 1 *ct au i 523.7* 

1 i4,i. 'o/l, 

Switserld' ri 871.0 j 27 W 3i-.r 261.K 

r * <umj } |(S6/9i 

Indices and base dales (all ba«» valors 
7M except NYSE Al) Cnniinim — •» 
Siandards and Poors — H. and Tnnmio 
304—1 i)0S. the last unted bawd nn :975i 
t ExcJildliUi bonds. r'*W Indo-nnals 
4 400 industrials. 40 UtiUnes. 40 Finance 
aod Transport. 9 Sydney All Urdniary 
II Belulnn SE 31 I2-63.- •*-Copcuba 2 -n SE 
bUTi tt Paris Bourse 1961. ir Comment- 
bank Dec. 193tt. «f Ataistetdani Industrial 
1470. [1 Uanc Sens Bank 31/7 M. ml Hama 
Commercial e ItaiUua lOT.*. nt4)»o 
New SE 4/1/68. b Straits Times 1*68. 

Closed, rf Madrid SE M/i; *77 e Stock- 
holm Indus trial !/L'3S. IS\c:s% Bank 
Corporauon. n Unavailable: 


GERMANY ♦ 


Oct. 6 


Price : + ur' Die. I’M. 
Dm. . - , % ■% 


Rand 


VUf> 

Allianz Ver*kdi...l 
it 4 

l)A»F ; 

Have/ 

Buyer- H \ |a> 

Hoycr- ' cteioal*. 
Cilia lnl.Neil.wrt*, 

v.\»mine«J»nk 

Ci ail i Guainii 

Uainaier-Ueiix 

ikenui 

I.'einas — 

LVuLm-Hh? Bauk ; 

Di«aVnerbonW .... 
DvL'kerhi'TT /cun . 
(•iftehofroiinj; 1 

Hapax 1-icy d 


85.9 — 0.2 . — ' — 

518 — i 31^' 3.0 

229.5 4 0.3 28.08 6-1 
141.0+0.2 18./b- b.6 
142.9 — 0. 1 18. 751 6.6 

298.9 28.12: 4.7 

349.5' t 1.3 ' 18 : 2.6 
160 -5 • - : — 

244.0 - 0.5 26.36. 5.7 , 

75.2—1.0 - ' - !‘-oM 

344.5- 0.5 28.13, 5.1 

268.5 -0.5 17 i 3.2 

175. 1-0.9 11 ■ 3.1 

311.4 +0.9 28.12 4.5 

252.5 +1.0 28.12; 5.6 

185.5 - 3.5 ' 9.58 2.5 

223.5- 1.5 12 ! 2-7 

113 -1 14.04 6.2 

Hinanu',... • 176 — 1 M6./S 9.5 

U.«-lmv -7 140.9,-0.1(18.75 6.6 

„.! 50.2 - • - 

177.0 -0.3 9.36 2.6 
158.0+2.3 14.04 4.4 

354.5 -U.S 25.44 3-5 
253 —3 '18.72 3.7 

92.0 — i — 

183.0 -0.5 18.72 5.1 

115 +2 : - — 

285.0-1.8 25 ' 4.4 


Huearh 

H'tfteo i 

Kail uial dale. 

Karaunlt ■ 

Kaulliul 

htuckiier DlllUL'.: 

KR1> 1 

Krtipp 

l-lilile 

L»iwenl<nuj luO... .’1.595 

lain italic*. 

ll.Oi 

lljuumnaian 

Meun-c- ...... • 

Uunr.-bencr Uncle .j 

Ne* kemiarui... 


jOHANNESBURG 

Oaobcr 6 

MINES 

AnsJo American Curpo. — 7J0 

Charier Consolidaiof T4-B0 

East Dnelonifiin 14 80 

Elshury — 2.03 

Harmony 6.80 

Kinross 6.7S 

Wool 1I.S8 

Rostenmir* Plaiinum — . 2.05 

Si Helena 1&50 

South vast HOD 

Fields SA 2t£0 

Union Corporauon 6.65 

De Beers Deferred ft.60 

Birroamuxlcbt — 6.40 

East Kand Ply. 6.70 

Free Slate (JeduJd ... 73925 

PreSidem Brand iS.00 

Prestdeni Stem 18.10 . 

Sudonielo : «A8 

Welkom .. 6.40 

West Driefontein *4oB0 


+ur- 

O 1 -!. 6 j 

!-j- ot 

Aii-t. 8 j — 

; Price ‘1 
Oct.K \ Fr-. j 

| + Wj^r 

—0.16 

AU.M 1 L fSO (Mil ■> i 

10.76 ■ 

liiNiic+r 734 .j 

4ii 


— 0.02 

—0.28 

+0.05 

+0.10 

+0.10 


-A03 


+0JIB 


+0.10 


Western Holdings 739 00 

Western Deep 16.70 . 


+0.1D 
-6.23 
— iijj 
+000 


INDUSTRIALS 


scherunt ' 

itemea* [ 

'*i*l Inrlzr | 

I'liy vea A.U 

Vart* 

\ EBA ’ 

l(rt>nxalV*t Bki 

VoiLrtraueii I 


AECI 

.Mulo-Amcr. ItMustrial -. 

Bartow Band 

CNA lnvesvmems ......... 

Cume Pioarcc ... 

De Been Industrial 

.te . Z'd ! Edaars Consolidated In?. 

oSt'ifs 9 i?jj iSssmSmS 

> FnSerale VdlksbeJetClnKS 

180.4 +0.9 '18.16; 4.8 Crraicntians Ssores 

260 i„..; ...• 10 1-9 1 Guardian Assurance .iSAi 

1-4 j Holctts — 

— j lta 

— I N'edBanK 

6.6 OK Bazaars 

276.0 —0.2 '28.12 5.1 Premier llillinn 

299.8— 0.2 2a 4.2 1 Pretoria Cement 

274.8 + 2.3 26.84 1 4.9 1 Proiea Holdings . 
119.11—0-2 1/.16 7,2 j Rand Mines Properties 
190.0— 2.5 17. ir 4.5 * Rembrandt Croup 

48<1 n A t 'a an f el Qua UftWmnc 


640 —10 l 18 


178.1-0-4. - 

Prena»Bts l*M »V0| 157.2-0.2' — 
lUtetnVTe-v. Klw.: 188.0+0.3' 25 


131.9 +0.3 ;9^B 3.6 Sage HoWmcs 

299 l 18 3.0 c - G Smith Sugar 

239.0—0.2 : 25 5^2 SA Breweries 

“ — — Tiger oats and Na(J. Mk. 


350 

le^sa 

03 

rs.16 

«JJ7 

12J»r 

3.90 

sa.ro 

3.00 
l.«B 
3.00 
3^3 
A03 
Z IS 
1S7 
3.6S 
5JG 
3.35 
1.S4 
=J* 
345 
1.40 
5.15 
U5 
IL7J 


-B.85 

-OJtt 

-991 


+0.05 

+1.00 

+0.05 


+0.03 


+ 0.1D 


+0.05 


— 0.10 

+*05 

-BJD 

+ BJ15 


NEW YO K r A 


l»e 

niuh ■ l<"< 


25 


39 
32 

45M , . . 

31* 22:.' 

35 >4 ! 

49 j 
Z 0 »» ! 161* 
20ft] j 17i. 
44’t | 34 ' j 
27: 0 - 18'; 
381a i 22! 


1IJ...II Iwt',- 


13 \l-' 
31'* *•*•< IIM 


141; 


I on 

38 II- 


tiu-; 

\l!.y! 

kiln l 

\:n i 


Ui ■:« to. . 

i,. 

i i.-i.n-.i . 


51 

31'* 

\ M • 

33ij. 


\m - 11 

10i* 

9i,. 

ill.. 1 . 

52.® 

59-. 

V.ii.-i . 

62 1; 

34 ■.(. 

*.ni -l . 

43>n 

54 : 


32i; 

231- 


36 

23 \ 



341® 

21 v 

) .i.-l . 

40i* 

31'* 

\iu--i. 

33>, 

26-; 

■ iii.-i. 

51‘s 

16'-, 



7 

3v. 

II" 1. 

46 i* 

39>] 

*« ill* r. 

53 'h 

32'* 

\l*H 1 . 

37->: 

2fli . 



631; 

57'., 

) 1111*1 . 

371; 

27-.- 

\u-.-|.- 

22*; 

Ift.', 

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39»* 

24 1 - 

) -..v 

19i* 

10 


3 1 ■»« 

25 j 

111.-'. 

27 J, 

17'.. 

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234j 

17V 



30:» 

19-^ 


19:, 

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' 

20 1* 

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46 -r 

27', 

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551, 

43 1; 

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361* 

23 w 

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17i, 

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34 in 

15Jn 

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6 1 if. 

44 '1 


27 i* 

24®* 

:«nt 1 

314®. 

16 

I'i' 11 -' • 

291* 

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1 

39 -a 

34 

11-Mk. 

291; 

25 if 

1 *■ ,1 .... 

49S A 

35 

L.: 1 -. 

281- 

22 

'•.-I-.. 

40 r* 

3ISV 

U-l.- 

231.* 

14 

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43 

35 

1 


i,. 1 1„ 
ii. 


41M 
2lji a 
J5>> 
48 n, 
161 ; 
18 + 

115' ■ 
3514 
501* 

31M 


II.. 

... I'll-. I. 


171, 

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571 f 

a9i 

89a* 

29 

-31* 

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2y-!i 

2e:a 

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4l 




50* 

16Ja 
46s*i 
54 If 

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14 M 
30 ij 

26lj 

29 
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261; : 

201; 

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25'* 


33 j 

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34 1 

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35'* . 

26 >. 

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211, • 

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29 1« l.'m-t Ii/eiii-|i+. Ii 
33lg 1 11111111111- Kiiyin.' 

16 Iq l.lllll - )) IImIi,...; 


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I (.■"■■!! hu IN 



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IN -ter • uri-i, ‘ 

Ilpl VII ; 

;il(»n.r ( 

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Fa-lniaii Kialak..; 
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31 
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49,, 
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10 1 *oli!it.- Brew inc-. 


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CANADA 


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74* 

625* 

471, 


101, Paper...— ' 

4.30 ! Afsmoo kuliie 

241- I Ak-an Aluminium 

14 1 , |%l->.ir>iaaie*' 

.341* VaSeM** 

(danknt Alouireal; 
.dank Nova>catinl 


171* 

181, 

3.75 

52 

201 * 


Hw,.- 


HeNnnrcee.J 
[Beil Telephone ...| 
| Bow Valiev 


184* 

7>6 

4U, 

,6 

481, 

24 

20J, 

4.UU 

624, 

46 


Securities Rand U^^0.74 
(Discount of 35.65%) 
AMSTERDAM 

Price f+ori t*iv7li'i 


OeL 6 


Pi'- 


- 1 % I i 


lia-l it'- &:] 

VkziilF'. Z0i 

A ueniBnUKUlA 
AMtV 1 F 1 . IC1_1. S 


119^) -0.7 : *26 i 4.7 

32.4- + 0.2! - I - 
375.5.-1.5 iA2#5! 7.6 

90.4 — 0.3 1 ftU i 5.5 


19 

1B)i 

J9.00 

tu 

17i* 

114* 

14o, 

301* 

224a 

25 

251, 

661; 

5.12 

114* 


131, 
14(, 
2.06 
34 
111, 
8a, 
9<a 
22 i, 

ia 


BPUmaita. 1 

Biueu ' 

Bnnco 

ijaiaary 1 lower...! 
Cuntkiw Aliufe...' 
L’amula Cement.. I 
UtOB/ln ,\\V Un.l 
LXn.lmii 8k Corn 


17 r L 

i 7i * 

8.00 

007* 

161- 

12 

K4a 


151* 

51 

3.05 

81, 


i^n.imp on U'Ri zo5* 
(Onaitn IrHuRl.... tZlU 

•' lric 

'tie Inr.j »■; 
it (III... I t( 
’k'oeie.J 4. 

U«.In. 1 If 


1512 Jtkui. Hu-I(ic j 241, 


Can. Pacific Jnr.J 
Can. Super 
jCarlingO' 
iCawiar Aklmtaa.! 


41* 

t64* 

30 

10tt 


294, 
34 
a7 
194* 
81, 
13 i» 
127, 
81>, 
106 
105i 2 
28 
237* 
171* 
345, 
82 


17s, 
231, 
211 , 
161* 
51, 
7 » t 

67* 
52 
70i« 
531* 
2 lfi, 
143, 
12 

163, 


j dual tain.. J z7t. 


unnmco 

[Uonb. Haibiirat...i 
UxL-mner fi*. 
COacka Uo<«irvra 

CortaiQ- 

Uton De*'*i 

lienmun Mine*-. 

Uume Mine. 

IKwie Petroleum! 
Dominion UrMeH 

Domtar. 1 

Dupont 

P,luon'-(e Nickei. 


691* jPorxl Alnrur Ceu.[ 


*41, 

37 

185, 

54* 

tla 

J3 

781a 

1U5 

92U 

is7 

25i» 

*7i; 

351, 

82 


364* ; 
15i* | 

34 V, j 

Ji* ’ 

4o 

47*, I 
21); ) 

J?-| 

u 

ifi: 


25Sft 
104* 
2o 
5 
29 
37 
163* 
161, 
401* 
17 
274* 
184* 
15 >« 


iitcnatm 

|(Ji#ntyer-knile., 
■jiill 111. ChimiIh.; 
Hmvkerci'i.iJan 

Uo'ilnuer— 

Hpwil- Oil 
Hudson Umv M-nal 

Hudson H*r j 

UiMloon Oil AUru.| 

I.A.C. 

Imum 

Imperial Uli ... 
inco 1 


371, 
iSl* 
434* 
9lj 
42), 
43 
22 
23 
43(8 
197g 
a 7»* 
<*35* 
224* 


165* 

12 

19*, 

161* 

9'e 

4.73 

251* 

103* 

291; 

atsl* 

4 

371, | 
18/, | 
404* | 
63, 
2.30 


. 81 * 
64* 
131; 
13 
67* 
3.2ft 
lfr>, 
■9(« 
201 * 
284* 
U90 
21 
144, 
164, 
3. So 
1.39 


Inrfai 

Inroad A at. (jar.. 
Ini'p. v Pij+ Llnej 
Koraer Kesouccc*) 
Latin Pm. Corn. 
UitUaw Com. K' 
Ucanl'o Bkwrii... 
Alni+e.V PetcuKmi 
ML-liityre.....^^.. 

Mom? >.!ot]hi 1 

MotuMundtaieUr 

.Nimailn Minrr-.. 

AwWII Kntc-i.. 

Aunt, Teiemin.. 
uakwram Pet ri'rti; 
Pn.-ii« Cn^iper' Mj 


16i, 

Ui* 

171, 

151, 

4% 

251, 

3o*a 

47S, 
3.10 
385* 
•7t, 
304* 
i 40 
1^5 


47 

•KJI, 

tie*. 

o.OO 

2.24 

271* 

211- 

32:» 

2.+U 

191* 

141, 

38/, 

357, 

20 


3Si* 

dll* 

64, 

3.8U 

0.80 

191* 

9*» 

101 , 

1.03 

125, 

8 

244, 

251, 

15 


Pnc> I icPRLKO -?» 1 iti[ 495* 

Mn. L»n Pm-.iJ si} 


rtni. Can. PeCtu 

I'kMIUI J... 

I'ciipiee Dcjx. o. 
PuiceCnn. A «>n 
P*u-erL*eve*opa 1 1 
PowerCtinnrat'nl 

Price 

Qntiev ouiracw)) 

IlmuRrUli 

I.'ueH otenbouae. 

Km Alnc*m 

Ilogrsi ilk. 1 * Can 
Koval I'ran..—.. 


as 

l«5* 

■3l V 
2.22 
*750 
215, 
221; 
3L20 
187* 
»1 * 
a 81 ; 
aol- 
19 la 


101* | 

325* 

174, 

aq 

37 

7( 8 

28 

4.00 

49i; 

22a* 

18S* 

10U 

154, 

8U 

384* 

121 ; 

201 - 


6S, 
22 ig 
13*e 
4.3U 
2258 
4.3 u 
224, 
2.3u 
34 
164* 
134* 


xwptre K'sonmw 



?hdi Umita 

rlwmilO.JImeel 

lieteai O. 0...^ 

•impMia 

i -led or 

■tecpKovk Iran,, 

I l'euniUiwti.. I J 
1 loniruo Dora. Bk J 
— , [Lranstan PircLn! 
84* I Crane Mnuut Oprf 

10 : rn«e 

10 Union Iras... 

7 jUtil.'l-coeMinc* 
284* {Walker Hiram... 
10i; 1V w i Uhr I ran,, 
231, UVevra (ion,..., . 


71- 

325, 

15 
8*2 

38 s, 
rl a 
if 83* 

3.85 

484, 

fJUSa 

18>* 

9 

16 
ll7g 

ti Ij 

ZB 

l.&B 

20 


t Bid. : Asked, i Traded. | New Stuck. 


Buenkurt. 

BofcaWfet ni(K.)0)i 
Bnbrai 1 ett erode. 1 
Easier (Ki^sOl...; 
Ennia.N.V. Uemei! 
MlrComlMlPi.iOl. 
Cistai Hnoiln F I 
He'neken 
tlunornu |f ijik! 
U unit! LL 1 K 1 . 1 OO" 
H.U3l.<Pi. UX7I..I 
(in. lluiiei linn.. 
■Naamen iP>. 1UL.| 
Nai..NedIu«<Fi.*j|j 
AeuLi+rt K(FCbOi 
HiilBkiKi.aOi; 

Dee f k iufJt 

Uceni. ...... .......... 

V,n Dninieien.... 

Pakbned (K4.V.. 

Philifanpi. 

KjawbiertPUCX.' 

rfolwco ihlxO) 1 

Kouirm (PCXli ....I 

Korenln *Kl.riU| J 

Ku.sfli OutchlFiJa. 
rinveniBiiu . 
lenn Gip r ft. A./; 

1 ok, 1.1 Puc-Hkio.; 

uailevei if'-iOv...) 

* ik mu Ufn.Mt.1T 
"«l .Ctr.H vjilik 


97.3-1.0! 

ua. 0 + 0 . 1 ; 

74.4'+ 1.0 1 
308 ' + 3 
144.0 +u.S 
7LU I 


38.9; — 0.3 


Ub.5,+0.1 


lb4 

46.5’. 

26.0—0.4 
113.8|— 0.1 
67.2i+0.6 
207.0 +0.5 


42.5+0.5 

150.0 -0.5 | - [ - 

50.0 +2.5; - - 

27.2+0.1 17 6.2 
74.3-0.7 - ! - 

176.8 +0.2 A26bl 7.2 

148.1 t 0.1 { - | - 

123.2! | « l5 . S ' ti 

1 54 J,'— 0.1 [5a./5| o.o 


AUSTRALIA 


1MATJJ. Si - 

Ampui Exploration J 

.vmpni Ivtiraeum 1 

A kw. Mirier, >• 

lane. I’uii- l*ai+r >■ I I 

ABacc. Orel. IndWtHra J 

.Vuv. Frairalai ion lme«i.. . 

1JA.1 ' 

Au-llmoj ! 

Ainu. Oil 4 (i+ I 

UomiiMO Creek Gi>M 1 

Biuo- Ale*, 1 ln>i 1 

Bomrainville Copper 

Bramhip* Im1ii*trie* ; 

8rr+eo Hill Profiri«,i V....I 

HU Smlh 1 

Cwltou Un't+I HrewerV.-.l 

Lockturn CecncnL. { 

Cole> cG. J.i 


Cook. ijnMlieiiii- Aunt { 

CpQtaioei (SI) ' 


i^cnuin-.- HtuLini*. ' 

IOhUih Au-tralin ( 

Duo lop Uuhl icr (SI) 

trocoic J 

EMer-ftmitft 

Endeavour Kra5nre>...>._. 
t/» Iishriinei — , 

Den. Ptopartv IViat 

Humeraiev 

Uftofeei 

ICI Au-traiiH. ... :. 

Iatar4*0|4.<er 

Jennmui loilu-uv* 

4a«nea lliavirti... 

