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No. 27,685 


Wednesday October 11 1978 


'■at, 


***15p 





developments 
for industry 
and commerce 


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Str atfoi driujOT^^ypn'^^fet'^TJTBS 4286 * 


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GERMANY PM 2.0; ITALY L 500: NETHERLANDS FI 2.0; NORWAY Kr 3.S; PORTUGAL Esc 20: SPAIN Pta 40; SWEDEN Kr 3JS; SWITZERLAND Fr 2.0; EIRE lSp 



general 


BUSINESS 


H Arabs 
summon 
talks on 
Beirut 



dip ; Gold 
at new 
high 


• EQUITIES faltered around 
mid-day after an encouraging 
With sporadic shooting con- s,art - and the FT ordinary index 
tinuing in Beirut, States hack- cIosed <>-9 down at 509.3. 

2* ' » in* • GILTS were mixed and the 

IV J” U ' ban ° n ha '^ erf,ed Government Securities index 
emergency , meeting lu dowd aachange d at CU7. ' 


• TIN and PLATINUM prices 
rose to new peaks as standard 


c„ . 


nsr,. 


an 

• ... discuss the crisis. 

Lebanon's President Sarkis • STERLING rose SO points to 
announced the weekend meeting 8L9835 and its index fell to 62.6 
- i fte f- ho!dins tail* “ Saudi (62.7). The dollar's depreciation 

' , ai |£ before ¥ l eavi "S for W as unchanged at 9.6 per cent 

funner U Iks in the Luted Arab - - 

' E| ?, : V? U * S - (0 GOLD reached a new peak of 

Military officials in Israel $2255 for a rise of $32 in 
claimed that Soviet citizens and London 
diplomats had been pulled out 
•" Beaut and .that this could 
herald a new Syrian attack on 
. Christian forces. But Associated 
Press said this report appeared 
inaccurate as the Soviet' Embassy 
continued to function. 

Egypt’s delegation to the 
Washington peace talks with 
^Israel left Cairo yesterday, and 
. later stopped over in Paris to 
brief French leaders on the 
.projected peace treaty. Israeli 
security forces have arrested 
more than 1.000 Palestinians on 
‘be occupied West Bank and 
; Gard Strip in the past six months 
■ is guerrilla activities against 
Israeli targets escalated this 
-/ear. Page 4 


Schmidt in Tokyo 


.Vest German Chancellor Helmut 
jehmidt arrived In Tokyo on a 



nur-day official visit to Japan. _ . ni9 ». fA 

fe is expected to discuss world F° Be by t0 

conoraic problems, preparations ^ «,408.5 a tonne. Page 26- '. v 
or next summers Tokyo summit & wait • c thkf t im 

iee Ling, and relations with the • Srif. 8 ™!!? ^LZ‘ ■ v ■?. 
Russians and Chinese. Page 4 89a27 just before tte dii?fc 


Varnke to quit • money supply resumed. 

. . . _ ■ . -.upward trend last, month- ?»?: 

resiaent Carter has Accepted ihe-sharp dediueMh Ai&E 

■at arrrS'mBfSnf m accoedlng to latest, banking. 

?ul ^rnkp fiEUres - Page; Editorial: 

jul Warlike, who was criticised comment. Page 18 r 

» some Congressmen for being M 

too soft ” with the Soviet 


Tough line on 


wage bargaining 


Ford fails 
to make 


by Mrs. Thatcher 


new pay 
offer 


By Alan Pike and Philip 
Rawstome 


3Y RICHARD EVANS, LOBBY EDITOR 


FORD MANAGEMENT failed 
lo make a new pay offer to its 
57,000 manual workers when it 

iw T»/r , _ met union negotiators under 

Mrs. Margaret Thatcher, the Conservative Leader, spelled out last night the £ undi * ioos or free collective 
economic realities that would face the trade unions when an incoming Tory instMUl 

administration lifted Government restraints on wage bargaining in the nrivafo devoted most or the 2 i-hour 

ector o o o r meeting — which took -place 

only hours before senior TUC 

a scries of television inter- panies time allowed settlements But as this situation would be 
views on the opening day of the beyond their means could not so drastic, she believed a 
conservative Party conference at expect to be rescued. Government would get voluntary 

Bnsliton, Mrs. Thatcher adop.ed .. Firms must aink „ cooperation. 




than Mr. James Prior, the parly’s S e maritet. 
emn nvnutni cnr-tdi-mnn ...i — marKet, 


es out of 


On the 


Thatcher 


public sector, 
re-emphasised 


Mrs. 

her 


employment spokesman, when he S “Sue else 1 ^oney party's. determination to impose 
wound up the conference debate «“ue thSS you 5 »i£ strict limits t0 ensure ^at 
on industrial relations. tert oeS ’ from Se wages. did " ot beyond the 

Her comments on operation of quences of tbenr own actions " individual industries could 
market economy and use of Sheltered actions. ?fr ord. she believed this policy 

incentives will go some way to M rs- Thatcher came 


fif/w!? strongly against any norm, time had come to abandon a 


had every chance of success, 
down jter overall view was that the 


|U... . . — , auvugijr iloiUUJl All, IIUI III, lima 

nnr . ^, J!. Ce ° tly - ********* though she accepted that there S 
anrf l ‘ V iK ltltudc5 t0 Jnconies policy could be a target figure that the 

JS!L !*M ro * pe ? a re u lUrn to would aUow a wide range of Jheir maiuunai ro.* of coiiec 
f^rH^vle^ Vp^d 8 ^ ^S^. b “' d0a; ‘ C<>mpani '' s ’I™ op behalf of 


pay policy and to persuade 
rade unions to return to 


more akin to those of Sir Keith 


tiieir members. 

Josenh hpr nnli;v' a rf'vi<or ’Z: But a bas * d on 3 ^' ct Tb® tone of her wmments will 

Mr lcy adv,^ ’ er ■ percentage figure for everyone, sharply increase interest in a 

MiC' Tw*h.» _. — — —— ,, ^ regardless of output, was in her speech Mr. Edward Heath. 

Thatcher stressed that view, a recipe for permanent former party leader, intends to 

try cou d ?°L a . ffo [. d P ay make ar the conference today 

increases not matched by higher Asked on BBC television if in the debate on the economy, 
productivity, and that union ihere could ever be -a statutory Sir Geoffrey Howe. Shadow 
negotiators would have to come incomes policy under the Tories Chancellor, will be the Front 
to terms with this. — which Mr. Prior appears not Bench speaker. 

proposal would be to lift to have ruled out entirely — Mrs. Mr. Prior adopted a more 
all Government restraint on pay Thatcher said she beLieved not, cautionary line than Mrs. 

negotiations, and leave it to in practical terms. Thatcher- in the opening debate, 

employees to reach a responsible The only circumstance in but he accepted that “a rigid 
bargaj ii with their employers. which it might be conceivable pay policy, statutory or imposed, 
Jf they setled for too much would be in very serious eco- is not the answer." 
they would price their company nomic conditions when interest He agreed that after three 
out of the market rates were high, and there would years the time had come for 

And she stressed that com- have to be a freeze on wages. Continued on Back Page 


Conference report. Page 10 • Men and Matters. Page 18 



olIs-Royce set to win 
jet engine order 



nion. Ur. Warnke. director of -• 


le U.S. a nns conteol and dis- ™ *■»■* *« BY RtyPERT CORNWEU. 


AC W.u. a A UI9 UUJIUUl <t I KU UW" C _^., _ _ _ _ a . v 

■m ament agency, has been nego- ^ ® rst £ 

atins with Moscow in fha ?f 1978-79 financial year has 


HOME, Oct 11. 


rategic arms todtiion taiS bM^morejhan ^nbfe the Ievej| BOL ^' p R 0 ^ t E *3^ *J$i To ™A°:. 


age 4 


of the same period- last year.l aa Mpwwn^wder, possibly joint development by the UK, 
Back Page V I worth up to £150m, to supply Italy and West Germany. 

.3 j et en gj nes f 0r «* — ---* *- *»- 




Although nothing has yet been 

. _ . - . , , , against the rimice of a French 

shot */•" ohnit en Sines for a new It is estimated- in Home that believe that, after an initial 

nc&sia'.rcz.i.K; oirul # INDUSTRY^-inancial position *5^ a" d medium-range fighter the Italians may meed between period, the Spey 807 will be built 

shot dead a Rome 5^ to. ifei wosst level for four scheduled to go m to service with 150 and *j 0 of the new single- under licence in Italy— probablv 

agisiratc. 65-year-old Girolamo vears as a re6ttIt 0 f a squeeze on !^ ft ltaUan forcB 10 1116 “id- en 3^ ed aircrafL .The most re- with Alfa Romeo as the prime 
artaglione, at Ms apartment p^ B and Sr capital spend- 1BSOs ’ ? U8 «f St, f ^ e ^M-X contractor, 

lock and escaped in a car driven jug, company accounts statistics The aircraft, known as the Siy' If 6 ?? 11 This would also give Italian 

y an accomplice. The Red ^ow. Back Page AM-X. is a joint venture between iSfSiHn ■ 1 d p e authonties the political advan- 

ngades uroan guerrilla group , • Aeritalia and the privately „ f tage of permitting a gesture 

aimed responsibility for the ^ LI#OYDS BANK is to- set uo a owned Aerimacchi. Political i5 re t». t f St «i.^y a, }^ aBe 1 0T t° wards the under-developed 

™ ! ; h ^ t 'v';» r 1T p h a „ a ? ibUted t0 * 1 .ulhortatlonT .till ^ SWf'SffibUtoTl 2221. wb ?l e the s, “ ,& 

,em this year. Page 2 ^ control ilfi clearing bank but -technical problems hinder- gj S p“y Th^ ls uSormnt now &*? B , C T Pan J 

{ eat h row robbery K"B« “ ^ ^ «« g*- i ou d L ea Ind ha J r r e u"SJT Se^SentT^kKx ments n,ade substant,al invest - 

S ffi 53W, ass ^rJ52fWSST«SS 

■£ SEr"?. Tas-2. to *' ** «w« is .0 be .nTsyara tsc 


•ephen Raymond, aged 33. was 
iled for ten years at the Old • FIREMEN have been told 


tiley after being found guilty expect a 20 per cent pay rise I A®® in preference to French, met 


macchi for the Spey 807 engines 


leaders met the Prime Minister . 
at Downing Street — to an 
unsuccessful attempt to end 
the strike at the company’s 
plants which is now in its third 
week. 

Ford had hoped that its 
undertaking to negotiate 
responsibly under free collec- 
tive bargaining might he 
enough to persuade union 
leaders to attempt to call off 
the official strike. 

The company asked for an 
adjournment until Friday after 
union leaders' demanded 
details of the company's offer 
before deciding on the future 
of the shrike. 

A firm offer to the Ford 
workers is expected at Friday's 
meeting. The company will 
now be able to watch any 
farther developments on the 
pay front, including today's 
meeting of the TUC economic 
committee, before unveiling its 
plans. It also demonstrates 
one final attempt by Ford lo 
get its employees back to work 
before straying outside the 
Government guidelines. 

Mr. James Callaghan made 
it clear when he met union 
leaders last night that the 
Government Intends to stick to 
its 5 per cent pay guidelines 
until the TUC produces an 
alternative policy which would 
ensure a continued curb on 
inflation. . 

Despite the early blows to 
the Government’s policy, Mr. 
Callaghan was said to have 
shown no sign of accepting a 
higher pay norm for the 
coming year. 

The • Prime Minister, stress- 
ing that the control of infla- 
tion remained the Govern- 
ment's first priority, pat the 
onus firmly an the unions to 
suggest a better alternative to 
the 5 per cent limit. In what 
amounted to a re-ran of his 
speech to the Labour confer- 
ence, Mr. Callaghan asked the 
onion leaders how they would 
introduce greater flexibility, 
help -the lower paid and Keep 
wage costs at a competitive 
level 

Mr. Callaghan, accompanied 
at last night’s informal dinner 
by Mr. Denis HeaTey, Chan- 
cellor, and Mr. Michael Foot, 
Lord President, also made it 
clear that he expects. the more 
detailed discussions which will 
follow to cover longer term 
questions 

GBI to reassess backing for pay 
limit Back Page 




discrimination 


BY TONY HAWKINS 


SALISBURY. Oct. 10. 


RHODESIA’S transitional classified as high fee-paying low 
Government .announced today fee-paying and non fee-paying, 
abolition of all racial discrimina- Admisison to the high-fee 
tion, with all schools, hospitals schools, which will be the existing 
and residential areas prevously white schools, will be on a zoning 
catering for whites only thrown basis (there will be be no 
open to all races. “busing” » so that children will 

Racial segregation has been h ^ ve L ° H ve ^ zone before 
replaced by the ‘‘ability to pay" can att 5‘ nd 3 5 |Ven school- 
criterion. J v Th e non-fee schools will be 

Making the announcement to- those in the tribal trusj lands 
day, Bishop Abel Aluzorcwa. one accommodating the children of 
of the three black members of African peasant farmers, white 
Rhodesia's executive council *he low-fee schools will be exist- 
said: “It is finished. All racial iE 2 hl: *ck schools in urban areas, 
discrimination is scrapped. I am Academic, age and language 
so happy I could jump on the qualifications will also supply, 
top of the roof." with children having io be pro- 

His announcement paves the ficient in the language used in the 
way for an end lo nine decades different schools. c ,_ 
of legalised race discrimination , ,n addition to the State-run 
in Rhodesia schools, private schools will con* 

The moves will, however, be ymJe to operate as at present, 
implemented only after they and Provision is made for com- 


have been approved by. Parlia' 
ment, which is due to sit again 
late next month. This means 
that race harriers will probably 
come down in December or 
January. 

Critics of the transitional 
Government are already saying 
that the abiliiy-to-pay criterion 
will ensure that de facto dis^ 
crimination is retained, citing 
the 11-to-one gap between the 
average white and the average 
African wage. 

Despite this wage gap. in some 
private schools in Rhodesia, 
where fees are very high and 
there is no racial discrimination, 
blacks already constitute more 
than one-third of total pupils. 


A resolution mildly censuring 
the U.S. far the decision to 
allow Mr. Ian Smith and the 
Rev. Ndabaningf Si thole to 
visit the country, in contra- 
vention of a 10-year manda- 
tory UN resolution, was 
snhmitted to the Security 
Council. It expressed “ regret 
and concern " that the two 
Rhodesian leaders were given 
visas, and calls on the Ameri- 
cans to observe scrupulously 
Security Council resolutions 
about sanctions. 


stealing £Sm from Heathrow, this year as a result of the | U.S^and Ang Jo- German rivajs. it V as this consideration, it is was^xpected'to^be signed* test 



oversee- 


rport two years ago: The settlement reached at the end TJie AM-X wtil replace the Fiat understood. which weighed week, but points of detail still 
osecution alleged that Ray- of - their strike last winter. which has been in opera- against the choice of a French bad to be clarified with IS Italian 
end. who obtained a job .with Page 11. tion .for ore than 20 years. As engine or of General Electric’s Government m rami tee 

security company., drove to . ?J?* rafl “ tended highly sophisticated but rela- fag the AM-X SEE* 

ea throw with an accomplice • ALGERIA and Sweden have ““jj ® eld W™ - llve . I y untested GE-404. Another Rolls-Royce would not confirm 

g id drew money in various eur- signed a provisional agreement “Ons, with perhaps an anti-ship- engine m the -running was a that it had won the order hut 

| -ncies, pretending the packets far Algeria to supply 1.7bn cubic it is seen as com- variant of the Anglo-German an announcement is understood 

are wrongly labelled. -metres of liquid Natural gas a Plementary to the Tornado-the RB-199. which poW the to be imminent. 1111(1615100(1 


. . _■ year for 20 years at a cost of 

elegraph dispute $ 2 ^ 0 . page e 

■osh moves were made last ... . ' ,, 

ght to settle the Daily Tele- • EEC INDUSTRY Commis- 
anh printers' dispute as the sioner has made a strong plea 
‘ws paper cancelled production that the Commission should play 
its London editions for the a greater role in formulating the 
venth night running. The Community's industrial policies, 
anagement said agreement had Page 3 
en reached on a further meet- 
a with union officials. Earlier COMPANIES 
>ry. Page H 


Dividend curb loophole closed 


BY ADRIENNE GLEESQN 


TEE TREASURY has made an Inflation _ 


(Dividends) Amend- deep discount as a . means 


of 


. riefly - - - 

-ternationaJ Confederation 
Trade Unions 


7 A ,“S :*“£ DS J“ N £ SS? for SS re^e m ^e? t Ch iS - UeS -™ 


has 


of 
con- to 


a 75 per cent rise in pretax I ■ i I Jr j ueuuci.uie mierest or oivi- mg number of co 

profits from £18.13m to £31.67m I ® 0 ° :9ld ® ratl0,1 - The dends payable on them from the resorted to the u 

on turnover, up from. £159.7m I hSI 61 • des ^ ned j^ j rlD j e 3 av aiteble for distribution as farms of capital at 

' H 1 hole m the dividend control ordinary dividend. 


■ee iraue uuh/iu it* £277.4m, helped by. an fwni ),«i n _. , ... «» » “ whus. to ooost 

mned jail sentences imposed in increase in profitability of UK , made Wlth controls will permit .the payout to shareholders. In 

- inisia. Two union leaders were operations. Page 21 th» t0 shareholders of the past year about 50 companies 

lftrt for ten vears and 14 others . cut ™ recent an amount not less than that have made such preference 

• OCCIDENTAL PETROLEUMS stream oi preference issues which would have been avail- shares issues, amongthem 
- tesserpe . proposed Slbn takeover of Mead which have been given as a able had the issue not been publicly-quoted compames like 

hiopia denied that Erftreah Corporation has been - sharply bt ™. made. GreenaU Whitley and Auto- 

bels had shot down an aircraft criticised by the- Ohio State " The Treasury said yesterday: It is still open to companies to motive Products 

:rying troops and military securities official fallowing last _This te not a swipe at the approach the Treasury for per- Payment of interest or divi- 
pplies- month's hearings. JPage 22. Ctty. This sort of thing lands mission. to increase their payout debds on stock or shares other 

• orge Best, accused of breaking '_ rrwc , T __ “ ^ Irth tires ,°P® adntiDJstration. by more then the current 10 per than ordinary shares, when 

•ootract with English club Ful- • w !? u l <I S t . have bo !? eT 5 d £® nt j™ 11 on dividend increases, issued for full consideration— as 

m. has been banned by the I-SI+ iSf U™?™” # hadD k ‘ been a steady pe/IYeasury emphasized jester part of a genuine capital-raising 

: ernational Football Federation sro“ p r r Vi“2S. r .tJr Hn 611 ch issues. It was day that the new control would operation— will not be affected. 

«n playing football virtually proftflor ttie ywrttTjune l&use” 05 ** ° bv,ous source administered “sensibly." All other aspects of dividend 


or diyi- ing number of companies have 
issue of other 
a similar dis 
count, or as a bonus, to boost 


where in the world. 


. 30 from A213.99m to A$l3.4m. 

itain "has' a baby boom- Birth The result was mainly affected 
•istxations 5n England and by the .purchase of the New York 
lies last month were 4,500 up Post Page 24 
the woe psrioa Jaa jear. . ASS0CIATED B1SCUIX1 


Since an end was put to the controls are unaffected. 


The new order— the Counter- issue of ordinary shares' at 


Lex Back Page 


atoly Karpov refused to a crept Maniifacturers pretax profit fori European news l 2-3 


CONTENTS OF TODAY’S ISSUE 


offer of a draw from Viktor^ - the 36 weeks to September 10 
retro oi fa tbfi 30th game in was little - changed at £4m 
‘ .rj-ir chess championship and the (£L02m) on sales ahead from 
S ne was later adjournedi £116.54m to £X29.Z8m, Page 20 


g£8 


m 


. 4' 


American news 4 

Overseas news 4 

World trade news 6 

Home news— general — . 7-8 

— labour 11 

Tory conference 10 


Technical page 14 

Management page 15 

Arts page 17 

Leader page 18 

UK Companies 20-21 

Mining 21 


IirU. Companies 22-23-24 

Euromarkets 22 

Wall Street 25 

Foreign Exchanges 24 

Farming, raw materials ... 26 

UK stock market 27 


<i';y 





KIEF PRICE CHANGES YESTERDAY 

.ices in pence unless otherwise Rlcaido 335 + 7 

Indicated) 


*■ 


, RISES 

351 + 9 

r &.WAT A 175 + IS 
:s Gowerton «.... 116 + 4, 

Owning (G, H.) 145 + 8 

^Midland Allied A' 70 + 6 

fSrrison (T. C.) 118 6 

Svden-Stuart ' — . .72+4 

% 487 + 17 

|yd5 Bank — 258 + 6 

lidan & Northern -88i'+.4f 

L Hldgs. - 220 -f .10 


Second City Props. 45J+ 3i 
Sotheby P3. S23 + 8 

Tr afford Park Ests.... 134+5 
Wolstenholme Bronze 280 +10_ 
Anglo American Crp. 371 + 15 


The problems of Plessey ... 18 


Why the Frendi said “non" 
to Lucas 19 


FEATURES 

Norinchukxn Bank: Surging 
ahead on rice harvest ... 24 


192 + 4 
419. + J6 
1S5 + 5 
995 +43 
785 +23 


Hand Educational 225 + 45 
dem Engineers ... 40 + 5- 
rgan Edwards - ... 72 .+ 6- 
>d Inti. — .1 172 :+ 5 


Cons. Gold Fields 
‘ D e Beers Defd. 

Minorco 

.President Brand. 

Sl Helena •. 

FALLS 

Amal. Power 

Empire Stores.. 

Freemans 

- Glaxo — 

Grattan Warehouses 111 -20 
-Lonsdale Universal... 87 — 4 
March wiel ... ........ 126 — S 


Paris Bourse; Investors side- 
step taxman 23 


Portngal: Widening gulf 
between workers and 
management 


Irish telecommunications; 

. Worst In the EEC 3 

Round Britain: Shetlands ... 16 

Skateboarding: Craze that 

lefa a maze. of debts 28 

FT SURVEY 

Aluminium 29-32 


249 — 7 
172 - 5 
395 -10 
5 SS -17 


ApKlnuneitta ........ 

Base Rales 

Bldg. Sec Rates ... 

Crossmnt 

Entertalurtnl Clide 
Eurspean Outs. 
FTWlctaarfas lgdkn 


zr 

zs 

21 

u 

u 

25 

27 


Leuen . 

Lex 

Lombard 


Men and Mutters .- 
Many Market „„„ 
Rating — 


It 

H 

W 

u 

24 

u 


SaJorown 

Shore Information ... 
static Exch. Retort 

Today's Events 

TV and Radio 
Unis Trans 


7 

30-35 

27 

19 

U 

S3 


INTERIM STATEMENTS 
Assoc Bite. Mnfrs. 22 

T. C- Harr won 22 

Inter-City Inv. Crp. 22 

Warac Wright- Row. 2J 

ANNUAL STATEMENT 
Amoy Roadstuo Cp. 23 


For latest Share Index 'phone 01-248 8026 


. _ r -— munity schools which will have 

The timing of the announce- the right to maintain cultural or 
ment is important. It comes religious identities, 
during the visit to the U.S. by No person will be barred from 
Mr. Ian Smith, the Prime these community schools on 
Minister. and the Rev. grounds of race or colour. 

Ndabaningi Sithole, another The provisions for education 
black member of the executive and health are to he entrenched 
council. The aim of this visit in the new constitution, due to 
is to win support for the internal come into effect on December 31, 
settlement agreement of test Entrenchment implies that the 
March. The two other signatories provisions cannot be amended 
of the agreement. Bishop without at least 78 members of 
Muzurewa and Chief Cbirau, the lOD-seat Assembly voting in 
teave far the U.S. an Thursday, favour. This means that at least 
The transitional Government six of the 28 white MPs would 
has agreed that European have to support any changes, as 
residential areas will be open to well as all 72 black MPs. 
people of all races, thereby The present structure of health 
abolishing and the Land Tenure services is to be retained, but 
Act hitherto whites-only hospitals 

Two amending pieces of legis- will be open to all races 
lation will be ti liked wili land & Rhodesian Combined Opera- 
tenure abolition aimed at ensur- tions Headquarters announced 
ing that “the present level of that 30 guerrillas. 24 guerrilla 
standards" is maintained in recruits and eight collaborators 
existing white areas, and that had been killed by security 
only one family is allowed to forces in the past 24"hours. 
occupy a property, with family Ten black civilians, including 
defined as parents and their an acting chief, had been mur- 
children only. dered by the guerrillas. 

Communal tenure will be In the first nine days of this 
retained in the. African tribal month 234 people have died in 
trust lands. _ but established the war. including 111 guerrillas 
business and industrial areas in and 65 recruits and collaborators, 
tribal lands will be thrown open Four whites and 54 black 
to all races and noL restricted to civilians have been killed by 
blacks. guerrillas. 

State-owned schools will be Zambia rail link Page 4 



The 
fastest 
way to 
South 
Africa 


■■■/•• V . ; ; • " 

747 Jumbo leaves Heathrow 




k- 


Ck- ■ 1 . . On Mondays and Fridays, 
l-J : it’s non-stop. And on Saturdays 
|v- • there’s an additional ndh-stop 
if -flight to Cape Town / 

: All of them will give you 
the sunshme treatment afi 
the way. 

And all will connect with 
k : pur exclusive route network - 
to 12 other destinations . 


P:Y- 


if-- 




: throughout South Mica- 




South African Airways 


k'-t’ 


Pwdwaflj. con^-i.vauiurA ic^l ^viu oi • 




pj •' • ‘ .' - • * ‘ * ‘ ... 

in ,i.. , ... 


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j^nsseh.Stoc^ 


we ean put your name in lights. 

correspondents, and banking cormmmiiies like SFE 
and Associated Ban Iu>' of Europe (ABECOR). 

"With this network " ' 


We know tlio market. 

Af Lei' all ii was one of our conn trymen, . 

V*m do Burden ol Bruges, who originated and gave, 
his name to the "Bourve"’- l'rench for Stock Exchange. 

So it seems oul y right that a Belgian bank 
- oars -bus originated a new way to tise-the Belgian 
Stock ExdiangeA Wve opened it to international 


— - - we can Jielp get your name 

known round the world. Plus offer you the same 
range of financial services you expect from anv 
major international bank. : - 

_B\it what makes us different fi'om these other 
banks is our individual attention to each client's 
individual needs; our reluctance* to stick to the same 
old answers; and our willingness totiyoutnew 
answers. 

Iite the day' we first puL a client's name in 


companies so that they out get known in Europe and 
have access to the European Capital Market. 

Join, the other stars. . 

Ever since 2052 we have used this unique 
method to put foreign businesses on the Board. 
Businesses like LB3.L*lNGO, General Motors, 
Peugeot,.- 

Wc offer you international connections too. 

\Vc don't just have lOoO retail branches in 
BelgiimiAVe also have an international network of 
subsidiaries, representatives, affiliates, associates, 


banking, 2 matter of people 

We are {he ABECOR hank in Belgium, Mamixfaan24, SOSO Brussel Tel. 02/SUM.&L Telex 26392 BBUJSf 




Judge shot 
dead by 


Brigades 


ROME. Oct. 10. 


Calls for control of Spanish arms trade 


BY ROBERT GRAHAM 


MADRID, OcL 10.- 


nutuci. ytL. am. , , nn( . n i 

A SENIOR official of the Italian CD "“ D ‘ 


SPAIN'S discreet but significant 
place in the international arms 
trade has begun to come under 
scrutiny here, with calls from 
] politicians for Parliamentary 


Justice Ministry. Si?. Girolamo 
Tartaglione, aged 65- was shot 
dead at his home in Rome today, 
and the Red Brigades urban ?uei- 
rillas claimed responsibility. Sig. 
Tartaglione. a Rome magistrate 
who also served as the Justice 
Ministry’s Director-General for 


Information on defence sales 
and arms dealing has tradition* 
ally been kept from the public 
and covered by rules of military 
secrecy. However, opponents of 
this secrecy and those concerned 
at the final destination of 
some of the arms — especially 


Penal Affairs, was shot by a [Latin American dictatorships — 
young man as he came down the I have recently been given 
stairs of his suburban block of j encouragement. 


flats. The gunman escaped m a 
black car driven by an accom- 
plice. . . . 

Later, a woman telephoned a 
newspaper, saying: ‘This is the 
Red Brigades. At 14.15 we 
executed Girolamo Tartagimne. 
of the General Directorate uf the 
Justice Ministry." Sig. Tartag- 
Jione was the 17th Italian killed 
bv the Red Brigades this year. 

‘Italian magistrates have been 
the target of the Red Brigades 
and other urban guerrilla gangs. 
Sig. Ricardo Fahna. another 
Roman judge, was. the last 
victim of terrorists. His murder 
on February 14 was claimed by 
the Red Brigades, which kid- 
napped and murdered former 
Sig. Alda Maro, the former 
Prime Minister. 

• Sig. Moro condemned nis 
Christian Democratic Party col- 
leagues as idiots, opportunists or 


On September 24. British 
police boarded a Spanish vessel 
off Rochester and uncovered 
three cases containing 2,830 
Armalite riffles. The cases were 
billed us general cargo bound 


for Bilbao. 

After questioning the ship's 
captain and the full cargo were 
allowed to proceed to Bilbao. 
Last week the vessel was im- 
pounded there, albeit tempo- 
rarily. by the military in view 
of the oulcry here over the arms 
discovery. 

The rifles had been bought in 
Belgium by Barreiros Hermanns 
International, a subsidiary of 
the well-known, family controlled 
industrial group. Barreiros. 
Their final destination has not 
been publicly admitted but leaks 
suggest it was Southern Africa, 
perhaps the Angolan rebel 
group UNITA. The company has 
persistently declined to comment 
on the destination only to con- 
firm that its subsidiary did order 
them. 


The affair has provoked a con- 
troversy partly because of the 
involvement or Barreiros. a 
family linked to the former 
Franco Tegime and alleged . to 
be in the arms trade. More im- 
portantly there is a concern 
about the freedom of such com- 
panies to buy and sell arms. 


Further fuel was added to the 
issue when over the weekend it 
was discovered that 95,100 kilos 
of arms, grenades and rocket 
launchers, were being despatched 
from Valencia -to Chile — arms 
which had apparently been 
ordered in 1976, 


International arms deals by 
Spanish companies, private and 
State-coD trolled, have to obtain 
the approval of the Armaments 
Export Board. 


This is compose d of repre- 
sentatives of the Defence, 
Foreign, Commerce and Industry 
Ministries plus the armed forces. 
Nothing ia publicly known of 
how the Board operates. But 
one newspaper editorial today 
attacked this body for having 
failed to revise its criteria for 
approving arms sales in the past 
IS months since the general 
elections. 

Within Parliament there are 
demands for some form of 
Parli am entry control. The Left 
in particular has pointed out that 
the recent speech at the UN by 
Marcelino Oreja, the Foreign 
Minister, emphasising human 
rights, did not • square with 
selling arms to the dictatorships 
in Argentina; Chile, Uruguay 
and Nicaragua. 


Officially Spain observes an 
arms embargo towards South 
Africa and Rhodesia. Also slope 
last .summer there has .been^a 
freeze on new arms contracts 
with the Maghreb states if 
Algeria, Morocco and Mauntaffia 
in order to prevent Spain being 
accused of bias in the Saharan 
conflict 

In this respect the politicians 
would like to know whether this 
official policy is in fact, being 
respected. . '• ; 

AH arms purchases abroad and 
foreign sales are excluded from 
official trade statistics so there 
is general ignorance of the 
extent of the trade. It is' this 
ignorance which leads to - sus- 
picions, well-founded or not, 
that existing controls are /in- 
adequate. v. >; 


CONSENSUS POLITICS has 
been absent from Portuguese 
life for several weeks. Divisions 
have arisen between the Presid- 
ent and the political parties, and 
between the political parties 
themselves.- In one of the under- 
statements of the year, the 
Socialist leader, Sr. Mario 
Soares. said recently that 
politicians bad been reduced to 
"issuing banalities . . . giving 
people the impression that they 
did not understand themselves." 

Nowhere has this Jack of 
consensus been more apparent 


Widening gulf between workers 


and management in Portugal 


BY JIMMY BURNS IN LISBON 


power-seekers during his 55-day J lately than in the relations 
imprisonment, according to two {between employers and unions 


Italian news magazines. The 
weeklies L'Espresso and Pano- 
rama are publishing what they 
claim is a Red Brigades report 
on interrogations of Sig. Moro 
made in captivity before he was 
murdered jn May, 

The report was among a large 
haul of documents taken by 
police from four Milan flats 
which they raided last week. The 
raids led to the arrest of nine 
alleged Brigades members, in- 
cluding three men wanted lor 
the Moro kidnapping. The two 
magazines released excerpts 
from the report today in advance 
of fuller versions to he pub- 
lished in Panorama aod 
L’Espresso later this week. 

Rumours about the report, 
wbose existence investigators 


who, in the absence of stable 
government, are being forred 
into an increasingly ugly face-to- 
face. 


Although Portugal has not yet 
experienced an all-out union 
offensive against the Govern- 
ment this year, sporadic stop- 
pages and strikes have been on 
the increase, with industrial 
action, as in the case of the hotel 
employees strike in August, 
often affecting key sectors. At 
the moment, parts of the follow- 
ing sectors are suffering from 
unresolved labour disputes: 
chemicals, construction, agricul- 
ture, and airlines. 

Of the latest batch of strikes 
the most serious, both in terms 


heavy charter traffic Into Faro 
airport, the centre of tourist 
movements in southern Portugal. 

Last April, the Socialist/Con- 
servative Government and the 
Communist-dominated General 
Workers Confederation (Inter* 
sin di cai — the Portuguese union 
grouping which claims to speak 
for over 80 per cent of labour), 
reached agreement on a 20 per 
cent ceiling on any further pay 
increases. Yet the latest wave 
of strikes suggests that im- 
portant issues on the industrial 
front were left unresolved. 

A number of sectors, for 
example, have collective wage 
contracts dating back more than 


a year. Many were due for 
renewal in the weeks following 
the agreement on the wage ceil- 
ing. The shaky course of the 
Portuguese economy in the past 
18 months, however, has meant 
that both employers and 
employees have reached the 
negotiating table with hardened 
views as to how far they were 
prepared to compromise. 

For the worker, last year’s 
spiralling Inflation rate has 
meant a sharp drop in real 
wages. It has been estimated that 
real wages are now lower than 
in 1973. Between the first quar- 
ter of 1977 and the first quarter 
of 1978, real salaries of indus- 


trial workers Jn the Lisbon area 
fell by an estimated 5 per cent 
For the employer, the looming 
prospect of recession in the wave 
of a stiffly-imposed International 
Monetary Fund stabilisation 
policy has meant that there is 
now less money available for the 
wage packet. 

As a result, in recent meetings 
between employers and workers, 
both sides have differed widely 
over what is an acceptable pay 
increase within the agreed 20 
per cent ceiling. In the sea- 
men’s strike, for example, 
workers demanded a 20 per cent 
overall wage rise and better con- 
ditions. Employers, however, 


Parity strike may close Azores airline 


BY OUR OWN CORRESPONDENT 


LISBON, OcL 19 - 


have m co££Xr white mafnrain- 1 »{ 

Ing silence on its contents, have I 

led to politicians from an i outset ui June, the strike affected 
parties calling for its publica- 
tion in full. 


They maintain that whatever 
Sig. Moro said during almost 
two months of imprisonment 
could not be taken as his true 
feelings, and they v.-ant the 
report to be published to 
counterbalance partial leaks and 
rumours. 

Reuter and AP 


FiN«NCI«l TiMCJh. nuhlhbrd dallv cucn 'Sun- 
da»* and holiday*. U.S. wtKCTHHum SS*' UO 
Caif irciR+id aair mnil> r»f annum. 

Second eba pntiaitc raid »i New VorV. N.Y. 


only overtime, hut grew to such 
an extent as to cost the largely 
nationalised fleet an estimated 
Es 2bn <E!2ra). At its height, 
the strike seriously affected the 
transport of supplies to various 
oarts of the country, in particu- 
lar the mid-Atlantic tourist 
resorts ol Madeira and the 
Azores. 


Oil and other supplies to the 
southern Algarve region were 
also badly disrupted, and at one 
time there was a severe short- 
age of aviation fuel for the 


SATA, Portugal's nationalised 
Azorian airline, may soon be 
forced to close unless its air 
staff agree to end a three-week 
strike for substantial pay 
increases and better working 
conditions. According to a 
company spokesman, SATA 
suffered an accumulated 
deficit of Es 98bn last year, . 
and has a projected deficit of 
Es I40bn this year. 

Strikers are demanding that 
wages and working conditions 
be brought to the same levels 
as those enjoyed by pilots and 
crews of TAP, the Portuguese 


national airline. Last Decem- 
ber TAP’s 340 pilots struck 
for a 100 per cent wage 
increase, and seriously dis- 
rupted Portugal's Christmas 
traffic. 

TAP pilots hare refused to 
fly any aircraft to and from 
the Azores in solidarity with 
the SATA strikers. 

SATA’s management is 
refusing to Initiate negotia- 
tions on any farther wage 
increases for their staff until 
after December. * 

This is the second time in 
less than two months that 
communications with the 


important Portuguese tourist 
resort of the Azores have 
been disrupted by industrial 
action. Civil aviation author!* 
ties have declared an "open 
sky” policy, allowing inter- 
national airline such as TWA 
to lay on extra flights. The 
Portuguese air force has also 
been called on to help out* 




Meanwhile, Portuguese har- 
bour pilots serving the main 
ports on the mainland today 
threatened tb go on strike 
from midnight tomorrow 
unless the Government agreed 
to publish new labour regula- 
tions. Although the regula- 
tions were approved over 
three months ago, publication 
has been delayed because of 
the political crisis. The 112 
pilots could stop all traffic in 
and out of ports. 


would not budge beyond. 11 'per 
cent ~~ ’ 

Present difficulties faring em- 
ployers and unions are <Sra- 
pounded by politics. The illegal 
takeovers and expropriations^ jn 
the wake of the revolution i ‘ of 
April, 1974, still rest heavily&n 
the memory of many employers. 
The very fact that the country's 
main trade union is still domin- 
ated by the Communist Party 
(PCFj fuels a suspicion. isthat 
behind any new wage demand 
is an -overriding political motive. 

" We -find it almost impossible 
to sit at the same table as- Inter- 
sindical because Vhat we i are 
talking to is not the unionif but 
the Communist Party," a member 
of the conservative Confedera- 
tion of Portuguese Industry 
(CIP) frankly admitted to' me 
recently. . i- " 

CEP has also accused^, the 
Government of playing soft with 
the unions on issues such as 
social benefits and. pensions, 
raised last April by 25 and 22 
per cent respectively for workers 
with families. 

In recent months representa- 
tives of the two major Parlia- 
mentary parties, the Socialist 
Party and the Social Democrat 
Party (PSD), have been hiding 
bilateral talks with an eye to 
forming a new trade union group 
capable of challenging^ the 
hegemony of the Communists In 
the Portuguese labour 'move- 
ment. In the first nine months 
of this year. Intersindicgl, the 
Communist union, bas wbn 76 
out of 99 factory elections* 

The PSD has already gained 
considerable strength in - a 
number of sectors, namely jimong 
bankers, doctors, teacher! and 
office workers unions in the 
north. ’ ■ v i 

Ironically, the Socialist-Party, 
despite sharing a numper- uf 
revolutionary slogans \ .'and 
symbols with the Communist 
Party, has failed to exert'- "a 
similar Influence on the labour 
movement. Socialist and Social 
Democrats, however, share a firm 
commitment to industrial rather 
than political unions which, they 
feel, would be altogether mere 
workable once Portugal has 
joined the EEC. ■ • 


Faelldin moves to 

end the 


stalemate in Swede® 


BY WILL! AM DULLFORCE 


STOCKHOLM, OcL Ifi"’ 


BY ANNOUNCING that . his 
Centre Party would not oppose 
the formation of a minority 
Liberal-Moderate (Conservative) 
Cabinet Mr. Thorbjoern Faell- 
2£?hV outgoing Pmne Minister. 
today pointed the way to a solu 
tion o P f Sweden’s Government 
crisis He also nudged Mr. yia 
Ullsten. the Liberal leader, 
towards the arms of the 
Moderates. . . „ __ 

It is still not certain that Mr- 
Ullsten will tife the bint. 
Strongly urged by the Liberal 
youth wing, its women’s organi- 
sation and party newspapers not 
to join forces with the 
Moderates, he has been trying to 
form an all-Liberal government 
But last night the Moderates 
warned that they would vote 
against him and opinion among 
Centre Party MPs was also 
cTearly opposed to a single-party 
Cabinet 

However, this afternoon Mr. 
Olof Palme, the Social Democrat 
leader, told a hastily summoned 
Dews conference that his party 
might have to ‘‘ take a more 
active part" in the government 
negotiations- He would not 
elaborate but bis remark has 
been interpreted as a hint to 


Mr. Ullsten to seek ParliaWu 
ary support, from. the^SotiS 
Democrats for his LjW? 
Cabinet. The Liberals bold m*u 
39 Of the 349 Riksdag a* 1 ® 
the Social Democrats cotimffij 

Comments from Liberal liffp 
this afternoon suggested 
they were angry at Mr. 
din's attempt to force them- 
a coalition with the Moderate 
On the other band; Mr. 
could lose a substantial 
of anti-Socialist votes at the nS 
election in September sbouW^ 
rely on Social-Democrat 
to form a govnrement, 

Mr. ‘ Goesta Bohman- ■'«, 
Moderate leader, stated that® 
party advocated a continual 
of the non-Socialist Parl^S 
ary co-operation embad&ed^ 
the Cabinet which collapsed wif 
Mr- Faelldin’s resignajfi«^:& 
week because of difference m 
- his Moderate and LUwrafc ’tefe 
ners over nuclear poIiCE*. 3 jg* 
Mr. Bohman sail such reten- 
tion should be based on asbroa 
government eoalitifo"; t 


possible, not on a single' psit 
Mr. Ullsten is expected tasoh 
bis dilemma by tomorrow at o 
latest- 


BY ANTHONY ROBINSON 


A SHARP rise in the Yugoslav 
money supply is reinforcing 
concern that the economy -is 
becoming severely overheated 
and that measures are now over- 
due to cut back the level of 
domestic demand and 
investment 

The latest official figures show 
a 2S per cent rise in the money 
supply in July against the back- 
ground of an 82 per cent rise in 
industrial production over the 
first eight months of the year and 
inflation running at 14 per cent 
on an annual basis. 


The trade deficit over theft 
eight months was margin* 
lower at but llztayefc 

a drop in export 
Imports, although 
are still on the high ^plste 
reached after two yeafs bf jai 
import growth. ^ 

The overall balance of p 
meats has however been-1 
proved by record tourist reotig- 
expected to net over SRm fl 
year. Emigrant remittan«fca 
transit fees, the other -oK 
items on the invisibles Katin 
are also reported to be 
at a satisfactory tevet 




French steel strike plan 


FRENCH STEEL workers have 
called for a series of one-day 
strikes to protest . the. loss of 
15.000 jobs under a Government 
plan to restructure the industry, 
union officials said today. 

The Communist-led Confedera- 
tion Generale du Travail (CGT) 
said it would hold one-day strikes 
In eastern France on October IS, 
in central France on October 25 
and nationwide on November 6. 
All the major steel unions are 


PARIS, Gct-li 
likely to join the action*/ . 

Parliament yesterday,- M 
debating the new steely 
which would bring the. ^Bs 
under tighter state codwf u 
joint Governmeat-nnmgeni 
plan would cut about 25,936'ltf 
This would add to. the^ISl 
people laid off since . 
and would reduce the wort* 
to between 110,000 and J3J 
in tihe next two to three vet® 
Reuter ' ."-'Jr' 


1 General Motora 
2- CUMT 

3. Ford Motor 

4. Maid 
S-Tteco 

6 . Standard 01 of CoKbrnSl 

7. totwrafeial Blrsiness Mcch, 

a&rJfW 

9. General Electric 
lClCfavster 

1L International TeL&'H, 
lZSbmdudOil 
13-AUanticffldifield 
1A SMI Oil 
15.OB.S8ed 

l&LLduftxitdeNanuon 
tZCOrtoEnblCU 
laVteJCm Electric 
19.Tenneco 
2 & Procter & Gamble 

21. Union Carbide 

22. Goodyear r«)£. Aibbar 

23. Son 

24. PtuIlrrG Potrotewn 

25. Du»Ctemica| 

26. Wesft^wuse Electric 
27.0cdOental Petroleum 

28. Inlematlqnd Harvester - 

29. Eustram Kodak 

30. RCA 

nOuBJBl NMpteuiuiwi 

32-CaterpBar &actar .. V 
31 Hnon OS of Cal fan* 


- 36 BeaMoi Foods 

37. Brook 
33 Kraft 
3ft Xaw 
4aCenMl Foods 
4LR.J.F” __ 

ESS**" 

44. Monsanto 

45. Amsr3d3Hess 

46. FrestoneTlre ARAfaer 
4 7. Cites Service 

4& Marathon Ofl 

49. Boning 

5* MmangfiMfc, 


I Cl. American Cyarenn'd ' 

103&jriin$»li]du5tnes- . 

1Q1FMC 

104 feynrfdsMetsb .' 

lOB-Camatcn 

lOiCdacese 

107. Boise Cascade . • 

2® DranZflUflrOacft . 

109. Singer 

1 10. American Matas 

J138re*££»yeis . 

1 14. KaiserMomnoai £ Ctamial 
3 15. Central Soya 
Hb-KamMcGea . 

igess“ 

1 19. Ardw-Oa nnfcMkftffld 

120. tagorsOttRand 
171 Fann 

122. General TovA Ritter 
3 23 Burrows 
124-TdB5 (nsbumente 

125. Canbouion Engineering 

126. Pfizer 
127.8ori^toner 

128. jonGeef Processes 

321 St Paper 

laawwrtpod 

33L NortO American Pfljps 
132. Babcock &WBco* 

In dustrie 

134.ICIiidustrfcjs 

135. H.J. Here 

136. Anheuser0uscfi 
137.1 
1331 


201. WiKams Companies 

202. Stauffer Chemical 
203 Hbtirnfi Haas 

204, AMF 

205. Marrron Groop, Inc. 

206 tm hart . 

Zgr.Fbstar Wheeler 
208. Oscar Miytr 
2Q9.Gen«a> ’ 


210. ^rfhg0 a | g 


21LV 

212. US. t 

aiiTesotL 

gif Sfeber i ^wnitonfafi nw 
zitxKeMon 

2L&a»wivj![oyAtnerfcjn 

2l7.lJpiQtin 

213. o-ane 

Z19l Tiroes Minor 
220. Murphy Oil . . 

aOmmGlasllWB , 
^■AE.aaleyMaittdadnnflg 
223 Geo. A. Humid 
Z4 Armstrong C«k 
— 

^Amonc 
227. Tosco 
223 Pet 
223 GAP 
ZM-Pobrok! 




m^nOadrfc 


^ ^Amafcao Standard 


142., 

143. 

144. 


Soup 


343 Abrfat Simon 
iKlmbertyClaifc 


51. WR. Grace 

52. Phfl1pMorr 
53Gray?OTid 


KacinnruniTS 

_ _ Geoi^Padfic 
67. bntcniallmd Paper 


SaOonUnBntal Group 
ma^gfatOTlSdustria 
6 U. Deere 
6 LOoc»CBto . 

62 Anno Steel 
61 PepsiCo 
64. McOormeS Dougs 
fa5.AmeffanCBa 
66 Standard 01 
67. Bonfctn 

eactenw" 
mum i 
TOMrinmCaotAmotea 
7l- Lockheed 

74-Mfcjcjtejfarscf ^ 


146,1 

247. Merck 
143 Hercules 
143 Avon Pratucfe 
im. Associated MiftftaduceiS 
lSLOouSd 

154. Dart hm etries 

lSfiiAfiray 

153 

law^rsHes 

» 

164JVBsChalmert[ 


^SSS* iaa * 

235-Asico 

233 McGraar-EtfKon 

mShetwin-WBliams 

fsa s it 5 *?*" sam 

if? Ludlmn Indastries 

24^ Brunswick 

sasssf* 

243 Whedin 
ZSaPWpst 
25LAmstir 




'**;■ 


kbeST 

1720nenaComlng nh iu ^ M 

173Walt«rKld(to 




77. III. jLlM 

73 Farmland todusMas 
73 Signal Commni^M 
TtaChemfcall 




175. 


376 


177. Matin 


173 Charter 


1 73 Jot Wdter 


ISO. Paccar 


25B. United I 

afi-JotSchlilzl 

S gSS fe- 

^g^tNorttwn Nekona . 

■ 2E0.EIba 

261. Aina 

262. tear Siegfer 
2»ii Evans Products 
264,KmfrMII1w* 

Group 

267.aueBd 

BeatP**' ' 

270iaoi(M 

gLJg.ShrhW*, 

SESS?““ 

28Q.I 


30L Baker Intenaficnal 
30ZACF Indudito 
303. SfietryS, HWtttrson 

E^am i Bas^Fuai Aseocaes 
305.Pollatch 
306Hfl«o 
^.CoTOrlDdinMtt 

Igr* ■ 

lassssip 48 ” . 

315, Kaiser Stu^ 

3ldSpriws Mils -, . 

317.ConeMids \ 

aiaMohnsco 
3ia \WHam«te Industries 
33j. Rxnnseh Products 

321. Cyclops 

322. Sundstrand 
®3.Hams 

324. Outboard Marina 

3g. Anchor Hock in g 

3jj& Stanley llbris 

327. Al umax 

^8. Bonis 

323 AMP 

330. CF hdustries 

3?LWitco Chemical 

332. Spencer Foods 

331 General Cable 

334. Cessna Aircraft \ 

335.3pua.reD 

Inilusbirt 

333 Mortan4towch PraSris 

339. CotBQlUated AkilMnuni 

340 Ptfne^&wes 

34 L Indian Head 

342. Cram Central PeWetan 

341 (nimxit 

^44. Ftevere Cooper & Brass 

346. 

347Atolph Coons 

343. Hoo»er 

350. Federal 
357. FDnttaaa 
352-SvtroQ 

353. Norm 
K4.GATX 
355. PatetByefring 
AdNewrnantMiraffiC 
*7. UV industries 
35a Cabot 

^aTWaslLiptoa 
3HLDayca 
361- Norris tejustries 
IgOumpionSparkPhe 

364. HartScfaflher&liBrx 

367.Nabomas 
3 ffiLGarwett 

M. Lwwstein &Sms 

376 McLanfti Steel 

gV- ConAgra 
37& CiiKtmaH Mteren 


riOLWhBefabraterfns ' • V‘; 

4tC.M'des Laboratories . ' ... 

Green Gunt 'Z< 


424, Masco ^ 

w*- 

42 a 

oanuotoi 

431. NotoCb«acaI 

432. Mason3E 

- 433. Mbid Foods - 
434. R P. Hood 


■436.G*ntt«i Iran 
'437.Peri*t€taer 
438.LooHiaral 
..439US.F«er 
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043.Naahua . 

450. Dow Coming 

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466 Mattel • 

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95. Unimyal . 
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iMTQAf iMif * ltd ni.nl;, -m 


Dubon m personal savings. We’ve got $641 million in 
capital and reserves, and assets totaling $ 32.1 billion. 
As much as these numbers tell you, they dont 


loans. And manage major international credfts« "We(2® 
also a ssist in generating; fonds in 
through our associates.' 

Ofceurse, MarmeMidlaTid hog tfi 




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the worlds inajor^financM centers! 
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theUnftedStates. 


generate major money transactions. To provide direct 

MARINE MIDLAND BANK 








Times Wednesday October 11 197S 


noves| 

Dliti Cal 

in Su. 


i'jUs R^ae** 





=*~ :t 


Hearing of 
Aegean 


„ TS]<t International Cnurt of 
au«*ic« 3 : Tin* Hague opened 
tioumgs .vt-ilerday Jo determine 
v.iuihi*r ii iu.-; jurisdiction in The 
Aeqcin Sea ed rights dispute be- 
TT\rr. n ;iQt j Turkey. AP-DJ 


iiavignon urges 
greater role 
for Commission 

BY GH-E5 MERRITT ROME. Oct. 10. 

A STRONG plea rbatTho Brussels part to establish the Commis- 


IRISH TELECOMMUNICATIONS 


A race to catch up 


BY OUR DUBLIN CORRESPONDENT 


ral authority, 
clear that the 

UICb - v «.- .n;u iur-i - • — - - . ... - - - — generally in 

l-'-y art* cnntiniiinc tee Gr*ck ! was n,ade ilcr<! ,oda »’ "T' favour i»f measures that help 
AHiLuis^dur ;i i *hc* huarina said, I Eitcr.nc Davignoa, the EEC improve the overall economic 
h.” ihu v;i-,pi;te sriii represented i ’ndustry Commissioner. climate rather than specific sec* 

ai the hearing said, 1 Viscount Davignon .«>« *nat inral aid. M. Davifmon went or. 
"•* ihs-.-j; iw jivccc.” . ; the Cornmiisiaa is tiow seeking in suggest a scheme under which 


' •* ihs-.-j; 10 jicacc.** . j the CorfUDiisioa is siw seeking 

Fnr fJ reeve. Prof. n. p. ' additional responsr hi titles ih.u. 
'JTonncll, oi Bril am. deplored would establish its role as the 
Tu.-fcoy'; boycott. It was "making ceatral ' cu-nrdinalor of EEC 
■'•vivriionr. from I he wings." in- industrial policies aimed at 
Titcud oi -.-ending a representative, tackling the problems of major 

I,,- , . ... over-wpacity industries, 

warship VISitS Speaking at a one-day con- 

Turkey and the Soviet truon f « r, * np f* organised by Italy’s IRl 
will exchange courtesy visits of ! slate industrial holdings group 
li-.r;r u:ir?hips this month and in ! discus* the difficulties 
Dev.-mber. .-VP reports i rom ! faciog Europe’s rnanuiaetar- 
.‘.n!r^r;i. Two Kni let destroyers i ing industries. ColUDllwloner 
v iil rail ai Manbul and "two I Davignon emphasised that the 
TurVu-li ctestni.wrs at Odessa. | defensive measures so far devised 
•-reo»- ‘.i^rship.s visned Odessa ■ hv member states would 


!-i-i uioiulL A 13-nun delegation j inevltabij lead to a wave of pro- & 
/.>r# :i:p hi rose War Academy i tecliunism inside the EEC. z. 

^... :-K.i .*r,,.,v received by the! “The c/hoiie." he said, “is not 
“ ■■■' K- . nw i ■» mister and the », lS »...„p n -> fn><> market economy 


in suggest a scheme under whicL 




r^yv *V -S 

‘■'i \ r ’ ■.« 

■ U S 




<te>' 


■conoiav 


r-'4.» i nt c.Vrr i between a free market economy 

‘ “ -* utf -SjaJT. jor a Community Industrial 

/fV:s ! policy. hut betweea differing and 

* urt - preaominant J contradictory national measures 

L'.-sde oil and natural ®as tv ill ■ and the co-ordination of these 
rr-’Miir, dr.mieant throughout the [measures m an EEC cantexL” 
’“M'« t >io mam energy smmvs j The Industry Commissioner's 
In F.iiri.j.t . 111(1 North America, j ea u f„ r the EEC Commission to 
vhnr'f lu replace pi! by take thc lead in co-ordinating 
v A- . ; h C-j-m in industrial restructuring pro- 

B. a «SSS5 •» «J«»4 S “P?? 


• J-.I « t >io mam energy sMiurces ! The In 

■ n Fort. jit .md North America, j ta H f„ r t 
HTnri. in replace oi! by! take thc 
<• 'i. .hs. I'.cnnomic Crfmmi.«.(in ; ;_j n , ( .:.,i 






r. . '.V " " ,u replace on oy ^ take thc lead in co-ordinating 

' 

"'Jrcnpuien its pwiiion^ ! l-,,nf ? rence CommissioD study teams could 

as; v!tc; - sy source for electric i* ,rw, “ enl ConfiodUKtria, me investigate investment projects 
i .-eni’n: i«n, but nni a> a ] Italian Employers* Pfflcration. j n j ess developed areas of the 
raw in:ii<Tia| ur source of heal.’. Sin. Carli stated that it was EEC, backed up by financing 
'.I ; Ti j.- industry would enter incunc«ivable that the European methods that would be additional 

.• 1 1 -. v. period of con.crv.il ion | Commission’s importance in t 0 those the Brussels Commission 

lihri The next tile to l« years, i deciding industrial policy should already possesses, 
i :'i 'oc:;e:ned recycling of wasie ! be reduced, and that on the eon- Viscount Iiavignon also en- 
bc-s i.i the chemical industry, in* trary it should now take the | ars ^ d on three main 

Sch°Ls i0 oMr ra ^nd e *S' inUij,ive ' Si “ Carli v , f er told advantages that increased Com- 
; . 1 J rhe worllKitacSS ^ Financial Timesthat a grow- miS5iQn responsibilities could 
;.-'iirce* ^cl. aT hvdro^ in ^ groundsweU of pubhc offer in terms of industrial 

methanol and possibly ammonia 1 ' 0pinl0D “ Italy supported the policy making. First, he said. 

. establishment of the. European the Brussels Commission had the 

c f„^„ Commission as a supra-national advantage of providing an objcc- 

s»wdri^ authoriy for helping tackle the tive analysis of industrial prob- 

Ea.*-t Germany has started up (problems of industrial over- lems. Second, in co-operation 
ib: sixth alooiic reactor, a small . capacity. ■ • with national governments and 

rt-.Teaich ami training unit at the! Viscount Davignon’s view, that their social partners. It would be 


ei strike 


S , . , .,j. public in the past.-bpt it is ex- Commission would be able to 

ilfipousming CUtS pet'ted that the proposals he put determine solutions that might 

The 45 West German ship- forward in Rome today will not be available on a national 
: builder.-, plan to reduce by ioso mark a determined drive on his levcL 

iht- number of hours worked in . • 

I t he industry to 23.4m a year, ’ • . 

compared with 54.7m in 1975, the ' m 

ced P in Bremen, Reuter reports. EEC move on terronsm 

The workforce will be cut from . . 

55 000 W bO WO - BY MARGARET VAN HATJEM LUXEMBOURG. OcL 10. 

AiBcSrcfjc base . ' THE NINE- EEC. Justice a political offence, there do not 

’ V.'e.vt Germany plans to join the Ministers today agreed to observe appear to be major differences. 
.12 nations conducting year-round an anti-terrorism convention Rut of the nine EEC members, 
-cienriiic research in Antarctica which requires them to extradite only Britain, Germany and 
•vj establishing a national polar or prosecute “ without r undue Denmark have agreed to ratify 
'research institute and building a delay” EEC nationals accused of its application in the Council of 
permanent South Pole base, Herr terrorist acts. , Europe, 

KaufT, Research Minister, said in . -4kI1 __ nt ,„ u ,.-j ra om nn Today's agreement, based on 

Bonn, according to AP. Construe- S«r^Tthe a Belgian- compromise proposal 

t.nn of the base v. ill start late £ SSShS^r^U^S Eur^oe won support from France only 
ner.t year on the Fdchner Ice 21-member Council °f Europe f . n *her member states agreed 
.Shelf in the Atlantic Ocean sector, but so far only three EEC mein- follow np french proposals for 
an area claimed by Argentina, hers have agreed to implement it "iudidarv zone” in the Com- 
Er'fln «nd Chile. The S «elled:S.mbeurg Con- Lunit? whe” ornSn* Sr 

ventinn. provides for extradition thj nggi anti-terrorist provisions 1 
of nationals of the signatory WOU ] d be more tightly enirreed. 
countries who are accused of Observers here suggest the 
violent acs such as hi-jack/ng, French opposition to the wider 
bombing. • use of grenades and agreement is based mainly on 
firearms. and attacks on reluctance to enter into such an 
diplomats. It allows a stale to arrangement with non-EEC 
refuse extradition where the members of the Council of 
offence is considered to be poll* Europe, such as Turkey and 
, tical, provided it then refers the Cyprus, lest it restrict France’s 
case to its own legal authorities abmty. to offer asylum to 
for prosecution. opponents of regimes there. 

Although the' fine print of the it is also suggested that cer- 
EEC draft agreement appears tain EEC members are keen to 
slightly looser than that of the conclude an anti-terrorist agree- 
Strasbourg Convention, possibly ment before enlargement of the 
-allowing a -little more freedom Community to include Greece, 
in interpreting what constitutes Spain and Portugal. 


JUST FOUR years after Alexan- 
der Graham Bell had his historic 
conversation \ulh ins assistant, 
Dublin's first telephone 
exchange came into operation. 
Today, frustrated subscribers in 
the Irish Republic might be for- 
given for thinking that noi much 
has been done abuut It since. 

Unfair as such a jibe might 
seem to the harrassed officials, 
engineers and operators; of the 
Department of Posts and Tele- 
graphs, no one dispute* ibst the 
Irish telephone system is by far 
the worn in the EEC. 

The figures tell Iheir own 
story, France, for so long thc 
him of jokes about its tele- 
phones. has 27 phones per 100 
|<of the population compared with 
15 in Ireland. The Irish waiting 
list is around 40,000 and a wait 
|of three years is not uncommon. 
A house which has telephone 
installed can fetch an extra f 100 
or more on the market. Charges 
are high hut the service has lost 
£32m in the <lusL three years. 

More serious, though, than 
the difficulty of getting a 
telephone, is the fact that It does 
not work very well when in- 
stalled. Businesses, particularly 
new ones attracted from abroad, 
will be given priority on instal- 
lation but, particularly if 
situated outside Dublin, they 
will find that their communica- 
tions problems are far from over. 

For the Dublin user, communi- 
cations to the outside world arc 
reasonably satisfactory, with 
direct dialling to more than 20 
countries and an efficient inter- 
national operator service for the 
rest. The exception to this is 
the UK, Ireland's nearest and 
most important trading partner. 
There is direct dialling to only- 
five major British cities, plus 
Belfast, and an uncertain 
service to the rest. 

But the situation for those 
outside the capital is much 
worse. There are few exchanges 
with direct dialling to overseas 
and it is difficult for foreign 
callers to reach provincial Irish 
towns and cities. 

Were it not for the telex 
system the chances of attracting 
any industry to locations outside 




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Dublin would be slim. Now. par- 
ticularly after a strike !a>t year, 
there is a growing realisation m 
both Government ana business 
that the state of Irish telecom- 
munications may bo a serious 
disincentive to uotential in- 
vestors. 

Unfortunately, with telecom- 
raunications mnro titan most in- 
dustries. the sin.* of ih? Tatiiers 
are visited on uk* children. One 
could even make u case for 
hlamiOK the Bruisb, a* the Irish 
are prone to do. Ceriamly. de- 
velopment h" I won ih:U pionci-*r- 
ing esehango m ISSrt and inde- 
pendence in 3922 v.pv slower 
than in Print in and there was 
widespread damage to the 


It will not be easy to catch 
up. The Department has a five- 
year £250 ra programme to 
develop the system. If it goes 
according to plan, it may con- 
siderably improve the system, 
but it is unlikely even then to 
match the standards in most 
EEC countries. 

