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No - 2 7 ,«84 Tuesday October 10 1978 **i5p ^ '’“nElo^" 9 

; - Mgrribcrof TlgXnicn^l^por Gtocp. -• ~ seatbelts. ssgmwm mi 

COHTfHBffftt '5BXPW WPDg! AUSTRIA Sch 15: 8S1.C1UM Fr 25; DENMARK K r 3J: FRANCE Fr. 3.0; GERMANY DH 2.0; ITALY L 500; NETHERLANDS Fl 2.0; NORWAY Kr 3.5: PORTUGAL E*c 20; SFA|M Pfa 40: SWEDEN Kr 3.25: SWITZERLAND Fr 2.Q; EIRE lBp 



The Brffax 
double-acting 
inertia reel 
seat belts. 


feEWS SUMMARY 


Ford bid to break Britis j* Ir 
deadlock with free S ” re 



inine talks 


up 


BY ALAN PIKE, LABOUR CORRESPONDENT 


•- IlldS • equities jaaica niter an J^lks aimed at breaking the deadlock in the Ford strike will begin today 

indecisive start, encouraged by following an announcement by the company Aat it is prepared to negotiate 
ian smith said in Washington >»*« ^ talks hi ft? .^rd. pay “responsibly under the conditions of free collective bargaining.” 

'■that the U.S. and the UK sbonld The Ford decision to resume called the trade union side ment's view that the most offec- 

■ stop their “partisan attitude” M taJKs with the unions is likely together for a meeting with Ford live way -Ot controlling inflation 

'and give Rhodesia’s interim gov- m 3 1 ®— to have as much impact on the this afternoon. was for settlements to be made 

' eminent the same treatment m riiTQ »»» ilh^-ihaheed ° r ,he Government’s pay Explaining the company's in line. with tue pay guidelines, 

thev had # P? 1 */ as ,ast w«*’s rejection «r decision. Sir Terence Becketl. The statement made no refer- 

Frnm Government Seeptibes the 5 per cent guidelines at the chairman and managing direcror enve to the threat of sanctions 

Tbl ■ ti index closed f|.02_off at P9-87. Labour Party conference. It will of Ford of Britain, said that the which has bung over Ford since 

. r.il 0d ^. an >- I e l? ier ' , .. *„ radically change the dimension strike — now in its third week— the starr- of the dispuic. How- 

in B after initial talks with a • STERLING Ieli.10 j»nits to of the pay strategy talks between remained bogged down in a ever, the company ] 3 certain tu 
group of U.S. Senators, said it SL9895 in quiet trading due to Ministers and TUC leaders which “ political impasse unresolved argue that it has already suffered 


• l v ? s ^comprehensible that the {j-S. and Canadian/holidays. The begin tonight. by the events of last week.” one very solid sanction in the 

. P western powers snouid nave nnnnr p c tnitiuiinifffifiwl ' Indn: Fords announcement that it thp pnmnnnv hnri ronuntpriiv fnrm nf mon? ihan n fortnight's 


pound's trade-weighted - Index 
remained unchanged at G2.7. 


uirinri ,.;»h (iviiims Ford’s announcement that it The company had repeatedly form of more than a fortnight's 

r.,K- d n C d remained unchanged at G2L7. w f* seek,n 3 early meeting and unsuccessfully sought to Jost production valued at £10m 

«no««s*u with union Icaders-who have find a way through the per day. 

nlans lo^resenr^io^n • GoId frU $lJ.vto;$22I2 ia nntiV l »!l d iame ^cally opposed views of Elinor Goodman. Lobby Staff, 

fary □ Sta’e Cyrus Vance London and 'in New ‘ York the „ t»«ol wi riilJJJt * refe^eim? to the Governmenl and 1,1 e unions, writes: Some senior Ministers 

mceUng later. Back Page 1 Comex Ortober setti^iral price the 5 pei- ceil limit-brought an ™**J*lL pr . iv A te .^_ 5™' 


Telegraph halt 
made official 

*> The pay dispute which has 
. prevented London publication of 
The Daily Telegraph since last 
Wednesday was made official by 
the National Graphical Associa- 
- tiun. Telephoto equipment 
operators are claiming extra pay: 

Times Newspapers has tabled 
its proposals for .improved 
• labour relations with the Society 
of Graphical amt Allied Trades. 
Sunday and daily newspapers 
have lost 125m copies in the 
first nine months of the year. 
Page S 


'JAM 


Israel’s hopes 

.Ezer Weizman, Israeli Defence 
Minister, left for the Washington 
peace talks with Egypt saying 
he was going “with a special xjwt with cash lead gaining 

A mu SST231. 3S ^m***™$m 

before we reach a peace agree-^WALL STREET esten^ajdtits 
ment.” Page .4..^.- .. • ’ ‘ recent rally In 

Peer ifffcblirt ^ a lzA7 advance-** S9^.;' 

Liberal Peer Lord Avebury was • PRIME MINISTER is 
fined a total of £50 in London on a series of meetings* wi^senior 


Comex October settlement price the 5 noi- rpni iimit—hrnunht Ford shared the Government’s were last night privately con-j 
was 55224.10 asai^t S222 : 50. immediate appeal from the | bo “V l , he «““«* ° f ceding that it was almost inevit-; 

Government ror a settlement ,nflatl un. But it also had to take able that the Government would 

• LEAD priees rose on the within the guidelines If these a ^count of the hundreds of have to use san.-tions against 

arc regarded as a strict 5 per thousands of people and many Ford. Only in this way, it was 

cent, however the chances of other companies whose livelihood felt, would the 5 per cent limit 

this cannot now be regarded as depended upon Ford. stand any chance of retaining its 

high. “The unions have insisted credibility after its rejection by 

The highly-publicised Ford that they will acr responsibly the Labour conference in Black-, 
strike is being closely watched under the conditions of free pool last week, 

by other groups who are in the collective bargaining and bear The official line in Westminster 

process of negotiating on big the country’s economic situation was that the Government , 
claims, not least lm local In mind. We therefore believe had not njjed 0lll possibility 
authority manual workers. that we must now accept those that would settle within 1 

The request to renew negotia- assurances and seek a return to the guidelines and that the two' 
dons came yesterday morning in work so that we can enter into 5 j de ^ 0 f tbe Ford dispute were 
a telephone call from Mr. Paul just such negotiations." 6aid Sir }a u.j na t0 each other was a cause 
Roots, Ford’s employee relations Terence. j or optimism 

director, to Mr. Ron Todd, In response the Department - . _ , 

chairman of the union negotia- of Employment issued a state- t ‘ nmin ^t. Pace -0 

tors. Mr. Todd immediately ment re-emphasising the Govern- I 


8% rise 


BT OUR LABOUR STAFF 


BRITISH OXYGEN, one of 
Britain's major employers, 
breached the Govern ment5s pay 
guidelines last night by making 
an offer oF S.3 per cent to its 
3,000 gas workers in a bid to 
avoid a damaging strike. 

The offer was made after 10 
hours of talks at a London hotel. 
After the management indicated 
its increased offer. Mr. John 
Miller, the Transport and 
General Workers' Uniun national 
secretary for the chemicals 
industry and the chief .negotia- 
tor. said: “ It is clear that we are 
talking now about the company's 
ability to pay. rather than the 
Government guidelines. 

“I believe «e haie crossed a 
major hurdle here tonight. We 
will come to an tgieement which 
will not hide behind ihe Govern- 
ment's skin. 


nuclear 



Conference 


Output prices boost for 


The renewed offer waslikely Lo 
be put to a resumed delegate’s 
cvonference in London on 
Friday. 

-Earlier in the talks, which 
were punctuated by adjourn- 
ments during which manage- 
ment and unions met separately, 
the company made an offer of 
about 5 per cent. 

Negotiators had said they were 
heartened by the company's 
initial response. But later. Mr. 
Miller said: “We now realise 
that if their offer is outside the 
5 per cent limit, it is only 
marginal." 

The management side went 
back to think again. Mr. Miller 
later said that unless manage- 
ment changed its position the 
talks would come to an abrupt 
finish. j 


Dispute 


BY PETfiR RIDDELL, ECONOMICS CORRESPONDENT 


charges of obstructing the high- Cabinet -Ministers to digrast the 

way and obstructing tt police Government.’ approacft*to Euro- t?c v, . . 

officer during a Jewish demon- pean monetary ystei^preposals. purpui FKtGtb cnargea o> 
stratum af the offices of a Baek.Page -. - M‘-\ . industry at the factory gate are 


stration at the 
Russian airline. 


Seal hunt movc 


Back-Page - • industry at the factory gate are 

..... . ' continuing, to rise at a moderate 

• UK-. could shop a current pace. This reinforces hopes 
account defici^Ttif- up to S500m that the 12-month rate of retail 
this . year, Contrast to the price inflation will remain com- 


WHOLESALE PRICES 


Scottish Labour MP Tara DaJyefl modest surplus 'predicted by the fortably in single figures at 
tabled an emergency question to Treasury,/ according to latest least until next spring, 
the European Parliament in. EEC forecasts/' Back Page The wholesale prise indices 

Strasbourg asking for ;interven- - _ ■ ^ _> :• __ •_ published yesterday by the 


tion in the seals cud off the 
Orkney Islands. 


# CAR SALES .in the first nine Department of Industry show 
months Ofv-1978 Were 23.48 per that, output prices and the cost 
cent- -ahead- the' same period 0 f industry's- raw materials and 
last yGtir, .according to motor in- fuel xose by about * per cent 


Schmidt to Tokyo, lad y4&/>ifecorain|.to motor in- fuel rose by about 
rhunMl ,„ _ cnWmtfti- hf Wfutr dustry figures- Ford was the most during September. 
Chancellor ^Schmidt ^ of _ West sxiccessfifl manufacturer and \hp S slight rise i 


The slight rise in costs fol- * — 


SSanST-"' - SSLS' s 


(1975=100) 


Raw 

Output 


Materials 

(home sales) 

1978 Jan. 

139A 

14&3 

Fab. 

139.1 

149 2 

March 

142.0 

15QLQ 

April 

145.1 

150.9 

May 

144.3 

151.9 

June 

147.0 . 

152J 

July 

145.8 • 

1518 

Aug.* 

1444 • 

15441 

Sept.* 

145.0 

155.5 


ruKuoa or japan win noia mree SMt«nher p a™ fi 
days of talks In, Tokyo next week «S e e 


[to assess prospects.- for a full 
•world economic recovery. 


September. Page 6 t^, 0 months and was mainly .the 

k HR’ ERtr mori KV tn result of higher_ prices Tor im- 
resfgn- imposts, as chairman of lalfSh 


* provisional 

Source: Department of Industry 


strong competition amung food 
retailers. 

AH this supports the recent 
projection by Mr. Denis Healey, 
the Chancellor, that the 12-month 
rats of retail price inflation will 
remain at about its present level 
of 8 per cent for the next six 
months. 

What happens after that will 
depend on sterling and on the 
level or pay increases in the 
current round. Rises in earn- 
ings of well over 10 per cent 
would be required to bring an 
early return to double-figure 
price Inflation. 

The recent favourable trend is 
most clearly shown by the output 
price index for manufactured 


w<rtu 

-i 


.-f j - ■ ■ j products. This rose by 0.45 per 

notified price rises and in the m t0 ^555 (1975-100) I 

latest CBI trends inquiry con-. Q ver the past six months the 


T?s/£i 

PI 


worlQ ■ •SS"jr%-£5£Sf" s HSTSmShS. M last month Price Commission', Mb of " Thli rcse by WS per 

Trial in camera ^^'glgS-shg EXX™* - 

^ESXBB&gsssi IS«t“ ^r-aspbr-ffi ass. Sfj 

for legal argument. Afterwards, ® some of the impact of the higher been booked still point to rela- p cpnt in the prev ious 

the judge said it woujjJ be^ # 01L COMPANIES have begun pay. rises of the last 12 months tively- modest price tncreases ha]f . vear . 

necessary to refer to the names jaisiug. tbe ^priee of naphtha, a ait^ more recently, of the pick- during the next four months. This has been slightly surprls- 

of units and their locations by t3ais<c 'feedstock of the petro- up-r bf world commodity prices, in aduition, tne gooa harvest . . vl - ew 0 f the acceleration 

letters and figures.:. : chemical industry, by about 15 .. Tltese trends have also been should also help to hold down . _ 

per cent to- between S1504155 a reflected in the low level of the prices in the shops as should the Continued on Back P^e 
Plane Claim - tonne. Bage 7 — — — - — — — — 


Last year, a four-week dispute 
by gases division workers caused 
more than 30.000 lay-offs 
throughout industry as com- 
panies were starved of industrial 
gases. This year, the British 
Oxygen workers are seeking a 
substantial pay rise, improved 
shift allowances and moves 
towards a 35-hour week. 

Mr. Miller said during an 
adjournment in yesterday’s talks 
that the company's opening state- 
ment had given the union side 
some encouragement because it 
.did not refer to any Government 
guideline. But after analysing 
the offer, the unions decided 
that they were not happy. 

He said productivity had not 
been mentioned in the initial 
offer but there was a company 
commitment to the principle of 
a shorter working week on which 
talks could be held. 


BY ANDREW WHITLEY 

THE IRANIAN Governmenl is 

seeking cuts in its huge defence 
and nuclear pnv*i budgets t« 
compensate for the large pay 
rises being awarded lo about 
(>00.000 civil servants. 

A permanent casualty may he 
the Shah’s hig fa iy-am bilious 
nuclear power station pro 
gramme costing at least $60hn ;n 
S70bn. But initially commitments 
for this year are likely to be 
deferred. 

The move comes amid signs of 
increasing industrial unrest, 
political violence and a major 
split in the Cabinet. 

Diplomats sa> Iran is likely to 
slop at the four power stations 
being built — two in France and 
two by West Gcrmi'iiv, costing 
an estimated S10bn-8l3bn — 
instead or the planned $20bn. 

Talks which hart been progress- 
ing well with France for the past 
three months for another tour 
nuclear plants, have been 
suspended, and arc unlikely to 
be resumed. 

The extent of the cancellations 
is still unclear. Kraftwerke Union, 
a subsidiary of Siemens, which 
has an “advanced letter of 
intent “ for four 1^:00 MW plants 
today denied Props reports that 
its contract would be cancelled. 

Cuts in the arms buying pro- 
gramme are apparently being 
sought for the first rime since fhe 
massive build-up begun in the 
early 197(K 

The prime target for defer- 
ment anri possible cancellation, 
is the order for seven U S. early 
warning radar aircraft, the 
AWACs, costing about S3 50m 
each. 

A British Embassy official 
denied a local Press report that 
the contract to supply Iran with 
about 2,200 Chieftain tanks was 
threatened. Privately, Britain is 
i understood to have . been re- 
■tssured that there is no quesiun 
of cutting down nr delaying the 
delivery of Chieftains. 

Big pay demands svw-eping 
Iran’s admin^'ratinn. public 
utilities. State-run industries and 
the rail and. air transport system 
have virtually paraivse'rt Govern- 
ment work. » ha* added a 
dangerous new elem -nt to the 
continuing political crisis here. 

Mr- Ardeshir Zahedi, the 
Shah's son-in-law and dose 
political adviser, flew back to 
Tehran tonight from hi« post as 
Ambassador to Washington for 
urgent talks with the Iranian 
monarch. His surprise trip — ihe 
second in a month — comes in Ihe 


TEHRAN, QvL 9. 


face of speculation here that 
another change "F government, 
bringing in a military man as 
prime minister, may he in the 
air. 

The djily round of street 
violence, with its continuing 
death toll, shows no sign oE 
abating. Over the past three days 
the focus has .shifted to the 
Caspian coastal towns of Eahol 
anri Amo) where fuur peuple are 
said to have been killed and 
more than 50 injured. 

University campuses through- 
out the country remain deserieS, 
on the third ' dny of the new 
academic year. Sludents. either 
boycotting’ classes or locked nut 
by* the University authorities, 
have submitted increasingly poli- 
tical demands. But only minor 
clashes with the security forces 
guarding the campuses have been 
reported. 

Mr. .laafar Sharif-Emami. the 
Prime Minister, has the added 
burden nf what appears to he 
an open split in his six-week-old 
Cabinet. 

.Mr. N'asrulliih Mnjdehi. Ihe 
Heallb Minister, resigned yester- 
day. apparently because of a 
dispute with Mr. Manouchehr 
Azmoun. the Minister for Execu- 
tive Affairs, over official appoint- 
ments. 

Three or four other ministers 
of the six retained from Mr. 
,7am shirt Amouzezur's previous 
government are also thought to 
be considering resigning. 

The industrial disputes which 
have slopped pnstal services for 
the past six days, disrupted 
transport, closed down hospitals 
and brought must government 
work lo a halt, have spread to 
the two largest Slate-run indus- 
tries. steel and copper. 

Thirty thousand workers at 
the Russian-built Aryamehr steel 
mill, near Isfahan, are reported 
to have walked out in support of 
a pay demand. Af rhe Sar 
Chedvmeh copper mines, near 
Kerman, worker* engineers and 
clerks were also reported to be 
on strike yesterday. Sar 
Cheshmeh was ju*t about to 
begin the ?omm?rc!al production 
of busier copper after Jfi veais 
of preparatory 

Threat to arms deals Page i> 

£ in New York 


■jl.siiy.wKo ; Mje.4u.Of JO 
1 m-Mih j -' 1 . 4 * • 1 1 . , l.Ksil. 4 ,'. >li> 

X ii „ oil U,. ' l.r&-iy*j ili- 1 I.M.I.-i! ,Ik 
Is- . f>.S'.*-6.Wj ili- | ti.aU-t-.70 .Ip 


FT international bond service 


From today the Financial 
Times wilt publish its own 
daily list of prices or inter- 
national bonds. This list will 
provide average closing price 
quotations for' the 2110 most 
recently issued iolcrnattuual 
bonds. 


If will be updated once a 
week lo include new issues, 
and will show yields, price 
changes and other significant 
data. The ftrsl list appears 
today on page 26. 

Daily prices for an invisible 
market. Page 21 


(letters and figures.:. 

* Plane claim 


^An ou t standing ne 
officebuild 

1/ — ' — t 





onditipned 1 


SUNLEY 




’/The Eritrean Liberation Front- • ; 
claimed it had shot down aa air- LABOUR 

. •smraps dock, faMt 

^Ethiopia is; know to use VC* 


i * craft for military purposes. 


has made 370 steelworkers and 
ancillary workers redundant at 


'' rtlifninrf* srn-flLhearf the company's Haverton HH1. 
. ?T ne ' - yard; . Workers there refused lo 

f The 19S4 Olympic Games are. sign k guarantee of working prdc- 
■, almost certain to take place in tices which could have' ■brought 
,-Los Angeles following a . com- orders to the yard. Back Page 
.'promise financing arrangement - : 

f. accepted by tho International COMP AH I ES 
‘ Olympic Committee In Lausanne. - - ■ 

A Games committee will relieve • FREEMANS (LONDON SW9) 


GEC offers to buy Plessey 
semi-conductor operations 


•BY MAX WILKINSON 


'. accepted by the International BAMPAMIES THE General Electric Company ponents for particular customers. UK to make high-volume stan- 

Olympic Committee in Lausanne. - - - ifaso ffered to buy Piessey's semi- In common with most other semi- dard components. 

A Games committee will relieve • FREEMANS (LONDON SW9) conductor operations following an conductor manufacturers tn The sale of.Plessey’s operation 
Los Angeles of the financial prextax profits for the, 2S weeks aohraach. from Plessey. Europe, Plessey has been unable would therefore concentrate coo- 

burden. to, August 12 rose 31 p« cent r? - „ Dected to be lo n “* e Pro fit « f rom integrated trol of UK capacity into two 

from.f5.52in.ta £72lm on tunir -^ he i D0V ® ™ 0 iv X ^f,nnnrt a« a circuits in recent years. financially strong groups, the 

Worldwide . . . . over of tlGO/Wm against £S357m: laas- The two other UK serai^on- NEB and GEC. Both groups 

Wled in a Page 23 and Lex.; . .. oflhe S- durtor SSSTre feJSSTS 

shooJS^ithiollce near Tour & . ^ Britain^ largest meat $££ . Z£T$ 

Death toll- in tl» Wut 5ntsp?e-taxprofit^ wold^commem^it F is teS ^alToVraL^main^orienled volume. aithouS^Ferranti^nd 

floods has risen to 687. 1977 : 7S sharply downto £929,000 that Plessey's response to a GEC develo,; mraos are at present under 

Evangelist Billy Graham flew to Pa S e ** Offer is now being awaited. JJ™. researcfa at5d develop - separate managemenL 

2SS fo°rS«ttim a e. ?^GS pre-ta* ara b “Hn pS Th e NEB has announced plans ne ^^cW^s^d^| 

C . _ , . cinof ,_ Profit-slipped £0-66m to fSB.SSm . Swindon. Plymouth. Tow- to spend foOm setting up a sub- computer memories and micro- 

Jacques Brel. Belgian singer- far. the year (q June 30, in .spite . Northamptonshire and sidiary called.- Imnog to make processors for the world market; 

composer, died aged.49 after a-^sales up frcmi MBS, 03m lo California. Us sales of standard semi-conductors for ^the usm n metal oxide semi-conductor i 


Jacques Brel, Belgian singer- far; (he yegr to June 30, in opite . Northamptonshire and sidiary called.- Imno s to make processors for the world market 

composer, died aged. 49 after a-^f .sate, up Irom £4M,03m to “J? ne Ca | ifurn i a . Its sales of standard semi-conductors far the usm „ n ietai oxide semi-conductor 


long illness. 


'£543J5iu. Page 22 and Lex ‘ about £14nt a year make it the world market. Meanwhile, GEC 



after me - • Corporation of Cleveland. Ohio 

Viris Vetchi of Italy won. Uie has attracted investigation by the 
European pipe-smoking .contest antitrust division of the U.S. 
in Bremen in^2 hoars 34 minutes. . Justice Department Page 25 


CHIEF PRICE CHARGES YESTERDAY 

(Prices in pence antes .otherwise . Peachey Prop. .. 


Continued on Back Page 
GEC sells Freneh company. 
Page 25 


CONTENTS OF TODAY'S ISSUE 


indicated) 

RISES: : L - “. 

Bambers Stores' ,166 + 7 

Brown & Jackson „ 256 + 10 
Brown (J.) ‘474 .+ t8 

Cartiers 90 + G . 




Centreway. - . 27S .+ 12 ' ^Thqrii ElecL 

Common Bros. 146’ + ; to 1 . Turner &Ne 

Coral Leisure 122 *h-4 , - Anglo-Indone 

s Daily Mail A 392 + ,14 Tara Explri. 

EMI 5 FALLS: 

Empire. Stores 177 +, 7 Glaxo 

Foster Bros."*..'..r._'....' IBS +-7 ' Leigh Interes 

Freemans 405.-4- 25 Marehwiel .. 

GEC u.. ...... 337 -1-7 Saga Holiday 

GUS A ; 328- +. fi Angio.Ameri* 

GKN 276 + 7 Be ;.Beera D : 

Hewden-Stiiart:^. Kloof Gold 

Lad broke ... 19S + 5. Sputhwfd .. 

Lake Ac Elliot .... 56 + T Umoo Corp. 

Lucas Inds. «i,J» + -S Vaal -Reefs 


Pearson (S.> . ........... 243 + 9 

Reed Executive 79 + 6 

Ricardo. 328 14 

Stewart Plasties 1® + | 

S«.:— t 


.'.Thorn ElecL 383 + 9 

Tuhtea- &. Newall ...... t I 

Anglo-Indon esian iO? T ?,« 

Tara Explri. 9' a T I 13 

FALLS: _ 

Glaxo -2 

Leigh Interests..- 1SU - 6 

Marehwiel 134 s. 

Saga Holidays I; 6 “ ® 

AngJo. American- Corp. 3a« “ 20 

De Beere Defd- J® •“ J® - 

Kloof Gold. -5^ - }I 

Union .Corp — 

Vaal Reefs '- t 


European news 2-3 

American news 4 

Overseas news * 

World trade news 6 

Home news— general 6,7,® 

— labour 8 


Slowing down the scramble 

to cheaper air fares 20 

The -ternalionol bond 

market - 21 

Mines - .12 


AvpataUncnw 

Appointment* Advis. 
Base Lcndlna Rbum 
B usiness Qpps- 
Crasswsrd .. 
Emorulmneat CvWe 
FT-Acuaries Indices 


Technical page 9 

Management page 30 

Arts page 19 

Leader page - 20 

UK .Companies - 22-25 

Mining 24 


FEATURES 

Proliferation of currency 

cocktails 30 

Hesse state election 2 

Romanian dissident stands 


up to pressure 


lotnl- Companies 1 26,27,28 

Euromarkets 26 

Money and Exchanges 29 

World markets 32 

Farming, raw materials ... 33 
UK slock market 34 


Icelandic economy 3 

Beagle channel.dUpute 4 

Eoropean shipyards 27 

FT SURVEY 

Managing Energy 13-18 



0WOOD GREEN is one of Londons strategic 
commercial centres. 

#WOOD GREEN has the largest shopping 
centre north of die river. 

©WOOD GREEN ISminutes from Oxford 
Circus (Piccadilly Line) which provides a 
direct Pink with Heathrow Airport. 

#WOOD GREEN The large surrounding 
residential catchment area provides good 

staff recruitment 


©SUNLEY HOUSE A new air-conditioned 
office building available in units from 4,000 
to 84,600 sq.ft approx. 

©SUNLEY HOUSE Rates and rent combined 
are less than half those for comparable 
buildings in Central London. 

©SUNLEY HOUSE Immediate occupation, 
telephones and switchboard already 
ins tailed. 


3A 

Letters 

a 

25 


38 

92 

Lombard 

12 

31 

Mon and Matters 

.. 20 

12 

Racing 

12 

12 

Saleroom 

7 


Share Information 

. 36. JT 


Today'* Events 21 

TV and Radio U 

Unit Trusts 35 

Weather 5 

Worid vain nr e .. n 

INTERIM STATEMENTS 

Freemans 


(London SWt) ... 22 

HeJcno or London ... 

Lesoey Products ... 

Marchwiol 2d 

ANNUAL STATEMENTS 
MFI Warehouses ... 21 

Porter Knott 22 



PEPPER fiNGLISS I ” I 

Dav"' 


&YMW00D W 





• V::.:;. Chartered Surveyor 

01- 499 6066 v^eartoi Place LandodWiy 6LL : Hoi NttwBowi StH 


; 


j Fw colour bwfvrovrith floor plans, the epopon and send to the 

I Joint Agents, SuntoyHauno, 101 Now Bond SL, London W1SU3 company 


For latest Share Index ' phone 01-246 8026 








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Financial Times Tuesday:OetbSw"®r^| 



iLKOFEAN NEWS 



i . *t* n 


CDU missed its chance 


Bf GUY HAWTIN 


WEST GERMANY'S Christian HESSE STATE ELECTIONS 
Democrats have grounds for deep 
soul-search ing following yester- 
day’s state Parliamentary elec- 
tions in Hesse. The electorate 
not only demonstrated their 

faith in Chancellor Helmut 

Schmidt's Social Democratic- 

Liberal coalition, but also gave 

fair warning that the “ politics of environmental policy has come 
moderation " are still a sure under heavy fire. Despite this, 
vote-catcher. the CDU failed to pick up the 3 

Yesterday s election, it is P, er , ce . nt needed to give it an 
generally agreed, provided the absolute majority — indeed, it 
Christian Democratic Union share of the vote fall to 

(CDU) with the best chance they I 161 " cenr - 
have ever had of capturing the The Christian Democrats were 
Minister-Presidency of “ Red unlucky, however, in the fact that 
Hesse.” The Social Democrats the fate of - the federal Govern- 
(SPD). who have ruled in coaii* men t hung on the outcome of the 
tion with the Liberal Free state election. Had the voters 
Democrats (FDPl sine-? 1970. installed a CDU Government In 
were demoralised and in the state Parliament, housed in 
disarray, following a series of the former palace of the Dukes 
scandals involving many of the of Nassau in Wiesbaden, they 
party's most senior members, would also have given the party 
The FDP was on the run. bav- a i wo- thirds majority in the 
ing failed to achieve even the Bundesrat. the federal Upper 
5 per cent or the vote needed House. Such a majority would 
for Parliamentary re present. i- have enabled the CDU to block 
tion in the Hamburg Senate and ail of the federal Government's 
Lower Saxony stale elections. legislation, rendering the eon- 
Christian duct of government impossible. 


FRANKFURT. Oct. 9. 



' “ " crats said just before the poll: 


raspberry, picking up a derisory 
'2.1 per cent of the total poll- 
far worse- than they had ever 
expected. The Communist Party 
tDKP) and the. allegedly .neo- 
Nazi National Democratic -Party 
fNDPi managed to scrape 
together a mere 0.4 per cent 
each. 

In contrast the Social Demo- 


_Dregger has played this cam- Mis Sauced tiy 2 per cent ot 


paign "all .wrong. " He had the M* vote— to 44.3 per cent— com 


Dr. Alfred Dregger 


£fn' Itai fSpS && 

srs* tmpjss? SSt—a km 

_ nor a despondent-looking Herr 

For Dr. Dregger the defeat Strauss would comment on the 
must put .paid to his hopes of prospect a f the formation of a 
leading the CDU to the next- -‘f ou ftii party," while Herr HeV 
federal elections. Had he won taut Schmidt mused that it raised 
Hesse his claim to be the next thg spectre of Weimar, where 
CDU candidate for Chancellor a p i e thora of parties made the 
would have been virtually formation 0 £ coalitions almost 
irresistible. As it is, he has impossible. Dr. Dregger bim- 
lost an election in a state ripe se] f pointed out that the FDP, 
for a change in government, and w j t h its small proportion pf the 
his reputation as a vote-winner t ota [ vo t e . c oald hardly he con- 
must be seriously sullied. sidered a real “third party.*’ But- 

The Hesse defeat must serve significantly he added: “The 
to strengthen the hand of Here unity of the l Christian Demo- 
Helmut Kohl, whose leadership cratiej Union is worth a lot and 


Since 1970, the — - .- — r , - — — . - . — ... 

Democrats under their leader. While Dr. Dregger, towards the must fall on the CDU itself and of the- CDU has not met with should not be lightly thrown 

Dr. Alfred Dregger. have greatly end of (he campaign, emphasised its leader. Dr. Dregger. The CDU general approbation. Herr away. 1 

increased their share of the vote. Nut he had no intention of allow- fought an unashamedly right- Franz - Josef Strauss has j 

It rose from 39.7 per cent in the in* this to happen, there is little wing campaign, clearly inspired threatened to end the CDU- for Chancellor Schmidt's 

1970 state elections to 47.9 per doubt that Chancellor Schmidt by Dr. Dregger. CSU coalition .and form a Government, coupled -with its 

cent in the 1977 local elections, would have had to go to the polls. Dr. Dregger, who sees eye-to- federation-wide “ fourth party” rejection of a more Right-wing- 

The SPD-FDP stale Government The Christian Democrats and eye on most issues with Herr If the CDU failed to take Hesse, oriented CDU platform, poses 
coalition has had an uninspiring Liberals fully exploited this Franz-Josef Strauss, leader of. However, the Hesse electorate's considerable image problems foi 
record in many important areas, situation. The state hustings the CDU’s Bavarian sister party, response to what were virtually the party. Chancellor Schmidt, 
including the sensitive question were turned into a vote of con- is an articulate exponent of Herr Strauss's policies must put whose Government can ia no way 
of education policy. fide nee in the federal Govern* policies of the CDU’s Right, the political viability of such a be described as radical, has stolen 

An added bonus came in the merit, and all three parties However, to many observers it project in doubt. ’ the midle ground of' ; the politfc 

form of the so-called "green” turned out their top brass to seemed that he overlooked the Voters clearly rejected any ten- cal spectrum. Unless there _isa 
t ecological) parties running on support the local candidates, fact that he was trying to win dency towards extremism. The substantial swing to the Left ip 
the environmentalist ticket. Rarely was a state electorate so votes from a traditionally left- CDU lost 1.9 per cent of rhe vote his Government's policies, how 
These were expected tr> pick up intensively wooed. However, of-centre electorate. A local The “green” w*» eiven ear 

- * - ' of th 


Shop-floor 
drive by 
French 
Socialists 


By David Curry 


PARIS, Oct 9. 

THE Freneb Socialist Party is to 
launch a campaign to strengthen 
its organisation on the shop floor. 
It wants to expand Its - present 
1,200 company-based party cells 
to 2/tOOby the end of next year. 

. M. Francois Mitterrand, the 
party leader, was careful tx> Insist 
that he was not seeking to 
challenge the Communists 
direetly. who dominate* political 
activity in industry, , thanks 
hugely to the support ottbeCGT 
union grouping which, is ..Com- 
munist-led and almost three 
times the size of the Socialist- 
leaning but loosely-knit CFDT. 

A strong element within the 



BY WII 1 JAM DUUfORCE 
OPPOSITION from within his leader, 


nwn party to co-operation with stated that his party- 

own paiiy iff aMHinst anv 


tE Moderates (Conservatives) is against any Governmc^fegf. 

SiSSi efforts by . Mr. Ola the non^SoeWlst 
rrSem the Liberal leader, to 1976, This, rwouii 
SIS. a noa-Soda list Swedish 


form a 

Government. 



pie ted 


the Speaker ot_raruameuv, form * n ajj-Libe^^g 

HeDW 


form a Caninet uaseu course A liberal 

5S?«. p»rw. -h* «■»“* Sum 


The Hggse ffl* ora * e 1 Socialist Party, led by AL- Pierre 

Mauroy. the mayor or Xdlle and 
head of the strongly industrial 
northern federations, insists that 


votes from the SPD-FDP. whose much 


wooed. 

ie blame for its defeat worker for the 


A local The “green” parties were given can the CDU offer an alternative 
Social Demo- what can only be described as a and still appear moderate? 


Eanes close to a formula 


BY JIMMY BURNS 


LISBON, Oct 9. 


THERE ARE growing indications ing a Government of indepen- 
that President Ramalho Eanes dents, 
may be nearing a solution, if ‘ 

only a temporary one. to the . ^ he Government is expected to 
political stalemate that has per- include some members of the 
sisted here since Portugal's third defeated administration, now act- 
constitutional Government was ing in a caretaker capacity, but 
defeated in Parliament Iasi slightly adapted to include rep- 

“Although the President and "senlati.M of political parties, 
political ieaders have virtually Although such a formula does 
ruled out any short-term possi- not differ essentially from that 
bility of a new inter-party acree- which led to Portugal's third con 
meat, un attempt is now under stitutional Government under Sr. 
way to reach consensus on a new Alfredo Nobre da Costa, it may 
prime minister capable of form- have more chance of success. 


Inflation down 
in Switzerland 


By John Wicks 

BERNE. Ort. 9. 

ANNUAL INFLATION dropped 
to below I per cent in Switzer- 
land last month .for the first time 
since January 1977. The con- 
sumer-price index declined by 0.2 
per cent from the August level 
and was thus only 0.8 per cent 
higher than last September, 

The growth in the Swiss cost- 
of-living is expected to remain 
minimal in the coming months, 
as a result of the marked fall in 
import prices in terms of Swiss 
francs 


Ankara raiders kill six 


BY METIN MUNIR 


ANKARA, Oct 9, 


FOUR GUNMEN, believed to be shot One survived and is in 
a right-wing execution squad, hospital with serious wounds 
raided a dal in Ankara to-da, wh ^ h lefl hlm 


J . . , The two remaining men were 

and killed sir of the seven men kidnapped by y,,, killers. Their 

living there.. The seventh was bodies were later, found dumped 
critically injured. by the roadside about 20 miles 

• • . , from Ankara. 

The gunmen overpowered the The paralysed surviver is 
seven after breaking into Lhe flat quoted by the semi-official 
in a middle class district of the Anatolian news agency as saying 
capital before dawn. They bound the murderers were sup- 

B agged them with rags soaked in yjgy belong to armed Fascist 
ether. Five of the men were then organisations.” 



ere are some data processin 

• _ • .1 . i I ii i i 1 


Iter via 



service. 


the Socialists most compete with 
the. Communists for the [working- 
class vote. . .. : ' 

If they do not, argues ML 
Mauroy, the ' .Commpinst TPSrty 
will expand it£ base ’ from its 
present preoccupation with the 
lower-paid workers in traditional 
industry and the “ poor.” This 
would leave, the Socialists vulner- 
able to the loss 7 of suppprt on the 
Left, without their making a com- 
pensatory break-through towards 
middle-class support in the centre 
of the political spectnim. 

Meanwhile. 1 while the 
Socialists were deciding “to 
attack the fortress of capitalism,” 
the Gaul lists, the leading party 
in the Government coalition, have 
been working ' out a .modus 
rivendi with M. Raymond Barre, 
the Prime Minister,: whose 
economic policy is criticised 
either as too permissive . because 
of its budget • deficit and the 
evidence of wage increases, or 
too rigorous and insensitive to 
unemployment. 

OIL Jacques. Chirac, the party 
leader, made a conciliatory week- 
end speech, saying , that the 
Government was respecting the 
essential” of Gaullist belief and 
denying any intention. -of waging 
Parliamentary guerrilla warfare. 

At the same time,- he reverted 
to his recent theme' that the 
Government was not pursuing the 
policies expected by the’ elec- 
torate. and that tbe Gaullists had 
the. right to articulate this popu- 
lar dissension. . 

In the event, the Gaullist dele- 
gation, led by M. Clauda Labbe, 
the Parliamentary " leader,- said 
that they had. simply expressed 
their ' resertratlbhs to M.; Barre 
'without attempting to 7 bargain 
■their support for specific .con- 
cessions. .- However. . They vhad; 
pressed ‘for “a more real par- 
ticipation-'’ ip Government-policy 
formation. ‘ 


only 39 of the 349 Members of to the Left or t0 
Parliament. each major issue in teMSis 

After the Pnme Minister.^ But such an batcomt^Sf 
Thorbjoern Faelldm. had resigned comp i ele trie dissoiiifiA^ 
last week over the nuclear power non-Sbcialist bloc, ^ x.-® 
issue and taken his Centre - ^ new election iia-iwiv 

Party out of the majority non- a bie outcome since 
Socialist coalition, Mr. .IHlsten j 0 centre on the nitek 
and the moderate party leader,' issue,' a prospect-^ 

Mr. Goesta Bohman, agreed in a social Democrat v 
joint statement that a minority Moderates would 
non-Socialist Cabinet should be Under Swedish 
formed. It would be based on tion- will in any 
the programme drafted by. the held next September:-:^" * 
three no n-SocfaHst. parties when This evening the Speaker: 
they came to power in 1976. Allard had started ontteS 
Since then many Liberal MPs round of consul ta ti tms. viffi 
and newspapers have come [out- leaders. He has 
against co-operation with the that he would nominatc’at^ 
Moderates. At the same time date for Prime ^Muuste£tf' 
the Social Democrat opposition row. . - r ' -C 


Austrian Socialists faki 
by setbacks in local po| 

* . VlENfcCA,'^ 


BY PAUL LENDVAI 


THE KILLING Austrian Socialist About 40 per cent of 
Party has suffered setbacks at Ausjnan electorate wedC& 
iwom'.mdpal elections lie ^ 

party, lost three seats A? j*® cent of the popular vote ad 


municipal elections in Vienna ge3ts tQ w^per cedt>aS 


yesterday, and failed to g ain any ^ \ V ya\ e the oppoi 


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just like companies purchase financial services 
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Jack Ward, Managing Director of 
Control Data, answers questions 
about the alternative provided by 
■ his company’s Data Services. 


Guard shot dead 


in Basque town 


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ELGOIBAR. Oct. 9. 
TWO YOUTHS tonight shot and 
killed a member ot the para- 
military CivU Guard as he was 
walking to the force’s barracks' 
in this -Basque town between 
Bilbao and San Sabastian. The 
gunmen made their attack from a 
caT. 


nddiHona! votes in the province p eop ie’s Party gainedjfft 
of Styna. tionaJ : seats and Increase 

Tbe Austrian _ Press-, today share of the poll.fram:2& 
claimed the set-backs were a 33.8 per cent; . : C'.~. 

political signal with far-reaching But the other small -eppe* 
implications for the general grouping, the FreedomEirf} 
elections scheduled to take place 2 seats to the Poputidi: 
at the latest In October, 1979. dropped from 7.7 to 6jjper_ 
Speaking at a news 'conference of the vote. The ■ read 
today, however, the Chancellor. Important because H- ahowu 
Herr Bruno Kreisky stressed the the change of leaap/SHft; ' 
local and regional character of the switch to a premotor 
the elections. He also referred right-wins line by tbesa&r; 
to the posable role of opposition Party failed to raakeany.hr 
to nuclear power as the reason: ir Vienna: 
for the massive and. unprece- By contrast, in t&e-.pnn 
dented failure of thousands of of Styria, the Freedomitei* 
voters to show up in traditional new leader is also Maybfrff 
Socialist strongholds - in the the provincial capital,, vim 
capital. There wiU be: a refer- seat from- the ruling 
endura on November fi to decide .and also increased thfefsl 
whether Austria's first nuclear, of 'the vote from 4.6 pereo 
plant should go onstream or not 6.4 per cent ' . 


W'-:? 


ii 


Europe court ‘overloads 

BY MARGARET VAN HATTEM - . LUXEMBURG, Q<£ 




Corporal Anselmo Duran Vidal 
died a.fter an emergency opera- 
tion. He had been in charge of 
tbe weapons store at the bar- 
racks. 


‘.-iiecn's A'Vfi rd. for Export Achieveraen t 
held by Magnetic Media Manufacturing Division- 


It was the second such shoot- 
ing in the Basque country in a 
week. Four masked gunmen shot 
dead the deputy commander of 
Bilbao naval base last Tuesday. 
Reuter 


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BRITAIN TODAY called for 
tighter control over access to the 
European Court of Justice. Lord 
El wyz) -Jones, the Lord . Chancel- 
lor, said the rapid grojwttfcdf sub- 
sidiary Community legislation 
had increased the court’s woik 
to a point where its quality was 
threatened. ■ 


Lord ELwyn-Jones- coif' 
that his proposal? wouftfT&i 
rewriting the Treaty of IteDffi 
that it was not •' graft* 
enthusiastic leftMttra'TCfl, 



FMoautMO. PUWoSicd dJilv cacept Sun- 
Jay* and hahdayt. U.S. wiftwriptlon SIOVOO 
Wr frdrti' S36S.no fair mjlli per annum. I 
Second das) pmunc oaid si He™ York. N.Y. 


Instead of Increasing the num- 
ber of judges from nine to 12, as 
proposed b ytbe European Coto- 
misripn, Britain has suggested 
that the court’s work should be 
reduced. This would be done by 
allowing only the highest court 
in each member state to refer 
cases to the European Court and 
by restricting its competence to 
major cases — disputes between 
states, or state and commission, 
matters of principle and inter- 
pretation of • conventions. 
Separate specialised EEC courts 
could be set up' to deal with 
lesser matters such as patents, 
bankruptcies and trade marks. 


given some support • ; >« .«r 
" ' The 


Reuter -add*: The .Mj?- * |i U < 
Minister approved Jpltl 1 

Community directive . 4 

national laws - on ca#:, 
mergers and 'setting oitt'J .. i 
for keeping riiarehbldcri.^ . 
formed and for safep»| : "" -* ■ - . 
their interests. . 

Member states' . would ,; 
three years to adapt Ihrifi 
legislation to the' new yf 
which would specially, j 
countries with easy-goiQ^ 
on company takeovers, o§ 
said. • • t 

They added that the dire 
could later become the bad 
Community legislation ofl,J 
national mergers. . - 


CITY OF 
WESTMINSTER 
ASSURANCE 



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Seaiiyi^irsc, 5DL«gti&ihalJ SticcLLondohfieLYJBJa ... . • ■ 

■ 










Financial Times Tuesday October 20; 1978 




Government faces 
pay freeze trouble 


Romanian 
dissident 
stands up 
to pressure 


THE ICELANDIC ECONOMY (Nation Of 

Indexation pushes inflation over 50% J°. bs 

will miss 


Br WILLIAM DULLPORCE, NORDIC CORRESPONDENT, RECENTUY IN REYKJAVIK 


BY FAY G JESTER 


NORWAY'S minority Labour • Workers on training or 
Government faces serious apprentice pay must move Up to 

trouble in securing Parliament- thy full union rate for: tlie job 
ary approval for its Bill to when the apprenticeship or 

authorise a 15-momh prices and training period ends. 

incomes freeze, to. last until the . . . '-• nco _. 3 , iuB 

end of next year. The Bill, tabled * . h= 

a . 1 ibe weekend, contains conce* P«W»cian. Mr. Kara Whloch has 


”**^*^ / l/V# THOSE INTERESTED in the succeeded in reducing the infla- and the Social Democrats could _ ~ ° ~ 

: ‘ ■ anatomy of inflation should take tion r3te to 28 per cent in the -■= -■ l _ complicate matters. “Y Stewart Daiby 

' ' x, o „ . .. „ a look at Iceland. Since the summer of 1977. when the trade g j So far, the new Government miRTTV nr t o 

- OSLO, Oct, 9. By Paul Lcndvai m Vienna ■ beginning of 1974. Iceland’s unions negotiated a wage settle- --rrr. ' u .i±=zm has devalued again and appeased ™ 

• annual rate of inflation has ment compensating their ^ ^ the unions by restoring wage in- roL i nflSflinJ 

Workers on training or a FORMER member of the varied £rom 26 r ° 55 P er ren .t- members for lapses in real in- delation, boosting consumer Ynh l ar £* ih - ™d h? 

orentiev* mv must move U0 to ii-ariprshin nr ih»» Rnmanim It has devalued four tunes in comes and restoring full indexa- rn subsidies and by raising wealth -V.QOO new jjbg by the end of 

FElFZSK %*£!%* j£ Commun&t ParS Mr S? addition U- dewing the krona lion. By ihe middle of this 50g|^^M and coporate taxes- It also in- 

en uS? ?-»n!StirashiD or itiSS h « J&fiorf tfrnna t0 floar downwards in 1976 and year consumer prices were risinc 53 creased some import duties and £ Dr - Mar " n O Donoyhue the 

ininaperiofebd" officiiV nr^irefo silenced! 1977 -^ Ils failurc t0 shacklc in ' ^ ain at 3 ? annual ralu ° f over Sf dipped a 10 per cent tax on Minister of Ejjmom.cs jndPian. 

c period enas. , official pre^ re to silence his flali(m pr0C r UC ed a shattering SO per cent. |j» yr^T^TH lll foreign currency bought for nin s. A failure to re “Ch the 

k leading Conservative 00 defeat for the governing right- Mr. Hallsrimssun was defeated \_ . . g travel abroad. target would mean that unem- 

nr- v; M wiiinrh. has a tuinst ethnic minorities wing coa m| on a j t jj e p 0 ]| 5 uii S j n the June general election 40*— These measures are referred to Payment would be unlikely to 

.(.‘cording to Information from summer. after devaluing in February and 1 m— - ironically by the ODDorition as faH 10 s P er l ‘ ent bv ^ end of 

reliable . sources reaching To anyone who has been visit- challenging the unions head-on f h f “trvins to subsidise inflation lh is year It is now 9 4 per cent. 

Vienna, the 47-year-old leader j D g the Island regularly over the with legislation, which halved • 1 away,” but to the Government Unemployment figures in lre- 

of a campaign for minority past four years the nervous the price compensation un wanes ■ they are >;to^-"ap measures land are notoriously difficult lo 

rights was recently sacked strain of coping dally with vnla- ihev bad negotiated with the jn ^IW . while it thrashes out a poliev. be precise about because the 

from his last minor job as tile prices, incomes ami taxes is employers. He might never have ttaf Mr Johannesson's target is to number of insured persons on 

manager of a furniture evident. The social fabric of this heard of Mr. Edward Health's W -■ bring the inflation rate to under tite “live register" excludes 

plant in the small town of miniature economy of 220.000 disastrous attempt to tame the I 30 per cent next year and to farmers and school-leavers. This 

Caransebes and summoned to people is becoming strained as Eritish unions m a similar I balance the budget' over fee 16 means that the Spure of 94.000 

Bucharest where he was individuals and interest groups fashion. The new left-wing nn j months to the end of next year, seasonally adjusted unemployed 

accused of being a traitor to compete Tor public funds and the coalition of the far-left People's dU I ! inevitably, some of the new taxes — which is ihe current total out 

Socialist Romania. central bank is rorced to print Alliance, the Social Democrats PflCT HE IKIflUO must he extended through 1979 of a workforce* of just on lm— 

espite threats. Mr. Kiralv, of more and more money. and Progressives under Mr. ulflOl Ul II VI Ml and heavy cuts will be needed in understates the true total of 

Hungarian origin, refused to Yet there is a paradox, for the OlaFur Jobannesson has reslnred a.-, 0B »a 0 «PiB„« Mn nBn au r ftI »V M . government spending elsewhere jobless. 

denounce his Dwn appeals, basic economy is not really in full indexation but js promising rercenidg8 uaHD 0 esUfl rreviOuS Year jr ur tber hydroelectric power Research economists esfmaic 

which earlier this year were bad shape. Per capita gross to revise toe whole apparatus 10 _j__ projects will he postponed, that the real unemployment 

widely published in the national product will grow by Iceland is vulnerable to mna- although the twin-furnace ferro- figure is near 11 per cent, or even 

Western Press. soine 2 per cent this year fol- tion because it depends on one silicon plant being built bv the above, if farmers, who do not 

he same sources report that lowiQ S. a 3 ;?J? er u cc, ! t bas,c F, ? h , provld t! State and Norway's Elkem- qualify for insurance registra- 

friends of Mr Kiraly are con- ment , ,D JJ? v£ H 3 g a ”? ed ? v £r«TP_Srf r «=h n « ,ts export Spigerverket will probably be tion. are included as well as 

cerned about his safetv contro l°f , ,l s -00-mile fishing income and fish prices can vary qLu ■ » » » • ’ ■ * » » ! ' completed. Mr. Johan nesson also school-leavers. However, thev 

folKne two recent ominoS I,mit Ic ? ,and f . ha f K sufficient violently. Coupled with a sironc u .g,. *- 7 - . Jg has his eye on the plethora of poinl out that the current 9.4 

iS Slmf m 3I resources to sustain the economy labour Ment commitment public investment funds, which per cent, figure is accepted by 

had * nnj MUiainn* with a at. its present level and fish by afl Lpobtical Parties to full V . n0W supply a i mMl as much of the EEC as the working total for 

had d near collision with a P nces have been good. Nor can employment and inadequate Ihe increase in annual lendin° the ioble«s level in lreiwl 

tiS Vy *bS5ht Wl, S W hfs h S?‘ ^e^eelanders be charged with techniques for controlling money the Kund has been usedi not as ^ do the banks. Bv this' criterion, the Govern- 

Second^ Few davs Inter X !Sf HH’Sw? 1 ** ,™ a ' originally intended, to even A cutback in investment is ment’s target of creating 20.000 

wimteiiieiH hf« car was J I S f ^ ! pc 0 r n ^ a ' out fluctuations in export income also logical with regard to the new jobs would have meant a 

hart h^rH J®® 6 * 1 ®®-. the psyhjents deficit hds tion and ^ r -*9 uent devaluations, but as a source of finance for the foreign debt which stood ai 114 per cent fall in unemploy- 

-w Cd A 3 fl!fr r ? een falriy smaU over lhe ldi ’ 1 „ J }, epBnmttee set up bv Mr. fishing fleet and freezing plants, roughly S650m bv the middle ment. This would have been the 

two years. i r .f c , ommend The committee suggests either of the year. Debi servicing has case even though the 20.000 

. T 11 ? rna . ,n peoerator of recent cures for s inflation pro- that the Government umtrol the taken a fairly modest 14 per cent figure was not expected to have 

police told him that it must inflation has been the elaborate cesses reported car.ier this year. Fund in the interests of the of export earnings durine the past represented a net increase, 

have been a stone from the indexation apparatus which links Pinpointing nuctuatum* in fish nation as a whole or that it two years but amortisation will Instead, ihe figure would have 

road that caused the damage, almost everything to the cost of export prices las the main trigger, should operate under automatic peak' during 1979 and 19S0 Mr taken account of new workers 
r. Kiraly is the highest- living. Apart from a period of 1 ina » lh ^ ,ci - s J i ” a rules related specifically to fish Johamtesson can scarcelvj coming on lo the employment 

ranking party official ever to Independence Parly-Social Demo- Fisn trice t,'iiialjs;mnn Fund bo export prices. " balance his budaet by borrow- register, particularly from the 

oppose publicly President cent rule in the 1960s. successive made more effective and The strong farming and trade ins abroad. I*nd. 

Oeaucescu’s policies. Until Icelandic governments since the plumped lor some form of in- union groups ensure that .the in- The Government also has a G Agencies report: Amnesty 

1972 he was an alternate war have tried to ease the effect comes policy. dex system functions and that decision to make about trade International has strongly 

member of the Political inflation on incomes and Both tools are needed to cope other Icelanders’ living standards relations with the EEC and criticised the Irish Government 
Executive Committee and capital by linking their develop- with the problem of distributing do not fail below those of the EFTA. The Federation of Indus- f° r rejecting new ideas on safe- 

untii 1974 a member of the ment to consumer pnces. export earn mgs within the fishermen, so that the case for tries has asked it to negotiate a guards for people in police 

Central Committee to the top Well-intentioned as these com- economy, the Price Equal isa- a national incomes negotiating three-year postponement of the custody. The ideas, in the form 


bUl 

By Stewart Daiby 


wing coalition at the polls this in the June general election 


sions to o™j«d labour Sfich given warning .that his According to Information from summer. after devaluing ‘in February and 

uj iv ur a dnJSea ifloour woicri ... ... t d:ii rolmhln cmirrot manhin.nl rn.. «.h, i, .... -k.iinxntnn tin nn;,... 1 1 


the Opposition reea/ds « unfair P art y wii ' *** Save the Bill reliable sources reaching To anyone who has been visit- challenging the unions head-on 

IQ non-union ^vork«> when iu amended s 0 as ux eliminate the Vienna, the 47-yeaw>id leader ing the island regularly over the with legislation, which halved ____ 

lerms were announced an "em^ P rewnt discrimination in Favour oI ■* campaign for minority past four years the nervous the price [Compensation un wanes F %J|g3 they are 

Plov^ suokeTS «id X of union members. .He claimed rights was recently .sacked strain of coping daily with vola- they bad negotiated with the 3 q L-3HL. while it th 

mr-Lsure wou» ^Mhnlhate" * the 11,31 3)i »t stood, the measure from his last minor job as tile prices, incomes and taxes is employers. He might never have 3»V. Mr. Johar 

effect of the waae Se n 197& would undermine rtspeet for the manager of a furniture evident. The social fabric of thw heard of Mr. Edward Health’s ▼ bring the in 

a n d considerabl v wSken next freeze, and thus, weaken the Plant in the small town of miniature economy of 220.000 disastrous attempt to tame the i 30 per cen 

na consiueramy weaken it next economv - - Caransebes and summoned to people is becoming strained as British unions m a similar I balance the 

y . mp r„nn u r 5tiid.ii iwdnr or Bucharest where he was individuals and interest groups fashion. The new left-wing on I months to t 

Who is running the enuntiy: h ‘ Ir r , ^" Per id lh j accused of being a traitor to compete Tor public Funds and the coalition of the Far-leti People's 20 1 ! inevitably, s 

the Governnient or the fUC.' JiJf npr siiadpd 1 Socialist Romania. central bank is forced to print Alliance, the Social Democrats PflCT RE IKIilUf! must he ex 

asked Mr. Haare Sclvig. director ^erimtcn 1 must te pereuaded D e threats Mr. Kiralv. of more and more money. and Progressives under Mr. Ellul ill LIVIRO and heavy c 

nF ihe Employers Association t0 change ils mini 1. H the . ori _ iT . re r used to Yet there- is a paradox. For the UiaFur Johannesson has restored ■■WUIUI Liailiu oovernment 

tNAFi. Ltuiding Opposition poli- r fi,t mHrt 0 bfi S cooDeration denounce his^ own appeals, basic economy is not really in full indexation but is promising PercenJage CftaDgfiSIlfl PreVICHK Year " Further 

ucians have been equally HSbt. « here must be cooperation M rli 2r thi^^ roar were bad shape. Per capita gross lo revise the whole apparatus. 10 nrofecte * 

cr ^cul. between Government and Opposi- *Jgy national product will grow by Iceland is vulnerable to infla- SlthoSgh tb 

The rreeze effective since Sep- H ,J0 ' W ‘ th . th,s , j Western Press soine 2 Per cent this year Fol- lion because it depends on one silicon plan 

• tember 12 is Sn tcrnponS-iW Government has not paved the Western Press. lowjng ^ g pgr ccnt improve _ basic resource. Fish provides State and 

enforced by dwree. buf neck way for such cooperation- ^SicS? of^r“n5y P S m ment , iD r 10 ! 7 ' oSf vi! l 3 g a L neti ' tS n e * pDr l Spigerverke 

Parliamentary authorisation. The • Reuter adds: Norwegian com- cerned about hJs safety cpntrol of Us -00-mile fl s b ,n R income and fish prices can vary qLi - ’ • » • ’ 1 ■ » • 1 ! ' completed.! 
: non-socialist Opposition supports panics will not be allowed next fDi] 0w i n e two recent ominous Ice! land has sufficient violently. Cmipled with a strong 1074 75 75 77 ns has his eye 

the principle ufa freeze, in view year to pay dividends for their incident!. First. Mr. Kiraly resources to sustain the economy labour ^ commitment ^ public nvei 

or the country's serious economic J97S financial year which are hadanearroiision with! at . lt8 K pres ! n i n le !!i a j“ d fi V ,M " pw supply 

problems li nbineis tfnwwer m higher than those of 1977. ac- P 30 d , near couision wiin a pnces have been good. Nor can employment and inadequate Ihe increase 

■ ««»!» the Bill ™rdinE., 0 Norwegian tankers. | (S *h“ "St SS.l'ttSSr .fe- d SS?- TlS «*« P ““' 1 »*« <!"• J-* not as do the b 

s :z^?z 31? SHSSH SwS ^ sssr 

!ss? jrasa-t « asm-.ass.t « £ 

from these rulcj. memarv Bill lo be presented in ? J; f i or ?? ® ^. e _ eKs two years. s I 'f c t onimend The committee suggests either of the year. 

_. , connection with the’ national investigation, however, . the The main generator of recent cures for Iceland s inflation pro- the Government mntrol the taken a fairl 

[ nm h °m, l Krt d c f , . ausC!i ' n „ lhe budget. A temporary freeze is police told him that, it must inflation has been the elaborate cesses reported earlier this year. F und in ’ the interests of the of export ear 

Bill included after intensive 0W D j effert trough tf provi- have been a stone from the indexation apparatus which links Pinpointing fluctuation*: in fish naticin as a w hde or that it two years b 

lobbying of the Government ay sional u docfee . Given the cur- road that caused the damage, almost everything to the cost of export prices ijs the mam trigger. shou | d operate under automatic ppak' during 

Norway* TVU the LO. make renl M0n0tuic background, few Mr. Kiraly is the highest- living. Apart from a period of ji recommended inai ihe- f-xisung ru { es re ^ied specifically to fish Johannesson 

i mi,n»riant exceptions, to toe companies would be in a position ranking party official ever to Independence Parly-Social Demo- Fish Price Equalisul inn Fund be export prices. balance his 

I freeze rule: - ^ their payouts anyway. oppose publicly President crat rule in the 1960s. successive made more effective and The strong farming and trade ins abroad. 

• Union pav agreements nor- .the bankers said. Ceaueeseu’s policies. Until Icelandic governments since the plumped lor some form of in- union groups ensure that .the in- The Gove 

nially renegotiated in the t u,„ q l- tt,® rnwromrat said 1972 he was an aHeroate war have tried to ease the effect comes policy. dey ^.5^ functions and that decision to 

autumn, and not settled when mtiev statement member of the Political of infl ® tl0 H pn lpc ? m ® s “ nd are noed ^ c 9 pe other Icelanders' living standards relations w 

the Freeze was announced, can Executive Committee and capital by linking their develop- with the problem of distributing do not fall below those of the EFTA. The 

still be adjusted upwards and bui until 1974 a member of the ment to consumer nnces. export earnings within the fishermen, so that the case for tries has as! 

... J eu u r •_ dends was conaderea . dui 0 „ * — waii.intpntinnori » thwo mm. economy. The Price Eriua isa- natinn'tl inonmpc noontniinn fhma.iraor n 


» * :<i 

T-:-r • - - 

i*/ , r . 

p; 1 


Hungarian origin/ refused to Vet there is a paradox, for the Ola Fur Johannesson has restored 
denounce his own appeals, basic economy is not really in fuJl indexation but is promising 
which earlier this year were bad shape. Per eapiu gross to revise [the whole apparatus 
wldeiv oublfched in the national product will grow by Iceland is vulnerable to infla- 
Wpsrorn Pre« some 2 per cent this year fol- lion because it depends on one 

rpj, e „ lowing a 3.S per cent Improve- basic resource. Fish provides 

^leS^nf^SS^Sr-ikPaFi rn^ ment in 1977 * Having gained over 70 per cent nf its export 
iriends of Mr. Kiraly are con- 0 f 200-mile fishing income and fish prices can vary 

cerned ebout bis ^safety Iceland has sufficient violently. Coupled with a strong 

following two recent ominous resources to sustain the economy labour movement, a commitment 
incidents. First, Mr. Kiraly a t its present level and fish by all political parties to full 
had a near collision with a pr j ces have been good. Nor can employment and inadequate 


EBST OF LIVING 


Soeiunsti 


b 

in s« # V'° 


1974 75 76 77 78 

Sourea Vilrfr ^11 ■Tlfm»n l bn l||,n 


categories of workers). the same principles. - The 

• Pay increases can be granted development in shdre dividends 
when workers reach levels of would, therefore, be followed 
seniority, or get automatic pro- closely and. if necessary, divl- 
moiiuns, in accordance with dend regulation would be 
existing union-employer agree-: considered, the Government 

meats. added. 


Rift with USSR widens 


* Isf® rnitnrii nudges upwards. The Indepen- vofte* demands for parity in the coalition can do better, but the to gear domestic industry to meet detainees he 

u/ hnth 9/ dent-Progressive Party coalition rest of the economy. rivalry for union backing competition from Scandinavia days under 

Mr. Kiraly proiesiea ooin ai ^ eaded by Mr. Geir Hallgrimsson Even within its own industry, between the People's Alliance and the continent- *«•» 


BY OUR OWN CORRESPONDENT 


OSLO* Oct. 9. 


closed meetings and later in I 
three appeals sent to top offi- 
cials against the alleged sup- 
pression of Hungarian lan- 
guage and culture and the 
appointment of Romanians to 
all key posts even in towns 
with a Hungarian majority. 

Several Central Committee 
members of Hungarian origin, 
including Professor Lajos 
Takacs and the celebrated! 
writer, Mr. Andraa Sutoe, sent 
similar memoranda to the 
Communist authorities on 
behalf of the 1.7m strong 
Hungarian community. 


detainees held for up to seven 
days under the Emergency 
Powers Act. 


v 


• ••• 


....has a Super King Air turbo-prdp 
corporate aircraft at its beck and call 


More and more go-ahead 
companies are seeing the 
light about executive travel 
and certainly once a 
management team has felt 
the benelirs of a corporate 


and easy to maintain— rt’s a 
great favourite with air-crew 
and with financial controllers; 
and of course wilh the 
executives who return from 
negotiation end decision 


aircraft facility it does not look making appointments just as 


NORWEGIAN-SOVIET relations ..The aote was delivered more Takacs and the celebrated 
;; have deteriorated further as a than a week ago by ^Russia's writer, Mr. Andras Sutoe, sent 

r, %psiilt nf NnmavV rfprlsinn fa “^fcassador to Norway, Mr.Juri similar memoranda to the 

l T y ,? S? flinir Kirischenko, but not made public Communist authorities on 

' retald b,a 5 k d,fiht until late on Friday. On Flippy, behalf of the 1.7m strong 

,r 1 recorder from a Russian, mijilary j 0 o, it was disclosed that. fee Hungarian community. 

aircraft which crashed recently ambassador had cancelled at Mr. Kiraly is now said to live 
• on Norwegian territory, at Hopen short notice- a lecture he was to - again in his native town of 

r. • Island, in the Svalbard archi- have held today at the Norwegian Tirgu Mures in Transylvania 

pelago. In a note tri the Nor- Defence Staff 1 College- The with his wife and 13-month-old 

, wegian Government, Russia has Russians recently cancelled a baby. He has no job and lives 

,11 rf 0 .-i described the decision as “an un- planned visit to Moscow by Mr. in his parents’ bouse, which 

>14 5 1 w • 4 . tit- friendly action 1 ' and claims that Johan Jorgen Hoter, Norway's is kept under a 24-hour watch. 

. jt is counter to international law. Deputy Defence Minister. . President Ceausescu reaffirmed 

'^”" T,r ■ ' " " ' ' ■■ in several Tecent speeches the 

^ . full equality of the Hungarian 
^ and German , minorities and 

only passingly referred to 

... . .. 'H ff a ^.9 traitors- willing to sell their 

MflUHSciociit that s sss- for a piaie ° f 

' - ■ .M Mr. Kiraly's protests and the 

IYA1 fT AlQAAC Romanian crackdown on Hun- 

; v ‘ 2 k |IIuLv 3«««9 earian dissent has provoked 

O O Jt , some tensions between the two 

countries. An article by the 

f — has a Super King Air turbo-prdp ■E - SL H, BG? 0 pSSS 

corporate aircraft at its beck and call 

garians in neighbouring coun- 

. - i More and more go-ahead ' and easy to maintain — it's a tries. 

companies are seeing the great favourite with air -crew In turn, Mr. lHyes was attacked 

light about executive travel and with financial controllers; . Jh'S summer by a leading 

and certainly once a and of course wilh the Si^uiSi? ^rhpn^phiif l 0 9 ^ ^y a , 

• management team has felt - executives who return from FasciS ^ctimfary^se^kin? to 

the benefirs of a corporate - negotiation and decision ^ ^ back ^ y wbeeb 8 of 

- aircraft facility it does not look making appointments just as history. 

back. Just think about the fresh as when they leti the we ek the Hungarian 

• difference between arriving at office. ' writers were informed about 

, your business destmaiion To find out more about the an exchange of let tens between 

afier all the hassle and economics and practicality of the Hungarian and Romanian 

. • frustration of normal travel applying one of today's most Writers Unions. The Hun- 

v- . — and the ability to step out of -valuable business tools to de ^® nded ^ r - Hlyes 

ihe company’s own fast, your enterprise, and the v 1 ® Romanian answer cora- 

fc comfortable, fully pressurised wealth of ancillary and back- -•SrSinniK nt^intprrprenlv^in 

|J executive -aircrall (in which up ^vice S available, vou “ 

Wm you were able 10 work in have only to contact Neil The president of the Romanian 

S w-oMraP 9 as ^ comtorij^wah just a short par . Harrison at Eagle. • Writers Union and former 

S 3 Ml journey to go from any of the ‘.. Foreign Minister, Mr. Gfaeorg he 

I W one-ihousand-plus airfields -■ Get TfOOT management team •- ■: Macovescu, offered to go to 

gf throughout Europe. - ' Budapest to discuss the i^ues. 

T h e i aIes , mode i in the ^ off the ground with® Al t £ e writers’ meeting In 

%im* renowned Beechcraft range of Beecfacraft Super King Air Budapest, severaJ noted Hun- 

r‘- ' „ l--„„ A .«. »ha -sfrir— ganan intellectuals stressed 

™ W tes Sup ® r K,n S Aw ‘S the 200C that it was not just the attack 

* ‘be C stands for convertible— . on Mr. Ulyes but the position 

and it has the facility ro be /s r * » — w — 77 -I ■■■t ' of the 1 Hungarian minority 

„ used either as a comfortable ■ v — _ .1 O j J —i ’Which was at issue. 

jy g 12 sealer com muter or as a V J » / -* —« ■ It is understood that the Hun- 

gk 6-8 seat "flying boardroom" ' 1 11 garian and Romanian parties 

y| « S I a a V S AS With all models in the King Ltd ’' ■*» «« exchanged 

RE r I " Air range it is fast. safe,. ’ wSSSh^wm 7 by -Jitters about tbe delicate pro- 

■Hr * * < reliable, economical ifl acquire . Tel (092731 796 n Telex 261 502 • blem of the Hungarian 

lif - • • minority, which was discussed 

*aJStl V r : -at a Hunearian-Roraanian sum- 

_ £*7i¥ 2 i mil meeting by President 

£ I ' — Ceaucescu and Hungarian 

Wf M r— ■■ •- party leader, Mr. Janos Kadai, 

LM T&0 a a 8*_ MB B ■ ■. in the summer of 1977. 

v I hllAfiA HH BkJ fhe Hungarian leadership feels 

& wlflHHI If HYST-R that only quiet diplomacy can 

■ ■ ■ • a Wtt mm help tbe Hungarians . 10 

r M 1 (U> m I tr L J HR Romania, who account for some 

wIBwwww H lY9lwl4 “ ® mm g per cent 0 f the total popula- 

m tion. The Hungarians main- 

. ^ tain that their number is -in 

For a profitable ■ _ fact well over 2m, while the 

difference to youi* alM .Romanians emphatically reject 

kartriiinn nnorntirm ■' charges of manipulation con- 

handling operation, li, | cerning the 1977 census results. 

choose the truck igSij Jut 76-year-old Mr. GyuJa Ulyes 

with the reputation HsJ is- H U Md a str0D S &f° u P of writers 

-• for performance and ' MfJ && 1 L and inteDectuals in Budapest 

^urahliitv— -thp tmrk If*! -m Vi Vi evidently feel that the tactics 

durability the trucK ■■,4 . J| of S1 - Ience have failed u> stop 

- ■ that sbuiltto quality. 11 what Mr. Kiraly called a 

standards and backed t tendency to forcefully 

bv after-sales service BKgKesff. ' X: 9 assimilate the nationalities 

urn 1 ran deoend ’ ' — 4 living in Romania. 

V ° u;h 3 S,l.r HMHl "he fate or Mr. Kiraly himself, 
on. Whatever your who was ousted from all his 

. . application, choose HBwfsw aww lMBHMiMKidai political positions and accord* 

Hyster. — 1 - ins to unconfirmed reports also 

m\mt ' - expelled from the party, may 

■ gsasr ; ' s aMaar 1 - „„ fe.*'SSS?*dS5S| , -.i}i! 

Sold and servic in oy Maidonhcad.Tel; Lkllewick Gwen 21 57 chOOSe ID COpiHg With the 

CalBdOMnDivirtonpWardpariSouih. alleged grievances of the 

. Cumbernauld. Tri: Cuffl b8maul d 25061 minority. It- will also be a 

. inimimdbv: ‘ • _ pointer to the path of : furure 

Ml: 36451 1 reJations -between the two 

pgef 8 • Bpifaat6i7)26, Corkj0g2^__^ MM J countries. 











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journey to go from any of ihe 
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The latest model in the 
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the C stands for convertible — 
and it has the facility to be 
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g As with all models in the King 
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Space travel is one of the few areas of transport and 
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But when Denys Fisher Toys asked us to help them devise 
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. space age technology to find the answer 

Because of the seasonal ups and downs of the toy market,. 
Denys Fisher's toy production lines are computerised to produce the 

right number of units for any particular time of the year. 

So by using National Carriers’ computer-linked warehousing 
and distribution facilities the optimum storage and delivery times 
were quickly obtained. ' . 


Delicate china and glass j fpl 

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Financial Times Tuesday October 10 1073 


u.s. 


e rates set for 


BY JOHN WYLES 


NEW YORK, Oct. 9- 


STEADILY INCREASING money vigorous." Dr. Henry Kaufman, present 9.75 per cent prime rate , . . . ........ . _ . . . - ■ 

market rate< appear to be setting chief economist at Salomon is yielding an insufficient margin By Our Own Correspondent AS THE CEASEFIRE between countries contnbuun 0 troops and President Jaafar Nimery off 

the stage for a rise in U.S. com- Brokers, warned a t the weekend over six months certificates of S >.r iaD ^ps and Christian funds to the Arab peacekeeping the Sudan has aireadj said be; 

me ratal banks' prime rates to 10 that " die Fed's failings not only deposit — an important cash i xNEW YORK Ocl 9. miU Las here entered its second furec In Lebanon _ intends to w ”j^ a ™ bis troops ; 

per cent within the next week or spell deep trouble for monetary resource for banks, whose rates; sannm at? pr thou i L eri0 ^K v , Iola£lon *' c T |]? s ? countries a «n% Sy TI, a ’ the ™ a " date *?T} res - ®“ L ! 

so. policy formulation, but also for have risen from 9 per cent to VOLKSWAGEN S. NE\v fflOOm Hr. Elias barkts. the Lebanese Saudi Arabia and the Sudan, the a bigger role by non-Syrian troop s , 

This would return the prime financial markets, in the form 9 20 per cent in the past couple j U.S. manufacturing plant was President, today Hew suddenly to United Arab Emirates and may be considered in order to) 

rale to its Januarv. 1975. level of much higher interest rates, of weeks. At the same time. morning and man- Saudi Arabia as part of a tour of Kuwait. The bulk of the forces lessen friction between the 

and would underline the fact and the economy as well." 90-Jay commercial paper rates a sement operating from a several Arab slates to obtain i s formed by 30 000 .Syrian Christians and the Syrians, 

that the Federal Reserve is still Summing up the task confront- have risen from S 3 per cent tol“ ea {^y nfiw i v su PP° rt - Idlers. It alv? includes several president Sarkis was known 

losing its struggle tu rein in the ins the central bank, he said $.875 per cent. I 3 pay str, ke * y The President interrupted his £ undred Sudanese. UAE and nroposed the pull-out of 

expansion of credit by pushing that it was facing the twin chal- . Although it is being suggested | or ^ S ^n P n^p ; L 0n J unu7oal talks in Damascus with President Ire Syrian forces from P Christian 


New VW 
factory 
hit by 
pay strike 


Sarkis interrupts Syrian 
talks to make Saudi trip 



BY IHSAN HIJAZI 


BEIRUT. Oct. 9. 




Huang Hua 


Tions nas surprisen nuny oover- o;k a>- jei mspiayed ntue or no nation* second largest nans.i'"^ * •• — c:"~ announced Moslemc and leftists 

vnn,. and the Fed is being v.ib- effect tvenes," bases its prime rate on the three ^ree months ago Since aimouncea. wl ll consider not only an exten- Lebanese Moslems and mfusis^ 

jected to sirnng criticism from The pressure towards a 10 per week average rate of commercial JJ* e end , hrp p. ** was a * so . announced that sion i of the force s mandate,which indicate ttfelr oDDOStion to 

many Wall Street economic is for cent prime rale stems from the paper. It pitches the prime at heen negotiating the first th ee* President Sarkis will call for an expires on October -S. but also P 

erring on ihc side nf caution in rising costs of banks' lendabffi 1.25 per cent above this average - vear contract for more than urgent meeting in Beirut by whether a should be given a. new the army .which they regard as 
Us interest rate policies. fund- — itself a result of Fed which means that it may have 2 -WK> workers at the plant. An Foreign Ministers of Arab status and role. " favouring, the Christian nuULas. 

Pointing *«ut that credit ex- creilii tightening in the past two the option of going to 10 was annouiuea 


*» rrn dvciasr itfir <ji luuiuiciuai . — .. . ■■ ■■■' — 

paper. It Ditches ihe prime at been negotiating the first three- President Sarkis will call for an expires on Oelc 

1.25 per cent above this average !- vear contract for more man urgent meeting in Beirut by whether it shoul 

which means that it mav have 2 -WK> workers at the plant An Foreign Ministers of Arab status and role. 


pansion remains "extraordinarily weeks. Analysts say that the cent as soon as ibis’ Friday. 

Deadline threat to tax cut hopes 


BT DAVID BUCHAN WASHINGTON". OcL 9. | tract which would reportedly SYRIA and its allies in the past decade and this will be meeting at the end of last year. --.p. r tT7VF«;F Foreign Mini-ler 

u . ITU ivi'Drcc ^ , -t-j „. n u . . ; raise hourly pay from S6.P2 to “steadfastness frnot ” — Algeria. President Assad's first visit to The chances pf a Syrian-lraqi . iT.rfl ' u .7a arrives in I on- 

2,1™. CONGRES s due t« The ,- P is not as pat as it particu ar to the tax relief given $9.62 by 1981. apparently ran Libya, South Yemen, and the Iraq. rapprochement bad previously . ^^^d^fVumrL.mr fm a 

, at .* h ? .w Dd , th J "? ek seem- je . C u a J Ase ^„, S0C, . e ° f d> capital into strong criticism at a mass Palestine Liberation Organisa- In addition to a general Arab been discounted by diplomats in ■ jt s Dart nF a 

l,lld ' t ® rin Sunnie -- ta.\. cuts h^\e been Reuter adds: The ben ate is also meeting yesterday which tion — have agreed to attend summit, to which Egypt iS not Damascus, though any agreement run r P which also 

n?Hin dm . Pa i ,5n ’ th , c p^ n , C u S i jf staggert.il to take effect in the expected to pass two more parts voted 1.235 to 94 against the the Iraqi-convened summit in invited. Iraq has also proposed between the two countries would Franco He is on hi* 

passtng A lax cut Bill that *.H last pari 'if 19iS. and therefore or the energy programme dealing proposals. Accounts of the meet- Baghdad on November 1. a ?9bn. fund to combat the Camp represent a major boost to the i^fi S^iJ^Pekin" from the 

4 n .? .b° vctacd b - v . President in j ilifrcient fiscal >ear. But with energy conservation and mg suggest that the rank and Seventeen countries have now David agreements, and the States rejecting Camp David. 

i i ‘ further cum- the gac u ill have to be closed utility rate reform and send file believed that their proposed decided lr> attend the meeting stationing of Iraqi troops in the But with Saudi Arabia and United Nations m Net. 

If S ti ne5 ° ,'r 'i'ftn^ e i we€Q the lwo thcni j 10 '* e ^ ouse -. Ano£he£ ’ Bill j pay rates would .' t ? .? e to discuss ways of countering Golan Heights. Syria originally Jordan attending the Baghdad He 'will be the first Chinese 

anoth.r 85un in ucu u\ Ilmises congress. providing tax incentives for home i lower than those paid by the camp David accords. A greeted the offer with suspicion, summit, it is uDltkely that any . Foreign Minister to visit 

cu ‘iv . .. . , ;■ oJ,, .J u,et a ^ 3,n t ^.°P insulation and solar energy is big three U.S. car companies Syrian spokesman said in arguing that Iraq could best resolutions vigorously rejecting London since 1973. and only 

t J *L .il ™ - * f ' ?. n *r ® n ™ fin, ; a also pending. once their contracts are re- Damascus yesterday that “Syria assist by joining the steadfast- the Egypt lan-lsraeli accords will the second since 1949. iris sm 

' 0 ,i l35k c^ U .^ c.'ii i end the week. Bills on natural gas deregula- negotiated next year. will contribute every possible ness and confrontation front emerge from the meeting. important milestone in i»'ih 

J^ ra “- rj ,J 1 ie ?w 11 ' Ji !!:!?! V^ nS ' f^ airman tlftn and coal conservation have Several hundred pickets were e ft ort to ensure the success of which met in Damascus at the Reuter adds from . Doha: Sino-Bntish and SI no-Europe an 

kin j nee ^ Committee, urged already gone to the House, which outside the plant at New Stanton j s summit." -end of September. Qatar has accepted Iraq's Invita- relations, and his trip if ex- 

r ^ ^ <>bbn the total ia\ cuts his colleagues not lo heap con- wants to pass the entire package , rhi.s morning aod a spokesman The most important develop- The Iraqi leadership had lion lo the November 1 summit pccted tn set the seal '<n * 
Snnito* 1 Thit n ; U -"r. V ' J -T!? !i?mL)o r> ''n ',',n *? 0 J 1 r r | 0V e r on v °^. thls Thursday. for the company said that man- ment j s t j, e decision of President previously refused to join on the in. Baghdad "because Qatar sup- year of rap idly. growing 


WASHINGTON". OcL 9. 


i considerable publicity last Thurs- 
day in a statement carrying the . 
names of UAW president Hr. A 

Douglas Fraser and Hr. James r\SS/|8l e 

McLemon. president and chief avjumw. tL 
! executive of Volkswagen of 

America. BY OUR FOREIGN STAFF 

However, the proposed con- 
| tract which would reportedly SYRIA and its allies 
; raise hourly pay from S6.P2 to “steadfastness front" — 


Four day 
UK visit 
by Huang 

By Coltna MacDougall 


Liberatioo Organisa- In addition to a general Arab been discounted by diplomats in < 


he senate is also meeting yesterday which tion — have agreed to attend summit, to which Egypt iS not Damascus, though any agreement 

two more parts voted 1J235 to 94 against the t^ e Iraqi-convened summit in invited. Iraq has also nroposed between the two countries would 

gramme dealing proposals. Accounts of tlie meet- Baghdad on November 1. a $0bn. fund to combat tnc Camo represent a major boost lo the 


don today from Rome [«»r a 
four-day visit, as part of a 
brief European tour which also 
includes France. He is on his 
way back , to Peking from the 
United Nations in New York. 


?h n f e .h TIUs i^r neaurlv double Thu cniiipnsition Jet alone the Other Bills awaiting final demerit had been unable to Hafeez Assa(] f Svria. to grounds that the frrafs' opposi“ ports" 
1 ' h ; ? ° f nt cu ^- ls alread >' aCUOn '"-l ude ^ ank regulation. , enter the administrative offices. atlend . Rclaiions hetweecn tion to Israel was not radical Arab 

lives voted in August, and MObn the source >if sharp disagreement increased federal price supports - t A temporary management head- Baghdad and Damascus h ive enough An Iraq 

more Ilian President Carter between Congress and the for sugar, and appropriation::: for quarters has been set up at rn be ! n biUcrlv hostile over the walked out’ of the f] 

asked lor. AdminUiraiion, which objects in the Defence Department hotel nearby hut It was not clear 

; ' what efforts are being made to 


every Arab effoh to bring] 
heads of state together 


the second since 1949. It i* nn 
important milestone in i»*ih 
Sino-Bntish and Slno-European 
relations, and his tnp is ex- 
pected tn set the seal '«n * 
year of rapid ly-arowing 
contacts. 


Bill to lift curbs oo air fares 


BY OUR OWN CORRESPONDENT 


WASHINGTON. Oct. 9. jf 


I settle the dispute. 

! The stoppage is unofficial and 
j if it continues could bring the 
’ YW workers into an early con- 
! flict with their union. Wild-rat 
j strikes are by no means unknown 
; in the U.S. auto industry, but 


Israel E: 


BY DAVID LENNON 


An Iraqi delegation wilh the aim of restoring the Huang is a lively 65-year-o!d who 
of the front’s Tripoli unity- of Arab ranks." speaks, excellent English and 

.is reputed to be a skilled 
negotiator. He succeeded m 
^ his present job after Dm fall 

prepare for talks i£F£S t 


TEL AVIV, OcL 9. 


i" ■.-mu pole against each oltu-r. then- measures, 
vriihnut the need for prior It would ul«n prevent 
Government approval. future t!AB rbairman 

Under rhe Bill the Civil .Aero, i-i'yinji lu reverse the 


is reputed to be a skilled 
negotiator. He succeeded m 
his present job after Dm foil 
of the Gang of Four in 1976. 
when his predecessor dis- 
appeared, presumably for 
political reasons. He tnnk part 
in the first Chinese mission to 
the UN in 1971, and was pre- 
viously ambassador tn Canada 
and the United Arab Republic. 
His wife, who js a Foreign 
Ministry official, is ittcoropur.v- 
ing him on the trip. 


outros Ghali. acting His wife, who is a Foreign 
linister. has' made clear Ministrv official, is uccompanv- 

t^.™‘‘S m mc UUlUl> lW ihe' Adm i nlstra tionV Uiu CA B* and vw plant opeoed , n Apri , con^entra^on establishing good new.’ vllTages' near" Beerebeva. X^WV^SfaSiS^ inS ““ 00 ** ‘ JiP ‘ 

II would also prevent any Congress towards deregulation. j 3nrl represents a formidable nei “? bourli reldtIons ' soon possible. He^has said Britain's relalionship tmhChini 

ruitr e CAB rbairman from But most have no . ; ' J? ocom 1 ; attempt hv the German company He expressed the belief that In-nil, rforfrf 6 * afe a .^ ° eing that if necessary Egypt will post- has blossomed ov»>r Du. last 1- 
trying lu reverse the trend reconciled in the inevitable, and 1 10 recap ture the No. 1 foreign the negotiations which start nn r ~ . pone discussion of such months, with visits fr.im half 


se S.-S.i he manufacturer spot 'in Ve"‘uJ Thursday"^!" be' completed SSt'. SlSSTn^S pSbfntiaUy" thoray i 

cr'ncentratjng on try in » market which has been ceded tn before the end of the year. But th? 0 Waehinoinn S demand for S2ba ci 


f issues as its 


..... jviiicu Kahn, has' been cent is expecieu ca ruie ean> ; - . t - , K nn u #1iv 

niovmg fast in the ia<t year to A irlinc« will automatically he year. The biggest concerns the ™ ^se (in stages to auj a ua. 
deregulate the airline mduslry allowed io start service on one rival bids of "Pan American andj next - ear * 

along these tine«. n^v route a year without having Texas International for National j YW spending in UK — Page 6 i 

The Bill in Congress, which m get GAB approval, and by 19S1 Airlines. j 


mercer proposals, on which it 
is expected to rule early next 


Babbit and output is scheduled officials. 


a dozen top Chinese official-, 
including the Minister of 
Foreign Trade, and three 
British Ministers making trips 
to PekinE fthe Secretaries for 
Health and Social Services, and 
Education). 


may 


years 


enough 


NEW YORK. Ort. 9. 

THE WORLD has enough Time said ihc earlier Cf.A The report <uid there arc also 
recoverable oil to last 60 lo 90 report wa> inaccurate because it indications of oil and natural 
>»:avs ai present rumumpvton made dubious predictions that gas deposits in the Baltimore 
rates, a U.S. Central Intelligence the Soviet Union would soon Canyon off the U.S. east coast. 
Agency fCJA» report says, become a major oil importer. j n nddition. oil companies 


Agency 


nddition. 


, Blumenthal trip 
irs to Moscow 
: 0,,. 9 given go-ahead 

'C arc also By Our Own Correspondent 
d natural 

Baltimore WASHINGTON. Oct. 9. 

st toast. , THE u s ADMINISTRATION 
companies : j ias gjv eD the go-ahead for Mr. 


Although no details, were Dr. Ghali has already indicated „ . . . . 

The negotiations v.-iil concen- announced, a large map of the that Egypt - plans to link H u an 5 i s *; e t lirnin = ‘ np VIM j 

Date on the peace treaty be- Sinai desert could be seen on Ihe implementation of a peace treaty msde by the late Mr. Anthony 

tween Israel and Egypt. Mr. table inside the resthouse as the to progress on the Palestinian Cropland tn Peking as foreign 

Welzman said. He did not expect delegates emerged. General question. ' Egypt's position - Minister in 197B.: Numerous 

the West Bank and Gaza Strip Kanial Hassan Ali. - the new remains that a Palestinian entitv other delegations of specialists 

to be central to the talks. Defence Minister, who heads the must eventually be formed on and scholars have also 

Meanwhile Israel is drawing delegation, has said he expects the West Bank and in the Gaza travelled hack and forih. and 

up plans for new villages tn the talks lo be completed in twu Strip if the inhabitants so wish. a ,arae contingent of Chinese 


Slower growth Namibia dates problem 

for Japan by Quentin peel Johannesburg, ocl 9. 

FURTHER DIPLOMATIC con- since the South African Govern- 
TOKYO, Oct. 9. wet* were taking place in the ment decided to press ahead 


accorlmg to Time iiuga/inc. which would have added to the have been exploring what are j Michael Blumenthal. Treasury Soulh African capital of Pretoria with a poll without UN super- 

■ h J pln L }r n m^ ° f ^ wor “ s 01 thought to be large oil deposits I secretary, to attend a trade con- JAPAN'S real economic growth today arran ^e the proposed vision in December. According 
■rti K , „ , "12 Thl ,e «nrUi T-mr.fi Iiawoivp aloDS 1116 coast of China ' ference in Moscow in early i n the financial year ending next J” 11 . , of fiv e Western Foreign to Die Western plan accepted by 

' 5 ^ ^ ti-«iv n in tbei Another helpful sign for \ December, thereby HfUng Die March, will be 4.S per cent. Ministers, although there was Sou Ui Africa, a UN presence 

teSnwuM^ smieeze ino£ oil Grid's oil reserve ^ ^ stretching oil reserves is that the ; three-month-old ban on trips by according to the economic JJJ ' . confirmation, of a would be necessary to ensure 

nuir/f evistm" Exnkjratorv dr ihn« risen annua! growth of world oil son- senior U.S. officials to the Soviet research institute of \amaichi de ®"‘ te d . a,e - . . . . . that the elections were free and 

out oi exiaim, res^ri-es. _ Lxoturaton uniting hj 3 risen Thai M n>iun< *ui:h The major problem de avins a fair. 


The end of the 


THE BEAGLE CHANNEL DISPUTE 


Reuter. 


Crosland to Peking as Foreign 

. Minister in .1976.: Numerous 
other delegations of specialists 
and scholars have also 
travelled hack and forth, and 
a large contingent of Chinese 
students is expected here next 
year. 

While trade is nor Huang's 
specific brier, it will obviously 
rate a mention during his visit, 
in-view of the extensive acquisi- 
tion of technology that Peking 
is currently planning from 
Europe. British companies 
have sold about £10flm worth 
of coal-mining equipment, but 
West Germany has signed a 
prelim inary agreement for 
over £2bn worth of similar 
equipment. It is expected that 
the Chinese will place the rest 
of their major contracts around 
the end of the year, and in 
Britain there are hopes for the 
steel industry, rail technology, 
petrochemicals and. perhaps, 
more mining know-bow. 


es a factor 


three-month-old ban on trips by according to the economic i? 1 ! . no . confirmation, of a would be necessary to ensure equipment. It is expected that 

senior U.S. officials to the Soviet research institute of Yamaiclii dea £ ,te da,e - that the elections were free and the Chinese will place the rest 

Union. Securities. That compares with major problem delaying a fair. of their major contracts around 

Reacting to the trials this 5.5 per cent in the Jast financial | “ na ‘ agreement on the trip — South African spokesmen over the end of the year, and in 

summer of Soviet dissidents year and with the Government’s ■ aimed to break the deadlock Die weekend repeated their firm Britain there are hopes for the 

and libel proceedings against target of 7 per cent. ] between South Africa and Ihe intention to press ahead with the steel industry, rail technology, 

Moscow-based American jour- Yaniaichi oredicts that dome*, .c * ver e ,ect ‘°" s » n Namibia December elections, suggesting petrochemicals and. perhaps, 

nalists. the Carter Administra- ^ f j enian( j Wl n r j se h Y per' Af . rica 1 “. w,s that Ihere is actually very little more mining know-bow. 

tion in July cancelled at least Sr t w hi eTnorl^ w ill rill 5 1 ' i unp,y the dimcu,t >' ,n findin 5 room for negotiation. Mr. Pik m 

three planned trips by U.S. cent dW £ fie Seen ani.Sl w ?»« eni S. nt l0 „ 3,1 ^'e. Botha, the Foreign Minister. Military supplies uiay aJso he 

officials, and put a freeze on Sation” oF the veo against' fie ; !7c ,U e ,,,<! Mr ‘ C J' r e S ^ ance * l!le « a ‘ d in a radio interview that discussed About a } car ago 

any further visit; to The Soviet 01 >en l ‘ ,e L- -S. Secretary; of State, and the “everything remains open” for J*!® S 1 ?**! ™P r f« ed sreat 

L‘n:on bv “ polio*. - making ” 'Foreign Ministers of Britain, further negotiation once tlie interest in the Hawker Hamer 

0f ^ cia l s ' ' ‘ Japanese bankrupt If* fell tn Cjnada. France and West election h 3 d taken place. jump jet. -A British Aerospace 

Th* late 5 t rclaxaiian in the 1-183 in September from 1^56 in Germany, according to diplo- He added, however, that the team has Visited China, and a t 

recent tensions between the August and from l.o4n in Sep-.mats here. xmjy thing that could “cut off" least .two Chinese in unions to 

I.S. Knd the Soviet Union comes S‘«»r. the Tok>u: The key subject for negntia- elections would be “for the UN Britain have seen tbeaircraft 

short!', before Mr. C-rus Vance. Commerce and Industry 1 lion is the timing and form of to take precipitate action to nre- P erfor ^ui hJS 5e3 , r ' Tv®.. s - 


BY DIANA SMITH IN RIO DE JANEIRO 


SOUTH AMERICA 


© the U.s! Secretary of State, is J^.-arch Company reports. 

T U^TVS'S ™ to Moscow tor further KtfUler 

5*7s a B B <f*^r 3 803 3 nego;ia:ion.« on limiting strategic 

; nuclear arms. President Carter 
i made it cle-*r that the SALT . 

IO DE JANEIRO Talks were ton important to be ri FTs I Of? ¥1 TfST 

atrected by the Administration’s icrtau ivi 

!'!■- to fulfil capacity or 12.bnn.«W> k\\ . Trie b --n on trips to Moscow, and C, ir l OM rn ;i. irn( . 

II. ground clearing has been done there is now considerable OUUtlll Iclal*V<lv 


birth to a new political equation: their inn tract ;jr all. ground clearing ha> beer, done there is now considerable 

vhen the l•■l 1 lpe rat ure rises in The general oniamn is that and in the second half of October oniimi*:si here that Mr Vance’s 

Chile and Argentina over the such incidcnu arc iurniog the the river will be deflected from . x {\\ - 04 :nc ‘j J5l high-level 

Bea-Jc Channel dispute, the trade dream nf a coherent Latin its present course before raising negoiiating session before a 

barriers between Argentina and America freo iradc :• ivuciation the dam. 5 ii t - ivrep-nc-'i S«j rp-jrhed 


‘ the proposed elections for a vent such an election taking 
I constituent assembly in Namibia, place.’’ - ] 


Nuclear waste probe call 


BY LAURIE OAKES 


CANBERRA, QcL 9. 


interest in the Hawker Harrier 
jump jet. - A British Aerospace 
team has visited China, and at 
least two Chinese misssions to 
Britain have seen the aircraft 
perform this year. The U.S. 
has withdrawn its objections 
to the sale; and the ball is 
now in the Chinese court. But 
Peking has been searching 
Europe for military equip- 
ment -as well as heavy indus- 
trial machinery. 50 Britain is 
not the only potential supplier 
of military aircraft or other 
weaponry. 


Brazil also rise. 


I AL \LC» 


pipe-dream. 


agreement is reached. ™E EEi. is graniin? S |udan a ■, todv ^ called for a full public Mr James Killen, the Defence 


BITS NOS-- 
AIRES 




Last month lorries or l-uius ALALC has a k-gjl existence, 
manufactured in Brazil, atiempi- 
iny to travel by mad. vu 

Argentina, for sale in Chile, were 1 ; 

lurned back at The U nig nay j f ' 

frontier in Brazil’s far sourh. / 

Tbc motive v.-as that tranMt ^rz=^ _ — /■ 

was barred 10 all products lh.it a j 

might in? used in an cvonUial -San tiago f 

war between Chile and Argon- — -j ' 5 '.- __ 

1111:1. Only vehicles for ■>al.' : — bltknos - t 

were forbidden transit, other — d—f acres f 

P inducts were allowed In pass — C . 

Brazilian dip’omalie nfiieials. =j '— — 1 

v.'hn are becoming u.-t;d in the ~ 

problem — since this is the 10th — ^ - — 

time the frontier has been -inn =^r . \ ‘ c: 

down in the la^t 12 mnnihs — -y — — — I~ ' 

requested an explanation fmm ^ ^—- 2 =-- — 

Argentina. By the end nf ihe =*£> > ■ ■ - 

week. wilhouS signs nf an ex- t "7 J-'j \[ ;..j -\\| » |s - 

planation. buses and lorries were y /' .- r-. . 

allowed to pass through again. 

The sporadic frontier «. losings — ■— 1 . 

produce considerable problems ~ r~ 

for Brazilian manufacturer.? nf fU? ( -n'lTii r i T ^'^ ^' ~~ =^-== =- 

hea\Y vehicles. In 19... $Un of nr S =-- l ' — m n;«~ aoo 

cars. lorries or buses were sold hggssj 

bv Brazilian manufacturers tn I—.. ■ - — ■ 

Chile (just under 10 per cent of . . , , 

total Brazilian exports lo that hut iu spirit it is far from oemg 

countrv of SlSOniJ. Logically, part of a progress inwards a 

the merchandise goes hy road — a com moo market of Latin 


-LI-. > Is : 


opted for a nei-ziu nf 115 so 120 

metres for Corpus. Thr* wa< no: — . . . _ „ 

sati-facrory m ino Brazilians. (Ill Cfripk’ni Ip 
since, at iTaiuu peak hours, an V^li MULiVpiIC 

exee>sivnly-high Corpus dam . 1 1 « 1 

would create a dangerous hack- pi3DS DCUlIlQ 
How. r 

To the Bra/ilians. liJO :«etre : Cphpfllllp 
would bo thy ideal height for ■JVlILU UJ L 

Gorriu*.. But js mgn::arm’n- now- . . ^ r , 

*i and with .1 re* u.oatiun of LAKE lHARLES. OcL 9- 

J V*‘. on A L'.S. Government programme 
S n nI Vn- , r 1’ '-o stockpile lba bareis of crude 

nf) I Uq nn-iri^ A« nf .^s v... 1^9 , . 


BRUSSELS. Ch:l S. i MR. WILLIAM HAYDEN, tlie is becoming a major political era- In the long term. Peking see*; 

. j Australian Opposition leader, barrassment For Die Government its relationship with West 

THE EEl. is granting Sudan a i today called for a full public u- James Killen the Defence Europe as part of its strategy 

'oan of 9m European umb .nf- intiu i ry imo the disposal of Mlnisterhis Died to defuse the of restraining growing Soviet 

account (M1.9m 1 for modernise- 1 rddioacUTC W3Ste from British debate by atSking Sfe joum P° wer ' In addition. Europe 
v f the Babanousa-Rahad, w«poo. I«t« *1 Sfi " hVililSZt the BbC WII benefit from Chin,’, 

rdiiuaj. . Maralmga in South Australia in of a half kilogram of a t discrete ambitious modernisation plans 

The loan, for 20 years at I per - the IflnOs. mass” of recoverable plutonium because Peking wishes to avoid 

cent, is towards total spending' The Opposition leader said De hurried at Maraiinga, along wilh exclusive reliance on the other 
of nearly $ 20 m on replacing; public demanded to know another 19{ kg of plutonium in potential sources nf technology, 
about 220 mites of line and on -whether the plutonium buried at unrecoverable form. the U.S. and Japan. 

Dlainma’ P^sDcnd^ ?165nT Jn on ■ m rp^!' 0 2 lerrr, ri5t The Government's embarrass- China's new interest in Europe 

mudernis'n' 1 iu** r-n 1 network I J* ,rea . L - w . h tL her 11 w ? s secured ment is aciife because last Thurs- coincides- with a growing sense 
m Oder ms. n, h, r.n. nilunrk. | to standards in Imo wn ( h day the head of the safety com- of concern in the North 

. _ , 0 . . 1 Australia* interna-tinnal sare- mittee for the Maraiinga tests. Atlantic Treaty Organisation 

-> ii5if ,,Cs i ™ ux ? 0 i 1 ?. , ' vri * os **_ -•* ciMrd obligations, and whether Sir Ernest Titterton. vehemently . countries about Moscow’s mil L 

a.UiiHnile railway system is any of the radioactive waste denied th.* existence cf any “ dis- tary strength. And the sluggish- 

working oe.ow w ni-r c**m ■■, buried at Maraiinga had come creie mass ” of plutonium among ness of the West European 

its capacity. Six out nf 1U fram outside Australia. the waste buried at Maraiinga. economies make-, China look 

wagons and seven out or ten' The issue, which the Labour Within hours of the. denial. Mr. | like an' attractive new market 
loeomiinves ore likel;. in r>e out. opposition imends to pursue Killen confirmed the existence of for heavy industrial cquip- 
of action at any one time. I strongly in Parliament this week, such a mass. I ment. 


i. Australia s international safe- mittee for the 
James Buxion writes: Sudan's zu^rd obligations, and whether Sir Ernest Title 
J.OOO-mile railway system is any of the radioactive waste denied rb ■ exist 
working beiou Ho nv.-r c-nt .if buried at Maraiinga had come creie mass” of 


-coincides- with a growing sense 
of concern in the North 
Atlantic Treaty Organisation 
countries about Moscow's mili- 
tary strength. And the sluggish- 
ness of the West European 
economies makes China look 
like an' attractive new market 
for heavy industrial equip- 
ment 


i=v^S3?PORT . 
-^-—STANLEY 


i in 105 metre* A« one of 
Brazil'* most senior citizen* ;aid 

recently: 

“Ali tiii< fuss ov-r live :r. 


.a, one o. hy 1985 as a hedge against 
lor ci-izen* =aid ;-nother Arab o:i embargo is 
behind schedule. and is 

,v T. r !,v ? :r -' :r es •jpptryp.ily headed fur some 


irie*. our patience." lechmca-ly. c.nanges. 

Lnrpus dam v.nuJd a.n es:en- A spectaguiar explosion and 
tial commomwT m Haipu. regu- six-day Sre at a showcase stor- 
laiing Lhe ilnw uf «aicr d<---.>n- a^e s:t-* las month mav oush the 


Floods cover 5% of Thai farmland 


BY RICHARD NATIONS 


may push the I THE SAME tropical storms tli.it run to uproot the shoots 


BANGKOK, Ocl. 9. 

Tn So although a portion of the on the ' heels of two other 


journey that takes five days, via America. America. however. technical _“It appears to me that some atrlirts 

thr south of Brazil aero» the Although Brazil i* caught ho- considerations take a back change* are definitely war- village: 


Mranried and quite literally “beep their surplus nation which normally situation in West Bengal shows 


Riarili:-:! - P.-ragua'-'an >nu'h ’ah tie inu F.ra;:t!:an >:>ei:ia :n-'J •e-ri'-m-lv : 


«5nO(HK» were held up v- hi k- th,: .-chemc of. It.-npu is v.eli under and "ffi-.uw> icud in ». ro .= : ij? D-e t\'c.-'! Hackborrv "i 
rennii-’r was .-ln«*d. The iiunu- I; he : v .v k-iv-t -ueh rniidci:: w:;h sighs of re;:;:: a- ‘ * 

ficlurci'S Marc"l">sv. aiu «iffaivi dam in isii '*“!!u witii a lota! Lon, Ai’-DJ 


:>;h killed one worker difficult tr, ostimaic. At the ihe Food and Agricultural The Vietnam News Agency shelter from the continuing rain, 

y tnjur.-d another at eurren: -.iu- i.f planting in in.-*’ S t i >rsanisation nf tffi> Untied said . people ' in the northern The death toll has officially 

laCKoerry crude oil areas. ;ho rice uin survive if rbr Natinns also point nut that rice provinces wert doing till they crossed the 400 marl: but ihe 

h„i.’;s ivc-vJc ,n 1 *--^ - titan two in ihe mm-Hond affccled areas vouid to overcome the effects of final figure is bound iu be much 

week-, hut at a ijic 0 l-jv.- vnuu^li uflcn benefit from the rainfall, typhoon Lola, which came hard higher. 






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(NATIONAL WHSTJ-OETER INSURANCE SER.VtCEST.TD] ; CORPORATE TRUSTEES (TRUSTEE Dff ARTMENTi COMPUTER. OUTPLnTOMICROflCHElELIROCXJMDATALTD), 









Financial Times Tuesday October 10 1978 






tes may step 

vestment in 


BY PAUL BETTS 

IN THE wake nt the recently 
disclosed deal which will see 
Saudi Arabian financial interests 
buy a 10 per cent stake in the 
Milan chemical conglomerate, 
Montedison, Italy is now explor- 
ing similar ventures under which 
Arab countries would take 
minority participations in Italian 
companies in urgent need of 
fresh capital. 

This is one of the main themes 
of the current scouting tour of 
i he Gulf States by Sig. Rinaldo 
Ussola. the Italian Foreign Trade 
Minister, who said that Italy now 
appeared to be enjoying the con- 
fidence of Middle East oil pro- 
ducing countries. 

The tin if Slates seemed favour- 
ably impressed not only by the 
Montedison operation and ihc 
earlier £250m dpal be tween Fiat 
and Libya, hut also by the sharp 
improvement in Italy's balance of 
payments position and the 
country's relative political 
stability. 

Sig. Qssota claimed that during 
talks here he was given IhP 
distinct impression that Gulf 


rulers had at last come round 
in accepting the inevitable 
presence of the Communist party 
in the Italian political system. 

Sig. Ossola's visit is now to be 
followed by a mission of Italian 
industrialists and bankers to the 
Gulf and the opening shortly of 
an Italian embassy at Abu Dhabi. 

The emphasis Italian officials 
are putiing on bilateral ventures 
to attract Arab capital to Italy 
represents a departure from the 
earlier approach of promoting 
so-called triangular operations 
whereby the richer Arab 
countries would help poorer ones 
by paying for technologies 
bought from Italy. 

With ihe exception of a few 
i-.i>|jled cases, the triangular con- 
cept has never effectively taken 
off. 

At the same time. Italy, whose 
annual nil imports represent the 
biggest single distortion on the 
country's terms oF trade, is seek- 
ing tn increase its penetration of 
the Gulf markets by securing con- 
tract j for the design and plan- 




longer 

public 


ning of major 
engineering and 
projects. 

In Abu Dhabi. Sig. Ossola dis- 
cussed the collaboration of 
Italian groups in the planning of 
the air traffic control system of 
the new international airport, 
while the state oil design and 
engineering concern, SXAM 
Progetti. is to design the refinery 
for Abu Dhabi's envisaged $500in 
petrochemical and gas lique- 
faction complex at Ruwais. 

In Sharjah, the Italian GEI 
consortium is to build a 5115m 
thermoelectric plant with a 
capacity of 75 MW. 

To promote export 
ance generally. Italy 
raised the ceiling of 
term export credits to L3.5i'J0bn 
this year, and the Government 
has approved an annual upper 
limit of L5,000bn on a roll-over 
basis for short-term export 
credits. This has also followed 
a general rationalisation and 
speeding-up of state guarantees 
for such operations. 


perfnrm- 
ha? now, 
medium- 


signs ! 
$1.5bn Saudi ; 
contract 

By John Wicks ! 

21.' RICH. Oct. 3. 
AFTER four l* five years of • 
negotiations. LiTbrn Industries, 
reports a “ handshake agree- ■ 
ment ” with Saudi Arabia on tlie . 
delivery of an aerial defence ■ 
system. A cnniract worth over, 
Sl.ohn covers an electronic com- 1 
l>uter-con trolled command and ' 
control system, type AN-TSQ 73. j 
also known as a “missile mind- 
er.'* 

The system was originally de-i 
veloped for the U.S. Army, and > 
the Saudi installation will be , 
similar to those already existing j 
in Iran and Jordan, though with ! 
certain modifications. 1 

Former competitors for the ; 
order in the United Slates are j 
said to have dropped out of the j 
running some time ago. A letter ■ 
of intent is anticipated in about i 
a month's time, and it is under-; 
siood that a down -pay ment will: 
initially be made by Saudi ! 
Arabia. I 

A spokesman of the Zurich- ; 
based Litton Imemarional SA 
said there would be a large mi in- , 
her of sub-contracts awarded by j 
Litton as prime contractor, pos-, 
sibly some of them ip Europe., 

Litton shares had risen sharply ■ 
in ihe United States at the end 
of last week, apparently owing 
in premature information on the 
ron tract. This would nave led 
Lilton to announce the order be- 
fore a letter of intent i? signed. 


Germany may act 
over Soviet shipping 


BY ADRIAN DICKS 

WEST GERMANY may press 
ahead with unilateral rules 
requiring the registration of 
ships engaged in cross trading 
to or from its ports if no further 
progress can be made towards a 
joint scheme at the November 
meeting of European Community 
Transport Ministers. 

This is the view in senior 
official circles here, following a 
further inconclusive round of 
talks with the Soviet Government 
in Leningrad last week. Attempts 
by the West Germans to persuade 
the USSR either to accept a ceil- 
ing to cross trading by its vessels, 
or to practise voluntary self- 
restraint. in both cases met with 
firm refusal. 

According to West German 
sources, the Russians indignantly 
defended their right to 
participate in cross trading, and 
threatened to retaliate with a 
licensing system against the 
shipping of any nation joining in 


BONN. Oct. 3 

the type of registration scheme 
that has been under discussion 
among ihe Nine. 

The German delegation then 
explained, however, that the 
information which the German 
Government's own draft registra- 
tion system would require would 
be non-discriminatory. it is 
intended that it should be applied 
on a trade, rather than a Hag 
basis. 

Bonn would clearly prefer to 
see this type of requirement 
applied by the Community as a 
whole, and is now understood to 
have French support for its draft 
regulations' careful avoidance of 
singling out the Soviet Union. 

Although the Leningrad talks 
made little progress towards 
resolving the acute problem of 
Soviet price anting. the 
Germans are somewhat mollified 
by Ihe fact that Soviet chartering 
of West German vessels is run- 
ning at a high rate this year. 


VW to spend £17m on 
British car components 


Algeria to get 


By Our Foreign 5taff 
THE FEDERAL Export Develop- 
ment Corporation of Canada is 
providing Algeria with a li.S.Slbn 
line of credit to finance imports 
or goods and services from 
Canada. This line includes a 
U.S. 8250m tranche and a 

C8950m. tranche. The period 
during which the funds will be 
available will be three years. 

Algerian companies have been 
seeking bids from Canadian com- 
panies, especially Canadian 
Bechtel, the fail in the Canadian 
dollar making Canadian goods 
and services more competitive. 


BY KENNETH GOODING 

VOLKSWAGEN-AUDI. the West 
German group, estimates it will 
spend £17m on automotive com- 
ponents from Britain this year, 
thus establishing itself as one 
of Ihe UK's biggest customers 
for these products. 

The £17ra compares with £15m 
last year and only £45m in 1975. 
In addition. Volkswagen (GB), 
the importer, which is a Lonrbo 
subsidiary, will spend a further 
£5m on components and acces- 
sories in the UK. 

Voikswagen-Audi has a full- 
time purchasing consultant in 
the person of Mr. Alick Dick, 
former managing director of 
Standard Triumph. 


Among the major suppliers ore 
GKN for castings. Lucas for 
electrical components. Perkins 
for diesel engines. Uniroyal for 
camshaft drive belts. Avon 
Rubber for hoses, and more 
recently CAV, the Lucas offshoot, 
which is to supply fuel pumps 
for the VW Golf diesel. 

VW has also become the big- 
gest single customer of Ellison 
Circlips of Bingley, Yorks. In 
1977 International Alloys of 
Aylesbury, Mountstar Metal Cor- 
poration and International 
Nickel between them supplied 
VW with over £3m of metal: 
from the UK- 


OPEC threat on crude sales 


;OPEC president Sheikh All 
1 Khalifa Ai-Sabah todav warned 
. that oil exporters might limit 
| supplies of crude unless indus- 
I trinlised nations helped them 
[enter refining and transport 
markets. Sheikh al-Sabah, 
! Kuwait's Oil Minister, told a 
iseminar organised by OPEC that 


VIENNA. Oct. 9. 
member states were determined 
to break into refining, transport 
and petrochemicals. 

But industrialised nations 
were preventing OPEC slates 
from entering these fieids 
through quota restrictions on 
petrochemical products, and the 
high cost of technology. Reuter 


arms deals 


By Our Foreign Staff 

CUTBACKS in Iran endanger 
a number of major western 
contracts as the series or 
strikes sweeping the country 
puis a further strain on the 
budget- Prestige projects such 
as (he highly ambitious 
nuclear power programme, 
u-hicb has come in for per- 
sistent criticism since _ It was 
launched by the Shah in 1974, 
are likely to be the first to 
surfer. 

Reports from Tehran also in- 
dicate moves to reduce ihe 
heiivv expenditure on highly 
advanced military equipment. 
Possible targets arc the 
KlJlbn advanced warning radar 
•system t AW ACS) from the 
0.S, and the purchase of six 
West German submarines. De- 
fence spending is currently 
running at over 10 per cent 
of ihe 'GNP. But cutbacks In 
the mililary budget may not 
be very’ radical. 

The Government's need to 
ensure the absolute loyalty of 
the armed forces may ensure 
that the Iranian order for 
2.200 Chieftain tanks from the 
VN. 800 of which are in ser- 
vice, will not be affected by 
economies. There are also 
plans for ihc Iranian army to 
purchase l.C-3 tank trans- 
porters, with British Leyjand 
chassis and Rolls-Royce 
cnclnes. 

West Germany and r ranee, 
however, stand to lose Import- 
ant contracts if the cuts go 
ahead. West Germany has 
already gained big orders in 
the nuclear and military field 
and is hoping for more. Kraft- 
tverk Union, the wholly-owned 
Siemens subsidiary, lias two 
nuclear power plants under 
construction to he completed 
in 1980 and 1981 at an 
estimated cost of S7-10bn. 

A letter of intent was signed 
last year for four more, ana 
the Bonn Government made it 
clear in December that it was 
ready to pot up the necessary 
export guarantees to cover 
their delivery. The total value 
is estimated at DM 19bn in- 
cluding subcontracting work. 

On Ihe military side the main 
deal this year has been for six 
submarines, worth more than 
DM Ihn, Trom a West German 
shipyard. Orders for 
frigates are understood to be 
going on to both Dutch and 
West German yards. The sub- 
marine contract may now be in 
doubt, though the Hamburg 
shipyard. Howaldtswerke. yes- 
terday denied newspaper re- 
ports that Iran was with- 
drawing budget funds for the 

contract. 

Kraftverk Union also denied 
similar reports about their in- 
volvement. 

France will also he hit by a 
cutback in the nuclear power 
programme. A consortium of 
French companies is already 
building two 901) MW reactors 
in south wesl Iran, scheduled 
to start operating in 1983 and 
19S-L The value of this deal is 
estimated to be FFr 15bn 
f El.Tbn). 

No apparent progress has 
been made recently in a second 
big reactor contract, which 
would Inrrease the number of 
French-made reactors in Iran 
from two to six, has been 
under discussion for well over 
a year, and is of key import- 
ance in France's nuclear 
export plans. 

The four reactors are 
1.201) MW units, which would 
be buiit by a consortium led by 
Fraiv.arome, sole supplier of 
nuclear reactors to the French 
Government. Framatome is a 
subsidiary of the Crcusot-Lolre 
steel and engineering group, 
itself controlled by Empain- 
Schnridcr. 


EEC TRADE 



YUGOSLAVIA NEEDS a better 
deal from the EEC than it has 
heen getting if it L in reverse 
ihe past decade's slide towards 
greater dependence on trade 
with Comecon. This was the 
message from Belgrade to 
Brussels earlier this year and 
[he EEC Commission has 
responded with substantial revi- 
sions to its proposals for u 
successor to the five-year trade 
agreement that expired last 
August. 

The Commission now envisages 
something more generous than it 
had planned, namely an agree- 
ment which would nut have guru- 
much further than the expiring 
arrangement, in sumo respects, 
the agreement uow planned for 
Yugoslavia goes even further 
[han those between the nine and 
jther nnn-member Meditei- 
i-aneuo eountrie*. But several 
(uird)es must be cleared before 
it can be signed. 

Firstly. EEC Foreign Ministers 
a'iI I have to approve the Com- 
mission's proposals, enabling it 
,o go ahead with detailed nego- 
tiation. Secondly, the Yugoslavs 
a- ill have to be persuaded that 
what is likely, in effect, to he 
fairly preferential treatment, 
will not compromise their non- 
aligned status. 

The EEC, uncertain about 
Yugoslavia’s political future 
ifter President Tito leaves office 
ind concerned over its economic 
jroblems arising from double- 
laure inflation and high unem- 
ployment. is anxious to conclude 
i fivc-vear agreement ihat will 
■underwrite the country's poli- 
ical and economic stability." 

Tbc main impetus for its more 
iberal stance is Yugoslavia's 
'allure to maintain a balance in 
Is trading reiarrons with East 
ind West. In 1970. almost 40 per 
■ent of its exports went to in*. 
EEC and around 32 per cent went 
u Comecon. By 19<3. EI£‘- 

iharc had dropped below -3 per 
,-cnt While Ihe Comecon sna.e 
aad risen above 47 per ccnL 


er deal for Yu 

BY MARGARET YAN HATTEM IN BRUSSELS 



Although the trend has 
reversed since then, the EEC 
share is still below 30 per cent 
and the Comecon share still 
above 40 per cent. Since 
Comecon trade involves non- 
convertible currencies, and since 
Yugoslavia's deficit with Lhe EEC 
has been climbing steeply in the 
past few years, ihere are fears 
in Brussels that if it docs not 
act soon. Yugoslavia will be 
forced to import more from 
Comecon and less from the West. 

In the past. Belgrade has 
refused anything that hinted at 
preferential treatment, and 
which might effectively draw- 
'll under the umbrella of lhe 
Community's " global Mediter- 
ranean approach " do I icy of 1972. 
To du otherwise would provoke 
..irnng political opposition 
internally j? well as externally. 
But the Commission’s latest 
proposals, which it is confident 
wi!I he acceptable tn Belgrade, 
jre clearly preferential in 
intent, if not in wording. 

The negotiating mandate 
which the- Commission hopes 
to have ready for approval by- 
EEC Foreign Ministers on Octo- 
ber 17 would virtually double 
the proportion of Yugoslav pro- 
ducts with free entry to the 
Comumnity. allowing for a one- 
way free trade on all but the 
more sensitive industrial pro- 
ducts such as footwear, textiles, 
petroleum products and semi- 
finished non-ferrous metals. 
Quotas and tariff-free ceilings 
on many of these, would also 
be liberalised. The agreement 
-would provide for greater finan- 
cial co-operation, sotting up the 
machinery necessary for closer 
interbank contact and making a 
token contribution — possibly 
270m Unit* of Account over five 
years — for infrastructure and 
other " project-? of mutual 
interest " 

In the agriculture! sector the 
proposed concessions arc more 
modest: tariff provisions for 


baby beef woul-1 remain 
unchanged, though there would 
be guaranteed access for 300 ubO 
Lounes a year, and no question of 
a repeat of the 1974 ban whii-n 
cost Yugoslavia an estimated 
SloOni a year. Only smai! enn- 
cesions would be introduce ! un 
wine, horsemcat and canned 
cherries. Finally tile agreement 
would improve social benvfiu 
for Yugoslav migrant ■worker/, 
but would not liberalise the r 
entry into the EEC as ihe V«: - 
slavs had hoped, nor give i 
freedom of movement be •.ween 
member slates. 

The Community will r-on;i*.:ie 
to enjoy most-fa von red- mim 
.status, as mutual’.:-' t'ndod 
under the oreviou* agreement, 
but says ii does nut cxaect addi- 
tional concession j in 'he new 
trade agreement. 

EEC foreign ministers may nut 
go along with all tins *iuii 
blitheiv as the Commission seem- 
to expect. West German., the i.nlj 
Community member v-itl 
able Yugoslav worker popnl.v ion. 
may not wish io he quite ,-r- 
liberal in matters of sociai oer..- 
flts. for example, as other mem- 
bers who do not have to foot the 
bill. There may bo some disagree- 
ment over concessions on Yugo- 
slavia's irdu>trial export* — 

petroleum products, for example 
where the UK. and Italy might, 
io new of their ov.-n e;ce-. 
refining capacity, be expected ;>• 
demur over a suggested 450 nor, 
tonne annual quota with a 5 •• r 
cent annual increase 

Beef producers such a- 
France and Germany may. :r. 
the pa-*'L hesitate gu'jra 

access to the Italian iuari--.» 

an annual 300.00f> ton::-.-* 

Yugoslav baby beef. And »•*•• 
wording of the section nr f.r.ar. 
cial co-operetiun — grant.'. .; -f: 
Joans: and overall inmw:tm.. nt ;n 
money terms — i- all i:'r.c:. 
take time. 

But all the major point? ?cen’. 
to have been accepted in orin- 


and the discussion at 
Mir.iMc-ti.:! iv.-ui. hv ever, tinie- 
vnn'Uimr.g. ?il urubahly coniine 
:ise!t :o point? of detail. An 
agreement rough I;. along the 
lino* or u posed r>;. the Commission 
:s expected to go ahead, 

■ir-.' •'any next year. 

A mean j Rubin-Oii. East 

European lor respondent writes: 
Yug-i*:..yui' difficulties in 
penvtiatin^ EEC market are 


;ust is-uv.i 
i'wIVIp-si lr.n 

•j-clinvd :• 
over ii;g fir 


i:ie latest figure;' 
u;. ini- Yugoslav 
'•:* Ministry. The*? 

» i.i the EEC 
i l-?r cent tu 8S37m 
t-haif of this year 


inipi'ris alv.i fe‘I by 3.2 per 
cyn: »•» 4.:2:ii. Thi.- means Lhai 

iug | .-*i:;V -.■..unris now cover 
urcer .>5 per cent of the EEC 
impor: ri:l- 

, Lnu-rr these circumstances 
i i.^--c i-i ia ha.% been trying tu 
uiv-.r-i!, ii- i rad..- noth with ihe 
.r. .. ” J ”’* ''^ J 71 7 Q| ' ; d .md Comecon . 

' Io IfTfi Yugn jiavia signed long- 
“4"-- m-.-nt.s with Comecon 

' t -uii'i : .- ' 


pru.irie for twu- 
worth a total of 
u-er :< fi.e-\c-ar period 
-.-.it:; \ c.Otiav-Srivjei trade 

aeeo anting sur iulf of this. 

• iher Comecon 

.•.I-.- expected to rise 
'• 5' -1 Csecbosln- 
< v (rude is 

v 4.2bn. end Poland 


•.n 


i race 

-• j 

;b-ar.;_- 


pro- 

['.IT 


f lh-. 


-4 : 


Y-.r.eiovia has been 
>7 -try favourable 
' 'hv EEC market 
•-. .r.i-os tii.ij i.art of the 
:■••• in ;fi-- failure of 
' '• -b- •.-nt-.-r prises t" 
ivi- o' my u, export-?. 
8 char, a* 4 .- in ihe 

an'* Foreign 
but the 
•• i -idn-ate it: - o 
• . ’ • ' ••• -h tangible 
up by 
i-i S3.5i9m over 

sj.MR-fj. -..bile tm- 

11 *•: i.'J y-.-r cent to 

-' J a deficit of 



• TORY CONFERENCE^OPENS TODAY 

Law and order motions 
prove most popular 


BY EUNOR GOODMAN 

THE 5,000 Conservatives arriving 
in Brighton today have already 
been given a rather unconven- 
tional welcome. Sir Charles 
Johnston, who as chairman of 
the party's National Union 
Executive Committee is respon- 
sible for organising the annual 
conference, went on record two 
weeks ago as saying that nothing 
the " representatives " said or 
did in Brighton would have any 
direct effect on the party's 
manifesto. 

That Sir Charles could get 
away with such a statement 
without immediate public 
reproach shows how much less 
reverentially than in the Labour 
Party the annual conference is 
regarded in the Tory Party. For 
a Labour organiser such an 
admission would have been 
tantamount to blasphemy and 
punishable by excommunication. 

The Labour conference is im- 
bued with almost religious signi- 
ficance- Delegates in Blackpool 
may have felt frustrated by the 
way their wishes Eire ignored 
when Labour is in power but 
ultimately conference is tbc 
Party's sovereign policy-making 
body. It is enshrined in the con- 
stitution for all to quote when 
the Cabinet looks like forgetting 
iL 



Democracy 


The vote against the 5 per cent 
wage limit may not have per- 
suaded the Prime Minister to 
abandon his policy, but it has at 
least forced the Government to 
think about it very seriously. 

The Tories make no such 
claim about their annual con- 
ference. As one oF the party's 
retired senior politicians once 
said, the Conservatives have 
always tended to regard 
democracy as “ fine for the 
country, but a bit lower-class for 
the party.** 

Rather than posing as a demo- 
cratic policytafcing body it is a 
reminder of what grass-root acti- 
vists, who are so important to 
the party's organisational 
strength, would like to see as 
Tory policy, and bow far they 
are prepared to see the leader- 
ship deviate from that line. 

For a start, the seven repre- 
sentatives elected to go to con- 
ference by each constituency are 
not mandated to vote in a par- 
ticular way. Their votes merely 
reflect the personal preference 
of those present and are not 
binding on the party 

Certainly the representatives 
ariving in Brighton believe their 


Sir Charles: Conference has 
no direct influence. 

conference is just as important 
as Labour’s. The Conservative 
conference is organised not by 
Centra] Office, but by the unpaid 
activists and is theoretically 
their platform rather than the 
MPs. 

The opportunity for them to 
meet those people for whose suc- 
cess thev are working is regarded 
as one of the conference’s most 
important functions. Though 
the organisers are keen to play 
down the conference's image as a 
social event (hats are rarely seen 
these days), the evenings are left 
free for a ceaseless round of 
parties. Fringe meetings, which 
at Labour conferences continue 
well into the cocktail hour, ara 
restricted to lunchtime. 

But if the conference is essen- 
tially the voluntary workers' 
rally as loyal Conservatives they 
also want to ensure it provides 
a shop window for the party's 
policies and its leaders. 

Ideally, the proceedings should 
reach "a crescendo for the 
Leader's speech on the last day 
which this year, adding sentiment 
tn what is usually a very stirring 
occasion for Tories, is Mrs. 
Thatcher's birthday. 

The subjects of debates are 
chosen largely on the basis of 
which issues attracted the 
highest number of motions from 
constituency associations. This 
year, law and order was by far 
and away the mast popular. The 
motions to be debated are 
selected by a committee domi- 
nated by the voluntary side of 


the party, but including repre- 
sentatives of central Office and 
the Parliamentary Party. 

The idea, according to Sir 
Charles, is to pick those which 
will stimulate the best debate. 
Exactly what is a good debate 
in Tory terms is harder to define. 
The platform is not generally 
regarded as tbe right place to 
thrash out new policies or 
agonise over points of principle, 
as the Liberals did in Southport 
three weeks ago. 

Nor are the motions usually 
framed in such a way as to excite 
strong opposition. It is almost 
inconceivable that the organisers 
would have tolerated a motion 
specifically condemning the 
executive’s policies such as 
Labour leaders faced in Black- 
pool with the vote against 5 per 
cent 

Apart from the resolution on 
education, which talks about 
comprehensive education being 
a central tenet of Tory policy, 
committed Conservatives would 
be hard pushed to vole against 
most of them. 

Stage managing 

Since MPs. other than those 
replying to motions, are not 
generally called to the rostrum, 
anv divisions within the Shadow 
Cabinet will probably not be 
aired even if the rank and file 
shows itself to consist of many 
different shades of blue. 

The Tories are accused — often 
rather enviously by other 
parties — of stage-managing their 
debates, and so turning their 
conferences into a mixture of a 
well drilled school speech day 
and an evangelical rally But 
Sir Charles insists that this is 
not so. The speakers are, he 
says, chosen to reflect both the 
balance of opinion within the 
party and the right geographical 
balance. 

All tbe chairman knows when 
he asks someone to speak is 
whether the person is for or 
against the motion. 

The defeat of the Govern- 
ment's pay policy at Blackpool 
has given the Tories a chance 
which they are bound to exploit 
in Brighton. 

But some senior Tories were 
pointing out that the bigger the 
opportunity, the bigger the 
potential pitfall For them the 
worry was that their party spent 
too much time celebrating the 
rift between the Prime Minister 
and the unions, and nor enoguh 
explaining what it would do if 
elected. 


North Sea field in production 


BY SUE CAMERON 

OIL PRODUCTION has begun in 
the North Sea Heather Field 90 
miles east of the Shetlands. 

The operator on the Heather 
Field is Unionoil of Great 
Britain, a subsidiary of the U.S.- 
based Uoion Oil Heather, which 
was discovered by Unionoii at 
the end oF 1973, is located in 
46S ft of water on British North 
Sea Block 2/5. 


The field is comparatively 
small, with total estimated re- 
covery reserves of 150m barrels. 
It is expected to- reach its pro- 
duction peak of 50,000 barrels 
per day in 1980. 

The first oil from Heather is 
being pumped into the Ninian 
pipeline system, and should reach 
the SuUom Voe terminal in the 
Shetlands in the middle of next 
month. 


Unionoil is operating the 
Heather Field on behalf of itself, 
Skelly Oil (a srubsi dairy of Getty 
Oil), Tenneco UK, and the Nor- 
wegian company DNO. Unionoil, 
Skelly and Tenneco each have a 
31215 per cent interest in the 
field, and DNO has 625. The 
British National Oil Corporation 
joined the group in 1977 through 
a participation agreement 


House 

prices 

move 

ahead 


Lean times for record industry 

BY COLLEEN TOOMEY 

UNAUTHORISED copying of The report analyses and com- years to October 1977, turnover 
□roducts such as books, records pares 99 leading companies from for the companies in the report 
and tapes has badly hit the Bri- eight sectors including record/ rose by 41 per cent to £296m. 
tish record industry. In the three tapes producers, musical instru- Of those, 26 companies increased 
years to October 1977 record ment manufacturers, music pub- their sales by more than. 20 per 
companies failed to increase lishers and wholesalers and re- cent while 25 recorded growth 
profits and saw sales volume de- tailers. of more than 10 per cent 

Cline by about 20 per cent— in profitability and profit Profits rose by an average of 
despite a nominal increase uf margin comparisons, the musical Duly 20 per cent overall for the 
£U2.5m in sales. instrument manufacturers were same period. Last year proved 

The record industry is by no about the worst hit, while music especially difficult with one out 
means the nnly sector of the publishers were the only sector of every five companies making 
music trade to have suffered to boost profit margins — from a loss fairly evenly spread among 
difficulties in the three-year 30.9 per cent in 1974/75 to 34.7 all the sub-sectors, 
period. According to an ICC per cent in 1976/77. Report available from ICC , 

Business Ratio report, almost all An overall picture of the music Business Ratios. 81, City Road, 
sectors came under pressure. trade shows that in tbe three London, ECL £55. 


By Michael Cassell, 

Building Correspondent 

HOUSE prices moved ahead 
rapidly during the third quarter 
of this year, according to the 
Nationwide Building Society. 

Figures released yesterday by 
the Nationwide, Britain's third 
largest society, showed that 
average prices rose by 9 per cent 
during the July - Septembur 
period, following a 4 per cent 
increase in the second quarter 
and a rise of 5 per cent in tbe 
first three mouths of 197S. 

During the 12-month period 
until the end of September aver- 
age house prices rose 21 per 
cent, with Utile difference be- 
tween new and secondhand pro- 
perties, according to Nationwide. 

The Government believes it 
has helped contain price in- 
creases by maintaining tbe limits 
on building society lending which 
have been in operation for much 
of Thin year. Last week, it was 
decided that these controls would 
remain in force for the lime 
being. - , . 

Commenting on the Nation- 
wide findings. Mr. Nonnan 
Griggs, secretary-general of the 
Building Societies Association, 
said: “The situation is worry- 
ing.” 

Mr. Leonard Williams, chief 
general manager of Nationwide, 
said that tbe Taster rate of 
increase in prices was not 
surprising in view of the rapid 
increase in earnings over tiiu 
same period. 

“During most of the past 20 
years house prices have averaged 
about 3} times average annual 
earnings. Only for a short while 
in 1971-73 was this long-term 
relationship disrupted as house 
prices went ahead of incomes, 
rising briefly to a level of over 
four times average annual earn- 
ings” 

Mr. Williams said the normal 
relationship had been re- 
established in 1974-76 when 
incomes rose faster than house 
prices and this had been main- 
tained in 1978. 

He pointed out that although 
prices had risen substantially 
this year in some parts of the 
country, the faster rate of 
increase over the last nine 
months differed from the price 
boom of 1971-73 in that average 
house prices had moved in iinu 
with earnings and not ahead of 
them. 

Referring to the agreement 
with the Government to limit 
mortgage advances, ; Mr. Williams 
said it had resulted in frustra- 
tion for some borrowers although 
societies were still lending at 
very high levels. The limitation, 
however, may have had some 
beneficial effect on price rises 
because people’s expectations 
had been tempered. 

He emphasised that the pros- 
pect of a slower rate of increase 
in earnings in 1979 now pointed 
towards a slower rate of house 
price -increase . and he hoped it 
would soon be possible to 
increase mortgage leading with- 
out risk of prices accelerating. 