Lenaam Uu..;.,_ j 

MeUis Exploration I 

HIM H--iilKic- 


72.23 

TL3& 

70.87 

71.60 

<1.57 

71.82 

71.10 
f 1.77 
70.70 
10.72 
70.26 
71.25 
71.58 
73.05 
78.64 
71.40 

tl-75 

73.45 

71.33 

78.39 

23^6 

72.80 

73-72 

71.85 

71.48 

70.84 

72L60 

70.29 

75.10 

Tl.66 

72.30 


-0.0? 


! o.us 
J+fl.fli 


1-0.01 
1-0.' 6 


IHl.Ul 


-0.01 


1-0.0? 

'- 0.02 


i-0.0a 


:+■!.■ 0 


i+ 0.07 

r-a.K 

!— J.u2 


i+U.U5 

■+0.O2 

1 + 0.02 


70.84 1 +O.OT 
72.32 ,-0+5 


\IIM Hi. 1 , 1 Pm- f2.38 (+0.03 

Mvef b'mpnrHim 71.68 

•'e«* J ta.65 


.Nl.Uixav la(eniation,i...... 

-North Hruken H' linsfift^ ',1 

Dalt+MKe. — d 

DH ftCtui.-b T I 

•JXltr Lx plural iun 1 

Kiuueet Con role. I 

(icikiii a iJfMmin j 

■I- Li ftieiirU— I 

uuib<Mi.« Mininic | 

-lArgos Its pi. ' ration 1 

(■X*Ul«, ! 

4,aliun...:...., | 

‘V eilenr M muui (ftp em» . 1 
«Vi— iw+ih* — | 


TO. 1ft 
71.12 
71.10 

70.42 

10.43 
t2.38 
71.68 
ta.65 
70.92 

71.43 


1+0.01 


MI.0I 


7L74 WkOl 


70.13 

70.51 

71.83 

♦2.97 

70.70 

70.35 

70.44 


-OJH 


t-0.02 


J-J-i 


lL86*0:+O.O2 

70.81 ! 

71.75 ! — U^il 
71.73- 1-0.02 


PARIS 


A >r Liquule. | 

Ai|iui«ine .. ........ . 

«f 1C ! 

Htiti.v^ue? 1 

l'.Jj.X. (j+rr ta*... 


Cnneirair ....'2.020 ,+5 ■{ 

^.«i.K - 416 ! + 3 


494 

138.1! 


C.M. A ion el.. -.-i 1.094 

Uie Baucarre., 1 438 

k/icii, Mel'ter^ I 

Crailll (run. f r’ct) 

urvituM Lnirv —. ..1 

Kucnez 

r 1 . Pei mie*_ ■ 

'<en. OcL-idcnrau-.i 
I metal 

(Hi.gr it> Horei.,.;., 

Lrvlii re c _• I 

L'Urwil { 

Dftrran.1 ,1,935 

M.HMtn+ Pboinx..! 572 

iiiulieiin “U" j 1.4 55 

iloei Hmnwev ! 600 
llnuiinex 



1'i.vbineV _..j 

tvrnon.Ki^ml I 

t*eu-eDi .Citroeu. I 

r*i«.-(all, 1 

•Udio levlinii(ue.| 
iffiToute 

rfiKitc Poiiieni- 



+4 iliJHN- 

as^H« 

5z.«lo. i »if{S( 

27»i(-i.i.a2 
'70A-O9:,M 
1 7 5X1- —H r.~J. 
257 !—5. 

7«5 .+31 

;+8 mM 

a- 53 ' 

213.1 -8.4 -l*- 
106. &+ 3.61,5 

320.1 +3:» | !0.t 

522 ;+i 2 :na 

240 +11 ' •+;, 

523 ;+I 

624 .- 1 ; 1 30-3 
leZ.l -rOi 1 4-f 


1 40 


» 1 . liOMin.: j 171.g;+0£ U 5 L 

sms IbjRsiifTiiii _..'!l.B25 .'—6 -aB,7 


.'■—6 "-aSif 

iu« - — ; 3 16 1 - 2 ; 1 *>4 


ttiiemecauiuuu-..; 874 i-14"*4S,t 
lUuiinMin Urauni. 270. t-12 i'lLS 

:1 3 2; a-.-qt 

VIENNA 




n-t; 6 


I’noc 

* 




ctfeiiiM-iML.'.:... 
Pei Iiuraner. 

aeiecta ; | 

•sempeni _... \ 

•vcvr INilmrer.... | 


Ve'l M eg umil— 2a5 

BRAZIL 


348 ; 

271 ; j? 

632 |-1 \S, 

Tift | ; 

231..J + 8.1 1 


TOKYO T 


86 1 6.3 
82i| 6.3 
26 ; 7 0 

1X4.0 

i*Pnw» ; 4- w 
Ven — 

SZT. 

ti 

9* 

«. 

27-5) i.u 

.Win G+H_ 

336 +1 

14 

2.1 

37. s. 5.2 

Cbjwo 

440 !-8 

12 

1.4 

94.5| 4.9 

kXaIu._..> 

905 i-15 

25 

14 

20 1 4.9 


411 ' 



14 : 3.5 

iXi'Aupfxm Pnm 

666 !+l 

18 

1.9 

» 

biqi Phi<o.. 

567 1 

1ft 

Lo 

12 5.1 

Hitachi 

217 1-1 

12 

2.8 

6 1 4.9 

tionrfa Motor* — 

5U0 —3 

ie 

f.ti 

19 | 8.2 

rtoune Foo-i 

L160 -10 

5ft 

1.5 

12.5] 4.6 

£ 'If*-: - 

241 i-1 

12 

2.6 

48 | 4.2 

Ito-Xgkario 

L880 +80 

30 

0.8 

22 5.3 

4-A.L...... 

2,900 | 




Kurts*] Kleri.Pa . 

1.150 -10 

10 

4.3 

23 7.1 

Jvvroalmi.. 

348 i-2 

18 

2.6 



Acwnu - ; 0.95 .VOJlf'jU , 

Hum! do Unuil -i UJd .1+01 1 J.W 
dnuci'j Iran l*.\ 1.41 i....J-id;37r •(.- 

BelR" Mmeira DP» 1.15. 1 

A mer. Op..; 3.35 <+-0.Qhu^‘ 

PetriJlmu PI*. , 2.34 +a»J.13i 

I'u+Hi UP J LftO ftltf 

x>ua Cnj/ UI’,..' 2.50 

Umi,i J*K 5.80 ! . ..-..'JLlpI 

Van? KI.' LMeoPPf 1.15' -J3.1E 1 


295 


246.0 -2.2 

lv 6.5' +1.0 
146 +2 

127.3 + 1.3 

42.3 +U.3 

416.0 + 1.1 


BO j 8.1 
27*1 5.1 
$0,501 0.5 
4ZA| 6.7 
SQ.21I 1.1 
S3 I 3.8 


COPENHAGEN * 


■On.fi 


Price +iir|wr‘TSI. 
Kruuer — \ % , % 


AfldriHhanbe&.....l 

Uao+ke Hunk 

Kart Asiatic Cu_.f 
Ki oan «t«n kML....; 

8nrj(B*ner 

For. lAipir 

HarMoi-tnak 

(+.N‘th'nH.(Kr9U 
AonJ Kai+i 

Diietnleib j 

Pnvalijank ^ 

Proein-imik 

s «|4i. Keren- J 

< Mi|ieif*n 


141 ; J 

iaei«i — } 

1601*: 

1321*1+1* 
356 +1 


11 i 7.0 

12 9.5 

12 7.5 

13 ! 9.8 
12 ' 3.4 


279 

118 

436 

298 

ft?0 


I 


1271; I 

2Bft»*| 

190 |-1 9 
1211-; + 4i* 

lftBl*! 

139 I 

403 '-I* I 
169 f+i; i 


12 I e.b 
12 I 3.8 
12 I 6.3 


- ; 9.1 

11 f 8.0 

12 r 

12 ; 7.1 


STOCKHOLM 


Del. 6 


(Kr.ro>.. 
Vlfil lei-al(h’r^Oi 

\ftKA (Ki.ftO) 

Atlas Urpc-of Kr2ft) 

Ullienki 

Hof ora... 

Omio 

Cellule** 

Hicct'iiR-U'tKrtu 
1trft30on ' B'( K (50)1 

K««ltc •*B” 

Fajeerata 

(Jrtjifit-i |Ki>«... 

Neullle^nnken 

ilaraJHRi 

Mu Oct, Uum-ln_| 
-HDilelt -8" kra. 
+.K.K. -B’ Krv...| 
ikaiul Bru-kSuta. 
Omiinlli -B-iKrtfl 

i.lilehmin 

Volvo (Kr. SO,.... 


Hrkt? 

inonifT 

+_or 

197 

— 1 

144 

+2 

88)2 

+ 1 

122 

+ 2 

66 .C 

+ 1 

114 


186* 


239 

+4 

i*s 2 


129 

+ 1 

320 

+ 2 

97 

+ 1 

56 1 ; 


381 


120 

-5 

661; 

+ 21 ; 

255 

+ 5 

68.5 


160 


o3 Iq 

+ *2 

S3 l X 

+ 1 ' 

84 

+ 2 


Chv. Vi, 7 
Kr. .- i 


5.5 1 2.8 

a i a-a 
6 1 ft. 7 


ftuodta.. 

hyptc+CeninJic ...5.550 
.dflbuabiu lire.. 775 
\Inaubii>b( Bank. 
Mitsubishi Uenvy[ 
MiUubisbi Cprp.-| 

Miieui A Co... I 

Aln«ak<«bi ! 

.V ippon. Denw. . .' 1.700 
Mippua efainusn..! 800 
.Ms-ULU(4on ._.| 6b9 

PuMw+t -..,1.600 

ftfidyo Nieetrtc — 248 
ftekwui Preiah 945 

f-uwcsio. '1.380 

oonj'... — 11.490 

LVurho Marine.....; 229 
lakedaCbeimoai. 467 

l’Dk.._ 12.130 

(«J3'n.: I 118 

luk.eu jiorme.... 490 
lokyo fciect PuWrj 1,000 

lokjxj ftah.vo 1 334 

biray. — I 142 

lu-bil» Curp. ; 127 

l.iyi+n lint nr. ! 889 


1 + 5 

i—70 

-B 


1ft 

3ft 

20 


2.5 

O.ft 

1.3 


-2 

14 

16 

— 1 

14 

[—3 

20 

1 

• 1ft 

1 + 4 

14 

+ 1 

16 

-10 

48 

! + 3 

U 

1 + 17 

30 

|t50 

20 

— 10 

40 

— 2 

11 

,'+7 

1ft 

1—10 

30 



10 


11 

^'£d 

8 

+ 18 

12 


lu 


la 


2-- 


10 1 l.ft 
5.1 


La 

2.3 
1.8 
0.4 
0.8 
1.1 
1.5 

2.4 


4.2 

1.1 

4.0 

1.8 

3.6 

3.9 


Turnnver Cr.78.tm. . Vnlunw 4+7A 
Source; Kw lie . Janeiro SE.' : 

OSLO _ j 

"Price T+ or’DliC 


I XI. 6 


Bercen Haute 

BorreqaanJ 

CrerlliMuk 

Kiwinoc 

KredfUaesen .;.... 
.Nui»k HviliaKctK" 
rinrebramf 


Kruuer 


- '.I Jt+. 


99.fi 1 

+ L5j 9^ 

76.5 

+ 4 . 0 . 

. H5 

+i a 

300 

-5 '20 

115 

+2 ur. 

229.K+ 1.5 12- 

100 

IT- 


- Source Nikfcn Securities. Tokyo 

SWITZERLAND • 


Oi-r. fi 


Priire 

Fra. 


I + or 


+ 20 
+ 10 
-10 


6^7 1 


10 


4.9 

7.3 

ft.o 


m 3.1 


4.2 


6.3 a.2 
& ! 4.9 


9,b| 

4 


ft- 7 5 
4.3 
B 


ft.O 

4.1 


4.2 

6.7 


2.2 
0.6 
3.0 
7.a 

V— I - 
6 i 7.1 


Aluminium 990 

BBC ‘A-, ! 1.535 

CU* UeiRv Pr. lULil «55 
Dr+ Hart Cf-rt.j 705 

Dui Ke- ; 657 (—2 

■ rc'iiftm--*. (2.200 —5 

fcicidrowsu j 1.795K 

rwwi (Cer+je) J 545 —5 
rioamnu PtCen-.i62.000 I— 250| 

Un. tatnaUj |6.280 1 — 25 

liurrfoisl B ,3.70001 " 

1.390 

3.100 

2.100 
2,680 

299 
3.52S 
ftBO 
B52 
2B5 
783 
fto7 


Dir.jViil. 
n I ^ 


+ IO 


K-lnio.l (Fr.lUUi.. 

.New«e(Pr. lQOi... 

uo. Hem 

UecllkgnB,t-.«Ui 
PirtnilslP(K.lOO) 
vtadra (Fr. dftOj „ 

Uu. Iran C-erw.. 

S ruinriler Cl P»Xl 
Si.MrU iPr.lOW 
ftrtnssair iFi.ftfttl>| 

iuli* 8a k fPr.B>. 

?u iBM'He) (Fr.<5xh)4.700 

u 11 inn Bank j3.u40 

Zurich la, 10,760 j— 15' 


—6 
+ 10 
+ 2 
-25 
h-3 
—3 
— 2 
— 7 


8 ) 4.0 
10 ; 3.3 

22 3.5 

28 I 3.1 

42 ' 3.9 
lb j 3.6 
10 ; 8.8 
5 J 4.5 
tlOOi 1.8 


+ 2S 


I j— l5Qj 


no 

21 

21 

' lia.s; 
niB.7 
15 
15 
26 
26 
12 
14 
lu 
10 
40 

CU 

44 


i.e 

2.8 

1.6 

2.8 

3.9 
i.4 

5.0 
1.8 
3.3 

4.7 

4.9 
+.5 

2.8 

2.1 
3.3 
2.1 


BRUSSELS/LUXEMBOURG 


Price 

Fra. 


Aided — 2.450 

BerLert “B M ,8.570 


1.228 
460 
13 1U 
6.840 


t Jkfl. Oemgiti.. . J 

Cra-tierill 

KBBij. 

Blertrqiiell „.! 

rteMiuc Mai ;3.1uO 

-IL inno-B 2,490 

(iwewi .1.474 

Clli. (Bnx U..'.J 1.640 
Htfvkvu..; ...[2,800 

'iitRvcm. —...(1.635 


KrwlieAfoiati ....... 


I* Kovate be 1 33 ..] 


7.190 

6.000 

ft.OSD 

3.690 

3.085 

2.080 


PAn gneiiai 

Petnxina — 

ftne. hen. Ueuqup 
ii'-.Ctfn. Belgique 

Stifinn 3.190 

2 530 
2.620 
.1.200 

II Si In. (CIO) 


■wi ray J 

■tioii Kle--u.... 
ULU 


836 


+ «r 

; oiv. 
Pr«. 

1 »" 

VM. 

V 

1 

1 

lib 

ft * 

-8 

100 

“■a 

8.1 

— 



177 

7.7 

+ 30 


bj 

-15 

17u 

5.5 

190 

6.0 

+ 12 

85 

5.8 

-40 " 

90 

5.5 

170 

8.1 

+ IS 

14^ 

7.6 

+ kO 

39U 

4.0 

+ 50 

*346 

0.4 

+ 45 

42.96 

2.6 

180 

1.9 

-25 

2 Ua 

b.7 

+20 

140 

6.8 

+ 30 

21 S 

6.7 

A3. ID 
170 

8.3 
6 * 

;! 

50 

6.0 

— 6 




MILAN 


«iA. 6 


Price . + or I L»ir. li,i. 
I — [Lire: % 


■ S A IL 

iMa&ngi'.. 

rtiL.. , 

UM’riv 

An+tat... 

(inioemsnit 

IbilBiiier. 

■Unlioliuni....... 

•ilomedl+Ki 

■•■IvetU Prlv I 

Fired II 4 Co. j 

Pirelli Spi....... 

f>nl* VLiana j 


82.00U ajHI — ■ — 
661 ;^.e 


3.049 1 + 89 
2.210 +60 
188 1 + 3 
23.8251 + 5 
. 479 ;+l 
43.100 > + 610! 
289.75' +4./BI 


l.o 60 
2.041 
1.116 
990 


H?* 51 
+ 81 
+81 
+ 10 


IftOj 4.9 
15ui 0.8 


6utt 2.5 


SPAIN * 

OctoOer 0 

Aslund 

Banco Bilbao 

Banco Ailaullro' (1,0001 

banco Omral 

Banco Exicnnr 
Banco Cuieral .. 

Banco Cramda il.MO) 

Banco His pa no 

Banco ind. Cat. « 1 .060 1_ 

B. Ind. Medjferraneo..," 

Banco Pomiiar 

Banco. Santander 12301 
Banco Urqurto ( 1 . 000 ) .. 

Banco Vizcaya . — 

Banco Zaranuano 

BanktuiHM) 

Babcock Wilcox 

CIC 

OraRCdos ; 

inmobanif 

E. I. AranoDcuB ..... — 

Espanola Zinc 

EsdI. Bio Tinio _. 

Fecsa il.Oudi W.7S - 

Fdnosa <1.0001 ' fcl . -:,V 

Gal. Preciadas ^3 ■’ 

Grnpo Velazquez UTOj 1*5 ■ 

Hlitrala 718 ■' 

n»Tduen> - *1 7" 

ouim* ro 'J 

Paoeleras Reunldas ... W . *• 

Peftullbt-r 120 

PcLroieos — _ 241 T7. 

Sarrfo Panalera w : r 

Solace £ 

Soo-Bss -127 ' - •- 

Telelomca 17-50. 

Toms unsteneb ' 79 

Tnhacex *8.50 --71 

Union Elec. fi450 ‘ “! 


Per n.flt : , 
US 

293 .+ 

-229 

son + 

289 •".* 

266 
M9 . 

248 

i«s 

192 ■* 

252 + 
309'' 

384- •:+• 

2S> ’ '+. 

269 

150 . + 

» 

82 

253 •f-r'i- 

70. * 

.46 

IM I:- 

62 * 




HONG KONG 


flnn^ Kniij . 5 [• (X-t- 


A nuUi.ni mated Kuhher j 

Cl*etiii£ Kijuy 


2.40 1 43 


12:50 




SB- 
-1 . 
U - 
. A . 
W- 


1.000 


I30j 

80 


2.8 


04 

7.1 


*— 11 uid Lq,lu >. p.»ner ......) 28 ^U 

L»wnii.i*jiitKU Pro pertife - -i 1.88 . 

L’nis» Humour Tunnel.. .. ; 10-8^ 1 . 

K. A- la N'avivnlMtn, — — -■> 5.00 'j 

Hnng Sene B«nk -| 1 ®4 ; 00 

HimK h.«,» .imnul 7430 Jt™ . 

H.m* Jvonp Bluvirii'. O.&U f-o ^ 
BannXonsKnraiuunWhflri: 34.00. .00 

H..n“ Kuu^ Lanu — 11-60 if! 

H*Mu;lu.nRSlutni:lM> Hank) J9.20 . 
HimuK.iii.jSlM.nt'iiRi H.itl'1 18^ 

Ht.inc Kong Teleiibunu. ...1 33.00 I pg. 

Hni.-biNOii Wliuiiiuo- I 6-30 1 D 

-lardim- llarlieeon.. — ....) 17.20 

l*nllnc .■vjin 7.75' 

\'evr- Wurid Develnnnieuti 2.70 

Kuhlter Truvi —4 

•ime t/arto 

ftnuthn. Pi*. Prap — 

■nil h«9i Textile.. : - I T 

•rlrw Plu-UL- A [ lOMJ 

Wbwluek Hniiien A- 3.35 

Whuoioi-k Maritime A ' *>70 , 

ti ln-*>r in 'imti-ra- " 

t~ Sdb' 


3j40 

8.90 

0.18 


17;. 

a . 

-2. x 


'a 


ia. •' 
:»t. 

!3( 


xd E^c -dividend. 7 Mr. 