The legacy neglect and the 
race to catch up arc also 
responsible, many observers 
believe, for the* complicated 
enginvers' dispute which recently 
brought the system grinding to 
a halt for three months. 

Thc recruitment programme 
has meant that an exceptionally 
large proportion of Irish tele* 


Unfortunately, with telecommunications more 
than most industries, the sins of the fathers are 
visited on the children. One could even make 
a case for blaming the British, as the Irish are 
prone to do 


system during the troubles of 
that time 

The new slate* attempted a 
programme of re cons: ruction 
and development in 1924 but it 
petered out. firs; during Uie de- 
pression and then because nt 
the war. However, as wii’i many 
other facets of Irish life, the 
1950s and cur!;,- 1960s were 

wasted years. The Republic lan- 
guished in j slump while the 
rest of Y.'estim Europe boomed. 
The telephone .?ysium was far 
down the li:>£ of priurl'.ies. 

The Irish industrial develop- 
ment drive under the Premier- 
ship of Sean Leinass in the Sate 
1960s was not foreseen, still less 
the mini '"economic miracle" 
which it produced. So the 
planners' assesments of the 
demand for telephones in the 
70s and '80s were wildly 
pessimistic. 

A measure of the failure can 
be judged from the -statistic that 
in the four years from 1971 to 
1975 twice as much had to be, 
invested in the system as in the 
previous 15 years. 


phone engineers are young 
(under 25} and there is not the 
usual extensive hierarchy of 
older and wiser heads at the 
top. 

They are being asked to take 
part in u modernisation pro- 
gramme which involves consider- 
able changes io working prac- 
tices. skills, deployment and 
opportunities- Many believe also 
that Department itself is not 
adept at handling the resulting 
tendons and problems. 

The argument is that a civil 
service deportment is the wrong 
kind of organisation to super- 
vise the development of a high- 
technology industry like tele- 
communications. 

Certainly the Department of 
Posts and Telegraphs (P and T. 
as it is known ) shows signs of 
inflexibility and lack of leader- 
ship. When a worker refuses an 
instruction, nix supervisor is left 
with no option but to suspend 
him. This rigidity has been 
exploited by the engineers’ 
union, the TPOEU, which 
managed to avoid calling strikes 


by the simple expedient of having 
its members suspended. 

To be fair to P and T. there 
is also evidence of restrictive 
practices and excessive militancy 
on the part of the engineers. The 
Department found it was cheaper 
and quicker to give some con- 
tracts to commercial companies 
than to use its own staff. More 
than one agreement negotiated 
with the 1POEU has simply been 
ignored by sections of the mem- 
bership. particularly the power- 
ful Dublin branches. Even tbe 
latest proposals, which it is hoped 
will provide a permanent settle- 
ment, are already running into 
opposition. 

Faced with Ihis, the Govern- 
ment has commissioned a study 
into possible changes in the 
structure of the Telecommunica- 
tions Branch of the Department. 
The most popular suggestion — 
indeed the only unc likely to be 
seriously considered — is to hive 
it off from the Department and 
run it as a semi-Slate corpora- 
tion, along the lines of Aer 
Lingus or the Turf (peat) Board. 

The difficulties would be 
immense. Critics of the scheme, 
who include most of tbe Pose 
Office unions other titan the 
engineers, point our that not all 
the semi-Staie companies have 
been models of efficiency and 
profitability. 

Another suggestion is simply 
to invite the big international 
companies, like ITT or perhaps 
the British Post Office, to tender 
for the development of a modern 
national system. Groups which 
have floated this idea include the 
Confederation of Irish Industry, 
but the blow to national pride, 
and the probahl? opposition of 
the unions, make it an unlikely 
option. 

Tbe best hope for thc hard- 
pressed Irish subscriber still ties 
in an early settlement with the 
engineers and the successful 
implementation of the five-year 
programme. In the long run. 
structural changes may be both 
desirable and inevitable but in 
the shorter term the prospect of 
getting through to London on 
the first try and with a decent 
line would satisfy most people. 


Sy Stewart Daiby 

DUBLIN, Oct 10. 

ONE HUNDRED clerical work- 
ers employees of Aer Riauta, 
the authority which runs Shan- 
non Airport, went on strike 
today, threatening disruption 
to Ireland's major transatlan- 
tic airport. 

The clerks have decided to 
set up pickets on the airport 
and if other workers — notably 
security men and firtnen — 
decide uat (o cross the picket 
it could lead to a shutdown of 
the airport, as international 
regulations require a lire-light- 
ing force to be ou stand-by. 

The clerical workers, who. 
belong to the Irish Transport 
and General Workers’ Union 
(iTfilViq, tune hud long- 
running talks with tbe Airport 
Authority about a number of 
issues, including promotion 
and fringe benefits. Talks 
broke down hist Friday and it 
was derided to take industrial 
action (;a today, alt hough by 
tonight there was no indication 
that pickets ii=d been effec- 
tively sei up. 

Although the strike is un- 
official, it could cause consid- 
erable dislocation s:~:a Irish 
workers arc extremely reluc- 
tant to break pickets ‘ even if 
set up by other onions. Any 
disruption is extremely worry- 
ing tu Aer Lingus, tbe coun- 
try's national carrier, which 
earlier this year endured a 
seven-week strike sparked off 
by its own clerical workers. 
Although the airline managed 
to keep going, schedules were 
badly uffecled. 

At one time, the strike was 
estimated to hzve- eost the air- 
line £50,003 a day. The Aer 
Lingus strike coincided with a 
lengthy telecommunications 
strike and considerable dam- 
age was done lo the country’s 
tourism industry. Strikes in 
these Important communica- 
tions industries were also ex- 
tremely had publicity for a. 
country trying to attract for- 
eign investment partly on thc 
basis of its good strike record. 


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No retaliation 
by Austria 

VIENNA, Oct. 10. 
AUSTRIA "SVILL deroonsUate 
the “ true meaning of -the 
freedom of the press " and not 
retaliate for the expulsion of an 
Austrian journalist from tbe 
Soviet Union, .Herr Irwin Lane, 
Interior Minister, said today. He 
had been asked whether Austria 
intended to retaliate against the 
expulsion of Heir Erhard Hu tier, 
who was Austrian Television’s 
Moscow correspondent AP 


Kidnap case 
goes to trial 

VIENNA. OcL 10. 
TWO Austrians and a German- 
born woman went on trial here 
today ebarged in connection 
with the kidnapping of a wealthy 
businessman's wife for a ransom 
of 25m schillings (S1.7m). The 
three pretended to he West 
German terrorists and were 
arrested in a police siege of a 
Vienna bank last January when 
they tried to withdraw the 
ransom money. Reuter 




-:v~ 

Ay;:?-! ■ 


* 

f 







Confirmed Reservations • Cnoose any 
flight any day • Stay between 7 and 
60 days • Book only 21 days ahead 

Call your travel agent and ask about TWA’s Supe^-Apex fares io America. 


Tt\^CTrie5 Tn^srircdoWT q ^riyprs across ftp AlbiiUrllian any other irirfme. 


If you’ve a building at the plan- 
ning stage, you’ll be only too aware 
of its complex energy needs. 

It has to be lit, heated and 
Ventilated to keep everyone inside 
comfortable. It needs lifts, catering 
equipment, constant hot water, and 
a host of other facilities. And itall 
has to be done as economically as 
possible. 

That’s why we’re suggesting 
you contaetyour Electricity Board. 

Electricity is likely to be the 


| •zL.r 2 


single most important form of 
energy for any new building, so 
why not think of it as the foundation 
for all your energy requirements? 

Planning a building around 
electricity means you can integrate 
all its systems. From heating to hot 
coffee. Fromlifts.to lighting. 

Every Board in the country has 
access to a team of experts who can 
advise you on energy management 
and explain the energy-saving 
. techniques available. 

Using our energy can save yours. 


Techniques like recovering 
heat that -would otherwise be wast- 
ed, and redistributing it through 
the building. All at the minimum 
expense of energy. 

We can also tell you about 
BEEP, a unique computer program 
that can project energy require- 
ments while your budding is still 
at concept stage.. 

Drop a line to your Electricity 
Board, or dial 100 and ask the 
operator for Freefone 2282. 




.The Electricity. CoitmlEjjgfmid and'Waks 










Financial Times Wednesday October 11 1978 






resign as 


to wrap up 


asters to hold emergency 
is on Lebanon fighting 


BY DAVID BUCHAN 


»„ ... . ,. ’ WITH ONLY five full debating 

Y vffsui vrTnv in days left in ibis session. Con- 

UASHiXGTOV Oct. 10. [ ?| . essiCinJ i leaders are pushing 

MR. PAUL WARN'KE. the chief i their troops hard to take final 
U.S. strategic arms negotiator., action on the crucial tax cut and 
will resign later this month, the ; enemy Bills. 

White House announced today. 1 tj 1i? jun branches of the lecis- 
He will leave his post 3v dir*". - - 1 \ ; ii r e Han to adjourn on Saiur- 
tor of the* Arms Control and , f j JV to j|i,-,ur members to start 
Disarmament Agency (ACDA' ; ..^[.justini: in earnest for 
after the Moscow talks which are , re . t .i(. cll on on November 7. 

hereSiS" 1 . J'* h“' 2: ; Of Hu* Houses, the Senate 

I'J, .*\ iade ^ T . h 'r.™. 1 has the bigger backlog. It is 

\\ci ruteipn Minisiors. Mi. rib . its vivr fhrnu^h thi* 

t a . n ,? Mr ‘ i *'? tlr . cl ! various components oF President 


WASHINGTON. Oct. 10. 

vesterdav when the Senatebill are thrashed out in Con- 
passed Bills lo reform the struc- Terence later this week. 

Hire of rates charged by power Even without the latest mea- 
com ponies and to encourage sure which would cut income 
domestic conservation of energy, taxes by 8Sbn in 1980. $25bn_ in 
It has alreadv passed the Bills 19S1. S43bn in 1982 and Soobn 
to phase out price controls on in 1983 the difference is already 
natural sas and to act industry considerable; 
to switch from burning oil and The House only approved tax 


jas Uj coal. 


cuts — both personal and cor- 


thcTerore^ciVg 

yci further confirmation of the! failure to do so would mean 
fact that conclusion of a second , Cun-gres** J ’ L .1 DB i eca IJod for a 
SiTT i rajii. '* lame duck session ar the end 


; the week if the House of Repre- 
sentatives i <! to be able lo vote 


SALT treaty is now imminent. 
Mr. War'r.ke has let it b 


ea". which few Congreas- 


fcnmvn several times in the last '*'*« ’-vouid want, 
wool: that he wanted to leave _ Two more siride» towards Mr. 
bis post for personal reason;.. Carter's -O' 1 1 of an American 
once an essential SALT pact had! energy programme were taken 

been reached. I 

He apparently wanted this; __ . 

known well in advance re as i«*. re*. I ^ nwr A ■» 

avoid the interpretation that 1 

his departure w.'m an Admini-j ^ ^ V | 

stration concession to hard-: 

liners in Congress in order \n- STEWART FLEMING 

nelp win eventual Congressional > 

raUficul.on for a second SALTj EAXKS aJlll savin „, jnstit utions 

‘ The recent sur-e in Frcddem jre ‘ 3C-in5 new P rcssi:r ^ to 

C»r.'r. S D^ularhy h^pr^bly! W ^ 

i iiinf. .vori * i . . ..L. r p i Mie suffer in dihtidviintii ?cd 


Tim nne remaining hurdle is porate — of S16.3bn in 1979 or 
the tax aspect of 'the Carter about half the tax relief that the 
energy programme with House Senate wants to provide next 
and Senate negotiators yet to >’ e «jr. . 

agree on a special tax to penalise ‘he Republicans, with a few 
cars usin'* excessive quantities stray Democrats tried to win 
of petrol." Congressional approval for an 

Tn a startling move last niefit. unconditonal. one-third cut in 
the Senate took its tax cut Bill income tax over the next three 
of nearly S30bn for 1979 a big years. but were roundly 
jump further, by approving cuts defeated. 

in income tax totalling a colossal Meanwhile. President Carter is 
8142bn for 1980-83. if the Govern- launching a last-minute lobbying 
merit can at th.. same time moel campaicn to get some action on 
stringent targets for holding the Humphrey-Hawkins full 
down public spending. employment Bill this week. 

It is highly unlikely that this His attempts will almost cer- 
wili stand up when ihu lainly prove vain as the Congres- 
difforence* between the Senate sional timetable is already over- 
and House versions of the lax loaded. 


BY IHSAN HiJAZI 

THE FOREIGN Ministers of the 
Arab states participating in the 
Arab peace-keeping force in 
Lebanon will hold an emergency 
meeting in Beirut next Sunday. 

This was annminced today by 
the Lebanese President. Mr. 
Elias Sarkis at the end of his 
talks in Saudi Arabia with 
Crown Prince Fahd and the 
Foreign Minister Prince Saud al 
Faisal. Mr. Sarkis then Hew to 
the United Arab Emirates for 
talks with Sheikh Zaid Een 
Sultan, the President. He has 
launched a tour of a number of 
Arab states in discuss the 
Lebanon situation, after three 
days of inconclusive talks in 
Damascus with President Hafez 
Assad. He is expected to stop 
in the Syrian capital on nis way- 
back to Beirut for further 
negotiations with Syrian leaders. 

It was reported today that no 
agreement was reached at the 
Damascus meetings after Mr. 
Sarkis reportedly insisted that 
Syrian troops, forming the bulk 
of the Arab peace-keeping force. 


must leave the Christian. areas of 
East Beirut and turn their posi- 
tions over to units of the 
Lebanese army. These areas 
were the scene of Inst week’s 
heavy lighting. 

According Co the daily As Safir, 
which is usually well informed 
on Syrian affairs, the only agree- 
ment reached in Damascus was 
on the ceasefire reached on 
Saturday which ended eight days 
of fierce and savage artillery ex. 
changes between Syrian troops 
and the Maronite miiitias. 

Occasional sniping and shell- 
ing last night and today, 
especially at the north-eastern 
approaches of the capital, have 
demonstrated that the truce is 
very brittle. Since the ceasefire 
went into effect, at least seven 
people were reported to have 
been killed. 

Altogether about 800 people 
lost their lives during a week of 
fighting, while as many as 3,000 
were injured. Damage to 
property has been estimated at 
well over 8400m. 


According to As Safir. Syrian 
officials warned Mr. Sarkis that 
Syrian military withdrawal from 
Lebanon will not end the Syrian 
role here. Damascus, he was 
told, remains committed to pro- 
tecting the Palestinian guerrillas 
and its political allies in 
Lebanon. 

David Lennon writes from Tel 
Aviv: Israel suspects that Syria 
is planning to resume its battles 
with the Christian forces in 
Beirut despite the ceasefire 
arranged a few days ago. 
Military officials in Israel report 
that the Soviet Union has pulled 
its citizens and diplomats out of 
Beirut during the pas\ 24 hours. 
In addition they report that the 
Syrian units around the 
Lebanese capital are being rein- 
forced by artillery units being 
brought ’in from Syria, rather 
than From Syrian forces in other 
parts of the Lebanon. 

These two elements have led 
military officials here to con- 
clude that Syria intends to press 
on with its attempts to smash 
the Christian forces In Lebanon. 


BEIRUT, Oct. 10. 

Meanwhile. Israel’s security 
forces have arrested over 1.000 
Palestinians on the occupied 
West Bank and G.iza Strip in 
the past six months as the pace 
of the guerrilla activities against 
Israeli Targets has escalated this 
vear. More than 60 guerrilla 
cells have been uncovered, nrest 
of Them .belonging to El Fatah, 
with some linked to the Popular 
Front for the Liberation «iF 
Palestine. 

Our Foreign Slaff adds: 
• Mr. Ashraf Marwan. Egyptian 
head of the Arab Organisation 
for Industrialisation tAOlj and 
once President Sadat’s confidant 
has been sacked because of 
alleged dubious practices, accord- 
ing to the Cairo daily Al-Akhbar. 
In a scathing attack on Mr. 
Marwan, rare for the Egyptian 
Press, the paper said that Ur had 
turned the AGI “into a state 
within a state." He has now- 
been transferred to the Foresun 
Ministry and Al-Akhbar says “ it 
is not expected that ho will be 
given important work to do." 


New Act puts pressure on banks Zambia 


. Africa rail accord I Schmidt 


JOHANNESBURG. Oct. 10. 


arrives 


NEW \ ORK, Oct. 10. ZAMBIA AND South Africa have Loubser said, but there is a pro- But there was no immediate 
. . _ reached agreement oo plans to vision in the agreement for the word here as to when 90,000 

lead, flC sa VS trie com- :i - ........ J k.i inn raoca.'l nf Wrri/nrvtttoft farf Uicarc 


The recent sur-e in President jre ‘ 3Cin5 new P rcssi:r ^ 10 

Carllr', Donubrhv h» ^ “7*“ 

improved the chances of Cun- ' ,1,e iu ^ er . ,n disadvantaged 

gross ion a I approval of Ihe new ' C » 1 I " K l II , . , nf S nS» a L° f ne *r 

agreement sometime next year . ] leri P ,J [ 

Mr. Warlike had been eon- 'Jf. Community Reinvestment 

side-red by Congressional hawks A Vi, v nl ... c j i ♦ 
to be- too “sun" in his dealings ™ e :\;L bst „ ? ca . r 


Tokyo talks 


Reinvestment Act federal regula- community's credit needs will 
tory agencies responsible have a subjective element. There- 


esia, it was announced hero South Africa would act as the would begin reaching the By Charles Smith 

agent. country. TOKYO Oct 10. 

jth Africa will act as , Tr Lmibser said the Zambian • Joho Worrai! reports from 

lia's agent for the Rhodesian fl rV* u ilVri insnprtpri SmiTh Nairobi: Kenya's Acting flresi- THE WEST German Chancel lur. 
it journey, with trains using 4fri ‘ _ P dent, Mr. Daniel Arap Moi. was Mr. Helmut Schmidt, arrived 


expected to take a tough! K . , L , * ™ u l . ,ne ' 

approach to the inspeciion andi '"JJSu °J and savm?s 

surveillance provisions of a new! , « h ' c f J , ar . c m . a J° r 

SALT treaty 1 ,en “ crs ,ri “ ,e home loan busi- 

This may’ not. of course, coin-1 ^ , s k om f 

pletely molli fv Congress! ona 1 j ^ ^ * S?. 1 ! 1 ?"* 1 ,y . cut lwck 

^ neighborhoods and that This 
case. Iwve a further opnorlunilV •' deca >‘: 

la.d l l« on "tow i««a«i3S: 

^iilQ tl^ ft 111 till behdlf 0* , pjiil m crijtp rtf thi'H in IQTn r'nn 

^. hen G:inr ^ reii:5 !?ress passed ?he Home Mortpase 
be V,| IS 1 r>L rat'ficavion process. .Disclosure Act which required 
The President hintsel. was; the institutions to make available 
effusive in praise of Mr. Warn ke informaion about the lending 
this morning, saying that he bad commitments. Tbis enabled corn- 
enhanced the security of Lne muni tv groups to try to establish 
United Stales front the banks' own statistics 

that some institutions were limit- 
ing the supply of funds So cer- 
tain districts. 

j However, according tn T.Ir. 
! Allan Fishbein a lawyer at the 
i Centre for Community Change, 
j a Washington-based public 
j interest group. community 
, groups would hare to use the 
i information to brins a racial dis- 
| crimination action under the 


,y ir :r. j : . iraDSii journey, wiid irains usin-^ acut, air. juouivi m-i|i mv>. uir. rxenuui ol-uuhui. jh.hu 

fnsl ItS t i r.n - ^ rhi^FV-riPraP Ft^rve ' h a ?JP t Jf, 011 . how lh ? Rhodesia's direct Beit Fridge rail AXncin faab ^ es today officially declared Pre.sidenri here this afternoon for talks 

Eolrd 1U F?derS Homa Loan Bank p2fLc PP y ^ Act aDd link with South Africa, accord- Reuter adds from Lusaka : The of the Republic. Mr. Mol'd which are expected to cover 

BoaS" 5h>ral no™*',! Insurance ? _ ' iny to Mr. Kohus Luuhsor. the fir^l Lain lo carry Zambian goods nomination papers were handed internaUonal economic prol'- 

rnrno'r-fiinn rnmotroUer believes t*»«t the Act could general manager of South "cross Rhodesia far five years is by the Kenya African National hems, the relations u r \\\< 

Af ^hn farrpnrvi renuiiScf to lo bc , d landmark - 3i0ce African Railways. due to arrive in the southern Union to the supervisor of elec- 1 Germany and Japan with the 

Mt-h iwnk-\ vlvin^s hitherto regulatory approvals for The agreement was reached border town of Livingstone tions. Mr. Norman Montgomery. Soviet Union and China and 

md loan institution's record fn °P enin « n f w branches and after two days of talks here today, officials said. The train As there was no other candidate, i preparations for next summer's 


me d eUn“ n rt? S SdU neeE^'lU ? ierser moves have tended to between ”z^ibian‘ and South will ' be carrying see 

entire s iS' Sen con- fOCUS ®P ul ® et, °S t he conveni- African rai! oH icbls. fr.lluwmg 1H7S-79 erop of maize- 
enure community wutn wu once and needs of the pnmnmn ir . ^ j. - . 


g seed for the he was automatically declared Tokyo summit. 


head uE state. 


BY JOHN STEWART 


CAPE TOWN. Oet. 10. 


SOUTH AFRICA'S fourth state West Africa, said today that if 


branches, to merge or to be ‘ n b ^ decision last Friday to re-use his Prime Minister, tomorrow and 

granted a federal charter. required to look at^the institu- c 0 l ul !i Ir> ’ 5 J aI mk thr0lls 1 ’I again on Thursday. He leaves 

Mr. Fishbcin says that the Act, {j'o n H I ' "record^ ^ in^ coiumun £ Rhodesia. Hn move was a result V iSiSlti d3)SUllltlS UJLllLC Tokyo on Friday, 

for the first time, imposes on ^ bank 7. XadJ °J L h - e - SK, '!? US K^seslion ..n West Germany has a large 

these financial institutions an ^r-rtini- re - Zambias alternative transport bilateral trade deficit with Japan 

obligation lo help meet the credit .under the re'ntiatinne suoer- ^? ules . , throu ? h , T ^jama and BY JOHN STEWART CAPE TOWN. Oet. 10. (imports in 1977 totalled *2.7Sbn 

needs of the communities in ^^ orv a c. en cies ‘w-iil in ok ti m Mozambique — and the danger against exports worth S1.49bn>. 

which they operate. If they fail in^itution'r m^ketin- *at m oat of the country s SOUTH AFRICA'S fourth state West .Africa, said today that if Bilateral trade, however, is 

they could face sanctions like grammes narticination In lni-ii f ert jbser supply might he held president. Dr. John Vorster, took elected Namibian representatives not expected to be the mam 

being refused permission to open community develonmen! n’-oiects U P b ® yoa{ * start nevv the oath of office in Pretoria's emerging from the December item on the agenda. Trade 

branches elsewhere. and evidence of tendencies to P la °tms season. Church Square today. elections decided not to continue matters were fully discussed less 

While the thrust of the law is discourage certain tvpes of , Loubser said today that Addressing a crowd of more negotiations with the Western than a month ago when Count 
clear Mr. Fish be in says several applications, when assessing fertiliser would be transported than 10.000 he urged the null- powers or with the United otto Lambsdorff. ■ the West 

potential difficulties in applying whether or not to "rani by l™ 1 !° Zambia, and cupper urns of the world to accept the Nations Security Council but German Economics Minisit-r. 

it can be expected, even allowing approvals w ‘ carried in the Smith African bonafides of the new South opted instead to press for inde- visited Tokyo 

for the detailed regulations The financial institutions H uc . ks r 01 \ lb / re^rn juumey. African Government and its pendence “then we will be forced ■ Also West Germany has ron- 
which will be drawn up by the covered by the law-— most banks fertiliser is on the newly-elected Prune Minister, to implement their constitution sjsiently shown less concern 

supervisory agencies. and abou/half the nation's sav- ^ mthe Mw opiu Mr p W. Botha Mr Botha, he and bring independence to the about ^ rfeficlt wUh Japan lhim 

He points out. for example, ings and loan associations— have Maputo, but otherwise The bouth said, had offered his kindnep teintorj. . • other major EEC countries such 

that public interest groups had been critical of many aspects of A f, r , ,can P? r * of East London and friendship in aU sincerity to In a speech which cannot be ^ {he UK - and Fraj1ce 


Mr. Schmidt will be meeting 
Tiikeo Fukuda, the Japanese 
Prime Minister, tomorrow and 
again on Thursday. He leaves 
Tokyo on Friday. 

West Germany has a large 
bilateral trade deficit with Japan 
(imports in 1977 totalled S2.7Sbn 
against exports worth S1.49bn». 

Bilateral trade, however, is 
not expected to be the main 
item on the agenda. Trade 
matters were fully discussed less 
than a month ago when Count 


United’s Tokyo flights approved 


; user aesimea ror tamma arrive «we do not want to ngot any- oi tne live western nations w Commission to pressure Japan 
there yesterday, having been body. Our record shows clearly the Security Council. Mr. Steyn int0 var i ous types of export re- 
diverted from Maputo. that we have searched for peace said South Africa was determined straiai; although the Germans 

Initially one train a day will and goodwill to nations— even to at all costs lo go ahead with its SU p Por ' t f U n y efforts to increase 
travel north, and another south some that went out of their way elections for a constituent j a pa nese imports 
on the return journey. Mr. to harm us." assembly “despite threats of In absence of pressing 

burg and East London. “This Mr. Justice M. T. Steyn. the sanctions from the International bilateral trade issues economic 


more 


By Michael Tingay 
NORTHWEST 
TERfllTORlES, Oct. 10. 
DOME PETROLEUM is attempt- 
ing to complete production te.-t- 
in-g on three off shore well* 
drilled in the Beaufort Sea. 
during the short Arctic summer. 

v.Il IV ll lias j'.iil ojIiic I'J :,n u^rufil 
t j-lVA&V H. 

C-unudViip compuny bj.i, u.s. t-icat 

u?<:c,iU'jus cenitu inTul' | .'>ial*'-il : . 
on the Arctic coufl 100 miles > 

norm t/f lnuYih, :u the iivuo oi 
the vast Muckeomo Hirer delta. 

The drilling i? the most 
norther/y oSshdre undertaking in 
I he world, and the flrut or its 
kind in the Arctic Oc«in. It is 
also the most expensive. Each 
well drilled during the tbree- 

niontii Benson will have cost 
:?40rn hy the time of shut-down 
jq tiie next few days. 

The 197S season has generated 

considerable excitement, both 
Irafully and un the New Yurk 
Stock" Exchange. -.-.Iicrc Dome 

chares have levelled off again 
after topping $100 per share 
earlier this summer Last year 
two wells were drilled ami tested. 
One Yielded yas at 17m cu fl per 
dav. and the other a light crude 
oil" at 1,900 barrels per day. The 
ihree 197S wells have l>«-cn 
togecd. but there is no indication 
SO far of What the company may 
find. To the north-west on 
Alaska's north slope a more 
sulphurous oil f2S API and l.-l 
per cent, sulphur i is being ex-i 
tracted at a rate of I-2ni b.p.d.,1 
but Alaska has no offshore dril-i 
linj?. Dome began its preliminary! 
programme in 1975. after taking; 
concessions in the Beaufort Seu i 
in the 1960s. Offshore drilling 
would’ not have got under way 
vet but rnr the personal convic- 
tion of Dome's owner. .Mr. Jack 
Gaila-’ber. wirn regarded ih«.- 
Beaufort Sea as the largest un- 
explored sedimentary liujin in 
the world. 


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ASK FOR II 


BY JOHN WYLES 

U.S. earner, has received final 
approval from President Carter 
I to launch its first overseas 
j services. 

Japanese Government authority 
is now needed before the airline 
can begin operations between 
Seattle and Tok: u and between 
Portland and Tokyo and Osaka. 
! United Airlines first filed applica- 
i tions to start these services 13 
years ago. but it has taken the 
steady growth in traffic between 
the U.S. West Coast and .Japan 
as well ns the proliferation of 
cheap air fares to encourage the 
approval oT the U.S. authorities. 

United has undertaken to 
offer discount fares on th:* pro- 
•,.o\etl daily non-slop Boeing T4T 

i«iv;v:T: f-eV-cew Se-aUlt vmi 

ToV.y.i and v-ti \toTCC icvunv 

'iiVi 3 l feint* PocVlaud wlilcii 

wilt tic 1 town, tiy AfcDonnctf 
rjO’JaldO DVV3. Tl/C OMf OMCr 
US. carrier operating on these 
routes is Northwest Airlines. 

Umlfltl’* Mack, nf an over^oas 
route structure is due mainly TO 
the policies of i\Jr. William Pat- 

tersun. who v.as The airbne's 
president between 1934 and 1965. 

He focused its development 
almost exclusively nn domestic 

pperatmus and since his retire- 
ment the airline’.-: services have 
not spread further than Canada 

jD.J Mexico. 

The present management sees 

PAKISTAN IS expected tu make 
pronounced effort in ihe next 
few weeks to persuade the 
Untied Slate* lo formally lift 
its effective embargo on ihe sate 
of sophistical oil weapon* to 
Islamabad. These efforts ••• ill l»o 
accompanied by increasing 
pressure from American aircraft 
companies in search of com- 
mercial contract?. 

The move is the result of the 
collapse of :* major tenet of 
American policy — that Washing- 
ton will not be the first to intro- 
duce n new weapons system intn 
the area — uiih la?t week's sale 
to India of 4n aircraft, and ihe 
granting to India of manufactur- 
ing rigbff 1 for :1 im Anglo-French 
Jaiiuur strike aircraft. 

In p re para I inn for tiie change 
of polity. iw(» American cum- 
panie.5 — .Northp.-p and Lirie- 
Temcu-Voiiehc cLTYi — have 
retenlly made sales visits 10 
Pakistan. Representatives of 
another. McDonnell Douglas, arc 
expected suon. 

There has been no confirmation 
of Indian repurti; that the sale of 
Indian reports that the sale to 
Pakistan of 75 Northrop F-5 air- 
craft has been agreed, font even 
if this is ihe cose, military 
experts say P.ikUtim would still 
need ai reran such as the more 
sOphisiK. ati-d A-7. 

One nf the arguments Pakistan 
is expected tu use concerns the 
balance m' power, nr iimru 
oxacily the imbabr.ee in favour 
of India, in itT.ns both of 
number.-; ,m«J ••‘ijihistication. 

Ano.hi-r .ir.niiicnt will foe 
F.*kisij.i'-< i'"si«mn in ihe region 
folhjAing tiie April coup in 


NEW YORK. OcL 10. 

considerable potential for ccr- these services ntay yet be several 
lain overseas routes and has years off since final decisions by 
applied tu the - Civil Aeronautics the CAB would need to be accom- 
Board for permission to operate panied by successful bilateral 
to Hong Kong. Peking and negotiations between Govern- 
Shanghai. The inauguration of meats. 


agreement is within .the frame- Administrator General of South- community.' 


yor Wu Teh sacked 


BY JOHN HOFFMANN 


PEKING, OcL 10. 


discussions between Mr. Schmidt 
and Mr. Fukuda arc likely lo 
Focus on interna tionnl monetary 
issues and on a review of uacii 
country's economy. 

Both West Germany and Japan 
have recently taken action to 
try to stimulate Ragging econo- 


Advisers urge reform of 
Canadian car industry 


V* * JLIUIUIMLV >ku OO Hl ^ I'A'HU 

WU TEH, the senior Peking Hua arrived yesterday for a four- Sino-British Trade Council and ™ ic e row |{ 1 wit ^ West Germany 

municipal Communist parly ofii- day visit to Britain. He will have tomorrow a visit to the British stressing tax cuts ana Japan em- 

cial. has been dismissed by the talks with Dr. David Owen, the Council. He' is to spend Friday Phaslsmg government ^pending 
Chinese Government. Foreign Secretary, this morning, in Cambridge, where he will tour on , p “°: lc P 'I?.L KS Cl- ? - 

The announcement today that and call on the Prime Minister the Cavendish Laboratory, the Apart from ^mnnws. th. 

Mr. Wu had been relieved of his this afternoon. faculty of _ oriental studies fcmnidt-Fukuda t^ks »UI prpb- 


BY VICTOR MACKIE 

THE CAR industry in Canada Al 
has no viable future unless there the 1 
are major changes in its organ- pact 


OTTAWA. Oct. 10. 


;ur. if u riflu ueen leucveu ni.i ****■-’ mhv.uuuu. ‘-'-““J ; .. f nlan« rinnliMim 

post as Mayor of Peking crowns His official engagements today and Pye - Telecommunications f.:‘ y d a? e , ’ “ , ™ ft vlarii SmmiT 
a moimtins ciimpaltn uf public will include a lunch g.ven by the Limited, “™ Jffif’.JS ™ n jiSwe!? S 

cnlicism against him. tions. 

si.rsf’SSSI UK A-team for Australia £ mss 


Altnough critical of results of , 0 earrv our Communist oariy 
se Lanada-L-.S. free trade au,.o- policy, siding against the popular 
act agreement which came into vice-Premier Teng Huau-pii:? 


BY LAURIE OAKES 


C.ANEERRA. OcL JO. 


meeting and on East-West rela- 
tions. 

Mr. ‘Fukuda {whose determina- 
tion to play host at the summit 
is tied up with his bid for re- 
election this winter as leader 
of the ruling Liberal Democratic 
Parly) ia-s&’.fc to be anxious to 

fix a flatp in June but has yet 

10 'near fl»e.re ariioo uJ Wes) wo 

leaden. 

Japan would find, an cavlter 

dare inconvenient, partly neezuse 


^«.n«isuys;{ 1 s ^ ssr.^W! 

two ,, vaa» P “ ' U °' Cr 13 J’«*« after the agreement y! ao ^ l °w rt ®S ‘ f . rom l,JBcc , at “ .1 , ac i J.® 10 , 1 ?* 08 aDd early Mr ' be nUed Id the sprfifh 


influence of Vico-Premier Ten.g, Australia. nuciear tests conducted in the cause ^ a Eenerai'' elect ion*" couW 

wDd wag toppled from i>airc al a Auatralia’s acting roroi^ui late 1950s and early l96o». Mr. caUed Jo tiie Sprin u 
time when Mr. Wu s power was at Minister. Mr. Ian Sinclair, said Sinclair's- announcement, -was East-West topics will include 
Us greatest. today that Mr. David Owen, the interpreted here as meaning Japan-China relations in the 

The new mayor of Pekin® i*5 British Foreign Secretary, had Britain had declined to do so. aftermath of the signin'* of the 

Mr. Lin Hu-Chiu. a close assoc i- offered the services of a tech- In a Statement issued in Sino-Japanese treaty oF" peace 

ate of Vice-Premier Ten". Mr. meat team and the Australian Canberra this morning, the ajjj friendship and Wosl German 

Lin's promotion to the lop Pek- Government had accepted. British High Commission -denied attitudes towards the Soviet 

mg municipal post closely The team would arrive sonn that British authorities had been Union. - 


the car industry, said a solution share >jf employment was less 1 


PAKISTAN’S DEFENCE 


Counting on U, 


O 


**£1 1 Syi 


: : contact with NATO-Jast summer 

was completed locally a . few Wtih a v jsh to Brussels hy thi? 
months ago. Dtrector-Gcneral of . tiie Defence 

A -three-wav deal could be Apencv. 

envisaged for Mirage purchases, Mr.^Sehmidts Tok>o vjsit cou d 
with Arab, states providing the pTOrt* the ooportumty ro ,nm- 
nioney in return for Pakistan 

pilots fwho are better than their t and Toks ° OQ se*.unty 

technicians) training Arab air m « lers r 


BY SIMON HENDERSON 


Afghanistan. Pakistan now sees 


Delhi's explosion of a nuclear major war over the province was aircraft purchases and it sitnply 
?vice in 1974 effectively ended in I9d4. the passions > routed hy dues not have the funds. 


itself as a bastion for the Mesi device in 1974 effectively ended in 19d4. the passions > routed hy does not he 
against Soviet expansionism in serious talk of another Indo- ihe confrontation over Uie A U.S. con 
Luc area. It joes the Pakistan v.jr but military independence uf Ear.gladoh in suade Pakis 


forces to operate the same air- 
craft, as they already do in some 

, toe ! S=“ n fu n ds Si “ P ' 1 ' ™pVof new aircraft U 

becoming urgent. Apart from 

EZSFf fa °P ,n B. Per- t h e 60 Mirages now in service. 


$9,520m debt 
for S. Korea 


potcnti.il threat to Pakistan of planners in both countries are 1971 cloud the issue 
an Afghanistan ideology of believed to foe working on the Pakistan's mferion 
territorial expansion to the ^ __ __ 

River Indu.-. — ■ 


It is ;indcrstoc-d that the 
A f - h j n air furco was recently 
infringing Pai:*.>lan air spa .-f .<t w 

the rale of 40 aircraft a day. ( MHUL' 

Puki-rlan air fun-.- so i :;•>.«?. s claim J AFSH'ISTAH 
tn have proof lh.it each -.'roi::) of L 

aircraft w.u led foy a Soviet 7 / 

flight commander. Relations - -* 

between the two countries are >s ,> 

ti*nsc. ■••‘ith Pakistan'- Right-wing iRISk <£•+' 
President Zia-nl Haq tafoeliing 
the new regnm: as Comniucist. \ 

blit cordial enough for him to < r- •..?.• "• 1 
stop in Kabul for a cup of tea , - . 
and a chat while on his way to 
Tehran last month. 

-•» major stumbPn? hlo^b fur “Ifsbiafl $ea 

Faki'tan in lh*i acquisition of - ’ 

new ain-ran na- l.-E.im:;- o ' mj>~ 

-..id s delermi nation in un —'.I!..- - 

with a nuclear reprocvsiir.g 

plan'. But with Fran..e r.y.v a-iOmpUan 
withdrawing from the deal a.s a mo-a likely 
roult of Amen cm opposition, a i-.-uc. Ka=! 


I r LINE— < 

ISLAMAfiAD X ~ 


7I P ?"ou C d L fhe W 'l*me nS ** V> 10 duct'must^fso look^Wash?^ I, he P ^^° a ^ r hi fqree ti S i? e i?^ SOUTH KOREA’S foreign, debts 
Pakistan'., inferioniy complex ton as a source of the necessara M,G f end August 

credits For 1TO aircraft thh J? s aod „. Ame f^ aH 0 S9.520m. according to a Govern- 

nd.a XT *t%umSE? K n ,h £ sa a 


PMUSTjDi 


INDIA 

Tulul armed forces J.flilil.OflO: 
C>t GNP 3977 8101 bn: 

defence expenditure !977 
83.4:>bn: 23 divisions. 1.700 
tanks. Olil combat aircraft. 

PAKISTAN 
Total armed forces 
cst r.NP 1977 Sir.ijfon: 
defence expenditure 1977 
$Sl9m: IS divisions. l.Utiy 
tanks. 2.17 combat aircraft. 

AFGHANISTAN 

Total armed forces lllMlUO: 

est GNP 1977 .S2.ofoa: defence 

expenditure 1S77 SfiPm; IS 

divisions. 7!»i tanks, 144 
combat aircraft. 


a-s'-'nipuun :nji tno other is the in relaiimt lu India is tu>i helped 
]r;o-.t itkcl;. tcivcraari. The major by Delhi having sullicivnl 


thought LTV* is confident of £ the f latter aircraft still used in Tbe report said that '.South 

nr.citton because it had an ordir a fron/ tiae ground, attack role. Korea had borrowed a totaL of 

InimplkiiSn for ‘Ho A*7, ™5I EfMSInot o,,™ as since 1951 end 

the State Department squashed . P « ■ , tl , Pa*d -back S2.737m in principal, 

it early in 1977. nartlv over the . Pakistans official reaction to. . The outstanding roreign loans 

nuclear reprocessing ‘isauc. Bu< I he Jaguar sale to India has consisted of S1.5S4m in coni- 

Pal-islan politically dls- heen Sf relatively muted con- mercial loans and $S,933m in 

annointeri with Washing on's cern - Towar ds Afghanistan such public loans. 

lack of support Sinee° the f itt!i C fhat an AFeIchi nUo^whn u T l 6 U ' S ' Ja P an and A* 1 ® World 
Afghanistan takeover, so nre- walked that an Afghan. pilot who Bank were listed as major si-vtcs 
«uin:iblv would worrv over t '?° months ago lost direction bfthe funds, 
rulur.j 'supply of spares: »«*£ 

This is why France probably ba £ k aircraft within- days. • . _ 

remains in the running despite j^TV is already lobbying Con- Yugosluviu’s 
Islaniahnds pique over the can- g re&a , n order to ensure that its 
cetlauon of the reprocessing A : 7 production lines in Houston prices UD 
deal The Pakistan air Torce can remain open. Other ■ RFT rRirtF n„t -n 

already uses earlier Mirages, and Americans are arguing the case BELGRADE, Oct. iff. 

later models are comparable 0 ( Soviet penetration through Yugoslavia's consumer prico 
•.vuh the A-< and have the added Afghanistan. and Pakistan's index has risen by 1.5 per cent 

advantage of capacity for use .sometimes turbulent tribesmen since August and by 14 per 

as interceptors. of Baluchistan. Id the warm cent since Septeraher last vear. 

Furthemnre. French techni- water of the Gulf. ' the -Federal- Statistics Bureau 

c.anx are already on the ground. By appearing responsible in reported. The index, which is not 
M-rvicmg .Mirages. GroraJe sur- jf 5 actions, Pakistan may. well ’seasonally adjusted, showed that 
face-io-air missiles 3nd Atlantic be hopinR that other people's I the cost- of- living was ig.g p^r 

naval reconnaissance aircraft. A efforts will clinch Ihe deal' for cent up on the 1977 average, 

re iur willing nlanL fur Mirages new aircraft , 'AP 









Financial Times Wednesday October it 1978 


1 ^3up 


XI* HP 


^ ( ‘ fv .l! ! 


di $ l\y{] 

w.. i 









| Ifyou run a company, you will know 
' that your needs aren’t always 
obvious or straightforward. In feet, 
business necessities can seem 
unusual to outsiders. For instance, 
you could need a company plane. 

Or a Rolls-Royce. 

You probably wouldn’t expect 
even your bank manager to be 

. very sympathetic 
JT ifyou asked for 

’i : : ’* • r' finance for some- 

d '.. j thing as uncommon 


as that 


But, if he’s a Midland 


Bank manager, you should 


begin to expect the unexpected. 


Provided there’s a sound business 
purpose, your Midland manager 
may well be prepared to help. 

Your Midland manager also 
has at his disposal a highly skilled 
team of specialists who can, 
between them, offer answers to 
almost any business need. Start 
thinking of him and his team as the 
people who deal with your business 
problems, however unusual. 
Because, thanks to teamwork, you 
can expect us to do things you’d 
never expect. ' 












Send to: Midland Bank limited 
Room 24, PO Box 2, Sheffield Si 3GG 


I W: Midland Bank 


•••• 


Midland Bank Limited 


































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l VVOR^OK) l RA!)K NEWS 



eria and Sweden sign I Go-ahead for 


Hong Kong exports biooiii ' 


$2.25bn LNG agreement Masse y Ferguson 


BY WILLIAM DULLFORCE 


STOCKHOLM. Oct. 10. 


ALGERIA WILL supply Sweden 
with I.Tbn. cubic metres liquid 
natural gas (LNG) a year for 20 
years from 19S5 under a pro- 
visional SKr lObn (92.25bo) 
agreement signed in Algiers 
yesterday. The contract between 
the Algerian state-owned com- 
pany, Sooatracb and Swede gas. 
which is half state-owned has to 
be ratified by the two Govern- 
ments before July 1 next year. 

Swedegas already has a similar 
agreement with the West German 
Buhrgas company for the import 
of l.'Jbn cubic metres LNG a year 
from 1985. Swedegas and Rubr- 
gas plan lo form a company to 
build a pipeline from Emdeo to 
the Danish border to link with 
the gas trunk line, which the 
Dane's are pianDing and which 
could carry the German gas via 
Copenhagen to Maimoe in 
southern Sweden. 

It is es lima ted that, if both 
these projects are realised, LNG 
imports could meet about 4 per 
cent of Sweden's energy require- 


ment In the late 1930s. The gas 
would be used in southern and 
western Sweden. 

Both projects, however, hinge 
on a decision by the Swedish 
Government and Parliament to go 
ahead with the construction of a 
gas distribution network. The 
collapse of the non-Sociaiist 
coalition government last week 
was due precisely to differences 
over energy policy — in this case 
the role of nuclear power — and 
it is not certain that a new 
projects. 

The plan to import gas- from 
West Germany also depends on 
the negotiations between 
Denmark's state oil and gas com- 
pany and the privately-owned 
Danish underground consortium 
for i he sale of gas from the 
Danish North Sea. If the Danes 
cannot agree, they would have 
less interest in building a pipe- 
line. 

The contract signed yesterday 
in Algiers would give Swedish 
shipping companies preference 
in carrying the LNG. It would be 
landed either at Wilhelmshaven 


in West Germany for further 
transport through the Danish 
trunk line nr at a new terminal 
to be built at Brofjorden on 
Sweden's west coasL 

Mr. Nils Sal a nder, managing 
director of Petroswede, the oil 
company half owned by the 
Swedish state, fired a broadside 
at Swedish oil policy when an- 
nouncing his resignation yester- 
day. Competition for foreign con- 
cessions and public funds from 
the wholly state-owned Swedish 
Petroleum Company, which owns 
half of Petroswede, had led to an 
“absurd situation.” 

Both Petroswede and Swedish 
Petroleum have bid for parts of 
new concessions in the 
Norwegian North Sea but it is 
understood that neither is likely 
to be awarded any part conces- 
sion. Norway has promised Volvo 
Petroleum, a newly formed com- 
pany. a share in new offshore 
blocks under the agreement pro- 
viding for the Norwegian state 
and private investors to take a 
40 per cent holding in the 
Swedish motor company. 


factory in Sudan 


■BY OUR OWN CORRESPONDENT KHARTOUM. October 10. 



tan failure 


MASSEY FERGUSON is to set formally submitted m May 1076. 
up a joint venture tractor manu- The deal was almost finalised m 
facture and assembly plant in August last year when an MF 

Sudan. Agreements were signed delegation a ^“ ved 

yesterday in Khartoum establish- complete with a -statue to be: 
mg the Sudanese Agricultural presented at the signing cere- 
Machinery Manufacturing Com- many. Bat a last-minute hitch; 
puny. arose when Massey Ferguson . 

The company’s SlOOm plant, and the Sudan Development 
scheduled to be operational in Corporation could not reach 
1981. will turn out 4 000 tractors agreement on a liability clause, 
a year. These will be 75 hp The deadlock continued until 
MF 285. an improved version of last February, when Massey 
the MF 185 which is already Ferguson’s executive vice- 
used widely in Sudan. The fac- president. Mr. Hugo _ Vajk, 
tory will also produce 4.000 visited Khartoum. Negotiations 
assorted agricultural implements were then described to be in 
yearly and 400 dual purpose their final stages, but Mr. Vajk 
combine harvesters a year for left Khartoum with the contract, 
bagging and bulk moving. still unsigned. The final go- 1 
Over the past five years Sudan ahead came this week at 24 1 
has imported an average of 1,300 hours notice, taking Massey i 
tractors a year, of which 800 Ferguson executives in; 
have been Massey Fergusons. Khartoum by surprise. 

The 4,000 a year capacity of the During the delay, the cost of! 
new factory allows for increas- the proposed factory has, 
jpg mechanisation but also escalated from S85m in the 
means that export is a possi- original proposal to -8100m, 1 
bitity. Massey Ferguson (Canada) hold 

Massey Ferguson executives 25 per cent of the shares in the 
have been paying monthly visits new company, the State-owned 
to Sudan for the past three years Sudan Development Corporation 
in connection with the joint 24 per cent and the Sudan 
venture proposal, which was Government 51 per cent. 


BY RON RfotARDSON IN HONG KONG _ . l 

HONG KONG’S export trade, da clothing. cottD “ items'^- But as the end 

which the health of the whole processed ve ^f^^ nt on their approaches, the MFA-4S? t J§? r 

economy is ultimately based,-, is were up 24 , red with the the bilateral pacts 

beginning to bloom agaim After year*go lev ^?t So^S?of 29 per been negotiS - 

a very slow start to the yor, overall re-export growro un , bwl i a _ are . besdnS^L’l 1 * 

orders built up strongly, so that cent _ chows felt again - as 

with twoAhirds of 1978 compete, Japan’s trade in various W cSegwifiT^ 38 

2 S££. -SSS £ SSSSi/S -g-jS 

It" Ume ~ S®"*- ^ 0 *f e £r ,n, w 


ma de p roducts topped HK$4fan goods, 
by HKSISm. This surge reflected 


the normal seasonal trend; as T'v* _ J c 
goods destined for Christmas Sale UlStlflOflua 


in Europe and the US. left -the 
factories. However, it was stiff a 


other aspect of the re- 


fused— end less bright Beci*£ 
of strong sales earliexii^ 
year, some categories df. gt&a 
have probably reached $ 
quota ceilings already. • ^ 
Given thfB rituatidu' 

ovnnrls for tka h,n 


WCIVUIW. uuwoisi, nos SUUi a WUB - vpr v avnnrtc fnr tUo. ■ -.Wif 

healthy 21 per cent above fee export .growth was a very exports for ^tbe fuff rear,** 


level of August, 1977. 


sharp rise (74 per cent) in reach about HKS49.75hn, a<s5 

P movement of precious ing to Haddon-Ca^ S 


Added to these local products the ' movement .*"■£^'" 0 ? IDg Haddon-Cave, ^ 

were HK81.196bn of goods origin- stones, especially diamo^s. Of imports which are also dh^ 
ating elsewhere being re-exported HKS607m of diamonds. HKS strongly, should top HK$58& 
during August to their final des- came from Belgiumand L The resulting _ trade.' .gj 

tinations. About a quarter caine bourg and HKbl44in from approaching HRSS^bn woti^t 
from China, with Japan not far U.S. At the same time another historically, large, although.^ 
behind. In fact, the growth- of HKS15lm of the stoo« went withm the capacity ofthe^ 
this re-export trade, which, has through Hong Kongo?, to absorb. 

revived Hoag Kong’s historical to the U.S.. and HX§205m to Hong Kong always nrasai^jj 


role as an entrepot centre, iy the Japan. , _ . deficit in its merchandise bade 

most notable change in the^at- If the re-export trade «intlnues in evrtable in view of' 
tern of the colony's trader this at its current buoyant level ana territory's dependence on iarpor 


vear. "l domestic exports maintain their f or lCs most basic comma®. 

'Financial Secretary I^p recent momentum, Hong koi^s jncludiog 

Haddon-Cave suggested recently total merchandise sales for 197S ^ offset by invisible eari^ ' - 


Haddon-Cave suggested recently total mercnauu«« ^ ousci uy invisioie carr^ . . 

that Hong Kong’s efficient flnan- should be well over BhSBMn. from the rapidly , growing fi'lv 
cial services, combined with its However. Haddon-Cave for one cial sector, from shipping ^ 

s i m Te b s i c^ et ^ r e £ ‘sssn^aHg- 

*rSL suss x'&zzl 


BY CHRIS SHE R WELL 


ISLAMABAD, OcL 10. 


INDIA AND Pakistan failed to 
reach a full agreement on 
bilateral trade in three days of 
talks which ended here last 
night The main stumbling block 
was the large imbalance favour- 
ing India in private sector trade, 
which Pakistan finds unaccept- 
able. 


The failure to agree is a 
setback to hopes for expanded 
trade between the two countries. 
Coming on top of the Indian, 
decision to purchase Jaguar 
strike aircraft it may also be 
seen by some as signifying a 
reverse in an otherwise improv- 
ing trend in relations between 
the two countries. 


This trend has been illustrated 
by Pakistan's purchase of wheat 
seed from India and the decision 
by both countries to establish 


consulates in Karachi and 
Bombay. 

Since trade was resumed 
between India and Pakistan in 
1975 Pakistan has suffered a 
total deficit of S22m. according to 
figures available here. Having 
recorded a surplus in the first 
year, when trade was .on a 
Govern men t-to-Govern men t basis 
only, Pakistan’s position was 
reversed in the succeeding two 
years when private sector trade 
was permitted. 

This reversal has apparently 
been tbe result of India's greater 
competitiveness in Pakistan's 
markets, where demand is strong 
for a wide range of consumer 
goods. 

Talks broke down in May on a 
new private sector trade agree- 
ment to replace the. one expiring 
in June, and it had been hoped 
that the differences would be 


ironed out in the latest round of 
talks so that the trade could 
resume. 

Instead, an arrangement will 
now operate under which the 
-Indian public and private sectors 
can trade, but only with 
Pakistan's public sector. 

Though both sides say sub- 
stantial progress was made in 
the talks, the position now is 
worse from a strictly trading 
point of view than it was before 
May. 

The two sides win meet again 
in New Delhi, probably within 
the next two to three months, tu 
discuss outstanding issues. 

India is apparently ready to 
consider some sort of regulatory 
arrangement to help control tbe 
balance of trade, but it Is too 
early to say what this might be 
or whether it might produce an | 
agreement at the next talks. 1 


Iraqi contract boosts 
Brazil’s Mideast hopes 


BY DIANA SMITH AND PATRICK COCKBURN 


Coal conversion project |E. German steel 


CANBERRA, OcL 10. 


mill orders 


THE AUSTRLIAN Government 
and the West German research 
and technology ministry have 
signed an agreement for a joint 
feasibility study on the conver- 
sion of Australian coal into 
liquid fuel. 

National Development Minister 
Kevin Newman said the study 
will be -based on a plant using 
the combined hydrogenation, 
gasification and Fischer-Tropseh 
technologies, with a production 
capacity of 2.9m tonnes a year 
of liquid fuel. 

The German ministry will 


appoint Imhausenchemie GmbH 
as general contractor for the 
study, who will also act as 
co-ordinator. 


Newman said the study will 
cost about A$3.6m, with half 
financed by the German ministry 
and the other half equally by 
tbe Australian, New South 
Wales, Victorian and Queensland 
governments. 

The study will be required to 
report on the feasibility of 
establishing a commercial plant 
at a 'nominated priority site in 
each of the states. 

Reuter 


DUESSELDORF, Oct. 10. 
AEG-TELEFUNKEN and the 
Schloemann-Siemag unit of 
GHH have won over 25 per 
cent of a DMSOOm East German 
heavy plate mill order, a Siemag 
spokesman said. 

The order Is from the East 
German foreign trade organis- 
ation Industrieanlagenimport 
and the project leader Is Voest 
Alpine of Austria. 

Schloeman-Sieraag will supply 
the rolling -mills and finishing 
line equipment, while AEG- 
Telefunken will deliver elec- 
trical units, the spokesman 
added. Renter 


Now TWA 


THE CONCERTED effort of 
Brazilian can tractors, with the 
full backing and active help of 
the Trade Promotion Department 
of the Brazilian Foreign 
Ministry, to sell their services 
to the developing world has 
begun to bear fruit 

The Sl^hn contract to build 
a 550-km stretch of railway in 
1 Iraq won by the major Brazilian 
constructors, Mendes Junior, is 
the largest services export con- 
tract ever won -by a Brazilian 
company. And Mendes junior’s 
success has given hopes to other 
Brazilian concerns of major con- 
tracts in other Middle Eastern 
countries. 

The contract for the railway, 
which will link Baghdad with 
Hussaibah on the Syrian border, 
was won against stiff competition 
from Wimpey. Energoproject of 
Jugoslavia and Rail India Teck 
nical and Economic Services 
(RITES). 

Mendes Junior was assistesd in 
winning the contract by the 
close Involvement of Braspetro, 
a subsidiary of state owned oil 
company Petrobras, in the Iraqi 
oil industry.. Petrobras has had 
a, service contract with the Iraqi 
National Oil Company (INOC) 
since 1972 and discovered the 
350.000 barrels of oil a day 
Majonon field close to the 
Iranian border in 1976. There 
are reports of an even larger find 
in September last year. 

Brazil is the third largest con- 
sumer of Iraqi oil and this will 
have helped Mendes Junior to 
win the contract. The govern- 
ment in Baghdad has indicated 
that it will favour purchasers of 
its crude in awarding major con- 
tracts. Brazil is also supplying 


iron ore to the major new steel 
mill at Khor al-Zubair which has 
just opened in the south of Iraq 
and an agreement is believed to 
have been signed earlier in the 
year for the supply, of 260 
armoured cars and personnel 
carriers to the Iraqi army. 

Meanwhile, O. Globo, the lead- 
ing Rio newspaper has revealed 
that a Brazilian consortium of 
builders, engineering companies 
and heavy equipment suppliers 
have entered an advanced stage 1 
of negotiations with Iran’s 
Khuzestan Water and Power 
Authority for a turnkey contract 1 
which would cover design, build-; 
ing and supplies for the second ! 
stage of the Reza Shah Kabir 
hydroelectric scheme on the 1 
Karan River in Southern Iran. 

The consortium (BRIC — BrazD- 
Iran Consortium) is competing 
against a German consortium led 
by Siemens and a French con- 
sortium Jed hv Campenon- 
Bernard (which built the spill- 
way for the first stage of the 
scheme). 

This is powerful competition 
but, since the coordination of 
BRIC's equipment supplies is to 
be handled by Brown-Boveri’s 
Brazilian branch, with Voith’s 
Brazilian subsidiary as one of 
the subcontractors (turbines), 
and since BRIC has presented a 
proposal that is simpler, cheaper 
and faster to build than original 
specifications indicated, local 
hopes are high. 

Stage two of the Shah Kabir 
dam would be a reserve to be 
brought into emergency use if 
Iran’s ambitious nuclear energy 
programme is cut back, as now 
seems likely. 


from developed countries passing Clothing and textile shipments strong domestic demand, - •.$ 
across the Hong Kong dockson —and ultimately total exports— exports face a less certain^ 
their way to Asian buyers} ■ in the first two months of the look. The spread of discriinii 
In part, the reexport surge year were depressed by the un- tory protectionist barriers atari 
reflects Peking’s sales drive in certainty of European buyera m • r ®?S? #•?«* 

world markets as it seeks foreign the closing months of 1977 as reinforced by-the limited gflS 
exchange to finance its ambitious the last stages of tiie renegouE- allowed m textile exports Hiy j 
technology-buying spree. Ia the tion of tbe Multi-Fibres Arrange- various quota regimes, poinf^tj 
first half af the year reexports ment (MFA) were threshed out slowing in export growth aifr 
of Chin«e producto-riiainly Once the trading framework even larger trade deficit. - ^ 


UK sales in Japan buoyant 


BY DANNY McGRORY a 


BRITAIN is maintaining its 
share of the Japanese market 
while the rest of its indostria- 
lised competitors have suffered 
a sharp decline in their :trading 
fortunes. 7’- : 

Figures released yestenlay by 
the British Overseas Trade Board 
show that although Britain's 
share of the Japanese market is 
still only L4 per cent-bgainst 
the United States 17.5 percent 
and West Germany’s 2.1 per cent 
—exports last year rose to a 
record £469m, compared with 
£3 60m In 1976. However, Britain’s 
visible trade deficit with Japan 
was still £590m last year. 

Mr. John Field, the BtffB's 
special adviser on Japan, said: 
“ I think it Inevitable the visible 
trade gap will grow in the next 
few years but with the Japanese 
Government committed to a 7 per 
cent growth rate there is more 


scope than ever for British 
companies." . , . ^ 

He said be did not think the 
Department of Trade’s efforts at 
persuading the Japanese Govern- 
ment to restrict their export of 
cars and electrical goods would 
make things any more difficult 
for British manufacturers in the 
Japanese market 

Reviewing the last five years 
of Anglo-Japanese trade, Mr. 
Field said British- companies 
should do more to break into 
what was a highly competitive 
but lucrative market Already 
this year exports to Japan, valued 
in sterling, had risen by 15.7 per 
cent 

"Compared with our indus- 
trialised competitors we have 
not done too badly- I am not 


going to pretend we have done 
brilliantly but our sales effort 
has been worthwhile, MMr. Field 
said- 

"The problem remains that 


while Japanese experts'^ 
heavily concentrated on roar, 
range of mass productf/ti 
sumer goods, Britain’s 
cover a wide field and l# 
the collective efforts of a^k 
number of companies^V-’ *' 
The area where, the' JO 
believes the - greatest jiotett 
ties is the export oTseksi 
and medical instruments, ^ 
has grown by 400 .per cent 
the past four years.: ■_ . , 
Britain's biggest earner* 
main chemicals and phana* 
ticals "with £76m sales lajt'f 
Scotch whisky (£ 40m):; ten 
£30m); foodstuffs (£2&irijV 
agricultural maehineiy.ttseti 
Mr. Field was lannchnif 
new BOTB publication^ “$el 
to : Japan” which shq*s:hj» 
number of companies fori - ’ 
ing Pilkingtoh, Jaeger,. Be 
and Twinings) have wwts 
stantial orders in the Japtr 
market ,v 


; — ^ 

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By Charles Batchelor 

AMSTERDAM, Oct 1.0. 
THE DUTCH Government is to 
hold top-level talks with French 
authorities on cooperation 
between the two countries’ air- 
craft industries. 

Holland has not yet decided on . 
a replacement for its ageing fleet 
of Neptune reconnaissance air- 
craft and it is seeking better 
compensation terms if It is to 
order the French Breguet Atian- 
tique, Prime Minister Mr. Dries 
van Aft said after a Cabinet 
meeting. 

The Dutch not only want the 
j’rench to order 12 F-27s for use 
as trainers by the French: navy, 
they also hope France will share 
in the development costs of the 
F-28 jet A Parliamentary dele- 
gation returned from France 
earlier this month without any 
firm guarantees from the French 
on this. 

Economics Minister. Mr. Gijs 
van Aardenne and Stale Secre- 
tary at the Defence Ministry, Dr. 
W. van Eekelen will head the 
Dutch team. 

A - decision on whether to 
choose the Sreguet Atlantlque, 
which cost FI 64m, or the Lock- 
heed Orion, which costs only 
FI 4045m must be taken before 
the end of the year. 


Renault opens 
Austrian plant 


By Paul Lendvai 

VIENNA OcL 9. 
PRODUCTION STARTS up this 
week at Renault's Austrian sub- 
sidiary, Renault Industrie, based 
at Gleisdorf in the province of 
Styria. 

Involving an investment of 
Sch. 45m, the plant will produce 
aluminium castings for the 
French parent company. Produc- 
tion staff is now 35 .but will 
reach 65 by 1980, when turn- 
over is expected to reach 
Sch. 95m (£3.4m). 