C declines sport 
toss-up with ITV 


products 


By Our Consumer Affairs 
Correspondent 


BY COLLEEN TOOMEY 


SIR MICHAEL SWANN, chair- “We do not believe their 

man of the BBC. has written to general disinclination to take 

Ljdy Piowden/ chairman of the part in sporting . coverage of 

. IBA, rejecting any idea of in-ajor events' is founded on some 

IHE PRICE Crmi mission i?’ to tossing a coin” to alternate pious commitment to alteration, 
nvvsiiqaie prices of vacuum j coverage of the next Olympic but on fhe fact that none of 
flasks and associated products : Games and World Cup Soccer these events attracts very big 
manufactured and sold by j with independent television. audiences, and hence advertising 
Thermos the Essex company, a ■ Lade Pluwdcn had suggested revenue, whereas the Clip FinaL, 
subsidiary of King-Seele.v ; the idea in a letter to Sir Michael the World Cup and the Olympic 
Thermos of the U.S. t last month to avoid filling both Games do," Sir Michael said. 

Although Thermos is not at i main channels with similar rbi-*' « 

present seeking a price rise— it coverage. • Tbc BBC, which covers 54 

last raised prices by some 9 pen •• ii t* cn>«iv «i ieincroniiAiic fn Sporting CV60tS . yClP-rOOUd, 
cent in January this year — the 
Price Commission can investi- 
caie prices at any time under its 
powers front the 1977 Price Com- 
mission Act. It appears, how- 
ever. that tbe commission has 
decided to investigate Thermos 
prices because of its dominant 
market position and a rel3tivelv 
hivb return on capital. 

Thermos has about 70 
cent nf the LTC market 
vacuum Husks. 

The* commission s investiga-; to 140 hours television over about* 21- to one in favour of the 
non is also being carried out , ahoirt two weeks. As for the BBC. 

under that section or the Act -World Cup. he said, this The argument that rotation of 

•.h.ch 31 V« II power to probe ; amounted lu nine hours duplica- the major sporting coverage 

prices _ ot t companies whose lurn-juon in four years — that is nine would save moaev “ is nonsense, ’* 
■- 'O'.v Horn, and who • hours out of nearly 50,000 hours according to the BBC Sir 
an.' unis not obliged to givc;nf programming by the BBCMichaelsaidt 4, Thereis practic 
advance noi icc of proposed price j alone. allv n0 difference between the 

n creases. ! For years, the ITV companies overall UK costs if both the BBC 

Companies with a turnnver of I had refused to cover Test and ITV cover the Games, If 
more ihjn £lfim hai-v tn give the I cricket. Wimbledon, the Grand some method of - ' a! tehfa tirin' 
commission 28 days' warnin’ of National or the Boat Race, he occurs, or. if one organisation, 
my rise. | said- covers them exclusively." 

i - ' 


I Sid rt? SBSfioT?! 

; shared by the toss of a coin, ITV in ®^ ? 

will be forced to duplicate s P orts featured at the Olympics. 

1 coverage of both events," he Sir Michael also reminded £BA 
I said. that audience preference on 

Sir Michael claimed that the occasions when ITV- has chosen 
I Olympic Games are so varied to compete in coverage. with the 
P er : and so popular that both BBC has shown a marked bias 
tor : organisations could be covering towards the BBC which, accord- 
| different events in what amounts ing fo both. services’ statistics, is 


U.S. talks 
agreed on 
accounting 
standards 

Financial Times Reporter 
MR. TOM WATTS, chairman of 
the UK Accounting Standards 
Committee, and Mr. Douglas 
Morpth, deputy chairman, are to 
visit the U.S. next month for a 
meeting with the directors and 
senior executives of the 
Financial Accounting Standards 
Board. 

They are to have a one-day 
discussion on establishing 
accounting standards— what Mr. 
Watts calls the "conflict between 
mathematical certainty and 
economic reality”— but will prob- 
ably also consider one or two 
specific areas of difficulty, such 
as inflation accounting and the. 
translation of foreign currencies. 

Mr. Watts, who chaired the 
consultative committee which 
recently reported on the ways 
of establishing accounting 
standards in the UK, describes 
the coming meeting as “only a 
beginning.” He says that there 
has not been much contact 
between the two bodies hitherto, 
and that he was surprised at th- 
warmth of Lhe American reactiua 
to his tentative proposals for a 
meeting. “ It is- in our interesis- 
to discuss our mutual problems.'* 
he says. 


Campaign seeks 
more trade for 
London’s port 

A CAMPAIGN Is being launched 
this week to show that the Port 
of London is "still very much in 
business” despite the financial 
crisis facing the Port of London 
Authority. 

On Wednesday representatives 
of wharfingers, trade unions and 
the PLA will set oiit to prove to 
existing and potential customers 
and the local- community that all 
interests in the port are working 
together to win more trade for 
London. . , 

Over .120 customers and local 
And national government repre- 
sentatives will visit Tilbury tn 
see at first-hand the scale of the 
investment made there .in the 
past 15 years.' They will return 
upstream to view the Upper 
Docks and the specialist wharF 
facilities that are increaslnglv 
vital. 



IS 


Prk 


Financial. Times Tuesday October 10 1978 



HOME NEWS 



tHov f 

a hea, 

l»-W 


NEDC backs target 
plan to cut imports 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


mr.i 

xst .*:— 

A 

err. 


T v -e - *:;~v ™ ont s in ^astrial strategy over acted that exports have been 
year, was backed yester- moving ahead recently while 
,; ay by all members of the imports have remained under 
i.;.'; at, onal Economic Development control. But ir was stressed that 
. .it is too early to draw- any long- 

*■ " as . invoiced almost ail the term conclusions . front this. 

■ : l ‘cv‘ ■”SS® y# *0 sector working Government Ministers and in- 

- V In sctti , ne f arg«s for reduc- dustrialists at the meeting 

. 4 ' or r al least stabilising, the agreed that . there' was no case 
• or £ he . home market for general impart, controls, and 

■■/ "l®”. up b >' imports in their in- Sir Leslie Murphy, chairman of 
- . : fff J® s - . . . the Natiunal Enterprise Board, 

" ^ ni 9 n l^ders on the l^EDC said that “If there is a growth 

- . - . • • been urging that progress in protecUonisni, British indus- 

‘ / -:' ade , awards achieving these try will suffer.'’ . . . 

r ' - '•t.irgets should be closely 

onitored and yesterday u was Problem nrenc 
. ■ ;■ ■" ■ greed that they will be rruofern areas . 

^assessed early next year. But the most significant con- 

At thai time the TUC may tributlon on ibis issue came 
-.=-Vycide lo call for urgent seleo from Mr. Len Murray, ' TUC 
-• v. yve import controls on those in- general secretary, who £aid be 
V *’ .-.V." ,s .trics which have not met backed the line that, there should 
Tf tei r targets.- But in -the mean- he no blanket controls. The 
■■'me the dispute between the TUC, he. added, “found no 

•.-Tovemment and the TUC over attractions in a siege economy.” 

. ,deT -rangjng import controls But he did not rule out selective 

■—■i *s been defused. - - temporary controls and added 

This emerged at yesterday s that specific problem areas 
un cil meeting after which Mr. should be looked alt, 

■ ■ :?offrey Chandler. director , This fits in with the formalised 
". • mera! of the National Econo- procedure developed within the 


industrial strategy which is 
being operated alongside eiToris 
lo boost exports. 

Some of the sector working 
parties have prepared individual 
import penetration targets for 
separate parts of their bust- 1 
n«?$se*. As a result. 69 targets 
were contained in a paper pre- 
sented by Mr. Chandler to the 
council meeting yesterday. 

Some areas are aiming for sid>- 
stantial cuts in import penetra- 
tion. Fur example, the fridge 
freezer part of the domestic 
electrical appliance sector aims 
to cut imports’ share of the home 
market from 77 per cent lo 49 
per tent by 1982. 

On the other band, the news- 
print part of the paper and 
board .sector is only aiming io 
prevent an increase in a ^ per 
cent level of penetration while, 
at the other end of the scale, the 
bisruits part of the food and 
drink sector want lo hold Im- 
port! to just 2 per cent. 

It was also agreed- yesterday 
that one important way of trying 
to meet these targets is to in- 
crease collaboration between 
customers and producers, especi- 
ally in the public sector. 


Volume of UK exports grows 


V.1 * 

-J . 1 . . 


r.< - ' 

rpr 


- BY DAVID FREUD 

IE UK’s trade performance 
'•M between 1971 and 1974, 
fore recovering to some extent 
tween 1975 and 1977, accord- 
. 3 to a Department of Trade 
imorandum prepared for the 
. ttional Economic Development 
,'uocil. 

r.The import-export ratio rose 
jm 100 in 1970 to 103 in 1971. 
. d then fell at a time when all 
■_.? world’s major economies 
re expanding strongly — to 
. 1973. The oil price rise 
"shed the ratio . down further 
76 in 1974. 

.->ince then the ratio has risen 
1.95 in 1977, with, in the latest 
years, “favourable export 
■Forman ces and the effects of 
.. rth Sea oil,” the memoras- 
1 n says. • • ■ 

.’he volume of imports rose by 
t under one-third between 
0 and 1977, but the volume 
exports rose by almost a half, 
.vever, over this period, the 
“ ns of trade deteriorated and 
' ‘ '.977 the visible trade balance 
worse than in 1970, although 
•:h improved compared with 
-1-76. 

0e main features during the 


1970s in the UK’s trade perform- 
ance were: 

• A sharp growth in the volume 
of imports in 1972 and 1973. a 
marked reduction in 1973 and 
the subsequent increase .to a 
level in 1977 which- was a little 
below that in 1973-74. - . . 

• Growth in the volume of 
exports which began is - 1973 
and, apart from an interruption 
in the recession year of 1975. 
has continued strongly, . particu- 
larly following the sharp fall, in 
sterling in . 1976. . 

• Deterioration in the visible 

balance between. 1971 and 1974 
to £5bn deficit, followed by a 
recovery to a surplus. Of £1.7bn 
in 1977. ■ A . . 

Imports of. finished manu- 
factured . goods more . -than 
doubled m volume’ terms over 
the period,, semi-inanufactared 
rose by. more than half, while 
fuels -and basic materials fell. ' 

' As a result these . 1 reports . 
accounted for a much greater 
proportion of the total value of 
imports— 59 per cent in 1977 com- 
pared with 51 per cent in l97Q. 

’ While exerts of manufactured 
goods rose by more than SO^jel 
cent in volume terms over the 
period, they accounted for- ; £2 ' 


per cent of total exports in 1977. 
compared with S5 per cent in 
1970. 

Manufacturing industry 

achieved a trade surplus through 
most of the 1970s, with the ratio 
of exports to imports fulling j 
below 100 only in 1973 and 1974, 
when it was S7 and S9 
respectively. 

£lm rail station 
handed over 

THE £1M Bedford Midland 
Station was handed over yester- 
day at an official ceremony 
attended by Sir Peter Parker, 
British Rail chairman. 

The station, handed over on 
time by the contractors, Robert 
Marriott a member of the 
French Kier group, is situated 
just north of the original one, 
which was built in_JS57 and 
enlarged in 1868. 

Main feature of the new build- 
ing is the concourse, partially 
enclosed by tinted glass, which 
accommodates a ' ticket office, 
travel centre. Travellers Fare 
buffet and a newspaper and con- 
fectionery kiosk. 


Naphtha 
price 
going up 
by 15% 


BY SUE CAMERON 

THE MAJOR oil companies 
have begun pulling up the price 
or napblba— a basic feedstock 
for the pelrochemicaJ industry 
— hy 35 per rent. 

They are negotiating ron- 
trari prices for the fourth 
quarter and on average ibe 
naphtha price is going up from 
$130-8132 per louuc lo $150- 
8155 a tonne. Shell is among 
those understood to hate 
raised prices by about $20. 

Contracts for the sale of 
naphtha — a raw material in 
plastics production — usually 
run for about five yearn with 
prices being renegotiated each 
quarter. 

Customers can also hoy in 
Rotterdam but naphtha spot 
prices (here arc also showing a 
steep increase. They have now 
risen by roughly $165 a tonne, 
compared with $145 a tonne in 
the third quarter. 

Naphtha priees have shown a 
fairly steady increase since 
Ihe beginning of the year 
when they were as low as $113 
a tonne. The latest rises will 
put further pressure on petro- 
chemicals companies lo in- 
crease the prices for plastics. 

Plastics producers are 
already hard pressed. The 
majority of them are still 
falling to cover costs and 
attempts earlier in the year lo 
pur up their own prices were 
unsuccessful. 

This month Dow Chemical, 
Imperial Chemical Industries 
and Shell Chemicals put up the 
price of their low density 
polyethylene by 10 per cent, 
but they say further increases 
will be needed to reach break 
even point. The latest naphtha 
price rises will squeeze petro- 
chemicals companies even 
more. Those that are not sub- 
sidiaries of oil majors are 
likely to feel the pinch parti- 
cularly. 

Some petrochemical com- 
panies are (bought to be hope- 
ful that naphtha prices will 
drop back again, but the signs 
arc that this Is wishful think- 
ing. Mr. Stuart Walmsley, of 
Hedderwick Stirling Gnunbar, 
said yesterday that this time 
“ prices will stick.” 

“Until there is an increase 
In the use of refining capacity, 
naphtha prices will not only 
stay up— 4hey will go up a lot 
more. Naphtha users will have 
to pat up their own prices," he 
added. 


Ford tops league as car sales 
reach record for September 


BY KENNETH GOODING 

CAR SALES in the first nine 
months of 197S were 23.48 per 
cent above the same period last 
year. But. the industry believes 
sales will drop away in the final 
quarter and that in the full year 
they probably will not reach the 
record 1.66m reached in 1973. 

Society of Motor Manufac- 
turers and Traders statistics, out 
today, show Ford was the most 
j successful manufacturer in Sep- 
I tember and also remained by far 
the biggest importer. It had a 
27.43 per-cent market share, but 
33.46 per corn, or u.qqt or Hie 
36,419 cars it sold in September, 
were imported. 

The total included 4,419 
Fiestas from Spain, against 3,012 
nf the British-built variety, and 
3,460 German Granados. 

In the first nine months of this 
year Ford has sold 119.702 
imported cars, nr 33.70 per cent 
of the 354,475 total. 

BL. second to Ford in Sep- 
tember with a 23.03 per cent 
market share, was also import- 
ing Minis and Allegros from 
Belgium. It was also second to 
Ford over the nine months with 
a 22.74 per cent share, com- 
pared with Ford's 26.97 per 
cent. 

In the first nine months of this 
year BL has sold 1.918 Minis 
and 8,3X4 Allegros built in Bel- 
gium. This compares with 56.307 
UK-built Minis and 43,672 
Allegros. 


UK CAR REGISTRATIONS 


September 


9 months to end of September 



1978 

% 

1977 

O* 

/o 

1978 

% 

1977 

% 


Ford* 

36,419 

27.43 

23.399 

22.62 

354.475 

26.97 

264,970 

2439 


BL* 

30^73 

22.03 

24,113 

2331 

298,947 

22.74 

265,483 

24.94 


Vauxhall • 

8,427 

635 

7.936 

7.67 

105.016 

7.99 

98.152 

9.22 


Chrysler' 

8358 

6u30 

5,9 89 

5.79 

86,499 

653 

63,477 

5.96 


Total British 

65,415 

49.27 

57,177 

49^7 

675^93 

5U8 

584^04 

54.92 


Datsun 

8,986 

6.77 

9,047 

8.75 

85,670 

651 

68^81 1 

6.47 


Fiat 

7J09 

.5^1 

6^67 

635 

58478 

4.46 

52,970 

4.98 


VW/Audi 

5,650 

4.26 

4^94 

425 

50,740 

3.86 

36,985 

3.47 


Renault 

Total Importst 

4,341 

67,346 

3.65 

50.73 

3,977 

52^69 

33 4 

5053 

55393 

.638,991 

421 

48.62 

45,785 

479^57 

420 

45.08 

— 


* Includes can from comparne*’ Continental associates which are not included In total UK figures, 
t Include* imports from all source*, uidnding can from Continental associates of UK companies. 


againsst 15.114. This reflects the 
problems companies were having 
in keeping sales down in a 
buoyant market so as to fulfil 
their undertakings to the UK 
Government Dot to increase 
market share. 

In September Da 15 un's sales 
fell from just over 9.000 in tbe 
same month last year to 8,986. 
but the company still won a 6.77 
per cent share of the total 
market and outperformed both 
Vauxhall (6.35 per cent) and 
Chrysler (6.30 per cent). 

During the first nine months 


of this year total Japanese car 
sales at 146.946 represented 11.18 
per cent of the market compared 
with 115,136 or 10.S2 per cent 
for the same months of 1978. 

Balancing the increase in im- 
ports from other companies to 
some extent bus been the drop 
in Alpines imported from France 
by Chrysler. Only no French- 
built Alpines were registered in 
the UK in the first nine months 
against 2.829 in the same period 
of 1977. 

There was also a big drop in 
registrations of tbe Simca 1000 


and 1100 from Chrysler’s French 
operations. In the nine months, 
UK sales of the Simca 1000 have 
fallen from 1,856 to 952 and of 
tbe Simca 1100 from 3 .879 to 
1.794. 

As production of the Vauxhall 
Cavalier at Luton builds up, im- 
ports from General Motors’ 
Belgium plant are falling. Ia 
September they were down from 
2.564 to 1.337* Over the nine 
months 12,879 UK-built Cavaliers 
have been sold, compared with 
32,138 from Belgium. 


Forecasts 


Total car sales in thp UK in 
September were 132.761. some 
28.34 per cent higher than Sep- 
tember. 1977. and more than 7 
per cent above the previous 
record September sales figure of 
123,768 in 1973. 

In the -first three-quarters of 
the year registrations totalled 
1.314,384, 23.49 per cent higher 
than in the comparable period 
last yea r. But they were below 
the January-Septemher total of 
1.359,463 in the record sales year 
1973. 

Sales for the whole of 1973 
reached 1.66m but even the most- 
nptimistic UK companies expect 
that although this might be 
equalled it will not be beaten this 
year. Tbe official SMMT fore- 
cast remains 1.6m for total 1978 

registrations. 

Importers took 50.73 per cent 
of sales in September, compared 
with 50.53 per cent in tbe same 
month a year ago. Over the first 
nine months of the year 
importers had 48.62 per cent of 
the market against 45.06 per cent 
in the same period last year. 

Among. the importers, Japanese 
car sales trere slightly up in Sep- 
tember compared- with the same 
month a year ago, at 15.153 


Good start for Islamic works 


SOTHEBY'S had a good start lo 
its sixth series of sales devoted 
to Islamic works of art. In the 
past year or so Qajar paintings 
and Persian lacquer have 
suffered some reaction from the 
very high prices of 1976 and 
early 1977, but yesterday a stand- 
ing portrait of Shahzada Abbas 
Mirza, Crown Prince of Persia 
and son of Fath Ali Shah sold 
for £120,000. plus the 10 per cent 


SALEROOM 

BY ANTONY THORNCROFT 


buyers premium. The price was 
comfortably above forecasL 
The painting was by one of tbe 
most famous Qajar portraitists 
Abdullah Khan and dated 1807. 
It was given by the Crown 
Prince to Colonel de Bontemps, 
an ancestor of tbe present owner, 
who brought it back to Europe 
rolled up under bis saddle. It was 


bought by a Persian private 
buyer. 

A more extraordinary price 
was the £45,000 paid by another 
Persian buyer for a lacquer pen 
box with scenes of Heaven and 
Hell and Napoleon in battle, 
painted in the mid 19th century. 
It set an auction record for any 
item of Persian lacquer, and 
more than doubled the previous 
best. It had been expected to 
sell for £10.000-£ 15.000. 

Other high prices were the 
£28,000 from Colnaghi for a 
Turkish anthology with 51 minia- 
tures of personalities at the 
Ottoman Court, dated 1588. and 
£11.000 from a Persian dealer 
for another Qajar portrait a 
watercolour of Fath Ali Shah by 
Muhammad Hasan Khan. In the 
main Persian lacquer was in 
great demand, as were the better 
quality Qajar paintings. 

Indian works of art sold well 
with an auction record price for 
a Rajput miniature of £5.000. 
paid bv an American private 
buyer for an illustration to the 


Bamayana. dating from about 
1700. The day brought a total of 
£382.997. 

At Christie's. South Kensing- 
ton, a pair of Chinese hardwood 
fire screens made £1.900 in 
oriental sale; a pair of William 
IV candlesticks, and a five-piece 
Victorian tea and coffee service. 
£550 each in a silver sale; and 
a study of Dopey, one of ihe 
Seven Dwarfs. front Walt 
Disney’s studio, sold for £160 in 
a watercolour and print auction. 

An Iialian landscape in the 
style of Zuccarelli sold for £2,400 
at Phillips yesterday, it depicted 
a figure on horsehapk passing 
hy a beggar seated beside a 
riverhank . A painting of Venus 
and Cupid on alabaster in the 
style of tiie Neopolitan school 
sold for £1,300. liie sale made 
£28.226. 

In a sale of funiture, totalling 
£35,205, a set of large brass 
scales supported from a bull's 
mouth went for £800 and a 
Middle Eastern coconut shell 
water vessel for £520. 





Oh, what a night life. 


?[■ ' J 
‘ ^ -4 V '•*; 

*- - >■ * 4 v .* 

V • w ■ 


t -it 



* r V - 




^ .v - 

■> * •' 



Nine o'clock, and it's been night for four no J r s 
The moon hangs askew in the yawning firma- 
ment like the remains of a neon sign from 
livelier days, making the frozen slopes gMler 
and the embattled !C;c : es on g utte-s and dark 
pines sparkle iike tmsei ■ 

!t s warm in tne room. It-smelis sedate'y ct 
pine-wood, sun lotion, and wei -airea feather- 
beds. The only filigree is the frost -lowers on 
the panes . * 

Below the window tne haif-frozen brooklet 
keeps gurgling tne same tune over and ever. 
Each hoot o* an owl is a welcome, diversion 
And when finally ~ at. home you'o \3t be 
coining to iTe - you s:ic into bed and .owe a 
start because you weren't- ^ prepared ^cr 1 the : 
hot ’wafer bottle, rheibeamrircs squeak iko. 
sin , • ... ; • - ; y' 

Y ou have just t;me to. think ’f only .'a stayed, 
in New York. Hong Kong. - Paris/. Big. . Zurich. 
Geneva, or Basel instead of'-ihis mountain ' 
hamlet! • ,V - ; V- Y”; ' ' 

■ And before the tenth stroke ot the cjock. 
muffled in powder snew. you re sound as ! coo; 
f ’cr the whole boring nigh* 

Swissair or your iravel agent wi:! be giac 10' 
tel: yo u t h e rn os l con von ie n i we ys o ^ getting . 
to Switzerland. . . ! ; . 

An cl where you car en-by-Y the full sorno 
cl these turbulontly u? ent ta ip u n if ; h i t >’• : c :fy- ■ 
$lept-ihrough flights- ; . ; G / , a. . 



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8 


Financial' Times Tttes&y 


■ -e.i- i 


HOME NEWS 



L A BOE R N EWS 


ARTHUR SANDLES ANALYSES THE GRAND MET BOARDROOM SPLIT 


Morley, the Mecca man who 
liked to call his own tune 


Scottish 

hauliers 

discuss 



Times dispute propapg 
put to print union 


• I fl i *' 

; ■ : ■- i: i'* 




BT PAULIN& CLARK, LABOUR STAFF 


SUCH IS the difference in 
character between Mr. Eric 
Morley and Mr. Maxwell 
Joseph, his group chairman, 
that one centre of speculation 
after the Grand Met Board- 
room fracas might concern the 
question — why did it take so 
long? 

In personal terms. Mr. Morley 
is conversationally aggressive 
■to a point some might regard 
as arrogant, while Mr. Joseph 
carries self-effacement to near 
seclusion, though less now 
than in his earlier years. 

As top men in this brewing-to- 
hingo group they gazed at one 
another over a corporate gap 
that was often more of an 
abyss than a gulf. The divi- 
sion is physical as well as 
figurative. 

Mecca’s headquarters are in the 
dusty, grey streets of South- 
wark, south o£ the Thames, 
while Mr. Joseph's tasteful 
office is in tbe genteel heart 
of diplomatic Mayfair. 

The break has been on the hori- 
zon since 1972 when the Grand 




puoucmhbs moill flweiw X p ersorme j (NatsopaE disruption of prod&ctir^ 

unless unions. help to work out and MedJ ^ mi>n NGA members empWr 
By Philip Bassett, Labour Staff a new disputes -procedure. yes- for Ring and Hutchio®^ 

terday tabled its proposals for than 400.000 copies _ -IS? 85 


SCOTTISH ROAD hauliers yes- induari^. relations' re&nn -srtfc because of Industrial action by “^^PressT printers w* 


terday opened negotiations . in the -Society of Graphical and machine r® 0 ™ , relations management a week,,,, 1 **^ 

this year’s wage round with Allied Trades. Elsewhere, andusmal relauo^ managemenr a weeS a&o^ 

private' haulage lorry drivers, ■ Rut as if to emphasise, the problems on the ^2? {Station ^ 

pa? stjssk Sssftagsys 

hauliers tbe ~ ggS jgSTjM 

sr-payssss* 

with the Transport and General weekend’s Sundayi . : Times prevented production of the and daily papers had beet 
Workers’ Union, which repre- production. • paper’s London edition for six in the first nine manthsTof 

sents the drivers, were expect- Mr. pusaL ■_ NisbewJmith. niahts. , f ear - ■ Last month’s daHy-fc 

general manager,: sajd "he'.'had Outside Fleet Street, there was losses -were put at 22 
sent, a personal request- no sign of a solution to another that of Sunday papers at 


Term KMt 

Eric Morley, the sacked chairman of Mecca, after tile Grand Met board meeting in London 

yesterday. 


new chairman of Mecca. 


aiuic 10U WUCU UJC VUUUU _ _ - 

Met/Mecca. merger took place. Mr J«Ph has always °P«*ted 


The rumbling row over incen- 
tive schemes was not just a 
straw to break the camel's 
back, it v/as a fully Hedged 
log. 

Grand Met has a reputation of 
being a one-man band — with 
Mr. Joseph being tbe man. But 


a system of delegation in his 
operations, giving divisional 
heads considerable freedom. 

However, it does seem that 
there have been many disagree- 
ments over how far this indi- jj e c j a j ms 

brought 


the wife who last weekend 
spilt the corporate beans — and 
rose rapidly to the top. By 
1951 he was head of dancing, 
by 1954 he was a director and 
he became managing director 
in 1961. 


ing industrial action to follow 
toe negotiations. 

The talks yesterday, though, 
concentrated on items' not sub- 
ject to the Government's pay 
policy, according to tbe Scottish 
regional office of the associa- 
tion. 

Union negotiators will now 
report back to their members, 
but as further talks have been 
contempt. He complains about for . ° c f2? 

being misunderstood by Fleet gi, ■ c H Uo “ Skel! 

Street and is particularly S< ^ d . > f“ I ?A e “i^ el ^ riv 


BL ordered to pay 
lost holiday wages 


Road^hauliere FaUR stop ?eStSra „. mUv 

sued BL^ the 


Kodak tall 
break del 
after offer 


arrangements were 


vidua! freedom of action could 
go. 


upset by newspaper eagerness ™ ehWe of F0U * shop 

to criticise the Miss World h ? successfuUy _ 

Contest | e ^g within the Governmems owned car company, over a claim remained opposed to the statu manaKenien t and unions* 

For some, Mr. Morley has been p^e Four. They feel that many ‘^Hooper^mTiSaWd that a Jativ^of its SDOO mai§£ 


St^e- «»S£but tbe^ndon stewards pj g 


s to be the man who a possible successor to Mr. companies would not he able to “SJ5P around £20 oh ayerage for Mr. Hooper maintamtu «.« « ke rs broke down yestertov= 

commercial bingo to Joseph as chairman of Grand afford the consequences of in- I-' 00 . w °ri‘ e >' s at theedmpany^s national meeting of BL manage- 


in fact the croup has a power- Mr. Morley s strength over the 
ful duo of joint managing yean has been his profit 
directors. Mr. Eric Sharp and record. Total freedom of action 
Mr. Ernest Grinstead. , can have its unseen dangers. 

It is one of these two men tint In fnese days of increasing 
each of Grand Met's present unionism, for example. Indus- 


four operating divisions report. 
Mr. Hurley's Mecca is under 
the wing of Air. Sharp and it 
is to him that Morley has bad 
to answer in the first' instance. 

Mr. Sharp is a lough no-nonsense 
individualist, but a man with a 
deep loyalty and respect for Mr. 
Joseph. He shares his chair- 
man's aversion t? the limelight. 

Under the plan for the post- 
Morley era Mecca would cease 
to operate as an entirely 


trial procedures operating in 
one section of a group can 
easily set a pattern for claims 
throughout the enterprise. 

Now in his 60th year, Mr. 
.Morley has always been a 
fighter, and shown remarkable 
consistency in winning his 
buttles. An orphan early in 
life, with a Cockney accent he 
has never lost, he rose through 
the ranks to be a wartime 
acting major. 


Britain and he certainly has 
the unchallenged honour of 
creating those twin pillars of 
British leisure culture — the 
Miss World contest and Come 
Dancing. 

He is a generous supporter of This isolation 
charity and one-time chief many Miss 
barker fchainuani of the 
British Variety Club and a 
dedicated Conservative. 

A major disaster in Mr. Morley's 
public life has been his 
inability to understand the 
Press. He has been con- 
sistently flayed by columnists 


i a p rnttrUllc \Jx ■» ■ • in p * ; , — .mmJ 1 

iS^tl5n55S»Ur75S Sal^cuorsrsr^^ SS »d national union officers 

has seemed . to retreat as andthat thev would have to, The . stewards tirey represented a firni agreememfot to add more thafl% 

Mecca, in spite of its admirable a6 sess the cost of any action £!™ e £. up a week s close-down at Christmas eent t0 average earninjH 11 ^ 

profits record, has been con- SjSt the fhVeat of sanctions Cnristmas h oLday week of 1976 1976 with local discussions to ce ^° 

sistently isolated from the rest bv the Gov«nmenL Dut were Ioc ^ e d out because follow on the days to be moved, gojia- sta *r settle,! 

S-SSs.’S 

i&CM eawsss; SSS 


<is so real that (land 

World viewers | prepared 
might be surprised to learn 
that Mecca is only a division 


? de " SSS: -TSSiMESi Ei iru as s s S ce 1 m h pS.eTr 

line With general TGwU rei-Hnn.; manaeer. hafl assnrvH ?. ivea . m ® ee ™ s J 0iP0S3IDie tor were treater. 


of Grand Met and not a attitude 

separate Morley-owaed opera- in,, bne witn general TUIVU relations manager, hid assured £! ve ^ were greater, 
tion. In fact Morley has less pohey were not prepared to them that statutory holiday would defendants now to contend The pay talks broke dotni 
of a financial stake in the entertain 2 5 per cent deal. nor be moved without union }“ e ro was a na " °“ a ‘ a8X een] ent t er( jay after union, neooti. 
whole Grand Met business now The lorry drivers’ claim, which consent. " - binding on all the unions at said the Phase Four ofier.- 

MMCIIUV than he did a year ago. is well in excess of the Govern- The stewards— Mr. Eric Smith, Swindon that there should be a not acceptable. The anions. 

w- if*- *r”' %£ss£sr?%! % S attf weeks d ~ re •* ^ ^ 

tnousana Grand Met snares «*» nn « basic 49-hour Meremiah— had sued . on behalf 


separate empire. Its own four He joined Mecca in 1946 as a 
sections would report indi- publicist for dance halls — in 
vidualiy to Mr. Sharp as the one of them he met Julia, 


LUUUSailU VlliUlU IVICL Audio m n0 mini- nn n 

He has the unhappy knack of because, as he said, he could S rm.i. 


probably 
■but which is easily taken for 


a 35-hour week uuthou, loss 


week, which could be consider- of L.700 TGWU members at the 1) ao#I fiJlllfPr 

'ant They were awarded costs. IvUdU IdUIVCl 
The action followed 'a BL ded- 


treating interviewers with not afford to live on his salary r^ThSher with owtlme and ptonL They were awarded costs, 

what IS probably suspicion — arnhahlv shnnt «snnn n voorl aD lr_ , IU S aBr * uvetume, ai * «r 


pay. 

The drivers were one 01 the 


pay increases and a reriift fo 
hours. ; ' \fi\ 

Kodak’s offer was for aTf 
cent pay increase and a>pr 
tivity bonus scheme, :b«a6 
meeting company periora 


Poll says Labour’s Scottish 

% 


Fiat picks 
XI 19 launch backing staeds at 


of The action followed a BL fled- ■ f JL i _ , 

won to shut the plant during toe SSllCty HUH 

xuc unvcia ncic «ub u* Jie n^ 5 Wfp^ ^Sator- A new short film launched in targets” and on . individual: 

first significant groups to breach d to tran^ twrStatof? London yesterday Warns road attendance, which woulff-p. 

Phase Three last year, when da - • .. ta mi « ^ k y users and bystanders to stay away a maximum g pe r cent nS 

those in the West Midlands -t^. ODDOSei j bv tbe TGWU from any damaged, road tanker basic rates 
settled at 15 per cent after Indus- braLb^ 'nSt^ actionwSfrecently v.™if ,ond ^ hRI>Bd The company felt ^ 


I trial 
ipanies. 


action "against some com- heard at Hindoo Cmmtj WmE *g*,Egt21SSL,m-**' 


This set the average rate for propsal by tbe company for a negotiated elsewhere and 

the Association’s other regions national - agreement ^wttfa the it wS St toat S 

*r,A fnr Ihe iwnintn-W 1m tnrrv nnmne on f,7f,.re hnlMaw-arranB-e. !»« of . its Campaign^ to improve K was toe best tOat. CO^ 




and for the countiy’s. lm lorry unio» on future hoUday-mrange- g? SS?d*rf 3SSS made unlir toe pay' gdiS 


By Kenneth Gooding 


AN OPINION poll published Berwick and East Lothian by- contest 
* XFW vnainn r»f i» a iv R mn in yesterday's Glasgow Herald election with the boast: “ We are Labour’s candidate is Mr. John 1 Ponies 

"Tsvriv,,, 

ihecfd Z "he yd? More 1™ Ammcd 4 per gSw^gL’S f °™' r Tory Ieader L ° lA Home - 

louorhed m CootinentBl Europe |n ° , ques[ion: Seu'aud Ham.l.on^deje a *-£*£**£ 

° r th S ’ there was a general election to- determined Nationalist attack- °i “ e was re-aSld’ 

The newcomer, the Xl/9 1500. morrow which party would you will show that Labour has Dot the 5m- Z l show^tore 

will be on view at the Inter- vote for?" 27 per cent said Con- lost support in this highly mar- SStitoSfc^Sth a *«SSP 
national Motor Show in Binning- servative, 4S per cent Labour, gma! constituency. 55n5>tfnn’ ? h?-h 

ham this month. 19 per cent SNP, 4 per cent The by-election, expected to be ® memfa er 

Fiat has chosen 


drivers, including those em- ments. suhstanea* trammnrtnl hv~rn»H 

ployed by manufacturing com- At that time, the branch had substan ce^ transported by road. 

a mandate not to transfer, statu- 
tory holidays, and toe stewards rn 11 l a l l 

were concerned when it became . ^Cll-OUt DaGiY 


Massey plans’ 
may hit plant 
at Kilmarnock 


a UK launch Liberal and" 1 °per’ cent^ Scottish held on October 26. is caused by ship of more than I pvr i?FTTR?vr- r n\Nfiv ^ mulual agrfeement with all nearly a . fortnight, 

because of the ^Xl/Bs success Labour Party. the death of Professor John _ The Tones are fielding Miss | EN G INEER1 N G trade unions .at the plant. exhiBItion starts <it 

since ifs introduction in Januarv The figures in a similar poll Mackintosh who had an October Margaret Marshall, 44, a - - - 

1977 1 In toe first 18 moK in September were Conservative 1974 majority of 2.740. chartered secretary, who pre- nnm „ . . 

more than 3 500 were reristered 24 P er cenL Labour 52 per cent. Unlike Hamilton and Gars- dieted last week that she would _£? company's plans to 

more man were regisierea SNp lg per aJ]d LifaeraJs ca dden, tbe Nationalists have no have a majority of between 3,000 fF ale down its Eupropean oper- 
and Scottish Labour 3 per cenL serious hope of winning this seat, and 5,000. tl i? DS ; 2nnn if posslbIe loss of 

Labour yesterday launched its and it is being widely regarded The Liberal candidate is Mr. ai , s ‘. - , , 

campaign for the forthcoming as a straight Labour/Tory Tam Glen, 49. Particularly at risk under the 

company’s rationalisation study 
the Kilmarnock 


clear the only way to achieve a 

complete week’s shutdown at., of PY-hlhltmil 
Christmas was by such a ai vAtUUIUUU 
transfer. SPACE . for the public works 

In October, 1974. Ihey obtained exhibition at Birmingham’s 
a written assurance from Mr. National Exhibition Centre is 
Hooper that statutory holidays expected Io be fully booked 
transferred except b.v the ■end pf .this monto— 

before, the 


The unron n^otiators ^ 
report back to consufet 
further action and'tlri'tui 
ment is preparing a forniaf: 
to the unions to riahff 
overall position. No dateha 
been- set for any resum^fn— 
the talks. . . ; 


would not be 


— ■“'« “aw -“i “»5 1 **™**^ iMuuiwiu nans November 

: s erda o? t - uter a b “ uo, ■ cbnstmas a: 


in the UK in spite of constraints 
at the Turin factory. 

The car has consistently taken 
10 per cent of toe UK sports car 
sector, but in western Europe 
as a whole its sales are behind 
toe Matra-Sbnca Bagheera, which 
had 30 per cent of the market 
last year, and the BL Spitfire, 
with 20 per cent. 


Doctors asket 

to become 

shop steward! IIC” 




• * jv;. 




Landlords 4 need fair returns’ 


High Court move fails 
to free blacked ship 


By Paul Tayl 0 '’ 

THE BRITISH Medical As 
tion has asked its 207 do 
secretaries to supervise ^ 


is tee Kilmarnock cam bine 
harvester plant in Scotland^ 

which employs between 1,40 Oand T1?r . A , „ nurc * , ,, „ _ _ 

1,500 workers. LEGAL MOVES to free toe able seamen ruling basic rate work 

Last month tbe Toronto-based jnuoirtlacked bulk earner The ship has been blacked by as the association calls; tor 

company announced that in the a __ Libenan all unions affiliated to the federa- the first step In its campid 1 


nomination of hospital 
as shop stewards. ; v ^ 

The- appointment . of pli 
>tk accredited represeatic? m 


©Fiats mini-car, the 127. has THE CONSERVATIVE Bow barrister, who wants Jus recom- Under the Bow Group’s pro- 1 nine months to July it had registered^ ship stranded at tion and as a result she has been become Vpeweifiil doetortf. 
had lto UK price lifted by more Group today calls for radical mendations incorporated into posals, rent fixing would still be recorded a loss oF £145.5m_ and Glasgow berause of a pay dis- refused dock or tag assistance, union. 
two^ooM r 4 e °oe5^ he to a f^ll759 chan S« s in the Rent Act to make the Conservative ~ ' ,rm “ *—•'* » "♦•••*- -* T)ute — £aited In ,h « m * h Cnnrt v »«i ***»•*-* mmiiimMm. — * 

wbile°tbe three-doof 1050CL will k easi€r for landlords to manifesto. 


cost £2,471.04. 


repossess 


• « f i, am 5!\ ei r ■ f pro !! erty ,. I n . d These should include toe land- be taken to restore profits Transports* sought injunctions to union, and against Mr. Brian These' doctors will :u 

give them what it calls a fair Gf°_un s. ^ esaa ro.--f^5ff^ at 7;_f-i!! 1 lord’s obligations for .maintain- The Kilmarnock plant which ban the National Union of Sea- Laughton, a federation official, training from the assoc 


£5Qm terminal 
for Seaforth 
given go-ahead 


rent” from private tenants. 

The group recommends 
amending the 1977 Rent Act to 
encourage more private land- 
lords to rent out accommoda- 
tion as the most affective way 


successive 


Government Jesisia- j ng the buildinj 

vices for the tenant,' 


, (y-a hn . *“* «• providing ser- makes medium to largo havesters men and toe International Trans- and his assistant, Mrs. Aileen and will be exuecred to dei : 

tion since 1974 has been aimed v j Pf ^ f or £h e tenant and » *h a rw r rv>iiai-Knno anu win pe expecieu io_uv* 


members’ problems- at a 


By Our Liverpool Correspondent 
THE GOVERNMENT has given any 
the go-ahead for a new Freight- ments. 
liner terminal at £50m Royal 
Seaforth container port. 

Mr. William Rodgers, Trans- 
port Secretary, said during a visit 
to Liverpool yesterday that the 
Government would give a 
£412,000 grant, representing half 
the cost. The remainder will be 
found by the Mersey Docks. 

The two-track terminal is 
expected to be in operation by 
next autumn, with two trains a 
day linked to the main line net- 
work. 


Tf — — — ■«* — — a | popular in the UK, splits Euro- port Workers' Federation from Collarbone. 

forced bndlords to leave pro- “ Temuneration " for bis invest-) peaD harvester_manufacture with preventing the departure of toe , said the shipowners level. 

pC -r/ va caot. • • The rent would also 

n« c . r ^?. tn iT l- ni . ll00 -,_ int0 account compensation for Kilmarnock workers fear that R„ f Vr Tn<rti> 0 toe crew’s terms of employment TlfUL , L1JT „ !.«/» 

. . .landlords i to sl\ irrecoverable rent .arrears of the company may decide to cod- b e h a d n n doubt .hp^ 0 " said but to oppose companies operat- JVxliJKlllCll UHC 

of easing the country’s housing months notice and fftejW past tenant^ centrate all harvester production Side ' dilute fieLio® n th l "trS ^ shi P s Sags ofcbn- MILK SUPPLIES were Da 

shortage. P air L of ,_ th * lr °^ n . house _ % • Local authorities are. ignoring at the French plant. ™ the^hipown^ S thS vem '® nCB and 10 challenge rules normal ySer^ oTmw 

tnOTIie* 1 1 - . . 7**' nn thft T)av rstp^ n F InHi^n cni. L- 


Tbe reforms would not affect ccu ?! < * tenants two months' or evading the Housing '(Home- 1 
existing tenancy agree- no i! ce t0 * eave - „ less Persons! Act when it comes | 

Present-day rents, the group to single people,- says tbe i 
claims, are often unrealistic and National Cyrenians- voluntary I 
™ report is written by Mr. do not give landlords a fair organisation in its ' annual) 
Michael otepnen, a London return on their investment report 


circumstances,' an 


Guinness offers Triple X stout 


Call to fix 
homeworkers’ 
rates of pay 


injunction on ^* e rates °* Indian sea- Notbinghamshire. followh 
v.ouia not oe granted. The ship- tha u „. .. one-day strike by Coop 

owners are to appeal against his 3 «, dge d ' - Tbe ^ nren - Thousands of 

decision today. .the owners is not a were without milk owi 

sham. -It is a real dispute. If weekend, because of a d' 


owners could comply with all beheved to centre on aj 


that thp r^miii/ V 0 m „ 6 wt wuiu ™u pywuiau oeuevea to centre on 

Ind H y® *5““ toe tenns of toe ITF, the dispute official at the dairy. Tbe 

Indian crew should be paid the would be at an end." returned to wortc a£ter t^ 


BY PAUL TAYLOR 


PROPOSALS FOR legislation to 
fix. minimum rates of pay and 
to calculate 'the hours worked 
by homeworkers are put today 
by the National Conference 
Home workers 


of 


_. Action Groups. 
It calls for a Government under- 

ARTHUR GUINNESS yesterday company's West Pennines region capacity in Dublin for Triple X taking to grant homeworkers 

Until now containers have been launched an extra strong stout and reflects the group’s confi- beer production. employee status, 

ferried from the dock by road beer called Triple X in the UK dence in the strong ale and With an original -gravity of The conference, which includes 

eleven miles across the city to ma rlcPt PrevimicK- barley wine market in spite of 1073°, or about twice, the ™ em . bars , toe General and 

the Freightliner terminal at F _ . y-i.. o* * the continuing decline in bottled strength of Guinness Extia Stout, Municipal Workers’ Union and 

Garston. This involves about 60 ?* ,ro “ ® s F °roign Extra Stout. beer sales ^ new beer h ta the Low Pay Unit, asks Mr. John 

trips a day. , be sol d in the London Guinness sells Foreign Extra « be SDe eialist Ktrr,n« bnripv Grant. Employment Minister, for 

Mr. Rodgers said the new area this month and promoted Stout in about 120 countries, and 1 -* ■? the forthcoming -Queen’s. Speech 

terminal would be of consider- with a £250.000 TV and poster leads the market in some e anc * super-lager strength to include- legislation to grunt 
able environmental benefit as advertising campaign. nations. The continued shift of lea S u ®. which at pre&ebf claims legal employee status, 

well as helping to ease economic The Triple X launch follows its production from Dublin to a stable 0.6 per cent of tbe beer The proposals calculate, hours 

and unemployment problems. successful 18-month trial in the foreign plants has left spare market 


New era for motor parts industry 


BY KENNETH GOODING 


of work in terras of output 
equivalent tt> the hours worked 
by a factory employee .producing 
the same amount. Mini mam rates 
of pay would be no ‘less than 
factory' rates for simitar, work and 
they should be established by the 
Advisory, Conciliation and- Arbi- 
tration Service and enforced bv 
toe wage*; inspectorate. 


Sacking upheld 
by tribunal 


THE MOTOR components in- ponents are concerned. level until satisfactory comple- expensive, light and rust-proof; 

dustry could be on the threshold *■ The UK components Industry ti ‘?P; . ^ aluminium and sintered metal 

of a completely new era and the ^ith its outstanding independent ln 1 I , arge companies there are parts; sparking plugs; . exhaust 
UK companies are unquestion- f acm *i es i n contra^ wife some normally several interests to be systems (because of Stricter 

ably well-placed to take full {%£££ whST to^S! ^suited before even initial vehicle te^ts); “nd more ^phi-. ,, 

advantage of toe situation, man iif ac turers’ vertical Integra- decision or action can be taken, sticated power-braking systems I the 

according to toe Economist tion has to some while For small companies toe for heavier tructaT^ 1 

Intelligence Unit. the competitive nature of the ¥eiJ tore capital, back-up re- 

This view is presented in business, is well placed to take W) , . - , . 

unit’s latest special report, full advantage of the situation," JggJJ 0 “J 1 "nsuombS Y eh ^!e assembly ’plants in Mion to the transport workers 

was written by Mr J. he saj-s. nVoblems’’ y P l developing countries id showed after the TGWU had signed a 

bcort Ward, formerly with Guest ji r . Ward suggests that Among other points made the ^ ere *°. be about 67 in South closed shop agreement. 

Keen and Kettlefolds. and an me dium-sized companies are reoort sava that the UK smium ? ast Asia - about 36 in Latin .. Victim of the sacking was Mr. 


EMPLOYMENT Appeal 
yesterday upheld toe sacking of 
Mr. Scott refers to an earlier I an electrician over his refusal to 


. . „ , . . „ . sources and dearth of hlehlv rarers to an earner eiecu-ician over ms refusal 

,1? J.® JkSlS aS tberetare USSald Te l or } wbich - in 19 76, identified transfer from the electricians’ 


• j j SZY+\ t medium-sized companies are report says that toe UK anoears . L , A5,a - a °out 36 in Laun v eum oi me sacking was Mr. 

independent consultant to the j^ely to -have the greatest sue- to offer the successful base America (not counting Brazil or ^ ev i Q Beaumont, said to have 
motor industry. — h^iI. ^ccessiui oase Argentina) about 33 in the b «n an “excellent’’ employee of 


motor industry. cess.' “The controlling company for ^ American' "com^nenropVra- «-§S? tln i > about *32 ' in — , . 

He points out that there is a needs' to be sufficiently small tions aimed at penetratin'* and M - e East P!us about ten manufacturers wbby 

trend for nearly every emergent that -vital policy and other deci- serving the growing markets in projected - McNeill and Libby for more than 

country to have, if not its own sions can be taken with the mini- the EEC. toe Middle East and The Automoticp r«*«jnenk 

mnln, iorfiiclvv it I met m,, tv, ridlvc u,k;U ... ^ . Aftef tile dcCISJOD, Mr, Althlir 


national motor industry, at least mum of delay, while implement- Africa. Industry of the Tiir rn'n^rta^iM I xr ^ ’"I m T u S ,SJoa - ^nnur 

on assembly plant with a view ation, in the event of a positive Products most Ukely to enjoy Report No. S Prir^^oPom SftSi of , t S e , EIec ‘ 

to steadily increasing local manu* decision, can be kent under sur- exoafidins demand are niMtie Electronic and Teiccom- 

facture as 


increasing local manu* decision, can be kept under sur- expanding demand are plastic Economist Unit *»7 and Teiocnra ' 

i far as suitable com- veiilance from a responsible components because they Lein- St. TGWU it ^"actiSg tike ^ SKafal” 


NOTICE OF REDEMPTION 

To the Holders of 

American Brands Overseas, N.Y 

. . 8 % Guaranteed Debentures Due 1981 

Issued under Indenture datedas of November 15, 1969 

5‘l5?7^wiS.S^mn, 1 Irr I \? : S ^t^a^aanzio toe provisions of toe above-mentioned Indent tnfg, 
k««,,Ur Te ir.-o I 1 ibe. above described Debentures has been teiecied for redemption on 

amount theretdi 


■ November ii“io7B 'twi, 1 ? iWDeiiturra Has been wleeied for redemption M 

«ESarra “ lw% o£ 


44 1344 2144 4344 52-14 « « 

444 3144 3544 4?« fl*4 


ri.ir Dpbentaws of $ 1,000 eacli of Prefix “M^Learing 
me distinctive iN umbers ending in any of the following two digits: 

20 . S3 70 VS 76 S3 SB 

AJso Outstanding Debentures of Sl.OOOeacli of 
Prefix “M^beoring tiie following Numbers: 


4744 5944 7644 §7** llS2* ??§f* 22144 ~S44 2«4f 


iSi S M ^ ££ jlfZ «=« 14^4 iSSZ STS aSS 

a ?44 S044 6444 JM44 124 S IStJ J4144. 1724* 1334* 21144 22544 23544 


“* sa =a sa stu an an IM iix msSMm 

or currency ^ es *S I » a t«l above' will-become diie.and payable in such -coin 

payment of public and privalte^h^^M 11,8 V^ymoat shall be legal tender for too 

thereof with all coupons a *1? Deben0ire ? will iw paid, upon, presentation and porfender 
die holder either (af «*tlKSJSS after I ^« n P l «* n at the option of 

York, 13th Floor, Company of New 

of Morgan Guaroniy Tnisr York, New Yodt 16015, or (b) at the main offices 

or Banca Vnnwilfer & C ^ n _ ln BmseeKFrankfu rc am Main, London or Pans, 

November 15, 1978 should’ f r & Hope NY in Amsterdam. Coupons duo 

refrrred to in (b) above will in the usual manner. Payments at ibe'offi®* 

dollar aiTount mainiaiiied i,.. ® ,8 “° drawn Wi_a dollar account, or by a transfer to » 

cm and yfler Novem er 1.S f, Nev YoA lailk - 

for rprlMnniinn ’. -Uro uilHttt shall cease to accrue On tli« Debentures herein designs Ira 


for redemption. 

U.ueJ: Ocioiicrlfl, 1978 


AMERICAN BRANDS OVERSEAS, IV.V; 


NOTICE 


at 5 &i 7 3 ^ 15 ” f J rodemption lcrre not as yet been presented for payment;,. 

2519 3264 - aifiU i-n,, iu«. :. ... 


30140 


31664 

11781 


13343 

12332 


1243« 

12437 


13118 

13945 


14365 

34371 


34573 

14670 


18787 

15850 


13«7 

13302 


A 


TV- 

-V . 





5ts. 



Financial Times Tuesday October 10 1978 


ton 




EBfTED BY ARTHUR BENNETT AND TED SCHQEIERS 


• energy 


» WELDING 


*SO 

' 

? ;.w‘ •' * 

ir.ii ... " 


Production time cut 




• V¥Y. 




M j 


Vertical 

windmill 


«&* 

IV' 


•by joint tracker 


COMPANY tr.akinp steel 
7 ‘.; " ' -AninHs and casing*: at Bad 
i. orienbcre, West Germany. was 
' r -ie first tn piirrlia.se and tneor- 

y "'.r ,ls welding plant an 

5v.. J^inl (racking unit— the 
- . • - . • . B-GAA. 

. r.i Since its installation, a major 
.npim-emenr in throughput has 
• ' :j '\- ?en experienced. 

. r.f -.ln the main workshop of the 
.'anL lire larger pari of the cn- 
’ noeriug facilities is used io 
'. • ■.'oduce heavy duty transformer 
• y (Sings and transformer rooting 
• - stems. The transformer casings 

' "o in the 40 To 80 ton i.-lass. 

Previously these tank nsins 
F - nd been welded by band, at an 


f ' nd been welded by band, at an 
fid I 'erase rate of 1 metre every 
*1/(191*.' minutes. After installing the 
*vl6-GAA, and combining it -with 


*m 16-GAA, and combining it -with 
j i KSAF AK*SlGt- Hilly aiito- 
VI Malic welding head mounted on 
column and butim, the com- 
nit iny found that weld lime u-as 
Ctl Ffth *?duccd from the hand-welding 
4 W (Jl'le of 9-; minutes to 2t minutes 
• metre. 

As this company has to put 

■ •L;.-; own m tin* region of -M.iMJO 
‘.."'etrij* of horizontal welds a 
." ear. u experienced a major 

• ... - crease in productivity. 

"■ It was found at an early stage 
; : 'tat there would hi* no need to 

■ ; . . ‘avt? positioning fixtures to hold 
own the 40 In 60 ton wnrk- 
ieces in a precise position in 
'laiinn to the welding wire tip 

. . .. ; f the welding head carried nn 

~-.;* , ie column and l*ooni. All that 
'.*• aw is required ix to use a 
miry crane In place I ho wnrk- 
iccc on the workshop floor irj 
.. ‘ to approximate welding posi- 
. . :.on because the joint tracking 
nit takes up any errors in 
orkpicce positioning up to as 


much as 3(1 degrees off the 
straight. 

The unit's micro-computer 
automatically compensates for 
any error in welding bead track- 
ing, and (his in turn allows, lati- 
tude in positioning -the- work- 
piece.. Workpiece positioners or 
jigs are totally eliminated. 

' When -welding, the micro has 
the geometrical factors which 

exist at a given instant between 
the welding arc and the. edges of 
the joint red to Its logic circuit 
every 40 milliseconds. To do this 
the welding arc is magnetically 
diverted la either side of the 
joint for a period oF 4 milli- 
seconds in each of the cycles.. It 
is then that the geometrical size 
#»f the are ;it this instant In rela- 
tion in the joint is measured. 

To do this two pole magnets 
art* fined tn the end of Abe con- 
tact tube of the welding head 
and the magnets positioned so 
that they lie in line with the 
joint. When the magnets are 
activated the «ij*c is deflected to 
one side or the other. At this 
instant arc length. -hreadth and 
other geometrical dimensions in 
the arc are calculated by the 
micro. ■"••• - 

As a preliminary an operator 
manually makes the -best pos- 
sible weld and the parameters 
ux?d are stored in memory. 

The computer compares the 
arc's geometrical measurements 
with tin; stored parameters any 
differences are translated into 
voltage signals and- applied .to 
either of two servo-motors which 
drive hnrimnla] or vertical slides 
tn biter the welding' head posi- 
tion appropriately. • 

Further details from ■ ESAB, 
S-402 TO Gothenburg, Sweden. 


I v V : 

ill ^ \ 


•/ ■yjrriZ?* 



One of three skid-mounted pairs of Varivoid filters leaving the 
Pcrmulit-Bohy works at Brentford. Middlesex, at the- start or 
its juumey to the Conoco Muchison Field Development platform 
in the North Sen. The six Varivoid filler battery, which was 
assembled ami prc-commissioned before despatch, will be used to 
treat sea water required lor oil extraction “waterflood” duties. 
Operating in parallel, the filters arc capable of removing 97 
per cent of all solids down to a particle size of 2 microns at flow 
rales of up to 156,740 barrels of sea water per day. 


ADOPTING A design of vertical 
Matted wuidmill which looks very 
like a concept originated three 
years ago by Dr. Peter Muss rove 
of Reading University's Engin- 
eering Department. McDonnell 
Douglas is lo build a Slfim “Giro, 
mill". for Jlock well International 
acting one behalf of the U.S. 
Department of Energy. 

The Girromll will generate 

40 kw or 53 hn — enough for Ifi 
homes. It" will have vertical 
blades rotating in merry-go-round 
fashion around a vertical central 
shaft and will accommodate 
winds from any direction without 
major adjustments. 

McDonnell Douglas engineers 
believe the. Girom ill may be less 
expensive to build than a con- 
ventional windmill nf equal elec- 
trical capacity. It is also passible 
tn design the GironnU to resist 
damase in high winds because 
the blades ;can be released In 
such a case, allmring them in 
weathervane and minimise blade 
loads. 

The GimniiU prototype will 
stand M feel high and will con- 
sist of a 60-Fuot steel lower 
structure, three 39-IYmt vertical 
blades, and an electric 
generator or gear box. 

Preliminary feasibility analyses 
and tests nave been conducted at 
the McDonneti Douglas Company 
division of McDonnell Douglas. 
These analyses showed the Giro- 
mill to be competitive with 


other systems already in pro- 
duction. The tests also verified 
performance prediction* in a 
wind tunnel. 

One application would be fnr 
deep-well irrigation. Farmers em- 
ploy irrigation pumps throughout 
the plains region of ihe U.S. To 
power some of these pumps, 
farmers rely on locally available 
natural gas. 

Meanwhile in Britain a scaled- 
up version of the Reading verti- 
caj biaderi mill is under develop- 
ment with funds from NRDC. 

McDonnell Douglas is at 6S 
Goldswnrth Road, Woking, 
Surrey. GU21 1LQ. 


• PHOTOGRAPHY 


Slides made 



at home 


MATERIALS 


Retains the 


warmth 


THE REDUCTION of sound 
levels and conservation of heat 
are iwo-fntd advantages offered 
by a ilexihie covering material 
known as Granomural. perfected 
by ihe French company Socicte 
Cod u pal. B.P.20S. 40206 Com- 

piegne. Codex, France (Telex 
150 151 F f. 

Consisting nf wnod rhippinss 
bound by latex with a glass fibre 
reinforcement nn each side to 
provide dimensional stability, it 
can be applied lo ceilings and 
v/alls. 

The material may ‘lie applied 
in l he same way as wallpaper, 
using a vinyl nr acrylic adhesive. 

Untreated or unsightly sur- 
faces can he disguised and. as 
it is an undercoat material, it 
can be covered with various 
types of decoration. 


• PERIPHERALS 


ALBEIT IN somewhat low key, 
3M has for some time been 
marketing its own colour trans- 
parency film, together with a 
home processing kit which, per-j 
haps because it involves mixta e ' 
powders with water has not 
achieved great success. 

Many amateur photographers 
buying private label films (from 
Boots for example) have also 
been unaware that the material 
is made by 3M. intended fnr 
the same E4 process, a relatively 
simple one fnr amateurs, involv- 
ing only low temperature proces- 
sing baths. 

In the belief that there is an 
increasing desire on Ihe pari of 

keener amateurs tn process their 
nwn transparencies, the cumpanv 
has now hrnughr out a much 
simpler proem* involving only 
pre-nacked liquids which are 
used at 20 deg C. held at either 
or ±1 dec C depending upon 
the portion or the process. At 
this normal room temperature, 
control to half a degree is not 
difficult. 

Recent London demonstrations 
revealed excellent transparency 
quality. AH that is needed for 
processing is developing tank, 
five bottles of made-up solutions, 
a thermometer, phutofinod lamp 
and a measuring beaker. Total 
process lime is 64 minutes. 

Partially used buttles of the 
concentrates have a long shelf 
liFe so that a couple of films can 
he processed and the remaining 
fluid kept for future use: there 


for 

construction 

01-9951313 


is therefore appeal tn even the 
“ficcasionar amateur — a market 
which the company hopes to 
expand. 

The introduction comes at a 
time when there appears lo he 
some divergence nf view in The 
trade ns tn whether the pre- 
dominant move is towards 
“instant.'’ nr D1Y home-processed 
colour photography, A good deal 
depends on the kind of amateur 
involved. 

According In Kudak there is 
in any case a strong move away 
from the transparency to the 
colour print. 

3M on the other hand believes 
that more people will take tn 
home processing of slides when 
they see the quality that can lie 
achieved. 

Developed in the UK. the kit 
nf chemicals will be on sale in 
local phntngraphic and chemist's 
shops from October 25 at fS.‘2& 
(ex VAT). 

The value of all sensitised 
material snld to amateurs in the 
UK is about £70m. oT which 
colour slid* 4 material is probably 
in the £10m to £20 m region — a 
market nn whirh 3M is now’ 
focusing attention. 

More from F.U. Box 1. Brack- 
nell, Berkshire (0344 26726 ». 


UK company’s bold more In printers 


e SERVICES 


Powerful aid 


> PROCESSING 


Mixtures of all kinds 


AM IX top. side and bottom- 
-Tlry agitators, with four types 
impeller and nine different 
. -ive units with powers up to 
i0 kW have heen ' produced 
Oy Jo-Ro . AB nf pietar- 
• &ri. Finland, to meet any raix- 
. g or blending requirements at 
' scosities up to 100.000 centi- 
,.»fses in both, open and. pres- 
,' irised vessels. 

; For closed-vessel applications, 
itator shafts can be filled with 
?chanical seals or sniffing 
xes to withstand pressures be-, 
-ecn 0.01 and 5.0 MPa (50 bar 
pro.vj and temperatures up. to 
0 degrees C. impellers can be 
‘ Jde of an y we J da We materia) 


and he protectively coated-for 
use with aggressive fluids. Large 
propellers may have bolted in- 
stead of welded hladesr -Aseptie- 
seal and explosion-proof motors 
can be supplied. • ' 

To ensure that the right com- 
bination iif impeller and drive 
unit is- chosen for^ optimum effi- 
ciency ’ and minimum. ;..- : pawer 
consumption, pilot tests Can be 
run ai the company’s own Iabbra : 
Tory.- Initially the choice -of "Im- 
pel Ibr" must he- based 4>ia a r ’de- 
tailed specification -of process re- 
quirements. A drive unit appro- 
priate to both environmental afid 
proeess. conditions is ‘Then 
selected. . . * 


IN' A direct market confrontation 
with Japanese manufacturers a 
step not tno frequently taken by 
British companies in ahe elec- 
tronics field — English Number- 
ing Machines. . a Rank sub- 
sidiary. has announced the com- 
pleted development of an clec- 
trosensitive printer with 114 tnm 
paper width. 

It will be made almost en- 
tirely at the Enfield factory 
until the company moves into 
new premises a few miles away 
at the end of 19S0 and will be 
marketed virtually world-wide, 
including the U.S. where Hank 
has sales facilities already. 

Price in the UK is expected 
to be under £350 in OEM 
quantities (over 100 units!: 
EMM claims that this as around 
10 per cent less than much of 
the competition at lhis paper 
size while at the same time 
offering facilities such as type- 
writer mode and self-tes-t. For 
the time being at any rate the 
company wfaH be steering clear 
of the 60 mm market. 

Work is about to start, on the 
installation of a production line 
in 3,500 square feet nf space at 
Enfield from which the first 100 
machines- will roll in about 


March nf next year. They aro 
all earmarked by as yet undis- 
closed customers Tor evaluation 
purposes. 

The Home Office howexer is 
known to he taking a keen in- 
terest in the project, having hcen 
involved with development from 
the start after a debacle with 
another manufacturer's printer 
(hat it intended to put into police 
cars. 

For English Nurnhering 
Machines there is no doubt that 
the. new machine, to be called 
ESP 40, is something of a water- 
shed since it is only- a few years 
since the company attempted to 
enter the full scale computer 
printer market, with what new 
managing director David James 
calls “disastrous results ” 

The company's main business 
was, and wilt probably remain 
for some time. hand-held 
mechanical and a large variety 
of electromechanical numbering/ 
counting machines. It makes 
almost all of its own parts — 
there is for example, a full scale 
injection moulding operation 
with snme 3fi machines. 

Building tn OEM needs, in 
four separate buildings and with 
literally . hundreds of separate 


products,' James describes his 
task of turning the company 
round to profitability in will be 
so >n .1978/79 for only the second 
time in eight years) as "rather 
difficult.” 

It was also evident that the 
company' will sooner or later 
have to turn its hand to elec- 
tronics. and the new printer, 
brainchild of technical manager 
Manfred. Huber, is seen as only 
the first of a new line. 

Brain Of the ESP-40 is a 
Motorola 6S02 microprocessor, 
giving the printer considerable 
versatility, convenience of use 
and reliability. 

For example, four fonts are 
selectable (10 ch/in, 10 ch/in 
dense, 5 ch/in and 20 ch 'in) and 
the machine can print graphics 
such as maps and diagrams. It 
is also possible, using television 
raster data, to transmit and 
adequately reproduce a facial 
likeness for police purposes. 

The machine can he used as a 
typewriter. keeping the 
characters in a 360 character 
buffer for later transmission at 
up to 9600 bits/sec. 

No sprockets are used to move 
the paper (a transducer keeps 
track of thejbeacl) and if the head 


is externally jammed nr the 
paper crunches, overloading is 
prevented by cutting the power 
supply and sounding an audible 
'alarm. When printing, the unit 
lakes under 3 amps from a 12 
volt supply, and under one amp 
nn standby. Print rale is up to 
SO full linns/min. 

The final production unit, 
which will have a glass-filled poly- 
carbonate chassis, will weigh 
about 2 kg and the cased dimen- 
sions are only 210 \- 105 x 205 
mm. 

At a recent exclusive demon- 
stration to the Financial Times, 
the printer appeared »o be insen- 
sitive tn mounting position, to 
shaking and hanging. Its specifi- 
cation includes an operating am- 
hient temperature between — 15 
and +R5 deg C, at altitudes to 
20.000 ft. 

Applications foreseen by the 
company include use on all kinds 
of vehicles, process cnntrol. test- 
ing and wherever the environ- 
ment may be difficult. Internal 
operating voltages do not exceed 
36 V. used at the head itself. 

The company is at Qtieensway. 
Enfield. Middlesex EN3 4SB 
(01-SO4 S121L 

GEOFFREY CHARD 5H 


for brokers 


ahle on lease nr rental. 

Dunlop and Badenoch (Con- 
sultants), 31 Percv Street, Lon- 
don W.l. 01-323 08S6. 


TO BE demnnsi rated this week, 
a policy-handling system has 
been produced (0 meet the 
needs nf insurance brokers. It 
will be shown at the British 
Insurance Brokers' Association 
Conference and Exhibition, 
National Exhibition Centre. 
Birmingham, on October 13 and 
14. 

Designed for Dunlop and 
Badenoch (Consultants) London, 
it is for use in small to medium 
sized brokerages w/th the aim 
of cutting costs and increasing 
administrative efficiency. 

Using Gamma Olympic hard- 
ware based on DEC microcom- 
puters, the package holds up-to- 
date information on policies and 
all clients: revenue derived from 
each policy by way of initial and 
renewal commission; comparison 
of commissions received against 
those due with detailed lists of 
discrepancies: business reports 
monitoring cost effectiveness of 
advertisements and salesmen. 

The IBP system is being 
offered at a total prire of about 
£10.000 (including the applica- 
tion programe) and is also avail- 


ROADMAKING 


Improves 
the surface 


WHAT TO do with plastics 
waste is a problem which has 
exercised quite a lew ingenious 
minds. From France comes an 
idea for incorporating pvc waste 
and aromatic hydrocarbon pitch 
inlo a Imver-cost binder 
material to he used nn ennerete- 
surfaced roads subjected to 
particularly heavy traffic. 

Gompo 2020 is the name given 
to the mixture which enntains 
20 per cent granulated pvc and 
SO per cent pitch and its 
developers, with some two year:' 
experience of its application lo 
trunk roads behind them, claim 
that it is highly resistant to rut 
formation and tn cracking, while 
being impervious to rain penetra- 
tion and providing good anti- 
skid characteristics. 

Ste Internationale Ftnuiierp. 
19 rue Broca, 75240 Paris Cede* 
05, France. 


Doctor? 

bm 

shop « 






hid 






d scientists 


, t'-K. 

Mi* s 


In an industrial company, there is need for 
computer power at three widely differing 
points: the office, the laboratory and the 
factory-floor. 

Understandably, the manager often 
thinks that he must go to a specialist in each 
field. A commercial specialist, a science 
specialist an industrial process specialist But 
in fact he is working from the wrong base . 

Industry needs a real time specialist. 

Real time to control its processes. 

Real time to monitor experiments and 

tests. 

Real time to manage production resour- 
ces: labour, materials and machines. 

Digital Equipment unlike any other of 
the world's largest computer companies, 
began its life in real time. 

You will find, in whatever branch of your 
business you need computer power, that 
Digital Equipment has unique products, and 
experience to offer. 

And. because our central strength is in 
minicomputers and because our company 
philosophy is based on interactivity, you'll 
find that we can usually recommend a solu- 
tion which will not only be less costly but 
will also be installed, debugged and working 
i a whole lot faster than the systems you're 
used to working with. 

If your immediate need is in the labora- 
tory, ask 11s about the compact DECLAB 
series. Based on computers of the PDP-11 
minicomputer family, this series' power and 
capability teamed with unmatched high 



performance, are helping to revolutionise the 
laboratory environment. 

If the factory-floor is top of mind, we have 
a whole range of systems to show you. as 
well as a new management concept: distri- 
buted plant management. This is a way to tie 
together your whole plant profitably, using 
very simple and easily installed communi- 
cations devices. Rather than new technology, s 
it is the fruit of Digital’s twenty years of 
experience in helping industry manage itself 
more efficiently. ___ 

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Digital's real time capabilities. • 

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refer 

that 


A NOTICEABLE shift in atti- 
tudes has taken place in recent 
months among banks and other 
financial institutions* towards 
providing development capital 
lor the smaller business sector. 
This t.vpe of funding is now 
being considered much more 
sympathetically and even ven- 
ture capital fur start-up situa- 
tions 13 being looked upon more 
kindly than it has been for 
many years. 

No doubt there are numerous 
pudding entrepreneurs and 
owners of established small 
companies who would argue 
■ iiat banks appear just as inlran- 
ticent :is they have exer been 
and emi Id produce evidence to 
shuiv that recent requests for 
finance had been rejected just 
as sdMiiKirily us they had been 
in i!ie past. 

But that wsmld be to miss the 
7 >i'int. for -lie key change has 
been in the frame of mind that 
banks are now adopting towards 
financing small companies. 

Certainly this attitude has yet 
to work tii rough to action on 
any large scale. The big 
■•(jestien, i hereto re. is whether 
it over will, or whether current 
attitudes in the financial com- 
mon fly will ultimately be 
revealed as more posturing to 
'Uir the pressures of the time— 
including a surfeit of funds. 
Nevertheless, the fact that a 
more flexible way of thinking 
r..'W erupts is in ilself sonieLhing 
i. e r< breakthrough. 

The lever of debate about 
si'ii « I i companies, fired by the 
Z-T.sr.e "Minister's- enihusiasm for 
the subject, by the work of 
Ha ru'd Le ver, the Cabinet 
Mini* ter given a special brief 
for this sector, and by the deli- 


CME of- thy besetting sins of 
British industry. — so its detrac- 
tor? say — i> its inability to 
deliver on time. Certainly a 
x ':' , .ir delivery record is one of 
the fastest ways a company or a 
c.-.tintry can warn itself a bad 
name. 

Delivering on time, according 
*<■ Garth Wooldridge, deputy 
managing director uf BSR. the 
British manufacturer of record 
changers with 75 per cent of l ho 
world market, is an asset which 
is “as important as the most 
expensive machine in your 
fact cry.” 

• i survey set up by the Insli- 
lu'ron of Production Engineers 
c.ineiii.lo-r that there is little 
e’M.’ivc for poor performance in 
meeting targets honestly and 
realistically given. According to 
t'.at surrey, of those companies 
Mi'.h poor delivery records — 
more than 15 per rent of com- 
pany ‘■•ai' ; *s 3re significantly late 



Page 


rhe City reacts to the wind of chang 

Nicholas Leslie reports on the resurging preoccupation with small business development finance 



herations of the "Wilson Com- 
mittee. has undoubtedly stimu- 
lated thinking. And the result 
is that a fashion for small com- 
pany development capital has 
been created — and the City is 
prone to fallowing fashions. 

It seems likely that when the 
Wilson Committee does finally 
report it will spotlight the fact 
that mere is little really effective 
institutional machinery for ven- 
ture capital, even though a sur- 
feit uf funds for companies in 
general may well exist 

Some anticipatory action by 
the banks would, therefore, pro- 
vide them with ammunition with 
which to counter any criticism 
directed their way. Similarly, 
pension funds — .anxious no 
doubt to avoid any possibility 
of governmental direction on 
which areas a proportion of 
their funds should be directed — 
have been making the right 
gestures about investing in 
small companies and even ven- 
ture capita! projects. 




G .V 'I'&x*'-'' 

;V' •- • . • •> * • ;.^V »:>. ■ -. 


via 


Our first venture capital investment has been too successful — they’ve just made a takeover bid for us.* 


Specialists 


Many of the long-established 
development capital specialists 
such as Industrial and Commer- 
cial Finance Corporation, 
Charterhouse Group and 
Gresham Trust, have been much 
more active this year than for 
some time and the latter two 


have, . after ‘an abstinence of 
some years, even stepped back 
into venture capitalism, or 
something very close to it. 

For example, the investment 
by Charterhouse Development 
(featured on this page on 
October 4) of £50,000 as part of 
a total £ 200,000 package which 
it helped to arrange to develop 
The Byte Shop into a chain of 
computer retail outlets was, by 
its own admission, its biggest 
investment in anything so new. 

But of equal interest is what 
some of the big clearing banks 


are up to. In August, the Mid- 
land Bank disclosed that it had 
set up a pilot scheme in New- 
castle with the local office of 
the National Enterprise Board 
to provide finance for small 
companies in the north of 
England and this will even- 
tually be extended to Liverpool 
where the NEB has another 
regional office. 

It is unlikely that the Midland 
will develop its partnership with 
the NEB further, but it is quite 
possible that it will make more 
equity and loan money available 


to small companies by other 
means. One possibility is that 
its new experimental structure 
of grouped branches, through 
which the particular expertise 
required to assess applications 
for this type of money could be 
directed, might be used. Ven- 
ture capital in the sense of 
backing new companies, may be 
considered. 

Barclays Banks also is aiming 
to extend its development 
capital activities. Its merchant 
banking subsidiary has, over 
the past five years, made around 


ten equity investments and 
steps are now being taken 1 , to 
raise the level of activity 
through Barclays Development 
Capital. Tt" is gearing up by 
expanding its team of specialist 
directors and has. recently taken 
the decision to commit £2.5m to 
this area of business. Normally, 
its objective is to invest in com- 
panies which are earning 
£50,000 a year pre-tax profits 
and which are looking for funds 
for a further phase of expan- 
sion. However, it seems that if 
the right proposition ■ came up 
venture capital backing would 
be given. 

What that M right " proposi- 
tion ” might be is not totally 
clean but it would probably be 
something like a person who 
has a first-rate reputation in a 
particular area of industry and 
who wants to continue doing the 
same thing, but running his 
own show. 

This is the type of venture 
capital investmenrthat banking 
organisations wish -to make and 
it shows that the level of risk 
they are prepared to. take is 
relatively modest At the same 
time, it is clear that the number 
of investments being talked 
about is also not .particularly 
large. 

Another significant feature 
of this apparent commitment to 
helping more small companies 


jftancial Times Tuesday 


EDITED B Y C H R fi>TO PH E R LORENZ 


ment op^rtunitiea as * 
result " of the . larger ■j'rrSk 
selling off activities whiafS 
feel are no longer germafov 
their business or which are'J 
small to integrate ■comfortJj 
with a particular stnictiire. 

These are the types 
investment to which banks gJ 
very serious consideratio 

because the .deal 
involves providing the fc> 
executives of the subsidy 
concerned with sufficient fni 
for them to buy the conuai 
from the parent One ihn 
banks really do. like is a 
established business and mte 
tion of good management wta 

ever they take an equity stal 

But whatever type of hwi 

merit one is talking about 
terms of development a 
venture capital, there ig 
degree of risk involved aia 
the money is being invested 
an unsecured basis. AbjLti 
means there is a possbil 
that the money invested nay 
lost entirely. 

Whether a full appresiatj 
of this truism exists throw 
out the financial commune 
a moot poiaL More 
tant is whether the 
community would be "able ■■ 
withstand a major fag^ 
Given a more flexible" 
to handing but risk money th* 
is, according to the lor. 
averages, a very big probaba 
that one of the investments % 
go bad. When that happt 
It will be interesting to > 
whether the banking ct 
munity will accept it. as ine 
able and press ahead wJth : 
more liberal quest or wired 
it will -retreat 


set eF 5 

^E« iU> ’and 6 developmmt 
caoital has been for the 
SSo r to back a business, 
nurse it along for a few years 
and then realise a capital gam 
either bv the company going 
public or b>’ se\Ung the invest- 
ment to a Jar ” e company.. It 
has constantly been maintained 

that without the prospect of the 

capital gain, the return offered 
by dividend income alone is not 
sufficient to make such invest- 
ments profitable. 


Prospects 


Now while there have been 
one or two very successful 
Stock Market flotations over the 
past year, this particular route 
is in no way as attractive as it 
was back in the early 1970s. So 
presumably investors — -and they 
include the pension funds — are 
either not looking for this 
option to provide them with a 
major financial gain, or they 
are Living in hopes of better 
things in a few yeans’ time. 
Equally, prospects for selling 
small concerns to big companies 
do not look much better. 

In fact, many banks are how 
being presented with invest- 


How to stand by your deliveries 


— the blame lies with manage- 
ment because of bad estimating 
or planning. Typical problems 
arise as a result of too much 
tiprimi.sn! or pressure when quot- 
ing, orders taken in excess of 
capacity, underestimating lead 
times ur the R and D element 
'A good delivery reputation 
is very likely tr» result from a 
customer who is generally satis- 
lieil with the attention he 
lecclves and has. therefore, felt 
he has been in control of the 
delivery, whereas in fact one’s 
actual manufacturing perform- 
ance may be no better than 
one's competitor.” believes Mr. 
G. P. West, marketing director 


of British Twin Disc, a medium 
sized company making giant 
power shift transmissions. 

Both these views were 
expressed at a conference 
organised by the Institution of 
Production Engineers towards 
the close of the International 
Production Engineering and 
Productivity Exhibition last 
week. The theme was the 
reasons behind late delivery and 
how to resolve the problems, 
and two main points of con- 
sensus emerged. One that 
punctual delivery is vital to a 
company’s success — “Did you 
notice how nobody mentioned 
price?” said ood of the speakers 


BY JASON CRISP 

afterwards. “Delivery is more 
important.” The second point 
was that it was very much a top 
management responsibility. 

As BSR’s Mr. Wooldridge put 
it: “How many times have you 
been let down yourself and 
when you try to speak to some- 
one in authority you end up 
being pushed onto some charm- 
ing secretary or some poor lad 
in the sales office who says he 
has done his best but he can't 
do any more. Where are these 
dynamic managing directors who 
hide behind their staff? If you 
can’t face the music you should 
not lead the baud." 

BSR has 40 production lines 


National Semiconductor 
is now entering the 
computer market with a 
range of sophisticated 

system-level products, 
ibis step is not only natural 
and logical but inevitable. 


in 5 factories producing 240.000 
record changers each week from 
40m parts, yet if one line stops 
for more than five minutes a 
main board director has to be 
told, said Mr. Wooldridge. This 
ensured, he added, first that the 
board was kept in touch immedi- 
ately with problems but it was 
also an incentive for every one 
else to keep the lines going. 
Both he and the chairman read 
every incoming (elex every day, 
even if they had been away from 
the company. 

The reason for this is so that 
they know which of BSR s sup- 
pliers are giving them excuses 
for late deliveries, they can see 
complaints from their own 
customers and can see the new 
orders coming in— often before 
the person to whom it is 
addressed sees it. “It means we 
are in touch, that we are man- 
aging and that we are aware of 
the facts." 

At British Twin Disc, Mr. 


G. P. West said his 'company 
believed that often a reputation 
for bad deliveries could result 
from failure to react to minor 
requests which have nothing to 
do with manufacture; . such as 
shipping changes, transport 
requirements, which gate and 
to which factory units need to 
be delivered, and a knowledge 
of the right person to talk to at 
the right time. . ; , . : 

And this is a feature, of . his 
company. The only people .who 
have contact with customers is 
the marketing division which 
has responsibility for service, 
spares, sales contracts,, trans- 
port, packing and shipping. 
Each customer is given the 
names of four people in that 
department who will ,/be able to 
answer any query/ said Mr. 
West. / 

The marketing division plans 
a unit work requirement for 
tbe man ufa criming division 
which is “reasonably steady.” 


This means that the marketing 
division, by smoothing out the 
troughs of demand, may be 
holding a finished stock unit, a 
situation which . Mr. West 
rightly acknowledged is not 
common. 

As -most of tiie customers 
have different " requirements" it 
can mean that any sale from 
the finished unit stock has to 
be altered in the service work- 
shop. This he added might 
appear an expensive way of 




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You could find just the people you need 
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As an employee you km 
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meeting deliveries until iti 
compared with the cost of ■ i 
ruptmg a manufacturing jr 
gramme. t 

On Britain’s bad reputstF 
for delivering on time in erajj[ 
markets Garth Wooldridges 
tbe conference:/* You have* 
very good ally on yoor ti® 
air freight In the event- ^ 
you are late, yoa mast take.® 
account the cost of that s&at 
the goodwill you will create! 
delivering on. 













The Financial Times 


Fresh 




in Fremantle 


Freshness in Australia-and many other 
countries -owes a lotto Albright & Wilson 
products. 

Fresh, shining hai; under any conditions, 
can owe its lustre to shampoos made in 
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freshness, too, may depend on their products, 
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Albright & Wilson have manufacturing 
plants in 1 5 countries. In 1 977 alone, overseas 
production resources were increased 
in Australia, Canada, France, Malaysia, 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, 
of which £1 94m were earned overseas, 
including £92m exports from the UK. 







Albright & Wilson LtOL 1 Knightsbridge Green, London SW1X 7QD. Telephone 01-589 6393 












12 

lombard 


Financial Times Tuesday October 10 1973 


error 



by SAMUEL BR1TTAN 

IT IS well known that it was to ask themselves how frequent 
the weakness of the U.S. dollar, and how unpredictable the 
which — together with more deep- changes in these currencies are 
seated personal misgivings about likely to be, and how safe they 
President Carter’s political will be from trade and payments 
leadership — prompted the restrictions. 

German Chancellor, Herr Helmut The whole point of M. Van 
Schmidt, to reverse past policies Ypersele’s remarks is tha{ given 
and propose a so-called “zone of the same inflation rates, the mark 
monetary stability " in the EEC. tends to rise relative to other 
Specifically, he was worried EEC currencies. To obtain 
about the effects of a failing exchange rale stability the Cer- 
dollar and rising mark on the nLan inflation rate has to be more 
competitive position of German that of her partners. (Some 
industry. 2 per cent per annum more than 

The obvious objection is that that of the UK on London Busi- 
the weakness of the dollar stems ness School figures given in 
m large measures from intended Economic Viewpoint, last Thurs- 
portfolio shifts bv those who da . v > Switzerland has such a 
hold the U.S. currency for problem to an even greater 
reserve or trading purposes and extern. That country also pro- 
from capital movements. A more vides a superior international 
attractive EEC prospect would currency: but financial trans- 
surely lead to a further shift of actions over the exchanges are a 
portfolio preferences against *he much larger proportion of the 
dollar and thus strengthen lh* total than in the case of Ger- 
tendency of European currencies many, with its bigger industrial 
to appreciate. base. 

At this level there is an It is essential to look behind 
answer. The Germans are con- exchange rates at underlying 
ceraed not so much with [be realities. Germany and Switzer- 
dollar — D-mark exchange rate, land have a comparative advan- 
but with the pattern of exchange ta-ze in providing the world with 
rates within the EEC. This has high quality currency balances, 
been explained most clearly, not But this means that they need 
by a German, but M. Jacques to export less, or can import 
van Yperselo the highlv articu- more, than would otherwise be 
late Belgian chairman' of the the case. This is an excellent 
EEC Monet a rv Committee t The thing for their citizens’ standard 
Listener, nci.i-b.-r 5». “When of living, but unpopular with 
people move out of the dollar producer groups, who will claim 
because there is a lack of confi- that an export-oriented economy 
dence, they do not move equally cannot absorb too quickly a shift 
into all the European currencies of demand towards consumers. 
They move specifically to one # 

cuirency in Europe: the D-mark. A lipiTlilflVPC 
This pushes the D-mark up, and /aaltl Hall 
rhe relatinnsbiDS 


L* r Q* relationships There arc some ways of reduc- 

Vr^h n rJ he D ‘“ ar . k ‘ ,nd ,he ing the so-called burden. One 
mn n ».- °^ s,er I* n “- So one W ouId be for Germany and Swit- 
i.? arp i fluctuations zerland to inflate so much that 
t/in ar ha , VP . a, * ,J - in a cer_ their currencies lose their attrac- 
IhJL a 'fl c . on, t ? hliled ,no lion. Alternatively, there could 
fluctuations Le tween he genuine common European 

F c « r «ncies And when curro £ c> - m which Deutsche 

I™?, ?h ar P ‘luctu:, lions. a , a rks and francs were, for 
what I moan is fluctuations much i nstancc . sira p| y i oca i names for 
r u L d . be what was essentially the same 
d L? lff T nUal Tr' l ^ '-urrency. In that case the out- 
■ l e wetn European ,j ous f rura tlie dollar would be 
currencies. spread over Western Europe as 

• 3 whole. Until this happens there 

LxU rrSDCHSS » s no way in w^c* 1 countries 

” such as Germany and Switzer 

in other words, one onject of land can escape from the conse 
the monetary plan is to prevent quences of their monetary virtue, 
a shift of funds out of the dollar A monetary union is different 
from strengthening the mark in kind and not just in degree 
against other EEC currencies, from the proposed supersnake 
But this is the moment at which under which parities would con- 
to say: “ Go slowly.” tinue to change. The proposed 

Tbvi-p nr* reasons why holders arrangements have no advantage 
of funds, distrustful of the dol- over floating rates, under which 
lar. are more inclined to shift to Ministers da not have to stake 
the D-mark than to sterling, the their political prestige on highly 
French Crane, the Italian lira or hazardous calculations of tem- 
the smaller currencies of Europe, porarily “ correct ” exchange 
These relate to the superior track rates. 

record of the German currency A better intermediate idea 
and confidence that this will con- would be to merge the D-Mark 
tinue and that political risks will with the Swiss franc and for 
remain low. A mere decision io Austria and Benelux to move 
link c-ther currencies to the D- over to this new currency — all 
mark in a system or “fixed, but they would have to do would be 
adjustable parities" wilL not to remove obstacles to their 
automatically make the weaker citizens using it. The door could 
currencies just as atl active to be left open for the Scandinavian 
hold. International companies countries and France — and much 
and central banks will still have latc-r— the UK and Italy to join. 


Still and sparkling from beyond the Po 


IT WAS ESSENTIAL for the plain the vine-covered hills rise may be made. For red wine The Moscato wine l s locally as fruity as JSSjUST 

Italian authorities to introduce, almost dramatically. Leave the these are Barbera, Croatina (the much esteemed, as is the Grappa MOHer-Tburgau had the fn e ?£?* 'RS 

in the mid-sixties, the system of Turin-Piacenza autotoute that local name for Bonarda), Uva distilled from this grape. One is and roundness that one experts jn Simla. In ptrat-Britlsfl Raj 

the Dennminazione di Origine skirts them at one point, drive Kara, a local variety, and Pinot either for or against grappa, or from this German grape. days they may be obtained in 

Control lata (DOC) for the up into these hills, and one finds Nero, which is seldom used for marc as it is known m France. A | th0lIgh the eo-operatives are riirdano tr ° m ■ m5 ’ 


v,uuiruuata luuu tor iae uv i»<.u ui«e buu out — ------- Althougn tne co-operatives are t found all three 

country's better wines seeking oneself in charming valleys, red wine, but fermented without and I can say of prominent in this area, they are Sean fresh and well balanced 

to compete in world markets, whose . steep sides are covered the skins for producing spark- grappa moscato which I tasted f dominant than in some F 1 * 30 ,' not rate them as 

But the proliferation of such to their crest with vines. The ling wine. The white wines are that it earned over some of the « = f oron the whole the JSJ? * hiS 

appellations has caused con- wine district is ..roughly made from Italian Riesling, muscat flavour and was less JJgJS-gJJJ no difficult yin sell- i£!« * ®* y dd ^ 

fusion in countries where these triangular in shape. SO kilo- Pinot Blanco, and Pinot Gngio, aggressive than most - J^jy QCi yno.es. including the „„„ 

named wines are little known, metres long facing the Po valley these last two largely used for snarklinc wine which appears to The Oltrepd wines are agr ee- 

Five years ago there were 150 and 20 to 25 kilometres descend- sparkling wine, Cortese and All the wines made from one oonSar in Imiy able. easy t0 drink b S* D ? t S™* 1 * 

DOC wines, today there are 165, ing south on the other two sides. Moscato. of these authorised DOC grape tS? SSnSa inn's but then also inexpen- 

and the number is still increas- Two of the main centres are the As might be expected, owing varieties may be sold singly as „ uatcraer P S The s”®- though this may not be so 

ing. Indeed in most Italian wine Versa valley and the commune to the nearness of Piedmont and such, but in addition a blend may bi^^t. CTport c e evldent here under our heavy 

districts one will be told of of Casteggio. the planting of grapes associated be sold simply as Oltrepft-Pavese, /id Slla^ of itoat name has duties, which penalise such wines 

further candidates whose eleva- Total production of tbe district with that region, the wines are so long as it contains up to 65 to mSe a sdSum by imposing the same charges as 

tion is confidently expected. is about 21m hi out of a national somewhat similar to the Pied- per cent Barbera. a minimum of 3“»J l* t **“g 10 ma * e p s on expensive kinds. It is to be 
Among the existing 195 it is a average of around 70m hi. Not s ‘ hoped that the comments here 

fair guess that not too many all this is. of course. DOC wioe, - — However, the best-known pri- will encourage a look-out tor 

drinkers here will be aware of which represents only a small 

one Lombard DOC — Oltrepd- percentage of total output The 

Pavese. The name does not roll importance of viticulture in the 

easily off tbe tongue in the Oltrepb is shown by the 20.000 

export market, and this is a pity, ha under vines, and the 10.000 

for. as I can testify from a recent growers, although at least a quar- 

visit the wines can be excellent ter of these are part-time viti- ^ - - 

and make a small but significant culturists. There are seven montese wines, but rather less 25 per cent of Croatina run it have been marketing this of Italy’s great show-places, the 

contribution to the Italian wine cantinesociale (cooperatives^, powerful than the Barolos and (Bonarda) and 10 per cent Uva wine since 1924. Red, white and Certosa di Pavia. In the well- 

scene. They are very popular responsible for about half tbe Jarbarescos. and therefore easier Raxa; and a great deal of the r0S 6 wines -are sold under this laid-out “ museum all the dug 
with the Milanese, with whom district's production, and one of to drink when young: though less Oltrepft DOC red wine is sold label with a sub-name according wines of Lombardy are dis- 

there is good deal of direct the oiost important of these is distinguished and cheaper. under this label. to type. The red and rase are played, from the bigger distric^ 

selling. Sta. Maria della Versa, whose 1 00 The white Italian Riesling pro- That does -- ’ - ' ' * - 1 - " •*-- **.• Va| - 


WINE 

BY EDMUND PENNING-ROWSELL 


vate estate In the area is cer- them. ^ 

tainly the one in Casteggio which Meanwhile, 4toose in the distiict 
sells a branded Wine under the should not overlook another 
name Freceiarossa (“Red feature of wtae interest In the 
Arrow”). Moreover, it is a province: the Enotica, six miles 
pioneer among Italian branded to the north 

wines, for tbe Odero family who veaiently placed adjoining one 
. , »vi. .t n.iw’. croai' shnw-nlaces. the 


not. however, basically made from the Barbera such as the Oltreph and the Val- 


private 

The name itself signifies that members contribute about 45.000 duces a fresh, not too heavy wine exhaust tbe grape varieties to be and Bonarda grapes, the white tellina to the smaller a r® as 

tiie wine comes from that part of hi of DOC wine. It specialises that has tbe virtue in these parts found on the local wine labels, from the Italian Riesling, and all Bergamo. Brescia and Mantua. 

Pav ?u . provi ? c ?L i -‘ ns „ t0 i, he sparkling wine, and claims to of not being pasteurised, and Tbe private estate of Montelio in are kept in wood for one to two Each bottle is illuminated to 

south, beyond the nver Po For be one of the largest in Italy, tins is true also of the Pinot the commune of CodevilU pro- years, which is rare for the local show the colour, a. map shows 

Pavia itself stands on the broad producing it by the champagne Gngio. Some of the Riesling duces Merlot and Mailer- whites. The rose's name is St tbe commune of origin, and there 
bcf ore it joins the method of fermentation ln bot ti® wine may include a proportion Thurgau. which were planted no George, an unexpected Anglicism is a description of colour, aroma, 
eastward-flowing Po. No ^visitor Bhlne Riesling, but this is less than 55 years ago. but which that may be partly explained by flavour and alcoholic strength. 

■ *ion of this 

sumptuous 


.. _ _ , . , , , UliO id ICM UiOii Ul/ JCAiO “5 W 1 WUL WUJ\.U lUdt. UldJ W UUi UJ CAMtiUUCU XJY UATUUi WU s 

J t3ly ,. ne ® ds , t0 . b . e »S| o°L official, y recognised. The are not authorised DOC varieties, the fact that the publicity And after an inspection of t 

p,ain . JS !?f a 5 h 1 °* the w,De 11 ■ ni, ‘ Cortese grape originated io This does not however diminish brochure proudly states that it and a tour of the sumphu 

fin V 0 . r Sowing ut ®-- . nearby Piedmont in Gavi near their popularity, especially with held appointments to two Vice- Carthusian monastery, there is a 

5 ,® v t n ei ? ht Alessandria, and makes a fairly the Milanese. I tasted both, and roys of India, the Marquesses of restaurant where tie wanes may 

miles from the city from this grapes from which DOC wine full-flavoured wine of some style, while I did not fin'd the Metfot Linlithgow and Willingdon! be tried. 


Walwyn runners for Newcastle 


IT USUALLY pays to take a whom 
a close look at any runners sent 23 lbs. 


he will be conceding Kempton will be the first of 
— «. , seven qualifiers — the others are 

VrV" by ^ Sili^Se S Lon PP co r i\ a ouf'o^thl fSverh^mpt?^ 06 'wSSS: 

ESftSsS «-■» ^ ^ - d Faten - 

—undoubtedly merit serious ran- tainIy sf l ow benefi -s of a re- The final, which was abandoned 

sideration cent ouUns ’ He * t0 °- had a S° od ln the fir st year because of frost 

effort to his name in July, run- and snew. is scheduled for cc — Nwatw* «<*«* «mm <r«m\ 

The first from this pair to run ™ng Cothill to a head in a 10- Chepstow on March 17 next year, “ ,ds bv tt,ephone w at Bdx o®**- 


ENTERTAINMENT GTTDE 


THEATRES 


THEATRES 


ts Mill Street, who is trying to furlong maiden event at Wind- where the added stakes have been] 
make it three wins from seven sor - upped to £4,000. 


OPERA & BALLET 


outings this term in the two Harvest Supper subsequently . Barry Hills has confirmed that ^ 


RACING 

BY DOMINIC WIGAN 


iBara-urt prices lj 104 Balcony anil, tor 
all pem on day of pert. 


miles Grenville Handicap. A 
beautifullv-bred bay by Mill Reef 


NEWCASTLE 

2.15 — House Maid 

2.45— On Edge 

3.15— Disc Jockey* 

3.45— ' Tolstoy 

4.15— Mill Street*** 

4.45 — Harvest Sapper** 


ran poorly over a furlong fur- J]e will saddle both Hawaiian! 7*3n Tl i^i l ^mU. 0, T^, * 

ther at Kempton. and it could Sound and Sexton Blake for the! 7.30 m'e sWagna- thot. 
well be thut this afternoon's stiff Champion Stakes, irrespective of !“rw£ 

nine furlongs of the Heathfield 
Stakes will suit him Ideally. 

Higher prize money and a first- 
ever qualifier in Ireland are fea- 
tures of the Pliilip Cornes Saddle 
of Gold Hurdle series this jump- 
ing season. 


COVEMT GARDEN. CC. 240 1006 
iGaroencturae Credit cards 636 6903 
THE ROYAL OPERA 
DER RING 

DES NlBELUNGEN . 

Corent Garden Proms in asn. wtth Mia 
lano Bank. ronl. S.20 Die WalkOre. Tiiur, 
S.30 Siegfried. Sat. 5 JO GOtte-dEioiner 
ung. 7u0 Stalls orom. places at £2.1 
avail, one hr. Detore curtaln-vp. (250 _. 
these lor students untH 20 nuns, before 
curtain- up. i 


rsAOLERS WELLS THEATRE. Rovebav 
Are. EC1. B37 1672. Last Wk. 
SADLER'S WELLS 
ROYAL BALLET 
Ton't.. Tom or.. Thar, 7.30 tes PatJneer*, 
Intimate Leters. Gross*- Fuge. Frt. 7.30 
sat. 230 A 7.30 Broulilania. No* Mac 



__ Philip Cornes and Company, 

out of the' Oaks rutuTer-up’ State the P‘edditch-based firm of nickel 
Pension. Mill Street was in par- ajloys and stainless steel specia- 
ticulariy useful form before the ar . e iricre asing the value of 

virus stnick Seven Barrows, each ^le English qualifiers, whether Alleged is allowed to 
winning at Nottingham and Liag- r dl ^ a ?J®J rom -s t0 take his chance 

field. three miles, to £ 1 , 500 . TTiiie i«iii T . __ sat. 2 jo a 7.30 Brouiuan,*. New Mac- 

. , The Irish Oiialifipp nuar OS WU Offer Lester Plggott mHl»n Mllet called 6 . 6 . 78 . Parana. Tbe 

Almost certainly in need of the mi ? PQ in? mount on Hawaiian Sound, Rjke ‘ Pro9rc “- 

es w c^oo d iru o ^ Bfes'S*SS5 saM*&sssa ~~ 
ssa », awa? 3S?S SVKTSftUS b 0 r «8S rwavaai;. 

the summer probably the de- . * f .Willie Shoemaker. another „ ■jI^saturdav 

over Amerian at p .£ r !f* dl l R 1 *® n J l g 5 off 3ock ^ established a 

Lingfield. Si, H.55J2" S.2° fl0me J?® 4 . understanding withl^^,.®^ “7«- card sko*. 

It*? I ? 1 i°_ gramme, the first race in the tainly be ?faimed to ride TSo^^la.-* 

_ eo naei A is 

oljveh 

SnlL JWBP Jn ° GILLIAN BURNS. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 


raw *gfn a s« s-jsa - 


T Indiculrs programme 
In black and white 


1 


Me. 2.14 For Schools. Colleges. 
3-20 Caw) A Chan. 3.53 Regional 
News for England (except 
pin ... London). 3.55 Play School. 420 

6.40-7.00 am Open University Felix the Cat (cartoon). ' 4.25 
(Ultra Hish Frequency only). Jaekanory- 4.40 The Space 
9.38 For Schools. Collc-ges. 12.45 Sentinels. 5.00 John Crav/n's 
pm News. 1.00 Pebble Mill. 1 45 Newsround. 5.03 The Story 
How Do You Do? 2.00 You and Beneath the Sands. 


540 News. 

5.55 Nationwide (London 
South-East only). 

6.20 Nationwide. 

6.50 Star Trek. 

7.40 Happy Ever After. 
8-10 Dallas. 

9.00 News. 

9.25 Shirley MacLajne 


and 


asks 


F.T. CROSSWORD PUZZLE No. 3.792 



ACROSS past changing green (9) 

I Wherein one may sleep in 7 Old priest takes note of the 


summer fur a posh change 
I* - S) 

10 Give credit to one politician 
and wave (5) 

11 Soldiers goioS to religious 


upper-class (5) 

8 American politician capable 
of creating treason (7) 

9 Sharpness of copper getting 
in the laat word (6> 


organisation for forgiveness 15 Kick the shins of a doctor 
(9) going to soldiers fur a bridle 

12 Is obliged to change nag for (9) 

another horse (7) 17 Dark suit and where it may 

13 Choose again to dance have to be worn (5-4) 

wrongly etc. (2-5) 18 Trial people enter at will (9) 

14 Undiluted gas from Welsh 19 Scrutineer for each employer 

town (5) (7i 

16 One who renounces sailor 21 Attempting to be troublesome: 
returning rota with informa- (6) 

Hon (9) 23 Fish is ca P ital (Si 

19 Control and follow law 24 Ljve way-out round the south 


10.35 Floodlit Rugby League for too Oram Pi an Today. 60S Country 

the BBC2 Trophy. Focus, mo Power WlUiont dory. 

11.20 Late News on 2. «n Reflections. 12J0 Grampian Lam 

11.35 Open Door. NuiM HeadUn « 

12.05 am Closedown (Reading). GRANADA 

w ...H® pm Ttajs Is Year Rlchi. SJD 

LONDON l>ie,,P - 5-15 Crossroads. 6.00 

, Reports. 6J0 Emmentak? Farm. 

9-0 am Schools Programmes. A^V mvcrsUy ““““s*- 1130 Dan 

Where Do We Go From 12.U0 Chorlton and the Wheel ies. , 

Here? 12.10 pm Rainbow. 1230 Home- HTV 

10.15 Our Peter: Made for the Home. 1.00 News o 13 P .T , R,f w» rt Wes * He«nincs. us 

11.05 Tonight. plus FT index. 120 Thames News slTrnSiSLfe* 100 5 <wsep *f 1 ?; 

\ 2 ° Cr 2^- B CourL , 2-°° After Report WaJe^ 6 J 0 SSn&L 7 M d£ 

Ail Regions as BBC1 except at Noon. 2jZo Born and Bred. 3.20 duioil u.m The onsldora. 

the following times: — Conservative Parly Conference c Cymru/WRies as htv General 

Wales — 10.09-10-20 am I Ysgo- 42!u Get it Together, 4.45 Mag- 


ALOVnrCH. 836 6404. Info. 836 5332 
ROYAL, SHAKESPEARE COMPANY In 
reocrtolre No oerf Unlsnt. Tomor.. 
TTiur*.. Frl.. Sat. 7 JO. Rao. price pre- 
Middle con & Rowley'S THE 
CHANGELING. With: AS YOU LIKE IT 
[r>e*t pert, la Oct). Darid Mercefa 
COUSIN VLADIMIR ii*tt pert. Z0 Oct>. 
RSC also at THE WAREHOUSE <s<n 
under W). 


AMBASSADORS. CC. 01-836 1171 

Red. price prevs. Oct 16 A 17. 6.0. 
Opens Oct. 18 at 7.0. 

JAMES GERALD 

BO LAM FLOOD 

WHO KILLED 
AGATHA CHRISTIE . . . ? 


APOLLO. 01-437 2663. Eros. 0.0 
Mats. Tnnrsdav 3.00. Saturday S and . 
DONALD SINDEN 
(Actor of U>o Year. E. Standard) 

"15 SUPERB." News ol World. 
SHUT YOUR EYES AND 
THINK OP ENGLAND 
"WICKEDLY FUNNY." Times. 

From Oct 15 th« new cast will include 
Paul Daneman. Lana Moms. Dennis 
Ramsden and CarmH McSharrv. 


Glas Y Dorian. 11.45 News and 
Weather for Wales. 

Scotland — 9.38-9.58 am For 
Schools. 5 l 5S-6.20 pm Reporting 
Scotland. 11.45 News and Weather 
for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55-A^O 
Scene Around Six. 11.45 News 
and Weather for Northern Ire- 
land. 

England— 5.55-6.20 pm Lock 
East (Norwich): Look r.'orrh 
(Leeds. Manchester. Newcastle!: 


6.00 Thames at G. 

6.23 Help; 

6.35 Crossroads. 

7.00 Father Dear Father. 

7.30 Fantasy Island. 

8.30 Selwyn. 

Ji.00 Whickers World. 

to.00 Nows. 

10.20 The Spencer Side. 

11.30 Lou Grant 
12.25 am Close: A landscape of 


M-W World la Action. Ujo-izjo am Moy- 
nxhan. 

HTV West— As HTV General Service, 
except: UO-Uo pm Report West Head- 
Unes. US4L30 Report west. 

SCOTTISH 

125 pm News and Road Report 5J5I 
Hatfink. 5J0 Crossroads. 6.00 Scotland 
Today. 6J0 What's Your Problem? 7 SO 


ARTS THEATRE. 01-936 2132 

TOM STOPPAfl D’5 
_ DIRTY LINEN 

“tniirt om . . see It" Sunday Times. 
Monday to Thursday 8.30. FHdnv and 
Saturday at 7.00 and 9. IS. 


Tbe Bls Break. 

SOUTHERN 

LZO pm Southern News. 2M House- 1 

g?--r «com M n.S by SSU *£ J? 'SS^ilBrVJi 

the music Of Vazner. pay by Day tr ■ 

Emmerdalc Far_. . 

Extra. ll-dO Pro- Celebrity Snooker. 


ASI °*l* THEATRE. CC. Charing Cross 
Road 734 4291. Mon. -Thurs. 8.0a p.m 
Frl- and Sat. 6. DO and BAS. 
8EST MUSICAL Of THE YEAR 

E VENING STANDARD AWARD 

836 6056. 


Thors. 8.00. 

Seat Prices £Z.D0-£S.5O. 

Olnne- and iop.price seal £9_5o Ind. 

including Sonthiport 7J6 — REAT YEAR 

..... , _ . - - All ISA Rosions as iKindon Emmet-dale Fann. 11J0 Southern News criterion, aso 3216. CC. 836 toti.t 

Midlands Today (Birmingham l; except at the Followin'* limes- Extra. u.do Pro-Celebrity Snooker. now in its second year 3 

Point, West ^Bristol): South To. tPt TONE TEES “i? 1 ,!'. K"® 

day (Southampton »: Spotlight 4 !MjLIA 9^ am The Good Word, followed by "- - - » half-dozen laughs 

1^ pm .lr;!u r.00 House party. North-East News Headlines. lJfl pm second w- 

6 00 About -■ n-llj. 7.00 Survir jl. 1I_30 North-Easl News and Lookamund 5J5 5 ■■Vere lunnv ” ,C Sun -rlf Aft 

Ratf-ry. Ii30 am i EeJr.c. The Erady Bunch. M0 Northern Ufe. u " nv ' 5un ‘ Tel - 

ATV 7 “ Emmerdale Farm. 


South West (Plymouth). 

BBC 2 


11.00 am Play School (as BBC1. 
3.55 pm). 

J.OO Tecair Ltd. 

1- 30 Film as Evidence. 

2.00 The Living City. 

2- 30 Conservative Party 

ference. 

4.55-520 and 5.15- 7.00 
University. 

7.00 News on 2 Headlines. 

7.05 Digame. 

7.30 News on 2. 


7.00 EmmerdaJe Farm. ll_J0 Tbe Bob DRURY lane, oi-bss BIOS 
Ncwlurt Show. UL00 Epilogue. Sat. B.OO. Matinee WerL * Sat 3.00® 

xi^XD ’ 'iTt, ^Tr V” l v le aiS? n r' lJ0 pm Ulster News vUmner." Sunf'timw: 3rd‘^EAr > YEAS“ 

“ ***%$£££ sa^.‘iars»% » 5 

BORDER T#lor Slnore Show. 7JKI Emmerriale oh ^Calcutta. 5 900 - 


Farm. mo Backs to the Land. 


Con- 

Open 


•i 1 -?. ” ssf tSRssrea 

si'-lnr u” WESTWARD 

1 “- B ® Eoruer News 12J7 pm Cus Honeybon'^ Birthdays. 

1.20 Weatwanl New* Headlines. US 
wesr ai 1.34. SIS The Practice. S00 
Westward Diary. 7.00 Tbe Best of the 
Moppets. U3S Westward Laie News. 
_ - - - — «. 0 „. n.30 ProGclebrtty Snooker. 2ZX0 am 

7315 Conference Report from 'VoRKSHIRF 

8 00 oSe 8 W Time- 1.20 Ym re 

5 Mo ™ p2l7 ,e .. GR A MPI V \' r, n!y Younq Twice. 6.00 Calendar .Emley 

Of England. r . . ■ Aiv Moor and editions. 7.00 Eltirner- 

9.00 Roots. 1£-.,<i.n\ e T ^,r L 5 Dm ^rampfan dale. Farm. UJ0 Tbe Bob Newbari 

- ^ Head uncs. S.X5 The HinutooesL Show. 


i2Mi " The -“is. iUssssF*'™* m *»- 


57*-,"- “i 
auezmtar: ■ 

III CHANNEL 

"7 Ch.ian.'| Lunrh'im ’ News and "'' s!¥ 

Xl'*’' "•»'». l^S W.« in 1Y1. MUPP 

TV r!S,^ C , , £." A" a: Six. 7.00 !?.» 


DUKE OF YORK’S. CC. 01-836 51 ’2 
Tuw.-Sjr. Sen. Pcr+5.. Final weekT ' 
■«sr OF THE FRINGE 
Channel 4 " 

.. . T.U. 

HamsIOBgjyprlc* - 

£2 per show; £3. SO both shows. 


euforcer (6-3) 

20 Transplant hybrid trees (5) 
22 Substitute for salesman with 
decorative textile (7) 

25 They must accept a blow in 
treatment (7) 

27 Variation of tailor s art, 
omitting tail of coat (9) 

28 Polish clan accepting Oriental 

29 Acknowledge skill and good 
character (14) 

down 

2 Put back horse-controller over 

si 3 hie (9) , 

3 Brown pigment from soft one 
in the main (5) 

4 Dismiss soldier to shoot man 

at back of train H-5) , 

5 Shellfish from the Channel 
Islands or French sea (a» 

0 One who travels has to fc o 


(5) 

26 To be superior ooe bad to 
sound forty in Rome (5) 
SOLUTION TO PUZZLE 
No. 3,791 


nv EHaBBla ■■SHaBEig-':-- 
E 'i Sj* 0 : E S 0 ?- □ f 

5j SHCiCJSS IIC3E3S23Hn 



RADIO 1 

tS) Stereophonic 

t Medium Wave 
5.00 am As Radio -. 7M2 F 
9JB Simoa Bates, ii a Peter 
pm Tony Blackburn. 4J1 
7 JO Folk 79 IS ■ i joins Radi. 
John Pool «S>. 12M-2-Q2 am 


247m Mra- n ls':' ,nC LK ■ Fr " :n - "2* ’• 9 ach - Tln “- SJS Weather proeramme nows, 
broadcast WoVu-V-d. lii i r H° s Tte ^ N " W5 - I'm Sorry I H*»cn’t a 

OTIC r< .120 I.un-.'iLm - Prom, nart 3 (Si. 7 JO 7.05 Thp Arrh.n 



m!j ,r. three acts by BcdUinc- 
t>< oju Natural Sfl«- TonlKliL 


RADIO 2 LSOOni and \T1F .Act 1 

5.00 am News Simuuarr 
Brandon i.Si indudina US 

ThodJiL 7JZ Terry Wcwan i_. ... -- 

8.27 Raeina Bulletin and 8.45 Pause lor a-V “;,.L.-..V..t H.ndn. Motarr S-00 am As Radio 2. &J0 Rush Hour. 

ThoiKhr. U43 Jimmy Youns iS>. 12J5 U-43 x -«s. !•» London Alive. 12JB pm Call in. 

pm WaAToners' Wat. 12-30 F>*?«- Murray - ! P _,J ‘•‘'"H ^ orc ,s ’- 2 - 03 206 Showcase. OJB Home Run. 6-10 

Orv-n House >S> including 1.45 Sports Dn, y — 6XC- 7 DO am Open Look. Stop. Listen. 7J0 Black Londoners 

Desk. 130 David Hamilton <S. Including . 8-3* All That Jazz. 10.03 Late Nlchl 



11.15 Tbe 
nja Nea-s. 

bjs tS BBC Radio London 

Dl * - 206*n and945 VHF [ ^r.ck. cc. o,- 


DUKE OF YORK'S. CC. OI-BSS 
Reo. price d rev lews from oet ig 
to Frl. 8 am. fat."SSo <M 8730 

?S73 ! N "- ftRfB-' 

co ‘ JRT "' A io„„ ““Si 

A Comedy by MICH AEL FRAYN. 

~ 8 s« u ra^ 8 ' 5 VS' a“ Thurs - 3 ' 

"tss.|sr.T“,B^a(s:s - 

F OURTH GREAT YEA R. 

8.oo™v^, TR l: 00 cc s a L 0 -|io VSS- 

TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
IHAROLO PINTER'S 
K,ra> HOMECOMING 


Radio 

r 'n:v?rj|! 

2 JE and 3.45 Sports Desk. A Jo Wassoncrs' RADIO 4 London. 12J0 Close: As Radio 2. 

Win. *3"m.3*s m and VHF London BroaHiwHnar 

Sports Desk 7J» On the muni Bear -S .. T.rf?- ' TPr”*' fiJfl Farmin;: 261m and 97.3 VHF 

7 JO Folk TS presents Therapy in coiKi'rt r nvludlns 5-00 am Morning Music 6.00 AM: Non- 

• S-. 8.07 Tuesday Nlcfir is Gala Niahr T*e=- •• ,7 T0 ° aBd 8- 00 aov n ««- Information, travel, sport, 

from the Royal Festival Hall iSi. 4.0Z r,. n , *■". and 8.39 News 10.00 Brian Hares Show. 1.00 pm LBC 

■ ,_55 c. . '■ 'iioiu.il lor ir<- Day. ~ ~ 


Oct. 74 * Z5. _ a.ob’ open CM 26 rn'roS* 

“"■* Va R p* lcv,n ’ 5 ' 

GLOBE THEATRE. 01-437 isga 

Eves 8. 1 5 Wed. 3.00. Sat. R go B 4d 
PAUL EDDINGTON. JULIA McKENZIE 

.^.Benjamin whitrow 
ALAK AXtHBOUHN's New Comedy 
TEN TIMES TABLE 
This must be tnn hapnl>st laughter 
"taker In London ■■ D. Tel. 'An Irreslst- 
aMr en lovable erening." Sunday Times, 


-30 and 8.33 news 10.00 Brian Hares Shcrr 

Annin* Your Souvenirs 'S.. a js spurts ’f" Oay- aJS Reports. 3.00 Ceonu Gale’s .1 O’Clorfc _ 

Desk. 10.02 The Fr.ml-le llo-.t-i.-rl Van- TV Ti .- ".V ,JB C* 11 a -°° LBC Reports (cnntlnucs. 8.00 GREENWICH THEATRE. OI-MB 77« 

Shov. 11.02 Peivr Oajiun introdti:-, f ‘ ini, n 1D - BS ,n Affl 'r Elcht. ojn Nightline. 1. 00 am Prc». Oct- 1». 8.oo. Opens Oct. ig. 7.00 

Ruund Midnuht. mcMln^ 12.00 N.-wl -i V “V'- 5 Njsh'.Estrj aL 1 " 

zoo.2.02 am N-.-ws -Swmmar/. v Capital RadlO an a »D|ence ^lleO^cdouard 

R A DIO 3 «*“■ Slereo ^ vnr ««, ^ 


HER MAJESTY’S. CC 01-930 6606. VAUDEVILLE. 836 . 9986. Em. 8.00. 

avgs. imiu. Matjness Ihurs. and SaL 3.00. AN EVENING WITH DAVE ALLEN 
’INSTANT ENCHANTMENT," Observer. "LAUGHTER ON A lONMANT BOIL. 

THE MATCHMAKER The times. _ 

A Comedy by Thornton Wilder. "U Does UMITED SEASON until Dec. 2. 

down with a deserved roar of deJIcnt ” “ 

D. Tel. For * limited season until Oct. li. v ‘fT i * , AS£ l ‘ AC *‘ . 1317 . 

STRATFORD JOHNS 


’Hello Dolly so nice to have you back.'’ 
Dally Mall. ’’ A Masterniece." times. 
“The man who wanted a glass at bubblr 
and topoin’ show must . na»o had H»t 
tnts in mind." D. Tel. 


SHE,u UftE co « 

_ MM -!"- 2 - 45 * 

KING'S ROAD THEATRE. 01-352 .7488. I SMASH HIT MUSICAL" D. MAIL 
Monjo Thur^ 9.00. Fri. Sat. TjM. 9.30. w aREHOUSE- Donmar Theatre. Cownt 
THE ROCKY HORROR SHOW | c - )rck , n 836 680 a. Royal ShakCSPUro 

Company. Ton't 8-00 Stephen Poliakoff’s 
SHOUT ACROSS THE RIVER ' Outstand- 
ing production, exceptional " F. Times. 
AH seats £1.80. Adv. bkgs. Aldwych. 
Student standby £1. 


DON’T DREAM IT. SEE IT. 


LYRIC THEATRE. 01-437 3686. Evs. 8.00. 
Mat. Thurs. 3.00. SaL 5.00 and 8-30.1 
JOAN FRANK 

. P LOWR,GHT m(jMENA FINLAY 

by Eduaroo FHIIppo 
D lreaed by FRANCO ZEFFEKEU.I 
"TOTAL TRIUMPH." E. News. “AN 
EVENT TO TREASURE." D. Mir. "MAY , 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday times. 


MAYFAIR. 629 3036. Evs. 8.00. Sat. 5 JO 
and 0-30. Wed. Mats. 1.00 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS’S 
UNDER MILK WOOD 


YrermiKSTLR theatre. bm ozbs. 
RICE & WEBBER'S “ Joseph and the 
Amazing Technicolor Oreamcoat.' With 
PAUL JONES. Twice Dally. Opens Nor. 
27. tickets: £2. £3. £4. Book NOW. 
WHITEHALL. EE 01-930 6692-7765. 
Evas- B.30. Fri. and Sat- 6.45 an d 9 00; 
Paul Raymond presents the Sensational 
Sex Revue at the Century 
DEEP THROAT 
8th GREAT MONTH 


MERMAID THEATRE IS CLOSED FOR n^'and "1 VoO 3 ' ^ 

RECONSTRUCTION- RE-OPENING 1980. ^^indffi fi OO^and 6.00?'°°' 

NATIONAL THEATRE. 928 2252. PAUL RAYMOND presents 

OLIVIER tooen stage): Ttmioht 7-30 RIP OFF 

MACBETH.' Tomoiraw 7.30 The Doable THE EROTIC EXPERIENCE Of THE 
Dealer. .. . MODERN ERA 

LYTTELTON (proscenium staged Tonight "Takes to unprecedented limits what is 
& Tomorrow 7.45 PLUNDER by Ben permtsslhle- on oar sta^e.” Ev. News. 


Travers. 

COTTESLOB (small eudlturlipni: Eves. »l 


THIRD GREAT 


Until Oct. 21 AMERICAN BUFFALO by [ ”T” PW Ay'^’ 
David Mamet.' ;. 

Many excellent cheap seats ad 3 theatre* 
tfaV at d erf. Car dark- Restaurant 928 
2033. Credit card bookings 928 3052. 


OLD VIC _ 926 7816. 

_ PROSPECT AT TNE OLD VIC 
THE LADY'S NOT FOR BURNING 
Derek Jacob! ' easy and virile authority." 
E. Standard. • Eileen Atkins "rtyrtln 
physical BiridUv.'’ Financial times. 


ting 


01-836 30*8. - CC. 

Bkgs. 836 1071 from 8.30 aan. Mof-- 
Thurs. 8.00. Frl. and Sat. 5.15 and 8.30. 
“ENORMOUSLY RICH • 

VERY FUNNY." Evening News. 

Mary O'Malley's smash-hit rometfy 
ONCE A CATHOLIC 
"Supreme comedy on sex and rallglon." 
□a'.ty Tetegrauh. 

“MAKES YOU SHAKE WITH 

LAUGHTER." Guardian. 


gern or a piirtor^inn' from Robert 

Eddrson ■ .. . 'Michael Denison. John 7 30 RICHARD III- nart- g Shakesoear* 

5a »i dent and Brenda Brne scoop up the trilogy ACTION MAN. 

iaughs" GtanljarL Toniabt « 7.30. YOUNG YIC STUDIO’. 928 6363. From, 
c ^av^^S^wilh WrtlBd-L ° rt -’- 1 -‘LVoung Vic Co. In Terence Greer . 
Brenda Brace. Mlcftirl Denison Louise 


BALLROOM. 


CINEMAS 


Purnell. John Savtdent, Jane Wymark. 

Jat obi's triumph." D. Telegraph. Wed. 

Thurs- FrL 7.30. 

Eileen Atkins^^a^uSwrt^Vloia,- Tbe I 1 P ***> 2 jl/*^|Sts*bkbl| B B8 ^ t * 
times. Robert Fddison brilliant Feita." 1 A*-*- “fT?. BKa ^ E ’ 

Guardian-. SaL 2 JO S 7.30. 


Wk. ft Sun: 


OPEN SPACE. 287 6969. Krapp's Last 
Tape, and DtdgaaK by BECKETT. Oct. 18-' 
29. Prer. Oct. 17 at 8 om. 


P S LAC ft « CC. 01-437 6834. 

Mon.-Tbur. 8-00 Frl. and SaL 6.00 and 

_ „ JESUS CHRIST SUPERSTAR 
by Thn Rice and Andrew Uord-Wabber. 


PALLADIUM. 01-437 7373. 

Opening Dec. 20 for a Season. 
DANNY LA RUE 
as "Merry Widow Twankev" In 
ALADDIN 

ALFRED MARKS as Ebeneier 
Dllw WATLING. Brian MARSHALL 
•nd WAYNE SLEEP 
BOX OFFICE NOW OPEN 


PHOENIX 01-836 2294. Evenings ai5. 
Msts. Wrd. 3 00. Sat 6.00 8 40 

“TIM BROOKE-TAVLOR. GRAEME 


1: THE BIG SLEEP (AA). 

2.00. 3.15. 8.15. _ ... 

2i DRIVER (A3. Wk. ft Sun: 2.00. 5-15 

8.1S- ' 

CAMDEN PLAZA (Opp. Camden Town 
Tube]- 01-486 2443 The Bob Dylan 
Aim RENAL DO -ft CLARA I A) with 
Bob Dylan ft Joan ; Baez. In 4 track 
stereo. Progs. 2-S0. 7-30 dally. 

CLASSIC T. 2. 3, 4. Oxford Street (BP. 
Tottenham Court Rd. tube). 636. 0310. 
U and A Progs. Children half-price. 

1. THE DRIVER fA). Progs. 2.05. 4.15. 
6.30. 8 AO. special Matinee. All seala 
£1.00. THE SILENT WITNESS fAI. 
Progs. 11.00. 12.00. 1.00. 

Z. Mel Brook's HIGH ANXIETY fA). 
Proas. 140. 3.55. 6.15. 8J5. 

5. THE TURNING POINT (A). PrOgs. 
1.03. 3.30. 6.00. 8.30. 

4. HEAVEN CAN WAIT (A). PrHIl 
1 AO. 3.53. 6.15. 8J5. 


GARDEN m ake lis laugh." pally Mall. | CURXON. Curron_SWgt. W.l. 499 3737. 


THE UNVARNISHED TRUTH 
• The Hit Comedy bv Boyce Rvton. 
'LAUGH. WHY I THOUGHT I WOULD 
HAVE. DfEO" Sunday Times. “ SHEFR 


YVES MONTAND. CATHERINE 
DENEUVE In Le 5AUVAGE (AJ. 1 English 
subtitles) Proas, at 2.00 Jiwt^Sun.J. -4.05. 

CONTI 1 WOUS^LhUGI??^ "“vk™ 1 ™* LEISTER SQUARE THEATRE 1930 5 2 52) 

P tCADHLY. From. 8.30 a.m. 437 4506. TH? FOltV IX). Sri Peris. Wk. 1.00. 
Credit Carts 836 1071. Mon. -Thurs. a.O. 43a 8.1 0 5un. 3.30. 7.45. 5eats bkble. 
Friday ft Saturday 5.00. 8.15. Alr^pntl. tor EvenlnA Port. Mon^Fri. ft all Ports. 


Dominion no with unlettered gusto and 
humour, the BROADWAY ttaR." D. Exp. 
- SYLVIA MILES 

“Towering «Hornwi>c»." Dally MaU. 
VIEUX CARRE 
by T8NNFSSEE WILLIAMS 
" Work* trke magic.” Financial times 


Sat. ft 5un. 


DDEDN. HaymarkeL (930 27 33-177 ’ll. 

MIDNIGHT EXPRESS r X). Sen prog*. 
Dlv at 2.30. 5-30. 830 om. All seats 
bkble. 


■■ rinanc»aiTimps OJWON. Leicester Sou ire. f930 Fill I. 

mor * THE CHEAP DETECTIVE I At. Sen. Progs, 

firei'nq m tnr west eng . . tA4 B>5T niwn n fin A ia 7 jc 

COMIC WRITING |N LONDON." Obi. Dlv Poor* open Z-gp._4.ao. 7 45. 


COMIC WRITING IN LONDON." Ob*. 

Sex nmnlnq like an »l"ctrie current. 
F.T. SEASON ENDS NOV. 18. 


PRINCE EDWARD. CC 01-437 Mti. 
Evenings 8.00. Matinees Thursdays and 
5.Jtur-a.’»i at 3.00. 

EVTTA 

by Tim Rice and Andrew Unvd-Webber. 
Directed by Harold Prince. 


OIKON. M.rh 1 ® Arch. >723 2011.2). 

CIOdE EN COUNTS PS OF THE THIRD 
KINO >AJ Sen o mnt. dnnrs corn Men.- 
Frl. 2.00. 7 31. Sat. 105. 4 IS. 7 A3. 

Sun. 3.00 7 30. All seat* bkble. . 

PRINCE CHARLES. Le'c. So. 01-437 81 81 

Waleripn Eorowrryk’r 

THE BEAST (London X) 

Sen. Pem. Dlv (Inc. Sun.). 12.40. 3.10. 
5.55. "35. Late diBw NighHv 11.13. 
sears Bkble. Llc*H Bar. 


QUEEN'S. CC.- 01-734 1166. 

Eves 8.00. Wrd- 3 00. SU. S 00 SSO. 

POY DOTRirE. Geoor^ CHAKIRIS 

RICHARD VERNON. IAMFS VILLIERS STUDIO 4. Ortord Circus. 01-437 3300: 

„ THE PASSION Of DRAruiA Ull Cayhornh. AImi B*Ih In Paul 

■ n AZZl IMG stand. “HIDFOUSLY M>Ti|rsWj AN IINMAPRIED WOMAN 

cf E AN N r^^ R ^"l ' «• «■ MO. 


S. Mb-. “MOST SCENtCALLY SPEC- 
TACULAR SHOW IN- TOWN." Punch, r 


Late Show SaL 10-50. 


RAYMOND RCVUEBAR. CC. 01-734 1 513.; 
At 7 pm. 9 om 1 1 om. Or^i Suns. 
PAUL RAYMOND Present* 

THE FESTIVAL OF EROTICA 
FulW air-co»d'tlOfled 
21 « SENSATIONAL YEAR. 


ART GALLERIES 


JP.L- FINE ARTS- 2A. Davies Street. W.l. 
01-apT 2830. RAO 111. DUFY drewlnd*. 
■Nterroipure i ooo-7939. Oet 10 -Dec. 8. 
Mon.-Fr|. .10-6. 

Mapinc ARTIST^; Royal Socl>tvY 
Annual Fjchh. »t Guildhall. E.C2. Mm.- 
Sat. 10-5. Until V pm Nov. 3. Adm. fre«. 


REGENT 'Oxford Circus'. 01-837 9863-3, 

Crus. 8 .>0. Man. Fri. and S*L 6.00. 

TAKE THE FAMILY TO . 

THE rMAT AMERICAN 
BACKSTAGE MUSICAL 
A Utile l*wet“ Financial Time*. 

Smart, ewefl show.” DaHv Express. 

“So enloyxble." Sunday Times. 

" Lvrics have more rlmmKt 
than those tor EV1TA. 

thin that Trieoranh. [ SJJ^hf FWALR-B SALOME. 

Credit Card Bonk Inn s se a ls mom £2. | <}l,e * n 5 


, I ELL GALLFRtfR. 

Fneertl MODERN 0>«W|N(:C 


FJnr B »nd 

and 


Hodrm B-iM.h MARP 1 M! PICTURES. 
J2. Albem arle Street. -Piccmnir. W.l. 

FieM- 

_ Grave. 

WV*L coun. 710 1745. AT-rond. j nir p Ti oVVJ' =ti7«5v r —. — . r — 

Evenings, a* « «0. SaL 5.n«i and 8-30. ” A p.r r A|,?; A ^?'T Tt c’ ^IbcmeH* 

NICDL WILLIAMSON J W ;1 Exhibition Of Old 


NICOL WILLIAMSnN 
" A rirtimui n»rtnrn»an«-e " o Tel. 
INADMISSIBLE EV1DFNCE 
This IS ono of The lew nr f pfavs of I 
trie Conwy." O. M»H. 


Royalty. CC. 01-AO5 Pf*OA. [ 

Mn-dav.Tburxriav Wren 1 non M.OQ, F'lc*»v I 
5-30 and BAS. Sat"rt»» s.no and 8.00. 
Lonrinn CriHe, you 
gOFMIKR BROWN SUGAR 
Best Mnslcnl of 1 077 
Tel. bookings aroemed. Maine credit 
card*. Restaurant Res. 01-405 2*1 R. 


SAVDY THEATRE. 01-936 BBSS. 

Cram* rsrds 78* 4772. Tiw Cnn»l In 
WO«E LIFE IB IT ANYWAY 
“A MOMENTOUS PLAY. | URGE YOU 
TO SEE IT.” Guardian. 

E*US. at 8.00 Fri. ft SaL 5.45 and. 8.4 5; 


marine, mllPanr ‘ and ’ >‘oor*lnq“3ii e i of h,?dS 
onsnMral prints and paintings and ships 


CLASSIFIED 

ADVERTISEMENT 

RATES 


_ Single 
rff - cshmai 
Um on. 

£ £ 


SHArvusattPY. .CC. Oi-KH BSOG.7 I Crenim-riHil ft Initmtrttl 


01-835 42SS. F*HS- at 8.15. ~*»*lna 
Thursday * IW. 5»-. q. (jr> 8.30. 
TERCHfB -STAMP In 
EDWAPO rtOPEY'S 
(MACULA 

with OFREk GODFBEV 


ant tVeather. 7J0 NVns. 7JJ5 Oi'T. prorrainm- 

8.00 Sens 8.05 llQi-Q'.n; ijm;. P’nr.j jt O.t" Ua 


1.00 The iS> 9.00 Michael As pel «5i. 12.00 Dave 

9.00 9JK Th,; Wer.t-'s U„Y'-iV Sl'm,, , , \ l- 45 Cj'h «Si. 3.00 Poser ScoK IK). 74)0 

- ’ Vr - w-nt-as .IrHir lr; udm- Z.OSJJS London Today iS». 7 JO Adrian Love's 

li n ul l, JJO r>tm Line iSi. 9.00 XieJcv Horne's Your 

ran- '5-. AOO llotlmr Woaldn’t Like II iS«. 11 pn Tony 


lMm and 95.8 VHFl haymarket. 01.930 9832. Ev$. B.O. 
6410 am Hrahani Dene Rreahfast Show) ****»- Wpd^l Z.30. Sa ts . 4.30 and 8.00. 


tore *S 
ren iS». 

Composers: The Bac* familr ■t>. 10.00 

Cinch Choral Music by Durat, Xovak 
Si 10 an Clarinet and Pljnn r.vital iK 


GERAI DINE M-tWAfl 

CLIVE F 

NIGEL 


CLIVE F RANC IS 


••us. 

•»s. 