SttSB. Suspended-. 


prices exdudq c oremrum. 


K olcrum dmdeSdS *f®. B . 

PUH- 500 aenom. adless 


NOTES: Overseas 
wttbliDlditiB tax. 

4 DMaO-denom. unless otherwise staled 

™ fe « Otherwise "slated. "opS“5M>fl0ff'3 
wnerwaa stated, fl \en jO denom. unless otherwise stated ' S Price at .U®\ . 

aa^nn* 5 *^ c Cents, tf Dtvtdcnfl ' aher. oendW^S ' ' 
usa/or 4frtp imao. c.Psr ehare. i Francs, rCrnw' fflv ‘i j, Awmnod d ? t0 \ 
aher scrlBand/or nghta issue. fc wTiJTKf 


Pt» 


■ncluditiR Uni lac dtv. pNum, o Share kiuii rm™ wdd exclude spe ■ 
xc Ex scrip Issue, ia Ex all. a Inienm since Increased. 


dividend. 













Rjiaridal; TUnes Monday October 9 1978 


AUTHORISED 


TRUSTS 




OFFSHORE AND 
OVERSEAS FUNDS 


' Zi** SrT • 


TaL Mn « r *- Ltd. t»> • TimUsuctoa Unit Vat 

ocsedB 




AQitd Hunbrii Grnmf (aXS) 

HnttPW. B rentwood: «w t _ 
01-5fl8 2851 or Brentwood iCCTO Cli43p 
Balanced F«wli 


Tre oti igg tott Unit.Mgt Ltd (a) Minster Find Managed Ltd Provincial Life Inv. Co. Ltd.? Steve ie Prosper continued 

M, Ireland Yard, EC4B SDH, _ 0I-HSW71 utnstOTKsa. Arthur St. RCA 01 -0331050 =21 BWwTwento. li.C.2. 01-2476533 Scetblts Securities Ltd.? 

SUM — U« MIwnrrOrt.2 1335 «LS 1 550 ProUOcUmL, £02 VUUj +02] 3.03 Smchdu — — P#5 415 

In Erimpt Oct 2___.lJM5 1M*3 .... J 55S High Income [126-4 l£5] -o!« 7.11 _ — gjff 5&W 

»3i: IW MUl Unit Trust Mgemnt. Ltd - Prwfl. portfolio Slngrs. Ltd.? (aXbKc) 

W 107 OldQuren Street. KW1 KMC. CISCO 7333. Ho ibo?nBart.EClii2NH 01A05&S2* Sc«-Ex.YW.«*— J«U 104.7nl 

OVUwfa* PwmiW TlnM TV Mrt^ l MLA Unite.. — -|47.4 4Mt ..—4 3A PrmlMiilJl __.[1>30 34U| -25] 4.49 *PncC» a* se|g. 37.. Next anh. c 


Target Tst Mgrs. (Scotland) (aKb) Alexander Fond 

39, AiholCrc-jrvtn.SdIn.3. 031 -223 B82! 2 37. rue Notre Dame. JLoxcniforar?. 

+0.2| 3.93 Tarw* AiwrSasIcCT.J 30.0] +03) in Alexander FnmL_.| SfflJJO ! __] — 
-03 6.93 TantetTW«Jo_ _^2t 45 a +0.11 5 35 Net os&et value October 4. 

— 0.li 4 43 EitratncomeFd...|6C.J H.Bmj j 7.41 

Z~\ 7M Trades Union Unit Tst. Managers? Allen Harley & Boss Iht. (CJA 


Keysefex Mngt, Jersey Ltd. 

PO B«v 88. St Helicr. Jersey. .(EniJ. 01-60670701 
F«n.«lci>». — „ — |Ft»f37l IMS] ™..j 17 

Sandn-lox— |ir!17Bl 1ZJ.75J .„.[ — 

Kern-lex Japan ID4J3 — I ,.,.J — 

CunL.vSBctsCop l£13b-9Z 138.961 +0-7^ “ 


300.7000] Street, EiZ 




“*»• /<-, -5‘i Allied 1st 

Wa-.r : r< .!K. BriLIad*. Ptmd 

h ‘--l S5 Cylh.aine...r._, 

r*-l:c-. - Eject lc Ind. Dei 

Shf**W- AUrtgG 

^ *e Haabro. 

W? : .f , Hambro Aeo_Fd. 

Dr locww? fends 

:. . High Yield Fd n 

High Income y 

D(t s. . aJ 5. Eq. lac. f 

~'' r icKnaUnad Footh 

^*7;;. InlvnutknaJ 

e Si- Pacific Fund 

r*.. Sey^-Ot America^ 

*'**!;> . tl. SLA. Exec*** _ 

BpeclaUst Fuarf* 
Smaller Co ’* Fd 
r . _ 2ad6*nir. Gtra Fd. 

- -r. ErntSmir rv,-. 


- 1 *“ 8HS™i£i™"|lSi Sa?l 1 5S iSg»rr- H? 

r.T HhIMHuumm. tm h ,t_!a ■ r.)M «*iiadnM« In»a»~l iw isa?! —-1 751 Exempt HjBbJVld 


l,.. 


SI ^ sa G.T. Unit Managers Ltd?. 

iS lOLVlnsburyCUCTsECWTOD . 

Jf 7 nT.Cap.lnv 1909 ‘ 993 

S» Do. Act.. bffiS 1273 

iSflSj 5S? O.T. lae. Kd. Da. 0773 VBU 

“ejq-oJ 4J6 15.T. U5. idea . UH3 

U.T. Jojum Alien, 98B4 

79Ltf -02j 7m *«'PBiva£xJ-<L«.W3a SQj 
-gaj m? n t. jni'L FHnd„....b«.9 V&< 

6.76 C.T. Four YdsFd— [5&7 & 


Schlesinger Trust Mngrs. Ltd. (aKz) Tt,mroci.: ',512 543ej __..| 526 

Transatlantic and Gen. Sees. Co.* 

3l3 .. ...1 2.02 91-BB Now London Bd CbPlndnrd 024351651 


Mutual Unit Trust Managers? (aWg) ,, 

I 0 , 1 -®*®”? ,5 * c «P*»i»UAve,EaR7BU. 01-808 A803 J^ IWxe * IxW^ntTtf- 

+ ll SIS Mutual soc, mo- 1523 5S.«-0.4| 626 Bclianrellw .'mrimitaeWelltW. 0BK2OT1 SncwncDBA-., 

+1-1 JW Mutual Inc Ta..._ 725 ■ 7a 3 -0.51 692 Dmicaiuniiy Fd — 1716 765j 5.0 lnc.lO%Wdnil— 

*2® Mutual Bine chip ..M2 47.W -OjJ 651 St£furUcT. 1 Actl-M^A .49 Aj j 520 IntDl-'irowth- 

+2I 0J0 Mutual High YUL~|W5 650*4 +0J| >33 Se’jfarrfc-T. Im: — 144 4 473*1 ..—4 520 ln? ; Td- UntH-^ 

. 320 National and C o mmercial Kidgeflcld Management Ltd wiyJeU’-— 

+1.9 1J0 31. St. AmbvwSfiuare. Edinbnrfih 031-566 0IS1 SitJO. KinnwiySl.. Manchester Ufil 2368651 Pref. * CUtTrtOl- 
Income Grt 4 002 169^ | 558 RidjidlekUnl T.T |10U IM-Oj | 2.63 £3«Hi?!S5 a 

l5S"5l U .f ,,4, ““te S3 H 304 ■««“»— I* ■ ■ I «■" 

t te rr 1 2 27300 (Accihu. Uaiiai...l7 |l6i6 147.9 ...-l 3.84 Roths ch ild A$sri Management (g) ujc.cnn.Dut.— 1 


340 Mutual M.FlUh- 52 J »; 

■ in Mutual Inp Tst 722 »l 

Mutual BhieChlp ..M2 47.7 

g-jg Mutual III chVUT..|UI5 45 Ou 

3.80 National and C o mmer c ial 


,~4 6.76 G.T. Fo ut V dgFA _ 


296 +0J 

52.0 +0Z 

59.1 +0.1 


jjj fi. & A. Trust (aXg) 

IB 5. Rojilnleh RcL. Brentwood 

1.92 «J.AA 1340 

3-47 ^ 

Gartmore Fund Mzua] 
420 2.SL Mars AXC.EC3A8HP. 


S3"* “S j 736 Barbican iJct. S [791 

S? 2-5 lAcCTim Unith.i IK 7 

S3 |W BartX™t.F<TlCa7 1 ^09 

JS4 920 HurkmOrt 5 846 


64.71 

1306 

«A 


2S5 "vs lAccuai. L'nl'j* 1MB 

5S7 +03 2 97 Colmo Drl. 0 132.7 

?3S ■'HJ lAccum. t : ntU< 1637 

3*| -Oi 426 oimbldtht 4 5*3 

,3-5 -82 — lAceum Uiutsi 59J 

2 4J« UJ9 Glen. Met.'! .56 7 

, j J51 t Aeeum. L'uiUi |72 9 

342b . 217 Marlboro ■)•-( * >57 7 

2JJ -n - 1 483 lAccuip. liaiL-.' ;t06 

22-01 453 Van.Cwih.OcL 3_ 510 


372J-0J) 4.46 National Provident Inv. Mngrs- Ltd? Bd. Ayiestrurr. «mi j. Henry Scl^uder Wagg & Co. Ltd.? — si 


S-S niAmerteniiTxt.. 
"Xrl 5S HrmahTs-tAcvi. 
+021 4.91 Commodity Share 
-0J1 4.44 Extra Income TSt 
+0JJ 453 uiFoj-EastTn .it _ 
... Mirfi Income Tst__ 


Newt deuHuc OcL SB. 
tart dsslinfiOCt. 1& 


*=•»" » («*> ffw^Ei?S 1 a -JS p “ i, aU i "TSf N.t'SSS&E! iMy^'9 If gKSaf^"' 
t-t .S3- SSBSTKflSSL-. 5V J «I IS 1 issfe 


Anderson Unit Tmt Managers Ltd SSSKSSlIZ 
15S, Fenchmeh St., EC3M6AA. 0838331 

V.T ^fHS 585*4 --1 ATS 

Assboeher Unit VgatL Co. Ltd. Gn *a rAntonvi 

1 N<*kSt..EC5VtI.A 01-62363711 SfiJSSS 

Inc. Monthly Fund 075 IBS 1 920 

Arbntluwt Securities lid <aKc) 

37. Queen St. Loudon EC4K IBY ‘ 01-230S381 OealW 

K»m, Income Fd.~|yNS U7JJ 1859 -. ^ 


N.C. Inti. rtL tlntXOTo «j «• Income OcL 

J® K.C.. Ini? Fit (Acc.Swi _ 96.5! +0jj 154 i/iceum Cnl M 

2^5 N £. Stmlr Cq*s FtQUO-O 17054 -051 453 c^wwlOcL4. 

Bfitbschad & Lowndes Mgn*. (a) 

SLSmUiiBsLanc,ldn,ECl. 01-6294358 (ftccunUirffeO 

Now CL EuuaK [033.8 1410cf J 3.45 

Prtcrson Septvrabcr in Nertdcuin* October 
ML 


„, u U14W3V» Vans. T*eOtt 4.^W57 

JDfl . — | 253 (AiTum L'nits-J W7.7 ' 

2?a £2 Wlek’rOcia toi 

M671 1 6« (AceuuxUnitai— ^5 

tK-S — 1 5-S WtekDLOet6» — ftLl 
T?lnl -”i 3S Xta.Aecum. M 


27 J >» 'Prices on oSr A Next dc.hnJocL 18. BotilSCllSd & Lowndes MgmL Ca) 

>t4U 552 National Westminster? (a 1 ) SLSmthinsLanc.Ldn-ECi. 01-6294359 (?uvuin.urita) 

0.89 Fioauclal SI 372 ..J 5B llwJt Tntst HneL LULU (at -.J&SRuJW , - SfiSSi 4 } Sis 


109 6 . . 
139 7 +L7! 
1724 -2.1 
574 ..... 

62.? 

602 

77 Jj _... 

55 Jl 

63 bj 

53 S _.. : 

6691 

77.71 

482^ 

5051 

66.8| 


bi^saili 1. Pharine Cno«3;St Hdiw. Jyy.c I. 0S*4-73Ml t*„— 

01 I 536 AlIRGl«EdAJ-d...in005 19061 | 12.01 S,n S * Sha*S«Hl MgTB. 

' 5 1 Chari ncCirtviSL Heller. Jcrser- (W34V 73T41 

L Co.? Art nth not Securities (C.L) Lindted 

I024551SSI F 0. Box 381, SLUclier, Jersey. 053472177 un; FundiJeneM.IC8.B3 S66d 112.00 

.... 533 Cup. Tst. ■ Jcrary I....111B 0 iao| I 4.10 fiiliTruail.o.M.i.... 1103A 10621 ...... 12.00 

. .. 533 Nest dunlins date October 10. Cill Fnd. Iiuentsent9.22 924aj 1 12.00 

::::: IS ““ {stSSiiS~- T %u M 


1180 lmll 351 

3 oS IT Is TyadaU Managers Ltd? 

IB6.1 4,12 lAConvuee Stead, Bristol. 


75 7J+1J 
86.71 +13 


... 533 Cap. Tst. 1 Jersey 1.... I11B 0 322 01 1 4.10 fiillTruhM.o.M.i.... 103A 1062] ...^. 12.00 

. .. 533 Nest dunlins date October 10. Cill Fnd. Guun»enW.22 924a| 1 12.00 

.... 3 99 (Jail Sec'- Tst . 199 101| 12J» J„a C«L Sevs. Tsl 

423 Nut rieulinc date Octobnr 9- _ F'MStortink; IC30 08 IB2H I 

4.23 East ilntlTsLiai .1115 122rf I 307 trS — \ - 

-L7 550 Nest dealing date Octotor 12. ,UKlm jwj»| . — 1 

■11 S2 „ 

— - Australian Selection Fund NV Kloinwort Benson Linuled 

443 Market Upponuiuties. c 0 Infill Younc & tJ0.FenchuivbSt,Et3 014238007 

_ 443 Uuthwaita 127, Kent Sl S>dnej. Eurimcd. Lux. F. UB4 -7 2 96 

27S L'SSl Shares . -. . [ SI SI5B 1-OJW — Guernsey Inc M0 73 4 4 18 

:::■ V*. **"* *'*'***■ SttSBffcz: 1 W 6 :::::: SI 

Bank of America International SjL lulSw T oil 

t 3f> Boulevard Royal, lanembour: fl.D. K-B. ILS. Gwih. Fd- SUS13.04 -011 0.69 

630 Wld!urcsttDconir,tn)5nE27 USfl+12«| 7M SifiiKlBcnnuda— . $J,S5.19 - ■ • 1JJ 

469 Prices 8t Oct. & Nest sub. date Oct. JL *Lnilonds(DM>._ M.OO . 21JO|-Olfl >06 

4,69 'EM ca as Landau paying agents only. 

Banqne Bruxelles Lambert - 

^ 2, Rue Do la Regonee B looa Braspete Lloyds Bit (CJ.) VfT Mgrs. 

Renta Fund LF — [1,931 1,991] | 7.71 P.0. Box 135, SL Helier, Jersey. 0G34 27361 

033*32243 . UoydsTsLO , seas_.1633 66.44 —-"I 0-57 


SUS1432 

SU&1235 

3US40.9B 

SUS13.04 

4T'.,c .n 


01-6238007 
—7 2 96 

.... 4 )g 

«.u 

..... 139 

.... 156 

061 
-Oil 0.69 
. . . 173 


B.OO 23JO]-OK4 B06 
o paying agents only. 


Orenihltv,,, 


E Q BOMB Unit Trust Hngt Lid.? (a) c-jmm. BpilxMn PwL Mxrs. Ltd.? fAccunv Units) 

. .n&. tr_- Hi 8 ■ 1*^ . M33W9fldU iJIit™* ***" " FVPW)^ j. 


GIW» (Antony) Unit WL MBS. Ltd w M^lTS za St. Andrew. Sn-Edinbu,^ wi .sm9HU 

“TS as^sraiTS &m=Mr 11 ^ 8 aat«ft=K »=i u 


M.. _ ^ 
« c . .1 ' 


.. High Inc. Fund 425" 

•< Actum. Unhsi..... 593 
. k*.®*? W-drwl Utsj 565 

- ... . . Prvlercoct- Fuod_. 245 
* "* * j- laccum. Uoltsi _ HI 

■- Capital Fund 21.0 

CsanuutKHty Fund .. 645 

i Arcum. Unltai • J2B 

~ 564 

^%F:n-*Prop Fd. 17.9 

Giants Fund 

' - - • - *73 

Growth Fuad jtS 

! 'ArcunLUaitii n* 

'• .-• SraUerp> ll FA_29.0 

. F>MW«nFd 97.9 

A. Amer. A InL FA X13 


V* ...... 

63 J ,._. 
60.1 

264 ... . 

41.0 +03 


aes Govett (John)? * 

S2 77. Loudon WaU.fi.C2. 

fS s-hir. on a tuu 352J 

4-K Da Accum. Unit 074 1 U3J 

250 Next dealing Owr Oct. 


:q 530 NEL Trust Managers Ltd? UXg) JJg®gBfcK SI TlJ 7« 

-.-4 Ml Hon Conn, Doridns, Surrey. 5S11 Merlin net 4 7 90 a J 334 

Nr I star [6JJ 66,4*4-0.41 4 62 (Arcum. Uu.Ui 1 105.9 1115| — -1 334 

Notoac Hlchlnc -]gn 9 5S |-0j] 7M ^ ^ FtL Ltd. 

U-5B95S9) W0rwic “ UtiHrn lnsatUnCfi Group (W Mj tf rn 8 T50Wt 1 S.W.I. Ol«98252 

-3JH in Fo. Box’!, Norwich, N WING. 060322260 cupda, Fd MA 732| I 356 

-3jy 108 Group Tst. Fd. ..13745 394.2[ -0.71 <96 Income Fd |71_5 _ 755| I 745 


M« ..... 
• 991 ...... 

193u .-.J 
434 -02 
50.1 -03 
■ 39 3 -O.t 
473 -0.S 

30Aa -Kli 
22.9 b -*o3 


_ Next drama «hT 65T» Pearl Trust Managers Ltd (aKgMz) Fnces at SepL a). Next dealing Oct 13. 

iU Griewcaan Maxuteemesl Cd. UA. 2s=HighHoibo™.wciv7EB omossmi Save & Prosper Group 
a w ” - T--1 - ^ .. Mun Pearl Growth Pd _ 1251 27.« -01 4 67 +. Great Sl Helens, Luadoa FC3P 3EP 

4 73- M*Gre*hflmSl_EC2I'2DS- - Acpum Unjla Baa U ll —Oil a 1.7 _ „ u ,.i.-.i.riw»iv 


-/bs pealing day Wednesday. Pref. Oct. 4 

334 Sebag Unit Tst. Managers Ltd.? (a) iaccmh fmtsi 

3J * pOBo*5U.Bchtey.H8e,E.C.4 01385000 S-5^Sb? tafc W2fc l ST7H B1, ^ 5 1® K" 1 ^ *f sL &L - 

M Bae enjB ...aBai is |S3! ^El 8 SSffiSE 

3J6 Secuntp Selection Ltd Uwdaa WaU Gibup " “ • 

745 I5-ia,UiieoJn'*lon Field*. WC2. OimlGBOftO Cupltal Growui 


R032 10041 a io Barclays u bum 

IWLj iUM — M I, Charing Cross. St 

134&W 4.1* Oversea Income _ 

TiSj • — irnldoHnrTnwt — 

1J|2 7£B UnibomTIW 

2S0i 2632 5.02 

284 6 299 C 5 02 , ... 

02 B iwqmi 12.20 Barclays Union 

13D.D 137.0] 1220 i Thomas St. Doug) 

niasilO LniconAusLbL. 
UWO .777*4 8.97 Uo-AusS-Min 


B.10 Barclays Unicorn lot (Ch. Is.) Lid ' NBSt deallns date October 10. 