Renault has a 51 per cent 
majority interest while OEIAG, 
the holding company for Austrian 
nationalised industries has a 
holding of 26 per cent. 
Creditanstalt Barrkverein, the 
leading Austrian bank and the 
French bank Sogenal each have 
a 11.5 per cent interest in the 
Sch. 25m capital. 

The project was made possible 
by subsidies granted by the pro- 
vincial government, which was 
keenly interested to save the 
plant of a former bycycle manu- 
facturer. It provided a 
Sch. 15m credit for 15 years at 
“special conditions" while a 
further Sch. SOra originated from 
the ERP funds (Marshall Plan 
counterpart). 


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Financial Times Wednesday October II 1978 


HOME NEWS 



;e 


State may use ‘forceful 
measures’ to save energy 


■ \ m l ■ 


BY SUE CAMERON 

warning of "forceful" 
Uovy lament intervention if in- 
dustry and commerce failed to 
lake iidequ.ilc energy-saving 
measures w:»s; given to a national 
e n ergy management ■ con f crencc 
>n Birmingham yesterday by 33 r. 
«i chard II orris, deputy chair- 
man of the National Enterprise 
Board. 

Mr. Morris said 'that Lherc v/ero 
^ n, i >‘io nmny businesses which 
h.id done little ar nothin? about 
savm^ energy and thereby, 
savin? money for their com- 
panies. Voluntary action on 
energy savin 5 had been success- 
ful M up tri a poinr.” but far 
liinrp would have to he done to 
achieve “even modest results." 

“ None of fi> tikes or wants 
more Government interference 
in how we run business." Failure 
.Uj achieve l argots such as a 10 
per ccul saving on the nation's 


oners v bill win inean that we 
have failed, as the executive 
directors and senior managers 
of our nation's businesses, in 
lake odle and act -on the sound 

advice that is being given to us. 

"Tbe reaction to such failure 
must surely, in time.' lend to 
more forceful measures by 
Government, a course none of 
us wants.** 

The conference, organised by 
the Department of Energy and 

attended Li SC® energy managers, 

beard Sir David Steel, chairman 
of British Petroleum, forecast 
that the UK. would need to start 
importing oil again by .the early 
1990s. 

“ Britain will soon cease to be 
an oil-importing nation. with the 
benefit of North Sea oil produc- 
tion.” Sir David said. “But it 
would h e t|uiie mistaken to see 
our oil self-sufficiency in the 


19S0s as grounds for compla- 
cency in tackling energy con- 
servation now. 

“This is because major pro- 
jev>s required to. develop alterna- 
tive energy supplies have very 
long lead times. For example, 
the installed nuclear capacity of 
the lale eighties is already de- 
fined by today’s order book. 

“The development of non-oil 
energy supplies is therefore un- 
likely to avoid the net-d (11 im- 
port oil again in the early 1UMK" 

Sir John Hill, chairman of the 
United Kingdom -Atomic Energy 
Authority. said at the conference 
dinner that Birtinn was effec- 
tively pursuing a cheap .energy 
policy. But the real - cost of 
energy was “ certain to ruse sub- 
stantially at some lime not far 
away." 

Sir John said that North Sea 
gas. unlike, oil, was free of all 


taxes. It was heing bought by the 
lias Corporation under take-or- 
pay contracts “at a fraction of 
the cost or extracting coal." This 
meant that gas was taking all the 
growth in energy demand. 

“it is supplying demands which 
nould otherwise have been met 
hy coal or electricity.” The 
Gove ni men 1 is again having to 
subsidise the burning of coal to 
keep stocks to reasonable levels. 

"Growth of electricity demand 
is very slow Few new generating 
plants are being ordered, to The 
detriment of long-term energy 
supply, nuclear electricity and 
coal and, of course, the engineer- 
ing industry lhat supports them. 

"I out) mend to you a policy of 
conservation and efficient use of 
energy. It will not be possible to 
produce instant nuclear power 
stations or coal mines when the 
need becomes urgent-’’ 


) News analysis — Bank’s domestic side will have own Board 

Lloyds creates new company 





BY MICHAEL BLANDEN 

: THE DECISION l>y Lloyds Bank 
*1 >et up a new management 
•-■omp.-iny tu run its UK. clearing 
-.uink business reflects the 
elopmenls within ihe group 
-‘•'Vc-r ihe past few years. 

It follows the rapid expansion 
f ihe international activities, 
inch has substantially altered 
c balance of the group's 
t iiMnc-ss. 

Lloyds explained yesterday 
hat ihe main Board has carried 
dual responsibility for overall 
upervision of group activities 
nd for running the domestic 
unking business. After the 
" .^-organisation, the domestic side 
-.’ill have its own separate com- 
' . any and Board within the group 
'i.ruclurc. Ttus puts it on a 
.'parallel with the other main siib- 
diaries — Lloyds Bank Inter- 
_ jtional, Lloyds Bank California 
•’.id National Bank .of New 
^?aland. 

; The change, similar to the 
.-•structuring carried out by 
1-irclays seven years ago. will 
\eale a management system 
.. ih some superficial re- 
niblances to the two-tier Board 
. / rau gem ents in West Germany.- 
.Historically, the Boards of the 
\ clearing hanks have fulfilled 
-supervisory and overall pian- 
function. They have been 


made up. normally, of a full-time 
chairman, a small - number of 
other executive directors, and a 
large group of outside directors — 
captains of industry' and . com- 
merce who can provide thir bank 
with independent advice. 

Day-to-day running of the bank 
has been left to the career 
hankers, normally reporting to a 
small executive committee 
including full-lime directors. It 
is only in recent years That the 
banks have put their senior bank- 
ing executives on to their main 
Boards. 

Slimmed 

Lloyds’ last annual . report 
listed more than 30 directors 
including the chairman. Sir 
Jeremy Morse, and among the 
fillMime bankers the • group 
chief executive, his deputy and 
the chief general manager of the 
UK bank. After the change; the 
group Board — possibly in- 2 some- 
what slim ra ed-down form— will 
deal with general group -Issues 
such as the capital- adequacy of 
the bank, its international lend- 
ing .exposure and its -overall 
direction and development The 
assets and liabilities of IJoyds 
Bank will also remain with the 
main company. - : 

'■ Beneath that level the UK 


not yet hoca settled, hut it is 
thought likely the Board will be 
relatively smalt and include a 
great L-r proportion of executives. 

The background to the change 
goes gnek to the expansion of 
the group’s international activi- 
ties following the merger 
between Bank of London and 
South America and the Lloyds 
European branches in 1971. 
Initial | y this remained a separate 
quoted company with the Lloyds 
group owning only a majority 
interest. When full control was 
acquired and the name was 
changed to Lloyds Bank Inter- 
national. this side of the business 
already had its own management 
and Board structure. 

Lloyds took some steps to 
recognise the change created by 
its rapid expansion about four 
years ago. At that time, the bank 
established the post of giroup 
chief executive-— first occupied by 
Mr. Peter Piper — to . exercise 
overall management control of 
the group, with a chief general 
manager responsible for the acti- 
vities of the UK clearing bank 
operations. The latest move will 
identify the UK business as a 
separate and equal member of 
the other main subsidiaries, will 
have its own Board structure. 
Details of the new company have 
management company, alongside 
the group. . 


The other big UK clearing 
hanks have recognised the need 
for some division of responsibi- 
lities. though in different ways. 
Barclays, like Lloyds, started off 
with an international division 
which had previously been 
a partly-owned and separately 
quoted subsidiary. Barclays 
Bank DCO. When this company 
became a wholly-owned subsi- 
diary in 1971. the bank set up 
’a new management structure. 

Under this arrangement 
Barclay had a group Board with 
three main operating companies 
beneath it. Barclays Bank 
International — the former DCO 
— is responsible for overseas 
business. A new Barclays Bank 
UK Management company runs 
the domestic banking business. 
A third group of activities, in- 
cluding business such as insur- 
ance broking and merchant bank- 
ing, wore brought under a 
financial services division. 

The other big two hanks have 
recognised, within their general 
management structure, the need 
to separate the day-to-day man- 
agement of different parts of 
the business. Midland and 
National Westminster have 
retained a unified structure, but 
with a distribution of responsi- 
bilities within the general 
management. 


UK ‘needs 
plan for 
oil from 
coal’ 

Financial Times Reporter 

THE UK should launch its own 
programme for obtaining oil 
frum coal so that it can develop 
home expertise, says a National 
Coal Board report today. 

The report, giving reasons for 
1 doing this, says that expertise 
from abroad would not be best 
adapted to British coals, environ- 
mental conditions or market 
1 structure. 

Outside skills would give the 
country little security- It would 
have to rely on others for a 
vitally -important technology. 

An independent programme 
would make it possible to bene- 
fit from research overseas. 

It is estimated that 20-tonne- 
a-day coal input liquefaction 
plants. .with three- or four-year 
operational programmes, would 
cost about £15in each if set up 
now. 

The «wl industry tripartite 
working party has recommended 
to the Government that such 
plants be based on laboratory- 
scale processes proved at the 
Coal Board's research establish- 
ment. 

The report says that commer- 
cial coal liquefaction plants 
could not be brought into opera- 
tion before the end of the 
century, even under the most 
favourable conditions- Ordering 
of plant on any scale might not 
be possible before the next 
century. 


Eric Morley ‘heaped 
with job otters’ 


SY ARTHUR SANDLES 

THE FORMAL SEAL on Mr. Eric 
AIo r ley’s displacement as head 
i.»r the Grand Metropolitan subsi- 
diary, Mecca, came yesterday 
when the Mecca Board unani- 
mously appointed Mr. Eric Sharp 
joint chairman. Mr. Morley and 
Mr. Sharp will in theory work 

j together until Mr. Morley’s 

departure at the end of the year. 
| If the sparks did fly in the 
| Grand Metropolitan Boardroom 
, over the departure, there were 
few signs of battle scars on the 
effervescent inventor of the Miss 
World Contest last night. 

Heaped, he says, with offers 
of alternative employment. Mr. 
Morley seemed eager to shed 
his Press image of abrasive 
aggression and was charmingly 
relaxed about the evehts of the 
past few days. “ It was a gentle- 
man’s agreement." he said of 


his forthcoming departure from 
the Mecca Chair. 

According to his wife Julia, 
Mr. Morley may not long be 
jobless. “The phone has not 
stopped ringing," she said. 
“There have been mountains oF 
letters and telegrams delivered 
to the house. It has been very 
encouraging. He will be consider- 
ing the offers that have come in. 
Five of them have been quite 
staggering." 

Mr. Morley hinted at increased 
profits in the [mure from the 
Mecca side of Grand Metro- 
politan. His fellow directors 
knew that even better results 
were on the way but, he added 
philosophically, there were a lot 
of people in a Boardroom and 
if there was one who disagreed 
with, the others, that one had 
to go. 


ICI accounts praised as 
example for companies 


Chinese steel 
plant contract 
for Britain 

Financial Times Reporter 

THE BRITISH Steel Corporation 
and Davy International have 
signed a contract with the 
Chinese Government to carry 
out an engineering study to 
modernise and develop the 
Shoutu steel plant in Peking. 

The order follows a recent 
visit to China by a British iron 
and steel mission which included 
BSC, Davy and Genera! Electric 
Company representatives. 

The mission visited four steel- 
works and discussed plans' to 
build a 10m tonnes-a-year plant 
in the Hopei Province. 

Both sides are interested in 
collaborating on the project 
Mr, Michael Webber. BSC’s 
Head of Export Sales said he bad 
“useful discussions" on increas- 
ing substantially the sales of 
UK steel products in China from 
the present £20m a year. 


BY DAVID FREUD 

THE ACCOUNTING method used 
! by imperial Chemical Industries 
to allow for the effect of inflation 
should serve as a guide to all 
11 K companies. Sir Francis 
Sand Hands said yesterday. 

Giving the University of 
London's Stamp Memorial 
Lecture, he said he hoped the 1C1 
accounts would be used by the 
Accounting Standards Committee 
as a starting point for their new 
exposure draft. 

Sir Francis, wbo chaired the 
Sandilands Committee on in- 
flation accounting which reported 
in 1975, said that in retrospect 


the timetable set by his coin- 
mil tee was too ambitious. 

He said the committee would 
have been wise to recommend 
that for three years or longer ir 
necessary, companies should pro- 
duce their current cost accounts 
in supplementary form, retain- 
ing the historic figures as their 
basic accounts during this 
period. This would have given 
time for experiment." he said. 

In- the way ICt developed on 
the Hyde Guidelines, issued by 
the Accounting Standards Com- 
mittee in November. 1977, the 
company’s statement was both 
comprehensive and logical. 


Harland 
set for 
BR ferry 
contract 

BY LYNTON MeLAiN 

BRITISH RAIL’S latest contract 
for a passenger car ferry, worth 
n4m, is expected to be placed 
with Harland and Wolff, the 
Govemment-owoed shipbuilder, 
later this year. 

The shipyard is already build- 
ing a £12m passenger Car ferry 
for the BR Sealink service 
between Stranraer and Larne and 
earlier this year was awarded a 
£2Sm contract to build two simi- 
lar ferries for the short-sea BR 
routes from Dover. 

The announcement of the 
latest BR ferry came from Mr. 
William Rodgers, Transport Sec- 
retary. yesterday, when he gave 
BR the go-ahead to invest a total 
of £J8m in a new ship for the 
Fishguard To Rosslare Seal ink 
service aod in improving the 
Fishguard terminal to meet the 
rapid rise in traffic on the route. 

By the end of August as many 
cars were carried through Fish- 
guard as in the whole of 1977 
and new ferry capacity will be 
urgently needed by tbe autumn 
of 1980 when the new ship is 
expected to enter service. 

Talks have taken place between 
British Rail and Harland and 
Wolff and other yards, but BR 
has not called for tenders for the 
latest ferry. Tbe new ship would 
have many features common to 
the other ferries Harland and 
Wolff is now building for BR 
and the yard is the favourite to 
win the new contract. 

The latest ferry will carry up 
to 1.000 pa rsengers. and 300 cars 
or 60 lorries. 


High prices for Iranian items 


Sotheby’s continued its Islamic 
week yesterday with some extra- 
ordinary prices io a sale of 
ceramics, armour, metalwork and 
other items. Tbe Zariri Gallery of 
London paid 15,000. plus the 10 
per cent buyer’s premium, for an 
Iranian lustre ewer made in 
Kashan about 1200, which had 
been estimated at £800-£1,000. 

Other high prices were £12.000 
(estimate £300-£500) for an 
Iranian steel cat of the 19th 
century: £10.000 for an Iranian 
bowl, also from Kashan, dated 
1200-1220; £8.200 for a Kirman 
blue-a nd-white bottle. 17th cen- 
tury: £8.000 for an Iranian lustre 
dish, Kashan: and £52200 for a 
rare Mameluke arm guard, 
about 1500. 

The exceptional prices are 
accounted for by the fact that 
roost of the top items came from 


a single private collection. 
Persian buyers were much in 
evidence. The sale totalled 
£217.985. 

Sotheby's extended its chain of 
provincial offices yet again yes- 
terday when it announced the 
acquisition of Beresford Adams, 
of Chester. It will be known as 


SALEROOM 

BY ANTONY THORNCROFT 


Sotheby Beresford Adams, with 
sales continuing in the Beresford 
Adams saleroom until new 
premises in Booth Mansion are 
completed, some time in 1979. 
The property side of the Chester 
company will continue to operate 
indepen dently. 


At Christie’s silhouettes, 
miniatures and objects of vertu 
sold for £53,720, and Japanese 
swords and sword fittings for 
£73,637. The top prices were in 
the first sale. 

Keats, a German dealer, paid 
£2.S00 for a Delhi polychrome 
ivory chess set. A pair of minia- 
tures of Samuel Gurney and his 
wife Elizabeth by Thomas 
Richmond sold for £2,500. 

Lead soldiers and models made 
high prices at Phillips Maryle-? 
bone totalling £15,100. 

A set of five Prussian hussars 
by Britain’s sold to a private 
collector for £190 (estimate £801, 
averaging £38 each for figures 
which cost 2d each when issued 
after the First World War. 

A lot of about 40 Dinky tovs 
estimated at £200 went to a 
private collector for £400. 








tabus 

r • 



Auctions 

Lots 

Americana 

2 

.755 

Arms & Armour 

10 

2,180 

Art Nouveau 

10 

2,650 

Baxter Prints 

5 

845 

Books 

37 

18,548 

Clocks 

13 

3,599 

Coins&Medals 

32 

10,800 

Collectors Items 

14 

12,869 

Costumes & Lace 

5 

1,600 

Ethnographia 

5 

1,100’ 

Firemarks 

4 

800 

Furniture 

250 

77,008 

Furs 

9 

3,070 

Jewels 

39 

17,058 

Lead Soldiers 

-7 

2,210 

- Music 

13 

1,100 

Oriental Ceramics 

36 

10,224 

Pewter 

6 

270 

Pictures & Sculpture 

112 

22.057 

Porcelain 

46 

12,778 

PotLids 

9 

1,080 

Prints 

15 

2,400 

Scientific Insts. 

7 

1,190 

Silver 

74 

21,547 

Stamps 

39 

37,150 

ANNUAL TURNOVER £23,865, 505 I 



The fashionable and stylish 
Chryselephantine figures on the 
left are today, of great interest 
to both buyers andsellefs of 
antiques. 

The figures on the right art, 
in their own way equally attrac- 
tive- .Particularly if you have 
something to sell at auction. 

£■ Turnover through Phillips 
auction rooms has more than 
doubledinthepastfouryears 


and it’sgrowing all the time. 

Indicating thatmore people 
have been bringing valuable 
objects to Phillips for valuation 
and sale. 

More customers have beea 
attending Phillips auctions in 
London, New York, Montreal, 
Geneva, Amsterdam and their 
network of regional U.IC 
auction rooms. 


. Higher prices have been 
secured for lots in every sphere 
from Art Deco to Fine Arts. 

Phillips’ success has nof 
been achieved solely by spectac- 
ular single sales. 

It is the product of a tight, 
-well run organisation and a 
hardworking team who in 1978 
■will be responsible for handling 
more than 250,000 lots, through 
over9Q0 auctions. 


At Phillips, you’ll find 
auctioneers actinglike auctioneers. 
Approachable. Professional. 
Above all, successful 

For your Art Deco figures, 
your paintings, porcelain, 
furniture, stamps, silver, jewellery 
or whatever else you have that 
you feel might be worth selling 
atauction, be guided by the 
figures in the columns on the right 
Bring it to Phillips. 



Phillips 

BIenstockHouse,7 Blenheim Street, . 
NewBondStreetLondonWlY QAS. 
Telephone: 01-629 6602. 


London West 2 Bath 

London Marylebone Glasgow 
Knowle Edinburgh 

Leeds Dublin 


.New York 
Montreal 
Toronto 
Geneva 
Amsterdam 



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By Michael Cassell, 
Building Correspondent 




mtrop*. 


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lar 3e forces are locked lip in 

{these buildings and releasing 
| them could cause damage and 
*-•**"*:• injury to anyone who got fn the 


BY LYNTON McLAIN 

■J AIR EUROPE. Britain’s first new t * 1 ; ■.-< •"' 11 1 ' wi u « ■ • ■* '.v ; ■ ’ * 

charter holiday airline since • .....>•' :' ' . •• =* • v ' „ :' ' 

iS&JOL Laker Airways was formed in * ' *- 

1966, was launched yesterday on .*••:. * - '.• I ' s'- - . /i|8 

By Our Consumer Affairs the back of contracts with x ; • • • • •; .. ‘ : . 1 ^ A Sflfr vff • 

Correspondent Japanese finance companies for • «.* .v* .. \:y,\ •'•••• $9 jf •:••.*• 

XGOra worth of Boeing 737 air- '•f ; .y ' ■ . . . , •'•-• ~ *;• ' I THE FIR T 'st b 

FIRST-CLASS travellers remain Cr *V airline wa« formed bv ’ ' ' *• - • '*•-'• •'••• '"s.,\ X4 &* P (which could pose a danger*to 

aloof, but second-class passengers The airline forni^by *Z ' ' y s-l. . : J3r | workmen during alteration* or 

have shown enthusiasm for &• : hl? uKnackaee toiir company " ' •• :; &m "-v. .-TV * [''■.* 7 j demolition is being compiled by 

organiied study groups on corn- ^the^'K pacKage tour company gs| •• jgfe v:J\ - - ’’ J 

mentaf^vear°wa^pubfhshed^yes- help meet an expected’ shortfall V • : mS 'IxA 

terday. ^coincidin?^ with ^ the ‘b ^charter aircraft capacity next T . . r 

study group *jn the 07.59 from The travel group will fiU 45 fli 

Swindon to Paddington. This per cent of the 250.000 Air • 'ffl fffergr fc ' -w y. MWB ^ 

will be the first to take place on Europe seats available for return ■■,'■£'■'< . /. • MtUK z y \i:s£i 

Rritsh Rail's new High-Speed flights next year. It emerged '-Ay; h }®a®* of the corporation’s 

Trains. yesterday that another company. . „ •• ^ ' planning and commnnications 

On Mondav, commuters on this Flagcraft. owned by Mr. Good- Ifi - •V«rU<r'-.' r .' j committee, said: “It is -pveiv 

train were able — with British m;m. was the principal share- • *• ~~l '. 2^/v « stating the danger to say that a 

Rail s backing— to hold study holder in the new airline, with : '> I building wiU collapse like a.pack 

sessions in a specially reserved SO per cent of the equity. Mr. „ :• ' ' : S \ of cards if a principal member is 

coach, covering such subjects as Gcodniao is also cb/unuan of % *' .-. -. *5 | removed during alteration^' bnl 

French, business management. Air Europe. *• • .W? . jit is certainly true to say.'that 

and antiques. The classes will be The remaining 20 per cent as large forces are locked hp in 

held twice a week and are free held by Airline Management ^ if JjgSIw ** 7 j these buildings and releasing 

because the tutors are also com- Associates, owned by Mr. Martin : f them could cause, damage- and 
muters. , O’Regan, former finance director . ■- *• W-.Ja? ; (injury to anyone who gottn the 

Two new dubs, the first of of Davies and Newman Holdings. ijjCEgfi 2gS5w* - ^ < *^ r ’-v ^ 7^.vj..j\:gf f ."K?3SC wav.” 
several, wiU he launched in the the parent company of Dan-Air rfy-: * - ■*" •-'- ^ j - . -a:' 

next week— on the 7.3S from Services, and Mr. Errol Cossey, ,<s . — ■ 'C-rs . ^ .. - .■ • CsiRDsipK - ^ 

Newbury’ to Paddington and the a former associate director of ^7 n™ I - 

7.14 from Oxford to Paddington. Dan-Air. Mr. Errol Cossey (left) commercial director, and Mr. Martin O’Regan, chici escnz^vc g» .»ir j discussion on the need for 

Two dubs have been running Mr. Cossey had to negotiate Europe, the new charter airline. re .sters ot buildings constructed 

successfully for the past year, on himself oat of a one-year period ' | wl *“ pre-stressed cancrete 

the 7.17 from Cambridge to of notice with Dan-Air, but he 7T .. . ;f ec “0 n s have been taking ^ place 

Liverpool Street and tbe 7.55 sa id yesterday thar his parting the Marubeni Corporation of for delivery In June next year, ; „ ®: , !-°r some time, with eohrern 

from Brighton to Victoria. and that of Mr. O'Regan had Japan to finance the purchases, will be financed through an air- Inghams, Swans, OS»-, Poau- 1 based on the potential damage 

• The commuter study groups bcen “reasonably amicable” Details were finally agreed craft mortgage. nentaJ and Laroiisd. •; caused by disintegrating, con- 

frere the brain child of Lord Mr 0‘Regan is Air Europe’s after DLT. a West German All three aircraft will become Ths airtipe i.nJ fiy to _9. cre [ & T^ e have involved 
Young and the Mutual Aid chief executive. domestic airline, failed to take the property of Intasun after holiday destinations mSpcun and Department of the Environ 

Centre he founded in 1977. Mr. Cossey said that Boeing up options on three £6m Boeing nine or ten years. Air Europe, tiie Canary Islands. Portugal and nient. the British Standards 

The centre helps any group lh a( j hetp sceptical at first about 737 aircraft- The two Japanese through the Japanese finance Madeira, Italy, Greece. Ma-ia, ( lastitute, the Health anuBafetv 

■ seeking help on a co-operative Mr. Goodman's early requests to companies bought the aircraft houses, has options on two more Gibraltar. Swiuarlan^ and j 2 t Work Executive, the Greater 

-'project, especially in education huv £30m worth of aircraft and Air- Europe will operate 737s for delivery in the spring Germany. -London Council and tlft City 

and housing. Intasun having made a pre-tax them under two separate of 1^0. _ n - p i Jlf i engineer of the CorporatKm S 

The commuter study club idea profit of £l.lm in the year financial arrangements. The first flighte of the 130-seat Gatwick ^nd, w the first jear. i London. - 

was based on the fact that about ending March 31-witb a fore- The first two aircraft to be aircraft under Air Europe livery, the airline expects to turn over ; Following a protracted cam- 

half of the Jrn daily commuters cast of £3m for this financial delivered in Mareh and May. wi l l take place in May. Con- £10m. The ^ airune ' nss started paign by the City and. a ineetinB 

on British Rail have a journey of year. But Mr. Goodman persisted will be offered under a hire pur- ti^cts have already been agreed recruiting 200 staff, inciu-mg ibetiween technical ofBcenrof the 

at least one hour. It is estimated and began talks with C-Itoh and chase agreement. The third 73», with British Airways Enterprise -=0 pilots and SO can in sta^. ■ city and the GLC, the register is 

/that commuters spend mare than • ] to begin ar once, aithongb it is 

5m man-hours a week on trains. being emphasised that it could 

Lord Young and a social ^f-NTl _ jLA. ^ ^ 1 "I ^ ^ 'cot be fully retrospective, as 

psn sitawcross EftacKS Labour s 

early 1977 to gauge the support f f **** w ^ ^ v j is not available. £. • . . 

for a new, more constructive use < Mr. Harding added: "This regis- 

of commuting time through t? *■ ' 18 (f 9 Tfe ! ter is a start and we -hope .other 

. organised study groups. tfTS MVOCCI i authorities will .follow o&r lead 

An initial survey on early HgLaGjJ*«H Bga 9901 I I ; and tackle this problem. A return 

mo ruing trains from Cambridge pJfiEi 'XJ)' - -A. wkJk/ > to traditional building methods 

to Liverpool Street found some Ju. Ja. : is under way at present and 

60 per cent of respondents keen 1AMBC m ^p,okiAi n fewer buildings with preitressed 

to participate. BY ^ AMES McDONALD ' components are being hralt but 

Very few first class passengers j t j s lamentable that the trade was demonstrated only recently the National Liberal Club, that who would readily seize upon it the problem arises not from new 

showed an interest, but up to a unions, with their great financial in Scotland. Lord Sbawcross. the Press was no longer the any excuse for legislative inter- buildings but from those which 

third of second class travellers resources, skills and large cap- former chairman of the Press “fourth estate." ference with the Press." imav not be more than 20 hr" 30 

did. Based on these surveys. Uve readership have never Council, said in London last Politicians are, as a class, not Lord Sbawcross said: “Tb ail'”!? old but which- no hanger 
Pamela le Pe Hey enlisted the produced a newspaper which night. . f on( j of th e Press> j ur -, es are standard of accwa-v ^ «oort-! fulil1 ^ needs of accu- 

support of British Rail and anyone was anxious to read. This He told the Media Society, at sorae times hostile as they show fng of news is hi«h ^d‘here'ce*--l piers ’ wfco m V. b e encoaraged to 

b.v their veriicB. - . SS.g.'pSJ fel H«. «n«a « 


says CBI chief 

BY ARTHUR SM1734, MIDLANDS CORESPONDENT / ’ 

tmtwtctrTaL disruption, in the industry’s ability to. eompets 
5? U 2S is Putting the world _d& 


Mjuoing worresponaenc . Y . ^ industry ^ ^tes, high Drices jnrt 5 

j •*■£.- long-term empl ° yment . pr ?? P ! is v Quality do not sail cars^-S 

| THE FIRST register of buildings of thousands of people at nsR cost jobs.". . 
which could pose a danger to ^ j 0 hn Greenborougb, presi- was important to Imim 
[workmen during alteration* or Tf’ t . n f t he Confederation of public understanding, abanri 
] demolitian is being compile^ by . 1nda5 try said yesterday, relationship between. 

I tne : Corporation of the Cit> of West Midlands employment and. -T inaJS 


rae- corporation oi ine uny of rRl’s West Midlands employment ana. ing^ 

London. ' 7 - eh ?mu£ lunch to detail Responsibility and discipS 

The register wiU list details °f ^°?. D a ,Sons “ strikes. It to be left to the factariff S 
buildings m tbe City containing ^ the jubs of people not taken over by the Stale, 

pre-stressed or post-tenatBned w< *1t fni^erlv British Leyland, The Government itself % 
concrete, a construction lech- at that were being be seen to be resolute; both 

atque used extensively in the last “J . but also those oE the largest employer and 

20 to 30 years. J.- P“* 1 “««nfnent manufacturers financial manager, smce-=t 

Mr. Norman Harding, ^air- JSendenf ■ suppUers. - provides an influential.^ . 

■ man- of the corporation’s .^.th stoppage, each walk- cipUned Eramework, 11 Mt-Cte 
i planning and communications * to-rule, damages the borough said. 

{committee, said: “It is /ove* ^ worKio-ruw, & . . 

i stating the danger to say that a — " : ' . ' V-' : 


More businesses fail 

say;.'that - ’ . - 

'•SS in third quarter 


BY MAURICE SAMUELSON 


~jrJr jt ff i Camnaipn business failures notified Over j the first pine mimi 

r.tva |v-MiHpaign . Indemnitv the credit : trades improved, and^ m£.\ 

Mr. Errol Cossey (left) commercial director, and Mr. Martin O’Regan, chief executive of Air , Discussion on the need for f° Traae (1 ^ prwri ^ R CDItt nany a . particularly . sharp v|ai' 

Europe; the new charter airline. , re °isters of buildings constructed insurance underwriting c mpauj faillireg at retail and.wfc 

-rjuxope, me new cnancr airiuic. (with pre-stressed concrete rose in tbe third quarter from ^ €nd pf tfie' dotfin^i 

„ ... ... -r i {sections have been taking place 340 to 359 after a fall in the furniture trades. 

lie Marubeni Corporation of for delivery In June next year, Hobdays, Excaange^ T.avei, ; f 0r sornt , ^cern tfl . nn d Quarter However, they Trade IhdeniityV 

apan to finance the purchases, will be financed through an air- Inghams, Swans, OS^, Ponti- 1 based on the .potential damage remained substantially below the refer -'to- .Ite-.pfflcyNfrU 

Derails wprp finally agreed craft IQOrtCaffi. Dental and taroiiS?!. .'caused bv fiieinl«ffn(ini, _:r . .. ^ _ - - -— - - ,v Mma ..a S 


Sf WS& SlmSLfZ — ■ « 

.BM. « prba*t« «»- ^ 


: sssxis * a sar ?8 Computer start ensjfc * 

, City and the GLC, the xyster Is ,ar : . . .. ,’T?.!S£=^£S? ; 

to negin ar once, althoogfa It is BY OUR NEWCASTLE CORRESPONDENT// 
being emphasised that it could ■ . 

> cot be fully retrospective . as ATTRACTIVE pay and fringe which wanted- 
; much of the early information cm benefits offered by private indus- facilities more exteosfiftf. 
j the material content pf builduigs try to senior computer workers Staff -turziover-.-tresf^^ 

■ is- not available. 5- • . . are causing a staff crisis at 25 per cent : > . SfentSfe 
i Mr- Harding added: "This regis- Northumberland County CoundL because of the ahility ^i&ai 
! ter is a start and we -hope .other County treasurer, Mr. .Roy Chins to offer *Bgbers«a«fp8 
i authorities will follow oar lead Wolstenholme, said the problem attractive fringe 'heflcfitK/ 

( and tackle this problem. A return W as so acute that computer “Unless somethin? 

‘to traditional building methods work for the area's six district stabilise the positieig^Ki 
; is under way at present and authorities was running at a tenance. of the coontyfr- 
, fewer buildings with prestressed quarter of the planned rate. puter projects 

components are being binlt, but He told tbe council's finance The remaining sefci& 'iihjs 
the problem arises not from new sub-committee that new projects having to involve/ /ffiefiS 
buildings but from those which were being postponed indefi- more with the woifcof'ji 
i may not be more than SO br'30 nitely. This was seriously affect- who leave add 'alatp^age 
! years old but which «w longer j nE the plans of district councils trainees.*/- - • - - ' 


aweross attacks Labour’s 
al nrouosals for Press 


1 to oegin ar once, although it is 
being emphasised that it could 


by james McDonald 


organised the commuters into 
various interest groups. British 
Rail co-operated by reserving a 
64-seat coach with “study club” 
signs in the windows. 

This first experiment last 
autumn proved a resounding 
success, in spite of the inevitable 
prohlems of a crowded train. 

Encouraged by this, Pamela le 
Pelley and the centre attempted 
at the beginning of this year to 
launch another club on the same 


sees 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


“Legal controls over news- reprobating mac?::-! re reporting! 
papers exist in other countries, have had influence” I 

They have been seriously put Bias in reporting or comment- < 
forward here as part of the ing on political matter.? was also* 
official policy of the Labour much less th*-n it ; as. 

Party, who propose a system of This was due partly to the , 
‘democratic accountability.’ Press Council, which ha? -aid: 

“It is certain that that will that while criticism v:a.? oermis- 
not be democratic In the sense sible in comment, correctness- 
in which that word was under- was essential in reporting. ' 
**7 stood before it became part of “It was also partly the result i 


BP and Plenty 
form company 


BY OUR WELSH CORRESPONDENT ; 

THE WELSH Development Under the 


'-vM 


launch another club on tbe same THE TREND towards home “Both ‘these . est ?*““ stood before it became part of “It was also partly the result I the boosting of o'il and gas output Fabricate 

line but on an earlier train. This improvement in preference to uneconomic and ““P” 0 ' “f"; tbe Left wing’s ’double-speak’ of fewer newspaper proprietors; through injection of water into to take ot 
was not a success because the demolition and new budding What we «re ^ 1 vocabulary.” being concerned with ^scaring ; on and offshore reservoirs. on the pa 

line was too crowded and so should not be allowed to go too properly designed mix ot whii e striving to increase persona! political power. i The company. Oil Plus, based erect stet 
British Rail refused to help. far - Mr - Re 3 Freeson, Minister clearance, provision otoasic C i rcU ] at j[ 0n — as they must in However, there were four fields- at Newbury.. Berkshire, will also buildings 

mi . r tffMieSmr r.nrl rnrtctfiinhnri HITlPTHrlP^ 3 nfl SfinTl* IIP fPOdirii «L... ■ 1 ...L. 1*. * - _1_. I • 1 


line was too crowded and so 
British Rail refused to help. 

.. The repf/rt, " Go to work on a 
brain train" is available from the 
Mutual Aid CeDtre IS Victoria 
Park Square London, £2, price 
£1.00 including postage. 


piiv-c or ruumcipai i>uiioing t-tanrtarH for tho houses 

£1.00 including postage. raent in Bournemouth that he which justirv it” th ° 

wondered whether, in moving Anv atte ‘ mp { at wholesale 

Vcniradtaimrv away from the large slum clear- redevelopmenrwould be defeated 

OdUIMJlar}' a nee programmes, too much of hy ^ sca , e of lhe task xtaere 

the old housing stock was being w : ere about 6qj h - 0OW5 over 60 
Simermarket retained. years old ^ nearly-im over 100 

J* ^ “ I am bound to say that some yeafs old. They accounted for 

of 1,16 cases w,,ich 1 see cause about 40 per cent of housing 
HIM WiVfii some concern about the way we stock and could not logistically 

_ . , are approaching rehabilitation be replaced in the short term s 

Financial Times Reporter •• There will always be a choice — — 

J. S.AINSBURY opened its between clearance and rehabili- X^niScAYB Cf*QrP ‘ 
newest -la rge supermarket >-ester- tation and the answer depends Ji aLalv 

day with a 22.500-sq ft store just in part on the standards to rt l. r * c , rtc , onnnlir 
outside Norwich. which improvement' work is' ClOSCS alippiy 

The store has been built to fit done and the length of extra life A cicrftvn hr>rp*oip whLnh siro- 
in with the traditional Norfolk we are .aiming at! phis wSter to^ttoSSds^E 

Sa iJ l to ^ - “ I ® e 3S B is / I1 pr&bIera - homes has been dosed because 

v- of , th ! ? ow estate OD insi , sted on f i ,n improvement to of ^ poison chemical icare in 
which it is located. modern standards and a 30-year south Lincolnshire 

It has 320 parking spaces and life then clearly we would have The Anglian Water Authority 
a filling station selling cut-.pnce to .select which houses to said the closure was. a precaution 
pe i r ,? - - •• improve very carefully. after tbe leakage of the poisonous 

ttner features are an --in-store “If, however, we refused to chemical paraquat during a farm 
Dakerj. a loose fruit and clear any house until it is fire near Bourne earlier this 

vegetable display enabling custo- practically collapsing, improve- week. 

raers to select their own produce meat resources would be spread An industrial scientist with an 
or pre-packed alternatives; a so thinly that houses would be expert knowledge of dangerous 
freeze r centre: an off-licence; and coining round for second help- chemicals, has been called in to 

health-and-beauty aids. jogs within a very few years. check water siid&Hps in rite »rea. 




: r ••• 


xtie company, Oil Plus, based erect steel work for industrial new jobs to Nortffj|S&® 
N'ewburjv Berkshire, will also buildings. He said that the ag^|S 

ovide consultancy, core samp- The agency is investing more encouraged by - tt^^6W 
ig tind testing chemical and than £2m in a factb^ building inquiries it waa-recei^l^ 

^logical analyses of water, and programme at the 375-acre site prospective tenants. ... «>\ 

ter facilities. along the River Dee .estuary, Deeside Fabrication^ 

most of which is land formerly will employ 15 peopl^i® 

owned by the nearby BSC Shot* hut hopes to provide 40 job 
ton steelworks. the next three years.. 


.‘fcES*:' : . . . .r - v'.*<rvv *•+• : 

worn 


roison scare 
closes supply 


Vr; '(ifS - ■ ~ry K I 


The Koyale will take 'VauxhaJl into the executive market . 


Vauxhali in 


‘class’ 


BY KENNETH GOODING 


£3m services ordered | 
in hospital rebuilding | 

ANDREWS -WE AThEKFOIL, part stallation of a new ta^j? .. 
oE the Powell Duffryn. Group, has turrent tainting 
been awarded at £3m contract to more than. . £100,000; 
provide mechanical services for Ordnance *. Factory, 
the new Stafford District General apptswRg^.'infra^red- 
Hospital. This phase ‘ of the - f orris-dry painted ^ 

hospital, costing aboat. JEUm, will new p4aiit is-'expecteCjtglKi-^^ 
have about 300 beds, an intensive- the present overall dripw ’Srafc® 
care unit, five operating 'theatres, cm both hulls ahd. tnri^ 
and full supporting serviced The least fiO. per cent 
initial building .■work,-', when • fr- C£9n 

completed, will be the .first stage . Glazing contracts -.'4Koti®’. v® 
of' a '900-bed hospital which is than £300, OOti have feeir® V « 
intended eventually . tb replace to branches within ‘IheJ^ M 
most, of the existing / hospital division. hf JAMES CEARF ^ v . _ 
faculties in --mid-Staffordshire. EATON.- Largest ' ordet^ - , ^ 

Main contractors, are F^irclougb £50,009. is for glazing apfl . 1 1 , 

Building, of Swin ton, Manchester, tectural aluminium entrffi 

lagistrates’ cow ; 




ings within a verj' few years. check water supplies in tire area V .. .„ _ , . ... Andrews-Weatherfoil- jflaoJms a the magistrates’ 

P . the rapidly-growing Integration £4,600 for tlie saloon and ia.OKS tions well above 10 per cent next coutrart worth -, more -than Plymouth. 

of General Motors'- : European for the estate. Vauvhail’s mar- year. In 1976 it had a 7 per cent £600,000 for modification of - _ * J 

subsidiaries. Vauxhali in the UK keting director Mr. Des Sarage share and last year 9 per cent mephanjcal services and ' air* , 

and Opel in West Germany, is says the group expects to sell In this year supplies have been conditioning .at: .110414 Cannon 

demonstrated today -.with the 1,200 Carltons : a month next badly hit by industrial disputes. street - Londoni EC4, which; is.TD- 

launch of two new cars. Both year, or 14,400 a year, double VauxhalTs market share was 7.99 fo' "occupiea_by tbe- MitUand-Bapk 

bear the VaushalJ badge- -the. rate of V'X sales. per cent after nine months com- “teraationaJ .Bufldeis 

The new cars— the Carlton, The model ;.will also be pared with 9.22 per cent at the HoUoway WJrte AHom., . - 
which renlares tb* vtW «nd exported to _Europe from Luton, same stage last year. 1. A n un_IV 07 CO MU 'Onn . left" Scunthorpe -aftcL': £01 








whiph n>niarr>c iWTxrv-ratirfP exported to Europe from Luton, same stage last year. ^ Scunthorpe end.':fofnr tS 

theRoya?e! which Vauxhali hopes that sales of TJe company goes Into 1979 prefaSraS 1 ^ fo?" col ^ e 

into the executive car jnarket for “J « Wch boffiLy f^mmSsSu* £ ] ^r’JS^SStiSSS 

the first -time relv heavily on a mon l" or 3,600 a year, when should bnng T it more business has' - been erveri to-- INTER- 

Opel. y - : they build up next year. from fleet buyers. According to NATIONAL sysrEtr RiTTtrffivfls, Biscnlts Jcotory^.Gr: 

The Rovale itv Vamc The Raya,e the Opel Mr. Savage, more than 70 per of WylUe, Gwent. The purchasers lrRW m,i> • wnfli 

w-,Ti ^ described . uyVatK- senator, also introduced to the cen} of new car sales are to fleet are Laird and Oj- of Lowlbh; the -1S5L, 

wffi he West UK raark€t this Jr ‘ onth ’ ’ vilh a “Perators or company buyers. site developers " “ . '®:S 

2 “ S, a ff e ?- b . Ie ? ^ ™ e ff “ droop snoot " to distinguish it ALFA ROMEO, the State- . . * 'v -V. ’ SSlSjSl^SSsS 


‘v_n .C— m+J, j: « iL, oeoaior, aiso introauceu in me 

irti UK market this .month, with a 

will be assembled . aa _West -^oop SDOOt - ^ distinguish it 


SZ w orders AoUdltOg' SU 

site developers. .... - .. .. ^c^,. /pr 




tellmrins Fnrrt d0l h^if?fcri'S* in “ a Vauxhail; qnd the ’Ruyale owned Italian group, has set it- A contract worth abtwt £196,d00 ^ 

C0U P^ is. the Opel Monra in its f e ** K a tareet of increasing sales has been awarded to BR^ StALL f or ;.. JJwmoo] - -Ctot 
? 0del ’ ^ Gr&nada ‘ British disguise. . £ «*» b y cent next ANP OGDEN, of Mexborough, 

from West Germany. .» ■■ It is the first rime that dealers >tartoaboutl 6.000 cars. an -extension of 20,000 sq ft -to iHcvltopSr 

The policy of using Opel in .have had such h l5 h-priced In T ^'* J ' e * r « look- treble the size i'ol the. existing ^tMiSsnknmhjssL-p--u 

Germany as design and engineer- Vauxhalls. The . saloon costs a „ rise tQ 13 -°°0 cars, from f * et ®F l ; 0 L th 1 & Schwitzer division ^ Jhe : n #f- . 

mg centre of its European cars. £7.g 56 and the coupe £S.24S. ^ T , ™ ^ Havant. '.w 

. therefore been pushed Vauxhali secs the Royale as have ^ Ihdustr ^ 1 Estate Bradford. i- ' 

further than before. a maior rival for px^ci-hvp <- 4r*5 creased by nearly <00 per cent , , t DUNLOP OIL- ANJ&JtfAWR . 

It has caused 50016 such as the Rover, jjeuar. rh r ^ ve years following slonhas an order • - 

despondency a , Vauxhall’s Lutoo .op-oMhe-ran^ Fard Onmauta ““ ^Itasud ^-5^° nooS wm. tSZ*J&3j!$3S& 


Gonfirmed Reservations • Choose any 
flight any day • Stay between 7 and 
60 days ■ Book only 21 days ahead 

Caflyonr travel agent and ask about TWA's Super-Apex feres to America. 


not been noticeably relieved by BMWs and Mercedes. J\ .? intemaHnnoi u . CINCINNATI M1LACRON for ten •!»' -SO-" 

nuniBrical contrcri^QBtepiG.- 

-WS'ssiTSSungs- sSf^s«Bsrs ffikSSSf: 

assembled at Luton. Vauxhali changes could not have been g 4STON MARTTN j order from Wimpey Laboratories contract 

says OAm has been invested to made so rapidly without the link SiShed a rtSvenJ!?!?^ for ' l l 2B selfywonfing 

bring the model on Stream, with Opel. VS ran-e ^ meters to a total value °* 

This shows the laree financial jn 1975 Vauxhall’s models 2::* b ? u ? 12 P er cent £55,000. , . for .lhe &&&. : 


This shows the large- financial In 1975 Vauxb all’s models ceni ” a - uuu - • r*hge.ft»..lhcW»?ffl£- • 

benefits of GM’s Eurol«anisa- covered only half the market. The P nSw version ^ a „ - - . . claimed that tfcMgtCTgk - 

1 ssjswi ^2? sL-g fouo.S'j'to as^&isBssaiv 

“ r ° r » •» *•“ » p« ^stss^ssss.^! J2^ass^-%sss 

The front nf ration has Only ih^’ lnl? ***** was cl °se to financial Ayrshire, to. Bahrain and. fprrod-lwMifJ^S ' 


1975 Vauxh all’s 


range ■ for - the : 





■ oi’ : ‘ ; v 4 


the At 



the market. cent coverage - nanos in 1975 suosiaiary factory, and toen -ttansmi«eg^« 

SM\2;«, < gss S 

cavatier. The other body panels long. foe pr i ces wi j. ^ pw qqr rErEr «he- Ministry of Defence - ■has- iiuF 

are identical to that Pf . the Mr. Savage believes -i he new automatic £23,999*’ for° ? l3Ced * contract . with !He io»:- 

Record. .... ^P*mnrket cars will oush Vaux- manual and £25 99S for th« va dustriaT fintehmg divt sibti cf board^the latler^ ^ allows 

Pnccs 0£ the Carlton Will be halls sharp r.f tntai mcopl a 0 ± - a ’ y3i ’ £or tfa e V8 CARRIER . ENGINEERING, rtm in compk 


‘rr-T 


v •■■•■■■ 






Financial Times Wednesday October 11 197s 


t 


o r f 


i nere are some extremely fine examples of 1 
cars for those who demand great comfort and style 
Tfie BMW; ZSeries is very much in this class of cat 1 
with one important and fundamental difference It 
been developed; to have the most refined quality 


handling. The extent Of the 7 Series' poise and bala 
has never before-been available amongst the worl 




that which has been traditionally regarded as the. 
the BMW offers a unique and exceptional choice 






' v -* •** ■- r 

.".r- V 


I'.."."/;! ;!ir:5 


t; • ‘ £ r -- *- OWv. 




er.v^-rhWj.v) 


pfe 3.B1 itres. 184. bhp, 0-60; in 9.4 secs, max 125 mph. 
3 -3 litres.. 197 bhp, 0-60 in 8.9 secs, max 128 hiph 

IWces: 728:^849 -7^: £11649. 7331: £12,699. 


In to-day's financial conditions, leasing a BMW can 
substantial advantages. Yotir local BMW Centre 
Will be happytoput you in touch with expert advisors 

on leasing who can describe the schemes in detail. 








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Wednesday Q$o$e£ 


Scandal Txm eS 


andpe^v, he cannot hear 
to tiirn a corner 

' ,^0*KSmr ■ i 


Prior outlines 


Conference reports 
by Ever Owen, John 
Hunt, Phaiip 
Rawstorne and 
Elinor Coodiman 
Picture by 
Freddie Mansfield 


the NEXT conservative govern- 
ment will introduce a more 
flexible pay policy to encourage 
“realistic and responsible collec- 
tive bargaining,” Mr. James 
prior. Opposition employment 
spokesman, told delegates at the 
conference's opening session. 

“After three years, the time 
has come for greater flexibility. 
Certainly, a rigid pay policy, 
statutory or imposed, is not the 
answer.” _ 

In a low-key debate on employ, 
meat and Industrial relations, 
the greatest applause went to 
Mr. Rcr Prentice the Newham 
North-East MP who resigned 
from the Labour Cabinet and 
now sits as a Conservative. 

He said the unions would have 
a better relationship with Mrs. 
Margaret Thatcher, the Conser- 
vative leader, than with the 
present Labour Government. 

The object of the Tory Party, 
he said, should be to secure a 
divorce between the Labour 
Party and the trade unions. 


Some rank and file speakers 
expressed misgivings about the 
Conservative policy on industrial 
relations. 

Hr. Fred Hardman, qf the 
National Committee of Conserva- 
tive Trade Unionists, complained 
that some Tory leaders on the 
platform still seemed 19 favour 
government intervention- m 
industry. He reminded them that 
there were not many interven- 
tionists amongst the constituency 
representatives in the hall- 

By an overwhelming majority, 
the conference approved a reso- 
lution condemning the present 
Government's handling of unem- 
ployment and calling on the next 
Conservative Government to 
implement a policy to find urgent 
and effective solutions. 

Opposing the motion Mr. 
Richard Vanbergen of the Neath 
constituency party wanted to 
know exactly what Mr. Prior's 
policy would be on industrial 
relations. 


Was he merely going to have 
a "cosy relationship" with 
unions or would he introduce 
radical Conservative policies to 
reduce unemployment? 

Mr. Prior said that the mam 
question facing a Conservative 
government would be how to get 
the balance right on pay. joos 
and prices. He emphasised that 
he opposed those who thought 
that the Free .market economy 
was the only remedy. 

“ I sometimes envy those 
whose faith is totally in the free 
market or in the socialist 
economy,” he declared. " f. or 
them, the solutions are easy. 

Successive governments nan 
ignored the fact that one man 5 
. pay rise was another man's price 
increase — and possibly also the 
end of that man’s job. The 
money had been paid out and 
this had become a self-generating 


fabric of inustiy for the future. 

As a reap, Britain bad been 
relegated t*un near the top of 
the league table of . European 
prosperity close to the bottom. 
Britain's “ fc'omlet " was running 
out of steas. and yet the country 
still had nearly 1.5m un- 
employed. 

The miliants had hotter think 


hard wheretheir Irresponsibility 
it could lead 


had led am where 
if their atftude persisted. 

“The air Of the nest Con- 
servative Excrement wQl be to 
lead Britan, away from the 
damaging 'ycie of strict pay 
limits follwed by periods of 


excessive^ i-ap-frogging settle- 

cTi 


process. 

The appeasement of militants 
had undermined pay barS 2 i° ers 
who had tried to, maintain the 


merits. ThJ vicious circle has 
snured industrial relations and 
held us aV back." 

Mr. Frio also attacked the 
“ hoary old myth " that only a 
Labour government could work 
with the unotja. - The truth was 
that the uubus worked with both 
parties ad sometimes with 
neither. 


* This smear- brought out on 
every conceivable occasion was 
supposedly Labour's secret 
weapon. Well, it has blown qp 
in their faces.” 

He complained that a whole 
new bureaucracy bad grown, up - 

in the past three years to con- 
trol Government job creation 
schemes. • - 

“ We need to simplify it . to 
make certain that resources -go - 
to new expanding industries and.; 
new johs rather than te the S 
preservation of the outdated and /, 
decaying." . * 

The success of past Conserve; 
tive governments had been based" 
on the principle that high public'; 
spending killed growth, high':, 
taxation killed incentives and r . 
too many rules and regulation^ .1 
stifled enterprise. 

The next Conservative govem-V 
ment would let people "keejr- 
mare of what they earned qm£- 
would tax true profits, not .paper/ 
gains. . ':?■ 


4 




‘support 
Tory race policy’ 


Walker’s 


GROWING SUPPORT for Con- 
servative immigration policies in 
Britain and on the Indian sub- 
continent was claimed by Mr. 
Keith Speed, a Conservative 
spokesman on home affairs. 

Reporting on a recent visit to 
India and Bangladesh. he 
declared: “ I return more coit- 
vinccd than ever that our poli 
cies are ri^ht, necessary’ and 
workable.” 

But he raced strong criticism 
from some representatives who 
called for a firm pledge to 
repeal the Race Relations Act 
and Tor a more definite commit- 
ment on the time scale envisaged 
by the party leadership in imple- 
m a nt’ng its proposals for ending 
immigration. 

A number of hands were raised 
against a motion rejecting the 
evi] of racism and condemning 
the National Front, but it was 
carried hy a substantial majority. 

Mr. Speed stated that, during 
his visit to India and Bangladesh, 
the only opposition to Conserva- 
tive policies which he had en- 
countered and which had any 
substance came from the vast 
army of travel agents in Jul- 
lumlur in the Punjab and Sylhel 
in Bangladesh. 

He reaffirmed that the next 
Conservative Government would 
introduce a non-discriminating 
register of dependents so that 
the Government could establish 
the precise commitment involved. 

Steps would also he taken 
to institute “ across-the-board " 
quotas for immigrants from nil 
countries, except the EEC. into 
the UK. 

“This will give Government 
control, year hy year, which we 
have never had before," Mr. 
Speed said. 

He also renewed the promise 


to end special concessions to 
husbands and male fiances now 
able to joiD sirls living in Britain 
and who. having once settled, 
could bring in many more of 
their own relations from their 
home country. 

He had seen for himself while 
in Delhi and Bombay that the 
concessions introduced in June 
1974 were being widely abused. 

There were cheers when he 
reaffirmed that a Conservative 
Horae Secretary would institute 
a major crack-down on illega 1 
immigration. 

There would be no more 
amnesties for illegal immigrants 

He claimed that Conservative 
immigration poicies constituted 
a fair and comprehensive pack- 
age of measures that would 
enable Conservative Ministers — 
"over a period of time" — to 
discharge the obligation to bring 
about an end to immigration on 
the scale seen in the post-war 
years. 

While condemning the National 
Front, Mr. Speed insisted that 
the Anti-Nazi League was not 
50 me cosy umbrella under which 
all could gather who were 
affronted by the evils of racism. 

"Rather, it is yet another far 
Left 0 rga n isat ion whose key 
members will smash the Conser- 
vative Party and free speech and 
free enterprise given half the 
chance.” 

The pledge to end the special 
enm '-sMun permitting li minces 
to join their intended brides in 
Britain was strongly endorsed by 
Mrs. Shreela Flathcr from 
Maidenhead, the only Asian 
woman councillor in Britain. 

Amid cheers, she declared: “ In 
some cases, this bringing in of 
fiances is openly accepted as an 
immigration loophole.” 


salvage 

formula 


even less fury 


Elections 

‘clash’ 


BY ELINOR GOODMAN 


DISILLUSIONED Labour voters 
will need to be offered more than 
the cold comforts of free enter- 
prise if they are to be lured into 
the Tory camp, warned Mr. Peter 
Walker, the former Cabinet 
Minister and unrepenteni inter- 
ventionist. 

For Mrs. Thatcher’s eminently 
sensible bid for the middle 
ground politics to be successful, 
the party would have to demon- 
strate its concern for freedom of 
the individual in its widest 
sense, and not just the freedom 
of the market economy, he said. 

Even the best quotes from 
Milton Friedman did not win 
many votes, be said in one of a 
series of thinly disguised digs 
at the party's Right-wing. 

Mr. Walker is now formally 
reconciled with Mrs. Thatcher 
but his speech to a fringe meet- 
ing of the Left-wing Tory Reform 
Group, of which he is patron, he 
made it clear that he is sill far 
from agreeing with some of his 
leader’s policies and even far- 
ther from those of her special 
adviser. . Sir Keith Joseph. He 
repeated his belief that as long 
as the trade unions continued 
to outbid each other for higher 
and higher wages, the Govern- 
ment had a role to play in pay 
bargaining. 

He also reaffirmed his belief 
that companies would not go far 
enough towards introducing 
worker participation unless they 
were forced to by law A statute 
should be introduced offering 
companies 10 or 12 options on 
how to involve their workers 
more closely in Boardroom deri- 
sions. They would then be given 
four years to decide which 
options. to adopt 


THE BEST that even Mr. 
James Prior* the s+adow 
Employment Secretary, could 
say about yesterday's employ- 
ment debate was that it had 
been quiet and useful. 

Quiet, certainty. The mal- 
functioning sound system 
guaranteed that for those sit- 
ting at the back of the halL 
Useful, possibly, as a very 
gentle warm-up for wbat could 
be a long drawn-out race. 

Somehow the speakers never 
seemed to get their blood up. 
It was as if they were inhibited 
from being really beastly by 
the atmosphere of geod-neigh- 
bonriiness created by the 
church service which began the 
proceedings. 

Not that the representatives 
seemed to mind too much. For 
many of them, conference is 
the annual re-affirmation of 
Lheir faiih and merely being 
surrounded by Uke-minded 
people seems enough to justify 
the trip to Brighton. / 

As befits such an evangelical 
meeting, the warmest ovation 
yesterday was for the newest 
convert, Mr. Reg Prentice, the 
member for Newham North 
East who is now doing the 
rounds of the Tory selection 
committees. 

Though it was not quite clear 
whether the hisses which 
appeared to greet him when he 
wcut to the rostrum were 
hostile or merely the long 
drawn-out sibilants Involved 
In the cry “Give him a seal," 
Mr. Prentiee seemed to have 
been given all the best lines. 

It was he who introduced the 
subject of the closed shop and 


called for aiivorce of the trade 
unions fror, politics. 

It was not quite clear 
whether he was for or against 
the motion of the floor bnt 
then, that w s true of most of 
the speaker and when he left 
the rostrum a few representa- 
tives were seen tentatively 
climbing to their seats. . 

Mr. Freni ee was not the 
only ghost 0 the Labour Party 
at Brighloi yesterday. At 
least one spsiker had a go at 
imitating tb< Prime Minister's 
musical turnon the same plat- 
form a mtmn ago. 

And Mr. frior directly in- 
voked Mr. ^Callaghan's pre- 
sence by ajtealing to him: 
“Jim to Jinf’ 

He did not however, savage 
the Labour fevenunent’s poli- 
cies with theSdnd of invective 
which might', have been ex- 
pected after est week’s events 
in Blackpool. 

Only a stn&nt of Mr. Prior’s 
own partictar brand of 
moderation wt^ld know that he 
really was n£n g very strong 
language wbri 'he described 
the Employs nit Protection 
Act as: “ ill-a&ied, ill-prepared 
and. In part, >bjectlonabie.” 

The Consen tires did have 
one potent proaganda weapon 
in their arnu ary yesterday. 
Once again te Tories pro- 
duced a repreentadve of the 
Cons West InLan Association 
who made th average Tory 
lady’s loyalty look positively 
suspect. 

So great was3ds enthusiasm 
that he was srt?i extolling the 
party’s virtues long after the 
red light cameom 


warning 


LABOUR COULD hold the 
general election, at almost the 
same time as the European 
Assembly poll, to cause “con- 
fusion ” and snatch victory. Lord 
Tborneycroft, Tory Party ch$r- 
main, said in his speech -.to 
launch the party - conference. 
" Plainly, we are going to form 
the next government . Equally 
plainly, some desperate problems 
will by then await ns. - Itvas 
important that in cur conduct 
and in the manner of our winning 
we minimise the bitterness and 
maximise the unity "within the 
nation. 


“ We speak and must continue 
to speak for the whole hation and 
pot jhst a part of it V." v . 

*' The referendum^ in Scotland 
and Wales apart there wiik.be 
local elections of great , import- 
ance, an election for Europe gnd 
the general election as'welL -? 

“There is a rumour that Hhe 
Labour Party regards' alHts best 
chance the creation, of the 
maximum confusion. It hopes to 
holds the European and general 
elections virtually together. 

“ They are indeed gpite 
capahle of this and almost ’.any 
other Ploy.” . : 

Lord- Thorney croft -fold- ‘the 
conference: “ We dq not promise 
Utopia. ■ > 

“ We do seek to create a world 
in which men and -women wRl.be 
freer than they are today tc^fizM) 
their own solutions^... in whk% 
management and labour can; 
work together, in which’ produc- 
tion can " be raised t6 levels 
achieved by our competitors 
abroad, in which skiffs can be 
rewarded-” 


-iiJ i v/ * 3 


Mrs. Thatcher, the Tory leader, relaxing in Brig - .1 , - f* f v . 

- : - V : U i V * 

Talking points . . 1 


BY |OHN HUNT. 


THE CONFERENCE bulletin put out daily by the * 

Conservatives contains “spoof” suggestions for speakers hr 
debates. ; 

Among their tips: - r 

9 Make your personal contribution or the contribution 
for you by Conservative Central Office. . ' 

9 Do not indulge in generalities or specifics. Con floe ysn&ifta 
cliches and homespun philosophy. 

O Those stock for policy points should look at the ronfjjij^ 
report of 1907 — “ We’re probably stiff saying the same 
: 9 It would be helpful If speakers . would remove tiigifrijnSg 
before going to the rostrum. . . 


on Clearing Banks’ balances 


as at September 20, 1978 


THE TABLES below provide the first 
monthly Indication of the trends of bank 
lending and depus its, ahead of the more 
comprehensive banking and money 
supply figures published later by the 
Bank of England. Tables 1, 2 and 3 
are prepared hy fh«* London clearing 
banks. Tables 1 and 2 cover tile business 


of their offices and their subsidiaries 
(excluding Scottish and Northern Ireland 
banks) in England and Wales, the 
Channel Islands and the Isle of Man 
which are listed by the Bank of England 
as falling within the banking sector. 
Table 3 covers the parent banks only. 
• In this, it Is comparable with the figures 


produced by the Bank of England, which 
show the reserve positions of all the 
banking sectors subject to credit controL 
Minor differences here arise from the 
exclusion from the clearing bank figures 
of Contts, a subsidiary of National 
Westminster but a clearing bank In its 
own right. 


TABLE 1. 

AGGREGATE BALANCES 


Tot*r 

outstanding 


Change: on 
month 


LIABILITIES 

Ster ,! np deposits: 

U.K. banking sector 

U.K. private sector 

U.K. pnblic sector 

Overseas residents 

Certificates of deposit 

£m 

5.0 18 
27,435 
Oil 
2.302 
2.125 

_£m 

£m 

-166 
+391 
+ 128 
+ 31 
-169 

£m 

or which: Siphl 

Time (ine. CD's) ... 
Foreign en' - r«*ncy deposits: 

li.lv. banking sertor 

Other U.K. residents 

Overseas residents 

Certificates of deposit 

4.017 

1.018 
11.203 

1,050 

15A5I 

21.671 

+ 13 

- 19 
+287 

- 26 

+ 10 
+205 

Total denosits 

Other liabilities* 


54,kid 

9^54 


+470 
+ 75 

TOTAL LIABILITIES ... 