3.05 Van,,,. 
44)5 fiord, -r-.-' 


UJO PttiUlclBiua airutii Qtiartui iSi. a JS £wr; Td^T'sw'pf^J.'S SSl tsif “ m DUI,C " 


PETER PAUL 

BOWLES HARDWICK 

and FENELL A FI ELDING In 
LOOK AFTER LULU 
trt NOEL COWARD 
With GARY RAYMOND 


STRANn. 01-836 2480. Fvnnlnan B OO." 
Mat. til urn T.nO S»»« s 30 and 8.30. 
NO ITt ®iPA**__ 
winon annrisH 
LdutlOWS.'OiV-rrt i.atKU — 

OVER 3 000 PFPFOPMAtairPC. 


w Ra»T, N i C m ei.nvA iij). 
. Evgj.. 8.00. Marinae* Tuea. 7 «5: San 
K r«9 „na p nn 
ARATHA cvownr-S 


Property 
Rrri/ieoHal Proper ty 

ADpolsuienru 
iuHtvm a ln*¥p*mani 
Oppo r t u nities. Corpor ati on 
T.nan*. Ptixlnmon 
rt»pert*y. nnstnesses 
For Sale/Wanrptf 
Ertnraridn. .Motors. 
nontraeiK * Tenders, 
Pcrsoual. Gardening 
Urn*!* ft Travel 
Book Publishers 

Premium 


J-S0 14.00 
2.09 8 00 

430 14.09 


5-23 10.00 


4.25 

2.T5 


LLPO 

19.00 

7.00 


WORLD'S lONfSesT.PVEP RUN 
J«»h YEAR..; 


TALK OF THE TOWN. CC. 01-734' 5051. 
Air conditioned. From 8.00. pining. 
Dancing; 9 JO SUPERB REVUE 
. RAZ7LC DAZZLE 
AT 11. t» «TEIt GORDENd 


available 

(Mini maiu slat ao cNamu cm* 
£L |9 Per stogie eolttipn cm otei) 
Pttr further detail* imts to: 

Cl a ssified Advertisement 
Manager, 
Financial Times. 


™is- U 7JO A L^iere^^^fn nicfttfall Mr. CteB W Street, EC4P 4BT 



||| 5 ^ 




3 


. »t» * 

ig*« bv; 

yl *■•• . 

Ks* a--s 


*.• 

V- 

J**/ ri< 


Managing Energy 

The world is enjoying a temporary oil glut and Britain has 
for the first time in recent years an abundance of local energy supplies. But 
Britain has not yet found a way of providing sufficient extra energy to cope with the 

increased demand likely by the end of the century. 




ENERGY MANAGERS meeting of the worst offenders." based on highly optimistic tech- costs. Fuel prices -would con- heeded. The Energy Commission steel industries accounted for 

in Birmingham today for their Some 25 years later many of nicai and economic assessments dnue to increase and possibly in its discussions have sug- about £lbn worth of last year’s 

second annual conference have the factors governing energy and are not robust when viewed double by the end of the gested that UK energy consump- total. It is estimated that there 

s right to feel a little confused-- supply and demand have against the long-term aspira- century in real terms, the Gov- tion by the end of the century could be a 10 per cent rise in 

In many cases their jobs have changed dramatically. A new tions of the major OPEC ernment warned earlier ibis could be 20 per cent below what the amount spent by industry 

been created only in the past fuel, natural gas, had emerged suppliers,” year. “The good news about it otherwise might have been and commerce this year, al- 

couple of yeans as a result of as a dominant factor in the This ^ not to say 0 jj w jjj Britain’s oil and coal reserves without the energy conservation though that may be tempered 
e growing pleas to industry, UK's modern energy market and ^ end of the cen- should not blind' us to the likeli- effort- that is now being by the lower oil prices. 

the public sector, the development of North Sea tury g ut we ^ f aring the hood that the world faces relent- mounted. The lack of such an But how can the enerev 

save moreTn^-^o^wa? ta^Sl^iiSSlftoriUo^of P ro ®P^ ^at off production may increases in energy prices effort could add the annual managers plan their futtS 

nF o-aIin D nff P the unnsn ^ posiUon of not be able t0 increase to meet for the rest of the century.” equivalent of some 50m tonnes policies. They are required. 

UK finafiy Jeachte J tht h wideLv S^thPr ^nnorter increasin e demand. By the year said Mr.. Anthony Wedgwood of coal to Britain’s energy needs for instance, when planning the 

prophesUd eSrovean ' SL 2000 a "*■*«*“ .volume of Boon, the Energy Secretary. “It by the year 2000. location of a new factory and 

P Buti [hev are eltebbSin* their fn «ShJsitSSn 0il wil1 sti11 be P roduced - *>ut is impossible to adjust over- Todays second energy man- deciding how it should be 

jobs at a time when oil. the ram.- a lX may be at D0 more 1han . t0 greBlly il1creased a S ement conference is one of powered, to take decisions with 

modity that is supposed to run false sense of security. Especially 

£3^ at a time when oil prices have — — 

with a picture of the UK as a actually been falling, it is easy . fl ^ • . 

country that is blessed for the forget that the apparent glut /w y—w y-— w •*- *■ -w -g y"fcT“"l 

first time in recent history with of oil supplies has been induced / 1 f •# | T1 III 1 |\| £ • I II | f-* 

an abundance of local energy as much as anything by the con- / % L j \ JIB I M i^j m. . I I I I l.ll I j 

supplies an the shape of home- tinuing economic recession. Yet ^ 

produced coal, oil, gas and elec- even, in stagnant economic con- * 

^ The "nature of .he proh.em the, SVat By Kevin Done i Ener gy Correspondent 

are facing. however, and the wav tjj an new discoveries are being — ■ - - ■ — - 

they are being urged to tackle it _ 

as "sms!? 1 WUHam^Hawtlfonfe! It « r w £ s a M pob 2 stressed last today’s production levels, which energy prices. The introduction the signs that the lesson is an effective lifespan of 15 to 20 

now chairman of the Advisory week by Mr. Peter waiters, cannot cope with the economic of efficient energy management being taken on board by the vears . Thev have to deride be- 

Council on Energy and one of chairman of BP Chemicals, in a growth of the next 22 years, systems and the investment country’s major fuel users. As , 

the main speakers at today’s con- paper produced : for the Euro- however slow this turns out needed to maximise the return many as 3,000 energy managers . p c pa sources 

ference. came to the following pean Petrochemicals conference t0 be takes time to organise.” have now been appointed in of P° wen coal, electncity,. oil 

AAnnliieiAn* miu fiimA lift . fltfvwv <r AfiTl ° . i .«i 


- 5ieauy improvement in emciency, onprov mir »nlw nrnhtomc will SUUI ' ptMvuu ui energy seas, saw mt. oerm, wmea wouia .... n . ; 

supplies are not likely to in- • ^ ^ J sufficiency in a competitively feet under- far greater oompul- ■<* industrial life as safety 

• ESi'SrlS weaker industrial state than it sion to make more efficient use officers or personnel managers, pri(» increases between 

expected growth in industrial has been in recent years. Most of their energy. Failure' to More than 40 energy managers four utilities over the Jife- 

- - demand. . This is Britain s fuel that such a judgment, which _ | n j lirh j.i- t .. Trc . . . ' ngmu have Keen ectaKliehod span" 0 f the plant which they 

• problem. • • - must be based larged on the major mdurtnal nafions ensure that the UK achieves established are ^ ^ ^ ^ 

“The obvious solution to a assumption of massive increases w^. remain largely dependent economic growth combined with uod untry. the manager is forced to work 

■ problem of shortage is the more in the Organisation of ’Pietro- on imported energy so the in- a lower growth of energy con- They have a large target to completely in the dark.” He 

.-efficient use of . one's resources. leom Exporting Countries’ oil centoye to use such costly sumption, .could mean in the aim at. Last year the bill for called recently for a firm lead 

- The fact that fuel is wasted by supplies, is ill-founded. The supplies efficiently will perhaps long run that the country will industry and commerces’s from the Government on energy 

inefficient use -almost every- increases in OPEC oil supplies ^ ^ reater tiia n ^ tbe UK be forced to accept a reduced spending on energy amounted policy so that those with the 

where has . .been repeatedly that would be necessary tobring But-iUK energy consumers rate of economic growth. t0 - £5^hn -compared with task of planning new factories 

demonstrated. Industry Is one about this easier situation- are will still face rising energy But the warnings are being £5.02bn‘ iff 1976. The iron and could make logical energy de- 


cisions. 

In the short-term the Cam- 
bridge Information and Re- 
search Services’ quarterly bul- 
letin on . Energy for Industry 
and Commerce, which will 'be 
published " later this month, 
suggests that for the rest of the 
year at least a buyers’ market 
for industrial fuel will exist. Oil 
prices have fallen during 1978 
and prices for heavy, fuel oil 
have slipped by about lp per 
therm. British Gas has con- 
tinued its policy of relating its 
prices to the oil market so in- 
dustrial gas consumers can also 
expect a more stable position in 
coming months. This could be 
interrupted, however, by the 
expected oil price rise from the 
OPEC countries in December. 
It is pretty clear that there will 
be a price rise of between 5 
and 10 per cent says the report. 

Oil and gas prices will con- 
tinue to be linked to market 
conditions, whereas coal and 
electricity prices are governed 
chiefly by the general rate of 
inflation. Coal prices rose by 10 
per cent in March this year and 
a further increase can be ex- 
pected in March 1979. A simi- 
lar 10 per cent rise, over the 
year is expected in electricity 
prices. 

But whatever the progression 
of fuel prices, energy is bound 
to remain an expensive com- 
modity. Over the last 12 months 
there has been a marked shift 
in emphasis away from simple 
exhortations to save energy and 
towards the message that energy 
conservation is chiefly a way 
of improving the efficiency of 
energy use. 


The Government has moved, 
into far more positive action in 
promoting this message over the . 
last year by adding an array of " 
financial incentives to its earlier, 
guidance and advice. At least 
half of the energy consumed in 
the UK goes into providing com- 
fortable conditions and hot 
water in all kinds of buildings — . 
factories, shops, offices, schools, 
hospitals and 20ra homes. It is 
here that the Government is 
concentrating most of its £450m 
programme of public expendi- 
ture on energy conservation 
over the next four years by pro- 
moting better insulation, more 
efficient appliances and effective 
controls. 

For some industries the 
message of energy efficiency is 
clearly not a new phenomenon. 
The chemicals industry, for. 
example, increased its energy 
demands by 12 per cent between 
1965 and 1975, but in the same 
period production grew by 56 
per cent This is the kind of 
action that is at the heart of 
Sir William Hawthorne’s con- 
clusions reached in 1954 and it- 
was summed up earlier this year 
by Sir Denis Rooke, the chair- 
man of British Gas. “Energy 
conservation is not simply about ~ 
regulating production and 
saving fuel for the future. It is-.: 
about using fuel efficiently — 
getting the same standard of 
comfort or the same industrial ' 
effect by burning less fuel and . 
saving money into the bargain.. - 
If we can succeed in using 
energy more efficiently, we will . 
not only conserve energy re- 
sources for the future, but also . 
increase productivity now." 


n » wmi i i u > 1 1 * 1— HH 



Tbe Competition is open to all organisa- 
tions in the UK who can show an 








to 



Tbe Chairman of the Electricity Council, 
Sir Ftands Tombs, precficts that as the 
reserves of gas and ofl are depleted they can 
be expected to rise sharply m price. As a 
result substitution by odrar sources of 
energy wiH become inevitable. 

In this context the renewable sources 
of eneigy such as wind, waves, tides and 
sun are at present uneconomic-and likely 
to remain so. For this reason they are 
unlikely to contribute even as much as 
10% of the nations energy demand by the 
year 2000. 

So it follows that by common consent 
the energy future lies principally with coal 
and with nuclear power, both of which 
would deliver, energy as electricity Vfs 



SifFixmds Tombs, Chairman of die Electricity CouttaL 


’ ’ftbodhai Bouses Aberdeen, fie adminis- 
trative headquarters of the Grampian 
Regional Council is a goo d gpu p^fc of 
how careftil design and mtenfisdpfinmy 
co-operation can nelp to redu ce a boad- 

ing% energy costs to a mimniiiin. 

The development is made up of offices 
and computer and council suites with a 
gross area of IS J 16m B . Completed in 1975, 
rt makes use of a number of up-to-date 
tfichniquesfornunimising energy costs. . 

The heating and cooing requirements . 
of the main office area are provided by a 
low-velocity air handling system. Heat from 
lighting, occupants and.buaness'machines 
is extracted through slots in the cone red- 
ceiling. Within each floor zone heat is 
retained by ahrecircuMon, while heat is re- 
daimed from the es*austaffby coding rou& 
In zones which need coahng, use is made at 


should bear in mind that around the end 
of the century coal will be endeavouring to 
supply markets for electricity generation, 
synthetic gas production ana chemical 


. This- leads us to two obvious conclu- 
sions. Primarily the energy we consume 
should and must be used to its maximum 
effect. Second, commercial buildings 
planned for construction in the coining 
years and with a life expectancy up to 60 
years, must have incorporated into their 
planning the inevitability of a single 
energy source- electricity 

Over the past ten yearn, and with these 
criteria in mind, great strides have been 
taken in the field of heat recovery. Now; 
several systems are available to permit the 
economic recycling of what would other- 
wise bp considered wasted energy. This is 
as true in the commercial sector as it is in 
the industrial. Although m most cases the 
problems are different,the techniques use 
the same technology . 

In terms of our 1 future commercial 
buildings it is imperative that these 
techniques are carefully considered and 
appropriate steps taken to incorporate the 
neoessuy equipment at the earliest pos- 
sible stage. must ensure that the 
inevitability of a single energy source does 
not take industry and commerce by 

SUTpTBC* 

To -achieve this for the future we must 
act now It makes sound sense to plan for 
the inevitable, and that means to plan 
electric- its here to stay. • 


outside air if it is suitable, to reduce the 
load on the central coding plant 

The system Is designed to allow the 
planned maintenance programme to be 
' carried out easily AH die rapework/valves 
- and plant are outside the office area so that 
.' irmfntenflnfle can be carried out without 
causing any major inconvenience. 

The Council suite uses an alternative, 
method of air distribution, a dual duct 


Council suite. Heat from Eghtiqg and 
occupants is agy m recovered through the 

return air system. 

The bunding themselves are well insu- 
lated. The grass heat loss for the building 
complex during cold weather (”3°C) is 
arotmd 2000kW The overall energy coa- 



‘Energy Management 
in Lighting 
Awards Scheme’ 

Last yearns award winners duf what most of 
os only dream about They actually saved 


design and panning to sash rnmung costs 
by oyer 5096 compared with their previous 
fig htin g system, while at the same time 
roamtaimng^ Qi; In some cases, raising 

.. This year the Lighting Industry Fcdera- 
tionk ‘Energy Management in Lighting 
Awards Scheme’ is continuing the task 
begun in 1975 of educating users about the 
lighting options available and the prime 


be one of the sponsors of the scheme. 

The aim K to achieve more efficient 
lighting, both in terms of more li ght for a 
given consumption of electricity and also by 
correctly designing the lighting work being 
done. Tne results might snow Tor example, 
better worker productivity; improved quality 
of production and a reduction in accidents. 
(Corn'd top of next column) 





Vfoodhill House, Aberdeen, makes extensive me of heat 
recovery techniques. 

sumption of file air conditioning. lighting 
and water heating systems was round' to 
average out, for die year ending Febnctry 
1977 at the low figure of 225 kWh/m 2 . • 
The Wbodhill House development 
shows how some energy saving techniques 
can be used to reduce a buildings overall 
running costs to a minimum whilst main- 
taininaexceflent working conditions for die 
staff. There are many other techniques 
which could achieve the same result. 

Ibr more information, tick box Nod. 


The new or improved scheme must be 
commissioned between 1st August 1976 and 
31st December 1978 and must.comply with 
the standards set out in tbe 1977 IBS Code 
for ImeriorLighting. ' _ \ 

The main factors to be considered are: 

(a) Better use of electrical energy for 
obtaining required illuminance. 

(b) Efficiency of the installation, com- 
’ pared with the optimum efficiency 

reasonably practicable. 

(c) Evidence of good energy manage- 
ment practice. 

Gosing date is 3Jst December 3978, 
copies of the official entry form are available 


Federation, 25 Bedford Square, London 
WC1B3HH. . 

For copies of the Lighting publication, 
rick box No. 2 


Catering the 
electric way 

It has often been said that an army marches 
on its stomach. Well, that is definitely true of 
the staff la more and more companies. If 
any of your efients are contemplating the 
introduction of a staff restaurant, or if you 
are about to start work on pbnning a staff 
restaurant, you are Kkely to benefit from 
getting m touch with us. 

Selecting the mast cost-effective and 
efficient equipment is only part of the story 
These days staff expect to be served a varied 
menu of high standard to be eaten in 
pleasant, comfortable surroundings- 

For large-scale catering projects which 
demand a high capital investment it pays to 
consult experts on all aspects of energy use. 
Proper ventilation will be needed to remove 
unwanted smells from the kitchen and it 
mav be that air conditioning will be required 
to provide a comfortable, fresh atmosphere 
. forthediners. 

Heat recovery could be integrated into 
the total plan to enable full use to be made 
of the otherwise wasted heat from dishwash- 
ing and lighting aid so on. 

"The Project Planning Unit of the 
HlectridbrCoundl was set up specifically to 
handle this type of catering project Its 
purpose is to plan efficient catering systems 
equipped to make the most effective use of 
enersy and labour. 

This planning expertise, free through 
your Electricity Board, will provide you with 
the kind of detaDed information necessary 
to take planning derisions on large-scale 
catering projects. The information is pre- 
sented m the form of a detailed feasibility 
study: Included in tiie study would be an 
analysis of your menu and meal service, 
detailed design proposals, a breakdown of 
capital costs and much more. 

Thefeasjbilhystudy can form the bass of 
comparison with alternatives. In addition, 
the Planning Unit offers whatever informa- 
tion is needed and a great deal of- practical 
advice fight through the stages of design and 
specification. 

With bigger and more ambitious catering . 


Comfort -the key 
to commercial success? 


Comfort is a difficult term to define 
precisely Difficult because it really needs to 
be related to a particular individual in a 
particular job. However most people would 
agree that comfort plays a significant part 
in their performance at work or in the 
success of their business. 

Comfort is an essential part of the right 
mental dimate. Unsuitable, environmental, 
conditions create distractions; which waste 
our mental energy and reduce concentra- 
tion. 

Environmental research has been carried 
out at the Electricity Council's Research 
Centre to try to quantify the differences in 
perception of comfort between individuals 
and where-possible to identify the causes. 
For example, once peopled tolerance to 
temperature variations can be quantified 
then designers can allow for these limiting 
factors in building design. The range ot 
factors directly affecting comfort, like tem- 
perature, humidity, noise and light must be 
carefully balanced to arrive at the most’ 
acceptable mix. The reasons speak for 



* 4 * • t * . * * . 

* , t * ■ 




Purtnf rite kitchen downed with the help, if the 
Project Aiming Unit for Fibrculuss Lid.. Wrexiunn. . 


reduced to a minimum. 

for more information on the Project Planning 
Unit, rick box No. S. 


Kiseiinl i ink » ‘i v tmjr vr" i ontliti *** biing oirrinl , <ia tit 
ilu • tl, wricirv C 'ouih its R,se,i/rh i enur. 


themselves: more efficient, more alert, 
happier even healthier staff make lor lower 
staff turnover, higher productivity, and more 
contented cQents. 

The requirements vary from company to 
company building to building. Whereas in 
some situations only good heating, ventila- 
tion and lighting are"" necessary: in others 
where summer over-hearing, noise and 
pollution are major problems, an air 
conditioning system may be the only real 
solution. 

In existing buildings a large amount of 
new or additional equipment may not even 
be required - it may just be a matter of using; 
the existing system more effectively Even if 
air conditioning is needed it can be installed 
as required, ei tfier room by room or cen irally: 
Lighting too can often be improved at 
minimum expense simply by changing the 
lamps for more suitable ones when servicing 
time comes round. 

The initial costs of providing adequate 
comfort levels can vary from next to nothing 
lo thousands of pounds. Whatever the cos is 
involved, thev are unlikelv to be more than a 
small proportion of the total operating costs 
of vour building - yet they could make the 
difference between success und failure for 
you and your staff. 

‘Comfort’ is the title of the new colour 
brochure published bv the Electricity Coun- 
cil. The publication outlines what comfort is 
and how itcan affect your work. 

If you would like a copy, tick box Nojf. 


I Please send me copies of leaflets/in formation on the following topics. 
| Please tick as appropriate. 


j Ql. Heat Recovery 
| 02. Lighting 
| □ 3. Project Planning 


NAME — 

ADDRESS...... 


S 04. Comfort posit 

| please send I he coupon to: 

I Simon Slevens,Tfoe Electricity Council,- 
^0 Millbank, London SWJP4RD. 


POSIUON ...„. 


SEP* 


The Hhxinciiy Council. England and Hfafc 





14 


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MANAGING ENERGY II 


Bmncial Tii«s raiSay ' 


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,f'.v " * * •. ' ■_ K 





for suppliers 


F rigg, the largest gas field yet developed in the North Sea. 


ALL FOUR OF the supply 
industries are intimately 
involved io the task of explain- 
ing energy conservation to 
industry, commerce and the 
domestic consumer. But it is also 
true that the message inevitably 
has a close involvement with the 
marketing strategy of each 
individual supply industry and 
none of them miss the 
opportunity of pushing the values 
of their own particular fuel at 
the same time that they are high- 
lighting the virtues of energy 
conservation. 

The fuel market is dominated 
by oil, which on a heat supplied 
basis accounted for 46 per cent 
of total energy consumption last 
year, compared with 25 per cent 
for gas, 16 per cent for coal and 
other solid fuels and 13 per cent 
for electricity. The largest 
amount of oil consumed is taken 
by transport in some form or 
another— 48 per cent was burned 
in this way in 1977. But 
petroleum is also the leading 
supplier to industry, with 38 per 
cent of that market. The shares 
taken by oil in the various 


market sectors has remained 
fairly steady over the past 19 
years. It is meeting stiff com- 
petition from gas in premium 
markets but -it has managed to 
hold on to its position, unlike its 
other two rivals coal and 
electricity; which have, both 
fallen back in the face of aggros- - 
sive marketing by British' Gak: - 


Market 


comin« from the northern mcrease witWii their already 
North Sea fields, chiefly Frigg depressed trading margins. - 
and Brent. „ during l^ fuel dismbutors 

The increasing production have indulged m pne* cutting 
f Jm the largest gas “ order pnmanly to hold "; 

^(“developed in such t0 oiajket shares._B n t nest yS 
hostile^ waters as the northern ** lndu stri a I Production 
North Sea will boost Britain's to move ahead again, inersasiojr. 
S^uwhes hy njore thah * £5““. 

““«£ “f U pS t ry°TnerS 


per 


h. requirements. 


Gas is now taking about 28 
coming from the northern 
per cent of the industrial -mar- 
ket — compared with only 4 per 
cent in 1966 — and in 'the domes- 
tic market it has es tablish ed 
itself firmly as the murker 
leader with 44 per cent in 1977 
compared with 27 per cent for 
solid fuel, 19- per cent for elec- 
tricity and 10 per cent for oi£' 
It has already taken the lion’s 
share of growth in the HK fuel 
market in recent years, but- it 
still faces a continuing -hard 
marketing effort into the early 
1980s if it is to find extra custo- 
mers- to take the rapid build-up 
of new suunlies that wn iH 



on trees, you know. 


First the good news. 

We in Britain are in the enviable 
position of having coal deposits that will 
run to. three hundred years. 

Now the serious news. 

Coal will be our main fossil fuel of 
the future, because gas and oil could well 
be past their peak before, or near, the end 
ofthiscentuiy. 

So we mustn’t squander our coal. 

We must use it well, and use it wisely. 
That means using it efficiently. 

_ The trouble is that too many people 
in industry and in the home are using 
fuel inefficiently. They are wasting their 
money and not helping themselves or 
-the country one bit. 

But the message is getting through 
Take the Waldorf Stationery and Greetings 
Cards company, for example. & 

With the help ^ 
of NCB Technical 
Service, they changed 
their worn out coal- _ 

fired heating system for a modern*' 
one. Now they are paying less for 
better heating. 

The Northern Spinning Division 
of Courtaulds did something similar, 
also with NCB advice, and came up with 
a new plant boasting 78% efficiency. 




There’s action too on the home front 
People like Mr and Mrs Hill of 
Whittlebmy, Northants. They now heat 
their entire home from just one system- 
coal-fired central heating. 

This keeps the whole house warm, 
and gives them lashings of hot water 
So the Hill's are getting real value for : 
their money. 

Of course, these are only a few 
examples of the companies and people 
who have seen the light. 

But it’s an example that we should all 
try to follow. And quickly. 

Use coal wisely and you’ll help 
secure the future. If you don’t do it for the 
good of the country, do it for the money 
you’ll save yourself. 

OK,but what are theNCB doing 
to help the situation? 

They are doing a 
great deal to help. 





For Industry. 

The NCB Technical Service covers 
all aspects of the efficient use of steamand 
hot water heating. Expert advice is 
available on making the best possible use ; 
of existing systems, as well as the latest 
information on new equipment and 
techniques. 

For Domestic Use. . 

The joint partnership of the Coal 
Board, independent producers and coal 
merchants form the SMS -the Solid Fiiel 
AdvisoiyService.lt will help you in / 
countless ways to make the most of your 
solid fuel heating. 

SFAS will: Advise you on choosing 
your new real fire - and give you guidance 
on installation. 

Help you select the right fuel - 
and show you how easily a real fire can 
heat your whole home. 

Demonstrate how your real fire can 
b e controlled to give the warmth you want 
when you want it 

Show how to make your coalheating 
even more economical with good insulation. 



_ For details ofNCB Technical Service or Solid Fad Advisarv 
service write to Hobart House, Grosvcaor Hac^London 5W1X 7AE. 



Tfirat began be ^uch' i^ueneefi-gr 'g 

5E55TS* over a year .go ^ 

from the UK sector of the field Mineworkers firmI y 
and supplies are now staling ^ tQ ^ 
to build up from the lar 3® r gesrtlons of a 5 per ^ 
Norwegian portion of the field. threshold ; th ere 'tiS! 

It represents a new source of lit0e prospect oi 
supply at a tune when -produc- f^g ^inni the ieneSnS 
tion from some of the southern of ijaflation. • •• • ■ 
gas fields is passing its peak. tfnlike the market % " ' 
But the emergencfS of British prices of- oil and gas,'o 
Gas as a major force in the UK electricity prices remal 
energy market has not been more tied to the broad 
■without controversy. The rift level, in . contrast to oil^jS 
between the various nation- which have actually JfaUtri &t- 
alised supply industries has ing the year, coal -prices S 
come into the open this year by io per cent in March jw 
with the gas industry facing a and a further increase oairfe 
concerted assault. over the issue expected in March: 1 £Qsl 1 £]^ 
of fuel pricing from both the tricity tariffs. were alsiraifejft, 
coal and electricity industries, in the spring'and ^10 iiefcna 
They see their market shares rise is expected over th&fyeb 
shrinking at a time when they The future for coaLas a' ni^ ' 
can do little to halt their source of energy ^ lies 
increasing lack of competitive- ^ lohg-tenn. The'Piajj i/i 
ness on prices. Coal agreed between .pbrmf 

According to Sir Francis 
Tombs, chairman of the Elec- SStiv 
tricity Council, gas should be . 

| priced at a level which takes it ^ order -to. .a&i 

into account the cost of its . JLJ?' 
future replacement by other thp P Rp J i^IS- IjJSi ^ ^ 
fuels. Otherwise it will damage to -orf. ^ 

the long-term markets for coal to ” st m l f cess , of ^ m r^: 
and electricity. British Gas 1 - • Ils _P r °hlem lies in beepie 
present pricing policy is t " e kets during {h 
creating “ a precipice problem 80 

of substitution for depleted ^ be cm - a -suffitienif 
reserves of gas at the end of secure footing when 
the century,” he says. on * ground the turn; of- life 

The electricity industry main- 
tained earlier this year that the derived 
cost of producing gas Is about Ge " vea " : .*?*»* 

IJ*p per therm while the cost None, of its. present 
Of producing electricity - is f 00 ^ particularly buoyant-. .■€&' 
hearer 8p per therm. The Gas ls ,^ e major fuel _fpr r t& 
Corporation not surrlslngly electricity supply * indQSti} 
takes issue with these figures, wflich takes about 60 per re* 
however. It claims that the of the NCB 's annual onipnf:c 
average price of gas delivered ar0Dn ^ tonnes. The seebn 

to its terminals, which includes largest customer is alsd fejih 
transmission costs is higher, trial, the iron and steel jqifK 
and». jit says , the price is rising, try, which . burns' coal 
It-is ipossible the average- price f°rin pf coke: It presendyote 
will be nearer 6p a therm in IP. the region of Ite tmmfiii 
three years’ time as supplies year from 'the NCB. ■ Bot a 
from Fngg build up. steel industry is in d eep’&fc ' 

However this dispute is fin- s* 00 an ^ the eiectrici^jup^ 
ally resolved, it is dear ttat at industry is losing maiket sbai * 
least in the industrial sector t0 the gas and oif industries^? 
British Gas will continue to re- h has to increase prices' i$ li» 
late the level of contract prices with coal price , rise's. ;-: :'.rX 
to that .of oil. And. oil prices . . ■ v 

must rise. According to the p. A U n¥M 
latest bulletin on Energy for IT lil Ole XU 

S om ” e f ce 1° ^ In the past year the: art ' 
^° F ~ elec(ri<5it y boards saw safesi . 
■later ^ thi* m^nTh^ electricity increase by vinly.:| 

unlikelv to nrnw^tioV. 1 ^ 9 ®^ per cent during a-peribd wbi • 
f,™T ' \ h a there was at rimes up .to Wft 

year for the fuel buyer as 1978. cent. excess generating capacft 
An increase in demand for oil As this capacity is added to u 
products will almost certainly building programme will pf® • 
lead to higher prices, it says. ably, be exclusively aimed 7- 
And a price increase from the new nuclear or coatfiK 
Organisation of Petroleum Ex- stations. Tbere'ls little priMP?' 

171 nf further investment in it 
nnHM^Iv ^,,5°? Wldely . ex ' fired generating: capacity.. ^ 
be S ° meW ^ re Nuclear electricity will be d 
9 iB£F >t ' cheapest form of generabW 

wiU be the first OPEC increase the future programme, eveiril 

Saudi^fbS^L th raost efficient c^al-fired sta^ 

Arah fvSmSc »L? e -^ Ut K d of 2i00 ° MW capacity win-im 

be abl « to achieve a mldffl 

LST € S££ OPEC ™ rankln s to the hierarchy ’ . 

,7ru 0PBC members * power station efficiency- B 

Whatever the scale of among other reasons, 
increase, says CIRS, it is likely to provide for increasing co 
to be passed direct to the indus- outlets will ensure -that w 
trial and commercial fuel con- powered stations play abig ri? 
sumer in Britain.- The oil com- In future construction plans.-, 
pan Jes presently have little • „ 

room to 1 accommodate any Kevin Do® 





> 




Th* British. Gasterhiinal 'at St Fertftp 

‘ friggjietiL 


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regain 


F .-A 


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. i 






13;- 

'•7** 


■...V. i OVER. THE past 18 months 
energy consumers have been 
~ " i." able to regain some of the 
■■■ Initiative from fuel suppliers 
for the first time since the 
. energy crisis of 197S-74. The 
energy supply market has bc- 
‘ . come fiercely competitive not 
only because of the temporary 
- . glut of oil supplies, but also 
. • ; because of the need of the oil, 
• electricity and coal industries 
" to combat the growing share of 
sales that is being taken by gas. 

Industry accounted for about 
39 per cent of all energy con- 
sumed in the UK last year on 
.. a heat-supplied basis. The de- 

■ ■ mand from iron and steel alone 

amounted to some 8 per cent 

• Industrial and commercial con- 
sumers are gaining some greater 

; temporary bargaining power in 
. “ =. negotiating large contracts 

■ especially with the oil com- 
■ panies as the number of rebates 

on offer has steadily increased. 
: . But despite this short-term 

- trend interest in energy conser- 
vation and the more efficient 
use of energy has still grown 
markedly in the business sector. 

. ' New techniques and equip- 
.. ment to boost energy saving are 
‘ .. ... now coming on to the market. 
.. The scale of savings that can be 
‘ made by industry have been well 
' . 'illustrated by the Gas Energy 
Management awards which will 
- be made for the third time later 
this year. Industry would cut 
its fuel bill by £270m a year 
;if it achieved only half the 

• level of savings affected by the 
18 finalist companies last year. 

Much of the Government's 
' . own financial contribution to 
encouraging more efficient 
. energy use has concentrated oh 
buildings, in improving insula- 
tion, appliances and controls. 
But earlier this year the Depart- 
ment of Industry announced 
grants totalling £25m over the 
next two years for manufacture 
mg industry to encourage 
treater investment in - energy 
having. 


Insulation 


It is essentially a short-term 
neasure and is- aimed at 
_ -ncouraging companies' to re- 
place or modernise boiler plant, 
mprove insulation and either 
' mprove or replace combined 
. leat and power systems. Mr. 
’ Srie Varley. the Industry Secre- 
tary, said that such short-term 
measures that were available to 
' ndustry through the use of 
existing technology could save 
:he equivalent of 5.5m tonnes 
■}[ oil a year corresponding to 
I an annual cost-saving of £370m. 
The capital investment required 
for such a saving according to 
the Department would be about 

• E560m, giving an average pay- 
back period of years. 

The Department’s scheme, 
-though much less ambitious 
than those launched by the 
Department of Energy earlier 
in the year — to improve insula- 
tion in council and private 
housing and public buildings— 
can help industry in a number 
of ways. It offers 25 per cent 
grants for replacement and 
modernisation of boiler plant, 
.. 24 per cent grants for insulation 
of premises, capital grants for 
the replacement and modernisa- 
tion of combined heat and 
power systems and 50 per cent 
grants for associated consult- 
ancy work. 

The biggest energy consumer 
by far in manufacturing 
industry is the iron and steel 
sector with about 24 per cent 
of the total. It is followed by 
■ -engineering with IS to 19 per 

• cent, chemicals with 14.8 pea- 
cent, food drink and tobacco 

_ with 8 to 9 per cent and paper 
and printing with about 6 per 

■: cent. • ... i. 

The energy put into each 
■ tonne of iron or steel is the 


steelmaker in the world has 
been : topping up the search for 
energy savings in the produc- 
tion process during the last few 
years as energy costs have 
soared. As a result energy sav- 
ing bas already become one of 
the most significant areas in 
which steelmakers have been 
able tn improve productivity. 

However, m the past three 
years another factor has 
emerged to complicate this 
satisfactory picture. The big 
international steel industries 
have been in serious recession, 
which means chat they have 
been producing at only, a frac- 
tion of their normal outputs. As 
production falls, efficiency and 
especially energy efficiency also 
drops- 

As far as the British steel 
industry is concerned this 
means that whatever the en- 
deavours of the scientists and 
enginee : to improve -processes, 
the plants themselves will be 
wasting energy at a prodigal 
rate because they are hot work- 
ing at their optimum capacity. 

British Steel has been trying 
to cut its fuel bills this year by 
concentrating available orders 
for steel upon a smaM number 
of the more efficient plants. This 
means for instance that tbc 
Llanwem sheet works Jn South 
Wales has been given more 
work so that it can roll at a 
rate of 2.5m tonnes a year. At 
the same time older works have 
been put on a care and main- 
tenance basis by closing blast 
furnaces and steel furnaces. 

Of its total energy wage 
British- Steel takes about 68 per 
cent coal, 22 per cent oil, 5 per 
cent natural gas and 5 per cent 
electricity. Being such a large 
consumer of coal, the steel 
industry’s recession ha&: hit coal 
sales fairly hard and has led to 
the closure of some r of the 
National Coal Board’s coke 
capacity. . 

The principal energy- savings 
in bulk steel making, in recent 
years have come from the use 
tit high quality foreign, ores, 
which' enable more irun 10 ' be 
produced for each tonne of ‘Goal 
turned into coke at the oblast 
furnace coking ovens. Several 
other measures have been intro- 
duced, but the most immediate 
help for energy conservation 
would come from a pick up in 
the steel market If plants are 
worked nearer ..full capacity 
they can achieve' something like 
a 20 per cent energy saving 
overnight per tonne of iron or 
steel manufactured compared . 
with the'perfonnance at lower j 
working levels. i 


cesses and gradually introduc- 
ing less energy-intensive pro- 
ducts. . . 

But because of the length of 
time that it has been aware of 
energy management, the UK 
chemical industry has perhaps 
already made the easy savings. 
Over the ten years from 1976 to 
1986 the Chemical Industry 
Association forecasts that 
energy savings per unit of pro- 
duct will amount to only about 
7 or 8 per cent. Energy con- 
sumption— 8 per cent of all the 
oil consumed in Western 
Europe is taken as petro- 
chemical feedstocks — is 
expected to grow at about 1 per 
cent less than the growth of 
output from 1976' to 1981 and 
about half a per cent less from 
1982 to 1986. 

In some other major fuel mar- 
kets, such as transport, it has 
token perhaps longer 4o face up 
to the most serious implications 
of the energy crisis. As far as 
the motur industry is concerned, 
for instance, pemrf prices today 
are about the same in real 
terms, as they were in 1973. All 
the same, (the long-term pres- 
sures towards better fuel 


economy are having their 
effects. The changes are seen at 
their most dramatic in the U.S., 
where every car range is being 
remodelled to create lighter and 
more efficient vehicles. 

But whatever the market sec- 
tor there are usually major 
gains to be made in efficiency 
and productivity if the lessons 
of energy management are 
taken on board. 

The winning company in last 
year’s Gas Energy Management 
Awards was Vauxhall Motors. It 
has embarked on an energy- 
saving programme that will 
eventually save more than 
500,000 therms a year. Of the 
overall saving some 80 per cent 
will be achieved by low-cost 
plant modification with a 
payback period of less than six 
months. For the rest the 
payback period will be about 
one year. This is precisely the 
sort of performance that could 
be repeated throughout 
industry and commerce, the 
Government and supply 
industries argue, if sufficient 
management resources are 
committed to the problem. 

Kevin Done 


life! 


bills’ :• s* 






wf. **-♦**,;■'! 

***** 


**• 

j.,, 


iTUisrffpTl 

| Jk v.s r * 




-m 









The Ninian oil platform, which earlier 


tkis year added ye ^another dimension to the North Sea development 
programme. 



Recession 


•v- f most important factor govern- 
ing the acceptability of that 


i metal for 'industrial use. If 
’« onorffc ■ pticts become too high 


EgSJ-JI .! energy - costs become too high 
' ■ i (alternatives will have to be 
ound. For this reason every 


The recession in world 
markets- took longer to affect 
some other industry sectors, 
such as chemicals, but eventu- 
ally it too has had to face a 
situation of serious surplus 
capacity and low working levels. 
But the industry has already 
been working for some years to 
cut its energy bill. Even before 
the energy crisis it was taking 
important measures to ensure 
that its output was growing 
faster than its energy consump- 
tion. Between 1965 and 1975 it 
cut its energy needs by 28 per 
cent per unit of product. 

Energy conservation is now 
accepted practice by the Iarge- 
and medium-sized companies, 
but there is concern in the 
industry that smaller companies 
have not yet realised the poten- 
tial for savings that exist 
Energy bills have been cut by 
a variety of methods. In the 
short-term the industry has im- 
proved its record of “good 
housekeeping”- in terms of 
better maintenance and quicker 
repair of faulty equipment. 

But the biggest gains are to 
be made from more radical 
changes. Existing processes 
have been modified, and plant 
and equipment has been 
adapted with energy conserva- 
tion made a top priority. For. 
the long-term the industry is 
researching entirely new pro- 


How much money are you wasting 
right now? 

Did you realise that most small-to- 
medium size companies are wasting 
between 10% and 15% of their fuel bills 
through careless use of heating, power 
and lighting? 













A brewery depot fitted icith Colt horizontal heaters for 
fuel economy. 


Boiler efficiency is a possible arm forsemings. 

Stop wasting fuel and start saving 
with the Energy Survey Scheme. 

Arrange a one-day visit from an 
energy expert to help you save both energy 
and money. 

Just complete the coupon oh this 
page and well send you a list of indepen- 
dent professional consultants for you to 
select the one you want. 

He'll inspect your premises, assessing 
individual problems and systems, finding 
out exactly where you’re losing that 
hard-earned cash.Then he’ll send you his 


S 

\ confidential report with recommenda- 
\tions telling you exactly how to SAVE IT! 

And remember-this ‘One-Day Energy 
.Survey 9 is practically FREE! 

The Department of Energy will pay 
the; first £75 of the cost of your Energy 
Survey. 

So, as many consultants charge 
around £80 for a visit of this type, you can 
see that this valuable service will cost you 
almost nothing. And your consultant’s 
report will show you where to make 
immediate savings in fuel and money. 

What if a one-day survey is not 
enough? 

Maybe you need a much more 
detailed review of your overall energy 
usage; or a one-day visit shows up the need 
for further investigation. 

, For these cases we have extended the 
Energy Survey Scheme to provide a grant 
of 50% towards the cost of a compre- 
hensive investigation. 

Send the coupon today and stop 
wasting money on energy. 




To: Department of Energy; Free Publications (ESS), 
P.O. Box702, Eondqn SW20 8SZ. 


J ENERGY SURVEY SCHEME 
I Please send me leaflets and a list of consultants. 


j ” Company. 
I Address— 


(BLOCK CAPflALS PLEASE) 


PositK 



DEPARTMENT OF ENERGY 




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16 


Financial Times Tuesday 


Energy Manage raenlLlsimpossi We^ith^ 
energy measurement but energy measurement 
must be accurate over the full operational range 
to be meaningful. The Gervase Group of 
Companies specialise in the measurement of .all 
forms of piped energy based on the use of the 

GILFLO linear primary flow sensor in _ 

combination with modular electronic computing 
and readout systems. 


Energy rates and totals are: individually; •; 
presented either locally to metering points or. 
in a central control room. For larger industrial 
complexes, a central microprocessor is used 
having visual display and printout facilities and 
period total and efficiency computing 
programmes. 

For farther details contact: 

GERVASE INSTRUMENTS Ltd., 


CRAN LEIGH, SURREY 
Phone: 04866-5566. Telex: 859473; 


MANAGING ENERGY IV 




Conservation campaign 


THE TOTAL energy bill for 
the UK is currently running at 
£16bn a year but great efforts 
are being made by the 
Government and other agencies 
to persuade industrial and 
domestic consumers to . cut this 
figure by at least 10 per cent 


Mr. Anthony Wedgwood 
Benn, the Energy Secretary, 
believes minimum energy 
savings of 10 per cent are 
certainly well within the grasp 
of industry, which today 
accounts for about 40 per cent 
of all the energy used in 
Britain. And to date, industry 
is responding better to couser- 



-We will show you how 


From October , every month, you can receive entirely free* a 
brand new journal ENERGY MANAGER packed with practical 
advice on all relevant new equipment and techniques, and on 
organisational and financial aspects of energy management. 


If you are concerned with more efficient use of energy in your 
business, you cannot afford to miss us . - 1 


■ner^F 
Manager 


THE PRACTICAL APPROACH TO ENERGY EFFICIENCY 


To: IPC SCIENCE AND TECHNOLOGY PRESSUMITED j 

32 High Street, Guildford, Surrey, GUI 3EW. Tel. 0483 71661 Telex 859556 SCITEC G ■ 


* [J Please send me an application card 

□ Please send me information on advertising 

NAME 

COMPANY 

ADDRESS 


| TELEPHONE FT1 J 


vation .campaigns than domestic 
energy consumers. 

The Government has allocated 
£450m to be spent on energy 
conservation schemes over the 
next fonr years as part of a 
10-year programme. The money 
is being spent -on a wide variety 
of projects ranging from adver- 
tising and general exhortation 
to grants and. tax allowances. 
The Department of Energy 
believes the campaign is having 
a moderate though far from 
startling degree of success. On 
the other hand, it was only 
fully launched nine months ago. 
so it is early days to malte a 
proper assessment 

Perhaps * it is because 
domestic energy users have 
responded rather . unenthusi- 
astically to the conservation 
campaign that the Government 
has just brought in the Homes 
Insulation Act This enables 
private householders to apply 
to their local authorities for 
grants of up to 6fl per cent — or 
a maximum of £50 — for insulat- 
ing their lofts, tanks and pipes. 
The scheme has only been in 
operation for a matter of weeks 
but officials say the reaction so 
far has been most favourable. 


A similar type of project has 
been set up in the public 
sector. The Government is 
making £114m available to local 
authorities so that they can 
borrow the money needed to 
insulate the 2m council houses 
which fall below basic standards 


lighting and heating left on un- 
necessarily, machines left run- 
ning wfaen not in use, dripping 
hot water taps, inadequately 
lagged pipes, boiler linings in 
need of repair and steam leaks 
from valves, flanges or traps. 
The Department reckons that 
simply stopping steam leaking 
through a 3 mm diameter hole 
can .save a company roughly 
£700 a year. 

Once a company has taken 
basic steps like these to prevent 
waste, the next step is to see 
if its production machinery can 
be modified — or renewed — so 
as to give a more efficient use of 
energy. It is estimated that com- 
panies which instal new equip- 
ment with a view to conserving 
energy make an average saving 
of 30 per cent in their fuel or 
power bills. Sometimes, of 
course, the saving is far greater. 
This summer an energy con- 
servation scheme was intro- 
duced by the Department of 
Industry which made it possible 
for organisations to receive 
grants covering up to 25 per 
cent of the cost of energy- 
saving measures. The scheme is 
aimed at those buying in new 
equipment or modifying exist- 
ing plant — particularly in the 
area of heating. Over 10,000 
inquiries were received by the 
Department within weeks of the 
grants being announced. 

Companies are also eligible 


for 100 per cent tax allowances 
against the cost of insulating 
industrial buildings and in' addi- 
tion to this they can take advan- 
tage of the . Government's 
demonstration projects scheme. 
A total of £2L5m has been made 
available under this scheme , to 
help pay for conservation 
measures that can be examined 
and perhaps copied by other 
organisations. A company- that 
is buying in a piece of heat- 
saving equipment, for example, 
can apply for- a- grant towards 
its cost on the grounds -that 
others in the same industry 
might find it useful -to see 
exactly what the new machinery 
can do in terms of conservation. 

The size of the grants 'avail- 
able under this scheme are 
npen to negotiation and - .they 
can vary from £3.000 to 
£300.000. Companies . that 
receive them are expected to 
allow their plants to .be p^ed.for 
demonstration purposes. They 
are also expected to “ pay back " 
the grant by handing over the 
savings they make on fuel and 
power bills as a result; of .the 
improvements they have! made. 

As well as large-scale grant 
schemes like these, the Depart- 
ment of Energy bas set-up a 
free "Quick Advice” service 
and It is also prepared to pay 
up to £75 towards the cast of 
a one-day visit by an energy 
consultant to a factory or office. 


In some cases the Department 
JrilUootribute towards tbe cost 
of a much lengthier study by 
an energy consultant— it may 

pay up to50 P« cent depending 
on the circumstances. 


Failure 


Not all the projects set up by 
the Government have proved 
successful. For example, an 
energy saving loan scheme was 
introduced but has subsequi ently 
been dropped because of lack 
of customers. The reason for 
the failure was that the interest 
rates offered under the scheme 
were not really competitive and 
sometimes they were higher 
than those obtainable from 
banks and other, more conven- 
tional sources of finance. 

Of course the Government is 
not running its energy saving 
schemes in splendid isolation. 
Numerous other bodies are 
running projects of their own. 
British Gas. for example, is 
carrying out research into con- 
servation methods and it also 
runs what it calls a school for 
fuel management. 

On a slightly different note, 
there are award schemes such 
as the Energy Management, in 
Lighting Award Scheme run by 
the Lighting Industry Federa- 
tion. The Federation points out 
that lighting consumes just 


over 4 per ceat-of the natiotfi 
primary fuels and -it estimated 
that at least 50 per cent of 2n 
the electricity used for ligh'foi 
goes into old-fashioned .Jafl 
highly inefficient turbsrp* 
lamps. ' -TTrT 

Sir Francis Tpmbs ich airniLi 
of the Electricity Ctouadt S! 
last month that the.-elechS 
supply industry’s comriboa^ 
to energy co nservaGoir wfa& 
be to further ; increase v-a; 
reliability of -its ..generate 
units and to bring tikadvaa^ 
gas-cooled . reactor fladS; 
stadons into s<uyice.as r ®icHt 
as possible. 

In the same ' Bpeeth^lit 
Francis claimed that Biiiaij 
was still a- “prodigal” 
energy and he- said people; 
being “slow” about . such" 
as improving building 'to&u 
tion, applying heat re&w* 
techniques and' 'seleritog^ 
most energy-efficient wdaBtrS 
-methods. - ■’t.'X 4 . 

But on the whole 
some reason, to be ^pleasa 
about the results achirivefi/w 


its conservation campaign* 
far. The Inter national-!Enw« 


Agency, recently carried-’ oar! 
survey of a number of paBos 
energy saving schemes aafi.v 
its final report the UK's #* 
jects were singled out ^ 
special praise. .... 


Sue Camera! 


in this respect 
Industrial . concerns usually 
have far greater opportunity for 
saving energy than’ domestic 
consumers biit the Department 
of’ Energy says that in general 
the bigger companies have 
taken more interest in conserva- 
tion than smaller ones. There 
are several reasons fqr this — the 
most obvious being that large 
companies have more to gain 
from cutting their energy bills, 
especially if they are heavy con- 
sumers. . 



systems 



part 




■ -\z •* 
/■ > 


Expense 


Smaller businesses often 
seem to feel ihat the expense 
and time Involved in .making a 
real effort to reduce their use 
of energy i6 just not worth it 
Staffing can be a major problem 
here. It is comparatively easy 
for a large concern to put some- 
one in charge of the design and 
implementation of a conserva- 
tive programme. Smaller com- 
panies, however willing they 
may be in principle, find it im- 
possible to spare anyone from 
the job in hand. 

Yet one of the most basic 
ways of saving energy is 
through improved housekeeping 
and this can be done by com- 
panies of all sizes. The Depart- 
ment which includes a house- 
keeping checklist in some of the 
energy-savings booklets it has 
brought out, estimates that 
savings- of up to 10 per cent 
can be made’ in this way alone. 
It urges works managers to 
watch out for such things as 


IT HAS been estimated that 
more than 40 per cent of 
Britain’s energy is used for 
heating, cooling and ventilating 
domestic, industrial and com- 
mercial buildings and that, with 
the right kind of control equip- 
ment energy waste coaid be cut 
by up to half, saving more than 
£100m a year. 

At the bottom of the scale, it 
is calculated that if a 15 kilo- 
watt fan heater runs for one 
hour a. day longer than neces- 
sary for 300 days a year, it con- 
sumes 4,500 kilowatts of elec- 
tricity, a wastage of £90 at a 
cost of 2p a unit 

Energy saving controls now- 
in use range from thermostats 
and time switches to sophi- 
sticated mini and micro com- 
puter-based systems which per- 
form several functions involved 
in management of buildings and 
industrial plant 

One county education 
authority saved more than 
£1,200 by fitting new thermo- 
stats in schools at a cost of £88. 
The installation of a computer 
to check fuel use in the same 
county authority's buildings led 


to a 20 per cent saving on heat- 
ing and lighting. 


But although these- mid the 
more complicated automatic 
control systems have shown 
their effectiveness, they, are still 
not sufficiently appreciated to 
satisfy the Government’s energy 
conservation planners-^br- the 
manufacturers of such systems. 


One of the most revolutionary 
automatic systems, however, Js 
becoming more papular among 
energy managers. • Based ' on 
optimum start control (OSC), It 
is designed for buildings which 
are occupied intermittently. " 

In OSC, optimise* have re- 
placed time switches which 
used to turn heating systems on 
at a fixed hour irrespective of 
sudden variations in the outside 
temperatures. With OSC. if 
there is a mild night in a gener- 
ally cold season, this will be 
registered by external sensors 
and tbe optimiser will assess the 
outer and inner temperatures 
and delay switching on until, 
say. 6 am Instead of 2 am on a 
colder night, and still have the 
building warm enough for the 
start of the working day. 


Tests by the Department of tion to day-time control.sjsfp 
Environment with optimisers it can also govern comfort^ 
have shown that fuel savings trol of a building duringr^o; 
average 25 per cent in systems hours with a built-in “ weatfa 
already equipped with automatic compensator.” Savings-caift 
controls. The Property Services significant, since a tenrpefatn. 
Agency, which administers Gov- rise of only two degrees -dyC 
emment-owned buildings, has boost fnel consumption by' ; 
been cutting more than £20m a per cent during beatmgperift 
year from its fuel bill through Department of .EnyWwrt 
installation of OSC systems, As tests on an optimiser’ in bfljc 
a result the agency hopes to in south London arid- 1 Sum 
reduce energy use by 30 per snowed savings of 23-pe£*f£ 
.cent a year .over a five-year ^ 32 - per cent -wt»> 
pe ™’ ^ ^ , loss -of comfort to xtiTm 

OSC can be installed either pants. OSC-systems can'&fflh 
on its own or with a power de- not only temperature, ftrto; 
mand system within a larger weather compensation & 
building management system, operation of lifts and secori 
Equipment from Honeywell, apparatus, with additional-mi 
Satchwell Control Systems and power savings. For ti&fc wai 
Landis and Gyr is well known storage, Satchwell claunsTs 
in ^ H? Dtext> in ss of up to 50 per cent V 

Mr. Charles Ryder, head of pending on the system whi 
conservation technology at the is being replaced. iXt 
Energy Department, has said' Other' devices are 'spmr 
that at one industrial instaHa- designed for control of wan 
tion, containing four different air systems and air cobdtik 
heating zones,- OSC gave esti- mg. These combine a' ioaS 
mated savings of from S3 per detector, which reacts tiff 
cent to 62 per cent perature drop . by. -siipsiW 

Although the Satchwell opti- more heat to an - area, 
miser is conceived as an addi- secondary detector to pferi • 

CONTINUED ON NEXT PAW 



money 

* y 



Hud out from 
Honeywell. 



Everybody's talking about 
saving energy, but with one 
obvious omission. How 
much your building can 
actually save in hard cash. 


Honeywell has developed 
a computer programme to 
analyse energy consumption 
in all types of large buildings, 
both old and new. Using this 
programme and drawing on 
tire experience of installing 
energy management systems 
in many thousands of 
buildings, your Honeywell 
representative can show you 
your energy sayings potential 


Once this potential is 
established, you'll find that 


there are a variety of ways 
Honeywell can help you 
achieve these energy savings. 

• The most basic way is by 
replacing or upgrading your 
automatic temperature 
controls. 

• We can make your existing 
control systems more energy- 
efficient through a regular 
preventive maintenance- 
programme. 

• "iour building may justify 
a central computer system 

Honeywell Delta 
1000 that provides manage- 
ment disciplines according 
to vour needs. Honeyivell 
central control systems al- 
ready have proven them- 
selves in thousands of 


buildings and when Delta is. 
applied to energy manage-? 
ment functions 20-30 % 
reductions are common. 
Manpower savings can be. • . 
even greater. 

Return on investment. 
Expect a fast X to 3- year 
payback. 

For details about the free 
computer analysis and how: 
your potential energy savin, 
can be realised write to or 


Energy Management Groujy 
Commercial Division, 
Honeywell Limited, 
Bracknell, Berkshire. 

Teh Bracknell 24555 



A 


/: 



* 





I 


Financial Times Tuesday October Ift 1978 



17 


MANAGING ENERGY V 



use of insulation 


THE PROBLEM with energy, the UK and the heat low of 
conservation is not m provid- factories could be cat by 40 per 
ing people with the right cent— or 31,00040.000 tonnes of 
materials but getting people to oil— by lining them with roor 
co-operate. Although there have insulation 53mm 42 inches) 
been lively debates about thick, 
whether to fill cavity walls— Materials which could help 
with plastic, rock fibres or not bring this about axe. produced 
at all — and over the health by the three large companies 
hazards of asbestos— the main who make up Eurisol-UK. They 
arguments today are less about are Fibreglass, part of the Pil- 
materials than public aware- kington Group; Cape Insulation, 
ness and standards. part of Cape Industries; and 

Conservationists, including bewails Insulation Company, a 
insulation manufacturers, fear subsidiary of Turner and 
that after the rude awakening bewail. Between them, they pro- 
of the 1974 oil price explosion. duo? fibres from glass, rock and 
the public may go back to sleep chetnicaU for industrial and 
dreaming ot North Sea oil. In domestic insulation. - 
so doing, the public are merely — ^ 
postponing another rude KOOllIl 0 ’ 1 
awakening, since many new & 

buildings being built today Fibreglass offer, various 
should still he standing when materials, singly or in comhina- 
Norih Sea supplies start to run tion, depending on the ronstme- 
out. Hence the need to insulate tion of the roof. For flat roofs, 
them according to rigorous new °f timber, metal or concrete, 
standards- there are RoofBoards, stable. 

While conceding that the r! S ,rf s, ' L ' ll#)!ls which can be 
Government is moving in the bl * dUed l » bitumen; Fibreglass's 
right direction with its grants easi ^ handled Crown. 75, can 
and its “Save It” campaign, als ° he us ? d on roofs - 
leading insulation manufac- fibre roofing is also 

turers continually press for ava *l3blc from Newall Insula- 
increased widths of insulation ^ lon - marketed as buiding liner 
to be laid down in building ,n its versatile Envoy range, 
regulations. They feel that * hidl also incudes ceiling 
while the Department of Energy Panels. • 
is on their side, the Department Gape, which does- not use 
of the Environment is being too ^lass fibre, has developed Supa- 
cautious. lux insulating boards, one of its 

The industry's other theme is n . ,an - v non-combustible alterna- 
the need for grams for insulat- ^ or . formerly 

ing walls as well as roofs. A W1 .*j?- V used * a buildings as 
step in this direction was the , m ?J ,ane ! s ' 
latest Energy Conservation Lightweight foam roofings 

Scheme to industry, offering 25 are aJso on the market. A new 
per cent grants towards the in- r P" fins hoard earlie { 

stalls tion cost of insulation. ** lls - car consisted of a core of 
But this has yet to happen in r, S' d Phenolic insulation larru- 
the domestic housing field. aa * :ed , on each side with glass 
Meanwhile, the manufacturers ’fibre tissue. Called Ness Board, 
immediate reasons are at least ls procured by Thomas Ness, 
as coherent as their long-term a ^^tlonal Coal Board company, 
arguments— they have a 30 per Another attempt to cut heat 
cent excess capacity. loss through roofs is to spray 

.... . , .. foam on to ceilings, as in Crane 

A director of one of the main FnlchaIlt Insulat ion's recent 

insulation makers has said that treatment of a London garage's 
it would almost he better for g 5 i000 sq ft ■ of . cei ij ng with 
the Government to encourage nalvurethaoc 
insulation of walls rather than n le u. end tnw „ rdj i ns „ lat m 2 

adJU J. '*! ln “ n - new buildings as part of- the 
! ,v ? se i! em 1 '-f ■‘tttordmgly. Tjns construction processes reflected 
is hardly likely to happen, sn jn the development of claddings 

for roofs and walls. Many are 
■2S1.22S s 0,6 ° P pre-assembled metal ‘“sand- 
on the roof. wiches” with a foam filling. 

According to Eurisol-UK. the Capes now produces composite 
Association of British Manu-- claddings in which all three 
facturers of Mineral Insulating elements are firmly bonded 
Fibres, there are 9.48m sq together. ■ >' 

metres of industrial roofing in- Otherwise, wall' insolation 


usually means Injecting foam nr 
fibres into cavity walls nr lining 
the inside of single skin walls. 
Urea formaldehyde foam is a 
common insulant because, un- 
like many oilier foams. It is not 
a fire risk, and only chars and 
emits littJc smoke when in con- 
tact with flame. 

Cape has been heavily 
involved with foam insulants 
following its acquisition of the 
business of ICI Insulation 
Services. Its product, aimed at 
institutional buildings as well ns 
private housing, is called Ufoam 
Pius. 

MnTe insulating foams are 
continually being tested and 
rlcvclopud. BP Chemicals 
recently formed a partnership 
with Lankro, a subsidiary o£ 
Diamond Shamrock, the U.S. 
chemicals, nil and gas con- 
glomerate, to develop speciality 
foams. 

Rentcikil's recipe for cavily 
wall insulation is to pump in its 
Rockwool fibres, made front the 
hard volcanic rock Diabase, 
Rentokil says Rockwool is 
superior to foams, and says it 
will nut cause dampness, but is 
“ like putting a tea cosy round a 
building " 

This description applies even 
more graphically to the practice 
of lagging cavity walls while 
they are being built. This is 
done with slabs of glass fibre 


laid between the inner and 
outer leaves of the wall. 

Inner lining of factory walls 
is often an integral pari of 
lining the ceiling. For walls, 
Eurisol-UK recommends 75 mm 
(3 inches) of mineral fibre in- 
sulation in lightweight cladded 
walls. For the 6.60 m square 
metros of industrial wall area 
in Britain that would produce 
an annual energy saving of 
164100 tonnes of oil, almost half 
as much as could be saved by 
f blowing the organisation's 
recommendations for roofing. 

It is when one turns to insu- 
lation of pipework that 
materials become much more 
varied in shape and texture, and 
as one approaches the source of 
iwlu.strial heat Ihe potential for 
saving energy rises. One calcu- 
lation is that 10U metres of un- 
insulated 100 nun-bore steam 
pipe, operating continuously at 
200 degrees Centigrade, loses 
19.700 gallons of fuel oil a year. 

Up to this temperature, there 
is no shortage of insulating 
materials. But above this the 
range narrows, especially for 
temperatures of more than 
TOO degrees Centigrade. 

Calcium silicate, used for 
blocks or preformed pipe sec- 
tions, used to be reinforced with 
asbestos fibre, but now it con- 
tains other fibres. The main sup- 
pliers of calcium silicate 
— Newalls Insulation, the 


Chemical and Insulating Com- 
pany, Darlington, and Cape 
Insulation— point out that their 
materials are free of asbestos. 

Ceramic, fibres, which have 
also replaced asbestos, have the 
added advantage that they with- 
stand much higher tempera- 
tures- The leading UK suppliers 
of ceramic fibres are Capo Insu- 
lation, Morganite Ceramic 
Fibres and Carborundum Com- 
pany. 

Of course, furnaces and 
boilers require insulation as fire 
proofing, and not merely for 
energy conservation. But energy 
saving can also he effected by 
the addition or more layers of 
insulating brick and of calcium 
plicate and rock fibre to exist- 
ing furnace walls. 

Meanwhile, there is scope for 
new concepts of insulation as 
well as the materials with which 
to do it. They range from the 
plastic curtain in a Lancashire 
open-plan factory, which saved 
more than SU.OftO gallons of fuel 
oil last year, to Lhe so-called 
Allplas system, in which poly- 
propylene balls float like soup 
crofltons on the surface of hot 
liquids to cut down heat and 
condensation loss. Since con- 
servation is the mother of in- 
vention, many more bright ideas 
will emerge in the years to 
come. 

Maurice Samuelson 



• -i ; 

iiV. ' .; . ::;l. Ji 


Control 


CONTINUED FROM PREVIOUS PAGE 


. over-correction of temperature. 

Parallel with OSC, to control 
space heating, there are the 
power management systems, to 
monitor electrical demand and 
keep it below the maximum 
through shedding or cycling 
non -critical loads. 

Fully automatic, the equip- 
ment is generally based on 
microprocessors and can switch 
between eight and 32 loads. A 
fully installed system costs be- 
tween £10,000 and £20,000, with 
pay back, periods usually be- 
tween one and three years for 
buildings with a one megawatt 
installed load. Exceptional pay 
back periods of nine months 
have also been reported. 

In fully air conditioned en- 
vironments, power management 
systems can give a 10 per cent 
saving on fuel consumption, and 
5 per cent without full air con- 
ditioning. 

In volume terms, most power 
management systems are made 
in the U.S. But advanced sys- 
tems, made in Europe by Satch- 
well Control Systems and 
Landis and Gyr, are regarded 
as equally advanced. Accord- 
ing to ^Energy Management” 
published by the Department of 
Energy, the power management 
system of Systemation, a small 
UK company, also compare well 
with those made in the UJS. 

Both OSC and power manage- 
ment systems can be cost effec- 
tive as local items in smaller 
buildings. But they can also 
form part of the more expen- 
sive and comprehensive build- 
ing management systems. 

These have evolved over the 
past 20 years and most of those 
made today are based on micro- 
computers. The purpose is to 
give one-man functional control 
over an entire building or com- 
plex of buildings. 

They consist of a central con- 
trol station or "data centre;" 
out-stations, in plant rooms mid 
other points; and the communi- 
cation system linking the plant 
sensors to the data centre via 
the out-stations. 

The operation of service plant 
and other facilities is moni- 
tored by the plant sensors and 
the information thus gathered 
is displayed at the data centre 
or elsewhere on video screens 
or printers. The data centre is 
also linked to fans, motors, 
starters, dampers, lighting, and 
other control points, which can 
be adjusted centrally. 

In a large office block, other r 
functions linked to a data centre 
can include fire safety, lift 


monitoring, emergency power 
supply, security, document 
handling and commercial 
services. 

Systems can cost between 
£40,000 and £400,000, depending 
on complexity, and according to 
Chris Fielden of Abba Consult- 
ants, they can save up to IS per 
cent. Most have been installed 
in office blocks but. with the 
bigger use of microcomputers, 
they are also being used in air- 
ports, hospitals and schools. 
Fielden cites savings of more 
than £17,000 in an office of 
10,000 sq metres floor space, of 
which fuel savings were 71 per 
cent and manpower 25 per cent 

Of the 12 suppliers in the UK 
and EEC, six are of U.S. origin 
and six European. The only 
wholly British supplier 
Satchwell Control Systems, a 
subsidiary of GEC, whose Auto- 
scan supervisory systems — con- 
trolled by one experienced 
operator — can survey up tu 
10,000 control points in about 
15 seconds. 

Honeywell, ITT and Landis 
and Gyr also have British pro- 
duction facilities for sensors 
and control equipment. 

At the large system end of 
the market, in which Johnson 
Controls specialises, systems-] 
based on minicomputers are 
mandatory. Elsewhere, though, 
the trend is towards micro- 
computers. The trend was 
started more than two years ago 
by Honeywell, which has deli 
vered more than 500 of its 
Delta 1000 systems worldwide. 
Pay back on large sites can be 
between nine and 18 months, 
Honeywell claims. 

An impressive application of 
Honeywell's. Delta 1000 is at 
Vauxhali Motors’ truck factory 
at Dunstable, . Bedfordshire, 
which has a floor space of 
2Jm sq ft. Vauxhali hopes to 
save £145,000 in energy on a 
capital cost of £ 130 , 000 — a pay- 
back in 11 months. The system 
will control 300 separate pieces 
of equipment affecting office 
and factory heating, hot air 
curtains, paint ovens, battery 
chargers and lighting. 

Buildings, or groups of build- 
ings, which do not have their 
own central energy management 
systems can also be connected 
over the telephone lines to a 
Delta 1000 control centre, gain- 
ing a 15 to 30 per cent drop in 
energy consumption while shar- 
ing the cost with other users. 

Maurice Samuelson I 



>:**. v •• k ! 

K!-.* ■.**».- £ T< ■ ' "y : 


British Gas leads the world in energy conservation— not 
just in research and development, but with practical help 
and advice to industrialists and businessmen. Since gas now 
supplies 26/o of all the heat used by British industry, this is a vital 
contribution to the-sensible use of the nations energy resources. 

Millions of therms have already been saved and many of 
Britain's industries and businesses have benefited from dramatic 
reductions in their fuel bills. 

Technical Consultancy Sendee 

All twelve British Gas regions have a Technical Consultancy 
Service which can help to ensure maximum efficiency in the use 
of gas. These units have unrivalled experience in practical means 


training courses to help industry, commerce and local 
authorities to use fuel— and particularly gas— more 
efficiently and economically.Hundredsof industrialists andtechnirians 
have attended courses at the School and subsequently put the 
knowledge gained to work for their companies.The School also 
draws on thexesources of the Midlands Research Station of 
British Gas, where important work in research and development 
into the increased efficiency of industrial gas utilization is carried 
on through tile development of improved burners, furnaces, 
other heating plant and automatic gas controls. 

Get together with gas 

Energy conservation makes sense— for Britain and for your 


of energy conservation to put to work ior you .They offer advice business. The benefits of the gas industry’s wealth of experience 

on the design of new plant carry out item-by-item surveys to in the more efficient use ot fuels is at your disposal. Make it your 


ensure existing plant is working at peak efficiency, and give sound 
practical advice on how to save fuel. 

Gas Energy Management Awards 

To help demonstrate the sort of savings that can be achieved, 
British Gas instituted the G.RM. Awards in 1976-The competition 
has three main objectives; to encourage the efficient use of gas; 
to encourage good-fuel management; and to increase production 
in British industries.The awards are giveri to the indusirial 

company which, in partnership with its British Gas regional 

Technical Consultancy Service unit, has made the most 
outstanding contribution to the efficient use of gas over the year. 

Last year the finalists for the &.EM. Awards saved between 
them enough gas to supply a town die size of Dover for a year! 

The British Gas School of Fuel Management 
Another unique British Gas contribution to energy 
conservation is its School of Fuel Management winch provides 


business to see ii we can help you. Fill in the coupon— today! 


r 


"To: British GasTechnical Consultancy Service, 326 High Holbom, 
LondonWClVTPT. ' 

□ Please send me a brochure about the service. ’ 

□ 1 would also like details of the various fuel efficiency courses 
at the British Gas School of Fuel Management. 

Name 


i 

| Company - 

| Position iuCctmpany 


Address. 


Telephone^ 


i 

k— — — — — «. BRmsH 

Make it your business to save energy.Get together with Gas. 








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THERE ARE thought to be at 
least 3,000 energy managers in 
the UK today — the tirst of a 
new breed whose status and 
responsibilities have yet to be 
clearly defined. 

The basic task of an energy 
manager is to ensure the 
cheapest and most efficient use 
of power and fuel In company 
plants and offices But this 
somewhat vague job specifica- 
tion can be interpreted in a 
multitude of different ways. 
Some companies content them- 
selves with telling the works 
manager that any suggestions 
he might have for cutting 
energy bills will be gratefully 
received: others appoint a 
senior person as a full-time 
energy manager with backing 
from the board to take any 
action necessary including 
modifying or even replacing 
expensive and wasteful machi- 
nery. 

The Department of Energy 
Insists that top-level support is 
essential If an energy manager 
is to make a success of his job. 
It stresses that this means 
giving energy managers the 
money — as well as the authority 
— to start research and monitor- 
ing programmes on energy use 
and to introduce energy-saving 
schemes. For the essence of 
effective energy management is 
the waging of a relentless and 
methodical war on all forms of 
waste. 


»KI<KR.=I=I* 




Responsibility 


The department says half- 
hearted and short-lived forays 
into the field of energy manage- 
ment are of little use though 
it adds that not all companies 
need to .establish a full-time 
energy manager's post Large 
concerns that are heavy users 
of energy Invariably do appoint 
full-time people but it would be 
impractical for smaller organisa- 
tions to do so. And the impor- 


tant thing is that energy man- 
agement — even when done on a 
part tim e basis — should be 
taken seriously. 

Some concerns give a member 
of staff responsibility for energy 
management for purely cosmetic 
reasons. It is an image boosting 
exercise — a way of paying lip 
service ot fashionable, energy- 
saving campaigns. Other com- 
panies appoint an energy man- 
ager in good faith but run out 
of enthusiasm after a matter of 
months. They feel they have 
made some savings and they can 
relax. At present this is one 
of the main problems facing 
energy managers and apathy is 
hard to fight especially if it 
affects everyone in an organisa- 
tion from the managing director 
down. 

The first action of most energy 
managers on appointment is to 
see if they can make any im- 
provements in company house- 
keeping. They can check that 
factories and offices are not 
being overheated, that doors 
and windows are not being left 
open unnecessarily, that roof 
insulation is adequate, that pro- 
duction machinery is efficiently 
scheduled and short runs 
avoided wherever possible, that 
company vehicles are using the 
shortest routes for deliveries 
and that industrial furnaces and 
burners are being properly 
maintained so as to operate with 
minimum loss of heat 

The Department points out 
that attention to these details 
can save considerable amounts 
of money. Increasing the thick- 
ness of insulation on a 10,000 
square foot roof from one inch 
to three inches can mean a 
reduction of up to 30 per cent 
in fuel consumption, for 
example. Changing the maxi- 
mum pressure in. an air com- 
pressor from 100 to 90 pounds 
per square inch euts its power 
consumption by 5 per cent— 
another way of helping to 
reduce electricity bills. 


Measures like these . are 
straightforward enough and can 
be understood and applauded 
by everyone in a company from 
Board members to shop floor 
workers. For many energy 
managers the danger -period 
comes after interest begins to 
flag. Even worse, people may 
start to see the energy 
manager’s activities as some- 
thing of a nuisance. . 

One energy manager, talking 
a boat the need for energy 
managers’ - discussion groups,, 
suggested that a general lack 
of interest was one of the chief 
problems of the job: ‘'Resound- 
ing success has not, so far, been 
the typical reward for the 
average energy manager who 
frequently -has to accept de- 
manding responsibilities as a 
part-time job and- in an 
atmosphere of tolerance by his 
senior management, instead of 
active encouragement and s up- 
port , w he said. 


Explanation 


“Why should this be so? 
There appears to be only one 
bonest explanation — that in far 
too many cases the energy 
manager bolds his position in 
name only. He has been 
appointed for the sake of 
appearance in response to the 
Government’s call to Save It: 
but once the initial enthusiasm 
has waned, the energy manager 
has, ail too often, been rele- 
gated to the category of one 
more obstacle that has to be 
overcome in the process of 
getting the goods out of the 
door or educating the child or 
administering the bureaucratic 
machine. 

“ Working within such an 
environment it is easy to 
visualise how the energy 
manager’s belief in himself and 
his objectives can be quickly 
eroded. When the great 
majority of one’s colleagues are 
prepared to perpetuate a super* 


sanguine attitude towards life 
that says ‘There will' not; be an 
energy shortage^-soraetbiiig is 
bound to turn, up,’ it is only the 
energy _ manager’s obstinacy 
which- allows him to keep reality 
in focus so that he, too,, is not 
tempted to. join the ostrich 
club.” r .. . 

He went - on to; saythkf-dne 
of the chief benefits API the 
energy managers’- groups that 
have now .been set. up over 
the -country is that they : boost 
confidence and morale/ . They 
also provide a useful., forum 
where ideas can bV exchanged, 
where future energy rtreocls can 
be considered with .a; view .to 
advising corporate ptahners and 
where investment' schemes pan 
be discussed, . • ' 

Deciding on investments in 
energy-saving is— or shtfuid be 
— one of the most .important 
parts of an energjr.'EdanageT’g 
job. Areas tor investment can 
be wide-rangingi they!; indude 
monitoring equipment^ external 
surveys and research7: ; xbajor 
repairs and raodfflcatbms to 
existing machinery arid, v the 
introduction of ' iew, *- more 
energy-efficient, plant • 

The monitoring of the energy 
used by a company needs to be 
carried out alongside' initial 
housekeeping improvements.' An 
organisation that does not know 
exactly how much fuel and 
power it is using is badly placed 
to reduce consumption— a point 
that is stressed by the Depart- 
ment of Energy. The. Depart- 
ment would like all companies 
to carry out regular energy 
audits and it has Issued ^guide- 
lines for energy managers oni 
how this can be done. Some-, 
times, however, monitoring -and 
energy auditing can be ' carried 
out efficiently only with the aid 
of, say, a metering system — and 
this costs money. 

Some companies may find it 
valuable to -call on -external 
services to help them-manage 
their energy consumption. Com- 


Hire National Utility 
dESrent tarlife. 

are correctly wired or simply oy 
SIST capful* for, over- 

< *?n?s!^n American ha«d con- 
cern. claims it saved Its 3,000 
"UK clients some £6m last year; 

Aerial thermal photography, 
which can pinpoint unnecessary 
heat loss from factory buildings, 
is another service which is avafi- 
able to help energy managed. 
One company that has used the 
service is Pilkington Brothers, 
the glass manufacturers. The 
infra-red aerial photographic 
survey, which has only recently 
become available commercially, 
cost Pilkington £3,500 but 'the 
company says this sum- has 
already been recovered by stop- 
ping beat losses discovered as a 
result of the survey. • . 

Outside services like these 
and,, perhaps even-more, the re- 
placement of energy wasting 
machinery by new; more effici- 
ent plant, can lead to substantial 


savings In fuel and pn^jgj: 
But energy managers 
convince senior enntoany haw 
that this is the case. - ^ 
There is some erideni') 
suggest that many of them * 
not always .present v. 
demands- for -financial .'s&b™ 
effectively. •- Certainty -iKS, 
something that is wonyine «! 
Department of Energy 
will be one of toe tilings 
sidered during group 
sions at toe national eng* 

maragemeht inference 

opens In Birmingham 
Yet. despite- the 
facing energy- managed*; tta 
numbers - are ’ increasing- ■eft 
year and more and:. morlS 
them are chalking up imprest’ 
reductions in energy . cohan® 
tion and therefore 
Perhaps . this in itself ^ 
eventually bring. about 
of attitude on the- part,of/g 
executives in many coxpj^,; 
so that energy mansga^ 
becomes a respected, .fl&yftj 
part of every . organjgtgo^ 
operations. . : i 

SueCamefti 


KM 


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' wwt; energy costs ever "ch mbir<L‘ them is more jnd more’ demand for Sail 


' Wwti energy costs ever "climbing,' them is more jnd moredemfinc forSatw*? 
, ' fuel saving controls. To satisfy ihWncreasing demand for fiSrn 
■ Important industrial area, we have created a iww'fEnergy Management Dearth 
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Why not get irv toutfi^ttwre's so much to gam. .' 

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HEAT RECOVERY systems from as tittle as £3,000 up to heat exchanger which forces it Heat pipes, which are; usually 
have been on the market for about £30,000. On the other to give up its latent hear either made of copper, are sealejl tubes 
;-,jars but until now the majority hand, savings in energy bills to air or water, it is then which operate on the pvapora- 
of industrial concerns in the can be as high as £20,000 a year, expanded through a valve to a tion-condensation principle. 
UK have not seriously con- Most types of "industry, from lower temperature and pressure When heat is applied to one end 
sidered the opportunities they plastics producers to makers of and it evaporates at this of a pipe, the working liquid 
offer for saving energy and paper and board, can take temperature in a heat Inside it evaporates and the 
money. advantage of heat recovery exchanger, taking heat from the. vapour flows to the cooler end 

Many manufacturing pro- systems but manufacturers have low temperature source. The" where it condenses and gives 

cesses involve the use of heat t0 ensure that their own plants vapour from the heat exchanger up its heat The liquid is then 
and by the same token vast mee * certain broad criteria then enters the compressor and transferred back to the heated 

amounts of heat are lost or before deciding to invest In the cycle is complete. end of the pipe via a wick, 

wasted each year. Yet in many the first place, the plant must Heat pumps have proved par- Heat „ ine5L which varv lrf 
cases investment in heat o ff a sufficient quantity of ticularly useful in injection j enfi th from a few inches to 
recovery equipment can show a waste heat at a suitably high moulding and extrusion a hont Ifl feet, are used to 
handsome return in terms of temperature to make heat processes and for the surface Trover host from fnnndrv 


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three years. The initial cost of wise there is no point in made of a series of separate, Sthin overT — — * 
the equipment varies consider- reclaiming it Another factor parallel plates, joined together 

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size. In general, prices range fa * away from the place where extract heat from waste water Associated British Maltsters 
— ■ — ■ — • ■ —it is going to be re-used. This as well as from various kinds of lntr °“ u ced a heat recovery 



-it is going to be re-used. This as well as from various kinds of lnlr °duced a heat recovery 
applies to time as well as exhaust. What happens is that sc h em ® in their malt kilning 
physical distance although if, the hot exhaust gas or water is °P er ®tion and this not only 
for example, a company wants forced to flow through the saved fhe expense of replacing 
to recover heat from its'produc- system in one direction while three existing kilns but also re- 
tion process at night and use the air or liquid that is going to du( ^ d the amount of gas used 
it to heat offices during the day. be heated is made to flow in the the company by 

the problem can sometimes be opposite direction through the 500,000 therms, 
overcome by the use of storage parallel passages. The cool air Vale Board Mill in Sterling- 
heaters. takes heat from the hot exhaust shire has had a thermal wheel 

Ideally heat recovery equip- gases although the two sets of installed and it reckons it Is 
ment should be built into a new passages are kept entirely saving about £20,000 a year on 
factory or office block at the separate so there is no danger fuel and power bills as a result 
design stage but in practice of contamination. The management is now think- 

most conrnanies have to instal Plate heat exchangers can ing of investing further in heat 


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a number of different systems cent of the waste beat available i„ April this year, the Elec- 


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incorporates two heat ex- Another system is the at^ heat recover? sySenJ in 
changers, usually rmziti-rnw thermal wheel which is basically i asrt few year7aTtoou°h com 
finned coils, one in the used to transfer heat between parativ^y fewhareactualirto 
exhaust duel— the source of the air or gas streams. Half the vpstPrf 


the available waste heaL Plate covery and toe benefits that can 
heat exchangers are being used be obtained from each. The ex- 




The Council says that many j 
companies have been Inokmei 


H2OW 


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-Financial Times Tuesday October 10 -1978 

Cottesloe 



American Buffalo 


by B. A. YOUNG 


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David Mamet's . fascinating 
play, which is back at-Lbc Codes- 
loe for another short run. con- 
tradicts what I have been saying . 
lately about the new American 
writers. There is nothing 
overtly poetic about it at ail; the 
two hours of conversation- be- 
lweon three small-time Chicago - 
crooks is hard and brutal, and 
the story of the set-up to rob a 
man of his coin" collection 
which goes wrong because the 
intelligence of the participants 
JS n °t enough to cope with it 
would barely fill an hour of 
7. Curs. Yot there is no doubt 
that Uns is a very good play 
indeed. 

Beauty is truth, truth beauty; 
but there is more than the jagged 
demnuc truth of this dialogue 
to give it the beauty that it un- 
expectedly possesses. Mr. Mamet 
plays with words as a musician 
plays with notes in a fugue; 
subtle relationships are con- 
structed from the simplest, 
grubbiest phrases to chime and 
echo in a rough resonance that 
is almost poetry and yet is still 
convincing gangster chat. 

The overall shape of the play, 
moreover, is most exactly cal- 
culated. It begins with the 
lightest of exchanges between 
Don the junk-shop dealer, who 
is setting up the job. and Bobhy 
the hoy who lends a hand in the 
shop fa elorimzs mass of rubbish 
assembled by Grant Hicks). 
Robby. eager to play a modest 
part in the hit, is so .stupid that 
he can’t be trusted to do any- 



In the open— a William Pye 
retrospective 


w 


by WILLIAM' PACKER 


Anthony May and Dave King 


I iLT' 7„ in 3 grows tenser, until ultimately Teach a peak nf mindless 

’ "* " violence, Don, faced with the 

collapse of the plan, calls in 
violem-e nr anything else that is 
necessary in keep life from bull- 
ing, over. yet remains calmly in 


U* p *° cnv ?r b |f erro ™ Of. ™ it ' explodes m 'a climax of 

irnere' * , V‘ ,fc u thin ?* up ,r * add vtolence. The character -of each 
in lens t to his routine reports. „ f , he lhrec men brought, to 

With the arrival of a sun- its individual • peak:'* Bobby 
happy hit-man, Teach, the feel- reaches a peak of 'stupidity, 


charge. The performances by 
Anthony May I who replaces 
Michael Feast as Bobby i, .lack 
Shepherd a* Teach and Dave King 
Don could not he better. The 
director is Bill Bryden. 


Wigmore Hall 


Sylvia Sass 


by MAX LOPPERT 


The puhlic display nf contem- 
porary sculpture, whether in 
town or country, is not quite the 
! revolutionary dream that some 
sculptors would like lo persuade 
I us it stiU -remains: the Battersea 
{shows made the point a gene ra- 
tion ago, sinee confirmed fay the 
| work of many artists, in particu- 
i lar -by the sustained achieve- 
Intent and generosity of Henry 
Moore. 

j At tho lowest level, the polite 
f twist of aluminium, nr earnest 
j lump of concrete, i.s now ihe coni- 
j in on place of every shopping 
precinct in the land. But sculp- 
ture is as exacting an art and ex- 
I pensive a craft .ts ever, while 
j the level of pubiie support m 
this .country, in the form «f 
-worthwhile and imaginative com- 
| missions,, remains pathetically 
: inadequate: it U u scandal that 
too often such items of public 
furniture come to us by courtesy 
not of the serious and talented 
sculptor, bul of the sculptor 

j raanquG of the architect's office 
| in the town hall, 
j We have produced wave after 
! wave of truly distinguished' 
sculptors in thin century, yet so 
little is their work generally 
known that, when it apears, it 
does so to a chorus of ignorant 
popular abuse, and so it is that 
every new effort to nut sculpture 
! syin pathetically and imagina- 
tively before ihe public, away 
front the -disciplines and inhibi- 
tions of the exhibition hail, is to 
be applauded. 

These past few years have 
seen a remarkable spate of such 
projects, from single commis- 
sions on the smallest scale — John 
! Maine’s discreet and elegant 
bollard on a Portsmouth quay, 
for example — to the Jubilee 
extravaganza in Battersea Park, 
and Henry Moore’s personal 
triumph this summer in Kensing- 
ton Gardens. 

Most encouraging nr all. it 
seems that at last persistence is 
beginning to pay uff; for ccr- 
laiply direct action in the form 
of actual vanda lisin -has markedly 


Sylvia Sass cave her first beard and seen: for there seemed voicing nf ihe music — Miss Sass’s liquid lines were traced — the 

London recital on Sunday, part- in be a stance, a modulation or loud and soft tones are so effect or its native language on 

ncred by another greatly talented facial expression, a gesture la startlingly unlike in character — the voice was especially benefi- 

Hungarian. It was an occasion, mirror every sentiment. The as to scent out of balance with cient in terms of verbal clarity 

greeied as such by * full house, young girl o£ the Cbamisso poems each other — and for a keener. — but the languishing side of 

Miss Sass is, as her appearances was played as a creatiire-of high clearer delivery or the words Miss Sam's temperament tended 

at the Royal Opera House have emotion that verged at times on (ail through the programme, the to pinion the expression of the 

already made clear, an uncom- pre-Raphaelite ornateness; and German language was a mush or vocal line and it was left to Mr. 

monly individual soprano. Her was sung by means of an elahor- swallowed consonants and Schiff to search mil the atmo- 
siyle 4s at once refined and. ate range of vocal shades and occluded vowels). sphere of the music. Four Liszt 

dramatic; her voice, a limber, nuances — in order to convey After the interval. Barlnk's five songs brought some of the most 

dean-lined instrument capable of falters, trembles, an emotion at Op. 16 songs to poems by Endre beautiful singing nf the evening, 

needlepoint pinnissimi and times too intense to bear, Miss Ady (mostly still in the compo- even though dottbis about the 

powerful, if at times blowtorch- Sass was prepared most of the ser’s filuuhcurd vein, though less evenness of Miss Bass's scale 
burning climaxes, has a way of time, to sacrifice lyric flow and glowingly romantic) were an un- were not .vet allaved. Tt took an 

commanding and directing the directness to her expressive arts, usual choice. They were made unaccompanied Hungarian folk- 

_ attention. While there are ques- By its own lights, .it was a little of by the singer, who ex- song, as third encore, to show 

^ 7 tionable, even rather unsettling carefully composed interprets- changed her previous volatility lhat her manner can embrace 

tc qualities m . her performances, tion of. great accomplishment of demeanour for the security of muscularity ami simplicity as 

W 7 the se. loo, have the effect of and originality land one in which following the score, to which she well as the application ‘of finely 

»**«►-?* - -WA-, fastening the. ear with close Mr. Schiff evidently believed addressed a fixed gaze. Some studied effects, 

attention on the creation and the wholeheartedly, for to its dreamy 

progress of each note. waywardness be sacrificed- his 

Schumann's Frduenliebe-und natural crystalline /firmness of 
Leben filled the first half. It was mann'er>. But it was a reading 
a performance unlike any other I that left me thirsting for a less 
have heard. Or, l should say; affected 1 and tricksy, a solider 


.decreased lately — it is, after all. 
not long since no sculptor was 
exactly keen to put bis work any- 
where within easy reach of an 
undergraduate, when Ihe univer- 
sities of York, East Anglia, Essex', 
Sussex arid Warwick were worth 
avoiding for their participatory 
philistinism, when Barry Flana- 
gan’s contribution to the City 
Sculpture scheme was in fact 
dismembered, iLs parts scattered 
a? trophies through the Junior 
Common Rooms of Cambridge. 

Things are nnt quite so bad as 
lhat today. Local councillors may 

Entertainment Guide 
appears on Page 12 

mutter into their provincial 
beards, and country journalists 
whip up a passing controversy, 
hut the shows go on nevertheless, 
and usually with reasonable 
success. Battersea and Henry 
Moore apart , South Hill Park 
near Bracknell and Marble Hill 
at Twickenham have put on 
memorable exhibitions in the 
recent past: and only this sum- 
mer an excellent group of work, 
for the most part by northern 
artists, was brought together at 
Talton Park in Cheshire by the 
County Council and North West 
Arts. 

But a show here and a show 
tlierc, however so admirable, are 
noi really enough: we have long 
needed permanent sites for regu- 
lar exhibitions of work in the 
open air. and in the longer term 
to house and display a national 
collection. The demand at last 
has stimulated a significant 
response: in the highlands of 
Scotland Andrew My lius appears 
lo be making headway, albeit rm 
a shoestring, with his Landmark 
Trust: and in London, too. the 
Regent's Park display, ihe initia- 
tive oT a small group of enthus- 
iasts. seems to have got itself 
well on the ground: and two 
other schemes, one private, one 
public, deserve particular notice. 


All dealers in sculpture, not to 
say the artists, face Uic com- 
bined and aggravated problem uf 
storage and occasional, necessary 
display; and Alex Greaory-Hood 
of the Rowan Gallery has solved 
his with enviable simplicity. He 
has put works by his artists" 'mto 
the garden of his home. Loxley 
Hall near Stratford, and tl is 
hard to imagine them shown off 
to belter advantage. Wherever 
possible- each piece is given a 
space to itself, to command in its 
own way: )t maj in- among the 

trees in the orchard, in the rose 
garden or in a close court of high 
yew hedges: and there they sit. 
the Philip Kings especially im- 
pressive hut Marlin Naylor, 
Julian Hawkes and Garth 
Evans also musi sympathetically 
disposed, lo surprise and delight 
the visitor who conics upon 
them. I must emphasise Uiat the 
Loxley sculpture gardens is pri- 
vate. but that application may- 
be made lo view zt. 

The olher notable enterprise is 
in Ihe old West Riding nf York- 
shire, at Bretton Hall near Wake- 
field. The Hall is new a College 
of Further Education, and the 
local authority, much encouraged 
by Yorkshire Arts and the Arts 
Council, have lately decided to 
commit the grounds, with their 
lake, deer park and formal 
gardens and terraces, to use as 
a sculpture park. And already 
within a year of its opening, so 
intrigued are our artists by the 
scope it offers, that by gift and 
special ari-mmm illation an 
important collection is beginning 
to form. Money is very short, 
for there is no endowment, and 
local commerce and industry dis- 
gracefully unimaginative, or at 
least slow, in coming forward. 
Given sound sponsorship, there 
is no limit to what is possible at 
Bretton. the certainly a srulpture 
park not merely nf national but 
of international importance. 

A programme- of one-man 
shows inarches alongside the 
regular display, the latest, just 
opened, a retrospective of the 


work of William Pye. Fye is 
especially appropriate an artist 
to be given such an airing, for 
in his generation he has been 
conspicuous for his determina- 
tion to work for public places 
and on a monumental scale, in 
so doing be has taken on 
repeatedly, indeed overcome, 
many problems, from the en- 
gineering and architectural con- 
straints. lhat go with such am- 
bitious undertakings, to the bye- 
laws as unsympathetic as Ihe 
i-nunrillors who framed them. 
Bur Jhe natural turnover of his 
work has been slow, keeping it 
somewhat nut of the eye of Ihe 
professional, inevitably gallery- 
oriented world, rather io one -tide 
nf critical fashion and too easy 

to ignore. His show comes, 
therefore, as an. impressive and 
must salutary shock. 

Only eleven works are shown, 
set out with admirable discretion 
around the upper lawn and along 
the rather grand terrace lhat 
rises above it. Together they take 
us front 1R63. when Pye was still 
at the Royal College, into the 
early seventies (his more recent 
larger works are either abroad 
or immovable). And, though they 
describe many superficial 
cHanses, the underlying con- 
tinuity of preoccupation, the 
essential coherency of the work 
as u whole, is made very clear. 
We sci* the physical, explicitly 
visceral imagery of the early 
works modulating by degrees 
into the more cerebral sensuality 
of the later, but always related 
to and defined by an articulate 
and curiously hieratic open struc- 
ture. The two early *• Deities 
Enshrined.” unshown for so 
many years and very happily 
restored, spell it out. the obvious 
forbears of the largest wnrk nf 
all. the ‘‘Mirage tDanae’s 
Abode)” of 1971, that faces them 
across tho grass. This is a beauti- 
ful show, a personal vindication 
for the arlist: it remains on view 
until April 22 next year. 


._?\V 


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Sl.vbu need 
Demand Ms 


St. John's Smith Square 


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Edith Mathis 

by DAVID MURRAY 

The new BBC Lunchtime Can- parent by Mr. Iscpp. the singer 
cerl series began vct.lerdav ‘ns pul herself into Wolf's charaeter- 
auspiciously as could be. with v «?netl«i wi lb great flair. There 
th*. ♦-I,.,.,.* „„ nnm was. crisp malice in Du denkst 

the stalwart Martin lsepp accom- m , f e ‘ nem FMchen ■* and 

panying Edith Malbis in a pro- Schweig einmal still.” and 
gramme as neatly planned as the comic bemusement in ” Wie 
whole, series itself. She sang lange sehon ” (lsepp . made the 
familiar Mozart and Wolf, mildly dire violinist a doggediy shrink- 
recherchc Schubert and very tag vioiet. to happy effect). They 

«*- recently di, covered An.en ?»“*» "SK S3 
Webern. Soil a disarmingly ni00 d was i^eld. Miss Mathis 
youthful and attractive figure, sailed brightly through the preen- 
her fresh soprano is not the un- mg self-congratulation of “Ich 
complicated affair it first hab' in Penna " at tho end: one 
seemed: she can cal! upon a wished frustrated))- for lots of 
good, husky mezzo register, and encores, 
there is a touch of pressure 

‘Bedroom Farce’ to 
play West End 
and Washington 

The National Theatre produc- 



WiTliam Pye’s ‘Mirage (Banae's Abode ) ' in stainless steel and cable, at the Yorkshire Sculpture Park, Bretton Hall 


Gimpel Fils/Rowan Gallery 


behind her top notes — exciting, 
not worrying. One begins m hear 
a little Jurinac in her. Ail of 
her Mozart songs were elegantly 
turned, but innocent simplicity is 
no longer the keynote. 

With (he Schubert group Miss 
Mathis's pleasant shot-silk quality „ . . . 

came into Its own. There were f,on °f Alan Ayckbourn s 
dark- intimation in “ Das Mad- Bedroom Farce — : which played 
chen,” and “Schwestergruss" was continuously in the Lyttelton 
potently haunted; she sang the rcp ertoire from March 77 until 
elaborate ” Del ph me, a theatre- AugUEt _ ls lf) transfer to 

w2w’ the West End for a limited run 

Webern s Juvenile songs — the of oleven weeks u wil , be pre . 

easiest written when he was 15 scnled from Noveir . her 7 (pre . 

8 cTrX view November 6) at the Prince 
their harmonic idiom is safely f Wa . Thpntrp 

pre-Scbocnberg. but they are ™ tneatre. 

made with extreme, conscious The cast includes Michael 

parsimony and their bare lines Aldridge, Cheryl Campbell. Joan 
test the singer hard. The last. Hickson, Delia Lindsay, Susan 
“Gefunden.” seems indecisively Liltler, Stephen Moore. Derek 
shaped, but Miss Mathis Newark, and Michael -Stroud, 
delivered the rest with limpid After the Prince of Wales 

poise and cool conviction. season, the production moves to 

Seven pieces from Wolfs Toronto (four weeks from Jan- 
Italian Scmubook concluded the uary. 22j, and Washington (five 
recital. After a melting “Auch weeks from February 19), before 
kieine Dinge.” with the piano going tn New York Xor a Broad- 
part rendered sweetly trans- way season. 


Abstractions 


by WILLIAM PACKER 


These early, weeks 
autumn session in the 
have seen an unusual coocenira 


of the disconcertingly simple at first ties. 


the inconsistencies and new paintings (at the Rowan 
alleries sisbt. perhaps’ hardly more than liberties float up to tease us. Gallery until October 12) come, 
a cheerfully superior exercise in A system is used, of course, therefore, as a gentle shock, 

pattern-making, a sequence of but as in the best art of all They are as fiat and positively 

tion or shows of abstract paint- catc j 1J . r. r ,d s disposed across the kinds, in being used it is contra- impersonal as ever in the 
ing of considerable interest, one canvas: but once ihe eye is held, dieted, even ignored. The paint- handling, the images un remit- 
or two of them of real distinc- it is led gently into an Alicean jngs are not about a programme, lingly hard-edged, and the colour 
tion. And they dwelL curiously, world where the oddest things of grids and sequences at all. is even further reduced, limited 
upon Ihe work various thouah it begin to happen. but about the recognition, lo black and blue and grey. 

pviiioniiv ’j f (t n . The grids themselves seem expression, and orchestration of But it seems that Huxley has 
su eviucnuy IS, ui a single c(ear anfl s j ni pi c _ they take the strange energies and images, turned an important corner, 
generation of that bright young up a curious visual beat as the the new order that they generate, turning back, though it might be 
generation of not so long ago that e ye moves across them: for they The classic temperament, we are only by a step or two. towards 
is now unquestionably middle- move with and against each other told, takes pleasure in recogni- complexity . in the work, and 
aged. Bob Law and Man Green in a formal, regular yet cvej^ lion, the romantic in surprise: wider reference. Each canvas 
may be left aside for the surprising dance, and as one hut the common experience lies is square anti the painted 
moment, and John Hayland aod rhythm eases forward into at sonic conjunction of the two; surface halved, the one side a 
Keith Mi lew, whose shows unfor- dominance so it introduces recognition is itself ever a sur- tonal field flat to the picture- 
lunaleiv are now closed, must another, which itself then comes prise, discovery a kind nf home- plane and carrying a simple 
await a’nuiher opportunity: which forward hy degrees to lake Ihe coming, Mayer's paintings are linear mark or image, the other 
leaves us with a debut and a lead. Yet so subtly are these as surprising as they are con- implying a deeper though still 
reappearance. images proposed, especially in vincing. shallow space, the blocks nf 

k ch v,i c the more recent work, that no Paul Huxley is another artist colour that make up the images 

' " i»a s snow n ms sooncr do we feel we have eslab- who works apparently within a also Hal on. but more solid and 

.5,, i-’l.! 1 wi : hshed one in the mind, and very' narrow formal range: internally complicated in their 

=wu in nii! understood it fully, than it slips indeed until comparatively disposition. The reference is art- 

n tnhor -'i i icKk in v, in, calf almost out of comprehension, recently, for he has not shown historical rather than remotely 
n t »h!» «nf nn “ . Kei- nii- i And the regularity that earlier for several years, it seemed his figurative, a nicely oblique com- 
l -Tn ri tr» r W i nmroeciijp ^ ii iV we bad sD easily assumed is work was incorrigibly reductive, nient upon later Cubism. A few 
fhnlfohiirilminrf ■ called to question, for as we try concerned merely with the nicest doors are opening a crack or two. 

Unit •zf.Ktu! 1 lo fix uP 011 wh at w? supposed to modulations or- colour and the and it will be interesting to see 
The Pe paintings do^ indeed seem be lbe J *>' stein - 50 ^ ifregulari- most fundamental geometry. His which uf them Huxley takes. 


•Name. 


Position. 


Organisatio n — . — 
Nature of Business. 
Address 



Signature — — — 

__ The FiiHA-iJ Timi-'Lnmoi. CHl'hf miai+ni H- hoc, tOCiaacm Street, ' 

^ _ fRSPW: LmAm I.C-JP'JllY. R^ivi-irJ ih Iiu'Ijial.Nii A2WHI,. 


Devolution at the National 

by ANTONY THORNCROFT 

The National Theatre is to be mental small theatre of the to be permanent help in meeting 
divided into four parts— or rather National. The four directors the running costs of the building, 
four distinct companies of actors wiiJ have freedom in deciding whicb are over ilm a year- The 
are to be formed working under the plays they produce and the other long standing problem is 
four directors and servicing the actors appearing in them, the failure of the stage equip- 
three theatres in the institution, although they will co-ordinate menl to work— the -Hying sys- 
TWs was the main fresh approach with Peter Hall lo avoid conflicts. th ‘-' lifts, and the revolve 
announced yesterday by director Sir Peter himself intends to of the Olivier are still t not 
Sir Peter Hall at the first press set up an experimental. group to functioning, 
conference he has held since the take an original look at the As far as repertoire is con- 
National Theatre opened two and classics but this is still some way ceroed Sir Peter would like to 
a half years ago. off- An immediate advantage of present more foreign classics, 

Thp'r* uriii' he two companies lhe new system is that one of The Olivier will continue to 
OPerSsatthe OhviurThSe the . ^panies servicing the specialise . in the classics: the 
^ the di ration of 01ivier wil1 be available for Lyttelton m new plays; and the 

dLkil! Who was at the touring, which was in the initial Cottesloe m experimental work, 
SdVic Svvearaaco^ndwas P^P^ttis ot the National but There will be opportunities for 
« which t0 materialise for the four companies to move 

RnSrm rt With^ Toint StoclL and technical reasons, around the theatres: the basic 

^hrnarf inri 0 the A P™vinciai tour of 12 to 16 aim of the devolution is to give 
and working abroad, and We weeks is otJ rardg if the Arts the 110 actors at the National 
other UTHier ennstopner Mora* Counc ji can proc i Qce ^ 3 me ciBi- more sense of community and 
ban. a former head of plays at pensatory cas b. integration. 

BBC TV, and full time at uie most developments at the Along with the arrivals there 
National since last year, concen- jj atl - on3 j mvc ^ depends on the . is one major departure: Peter 
trating on plays at the Lyttelton. g naJ j C]a j situation. The current Stevens, the general administra- 
Morahan's place at the Lyttcl- .subsidy is £3.1m from the Arts tor. is leaving in January. Gas- 
ton is taken by the other new Council and 1400.000 from the kill and Rudraan will "not be 
recruit, Michael Rudman, who GLC but there is no knowing joining l he. National until the 
has produced a string of hits at what will happen at ihe end of middle of 1979 and Rudmaii's 
the Hampstead Theatre. Finally this financial year in March. Sir successor at Hampstead will be 
Bill Bryden continues as director _Pejer sees the only solution, to David Aufein. the administrator 
of tfie CoUeslbe, the expert- the endemic financial troubles for the past three years. 


w 


This announcement appears as a matter of record only. 

THOMSON NORTH SEA FINANCE LIMITED 

US$25,000,000 

Multicurrency 6 Year Loan 


Guaranteed By: 

MERMTIOM THOMSON ORGANISATION LIMITED 

Managed By: 

The Royal Bank of Canada 

Provided By: 

The Royal Bank of Canada 


The Chase Manhattan Bank, N.A, 
National Westminster Bank Group 


First National Bank In Dallas 
Orion Bank Limited 



Agent: 

The Royal Bank of Canada 








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FINANCIAL TIMES 

BRACKEN BOUSE. CANNON STREET, LONDON ECtf 4BY 

Telegrams: Finantimo, Loudon FS4. Telex: $86341/2, S&897 
Telephone: 01-248 SOOO 


Tuesday October 10 197S 



policy 
outflanked 


WHATEVER the size of the pay 
settlement which emerges in Lbe 
end from the Ford dispute, the 
unions have already effectively 
turned the flank of the Govern- 
ment entrenched 5 per cent 
policy. Of course Mr. Callaghan 
may choose to counter-attack 
with sanctions, in the hope of 
frightening the next employer 
who finds himself an unpaid 
mercenary Ln the Government's 
battles into a suffer resistance: 
but the hope seems 3 forlorn 
one. Few companies are so 
dependent on Government good- 
will that they will sacrifice 
profitable business in order to 
dress up their wage settlements 
in the form the Government 
prefers. 

Misled 

The tragedy of the situation 
is that with obstinate courage, 
and tlie best of intentions, Mr. 
Callaghan has created a quite 
unnecessary inflationary danger. 
It is the Government which has 
presented itself as the sole force 
resisting higher pay. This has 
helped militant leaders to con- 
vince workers who have enjoyed 
an 8 per cent rise in real income 
that they have made sacrifices. 
The workers can thus be misled 
into thinking that if the Govern- 
ment is outfaced, large rises in 
real income can now be obtained 
our of thin air. If a high Ford 
settlement — not unexpected in a 
profitable- and aggressively ex- 
panding company — now sets a 
new norm for claims, the Govern, 
ment emphasis on norms will be 
partly to blame. 

What remains to be seen is 
whether the Government has 
left itself any useful line of 
retreat from what is becoming 
an increasingly untenable posi- 
tion. In its talks with the TUC 
over an alternative approach, 
Mr. Callaghan should be seeking 
not so much a revised set of 
numbers— a more inflationary 
norm — as some way of giving 
substance to the promises of 
realism and responsibility which 
the union leaders have been 
offering so freely. In this cause, 
he can call on some residual 
attachment to the hope of 
another Labour Government: 
but basically he must be con- 
cerned to show the uninns where 
their own best interests lie. This 
means convincing them not that 
he is unyielding on pay policy, 
but on anti-inflationary fiscal 
and monetary policy. The hints 


from government circles that 
there is no British commitment 
to a European monetary system 
make a discouraging start; but 
the Prime Minister committed 
himself at Blackpool to firm 
policies, and he can point to 
their inevitable results. 

The latest wholesale price 
figures show that despite a rise 
in manufacturing earnings of 16 
per cent during the third stage 
of pay policy, output prices are 
still rising at an annual rate of 
only 7 per cent This may be 
a somewhat flattering view of 
the longer trend, but basically 
3 relatively low figure is cred 
ible because the stability of 
sterling in the exchange mar- 
kets has both intensified com 
petitive pressures on prices, and 
enabled the country to enjoy a 
large improvement in the terms 
of trade. The index of 
materials and fuel purchased by 
industry is’ still lower than a 
year ago. 

Thanks to North Sea oil and 
the troubles of the dollar, there 
has been no need for official in 
tervention or a European sup 
port pact to achieve stability 
for sterling: it has been 
achieved mainly by monetary 
policy, and the promise — or 
threat — to keep sterling strong 
is a credible one. 



down the 


Financial Times Tuesday- .* 


fis 



cheaper air fares 

BY MICHAEL DONNE, Aerospace Correspondent 



Waiting for or Sir Freddie 

• first served’! .fUgjSsdid the Image of Sir Freddies competitors, no -good. 


Monopoly 


For the greater part of the 
private sector, the belief that 
the Government commitment to 
sterling is unyielding is the only 
sanction required to enforce 
realism. Unfortunately, how 
ever, there are large sectors of 
the economy immune from com- 
petitive pressures. These are 
the monopolies and near- 
monopolies. British Oxygen is 
unhappily an example in the 
private sector; most of the 
public sector falls into the same 
class. It is here that the British 
economy has long been most 
vulnerable to inflationary cost 
pressures. Neither this nor pre- 
vious Governments have been 
prepared to tackle the problem 
of monopoly power head on. 
The 5 per cent policy and its 
predecessors have in effect 
ducked this issue. 

If a Government defeat at 
Dagenham helps to concentrate 
attention on the real issuer- 
stable money and the need to 
check monopoly power — then it 
is a blessing in disguise: but the 
disguise is at the moment an 
ugly and effective one. 


Zambia faces 
up to reality 


BY HTS decision to reopen the 
rail link with Rhodesia, for the 
import of fertiliser and the 
export of copper. President 
Kenneth Kaunda of Zambia has 
submitted to the inexorable 
pressure of economic reality. 
There have been many contri- 
butory factors in the sad plight 
of the Zambian economy. The 
decline in the world copper 
price, over which the Lusaka 
Government has no control, is 
one: the poor performance of 
Zambian agriculture is another. 
But the critical factor has been 
transport: the Beoguela railway 
through Zaire and Angola has 
been crippled by guerrilla 
activity in Angola: the Tazara 
railway to Dar es Salaam is 
operating well below theoretical 
capacity as a result of mis- 
management on the railway and 
congestion in the port. The 
Rhodesian railway system 
offered the only feasible method 
of getting the copper out and 
the fertiliser in. 

Alleviate 

The reopening of the rail 
link should substantially alle- 
viate Zambia’s position— in 
economic terms. If fertiliser 
can be got into the country in 
sufficient quantities over the 
next few weeks, before the 
rains come, the maize crop will 
be soved and the danger of a 
serious food shortage will be 
averted. If the copper starts 
moving out in substantial quan- 
tities. the inflow of foreign 
exchange will enable Zambia to 
move towards the conditions set 
out by the International Mone- 
tary Fund when it offered a 
$390m credit earlier this year. 
But it would be idle to pretend 
that the railway will solve 
Zambia’s problems. 

On the contrary, the chances 
are that the Lusaka government 
will face a difficult two years as 
it tries to put its economic 
house in order, and unless there 
is a sharp recovery in the world 
price for copper, the coun- 
try will continue to endure the 
disadvantages of over-depen- 
dence on a single primary 
export. 

It is much less easy to 
foresee the . domestic political 
implications of the Govern- 
ment’s volte-lace on trade links 


with Rhodesia. If it looks 
like .staving off economic 
disaster, it may buttress Presi- 
Kaunda's popularity, which has 
fallen to a low ebb. In formal 
terms his position is safe, since 
he is the sole candidate to the 
forthcoming presidential elec- 
tions: but it is a significant fact 
that the ruling United National 
Independence Party recently 
changed the rules so as to 
exclude any internal challenge, 
most notably from one of his 
long-standing rivals, Mr. Simon 
Kapwepwe. But the real test 
of President Kaunda's position 
may only come with the simul- 
taneous election of a new 
Parliament, which could prove 
the forum for stronger opposi- 
tion to his rule. The danger 
for President Kaunda is that the 
reopening of the rail link may 
have come too late to pro- 
vide the maximum benefit for 
the maize crop: while Mr. 
Kapwepwe can claim that he 
has long advocated the reopen- 
ing of the Rhodesian route. 

In the wider political context 
of southern Africa, the decision 
is a major set-back for the so- 
called Front Line black African 
states — Zambia, Tanzania, 
Angola, Mozambique and Bots- 
wana — which have been trying 
to keep up the pressure on the 
Rhodesian regime.- The psycho- 
logical impact must be all the 
greater, in that it comes just 
at the moment when Mr. Smith 
is doing his best to project him- 
self as a reasonable man be- 
fore the American people. 

But the key question is, what 
effect will the move have on 
the activities of the guerrillas 
led by Mr. Joshua Nkomo, most 
of whom . are based in Zambia, 
at considerable cost to the Zam- 
bian economy. It is bard to see 
why the Salisbury government 
should have agreed to re-open 
tbe line without some quid pro 
quo on curbs on the Nkomo 
forces; yet in public Mr. 
Nkomo’s attitude is still as 
belligerent as before. 

President Kaunda professed 
to be shocked by the revelations 
of the Bingham Report. Now 
he in turn has been forced to 
break sanctions. Not even Mr. 
Smith, though, can suppose that 
Ibis will offer more than a short 
reprieve for Rhodesia. 


T HOSE AIR travellers 
who have deduced from 
the recent British Air- 
Ways announcement of a cut 
in some European air fares 
from November 1 that there will 
be an early and dramatic repe- 
tition in Western Europe of 
what has happened on the 
North Atlantic this past sum- 
mer must be reminded of the 
need for caution. For there 
are now signs throughout the 
air transport industry that the 
early enthusiasm about the 
cheap fares boom on the North 
Atlantic is turning to disen- 
chantment. While many air- 
lines recognise the need for 
extending fares cuts to Western 
Europe, they do not intend, if 
they can help it, to allow any 
repetition of the scramble that 
caused such confusion in trans- 
atlantic travel this nast summer. 

This attitude is exemplified 
by the UK Civil Aviation 
Authority's recent approval of 
increases of between 2 and 10 
per cent in some British Air- 
ways Atlantic fares from 
November 1 (including Con- 
corde and first-class faros, 
although normal economy rates 
remain unchanged), while BA 
is expected to seek further 
overall fares rises of about 5 per 
cent from next spring. 

This air of caution is being 
generated by the Atlantic 
scheduled airlines' preliminary 
analyses of their financial 
results for the past summer — 
the first full summer of ultra- 
cheap Stand-By and Budget Plan 
fares Introduced a year ago to 
combat the introduction of Sir 
Freddie Laker’s £59 single Sky. 
train service to New York. 
While the detailed results have 
yet to be published, it is becom- 
ing dearer that the scheduled 
airlines do not like what they 
see. although Sir Freddie him- 
self claims to have made a profit 
In broad terms, transatlantic 
travel this summer has risen 
by about 20 per cent, with some 
airlines, like British Airways, 
experiencing a much bigger rise. 
But the overall revenue yield, 
diluted by the substantial 
number of cheap-fare travellers, 
is up by a much smaller amount 
fone estimate is that it is orily 
about 5 per cenl)- Some air- 
lines have done better than 
others. British Airways says it 
has made money, but does not 
say how much, whereas Trans 
World Airlines, which is the 
biggest of all the transatlantic 
airlines, says it has lost money. 
At the same time, while the 
fares for other classes of service 
— such as first and normal 
economy-class — have remained 
static, this past summer costs 
have continued to rise on both 
sides of the Atlantic. 

It is because of this situation 
that some airlines, with British 
Airways and Trans World Air- 
lines in the vanguard, have been 


openly talking about the need to 
raise the whole “ plateau " of 
Atlantic fares, although preserv- 
ing the differentials between the 
existing classes of service. At 
the same time, some of them 
have already begun to simplify 
the present fares structure, so 
as to make It not only easier to 
market and administer but also 
to discover more quickly just 
what tbe financial results from a 
given fare are at any time. So 
far, however, while the UK has 
approved some fares rises, the 
U.S. Civil Aeronautics Board 
has Indicated to TWA that it is 
not prepared to consider higher 
fares at this time. 

The airlines tend to feel that 
the dramatic moves towards 



cheap fares on the Atlantic over 
the past year were dictated 
largely by governments — the 
U.S. Government in particular 
—reacting to consume nst pres- 
sures, without enough regard 
being paid to the underlying 
economics of the airline busi- 
ness. The airlines’ particular 
target is Mr. Alfred Kahn, the 
economist who is chairman of 
the U.S. Civil Aeronautics 
Board, and with . the support 
of President Carter, has made it 
plain on many occasions that 
his sympathies lie more with 
the passengers than with the air- 
lines. He has relentlessly pur- 
sued a cheap fares policy. Mr. 
Kahn’s position bas been con- 
siderably strengthened by the 
apparent success that his poli- 
cies have bad so far Inside the 
U.S. The big cuts in U.S. domes- 
tic air fares have not only 
boosted traffic there this sum- 
mer to record levels, but also 
appear to have helped the air- 
lines to achieve better financial 
results. What the- Atlantic air- 
lines are now tending fo point 
out, privately if not publicly, is 
that the same policies may not 
have quite the same results on 
the North Atlantic. 

In the UK Mr. Kahn's policies 
have been paralleled by those of 
Sir Freddie Laker, wbose cheap- 
fare Skytrain flights to New 
York which began in September 
last year obliged the scheduled 
airlines rapidly to follow suit 
with their own cheap Stand-By 
and Budget-Plan fares. The UK 
civil air transport “ establish- 
ment, ’’ in the shape of British 
Airways, British Caledonian, the 
Department of Trade and the 
Civil Aviation Authority, 
recognise tbe need to cater for 


a much wider market with 
cbeaper fares. But it still 
believes in the need for a more 
cautious approach, to try to 
avoid any “ bonanza for the con- 
sumers leading to bankruptcy 
for the airlines.” The “establish- 
ment” is likely, therefore, to 
want a' more detailed study of 
what has happened this summer 
before committing itself to the 
next big step forward, which in 
the UK’s case must be towards 
cheaper European fares. 

This tendency to be cautious, 
however, does not imply that -the 
major scheduled airlines want 
to revert to the original position 
and abolish cheap Atlantic 
Stand-By fares. They recognise 
that there is a big market for 
very cheap fares waiting to be 
tapped, and in order to accom- 
modate this class of passenger 
they are already revising their 
patterns of in-flight service. 
British Airways, for example, 
is modifying some of its Boeing 
747 Jumbo jets flying the 
Atlantic to include three cabins 
— H^irst Class, Club Class (which 
will include all normal full- 
economy fare passengers), and 
Discount Class, which will cover 
all the various cheap-fare 
travellers, whether on Stand-By, 
Advanced Purchase Excursion 
or other promotional rates. This 
move is intended to eliminate 
the complaints of many full- 
economy fare travellers that 
they are being given the same 
treatment as ‘passengers paying 
much lower rates. In BA’s new 
Club Class, for example, from 
October 29, the passengers will 
get free drinks and in-flight 
entertainment, and eventually, 
it is hoped, a bigger and more 
spacious seat than that given 
to Discount Class travellers. The 
latter will get only the very 
basic type of service — a simple 
meal, and will have to pay for 
anything else they want, such 
as in-flight entertainment and 
drinks. 

Several other airlines are 
also moving into this “three- 
class concept ” of cabin service 
for different fares levels, 
although they call them by dif- 
ferent names. TWA. for 
example, has announced its 
plans for First-Class. Full-Fare 
Coach (the original economy 
class) and Economy (for the 
ultra-cheap fare passengers), 
from October 15. In tbe latter, 
passengers will get a “ no-frills ” 
service that TWA expects will 
save it up to $19m (£9-8m) in 
the first year. Mr. Tom 
Fennessey, TWA's UK passen- 
ger sales manager, says that 
“ the only way the airlines can 
continue to offer the very large 
discounts of the past year or 
so is by cutting Drills and ex- 
penses, especially for those pas- 
sengers enjoying the discounts. 
Only through the cost savings 
made possible by TWA’js three- 


class programme, will these low 
fares be able to continue.” 

The message from TWA is 
echoed by all the other Atkn- 
tic scheduled airlines. ■ If is 
simply that if the ultra-cheap 
fares are to cominne, they must 
be accompanied by lower stan- 
dards of service. No longer can 
the ultra-cheap fare passenger 
be allowed to dram the profits 
earned from those paying higher 
rates, although the ai rimes will 
still* carry those cheap-fare pas- 
sengers, and indeed encourage 
them. 

- The problem they face is that 
although the UK CAA- has 
approved the airlines’ plans, the 
US. Civil Aeronautics Board 
may not be willing to accept 
them as they stand. It bas 
r "ready told TWA that by seek- 
ing to introduce its own scheme 
from October 15 it is* treating 
unfairly those cheap-rate pas- 
sengers who may have already 
booked (for example under' Ad- 
vanced ' Purchase Excursion 
tickets) expecting to -get the 
same standards* as higher-fare 
travellers. The CAB appears to 
want a much longer “transition 
period ” from the present sys- 
tem to the new concept of cabin 
service, to give time for cheap- 
fare travellers to adjust to iL 

One aspect of the ulfra-cbeap 
fares that is likely to become 
more apparent will be a raueh 
heavier emphasis in airline ad- 
vertising on the fact that there 
can be no guarantees of seats 
for Stand-By traveL The air- 
lines will offer so many seats 
aboard each, aircraft hr- the 
“third-class” cabins! and will 
clearly sec’: to fill them with 
Advance Booking Charter pas- 
sengers ready to decide well in 
advance when they wish to 
travel. - For example, if the 
whole of BA’s Discount Glass 



cabins 2 re filled with ABC traf- 
fic, as they could well be. the 
Stand-By passengers will have 
to wait for another flight or 
try another airline. 

The reason for this is that 
the airlines were severely criti- 
cised this summer for not 
making it clear to cbeap-fare 
passengers that it was not 
possible to offer guaranteed 
seats, and that it was a question 
of first-come, first-served. The 
resulting queues in the rain in 
Central London did the airlines’ 
image no good. They also led 
to some considerable heart- 


searching in the industry and 
among the regulatory authori- 
ties in the Department of 
Trade ami CivU . Aviation 
Authority and other bodies 
such as the British Tourist 
Authority. So Far. no one has 
produced suggestions for pre- 
venting a repetition of queues 
in the peak period next 
summer, and the problem will 
have to be studied this winter, 
and plans laid in advance to 
prevent or control what could 
Otherwise become a regular 
and highly undesirable feature 
of the London scene. Some air- 
line men believe that the 
damage caused by the world- 
wide reports of what was 
happening in London could 
cause a revulsion against ultra- 
cheap fares, and start a swing 
back to Advanced Booking 
Charters, where seats are 
guaranteed at a fare not much 
higher than Stand-By . rates. 

It is against the background 
of all these problems accom- 
panying the cheap-fare revolu- 
tion on the North Atlantic route 
that the current moves towards 
cheaper European Fares must 
be viewed. Although there is 
no doubt in the minds of most" 
airline executives that sooner 
or later European fares must 
be reduced, there is equally no 
doubt that they want that to 
happen in a much more con- 
trolled fashion. The moves 
announced recently by British 
Airways to cut by up to 40 per 
cent some fares to European 
destinations, such as Paris, 
Brussels, Amsterdam, Hamburg. 
Cologne and Munich, indicate 
the likely trend. All these new 
fares, while dramatic, in some 
way or another involve certain 
restrictions. They are either 
week-end rates, special off-peak 
fares, or Advance Purchase 
Excursion rates requiring book- 
ing 30 days in advance. ■ They 
are not the sweeping cuts 
“across the board” that some 
consumer organisations such as 
the UK Airline Users’. Com- 
mittee liaye said they would 
like lo see. . 

• Indeed it is probably impos- 
sible for sweeping cuts of the 
Laker Skytrain or U.S. domestic 
nature to be achieved in the 
present airl ine climate in West- 
ern. Europe. There is a much 
higher degree of airline pro- 
tectionism in Europe even than 
on the North Atlantic routes. It 
stems from the existence of 
many different countries with 
government-supported, if; not 
State-owned, airlines of varying 
degrees of financial stability 
and competitive power. Most of 
the airlines are also linked hi 
bilateral “pooling pacts " on 
individual, routes that split 
costs, revenues, and profits on 
an agreed formula, and make it 


virtually impossible; Jor' - <ja 
siders to break in. even in so* 
cases where- 4he newcoSto 
have their -own go?eriu*nt 
support. • ; : • 

It is possible that the blggi 
stimulus to • cheaper 5 



Europe will emerge ifaai^iig 
the current efforts ii::^ 
lutionise the. farg^g*: 
methods of the 
Air Transport Assoda®so 
ceed. These, plans, dratftt. ttjft . 
LATA because of grtirfqg'M 
sumer pressures, have, darft 
the stlminer been progressive 
forced through the "vai fio 
decision-raking processes'^ .4 
association, in the. face of-s?r 
opposition. ' They' 
finally gone togovermnehis't 
approval. The plansenyfea 
the airlines, .being allowed 
they wish, to opt out. ef r * 
hitherto somewhat rigid fin 
'fixing conferences of the assn 
ation, - thereby gaining great 
freedom to negotiate ini 
national fares on a biiafe 
basis, subject to the approval' 
tbe governments at each end 
the route in question.. 

Whether ail the Goveromei 
of all the 100-plus airlines 
the association will accept tbi 
far-reaching ideas remains tb 
seen. There seems little doi 
that. they, will be acceptably 
the UK and U.S., ana j» 
other European govertariei 
But it is ultimately bj <‘ 
interests of aU government*, 
agree to what the IAT2T 
proposing. By doing .so/# 
will be ensuring a cohtitor 
direct role for both the .anTij 
and themselves in . the 'fai 
fixing process, with tiJepp 
bility of introducing a^fi 
degree of competition; ‘ti 
ever before. Even' 
governments reject th£"jW 
plans, they cannot returns 
former, rigid system of Me 
ing total acceptance by#* 
linos- of all lATA faies^ 
because that has already: t* 
virtually ktiied - by- the-A 
Government’s, refusal fe acc 
it. They will have to'fifld:So 
other way of fixing amd cofltJ 
ling fares — which means 'fal 
over tbe job directiy tbeoari 
—or inventing another -mat 
IATA to do it for thent ,:^ 
IATA plans do at least; el 
governments and* airli nes 
chance' to move 'into 
competitive era of mass.fi® 
in international air transport 
a calm, fashion without-^ 
of irreparably damaging.- 
system. . . 



Guide to 
good havens 

Some tax havens are more equal 
than others, but the choice is 
not always easy. There has 
been a distinct shortage of 
easily-comprehended Whicb- 
type guides in English on where 
the rich can best shelter from 
the depredations of the tax 
man. However, a new book 
called Using Tax Havens Suc- 
cessfully has now arrived to fill 
any gap in the market 

It is translated from the 
original French written by 
Parisian lawyer, M. Edouard 
Chambost. In London this week 
to promote the English version 
he told me he was confident 
that it will be widely wel- 
comed by the hard-pressed 
British taxpayer. The French 
version sold 30,000 copies — and 
a bulk order at a “special" 
price was placed by the tax 
authorities. 

Chambost is 36 and has spent 
the last 15 years working on 
taxation. Before be studied law 
m Paris he worked briefly as 
a cub reporter on a provincial 



Legs eleven — eyes to Heaven 
and pray for Eric Morleyl” 


MATTERS 

paper — briefly because be wrote 
an aggressive financial piece on 
someone he did not realise was 
a part-owner of the paper. 

“ There is no perfect tax 
haven," he said yesterday. 
“ And some of them are a good 
deal less than perfect.” His 
book ends with a list of places 
to avoid. He warns against Pit- 
cairn Islands: ** The end of the 
world Tonga: - Apparently 
does not like competing for 
business and Svalbard, a Nor- 
wegian dependency in tbe 
Arctic Circle: “ Recommended 
for those who like polar ex- 
peditions." 

Fresher than ever 

Earlier this year BBC Television 
started work on a series of 15 
films designed to explain con- 
temporary Japan to the British. 
But it is now hard at work 
haying to explain contemporary 
Britain to the Japanese. The 
reason ? An overtime ban intro- 
duced by tbt* Association of 
Broadcasting Staff. 

Under this ban it was almost 
impossible to get the camera 
crew out to Japan. The camera- 
men would officially have been 
"at work” during the flight 
Since this lasts 16 hours the 
BBC had to investigate the pos- 
sibility of flying the team out 
in a series of short hops timed 
to coincide with approved union 
hours. 

That would have proved an 
expensive, time-consuming oper- 
ation and the Further Education 
Department of BBC TV says 
that these costs and the further 
problems which could have 
arisen in Japan caused them to 
re-schedule the filming for the 
spring. 

In fact the ban on overtime 
was lifted on Wednesday on a 
temporary basis which must 
have some Japanese wondering 
why the BBC did not go ahead. 
But the BBC itself seems un- 
perturbed. The programme is 
not due for transmission until 
autumn 1979 and I a in told that 
the deadline will still be met 


The footage will be from next 
year rather than this one, which 
seems only appropriate for a 
"contemporary” film. 

Scratched 

records 

Everybody talks in favour of 
human rights but does not 
always carry such ideals into 
practice — that was the gist of 
the speech the President of 
Greece, Constantine Tsatsos, 
delivered at the recent opening 
in Athens of a Council of 
Europe symposium on this 
thorny subject His speech was 
seen by some- as indirectly 
criticising tbe Council of 
Europe for failing to act on its 
own report on Turkish acts In 
Northern Cyprus. But tbe 
criticism -applied in part to 
Greece’s present government — 
or so opponents of the late 
junta have been claiming. 

The Greek representative at 
the Council’s Committee of 
Human Rights was not invited, 
nor was the President of the 
Greek Committee for Human 
Rights, Professor Plaidon 
Vegleris. according to Lady 
Amalia Fleming, one of the 
leading opponents of the junta. 
Vegleris, in another capacity, 
eventually received an invita- 
tion, but like Lady Fleming, he 
felt quite unable to attend. 

Their problem was summed 
up by another opponent of the 
junta, Vasilis Filias. According 
to him, the Greek Government 
had acted “extremely provoca- 
tively " in organising the 
seminar. He referred particu- 
larly to the record of two people 
chosen by the Greek Govern- 
ment to handle tbe seminar. 

The chairman of one session 
was a Greek diplomat who had 
helped the junta defend itself 
at the Council of Europe in 
1969: he had later been dis- 
missed by the junta hut his 
speeches in defence of the 
Colonels’ coup remain on stark 


record. Another organiser, a 
woman from the Ministry r.f 
Justice, is remembered for her 
public speeches in 1970 against 
foreign complaints of torture 
ia Greece. She was also. Lady 
Fleming tells me. known for her 
“ lack of sympathy " towards the 
families of political prisoners. 
The woman had been the junta's 
director of prisons. 


Dressing up 

Waste not, want not is a slogan 
which the House of Representa- 
tives is beginning to think is 
not as widely appreciated by the 
U.S. Armed Forces as they 
would like. The latest issue nf 
Armed Forces Journal Interna- 
tional describes how the Ameri- 
can Ambassador to Uruguay 
recently sent a message lo the 
State Department which was 
passed on to the Joint Chiefs 
of Staff. The JCS then made 55 
copies of it. The subject nf 
such top-level concern? The 
impact of proposed tariff chan- 
ges on the non-rubber footwear 
industry in Uruguay. 

But even more waste is indi- 
cated in other fields, a House 
Committee finds. Its researches 
show that tbe U.S. Air Force 
has 91,500 people eligible to be 
issued aviators’ sunglasses but 
buys 136,000 pairs annually. 
The U.S. Navy had an average 
of 15.000 personnel of flying 
status daring fiscal years 197(£ 
1977, but issued leather flight 
jackets at twice this rate. And 
the Defense Department has not 
bought a Colt .45 handgun since 
1945 but each year buys an 
average 48,000 heavy - duty 
holsters for them. 

As for a particular Navy unit 
this had 18 people on flight 
duty but in a 20-month period 
issued 217 pairs of sunglasses. 
75 flight jackets, 53 pairs of 
boots and 181 pairs of gloves. 
All of which at least shows that 
service people like to look like 
pilots. 


Observer 



■ *». . Wafinm'frmn fceySfee. Anakt&rtr ' 1. 
;S? r -i . -30m«nrfe3away.Ii^cifyriah^ka«i!l& 

! «: Jt-i'V- _ . .£«• tweeds. Or adrj 
. :',y. f actory 1 







j ~tt * ’-5 -.i 

t '• ' .. > ■•';=-■ ■ v- 'a '■-% i .;wn « 








Financial Times Tuesday October 10 1978 

THE FT'S NEW INTERNATIONAL BONDS SERVICE 


TviJ, «C*-» | jlL^o 


BY NICHOLAS COLCHESTER 



UfllLf.,. . 


H ■ 



:0 THUS 

cuss 


Daily prices for an inyisi 



HOW DO you find out ilie. price, 
of a Eurobond? 3t may como as 
a surprise to many people that 
18 years after this . stateless 
capital market was invented, a 
widely disseminated daily list 
prices still does not exist. 
Some $7Qbn of these securities 
are floating around with Lheir 
owners. <, r prospective pur- 
chasers. having only an approxi- 
mate idea of what they are 
worth. So. the answer is that 
you must find an appropriate 
"market maker ’*• and ask him. 
' >»u will nave In be quite well, 
plugged info, .the system to 
weigh up his answer. 

Today The Financial Times 
tfkes a modest but signifieont 
slop towards rectifying This 
filiation. It starts publication 
■if a daily list of ilie latest 200 
international bonds to have been 
issued. Jt will present each 
price together with the sort nf 
information that is needed In 
make .sense of it: the underlying 
characteristics - of the. security, 
ihe win Us price has moved, 
and the yield or alternative 
at tract ions which the price 
implies. 

It is universally agreed that 
the international capital, market 
hag outgrown the amount cf 
information that is available to 
Us. participants. The chart 
show* this growth. In the 
second quarter of this year, 
according in the OECD, this 
market was providing finance at 
l he rate of $37bn a year. This 
"a*. raised through 8201) n. 
annual equivalent, uf “ Eunv 
bonds." the true stateless inter- 
national bond, that is issued out- 
Mde the rules and regulations 
of any national capital market, 
and through SlTbn t»F “ foreign 
bj*n<ls " — bonds which are issued 
«*n i he capital market of one 
ci’iintry. but by a non-resident 
of that country. These figures 


compare with the animal rate 
of bond issues lit the U.S. 
capital market of $l25btL 

■ ■for many . investors, the 
acceptability . of Ibis consider- 
able quantity of international 
bands is based upon the notion 
tbat.ihey can be Iraded. This 
notion is sustained only -with 
difficulty — sometimes only with 
outright sacrifices on the part 
of a market maker who has 
taken it upon himself to pro- 
vide a regular price for a 
specific bond. . An Investor 
would, in fact, have trouble 
discovering a market-maker for 
about one third of the . Euro- 
bonds in circulation. 