8.18 I, Charing Cross. SL Heller, Jrsy. 033473741 

i-!f Cheeaests Income _MT7.o 49 a 32.10 Lloyds Etent Inti. Geneva. 

a HOffifcBM m=i a sjsssiKMa-JB^ns 

5.02 Lloyds InL Income. |SE794.0 305^1 ( 650 

izot Barclays Unicom Int a. O. Man) Ltd M „ ^. M , 

1220 1 Thomas St. Douglas, l.o. si 0B344856 M “ 41 ^rOUp 


..... 289 BaniafitenOd.4._ 

-02 2.46 (Areum. L‘ni!s)__ 
“05 2.46 BtnnH-YdOcL i— 
-0.1 258 CAccum.'UnlUl 
-0.1 ZX Eodnv.OcLS. 

-■■■ 3-S lAceum. UuUsl. 

■HJJ 3 27 GrnchstE. CiCLd 

■riJ2 157 t Accum On It*) 

. — 155 LoARrcKOt * 

+04| XjOO lAccnm. Unital 


awe 't r 1 ™ - 11 
. J* ■ Pearl Inc. 


JS' Pearl UnitTa'.l 


TUft • > UUH 

£-£* (Accum. Units)..- 
7.9V u.l[ u . 


HU 4.W eg.,3 Queen a. Bdlnhurgh EK24NX 

4B Dealings to. 01-554 88B8 or 031-828 7351 

^oi 4.72 Save & Prosper Securities Ltd? 


394 ..._. 150 

75C 830 

49.4 +01 8.38 
495 -.... 8 90 
202 1.40 


150 Three- Quay*. Tower Hill EC3R0BQ. 01-626 4SB8 


23S Pelican Units Admin. Ltd fefcx) &u«m«ii»iial Hah 

-i— 81 Fountain SL. Mane beWer 061-2305085 SW.^ 1 -—-122 

^ Peuean Unite (89JS 95-9n«“0.3l 434 ^2 

Iff IS Perpetual Unit Trust Hngnrt.? (a) ^Za 

_--4 3A9 48 Hart SL. Henley on Thames 040126888 Hieh-Ylckt (565 

Archway Unit Tst Mgs, Ltd? (aHc) Gnndan Boyd Ex. Unit Mgns. lid. K^li^uSTt^TW (5?)“'"^ ”* F "*me 

317 . High Holborn, WT1V7NL. 01-081 8ZO. Royal Exchans*. EC3P3DN. - 0MB8801I Amsny GQiUs Unit Tnal MDMeers Ud. I ncome* 1+4 0 

Barclays Unicorn Ltd.? (aKcMgt S»J5SS5 SgSAS$n=M HdaM 

Unicom Ho 2T-2 Romford Rd. E7. 01-S34S5M Brantunod, Esanx. 0217-21738 l .(rfuu FuiuU_ 47.0 5fl8 ._.. 450 JnMn.T. 3 1075 

-liiJ 1 ^yonrlca^ WO 3631 +051 LM IUL Huub _ __ Mt Ema fc Asnda. 477 51-6 ..... 4M s^AslaGuth-Fd- . 465 

Do.Ausi Acc Ml Mm —03 1.77 ci»hotR^i«y^ M2 5t,7t+05t 6.02 PrivaioFund 376 40.7 -... 398 UJS. 74 6 

no Aua. Inc. 615 6* 5 -0 7 1-77 rCTfr-^So, irw- 0*4 -O il 2X1 Accumlir. Fund M2 74.7 3.00 'Initial launch n 

Do CapltaL. W3 S3 -02 4L29 Growth Aec^SS* 5343 HUT -200; Toe hnoteRy FluuL_ 6*4 711 300 c^.„ 

^ SS SSS&3—Z&* OT-Ml.-fcBl Farfiast Fd — _.._^94 Sfl«£|| 12 UQ4 


Scaling OcL 13. UnriGlhTstAcc~-Q4.9 2651 J 2-23 Do. Ac+un* . 

, UnvIGthTrtlnC— .PL7 23l| 1 213 Ertralnr-Growth. 

I yxzsp 3EP Staroi Unit Tst. Maaagers Lt<L (a) RflSSftPS 

EH2 4NX 45, CharlotteSiX- Edinburgh. 001-2263271 Do. Accum. 

t,:n-ZSS 7351 isiewrt Anaririn Fund High Inc. Prionty. 

ities Ltd.? ^3 “ I ™ iSSffffl 

4d« 157 Fta* “ TSB Unit Trusts (y> 

58d-0l| 3A9 MniKhird — —JMO-5 152 W 1 4.33 21, C ban try Way. And ore r. Hauls. 0264 

7aiS-03[ 212 Accum. Units,— — jl635 ^ _X78g. ■■■■■■[ 453 Dealings, to 0264 63435-3 

Dealh * !?"■> Vn - ^ ed - fblTSB General [475 . 50.61 -051 

■ M<u " f JSSiar*- u i^m issSeI ill 

m =i n tMoeicjw n is SSs t w 

Target Tut Mngrs. Ltd.? (aXg) " „ _ ' 


iy+p»ji Do. I. of Man Ta — 145.8 4951 —...I 8 

925 557 Do. Mans Mutual [26 2 2u| | ] 

1 9b-4 4*0 i 537 

445 ..... 9 15 Bishepsgate Commodity Ser. Ltd. 

17 8 +0J 477 F.l). B ok 42. JDouglas. I.oJVL W24-Z2 


...ISU5317 
BIS261 

4_k’SlLJ3 


Samuel Montagu Ldn. Agts. 


Mil Iflji 4 77 -\RM-\r ■Sept. 4 [IUSIJ5S 

«a 4 n 7H C A.VRHO*^ J E.4_P-065 3 
S'? 2 50 COUNT -SepH --^402 3 

«.?i .... i Originally issued at *510 


0624-23911 J 14. Old Broad SL.E.C.2. 


3953 - 


— Apollo Kit Sop*. 30. SFS4M 

— Janfest SepL & HH14* 

L23 1 1, Group Oct 4 SU50Z7 


Bridge Management Ltd 
P.O. Box SOB. Grand Cayman. Cayman Is. 

\"taUhjOct. 2 1 Y1787* [ I — 

3.74 C P.O. Box 580. Hour Kong 
3 74 Nippon Fd. Om. 4 „^S2LS 22JKf | 0 72 


1 17 Jersey SepL20 .K569 

1 17 J syO's»S;jL27 _. pL30 


0I-S886464 
48 UJ — I 360 
ISIS 8.8B 

a5J+(i.ra i-86 

6.19( | 0*8 


3.74 Nippon Fd-OM. 4 -IJW2LO 2286} | 

6l9* 

6-94 Britannia Tst. Mngmt. (CD Ltd. 


Murray*. Johnstone (Inv. Adviseri 

163. Hope SI. Glasgow. C2. 041-2215521 

-Hope St Fd. 1 SI S42J2 } ..[ — 

•Murray Fund 1 SDS12 15 I — 

NAV September -30 


(hj Do. Accum f 


1«."| tS:4) US 30 8601 St. SL Holier. Jersey' 


Do. FI rum ail..., 63 9' 

Do. 500 79.7 

Do. General »3 

Do. Growth Acc 438 

Do. Income TxL B95 

Ty.Pri.Ana. Tst- 1477 


Prices at Sapt 2 

Do Recovery. 

.Do. Trustee FSind.. 
Do-WldwidcTsL— 

‘Btst.In.Fd.Ioc 

■Do. Accum. .- 


475 
554 

f S Sector Ohods 
in Flnnodal&TTU. 
473 OUBNnLBoa 


m vTiis 


74.71 ...... 3.00 -Initial launch until Oct. S3. 

M2 1 » east ra nv8 S.« +05 150 1804 86M+0j 

. ‘.AaeriennFund^.Ei.7 27.7| +0l| 150 77 3 3 ■ 

7M Practical Invest Co. Ltd? frKe) Uncial Sera.— |72A 7851 +0-' 

44. Stoomsbnry Sq. WC1A2RA 01-0288880 HlKb-MnlMni Fututal 

Practical OcL 4 [157.7 167.4*4- ( Oil Select I nfenint. .... 1265 0 27961 -0.1 


dafl-Oll 487 SL Gresham St, BC2. 
lOUj-051 3.06 Twptt - 

ss?3 Jsgg^fe. 

B0.3 +0.91 UO ADa Ace. Units— 


Dealings: 0206 5Mi Ulster Bank? fa) 
41.91+021 357 Waring Street. Belfast. 
657rd^-iU 4.45 iblUlltCT Growth __ [39 J 


2285) :.;... 6*1 Unit Trust Account & MgmL Ltd. 

312-3 6-fi King WUIianiStEC-lH8AR i»,jm*ae 

JffiS a« Friars Hse. FnstL- [165 0 

29*n *0A 073 ' 1 ’ ,ld “ S i 

33* +05 0 73 Do- Accum. [377 

i7ol 03 Is! Weler Growth Fund 

33.7 -0.2 7*6 King Willi tun 51. ECMR BAR 

14S U82 Income Unite [33 8 

22_8j .....4 481 Accum. Units 138.5 


Tare** Growth 


Next sub. day Oct. 3L l n t rnmth » M l 

«6 S84|..*...| 5*4 Cabrt_ 

!28.S- r» d -0,4 . 4 92 i ntern at i onal— 

25 56.1 I 288 Wld-WiiteOcLB. 

>6* m 2 -0 4l 4.76 Overacas Flmdi 

*2 79.41 -OJf 4J6 Australian 


— M ail ill mnucaiucL- 
S3i8jl: ilnj Accum US*. 


’.7 167.4*5 [ 411 SelcrtliilL-n.nl. ,-..[265 0 W961 -0.0 2J0 

'5 2U*| ._..| 4.11 Select Income &5.4 58.4*3 -rOJ| 703 


Do. Heine. Units 

Target Inv. 
TgLPr.0cL4 
lne.._ 

PrcH 

Special Sts. 


stcrUnr Drimminwnl Fda. 

Growth Invest- .386 4] 

tmaMsai inmi w 93.1 iro 

»n_ns"7i Jersey Energy Tst. . 134.6 145 

4281-021 5 04 Unlvi.STsLSMi— £228 Z< 

MgmL Ltd. High mi80g.Tst_. 0.96 0.9I 

UJS. Dollar Penaad.uated Fds. 


4171 +1 
19061 


:::::: « & t T^£? c !££2 R uSvffs&!^rfiS34 * sm+omi - 

+05 0 73 Do. Accum [377 39J] — J A 49 Value OcL 6 Next dealing Oct 8. 


059,73114 Negit SJL 

,« , u 10a ESuuleronl RoyaL Luxembourg 

hffl 8 IB NAV Sept. 28 1 SUS12.66 | 1 — 

1.50 

!*;“ Negit Ltd. 

Bank of Bermuda Bldgs., Hamilton, Brmda. 
□ Ml _ NAV SepL 29 JE6.92 - l J - 


INSURANCE AND PROPERTY BONDS 


"a=j a . 

niJWi0Ki Brown Shipley Tst. Co. (Jersey) Ltd inter -Dollar Ftmd.|l42 2*11 -...[ - 

- 01 , t m P.O. Box 583.SLHelier. Jersey. 033474777. _ , _ . „ . .... 

3 40j3 -J 439 sterling BoudFd._|£9.96 19.08; | u.75 Quest Pond MngmsL (Jersey) Ltd 

^ 1 P.O. Box 1W, St. HeJicr. Jersey. 0S34 27441 

Butterfield Management Co. Ltd. Qu«taie.Fxdini_B4 6 9oy | — 

pn Ha. ins anmii tr», p^mi.aa Quest JnlL Sees, — JIJMS1 DOTH — 5-Ul — 

fflbd tm 

I/Ll Prices ax Sept, ll Next sub. <ay Oct. a. . 


y. inH.'m 

uert Stlg.Fxd InU [84 6 9011 | — 

luestlnlLScca. IUS0 9L 09M-58 — 

Vest lntl Bd. . . -|nna«7 lUt| -5.b| — 
Pnce at OcL 4. Next dealing OcL U. 


Baring Brothers A Co. Ltd? (aMaO Par 
B8.LeodenliaaSLE.C8. 01-5882830 


■ Stratton TsL 004* 19251 ...... | XV5 

Da Accum .{gib 24LS — 1 195 

Next snb. dav OetobwlL 


NAm Rspt OctA— 
Cabot Am. Sm— — 


183 Abbey Life Assurance On. Ltd 


- - - - •- vr-w e.o HUI Snmd Unit Tst Mgra.t W 

Hisnwpsgwe M jg ki* . V0.T isiteiiQi VQP2UC m iBK iimi 

. wjjaM • 

Aw.Ute.*^jiL26:|gJ rJ 385 jglwi^ ^ 

B gale Int OeL3_L W4A 196 l3 ZM }KSS&4SC 

2^-d US SlRSSlSSSt: 

Next mb. day "Oct. 17. ZQ. (bllneonio Trust 

Bridge Fund Managers? (aMe) 

43-48. Regia House. King William St, EC4R ' 

bar. 0V&4051. IntriL? (aKg) 

Araeriean AGen4-P5B VA __ 139 J5,ChrWopberStreeLECZ 0M877243 

SgSfc5=W 423n — IS I-teLInv.ytaL_19L9 9l9|w I 6J0 

IS Sey FUnd Managen LbL-W)^ 

IniernU.lnc.v__ 17* - wio ... 4*a S3. MSBr SL.EC2V BJE. _ 01-0067070. 

DM^-rS^WhAWImnL Prteea^ ^OcLaJiS - ‘ 452 


■ate -as 


rii 1-3 BL Paid’s Churchyard, EC4. 01-24881 

Equity Fund B7.7 39.7! 4 - 

j Equity Acc.- 

Property Fd. 

1®U Property Arc. 

582 Selective Fund 

ZB3 Convertible Fund 
Fund.. . 

- 'cL Su . 

4.95 1 VUim Pd. Ser. 4_ 

784 j VEqoltyFd.Ser .4 - 

521 1 fOpav.PU.Sar.4__ illy* iw ^ i — 

normally Tuo 

I Albany Life Assannce Ce. Ltd. 


Crnsader Insurance Cot Ltd. 


Leaden Indemnity ft GnLIn& Co. Ltd Save & Prosper Group? 


01-2488111 Vincula House, Tower PL, EC&. 01-0288031 1820, The rertury, Reading 583SIL' 
zdz CU*- Prop. Oct. 3_ [735 8381 JJ “J Z 

:::::: - Eagle Star insnr/MIdland Amor. r^'***** P« 3*3 -ojI - 

— ~ i . Tureadnwsdic sl. Eta. 01-9881212 The London & Manchester Ass. Gp.¥ 

_ Eocle/Mkt Units— P5.5 57*J -08[ S.91 Winalado Park, Exrtcr. Q38 M811I6 

— Can Growth Fund.. 2420 -2J[ — 

r - “ Equity & Law Life Ass. Soc. Ltd.? «5 ^ = 

— Amerahnm Rood, High Wycombe 04BI 33377 eExptlnv.ThL Fd. ‘1208 -L5 08 

. — — Equity Fd [1200 12*31 +08) — Flexible Fund 1208 -Uil — 

illy Toes. pSipityFd. llOSJ llSOj J Imr. Trust Fund 1482 -L9 — 

■ M Fixed Interest F.__QD93 12S.®| -08l — Property Fnnd 84.4 -03 — 


4. GLSLHcJen's, Lnda. EC3P SEP. 01-554 8889 

BaLlm.Fd. 11538 141.01 — 

Property Fd.* 159.4 1687 _.... — 

GUtFd. 123* 130.4 — 

Deposit Flit 053 1327 ..._. — 

Comp Pena. Fd. t 210.1 22X2 — i 

Equity-Pens. Fd 19X7 2045 -03 — 

Prop-PensFd." 23X7 244.6 — 

GlUPraiS-Fd. 95.1 1002 — 

DeposJ’enB.Fd.t [100.9 1063 ...._ — , 

•Prices on September 28. 
t Weekly 


Capital International S.A. 
37 me Notre- Dame. Luxembourg. 
Capital Inc. Fuad — [ SUS1&95 J 


Richmond Life Ass. Ltd. 
+S. Athol Street Douglas. LO.M. 
irtTneSilverTniEL|UX5 114.1 
Richmond Gd.B-1.. 1173 123.fi 

Do. PUtinum Bit _ 1394 1468 

Do. Diamond Ed. _ 92.0 100* 

Do. Em 97/02 Bd. _ 164.9 173*n 


-oji u*2 


Charterhouse Japhet ffigMSS: -BS* xffi =J M 

1. Paternoster Row. EC4 01-2483S89 

AdlSSSa r~ ISSH8 Sio Ha«i>schi!d Asset Management (CJ> 

Foudok W32.70 »u9-0-l0] 4 B3 P.G Box 58. SL Juliana CL Guernsey. 0481 26331 


Fandui DU22JB 

Emperor Fund 53-59 


4.98 OjC.EqFr SopL29. 553 58*a« 276 

— O-C.lnc.Fd.Ort.2 — 1628 1725 679 

282 OC JnlLFdt _ ..$136 144 181 

nCSmCoFdSeptX). 152.5 1628a .._. 3.U 

tl.C. Commodity* 144.6 1533 4J9 

OC. DIr.Comdte.t_ 128M 30 461 0*6 

•Prices on SepL 29. Next dealing Oct. 13. 


IntenuL Incr U7* 

PaAcc-t^ 096 


D*fflUnC "TiMat tWed. tTbura. PriSrabcL 3/4/5. 

Britannia Trust Ma nagement fa (Kg) 

3 London Wall RnIMinM T^ndm Wall ' Kny Fixed Int. Fd._- 


3 London Wall Buildings, London Wat 'KJSSHn #*«&■' 

London &C21CBQL 01-6380«?047B K«r Small Co aFd_ 

Sf • 3^ Ktehrwnrt Benson Unit Haugen? 


31. Cfld Burlington St, W.l. 

rFd.Acc 1191* 

I nl Ap t nm 

DW VGMjto^FUAT 

01-8087070. WnUJJan.p-d.Acni 
-mi in VProp.FiLArc__ 

“n-i •!» VM* pie Inv. Acc. 

— im Equite PenJItLAcc 

^L5 9*7 FlxcdLPeitACC 

^ G1dJdoo.Pen.Acc. 

~fa InUJBnPnFdAcc 


Assets 

■Tapitol Acc.. 

■"Amm Kr ISQ 

•Jo n a aod liy_ 
Domestic. 


PtooPemlAc 
! ahNelnvPe 


2B98f — 

149.1 — 

lZLi I — 

120.™ — 


financial Sera. 

T-ridftGan ml 

‘■ninth — 

. HC.& Growth 
nCl Growth 
trverf-Tlil Shares _ 


' 63 2 —98 355 - 

667 444 20, Feocbtneli SL,fiCA 

91* -03 4*1 K8.UDltrd.Iac— 

464 -84 3*5 4KJB. UnltFilAc— 

1318 — 0.4 6*6 KLB.PU lnv.Tnts.. 

44* 8.91 . XikFdJn.T<itAce 

247* +03 Z9J KBSndiColiFcanc- 
7 13 —OX 44* KB*m.OosPVLAee. 

1X07 —07 2.60. High YM.Fd.luc_ 

. 94.6 -0J 3*6 High Yld. Fit Ace_ 

82.7 — 0J . 7.05 _ - __ 

73.1+03 636 L &rC Unit Trust Managemei 
J&t Thn Slock Echonge. BCJN IBP. 0| 


AMEV Life Assurance Ltd.? 


£jjr| Alma Hsa, Alma RdL.Relgnte. BatgrteffllOL CJL hilL Faud 


^580 gSSJW^BS Wzd ~ G ^ D ^ W - 

MAG Group? 

General Portfolio Life In*. C Ltd.? iw Own. Tower HID EC3R8BQ. 

«) Bartholomew Ct. Waltham Cxoso. WX31871 • - - - 

Family 79*0** 

Gresham Ufe Ass. Soc. Lt d. Hitt* 112,7) +(U — 

2 Prince of Woba RdL, Blnootb. 0502 707655 IntemamL Bond?*. 107* 1133 _.... — 

GJ_Cnah Fund B83 10331 1 — imaged B*L*» 146 5 1534 -13 — 

G.L Equity Fund __ 009.4 1152 .1 — Prc^»er^Bd~_ 1*4.9 X733 _.... — 


f Weekly ifaiinf 

Schroder life Group? 