64-053 


+ 545 


ASSETS 

S( r riins 

Cash and balances with Bank 

of England 

Itiarkct loans: 


1,131 


- 51 


Discount market 

2.190 

-130 

U.K. banks 

6,505 

+ 100 

Certificates of deposit 

1,047 

+ 114 

Loral authorities 

1,014 

- 26 

Other 

324 

- 9 


II ,0*0 


41 


Total 

outstanding 


C ha o p o »* 

month 


Bills: 

Treasury bills 
Other bills ... 


Special deposits with Bank of 

England 

Investments: 

British Government stocks ... 
Other 


Advances: 

U.K. private sector 

UJK. pnblic sector 

Overseas residents 


Other sterling assets* 

Foreign currencies 
Market loans: 

UJL banks and discount 

market 

Certificates of deposit 

Other 


£m 

£m 

£m 

£m 

Consortium bilks - 

4*>8 

798 


.+209 
- 77 


Total elig^le liabilities* 

2.162 

1.403 

376 

- 70 

- 27 

+270 

Reserve assets . 

UK banks 

London clearing banks 

Scottish ciearhg banks 

19,364 

187 

3,167 

22.519 

-175 
+ 16 
- SI 

-240 

Accepting houses 7 . .-. 

Other r .., 

Overseas banks . 


5.622 


+245 

1 Japanese bank' 


Bills , 

Advances: 

U.K. private sector 

ILK. public sector 

Overseas residents 


Other foreign .currency assets* 
TOTAL ASSETS .... 


Acceptances 

* Includes items in suspense and in transit 


5,734 

234 

7^23 

11 ’ll 

53 

+ 118 
- 14 
+ 75 ■ 

| 

±174 • 



+ 2 

2,949 

1,002 

3.183 

ft wi 

3*3 

1 ++ 

40 


"i—rt 

974 


IV 

+111 


C4.0S3 


+545 


515 


r- 2 


Banking figures 


(as table 9 In B*-k of England Quarterly Bulletin) 


ELIGIBLE LIABILITIES, RESERVE ASSTTS. RESERVE RATIOS. 
AND SPECIAL DEPOSITS 
1 — Banks 


Sept 20, Change on 


1978 

£ra 


month 
£m 


Eligible llabllitie 
UK banks 

London cle&rvg banks 24,843 

■ Scottish clear, ig banks 2,654 

Northern Irej.nd banks 865 

Accepting hoces : 1,904 

Other 6,187 


-138 
+ 13 
+ 17 
+ 52 
+ 54 


Overseas banks 

American bati6 

Japanese ban|s 

Other oversea banks 


3.830 

285 

2,722 

219 


+ 80 
+ 11 
+ 8 
+ 9 


43,518 


+ 116 


3,255 

352 

134 

278 

819 


- 29 

+ 1 


+ 12 
- 14 


Other oversea banks 

Consortium b&ks 


511 

41 

404 

40 


+ 6 
+ 2 

- 25 

- 2 


Total yesei/e assets 


5.827 


— 45 


Constitution of reserve assets 

- Balances with tank of England 

Money at call; , 

Discount tttrket 

Other 

Tax reserve cetificates 

UK, Northern >reland Treasury Bills ... 
Other bills: 

Local autiurity 

Commereia 

British Government stocks with one year 

or less to inal maturity 

Other 


2J97 

222 


-253 
- 12 


944 


+ 314 


133 

782 


+ 38 
+ 8 


386 


-113 


Total rescue assets 


5JI27 


- 43 


S K-voor-rouR sergeant “Tmy 1 * G*t*r*e, DCM„ was peEhapaiK’v 
bravest man his Colonel ever knew. • - ’•£ 

Bid. now, after seeing service ip Aden, after being booby-trtW 
and ambushed again more recently. Sergeant “Tiny" cannot beat 
turn acerner. For tear orwbat ison the otberside.' • "vfv 

It is the bravest men and women from {he Services who suffer 
inept al breakdown. Foe they have tried, each one of tbep% 10 giveflsJg 
much more, than they could in the service of our Country-. ' 

Wo look after these brave men and women. We help them at hsm^f 1 
in hospital. We. run opr own Con valescent Home. For some, >ve j 
work in a sheltered industry, so that they can live without 
For others, there is our Veterans' Home where they can. see 1 
daysin peace. • ’ . " 

These men and women. have given their minds Ip their Country. JC-1 
are Lo help them, we must have funds. Do please help us withudonadP 
aud Viitha lcgacy txx>. perhaps.Thedebtisowed byali of us. • • ;; 

. “They *vc given more than they could — « - " 

ylease give as much as you can 


t* 


I* 


TABLE 2. INDIVIDUAL GROUPS 
OF BANKS’ BALANCES 

LIABILITIES 

Total deposits - 

ASSETS 

Cash and balances with Bank of 

England 

Market loans: 

U.K. banks and discount market 

Other 

Bills 

Special deposits with Bank of 
England 

British Government stocks 

Advances 


TABLE 3. CREDIT CONTROL 
INFORMATION 
(Parent banks only) 

Eligible liabilities 

Reserve assets 

Reserve ratio (%) 


„ NATIONAL WILLIAMS & 

. TOTAL BARCLAYS LLOYDS MIDLAND WESTMINSTER GLYN’S 

Cliwso Cfa&nse Chaase Ctaase Change change 

O install dies on Oqtctanqhis on Outstanding an Outstanding an O utst anding on aeuuBdTaa an 



RMDtb 


nmub 


raaoUs 


naonUi 


■nanui 

•• 

1— fh 

£m. 

On. 

tm. 

£m_ 

£ru. 

£m. 

£m. 

£m. 

£m. 

£m. 


£m. 

54,810 

+470 

14.791 

- 98 

10250 

+177 

11,534 

+229 

16412 

+ 191 

L723 

- 39 

1434 

— 51 

341 

+ 5 

205 

+ 7 

245 

— 20 

311 

- 24 

33 

9 

12*449 

+ 78 

2447 

- 25 

2,756 

+ 63 

2.147 

+ 53 

4,250 

- 33 

349 

+ 21 

9342 

+ 140 

2^48 

+ 38 

2,603 

+ 37 

1J376 

— 55 

2,751 

+ 142 

265 

r 21 

1^48 

+ 134 

279 

+ 24 

134 

+ 21 

515 

+ SI 

393 

+ 36 

20 

t 28 

376 

+270 

134 

+ 85 

40 

+ 36 

88 

+ 63 

111 

+ 78 

13 

+ 9 

2,163 

- 79 

422 

-103 

436 

— 

418 

— 

755 

+ fl 

129 

+ 15 

28.753 

-279 

8JJ59 

- 94 

4^48 

- 46 

6,772 

— 52 

8,383 

- 71 

991 

- 16 

24.700 

—157 

7,624 


3.770 

+ 14 

54110 

-177 

6,523 

+ 14 

873 

+ 12 

X235 

- 29 

380 

+ 3 

514 

- 1 

786 

- 39 

837 

+ 3 

118 

+ S 

. 13.1 

— 

12R 

— 

13.0 

-04 

13.3 

- 021 

12-S 

— 

13.3 

+ 03 


Ratios % 

UK banks 

London clearing, banks 

Scottish clearing. banks 

Northern Ireland banks 

Accepting housts 

Other 


13.1 

13.3 

14.4 
14.6 

13.2 


- 0.2 
+ 0.2 
-0.4 


Overseas banks 

American banks/ 

Japanese banka 

Other oversea&^enkp 
Consortium 


Combined 


lo 


13.3 
*4* 
14.8 
1M 

13.4 


- 0.1 


• -. . fm £m 

N.B. — Government stjck holdings' with more 
than one year hut, ess than 18 months to 

final maturity anjoitited to 501 + 45 

3 — Finance houses 

Eligible ilabititiei 361 + jr 

Reserve assets 37.0 + 10 

Ratio (%> ; 10.3 _ 

Special deposits <t September 20 were £634m (up £403m) for 
banks and £7m (up;£4m) for finance houses. * IntereBt-bearln" 
eligible liabilities we^ £28, 151m. (down £I30m). 0 


€X-S€ BUKSS 

MfliiHL wimm soc&tv 

37 Thurloe Street, London SW7 2LL. 01-584 6688 , : - "^1 


- - For further details please ring ' j i,; 
01-248 8000 Extn. 266 ;; 

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Financial Times' Wednesday October' II 1978 


LABOUR NEWS 





Sr*': 


.55 ■ 


by union in Daily 



Expect 20% increase 
firemen are told 


Motor 

Show 


ilia M ‘still 


BY PAtiUNE CLARK, LABOUR STAFF 


BY OUR LABOUR STAFF 






PROSPECTS for an early end to 
: -V.J printers’ dispute which has 
• - ’i production of the London 

■V ®“itions of the Daily Telegraph 
' 1 s *nce last Wednesday faded yes- 
: ; - terday after union . leaders 
r.;vi talks. - ■ 

. T ? e management said last 
; tugbt that it was still hoping for 
^y;: a resumption of talks with 
Z£L> r??i° n al officials of the National 
!©»£ Graphical ■ Association whose 
' recommendation for the dispute 
f J to be made official was accepted 
3| by national leaders on 'Monday, 
dispute originally affected 
irv-i? only a small section of NGA 


j£S£-V -.. ~ members who were demanding 

t ." negotiations on a elaihi for extra 


“ k. tut can u 

V&ir* f pay. for operating telephoto 
'r;?'' equipment — a system which 
transmits pictures and City 
3 prices between the London and 
V. e Manchester printing houses. 

It spread to involve most of 
'-i-.jythe NGA composing, reading and 
wire room a week ago when the 


.management stopped their pay 
lor taking industrial action in 


-3 support of the telephoto equip- 
. _ment operators. 

•• The management said at the 
.-weekend that the loss of produc- 
tion was “tragic and costly,” 
.- 7 ? adding that the dispute had 
... 'jintensii’cd to raise issues which 
"Sj. could not be. lightly put aside by 
. , management of a national news 
. paper. 

Mr.. William Booroff, NGA 
- ; London regional secretary, indi- 
cated yesterday that relations 
/had soured against the back- 
ground of a fundamental dis- 
-agreement between print onions 


and managements of 'Fleet 
Street newspapers. 

The Daily Telegraph was in a 
similar position to The Times 
newspaper group, where union 
officials- believed that It was up to 
managements’ to sort out indus- 
trial relations problems with 
their own union chapels, said Air. 
Booroff. 

The. Times has given a warning 
that it will suspend ; publication 
of all its papers from November 
30 if there is no agreement with 
national print union leaders on 
reform of its industrial relations 
procedures. 

Mr. Booroff claimed .that the 
Daily Telegraph ./management 
had rejected a .five-point plan 
presented by the union as n basis 
for ‘ a return to - work. This 
included agreement by both sides 
to try to honour disputes proce- 
dures, and an agreement on early 
talks between management tbe 
Newspaper Publishers Associa- 
tion and himself (man improved 
industrial relations structure. 

The proposal provided for pay- 
ment of NGA members for work 
last Thursday and Friday night 
but not for the following days 
when staff were absent, and satis 
factory payment for extra work- 
ing in catching up with tost pro- 
duction. - 

Mr. Booroff pointed out that 
the proposal showed that officials 
of the union were prepared to 
help with industrial relations pro- 
cedures. But, he -added. "We are 
not prepared to act. as policemen 
in disputes which ' should be 
sorted out' by management and 
their own employeea.” 


FIREMEN were told at their 
annual union conference in 
Bridlington yesterday to expect 
a 20 per cent pay rise this year 
as a result of the settlement 
reached at tbe end of their strike 
last winter. 

In a move apparently 
designed to ward off any spon- 
taneous militancy over delays 
in implementing the 42 hour 
wuck, leaders of the Fire 
Brigades Union made it clear in 
a circular to delegates that the 
Government's 5 per cent policy 
would not impinge an their 
special pay guarantees. 

The firemen have threatened 
to lake their shorter working 
week in November whether or 
not arrangements for the cut 
from the present 48 hours have 
beeu agreed with local authority 
employers. 

An executive recommendation 
to put off the decision until a 
recalled conference on 
November 29 to allow further 
negotiations to take place is 
expected -to be supported by the 
200 delegates— although they 
over-ruled their executive on 
strike action last year. 

Firemens' leaders last week 
expressed concern that there 
would be nothing concrete to 
offer to this week's conference 
in terras of either the 42 hour 
week or pay. 

Under last winter's settlement, 
the firemen will this year receive 
half of the differential existing 


at that time at the upper quar- 
tile of skilled manual workers — 
the earnings level three-quarters 
up the scale — and the full year's 
earnings rise since then. 

But the actual pay rise firemen 
will receive this year can be only 
an estimate at present because 
the latest official statistics on 
increased earnings for the upper 
quartile are not yet available. 

On the earnings increase trend 
last summer, the firemen esti- 
mate a total £15 a week rise on 
the present £72 rate for qualified 
firemen. 

Meanwhile, demands from 
Hertfordshire and Cambridge- 
shire delegates for Mr. Terry 
Parry, general secretary, to be 
sacked were withdrawn. Another 


critical motion, however, from ; 
the Buckinghamshire Brigade, 
which attacks the executive 
council for its handling of the 
firemen's grievances, is being 
pressed. 

Pressure Tor unilateral 
implementation of the shorter 
working week has come from 
Scotland. But the executive is 
anxious for the union to take 
action if necessary rather than 
allowing it to take place on aj 
brigade basis. 

About one-third of the 
country's 53 brigades are now 
thought to have sufficient man- 
power to go over to the new 
working week but others— includ- 
ing London— would have a major- 
recruiting problem. 


strike 

threat 


blacked in spite 
of owners offer’ 


By Arthur Smith. 
Midlands Correspondent 


NALGO dispute spreads 


SOCIAL WORKER members of 
the National and Local Govern- 
ment Officers' Association in 
Liverpool and the Loadon 
borough of Lewisham are 
staging an indefinite strike in 
suport of their claim for local 
negotiations for regrading, the 
union said yesterday. 

In Liverpool, 320 social 
workers began thefr strike 
yesterday and in Lewisham 224 
social workers will be on strike 


from today, as a result of a 
ballot in favour of industrial 
action by the strike operations 
committee of NALGO yesterday. 

These moves bring the total 
number of social workers on 
strike to 1,171. Social workers 
in Newcastle and in Southwark, 
London, have been on strike 
since August 14. and in Tower 
Hamlets, London, since August 
21. The action has the backing 
of NALGO. 


WORKERS, assembling stands 
for the International Motor 
Show, which opens in Birming- 
ham on October 20, are 
threatening a series of un- 
official half-day strikes. 

The show has traditionally 
been a prime target for exhi- 
bition workers to highlight pay 
demands. The National Exhi- 
bition Centre, staging its tir/l 
motor show, has so far escaped 
serious ind atrial trouble and 
all shows since the opening in 

February 1976 have started on 
time. 

Abont 1,400 workers, mostly 
members of the Union of Con- 
struction apd Allied Trades 
(UCATT), voted by a majority 
of more than 100 in favour of 
a series of half-day stoppages 
in the period leading op to 
the motor show. Tbe fact that 
voting was Fairly evenly split 
suggests that not ail workers 
may support the action. 

Mr. Edgar Jepson, a UCATT 
regional organiser, said that 
the _ mass meeting was un- 
official. The men were demand- 
ing consolidation into their 
basie pay of a daily attendance 
allowance of £5.80 a week. The 
recommended action applied 
not just to Birmingham, bat to 
all exhibition centres. 


UNION workers were still 
blacking the Liberian-registered 
bulk carrier stranded in Glasgow, 
although the owners have agreed 
to meet all the demands of the 
International Transport 
Workers’ Federation at a cost of 
S400.000. it was alleged In the 
Appeal Court yesterday. 

Mr. Roger Buckley, the 
owner’s counsel, said the 
attempt by the owners of the 
15, 000-ton Camilla M to buy 
their way out of the dispute was 
being frustrated by the vessels 
I crew. 


The seamen refused to have 
anything to do with the Workers’ 
Federation so members would 
not lift the blacking. 

The dispute was costing the 
owners, Star Sea Transport Cor- 
poration of Monrovia, 84,000 a 
day, Mr. Buckley told Lord Den- 
ning, Master of Lbe Rolls, and 
two other judges. 

The company is appealing 
against a High Court judges 
refusal on Monday to order Mr. 
Jim Slater, general secretary of 
the National Union of Seamen, 
and Federation officials Brian 
Laughton and Mrs. Aileen 
Collarbone to allow the Camilla 
M to sail . 

Mr. Buckley said the ship had 
been blacked since it arrived in 
Glasgow On September 9. when 
the Federation made its 
demands. These included sub- 
stantial pay rises for the crew 
to bring them in line with 
Federation rates. 

The owners had offered to 


meet all the demands to get 
their vessel back to sea, but the 
stumbling block was the sea- 
men's attitude. 

The original Indian crew had 
refused to sign the proposed 
Federation agreement because 
they belonged to the Indian 
Seamen's Union. 

Their pay rates — about eight 
times below Federation rales— 
had been negotiated by their 
union and were governed by 
Indian Government wage 
controls. 

A second crew of Greeks and 
other foreign sailors had also 
refused to sign the agreement. 

Mr. Buckley said theTe was 
no evidence the owners hud 
anything to do with the men’s 
refusal to sign. But the Federa- 
tion had a “certain antipathy 
towards vessels flying flags of 
convenience and the continued 
action might be connected with 
that. - ' 

The hearing continues to- 
morrow. 


Shipyard rise 


By Our Belfast Correspondent 

NEARLY 500 commercial and 
clerical staff at- Hurl and and 
Wolff, the Belfast shipbuilders, 
have been awarded wage 
increases of between 10 and 20 
per cent by tbe Northern Ireland 
Industrial Court. 

The award, backdated to 
January 1. was made under the 
1946 Fair Wages Resolution. 


Staff union fails 



A COMPANY-BASED union with 
only 230 members and £1,100 in 
the bank was not entitled to an 
* independence certificate " show- 
. ing that it was free of control 
oy the employer, it was ruled 
’ yesterday by the Court of Appeal. 

The court, in an important 
. . . .est case under the Trade Union 
-md Labour Relations Act. 
tllowed an appeal by the Certifi- 
:ation Officer against an Employ- 
nent Appeal Tribunal decision 
hat the white-collar Squibb 
. Jnited Kingdom Staff Associa- 
. ' ion was entitled to an Indepen- 

- ence certificate giving it full: 

nion status. ■ 

The association represents 
upervisory chemical and iabora- 
ary staff at the plant at Moreton. 
- , faeshire, of the pharmaceutical 

'< ;.?** j-ompany E. R. Squibb and Sons, 
i -ii. >- Lord Denning, Master of the 
- Jolls, said that the crucial ques- 

- - 4on was whether the association 


was “ liable " to interference, 
tending- towards control, by the 
employers. 

This was perhaps unlikely, bnt 
could be envisaged as a possi- 
bility — a difference of opinion 
might result in the employers 
exerting pressure, such as with- 
drawal of facilities for meetings 
of the association. 

The association was pretty 
weak, with nothing like .the 
resources of the big unions in 
the- company. The certification 
officer was quite right in hls con- 
clusion that there was a risk^of 
interference tending towards cbnJ 
trol by the employers. - ' 

Lord Denning emphasised jfhat 
the association could reapply for 
a certificate if its circumstances 
changed. f 

Lord Justice ; Shaw ^od Lord 
Justice Brandon agreed, in allow- 
ing the appeal, with costs. The 
association was reftufed leave to 

anniaaf fha iunJay 


appeal to the Lordi- 


Hull dockers expected 
to reject pay limit 


KERS AT Hull, who are raontfrold lock-out dispute over 
¥££&/.**' ."-i---* Riding a meeting today to dis- the 5-. per cent limit. 
c ' ' ' their end-of-the-month’ pay The, , port employers have 

Ci-riaim. are expected to instruct warned tbe . 2,000 dockers that 
■igieir shop stewards to reject the they will not. breach Ihe guide- 

v per cent guideline. ' line. 

The shop stewards said wc«»tly'" Hl Sj p c2£Si» IO *i.? e i»«»Ei3» 

'-oat their pay claim would * an ? 

H considerable " • dolman lactones at Hull to a 

••'Ccrasraeraoie. standstill yesterday. The 1,500 



- H. Fenner power transmission 7 They are . already imposing- an 
quipment plant, -who axe in a overtime ban.. - 


Dispute threatens six 
Scottish newspapers 



BY OUR OWN CORRESPONDENT 


N OFFICIAL strike by journa- 
sts employed on weekly news- 
apers published by Scottish and 
niversal Newspapers was 
ireatened by Mr. Denis 
acShane, president of the 
ational Union of Journalists. 
Mr- MacShane said that if the 
anagement did not come up 
ith an acceptable pay offer at 
Iks in Glasgow today, a roeet- 
g of the union's emergency 
ijuuiittee on Friday was cer- 
in to approve n request from 
e journalists for strike 
icking. 

A strike would have consc- 
iences for Scottish newspapers 
which go far beyond Irvine, 
r. MacSbane said. 

The 36 journalists a tv 


employed on six weekly news- 
papers whic hare to be produced 
from this week on a new £lm 
computerised plant at Irvine 
New Town. 

The journalists - have been in 
mandatary, session, since the 
beginning of this week In sup- 
port of their claim for a pro- 
ductivity pay rise as compensa- 
tion for changes which they 
claim are required in work tog 
conditions to the introduction 
of new technology. 

Talks yesterday between the 
management and Mr. MacShane 
failed to reach agreement, but 
are to be reconvened today. The 
dispute will not affect publica- 
tion this week of any of the 
newspapers. 


ACAS appointments 


BY OUR LABOUR STAFF 


' , -R. ALBERT BOOTH, Employ- 
' .'ent Secretary, announced 
s terday the appointment of 
ree new members to the 
uncil of the Advisory, Con- 
liation and Arbitration Service. 
They are Mr. John Boyd, 
S neral secretary of the Amal- 
' mated Union of Engineering 
orkers, Mr. Cliff Rose, British 
/always Board member for 
/ rsonnel, and Mr. Harry Urwin, 
puty general secretary of the 
'ansport and General Workers 

lion. . r . 

They replace Mr. Leo Enmona- 
* n, of the engineers union, Mr. 
•'■rt Farrimond, formerly of 
'itish Rail, and Mr. Jack Jones. 
I ’• rmer general secretary of the 
' ansport Workers, all of whose 
nointments have expired. 

The nine members- of the 
_r jncil, three nominated by the 
‘ 41 , three by the TUC and three 
lependents, have two-year 
■ pointments* 


The appointment of Mr. Jim 
Mortimer, the council's chair- 
man, expires next September. 

• Mr. Tom Jackson, general 
secretary of the Union of Post 
Office Workers, who became 
chairman of tbe TUC last month, 
has been elected chairman of the 
TUC -International Committee. 
He succeeds - Mr. Jack Jones, 
former general secretary of the 
Transport and General Workers. 


Work on four 
ships delayed 


Do this little test to see if we’re rights 

Walk down your corridor at a prime working f tame, say 
eleven in the morning or four in the afternoon. | 

See liowmany people are in their offices. You may be surprised 
how many are not. 

No, they’re probably not malingering. 

When you ask, many of them will tell you that they were in the 
building, but in someone else’s office. 

Others will tell you they were driving to a client, or checking 
a consignment had arrived. 

Ask yourself, is that the best way to use their taleixts? 

Ask yourself, could they be using their time more efficiently? 

Ask yourself, could telecommunications help them do more 
of their work from their desks and probably save you money into 
the bargain? . 

And if you answer the last two 

: - We’re here 






We’re here 


WORK WAS halted on four ships 
in Birkenhead Docks yesterday 
for the second day because of a 
strike by 100 clerical workers 
over night working arrangements. 
About 200 doekers- were sent 
home as management and men 
tried to resolve the issue. 


questions with a^ ‘yes’, jog their memories with tohdpyw. 


a memo telling them it makes sense to «g 

make more use of the phone. Then you’ll go places. 




i 

I 










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As someone paying full economy fare to the 
U.S .A, you’ll agree itfs time airlines offered you a 
better deal. 

Well, now one has. 

From October 29th, all British Airways 747 s, 
VClOs and DClOs flying to the States* will boast a 
separate cabin called Club Class. 

So without paying a penny more, you can set 
yourself apart 


YOUR OWN SPECIAL CHECK-IN 

You’ll appreciate the difference from the 
moment you arrive at Heathrow. 

As a Club Class passenger, you use your own 
special check-in facilities. 

Itfs quicker, easier. In fact, a real boon to the 
busy business traveller. 

And we’ve made similar arrangements for 
you at New York and at all other U.S. gateways. 


NEW ELIZABETHAN SERVICE 

i 

Club Class is full of surprises-all of them 
pleasant 

Your cabin is further forward in the aircraft 
than Discount Class. 

Staff are assigned exclusively to your cabin. 
So the service is even more attentive. And rather 
special, too. 


, f . 


- -V 





- •• * v-'-'-V SP*r-- 

m, mm U X40TT4 . 



As you and your fellow business travel 
settle back in the relaxing Club atmosphere^ $$ . 

not only feel more comfortable. You’ll have 
free extras to look forward to, as well. 



• • • * 





For a start, the drinks are on us. ^ , "||| 

The Club bar is open almost from take-off t6 
touch-down. And you’re free to ask for what yoh 
want f v 

We thought you’d appreciate having a 
when you feel like one. And at no extra cost 





. .7 ■■ + rr 








*• • .- " •’* ■ 








TASTY ELIZABETHAN FOOD • 

As part of our Elizabethan Service, you’ll 
enjoy a menu based on authentic Tudor dishes. 
Similar to those served in the Royal residences and 
Noble houses of Elizabeth I’s day. 





way; 


‘Capon puddynge after Mistress Duffeld’s 


iyj: O: 





with carets and roasted potato; spiced pear Lady 
Norris; comfits; posset SirFrancis.’ 

Sounds good, doesn’t it? It tastes even better. 





Our aim is to get you to America refreshed 














ftnans&l limes Wednesday October 11 1973 




4 


4 










4 


and relaxed. And therefore more ready and able to 
get down to business. 

To keep you amused, we’ve the usual in-flight 

entertainment Except that when you travel Club 
Class, it’s all free. 

You can listen to the music of your choice on 
your own stereo headset Or sit back and enjoy a 
good film-often one that hasn’t been seen this side 
of the Atlantic. 

FLY THE FLAG TO THE STATES 

Pay the full economy fare to the U.S.A. and 
you’ll receive a good bit extra when you fly British 
Airways. 

You’ll feel pampered, privileged, someone 
special. Because we’ve made you a special case. 

So next time you’ve business in the States, ask 
your Travel Agent or British Airways Shop about 
bur new Club Class with its exclusive Eliza bethan 
Service. 

The first time you fly it, you’ll see whyifs seats 
ahead of the rest ^ 


British 

airways 

We’ll take more care of you 









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^Financial B-* Wed ^°^ ^ 


Mmt 


S'j : 

a#-- 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


• MATERIALS 


— . g/ic CT V lock system was chosen for the T W 

W wrt a i UK in preference to an electrical 

*—4 i £• system, as this offered mibstan- LOOKING towards a time, not all that far 

I vll55m tnr savins to the end-user ahead, when much greater reliance will have 

Vi llul U A VrA with no sacrifice m s afety. An t 0 jjg placed on rail transport in the developed 

electrical control system is avail- countries, the Krupp steelworks has maxiu- 
ITfiUCIBTV i VflPC able where this is preferred. factured and is extensively testing a new type 
llldil y IT The front guard panel is of r ail which is much stronger than anything 

* , , mounted on hinged side panels pro duc»-d hitherto. 

TWIO PrlinO 80 thaC en P re gumd can be it will withstand forces up to 1,400 Newtons 
AlJt lila LIUliC swung away from the tooling per sqU are millimetre, whereas the most 
mMpnrmv new machine area * t0 T. g tl J mre s trict «* access resistant rails so far developed— also by Krupp 
C ?J!^^7nuinrnM? Sen for , tools T ettul S “i 1 maintenance in ^ ig 60 's— were rated at ' 1,100 Newtons, 
guarding equipment has been work . m operating conditions minimum. The latter rails were produced for 
put on the market by the the pane ls are held closed by a particularly arduous duties such as on ' the 
machine guarding division o£ capt ive key switch which stops approaches to the St Gotthard tunnel in 
P. J. Hare, of wnngton, motor of the machine when Switzerland and In ore-handling railway systems 
Somerset, in many applications. opene d. On key clutch presses in various parts of the world. These rails are 
the system can dramatically a delay can be built in so that made of a chrome-manganese steel, 
increase productivity by keeping t h e guard cannot be opened Krupp undertook the development under the 
to a minimum the non-productive w hile the flywheel is still turn- aeeis of Federal Ministry of Research and 
part of machine operation; load- mg. Development which is promoting a programme to 

ing, unloading, and guard opera- Side panels can be flitted with investigate the technological frontiers of steel 
tion. . “windows" of transparent on nuls. 

Supergard. as the system is material or perforated steel, or Rails of the new material — the composition 
known, was originally introduced slatted panels to allow strip feed of wh j cll t, as no t been disclosed — are being laid 
12 months ago as a new guarding from outside the guard. Qn test tracks belonging to the Federal Railways 


Rail wear and tear 


V PROCESSES 

In mint 


for building produd^^i'^ 




TT*®. 1 



^ condition . h 

¥ Sted® muS^alfd^tmos- 

£ adopted a nitro D «“ 


general engineerthg.;.'^'^ 
zip fasteners, refipetf^^; 
wrought metals,.... ] r '} - : 


1MI Limited, - 

Birmingham, 

England 






ig bell The nitrogen, 

■ -ikr- t i r,: - - - wouia, m any case. liquid and stored -at 

. ; .-/$ £ urnacfr ”? rprf a nitrogen safety degrees C, has been 

: % ■ ■ • ! ■■ - i'i 8 ta7e paired by installing a cheap . alternative 

£‘j|" PUiBe system, but W & pherlc generator. . 

. ;• complete nlt ^ eD purge The nitrogen is 

. production and saiey 


installing a 


production ana t BOC Hammered tir 

requirements can now □« London w 9DX 


Krupp undertook the development under the 
aegis of the Federal Ministry of Research and 
Development which is promoting a programme to 


on test tracks belonging to the Federal Railways 


system on the 12BS hydraulic P. J- Hare, Bristol an( j jn t ^ e ^own coa i mining areas where they 

* M “~ ■" ■“ T ' f " # OBoi odUdUo. 


press manufactured by the com- B51S 
pany. However, its basic design 
and the flexibility of its pneu- 
matic control and interlock T * 
system gave it great potential a J 
for apDlication on mechanical or 
hydraulic presses and other 
machines not manufactured by ^£0 
Hares. Hence the expansion of 
its market scope. t'P 


B5IS iWLi. usj 4 ob-oua. will undergo evaluation both for their resistance 

to heavy traffic and to the effects of high speed 
„ a . rolling stock travelling at 300 kph and more. 

T if'dhnQf Ttfl The ai mof this on soins development pro- 

f JB a CoUd.! lU gramme, which is being carried out between 

Krupp as the largest rail producer In German; 
C’shft.Q 311,1 l ^ e Bu^desbahn, is to develop a rail with 

k}£8- V Ujl V Cl c> outstanding metal fatigue and plastic deforraa- 

.. _ . „ , ■ „ tion characteristics, which is also easy to weld. 

LP TO 1-; divers it will also have excellent wear resistance and 



• ••..Ti" 


economically. 

• exhibitions 

Technology 
meets in 
Toulouse 


misgiving because of 
in the attendance frodrUeiSfsn 
and the -ScandinavlaiiT^^g 
By and large; howifev^^ 
exhibition was 'judged, 
fulfilled Its aim. of eaavaMfr 
foreign interest in the - 

ties this large sector o&i&f 
Industry can offer.- 


t ATirsirHED IN 1971 to promote One of the importan£& 
!k--Sin S ive industrial infra- tions for exhibitions^^ 


m 




Early design studies found that decompression can escape from f reedom from brittle fracture. 


Fried Krupp Huettenwerke, 4630 Bochum, 


in order to keep down operating their diving _ support ships, or PYied Krupp Huettenwerke, 4630 Bochum, 
lime the moving parts of the drilling rigs, in the event ol are. Alleestrasse 165, Federal Republic of Germany, 
guard would have to travel as blow-out or some other disaster 
cVirirt a rlisfnnrp as nnscihlp in H new 10 ml Of UfeDOat 


distance 


possible, m 


They would also have to be as developed in the Capper-Nedll Masshre equipment at the Krupp research 

light as possible to avoid dis- group laboratories at Rheinhausen is being used to put 


comfort to any operator whose u fa as 1“^ new rail materials through stringent examinations 

hand was not removed from the on a: ship operating : in the Frlgg f resistance to cracking and wear. In this instance, 
danger area when the guard 3 action of rail at ri|tt is undergoing extended 


closed. For these reasons, 15 twin ^ ^ e . benifing tests. 

"r°^!krarn”w«fcho?e e n S a P n e d H^rbaric Sfebo^ 6 fA^ua 

ed^es We ^' CUS ^ i0ne ^ l 63 ^ 11 ® v^ol^ ^ I an(? e€ co^sfrI^:ed , ^ obtained ^ ~ 

These oprsnev shutterv arc Aqua Locistics Onternatioua]). Measuring an overall 25 feet 
mounted aferrh side nn a Ac l ua 111,2 is ™ on S first it looks like a big water beetle 


bending tests. 


Lloyds 


edges. 

These 

mounted 


• Software 


perspex shutters are 
af each side on a 


toothed belt which runs over pressurised lifeboats and has and would be stored on the deck 


Easier network access 


fhp Wtensive industrial infra- tions for exhibitions/^^ 
riHH 'JMH tWhire of France’s subcon- these was the special - aSSm 
; industry. MIDEST paid by the organisers tn^Sj 

■: gflMB nwirrhe International de la logy which can play 

«B^Ml cn,f„Traitance) which has its visitors’ attempts to- undaS 
counterpart in Britain’s Sub^ron. wtat is being offered^^J 
has erown to a major inter- sufficient attention has ;b££M 
national event with 1.200 parti ci- to getting muIti^ingu^SKj 
mm S5S companies, sllghtiy down to work long before -thfeli 
•=- -- V T on the preceding event, but* A standard terminolo^ 

61 MBBlWBr ' happening this year at a time made available in . 

WBmmBm when several Important sectors German. Dutch and 

■, a ffS S jBmfe- y were reporting more encourag- relying on experts f nun tiMfiK 

Ins results. countries. '• ) v £££ * 

K'JgiH$3ag? Metalworking companies. Among the UK 

& heavilv represented, could report was Imperial Metal Ioctojwfc 
an improvement in the sector of which came to. tesr^plg 
' some 3 per cent In turnover, for with a “mmirstand/V;^ 

the first Quarter of 1978 over the launching out into . sdafel, 
last quarter of 1977 and an much more ambitiop^ 
ordination between database advance of 19 per rent compared Brussels next Novembw:-^^ 
management systems, teleprpeess- with the same period a year It was displaying -itir. 
ing, information management earlier. „ . componente fbr. the p^S 

systems and adequate methods- of Toulous was chosen for the pencil . industries , aad^wgi 
controlling exchanges between' present event because of its pre- products on view were- L ®^p 




pulleys at tlie ton and bottom of -been specifically designed for of a ship, or drilling rig. In the BURROUGHS HAS joined the number of subordinate systems and separate networks. eminence in tiie covnlx^s ^o- and Ahrf tipped pen. 

the front panel. The shutters are ^> e N"™’egian market where event of a disaster It can be MleW group of major J computer and terminals. Units of one local It is obvious that Jn.^any space 

opened and closed bv a the authorities are insisting on pressurised so that divers at risk buildera to offtersnee^i software network do not have access to family of computers where large earner— and the fact “5} M : m barrels. Fabrtcatims.-.*^ 

pneumatic cylinder and' the 5111:11 a nieans of evacuating can climb into it through a man- aijovrinE users tn^devpinn com- data stored in other networks, amounts of data are being the country s fourth largest city, brass, nickel, -sihuirirT^g 

operator initiates the machine divers who are in the middle of way. It can then be launched by pany .^ e dl t * t0 in Similarly distributed nrocessing channelled to and fro overlinks main centre of the Midi-Pyrenees metal and alraimnm. 


provided by- the area. 


Another innovation^ 


and guard cycle in the natural a decompression cycle and who standard davits and towed to comDuters will interact systems gene rally Lack the a bilitv such as those provided bF the area. .. . 

rhythm of his work: as he with- would almost certainly suffer safety. . . ^fth one anoSer on a far KmliSu rate with other distri- P-O, new software affecting the Exhibitors recorded extent was .the compu^n^ 

draws his hand from the work serious physical damage if they ». «» . ^ UUB un a ^ w uimiuuiuuue mukl ujbu — e ,i — i , ..7s. Ifc . Ttaimn nttonilanee o-shihitton natal ovne w»* 


draws his hand from the work serious physical damage if they It consists of a standard diving grater scale 
area to reach for the next eom- were to be rescued by ordinary decompression (DDC) unit sur ; n 0S5 it,le. 

■« moonr rounded ^** T * aaI Y ratVivlana ^ 


pnnent he touches a honrantal means. rounded by a polyethylene y . B xa (Burrou'= , hs But access to multiple data- 

bar. .The panels close, and ihe The new lifeboat was designed flotation nng. Although a large N iSS& i^Mrecmrei local bases from remote points, infor- 
signal to operate is given only and developed in just 70 days part of Aqua Logistics' business JJS5S* -HStali. «« Sn and wnrfc sharing bv 

when the panels overlap. If the by Aqua Logistics for Northern is fabricating DDCs, it is pre- J> 1 information stored in central computers^ and brlade? 
operator's hand is caught Offshore. During this tight pared to convert existing ones 3 ata K*c<„, di«rtrrh..t^ nrneessinc functions 


than previously bn ted systems 
organisation. 


same whole of the network and/or its Spanish and Italian attendance exhibition catelopie^ 
operation, must be very tin par- which was possibly due in part mitred much better fli 

. , s i < 1 , , , . . il. ni't„ r-n •Isuniif «HTi a9«inr' m 


operator's hand is caught Offshore. During this tight pared to convert existing ones 5 . f; thrnilohnm- the distributed processing functions 

hetween the panels they re-open schedule the approvals of the into lifeboats. In its estimation, Jiw- DatafSn^utehas sa\es are key factors in the planning 
and the machine will not cycle. Norwegian Petroleum Diree- there are many DDCs in S„ or 
A Pneumatic control and inter- torate (the ultimate Norwegian existence which _ can rasily^ be ta5ks P ticularly those P Jith nati^af^rl 


Usiue ' BNA (Burrou-’hs But access to multiple data- tan t to equipment builders, which to the fact that the city is so layort with easier rtf 


_ _ - . 4 UU LO^na AULU txt> lUVCUlUIV uvuhuij ujucc 

converted saving considerable updates or report writing ran be internationai operations. 


HO HlKiClori 
03DER 


^ d m tf y ' h.c all th* transferred from one machine to BNA can be used with most 
resources to^keeo divers alive another 38 needed. small to very IargMCele 

fS STKiw If inthat time^ .Distributed processing opera- Burroughs computers, and is 
has not been connected uo to dons - m which local computers expected to become available to 
Snother lifrsuoMrt s5Sem then assurae P 0rti01 » of a central customers in 1979. 
ftfribs back on theuse of an computer’s workload, can be IBM was the first company to 
•■umbilical " cord This can be increased significantly both in give this particular software 
1!' chin and YVill SC0 P e a ° d effectiveness. Data sector a name (SNA) though 
nravISs 6 ^!! 0 nece^sar^ oxygen Processing and computational that company already had net- 
P r °™« "L oxygen ' power available anywhere in the working software arailable and 

11 Am?? 1 mnetirs is on 0744r BNA network can be shared by in use. Seen by some com- 
Logistics a j, networ |j participants regard- mentators as a new means of 


BNA can be used with most 
small to very large-scale 



NO MINIMUM 
LENGTH 


Tbousandsof types and sizesin stockforimmedferte delivery 

ICX&OM Q1-5S1 S118 ABERDEEN (0224) 32355/2 

KAKGriEsTEA 061-872 4915 


cau CHARGES iS'.ADLT ACCEPTED 
24 HR.. EMERGENCY NUffBEP. 0I-AJ7 3567 £j<t. 40« 



Ml 


lighting 
Aqua 
S 10202. 


mentators as a new means of 


of the distance between locking-in users and locking-out 


■tSscZ. 








v* ***%• uiJLauuu wwinbtu luinnip ui 

them, the company declares. would be suppliers of equipment 






Most of today’s computer net- competing with IBM. SNA and 
works limit communications to a its parallels nevertheless cor- 
gtven central computer and a respond to a real need for co- 


vv;ot 




A FINANCIALTIMES SURVEY 


METALWORKING 


- 




m 

* 




Checks on ronndness 


M 



A SHOP-FLOOR ability to carry setting-up stage. Direct digital 
out advanced roundness testing display is provided of peak-to- 




I has been introduced by C. E. valley height; it is also possible 
Johansson in the form of an to display the offset of the true 


instrument consisting of air bear- centre from that of the “ least 
ing table, high precision spindle squares" circle and the angular 




and capacity for workpieces up position of the offset can also 
to 260 mm across of weight up be shown. 


NOVEMBER 8 1978 


to 50 kg. For hollow cylindrical compo- 

The instrument has a small nents, where internal and ex- 
" brain ” in the form of a micro- ternal diameters are being 
processor which in conjunction checked, the least squares circle 


with a polar recorder allows the can be superimposed, an the 
detailed analysis of roundness, rotary plotter, on to .the inner 


The Financial Times plans to publish a Survey on Denmark. The 
provisional editorial synopsis is set out below. 


squareness, flatness, parallelism and outer graphs to show con- 
and skew. cen trinity. 

Turntable accuracy of — More from 66. High Street. 
0.001 mm and automatic centring Houghton ’Regis. Dunstable, 
eliminates the time consuming Beds. LU5 5BJ (0582 68181). 


Ecrranti willboostits sale^t 
integrated circuits in thetoughes| 
markets in the world and is the ^ 
UK semiconductor company to ^ 





INTRODUCTION Mr. Anker Joergensen’s Social Democratic minority 
Government has brought relative stability to a fragmented political 
system but has not managed to solve the country’s long-term economic 
and social problems. 


• TRANSPORT 


A quick cover-up 


in the USA. 


'fys&j. 




ECONOMY A tight monetary policy has resulted in a high level of 
unemployment, which has not yet responded to a DKr. lObn 
Government job-stimulating programme. 


FOREIGN POLICY During a successful-presidency of the Community 
in the first half of this year, the Danes pressed their free trade 
interests and promoted steps towards closer currency co-operation. 


R0AD VEHICLES with open a roller around which the pro- 
bodies often have to carry goods tective sheet is wound, 
or materials that have to be pro- The free end of the sheet is 
tected from the weather or anchored between two outside 
pilferage and covering them with arms pivoting from beneath the 
protective sheeting can be an middle of the body's floor. As 
irksome and time consuming these external arms swing rear- 




... ,• ..ysjfcj 

tS? 


task. 

However. 


George 


Truck Equipment has found an load. 


ward, the sheet is pulled from 
Neville the -roller, thus covering the 


selling success worldwide. J j|j 

Confidence, commitmeti^ 
steady growth.That / s Ferrantitoda 


answer to this problem with its Retraction of the sheet is by 
quick action remote-controlled means of a winding handle, 


BANKING There seems to be little chance of a relxation in monetary 
policy as long as the budget deficit remains high and the Government 
gives priority to reducing the payments deficit 


sheeting system. Across the which can be reached by a 
front end of the vehicle’s body, person standing behind the cab. 


behind the headboard, is fitted 


PHOTOGRAPHY 


INDUSTRY Denmark’s small, highly specialised manufacturers thrive 
in a free market economy. This is why Denmark’s voice has been 
among the loudest recently in attacking the industrial subsidies 
practised by some other countries. 


Flash level 
at a glance 


Details of this sheeting equip- 
ment ran be obtained from the 
company at Lindleys Law, 
Kirkby-in-Ashfield. Notts, NG1T 
SBS (0623 752601). 


FE 


Fenantiljmited.HoIW^ TjS 


AGRICULTURE This year the farmers are experiencing an 
exceptionally good harvest and an investment boom, which has 
generated greater optimism about solving Danish farming’s structural 
problems. 


OIL AND GAS The Government expects to press on with the 
development of Denmark’s North Sea gas resources and to construct 
a national gas distribution network. 


OFFERED at a price which the 
UK maker, Laptronic Products, 
claims to be about a half of the 
nearest Japanese imported 
equivalent, an electronic flash- 
metre for professional photo- 
graphers directly produces the 
f-stop reading needed after a 
test flash with the meter at the 
subject position. 

The device obviates the use of 


We Ve had it Successful romparuds have beeti ^ 

_ • , jt> settling and growing in Tayside for v -. > 

coming tor years, onljol ; ^ 

.Companies fromaU over the^ wtis 

Involved In a range of activities so broad thatit embraces eveiythingflum Oils * ^ 
Phan^ce^cals toF ood Processing. Eng ineering, Clothing and Electronics. ■ " ^ 


the exposure tables found on the ^ ne 

back of flash guns and produces Uie cnVlrOnmenTS 3S 
a much more accurate result on ■ -i . j a 


Other articles will deal with doing business in Denmark, shipbuilding 
and shipping, and contractors and traders. 


a iuucu more accurate re sun on ■ 1 ■ j j 

ia digital display. . ncxi/ varied and 

■ The company claims that is has i 7 

considerably simplified- the DeaUtllLll 3S 3X1 V 
Japanese method of measuring - 

(h A lmUt ».L:.L : I — -WT^vvvIl 1 ^ 


For details of advertising rates for this Survey, please contact 
NeB Rogers, Financial Times, Bracken House. 

10 Cannon Street, London EC4P 4BY. 

Tel: 01-248 8000 ext. 575 


the light, .which involves charg- VOll’Il find ill tflC 

ing a capacitor from the photo- -/ ^ 

ceil and then discharging it Into 'Rritic'h itien’t 

an analogue to digital converter. JJt-iuaii uiCd/4UDi.l l 

Laptronic ha s done away with l rir .l 1c o-n/l 

the capacitor but apart from XULJLla cuilj. 

claiming that Ihe conversion to . . 

an f-stop reading is much more IDOllIxI3inS L113.L 







FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


1946 


1971 


The content and publication dates of Surveys in the Financial Times 
are subject to change at the discretion of the Editor. 


direct. wUl release no more . . • • 

* ™ a„ the components em- b^g tal OUTWay. __ .. , . 

^utatorrized p °unti T^robusl . ^ F^c torieS/ offices/ skilled labour, port facilities/ motorway access/ alrpoifs^ - . " ^ v > 
orders worth over; soo.ooo ra pidrail freight movements, training services Snd commercial and industrial^.; ’ 

su PP ort... that’s whatTayside's ^ T^^indus^Of&e fif, 


over half from overseas. 

Laptronic Products. 3. Bolsirc 
Crescent. London NN3 5QY t01- 
794 8195). 


^ “ '-'gotgoingforit Coming? ^ 


'rw 





feinattraffl Times We3nes8ay OcttfBer It 1978 


* i 

ji SgS 

■’-t ? y 5 .'% 

Hi a^O ■ 
■ll**S* i 

I *• 1 ■ "■ i 


The Management Page 



15 




EDITED ■ BY^RISTOf^ii^ 



THE ACCOUNTING pW>rwwin 
in the U.s. is facing Us most 
severe challenge since themld- 
1930s. when the Securities Aets 
were written and the Securities 
and Exchange Commission was 
fonned. Ni>w, as then, • the 
public is concerned about the 
■way the U.S. financial system 
conducts itself, and some., in 
Cnngress are interpreting that 
concern as a call ■ for new 
JcBislation. Now. as then, there 1hc us 



ByB^yaaAuian^ 

ICCDWTriiNCY 


American profession: facing 
a growing challenge 


arc those who w» rh!* atvmm- tbo u,s - is re * a ^ alc ? ™ ore by the SEC’s enforcement group really focus on the more diffi- however. It is possible 
tant as the peramificatUm of 0 “ u l d ? forces _ Th f n by “® uwn * ,1! b . e even more active cui t problem cases until all of during *J S ? eer review. a 

2^^“= “Ll h f the Civil litigation has been h ™*< 


It is possible that sion be given a chance to work would establish a quasi- 
a firm out its problems, but with some governmental body to regulate 
,. • t _ - b«~„-; b i n x — ‘i ~'Y tne civil litigation nas oeen '«■ • _ violated important provisos: — and discipline the profession. 

for “ coniro1 JWns « »* i e ^sr i j“3 , :i ^jssf ss 

Jttwswv mmsm** sr.wwrsfc Ar ° r *™ ~ ^ ew a,s ° -- Ld 

?iir * J 1 ?!!?? tn ^ ^- S - Intb . e the profession .have argued that take the hint . The congressional inquiries be in a position to invoke a concerned that 


legislate* 
over the profession. 


run for office after 
a review team his current term expires this 


UK a - . — uiu iMUiu»iuu,ira*E •ubu'-u uic uihu *.“>■ musisismi™ oq in .a puaiuoi 

in-r i conce ™ 15 m ° u " 1 ' these civil proceedings are an The self-disciplining efforts int0 the accounting profession sanction if the remedy was from anv onVfirni will he relue- ai.tiimn 'HnwA.Tr Vr‘ir«TiT 

effective way of disciplining and of the accounting profession have focused directly on this inadequate. But we have not to crititL another fira dent th'attiiere ^enough Tn 

While regulating Thp nrofession— stand m stark eontrast m tha Question of se!f*reeu!ation. and vm HAtarminad haw »*««, _ 11 . e e . re enou ° n m 


firm, and charge the firm wiiN 
the cost of the inquiry. The 
professional bodies would 
retain the authority to disci- 
pline individual members of the 
firm. 

While the Cross Committee 
was focusing on the accounting 
profession, the financial com- 
munity was searching for a way 
to strengthen self-discipline in 
the City, in response to direct 
criticism from the Board of 
Trade. At the beginning of the 
year, the key financial groups, 
including the accounting 
bodies, formed the Council for 
the Securities Industry with the 
objective of main tain ing high 
ethical standards in the indus- 
try, and with the authority to 
investigate possible misconduct^ 


account^ profession, mile regulating ' the profession- stand in stark contrast to the question of self-regulation, and yet determined how the'sectio'n SvereTv * ‘corned ConJ^lV XT r JT i-. * 

tnere is no regulatory body because case-by-case precedents activities of these extra-prof es- self-discipline. Senator Lee will deal with alleged audit fS r” haraher oltidsra when a^d^ho will f ^nt™duce*Se FramCWOrk 

-»w practice smnal agencies. It is safe to Metcalf (now deceased) held failures which come to light as ? - Z i reintroduce the -*■ laiucnum 

the threat of say that in the last ten years congressional hearings on the a result of a client bankruptcy. Th? svr 1 


ieTSTte standards'" any singFeTctioT on'T mior Ton in ¥c XsTduring^ not' dSTtaT. *11 react t/T in the V*’ 3 ™! 

ver. anyone who has accounting failure. We have no summer of 1977. Last autumn if it concludes that disciplirarv selected bv tht section ftim a herlSS profess, J naI 

followed the . legal «*ne but ourselves to blame for the Metcalf Committee issued proceedings by the section Si? ifJSv Tf 1 1 5®”,'*"' *' ,^ s) - our , w ° rkjng 

vrinne m a l-ourtTooni. the fact that thp mmrri! nnrt i Via a r<*nnr» whifh uni minhr nrpiuni^ tirms - _ . environments are fundamen- 


like the SEC. for example, establish new 

i hC * i ^ r are caUl , ns Standards, and the threat of say that in the last ten years congressional hearings on the a result of a client bankruptcy. The SEC' ha 5 'sii^ested'lnstead The nrnfe«in« tho tic 
for the creation o, a similar massive judgments will force the profession has not taken slate of the accounting profes- or a civil court action. T ‘ : ^ ne p fession m the U.S. 

institution. Imjeasingly, the adherence to tjiose standards, any single action on a major sion in the U.S. during the not clear how a firm 
profession in Lhc UK and the However, 

U.S. confront many of the same ever full 

problems and challenges. For inanoeuvrinES in a courtroom, the fact that the courts and the a report which was strongly might prejudice ns case in *i Thp cpr h aB CT , OC rn C t n rf that P 

this reason, it may be valuable recognises that a civil proceeds ■ 1 be SbL has suggested that tally similar, subject to npny 

Sp^SS" the AraeriMD ! : — „ore pu d!'r c ,cS'r 

2? a .o ci : 11 S“^:j Russe11 Palmer explains how the U.S. accountancy ifS**.™ 

profession is responding to the recent sharp ^^StSSEH 

Phous «»u« tos principles influenced by the skills of the cr jti c isms which have been levelled against it -™» 


accounting principles 


Which we‘ allowed 'orevaii attorneys on either side, the VHUUMJJO W1I1U11 ilCtVC UCCI1 iCVCHCU aMdlllSL 11 c.pline itself, but its report to government bureaucracies. It 

in th!» r,rh? Lr in“ attitude of the jury and the & ?S SS ca J V U ? n , ed . that the ^ inevitable that the accounting 

for our nas^ judge, and the emotions that ■ __ d . l!>c !P inar i profession in the two countries 

pa ‘ t are • engendered by that Wr . ............ 

particular case. The civil _“ c have stepped into the disci- critical of the profession, and court. 


paying today 

failure to challenge the busi- 
ness practices -of some nF our iJrocess is not the most effective P^ary. Process — they simply which outlines a number of with ihose kinds of situation! 0bv 
clients too many assumed that „„ . fc „ rnt,i» n r rushed in to fill the vacuum left significant recommendations for our self-reeularinn machinery 1 


Until we have 



- ' conduct -became a . national most 

1 * issue. Howover, ti may also F 

he that we accountants are now «-«t ■■ 

faced with a dramatic challenge W r6CKE26 
because we have been success- 
■ --IT fill in our efforts to convince The SEC 
the public that we are a pro- disciplining 
- I T; fession. Today, the public is 
' : -7 asking that we live up to 

premise. 

... ' : The 

profession 


section's disciplinary 

gramme and its sanctioning will share manv of the same 
dealt P° wers bad not been tested, challenges 

Obviously, tiie SEC’s approval In i 976< ttire UK profession, 
machinery ® profession s efforts is spurred on by government 

our ability to criticism of some audit 
ith our own problems, appointed a com- 

and most obvious, self-discipline demonstrate that it could take representatives of member- „ challenge the profession's pro- 

” a care of itself, and SO recommend firms, and thus will be self- Rpaillfifion cedures for self-discipline. The 

m. b uiauuu committee pointed out that the 

When Senator Metcalf died, profession was handicapped 



- — * — — v-oit ih iucu| aim qu icLUUiinriiu uiiun, aim 

we have not met our painful nD new legislation, at least for governing. It will be different 

fhir» time heinn. The Metealf Frnm flinv nthep nmi-mnc ,t Q w, n i 



■ fessinn in the US The SbL s »rfvoi-Hcinn ‘ •***“ **»*■ m icucw iiiuuids c-asieiun. « is imh yei liuu iuiu iue wore oi 

El! enforcement ^vtion combs a „d a^raber IFtotti ffrra-a solf-regulatory o^anisa- by a public oversight board, clear whether the Eagleton accountant under the law*. 
***' through the wreckage of a practitioners have b^n ^iset *t n v * lK * w ? u !& have its own. which wiU be composed of five Committee wdl accept the SEC s even under the profession's ( 

— . 71 t th financial disaster looking for piim-dror* thoM & violations eir f cDve djBC1 P lu, * r y p ° v [® r8, prominent business people, none — — ** 

e challenge to the wMpnpil _« f-n nr p «n the nart cIL.Ti -i * u u , In response to that challenge, of whom are accountants. The 

ssion touches on “any , |f ^ company's officers attor- h . a! 5 been ^ clatl, J. eJy the American Institute of pubUc oversight board will ad- 

issues. but perhaps the most e * —L . ea£ y discipline those few nAi-tifipri Piibiio Aerountants ui«A tHa cArtinn i*_ 


or 

. _ own 

prominent business people, none judgment and give us the time charter. Further, the com- 

we need to prove that we can mittee found that the profession 

deal with our own regulation, did not have the mechanics to 

Accountants vise the section and act as its If Congress is unable to do deal with professional discipline 





i»u». uih pexiiaps uiv musi npv< nr an.^uhtant? The An- u i C , . ' v^erunea ruouc /uxoumams vise me se 

critical i, directed to the regula- .fo r re mea t divtolOH Wtm bene- e»tatllih.d i dlvldon ol conduce. It will bring a something constructive about in complicated situaUons. It 

t.on of the profession. Congress M of subp0 ena power, as well ? ' Z 5J.T' !Pn0 f Uu l I 1 i£ 1 > vld “ a broader perspective to the diffi- the really critical issues of the recommended that the profes- 

has been sceptical of the as ^ 0 j hindsight if, “ * "™ naJ *” CPAs joined the AICPA but cult decisions, and make sure day-an energy policy, the fall- sion amend its constitution to 

professions j self -regulation after investigation, they taken action on those clear cut ^ A™? that the section does not become ing dollar— some may decide to provide for a board of inquiry 

efforts, and the “ost- ^riqus conduce that an auditor is cul- But w hav _ nnt t^„„ 0®“^ standing.) The division a self-protective club. take out their frustrations on which would be given authority’ 

legislative proposes, have been pable, they can take action with- a hi e to deal with those cases t» f ^ rmS c i? lJlldeS rf a °o bE + C , Committee, at the accounting profession and to investigate alleged auditing 

directed towards imposing a out involvement of the courts. w here verv difficult ouestiuns J! rac S ce | e ^! on a .P r,va f J e the conclusion of its report, adopt legislation that would failures, and take appropriate 

f a Tn e r^^hAl^ rySfl<rnSOred reSU * The Procedure is perhaps effi- ar involved— where tiie audi i ,0 c AP X 0 n 3 °!Z ^ . SEC t0 check on brin S the accountants’ disci- disciplinary action,, if war- 

latory scheme. - debt, but many feel.it is not t . jd = . L®?™ whether the profession was plinary proceedings directly ranted. 

Practically speaking, the necessarily fair. Nonetheless, it 1 : ^ - must agreetocertainmeinber- responding effectively to the under the control of the govern- The profession responded 

public accounting profession in- seems reasonable to predict that ^ j^ 1 ^ rt ^! ll ”^ t l^i ll0 g c°mimttee s concerns. The SEC ment In fact. Congressman qnickly. An implementation 


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fcssional to disdnlinp thp nthpr '^iVa 77u J ust: released a massive Moss. representative from committee chaired by John 

there are some structural prob^ fished bv the section to submit n™2«fnn’ lim ff > ^ rep0, !l ° n the CaIifornia - has criticised the Grenside has detailed a plan for 

lcm s falee? S SbS ing w ScJlaf a«enSon T ££££. ^ * t rib ™, aI -bich would inveati- 

ness of our iuterual self-disci- t0 the sections discipline and division o™ fini and the err n rep0 "; ***», ’“eged failure, m the 

plinary process as weU. Of its sanctions. The organisation ^ ggg Represeiitinve Moss has said andits of pubUc companies. The 

course, the professioo does not of. the section has been n^Sendid thaf “bunal would have the power 

have subpoena powers and so worked out most of- the ^«j^-^^ mnenfletl t ft at ™ e Profes- Uon during this session which to fine an offending accounting 
its ability to conduct an in-depth firms and a number of the 
investigation is hampered. And, smaller ones have joined, and 
given the threat of civil litiga- some staff have been taken on 
tion, with its significant un- On paper, the division of 
certainties, firms have been firms approach has won con 
unwilling to submit voluntarily siderable praise, 
to professional discipline. As a We have not yet worked out 
result, the profession’s disci- the details of the disciplinary 
plinary machinery does not and the sanctioning process 


The profession in the UK has 
therefore established a frame- 
work for self-discipline, but, as 
in the U.S.. that framework is 
still untested. The- tribunal will 
not have the authority to 
subpoena evidence, aud so its 
inquiry process will depend on 
professional co-operation, or the 
work of other investigatory 
groups. In a situation where 
the accountant finds himseiY in 
a court action, the profession's 
inquiry must be delayed until 
the court action is resolved. If 
the problem situation has also 
come to the attention of the 
council, presumably the council 
will have the first crack at the 
accountants as they may 
challenge all of the partners 
involved in the situation — how 
will those two self -regulatory 
bodies work together to deal 
with the accountant ? And 
finally, problem situations will 
only ’ come to the tribunal's 
attention as a result of a 
specific complaint; there is no 
provision at This time for a 
regular peer review of account- 
ing firms. 

Although the structure is 
untested, and perhaps subject to 
some evolution, it' represents a 
clear commitment to the preser- 
vation of self-regulation. The 
UK profession has moved 
quickly in response to the chal- 
lenge. and perhaps has more 
time to prove itself than we 
have in the U.S. 

It would appear that the pro- 
fessions in the U.S. and the UK 
have a new lease of life as 
independent, self - regulatory 
institutions. However, that lease 
is subject to short-term cancel- 
lation. To maintain our 
independence as professionals, 
we must make the newly 
created self-disciplinary struc- 
tures work. 

Russell Palmer is martagnig 
director of Touche Ross Inter- 
national. 






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16 


Financial Times. Wednesday October 11 1978 



BY MICHAEL BLAH DEN 


IF BETS were being laid "n 
Which hank will he the first W 
venture into the mortsa=e busi- 
ness on a significant scale, most 
City people would put their 
money on BareJai's as the most 
likely' to respond 'to the buildina 
society challenge. But all of 
the big four banks reacted 
coaly when the idea was recently 
revived to the Press, and pro- 
vided several reasons why this 
is not Lhe most uopurtune time 
to contemplate a substantial ex- 
pansion of their business in this 
direction. 

Each of the big banks has 
been examining wav? of develop- 
ing the home loan business, on 
and off. For several years. For 
a long period, they have Telt 
the impact of lhe increasing 
sharp oF the savings market 
being taken by the building 
societies. 

The issue was brought to the 
boil last year when i merest 
rales dropped sharply and the 
banks tost funds more rapidly 
than usual. 

If the hanks want to strike 
back by putting iheir own con- 
siderable marketing weight 
behind a serious effort to sell 
long-term mortgages, however, 
they will have a number of 
obstacles to overcome. 