Both the spreads and the 
inconsistencies in prices be- 
tween very similar bonds show 
what a I hin secondary market 
this is. The spreads have 
improved noticeably over the 
last three years— some say 
since Salomon Brothers, the big 
U.S. investment bank, became 
a force in rhe secondary market 
— from a norm of 1 per cent to 
today’s norm for straight dollar 
bonds of 4 per cent. Bat this 
siill compares poorly, with the 
2 per cent found in established 
domestic bond markets. 

The prices of the 4,000 inter- 
national bonds in. issue are 
quoted by a core of about 100 
market-makers stretched around 
the world. The trading floor is 
a global network of telephone 
lines. The number -of factors 
that will determine the price of 
any international bond is. much 
greater than in. a national bond 
market First there is the all- 
important matter of currencies, 
which introduces a great vari- 
ability into the assessment of 
any single bond. Then., there 
are the different interest rate 
prospects within each currency 
group. There are the different 
fiscal and regulatory conditions 


INTERNATIONAL 
BOND OFFERINGS 

ISSUES FLOATED DURING 
THE PRECEDING SIX MONTHS 

($ BILLION AT ANNUAL RATE) 


S BILLION 


-J J! •/.*' 




.-m , 


S BILLION 

20i — 


^ ^ ^ iAL t^REIGrQ 








2 3 

1976 


2 3 

1977 


that affect investors of different 
nationality while, finally, the 
spread of the market across the 
time zones contributes to the 
apparent inconsistencies. 

Yet taking all these variables 
into consideration, investment 
bankers concede that the incon- 
sistencies are symptomatic of a 
secondary market that is too 
thin for the primary market — 
the volume of new issues — 
which it is trying lo support. 

An increase in the amount nr 
information about this market 
lo improve its ••visibility" or 
“transparency" will not solve 
the secondary market’s problems 
at one stroke. There is, indeed, 
a nagging suspicion among 
market-makers that it is in 


exploiting the public's ignorance 
that they make their surest 
profit. On balance, however, 
they concede that the effect of 
more market information should 
be helpful. 

First of all, the impression 
that an international bond can 
he Iraded will be heightened if 
its price is regularly published. 
A price is the must important 
product of a secondary market 
and it is counter-productive if 
this product remains under 
wraps. 

Price information will help a 
diversity of interest in the 
Eurobond market to develop. In 
common with national security 
markets, the international bond 
market is suffering from the 


concentration of investing power 
into a dwindling number of 
powerful hands. An oligopoly of 
investors requires a liquid 
market but at the same time 
reduces the market’s liquidity. 
Meanwhile, the financing cost to 
the marker-makers of holding 
sufficient inventory has risen 
steadily. At the moment, with 
short-term dollar rates higher 
than long-term bond yields, the 
cost of holding inventory’ in the 
dollar bond market, or of taking 
a block of bonds off a seller, is 
unusually high. 

Under these circumstances 
anything which cultivates the 
Interest of a wider variety of 
investors in this market must 
help market-makers to prosper. 


4 1 2 I 

1973 »«.-aca / 

The second thing that strikes 
the newcomer to this market is 
that the amount of research 
available lo investors is small 
in light of the size of the mar- 
ket and of the quantity of vari- 
ables that must be taken into 
consideration :n assessing it. A 
number of market-makers send 
out regular advisory telexes, but 
their overall uutput is tiny when 
compared with the amount of 
assessment that goes on in 
national security markets. Such 
assessment could play an im- 
portant part in removing price 
anomalies in the Eurobond 
secondary market, but it badly 
needs an underlying basis of 
price data .to work upon. 

Perhaps the most important 





shortcoming of the Eurobond 
market for the investor is that 
the process of issuing bonds is 
geared almost exclusively to the 
requirements of the borrower. 
The interests of the ultimate 
investor (as opposed to his in- 
vestment manager) do not carry 
much weight. 

The prices of bond issues are 
fixed not in relation to prices 
in the secondary market, as is 
the case in the U.S. for 
instance, but nv reference to 
what the primary market will 
sustain. This primary market 
discriminates against small in- 
vestors — the terms of an issue 
tend to be set to suit an elite 
of institutional investors, or in- 
vestment managers, who will 
buy the bond at a discount. The 
result is that rhe initial terms 
of Eurubund issues quickly 
tend to be followed by a dis- 
illusioning discount iu the 
secondary market. A greater 
amount of price information in 
the secondary marker would 
alert small investors to where 
the true investment opportuni- 
ties lie. In the long run such 
information could help bring 
issue prices more in line with 
secondary market conditions. 

The Association of Inter- 
national Bond Dealers, which is 
ihe self-regulatory club fnr a 
substantial part uf the inter- 
national bond market, has 
already taken an important 
initiative in providing such 
information. Since 1975 it has 
sponsored a definitive monthly 
guide to the prices of inter- 
national bonds under its sway. 
This is compiled by In ter- Bond 
Services, now a subsidiary of 
dataStream Internationa], and 
is printed in the Financial 
Tin:e.< on the second Monday 
of each month. 

The Fiiirwciirl Times has now 
asked Inter-Bond to provide a 


shorter and mure topical list 
daily. This will show the 
prices of the newest 200 
international bonds and will 
take in areas — most importantly 
the Deutsche mark sector— -not 
under the AIBDs influence. In 
doing this the Financial Times 
is marching what it has done 
for many years for the London 
stock market — providing in- 
vestors with a list of the prices 
quoted by market-makers at the 
close of trading each night. 


Averaged 


Because of the market incon- 
sistencies referred lo earlier, 
this service will not rely on the 
price quoted by a single market- 
maker in each security. The 
price of each bond will be taken 
from between two and four 
market-makers and averaged: if 
Inter-Bond gathers only one 
price for a particular bond this 
fact will be indicated in the list. 

Some 40 market-makers are 
being interrogated for up to 800 
bund prices over the telephone 
daily. Each week the contribut- 
ing market-makers will be listed 
in the Financial Times. 

The Eurobond secondary mar- 
ket may well be entering a 
phase of change. Reuters has 
plans to develop a bond-trading 
system using its Monitor net- 
work. More immediately, 
Eurex, 3 Luxemhour-based com- 
pany with 40 shareholders all 
active in the international bond 
market, is due to start up a 
computer-assisted bond-trading 
system in May. 1979. This will 
also generate a daily price list. 
The Financial Times will adapt 
to these developments as they 
occur. In the meantime, its new 
International Bonds Sendees 
will provide that clement of up- 
to-date information which this 
market has so far lacked. 




Letters to the Editor 

r ^ e vast majority of mortgages nised by ihe European Commis- a workforce of 10 with the hope 
i V J.UI I? li ctiilcllL do not run their full life, as sion as representative for staff of a break-even. This is average 
. . - people tend to m we home much in insurance, banking, commerce and usually consists of a 


TISIV rPVIPWS more frequently these days. and for salaried employees in m an aging -cum -sales -cum- per- 

. factor however in industry', including professional sonnel director, two unqualified 

From Mr. L. Robinson. this apparent reversal of normal and managerial staff in these secretary - cum-typist - cum- tele- 

isssr-i £ sarjsx' saftss 

control is not so much opposi- tennsin regard to mterert rates, , . . £ in which re-Dre- with this lamentable lack of 

non to the oojecuve of resirain- .iogelbcr with epse and co "' sentatives of the European Com- qualified administration, the 
l ° ** “I These^Siav 0 ! mJL 'SJLZSF* J-t of 

Whereas Phase I was accepted ^hn^nren^ '^hSS “Urion "der^Leilendc^^nei better channelled elsewhere. 

3”! j r 0?££2zr ft£S“ «i»5" KflPwKi g«*— «■ if 3Dy ’ art po ° T]y 

«T«nSr and* per- continue » Tbtrt' must „«* be many 


Sir.— It is genera Uv acknow- economic tneory js me jiexioiui.' _ __ ■ 

intf i 1 f ourth^v ear oTpay * ^vStVg^Sl" tie bSpSsible Luxemhotirg "to "SlST tie serenes manager 
control is not so much opposi- retain regard to mtere^rates. with this lamen 


„,h„ iL, n< a ,>,.r rain e r ‘non nnaneiae l am in mese oonras. nesuus su iar nilJ , Hfipd ' a reountant colleagues 

J -’ 1 ' in ,,r •!,?£ ^ employ of one of the major available on the works council Sf riSfilar Sk could K 

nnwnr societies, but the- views expres- elections in the FRG which were m lhina alon _ tlje lines of a 


: frighteningly grave. Not only w,kon ’ \ 

do many employers lack free- Clinton Crescent, 
dom to negotiate when faced Widnes, Qieshire.. 
with survival or sanctions hut to • 
talk of striking a bargain is non- - • - 

sense when there is no real MnnPV finr 
balance of power. Indeed we * T1UU 

appear to have turned full circle * 
with, unfettered power— pre- llOlUCS 

• viously the prerogative of the 
employers — now in the hands of From the Secretary-General, 
the unions. Unfortunately it is The Building Societies 
not just trade that is cow at Association 
risk but the whole fabric of the Sir. Mr .t P Saltpr 


covering 457 companies reveal g0 in brieBy and cbea piy to 
that only 5.03 per cent of re^ small businesses and generally 
resentatives of managerial staff a dvise. Having then at first hand 
are organised in non-trade union deter mined whether the concern 
bodies, compared with 14 per j s viable once systems have been 
cent in bona fide trade unions. p U j } n to hand and omissions 
The remaining 81.18 per cent rectified, lead the craft-orientated 
do not belong to any organ is a- entrepreneur into the open arms 
lion at alL of his banker. 

The central contention of Dr. Raymond H. Mitchell. 

Green's article, that managerial 30, Brightling Road . 
staff in most European countries Crofton Park. SE4. 
are increasingly becoming • ■ 

organised in bodies outside the 


economy ' J L P ‘ it"? union movement is rhanttPC In thp 

economy. (October 5) bow the building not out hy the fact&- Llldllgcb 111 lUC 

The logical c ° nseriU Jr s 2 cieties . y an . safeJ 7 * J , ° rro Y[ Managerial staff are increasingly « ,, 

would seem, is some form oF short and lend long. Although recognising the need lo join WHVPIPnPTrK 

Government involvement in pay most of the societies’ capital is genuine trade unions, as is indi- TT a T vlwl o lu;5 

determination for the forese^. held at short notice and most C ated by the growing member- From Mr. G. Ledingham. 

able future — if oni> to back the mortgages are arranged for 20 shi D Q f ftet nffitiates which has o- . . . 

efforts of the more responsible years or more, in practice much n seil 500 000 in the last two f R^ r + ei v 0r 

unionists to contain runaway' 0 f that capital stays with the v « Br - aii pfET affiliate-; ere in BBC ^ e i 


uniuuiMb IU cuuiaiu iumwj oi mat capital stays WILD idc vears aii ftet affiliates are in .-.LjL: ~ 

inllalion. After all. it is the societies indefinitely and the g? minV^eam of the£ opportunity in The discussion 
ordinary citizens who will suffer average mortgage is redeemed national trade union movements P 0 ^wavelengths lo refer to BBC 
«>■»>■ 1“ ^controlled si.ua- „ iU „n eight £ J SS t “v& d JnTuie n g , !ohe ,1!?,,rtlli ' ,y 

t,on - , „ , . • Power -to vary the mortgage example, are all affiliated to the /tif one W h 0 d 0 e S trv to listen 

It would follow that the rate enables the societies to keep tuc. This trend will certainly t0 twg broadcSS while abroad 
Liovernment must stick to its their investment rate in line with continue, given the ineffective- r can confirm that this is mv 
guns— but need the format for the market and thus to maintain ness and weakness of “ staff asso- impression Gone are the ad- 
Phase IV be based on previous their funds. Building societies nations" and “professional verbs adjectives and 'allusions by 
patterns? If it is argued that a is 0 keep very liquid to meet associations" when it comes to means of whioh BBC broadcasts 
an acceptable pay nonn must possible withdrawals. Currently, taking action to defend the i n the UK have contributed to 
relate to the level of umauon, some £7bn is available for this interests of their members. the great split in our society 
would it not be sensible to raoni- purpose. Heribert Maier. today. V * 

tor and regulate the situation whatever the theoretical objec- JFCC A TE, Are. de Balerert 15. It i’s as if the Financial Times 

more f requently than just once tions ^ building societies have CK-UIO Geneva. Switzerland, were to produce a special edition 

a £f ar >. . M ... , been operating safely and sue- : for export. 

The Government could wiinout ce ssf ully on their present method I would have thought that thic 


> 4 f j. 

— . - .y '3 i’l T j 1 

k- " 


loss of face relate its 5 per cent for ^ Iast hundred years, 
norm to a six month term only „ r _i_ a _ 

at which time the then rate of Borman Griggs, 
inflation could help determine a {*• Fork .Street, 
norm for the latter six months Mayfatr, Wi. 

of Phase IV. For example, if by 

earlv next year inflation was — — 

running at less than the present JylanaSGnai 

level it might be decided that 

the norm be raised by a further . • nc 

increment of say 5 per cent tlillUiO 

SPSHii" X From the Cereal Secretary^ 

per cent higher during the latter Jntermitwtial Federation 0/ 
part of the year, in fact the Commercial. Clerical and 
actual increase in earnings over Technical. Employees 


■■* » • state of affairs should be of some 

Small businesses 

_ j 1 _ _ Rotley Rough. Prestwood, 

ana na mes Great Mtssenden, Bucfes. 

From Mr. R. MitcheU. m ~ | . 

-Sir,— As you were good enough Shi Hill IIP* PSIT'C 
to publish my letter in your Lfl13 

issue uf September 18, may I 

crave a little more space par- IU In* LcalaOu 

ticularly in view of the many 

letters and comments I have From Mr. J, Szulc 

siiiee received, which without sir.— There is a waiting list 

being too presumptuous I would 0 f nearly six months for ship- 

say were mostly favourable. ment of pr i va te cars to New 


i L- - a b ■ 


would ue more realistic anu temoer i^age 0-1 .“v /* and small businesses pot boiling as. reported by Ian Hargreaves 

when coupled with proven pro- •• European managers start to aUbough ^ larter . a bank (October 4) or is it just a matte? 

ductivity payments could form get organised. manager, could not disguise his of inefficiency? Why should it 

the basis for an acceptable aS ^ er ts that the “Con- ingrained outlook by referruig no t be possible to charter a ship 

p0 T I,C ’-^,ir w whn have federation Internationale des to a growing list of bankruptcies t0 clear the backlog of hook- 

Incidental y those who have Ca(ftles (qc) ” is the only and company liquidations. Many jaggy 

already settled within the 5 per interaalioiial co .ordinating of these, 1 would venture to , & , 

isasra wesfi 

be subject to the six month not tfag ^ ^ Geneva - cheque ,at the wrong tune u 601 ^ oruona WL 

review. based International Federation through lack of complete under- 

Lionel Robinson. of CoromtSS CleriSl and standing of all circumstances. i „ A ,, ntl - „ 

Amclife tUSSf I mu in no way suggesting All eVeDlOg 

Christchurch Crescent . known bv its French initials fncauUousness nor, having been 0 

Radlett. Herts. piET? represents 171 trade m the same p^non myself do I w jfL 9 

Borrowing short -2-arJawS.jj „ hi5 

, 1 organisation, the section for pro- ^ Bryson seems lo want a cut review of “An evening with 

-IPOflin? ions' ' managerial staff and drfed definition of a smHll Dave Allen" (October 5) con- 

iLiiimig . ,1 5 by far the most represents- business . Perhaps with a mental eludes . .1 would as soon have 

From Vr G. Wilson tive trade union body, bom ai sum mary of the many balance an evening with Clive Jenkins!" 

r. «. editor /Artnhpr European and mteraauonai sheets which must pass tbrougb An interesting conclusion— per* 
Sir.—Mr. baite t which Jev * l; his hands and aided of course, haps sharpened by the prospect 

h&s “ej a ** ^ g j. Dr Green also savs that the with an elementary application that Dave Allen does it for fun 

re occars from tirne to tijn - i ^ ^ " by a u the of the facts of life (circa 1978) (plus money). Clive Jenkins docs 

ron^POri?eTwilh buildlnl S^CoiSion Market Commis- be might arrive at a workable it for . what? (plus money?)- 
monies ueposuea 1 . -i* s j ons ■■ i n f ac * FIETs European yardstick. J. P. Moore. 

societies on ? short- regional organisation Euro-FIET • An annual turnover of £100,000 JOA Oatlands Chase , 

terra iunds and thS orararae is^Ae only g bod>- officially recog- appears to be needed to support Weabridge, Surrey. 


Borrowing short 
-lending long 


GENERAL 

Initial talks betiveen senior 
Ministers and TUC leaders at 
Downing Street dinner in first 
stage of discussions to find pay 
formula 

Conservative Parly Annual 
Conference opens. Grand Hotel. 
Brighton. 

Chinese Foreign Minister Huang 
Hua arrives in UK for four days 
of talks. 

Mr. Edmund Dell, Secretary for 
Trade, leaves for week’s visit to 
Canada and the U.S. to discuss 
world trade. 

Chancellor Helmut Schmidt of 
West Germany starts four-day 
official visit to Japan. 

EEC Development Council 
meets, Luxembourg. 

Fire Brigade Union conference 


Today’s Events 


opens at Spa Royal Hall, 
Bridlington, with private session. 

Statement by British Overseas 
Trade Board on “ Selling lo 
Japan." 

Equal Opportunities Commission 
statement on child care provision 
for working parents. 

Demonstration of “ Brain 
Train ” for commuters scheme, 
Paddington Station, London. 

London Chamber oF Commerce 
and Industry trade mission 
continues talks in South Korea. 

Lord Shawcross opens Media 
Society discussion on “ The Role 
and Future of the Press Council," 
1. Whitehall Place. SWI. 


Requiem Mass for Pope John 
Paul, Westminster Cathedral. 

Lord Mayor of London attends 
Presentation of Trophies by Ihe 
National Rifle Association, 
Mansion House. London. 

OFFICIAL STATISTICS 
UK banks' eligible liabilities, 
reserve assets, reserve ratios and 
special deposits (mid-Sept. ). 
London clearing banks' monthly 
statement imid-Sepi.J. Central 
Government financial transactions 
(including borrowing require- 
mentMSept.L Provisional figures 
of vehicle production 1 Sept.). 
Appropriation account of 


industrial and commercial 
companies (2nd qtr.J. 

COMPANY RESULTS 
Final dividends: James Halstead 
(Holdings 1. Highland Electronics 
Group. Scottish Metropolitan 
Property. Interim dividends: 
Amalgamated Power Engineering. 
Associated Riscuit Manufacturers. 
R. Cartwright Holdings. Farnell 
Electronics. Grattan Warehouses. 
T. C. Harrison. Intercity Invest- 
ment Group. Ruberoid. Silent- 
night Holdings. Waterford Glass. 
Watts Blake Bearne. 

COMPANY MEETINGS 
Gaunt Rowland. Hollywell Lane, 
Armley. Leeds, 11. United British 
Securities Trust. S3, Cannon 
Street. EC, 12. Wholesale Fittings, 
Great Eastern Hotel. EC. 12. 










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pain 
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Financial Times Tuesday 


••• ’ .,'■ : : 



INDEX TO COMPANY HIGHLIGHTS 


Sales growth fails to sustain 
peak performance for Glaxo 


GROWTH IN sales from £4S8.t)3m 
to £543.S5m was too low to pre- 
vent a reduction In profit margins 
at Glaxo Holdings d urine the year 
to .lune 30. 1978. and taxable 
earnings slipped £0.66m to £8H.36oi. 

The decline came in the second 
hair following an advance to 
140.26m (£39.401) at the mid-way 
stage. , , 

In the iirst half demand for 
products had continued to rise 
firmly hut in some markets trad- 
ing conditions had been difficult 
and in general price increases had 
not kept pace with rising costs. 

Over the year the rale of in- 
crease in the sales of the com- 
pany's older products slowed down 
at a time -when new ones were 
not yet contributing enough to 
make up the difference, the direc- 
tors explain. 

Trading profit was down £4. 19m 
at £80 93m but gains realised on 
gilts helped lift income from 
investments which was up £2.37m 
to £11.35m and the croup's share 
of assoicates’ profits was £22Sm 
<£Q.8Ini) including the rise in (he 
sterling value of the company's 
share of the net current assets of 
these companies in Japan. 

Tax took £43fi7m I £43.07 in i 
leaving a net surplus of £42.lifm 
(£43.03mi fnr earnings per adp 
share marginally lower at 49.1 p, 
against 49.3p. The net total divi- 
dend is raised to 11.4p (1021p) 
by a fl.Op final. 

Group external sales, excluding 
117.65m t£14.84m) turnover with 
its subsidiary Vcstric, were ahead 
fo 139254m <£360.54m). Sales by 
pharmaceutical wholesaling com- 


pany were better at £15L31m, 
compared with 1127.49m. 

The group, whose interests in- 
clude the research, development 
and manufacture of pharmaceuti- 
cal-:. achieved rapid growth in 
profit Trent £41.43m to £73.05iu 
in J97.'i-7ii before reaching last 
year's record level. 


f.'-.ii-rn i! a.il'-. 



V>tir« i. hni«. sjIiiib. . . 

Trj'Jiiir: prulil 

Shjr.,- of .isioi laics ... 
Iiu.-sinu-nl Income ... 

fjilr.ri-51 

Prc-ux profit 

T.tK 

,v: prcK: 

Tn niiniirluvs 

Ai jiIjIj 1 -.- 


.'I92.24D Jb0.S40 

1SI..I1U 127.490 


Sec Lex 


S. Jerome 
rises 21% 
at midway 


and Co. {Eccleshill) and William 
White and Sons (Huddersfield), 
acquired at tbe beginning of the 
year, made a valuable contribu- 
tion to group profits for the 
period. 

Business continues to he 
extremely, difficult in all areas of 
the group's activities and 
although retail -sales are buoyant, 
a considerable proportion of 
clothing sold is imported largely 
from low wage countries. 

“ 1 cannot see this position 
altering and we can only main- 
tain our share of the reduced 
orders placed with UK manufac- 
turers by producing efficiently 
and economically and giving our 
customers a reliable and quick 
delivery service,'’ * Mr ( Jerome 
states. 

Half-yearly exports were down 
from £650,391 to £478,778 and the 
chairman comments that the 
group is continuing its efforts to 
sell in world export markets and 
directors and export sales execu- 
tives are continually visiting its 
agents and customers overseas. 


Company 

Au diocronic 
Edinburgh In*. 

England (J-E.) 

Freema ns ( SW9) 
G iddings Lewis 

Glaxo 

Green (R.) Props. 
Helene of London 
Hunting Petroleum 
Jerome (S.) & Sons 
Lake & Elliot 


Company • 

Page 

CoL 

Lesney Products 

12 ' 

5 

Lev ex 

23 

3 

Marcbwiel 

23 

6 

McLecry 

24 

8 

Metal Products (Cork) 

22 

2 

Parker Knoll 

23 

I 

Reed Exec. 

22 

4 

Sentry Insurance . 

23 

2 

Silentnight 

23 

L 

Solus Teorants 

22 

4 


Yorkshire Gen. 


Hunting Petroleum 
to miss forecast 


FROM EXTERNAL turnover of 
I4.4.-*m acuinst £3.*>lm, taxable 
profits uf S. Jerome and Sons 
(Holdings), spinner and maker of 
worsted fabrics, rose 21 per cent 
from £2.V«.s74 to £31U..i3H for the 
first six months of 1978. Last 
year, j peak £601,831 was 
achieved. 

Mr. Y\\ .Jerome, the chairman, 
reports that both H. Armilage 


After a tax charge or £161.480 
(£110,000). net profits were 
£1.49,056. against £139.874, repre- 
senting earnings or 4.5p (adjusted 
42p) per 25p share. 

The interim dividend is effec- 
tively raised from an equivalent 
0.45682 p to 0.5025 p net, costing 
£16,817 (£15,288) and the directors 
expect to recommend for 1978 the 
same amount as the previous 
year, on capital increased by last 
year's scrip issue — for 1977. pay- 
ments totalled an adjusted 2.777p. 


THE DIRECTORS or Hunting 
Petroleum Services state that 
since the offer for sale last June, 
their profit for 197S has been 
influenced by two factors, as a 
result of which it may not reach 
the level anticipated. 

On turnover of £70.S5m pre- 
tax profits for the first half of 
1978 were £989,000 and the 
directors state that their fore- 
cast or £2.4m, made in June, for 
the full year, is likely to be 
reduced by some £0.25m if the 
current weakness of the Canadian 
and U.S. dollar is maintained. 
Also influencing profits is the 
unexpected absence of the normal 
seasonal upturn in North S^a 
activity, resulting in. lower utilisa- 
tion of Hunting's turbo -drilling 
sendees. 

The directors add. however, 
that the. incidence of the com- 


pany's profits is such that the 
effect of these factors on the 
attributable profit will be less 
than at the pre-tax level. 

Included in. the interim pre-tax 
profits were associates losses of 
£5,000 and the total was subject 
to a tax charge of £363,000. 
Minorities took £106.000 leaving 
an attributable balance of 
£520.000. Earnings are shown as 
5.7p per 25p share and. as fore- 
cast the interim dividend is J.4p 
net; a 355p net final is intended. 



Mr. Paul Tapscott, left, chairman and Mr. Leslie Smith, managing director of Lesney Pjodocft 

... record Christmas saJes expected . ' ’ 


The directors say that since 
June they, have received very 
encouraging preliminary results 
from the exploration programme 
of the company’s L r .S. subsidiary, 
Brazos Young. It is emphasised 
that further drilling will be 
necessary ta determine the full 
extent of this discovery. 


Lesney up to £2.8m so far 
and demand remains high 


Second half upsurge boosts AS FORECAST, the directors of their policy of maximum 

A Kee<i Executive report a signi- permitted distribution when 

■ficant improvement in taxable considering the final — last year's 

-wr 1 r* Y'll'B® A A profits for the first hair of 197S final payment was 1.64 p. 

jjRKC & IFjB SI Ol tO 11 .n Zffl ; iS72.UO? 2, fo f r the 0m a.rrespondin2 ft Comment 

un^hv nv S pr £3hi' 'to Enjoyment agencies are enjoying 

A SECOND-HALF p™ H t nearly that the profits improvement The group was able to reduce is 76m — for all of 1977 turnover en 4 o y'"S a 

doubled from Eci.5S.ii to £«.D5m marks more a short-term con- its indebtedness during 1977-78 was £l533m yielding record „,Vt Pro 5! nrofit* 

at Lake and EilioL steel castings sohdanon than a longer term and still had nnutihsed property profits of XLOfim. "if ^' ss, % a 0 n ut j niI h^riu!t P »r , ihe 


Reed Executive more 
than double mid-year 


not missing out. Pre-tax profits 
are mare than doubled with the 


INCLUDING REDUCED currency 
gains of £330,000 agaignst £470,600, 
profits before tax. of Lesney 
Products, maker of toys and com- 
mercial dieca stings. improved 
from £2,443.000 to £2.766,000 for 
the 24 weeks to July 16, 197S. 
Turnover rose £S.24m to £30.47tn. 

Also included are results for 
nine weeks of . Metal - Castings 
(Worcester), which has traded 
profitably since its acquisition. 

Profits weer struck -after heavier 
depreciation or £724,000 I £421,000) 
with larger interest of. £366.000 
(£251.000) resulting from financing 
increased toy and bobby produc- 
tion together with other seasonal 
items. 

The directors say demand for 
these products remains high and 
they are expecting record Christ- 
mas- .vales. 

For the year ended January 31. 
7978, sales totalled £63_34m and 
pre-tax profits were £Sm. . . 

After a half yearly tax charge 
of £1.476.000 (£1 .244,000} stated 
earnings per. 5p share, progressed 
from 3.56p to 3.84p. The net in- 


terim dividend is raised to 1.1792p 
(1.05Bp»— last year’s final was 
J.SJSp. 

• comment 

Lunev's results confirm that 
the tov industry is experiencing 
solid growth for the first time m 
at least four years. Aftex strip- 
ping out Metal Castings for the 
nine weeks since acquisition 
the group’s interim sales rise of 
just over a quarter reflects a 
volume gain of about 16 per cent, 
which compares with a rise of a 
few points in the second half of 
last year. There is an upturn in 
consumer spending and many 
retailers have started re-ordering 
after last year’s destocking 
policies. But. in spite of healthy 
demand, profits show only a 13 
per cent advance. The weaker 
dollar reduced currency gains 
while last year's £4m capital ex- 
penditure programme resulted ia 
a a higher depreciation charge. 
The build-up in stocks which has 
pushed up interest charges, -is 
obviously in anticipation of -a 


bumper Christmas. With a-an 
sible £0.5m contributing 
Metal Castings. Lesney is oa$t 
get for around £10m tor tWfi 
year (£8m). On a 52 per-crik t 
charge the prospective :py e ^. s 
over 6 while the yield 
per cent at 92p. A ratio* 
apparently ignores the comhan 
heavy exposure to orerseasjn: 
kets and unfavourable cmrer 
movements.- 


OIL PLUS STARTS 
OPERATIONS' - 


Oil Phis, a new Britbb com pi 
formed as a 50/50 joint vend 
by the British Petroleum C*' 
pany and the Plenty Cromi 
subsidiary of Booker MeCong 
has now begun operations fr 
its Newbury-based office. i 
The new company will pr or 
to the world-wide oil industa 
complete systems approach? 
water ’injection to. maximise'-: 
recovery of- oil -.-and - gas- fr - 
reservoirs both on- and oftahoir 


— .. UK ", i*yin jJt-i Kin UJ per CCHL me uni six niumns, ana inai uie m ~ r t«i , n r1 rinm-mrl -fnr thic tvne 

was ahead slightly from MS.2 mi closure of one French fac^ry of shareholders' funds. company's employment agencies rf enfnlnvpe and for temns fahn.fi 

to £18-84m. eliminated previous losses. The The Board wiU in future con- must have maintained their 2 h 

The directors say that a <hor»- remaining French factory opera- turne to realise the company's pre-eminent position in the 2™ P ThS ™ m 

tenn improvement in orders on tion turned in a particularly good surplus properties a s the market sector. He is particularly pleased 0 f^een»railn“m 

hand is evident, but in the longer pn.l.t reHociing past R and D and appears opportune. Certain pro- with the progress made by nJSISiSHthT 

term, substantial growth in the all the overseas subsidiaries are nerties formerly occupied H hv Medicare. ?5 ime . pr ^ 0m i? antJ £p 1° 

induefriee tpn-prf hv the >*01110 ninkinu monev acain. Itl the LI K u>.i n ,- nnf 1 Hrmnltoe inoennenrl hv CA S0Ulll'P8St b hfiPC t^G GfffCtS 


The directors say that a «hort- remaining French factory opera- tinuc to realise the company's pre-eminent position in 
tenn improvement in orders on tion lurneo in a particularly guud surplus properties as the market sector. He is particularly p 


5 perties formerly occupied by Medicare. 


Limited 


per share lifts the total for the snliary la*f time I at. « per cent mems 

year from 3.40l4p to a niaximiini and a votuuie-sensiUive business for the vear m Miwh ai la-ro 

allowed 3.89S7P. absorbing £0,)!im needs n heallhier , ^“ t " i, n l taxable p roll t rose from a 

t£035m>. investment climate to maintain depressed £95 ui 9 tn ri'U Jt 

J5TT-7S 1S7.I-71 growth. Most of the savings have Jf.J™ J IxSil. 

Limn toon n0M been made and at 56p the 2™.* ?*- .■“?? as 

ssrs^-si' 'l£g ‘ill; bffiw".™™ pi «| u .. 


a Turnover 
_ Pre-la* prolU 


Profit before tax 1.621 1,121 

Tox Nni 

Ne| profit »17 4lo 

ExtranrO. delw t— lSi 

Prut, dividend j 

Ord. dividend T .17 .H 7 

* Comprised profits from the rvalivnifr, 
•*f a-%eii. iif Frt.-in-h iiih.|di«r>- fhH.ono: 
Evlrai.rdmary kr-svii jiirihuinble l» 
ivmudlal aviixn in In., mal'ini; -.ub- 
'l-liara-N HSI.IMA: lax ri lief "ii abi>vu 

fo>iniHi: In-.}, nu itopn^l .if Rdniniirt 
Vaushan •.Smmnms-.i I33MM: tax relief 
■»n above lK.uno: and urn-- b.f.k of on? 
rroviMon for lavouun »n 1*7.1 extra- 

ordinary n ein r;t unit. 


HalT year iiicumhi* me i uiimiin v 

i97s ib 77 meanwhile, has been building up 
£imm imw its own chain of self service 
9 4» drugstores, a retail concepl 

“ ^ making life extremely tough for 

tar lit high street chemists. Medicare 

407 gftj will not break into profit until at 
.1! least 1980 but the earlier 


*■5 ^justified. The yield of" almost During the year shares in Murco g?*™" 1, ,,emf ■ — ** J east. 1980 but the earlier 

mo 11 pur cent, however, provides Environmental and Murco En- MaK p^ B i '.'h.^r'ansiWfrf.m r£ ^i* nr ^P^nmgs are now profitable, 

t— iS4 same attraction. vironmental tLJK) were sold and certain freehold and leasehold premises G"Oh last yearis excellent second 

i • the development of this project ami mveotment!.. alter iax; and extra- six months, growth in the current 

„ ri-'a 1 1 tui or in /T j i n 1 j no lon Ser forms part of tile on, i2? ry . „ , , half will be less impressive but 

Sr! J? J*f jVf Prnniicts croup's activities. The interim payout is effectively at 79p the shares, assuming full 

nuiabie ii irlCial ar l UUUL13 The manufacturing division ™ se ? from }\P net P er year profits of £I.6m stand Sn an 


IViPf'JII PrnrilirrS croup's activities. The interim payout is effec lively at 79p the shares, assuming full 

mciai Ji. IUUULU The manufacturing division from l -\P ^ Lop net per year profits of £l.6m stand on an 

ovnontc extended, its range of compression fP f ha re, and tne directors state undemanding fullv taxed prospec- 

\v--OrK; ^XpGClS couplings and achieved a better l S at iJ he r £? ult « S u for . P er| od live p/e of 6.4 and yield 3.8 per 

p „ . r market shard shou, d en *ble lo mainlain cenL i 

IHll Olidierm The ?**»ricaifoii and galvanising j 


Solus sees little change 


■<n jb-tre ls.uon: an d uni-- b.t.,k >.r ..us- Tflj! mintPr iTI *^h e fabricaifoti and galvanising 

pr..viM.m f.ir tnvaii.in .« J*7.i *xira- . . . section' of the engineering divi- 

•' comment firS.i^ciinS 'sS^s Solus sees little rhanap 

ft comment profitability at Metal Products productivity cou^with reduced JU1U3 CllilllgC 

After a duU firs six months. (Cork) and n lower first half sa |es highlighted problems which . 

Xi? . ha ‘ PJpf'Ls at Ijike and surplus is expected. necessitated major reorganisation. ^ current year, an approxi- Working capital has been’ and 

fctliot are s» per cent up. Even so the directors are con- This affected profits during the 12 “alely maintained situation in will continue to be. verv closely 

although the full year outcome is fident, and budgets indicate a months and to a lesser extent in re SReet or turnover and profit- monitored, says the chairman. 

*» ill on e fifth below the 1975/76 profit Tor the current year, Mr. the present year, but management ability is being, budgeted for at Last year, working capital 

result, rhe upturn left the shares Clayton Love Jnr., the chairman, ia confident that these were ®°i DS Teoranta. Dublin-based requirements were reduced by 

«P higher at 5fip but it is clear says. temporary setbacks. group, says Mr. Gerald Hickey. £275,478 (£284.466) on an 


In the cuirent year, an approxi- Working capital has been’ and 


1 2 months to 31 st J uly ' 

1978 

1977 V 

-j 

£'000 

, £'000 ? 

Group sales ?:■ _ 

1 9,798 

17,299 ; J 

Trading profit 

1,942 

2,268 g 

Exceptional expense 

214 

1 

Profit before tax 

1,728 

2,268 > 

Earnings per share 

18.3p 

25.6p .4-; ^ 

Dividend per share 

3.602p 

3:226p . 


. < -- . . ■ r v r ’ 

i k H 




m TOWN ! 

count rvJii 


^ y % 


the chairman, in his annual state*- increased sales level, mainly by a 
m *nt. reduction in stocks and debtors. 

However, he emphasises that This had increased net cash 
the budget is based on tbe ex- assets, and considerably reduced 
pectaticn of achieving quite, a Interest payments, while at the 
considerable volume of new busi- same time the group has been 
ness to substitute for the continu- able to purchase four acres of 
mg drop' in for the land adjoining its Bray site to 

group's telecommunication com- provide for future expansion. 

Sf n ib? 8 svstCM t wh,>h SShm? Mr - Hickey comments that the 
yS Wh,ch bolus 15 ser_ strong financial position of the 


Points made by the Chairman , Mr. M. H. T. Jourdan 
Record order book. 

it Improved profit expected in current year. 
it 1 for 2 scrip issue. 


u P - ui.i. ev _ nir . Bllt - tll _ f 1|>Q group should enable it to raise 
UK Post Ck OffiM>° ornnnLc h trt t |!f substantial lone lerm finance for 
Sod uc^fu expansion or acquisition purposes 

^ ^hsrarhflsss a-s,r 

™K^’ K "’' nl * Wl,IC ' ,S0 " a AI A “=“ st 3 ‘. N™ Ireland 

mum supply. ... Grniin haM IT 7 ru>r 



“INI 


futui 


leadi 

moat 


If th 

»uggi 


a tin 


natio 


A/ric 


a mo 


realii 

w 

It 



could SUD'DIV 05 „ At Aucu5t 31 - -New Ireland 

A number of joint ventures P " ” n ‘ ° f 

and new products have been, and ! equity, 
are currently being, investigated 


£ 


and the chairman hopes tiiat in ISSUE NEWS 
the current year, the group's 

mature 1 th ' S resard wil1 . t0 RELIANCE 


Members are told that the 
biggest problem facing the group 
is the find mg of new products and 


reliance 

KNITWEAR 

The recent one-for-four rights 


^ 

of London 

freemon/ 


fcli in i 


' “iv * 

Pi", 
• i i/ h l 






m 



in effect the organisation of a ,s ® Ue of 1 .463,000 new- ordinary 
second major d i vers ifira lion Trom 42p per share, 

telecommunications production a. nn ou°ced by Reliance Knitwear 
and sub-contracting. Group, to raise about £580,000 


" It Is fnr this reason that we 
have deliberately set. out to 
achieve a strong cash position as 
new products or acquisitions may 
cost a good deal in -the short 
term and may lake some time ro 


(after expenses) has been taken 
up as to 1,426,178 shares (97.35 
per cent). 


DUFAY 


We've designed our way 
to record profits again. 


Helene has again dcsiuural its way to arioi]ii.'i‘M.u of record trading figures. In the six 
months to 3ttth -Junv lP7t> turnover a«L\ sm. cil l>"’ lr . .More significantly profits showed an even 
higger impiovement jumping 

f.'hairman Mr. :\lonty Hm keman is nble tn fell shareholders that sales are currently very 
buoyant with exports again n.-Mciiiiijr record levels. 

The young team nl'ralemcd execui ives who have consistently increased profits for the 
past clerade are ••onficieitt that the Helene Group of companies will go on front streifgrth to 
strength in the future. 


SPJlfclSrJSS l ° pr0fitaWUy/ ' thB^^ccept^e? 1 " h a ro n ° U be C e e n 

frt =SS5 

Kano ” l nd rc ' vortible Unsecured Loan stock, 
nSu t arhiL^°^ r t rnme ' *5 com- 19DS-2003 offered on September 
WKh'md a turnround from ]5i 197Si by wav of rif , ht5 t0 

of £ jn72mi°fnr r °th«, pre ' r “ K ** oWte » of ordinary shares on the 

P he yeaf end0d basis of n nominal for every 12 
I * 78 - J ordinary shares held. 

Wnile turnover increased 13 The balance, amounting to 
per cent to £3.9tm. the chairman £582,188 nominal, has been taken 
says the level of profits at 4.4 per up by the underwriters who have 
cent on sales is stm clearly arranged for such amounts 
inadequate, as is the return on thereof as the institutional sub- 
vharenolders’ funds. underwriters do not wish to 

However, the croup balance retain to be placed through the 
sheet is much stronger than a market. 


Interim consolidated financial statement 
for the 28 weeks ended 12th August 1978 

(Subject to the year-end audit) 

28 weeks 26 weeks 

ended ended 

/nnn - * August 13rh Augus 

LUUU 18 1978 1977 

Turnover 


28 weeks 52 weeks - 

ended ended . . 

13th August 28th January 

1977 1978 


100,765 

7,130 


166.474 

11,635 


Trading 'Profit ... 
fnrerest payable 


Profit before taxation 
Taxation 


Profit after taxation 


year ago. he adds. All long-term The Issue was underwritten by 
| borrowings have hecn eliminated, S. G. Warburg and Co. The 
W the exception of £30.167, brokers to the issue were Fielding 
winch is a mortgage on buildings. Newson-Smith and Co. 


Dividends 


DIVIDENDS ANNOUNCED 


profit?aid n «Mrtin 2 “?thp 0 i^ n ° Un ? d 7?"V isi "e broadly h, line with' the Increase in 

r, be 

^inr t h e '?h?r°Lp"°| mo"e°in d i?nZ,i!h “ bein * 

, INTERIM RESULTS 

the 16.8 % reas e^or \ he C m a i" I rdf/trade 11*2 • Which com P ares favourably with, 

favourably with the lower inRaftan* rat« thf. who,e . < *H nn B «his period. It also compare* 
throughput. Ration rates this year, indicating sound progress in volume 

Sn.y Pr a°tt“b U h t a a V J C ^^0^00^ ^ ^ 3 ° 7 ^- 

against summer stocks to whirh a^mrinn “ , '! ar s lar S er chan . ostial jiroyiskin 

charge this first half h,Ch aWnc,on d «wn at that time, and the lower in«r«I ; 

o?tdvance' V*Zt reLrdTd at much the same rate'; 

full-year results *hou?d*be satisfactory? G,ven no ^expected setback s therefore the. : 
9th October, 1978 

Anthony Rampton. Cha/rmflfJ. f 

Cnrr* a a hin f n ■ ■ , - - 


Full Year 1977 


L'nuuditrd results for the six months ended 30th -June 197S 
« MnmhtlRTT 


] | .5511.5 1 1 

1 .mu.iwi * 

Snrt.rirts* 

a 11. an 1 


5.1 M l.5ii.> 
i:u.15i; 

■JJ5.IHHI 
2il5. |.-|ri 


'J'UI H'lViT 

N»'t 1 'iMlii - hefinv lax 
Tav u-.-iini.il 1 di 
PlV'll 1 . nln-r my 

Fn-fi-ivnei' Share Dividend at Hp per £1 for 
in* -ui hs l « * :Hli It -J 11 iif: 1978 tISTT - 3.K8pl 


6 Mont Isa 1978 
£ 

5,947,795 

556.318 
295,000 

261.318 


Edinburgh Inv j n t, 3.4 

J. E. England (1.4 



Helene of London Limited ““ : 


English Association 14 

Freemans j nt . 3.J5 

Glaxo 6.9 

R. Green Props i„ 0.94 

Hunting Petrol jint. 1.4 

b. Jerome i nl . oj 

Lake and Elliot 2.45 

Lesney Products inL 1.18 

March wiel jnt. 2 

McClecry L'Amie inL 0^ 

Reed Exec. j nt . i.s 

Silentnlght j D t 1.12 


Date 

Corre- 

Total . 

Tolal 

of 

sponding 

for 

laat 

payment 

dlv. 

year 

year 

Dea 4 

35 


6.75 

Jan. 5 

n.36 

— 

1.42 

Dec. 1 

14 

13.SS 

18.88 

Dec. s 

2.42 



5.94 

Jan. 4 

fi.21 

11.4 

10J21 

Jan. 9 

0>i4r 

l.4a 

1JJ4 

Nov. 27 

0.46' 


2.7S* 

Jan. 4 

2.06 

3.9 

3.49 

Jan. 2 

1.06 


2.9 

— 

— 

—t 


Nov. 27 
Dec. 1 

Nil 

i.r 


UJH 

2.75* 

Jan. 2 

0^5* 

— 

2.B7* 


Our principal activities 

arc design anti munufneiure of fashion kisurew car and textile merchant ing. 


D,Vi -Pmfi«w pe r" cp pe n sh ^ r,! T where othenv.se slated. 

Equivalent after allowing for scrip issue. v On canftal 
inoreaspH hv ri'ihtc ; L f -4»P , l.ai 


fSnaTrSecast." 3 ' 115 and/w a «* UJ « tlnn jap 'forecast. 


FREEMANS : (S.W.9) ltd., 

139 Clapham Road, London SW9 OHR 





OL- 3 - . 









upturn m 


Kientnight £ 7 . 2 m at midway 

* LINE with director*' - w.w T 

... *1. ' » 


. in line with director*' 

u £?P*ttatH>a3. pre-tax .profits of . .. .. 

3, Sileotnighf HoMIder advanced . 

5r-: -14.15 p*.t vent from £1 Jtfll JWM) to PRE-TAX prolils ' of Freemans 
y £1.7*5.000 for the b^f year £ «-**»* SW9) maH order conwro, 
g July SB), i<J78.aml internal budset* * d 31 per cent from £3.5j!m 

£ 5L 1 ™., * ; . continuing iqcreaw SSZSPit 


weu uwsisig 

at halfway 

AS ANTICIPATED, the hair-yenr 
tn June 30, 197S. was « ijiHieiilt 



lW’U As-* | 


board meetings 

Ibc f nil owing iiioipanlH havr nmiltod 


. ■ wmiiuuti^ 4 UK>mrm V ■ ” — . _ _ _ _■ . . - vhiupriikh »air iwiium 

■ throuKliout Ute second six monLhs A**#** 1 12 I MTS on turnover, in- dates of luum mectinga w :hu siw* u 
For the ClUdiflK VAT £7.13(11 a-afn«rt . Snch ron'llng* are usually if 

j™. :^o>- <•[ no,.?*, with S,“Jf ! 


of raj Ton This li-ure was struck lpadin , R ?, or _« J - F‘ En « Ia * ,d DUE .MAINLY. to ;i lower level of Assuming the final dividend js Cameron. 

after crediting Govommeni “ranis and &»&s (HelUnginn). and the at-iii-rly overseas and poor paid as planned, the total paid The official reason Tor their 

□f ris^ii “ 01 directors report a drop in taxable weather in the UK. turnover of this year to former ordinary departure is “a major difference 

In Jufv'memhers were told that P r °fil s ^ rom £ - 3ltj - ,iy 4 lo ni4.33S. MarchwicI fell from £82.S5m to holders in Marchuk.-! Haldintis on future policy " although, in 

turnover at the nrintin" division Turnover V* 3 e sIl r !,t,y . ,0 £73.9«m ui the. six months to April who have retained their full allot- the past, other differences have 

in the first five months Of the d Ab io? 1 ? * c/>rnn!l.Un 1 1 i ^ r TUCOtS -H M&TChtt icl Lttl-, Will bft bECFI Cited. 

year was ahead of ihe same 1&77 ° r Jrom -w-3'J«s Io23 m, but the more than three times that paid Disagreement about rfr-organisa- 




\JFS*S S perjod. And S*e chad-man believed &?£!«? d !^~t^t^r M Sjmr. f h ' _ rl^C^IST th^y the 

and Uw auMirijiuiu that actions taken could remedy SSSl,® m “ p A1Jlm ,0 pick up well in the second half Net profit for the lirst half of company should go, was the 


0M» *- * Profit Tor the 1*77-78 year S^SSf a^USSTM S K^hI. A nd S? ch.Mhlimd “ S ' pea/ If d i r ftor^y that turnover should last year 

Firsr-halt turnover !caDt 5i ber " as * P« ak or flS.OCm. •• "jw un, fr fi n «b and u* ouMIriMuoa that actions taken could remedy “ Jlm 10 p,c ] : up ' i cll »n the second half Net profit for i 

is?* ^^srss^i’Ss 255 ~ *-* - “ is? 2S? sfiiT f m ™ ti,s of ™ " r “ ^ Sssrass. 



- zb ffi upholstery and furniture nunu- a <rtpimt/wlnwr catalogde ls. con- , MW _. years. In that time the group has 

..^faciunivi group are very ' busy at ro uch the s«oe rate of lnRr J5552Std to fi»Sh P un2SuSraK totled U P P re ' tax 3osses oI “»« 

^ ^reflecting the rising .volume 0 £-*? vance dS ra the Si^t b*tt and n . G A M £430,000. 

*-■••- /ilK consumer scondlni ' given no -unexpected setbacks Jmics, Grattan wanJunucs. t. c. Har- »_ , h _ «__* ha , f _* 1(n o h 

.... .. tr spenoiru.. yj the fjjll Jesuits rim. Intercity Investment. Rubernld. Xn the first half of isra turn- 

fc V.aefelS u 5d?5r S7bS •W'jPtSSSf SSffiSn ?Of3a w *r r .^».. Sk££3^SMS 

' r'v.’hcToa'JT £S, Ea,.S« TO E '« jgj-s, - ™™ u {r«»| 

. r nine year u> the interim dividend different factors: last year s nutubp b *t« to £l.fOin. Aa a result of 

the y are " confident the larger- tham-usuai providou against iMo-inw- brought forward there js 

^ full year results wiH enable total summer stocks and a cut in in- 5 Us antf GoWtilrJn Oct. K a £ ajn 00 tas / Earnings per ^ ap 

^ tirumnni. i .. , .■ . . f - Guiivrui c^.i-u hi chatvt am erntpri at 0 R4n tl RSnt 


snown as i.woh h«i ap snare com- £i3 39m 

pared with 4-Wp. The directors, <r he director! report that in the 


and profits lor the year as a the current year was down from fundamental difference, said Mr. 
whole are not expected to be £M3m to £3.Q9m. j. x Witter, chief executive of 

prettily different than last year's the company, yesterday. In 

^13.3901. 9 comment particular, the Camerons did not 

S 3 *2 “S Marei™;! is the Jastest in a approve a now policy of organis-' 


k-c- hbimnu- Of this potato, grain and produce i t^T Marenweii is the lastest m a appryv* a nuw iwiiqr ™ arsaiiis- 

a ^- In the first half of 19T8 turn- merchant and grower, say it is Se?n« ma^ntainJd but prowin ^. ,ist of . contractors ^ “* gf 

over of the group (Its main busi- impossible w forecast results for ? e c!n v mSc K not m!- report dlsa PP° ,nlms resul,s a " d a r,? tfa f e h mar,ne °? C J S °\ et ? ea * . l ® 
!e ,Ka nnnHnn iv.„ f..n ^.af hiir i n tk. L-....I..J — reccniij margins not con tmiohpr frartint* ninHitinno Qn sell the comDanv^s industrial 


company’s industrial 


Despite uncertainties, formers 
have planted a larger potaiu 
acreage in I97S than that recom- 


- „u,n Mnn-w cd<iunK> wojen. ne says, auii|tdi« R „n.i';: T,.r.,T“ . 

ahead from an adjusted 7j6p to favourably with the 105 per cent tetSl* mi522 SSTriwi 

10 2p pt?r nip share. Last year, increase for the mall order trade su-vi bhiiims* ...J” 


high 


parcel with £ 167,000 last time. S*etU Year sirdar - :? 

.I'Jju.ded to reflect the change in IS 191 AlS Uoit« w.r.- Nw. iu 

3 -counting policy irlating to Tarnov , r muvs um» ** 

u-tL-rri-u tax applied for the vat T.m s,tsi li.as 

1 M 77 - 7 N vr;ir Leavinc ..... K .835 'TtjST 154 .SJ » 

;M J 3 Levex on road 

.*h airman in place or Mr. T. tjs ..._ a.trt IAS &747 4- 0 ro/^AVArir 

-lark-.-. iJie founder and former Me: pr-^ x«a 3.<wr iwn IU I t-CUVCrV 

:xceuii\c chairman of the group. D 1 «dciu 3 t 7» wa 1 - 5^3 _ . ... . . _ , 

.'ho remains on the Board as a The interim dividend is stepped r 10 . ,' jn ” } hc forecast in July 
inn.Avn,-„>:..„ .i: Th^. A .... o 1:. 1.1 m.i «■ 9 <tn oi a return to nrohts in the cur- 


Helene 

**** 3^ r , fc n 5ci: s of London ‘“ihfli i 

C .. . _ .nRuiinw epnr wrin n Emniro Securities aixl v continued QUliCul 

Bjrcd nn the estimated effee- ?ower jnHalion rates tais year, central Tru*» tict. 13 m « tiitions in the Wa 

»i\c rale for the full year, tax for wdicatinR sound progress ,n BnHte uwjd iai-bis oci. n vv/^ll ollAOf) hut the olber il 

Ih,- period takes £225.000. com- vo,drat ' through put" he adds. Fmontc Cera. Ori. »s Well 311630 busi nil are pre 

parcel with £167.000 last time. sawedw Year sirdar * ’ * n2‘ I. , «.r,r> nr-tm- . foctonlv they add 

.idju.ded to reflect the change in ]£•* 152 10 ^bm Uoi,wi w.r. "* lu A ^ FER CENT jump in pre-tax 

p***. .j- Tjri».,p ,«ss ja at. — • sssfjfts 


payment for work carried ou: 
remains unsatisfactory. 

Although one civil engineering 
contract at home is making : 


new business is so marked that Mr. Witter said that compensa- 
Marchwiel has, at best, broken tion would be paid, although the 
even in the period. At home the details had not yet been agreed, 
group reports some encouraging But Mr. Alex Cameron said 
signs in recent weeks, but there yesterday that the compensation 
is no disguising that contracts agreement had already been 


l Sf, P . 0 J al0 i ^ , A r Ji er .i"5 large loss, a number of settle- 'll* f ?Y ° ,ade - 


Board and all the information 
now available indicates a surplus 
of supplies, the- direciors report. 
Low prices for the second 


moms hare been concluded on old J* 


I'onlracts which have helped raar£xins - The , Wrcwi question 
income tlvs S and vvilL hoS raark about ‘teures is The 

sis ,iS.Mtan.ss; 

tribution lo next year. ba ' e been boosted by settlements 


T.lpa ,D,m 11-633 
K.835 TtJSSJ 1 54J» 
7.5M iW .15,741 
ei im 

7.208 5 .SS 1 X 0 M 
a.Trt t$SS 6.747 

3 . 4 G 0 Z . M 7 Bjn 

T» C59 1ST 3 


Levex on road 
to recovery 


profits from £430,156 to £550.318 is 

reported by Helene of London for T7' _j:_ with me 10 recast maue in “ • — ■» — ■■ AFTER tax nr fission against 

the first half of 197S. Turnover jQ/tllllUlirSii connection with the recent £133 639 profits of’ R. Green 

grew some 18 per cent to £5JI5m. & reconstruction of the group. iSp r ,1 j Prooerties are ahead from 

V*!S t £fov«I? ! Srh e ™^ 1 order® TnVGStlHPnt final payment is aniicipaled. Fath^F 30(1 SOD SSSk lo £510.073 Tor the war 

^ery buoyant with export orders IutCoIHICIiL Due to the recent reconstruc- . to j une 30 ^7^ Turnover for 

again reaching record lei els, the . . _ _ tion the di-.-idends are not strictly /villi' the neriod advanced from rasom 

directors state. Edinburgh Investment Trust coniparjble urth , hose paid ^ qtlll V^dEireX ine period advanced from £L.wm 

After tax of £295,000 (£225.000) reports gross revenue- of il.DBb.fi U respcct 0 f T h e previous year. The attributable balance is 

it profits improved from for the half year w September 30. Mitrchwiel Holdings, the previous DOdFu £510 089 (£277 730) and earnings 

ffi.150 to £261,318, while the 1978 against I l.UCii.322 and a slight holdins company . pa jd a tLial 3.4p per lOp share ' are ..hown ro hare 

eforence dividend absorbs rise in net revenue ^rom XDltijim f or that year. The boardroom split at Camrex r j Sen f rom 2.2s p to 4.18p. Cost- 

4,076 (£21,160}. to £934^175. However, under the reconstruc- (Holdings), paint manufacturers j n o neT.SBs” (£150 uSSl the net 

For the whole of 1B77, taxable _ The Interim dividend payment tion, ordinary holders in March- and corrosion engineer and con- dividend total is stepped up from 


successive year hate resulted in [0^10 next* have been boosted by settlements 

continued difficult trading con- 10 h of old contracts. March wlel only 

diuons in . the Ware polaio trade admits that their contribution is 

but the olber ib visions ol .be ioi-- more than £!m. .v,.b Ute grou,. 

business are progressuv. sali,- '“ ntrl forecasung little chaneed profits 

factonly, they add. butjon -,-Pvc.rd .rom ^ yM r the shares, a, 134, .. 

share fcdp pel and In aeuordanee 


Edinburgh 

Investment 

Edinburgh Investment 


with Hie forL-ca.it made in 
connection with the recent 
reconstruction of (lie group, a 3p 
final payment is aniicipaled. 

Due to the recent reconstruc- 
_ tion the dividends are not strictly 
comparoble with ihose paid in 


R .Green 

earnings 

expansion 


. ion -executive director Theie un to 3 15 d C'42 n) net per 25p a r etufn to profits in the cur- net profits improved from for the half year 10 September 30. [\forchwiel Holdings, the previous 

•l-.:inges an- si^id to form purr “hare-1^ veart final was rent year. Levex reports a pre-tax £205,158 to £261,318. while the 1978 against It. OCii.322 and a flight holding company, paid a total 3.4p 

> .he planned growtT S S A Iwi S^ne Sip issue WB for the first six preference dividend absorbs rise in net revenue from MUM for that year. - - r « e „ .ran. lo ,.«p. uosl- 

levclopment of sSfientnight is also announced. Tn r * u r ««,«, uw £3 l ,0,6 ,J £2J *i 6 °)- . , .. *® WM^re- However, under the reconstruc- (Holdings), paint manufacturers [ ns j.167.563 (£150.o5S) the net 

See In f* 10 First half of 1977 the For the whole of 1B77, taxable The Interim dmdend payment tion, ordinary holders in March- and corrosion engineer and con- tmt>i «umru-.»i i,r. Fmn. 

© comment ” *“ - J “ - ^ — * - 


After tax of £295,000 (£225.000) reports gross revenue- or il.D86.fil9 respcct of The previous 

»» ; i r._ >.L 1 -fi-je T a .1 m k.. n on . 1 


Father and son 
quit Camrex 
Board 


h I. ■. r — 

-L i V.-- -i strong growth in first-half 
f ! I Tli n , r nfits already" behind it, Silent- 
‘ I*J\« ilglii u well on ihe w ay to 
uliiHing i: 3 direcinrs’ prediction 
■ »r •• Tignificantly better Full-year 
©Mill.” But analysts had been 
•xpeciing something better than 
he 33 per cent jump and the 
hi re price, which has enjoyed 


Giddings & 
Lewis-Fraser 
lower so far 


the full year there was u deficit paid. 


net revenue of £1.961.911. 


ordinary held. 


Cameron and 


W. R. dends totalling £14.445 (£12.935). 


he per cent jump and the Lower pre-tax profit of £356,506. 

h ire price, which has enjoyed a « n j ns t £425^22. is shown by 
unpiwt in The past three to fnur Giddings and Lewfa-Fraser, 
nonihs. closed 2p down at 108p. machine tool maker and wholly 
largiii* in the first half, at 7.1 owmed subsidiary of Giddings and 
•cr cent, are a little down on Lewis, of the ui>. for the first half 


he previous correspond inf’ period 
ue In increased competition and 
he company’s determination to 
ift its share ot the total furniture 


of 1978. 

Sales were ahead to- £4^4m 
(£3. 93m). After fax of £176,800 
(£214,933) the net balance was 


^^narket from its current level down from £210,589 to £17B,708. 

_ r around 4 per cent. The two Profit for the six months was 
reproduction furniture struck after depreciation of 

cqui-citions, include in the £133,344 (£132.084) and interest 

gures for the first time did not £21.914 (£6.629). " ' 
dd significantly to the sales or For 1977 profit was a record 
refit figures. The second half £810.000 and order intake reached 
[ re-tax ligue is usually higher a peak level leaving a backlog 

i han (he first suggesting a full of some £9m at the. end. of the 

ear result around £4 -25 m. The' year. This -together with.- a good 
hares are selling on a prospective flow of orders during the first 
/e of 7.9 anti- a yield (assuming three months gave the company 
x? company is successful in lift- a reasonable chance of- further 
is annual dividend by 30 per improving results in the current 
;ntj of 4.9 per cent year, the directors said In April 

Audiotronic rescue terms 
come under fire 

.The terms for the rescue of Mr. Rose, and his two American 

udiotronic Holdings — which associates— who put together ihe 
•' kes in the La sky electrical rescue package— acquired 25ra. 
•tail chain — came under fire of the new shares and - the 
om some small shareholders at remaind er were P tace 4‘ with 
- ie group’s AGM yesterday. institutions. . • 

... „„„ He said that the rescue had to 

:: ri i tho 6 ;*™ 11 Af 1,8 arranged within a weekend or 

■" I'm ed m.ml.uIiiwlH 1 Audlotrooic would- have gone 

£ bust. If there had been more 

- he -would haVe-preferred to 

' • make a rights Issue of the new 

r e iu hj iL. no ! b ? en offei ? d shares, as bo had done in the 

i the this stock — carry mg a 12 rescue nf Chante wares and 
.. cr cent coupon and rights to the Slfon. ^ 

***** divide “ d - ' Mr. Rose also told shareholders 

^tr. Geoffrey Rose. Auditronics that- profits .-for the first half 
©w chairman, told the meeting should be higher than a year 
lat 20 per cent of the new ago, adding that retail sales were 
ew shares — at the . Stock running some 25 per cent higher, 
xchange’s insistence had been He said that disposals of 
laced on tho open market. He uneconomic activities had raised 
on Id have preferred to have around £Jm for the group— more 
een these offered to existing than enough to .develop the 
udiotronic shareholders. remaining - business. 


Parker Knoll in takeover 
.mood as cash builds up 

g^RMED WITH a high level of are maintained, the balance is 
j-jttfgfish and a:«irong balance shee-E Invested in the annuity, which 
barker Knoll, furnishings man u- after paying the premi um* 0 n the 
(Titi^Hcturer. bus joined the acquisi- endowment assurance provides 
iTitLjaon trail. The income. ‘ ' ' 

Currently the directors are Tho investor gets the benefit of 
r ^groking a suitable purchase in the tax relief on the premiums lo the 
£'K with revenue of between endowment assurance. In addition, 
Stin and £1Rm and profits of the the annuity payments are only 
■j Vrder of £400,000 a year. However, ' taxed on the interest portion. 

| ' i far nothing satisfactory has For example a man aged 40 pay- 
3 pen found. Mr. M. H, T. Jourdan, ing basic rale tax only investing 
chairman, said yesterday. £5,000 could receive a sum of 
The direciors, have been talk- JEU.S45 after 10 years, a net yield 
jig abiMiL. such" a step for -a. of "9 per cent, .or an income of 
— |rrfSp«aipile of years but the company £435 per annum net of tax with 
had a bad record in acquisi- his capital returned at the end 
Mi*. and this has made them a of 10 years — a net yield of 8.7 
bit gun shy" he added. per cent This assumes that the 

At the end of 1077/78 the current reversionary, bonus rates 
.-cup held caih at the bank and are maintained and in addition 
short term deposits amounting the capital sums in either case 
£l.7ftm (£1-2*0) and liquidity would be boosted by any terminal 
as up £501,000 (down £202,000). bonuses payable, 
jrrenf assets had risen from 
;.K7m to IS. 04m compared with 

irrent liabilities of £2^m CnTllT30l 

2.41 ni) and the only loan capital iltVT vuuuau 

” iSTSUr cem from Sentry 

Looking lo the future in his w 

,nual Stateniuni Mr. Jourdan In SI I TATI OP 

>> ihai he believes rhe group 

, a whole is' well equipped re A new motor insurance contract 
mii.ilL-c on a market which is jj as been adder] lo Its range of 
urf) mure buoyant than a year gentry Motor Policies by Sentry 
■x>, and there are signs that (L*.K.) Insurance Company, a 
suits for the current yew will member of the U.S. based Sentry 





j i . : • r/'w'f-- : ‘ v 7* v .- . : M(: £* f ':h , , ; • r •' ' -: • ' 

I;- • *' . ■'* :• s A'- - - .‘‘J-' Kt - . • : ■> -x.+ 'St. 

ic.-l- • =-i..vr ■ V; •. r-. ••••- . vrfc ^r-' 


t ofl-gHoductioii platform, 





: A 






10 If.- ‘ ". '* »J ; ? ‘ V * ; .;y. *" j p ; i\-\ *>; «/*. 'f'l /* ■ 

S I! 1 ' . r V * :> r 




S 3 


t% fa ■/ Y. 






wm 




'"Ai.P' 


capital investment 


:i-eed khose <yt last year when Insurance. This offers motorists 
sable profit slipped lo £1.7Sm two sizeable discounts in ihe 
:2.27ml. premium rat*a for certain 

categories of motorists. 

*nte first reduction is in respect 
\^rkrlreK5i*4i of moto rist s who do not use their 

XU1&9U1JLV rars £o r travelling to and from 

1 ... work. "Hie company has based 

('•w-PilfirSl this move on -evidence from 

, . . independent research showing 

A new capital investment tha r an above average number 
heme providing either rapitai 0 f accidents occur on commuter 
owlh or income over a 10-year j ourne ys. The second reduction 
■riod has been launched oy takes the form of a special 
arkshlre-Genenu Life Assuranc^ discount offered to drivers aged 
e life company of the General ■ between 50 and 69. The company 
ccident Group. The. scheme states that drivers in this age 
imbines a temporary r annuity 'group tend to be more careful 
,th a with-profits endowment a^d have fewer accidents, 
surance and the investor puts This, new : policy provides 
iwn a lump sum which is split . realistic cover-for ^uch peripheral 
’tween these two contracts. . items as contents, personal 
Under the Growth Plan, the accident, medical expenses 
nount invested in the temporary incurred under the Road Traffic 
muity is just sufficient to pay Act add windscreen breakage. In 
e premiums under the endow- addition, the company will also 
ent assurance. At the end ol endeavour on behalf of policy- 
i vears. the growth comes' from holders to recover any excess 
e maturity value of the policy- payable in those cases of accident 
nder the Income Plan, the where the policyholder b not at 
■emiums under the endowment fault. This move will benefit rhe 
surance are just sufficient to motorist who normally has to ; 
oay the outlay, ' assuming pursue such a claim involving ! 
u-rent reversionary bonus rates- considerable personal expense. 


The central oil and gas production plat- 
form for the North Sea's Ninian Field. 
At 600*000 metric tons, it’s the largest 
concrete structure ever floated. 

Topside are 22 modules forming a ' 


whether the challenge is in oil or gas, 
nuclear energy or environmental 
improvement. 

A world of super projects. 






Systems with a total value of more 
than one billion dollars. 

We do more than handle the tough jobs, 

For more than 60 years, we’ve been 


fully-integrated process plant that holds Under way in Iraq is a $1.1 billion petro- supplying equipment, technology and 


all the production equipment for 42 
wells, a helicopter pad, and living quar- 
ters for a crew of 120. 

In all, 38 modules were constructed 
for Chevron Petroleum (U.K.) for their 
central and southern Ninian platforms. 
Thirty of these were the engineering 
and construction responsibility of C-E’s 
Engineering Group and its associates. 

But even this immense job tells 
only part of the story of C-E’s qualifi- 
cations for handling super projects— 


chemical complex for which C-E 
Lummus lias design, engineering and 
construction management responsibili- 
ties in a joint venture withThyssen 
Rheinstahl Technik. 

The 1 new Charles River Dam in 
Boston, Massachusetts, was designed 
by C-E Maguire to provide flood pro- 
tection and environmental improve- 
ment for the entire Charles River Basin. 

And C-E Power Systems is now 
working on 20 Nuclear Steam Supply 


research to help produce energy, con- 
serve it, and squeeze more use out of it. 

For more information about C-E, 
write Combustion Engineering, Inc.,. 
Dept. 7006-74, 900 Long Ridge Road, 
Stamford, Connecticut 06902. 


COMBUSTION 

ENGINEERING 


The Energy Systems Company 



J 



-TPO 
futui 
teadi 
mint 
If to 

*ugK< 

■$ tin 
natio 
Afric 
a mo 
realil 
It 
patri 
Both; 
in bi 
of V: 

CBttO 

opt in 

Minii 

pare 

sanct 

'path 

• Th 

stree 

Twin* 

atatfe 
tbat 
a r« 
Soutl 
surpl 
.of th 
has c 
Mo 
men 
ecom 
jcornt 
sion. 
year, 

duct 

virtu 

Marc 

How 

Final 

eauti 
eeOQ' 
be tt 

' u Ye' 

tUH»l 

have 

jPMOn 

furth 
offici 
is fo 
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Mini*' 
wry 
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Th 
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ftawlssuf 


This advrerfeememsppeare as a matter (rfrec^ only 


October 1373 


MINING NEWS 


financial Tim® .Tues&y PctoBes 

! M ' 




L’Anue 






w. Mining’s uranium may > recoysK^, , 



get go-ahead soon 




Group, carpet aty^tanw*** 
maker,', in tfie • 


For the half-year tfS^Sj 


taxaWe profit of 


BY KENNETH MARSTON. MINING. EDITOR 


a loss for tbe giic 
30, 1977 Of £285J 
Sales •were mai 


Republic of Indonesia 


AUSTRALIA'S Western Mining short term, but Sir Am 


Corporation hopes to receive that the company is in a ‘Strong 
approval from the Australian position “ to meet future. chai- 
Goverament by the end of this lenges and to benefit from a 


W ' -,T„ ^finery by the end of this a057m to fio.e&nMdT5 

beeves ville re *"* ry u|.- Oracle . Ridge profit climbed- - 


ye^- copper mine to! (£239.000). The tarmtmS 

undergroon _ stream I 'halned bv a ' 


I WVeruiUCQL U J UIG CUU ui UIM ouu W mvuvuw muui a. — 'nrJnP 

year for its Yedirrie uranium market upturn In due course.” at the begmnms 


^Srdue to come on stream I helped by a lower IntowSS 
1930. o t £136.000 ISSXlsmu^^ 


DM 100000000 
% Bearer Bonds 1978/1984 


prospect In Melbourne yesterday. Western Muting- shares were 142p 
Sir Arvi Parbo, the chairman of yesterday. 

Western Mining said that there ". ■* 


Tn Brazil where UM is ^o- ^However, SteDesawndLorS 
ciated ^Sh Sibeka, operations | the ^airmaii, ponits oun&* 


were still several issues to be 
settled. 

These Included approval of the 
environmental impact statements: 
Foreign Investment Review Board 
approval of overseas interests: 


SfntSue normally at the Drags- half-time result stand* S 
continue TninMna con. taken 


MARY KATHLEEN 
TO KEEP LOANS: 1 . 


andTejucana con- taken as what is espadefff^ 
ISswhSegem diamond output foil year 


^ched 25,000 carats during the group’s bustoess normalfy g 
SSt half of this year. The decline m the seronFhai^ 

strength of the Even so, provide Wtaeii 

“suggests favourable prospects m consumer spending 

comments +*.« • 


-Stock Index No. 463877 — 


of a marked improvement!* 
the £-LSS,BOO loss sea^Wwot 


Offering Price: 99 & % 


DRESDNER BANK 

AMiyaiESELLSCWiFT 


ALGEMENE BANK NEDERLAND N.V. BANQUE NAHONALE DE PARIS 


COMMERZBANK 

aktiengesellschaft 


NOMURA EUROPE N.V. UNION BANK OF SWITZERLAND (SECURITIES) WESTDEUTSCHE LANDESBANK 

limited GIROZENTRALE 


of Trer^ The Wo imto-Zine.. group’s favourable, pros*** £ consume* spemft^®. 

State Government mining struggling Australian uranium for this investment, comments the Board is reaionaWy Mow 
approvals; Reserve Bank approval producer, Mary KataTeen um with some modesty, of a marked^ improvement 

lor financing and approval to go Uranium, has decided against the ±S£S,IaaJ loss seeori nftaft 

ahead from the Federal Govern- converting _a A$20m (£H.8m) n^rivmvn BRIEFS — Stated earnings per 

ment loan from its two major" share- MUNUw CIU “ for the six months reschwtf 

In August Western mining holders — RTZ and the Australian gee von . t£S «osse* 0.53?) and' 

reported^that it bad reached Government— mto etpritycipital. “^^^^iS^Mndudins tj loroea retuni to interim payment^ 

agreement with Esso and The loans were originally: made ££ '£aS^ coocexuxaiea. Aoaost mrarac a net dividend „<>£ &2pf*h£j 

Ura ng cs ells cBaft for a joint ven- hi December. ' . w tonnes. last time was 0.25p. - 

ture with Western Mining holding Tbe funds were needed at the killuichau- traarat The -carpet and ■ yam &§, 

75 per cent of the equity, and time to enable HKU to keep 16i lonnM s* at a- w ^i ch last year faced ^3 

funding its cost by selling at least operating. MKU has' run up *?« difficult condition s, havS 

60 pec cent of the output to the heavy losses in recent' years. In Ejn^iitisre c.sss. their turnover and.>iaa» 

foreign participants. August a deficit of ASl^fim was n :^ MAN HYD iuiumc rm-stweiaber. Qtargins. . . 

Sir Arvi said that the companies announced for the June half-year output 73 touoes (August 69 tomwni. Having maintained reeb rinji 
could not yet give any reserve and a similar loss was expected sjuht pibab— S eptember production of for 1974 and: 1975 ' of 
figures for th e Roxby Downs for the final six months. on concentrates (figure the group fell into toss*? 

-til Th. funds vrilL remsiu « i a a'Z. “ ««»* 

'&*?&*& aWS inOT,: 

mineralisation has been iSter- equity conversion at around par ' ,, ' 

sec ted at big widths (thicknesses) for the 25 cents shares would 

in excess of 100 metres over a have Involved an .issued m the 1 ... aftin DIP IIITIfP ...V’-; 

leneth of several kilometres. ratio of close to one-on-one. I It II AN|| li&N NrWN 


ABD SECURITIES CORPORATION 
AMSTERDAM-ROTTERDAM BANK N.Y. 


BANCA DEL GOTTARDO 


ALAHU BANK OF KUWAIT (X-S.C.) 
ARAB FINANCIAL CONSULTANTS 
COMPANY SAJC 

BANCA NAZIONALE DEL LAVORO 


AMEX BANK UMfTEO 
BANCA COKMBK3ALE ITAUAKA 


BANK OF AMERICA INTERNADONAL 

UVtTED 


length of several kilometres. 

Drilling recommenced last week 

on the promising Benambra base- CfirTTUT AMD TTV - 

metal prospect in north-eastern SUL/ ' '* ^ 

Victoria. High grade copper, lead ITTAMOIVD RUSH j j j-‘ j* . >. 

and silver values over wide inter- U , 1 ”'' TlftlTIP TAQllTKf . • 

rals were found about four The. latest hopeful to enter the JLJVMiUit I |g ' : i- 

months ago but the prospect has Australian diamond search is __ _ ^ 

been snow-bound since then. Southland Mining, wta)SO other IcAnilTAI'T VilQ 

Sir Arvi also said that Western interests include the Italian ||| t Ovd 

Mining did not intend to buy any Pianciano fluorspar deposit neax - --.-i ' 

of the AS50m (£29m) assets to be Rome where mining was last PRODUCTION testing ut Dome exploratory well Dome" 
sold bv its associate BH. South in hoped to start in 1980. Petroleum's Ukalerk c-50 and Murphy win pay driHiiige^iL 

an effort to alleviate liquidity Under a j 0 jnt venture: agree- Kopanoar M-13 wells in the for the well, and a secoaiHjj.- 
difB cul ties. Beaufort Sea b expected to com- weE. •./? 

Commenting on the state of mence - ’ m nMt Iew daySl * *■% 

the world nickel market he said a^oo 000 (1294.0001 bv end- according to the company. CHEVRON STANDARD ’^ 

cute in output by some major nexfsS of AhdhnS However, it wU be ; several ^ oh ^f 

producers were starting to have at Stieton^toNew weekjS af ^ er hbe prodtartion teste the West? i eitfS : ‘S 

effect and the market was slowly c nrr *i. 'Wales. The latter' has completed before any lesilta Alberta, north-west of Edroflu 
moving back to supply^lemand tn^r mibS ^ cSSSs bSSS^a 

^Nfdtei remains Western Mining's “w2 MX Jffi 

main source of income and the couW undertake any deep driiiing_ ^ orighSfeffibW 

combination of low metal prices. Shares are around UOp is .London. ^ the Beaufort Sea, although, the co very early in 1977 

reduced sales and the high ex- - . . company can con fame shallow j t says 9 more 

diange rate of the Australian TTTMTniV MINTFRT* Aiding to the area as long as diction is not yet posaWeSp 
dollar against that of the U.S. UIMU1X TOILKE conditions penniL 3(T disemreries of oTSlM 

resulted in earnings for the year In its latest half-yearly report The discovery of hydrocarbons finds have been made mre 
to last June being rather more Belgium's Union Miniere says that in both welts at the beginning of original discovery . -.>-i 

than halved at A$10.lm. earnings are running below those September prompted intense Chevron says that the*, w 

The full effect of the company’s of a year ago. Reduced produc- speculation in Dome shares, which tiaiily for finding additliraaLf 
nickel production cutbacks will tion continues at the Canadian touched a 1978 high of S105J, com- the same size range as PBn 
be felt in the current year when Thierry copper mine. ' pared with S92^ on Friday. is “good^ in other imsii 

stocks should decrease. Difficult Of new ventures,, the ; Jersey The Ukalerk well has been Alberta. ' . ' „ 

conditions in the nickel market Miniere Zinc operation- expects to drilled to .about 16,200 feet and * * -k \± 

are expected to continue in the begin production at the Clarks- the Kopanaar well to about K20Q Mr. Alastair GDlespie,^Cjte 

fe ?I' w e. Energy Minister, says ^fe 

rrr \t a 1 1 1 1 Meanwhile, . Kam-Koiia Mines commending to the Cahfteta 

Trans-Natal outlook ■ -- af is Jf- 

7 Eas exploration on two ADrwia heavy crude oils durh^; 

THE NEAR-TERM earnings • Ermelo Colliery is In the' initial g 

growth potential oF Trans-Natal, -‘ Ubftrta - ^he denrate toTu^S • 

the South-African General Mining Ehnworth gas field. VikinH-KinseDa and Wsten 

group's coal arm. appears limited, ^xrorttadStie£ xr Th l- la,ld 48 CTUTOttUy by i lSeWeS2 I1 and^MS 

reports our Johannesburg ^ tecumes Kam^oHa; wltti an 85 per cent heavy oils. 

^ oa sa les, o f Georee Clark, the -Trans- ^^^t, .Mmgdgr OH Canad a, with The Increase takes kCBODQ 

which _79 per cent are_currerrtly Ge°rge Cla^ toe Tra^ 15 per cent, and Conventores, changes in spot SaSS ’ 


OIL AND GAS NEWS 


BANK FUR GEMBNW1RTSCHAFT 

>-Tl£ -lill ev L5CH *=I 


BANK LEU ffHERNATIONAL LTD 


BANK MEES & HOPE KV 


THE BANK OF TOKYO (HOLLAND) N.V. 


BANKERS TRUST INTERNATIONAL 

UUlffi 


BANQUE BRUXELLES LAMBERT SA. 


BANQUE PE L'INDO CHINE ET DE SUEZ 


BANQUE POPULA1RE SUISSE SA. 
LUXEMBOURG 


BANQUE FRANpAlSE 
DU COMMERCE EXTER1EUR 
BANQUE INTERNATIONALE A LUXEMBOURG 
SA. 

BANQUE ROTHSCHILD 


BANQUE ARABE ET INTERNATIONALE 
D’lNVESTlS&EMBNT (BALL) 
BANQUE GEN&tALE DU LUXaBBOURG SA. 


Dome starts testing Shijjio! 
in Beaufort Sea W*’ 


BANQUE DE PARS ET DE5-PAYS-SAS 


BARCLAYS BANK INTERNATIONAL 

LBurEO 


BAYEWSCHE VBRHNSBANK 


BERUVER BANK 

AicaiceaatacHtft 


CHASE MANHATTAN 

UH9TE3 


BAYSUSCHE HYPOTHHC01- UNO 
WECHS EL-BANK 

JOH. BERB4BERG, GOSSLER & CO. 
BERLINER HANDELS- 
IMD FRANKFURTER BANK 
CHRISTIANA BANK OG KREDfTKASSE 


BANQUE DE LA SOCI^TE FMANCIBtE 
europEenne 

BAYERtSCHE LANDESBANK 
GfROZENTHALE 
BERGBI BANK 

CA1SSE DES DEPOTS ET COMSQNATIOKS 


COMPAGN1E LUXEMBOURGEOISE 
DE LA ORESONB* BANK AG 
• DRESDNER BANK INTERNATIONAL - 
CREDIT DU NQRD 


CREDIT COMMERCIAL DE FRANCE 


CITICORP INTStNATIONAL GROUP 
CREDIT LYONNAIS 


CREDIT SUISSE FIRST BOSTON 

ItlTD 


DAI-ICffl KANGYO BANK NEDERLAND N.V. 


DEN DANSKE BANK 

*F UKl MfllS CUL.A3 


DAIWA EUROPE N.V. 
DEN NORSKS CREDTTBANK 


DEUTSCHE LANDEHBANK 

Ainiti^csiu^atAfT 


THE DEVa.OPMHflT BANK OF SINGAPORE 

(JMIB) 


CRB3ITO fTAUANO 

DHBROCK & CO. 
DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOUMUNALBANK - 
PG BANK 

DEUTSCHE GENOSSENSCHAFTSBAKK 


CONRAD H1NRICH DONNBt 


DRESDNER (SOUTH EAST ASIA) UMSTHJ 


' EFFECTENBANK-W ARBUtSG 

AMiewaatmcM*^ 


EUROPEAN ARAB BANK 


FIRST CHICAGO 

UtUED 


FUJI INTERNATIONAL LTD. 


G0K3SSENBCHAFIUCHE ZENTRALBANK AG 
VIENNA 

HESSISCHE LANDESBANK 
- GIROZENTRALE - 


HAMBROS BANK 

LCiliEO 


HABDY-SLOMAN BANK GMBH 


HILL SAMUEL & CO. 

LWIcO 


WDUSTnSANK VON JAPAN (DEUTSCHLAND) 

w-iit’MiEaaLsawt 


KTTTUTO BANCARK) SAN PAOLO Dt TORINO 


VLV. DE INDOWSISCHE O V IJ t ZffS gpANK 
(INDONESIA OVERSEAS BANK) ’ 


JARDtttE FLEMING A COMPANY 

IHIED 


KANSALLIS-OSAKE-PANKK3 


KLBNWORT1 BBISON 

UMtED 


KRSMETBANK ILVr 


KREDIETBANK SA. LUXBWBOURGEOISE 


KUWAIT PACIFIC FINANCE COMPANY 

Lt/riBD 


KUWAIT FOREIGN TRADING CONTRACTING 
A INVESTMENT CO. (SA.K) 


KUWAIT 1NTERNAT1CWAL DiVESTTMENT CO. 

6 AK. 


LLOYDS BANK INTBlHATIONAL 

UW£D 


MANIFACTURStS HANOVSt 

LoertA 


main source of income and the 
combination of low metal prices, 
reduced sales and the high ex- 
change rate of the Australian 
dollar against that of the U.S. 
resulted in earnings for the year 


Trans-Natal outlook 


which 79 per cent are currently 


MCLEOD, YOUNG. WHR A COMPANY 

UNITED 

& MEIZLER SEEL SOHN A CO. 

THE NJKKO SECURITIES CO, (BJROPB LTD. 


MERCK, FINCK A CO. 


MERRILL LYNCH INTERNATIONAL A COL 


nu <wu wui «v wwi„u U , v-.-j -hsirmnn warns against * P** ' “***■ vAMrvennires, changes in spot markets otI 

SJel-neU^Jf^S^evS SSSerit Tver^tiS ^ ove4vridk « ^tins ^ supplies ever* 

of aolanPftiruies and apart from J^if^Xof Pretoria” H?pSta£ a^Sent todndre >ho oaSdb^’toa'flS 5 

» U.000 drop fgnalton do'.ar' .. 

full stretch. indicated difficult mining condi- : •. 

. tions and that long wail mining ■■■ ■■ ' ■ ■ ■ 1 ' 


MORGAN GRB4FELL A CO. 


MORGAN STANLEY INTERNATIONAL 

LU.TTO 


NORDDEUTSCHE LAIOESBAMC 
GIROZENTRALE 


OSTERRBCHfSCHE LAlfOBIBANK 

iHtnEMCeSELLSOWFI 


SAL OPPENHEIM JR. & GE. 


full stretch. 


ORION BANK 

UMTED 


PIERSON, HELDFUNG A PIERSON N.V, 


PKBANKEN 

N. M. ROTHSCHILD A SONS 

WfTtD 

SCHRtiDER, MQNCHMEYBL HENGST A CO. 

SOOETE GENERALE 
SOCIETY SEQUANAISE DE BANQUE 


POSTIPANKKI 

SALOMON BROTTERS INTHtNATTONAL 


REUSCHB. A CO. 


J. HENRY SCHROOSl WAGG A CO. 

UMTGD 


SKANDB4AVISKA ENSKILDA BANKB4 

SOOETE t^NBJALE ALSACtHfNE DE BANQUE 
SUMITOMO R NANCE INTERNATIONAL 


SMITH BARNEY^JHMfmS UPHAM A CO. 
SOCltTE GQIErALE DE BANQUE SA. 


At the same time, capital techniques will be needed. Extrac- 
expenditure allowances on the tion processes for the two 
mines are near products have yet to be devised, 
exhaustion, meaning that in the development will take several 
current year toe u: tax rates will years and any effect on earnings 
be dose to the full 42 per cent ^ several years off. 


In the year to «Ju/te 30 , 197 s, toe Mr. Clark's view on the future 

ai? l oT«»rarin*^»pnmP nVitWm of Souto Africa’s coal exports is 
l °- 0T P e .° f R32m ~ that the coal market will remain 


SVB45KA HANDELSBANKEN 


TRINKAUS A BURKHARDT 


SWISS BANK CORPORATION (OVERSEAS) 


SUN HUNG IW INTERNATIONAL 
una 


T 

\ -Cl 

we; 


TOKAHCYOWA MORGAN GRB4FELL UAJSTB3 


■ U*v wai nui ir>i»nill 1 

relatively quiet until toe mid- 


UNION BANK OF FINLAND LTD. 


VBWNS- UNO WESTBANK 

#>.fe'hA'^iiSC«AFT 


J. VONTOBEL A CO. 


WARDLEY 

UMlT£D 


UNION DE BANQUES ARABES ET 
FRANCHISES - UBAF. 

M. M. WARE URG -BTHNCKMANN, 

wirtz & ca . 


nature of power station contracts, 
earnings will remain steady. 


eighties. By then new foreign 
power stations should be coming 


Interim Report 1978 


Hr/ 


The nest major growth phase on stream together with the 
will come with full production necessary extra South African 


WESTFALEN BANK 

w.umcrewusaiVT 


WOOD GUNDY 

LAOTEO 


from Matia colliery. It is already infrastructure available for 
working at well below capacity major export tonnage boost 
supplying coal for the Matia By that stage, with reserves ofj 




YAMAICKL INTEKMA2 0MAL {EUROPE) 


Power Station contract and will around 3bn tonnes, Trans-Natal is 
be absorbing significant capital apparently expecting major 


expenditure over the next four export allocations to shift the 
years as power station demand emphasis on its markets away 
buuds up. from domestic power stations. 


Grasp Tom aver. 


Six months- 
to 30.4.79 
Unaudited 
£’000 
73375 


Six months 
to 30.4.77/ 
Unaudited 
£’000 
82,853 


37.10.77 

Audited 

- cm 

1B8,6M-. 


We’re up to our ears in trater technology. 


Not Profit before Tax 5.230 

Nat Profit after Tax 3,Q8S 

Proposed Interim Dividend 2p 

Anticipated Final Dhnddnd 3p 


2P 1 
3p i 


Sea below 


To mankind, water is probably the 
most important of nature’s elements. 
Without it nothing grows and people 
suffer. Unfortunately, we can not always 
rely on Mother Nature to put the water 
where it’s needed most, and that is what 
water supply systems are alt about. At 
Kubota, our experience is yours to use. 

Since 1890, Kubota has developed a 
vast knowledge of water supply systems, 
and has helped in- the building of many 
in Japan. • 

Kubota has won 
acclaim the world r . . 
over for the products ; v /V< 


it produces for water supply and is today 
helping supply many of the world markets 
with the highest quality Pipe, Pumps and 
Valves. Kubota is a leading maker of 
ductile iron pipe in the world, and at the 
present time we have also built the largest 
diameter ductile iron pipe in the world, 
2,600mm, using our centrifugal casting 
method. Kubota we are proud to say has 


* been a leader in the field of anti-corrosion 
research and development for pipe. 

And our technology is available the world 
over to Water Supply Consultants and 
Engineers, if the need be Pipe, Pumps 
and Valves or helping to select the best 
route, even the actual laying of the pipe. 
Kubota also manufactures a variety of 
products for irrigation systems. So if it’s 
water you need, Kubota will help you 
get it where you want it. 


Turnover has fallen in the first half of this year 
compared with the same six months last year, due 
mainly to a lower level of activity overseas and poor 
weather at home, butrtshould pick upwellin the 
second half. Profit in the same period shows a 
small decrease compared to the corresponding time 
last year, but it is not expected that the year will be 
greatly different from last time when the full results 
are known. 





i < }iv ' 


- .f ■ ^'y-. 1. 

p .. •—••v --••y - "/ "" 











At home a reasonable level of contract activity is 
being maintained, but recently margins have not 
continued to improve as much as we had hoped. 
Overseas It is very difficultto obtain profitable 
contracts and ina number of cases, payment for work- 
carried out remains unsatisfactory. 

Fortunately, although one civil engineering contract 
. at home is making a large loss, a number of. . 
settlements have been concluded on old contracts 
which have helped income this year and will, 
hopefully, also make a significant contribution to 
next year. 










Other companies in the Group are generally 
performing very Weil and an increasingly important 

contribution is expected from thamJ 








The Directors have declared an interim dividend of 
2p per share and, assuming the results for the yearare 
as anticipated, intend to pay a final dividend of 3p p®r 
share, making a total forthe yearof 5p per share. 

Ths is in accordance with the forecast made in 1 
connection with the recent reconstruction of the 
Group-Asa result of this, sharehoIders,"as well as 
receiving preference shares, have doubiedtheir 
holding of ordinary shares in the Group and the 
interim dividend now declared, represents a higher : 
distribution to shareholders than we were allowed to 

make for the whole of last year. 


Reese write: Kubotit Ud ..London Oflwe: )in2 Hanover Street Lobclori^AR 9HF. UtK; R^one: —4 i 

Atoette Offfcsi20, 28lhof OddDar SlYeet : Fjtotiie!^Atiians;GrM(c#r%^:f^S646,;e 









Sir Alfred Me Alpine 

Group of Companies 





n) i 




c ■- 








'Z*% 


-jinanciaJjFinies -Tirraiday October 101978 


i 



k'l 


«t Jr>-,..’ ’V)" ' 

» •• a?.v 

• *“:« J" -'• 

"'’IS; 


9 



inquiry 
Davy’s L.S. bid 


Johnson 
Matthey 
expands 
in U.S. 


ei £- 7..- t *. •• v 


tier-,-- • 




”• j 

■*». •' • 
r t. r: 

I 



BY CHRISTINE M01R 

THE ANTI-TRUST division of 
the U.S. Justice Department is 
investigating the proposed SI 10m. 
t£35.5m) bid by Davy Corpora- 
tion. the UK process plant con- 
tractor. for McKee Corporation 
of Cleveland. Ohio. 

. The two companies said yestor- 
.day that* the -anti-trust division 
has a^ked for further informa- 
tion about the agreed bid under 
notification rules issued under 
the Hart-Seott-Rqdinu' Act' 

■ The Act-which came inio force 
at ihc beginning of September, 
gives the Justice Department 
powers to seek detailed Informa- 
tion nn a number of issues on 
mergers and tender offers .where 
the companies involved are over 
a certain size. 

The Department has 15 days to 
ask for the information, - and a 
further 10 days after It has 
received it to advise whether 
there appears to be a prima facie- 
breach of anti-trust regulations. 

Neither company has revealed 
any details of the information 
bung sought by the anti-trust 
division. ' The statement says 
simply that they arc preparing 
responses in the requests fo: 
further information. 

In London Davy said that it 
h.vJ “ always known that the 
ami-trust division might interest 
itself in the bid. .. There is 


nothing to get excited about.” 

.However, the intervention of 
the anti-trust division could hold 
up the. bid. 

Davy. yesterday confirmed that 
it was* going ahead with the. hid, 
hut added that would now be 
done- “as promptly as prac- 
ticable. taking into account this 
review of timing." - . 

In Cleveland; McKee;. also 
slitod that there was no reason 
to- believe that the bid- would be 
held up. although the anti-trust 
division is expected to use the 
full 10 days permitted it under 
the Act before advising the com- 
panies whether they can go 
3head. 


TRIDANT NOW 
RECOMMENDING 
ARGUS PRESS BID 
Directors of Tridsnt Croup 
Printers have withdrawn their 
support from the £3.8 ti bid from 
Siarwesi Investment Holdings to 
HTDtuuu'nd thp £4 Am -counter 
offer from Argus Press. Holdings 
— u wholly-owned subsidiary of 
British Electric Traction. 

Starwest only gained support 
of the Tndam directors after it 
lifted its offer from -each Tridant 
ordinary share from 63p to 85p. 


Argus however ts offering lOOp 
for each ordinary share. 

Starwest however has not yet 
given up the fight and yesterday 
announced that it is extending 
its offers for the. ordinary and 
preference shares until October 
20 — and retains the right to 
extend its offers up to 
Nnvcmher 14. 

. Meanwhile, Tridaut's - share 
price climbed JJp yesterday, to 
89ip. This was .after-. Starwest 
revealed that it had not achieved 
a majority holding — it now con- 
trols 45 per cent of the ordinary 
shares and 39 per cent of the 
preference stock. 


SMITH AND 
WILLIAMSON 

Smith and Williams on has 
acquired the business of the in- 
vestment advisory and manage- 
ment company Throgmorton 
Securities. Mr. DaviJ Wood, a 
director or Smith and Williamson, 
explained yesterday that the ac- 
quisition would complement and 
strengthen Smith and William- 
son's own activities as accoun- 
tants and investment advisors to 
individual clients. The strength 
of Throgmorton Management— 
whoso managing director. Mr. 
J. A. Mulligan, is to retain his 
position — tics in the field of advis- 
ing and managing pension funds. 


Johnson Matthey the precious 
metals and . engineering concent 
is poised to spend SU^m (£5Jm) 
to acquire Meyercord, the U.S. 
industrial transfer company. 

Agreement in principle * has 
been reached with the Meyercord 
directors who together with their 
family interests control more 
than SO per cent of the group's 
shares. 

Johnson Matthey already corns 
around -0 per cent of its profits 
from Its colours and transfer 
division— transfers probably 

account for around 7 per cent of 
group trading profits, which in the 
year to March 31, 1978, stood at 
£20.6ra. At ,the pre-tax level 
group profits were £l8.8ra. com- 
pared with the £21m earned in 
the previous year. 

Mr. Harry Hewitt, managing 
director of Johnson Matthey. said 
that the group's existing transfer 
business was aimed at the pottery 
and glassware industries while 
Meyercord provided transfers to 
industrial customers for a wide 
variety of products— from oil 
tankers to sports gear. 

Mr. Hewitt said that Matthey 
used lithographic and screen pro- 
cesses In the production of its 
transfers while Meyercord used a 
cold print process. “ The deal will 
add a new dimension to- our 
growing transfer business as well 
as providing an opportunity to 
expand In the U-S.” 

In the year to September 30. 
1978. Meyercord— which is based 
in the Chicago area — earned 
S 983,000 (£406,0001 pre-tax profit 
from S2Im (£10. 6m) soles. 


WERELDHAVE 


s testis 

Sea 


GAINS CONTROL OF 
MIDHURST WHITE 

Beleggfngsnuakehapptl WereJd- 
have. the Dutch property group, 
has wasted no time in buying up 
shares of BOdhurst White Hold- 
ings. 

On Friday it made a surprise 
announcement that it had 

Company is tags yesterday issued- a hoWiDg Lonsdale the office stationery narv^harS and w e ould°be 1 maki?fi' 
to sell most of its -statement telling shareholders and printing concern is offering W0U De raalonc 

interest in its French washing that it is considering the hid. from nine of its shares plus 250p cash 
maL-bine operation. Lincoln, to Multi-Purpose Holdings Bhd.with for every five Midland shares. remainoBr - 


GEC- talks with Electrolux on 
multi-million £ French deal 


j General 

- planning 


Electric 


compulsory bid for the 


. Electrolux, the Swedish household Us advisers and wlU write to them The 'bid' vitaes” each “ Midland fir^ciaf^SSn/s 
- • equipment group. with detailed advice as soon, as share at 217p 5J1, Morgan Uren- 

?; So far only agreement in possible.. The bid- is hot -above Lonsdale start with 24 per cent at J* e 

principle has 'been reached end the recent market - .price j of stake in Midland Thin |??. l ? p „i l ha( * ] 30U f? 1 5 

: no figure hiis- been put bn the Plantation Holdings shares but with a 4.9 per cent stake held bv 

" possible salting price. However, is certain to succeed as MPH Pen tos when it launched Its bid y wm voting control of Mldhurst 

. . GEC said yesterday that the deal now has. 4.9.97 per cent of the m S Edwa^ LoLdalP-s 4 * 9fi “ 

'..■-could be worth “a few mUHon equity. managing director said tai Bir S 

■ tbu, single V ? ingh^%S^th« Mldiald^ 

• - -./ under ?he anangemeot, which *DDA PURCHASES . MeanwWfe Midh^rt* S advisers. 

• • is still subject to approval by the ,. Adda ^Jeniattoiial announce “J®* .JJ 0 ®* hazard Brothers, say that they 

• • French authorities. GEC plans to thM negotiations have, : been which last year generated sales of and -the Board are still consider- 

: : i sell 70 per cen; of its holding in totalised for the purchase of the tag the 48p per share cash offer. 

• - Lincoln tn Efectrclux, while retain- Heathrow- Ambassador Hotel for 

■ • in - the balance. £Llom eash. This modem free- 

Tn the last accounts of GEC. for hold hotel comprises HO rooms 

• ••'the year ending March 31* 1978- with private baths, ample; public 

■ Lincoln fa GEC purchase of the areas, - including - banqueting 
~ early 1970s). wai reported- to be facilities for 250 and a car.ptfrk. ■ 

, m» kin? "a loss, most of it in the The ■ Heathrow Amhassador is 
. first half oF the year." GEC said strategically located 1 adjacenC to . 

• vesterdoy that the loss was "a the M4. interchange, dose to 1Be e,t y Take-over Panel has arise in these 

Tew hundred thousand pounds, 7 * Heathrow Ataport and Slough and allowed Walter Duncan and Good- under Rule 34 of the Take-over 

- - -on turnover of -£l5m. • - will usefully • complemeijt“-tfae ricke to acquire more than 30 per Code for Walter Duncan to make 

Talks have - been taking .place seven hotel* Adda will be oper*t- cent of Eastern Produce mold- a general, offer for Eastern at 

..*»»■ cAma jTMinths Horvuppri in. IaniIua (mn UW—tk>. ft. » lUUUtc < nul “ »h« -.liiiXut : paid for - hny 


Duncan stake in Eastern 
over 30% but no full bid 


circumstances 





3 or,^ Ifl." 

ICi- Wi 1 IV.- 




Products & Co 
Limited 



over some months between lag tn London from November t, |„ es , w * h ® highest -price 

' . ^Jectrqlux and GEC. If the deal # mgs) without making a full take- of ^ But sinceWaltei- 

,.s successful it will mark- anoiiier i ~= V over bid, .Walter ..Duncan ts-now Duncan built up its stake in EP 
. development 4n Electrolux's drive NEW SUITOR jFOR' ,? free, under the Takeover Code, to some time ago/the Sestpriee 
- .into the French washing machine MIDLAND • b ay;2 per cent of Eastern each is only '42Jp^ per share, which 

. .-.market./ _ Electrolux recently rp»j irATiniVAT * ' year and ultimately gain legal compares with a current market 

. increased its i participation i m its .fcDULAHONAL control without making a bid or price of over 90p. ' 

French subsidiary Arthur Martin, .' ■A new face last night -entered needing shareholders’ approval The Panel has taken the view 
. -a w^siiipe. machine manufac- the battle for controhbf Midland Walter Duncan went over the shared by the Board of EP. that 

^-Hirers- through a .snare capital Educational, -the ^Birmingham- so per cent level by converting, a bid at this level would be 

.. -injection. An extensive modem- based bookseller <bhd stationer, along with associates, a 5552 per useless since shareholders who 

isation programme is planned for with Lonsdale Universal launch- cent holding, in the convertible did ; not wish' to stay with the 

\ivlarlin s plant and ma c h inery. hig a rival bid 'vaiutag Midland unsecured loan stock. This took company could much more profit- 

at~£3m. • Walter Duncan's stake in the ably sell in the market Rule 34 

Trr This compares "with '"a £2.1 rn equity of Eastern up from was therefore waived. 

PLANTATION -BLDGS . cash bid from Pentos Which has 29.91 per cent, to 33.41 per cent a spokesman for the Panel 

THe board of Plantation Hold- been strongly rejected by Midland. An obligation would normally said that this was an unusual 

’case. - The 30' per .'cent level was 
carefully guarded, he - said, but 
there were several ways of getting 
past ft without triggering a bid. 

WARREN SELLS 
BLANTYRE STAKE 

- Warren -Plantations has sold 
J53 per cent (72.500 shares > of 
Blau tyre Tea Holdings to invest- 
ment institutions, thus ending the 
possibility that Warren might 
event 3 qlly acquire Blantyre. ■■ 
Warren built up its stake in 
Blantyre with the hope that it 
might one day acquire the 
25.6 per cent stake held by 
Eastern Produce and launch a 
general offer. But Eastern Pro- 
duce- has- -not favoured a deal-on 
these ltaes so Warren has sold 
out 

Warren received consideration 
of £425.000. making a good profit 
for- the company according to the 
chief executive, Mr. Jakes, yester- 
day. -Warren’s stake was bnflt up 
between a year and 18 months 
ago. 

MARTONAIR BUYS 
BRIDON OFFSHOOT 

Martonair International has pur- 
chased Austin Beech from the 
Brldon Group. 

Martonair produces a large 
range ol .pneumatic control equip 
men l and Austin Beech is inter- 
nationally known for its metal-to- 
rn etal spooi-and-sleeve valves. 


%*v 


INTERIM RESULTS 

for the 24 weeks ended 16th July 1&7S (Unaudited). 

Prepared on the basis of accou nt i n g polices 
described in the 1977/78 accounts with adjustments, 
to interim comparatives ( N ote - below). 


Turnover 


24 weeks 
197S 
_ .X’OOII 

30467 



24 weeks 
1977 
£’000 

22226 


Profit before Interest and. 
■‘Depreciation (Note 1) .7 
Depreciation 

Interest payable less receivable 

- 3856 
724- 
366 

3115 

421 

251 

* 9975 
1489 
471 

Profit before Taxation (Note 1) 

. Taxation 

U.K. 

Overseas 

2766 

■* 300 
■ 576 

2443 

650 

594 

8015 

1059 

2253 

'Profit-after Taxation 

1290 

1199 

4703 

Notes: 1. Including currency gains of . 

2. The results of Metal Casti n gs . 
(Worcester) Ltd-- are included ■ 
for the nine weeks since 
■acquisition. 

. . 330 

470 

500 

Per Share: 

Earnings 

Pencn 

3.84 

Penca 

3.56 

Pence 

14.07 

Interim Dividend 

Final Dividend 

1.1792* 

1.056 

1.056 

1.848 


Wgfc MWh .dxiiumiiis : 

23% up on last year at £?,436,000. : • 

-- 1 ‘Higher depreciation reflects the expansion, of U.K. 

' m^iufactuiing&cililies. . ■ - • 

• ' : Metal Castings (Worcester) Ltd; has traded 
profitably since : acquisitioii._ ; 

1 increi .... 

' seasonal items. .... • .... , 

■ Demand for these products remains high 5 and we are 

expe’etirig record Christmas sales. p ^ Tapscott 

* Chairman 


SHARE STAKES 

Securities Trust of Scotland: 
The Prudential- Assurance Com- 
pany holds 1,045,000 15.22 per 
cent) ordinary shares not 1,010.000 
(5.22 per cent) ordinary shares as 
previously stated. 

. East Midland Allied Press: The 
following, directors have acquired 
"A” ordinary -shares- as follows: 
Mr. F. Rogers, purchased 22,054 
making total 47,350. Mr. R, J. 
Winfrey purchased 819.175 making 
total 560.127. Mr. O. D. G. Barr, 
purchased 7,666 making total 
15.5&0. Mr. A. G. Butler purchased 
4,009 making total 7,651. Mr, P. E. 
Coles purchased 53,175 malting 
total 107,349. Mr, G. R. KusseJJ 
purchased 25,155 making, total 
54.895. Mr. G. Russell purchased 
5.G99 making total 11,904. Mr.' J. D. 
Ryan purchased 750 making total 
1.750. Mr. F. C. Winfrey purchased 
504, 5S5 making total 983,043. . 

600 Group— Mr. P. B. Levy, a 
director, hgs sold 10,000' ordinary 
Gbares..- 

Wolton— Mr- P. S. Dixon, a direc- 
tor, has purchased 29,700 ordinary 
shares increasing his holding .to 
600,017 ordinary shares. 

Scottish Heritable Trust— Mr. 
P. B: Green has acquired 300,000 
shares from Mr, A Cochrane 
Duncian at 23 J3Sp making a total 
holding of 590.000 shares (over 
5 per cent). 

Shaw Carpeto— Mr. J. W. B. 
Harley, a director, has disposed 
of 100.000. beneficially held shares. 
There is no change to his bene- 
ficial bolding as this sale is to 
family trusts. 

Steetley Company— Prudential 
Assurance now holds 2,548^88 
ordinary shares. 


APPOINTMENTS 




ACCOUNTANCY £. LEGAL 
PROFESSIONS SELECTION LTD 

35 Mew Broad Street, Lonciort EGSIVl TIMH 
Tel: 01-588 3576 Telex 8S7374 


An opportunity to learn about and work in the hub of investments and international taxation- 
scope to become a Financial Controller in 24-48 months in the UX 

FINANCIAL ACCOUNTANT - INSURANCE 

WEST LONDON £7 ( «K>-^9,0OO+car 

RAPIDLY EXPANDING INSURANCE COMPANY ASSETS OYER £70 MILLION— SUBSIDIARY OF BILUON DOLLAR GROUP 


We Invite application* from Accountants, (CA. or A.CA.) as«l 25-32 who tow acquired * minimum of one year t post qualification experience 
and Buy either still be in a large professional accountancy practice or employed la a financial management role in either insurance or unit trusts. 
In either ease having responsibility for a team of not leu than 5 persona. Th a successful candidate, reporting to the Financial Coi 
fie responsible, following a familiarisation period, for the eorurol and motivation of a. staff of 10. producing dally, weekly and mon 
coiunri figures and the o; ' 
and the ability to lead and 
widows benefit, free BUPA 
Muuging Director: 


tightening up and further streamlining of financial information control systems. A well-balanced 
xl enthuse a team it important. Initial salary negotiable £7.500-£9.000 -r car. contributory pension. 
'A, assistance with removal rRpenses if ntoessary. Applications In stnet confidents under reference I 


Controller, will 
;hfy financial 
commercial outlook 


free 

FAI/ 


ACCOUNTANCY AND LEGAL PROFESSIONS SELECTION LIMITED, 
35 NEW BROAD STREET, LONDON EC2M 1NH • TEL: 01-588 3588 or 01-588 3576 


TELEX: 887, 


Chief Accountant 


for a major division of a well-known group of engineering contractors 
which operates internationally in the oil, gas and petrochemical 
industries. The profit record is impressive, 

• responsibility is to a Divisional Director for monitoring and. 
financial control of the division’s performance. In addition to 
managing a staff of fifty in two locations, the role offers scope in 
the continual development of systems which must meet exacting 
requirements of substantial clients. 

• a qualified accountant is required with experience at senior level in 
a comparable role involving long term, contracts. 

• age under 50. Remuneration in the region of £12,000. Can 
Location: South. 

■Write in complete confidence 
to G.W. F.ims as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HALLAM STREET - , LONDON "WIN 6dJ ; 


12 CHARLOTTE SQUARE *5^ EDINBURGH EH2 4DN 


__J 


fe assurance. 
'/FT, to :h« 


Regional 
Rales Manager 
Middle East 

A leading international cosmetics company 
seeks an experienced- individual to manage 
sales and related marketing activities for 
its rapidly growing Middle East/North 
Africa territory. . 

Duties include: 

• Sales account supervision 

• Retail merchandise management 

• Promotions and public relations 
activities 

Q Inventory and financial control 
Requirements: 

• Must be bilingual in Arabic and English 
(fluency in French is desirable) 

• Five or more years’ successful experience, 
representing consumer products 
companies in the Middle East. 

Positign..wjH b.e based in London or Paris 
withnppimimately.sixto nine months’ . .. 
travel per year. Company offers excellent 
salary and benefits package. Send resume 
including salary history and photograph to 
Box A-6508, Financial Times, 

10, CannonStreet, EC4P 4BY. 


European Executive Based in London 
Sought by the Retail Consortium 

To establish and mainLain communications with the institutions 
of the EEC. The job will involve regular visits to Brussels. 
Recognising the increa&ing volume of legislation from Europe, 
we ore looking for an executive to establish an effective 
two-way information service between the appropriate EEC 
institutions and Consortium members 00 EEC policy which 
affects British retailers. 

Fluency in French and English is essential. Familiarity with 
the workings of the EEC and some experience of dealing with 
Government is important Knowledge of the distribution 
industry would be an asset 

The successful candidate is likely to be around 30 years old 
and able to demonstrate 'a real interest in European affairs. 
The salary is negotiable but will be attractive to the right 
candidate. 

Please apply in loriting. giving full details 0/ quali/Icaficnw 
and experience to: . 

The Director 
The Retail Consortium 
19 Buckingham Gate 
- London SW1E 6 LB 


Industrial 
Hire Purchase 
New Business 
Executives. 

London* Glasgow 

A member of the Grindlays Bank Group, Atlas 
Hire Purchase Limited, are establishing a new 
office in the London Area, and extending 
operations in its Glasgow Head Office. The 
Company provides financing mainly for capital 
intensive projects such as plant and machinery 
commercial vehicles and car fleets. The • 
appointments arise as a consequence of a 
planned expansion programme. 

The Executives appofnted wifi have profit 
centre responsibility to the Managing Director for 
achieving mutually agreed targets. Candidates, 
male or female and preferably aged between 30 
and 40 should be professionally qualified in either 
accountancy or banking and must be able to 
introduce substantial good quality non-consumer 
hire purchase business from. the areas in which 
they operate.They should therefore hav'eawide 

“range of contacts in this field at senior revel, be - 

self-starters, and have a track record of new 
business in a national Finance House. 

The salary will be attractive to high calibre 
applicants. A company car will be provided. 

Addition al benefits include mortgage subsidy and 
a non-contributory pension scheme. Career 
prospects are excellent 
- In the first place please write, with full career 
and personal details to;- 

Atlas 

Hire Purchase 
Limited 

Mrs. SJIfl. Baxter-Moore, 

Grindlays Bank Limited, 

36 Ftonchurch Street, London EC3P 3 AS. 


COMPANY NOTICES 


CASSA KB IL MEZZOSIORNO. SOME 
tltily] 

LOAN OF S'l'te. 19M-1978 
FINAL REDEMPTION 
H oiiwrs In * the ahows mentioned 
is sup are hereto Informed Hi»t the 
tend* ot UA i.o6fe— anc UA 250.— 
ending w*U* the digit " t v wlH 
become due end peysbJe it per on 
or alto" October 31st. 197S. end have 
IO bo presented tor payment at the 
oRices of the Hying agents set forth 
in the prospectus.* 

Furthermore, it K recalled that 
the results of the pnwloin drawings 
oy lot were as tallows: 

October 31st 1969. digit ” 3 ” 
October Sin. 1970. digit "7" 
October Sin, 1971 . digit "fi" 
October 31st. 1972. digit “ 5 " 
October S1«, 1973. digit “ B “ 
October 31s*. 1974, digit *■ A " 
October 31st, 1875, digit “O' 1 
October 31st. 1976, digit “ 9 “ 
October 3 1st. 1977. digit " 2 " 

MNQU «r A 

Soctot* Anonym® 
Centralising Bank 

Lmwmbeers. 

October 10th. 1B78. 


CANADIAN PACIFIC LIMITED 
(Incorporaied In Canada) 


ONTARIO & QUEBEC RAILWAY 
COMPANY SK DEBENTURE STOCK 
In preparation tor the payment or the 
half-yearly Interest payable on December 
1 next, the Debenture Stock Transfer 
Books will to closed at 3-30 p.m on 
November 1 and will be riMMned on 
December 2. ,978. ^ ^ reeve. 

Deputy Secretary. 

SO Finsbury Souara, 

London EC2A 1DD. 

October 10. 197B. 


PUBLIC NOTICES 


DEVON COUNTY COUNCIL BILLS 
totalling £Sm will be Issued on 10th 
October, 1978, maturing 9th January. 
1979. Total amount applied for was 
£ 34 . 5 m. The maximum rale accepted 
was BM»% per annum. The average rate 
for me Bin* issued was 9.4594% per 
annum- The total amount at Bills out- 
standing Is £3m. 


An Assistant 
ACCOUNTANT 

required by a 

Leading Firm of Stockbrokers 

The selected candidate, in the age group 25/30, 
should have an interest in computerised accounting 
systems relating to financial and management 
accounts. This interest will have been gained 
through practical application. 

A first class salary will be paid, together with bonus 
scheme, luncheon vouchers, permanent health cover 
and' contributory, group pension. 

Those interested should write to Box A.6509, 
Financial Times, 10. Camion Street, EC4P 4BY, 
giving details of career, experience and current 
salary. 


PURCHASING DIRECTOR (DESIGNATE) 
STATIONERY & OFFICE SUPPLIES 

FOR SUBSIDIARY OF PUBLIC COMPANY 
Salary £7,000 pa. + substantial bonus on results 

The person appointed should be over 30 years of age, must be 
disciplined and able to control staff with purchase budget over 
Him. Experience In the trade essential. This position has 
tremendous potential with a rapidly expanding group and 
offers a company car, expenses, pension scheme and usual 
company benefits. Apply to: 

Box A 6507, Financial Times, 10 Cannon Street EC4P 4BY 


* r -' r- : r- 







■n»n 

futux 
Jeadi 
ment 
If th 

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A tin 
patio 
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realii 
It 
patri 
Both, 
in bi 
of Fi 

catio 

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Minii 

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sanct 

Ipatb 

Tb 

stree 

beins 

state 
that 
a r» 
Soutl 
surpl 
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has c 
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. • - , . . • r rtJr'.i.T 

. . . . r y? r 

. . •••: ■' . i 

Financial Ttoes Tn^flay Oebajer jg:- 


IM lKNATIOWi. FINANCIAL AND COMPANY NEWS; 


NORTH AMERICAN NEWS 

Bangor Punta sees 
upsurge in sales 

to $lbn by 1982 


Complaints filed against 
Resorts International 


BY TERRY BYLAND 


BY JOHN WYLES NEW YORK, Oct 9. 

A SHADOW has been cast over ing lowering Its minimum bet company’s stock to astronomic 
Resorts International's prospects *°E 61ackja<± and roulette of 


Optimism 
on earnings 
this year 
at Esmark 


medium-term CREDITS 

South East i 

credits negoi 


i.- 7 J v. 


BY FRANCIS GHILeS 


MR. DAVID WALLACE, the and another year of record of continuing to enjoy its mono- ^Resorts has alreadv been fined somewhat recently, investors’ 
„ . _ ? earnings. DOly of seealised Earning at New mq/ma jnn rnnlrnl exnprtatinTiK are running high 


Board chairman and president earniais. poly of iegalised gaming at New 539000 by tte Casino Control expectations are running high «vmu« 

, r - _ _ ftP Plint ., Cj-imn ration J ' Ir - UaMace - who was in Jersey’s Atlantic City, following Commission for infractions of because the casino's gross October 

or Editor Puntj Gorpo a . London to meet financial complaints filed by the state’s regulations during its early days revenues by the end of Septem- slightly 

!hfL-S etM!ral aviation. sporun 0 ana j« t s. stressed that the group Attorney-General.. of operation, which were notable ber had reached S82.8m which year’s 

equipment and firearms group, sees its prime expansion area as The TOmpany has been operat- for a much larger than expected puts its performance sub- qaarter 

sard in London yesterday that that of general mutton. .^ ae .r°s TntPmnEnoai number of would-be gamblers, stantialiy ahead of the best Las hp 


sard in London yesterday that that of general aviation. Besom International number of would-be gamblers, stantialiy ahead of the best Las 

he expects sales to rise in fiscal in l®.». tins division turned “*i t *®^*”* f The company claims m a pre- Vegas operation. 

and in some 10.2 per cent of group Casino Hotel on a temporary gtarenumt issued over In the latest 


between S740ni 


liminary statement issued over In the latest complaints, the 


S7S0m, and then to Slbn by profit from about 47 per cent of licence since late May and its the weekend that the latest batch Attorney-General has acc 
lt*S2. Earnings, he predicted, sales. But statistics drawn up application fox permanent 0 j compl ain ts also relate to the the company of failing 


has ' accused Kelly, said. 


FRANKFURT, Oct ?. 
ESMAfiiTS net earnings, and 
revenues for the year' to 
October 2S, .1978, will, .be 
slightly above the previous 
year’s level, though fourth 
quarter earnings and revenues 
will be significantly -tip, . the 
company president, Mr, D onald 


couth Korea’s Erim Bank has Tunisian ban** and fc*p*t* 
Stated Firat Chicago and larger package which S 
5HJ2S Tiise S2G0m for 10 Coface credits worth FpTir 
UBAF t“ per cent FRAB Bank is i c m 

Bret two years rising to to doUa r-deno nune;^gg 


f to SS'aTfci years Soei«6 Generaiene^ 
irace These terms are not quite ing as ep-lead manager. Then 
breakthrough for the bor- agement fee on the Slfini trau 
rower^hey may at first appear »^ndBntMd to fee. befog 
in 30 fa be is paying a manage- and ^per cent . r . 


ment fee of ? per cent which Further south* foe Car 
Is i per cent higher than is City Development Corporate 
Sistomary for a prune South Malawi ix raising $12mi5* 
Korean borrower. The yield for years on a spread of 15 
the banks on this loan is thus from a small group of banfe, 
not affected by the fall fo the by Citicorp. These ftni<SS§ 

spread. marked ^for the forther detc 

Another South East Asian ment of -the country’s he** 
borrower is arranging a loan. teL Lilongwe. : - , 

Atlas Consolidated Mining and The Portuguese natimatf 
Development Corpoartion, a ways company, TAP, i a artitti 
private company in the Ftobp- a $12m .. threes d-a-hajfc 
pines, is refinancing, an S80m credit on a spread of n^r- 
loan raised two years ago on through a small group 
cheaper terms. The borrower is* led by Chase Manhattan'- £i» 
paying a spread of 1* per cent This Is part of a" laroP 
for eight years. Joint lead mana- longer maturity package* 
gers are Bank of America and funds for which are ptrofcfc 
Hongkong and Shanghai Banking the U.S. Exim Bank. - 
Corporation. . borrower is also understoda* 

The Republic of Ecuador is raising at least S25m Wv 

^ DlRAm Mn.Tinn* 1 **» ITl u A - “ • “y|| 


will keep pace with tbis advance, on the I2-mojUb period to June authority will be decided by the early weeks of its operations and develop adequate internal 
and ID 1979 will luro iu the 30 last disclose that the division Npw Jmf > v rasino Control Com- that they are not serious enongh trols to prevent “collusive 


dictions take 00 account of soie.s r»f the group s non-com-mer- likely that its application wiU be gj, ence ? r 0 f a tray of gambling chips 

possible contribution from Lone rial aircraft throughout .the next refused, but the litany of eight These words are intended to worth 814^260 while the sum of 

Star Industries, the largest decade. , complaints from the NJ Attorney- still anxieties among the many 8180,000 is also missing. Accord- 

1 pinpnf m:miiF.n'hirpr in the He commented that the vrotm s _ . . . . - ° . i l - , 1 .!. 1 


cement manufacturer in the £e c orament^tbat the : Sunup's (j eneraI may be used to force individual investors who have ing to Resorts, this is probably 

\Y eatern hemisphere, in which cotton Linds in Cabforma. which ^ com paoy to change certain participated in the speculative due to “ overpayment to the 

5 rSSy FSSFJSS-EJRS: totad. bubble** whidi hue Meted the public by inexperienced help.- 


expects to obtain a controlling tion. in addition to contributing — 

interest of 20 per cent or more healthily to group profits. The m . — — — 

in the near future. Lone Star land, which has a book value of f I ll^wL kvwrn l/vrvwn 

itself recorded Rlbo sales this 8195 an acre, is worth about f Kb 2)Y1K IlIIVS 113 C K 10311^1 

year, and earnings of S3.50 a 81.000 an acre as a result of the lX V/iiHA V> C-1.1 UiUlIV UUJ UWV/1\ lUtillvJ 

share. land boom in California. 

If a controlling interest in The company’s U.S. certified NEW YORK, Oct 9. 

Lone Star is acquired, then claim against the Cuban Govern- 

Bangor would be able to con- ment is now put at some 8300m, CHEMICAL BANK has re- tained a technical transfer of from att overseas branch, it had 

soh date its earnings per share, including both the interest rate purchased about S500ru of loans loans by one unidentified bank. to keep 4 per cent of the sum 

Bangor Punta, whose business agreed by the U.S. Government it had sold to its Nassau branch Chemical Bank confirmed that as a reserve. In August, the Fed 

activities changed considerably and also the claims of two sub- in the Bahamas. it bad replaced the loans on its eliminated that requirement in 

after the nationalisation of its sidiarv companies. The U.S. The move came to light when New York books, but declined an attempt to aid the U.S. dollar 

sugar estates in Cuba when Government has insisted that the Federal Reserve Bank of to specify the exact amount. 00 foreign exchange markets. 

Fidel Castro assumed power, settlement of claims against the New York reported a large The Bank said the action was A spokesman for Chemical 
predicted recently tbat the fiscal Cuban Government must be a increase in business loans on facilitated by a recent easing of Bank said that by keeping the 

year which closed on September part of any general settlement the books of New York banks, reserve requirements by the loans in' the New York office, 

30 would report sales of S650m between the two countries. At the time, the Federal Reserve Federal Reserve System. Pre- the bank can cut down the 


Share buying scrutiny 
faces PiSlsbury 


At the time, the Federal Reserve Federal Reserve System. Pre- the bank can cut down the 
Bank noted that the figure could viously, when a bank’s U.S. office amount, of paperwork required 
be misleading because it con- borrowed so-called Eurodollars to service the credits. AP-DJ 


Avid eyes on insurance groups 


MINNEAPOLIS, Oct. 9. 


NEW YORK Oct 9. 


PILLSRURY COMPANY said it 1.8m Green Giant shares or, INSURANCE COMPANIES tradi- presidential mortgage loans. The Wall Street firms, apart 


la fiscal 1977, Esmark made 
a net profit of 86&97m'bm sales 
of $S.28frn. 

Mr. .Kelly was speaking. at a 
presentation to mark the in- 
troduction of companj shares 
on the Frankfurt and Dueasel- 
dorf bourses. 

Esmark is keen to create a 
company structure -, flexible 
enough to encompass broader 
diversification, particularly fo 
consumer-related activities, 
such as personal . products, 
food services and packaged 
automotive consumer-goods. 

It will prudently expand, its 
activities in these fields and 
intends to make related 
acquisition, though Mr. Kelly 
declined to specify what com- 
panies will be acquired. 

Any future acquisitions will 
Dft based on ait exchange of 
shares, as was the case in foe 
merger of Pemeor Info- a 
wholly-owned subsidiary of 
Esmark, when , a one-for-one 
exchange for each Pmneor 
common share' was aprdved. 

The acquisition of the 
Swedish company Astra AB, a 
subsidiary of Wafleo, by 
E s ma r k unit International 
Piaytex, Is proceafing wen and 
it will probably metge with 
Piaytex by foe end of fois year. 

Mr. Kelly is optimist!? about 
STP Corporation’s future con- 


arranging a $350m ten-year loan Tottay Acores.on - a spread - 

with a grace period of three and per cent The raatnMft; 

a half years. The borrowers will believed to be eightyears.^ * 

pay a spread of 6 per cent for ^ ta „ 

the first three and a half years ■ 

rising to 1 per cent The joint ?££f atl of * 

lead managers of this loan are * 

Bank of America and Citicorp. cent for Norsk JSydra, « 
Ecuador's Monetary Board still 55^* 

has to grant its final approval. no * a refina ncin g as mfoak 
Two African borrowers are’ wr ^ en . Fnday. ,. '. 
currently arranging small size The 512m seven-year toat 
loans. The Tunisian state con- spread of 15 per cent fife 
trolled Compagnie Phosphatl&re private Greek borrower Ti- 
de Gafsa is raising 815m for Patraiki Cotton Mahufaeix 
seven years with three and a Company is being 'js 
half years grace on a spread of managed by Bankers Trust I 
l per cent throughout The deal national . and Jlahufafih 
is guaranteed by a group of Hanover Trust 


EUROBONDS 


and Green Giant have received under certain conditions, for up tionaiiy good cash producers, are The acquisition of Amic would from Merrill Lynch, that have. trQmtion to Esma r k’s - growth 


a request for additional informa- to 2.2m shares. being 'acquired these days by fit into Merrill Lynch's plan to already diversified into insur- hi the automotive -eeasumer 

tion from the Federal Trade The cash tender offer will be capital-hungry, cyclical busl- become a “financial supermar- ance are Dean Witter Organisa- pro ^V°^, _ * e * r h) r ' Esmark 

rommisslon on Piltebury’s pre- f 0 n 0 wed by a merger in which nesses like brokerage firms, some kef’ offering a broad range of tion, which bought Surety Life acquired STP In may. • . 

viously announced cash tender e nf analysts have pointed out products, including insurance Insurance Company at the end J * en,er .. 

offer for Green Giant common * n . e ramsimn to snares ot Green Jt was j, ard i y a surprise earlier and real estate. of 1976, E. F. Hutton Group, - . 

stock. Giant stock outstanding will he this week when Merrill Lynch The impetus for diversification which acquired Life Insurance •’ '■ ’ • 

Both companies said they will exchanged for Pillsbury common and Co. announced it is having among Wall Street firms has Company of California at the end FirestonP . 

comply with the request stock. • merger talks with Amic Corpora- accelerated since the introduction of 1977, and Bache Group, which 

The companies announced on The companies said the tender tion, a holding company for of negotiated commission rates purchased Alfred M. Bender Com- Firestone Tire and —Rubber 

September JS a plan for a tender offer is still scheduled to begin American Mortgage Insurance on stock transactions in May of pany last January. announced foe recalt of- about 


Trading in Deutschemai 
issues remains thin 


BY OUR EUROMARKETS STAFF 


Firestone recall 


offer for Green Giant common on or about October 10. 
stock at S37.25 a share cash tor Reuter 


announced foe recall of about 


Company, which provides insur- 1975 adversely affected profit In late 1976. Shearson Hayden ^°°° Ionghauler truck tyres acuvny is visioie; yesteruay even Meanwhile Dehradie Rw 
ance for lenders against loss on margins for many brokerage Stone faile(J - m its attempt t0 buy sold in the replacement mar- in this sector, turnover was very arranging a 


WITH the dollar sector of the coupon, of 5 per cent They 
bond market virtually closed at be priced at 99*. and the* 
present the DM sector remains will be wholly undertime 
the only ODe where some the Frankfurt parent . - ' 
activity Is visible; yesterday even Meanwhile. Detn-a** 



IPIP 1 





businesses. . Orion TtanTraT and reports AP-DJ ; from thin with prices closing mixed.' for^Eurci&aJ 

Another stimulus to diversifies- . ^ ’ Akron. The -company said Two new private placements Euro-oean railway 

tion has been the threat of fur- Paine Webber has not been able some of the tyres .produced have been arranged in this see- organisation based Hi-sD 
S e »- ?? rge , rs _ or take-overs of tp make a deal yet this April may have contamina- tor: Commerzbank International Final terms include '* 'fo 

Wall Street firms that cannot Although Merrill Lynch in its tion under the tread belts that SA, the Luxembourg subsidiary of 5i per cent for a a- 
raise enough capital to survive annual report called Family Life result in tread separa- of Commerzbank is makfog a maturity. The bonds; . * 

the “star performer” of its Registered owners of the private placement on its own have an average life W-i 

VMSS^hSSIsa. « i-. SS! .«•. MBg *• ^ 

denr of Ltoner Atfitivtical Dis- cases it is too early to tell how *' - ' T ■ vrui mature in iw&5 and carry a priced at 99}. . 

tributors. “To get capital you Wall Street firms are faring in . . ■ . " ' . - ' • " " "■ '■ ,l1 1 V i Ym 

SSrr."' : “~ FT INTERNATIONAL BOND SERVICE 

Mernll Lynch entered the with the bi ^ aational inswknee - - - - - - ' • ' ' ' * 

insurance business four years concerns. 1;^ . ' ■ . ” , . 1,11 ■■ 1 ■■■■■■ r » 

ago by buying Family Life Annth«r nnnnisp show strhe 200 latest international bond issues for which an adequate secondary mi 

Insurance, i leattle company 3e ^ *** ** ^ <* 

providing mortgage -protection street is real estate, said an UJS DOLUMl .- 7 Z.I.. ’ - ..C.-:, 

Lfe insurance to homeo_wners. analyst at Paine Webber. Haight! -• vi-w I m - • . cW* 


thin with prices closing mixed, placement for Eurofimv 
Two new private placements European railway Haw 
have been arranged in this see- organisation based- hi-s!) 
tor: Commerzbank International Final terms include 'V & 
SA the Luxembourg subsidiary of 5^ per cent for a - HI- 
of Commerzbank is makfog a maturity. The hoods;. 9 


private placement on its own have an average life Wi 
behalf of DMlOOm. The bonds and a half years. 


.W m 
% ^ - ' m 


.>res are oemg notified by behalf of DMlOOm. The bonds and a . half -years, hoiH 
- ... . . * will mature in 1983 arid carry a priced at 99}. 

FT INTERNATIONAL BOND SERVICE 

1,1 for which an adequate secondary b 


- : / 






k- ; ; ' 

i if' 

- iT-r.-V, 


1 — “-—I. cawic, SdIU Ml U5 nnLLEB — , . ' . 

Ihfe insurance to homeowners, analyst at Paine Webber. sraAmlnt* ;• luotd md offer Yfcid 

Today, with interests id asset Some firms, however, such as A*a all a ss s m u +s* +« 9 M 

management, commodities, em- Donaldson Lufkin Jenrette, have Australia « sr a w « +1 -m w 

ployee relocation, and real not found the going easy. tSSa Si ss® r S ws imi +f 

estate, the percentage of Merrill Jeurette called real estate a Beatrice Foods rs si"!!”] 100 951 9 U — 8 -b* 

Lynch^ revenues derived from poor choice for securities firms Sg? |v 5r « SS5 S iSi IS 

^ CUri 2 + commissions has because its cycle is similar to SS VVz^ZIT 1 iSf m ?n 

dropped to 3-.5 per cent from that of the stock market Mr. CTJT 9 93 b 9s; m +1 +oi U6 

*** P er - “ nt m . 1973 - ^ ... Richard Jenrette, chairman of gSJg » S Ss i • + Si 

Diversified services of Merrill DU, noted that interest rates Sms” ZZZZZ m ^3 S S 


Ployee relocation. . and real not found forgoing Sir ££ n*A=Z ” *e £ =S +? 

estate, the percentage of Merrill Jeurette called real estate a Beatrice Foods j* si — uo vsi 9U — 8 -b* 

Lynch^ revenues derived from poor choice for securities firms Sg? |v 5r — ^ 5 '£ £1 7“ .+• 

security commissions has because its cycle is similar to 'Ar" £ ^ 




Let q 3M overhead projector help 
you make better financial presentations 


, r 7 _ vhwiv Vi Uib ULUi * mu IN CL Ui o 

more sigmficant portion of reaJ estate tv E1B 94 w 100 

revenues and profits in five to Nevertheless, other firms. ™ U g' V”:Z m 

a> years, according tn Mr. Dakin including Merrill Lynch, see real Etaam Jutland 9 ss 25 

B. Ferris executive vice- estate as an attractive invest- “ 

president of Diversified Finan- ment over the long-term. SSd QTia 6 51 13 

cial Services. Reuter Finland V » ioo 


Here’s how: Presentations of com- 


Call the communicators 


plicated or just plain awkward-to-handie 

j- ; . - f ■■ . . Brminghani (021) 236 5077 Leeds (0532) 5^3221 

Tinanciai information can be made more Bnsioi 102721290977 London rau 65923?i 


oxo 


Bnslol (02721 290977 
Oasgow (041) 332 9622 


interesting and compelling by overhead aasg ow 1041)332 9 6 
projection. You can add colours, move- f~ ToRobHarpfl ^ 
ment graphics to bring life to cold figures 1 Business Co mi 
and to focus attention on particular points . glSSffSS 
as you talk. Let the 3M Visual Products J ye S -/wouw«* 
Group cad and give you an interesting I projection the 1 
demonstration of overhead projection I name 


London {Oil 659 2323 
Mancteder (061) 236 8500 


To Rob Harper. . FT/9JT& 

Business Communications Division. 