Enterprise House. Portsmouth. 
Etjuttyl 1 .2583 


Clive Investments (Jersey) Ltd. 

P.O. Box 320. SL Better. Jersey. 0534 3736L 


Hive Gilt Fd. (CXl .19.78 
070527733 CliveGUt Fd.Ucy.i.|9.75 


GC SmCoFdSept29. 1152.5 
(1C. Commodity' [344.6 


■ _. *Pnees on SepL 2* Next dealing i 

9 81 j j U00 fPriceson September U. Nest denllni 


BLO J+LH — 


ZZ 537 AMEV Managed™. 1465 
_ '435 AMEV Mgd. 118.4 

; ,«5 AMEV Money FA— 1065 

• 5JB AMEV Equity FtL— 11M 


Fixed lnL4. 
MtuagedA - 

Money 4 

Overseas 4 _ 
Property 4_ 


KbBGort.Secs.4_ 1238 
BLS.PenCsn.B___ 1233 

B3.PeH.Arc. B 1358 

Mngd.Pea.Caii.B_ 2103 
Mflgd.Fen.Acc.B_ 2S20 
FlBL Pen. Cap. B 96.7 
F. Int Pen. Acc. B 983 
Money Pen. Cap B. 96.7 
Money Fen. Acc. B_ 981 
Prop Pen. Cap B— 1025 
PnBkPen.Acc.B—|U3.9 


240.4 — 

145.7 — 

343.0 — 

114.7 _... — 

990 — 

1675 — 


Cornhill Ins. (Gnernsey) Ltd. 

P.O. Bat 197, SL Peter Port. Guernsey 
lataLAlsn-Fd. [177.0 . 19251 i 


Rothschild Asset MngL. (Bermuda) 

P.O. Box 054. Bk. of Bermuda Bid., Bermuda. 


lez-iri _ 


Delta Group 

PO. Box 3012, Nassau. Bahamas. 

Della Inv. OcL 8 JSUS2J5 286(-UAl| 


Reserve Assets FdJ SUS9.80 1 | — 

Prim on Oct. i Next dealrng OcL 0L 


2653 — 

1DLS — 

1034 _ 

1019 — 

103.4 — 


Royal Trust (CD FA Mgt_ Ltd. 

P.O. Box 194. Royal TsL Hse, Jersey. 053427441 

R.T. Int'L Fd. JS0S9« UL4S| J 3M 

R.T. Infl. Usy.iFd.. 1900 96*| 381 

Prices at OcL X Next dealing OcL 10. 


■ ; - ago | AMEV Prop Fd- — . 


J3L High Ing. 94.4 

aewbwue— 906 

VathMngj™ - 29*^ 

•ropexty Shares” 14* . UJMl i’JZI 257 XT, Queen’s St. Lcmdon EGlB. 1BV. 01-C36 

^UeW ; 484 52-lid 458 «Rnw.Materiitlx_-|40* 4339 [ 

ItatuB Change 545 37 Jm +03 457 tfAccvm. Unltai-— 1®5 .-*933+031 

•Jnlv Energy — : p43 565) -0*f ZAO 'Growth Ftmd 1578 .’ ’UT] .._Tj 

, . 'CAccism Units) — fcS* /, 68*1 — ..I 

H» Bnttsh Ufe Offiee Ltd.? (a) . TtGUtandWBenmt.593 . 42. J J 


imu&GmFd 




iS Lawson Secs. Ltd.? Wtttf 


te l ionceHse- Tonbridge WcCa,KL08m 22271 fftSSSBriSi Ba*' m3 “—[ 

3L British Life K* . 55*a<-fl.4f 5.45 gf ' . . S3 “H 1136 

« SteS? — 23 H IS ™ :r.| Sjb 1 

3LI ^S5S2?JcrT l Si; DeaL 2M«r-TmtettWed. jSW "Fri. 


-8.00 AMi£V&5B<L Pen .FA 1105-4 III If .....I — 

Id.? : Fieri plan — ZJ96.9 104* ™-l — 

3800 AHETOnmUngtmi • 

0*7 American [899 94.71 _.! — 

*» SESL«i=IS - 

For Arrow Life Assnrance see 
t own . Providence Capitol Life Assurance 
653 Barclays Life Assnr. Co. Ltd. 

2S2 Romford RdL.E.7. 01-534 S544 

2*4 Barctaybowfc* 

189 


Uaadhank Scs. Ace. 
CL t S. Super SU — 


-•'C4J — 

+0.7| — 


+2M — 
+0^ — 


InvPIy .Series 1- 
Inv. Phr- Series 2 
Invt Cash Oct.:... 
Ex UL Act Oct 4 
Ex. UL Inc. Oct 4 
Mg<L Pen. OcL 5_ 


naa +oj 
iwS +oj 


104.71 +0.1 
1513] -Z.9] 


14751 -88 
277.71 +L4 


Solar Life Assurance Li mited 


— 10/U Ely Place London E.CXN01T. 01 JM2 29CS TeL 11-257 7Z4X Tetac 8814408. 


Dentocher Investment-Trust n?' 'K-i 5tTK«."BSn U * SH ” 

PosUach 2G05Hiebergame 8-108000 Frankfort. ccsk OcL iN ext dealUg Oc 

Cone cn ten |DM71J4 224M-0J0| — 

lot Rantentends~|Dt8*0O Save & Prosper Internatimnl 

I Dreyfus Intercontinental Inv. Fd. Peaimg J to: 

P.O. Box N3TU* Nassau, Bahamas. 87 Broa d St.SL Hriier. Jw pey 05 

NAVOd.3 JKO&fi JW —4 - ^*5] .... 

Esnsoii & Dudley TsLHfiUmy.Ltd. gSK? 1 “ Ktas 5733 “ 
P.O. Box T3,5LHdier. Jersey. 053420591 North Aaoericant 4.00 4^1 .... 

ELDJ.C.T. P24.4 152JJ — 1 3*0 Sepro-n 155X 17*fiJ+*J 

Sterling -dcuamiimrd Funds 

Eurobond Hnhfings N.V. cinw , rt , jcapimj+_p505 2M.3-0 

Handetekede 2A WUlemrtad. Curacao ^ 

Uadov Agenxs: Laid. IS OirnWpbrr 3L,E(Z St- Deposit _ll00 4 3*OH +0. 


Bmsmi & Dudley TsLHg&Jzsy.Iid. 
P.O. Box 73, SL Holier. Jersey. 05342059 
ELDJ.C.T. [124.4 1525J 1 3JM 




. *Pric<« OcL 4. Next deellug OcL 11. 11 

Brown Shipley A Ca Ltd.? - SS^eiSSim 

On grs_ Founders CL, EC2 01-8D06S20 

R9MU=W 

Sraanlc Trtate M ! 

Financial—. 


ad = 


441 

«-« Da 


PeaFJXtep-Acc. 
Pen. Prop Cap. _ 
Fm. Prop. Acc. 
Pen. Man. Cap 
Pea Han. Acc 
PenGUtl 
Pol Gilt 
Pea B.S. Cap. 

Pea BE. Ace. 
Pm.DAP.Cmi 
PcaDJuF.Acc 


T ran 

5*3 ?*? 
948 **?.• 
546 T V- 


JS Lloyds Wl Unit IW. Mnsxs. Ltd.? (8) 


„ _J 831 Registrar's Dept, Goring -h^Scfi. 
452 Worthing, Wa rt Su ra rx. 


ExmpL August 10 


100 OW Broad St. ECE4 1BQ 


♦Property Unite 
Property Series 
M.Tnaged Units- 
Managed Soil ee A_ 
Managed Seri eaC 
Money Unite. 


lW moas on OcL 


m&& Group? (rt(c)« gffijfcr w* 8 io37 ::::: z 

Throe Qum TWer Hm. EC3R fflQ. <D690 4580 Sod Sit. ~ W.7 «* — 

See al*o Stock Ra*anB® DexHnijs, Zod- American^ — ~. W5 100.0 -03 — . 

Ameriram . . . ■■ .K1A SUkS+Oi 1.72 ZudBaPenaJAec.. UBtl 1093 -08 ■ — 

(Accum. UmMr® • 56 J) +03 ]_<K gndprpjtotrt Acc. - 1LL0 1175 — 

aST: I gA 603-03 152 SSaBtpSSJtomb 110.7 —03 - 

(Accum. Unlttt B7.7 -03 152 2nd DeoPons/Arc. 1011 1073 — 

Commodity W8 S3 +03 456 tod SIpena/Acc. 918 .965 — 

CAccmn Unite! -HU 456 aodAmPaort/Acc. 97.0 2JJ2-7 — 

Compound Growth.p065 1&3 -MU 359 LARSiFZl— M.O 425 . — — 

Conversion (Jrowtbfef* IfisA +B8 2.M L68S1F.2 |2B5 M5} - 

Couwwionlnc. — [7L5 ,7681 +03 7.77 . Current value Ortobar ^ 

S£SSs55=r^ If c^wijfeA*»™«»v 


Money Series 
Fixed InL Sot. A__ 
Equity Series A __ 
Pns. Managed Cap^ 
Pos- Manured Acc- 
Pns.Ci«d.Cap__ 
Pna Gteed. Acc..— 
Peas, Equity Cap- 
Pats. BqnJIy Acc 


ud¥ «,^»«w. ^ :z.1 z 

«L5 107^ -._.( — 

fl - 6 ° " NSSIdB Octdber ll. ‘ ""•CaiTeot unl^valne MoIot's. 

575af 456 loevine Ailmlii lrf rathBi Ltd. Beehive Ufe AteV. Ctt, Ud-¥ 

ZH -7 IS S.DntaBl.Lmidm.WIMaiP. 01-4805891 nMM.** 014M128B 

-0-2 5.g LibDUt— _____|82* 8631 .1 459 «*.Ho«se.Oet2_-| 133.70 [ 1 — 

"°‘ 2 IS lS» Accum — , — pts 945| — | 439 CmadB life Assimnce Co. 

af=08 433 Lloyds Bk. Unit 1W. Hngra. Ltd.? (8) ^ 

* aj 331 S2g3£5l“2& ooriM-fe^ea, «63 I Z'.'.l - Hearts of Oak Bene 

M2 Sm -S7M^03^S? Cmmeh Assurance Ltd.? 15- iT.Tavictoek Place. WC 

64^ ““‘4 435 Do. r Arcum ) BJ 75 l 3 -02 454 L OtengHe wy, wembbxr HAflONB 01-9038876 Hearts of Oak P78 

Canada life Unit TsL Mngrs. Ltd.? SktAcromS^I |||^ IS Z ^ - Hill Smmiel Life Ai 

D^SSjZZZSw illsZgJ 1% = NLATwr, AddiscmnbcR 

Su 5 l3-3u 1 454 ExtralncS* 64* 68*1 7 .« B^feUEwicfUuiL 1359 143§-fl*l — ♦Property Units 

— K*S Datseeunu 735 7M 7.42 DnponltBcod 112.7 119J ..... « property Serto, 

Da. Ioc. uw-, ,... w JJ-Jl - — | jj; Kaaltw Jt/v twu Z9DL0 w— — l.fl — Honored Units ^ 

Do. Inc. Accum [45* 4R0| [ 759 JJLaytPs Life Unit TsL MnglS. Ltd. fjn^Sty Accum 03.06 — —•. — Managed SorjepA- 

Dapel (James) MngL Ltd.? - WGMehroroaLAiJmto VXSXl - lS«S aC 

100 OW Broad St. EC2N1BQ 01-3880010 Bipiity Accum. pjl.4 m4[ 1 383 1064 U2* — Money Series 

- -K gg| ::::::| |g naatowv weiw Ss^rr.^ i£i ::::: = vgOXgStz 

Prlcas on OcL imt dealing OcL 1& • Throe Otxn. Tnwer H01, ECBR fflQ. msae ®80 2nd 90.7 96.( — Pns. Managed Cap- 

' Soo also Stt cfc WvfT » ii mf*i DcaKno. 2nA. Arte *ri rnn 94J5 100.0 -0J — ■ Pm. M 

CarlfeS Unit FA Mgrs. Ltd.?. (aMc) SdK^p^MST. ub_i iwa -02 ■ - pto-G' , _ 

gSSSssreiazISt ^3=1 »SSz g iS ^ z: = 93t 

Da.fflrtYiekL_.K98 4S*ri 1 889 (Actmm Unit,) U* «M+«3 456 amLAmPasaJAcc. 97.0 M2.7 — PnsJ kd-lnLAcc— 

Do. Accum. Units _Q6* wq , I '979 Compound Growth. 1165 1264 +03 359 r Ml a 425 .._■ — Jen.tap.Cqi_ 

Neri dBoUrigaale October 18 CoororMmKMowtli W* 735 +02 2.M LAESXF2 p85 5H.. — — Pens. Prop. Acc_ 

: Charities OCBdai IavesL Fd* ' . SS SEg* 1 **-— Sf 3 IS , lr . . 

17 London WnlLBCZNlDB. 0MBB W0B. Sc^mUntteJ 2413 2612 +0.4 750 «»«., Imperial Life Ass. i 

Income August 15_tl«23T 1 J 620 E uropean 543 57.6 —04 328 Oonlalon Edut, Chapel Ash WUm Ofiffit 28511 Imperial Rouse, GuibUoa 

££tjm- AaguS lfc \?7biL — I Til — . f Ac^TunlteJ__: SSL* 59i0 -03 32* Keyferart-Fd I 107.79 I Grt^Fd. OclTZ__ [773 

♦uSitkSSyZiaSble to Reg; CtaW. ’ Extra YteW__ 908, +Q2 8.00 WwwnakerlmsFd. ,| U4.76 J - pSsJttSepLSQTl* 

Far Chaiterttmse J^het «ejtanw ftafey ^ 33 5S £*£**!»* S2L Btetchter Man«e £J S , i^|^ 1 

CfaieftaiB TntstMauag^B Ltd.? (.Kg )' 11 S3 ^ 

sss£! 23 i« MaErwasais^Ei ^ S = = **"*—»* 

’ssssT^bu- H^'W^saasbzm ss ss^e s s= = in^ufe Assume 

Sasic Resrce. TA^ 2^9 i 3 _Z| , 438 (Arooi^tJnSCi) — L OT2 VT14 +0.1 7^ SSSS? — ULO ' — Z ILFinsbUly Square. ECSL 

mem. Growth TstZt23.8 25*j j 782 JopwotaromB : 1E2 2X »;°"Mronged_. 7SIA ■■,■■ — - BlueSbpOrt.fi »">’ 

. _ ■■ _ , , - .u m Im\ mSSSt* 14 **' — Westminster Assnr. Ca ltd. Managed Fund __ 

ConfedezaMoii Punas Hgt wl" w ? SlSP r TnirB\ SJ ^ wwphfeM Haase 6 wutebone Road. E^iarf.Man.gtt. 

» Ctaa^TLmHi WGIA 1HK “‘‘f «« sSSSa^ZIZ W05 S +02 6M «C BOV*! __ UMV*. 

growth Fund [460 — -I 3.96 f Accum. Units) 3155 336.0 +03 63? 


__ Bd.*_l69.7 7381 [ — MoaO'Pen.Acr B_|901 1D3.4| | ~ mBwiawim-iwiw. — 

ox.*w.r»ii_H7.> «aa_i- fl3: S5£j£2Efc® Sd= i ntOTOT th«,t3i m,. Fd. 

<S™rtl,AS« : .MfcA*.S«;lM.V "Z- Scrttish Widfnre* Gnap ^v^^’SS&.^SST,. J - 

Weir Bant, Brny-oa-Thamec. Beris. 0SSB342M Merchant Investors Assurance? PO Box 002, Edinburgh EHlfiaatJ. trn -665 6000 

sjaaass.tl *%? j := i - ^tr”" 

lAiwnimik ScuAcc. 1183 12321 — property Pens. 1663 +2.0 +2-C — InvtCash0cL2._ 

G.6 S. Super FtL _| £7.%2 J ZZf — EquU, £L9 _ KxULAcc.Oct4 

Equity PUns. 1787 +13 - 

Gnsriian Rmnal Rrrlmm Maaey Market 142.9 +ISJ — Bgd.KS.Otl.S. 

bnmuian KO^l Kxcnamge i ton ^yM K .p fcfls ._ 185.4 +O.I _ . _. _ _ aandeiBkede 34. WlUemrtML Curacao 

Royal Exchange. E.C 3. _ 01-3837107 Deposit . .. . 130.5 +03 — SotST Life AsSuiMCC Luntfid Lotalon Ajcenls: InteL 15 duiawnher St-ECS. 

Property Boodo — P*7A 195# —4 — tfi ~ 10/12 Ely Place London E.CIN OTT. Q12U190S TO. M-mTSS. TMec oniS S: 

IftlniiPiwI 153 A +.1 SOlflT MflUtg Oll S 

H am bro Life Assurance limited ^ StLSjuity„___. 106 .& +lo — 

TOklPark Lane. London. Vfl 01-4990031 IB U . M a n aged 104.9 +89| — s^Fxd. 

m*|~"j z NEL Pensions Ltd. iSSStt#. 

■ — — Mitten Court, DarWng, Sumy. 5DU Solar MaaagadP 

~ NdexEq-Cap. Ml 93^ .... J — 

— “* NdexEki. Accum.. 122.4 3282 -L0 — 

~ Nelex Money Cap— 52.9 662 — 

~ Held Mott Acc. 672 712 — 

• — ~ Nelex Cth Inc Cap. B9 56.7 ..... _ Solar lull. P. .w^ww, — 

■ Ndex Gth IncAcc. 557 586 — c __ Pnul W«innl T u Fideiite Pw. Fd | SUS59.10 I ...Tl — 

— ~ MeiMad.rd.CBpL- 985 53-0 ..... — Sun Alliance Fund Man^mL Ltd. j- XlISwritl MZ susSss +d*d — 

“ ~ NMMxd.FcLAcc-Jm^ 5251..— — Sun AU-ance Boqbo, HurBham 0M384I41 

— - Next Sub. day October 25 F% R y^ u P s V 1 , *““1 -■-■■I - Fidelity MgmL Research (Jersey) Ltd. 

— — — ■ — -- *rn.rn InLBn.OcL3 .. I £13^ [ I Walm-tnon*** TVtnSt » Hallap JmM 


Equity — 
Property 
Managed C^> 
Managed Acc 
Overseas.. 

G lit Edged 
American Acc 
Pt+i-FX Dep.Cap 


+ itI _ Solar ManagadS—. 

Tjnj EoJar Property SL— 

:.n| Z Solar Equl 

Solar FXd. 

Solar Cash S 
Solar lull. S , 

5DU Solar Man ag u a P 

■ Solar 

"iTjl Z Solar 

"1 _ Solar FxcLUiL P 

I _ SdarCashP 


139.5 _„..| _ 
119. 

185 


NAV per shore OcL S SUS2055. 


SLFixed-**t f 


■Pricea on Oct 2. *rt)cL 4. ***Sopt. 2a 




F- & C. MgmL Ltd. Imt. Advisers 

1-8 Lauren co PountneyHHl,EC4HOBA. 
01-623 4GBD 

CeuL FtL SepL27_| 5TJS628 | — J — 


^ilz 


Fidelity MgmL A Res. (Bda.) Ltd. 

P.O. Bax 670. H a milto n . Bermuda. 

Fidelity Am. Ass — ,1 SUS28 7S 1 ......[ — 

Fidelity 1 3t Fund _[ SU52529 — 

Fidelity Par. Fd___| 5US59.10 [ .... J — 

Fidelity WrtdFd__ SUS165S |+0*S — 


Schlesinger International MngL 144 
4 LI* Hottest. SLHelier, Jersey. 053473SB8 

SA.LL, |B2 87| ..... 833 

SA.OJ. 94 99 _._. 455 

GUtFd. 225 22.7 1231 

InU. Fd. Jcney 108 UABOu +1 322 

lataLFd Lxmhrfi. .. 11*9 12JU +0.M — 

•Fur East Fund. — 102 108| 2.78 

’Next subi day October 1L 


NPI Penmens Management Ltd. Watert^Hse, Don St. SLHeUer, Jersey- 

I7ZL Rnn Mtimn. (Jvihod r.lfo T. 1 E 7 IM 0334 2JW1 


Hearts of Oak Benefit Society 

15- 17. Tavistock Place, WCLH9SM 01-881900 Small Co's fh 

Hearts of Oak -P72 39 J[ 1 — TaramilcigyFd 

, Extrainc. 