Lord Armstrong, the chairman 
or Midland Bank’ argued before 
the Wilson Com mil tee earlier 
this year that the hunks could 
carry out home lending just as 
well" as the building societies, if 
not belter, if they were able to 
enjoy rhe same lax advantages. 
And a superficially attractive 
cn.se can be made from the point 
oF view of the banks Tor entering 
this market. They have the 
branch networks available to 
provide the contact with borrow- 
ers, and the potonti.il for build- 
ing up a solid deposit base to 
support the lending. 


i heir general hanking operations 
and it is Tar from clear how 
they would gain as a re.- nil. 

The ba/ik.s would i:vrluialy 
have lo overcome two major 
hurdles before they considered 
such a step. One would be to 
ensure that they gained parallel 
treatment with the building 
societies on taxation. The main 
point here is the composite rale 
paid by the societies. This is 
arrived at on the basis or an 
average of the rates actual! v paid 
by the investors. For the last 
financial year, it was 24 J per 
cent, well below the basic rate 
of income tax. 

The Inland Revenue might well 
lie prepared to consider a simi- 
lar arrangement for a bank off- 
shoot set up specifically For the 
purpose of conducting home loan 
business — though I believe that 
so far it has not received any 
direct approaches from the banks 
on the subject. However, it is not 
easy lu see how a bank would fit 
into the separate structure of 
the building society movement 
and the representative function 
jt present fulfilled by the Build- 
ing Societies Association. 


Obligation 


Resources 


Yet apart from a natural 
desire to get their own hack, the 
banks have not yet presented 
a fully worked out rationale to 
support a plunge into mortgage 
lending. It would make little 
sense for them to divert their 
existing deposit resources into 
the business, as long as they tan 
make a reasonable return on 
short and medium term banking 
loans, even if there were no 
official restraints on their growth. 

Setting up a separate sub- 
sidiary or division to develop 
mortgage lending, on the other 
hand, would take them oul of the 
banking market. The societies 
them selves, it is true, have 
played down rhe scale of the 
advantages they enjoy as a result 
of the tax concessions granted 
by the Government. But for the 
hanks to compete on even terms, 
the business would have to be 
conducted quite separately from 


The second obstacle arises 
because the banks are at present 
under the constraint of the 
official corset controls over the 
growth of their interest-bearing 
deposits. The building societies 
are outside this form of mone- 
tary restriction. But it seems 
unlikely that the authorities 
would be willing to permit a 
powerful group of financial insti- 
tutions over which they now have 
control to develop new business 
outside the present ambit of 
credit policy. 

In any case, the banks have 
accepted lhe obligation not to 
fill any gap left as a result of 
lhe Government's request to the 
building societies to restrict the 
scale of their mortgage lending. 
At present the scope for new 
developments is. therefore, 
limited. Yet over the longer term 
the banks may look at various 
ways uf providing an extended 
mortgage lending service. 

They could, for example, 
develop the business they 
already do on a modest scale, 
not only in bridging loans but 
in mortgages which can run for 
as long as 10 years. The terms 
they are able to offer may not be 
fully competitive with the socie- 
ties. but the price is probably 
not the biggest problem faced by 
the home buyer. They could also 
look abroad for different ways of 
approaching the problem : one 
idea which might be adopted 
from the U.S.. for example, is for 
the banks to put togeiher pack- 
ages of individual mortgages to 
be sold on to the big investing 
institutions. 


The Council sails into choppy waters 


By Our Own Correspondent 



THE OIL-RICH and all powerful 
Shetland Island Council last 
week faced a biller internal 
crisis which resulted in the 
resignation nT Capt. George 
Biro, director of the Ports and 
Harbours Department, the man 
who has supervised lhe build- 
ing oT the £700m Sullum Voe 
terminal due to receive its first 
oil next month. 

The terminal, the largest in 
Europe, is a key element in 
Britain's North Sea production. 
By 19SI it should be capable 
of handling 3.390,000 barrels of 
oil a day. Before Capt. Biro 
leaves in three months’ time 
his department will also lose 
one of its senior deputies. Capt. 
Bert Flert. who is taking a 
higher paid job as a marin? 
officer at the port. Another 
recent resignation has been that 
uf Capt. Chris Hunter, the act- 
ing pollution control officer. 

By far the most serious 
however is the decision by 
Capt. Biro to leave after four 
all important years in the job 
of seeing the terminal. through 
its labour pains. His resigna- 
tion followed what amounted to 
public criticism uf him by Mr. 
Ernest Urquhart. the council's 
chief executive. It is Mr 
Urquhart and his highly profes- 
sional executive team which 


effectively dictates the running 
of the council’s affairs in rela- 
tion to Sullum Voe; a precedent 
set by Mr. Urquhart 's predeces- 
sor Mr. Ian Clark, now with lhe 
British National Oil Corpora- 
tion. one of the companies in the 
Sullum Voe project. 

For some months Capt Biro, 
highly respected within the oil 
industry for his professionalism 
had expressed concern over in- 
adequate salary levels and 
fringe benefits in his depart- 
ment. This he complained had 
Jed to difficulty in recruiting a 
skilled team of pilots. With a 
salary of just under £ 11.000 he 
was also faced with earning less 
than the pilots he was control- 
ling. A £2.000 increase was 
however in the pipeline to bring 
his salary up to a more attrac- 
tive level. Capt. Biro warned 
last February that he was losing 
labour down to secretarial level 
to better paid oil related work. 
This has resulted in some im- 
provement in condition--. 

A first-class pilot at Sullum 
Voe can earn around £14.000 
blit many senior pilots of the 
calibre that Captain Biro 
wanted are reluctant to come 
to Shetland because of its 
remote location which is seen 
as an overseas posting but with- 
out any of the usual advantages. 


Another factor has been the 
unattractive council housing 
offered with the job. The coun- 
cil is now investigating the pro- 
vision of sites for private hous- 
ing in the area together with 
special mortgage schemes. 

Captain Biro has been consis- 
tently opposed to salaries for 
his department being lied to 
local government pay and con- 
ditions. The issue was brought 
to a climax last month with a 
confidential report to the coun- 
cil by Captain Biro. In it he 
expressed the view that aspects 
of local authority salaries and 
operations were impracticable 
in the marine and port indus- 
tries. He also indicated that if 
the council felt unable to oper- 
ate the terminal efficiently then 
other solutions might he offered 
which would prove unaccept- 
able to it- 


Mutiny 


The chief executive, increas- 
ingly sensitive of any criticism 
directed at the council particu- 
larly from within it sow Captain 
Biro's remarks os mutiny by a 
council employee. He described 
Captain Biro's report as 
opinionated and unbalanced and 
it was withdrawn. From that 
moment on what has become 


known as the Biro affair gained 

momentum. 

An acrimonious debate then 
took place between Mr. 
Urquhart and Captain Biro in 
the local Press, with Captain 
Biro's suggestion that the port 
might not operate efficiently 
while it was run by the coun- 
cil making national headlines. 

Mr. Urquhart said if Captain 
Biro or any official including 
hims elf could not work within 
the council’s policy and frame- 
work then the answer was in 
their own hands. What 
amounted to a clear invitation 
to resign was accepted by Cap- 
tain Biro. This he did verbally 
and in committee without ad- 
vising Mr. Urquhart in advance. 
His written confirmation fol- 
lowed two days later. 

What Captain Biro wanted 
and looked for was some sup- 
port from councillors which 
would have allowed him to 
stay in the job while self- 
respect was preserved on all 
sides. The councillors said 
nothing and Mr. A. I. Tulloch. 
the council’s convenor, left 
it to the chief ‘ executive to 
dictate the pace. Captain Biro’s 
resignation was accepted with- 
out any public word of regret 
from the council. 

All too late six councillors 


now want the whole issue 
debated by the council, and this 
could take place some time next 
week. 

The furore still continued, 
with Mr. Urquhart suggesting 
that the resignation was for 
personal reasons which was 
rapidly denied by Captain Biro, 
a normally passive unemotional 
man in his mid 50’s. He said 
“ there are no other personal 
reasons apart from the publicity 
and the fact there was publicity 
was certainly not of my making. 
J was concerned that Mr, 
Urquhart doubted my ability to 
manage the department.’* 

The council which sees itself 
as one of the most powerful 
in Britain, at a time when 
Shetland is promised a Royal 
Commission to consider con- 
stitutional options open to it 
such as Faroese status, is inex- 
tricably part of the oil industry 
under the 1974 Zetland County 
Council Act, skflfuUy drawn up 
by Mr. Urquhart’s predecessor. 

This act gives the council 
wide-ranging powers. It- controls 
-the sea areas within a three- 
mile limit of Sullum ..Voe, it 
acts as a harbour authority, it 
lias the power to purchase land 
for oil-related development and, 
all important, the power to 


SHETLANDS 


create a reserve fund from oil 
revenues. 

Under the recently signed 
Sullum Voe Port and Harbour 
agreement the council con- 
structs the oil jetties for use 
by the oil industry, from 
which will provide it with a 
regular income. The council 
will also receive a levy un all 
oil shipped from the terminal 
and by the end of the century 
should have at least £25m in. 
its coffers. This will be 
channelled through a special 
fund to help local industries 
when the oil starts to run down. 

The council is particularly 
anxious that it should be seen 
capable or running a port which 
will handle the life blood uf 
Britain's economy into the 
19S0s_ Mr. Urquhart is emphatic 
that the port will be run by 
the council until such times as 
it decides otherwise. It says 
it has recruited 18 out of the 
20 marine officers it requires 
and is now ready for the first 
oil to arrive, which nuw looks 
likely for mid-November. 


Robin Lane Fox’s Gardens 
Today column 'will reappear 
next Wednesday- 


Repeat win likely for Nesbitt 


A YEAR ago. Middleham trainer. 
Steve Nesbitt. took York's 
Chesterfield Handicap with that 
controversial sprinter. Ubedizry. 
and it could well be that the 
Song coll. Beethoven, will give 
hitn a repeat win today. 

This bay four-year-old who 
passed through the hands of 
Peter Walwyn. Mick Easterby 
and Gordon Richards before join- 
ing Nesbitt has had a particu- 
larly busy time this season with 
13 "races already behind him. 


RACING 

BY DOMINIC WiGAM 


However, be has retained his 
form well and Willie Carson 
seems assured of a good ride 
over this five furlongs, on which 
Beethoven has already scored. 

Two others with obvious claims 
to consideration are Bill Guest’s 
Gold Song, and another sprinter 
Reg Hollinsbead’s. Brianston 
Zipper, a recruit from Jack 
Hardy's stable. 

Gold Song, who is also by 
Beethoven's sire, has not pro- 
duced his best since getting the 
better of St- Terramar in a £4.100 
handicap over the minimum trip 
at Sandown in mid-summer- 
However, he showed he was far 
from done for this season at 


Ascot last time out He ran 
Laudon to whom he was trying 
to concede 4 lbs. to 11 lengths 
in the William Hill Trophy. It 
is not surprising to find the con- 
nections of that winner declin- 
ing today’s engagement on 12 lbs 
worse terms. 

Reg Hollinsfaead. whu usually 
does well at this meeting, has 
already won Ascot's valuable 
Fortnum and Mason Handicap 
with Brianston Zipper and the 
good-looking bay — not seen out 
since running poorly in Hay- 
dock’s Joe Coral Handicap early 
in August — looks far from 
harshly treated with S $t 13 lbs. 

]□ the belief that he could 
well be back to his fine early 
season form which included a 
win in Doncaster's Batthyany 
Handicap for Jack Hardy I take 
Brianston Zipper, probably the 
freshest horse in the field, to 
come out on top. 

Clive Brittain trains a 
juvenile for his wife. Maureen, 
in the Averof gelding, Blessed 
Son. and I am hopeful that this 
once-raced bay (a June foal) will 
prove up to landing the Brain- 
ham Moor Stakes from which 
Pluvial is absent. 


Ragatsa, among the runners for 
the opening division of the 
Ainsty Selling Stakes. 


YORK 

2.09— Bella Ragatsa*** 

2.30 — Blessed Son** 

3-00 — Sbaf tesbu ry 

3.30 — Brianston Zipper* 

4.00— - Miss Eliza 

4.30— Cherry Picking 

5.00 — Impressionist 
CHELTENHAM 

2.45 — Tingledu 
3.20 — Mount Tallant 
•L25 — Archliold 


Government aid 
for snake study 


ENTERTAINMENT 



rr- — These U-catre* iccMt' ccrttia credit 
cards ba telephone or at the Box Orttf. 


OPERA & BALLET 


COLISEUM. C£ 01:240 5258. 

■^iSSSEsS'lKWifii opera - 
Toot A Fri. 7.50 loUntbe. Tumor. A 
S*t 7.30 The Seraglio. Thur 7.30 U-asr 
pet-f.i The Rova) Hunt cA -the Sup. "A 
brilliant & intriguing spectacle." F. Times 
'bargain prices »i 104. balcony avail, tor 
all perts on day ot oerf. 


COVENT GARDEN. CC. 2*0 1066. 
(Gartfencbarge Credit Cards B3B 6903.) 
THE ROYAL Cl* ERA 
DER RING__ 

DES NIBELUNGEN 


Covent Garden Proms m assn, with Mid- 
land BanF. Tont. 


5.30 Die Walkbre. Thor. 

5.30 Siegfried. Sat. S.30 GOttenttmmer. 

ung 700 Stalls prom, places at £2.00 
avail, one hr. before curtain-uti. L250 of 


these for students until 20 mlos. before 

curtaln-up.l 


A second likely winner fur the 
Newmarket trainer who<e stable 
star. Julio Mariner. 5? being 
syndicated by the BBA at £20.000 
a share— placing a value of 
£300.000 on him— is Bella 


THE Ministry of Overseas 
Development is to provide a 
research grant of about £80,000 
for a study of snake and scorpion 
venom. 

The work will culminate in a 
manual of snake bite treatment 
designed for developing 
countries. It will be carried out 
by a team front the Liverpool 
School of Tropical Medicine, led 
by Dr. Alistair Reid. 

The three-year grant will also 
help to establish a World Health 
Organisation Collaborative 
Centre in Liverpool to improve 
the treatment of victims of 
venomous bites and stings. 



BBC 1 

+ Indicates programme 
in black and white 
6.40-7.30 am Open University 
(Ultra High Frequency only!. 9.15 
For Schools, Colleges. 10.45 You 
and ?.le. 11.00 For Schools. Col- 
leges. 12.45 pm News. 1.00 Pebble 
Mill. 1.45 Over the Moon. 2.01 
For Schools. Colleges. 3.53 
Regional News for England 
(except London;. 3.55 Play- 


school. 4.20 Wally G3lor. 4.25 
.(3Ckanory. 4.40 Animal niaqic. 
5.05 John Craven's Newsround. 
5.10 Touch and Go. 5.35 Ivor the 
Engine. 

3.40 News. 

5J>5 Nationwide (London and 
South-East only). 

6.20 Nation* ide. 

6.55 It’s A Knockout. 

8.05 Secret Army. 

9.00 News. 

9.23 The Fall and Rise of 


F.T. CROSSWORD PUZZLE No. 3,793 


(H 


ne 


£2 


26 


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ACROSS 

Restrict interval for resolving 
deadlock ot Wimbledon t3. 5i 
Article has small relation to 
proposition (tit 
Going round yetting duty list 
jnlG confusion IS? 

Relation joins. a lly oriental 

U doesn't matter if you don't 
remember (ti. 2) 

Watch supporter »*f Prince 
( 6 ) 

Discharge public duly of in- 
surance company t4. tii 
Undressed almost without 
thinking (3. 2. 3i 
Reduce status of protest 
march with the hcartie.ss < Hi 
Current to upper-class gallery 
cut off (S' , . . 

Take for granted its put on 
r 6 > 

Profited when accountant 
took off at home iti, 2i 
Broken stride comes off worst 
(6) 

Fit boss at source (4-4i 

down 

Plant economy 

Squeeze- used to he wrong (6/ 
Van bet slightly (6i 
Primitive sailor gels fresh 

Dolce vita experienced by 
Everest expedition (4. 4) 


7 Didn't leave home and yet is 
different (ti. 2> 

8 Respects changes in royal 
staffs <S> 

13 Agency seldom found a way 
to cook steak tti. 4) 

15 Stop having influence on firm 
(4. 4) 

16 So ray a rude given in hoarder 
(Si 

17 Nothing to tnis paper to tuve 
its moments frequently (Si 

19 Scrubland the Spanish 
measure (til 

20 Club porter makes scoundrel 
pass on itii 

21 Inclined to spare boss on 
paper ( 6 » 

SOLUTION" TO PUZZLE 
No. 3.7KB 



Reginald Perrin. 

9.55 Sportsnight. 

10.45 Tonight including The 
Founder — profile of the 
richest man in Britain. 

1L25 The Sky At Night. 

11.45 Weather/ Regional News. 

AJ1 Regions as BBC-1 except at 

the following times:— 

Wales — 10.00-10-20 am and 2.18- 
2.38 pm l Ysqolinn. 5.10-535 Bili- 
dowcar. 5.55-620 Wales Today. 
6.55 Heddlw. 7.15 Pawb Yn Ei 
Fro. 7.40-8.05 Tomorrow's World. 
11.45 News and Weather for 
Wales. 

Scotland — 1 1.00-1 1.20 am and 
2.18-2-38 pm For Schools. 553420 
Reporting .Scotland, fi— <M!-55 The 
73th National Mod. Between 953- 
10.43 l Sportsnight BBC-1 1 Scot- 
tish League Cup. Third Round. 
1 1.45 News and Weather for Scot- 
land. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 9.25-9.55 Spot- 
light on people in Northern 
Ireland. 11.45 News and Weather 
for Northern Ireland. 

England — 5.55-6.20 pm Look 
East (Norwich I : Look North 
(Leeds. Manchester.. Newcastle): 
Midlands Today t Birmingham i: 
Points West c Bristol i; South 
Today (Southampton •; Spotlight 
South West (Plymouth i. 

BBC 2 

nni Open University. 
Gharbar. 

Conservative Party Con- 
ference. 

1 1.00 Play School (As BBC- 1 
3.55 pm). 

and 2.30 pm (Jonier aii'.e 
Party Conference. 

Open L'nher?i:y. 

New? on 2 He.idknci. 

Mdy I Have The Pleasure? 
News on 2. 

Conference Report. 
Gardeners' World 
The Money Programme: 
Doing Business with the 


Chinese. 

9.00 M*A*S*H* 

9315 Play of the Week. 

10.55 My Kind of Movie: Sir 
Robert Mark on "‘The Way 
Ahead." 

11.00 .Arena: Cinema. 

11-35 Late News on 2. 

11.50 Closedown (Reading). 


12.31 am Mews and weaih*r in French 
folluvted by Epiloxuc. 

GRAMPIAN 

1-15 a.m. First Thin*. 1.20 pm 
Grampian Nows Headlines. 5-15 Earner- 
dale Farm. LOO Grampian Today. 1U0 
Carnaby Jones. 12 JS am Re Orel ions. 
1233 Grampian Lai? Nisbt Headlines. 


LONDON 


9.30 am Schools Programmes. 
12.00 The Adventures of Bupert 
Bear. 12.10 pm Rainbow. 12 JO 
Sounds of Britain. 1.00 News plus 
FT index. 1210 Thames News. 
IJ8 Crown Court. 2.00 After 
Noon. 2315 Conservative Party 
Conference. 3.25 Racing from 
York. 4.20 The Sooty Show. 4.45 
Shadows. 5.15 Batman. 

3.45 News. 

6.00 Thames at 6. 

6.25 Help: 

6-35 Crossroads. 

7.00 Lingaiongamax. 

7310 Coronation Street. 

5.00 Have- ,i Harry Birthday. 

9.00 Born and Bred. 

111.00 News. 

10.30 Mr. Bleasdala's Here. 

H.30 The Changeling. 

12.25 am Close: A landscape of 
Germany accompanied by 
the mu-ic of Wagner. 

All JR.1 Regions as London 
except at the following times: 


GRANADA 

UQ pm This is Your Right. SJfl What's 
Nows. 5J5 Crossroads, L00 Granada 
Repons. 4.J0 Mr and Mra. lUB Bluey. 


HTV 

1.20 pm Report West Headlines. 1.25 
Report Wales Headlines. 2.00 Help Your 
sell. 520 Crossroads. M0 Report West. 
6.15 Report Wales. 6-30 Emmenlalc 
harm. 11-30 Tb-: New Avengers. 

HTV Cymru/ Wales — As HTV General 
Sertiw except: 1-28-1.25 pm Pt-tuudau 
Ncwidiiton y OyiM. 4. 20-4- >15 Ryrfw'I Am 
Kod . . . 6.00-6-15 Y Dydd. 

HTV ■ West — as HTV General Service 
cxcWH: 1.20-UG pm Report West Huad- 
6-1S-4-30 Report West. 

SCOTTISH 

1.25 pm Yens and Rend Report. ZOO 
Women Only 5.15 Raiflnk. S-20 Cro>s- 
rojds. 6.00 Scotland Today. 6-41 Sounds 
of Briiaiu. UJ0 Late Call. 1135 Police 
Suixcon. 

SOUTHERN 

1.20 pm Soutbern News. 2.00 Housepany. 
535 The Undersea Adventures or Captain 
Nemo. 5.20 Crossroads. 6.00 Day by Day. 
435 Scene Mid- wee c 'Souilt East area 
only*. 1138 Soutncro News Extra. 1130 
Shannon's Mob. 


7.31) 

9.115 

9JJ0 


11-5 


ANGLIA 

1 25 pm 2-30 Hous* a par:T. 

3.15 :‘jri ■■>. N-. ija About Anclia. 
1130 Gaopar £ei>ad. 12.30 un The B..: 

C'tf-.aaarc. 

ATV 

131 pm ATV wle’./. 5.15 You r- 

’r-.v Yuan- IN i-.c. 6.00 ATV Today. 1130 
CBo;: S’. cry. 


MB 

7.1MI 

7.05 

7.30 

7.35 

8.00 

8—5 


BORDER 

-1.23 pm :'-.r<J. r LOO Huu^-PaT-T. 

5.15 ' • -.sr.ii*- . 6 00 L 1 T'.j 11 .I Wedn-idaT. 
1130 P««.-r V. ■•Inin: Glerj. 12-25 am 
>.J) *uiR3ij— . 


TYNE TEES 

835 am The Good Worn followed by 
North EaM News Headlines. 1-28 pm 
North East News and Lookoroand. 2-00 
WeRivo Only. 6.00 Northern Lik- 1130 
Ge»7£>. Hamilton IV. 1230 Epilogue 

ULSTER 

2.2S pm LufKMfn*-. 438 Ultlrr .Yen » 
ll'-tdliins 5.15 Cjrtvun. 530 Crossroad-. 
6X0 n- non?. 635 Th- Bob N<-wh.»n 
Shnte. 1130 Look and See. 1L4S Bed- 
time. 

westward 

1237 pm Gus nwiejI'Un'a Birthday? 
130 (•.■lOvjnf News (fe-adl.ii.-fc. 5-15 
Emmirdal.- i-arm. 6.00 Westward Dory. 
10.2S W-itward Laic NeW». 1130 S3V.A.T. 
1230 am Faith for Lite. 



RADIO I 247m 

(S) Stereophonic broadcast 
iMcdlum Wave 

5.00 am A., »,'!;u 7X2 I'j-Jl P.i-r-, 

O . 00 5:u iun ya.. , u3i i-.-.r 
2.00 pm To'ij' HhSTirr,. 1.31 •>J 

730 i.-l-n t-i :h.- Ftjirl • •> I j.-« KjI-j 
13-02 Jell] 1 ij 12.00-2.02 am- 

V Rj-li.l : 

radio 2 and vhf 

5.00 am Ni.v, -ii'u:i.ars 5 02 f- 

P. r.m !<n iu-li-..- i. f- pj-j • . i..r 

Tliau-aU:. 732 T-.-rj <■?. -..j:; 

s Z~ na-.-ins j:iJ -42- l-.u:.- : .r 

Though:. 10.62 ln:ni- Tumi : - j . 12.15 cm 
■Va^>.rr:.-j' V. jiV. 1230 P ■: r.5::rr-, s. 

IIjU. ■ I S ■ ..-.-.-la-1-'. : 1.35 S.V.;:? r.-jr 
230 Djv:C fUnu.’.-ii ■a- metuJi.ir 2.4} 
— ii.j L r . j’j’enj ii -r 3.30 r-.- 

Wjsi. *.S5 -jporlj 3.- 1 - 6.37 .1:.:..: D-r :■ 

■'i aip-lipliiiK .3 47 eairis D.-s!’. 6.SS 
Spurt D.s’:. 7.22 St.; w:r.:-fi3a Smt^l- 
■ S.. 7.0 LiA-.n -u :r.e •/-. 8.15 

•iwrjriBi A.-reOa-Je 1 5- . 5.02 Tae ".‘--d 

AM nr-. n:t 4-SS Siijrtt D- 13.12 

Eon;.- o" K-iiiir.! 10 JO R.i-.- .Vias s - '"* 
C-. M;- IU3 P.’-.r Cl j: v:-i- 

dace : Hoar3 M.enrsfc:. ..t-.-ie-l.Ci v 
T” 2.08-2X2 am a- . 

Rtdio 2 Scotland Only — 3 C4 -736 urr. 
Sinttaini'! M-MjI- ■S-.-'itt.^ii L-i.-C-. Cur-: 
Taild I<-aio3. S-x-u:.d L 

radio 3 -wim. vhf 

163S am W. -;r- 7.C3 % •«•,. T. El 
Your V. V ' h'.ie- TIT- 1 J 3.CO 

N'i.-.'s «. 5.03 mlr i'i . • ‘•in-.-.. 

2 <S' *>.00 N -. .. <).as T3 W. r I'.r.r-I- 

Tl.e ha L r. }- am.!'-' 'a-. 935 .'.I 
Fur iIrm •<■. 16.45 Fori r-.- > r .j 

tik-uSr.-; iVri-V. Mi.-.ert ^ U.45 Hi.1 


S-.'j’ti'b Srnti'hiis-r ur--*!-r.:ra ‘5 1 . LOO P m 
• '• 1-85 Cu.-e. r: llji; .<i. 2.05 Juu 
Mar-Man • ar d Car.dn-^or 

5.05 S-r-.-u-*. -? iS‘ 3.55 

I r. r.-l: ..*>jiiilj. r .’j ... j. 5.00 Buildit-^ 
A L.vra.-;. oi -. .e.-j. IS.® II -nv - 

". ard Bnan.-l :6.30 • 2635 At Hone-- 

G'ltir r.-..:a: :.- |.i-i,.- VMi.jUiA 7.50 

ilJ-i-' n '.‘«i-.-:i-j:. «5.. B.oo 

K'.-*> l -.:i. .1-.; d.« . ; !■-.• g*j. ptirt I. 

l—j-i •••.-. -. -s 3. IS Tii ,\rs Worldwide . 

83S ?i-.-i;-.l —- -HI} lhe EB-: S-> 

r~.-. - I Ms-S- - . 933 T>- UJ. 

! Oi'i:.,. .h.r 830 

P.'.-.C-il:----!: a:»i ;.i-- l;b>: S-> Par’ 
t-”«r -S.. 15.10 r-a-il .jancn* r...- 

I- "!'•'> e’ -.- Uf. 1.1 .. -<i -jrrodue-.-ll 
O-J .-lla- ll.is 133- 

113S i an. .-.I . s.'i.ilrer- Sww iS>. 

Radio 3 VHF only— 6.60-7.00 am and 
5.6S-730 pm -.-p I, i. :.iv.r»;:y. 

RADIO 4 

4“4nj. S::um.2S5m and NTTF 


_6 CO am :••••, - 'i- ; b _u) i-arntini 
6 J0 *.(x..^ne. inc'udf.'iA 

Praj-.-r .'er -.n- Dj> r.iX and -.*w 
. '•In .. 7..I. . , 1 . v.ws H-ad- 

Ti. ; :c ,s. p, v . 8.® My 
.V.7r.-s-c-.M.-^ q.BO 9.05 Tb. 

••i* ’PC 535 Tn.- Fr.-.nwci 113.00 

' • 13.05 V.nj "p M-- Far f’tli-.-r 

s-ir.-piflj K-. o Da.ly ST-...- 
!0-S ifc.~..i.„ g|yr.. 11.30 New- 11.35 
7;”; '' ir u SO tbruub-b Me 

« '•'Jaw -..iru * MC|.. 12.00 Win. 

13--2 Pm Yon ■ ■r.;r , 1^27 Dr. 

.r. j- ■< O v-au-.i. 1 13a alber: pt«- 

r. ••••. 1.00 Hr- Warn a: ’in.-, 
l-x T.-.-.- ..n.vrs l.t5 V'vniri'f 

2.45 Lum; 

ji -ivM-.r. 3.C5 I,..,,,. 3j}5 nira 


Tb- am- iS>. 3X0 Chnral Evensoim. a.3S 
Story Tune. 535 Weather tjraiiraiuitic 
ne-.es. 6.00 .'lews. 638 My Word: iS-. 
7.0 3 .Vu-v 7.05 Pip AfXbenc. 7 2D Ch- (.*■ 
point. 7.® Lord l.enifonv — Tb..- Makinp 
of a Bieprapb; bi. ".lary Crjr. 830 rt».- 
Chin-.-*.- Email 8.45 Nation ’u Nationt 
Int.-i.jrional diS.:us?ion on the develop. 
in- in ul ..tin. on ..-hip i.’ehnelo^ 930 
ft il- idmh.ane. 939 Weather. 10X0 The 
•a'O'I.J Tuiidil. 1030 Ko-Jnd Britain yvir 

11.00 \ IS.W3- at u./dlinie 11.15 The 
r iitan.. m I World TeiiMhi 1130 ^cas. 

BBC Radio London 

2U6mand*J4J 7HF 

5.00 am ,\9 Radln ; 630 Prrch Hour. 

9.00 L-.jiJnn Liie. 12.03 pm Call In. 2.03 
I«-,l Sho-VvjSe. 4.03 Home Kun. 630 
l.-wJc. .Step. Lisle:'. 7.30 Plaek Londoners 
S33 In 'Mincer, lfl.03 Late Xidhl Loudon. 
12.00— ‘71. ise: As Kadto 

London Broadcasting 

261 m and 97^5 VHF 


5.00 am Morn me Music. 6.DD AM: non- 
n. h>. itiiwmiaiMU. IWM. sport. 10.0 S 
Trial HayeS Show. LOO pin LBC Reports 
.03 Cenrai- CaleV J u dOcV. Call. 4X3 
LMC Reports n ouMnu-.-S' 8.00 Alter 
it-rnt. 9.00 N'lybtline. l.oo am Ni^tl 
F.-.i ra. 

Capital Radio 

I34ra and A3.S VHF 

a.® am Graham Deo- s L reap 1 fast Show 
..... 9.00 Ml'.lucl A-d,-; 'Si. 12X0 Dave 

I'a-Ji 'S-. 3-03 pm RoC.-r i-eOJl 'S'. 7X0 
L'/"!u:i Tui!.'-. i.-i.. 730 \driuii Lns'.-'i 

"i>n Ln.r 'S*. 9U0 Xit+y Horn's Your 
\'..th r Lite- K '-S'. ILOO Tnnj 

V'-.J’f's I i S>. Z. 00 am Duncan 
Jehai'ia a .'.'ul:: rli.bt (S». 


SADLER'S WELLS THEATRE. ROWbarr 
Are. £Cf. a37 1 672 Last Wk. 

SADLER'S WELLS 
ROVAL BALLET 

To n't.. Tompr.. Thur. 730 LeS Patlneurs. 
Intimate Letters. Gro* FoOC- fri. 7.30. 
Sat. 2.30 A 7.30 BrmitUaru*. New Mk. 
mlHan baUet called 6.6.78. Pavsne. The 
Rake's Progress. 


THEATRES 

LYRIC THEATM- OIJW 36=6- “-°0- 

- Mat - VSS* FRANK 30 

^"'^y.LUMENA F,NLAY 

DireCted b bv E FR^CO F 'zEFFERELLt 

EVENT TO TREASURE. D. Mlr. MAY 
IT fill TOE LYRIC FOR A HUNDRED 
YEARS ” Sunday Times 


MAYFAIRT629 3036. Evs, 8.00. SaL S30 
and B-30 Wed. Mats. 3X0. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 
■•A del ibM" Gdn. Join o No*. 9 lor 
the 25th Anniversary Party- Show’Bnifcti 
Wine £10 


THEATRES 

ST. MARTIN'S. CC. 01-836 1443. 


Evas. B-Od. Matinees Toes. 2.45. 5ata. 
5.00 and B.OO. 

AGATHA CHRISTIE'S 

THE MOUSETRAP Mu 
WORLD'S LONGEST-EVER RUN 
26th YEAR- 


TALK OF THE TOWN. CC. 01 -734 50S1. 
Alr-corxUUoned. From B.OO. DInlna. 
Dancing. 9.30 SUPERB REVUE 
KAZZLE DAZZLE 
AT 11.00 PETER SOROEND 


UL UPSTAIRS. 730 2554. Ends. Sat. 
Ew. 7.30 Lnmtere 6 Son In NIGHTFALL 
by David Gala. 


M F RMA T D THEATRE IS CLOSED 
RECO^STRUCtioN. RE -OPENING 19 




NATIONAL THEATRE. 928 22S2 

OLIVIER (open staoeR Tonight 7J0 
MACBETH. Tomorrow 7.30 The Doable 
Dealer- 


LYTTELTON (proscenium maej: Tonight 

& Tomorrow 7.4S PLUNDER by Ben 


Travers. 


THEATRES 


A DELPHI THEATRE. CC. 01.836 761. 
Evgs. 7.30 Mats. Thurs. 3.00. Sat. 4X0 
■RENE 

YOUR LAST CHANCE TO SEE 
THIS GREAT MUSICAL 
IREN£ 

MUST END SATURDAY 

CC BOOKINGS 836 7611 


ALBERY. 836 3878. CC bks 836 1071-3 
•rom 8. 30 am. Party rates Mon.. Toes.. 
Wed. and Frl- 7.45 pm. Thun, and SaL 
4.30 and B.OO. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

OLIVER _ 

MIRACULOUS MUSICAL.” Fin- Timers. 


wth RO Y MU DO _and GILLIAN BURNS. 


NOW BOOKING FOR CHRISTMAS Ah 
THROUGH 1979. 


ALDWYCH. 836 6404. IMo. B3S 5332 
ROYAL SHAKESPEARE COMPANY IJ. 
repertoire. Tonight Tom or, Bri« Sat. 
7.30. Red. price previews. Middleton & 
Rowley's THE CHANGELING. Wltn: AS 

YOU LIKE IT 'next perl. 18 Oct.). David 

Mercer's COUSIN VLADIMIR meat pen. 
20 Oct.J. RSC also at THE WAREHOUSE 
<see under W). 


AMBASSADORS. CC- 01-B36 1171 

Red. price prevs. Oct 16 & 17. 8.00 
Opening Oct. 18 at 7.0O. 

JAMES GERALD 

BOLAM FLOOD 

WHO KILLED AGATHA CHRISTIE . 


APOLLO. 01-437 2663. Evgs. 8.00 

Mats. Thursday 3. Saturday 5 and 8. 

DONALD S1NDEN _ 
lActor or The Year. E. Standard) 

••IS SUPERB.” News or World. 

SHUT YCHJq EYES AND 
THINK OF ENGLAND 
••WICKEDLY FUNNY." Times. 

From Oct. 16 the new cast will include 
PAUL OANEMAN. LANA MORRIS 
DENNIS RAM SD6N CARMEL McS H ABKV 

ARTS THEATRE. ^S 1 -® 36 Z ™ 

TOM STOPPARD'S 
DIRTY LINEN 
•• Hilarious ... see It." Sunday Times. 
Monday to Thursday 8.30 _ Friday and 
Saturday at 7-00 and 9.15. 


ASTORIA THEATRE. C(L Charlnfl Cross 
Road. T34 4291. Mon-ThurS. 8-00 p.m 
Frl. and Sat. 6 00 and 6.45. 

BEST MUSICAL OF THE YEAR 

EL Via 

EVENING STANDARD AWARD 


C4LMB RIDGE. CC. 836 6056. Mon. ta 
Thurs. 8.00. Frl.. SaL SX5 and 8.30 

I PI TOMB! 

EXCITING BLACK AFRICAN MUSICAL 
■■ Pulsating Musical, t. News. 

Seat Prices L2. 00. ts.SO 
Dinner and too-pr^e seat £9.S0 tncl. 
FOURTH GREAT YEAR 


COMEDY. C.C. 01-930 2578. Red. Pr*ce. 

Prevs. Oct. 23 6 24. B.OO. Opens Oct. 
25. 7.30. 

BILLIE WHITELAW 
T. P, McKENNA In 
MOLLY 

by SIMON GRAY 


CRITERION. 930 321 6 CC. 836 1071-3. 

NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

. . and a HALF-DOZEN LAUGHS 
A MINUTE- 

SECOND “ HILARIOUS” YEAR 


DRURY LANE. 0T-B36 BIOS. Mon. to 
Sal. B.OO. Matinee Wed. & Sat. 3.00. 

A CHORUS LINE 
-- A rare, devastating, tovous astonishing 

stunner." Sun. Times. 3rd GREAT YEAR. 


DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. Frl.. SaL 6.15 and 9.00. 
OH! CALCUTTA! 

” The nudity H stunning." Dally Mall. 
9th 5onsat tonal Year. 


DUKE OF YORK'S. CC. 01-836 SI22. 
Wed --Sit Sep. Ports.. Final Week. 
BEST OF THE FRINGE 
"Channel 4" 

7 30 

Grots Incontinence ot the 3rd Kind 
It's the Cambridge Revue 9.30 

£2 per show: £3.50 both shows 


DUKE OF YORK'S. CC 01-836 5122. 
Red o-scc previews from Oct. 19 Mon. 
to Frl. Bom. Sat. 5 JO and 8 JO. 
ewens Nov. 1st at 8 o.m 
TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

A Comedy by MICHAEL FRAYN. 


FORTUNE. 036 223B. Eves. B. Thurs. 3. 
Saturday 5 and a. 

Muriel Pavlow as MISS MARPLE In 
MURDER AT THE VICARAGE 

FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-836 4601. 
Evgs. 800 Wed. 3.00 SaL 5.30. 8.30. 
TIMOTHY WEST. GEMMA JONES 

MICHAEL KITCHEN 
In HAROLD PINTER'S 
TOE HOMECOMING 
" NOT TO BE MISSED.- The Times. 
LAST 2 WEEKS. SEASON MUST END 
OCTOBER 21st. 


GARRICK. CC. 01-636 4601. Previews 
Oct 24 * J? toi Oner Oet 74 - r 00 

DENIS QUILLEY In IRA LEVIN'S 
DEATH TRAP 
A New Thriller Directed oy 
MICHAEL BLAKEMORE 


GLOBE THEATRE. 01-437 1592. 

Eves. SIS. Wed 3.00. Sat 6.00. 8.4Q, 
PAUL EDDINGTON. JULIA MtKCNZIE 
BENJAMIN WHITROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

" Tins must be the handiest laughter 
maker in London.'' D. Tnl. 'An Ir resist - 
tulv cnlovable evening." Sunday Times. 


GREENWICH THEATRE. 01-858 77SS. 
Pre» Oct. IS 3.00. Opens OCL 19. 7.00 
Sub. evgs. E.00 Mat. Sacs. 2.30 
AN AUDIENCE CALLED EDOUARD 
br band Pew/iall 


HAYMARKCT. 01-930 9632. E,L 8.0Q. 
Mats. Wed. 7.30. Sats 4J0 and 8.00. 
GERALDINE McEWAN 
CLIVE FRANCIS 
NIGEL STOCK 

PETER PAUL 

BOWLES HARDWICK 

and FENELLA FIELDING In 
LOOK AFTER LULU 
by NOEL COWARD 
wth CARY RAYMOND 


HER MAJESTY'S. CC. 01-930 6606. 
Ivgs. 8.0. Mats. Thun, and Sat ‘ 3.00. 
■ INSTANT ENCHANTMENT." Observer. 

THE MATCHMAKER 
A Comedy br Thornton Wilder. "' It goes 
dewn win j deserved mar ot del/gnt." 
□ . Tel. For a limited season until Ort. 14. 
"Hel'o Dolly hO nice to have you back." 
Daily Mail. ■■ A MasicrMccc." Times. 
•- The man who wanted a glass ul bubbty 
and topDin- show must have had Just 
this In mind." D. Tel. 


KING'S ROAD THEATRE. 0I-3S2 7488 
Mon. to Thurs, 9.00. Fri. Sat. 7.SO ,9-30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


COTTESLOE (small auditorium)- Eves B.OO 
Until Oct. 21 AMERICAN BUFFALO br 
David Mamet- 

Many excellent cheap seats all 3 theatres 
day of perl. Car park. Rcstaornt 928 
2033. CC bookIBSS 928 3052. 


OLD VIC. 9-8 7616. 

PROSPECT AT THE OLD VIC 
Derek Jacobi in IVANOV 
Chekhov's comedy with Clive AmlKMI, 
Brenda Bruce. Michael Denison. Louise 
Purnell. John SavIdenL Jane Wymarfe. 
"Jacobi's triumph'' O. Telegraph. Today. 
Thurs.. Frt. 7.30. 

TWELFTH NIGHT _ 

Eileen Atkins "a sunerb Viola * Tha 
Times. Robert Eddlson -br.UUnt Fesie' 
Guardian. SaL 2.30 A 7.30. 

THE LADY’S NOT FOR BURNING 
Derek JacoM "easy and virile authority 
E. Standard. Eileen Atldns_ "riveting 
physical fluidity" Financial Tlmei "A 
oem ol a pertormance from Robert 
Eddlson . . ■ Michael Denison. John 

Sari dent and Brenda Bruce scoop m» the 

laughs'* Guardian. 

Returns October 28. 


DPEN SPACE. 387 69 69 . tet 

Tape and Endgame by BECKETT. Oct. 18- 
29 Prev. oct. 17 at 8XOpm. 


PALACE. CC. 01-437 6834 

Mon .-Thur. B.OO. Frl. and Sat. 6.00 and 

• 8 AO 

JESUS CHRIST SUPERSTAR 
by Tim Rica and Andrew Lloyd-Webber 


PALLADIUM. 

Opeoii 


01-437 7373 

ng Oec. 20 lor » Season. 
DANNY LA RUE . 
as "Merry Widow TwsnVey In 
ALADDIN 

ALFRED MARKS as Ebemraer 
DOy WAILING. Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


PHOENIX. 01-636 2294. Evenings 8.15. 
Mab. Wed. 3.00. Sat. 6.00 8^0. 

“ TIM BROOKE-TAYLOR. GRAEME 
GARDEN make us laugh." Dally Mall. 
THF UNVARNISHED TRUTH 
Tb* Hit r'omedy by Revet Ryfon. 

'■ LAUGH. WHY I THOUGHT I WOUlD 
HAVE DIED." Sunday Times. *1SHJER 
DELIGHT." Evg. Stan«i»itJ "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY. From 8.30 a.m. 437 4506. 

Credit Cards B36 1071. Mon.-Thurs. 8.0. 
Friday 6 Saturday 3 00. 8.1 S. Air-cobd 

" Dominating with unfettered gusto and 

bumtMir. the BROADWAY STAR." O. Exp 

SYLVIA MILES 

** Towering performance.” Daily MaiL 
VIE UK CARRE 
bv TENNESSEE WILLIAMS 
■■ Works tike magic." Financial Times. 
■■ There has hardiv been a more caUsAino 
evening I” tb» West End . . Hie BEST 
COMIC WRITING IN LONDON.’* Obs. 
“ Sex running llv* an electee current.'' 
F.T. SEASON ENOS NOV. 18. 


P"«NCF EfWARD. PC. 1*1-437 6677. 
Evenings B.OO. Matinees Thursdays and 
Saturdays at 3.00. 

BVTTA 

by Tim Rica and Andrew Lloyd-Webber. 
Directed by HaroM Prince. 


QUEEN'S-, ... Ct __ _ 01-734 1166. 


__ BOO. Wed. 3.00. Sat. 5.00. 8.30. 
ROY DOTRICE. GEORGE CHAKIRIS. 
RICHARD VERNON. JAMES VtLLIERS 
THE PASSION OF ORACULA 
"DAZZLING.'' Standard. “HIDEOUSLY 
ENIOYABlE AND GENUINE TERROR. 
S. Times. ■ GOOD CLEAN GORY FUN. 1 
S. Mlr. MOST 5CENICALLV SPEC- 
TACULAR SHOW IN TOWN." Pa neb. 


RAYMOND REVUEBAR. CC. 01-734 1593 
At 7 pm. g cm. 1 1 cm, Po-n Suns. 
PAUL RAYMOND presents 

THE FESTIVAL OF EROTICA 

Fully alr-cendltlen*<f. 

21*t SENSATIONAL YEAR 


REGENT (Oriorrl Circus). 01-637 9862-3. 
Evgs. 8-50. Mats. Fri and SaL 6.00. 
TAKE THE FAMILY TO 

THE GREAT AMERICAN 

BACKSTAGE MUSICAL 
" A little Jewel." Financial Times. 

■■ smart, swell show." Dally Exnress. 

" So enjoyable.'' Sunday Times. 

" Lyric 5 have more elegance 
than those tor EVITA. 

Music more bite 

than that ot ANNIE." Sunday Telegraph, 

Credit Card Bookings — seats from £2. 


ROYAL COURT. 730 1745. Alr-Ct>nd. 
Evenings at s.oo. Sit. 5.00 and 8.30. 
NICOL WILLIAMSON 
“A virtuoso oerf otot* nee . y D. Tel. 
INADMISSIBLE EVIDENCE 
" TMs Is one ol the few great plays of 
the century." D. Mall. 


ROYALTY. CC. , 01-405 8004. 

M -Trie --Thursday evenings 8.09. Fria»y 
5.30 and 8X5. Satn'rttv - s.oo and 8.00 
London CrlHcs Vet* 

BUBBLING BROWN SUGAR 
Best Musical crt 1977 
TeL book! nos accepted. Major credit 
cards. Restaurant rea. 01-405 2418. 


SAVOY THEATRE. 01-836 8888. 

Credit cards 734 4772. Trn> Conti in 
WHOSE LIFE IS IT ANYWAY 
“A MOMBNTOUS PLAY. 1 URGE YOU 
TO SEE IT." Guardian; 

Evu. at 8,00. Frt. and Sat. S.45 and 8X5 


SHAFTF5BUPY. CC. 01-836 8548-7 
01-P36 4255 Evgs. at B.15. Mt'mee* 

Thursday 3.00. S«t. 5 OO. 8.30. 

TFREWe STAMP In 

EDWAPD GriREY’S 

DRACULA 

with DEREK GODFREY 


STRAND. 01-336 2660. Evenings. S.Qfl. 


Mat. Thurs. 3.00. Sets. 5 30 and 8-3 
NO SFX PLEA«E — ■ 

WE'RE BRITISH 

LONDON’S LONGEYT LAUGH 

OVER 3.000 PERFORMANCES. 


VAUDEVILLE. B 36 9988 E»«. 8.50. 

AN EVENING WITH DAVE ALLEN 
"LAUGHTER ON A CONSTANT BOIL." 
The Times. 

LIMITED SEASON until Dec- -■ 


334 1317. 


VICTORIA PALACE. 

828 473S-6 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evgs. 7.30. Mats. Wed. and Sat. 2.45. 
■■ BLOCK BUSTING — 

SMASH HIT MUSICAL." D. Mail. 


WAREHOUSE. Donrnar Theatre. Covent 
Garden. 836 680B. Royal ShaLesneara 
Company. Ton 1 !. 8.00 Stephen Poliakoff's 

SHOUT ACROSS THE RIVER ” Ou ft land- 

leg production. e»eepttonnl " F. Times. 
Ail seats £1.80. Ad». bkgs. Aldwvcn. 
Students standby £1. 


WESTMINSTER THEATRE. 834 0283. 
RICE & WEBBER'5 " Joseph and lhe 
Amazing Tech nf colour Orcamcoat With 
PAUL JONES. Twice Dally. Opens Nov. 
27 Tickets- £2. £3, £4. Book NOW. 


WHITEHALL. CC. 01-930 6692-7765. 
Ergs. 8. JO. Frt. and Sat. 6.45 and 9.00. 

Paul Raymond presents the Sensational 

Sen Revue of the Century 

DEEP THROAT 
8th GREAT MONTH 


WINDMILL THEATRE. CC. 01.437 6312. 

Twice Nightly 8.00 and 10.00. 
Sunday 6.00 and 8.00. 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

“ Takes to unprecedented limits what H 
permissible on_ our stage " Er. News. 


THIRD GREAT 


WYNDHAM'S. 01-836 3028 CC 
Bkgs. 636 10 71 from 8 30 am 
Thurs. 8.00. Fri. and flat 515 and 8.30. 
ENORMOUSLY RICH 
VERY FUNNY " Ewmlno News. 
Mary 0'M a |i»y’s smash-hit comedy 
ONCE A CATHOLIC 
“ Supreme comedy on se* and religion." 
Daily Telegraph. 

"MAKE« YOU SHAKE WITH 
LAUGH PER." Guardian. 


YOUNG VIC. 028 6363. Thur Fri.. Sat. 
7.30 RICHARD HI. "»rt o* Shakes neare 
trilogy ACTION MAN . 

Frnm 


VOTING Vr C STUDIO. 97- Ft63 
n— in Ve. lnq vie Co. In Ten—ce Gr-eris 
R«> i.wviM. 


CINEMAS 


ABC 1 & 2 SHAFTESBURY AV. 836 8861 
Sop. Perfs. ALL SEATS BKBLE 
1: THE BIG SLEEP >AAi 
Wk and Sun-. 2.00. S.1S. 8.1 S 
2s DRIVER (At 

Wk. and Sun: 2.00. 5.15. 8.15 


CAMDEN PLAZA <Opp. Camdnn Town 
Tube). 01-486 2443. The Bob Dylan 
61m RENALDO AND CLARA (Ai With 
Bob Dylan and Joan Ba*z. In 4 track 
stereo. Progs. 2.50. 7.30 dally. 


CLASSIC 1, 2. 3. 4, Ovford Street <oop. 

Tottenham Court Rd- tube) 638 0310. 

U and A Progs. Children ha'l-orlcc 

1. THE DRIVER <A1. Progs. 2.05. 4.15. 
6.50. 8X0. special Matinee- All seam 
£1.00. THE SILENT WITNESS (A). 
Progs. 11 . 00 . 12 . 00 . T.OO. 

2. Mel Brook's HIGH ANXIETY <A). 
Progs. 1X0. 3 55. 6.15. 8X5 

3. THE TURNING POINT (A). Progs. 
1.05. 3.30. B.OO. B-30. 

4. HEAVEN CAN WAIT iA>. Progs. 
1.40. 3.55. 6.15. 8.35. 


CURZON, Cunon Street W.l. 499 3737. 

YVES MONTANO. CATHERINE 
DENEUVE in Lc SAUVAGE (Ai. (English 
sub- titles). Progs, at 2.00 (not 5un.<. 
4.05, 6.15 and 8.30. Last 2 weeks. 


LEICESTER SQUARE THEATRE 1930 52521 
Kirk Douglas In a Brian Da Palma film 
THE FURY (XL Sen. Peris. Week 1.00. 
4X0. 8.10. Sun. 3X0. 7.45. Seats bkbtc. 
for Evening Pert. Mon-Fri. and all Perfs. 
Set and Sen. 


ODEON. Havmrket. i930 2738-27711. 

MIDNIGHT EXPRESS (XJ. Sep Progs. 
O ally at 2-30. 5.30. S.30 pm. Ad seats 
bookable. 


ODEON. Leicester Square. (930 Bilik 
THE CHEAP DETECTIVE fA). Sen. Prpg*. 
Dlv. Doors open 2.00. 4 45. 7.45. 


ODEON. Marble Arch. r723 201 1-2 ) 

CLOSE ENCOUNTERS OT THE JUIC'D 
KIND iAi. 5eo. progs, doors open Vo« - 
Fri. 2.00. 7.30. 5at. 1.05. 4.15 7.45. 
Sun. 3.00. 7:30. AH seats bhble. 


PRINCE CHARLES. LHC. So 01-437 8181 

Walcrian Bcrowcryk'S 

THE BEAST (London XI 
Sen. Peris, oty. (Inc. Sun.). 12.40. 3.10. 
5.55. K.35. Late shiw Nightly 11.15. 
Seats Bkble. Lie d. Bar. 


STUDIO 4. Oyfgrd Circus. 01-437 3tn0. 
J‘ll Clsybumh. Alai Bales in P»ul 
Mumsrv'i AN UNMARRIED WOMAN 
(X) Progs. 7 .05 3.30 6.00 #35. 

■ o.nw c-r in.sn. 


ART GALLERIES 


CHANDE GALLERY. 6. Cork Street. W.l. 

01-734 4626. Recent Paintings and 

Sculptures . bv W. F. ZAG. 26 Sep- 
21 Oct. Mon-Fri. 10-5X0. Sots. 10-1. 


FINE ART SOCIETY. 146. New Bond 
St.. W.l. 01-629 .5118. CHARI ES 
RENNIE MACKINTOSH. Closing 13tn 
October. 


-LP*L_FINE ARTS. 24. Davies Street. W 


01-493. 2610. RAOUL DUFY drflwlnw, 

watercolours 1900-1939, Oct. 10-Dec. 8. 

Men. -Frl, 10-6. 


MARINE ARTISTS. Royal Society* 
Annual Exhb at Guildhall. E.C.2. Mon - 

5at- 10-5, Until 1 nm No*. 3. Adm. tree. 


SLOANE STREET GALLERIES. 15S. 5 Ioann 
Street, w.l. Modern paintings, sculptures 
and graphics by interesting International 
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10.00-5.QO. Sat. 10 - 00 - 1 .00 


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Financial Times Wednesday October 11 1978 

Hayniarket ' 



by B. A. YOUNG 


ii'w!<«» S i.i P b. > f ° r Occu ^- to i Phn »PPe Ws on a bogus mar- curtain lino that could be dis- 

•rv -i » 18 " ,shiy ingenious. and riage at which the* major is to pen'iod with, 

n a wi t.uward was not the ideal bu played by an ansatoyr actur. CUve Francis is unusually 

; '.--l Pf rsoa 10 turn it into English, From that point the story funn . v . as Marcel. Tip plays him 

- •>. there is enough of Feydeau left derelops ia characteristic Fny- a ? a creature bent Inin the 
'• 10 ensure a eumtaiL evmiiH. a**,, th-.it bn h,. shape a ladpolc; 


comical evening. dean style, except that the eh- mXaZ 
- > The Chichester Festival pro- wax comes in .Act 3, Scene 1, i ; ,elS^ ’ thal^-ivc' him P an 

< l 1 acll ' ,n ' dire ««-‘d by Patrick L a J*Jf ad ° r ,n Acl *■ as 11 usualIy unexpected look of Robertson 

Garland, is hiippiiv can't and aoes ‘ . . Hare, Tu have put so much 

or.mes to US folly 'run-in after 1 wa? a little unhappy .Win the invention inln an ordinary Fey- 
its summer reason, Geraldine acu not only because of the deau amorist cams him an extra 
. ■ MeEwan hubbies away as Lulu, occasional 'incursion of good mark. The rest offer no 

. ; . . the fashionable cocotte, who Cowardesque lines,' which have such individual touches, but they 

finishes the first act with a lover. 110 ptow >n situation. Farce of this present a typical Feydeau tom- 

an amorous foorman. another kind, hut also because all the puny brightly -enough — Gary 

-.■'mans lover and a Sales! ri an company seein to be putting on Raymond as Philippe. Miss 

- ! .-.r • Pfroce in pursuit of her. thar special English fares, voice. McEwun in her element at Lulu 

Foilippe, her permanent lover. Both matters resolve themselves and Fenclla Fielding trending on 

:i ' ls .,., Ue *° teave for his annual when you get used to them, and her heels as Marcel's noble mis- 

military training; Adonis, the though the action ■ sometimes tress Claire, George Howe as a 

: . footman, is forgotten cninpleteiy slows down more than It should retired policeman. Paul Hard* 

. a. icr nis single scene; iho urincc —in Myrrel's arithmetic lesson, wick and Peter Bowles as the 

jegard* the matter a.> a simple fur example— I he fun fccep*£Ojns Saleslrians, Nigel Stock as a 

? u , ,in ^ arrangement; but Mar- generously to ihe end. To cmnicGcnnan.Thoreisacharin- 

: e "Iher.youne man. is. within, twn minutes of the end. ing sketch by Robert Perceval 

■„ - -'in alfolr. Hi? will inherit anyway; then ibere are a long as a mayor whom Do one believes 
. ■->. *“ y .vOU francs it he marries, so exploratory passages aw* a final to be a mayor. 


Television 



17 


The best from the west 


by CHRIS DUNKLEY 




Geraldine McEwan and Fenetla Fielding 


l.t-tmud Uurt 


| the more vocal ones anyway, have his deputy are both ready io programmes oiner than the tried and the comedians 1o polish his Us t-x per i menial EXG gear back 

been complaining of this for. 'JO devote their entire lives to and tested sort. calcbph ruses. and then conduct into muihbulls and reverts to 

years or more, which is not sur- digging up dirt mi one agent s Naturally enough l human the prize cauu- shows with -solid celluloid like an old man 
prising since there scents tu be fiancee jnsr tu blackmail him society being uniquely given to, members of ihe .mdtenire. choosing collars. And even in 
us largo a proportion of American into rescinding his rrsigna lion, capable nf,' and reliant upon Twenty years on. 1TV have narrative fii-tion it is The better 
programming in this country Last Tuesday brought the chance i such new ideas create heen unable to tome up with a American series nowadays which 
today as there was in 1958. oven gjst part of Fantasy island, a public interesi and it if. salutary single improvr-muni. What price look-; as though they are feeding 
if ITV's import quota has recently new piece of authentic Aincri- look hack over the last year the human need for change and off real life, whereas their British 
been fractionally decreased. can nonsense in which Ricardo ° r 5,0 an( l r ®vall the programmes progress cmintcrpsi-ts appear to feed 

The silent .majority have nnt jiontalban and a dwarf version whlc h have become the biggest I am nm sucuetiing That every- exclusively off previous TV 

complained, of course; they have n f Tommy Cooper— an inept lalk ing points not only among thing the Americans now do is series. 

lapped up everything ihe midget magician named Tattoo broadcasters and professional fresh, new. exert me. nnd differ- For evidence look at Ihe lnle 

Americans have sent us. from (really)— run an island hotel commentators but among the enf: nil those old fond new » cup nisht scries about an American 

Dragnet and Guiuwoke to Slurafey where guests pay in have their British public: flouts. Washing- shows prove otherwise, as does newspaper.' /-*«* Grant (assuming 

find Hutch and Thu Incredible worst nightmares brought to 
HulH. life. • 

As the managing director of And so it goes on: Tne. Sir 
one of ITV's Big Five programme Million Dollar Mun and ’Ihe 
companies admitted to me in the Sweeney fthe best of Britain's 
spring: “British television has action series) on Thursday: 
ridden tu success on the back of Barettd on Frida v; The 1n- 
Ainenean programmes, it's been credible Hulk early on Salur- 
a matter of buying ratings while day evening, and ’.so back to 
making our own prestige.** He The Professionals, all of (hem 
went on to remark that the playeeng thecs dangerous 
American networks’ new sen- sam e. and all of them— except 
sitiveness about violence seemed possibly The Siceirui'v, though 
in Vie making them less certain ev en that is arguable — cleariv 
about what they did. which American in spirit ir not 
meant, he said, that the British always in the nationality of 
would have to start producing writers, actors or locations 
more popular narrative drama No diminution in American 

grammes Ske BiomcTonmn X E** 

Six Million Dollar Man or ATVs ^^eat iony demise ^t he 
old Saint series. verv time that the British have 

Now. six months later, the bee ' n s0 husv (urnin- out 
accuracy of that well informed imitation American action 

5 in-c “Ivif . Seen , aU series - the Americans have 

s 0 autumn been hard at work borrowing 

schedules. an> night (except pa gos from British books and 
Wednesday for sonic reason) C0nvertl0 g them. origami-Hke 
which larks a real Auieru-an i nro high flying birds. Recently 
action senes has been given a (hey have started to enntri- 
pseudo- American action senes bate, in addition to the li'-ht- 
m BJlf ® r *J a,n - . w-eight nonsense, some of 'ihe 

On Saturday it is The Pro- most interesting ideas and 
fcsstonals which was concerned j lenia Dn 0U r screens 
last weekend with a stolen laser ,, sw , ms lft ‘ 

beam rifle. Created to the rigid tra ditional British ’ aiiVrnHo lI ir 
yet worn-out formula of pro- ™£3fan« , ! de ? f 

granimes about special crime American television has £?n 
squads— full of steely-eyed young Dul of date for tr.mV 

006 agents kitted out with Beezcr Furthermore, it may well he 
comic-style cars and gadgets— it (hat in a couple more years if ion . B f hmd 



Cathryn Damon and Katherine Helmond in ' Soap ’ 

Closed Doors, the Dallas (or Giant Goes Joppiwpt. it is shown in your area; if not 


Festival Hall 


Tippett’s Fourth 

v- by NICHOLAS KENYON 

r 

. - .j: . The Sentti'Jh National Orchestra heard it quite differently— as a recapitulation, roughly in reverse 
. me first British group lo. nave three-movement work, each in order. The “development" has 
... iken up the challenge of Sir four smaller sections/. An deepened: it is now given echoes 
iehael Tippetts Fourth immediately . recognisable slow of the slow movement as well 
ymphnny (written for the rising theme for six • horns as of the distinctive ticking 
. Thi'-agu Symphony Orchestra follows the exposition t.and. is boss<ions‘'of tihe first section. We 
id first performed here by that repeated after what I would call would expect the horn theme 
■ -chest ra on its recent visit to the development. (The exposi- again — hut instead, absolutely 

!f it? Proms. ): on Monday night the tion presents the four strongly literally, there comes the work’s 

\0 presented the work at the contrasted' themes which Tippett introductory passage and its 
'"-estival Had. The immediate labels “power.” “vigour." “lyric exposition. Ail the themes are 
:"ipres>ion was how milch more grace? and ^radiahee," and the .heard again: "power" sweeps 
' imane a piece it sounded in development ruminates bn each the music to a climax which 
. r Alexander Gibson's hands, in. turn.) .? splutters out into quiet chords 

ill* had made of it a conflict- Then there is ihe centra!' arch J^ e (now synthesized) 
-dden sequence of strenuous, of the work, which, begins with breathing— an elemental, non- 
’.riving brass tumult and glint- the slow movement, fuH* of the mnsu-al noise.- 
- g. emotionless wind and string most beautifully wistfut inspira- wft y is the recapitulation 

.... tloure; Gibson allowed the work tiorr for strings, a ceifo melody, of lil . e exposition so literal? It 

• unfold more smoothly, making and an oboe solo (played with negates all the turmoil and 

. - 5 own pace and its owg con- ideal warmth) which mingles transform a tions the material has 

• •"..nsis— hrs was a less fiercely' with high-pitched .whines from undergone: the effect is n ot of 
lified readiug. and hence piano and violiri harmonics. a . I T n . ,rn to primal simplicity 

- L (that 15 achieved in the breath) 



the Saint, starring Ian Ogilvy as prestige) while' American"' tele- An'ons nur own programmes winding exists only in videotype libra nes. 