3M United Kingdom Ltd., 3M House, RO. Boxt, 
BracKnell, Berkshire RG121JU. 

Yea - / would tike to know more about overhead 
projection the 3M way. 


and 


in action and show you how other com- | address. 


panies in your field are now using it to 
their advantage. 

If you would like to know more about 
this simple, inexpensive and portable 
way to make better financial presenta- 
tions, just send the co upo n or — 


j B e tter c o mmurritxtfions 
! through 3M Visual Products 

[■ (3M is a trade mark). 


Sffij 1 


T. G. Roddick 


Finland si S3 

Finland B W 100 tm 

-Hospital O'SD S« 25 96i 

t’C Irrdnsirlos S Ha 3S 97 * 

IU>1 Finance B! SS 25 983 

Hcl Finance 3; 93 23 98i 

ItO-Yokado 9} S3 2 B 99 i 

iJ. C. Penny SJ S.1 ZOO 971 

Mac Bloedcl 9* 93 50 981 

\Z Dev. Fib. si s". a 95 % 

NZ Dev. Fin. *» »3 20 95} 

9 86 75 ZOOi 

NcwrouDdtand 91 90 sn 79 

Nord Inv. Bk. St SS 25 * 7 > 

Norses Komm. pj 98 .. 75 #ai 

Norway 7Z 83 250 

Norway 81 « 125 S 

Norway 6 = 83 250 S 

Occidental W S5 7S 

Ont. Hydro 8! 85 

Oo^ec Hydro 8J 93 ... 50 99 ) 

Sweden 91 98 225 m.i 

United JQncdom S: S3 200 03 “ 
Untied Klosdom »i 93 ... 258 98) 


96: 97) 
97i 98) 
98) 992 
98J 9SS 


-84 

-•* 

—91 

+• 


+0 

+9 

-81 

+9 

+01 

+9 

+8 

-04 

— M 

-BJ 

+0 

+0 

+0 

+• 

+0 

HU 

+01 

+M 

+0 

—04 

-« 

-w 

+w 

+01 

+01 

+8 . 

-ei 

—61 

-91 

+ 0) 

+81 

-u 

-11 

+0i 

-81 

-01 

-K 

+« 

+81 

-01 

+8S 

+0 

+84 

+0 

+0 

+m 

.+0 

+0 

-Oi 

-«1 

-6S 

+91 

+« 

-os 

-11 

+0 

+0i 

-0* 

+0 

-81 

+0 

-01 

-01 

+9 

+91 

—01 

+0 

+01 

+0 

+0 

+0 

+91 

+w 


YEH STRAIGHTS 
Asian Dev. Bk. 5) ffl 

Australia Ha 80 

BFCE 6.4 96 

Enreflaa 90 

Finland B .7 88 ...... 


■ change'll* 
tawd BM Offer day week 


971 97! -Bi -rf! - .' 
uoi wo; +« +* 

96i 97) + 6 ) +«; 

964 97 +« +ii 
981 99 +W -Mi- 


**. 1 iu - ... -2S 

Oslo. City of 8.6 90 15 

SNCF 6.6 90 20 

Sweden £3 90 40 


97! 03 +0 +»' 
97! Wi +0i +C 
Ki 96 +W -rtl , 


OTHER STRAIGHTS 


AlgeoeiM Bk. 6* 83 FL ... IS 
BAT S 88 LgxFr. wan 

Bayer Los. 9 85 UxsFr‘. 2S0 
* Hope r 83 FL ... 7S 

Braja 7 * 83 FI 75 

CFR Mexico Vi 83 FI. ... 7S 
Citicorp 0/5 Pin. 10 93 £ a 
Conenkagen 7 98 EUA ... 39 


dram*** 

Issued Bid Offer day weak',. 


EIB 73 88 LmF r. 

EIB 7* 85 Ft 


9sa 96 - +0 v -r.' 
95! 96! -81 ^ 

W 97* -Oi -«• 
-9SS 96f -94 . 

95) 96 +« HI. 

951 96*-. +8* HI 
922 -84 .—Sr ’ 

962 97! -84 HT - 
962 97* +K HJ 
94! 953 +0 -If; 

952 96) —85 -U 
WS 9U +9 -D7. 

92) 922 +9S -li 


rjR a** do p a z. *■** tv *■. 

Orantebooin 16) 8n £ 15 <»; 91) +0 -ni; 

Finance ror Ind. 10 89 £ . 12 92) 924 +9i -u ‘ 

kw F Sv. 8 ^ Urx Fr 250 97 99 -81 HJ 

Finland tod. Bfr. 7 93 EUA 15 963 97! -Ot -fij 

Cenemer Hid. BV 11 88 £ 10 923 92! -9) -Oi" 

61 PS FL 75 95i 964- +0) -«■' 

New ZeaUad flj 84 FL ... 75 96) 97 +84-0) 

Norway ,J S3 LuxFr. - 250 962 97! +0 +9 ' 

£sFr. 580 B S +■ W 

Rownirae 10 ) 88 I U 91 9 U —as +# 

Panama 8) 93 E Ua ai 973 SI +0 HI 

3dh mSJU&iPlA* — U W +M- «i-. 

SS.’JM ’ 83 EI'A ... 22 97 98 - 0J -Oi 

2>earv 1UJ S8 £ 15 911 713 -fll — J 

Wollorcad 10* W £ 15 91) 91) -0) -8J 

FtO^HIG RATE 

Spread Bid Offer F datt C-cpn 


are holding a 


DEUTSCHE NARK 
STRAIGHTS 


Change ba 

lrancd Bid Offer day week Yield 


Asian Develop. Ek. K 88 100 963 96! +0 


[Australia 6 88 


250 IBIS 18?i 4-B* +»i 5.71 


SEMINAR 


9« -W -04 5J7 


1st November, 1978 


CFE Merle* «• SS 150 97S WJ +B 1m 

^sada 4) tC 600 98) —02 —oi 547 

Chase Monnartao o S 9 90 m 101 i iou -nj _nT Iji 

Commenliank Idl ffWj* uo 1055 io3 4 -q + i? JS 

Commendwnk tor. XW 3* MO 83£ S +ai +01 vif 

Cornel of Enraw « W 180 ) IMS +« +fl 

Era It SS S? 2 1 ~ n 6.00 

Etakmrt.i»Brarii ' esT.Z 159 98) wj +8 +« 

« Muitnto. oi ss im -Si IS LI? 

5S3 icIYk* de Efct - £! ^ +«. *£ 

Mexico B bj 290 972 obj j.o a.0 la* 


CCCE 616.35 98 
WF M5i S5 ... 


2*1 94 -02 -01 

2. 99) +0 +M 


-01 6.04 

+81 6Ji 
+U 7A5 


&FTE M8 S3 


29 983 +8 +« 7AS 

JS Ss -0i '“4 5.»7 

*5 99, IOO — Bi -Oi 4.97 

MB MU «B fc -W -S 50 

■■■ 22 S* '*'• +»t +«. 7JU 

3? ? .981 +0 +0 hJU 

-0i -01 SJ0 


Nat. West. Hfii BO 


Mitsubis&l Pcrro s? ss ... ioo 1021 in\ 

MlnvMn Civu.l ft* cc im b«! IT. . 


Ki522S2L s vS m -M +« £5 


6 00 “Si ui +0 +S 


We cere pleased to announce 
the appointment of 


THE WORLD TRADE CENTRE 

to outline the operations of the 

FINANCIAL INSTRUMENTS MARKETS 


Norway 4 } S3 250 971 97 ) Io> I? iw 

Norwojaan Ind. Bk. S W... 125 ioo> m IS" 4 . 2 , fS 

Pntraleo Brazil 7 a8 108 vvl iS 3 IS 1?? 5*2 

Pfullpptnes « R5 ... ... uo Wi iS* til VS, 

PK Bankon 51 W " too 9« 9 « iH -IS • IS 

Onebcc. Province oM M t» 1 + £® 

RaurannHrkl Oy « S 8 ... 50 4R IS 1ft 


SraDdnrd Chan. M3. 3 DO 
Sumitomo Heavy Mil 1 
Sunds va Usbankcn Ms 85 


as 75== £ -SI d 


99f 100 +0 +li 7JM 

96i 97 — 0) +01 7.44 

9^ 98* +0 +82. bJ6 

95* 9« +0 -I* 6J3 


I S la toil G RS ..." uo 

Tauenumobahn 3j «l ... 70 
Trondheim, City o* 5 J .. 35 

DDS Group 3 : S3 ' 65 

VcdcsimU 6 68 250 


KD m ,2. ' 0i -« 
m Si 1 S J ' Di “»» 5.91 

™ Si +ot “« SJS 

« 25 +0 

250 23 2* -M -M *J7 

250 961 961 -02 -Oi 635 


CONVERTIBLE 

BONDS 

Aalcs 52 93 : 

Baker Inx_ Fin. 5 ) 03 

Boots 82 83 

Coca-Cola Bottling 82 

lio-Vokado s; 93 

Texas tot. Air. 7) 93 


... 

■ 91 

m 

108 

28/10 

1 > 

1 ... 

Oi 

97 

971 

n/i 

91 - 

s.. 

0) 

97i 

98) 

12/4 

7t 

83 

1 01 

97) 

98 

21/1 

91 

mm, 

■ 11 

97 

9» 

s/u 

<UB 

... 

81 

9S 

98! 

15/12 

9- 


1 m 

971 

981 

9-2 

94 

to 

81 

m 

98) 

2S/1 

91 

u* 

96S 

914 

12,T 

9A - 

.... 

01 

97) 

971 

3/2 

9JM 

.... 

IU 

9 K 

981 

3/11 

44 

S5 

01 

97) 

98 

9/2 

9) 

L- 

84 

971 

98 

27/1 

9JU 

... 

U 

Z001 

UHS 

1S/4 

W 


0) 

973 

981 

U/l 

9J» 

... 

91 

981 

991 

21/9 

19 ' 

... 

IU 

983 

99) 

5W 

8JO 

... 

01 

99 

991 

2700 

U 


1 

9M 

97! 

19/1 

IU 


01 

98) 

9« 

28/1 

9.491 

... 

V 

981 

99 

21/12 

9JJJ 


81 

991 

99) 

15/3 

9i 

.V 

01 

983 

991 

18/4 

S2 


01 

981 

99 

19/1 

9AH 


Ui 

974 

973 

10/2 

8.938 

S3 

91 

991 

109 

160 

M8U 


01 

97* 

981 

4/4 

6 

S3 

01 

982 

991 

4/11 

8X13 


Cnv. Cmr. 



cm 


date price 

BW l 

Offer 

flay 


9/78 

628 

10U 

1091 

-01 


1/78 

34 

IK 

1061 

+01 


2/79 

2J6 

991 

991 

—01 - 


4/79 

9 . 

95 

96 

-0i - 


6/78 

1473 

1423 

UU 

~ii - 


4/79 

IAS 

9fi 

97 

-IS 


*5*’ U-5 MS K1 +1" 

Asahl Optical 3} DM _...J2/7B 588 1B0J 191 -92 1 

Casio comp. 3) S3 DM .. urn asi ius irs -U 

Iznmiya 3* K DM JOTO 989 1141 US) -S . 

Jnsco 32 8S DM 1/79 1278 105,1 UU — * 

KonUhlroku 32 86 DM ...a/79 612 ISO) 189* -M 

Murats Man. 34 88 DM . .11/78 854 1808 lm ? — U - — 

Nippon Air. 83 38 DU . 11 m ” S6B lflfl* 1911 +®I - 

Nippon Sblnoan 32 DM ... am 738 1173 UN -w 

KttWll Steel 4 SS DM ...7/78 130 12b UQ -»••■= 

? ,C,0 5_ 3S J? DM Jfl/78 617 1QM 197j -W 1 

Sanykyo Electric 32 DM...' 8/78- 869 .131) 192) -g , 

Sanyo Electric 3* DM ... .11/7* 295 962 97)- -» 1 

Selim Stares 35 S6 DM ... 9H* 121S UTi US! -M ~- 

Stanley Electric 3) DM .31/78 623 1KI IK 'j. * . 

Trio-Kenwood 34 88 DM..J1/78 711 991 148 “■* 1 ■ * 


RICHARD B. GERAGHTY 


. Vice President 
European Representative 


Guest speakers will introduce this 
specialist subject together with a 
general summary of the opportunities 
available in -all futures markets. 


SWISS FRANC _ 

SSST-a T iS- ft n- 

? v Tv <^ uaa S^3 5 ^ *8 J z “ I s 

tz » a SI ^ =3 « 

Domnark *i w .. JT “ W S 3f *2! 

is“5*sf ,rtR “ e Ba ^ « -§i ss 

Euraiotn #■ S3 ~ ^ SS TS 4 7? 4 . HI 


m imi -W 

T® Ml —fll —04 417 

S S25 +8 S 

n inS “■* +« «o 

w toCi looj -fOi +ni ui 

100 lB2i I 022 +9 — Oi OJg 

H! -91 —01 0X0 

,?6 A +01 +0j 4J6 


w 


Southeast First National 
Bank of Miami 


For further information, please contact:— 


llth Floor, Stock Exchange Building. Old Broad Street, 
London EC2N 1ED. United Kingdom. 

Telephone: 583-8444/5. Telex: 887433. 


F. L. S«vilh 4i 88 . 

Finland 4! 93 

CZB 41 93 

Hiln-Llnchonatcln 4i . 
rcr Flo. XV 42 ft". ... 

Imatran Voinu 4 93 . 
Manitoba 4 93 


Manitoba 4 93 208 lm inTv 

N'uw Brunswick EPC 32 log 97 I Si i?} +•* f -* 9 

'ffewae A SI » ikx 2I 4 +« +01 Ana 


Part of the Continental Grain Company Group 

WORLD TRADE CENTRE. LONDON El 9AA 
Telephone : 01-488 3232 Telex : 887438 


Ncwat A SI 70 Wl qa*! 

Norses Komm 4 90 ...... iso U 21 tSi 

UKB 4 S3 80 991 IS 

Oy NeWa 5 99 2» MW am 

'Tuphec Hydro 32 93 130 96) 

Sale 41 W » am uu 

Spa* 45 - 25 Ifl&i innj 


-« +0i 3.99 

993 +0 —fll 4.94 


« ». -« +« 

™ iS 4 .5? +« +8 487 


■* No Information available— yciterday’8 price. . 

. VOirty di» market-maker snppticd.* priw. . 

Straight Roods: TJ» yield l» ike yleW » rcdempiIW ™ 
Ulid-pnce: ihe amount t£4oed Is Jo mlillons of oun 
units ttwpi far Ten bonds where It Is In binmos. 

Float* no Rate Hot&L: Denominated to doUara unj gg ” 
wise Indicated. M- Minimum coupon. FJiaies=ne 1 ' 
falnn date for lie coapon. Sprcad=T»f 
iniurbanfc me, G.cpn^Tb© current yJeW- C.yW— 
currpnr yield. 

Convertfljie bonds; Denominated In dollars unlesa 
Indicated, aw. day=Ct»aoe on day. Cnv dstef 
fur conversion ton shares. Cnv. price =3Jomllwl 


dale K JO lm ,i7r ^ TB 

Sr as 4) 8S 25 Iflsi imi 12i i? IP 4 

VcwHUPtac 45 83 «8 lffij ™ tS 1 tf, . 

Voralbcra Kraft 4 83 » UO) im 1 Tl "t? a - z7 


LV.I . " auercB. bar. juits-vi*”'" — ’ 

bond per share expressed In currency of tfan' gK 
nion rate flmi 91 iccm, p k. .- nmwiiac^ DrumlnP 1 “ a _ 


I Vlfenna 4 83 


nlon rate fls«l at l<sbq. prem r: per cenla «t? prom taP 1 
01,1 rent effective price or acquiring shares via lie o*“f 
rite most recent prtce-of ton chares. - . 


wiri d ^nTu'gi'::::::: S S) tl +£ IS 


+6j. All 


©The Financial _TJ me) t ir um,'.: BermulBnlilift 

^ mV for^oT^nnl^vrftkout. 
cotgga *- Data sopplled by toter-Tt-mri- Sev*H»: * ~ ~ 




'rW 




Financial Times Tuesday October 10 1978 


EDITS 

St As 


1 

rfK|Bl9VE5% 

| 27 

) COMPANY NEWS 

v£iiifi3B9 

t 1 


" 8 °tiat« its forecasts 


Norwegian 
bank lifts 
interim 


ad hX.:*- 
r:?* : 


Li-; s .... 

lirv a 


?c- 


»;■» r - . 
„ '■ 


V- Br W, UIAW DULLFORCE 

’< WJBLBIIXAHV figures for. 1977- 
from Perslorp indicate that 
th e Swedish chemicals concern 
vS';i bas once again surpassed: ■ fts 
growth forecasts.' Turnover rose 
y-:0* , 24 per wni ' ^ SKr' 1.16bn 
.'- -.V 1 tU.SJSaaami while pre-Ux tarn- 
■■V,^ * n ss climbed be as much as 42 

■ Per cent to SKr 7Sm (U.S^17.7ru) 

■ • * n the financial year.-, ending 

August 31. 

: ’: v ; The board proposes to pay 
L shareholders a dividend of 

. - I a an increase of 

0.92 when adjusted for last 
- / rear’s bonus issue. Jr also 
remmoicnds a new one-for-fivc 
- . issue of 316.SOO B shares at 
\ .^Kr 130 lo raise the sbarc 
* . tji-apilal to SKr 95m. 

Mr. Karl-Erik S ah 1 berg, rranag- 

■ ’ *ng director, says that Pcrstorp 
' .needs to widen its capital base, 

. ^ is jl approaches a new period 
. • if strong expansion, during 

which il will be investing 
. ' • . . neavily in existing and new 
'•-"l t>lanL Some 72 per cent of com* 

. '. iany sales were made outride 
Sweden in the last financial year. 


STOCKHOLM, Oct 9. 


with foreign turnover growing by 
32 per cent. 

- The only unit which did not 
increase its earnings in 1077-78 
was the small consumer division, 
which relies on the domestic 
market. Perstorp’s traditional 
exports of decorative laminates 
had a substantial volume 
increase, while the investments 
in new products are now begin- 
ning to contribute to earnings. 

The. -pre-tax profit is struck 
after cost-calculated deprecia. 
lion but in the final- report for 
1977-78 Perstorp proposes . to 
switch to planned depreciation. 
vj conform with current Swedish 
and international practice. This 
will improve the pre-tax figure 
by about SKr 13m and the 
equily-to-debt ratio by two points 
to around 35 per cent.-- 

Investments in fixed assets 
durim ? 1977-7S umountad to more 
than SKr 75m. of which SKr 30m 
went to the foreign subsidiaries. 
Liquid assets available at the end 
of the financial year totalled 
inure than SKr 70m or roughly 
the same as at the beginning of 
the year. 


earnings 

By Fay Gjcster 


libel to buy ONATRA 
bolding from Pakhoed 


BY CHARLES BATCHELOR 


AMSTERDAM, OcL 9. 


■ t? ’• .. PAKHOED HOLDING, the in- 

■"> lu rnutional oil-handling transport 

_ "• • i:id property group, is to sell a 

; :<,r ' ,;-V0 per cent shareholding in the 

1 • r .• -French road haulage company 

" : -....'WATRA to the Belgian holding 
'''■ : ” .joiiipuiiy. Tbel. 

•••'• Pakhoed originally took a 50 

" per cent slake in the French 

— — : Ci in puny six years ago with the 
aim of expanding it into a Euro- 
pean haulage group. It enlarged 

D ls operations and raised its 

■ slake to 1011 per cent but then 
VvU^^hiLJecided to back out of plans for 
^uiJtetMug up on a Europe-wide 
s • •«-? * lasts. Pakhoed has been looking 

* r 7 V ‘or a purchaser for some time 

dnee ONATRA no longer Sts 
nto the Dutcli company's range 
activities. ONATPA. is he&d- 
. . . luartured near Marserlles. 

r”. - • ■ . Pakhoed gave no detailed 

' - .-agures of Onatra’s operations 

“ " ;jut its last annual report said 


that, “as in the year' before, 
ONATRA made an important con- 
tribution to the transport ! divi- 
sion’s result” it employs- 700 and 
has a Beet of 670 toeing units. 
The sale will lead to a reduction 
in the transport division's profits , 
but the proceeds of the sale- will 
allow a reduction in Interest 
charges. 

A spokesman for Pakhoed 
said the sale was not motivated 
by the. need to raise cash.. Pak- 
hoed recently reported a loss for 
the first half of 1978 Of FI 4.3m 
($2.1xn) compared with a profit 
of FI 16.8m but liquidity is strong 
due to FI 225m of property sales. 

The approval of the French 
authorities is still required-before 
Uie deal can go through. Ibel is 
an Antwerp-based holding and 
investment group with interests 
in shipping and transport, photo- 
chemicals, publishing .and pro- 
perty. • ’ 


“a considerable latent loss,” 
part of which will probably be 
taken in the final four months 
of this year when some of the 
bonds will be sold. 


ISS deal 

with PBM 


Winefood losses will be lower 


ZURICH. OcL £ 


.OSSES of the Winefood group 
»f Italy, w hich Credit Suisse took 


■ -ver in the wake of last year's 
C3ndal at its Chiasso branch. 
" - /ill be much lower in 1978 than 
"■aose of "1977, which exceeded 
.I4bn (SI7m). By next year it 
—■"hrmld be in profit. 

This was stated by the bank’s 
kill leputy g?"t>ral manager. Mr. 
" l, lugo von der Crone, who said 
— n Italy durin:* the weekenl that 


Credit Suisse would not be -able 
to put .a final figure on its, 
Chiasso losses until about 1985. 

By then, it should have dis- 
posed of all assets of Tex on 
Finahzanstali... of which W&e- 
fodd is the largest Texon's assets 
were pledged to th? bank-- !h 
April of last year after thp im- 
proper. channelling .'of/ some 
SwFr L2bn of clients’ funds to 
Tcxon. Reuter 


Credito Italiano in Hong Kong 


BY OUR OWN CORRESPONDENT HONG KONG, Oct 9. 


Credito Italiano, one of Italy's 
eading banks, will establish a 
-egional representative .office in 
dong Kong before the end of 
:his year, the bank’s managing 
lireetor, Dr. Mario Rivosecchi. 


BRAZILIAN 
INVESTMENTS S.A. 


announced here. Credito ItalianD 
will' be the first Italian bank to 
have its own office in Hong Kong. 

The bank has had a representa- 
tive office in Tokyo for several 
years, and is a shareholder in 
the Orion Bank, which is repre- 
sented In Hong Kong by a 
wholly-owned subsidiary, Orion 
Pacific. 


By Hilary Barnes 

COPENHAGEN, Oct 9. 

ISS, the Danish Industrial 
cleaning corporation, has nego- 
tiated a deal giving it 51 per 
cent control of the Prudential 
Building Maintenance Cor- 
poration, of the U.S. ISS has 
bought 500,090 PBM shares at 
$14 a share, while PBM is to 
Issue 250,000 shares at the 
same price to ISS. This will 
give ISS 33 per cent of PBM’s 
capital at a price of $1Ql5ui. 
In addition Ihe main share- 
holder and -chairman of PBM, 
Mr. Leo R. Fink, has assured 
ISS of voting rights covering 
a fnrther 18 per cent, giving 
ISS effective 51 per cent eon- 
troL The fast expanding 
Danish company had. about 
40,000 employees worldwide at 
Ihe end of last year. PBM has 
about 11,000 employees. .- 


Net Asset Value 
as of 33th September, 1978 
Per Depositary Share: 
U-S.$ 135.37 

Per Depositary Share 
(Second Series): 
U£.$100.09 

Listed The London Slock Exchange 


French sugar talks 

Raffineries du Sucre de Saint 
Louis and Sucreries et 
Raffineries Boucbon et Pajot said 
they are studying a possible 
merger of their activities, but 
gave no farther details. Reater 
reports from Paris. Saint Louis's 
capital is FFr 122m ($28ra) and 
Boucbon'a capital FFr 40m. 


SNECMA capital 

Sodete Nationale d 'Etude et 
de Construction de Motenrs 
deviation (SNECMA) is to 
raise its capital to FFr 411m 
from the current FFr 336m, 
AP-DJ reports from Paris. The 
company, which makes aero 
engines, will Issue 752,076 oew 
shares of FFr 100 nominal 
value at a price of FFr 133, 
eligible for dividend payment 
from January 1, 1978. Pratt 
and Whitney or the U.S. owns 
about 9 per cent of SNECMA ’s 
capital. The French Govern- 
ment owns about 84 per cent. 


(TVs tumtmneemaa appear as a matter of retard only) 



SOCIEDAD FTSANCSERA DE XARA CJL 


VS. $4,500,000 


TERM DEPOSIT FACILITY 


BANCO DE LARA C JL 
VENEZUELA 




CANADIAN AMERICAN BANK SA. 


PraUdh 


Banqae fie ITnion Earopeeae 
(Luxembourg) S A. 


Caiwfifan American Bank S A. 


Contts & Co. 


First Wisconsin National 
Bank of Milwaukee 


French banks come to Gazocean’s rescue 


OSLO, OcL 9. 

DEN NORSKE Creditbank, 
Norway’s largest commercial 
bank, reports substantially 
better results for the first eight 
months of 1978 than In the 
same period last year. Profits 
before tax and depreciation 
rose to NKr 187.1m ($37m), 
from NKr 1313m. 

The improvement partly 
reflects a rise In net interest 
income, from 2.40 per rent to 
2J>1 per cent of average capital 
employed, but is mainly due to 
exceptionally high earnings on 
foreign currency transactions 
during the period. 

A new type of savings 
account, offering favourable 
rates on long-term deposits, 
helped boost savings account 
deposits by 17.4 per cent in 
the year to end-August. 
Deposits by business and In- 
dustry rose less sharply* 
however, so that the total rise 
in deposits was only about 10 
per cent. 

In May, the Government 
announced that banks must 
gradually curb lending, so that 
loans in November and 
December would not he more 
than 9 per cent above the level 
of the year earlier. To con- 
form with this rule, the bank 
restricted its lending to all 
groups of customers, and at 
the end of June, July and 
August was within (he credit 
limits set by the authorities. 

The eight-month report 
remarks that the value of the 
bank's bearer bond hold- 
ings fell by about NKr 110m 
following the general rise in 
interest rates at the New Year. 
The portfolio now represents 


BY DAVID CURRY 

TWELVE FRENCH BANKS are 
coming to the rescue of the 
shipping group, Gazocean, which 
claims to be the world’s biggest, 
owner of vessels to carry 
liquefied petroleum gas. They are 
buying the methane carrier “ Ben 
Franklin "—with a capacity of 
120,000 cubic metres of gas— for 
FFr 412m ($98m). which is 
exactly the amount of the credits 
they are owed by Gazocean. 

The vessel has been in moth- 
balls since its launch In 1975, but 
in 1982 ft Is due to be chartered 
to Pacific Indonesian Charter to 
carry gas between Indonesia and 


PARIS, OcL 9. 


the U.S. At the expiry of this 
charter in 1994 the “Ben 
Franklin M will revert to 
Gazocean ownership. 

The deal will represent a 
capital gain' of some FFr 170m 
for Gazocean. which win be used 
to restore some equilibrium to its 
balance sheet 

At the same time, charterers 
of Gazocean vessels are being 
asked to agree to an increase in 
charges. Companies concerned 
are the Compagnie Generate 
Maritime, Ocean Gas Transport 
of the UK and Oceangas of Italy. 

Finally, ’ it is planned to 
increase the company's capital, 


but this is the vaguest part of the 
rescue plan since the share- 
holders have yet to agree on a 
course of action. 

Gazocean hit serious trouble 15 
months ago. when It had to be 
taken into judicial control. The 
Middle East war. the technical 
difficulties in bringing liquefac- 
tion plants on stream, and the 
hesitations over UE. energy 
policy were held responsible for 
its difficulties. In July 1977, the 
Moroccan Phosphates Office 
(Office Cherifien des Phosphates) 
took a minority stake, but this 
new capital proved insufficient. 

Earlier this summer, Gazocean 


ceded control of its Tcchnigaz 
engineering and design sub- 
sidiary to Amrep. 

The Moroccans are the leading 
shareholders with 25 per cent 
which, apparently, they are not 
anxious to increase. The Boudet 
family holds IS per cent, with 
smaller stakes owned by 
Chargeurs Reunis, Alsthom- 
Atlantique, Compagnie Generale 
Maritime and Paribas. 

There is no guarantee that the 
latest plan will provide a 
permanent solution to the com- 
pany's problems. According to 
the World Tanker Fleet Review 
published in London by John L 


Jacobs, the world liquefied 
narural gas flee! will almost 
double by 19S2 with the launch 
of 27 methane carriers with a 
3.4m cubic metre capacity. By 
the end of the decade capacity to 
carry liquefied petroleum gas will 
rise by 50 per cenL with 30 ships 
of a 2m cubic metre capacity to 
be launched. 

Last June, according to this 
survey, 13 methane carriers were 
already laid up representing a 
third of carrying capacity, as 
were 10 petroleum gas carriers 
representing some 500.000 cubic 
metres out of a world capacity of 
4m cubic metres. 


EUROPEAN SHIPBUILDERS 


London interstate Bank Limited 


Roy West Banking Corporation 
limited . 


I CANADIAN AMERICAN BANKSA.J 


A t I, ~j h MUiiiaasm Miaui. mw s* *ns«.«x«r 


Leaning on the fishing industry 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


THE LATEST set of shipbuild- 
ing market forecasts from the 
Association of West European 
Shipbuilders will not raise (he 
spirits of the world’s ship- 
builders. 

The association has revised 
downwards— by about 3 per cent 
—its previous expectations of 
global shipbuilding requirements 
in the period to 1985 and the 
blunt implication from the 
figures is that the industry faces 
a halving of its workforce in the 
next couple of years. 

It is impossible to be precise, 
of course, because apart from the 
uncertainties of predicting levels 
of trade — where the association 
depends upon standard OECD 
forecasts— there are uncertain- 
ties about the extent to which 
Governments will go on buying 
work for their yards by sub- 
sidising prices. 

This is the reason why the 
association speaks of ship 
requirement rather than demand. 
Requirement represents the level 
of demand if shipowners only 
buy exactly the ships required 
to move the world’s goods, but 
of course no market works like 
that. 

But in spite of the limitations 
of any set of forecasts In an 
industry characterised by the 


largesse of .governments in pre- 
serving shipbuilders' jobs and 
the entrepreneurial zeal of ship- 
owners determined to exploit 
slump conditions by making 
bargain buys, the AWES figures 
contain some interesting trends. 

Apart from predicting the 
halving of requirement between 
1976 and 1980. as the graph 
shows, there are also important 
changes of balance within this 
depleted order book. 

The most remarkable is that 
in the 1978-85 period, non-cargo 
carrying vessels — such as 
trawlers and floating fish 
factories — are expected to 
account for almost one third of 
the industry's total output— 31m 
gross compensated tons out of a 
total of 110m cgrL (Compen- 
sated tons are an internationally 
agreed measure of the labour 
content of ships rather than a 
straightforward indication of 
size.) . 

This class -of non-cargo carry- 
ing ship, js;normally regarded, an 
afterthought in the world order- 
book, but because of the severe 
overcapacity in oil tanker and 
bulk carrier fleets, it has taken 
on a new importance. In the 
review period, tankers and bulk 
carriers together will account fnr. 


WORLD SHIPBUOIN6 
Tonslm) REQUIREMENTS 


I EproiKtedad^alrAatfiroDHrinr 


k**-GRT 


20MBP 


GRT * Gross regbttred tons ] | 

CGRT^CRT CoayttignBl to reWtci lOamr 
COlHCTt K GOBUaClS I I 
n i ' i i i i 1 I 1 
1977 '79 '61 ’83 '85 


Although general and 
specialised cargo ships 
will still represent 40 per 
cent of the output, the 
roost remarkable shift in 
the balance of demand lies 
with non-cargo carrying 
vessels, which at 31m 
gross compensated tons 
are expected to account 
for almost one-third of the 
shipyard output during 
the period 1978 to 1985. 


only 24m egrt 

The other ship type which will 
continue to be in demand. AWES 
believes, is the general and 
specialised cargo ship, for which 
a requirement of 46m egrt is fore- 
seen. 

This is the market for which 
the world's shipyards are now 
rather desperately preparing 
themselves. 


Within Europe, although the 
EEC’s efforts at a central re- 
structuring strategy have col- 
lapsed, most national govern- 
ments have made some progress 
in reducing their shipyard 
capacity. 

The Swedish Parliament has a 
plan before it to almost halve 
ihe industry's 20.000 workforce: 
Spain expect* a 40 per cent re- 


duction in the next four years, 
the Dutch are battling with trade 
unions to rationalise the RSV 
group and the Norwegian Govern- 
ment has decided to cut most of 
its subsidy lines to its ship- 
builders. 

Countries with smaller ship- 
building interests, such as Bel- 
gium and Denmark, seem Likely 
to go on resisting severe cuts. 
In Britain, the one-year-old 
nationalised corporation British 
Shipbuilders, is putting the 
finishing touches to a corporate 
plan which cannot avoid a re- 
quirement for heavy redun- 
dancies. 

Meanwhile Japan, the estab- 
lished producer of around half 
the world's ships for many years, 
is processing a plan to reduce 
capacity by 35 per cent. 

Although attention will con- 
tinue to be focused, inside the 
OECD's shipbuilding working 
party and elsewhere, on this 
battle of numbers and 
redundancies, the deeper issue 
is which countries can adapt their 
industries to the changed circum- 
tances in world shipping and 
gear up to produce the more 
sophistical ed. smaller ships 
which will be in demand in the 
i-nniins vnar<? 


With new business introductions, 
who sends you is as important as who sees you, 


In international business development 
there's only one thing more important than 
getting an introduction to the right person. 

And that's bringing an introduction from the 
right person. 

Which probably explains why so many 
people from all over the world consult 
Creditanstalt when it comes to making 
important business contacts in Austria and 
Eastern Europe. 

. As the leading bank in Austria, we're 
obviously pretty well placed to advise 
you on who to meet in our own country; 
as well as having close and well-tried 
links with our Eastern neighbours, the 


Comecon countries, including an on-the-spot 
presence in Budapest 

Another valuable extra is that as an EBIC 
bank — a member of European Banks 
International — we can give our customers 
access to a sophisticated worldwide network. 

If you' re looking for ways to make your 
international activities as efficient trouble-free 
and profitable as possible, may we suggest that 
you contact Creditanstalt to find out just 
what we have to offer you? 

After all, before we can usefully 
introduce you to anyone, we'll have to 
introduce ourselves to you. 


Creditanstalt 


' August, 1978 


Creditanstalt-Bankverein, Schottengasse6, A-1 010 Vienna. 
Telephone: {0222) 6622-1221. Telex: 74793. 



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IMI RNMiOWl. FINANCIAL' AND COMPANY NEWS 


Kowloon 

Wharf 

profits 

up 49% 


fiy Our Own Correspondent 

HONG KONG, Oct. 9- 
HONGKONG and Kowloon Wharf 
and Godown Company, the diver- 
sified transport and property 
development group, increased its 
interim pre-tax profits by 49 per 
cent to HKS69.1m (U.S.S14.6m). 

The group says that the second 
half of 197S should produce 
results as good as those in the 
first half, and that net earnings 
before extraordinary items — 
which were HKS49.3m in the 
first half— should be not less than 
HKSlOOm for the year as a whole. 

All divisions showed improved 
results in the first half, giving, 
it was said, “balanced growth" 
from the office, retail and ware- 
house investment properties, and 
from the group's hotel and public 
transport interests. Work on the 
major project in Kowloon — a 
hotel, office and residential com- 
plex — is now getting under way. 

An interim dividend of 15 cents 
a share is being paid and a final 
dividend of not less than 61 cents 
is forecast 


Hong Kong construction 
group’s losses increase 


BY ANTHONY ROWLEY 


HONG KONG. OcL 9. 


HUTCH ISO N-BO AG. a property interim results, as exceptional provisions totalling 3.54m 

development, construction and losses to cover further expected to cover both anticipated ^es 
trading conglomerate, which is contract losses and operating on stock and debtors, and further 
roughly one-third owned by the expenses to be incurred in com- operating costs.” 

Hongkong and Sha n g h ai Bank- pleting the contracts. Hutchison-Boag added that, in 

5 re ' t ? x Further provisions totalling the light of “ unsatisfactory con^ 
■ S6 - 6ai > “> HKSS-2m, relating to wind-down dMons” affecting the group, the 

^ h.d decid'd to ™ dowd 

dividend (2 cents last year). “The! contracting’ division of activities, of FEEC. It was 

After making pre-tax profits the company has had a dis- also considering “the alteraa- 
of HK$2.4m in the first half of appointing first half and will not tive courses of action oP en to the 
1977. the group swung heavily contribute to profits for the year company in the light of the 
into deficit in the _ second half ending December 31, 1978,” substantial reduction in share- 

i of last year, reflecting losses in Hutchison-Boag said. "The holders’ funds that has occur ed 
a construction subsidiary. Board has reviewed the viability and the underlying profitability 
Further substantial provisions of the contracting division and of the company's remaining 
are now being made against considered it prudent to make activities.” 
these losses. 

Hutchison-Boag. whose interim 
turnover rose by about HKS12m 
to RKSI33m. made a trading loss 
of HK?936,000 in the first half, 
asainst a profit of just over 
HK$2m in the corresponding 

period of last year. TWO LISTED subsidiaries of the into the latest figures, so that the 

The group says that “ further conglomerate. Hutchison effective profit rise is 49 per cent 


Chrysler 
Australia 
accord with 
Mitsubishi 


Wah Kwong increase 

Wah Kwong Shipping and Invest- 
ment Company of Hong Kong 
had consolidated first-half net 
profits of HKS35m <U.S.$7.4mi, 
compared with HK$31m. The 
company forecast the final divi- 
den will be not less than 22 cents, 
compared with 21 cents last year, 
Reuter reports from Hong Kong. 


Gain at Anderson Asia 


BY RON RICHARDSON 


HONG KONG. OcL 9. 


unanticipated increases In labour Whampoa have reported higher The interim dividend on capital 
and material costs" became profits for the first-half of the increased by a on e-for-10- scrip 
apparent in the first half and year. Anderson Asia (Holdings), issue is 11 cents a share compared 
additional provisions bad to be u quarry operator and Teady with 8 cents last year. The 
made by the subsidiary. Far East mixed concrete supplier, reported final dividend, on the smaller 
Engineering and Construction consolidated net profit, subject capital, was 12 cents. 

(FEEC). in respect of un- to audit of HK$20.33m A. S. Watson, the retailing, 
completed contracts, in parti- (U.S.$4.3m), strongly from the trading and drink bottling group 
t-ular those for the Mass Transit HKSS.93m earned in the corres- in which Hutchison Whampoa 
Rahway Corporation and the ponding period of the previous holds a 52 per cent stake, earned 
Cho Yin Chuea housing estate, year. a 19 per cent higher consolidated 

Provisions amounting to The earlier figure excluded a net profit. of HK82.60m 
HK813m were made against profit of HK$4.68m earned by (U.S-$550,000) in the half-year 
these two contracts in the finan- Asia Stone Company, which was and has lifted its interim divi- 
cial year 1977, and additional taken over by Anderson in the dend by 2 cents to 12 cents. Last 
provisions totalling HKS27.3m second-half of last yeaT. Asia year this was followed by a final 
have been Included in the Stone’s earnings are consolidated payment of 15 cents. 


TOKYO, OcL 9. 
THE MITSUBISHI Motor Cor- 
poration has reached a basic 
agreement with Chrysler 
Australia Ltd to help Chrysler 
Australia reconstruct its busi- 
ness, Reuter reports. 

A Mitsubishi spokesman 
would not confirm a Japanese 
newspaper report in the Japa- 
nese daily newspaper, Nihon 
Kogyo SMmbtui, that Mitsu- 
bishi had decided to acquire a 
30 per cent to 35 per cent stake 
in Chrysler Australia. 

Possible ” participation by 
Mitsubishi in Chrysler Austra- 
lia’s capital will be one of the 
topics to be dismissed In the 
U.S. later this week between 
Mr. Tonxio Kubo, president of 
Mitsubishi, and the Chrysler 
Corporation, which owns 15 
per cent of Mitsubishi and 97 
per cent of Chrysler Australia. 
• Plans for Mitsubishi Motor 
to take a capital stake in 
Chrysler Australia have been 
under consideration for some 
months. 

The two companies have 
been linked through. the 15 per 
cent stake since 197L Against 
this background, marketing 
agreements have been formu- 
lated between the companies. 
Chrysler sells a large number 
of Mitsubishi cars in the Hit, 
whereas Mitsubishi Is selling 
Chrysler vehicles in Japan. 

Losses incurred by Chrysler 
Australia continued to mount 
during 1978. 



Kokan 




■ ^OKYd^bcft 


NIPPON KOKAN KK (NKK) 
has drawn i4> a plan for a 40 per 
cent reduction in its shipbuild- 
ing capacity output covering its 
three shipyards. 

The plan, an tbe basis of a 
recommendation by the Japan 
Shipbuilding Rationalisation 
Council that tiie Japanese ship- 
building industry should cut its 
overall capacity by as- -average 
35 per cent, has already been 
presented to the union, NKK 
said. .'v 

The. Rationalisation . Council 
recommendation requested seven 
major shipbuilders - Including 
NKK, to cut their capacity by 40 
per cent. Moves in line with, this 


have been made by other leading 

notified its labour ■ 
plan to lay off 
over 40 years old' for aȤ2 
2i years. ^ 


nave — 

shipbuilders- 


Th* olan calls for tbe closing 

dS* It ai’mizu Shipyard, west 
of Tokyo, the company said- 
NKK has not yet reacned : a 
decision on cuts in the workforce 
o? changes in working conditions 
connected with the plan. 

The three shipyards have 9^0 
workers, and their combined 
shipbuilding capacity totals 2.6m. 
dwt a year. 


Employees to be laid'.&r' 
sist mainly of those as&bg 
the ferro-alloy Plaots^fS 
affiliated companies. tK 
pany proposes to pay. 60 . ptfj 
of their wages and so 
of their bonuses dmine^jL- 
off period. 

A recovery in the 
ferro-alloy - market ' wiivS 
more than two years, 
to Shown. Denko, - - . ■ ™ 
Reuter- - ' * 




Record safes and profit 
from Edward L. Bateman 


BY OUR OWN CORRESPONDENT JOHANNESBURG, OcL 9, 


THE SOUTH African mechanical 
and electrical engineering com- 
pany, Edward Ii Bateman, has 
reported record turnover and 
profit figures for the iyear to 
June 30.. T u rnover rose by 
66 per cent to Rl85.4xn ($155 .6m) 
and pre-tax profit by 1ZS per cent 
to R5.3m (S6.1m). 

The managed contracts division 
has a record order book, 
accounted for by two major pro- 
jects — a new uranium, extraction 


plant and a new -diamond 
recovery plant But the directors 
foresee a slowing down in 
domestic mining plant exj »n- 
sions. The group is diversifying 
away from mining plant construc- 
tion into the food and chemical 
markets, while increasing 
emphasis is being placed on 
developing export business. 

On the capital equipment 
supply front the order book, is 
also at a record level. 




•e 


•e 


Arab Latin American Bank 



Arlabank, an international commercial v investment and 
merchant bank, is exceptionally well-placed to foster 
investment, trade and financial relations between Latin. 
America with its vast natural-resources and the Arab world 
with its substantial capital resources. 

The shareholders are drawn from the leading Arab and 


Shareholders 


ABU -DHABI INVESTMENT AUTHORITY’ 
ABU-DHABI, U.A.E. 


countries.The participation in Arlabank of these 
distinguished bodies is evidence of strong and enthusiastic 
private and government support. 

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

As the first multinational bank to be set up in Latin 
America Arlabanks international banking activities are not 
subject to government controls and restrictions there; and as 
an offshore bank and a US dollar institution it will remain 
unaffected by local currency fluctuations; Nevertheless, in 
keeping with our role as a significant arm of progress we 
have thought it right to adhere to rules 
as strict as any in the world's 
principal financial centres. And our 
banking practices are the well-proven 
conservative ones best-suited to 
fulfil our corporate objectives and 
the aims which have inspired us. 


ARAB INTERNATIONAL BANK; CAIRO, EGYPT 
BANCO ARABEESPANOL SA^ MADRID, SPAIN 
BANCO DE BOGOTA S.A, BOGOTA, COLUMBIA 
BANCO DO BRASIL S-A, RIO DEJANEIRO, BRASIL 1 
BANCO CAFETERO, BOGOTA, COLUMBIA 
BANCO DE CH ILE, SANTIAGO, CHILE 
BANCO DE COLOMBIA SjA, BOGOTA, COLUMBIA 
BANCO DE CREDITO DELPERU. LIMA, PERU 
BANCO DEL ESTADO.LAPAZ, BOLIVIA 
BANCO DEL ESTADO, SANTIAGO, CHILE 


BANQUE INTERCONTINENTALE ARABE, PARIS, 
FRANCE 


BANCO INDUSTRIAL S-A-,LA PAZ, BOLIVIA 


BANCO NACIONAL DE DESARROLLO, 
BUENOS AIRES 


BANCO DE LA NACION, LIMA, PERU 

BANCO POPULAR Y DE DESARROLLO COMUNAL, 
SAN JOSE, COSTA RICA ■ 

BANCO DE LA REPUBLTCA ORIENTAL 
DEL URUGUAY, MONTEVIDEO, URUGUAY 

COMISION DE VALORES-CORPORAaON 
FINANCIERA NACIONAL, QUITO, ECUADOR 


CORPORA CION FINANCIERA COLOMBIANA, 
BOGOTA, COLUMBIA 


CORPORACION DE FOMENTO DELAPRODUCCIOtf, 
SANTIAGO, CHILE 



EUROPEAN ARAB BANK, BRUSSELS, BELGIUM 

INSTITUTE DE DEVELOPPEMENT AGRICOLE 
ET INDUSTRIES PORT-AU-PRINCE, HAITI 

KUWAIT FOREIGN TRADING CONTRACTING 
AND INVESTMENT COMPANY SA.K„ KUWAIT 
LIBYAN ARAB FOREIGN BANK, TRIPOLI, LIBYA 


NATIONAL-COMMERCIAL BANK, JEDDAH, 
SAUDI ARABIA 


RIYAD BANK UMITED^JEDDAH, SAUDI ARABIA 


UNION DE BANQUES ARABES ET FRANCAISES, 
NEU1LLY, S/SEINE, FRANCE. 


ARLABANK 

Subscribed capital SWK) mHlion. Paid up capital $50 million. 

Arab Latin American Bank, ARLABANK Juan de Arena 830, San Isidro, P.O. Bos 10070, lima LPeru. 
Telephone: Lima 413150. . Telex: 25138PE ARLABANK 


Bankruptcies 
in Japan fell 
last month 


TOKYO, Oct. 9. 

[ JAPANESE bankruptcies in 
September fell to 1JS3 from 
1.256 in August and from 1,540 
in September last year, the 
Tokyo Commerce and Industry 
Research Company said- 
The company, whose figures 
are used by the -Bank of Japan 
for its bankruptcy statistics, 
i said that debts involved in 
SeDtPtnber rose to Y146bn 
l from Y131bn in August, 

but down from Y245bn In Sep- 
tember last year. - . - . 

Total bankruptcies in the first- 
half (April-September) of the 
1978 fiscal year fell to. 7,760 from 
9,254 in the same 1977 period, 
with total debts Involved cut to 
Y1.07 trillion (million million) 
from Y1.56 trillion. 

The decline in corporate 
bankruptcies In the first half 
year reflected a recovery in tbe 
Japanese economy resulting 
from .increased .Government 
spending- on public works, the 
company said. 

The biggest bankruptcy In tbe 
I period was Van Jacket Company, 
a clothing manufacturer, with 
debts totalling Y50bn. 

Reuter- ••• 


Strong reviyal 
for Dunlop •! 
Australia if" 


By. James. Forth 


. SYDNEY.vQjfcC 
A STRONG . recovery’ 
second-half enabled '-Da. 
Australia to keeps ife rw 
profit decline to 7^.pn« 
from ASl7-29m. 
(UAflBLBm). EandnaiW- 
first-half fell by 23-; ueri 
from A39.8m to 
13.5 per cent, from -AST.® 
A$8.48m in the secaai • 
months. •••_:. • ^ 
The dividend is redne^ 
10 cents a share to 4 cents, 
this is in line with stat^ 
made by the directois net 
when they announced a « 
return of- A$23^ra, or-2s^ 
for each ordinary shaa ; 
A$1.00 for each prtfa 
share. . . * 

Group sales rose 6.4 p^; 
for the year, from AS54S 
AS578m <U.S'^672m).^TT 
The directors- sad flat • 
second-half- . performances 
most- . encouraging. Sales-* 
resumed an upward tra*' 
stagnant market . 

Sound progress b&fr V 
achieved in all product 1 ^: 
except tyres, with resrilfi£ 
automotive and indnstriaF* 
tions improving in the its 
half, although the ytdd'onS 
ment was still below- as at 
able level. • - 

The directors 
capital return would in&k 
.end of a recon strurtioi': aft 
-in 1972 r and signalled the : 
a new growth phase. Bbuloj 
geared and prepared: foe-""' 
.term growth, the directors.- 
Provided there was Wolfit 
deterioration in the: 'ear 
they expected increase^ j 
substantially improved 'Biur 
a share, and gearing. 
but acceptable leveL&f^ 
current year. ~ 

The profits for thela^. - 
equalled 1R-2 cents a s&insr- 
pared with 19.7 cents M l® 
Dunlop Holdings has s’®, 
cent- in Dunlop Australia^ 


Record Profits 

Turnover- up 63/. 
Pre-tax Profits-upIST^ 


£55.0m 


£5 An 


£21 .1m 


£33.7m 

■I 


£1.8nv 


£1.0m 


I 


1976 1977 

TURNOVER 


1978 


1976 1977 1978 

PRE-TAX PROFITS ' 




;jl| 


*110 


“Excellent record profits reflect our continuing and s 
growing advance in profitability . . . the Board wiff 
take the earliest available opportunity to increase . ? 
dividend payments . . : on the basis of current trading 
continuing, very successful results again next 
year..." 


Chairman 



The 197B Report and Accounts are ' 
obtainable from the Company 
Secretary, MH Furniture Centres Ltd, 
New Stadium Works, North End Road, : 
hr RmRur« cmiroa l&l Wembley HA9 0AY 


Boating Rate London-DoHar Negotiable 
Certificates of Deposit due October 13th; IS® 


The Industrial Baail 
of Japan, Limited ? 
London 



O i 


in accordance with -the provisions of the Certificates^ 
notice is hereby given that for the initial six months 
interest period from October 1 0th. 1 978 to April 10th. 
1979, the Certificates will carry an Interest Rate of _ 

T Ot%- ,-o per annum. The relevant interest pay ment date - 
wi.IlbeApril 10tfv1979.- ' . 


Credit Suisse First Boston limited 
Agent Bank' 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LD- Tel: 01-283 119 
Indoe Goide as at September 26, 1978 (Base 100 

Clive. Fixed Interest Capital ..129-7A •- 

Clive Fbced~ Interest Income- - 114-31 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTJ 

45 Corn bill. London EC3V 8PB. Tel: 01-623 631^ 

'Index Guide as at October 5. 1978 ' . - 

Capital Fixed Interest Portfolio .. 

Income Fixed Interest Portfolio H^- 00 ^ 










Financial .Times Tuesday October 10 1978 


y, Money and Gold Markets 



s '* -IZ'-.. ' 
K*’* r -:_-Z "'y. 


tsn 

F «» 

Us*. 

t £ 


3S 

c 


| Dollar steadies 
in quiet trading 


j THE POUND SPOT i FORWARD AGAINST £ 


n 


' ■ ;..V : .;'a Trading in yesterday's foreign 
"*• - :.* j* ^change market was generally 
_ a . v ery low level. Conditions 

'■ : ^ T: - *• ®mained subdued with- the 

!f! .- 'oaare of US. . centres Tor 

.--s. -.t 'volumbus i Day and the Canadian 
-V Zm -z.£ : -£*A„* ar Thanksgiving Day. 
' >."!>' nc dollar traded within a very 

*: f •> V" v I T?J V „ ran se and showed a 
1 *' ^“Shlly firmer tendency towards 
• r: -: cl ose although there did not 

i,.--. k °, b0 “S' significant 

- entral bank intervention. Against 
.' * - - . S< - v Swiss f f“c the. U.S. currency 
■•••, as quoted at SwFr L5850 com- 
: ared with SwFr 1.58B0 on Friday 

__ ™* e the West German mark 

cakened sfiehUy to DM 1JKH0 

, ^ om DM 1^025. Other curren- 

' \$rf Xt . 105 showed little change although 
■* * * UnO r, I ere appeared to be an easing 
}' pressure on the weaker racm- 

t Of i 1 ors °f the European snake. 

A , Sterling traded very quietly 

dStr^il ilWn a day's range of onlv 
« dlJjl.nSOO-l.OSSa after opening a*t 

- * - 1 .9825-1.9335 and closing at 

■ ’“-"j LOSOO-1.9810, a loss of just 10 


Sj:- 



1977 


1978 




»•», ■ 


lints from Friday's close. Using 
ank of England figures, the 
wind's trade weighted index was 
ichanged at G2.7, having stood 
• 02.6 at noon and in early deal- 
gs. 

■ Forward sterling showed little 
. ovement with the three-month 

scount against the dollar 
trrowing slightly to 1.53c from 
5Sc and the 12- month rate 
ioted at 5.75c compared with 
50c on Friday. There was little 
action to the Ford manage- 
ment's announcement that it 
: tends to negotiate freely with 
e unions In possible contraven- 
3n of the Government’s 5 per 
nt wage guide lines. 

■ FRANKFURT— The U.S. dollar 
as fixed at DML0022 compared 


with DM1.9044 on Friday. Trading 
was quiet in the light ot the 
public holiday in the U.S. and 
there was little In the way of 
fresh news Ip influence the 
market. The Bundesbank was 
reported to have bought over 
Sim at the UxioR, a very ^naU 
amount, reflecting the subdued 

conditions. Against ' 22 other 
currencies the Bundesbank trade 
weighted mark revaluation index 
eased to 150.7 from 15QA Up 4.3 
per cent. from the beginning or 
the year. .Near the close of 
trading, the dollar was quoted at 
DM1-9U35, slightly . above its 
earlier levels. 

After tbe heavy pressure 
exerted on Friday, tbe weaker 
members of the European snake 
were trading above their floor 
levels, although there was little 
to suggest that future pressure 
would not be maintained as long 
as the feeling remains that the 
D-mark would be revalued in a 
new European monetary .system. 

MILAN — In very light trading 
the dollar was fixed at LS20.05 
against LS2L05 previously. The 
Swiss franc was slightly, higher 
at L516.7G while the D-mark 
showed little change at L43L06 
against Friday’s IA31M. 

PARIS— At the fixing the dollar 
eased somewhat to 'FFr 4J2907J 
from FFr 4-2070 on Friday while 
the West German . mark was 
firmer against the franc at 
FFr . 22554 compared with 
FFr 22017 previously. 

ZURICH— In early trading the 
dollar moved within-, a very 
narrow range in very subdued 
conditions. The closure yesterday 
of U.S., centres for a public 
holiday kept activity .at a 
minimum and the dollar' was 
trading at SwFr 1.5857}, slightly 
down from its opening ■ level of 
SwFr 1.5875 while firmer in terms 
of the D-mark - at DU L9010 
against DU L8950. 

TOKYO — The dollar was quoted 
at Y 187 .975 against the yen, 
sfightly up from Friday's close of 
Y187.S5 but sharply down from 
its opening level of Y189.0. The 
U.S. currency's Initial firmness 
reflected, its rise in New York 
although its opening level 
attracted little buying Interest 
and the rate soon began to fall. 
As a result, trading was generally 
slow with spot turnover atg322m. 
and a very low total for combined 
forward and swap trading, of 
*2S6m- 

AMSTERDAM— The dollar was 
fixed at FI 2.0605 compared with 
FI 2.0695 on Friday. 


3 


[Sank 

ruin Day 'a 

% spread 


Cloeo 


i 

i fa 


U..1. Ji 

Unuailian f 
Uuiklvr 
Urixtax] p. 

Danish K. 

D-Mark 

Pun. ht-.-. 

?|nn. p». 

Lira , 

K. J f , 

Frraieti >r. | di s [ 

-vrwllsh 8 1 
Yen 

Aiutna befa 

-vim Vr. 


B -l.i8DOl.S835 
Hr2.i5aj-2.iaro 
51*1 4.0M.1U 
[ te.JMB.55 
| 10.41-10.45 
a.;6*.j.7rj 
1 89.03- 0 W 
. .140.75-140 Bfa 
10*81 i.wii-J.u.fl* 

' awi 10.004 

_. B-48i-8J>3 
6>8l 8.B4-B.871 
5»ti 370478 
41=' 27.25. 27.40 
1 I 5.154.15a 


-tBOQ-l.sBIO 
44340-4.3550 
4.118 a -4.09A 
te.40-5B.50 
I0.45J • 10.441 

B.J7-S.7B 
89,1043.88 
140.85.K0 86 
l.iM-i.B.b 
8.89 10 M 
8.60; B.6U 
8. SB 18. 57; 

87S 6i6 
27.5047.40 
5. 15al-S. I4a7 


BclRlan raic is tor convertible francs, 
ricioda! (rone 62.704240, 


One nontb | $ ps. |Dim>iunutht| * pi. 


u.67-u.47i-.imi 

S.I6 il.88-l.48c.uin 

5.03 

D.70 0.«0c.|im 

3.54 

4.08- USi'.uni 

5.45 

■B 1 "b v. ills 

—4 .05 

H4-I4 »Maii 

0.75 

15 30 o.i 11 a 

— 444 

16 i-.|iin-[«r 

0.80 

i'(-5i(uredh" 

—2.89 

Si-S; im-itw 

-2.7B 

55b lM full 

9.14 

la- i« ril wn 1 

9.14 

H 150 t- ill- 

-13.43200 480 c. On- 

-14.88 

95-125 eM* 

-fi.M 

120-228 c. dtp 

-4.88 

54- W itvHia 

-542 

11.15 -iredu 

—2.98 

U-J* ureitw 


j-7 .iTDlI)* 

-2.40 

ISj c.pni 

5.17 

7;-6i f- pm 

-5.17 

J;-l4nri* pin 

3.4S 174-54 rev pm 

5.00 

3.25 S.OOsiuii 

ID.D3- 

I.1&B.U.VI4D 

9.63 

17-7 am |jii 

t>JU 

40 50 am pm 

5.12 

55* -25) C-vxn 

12.41 

ere pm 

1245 


Six-flaooUi forward dollar 3.^3. 15c pm, 
12-moutli S40-d,;oc pm. 


the dollar spot 


October y 

Canad’nO* ' 
Cniid^r 
Belauui Kr 
Danish Kr 
D-Mark 
Port. Esc 
Lira 

Nrwcn. Kr 
Krvnch j-r 

Swedish Kr 

Yen 

Austria Scb 
Swiss Kr 

* U.S. 


Du'S 

spread 


Close 


M. 8144,90 M4U0S4 

2.058 M4560 2.04XWJM5 

29.0.3041 29.9B.30J1 

SJSSSJSTS 5JtSB5M7S 

1J98M.9M5 1.903M.9845 

45.05-45 JS 45.1M5J0 

azV.7B42a.7S 8U.7B42UM 

SJMO-SUWS 5.B43544HHS 

OJ8M4J970 4J94MJ9TD 

0JWMJ755 4J74MJIS5 

Z M .M K 18BJ0 1B8.48-1S8.M 

U-n-ISXt 13JM£f& 

U927-U875 U8U-ZJ87S 

cciitn per Canadian x 


FORWARD AGAINST $ 


W 

Om month p.a. Three moMbs p.a. 
HT4J.B2C pin "D J3“ KWfljnc pm 0.23 
1 J5Oj40c dis -7J72 US-lJBc dls -257 
XWlc dks -M3 ivncdis -2.45 
258-2_B0orc dls -541 740-7.70nra dls -5 M 
1.044.99(4 pm 5.72 2.M-2-93pf pm M3 
35-UOc die -2857 130500c dis -Z7.WL 
i.7554SI(red(s -659 U^U5Und(c -600 
2jBB2.98ereiils -650 ?58-TJ9arc dU -S.99 
0J7-0 52c pm M0 0494 JOC pm 055 
OJSJOSoro pm 0.« D554U5orc pm 041 
U3aJ3ypm 646 355-345* pm 655 
448-3 JOpro pat 9M *5MJft3nt pm 250 
150- 155c pm 8.77 3.7U.66cpm 947 


CURRENCY RATES [CURRENCY MOVEMENTS 


October 9 

special 
Drawl ng 
Rfghu 

Europe a p 
Unit of 
Account 

October 9 

Bank of Maroon 
England Guaranty 
Index changes % 

Stertfec . . 

.. Uaavallable 9473KB 

St er line 62.85 

Unavailable 

U.S. dollar 



U4. dollar .. 

.. 83.20 

|a 

Canadian dollar ... 



Canadian dollar ... 

.. 79.45 

„ 

Austrian acbilbnc 


184005 

Austrian scMlUns 

„. 143.71 

M 

BcleLuj frenc 


34.9524 

Bel&lan franc 


Bt 

Danish krone 


7420} 

Danish krone 

.. U6 M 

B| 

Deutsehc Mark . 


243584 

Dcutscho Mark 14848 

ai 

Guilder 


2.74BM 

Swiss franc ....... 

.. 2H.90 


French franc 


5.72216 

Guilder 

.. 122. 0B 

|a 

Lira 


1043.(0 

French franc 

_ 94 JM 


Yen 


250.434- 

Lira 

.. 55.71 

M 

Xorwecian krone 


6.71458 

Yen 1SJ43 

no 

Prsela 


444425 

Based on trado welsbied cbanccs (ram 

Swedish krona . .. 


542821 

WaahinotoD agreement December. 107| 

Swtea franc 

■# 

20X4*7 

iBank Of England 

Indi2x=i00). 


OTHER MARKETS 


OcL. 9 


A'ceauua Peso .... 

Ain* mini Dulla> ... 

i-intaOii Markka ... 

Unuil UtUBCim 

Ureeae UrticDmi 
Hung Knas Dollar 

1 1 an Uul 

Kuwni Dinar (hi D> 


HbB BBh« 71.00 
lU 615-0.8c SO 
4.0085^4.0045 
lb.s3-AU.43 
55.88 56.40 
[4 .'(380-4.7: 7«J 
70.45-70.66 
|O.a719S-O.27Z0S| 
29.99 3O.0Z 
jd.k52O-<,^570 
lo.ee 80^3^4 25 
3.5285 3.5 305 
t.cQbO-t.ZOOO 

Wh Amwin Kami jl.70B7-l.7348 |0.B628 0.87 60 


1.721-1.726 
1.7065 1.71351 
7.v2i s 7.93lc 
a iij 38>( 
71.064 1 2.084| 
Sf.o6i2-9.a8i2 
136-142 
0.5334i.a43 


Luxembourg Franrj 59.40-59.60 
Mala vain UmIIhi .... | 4.«4*i-H.46i( 
NewZoiton.1 Dollai 1.8a79-l-tK69i 
■ u-li A is bin Kiyqi I n.a-t-6.64 I 
■iinaanure Llnllai... j 4.3575 ,4.o726 


Aiuiru ...... 

dt-U!IUtll 

Denmark 

r in nee 

Sermnny..... 

Itiiiy 

lapan .......... 

■Set lie ria nrti 

Anpiiv 

Kntlujni 

3)aln„ 

wliierainii . 
llnlwd m»Ip- 
Yiiguliira .. 


£ 

NmpKiIe 


27.0- 28.0 
&c.2Jk63^0 
10.h0-10.50 

8.45-8.55 
3.72-3.82 
1590-1640 
371-381 
4.05^4.16 
9433-10.03 
9 a. 10* 
1421:-147>2 
3.1041.20 
1.98 -14»9 

40.0- 42.0 


Kate Etven for ArgenUna Is free rate. 


XCHANGE CROSS RATES 


■JSSS 


ftu: 

ird 


URO-CURRENCY INTEREST RATES 




The fniiowine nominal rales wore quoted for London dollar certificates of deposit: one month 9.05-9.15 par cent! three months 9.55-9.53 per cent: six months 9.80-940 

„r cent: one year 9.80-940 per cunt. _ 

Lons-ierm Eurodollar deposits: Two years 8 ; io-Wia per cent: three years Sfw-Wus per cent; four years 97ib-9v» per cent: five yean 9»i6-99ifi per cent nominal closing 
■tes. Short term rates arc call for HerUm, U3. dollars and Canadian dollars, two day call for xnUdcra and Swiss francs. Aslan rates for closing rates in Singapore. 


a'jj 


^ITERNATIONAL MONEY MARKET 

Paris call money rate cut 


An abundant supply ot funds 
fished day-to-day money below 
^ per cent in the Paris money 
arket yesterday. It fell to Gi 
?r cent, the lowest level for 33 
onths, after trading at 7 per 
■nt throughout last week. 
Intervention by state-owned 
stitutions prevented the rate 
om falling recently, but It now 
3 pears that the authorities are 
repared to accept a lower rale 
ir call money. There are no 
gns that the centra} bank 
.scount rate is likely to be 
■wered in the near future how* 
'er. This has stood at 9} per 
•nt since the end of August last 

During the last week other 
arket rales have tended to 
>idine. with one-month quoted at 
.; per cent, compared with 71-7} 
>r cent on the previous Monday; 
iree-month at 71-71 per cent, 
impared with TiWA per cent; 


and six-month at 7}-7J per cent 
against 7^3-8* per cent 

AMSTERDAM— Call money was 
slightly easier, declining to 15-19 
per cent from 17-20 per cent, but 
other money market rates were 
firmer. One-month rose to 15-17 
per cent from 14-16 per cent; 
three-month to 12-13 per cent 
from 11 1 -121 per cent; and six- 
month to 10-10 J per cent from 
91-10 per cent. 

FRANKFURT — Call money 
eased slightly to 3.40-3.50 per 
cent from 5.45-350 per cent; and 
one-month to 3^0*3.60 per cent 
from &55-3.60 per cent. Longer 
periods were firmer however, with 
three-month rising to 4.00-4.10 per 
cent from 3.95-4.00 per cent; six- 
montb to 4.1Q-4J20 per cent from 
3.80-4.00 per cent; and 12-month 
to 420-L30 per cent from 4.10- 
4.20 per cent. 

BRUSSELS— Call money was 
firmer at 7-8 per cent, compared 


with 6j-7J per cert on Friday, 
while other rates were unchanged 
at 75*78 per cent for one-month; 
78-SJ per cent for three-month; 
and 8 f per cent for six-month and 
12 -month. 

SINGAPORE — Several banks 
havo raised their prime rates 
following similar moves made by 
other banks at the beginning of 
last week. This week's increase 
was generally by i per cent to 
7J per cent, in common with the 
previous week, although Bankers 
Trust lifted its prime rate by J 
per cent to 75 per cent; Inter- 
national Bank of Singapore by 
i per cent to 71 per cent; and 
Marine Midland Bank by } per 
cent to 72 per cent. 

HONG KONG— Conditions in 
the money market were easy, with 
call money commanding 8 per 
cent, and overnight dealt at 6 per 
cent 


JK MONEY MARKET 


GOLD 

Weaker 
tendency 

Gold traded quietly for most of 
the day and closed gli an ounce 
down at 32211-2221. The slightly 
weaker trend was mainly a result 
of a slightly firmer dollar and in 
very thin conditions, the small 
amount of gelling that developed 
pushed down the rate. The metal 
was fixed at 8222.45 in the morn- 
ing after opening at $222j-223g. 
The afternoon fixing was un 
changed from the morning. 

In Paris the 12i kilo bar was 
fixed at FFr 30,550 per kilo 
(S22L45 per ounce) compared 
with FFr 30,350 (8220.04) in the 
morning and FFr 30,500 (822025) 
on Friday afternoon. 


■fc- * - . ‘ 


Small assistance 


- 1 i 


) . i Bank of England Minim tun 

Lending Rate 10 per cent 
. , • (since June 8, 1978) 

• j • . i. Day-to-day credit was in 
i* ightiy short supply in tne 

v; ondon monev market yesterday, 
:>Z 3d the authorities gave assist- 
nee by buying a .small amount of 
Z ~ reasury bills from the discount 

ZP ^ l£ ouses. Payment of the rate 
^ S i p port grant contributed to a 

zeable excess of Government d 18- 

^ ursements over revenue pay- 

.ONDON MONEY RATES 


roents to the Exchequer, but on 
the other band the houses chose 
to take-up a sizeable number of 
Treasury bills, yesterday, and 
banks brought forward run-down 
balances from Friday. 

' Discount houses paid SJ-SJ per 
cent for secured call loans in the 
morning, and dosing balances 
were taken at 7-7} per cent 
In the interbank market over- 
night loans opened at 8j-Si P® 
cent and rose to 8J-9 per cent. 


before easing to SLSf per cent. 

Rates remained around that level 
until mid-afternoon, and then fell 
to 6-7 per cenl, before rising to 
S-Si per cent, and closing at -7-71 
per cent. 

Fixed period interest rales 
were generally firmer, with the 

three-month interbank rate r 

to 101-10} per cent from OS-lOA 
per cent. 

Rates in the table below are 
nominal in some cases. 


Oct-B 

1978 

ritarlinc 
Certificate 
of deposit. 

Interbank 

Local 
Aulburtty 
depoafta .. 

Local A nth. 
negotiable 
bmda 

Fbtuto 
Boune 
Dep oaifa 

c«npany 

Depoatu 

Diseounb 

market 

dopoait 

Treaanry 

BUtnt 

EtdeQte 

Bank 

BlILa* 

RneTredr 

Bifle* 

u. — — — 

rernigbt- I — 

da.N"s notm<L-l "■ 

1 ay« or 1 “ 

nottw.-j “ , 

no' month....' 
w mnDths...} voa-s-t, 
ireonvmtiJM 10)8-10 ^ 

^ mcatiw....! xojt iuiff 
Ine inoBttw- lO'J-te « 
ne year I 103»-1G,* 

6-9 

BSS-87J 

9 ‘9-« itf • 

868 - 5 ^ • 
IQiglu4 
lusi) io;i 
id; iwji 
lClflOia 

679 

‘ 9 

9-91(1 

B5«-9fg 

ID 1058 

IOI 4 U >2 

5«s-97» 

BSs-IO 

98a 10 
101 b lOlz 
lo ia -10 7 h 

lo iy i07a 

9ifl 

95* 

101* 

. 101s 

HU 

9 

9U 

9U 

1053 

z 

7-654 

fiBfrflTa 

85g-B 

959'9,V 

69, t 

BU-n,*.: 

faW-faid 

9U-Bfi 

9S-U7a 

IQie 

iou 

111# 

iou 

luu 


. - Local aoihorlty and finara tonsa^ven ootijre, offlert^swn ^ lS ’ M2 j Mf ccnL 9 bU | rales U bfe 

■ics nmninjUs ihrce scars 1L-12 bank bills BiSw-UU iwr «m; foor-nionib iradc bills 10* per «sou 

■c ^bonw raea to ;»n«nc f Miw. mo-tw rate ^orroaMB^a^ wus^» WWX]0Wh n , K]A per ceni; rbr« month 
... Approrimaie sellmc raic a ior ww-mmih Treaty arflifipw ^ per cm . _ !wlHBOa |^ siSxx-STi* per «ni: and 
^ * 7SZ-9SI6 p° r «*nt. Awra^ate^u^we tor twtHnnmb^ fll; per cem; and also ihiwmonlb 10 ncr oenr. ‘ 

' iree-month KSays: per nut. OWMft tnOe ibOtt iN iwr cml , m _ Ctearnw Bwfc 

. Finance Hone tetMo Bank BnsRatn for lendlnx lfl vet orflL Timww 

icnHlt Roms- <for small somjKKvar days* noucsj b. 7 ner cem. hm™ 
ills: Avwraw leadec rates ot dtecwuit B.H5L 


HOHEY RATES 

NEW YORK 

Prune Rato ........... 

ygS Foods 

Treasury BUta'(7£week> 
Treasury Bills c^weeki 

GERMANY 

UvermRbi - 

Ovvmlnbr 

'One monib 

Three monihs 

Six monihs ..... 

FRANCE 

Uucquiii . Rate 

OTernliibi 

One nionth 

Three months 

Six months 


JAPAN 

bl'WQUM 


bKcounr Bate 

can (Uqtwrdmonan 

r Blits Discount Bate 


4.15 

8475 

84* 

8 M 


J.C 

345 

345 

445 

4J5 


14 

6475 

7.125 

73125 

74X25 


34 

4JTS 

4425 


World Value of the Poun 



The table below gives tbe 
latest available rales of exchange 
for tbe potind against various 
currencies on October 9, 1978. 
In some cases rates are nominal. 
Market rates are tbe average of 
buying and soiling rates except 
where they are shown to be 
otherwise- In some cases market 
rules have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in tbe UK and most 
of the countries listed is officially 
controlled and tbe rates sbown 
should not be taken as being 
applicable lo any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (5) member of 


the sterling area other than 
Scheduled Temiories; (k) 
Scheduled Territory; (o> official 
rate; (F) free rate; (T) tourist 
rate; (n.c.) nun-commercial rate: 
(iu.) not available; (A) approxi- 
mate rale no direct quotation 
available; fsg) selling rale; (be) 
buying rate; (nom.j nominal; 
(cxC) exchange certificate rale; 


(P) based on U S. dollar panties 
and going sterling dollar rale; 
(Bk) bankers' rale: (Bas) basic 
rate; (cm) commercial rate; 
(on) convertible rate; (fn) 
financial rate. 

Sharp fluctuationx have been 
seen lately in the foreign 
exchange market. Rales in <hc 
table below are no< in all cases 
closing rales on the dates shown. 


- , — . Value of 

Place and tore! unit £ Sterling 


AJgtam 7».M 

Albania lA* 10-082 

Algeria... Bl» r . . 7.B5? 

• French. * tone b.mj, 

A Mann........ ,5pan»Ul*ei*to. 140.90 

Angola Kwana nj*. 

Antigna <:*>.»&• Caribbean $ 6.S52 

Argentina Ar. Pew Fire Ua, t.72i 

AurtralisiS). AuatnliauS ; 1.7100 

Aunirta acfailliiV i 27.35 

\tnr* rintUR. Escudo : 89.35 

Bahamaa 1 8) Ba. Dollar USDS 

HanKludcrhpjjTata 28.42(«;1 

ualindn (S)... Dinar 0.7*4 

!-»«*■ Sp*- I" 1 **'* 140.30 

BariaUo? fti).. BurUdo- frtt • g.gei 

“w™ ^ ! ;,™s» 

Uoiiif SS. „ S-9B1 

Uetnu C.F~\. rnine 425sa 

Uermu(1al3>» Aifa- 8 , 1.3305 

Bhutan Ifliltan >!>i|iee I5.fl7(sgl 

Bolivia iWleton Pw« 59.81 

BotawanaiSi^ iMl* 1 1 .B40 17 

Bra HI Ciuzrtro ; ; j 2B.00 

HrVlruuiUpi) UA 6 ; 148K 

Bnitwi fSi.™ Brunei 8 j 456.50 

Bulgaria let j 1.7200 

Burma Kyat j 15.22 3 

Burundi ....... Burundi Tsaac j 177.888 

Cameron KpU-F-A. Franc 4253a 

Canada Canadians 1 2.5845 

Canary Isle-. Spa n i sh IWia [ 140.90 


Cape Verdi 1. 
Cayman ls{S) 
l'«nu Ar.ltp.. 
CLad 

Chile 

China 

.'uliimhla.... 
Comoro- 1 It. 
CuuuotB'lle 
oonu Kk-a M 

Cuha 

■Jvprut ie>)„ 


Capa V Ltcudo 
Urn*. I. 6 
C.t'.A. Franc 
L'.F.A. Fiatit- 
C. Few 

Eanminhi Yuan 
C. Feat. 

Cy.L Fianc 

C-F..V. Franc 

Colon 

L'ubaii Prvj 
Cyprus L 


Oct. 9 

Fuunrt ateriina 

I'.v. Do'tor 

Deubehellat-k 

Japanese Yen 

French Krancj dwiaa Krone 

Dutch Uul'iter 

tUliun Lira 

Utruila DuUa 

B*i<i-tn K. *1 0 


1 . 

1^81 

3.775 

374.0 

8 .SOB 

3.143 

4.090 

1625. 

2.336 

59.45 

i. Dollar 

0.505 

I. 

1.906 - 

188.8. ' 

4.k96 

1.587 

2.065 

820.2 

1.179 

30.02 


0.865 

0.585 

1 . 

99.07 • 

V 2-8E9 

0.832 

1.083 

430.3 

0.r18 

15.75 

uw Yen I.OCO 

2.674 

5.285 

10.09 

1000 . . 

-.22.75 

9.402 

10.94 

4344. 

6.242 

1S9.0 


1.175 

2.328 j. 

4.437 ; 

439.6- 

1 to. 

3.694 

4.808 

1909. 

2.744 

69.88 

■- Franc 

0.318 

0.630 

1.201 

119.0 

1 2.707 

1 . 

14102 

51631 

0.743 

18.92 

-ch Guilder 

0.244 

0.484 

0.923 

91.44 •> 

2.080 

0.768 

1 . 

397.2 

0.571 

14.54 

tto Lira (.000 

0.616 

1.219 

2.324 

• 250.2-.- 

BJ267 

1.634 

8.518 • 

1000 . 

1.437 

36.60 


0.428 

0.848 

. 1.617 

16fli 

5.644 

1.346 

1.752 

695.9 

1 . 

25.47 

•_.| 1 n FrniH- lf» 

1.682 

3.331 

8.350 

6*9.1 

14.31 

• 6.286 

6 .Bt>o 

3733. 

3^27 

100 . 



w 0.-t. 9 

SieHim; 

U.S. Dnllar 

Canadian - 
Dollar 

Do tcii Guilder 

Swiss Franc 

West Gorman 
Mark 

French Franc 

Italian Un 

Asian S 

Japanese Yen 

iitrt term 

* day'* notii-c 

■nth 

rec munLba... 

t niuuthe. 

•e year. 

82*914 

10>E 11 

12 J2I* 
121* 13 

IdSe 13 J* 
13, u -13 r* 

as* 9 
• 8»a9la 

faw-9fJ 

97fl-lUJfl 

9 ii lOy-w- 

8>*-9l« 

ai 4 -9U 

BJ«-9i a 

9ft # A 

23-25 

20-22 

15 16 
103«- 115* 
9I4-10I* 
8 I 4 . 9 J 4 

n 

§>» 

nS0-37 B 

aSf-T, 

338 37g 

3ii * a * 
3»4-3T S 

6»*-7 

71* 7i a 

9U »ir 
95flk7a 
ai'MOft 
lulg U 30 

10-17 

15 18 
ls-J.6 

149 ( 153a 
id l s - 1 Bis 

14 15 

gie s.k 

9i a -9i4 
* ;* »!.• 

Igrlr 

Id'kOii 

?r* 5ft 

Iff l-} 

f >v 3ft 
3,V3ft 

3ft 3Ji 

3 Vi *4 



tk'l.fl 

tfc-l. 6 

Vnid Bun urn (a tin* 
ounce) 

June..... 

S8!l*4r!; 

5=225425’ 

openin'.: 

UomUia UxlUK. 

Aj'leraoon Hxinj.... 

9*281-26# ’B2ZW26J 
il 22.45 ScIS-M 

r £112 2 flli (£112.727 
*2£2 45 ,SJ2S.l ■ 

(£112.156 '(£1 12.5911 

■ inmcflirnll.v 

K r uuerraml ...V. 

■Yew Soverelpne-... 

Did Sovoreuirw.M... 

S228-’3I S25Q-S52 

(£11% 1% ■.£118-117) 
ifaZi-ea; .St%-i% 
£ 6 U-ftiii |(£»^- 6 : 4 . 

i£tl c 2 j ;i£61-42, 

inLernaLfeuaUv 1 — 

Kiuccrrand..- !*IM 2 fT 

I'EllSAl 

Yew Soi'ereUrea,^..'fit 0 .i 4 li 
. l‘ITi Oq- I 41 

Dirt Soverelpn^. !fifa1*j 5, 

:£tf -2 

520 S 

f238^SU 
(£115-3-1 Ifaj 

S BlLb2 
i£M J-i 1 i - 

Sfili-Wi 

(£SU2i 

&HS-5U9 

Sb Kanrle SI 17,11! 

S 107-1 12 

J 



CzechmloraK Koruna 

Denmark Danish Krone 

Uiihoutl Fr. 

Uomlnica (S) B. Caribbean S 
Uunun. Bep_ DonJlmnan 


89.55 
1.6504 
4257fi 
425SB 
(BIei 85.75 

5.5440 
1 F» 78.74 
42B5a 
42850 

17.052 

1.4658 
. 0.7090 

<1 (cninilD.80 
; UW10.4S 
1. 1T1 17.80 
10.455* 
5284 
8.582 
1.9805 


Place and Local Unit 


Value of 
£ Sterling 


Ecuador auviv 

Key w E^yi-tuu £ 

KllikiplB ...... Klln-oitou llirt 

Eg VI Uuinea Fneia 

Falkland Is. . Falk;anit Uml 

bam la. Ltatiish Krone 

Fiji Is fijt S 

Fin land Markka 

l-'nujue h'tvaub Fratk- 

FrC’n in At- I'.K.X tiniH 
Fr.Gulana .... Urcai Fraw 
Fr. l*ac. Is.... I'.K.K Franc 

Gabon c.f.a Frenc 

UaniLna (Bi... Da lag 1 . 

Germany 

Weal 

Ghana (>) (.jeill 

Gibraltar (Kl. Gibraltar £ 

Gilbert 1«. Au.-t. La Jiar 

Greece.^ Drachma 

(imaaat DanL-h Kroner 

Grenada (Si... K.lainl'etiu 9 
GmitBlmii>e... D.cal Franc 

Guam r» 5 

UuKtanulB. .. Woeual 
Guinea Kep.. »»ly 
Guinea Bitau 
Guyiint.iSi ... Guiiufae S 

flliU Gu^-Tdp 

Uutklilto- lifcti U-nij.ua 
UodrKuoj£ Csi U.K. b 

Huugmy Fuiiut 


• (U) 49.25 
i.Fl 52.68 

• :U 0.7600 
.05 I.56QD 
1H1 4.1045 

140.90 

14 

10.43-4 

1.6184 

7.9500 

8.503i 

4255e 

abOJ, 

184.68 

42830 

5.9649 

5.771; 


Dcuiacb Mark ■ 5.77ij 

5-57.^) 

1.1X1 
1.7100 
714/4 
10.4554 

5.582 
940»t 
1.9808 
1.9808 
37.862 
87.545 
5.050 

9.9028 
3.98 
9.571; 
:«>nn tz . 68 
LiXH.-i58.5i 


Iceland tSt... 

luilra (.- ) 

lodoneola 

Inin ............. 

Iraq 

IneJi Kejxk).. 

I u uei 

Italy ...... 

Iwa-e LVsai... 
Jamaica idu 

Japan 

Jordan m 

Kampuchea. 
Kenya IS) . — 
Korea (Mb)... 
Korea (stln ... 
Kuwait istbi. 

Lais 

Uaam M 

Le»f ho. 

Liberia.. 

Libya 


I Krona ! 

I ml. ibipee 

Cuniab 

Ida 1 [ 

Iraq Dinar | 
IriiJi £ 

Igiaei £ 

Un ! 

L.F.A. Frank ■ 
Jamaica Dollar ! 
Yen j 

Jordan Dinar 
Kle< 1 

Kenya Shilling . 

Won I 

Won 

Kuwait Dinar ! 
Kip Fed Fo I 
Lebanese i! I 
s. .4 Incan Kano. 
Ulwriao & ( 

Libyan Dinar- 


645.00 
15.67it"l 

821.807 

159.0 
04985 

1.00 
36-245 
1.6241* 

4283a 

5.262 

574 

0.596:8a 
2.5766 
14.760 
1.7216 n> 
U7.ll 
0.838 
792.20 
6.B989 
1.72 177 
14B08 
0.5885 


Value Ot 

Place and Local Unit £ SierUna 


Lln lU 'tiaUi.M Sniar iianc 
LuaetnUniq; . Lux Fnuu.- 


JJflCflO-- 

ILujlnlui 

MaiHgaay K(i. 
Malawi (bL ... 
.llalayris i->.. 

MaUluels.(-i 

Mail 1'p.-. 

Malta (Si 

MnnniHiut: ... 
Mauntnnia ... 
Maurll lUa 1 S 1 . 

M&kicn 

Miqurim 

Mcuacn. 

Mnngtilla 

Moneemi..... 

W> iui«. 

3L-DunbUjiiu- 


Phtoiw 

hirtu-'N>K<cin1< 
MG Fiaue 
Kuhi-Iih 
K jjj-jir 

Mat liiiiicr 
Mali Fra lie 
Mall(M*£ 

G^ai Fnuo.- 
Uujiuiya | 

M. Ku'jiCr 
.Mcxiiaii I’rto ■ 

C.F..V. Km in- 

Fn*iH-ii hnuic 

Tugrilr 

t~ (.arribean S : 

Diriism 

Mu*. Kaeiidt. 1 


5.I4U 

59.45 

10.0899 
86.58 
4253a 
1.0180 
4.488 
7./B3 
8801* 
0.7875 
8403| 
844 12 
11.8087 
45.00 
4383e 
8.80-4 

U 5.733 5||> 
6.583 
7.80. >4U 
B5.US8 


, 

i:-mili.49 

Unman M leu 1 

ii.ciTS2.79 

KniDila Kuanila hmir 

1B0.87 

St- Christo* 

1 

phgr(S)‘— h. LariH^nn !> 

5.552 i 

->l. Hhmu «. Heien* £ 

1.0 1 

•M. Ijit-i*. h. InrilihMii Y 

5.352 i 

St, Pipne l.f.A. h rain* 

42510 j 

St. Vui4.-entis! h. C*nt4<eau S 

6.352 ] 

Snlvartgr HI... UcJon 

4.S5 1 

Shi run (Ami., f. .S. 5* 

1.9905 1 

sail Mnniii. Italian Lue 

1.6241s ■ 

dan Tome IVf. K-curin 

69.35 1 

-iaurii Araliuu ll\wl 

6.59 J 

Seneca Fraciv 

4253a J 

se.u-lieiU.- 3. ]fii|iet* 

13.5a 


Nauru la. Mwi- Dollar 

Nepal .'rjalex! Cu|ier ' 

NellierlMUiif.. Gim.ier > 

kHli.Aiit'In. Antillian Giiil.i, | 

.New Hebrides' j £££ Dntia, . 
N. ZcuIbu -1 |S) N.C. li.illar 
.Nt-araniia..... Curelorn 

Mger Iff. L'.F.A. I ran.- 1 

\ inert* <51... 3 Him 

.Norway ........ .Nrnj. knmr j 

i war 

Pakistan—- I'kn. Ituiwe 

Panania - BaJlua 

Papua .N.G. (Si Kina ; 

Hamcnav Unnianl 

rpiv i).' iip 

of Veiuetj 1S1 S. Vvmeu Diani 

Peru Sol 

Philippine*... I*h- peia> 

Pitcairn la.iSi {5>Stondr 
Potand Zloiy 

nominal Pk*«. KM.-udn 

Port Tiuini ... Timor Kk-ihIS 
Piinav>e I bit-. Pcm-. baeudo 
Puerto liico... U.S. $ 

(Jaiai (S) Valor Kyai 

KeuQjnn 

lie rie la hVnnch Franc 

Uhodocia Itbtrlcswn S 


1.7 100 
25.768 
4.09 
5.846 
137.464 
1.(100 
1.9624 
13.91 

4,630 

. J. 254/26.'.--. 
| 9.99 is 

0.684 

19.885 -g> 

1 1.(808 

i 1.3593 

I 247.10 

t A .0.6785 
,».tA 1 34846 
14475 

; 1.1424 

• \ iCm 62.45 

I', (1.62.4b 
1 69.35 

I 89.35 
i 89.36 
1 1.9605 

• 7.64 

I 8.503* 

1.5756 


Value of 

Place and Local Unit £ Sterling 


iinreLr'nijisi Inline 
suiflK|aue tsi. , <iiiini(i>rn 8 
XiIoiiiini I -o) Sotnmnu l», £ 
iuiuaii Kep.— shilling 
bill. AlmnlN liaini 
**. W. Alrv-nn 

I'eml >•>■■> irSj A. liau.l " 

r|wiii Peoeta 

4)*ti. Ptoirtll 
SXortb Alruw Pe»cl« 

-r- tain,'* is.»S. L. Hu pee 

-iirton Hi Sudan £ 

Surinam .... s. Glider 
-marilan.i is.* 

Stt'tildi >. Krona 

Swiircriaii.l ..Sw iw Franc 

Sitm Syria £ 

Taiwan .Nrw Taiwan 

lan.-ann »S.i. Ian. sbtillruj 

lh*iiai|.i Until 

Hi. I'.K.A. Frani! 

I'onza la. iS). Pa'anga 

ITi 11 i> bui tS.i.. I rin. A rgtHui- 

lintism I'umrian Dinar 

I urkev lurkiob Lira 

lurk-s’il'V U.S. S 

1 ui-tlii Auatrnliwli £ 

Jwunda 'ir-i- T*. (rnminn 
(Jniioi Stoles L.5. Dnlbir 

L'nicuai* L'mcuav Petn 

L'l.i.A 'hKiii i>. 1 . 14. Dirluiu 

L Kimble 

L'p|wr \->u«.L.K.A. Knmi- 

Vatican Imami Luc 

Venezuela uraitar 


Vietnam Done 

Vlruinl-. l.'.S. U.S. Dollar 
Western 

Soooa (Si.. SaniiwD lain 

Yemen l£»ai 

YuicatuffM .New Y Dinar 

Zaire Bp - - /.ane 

d*mr>ia K nucha 


2.0 

44680 

|A. 12.467 
1,72)772 

1.721772 
140.90 , 

140.80 

31.0151-st 

A, 11. 7922 
5.545 
T.721772 

8.6&'i 

5.141* 
(A. 7.773 
! P-7 1.299 
14.765 
39.585 sci 
42530 
1.5705 
4.7552 

0. 7851!*) 
46.1/b 
1.9805 
1.7100 

14.765 
1.9805 
- : l - iu >12. B 6 
idol li.01 
7.S4 
1.31 
4253a 

1. b>41| 
8.60 

Li-4.517 
L >4.2041. 1 
1.9808 
1.1612 

8.96;m-, 
57.1274 
1.556180 
1.875 1 

a 


* That Dart of tlw French community in 
Africa formerly nart of French west 
Africa or French Kouarortal Africa, 
t Rupees per pnnnd. 


General rates ol oil and Iron exporik 
S3.161. 

Bated on crn5s rates anainst Rassian 
rouble. 


— Rate IS tbe Transfer martcei 1 con- 
trolled!. 

tt Raic is now based on 2 Barbados £ 10 
the dollar. 

n Now nne official rare. 



The Commercial Bank of Australia Limited 


(Incorporated In Victoria under the "Companies Act, 1890") 
and Fts Subsidiaries 


BOARD OF DIRECTORS 

. S. M. K imp ton (Chairman) 

J. S. Balderstone (Deputy Chairman) 

Sir Kenneth Humphreys S. C. G. Macindoe D. R. Zeidler, C.B.E. F, F. Espie, O.B.E. D. W. Stride, A.Q. 
□avid Dobble (Managing Director) T. Marcus Clark (General Manager - Subsidiaries and Affiliates) 


Consolidated Balance Sheet as at 30th June, 1 978 (Abridged) 

(Expressed in Australian Currency) 


LIABILITIES 

Authoriwd Capital - 

300,000 Preference Shares ol S20 each 
94,000,000 Ordinary Shares of SI each 


lajujad and Fully Paid Capital - 

211,735 Preference Slock Units ol S20 each 
40,588.760 Ordinary Slock Units of Si each 
17,430,520 Ordinary Shams of SI each paid lo 
S0.50 per share 

Paid-up Capital 

Reserve Funds (used in the business of the Group) 

! Balance ol Profit and Loss Account 
Total Stockholders ' Funds 

Minority Interest ot outside Preference Shareholders 
In a Subsidiary Company 
Final Dividends proposed payable October, 1978 
Balances due lo Other Banks 
Borrowings by Subsidiary Company- Borrowing 
Corporation 

Current Liabilities- Non-Banking 
Long Term Liabilities- Non-Sanking 
Deposits. Bill* Payable and all other Banking 
liabilities Including Bank Acceptances and 
Provision for Contingencies 

Contingent Liabilities on Letters of Cradll. 
Guarantees. Forward Exchange Contracts and 
Other Engagements 


$’000 

6.000 

94,000 

100.000 


4.235 

49.500 

8,715 

62,540 

56,079 

55J252 

183.071 

1.900 

4,749 

490498 

704,070 

280,143 

7.699 


3,005,89 7 

4.648.625 

666,389 

5.515.014 


ASSETS 

Coin. Bullion. Notes and Cash at Bankers 
Money al Short Call Overseas 
Australian Public Securities - 

(a) Common woe Ith and Stales 

(b) Local and Semi-Governmenlal Auihorilles 
Other Public Securities 

Other Securities 

Loans lo Auihonsed Dealers in Ihe Snort Term 
Money Market 

Slslutory Reserve Deposil Account with Reserve 
Bank of Australia 

Term Loan Fund and Farm Deveiopmeni Loan Fund 
Accounts with Reserve Bank of Australia 
Cheques and Bills ot Other Banks end Balances 
with and due Irom Other Banks 
Loans. Advances and Bills Disrounled (after 
denuding provisions (or debts considered 
bad or doubtful) 

Amounts due and lo m2ture under Hire Purchase. 
Loaainq. Development Protects end othar contracts 
entered Into by Subsidiary Companies 
Bank and Other Premises. Furniture and Sites 
Bills Receivable end Remittances In Transrl 
Current Assets- Non-Banking 
Ail Oihai Assets 


Continuant Assets Including Linbllilios ol Cuslomers 
and Others on Letters of Credil. Guarantees. 
Fomaid Exchange Contracts, elc.. are per contra 


S'OOO 

85.295 

12.571 

341.969 

262.787 

77.851 

35,113 

3.105 

63,579 

I 

288.831 

2,126.859 

794, E78 
154,574 
65.744 
57.330 
290.500 

4.649.825 

866.389 

5,515.014 


Consolidated Profit and Loss Statement (Abridged) 
for the Year ended 30th June, 1 973 

(Expressed in Australian Currency) 


Group Net Operating Profit for year 

Add Extraordinary Hams 

Group Net Profit for year (after Extraordinary Hems) 
Add Retained Profits at 30Ui June. 1977 

Lua Transfers lo Reserve Funds 
Dividends - Interim paid March. 1978 
- Final proposed payable 
October, 1978 

Preference Dividends paid to outside 
Shareholders of Subsidiary Company 


Retained Profits (Group) carried forward 


$'000 

25.507 

81 


2S.5S8 

40.682 

86,270 


«U9H 

4.051 

4.749 

128 


11.018 


55.252 


The Annual Report containing the Notice ol Annual General Meeting, Accounts. Directors' Report, 
Auditors 1 Report, etc., has been posted to Stockholders. 


CBA09PUK 



Edited by Denys Sutton 

THE WORLD’S LEADING MAGAZINE OF ARTS AND ANTIQUES 

Published monthly price £2,00 Annuel Subscription £25.00 (inland) 

Overseas subscription £28 jOQ _ USA & Canada Air. Assisted S56. 

Apollo .Maeazine, Bracken House. 10, Cannon Street, London, EC4P 4BY. Tel: 01-248 8000 





























•ally non-stop between 
London and Atlanta, 



Only Delta flies non-stop between 
Londons easiest airport- _ v 

Gatwick— and the U.S.Als easiest 
gateway- Atlanta, Georgia. At uvaot ^ 
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through the USA. has become much 
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Your key is Delta Flight 11. Its a 
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rt*U TOKYttOBlH 


What’s more. Delta has fares to 
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Atlanta, you can fly for just &76 on the 
Budget or Standby single fare. And 


Flight 11 continues on to New Orleans, you'll enjoy Delta Medallion Sendee, 


as a Boeing 72 1 , arriving at 1830. 
Bv not having to make 


with superb dining, new release films, 
seven-channel stereo and the 


connections in other US. cities, you ii personal attention of the Delta 


save at least two hours' flight time to 
Atlanta and many other cities in the 
Southeast. And you caii make easy 
Della-to-Della connections to 30 U.S. 
c ities from Atlanta. No other 
lransatlant ic carrier offers as many 
connections, with no change of 
airline. 


professionals. (There is a small charge 
for headsets in Economy Class.) 

Once you arrive in the United 
Slat es. you can save 4U to 50 per cent 
off regular round-trip Day Economy 
Fares with Night Economy Super 
Savers to most Delta cities. And 30 to 
40 per cent off with daytime Super 
Savers to al 1 So Delta cities in the 
continental US. A. (There are advance 
booking and other qualifications.) 


For information and reservations, 
call your Travel Agent. Or call Delta in 
Loudon at (01) 668-0935, Telex S7480. 
Or call Crawley (0293) -517600 at 
Gatwick Airport. Horiey, Surrey 
RH6 0DY. Delta Ticket Office is at 
140 Regent Street, I *T / \ 

London, W1R OAT. T fat culi.'.e, iul C/pfC'fi— 

London-Atlanta 

Basic Season Fares 

Budget or Standby Single Dare Jjr76.un 
Basic APEX (Advance Purchase 

Excursion) Return Fare S214.Q0 

22-43 Day Basic Excursion 

Return Fare S253.30 

Regular Basic Economy Single 

.Faro . S1&S-50 

Regular First Class Single 

Fare (Valid all year) 5oH7.dO 

All fares subject to change without 
notice. 

Basic Budget. Standby ami APEX Fares are 
valid from Oct. 1. 1P78 until June 3ft 1979: 
basic 22-43 Day Excursion and Economy 
Fares fmm Oct. 15. 1'JTS until June 14, I97W. 
The regular First Class Fare is valid 
year- round. 


Delta is ready when you are 8 











BY MICHAEL BLANDEN 





THE TALKS about the proposed 
closer links of the Common Mar- 
ket currencies appear increas- 
ingly likely to produce some- 
thing similar to an extended 
version of the present European 
snake arrangements. A commit- 
ment of this hind to maintain 
the currencies of member coun- 
tries within a fairly narrow 
band of fluctuation against each 
other would be a considerable 
step for the UK and indeed for 
France. But it would not in 
itself represent a major move 
towards eventual closer integra- 
tion of the individual monetary 
systems of the members nor 
would it go very far towards 
the ideal of establishing a com- 
mon currency. 

For a long time yet. there- 
fore. the possibility of substan- 
tial exchange rate fluctuations 
is likely to lead to a continuing 
search for some more stable unit 
of value than the individual 
pound or D-Mark. Even if the 
Common Market gets around to 
creating its own new European 
Currency Unit, it may be no 
more than another unit of 
account available for measuring 
the value of official transactions. 
It will join a growing list of 
various kinds of currency basket 
which have already been in- 
vented in an effort to provide 
some form of stability. 

The idea of using some 
measure of value in the form 
of a unit of account which is 
more or less insulated from 
currency fluctuations is by no 
means new. But during the 
period when the gold standard 
reigned supreme, up to World 
War I. the concept more or less 
fell nut of use. Indeed, when 
the unit-of-account approach 
was revived after World War IL 
mainly by international organ- 
isations including those con- 
nected with progress tow'ards 
European unity, it was to gold 
that they tended to look for 
stability. 

The units established in the 
1950s tended to be defined in 
terms of gold and related in 
this way to the value of the 
U.S. dollar, the dominant inter- 
national currency. The general 
practice, used for example ir. 
the original formulation of the 
International Monetary Fund's 
special drawing rights iSDR). 
was tn define the unit of account 
as having the same gold content 
as the dollar then had: 
0.8SS67nss grams of fine gold. 

But as the post-war Bretton 
Woods system of international 


exchange rates came under in- 
creasing pressure — leading to its 
final breakdown in. 1971- 'and to 
the general floating of curren- 
cies— it became necessary to 
find new ways of defining' unite 
of account. The result has been 
a proliferation of currency cock- 
tails. with the IMF itself chang- 
ing the SDR base to a basket of 
currencies in mid-1974.- 


Protection 


There are two main categories 
of currency units. One is the 
official units of account includ- 
ing particularly the SDR and 
the European Unit of Account 
used in the Common Market. 
These are designed to provide a 
single medium of accounting for 
the transactions of international 
organisations where • it would 
not be appropriate to use a 
national currency, though as 
with the SDR this function can 
be comhined with the second. 

The other is the type of basket 
created in the private sector, 
chiefly for use in international 
bond issues, which attempts to 
provide 3 degree of protection 
against exchange rate changes 
to the borrower, lender or both. 
They already include another 
European unit of account of 
quite different character from 
the official one, as well as two 
variants of a European currency 
unit, which could- cause con- 
fusion if the same name were 
adopted for an official Com- 
munity unit. 

The official European Unit of 
Account, the EUA. consists of a 
basket of fixed amounts of the 
currencies of the nine member 
countries. The amounts were 
arranged in such a way that 
when calculated at market 
exchange rates at the end of 
June 1974 the EUA was equal 
in value to the SDR-. then still 
recognised as being equivalent 
tn the underlying amount of 
gold. 

The big difference with the 
SDR is its much wider spread 
of countries which, moreover, 
do not remain constant. In July 
this year the 16 currencies 
which make up the SDR basket 
were changed to reflect the 
alterations in the ' relative 
importance of various countries 
in the import and export of 
goods and services, and a system 
was established for revision at 
five-yearly intervals. The main 
effect nf rehasing the SDR nn 
statistics for the period 1972-76 


was to take out the e «rrencies 
of Denmark and South Africa 
and to substitute those of Iran 
and Saudi Arabia 

The EUA and SDK are 
mainiv vised for official 
mooses, though the latter has 
occasionally been adopted for 
international issues. Hnwevir, 
for most purposes the pnvate 
sector markets have tended to 
develop their own particular 
forms of currency units. Of 
these, the oldest, the most 
popular and certainly the most 
complex is the European unit 
of account. This, though shax- 
in° the same name as the 
Community's EUA is a quite 
different animal; to avoid con- 
fusion it can be abbreviated as 
the EU. 

Its origins go back to 1961. 
before the big development of 
the Eurobond markets, and it 
was originally based with the 
same gold content as the dollar 
on the 17 currencies of the 
former European Payments 
Union. Since the beginning of 
1973 only the nine currencies 
of the Common Market members 
have been eligible to be used as 
reference currencies for the EU. 
However, in its new formulation 
a reference currency must have 
a par value and must participate 
in the European snake. 


Stability 


At present the pound and the 
French franc among others are 
excluded from use as reference 
currencies for this unit; pre- 
cisely what will happen if the 
snake is extended in one form 
or another is not clear. To 
describe the workings of the EU 
would require a separate article 
to itself: but the general effect 
of its mechanism is to put the 
emphasis on stability. 

Because it has a gold equival- 
ent value, the value of the unit 
in terms of gold content changes 
only if all the reference cur- 
rencies change their central 
rates with an absolute majority 
in the same direction. In effect, 
borrowers and lenders have to 
worry about exchange risks only 
in relation to what happens to 
their own currency. 

The relative equality of treat- 
ment which the EU accords tn 
borrower and lender does not 
apply to the same extent to 
another fairly familiar formula, 
the European Currency Unit 
This, in two different formula- 
tions. is based on the currencies 
of the original six members of 


the European CoinmahjfrS 
relatively much simpler^? 
But it has one main 4**2 
The investor in ECUjiiw 
can choose the "cunenw 
which the payment of jS 
and interest takes- 
effect of this is that the £ 5 * 
does not suffer If 
component currencfea 7 ^- 
valued, but win- profit --fosgr 
revaluation. Fop ; this 5 a 
the formula ' has proved 
tively unattractive ta-btimt 


Besides these, a ntunfeg 
other cocktails hava^H* 
created in the genera r&K 
for stability. They inrhidg 
European composite" nftfeE 
Euree— the first ba&jls 
unit to be used onT&8§ 
markets, which consists^ 
sum of fixed amojftflg-ra ' 
nine member current 
the European Commni^ 
recent innovation wajjw^i 
currency-related umt- ^jjpft l : ; 
— which is worked ,i- 

basis of "the relation ” 

currencies to -the dollar^lfe. 
disregarding movemeafrlgf .. - 
two strongest and 
weakest, --T 

One of the more ingen 
attempts to simplify the ba 
concept was made by Bari*. 

Bank International .four ryfe, 

ago. with the vintrnduehjSfefc 
the B-unii. - -This a gp nfoffi 
drily five curfehrips^^^j 
the D-mark, the 
Swiss and French.-fri»s^a*i 


simple unweighted aviSagc,^ 
bank hoped. thatiinihiRjj,.-^ 
might be possible. enebu 
the use of a currency 
not merely in '’iriteroiff ^ 4 ' 
banking and .bond, fransfef 
but in. norfQaT comme 
business. -• • ‘ 

There could / certainty) , 
benefits for . - impwjeroiJkgS 
exporters in 
which reduce 

risks, particularly.-.’^® W 
longer-term contracts .w® » 
less universally used currj* 
where exchange 
easy to obtain..But theerid 
at present is that the unit 
able complexities, -Of mm 
baskets and their unfacil^ 
have deterred companicsi 
adopting this type of te$haf 
A common European 
might help a goodXtfu; 
simplify the problem.- B#:i 
that day arrives the*uur r 
will continue to make fitt 
a variety of methods tf milii 
exchange risks, none ofwtoc 
perfect. -ZP- 


& 



There’s only one way to take Glenfiddich. 
Seriously. 

You can take it siraight. 

Or with a little plain water. 

But do remember that you’re 
tasting no ordinary Scotch. 

Glenfiddich is a pure, single malt 
Distilled in the ancient way. in 
traditional hand beaten copper stills. 

The result is, perhaps the finest 
whisky the H ighlerids have to offer. ., . 

Take it siowiy Take i 1 seriously. ^ 

means ■ Yailry of the Peer.' 







jfifUSf 


amro bank in the U.S.A. 

A full range of international banking services 

Affiliations with 

European American Bank & Trust Company 
European American Banking Corporation 
European American (Chicago) Corporation 
Euramfease 

SoGen-Swiss international Corporation ^ 

Amsterdam- Rotterdam Bank NV 


Head Offices: 595 Here ngracht, Amsterdam. Telex 11006 
119 Ccolsingel, Rotterdam. Telex 22211 
London Branch: 29-30 King Street, London EC2V 8EQ. Telex 887139 


v 


S'; ' >-.* 4? 

..f -f ■ i i : ' 





amsterdam-retterdam bank nv 

Branches, subsidiaries or representative offices in Antwerp, 
Curasao, Dubai, Jakarta, London, Tokyo and affiliates in 21 countries 


October 10, 1978 

39 612 602 Registered Shares of Common Stock of 

City In vesting Company 

New York, USA 

J»ar value US-$ 1.25 per share 

deliverable In the form of Co-ovrnership Shares in a collective holding 

of Share Certificates of Dentscher Au&landshasseaverein Aktienges eilscb aft, 

Frankfurt (Main), 

hare been admitted for trading and official quotation on the 

Frankfort Stock Exchange. 


Berliner Handels- nnd Frankfurter Bank 
Sal. Oppenheim jr. & Cie. Yereins- nnd Westbank 

AkriengeseUschaft 




r'rV-f 














21 d Will'll I h 



WiV.miii 


/*. .A A 


Accounts 

Collection 


Consult the Company 
jniww Brokers with 20 years 
experience in arranging 
the sale arid mergers of 
companies. We have organisations 
a^r seeking to acquire companies with 
T profits of £50,000 plus p*. 

No fees to setters* 


One of the single most important factors in 
increasing company profitability and main- 
taining liquidity is the .cash generated by 
effective and speedy collection of outstanding 
accounts. 

As a highly professional and renowned. 
Commerdai Collection Agency, Credit Aid 
can reduce debtor days and increase your 
cash flow, thereby improving your working 
capital. Thus increasing your pro/it 
Credit Aid encompasses all aspects of 
modem credit collection, both in the UJi and 
Overseas. 


Please write or phone & Banker F.C.LS., 


■LMssefy&MersIH. 


The Company Brokers — Licensed Dealers in Securities 

4 Marylebone High St, London W1M 3PA Tel: 01 486 5161 


❖ Totally professional service — run by 
chartered accountants. Flexible - tailor- 
made collection programmes for individual 
clients, # Experienced, fully-trained collec- 
tors. skilled at maintaining amicable customer 
relationships. a 


Contact in strictest confidence for 
Commercial Collection & 


Commercial Collection & 

Business Information 

A. B. Badenoch. A.C.A. D. W. Clark. A.C.A. 


Credit Aid Limited 


FLORIDA 


Much more than sunshine — See P.T. Review 29th September. 
Invest in Rest Estate in U.S. fastest growing State. Homes. 
Businesses, sleeping and ripe Land Investments, Industrial 
Property, Factories to order at £1 p-s.f* Shopping Centres, 
Hotels, etc., Statewide. 

FROM £1,500 (HOME PLOT) TO OSftOOfiOO 

Termi available. Immigration possible. 

Frequent 7 -day inspection trips, with hotel arranged. 

Estate Agents, Investment Brokers and Consultants invited to 

participate. 

Write or phone for further particulars: Mr. B. Scanbury 


Thc F[OQJD\ COJNOCN-fatfa. 


Suite 66, Kent House, 87 Regent Street, London W1R 7HF 
Tel: 01-439 7091 


4 1W Bridge Stmt. London EC4V hAA. Trl. l'I-lM 7722. 



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THE SMALLER 


Far further information contact 
K-Dean, 

ARBUTHNOT FACTORS LTD 
Breeds Race, Hastings, 

£. Sussex. •• 


SxiiiiViestEnglaKlScoUaiicI aid Wales.. 


Compares Hderestcd bi soSA^iheor 
storage ano' dstrinition ptobfens dxxdd- 
write in the fet instance to; 


‘ BOX Mo. G 2657 


Financial Times 
10 Cannon Street 
London EC4P4BY. 


JOINT VENTURE 

U.S. financial consulting firm 
seeks joint venture with firm/ 
individual to market proven 
asset allocation model in UK. 
Principals in London, wreck of Oct. 16 
Please reply Bax Ft 053 
Financial Times 
10 Cannon Street. £C4P 48 Y 


We are advisers to Public, pnid Private 
Companies considering expansion 
' through Acquisitions,. Hengers. Tran, 
dines or Licences. A. complete service 
including market' research, i nvest ment 
areas, financing, tat and~ leg* usNst. 
ante, is available if required. We have 
associated offices in all major tidal 
• in North- America and Europe. - 


- BRYLGROYE LTD. 

30 Bcrfcefer House 
15 H«r Hill, London W1X 71* 
- Telephone: 01499 1164 V 


IBM ELECTRIC 
TYPEWRITERS 


' Factory rccohdrtVoMd and guaranteed 
1 h/ IBM : ho y. iint tip uo -40 per cent 
. Lease 3' year? from £3.70 weekly 
Rent frim £29 per month 

Phone: 01-641 2365 


LIMITED COMPANIES 
Formed In UK & Woridw.de 

ISLE OF MAN £133 

DELAWARE ; 5400 

including 

PANAMA $870 

Contort: CCM Ltd., 3 Prospect Hill. 
Douflfn, J-o.M. - Tel: Douglas 10624) 
23733 - Telex: 627900 BALIOM C 


GENEVA 


Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 
panies. 

Full confidence and discretion 

BUSINESS ADVISORY SERVICE 
3 rue PlertL-Faiio. LifflM Geneva 
Tel: "K 05 ail.:. Telex, me 


SOUTH EASTERN 


PUBLIC COMPANY 


LIMITED COMPANIES 


FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 


EXPRESS CO. REGISTRATIONS LTD. 
30 City Road. EC) 

- Ot-623 S4341S 17361. 9936 


NEW PRODUCTS 
FROM U.S.A. 


Consultant, resident USA- offers 
services in produce search, licensing, 
commercial intelligence and market 
research: specialising in diversification, 
new business opportunities. 

Write Box G2066, Financial Times 
10 Cannon Street, EC4P 4BY 


SPARE CAPACITY 


Do you require * product to 
manufacture to take up -spare 
.. >\ capacity? ..Z.y 
W/rfe Sol C2722. Financial Timet 
lb. Cannon Street. EC4P 4BY 


.CONTENTS OF OFFICE 

offered cheaply — all modem 

Large desks (2), Clerks desks (0). 
Typists chairs (6), Swivel chain (24). 


Filing Cabinets, Cupboards. Drawing 
Standi. Plan Chess, Adler and 
Olympia Typewriter. 

Ring now “Commercial” 

! : . 01-837 9663. 

329 ’Gray’s hm Raid. London. 'WC1 


CONTRACTS AND TENDERS 


PETROLEO BRASJ LEI RO S.A. - PETROBRAS 

RIO DE JANEIRO - BRAZIL 


ANNOUNCEMENT OF COMPETITIVE BIDDING SUPEX-03/78 


1. Petrobras announces Hie- opening of a competitive bidding for petroleum 
exploration in areas located onshore and offshore Brazil. 

2. The relevant contracts shall be executed in the form of “ service contracts,” 
provided that contractor’s remuneration shall be contingent upon the achieve- 
ment of commercial production, from the -fields discovered and developed by 
contractor. 


3 In order to obtain the application form, interested companies, with experience 
and tradition in such field of the petroleum industry, are requested to con- 
tact Petrobras, at one of addresses below: 


— Av. Republics do Chile, 65-23 Andar, Sala 2339 - Rio de Janeiro - Estado 
do Rio de Janeiro - Brazil 


— 77 South Audley Street - 2nd Floor London -WXY.- England 

— 1221, Avenue of the Americas 

22nd Floor . : ;_ 

New York, N.Y. . 

U.S.A. 


— 66, Av. Champs Elysees, 8Eme Etage Paris 8 -France 

4. The said application form is to be filled in by the interested company, and 
then returned to any one of the addresses indicated above, until 5 p.m. (local 
time), the 10th of November, 1978/ 

5 Each company will be informed as from the 4th of December, 1978, of the 
result of its application in the preliminary selection and of the basic conditions 
it must comply with for the purpose of making its bids. 

6. Participation in the said preliminary selection does not and shall not imply 
the granting of any guarantees, privileges or rights to any of the interested 
companies, itrbeing understood that Petrobras is absolutely free to, at its sole 
discretion, cancel, remake or dispense with such pre l i min ary selection, or invite 
whichever company it may choose in order to contract with for the execution 
of the services referred to in this announcement. 


. Rio de Janeiro, October 10th, 1978. - 

■ Exploration contracts Superintendency . 

— SUPEX— 



Build 

an AILERTON 
Franchise! 


As an AHerton franchise builder you will 
have the advantage over your competitors 
of being able to offer quality pre- 
engi neered buildings to the i ndustriaL 
commercial and leisure fields. 


Group or companies with profits in 
excess of £300,000 and one million 
unissued shares, seeks acquisitions of 
profitable companies in cho leisure, 
office equipment or itationery fields. 


This group has a progressive reputa- 
tion and is -anxious to expand its 
operations in chese inns. Cash and/or 


operations in chese inns. Lash ana/or 
shares available. Our group has a 
happy relationship with all personnel 
and you and your staff would be 
required to remain on in management 
if possible. This enquiry is not from 
an Agoncy. 

• Write Box G272f . Financial Times 
10 Cannon Street. EC4P 4BY 


The system is manufactured and distributed throughout the UK 
and Ireland solely by AHerton Industries of Northallerton. 
Primarily. AHerton buildings are marketed through officially 
appointed franchise builders. No premium is required for such 
a franchise. 


We are now in the process of extending the franchise operation 
and would tike to hear from sates orientated construction 
companies, who would be interested in discussing further the 
benefits of becoming an AHerton builder. 


Foradditional information please write to:- Marketing Manager, 


fT“ ‘ i v F i .’ m TT3TP711 


DARLINGTON ROAD, NORTHALLERTON, 

NORTH YORKSHIRE, Telephone: Northaflerton4471Telex: 58102 



GRESHAM TRUST 
LIMITED 


Permanent and long term capital 
for the successful private company 


Also a wide range 
of banking services, including:- 
Selective finance for property d evelopment 
Commercial and industrial loans 
BUI discounting 
Acceptance credits 
Leasing 


Por further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 


Gresham Trust Lri.Barrinfflon House. Cresfum Sue er,Ion Jon EC2.V THE 
Tel: 01-606 6474 


Birmingham Office: Edmon d House, Ncwhell Street, Einr.ingiuni.Bi3 3EW 

TcL 021-236 1277 


SHORTFALL SOLUTION 


For private companies with high liquidity and 
risk or forced distributions at high tax rates. Fully 
approved and totally secured method. No risk. 

Just write your name on company letterheading and 
post lo us today for details. The facility is limited. 
(We regret no telephone enquiries can be accepted.) 

. • - Managing Director 

Ackrill, C^rr & Partners Limited 
Tricorn House, Hagley Road, Birmingham B16 8TP 


U.S.A. BANK AVAILABLE 
FOR SALE 


Located in New England 


Total Assets U.S. $ 1,000,000,000. 
Telex enquiries to 915742 answer back Lofler- 


G. Reference J.N.R. G.I.C. 


BRANCH OFFICE ON THE CONTINENT 


Well established Company in the centre cf Holland liaving 
modem equipped office and stocking facilities: secretary used 
to corresponding in Dutch, English. German and French, can 
represent you on rhe Continent. 

Manager is mechanical and electrical engineer. Contact; — 

Mr. O- Dolman, B. V. . Carmaux, P.O. Box 81, Bilthoven, Holland. 
Tel: 030-782036-784347. Telex: 40S57. 


IF YOU ARE AN ADVOCATE/LAWYER 


and wocHd like to avail of an interesting and lucrative oupporcurury of working 
for oar overseas commerce department in Sio Paulo (Brazil) your knowledge 
"and experience about "buying and selling of enterprises— factories— farms— 
marketing or any other business " is wanted. Please airmail complete details 
to folleviring address: 

ORGAN IZACAO INTERNATIONAL DE ADVOCACIA 
C/o Hr. j. 5. Msraondcs 

Raa Cardoso de Almeida No. 1.3S4 . Pertflzet - So Paolo - Brazil . CEP. 05013 
Please note: This advertisement will not be repeated. 


GET; INTO EXPORTS THE 
EASY WAY ‘ 

Hundreds of contracts listed' covering 
every field. Don't miss the oppor- 
tunity, write for your free copy to: 

THE EXPORT MAIL 

... P.O. BOX 50 
‘ -5KKXPORT SK4 2YB 
' • Telex: 667822 


PRODUCT 

DEVELOPMENT 


. Established firm with good mar- 
ket share of a section of the 
bathroom fittings industry needs 
a manufacturing facility for key 
new product. 

Write Box G272J. Financial Times 
10 Cannon Street. EC4? A0Y 


Company dealing in 

DRY FOODS PACKING AND DISTRIBUTION 


with large number of customers and substantial turnover wishes 
to contact similar type of company with view to 
TAKEOVER OR MERGER FOR MUTUAL ADVANTAGE 
Object expansion of distribution and marketing including exports. 
All replies will be treated in strictest confidence. 

Write Box G.272Q, Financial Times. 10. Cannon Screec. EC4P 4BT. 


EXPORTS TO WEST GERMANY 


UK company with own office, warehousing and demonstration area near 
Dimetdorf Airport, offers to share their facilities with a further UK 
company. We can offer anything from a simple telephone answering service 
to full multilingual secretarial, telex, accounting and word processing 
services. We have found the operation of our own facilities essential to 
break into the West German market and wc now offer an economical way 
for other UK companies to do the same. Please reply to: 

Mr. Derek Podesta, Osro Ltd.. Trabro House, Mark Road. Hemel Hempstead 
Herts - Tel: Hemel Hempstead (04421 42181 - Telex: 82310 


SMALL FIRM 


with surplus computing capacity 
and software expertise offers 
computing services in return for 
capital injection. Write Box 
G2724. • Financial Times. 10, 
Cannon Street, EC4P-4BY. 


PERSONS OF SOUND 
FINANCIAL STANDING 


are invited to form a consortium to 
establish England's must exciting, long- 
term. tounst project. Some develop- 
ment finance required immediately. 

TEL: 0M99 353! 
for details which will be sent to 
you "in confidence" 



BUSINESSES FOR SALE 


SUCCESSFUL TRAVEL 
AGENCY 


Fully licensed (J.A.T.A., etc.) Travel Agency In Glasgow and Edinburgh 
with yearly turnover end of April 197S rTOd.iMrti laLmesi double previous 
year’s turnover) and expecting lo surpass one million by April 1U79 
far sale in whole or part. The manawlnc director is prepared to continue 
five years tmtfl retirement or could remain as consul (ant. The business 
holds excellent licences including lour operators' licence. This business 
could be a great ass-.d to a large orcamuation wishing in Invest soundly 
in the future prospects of leisure. Only boas fide principals will be 
coatidered- 


For further particulars apply in urrilina to: 
COCHRANE & BLAIR PATERSON, S.S.C. 
2 Abercromby Place, Edinburgh 
for attention Mr. Alistair R. Brownlie 


FOR SALE — DISCOUNT STORES 

PRE-TAX PROFITS 


Chain of Retail Food and Non-Food Discount Stores in South 
of England with a t/o of approximately £20 million. N.T.A. 
in excess of £2i million with strong liquid resources. 
Enquiries from principals only to Box G.2726. Financial Times, 
10, Cannon Street, EC4P 4BY. 


FOR SALE 


SURGICAL INSTRUMENT COMPANY. 


Privately owned company selling surgical instruments and sundries to 
hospitals and Industrial clinics. Sales force ihrougbour Britain. Thoroughly 
healthy and fast expanding company with no cash flow or other problems, 
iljraovar last three years CHW.OOO. H 00.000, and the current year around 
1 600.000. Company housed In own freehold premises with plenty of room 
(or the planned continued growth. 


This sale by the Director. 'Shareholders follows many years oi profitable 
and expanding sales. The exIsUns management is prepared to stay. 
Enquiries are Invited from principals only. 


Write Box G.2716, Financial Times. 10. Cannon Street, EC4P 4BY. 


FOR SALE OR LEASE 


_ . , , Complete pre<a*i concrete plant, including the following: 

tl- _ fn o*' W > . 50 off, all recondi boned. LIEBHERR power crane model 
£'20C. STEEL BUILDINGS sizes 304ft x 190ft x 3Bft to eaves, plus I20fi x 
outt x 14ft, plus |exn-io section 60ft x 12ft. Also 2 Liebherr overhead travel- 
ling gantry cranes for main building hiving 10-eon lift over 60<t span. Plant 
complete and capable of producing £00 housing units per annum 100 sq.m. each. 
“ rKe ** specified £350,000, or turnkey price if required. Vendor would split. 

Principal* only apply: 

„ CURZON FINANCIAL CONSULTANTS 
_« Curzon Street, London W1Y 7AE - Tel: 01 -499 7722 - Telex: 299287 


LEASEHOLD OPPORTUNITY 

An opportunity occurs to purchase a 
30-year lease on a new. modern, 
intensive fish farm co be constructed 
In southern England, near the coast, 
with established management and 
marketing. Profit within first full 
operating year. Thereafter a 20 i-plus 
return per annum alter depreciation 
can bt confidently expected. 

CAPITAL REQUIREMENT: 

£ 100.000 

FIELD. STREAM S COVERT 
(ENGLAND) LTD. 


Fish Farming Managers, Scientists 
and Engineers 


Meriden, Warwickshire CV7 7LJ 


CASINO 


Luxuriously fitted out and 
proficzblc casino in Midlands for 
sale. Replies, from principals 
only, treated in strictest confi- 
dence. Write Box G.2718. 
Financial Times. 10. Cannon 
Street, EC4P 4BY. 


HOTELS AND 
LICENSES PREMISES 


DARTMOOR 


LICENSED HOTEL TO LET 

THE DEVIL'S ELBOW 
PRfNCtrOWN, DEVON 
On a pro Rn (tern she with good 
potential lor holiday catering: Rescan- 
rant with bar. lounge bar, anting 
and dming rooms , 7 bedrooms, etr. 
with s»P e tor expansion. Large ear 

t arfc. Free home. To let on leaie 
f Tend or to reach the undersigned 
by 4th Po^Nber next 

Possession March. 1979 
PonJesfars from- 
WOOLLAND SON & HANKS) 
Chartered Surveyor? 
Kinterbury House 
Plymouth, Deven PL1 2 DO 
Tel: 0752 69192 


FOR SALE, £50.000 each. Two restaurant 
boars wit* enpine*. fully equipped t li- 
chens. etc- Superbly finished. Would 
be admirably salted as adjuncts to 
holds, res Laura Ufa. etL. or lor com- 
panies that entertain. Whv noc bare 
a new WW or private dining room? 
Write Box G.2674. -Financial Times, to. 
Cannon Sired. EC4P «SY. 


BUSINESSES WANTED 


GARAGE BUSINESS 


FOR SALE 


ATTRACTIVE MODERN 
FREEHOLD PREMISES 


150 feet of road Ironnge to busy 
Sucks B road within easy reach of 
populous towns. Franchise for papular 
continental car rarmjijccij'cr. Turnover 
approximately £4 million p.a. 4,300 
square foot ol showrooms, workshops. 
sto.es and offices in a structure of 
pleasing modern desiyn. Underground 
petrol storage 10.000 gallons. Very 
large paved parking area. 

Write Bex G.26B7. Financial Times, 
10. Cannon Street. EC4P 4BY 


FOR SALE 

Non-ferrous foundry and 
machine shop. Turnover 
£150,000. Location near 
Guildford. Lease 20 
years. 

Principals only reply: 

Box G-717, Financial Times, 
10, Cannon Street, EC4P 4BY. 


FREE HOU5E/RE5TAURANT 
Surrey/ London borders. Free- 
holds for sale. Well-established 
trade with exceptional scope. 
Capital commitment £225,000. 

Principals only write Box G2119 
Financial Times 
10 Cannon Street. EC4P 4BY 


COASTAL HOLIDAY 
COMPLEX 
FOR SALE 

2Si acres partly developed. New swim- 
ming pool, ck. Government grant of 
40'-. and loans of 30%' may be avail- 
able to suitable purchaser for further 
self catering development. 

Informal fan from: 

CALLOW & PICK. 

Advocates. 22 Athol Street, Douglas. 
Isle of Man. 


DEVON 

DRAPERY, LADIE5 FASHIONS. 
FOOTWEAR, ETC. 

A first class business established over 
100 yuars in premier position in well 
known Devon country town, 85 Ft 
frontage _ to excellent premises on 
lone, increasing turnover, best 
agencies. Details in confidence from: 
DAVIS CHAMPION & PAYNE, 
Chartered Surveyors, Donley. 
Gfoocestmshirs. 


CASH BUYER 


Seeks minimum 75% equity of business generating £30.000- £80. 000 
pre-tax as confirmed by audited accounts and forecast. Essential 
that operational management available. Preference for service 
industry in S.E. but manufacturing with good exports also con- 
sidered. Principals only send full details by end October for 
November consideration. To Box G.2707, Financial Times, IQ, 
Cannon 5 tret, EC4P 4BY. 


PRIVATE COMPANY WISHES TO ACQUIRE 
COMPANIES IN THE FOLLOWING— 

OR ALLIED FIELDS 

Internal telephones, fire alarms, burglar alarms. Telephone 
answering, public address, time recorders. Pocket paging, 
mobile radio. 

We are interested in eilher companies as a going concern, 
or more particularly companies that are in financial 
trouble where either a receiver has been appointed, or the 
existing shareholders would part with cootrol in exchange 
for a substantial injection of funds. 

Replies treated in strictest confidence. 

Write Box G.2727, Financial Times, 

10. Cannon Street, EC4P 4BY. 


South African Syndicate 

jrefcj lo anntirc 

manufacturing 

or ENGINEERING 

Businesses . . , Sooth or Midlands. 
Must have good profit record. Bona- 
fide propositions considered now by 
resident director. 


Write 

3b Arkwright Rd, London NWS 6AA 


PLANT AND 
MACHINERY 


GENERATORS 


Over 400 sets in stock 
lkVA-700kVA 


Boy wlufr from the manufacturer* 
with full afteriailM strata 


CLARKE GROUP 
01-986 8231 
Telex: 897784 


ENGINEERING WORKS 
REQUIRED 

With facilrtiei fof Ihetii stocks, 
fabrication, assembly and electrical 
work. Should have overhead crane or 
be suitable for one. Required floor 
area approx. 20,000 *q It with room 
tor expansion. Arrangements would be 
either direct purchase or sub-contract 
work with option » purchase. 

Full details ta; 

Bbjc G2701 . Financial Timet 
SO Cannon Street, EC*P 4BY 


ESTABLISHED CHEMICAL 
MERCHANTING COMPANY 


wishes to acquire 

CHbMICAL MbR CHANTING and/or 
MAN:jcr-T|iq 1N r5 COMPANIES 
Also Interested in importing Industrial 
Chemicals 


Replies in series confidence 
Write Bax G2699. Financial Times 
tO Cannon Street, EC4P 4BY 



































32 




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futuz 

Jeadi 

meat 
If th 
■ffugpc 
a tin 
natio 
Afric 
a mo 
realif 
It 
patri 
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in hi 
. of P; 
ratio 
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Mini! 
pare 
sand 
'path 
Th 
atree 
beinf 
state 
that 
a ri 
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*urpl 
of th 
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come 
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year, 
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technical rise of 13 in 


•- ^ — t -- " ■:/£■ V . 

Indices" 


NEW YORK“ d0W,obi8 


IWFSTMENT nni.i.AR Among Glamours and Blue in a slow business; Volume 2.80m to prolini in j^e first half. „ained d Qn n t^lMce,-°\vhfie there Hoilg Kong 

1 N V EhTM ENT DO LLA K IBM cHmbed 3J to S282, shares .3.60tn). LSD to FFr129. Sire also gains recorded in the stodzrmoved ahead ii a small , 

PRE. luni Honeywell 2J to $68J, Du Pont 2} Sundance Oil forged ahead -4 Prominently firmer Fonds sector. tradntE^^ S"? before “partially . , 1 ms iff 8M-«' 

$2.60 to El— 81% |82j% T0 S135J. Monsanto 2J to $392. to S22i and was the leading Araex were Codetel. Pemod;Ri«rd TnhoUll Hiryo were up YTC I at JSggL 0 ° late proflt>tekmgjS indu-rrUil- **>■'* 880 

Effective S1/J805 3i 2% fu91%l Union Carbide 13 to $41g and Dow active. . Peugeot -Citroeii. A S2J£!? Y359. while Toyo Jozo gained YBO Hang Seng Index finished a awn aa-W' 88 -^ 

S32S TSE-SBr s a zS££'-JZ , „ .jSSffias a® x j^Tsss “ 

s-ww saw. ,-ss gaSs ST 810 • *5* sagas 

K ■- ~i5 ... ?MfcFran:t - d Germany 


0« L.'..7 S:-~''j^ga - 

1 : r . 


iial Building Mainlen- n'Entreprises* Sagem . remer, at ygQO, Nippon Chemlphare also mo rfSs t 3 75 hiaher on balance' at 
second place, spurted 34 Car ref our. Air Uquide and bids y60 at S'1.600 Fujita Tourist 3,75 tURner 

International Service Rossigno). «* — vs* -* v«w T»ivn 010 . 00 . - - - - ••• - 


, . , 1 „ 3 , J Mfl.K B76.47.87S.87; 867 Jfli s/l.Ssj SST.74 j W5M* 

lodiwtrial*- 83a.l» . ’ i ItSi . j (2B® flbWSKtfASf 

ITm. fl'nJ»"l — [ “'“I "i "I -H-JS 

' , n c csl IBS ^91 108.18. 198.06) l».®j 1 WJM I 

UUlitieo j 106.63, H»-»| | • "[ \ • *b f ^ .{t^SSAgJ 


fhP NYSE CP ^I1 Common lnie^M and TeIedjne 2 ? 10 S104. Jtanrt, International “ A " and 

£St NV i? E «Mnn U wiiii! nS ‘ouTS L ' t,on ,ndl «tries lopped the B " did not trade pending news. 
™L l r a n«?hv 0 '! no? to in ‘Turn- actives list and put on } to $28. It The New ersey Gaming Enforce- 
scored rails by I. L- l • has ; , L 'rced in principle to install ment authorities filed complaints 

sl.Sbn command, control and against the company last Friday. 
rr TJH & lJ n ^;,y fhp technical communications system in Saudi 


n r the market received A ™”,' t . rict ,„ Te , honc rosc S1 

SAW d.f« “ cid t! M- ! 