Hill Samnel Life Amor. Ltd.? f^I^vl 
NLATwr, Addisumbe Rd, Cray. 01-80^4335 GlRKdged Fd 

168S _.„J __ Con, Deposit Fd_ 


48, Gracechurrh St, ZC3P3HH. 014834300 Sun Alliance linked Life Ins. Ltd. ^f^ TnInL) . 

ManiWMxl Fund DS78 163.7! ....J — Sun Alliance House. Horsham 040304141 Series BiPaclOct— I 

OctT^mt droUc'W-'L Eg^gFund^^.2 ^ ^ - Series D lAnuAaB-J 

New Zealand Inc. Co. (ILK) Ltd.? PivpertvFund — 

Mattland House, Sotkheed SSI JUS 078282865 I^eraMfamalFa. 


Schroder life Group 
BnterpruwHoiise.PortsmanUL 07052771 
Iulmaaiiomd FuMb 

LEquity |117.1 UAS — 





Deposit Fond- 
Miuiajcd Pond 


First Viking Commodity Trusts 

^SS e £S^S?SSSS^Ce_Ltd,.' j- Henry Schrod. 
53. Pall MeU. London SW17 5JH. 01-930 7857 ■ 120.Cbeap6ide.E.CJL 

FaLVik.CmTat.__B7* 392| „...| 2.4P CbeapSOrLIO. .. 

Frt.VkDbJ-Op.Tst . . [66* 70.0 1 3*0 


LFixod Interest. 
SPixed Interest. 
£Mana£ed 
♦Ma n a g ed 


139.H_.... - 


Son Life of Canada (U.K.) Ltd. 
884,CockQ»rSt_SWir5BH 01430 £ 

Maple LL Grth 214.1 | .1 - 

Maple U. ManRd. _. 136.7 - 

msat= wd id: 


*2] Z Norwich Unhm Ihsarance Group? . 

-02j — FO Box 4. Norwich NRlSNd 060322200 Target Life ASSlUIUICt CO. Ltd. 


Fleming Japan Fund SJL 
37. rue Notre- Dome, Luxembourg 
Fleming Oct* 1 SUS6733 [ _....[ — 


J. Henry Schroder Wagg A Co. Ltd. 

120, Cheapo de.E.Ci 014884000 

CheopS OcL 10 1435 |tO04| 235 

Tralalpar Aug. 31 ... SUSX9325 I | — 

Artanrtf. OcL 2— . HK2® 227l). 242 

Darting FUd-OcL 6 SA2*5 2*ffl | 4.70 

Japan Fd. OcL 5 K’Sas 9*3 ..._. 842 


mi\ -3 — 


— Managed Fond 
Equity Fond 


107*1 J — 


lealS* — Fixed IhL Fund 
--H — ♦NmTuZtspLls 



~Ai z 


House, Gatehouse Rd., Ayiesb 


Free World Fund Ltd. 


Man. Fond Inc— — 198.6 
Man. Fuad Acc— 
PnqkFd. Ine. 

Prop. Fd. Acc. 

Prop. Fd. Inv. . 

Fixed Int Fd. lac. 


AwSteSvmfl6? , 5Ml BuUcrflHd Hamitton. Bermuda. 

^ mSjT-IT’Z* NAV All*. 31 1 SUSWM* [ _..J - 


Sentry Assurance International Ltd. 
P.O. Box 32Q, Hamilton 5. Bermuda 
Managed Fond — [W5DB 25B[ .1 — 


uzm — | — pj^jenix Assnnmce Ca Ltd. Fixed int fIl in 

^•3 “I - William BL.K^»4OT- ^ 014SB«m 


Pns-Fxd.lnLAcc__ 
Pens. Prtqi. Cap __ 
Pens. Prop. Acc_ 


m« ._.. — Wealth As? 

3KL31 — Gbtn.Aa.- 

M2« — EbT.PlkEq-E.. 


mia 1— (I I no-i-liWinr.riB. 

.QZ5* -122*1 — Ret.PlonCap-ivn-. 

— 1 — ManPen.Fd Acr__ 

.pay 863] — 4 — Man_Pen.Fd.CaD.. 


-84] 128 1 CtmWon Houses Chapel Ash Wtai 06IS285U Imperial Hoik*, Guildtoed. 


Sgg ““j ~ MT-nuiqj!. muj — A — Man. Pen. Fd. Cap..... 

iB3| ::q Z prejg. Equity & Life Ass. Co.? 

. ,, , . _ 11B, Crawford Street, W1H 2AS. 01-4860857 S^pFeiLFdAro 

Imperial Ufe Ass. Col of C a n ada r. silk prop. Bd.™ us* 1 — 1 — 


.1 107.79 | 1 - Gx 

J 114.76 1—1 - P ( 

Magna Gp.? 

Brnnal Centre, Bletchtey. S 


Grt.Fd.OcL8 1773 889( +0*1 — - 

PeotM-SepL^fl — J7L2 773] — 

unit Linked Portfolio 


71285 °^ 


Silk Prop. Bd.— US* 1 — J — 

Equity ™l 77.7 j Z-l — 

xMoneyBd 3518 | — 


GnarJtakFd-Acc. 

Goar Feu. FiLCap. 
DJLPen-FtLAcc — 
DAFeaJUCap — [955 



G.T. Management Ltd. 

Park Hse- 16 Ftosbiny Cirrus, London ECS. 

Teh 01-620 B13L TUL OBHIOO 

Umdon Agents tor , _ 


Singer & Friedlander Ldn. Agents 

30. Cannon SL.ECL 01-3489848 

Dekafonds /DKZ7J7 2860) -OJOj 5.94 

TokyoTrt. OcL 2 — | SUS40.90 \ _3[ 151 


+ 0 . 1 } — 


Anchor's' Units. — 
.Anchor Gilt Edge.: 

Anchor Int. Fd 

Anchor In. Jsy. Tst. 

Beny PucFd. — 

Berry Pnc Strlg— — 

G.T. Asia Fd 

H-T, Asm StcrlinE- 

G.T. Bond Fund 

G.T. Dollar Fd. 

G.TFactilcFd. 

<1 T. Philippine Fd. _ 


Stronghold Management Limited 


Fixed l5rt.Fd.__ 
Secure Cap. Fd.. 
“ Equity Fund 


Property Growth Assnr. Cn. lid.? DAPea-Ricap — fas 

Leon noun?. Croydon. CSfllLU 01-6800606 15rariatorMtfai.al Lif e Ins. CO. Ud.j Gartn,0re “ TCSt - Mtt. AgtS. 


3S5M " S51 ,.!... 191 P.O. Box 315. SL Heller, Jersey- 0E34-71480 

L2 32J LOO ConunodilyTni«t_|9S35 96.061 1 — 

JUS58.44 0.68 

Sija 3 o» z:: L76 Snrrnvest (Jersey! Ltd. fa) 

1634 1751 136 Queens Hoe. Don. Rd. SL Helier. Jsy. 0534 2734B 

faSMLU +0-03 5J4 American lnd.TSL-|«7.72 7^1 +OM — 

SUSTL54 +0*2 0.g Copper Trust toibl 13.89^-0 02} — 

*USI756 0*9 jap. Index Tst. |£ll!l9 'lU^tOM — 

BSlK 11U — ^ 


no IZ — Irish Life Assnrance Ca Ltd. 


»amoceryLme.WC2AlHE Ol-30O»t t ^g-PnW- gg-g 

growth Fund 146* 403} 1 3.96 f Accti m. Units) — - B155 


Cosmopolitan Fund Managers. . . uecum^iriteL. 
tePuntStroeLLowtoSWISOK. OldSSMK. SetandG^™ 






Prop. Mod. Ort.l 
Prop Mod. Glh. 


— -1 — Property Fund 

-__J — . Property Find f AJ_ 
+0-71 — Agri cultural Fund. 

Agile. Fund f AJ___ 
Abbey NaL Fund— 
- Abbey Nat F±CA). 

= z 

II z JEgKiioz: 

Actuarial Fund— _ 


-a. 2 W 


SSSSESSSrZISi SM ^..fsSSSSSS^m i* S 

>aigmonnt Unit Tst Mgrs- 114,. 

13 B Faster Lane. BravaHH. 01*088282 

ligh Income- -g-J — J 1 — 

North Anfcriean — Bo.S — I’—/ 

JaMwi nt Hich l nc . pfl - I —.4 - SSSSSS&ZI 

Crescent Unit Tst Mgrs. Ltd. faXg) penaEB.ort.a__i- 
; Melville Crea,Edhibiush A 831-3884831 ManwT.K ft hiiaw wme wt ] 

£g sto«ausrtwiw.stere^ 

StSSUSSLUKi §1 9.» Growth Unite J56A 5 

O^SSS^ZZgB - X^flo^Managmcitt 

Oiscretionaiy Unit Fond Stonges? JJgKSCSi^in. 
- B10fnfl«WSL,EC2M7AL 01^5384488 Genera] Sapl 28 _te2 • 76. 
M^Sept»^|M6R 19M| ...-4 45S fatea-fLSStM-Jttr 4* 


ii m^EE 


"65S-.. _ 


King & Shaxson Ltd. cut-&i£cd Fd. ia>_ 

EC.Coruhni.EC3. 01-8238430 *Betin Aaniiite__ 

Bond Pd. Exempt _ [10252 m55HUUl — ff? ° l gh^SrS5 

NexidcnW^Hto^riB jaf^fcffcfSa 

♦All Weather Cop. . 

Langham life Assurance Ca Ltd. 35w.Fd.citt. — — 
LanjdmmHs.HaknhrortDr.NW4. 01-2089011 £^g£TFd 

Wisp (SP) Man Fd|773 8lij 1 - SB£SScw.UL 


Glh-edeed Fund 
CUtEdsedFd.C 


il 


50.H _ 


Currently closed to new i« 
rvanmUaitx 1 210L4 I -■ f “ , 

City «f Wefitminster Assnr. Soc. Ltd. 



+oa — 

+03| — 


a Bream Bldg*_BC4INV. 01-4086407 

Thllp Invert m_P«.4 15751 — 

Tulip Maned. Fd 1I8A 1246 — 

Mnn Booa Pd... 122-2 1286 — 

Man. Pro. Fd. Cap - £65 133.1 — 

Man. Pen. FA Arc.. 134 9 14L1 — 

Inv Fd lull. 100.9 1062 __ 

nvJtLAcc— 1015 106M ..._ — 

Trident Life Assurance Ca Ltd.? 
Reaslade Bouse, Gloucester 048336541 

62 133-3 1 — 

32 157 0 

151.4 1603 — , 

05 93 7 +L0 — ; 

15.4 1222 -0J — 

1420 150.4 — 

122* U94 ...... - 

1205 2SL2 - 

1066 1129 +0.6 — 

2289 1365 — 

1265 1363 — 


Gartmore Invest Ltd. t*,. Agts. Unit Trust Managers (C.I.I Ltd 

2 SL Kory Axe. London, EC3. 01-2S33S31 Bagatelle Rd.. SL Sariour.Jnri^r. 05347304 

Goilnesre Fond MngL IFor boll Lid- Cmrawr F^ind" — so 2 Is3 1 «« 

15(83 Hutch ixon Hse. 10 FLvmairt Rd. FLKonrt Gnern-sey Flllto ..__|50-2 52« | 4.54 


— 1505 Hutchison Hae. U1 Raramrt Rd, FLKon? m wlJ ,f- 5 

— HK Ci Pnc. U. TsL |SBK4J3 atil I 1.90 Prices on OcL 4. Next sob. doy Oct. U_ 


Japan Fd. — UD5I93M aSH 

N. American Tst. fecKl© Hffi 

InU. Bond Fund — |SU5H2* 1LH3I 
Gartmore Investment Mop Ltd. 
PO Box 32, DouElns. loU. 
Gartmore InU. lsc-|235 25.0 

Gart m ore IntL Grth|74 8 79* 


— 5*0 To&yo PaciH* HoMags N.V. 

......| Intlrms Uanicaml Ca N.V., Curacao. 

OOMS9I1 NAV per share tkrt. 2 SUS7L42.. ' 

I 10-30 

. — | 230 Tokyo Pacific Hldgs. (Seaboard) N.V. . 

t « m Intimis Manaxemeut Ca N.V., Curacao. 

L iao. NAV per share Oct 2 SUS52.04. 


Hambro Pacific Fond MgmL Ltd “ wSTTmetaro an 
2110, Connaiifiht Centre, Hong Kane 

m^l+D3tiJ Z Tyndall Grou p 

Bmflsos Bank (Gntmapy) UdJ OseasOeL4 isi'saa lss I too 

Hambros Pd. Mgrs. (C.L) Ltd. SMSSrSdSSLautffiS ui -d - 

P O.Box 8aGuOTt.WT ■ M« » 2 New SL. SL Hdicr. Jerocy .0614 3733 US 

C.L Fond -■-—.-- .■(351,4 UUf ......I 370 TOFSLOrt5 £7.90 


Einaa, +siw 


™ Wisp tsp) Man Fdf773 8L2J j — Han. I to, Cnp. UU 

r .J Prop. Pusb. Fd. -_.I 

“■ Legal & General (Unit AssnrJ Ltd. Wut 

_ SJogswood House, KJagswood. TOdworth, Bl^Soc. Cap. Ut_ 


aad = 


— I Ainxswooa noose, luiigswiKxi, 1 aiwm 

i»» -Sa.-d= fs ssSlZ”*’- E . 

01«8«* gS^LUnderahMLBa. ««M »SK S™— H 3SI ^ Z 

Bd H SSfflfgta M ra= tsass^z SS- Sli: 

492nt — I J-w Confedetathwi life Insurance Ca iniLiniUnJ un* ioai +13 — . 

cj, ~ , <orwA ine Olrixsnsfis DoAceuBL...— — 103.9 HIM +L| *-« 


i^csisd g: 13 = 

Providence Cental Ufe Ass. Ca Ltd. -r&^LBond — ( 985 ' | ..’.Z 
30. Uxbridre Road, WI2 S&G 01-740 9UL *Cash value tar £100 pnaniunL 


Bd: 


InL SVE. ‘A’ SU! 

Int. Sins. ‘B' SU! 
Prieto; on OcL 


Z 30. Uxbridre Road, WE 


SeLMM.Fd.Cup. 
SeLMW.Fd.SId. 
Pension Equity _ 
Pension Fim. InL 
Deposit Fd. Cap— 

Deposit Vd ACC — 

Equity FtL Cap 

Equity Pd Acc. 
fed. Int Cap. 
fed. InL Are 
IntnLCap. 

Intel. Acc. ... ^ 

Manaeed Fd. Cap. 
Manaxed Fd. Aw. 
Property Fd Cap— 
property Fd. Acc... 


Confederation Ufe Insurance Ca 

5, F. Winchester Fund MngL Ltd. ' Mmcmy Fm^Managexs IAt I ^^raeayUne.waA.iHfi^ 01-M2M8S g^2dteiBSzi».o Sa|^o;iJ Z 


anson & IhuBey Tst Knpnt Ltd. 

SSSSSS&. *****>: P^Wl^nb , JflVX | [ _ wax— 

^SfSSSSSL ®?Si^SSlAL¥W SSSmlLiiceCaLtd. - BSS!^ 

j 3 sn« sssfiss® *j= = BSEi 

ij^ h a mR d. H igh Wycombe. 048*33817 Do, Ahubl gj| * jl fllZ. Tnsnrani*- 

-^juity * Law [69.4 «fej +&!( W i L C5 - 2 |§ lao.Jtegeat St, London wibsfe. 01-4397081 Legal & Gener 

la ipw: F «"ky Tf"M T wrat Wvip t IJ^I Caattal to 3941 *3 cju-.-uZZl** IUS.8 13ttJ8.._.l — U-OnocnVIeterta 

HLlA West Wte Street, G3aqp»w, «l«M13gl 
1. JTolay IMoraori. 04* — J 223 DaAcemn — 

.cr nm/ llmts {293 3LSn| ZB lutfl TT l FlIff^ 1 

'-aa'aaiisa±=iH. 




d a 


HBBTU 1 

Equity Fensi on — gJ-J- 
Property Ponsi on. -I 1 - 

Cfl nitiin insurance Ca Ltd. 
3a.cbrahi11.fic*. . ‘ 1 


Be Ca IniLiniUnJ 102* 1081 

01-2420282 Do Acnim. 103.9 I09> 

W j _ Miouwod Initial — U2.0 128! 

' _ P« Acmm. 1255 1323 

Property Ini linl W.9 105 J 

— Do. Arturn. ...... 102.8 1062 

■ — “ Ltcri it Geneml (UH hadHS 


uig-ai — 

iS3 _....| — 


l^l-HZ — ExemptCSMiImt 
I _ BaAcrum.. 

) Exuupt Eqt>'. InlL, 

| _ naAwiHB . 

' v tj Esompt Fixed Imt 

- -lAO. Do-Actum 

* 01-8265410 Exempt 21ns A InlL 
— ' I .—.[ — Do.Amim.__ 


10301 1 — 


- 143,8 j — 

138 3 _.... — 

123 B „_J — 


Tyndall Assurance/Pensions? 
l^CanynkeRoad. BristoL 0Z7Z 32241 


Intel. Bond SUSto9.00 1I2J7] 850 .Accum. Shares) 

!". LE S?^ , ' tf .a. Sin 7 Mfa— 110 

I J n L Sves. A SUSIL06 IM ..._. — lArcaitHEfiBXcsl.. 

Int. Sna. B‘ 5U5JL23 L27| — jersey Fd. O cl S 

Pncto on CML 4. Next dealing OcL H- iNoaJ. Acc.Uts.i_ 
_ _ _ . _ GiltFund0ct5. 

Henderson Baring Fund Mgrs. Ltd. (Acmm. shares) 

605, CaimDOii Bouse, HOqg Kong. Victory Bonce. Doui 

Japan Fd.Ort-4 — [S0S2LS S.C) | - ManmiedSopLil.. 

BarinR Herat Bond FtL Oct S JUSIU.639 

‘Exclusive oi any prelixn. charges. yjtd. Intel Mwi 


107^ _.,.j 1113 
as lateol Slaa. B824 243 U. 

361 143.41 | - 


50.1 — 

581 — 

49 J - 

49.0 — 

SO* ..... — 


3-Way 0 cl5. 
Equity OcL fi 


Utd. IntnL Msgnrnt (CJ.) Ltd. 

14. Mulcaster streeL SL Heller, Jeraey. 
UJJB-Fund |{US1M26 1E£| | 7.7? 


493—- - 


DepositO 
3-Way Pn. SepL £1 
O’ScwInv.OcLS 

Mn.Pn3-WOrt.2_ 

Da Equity Oct Z-- 
DaBondOri.2. 
Da Prop. OcL 2 


HiU-Samnel & Ca (Gnernsey) lid. Vmmmi 

8- LeFobw* St, FWW Part Guernsey. C.I- V * |S ^’ 1 

Guan«*> TBt p59J 1784) +L6| 350 Un|M | Slates Tst j nlL ^ ^ 

Bill Samuel Overseas Fund S.A. 14. Rue Aldrinj;«*, Luxembourg. 

37. Rua Nolre-Djtnp, Luzembouri; U^.TsLlnv.Fnd._ | 5 US1I24- [+0.WJ 0.B7 

pWff 213^+01^ - Nri. assets OcL 8 


- I International Pacific Inv. Hngt. Ltd. S. G. Warburg & Co. Ltd. 


ad z 


:J Z . Provincial life Assurance Ca Ltd. 


222.Bi8hope3te.fiC2- 

Prov.HajuuiedFtL. 