Roger Moore, the one-man special vision continues to grow and to he "ingest lot or ballyhoo tnjs 0 f a sub Anne Keller weenie. Above all. look at Soap (ir vou 
crime squad, dealing with whole experiment, our hroadcasters >’ e * r . has bBen , rese X ved W the The BEC shou | d do them K aru in Lundnn late on Fridays, if 
platoons nf villains from Central will have to start looking to their broadcasters Tor Bruces Big favtlUr and slop trying the not ring, eti.-.i. A parody r,f 
Casting approaching from all laurels. i\ighl a large and unwieldy series, now. previous American soap operas, 

angles hissing “ Leesten thees There were some stook-sized f a . c .® e °* entertainment con- Ftirihermore. critical viewers this series features two families 
ces a dangerous game you are straws in the wind at this year's y ,, " ,n * * . few goodies, such as j n America probably see their blithely dealing with Mafia 
playeeng.” Prix Italia which, although it Bette Midler and the manic Rod own television largely old hat. murderers, homosexuality, race, 

Monday features Yorkshire was dominated hy the British as Hul* and Emu in the opening ^ no doubt they value British blackmail, adultery, and so on as 

never before with aH throe Itatia fir '‘psiance but noiab'e imports from tV-rld About L-s to though they are all outings :o 

golds hwn!* hrnnnln hnma mainlv for ils arthritic antiauilv. r-- _ u i i . . , 


•rhnps less convinting, hut I Then fallows a- jagged string [ , , ls a can eyed in me Dream) 
— fn xure it revealed Ihe work's fugue', working up -to the climax, ®* a prosaically- cyclical con- 
Content more truthfully. a violent (and frankly banal) Perhap ® 3 merely 


wncniu «i uny energeuc irag- , cl , , , 

, . , manis /with a rpVitrai trio spr. seems to me unfulfilled, however; 
•s om-movement span hides a menis (wim a central trio >ec iT attempts a inaR71 jfi ce nt yet 

instruction of considerable mn ■ w su \ horns). The su1 j tle archi-nn struct ion of w>n- 

ibilcty. which contains what is J*™ Sj? ri'nJStt 1 JL^ h* development, yet at the 

0 this listener at any rate) one I®2!S rlhhnnJ? crucial moment of climax it takes 

range flaw. The programme 5 }“.«h r!, Te fU K e in Messiaenlc obviousness, 

ite wrote of the work as a the effeet is cool and full of balm ^ ^ nKJinen1 of recnpituia- 

ven-nuivenienl scheme: a con- ”"“ e - central section nas tj on j t f aj ] s to piIs h develop- 

■nsed symphony with exposi- returned to a point of repose. ruent to its conclusion. Another 
on, slow movement, scherzo After a sudden irruption of hearing may change ihe mind 
id recapitulation interspersed “radiance," we are returned lo again: thanks to the SNO for a 

' it h three freer, more discursive the horn theme. Here begins most symnathetic and well- 

clions. But i must say that 1 the third part of the work, a prepared performance. 

nape Mattings 

Benson & Hedges Festival 

by ELIZABETH FORBES 

The second Benson aod Hedges ficult to balance; but with two of Rakhmaninov songs by Vladis- 
jslival. held at Snape Maltinys such intelligent players, Mr. lav Piavko, who was accompanied 
■it week, was devoted to the Lloyd Webber’s ravishingly deli- by Craig Sheppard. Mr. Piavko, 
<amber music of Mozart and cate cello tone was never in any principal tenor at the Bolshoi, 
jkhinaninov. u combination That danger of being submerged by had trouble in scaling down his 
ovided the opportunity to hear tlie piano. Indeed; Mr. Vignoles powerful voice to the volume re- 
number of rarely played works emerged as one of the siars of quired for songs such as “The 
well as some old favourites. thc fpstjyai. Acute sensitivity to night is sad " or '* The wandering 
ost of the novelties were by his ' tner whether instrumen- ****" but at full stretch his 
e Russian composer, but the singing was undeniably exciting 

' ! dest contributors in the festi- -“ti®**- ® s ™ r „T h ° a ^ r h and involvement jo the texts 

1 were Bruno Hoffmann and v «»caNst. as ifl theGoM Avzri ^ Iete 

. ' "7..., Mo 7 -irfs competiiinn, Jhd not preclude a ... 

f SlimS for TO| y Positive approach to the Vocalism of quite another 

iagio and Rondo > for »j»- own or rather y,, kind lent distinction to the last 

■nuomca. finte, oboe, via a ■ of the Rakhmaninov rarities, 

»d cello were featured j n l °e piano s uendu. the Vespers: the 15 a cauvcHa 

.e concert. That the most It was interesting to hear son f P or mlxed vojces ( faat 
miliar work can surprise was Rakhmaninov s early Variations make thjs f ascinating worb 
oved bv Mozart's Clarinet Quin- on a TJieme by Chopin on the were g J n w|th marV p|i uus j y 
' t. in which the Amadeus Quar- same day as the later Variations sustained tone and flexible 
t were joined by Richard Stoltz* on a Theme by Coretii. The sha ^ b ^ BBC Singers, 
an; the string players adapted former were grandly pla>ed by very timbre was miracu- 

eir style to the lean elegance Victoria Postmkova, in magis- lQUdv transformed into a 
their younger col league stone terial mood, while the latter genuine Russian sound by the 
. d phrasing. The dialogue formed part of a recital by he CDndurtor> Gennadi Rozhdest- 
tween first violin and clarinet French pianist Jean-Philipe vensky. It was disappointin'* 
the slow movement was a reve- Collard, who also included three j hat t j,j s concer ( which also 
"lion. , Prudes in his programme. incJlirded RakhmantnoVs 

Mr. Stniuman, with Atar Arad Though an artist of awesome Morceaus for piano duet played 
,d Tanias Vasaix gave an technical accompKshment, Mr. . n 0 7 hdestvenskv and his 

' ijoyable account of the Trio collaixl gave most pleasure in . . . ; f r? . e „ . .J ” „ 

r clarinet, viola and piano. tj ie relatively simple Prelude in Wlfe - Victoria Postnikova. was 
S her Mozartian delights in- d major. Yet another eloquent the least well allended of the 
' ,» jded the Duo in P» flat major pianist was heard Jn the recital whole festival. 

* (■ violin and viola, in which 


Covent Garden 

Das 

Rheingold 

by MAX LOPPERT 

For the first lime, a complete 
cycle of The Rina is being 
presented, all this week at the 
Royal Opera House, as a series 
of Midland Bank Proms. (Also 
for the first time, the BBC is 
broadcasting a complete cycle 
from the. house.) These Prom- 
raers, crouched on the floor of 
the stalls, generating a wave of 
heat ( both physical and 
spiritual) that rises up into the 
rest of the auditorium, are 
splendid. Their behaviour is 
exemplary, at once a lesson Tor 
and. a reproach to the usual 
occupants of the stails-^quiet, 
attentive, genuine in their res- 
ponse. They have come to the 
opera house for the right 
reasons, and any performance 
must gain Immeasurably by 
their presence. If onlv all per- 
formances at the Garden could 
be Proms! 

It_ would have to he a poor 
Rhetngold indeed not to he enjoy- 
able in these circumstances. In 
fart, the start of the third fling 
cycle promised extremely well 
for later instalments. It was 
conducted in Colin Davis's best 
fine-nerved, sweepingly dramatic 
vein-^the exchanges between 
Loge and Alberich down in 
Nihelhcim encouraged a rare 
crackle and spark in the orches- 
tra. It was. for the most part 
trippingly acted and sung. The 
Friedrich production, it seems to 
me. is at its most rewarding in 
the Vombewd — the tensions it 
sets up with (and often against) 
the music are for the most part 
fruitful even when its inventions 
raise one's hackles. The stage 
management had gone a tittle 
seedy in places— the underwater 
ballet of the Rhinemaidens. in 
its current slate of lighting and 
reflection, seemed at times to 
produce at least II participants. 

All but two of the players 
have appeared in the earlier 
cycles. Mime is now John 
Dobson, whose peculiarly lip- 
smacking, trenchant German 
diction and vocal timbre made 
a sharp effect in his short scene 
— “ So rg lose Schmiede.” danc- 
ingly accompanied by Mr. Davis, 
was a pungent compound of 
genuine pathos and gnarled, 
stifled fury. On Mr.' Dobson's 
current form, tomorrow's Sieg 
fried should, be something to look 
forward .to. Elizabeth Cambridge 
returned as the flheingold Erdo, 
with a broader expanse of phrase 
and with fuller resources of 
tone than I have beard from 
her before; the delivery was 
firm, forceful, and commanding. 
A word for George Shirley’s 
Loge, □ captivating portrayal of 
easy insolence masking serious- 
ness. 


, brought home, mainly for its arthritic antiquity. Upstairs DounsUiirs for their the hairdresser. Its acknowledge- 

was also roe first occasion when lums. , astonish! ngly. are high standards of writing, direc- ment of the wide world after all 


of the three nearly as good on television as t|Dfli ant j technical proficiency, the years we have had of prissy 
ise America s l? 6 -'' were when Muir and Yet it remain?, true that it is parochial British sitcoms carries 
was the more ^dens marvellous sen p’s V j }ei Americans who are coming all the invigorating shock value 


.orgy Paufc and Andros von 
iszeghi were finely matched in 
dght of tone and clarity of 
pression.- Though I missed the 

ban Berg Quartet’s highly 
aised performance of Mozart 
ring Quartets, the Raehtnozar- 
.dcj an entertainment of parly 
?ees contributed by the artists, 
■Jutted a movement from the 
ring Quintet K.406 (with Peter 
hidlof as extra violin) that 
letted Ihe appetite to hear 
<?se Viennese players in Mozart, 
any other composer. 
RakhmaninoVs Cello Sonata* 
unjusQv neglected work for 
rich Julian Lloyd Webber and 
,qer Vignoles pleaded most 
a vinci ngly, is notoriously dif- 


Arts news in brief 

The BBC and Eyre Methuen award-winning script From each The successful playwrights 

have announced a new drama of the five categories of radio will- each receive a commemora- 

nrize The Giles Conner Award P la ? s broadcast by the BBC: tive scroti from the BBC and 
prize, the titles cooper Awara Saiurdny Night Thirty a presentation copy of the 

for the best radio piajs oi me Minute Theatre, Afternoon anthology being published by 
year. Theatre, The Nondctu Night Eyre Methuen in which their 

The four judges for the first Play, and the Radio 3 drama award-winning work will appear, 
year will he Robert Cushman, output. In addition they will receive an 

dramatic critic of The Observer, To be eligible the plays must advance on royalties from the 
and Gillian Reynolds, radio be original dramatic works for publishers, 
dramatic critic of The Daily radio broadcast between ‘January Gi!w Gooper aFler wh th 

Telegraph. Plus a representative 1 and December 31, 1978. The , ... 

from the BBC and from Eyre awards for Ihe best BBC radio * ai J s are D J. n,ed - devoted most 
Methuen plays of 1978 will be announced of his. writing life to the 

They are asked to choose an in April, 1979. development of the radio play. 


America took two 
“silvers” In a sense 

secondary sun-ess was me more «.ai vn.uus -t-ni.;-. uie Americans who are coming ail the invigorating M 

significant because Britain has were first heard on BBC radio up with new concepts: the highly of an earlv Steptoe or Till Death 
the best national record at the some 20 years aeo. successful idea nf the- block- fl , ' Q tn lh * , 

festival whereas Americas has More to the point, the idea as buster serial stripped across the „ ,r cnu,se in ,hosc da - vs wa * 
been one Of uie worst. a whole is merly a re-working of week for instance < Wools and British television which 

It iS'jnot really the winning ITV’s old Palladium show: it soon). It is American television habitually broke new ground. 



looks afte 



Situations like this have many costly and 
■worrying consequences for the people involved. 
Heip.Qvercome these problems through 
Royal Insurance protection. and service. 

■ • < •;' ; ? i/:> . v.. . : ; r 









u 

p 
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NEGOTIATIONS ON the draft- in no position, even if it were 
the bilateral Egyptian- militarily strong enough, to 


in" nf 

Israeli peace treaty open to- 
morrow in Washington with . . , T 

deal being and rhetorical terms. It is 


express its hostility to Camp 
David in other than diplomatic 


good chances nf a 
concluded between the two 
sides. Little has occurred since 
the Camp David agreement to 


deeply embroiled in the 
Lebanon, where the long- 
running conflict between the 
the Moslems and 


pul in doubt that part of the Christians _ 
original framework texts which the Palestinians permanently 
Mr. Begin and President Sadat threatens to erupt into full- 
signed Iasi month. But the scale war. ... 
other part — that concerned with The danger of a wider war is 
a wider Middle East settlement particularly 
—has met with a cool response 


in the rest nf the Arab world, 
rie.-pite all the efforts nf the 
American Administration to 
underline the opportunities it 
could offer in the future. 

The immediate difficulties 
over the interpretation of what 
exactly was asreed at Camp 
David appear tn have been over- 
come. d^spjip Mr. Benin's insist- 
ence thar the end to further 
Israeli settlement «n the West 
Bank is purely temoorary. But 
ihp looser the negotiations are 
prolonged the more opportunity 
timre v; : H he for different 
on it agonist? in the conflict tn 
rai«e the questions necessarily 


great since the 
centre of the conflict is between 
the Syrians and the Christians, 
who have long been supported, 
directly and indirectly, by the 
Israelis. Neither Syria nor 
Israel bas any interest in pro- 
voking an enlargement of this 
conflict, but the danger remains. 

The main question now is 
whether the hard-line Arab 
states — Syria, Algeria, Libya, 
South Yemen — can strengthen 
their position enough to mount 
an effective challenge to the 
Washington talks. They recently 
decided to build closer links 
with Moscow, but even if Syria 
should get major new supplies 
of arms frniu the USSR, its 
military position will still be 


kept out of the original accords. S cimpared with IsraeL 


Vagueness 

Kina Hussain nf Jordan has 
refused to get involved in any 
negotiating process until he 
has received assurances on the 
future of East Jerusalem, 
about the sovereignty nf the 
West Bank, and about its future 
after the transitional period. 
The Israelis have refused to 
blur their position on these 
issues, and their uncompromis- 
ing attitude is scarcely cal- 
culated to encourage the 
negotiation process. 


It would be a different 
matter, however, if these hard- 
line states were to be joined 
by Iraq, which is not merely 
the second largest Arab oil pro- 
ducer. but also has a substan- 
tial army. It is in this context 
that President Assad's decision 
to visit Baghdad for an Arab 
summit next, month takes on 
its fullest significance. 
Damascus and Baghdad have 
long been on bitterly hostile 
terms, and it is questionable 
whether they can easily over- 
come this hostility. If they did. 


Tlie ambivalence of Saudi' however, the balance of forces 
Arabia and Jordan towards the on Israel's northern border 
Camp David agreements, despite could be completely altered, 
their natural desire- to co- The Iraqi offer to provide 
operate with the U.S., makes it troops for the Golan Heights 
all the easier for Syria to adopt and to subscribe Slbn to 
a policy of outright hostility, campaign to stop a separate 
Unless the Syrians are brought Israeli-Egyptian peace, should 
into the negotiating process, not necessarily be taken at face 
there can be no stable peace in value. Were they to make any 
the Middle East; yet until now actual moves down this road at 
there has been no mention of the Baghdad summit, however, 
the Golan Heights, which is the the prospects for any progress 
only territorial point of direct towards a broad Middle East 
interest to Syria. settlement would he sharply 

For tiie time being Syria is reduced. 


Financial cost 
of real growth 

THIS MONTH'S clearing bank deficit of the company sector 
figures are rather better than up to £L4bn — a far higher 
expected, showing a standstill credit requirement than was 
in lending after allowing for the envisaged in April. Subsequent 
normal seasonal drop; the figures for output, profits, in- 
figures for government borrow- vestment and bank lending 
ing are rather worse than fore- suggest that the second quarter 
cast. Both series, however, are pattern has persisted, 
rather distorted.- Their under- Accelerated growth and in- 
lying message seems to be that vestment in a highly competi- 
while the growth of domestic tive climate can do nothing hut 
credit remains under control, good; and in a well-balanced 
there is precious little room for economy, the natural growth of 
the- unexpected: and that com- revenue which results from im- 
petitinn for credit has driven up proved income and spending 
its cost in real terms. would- enable the public sector 

to reduce its own credit de- 
Corsct controls raands, and so make -room for 

_ .. private sector growth. Unfor- 

The banking figures them- tunately the figures for govern- 
seh-es say much more about the m ent borrowing show a very 
operation of the corset controls differem picture. Revenue is 
than about the underlying so f ar a little behind forecast 
demand for money and credit tbou «, h this lag win no doubt 

. The banks have been uo ns tamed m ade good in due course 
lu . limit the growth of their Expenditure, on the ‘ other 
deposits. The result, as expected. bandi has riien sharpIy . H 
has. been to depress money pi j y tbis is not because the cost 
market rates although these 0 f supp iy services is getting 
have risen in response to U S. out 0 f hand, as has happened 
rates in the weeks since the in the pasL The main culprit is 
bepfember banking month a sb arp rise in the cost of debt 

ended. The wide spread service — the result of a borrow- 

hetween the cost of loans re- ing requirement which has from 
lated to base rates and the the start been too large for corn- 
return on money market funds fort Tbis bas been compoun- 
encou rages borrowers to switch ded> ironically. by strength 
from overdraft to other forms of of sterling. Some nationalised 
credit money market loans, industries have chosen to repay 
acceptance credit and perhaps foreign borrowings, adding to 
direct intercompany lending. sterling borrowing at Ughar in- 
Quantitative control of bank terest rates, 
portfolios, whether of liabilities c , . 
or assets, always forces business &ltOCK-prooj 
into these parr Jlel markets, and S o far the heavy combined 
some of the business so dis- weight of public and private 
placed hy-passes the banking borrowing has been contained 
system altogether. The official within the official limits for 
figures become harder to inter- credit and money «rowth 
pret. and may not capture the thanks to high private laving 
full growth of private credit and high interest rates. Indeed, 
demand. There has . probably rates on ] ong debt have re . 
been a modest easing in mairred high enough in real 
the growth of loan demand, but terms to render the market in 
the clearing banks are no longer government stock almost shock- 
meeting it. proof in recent months, and 

One reason for the buoyancy funding (some of it in the very 
of loan demand can be seen temporary form of certificates 
clearly in the new figures for of tax deposit) has been ado- 
company finances in the second quate. We seem to be avoiding 
quarter. This was the period the animal funding crisis by a 
when output began to rise at a structure^ of Interest rates 
fairly rapid pace, and invest- which discounts almost any- 
ment spending was also recover- thing short of disaster. How- 
ing. At the same time comped- ever, the cost of these rates to 
lion — both import competition companies and to taxpayers 
and home-grown competition in must put some damper on 
retailing — -was compressing future growth. Ministers who 
profit margins. The need to boast of the renewed health of 
finance rising output, and the the real economy should be the 
lack of internal lunds for this first to see the need to cut offi- 
purposo, pushed the financial rial borrowing. 


. ...... tse* 

, ..p-tpriav as a deputy chief executive; Sir JukS^ 
The men in the Plessey story (left to right): Mr. Michael Clark, deputy chairman and a deputy chief executive: Dr. BUI Willetts, who resigned ‘ ccesso f m the last post, Mr; Peter' jRtijSi? 
Clark, Plessey’s chairman and chief executive; Mr. Eric Frye, who resigned last Christmas as a deputy chief executive and finance director, and nn» 

IS 


The 





- • 


BY MAX WILKINSON 


T! 


THE FINANCIAL PICTURE 


Sal 


Financial years in £m 

1977-75 1976-77 197S-76 1974-75 1973-74 from the post of 

1 9 mats) 

318.9 399.5 


611.1 568 3 490.1 


HE RESIGNATION of be argued that Plessey should the 1075 level while its turnover 
Plessey’s deputy chief hare anticipated and softened of £183m was 50 per cent up on 
executive. Dr. Bill Willetts, the blow. the previous year's level, 

announced, yesterday, is bound Certainly Plessey cannot be As one analyst commented: 
to add to the speculation which hlamed for the often lamented “ if plessey had been better 
lias been hanging over the com- failure of the British telecom- managed, it would have much 
party for some time. communications industry to more of the business and the 

The company has been the Keep Pace with international profits which went to Racal.” 
subject of continual rumours of markets. The Post Office has to ip 0 ther parts of its business, 
a take-over by its much faster la* e a great deal of the criticism pi esse y» s experience has been 
growing rival. Racal. which because of the stilling effects happy. Garrard, its con- 
makes higher profits than J ts urdenng programme ana suiner electronics subsidiary 

Plessey on less than a third of the narrowness of its specifics- m^ng record changers has 

the sales. Although Mr. Ernest tions. However, the fact is that a poor performer. Since 

Harrison, Racal's chairman, Plessey was not able to use the 1974j Garrad has lost £9.Bm in 
makes no secret of his desire substantial profits or the 1960s sp i te 0 £ having about £6m 
to obtain control of Plessey’s to develop products which pumped j n to it for new product 
military and communications would give it a significant development New products, 
business, a full take-over bid is presence in world markets, as some 0 f -which were late on the 

unlikely at least a present. How- L- M. Ericsson of Sweden did. market, failed to stop the dedin- 

ever, frequent discussion of the Outside telecommunications, ing market share inthe UJS. As ba „ s _ ^s^F.^he. 

possibility among City analysts pjessev has a mixed record. 

illustrates the unease with First its success: the fastest plant have been steadily run scratch ... 

which Plessey is now viewed. growing part of the business has down from 4,000 in 1973. Last that Plessey will sell its senu- mauon of the common Market 


- - ; 


The. uncertainty of 
direction has been enriihaa^ 
by recent changes at 
At Christmas Mr! Eric 


R & D 

of which company funded 

.785 

625 

15.1 

50.6 

15.5 

35.9 

10.4 

, 35.6 
12.0 

Profits before tax 

.'43.9 

403 

345 

273 

403 

Profits after deducting -tax, 
minority interests, 
extronfinary items 
and dividends 

4.6 

03 

1M 

63 

18.1 

Spending on fixed assets 

Net working capita] 

24 

:?■ i ■' 

34 

11 

31 

6 

18 25 

(approx) 
7 24 



Source: Plciser'i annuli 

accounts 


'The most significant in dus- 


chief executive an3___ 
director after 12 years 
latter job. The reason gives 
ill health. - 
However; it appears timing 

had been -considerable 
between him and Sir John'Cto* 
Now. the departure- of 
Willetts ( said to. be on aiafegg 
terms) leaves! .anciher /lj* 
gap at the top. . ; 

The Chief Execotcre..^ 
which controls the compfinj-^ 
set up as “a. new year 
tion'’ by Sir. John ia. i^ 
basically, it was though^ 


a result jobs in the Swindon NEB ' preferred to start from trial venture in European tele- bring more non-family expert 

• - ■ * — Now it seems likely communications since _th^_ for- t0 bear on ^ running (rf-tj 

company. It consisted of -S 


This uncertainty about been in electronic systems and month the company announced conductor business to utsu. Alas for Plessey. the idea was John, his brother Michae^ij 
Plessev's future is reflected in equipment, which includes that a further 1,250 of the 1.S30 In spite of various attempts squashed, mainly because' of deputy chairman. Dr. Willed 
government circles, because military radio and cominunica- remaining jobs are to be axed, to strengthen its position in resistance from the Post Office Mr. Frye and Mr., yf--;-: 

Plessey, with sales last year of tions systems, avionic and In electronic components, semiconductors with overseas a n d the French telecomraunica- Sinsheimer, head of the~th 

£611m. " occupies a strategic marine equipment (mainly sonar operating profits last year were links, Plessey may now have tions authority. The company operation. • .> 

position in the electronics in- for the Navy). nearly 30 per cent below their missed the ‘boat The first can hardly be blamed, arid Of the five, only the Cla 

dustry. After the General This part of the business has level in 1974. though there bas attempt to join with Motorola of indeed still feels bitter about brothers and Mr. Siusbeiia 

Electric Company, it is much more than doubled its sales been a steady improvement Arizona and Thomson CSFs the failure of its international now remain. The questioa 


the largest in its field in terms since the year ended 1974 and from the slump in 1976. Sales Sescosem of France came to initiative, 

of sales. Moreover, Plessey’s now contributes 30 per cent of volume has heen stagnant, and nothing. 

expertise and research is an the group's profit compared the company has been in a Indeed, it is hard to resist 

important national resource with less than 5 per cent five state of almost continual the impression that Plessey's 


what it recent history has been punc- 


However. its first major ven- 
ture into the U.S. market, the 
acquisition of Alloys Unlimited 


BREAKDOWN OF SALES 

(1977/8) 

SALES (£61 lm) 


semi- tuated with deals which never 


in 1970. was another matter. 


T elecomruun Scat ions 
public systems 
private systems, data 
and control 
Electronic systems 
and equipment 
Hydraulics, aerospace 
and . engineering 
Electronic components 
Consumer electronics 
TOTAL 


% 


uncertainty about 

Should dO With its <kuu- wcueu will! ucan vyuuu uctci , 

conductor operation. quite came off. A marketing g r d a M ^ nnnv whinh 

The world semiconductor arrangement witn Northern T? “ jJ ^ 

market has been growing much Electric of Canada for private {? . mone - v 

faster than that for other com- exchanges looked promising in 

poneots. but Plessey has not 1973, but Plessey was not able chase ' Although the American 


In four out of the 


who will fill the vacancies. « •• 
whether they will .be^ah^-- 
exert the invigorating irxfliieti 
which the company now nee 
if it is to achieve its^» 
of improving its return ' •- 
capital from the present W.j 
cent to. a more healthy- 20. 

23 percent.- --.>/» 

Plessey is not in drfficulo 
With sales and profits increa 


28 6 been prepared to commit the to reach the target of CS3m In " e ™ *L" rat 5 er 

1 j q very large investment which the first year, so the arrange- 


ductor packaging and other 
components is now back in 


26.0 

113 

176 

3.5 

100 


with a high international 
reputation. particularly in 
defence and radar systems. 

In a nutshell, Plessey's 
trouble is that it has failed to 
use its engineering expertise to 
make enough profit. Last year's 
pre-tax profit of £42.9m was not 
sufficient to meet all the de- 
mands of the expanding side of 
the business and at the same 
time to provide substantial 
sums for redundancies and to 
pay the dividend. For several 
years it has had to increase bor- 
rowings or call on shareholders 

for new funds in order to cover 
the short fall. ■ 

Admittedly the company has 

had to pay out £27m over the years ago 

last two years mainly as re- remembered that this business conductors have emerged in the ment was the failure in 1974 to voiced about Plessey centres on conductors hived off to GEG ; i 

dundancy payments in its tele- Is in an expanding market last year as a highly important conclude a deal with the how decisively its top manage- profitable military sect 

communications factories, which where Marconi, the General part of national strategy for the French CIT Alcatel for the joint ment operates. The charge most ver y vulnerable to a take-fit 

It regards as " extra-ordinary Electric Company's subsidiary, electronic industry. The development of a new electronic usually laid against the company To the outside world/3 

it e/ns.” On the other hand, the has shown a dramatic increase National Enterprise Board is to telephone exchange. This was is not so much that it has made .Willett’s departure miistrs 

change from old electro- in sales. Racal, operating In the invest £50m in a new venture to be based on a French switch mistakes, but that it has failed questions. .' ' -x 

mechanical telephone exchanges most profitable sector— -small while GEC is linking up with married to Plessey’s computer, to demonstrate a sharp enough Sir John, for his part, t£ 

to the newer electronic switches military radios-*-has faroutper- Fairchild to build a major new which it was developing for the edge in finding and seizing the enthusiastically abont-ifieltr: 

was hardly a bolt out of the formed Plessey with aggressive factory. Plessey has in effect Ptarmigan military network, new opportunities which its sition to a marketing orient 

blue. It had been discussed for overseas marketing. Its profit been by-passed. Instead of de- Sir John Claris Plessey's chair- technological excellence should company and ebulliently dii 

at least a decade, and it could last year of £50m was five times veioping an international cap- man hailed this at the time as: enable it to exploit the prospects which result ^7 


a hfcalthy order book, It\i 

would have been needed to com- ment lapsed. ' emerge 00 * a 

pete with the Americans and In 1974 Plessey was talking path ' 0n the ^ ther M 

Japanese in the major product about a merger with Ferranti's muy stagnate.. The headgg 

lines. semi-conductor operations, -or ofc the 19Wta when- PJessran 

In view of the consistent un- perhaps even a heavier. involve- nroSneSl S nj! 5 ver v ^ 

profitability of ail 'European ment in the then ailing com- .English Electric and other* 

semi-conductor manufacturers, pany, but the Government ceedm ss against the vendors, electricals are over. 

source: pieuer Plessey may well have been stepped in with a rescue for Naturally all big companies there is the possibility tbja 

"^ * right to limit its risks in this Ferranti, and a semiconductor suffer disappointments and make will be broken up, with idw 

highly volatile market How- merger was shelved. acquisitions which turn otic munications in some forfe 

However, it must be ever, the fact remains that semi- Perhaps the worsi disappoint- badly. The disquiet often national conglomerate. , a 



fill MAHERS 


Scenting victory 
in Brighton 


prime target of the Conservar claiming good government is He recalls wistfully the days 

tives. . Tory men and Whig measures, when the old restaurant would 

Inside all -was in ebullient “ What we need now is Tory serve 600 fish-and-chip teas 

preparation for the Conference men and Tory measures, ,r he And the what-the-butler-saw 

Holiday rather than hard work of “ Conservatives, The insisted. shows ? “ Oh, the West Pier 

was the mood in Brighton at the Next Government” The Tory Coupled with alt this was an was always the more gentle- 
start of the Conservative Party’s * >00 ^ slan d was busily selling a emphasis on freedom which manly of the two piers.” 
conference, though it was sur- ran Se of written weaponry to came close to liberalism on Royson bas mixed feelings 
prising to see William Whitelaw hel P in this aim - Last year Ian matters such as immigration: about whether the £2m to res 
slowly" humping two suitcases Gilmour’s “Inside Right" had “Our frontiers must always be tore the 112-year-old pier 
down a Brighton platform into been the best seller. This year, open to religious and political should be spent Brighton does 
a waiting red Mini- Surely the 1 was told - il is proving to he refugees” he said, adding coun- not attract the day trippers it 
party's grandees deserved Turn, 1 ' a description, by tries had gained from those who used to and even lodging bouses 

better? But once down on the Re ® Prentice and others of why who had been prepared to make are feeling the draught, h6 says 
esplanade the delegates quickly changed their minds and sacrifices for their principles. As for re-opening the pier, this 
settled down to enjoying what the Tories. Families too should be allowed would need a special act of 

has turned out as a sunny inter- 1 could understand why . the to be united and immigrants parliament as the pier is outside 
lude in the autumn of this sf*™ 1 was selling “Tony' Benn, had to be treated equally. In all the high-water mark. The pier 
Parliament. A critical study ” by Daily Tele- this the caveat that every coun- is thus no bargain at its present 

,, Q graph leader writer Russell try must be allowed to say how price — £1 plus repairs, 

anienne, rne v,onierence L ew j S b u t why Conservative many people come in sounded Charlie Chaplin and Stan 
Cen ^* un 1 ? 1111 ' 05 , ■ e Dissidents,” 1970-74" by Philip mild indeed. As for the Laurel appeared at the pier 

gauntlet of pamphleteers asking Norton? “Oh, you cannot hide National Front, this, Boyson early in the century but, when 
X- t T>iSnf Ua fvm,« /X XhXX ^ese things,” was the answer, rapidly insisted believed in its last owner. AVP, re- 

And the Labour Party Pro- totalitarian government and the linquished it in 1975, the pier 
Fle^nwi) to debate propor- S ramme? “ 0ur members need repression of individuals. He P^sed i^to the hands of the 
_* . _ . ■ . , , . to know i 


tional representation, to listen „ tQ 
with the Bow Group to Edward p 1 ' 
Heath, and to “ put animals into 
politics.” This last demand . 
turned out to involve concern 
over blood sports, though that 
can hardly be expected to be a 


what our opponents are had no time for It, he said, and Official Receiver. R. G. Morgan, 
was pleased its vote was f ailin g the Town Clerk, tells me that 
John Biggs-Davison of the the Official Receiver passed the 
Monday Club looked delighted pier on to the Crown Agents— 
at all this. I later asked Boyson rod they refused to take pos- 
if he planned to join the Club's session. The problem is thus 
1,500 members. "No, I do not with the Council. This 


Monday message 


Just along the road at the h® Ue re in sectional organisa- has 50 far avoided inyolvemejnt 





Bedford Hotel the Monday Club ^ ons *" be said, 
gathered for a lunchtime meet- 
ing, to be told by that spokes- - 

man of the rising radical right, 

Rhodes Boyson, that the sun On the I*OCkS 
was shining for it. Putting Tory 



but can it let the pier go on 
rusting away ? Morgan acknow- 
ledged the problem but warned: 

Demolition would cost less 
than £500,000 and restoration 
more." Which would the Coun- 
cil choose ? I asked. “ You win 
have to wait and see. We have 


In focus 


“Did you hear a seal bark?” 


Principles into Practice was his These days are unlikely to 

theme, but it was the principles see any major change in the _ „ lrvpv , 

on which he concentrated, spel- direction of the Conservative - report due next Wed- 

Ilng out Toryism red, or. rpther Party but they could decide .the y ' 

blue, .in tooth and claw. future of another British land- -- 

According to Boyson, Toryism marie, the West ' Pier at 
was anti-egalitarian; it accepted Brighton, 
the Fall of Man; it believed Roils of barbed wire now 
today’s state was using people shield the younger of the town’s Diversification and tight cost 
as serfs; and it stressed obliga- two piers, put there to dls- control seem to be especially 
tion s not rights. There was the courage those who are not kept vital for London jobbing firms 
occasional “hear bear" to all away by such signs as “ Danger, during these difficult times 
this, and rather louder acclaim failing masonry” and “Dan- Smith Bros, provides an example 
for his insisting that the Soviets serous structure.” Roy Royson, of both in its latest annual 
were not arming in order to the last pier master of the West report. All the photographs are 
win the Edinburgh Tattoo; Pier, tells me that some of the taken by ifa e chainnan Mr 

Reasserting Tory ideals was piles have been corroded to a Tony Lewis, 
what he stressed and without third of their original thickness 
hesitation he insisted that and that others do not even 
Disraeli had been wrong in reach the seabed. 


Observer 


s 




Northampton is on the Mf, halfway between London and 
Birmingham and is directfy served from junctions 75 apd. IS. f.- ; 
Fifpf per cent of the UK industrial output is within 100 miles 
radius, ft has the following outstanding selection of offices, . • : 

factories and sites. • ’ *\. . . 


commercial 


"-r5 


Office Buildings Immediately available Fn town 
centre 

Greyfriars House 200 000 sq ft of offices above the hew bus - 
■ station 

Beigrave House 73 000 sq ft forming part of Grosvenor Centre 
Anglia House 27 000 sqftin prime position ' 

Other properties from 500 sq ftto 10 000 sq ft 


Office Sites Immediately a vaifable in town centre/. $ 
district centre end campus locations 

.Town centra site of 3J5 acres For up to 300 000 sq ft (or can - \ 

be sub-divided to a rnirwraxm of 100 000 sqft) J. 

Town centre sites Two for 30 000 sq ft 
District centre sites For up to 100 000 sqft at Weston Favsfl 
Centre .y 3 

Campus sites 60 acres available at Moulton Park 


industrial 


Unit Factories at BrackmiJIs All with car parking ,' ; 
offices, toHets, gas fired warm air heating and all _.j 
mains services 

Remaining Units nowavaflabla on Phase 3 
5000 sqft 12500 sqft . ' 

Reservations now being taken for Phase 4 CornpriaingC...-i. ; - 
units of 10 600 sqft each which can be let in various 
combinations ■ 

Phase 5 to be developed shortly Comprising 14 unteof ; ; ’ 

• 5 OOOsq ftand 2 unitsof 12 800 sq ft. 

Industrial Sites Choose from the wide range 
availab/e on four employment areas 

For further information write or phone 
L Austin- Crowe BSc FRICS, Chief Estate Surveyor 
Northampton Development Corporation . 

2-3 Market Square, Northampton NN1 2£N 
Telephone (0604) 34734 





] : Financial Times Wednesday October 11 1978 

■ The bid: for full ownership of Ducellier 
















the French said ‘non’ to Lucas 


" PEUGEOT— -yes. Lucas— no. 
Airbus— maybe." Thus 'one 
Parish financial newspaper 
•summed up last week the state 
p r play between France and 
the UK on the three bis 
industrial (Locations being nego- 
tiated between them. 

Britain had approved the- 
Pouaeot-Citrocn takeover of 
Chrysler UK. fhe argument over 
conditions for British participa- 
'iun tn the Airbus ennsorrium 
appeared to he . edging towards 
compromise, but the attempt by 
Lucas of the UK to extend its 
49 per cent stake in tire French 

(■ieciricat motor components 
t-'-mpany Ducellier to full 
*.‘v.Rcrship had been turned 
dtovn. and a French group, 
l’* redo. had nipped in to 
emerge with .if not majority 
omrol of the capital, at least 
majority voting rights. 

The coincidence of the two 
motor industry decisions, 
despite their disproportion in 
-• si-c and importance, caused 
bitter British reaction. The 
Li i ins chairman, Mr. Bernard 
- Scntr. had made a pilgrimage 
In Paris to sec bnih M. Jean- 
P«ui Pa ray re. head of Petigeol- 
Ci truer., ami M. Bernard 
Vernic-r-Paillez, the chairman of 
. Renault, to argue the case for 
the Lucas bid. He came away 
ivav.su rod that both men had 
. indicated their preference for 
Lucas in the interest of main- 
taining competitive sources for 
components. Lucas announced 
p. was going tu court tu assert 
Ha rights tn pre-emption of the 
' 51 per cent stake in Ducellier 
•• previously held by DBA 
> Bondi:.). 

If was recalled that fhe 
. French arm of British 
Petroleum had only recently 
ii!*cn frustrated in its attempt 
. in acquire twith the full 
"•nseiu of the company) the 


world's leading gelatine maker, 
Rousselot, and that a French 
company. Atu-Chiinie, had been 
wheeled in by the Government 
to take its place. 

• Nor were the British the only 
ones to suffer, The Dutch 
State Mines fDSM). group's 
attempt to acquire the French 
interests of. the family concern 
Gardtnlcr— again - with the 

family's, consent— was knocked 
smartly on the bead by the 
Government in the interests of 
the long-term (and intensely 
painful) restructuring of the 
fertiliser sector. Ibis time, the 
chemicals and textiles group 
Poulenc was brought protest- 
sing to ihc altar. 

Is France up to her old trick 
of preaching European integra- 
tion when it suits her but 
protecting her own Industry 
behind a wail «f- bureaucratic 
obstruction rendered virtually 
impregnable by generations of' 
practice? 

The answer is. to some extent, 
yes. The important thing for 
would-be ’investors in ' France is 
to understand the philosophy 
which lies hehind this attilude. 
In a nutshell, this is that lar§e 
parts of French industry are 
still fragmented. . financially 
weak and commercially un- 
enterprising — certainly no 
match for their Germa n. 
.American. Dutch and British 
competitors. 


gone out of fashion? “ My dear 
fellow." remarked a senior man 
in tlic Treasury with a pitying 
look, “ don’t you realise? Half 
French industry depends on the 
Government for subsidy and 
the other half depends on it 
for State contracts. You are not 
telling me that in those circum- 
stances everyone can go and do 
as they like," 

Exaggerated. certainly 
fPeugeot-Citroen, for example, 
doesn't owe the Government a 
bean ) but eloquent of the 
attitudes which are brought to 
bear on industrial restructuring. 

What, then, are the principles 
which underlie decisions about 
foreign participation in French 
industry? Technically, control 
of investment is based on con- 


pressed. They arc expressed 
precisely because Tor the past 
decade (if one wants tu pick a 
dale, the publication uf M. Jean- 
Jaeques Servan - Schreiber's 
book. The American Chnllentie 
in 1967, will do) the Govern- 
ment has strained every nerve 
to restructure French industry. 

Since the oil crisis, these 
efforts have received new im- 
petus. “A lot of our industry 
is in severe financial trouble.'* 
the Treasury admits “and it's 
dirt cheap to buy." 

The Lucas-Ducellier affair 
illustrates the pul icy. uf creating 
competitive French representa- 
tives in world markets. The 
Ferodo group is the product of 
years of merger. SEV and 
March el rame together before 


BY DAVID CURRY IN PARIS 


Aggressive 


But for France to compete in 
world markers arid earn enough 
to balance her. trade, she must 
have big. aggressive, techno- 
logically advanced, well-financed 
companies to carry the flag. 
She can only do this by whole- 
sale restructuring of industrial 
sectors — and heaven help any- 
one, foreign or French, who 
gets in the way. 

But what about the new 
liberalism? Has not dirigism 


trol of foreign exchange. The 
criterion is the effect on 
the balance of payments — 
but in a very wide sense. The 
immediate currency inflow is 
but one element considered. The 
shurt. medium and long-term 
effect on the capacity of French 
industry to earn its livelihood 
by exports is equally taken into 
consideration. 

Leaving aside the creation of 
a completely new activity by 
foreign interests — which is 
encouraged — the threshold is 
2U per cent for the taking of a 
direct stake m a French com- 
pany. Below that, there is 
normally Hide difficulty in 
acquiring a slake unless other 
elements — marketing arrange- 
ments, for example — are associ- 
ated with the deal which give 
the partner a stronger effective 
say than his formal stake 
represents. 

Eut when the stake 
creeps above 20 per cent in 
an established concern, then 
reservations begin to be ex- 


being taken over by Fv-rodn. 
and Cibie and' Paris-Rhone 
joined forces before also being 
absorbed, al Government re- 
quest (a requesr which has the 
force almost of a command) 
into (he Forudo group. 

Now the whole idea of this 
was to create, eventually, a 
French electrical motor com- 
ponents group capable of em- 
bracing the advancing tech- 
nology of electrical motor con- 
trol equipment and. more im- 
mediately. a group vl ii ri a 
modern range of conventional 
equipment including alternators 
and starter-motors. 

A Ministry of Industry official 
takes up the story: “Along 
comes Lucas. Lucas has a more 
advanced range uf products 
than Ferodo. Let’s be honest. 
It is more resourceful in i eth- 
nology and has a much better 
commercial network. Imagine 
that it takes full control of 
Ducellier. _ Bosch, the real 
enemy, at ihe moment without 
much of a presence on the 


French market, decides to take 
up the challenge. There is a 
price war in France. What 
happens ? Ferodo is slaughtered 
between Lucas and Bosch. And 
then what would happen to all 
that careful planning about elec- 
trical motor control ? Lucas, 
quite simply, came along three 
years too soon— before Ferodo 
was ready to compete.'’ 

The BP-Roussclut affair is a 
similar story. The French 
petrochemical industry, with 
few crude uil resources, was 
losing money hand over fist on 
refining . and on basic heavy 
chemicals. Under government 
prompting. Elf-Aquitaine, the 
siatp-owned company which was 
itself the product of a state- 
prompted merger, began to 
diversify towards the so-called 
sectors of tilt* future— in this 
case fine chemicals and pharma- 
ceuticals. It started negotiating 
with RousseiiiT. hut became pre- 
occupied with certain American 
projects and ended the negotia- 
tions. .Along came BP. Sud- 
denly the government realised 
that it was about tn lose a last 
chance for the Ipading state 
chemicals group At«»-Chiniie 
(linked with Kir » m diversify 
into a highly profitable company 
and away from eternal losses. 
BP was turned down and At ri- 
ch imie found itself ihe proud 
owner of Ruusselut. 

If industrial restructuring is 
the pre-eminent yardstick by 
which invest meni is judged, 
what are the nihcrs? One is 
the need nor in dislocate sectors 
where the state has committed 
substantial money to create a 
French technology. Computer 
peripherals come into this 
category. 

Another is the anxiety not 
to let foreign investment get 
beyond the ■■ saturation ” point 
in certain sectors. Pharma- 
ceuticals is now a closed sector, 
since almost 50 pe* cent of 
French pharmaceutical produc- 
tion is in fact controlled by 



foreign companies. The asro- 
food sector, where France 
suffers from a rhrotiic industrial 
weakness despite her richness 
of raw materials, is another. 

Bui there are. of course, eases 
where the fish got away. The 
most recent one is Poelain, the 
hydraulic excavator concern, one 
of the few French manufac- 
turers (Moulinex and Skis Ros* 
signol are about the only other 
cases) to have risen from being 
a small family affair to become 
a world-wide name with modern 
technology and an extensive 
commercial network. 

When Poelain teetered on the 
verge of bankruptcy the search 
for partners was intense. The 
motor and motor component 
manufacturers were canvassed 
but the urgency uf Poclaio’s 
financial position plus the need 
to find a partner who under- 
stood its business led. at last, 
to an American rescuer in the 
shape or Tenneco-Case. 

Small stakes 

Typically, the window-dressing 
was careful. Case's stake was 
kept to a minority, even though 
it took effective direction of 
the business. A series of 
major French names, including 
Renault, took small slakes as 
guarantees of the French 
character nf the business. 

France has never shied away 
fruxu calling upun American 
technology and capital to 
redress a technological deficit. 
Its computer industry was 
deliberately divorced from the 
European I'nidaia consortium 
(because of fear of dominance 
by the German company 
Siemens) and linked with 
Honeywell-Bull. Again, the 
capital structure was carefully 
camouflaged in French colours. 
France is at the moment 
negotiating the acquisition of 
U.S. technology in micro- 
electronics. 


A&hlc>i Aihuood 

Sir. Bernard Scott, chairman of Lucas Industries. 


It would be quite wrong to 
assume that foreigners are 
always the victims of Govern- 
ment policy. Some three years 
ago the State motor group 
Renault sought Government 

approval to negotiate the acqui- 
sition of certain assets of 
Chrysler in Europe. It was 
refused on the grounds that it 
would open up a politically 
embarrassing gap between the 
State anti privately-owned 
motor sector in France and 
would be attacked as • covert 
nationalisation. 

It is Renault which is now 
being bullied by the Govern- 
ment to acquire the virtually 
bankrupt Ratier-Forest machine 
tool concern even though its 
own machine tools operation? — 
the biggest in France — are 
heavy loss-makers and the 
last thing Renault wants is to 
be god-mother 10 a scries of 
consumptive orphans. 

When France decided to 
gear its first-generation nuclear 
power programme around the 
Wes ti n ghouse- 1 i ce used p res- 

surised water reactor it did 
not hesitate to order a large- 
scale redistribution of industrial 
assets in order ro create one 
large group lEmpain-Schncidef) 
in charge of the reactor techo- 
logy and anoth-r iCompagnie 
Generate d’Eleciricife) of the 
turho-alternaior supply. 

The mainspring of all this 
comes back ro that eternal 


French preoccupation — national 
independence. There may not 
be a direct link between the 
decision tn launch a sixth 
nuclear missile-carrying sub- 
marine and the decision to block 
Lucas's right to acquire full con- 
trol of a company it already 
effectively directed. But the 
decisions come back (even 
allowing for the obvious con- 
siderations uf domestic politics, 
which influence all decisions) to 
the same basic idea: Independ- 
ence is indivisible — military and 
industrial. 

Bui whore, after all. docs this 
leave the new liberalism of 
Prime Minister Raymond Barre, 
even acknowledging the prob- 
lems <if stale financial assistance 
and the importance or the state 
as a customer? It might be 
objected that when the Treasury 
so manifestly regards industry 
as a sort of private domain to 
be shuffled around in pursuit of 
a grand plan, freedom of pric- 
ing and even of employment 
policies is no more than icing 
on a borrowed cake. 

The Government might reply 
differently. “ The whole object 
uf the new liberalism is to give 
industry the means tu compete 
internationally: You can’t dn 
that if von leave it open to 
foreign domination.’’ 

As’ with most definitions of 
economic doctrine, you pays 

vnur mtinev and vnu takes VOUr 



^SCCFICH WHISKIES BLENDED ftBOnUB^ j 

<Motihcw Gloag&SonUd-: i\ 

Perth, Scotland | 

ESI * eu SHE d in IHOD AT THE SAME ADOffi 55 =1 


'GOTLAND 


, 3bn.&4wv-*r 


Letters to the Editor 


* * * ». :■ > 


i Sie'ti-'W 


1 

f’ i 




Airlines and 
open skies 

v rom Mr. R. McCrindle MP 
Sir.— On consecutive days 
October 5. page 8. October 8. 
jape 4) you have Featured 
.•pinions on the state of the air- 
ioe industry from Dr. Alfred 
\ahn of the U.S. Civil Aero- 
rj utics Buard and Mr. Hammar- 
kjold, director general of the 
ntcrnational Air Transport 
vssucialion and these give very 
. ifferent views as to the health of 
he industry. While, as a 
' nlitician. I am of course pleased 
> maximise opportunities for 
eople to travel at minimum 
-ales. I am concerned' at the 
seem tendency for the U.S. to 
ush into an open skies policy 
Tereby forcing other irans- 
-rlantic airlines to follow suit. 
. ’he result has. no doubt, been 
substantial increase in the 
umber of passengers but a very 
ucsl ion able increase in proflt- 
bilily nf the airlines. 

It may now be of course that 
,.ie airlines have overcome their 
lidsununer madness and are 
reposing tn turn their attention 
other more to the business 
raveUer. who has proved a profit- 
hie customer in the past and 
. ather less to the standby type of 
assengers for whom Laker 
leally caters. IF that is so. it 
lay encourage an upturn in the 
ratfic carried by charter airlines 
■hich has plummeted sub- 
tantially in the past year. 

All in all. I aiu very sceptical 
s to whether, in the long run, 
ie ultra-low fares of 197S can 
•c maintained and concerned 
T3t ir the constant pressure of 
t ecipie like Dr. Kahn continues, 
to go 
smaller 

^dependent organisations. 

With some sanity being 
•■stored to the situation on the 
rheduled airlines by the intro- 
uction of the three class coh- 
- ept. it is to be hoped that the 
•rilisb Government authorities 
nd British Airways will be 
repared at the forthcoming 
ermudu negotiations to stand 
rm against American pressure 
•.•cause otherwise the toad 
-ictors will no doubt increase 
uf. as Mr. Hammarskjold 
n plies, at the expense of the 
irlines* profitability. 

! uberl McCrindJe. 
otise of Commons. SWI. 


what government is doing in our 
name. 

If your reporter had suc- 
ceeded. in his struggle to obtain 
information, m contacting Tony 
Benn himself, he would have 
learned that the Energy Secre- 
tary is in fact in direct contact 
with us. 

Joe King. 

S, Elsiedene Road. MSI. • - • 


i.eopie like ur. Kahn conn 
iZ „ ^ ag&SCTpo airlines which will tend 
1 zli yLV the wall will be the sir 


Skilled worker 
shortage 

From Mr.. J. Stride 
Sir.— Having been employed 
by a company within the Lucas 
Group as a skilled blue .Dollar 
worker for many years, T read 
with interest the three articles 
by Richard Cowper (September 
25. 26 and 27) regarding skilled 
worker shortage. 

Here in tabulatedrform is the 
relative benefit of 'the pension 
scheme operated by my employer 
for works and stjff. the sickness 
benefit scheme.' operates in a 
similar way. giving the staff em- 
ployee considerably more benefit 
than the .skilled worker: as 
details of this scheme, however, 
are difficult to obtain I will con- 
fine my letter, to the pension 
scheme. 

I think it is relevant to say 
here that after 37 years’ service 
with the company my maximum 
sickness benefit is 12 weeks' net 
pay, for six weeks of which tite 
company will pay my pension 
obligation, and it is only since 
1976 that I have been paid 
average .earnings Tor holidays. 
From the following and the fore- 
going It is obvious why there 
will continue to be a shortage of 
skilled workers. 

The tables assume that two 
employees join the pension 
scheme at 221 years old: One in 
a clerical capacity to the staff, 
the other a time-served appren- 
tice to the works, each earning 
£4.000 per annum. 

Staff 

1/60 th 

Full retirement at 62} years. 

£4,000 x 40 years. 

Full pension at 62} years. 

£2.560 p.a. =£49.23 per week. 
Maximum lump stun £6.000 taken 
reduces pension by £600 p.a. to 
give £37.69 per week. 

Cost for 40 years £9.600 

Less Tax £3.264 


people earning up to £95 a week only be increased when there is 
are likely tu he belter off out of increased incentive, 
work during the first six months It would seem that a greater 
nf unemployment part of the solution must lie in 

The second question is more » v n ®P}« te restructuring of the 
difficult to prove. Nevertheless. V 1 system. ^urrentlj our mar- 
Clare Dennehv of the Child Smal levels of lax are at a higher 
Pove e rty A n ction y Creup^Ld Jill 

Sullivan of the Low t>ay Unit S r JJ llh the exeepuoa or 

KJnT? fStfSfSS&vrf fSSKStion ??nd 1,»k £h" 

»°wVo n s&'Msrs ire.rrr * 

work (Frank Field: "The Con- ar ? und M n^enr S average 
script Army " Ch 5). WAV. Daniel ® are aho 

and Elizabeth Stilgoe also found SJKJJ deretooed vrofld 

^ if l pTpnMn .hP p ^ Slat<? the tax threshold stood at 
benefit entitlement in their re- jQg g p er ] n other words. 

1 ive ri W U ?P h eS e are nobody earnin fi average wage 
employed. < p £ p Where are Qr be!ow paid aQy tax whatso- 

they now. ) eveFi w hereas now tax liability 

Imagine the position of a begins at around half that wage, 
father with two children aged Were these thresholds increased 
16 and 14. He is unskilled and radically, the attraction of tax- 
has never earned more than £55 free benefits would immediately 
a week. Made redundant, he has pall • and the incentive for 
a guaranteed lax-free minimum workers in industry to increase 
income (SB) of £39.75. with no their effort would be supplied, 
housing costs, no work expenses. Ruth Lister implicitly criti- 
free school meals for his children cises me in so far as she believes 
and a host of other means-tested taxing benefits would hit the 
benefits. Additionally he and low. paid with many children, 
his wife may earn up to £6 a These people can be helped not 
week between them tax-free with- by higher and higher taxation to 
out loss of benefit For this man pay for these bene^ls hut by the 
a job' paying £65 a week would be suggested restructuring of the 
marginally worthwhile, but only tax system with the introduction 
provided work expenses do not of a lax credit scheme, 
exceed £2.10 a week and hous- From whence will be derived 
ing. costs £8.85. How far can the revenue to compensate for 
he travel for £2.10 a week ? And the increase in the tax threshold? 
if he holds out for a job at £65 From a very real increase in real 
within a £2 travelling radius incomes which will accompany 
from home, how long will he radical increases in incentives 
have to wait V and hence an Increase in produc- 

The reason why work is no 

longer worth white is not because l eve ' Is . K wh,c ^ Mr * Macintyre 
benefits are too high but because des< cnbes. 
the net rewards for work are too Rowena Mills, 
small. We have a minimum Highercombe Road. 


income (SB) of £39.75. with no 
no minimum wage for those who 
work. Tax is charged on earn- 
ings below supplementary benefit 
level. For tw r o children aged 16 
and 14 the parents receive £4.60 


West Grays, 


Easily found 
information 

' ram tiie Press Assistant 
reedom of Information 
ampaxgn 

Sir,— Your " Men and Matters " 
?porter (October 5) at the 
a hour Party's Blackpool Con- 

•.■rence who found “ information 
’ ard to find” seems to have 
ilireiy missed the point of 
tmpaigners from our group 
ring present the day before tiie 
a-in freedom of information 
?baie. 

Delegates were presented with 
3 early early day motion calling 
2 the Government io honour its 
: -.anifesto pledge' on open 
overnment, and asking the 
' » legates to support the motion, 
also included the promised 
jotaCLon sent to us by Tony 
enn. The following day's over- 
helming vote for freedom of 
: [formation Jaws ami reform of 
. ie Official Secrets Act was 
warding after three years of 
ird campaigning. which 
’ eluded. the introduction of the 
•st two Freedom of Information 
iraft) Bills introduced Into the 
ouse of Commons. The con- 
nuous expansion of our cam- 
rign since 1975 and its all- 
•irty nature is in itself an indi- 
;ition of the willingness of 
•tuple to sat aside differences 
'ad co-operate in. obtaining the 
:ic democratic right to know 
our money is spent ana 


Net cost £6.336 

Death benefit =£4,000. 

During the extra 2} years’ ser- 
vice of the works employee, the 
retired member draws a total 
pension of £4,900 plus any benefit 
from the lump sura if invested, 
plus £6 per week bridging pen- 
sion until receipt of state 
pension 
J. Stride 

85. Chatsworth Crescent, 
Hounslow, Middx. 


Unemployment 

benefits 

Front Airs. H. Parker 
Sir,— I have followed witr 
interest the correspondence in 
your columns on unemployment 
benefits, and it seems to me that 
two separate questions have be- 
come confused. The first is 
whether or not spending power 
differentials in and out of work 
are now too' small and the 
second is the extent to which the 
unemployment figures are 
affected by this anomaly. 

The first is proven beyond all 
reasonable doubt The Chancel- 
lor himself has said t>o publicly 
on a number of occasions. Those 
worst affected are family men 
and school leavers, but anyone 
with .low ear ning s potential is 
likely to find work not worth 
while for an. indefinite period, 
once tax and work expenses are 
taken into account And. be- 
cause of the tax refund anomaly. 


Locating export 
customers 

when working and £16.30 on SB. Kram Mr j Ho2€l 

■ — 1 ■ — Sir, — Obtaining export business 

.■ ’ works is admittedly not easy, but it can 

1 /S0th. Government rnwroum be made much easier by taking 
"prement at 6o years. advantage of the wide local know' 
£4.000 x 421 years. ledge of the Consul (Commer- 

FuU pension at b5 years, dal) hj S staff. Indeed they 

£2,125 p.a.-£40.S6 per week. can usually cut down the amount 
Maximum lump sum £6.000 taken 0 f time one needs to spend iocat- 
reduces pension by £660 p.a. j n g potential customers by half, 
to give £28.17 per week. And yet many manufacturers' 

Cost for 421 years £7.650 export managers fail to make 

Less tax £2.601 contact. 

„• ^ "J77Z 1 have just returned from _ 

Net cost £5,049 trip to Zurich and in the space 

Death benefit -£2,000. of 36 hours, thanks to the Consul 

and his staff. 1 was able to make 
Fortunately for Britain most contact with all the leading 
people still work, despite the potential importers of consumer 
system. But they are increasingly durables primarily in the build- 
angry and frustrated, and this ing materials field. I was very 
frustration shows itself in a surprised, and gratified, at the 
number of ways, not least in amount of knowledge and experi- 
wage demands which appear ence available and the enthsiasm 
excessive, but which are actually with which assistance was 
the only way by which Taraily proferrecL 
men can escape the effects of the 1 would urge all exporters, and 

especially potential exporters, to 
make the local Consulate General 
their first port of call but Telex 
first to let them know of your 
intended visit and indicate the 
kind of information you would 
welcome. * 

John Hazel, . 

Wioelrod Fam/iouse. 

Nr. BenUcortii, Hants. 


Real military 
precision 


poverty trap. 

Mrs. Hermione Parker, 

(Research Assistant to Ralph ' 

Howell, MPi, 

Nettlefield, 

Pirbright Surrey. 

Pitifully low 
productivity 

From Rotcena iUitis 
Sir,— Ruth Lister (October 2) 
is absolutely right when she says 
that the answer to the whole 

problem lies in a return to a r rom Lf. Cot. C. P. M. JfuUop 
high level of economic activity, 5ir, — Like Major Genera] 

but increased economic activity c °wley (October 5.) my war on 
rests on increased demand. We nioles has passed from the 
will not get increased demand defensive to the offensive, 
until we achieve increased pro- Reconnaissance shows that the 
ductivity and as Kenneth Macin- nwle " surfaces ” punctually 
tyre says (October 5) it is at every four hours. Hence, as his 
present “pitifully low." direction or advance is usually 

Increased productivity basic- evident the enemy can be 
ally rests on reducing or con attacked with real military 
taining costs and increasing precision!!! 
effort However, costs can only Michael Mutiny, 
be increased by the wage infla- The Old Vicarage, 
lion inherent in the whole system Tong'e, 
of tax free benefits. Effort will Sittingbourne. Kent* 


GENERAL 

Conservative Party Conference 

to debate emergency motion on 
Rhodesia condemning Govern- 
ment for failing to use opport- 
unity presented by the internal 
ncreemem to establish a demo- 
cratic government there: Mr. 
Edward Heath addresses Conser- 
vative Youth Forum. 

Mr. Huanj.' Hua. Chinese Foreign 
Minister, visitiny ihe UK, meets 
Mr. James Callaghan. Prime 
Minister, and Dr. David Owen, 
Foreign Secretary. 

Meeting of Trades Union Con- 
gress economic committee— dis- 
cussions on pay formula and 
inflation. 

Pre-Motor Show statement by 
Sir Barrie Heath, president of the 
Society of Motor Manufacturers 
and Trades Association. 


Today’s 

Confederation of Shipbuilders 
and Engineering Unions expected 
to receive full report on working 
party agreement for shipyard 
wages. 

Japan and USSR begin three-day 
bilateral trade talks. Tokyo. 

Mr. Edmund Dell. Secretary for 
Trade, visiting Canada and the 
U.S. 

European Parliament in ses- 
sion. Strasbourg. 

Sir Peter Vanneck. Lord Mayor 
of London, artends luncheon with 
chairman and the Board of 
National Coal Board at Hobart 
House, Grosvenor Place. S.W.I. 

London Chamber of Commerce 


Events 


and Industry trade mission con- 
tinues talks in South Korea. 

MPs. representatives of local 
authorities, and Freight Movers 
from London and the Midlands, 
view Port of London at invitation 
nf London Riverside and Docks 
Trade Promotion Committee. 

Professor R. H Macmillan pre- 
sents Inaugural Professional Lec- 
ture at Cran field Institute of Tech- 
nology. Bed Toni, on “Symmetry in 
Art and Nature.” 

COMPANY RESULTS 

Final dividends: Consolidated 
Gold Fields. Law t ex. Lockwoods 
Foods. London and Strathclyde 
Trust. Moran Tea Holdings. Womb- 
well Foundry and Engineering. 


Interim dividends: Altifund. 