Europe but trading was stoned lo Wl. both in acUve trading 
hv im- olumbus Pay bank holiday Gamma shares also moved 
lid they SSSmrt that the rise ahead- Act.^ Ramada Inns rose 
could prove short-lived with ihe ^ i? 

return of the big bank trust Sil. *od Bally. ManuTacturtng $1 


u.auj 10 cents to HKS17.I0. . 

Continuing to consolidate its Hongkong and Kowloon Wharf 
TolcVO recent advance, the market closed receded HKS1.75 to HK$32jZ?. and 

J mixed with a softer bias on profit- the Warrants HKS3.50 to HK$96.Q0 

.Shares mostly displayed an «afcing. The Corrrmerzbank index despite 8 -higher interim dividend 
easier disposition yesterday m dipped back 1.9 more to 849.1. of 13 cents against 12 cents- last 
thin trading as investors appeared c--,, c te els Ranks and other year on the Ordinary shares. - 
to refrain from further buying Chjn w ’ higher on meet- Elsewhere, SUne ■ Darby rose 
ahead of today's national holiday. ®^ e S eie C P t ive^h foreSn birv- 30 cents to HKS650-and Cheong 

S! fffiS^S ow , J S5St.o A "'hK Sg. DMt^he B^ ^&ed Kong 50 cents to HK«IiT0.- ^ 

was 10.4.1 off at a,. ah.su. wnue DMl c0 k tupp DM3. Kloeckner- 

volume came to 210m shares. r>\«i pn> n «M> mnsnand n *,■ i 1 


ifaulBOi tnrfcsi 


lO'l- «li». .virirf 1 


Strpt.Zt 

S.&T 


<,Bri P»few 
. 5.37 :ir 


10 $40;. 


^ j cuauri MLbfiUMugn Slipped DacK 1.9 mare lu 010 . 1 . 

Canad8 Some Steels. Banks and other 

Markets .were closed yesterday a h ead S?odS? national hoUda^ Blue c , hi Pf we f» W er on ®f et ‘ 
or the Thanksgiving Day holiday. S e Vik^w^ “SSs Average JJ 

„ . was 10.43 off at 3,758.90. while ra iu ( “ 

Pans volume came to 210m shares. Werkc DMl^Ptenssag D113.30 and 

Bourse prices hardened across „ Pu u bIi £ . “sues. Steels. Scherrag DM4.50. 

broad front in active trading. Machines Electric £f bles and Elsewhere, however. Lufthansa 


! STANDARD AND P00K5 


1 Oi-i. ' Oct. : n<i» 
Is! b ! * 


1*5. 

Ult'h < S*rw 


giwg-O s^lft 

Tmik TTu 


Switzerland : - : 

Generally weaker in moderate 


==TSfi=-. 114.87; 1,4.^ |^Tg 

»Co^ i 104.88; 108.52; 183.271 ««j I02.W ,024* 108.* j. «i,wggg 


dcnarLm^nt* lodav^ w «f»i- a broad front In active trading, ^Sd issuls Elsewhere, however. Lufthansa Generally weaker in moderate 

d Hon?v ’market analvtits stated •• -Helro-Goldwyn-Maycr added ll having received a psychological *and lost DM2. Hapag Uoyd DM2.50 activity despite the relatively 

rhM ranid ^o«th efi the money at W3; and Hilton Hotels 1* at hoost from the reduction in the ^ k 2T1S and and BMW DM1.50. steady dollar, 

supply and 'Vising credit demand . T| ,e . rti t ''i? companies have French Call Money rate to from _ n ^ „ /„ vis m Ysss Public Authority Bonds were In the Pharmaceutical sector, 

will rorre the Federal Reserve to asieed W Jointly acquire Atlantic 7 per cent, the first time it has Toawta Motor I til \ i6 ! \o YSJa^ aj so a-regular recording gains of Qba-Gei.. Bearer were down 25 

adopt a much tighier credit City Property for separate hotel/ been below that level for nearly Y|Ui PJjolo Suf 1 .' vi^iJn’^PiniiS^ U P to 20 Pfennigs and losses ex- at SivFr 930. 'while Nestle Bearer 

posture. casinos three years. geetran cs ^0 to' Y 2 . 0 ft 0 Pioneer ten ding to 13 Pfennigs. • The in Foods, were similarly tow;er at 

On :hr* mdatinn front. Pro-dden- E.-mark Picked up j in &«/ 4 on Anart from Stores. Textiles and troruc _ > 40 Jo \ I,o40, icon Rpr^jfafjng Authorities sold a SwFc 3,075. Banks had Credit 


adopt 

posture 


casinos. 

Esmark picked up j In $272 on 


three years. 


Inal rtir. .rlelrt % 
lotj. P*K 


IUB.KI BMW. I ITh ac J . 

« 14.91 ;■ isjSi ^rtuSio^ 


Credit Utia Gw. h»o*i .n<*M 

2,180, — — 

»hed 8 jj y.b.E. ALL COMMON 


w ill probably sc 
ami nnee farce is. 


He added ihaf 


E; ; i^”Srh3?GE ««* p-*«— Australia *2SS7?ZS5?S3SF'3Si 

Sino" m'.&TS f ’ y b0,h l.JSr'SSSft Tns’co’SSKESS hi. 9 .ffiy Markets centfoued « eacodhter Bond, were mh-L'; . 

THE \MERICAN SE Market Value profits, rose 7 to FFr 445. while General Electric develop vehicles, nuiet trading conditions and 

Indcv sirenglhencd 1.25 to 171.49 Printemps, on reporting a return Pharmaceuticals picked up from finished on a rather mixed note. JOtiaiUieSDUrg _• 

Selected Industrial and Mining gqij issues were mostly “easier 


a 3.75 per cent annual guideline motor vehicle powered hy both 
for prices and 7 per cent for JIT/I . v^i„« 


wagc< is 
park.” 


the “ general hall- 


Oct l • on. Oct. ,— — — ■ — — 

9 I 6 ] 5 * [ R« b !_ 

5B.I3) 68.0S 8WB j 


■inrrSH EBism auad Palla 

j- Oct-8 ; OrUe^.Q^ 

lewicsinlhtej...— ; 1.842 

niw*~ 2 loos i wtfrS 

Fall*..' : 435’ 643^fi 

L'nrtumpeil ’ .'404 1 4&i'’S 

XewBUgU* |‘ . — . ;• 

New Uitri : — • . j--*';! 


NEW YORK 


U. 1..11 I jij >. .... 34»a 34 'i 

-*vt;iM(>l> . 23 27>: 

.Xi'ini 1 .u«va *.■*- ■ 41I(i 

Air|-ri»liu*r» 28;» 28'.i 

\ii-nu \Umiimum 56-'i 35 1 1 

.\l.,« 51i) 48 ‘i 

Alley. I.H- Hunk. . 181; 13U 

AII«i:lH>nv Pi.net IS > i 181-1 

\ lltt-1 1 xeniii-Hi. 36-'j - 35.'fl 

A l lu-, I .. . 25 >2 • 25 |i 

\lfr- < inlriiPr 35 'k 55 -) 

.\M.\X SOI- . 50 

Ani. iijri* Hi**-.... 31<: , 31Sa 

\nii-f. \irlme-.. J 17') 171; 

Am»i. limn-lr ... 50 SO 

.\!*WT.BniM,I.Ti-l. S 8 1 ) ST'i 

Ant.-i.I.Hii 39'-* 39 : -. 

A nit-r. i.'\* nan) i*i 29;^ 29i.i 

Am.'i. Mi-l.'lf. 29 Jf 29 

Anioi. 031- 25 ■*) 

.\iii>-r. 3 4 if. 34s* 

.H.-tiu? Pr«ni 29 1 2 29 *9 

.\mn. 'I — Iu-hi.. 281; 2 BJs 

\ mi.-i - . M ... 6 -’i 6 ;, s 

linw. Nut. li>v„ 48 y\ 46 

Araei. j-iAii.Uii-l 501; . 50 

Anifi. -*l>-ie- .. . 353,1 35 

Amor. l».. k li*> 64 1 -' 6 SI? 

Amflek 331; 34 U 

A 'IF 22 i« 22 i| 

AMI* 54 1^ 3 4->j 

Antf«v, 16?) 16i« 

Ail.-li.r Hr.-uinv. 30!^ 31 

Anhr'i>.-'| |;ii*i>h 25Jj 25 J ; 

A 02 in 22 

A. -.1 30te 30 V. 

A -MPim «'i. IB 1 ; 101; 

A •»(•:•■ 16'? 16:« 

A-h i.i n-1 «*n 46V 46 V 

AH. la. hn-i.i.. . . 55 54 r; 

;.,i.. | Nu |», rt . . 33i; , 32^ 

AVI 14 14.V 

A .. . 31’; 30 >: 

\..<ti f't.-lin.-iv . 571; 55-’) 

H-tii. <■«-. Kin-i . 26'; 261} 

Hnns'-t' 1'iintn .. 29 lg 29 

B-«le .\ni*>i ' 27 > • 27 to 
U.i«il»ci' ti. .v.Y., 381) 37 -iii 

liHit.-i I in | 25-v. . 26U 

Uniltfr TnuiMU'l . 43'; 42': 

Kwirw h.*l„ . , 26V ; 26'j 

fV.:iivnIlM-l. ('□-.■ri 38 37!i 

Fill A new, •» 20 :« 20 ia 

iWro.l.t 39 V 391- 

IVn-uH I. ■ .ii - - H" 4>'i SI? 

lWllil( 1 i«*m 247; 24ln 

hH>4 it llivk-r.. 201 - 20‘ I 

B. »*ina 64V 631; 

M. .»••• C ‘A»k.ni lit 507; 31 

H. i<li'ii 29i< 29i) 

boryWH.iiMi 33‘4 331; 

SlHDlfl III! 171} 17J.T 

Uia -.-wii -.V -| 14 H 14-'.) 

Bii-fi-i llvo) i 33Ja . 33J« 

B I Vi A Urn ll... ( 17^ , 17s* 

Bev-kwarfiia^.. 52 • 31?k 

BnlOt-'VIl'i. 17 16->) 

BifViti- Kne 21 ' 20in 

Biti.'tH 8T f . J 8:-i 

Biirliitgieii Nibti.j 43i; ! 43ip 

fcun.Hi-li : 75"; 75 Jh 

(..•nu««;i I 34 v : 34 k 

I . - 411 -I 11111 I’a.-ifi.-.: 20i| J 20V 

l.flual l£nu*|. .I|ib. 1 13d ! 1 ISr. 

(.«rn*li..n 32Ss 31i; 

i. »i 1 tfi A • (Mif-ini lE-'i ! 13 

1 . iiii?i IN « 111 ... 18k 18'j 

i 4ifr}..ilHi run- 1 -' 587a 577; 

CKs i 57 : 56'; 

1 . pi«iuh* l.‘i>i j 42.'; . 42k 
1 fni 1 ni a I 16k ’ 16k 

i.frtmitiufi | 23's 1 23j* 

1 f-siu AiP-rall...' 45.!} . 45 •; 
i.hHrf MunhiUixn 36*; 35 ir 

h^rnit.ni Bh.N \ . 43 427; 

i.hf-flt|jch fitful. 25 347; 

l.lic*>*i«»»)'i«'iii... 30k 30 *b 

1 in ■*«(' Hri.ljr... 57k 57 

1 nrv-lt*r 117jt 1 1 V 

L •IK.'. Alibi - ri»n-.-. 36k 36 

1 iii.fip j 277; 27k 

lollies >--r, iiv 1 561;. S6-V 

Cilv In'teiiuc — • 16') ■ 16 
•.-luielHOil i.'li/f .. 30’-) 30 ’a 

I.J^3lL"L4 44 *a 44 jj 

). .Il^.lli: Ikln ■ 20k 20 

i.ttii'ii- Aik nun... 12 ll'a 

■.(.■■■init'M'i.i- 28 k . 28k 

22.a 21k 

(. •■rii.lncl 'r^.^ \ni| 187.-. 18>; 

!-• ■minis! (•■>□ fin-.' 38 '« ■ 38k 
'.••mtHi.t'On by . • 15k . 15k 

■.'ifTntb kallr-tn. 27 26 73 

i-iimni. Ssiprlut*. 44J« 1 45Jfl 
('"inpnlPl Sjdii •*«:.■ 14io ' 14ifl 

«.'iiiQ Ijie Iii- 41 1 40 

i.'- < iium: • 214) , 2l>, 

Inn K-lK'ii M..., 244(i j 24i* 
C Fnt«1i> • 24 if, | 24ij 

•.•>U'tii Natka*.. 39U ; 30i4 

I. uU'iimcr tVu-fl; 241; J 24 
i.'i'DtiDeDint Ctrl'. 30>) 1 301- 
•.'.■■unnemid ini..| 2Bi- • 29k 
1 ''ntineninl 'leiPi 16k 16 

b-'nlml £f»tPi 39v | 381; 

Id-Iu> | 48, -3 | 484; 


' V . 1 ■ | C"i-n 1 nu' ■ « *« 

“ L - Pt' lnt'ni'M"inn 5 I»a 

1 1 . rit.l.'-n >-i . 73k 

“{*• 1 C r»nn /<:l it ii.**' 33*. • 
Si 3 " [i.miMfin- KiiL'tif 37 
f| l " !l.um ' Unjhl... le't 
35k 1 

ffif 5 Pin* 31 k 

1 Uni IitIiM nt*-.. 

l ® 1 ' 1 Ui-.-n- 36 V 

35-V L»ei M..MO 43k 

26k |ifit.,iii> 13 k. 

"“i L'pni-pM lull-* ■ “U 
□OV l-lili-. .ti.... 15') 

31 Ah kwnnni.I -fitinirf. £'5*? 

171; I L*iflii|jh'vif 184*1 

50 Ui^i(iillA)iat|' .... SOI; 

571 - tiiiuf.v i'VhUi.. . 43k 

39 '. Ii.rtfi’ » t.ij.n.. . 4d 

29j.) l*i .,i CHfinimi. . 501; 

29 I'nui' ‘ 31 

23 k U»*t-ei 45k 

34'4 Ltu,»a)i 135. a 

39 m) K*au- Pn.-lifi.... 22 
2 BV It *' 1 Airiww •• • 127; 

6 :-j Imi*iiiiru KihIhI,.. 64' a 

46 tjil"ii 40k 

50 

3S 317; 

63'S ! Bl Fr— Nai.ik-' 17'' 

!* | litim , 33 k 

?“■;* •I'uiei^-ablVcint* 35 
34-k Kii.ft; A iff 22k 

l-uihwii 39 

31 h,U.I : 3’* 

25^: bti^iliKn^ ' 26 

“ i • miih ik 27 1 * 

30V. I'. II.) • • 24*a 

18'4 Kwh 52k 

16 :-* Vniifhii.i i-'min-i*; 36*a 

46 V "’i. IM<.*' , 'if*- 35 
54 T; Kiin- 1 '.inf 1 1 ii. . 135; 

*■'* >*»• H. •'!*•».. 34 

14.)g K'fvi Vmii ’ . 21 lj 

50 >• l .inikM.- ( 32’i 

55’) F tin. In Pi .ti »*r... , SI 1 ; 

26i\ f , u." ; 39 j* 

29 

27v KM.' 20 i a 

37in •‘••'■l 'Lu 45V 

26k •‘•■leiiiiBl Mffc. . 21 V; 

42 1 ; fin, i..r.. • Sot) 

26'i I'rxni.tiii Mini .. 10k 

riwi.m 1l.ti.Ttt 27>i 

»•!» KuirVinnl 52k 

jOjil I iiij ■ m I ml. 121*3 

os'- 

5 k U.A.t * 14 

24k liniiiir-ll 45k 

20k 1 imii. A hut. Ini.. ‘ Ilk 

63k Ii.A.i.a 297r 

31 '.hjii. l.'nl'ip 17st> 

29k ' .eu. Ik (Min its... 83k 

33k lien. Iii* inf-... 53k 

17J.n i,.eu. P«-«i- | 34V 

14-'.) i it'iieiMi M ill -. ., , 30 k 

33 J« '.pnerMi .Ui<fr»..j 541* 

.•j; ken. Huh. Uiil...j 19 

3l7 . tifll. .sikimI ; 30:? 

164 i 1 t»*ii. I«i. 6 Iiki...I 3Q.a 

nn s ! *i«ll. IN t* i 2U 

“g' It.'iipm.Vi 55) 

43ip ,l «*aBi IV.Mlic—l 29 1 a 

75 Ja Ikror-oune 290; 

34k ,, <*U' *-*ii 441* 

20 V 

11 fc kumre 32 

31i ; .i.nfi.irh B. F... ! 20 k 

13 in»itn?*r lire... i 17'a 

18k k.iiii.i | 32k 

577; kinwW.lt : 32 

56 1; l -ti'I.Ai.nill , *.'ICMj 6 k 

42k '.ti. A ..1111 ItiNi. l 27k 

16k ■'if* liui.ti'i ISW 

n»- 'J.llt .V Un-iHrii.J 14k 

v nil Mi : 254) 

35. r || »ii' ,,, n"i» • 74 m 

427 - Hiuon Al luiiit* .. J 36k 

347 ; Unuil-clilwtir.— . 30 k 

;n i - 0mri- i.< Him * 36 

=7 tknuH.4 , 43 k 

iil, t Hm iiln«ll 4 30 


rev? 

181* 

51i* 

31 

44 >: 

437* 

fttiM 

35>, 

45 Sq 

43'* 

13*;. 

12ia 

2U 

19 

15’j 

15 ‘5 

£3/? 

2Sl« 

ltfV 

17V 

50 i r 

49v 

43', 

42>, 

40 

48 

30J-. 

29 

31 

31 

45ij 

425. 

135. a 

1S3U 

22 

217 S 

12is 

15 

64* a 

65< « 

40‘i 

40V 

3H? 

31'; 

17i' 

17 in 

S3 

35 V 

35 

34 

221' 

22V 

39 

39 V 

3' 1 

3>i 

26'i 

26 

27', 

26 m 

24,a 

241* 

52»j 

S2W 

36 sa 

36i 8 

35 

35 

135a 

131; 

3d 

31 

2Iij 

21 1* 

32 n 

3a'« 

31 ; ; 

31s 5 

39m 

40 

28'a 

27 s, 

45S 

451; 

21V, 

21 

Soi; 

367- 

10U 

9’) 

27i, 

2 V. a 

52'; 

32 

121:2 

12', 

14 

14 

45H 

45', 

IU; 

till 

291r 

29-.il 

17t.it 

17'; 

85>; 

627r 

53U 

52+.: 

34!« 

351* 

30.fi 

301? 


I 4. Hin- MniuiilM.. 311) 31k 

Jn+in*. -n ..li>hn»>.p 82*i) 82k 

j-.biit-'n Unit nil. 283; 2&*i 

.Inv'lninilniiiir'c 34 34 

K. Mur C.>n- 26’e I 267 b 

KiiMf 'inmini'm 40 i 39>; 
Kmiimi InAut.tne' 2k I 2k 

Ksittr SI mi 251; ! 26k 

Km 14k 14 

kfiinpft'U 28k I 28 3; 

kt*iT Mftlw I 47k 473fi 

ki.MM WrApi ! 35k | 34m 

Kim'-mv <.‘lcri«..j 47k ' 463 b 

Kt'itfs'r* L 2 2 "a I 220; 

knit 1 47'j ; 47k 

i.k I 341? > 34in 

■)■ I rnil-.... I 37 I 35 7; 

lun'i Nmuyi 381? 37k 

I.IH't On. ftrfiij 27sj 1 27ig 

kca« Ijrnup 330) | 537g 

Lill.) tkltt 49k i 48k 

ueiY.ii in.lud * 28 I 27 k 

OrhbwdAtnill 29-V 28 s } 

l-<nt:flnr ln.1tr»i. 27 I 26 
king Winn,! U0-- 18k 1 18 in 

UiuIsuiiih Lnuii.. ' &4k 24 k 

45 On j 46 in 

Jhk-i,v ai»i»s , 16k ; IB’s 

L'ktY'iuiiiilVii,' 10 9k 

MacMillan Ill) . Ilk 

Mini K. R / 41k 41k 

'III,. Mncrnei. ... 39 ; 38^ 

Majv* ] 33k I 33Ss 

Mu mi ti<'ii Uil i 54k 7 53 k 

■Mmlnt- 'I I- llunrt.. | 16*i ; 16k 
'Ui-twii fiehl.... 21 la i 21k 

tin) Lii'erf . ?lr>iv»' 27 27 


Hn’i.xi 

llounlilh Metal*. 
KevneMts 
Hlch '•‘■n Jlerren. 
koctwci' Imer.. 
Ii"bmi Ha hi 


lh«vm Dulch I 64 A; 

It LB 1 14 

Kiiw> LuKS... I Ilk 

Itr4(>r nyoipni .... 28 

snlenav Mnm...! 44k 
at. Jt «> Mineral-.. | 29 k 
al. Kc-„4s Pnper...; 335a 

■snnu Pe ln.1* • 36 

•iani Jflia»*i ■ 6k 

Surmlnih.. j 7i» 

aehiie? Bren id-.., 137g 

cchlumheriici .... I 90k 

M.M : 22’) 

wil Pnper„ ; 16 k 

v>vii Mnt i 22k 


54 i 52 k 
39k ( 38k 


"fx-mnirth 21l( 

W vit 6k 

XemK .... 56-i 

ik p«La ) 16k 

/■ealih Kixlia. i 16 '.; 

l'.r.TreH*.4%19?C 794 s; 
L'4-ma<s;%i5j>ft- t 800) 
tiA bl'tav - 

CANADA 


leaders were modestly firmer, ^ light dealings on the lower MONTREAL 
although BHP. after an initial rise Bullion price 

ro ASS. 72, came back to ASS. 62 . . - - n j 

for a net loss of 2 cents. arming Franc ia Is followed the Inrfll . tru ,i 

“•rr- i_ t __ . _ , softer trend in gold prodneers, 

Higher London Metal Exchange while De Beers retreated. 15 cents u-uibum^ 


o«4. i Ocu ; Oil. 1 o*t.. I 
9 ' 1 6 ( b 4 ' 


for a net loss Of 2 cents. Aiming rinantuu. louoweo tne Inrfi,.»iuil 1 in ; 218.78, 2,8.32* Zlb.74. 219.76 (G/!Q) ; HZJliS 

SOf[er lre ~ d ,n ■ »°. u producers, OMiibui«l 1 <>■' | 222^81 221.86 21 S^. - 222 .S 8 (6.'lDl -J 

Higher London Metal Exchange while De Beers retreated. 15 cents ^ i ! j : 

prices prompted support for some h> R7 JS5. However^ Coppers gained TORONTO Combvme] »«■* i J3J fiJt i9S5.li ,319.8 r Me, i m.taul 

Minins issues. MM rising 4 cents between 4 and 10 .cem^fivhlle ■ --- — — — , ; ■ - -J.'jL.\v J n 

tn IS*) 19. onrl Pmlirffii 9 mmte Ia < ■ rn-rv a «nrrcDTTDf3 1 • i j 1 %'J 


MCA 53V 53k 

.UrlyuNt • 28k j 27J; 

.tlfjhiDfit-Ji 1 34 ’j , 34k 

MlAiirv) Hilt 35k : 241* 

ilfitii'it-v 1 51k 48 

. 50 58<; 

Al.*i i ii - Ll iifli... ' 21k ' 2CH* 
\Ii-r I'fiififiini..! 36k 36k 

MuM 1 40'in , 46k 

.4 mu M'li^A. Mi-: S9.a 59 V 

il.4>ii i.- -r|» • 72 ' 71w 

59. V 57k 

tl.Hunu J . H 491* 48k 

•l.'iiti'U. * 44k 43k 

53k 53k 

Ajhintt 38 . 27’; 

AH... 1 " tlifini.aii-J 29 ' 29 

AMlf.'imt i.«u 181* i 18*t 

AnI. lUrtillfr*... i 2 Ik . ZLk 
mu . r-*?i * w.f I ml. 16k , 16’; 

•Nnlii'itHl Mffi.... 3lk ' 30k 

'«li.nmt ; 497,5 i 50 

UK 62k I 62k 

Afiitiiiif Inn-... . - 261 * I 26k 
Ae« kii-imm hi. 22k ; 22k 
.\«r m Bojilmullei 34 j 34 
Vnwiini MuUhvIi' 14k ■ 14 

AossHutaiHire ■ ll?* 1 ilk 

A. L. Inriiirfriw. I 23 ! 23 V 

A.'tltiik,\%Vfrti>m : 26k ! 26Je 
A. .no Am. Lida... 36V 36 

\OlU. Hnr' 25k! 25k 

AiliutwL Airtmexj 32k 32 

Ain ne«t BMKnil- 26V 26k 

.'■■■tun Siinm)....' 20 | I9i| 

•>.:hlenlR. iVimlj 191* * 18k 
i»sid\ AlHitifr.... 25k | 25k 

• lUK, Iviiwm l7-'i 17!;. 

'’Iiu 25k ! 24k 

t.lxirww* -htpf...' 27k 7 25-k 

• iiifii- Lnruini'...; 32k | 32k 

■ iwou- lunifia... 8i'« 21 ?a 

IVcilN'Lk* 23k j 23 

PrciD.' I.llllll tll|| . -. 21 I 21 

Phii Hn t. A Mir..' 21)1 21k 

pMuAnt Wt*u An 8’i i 8'; 
i , t)ii>*-i Hxnmint. 1 27.(1 ■ 27is 

IVmI» 1) Inn : 27 k 1 27 

Hfii.Po.AU i 21H 21k 

Heim) J.V j 38V i 37k 

LV-iiarr.il 32>: > 32'* 

i'rt.|..e- liru- ; 13 I 13 


icuilder Unr>.(jaj ( Bk I ok 

*eU«nniiiw 27k 274g 

Snitmii - I 27k I 27k 

-eart eifl.D.) 14-V . 15k 

-«ti-s Huehuck.... 22 k 22k 

Afclifu — • 407* 40k 

■?heii Oil ' 36lj 36k 

sheuTninHitrtn I 45 45k 

ii;ii»i • 56 k 54k 

^i*n.«l..i,‘.'n- 36 j i ; 36v 

sinijilKH v Hal.—l 12 12k 

suuier^ 19 18 s ; 

mu uf i knue 95'i 94k 

suiunu..... ' 4 t 8 4Sg 

Mmth.v.wn • 40 h» 40 k 

- rill bf 111 U« I. kn 25an : 254; 

S..Hiitiernl*> : 15k 15k 

*mn. -N.m. hp.... | 35 k 35 
tnwliwi hliltH-.l 31k ' 307fi 
MutlierukAitnii)! 55 55 


i H..II. Im liin» 

H.HiiiMak? 

H.tiif, 

H-n,n 

H'.-j-i or |*. Amei 

I liai-l>n| AhI.I r * 

Hiiiti. t'li .AiCiini 

Hull ' >ii iK.C.i 

. 7.*'. lu-Iii'iirifi ... 


I <u7*a«(.>'le»'/ | 

I IUMh.1. [ 


89 ' t 
24V 

86 ' H 
24t, 

1V|«MC»i.-. ........ ...| 

28': 

28i : 

37'* 

37i- 

IVrkin blmpr 

28>) 

271? 

68 1? 


IVI 

54', 

54i, 

12 m 

12 ') 

Hli/fi 

35>ii 

35 U 

30 

id ' 4 

HlK.'lj- Lk»l|Jf ’ 

26 1 * 

26 m 

25'; 

25i) 

t’lnUiOMiL.hm kif.J 

17', 

17i, 

141; 

141, 

Hhllly. 'inrr>*.... 1 

74V 

7JV 

207^ 

20*fi 

I’lilltll-* HpTn-’m . 

34« 

34.V 

38V 

28:* 

I'llfi+iur) 

437 6 

42v 

451* 

441 - 

I'll up: Bi'nrt 1 

261? 

26 

60V 

59 li 

Hili-a-w, j 

231fi 

221, 

1 58 

37v 

l’i*w.v Li.jAIMJ. - 

24 

23 V 


>H.ibunt1 ' 30 k • 30 Jr 

Vw‘i Bnuhh.ii ». 28 k ' 281a 

*>l«irv 2t i 21 

-■*l«eiT) Khd. 1 1 45 V ! 44v 

uuil.h ! 31i- 31*; 

sum-lutl Hninrt.' 35k | 25>» 
i.i.UiiCAMi.'iuif! 40V I 48 'r 
> lii. thi ImUmnt. S4's 53k 

-I.i . "ii 39 U ■ 39k 

hhuM (.'lM-nm.ni. 44w i 43k 
*if«j»ja J>n» s „. ' 17k. 17 V 

’LmiflMl.fl 65 l 62 

>nn Co. 44V . 433) 

*iinii rentl | 49 | 49k 

.*% oi?.\ 36 I 35 7 r 

Itrlihimlcr | 14k ' 14V 

iehiinmx„ i 47k 1 *8 

leiflynr -...i 104 ■ 10 Ik 

le^-iro Hetmieuir 10k : 10k 

levnco. 25-V : 26 

lrikA^piiI ' 24k 24v 

Lem# IviMeni .. . 38 38k 

L'erav Inat'm 90 <90 

le-wi.'ii A Gut.. 31 I 307g 
l'c.vi« Utllit.ief .. 20k ' 20k 

L1m«* Ln»~ 4S»« I 474; 

h me> M un*r 324; 32k 

I'mikon 49 k 49 

I'm lie 1 43 La 43k 

Irene rnerha*. 18 k 18k 

L'mmcch ! 216; 211; 

i ml- i mi'll ; 36k | 36k 

i mil- nn* Inn ii.; 23k j 23 
inn- WViri.1 An ! 2S4g i 25 

ireivier* ' 39 | 58 

li. C'WLinema ..' 19k 194 r 

liili.n « An A (.«** | b»j ' (>■') 

iH" ; 39 1 38k 

i-ini'iatiiriKiJ 36 | 35 h; 

L.A.U I 40k ! 4DI;. 

I A llCU .j 27k 27?» 

tbl 20k • 20k 

i.tiu.’iei 44k 43 k 

l.-iinei«i .'l I 61k 62 

l. ninn HauoTfi---' 067r 26k 

I. ninu Cari.irtf. . 41V 1 40 

I'mmi Cumnwiei 10 9 k 

Lni'nOn (.Mill.. | 55 . 55k 

tninii Htacartc I 55 ! 54k 

i.fiimr*! I 7s a r 75 r 

L'liiled Breifif | 13k fl2r; 

IS Hnncnrp I 35k -; 33V 

l.> | 32k£' 31 )r 

V> Bb.^ „.l a77 8 f| 27k 

LiiMeei..... 27 ki. 26 k 

La Tecbn. in 445a 434) 


is ! tWtihl PAfer 18V 

6So i 6i? AymenkHttie — 7v 
" 7 i- I tj*- AlinnAlunrinioin 4£k 

..." | Aic.iniH.Mec' 26 

901® 90 »«*»- 481 - 

noC J oi,. HinK ii Hhalmi. 24 
I* I fiT" tVnkNrvHBortW 207; 
201’ 2ZU 0*^17 Kwnurw..' 4.00 
5d Bwl l'cieiitaw...'. 62k 

1 B * LVo- Valley iDrt... 46 

2 BPOuwV. ; 17 Jr 

27k l 274* urescen 1 174; 

I4V . la. B UnuL-u ! 8.00 

40 = ; 40k Urafijw Mmeh...' ICk 

36k 36 * oiiert. Cemcni- 12\ 

u skaaila MV Lon.. 10V 
56 k 54.* Csu.lmp Bb (.Vwni 2B7 b 
35 J l ; 3bv iVamLn ltnium...- :21k 

Lwi. PkiIh: | 24k 

. AS. 4 ‘-kn. HaciHc inv I 24k 
Omo. Buifr Ox..., 66'; 
4 ! 8 4 sr ceriias O'Keelf — - 4.50 

40-* 40k cifutar 10' 3 

25sh : 254; 

15k 15k 'jbifllmp— ..—..Y 277; 

35 k 35 ). ; niniDLii....>...u 34 l* 

31>a ' 307* 1-t.iur. Baibui-f.. . 57 
55 55 '. tui-iiiiifr 18s; 

Ke-mitw 5k 

30 7; • 30J; U-bnu '13 

28 k 1 28k lAum !>•« 13 

2t 1 21 l iphimti llinfe...' 78'* 
45 V • 44V lA.me Utnv*— 105 
3 Ik 31k Damn IXrreeun.- 92k 
254) | 25k Unni.iitfn HrutOf' 27 

40 V I 48'h Uv^nl*r._ 23k 

S4's 537# 17tj 

39k i 39k iHu.i'iru.f Aickc. S5l,* 
44 V | 43k F..r>l Motw C«n.| 82 


5S SSf 311(1 C ° dBen 2 ^ 10 and h toes-' were JOHANNESBURG^ ' „ , i m B I ; 2ra . 3 ! 

However. CD A declined 6 cents £r " er ' Vi ! iere **** - . imtu-uv. i w.i i »J > »-i 1 «u J 

lo ASS. 66, North Broken Holdings ™e Industrial raarket^was nar- — "" T~ . " 

5 cents to ASI.38 and Bougainville mued 111 stow Uradmg. --- »m. .vu- 1 \ 

Copper 2 cents to AS1.56. _ . • . 9 rinue Htghj l*>« , 

Uraniums were mainly BrOSSelS , AM tniUa-*' aw.il WLTO 566.79 -ttua Spain 

unchanged, but Pancoatinental . .. A i22.9i| il/Ji 

climbed 70 cents more to AS1350 ■ Activity was at a low ebb with Belgium in ioojoe. 9a.B8tioi.i6 .90/43 Sweden 
while EZ Industries contrasted no clear trend developing yester- • * IS'®' | 


AuetTRiia'*' at*-*! teT-TO 565^9-41-1.12 Spain 

. lu.ol | I /A I 


■ 272.0 (14)81 i . IBS: ak 
2n.l.fBi91 .-j-./’tWAt B; 

9 '• vioui 

W) «c* :1 8L861 UilTii^fc 
i JkBAlil 

l*i, 376.23 - 382.10 • KSLCd i& 


ivmic muuaum luuuoticii — — -»*■ * . . .. „ a’ici nn _ . , • i . • , r «wvv 

with a Tall of 10 cents to AS3.00. day. Denmark «- J-®- Swit*erHc/ ; ®y.2 : 27LO .awla 

Among Coals, White Industries Among Steels. Clabecd rose 30 « 7 ; B1 8 1 ‘^.o ! - - ' — 

and Utah each gained 5 cents to to. BFr 1,640 but CockerOt .de- Fran0 * , «4, lOi . . i5/2> B S l 7 e ,w - “ Cb W 


24 and Utah each gained 3 cents to io mr j,«hu dui v^wKerui .ae- ~ — ' ,, 4 . 10 ,. ,jj 2 > 

207; AS4.73 and A$420. but Oakbridge ciined 4 to BFr 456. NotHferrous GennanyitT SW-1 E&1-6 8 S 6- 7 : 759A 

4.00 4 cents to AS1.70. Petals wound up little changed. '< 1 ( 0 /IO 1 j ii7/5i 

» Crusader and Vamgas improved In higher Utilities. Unerg gained HoUand ss.s : B 8.4 ; WJ ; 7W 
V afresh in easier-inclined Oils on 20 to BFr -2,560. ■ Chemicals also w __ ir m _'fti8e8 « u 93 - TOJ 70)3834* 
17v the strength of the good gas improved, with Solvay gaining 70 Hong J , 4 ^ f 1 13.14 

I7i; shows from the Strzelecki No. 3 to BFr 2.600. but Oils were lower, Ita j y t ,j, 76.22 .79^3 1 82l52i sa.45 

welL Crusader adding 4 cents at Petrofina slipping 45 to BEr 3,645. ■■ i25«) flQ/Xj 

M cents and Vamgas 2 cents at 4 _ ' ' Japan 43«.aa , w J8 : «ato ; MAM 

uv 85 cents. Amsterdam ainmnondi.i 377.29 ; 376.75 2^ 


-. i. . -• ♦ •[ i K<a. Lg 

in >73; re Parts Btnree ,wi7 a Cmort 
bank Dec. 1933. l? Aonrerdan 
lira, v, nans Sere Bare si/T/ml m r- 
-CornmereiaJf tfaliana 1972. v 
New SE 40/08. b StradU Ttam 


85 cents. 

Sugar stocks gained ground on 
news that the U.S. Senate has 
passed the sugar Bill, C5R, ASS. 50, 


Sligntly easier for choice. 
Hoogoveus and UnUeyer firmed 1 


Singapore^) 317.29 ; 376.75 41«A0 ; 252J) 
>8/91 i i9/li 


Linon Inds. 
.43! F ...... 


Acnve_sTodB> 


Stocks 
Traded 
2S2AM. 
... 234,780 


indices and base dales (all base values Ramada Urns mow . VJJ ; 


and Pioneer Sugar, ASl^O, putting F10.40 and FI 0.20 in " otherwise hoo escein nyse ail Common -so Araer. m and TeL ;i6^» 


on 5 cents apiece. 

There was also some demand 


lower Dutch Internationals. 


Standards and Poors — 18 and Toronto Dow Chemical.. un2».'. 


Elsewhere. Ogem gained FI LOO,' a *- 1 . 000 - the M damrt bMrt •jlTOfc Ocd denial Petrolm. y&7» egg 


\ Domestic Appliance 
turers and Breweries. 


demand Elsewhere. Ogem ga 
id issues, but Fokker. Pakhoed, 
Manufac- Ahold weakened, i 
edged lower. 


Itot'WmS. ST mreSSS uTiCSHWia {SBWft JE£ yR=5 JSS.^~SS^ 


V ■ U 1«4IH7 Uidusrrlals. « Udlltleg. 40 Hina new Tocbnkrare ..... J«,M0 -an 

htate .Loans I and so Transport. 9 Sydney All Orttmjrv. Citicorp .. ' 1(2.709 - 2a? 

|| Belgian SE SI/ 12/(3. •• CopanlMM SE Patrick Petmlm. ... 133.66* '-,12' 


GERMANY ♦ 


} TOKYO *| 


AUSTRALIA 


Pnrc i + ..t i Dir- T il. 

L lm . , _ % % 


Priow 4-OJ 
Yen i — 


An-t. S ; — 


| A tit 86.4 t- 0.5 — ; — V-mftiUuu* 

Ai.uii/ licr-ick...' 518 51.2 3.0 J lamin • 

KU«' 228.0 -1.5 20.08 6.2 Ur*. 

BASF 141.4-0.4 lA/t' 6 . 6 1 Ikioro 


'.■eii-iMi 

tiiaullei'vAiiiie. 
••n.i i.'i..Umi* in. 
LLio i«er*i >.A-»n. 

Ho< miner 

Home, >!■ "A" 

Huttfon Lta) Mti;- 

Huilnon Hhv 

Hll.l»OTl Hll.V tin. 

I.A.C 

liruiKo - 


■5.1 2A O. 4.6 1 Fuji llinln 


«.\&F 14 1.4 —0.4 18./t 6.6 ] (.'411000 430 

llav'fr 143.2 *-0.3 10.rv 6J IVi \i r .r*jn Hnm ab7 +t 

MYir B>7» 304 -r 5.1 28.12. 4.6 Fiu Hfml,. , 557 -9 

HuyfT- Vei*an*W». 350.0+11.5 18 2.6 tf;i«>hi 218 t'I 

Ciiviliii.Afil.nrt>; IbO — — 6'in.ta Mot'.-n. ....- 487 j—3 - 

C.Tnmerzi'««nJ. ; 234.0 26.36 5.7 House F«nif 1.1 too 10 

Li.miljiimiTii 75.0-0.2 — - Jv.lr.ib 244 .’+2 

lMin>it*r-Bui£- .... 345.0 - 0.5 28.12 5.1 ' llrvy..u«.io 1.830, -30 


2.6 tL-.in.hi 218 


—3 ' 14-1:2.1 ! 

12 1 1.4 Avion AiiTretin 

♦ 10 .20 .1.4 AMAH LSI ' 

... 2.. 2lT- 2.3 buploretion j 

+ t. is • l.o \ji«iw«'Peiriiie»iiwi...„ 

-9 , 1» I 1.3 W. Ml ncre i 

t'I 12 12.8 Ww. Pulp Paper SI L 


IbO — — ti.in.Jn Mot-.r* .... 487 ji—3 - J 18 ‘ 14 \MW..C"n.-ire.tu«uie >,..— I 

234.0 26.36 5.7 1 House |>Vnrf l.rtou —10 30 ; 1.6 Auiti' ' Emmiiiutan' In vp4... j 

75.0-0.2 - - Jv.U.*i 244. ‘+2 12 | 8-6 


Imperwidii ' 235j I 23V 

loro 22V l 21-« 

I rrnai 16 Ig ! 16k ^ 

Inlaol .Nnt.lre*.. Ilk 1 Ilk u 11 ™ 1 

Lni'p.v Hipo Lmf 171, j 17 

k«i>er KeiHiriNi 15k | 15V k»'» uraj *■'*- 

Uun kiu.U'H..: 9k. 9 

Litburn Loin. -K.| 4.75 , 4.75 ^"" , 1 ho1 ■•.Vi/.'.Vi 

Mcmil'n »i.4«1i.. ■ 25k I 24; 0 H wlmer IIM W9.I 

Jl.v-ev Fersu-ro 13 , 13V !> Ml 

Mv In iv re 30k : 29k 

Mr»«rc O-rpn 3?V I 37k . C, " 

MonaiMiusieifli- 3.10 3.00 J ""' nhr * u UX ” 

'oMu.wM.ire... 38V 37k „‘ , ‘ h " rtMU — 

.\xnx-u tliifrcv .. 17k 167s .11.' A ! 

Alim. Irwim... 30i) . 40k •lanue-nnmp 

Oahwt-u .1 Hein n. 4.40| 4.40 Hum. go- 

Ho iDL LopivfiM. 1.9S I 1.90 j UuuvljerwrKiicfc. 

.Nci'kvinwuu 


L'fuliKH 266 -23 17 5.2i iit»f 780" —8 

IJMimg 1 /B.O -0.9 11 J 3.1'i.A.L. 2.910 -60 

Uriilwlu'IVDk 313.0 t 1.6 28.12. 4.5 . knuni B'etT.Fn . 1.12J — 10 

tJrowliicrtWinfc 2o2.5 28.1S' 5.6; kumnlMi 343 —1 

l>vt-heriit.>iT3eiui. 18 oj 5 9.3tt 2.5; hut-.**.,.... 390 —3 

f.niroftfnuna.... . 223.5 12 2.7 ; Mvu-Lerernic.. 3,510 —10 

Hhfap I**vH 110.5—2.5 14JW 6.4 j 'Ut>u»hita !□•«...- 770 3 

H«n:'W?r. 174.9-1.1 H6.75 9.6 Mirwi/whi LM»ih.| 279 , 

H.whn 141.5 ->-0.4 :18.7b. 6.6 Hetw 118 

H.vftnh i 51 *0.8 1 — ' - Milwiijivhi Lurp-J 440 --5 

Horten I 175.5-1.5 | 9.36 : 2.6 Muvui A Co. • 298 ; 

kail nmlMilz. ; 158.0' -14.84 4.4 Uiltiutusbi^..... 1 »69 —6 

KnrelatU \ 335.0 t 0.5 25.44 3.5 -Mppou L>eiM>.... -1.6rU ;-10 

kamhol I 252 —1 .18.72 3.7 Aij^jud SLuapwi^ 796 —14 

Kicvbner lIMiUd.j 93.0 + 1.0- — . — Ai»«an Mutm>. . • bfcS t— i 


50 0.0 Aurtlmoi^ ; tO-VO 

j 15 ' U.c \urt. Ok 4 (?«*... i t0.75 

— . — Hamhnn Crwk r,.,i.+ 5 T0.27 

' 10 } 4.5 Blue Metal. In. l .-..J ’ - tl.25 

18 l 2.6 BouxBinirtlh* Onpper -tL56 

Ip 2.6 Hrvmlrtpw Ijkiimtrie* t2.00 

55 0.0 Hiuken HlU Pi^pruttarr....! t8-62 

20 I 1.5 liH arulh-~.. -tL40 

10 ' J.« Curium bn i cert 8nmerx„..l 1 2. >6 

18 . 5.1 uSK l^LU I t5.50 

13 1.8 'CocMnim Cement I J1.33 


-■ -n. • 

. I Pn«: [ ■Ha.-ffir 
' | finmi | —./.»■ 


10.76 -0.01 Bemen Bank 99.5,......-^' 

10.95 HtirrenaarU 72-S -40.1,-X 

ta.kO . -oJW Cmiitlwib. 1 115, ..jiaii 

,1.35 kiWmb*. 295"’— Sf-dfij 

t0.c6 '-O .01 Kreriitkuwfn 11 1.5-1 JFU, 

tl.&O Nundi HvrtroKrtsj 226.0 -3.S, B;‘ 

tl-67 ; Mpretjeawl^ ! 100 

tl.68 i-0.09 BRAZIL 


(0-7.0 ! 

t0.75 • +»,iiS 
ta27 i+d.a, 


i’sjih 


•- ftn-e ;:r»p 
! Crux I — -J 


l.O- — — Aitcnn Mijrnrv . . bo8 

j 18.76' 6.1 P«jn«f — ...1.540 

Knip;. 118 +3 ! — . — san.vti kifrtrx-..- 448 +2 

Umif ' 285.0 ^ 25 4.4 ‘W.ioui HrelaL ' 968 !-*-10 

k.ni nhmu liA 1.595 25 7.8 >hwiiio. 1.530 . — 30 

kiilhiim*. _...| 97.5— 2.0 1 9-36 4.8 'avui „.;i,450 .+ 10 

MAS ; 225.0+0.5' 12 2.7 1 Ulrluj JLuiae — < ii20 :+l 

>lnmte-niMiin i8U.2 -0.2 '18. Id 4.8 "J k r“ Cbeitiun..- -PS —7 

UmhIiud- 260.5 +o.p I 10 1.9 ,lJ k — 3.060 — 30 

VJuuL-Unrer Kiicb- 645 +5 ’ 18 1.4 , w.m • liB —1 

■Vkumauu 178.5 + 0.4, — ' — U'kvu AUrme.... 1 -*M0 

Htfiv-au UU Hd 140.5 *3.3 - - 't»Kyob«vtIVw'p;l,L50 t50 


rki.-ini.-l'fi ntcr.iirn; 455g ) 45k 1 Htfic-aa 1>M 1' 


1 LsM I 282 

llni. Hiaviturr — i 24k 
Inn. I1arv>>l«r...l 40 'a 
lull, Iliul CIifni; 39 
lull. Multiloorts-.; 20k 

lu>v I 19 V 

Inti. Pa | vi I 45 

Ini. Kectilipr. • 13k 

Im. Te.. A Tel—.-! 32 V 

liwa Ufd | 41 

1C Inerantirtoal.j 12 I.i 
J id) Waller..... .. 4 33 V 


1% .lar. >1.1 • 52V J 514; 

278.75 e.'i.«nw Kie« 14 V 14s a 

24 k Pl’U luiliivinea..; 30 k ' 29 k 


13k I 13k 
32V ' 3U« 
41 ' 41 

12k ■' 12V 


rtuliT UaniMe—i 87k 

Hun .”ter Meet....; 23k 

ruiimu 46>2 

I'tirvx ...| 18 

kiukerivrr J 27 

I(a)>i.i Amcncsu.i 14 5a 

l.’arlheou ! 40k 

KC.X : 29 k 

liepuMlif BiffJ...; 27 
Itourli lull i 45 


87k i 86k 
23k I 23k 
46k i 45 Jb 


1-5 Hancnrp I 35>- •; 33V 

L.’* till xu m | 32k£' 31r« 

up ab.^ „.l a7T 8 e| 27k 

IB-Meei 271®;! 26 k 

La Teebtiimeiff-.; 445« 43^; 

i.V I nriuvtrif "■■■■' 22k '. 22 V 
Virciow b-ecl.-.l 14V 1 14V 

2g; 9 ■ zgi, 

'1 eroer-Cinmun .• 49k . 48 
" atner- lAiiiiterti' 27V ! 27V 
iVusie-Man’menll 28 ; 20 

WetiM-Hanjo 29 (g 29Tg 

"'Morn Banonn i 30 .. 30 

tte>lern Al Ameil 36k i 36 
"'roicm Lna<u...T 19 V i 19V 
" wLincbV bin, 22 V i 22 k 

‘Ve-svaox-. „..i 29 [ 28k 

Wcr.VWiiMUaei ._.| 30 ' 29 V 

Wpirifou. ... : 235; | 237? 

Wnitf t<ai. Iihi..; 21 20 k 

W ilium Co. J 19k } 19k 

W'ikuubiu Kiev ;.. 1 S 8 k i 28k 


Phii. Lih. Htl’tii. 1 35 1 35 

hum* , 19 k 1 19» 

H* l i|.u<i. I if |4 . a. • 5k j t 53 
Hiaif Can. A •.•■■.' 2.22 , 2.2' 
Pinvurr De \-f • 273a J 27L 
LVmrj-l.or)«.ral'|.[ 21V | 215 
I'rw 33ia 82' 

t/neiiff ••iiiitpoi.; 2.80 2.21 

Kingi;' I'll - 18'g | 18.' 

litssl aienln ■>■-#..] 11V | H J 

Kii.Aiu'-'iu 38k i 375 

it*)-Hi hk.rt un j 35k J 35i 
l.'nvai lru*i J 19k * IB'- 

acffitif U'+niiof:, 7i; 7' 

a^ayntm- 323; 32b 

shell (.arkiilH .... 15 15 

rliwnii 0. Miup-; 8k 81 

Jirt+it- i.i. U I 366a 36& 

simi+uu 6 k 61 

'lee' t'I uiw'l«. u 285; 38 

IwpKock Imii.., 385 3.81 

rcxm>.i'(.aiiHii)i... ' 483* 481 

Lon Mil ■■ (Jura, bh.-' 20 V 301; 

imusCBn Hi(«l-jii 101; 18' 

l'lwn AIi*ir.) Opr. 3 i 9 

ln«e • 16 i!5i: 

Lul.HlI.t- j HTg 115| 

I'M. rltuvlllnt) 8k 8b 

Walker Hiram.... 38 37 

H'pil Lraitlnii. Il6g 11s, 
V'tHioiiOeo. 20 20 

i Bid, rA-ored. 7 Traded. 

II New siodc. 


| 14 : 2-0 i^ntga (O. J.) ; 

—6 20-' 1.8 Cou*. Guirtiiealr Aiwt. i 

— 10 ' la • 0.4 Comeiner (Sli j 

“ J4 12 , 0.8 

-1 *6: Contain Au-imiia. ; 

—40 : 48 : 1.6 umnof Nukhm <SLi.— ; 

*2 a 2 I-® Kklervainitb ! • 

—30 1 *0 0.8 Lmrieevour Hewirew......-..: 

+ 10 . 4^ ».4 bJi. IniMnn-. 

+ i liew. Property lmn I 

■ 13 16 Hanwnwtr 

—30 3U w.7 Uouker 


;}« u“, Auewre. : 0.95 JOJi 

»!3ft Haooo.lu Bratii — ; 2.05 +0J6J:.U 
!M2 i'J SauLMliauP.V..., 1.42 :i<LBVX31 
r K d*uo M metre UK- l.M +OJiet 
J C '**• UR- 3-35 J-:.-- ■ J* 

*2-?e +7.0 1 Fetnrfrre* PP_„..i 2.36 +0M!fSt 

If 5® !+•■* Pirelli UP ISO L'-WJIW 

1 Smire Cnir UP...! 2.60 

T jJ-23 i LnipPK .1 5.80: 

*3.86 ; VaVHi.. IlnceHp: 1.18 ,+OJEUrlf 


t3.66 ’-04.6 
(i.»5 ; 


Turnover Cr.142.5ni, valmne H. 
Source: ilia de Janeiro SE.; 


I I Lie I ll \V«T|. btf .j 188.0 


*w. in • 1 IB 

lukvu ALu-iue,... ■ +M0 
1 tiayo bf.-UV'w ’»•; I.L50 


6.6 iub).i*au)>i . 634 


bflterum I 260.5+4.5 28-12 5.0 lure; i+l 

jiemwi- ] 302.9 -r 3.1 2b 4.1 iwlnhi i-ia-p • 1/5 -1 . 

-*«»• I lu':L.'i j 274.8 !U*- 4.9 1 ■*»<■!* M.itxi • 665 —16 

I liv*-«u .%.•» 121.4 t 1.7 1/.16' 7JJ ; 

VnrtH I 192.0+2.0 17.16 4.5 Source Nlkko Securities. Tokyo 

\KHX j 131.8 — + 1 9-38- 3.6 

tfrem-AUf-cBl. 299 18.3.0 

ISaaiH S 1 838-5 -0.S 25 S.2 1 BRUSSELS/LUXEMBOURG 


AMSTERDAM 


Price i + ori 

, - I 


it .;Tl.l. | Hokett 


110 —1 • lU)4.ii ILi Auelmtta j 

■tVO 11 ■ 1.1 lDl(rU)|]|«r 

,L50 t 50 0 3.8 Jean in** ln.1 u*tne»-.. J 

334 j + 4 ' 12 . J_B ,uuift (LV ] 

».5 L«!fiaar.i j 

J?® —1.1- 4.0 MaatKBxpinninon j 

_e»>3 —re ^ - 1.2 him Hifiinef • 

ire secnntiesT Tokyo 

>1 lICHJU l,Qt«niUllMMI I 

•EMBrii Mf AurUl BlTI> ’ efl H'.tinmtlSil ' 

EMBOURG Uakiin.b!t-„ 

- Oil aouL-b: J 

ft- !+■*■ fcuH. s8S1W5Ki==| 

hrn. 1 — 1 -X*;l . > tteukitl.4 Uurnau— |- 

d.t. 8ieluh_.: — ' 

I'ftRn ' touibwifti Minmu 


fO.86 Wx JOHANNESBURG -. 

t2.55 1 0-r5 mimp; ’ 

10.25 J— I.' 4 MtHES 

13. UO — o.l-i 9 ffret” 

tl.60 /-6.0E Anxio .American Corpn. ' T^. ~ 

12.30 Charter Conwiidaied ...... 14.fl* i*. 

tO 04 Easi Dnefontetn 1L76 . 

12.32 BLsburs 2.a3>r 

10.15 J Harmony ... fi.Jfl ' 

11.13 +0.bi Klnr'WB Kafri 

«) 1.1 : Klm« 1L6 »';i 


+o.oi 5»*SS? . PtatJ ' n ‘" n 


Ho kert " H" 2 . 6 BQ -30 ;llb , 4.6 ai 4nna Eawnortki' 

- 1 ; “ ■ • V-B-K. Cement....: 1.014. _w 100 , b . 2 

, 118.0 -l.o1 <28 ] 4.8 '+10 jl77 - 7 6 

\h*. 1 P 1 . ».'» ' 31^-0.6 1 K.e. treri«il ...6.040 ' 430 6 3 *U*i. 

\ 12 cm Bnkt Hi ■ llX'r 374 0-l.p iAUSt 7.6 vl'. :“'u' ‘“TSH . ®'S » -.wreita. | 

A MliV IP*. „ 89.6 -U.8 ! DU I p .6 -Is 1» ! ll badIC 

SS k H 71 ' 83 ■ p .-0 t- 


t043 5, ‘ Helena 

1242 !+oai SowbvaiiJ . . 1t»':, 

IfS 1 • ««W Pielda SA n» • 

t 2!61 rejig UnJon Corporntinn — 

luSi liSaS Beers De/ermt - T A- 

it Sr : 2*2? ffb^WulKirfU R<9- -- 

+i7n !Jm e** Ftf. ...._ ran,: 

tL70 pfl.04 Frw Sule GKlnU , J3I.a *;* 

Presidenr ■ Brand 1*^5 ; v 

ti'So l*® - ®? President Stem ■' : 

lo'nn H** - ' siiiftiniem a5ff'- t. 

ta-90 1 ...... WeBtom M\\. 

1 West Drtefontcm J45J*. . . ' 

|-°- 01 Western Holdings t3S.M 


10.40 (— B.M 
11.86 «i . . .. 

Il77 5'«r.*‘ H,, * fc Vr H <0.77 J-tLM IMOUSTRIALS 

. 9 I 0 6.l|^^r ,,K,W - e,,Ul | lilt tn„: AECI M> 

,17u \ 6.5 ' — 11.72 t-4t.pl Aiwlo-Amer. JndiKtrfaf ... 10-3* 

■150 I 6.1 PARIS Bartow Ranif 133 - 

' 85 ; p .0 ; CNA Investments S.1B ■' 

i 90 ! 5.6 1 Price + or| Uiv.iYi.i. c 0 TTte Finance 3X7 

.1/0 '6.1 i»rt-9 Fr-. - f PrsJ *' De Beers IMnwial 

.,14a 1 1.8 1 — l 1 EdJtan CnnsoDdaicd Inv. SOT 

i29U an Heuie 4* J 737 +3 4k j .6 

.325 P.4 'niqueOo-Kl'L’eJ 4B1 +5 21.15 4.7 *? ea S S, B S v L.'-JJ'" 

- S2.it, 2 b Ur Liui.ide: _J 379 +4 16j, 4.4 F«*«rale VnlksbelecalDgS . lJfv. 

(180 5 0 Aomuine . 569 +4 1136.20 4 ./ CrcnlermarM Stores IJ-W'., 

315,6.7 d-a.N. Oervia; — I 606 +5 40.6 6.7 ijIliRanfc •' — 

A*. to I.i ,2.040 + 20 75 J 3.7 fT« - 

170 16.3 'LU.K. 419 +3 1 31.6; 7.1 5 * Vk 

- , _ C.I.I'. Alcatel 1.099 +&- 76.50 7.0 51^ reS 

!^:i° asas=J a g,:i Ida Ii 

Ureu-n Low...... 83.5 +0.5 i - ' " nSS rSU,dt Grml> 

«... : 6b*7 +1 33-fbi o.l ^, K a Hnkhnic: !!r~" 1” . f.4Vv"i 

(r.Heiirw*..;. 1 14« -0.6 1 14.16! 9.9 RAPP 1 ” a.rffr’: 

itlir.fM. ,, « , - w * l ' 1 «H*ie.i 27H.5J— 5.3 1 8 . 2 H; 3.0 c. S. Smith Swer"'..'”".. 

j j » In iew > — j 71,5+0.6. 5.7i B.O ^ABlPwerjes - " 1ASc 


Wes I cm Deep 13 ti: 


Hi wuknrl. I 97.0 —0.3 J 26 I 5.4 u hl i Unix 'Ll...’' l"b20 

tt.kaWesI mfk.itTi; ls0.5 +0i I 02,)| c.4 Hirf«*eu '2.800 

Biihra. I«lli-n,lc-! 74.Q -0.4 | 26 j 7.0 I mon l „i."'“'.“'"'!l.bBS 

Kiarvivr iH.fah-'l 306 — 2 ; 27.i J-t ' k 

Lsnnta.W . Hen ret | 143 J - >£ : 37i[ 5.3 IrAS 

r.urCum l»tiH-.a)'[ 7i.& +0.5 j 94.&I 4.M JfJ c^“ ^"f'SSn 

Ursuu BnMHievf' 40.5 +0.1 20l 4.9 11 ""® , 2?9 

He'uekcn (Hi. Wil 102.5 +0.5 1 14 3.4 

iW.ena.Fi.BJ.. 39.3V0.4, -|— ^’ttjiSSSSuTO 

Hiiulft U.i ti.lCklii 2P.9 +0.4' 12 I 5.0 .IH ie^».070 

n. kii. ih. iooj... ib4.ii j a : 4.9 ; coo 

lut. Ml. Iter (tan. 46.1' — 0.4 i 19 | 8.3 f LnuurJl' ki^i S.olO 

-'aanlen 1 H 1 . IU|.. 26.7-0.2 f 12.fr 4.6 1 rw rStS 


So; u Ll : lbao “20 i 90 , 5.6 1 Pric* 

70 (Z-800 ! . 1/0 ■ 6.1 fW-9 Fr-. 

“ 7 b J J-°l l» , vni.n. 1.825 \ 442 . /.8 1 

t7 - 3 ill hrertieunn 11 ,7.190 1 '29u 1 4 0 HBU,e ** ! 7 3 7 

ki"3 4 m ** Wtoe'e Beij 5 e.J 6 .OOO l 325 p '4 MruiueOceKTt’eJ 461 

orjl 4 0 Pkn .‘5,020 ( ■ S2.it i 2 b Hr Liquate _J 379 

14 1 3 4 HMirmna : (3.645 ,-45 (180 s!o Aounmine . 559 

■>)«:. Oen. Unni|nei5,uBp +30 |205 6 6 0IC- I 532 

{Z r Q st *.-UeiTJJeij-I. J tie'2.U70 J — 10 1140 ! 6.U j 0S5 


+ or! Uiv.iYi. 

- 1 Fr * ! s' 


BASE LENDING RATES 


EUROPEAN OPTIONS EXCHANGE 

<>.,. : -Inn. .),+. 

.'■+rif« Vnl. 1 1.1*1 V..I, Ifltl 't’I- Ii,*l Slu-V 

)H\ 

H.580 


- 1 


1 

5 

18 F.374 

' k /. 

F. 27.50 


— 1 

5 

: 5.90 


- K. 3 1.70 

.) l.Z 

K.30 

10 

1.70 1 



9 

5 1 

,'k/ 

F.32.50 

18 

0.20 

6 

‘ 2.80 

15 

4 , 

3 'KK 

T.35 

- 

1 

— 


13 

3 : 

.' I!|! 

1.78.90 

5 

o.&o : 

5 

1 3.20 



— F.70.20 

) l.-H 

H.83.90 

— 


15 

1.60 

— • 


UK 

PSO 

3 

12 7 E 

— 

i 6 -m 

— 

— 56316 

KK 

StiO 

— 


5 

— 

— 

Kk* 

570 

— 

-■ 

5 

1 Ha 

— 

— : 

VSC 

S35- 

I 

av 



i — 

— 

— '5271; 

Hrt 

r.37.50' 

27 

2.50 1 

— 

1 ' — ■ 

— 

— :F.3S-60 

Hri 

K.40: 

IO 

0.70 1 

— 

i — 

17 

5 

H«« 

F. 45 ; 

— 

— 

— 



3.20 

lP'I 

3260 

1 

203;. 

— 

i — 


— 52807a 

IBM 

S2BO 

16 

41 *■ 

— 

I 

— 

. „ 

K UM 

T. 143.90' 

— 


2 

127.50 

— 

— F.163.50 

KLM 

F.1S0- 

1 

16.50 , 

2 

<22.20 



■ 

KLM 

F. 152.40. 

— 

- 

1 

1 20 

— 

“ 1 ■■ 

KLM 

F. 161.90 

1 

6.70 i 

— 

1 — 

— 

— i 

KLM 

F.17G; 



20 

! 

16 

17 ' 

KLM 

F. 170.401 

50 


30 

10 

— 

— [ .1 

kl.'l 

r.iai. 

2 

0.40 | 

8 




1 P 

KLM 

T. 190.50 

— 

— 1 

3 


— 

— 1 ■< 



— 

• — 



— 

■■ 

HHI 

1.25 

25 

2.40 

10 

. 3.50 ; 

— 

— F.27.20 

I’m 

F.27.50. 

21 

0.40 ; 

105 

. 1.70 

46 

3 


H.30 


— 

74 

: 0.90 ' 


1.90 


F.130 

5 

3.60 

30 

7 . 

-- 

-. F. 133.30 



50 

0.10 . 

11 

' 2.50 

20 

4.50 





4 

8 

-- 

— F.1Z7.40 


F. 130 



26 

i 2.70 


4.20 ' 

i - X ‘ ,N 

S50, 

— 


lb 

IV 

4 ; 

■I'. 

M* 

— .552 ta | 

V 


S70- 

2 

!h 


1 “ , ! 

5 

7«a'S6 3') 

1 UXT 

520, 



50 

1..: 

— 

— SlBtg . 

| 1VIAL VriU'MK 

(X l OXTRM 

r.* 

— 

922 | 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. Id % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit &. Cmee. 10 % 

Bank of Cyprus 10 '5, 

Bank of N.S.W 10 % 

Banque Beige Ltd 10 % 

Baoquc du Rhone 104 ^ 

Barclays Bank 10 % 

Barnett Christie Lid. .. 11 % 
B remar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 

■ Brown Shipley 30 % 

Canada Perm't Trust... 10 % 

Cayzer Ltd 10 “ft 

Cedar Holdings 101% 

■ Charterhouse JapheL.. 10 <3ft 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operalive Bank w lfl ^ 

Corinthian Securities . 10 

Credit Lyonnais 10 % 

Tho Cyprus Popular Bk. 10 °n 

Duncan Lau'rie 30 ^ 

Eagil Trust 10 

Enqlish Transcnnt. .... 11 % 
First Nat. Fin. Corp. ... Ill "#'1 
First Nat. Secs. Ltd. ... ll % 

■ Antony Gihhs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank +10 % 

■ Guinness Mahon It) % 

■ HambrosBonk TO % 


I Hill Samuel „.S10 % 

C. Hoare & Co .-...(10 % 

Julians. Hodce 11 ^ 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 nft 

Keyser Ul Jinan n 10 % 

Knowslc' & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile .... 10 ■?, 
Edward Hanson & Co. 11 {% 
Midland Bank 10 % . 

I Samuel Montague 10 % 

I Morgan Grenfell 10 % 

National Westminster 20 % 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossminster ...; 10 % 

BoyaJ Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 "ft 

E. S. Schwab lli°ft 

Security Trust Co. Ltd. 11 % 

Shenley Trust ll % 

Standard Chartered ... 10 % 
Trade Dev. Bank 30 % 
Trustee Savincs Bank 20 «i 
Twentieth Century Bk, 11 "ft 
United Bank nf Kuwait 10 % 
Whitcawav Laidlaw in;?ft 
Williams & Gh-n's .... 10 T, 
Yorkshire Bank 10 % 


.Mutnfpn i Hi. lU)..i 26.7—0.2 | 12.fr 
.'•U kwi 1 0*1 Ki.ft.-ij 114 +0.2(48 
.'eOUOil Bhi H|.B* 57.0 — 0.2 I 21 j 

>01 MuLtiWifLoO'. 1 207. Ul 1 22 i 

•A+lti^A 1 178.4. + 0.4 3b 4.0 | 

‘ /jure* o3.b; + 1.0; 23 

'hh )iinnurtfii..,.l 149.51— U.P. — 

i-shh.w .1 i+jm....! 48.8—1.2 — 

Hhili,+ .H. III,.... 27.1' -0.1' 17 

itin.-i I.Veril-i.l^ 74.0—0.3 — 


23 6.9 SWITZERLAND ® 


Hhiiit+'Li. 27.1' -0.1' 17 6.3 

Itin.-f-ItVerrl-i.loi 74.0—0.5 — j- 

,r,.xi, | 176.0— 0.9l.lZ£ifci 7.3 

■■'m.iik" <1*1.311)... j 1+1.5 — 0.6 i -- ■ — 

4..IWII,. I 122.0 — 0.2 i «9.3; p.b 

•■•.mi I i.iK-bi r .2 I 133.3 — 1.0 'P3./-, o'.Li 

I -ii\i>n>'Uf K I Mb.o ■ 20 ; 8.1 

if* in iii,. i HU. 1 5.0 — 1.5 1 27 .v 5.2 

1 ii‘K)i.i*»'.Hi.i«,. , 146 iSD.ofl' O.p 

vii.ifWM 'Ki_fl.ti .1 127.5 +0.2 42.t 6.8 

*■1.11); l/pv.. i r.l- ! 42.0 -• J.3 S0.2ul 1.1 
■ v -' .lM.Hvi.l.l| 414-2 . 33 • 3.9 


Hniv | +or | Hu-, 

^ - i * % 


123.6 -0.2 ; «.3 ; P.0 X*?“- |fg - IO 

1 5.0 -1.5' 2-/.V 5.2 m‘ I 


L'reuiaM Liira...... 83. 

Uomer 667 

Hr. PajnJCT..: j 141. 

1 i OT . Wtoe irienlitip.; 275. 

Inwiii^ , 71. 

1«..*;uw Ik-mil. I 170 

Uauruif I 258 


: -as'! 22 

i-30 ; 


Uiv lies. I 557 j ££ 

irclit .*uii««f 2.160 1—40 1 Iq 


52 ' A .a 
2s p.2 

32 3.9 


__L_ i«..-<iun Ikmi. , 170 i + 3 , — _ 

Uaurue i 258 +1 -IS.// 6.5 

4 t L't.lnrel ..! 765 lb.a/ 2.1 

a'p Ifwrenrt 1,935 ■ 36,/t- l.y 

a 3 ILiiivu* PheniT..: 5 74 - + a . 39 j .7.0 

a'2 Uk-lMiIn '1.465 1 + 10 2Jt 

3 u ,l1 ® 1 Henncwe.i 599 l • , 12.1 2.1 


— _ Ticcr Oats Bod Nail: Mir- ILW-.^ 

IS.// 6.5 Uni«ifr M + > 

M.'/r' i.'« Securities Rand U&fM 
39- 7-0 (Discount of 36 ■!%)“■ 


42:0 so iui l l 1 , K r,‘:r^:;v u ’M6^' 10 1 x ° 

414 -2 33 . 3.9 ‘Ifi =. 


5 ' 7 .•lnulliiex ..'...I <40 ' s all 

S.b 1 213.5+0.4.11.* 9.3 


rtwHiiMn I'li-fn-. 161,750 l — 350! 1 100 i|g ) Henurt.lCIcunt ....j 531.0+10.9 10 


7.5 7. J SPAIN * 


COPENHAGEN * 


•*>. 'mw.il ;6.175 —75 ilia 

l ■■< priis* i ti .3,676 bi --35 B1 

l.'lii*. »l it r.lAi).. 1.375 | — 15 1 21 


I'fioieouUHiimi. I 
rt«4«in I 


l.'lin..il it r-kU). .11.375 , — 15 I 21 l'fi 
A .\«4ioiHr. !U0,...ld.U75 '-35 Uda.b y a 

_ Ur* Kml -'2.IBU ,-lu |,36.7| 40 

Prlcf I nr I tlli.'/Vl.i. iVniWtHi BiH.j3iI) 1 l£.6H5 —35 J 15 , 'j 

t'D.iMM, — ! K ! 9: HirciirjIHib.UU.f 299 | [ 15 ' 5 q 

2b i 1.9 


lOtalK. TVubnique.j 519 .—4 '' 27 
1 (» dole 1 610 14 ' 30 


141 ! ; 


: saoilue if-7. £)U, .. 3.500 *—25 

i Do. Cm) Certs.. 390 

11 i 7.9 SaiindretCi HiOl 250 —8 


*tu« Honieni: .. ! 

.m. <j'VMin .... i 


afciv Kaariniui ....11.849 ! + 24 1 39 

sue?...— : 320 ’+4 i 2D. 

keiemecunqufe-.. 878 i + 4 125. 


Usutki- LWnii : ISbVi i 12 i w.p Smrxtrl.lfHr.lU/lj 201 !— 4 


a - .wnuromiqus... 0/0 i + <+ 

12 • a's lta,ni «w Uren.11.1. 274 ,+4 


BUM Aslatn: !>...! IbOI+j , 

HiimuHiBnikra j LJli*,— Sj | 


uMFr.MOll 77B j — Q 


HnodfWwnk , 127L2; i o. 

1 Cr.N'tu'a H.iKrdGj 203 !— 34j j 12 4 j 


13 ! g.gi owIbs Bok tKr.HX 


Urviysener 357 r+1 12 | 3.4 ww<Hctff , r^a»)iW.673 .— 26 

[ Prtr. Psftir | 871;! — 1; : — 1 — Lntnn tinnk 1 3.1,20 . — 20 


0.6 j 4nrteh In* 10.300 ,— 450; 44 


i4 j S:§ ta-5En~I-ii 

10 2:1 STOCKHOLM 

40 a.i r- 

a.3 rirt-9 I 


sis HT ni ocobfre p «v«*r 

242.1+2.1 — .. Asland “S 

519 .—4 ■« 27 p.a Banro Bilbao ...; - 2g 

610 14 ' 3o 4 « Banco AHamico <LB60> Z». 

la3.0;+0^; 9 7.3 Ban f 0 C en “' al - ** : ,\ 

173.0; + 0.1 ; 14.3c 8 J |«nco Exterior — 

,849 :+ 24 1 49 j»0 5“"^° C'"« Tal — • - 

320 >4 I20J 5Io S B,K:o £™ DadJ ,3 W8 ' 55 

878 1 + 4 125 a.9 Banco His pa no — - 

274 ,+4 lsit ti Banco Ind. Car, ft .6067 1» 

re. u 5.e R - m2 


lo3.0; + 0J9; 9 


22c I _ j- 


I kronor — 


>w1 ka'xii ...: 19QL*;+ ig i 

OiKlai+ik , 123U' + J ; ! 

HniHilenk \ 132U. ‘ 

(*>tiviO*ln)nk ; 139 i 

■*.<1 .ii- Kfiviiwi.. ; 403V v la ; 


-upei-ir^ 169 <b f>P l 12 j 7.1 1 


n iwA \ MtLAN 

12 : 3.U 


'■ "" ■*—1*1 "f Hjc AcrcpNRB HoiniM [I VIENNA 



Hniv 

*.*rl. 9 

Ur*» 

VMU 

82 

r'i« 

... 651 

.. S.977 

O-t.l’rir 

...121169 


— ' .l4»ABtKr^U,... 196 j—l 

Alla Lo*EliKri<h 145 j+1 

UK A (KrJiOi 88] b : 

V»aw CopumKrifii 121 , — l 

[ + «r j Dlv. y.i. Dofore „,^. u .r 114 ’ 

' — Git? % L'urtev.^....-: 1 187*0 + 1 

1- • — CeiiiiftiHi.-, j 23? ; _z 

|— ' — Hiwt'iuxrH'iKKOr i!9 1—3 


B. ind. Uediiemnea- 
— — I T Banco Popular 

Banco Santander *=30) 

- Banco- Uramio (1.000 1 _ 
.w-^. Banco viaeaya — 
„*■,**■ Banco Zaraaoxano -- 
l ' r- ; * Haikonkjn 

TT . _ _ Babcock Wilcox 

S.6 i 2,8 Grc 

2 1 a '3 Brandos 

6 1 p.7 inmatuutit .. 


'“*2 ■ — k’rM.+f.ii'B'(h‘r3C'fc 126 a 


*24 j— 4 f i o p e. i. Airoonow 

111 1 5': iM Bapanola Zlw — “i C. + 

4J1J-! 3-0 Rxpi rm Tmto - -g -£ Z 

187*3 + 1 5.75,3.1 Pfrea u.aani : . f*-* • 

237 2 IO i 4.2 Konoaa i I.BMI — — — 

‘ •* 1—3 • b-Sl a 3 CSal Pivciartos. — ~ 

126 3- | 5 , 3.0 (Irwpn Volanua (4N1 - 

0S5k«? 9.or a.s Mldrola S'" '-4 


•■/lay dcnmn<: i-montb dapneit* 

!-4ay ■ii-po^itr- on sums of CliUMD 
and unrtrr „„ Qj.m 7i:„ 

anrt ot?pr £ 33.01111 7 

hj.I d-'bosirj. ovor n.iwn 7 jii 

Pcmontl and dr-piKits 


\WZ— rA e ?5 itw Wu 95 "—2 "f r t? . 


T T V- ^ mr+-\ vS* 


l n*i,in„»UH J 342 

I'uiinuu+rr ! 271 

-r'ci-ta j 634 

~enipcnl -,.J So 

"ilf.lT lb(In\lfi,„,.| 321 
' fit 'laj;nc*il | 234 


■ — l.iiilftuilui 

_ 1 VoIyrtfKr. IkJl.M,.; 


120 J ! 8- 6.7 

63.0— '3,6 j — . _ _ 
a 24 ^ ,5.7d. 2.S 

67 *-1.9J 4.5, -o.7 
1S5 -3 ] 8 S.2 

o3 —0.5 : . p is 
61 — 2.5 r 1 /— 

.83 -1' r 6 7i2 


Pi'tniliivr . 

Priroleo* *2; 

Aarrio Paeatora : 

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- 1 I - ®i Tt* ^InKm SteV 








-Fi^saeial ,10 1978. 


iMING AND RAW 'MATERIALS 



33 


. .. - ... ». V 

. • - ^J\\T G ' 

1 . * . 



‘squeeze’ worsens 


Commodities 
centre plan. ... 
for Cabinet 

, B y ?ur Commodities -Editor 
A CABINET cimunittee is „ . 
consider this week the plan fori 

■U£do r i% C h” m ^ 5Y JOHN EDWARCS, COMMODITIES EDITOR 

retarv S LEAD FRIGES forged . further proportion of Those holdings are op the premise that the g,ap 

interiienartmentai ! ahead on the London . Metal already committed for delivery between the two sister metals, 

f ™ ” prty; Exchange yesterday Cash lead t0 Ift e Soviet Union and other lead and zinc, cannot became 

EFIPJLSE' SW™. *0 a further outflow is too wide and that zinc has some 

do. 


tot 


on London lead market 


C, C biiS&, fwT ~ at i S3i “ d “ t r e ^T^,;°rUein MeW 

h u *; foped tint a decision w[Ul success | 0 n during which it has the hiuh price levels * Copper prices 

111 * mai P *1 rr tn Vmiu mai«L Cmb i " _ ctnArio Kip n hirtn&ii 


were held 

moved UP by £85. The premium At the moment with demand so ®t c ady by a bigger than expected 
oF the cash price over the three si rung, there seems little like- , *,? J «I5? . use stocks , 

months ' quotation • has now lihcrad of sufficient extra supplies ir^Lii >0n p S n<HiMn 

widened to £16 reflecting the coining in. three-year Jmv Jewel of 4.0,000 

■ b tonnes. However, Un stocks un* 



ho made as to how much finan - 1 
Cial support the Government is 
Prepared to contribute to the pro- 
posal for a world commodities 

SS 2 . a n Speculative 

^^arsaafttsisa* «£ ^ is zinc pr,res a,so raoved 

i. shed oy the parliamentary ; 


World cocoa 
surplus 
predicted 



modity organisations scattered 
around London. The committee, 
which includes representatives 
from all the international com- 
modity organisations plus other; 
interested parties, warned that! 
Britain was in ilangr of losing the j 
many benefits that result from, 
these organisations having their}- 
headquarters in -London. 


BY OUR COMMODITIES STAFF 


m h rp i lm f ,°I„ a r«? a 5. re ^!THE GOVERNMENT’S^ cheap in his review of the year. 


centre wiiJi offices for aii the ■ 
commodity organisations to be 
bought, or preferably built to 
specification. .. . 


Centralised 
grain storage 
opened 


By Our Commodities Staff 
A SURPLUS in world cocoa 
production in (iur 1978-79 sea- 
son was predicted yesterday by 
the International Cocoa Organi- 
sation in London. In ils first 
conditional forecast for the 
season ending next September 
the Organisation’s statistics 
committee estimated the sur- 
plus at 10,000 tonnes. 

Production was put as declin- 
ing to L4 10,000 tonnes com- 
pared with 1,459,000 tonnes in 
ex peeled I. v rose by 50 tunnes to- 1977-78, aud grindings are ex* 
lin 1,535 tonnes bringing a setback! pectrd til show a small rise 

■" stron"lv H v«terd' a T in values from the record levels! lu 1*77,0011 tonne:, against 

Of price* ialnSfmto £37375 5 reached on Friday. Standard! 1.372.000 last season. The com- 
• price n amtQ in to uro.ro a — — |W u „ rcc *„! revised its forecast for 

Uic 1977-78 season to show a 
surplus of 72, 0(H) tonnes com- 
pared w&h a surplus or 49,000 

predicted in July. 

Tbe forecast of a surplus 

eame as something of a sur- 
prise, since market sources 
have generally been suggesting 
that there could well be a 
deficit In' 1978-79 as a result of 
disappointing crops. 

In fad, the organisation 
itself pointed uui that a num- 
ber of members of ihe statistics 
committee commented that tbe 
forecast was subject to a con- 
siderable degree of uncer- 
tainty. 

There wav virtually no 
reaction on the London cocoa 
futures market, which had a 
very quiet day partly because 
or the closure or the New York 
market for ihe Columbus Day 
holiday. 


INTERNATIONAL SUGAR AGREEMENT 

Why Europe finds 
it hard to sign 


tonnes. Mderably. But some of it is LME silver holdings rose by 

But it is believed that a large believed lu be speculative based 680,000 to 18,900,000 ounces. 


Cheap food policy hits FMC 


. 13p a pound. The result was a 

fod policy and the .. Common Mr. Darbishire hacked the fall la market prices to levels at 
Market's taxes and subsidies on recent call from Sir Hector which beef fanning became un- 
food trade led to a sharp slump Lams, chairman of the Food and profitable. 

in profits last year. ; for FMC. Drink Industries Council, for a Mr. Darbishire also complained 
Britain’s biggest meat- -process- 3 per cent rise in food prices, ^hat loo many animals were 
ling and distribution business. And he asked for political help bein^ exported live. This trade 
.. „ „ to save the haenn industry deprived abattoirs nf work and 

Reporting pre-tax orofits for Qnlv chan^S in the work?m?of lhe food Mustr X in S eneraI of 

I before, Mr. David Darbishire. {ӣ A * Denmark** and" Hofland The%oultry division also had 
- j group chairman, called -on lhe J™. ..^ur 0 the 5fcurhS aSd a bad staft 10 tho > car - Low 

By John Chcrrineton, I Government to allow a ‘‘modest” security and prices led lo an ** alarming” 

Agncufture Correspondent - I increase in food prices. Jin build-up of slocks of frozen birds, 

THE PRINCIPLE of centralised i ' * . " ' . „ J?*** 10 a lonne yesterday to and a { cbouph the marbel , m . 

gi-ain storage had another boost- “The short-term' expedients *~in.i.i. proved towards the end of the 

yesterday, when Lord Peart, ' adopted by. the present. Govern- Virtually all FMC's operations year “profits from this division 
former Minister of Agriculture, ! ment lo keep food prices down had a hard time last year. Fresh were far from satisfactory.” Mr. 
opened a new stare for Ridgeway* to levels at which home produc- meal trading was made difficult Darbishire complained. 

Grain at Membury, near Hung'er-1 lion becomes uneconomic are by increasing imports. Ship- • Mr. Darbishire blamed a 
ford {now harming all food manufac- mcnls of ln-ef from Ireland, for shortage of pigs, industrial strife 

The store has. at present, a J turers. and the incat-based example, were helped into this and the failure of management 
capacity for 6.500 tonnes of gain.! industries in particular.’*,'!* said country with MCA subsidies of changes 10 produce better results. 

It cost £620,00(1 and was financed I . —- — • 

partly by tire fanners’ interest-; ' __ - -w * a 

grain stored. In 'addition, there Australian wheat area over 10m hectares 

. was a grant from- the Central j 

Council for Cooperation and a! • ■; SYDNEY, Oct. 9. 

loan from the Midland Bank. -lt ! • 

is expected that there will be a; THE AUSTRALIAN wheat thin? could happen if the weather result in a larger rebuilding of 
further grant from the EEC Farm I acreage this season' is. • 10.12m deteriorates. Sir Leslie added. stocks than was expected earlier. 

- Fund (FEOGA) -which will! hectares compared with a In Ottawa, Statistics Canada Soviet grain stocks are now 

' bring the total grant aid to about I revised area in 1977-75 of U95m forecast production of wheat this expected to increase by about 

45 per cent The Store will 'be !v - -J*— -• *7. 4V> K-ct vo«, u * re-im KucViaI, mmn>iriul fim tnnnM apnin«l .m enrli«»r 


increased- to 10,000 , tonnes by 
next harvest. 

Each farmer pays £12 per 
tonne for the transport, drying 
_^and cleaning of his grain, up to 
19 per cent moisture.- Over- that 
level, an extra charge Is made. 
Once installed, the grain is held 
until it is sold by group cereal 
- services and established co- 
-operatives in Marlborough. ■ 

-- The attraction of. the scheme 
~ is that it removes tbe need, for 
'! individual farmers to replace 
their own storage. 


hectares according to the first year at 762m bushels compared 6m tonnes against an earlier 
estimate from the Statistics with 729m bushels last year, forecast of Im. 

Bureau In Canberra. . Barley output, however, is In Chicago. Mr. Conrad Leslie. 

■' Skr Leslie Price; rh^fiman of expected to fall from 542m a private crop forecaster, esti- 
the Australian Wheat Board, bushels in 1977 to 473m bushels, mated 197S U.S. maize output 
which estimates the area said he All-Canada production - of according to conditions prevail- 
was not’ inclined to «ehan^ the potatoes was .listed as 49m ing on October 1 at 6.78bn 
board’s crop forecast last month bushels, against 55m in 1977. bushels,, against ..is September 
of 11.5m tonnes of grain. - " In Washington the U.S. Agri- estimate of 6.64bn. This is still 

The board may publish a culture Department's latest esu- below the . USDA September 
second forecast after its -regular mate of USSR grain production figure of 6.8hn l 'she Is. 
meeting on Thursday. v. - this vear was 220.0m tonnes, un- He estimated soyabean output 

The cron, particularly in those changed = from last months pro- at 1.77bn bushels, marginally be- 
areas where - it was sown late jecUon.. ■ low his September estimate and 

because of wet weather, is Sjeng U.SJ5.A. also forecast a sharp slightly above the USDA figure, 
way from harvesting anij^any- reduction in waste which should Reuter 


Israel aims at 
rise in fresh 
produce trade 

By Our Own Correspondent 

TEL AVIV, Oct. 9 
AGREXCO. the Israeli company 
handliag exports of agricultural 
produce other than citrus, ex- 
pects its shipments during the 
season which started this month 
u» go up by 3S per cent in value 
— to $185rn — and 28 per cent in 
quantity.' 

The company expects to export 
250,000 tonnes of produce. 52,000 
tonnes by air (against 36,000 
tonnes - in 1977-8) and the 
remainder by sea through 
Marseilles. 

The biggest single item will be 
flowers, expected to bring in 
$76m. Exports of vegetables are 
scheduled to rise from 133.000 
tonnes to 170,000 tonnes and to 
be worth S51ni t$40m last year). 

Big Increases are seen, for 
example in shipments of Chinese 
cabbage,, lettuce, radishes, and 
water melons. Exports of straw- 
berries are expected to rise to 
3,800 tonnes from 3,100 a year 
earlier. 


BY RICHARD MOONEY, RECENTLY IN BRUSSELS 


HOPES THAT the EEC might 
be persuaded to join the Inter- 
national Sugar Agreement 
received a setback when the 
Cum m unity declined to attend 
a special meeting on the 
subject in London yesterday. 
But this decision does not 
signify any opposition to the 
aims of the pact so much as 
tbe difficulty of the role the 
Community would be required 
to play. 

The Agreement has as its 
centra! aim the establishment 
and maintenance of a stable and 
remunerative world market for 
sugar. In present depressed con- 
ditions this effectively means 
higher world sugar prices, and 
with this ambition tbe EEC has 
no argument. 

As a very large net exporter of 
sugar, tbe Common Market would 
welcome a more buoyant world 
price- as it would reduce the total 
cost of the export subsidies the 
Community has to offer to find 
a market for its surplus. But 
abiding by the rules of the Inter- 
national Sugar Agreement in its 
present form, would pre-suppose 
acceptance of a quota limitation 
on exports and this the EEC 
authorities could not stomach. 

The EEC’s main problem is tbe 
conflict between its desire to be 
self-sufficient in sugar production 
and its commitment to guarantee 
access for 1.3ra tonnes of cane 
sugar from African. Carribean 
and Pacific cane producing 
countries. This commitment does 
not simply reflect a moral 
obligation to developing countries 
but also a socio-economic neces- 
sity as this cane sugar is the 
life-biood of a large, section of 
the British refining industry. 

The conflict stemmed 
originally from Britain’s entry 
into the Community. UK sugar 
refining and consumption was 
largely based on cane production 
in former colonial countries and 
it was unwilling to leave these 
countries in the lurch on joimng 
the EEC. As it happened tbe 
UK’s accession into tbe Common 
Market coincided with the world 
sugar crisis in 1973-74. At that 
time Europe was desperately 
short of sugar and the world free- 
raarket price bad rocketed to 
£650 a tonne. Against this back- 
ground it is not surprising that 
Britain “panicked” and offered 
tbe A CP producers an 
unrealistically high price at tbe 
now famous Lome Convention. 
As a result of the Lome Conven- 
tion the Community is committed 


to Importing 1.3m tonnes of ACP 
sugar a year with no time-limit. 

But this ACP sugar need not 
necessarily continue lo be an 
insurmountable obstacle to ibe 
EEC playing its lull part in a 
new Interna tional Sugar Agree 
went. If the other pact members 
were willing, the cane sugar could 
be excluded from the EEC’s 
export quota on the grounds that 
it merely represented reexports. 
There would obviously be strong 
resistance from the other mem- 
bers of the Agreement to this 
approach but if the desire to 
bring the EEC into membership 


THE VS. Bouse of Representa- 
tives has given final approval 
to. a Sugar Bill whicb sets an 
initial 15 cents a pound price 
objective, to be escalated in 
line with production costs. 

The Bill, which also 
authorises U.S. participation in 
the International Sugar Agree- 
ment, now goes to a conference 
committee which will have to 
settle differences between the 
House version and the measure 
passed last week by tbe Senate 
finance committee that sets the 
price objective at 17 cents a 
pound. 

This news encouraged a 
stronger tone in the London 
sugar market yesterday. At tbe 
close Ihe March futures 
position was quoted at £121.6 a 
tonne, £2.9 np on Friday's dose. 


were strong enough this 
resistance might be overcome. 

However, even if ACP sugar is 
disregarded, the EEC sugar sur- 
plus last year would still bave 
been much too high for the Com- 
munity to accept ISA export 
quotas with equanimity. 

Any attempt to reduce 
Common. Market sugar produc- 
tion to a more manageable level 
must hinge on the present quota 
system. Under this, a basis quota 
known as the “A” quota is set 
for five years at a time. This 
sugar qualifies for the full 
guaranteed intervention price. 
A second quota, the “ B ” quota, 
also gets the full price but this 
is reduced by the application of 
a production levy to help pay 
for export subsidies on the sur- 
plus production. Because of the 
current surplus the levy is now 
at the maximum level of 30 per 
cent of the intervention price. 

The size of the “ B " quota is 


fixed annually as a percentage of 
lhe “A” quota and this is the 
main weapon in the EEC Com- 
mission's armoury for dealing 
with sugar surpluses. The ** B " 
quota is normally 35 per cent of 
the “A" quota but it can be 
varied according lu market eon- 

dilions. Fur ibe present season 
it was reduced to 27.5 per cent in 
an attempt to discourage surplus 
production. 

EEC suaar output this season 
is estimated at 10.7m tonnes 
compared with 11.5m last season. 
Bui the Commission is not claim- 
ing credit for this reduction. The 
loiiil EEC. beet acreage is 
virtually unchanged so the re- 
duced ’crop must be due to 
poorer yield rather than to Ihe 
disincentive effect of the lower 
** E ” quota. 

A iocond possible way of dis- 
couraging Community sugar 
production is through the price 
level set annually by the Council 
of Agi'iculiurdl Ministers This 
year, in line with its “ prudeot 
price policy.'* the Commission 
proposed a 1.9 per cent price 
rise fur suyar but this struck the 
Ministers as too stingy and they 
granted a rise of 2.1 per cent 
It is almost inconceivable that 
the Ministers would ever have 
the political courage to actually 
reduce prices, so this method of 
solving the problem can prob- 
ably be ruled out. 

A more likely way of discour- 
aging production was suggested 
last week by Mr. H. Fawcett of 
the EEC’s directorate-general for 
agriculture. Mr. Fawcett's pro- 
posal is that the production levy 
should be set at a much higher 
level so as to discourage the 
production of “ B " quota sugar. 
The levy, currently limited to 
50 per cent of the intervention 
price, cnuld be raised to, say, 
70 per cent, he said. 

This policy would obviously 
meet with considerable opposi- 
tion. though not from Britain. 
Ireland and Italy, where no 
U B“ quota sugar is produced. 
It is difficult, moreover, to 
envisage any solution which 
would not attract the wrath of 
Some politicians. 

If Common Market sugar pro- 
duction is to be brougbt down 
to a more manageable level 
someone will have to lose out. 
The Community as a whole can- 
not stand the burden of sub- 
sidising sugar exports on the 
current scale indefinitely and at 
some stage a choice will have to 
be made between a variety of 
evils. 


COMMODITY MARKET REPORTS AND PRICES 

' BASE METALS .. 

- r— , 7/5 7 S. 74J?:tL is. 74.3, tt. bonne and fiurijpean interest watco n — in iap HKIK | 
^ COPPER— Steady on the -London Metil ^ £712. ihre* mi.nihs EC- the price hick up i o' n. 133 before ekaroe prlccs remain* 

Exchange, toward racial opeiU-d at Kerb: Wirebars. ‘three jacinths £374. at £7,115 on Ibu laic korb. Turnover: throughout the 
I7« » arid moved up *o £774 foUowuxs * Aftprooria: Wirebar*. llUrwc monitis l-OTU lannea. Duflu*. 


WOOL FUTURES 

doll and 


day. reports Gill and 


silKbilr . larger than forecast decline in Catbodes. ijasb 1742.0. Morning Standard, ca-'di XT.3J0. ibrro 

warehouse stocks, lo the rannung nf» Kerb: Wirebars. thn» months £774.5. 75. months n.OBO, B5. 90. «5 £7.100. 10 . 

guod volumes wore rraoca-witii near? -- - jq - cathode* uo traded. Kerb; Standard* Oiree months rr.lH), u. 

trade selling being well absorbed, The T 1 M _ SUB j l a, tar. Forward standard 28. All era a on: Standard, three months 


COCOA 


l'rstcrda'y&i +«ir | Kirijiieu 


Clone 


A Ultra I urn tYw.ienlyV,+ oil 

(•rmsy W,u*ll Ckwe 


Unite 


market edged up ut the alfemooii 4n line 0 ^, shade eSer ot C7.105. X.m, 25. 29. Kerb; Standard, 

with. Cornea with forwarf metal finaDy toe PermnR market over months £7.110. 15. 20. 10 . 15. 10. 


■- £770.3 on the late herb. Turnover-. 25.450 




wooes. - 

COPPKN j Official ft-** 

pan. |1+or 
Unofficial J — 

SH «^<> iiJ 

S nuiDihr J 77A-.5 i+2J 

-C r ! « 

754-.S 1+1.26 
773.5-4 1+1.5 


the weekend,, and fell farther to £7.050 LEAD — shandy higher again. 



skmi'm'ntl 764.5 

Cauuxusi 

-....] 701-3 
onicinthi. ..| 762-.fi 
t'eCtl'm'ni.- 
U. -. snul.i 


,+ I JJ. — 


[ 7115-40 7120-50.— 15 

7320 +6 I - 

7310-5 -20 (7280-300-65 
7110-20 :— 7.5 


- ward metal anally £413. Turnover: 12,100 
lomtes. 


rnTHA ,r/ *m rarm niters. Mdlmc wheat delivered 

LvA, t//\ London area - Oct. £90.50. Nor. 133.30. 

fn (be absence of the New Vorh raarfter Dcc - •taB. : Feb.-Mjrd» £W.». De- LONDON— The market was 

remained la a narrow' range tuuirable duality dohrared East featureless, re pons Bacbe. 

- -- - AncUa: Oet. £0730. Nnv. £8B.aO. Dec. ■ Pence per kilol 

£90.-30. Jan -Feh.-Merch £3330. Barley V 

delivered Ejm Anglia: Ocl £s0.00. Nor. 

0155. Dec. 0225. Jan. -Feb.- March 05.00. 

HGCA— Average ex-farm spot prices Tor 
week ending October 5. Other mttllng .J 

wheat— S.E. 57.36. S.W. 8S.10. East 65.90. t'cloivr 224.0-30.0 +5.D| 

E. Midland:. S630. W. Midlands S9.10. ttanner ...KB.O^O^ i 

Match (2MJL3SJ) 

_ SB .0-40,0 l+O.&J 

Feed barley— S.E. 74.50. S.W. 75.70. East July fcMJMSJ 

74.10. E. Midlands 74.10. W. Midlands October ..._.E54JJ-40.0 , 

T4J0, N.E. 7450. N.W. 74.00, Scotland l>ewrai« - ...p55.0-4&J) 

73.20. UK 74 JO.- Change +». Tonnage Match jE59.0-47J I 

23.678. The ldghesi price paid for malt- sales:" 2 (7t tots of 1.500 kJkis. 
ing barley was 395 la Lincoln. SYDNEY GREASY— Close >u> 


PRICE CHANGES 


Price tn tonnes mien otherwise stated 


Mu«ines< 

Dnne 


ihreo Ati.oLooir't; I 

Utv. .-....! 1932.0-34.0 -6.5 11940.0-1832 


M«i^i : ;!"""]ltta5.0.54J Uz.75'l67itM650 H.K. JAM. N.WJ 87.«J, ScoUand 87.90. JUjrt 
Umy IlSoO.O-SI.O —6.25 , 7965.0-1976 UK 38.80. Change +60. Tonnute 11.012. Mar ... 

11560.0- I4JJ | — 2.90! 1B88.0-167B ** *“ ° ” "* 

1960JLb7.0 -3.0 j — ' 

IS 13.0-23.0 1-8.0 1928.8 

11684.0- 1910 —10.5 — 


228.0 


Metals 

Auimlnlum.— 

Free market icon. 
Copper euti W.Blr 
3 moaih* 'lo. in. 

C*um Cubole. 

5 moatbfl do. rin 
OoM .Trov 


742 

685 


>+ 1.51 


■ 740. 3 j+j 9S 3 months-] 7105-16 1+47 J 

nil it'i® 2SJU it' 0 

_ ainuB. +5 , — i 

63-68 1 >^Yorhl - | *675.00 +7 


I.G. Index Limited 01*351 3466 • Three month Zinc 375-1*379.4 

£9 Lament Road, London SW10 OHS 

1. Tax-free trading on commodity futures. 

2. The commodity iulures market for the. smaller Investor. 


i 


BEAT INFLATION THROUGH COMMODITY 
INVESTMENTS WITH DBNN & HARSITT 

Commodity prices are linked to c(ib floctuation of living' costs. 
By participating in the Dunn & Hargitt Commodity Pool you can 
profit, from these price movements. Proven traqk record. 
Minimum investment S20.00Q 
Coll or writer Dunn & Hargitt Research SA. 

Dept- 14 E. Bee 6 IB rue Jacques Jordaens 1050 Brussels. Belgium 
.- Telephone: Brussels- 640J2J30 
Available only to residen.ts.of countries : wh ere not restricted 

( Restricted in Belgium and USA) 


LEGAL NOTICES 


No/OOMM id 197S 
in iht HIGH COURT O p JUSnCE 
Chancery Division Canmanlus Court- « 
th-- Matter of CLAIRCOLOR LABORA- 
TORIES -LIMITED and In tho Mailer Of 

The Companies Act, 194S. • • 

NOTICE IS HEREBY GIVEN Iftal A 
Petition for Ihe wlndins-up of the above- 
named Company by tbe HUsh Court of 
Justice was. on Lho 26th day of September 
1975. presented 10 the said Coor i W 
THE COMMISSIONERS Ot CUSTOMS 
AND EXCISE or Klns's Beam House. 
99-ii. Mark. Lane. Londofl BC3R /KE. 
and tbal the said PetUion a directed 
to be heard before the Court sittuy: at 
die Rom/ Coons of Jusrw. Sjrand. 
London WC3A 2U,. on ibe 3Dfh dan of 
ociober 197S. and any creditor or enn- 
tributary of the sakl Company ■ desirous 
■ to smn»n or appose the tnakinc of an 
order on the said Petition may appear 
at the time of hearing to person or by 
ms Counsel Tor that purwrac: and EM OF 
or the PetJlSoo will be fnrnlshed bs- 
the undersigned to any crcdf'ior or con- 
rnbuwry cl the said Company iwnlring 
such copy, on payment of ibe 'fectuatetf 
chaffic for the same. ' 
fi. F. GL0AK. . 

Kiss’s Beam House, - - 

.TMi. Mark Lane. . . ■ . 
London EC3R THE. ■ 

Solicitor to the Petitioners. 
NOTE.— Any person who intends 1 to 
annear oa-the tteannsi of Pslluon 

most serve on. or scad by poa to. the 
above-named ' notice lu wridas o£ nls- 
intention so to do. Tho notice inua state 
So name and address of the person, or. 
ir a firm, d* tume and address or the 
firm, and must be stoned by me person 
or firm, or Ws or IfteiT Sriiriwr (If any) 
and most -be served, or. if potted, tuna 
he ant by post In aUHctent tune » 
reach the above-named not later than 
four o'clock lo the afternoon of the 
27th day Of October J57S. 


In tbo HIGH COURT OP JUSTICE 
Chancery Division: Companies . Court. - In 
the Mailers of: 

NO. OKKMS Of 1978 ' 
MTNE5TEAD CATERING LIMITED 
' No. 009050 Of 197* 

M; J. HOBSON7fPABRlCS> LLMITED 
No. otnon of ianr 
. .SAM -SAM < LONDON > LIMITED 
' and in ibe Mutter of Tho Companies 
Aid, 15*3. ■ 

NOTICE IS HEREBY GIVES that 
PeUuoQs for'iht Wlndins-Up - of the abovi- 
named Companies by th* High Goon of 
Justice vrpfe. on fbc 2filh day of September 
19EL presented to' the Said Court by 
TRE COMMISSIONED? OF CUSTOMS 
AND EXCISE or King's Beam Hopse. 
.19-41. Mark Law'; London EC3R THE, 
and ihat lhe vaid Peutiam, *re directed 
to be board before the Court siiUns al 
the Royal Count of insure. -I'rantf. 
London WCJ.A 2LL. on ibe wtb day ot 
Ociober 1*12. and any creditor or enn- 
irlbotory of any of the aald companies 
desirous to tatwori or oppose Hw making 
of an Order on any oi 'he said PrtHlODh 
may appear at the lime ol bearing in 
person or by but Counsel for ibat purpose: 
and a copy of Hu- Petition will he 
furnished by the understated to- any 
crcdiior or- contributory of any of toe 
Said Companies requiring such copy on 
Hnnrat jf lhe . regulated cfla/ce for 
the eu»c.. . . 

G. F. CLOAK. 

King's Beam House, ■ 

" 3941. Mark L ane, 

London EC3R TBE. 

. Solicitor for lhe Petitioner";. 
NOTE.— Any person . who intends M 
appear on the hearing of any of lhe. 
said Petitions must serve on. or send hr 
posr ip ihe above-named, notice in wniniR- 
of nls intention so to do. The notice musi 
state the name and address or Ibe person, 
or, if a firm, the name and address or 
the finn. and must be' sowed by the 
person or firm, or his or their Solicitor 
(If any) and nraw be served or. If posted, 
must be sent by post m sufficient inne to 
X 64 ch t}i e above-named not la»r tn»n 
lour o'eforir In dip afternoon of Ute 
3<th day of October 1WS. 


— 

a.ra. 

1+ or 

p.ui. 

-for 

LEAD 

Official 

1- 

Luufficta 

— 


A 

1 * 

£ 

i 

IWi 

A 26.5-7 

>+10.6 

430-1 

:+lI.2 

i mpnrht. 

4123 

j+6.75! 

414-6 

+8.75 

rett’tucm 
t. .U|«t. 

427 

36«5.5 

r.. g : 3 331.33 

ir: 


0.723) lota of 10 tonnes, ins barley was 295 la Lincoln. SYDNEY GREASY— Close »in order kauteMh— — ■ 

UternatioiMl Cnm OrpanisathM (U.S. UK fornard prices for delivery tn Dec.: buyer seller, business, sales) — Mtcrw » month* 

cents pur pound >—XJ ail y price Oct. 6: M. wheal <breadi SUM. M. wheat (olheri coo tract: Ocl 339.1440.0, nil, nH: Dec. Mrkei 

170.45 <169-18*. Indicator prices Oct. 9: 69.30. Feed wheat 85.26. Matting barley run 3-319 fi 34g5-34S !s. G: March 356.6-354^. Preo Market iciWii'i 

lS4ay average in.7l (171.7b 1 : 2tdiy N.20, Feed barley 77 Jo. Jao. M. wheat A: May 381M83.0. 36S.M62.5. 

average 171.66 (17L36), 1 bread' 94.7D. M. wheat mtherl 91. SO. j. JqJj. ‘3S7£S68S. 368.1^398.8. 9: Oct. , , 

F “d wheat S8.50. Malt bailor S9j0, Feed sm A jn 0 nil nit: Dec. 374 5-S7S.0, nil. 

LlfrJrlX barley so. 11 nT nJ ,rr+,' 0376 =. 37 B '^375 5 s! fiat mum trov (W..|C1B0 • tl30 

HGCA — [ ideation ex-farm soot prices. Total sales: 29. /«* HutcL I c 149 . 05 4 0.2 .uiaa.40 


»W3 i+6-f6|t35l 
191.78 | 


Botmsxas eased after UiiUaJ steadiness 


Momhlg: Cash £423.5. . 20. three closed and final values were about iro- 

montiu: I41J. 13.3. 13. 15. 12.5. Kerb: changed on the day DBL reports. 

Cash £437: throe months £<13. Afternoon: 

Cash £425. 31: three months 1113. 12.5. 

13, 14. 12.5, 14. 15, 14-5. Kerb: three 
ra on tbs £415. 34.5, 14,. 13.5. 14. . 

21 HC— Gained u round in line with lead. 


Oet. 9 
197b 



U71D I ; 1-680 

*14170/90! l*U/9 95 

2754.25 |t"7afl.5 

C77S.7i!+ 1.6 #55.25 
C742.25 + 1.2B;t'ia9.5 
2762.26! 4- 2.0 ,£7 46 J5 
3*91.875.- -1.5 1521)7.195 
£430.5 |+ 1 1.5. £446.5 
55Z575 


1.90 


80 

1.93 


Other milling 


NEW ZEALAND CROSSBREDS— Close “ l** 1, ■* - S '? 5 '® 0 


On order buyer, seller*— Dec. 1ST5-M.6. 
March 187.5-90.D. May 191M3.0. July 
191.0-93.0. Oct. 195. 0-94.5. Dec. 192.0-94.0. 
March 19L0-95.0. Sales: nil. 


ease back 10 £375. However, in the after* July 


I37B on the laic kerb. Turnover: 12,875 
tonnes. 

It+or 


C’OFFliE 

IwtaMayV, 

I'Ipv? ; +'’r 

iiurincM* 

. Dime 


£_|*r luimej 

Alice uj her-. 

January 

3 larch 

Mat 

1652 53 ■ + 13.5 1668-28 
1557 60 . +91^)1 1669 40 
1406-66 . +01.5 1467-40 


1380-82 ' + 11.011356-50 
1325 30 -05.011325 10 
1314-20 j +093 131500 

bj^iemher _ 
November... 


wheal— Central Scotland 
56.00. Cambridge .37.80. Foed barley— 

Central Scotland 77.40, Cambridge 73.70. 

The UK monetary coefficient tor lhe 
wot.* besinnlnR Monday Oct. 16 will 
Incri-are to 1JS6. 

EEC . DAILY ' IMPORT LEVIES— The 
fnllnwin'R EEC levies and prefiiintns arc 
effective fi>r Oct. 10 in unil«i of ace>>unt 

a tiiiine. In order current levy plus Nnv.. SMITHFIELD ■ prices in pence per Pnvluuero. U676 

Dec. and ->an. nrcmhinrt tvlth previous pnuitdi — Beef: Scottish killed sides 33.0 to 
in brackets*. Cwmara wheat— 61.50. rest 57 ^; Eir e hindquarters 62.0 to 65.0. fore- "hi 


liver trov ie. 

6 months... 

I'm (**b 

i rruuiLh- . 

funnstenfo 16142.94 

U’mimin H2 .lu olf , >142/47 


292.5)1 —2.4b,: 83. 2 


400- ' '-2.55 SO. 15 
■.*7.290 [—f>5.0 i-7.12fi 
27.115 f-7.5 l 7.002.5 
*■1 a I 82 
• 14U-44 


MEAT/VEGETABLES 




5776. 

K320 

5605m 


ZtXO 


C»«h 1 


s'ment,. 

ftlOi.webi 


a. in. 
Official 


1+ °n 


C 1 H 

369.5-70 -t.15.2! 


'luonlhi_j 375.6-6 +12.5 


370 1-4 16 


jum. 

Uunfflcls 


£ 

373.6-4 
379- .5 

29JS1 


£ 

+ 11 
+9.5 


Sales: 3.089 M.SfSi lots of 6 tonnes. 

ICO indicator prices Tor Ocl. 6 tU.S. 
cents per poundc Colombian MUd 
Arablcas 178 jtf HiS.OOi: unwashed 
Arabicas 153.00 • (same); nthcr mild 
•Arobicas 156.59 1156.21 1; Robuinas ICa 
1976 149.25 1 148.75 ■: Robnstas ICA 196S 
149.73 I149J5). Daily arerage 153.92 

II32XS). - ... 


I >790 

1 'i.'c98 

' «27 

—5.0 S610 


3530.' —5.0 >535.5 


U80.3O 


. jjinitim;: Three months £378, 75, 775, RUBBER 

W tnombs £379.’ 77i. * 

. -ALUMINIUM — Steady and quiet with nr 263 iStta) cenri tbuyer. Nov.». 
Auinirat helped by the overall Brmoess 
of other base-metals. On tbe late kerb 


Cff other baae- melals. on me iMcjero ^o. 1 YeateHayV Pretioue j BtiNnens 
forward metal was quoted around £5S7.«a. 1 UuM , 1 

Turnover: 1,280 tonnes. . . . ? . 


Alnuiin'mi n.m. jt+rn- )>.ni. ;7+w Xttv 

. (mit-lal . L'uuflirial . — Dec 

1— Jan-SWl 

■ . | JE [ f Al Apr-Joej 

Spot — . 1 — Jt-Sept 

3 nmufheJ 588-9 .+2JS 587.3-8 +1.5 Ota- Dee, 


nn i32 R.1. rc-si lUli. Duram wheal— 113 SB. q’Janeri 37 0 10 ' 39.0. Lwni*(PliW»-.. 

0.13. 0.13. ml » 123.86. rest ml>. Rye— veal: En*ti-*fi fat« «C.O to 6 S. 0 : Dutch wrwmilBnl ..... 

55.46. reti nil (85.4G. rest nfti. Sarlear— ^ |n H « aa< j mds M O IO S 6 .B. Liweed Cnide tv).. 

S7.S0. ri-M nil <S7.6D. rest nil'. Oats— , ^ EunJish small S6.0 to 62.0. Usiayafl 

■'.31. rr-'. nil 1 73.84. rest nm . Matte ai.O to 5S.0. heavy 50.0 to 54.8; 

(01 her than hybrid for seeding!- SO. 19. Scottish medlmn 53.0 lo 36.0. heavy 50.0 

rest mi •».». rca u«i. BuOc wheat— AH |0 M 8 i m poned frozen: NZ PL 56 J Seeds 

off mil niH. Millet— 41.30, rest nil t*4SS. to 3 R 0 YLs SS.S to 54.0. Copra Phillip : 

rw Itiri. Graia sernhnm— rest nil park; EngUsh. under 100 lb 37 .U 10 -tonbean (L.S_i.... 1*274 i— 4.0 6266 

rSO.95. rc^l mil. 4« 0 100.120 lb 38.0 to 45.0. 120-160 lb 

Flour leviei+^Wheat or mixed wheat 37 n i a 42 D r, ■ 

and rye Ilonr— 123.42 (126.73/. Rye Hew Crease: ’ Younp, best (each) 1S0.0 to urains j 

— Ufl.bS 1 130.691. r ,., 00 Oariev ■ ; 

SOYABEAN MEAL v ““ *’ “ 

aUI ADllAIl ITICA L 24 meat COMMISSION— A verane lawoeh French ,\o. a Am 2108 
lenRoon fiTTurea movea slignRy aiKaer. prices 21 rrpmem stive markets or Ocl. ] 

, YertM.ta.rr , or I 'ikMM ». CB cattle 07.5ft> per ts.Lw. t+0.M<: „ 

UK .sheep )3 j-p per ko osi.d.r.w. A>xdH>irdMin[ei | 'v84.56 LB2.75 

1 +O. 91 : GB pus 663ip per kg.i.tr. (+1.9>. hogiub Uuliiui.L91 lB9 

England and Wales— CaKIe numbers op iina ’hii«umi.....|El.S92 —29.0a2.060 

3.9 per cent, average price €6.BOp C+9.43*: Fmnnr Mur. LX.865.7 — 7.75 t 2 015 

Sheep numbers up 29.2 per cent, averanc future........! 

Price 133.7p 1+1.3': Pte numbers up 2.7 \.«v, ;21.S58.6 *1.0 s.i.451.5 

per cent, averaae price 66.3P f+1.9i. Union W liKlex....|75.BSc +0Jb!74. 

ScoUand— Cattle onmbcrs down 6.2 per tiuui«r Kilo....* ;o2, 0.5 |59.7Si 

cent, averace price 6S.71P t+D.34i: >mmr iHatr) ILH2 + 2.0 |i.1Q5 , 

Sheep numbers up 2S.0 per ccnL averace tYia«unj» dflu kno...i270(, r. < 01 . 

Prices 131 5p t-9Jt: PUS numbers down — - - • 

*S??s2s -jS a is us?,izrs 

* Uct.-Nov. c Nnv.- Doc. n Nov. 10 Dec. 
» Per ton. t Indicator orico. 


Veatetilaj 

r or 

U iif-4 ref* 

C*rtS+ 

— 

Done 

:£|wrtonDr 




1.0 .2101 

: : C9S 


Soles: 4'! 1641 lots- of 5 tonnes. 


SS. 


Mara Inc: Three months £937.5. 
Afternoon: Three mouths £5BE. S7.5, 
'Uema pri mPiivi •«" 0IO1L 

• On previous unnfflciai chum. 


Octnber 1 17.00- 19.5' + 0.16' 118.00 

Decemt»r ...|l IK«> 18.81 + 0.281 1 18.80- 17.10 
February .. ..| 120. 50^0.7: + 0.56 150.80- 19. 5d 

April.. il20A0-21.6! + O-60: — 

June 1 121.60.2 1.9 +0.4fl| — 

! ; Augim 1 12 1.OO-SS.D-t- 0. 28| — 

82.4042. 60 J 65.00-65.38' — 'b+oiiw. ■122.50-23.0-+0.75I — 

bi.2a-£SAU K.gWri.25 - 

66.U0-t5.lir 65.70^.75; 68.00-04.90 
67.80-87.651 68.l64iSJD. B6.StW>7.48 
Ba.6M8.70i 70.E670.46j 76^0-69.60 
fl.7o-ri.BU 72J5-72.40! 72.40-71.76 

J«n-llaal 75.75-75.^ 74.40-74^0. 74.60J2.85 £112.«' ^ ‘““he ^f„ for 

Aur-Jne' 78.75-75 50, 7S.45.7E.60 : 78 tO-75 85 shipment, twuie susar dally , 

Jv.-tend 77 78-77 81) 1 TBstn n : re M.i77i filed at £111.00 11111.56). • Brazilian: Valencia Laic 3JM: Aruentine: 

J,1 U.la-tl.sw, rt.&b-/«.6U, 70.64 < 7.75 P|n| Ira j w were £2 afai.ve kerb levels 4.50-5.40. Craprfruh— Doiumican: 4.S0- 

! — L and the market remained very firm all 5.40: S. African: 48s 4.50: Jamaican: 5.00- 

Sales: 4S rsHSi lots, of 15 tonnev day. redeoms tbe rates marki-l, rvpnrts 5.40: Cyprus- 4.88: Cuban: 4.WM50: 


Per pack a sr except where otherwise 
stared/— Imported produce: Lemons— 

Italian: I3)'15tw new crop 5.S0-6JKI: 
1 raw susari SpanJa: Trays 1J0--JD: S. African: 5.00- 
■or Oct. -Nnv. 7.50: Cyprus- Trays 2.00-3.21). Oranges— 
White suaar dally price was S. African: Vakwu Late 4.3M.30: 


SUGAR 

LONDON DAILY PRICE 


INDICES 


Plly.-jcal clnsjnu prti+s ibujrrrsi were: C. Caarmknw. 


SILVER 


64n 1 St. 25 < 


GRAINS 


Sflwr was !.»P anouncejowcrf^ LONDON FUTURES fGAFTAV— A ouict 
spot delivery m tbo London bullion iwwkei day MW whcat opuJ unchanted and barley 


riii"ir 


FlVl I'HII I 

Die lite-a 

Citium. 

l l'»e I 

IW j 

Dm Hr 

L«m. 

1 1 




yesterday al 283.5D. U.S. i-nsi emu v a teals 


open lOp down. 


— u„rn. enn- STB Be “■«“/ xtuiit. iui-ii j ipe .1 n n-u, i m.zo-13^: 

the teire levels wire. SP0. 5.V.K, ranMd pMnu)ns , 0 04se up t0 with ii,n,|,.. l2l.5>2L65.1lB.65-10.7 

down 4 - lc - shQTPoiFBnag awadrias pners /wards i24.2i H.W12l.0O3U 

sa-monlh 600.5^. down 3 jC and ..-mauin .v. m^mlne close. Conntrv scllmc was rr: -tsc nniiix on ■» a 


Israeli: Jaffa 4.20-4 S5. Apples— French: 
New crop Golden Delirious 201b K 2.00- 
S.H. M 1 so-i.bo: 40lh :i.m-4 28. Stark 
Crun son 201b 64 2 40. 72 2.70. Granny 
Smith 2.10-2.50. Pears— French: Alexandria 
2 .WI: Per pouinl Italian: Williams 0.14-0 JO. 
Floras— Romanian: Anna Spatb per im 
1 .SO: Italian: "Pit round Stanley 0.10. 
Italian: Refdnu 1.40-L50. Flacfe 



£ I+r iDtuiu 

Crramry allinK then Ii«.„.....ll7.45*17JO;n6.2O-15J5n7.0S-15.OO Grape L . ... 

“ — ■“ 75l22.Otl-lB.SO Resina 2.30: Frem-h: .Mphmue per pound 

- »ftl?4.8j-2LW) 0.15: SnaitUh Almeri* ZOO. Negri 2.00. 

the awmlns close. Country selLnc was A „, l2S.78-28.80! 125,60*25.68.128.00-25.50 Sanaa as — Jamaican: Per pound 0.14. 

Avocados— Kenya: l-'uenc 18..4S 4.00-4.58: 
African: Fuene 4.00-4.50: Israeli: 4.50- 
CapsicmiH— Dutch: Per 5 kilos n.Pfl. 

— - Onions— Spanish : X0M.10: Dutch: I 60- 

■ Uit Li. <M - WHEAT BARLEY • SsIca: j. 409 '2416» lots of 50 frames. ««g. iiuncarian: 2.00. Me huts— Spanish: 

' ~ iVeaterrtai'V 4* or )Ye4enlav'iv 4- or Ta,e ^ «Trt«rey P ri « f nr Ye !low 6/14 2.7M J9. Green 2.800.00. 

21 ’nthl 1 — cSL' 1 + SraniUaled basis niiite srnar was 1264.85 Tomaioes-Dutcft: 2.40-2J8: Jersey: ZOO 

Jintti close | — Clow j — . ls>mpl a mnoe for home 


sunt 393. 5 g 'f-2.45 S98.S5g -U 

5 mouths. SQOj* -2.8^ 300.4b] 1 f-IA5 Sor... 
d menUia. d08.1p ]-2J5| — I — Jwr J 

1£ months S24.6|i ,“2.5 1 — t JUr..., 

. j ._ |_ . . Hey-j 9S.8 I) 

LME— Turnover so (761 lots of ia .060 



. — o-ade and ;o 0 . Spanish: 2.30-2.59: Guernsey: 2 40- 

£174-50 . £ 1 . 0 . 00 ) for export, 2,50. Dates— Aliserian: Per glove box 

Inierwailouf Sugar Agreement— U. 5. p B me»rpnai«— Spanish: Per box 

cents p..'r p«tuiw fob and. sfuwed Caribbean 40 -gg- 3 «jj.sa. Satsttmas— Snanla: Trays 
port. Price-, for OcL 6 : Daily 8.50 isamei; sjats.jo. 

8.5S is.53). Easlb* produce: Potatoes— Per 23 kilos 


r— O-SD l»riay average 
f— 0.5b WHITE SUDJ 


SUGAR-4!lo^ (in order buyer, Tin .140 utitfces — Per 12 round D M. 

dni'hA IWWtfiJTV n a- Li net ■ D». 


OZS. MorfthiK: Three months 309. a. 300.7, j ao . S8.&91i5. March 93.S«3.55. May t ! ?l 

'309.4. 300.2. 3M.1. WO-2. 3U9..300 1, Kurt: S».S»95.93.- Sales: S5 lots. Barley: Nnv. 


CLUBS 


fiVE. 1B9; Regent. Strect.,734 0 557. A .ja 
Carte or All-in Menu. Three Spectacular 
Floor Shows 10.45. 12. 45 an d_1- «5 an a 
music of Johnny Hawtowortfr A FrtemU. 


GARGOYLE. 69. Dean Street, London- 
^l&viM^IFreASE PLOQR&IDW: . 
TOE GREAT BRITISH STRIP 
Shaw M»t MiUrtt^t M4 

Mon.-Frl. Closed Saturdays. 01-437 6455. 


ART GALLERIES 


CHANDE GALLERY. 6. -Cork Street. W.l. 
01-73* dffi6. M Recen4- Patntines and 
. sec/lptnro. bv W. f. 2AG. --6 - Sept. 
21 Oct. Mon.-Frl. 19-5.30- Sat6. IQ-1. 


fine ART aamnr. - im. N»« A |og 

St W.I.- OT-62S -SI 16. CHARLH 
RENNIE MACKINTOSH. CoilnB I3H» 
OCtOMf- 


Three muntlu 300.3. Aftenuran: Three Si.70-luua. Jau. m.SGSa.bS. March SS.E5- 
months 300 3. 309 j. 3M.«, 300.6. Kerb: 83.73, May 8S.OO-M-1I). Sales: 114 lots. 
Three monfiis 506.7, 300.3. IMPORTED— Wheel; C1VRS Ko. I IV, 

Dec. 102 iraushtpmem fast Coast. S. 
Noriheni Sprlnc No. 2 14 tier cent Oct. 
_ ¥ . 84.30. Nov i5.:Ul. Dec. S7.95 iranshlpmeni 

i 11 1 East Coast. U.S. Hard Winter 134 per 

cent Oet. 81 53. Nov. 85.55 transhlpmeoi 
and f. Eau Coast. EEC wheat u Demoted. 


FINANCIAL TIMES 

^ rt ' fi ; ••ciTfi I ill. hi rr.^;. \^i. < u~ 

862 06 260^66 iTft2.54 | .41.77 

I Base: July "j. 1955 = 100 . - 

reuters 

0.4. 9 lie-c 6 1 iu.m” ^Ti'\ fjiiT" «“ 


1512.8 .15 1L3 | 1489.1 I 1503.3 
(Base: September "is." iaii = iooj 

DOW JONES 


Dow 

Jiiitn 


Oef. 

9 


■Jt-L ; JU until lrai 

6 j 4|ir. «-jii 


•IkH. ....-300.33:380. 12 381.14 ; »'»6 Od 
/ntiire-i t4 j5j383 .52; 5 . 8.39! -'^-56 
lAverase lBiv2S-SG = 4 ooj 

MOODY'S 


tray 12 -4s new crop 2.D0-2.40. Mushreoras 
^ v 1.1 nn v . ... —Per pound O^MSO. Apple*— Per ponnd 

jfi. Si-pr. 136 00-37 JR; ml; nrL Nov. Era m ley 0.06-0.09. Lord Derby 0.04-0.85. 

136.0V ] 40 06: nit; nJL Feb. 140 08-44.45; q 0J .. 6 Oramc Pippin o sgo.is. Woreesier 
1UB": ^Apnl 1 j0.0j- 51.0O; 15fl.W-14B.00: p MmM in P.OJ-OOS, Riksci.v 0.074)19. 

2. Ssli-s- -*J- Pears — P it pound Williams D.IO. Confi-r- 

era® 9.P8-0.IL Plums— Per pound Rnrii 
fOTl U1N 0 . 0 S. Marine’s Seedlffip 0iM.i5. Laxmn 

* , , , J . e.M. Damsons— Per pound 0.13. Tomatoes 

COTTON— Liverpool. Spot and ship- _ Per 12lb EnR i )s h i.W-»«u. Cabbase*— GRIMSBY FISH— Supply moderate and 
m»ni-sah'» amountad t„ 887 innnes. pp r n .«wi.98. Celery— Per head demand pood. Prtees per atone al ship s 

reports r. w. Tancrsau. interest e.WLO.07. CauiRawcrs— Per H Lincoln side 1 unprocessed): Shelf cod IS.DO-ffi.OO. 


Mrvlv'- | 



6 ! 

•nm 1 1<>l 

■ m- Ciiiiiiiii ' 

*70.41 fb.fi 

37.9 332.7 

tDCcernber 31. 1931 

= 1001 

* 


Metals race 
on as grain 
prices rally 

NEW YORK. Oct. 9. 

PLATINUM future seared ahead over 
SJflo an ounce when Coiniuu-^lon Houses 
entered ihe martti-i u. fmally break 
throtuth 1 hi.- psychological barrier. Cold 
teas very firm and silver gained nearly 
10 cenu an uunev. Copper followed 
precious metals higher. Soyabeans, ivheal 
and maize all staged considerable 
advances. 

Copper — Ocl. 6I.SU .liTOj*. Nnv. 6S.30 
ifi~.55>. 66.50, Jan. 69.15. March 70.50. 

May 71.55. July 72.50. Sepi. 73.40. Dec. 
74.K0. Jan. 7‘i.ou. March 75J50, May 76.H0. 
July 77.40 sotilcin.. ntr-. Sales: 5.400 lots. 

Cattail — N.i 2: Oil. S4.50 lOt.Mi, Dec. 
•57.10-67.12 1 67.od ■. March 68.5049.60. May 
iO.j'J-Ta.O). Julv ill. 50. riel, n~.00-fi7.lt). Df-ri 


New Vorfl's cottee, cocoa an d 
sugar oiiirkeb: were closed yes- 
terday to mark Coiombus Day, 
while aU Canadian grain mar- 
kets were also closed. 


Sii. 45-66 50. March 67.l5-iiT.5U. Sale;; 5.<u0. 

‘Gold— Oct. 221 Id • 222.54 >. Nov. 225.60 
> 224.00i. Dec. 227.10. Kcb. 230.70. April 
234 ,J0. June 235.04. Aug. 241.70. Ocl. 
245.50. Dec. 249.20. >eb. 253.20. .\nrll 

237.3d. June 281.54 Aug. 265.70 setile- 
nic-nl.,. Salt-:: 12.000 loti. 

tLird— Hhicaco (ante 24.;tS tsame), 
NY prune 'iivm 25^5 nmn isamei. 

tMatee— Dec. 2.40-229; i 22 *>.. March 239+- 
*38 '255:>. May 2W -'45. July 248-2472. 
Sr pi. 249. Dee. 252; 

f Plalinom — Oct. 344.50 U9520'. Jan. 

3ft.'^0-303.M 1297.00'. April 305.50, July 

300.5(1. Oil. 3122U+312 40. Jan. 315.70- 

315.90. April 3192.'0-J1B.4(I. Sale*: 1.702 

1. H-. 

•■Silver— Ocr. 583.S0 <376.uu>. Nnv. 38910 
■579.50 >. Dec. 392.30. Jan. 597.50. March 
606.00. May Gll.tat. July K23.60. SepL 
tC.70. Dec. 677.00, j,,n. «ii 70. March 
•541 20 . May 670.50. July e'h.aO si-iUcmcms. 
Salt-': ILSOii luiv llandy and Harman 

2 , p«l bultl tut available (579.50 1 . 

Soyabeans— NuV. 677-87S nM?!*. Jsn. 

654^831 •679! *. Man'll IWI-fiH*. May 6M1- 
693:. July liSI-6951. Ain;. 654. ScpI. <563- 
662. N"V. 654.'. 

''Soyabean Meal — on. iso ao-ieo.ie 
<17610'. Dec. 152 50- IS.' 10 <l7S.S0i. Jan. 
1 ST. 20 - 1 KI.M. March ISJ 00-1S3.90. May 
1 S 1 2 ( 1 - ISl.no. Julv iH.eO- 1S-1.5U. Aus. 
SS3.UU. Scpi. 174.30-1SO.OO. Oil. 17S.0O- 

179 3d. 

Soyabean Oil — »'• !. 25 95-26 00 < 25.63 1 , 
Dec. 25.45 23.42 Cj.lC'. .Ian. 25 211.^.10, 
iljrrii .-4.9VJ4 9II. Mat 24.^-24.70. July 
24 JJ-27..-<0. Auk. 24 15-24 2U. Scpi. 23.75- 
2::.^j. Oi-I. 21.20-22.40. 

Tin— 'ITu.uO-uSO.OO ii'-ui. 'bfiS.UO nnra.i. 
"Whoai— Dec. aifii-.yh; . 244 ;., March 
2Ji:-31l-: '"O'. May 337. July la+S22. 
Scpi. 22 b. Dec. 223. 

All cents per puund cs-wa rehouse 
■roll 15 otherwise -si Jicd. * 6 s per troy 
ounce — 100 »umv Inis. t cbicanu luose 
fs per lno lbs — Dent, uf Ac. prlccs pre- 
vious day Franc sii-am lub. NY bulk 
(ant urs. : Cents per 56 lb bushel ex- 
tra rehouse SUOU hushi-l lots. JJS pcf 
Iruy ounce lor 54 it units of 99.9 per 
rent puriir delivered NY. r . Ccoia pi-r 
Irny ounce ca-wurrhoiiNe. !i New *■ B ■■ 
umtract in fs a shun ton for bulk bis 
of 100 short Iona delivered f.O.b. cars 
Chicago. Toledo, Si. Louts and Alton. 
*° Cents per 69 Tb bushel In store. 


DUNDHE— QuiftL Ocl-Nov. c. and f. East Coast. BSC 

Dundee- BWB Clbp. BTB 1264. BWOBTC Maize: UA French Oct. 102. Nov. Ml. - ---- — — —*•* «« »-»»-*»■■»■ 

2SL BW1>BTD^44: c. and f. Aniwerp: Dec. HE in-anshlpmrm Eaa Coast S. 6a ^' u ^th E <? ? « 1.48-1 .50. Ruaaer Beans— Per pound Slick cnDrnss £3.68-£4-0: largo haddut* £5.00- 

gsfc ^I RTO 'MO BWC-BTC MSI, African While Oci.-Nov. 61^0 Glassow. «; ,Ul ,„ c d ,,^L AmcrtcaQ 50,65 410-0.12. BemroM-Per 2SB> 9.6D. Carrot*- Sa. medium haddock £3.6^£-L2fi, small 

8WD-BTD W® Kenaf. lob Banfikok, S. African Yellow Ort.-Nov. 6L50 Glasnaw. aUo atiractlnE atrcntimi. Per 28D) 0.580.70. Capsicums-Per pound haddat* £3.00-0.40: larye plaice I5.S0. 

[ T»(B Bailoy: English Feed fob ocl S3.00. * 025. CeuraetteB— Per pound 0.15-0. IK. medium plaice I5.l».£5 90, he^I Email 

jSo Hrra. C. and f. Dundee Nov. 84.00 East Coaai. LONDON TEA AUCTION -Quality lTOp Oafeua-Per ban 1.80. Picklere IJO. Pblce '4.0O.M9O: Rfeinned dnufUh ISfiO- 

Oh. ta'lha £18.92, i.S K SSjt. MARK LANE — Generally. Inactive a tab “ odUmi lls *» ^« de ^3; Pcr ^ flb Dn “ 1& <n »«bumj £72H); satihe 

"• 8 *' ■ cwHla £39,71. ' market mill apparent reluctance slill plain 8iP t7®PJ- 2Sb 1.00. Parialw— Per 23 lb LG6-1.20. £2.1§-£2J0. 