Prov. Cash Fd 


Vanbrugh Life Assurance 
41^3 Uaddw SL, Ldn. WLRSL.4. 
Manttf'edFd. [152.4 UOi 


PO Box K237. 56. Pitt St. Sydney. Au*L 
Javelin EqattyT3L.fSA2J9 8151-801] — 


01-2470533 ZquityN_. 
— . I — XnteLFUnd 


Cnfflt & Comocico IusnniKO' Ptw.cashFd- 

mReeeutSUtoiKlw W1B5FE. 01-4397081 Legal & Genera! Prop. Fd- Mgrs. lid 
+ H I C*CltoSr«L— 1122.0 132*1 — | — lLQBaCBVI«nrtaSL.EC€N4TP D1MS0078 tSfuKl.. 
S-S I Crown life Assurance Ca Ltd.? LtGPrji. M£t t[»7 ^ # fed.&L feud. 


rLifeBffk.WoWng.GTjaiJXW 048B2 3033 


Next sub. day Nov. 


Fixed Intend M_ 
Fd. 


1605 -0.11 _ 
261* —05 — 
1105 -02 — 
177.1 -0.1 — 
1553 -HU — 
126.9 — 


J.E.T. Managers (Jerse;) Ltd. 

PO Bo* 194. Royal Tst Hsa. JerwyffiM 27«1 

Jersey ExtraL Tst^, (197.0 209.0| i — 

As at August 3L Next sub. day SepL SB. 


M. Gresham StreeL ECL 

Conv Ed. OcL 5 SUS975 

Ena-lnLOcLS SUS1M 

Cr SL SFd AQJ.3L 5US7.58 
MercEbdOct4 [SUSUA lL 


__ Vanbrugh Pensions Luxated 


Ijardine Fleming & CA Ltd. 




icmm. Unite ~___ 
Fd-ib-Tst. 




dFundA«™ 
dFUlHcm. 

'd TO. InlL. 

.7 FcL Acc. 

RmiCfFttloc* 
Equity Fd. InlL 
Property FU. Ace. 


. C^AL DflOEX: Close 503^07 


INSURANCE BASE RATES 

Wroperty jarnwih — — — - im >* 


fAddrem dwwn under Iswanmw.snd Property Bond Table. 


Property TO. lull. 
IhV.TSLTO.Ace. 
ltrv.TflLTO.lnem. 
Inv.TflL Fd lntt._ 

FbmtlnLFd-Art. 

Phd.IaLFtf.Inem. 

lntert.TO.Act_ 

lntert.TO.lwm 

IteMyF&Aec.. 

Money Fd-Incm. 

Di*LFd.Inaa 

Grown feLlnv/A 



r04aB2K3S •”*“ — 7- • . Prudential Pensions Limited? Zj- MS|Wfc BBS - 01 

-23 ms Life Assnr. Ca of Pennsylvania Hooxu-nBars-iriN^H. oih«jbsh 2* SgSVsrGs — SJ T iSitH, Z ■}^S! nL ‘Sr^, — su^m iiZ X70 TMTLtAsepLi4 

^05 Z.. SSSSS^^IWO 0R<1 10401 0I ^ 8 ^ 85 - i - pto ^ w - P*- 1 1M T — - jntL^s^hncj. pSira II - World Wide Growth Management^ 

—Z5 6JB LACOPUfllts. m 1040[ — — 1 pro,xFd.SOTL20_[a661 . 275^ .__| - Cuarenteed ore Btoe Rat«- table. ^ USw v ,ciii ex" I0+, Boulevard RuyaL laixaabinixH. 

—0.1 — Lfeyds Bt Unit Tst Mngrs. Ltd Reliance Mutual Welfare inrarance Ca Ltd.? AntSou, & 517 Worldwide Gth Fdi susu.73 |+ojj| — 

+01 7-98 7LLombariiSt,EC3. 01-8231288 Tunbridge W eUL Ke n t 089022871 Winslade Park. Exeter CCffi-52156 ■— ■ ■ . — 

=f| »■«• 1« 1 «- notes 

Zflj Z I lovdn TJfe Anutranee RothschUd A^Ct Management Manchester Group, 

30, OiRon SL. EC2A 4MX wr oi-®M«38 Windsor Life Atfftor. Co. Ltd. torttSiliS mceW where i indicated +, and arc In peace unless otherwise 

“ ifAl^L’OTi Sub - Royal Insor«»eGre«p PutaroWGthjaj. ZLM -- - 

-3J &36 Oni't^aiteLS"' 157S 3M8 ZT. - New flail PW*-UW)wL 0518274422 KrtA^Lfertl. £2840 H - £ ta **S5gi « n „ e n*P B « a , * Previous day’s priw 

Jf - S^A^SSraliaz aS.IIl-.4- Bqyal Shield Fd-IMM 1S3JS — l- PtauS;Growtb-ll055 JllJH ~* Net 04 *« °n nailaed renihd Boat » Sw?ende4 


*8. Warburg Invest Hngt Jrsy. Ltd. 

l.CharmgOrwLStHdter^jy.CI 053473741 
CMPLld.SeiJt28_JSIB13B 1UBI ^_.| ~ 

«_'MT Lid. SepL28 — fO‘139 19 73 I _ 

" K _ MK=teTsLSepL21...gl238 12.69j | — 

9 m/nuni 


World Wide Growth Managements 

Ilk Boulevard BvyaL I+otcxabouig. 
Worldwide Gth Fdj SUS16.73 |+0JJ| — 


-27 — 

+2j U39 Uoyds life Assurance 


NOTES 


+81 11.10 *-»**Jwa 

-Ll - 30, Otflon SL. ECSA 4MX 

-82 433 MlllGC.SepLM — — 

-02 — Op5‘A'Pr.0eLS MO* M80 ...._ — 

1800 Op5‘A-EqLOcL5_ M20 K?5 — 

-25 — # OpFATTVAicLS™ 1573 UU — “ 

-3i 836 OpS'A’Man. OcL 5.. 157S 3M8 — - 

. Q^ATtepISeptaa 123J 129.1 — — 


lincludo all expenses, b To«ivy'* prices, c Vioid based on offer price, d Egtimmed. g Tn<l 
prirth rKoribulion free of U.K. taxes, p Periodic nrBimuni Uuananw. plum y Su 
ywte. ) entrance. X Offered price includes all expenses except agent's ermnniss 
oered pn« Includes on egroenaes if houchl thronen manaeapf. z Previous day’s nr 


~ l£ 5®®** P rtt ' e te*ludes all expenses if bought thnwgli nuoagote, z Previous day’s price. 

• J¥ net at Uuc on realised capital gains unless indicated by ♦. f Guonrey eroac. » Sospended. 
— 1 ♦ Meld bSSae Jersey Ua. t Ex-snhdlvisiciiu 








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Henry Soot Construction Limited 
London 01-373 6494 Sheffield 0246 4^0111 


BSmSH FUNDS 


Price [Last 
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In*. ] EeA 


I •JiT'ff v! 


GiejpcUW 


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17M I7SjT:easu.-r l£pc lSESt 
131 laiuiTreaJiny^pc'ffl _ 

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1268 2154 MFeJtaAa Bate WnL Carp. SI. 
n S3 2256 MrJa & D. Barnes GmSfij— 
3.91 £.44 [1-MrJu.SP. Bendix Cornell 

1020 1L«1 MJeS.D. Betb. Steel 50 

357 22 33 JaApJy.O. Rrrtvi/g Fer.elffj- 
10.00 12.69 F-My-AuJ'J. Bnmswicfe CcrpcJL 
3.47 S.42 ApJy.OJa. Bnrrou^flCorpiJS 

1012 9.92 3trJuSeDc CBSgSQ 

12.49 1159 J-ApJy.O. CP. CP? 

921 1134 FA'yjULN. CaJenjulaill 

354 824 r.MyAnN. QtaseMTitaSlCS. 

1322 2L&7 MrJe^JD. CbeehrWiSl 

10 24 1053 MrJfLSJ). QnysJefSeU 

16) 913 1165 My.An.NlF. Citjccnptt 

15310 07 1193 Mv.AilN.F. Citylnv.SLS 


S9 f 3 - I 974 11.34 l-fc-AuRF. Da Cm. PUB 51 1 
-d i ??. i FMyJiaN. ColeateP.SI 


12J lZMEitn. Mtoe 1S3> 

15J 151a Fui’osiy& : ?.- ’E2-64 

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28T SSJaiTraffimj 7 voir -85433. 31% 

U l.Iur[ra,TspfCtCipc73£S— bi-E 

25A 150fTre33UT7-‘'PC , H>® — 65*4*3 

35J ]fli2iTreaanri*cI3a4„ 196 

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975 e 
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2331 23 NTTraa -7 IZku: IZCtf 110 % I j 
1 M lsfTr?«UTl-J:^)C’S4'4- 212 


15A lPOfTreasury-V -EWZi — 
35 J 3 fLiaTreaairr LJpC 13Ett* 

IV 15D Treasnr/PASTSOfl: 
1QJ lOJa Treasuiy I I^pe I29i 

5A 50 Fundin' 5™ TT-Slt, 
22J 224 a Tiejiui mpr TiS 

21 F OLA TranuvIOpe 19SS— 
25F 3SA EacM^p:-®: 

J4J lAjJfTra^jjyiir’re-JW 
15K 15S[FuKdia^fcpc i9325» 


82, -H 1771 3.63 7.93 F MyJVu. N. Colgate-P. SI 

153* 11011.92 2L7S MaJoSeDe Coir lads. $1 

1 un Kjflfi 

i ^ears ApJyOJa. Crown Zett.J5 : 

1022 12.09 MJilSJ). Ctrtte-HarrrnerSS., 
673 10.04 F.MAU. Eaton Op. ».SL_[ 

a.31 12 23 J. A J.OSnErk_ I 

S57 10.53 MrJn.SJ). Eoranfl 

9.6£ *1.25 JApJy.O. FlretfoceTirefL— 

4.76 3.71 ApJjr.OJa first Chicago 

7.65 1055 J. Ad. Jy. O FluurCarp. S*j 

12.63 22.43 MrJe&D. FwriMoteSC- 

10.49 1L65 MtJilSJL GATX 


1259 Apr. Oct i-ex ElectSZ*? 

1103 ^ItJilS-D. CiUeCeJl 

12.71 UrJuSJX Hraey«llSL5<L_ 

1253 MJSD Button EF. 

12.69 MrJtSmDc. LaM.C6m.SB 

12.75 Atr.Ju.S5 inemoD-BE 


1 1149 MrJe^D. LC. International! 

^ „„ r 4 H* SESXss 

ffi mt-sa&g! IW 1 

20? 22.4 Cr.clLl?y>: 15*4 ?ytj \lt\1Z77 12 ol MJtSD CHrens.HLS 3.125 

17 M ITOIrpiy^^..... ^4 10.4 2159 1113 StoWlW: 

2 aJu 25 . 1 a rraair 1 tic 9 P* 1 ? yll.c 5 12.73 Kssrcb BdiauceSi )25 

1 M IN <l 333 rc rf,S 44 Star 25.9 669 9.31 jaJO Rep. NY Carp. E 

15 M J 5 NIT^sKuy Ljt- l^V-: 10.41 lig 12.79 s.D.MrJu. Rich 05 n.-WrrlLSli, 


15S lSMpteB'jrrSrc 77H 9S3L72 1L26 biriiLSJD ISJuJ'aFJSl 

3N 3M Trix .1 ifcj-se K& - 2 27^1325 IS Co feheU 0Ug _ 

15N ISMBKtaqwriateTdft 103 I 3e 4112.91 12.E5 


22-ta. 22JII.;.-: L’r,: SMJj 9Bij 

14J 14Jn(Z^KiK»:re 5*44 - 361- 

flA SO^reasiu- 56-^ 

1014 lPSjlV&su.'y S -nr CUSst 47 

2SJ SSi^TTsasuryrwe’E-iSit. 65*4 196)1227 

12J 12D(£xcL 12fc ’ij-'IT 97*? - [1Z7Z 

Vadsted 

IF lAlCoscblr I 2T-- S6|12.73i 

!J IDirarLoani-’-rrlr 3’5- 2^2252 

1A lCHCan- 3i:Kol A - : ! S-A? 255120.23 

SA aOflhaanrlpce&.LIt 23J 2 19-12 73 

5Ja_4Ju.O. ICcascls>.re„, I 27-4 191256 

1A lOjfteasiuyijfe ! 1« E 258|12.7S 


i liM II ™ 

®* .mi M 2xss&= 


RISVIIH^KSS 

Canversitm £ 


seed on USSL98U 
•17191 (0.7128) 


CANADIANS 

SealC I W^rl ZL 


MiSJJ). |BUUralS2_ w^r Z 
F.Ky.AiLN. BtNonSTOL 1ZW T 

3 A lcdswus-i's, — I Ml sura 1 - ^fcBKSSez : 

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COBPiSlA'SSm L 0 AT-J 8 .(&%£ jS & IS = 

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JaiuVJ.O. In co 13i 2 45 80c _ 

FMr^uN. InlNaLGasSI 665 p 25 J ,80c - 

i“®Kl£Saz ^ ^ ^ z 


375gHl lit f4.2 - 

28*4 8i 20c — 
lD%m 295 $10 — 

17**31 29.4 $143 - 
Mi m 97c - 
32% 155 4% - 


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25M S5N-lLC.Otf-.-C. 100* 2 

10F lOAnc DaO^v-Iffij 200*4 

35My 1 iJV Glasej^Mpc ’ £i-^2 — 91 

22Bf 32fJ 92 

15U 15N u\nreoaiS’,rc’frW;.. 85 

JJzU.O. DoSkcItr^l 2S 

1 .-‘_ lO.Wctra ^‘4^-25.. S3*' 

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35M 15s HAStf-rTf-dl S7% 

lW 151 DoStfc-S** £5 

1IJ I'D DnAsCEM: 70 

30J 10J DoiaSw-S^SO 62*2 

L«Ji0. DaopcSOAi: 23*2 

15M 15S*Ifidcfc.P4rlK0 92*4 


K-S ^ June Dec.|PaeiikM.$l 27% 18 9L6c — 

K-S 1 7" 7n — Place Gas SI 132p — — — 

L t | 4nI5 Jnns Dec RjoAIzma 22% 610 fl.08 — 

ftTJ- iry Hi iS« MJeSJ>. Rcydlk.Can.S3_ 21% 1&7 ^50 - 

f? 4 fea tra ln'flA SeDeMrJu SwgramCaCSl- 19% K( 92c _ 

in ii 9 aS i ?» F-MjAuN. rnr.DoiaBk.a_ ]Ud 210 96c _ 

S., nflinra ko7 J-AP-U'fj- [Trails Can. Pipe— 16% 2U] 103c - 

25*’ lxjls’lZ — S£. List Preimam 38%% (based on f&3324 per 

92*4 153 5.66 2 C .75 


MJeSJ>. RoydSk.Can.S2_ 
JeDeMrJu Seagram CaCSI_ 


■U'W luu.Huu'ift.OF lLiiir — *—■.{ 7&-4I JJ£ I 1V./3 

» WB 8 ffll 8 a£:| A, W 8 B 8 BANSS AND HIKE PURCH 

Bmdrnds j j I Last | Dn I I 

& i&mm loans “■* 1 ^ 


Lat Drv rw 
Price | nl | Net Cvr ft's 


U 1J 

1A lO 

UJ l!Dj 

28F 

1SJ 15Dj 

1M 1M 

ia id 

15J 13J 


lMSS..ftva'9-K’M | v ^Jl«47 1 13 24 2^** June ArttttlmdLfl— 160 266) JUU 

lO^aoiSME^Fvl l « _ I _ Mar. SepL Bank Aacr.Sl 505. 09 31 Q94. 

JSffDftteTHi 7> 12651 - Z Jan. BLIteandU — 423 305 152 

1 ^ 001 1 •'*■“» 1 Mar, Sept Da 10 pc Om .... £193 , 21 i 010 

- 0 ] -,ts! Mar Auc. SLLenmi E _ 14 85 Q16 

uiVdifts Ang. Feb.BtLeumj'TJKtfl 170 75 7.17 

SlldilZ SG 3 T£i E 5 d Sad Not. May ILk&SSdn ISxd 210 Sc 

J«E£KKSf-| »\ I sji trass'* a- % Mi 

ISScLTtr.S’s'B' J j/l 2 L32LQ1 } 32.74 J®*- July Brown ShipJ^CL. 258 12i 9.41 

SinlilSI!/’to:.i(i« 1 ia :fo ttzl Ian. .IlIv r^erRrrtprFI 57n M71 


IZmMBOc 

23g«3D0 

76IU328 

1239.41 

30|hl7.17 

14.85 


15M 15NjCaJ-Jrv7P 201*;^ 210 13.79 1280 July. Oct Cmnliiian 10?Z 29al 21C 

S? 3 .* 1&L% I 223jl3.43 liO . MW Cred France F75 £23 573 

8,91,1 ®® : - sl|2 675 U.C0 Jan. Apr. Oawes-G.Rl — 16 1B1C 

3 lto MNDafjpffPP^ 7*2 2 ?J 12 .M - DaidaElailtDSCe. 015 % - 

3 LI Il.iDa SWjpf ync.LiL'CF^ 93 *- 3 l 3 lL 53 1250 — r.C. Finance 73 2 i 


3lMr30S 
28F 3! 


! II 1117 

tMSr-a^rcA bo 'CUM — J 62 % 7 till M 

30 S l& 9 tor.\ VI -91 I 7 a> 7 S 1203 

3 lAjDaATjpcLiz iii-S-T ; 72 1(17)19 T» 

TOK 35 @! B 0 I-iZ 3 & 2 S 3 LS 


12. M - 

3230 — 

1250 — 

1ZS0 — 

1 3 . G 3 . — 


Fin* NaLJ0p 8 974 — 

I Da Writs 1M3. 1% _ — 
Fraser AntlOpu 12% B76 — 


1223 (June Dec. Gerard Nr4nL„ 176 


12 £7 May Nov.i 3 bbefAl 56 n 210 223 

12.-55 Mar Aug.iliilettBmtl- 220 76 15.41 

June Goode milry. 5 p 21 17.4 0 J 3 

[ Nov. April GrindUys 129 ZL£ 279 

1 Apnl Cot Guinness Peat — 234 1£9 1031 


j Prico jLesl 3Sr*c| Sed JulyfRambros 187 

I i la GrssslYidd 1>cc - JulyiHillSaanid 95 


— Ae!c!s;3&R!7. J 24 [ F7IJ — _ 

IJ U Do.hx?Kt 41 I 2-75 — — 

1J 1JCto'ein7uw-J_ 83 | 3.7 — 0.1 

U ID fiemsalcc.Htf-c.i 411 1 16 4« _ 

1M -IN CrttkTco .%!„_{ 52 23 51 Z f6.« 

IF lADoeoc285tb 50 I 12 € 161 

1A lC4Do4fCl£zedAss..j 42 ■ 3.7 4 14J 


234 129 1031 

187 24.7 9.76 

95 266 4.97 


„ — _ DaWaTantg — . 300 — — 

- — Sept Mar. HongShne^ 50 . 292 45 hQ 5 « 

- “ Jane Nov. JesselTojntee_ 60 25 133 

- 0.09 Jim. -uBeUosepb(U«0_ 190 10.7 8.74 

Feb. Aug. Geyser Ullmnna. .50 303 0L7 

^ ^-25 June ItetKifip&Sliflxajp. 62 ■ 155 3.44 

6 f6_07 May No?. HeujwtEl_ 102d 2J0 1431 

4 nJBS Aug. Apr.flioydstl SO 24.7 k 2 


FINANCIAL TIMES 

rSACCSK HOiLSE. 18, CANNON STREET, LONDON EC4P 4BY 
TeJe.i: Eeiic-risi Sr-ifS4 If 2. C3S537. ,l*-ertisejncnts: 8850S3. Telegrams; Fuantimo, London PS4. 

Telephone: 01-S4S 3889. 

r - --i-* Ia&* and Bcsiness News Strnanaiy in London, Birmingham, 

Liverpool acd l&mchester. Tel: 246 S Qfl ft 
INTEENATiONAL AND BRITISH OFFICES ■ 


■ EDITORIAL offices 

ArnsJerdara: P O. 3e.'. 1Z3S. ATs-aerdsm-C. 