Christies International. Collett 
Dickenson Pearce International. 
Empire Stores (Bradford). Ex- 
ternal Investment -Trust. E. 
Fogarty and Co. William Pickles 
and Co. Transatlantic and General 
Investments. Weeks Associates. 
COMPANY MEETINGS 

Ellis and Everard. Grand Hotel, 
Leicester, 12. Group Lotus Car 
Companies. Norwich, 12.15. Muar 
River Rubber. Plantation House, 
Mincing Lane, E.C.. 12.30. Suter 
Electrical. 55. Basinghall Street 
EC.. 11. Warner Hofidavs. Waldorf 
Hotel. Aldwych, E.C, 12. 

SPORT 

Soccer: League Cup. third 
round replay. Reading v Rother- 
ham. Rugby League: Warrington 
v Australians. Bad min top: World 
Championship night. Wembley. 



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year, 

duct 

.virtu 

Marc 

Horw 

Flna; 

cauti 

econi 

be tt 
Ye 
bum' 

have 

runni 

furtFi 

offiei 

w fo 
cum 
Mini; 
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2 pel 
Th 
dard 
refer 

Chat 



Grattan down 26% so far 
after catalogue setback 


Bowthorpe Associated Biscuit steady at 

secs peak £4m as XJE side drops £lm 
after £0.3m * 




£lm after . ' 
six months 


flllvl WITH a £1.03 in drop in UK 

trading profits offset by an 
increase overseas from £0.6m to 
1 I 1 CF 0 HS 0 £l.S7ra taxable profit of Associated 

Biscuit Manufacturers was little 
INCLUDING ASSOCIATE contri- changed _at Win compared with 


A DISAPPOINTING performance 
from its sprinu, summer catalogue, 
combined with increased expenses 
resulted in a 26 per cent drop in 
pre-tax profits of Grattan Ware- 
houses, the mail order firm, from 
£6.00 m to £4.47 m Tur the 2S weeks 
to August 12. 1978. Sales, net o' 
VAT. were up £4 73m to £s4.I1mi. 

Mr. J. M. Pickard, the chairman, 
says the spring -summer catalogue 
got off to a good start, but demand 
fell off in May and June, although 
it improved before the end of the 
season. 

Demand for the new autumn 1 
winter catalogue is up to expecta- 
tions hut has tended to concen- 
trate in the fashion sections of 
the catalogue, he states. It is. 
therefore, mo early tu forecast 
uhehter this demand can be fully 
satisfied and be translated into a 
significant sales increase. 

The directors arc planning 
further increases in the number 
of lines in the catalogue and a 
stepping up of recruitment of new 
agents, which combined, with a 
more competitive pricing policy, 
reflects the company’s strategy lo 
increase sale? and future profit- 
ability, Mr. Pickard explains. 



increase overseas from £0.6m to KilClIf ICUTC MA lilUJUlflC 

£1 S7ro taxable profit of Associated fllDffll.ltin a , „ ,. ~. : f* ’ 

Biscuit Manufacturers was Rule A £1-1M advance j ij> 

- changed at £4ra compared with . _ .. , , .ir-rohnnsps has failed profits to £4.72m ts r eT i l j t Zy , g 

5 £4.02m in the 36 weeks to Despite market optimism Grattan War® * h first-half Waterford Glass. ttr'-8SStS 

- September 10, 1978. Sales for tbe to buck its disappointing profits trend witn u . . a months of 1978.- . Turnover =« 

i period were ahead from £116.54m shortfall at over film and L the .Board is novf P s fee * the _penod was .ahead: ittS 


buttons ahead from £86.000 to £4.02m m the 3b weens io -7““ "J 

So taxable 1 profit of Bow- September 10. 1978 Sales for tbe to buck its disappoi. 
thorpe Holdings increased from period were ahead from £U6.a4m shortfall at over £ltn 
£3.01 m to £3 ,3m in the first half to n29.l8m. • three-year programme 

or 1978. Directors expect the level Mr. G. W. Palmer, the chairman, ^ s0 a j 0o k 

of profit to be maintained for say s that in the current uncertain horrov/ina figures as 


snoruau at over inn tne jsoara feet. Ul * V w .anead : tSA 

three-year programme to put, the company back ent £4o-om to Sot-iina. - 

Lex also takes a look at the. latest banking and * on The result is;- -.after-: iinS^L 


UI wiicktuia wpvkt • 1 JJCX aiSU a iUUK HI LUB ialeSL « -.«uer , iRia,^, 

of profit to be maintained for M y s that in the current uncertain bo - rr _ wiQg go ures ^ well s&" the new Treasury controls on charges of £83SJXW. {£555^^1® 

the rest of the year, pointing 10 economic and po itical climate A ngures as weu as tte new n Biscuits ^ un . depreciation of £408jjSo<ffi^ 

an increase on last year's record j s anwise to make any forecast dividends. Half-time profits aU Associate „ t - ng a ia ther After tax of £1 57m 

£3.92ra. for the year. For 1977 profit was changed with a better showing overseas ° Bs “ ' * ira ii nK fit emerges - 

Turnover for the half year was a record £10.oara. sluggish UK market, but the. outlook looks more enc compared with ££34m 

£3. 06m higher at £2l.B9m and after He say* t he difficult UK trading Amalgamated Engineering is .another company that nas siowku , Ti _ npi , v jnteresTotnt^,.,^ 
tax of n.56m (£L23m) and condItions referred to at the AG.M in .JfJL-. Bi | mbnth? following a couple of years Mmont*. rtBt&gigte !£!<** 

minority interests attributable h continued and parucularly L ne ^ f ?.V° ^.i^ronics has turned P^’4 


• .Y y 
s ,. 


1 '■ ,r 

\ : M 


For 1977 an 0.87 P final was paid. m a rather depres 

The group is concerned with the ^ tn Br itannia Biscuit Company 10 per cent higher, 
desien. manufacture and sale ol has been reduee d from 53 per 
accessories and components cent tQ ^ ^ cent and ils profits 
mainly for use in the electronics, .___ adv erselv affected for some ,1.^1-. ,« « 


in a rather depressed market, has turned 


« p.— — ' m comment .. . , /-W;: 

Another strong first halfij&s.b 
Waterford wefl wi thin 

been achieved m distance of ibi ; 24th succe^^ 




9i 

VAT . . .. 

Nor s-alos .. f- 

Trjtllrw profii .... 

imorrsi paid ... sn :;s w Manufacturers . . . profits virtually unchanged reflecting situation on the national pay ’ r j , . u “ ***£? •i*™®"! was pre 01 w * M “ tlti" mtto K>ves a tuny taxed p/e of iu 

Profit before lax . -M67 b.oK u.7M jnjnuidiiui vta. . pi wi , t adverse i y affec t the ABM has faced some tough prob- eanght by a drop in demand for of «.fi per cent take litUe the ^ ha | f nte 0 f dre S- 

T«auour ■ jw ? ™ difficult UK trading. uTeconomy he aStUripates that Jems in the home- market, but tea tins. Overseas, notable per- account of the longer po ten tid. increase is maintained 

' tmSru d.W " ’• the current level of profits will .. . year the prospective yield ^ 

Ar the same time, work on sales capacity and speed or service. In The net interim dividend is be main mined for the remainder . -m -m g* -■ . H At - “!* lewl . t . he -^ 

office computerisation and dis- the short term, expenses will ?- lS6 P <*-_*!&> P er J?? cost- of the year." M IVCr llO IT OflVQTIPD OT 

inbution systems is being increase as a result of this but the inC £i8o.840 i£774,4tMH — the F II 1 1 dJ | | dm 11 V 4% H\ L F M.X 11%/Ll 

intensified, all r,r which arc part directors have instituted a major previous years final was 3.S02p # comment Mmm+MM. Ml* T M-t. • better than then’- English emm . , 

r e Vm VroTamme P i ""imnro^Lrh SHu "houi ** See Lex * BowtI.orpe's first-half results are WITH TURNOVER up £2.1 m to £830,000 net profit came out ahead investments, and the reyalUation Jglrtti tSrtEtat & carSntf— T - 

lerra programme to impme both throughout the business. see Lex Hne with the conipa ny’s flO.Mm. taxable profits of Famell from £051m to £0^3m. . of assets of newly acquired sub- increase doai not amS - ~ J A 

forecast in the annual review. Electronics .advanced from £i.i3m The company is a subsidiary of sidiaries — has pushed snare- tamable in the medium te i 

Against a background of to £LS3m for the half year to Perkin-Elmer Corporation of -tfie holders' funds up by just over term. 

A TraTTH • ^jL J _ A • JB depressed markets for electrical July 31. 1978. Last year, a record L r £. and its principal activity is £2m to £9.l3m ." 

f\ m 1 Qf lUlflU/QV accessories and components. £3.14m was achieved. the manufacture of scientific However, both stocks Cup from . ”v ; 

XjLSL B J ill JLU1U T T (Cl y profits are a tenth higher on a First half earnings increased analytical equipment A dividend £312.000 to f 1.17m > and debtors Y T- A* 


wi.-i ks Vi dT 
j«rs 1"“ I?:?-:-' 

ElHin £<DIII WUH 
9r) GW y. 47: IM.HrS 
mi'll 1 1 a-**- 
F-i 1 iii in.ru 

4 ! i>i' 6.4^i 1'_‘ 

;TI :7.i 494 

4467 b.09S 12.7M 

j .sj.j .1 i<ir u 

2 1+4 2 tHi 3.459 





Mr. Gordon Palmer, chairman of Associated Biscuit 
Manufacturers. . . . profits virtually unchanged reflecting 
difficult UK trading. 


cuhcidiarv Tvton ' rnmoration . came out at ELZSm (csuni. were weaK, particularly m plain outlook is °eiw.- Japan. But the groupVb^fSa 

has moved into nS?v^ P Career, After minorities of £93.000 biscuits, where volume fell by IS estimate is P‘ tch ,ho l0 ^5 n i?' ^ activity, its crystal and^a^- 

nremiws and «»ntln5es to make (£90.000 credit) earnings per per cent, and this damaged ABM’s £10m pre-tax fo ^, U l e n t duction and sale 4. con tS§£ 

S S SJeiSS 2 °p share m showu d0 "' n fronj of creaxn But ever the new maoagement sUll its rofit pouerhousel^wi 

In the UK rite move of Heller- 6.0p to 4.3p. biscuits were only part of the has a lot of work ahead to rians- have offset Ifae d® 

mnnn Electric from Crawley to The interim dividend is lifted problem. About £600 JM0 of , the form this hlst p 1 r «Jn : ^ t rt n^duce the weakening -in the CjS. !d3 

Plymouth has been accomplished from an adjusted 1.4057p net per £lm setback in UK ^dmg profits sleepy company. Plans to produce and export sale-j in stato^S 

wfthoutanr reductionin sales 20p share to 1.65p. A total of is attributable to OP Chocolate more “own brand biscuits, new are in line wit* burf OT 
activity 3.53p is permitted for- the year, and the small packaging com- products and cost cutOng com have raaintained 

Mr. Ray Parsons, deputy chair- Last time a 1.6S6p final was paid. pany. OP was affected by a. fall bined with acquisitions overeeas share price edged , . 1 

man. saj£ that w^ile P he'is con- demand for wafers and- the are all of a more medium to long ggp which , as!i umin K a fE 

cerned that the unsettled a rommenf packaging company (traditionally term nature- At 82p the hisronc pre .t ax figure of around- '1L 

Sion on the national Pa3 . . . a bigh^cycli^ operation) ^ p/e of 5J! and prospeettve yield fufiy' taxed p/e of ig 


At the same tune, work on sales capacity and speed or service. In The net interim dividend is be maintained for the remainder a 1 1 1 -j in 11 

office computerisation and dis- the short-term, expenses will l.*«P(t.j«P) perJtop *harB. cost- of the year." |j ll^CT BlOlt OHVQtlPD OT 14 01*11^11 

inbution systems is beins increase as a result of this but the in« £iSo.840 < t_if4,4W»l — the Bj II jL I l^t l I dm if y fl. 1 1 L. K dCll F ul 11C/U 

intensified, all of which arc part directors have instituted a major previous years final was 3.S02p ^ comment ... 


APE just ahead at midway 


v sa i es r j se 0 f 10 per ce nli a figure from S.Sp to 14ip per 20p share of 4op (20p) is to be paid. 

TOGETHER with reporting a £ni».5m at June 30. 1977. This is a turbines Is good and the outlook Uttle volume gain and the interim dividend is lifted 

rise in pre-tax profits from satisfactory position which is ex- for pumps is reasonable. Gears, Af ^ the previous year, most of \ ’ f F .90 ^ P nct ji 

£2.!)3m to £3.1 lm for the first half pected fo be maintained, the however, continue to present the Jbe growth appears to have come nnalwas 4-£9p «»-*«** Ivl Iff ■ A1*1T1 

of 197S. the directors of Amal- directors state. biggest worry. Formerly fr °m overseas subsidiaries After® tax char^eof £9o2,000 X T llUlvl 111 . 

gamated Power Engineering fore- ’ dependent on the new depressed faround half of group profits), (£oS9JHiu) net profits for the 

cast a modest improvement in a rnmmont tanker market, orders in this field which have benefited from the P®J“iod rose f ro m -34*.rtM ' to 

results for the second half of ® Comment have been difficult to replace. The stability of sieving. In addition, £879 000. Dividends absorb £160,000 T]Cp TQT 

the year. b, ,he past two years, following shares fell 7p to 149p where on ‘he Cie Deutsch associate has f£l43,0W)l. AAWV .. 

The net interim dividend is setback.- of 1973-73. pre-tax full year profits of £7m the pros- made a strong recovery, thanks Mr. A E Long, the chairman, • , . 

stepped up from 2.64p to 2.94Up Profits at Amalgamated Power pective fully taxed p/e is just to higher prices and increased "iH reUre on JaDuaiy 31 19i9. J* QrfWrKTllf 
01 ^ .r i-.iiii -i» F-ncinpi-rim' hm« mn» tK=n under six. This seems an un- output. But at home the and Is to be succeeded by 1 tt 1 I^ II L 


The ..net rnlenm dividend is setbacks of 1973-73. pre-tax fun year profits of rrm the pros- ‘ w i«Y WSm on J 

stepped up from 2.64p to 2.94iip profits at Amalgamated Power pective fully taxed p/e is just to higher prices and increased r ® tlre on , J 
at a cost of £41)4.313 compared Enslnecring have more than under six. This seems an un- output. But at home the and to be 

with £362.231. Th* 1 directors in- quadrupled. Growth, however, demanding rating given the com- immediate outlook remains dull »«r. it. i\iaa. 

lend tu pay a maximum permuted has now slowed down with pany’s cautious optimism not only with the uncertain wages picture 

final. Last year’s total payment interim profits this time only for the second half but for next casting a shadow over the medium 0 Comment 

was 328p from proiiis of £ti.2!Jm. 6 per rent ahead and margins a J’cj^r as well. The yield is a term. Also, the reorganisation r 

ii.iif-yi. jr Year f,,u P oin ; lower. The overseas reasonable 5.9 per cent. 


interests. 


±l.l /mi ana aeoiors XT J* .-v= 

(up ’ from £1.81m to £2.68m) H Q Willi CiM* 
reflect the increase in the Indus- X Xu ff till ijCI 
trial interests, following the .’.v 

of outstanding stakes a. 

vessey to restore . 


acquisition of outstanding stakes 
in Matthias Spencer. John Vessey 


A V and Woodberry ChilcotL - 

• a Mr. Ernest HarbottJe, chairman, • ' 

nep tnr ^ys that the sroup " ow has tbe rivxzirlonrlb -> 

llov ll/l financial resources necessary to 1X1 VlllCIIlliJ -' : 

take advantage of any profitable 

opportunity which may arise: He IN LESTE with the .'fiir 
I v 3ri wri^lil also *«>■* that ^ eve * profita- improvemeat forecast at the4 
^ ^ A 0 AAl ’ bility of group activities since the annual meeting, pre-tax profit 
vpnir TTirjxovvR «r chit™ end of On? accounting period has Hawtin rose from £349^69 
against £2.42 m previously, taxable been mainta' £440,000 foi r tbe 


against £2 .42m previously, taxable 
profit of K. Cartwright (Holdings) 




Vw»r 


197S 

la— 

iu;; 


OhH) 

ro*.Hi 

f'WD 

Turnover 

.. 3".j« : 

.'T.fi.VJ 

SR. us 

Trarl In? profli 



6.4TJ 

Inrr-rosi 

MS 

!>■! 

377 

Shan- or .\sw»;. . 

S5 

l-'i; 

ij«’j 

ProTit bcrorc tax 

3JI2 

2.9J1 

6.:ss 

Tax 

71S 

liii. 

l.rio 

Profir afi>T tax 

. 2.:iW 


4 

Anrlbutdbk* . ... 


1--M 


Orders on 

hand ;it 

June 30 

amounted to 

167 .5 m 


ainst 

£6I.4m at January 1, 

HITS 

imd 


:;ir a.s wen. me yieia 15 a *vim. ow. ic-uis«hi3«iiwii Famoll’a c,., u,i: — n , , prune m n. umungni inuiamgs) 

asonable 5.9 per cenL of EMP is taking longer to com- Ic* X th re ^ UJl5 Phased advanced £95.400 to £392,000 in 

pleie than at first anticipated. {“* “ ie shares jumped the first half of 1978. 

However, last year’s £4m expendi- n i r 1 hiTw Pr °fits are 62 M r . j. c. Xortham. chairman of 

BRAFD GROUP lure programme in Germany, the Sf - njll-i" * *■"* the maker of door and window 

° URULr U.S. and the UK should start to Si?“SSL r V* h f s l 2“ . t0 a ***»"? furniture etc., says satisfactory 

Braid Group, North West car make an impact soou and there m2 ^ 1 sub- progress is being maintained de- 


At tors, mainly 


largely come from diesel engines „ . , . , , , nrsi-nau juuma is aciiieveu. men nPOV :_„ mar b 0 , yoiuca nut umruv unuivcu ui 

and here APE seems to be doing Rowland (Barnsley) and jh e shares, at 63p. are on a pros- ^ rou . |h " ; nd , J .f r ? iar Vnn^ P 7~ mtr " that ih^ustry continues to In- 


first-haif profits is achieved, then 


panies not directly involved in 


EPIC well 
ahead to 
£524,000 


July 3L. 1978, on .tunun^r- 
£3.69m against £3.54m.- Last it 
surplus was. £333,000. "r 

The directors state Vt 
subject to satisfactory ,jirog 
continuing during the 
months, a recommendatnbii 
return to the dividend fist; 
be anticipated with the p* 
lion of full year results-die 
payments were in 1973. .. tv 

First half profits were- 3^ 



i, - ; 

r • 'v : - f f~ r; 


BTR play an important part 
in die development of heavy 
electrical equipment dirough, 
insulation products such as 
Permali laminates. Tliese help 
to t-uppon: and brace die stator 
windings of large turbo- 
generators. Expanding use of 
reinforced laminates has 
- contributed greatly to our 
growth in recent years. 

"We supply thousands of 
'otherproducts to the 
engineering, transportation, 
energy and mining' industries 
worldwide. Vital components 
tor cars, trains and planes. Hoses 
of all types. Heavy-duty 
conveyor belting. Oil platform 
steel-work assemblies. Rubber, 
plastic and engineering 
components. 

\\&’re confident weVc got 
the right mix to cany on 
• growing. Sales to key industries 
and worldwide manufacture iind 
distributi on. Above all, an 
opera tingpliilosopliy tiiac 
actively encourages growth. 


units and the dfettfbution of SSKL 30 ' 1378 ^ At halftime Specials (BWMl 

semi-conductors. STear .he ^ «• W «"» «W*» April X, mt. | 

loudspeaker factory was closed Earnings per lOp share are £1 57 ,00 ° , . Earnings per ap shared 

because of production problems shown ahead rrom 3.sep to 4 Wd J or the ^ar were showT1 ahead from 0.6lp tdl 

and low demand. The only disap- and t he interim dividend is up (£2.01m) and net property before extraordinary iterate - 

poirnment in the results has been Sf m ™ iSSS to Up. ' After tax of £ 180.000 tom 

{J; eS P°/ n tS Ptn? D rm H nCe C wl V£ h net. Last time a 25727p final was I"*™* St r SJS m tS^S& minoritJes of £2.000 (£1.000) 

has been hindered by the Da j d ** £871,000 leaving the pre-tax „ extraordinary £170,000. i 

Stronger pound. Otherwise, with P ' profit at Il.Mni (£ff.73m). Tax ^ st retained ’ 

business buoyant, the prospects took £343,000 (£185,000), and the e m er .ed tin from £l70,(H>f- 

continue to look good. If Famel! \\T T? Trucf net interest arising in the UK £246 000. 

can continue to achieve volume TT Ul XLi HUM on its Belgian development was The group’s -interests 

growth at the same rate as in the £268,000 (£303.000). protective clothing and ai 

??? , raont B s : ^hen at least nrfkOTfJCC '^ ,e available surplus is after equipment- 

_4.Lm iooks possible for the full realised capital profits less capital 

year At this level the shares ^ aeC0 unts of West nr charges totalling £34,000 

ove n r d 13 n while r ?h r T C Sd ^ 4 England Trust reflect borif the (£448,000), net outgoings attnbut- Ji . O 
Mr cenr " d “' 6 remarkable success of its invest- able to development properties of 1 WO OCala 

ment management subsidiary £87,000 (£38,000) and a transfer . • 

Tyndall, in the year to the end from ca ? ita i^ re8 5fX?i^?* £3JJOO PAfiinafll^ ' 

-rj | ■ T -i* of June. Profits after tax compared with a £412,000 transfer LUHluaiUto 

rerKin-itlmer increased from £264.000 to to reserves last year. - \ . : i" 

£684.000, poshing the group total Earnings per share are given lmnfnVP 
l-ic-rtc- Qm “P from W4W00 to £L2Bm, and at 3.58p U-55p) and the final divi- 

IU Xl«OUl reorganisation of the industrial dend of L339p lifts the total from Two Sears Holdings subside 

„ x and commercial interests of the lp net per 23p share to a maxi- reDor ts much improved resulfi 

From turnover of £14.1 im com- group to bring In three new mum -Treasury permitted 2J)59p. *»,!» om>ninc first half of i. 

P r v d '',’ lt 5 n fl0 - 97ni Pro-tax profit wholly owned subsidiaries. Directors say the final docu- W hiie the «ubsidiary Mappla- 


W of E Trust 
progress 


Perkin-Elmer increased from £264.0( 

£684.000, poshing the grou 
r icnc tn Qtti “P ^0“ £846,000 to £I2Bi 

H5C3 IU JLl.OUi reorganisation of Lhe inc 

_ , and commercial interests 

From turnover of £14.17m com- group to bring In threi 
pared with £10.97m pre-tax profit wholly owned subsidiaries. 


Two Sears : 
companies f 
improve 

Two Sears Holdings suMdfc 


Ruberoid almost trebled at half way 


- Turnover at Mapfun and 
was £13.53m ( £1 1.63m) andmj , • 
suit was after interest of ■ 
t£l 19.000) arid non-tradniR. pr 
nf £53.000 (£3.000 loss). Tax 1 
of £610,000 (£615,000). ••••:• 


JAXABLE PROFIT of Ruberoid, Babcock Contractors, as part of The maximum number of £610,000 (£615,000). • 

building products, specialist sub- its turnkey operations division. ordinary units which could be At Sears Engineering last y* 

contracting, paper and plastics The company wiU be created issued would be 1,098,972 making pre-tax loss of £967,000. w as. > 
almost trebled from from the electrical division of a total of 13,919,684. verted into a £106, 060. profit a 

iios.000 to *4a0,000 in the half- Babrock-iVTnxey and the electrical The company has . been adtised interest charges of £2,I5m (£L. 

ycar to Jirne 30, 1938. Turnover projects-unit of Babcock Indus- by Montague L. Meyer that. After tax of £150,000 (£40C 
was U P Per cent at £I5.69m trial and Electrical Products and following conversion of September credit) net profit was ** 
against £H.58m. w j| provide a fuH turnkey eiec- 30 of the Meyer holding of loan (£567,000 loss). ~ 

1 ” r - in ® ra 5 s chairman, trical engineering service for the stock, the total of ordinary units British Shoe Corporal ionVP 

reports tnar all the operating process industries at home and held by Meyer is 2,308,888 (12.84 jumped from £lG.5Sm to .£«■ 
companies contributed to the overseas. The company will be percent). Assuming full conver- after an ni te rest credit of 
improvement in profit, especially based in Gloucester. sion Into ordinary units of the (£416,000 charge) and non-tra' 

- remaining loan stock on Items of £174,000 l£502,000l. A 

He SflVS the srlass TIKNijp nrmM an an. : ..-I, i_ , ... , nul' fii 


the construction company. 

He says the glass tissue project 
is not yet profitable but that 
losses have been sizeabiy reduced. 
There are belter prospects for the 
future of the venture but it will 
not happen immediately. The 
financial condition of the group 
remains strong. 


Intnl. Timber 
conversion 


November 30. This will be lax of £12.6m (£fl-2m) net'.P 
reduced to 12-20 per cent. wa.s'£10.15m (£7.3$m)-~. 


financial 'condition of the group Holders of £1,112,552 10 per I ISSUE NEWS 

remains strong. cent convertible unsecured loan 

The group operates in a sf . oclc 1990-95 in International j- 

depressed .sector of the economy Timber, exercised their right to , - . . | A £l*% GLOf— 

but there are signs of improve- convert on September 30. Follow- Y PJIFIlIlvSi IITI ifl III f>Z 7/0 

ment. says Mr. Kenny. The con- ln >- that conversion, ordinary » *** U.£# H-F A • ■■ 

struction and paper Industries are “[“J-* *" t0 . taI 17.820.712 and The coupon rate on . the local for-four rights issue ' has l 
not yet showing the promised ")®ro remains in issue £9Su,075 authority yearling bonds is up taken up as to 97.35 per cent 

recovery but indications are that of .““J*"". . , from 10J to 10J per cent. The Tbe shares offered to Lot 

nro« for 1978 WUI exceed 01 A t nnHinp a iR C 1p« J« a on Sl ° ck boncLs ar « issued at par and and Midland Ihdustrtals’s sb 
the £0.85m achieved in 1977 The S a®? , pe , r dated October 17, 1979. - holders by way of rights f 

uitenm dividend is lifted from ro" 1 lif.'Jrf 1,9 ??* 1 2" stock This week’s issues arc: Kirklees been taken up as to 875 per c 

® i!? " et P er 25 P share to O.ifp. A A? e ® om . p ® n y Metropolitan Borough Council The balance has been sold in 

l.oa, 4p Goal was paid last time. c j , "i er *J|S 9 ™ m «i n,ng «!•"». Walsall Metropolitan Bor- mart*! 

S pa b ^? cock 

5 1 ena ot uctoh er. 0 r Pendle (£lm). West Oxford- Uowden Group’s rightsjssui 

' ■■■■■■' — shire District Councd t£’m), 3.84m shares at flap each has o 

DFVIOFNDS ANIVOfTlVI^m Malvern Hills District Council taken up 'as to about 9<J c 

J/lTll/EilUO AlimiUlltti; (£jm). Wellingborough District or the issue. The balance 

Date Corre- Total Total ^ ounc ^ (£4 m). Motherwell Dls- been sold in the market-. • 

Current of sponding for last trict Council <£lm). 

. . payment payment div. year vear - Ci,y of Brist® 1 ha ^ raised £Jm /»C717CW 


IhLigi.'iii.'iiUori’Cjts uiijL.n i^csluiU bucket* of Permit ti tit 'lutjicdu'uud Lmiiiiuuu 


DIVIDENDS ANNOUNCED 




stands for growth 


BTR Limited, Silivrtown House, ^ %Tnccnc Squatc, London SW1P 2PL. 


Estates Property 


J. Halstead 


Highland Electronics 
Inter-City Investment 

Ruberoid 

Scottish MetropolHaa 


Current 

Date 

of 

Corre- 

sponding 

Total 

for 

payment 

payment 

div. 

year 

.mt. 

2J)5 

Jan. 2 

2.64 


InL 

1.65 

Jan. 2 

1.41* 

, 

mt. 

1 

Dec. S 

—5 

_ 

.int 

054 

Dec. 15 

0,75 


■inL 

5 

Nov. 17 

126+ 




1.36 

Nov. 30 

0.5 

2.36 

.int. 

2.58 

Nov. 24 

2.31 


tm. 

1.70 

Nqv. 24 

• 1 .76 




0.5S 

— 

0.33 

0.8 

.int. 

1.34+ 

Jan. 3 

134 


.int. 

0.45 

Dec. 12 

Q.33* 1 

_ 


1.19 

— 

1.07 

1.19 

int. 

0.6 

Dec. 11 

0.2 



0.77 

Nov. 28 

0.7 



... 

1.07 

Jan. 6 

0.9.5 

1.97 

.int. 

0.75 

— 

0.56 


Int. 

1.13 

Nov. 20 

1* 

— 


year vear OT nn,tw nas raised xjm «riT<rn nCETP ' 

_ ?« r of 122 per cent Bonds at par WATER OFrJtK -• 

— dated October 6 1982. Rlekmansworrh and t-bdiri 

— - 3 72 Three councils have raised five VaQev Water CompaoJ’ ts E 0 ** 1 ! 

— 171 variable stocks priced at Ss? £2?S by way ^0? an offer 

— 364* f W cent and dated October Si® tender of 7 per ‘ 

226 i' M 5,19B v teare West Oxford- SdU£bl?%f2rmaiu» * 

— 6 6 shire District Council (£im). City • # l Jrrtrdmum price. 

— a'ls of Wakefield. MetroDolltan Distridt iSHn !L „ a „ n ^ ■moamum p 

0.8 oa Council (£inj), City of Bristol ***0 j*r cenL 

— 4JM ajm). f— ■■ — 1 


'Equivalent after allowing for scrip issue. 


L 19 ;» 7 danks scrip 

— 2^6 Directors of , Danks Gowerton 

L.97 1.77 announce proposals to issue by 

— way of capitalisation one new 

— 2^* ordinary 25p share fqc each 
irwise slated. e sisting- ordinary share. 

1 On capital 


1977. 5 Interims previously not paid. issues, * includes 0.04I6P for RIGHTS RESULTS ' 

Reliance Knitwear’s recent one- 


liing&Sfuxxsoa 

UwWl 

52 Comfrill K5 * FD 
Git &Jg«d- Portfolio KiiugeJwri 
Servlw in«J«r 1B.10.7S • . 
PmHoIIo I Immm OBef ^ 

FWvlw X Cafvtsf CW?J . JJj 


,n>t-r'rT*r 



* f 


, ^fft financial Times Wednesday .October' 11 1978 . 

L 1 m 


^la^'52% rise 
i tt| JJby Hewden 


feaif 


C;. 
itifr • 

;r.” 


'•A 


si\ ^Stuart at 

* . . % 




^six months 


UK volume increase lifts watts Blake 

on target 

by 75% for further 




THE Ux 1..I0 >rn A JUMP Ol 75 per cent- in TJTP-las 

»TS profits p^HcwriJriuwi nrof,ts was announc'd ytolcrday 

hm £??, „ Ofitdeu-Sluarl ^ An , luadslon* Corpora Lion. 

, c l ,,t J&L £n the roadmonc. concrete and civil 

;Ti A ipion R h stating ^inmorinn ^ nu „. 

1,11 M is i ton early tu make 


board meetings 


Thi. fuiiim ini; companies iuv».. notitM efficiency, 
engineering group. V. 3 01 uoam tavwiir^s - to iUf s*tnk 

rc.Nsi r rt ,. » !*. - ; * Pre-tax profits rose from . Sucfl wwituxs a*.- usual)? 

reu«.u roi Lie rest of ihe year f jk ism Iasi lime to £3].67ra, on K. . fRr pnruw «r cwkWcihw 
directors do Nay that figures turnover un from 1159 7m lo OHiL-iai i imitcanons art not 

■ tl scale lhal Drill it*; in Vu-ust r U " irom . u J\J:1 jIi1i- (P whfiiii.r iijvui.*n.l* an- 

•i loticd in »n ««■ ni«s ur Hnals and ihi ■aib^Uvuiiiti.i 

ipmt^ Jr J<!v, * ,u 5 ,,f * , 1hl - ARC says the company s strong *nra iksow m b US .d uumJy nn jusi 
respond me period and »lrry position wna due to a good >Ci,r 3 "nh-iabk-. 

• c no reason why this trend increase in orofitahilily from UK , today 
.. louid m»i continue. operations which nreoumed for tSZ 

- I’irsl-haU turnover increased 4» 26m of total profits— and the naiimui. Empire Stores tiifrdfunji. 

ir cent from £29m to £42m inclusion for the first lime of «'.-rnai tnv*inuni Tran. e Koran?. 

■ Jcre was, however. only a mail Is from The IVS subsidiaries "J® 1 ,'!? 

-/Odest movement 

aruins which the 

v acnhe ^ rcm3intn. 

. ireal.stjf levels.* 1 

They 


increase 

IS ^/’S.TLSKS? Kt WiTHP^mnrn^.,, *. n« 

tin* resulting improvement in { 1al 5,^ m 19 ^ p 3 5 ir tf.,/ r 

plTiripni'v lo £1.44oi, ihc director.* of \lsiu, 

Blake, Bcarnc and Company say 
they have every reason io believe 
that the second half will average 
nut well, enablin': the company 
to maintain its; record of profit 

improvement- For tnc Inst full 

year a profit of £2,57m was 
reported. 

For the si? months, earnings per 
2Sp. share arc shown to have 
risen from an adjusted 4.7)p to 
ujp nnd the net interim dividend 


Sharp rise 
for James 
Halstead 



c 0fr^.. 4 They state that 

' •*' >l Sm C3 r P -n 3 .M° :t!JCn 5! t,lfl f p f a ^ 5 J sale^. Prom from the precast future pates 

■ ■■ c * 'P? the fact iha! concrete product, group rose 'iiirims— 

: '■ ® r »®i*u»nr have rwen substantially , again reflecting the ant I Hoiiimtswortti ... 

- „J»^_V m ! u - 0y . 170 .^ r ct ™ acquisition 7 of^ C^. concrete n™ v 7 s? a 

■ ,tv oringm- the to til operations 

1,1 j since thait Umc to in the UK, both civil engineer- p«rnmnon invrsitm-ni 

• vr jn g nnd surfacing activities pro- 

' They Add that if they are to duced record results, supported ertn, 

ntmur to maintain and develop by the settlement of oublandin” Furh. r .,ii ..nj' Harvey 
•.. • £ company, the capital must contracts. DiiersiDcation anti «-iovot* iw. und J * 

- * found from higher profit increased actjvin'es in building naws.-r s.do.-ir> 

. '.irgins. find general construct«m cootmue "“'I* 

- Ml divisions, with the excep- to produce growth in a “Pmet S v«,r?.',' ( „ ” „r srortai^ !. 

n of crane hire, substantially marlcet. _ SpW.- invrKtincoi Tnr.r 

proved profitability and turn- Overseas, AKC says that, U-S. Wooit ..mi Fun.* 

; er durini: the sa monihs. activities now spread from Flonda Trw: , 

• rhe interim dividend is in- ^ Washington SUile, with the *VT«UL , . ' .7" . 

.■used from a adjusted OJlop to major investment involved in the rauriu*.-y pope 

. 5p net. on staled earnings production of concrete pipes. Dwam amt Wyndham 

vad ri-nm 4.133o to B.lOju ner There is. however, also significant McK «*n«f Hroihirs 

> share. Last vear's tDial was involvement in agitreflate, asphalt 
• uii-ak-nt to i.064p rrom profits anfl ready mixed concrete. 

£4.3Dm. The companv is now-also estab- Government policies at borne and 

Half y^ar Usbetl in the Middle East and its abroad. 

r 1 j associnie operation in Nigeria has Investment during the year 

dies prus* Tsw.r.rr s.STu.-ias a continuing subslantlzd w*orkIoad reached £5n.2m and, apart from 

>rr*f;aiMin 3.53j!i.«. ;!t2t! 42S Tor the immediate future. The the U.S. expansion, ARC acquired 

s, M.rn ::oj£3 company’s I otjl forward ' order the Harrison Companies — 


£ 1 v'^Th a investments nil <£4fi.itUfii and post - 

At the attributable leve.. profits , nPOlce currency profit £20000 

a- s a *2s a 5!L? i 2i «"»>■»* an i in ^ 

Oct: 27 §23.318 TSSi ,B WBrj of 14 per cent over the correspond- 
on. w /r’LSr ' n n P«iH on a somewhat small- 

" n 10 Sm 2 iSSSTmSSh^fX a< l »M«. 5 the* a lu eI .f ales, and 


no IS a riSnS S on™fte , c^ccl!7 adlk,emen ls m ‘ ms , 

2"- S tion Of debenture stock. ti r C . n Pike ch 


Oct. 12 
Clct. 12 
■XI 

oct 
Oct 

£■2 ?Sfj4°teSSS 5 retSd ?SSI ''SJF"* unceminr > of wort5 

a V^'woup^ n akef^-m°v? floor. The company operates as an 

wa ‘ terproof ss^stss.^ wiicr or 


Nop. T 
Ucl 27 
nn. r. 
Oct. 12 
Oct 26 


tup profit 
Mflll.-s. 

■:!uii.U|i> 

• m- ludins ACT 

id*-n.| 

■-■IllJQUS 


' ' book is ai a record £50m and the operuiing quarries and ready 

previous level of growth should mixed concrete plants in the . 

ilr 431 " 9iif?4 be maintained Uiis year, say the Norib of England—and Gilmans *,,.“”25 

2 so:m i?n!2« directors, although performance Mnxunry. “Substantial progress" -tlOo.OOO 


Midway 
jump at 
Inter-City 


- OUMJH..I i tn £307.000 is reported 

2.Tbo.T73 i.nsini remains ’ largeFy ^ dependwii on has beJn m ade irT the ' modcmiM- by Inter-City Investment Group 

for the first six months of 1978. 
Turnover for the period was up 
from £4,305.000 to £4.737.000. 

Mr. j. Harris, the chairman, says 
the improvement was almost 
entirely due to the wholesale 

JLUDIXG A £370,000 edntribu- final quarter. However, they still All rayments to creditors then w^'h^he^chan^^in ^Lhe^alance 



Slat; 


Y«*ar 


I'iT-. 

iy77 

is;r 


r>n* 

nw 


External sales 


.,17 

li.jTi 

Home 


7. 149 

4 41J> 

Expun * d’mm-. 

0.77:1 

C. Jrj. 

13.156 

Tradlnx profit .. 

-'.(fj'l 

I. "ill 

3.a?3 

lu-ureaaiKw 

hTi 

."»'i 

1.3« 

Sal.- of irado inv«. 


lu 


Currency prufib ... 

-U 



•nn 

Pretax praitt 

1.441 

1.2M 

2.U8 

Tax 

7-lJ 


IJL'b 

tYofir after tar ... 

r*r‘ 

hil7 

I.«V 

Pref. Ulridend 

■? 



Available 

«SD 

£114 

IJOrt 

Ord dividend 

i iri 

TVS 

Z61 

Retained - 

5U 

476 

074 



21 


Croda enters U.S. i 
market with £3m 



IX AX agreed deal worth $6.15m son was one or len companies Under the ierm« or the 
r £1.1 nil i-hemical group Croda In- Croda talked in durum the period Nigen.inbation prosremme the 
lernational is lo purchase the of its seardi in the States. reduction lias lo take place by ihe 

Rrchardson Ink Company of Croda first moved into printing end of this jeor, 

Chicago, tiie seventh largest print- inks in 1971 with the acquisition Blackwooc1 6aid vesterday that 
mg ink manufaeiurer m the L5. o( A. B. Fleming (Holdings). It t0 meet [hjs requ i rcmC nt it is to 
The move marks Croda s entry now has operations in the UK, j.. ue a furlh ,, r 3a _, ,h-iroF in its 
in.e U» Amerifjn Ink market Maud. Hodaud .lalik Southern ^“r ia o V U b"di a '^v.t'h u ill be 
The cash deal, which Croda vfljrtL r , ‘ sold at SO kobo apiece— around 

plans to finance with medium as * Wp— to Nigerian citizens or other 

term dollar ioans, comes after six purchasers permitted under Ihe 

months 1 negotiation between the J "SEL ££ of total Nigerian Enterprises Decree, 

two compaiue.i. Completion of the vp^tppriis ri-ndVc uhiirmm sir L 331 year Blaclnvood earned 
acquisition Is expected to take predehek Wood described 0 Uie net profits or around from 

place in niid-Xovrmber And once XteJafil its Nigerian operations. A 20 per 

completed Croda <hould command development," “ cent reduction m this investment 

an S-10 per cent share of the U.S. oe«wpui«*i- 
ink market 
In its last 


/‘™v oJw BLACKWOOD HODGE 

subsidiary of the Richardson Com- Kfc.QLiiKfc.lJ IO LUl 
pany, made pre-tax profits of a NIGERLA STAKE 
little under Sira fJftoinl on turn - , . t , . . . . , . 

over of siK.Tni i£8.4m). The croup Blackwood Hod»c is the latest 
has net assets of S3 in i£2.5m). 


would have reduced net profits by 
£742,000. .\ei tuncihlu afsels of 
the Nigerian subsidiary— which 
earned total pre-tax profits of 
£7.lm last year— are around 
£10.3m. 

A spokesman for Blackwood— 
which earned total pre lax profits 


T. C. Harrison 74% interim rise 


MrtnV ‘•■'w™ tut i n ii»u- uihi -quar -urr. nir*o«, »wj ■»»>• i ujineiui jo creuuora tnen ynth the chamxe in the balance 

£ id Wilt 1 from Pe t® r borouch Motors expect Tull year profits to show ended nnd the joint receivers and 0 f t he ctoud's activities over the 

Hi; -lav profit oF T. G Harrison an improvement on. last ycar‘s managers now asked what should few years this division Is 

t* 74 per cent from £S7ii.(riHl to record £340.000. happen to the balance of the now the Drincloal activity and 

tfi »€/■.-, »2S.O0D in ihe first half of 197S The six months 
IU J rVfi turnover well ahead from struck after interest 
v -‘ l --27m to £30.01m. (£92^56 j. Tax . n 


Barr and 

Wallace 

progress 


FOR THE first seven months of 


divider.- and carthmoving; group. Street Property was sold to British did not mention any return of The return **to more normal nnn ■ , 

*-s third-quarter profits have Gas Corporation for £150 JMW. com- the balance to them if there was trading conditions has allowed the £26.639 jrao last ^ume. 

n maintained at a “vers 1 satis- pieting the rationalisation of the a receivership. new sales policy to become profit was after interest, 

tory level and subject to company's properties. . Creditors had been told about established. 1 er . rJflP 0 ^ 

ainrng adequate supplies of The disposal of the vehicles the fund and so had gone on Third-quarter trading has indi- ViSr=i^« After o£ 

iclcs, says the group will have operated by Balm Road Transport trading with Kelly. cated that second-half profits will (£258.0001, ner prop t was 

ther record year. In 1977 a Services to a company in which It would have been “com- substantially exceed those of the £8l6,8ol compared with £644^190. 

3m total was achieved. Mr. T. P. Tale is directly mercially dishonest," said the first six months, and beyond this Eammgs per 2op share are 

e says the interim results re- interested i« being considered judge, to allow companies to con- year Mr. Harris sees steady profit given at Z0.7ip (lbJ3p) and the 

. t satisfactory contributions Full details will be sent to share- tin lie to trade with Kelly if there growth. For all of 1977 a £320.000 interim dividend is lp. No in- 


_ ... . now the principal activity and 

pron* will continue to be so. 

.«* *8*-6S' The judge ruled that the money The benefits of the change in 

, _ — . tooic £9,503 should not go back to the banks, balance would have been seen 

ir. T. C. Harrison, chairman of (£78.465). It was for a specified purpose and earlier but for the extremely 

and commercial vehicle On August 31, the Tra fa lgar the agreement between the banks adverse trading conditions of 1976. 

‘ j:j ’ ‘ return to more 


Wallace Arnold Trust grew from 
£902^90 to £1J!31.861 from turn- 
ot £33,997,000 against 


l! 


£0.34m payout 


n all sections, with the car' holders ui due course. 

commercial vehicle divisions 
-.icularly buoyant. Much im- 
;ed profits were earned in the 
ice and parts departments. 

.ie earthmoving division con- p _« 

es to show improved results, fni' 

>ite the adverse trading con- LlvUIIUlB 

’” s fo°nnt^ C ^nrfnil T flf ftpllv HoTHAQ creditors up to June S. 1973. 

ry. A new depot in Norfolk U1 iVvilj llUlllCj.. Among creditors represented 

been corngeM I and “jot^r ne remaining fa a. were Norman Hancwk (Joinery). 

V for SeuSSonlnmf " lifeboat ” fund set up by a group Davenport Street Burslem. and 

Im,™’ , ira3.000, ,ll ,™iin,. •r . .huuld. now be W j J SVS! , ASS ^!SLS SSS Vi 
.000 net profit improved from remaidng uns«mred.of Uwe street, stoke-on rrenv 

:-,000 to £733,000. a J!L S4? 

le interim dividend is up from t j 1 

i«pV“™ p A a 2 7Sru“u e e s t p“rt' d JT Increased loss 

23p share anal »■>.■ paid last devdopmeiS at miflvpar 

S anies, now fa liquidation, a Iklllijt-rt.I 

ligh Court judge ruled. „ 

The vice-chancellor,-. Sir Robert tfir 
Megarry, said Northern got into lfiv.1 

difficulties in 1974. A plan was An increased pre-tax loss of 


had been an intention' that the profit was achieved. w ^ 8 P a W J ,ear b “ t a 

money should return to the banks After tax of £157,000 (£44,000) 3.7165p sin gle dividend was. from 
unless the companies were not profit came out at £150,000 record pre-tax profits of _1.64m. 
properly warned of such a (£61.000). The interim dividend is A scrip issue of one “A ordi- 
proviso lifted from (L2p net per 20p share nary share for each two ordinary 

The "iiul«e ikn held ihat the to °- 6 P M d wiD absorb £56,000 or “A" ordinary shares plus one 
words fa ihe a«reemlnt •• ensnfae (£*9.000) leaving £94,000 (£42.000) new preference share for every 

2 ■■ W o U fa S?l?ljl n nsecuS Gained. Last year an 0.4p final four ordinary or “A” ordinary 
. weeks would cover an unsecured waJ . proposed. 


ate of Leeds 
leads for 
ecord year 


Highland Electronics up 
29% to peak £0.55m 

WITH A rise from £235,443 to and a surplus: of X514J160 was 
£299.717 in the second six months, transferred to. reserves. After 
Highland Electronics Group ended the revaluation, stated asset value 
the year to April 30, 1978 up per share rosie lOp to 36p. 

29.28 per cent at a peak £554,699, 
compared with the previous year’s • 

Hffi* Tto,ov " *" £1 - 44m Fitzwilton 


, , , m . .» ■ uiu nucu j#* w lua avaj vs _ « . ■ 

evolved to keep : the companies £667,000 compared with £140.000 is Reporting farther good progress cap If o mApa 
.weiinn'a. U1 ^ reported by McNeill Group, con- Jo Pie _ group’s subsidiaries. Mr. atvaS/UUHt 

investments 


In February 1975 UDT Securities cre te and structural engineeV. for Michael Cohen, the chairman, says 

u * ed their pow^r of sale over th e first ha ]f of 197S . Turnover the year’s results reflect 14 the 

ST HALF turnover up from siies charged to them by Northern f or period totalled £6J.3m Investment m plant and people 

4m to IG.S7m and pre-tax Rroup companies, mcludmg Kelly, against £B.6m. For the -last fufi “ade fa the past and enable w 


FRzwilton, the former Irish 


its ahead from £150.894 lo “} created the danger year a de g cil of m7ra m - m _ to look to the. future with industrial group now a slimmed 

■ 445 -ir*> rpnnrtpd bv Tato of fhat ,f K .elly was not kept trading curre a confidence. down investment company, is 

. - is tar the first half of 107H. ‘"LS^Thed^Sn.s of The heK year, loss ™ smrek ZSefbZ 

. prj^.r4iSSM^'^*K SSSSTiTSTt ■fS.’Ve? S&Sr^riSSTil aL—» he &sx. IS 

* ing conditions fa both ear and £500,000 into a fund to pay Kelly’s J 2 * credit of £100,000 (£55j000) rp^e pre-tax result included rejected liquit 


T l,„ c f_.-v Development of new products looking for more' investments. 

r2i e ^-^ JmEJVHa continues both within the group Writing m the annual report 

_ — ‘ ‘ ’ chairman, Mr. Tony 

says the Board h<*s 

, , — — - - , .. . . - pre-tax result facluded rejected liquidation or return of 

1 • mercral markets. The short- “unsecured creditors in the ”“B ,«* net loss at *567,000 investinent income of £1,185 cash to shareholders in favour of 

iJJjy-' <*f products from the Ford eosuing weeks." (£85,000). (£1,103) and after a tax charge selective investment fa activities 

or Company restricted profit- a receiver and manager of Again there is no interim divi- of JE27&U9 (£265,100), net profits at home and . abroad where 
- - i-ty and the current Ford strike KeHy was appointed on June 3, dend. The last dividend payment advanced from £163,978 to growth characteristics look 

not improve prospects for the 1975. was a total 2B50439p net for 1976. £281,480. attractive over the next three to 

Eamings are given up from five years. 
l_87p to 3.21p per 20p share and The report shows shareholders' 
the dividend is lifted to L19p funds of more than £23m and cash 
(l.D725p) net, absorbing £70,475 or near cash of more than £6m. 
(£63,487). Pre-tax profits for the year to 

The group’s properties were June, 197S were £Llm (£0.6m 
professionally- revalued in the year deficit). 


atisfactory start for Smith Bros. 


British group to have to sell a 

Croda : l*ell provides a full large slice of its Nigerian opera- or I'fC.Um last year — .said that the 
range of ‘printin ' inks but has tiong under the terms or the group would have preferred to 
been lookin' (or the last two country’s Xiserianisaiion policy, have kept a larger slice of its 
years for a suitable U.S. ink The eanhmoving equipment profitable \ipennn subsidiary, but 
operation which would comple- distributor is to reduce its stake that it had tn meet the require- 
ment its" own technology and in Blackwood Hodge (.Nigeria! merits of the Nigeria msatioa 
international networks. Richard- from 60 per cent lo 40 per cent. legislation. 

ME shares jump 45p on new approach 

SHARES OF Midland Educational, small engineering company, had acquired Service Engineers 
the Birmingham based bookseller Frederick Greenwood, m an and Graemross Plani and Equip- 
and nationor. jumped 45p yesier- agreed cash deal worth n^JBm. ment for a total of just under 
day lo 225p following the surprise Greenwood, which manufactures £im ca.-.h. 

counter bid for the company from light metal pressings, domestic Whitfield which also makes 

Lonsdale Universal announced electncal equipment and multi-head nailing machines for 

late on Monday. machinery For the iexfi!e, paper pallet, cable-reel and iroodcn 

LonsdaJe's cash and shares bid plastics and tin bosi industries, making industries generated 
I'aiues each Midland share at 2Q7p made pre-ux profits of £294,099 pre-iax profits or £153,217 in ihe 
and the discrepancy between this in its last financial year ending V(?ar ^ December 31. li»77 Net 
and last night’s closing price indi- March 31. 1978. assets at that date— allowing far 

cates that speculators are antici- Net book value of. the com- a subsequent disposal of an tmder- 
pating more action. pany s assets was £s20,000. On taking — were £310,271. 

Midland directors are advising completion of the purchase 

shareholders lo lake no action on Ropner is to revalue Greenwood's 

the Lonsdale bid — currently plant and property. 

valuing the company at £2.9m — Meanwhile Ropner has received . Rmihrr«i is nlininr ro 

bidding £2J2m cash for Midland is accepted by the directors and 
also sitting tight. It has extended their wives, who own 21.6 per L„d of tilt vear 
its offer of I50p cash for each rent of the shares. Shi .™ , ftor n . 

ordinary share until October 24. 

Jlake fa Snd ^rom ^ Sfce^ WM. BOULTON BUYS groups, and more formalised com- 
?o 5 C 1 per ce a uL lr ° ■ . WHITFIELD WYLIE c Tros a for li s n ome h time. been ^ ^ 

.^“ dale l*™^?*^* William Boulton Group has Lazard Brothers. 80 per cent 
i!i« niuKt 5 nine t aken its spending on new acqui- owned by the S. Pearson group. 

i°^V- P Ji!L 2i® h i,:T-?L u !uf?l 0 P Sitions to £l*m this month with does not have an interest in 

the acquisition of Whitfield Lazard Freres, which is a partner- 
Wylie, equipment manufacturers ship arrangement. although 
for the shoe industry, for £460,000 Lazard Freres is represented on 
cash. the board of Lazard Brothers. 

Last week the group, which sup- Lazard Freres partners also have 
Ropner Holdings, shipowner plies machinery to a wide range an interest in the 20 per cent 
and engineer, has purchased a of industries, announced that it holding not owned by S. Pearson. 


LAZARD BROTHERS 


Freres of New York, and a deal is 
likely to be announced by the 


cash for every fire Midland shares. 

ROPNER PAYS £1.3M 
FOR ENGINEER 


Talbex seeks holders’ approval for bid 

Talbex. the diverse soaps to terms as the directors may think The letter points out that the 
hairdressing group, is taking the fit." market capitalisation of the 70.2 

unusual step of seeking share- Last month Talbex bought 292 per cent of Hoskins not owned 
holder approval before making a per cent of Hoskins from the by Talbex is £2.74m based on Mon- 
bid for Birmingham-based con- Bahamas-based Artoc Bank bring- day’s bid price of Http. Last 
tractor Hoskins and Horton. ing Talbex’s total stake to 29.8 night’s dosing price of ISp values 

. . per rent Talbex. meanwhile, is Talbex at £4.5m. 

^Jn 299 P er “ nt owned by Artoc, Mr. Luni also says Artoc will 
whieh 1138 strops Middle East assist Talbex and in particular 
unsolicited approadi by Talbex c0rmeC Li 0 ns. ■ will support by means of under- 

directqrs. saying there woulq.be It - js roa q e clear, however, that writing or subscription the raising 
no commercial advantages in a Arloc not exercise its voting of additional equity capital or 
merger. rights at the meeting, reminding convertible loan capital" and to 

In a letter to sharenolaere shareholders that three Talbex use its best endeavours to intro- 
giving notice of an EGM, Mr. S . n. directors are also - on the Board duce Talbex, or its customers, to 
Lunt, the Talbex chairman, says 0 f Artoc. new market opportunities especi- 

the acquisition of Hoskins would Elsewhere. Mr. Lunt says the ally in Middle East countries, 
be “a significant step for your Talbex Board is confident of the Last nisht Hoskins’ financial 
group." commercial .advantages of a advisors said Talbex shareholders 

No details of the proposed bid merger and ig considering put- should consider whether they 
are mentioned but the letter tfag details before Hoskins share- wish to give their Board complete 
states, "It would be the Board’s holders^ freedom to make an offer for 

intention that any such offer, if He adds, "The Hoskins Hoskins on any terms 
made, -would be funded as to the businesses in cabinet manufaciur- cf~D pHniTlP 
major part in shares, under- )ng, hospital equipment and fight 3UD untiur 
written for cash." engineering are complementary Two new acquisitions have been 

The resolution asks Talbex share- in basic purchasing, production completed by tile SGB Group 
holders to authorise their direc- and management skills with which has purchased Equipment 
tors to bid for the outstanding Talbex's activities fa ducting and Hire and Sterling Plant Hire in 
equity of Hoskins “upon such sheet metal work." deals worth £351,000. 


MINING NEWS 


1LE THE level of market customers with a rental altema- quote and I intend to deal with 
vity is still comparatively low. tire to the outright purchase of them ns soon as possible." he 
i the international and its computer equipment and declared. 

testic sectors of Smith Bros., associated hardware. Asked about a likely time-scale 

ier. commenced the current Mr. Tbm Gamier, managing Mr. Sbrago said he was looking 
r satisfactorily, Mr. A. J. Lewis, director of 'Kalamazoo Group nnd to “the near future rather than 
chairman, says in his annual chairman of Kalamazoo Finance, distant' future.” 
emenL Dealing conditions, states that by providing a rental 
-ever, remain volatile and it is service customers will now be 

early to forecast the results able “to get the feel of com- 

the year to April, 1979. puterisation and its advantages 
( its new U.S. subsidiary, he without having to commit them- 
; it is far too early to be able selves to the relatively high 

;ive any meaningful indication capital investment that outright 

its likely contribution to purchase would involve." 
ills this year. Directors are 


154 companies wound-up 


efui that the new London 
Jed Options Market will 
dually attract investor interest, 
v are also hopeful there will 
more modest increase this 
- in processing costs. . . *«. 

■untirulins ViS? £TZSZ MefrOpOlltaD 


13,2% sales 
rise at Grand 


Orders for the compulsory Mainland Property Company, 
winding up of 154 limited com- McCulloch and Newitt, Marie 
panies were made by Mr. Justice Lloyd Luncheon Club. Wilding 
Brightman fa the High Court on Developments. Cbhrs Motors and 
Monday. They were: Target Residential and Industrial Proper- 
Windows, Deveng, TIS (Total ties (Northern). 

Graphics), Custom Made Window Chapel Estates (Building 
Company and Wa&erson (Insur- .Contractors), Wilmas Electrical 
ance Brokers). (Contracts), S. L. Pace and Co., 

.. Swit t Deveiopments. Bujlingd.n 

Taxable profit of Scottish Metro- S®Sf r e hi S\°* C Hipe . Saunhill, MRH (Builders 

poOtan Property Company rose 5?;“™?“®’ Zedhurst Md and Mechanical Services) and 
from £1.075,463 to £1,271.711 in Iu *°f** ur * ShieLs and Delaney Conversions, 

the August 15, 1978 vear. Net Bytox Design, Tecsec Elec- Laffertv Construction Company, 
revenue from properties increased tronics. Crystal Bulk Food Centre. John Martin Shirt Company, 
from £2,583,682 to £2.940,259 while P° yearn be a °d Lee Donric. _ Kapstall. Byron’s Bakeries and 


Scottish 
Metropolitan 
up to £1.3m 



investment ‘ income was £24 1.M5 Raid lin vifie l Rotherham). Sea bo Carr and BatL 

in international trading and During the nine months to against £419,043, mainly reflecting P’snt, Jnm City Film Productions, A lamas? Textiles, Goff 

-s the abolition of the dollar June 30 197 s ^ value 6f ] ower ^terest rates fa the first Goad Credland (Hol^ngs) Bisrea Waterloo Building Services « UK), 

^.nium surrender will be of externa i sa i et . 0 f Grand Metro- six months and Gr a*>am Avery (East Anglia). Brent Cable Engineers and Mee 

1 i{ ^mus^brsom^mod^ Sl^em^co^ared ^th the m In ^ rest charges and “wEtiand Rovers. Schipen 

0 l 1 ■ Sffi&g&g mr« S poudin£ p?rlod of the prfr ^SST" »T ^” 5 " 4 *** *9™™* 


£215,115 International. 


Company (Herael Hemnstead). 


tn rambete more vigorously. year. (£188,998) respectively. Excep- Yorkbond, Collin tor, Bellmanda, J. S, Beigley and Cone hurst 

in innreacp External sales included - ----- - - 


Sports, 

Carpet 

Hallcrop, 


Pierina 

Centre 

Third 


is seeking 10 increase mjcs ™i-iuutu over- tionai items of £229,294 (£18.670) Cannon Discount Services, Jixrest Salisbury 

-owing limits from the current seas sales and these were con- were balanced by a transfer from and Tallman Stores. (Caterers), 

times shareholders’ funds to verted to sterling at exchange reserves, and available profit for Veraolan, Badgers Mount Stone (Newbury), 

times to allow expansion of rates riding at fae end of each the year came out. at £787,251 Company, Capital Bioscope, Rebus, 

jiess, particularly interna- Period. (£727,993) after tax of £571.560 Laughton Hill Garage and Abbhr* L- G. Pearce (Haulage), M. S. 

al business. An interim dividend of 1.75p (£465.070) and a- transfer from shire. Mobbs and Co.. Orange Cup, 

connection with the ‘l.Kp) net per share has already reserves of £87,100 (£117,600) for Sandericigh, Anglo American Lexicon insurance Brokers and 


America’s uranium miners 
facing a dilemma 


Malaysian tin outputs 


josed merger with Bisgood, 
mp and Co. with which the 
pany did not proceed, 
arises totalling J29,027 were 
rrod. 

s previously reported, taxable 
It far 1977-78- rose from 
313 10 £1, 147.295. A current 
statement shows this reduced 


been announced. 


Changes at 
British Anzani 


sxiown aneaa irom on ■ aujuMeu warehouses. Charlton Build ins 
2.44p to 2.64p and fufiy diluted at Supplies. Lonninghurst and 
2.6fip (2.54p), The ^dividend total Regent Fish Bar and RestauranL 
is lifted from 1.7C07p net to Dry den Construction. Grev Tods 




outgoings on the group develop- Motor Parts and Equipment Cora- Mergenorth Builders, 
ment programme. pany, Pretan, Archworld and North Norfolk Timber and 

ckn - a Sevan bridge Electrics. Building Company, Ramsburah. 

Earnings per 20p share are Blanche and Mercer, Briggson Batekirk, H. A and E. M. Taylor 
shown ahead from an - adjusted warehouses. Charlton Building and Bisade Property Company. 

- — — — - '■■»•««« Garmail. Holgate Developments, 

LP.H. Music. Kwai-Lam Restaurant 

L - - m . wm „ . Dryden Construction, Grey Tops and Imsa Construction Company. 

,h S ,. uwduuo Brrtlsh Aman!, whose shares L97285p by a 1. 07285 p final investments, M. Bendall Develop- Colmek Exports. Capway. Fix 

■777 809 (cmijssOj after addi- We ^ e suspended last year after (0.9485p). ments and Pembrokeshire Crane Developments, G. C Reynolds 

*-i ' deureeiation of £1,581 m j yor . P«PW Josses, has re- a onerfor-10 scrip issue is also Hire Company. (Coventry) and Gilbert Construe* 

129) and a £307.835 (1631,834) ° r Sanjsed its Board of directors, proposed and directors say that P* J. Cotter, Robert Fleteher tion, 
ict ment for net monetary - Ir ‘ . ^ vo , r Shrago ^has been in view of the continuing growth (Celebrity Shirts), Shop Fitters Planlt Buildei 

appointed chairman in place of ^ egmfaga they expect to be able (Cleveland), UFP (Plastics). Dobson Hareourt and Maine, 
t balance date net - current ™"* «• Fanil. "Who now becomes to at least maintain the same rate Hbtuy (Contractors) and Purdie Markham and Mawe, 
L were fi.56m compared with deputy ch a inn an. Mr . M . . I. of div i dend for iots- 79. Ha miner ton Builders Space Utilisation Holdings and 

with bank borrowings Norris has teen appointed joint At AugUBt 15 ^ boob value ^cieaia. Coinmew. L. Wineham. Intercontinental Academic Book 
irivcm a »,4. manasritte director alongside Mr. ni Quicklabour and Tnmwood. Sunnlies. 