Fisherraeo may 
visit Denmark 

By Our Own Correspondent 
COPENHAGEN. Oct. 9. 
REPRESENTATIVES of the UK 
fishing industry have been in- 
vited to Denmark to see their 
rivals in the battle fur the North 
Sea catch in action, said an 
official of the -Danish Fishing 
Federation today. 

The visit is by way oF a return 
for a visit to tho UK by Danish 
fishing representatives last 

spring. 


1 






Financial Times Tuesday October 10 1973 ' " ' 


STOCK EXCHANG 


PORT 


patn 
Both. 
Id hi 
of Pr 
ratio 
optio 
MiOK 
pare 
saner 
‘path 
Tb 
atree 
beJni 
state 
that 
a n 
Soutl 

surpJ 

of tb 
has c 
Mo 
men 
,econ< 

corne 

sion. 

year, 
duct 
▼irtu 
Marc 
Horw 
Final 
cauti 
econ< 
be tt 
V Ye 
tmml 
have 
rutin 
fuitb 
pffici 
tS fo 
cam 
Minu 
sory 
2 pei 
Th 
dard 
refer 
Ghat 


Equities assisted by lessened tension in Ford dispute 

Index closes 7.2 up at day’s best but Gilts hold back 


FINANCIAL TIMES STOCIC INpiCES:/ 

— r°fT°C :"T : T T .°pL < ^T i W 


. 1 69.87, 69.89} 69.96, 66.0? 6S:SfiJ -69P7ll 

:3 z“! i™!.-# 


Account Dealing Dales 
Option 

•First Detlara- Last Account 
Dealings lions Dealings Day 
Sep. 18 Sep- 28 Sep. 29 Oil. Ill 
Oel. 2 Oct. 12 Ocl. 13 Oct. 24 
Ocl. 16 Oel. 26 Oct. 27 Nov. 7 

* ■■ New time " dealings may take glace 
trsm MB a.m. two business days earlier. 

Encouraged l*> the lurn of 
events in the Furd pay dispute — 
talks between (lie managefncrif 
and union* are expected lo re- 
sume today — leading industrials 
rallied from an indecisive opening 
to move pini! rexively higher. 
Prices generally sell led at I he 
days best. ihe most no I able ex- 
ception being Gla%u which, on 
preliminary profits well below 
most analysis' estimate-:. fell 22 
to tiOop. hating been liSOp await- 
ing ihe news. 

A more hopeful reading nf ihe 
.situation ai COC also heartened 
buyers, countering the adverse 
effects of marginally disappoint- 
ing wholesale .price indices for 
September. Profcv-ional demand 
and stock shortage contributed 
largely to the advance, business 
being inhibited by the absence of 
any worthwhile institution: - .! in- 
terest pending commence men I to- 
day of Ihe talks which are hoped 
w ill result in a tiiivernmenl. 
union compromise on pay. 

The re-opening of the Zambia 1 
Rhodesia rail trade links stimu- 
lated inquiries for Southern 
Rhodesian bond-, among which 
Ihe fi per cent HITS* St issue rose 
Tt points to 1S2. and in -elected 
companies villi interests in 
Rhodesia including Turner and 
.New all. 7 higher at l«7p. and 
Stocktake. S In lhu good at 7l)p. 

Most second ary slocks were 
content to follow in the wake of 
the leaders, but situation issues 
jnd other companies in the news 
were singled out for attenlinn. 
Week-end Press comment also led 
io activity in some counters, but 
Ihe overall valume of business 
remained low. bargains marked 
totalling -1.39-1 as agaifisl -UBU on 
Monday of last week. 

Gill-edsed remained aloof m 
the factors spurring dimly 
markets, although Hie medium 
and longer maiurilies regained 
initial losses of 1 to end un- 
changed on the day. Interest 
rate trends caused slight unsettle- 
ment in the shorts, but the falls 
were finally halved to a A 
wpec i a I ised demand lifled Elect rie 
V per ceni I97IJ.-7P I to Si.’»} in 
clean form. Corporations 
generally marked time wlile. in 
recently- issued Fixed Interests, 
Provincial foundries 12 per cent 
l!»7t> 8R ruse two points more to 
£24 premium. 

After opening easier at per 
cent, ihe investment currency 
premium touched hO per cent on 
offerings on Australian and Far- 
Eastern arbitrage accounts before 
institutional support prompted a 
rally which left ii at SI per cent, 
a net 1J per cent down. Yester- 
day's SE conversion factor was 
11.7247 (0.7191 ). 

Yesterday proved to be ihe 
(|ui?test day in the Traded Option 
market for over a month. Only 352 

APPOINTMENTS 


contracts were completed com- 
pared with last week's daily 
average nf titlfi. 

Following last week's specula- 
tive improvement on revived talk 
of a possible American bid for its 
profitable consumer finance divi- 
sion, J'NFC were again actively 
rrudcJ bin cheapened a penny lo 
7p. after llj p, following a reported 
denial by a company spokesman 
of any such development, the 9J 
per cent Unsecured Loan 1992-97. 
however, gained a point inure to 
£37'.. after £381, on hopes about 
a resumption of interest pay- 
ments. Elsewhere, the major 
clearer*, moved fnrward in thin 
trading and Barclays closed 5 
dearer at 3>"5p. 

Selected Building descriptions 
improved 011 sporadic demand. 
Itruwii and Jackson added 10 
mure u» 25t»p: the interim results 
are due next week. Francis 
Parker gained 2J lo 2 lp on 
further consideration of the mid- 
term report, and Allied Plant put 
011 2 lo ISP following a favour- 
able Press mention. Buyers came 
in f«.r Richard Coslain which 
firmed S !•» 256 p while, ahead of 
today’s interim results. Hewdcn- 
Stnari pul on 4 lo a high for the 
year uf tfffp: the 7 per cent mo- 
ve ruble ro»e 25 points to £2S3. 
Mu rcli wiel provided a contrasting 
feature at I34p. down 8. follow- 
ing lower half-time profits. 

1ft and Fisoos remained 
neglected but hardened 3 apiece 
at " and 34l!p respectively. 
Secondary issues claimed more 
attention with Wolstcnholme 
Bronze inn Tuvins 5 iu 270p for 
a rise of 4» since last Thursday's 
interim results. Stewart Plastics 
found renewed support and put 
lit) S IO 1 Ill'll. 

Freemans please 

Despite a denial by a company 
director over the week-end. bid 
speculation was still an inlluence 
in Rnriun and the ordinary 
touched ISSp before closing a fur- 
ther b up at ISap, while the A 
cl«.-*-i| a in-miv better at I75p. after 
I77p. Elsewhere in firm Stores, 
(■ussies A gained 0 to 228p. 
Mulhcrcure put on 4 Lo 174p and 
Debeiihauis. with interim results 
due on Thursday, hardened 2 to 
97|j. 

Secondary issues were featured 
by a jump of 25 lo a 1(178 peak of 
4U5p in Freemans following the 
favourable interim results and 
proposed 200 per cent scrip issue. 
Empire (Bradford), which report 
first-half results tomorrow, rose 
7 to 177p in sympathy. Small buy- 
ing ahead or Thursday’s mid-term 
figures brined Foster Bros, rise 7 
to 182p. while Benibers remained 
in demand at lBtip. up 7. Hopes 
of a counter or increased offer 
from Penlos helped Midland Edu- 
cational improve 5 to l$0p, while 
Allied Retailers, at U2p, closed 
the same amount belter. Still re- 
rellecting the breakdown of bid 
discussions. Footwear Industry 
Investments fell 3 more lo 67p. 
K Shoes, on the other hand, rose 
4 to 78p. 

Still reflecting hopes of immi- 


nent rationalisation moves, 
Plcssey hardened 3 to 123p and 
Ratal Electronics 9 to 344p. EMI 
reflected Press comment with pn 
improvement of 5 more to IC5p. 
while Thorn Electrical improved 
!> to SfStp. 

Engineering majors took a dis- 
tinct turn for the better. Revived 
buying interest pushed John 
Brown up 18 to 474p. while Press 
menlion helped stimulate demand 
for GKN which improved 7 to 
275 p. llawkcr firmed fi to 2a2p 
and Vickers were noteworthy for 
a similar rise at 196p. Tubes, how- 
ever. failed Lo participate in the 
firmer trend, closing unaltered at 


J 

r— t 

1 


r 








1 1978 | | 


way JIM JUt^AtJE_SEMiCIJ) 

3S2p. after 37Sp. Elsewhere. Lake 
and Elliot featured in the late 
dealings with a rise of 7 to 56p 
on the bet t e r- th a n-e spotted pre- 
liminary results. Ransomcs Sims 
continued firmly at ISSp. up 5. 
Smaller-priced issues to make 
headway included W. E. Norton. 
32p. and Hampson. 16ip. up 2 and 
It respectively. 

Tosco featured Foods with a 
rise of 2 to a 197S peak of 56=P 
in active trading fuelled by a 
Press suggestion that a bid may 
be on the way frnm BAT 
Industries. Associated Dairies, at 
250p. regained all of Friday’s 
reaction oT 5, while recent 
newcomer Cartiers improved G 
further to ttOp. 

Still reflecting hopes or an 
American listing. Lad broke moved 
up 5 for a two-day gain of 12 to 
I98p. Dc Vere Hotels responded 
to Press comment .with a rise of 
4 to 172p, while the imbroclio 
caused by the dismissal of Mr. 
Erie Morley from Hie chairman- 
ship or Mecca Tailed to unsettle 
Grand Metropolitan which Unshed 
a penny better at lUp. 

Glaxo down late 

A firm, showing by the miscel- 
laneous Industrial leaders was 
soured in the late dealings by 
Glaxo which ran back to close 22 
down at fiOop. after 6S0p, in 
reaction to the disappointing 
annual profits. Turner and NewaU. 
however, ended 7 higher at the 
day's best of 192p on considera- 
tion of the brighter outlook in 
Rhodesia and Stocklakc jumped 8 
to 70p for the same reason. Await- 
ing the outcome of its pay and 


productivity talks. BOC Drier- 
national hardened li to "Ujp: 
news of the deadlock came too 
late to affect. Elsewhere, Reed 
Executive rose 6 to 79p following 
the sharply higher interim earn- 
ings and Cam res improved 2 to 
5Bp. after sop, on the revelation 
that two directors have resigned 
because of company policy dmer- 
cnees. Barrow Hepburn rose 3 to 
43p, while favourable Press com- 
ment prompted rises of 3 and 12 
respectively 'm Lawtex, 74p, and 
Centreway, 273p. Hopes of a 
counter to Courtauld's 70p per 
share bid, prompted an improve- 
ment of 2 to 74p in Compton Sons 
and Webb and . renewed invest- 
ment demand on consideration of 
the company’s growth potential 
helped Ricardo advance 14 aTresh 
to a 1»7S peak of 328p. Recently 
the subject of ah unsuccessful bid 
from Newman Industries, Wood 
and Sons gained 5 to 47p. 

Coral Leisure firmed 4 to 122p 
following Press comment on the 
U.S. casino operations, but Saga 
Holidays eased - 5 to 17ilp on 
further consideration of the 
annual results. 

The break in the Ford pay 
deadlock gave a boost to 
sentiment in the Motor sector. 
Lucas stood out in the leaders 
with a rise of 8 to 314p, while 
Dunlop hardened 2 to 75p. Ford 
dealers to make headway included 
H- Perry. 4 dearer at I20p. F. G. 
Gates 2 firmer at aOJp, and H. and 
J. Quick, a similar amount higher 
at 41 ip. 

Daily Hail “A" gained 14 to a 
1978 peak of 392p while .Asso- 
ciated Newspapers and Pearson 
Longman gained 5 to I90p and 
230 p respectively. .Speculative 
counter Mills and Allen put on 
13 to lflOp. Alter falling away to 
93p, Tridant Group Printers 
rebounded to 99 Jp for a net gain 
of 1 j: the announcement that the 
independent directors are now- 
recommending the Arcus Press 
offer of lOOp -and withdrawing 
their support of the 85p bid from 
Staruest Investments came well 
after market hours. 

A penny or so easier at the 
outset, leading Properties 
recovered to close at. or near, 
overnight levels, but English, at 
39p, gave up FrldayTi rise of 15 
which reflected the higher interim 
profits- Peachey firmed 3J to 88p 
following a favourable Press 
mention, while satisfactory annual 
profits lifted R. Green 3 to 42p. 
Midburst Whites, in receipt of a 
48p cash offer from the Dutch 
group Wereldhave, eased 4 to 
471 p: following market purchases, 
Wereldhave has gained voting 
control of Midhurst assuming full 
conversion of the 5 per cent 
convertible Joan stock. 

Oil leaders held quietly steady 
until the latter part of the day 
when prices eventualy tended 
harder in line with genera] senti- 
ment. British Petroleum closed 4 
higher at 902p and Shell 3 dearer 
at 375 p, but dollar premium in- 
fluences left Royal Dutch 2 lower 
at £45. Among the more specula- 


tive Issues, late support left 
Ultramar S to the good at 236p. 
while Tricenlrol picked up 4 to 
178p. A few pence dearer at 90p 
in front of the interim results. 
Hunting Petroleum were called 
SSp, unaltered on the day. follow- 
ing the downward revision in the 
anmnl profits forecast 
S. Pearson continued firmly, 
rising 9 for a two-day rise of 15, 
to 243p, after 245, on publicity 
highlighting the profit potential 
of its subsidiary's “Watership 
Down ” rights. Speculative in- 
terest lifted Fitzroy Investment 1J 
to 221, while small selling clipped 
2 from the Hong Kong-based Haw 
Par at 62p. Yorkkgreen were 
quoted es the rights issue at 13p, 
while the new nil-paid shares 
opened at 11 premium and dosed 
at lp premium. 

Shippings were featured by a 
rise of 10 to 140p in Common 
Bros, an small buying in a re- 
stricted market 
Following rejection of the bid 
from Wm. Baird. Dawson Inter- 
national closed unaltered at 199p, 
after 203p, with the “A” shares a 
penny lower at ISSp. also after 
203p. Elsewhere In Textiles. 


Jerome finned 2 to 54p in 
response tb The interim results, 
while Wm. Pickles, up 3 more .at. ! 
lSp, attracted fresh . support j 
ahead of today’s half-yearly stale- 
ment. 

Press comment directed atten- 
tion to Anglo-Xndooesian which 
rose 5 to 102p in otherwise doll 
Rubbers. Teas had Blau tyre 10 
better at 620p following the 
announcement that Warren 
Plantations had sold its holding 
of 72^00 ordinary shares. 

RTZ improve 

London-registered Financials 
were the only section of mining 
markets to show any worthwhile 
gains. . The recent buoyancy*. <tf 
base-metal prices, particularly - 
lead and zinc, helped Rio Tnrto- 
Zlnc to pot on 4 to 254p,-with 
sentiment also boosted by the 
firmness of the UK equity market 
Gold Fields responded to buying 
in front of* tomorrow’s results, 
rising 3 more to ISSp. 

On the other hand. South 
African Gold shares lost ground . ' 
for the third consecutive trading 
day 

Among heavyweights Golds 


Industrial \ 

STETsrq .-j =■ 

Earnings- V’MX <f uUli" <j l*- 66 ; 

P/E Ratio inenf-P j 9 ‘^| /j 

Dealings marked j 4.6 bo| 


505.01 504 5U.1],,K».e; 499^ Wt 
172.6; -173.9j 174.11 - J66.2J is3 ;i | 

5.341 5.31! .5,24, ««[.■■ ijJ- 

14.00! 14.98| M.7W r i4.98f TB.iSf Titrt* 

a.94j BJBBi 8.96j -B.asj' B.vof.-g.iif 
4.172 4.7fl3| 5.038 - MW ' 

7X.6I 69.83[ 87361 ' 6g.74| 63.1^. -^5 
2,1881 15,5681 18.2a2ri5.4Bg) I4.7iai.iiw; 


P/E Jfatio men ("ft »-° S | 8 ’ 94 ) 8 ' 85 | 8.96, .. W 8,73 :- 

P/EKatiotnw t n 4 ,793 5.038; SW 

Dealings marked ^ ^ .g 

io am 302JS. 11 ~ - 

2 pm 509 J. 3 pm 589-4.. . . ; - r -:^r. 

Latest Index dt-246 8029. 

-Ba'ted oa 53 Per cent corporation tax. fNll=S.73. . ' 
lnt ** 

highs AND LOWS ■_ si. /VCTIVTIY^ 

1378 BJince C^mpiiaUon i • l - . } - • 


Gort .^- 7B.58 

lod. Oni 635.5 

1 14/9) 

GnM illne». 206.6 
1 1418) 


J.iw I H4*li Urn - 

68.79 J 127.4 49.18' 

( a£i 1 OiL’56) (3/1/75/ 

70.73 j 150.4 60.33 

ib’/6) H38/1I/47I {3/I/7&I 
433.4 549.2 49.4 

r2/3j 1(10/9/77) (86/6/40) 

130.3 j 442.3 43.5 

(5/1) |i28/S/75l rffi/10/71) 


-J— Daily •' 

UUL- Edged 
' Jndiratnea ^..[ 

| ^pnii!afive.^| 

l &^laj-ATenijrtJ 

. j tlilt-Edced..?' 
I 1 ndurtria!» 

| Speculative.!, 

I ; Tutsls ; 


’ j 


“tI 

'1M .1^2 
37S T&S 
ioa!7r; - j^ 


OPTIONS 

DEALING DATES were Consolidated Gold fields. 

Fire* I .act Ijjcf For Premier Consolidated OH, Duple 
dS- S- Deelwa- sSL 

, " BS » „ inss « a °" hS,.*:.S,’ S 

Oct. 10 OfL 23 Jan. 11 Jan. 23 Carriers, Belhaven Brewery and 

Oct. 24 Nov. 6 Jan. 26 Feb. 6 F ode ns. A put was done in First. 

Nov- 7 Nov. 20 Feb. 8 Feb. 20 National Finance, while doubles 

For rate indications see end of were arranged in W. Ribbons, 

Share Information Service Town and City Properties and 
Stocks favoured for the call First National Finance. 

NEW HIGHS AND LOWS FOR 1S7S 


Randfontein were notably weak, 
falling 113 to 134?. while losses of 
between ! and i were common to 
Vaal Reefs. £14*. West Driefon- 
tein, £23} and Western HokUngs, 
£ 20 }. 

South African Financials 
sustained Fairly heavy losses 
owing to the lower prenuum and 
profit-taking. Anglo Amen can 
corporation were particularly 
vulnerable and dropped -.0 lo 
356p, while De Beers lost 18 to 
403p and Union Corporation IS to 
305a. 

In contrast. Platinums edged 


higher following favourabl^^ 
end Press mention. 
rose 4 to 77p and Bishoot ^^ 1 
penny to ltHp. ' - "vaw- 

Zambian copper producci^^' 
registered small gams - 
proposed opening of the -Zarww 
Rhodesian, rail route pronmt^, 
farther rise of 2 in. Scab® 
while Zambia Copper. 
nients hardened a penny; idle’ 
after 17p. J. 

Elsewhere, a strong deaianffi 
Canadian markets late on Fitra 
saw Tara Eiploratloa move ate# 
and close 113 higher at 97qp^^ 


The Fell owing securities Quoted in the 
Share information Service mtenJar 
attained new Highs and Lows lor 1078. 

NEW HIGHS (73) 

COM ‘WEALTH K AFRICAN LOANS (1) 
N.Z. 4 DC T 976-78 

BEERS (II 

Bnrtanwood 

BUILDINGS (6) 

Allied Plant Hewden-Stoart 

Brown a Jackson Do. 7pc Cone. 
Brownlee Southern Cons. 

CHEMICALS (21 

Halstead fj.i Wolstcnholme 

STORES (5) 

Allied Retail Freemans (LomMnj _ 

Rambert Owen Owen 

Foster Bros. 

ELECTRICALS (6i 
Clifford & Snell Jones Stroud 

Cray Electronics Uni tech 

Dubllfer Westinghouse 

ENGINEERING (121 
Brit. Aluminium Ransomcs Sims 

Dary Cora. Startrltc 

Hampson Utd. Spring 

I -Urn Victor Prods. 

Martonair W.G.1. 

Norton (W. E.i Williams A James 

FOODS («I 

SatJev* Yorkshire Cartiers 

British Sugar Tesco 

HOTELS (II 

Wheeler's 

INDUSTRIALS H3l 
BTR Lawtex 

Black (P.1 Pro*. Laundries 

Central Sheenwood Reed Executive 

Christies Inti. Reiyon PBWS 

Compton Sons Webb Ricardo 

Hay IN ) SothebY (P. E.i 

Inter-City 

LEISURE (2) 

Assoc. Leisure Horton 

NEWSPAPERS (1> 

Daily Mad A 

PAPER W _ 

Culler Guard Tridant Groun 


PROPERTY (51 

Allied London Fair* lew Esta." 

Country New Town LoniL Shop Prop. 

Ests, e. Agency ___ 

SHIPBUILDERS (1) . , 

Swan Hunter 

SHIPPING <1L .. .- . 

E rtt. Sc com-weatth ' - 

SHOES (21 

Sfvlo Shoes Turner (W. & E.) 

TEXTILES C5I 

Monttort Pickles [W.i 

Notts. Mfg. 

TRUSTS (2) 

Blshopsciate Prop. Kwahu 
Channel Is. Cao. 

OVERSEAS TRADERS, rl) 

Ausl Agr'C. 

RUBBERS (I) 

Anglo- Indonesian 

TEAS (21 

Assam Dooers Warren Plants. . . 

NEW LOWS (6) 

BRITISH FUNDS (2] 

Treas. 1V:0C 1979 Trees. 14, dc 19B2 
^ AMERICANS rl) 

Gen. Electric 

BUILDINGS (1) 

Aberdeen Constr. 

-INDUSTRIALS (21 
Baxter Travenol E C Cases . 

RISES AND FALLS 
YESTERDAY 

Up J)n*n Same . 

British Funds 2 16 SB 

Corpns.. Dam. and 

FerolBO Bonds 4 2 56 

Industrials 38ft 221. 98 

Financial and Prop. .. 125 71 3U 

OKs 6 B - ,22 

Plantations ft ft 15 

Mines - 15 U Tb 

Recent Issues J4 . 5 . ';3 . 

Totals - 562 400 W»' 


LONDON TRADED OPTIONS 


Hx'lVIM Choiu* 
Option priia? offer 


Bl* 

Con^ Clt’frl 
Cons fiolit 
Court auM* 
C-mrlnuld* 

cue 

UKC 

liHT 

BKC 

GfC I 

(iruilil Mei I 

Urajiil Met 

Gihd> 1 31 rt 

ICI 

ICI 

ICI 

laml Secs. 
Mnrtts Jl dp. 
6li^l 

i, itfii 

Totals 


BOC lull. 

BOC lutl. 

KM1 

K.1M 

KM1 

RTifi 

Total* 


UlOvIDJil 
offer VoL 


■ OosfQft! 

: olfet l VoU- 


20 

5 < 

61 | 

5 ; 

85 I 

11 

21 1 

22 l 

49 . 

28 ! 

2 

1 

10 ; 

25 t 

19 I- 

6 

13 ! 

9if 


14 . 

. li r [ 

■■7 1 

l 5 

10 . 

10 i 

78 

10 

86 , 

4 

90 : 

58 | 

, 

67 

5 

73 1 

38 [ 

, 

49 ! 

■ 1 

S7 j 

lOljf 

— ! 

29 ' 

6 1 

39 !' 

2 

• 1 

18 1 

8 

26 i 

13 ! 


2Uc| 

20 1 

341;. 

4i a ; 

10 : 

lBij, 

— • 

15'a; - 

l 

71 

6 • 

. K 

9 , . 

44 1 

1 ! 

56 •' 

— •••■ 

61 , 

I4i»i 

3 1 

34 I 

— •• 

41 ( . 

2 

8 

i 161*) 

3 ' 

23 ! 

4 ! 

• 5. 

! ■ 16-1 

1 

23 '- : 


5 ; 

i ins' 

— , 

141*! 

30 1 

10 ! 

50 1 


• .66 r 


10 

1 24 : 

.2 t 

34 .* . 

4 j 

116 , 

1 1 

141 

- ' i ' 


I February • 

Mk.r 




ol.- 

-A 


•- V' -^r 

111 


4ljf 2 

27 j - 1 
13 : 4 

•fi - 
ats 6 
12 


61-1 12 ; 10 


ai B l - j 5Ia | 36 r -.-sK» 
29 5 17- 36 I63fr? 

18 [ — I 25 l—i - -^.V 

10 6 ' 16 . L - . | . V?tv 

22 I 10 : SO -- ! 2MB,; 

' J '45 | '■ 1 30 '[ 


i : -t&£; 


sp Chemicals Board posts 


ACTIVE STOCKS 

No. 


Mr. R. B. Hnrion is ly join the 
Boards of Bl* CHEMICALS INTER- 
NATIONAL and BP CHEMICALS 
and ii ill become deputy manag- 
ing director of both concerns on 
November 13. i\!r. Horton has been 
general manager. corporate 
planning in BF Trading for the 
past two years. Ho is also chair- 
man of BP Technical Develop- 
ment. concerned with the market- 
ing of Bp's R and D technology: 
chairman nf Emerald Offshore 
Services: and a direct or of 
Scientific Control Systems. 

+ 

Mr. Jack Richardson has been 
appointed a director of GEORGE 
COHEN MACHINERY, a member 
of the WO Group. He will con- 
tinue lo be based at Leeds, 
responsible for George Cuhen 
Machinery branches in ihe North. 
A 

Mr. Derek J. White has been 
appointed manauinv director of 
.STON'EFiELD VEHICLES. He 
Joins ihe company from Rockwell 
Maudsley. 

Mr. Roy Mills, Mr. Fred Willson 
and Mr. Roman Puzyna have been 
appointed divisional directors of 
.ANDREW'S- WE ATHERFi'HL, a 

member of the Povicll Duffryn 
Group. 

+ 

Sir Timothy Hurford has been 
appointed to ihe Boards of the 
PROVINCIAL INSURANCE COM- 
PANY and PROVINCIAL LIFE 
ASSURANCE COM PAN Y. 

-*■ 

Mr. J. 1). tiridcl has been 
appointed a director of Ti.lWRY 
LAW INVESTMENT AND 
ADVISORY SERVICES. 

ilr 

Sir Campbell Fraser has been 
appointed lo iho Boards uf 
FINANCE FUR INDUSTRY and 
FINANCE CORFU RATION - FOR 
INDUSTRY. 

+ 

Professor L. C. C. Gower has 
been appointed a non-executive 
director or PIRELLI GENERAL 
CABLE WORKS in place nf 
Professor T. Lupton. win* has 
retired from the Board. Professor 
Gower is Vice-Chancellor of the 
University of Southampton. 

+■ 

Sir. I.. Allday has been 
appointed technical director of 
TI CHESW1CK SILENCERS. 

-V 

Mr. P. U. B. Slnddart has suc- 
ceeded the late Mr U. F. B. Grant 
as chairman of rhi* UREENFR1AR 
INVESTMENT CUMP.VNY. 

■* 

The EXPORT CREDITS 
GUARANTEE DEPARTMENT has 
created a new post of principal 
finance officer at Under-Secretary 
level and has appointed Air. J. 
Gill. Under-Secretary in charge of 
ECGD's Departmental Services 
Group to that position. Mr. R. T. 
Kemp. Under-Secreia ry, lakes Air, 
Gill's place as head of the 
Departmental Sen ices Group anti 
Mr. AI. G. Stephen?, on promotion 
lo Under-Secretary, succeed* M r. 
Kemp as head of one nf ECGD's 
Project Vinclerwrilina Groups. 

-e 

BUCHANAN BOOTHS AGEN- 
CIES. announce that Mr. W. H. 
Stirling has been appointed a 
director. He will be taking over 
frnm Air. N. J. C Hanbury, who 
will be retiring towards the end 
nf the year. In his new appoint- 
ment, Mr. Stirling's interests will 
cover hoi only Buchanans 


Whiskies, including ihe Buchanan 
Blend, but the cither brands mar- 
keted by Buchanan Booth's 
Agencies — Booth's Finest Dry Gin, 
High and Dry Kin. Cossack Vodka 
and the Hine range of Cognacs. 

* 

Air. Alan Hud&cs has been ap- 
pointed works director of 
MATTHEWS AND YATES manu- 
facturer of Tans and air condition- 
ing equipment, Swinlon, Man- 
chester. 

* 

MOTOR PANELS (COVENTRY) 
a member of the Rubery Owen 
Group, announce (he appointment 
of Afr. Sean Blanco as works 
director. 

+ 

Air. David J. Ashley has been 
appointed assistant divisional 
managing director of the 
BROCKHGUSE group's general 
engineering division. 

* 

Mr. David Charlesworib has 
been appointed director and 
general manager nf SiMON-PM 
SERVICES, 

Eari Grey has been elected 
president of the ASSOCIATION 
OF COST AND EXECUTIVE 
ACCOUNTANTS. 

* 

The Secretary for Prices has 
appointed Mr. J. H. Russell as a 
new part-time member of the 

.monopolies Commission from 

November 1. HITS, to June 30, 
1981. Mr. Russell is deputy chair- 
man and managing director of 
DtiporL 

•*! 

Mr. G. J>_ A. Hathaway, company 
secretary of G. R. FRANCIS 
GROUP has been appointed group 
financial director. 

*■ 

Mr. Raymond AlonbioL who 
joined the ASSOCIATED BISCUIT 
MANUFACTURERS as manag- 
ing director of the home biscuit 
division in September, has been 
appointed to the main Board. 

*■ 

Sir Bernard Cnllinan has been 
appointed a nun-executive direc- 
tor of CSR. Until June. 1978, Sir 
Bernard was chairman and 
managing direct nr oT Guiteridge 
Haskins and Uavey Ply. 

* 

Air. Terence Ship ton has been 
appointed lo the Board of 
DORADA HULDINGS and manag- 
ing director of (he group. Since 
1974, when the company divided 
ils trading activities inio two 
groups — motor distribution and 
engineering — -Mr. Shiptnn has 
been managing director or 
Do rad a Motor Group. 

★ 

Air. G- B. Stuhley has been 
appointed managing director or 
S. LYLES SONS AND C0„ 

★ 

FINNISH PAPER AND BOARD 
SERVICES, London, has appointed 
Mr. Rolf Eriksson managing 
director frnm November 1. He 
has been managing director oT 
Fimitrany'il. Felixstowe, for the 
past three years. 

A 

Following a rearrangement of 
the Bnard, the following, 
have been appointed directors 
Of CHANDLER HENDERSON 
FLNANCIAL SERVICES, the 
company owned jointly by 
Chandler Hargreaves Whittai! and 
Co. and Henderson Administra- 


tion: Mr. R. J. L. Bramble, 
chairmun, Mr. J. P. R_ Love, 

managing director, Mr. D. J. 

Browne, managing director, Mr. 
A. I) Tennant. Mr. R_ P. SL G. 
Cazalet, Mr. I. B. Church. Mr. 
J. C V. Lang, Mr. A. Topley, Mr. 
D. H. Hume, and Mr. J. Harrison. 
Mr. R. C Benn. Mr. B. J. G. Leach, 
Mr P. M. C. J. Stevens and Mr. 
D. E. Waldron have been 

appointed assistant directors. 

* f 

MAT TRANSPORT INTER- 
NATIONAL GROUP announces the 
appointment of Mr. Eugene W. 
Goodwiliie, Jr. to the main Board 
as non-executive director. He is 
the resident London partner of 
the American law firm. White and 
Case. 

★ 

DOBSON PARK INDUSTRIES, 
the Nottingham and Wigan based 
mining and specialised engineer- 
ing group, has appointed its 
group deputy chairman. Mr. J. 
Francis, as chairman of the Kangn 
division, following the retirement 
of Mr. Nigel Kane. Mr. G. J. 
Chibbclt has relinquished his 
responsibilities as group finance 
director, while retaining the 
chairmanship of the Engineering 
Division (Midtundsl. Mr. G. H. 
Edwards joins the Board as group 
finance director. 

■k 

Hall, russell and co. 
announces the reconstituted 
Board following the recent 
retirement of Mr. J. Wright as 
managing director, and the 
resignations of London-based 
non-executive directors. Sir James 
Steel and Mr. J. A. Dearlove. The 
new Board comprises: Mr. J. 
Wrighi, non-cxecuiive chairman. 
Mr. D. A. Paul, managing director. 
.Mr. J. Milne, deputy managing 
director. Atr. T. J. Parker, financial 
director, and two new directors, 
Mr. J. C. Hendry, technical 
director, formerly chreT estimator 
and Air. R. S. McHatile. ship- 
building director, formerly 

company naval architect. 

★ 

Air. Bruce M. Gundy has been 
appointed managing director or 

CULTER GUARD BRIDGE 

EXPORT. 

+ 

Mr. Douglas G. McLean has been 
appointed regional manager, 

international aviation sales, 
TEXACO, located in London. He 
will co-ordinate aviation sales 
activities for Texaco companies 
and affiliates in Europe, Africa, 
and the Middle East. He was 
previously general manager of 
Texaco Olie Muatschappij B.V. in 
Rotterdam. 

* 

HASLEMERE ESTATES has in- 
vited Air. Timothy O’Rorke and 
Mr. Christopher Benham to join 
the Board, from November I. 

★ 

Air. Kenneth O. Board man has 
retired as chairman of K.O. 
BOARDMAN INTERNATIONAL, 
the Stockpnrt textile group, in 
favour of Mr. G. S. Ruia. 

* 

Mr. G. D. Hole has joined 
BARCLAYS BANK as group risk 
manager. 

* 

A corrected agency announce- 
ment slates that Mr. Stephen 
Morley, managing director of the 
property division, has been 
appointed to the Raard of LCP 
HOLDINGS, not Mr. Parley as 
reported yesterday. 


Denomina- 

of 

Closing 

Change 

I97S 

1973 

Stock 

lion 

marks price (p) 

on day 

high 

low 

ICI 

XI 

10 

390 

+ 3 

421 

328 

Shell Transport... 

25p 

10 

373 

+ 3 

602 

484 

Barclays Bank ... 

£1 

9 

335 

+ 5 

368 

296 

BP -. 

XI • 

9 

902 

+ 4 

926 

720 

FNFC 

lOp 

9 

7 

- 1 


H 

GEC 

-5p 

9 

337 

+ 7 

33S 

233 

BATs Defd 

2op 

8 

265 

+ 5 

304 

227 

GUS A 

25p 

S 

32S 

+ fi 

340 

256 

Reed Inti 

£1 

s 

107 

.+ 5 

175 

102 

Beechaxn 

25p 

7 

700 

— 

743 

583 

Boots 

25p 

7 

207 

— 

.237 

184 

EftfT 

oOp 

7 

165 

+ 5 

190 

130 

Lad broke 

10p 

7 

198 

+ 5 

215 

155 

Tube lnvs 

£1 

7 

3S2 

— 

436 

336 

GKN 

11 

6 

275 

+ 7 

298 

24 8 


FT-ACTUARIES SHARE INDICES X 

These indices are the joint compilation of the financial Hines, the Institute of Actraa# 


and the Faculty of Actuaries 


RECENT ISSUES 


EQUITIES 


l-.ii,* | - s * 

I'mi- ; = — 'JfS— 1 


— i Hie 1 ' ; U'#' | 


Ii— i _ j e 


775 K.P. ;27;10 i!6u »X) Briil-bAliim’iuin.NewBfiO 5 

101 : t\l\ 22ill «*.V' ; J As Kemnu Nen ,360 , 2 

101 ! Ml i38/IO/5iJO,.i,i,£40™ J**- .Nil PakI ,2B5r>ra.+4 

c *i I t'.l*. 124,‘li 1 ji-is ilij M»n»r Nut (tr,,. 'ioli-i 33>2 -* 1" 

** ; K.IM — ' 122 l>Ji Blahtwisr — ;II8 —2 


,.50 ! 3.4, 1 9.1' 2-6 
H&. 15,11:91, z.sno.o 

i,6.75lll.9i 2. 2! 10.2 
1.3' 9.611.6 
_ I _ _ i 4.9 


FIXED INTEREST STOCKS 


=4 ! if- 

1 <2 j H'sii | t^i’ 




= - 

I'riiT 

= A 

K 


bb 

1 1 .1*. 

28a 

i.i'. 

SB Ot- 

Au 


KL'. 

44 

r.y. 

12 

Mi 

118 

K)\ 

mio. 

465 

F.P. 

IOO 

I'.H. 

65 

K.l’, 

74 

Ml 

10 

' K.l*. 

77 

! F.l'. 

85 

F.l*. 

38 

, X9 

77.:,.- 

Ail 

40 

K.l*. 

42 

P.i'. 

200 

K.l*. 

2b 

Vi, 

12 

Ml 


15(10 I-. f. lilji ilililbilliMlir I’ll 

10il 1 4st;.' HHijjlhBin biro. WS Pri. - 

4.1 105*. 10 DfMoi WilR«>irk>ti, I'll. Iwi 

10/1 1 l'Jl|. MJiilV-kC* <01% Hit 

57, lO lu,, li.isii.CillHll D«1in<M ll/i% I'll 

) 29, bj *a3l t ! taiijflti.' A iinitfa l*% Irt itrtiJOOWlS 

812 lul iWymlhnni lift L'n-. I ^i. null 

: — I jiv !h.HM«iii B inn aiKl (.‘lirlurn Vw. Kale IdKJ . 

I 3' 111 -I l- tr Iteiluiiii Jauim bs Cum. Prel 

10/11 loii. iWiot^lUishall- tlHlihi* li>i Pn 

10'U mi In*. Hn .......... 

‘26/10 C24|imCI9|Hn;l , niv. I^nmlrie- 12% L’nv. Ublifti 

— 1 Li./ ios iK/kIHuim 1 bmViiiv. lib. Iyj» 

lO’i; u ! s jteHithWurk (411^. Iiilj<; Uwl. tHB? 

I - miji yjlji.timhiii.ip V*r. Kiilr l»U 

. 26.1 iSifJWflMi Krin W«i*r 7S Pnrf. 1983 

RIGHTS” OFFERS 


Hieii ' ; 


| |i + w 

l ij£ j 

is>i! 

■ Mj ; 

. 10 I 

' Win 

■| 107| .... 

■ 

.(lOlaj! ...._ 

981,1 

. Bl : 

.' 101p. + ig 

■ 

. 34|ini +2 
. 118 ;-2 
.. 81, + 1, 

. 98 1 .. .. 
93g-i a 


.Lln.llts; ^ ,,, j 

■ I'riitf , — 

1 1C ■ 


I IB'S JV. 10 i.i lAai>Nin« Hr>j> .-. I 

‘ 22 4» 37'l(j: itU SSI B.l.ll } 

2>h* 14. U ',,•«»< 7|<a/l lUtrU-t' lUil.i .... ; 

50/b £* 11 <4 U6 H,*lj|e i 

’£9 9 10 l »1* '1lrin.it IVtimiiK 

18,10 30,11 fttoi IVnrcit 

Sl.9 5,11 145 US lUlultlt • 

! — -uimi! --OituM/W. Ft . IMrokte 

8-10 17,11 106 2SB iU*ta<rfv. . i 

10 3,1 1 110 , 100 iUutavUu'>uMtN'KU!t(‘nv.LntW4kl 

, 6,10 10 11 ts ^3 'Uowdon ilraup. j 

US/9'27,10 On t4 Initial aervu.^* 

' — ' — l» lOWlriKunivfc Bntrtlagy 

' 11/9 27-10 >Jop«n £/.w»i|L-n e^rn.^ 

6/10 27/10 : 106 87 |tiio. 4, llWIimrt lort^ '“ 

• — ' — 26.»n>| bpio-ljawyt.0 <W.|.i 

— — a,wt 3pui.B*ii»l /j4i./.m 

' 29 9 <J7,1C »0 te (Kklijo t.fvwrlVni} ■ 

6/10 3.1) 5L • *° knitH.nr J 

25 9 8-11 330 ’Vis' njlatrit,. t-;,t K ........ 

910 6-tl .Vti 3^ UV.rw.-i, 

— — ( *2 MUi. If#' V„rl»iyrii | 


EQUITY GROUPS 
GROUPS & SUBSECTIONS 

'irures in parrothem show number c 
stocks per section 


1 CAPITAL GOODS (171> 

2 Building Materials <271 

3 Contracting, Construction (28) - 

4 Electricals ( 14) ... 

5 Engineering Contractors (14) 

6 Mechanical Engineering^) 

8 Metals and Metal Formingf 16).. 

CONSUMER GOODS 

11 (DURABLEK53) 

12 LL Electronics. Radio. TV f 16) _ 

13 Household Goods (12; 

14 Motors and Distributors (25). 

CONSUMER GOODS 

21 (NON-DURABLEH172) 

22 Breweries (14) 

23 Wines and Spirits (6). 

24 Entertainment. Catering U7> .... 

25 Food Manufacturing (19) 

26 Food Retailing (15) 

32 Newspapers, Publishing (12) 

33 Packaging and Paper (15) 

34 Stores (40).... 

35 Textiles (25) 

36 Tobaccos (3) 

37 Toys and Games 1 6) 

41 OTHER GROUPS (89) 

42 Chemicalsilfl) 

43 Pharmaceutical Products iTt 

44 Office Equipment (6) 

45 Shipping (10) 

46 Miscellaneous (57) 

49 INDUSTRIAL GROUP (495) 

51 Oils 05) " 1 

59 560 SHARE INDEX— 

61 FINANCIAL GROUPflM) 

62 Banks! 6) 

63 Discount Houses (10) 

64 Hire Purchase (5).. 

65 Insurance (Life) (10) ’ 

66 Insurance (Composite) (7) 

87 Insurance Brokers ( 10) 

68 Merchant Banks (14) 

69 Property (31) 

70 Miscellaneous (7) I 

71 Investment Trusts (50) | 

81 Mining Finance (4) — 

91 Overseas Traders > 19) ! 

99| — ALL-SHAKE INDEX(673) I 


FIXED INTEREST PRICE INDICES 


•1 

[on., 

Oct. 9,197 

8: 

Fri.. 

Oct. 

- 6 

Tbiir.. 

°f- 

Wed, 

Get 

4 

Tuea, 

Oct 

3 . 



EsL 

Gross 

Div. 

EsL 

PIE 



’■ - 


Index 

Day's 

Yield % 

yield % 

Ratio 

Index 

Index 

Index 

Index- 

No. 

Change 

% 

(Max.) 
Corp. 
Tax 52% 

(ACT 
at 33%) 

(Net) 
Carp, 
lax 3% 

No. 

No. 

Na 

No. 

246.97 

+L0 

15.62 

5.06 

8.79 

24463 

245 33 

24832 

24436- 

211JA 


1657 

536 

633 

20964 

21086 

21267 

21SM 

38657 

+0.7 

17.94 

4.09 

aio 

383.81 

38581 

387.45 

38438 

579.79 

+1.6 

1250 

339 

11-06 

57021 

56640 

58662 

56683 

38228 

+05 

1737 

559 

7.80 

380.« 

38033 

38145 

37436- 

194^3 

+0.7 

17.00 

5.62 

7.85 

19280 

19436 

19670 

1B33 

17Z09 

+1.-0 

1552 

837 

R93 

170.44 

178.93 

17237- 

170-95 

218.75 

+13 

15.70 

4.85 

8.90 

21613. 

21632 

23650 

21462 

270-20 

+13 

13.62 

3.77 

1039 

20673 

267.08 

270.40 

26358 

186.23 

+0A 

15.99 

6.08 

661 

1B626 

18589 

385.96 

18334. 

129.80 

+13 

1933 

638 

739 

12310 

12618 

12934- 

m# 

218.44 

+1.2 

15.08 

5.62 

693 

215.78 

21665 

218.09 

21537 

231.17 

+1.0- 

1451 

634 

9.48 

22698 

230.91 

23172 

22932 

289.00 

+13 

14.73 

. 4.97 

10.13 

285.40 

28682 

29052 

28272 

274JB9 

+1.4 

1322 

634 

11-03 

27L06 

271.42 

270.73 

26477 T 

212.88 

+1.1 

18.18 

5.07. 

738 

210.60 

23L57 

212.78 

21182 

232.63 

+15 

12.99 

4.43 

10.70 

22920 

23037 

229.91 

22766 

394.42 

+0.9 

1938 

631 

7.24 

390.74 

39L92 

38758 

38*36 

148.12 

+13 

1739 

733 

738 

14551 

34621 

147.44 

14582 

20638 

+13 

10.61 

4.41 

13.76 

204.03 

204.40 

20681 

20386 

18834 

+L.0 

1750 

7.40 

7.43 

18656 

18651 

18836 

28639; 

244.07 

+1.6 

2256 

758 

535 

24034 

242.41 

2©.99 

242,41 

117.97 

+0.4. 

19.21 

5.41 

6.09 

117.47 

11694 

11822 

1169? 

213.67 

+0.4 

14.68 

559 

679 

23277 

21337 

21480 

21234 

29936 

+03 

15.30 

631 

650 

297.06 

29781 

30030 

297.98 

27537 

-0.8 

10.41 

3.73 

11.82 

27761 

28089 

28433 

28138 

14039 

+0.1 

1735 

539 

691 

14073 

13985 

14191 

13936 

427.77 

-0.1 

1453 

7.13 

679 

42835 

42674 

43156 

42667, 

233,46 

+L0 

1624 

609 

619 

22932 

22934 

22932 

22570 

231.64 

+10 

1537 

5.44 

8.86 

229.44- 

23033 

23230 

228.96 

510.04 

+05 

13.70 

3.94 

7.92 

50750 

SEL71 

53620 

-507.62 

25535 

+0.9 

14.95 

532 

671 

25280 

25376 

255.93 

25230 

16652 

+05 


5.84 


16551 

36534 

16628 

16436 

183.65 

+1.0 

25.45 

638 

5.89 

18189 

180.96 

183.41 

18103 

20669 

-0.6 

— . 

837 



20791 

208.43 

20698 

205.74 

157.53 

-0.4 

15.46 

533 

8-53 

15836 

15837 

158.02 

15672 = 

137.47 

+15 


6-83 



135.48 

13618 

13553 

_1343jj 

12434 

+0.6 

— 

7.06 



12337 

12336 

12479 

12262 

34L29 

+0,2 

13.90 

4.85 

1039 

340.48 

34101 

34483 

34057; 

8330 

— 

— 

5.84 



83 26 

8269 

8237 

8164- 

26104 

+03 

332 

232 

5230 

26034 

25867 

25922 

255.94 

108.45 

-0.fi 

23.28 

7.70 

536 

10930 

109.36 

10880- 

10987"; 

22331 

+0.1 

3.12 

464 

32.05 

223.03 

223.92 

22383 

22332 

UL49 

+13 

15.80 

639 

731 

11035 

11031 

110.40 

10172 

328.63 

+03 

14-83 

7.00 

645 

327.75 

£26.06 

32474 

319.96 

232.09 

+05 

— 

535 


23035 

23086 

23856 

22944 


FIXED INTEREST 

yields 

Br. Gowl Av. Gross Red. 


2 >8 bill' .. . 
140 i ..... 

20.11,1 

404 , +2 
1UO t ... . 
89 :+| 

96 

131» .... 
864 uuj 4- >8 
103 42 

25 pm 4- 12 
4iimi 4- 1 

72 ! 

51 { 4- 1 

320 ! 

38 ' 

Ip™! 


British Government 

• Mon., 
Oct. 

0 

Day's 

chance 

% 

xd adj 
Today 

1 

Under 5 years 

10429 

-0.01 

032 

2 

5- 15 years. 

11455 



. ’ 

3 

Over 15years 

U9.44 

+0.04 

068 

4 

Irredeemables 

12721 




5 

AU stocks 

11213 

+0.01 

039- 


, .. 1 5 years 

2 Coupons . 15 years. — 

date 3 25 years. 

_ ■ — 4 Medium , 5 years....... 

5 Coupons 15 years. 

7.61 _6 25 years-.- 

10.91 7 High 5 years. 

8 Coupons 15 years. 

902 9 25 years. 

&75 10 Ipedeemahlag 


Fri-: >3"; 

~~wf ^ 
uM . J 
■ iiw tjk 

I2J01 

1226 A 
nsi 

1288 vJl 

12 # '■ 


ai.flday, Oct- 9 Frl. Thura, Wed. j Tii«u Don. TrttfRjr Thura. 

' ' . - - Oi-i, Oi/t. 0«. o»-u Ort_ -Sew.- S*ytf ,3- 

lories. Ylotd- 6 5 4 3 2 - ga SB • Wf- 

->»»■ 1 S • 


Kuimnciauitn date 'isiiallv tB^l dJ) fin diulins (rcc n[ slamn dnlv. b Flaurw 
haw/j un pr„>0Ltiu, e-imiaie. iiAmuiiuH diviiiL-nt) aim yield. 11 Forecast dtridend; 

r Dividend and yield baaed on nrowcclii!, 
or nlhrr "Bicial Climates tor 1979. 0 Cmsi. t Flimre^ assumed. I Cnver aUntvi 
tur L-nnyerjlun uf *Ju nj> not rio n» rsnk/DK /or dlrhinnd nr raakiim only ftir rvarfeted 

i VftT-Jr 1 *- !5iSS? ,c, »r p ’S vnce “'S™ . rSSSe 

by tender. t: Offered to Iwldcr^ nf urdiaary iharc* as > "ricntB" -•Haim] 
rJeapiUl'^u-T:. SSHriMuntl hi^ In lunmwiion ' wuh reomanlya- 
ih,D. ineraer itr lakc-mcr. ||;[ lotrrdunlnn. Q fiuiwj n hrmwr tStfers! 

■iSw/SS" ' ,Jr rully ■ pal,,, ■ • tank 


15 20-yr. Red. Deb & Loans (15) S7.70 57.7as7.70 57.701 57.70 67.7 1 57.70 .57,70 [’s 2 -' 

16 Investment Trust Prefg.(i5) 51.74 13.56 5L7C SL74 61.74 1 51.22 *Lfi7 *Lsi ' 

17 Cotnl. and todl. Pre fa. f20 , 71.29 i3.« 71.37 7i. 37 { 7^7! 71^^ ' 


iasing. A lift (Ik «a*--CTwalowwt lamwca'.-Me 

Lasting, EC4P 48Y. prl LC u p . h»Mst W ’ Ffmrndal Tfines, ^ 








Financial. Times Tuesday October 10 1978 


STOci 


AUTHORISED UNIT TRUSTS 





OVERSEAS FUNDS 


ft*? 1 Tst. Mb®tb. lid. (a) FnnaUngton Unit Mtf. lid: (a) Minster Fund Managers Ltd. Provincial Life Inv. Co. Ltd.* Save ft Prosper continued Target Tst Mgrs. (Scotland} fettb) 

•jr® 1 ' Alilestwry^ • O2S0S»4t 5-7,lf»>l»od¥ard.£<''IB5DH. • 0t-24BKin Mlmii-rltv, ArthurKf, EC4. (I1-OZ310S0 2S, Rl-UiOpifiato, 11C2. 01-3<?85K1 Seotblts Securities Ltd.* Jft Athol Cwscei!!, Ellin. 3. jnl. -wngu 

■ SSSsil- MSI Is SB6==B& j| sssstbda 5 , s sgssfcda ssui a assh=H ass » sskbh-ss ss^ji is 

••■ cuius ttog. Tatfn 9 71JI+0.2I 387 imAccnm UOJ UM-J !■» OW^siw^iHBiii Ol iiJim hoto^Ei’lS-IS,, 0!-*nsp2=2sf^S:«d^ Jau a»7d:..:: 7 « Trades Union Unit Tst. Managers* 


422 American 

5 » Capital TA—. 
415 IneumeTrt- — ._ 
4J»- ict CmwUi Fd — 
387 Do. Act cm 


i*. ; t.iUled Hambro Group* (afe) Friends' Frovdt, Unit Tr. MgraV 

/ ■• •: 'fiSSRLgfz. BrvlynnL Sse*. ' RxhamEnd.Doridng. 08065055 

■■i; ■-. 1 *« »I or BreutwwJ UE77. 2U459 . FiwrKtottw.Cu.. K6 1 4931 +0ij 3« 

I, Fneda Do. Arcum —..-—1595 63.6) -riU) 309 

•i' ^mS'jSSC: K ” i) tall 5 is C.T. Unit Managers Ltd* \ 


J-2 Eimipi Oct 2 |l00_5 W 5*& -2\ 

•-25 IHI a fT.ii, ft, . o.a 


*■ ttf » 

* iS : - c 


fc-.< *. 


-i . ' liiedttl. _ Ms 

- fund {«.«, 

.. '-it * {?«•* ted. Dw.§4 

-■■ ' «u. ll MCnliri ro-» 

■- - ombre Fund ,_-[U£6 
‘■> ;. .. l . anbroAn. FA_ J.UBL1 
ij.'Kwsse FUafe 

>jej|VirWFd.„^.{7fiB 

'■ Mb 

> H.Efl Jne 

HBmrytflnal Tmub 

■teraallonal ,_t2T6 

' ■ «dlcFund S, 

■ s a Ex^mptip |%b 

Wdcfiw Fuads 

S p IttlltrCo. 1 ? PH ..to, 
AfS [^Ssilv.Ca'iFd.^Mai 


74 31+04 554 

721 +05 523 

_42( +02 4.40 
30.94 +02 455 

78 Os 436 

1204 +0* 300 

1372 +0.5 4J0 


4.40 1ft Kittbwry Circus EtBM TOD ' 


80.0] +0J 
7«4ri+o; 


455 C.T. Cap. Ira...—. 40 9 

Do.Art._,. UQ.I 

32 C T.lBC.Fd. Un; 1723 

00 pT.UJi.tCen M26 

G.T Japan 9J.9 ; 

ygt ♦Td.FenfcEjiJ-’d — MSI 

1 sj&ndfc* 


\n a !+_*.«. IM . — — « . _ iiPlnvtp iku^i LI lira +i»lt ' 

MLAl-nlis !474 *« • - i Ml ,*,*.„{*! |L»5 341Jf+OS| 4.47 

™K^SS^^k?!JS.K 5 ct «"*«“ »«»«* c °- LtA * 

553^51 3W WBiiVPwn IDA _86.7] ......J 2 fll ilTSm ■' m. J^eioBt-.— - g.l 

txraJmsjjay FTidK)'. Ucadranl -j}JJ ; HI 3 Ts?^ 2H Am *07 

nf . ■ Mnlaal U.U Xn.»t ]H>ug«+ UHK) 3 6=8 !!^- 

ID' 0»H» l^C«j|>thairA*^EC3l7ElJ. 0t^M4«O Kelianc^ tmt Mcrs. Lid.* . ^ 

4Uf ...J, 3.40 Mnniol Sec. PI ul.. ( 522 5541 .._.l 626 }lcl!iWF<H6»..Tu^'«rtSBWeUs,KL 08M22271 inomc WBt- 

« —+ 3f2 ““‘“Ojjnr-Tst. teV 7* » +«I 6.41 f*m*Mlu«..iy Fd.— .,71 6 »5I.. . I 503 Inf. itFi Wdrwl 

— - *■» JJWWlBlneCmp^’ 47.7] ( hli Kefc fuHlu 7 . ■ A cc. i_ H6 5 40 7] +0!| 519 IntoL Cnnrlh^. 

— 2^ MuteaUllRhYldLISb U2«( +02] 021 SuhfonicT.bic |442 47.baj +0i| 519 lnv. Tat. Unit# 

rr 3 BO National and Commercial Ridgefield Management lid. Z. 

—— 120 31. St. Andrew Sqiun-. Edinliorsh (O1-550B131 38+[i Kenneth- Si.. Manch«4fP 061368521 Frv?.&ClltTrTut— 

—i 7J * “J-3 — I f-5* RuMdiirUiM.UT.tiau ioaw — i 2.13 Pj^p^sh*^— 

a ww agTaxi (Acrum. uniui U16 16721 J 3 m Rothschllil Asset Management tg) UJi.Cat.IMst — 

37.<a+4W 4« National Provident InV. Mngrs. Ltd.* 72«.c«»hou3» Rd., .ipu-abnty ibmsmi j. Henry Schroder 

e» * <aKB) S^-ffisSSsfelS* SS«i ?« 


•pnm at Se pt. 2T. N vrt «,». ^ ,^ L ,,. . mWw>dS , rect . BC .» oi«B»!l 

Scfalttinger Trust Mngrs. Ud. taHfl TUUtdefcS |5L2 54 5 bJ | Mb 

Itt.SwiUiStrMtParfcfoE. _. _ . . „ . . 

ARLituniDU- "—19-1 W3nJ-oi| 317 Transatlantic and Gen. Secs. Co* 


[land} (fHb) Alexander Fund 

«3]'-SB8ClL‘2 37. ltio N'«rr Pjrar. f-uxembrnin* 
-2471-031 173 iVicxamii-rFL'nil. .1 SLS7 3a | .._J u. 
46 01 -v02! 533 N'cf iriL-Ct v.ilui- 'JcJ..>l>er + 


Ktywlfx Mug t, Jersey Ltd. 

PO B« 98. SL ‘k-licr. Jersey.. <Tng. 01-0)6 7D70>. 
Fnn^lvr [FM 371 1J5M +11 3.0 


7 « Trades Union 


. 1D0. Wood Street. E.C2. 


Am.£xeiDpL— 
Am firowoiM. 


■i^nanonal |2Tfc 230 C*. S A* Trust ■■■-■■■ 

««tlc Fuad S.7 Io3 .!s l RayMeh B d, Bwmhrood flWmJSraOO Un>t»i 

*e : W AiBefi ca.~|gJ 317-03 LC G.6A i {350 37*+<W 4.44 National PrOvU 

"dtaott fm*“ ^ W Gartnwro Fund Manager? f WCg) SSl«? 5 !SP' 

S?i ll S' C S: ,,p * 1 -F"-* 4*21+0.2 430 i St Mary AWMJCSA OBI*. 81-0BSSS31 lAccum UniUi".-.” 

r [S^i^r.Cij'iFd.^ 446 S3 la +0.4 4 48 it i American Tst —1292 ' Slfl-03 020 M l 0'm .H3. Truot .. 

1022 IflU +0.S 4.72 Brtfaa^AtAR.t-|M 8 *M +02 32* (Aceom UnlUi-* 

M in. & L djy. ... U6 466 491 COzmK)dttyShat«_|ibb0 178S-02 3.41 ■•Pncefl un Sept 

"‘nMuEumacs.iUJ 65.£ +03 asz Erta UwMKs^-eTs *275 833 ‘Pnecs oa UrtT ' 

cw.Smir.uj s ._ 4 j«7j aqj^+u 4At tTjttirEas«Tw*„.S9 4W ^ National Westn 

nderson Unit Trust Managers lid. imuMFmd.._!2p1 ©3 *0i ig MjChromme. ec 

fi.F+nchurehSl..EC3a0AA- 0=3 9031 US - ?*- lit A,w "» 1 j 

u.T. I54J ^ 475 Jfffficte ’mS ^4 S« SS&: “I 


Unit Tst. ManaeersV All< ™ Harrcy & Tloss Inv - »««■ tC.n 
iSt ' Jna ^SlT„ l.ChannftCM+.^SLH+li. r.J-y.fl, teM-TOMl 


AKRCllt8dC.FO._IU0.05 10 06| 1201 King & ShSxKoo Mgrs. 

irbnthaot Securities 1C.I.1 Limited Van“v H»tSi fc tt4wrlSn’. , C! 


2.03 SieSNnrLoiKkDRd .Chelms'ordOS4531ffil | P Or Boc S»*. St. lfe-Sier. Jer^oy 


223 BartiranLW.S_.ff9 1 

“3 22S (Aceuxn. Uaitaa^— .{122.7 

S-S+St 8»-Bartiiitp«.Se|iU»7.40 9 
5f3~24 9 W Buckm Set a VT- w t> 


* Ji-PJ.nth Un.TiH K7J2 5031 J 4 60 

5531 (Accum Unitai’ ._. 157.7 U.4 ...J 4U 

020 N PI O-BMa. Truot -.033.7 1413 d ... J 225 

32* (Acettnt UniUi 1 * -.Il43.fr IKS] } 2 25 

3.41 "*Pncei un Sept. 31 Next dealinf- Oct m. 


»9i ( *20 


; . rbulhnot Securities LML (axci 

V .Queen St London ET4R1BV 01^2305281 


i.-ttra Income Fd 1095 

..Chine- Fund Q7 

•i Actrum Unust .. 59 6 

N .-9i Wcbwt.VlaJ 56.9 
tsfexeace Fond— 245 

rcum Units) 3a 1 

■filial Fund ZLO 

•mra«lltyFund_ M2 
- ^ u “ tlmf . 934 

,.■ »*- W-dr+1 U.J 566 

'UfcPropFd, 17.0 

. >. anUFnnd 406 

■' cemn. Units} 47.7 

°wUi Fund 366 

.. Rum Units; na 

KillcrCo-a Fit 290 

«lcni 6 inti. Fd. . 27.7 

> WdrwHJtej 0.1 

•ABlon Fit 97.9 

Atner. 1‘lnL rd. 1L4 


117. B] ..._J 10 

460 +02 a 

Ml +03 a 

£ 3 1 0 .’ if 


S -~- 833 ‘Prices Mtw.4 Neat deobur. oeL la Rothschild & Lowndes 31 grot, fal 
_^|f SJ5 National Westminslei* fa> sl swiu.mi. Uim*. Ltin.. r,ct. oi-aai 

+01 649 181.. Cheaptlde. EC3\’ 8EU. 01-606 8DOI New Cl. Ksimpt.. |£U3 J W* H . • I 

4407 J 34 Capital i A. -cum i (MO 7? II -!>.?( 416 Pncrson Sepiember IS Now deaUBi! Odi 

+01 526 Ertr+lm [70 5 75W-nn 745 Itt 

— ®89 ; g5j g|^i 5« Eo ^ u » t,nU T™* 1 UM (i 

CIWw Mntcnvl Unit T+ Mff lid' ,Bfl W"*" — ■ 137.6 40.4a 40.; 6J5 rily l'+lt< Hie , FiwNiirSq, BC1 Ol^hC 

K«S»«--pAt »=i 

«tt:SSSEfc gl ■ 41 NEL Trust Managers Ltd.* fang) ZT 

(a)A.C.FarE<BX*..{3&l 2>2j +ftl] 05 Uiltancnurt. Dorkiru'. Surrey Mil MoriimW 4. feS7 w5 

95281 Dealing fllVwt . Ndmur. 1644 6&7 b 4+031 4U t Ac run, L’nitsl |10S9 lll3 

Gorott (John* ^ ^ ^ ™ »** LUL 


“!«*» U.T. -_1545 HU* _ ( 4 7S ^tnUTS^. _ 

>nsbaeb«r Unit Mg wL Co. Ltd. Gibbs- (Anton v) Unit Tst ffiUgfc Ltd.' Inronn* T* B?ib 

^Sy^iw « 3. ttcdcriVt-, PI . <4d M Q l¥**V} SSS^EiSSzK 


j NV.-JnroBKPund.. IMS 11*3 +03^ 600 uSS»r- 

61.<a 4b0 N .u.lna F,l 1 Ufic.iR89 945^-0.3 155 iSroMOtt 

'"" I Itc N.C. InlL Fd.iArcAWO 95 7] -Oa 1.55 lAucwa Usltc} 

tilt N0 - smllr 170 M +0.5] 4*2 isssa 

leotiur. Oct. la Rothschild & Lowndes Blgrot. (a> aSw^e?^ 
f (3) SI Swllltlns Liuu*. Ldn, ECt. O102SA356 lAcrumUnitf) 

01X06 6001 New CT. Ksinpt.. ,|C1»0 141 W ... ,| 1« *Pn*OtoFdSepca 

731I+4JI 416 Pncrson Scpnftnbw 15 NvxtdmUBi! October "SpeeEx. Sept. 1»~- 
75 5 +0 9 7 45 I« -Rr«*«7SoplUL 

*1 SJ IJ! Vnit Trust HncLLULTI* scMtetr^W 

«.4d 4 0.;: 6J5 City i;ai,- Ha« . Fii^FofySq, EC2. 01+916 inns „ 0 h— a, , 


« Si *2 » r_ (Acevm. Uoi^‘.._. 104 * 
5S4|-0.3 19* cetmo Oct. 8___ 132 7 
a! 3 r«* 225 « Actum. Cni:si__.;1697 

31N+0J 412 CunbldOrt 4 jS42 

(AiciimUail*; 593 

2 tf9:*a 3 2-2? Cha-Oet 3. 567 

+4ta + n 1 ? ?-?i (Accum. Cnilsl }29 

2-K Marlboro Oct. 3 M.7 

25.01 -rt/J 4 At (ACCVIQ- T^nlfgi . fafl fi 

it tg) UJi.Grth.ffw*. F®-® Tllj — Q2] 481 Von. GWLh. Oct. 3 _ 510 

U2W3MI j. Henry Schroder Wagg & Co. LULf HfffcVwi *, — U| 

b9.7 >2 se5rs?-. 4 ”S? 


533 irap.T65 Oenwn-.rU80 122(8 | 4 ID 

5 *3 Xc« deal i r-; date Ociuhcr 10. 

399 GwtSWi.TSt -199 101| 1 12.00 

Xuu dealing rta:e Ovinbur 16 


m a ~ 4 2* Xml dralLny <ta;c Onnbi-r 16 " InlL (km. See*. T«. 

ImH"'" 423 Eusltliltl.Tsl.iC 1.-1115 J22c» | 3.07 Fir*Suylinj{ |U81HI U20J 

1397 — 530 Nc*t dtiiihtw date Ocloher 12. FintluL |;i3»2! 

in.*! 530 

S'3| ZZ Australian Selection Fund XV Kleintrort Benson Limited 


... 1 LhannCi'rofci.St.IIelier.Jerser fW34i7Tr41 

.1.1 Limited Vallur Hie. Si Pi-ier Ton. Gmc>. tINffl « IlTlM 
DjSi 7^177 lTbninuaSlnsrt.Uniisl«.'. L0 M iWCl ■ -i85G 

JUM i 2 in GillVui»diJ.+iei-..|i88S 8 UaA _....( U 00 

.V?r"in' 1 r.iliTrosli! <>» .1036 106.2] IT 00 

l»i .....'.I 11« GihFnd.GucTLM-jiC9.22 9 »m4 ] 12.00 

nbi-r'i'a IilIL (knt Srcft. T«. 


FimiutL — Z — |; lsi»js ‘Z'.'.j _ 


?4~ 

63 CJ 

530 

663 

777] 

oazd 


^5 Austral im Selection Fund NV 
lit Mark** rippominliia, eo Iriih Yoons & 

an UulbnaiiB. 127. Kent SL. Sidney. 

£S LS51 Shares-— I SU.U58 ! | — 

£75 Ms ai*dt rnluu ucu>b«r & 

332 


bfa E ..... 
803 

75.7 _.... 

86.7 __ 


10,7 H2 fAecma Lulls.) 477 503 

137.6 233 wiCkTOctS 63.1 66 B ..... 

2067 6.95 f Accum. Unitai 15 8 803 

307 J . — 695 wick.Di.UcL6 711 75 7 .... 

mo :z: DaAccnnv a * »- 7 l — 

*£% -■• H Tyndall Managers Ltd.? 

1861 412 1 6 Canyntr Road. BrtuoL 07 

, 2950 ..... 3.44 Income Oct 4 3032 1084) 

— . — 2 221 Art) ..... 389 lAffum Units. 1900 20D « 

. -pw las c+nm p l (nnda only CapmlCiri.4. 132 Sol 1J9 6rf 

!' Scntth* Boaitable Fnd. Mgrs. lid-V “ ffiS “ 


if Tyndall Managers Lid.? 


■J-jjjj Bank of America International SJL kb i ml Fund... 
Zj4 35 Boulerani Roj-al, Luxcmbourj; GJJ. 

6M WldimcsT income. 4STSU5J7 Ui25| t 734 

4M Prices at Oct. 5. Next suh. date Oct. U. SjgSSSEwi 

6M i i : n og, aj 

I® Basque Brnxelles Lambert 

7 2, Hue De la Begcncc B lOa.i Brussels T Invite Kir 


Kleinvrort Benson Limited 
ro.Frarhurch S-..SC3 
Eurin-.esL Lux. F. I UB J 

Gnomic*' lac |o ( ’C< 73.41 

Do. Accum S5.1 90. H 

KB FarEic.1 Fd SUS1432 I 


KB Jinan Fund. 5I. S40.98 

X-H. L'Xba’J}. Fd. SI -313 M 

S‘qa--SBcrmuil, SCS5I5 

■L'nifpnds! t>14‘ 20 0C 21.8 

■KB act aj London pnyiae ffl 


01-6236000 

+4 2.95 

4.18 

4.18 - 

339 

2.86 

_... 061 

0» 

+0M. 1.71 
-0.13 8.10. 


paying serais only. 


i Kue De ta Res«m« B 100.1 Bruiets Lloyds Bit. (CJ.) U/T MgtS. 

henmFundLF, — [1,931 ..991| |7.7l P . 0 Boxl* SLHelicr.Jerscj-. OSWSTSSl 

B«.h« rniMn. Tb# .rt. Tf 1 T1A LloydiTM «• wcs ■!» 1 „664rf . .. | 0.67 


Aiocncnn Met. 5 .. . 70 D 
S-x-undi-iUct 3. . 1771 

HinnYtU IKIB 53.2 

rArcum 82 1 


I™ 2BS. Andrew Sq-BOiKbur/h rai-M69l0l ^cumLn.tsi™ lbOB Mi 

39a IbfimeUnUi »14 547d .... 5.05 int Eam.Ort.4 253.6 2631 

7 45 Arcum. Units P^ 7 _ «5rt| .. .| 505 1 Arcum. L’aim 2Mb 2991 


»lt Mcri, n iVt4. (BS 7 90i 

67rf +031 4M 1 Ac rum L'mlsl |10S9 II US 

*7^ 7 f' Roj-al Tst. Can. Fd, MgR. Ltd. 


S« STSJSSSc!- - - 01-5885B2O *■«£?* ^nina Insurance Group Ad 

n SfiSSSJfi-irBR -atpd is JSW aaBffcr=JW 

* J0 Next msuinc day Oct. 20. Pearl Trust Managers lid. (aXeMzi Prices at Sep*. 28. ,v 


f3g Umi “ IlMl lffljj CU iH Group Trt. Fd. IJ762 «60|+Lffl 493 ijircmcl-d ffii “-"I 745 15-13, Umrelii’a Inn Fields, WC2 01-83188300 Cupitai Growth 

t* K«“ ^ns dw Pearl Trust Managers Ltd. UXgXzi *» ^ *■ ?«* 0rt - » — I |g SjSsSSSaHi 

4 71 Gr(«w«M HMUMmMit (h LH. S92Hl«h Holbom.wri V7EB 01+osivMl Save & Prosper Group unvi to T rtiac^l^ ^ *1-^-1 vz* S£!Amim!_ 

I S o^B4433 ^ ,3 f? wh W- P 5 - 1 ” 51 4 67 4. Crest SL Helena. Undo. EC3P 3EP W VriQ 

*71 50Gre«hmnSUEC2P2DS. Ot-rtl0«^ Aecnm Unus 29B 32l| +67 sn.7-1 Qucun SL. Edmhiirch KHZ 4N.X 45,ChnrU4teS»-SdiBburgli. 031003271 Do. Armro. 

^3 US FMrtlnr 333 36 lJ 689 ?■ 0USM MO or BT rtK TOl TSlewm Amesiaa Food HiChloc. Priori 

25pJ 436 Pearl Unit Tst- M2 462 — .. 4.72 _ . L"' ° _ -T- . Standard Units— |WJ 7L5J ..._J L57 International,. 

46 iSia — 7.W cAcenm. Uniui — foi sifl 4.72 Save & Prosper Securities Ltd.? [72-'i TTil^oi _ Spe«uisii3._ 

Mia — zS Fell can Units Admin. Ltd. (gMxl intmuiioiial Ponds Withdrawal Units -p3.6 57JI-0J} — __ _ 


— — 745 Arcum. U nils -p9 7 USuj .. . 5 05 r Arcum 1’mui (2Mb 299 01 I 5 02 „ 

iar Dealing day Wednesday. Prcf. LML 4 KlttS lCSOd .... j 1220 Ba 

3J4 Sebag Unit tsL Managers Ltd.* fa) 'Arcum. Units... -,1»0 U7q ! 12.20 i ti 

334 rOBn*aiLBeU«W7.Hse,ECt 01 2385000 &i^&¥* n,,B r £6, ,, o ,T7 h”' flln US' 

•w* am iiao| fj5 dS: 

01dS86252 5 ebas, Jf? I SLi4^f nr*’ 4 110 lAccon. t'nilsl ]l73.0 Ul^ | 539 Do. 

I 3 56 Security Sdecuon Ltd. UmdwWaUCraup 


0S7232S41 B T 4 ¥ , T UoydiTM «■ wes 163.1 664 at .. | 0.67 

p. in Barclays Lnxcarn lot. tch. IS.1 Ltd- Next dealinij due October 1(L 

... aifl l.L'harinG Cr«ot. 5 l Hi-lier. Jr .v. nswm+l 

416 ;.:d ,a iS Ll^ds Bank International Geneva. . 

— 7 82 I'nibond Trust [llTJOS aJU) _...J 800 1. Place Eel Air PO Bo-: 438 1L*:1 Gcncsc 11.^. 

J-K “ Llejdt.lrii.iir.Mith W55J I 160 

- so, Uoj d> let !n<«ne.|Sc2*0 30S 50] 650 

““ un Barclays Unicorn Int. »l. o. Mam Ltd- 

.... 12.20 [i ThiimuSL.tNniela.*..l.ii.5L 0E2448H M Sc G Group 


Mi +o, 
MOl +0. 
U.t +0 
193)1 ... 
417 +a 


031 22S 1188 Unicorn AuSL E*L. 54 1 58 2} 

177.61 I 897 Do-AuiLMm 366 39 4 

58(U — -J 5J9 Po. GW. P.icific — 69 7 75.O 

IBlfl 539 DalnU.lm.-ORU.-. — 394 ezia -7 0 

ie~> 3S£11 Do. I <4 Mon TsL.^ 459 494 +01 

^T+ Do. Stan* Mutual — 262 2B.2 


.... 2.89 BarrlnxtonOci.V— 219.9 

♦2-J 2 44 lAccum Units) 24L4 

+0.4 2.44 Bing-H.^d-Oet-S™ IM6 

+01 237 (Aceum Units). RlU 

♦01 2£ Endeov. Ort 3 . 

■ — 3.B7 (Aectnn-Cnltsi- 

-42 1-28 Cmcbstr.ucLS 

-02 128 lAmon. UUtst. 

135 LnJUlHls. Oct 4 

+0.g UB (Accum. Lin-tsi 


44.7I-+02 9 jo Bishopsgate Conunodity Ser. Ltd. . „ , _. . _ 

szffl-jOJ! 9 jo P.O.Box AS, DooBlas.ioM. 0624-S381L Samnet Montagu Ldn. Agts. 


23S B1 Fountain SI. Manchester 001-3305685 ''Sf*!**.. J. g79 

ZSt pelican Units |M0 96Ja( +04) 4.82 t^'rr^h fits 

Perpetual Unit Trust Mugnrt.^ (a» 

Ut 48 Hart SL, Henley on Thames M9126B88 Hlith-Yl^il 1569 

Md.seasEPfcs'SL-iaS j 352 * 


... *c b way Unit TsL Mgs. Ltd.¥ (aHc) Guardian Royal Ex. Unit Mgr*. Ltd. Piccadilly Unit Trust (aHbl h!Sh«^ FaDj ff02 

' '-. High Hoi born. WCIV7NL. 0l-831ffi3X Royal Eic ban ge.EC3P ID N. 01-6388011 Antony G.M* c-H Trnst Hauirn ltd. • iZZlZr LU? 

Hendereoa AdminstrxtloaV (aXcXg) ait« income hib 3551+0.3 96 n K F ?*, 1 . 1 ♦' 


92.4] -6^)31 54,7 uu. muuidi — iam j, *_« 

nauiaa ««. 4a ^ ^ |g SSSSSSWriSClK fi| M IS iBishopsgatc Commodity Ser. Ltd. 

» Erap 3Ep mzzzjpm h!S a * B L i s^ sssshw® 

KHJ-IKX 45,ChHrto«oS*.*iilnhurKh. 031-5383271 Da Accum. 

031-226 7351 fStewart Amesdcsn Fund Hi Chin C-Prlorlty 

:,; K rUB Standard Units |HJ 7L5J ..._J L37 Internadtmal 

lUesLULV Aren m. Unite-, — 77l]-0d _ Special Site. 

40 7f —0 if 238 Ftad^ ~ TSB Unit Trusts (y) Bridge Management Ltd. 

28-3 | 3 6* sundard___— JMO-S 15J W I 413 XL Cbantzp Way. Andover. Hants. CC&;e318» p o - Box 5081 Cran , d Cayman ls. 

77.9} -fl.l| ZU Accum Uni te . J im 173. 0j 1 413 Dealings to iQM 83C32.3 .Vbasbi Ort. 2— _— .| 11.874 i 1 — 

Pnllrt 6 W. -Scd. fbjTSB General 1473 jay lK I 3.71 GP.O. Boil 590, Hc««! hmis 

6LU|+06| 702 Son Alliance Fund HngL Lid- (hiDo.Acccm. jfco J 65.3 __1 3.74 Nippon rd. OCL4-I5CJ2128 -fc| I L. 

Son Alliance Hjo, Horaham 040364141 ^ £'9 ££ Tc7 Ifn^f ,rnfU 


150 Thn-eQun; s. Tn»x>r Hill EC3 H6BQ. 01-828 4588 

jrS AllanitctrtL i' 5* >517 3 471 — 

"n 3 ? AUSLEXUCI 4 Sl'n’il 2 91 — 

Si »jlld Ex.Aec Ocl4 . 11 51173 1312 .. .. — 

,^2 Island 135.5 145 Ba -02 43 21 , 

lAccum L* tuic; 1953 2lB.lf — 03| 93.21 


ns 

221 _.... 

73.6 -HU, 
327 -0.£ 
381 +02 


iS AR MAC -Sept. 4 __ in >77 74 
2H r ANRHCl*r&pL A. P- .A L 
Z-S COUNT —SepL -i — [EL4B2 1 
rii Originally issued at -SID . 


” f 1 14. Old Broad SL.E.CJ. 01-588 WM 

L.J — .ApoUnFiLSooLTM. SP44B0 48631..... 3 80 

».. 123 Japfest Sept 29 3X514% U13 0 SB 

«-fV no 1 lTilroupOct 4 __ SISU27 UiB ..— 1S6 

HTJuRO)' Sept 10^ C5 69 6.191 _.... 0.68 

n7Js}P'sn5pL27-. 0130 UBS] — 


fADED 


op 7l0fij^ 


urorn Ho. 252 Homford Hd. E7 01-5315544 BroiUwood. Essex. 

1 rctrn America .B3.9 3631 -J J] 110 i-v bma 

■ Ana. Arc ff7J 83.6-03 178 14.4 

•Auiilne tlO £2-°! 1™ ^G^2 £iS“Sb 

' -ipita] — ...16*7 7S4 +0.5] 4 26 ran nnnKh Arc HILO 

■ ExemtCTsL ...EjO 1219 +0*3 590 VJg^SgKsSS- g" 

' Eilra Income -.128.9 31 2 +01] 816 «n«t> iM«a Pnnttm 

1®“- -K *6sl ^3 fS 

■■ General "~.Z.l£* XU ^5 lj l» 

'■ terwwth Acr 1441 47.7 +a 191 Sector Pn»0B 

■ Income T iL._..K. 9 97J +04 5 JO 5?2?5H2 , » ITt — 

p Pri A 'ns Trt. JSr.7 1555 ... | 4 73 ChlaNj^Hni f»A 

"rice*, at Sept. 29 Next suh. day Oct. 31 loternotioiud 

• Recorery_., [466 5041 .... J 544 Cate* 

■ Trustee f und .121.6 13LM +U| 459 InferaatKinnl 

-VldwideTsL-BZi 56.® +0JlJ 2.BB WW-WldeOctfl 

MJnJFdlnc ft§9 69.T +oS 474 Ownm Fonda 

• Aceum. -|765 79.7] +0J} 474 Australian — 

uring Brothers It Co. Ltd.V faKx) 

LeadenhnUSL.ECJL 01-5882830 

-TKS^.T-Kt ,|S 3 ::~l il 

Next cute aay Oetobtfll. 


0277-CI7238 Capital Fund 

XnL Eras. It Aascte 
SOU +021 600 ttmucFunit.... 
5Lto] ToJj 278 Aecumitr Fund. 
K+2*d +4)3 2 7B Ter hmJory Fund. 
T7+3 +03 5 99 Far East Fd ._ 
ar.rra +"-<i » Amcncuji Fund 


96 O+rracss FunbM 
4.7 Europe 


42 Japan 

48 SEAnarfinrth.Fd".. 

38 li S 

2.9 -luiLial launch until Ocl 3. 

j N+tar Funds _ 

t'antmodity 


2831+011 
izi] -4J.il 


510 +02 42 Japan .'.... 1063 lM.Jifl) -1 

5L7 +0.1 4 8 s£AsiaiJwth.Fd-..W63 

40.9 +02 38 US |744 

73 D +03 2.9 ’Lmlial launch 1 

58 +fl ' 3 l 3 -^ N+4cr Funds 

+01 L5 

22 Practical Invest. Co. LliLV (yKci ml Sw* In.9 

“* «.B!oomahiirySq WC1A2BA 01423B80Q Hlfib-Hinlnwm Funds 

Practical Ocl 4. — 11577 167.4*5 1 411 Sc-IccUnternaL .. B63 9 

l ™ Accum Unite ]227J 241.4] — ..J 4.11 Select income [55.6 


t'nrnrnodJt} __- IE03 B63cS -0.11 

EitcrRy T m S 76« -0.fl 

Flnancml Smk. 172.9 783| +0.1| 


_ Practical Del. 4 

J-S Ttccunv Unite 


Son Alliance Han, Horsham 040364141 

ai si is sssessejss' is 

Target TsL Mngrs. LttLV laXg) 

493} +0 4| 4.83 3 L Gresham SL.EC2. 

_ Tarcct ConufiMtlty. 

I00 6J-05I 308 Target Finandid 
4.M-12) 031 Tartu* Equity — 

50 « .. j L50 TarsMEi Ort.< 

79 ^ -0.3] 130 +Dc Acc. Unite 

Ocl =J. Tanwc Gilt Fund 

Target GrtNrtfe-. 

W Sil IS MSS," 

71I...1I 3 u 

MbJj+oil 710 Tell Special Sits. 


IngL l-tp lb 1 Do. Accum (60 j 

- „ «««>« JgS^zpi 

uo|+bij IS g 5 MS 5 SSEZZzRy 

ULV (aMg) 

Dealings- 0298 5M1 Ulster Bantf (a> 

4221 +0.31 354 Warine Stre+l. BeUasi 
66.1 d +0.4I 4.42 (bjuister Growth- J39 £ 


Murray, Johnstone (Inv. Adviseri 

_ _ 163. HopeS: GtcwtoiT C3. 041-SJ1 5SC1 

SIS i:: 374 Nippon rd. OCL4 -(5CS2128 =fi4 J 1 e.72 .aJpeftW.-T IWCB - 

67.6 694 „ . _ . „ , *Wurraj Fund — 1 SUS1215 ] — 

70.5 . 694 Britannia TsL MngmL <CI) Lt<L NAV September 30 

,S i 2^ 30 Bath SI. SL Heller. Jwtwj. 053173114 

1DL9I-05I 2J1 Fds . Negit S..\. 

Uitmih Invest 3B 6 41 7 2.00 10a Soulcvanl Rwal, Luxembourg 

SSS -2.4 558 N -"-^= 9 ---i > i - 

425) +03) 500 UairsLSTsLSig. 5228 240 100 

- Memt Ltd. High Ini.Stlg Tst - 1096 0 9M 12.12 Negit Ltd. 

"**71 ™ I'JL Dollar Dnunainaied Fd*. . Bank i4 Bermuda Bldce. Hamilton, Brnula. 

U 1-623 4951 i'bh-sI STu. p:-'SS54 5JW J - VaV Sim. 23 _ I‘ t92 - I J — * 

M40\ -j 4« UU.Hi|lhlnLTst._.l097 1 0l3 ..—1 «■« ^ ' 1 4 

3971 -----J 4.49 value dcl & Ncm dc.iiinft (ml lte Phoonis Inlerasttonal 

. P0 Box 77. Sl Peior Port. Guernsey. 

Brown Shipley Tst. Co. (Jersey) Ltd. laicrsDoiUrFund. 12.42 2 bit J — 

_ . . “I* 3 .® 1 P.O. Box 583. S: Hdicr. JuriCj . 0534 74777. 

397) Zfl.9j 449 Sterling Bond Fd._ (£9 96 10 001 1 U.75 Quest Fund MugmaL (Jersey) Lid. 

; — — 5?sr f, f“ " aD , agei ^ Ei c A °- u± an 3 ?™ 

P.0 Bov 185. Hamilton. Bermuda. uurs: lntL Sees .. -|SI'=041 OOri) 1 _ 


??2-? -■■■ JS XlngWUlianiSt. EC4H9.VR 
*1 7.1 . f| 1 4 49 Friar* Hue. Fund.. .1165 0 

29fa _ S:S wiyerOrth.ttid.-fcl 
331 Q73 Da Accum. [37.7 

i7oi I n| Wider Growth Fend 

33 7 766 KingWiUlamSL EC4R9AA 

14.9 .. .. 1182 Income Unite [32.1 

23.0| +02] 4.77 Awiini I ‘ml* . ... pt 7 


661 Unit Trnst Account & Mgmt. Ltd. 

££ Kln^WUlianiSt EC4R9 VK 01-82349 

3 0 3 t- 1 __ .. - ■ na> ■■■■! 1 ... 


Negit S.A. 


2.00 10a Boulevard Rovai, Luxemboarg 

LOg N.W SepL 29 | SL'SIZ 66 | | — 

100 

12.12 Negit Ltd. 

Bank of Bermuda Bide*. Hamilton. Brnula. 


INSURANCE AND PROPERTY BONDS 1 ®Sr«A4? 


r.o. Bax UW S: Holier Jeracj- 0534 274 

Quest Stlc.PXd Ini- 184 6 90 2| ] — 

UUrtt lull Sees .. - SUSO 41 0 9T« I _ 

Quest InlL Bd. ... .pt S0917 roi] ... .] — 

Price ai Ocl 4. Next dealing Ocl 1L 


1171 1^? 305 

«J —07 JH Abbey Life Assn ranee Co. Ltd. 


. w-n sawssap-*- 


i ishopegate, E.C2. 

WePr* -sep*je_|i96J : 

e. Uia.-«SepL2a.aj3.7 J 

iteolnt. Oct3 1154.4 1 

■cura.iOrt.3 P045 J 

Next sate day *Oct 17. 


01-6880280 
1 325 


45 Beech Sl . ECXP2UC 
Ibi Bntiah TruaL— IUB5 


3£sl —I S* (fllnri Trust,...- 

*®9 • — -[ 325 (oj Dollar Trust... 


tCapitelTnuB. 

.■cura.iocL3_..|20« ^ (b) Financial Tout 

Next sub. day “Oct. 17. ”*Oet. IO. Ibl Income Truat— 

Idge Fund KanagersV (aKc) (bj^bVreidi^L|n.7 

40. Regis Hoosc. (One WlUlnm SL. EC4R ^ . ' • 

R. 01-8234B5L latcLf (aXg) 

rcricaa A Gen f -p5.B 27.2! 139 15. Christopher Stroes.E.Ci 01-24772! 

agfcsr j? <32 -- IS WeLimLtt.fiA-.NU «J|+M 6.1 

,SI — Bey FmidMaiiagen.lJd.(«Kg) |Ktd.*fira«rte: 

176 U8a ::::. AM 25.3mkSuEC2V8Je. 014Wr707alwnU.Man.Fd-A cm. 

Acc.t 19.6 20.9] A OB Key Energy lattl— 

allng -Tues-tWed. IThtmt Prices Oct 3Hf3. &pltyA Cteu. 

itannia Trust MaoRgemeiit (aKg) KergcomeniDA 

— widcui WoU Buildings. London WaH 

tdoaEC2M5QL 01-408 047810478 Lora Fd 

3&T = IS4 S-J9 iS-21 ^ Klelnwrot Bamoa Unit ManageWT 


1715 +L3I 526 Selective Fand. 933 983 

4U -02 154 Convertible Fund .. 1330 1-sfi.O 

873 — . £27 Vtfoney Fund 1233 130.1 

33.4 +M 453 9Prop Fd.Ser 4-_.13Ll 138.0 . — 

R6n +0.t 4.91 »Mnn. Pd. Ser. 4..... 136.7 143.9 ...... — 

305 402 753 VEqnihr Fd.Scr. 4.. 36J 382 

7.9b +03 505 VCoavIFd. Ser. A— 1135 1195 

34.C +o3] -729 VHeoeyFd.Ser.-4-. 1135 117.*! ..._J 

' ’ . , Prices al Ocl X valaatlan normally 7 

Albany Life Assurance Co. Lid. 

ennliM 620 3LOW Burlington St. W.L ^ 01-42 

WJJ+WJ 610 f EauiteFd.A«L__1198i» 2M# J 

j fFlieo InLAct — |l4L6 149.S — 1 


Ud. Crusader Insurance Co. Ltd. London Indemnity &GnL Ins. Ca Ltd. Save A Prosper GroupV 

01-2489111 Vincula House. Tower fl, EC3. 01-8388031 IBM. The Fort ur>’, Reading 58351 L 4. Gt-SLHelen'a. Lndn- EC3P 3EP. 01-554 8899 

.... — ‘ CUl Prop- CwL3 |735 B32| | — UoocvUanager — 053 382! — BaL Inv. Fd 153.8 140 H — 

■=■■ — M.M. Ploriblc. U14 332} — Property Fd.* 159.4 1687 .... — 

-15 — Fixe d totereat [345 365| — CIliFd. 1236 130.2-02 — 

— . — Eagle Star IssurOIidland Assur. DepmitFdr „ 125 1 13L7 — 

— l.Thrcadneedie st_EC2. 01-5881212 The London & Manchester Ass. Gp.V — 2101 2212.... — 

— Eaglo/Iiid. Gnits—156.0 581) -0 51 556 w unlade Pnric. Exeter. 0382^2155 fSp ^gp S. 23L? ntl — 

— — Cap. Groarlh ttmd- 242.0 — Gilt Pena. Fd. _1Z «1 1002 Z- — 

“ = Equity & Law Life Ass. Soc. Ltd-¥ {SmttSS. w «5 ' Z!! - - Dpp ^' u ^ < ^r (lo 11 s^i V"-- 1 " 

— Amcrsham Road. High Wycombe 0494 33377 eExpLln* iSt FA 1202 ... 02 tWcekly^alinKE. 

- EaultyFd. 1120 6 126.9! +0.61 - Flexible Fond. 1202 _ZI - cexiy oeaunga. 


014007070. WsrtLMan-FAAcni. 1142. 

+021 327 VPron-FcLAcc. 1105 

+0 <5S0 rtTple Inv. Acc___.. 172.1 
___) 5.45 Equity PWLFdAcr. 236.9 " 
J 9J7 Fixed LPen-Ace 183.1 


™ 0^ 596= 

i-.'l — General Pi 


Equity Fd. 1120 6 126.91 +0.61 — Flexible F-fati 

Property Fd. 1093 115 # — Inr. Trust Fuad— . 

Fixed Interest F 1092 114.91-0.1 — Property Fund 

Gtd. Deposit Fd. 100-4 105.61... — Gld. Deposit Fd— 

MbuSTdl J114JJ 119.5] +0.l] — 

M St C GroupV 

General Portfolio Life Ins. C. LttLV Three ^teT«rerHUlEC3BaBQ. 


lnv. Trust Fund 1«B2 

Propert y find - — 84 4 

GuL Deposit Fd. 


GUt Pena. Fd. WS.l 1002 

Dcp05J-tnx.Fd.t_. 1 100.9 106.3 

'Prices on Satnember : 
T Weekly dealings. 


Capital International SA. 

77 rue Not re- Dame, Luxembourg. 

Capital Int Fund — | SUSZ921 1+0.261 — 

Chart eri se Japhet 

1. Paternoster Rote. EC4. 01-24839 

Arli rope D3U128 311H 4.1 

Adivorba. DMU0 53 BP -D10 *2 

Foodak DM2.W 343«-ai8 41 

Foodis DM2210 23i 4! 

Emperor Fund 5359 3.H — 

EUspante !L’S«113 43jfl 22 


Richmond Life Ass. Ltd. 

4a Athol Sired. Douglas. LO.M. 0624 23814 
■ ^ tsiThe Silver 7nia.fZ20.6 1133 -0.8} - 

0 ‘-«l — Richmond (Id BA. 117.4 121.6 10.82 

Do. Plan nmnBd..-. 139.4 1465 — 

" Do. Diamond Bd. 92.0 1000 — 

01-248 3099 Do. Em. 97,-ffi Bd ... |lk 9 173.6] . U50 

*|i Rothschild Asset Management tC.I.> 
01U Js P.O Box 58. Sl Juliana Cl Guernsey. 04B1 26331 

— • Z OC.EqFr.SepL 29.1553 5&M 2.76 

252 O.C.Inc.Fd Oct 2... 1622 1723 A79. - 

— OC IntLFdT 5134 L42L0.02 124 

OCSmCoFdSepCM. 1525 162 2d 3.11 ■ 

““ O.C Contmodlly*.-. 144.6 1533 4A9 

fKUVrwt rti- r»l- « rum Mn i/wu ntl 


60 Bartholomew Cl. WaUhmu Cross. WX31971 

Portfolio Fund.—.,. | 149.9 { J — 

Portfolio Capital— 1«22 44.4] j — . 


tdonEC2M5QL 

SclAreZZZ 

cmtlnd , 

mnodlty — 
neetic 


rapt. ra»* 

ra Income —. HI 2 

AncLJSccx ZZ|M5 

d& General .0021 

nth K5 

& Growth 1772 

1 Growth.-. - 1675 

^lTxlS bares _ 148 8 


411 20. Fenchurch SL, E.C2. 
458 2C.RDattFU.Ina, 

350 +K.0. DnitFdAc. 

656 K3.Fd.lav.TMt. 

AW KJBJ-dJn-TsLAcc 
Z.93 EBSndrCo'sFdlnc. . . 
436 EjrLSm.CaftFd-Acc.M6 
262 High YU. Fd. Inc— W6.9 
363 High Yld-Fd. Acc_ 1*6.9 
753 _ _ . 


.J qs7 Fixed LPen_Acc 1802 1895] . — .1 — 

i 1264 Gtd-Moo J’enAec. . WL* 138fl - 

L4i IntLMn. PnFdAc c _ 121.7 12fl« — J — 

PropJ'wtAcc. 1263 132.S .„...] — 

nuagm U-ple Inv J*en_Acc. [2126 223.7] 1 — 

{Xnmm AMEV Life Assurance Ltd. V 


- — Gresham Life Ass. Soc. Ltd. 


Per*. Pension 
Conv. Deposit* 
Equity Bond**. 
Family W 
Family 81-88” 

Gift Bond-** _ 


J 537 1 Alma Hse- Alma Rd-, Reigate. ReigaUHOIOL G.L. IntL Fund-, 


2 Prince of Wales Rd, B'mmith. 0202 787855 inloumnL Bond 
G.L. Cash Fund —hOl 18331 — .1 — N unused Bd.***.. 

UrMEaEffi ild- ERGftKk 


547 AMEV Mannped [1465 1M 4 — 

I Si AMEVIfeT®- 2184 2248 — 

4J5- AMEV Money Fd— 1065 1 12 . 1 — 

559* AMEV EquihrFol- 119.0 125.4— _ 

— 559 AMEV Fixed Lot— 92.1 97.1 _ 

805. AMEV Prop. Fd.— 985 1835 — 

“I M A3ffiV , S^dPen. , B , l»5 HU Z — 

lent UiV Fieri pi an-, 98.9 104.2 — 


[E INDICES 


. Ppty. Fund— _ 


Property Bd**—— 
Eft Yield Fd-Bd.* 
Recovery FA Bd’ 
American Fd.Bd 
Japan Fd Bd* — . 
Prices on *Oct 



2515 
1196 125.7 


“ EE 


Mj - 

■*0cL 5. *”Oet. 8. 


Growth & See. life Ass. Soc. Ltd.V 
Wdr Bank. Bray -on-Thantes, Berks. 0628-34284 Merchant InyesUm Assurance* 


tb American _ 

less! anal 

■ perty Shares — 

tuaCbaiusiCZ-. 

iv Energy — — 


Hi 1% L A C Unit Trnst Manngainnt UAV ESSSEfZiSS? M =| : 
t«c 5qS The Stock Eehsuue.ECaNlHP. DV^BB 28X1 AMEWTramlriiglon _ . „„ 

Hi II maSksaM -ffiLd M #S==.-R| = 

;^;a Lawson Sees. Ltdf (aMe> - 1 '?S- Arrow fe e Atennce m 

+03 255 37. Queen'a St- London EC4RJBY. 01-2365281 PWtdenoc Capitol Life Assurance 
+05 4.48 ftRaw- Materials— (405 415 633 Barclays Life Assur. Co. Ltd. 

^Aecum.Uaitsl_.fe5 *>53 633 -- 


Flexible Finance.- n.070 

Equity Praft 

Guardian Royal Uzchange wS^i^Z 

Royal Exchange. E.C3. 01-2837107 Deposit 

Froperiy Bonds — 1187.6 19551 1 - I>P«udt Pens. 

MBD3£Cu 

Hambro Life Assurance Limited ¥ iKpEqulty^lEZ 


Leon Hae. 233 High 6L. Croydon. 
Property-—.— I . _157.9 _ 


23* -Growth Fund ™C 

*lAccnm. Units) + — +1 

C British Life Office 144.9 (81 jrGUtand Warrant. | 

'lance Hac.,TUnbrid£e Wells, KL 089322271 * 

BrittebUfe. g-9 56M +0^ 555 -H^niiSlZZ. 

Bulan ced* - pL2 54-7j — U 5.62 -S™, rjniiai _i 


Dividend-— — [453 4B5J .._ 

-Prices OeL 6 Neat dealt ne Oct 

'bwn Shipley & Co. 144.9 


fiRL.FciuiideniCt.EC2 vi-gww+ Dte-SeptiB 

Vcc^3 3 ZZ^A2 1S| z:| ■ ArOTnL ^ Ootoberlt «*™t55lu^iue oSKWi! " 

j»6 37 Bid +03) 455 Leonine Administration Ltd. Beehive LHC Assur. Co. LttLf 

reral U93 207* +J-1 5-» 2. DukeSL. London WU187R. 01^86 5981 7L Lombard St, ECX 01-03X288 

rath Accum. — J485 51/ +0.1 5m l turn 8638 .1 459 Blk.Hone.Ort.2— | 133.70 1 J — 

^rath Income tff %n LeoAcopn -|mb 9«[ ( 439 Cajuda Ufc Assurance Co. 

v m 72J* - 3.^ Lh^ds Rk. Unit Tst. Btogrs. LttLf (a) 

;;rocirZZZZp 9 2L« -o i 3 U R^irirtn-'s Depte Gorins-fay-Sea. ^S!mSbpL 7;| J§a | ZT.J — 

■forma nee. (62.4 662 +-0.B 428 WorthlnU. WrtlSlIlir jl. Qt-8E31288 p nm . nn i«nv9ni+ i sa M 

rovexy E..._fe9 24 J +0.1 601 Balanced 1545 580+0.4) qjl CatTOOU ASSUranC* LAd-rt 

T»pL August 10— |6J- 9 6*3 — 435 DolIAwuu) 742 797 +0.5 431 l.OlympipWy., Wembley HA90NB 01-0038878 

nada Life Unit Tst Mngrs. Ltd.? §5 §7 |w oog ^ ”.■” ~ 

n ^^P^ 424 i P +oT« 3 SS 4 i |:«pSs JS tSS = 

ig+s^- S ? 1131 51 MSS'— ^ . SM ?3 gSSKTiSif = 

• luc- Accum (45-9 .433] +o5] 735 Uoytfg Life Unit Tst. MngiB. Ltd. OJ.« 3 Z 

Hrf (James) Mngt Ltd.f 72^ GntchousoRd, Aylesbury. 02985041 Atofe-Arcmn. "? — 

■ Old Broad SL, EC3N IBQ 01-5B86010 Equity Accum. (17L4 18841 — -J 313 1064 112.6 — 

i£zzz=&*2 S 23 :z:{ IS ■* •®SC 5 ?SSt- 10 „»«. i°b ft ± = 

Prices on 1 Oct tNext dealiw: Oct. 18. 33u»n Quays, Tower BUI. SCAR 0BQ. 01838 4588 2nd GULZZ— — ~ 1*0.7 960| — 


Growth Fund W2. ,*612 -0.5 2.64 353 R f a ^Z ^ a -’ „ 

"lAccum. Dnitei — Oj 0\ *ao ...... 264 Baralaybotub*— 1289 

tTGUt aod Warrant MJ -42.4 1.79 Equity—-- 124.9 

tAmericanFd jio ‘ 2S.9 050 Gfll-edjMd — _ UB6 

MAcram Unite) — M-9 269 050 Property,—- 1093 

-High Yield- 45A 495 1136 Intemaijanal »5 

•rtAcctun. Unite) „|65J - 703 .— U36 Managed.— -^-. 1W0 

DeaL Won. "Tues. YlWed. TTbsrs. **Fri. 1062 

Legal * General Tyndall Fnndf r~ g-i 


01-SMK44 TOW Par* Lane. London. W1 

Vi:* — Fixed InLDep [1269 

*°3 — Fqmiy 19C 9 

%•; — Property—..,— 1665 

♦04 — Managed Cap 1485 

“J? — ManagedAcc 1341 

tSJ “ Oremwii 1292 

+ 01 — Gilt Edged 125.6 

— American Aec. 101-6 

■ — — Pen FJJJep Cap— 1292 

— PeiuF.LDrp.Acc. _ 152.1 


01-4990031 IntL Managed 


01-8889171 Inv. 
.... | — W' 
+2-ffl — 


Schroder -Lite Group? 

EnurpriM House, Portsmouth. 070527733 
Equity 1 2503 — 

Equity* 2283 2404 - 

Fixed InL4 13B.4 14S.7 — 

Managed 4 135.8 1430 ..... — 

Money* 1069 114.7 — 

OveJwns4__ 93.9 990 ...... — 

Property* 1593 1675 — 

K6SGort.Seca.4_ 1232 1295 ..... — 

BS. Pen Cap. B 1231 1293 — 

B.S. Pen. Ace B 1352 142 ( — 

Mngd. Pen. Cap. 3 . 2102 2212 — 

Mnfid. Pen. Ace B , 252.0 2653 — 

F. fnL Pen. Cap. B 56 7 101.9 — 

F. Int Pen. Ace B 961 103.4 — 

Money Pan. Cap. B . 96.7 1019 — 

Money Pen. Ace. B_ 98.1 103.4 — 

Prop-Pen. Cap. B._ 1025 108.1 — 

Prop. Pen. Arc. B_flfl3.9 109^ — 

Scottish Widows* Group 

PO Box 903. Edinburgh EB16 5BU. 031-855 HOOO 


CUve Investments ijersey) Ltd oc cu^duFIl mf 

P.O. Box 300, SLHriier. Jersey. 053437381. O.C. Dlr.Comdtj.t-. 5208® , 

Cli veG lit Fd.iCJ 1.(9 78 9101 J UOO "Prices on Ocl B. Next dealine Ocl 13 

070527733 Clive Gilt Fd. ( J$yj. 9.75 ‘ 9.771 — 1L0O tttices on September 51. Neat dealing October. 


Cornhill Ins. (Gnernsey) Ltd. 

P.O. Bax 157. St Peter Pari. Guernsey' 

LntnL Man. Fd.—. (1775 1925} 4 — 

Delta Group 

P.O. Box 3012, Nassau. Bahamas. 

Delixinv. OcLfi— ,|iU5L15 226| 4 — 

Dentecher Investment-Trust 
Ponfach 3685 Biebergaisod- 10 6000 Frankfurt. 

Coo centra.. 1DMEJ8 223ffl J — 

InL Renlenfonda ._. (5 mM 89 TtLlol — .] - 


Rothschild Asset Mngt (Bcrmnda) 
P.o. Bex 504. Bte of Bermuda Eld- Bermuda. 

Reserve A&seu Fdi SUSlO Ofl | J — . 

Price on OeL 3. Next dealing Ocl 10 

Royal Trust (CD FA Mgt Ltd. 

P.O. Box 194, Royal T* {be. Jersey. 0534 27441 

RT.lcrt.Pa ISIIS4K 1DC9 J 5.00 

R.T. Int'Li Jsy.' Fd.. 1*0.0 96fl] 4 321 

Prices at Ort. 3. Next dealing OeL 10. 


| ISSSEff 

ExULAcc. OcL4.._D4fi t 
Eft l't Ine Oct 4„ WL4 
Mgd.PiBii.0ct5 — {277.7 


— SoUr Life Assurance Limited 


Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712. Nassau. Bahamas. 
NAVOCL3 IRShB 17671 | — 

Emsw ft Dudley Tst.MgLJrsyJLtcL 
PO Box 73, SLHdiCi. Jersey. 0534205! 

EDJ.C.T. [124.4 1325/ —4 3.1 

Eurobond Holdings N.Y. 
Handelskade 24. Willemstad. Curacao 


Save & Prosper International 

V. Fd. Sealing to 

37 Broad St.. SL Helier. Jersey 0534-20391 

. | — I'-S. iHdUr-dmmol nated Funds 

1 Dlr.Ftd.lm«» - ^29 985 731 

«.iM lulcrnal.Gr •* S-Bl 866 .... — 

SF-LtO- For Eastern'* pB-HJ 5712 ..... — 

053420591 North American'f.poo «33 — 

_..4 300 Sepro-t |Z5.61 17.06] — 

ffi»r| i 0 F r k 2«.S,+0J| 238 
Channel Islands*.. |l555 163 R ... . 474 

2. Commod .— t 135.0 1423] — 


■tfe* 


4 -‘“ Do. Initial f 


FoH-F.LDcp.Act — IM.1 
Pen. Prop Cap. — 2075 

Pen- Prop. Acc 2MB 

Pen Man. Cap 213.4 

- Pen. Man. Acc 277.4 
Feu GiitEda Cnp — 122 5 
PeteOiltEdg-Acc.. 130 J2 

Pen.BR Cup 126.1 

Pen. B.S. Acc. 145.1 

POt.DJLF.Cap.— li 

Pen. DAF. Aec- — II 


S?:9 :d = 


NEL Pensions Ltd. . 

MB uw Court, Doridng, Surrey, 

Netex Eq.Cap. Ml 93JJ 

NelexEq. Accum. -1221. 1285 -03 

Nelex Money Cap.- 62.9 6A2 

Nelear Mon. Acc. S7J 71J . — — 

NolexGth Inc Cop- 53.9 56.7 — 

Nelex Gib Inc Acc- SS.7 5&C — 

Nel Mxd. Fd. Cap— 18A 510 — 

NelMxteFd. Acc — 487 52J 

Next Sub. day October 25 

NPI Pensions Management Ltd. 


Solar Equity 
Solar Fxd. jut. S. 
Solar Cash S, 
Solar IntlS . 
SOU Solar Managed P 

_ Solar Property r 

_ Solar Equity P- 

, Solar FxtLinL P 

Z SdtarCashP 
Z Solar UuLP 


ce Limueo ii^mtan Ageata: Intel. 15 Chrtitapher St. EC2. si. Dcponit_..._ 100 4 n» 

.CJN 6TT. 01JS422905 [TeL 91-247 7*4*. Telex: 8»l«Wl SL FLxed — * Zl«^ 12L 


Sun Alliance Fund MangmL Ltd. 
Sjin Alliance Hcxise. Horaham. 040364141 


NAV per ahare Ocl 8 SUS20B5. 

F. ft C. MgntliiL Inv. Advisers 
1-2. Laurence Pountney Hill, EC4ROSA 
ui-en 4880 

Ccul Fd. OeL 4 J SDSfi.42 |+014[ — 

Fidelity Mgmt. ft Res,.(Bdte) Ltd. 
P.O. Box 670, H amil ton. Bermuda. 

Fidelity Am Aas.„j SUS28.75 I J — 

Fidelity I ol F und..] I11S25J9 [ — 

Fidelity Poe. Fd.— | SUS59L1D ...j ~ 
Fidelity Wrld Fd— SUS1&.67 +0Bfl — 


. 055 

...J 11.47 
rt. 5. 


SclUesicger International Mngt. Ltd. 
41. La UaiteSL.SLHelior. Jersey 0534 73583.. 

SA.J.I 81 . BW -1} 843 

SA-OX.. 94 99 455 

GiUFdL 225 22.7 12.U 

lnU.Fd. Jersey 107 113a -1 3J5 

IntnLFd-Lxmbrg.... 1169 1281 . - 

■Far East Fund.— |102 ltej 278 

■Next sub. day October 11. 


~ Schroder Lite Group 


ErnF«UnLSepLI3.pJ7J 163JI 1 - Fidelity MfpnJ. Research (Jersey) Ltd. Emerpns* House, Portemonlh. 

lnLBteOcLS 1 03.25 | — 4 — Walerioo Hae.. Don St, SLHdler. Jersey. Interaalhmnl Fandp.._ _ „ 


Hearts of Oak Benefit Society 


15-17. Tavistock Placo. WC1H 9SM 01-3878020 Small Co's Fd. 

Hearts Dl Oak 1372 39 Jj ) — Trete mlofigFA— 


HIB Samuel Life Assur. Ltd. 9) FarRiSFdfz 

NLA Tar., Addisrombe Rd,Crny. 01-6864355 ClU^B.riFd - — , 


-| — 4R Gracechmeh St, EC3P3HH. 01-6234200 

Manaaed Fund -.—(157-2 163.71 — J — 

Prices OeL & Next dealing Nor. L 

New Zealand Ins. Co. |U£.) Ltd.* 
Hattland House. Soothnod SSI 2JS 0702 83055 
Kiwi K cy Inv. Plan. Q57.4 162J) .. .J — 

Small Co's Fd. 106.7 1123 +02 — 

Technology Fd 1172 • 1233 +0.4 — 

Extra Lnc_ Fd — U0.7 1062 +0.7 — 

American Fd U03 1162 +0.9 — 


01-6234200 Snn Alliance Linked Life Ins. Ltd. E^SUiU-, 


Sun Alliance House. Horaham 040364141 series BIPaclBc 

— 1 n 33.B 140.QI +0.61 — Series D {AnLAss.il £1913 l —4 

07.B 112.71 +0.ll — • 

12-9 imD lo'jl Z First Vikiaff Commodity Trusts 

103^ _T] _ 2 SL George's SL, Doafgw, Ix> JL „ . 


Eqoiry Fund 
FixHanierestFd. 
Property Fond 
lmernatlonal Fd. 
Deposit Fund. 
Managed Fund 


»L) — | £4 
IQo.J £11 
ilAss.|| £24 

ng Conunoi 

sSL, Dou filar, 
hi. Apia Irani 
London SW17 


m= 


£Fixed Interest- 
SFixed Interest- 
IManaged 
5- M an eged 


Soc also 

Jiiol Unit FA Mgrs. Ltd.¥ (aid - AonIcwl — 
Iborn House, Neraeaslle+jpon-Tyne . 21 1 ® 

^c-uS-UniiZ^i ’ ’SBj-.d IS 

■ssawteB =1 a 

Next dealing date October 18 Coovenrion Gra 

unities Official Invest. Fd* %SZZ*i n ' ae - 


ExthmsA'Dadln 
' - 54.“ *' 


U1 

Ut CompoumS Growth. 
Cuovendon Grc ' 
Convent on lne. 

Dtvldmm 


Loudon Wall, EC2N I DR 01-588 1815 (Acnun. CnlW 

s^ssitna = I z:i “• 

Jnauih. oSy available to Reft. Chandra. Extra Yield..— 
r Charter h ense iapfcet see James Finlay pm- Extern 
,i^t=in Trust Managers Ltd.* (aMg) 

New SL EC2M 4TP. 01-3832633 < Accum. Uaite)- 




i : hcu 25.41 +021 IBS General 

47.3+03 a?2 (Accum. Unite) 

iro2SS5SlTSr^0 jffir+A 3?1 

sic Rene. TsLff7te 299m [ 428 4AccamlJnlU) 

m Growth TkiZpSB 2SM 1 7J2 

^federation Funds Mgt. Ltd-V (a) JKTomiSZZ 

-bnncrayLane.WaiAlHE OW»20» M^SSdZiZ 

.rath Fund [460 .— -1 3 * (Accum Unite) 

smoaotitan Fond. KanagOB. q^mL^iiiiisi 

CSSSS^gK rn ..J UJ» asssg;^ 


(Accum. Unite) 



292 


254 lMl4 118^ -0.2) — Pens. Equity Cap 

ZndAmPcnxJAcc. 94.9 100.0-22 — PnaFxtllnLAcC- 

LilteLF.'S- SS 30$ -43 — Prop! Aec. 

7.g Current alue October 6. 

is Capital Life Assurance* Imperial Life Ass. Ci 

226 Cookton House. Chapel Ash Wtou 090228511 imperial House. GuildlonL 

SiSSS tarl SS m l=J= gaa'gJ.f.-K 

ChmtertiiHise M B F"* Gp.f unit Linked Pi 

■nsdUBi •-* “ tSSSC=H 


982 -27 — 
108-5 —0.6 — 

117.5 .... — 

113.5 —0.2 — 

107.8 — 


♦Property Unit* 
Property Senes A 
Managed l' tuLi.^. 
Mnugri Senes A 
Managed Series C 
Money Unit*.... 
Money Series A 
Fixe 
Equity Scries A 
Pile. Managed Cop. 
Pus. Managed Acc. 
J’ns.Gleed.Cap-- 
Pob. meed. Act. 
Pens. Equity Cap 
Pens Equity Acc 
Pnx.Fxd.lnl.Cup . 
PnftFxd-lnLArc- 
Pena. Prop Cap 
Pens. Pnqi. acc. 


1U9 

Snn Life of Canada (UJL) Ltd. -ISg 

• 1 4 rn-lrmiif Kf KWIVSRU OLOWUlin ta.'*j«iup.ia.te.* 


+0.4 — 

+03 _ 

+«3 - 


01-3305400 ra.'*lLDbLOp.T5t-*l6fcl) 700) 1 31 

+ 0 jl Z Fleming Japan Fund SA. 

+121 — 37. rue Notre-Dnme. Luxembourg 

I — Fleming OCL2- [ -5U567.13 ] J — 


nSS£Si% Co. Lid- J- Beru ? Sehrodor Wagg ft Cn. Ltd. 
SW175JB. 01-3307667 !20.Cheapside. EC2. 01-5884600 

7.2 3921 .... ) 240 Cheap S Oct 10. ..„) 1242 1-0071 225 


American Fd. U03 116J| -HI') - 2.3.4,CocteipurSL,SWlY5BH 01-3305400 

cS^dFdZZ 811 ; :z : - Illi I +oij = Japan Fund l 

_ Cau Deposit Fd—~ )97.9 103.0) — Maple LL Eqty. 1 1351 | +121 — 37. rue Notre-Dnme. Luxem 

„ . . _ _ PerauLFterd. 1 2125 I I — Fleming Ocl2— ...[ -SUS67 

Norwich Union Insurance Groupf _ _ , , i 

PO Box 4. Norwich NH13NG. 060322200 Target Life Assurance Ca Lid. Free World Fund Ltd. 

Managed Fund B224 Z».0| +05 - Tarwet House, CtfchoBW ltd. Mlmbw. Bunerfield Bldg, Hamilton, 

Equity Fund — W M . H7i{ +11 — Bocks. Ajlesbiny i02fl6i 5041 .j, q. i xi ism 

nwfc 1M9. — Man. Fund Inc 986 103.8 .._.J _ na\ Aug.ai 1 JLteiw 

..— “ Mutt. Fund Acc — 171 9 1283 ...... — #. + ~7i? nniiTninp.it TSA 

—.. — Prop.Fd.inc. U0J liu _.... — G-T. Management Ltd- 

— Prop. Fd. Arc — — Paris H«l 16 Finsbury Cire 

. . _ _• _ Prop. Fd. Inv. —-.- JOT a — “ Td: 01-828 B13L TLX: 88011! 

Fboeux Assurance Ca Ltd. f™«i ini. Fd inc. i?L5 io 63 — London Aeents for 


350 Trafalgar Sept 30. SUS137.B8 I-6J7 — • 

Asian FA Oct. £.... . P'SEB3 8N 242 

Durllncrnd. Ort. 5. SA2 05 2 IB . — 4.70 

Japan Fd. Ocl 5 — IL’SaK 946| 0 « 


Property Fund 
Fixed int. Fund 
Depoeii Fund ... 
*Nor.UahSpLl5. 


— Tarral Hooae, Galcboase RA. Ayleabury. Bisl ,«f, c ld Bldg, HamUron, Bormoda. 

a = »"«*» — i »«"« i j - 


iG.T. Management Ltd. 


Sentry Assn ranee .International Ltd. 
TO Box 326. Hamilton 5. Bermuda 
Managed Fund [StSJJK 2535) I — 

Singer ft Friedl under Ldn. Agents • 

20, Cannon Sl,Ei.’4 01-3480648 


~| — | Park H«l 16 Finsbury Cire ns, London ETC, Dekafopds -- - — IDM2715 


30201 ' — J - 


Imperial Life Ass. Ca of Canada 
Imperial House. GuildlonL 71255 

Grt.Fd.0cL6.. B3.9f J — 

PcnftFd. S^LM.-fnj!, 773} | — 


|722 77 J] 

nked PortJoIIo 
TOB UM.0) 


Phoenix Assurance Ca Ltd. Fred ini. FA Inc. 1025 

4-5, Kinfi William SL, EC4P4HR. 01 -«K 8876 SlfESri'Vi ~p=~ 

8ateF=o , a^= bbseeb. 

EbT. PteEqE. 101.7 861) . — J — Man PraLFd Ca p_ 120 0 

Prop. Equity ft Life Ass. Cap cm p^fac^Z UM 

IIS. Crawford Sitc* 4.W1H2AS. 01-4860857 ttop.PoaFAAre. 1M 5 

»2ESi>ai-J isu I -1 - SSJ355“^ U 

Ptm e rt v Crawth Ansar. Ca 120.9 D-AA>eiLFACflp_— (95-5 


2063 — 

1816 ... — 
69J +0.5 - 

665 +0 4 — 
138-8 — 

1387 Z" — 
129.6 — 


Tel: 01-828 B13L TLX: 888100 
London Agents lor 

-U-T7-.1D 1*1 TCI » 


Anchor ■B'cnus.—lSr 51 87 
Anchor Gill Edge— 6942 ' 

Anchor Int Fd 51TS520 

.Anchor In. Jsy. TW. 30-2 
Bern 1 Pac Fd. SC5 


Bern 1 Pac Fd. — — 

B«T>- Poc SUlg 

G.T. Asm FA 

G.T. Aida Sterling.. 

G.T. Bond Fund 

G.T. Dollar FA 

G.T.ParlllcFA 

6. T. Philippine Fd .. 


TokjoTsl 0c'-2._.i 5L'540.90 I ) 151 

,£3 ' — is co Stronghold Management Limited 
JSSJO snl 1.91 PO.Bos3I5.Sl Heher. Jcxsej- 0531-71469 

32 3 13 101 Commodiu Trust ..199.15 96 06) .J - 

SC 558. 44 068 

rear s 3 fiiS i,76 Surinvest (Jersey) Ltd. (z) 

1614 1731 !. 116 Queens H«. Don. Rd. SI Holier. Jsy 0S34 27349 

_BK nil Amencan lnATsL..|E7B9 7.851-0044 — , 

SVS7-54 ... Copper Trua All 63 1186 -0 04 — 

5US! 7 Z3 -O. 1 ^ 089 Jap. Index To. |U0.98 1121-DJ2] — 


Chrthm. Managi 


Secure Cop FA. 
Equity Fuml— — 




Property Growth Assur. Ca Ltd.9 iLAJeaJACap__.TOJi — r - , . I4J ¥J 

Leon Hoiue. Croydon, CR91LU 01-6800808 Transinternatiunal Life Ins. Ca Ltd. tiartmore lnvest LAd - Ldn. Agts. 


t ; incomer Q. — (AccutLUnrtsi 

; ~ai am o u nt Unit TgL Mgrs- Ltd-, Specialised Fuads 

sSkset-- , “Tr n aH 

:■ SSSSSsSl- = l.d- SKg£fc=a-J SK — 

eggeat Unit TsL. Mgrs. Ltd. (aKg). proa. £*.0*. ft-.- 356.9] +iq ssi 
eiviUeCrcft. Edinburgh 3. 031S26CG1 jtanuLife Managonent Ltd. City nfH 

. - sAmer.Fd — ...gfcjj- • fgj *““•} SL George's Wiy. StertenagO. 043856101 Tetephone 

jJgSPSfcrB SI crMouwn. — vu. nu .....4 3.79 fumpib 

t*. Reserves J§- J 

s. Tokyo — . — ps.0 


— I 15x0 Zlj Z 1L Finsbury Squa 

C^e< WeSninster Assur. Ca Ltd. 
ffiSagK .«--r« i|1-L 

3S8»Sat=|Mi ^ 

tL\ +a2 King & Shan 

^5 5 lM l "Z - 52. ComhlH, EC3. 

GiuKcdZZZZ 6Z.4 65.6 — Bond FA Exempt 

SMcsrS:? 3H r: = 

dj H8 z: = Langlmm Lif* 

d ™ Si’"- “ Lg^am-A-Man 


Irish Lite Assaranee Ca Ltd. 

1L Finsbury Square. ECZ. 01- 

BlncShp.(>cc.G. 


Property Fund — - 
Property Fund lAi- 

Agrt cultural Fund. 
Agrir. Fund iA'_ — 
- Abbey KaL. Fund- 


King ft Shaxstm Ltd. 

52.ConUuH.EC3. 01-81 

Bond FA Exempt ^110252 1015SJ | 

Neat dealing date Oct. 18. 


A bbey NaL FA CA). 
01-698263 InvcetmentFund — 

5JM lnveonnencFA lAJ. 

— ... — Equity Fund 

— . £qul(y FundlAi — 

— Money Fund — 

— — Money Fund i A i — 

Actuarial Fund 

Gilt-edged Fund.— 

GiU-EMged FdiAJ- 
01-6235433 6 Retire Annuity — 

i _ ♦Immed.Ann'ty — , 

* Prop. Growth ttaid 
All wnher Ac. Uia 


2 Brawn Bldgft, EC41NV. 
Tulip Invert. FA —.1149.4 
Tulip Han gAFd — 11B.4 

Man. Band FA 122J 

Mon. Pea. FA Cap.. 1265 
Han. Pan. FA Acr.. [134.9 
Man gd Inr Pd InLl 
Wnna invJFAAcc- 


Agtg, TSB Unit Trust Managers lC.1.1 Ltd. 
01-283 3531 BacatcJlc BA. SL Saviour, Jersey. 053473494 

m Jersey Fund. ..—_. 15(12 52.9! 1 454 

m KK.infl Guernsey Fund 53.2 52.* | 454 

I 1 Prices oa Ocl X Nest sub. day Oct. 1L 


G1-40M 4ST 1 st - Rn 1 ? Axe, London, EC3. 01-383 3891 MSatc«c^.^nav.our.jer»y. ■ 

01-4056 41T CBrtnwre , ruod Mngt (Fbr East! Ltd rUSSlS avi'nri ff-Sf - 

157^ — 1S03 autchison a™ jo Hnrcourt RA KJtune Gu SS2i S? re.'." ^..K^sL'i 

Kofi — HK& Pot U.Tst 1BK4B ajll I 3 « Prices on OeL X Nest sub. day I 

12AM — Japfln Fd . Jl'SHia ZBiJa .... J 0.50 

1479! z: = £.^S3aSf-- &SHS -sa ••• Toikj'o Pacific Holdings N.V. 


_ Langham Life Assurance Ca Ltd. 


yS Pena. Equity Cap.- S* S9.H ,_... — Langham A' Plan. |67 4 7L« J — cS pS cm UL 

7^4 Prtas. Equity Act-. PJ 5 *£* l — - • ! — VProp Bood W44 152.3 1 — i.— • Sf. cT 

;n ^.^urawily clowd^o new raveifnent Wisp iSPl Man Fd]77J. 81-3 1 — 3^. Pm£ C^~VL 

Clty.of Westudnster Assar. Soc. Ltd. * General mnit Assur.) Ltd. 

TeJejrfiQDD 01-684 8664 ■ Kingswood Hnuae. EJnpraaod. Tadwarth, BlSTsoc '"ap. CL. 

Find Unite W2J 1»3 “ SUTO-KTSOBELL , ^Burah HealhB3«6 ^ ' P 

Property Ubiis— ..| 54B S6.71 J— cashtaitial — TO 9 10 £« +0Jj — Prnvldmrr Can 


Lanehani Ha, Hoh&broofc Dr, NW4. Ol-20OB3nfS?Sjj L i!^-“ 


»4 Z:.1 L9S Maynewer Managproew t Ca Ltd. 

■.TW— 1» I J4.riH Gresham St,,EQV7AU. -0J4D680W 

scretienary Unit Fond Managers income 28— -*0*4 — -J f07 

BlomfliHd SLEC2M7AL 0HB64^ "'"'I 1M 

Jnc. sept. 28— paw l*ah| 1 4i5 lotenrati- ^*.36-|4te7 492^ — I 

F. Winchester Fund Mngt. Ltd. M^ury FoadMroagers Lt* 

,, 01-6062167 30, Crasham St, EC2P 2KR 01-000 4S5 

'IJevfry.ECa — AM. nro-a- lima 4inlM I (IS 


P roperty Unite )540 56.71 1 - 

aitggg=ret. SMdi(= »™£iuSTO«''' il .™«.i. 

807 7500 DuAreum. 132.8 139! +05 - Sel.Mfet FA Cap ... 911 963 - 

VrAnAeAlOetTj 59« j ■ “ Fixed lmrtal...— ... U70 1232 +02 - Sri. MM. FA htd. - M|7 U« - 

Da Annuity Uts — I _ I -I — Do. Acc am 1203 1267 -HU — Fenrion Equity — 13J8 1369 — 

Contederatioa Life Insurance Ca icu.ininai inza 1085 +02 — PomtmFxdfnt.^ ua.9 ia5 ...... — 

xn re. uin r a.. affi nHB 01-3420282 ffo- Accum -.—.1041 1096 +82 — DeponlFdttp — 47'i 5M “ ” 

ManaEudlnlunl— „ 1225 328.8 +0) — DepM! t Ftt Ac c — *7.4 MC — 

4fflS JEouttytt^-— m.8 Mis — no. Accum 125.2 1325 -+BJ — EquttyFACap. «65 490 — 

IS WSMcdFtmd— MU fl — “ Propraty Initial — 100.0 2055+03.— Equity Fd A« 4M — — 

415 K^£^;r^r'ro4 4ZL5 md — Do.Acmm MLB 1065 — F»L nLCap.. g-« 30.0 - 

S x Sl3 "" Legal & General Unit PaolMUlud. FYAIntAcc g-j ,50.8 — — 

M96 IT - Extant Cnahlnit. -WB. 1030) —J — 468 48j - 

435 G roup Mnea, pen. - +77.0 1 n. i aunL 100 2 1055 .. . — IntnlAcc. — — — 

453 Fixed T nL Pe n. ■— ®7-0 I — EjcenmEiiw.lnlt-. 1315 l«8 4 „Z — ‘ MnnuKedFACai 1 — *69 .4 J3 —. — 

Z- — Dft AenS-— .... 136.6 143B — KSSS^|j?'ra f ^I 04 ffl* ' — 

ayconihfla^EjM. _ , “T! 410 urf 5 Z Provincial Lite Assurance Ca Ltd. 

mo — a22.Btehopsgaic.aCA 01-2476333 

, — — , MSS — >m) — Piw, Menaced Fd_ " ‘ 

W. is Genrral Pnip. Fd. Hsre. Ltd «£= »} W «J = 

3.14 rjLCMnp d. FA P22.0 - 132-0) — .| — lLOoeen VletanflSL.EC4N4^ 01-art8878 Equitettind- — “lStf* - lU.ll +03I — 

CrownLife Assurance Ca Ltd.* LfcGttp-FatteL,v||g.7 | ^_| - FiAiL.Fund ]f69 Sail — J — 

235 Crotra Life Hoe, WohinftGDLi_^wcwsA: 3033 . Prudential Pensions Limited^ 

SS SSfifSa^gcu iui t» toe Assur. Ca of Pennsylvania 

837 MSf-dFAlnit.-. I06B 1M.4 - a«« New Bond SL.W170KQ, , 01-^383® JjS "H “ 

a gsIftjgfcSS^ jSj 3i m u**v*M—m am i- 

3L Fd iz.: 967 101.7 +0.: _ Lloyds Bfc. Unit Tst. Xngrs. Ltd. ReUance Mutual 

Property Fdlann. 96 7 lffiL7 +0 2 759 71. Lombard SL.EC3. 01-6231288 Tunbridge V5 rite, KroL 088322271 

iSi :3i F« =»■■» »» i ’■« *ap~n+-— 1 » 1--1 - 


1035) +0 J| 
135 9i +b.d 


V Winchester Fund Mngt. Ltd. Mercury Pond Managers Ltd. 50. Chancery Lone, WCMA 1HF. _ 01-34202 

EC2 O1-0O62107 2O,Gra0h«aSt,EC2P2EE. OL0OO4^ VEquttyFJ^-- — P7S.8 ^3“-' “ 

LSeS»i« gfl“-| 3 STuesSfl±=KJ ^SSzz agPKiC±:“«ur 3 = = 

Wuieh'er CFseai^O.4 22^1 - —i fEnMMtZZ 7F2 7M — 253 ^"LPwt. Mnfd-- g-5 ^ 

ason & Dudley TsL Mngra- i- Ltd, §7, “Z am g roupM^'peiLI 199.6 "*1 — — 

AriingtonS^smi. 01^8^1 SK Mil— 403 ■— Z 

aon Dudley Tst-r7Ll 764) — 1 ■ • - MU Z — 

IALV (a) cSlInsnSmMCaltd. 

gee Abbey Unit Trust Mngre. rmuroraid stol sn«* swu* Head. rn.rronhm.F-Rj. .03^2854 


6 eea9«Tto““““^" Conriwood Bratea, SUetr Stoeet, Head. ann —wi^mu. raww i*n C a. ran 

■^maLHidhWrodnfta 04M3S577 33^1 33 w irfJ - 


1041 1096 +0L 

1223 128.8 +0 J 

125.3 1325 +05 

100.0 1053 +03 

10LB 1085 

nit PmsUesl Ltd 
8 10301 —J 




Sel. Mfct FA Csp - mi 
S ri. MU. FA Sid. — 1067 
reunion Equity — 13?? 
Pension FSA ud.— M69 
ffepanlFd-Cap. — g.4 
DepoaitFA Acc — *7.4 
EqultyFd Cap. — 465 

Equity Fd Acc J6J 

Fxd.Ini.Cap.. *M 

Fxd Int Aec- JJ-* 

Intel. Cap. — 468 

Intel Aec.— .— 468 

ManaEwiFACap.- «.9 
Managed Fd Are. - 469 
Property FA Can— *74 
Property FA Act-. TO-* 


m -— ! - 


SOti 1 - 


Kfs&amStiU High Wyedotm. 04&I3S377 Do.Aectnn. — 0.9 

ol! jtLlM*—*** :7l*4+0.4) 457 

wes Fmiay Unit Trust MngLUd. SSjCSsSE= P 

1+ West Nile Street. Glasgow,. 0412041321 ineome Hi 

'i nlarlpternnlTg* | — |23 Do, Arc cm . — gi 

niSiTTnlsE 295 315q 223 InlcnudSonal ^2 

'inlay Income— 34.8 37M — ~ JJJ Do.ACCt gT' . . W3 

-ffisuroFin.»B 503^. -2.06 rash Yield M2 

ruinCniU- — 32.8 355ri 2B6 Do. Accum.— 7D1 

‘aSCf-^’S? i2:z 4M M?m^r:SS-7 

' -* TStoM 1 ©^ *■ Next dMlins Ort- 1L 'Prices at Sept. 23- Ni 

CORAL INDEX: Close 509*514 


a ,49.* -o 

'2 53.11 -0., 

2 + 0 - 
.1 75.* +a 

4.7 llA&d.— 
47 11051 -- 

Next dealing O 


CS...Z iS? * Z Trident Life Assorance Ca Ltd.* 

Money Fund i A i — 142.0 ZZ. — Rcnslade House, Gloucester 045236541 

Actuarial Fund 117.6 — Managed [2262 133.71. | — 

Gilt-edged Fund..— 3235 — ... — G Id Mfid. 1482 157 0 

Gilt-Edged FA I Al- 1235 — Property 1574 160 J „ — i 

6RetlrB Annuity — ISM — tqulty.'Aroencnn _ 87 3 925 -12 — 

dimmed Anari- — 1475 ! — UJC. Equity Fund-. 1166 12J.5 +1.3 — 

Prop. Growth Fbiimm 6 Amndt ca UA High Yield,! 1429 154.4 — 

AijrW'Jher Ac. HIS. 1383 1464 _... — GlfcEdged 122.4 129 fi .. .. — 

f All WrotherCspL. 128.7 1355 — — MoncyZZ. 1245 1312 .... — 

VInv.FdCta — 145.0 .. — — International 1065 112.8 -0.1 — 

Pension FA lit*. — 3332 — Fiscal 128.9 1365 — 

Conv. Pena Fd — — . 15U — GrowliCap..... 12S5 ■ 1361 — 

Cnv. Poe. Cap. UL 1M.1 — Growth Aec. 1334 14U — 

M a n. Peas. Fa ■-•■••• 132 5 — ... — Pens. Mnjrd Cap. 1186 1256 ..... — . 