TcJcx 12171 Tel: f-iO 5PS 
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. ‘ Telex 33BS50 Tel: 021-tM 0 K 2 

■ Bonn: Preuhaus 1! IiV Heussallce 2-10. 

Teles 8SS9542 Tel: 210039 
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Tele.' 232® Tel: 512-K37 
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- Blnsfflrfal Tfones Monday October 0 1078 
INBtJSTRIAI^S— Gmtinued INSURANCE-Contiimed 

ttridmds 


PROPERTY— Continued _ / 'lNY. TRUSTS— Continued 


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L t'ffli iVEpPAPERS, PUBLISHERS 




Jan-'. 

Not. 

Hay. 

Apr. . . 

July. Oct Bte*lA.»Cj_ 
Fco. Sept Bristol Post — _ 
Jtoy C<fflinsWiIliam_ 

Mot Do. "A" , 

Febr. Aug Daly MJ A' sip J 
_ Jan. July E. Mid Allied ‘A’! 
1B.0 Apr. Oct Gordon AGctch. 
&.S Oct May Home Coo olies- 
65 Oet Feb. lad " 

&4 ~ lot 

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JulyjAltifiud Ine. Site 
Da Capital 
!Anhro»inv.lnr._| 
Da Cap 


3X3 


,17.7} 

•H 

7.6] 

6 ll 

55, 


300 

260 

395 

81 

63 

6 V 2 


7913321 
71 - 

265 8.85 

119 5.75 
78 207 
25 281 


J35| tfil S3 
- - 45 
53 33 82 
X8 106 (64) 
8.8 4.9 28 
29 66 U 


TRUSTS, FINANCE, LAND 

Investment Trusts 


1711., _ 

4J27.®Itec. July 

3.4j37.0Wct 
mot. 

[Nov. 

Dec. 

4 j|SSLafe Mar.| 

41 203&pt Apr.! 
3.4 i761M 


-July 

July! 


3.4 — J Aug. Fob. 
U 29.7j 
4.1 m 6 P«- tonej 
4.7 iDJijAug Mar. 
7.9(1X9[ Januarj- 
19X1 November 1 
Dec. June], 
October 
| 553 (Not. July] 
169 December 
29.0 .. T 
210 Noe. Jund 
(7.4j May Dee, 
9.7] uUBO 


American Trust. 

[AnvenemTEt'S* 
AusioAa.s«s_ 
Anslo-SstDtr— 
Da Asset as— 
| Jons DetlAnphhStoLInt- 
Arritimedeslnt. 
DaCapSOp 


Inr. 

Atlanta BalL lOp. 
AilamicAaas„ 

Allas Beet™ 
Aoa.iInU50w. 
Bankas' Inr. 
Benj Trust— 
Bau^BgfltePiOTJ 
BisbOTJgateTst. 
B order £Stlm.lDp 

[BttsilFnwiCiSi 


60 

143 

135 

109 

227 

119 

201 

57 

78 

4434 

44 

102 

41*2 

156 

48 

7B 

41 

153 

336 

104m 

66 

101 

59 

75 

188 

6 U* 

510^ 


155,239 
25 
2 XE 
4.9 


S 3 

,3.05 
4.91721 
B.43 


lf| 

-1 

IDJi 

214 

J3& 

m 


m 

,10.7 

'2111 

210 t 

155 

IB-3 

247 

14X1 

3UD 

155 


674J 


0.43 

4.57 

TU7 

3.05 

325 

lib 

523 


en% 

14.10 

051 

.0.41 

1X93 

3.0 

Olj 

UBS 


__.d634 
25,152' 


QS0.44] 


5.9 24.9 
5.4 261 
63 23.0 
4.2 35.4 
. 4.7 33JS 
XOjlO.6 13.9 
03 — 
1201X7 


10 

10 

10 


in 

in 

iffl 

1 .N 

5.9} 


3.«io.fi; 


4i 29£ 

65 iob 
1X7125 

5JZM 


152 


4.4 2X1 
45 268 
u fifi.s 
0.6 6 
4.4 321 
4.4 30.4 
66 226 
10 832 

5.0 293 
3.7 366 
61, 42 


July 


July 

Mar. 

aot- 

Dec. 

July 


? 0 bl 
3.4 S 
4.42 
71-1 1523 
tJ.bO 
|253 


— i 


lii 1 

1 H, 

26b] 256 


SS 


,139.7 



33 


l.Q 1 3 S 25 6 > w-k c-r,. <i- 1 -.- . 

IM 9.n[13.3: ‘ ^ 

60t:4 0' _ ~J\ viiL’ll.Tt'lTp 

5®ifSr- Si'-hie.Thcr -Knahn ’Dr 

» \ui:uk uiTM-:!K:dj ldpf. 
^ ?j?I Si Jar.. M.-vtILce Cr?._ 
f-tlsv?- Jan. Not IwW:. Men Kant . 
k?>m □ Junc J«s.B!.S»J Hide.' ip.- 
-fllilS N’in'caberraaic-Jiclir.: IPp- 


„ _■ .-.k- Octir-ian:-: fS JliSp. 
S-5 SirJB.Sf.hEwIIS.tV'OT 


Da Cap. r£l>.__ 
COT A For. inr _ 
May Dec COTAtnten;t'i_ 

Not. June City® (Weed 

Mar. Sent Clsverfeiwv' 5hp. 

Clifinals^lOjL 
-T an May Cbtedale lnv. 

Da“E" 

Aug. May CaJiffiial Sets Dfi 
Fob. Aug Cnaiinentl & lnd 
Dec. juaeContmsriL'iuoaJ 
QeM Japan 50p_| 
Mar. Aug Crossfriars- 
January Crttduslnv 
Feb. Aug Danaetfnc.)(50p> 
_ DaiCapiiDpL.. 
Ant Mar. Debenture Corn,. 
Aug Feb. DerhyTa.tnc.il 

Da.Cap.50p 

Dec. July Dmninion £ Gen. 
Apt Get Drayton Cran'd. . 

May Dec Da Cons. 

Apr. Au& DaFarEasTcrn 
Apr. Aug Da Premier — 
Not. Apr. Itolwa Ine. 50p 
DaC£pita]fll_ 
J an. July Dnndeet Lon. _ 
April Edinburgh An. TsL 
June Dec Edin. Inr. Df.£L. 
Jan. July Mcrinlnr.Tst. 

Feb. Aug EtectiGen 

Not. July tag tlmcmad. 
Oct AotU EBt£N.V.TnsL_i 
Sept Mar. Eng It Scot lcv_ 
Jan. Sept KguityCons'tCl 
Sept DaDtfdStp 
May Dec Equity Ine 5Cp_ 
Dec. June Qme Doties — 
October P.bC.EnTOtnst 
May Not. FtailvInv.Tst 
Sept Apr. Pint Scot Am.. 
Not. Apr. FtaoifiniCaL— 
Jan. July PDXLLTJRJUSt 
Stay NO*. Fnndinvestlnc 

Do. Cap., — 

Oct Mar. CX Japan 

Not. Apr. Cen.£ Crama'cL 
Aug Apr. EeuCoasoldid. 
Sept Msr. Graerai Funds ... 

— DaConv.lOp— 
Oct Apr- Gen. Invest 079_ 
Dec. June GeaSeouish — , 
Jan. Sept ten. S ft!*!. 12 tpi 
Mar. Aug HasflawSi’iiMrs—j 
Apr. Nov. Gienderon Inv_ 

, - 

June Feb. Oounurmlnr. 

Do. 'B' Ort. 

Joly-Jan. Globe in v 

July Go*ett Europe 

Mar. SQit Grange Trust — 
Sept Mhe. Gl North'll lnv_ 
Match Greenfriarinv... 

Jan. June Gresham Inv 

Mar. S^)t Gwjiplntwtore. 
Dec. July Goman hr.Tst-J 
July Dec. Hnmbros 
July Dec. HID (Philip!- 
Apr. Oct Home HIds. "A", 

— Da“B“. 

June lcofundi5) 

June DniO— 
Dec. June Indiwtrial&Genl 
Sept Mar. Interaaniny — 
Sept Apr. lot in Success _| 
June Nov. Investors' Cap... 

May Imbue Japan 

Mar. Sept tedtaeSec.HKS5. : 

— Jersey Eri.Pf.Ip 
Not. June JeraeyGen.£l_ 
May Oct JosHoidings— _ 
Mot Not. lore inv. iutlOp 

— Da Cap. 

July Feb. Kwstoneinv.SOp. 
Not. Jim. LawViewInv.- 
March tone £lm Inv., 
Ape. Oct tow Debenture.., 
— UiardS 
Aug. Fbb. Ledalnv.l 

— DaCap.5p ] 

January LeVMlonetlar.. 
Dee. July Lob. A tlantic. 

October Laa.6Gart.B0p., 
Not. July UtdakBoiprodJ : 
June Jan-UatHMinoa | 
Feb. OetLou. 6 Ijv.Hte_ 
Apt OctLou. 6 £omoDd_| 
ar. Nov. L«l AMootrose. 
Nov. June LanAftov. 

Dec. July Lon. I 
Mot Dec.Loa.Ai 
Juno Dec. E/ra-T 8 tI 
June Dec. 

Sept Mar. H 6 GDvaiIiie.l 0 p 


°aSidtaXflil 


JnttDa! 

Da( , 

June Jtm. 6 tiriri 41 .Inv 4 
Mar. Sep. Mddnun!nv_ 
Apr. Sep. Mercantile Inv _] 

Sept May MerehantaTat | 

Feb. July Montelnrest. . 
May MootBaUoolOp 
- DaWnts.£l_, 
Jan. Sep. Hoorgatelnv- 
Aug. Mar. HowiiiteTnist_ 
March NegitSA.5USl. 
Apr Jly Oct New Throe. Inc_ 

Da Cap £1 

DaNevWnts_ 
April N.V.AGartaue. 

Aug. Dec. I S3 Invert- 

May Dec. Nth. Atlantic See 
June Dec. N thn . A merican. 
Dec. Jnly Northern Swa. 
Jan. Aug. 0116 A»oaInr_ 
June Not. Oniwkblav. 
Apr. Aug PenHandInv_ 
Dec. Aug Prog. Se». Inv. 50d 
:Mar. Sept Provincial Cities | 

Aug. Feb. Raehnm. 

Feu. Sept Reabnwtlia' — 
Apr. Oct Bights Atm. Cap 
Oct Mar. River* Mere. — 
.Sept Mar. RiverPbteDei. 
(Apr. Not. Robec®(Btin» 
Apr. Not. DaSub5h'sFI5 
KotaeoNVFEO. 
DaSahSh^FEj 
Aug Mar .|R..- 5 ®j< 5 Trust. 
Apr. Not. RttedEmud&K.j 
— DaC 
Sep. Dec. RotteddMIaMp. 
Dec. Jane Safeguard lad — ] 
Oct St Andrew Trt. - 


l5roLAm.lir.S8pJ 
Dec-tS r ot. Cities 'A' _{ ' 
Oct Scol East lav-._. 
JulytScot European- 1 
Jan.(5cctlidi In»_ 


June Dec. Srot.3tort.iTst. 
June Dec. Scot Nxiotud — 
Dec. Scot Northern—, 
Dec. Scot Ontario—— 
Aug Mar. 5wt Old. Inv— 
Apr. Aug. Scot Western — 

I — Scot Wests. V— 

Apr; Oct SM-ARimccTa- : 
Jaa. SepL Sec. Great Wol. 

— Da“B“ 

Dec. June SecnritiesT.Sc- 
Jone SdectRUInr.SGSS. 
Apr. Sept Shirrotov.Site-. 
November SirewdllOp. 

Dec. June Sober® Inv 

Dec. June . Q l’UTine.l0p_ 
— SPLIT Cop. 1 0p _ I 

Jan. Aug- 
Aug. Apr. 

June Jan. moctWdaslnj.J 
September Tedmok 
Mar. Oct Temple! 

April Nov. ~ 

— Da Cap, a. 

Mar. Aug Throgmorton.. 
May Nov. D<l M4 Loan- 
Mar. Oct Tor. Invest Inc.-, 
October Do. Cap.. 

Feb. May rrana. Oceanfc_ 
— Tribune Invest- 

0d, _ Apr - 'SSSoES: 

Dec. June Inst Coin.--. 
Feb. Aug- TrariflesCurp— « 

Oct TvsfgnfelHV 

'eb. Aug. Ild. Brit Seea- 

May Nov. L'ld. Capitals 

'pr. Aug. DSDdLr 
ar. jul>'U5£G«eiT£t. 
Juno USTrastKodSl- 
Jufy v±higtaionm- 
March ff.CgtfcTaKhte 
June Dec Roups Inv. 3— 
Aug Mar. WintmoOum — 
Feb. Jub Witan&nr, — 

■ Da“B* 

Aw. Sept Temnsu Inv.. ... 
July Dec. VarktAlaact— 
Dec. June 


XnmgCarslOTXLi 


1X86 


35.5 
.10 
:.i| 

7.3 13 
7.9 3 91 
t2.54 

w®* 

isijiies 


1 7 I tnme -^P“ 


1413 

335 

386 


TX70|X1|3J|442( __ j«Ara E««r£!_| 

lAUoikS-'ip 

XiLBcnculCp. 
£nt Petroi mil 
PaETiFf.a 

Bismahi! 

.oi-a.iFeb. Aug. RiSjLafllse.. 
3.9,396] _ kcpftiiiSe’El- 

. „ , , , NCasdcrcaRea. 

f.l JEadCeatoiylOp 

iCbaterhanSp.- 
Cn; Fr.Prt.TuM 2 _ 

mnjffoiHi — 
;vn>de?efroi£l 
( HanuugPfjuL. 
December af A 


8 .22 
650 
335 

3.72 

om 

3.15 


?4.7(th244 

24.7jrl3.63 


2661 


7.S7 

flA57 

4.77 


1551 
7 ao .11 
TiU.so 
255,438 

Uti 7233 


305} 3.86 
a t3i 
4M2.49 
N^687 
24.715.69 _ 
lbl0.05, 

hi BS 


74 


2201 X0 
t45 
2.89 
1353 

n c > 

202 

5.91 
tXBl 
4.77 

t456 
3.40 
2.3 
1X44 
1.86 

17.41X73 


10 47c | x: 

si 

355 

609 
2.44 
XB3 
1457 
X74 
t2.81 

dX52 
3.05 


266 0 . 

2X1 12.44 
m 15J3 


167 102-75] 
126 520 


2LS127 


203.88 
2Lfl| H.82 
375| Qllc 


24.71311 
2bi 1558 
365 t239 
24 7 264 
164 b4.82 
210 20 

4.45 


0.57 

5.08 

hl52 


I14A6 

3.45 
.692 
71 3.91 
24.7 4.46 
210 T0.95 
266 1357 
26i 1603 
126 QlOc 
155 112 
172 0.76 
155 30.97 
107 14.67 
305 233 
365 0.07 
“ 7.70 

305,^71 2 


263 _ 

455, October 

243- Z 
S - 2 i Dm 

sJ*j| June Nor 
^ 8 xnv. 


iKoo!f.'.a.fii__ 
SJ!.CJnvs. 1 Q«? 

■; : pI«Li- Fd Slit XJp| 
?i.-arabv! 0 p. — 

|P 3 it Place lav 

. '“enTT-T'S.'twiaJ 
JcJi ‘Sl GeorcelGp— 
Dcc.Istot S- liwv. A'- 


No 1 -'- Maj.SXi4-'jpi'.’K 

5>242 S ya ” h r,r “‘ “ 

95!“ f 


60 23.4 
69 211 
1$ 6*220 


Mar. 


IS: hr* Par r!£5fic 
ism-fpi- nt:m. 
iTratS UriT-lip . 

. v-wofEnslMsa. 
VcrtCrecn iDp— 
.TukCaUolOp... 


21.7! 

_ 

67Jj 

13| 

as 

■* fri 
j q 

a 3 

2 La 

305] 

i\ 

107* 

1X3! 


L43 


1 22 
tB25 
0.49 
3.07 

& 

X54 

90.33 

L41 


Xw 


21.9! 76 


6 
95 
.272 
4.8(13.5 
8 ? 


OILS 


4 . 4 ; 


93 : 


9.4 

1-6 90 J 
6023.8 

65 2X3 
3.9 385 

55 23.7 

5.7 260 
28 * 

3.5 34.9 
28 U* 

35 469 

62 2X1 
4.1 25.8 

3.9 34.8 

5.6 24.4 
22 560 
4.7160 
4 1 333 
5.0 291 

5.3 278 
64 23.7 

8.7 14.6 

To 

X2 

4i 295 

5.0 263 

2.5 55.6 

3.0 461 
0.8 1642 

4.8 20.0 

6217.2 

61.23.9 
Xllll.4 1X2 

62 222 
3i 37.8 

66 21.6 
64 221 

199,154 

U 

0.5 57.1 
45 33.4 

4.4 34. 
35 35 
45 3X6 

4.0 366 
4.4 341 
5^ 28.9 
4.7 325 
60 24.5 

5.6 24.5 
9.1(185 

95| 


iM 


5.724.9 
61 219 

Oi ms 


ML56 I X0lll.7|12.4| Apr. Sept|Lauuvs£L | 220 | 135(558 | X5] 3.8 


15OTJ 

0(24.8 

4.43X8 

4.2j»A 

3X0 
25.6 
345 
29.4 
20.3 


XI 4513X8 . — 


12.9 

5.2,225 
20.4 
,29.6 
4.2,33.7 

iao 

d 

37 I S 1 

40.7 
32.0 
,33.4 

150.7 
0.9, 3.4(47.9 


305 


4.0,25.0 
4532.1 
3.5*503 
4C5 

us; 


July 


— (I.ASMn 


Feb. Aug I 


May 


Ma^=e: Medals I 0 t 
ElilErpLlOp 



Do.7pcCnv.El_ 

WeefcsSatlOcts. 

BaWd Ori like ] 

WoodiideAaOt. 


22.51 « 
52 
5 '?( T 
22:|10 7 

iil 

3.0j 9.1 


15.2 

1X2 


Serving the world 
with 

financial expertise. 


smwA 


Tokyo, Japan 


MINES— Continued 


Dividends 

Paid 


Sleek 


83 - 





SS 117 

— 

— 

— 

158 155 

6.R4 

15 

6.5 

898 185 

1 22.43 

2.G 

3.7 

71 266 

50% 

XU 

118 

74 UT7i 





— 

£61-4 266 

Q8t?s 

— 

d5J 

£12h ~ 

— 

— 

— 

63 m 

267 

31 

65 

23 rt’ 





£2312 777 

QKJfr. 

X5 

7.6 

400 - 






112 - 

10? 

86 

1 ■ 

88 - 

h4 65 


75 

3V: nil 

01 

153 

0.4 

146 - 

— 

— 



£9914 M-7 

QU% 

— 

cUl 


— 

— 

— 

210 17.4 

114" 

3.0 

15 

i6i ; - 

o-m 

— 



£U«4 - 

“ 

— 

— 

£45^3 18.5] 


24 

56 


— 

— 

— 

572 IBS 

115.94 

42 

4? 

61*2 266 

4.1% 

HO: 

il.5 


— 

— 

— 

£54*2 174 

QOrtl 



/S 7 

174 155 

1X34 

5.E 

X2 

228 lltS 

a— 

— 


133 137 

7% 

245 


190 - 







190 - 

QlS’tf 

— 

45 

65 — 

— 

— 

— 


62 

6 

10.2 

107 

6.2 

166 


29.3 


15.7 

64 


OVERSEAS TRADERS 


I African tones— 
Aurt.Agrie.5ac_ 
Bensftriiitff.:.! 
J u W3rT Jmci Tims ,53? 

JulyiBouneediliipt— 
Nov. JuncjFicbrfJames).- 


May 

June 

Apr. 

Jan. 

Jao. 


July Dec.: 
June 

Aug. Dec. 
Apr. Septj 
Sep. Apr. 
January 

Oct Apr. 
May Jan. 
Apr. Nov. 
D