Man. Pens. Cap. I L 13S5 — Pena MnjiA Acc ... 124 6 132 B — i 

Prop. Pena. Fu. — 1E®5 — Pens.GldDep.Cap.. M3 9 110.0 — i 

Prop J’tnft Cap. L-te. 1355 — Pena GldDep ACC. 109.1 1156 - 

BdM. Sot Pen UL 134.9 — Pens. Ppty. Cap. — U54 122.Z — 

Bide. Hoc. Cap. I L.. 1224 — — Peas . Ply. Aee 1212 1284 — 

Providence Capitol Lite Abs. Ca Ltd. ^TnlUlTB aaSZ. I ! 5 M — 

30. Uxbridge BcaA W128PG 01-748BI1L 'Cash value for sloo premium. 

Sel. Mfet F ± Cap ...{91 1 .9631 .—.J — Tvndnll ASfinriUlce/Pt SiSiOjiSV 


InlL Bond Fund... JSUSttJM USH) 
Giuibik iBRStmest HngL Lid. 
P.O. Box 32, DouglaftloM. 
Gartmore Inti, lnc.,1235 25 0) 

- - InlL Grth|74.B 79.6 


06=423811 
._..J 30-30 
.1 250 


inn mis Mcnar.etwnt Co. N.V- Curacao. 
NAV per share OeL 2 SUS7L43. 


Hambro Pacific Fund MgmL Ltd. 
2110. Connaught Centre, Hong Kong . 

Far East 0cL4 Banin ibiq 1 — 

Japan Fund ffL'SUJt lEn| — 

Bambns Bank (Gocnaey) U&J 
Hambros FA Mgrs. (Cl.) Ltd. 

P.O. Bux EV, Guernsey 0481 -26S! 

CJ. Fluid |ai« 1612) .... I 3) 


251 Tokyo Pacific EDdga. (Seaboard) N.V. 
I in linns Management Co. N V.. Curacao. 

L NAV per share Ort. 2 SUS52JH. 


Intnl. Bond &(.t5{109.N 1123B 8 

InL Equity SGS112.S7 12.44a! 2 

int. Svfis. 'A' SUS^l® lt)3 ..... - 

Int Svga. 'B' 5US U3 12?] ...... - 

Prices on Ocl 4. Next dealing OcL 11. 


'Cash value Tor 1100 premium. 

Tyndall Assn rance/PensionsV 

J8, ranjafiP RoeA Knslol 0272 32241 

3-Wgy Oct 5 1 1276 | 1 - 

Equity Ocl 5 
Bond Oct. 5- . 

Property0cL_5 


0'Seaslnv.0cL5 
MnPaB-VOcL 
DteEquit 
Do. Bond 
Do. Prop- OeL 2 


Henderson Baring Fond Mgrs. LltL 
60S. Gammon House. Hoag Kong 

JananFAUcLii |5l'SUS a« . I — 

■ Baring HenA Bond FA Oct. 55CS108KJ 
*£-*ClUsjve ai any prelim, charges. 

Uill-Samnel ft Ca (Gnernsey) Lid. 

8 LeFebvre fit, Peter Pm* Guensev. C 1. 
Guernsey Id. (1595 170.4) .....4 356 

Bin Samuel Overseas Fund SA. 

37. Rue Notre-Dame, Lnxembourc 

l»BHi 2L32J J - 


Zj — Tyndall Group 

P.O. Bos 1256 Hamilton S. Bermuda. 2-2169 
O'seasOrt A . — Sl'5125 U3| ....J 600 

d (Accum. UniU'> — ISITSI 99 2JW ..-J — 

«81 26S5t 3 W * ' OLS * PL ^ * m 1Sfl| 3 “ 

048 2NnvSL.SLBelier.Jene)- 6524 3733178 

... 3 70 Tt'iFSLurt. 5 . Cl 90 850 - 

§ lAccum. Shareii i — i!2 fefl 13 60 ...... — 

210 Amencan riel. 5 — 90 D 965 — 

~ lAccumsbarwi — 90 0 a 965 — .. — 

r\- ,r Jersey Fd Oct 5. „ D7.6 230 8 6 BO 

^* L ll - 'Notl-J Acc I'lsi... 308.0 326.6 - 

. (Mil Fund Oct. 5 — 105 6 1075 11.13 

'rs. Ltd. lAccum Sh.xrea . 140 2 1430) — 


Victory House. Peuclaa. [sleoTKan. 0GM2411L 
Managed SepL 21 ^.[136.2 143.41 — 

l td. Intnl. MngnciL (CJ.) Lid. 

14. Hutcasrer Sirc-eL Sl. Tidier. Jersey. 

I J A Fund 151510426 U68BJ J 7.79 

United States Tst Inti. Adv. Ca 
14, Hue Aldrinficr, Luxembourg. . 

U5.TSL lav.Fnd—l SUS11J6 [+0D2) 0.89 
Net esuits Oct. 5. 


-"j — [Internationa] Pacific Inv, Mngt Ltd. S. G. Warburg & Ca Ltd. 


_ Vanbrugh Life Assurance 


FO Bn R237, 58. Pitt fit, Sydney. Aiul 


'.KflToil TS ftiwn AJie ^ 

C»roIjfcH*,Wokln*G02IlXW0«62!»33 


41A3 Maddox SL. Ldn. W1RBLA. 0t-4»«eS JurcJUl E< 7 u rt7 T6L.ISA2J9 2J5| — J ~ 

M2.7I +Llj - J£.T. Managers (Jersey) Ltd 
U0.2 -03 — PO Box 1M, Royal TsL Hoe, JereeytB8427«l 
1772 +02 _ Jersey Extra! Tst,, 1197.0 20901 | _ 

1M.< +02 — As at August 31. Next rob. day SepL 29. 

426.9 MC- — 


INSURANCE BASE RATES 

fProperty Growth — • 

t Vanbrugh Guaranteed, — . — - .■... .■■-■^9.75% 

t Address shown under Insurance and Property Bond Table. . 


235 Mang'dFundAee.- 1M* 
827 Rang'd FA teem. _ 1063 
827 ManydFAlnrt. — I06B 
553 Equity W-Asc. — XM.7 
553 Equity FA In era-— 

3L Equity FdlmL 996 

SSSgS&:|? 

ffiffisav S.-:Su 

T In*. TsL FA teem. _ 1M5 
lnr.TsLFd.lwL_. W69 
Fixed InLFA ACC. . 995 

FxA tot ttt teem. 986, 
InicCL FAAec— . J28.1 
Inter*]. FdlaeaL_ U61 

Hooey FA Aee.—. 972 
MooevFA Jncm_ 94-9 
DteLFd.lncm...;.. 1MJ 
dowpBA.lnr.’A'«. WU 


1059 +0.7 
W&A +0.6 
104 ( +05 

101.7 +0.2 
1017 +0.2 
1005 +0J 
1UJ -0 4 
208.4 -0.4 
1104 -0 4 

104.7 

ms 

1243 +03 
1243 +0.3 
1022 ^.., 
99.1 +0.1 
1017 +03 


uj-waas 

a = 


Managed FA 
EnniljFd_ 

IntnLrund 
Fixed Intent FA 
Property F 
fj»li Finud 

Vanbrugh Pensions Limited 
41-43 Maddux SL, Ldn. W1R5LA 01-40B48 

Manaced— 10L7 1D72J +01 — 

eSj3v_ 1210 1169! +03 , - 

Fixed Interest 982 10341 ..... — 

Property 992 1045) +02 — 

Guaranteed see ‘las. Bare Rates' table. 
Welfare Insurance Ca Ltd.? 


30. Gresham Street, £GL 
Cunv.BAOcLfi__ 51 

Eng. InL Ocl 0 $1 

Gr.SLSFAAug.31. SI 
Merc£bd0rt4 5US1I 


G 5US9.74 I 0.011 — 

SUSIE. 99 -flic _ 

g.31. $l.'S7JB I - 

i STSllft 1B531 02876 


As at August 31. Next rob. day Sej 
Jardine Fleming ft Ca Ltd. 


Warburg Invest Mngt Jrsy. lid _ 

L Charing Cross. SL Holior, Jsy. Cl 053473741 


01-4804623 F,ocr ' Ccuwiaugbt Centre. Hong Koofi 

40! _ Jartine^teTJL- HKS353.70 2M 

TJi JnrdireJ^*a.FA’_ HKS412.61 0.83 

Z JajjjnesEa.- — SuSlW " Lffl 

_ -fartlinePlcnUnL- HKS1248 „... _ 

^ 4 lull Pne^ec+Unc.). HKS14 75 — 

*' table. Do.iAceum.j___.. HKJ14.9C .... — 

NAV Sept. 30. 'Equivalent SUS37+1. 
f Next sub. Oct. 13. 


World Wide Growth Managements 

J0a, Bmler&rd Reyal, Luxembourg. 
Wuldfiide Gth Fdj SIS16 75 |+DIC| — 


.y,, Lloyds life Assurance 

_ 20. Cl item Sl, EC2A -4MX 

4.48 Ml AG L Sent 30 : I .140607. 

— Opi'A'Pr.OcLS. 


Tunbridge Write, Kent Q88S 22271 Wknstede Park, Eerier 0333-53155-. 

fleLProp-Bds.- — I 205.3 f -....| — MoacypatorFA..-! 1OTJ I---I -• 

• For other (unite, please relc-r to The London ft 

BothSChiM Asset JhnagenMdit Manchester Group. 

St fiwi thins l-MC, London, ECL 01-828 4356 Windsor Life Assur. Ca Ltd. p. 


NOTES 


tfJ'pZT — 11206' ran XI i _ w.u«™w '"riudk? S premium. cscenLwhere InAwted i and are in pence Unless otherwise 

T — ft ' c - Frop "— V^rrigh rt~ -«4 Royal Albert HK-1 Sheet SO,' Windsor 68144 indjealed Yields % i shown in last cal u mm allow tor alt buying expenses, s Offered pneca 

—\ — W * Life lnv. Plans..- [764 726) .1 - > To-davs prices c Yield bawd on riterprire d ErtlmaUAg Tivdayl 

•— — Rm-al Tnmiraace Gronn FnhireAraAGtlMBi.| 22.90 *1 — U - K u . kl ^ P preouum Insurance plans, s SicRfle 


Op-5'A'Gqt.OcL 5 ... 1142.0 I«?.5 

OpS'A'HY.Ocl 5 


— OnS'A'Hv.Ocl 5... 1575 
831 Opi'AHan-Oct. 5..1I5T5 

— ' Opi'A'DaplSepCS. 


Matt—. - 


165 a .] — 

121UZJ — 


*teyal Insurance Group S'Jo 

Few HbU Place. Liverpool 0512274422 Ret. AwA PcnaZ... £2640 

Basal Shield FA -,[M54 . 1533) ..-4 - Flex. lav. Growth*. 1855 1 


0 ::z — 

lXLO] —4 — 


P^uni Insurance * OBen-d pnee includes all ex 








36 






tlvTtl 


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path 

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that 
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surpl 
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contact- B. D. Kay 

IMTERWAHBSlAL FACTORS LTD 

Circus Hoosa. New England Rssd, 
Brighten E3J 4PX Tel: £0273) 685700 

Birmingham. Cardiff. 

London. M&ncheszar 


BS2TIS2i FUNDS 


1ST*! I 
Esh Low 


_ | IaLl Ke4 


■ “Shorts” (Lives tap to Jive Years) 

WWffiSB$E:| “tt ±|H 

97% 95% Hectic 4%pc'4-7D_i 57 


llOtj 102% Exchequer fcpc TffOtf J£2i; |-ft lfo2 
306% 90ft Treasury IPs* !K1“. 99 ft-* llfr 
91% Sft, Trvas^r^i^-L SY> ■■■:•• 3.01 

101% 95% Treasury S&p: l£rli;~ ga*. -ft IgH 

97.? 91% E-.cL&.pclJ91 S ”¥■ 

JOiift W ( E_nh.S-p.-13U 

• SI\l 35% EarfeteeKTI <2% -ft 2-Ssf 

97ft 95% Treai Variable Bl«_ ,*»•:: ■ *S-*j 

111 102 Erth.!Sb?cJS?liS— 102 -ft lj50 

99% 91% lYesSiPcWa* — 92% -ft ?21 

35% 82% Tre.va.rj See C=-._ «;e 

215<i 105 ft TroEsun - 14j>r U.t — Ifc'ft -ft D.5 

96% Troas '/ari.iWe Ttsfi. . «■-, ... ; .. 1C «3 

%J» &# £ Treasury o-4{r K.* 89 U 9 i9 

300% 91'.j F-'ch.'.t-;?c IS2 91 V-; 10 07 

96=1 S9*-. Evch-SSrpclSSS §9-*4 -ft O'? 

85% 79% E^pelC _S2ft ...... 3*> 

114>, 100% T reusary I2p IfSW- . *Suft -ft 1*.9= 

■100% 39% {Treasuyffap-.'IS 90 ft 1«3 

Five io Slfieea Years 
95ft I 03 lEsch. IO^'.KvO 1 W 4 1....J10.83 


68% 60% ITransr-rttCp: 7MC_ ,65% 1 

75% 64A, Tr«sur-5rc — 65*4*1 1 «.&5 

315% 101% Treasai} 1%* iSBttft- 30c jlf 63 

89% 771; Titaeu^-&*j3i3Wi— . 21% su.sO 

306i : 93; Treasury II V" '£*■ - 97^ a .-...12.41 

75k 63% l'uodin2%.-»r-«I* f>% ,3.0? 

112% Trtasiuy 11 -<r< TCi ... Kit's 12. #4 

96% 85% Trea.tu.-y lOpc IMS! — £5"a 1*^3 

3lP 91% ftclLlSdcfi.- -- S?j 12^2 

310% ■=&% Treasury thpsSK;.- 30i% 12.72 

‘72% 60% ttimiinjrupcfeSi — 61% . — 9.83 

Gtst Yliteea Years 

320% [lMijITreaair- - IU%pc ISHd 330%| I13.M I 


xclude inv. $ premium 

AMERICANS 

1+ or] Wv. 

£ | - (Grass 

a ]-%| so? l- 


89% 76% TTeasuiy.w £1% 

■206% 95 Treo&UYlLjK'Sd 97% 

51 ?5% Gas3pf C0» 

95 ££ Eich.lO%pclS&5 G6% 

114% 98% Treasure lap: &«- «F-uc 

99i ■> 7b?-. 7rcjnuy. r .sc’S29ft;_ 77% 

131% 113% Treasury I :%■* - S®t - - 21«»d 

■317% 101%iE.\r!*equer l&pc wfcj 201 7 -*i! 
50 42% Reienp0on3rv' uEȣ_ 

315% 100% Tre-wir - 10?: 

98% C5 E.-;*t'X(U-j-!UVjc Ify# 

08*4 74% Tredsur t'ip-r l 1 <*7s 

72*4 6*1 TrsjSL.'yfV,!- 'AXP frCk'd 

135% 117 Trcus . lit*; 

30(1*: 95% Esch lTpc IHS _ .... 59% 

5*)% 7*i; Treasur; 9‘2pc!5SS=.. Sr’s 

96*4 83% Trejsurv IsSS . £C*; 

96! 4 54% Ri*.h.:2pcV>«ia.._ 95% 


a -h 
59 

34% +u 
24« -% 
19% -% 

a? 

22 % -% 
18% +% 


52} s rd 3 b SL60 — 
39 -% 52.40 - 
35% — 52.70 - 
40b +% STL® — 
24% +% *2.20 - 
17% -% 94e — 

805 p -10 S1.00 _ 
lS%a +*4 SL16 — 
llxd -% 51.® - 
18% «1 -% 52 — 

137a -h 51.00 - 
26% — % 52 10 - 
a%d -% SL44 - 
2®% -% 5140 — 
241 n -% SI 90 — 

39% -% 4S140 - 
28% -% 5125 - 
1S% -% $L84 — 
36% -% 53.40 — 
917pw -13 SL1Q — 
17% _% SU0 — 
27% ol — % SL20 — 
31% I4 S3.60 — 
201; -% SL® - 
36Vd — i; S2-20 — 

22 % -% SL® — 
46 -% U2Q — 
14% -% §168 - 
199 +f 51L52 — 
41% -% 53.® — 
856p +5 95c — 

Z7% -% SL® - 
26%d -*a 52.08 _ 
33% +% 52 ® - 
131s -% 76c — 

15>c -% SU6 - 
l&igxri -% 51.® — 
ZT -i 15c - 
26% -% SL® - 

12% -% 88c — 

Iff; -% $106 — 
467p -24 - - 

25 -% a® — 
13 -% 80c _ 

30ya +4 S SL32 - 


iiadaJsd 

*37% 30% Conpoi'4rc 

37% 29% lVarl>Mn.7;vt±: 

591; 33 ronr.^jpcfil.-ili. 

28% 2>' s T;««ur. BpeCS AS_^_ 

24% I9-% ''OTWilsS-pf 

24 15% ITreaML*;- 


32% 12.71 

31% 1L53 I 

345 a 10.13 : 

23% 12.79 

20% 1237 , 

19% 12.73 


SJE. last Prearium 3f 
Conversion 


23% -% 52® 

146 10% 

700p -19 - 
17% -% S2.® 
34 -6% $130 
12%n) -i 4 80c 

30% -% 52® 
1»? -% SLM 
14% ^% 51.® 
39% S2M 

685p 7l« 

11% xt -% s50c 
(based on CSS1.98» 
or 8.7247 (8.7191) 


CANADIANS 


URSaNATtOrZttL 3ATJK 

88 | SI*’ ISpcSJi*.'* 77-82 ( Cl%| | 6.14 | 10.99 

COEJC'SATsON LOANS 


9>% Rirm'IsajsiSkDcTW! . 
88*4 Bns'juj7->,?'7^3L._.- 

1M% GL*' 

100 % 

90% GLsqm-A'.-: CO-'C 


£3% b-n 

94%JLr^6p. 7^79 r _ 

&JI; Do*D, pr' 77-31 

76% DnVjpc-e^J 

65-% Pn.«$9r{5Pr 

t>6 r*o>>’4r-:’E3®__»_ 

22% Do-V- Aii 

91 Middx. 5*, n: 1930 

94% Nen«Mle9%ir7e«0. 
100% 5i‘anBrt!2i ; %MB0_„ 


94*4! 5.31 

69% a63 

ICO*; 1244 

1C0*4 1247 

91 10.17 

92 5.W 

95 10.63 

2-5 3370 

£S% 10.45 

?:■% -x, 6.26 

37^4 626 

SO ..._. 6.93 

70 8 06 

63 — 1; 10.16 

231; 1312 

92% 566 

96 964 

105% 1241 


*16% 10% 

30% 12 
KPe 825p 
-21ft 14 
16% 955p 
37% 30i 2 
2>% 16% 
630p 315p 
31*5 16% 
16% 11% 
55% 24% 
15% 11% 
15% 945p 
S30p 5S5p 

10% 610p 
28% 21% 

BS IK 

955p 

12% |880p 

S.EL List 


BkMcmtreaiSa — 

Ek. Kora Scot. - 

Bell Canada S25— 

BowVaileyll 

Brascanll — 

Canlapht £! 

Can. Pacific SS— 
Da4«Deb£100. 

GufiiSICaiin 

Hawker Sjii Canj. 

Hoi linger S5 

Hudson's Bay U 

HudB.ililGO;- 

IrqienalOilll 

inro 

MN'aLGasJl 

’.lasses FerpJ] 

FacilicPelSl 

Ware Gas 51 

Rio Alarm 

Royal BkCaa S2™ 
SeagramCuCSl... 
Tor.DootBk.S3 — 
Trans Can. Pipe — 
Prenrium 38*s% 


14% n- -% SU2 - 
12%nl SL04 — 

^ -i. ^ = 

10%3d -% SL0 — 

17%m $L48 - 

14% -ft 97c - 

20 +\ SU4 - 
545p -M 40c — 
24% 4% sQS206 — 

13. ’ 4 w +ft 69c — 

B7 a -% 90c - 

13l“ ZZ. 80c - 
660p -5 80c - 

760 p -25 — — 

27 -% 91.6c - 

zSj+ft SL08 Z 
214 +% SL50 - 
19% -U« 92c - 

12%n) +ft %c — 
l^-% 103c - 
(based on 52L33W per £) 


COBKfSISEALTH & ATRTCfflT LOANS 

92% Au.4 PJKTT41L-— 9^4 559 1L3Z 

83*4 82% l>ir*c- uI-GL' £2% 6.67 11.76 

L0Q4 96% \'2-!pc75-7B — 300% +ft 4.04 9.W 

96i ; 92 [M iit> 7 75k"' 95% 6.40 1137 

87% £1% Dc^pcRpfii 82% 935 U.41 

95% 39% ShAmcfiffsB-TS-U. 93 'jG 10.47 1324 

70 50 Slh. r.hotl-i.-j? fii-Td. 56 +4 — — 

% 75 imCpe'Ml 03 +5 - - 


BANKS AND HIRE PURCHASE 

1974 | J (+ or] Mv I JTM| 

Hlfiii low I Stack | Price | — | Net |rrr|Gr's| P/E 

W 1134 l/UGSAl [320 (-4 ItQIScI 

93 210 LuejandersD.Ell 245 -5 1455 


’64!; 53% 
901; E0% 
33*4 27*4 
154 107 
95% 87 

io7%noi 

210 101% 

314% 302% 
35 79% 

31% 73% 
«» 6 P 1 , 

90% 0(D- 
301% - c 5% 
71% 62% 
71'j 61 
84% 73 
£1% 63- 


LOANS 

•PaKSc Sssrd aad lud. 

Aerie, fit 5c? -awo_ 61% 

Alcar lltfc £5 

Met »(?.:>>:■ C 27% 

v.$il‘:.3fc17s: 2=9 

On. wiLruAit 'A. •.-rants _ 92% +*; ; 

Fissnciai 

| icz 

r-oMpcTJ 10i%*fl - 

lb Hw’l” — . . ..I , 2 u3% 

ICP'S-p.-r-.A 81% 1 

rwK.prPr.3i-a 7P ; 

(in. ir«: : re Or.’ Lr {6._j va% 

f*C. Hpi i.'ns In -ra I «B5 

in, |lVi:r.T;.?J..! 9i% 

r»j.7‘;p?,-uvih a?- 6 -!..; 

na^ccAlit- 91-M 1 63%. 

D*r9wV^t-ri j 74*; | 

1*9 3%?-Ln. SirSfi 1 72 , 


FOREIGN 20 N 3 S & RAMS 


1F7S Price + c 

Sigh Lon SIcc.* £ — 

24 17 AMoLipO Rif 24 ... 

41 33 [*■•!. Spr Pret. 41 ... 

93 98 Chilean Slued 93 ... 

415 350 'Temon Yng ■?■«. 411 ... 

5« 46 Greek 7 k Ars 52 ... 

51 46 [»J opr- id Sian ftrr._ 50 ... 

44 40 [>ojp;12.:ed.35i.. 42 ... 


Price + or Kv. r r Bed 
£ — Grass Yield 


- 13.09 
4*; — 

3% fS.94 
6 ft.07 
4 14.83 


134 ANZSAl 

210 .-VleKiadersD.El 
: £90*2 AlaeroeneFLlOD 
269 . Ill cn Harvey £1. 

150 Allied Irish 

150 ArtalluKtL.£l- 
. £13% Bank Amer SL5G5. 
315 Bk. Ireland £1™. 
! £137 DalOpcConv- 

14 Bk Lnuni IE1 

150 BUeurirUKSl 
3® BtNS.W.SAl_ 
255 EankScotlandEl 
i £ Bankers N.YJ10. 

2% Barclays £1 

200 Brown Shrpley£l_ 
232 i.'aler Rv^er £1 _ 
67 iliieDis'ntaip-. 
i 171 i'om'IAitt.($Al). 

1 02% Cum'vbk DM 10a- 
115 i-hcn-HblLSrlOO 

18 Corinthian 10p— 
£13% Cud. Fnmce F75 

7 [<awesiG.Ri 

i£89 IVutrt?BMk0ja). 

55 F C Finance 

1% First Vat lOn _ 

i % Do.Wms.TV83. 
9% FraserAns.lOp_ 
15? GenardNalnL_ 

37 'iihba (A I— 

195 Gil lett Bros £1_ 

19 Goode D(Mry.5p 

96 Grindlays 

185 'iinnness Rsat__ 
155 Hambros 

31 Hill Samuel 

vfffl Do. Warrants 

203 Honq Shna$Z50. 
52 Jessel Toynbee- 
160 Joseph iLeo>£l. 
37 Keysernimarm. 

56 Kuifi&Shax2)p. 

90 HanwortBl™. 

242 Uoyds£I 


1*19.49 

-1 7.61 
1023 


Q10% 

=ar 

K£0c 
tn.05 

a-n 

941 

—5 h!7.17 

14.85 

-4 Qlfc 


-1 018% 
-j-. 12*83 


-2 8.29 
-1 Z23 

1541 

113 

Z79 

+1 1031 

9.76 

4.97 

^6'bQ59c 

h332 

a74 

0.67 

3^4 

14.18 

+2 ftZ3 


■FINANCIAL times 

BRACiSH ROUSE. 10, CANNON ST521ET, LONDON EC4P 4S7 
Teles: Editorial SSBS-13/2, EC2SS7. Advertisements: SS5833. Telegrams: Rnantiino, London PS4. 

Telephone: >1-218 80«0. 

Fsr Share lades aad Easiness News Summary In London, Birmingham, 

Liverpool and Manchester. Tel: 248 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. So* 1596. Acoterdam-C. 

Telex miTl Tel: 2« SS5 
Birroi ogham: George FTousc, George KoatL 
Tele* 33&650 Tel: 021-454 0B22 
Bonn: Preashaus 11/1W Keussailee 2-10. 

Teles 8S8*-*12 Tel: 2lGtK» 

Bms-sels: 39 Rue Pucalo. 

Tele* 23263 Tel. 51Z-SU37 
Coiro: PO Bui 2040. 

Tel: 93£51U 

Dublin: 3 Fitwilli-im Square. 

Telex 5414 Tel 78r«Ct 
Erti njurgh: 37 Gvr.r-e 
Telc-.x: 72 VU Tel: CC1-S6 41CI 
Fra=hfurt 1m Sfichtenin-acr 13. 

Telex: •iltx^.t Tel; SVma! 

Johanrt'-hura: ? i.\ Bo; 2123 
Teles &CL57 Tel. SO-lZiS 
Uibon. Praca da .VlOCTiJ rfi-lD. Lisbon 1 
Tele* 12533 Tel: 3G2 303 
Madrid: Emreact-da 32, Madrid's. 

Tel: 441 6772 


3lancfi ester: Qn eon's House. Qaeen Street. 

Telex 666812 Tel: 061-834 0381 
Moscow: Sadoi-o-Samotechnaya 12-34, Apt 15, 

Telex 7800 Tel: 200 2748 
New York: 75 Rockefeller Plaza. N.Y. 10018. 

Telex 66390 Tel: (2121 541 4825 
■Paris: 36 Rue da Sentier. 75002. 

Telex 220044 Tel: 236.97.43 
Hio dc Janeiro; Avenlda. Pies. Vargas 418-10. 

Tel: 253 4848 

lUune: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 

Slaclrfielni. c!o Srenska Dngbladet, Haalamhsvagen 7. 

Teles 17603 TeL SO GO 88 
Tehran: F.O. Box- 11-1872. 

Telex 213930 Tel: 682S96 
Tolrvn; 3th Floor, Nihon Keizal Sblmbnn 
Building. 19-5 Otemacbl. Chijoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 &. St reet 
N.wiTVustiininon D.C. 20004 
Telex 44U340 Tel: (2021 347 8876 


ADVERTISEiSENT OFFICES 

Binumsharo: George House. Georae Road. KMcherfm Queen’s Hou*.^Mea Street 

Telex 338551.1 TeL- C21-454 WE22 Telex 663813 Tel: 061-834 9381 

Edinburgh: 27 George Street. 10018 

Telex 72484 Tel: (01-226 4139 Teleoc 23&409 TeL t-12) 4EB 8300 

*31 ^kszffs&sr u - ^^Awssfir- 

harass House * ” htt HeadKrtr - 

Owrwas advertUeraent representatives in 
Centra! aad South America, Atrica. the Middle East. Asia and the Far East 
■ For further defc.lls, please eomact 
Overseas Advertisement Department, 

Financial Times, Bracken House, 10. Cannon Street, London EC4P 4BY 
SUBSCRIPnONS- 

Copies obtainable frcr> ri’-i , ms , 'i 6 and bnakdilN worldwide or on ropdsr istedpUoB trosn 
£ u ■ ;i,-p i^/ir-mcnl. Financial Times, London 



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? h > 

L*. Z*K 


l|V? : '-i.-, n v l 

t • x: 


Financial Times Tafflday October 16 1978 
IM>lKTRIAI5~Coiitmued I INSURANCE— Continaed 


~ - -. .- 

«— tJi- . - ., 

u«r«V , • ■■ .. t ■..t*’* 

■> ■ « ■ • V ■», .• 

C* ' 


••-• a'":-/. 


Jw.cs * - . - ■■ , 

T. A ■< ' ■ - V 




:• - 5S.I-. 

It’ 1 ■■'■ ■* : .Vj* ’•? 

••=• . ■?_; $ 




PROPERTY— Continued 


INV. TRUSTS-Continued ( FINANCE, LAND-Continued 




ir.ivr :-"a' re;..‘\''es and 

r'jp-inj 

NOMURA 


Securities Co., Ltd. 


SH, «! bSS’-i,' 2fS I 1 *™ 679 raHmter EDR 843 -14 _ tl.fc - 

% W P I* « ssssk ss |fs = n - 

JO- Kir^T 8 — 222 *>= * 303T»Tfcte^„ 250* -2 24} i$lU 


* U3S % 


3i7* io w 

1“ wt JctasocOaa.. 105. -i> t395 4JB 56 49 

. 4 f| HI 472 +f 33$ 3« 4.4 9.1 ‘ 

% m J««i»-(T7fop. 42 +1 +2.93 ZpM 4.6 M u> 

iia hr » *1.98 lifa? 9.7 25 a 

47 5? ^ — 328 £9 4.6 40 T S S 3 

£lk vm 39 62 * K5 K 

£10^3 71614 2.M 23 f»5' ,S 

301* Kte-&2;ffldga. 72 +2 d4.33 1* 90 a? ‘S 

43 « 12 .....486 2* 77 64 S 

« I B^fc 4 ~ >!“i H ? . 1 

1 | MS& 91 :::::: 88 « 4 S I 1 

70 U } < ^ xief 6 Dbe,,0 P 2* 3-79 a| 58 60 ^ g, 

™ 36 W«.ffcims..- 48 . 332 2*4103 (19* »£ ,Sf 

ha i -c „ Por Ints s« Cbemicnls « m 


CPE N.V. I ON DON OrFlCE: 

‘ Wri t St-jj." Lon<jon Wall. 
L 'iw (0 ! I 60s 3- 1 5 6:5.1 


LEISURE 


Idle ..... — — I — I — E13I i 93 LSrnL ft Jfc*v "A . ■» su/ a./ ■•waiso: 

111 t3% IO] 55275^2 ^48 NfiSfcpc.to.. £52 rSVi -83- 


2? 3f p*BesfE«fl 41 !""! tl 85 1 4.3 6.71 SO 

70 U } < ^ ,oef 6 Dhe * ,0 P 2* 2.79 3| 5Bj 6.0 

/u I « lurju-Hams ... | 48 .. [332 | 2«l03l(19* 

Ha -t , por ^46 Ints se« Cbemicnls *qi 

25' ,'£ 114 -2 h3.25 2J^ 42114.9 S 6 r 

I? m ^T^plOp,- 247 5.46 8^ ^3 71 'S 7 J 

iS S te s ' p ?*4P ..*Td2« 3.7f 4.81 65 *?2 if 

n iaswL-’g +j “ yy«M s, 

,32 [-UUisBFLffnK. 66 3.05 33 6 « 4 9 i « * 


an a- s 

JIH’J iM 

7-afl 41 30 

f 3 H 117 71*2 

HUS 45 * 


, . n Vi wt i 2* .... 3.1 -*Oj 03 

» a S iSSSftr: ^ +2 5 J 1 ° y “ 

ll? 66 3.05 57 69 4 9 

^ I 44 ■■■ 914 2193*1 

34 24 lailiMkato.. 34 2.03 26 8^66 

25 ^ UEiEHittly.iSn 42 ('160 58 S.fl 3.7 

74 53 LwrfnnTwia.: 74 43 86 31 7a 47 


S2 ?7185‘ 115 
ll li 74 53. 

!’ “ «■' s 

Z.S4.7 (3 & 


74 52 aas!K 74 ::::: few 1.3 » 

W M 1 LoBSdsfclirilTd.. 91 M.70 2i 77 60 \l Vi? 

20° -63 LowABonaratlp 194 ...... H1.05 25 8.7 54 \\ S a 

J S' aSBMt 8 :~: IB 7 iUUH. ■. - 

« S laS-: *g .i' if. !1 UJi MOTORS, AIRCRAFT TRADES 

10 McdeayL-A ... 16 .. . to.25 — Z4 - » ~ . 

26 15 MucWlfflitP.64. 23»S 132 8.7 86257 MOWTS and CyclfiS 

Bl'z 55 MnepbcmQ'Xit. 78 . _.. T26S 3.7 51 30 M ~L on 

1|0 MKrudiaraoup 130 >J274 65 31 7.4 ^ 3 w ,-AL. 7% Tn « 

^ 1% liauSbwCaatT- 278 15 80 13 8 5 134 ^ 45 ~ Z Q34c 17 7,8 o* 

2J lbiv!w% J6 dlM 42 43 82 , 5 , 3 . 37 I - ---- 96 

. _5i 33 JtefcjfilYr 47d — td2.K 4.7 &0 3.1 |8S®Kffiifr" lr3 ?,„ „r,j T/, Tit If f 

i’S J g KSSK“- , S iot - lil i 7 Sglaupa 

: iiP g? ! K5S&E gr - :::: IS I’ u '■• V< * ^ 

?0 20 MeimiKtwlOp. 30 tl85 1.5 92 10.9 126 [ERFffldp.1— 120 ._... 246 13.1 31126 

■*11 Jt2 StartanieSp.— . . 16ij d0.93 13 S414.2 69 49 FddeiatSW— - 63 3.35 b2 7.9 lZ3i 

384 238 5tetalB»£T__ 356 +2 15.10 3.1 63 ^7 12 7*> . Pe^tewfelOp 8 «.5 2.9 * 55 

109 1 ; 77 MeJalOosures.. 104 .... t427 2.9 6J R7 95 5Pj_ PbntmS---— 93 . .. fh3.96 33 63 98 

. 77 36 Metti? 77 +3 Z15 52 42 5.4 73 46 (Verttmtol^L 50 -1 (rd2.17 53 65 4 2 

£132 £100 iTsnioSpcffiO, U23 QM 191 £4.1 - CflSnpOQCnts 

'11*8,7 Mmunwrt ?0p_ 71. -4, - p — 6 

130 106 MuwanCnjnW 124 ..... t536 2J 6i il 58 46 

■ |5 34 MormlliAboli _ 45 2.46 3.4 81 4.8 5», 331, 

; 36 29 MossOWit.iOp. 34 2.07 21 91 6J 70 55 

16 12 UorttoWn. — 15 .„. 034 27 3316.5 129 108 

: 73 55 .MjsrwiCpIOi. . 63 ... ml.02 0 9 24-728i 91 52 

: SO 12 NasbU.F.jSecs.. 72a +2 5 25 1310.9 7.9 72 56 

66 44 Nathan 1 B 6L»_. 65 335 27 7.7 72 29* 20*4 

.54 32 NaLCrb , n«10p 38 L35 — 53 — £24*. U4 

t94ll£58 NCR 4SB3.SB £90 .. 04fkU9!4 5 - 304 152 

-91 72 NepsailZaislffa. 87 +1 368 15 63137 90 71 

:131 65 NalASp’ncerlrtp IS) .._.. t203 6.7 25 83 199 96 

25 11U VtiEijKiilOpi. 20l 2 — 0.99 2 7 7.2 7 9 12 & 2 

110 77 NnrrrtK. 107 *1 4.49 28 63 73 $61* 3? 



SIINES— Continued 
CENTRAL AFRICAN 

I Sock | Price M yei 


I'M 

r« r fir s 


2 S I:::, i® tAi 

72 +2 - - - 

35 +1 Q9c « lt».5 


r ' *- 1 «./i o,«h o.r 

C423 2.5j 6.3 93 

123m) +2 9.0 * 10.91 6 


OILS 


AUSTRALIAN 


-4 ftiSc 14 40 

-25 - 

-4 JQKk' 22 *‘ 


rej-..‘p„. 32B 1355 20 41 

SV ... 351; - - - 

B-Snc- 201«i +1 Q9..- 1.7 2.8 


15i.tr 

361. -!, 

• 54»i ...:.. 




16 10 McCteayLA.." 16 

26 15 MicLdUaiiPia. 23*1 

im’* 55 Macptawu'D?. 78 
4|® ,73 MacrmHafiroup 130 
"6 1% itanSJupCuti. 278 
%*4 17 MariiMludlSi. 36 
,51 33 47o 


Motors and Cycles 


'sH&Vgt * «* « I s u « ! l» iaSaS2:| U bUliiliJx 

IdmUCr.np^. 9 — — — 16.4 

SSoKSSl^lja^it'-U qik! li SHIPBUILDERS, REPAIRERS 

Commercial Vehicles o i a |HwihoraL50p.| 73 \ 1 - 1 — 1 — 1 . 


98 7« 

87>2 63 
86 58 


t Internal, 89 „.... 386 13 63218 620 410 Sx«|UeR« 425 -S - -4- — 

fcNY Trur, 77 -h 0.0 10 5 0282 M2 4M k**B Trans. Bet. 575 +3 tl5.94 4 1 4 1 5 9 

.& Scot In— 81 -i 249 1.0 4.6 33 1 64 57 Iw7«R£U. fal 1 : 4.9°<. 1102 U.4 - 


G3 62 [HwlhoraLStlp.l 73 J I _ | - J - I - 157 1D2 

160 125 Sm Hunter EL 160 +3 6 96 1^ 6^13.3 226 170 


63 3.35 6 2 

WP J J0.5 2.9 

W .... |rh3.96J 3J 


HMTar. 77 -> 3 t3.0 10 5 8 282 602 U84 <.VS Trans. R«. 575 

j.4ScoLlir— 81 -1 249 1.0 4.6 33 1 64 57 [ Iu7*(Ft£l~ • 61’ 

lityConslll. 110 -1 687 10 9.315.9 444 226 KrSreno.s rK.if: 328 


fflOp.| 50 |-1 

Components 


L17| 53i 6it 4 2 


T^rt?!230 1135 n-mper 207 150 43^ 51 

7 a*55 ^45 PM h'aTwSOp J 338 | [ f4.68 j 4.7| 2i. 

98 


70 ( 35 Ifflum Creeks — I 


TINS 


SHIPPING 


±£l 71 ' 61V “X Q.OI X-U T ,^W.7 JfiO _ — Wl Venrll 98 

_ 157 102 Do DefdSfti — 149 5ii9 1.1 5-324 6 W EMa a TiriawiWnCav. fSVj QAA T fS.7 -- 23 JfcEESp — 

13.3 226 170 BjairyFnc.5^>_ 217 ..... bl0.05 1J 89^195 190 £30 TucesBtf 173 +4 Ti34 5-B 13161^ 33 g® 

7 6 92 59 Estate IkiUcs — 81 hi 85 13 3.«395 28t 132 Ite-joGT- 236 +8 - - - 6.6 “ « M .. 49 . 

113 55 37 F.ftC.EumtnuL 54aJ +i t 1.0 11 2^512 161 120 Do -pcCr.-.El- 138 . ... 79y24J 7.3 — ^5 200 B^untaiPU 240 

103 70 FSnUjln-..TsL. 99 ...... t4 5 1.0 6^ 25.0 195 86 KteCNaL Me* 185-5 — - - - ”5 “*■ gSVirs:.— i2 

nii 2 7bJ 2 First Scot .Am.. 98 289 10 4.4 333 195 86 DnMOrd’Ot^ 185 -5 Q15V - 4.j — Mfe GoU 6 Pose L^p.. 10 

191'; 130 ForeientCol — 179 +1 t383 10 3^47.4 82 57 Wtwtsde.AaQc.. 63-2 - - - - ?S fS — tv. 


S I jsfliMZBHS P Bassat » A ?5S i!|JS(- Iff WF— ,¥1333 overseas traders 

ffi.LvL^ ^ 3.5130 112 FisbcnjL.^. 17? tlJS 77 l|m4 93 W 2 feTJamnu. 202 id 16^908 “ , 


57 37 F.U.CJ.T1RQ35). 50 «05>4C 

391; 35^ Pnndimestlnc. 39 +l 2 t2 44 


6.5 US 

LO 9J160 


230 130 Honekwis 230 ..... 

93 78 Idnslh. 90 .._. 

11 7 Jannir .... 8 

84 68 Kamujitine*Mu50. 74 . ... 

640 450 KillinchaH - 630 +5 


281 13 17.4 

Q300c « 19.5 
»4.0 4.4 128 

gnoc « 9.8 
5.04 5 8 5 0 

1523 09 7l 

tllo 16 ~t 

Q13rf 21 76' 

OIK * 19.8 


25 HU VaEmL-plOpi. 20l 2 .... 0.99 2 7 7.2 79 12 S'; 

110 77 Norms. 107 +1 4.49 28 63 73 Sbl* 3? 

28 17 NomcSw&lOp. 1!P> an — 2 _ 240 

3ft; 22U NRSmSap.. ._ W? TL59 U 78145 JH, 

£1« £91 rice no-ace (A. £1W Q9% - £83 - 746 

231 88 Otace*Dect._ 128 ...... t«4 3.7 4.9 83 mf 2 86 

116 82 OfrerSnp 315 fh307 3.1 4 0 96 U5 2 87 

27 19 DrendmelS#. 21 ...... Q6c 2514.4 18 r “ 

,57 36 PllAifibkiaca- 57xd 10 5J — 82 

126 101 Pafer Knoll ‘A\. U6ri -.._ 3.62 * 4.7 4 K i» . u 

333 100 PadsftWTiitet- 120 -1 F66O 3A 5.6 ?9 g «£ M 

72 32 PeerafielOp .63 *1.64 5.0 3.9 7.8 105 An 

26 16 Pentland«5ZI Z3t 2 t0.67 43 4 J VftgMn Vj 



109 +2 3 86 [ 49| 5 }| 59 
90 +1 4.47 2.41 7.4 &3 


SHOES AND LEATHER 


65 65 lOranse Trust _ 32 ..„. 7213 1.1 3.9348) 49 ! 40i? MikhdlCuis..-! 46 

IB 90 (CLNnTJinlru.. 104 t3.?3 111 5.H24.4 275 208‘ Vjeenan Elec £1 210«t 


3 45 1 7111 3>64> 

T13.4 * 9iJ * 
2.92 m 30 7.8 


COPPER 


* ««-■ 30 I TZimTog 3 *n» % 1 Ml iS3S?« 18 E VL U li K »• t » P—««-l » 1 1««4 « 

-1 « I -M.42 J 3.0) 9.6) 52 65 J 52 |floolh.IntnT_.| 58 |. .,...} 4.46 | 3.Jflll5| 32 g ^ ” > + - A? 1% fSlSf|2?5 |160 Do .V.NVI%-. 1W +5 |7.82 ?| 6o| 3.4 


112 69 PeBUSlOpJ — 

- 76 58 Pebofonl^.. 

■375 242 ftitoST 511 ™ 13 ' 
-328 211 PUfaSSSftCL 
£77 £56 Pttn’J Bowes Ia. 
; 43 30 Plastic ix»a.ito- 


-1 458 


a ast 


£^-366 ™” iSffi 7X> 16 UJ S 2 S 

is* +l a if 11 - 4 » 2 B 


reSp-. 183 A +1 4 _ — — 22.9 80 . 56 Footwear taw.... 67 -3 439 * 9.8 * .ff S* - T< - ,5i a 2 PJ ^.0 94 27 sangenJJE 41 44.43 13 4 7.4 

JGm- 94a +1 M634 23103 7.6106 93 GamarSrotblair 106 h) +2 t457 43 64 5.1^0 7B Harnbros 107 ...... Ml 10 5.3 27.8 or, 4;, SendSucaraOr., Bj* B- ■ - - - 

Motor 116 7.87 25103 4.6 60 30 BeaflaaSasSp. 60 0.73 7.9 43 4.9 2®? ^ giUiPluJjp' ™ +1' 2 8.02 10 64 B 81^ 4! isin*> Darby lOp 10ft -2 7(33.0 q23 18 263 ^ 

fe 42^ +1 2 116 3-7 7.6 4.0 108 64 HiltansSOp— 107 +1 J4.97 23 70 9.4 g « Bdb»FD£-A . 79 45 12 87 14.6 250 175 Steel Bros.---.- 232 +2 6i0 44 4.2 79 17 

mfc- 39 fl40 4J 5.4 58 B1 47 KShnes 78 +4 «30 50 4.4 5.4 89 68 Do. 79 ■- — — — 61 40 Ttraa-Ken&ato. 57 315 17 8-2 i53i |00 

1DL. 86ri dt45 3.1 7.8 4.9 49 36 Lamheit Hth. 3ta_ 48 +332 25 10.0 62 J?* JM#BDd(5» 02 Oc — 1.0 — £100 £37 MBpcftrv.Dl. £94 08° i 18.0 £8.6 — 465 


£77 £56 Ptto> Bowes Ia. £69 05> 2 * 5. 

: 43 30 PtattfConaiqp.. 36b tbfij 2> 

- 59 45 PoiynarklOp 55bri 2.76 2J 

■342 206 Portals Z_. 230 +85 3. 

318 149 PoweDDafi.50p. 209 +1 1035 3J 


32 17 

.180 154 

| g 

; 21 b 10 

.s 3 


Pres6.fWta.j5p-. 
PresuficGnnp.. 
I>itcli3rdSvs.5p 
Pror.Lamidsi. 
RFU-CnrapUlp 
RTD Group 


+1 0.85 

?s mil 


sa p e, 

l i H 47b 35 

% .ga a- 

§ li i 


GltalBp 42* +1 2 116 3. 

ddGnwpSp- 39 ._... +140 4. 

maDlGDL. 86td ..... dt45 3 

LCsAaetlOp. 491; 17.4 2. 

LSXlto ,23 +1.44 Z- 

JynsSOp 106 650 z 


39 ._... +140 4i 5.4 5 8 B1 47 KShnes— 

86»d ..... dt45 31 7.8 4.9 49 36 Lambert Hth. 

49b 17.4 23 61 10.9 59 38 SewMdtBurt 

23 +1.44 2-2 9.4 72 63 40 OhrertCFA' 

06 650 Z3 9.2 7.2 58 4<* rrttariCili 


48 +332 25 10.0 62 Jgb 

58 ...... 2.84 3.0 73 6.8 ^ M 

56 +19 Z7 53 111 

53 +2 t2.81 4.2 7.4 4.5 ,5? .S 2 


KB Ira— 33 dZ41 1110.9 0171 48 33 Stead *Suh‘A'_ 41 236 17 7.9117 ^ ^ 

>frj5p — 43f 2 +b tdL73 4 6 5.9 3.9 72 54 Strom ; k Fisher. 66 4.7 6 111 * 9*2 &2' 2 

fiofeey- 98i 2 +t 3.32 5i 5.0 3.9 75 41 Styk. Shoes 75 +2 175 i± 35130 J® W. 


W 2 |+l 3.32 54 5.M 3.91 75 | 41 jSyio Shoes j 75 +2 175 

75 +1 15.1 2811)3 61 41 18* f&WlEUIpJ 41 +1 +1^18 

*“-■ ■«" -»ZI aXnx.liis I I ™ — I 107o) M4.02 


ii “ 


06 60 Randalls 94 +1 

:% 226 RankOmin 268 +1 

30 392 RectittOoLSOiu 512 +2 

-•27 262 Redfeam Glass- 303 +3. 

- 35 102 SS?E lS +t 

,s itf tass3s.a t: 

•-vt 35 Ren wick Group- 47 :.... 

-73 114 Restawr 193 

•71 56 Rexmow Jn 

328 87 Ricardo 32ftd +14 

J J Bffijr'dl sr 

■:», M S ::: 

J S KSfSSs: tti = 

•72 104 RqyalWona — 172 ..._ 

• 92 45 RuaellfAJIOp- 91 

Ss* Swifesi: CT 2 


■ a? 

4 5 69 

HU 

5.4 10.7 

as 


Fcestow. 481; +2.85 9.0 (3.4i U8 661; Ward White 

F.GJ 50b +2 155 6 4 4.6 53 321 2 24 WeanalOp 

33 127 15 5.7 17.4 11 

IraMp 501; +y 2 d<].4 7 17.4 14 55 

jnCW*)— 112 +1 d4ia 3.8 5.6 71 SOU1 

UO +1 (6.80 * 9.2 34 WU1 

»--- 129 +2 tS.71 12 10.1 55125 [80 lAhermnRO 

Efim. 125 +1 3 64 3.7 4.4 7.4 635 U20 Anelo.VialJ 


3-5138 1« 
43 93 |50 
5.6 53 5® 


TL33 [ Z6j 7.61 &4 2|3 


541 5m 4. 
..... d431 Itf 9. 
+141 H7.0 I ail 3, 


4 s s S 2 &- T- in, 

gWi-lSg^rS srja 

Jj *§ a 1 jSjMJTlgl. ’ Stf :™ 052 
*■? 111. <3. - S.lmTtarife 41. . _ 


a || J J SOUTH AFRICANS 

3210M 58 125 80 AbercwuROAO— 104 -2 Q17c 

3 7^ 4.4j 7.4 635 420 AnriOiVffl.In.Rl 560 ...... Q63c 

M5 83 .Anc.Tr'slnd JOc 123 Q20c 

3.M 10.(4 4.7 97 62 C^Flds.PS.’C 63 Q5c 

5.0 5.7 5.4 175 95 itftnms’.VSOc-. 150 ..... Q20c 

2M 8.21 7.1 125 87 HuleU'sCpn.Rl. 102 Q28c 

^3 73 ** W> 288 OK Bazaars 50c- 390 ^8c 


3ll5 


" 141 

7, S?*2 


20 c * 9 

05c * 4. 


51 44 

S 125 

hi I 

i 95' 9^ 


v 1 t.#i « 

* 16-3 ♦ ^2 

L9 8.91 60 37 


Da-B- 79 — — — — 61 40 Itaer Kerns 20p. 

Mfund(S> 59*4 ^Oc — 3.0 — aoo £87 ItatocCtaT.W. 

Dau> _ 770 . — 0949 — 1.2 - 73 41 U.CiIjMerc-lOn 

ndustnaliben. 55b 1-78 LI 4.8 295 72 41 Da Itoc La 1& 

nteniaj'l tar 79 +266 LI 5.0 263 “ ■ ^ 

nr. in Success— 174 _.... 294 LI 25 556 

svestars'Cap.— B3i 2 +L67 LI 3.045.1 

arfine Japan- 169 0.86 L2 05 M2 

ndjneS«c.HES5. 117 tQ47c U 48 2C.0 . 

erseyEtt-Pf. Ip 180+1 - _ - - *?» t 

oseyGen.£I_ 244 -4 Q13.0 LI 53 169 “Ch taw | 5tcrt 

SfSffip- Ik^rB nn'Siii S 

tSShs: ig‘ = ™ a a a 8 Vx= 

3reVi«rtat._ 96 244 H 3.8 570 505 165 

me. k Loo. loir. 41 . .. L83 11 6.6 216 sf, 26 

dw Debenture- 105i 2 J 2 +457 11 65 220 52 23* 4 

atari SUa-Rtt-lp £11% ...... 274 12> 4 B!> 

ada Inc. ludOp 38 +281 10 11.1 132 400 Pit 

DaCapfe. — 26 — — — — 129 65 li^rrnnsSCT.Est. Wp 


MISCELLANEOUS 

35 [Bar, min I 56 I I — [ — 

9 BuriioMiuesl7 : ;p.| 13 I •— | — 

15 Irons aurch. 10c- j 235 1-5 l+Q30cj 26 


dia^faar 465 [245 [NurthgateOT 420 1-15 


66 ll-ltlMlia 1.7| 8.0 »? 1W 


65 0.4 


RUBBERS AND SISALS 


— 90 30 Sabinz Inds. C$1 — 

. C2 1750 lTaraExptn.51 

75 I 43 [Tdiidy \lWtals lOp . 


254 +4 9-5 

56 — 

975 +113 - 

75 *135 


fukonUffl£.C$l— | 150 1+5 j Q7c 


1+ orj Dir. iVJd 

I - | Net rwlGFs 


>. st ssssx. is = ri i«i Kyssat sa cmi h If u \ #. js^gc -§- .... f» » ^ -e * 

k 4 a ,! i 4 - n£» 13 34 * 2 ™ ' 55 V*" 58 >- J wKI *4** “ 1 A i 1 . !“« u Hsu g ? 5 = 

‘ ^ SsS 51 'Ml • TEXTILES • ^ S ft^si: ^ :::::: i8 ll%l i 

2 33 sKnStr.lOp SOi 2 +b +223 2 b 6.7 ab 164 BO Allied Textile _ 163 .._..+d6.59j 35l 60j 72 ^ IS, “ iHf 2 M in Iqm r TEAS f F?cur« £ appJll;aUatl - 

68 fffeslernMtr 114 £z3 8.^ 29j 43 58 48 . Atkins Bror. 55 3.73 24 10J 62 ™ H a -,^ ,P d — 2 2§ +1 ii', 1 ? J ? I ? SI . , _ , . , tt UnlMeri strum*. 

y 83 53 BealesU.i2i)P— 82 2.92 6,6 5.3 33 "H" umn H Inin! IlldlR 2Uld Bangladesh «* iTire at Ume or nuspcnslon. 

unnmhinnnn mTPf yg nPH C 85 M BecbnauA. Wp. 73 m) 4.98 * 9 5 * 211 178 U A G Daaltat h>p 211 +1 M1279 ID 90185 0 1 indicated dividend after pending scrip aud.-or rights i**M8 

NEWSPAPERS. PUBLISHERS 30 20 RtackwoodMcn. 25 -1 ta.K IB 3 am ^ 90 D^GttlOp 120 +1 - - - -25s 175 .Assam Donars £J .. 255 +5 *905 5« 5.6 A «*«■ *^w« » pw «aus dmdends or fenewii. 

EQO 35b 28 ‘ Bond SL fbb. lOp 31 264 30127 3 3 ^ 7* “ 510 M UlUjgj 280 Assam Frontier*-]- 305 -5 121 * 6 .i * M«twt bid or rooi^n.wUon in protrew. 

130 As0W.Nm — 190 +5 590 3.9 4.6 8.4 42 28 BrieMfJdboj 311 Z46 18 130 57 2S>4 16*4 DaCaa4p — , 23 — — — — 123 99 Assamlcvs.fi 100 711 3710 6 * >or comparable. 

165 Ass. Book P.2fy.. 235xd +4.08 73 26 78 ^ 4? SmrGmapZ 8 fi “. - _ - 70 67 Mao.44wp.lm. b? - - - - w, 20b MPU« 27 *201 16 111 * *«“ •«*•*“ ”*•*** l,n * Md - :,w ****"* "***«» 

46 Braradpi-A-- 56 .....291 24 7i 7.0 37* iff gSrSaS? 16+!... - - - - 48 40 Hridnzmlnv — 48 ...... 183 LO 5.8 25.0 353' 2 $ 5 LSpUnSir 332 +?" hL5 _1 67 x ^wlen. ^ 

2 S»- §f nn t ?5 0 ??f“ — 237 29 63 8.1 ^ 3 5i 2 SSKl *5% +276 3.7 73 5.7 g 33 toranffleto- 127 14 4.4 24.9 |g g§ ffiSSSSSil 227d -. 2 0 R9 # np “ ^ “ 

lS H --Jg 7 li f] Si £ ft IS 3J6 39 ao 48 S, g ss- »*+ 2 102 10 40 aaSKrisr- 3 I? — isa Cover allom for comenten of shares not now rantdbnji for 

lS ' — li Jo 79 ^ l arilp pndeei- K — — — — Zg 2 cn uSt^minr fa? n'oq j 2 24 521 S SiuglofM^lOp- 26 „„ *KL75 3.2 10.4 dirtdends or rankinc on»y tor restricled dlridend. 

vw CoUiraWlIUam-. .;■- 4.75 2.S 4.S 7.9 jq ¥?i 2 Carpets Irjt Ml. 66b +167 24 3i G2J1 “ "J®-®®®** 0 ? 12 ^4 521 130 go Warm Plants. 130s: +2 h7.44 4.9 80* Ccmer doos r>oc allow lor shares which may also rank for 

oS -Pg- ^ftrr.-Ta— iS 7?, ?J5 ?•? J.9 7.9 34b CarigtaViyelfa- 37b '2.13 23 80(51) ,^5 ^ -DoWtrttO— 33 — .. — ■— ~ ~ 133 138 WUlianscail 160 125 42 117 dividend at b future daze No P.'E ratio nsnally proiided, 

265 OohlWJ'A’ajp- 392 +14 128 L4 4.9 219 33 28 CarmawlM 30 .... 246 15 122 6.4 78 Moorgatelnv — 101 3.88 10 5.7 24.9 * • * Etcludlne a fltuil dividend declaralum. 

138 Hfid VIlieriA’I 64 h210 33 4.9 62 ^ 67 I'XK 71 3, 331 3 4 70 Aa » MrwrrideT^- 106 .„. +4.S2 10 60 219 Sri I-flnlra + K^iootu'prict 

82ri m2. 68 4.7 49 65 41^ 2^2 Cmah _____ _ 41 tLB8 3.9 60 51 600 NegitSLA.$U5i- 885 Qllc 0.9 0.6 1775 B No par value. 

BO .2... +457 21 85 6.4 13 j 2 log 2 n ^r^.Lfe 124 +2 7 67 13 9_2 Qj19i 21 ! z 17l 2 NewTtai-li- 20*4 +** 156 10 116 126 225 [123 [UumvsCJ 1 220 [ [558 [ 15[ 3.8 a Tar Tree, b Ff cures based on prmpeetus or other official 

175 +6.60 20 50 10.4 rg^i. £715. Da 7% Deb 827? £72\ — '4 07% 2Q2 e!2f —763 70 DateaS 149 +3 — — — — ««_• estimate, e Cents, d DWdend rate paid or pssmblo on part 

298 -4 blOc 35 25 9.4 a? 11 iwiLui ^ HflfA 77 35 11 DaNe»WWs_ 2W-< — — — — AmCS of capital; cover based on dividend on full capital. 

240 105 35 fb.6 — leg go lH 4378 101 7S Tl 46 31b N.Y.fctoBwre. &-< +h *0.41 0.9 3.3 I3W ... -- , —— . * Mon * >**]«*■ f Flat yield, b .\jwumed dividfndaoct 

13? fjjj 24 85 76 iqq «2 n?S? l0,L iS IV" il'S in i II H 32 61 2 1328 Invest— ; 74“ * h296 10 6.0 24 8 ^ |! ta P reCI 620 j+10[ 5076 [ *JlL2 yield, b Assumed dividend and yield after scrip issue. 

52 ._1T. +443 16 131 70 *5 ft n&Av3X — l S 1 tra 8 H H 106 19j Nth.AQaiflleSec 94 +b 2.74 1.1 4 4 319 135 ^ iRuototes 1 i70sl| [+132| 2.4[ J j Payment iromcapjtal stwrees. k TSema. in interim btaher 

r? 55 r 1 Jl 2. imcniuarifll— . W 2-/J J? ,$•' J-i i-i., W v,.„ ,27 v ,po in 4 1 an £ than previous total d Rjfihls issue pending q Earnings 

2s |q 35 24 Zap lflp 25 — .. 2.01 2 1 12-2 5.8 t2q afn iS 2'ilf'n rurnmci based on preliminary flew**- * Dividend and yield exclude* 

jSso W W 25 FtUTClriu)— 44*2 — b 2.54 2.8 85 6.4 5e cs-_ 129 350 12 41 31.0 SEINES special payment, t Indicated dividend: cover relates to 

-id! fit® anil's ^47 85 141 -rt *0.76 * 08 * ^ 51 Ofl 4 .Aiwc. tar_ 59 2.13 11 54-5.6 prenwu dividend. P/E ratio aased on latest annual 

el li ^-1 UO 79 Hiefi^Fstaip. 100 704 L3 10.8 f40) 47 62 155 12 3.7 ^4 3 r r C?TbJ*F»ftr OATMTb eannnB*. n ForK-mt dividend- cover bmad oo presiousyoara 

148 +d3.40 5J 3.4 7.7 131, i(ju Kj€kJBits.5n_ 111? 076 2.6 90 6 0 ^57 99 Penlfendtav— 126 +1 4.11 10 4.9 29b 8 .MjW d Bh Alj RANI/ earning, v Tax free up to 30p m the £. w Yield allows for 

378sJ +3 14.19 33 50 75 55 s 45* Riehims-— 52 2 ” 3!0£» 3,0 8.8 57 64 Proft Sa. to*. 50p 64 ...... 2.84 1.1 6.6 20. B [currency djuse, y Dividend and yield based on merger terms. 

56 136 34 36 9.7 72 53 R^incrmfin 64 456 ZOlOb 62 28 23 s ; ProviudaiOties 26 150 * 8.6 * 442 140 Durban E>eepRI— 381 -13| — — — : Dividend and yield include u special payrmem. Cover does nnc 

44b +b L42 3.9 41 72 a 39 Sontav 43 d317 M110 0A* 140 104 Haebarn 1261? -b +3.76 1.1 4.4 301 420 244 East Rand Prp Ri . 339 rl - — I - npplr to special payment. A Net dividend and yield. B 

. ^ % % njSiTiia®: 32 150 507031 « 36 ReabrookInv.„ 38ri ..... 124 * 4.9* £42 £2* 4 RaodonlUaLlC £34*, -l^J «?350- 25 6.0 Preference dividend passed or defeirert. C faniKtian. tissue 

• _ _____ _________ £2 Tt 11 TCfi en 7i in 36 22 Rights k Iss-Cap 32 0 1? — — — 173 78b West Rand RJ 121 +5 i TV 13c 67^ 6.4 f ,ncx ' * nvidcnd and yield bagrd gn prospectus or other 

PAPER. PRINTING In I! ifSJDKiSr n n2Ii»2l« 1« Bar W 8 is 1159202 1 ^ 1 1 «4linal imimcb for ivnuCL C. Assumed dividend and yield 

r/lTft lU r ftimilTU 40 26 ngramiai lOp- 32 ...... cfl-31 00 6.132.4 ^5 H 1U V s ," ii ; j v?t __ _ _ _ _ ___ alter pendmcscnpand-orrifthl-! issue a Dividend and yield 

AnVFffTISlNfJ 53 32 JerranelWdgM, 54 +2 M2-82 3.6 7.9 55 ^ ^23 Bim FUeifeL. 1M +1 1634 1.1 tt 2. EASTERN RAND bj ^' d 0,1 or other official estimates for 

AWTUVlliSIIllr 72 53 Leeds D+OT 72 6153 5,8 3.2 8.1 «gb £46*^ RotaM&JFW £Ws -b 10 53 1|1 JUXLN1F tra-79. K Fteuroi hawd on prospectei or other official 

,r «t |i_ftm» 1 M tea ImciI *Ai 7jl it 21 15 Lesgh MUfa 20ri +1 129 * 9.61 * “5* ™7 DaSnaSb snb 593 7 Q25b% 3.0 5.318.0 [ 571, I3rocken90c I 73b!-2 !044c I 6 1358 esiinaie* for 16C& M Dividend and yield based on pruspeclus 

6LS rS* 3 UaSIi2«iJ3 “ IS 7 tecen5p — ►— 1? 2 -1 ^ - f£ 37 18* VteZ EXtiZr S 2 -!, ® ?^49R «r diet official enUmaie. for 19m N Div.dend andTleld 


Do Cap 5p 26 — — — — 129 65 libm3Hslflr.Efit.Wp 

£ V*lkiDritaT._ 35 _.... dl52 52 65 1 135 5*1, fflchlanSlBOf- 

joa.AtIanUc_— 69 3.05 10 66 22.2 89 J? 

^t*r.art.50p. 78 -1 sD.51 17 10 564 5 9> 2 29 

JrtLfcHoItTtwL 121ri +1 +305 1.0 4.5 33.7 197 69 


.35 190 
38 19 

■ 87 75 

•'14 86 

S' a d 

•47 23 

37 85 

& B* 
J S 

I 8 

18 155 

-10 49A, 

If*. S 

:™36 S, 

-81 57b 


-i! 299 l2ll4 fB.71 

&49 o.l 50 34L 
— 227- 4 1 3.7 * 


54b 33 
130 68 


SttTfce.fifK ■* ...... WL5 33 7.8 40 490 288 OKBaz^50c_ 390 ...” d58c 19 8.9 6-0 li l 

km - 64 +1 t2.50 5^ 5.9 32 102 35 Primrose JOrts _ 60 +05bc * 55 * g ^ Atlantic M ...... 355 10 6 

nibvon_. r’.m 6.09 l|ll2 63 190 130 Pas Tnritra 170 gSc * 105 25 ..fg HSAiffiS' ,1?^ l} H i 

H52 62 7.3 « 90 58 SA Brews. 20c. _ 75 -lb QUc * 8.8 * ^ 95 latakMrmL. 121xri +1 +3.65 1.0 4 

- - 24,1,680 445 nj>erOalsRI — 590 -fte2c 35 5J 48 ^ W 2 Lm.iLenn«_ 57 . hL70 -0 4 

nineW f Iftn _ _ _ 71 « FnkfV 58 —2 Clfm^- 1 ? 10 R 80 16 LoTLtlJr lop.- 28 tel 0 60 13 3 

izg- & £ «V if. ij 91 TEXTILES ^ s iSHSa.: HP = U ! 

a* :'* iw is s an n msslzW fc=wi ius as 1 #, ts«e= «* ar as u 


nStr.lOp SOI; 
aMtr 114 


83 53 BealwU.i3Jp_ 82 2i92 6U 5| 35 *8 48 

85 64 Bee tana A. Up. 7W ...... 4.9B *j 99 * Pg 


TEAS 

India and Bangladesh 


Ukftunftim. £23 -b OUtfA 1.9 61 132 2«J 

ffiSIs-Ht ::::: li li iS 

=flF B* B«i 

jehJujnberEerSl £62}* -1 0140 * 12 « BQ 

Stfct^el S . b091 61 3J 50 

tojLjcUiLlra. 124 : — 757- 10. 69} 70^5 
fears Hltfes.. — 44b +1 +hl31 30 70 

fectirfOTGp — 126 — $254 32 3.W60 92 

ssft&s Ep jja h| 

boss mp * or a a a a 

aientaightltai. 108 -2 - +hZ71 53 3.S 52 59 

Sttoortte-A'Sp- 53 352 18 95 aO 283 

SJvTttanielOp- 23 ..._. tU22 20 7S 73 268 

6msmiS.r.V- U2 3.87 3.7 52 78 46 


o'diTn 255 175 Assam DonarsEl .. 255 +5 *9.6 

95115.8 385 280 Assam Frontier*-]. 305 -5 121 

— ~ 123 99 Assam l=Vfc.£l 100 7.11 


235xd 14.08 73 26 78 xqi. 41 £i a^-GmSaZ BX'.Z. - -- 4J 70 b l to.i*W0lm. b7 - - - - 331, 20b fSSotoSito 

56 .....291 24 7.8 7.0 ]j 4 iff gSrSaEr ]0i1 _ _ _ _ 48 40 HtWnzalxw — 48 ...._ L88 LO 5.8 25.0 350' 2 325^ * Lmm?PUn2£r 

if?” mq 7 H 57 35b Brit Mohair— 56t; +« 2 +276 3.7 73 5.7 ^ 33 Hatanffl*Iw_ 27 14 4.4 24 .9 2 $j K^KelEi'- 

122 — d*97 33 61 ftl 70 41 BuhnerL1a63p_ 59 .,...306 3.9 8.0 4.8 ® §? Mentotts^ 78 +b t29 1C 5.6 29 5 420 3S3 «oTan£]_- 


70 38 

92 65 


^ r iff 29 If If 73 3*7 »b +L67 2- 

i +m 128 li i 4 ? ^ I 2 S* :::::: SP h 

64 h2.10 33 4-9 62 84 67 2L S, 331 3< 

Eri ^ 47 4 9 65 Sa 29 s ; SEZT-. 41 V.l +LB8 V 


.43 64 5 10 
20 70 249 
3.5 83 152 
3.1 57 59 
93 80 283 
70 73 258 


_ 57b 41 

3 aJS $ i 

123 64 103 78 

7b AS ^ « 

6J 5.1 “2 


SSfc 

wtBoritmlOp 5& 2 039 

DaWnt*£L- 33 — - 

oorgatelnv — 101 — 3.88 

Dars&te Trust- 106 +4.82 

erilS_A.$DSl- 885 OUc 


3 Sf 2» 2 22 SiDgiaHld«s.l0p- 
521 130 90 Kvarrea Hants. — 

2^ 9 183 138 [Williamson £1 


102 +5 L79 4.71 4.1 NOTES 

103 335 * 52 

17 — _ I’nlKt othemrtse Indicated, prices and net diMtadi are In 

55 _1 *L73 L0 4 4 pnire and dec mm ration are 25p. Rittlwraed pritte/ejinlnga 

257 -3 s2 84 10 16 ratos and ertn are baaed in latest annul repart sand accennla 

■nm 4-1 Jh'll 1° 4 1 and. where possible, are updated on half-yearly figure*. FTE«Bm 

Xi™ Xin iT in 1 calculate! ea tbe brail of nei distribution: brorkrled Ilgurea 

Z7~ 7, [£ X 11 indicate IS per cenL ar move ffiOerrnce 0 calenlated an “nil- 

ace 2 Vc" icon ft Lt (Bstribnlhin. Cavern are based an “mlmm'’ diidributien. 

355 +5 1523 10 64 Yields arc haded on noddle pnres. are (im. adjusted la ACT of 

Til -Z *4J0 * 5.5 33 per cent, and allow lar value ot declared dtsrrfbmlans and 

113 —2 tC20.8c — - 4.0 riKhia Seen ri ties with denaada H ans other Hum itcrtlnC arw 

71 tel Ql2W- 15 3.8 quoted Inclusive of the Inmnml dollar prendnm. 

48 lillic 08 53 

183 -1 +4.06 11 33 6 .Sterling denominated securities which include inresfnwnt 

65 -2 W15c L9-53 dollar premium. 

54 *0 48 3 9 L3“ “Tap” Stoct 

64nl 447 71 7 0 A i * Highs and lanes marked thus have been adjusted to allotp . 

80 -3‘ IhL52 19 2 8 fpr ri * shL = i“>«^ < r * cash - 

tw a tUiJd +7J £.£ t i n(crtm ,n nce iucreascj or resumed. 

t Interim since reduced, passed or deferred, 
io Jt Tax-free to non-residents on application. 

UJ + Futures or report awaited. 

tt Unlisted security. 

302lS06sh * ITiee at lime of suspension. 

f Indicated dividend after pendJny scrip and/or rights issues 
255 Ite5 1*9 65 ! 59j 56 cover relaics to prenous dividends or forecasts. I 

305 1—5 1 17 1 1*161 * SletTKee bid or reorganisation in progress. t 

100 .-.. 731 3.7(10 6 * ™nparabte 


00 711 37(10 6 * coraparaoie. 

27 *201 16} 11 1 * ^tne interim: reduced final and. 1 or reduced earnings 


Cbfer 134 +1 1+5.49 


631102 1185 


• 81 57b SmjlhSficjtalOp 75i 2 +b td247 23 4.9 70 155 

-21 139 SnrithsIiKfeaip. 210 +2 +736 29 5310.1 403 

64 . 48 SditLawaip- 60m +1 +3.92 18 - 9i 162 60 


34 26b Sane 28 .._. 234 

15 ' 175 S0the6yPA 315 +5 b&37 

17 ■ 98 SjormwiG W20p 100 t218. 

48 195 . &IJ.W.L— 223 ...... L9Q 

58 132 Stife Po«s 151 +3 3.97 

330 £270 Do A%Cdt.Lii. £305 «M 
•21- 6i 2 StafWInt . 8i a +1; 4124 


125 75 47 
4.0133 
33 52 
13 67 
3.9 * 

D2 

A 2.8 


21- fei 2 Staflcilnt 8b +b +324 0.9 i 2.8 , • 

35 93. StafiPunutare., 132 +487 35 5.6 7.7 67b 

10 165 190 -1 1661 4.9 52 4.6 U25.. 

49 28 Sriiir &m£ HKH 44 Q54c 11 10J &9 42 29 

?0 23 Serin* lak2l:p- 27 — ... 129 23 71 100 B [ 62 

36 56 Sttwkrtte 70 +8 261 40 5i 50 56 

14 85 Stonebill Hlris.— 114 d609 1.4 80132 77 

HU SmraeriT-ilto. 12ba) ..— h0.72 2.J 80 63 68 

37 25 5uriiBWSm lOp. 3&<4 tL16 3.8 fB 83 11D 

72 33U SricfiffeSwak- 63 1266 4.4 63 7.4 48 

15>4 £10^ Ssafi^sSchCO O0U QlffK L4 5312.8 25 

77 70 Swin? Pacific 00c 1471; +5 tQ36c L4 26303 83 

fc-B « sr& BHAS 

W Z 93 j67 21 t (5^ » 

U 7J 2 nj.TiDKs\n.5ii. 9 tSJ.42 3i 6‘ 43 142 


4b 62 R4 67 coats Prions— 71 +b 331 3‘ 7i 43 iiH m ««H»de iinsi_ T4.a 

44 H 42b 2*2 A ± +LB8 39 68 53 ™ «» jWlSMOBl- 8ffi 6u 

f-5 M 131 109 OontauUs 124 +2 707 L3 92 do.* 17J; PteyTWlac- ^ +U 156 

5-d 10 4 rap 4 £71?, Da 7% Deb 82/7 £JZ>* -U Q7%202d2« - ™ 1 S, +3 “ 

|5 9.4 59 31 [^therU] 36 d0.66 - 27 - 35 11 DaN cpW+Tta, 2^, - 

££ ■=■. 199 99 DawsralfllL — 199 *3.78 10.1 21 53 ^ 31b N^.AGamgge. 45b +b *0.4 


240 105 35 fb.6 — 199 99 Etowsanl^. 

I 7 - 37 2.« |3 7-8 199 98 1£aZL-.\ 198 [-11+3.78 

S +4.« L6132 7.4 gr 55 DfecniDandi-. 88 ...... 3.73 

265 +9.03 4.£ 52 63 35 24 EwhtOiS 

230 +5 6.08 42 3.9 3.7 jg y fXdrim 


Ve“ ft-S 3 54 H H 35 24 25 201 

^ +5 54 H 48 25 Fo*raolm*_ 44J; -fa 254 

ira Sf* H lain! 147 85 "4WP»UJ*fe- Ml +f +0.76 

im — M 1 *. ti li ^4 110 79 ffieS^Fstaip. 100 724 

i$L VV- H li li 73>2 10b IDek3Bns.5p™ 1112 0.76 

378bJ +3 14.19 33 50 75 55 45 HleJunwi— 52 3 06 


3-fl 7.7 J3i ioi 2 IDridBrcs.Sp_ 1U 2 E- 0.76 
Ui 55 45 Hiriums 52 3.06 


^b kin i a a s s s Bead s t® 


: PAPER, PRINTING 
ADVERTISING 

46 [Assoc. Paper— [ tt 1+3 |+293j 4.4} 7. 


34 27 lUprathM-a/p 32 . — 150 

32 26 Da'.VMp 31 ...... 150 

40 26 IneraorifDIOp- 32 dl31 

54 42 JcromelHldgM. 54 +2 M282 


MINES 

CENTRAL RAND 

442 1140 ] Durban peep R I | 381 1-131 • 


EASTERN RAND 


Daffrfcroov.. £112 +1 (Mb'K.MJlfBE - 
VnHiWborfi— 42 +1 fife 2.4^ 7.0 9.2 
fenmse fflal +2 +3.99 Zffl 7 2 10.7 


61 34 iLiacr— 56 

65 55 ta[ar5.i20p 65 


on u at laemrose- o*™ u n iM a q jp HirtnvHueh dTnl 

M r# 2 Jlf feSftSfr- n 5 +Vl H 79 59 »b 21 Sb L67 

BJI 77455 g = gg \\ \\ |+ OT 73 « — SlS 

3 — jy 5 l] I 1 “ 2 KSl 1 ^; “ ar »S 

Srt^jT Si, L93 * _ 58 145 102 NottaMarig 145 +2 +329 

DsmBaJ-HpI m Z: 3.98 15 7.4 13.0 ^ 74 +1 ' tB23 

j&K&r g rt^57 3.5 4.4 101 g 12 PicldesfW.iiCa 19 +3 0.70 

fise n +ibL^ H ill? Jgi ft s * 


i.o * 

.— 4.99 * 

_... d335 0.9 


t \m m ISS3I tUtitAviSiiM PS BSEIBF 


\™Vi 


n y ® fcssK-— I 


— I — I - Ll? Uf Esttjafi— 


y 68 54 DaSesmc. 

11? 93 Band Pulp 


■37 93 

U 7b 


30 48 83 UO 93 
44 63 7.4 48 39 

L< 5i 12.8 25 15 

L4 26 308 83 65 

33 50 58 100 46 

3.7 40 188 102 50 

— — — 27 18 


65 3 7 223 159 fWh«hSdla5DpJ 204 T*.. 7.11 33 5 ^225 ll \ SSwTiT’' 

fj i» & tsassfc i»3 tr W, B 1 ^S|r: 

!s is !5.a? usuifl •ff 

65 33 161 114 Serf. East Inv__ M2» 2 +b +4.57 U 48 33.4 63 A ^ Nisei -ac 50b 

55133 ,« 34 Serf. European., 44b +b L52 13 5 2 25 8 _ 

94 76 116 82b Scottish tav 107 +b +260 1.1 3.6 377 FAR WEST R 

73 56 128b 94 Scrf.Jtort.fcW. 137 ...7.. 335 1.0 43 361 

10.9 1W Scrf.JWwrf_ 1» +J; +3 50 13 3.4 40.6 w5 ligg BlywwS 329 

100 38^2 1-51- VS 21 wS EUU7W Eufleli S31 

J 5 M a?, 2 I? 4 S 2 — JSft H H S? 108 73b DeettraalROai— 93b 

67 52 In 15 — ,mb ...... +tL^ LD 3.0 50 7 40 1 214 Donmfcmton RI — 294 


204 I lT.ll 33 53225 


101 W; sSm « J ib ^64 L0 A2 35.9 ^ g CJjJjgJ*- ag* 4 ^ ^ *1r 4 a " : 
181 151 Serf. Cities 'A'!—] 160 ...7.. 612 Ll 7018.0“^ Pli mi, 1 * l 1 ^ 4 — 

161 114 Serf. Eatalnr— 142b +b t4.57 U 48 33.4 63 • l ff ‘ LN ‘2“- ae 30b -1 - - | - « 


* li (ftisnneyiWB— . » 209 I l.U fl.dltBn., 1(11 idio^ 1 c iio I- iku:v« lmsed on prnspeeius nr ether official estimate* fnr 

103 59 52 Rnsetomdlnc. 53brfl +4.24 1 S1LS129 If? -2? 339 -« a ■? ,IWW * **"*■ T ngures aifun «,i z Dmdcnd local w 

61 85 I 48 Da Cap 81 -1 — ( — 1 —1 — *5 i^Sir +? SS® J £ l dale 4+ Yield based on assumption Treasury Bill Rate stay. 


than previous local, n Rights issue pending q Earrungs 
— hosed on preliminary figures, s Dividend and yield exclude a 
special payment, t Indicated dividend: cover relates to 
previous dividend. P.T> ratio based on latest annual 
y, ■ _ttv earnings, a Forecast dividend' cover banevf on previous yea r'a 

I K.A 111 P* earning?, v Tax free up to 30p in the L w Yield allows for 

currency cl ause. y Dividend and yield bused on merger terms. 
381 — 13 J — — I — i Dividend and yield include a special payment. Cower does m* 

*1 L=. te> special payment- .4 Net dividend and yield. B 

£34b -1%I +O330~ I 25} 6.0 f+eferonee dividend pawed or deferred. C '.'anudian. K Issue 
121 +5 |TUl3c 67l 64 poev F Dividend and yield based on prospectita or other 

1 li- „f(, c , a | u-airnotes for 1879410. G Assumed dividend and yield 
■ t» evttv alter pending scrip and-or righln issue B Dividend and yield 

based on prospeclus or olher official estimates for 
1979-79. K Figures haa?d on prospectus or other official 
731, —2 I 04 4c [ * (358 eslinaio, for IflTB M Dividend and yield based on prospectus 
24 — b [+O20cl UH49 8 or "thcr otfirial esUmaiei; for HOT. N Dividend and yield 

353 _+■ Ipricg, I _J 0 5 hared prnspeems or other official estimates for 1979 P 

1U1 UriiQel ■mJii’q Figur*-s leased on prospcclus or other official estimate* for 

4ia "iVl JSEM b, IU7R-79 tt Gross. T Figures assumed. Z Dividend local U 


LL yi; LD. LUJKa iB-cp 7 ...... uust -v 

»0 12 Third Milelnv 20 +b LOO 2j 

g 3? Bd%= ^ ± ™ i 

n 3&ij Tore 71 — dL28 A) 


15 37 Toolt 

+1 36i 2 Toye 

57 137 ftafa 
3 05; E21b ram 
34 63 Train 

b 3i; Tram 
- 209 166 tame 
3+< 9 Tunw 

i8 137 TOOi 


mrlLSOp. 124 ..—1+524 3.' 

5n.uS_ SB J-b KffL® — 


rrau^icrlDev-- 75 +324 It 

taff Oo 5p _12^ -b 0 73 2 j 

JEOtatL — 160 -2 a?3 Li 

"metmitaitas’s— 105 +556 2- 


+b LOO 2 A 75 78 68 43 

+f +439 M U H j 55 

111“ dL28 40 2.7 9.0 117 95 

I..— +524 3-7 63 5.7 & £0 

-j. GSL92 — 3.9 — 71 61 

H +324 22 64 108 81 « 


jp unclwnced until mauinty of stoelt 
63 1 ; . ._. — — — .ihlirovi.Uiuns' nlrv dnidend. veisc 


— I — J. 1hlirovi.il inns- alev dnidend. ires scrip issue: ir ex righto; XT c 
0.41308 all: d ox rapitnl distribution. 


*r£ard— 27 +lb[L02 33j 5.6[,&2 «[* ^ |gflg^= « Zl *4 76 35I 7% 56 J^bl** sStSofLfcW: 1L7 .ZJ 335“ 13 *31361 FAR WEST RAND 

pi2Dp n iL A" «~i 7e 56 41 RadfejrftS^ts 55 _.... .00 3310.9 45 ^8 119 Serf. jMteal_ 156 +i 2 +3.50 13 3.4 40.6 w5 [igB BlyiwrS 329 

68 + * 4am ?c 74 72‘ M SeiiareLBil2Dp_ 50 F3.55 33100 38 ^ ^ ML VS S'l Sa ttl>a 764 Eufleb 831 

ItaSSl 1 *: M — Iff 5 jj in' 1 li 25 18 Richards J0p-- M — +L05 31 95 6.4 Sa ^nEfSi— Si 2 — f2 In §7 108 71b DeeUnaal ROffl— 93 r 

SSrSftaT Mri 5* *48 * 91 69 foci's™ R*® 1 - 71 d4.49 25 8.7 52,^ |8 Scrf_™.5!— .g 1 ! - r - ttttt LD 3.0M7 40 1 214 Dwmfortcin Rl _ 294 

SvPkMm! ?fcl23 60 74 48 68 LE4 9.0 4.0 4.0 ® 7£ 2 ScoLS 8 ^- +b +223 0.9 3-4 481 gjp ggg fv^DneR! 751 

JasBoMtaffL. 95 — 6782 10 X23 60 ca J5 SrrtlR«£a5mI 451> 2.78 2 9 91(51il?S 6? bcrf.Werfn.W_ 97b +’2 — 7W1 IM FiOTwteandiTbttte- 22S 


ffvSr « r- ?4nl 27 100 70 53 25 Set* Robertas «l 2 2.78 

® piS 5 10 95 .S ^ » sagsa-. n 

itesfc-jsrk an* “ S S - 2 


J2 MSeat-f +l np 34 a sta&sSSiS: 26 ZZiiS 

T4 to All 220 M7 *“*■ AfL pS 7 1 61 « 84 StH2wI&50p- 92 ...... 611 

n! 7M M ISSMEr - 110 Vm 4 4 ai 78 50 SSWk 75 +1 M2-8£ 

II £$ 2M 110 19D r« ^ 51 35 il _fS 20 SnafliTittaK, . 45 +Z03 


§3(071 206- mo 

B3i75 


>9 88 Ruwni Inters- 105 t556 25 B.1 75 

3 36 Unfflallta 63 d279 33 60 5.7 £gi 03% 

I 51 HW & ±11 f 

4b 3«b ll-Cnaranteeap- 24 . — 018 135 Ll 9.9 210 1M 

515 Ub Unochrome If MA9 3.4 50 7.B 76 « 

B 32 Valor 56 217 3.7 5.8 53 Wi « 

• S A EmrattP— I? ^ 


So +15 ^50 63 59 |j 45 20 SmaD*^*ffls- . « 

» ™. d&V Si S? u»> g 

ihyfcM.SL_ a3R»-b tO 70c 4.1 20 125 “ ip £ 

res Paper 20p. 43 +^28 10 7.9 105 35 « » 

J&A — S-3,2-5 ’ 34 73 § 


93 (5 11 L18 69 Scrf.Werfn.‘B , _ 97b +b — — — — 280 163 QandsandLili 

H V 7 218 161 Sec.-UhareT*. MS +f 650 00 40 34.1 153 ^ nS 

Half K S SS« tNlhn " W 2 ^ IO 3.4 43.6 S 8 % ftSSlU— £12? 

9.5 126 .g, ~ vr ,— — r*_ — 657 408 Kloof Gold Rl 595 

99 105 |15 J5f2 Sft- IW2 +lb U9 L0 40 30.7 ^ 432 UbanonR] 516 

5.7 4.4 300 4K Q25c — 30 -614 419 SouihvaaISJc 557 

67 130 14 7, ^ i hires tar.3)p_ 137 . — gjg LO 94 15.7 330 ?06 SlUiomein5Df 315 

— — ,?& 5? ??^ 10 P — _66ri _L8 Ll 33 443 £17^ £U VaalReefsMe £14^ 


fGeo.L- 36 J 

i‘A’— _r 30 -1 


SS 3 S& FJffi 8 Sfl’a S SHifia; a- 3 ts 


197 Sul 35 18 rofl'riJrar.lOp. 34 +1 L01 43 

"“Si'. 1 # J 7 , 45 rl 10 5 9 8 66 46 Ttnrfdosms 64 301 15 

TT 1 V ? {■ iiTon? 54 441 2 tartal 46 b +?.76 25 

SSte H IS « a 1 * tHEab= 8 - 1 figs io 


tMt *.H W.I MO g£j^ 

H Z !H Z 127“ 94 
25 L8 10.4 75 ^ IM 

fi fcSfcjS tP 

07 50 32 MS 


120 -1 355 13 4.a».6 289 


R! — 215 


10 94 190 £29b£16bW.Drirti_ £23»< 

T&p.]<Jp «b +b — — — — 251 152 Western .Areas Ftl_ 173 

U5 . — 3J1 15 4.8 00 9+0 &sq WestmDemRS- 848 



Recent ffssues ** and ** Rights ’’ Page 34 


This service is available to every Company dealt in on 
L6I12.0 Stock Exchanges throughout tbe United Kingdom for a 
101121 fee of £460 per annum for each security' 


L0I 5.0 

jnj REGIONAL MARKETS 

20121 

L0 23 The foDowiiu: is a selection of London quotations of shares 
25 42 previously listed only in reRional markets. Prices of Irish 
33 40 issues, nwst of which are not officially listed in Lem don, 
2.7 73 are as quoted on the Irish exchange. 


a- 32 ‘ vato____ 56 237 3.7 5.8 5J 99b « TridactUDap.- 99 s ; +lb +334 13 5 0 28.7 Q. 311; toravYSO. " 52 -1 6l6% li 

13 18 Varan* ,27 ...... Mb 0.2 55 — 78 « «o 2 « H ffi 75 ^ 27 Traffced Carpets 32 L69 Oil 

■0 49*« Vinton GfTv20p_ W5tt -1 MUM 7.8 L116J 65 m W ll 110 88 % TbinreUIelOp— 84 +186 tt 

-9 63 ‘W Ribbons Iflp.. « +2 C35 3.7 7.7 53 732 IK MUbU-l Z08 1331 3.6 | 21LB 55 41 v-ita-TaaOp. - - 58 ..,..355 * 

•3. 22 Wade Potto 10?- 30 +1 nll2 3.8 5.6 6.5 ^2 JSSn&TiT' 1 i«5 """ *3$ « 34 Vote Fine W20p. 48 1.8S tt 

5 11 Walker Hnr.5ju 15 +b dD.91 O.r 93 ®3j 16 |WyatI(WonJ»j5fi_j 13if 0.1 — 11 — 59 31 JyoDghal — 1 38 208 — 


S5S55SP 1 - ™ -- H i«S?TO &S9 Western Deep 82 _ 848 

So ^ asgssr.35 — ISf is 11 Si 268 1 “ ^ ,, JvcrTO „ a 

» 25 rf W O.F,S, KSAWS » 

108 K. 2 Dt..e^£L^Z — - - — no 75 Frre£tateDer 5uc 100 i^LZc 2 0] 7.2 27 

8^2 H ThronmtW! — 78 4.45 LO 8.7 173 £2Db £llb FSAsduUSV" — £38^ -1 tVP»< 2.7 7.6 KifcFonie. - 52 

£131 £105 Do SjSiLoan— £126+1 QBUK 20.8 160 - 121 59 FSSaaiplaasRl- EW; -2 - — _ Km lay Pk^Sp.. 20 

86 71 for ItaejLbc— 78 5 1 12 10 9112 4 56 279 ftmnon.»r 351*fl -15 +055c 2.0 94 nrainSlnp-tl^ 145 


18 42 Walerfmiap. 

13 205 W&tsfaans— 


■ S 57 
41; 2 8b 
n E14 


rudap-Z 57 QL75 2.7 33123 

an'sJ. 293 403 4.4 2.0163 

iTUUflp*- 100 ._:. d2.40 35 3-6120 

if0«t. 120 .. — W# ‘3.6 47 68 j, . 

«“p a_=v"iK lUlM bS 


PROPERTY TOBACCOS I* 

RMSSI4 lil 2 ISSi 13 SKi a i ^ 7 ktb— la m 6 - 5 i i?bs ,s ass 


TOBACCOS 


WTwh.M0UL». -1 mi 

musnanR Aufiel. 275 js +a M4i 
WhileChiMfcB.. 1M +3 d4.4 

Whitecioft- 108 -1 60 

WhitefeyBSfc*.- 28 - 

ffilkesiJ-].... 63 — +3.8 

WiUtina Mitofadl. 42 0.25 

ffUk'5nJncbil. 180 10-0 


125 95 rw.Can___^ 116 0.57 — 0.7 — 134 66 Luruine’Kl 

192 142 Trans. Oreamc-. 178 5.08 11 4.3 33.7 £Ub 750 Friii Brand 50c—. 

81 56 rnbon+Inierf— 75b +b hL32 13 2.6 430 OOS 582 lTe i Slcnn>lc 

66 59» 2 nphvrfttac/0p- 65 +b +4.46 LO 10.7 142 £10i, 705 SL Helena HI. 

170 111 Do Capital £1_ 147 it - - - - 249 144 Ibael 


345 11 imwm la . b ««5n iJ « asa« 


B f»c— | £ 20 bhb 

FINANCE 


Isiitdiicld brick I 56 


25 


Sbeft Refrshmt. 

63 

49 

IB 

S30 


Sxndall (Wnu. 

105 

2b 

520 


IRISH 

37 


Corn- 9 c i , 30'82. 

£90 7 n 

hi 


Aliiatjr^Gas„.. 

68 

27 


Amoit 

370 

52 


CarmU (P .1 i _ 

100 

20 


Clond.illrin 

73 

145 


i. , oncn?LeProda. 

Ufl 

80 


Heiion (Hides. 1 

49 

167 


Ins l nrp 

180 

258 


Insh Ropes 

110 

67 


Jacob 

63 

21 


T M r, j;,.'" - 

194rf 

56 


Unidare 

85 


! ig mo & 


57 +1 

39ni-2 


r-_ 67 +i 2 12.91 — 6.5 - 
re, 138 .— 327 12 35 31.8 
■— 178ri ..... ib37 1.4 5319.9 
1- 256 ___ 6.91 A.2 4.0 8.9 


4 36b Winnl^aJp-- 5WgBi — +184 
•7 34 SWBfcS* S 1-i- 


8- 24 mood 


5ous5p. 47 *5 ML67 

40 —.or 


INSURANCE 

a aa 


.44*955 

4 138 
6 132 
4 

,32 aw 
•4 344 

0 196 
2 204 

5 265 
8 237 
8 163 
•78 142 

1 « 

0 120 
5 132 



* 15b 15b Bri£Anzani5p_ 15W ...... 

R4 fia 48 28 British Land 45 +b — — — — 

R7 na £380 £118 Do.EpeQrf.2Ml- ElWu +1 012^ _ £71 — 
53 ftl HT » SSoMriti- 112*9 +1 pn 17 zi 0« 

14 IS 60. 45b STcoffiUes. 56 +b L7? L2 4.6273 

S3 73 102 ffl ebtrm^Milm.ap 99 ...... d228 L2 3.4 37.0 

91 60 C’nirorincrfiaip B +3 — - - - 

90‘ 59 DaCapiSOp — +1 — — — — 

JM m SSC | Zljb' 22 L7 403 

30[ 80 m Z 233 SSSb^Ll 3^ "™ 4 66 18 2.1390 


TRUSTS, FINANCE, LAND 
Invesboest Trusts 


MO -5 QfOc 3.01 5.6 
356 -20 Q362r 20 61 


99b 74 Viking RtoaarW. 89b ~l U2 12 19^57^ £2tP 4 £14»* AngAm.«oHBI_ £18 -l; tm&c 11 5 5 

« 59b ff.Crf-flTaaslOp 7b -1 0.76 15 15 69.4 950 621 .tae-Vaal50c 825 Q115c * 83 

120 278 W«TMSlltaEL_ 306 10.97 HJ 53^25.7 172 119 ChxterCons 154 843 qL4 8.2 


15 2-1 390 


3.41 6.ffl 7.4] 65 .47b kity(M«s 


65 +1 t!9Z 13 4.4[252j 


!»_ ■*? »S-_ - *3“ 5 52 


NickoJls.. 73 ] — [199 


02% Q5i2 — 4.7 — r38 22* a CorirriSecslto 37 0.84 O.J 3.4^1 

141s -il +7.77 — 82 — 184 154 CtaEutoageU^ 378 ...... 70i 2.S 1.7 323 

138 +1 4+7? _ 6,9 3D 21 fwfiyNwT.Itet- 30 +1 0.H> — J 33 — 

a — H12 75 C'jflyfcDiSUOp- 112fll +1 0.88 44] 1220.9 

Ss 09%_Tr74 -ia M DaSan'IfidiaT: 112 .3.04 ad 4 1 100 

M 5 +2" 679 -- 60 - 19 U> 2 toes &iritsffi . W 2 +1; tft51 0.91 4.6 

206 ’ +832 — 61:— 61 46 Domigton JOp- W ...... 3.14 1.H7.9U9 

MO- +2 tM32 - 6.8 - 51 27. ” T? 3 * nt&tt m3 nl l3& 


403 +3 1203 — 70 — 003 £60 

268 4.90 5.1 27 10.1 Offl £7B 

212 +2 626 32 4.4 1U 47 - 38 

HM +5 t7.ll 2.9 72 83 » 2 .17 


BKftr.- £» +1 Q^j«340i7.6 - 

DalScCm £85 Ql2% 60fWJ — 

aiiAseno'-. 47 +2 0.4b 16 L5 57.7 

fcoSp- 20*2 +1-02 12 7.6 169 

pThrL 106 +1 +103 3.4 1.4 293 


et 


lflM+I _ 59 Tt SsProThfi-- 106 +1 +103 3.4) 1.41293 

23 53130108 . 76 Brans l«ds » ..... dl-^ 3.2 2.013.0 

TO +J +658 — 70 . 132 88 FauviewQtol^- 1^. + ? 1 PJJ HI 


132 1+2 1*63 
194 h—JilAffi 


Hanz [ 16‘ 


19b i+b [L02 1 U 



-2 239 ■ 10 63 

— 45J3 Ll 5.4 
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335 L0 Au 

—.721 LO 4.3 
+1 8.43 LO lfli 
+1 0.43 - 03 

+b A57 L11L5 

ZZ tL37 11 40 

3.05 Ll 4J 
325 LO 1L7 

-b 1163 L0 1.1 
5.23 1.0 10.0 

Zi! QUW Ll 44 

t4.10 U A 5 

Oil 18 13 

+1 0.41 * 00 

+b 193 II 4 3 

3.0 11 4.4 

...... ^Ob 10 6.6 

tH8ff LO L8 

+b — ™ — 

._... <3634 10 5.0 
-b L52 1.1 3.7 

— m« 5.9 41 


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9 171 fentertwttaB-. 211 +407 1 la 33)44.8 204 163 Coin GoM Fields. 188 +3 19.19 73 

a ttn. rariMnirw I nai. i it I i ra iiittt qc vr m. ioi_ im ii Infinstnais 


OPTIONS 

3-EEontii Call Rates 


AU 241 ItM 69*2 ffitanlm 94* 2 -H 2 Z 33 LO 3.7 395 25 17 

5 fl26J 65 D0.-B" 92 0.07 £20*4 £14 

Han 192 148 touanlw. — 189 +1 7.7D 10 61 ML £L0b £10 

jgga 34b 26 Ynrtsjklancs- 34 el52 LO 6024.8 08 £10 

471305 89 69 VoangCo'riwfl 88 3.71 LO 63 2L5 235 138 


t ftand Ora. I0p Ife 107 1.3 85 


T.CT. 20 [Tube Invest... » 

“ ‘iBspe"—— 6 [Unilever 35 


89 [69 lYoungCo'diffiLl 88 | [3.71 

Finance, Land, etc. 


- £203.1 £14 Gen.UiflinciC — £19$ ZZ. TO225e U 7JJ A. fe ‘‘too®'’ 6 Umlcver^.- 35 

i g** g®< ^ gi i s M bM^: 9 s Sn c v£s=; t & 

ASf 82 inn 4 frl Babcock — 11 KCA_.-- 3_ Woolwortha.. 5 


24.5 [235 138 Middle ritSCi— 190 -Id u25c 

| 49 22 MtaMTpJSbp 49 tL27 

207 12b MiflOKoSBDWQ- 188 -2 Q12c 


7 -| Barclays Bank. 25 Ladbreke...,^ 17 J . 

lg. 3.9 Bcecham 35 LeRalAGen.J 14 [Property 


207 1 2b MifiCFttOSBDL40-. 188 -2 012c 13 3.4 Boots Drue,....! 15 Le< Service... 7 r inH 
1SS 95 Ne»Wp5te-_ 5 _. 121 -2 okjc « 9.9 iSSSi SS^Z! 16 Lloyds Bank. 22 gj- g 

1 56112.3 L2 £12*2 860 PaUnnW n-^5— Clb QC50c * 25 RAT. 24 "UOx" 4 u-T 5* 

_ _ 20 ‘56* 2 47 Rand Londnn ]5c_ SOrr +1 QOc iolL9 British rncyeea 6 London Brick. 5 intreiioriean 4 

_ 6.9 518 375 ScfectiocTrad — 479x0 —2 18.95 15 60 BrottniJ.i — _ 20 l/Hirho . 5 LandSwa" 0 16 

237 161 Sentnut 10c 298 -3 Q30e L5 lb gunon-.V...-. 12 Lucaslnds..... 25 g 

22 5 0 9.2 59 29 SihmnincsS*:P._- 3S &54 17 1 {c adf,ur> ?L- tootw'J.i M Peachey .,.. 8 

ia I'tnn 189 122 Tanks ftm 50n 184 mrin 17 tt lourtaiiltfc 10 Mams -. — ... 7 samupfprravi O 


- 54 26b 

gp » 

- 69 56 

29l[04 £ 1 P< 

15.11*309 215 

- 1 46 27b 

211 32 24 

22 ^ 20 11 

66 ft 62 50 

A j 48 36 

324] 15*2 12 
30 4 28 22 

22.6180 100 

“B i 

daH S 

4J2S0 147 



6 

tolsUff, HJ245 IM .. 


206 — 17.0 5.6112.3} 2.2 qg 2 860 Olb 

«i_ _ _ _ 20 56* 2 47 Rand London l5c_ 50 tr +1 

54* _ _ _ 69 518 575 Selection Tnist — 470x0 -2 

151, — _ _ _ _ 237 161 Sentnifllfc 298 -3 

140 ‘ !!"" 012ivc 2^ 50 9L2 59 29 SiherminesSbp.— 35 xc^i *.n j r? a — sr treacney _.i b 

M _ +3 41 14 7 9 12 0 189 122 Tanks Con 90p._ 1B4 QlKo L2 5 J * ? c~JL'r in Samac+Props.. 9 

£14. i!7!’ 0425 10 1 1 93 78 Du.Prrf.fBp. 93 <39% 16 3 7.7 ftfiSffiSf 118 — ?c « Town L C®vl J W* 

302 Z:p?6M * {9 *■ i35 m TialCunsld.Rl. £13b +® 34 42 ^ « , | 1 . and fianfc g 

42*; ...... tl.02 3.7 3.6 278 182 I s Unreel SI .... 224 -11 IQMc 12 8.0 EanleStar " " ll Z2 ™' 3 

24 — _ — ^ 340 238 Union Curpufliw. 3« -15 ty|8e 16.7.4 E.M I. ‘ ........ 14 J m. Warrantn 10 Brit. Petroleum. 45 

11*2 — — — * 73 HD kwjelsJve 65 -....1+07*2(1 1.0 6.9 t^n. Arndont 17 P & O fifd. 8 BurmahOiL... 5 

61 .._.. dLDO 60 2 i 9.4 tien Elecinc 18 Plcsscy 8 Charter hall-. 3 

a 2 ± 'il itili ti DIAMOND AND PLATINUM hirandMeCI '1° Iliiin'kOrii/A"' 18 WtraimEL [ 20 

28 ... 050 63 2.7 90 t:.l?.S.-.V 20 ReedlntnL— 32 ... 

120 .... 501 L2 6219.6 £49 f£3Q )Anfll*.\mInvji)fJJ £fll*< |-l*4jQ6D0cj 111 87 guardian IB Spillers 3 

22 +1L — — — 114 [64 BisfopfSatrPiUllc- .104 +1 (09 2c ( * I 53 JjKN— 22 Tfesco 4 CharterCi*m..[ 12 

33 ,..‘2.03 4 9.2 4. 488 285 peBrtrai)f..V — 403 , l ” 1 1 


_ _ _ £114,925 Do.40pcPf.Ra- 

— 78 54 l+denhorclSjc. 

22 li 3L2 103 70 Rus.FliLlQc 


£ 101 ; 

77 +4 
107 


ifriOr l i h 7 Guardiau— — IB Spiliers 3 M *®« 

92c * 53 tj-KN. 22 Tfesco 4 Charter Ci>n*..[ 12 

i55 5r ii 7 e llawkerSldd- 20 Thom — 22 Caiui.firdd 14 

\2We ^6 1L4 HdU3eoff7 -* M?r - 12 Trust Houses.. 15 RioT.ZmcZj 16 

*0° * 53 A scleriinn of Options traded Is rfren on thr 
■rec 4 4.6 London Stock K^cbunfie Report jh£s 





38 




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Foord 




machinery valuers 


Tuesday October 10 1978 


«■» -w— — — ■— i . ■ . 

venfilafionuiw* ; V':P; 
for the home 

-look for the name 





Current 


account 


deficit 


forecast 


Thatcher sets out to 


win Labour voters 


BY RICHARD EVANS, LOBBY EDITOR 


By Guy de Jonquieres, 

Common Market Correspondent 


BRUSSELS, OcL 9. 
THE UK COULD show a 
current account deficit of up to 
■S500m <£252ni) Ibis year, in 
contrast with the modest 
surplus officially predicted by 
the Treasury, according to the 
latest forecasts by the Euro- 
pean Commission in Brussels. 

When it presented the 
budget last April, the Govern- 
ment forecast a current 
account surplus of £750m. Since 
then, ihe Treasury bas 
indicated that it expects the 
figure to be somewhat smaller, 
though it sliil maintains that 
the current account will be In 
the black. 

The Commission’s forecast is 
based on a less rosy view of 
the outlook for tbe trade 
balance than that taken by the 
Treasury and the CBf. 

It is considered unlikely in 
Brussels that strong growth in 
export volume will materialise 
in the coming months, and it is 
thought that Britain will do 
well to maintain Us share of 
sluggish world markets. 

In addition, the decline in 
the invisible surplus which 
look place last year Is expected 
to continue during 197S. partly 
hecan.se of disappointing levels 
of revenue from tourism and 
an adverse trends in transport 
costs. 

More tentatively, the sug- 
gestion here is that the UK will 
probably do no better than 
achieve a rough balance on 
current account next year. 

Although some Improvement 
in invisible earnings is fore- 
seen. this is likely to be offset 
by a deterioration on trade 
account resulting from a con- 
tinuation or the consumer 
boom extending well into the 
first half Gf next year. 

Tbe Commission believes 
that real growth of gross 
domestic product in the UK 
this year will be 3.2 per cent 

This would be the second 
highest growth rate in the EEC 
after Ireland, for which a 6 per 
cent growth is forecast, and 
comnarps with an average of 
2-6 per tent for the Communily 
as ? whole. 

One of the more surprising 
forecasts in tbe Commission 
study Is of a rise In Italy's 
current account surplus to 
So.Thn (£2.9bn> after a $2.3 bn 
surplus last year. 

This is close to the S6.4bn 
surplus forecast for Germany 
and is equivalent to more thaB 
half the $10.4bn surplus fore- 
cast for the aggregate pay- 
ments of the Nine. 

On the inflation front, the 
Commission foresees a redac- 
tion in the rate of retail price 
increase in every EEC country 
this year, producing an overall 
average rate of increase of 6.9 
per cent. The increase in the 
UK Is put at 8.6 per cent. 


MRS. MARGARET THATCHER 
last night launched a campaign 
io persuade traditional Labour 
; voters that they would now feel 
I mure at borne in a Tory party 
! under her leadership than in a 
Labour party that had lost direc- 
■ ticn and integrity. 


It was a change 0 f tack that 
! showed the increasing confidence 
of Conservative Party managers 
in their ability to attract dis- 
illusioned voters who in the past 
i would never consider voting for 
! the party. 


Mrs. Thatcher, speaking at the 
traditional eve of conference 
agents' dinner in Brighton, 
argued that many life-long 
I Labour supporters had become 
1 disillusioned with the results of 
i the party's rule and its drift 
i to the LefL 


to discuss 


European 

monetary 

system 


By Philip Rawstorne 


MR. JAMES CALLAGHAN is to 
hold ,i series of meetings with 
senior Cabinet Ministers over the 
next week to discuss the Govern- 
ment’s approach to the Franco- 
German proposals for a uew 
European Monetary System. 

The issue will be at the top of 
the agenda when tbe Prime 
Minister visits Bonn on October 
18-19 for one of his regular 
meetings witn Chancellor 
Schmidt 

Mr. Callaghan is likely to be 
accompanied by Mr. Denis 
Healey. Chancellor of the Ex- 
chequer. 

The Prime Minister is also 
planning to visit Rumbouillet for 
talks with President Giscard 
d'Estaing next month in advance 
of the European Council meeting 
in December at which the adop- 
tion nf the new system will he 
thr- main subject for discussion. 

Mr. Callaghan returned to 
Downing Street yesterday aftei 
the Labour conference to begin 
a detailed study of the European 
Monetary System proposals. 

At his meetings -with Ministers 
he will assess the likely effects 
on the Government's financial 
and economic policies of British 
participation in tbe system. 
Ministers will also weigh the 
possible consequences of remain- 
ing outside the scheme if it were 
to be accepted, by the other EEC 
countries. 

Contrary to some reports, Mr. 
Callaghan bas not shown any 
.predisposition in favour of tbe 
scheme, which encountered 
strong opposition -from within 
the Labour Party at the Black- 
pool conference last week.. Nor 
is he inclined 'to rush bis 
Cabinet colleagues into a simp 
decision. 

The Prime Minister shares the 
view, -publicly expressed last 
week by Mr. Healey, that tbe 
effects of the scheme on. Britain’s 
economic growth and employ- 
ment will be the critical factors 
in deciding the .Government's 
attitude. 


“ In their views and attitudes 
they now have far more in com- 
mon with us Conservatives than 
with their former party. Yet 
they remain cut off from us by a 
wall of misunderstanding, old 
battles, old prejudices. It is up 
to us to surmount those bar- 
riers." she said. 


Her message, certain to be 
spelled out in greater detail 
when she winds up the con- 
ference on Friday, infers that 
the party leadership will be 
anxious this week to advocate 
policies of moderation and to 


keep a tight grip on the party’s 
Right-wing. 

It would be counter-productive 
to appeal to disillusioned Labour 
voters and the uncommitted 
while at the same scaring them 
off with demands for extremist 
policies and confrontation. 

The agenda for the conference, 
which opens this afternoon, is 
essentially n on-contentious but 
there are dangers for the leader- 
ship in the debates -on industrial 
relations. Rhodesia law and 
order and education. 

Tbe Tories were still regarded 
as the defenders of privilege, 
whereas in reality Labour had 
helped create a new privileged 
class and the need now was to 
protect the citizen from the 
system. 

Similarly, the Tories were still 
seen as the party of unemploy- 
ment, but for tbe second time in 
a generation it was Labour that 
had been responsible for raising 
unemployment to unprecedented 
levels. 

And far from being anti-trade 
union, the Conservative Party 
was above all a party that 
believed that power should be 
subject to checks and balances. 
Special privileges and powers 
had to carry countervailing 
duties. 

“Unfortunately many Labour 
supporters do not know us so 
they rely on hostile caricatures 
which belong to a different age 


. s . they are held back by old 
loyalties and by old prejudices.' 

The first sensitive issue for 
tbe 4,000 representatives comes 
in tbe opening debate today on 
employment and Industrial rela- 
tions when there will be pressure 
for a clearer statement of policy 
on how to combat excessive wage 
demands.. . 

Mrs. Thatcher has in the past 
declared the need for strict cash 
limits- in- -the- public sector bat- 
for market forces to operate in 
the private sector Mir.- James 
Prior, employment spokesman, 
warned yesterday, however, that 
If inflation was to be kept Under 
control “ we have to have very 
close regard to what we pay out 
in wages.” 

Speaking on BBC radio, he 
accepted the need to move 
towards less Government inter- 
ference. and more freedom to 
negotiate, and said there would 
have to- be an Incentive package 
with tax cuts that would give 
people more desire to work. 

Some Tories are worried that 
there could be pressure during 
the debate '.on. Rhodesia for a 
much hander line to be adopted 
by. the party leadership, includ- 
ing the abandonment of sanc- 
tions. Mr. John Davies, shadow 
Foreign Secretary, will argue 
that in the present fluid situation 
the party should keep its options 
open. 

. News Analysis. Page 6 


Smith asks U.S. to end 


‘partisan attitude’ 


BY DAVID BUCHAN 


WASHINGTON. Oct 9. 


MR, IAN SMITH today called on 
the U.S. to cease its “ partisan 
attitude ” and to give tbe interim 
Salisbury Government the same 
bearing and treatment it had 
accorded the Patriotic Front 
guerrillas. 

The Rhodesian Prime Minister 
said it was incomprehensible that 
the U.S. and the UK should have 
sided with the Russians and 
Cubans, in backing the Patriotic 
Front guerrillas who “wish to 


impose themselves as tbe new 
of the country through 


leaders 

the barrel of a gun." 

Mr. Smith said he had no new 
plans to present to Mr. Cyrus 
Vance, the U.S. Secretary of 
State, whom he is due to see 
later today. The internal settle- 
ment proposals of March 1978, be 
said, complied fully with past 
American and British demands 
for a transfer to black majority 
rule in Rhodesia. 

He was speaking at a press 
conference on Capitol Hill after" 
meeting some of the Senators 
who had invited him to the U.S. 
He said his reception by the 
Senators, largely conservative 
sympathisers of the Smith 
regime was “ cordial.” 

The Rhodesian Prime Minis- 
ter said further moves to abolish 
racial discrimination, suth as the 
recent measure ending restric- 
tions on urban housing, might be 
announced later this week. 

Our Foreign Staff writes: The 
British Government is consider- 
ing how it can help boost 


Zambia's defence capabilities, 
although ther is no question of 
committing British troops to the 
country. ‘ 

Britain undertook to examine 
ways of granting fresh military 
and economic assistance to 
Zambia last month, when Mr. 
Callaghan, the Prime Minister, 
met President Kaunda in the 
northern Nigerian town of Kana 

The Zambian leader is under- 
stood to have expressed major 
fears of an attack on his country 
from Rhodesia and to have 
demanded British military assis- 
tance. 

Since then, the two Govern- 
ments have explored a range of 
possibilities, including British 
help in refurbishing Zambia’s 
Rapier missile system or tbe pro- 
vision of UK technical military 
advisers. 

Zambia is also understood to 
be interested in acquiring the 
British-built Harrier jump-jet, 
although there are doubts in 
Whitehall whether the country 
would be able to operate the air- 
craft without major British 
technical back-up. 

Furthermore, there will be 
some hesitation on the British 
Government’s part in committing 
even military advisers to Zambia 
and thus to wbat could become 
a major military confrontation 
with Rhodesia. 

Plans for increased British aid 
to Zambia — military or non- 
military — could be thrown into 


question by President Kaunda’s 
threat at the end of last week 
to raise the Bingham report on 
Rhodesian oil sanctions busting 
in tbe United Nations Security 
Council, say officials. 

This remark took the British 
Government by surprise, since 
President Kaunda had appeared 
to leave Kano satisfied that the 
dispute between him and the UK 
over sanctions busting was a 
thing of the past. 

Britain and the U.S. have 
raised the possibility of holding 
a referendum before Rhodesian 
independence, rather than the 
elections— foreseen in the Anglo- 
American proposals published a 
year ago. 

In a paper recently. circulated 
to the various parties to the 
dispute, Britain and the U.S. 
have put forward an optional 
alternative scheme under which 
a referendum would be held 
within three months of the start 
of transitional administration. 
Voters would be asked their 
verdict on the proposed indepen- 
dence constitution and the date 
planned by the transitional 
administration for elections, 
which would have to be held 
within the following six months. 

If there-was a majority “ yes” 
vote, then Rhodesia would gain 
immediate independence, 

although the transitional Govern- 
ment would remain in office until 
the elections were held. 


Shipbuilder to axe 370 jobs 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


SMITH'S DOCK, the Teesside 
member of British Shipbuilders, 
yesterday served redundancy 
notices on 370 steelworkers and 
ancillary employees. 

All the jobs lost are at the 
company's Haverton Hill yard, 
where workers have refused to 
sign a guarantee of normal 
working practices which could 
have brought orders to the yard. 

The Haverton Hill workers 
were asked to give guarantees at 
the time tbe £115m Polish order 
was being shared out, but they 
followed the refusal of shop 
stewards at nearby Swan Hunter 
to make similar undertakings. 

Stewards at Smith’s Dock’s 
other yard. Sou th Bank, did 
sign the necessary documents, 
and are now working on three of 
the Polish ships, providing at 
least temporary security for the 
1.900 men employed there. 


The redundancies at Haverton 
Hill, which is completing the 
final ship in its orderbook, will 
reduce the workforce by more 
than a quarter and if contracts 
are no* found by the end of the 
year, more jobs will be lost. 

Smith’s Dock is known to be in 
the final stages of negotiating a 
£13m deal to build a refrigerated 
cargo ship for Bank Line and 
both its yards are technically 
capable of carrying out this work. 

If this order goes to South 
Bank, the future will look 
desperate for Haverton Hill, 
wbich could well find itself a 
candidate for closure when 
British Shipbuilders completes 
its corporate plan later 
Smith's Dock said last night 
that more than 50 of the dis- 
placed men would be found 
work at South Bank.' 

More redundancies are certain 


to be announced by British Ship* 
builders’ companies before the 
end of the year as work starts to 
run out. 

Cammell Laird of Birkenhead 
is expected to be among the next 
to make cuts, adding to the prob- 
lems of Merseyside where the 
privately-owned Western Ship- 
repairers closed earlier this year 
with the loss of SOO jobs Since 
nationalisation in July last 
year, more than 2,700 men have 
left Britisb shipbuilders- 


Morley 

resigns 


with 

£200,000 

pay-off 


By Adrienne Gleeson 


MR- ERIC MORLEY is to resign 
as chairman of Mecca and as a 
director of both Mecca and its 
parent Grand’ Metropolitan — but 
not until the end of- this year:. As 
part of the “ amicable severance," 
Mr. Morley is to be paid £20 0.000 
^-crae of the largestpay-trfEsever. 

Tbis was the outcome of yester- 
day’s long . Board, meeting, which 
was adjourned for .four hours 
while Mr. Motley consulted his 
legal advisers. 

According to hi’s wife. Mr- 
Morley went into the meeting de- 
termined to fight the dismissal 
which came as “a bolt out of the 
blue " half way through last 
week. He emerged from it de- 
clining to add anything to ihe 
agreed statement issned by all 
parties to the dispute. This said 
it “ would be in their mutual in- 
terests if there were to be an 
amicable severance of relation- 
ships." • 

Meanwhile at the Mecca 
regional office in Hammersmi th, 
West London, a meeting of 250 
Mecca executives from all over 
the country promised “ over- 
whelming” support for Mr. 
Morley. 

Half-way through the day they 


to 


sent a “Very strong” note 
Mr. Maxwell Joseph, Grand 
Metropolitan chairman, pointing 
out that Mr. Morley had the 
support of senior executives 
the company, which be 
headed since 1961. Earlier talk 
of industrial action in his sup- 
port had, however, been dropped 
by yesterday afternoon in 
favour of a wait-and-see policy. 

Mecca executives have had' no 
hesitation in- ascribing the diffi- 
culties between' Mr. Morley and 
the Grand Metropolitan board to 
a clash of personalities — a view 
which is generally accepted. A 
spokesman for tbe employees, 
Mr. Patrick Button, said that 
the dispute had been over the 
autonomy which Mecca has 
enjoyed under Mr. Morley. 
is very much a driving force 
his own company," he said. 

Personality differences may. 
however, have been exacerbated 
by Mr. Morley's determination to 
defend the bonus scheme which 
his staff h3ve enjoyed. In their 
statement Mecca, Grand Metro- 
politan and Mr. Morley agree that 
there have been, “important 
differences of opinion in various 
matters.” 

Profile, Page 8 


THE LEX COLUMN 


v ' 



runs 




4-* 


Glaxo’s figures, make -cheer- >7 ** , A rin j 

less reading, more e&iecndly as Index rose / 
the 5 per cent drop tt ’trading 
profits to £80.9m reflects general 


gloom ratter than any particular 
difficulty. The group ia caught in 
an awkward hiatus betereen the 
maturity of its estabttshectrttnigs 
and the achievement of -profit- 
ability by its newcomers, 
Trandate, the anti hypertensive, 
and the antibiotic ZinaceC 


‘He 


in 


Continued from Page X 


Prices 


in labour costs. A partial 
explanation may be an improve- 
ment in productivity, although 
recent profit figures suggest that 
cost increases may not have been 
passed on fully. 

Prices charged at the factory 
gate for all manufactured pro- 
ducts rose by 75 per cent in the 
year to September, the same as 
the revised 12-month rate in 
August. 

Over tbe last year, tbe index 
of the cost of materials and fuel 
purchased by manufacturing in 
dustry bas fallen by 1 percent. 
The index rose by 0.55 per cent 
in September and has increased 
by 2.1 per cent in the last sis 
months. 

Last month’s rise iu costs 
occurred in' spite of an 0.4S per 
cent average rise in the index 
of .the pound’s value against a 
basket of currencies and of an 
0.86 per cent increase against tbe 
dollar which cut tbe sterling cost 
of imports, notably of crude oil 
The increase in the index prin- 
cipally reflected higher prices for 
cobalt, home-landed fish, pigs and 
coffee. 

The index of the cost of 
materials bought by food manu- 
facturing companies rose by 1$ 
per cent last month, while 
prices charged by this sector 
went up by £ per cent. 


Weather 


UK TODAY- 

CLOUDY with rain'- or showers, 
becoming brighter In the north 
during the day. . . 


Continued from Page 1 


GEC Plessey talks 


Londou, S.E„ Cent.'- Southern, 
S.W. England, E. Anglia, Channel 
islands 

Cloudy, rain at time& Max. 
17C (63F). 


< MOS) techniques. GEC hopes to 
benefit from the production 


expertise in the new factory to 
tailor- 


help it design and produce 
made circuits 
Some of these special circuits 
(for example those for telephone 
equipment) may need to be. pro- 
duced in relatively large volume. 
These could be manufactured at 


tbe joint GEC-Fairchild factory. 

lacfe 


However, GEC at preset 
plant suitable for making high 
technology special circuits in 
modest volumes. For this pur- 
pose. Plessey's factories clearly 
would fit in well with GEC's 
longer-term plans with Fairchild. 

Plessey, for its part, is thought 
to be reluctant io part with a 
semi-conductor operation which 
has contributed signfiicantly to 
its product developments in 
defence, radar and communica- 
tions businesses. 

However, it bas become clear 
to the company that the enor- 
mous investment will be needed 


to stay level with - Its inter- 
national competitors. 

Even with Government help, 
the cash requirements may prove 
to be beyond Plessey's reach, 
particularly if it wishes to 
develop more profitable parts of 
its business. Earlier this year, 
it had talks with the NEB about 
tbe problem, but without result- 
cost of investment in semi- 
conductor technology is expected 
to continue to rise steeply during 
the next decade as circuit 
elements become smaller and 
smaller. 

Plessey also faces an acute 
dilemma about what to do with 
its newly developed techniques 
for making high-density magnetic 
bubble memories. 

Although . its research is said 
to be well up with that of the 
leading U.S. companies in ihe 
field, very large investments 
would be needed to build up 
enough production volume to 
compete in world marekts. 


Midlands, E. England. S. Wales 
Cloudy, rain. Max. 14C (57F). 


BUSINESS CENTRES 


AmsTdm. 

A ihe ns 

Bahrain 

Barcelona 

Belfast 

Belgrade 

Berlin 

RmiKhm. 

BriKbaoe 

Brtolot 

Brussels 

Butlapo-H 

B. A,res 
Cairo 
Cam ur 
Chicago 

CoIOBJi' 

Ca unh&n. 
Dublin 
Edinburgh 
FYanMnrt 

OTH.-H 

T! la ssow 

H. Rons 

Jo’burt 

Lisbon 

London 

Luxcnb's 


Y'dajr 

tnl rlrtn r 
■C “F 

r 17 « 
can 
s 32 
F 23 
C 13 
S 21 


BO 


ie « 


MsJSrW. 

Maachstr. 

, Melbourne 
Mexico C. 
Milan • - 
Montreal 


Y’day 
midday 
•C ®P 
S a 77 
C 17 S3 
F 26 68 
IS B4 


X. Wales, N-W-, Cent N„ ISLE 
England, Lake District Isle of 
Man - 

Cloudy, brighter later Max. 
12C (54F). 

Borders, Edinburgh* Dundee, 
Aberdeen, Cent Highlands, 
Moray Firth, NJE. Scotland 
Sunny intervals, showers. Max. 
IOC (50F). 

S.W.. N.VV. Scotland, Glasgow. 
Argyll* N. Ireland 
Sunny intervals, early showers. 
Max. IOC (50F). 

Orkney,- Shetland 
Sunny intervals, early showers. 
Max. SC (46F). 

Outlook: Mostly dry in tbe 
north, some rain in the south. 
Temperatures near normaL 


s 20 w 


HOUDAY RESORTS 


IA » 


1*5 6l 
30 


Moscow 


Munich 
Newcastle 
N'«rw Yoi* 


as 

5 41 
W <4 
18 fl4 
11 S3 


iW.OsIfl 
-1 £5. Parts 
= 72' Perth 
3(1 ss.pruat 


C 
S 
s 

F 

s 

C It 52 
s at 7» 
23 
li 
3 


16 61 1 Ri'vWsrflc F 3 
1G . St | Rio da J'd G *1 
=1 79 Rome • ? 23 


, Rom* 

„ in SQiStogapafe 
c 1*1 SVSlocWHJhn 
£ 15 59'Sfrastwa. 
£ 17 i*3J Sydney 
S 15 jn | Tehran- 
C 15 59, Tel ATif 
5 *-• 73'Tatoro 
s 23 73; Toronto . 
F 12 77 Vienna 
5 IS lil! Warsaw 
S IS 641 Zurich 


r 
c 
F 
K 
S 
S 
F 
S 21 


73 
ii 

37 
71 

ra 

28 S3 
12 St 


70 
IS tH 


S . 25 -73 
V SS 73 
C 20 6S 
C 10 30 
S 21 70 
S a ® 

S 13. S3 


AJbccIo 

Algiers 

Biarrlla 

Blackpool 

Bordeaux 

Bauloanc 

Capo Town 

Corfu 

Dubrovnik 

Karo 

Florence 

Funchal 

Gibraltar 

Guernsey 

Innsbruck 

Inverness 
Idc of Han 
Jersey 


Vday 
midday 
*C «F 
2D 6S 


Lax Pima. 

Locarno 

Majorca 

Malaga 

Malra 

Nairobi 

Naples 

Mire . 

Nicosia 

Oporto 

Rhodes 

Sa labors 

Tangier 

Tenerife . 

Tunis 

Valencia 


Y’daor 
midday 
•c -F 
C 27 SI 
S 2D 68 

S 23 73 
S S3 
Y 
S 
S 

S 22 72 

2 


2t 76 
23 73 


21 
28 

13 
28 

14 

14 571 Venice 

is «r 


s 

F 22 
S 24 


SI 

72 

73 
20 tS 


5 

S 29 82 

V 19_ B6 
S 33 73 

Y 23 73 
S 20 68 


5— 4>unny, 


F— Fair. R— Raioi 
t'B — Fog. 


C— Cloudy. 


At the same time It is finding 
it hard to raise prices pcocxptly 
in some markets .interna- 
tional price-cutting in cephalos- 
porins is hurting.:^ margins. 
Vestric, the wholesaling sub- 
sidiary, has also seen -jnargiiis 
shrink with a 19 pier cent 
growth in sales leaving trading 
profits only 9' per cent: higher 
at £7m. Starting, winch has 
helped earnings' ~ttr previous 
years, has had hardly anyr over- 
all impact over, the yean 
Meanwhile research . end 
development costs are rising to 
around £25m in tte.-'anrent 
financial year against £2Dm in 
1977/78 — and working capita], 
which rose 28 per cent in 
1976/77, continues to grow quite 
rapidly; with 'Stocks up around 
15 per cent at £17Qm..at June 
SO this year. Glaxo still has very 
large quantities. •. of ' cash - but 
short-term liabilities have risen 
to £63m from £226m as-a reault 
of the Meyer acqu&tiqn and the 
repayment of its. 8 per cent 
D-mark bond. These operations 
have brought net liquidity down 
to. £23m from £60m. over, the 
year. • 

This year Glaxo will.carry but 
a major U.S. - product launch 
through Meyer, while Trandate 
and Zmacef should .begin, to 
contribute significantly to 
overall profits. But it may lake 
some time to move off the pre- 
sent plateau, and the shares, 
which at 605p sell .at over 12 
times fully taxed earnings, yield 
only 2B per cent - " 


,£m 




itOOl 



19745 19756 1976* 19778 



Phase IV loophole 


Now that the phase IV round 
of pay negotiations is under 
way — and companies find them- 
selves crunched up against the 
5 per cent limit — attention is 
likely to focus on the Govern- 
ment’s new share -incentive 
scheme for employees. Al- 
though shares may not be 
allocated under such schemes 
until after April 5, 1979, there 
is nothing to prevent com- 
panies entering negotiations 
now^— or back-dating profit-shar- 
ing arrangements to cover 


accounting periods' which end 
after the effective date. .The 
main reason for- considering 
these schemes now is that 
profits shared under approved 
schemes are exempted from the 
pay guidelines. 

These schemes may be en- 
tered into by either quoted or 
unquoted companies* though 
the chances are that their use 
will be more common in the 
listed sector. The. basic rule 
is that each employee is en- 
titled to a share of profits jn 
any year up to a maximum - of 
£500. The funds so . allocated 
are then used to acquire shares 
of the company. And if these 
shares are held for .at least-five 
years, tax advantages accrue. 

The tax incentive is graduated 
depending oh the period for 
which the employee bolds the 
shares; between five and seven 
years the percentage of original 
value (or sales ' proceeds if 
lower) liable for income tax is 
reduced by 50 per cent. For 
holdings of between seven and 
10 years the reduction is 75 per 
cent, and for 10 years and oyer 
there is ho income tax liability 
at alL: . 

: It, may be felt . that -trade 
unions would have little interest 
in share incentive, schemes, yet 
in the. present conditions they 
do offer scope for bargaining. 
At any rate, such js the antici- 
pated, interest that already the 
Inland ' Revenue’s technical 
division has set up a special 
unit to give formal approval to 
individual company schemes, or 
toVhave informal discussions 
with companies and their pn> 
fessional advisers. Accountants 
Dedoitte Haskins and Sells are 
also expecting considerable 


client interest 
publish a book an , 
titled “ Shares for. E. 

for general release. 

' Listed companies -x 
ing share incentive i’ 
have to' get • their / 1 
approval in general r 
before going ahead^ ^ ^a 
tar problem here K.yffi*j 
of the institution^-.! 
generally operate 
guideline for the . 
employee- shares, tal l 
Investment ;Prot&it&jf5 
mittees of bbtiL r : £^|L 
tnsuranoe Association^ 
National Assbdatfoik?- 
Pension : Funds, are .ttif 
considering the matter,^# 
pronounce wi thin 
Among the : poasitnlhieo 
examined, are iraisihg':^ 
to 7i per cent, 

-limit on the ‘perceffia^^ 
tax profits -• which voifer 
allocated annually. 


% 

k% 

u 


Freemans 


Freemans has 
of the first companies. 
its dividend hd 
profits under the 
cover provision in the'stat ' 
controls. Its. interim^ jjgl 
rises a full 30 per.cfcz^jg 
ing a rise from £&5m%j 
in .pre-tax profits- 

Sales have risen, 

21 per cent during ft 
compared wife ’ 

17 per cent fpr .ihe'j^^ 
sector as a whale^. ^S;^ 
is up by nearly H-bcr^ 

This 'rate, of^sales ^ ' 
likely to contmJKrmSr ; 
of the year. .Tborqte'j 
increase cottd tatf;^* 
since the half-year,^ 
flattered by . 
period that had 
finance costs aadf 
provisions f . against?! 
stocks. Still, 
be heading for j.. 
pre-tax. for ithe fyeaFA* 
just ..over . £13m^«ri»k^' 
probably repress 
forinance atoohgf fbe:^ 
ent mail order bouses^ 
would leave the sharet^a 
to 405p yerierday; ssffifg 
fully taxbd p/e ofalwof'ti-- 
a yield of J^hajsuMl# 

That is obviously 
ing rating. Huf tbe feceffi? 
record is one of the bea; 
non-food retail sectnK; Ai' 
the long term Freemriv t 
enthusiastic about the sltt 
introducing improved «k» 
systems into the 
sector. “ 




: 3 




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r