Services. Zonerick 


m. 


eetfag, Moorijate Place, EC, 
ember 3 at 12.15 pro. 


orrowfags nas oeen apporaiea At August 15 fa e book value 1 u»nview. l. wing, 

QrT , hjph p P a t £12 5m and ^B 1 ^ director alongside Mr. of nrooerties was £filB4m Quicklabour and Tnmwood. Supplies. 

^nTiri aUSst stock R- F. Rdsbton. Mr. S. Fault Mr. ?i 43 7 S) jmd «oup ca P ital 'aiS * /• Burden and Co, JCD K. A. N- 

P nn from £7J7m to p * Freeman and Mr. G. Nisson rese ^ e s tolalled P £40 7m Sh °P fltlcr s. Swalthe Motor Com- (Gatwick). Marnn berry. Carmen 

-owed up from ^ Ksigned (nm the regn'es totalled «u.7m ^ Hu<lspn (Hotel ServIces) Pottefy Dosi2n and ' ^nck 

The new chairman said that he -«««»• and Bluethome Vending. Computer Services. 

SE Fan Toys, Don Chemist, Northern Rockdrillere, Morcor, 
NO PPORre Twinberg Investments, Rustle- Allerworth, Bondrim and Blythe 

t grade, and David Crossley Spirit. 

Proposed mergers between the Contracts (Leeds). Graham^ of Shlfnal. Ow|clHT 


intended to conduct a full review 
of the group as a whole and then 
to determine its future path. 

The whole purpose of tms 


exercise is to restore the share Kaye Organisation /Bonser Engfa- Wheels fleet. Captain Inter- BuildinE Components, Southern 


IALAMAZOO 

> . Whianee has been quotation' - as” so'ou as possible, eerfag and Pilatus FJugwugwerke national Industries' of Europe. Reliance Company, Southville 

alamazoo . sub . ^h cre arP certain matters that AG/Brltten-Nonnau (Bcmbndge) Gumshoe Fashion. J. N. Bartram Builders and Constructors and 

ie “ -f tSo tfsi-Mmnn Group have to be dealr with before we are not to be referred to the and Sons (Builders) and Thames- Cavendish General Service 
"raviSa ^,uS"Si?oSB3 KOb«i.Srr4ltoraaau of tbe Monopulias Commteian. mead Chemists. (Msuagemenlsj. 


BY PAUL CHEESERIGHT 

THE DISCOVERY of large and were in a dilemma. Recently dis- ganese modules on the ocean floor 
high grade uranium deposits in covered reserves are at great bas been put back. 

Australia and Saskatchewan could depth and of relatively low grade Mr. Marne Dubs, director of the 
be the reason far the ■'•.w expan- and thus face high production Ocean Resources division of 
slon of the U.S. uranium mining costs. Reluctance to invest had Kenoecott Copper, has abandoned 
industry, according to Mr. Payne increased because t>f the way in his earlier predictions of a start 
Kibbe, chairman of Nuclear which Government regulations fa the mid-1980s and now refuses 
Exchange Corporation. added to the time and cosL to specify any date at all. 

Speaking at the annual meeting But there are enough nuclear Kennecott head,* a sea-bed min- 
of the American Mining Congress, power plants 1 operating, or f nf > consortium which embraces 
be said that U.S. producers and planned, to justify the U.S. rp Minerals. Consolidated Gold- 
consumers were aware of the uraiuuni_ industry doubling in size fields and Rio Tioto-Zinc. Mr. 
competitive disadvantage they by I9S5 in __ order to satisfy Dubs is chairman oF the Amcn- 
were facing. _ demand, Mr < Kibbe said. can Mining Congress committee 

But uraniurn exploration dealing with seabed mining and 

activity in the U45. is at a record (JCGail dnAv is a long-standing member or the 

level with expenditure last year “ ■ ™ U.S. delegation to the United 

five times that of 1972. “The Among other topics being dis- Nations Law of the Sea Cpnfer- 

objective and value of this pro- cussed by delegates at the Coo- encc. 

gramme has teen questioned by cress are the fascinating possi- The failure of this conference to 
many in the industry, Mr. Kibbe bilities of sea-bed mining. It is decide an international regime Tor 
sa ~* . . . T t c j clear, however, that the date for control of sea-bed mining and 

He observed that U.S. producers the start of the mining of man- fa e poor health of the metals busi- 
ness were the main reasons given 

bv Mr. Dubs for the uncertainty 
about. dates. 

But he told the Financial Times 
that legislation, now at a crucial 
. Stage in its passage through Con- 

A GOOD tin concentrate output ever, 15 stiU keeping ahead at 453 gross, would give the minin* 
c- or er . , - s r ®P°rted by .tonnes against 362 tonnes in the consortium some encouragement 

Southern krata in the month y same period of 1977-78. However, even wsuminc that 

22SS SSi i r AW luportlne’lowe, Sup.en.ber **?«$*, VL il Ms 

sfes o a , 

brings the six months’ total to JJ*® -s f ifK 1 ^ 092 tonnes; Th^'SuShtton" would regulate 

sut” j° a ra E r d 861 Jsr 

tonnes a s BO-^ Aog J]jly months against 936 tonnes: and f'^ e temT0 . r, . al wa ’ ers *>ut con- 
iwi&es tonnes tonnes Malayan with a three-month total taui , s pr0 '7 sl0T } s for 
120 ?r no of 821 tonnes against 687 tonnes replacement by international 
the last named also statin" that laws Jn ^ e event a successful 
its No. 7 dredge was shut°down conclusion to the Law of the Sea 
on September 18 for repairs C « rer ^ c £’ 
which are expected to take about . Du6s noted that on the 
four weeks. -r •• .. basis of present metal prices, the 

, eronnmics of sea-bed mining had 

w Otner cumulative totals, rhanaeri fa the extent that cobalt 
bontnenj .Malayan has produced had now become ihe most import- 
56t> tonnes in the past three ant metal lo recover from man- 
..... . monlhs against 542 tonnes and saoeee nodules. 

On the other hand, production Tongkah Harbour has turned out While manganese prices had re- 
has fallen at Ayer Hitam which 129 tonnes against 137 tonnes in mained steady. Conner and nickel 
lost the benefit of the No. 2 the same period of a year ago. values had both fallen and cobalt 
dredge from September 18 as a ham un ting's shemonth output wns being priced on the basis of 
result or the planned shut-down amDimts to 198 tonnes against acute shortage. However all this 
for routine repairs and main- ^ . ton j Te , a * ,„ w h»le TronoK has could change by the time sea-bed 
tenance. The mine’s production produced 1 812 tonnes in the past mining has become economical 
far the past three months, how- nine months again? 1,633 tonnes, and politically feasible. ^ 


AfltollC 

Ayer Hliam 

Berlunlal . — 

Kamunttng ..... 

K ram at ... ... 

Koala Lumpur 

Lower Perak 

Malayan 

SDid. Kuna Coos. 
Southern Malayan.^ 
Sunset Best 
Tonskali Hartxmr . 
Tronoh Mines 


126 

374 

31 


S 

S4t 

ISO 

1M 

174 

43 

'191 


170 

412 

59 

38 

13 

I? 

m 

135 

19! 

383 

40 

1ST 


137 

419 

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17 

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St* 

148 

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22 


NORTH AMERICAN NEWS 

Dana 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 


raises 

dividend 


payment 


Ohio State critical of 
Occidental bid documents 


BY OUR OWN CORRESPONDENT 


TOLEDO, Oct. 10. 
DANA CORPORATION, manu- 
facturers of motor components, 
decided today to raise the 
quarterlv dividend to $4 cents a 
share from 33 cents. This is the 
eighth consecutive quarterly 
increase. The new dividend is to 
he paid on December 15 to share- 
holders of record on November 
29. 

Mr. Ken McPherson, chairman, 
said that Dana achieved record 
earnings and sales for the eighth 
consecutive year during 1978. 
Earnings for the year ended 
August 31 were $134 m or 54.22 
per share, compared to earnings 
oF SlOSm or $3.51 per share for 
fiscal 1977. 

Sales for the year totalled 
S2.2hn. compared to $l.Tbn for 
fiscal 1977. 

Mr. Gerry Mitchell, president 
of Dana, said that sates for all of 
the company's operating 
divisions exceeded last year's 
levels. 

While sales in each of Dana's 
three basic markets — vehicular, 
service and industrial — were 
higher than in 1977, Dana con- 
tinues to accomplish its goal of 
achieving sales distribution 
balance along the three* 

Agencies 


OCCIDENTAL Petroleum Corpo- 
ration's proposed :lbn take-over 
of Mead Corporation looks set 
tto fall foul of Ohio securities 
laws judging from an extremely 
sharply worded report issued by 
the State official who held hear- 
ings on the matter last month. 

The purpose of the hearings 
before the Ohio Division of 
Securities was to determine 
whether Occidental had provided 
enough information about the 
proposed acquisition to enable 
the offer to be presented to 
Mead's Ohio shareholders. ■ 

The consequent Sl-page report 
from the bearing officer, Nodine 
Miller. attacks Occidental 
management on several counts 
and lists 14 points on which it 
is claimed that Occidental pro- 
vided inadequate or misleading 
material. The report concludes 
that Occidental “has not made 
effective provision for fair and 
full disclosure to Mead Corpora- 
tion shareholders of all informa- 


tion material to a decision to 
accept or reject the offer." 

The report is likely to intensify 
what is fast becoming an 
extremely bitter take-over attle. 
It contains some very astringent 
comments on the way Occidental 
is managed and observes among 
other things that ** the record is 
fraught with examples of senior 
management making plans and 
disregarding them, recognising 
risks but failing to plan for them, 
or spotlighting a project and 
then abandoning it. Occidental's 
disclosures reflect its attempt to 
round off the jagged edges of 
its capricious actions.” 

Mr. Miller draws attention to 
the importance of Occidental's 
capital expenditures programme 
without which it will suffer 
“ irreparable future financial 
harm. Yet senior management is 
ready and willing to cut, snip, 
revise and amend that capital 
expenditure programme, to fit in 
the Mead acquisition. We think 


NEW YORK, Oct. 10. 

the senior management of 
Occidental is biding its arbitrary 
handling of this corporation 
under a cloak of flexibility.” 

The report claims that 
Occidental's disclosures on tne 
details of its share exchange offer 
are inadequate, as is the financial 
information contained in its 
consolidated balance sheets. Also, 
the company has not presented 
enough information about its 
dispute with the Government of 
Libya while its disclosure 
“ relative to its expenditures on 
and risks attendant to its North 
Sea fields is misleading,” says 
the report 

Occidental said this morning 
that it was still studying the 
report and therefore bad no 
comment to make. It has until 
October 19 to respond lo the 
report and the Ohio Commis- 
sioner of Securities is expected 
to make a final decision as to 
whether the offer can go ahead in 
its present form on October 20. 


Mellon 
National 
ahead at 
nine months 


NEW YORK, October 10. 
THE parent company of 
Mellon Bank, Mellon National 
Corporation, announced that 
net earnings for the third 
quarter have risen from 92 
cents to $1-14 a share. Before 
securities . transactions net 
earnings show an increase 
from $18m to $22 m. while 
after such transactions, the 
total rose : from SITRm to 
$22.3 m- Share net is the same 
before . and after securities 
dealing profits. 

This . brings Mellon's net 
earnings for nine months to 
$3.05 a share, against S2.62 a 
year ago. Total net before 
securities transactions of 
S62-5m compares with SSI. Tm. 
After securities transactions, 
the total was 559-Sm against 
$51.3m. 

AP-DJ 


Hilton and MGM plan casinos 


Third quarter 
rises at NCNB 


BY JOHN WYLE5 


NEW YORK, Oct. 10. 


First National 
Boston advance 


BOSTON. Oct, 10. 
STRONG DOMESTIC loan 
demand has pushed up the First 
National Boston Corporation s 
third-quarter net income by 
“a little better than 15 per cent," 
ahead of levels for the similar 
quarter last year, according to 
Mr. Richard D. Hill, chairman. 

In the third quarter of 1977 
First National Boston, the hold- 
ing company for First National 
Bank of Boston, reported net in- 
come of $12.7m or $1.05 per share 
after securities losses of $641,000 
nr six cents. 

AP-DJ 


TWO OF the “ blue chips " of the 
gaming industry, Hilton Hotels 
and Metro-GoJdwyn-Mayer yester- 
day announced plans for major 
side by side developments in 
New Jersey's Atlantic City. 

On a rough count, this brings 
to 12 the number of companies 
which have announced plans to 
open casinos in Atlantic City, 
which became the centre for the 
first gaming operations outside of 
Nevada at the end of last May. 
Some of the projects announced 
this year are never expected to 
come to fruition, but the moves 


by Hilton and MGM are seen as 
major developments for the 
companies and for Atlantic City. 

Most of the projected casinos 
are to be located on the Atlantic 
City seafront. The Boardwalk, 
but MGM and Hilton have pur- 
chased jointly 22 acres of land 
about li miles away in the 
Marina area. Each company plans 
to build a hotel casino of its own 
and the twin development is seen 
os a possible kernel for a cluster 
of high quality casinos away from 
Tlie Boardwalk, whose operators 
may in the end cater for the 


smaller gambler. This parallels 
the development of Las Vegas 
whose centre is dominated by 
casinos with a lower income 
clientele, 

MGM and Hilton have specific- 
ally sought to develop alongside 
each other in Atlantic City in 
order to ensure at least two 
premium quality operations 

Both companies are Las Vegas 
operators and both will there- 
fore need the permission of the 
Nevada State gaming authorities 
before they can open their doors 
in Atlantic City. p 


Gelco growth in car leasing 


BY TERRY BYLAND 


City Investing 

City Investing expects 1978 net 
profits of between $110m and 
$115m compared with SS2.5m 
last year, the company chairman 
and executive officer Mr. George 
Schwarffenberger said, reports 
Reuter from Frankfurt. He told 
journalists at a presentation to 
mark listing of llie company's 
shares on the Frankfurt bourse 
that turnover this year is ex- 
pected to rise to $3.75bn from 
S3.07bn in 1977. Operating 
profits should rise to $300m this 
year from $221.6m in 19 m. 


GELCO International Corpora- 
tion, the UK based operator of 
Gelco Corporation, the Minnea- 
polis car leasing company, dis- 
closes that it now has some 
10.000 vehicles under manage- 
ment in the UK and expects to 
double this figure over the next 
two years. The parent company 
has some 250.000 vehicles under 
contract throughout the world, 
but the UK leasing operation 
commenced only four years ago. 

Mr. Peter Turner, vice-presi- 
dent of marketing and sales at 
Gelco International, which is 
responsible for Gelco Corpora- 
tion's non-U.S. operations, said 


that the UK side has benefited 
strongly from the growth in 
business vehicle fleets in Britain 
— about 70 per cent of UK cars 
are expected to he fleet regi- 
stered by 1980 compared with 
around 22 per cent in 1960, he 
said. Ford UK is the company’s 
biggest supplier of cars in 
Britain. 

He stressed the significance of 
growth in business vehicle fleets 
in the UK. a trend at present 
well outstripping the experience 
of the U.S. 

Gelco already has a subsi- 
diary active in Belgium, and Mr. 
Turner said that a similar off- 


shoot will open for business in 
Holland within a few months. 
Looking further ahead. Gelco 
plans to open a subsidiary in 
Germany. 

The group sees opportunities 
for considerable growth in the 
UK, largely because of the sub- 
stantial increase in the cost of 
owning and operating car fleets 
since the early 1970s. Owner- 
ship of 300 cars now involves 
management of some £Lm assets, 
Gelco calculates. 

In February, GeJco Corpora- 
tion acquired for £1.3m Auto- 
Contracts. a private UK vehicle 
leasing company. 


NEW YORK, Oct 10. 
NET EARNINGS of NCNB 
Corporation, the holding com- 
pany for North Carolina 
National Bank, for the third 
quarter rose from 35 cents a 
share to 53 cents. The com- 
pany's net income before 
securities transactions was 
ahead from $5.S4m to $9.06 m. 

Securities. losses in lhe 
quarter came to $146,000, 
reducing final net to $&92m, 
compared with last time's 
S5A4m after securities gains of 
$ 1 , 000 . 

Net income for the nine 
months before securities losses 
was S25.06m or $1.48 a share 
compared with $16.86m or _SL 
Securities losses in the nine 
months reduced final net 
income by $312,000 to $24. 75m 
or $1.46, against last time's 
final net income figure of 
$16.71m or 99 cents a share 
after securities losses of 
$146,000. 

Agencies 


Whirlpool setback 

Third quarter net income of 
home appliances manufacturer 
Whirlpool Corporation fell 
from S31.1Sm or 87 cents a 
share to $22 .86m or 63 cents 
a share, on sales revenues down 
from $555.4m to $535-8m. 
Agencies report from New 
York. Whirlpool said that the 
results reflected a decline in 
unit and dollar sales compared 
with last year’s exceptionally 
strong thini quarter. 


ASSOCIATED 

BISCUITS 


Interim report 


Unaudited results lor the 26 weeks ended 10th September 1978 


Sales 

UKcompanfes 
Overseas companies 
Share of associates 


Trading profit 
UKcompanies 
Overseas companies 
Total trading profit 
interest payable and other items 
Profit before associates 
Share of associates 
Profit before tax 
Estimated taxation 
Profit after tax 
Minority interests etc 
Profit attributable to ABM 


6 weeks 

36 weeks 

Year 

197S 

1977 

1977 

£000s 

£000s 

£0 00s 

83,351 

80.632 

127.646 

35,284 

25.093 

35,061 

10.046 

10.806 

16,638 

129,1 SI 

116.536 

179.345 

2.548 

3,584 

7,151 

1.873 

603 

1.735 

4,421 

4.187 

8.886 

1.143 

934 

1,255 

3,278 

3,253 

7,631 

723 

767 

1,188 

4,001 

4.020 

8.819 

1.724 

1,076 

1,945 

2.277 

2,944 

6,874 

93 

O0) 

(52) 


2,184 


3.034 


6,926 


Earnings per Ordinary Share 4.3p 


6.6p 


154p 


Interim dividend 
payable on Ordinary Shares on 
2.1 .79 to shareholders 
on the register on 8.1 2.78 


1978 

&25% 


1977 

7.50% 


Cast 


£816,000 £034.000 


Notes: {11 Overseas operations for the 36 weeks 1978 are 
convened at Lhe rates of exchange ruling at 10th September 1978. 
f 3 ) The 7 977 figures have been restated on a basis comparable with 
197810 show the results of The Britannia Biscuit Company as a 38% 
associate rather than as a 53% owned subsidiary. The difference 

arising from the restatement of prof it after tax has been heated as an 

adjustment to minority interests. 

(3) The interim Results for 7977 have also been restated to reflect the 
changed policy on accounting for deferred taxation which was 
first adopted for the 7 977 annual accounts. 

The total trading profit for the 3 6 weeks is 5% above 1977 on a 
sales turnover up byl 0%. 

The difficult trading conditions in the United Kingdom to which 
I referred at our Annual General Meeting have continued 
unabated and have particularly affected the profitability of the 
Chocolate and Speciality Division and of our Packaging and 
Light Engineering Division. 

Profits from our companies in France are at a satisfactory level 
and results from Canada show an improvement over the 
previous year. In India, our holding mThB Britannia Biscuit 
Company has been reduced from 53% to 38% : its profits were 
for some months adversely affected by a prolonged strike at the 
Bombay factory. 

The companies acquired early in the year — De Loisy et Gelet 
and Dragees ausWeseke— are performing well. No contribution 
has yet been made to profits from the two largest and most 
recentacquisitions, Salemo-Megowen and Dickmann. 
Planning consent has been received for the develop ment of 
21 acres of our Reading site for industrial use and the disposal 
of it is now in hand. 

Steps continue to be taken to stre n gthen m anagem ant, to 
develop still further overseas and to improve cost effectiveness 
throughout the Group. I believe this will help to improve our 
longer term profitability butin the present uncertain economic 
and political climate it is unwise to make any forecast for the 
year as a whole. 

The permitted dividend for1978is17.^% and, of this, 

8-25% has been declared as an interim dividend to be paid on 
2nd January 1 973. , Gordon W. N. Palmer, Chairman 


Th© 

Associated Biscuit 

Manufacturers 

Limited 


Huntley & Palmers ’Jacob 
Peek Frean • OP Chocolate 



FT INTERNATIONAL BOND SERVICE 


EUROBONDS 


Deutsche Bank’s 
sale ruffles the 



BY NICHOLAS COLCHESTER. 


DEUTSCHE BANK yesterday 
confirmed that it was offering 
DM 500m of Canadian Govern- 
ment bonds in the secondary 
market. The news was greeted 
with some consternation in. the 
D-Mark sector, which had "not 
been reckoning with this sale 
from the big German bank’s port- 
folio and which judged .the terms 
of the offer to be fine. ... 

These bonds were part of- the 
DM l.obn financing package 
organised for Canada ’ by 
Deutsche Bank in May. At that 
time, the bank managed the Issue 
of DM 600m of 4J- per cent bonds, 
provided another DM 400m in the 
form of a loan, and took DM 500m 
of 5- per cent bonds maturing, in 
May 1984 onto its own books. The 
bank started sounding out buying 
interest for this last tranche of 
bonds' over the weekend, offering 
them at 99}. : - 

Rival banks took -a dim view of 
this sale. They felt that it inter- 
rupted the orderly progression 
of new issues which is estab- 
lished in Germany each month 
by the capital markets ' 'sub- 
committee. They felt that, the 
terms oE the offer, which imply 
a yield to maturity of 52 per 
cent were not generous. The 
secondary market reacted 'badly 
yesterday, with issues broadly 
lower by { of a point. 

Deutsche Bank explained that 
the success of tis recent private 
placement of DM 100m for its 
Luxembourg hanking 'subsidiary 
— a bond with the same life and 


JKfSra iS 

large bll 

of jSe W fe t? 

investors. * subcommittee 

ES£=b fis-sa 

Sr.‘ ‘some" Vtaie, X Ornate 

bonds it was taking on board. 

Westdeutsche Landesbank con- 
firmed that U was preparing a 
DM 150m bond 
Republic of Austria. The bond 
will have a coupon or a2 per 
cent, a 12-year liFe and an 
average life of 9* years. The 
-race period will be six years 
before V pa rtiai redemption 
begins. Terms will be fixed 
on° October IS. 

Business remained slack fu the 
dollar sector of the bond market, 
with the tone set by a weak 
dollar and by a continuing 
upwards mov6iD6nt Id U-S. short- 
term interest rates which took 
the discount rate to 9 per cent. 
prices were off by an average 
oF ; oF a point. 

The Long Terra Credit Bank 
of Japan has arranged a three- 
vear $15m floating rate nore 
through Nippon European Bank. 


The terms 
rate of *'«»»■• 


i.per -.coat 
ana no minimum, comjojr ^ . 
issue is priced at par. * 

The final term* - £ 

SwFr 80m .‘bond-, for Mawl 
have been set: ■ " 
coupon of .43 per- centos 
maturity of ISjyeafes. 
which is being managed^ 
Union Bank of Switea rfamjf j 
been priced' at ^ - 

Reuter adds from Tokyo- 
Japanese Finance Mmistz&a 
been unofficially apprpa^^ 
the Governments of^Tfnte . 
Norway - and 1 Britain aud-sp 
Banque Francaise dn .Coxftmj 
Exterieur for perraissiotftffl 
Yen bonds .on 
capital market Ministry tffiS 
said. ■*’ ^ 

They said, - however.:^ 
Ministry does not. at:] 
tend to approve the 
line with its. policy ot'j 
such issues to ratematuf 
cial institutions. 



The Finnish and . 
governments ..planned 


yen' bonds m Japan 

and next month respectm 
it is believed ui Tokyo 
would like to switch- tha 
to Europe if possibly, 
advantages of lower 
rates. ' 

Only three Earoyrii\J£ 
issues have so far bee^i 
The Ministry offitiafev; 
increased Euroyen ' issu<# ; c 
disrupt the Tokyo -' fo? 
exchange market 





MEDIUM-TERM LOANS 


Quebec to refinance $360m 


BY FRANCIS GHILeS 


LA REGIE des Installations 
Olympiq ugs, (he Quebec provin- 
cial agency which handled the 
finances of the 1976 Olympic 
Games is refinancing a loan it 
raised in June 1976 on which 
cheaper terms. It has just signed 
for a S360m 10-year loan with 
five-and-a-half years grace on 
which it is paying } per-cent 
over the U-S. prime rate -{which 
currently stands at 9J per cent), 
for the first four years rising to 
2 per cent. . . -; 

The management fee is undis- 
closed and there is no under- 
writing fee as the loan 4s being 
placed with 15 co-managers, one 
of which. Morgan - Guaranty 
Trust, U also acting as agent 
hank. 

Other co-managers include 
four Japanese hanks,. nine.U.S. 
banks and a single Can adianrone. 
This loan carries a Quebec. Pro^ 
vince guarantee. 

These terms must be com- 
pared with the terms of the 


same size loan this borrower 
raised in 1976. This. had a spread 
of li per cent over the London 
interbank rate on six-month 
dollars which then stood at 7-7i 
per cent Last May Canada 
raised a $3bn eight-year loan 
which carried a split interest 
rate — the U.S. prime rate for the 
first four years and l per cent 
above tbe U.S. prime rate for the 
remainder. 

According to the latest Morgan 
Guaranty figures published in 
World Financial Markets, 
Canadian borrowers had raised 
$20.3 bn in the- form of medium- 
term credits by the end of Sep- 
tember this year, compared with 
a figure of S9.4bn over the same 
period last year. Over the same 
period of nine months this year 
they had raised S2bh in the form 
of Yankee bonds; to . which 
should be added the $750ra two 
tranche issue recently filed with 
the Exchange and Securities 
Commission in New York. 


Two private Mexican 
parties are arranging..! 
neither of which carries' 
guarantee: Cerveeeria Cha 
moc SA is arranging-- 
eight-year loan with three'f 
grace on a split spread .of ij 
cent for the -first 
rising to 1$ per-cent Joint 
managers are First-fi 
Panama and Wells Fargoi£ 
The second bank 
arranging a §I2m eight-yes* 
with three, years . graaj 
FICSA, a company which ^ 
factures glass and crystal} 
borrower is paying a'spp 
li per cent throughout 
Further-south, in UrugS“ 
Central Bank is ar ra hjfe— 
SS5m loan for ten yeah 


four years grace on iaps, '>j, r 
li per .cent throughpi^^^i, 
managers.. are Batik of pit ; » 
and Bank of Nova Scotii-/ 
$65m of the total amourtP L 
loan will be used to'frif. 
an earlier loan; 






i-y 

' s 


The list shows the 200 latest international hand issues for which an adequate secondary market 
exists. For further details of these or other bonds see the complete list of Eurobond prices published 
on the second Monday of each month. 


STRAIGHTS 1 

Issued 

Bid 

Offer day 

WW* Yield 

Aaa AM. ft 88 

25 

fill 

971 

-04 

+0 

9.42 

Australia S S2 

350 

9U 

9ft 

+0 

+0 

949 

Australia s.45 S3 

175 

Sft 

99! 

+8 

-Bi 

9JJ8 

Australia 91 BI 

75 

W 

1UU1 

+0 

+0 

9J3 

Beatrice Foods 7i S3 

ICO 

951 

961 

-Oi 

-91 

8.83 

CECA SJ sr 

50 

96J 

m 

+0 

+01 

923 

CECA 9 93 

25 

991 

99S 

+0 

+0 

9.BS 

CNT 9 93 

75 

w 

9ft 

-84 

+0 

9M 

Canada fi S3 

259 

9M 


-ot 

-04 

943 

Canada 5.20 S3 

250 

961 

961 

+0 

-ot 

9.11 

Canada Si 9S 

250 

953 

964 

+9 

-ft 

929 

Canudair SI S3 

70 

973 

984 

+81 

+ft 

9.86 

Dominion Brdx. Co. 9 SS 

25 

951 

96 

-Bi 

+0 

9-80 

EIB K 83 

190 

97i 

9ft 

+0 

-ft 

92* 

ETB SJ ss 

75 

993 

991 

-01 

-01 

928 

EIB 91 M 

100 

9ft 

991 

+U 

+0 

926 

EIB 91 9S 

125 

991 

983 

-01 

-01 

9-52 

EIB 9t 98 

100 

991 

99i 

+0 

-Hi 

942 

Elsam Jutland 9 S3 

25 

97 

9Tt 

+0 

+01 

9.57 

Ekarortfinans 9 s« 

50 

Wi 

9W 

+0 

+0i 

9.25 

Exnort DcvelpmnL S.S S3 

125 

991 

9ft 

+ 0 

-01 

945 

Finland 8i 83 

JLM 

9«3 

994 

+01 

-01 

925 

Finland 9 8S 

100 

97i 

9ft 

+0 

+0 

9-51 

Hospital O/S 9 S3 

25 

981 

9«1 

+11 

+0 

9J9 

1,'C Induatries 9 So 

35 

971 

97! 

-Oil 

-01 

944 

Itel Finance 93 ss 

25 

9W 

99 

-01 

-Hi 

9.94 

ltd Finance 9{ 99 

29 

9ft 

984 

-01 

— M 

9.97 

Ito-Yokado 91 S3 

20 

9ft 

1001 

+0 

+0 

929 

J. C. Penney SI 83 

100 

984 

9ft 

+0E 

+0 

8-92 

Mac Blocdel 81 93 

50 

9ft 

99J 

+0 

+M 

9.43 

NZ Dev. Fin. 51 83 

20 

951 

9*1 

+0 

+0 

920 

NZ Dev. Fin. Si SS 

20 

951 

9*4 

+0 

+9 

949 

Nat. West. 9 5fi 

75 

Uft 

UU 

-ft 

-oi 

8419 


50 

99 

99J 

+0 

+0 

944 

Nord Inv. Bk, S3 Sfi -... 

25 

971 

971 

+0 

+ft 

9.14 

Norses Komm. 91 93 ... 

75 

9ft 

9ft 

-OS 

+1 

9 JO. 

Norway 71 81 

250 

951 

9W 

+B 

+01 

944 

Norway Si 9.1 — 

XS 

9ft 

971 

+0 

+0 

927 

Norway SJ 93 

150 

9ft 

99J 

+0 

+0 

948 








One Hydro S! S3 

ITS 

9*i 

97 

+01 

+0i 

946 

Quebec Hydro ft 03 ... 

50 

991 

991 

+0 

+0 

945 

Sweden 9i 98 

125 

9ft 

994 

+i 

+■1 

9-51 

United Kliwdom 91 93 ... 

200 

98 

981 

+0 

+0 

9.05 

United Kingdom 8i S3 ... 

150 

9ft 

9ft 

+0 

+01 

928 


DEUTSCHE MARK 
STRAIGHTS 

Asian Develop. Bk. 5J 88 

Australia 6 88 

CFE Mexico fi} S8 

Canada 4£ S3 

Chase Manhattan 0/5 G 80 
Commerzbank Int. WW 3} 
Commerzbank Int. XW 31 
Council or Europe 6} ...... 

EIB 51 90 - 


Change on 

Issued Bid Oner day wreck Yield 


□3J 5 84 

Robe. City of 51 86 

Light Services de Efet ... 


Petroled Brazil 7 S3 — 

Philippines « 85 


Rauunnikkl Oy 5} SS 


Spain 6 


Taurmamobahn SJ 93 
Trondheim. City of 55 


5WI5S FRANC 
STRAIGHTS 


Asca 33 S3 

Chase Manhattan 4 S3 ... 

CVRD 4J W 

Council or Europe ... 

Bankamerlca 3« S3 

BNDE 5 fB 

Denmark SO 

Denm art; -Mortgage Bank 

EIB 4* 83 

Eurntom 4} 93 — . — 
P. L. Smrfth 4} 89 ...... 

Finland 4} 93 .... ...... 

GZB 4r 93 


1M 

961 

96! 

+0 

'—03 

5.97 

250 

UU 

1 Ot 

+04 

-ft 

5.74 

1» 

971 

9 ft 

+0 

+0 

7-02 

600 

981 

9ft 

-01 

-03 

5.13 

100 

100Z 

10U 

-01 

-ft 

528 

100 

1061 

1062 

+w 

-ft 

2.74 

100 

831 

84 

-Oi 

+01 

5.72 

100 

100 

1004 

-ft 

-ft 

620 

250 

93! 

941 

+04 

-M 

6.00 

j» 

98J 

9ft 

-ft 

-ft 

6.12 

150 

98 

9ft 

-ft 

—03 

7JK 

MU 

945 

9M 

+0 

-ft 

5.93 

100 

991 

10W 

+0 

-ft 

4.97 

MB 

in: 

1024 

+0 

+0- 

5j44 

ISO 

9ft 

9ft 

-01 

+N 

7.00 

2DU 

97J 

984 

+0 

+0 

6j40 

100 

M3J 

Uft 

+04 

+8 

524 

100 

Uft 

W2 

+0 

-01 

528 

100 

1001 

101 

+0 

+0 

5.91 

250 

97 

971 

-04 

-04 

5JI7 

12S 

1001 

1002 

-0* 

-01 

5.95 

10B 

991 

99} 

-04 

—0] 

7JJ9 

IDO 

96! 

964 

-ft 

-ft 

7.41 

HW 

961 

96s! 

-ft 

-01 

626 

150 

971 

98 

-ft 

+« 

626 

50 

95.5 

964 

-04 

—13 

6.32 

30 

loos 

Uft 

+0 

-01 

5.10 

200 

96i 

97 

+0 

-03 

6.46 

150 

maj 

1005 

+o 

-ft 

5.91 

70 

984 

988 

-M 

+0} 

5.66 

35 

971 

974 

+o 

-01 

*20 

66 

9'« 

981 

+0 

—04 

626 

250 

96 

961 

-0* 

-I 

634 




Change an 


ssaad 

Bid 

Offer 


week Yield 

40 

101.1 

104 

—01 

-01 

4.79 

"JO 

991 

100 

+01 

+01 

4.01 

100 

942 

M4 

+0 

-04 

429 

TB 

1021 

102] 

+01 

-Oi 

3sn 

5B 

97 

911 

+4 

-ft 

5-ttS 

65 

M2 

1021 

+04 

-01 

4 JO 

SB 

100 

UU 

-01 

-ft 

3.74 

. 75 

int 

Uft 

+0 

+0 

4.92 

100 

1035 

1044 

+01 

+0S 

4.07 

80 

102 

1021 

-ft 

-Oi 

4.76 

100 

101 

MT{ 

+01 

-ft 

A15 


SO 


80 

ISO 

S 


HilU-Liechenstnn 4i ...» 

I Cl Fin. NV 41 S3 1M 

Imatran Volina 4 93 — 80 

Manitoba 4 93 

New Brunswick EPC 

Xc-nrae 4 S3 

N orces Romm 4} SR . 

ORB 4 93 


35 


100 

100 

m 

108 

80 


Or Nokia S 80 20 


Quebec Hvdro 3] 83 

Safe 4} 91 

Seas 41 8S 

VoMt AJptne 4i 93 ...... 

Voralbem Krafr 4 93 

Vienna 4 93 


139 

30 

IS 

106 

30 

100 


World Bank «i 83 - 259 


UMU 1003 
993 100 
2001 1003 
2SU 1021 
103 UU 
1021 mi 
96 9U 
uu uni 
971 971 
99» 993 

102i 1021 
993 993 

1001 lMi 
9M 97 
ini inn 
1001 1003 
m; 1034 
100] 101 
100 low 
UU 1U5 


-04 

-0* 

+0 

+01 

+9 

-03 

—01 

+94 

+01 


-03 

-03 

—04 

-04 

-05 

-Oi 

-Bi 

—84 

+o: 


+o — DJ 
+04 +0 
+0 -01 
-04 -01 
+01 +0 
+05 40 
+0 -11 
-W -Oi 
+0 +04 

+o -oi 
-N -14 


*23 

4-51 

4.04 

0J3 

3.96 

403 

437 

3J7 

3.99 

4-03 

3.99 

QJI3 

4.93 

4JM 

440 

a.42 

4J1 

3.9* 

3-99 

442 


YEH STRAIGHTS 

At Ian Dev. B fc. n SS 
Australia 6.6 90 — 


EuroBna 6.3 90 

Finland 8.7 FS 

Norway 5.7 S3 

Oslo. City of 6.6 90 

SNCF fi.6 90 

Sweden 64 80 


OTHER STRAIGHTS 

Ateemene Bk. 64 S3 FI. ... 

BAT 8 SS LtixFr 

Bayer Lor. 8 86 LuxFr. 
Mwi ft Hope 7 S3 FL ... 

B ratal Ti 83 FI 

CFE Mexico 71 S3 FI. ... 
Citicorp 0'S Fid. it 93 £ 
Copenhagen " 93 EUA ... 

EIB 71 SS LUxFr 

Ere 71 83 FL 

EIB 91-83 I 

Oronjehoom 191 90 £ 

Finance for Ind. 10 S9 £ .. 
FlnTd. Ind. Fd. S SS LuxFr 
Finland Ind. Bk. 7 83 EUA 
Gcsteuer Rid. Bv jt ss £ 
Neder AUddonb. fi! 83 FI. 

New Zealand 63 84 FI. ... 

Norway 71 88 LuxFr 250 

Norway 64 S3 FL 

OKB ft 85 JFI. 

Rcnanft 71 88 LuxFr. 

Rowofree 101 68 £ 

Panama SI' 83 EUA 

Rank 0/5 Hold. Ul AS ... 

SDR France 7 83 EUA ... 
Sears 10J 88 I 





Change on 


Issued 

Bid 

Offer day 

week Yield 

15 

914 

97J 

■HI 

-04 

&.OT 

50 

18ft 

Uft 

+ 0 

+04 

6X4 

30 

«i 

974 

+8 

+04. 

6.90 

10 

96 

.97 

-04 

+0 

6.85 

a 

98 

99 

-04 

+0 

7.H 

25 

1B2J 

UM 

+04 

+01 

4.95 

15 

98 

983 

+04 

+04 

6.92 

20 

973 

981 

+0 

+01 

6.96 

40 

954 

954 

-Oi 

+0 

6.99 




Chun on 


Issued 

Bid 

Offer day 

week Yield 

75 

954 

96 

+0 

—04 

7J9 

250 

95S 

9ft 

+0 

—84 

8JH 

250 

Wfl 

973 

-04 

-03 

SJ6 

75 

951 

961 

+0 

-03 

848 

75 

951 

95J 

-04 

+0 

8.63 

75 

964 

9ft 

+03 

+ 02 

846 

2D 

913 

92i 

-ft 

-1 

11. 1<1 

30 

964 

973 

-81 

-M 

7J5 

250 

964 

97J 

-ft 

-12 

826 

75 

94J 

95! 

+0 

—03 

927 

25 

941 

941 

-13 

-n 

10.71 

15 

8W 

904 

-1 

-14 

1127 

12 

911 

924 

-01 

-11 

1122 

250 

971 

981 

+01 

-02 

826 

15 

968 

973 

+8 

-Bi 

722 

U 

9ft 

si: 

-1 

-li 

1222 

75 

96 

963 

+« 

+W 

744 

75 

964 

9ft 

-Oi 

-0 

721 

250 

96} 

97J 

-0* 

+04 

322 

100 

95! 

9U 

+0 

+81 

727 

75 

92| 

921 

49 

—84 

7.99 

500 

974 

97J 

-04 

-ft 

>22 

U 

Ml 

90 

-li 

-21 

1222 

20 

97* 

9ft 

+ 0 

-0} 

852 

12 

9ft 

973 

-0} 

-81 

122 6 

22 

97 

98 

+0 

—81 

728 

15 

8 « 

984 

-« 

-li 

12.07 

500 

99J 

IMS 

+0 

-04 

83H 

15 

914 

912 

-84 

-83 

11.89 


Whitbread 10» 90 £ 

FLOATING RATE 
HOTE5 Spread Bid OTTer C-dat* C.cpa tyld 

American Express S3 - - — — — - - 


.Arab inti Bank M6-5 S3... 
Arab-Maiay Dev. M7« S3 .. 
Banco Mac. Arseni. M8 83 
Bank- Handlowy US 88 ... 
Batnrae. Worms Ufa: ss .. 
Bq. Ext. d'AlK. M8473 34 
Pique. Indo et Suez MS} ... 
Bq. Int- Afr. Oct MG.5 S3 

CCCE M345 98 

CCF M55 85 

Chart. Japhet Int. M6 55 
Chase Man. O'S MSI 93... 

Costn-RIca M84 SS 

Credit National M51 86 ... 
Enpetrol M7 86 


UtsbUmska SS7.73 S3 

Midland Ina MSI 93 

Nar Went. M54 BD ft 

Nippon Credit M5I 83 — . 

OKB 51 88 - ; 


Standard Chart. MS. 3 80 .. 
Sumitomo Heavy MS} S3 
SundkvaUs&aokeD U6 S3 . 

Did. Overseas Bk. M6 83 
CONVERTIBLE 
BONOS 

Asks 41 83 9/78 

Baker lot. Fin- 5* 93 1/79 

Boots 63 88 2/79 

Coc&rCola- Bottling ft 4/79 


ft 

991 

100 

29/10 

3 

8JB 

Oi 

97 

97J 

31/1 

ft 

9.M 

84 

973 

983 

12/11 




84 

971 

98 

an 

93 

959 

li 

97} 

97! 

25/11 

9563 9.82 

ft 

974 

984 

15/12 

9 

927 

ft 

9Ti 

984 

9/2 

9S 

9.82 

04 

984 

9*i 

25/1 

94 

923 

ft 

97 

971 

22a 

94 

HJA 

ft 

97 j 

974 

3/2 

9288 9.41 

ft 

981 

99 

3/11 

82 

8.43 

ft 

974 

971 

9/2 

94 

925 

Oi 

97i 

98 

27/1 

9313 

923 

li 

Uft 

IMS 

18/4 

11.188 11 15 

04 

97S 

984 

H/1 

9288 

929 

01 

932 

994 

21/3 

U 

821 

ft 

984 

994 

5/4 

UL688U.78 

ft 

99 

99} 

27/10 

84 

8.31 

1 

964 

97ii 

M/1 

Ui 

a» 

ft 

93 

981 

20/1 

9.433 

9_61 

84 

9ft 

99 

21/12 

9J13 

9.43 

ft 

991 

993 

1A/J 

94 

925 

01 

983 

991 

13/10 



ft 

WJ 

99 

19 a 

9.438 9.56 

ft 

974 

97! 

10/2 

8.938 

928 

04 

991 

100 

16/3 

9.688 

9.71 

ft 

97! 

93} 

4/4 

10J63U28 

ft 

983 

99J 

3/11 

3-313 B .40 

C»i*. 

Co*. 





data 

price 

Bid 

Offer 

day From 


628 

34 

246 

9 


6/78 1473 
UL5 
3JST 
21 
61 S 


841 

989 

1279 

612 

854 

508 

738 

130 

*17 

8*9 

295 


1082 IPtil +04 12-52 
1061 1813 +Bi 7.63 
9ft 1004 +04 -143 
OS 96 +6 9*7 

1421 1431 +0 -0.96 
45 96 -1 11.85 

1044 1BR +« -OJ5 
1061 107} +0) 244 

75 76 +02 1 1 3. 06 

10ft 10ft +0 1&S9 

1123 1122 +01 5.79 

U4i UR -01 2.16 

30R 10*4 — 04 19.49 
1001 101 +01 10.99 

10ft 2DU +BS -0.70 
lOfli 101 -01 840 

117} 118 -ft 144 
1251 1262 -ft 0.51 
1064 1073 +03 34.00 
UU 132 +0 1043 

963 97 —04 1347 

UTS lift -ft -2.65 
1061 1061 +0 149* 


lio-Yokado 32 83 

Texas In*. Air. 7' 93 4/19 

Thorn Int. Fin. 7 SS — .41/78 
Tyco Int. Fin. 55 S8 ...... 9/78 

Tyco int. Fin. 5 84 5/78 

Asa hi Optical 3} DM — 42/78 
Casio Comp. 3} S3 DM .. 11/78 

Izumira SI SS DM 10/78 

Jusra 34 SA DM ....... 1/79 

KonlaUroku 3} S3 DM ... 1/79 
Moral* Map. 3] SC DM ..11/78 
Nippon Air. 3.5 8S DM ..42/78 
Nippon Shinnan 3J DM ... 8/78 
N’uBfcin Steel 4 80 DM ... 7/78 

Blech 3J 86 DM 48/78 

Sanrkyo Electric 31 DM... 8/78 
Sanyo Electric 31 DM ....41/78 
Setyn Stores 3S Sfl DM ... 9/78 1275 
Stanley Electric 3} DM. .41/78 63 

Trio- Kenwood » SC DM . 41/78 711 991 100 +0 11.98 

• No Information available— previous days price, 
t Only one market maker supplied a price. 

Straight Boddsi The yield is the yield to redemption et the 
mid .price: the amount Issued is In millions or currency 
Mirim except for Yen bands where it la In billions. Chance 
on week = Chance over price a week earlier. 

Floating Rata Notes: Denominated In dollars unless other- 
wise indicated. M= Minimum coupon. c.dato=Date next 
coupon becomes effective. Spread =Ma rein above ax-month 
offered rate lor U.S. dollars. Ccpn=Tho current coupon. 
C 4 -M=Tbc current yield. 

Convertible bends: Denominated In dollar* unless otherwise 
Indicated, Che. day- ChanKC on day. On*, d ate = First date 
lor conversion into shares. Cnv. prlca— Nominal amount of 
bond, per share expressed Id currency of shale at conver- 
sion rate fixed at Issue. Prem=PercontaAc premium of the 
current effective price of acquiring shares via the bond 
over the mow recent price of the shares. 


©Tho Financial Times hid.. iBiTfi. Reproduction hi whole 
or id- part in any form not permitted without written 
consent- Data supplied by Inter-Bond Servicea 


T.C. Harrison 


Ford,JCB,'Vaiixhan/Bodford Main Dealers, 
Heat Sales, Vehicl e L e asing, Hire Purchase 


INTERIM RESULTS 

Profits upby 74% 


3rd quarter profit maintained at very 

satisfactory level 


Half-Year to 30th June 
1978 - 1ST? 



£*000 

£-000 

Hanover 

30,013 

- ' 18J266 

Profit before tax 

1,528 

87& 

Profit aftertax 

233 

m 

Dividend per share 

1.5326p 

U328 e>.. 


Subject only to obtaining adequate supplies of vehicles, 
'Group will have another record year in 1978. Directors will 
cousidear level of total dividend when yearfs results axe feuown. 

ZC.Harrison.CaaiEinan. 


Copies of the Interim Report can be obtained from the 
Secretary, 53-67 London Eoad,SheHietd S3 4LD. 


INTER-CITY 

Investment Group Limited 




Group Turnover 

Group Profit including share of 
profit of Associated. Companies, 


before taxation 
Taxation 

Profit after Taxation 
Interim dividend 
Retained profit 

Chairman: 


1978 

1977 

. Year to 

31 Dec. . 1 y 
1977 \T 

£4,737,000 

£4,505,000 

£8,602,000 

307,000 

105,000 . 

' 320,000 

157,000 

44,000 

168,000 

150,000 

61,000 

' 1527^0 

56,000 

19,000 

” T 56,000- 

£94,000 

£42,000 

£96.000 j;. 


r " . 


— TT 1 J - aw 

Hesnlta andPxospeets 

f^rihfsSSioEte^loSfSS xgraT^ 119 a reCOrd GrOUp P* 0 ®- before taxaBon * Of £307.000 

er ^SJ°* th ? Wholesale Distribution division and Iwisb 

ctaSSWJSRES^ 


'US 


Groirooverthe nastfS^” fS? « lhe balance of the activities of tne 

and/m lhe fo ° ow "Y^r the principal activity of the Group 

been seen saritex%? ^ ^contraue to be so. The benefiteoTSe change would have 

^Wtinseen eai-ner out for the extremely adverse hradfnrr'rvm^nt,' w .„ ^ 1979 . The 


been s^T earner ton* ™ to oe so. The benefits of flie change would have 

retunftoSiorS a ? ver3e grading- conditions experiencSi in 1978.^ 
inmy last^tfflnentto 1 j^M^^^^^^i aSena ^ led 11119 sates pofi^fo which frefented^ 

nfit Tor the second half of the yeaf 
toSOlli June. 13T8. aod lootingbeyood 

December. °t£ , ® P i per ° llare wi “ dl w® be paid on U* 

Cpp,«<rfa e / n i er ^^ "!“‘^^“ a ‘^ c ^ ofb ^^™lfttNovember,19J3. 


s. 


Y 




Wednesday October 11; 1978 


11. T / v 
y : ■ 

FS-; 
j* ^.4 a . 

*V ; "V v ’ 
»y- .■ 

' }; 

- 

i 


e 


■> ^ 









Ur 


INTERNATIONAL financial AND COMPANY Nl 



BY OUR OWN CORRESPONDENT 


PARISt OcL 10. 


VALLOUREC, the French manu- 
facturer of wide diameter steel 
tubeB, has cut its losses sharply 
in the first half of the year and 
is promising further progress in 
the second. 

Operating profits were 
fSj9.5m) against 
nfro - ’ B, i t afler ttepyeciation 
of FFr 94m, the final loss worked 
out at FFr 9.9m f 52.3m) over the 
s ?° , |P er fod of last year losses 
FFr 35.4m Occurred after 
FFr 58m of depreciation. The 
gam in turnover was almost 
2S per cent to FFr 2.$bn. 

Vallourec, with a highly 
specialised range, of products 
and modern plant, is 5S per cent 
owned by the Denain Nord-Est 
Longwy group. DNEL needed 
the small consolation of 
Vallourec's performance to sot 
against the FFr 4.5bn losses 
recorded over three years by its 
subsidiary. Usinor. the country's 
higsest stecl-makcr. 

Now, with the wholesale re- 
structuring of the steel industry, 
fallowing the Government's 


decision to convert the main 
creditors into shareholders, m 
order ta lighten the medium 
term burden of debt repayment. 
Vallourec's ownership is 
changing. 

Under the new scheme, DNEL 
will cede a part of its stake to a 
holding company in which it will 
have «jf) ner cent of the capital. 
This holding company will itself 
be majority-owned by the new 
financial master company being 
created to bring together the 
Group of- creditor^ DNEL will 
retain a direct 23 4 per cent stake 

ih Vallourec. 

9 A sharp increase In first-half 
profits Is reported by Cie 
Bancaire, the French holding 
company for a group of finance, 
loan and hire purchase opera 
lions. 

Net profits for the six months 
to June emerge at FFr 143m 
(&&.:*»] i compared to FFr 115m 
a. year earlier. Gross operating 
carninss for the half-year were 
FFr 52^m. against FFr- 412m, a 
rise of 27 per cent. 


Disposals planned by 
Motor-Columbus 


BY JOHN WICKS 

MOTOR-COLUMBUS. the Swiss 
utilities; and industrial bolding 
company is to concentrate its 
efforts on the power, civil engin- 
eering and real estate /construc- 
tion sectors, according to the 
company's -chairman, Herr 
Michael Kuhn. The company, 
he said, is to divest its industrial, 
tourist and South American 
activities. 

As part of this programme. 
Motor-Columbus has sold its one- 
sixth shareholding in the Swiss 
industrial concern SA des 
Cablrtries el TrcfiJieries do Cos- 
sonay and has reached agree- 
ment in principle on the sale of 
its stake in the Argentine firm 
Cia. Italo-Argentina. Motor- 
Columbus and its affiliate 
Suedelektra are currently 
engaged in repatriating funds 
from Peru, following the sale of 
important holdings 

Although the connected 
branches of real estate and build- 
ing operations are to remain 
important parts of the group's 
business. Motor-Columbus experi- 
enced new losses last year of 
3wFr 19.1m in the Zurich-based 


ZURICH. Oct. 10. 

contractor and property affiliate 
Mobag, despite a small profit of 
SwFr 0.5m from the foreign 
operations of Mohag Interna- 
tional. This prevented the parent 
company, whoso net profits were 
unchanged at SwFr 5.2m 
(■•53.3m f for the year ended June 
30. 197S. from, increasing its 
dividend above the previous 
financial period's 4 per cent.. 

• The dividend of Ussec. the 
investment fund for American 
securities run by the Basle-based 
Societe Internationale de Place- 
ments — on affiliate of Credit 
Suisse — is to be reduced from 
SwFr 16 to SwFr 15 Sfir the year 
ended August 31. • The fond, 
over SS per cent of whose assets 
arc. in U.S. shares and 5.5 per 
cent in convertible bonds, 
registered net income, per certifi- 
cate of SwFr 13.1?, -against 
SwFr 23.23, for the period. Due 
largely to the decline In the 
dollar exchange- rate, total hold- 
ings dropped from SwFr 4S.5m 
to SwFr 34.7m, the. number of 
certificates in circulation- falling 
to S5.817 from SS.196. ■ ■. : 




w 

ame 

IV. 

u 

•g 

ht Grou 

p; 


INTERIM STATEMENT 
The unaudited trading results of the Grouper 
the six months ended 30th June, 1 978 are* 


6 months 6 months 
to 30:6.78 to 30.6.77 
£000*s 
10,973 
674 
442 


£000's 
10,253 
636 : 
496 


Group Turnover 
Profit before tax 
Profit aftertax 
Dividends 

Preference Shares 5 5 

Ordinary Shares 152 136 

(Interim) (Interim) 
Profit retained 285 365 


12q»nths 
‘to 31. 12.77 
/fOOO's 
20.067 
1.421 
1.151 

10 

272 

(Total) 

869 


Provided there is no further deterioration in 
the economy, and that strikes at present being 
experienced by major customers are not 
unduly prolonged, profit before tax should at 
least equal 1977. 


Warne.Wright & Rowland Ltd. 
Keeley Street, Birmingham B9 4HP 


Heavier 
loss from 
Dutch 
shipbuilder 

By Charles Batchelor 

AMSTERDAM, OcL 10. 
RSV. i be largest Dutch ship- 
building group, made sub- 
stantially higher losses in the 
first 32 weeks of the current 
year. II expects the position 
to Improve in the final 20 
weeks but will still be heavily 
Ui the red due iolhe depressed 
state of its shipbuilding and 
repair activities. 

The company reported a loss 
of FI 47.8m (£!3.2m) in the 
fir*t 32 weeks, a rise of 68 per 
cent on ihc FI 28.4m loss in 
1»77. The loss in the rest of 
the year will be considerably 
less than two thirds of the 
first period deficit, or about 
Fl 3(hu. 

This will be partly due to 
the sale of RSV*s remaining 
residential property. Deposits 
on the sale of some of the 
bouses, which are rented to 
the company's workforce, 
were Included In the first 
period result. RSV partly 
bases its hopes oF an improve- 
ment in the second hair on 
the continuation on the pre- 
sent slight upturn in the ship 
repair market. 

The company’s land based 
divisions and marine ship- 
building marie a sizeable 
profit In the first 32 weeks. 
Despite government assistance 
in acquiring new orders 
granted under the plan to 
reorganise the Dutch ship- 
bulidng industry, RSV has not 
been able to get sufficient 
orders to make full use of Its 
shipbuilding and offshore 
capacity this year. 

Turnover in the first 32 
weeks fell slightly to Fl 1.6hn 
<S776m) from F! 1.7bn In 1977. 
The total value of Its order 
portrolio, excluding repair 
contracts, is about Fl 6.lbn 

Late recovery 
at Rolinco 

By Our Own Correspondent 
AMSTERDAM, Oct. 10. 
ROLINCO, the share Invest- 
ment fund which is part of the 
Roheco Group, has reported a 
recovery in its net assets in the 
second half oF 1977-78. The 
downturn in the firsl hair left 
its mark in the form oF a 
decline in profits however. 

The value of its shares rose 
18 per cent In the year ended 
August 31. Total net assets 
amonnted to just over F12Jibn 
($1.2bn). Net asset value was 
again above the F12.4bn level 
or September 1977, and had 
recovered from the low point 
of F12.1bn reached at the half- 
way stage in March. 

Net profit fell F13m to FI80m 
fsu9m>v - with the number of 
shares on Issue down to 18-28m 
from 19.71m, A year ago. profit 
per share was about 5 per cent 
highly. 


THE PARIS BOURSE 



23 


-py 

r'. .. i'i:VNr •: 

H-j v.-; ; ■ 


Investors side-step the taxman 


ONLY THREE times In the past 
25 years has the Paris stock mar- 
ket scored gains of 50 per cent 
in a 12 months, so this year's 
performance by share prices may 
be heading for the record book. 
The bourse index is currently 
showing growth of 55 per cent 
over January 1, and is no less 
than 74 per cent ahead of its 
low point of early February. 

The man responsible for this 
upsurge in share prices is M. 
Monory, Minister for Economic 
Affairs. who is freeing Industrial 
prices from control and proclaim- 
ing the therapeutic virtues of 
liberalism. For in July the 
National Assembly .passed the 

Loi Monory" intended to encour- 
age the small saver to invest his 
money in the stock exchange in 
order to breathe financial life 
into industry. 

The measure permitted a tax- 
payer to deduct, for each of the 
next four years, FFr 5,000 ($116) 
from his taxable income to be 
invested in shares, plus FFr 500 
for each of the first two children 
and FFr 1,000 for each of the 
others. This money had to be 
invested in French stock. 

Alternatively. the same 
amounts could be invested in 
special unit trusts holding 60 per 
cent of their portfolio in French 
shares. 

The defeat of the Left In the 
March general election had 


already started the Bourse mov- 
ing — indeed shares bad been 
moving up since January when 
the Bourse began to smell elec- 
tion victory after the widening 
of the Socialist-Communist quar- 
rel and the growing authority of 
M. Raymond Barre. 

But the Monory measures, not 
only for their very real tax 
advantages, but also because of 
their symbolic yaiue in proclaim- 
ing that capitalism was back in 
fashion, really put steam behind 
the rise. 

The banks were quick off the 
mark. They were quick to pro- 
duce their own “in-house” unit 
trusts or to “Monorise" existing 
trusts to tap a clientele which 
finds it easier to invest over the 
bank counter. About 15 such 
trusts are already functioning 
and have scored solid gains. 

In tiie first nine months of this 
year the volume of transactions 
was up by 70 per cent. The 
average increase in French 
values across the bourse ns a 
whole was 55 per cent, and on 
the term market the FFr 23.47bn 
turnover represented a 121 per 
cent rise on the previous year. 
The volume of transactions on 
French shares quoted on the 
term market jumped by 264 per 
cent. 

Even more significantly, shares 
are the most impressive per- 
formers. Almost 57 per cent of 


BY DAVID CURRY IN PARIS 


volume was in shares against 
only 43 per cent last year, while 
the fixed interest market saw a 
more modest rise of 3S per cent. 

Several major companies have 


FFr 2.3ba has been raised since 
the summer by rights issues. 

The banks and brokers agree 
that there are a lot of new share- 
holders being created by the 


French bankers and unit 
trust managers are asking the 
government to delay the dead- 
line by which share purchases 
under the “Monory law" can 
be made. The draft Bill 
approved by the National 
Assembly sets December 31 as 
the final date for share 
purchases which are to qualify 
for advantages. 


rrz 1 

80 | 

Paris Bourse , 

1961 J- 

70 - 

ijA / 

60 - 

\f\J- 

50 - 

v yv 

! I • f 

L 1974 1975 1975 1977 1978 J 


jumped on to the bandwagon. 
Cumpagme Franca ise des Petroles 
announced a rights issue of 
FFr 5SS. Only to be topped by a 
Saint-Gohains FFr 594m Issue 
within days. CGE. Lafarge and 
the French arm of BP have all 
decided to raise capital, and they 
will be followed by others. Some 


Monory measures. The country's 
biggest bank. BNP. was first off 
the mark with its own special 
unit trust and collected FFr 100m 
in one month. Credit Lyonnais 
harvested FFr 50m in two days. 

The advantages are very real. 
L’Express Magazine gives the 
example of a married man 


with three children earning 
FFr 110,000 but declaring after 
normal allowances FFr SO.OOO. 
His bill for lax would be 
FFr 9,9Sl. If be devotes FFr 7,000 
to share purchase he cuts his 
fiscal revenue to FFr 73,000 and 
pays on it FFr 1.750 less in lax. 

For the large-scale shareholder 
Lhe new measure is less interest- 
ing. But even a man with a port- 
folio of shares valued at 
FFr 150.000 and bringing in 
around 6 per cent in dividend 
would still gain a slight 
advantage in opting for the 
Monory formula rather than his 
existing allowances. The two can- 
not be combined. 

But not everybody has been 
searching for capital gains. There 
is a group of investors seeking 
losses. For next year capital gains 
tax is introduced. But thanks to 
a Gaullist amendment, the share- 
holder is not obliged to declare 
at wbat date be acquired such 
shares. 

Thus, the hunt is on for shares 
which have declined sharply 
since 1972 fraaking the steel 
companies very fasbionablc pur- 
chases). Shares bought today can 
be declared as having been 
bought in 1972, thus establishing 
a tax loss which can be spread 
over five years. In the present 
mood of the Pari'; Bourse, even 
the losers are winning. 


Better prospects for Holmens 


BY WILLIAM DULLFORCE 


HOLMENS BRUK, Europe's 
largest newsprint manufacturer, 
reports a further fall in profits 
during the first eight months, 
but expects to perform much 
hetter during the rest of the 
year, to put 1978 earnings ahead 
of last year's. 

Pre-tax earnings during the 
first eight months were SKr 24m 
($5.5m) against SKr 35m in the 
corresponding period last year. 
Turnover climbed from SKr 833m 
to just over SKr lbn, and operat- 
ing profit was well ahead at 
SKr -143m against SKr 97m. But 
net financial costs trebled to 
SKr 57m and depreciation 
charges were up by SKr 19m to 
SKr 62m. 

These sharp changes were 
largely due to the commissioning 
of the new 170,000-tonne news- 
print mill at Braviken last 
September. Until the start-up, 
interest was payable on this 
SKr 660m investment. 

During the eight-month period, 
Holmen was able to utilise only 
about 80 per cent of its increased 
newsprint and magazine paper 
capacity, stocks of finished goods 


have increased since the begin- 
ning of the year, but are 
reported to be not above normal. 

Demand for wood-containing 
printing papers has strengthened 
since the summer and Holmen 
expects to operate at a consider- 
ably higher utilisation rate 
during the last four months of 
the year. Paper production l s 
forecast p grow by 15 per cent 
from 1977. while the final turn- 
over figure should be around 
SKr 1.75bn, a 20 per cent growth 
rate. 

The 1978 operating profit 
should fall within the SKr 225m- 
SKr 235m bracket against 


STOCKHOLM. Oct. 10. 


SKr lSlm last year, but the 
higher interest and depreciation 
charges will bring the pre-tax 
i!wn ?»i SKr 45m-SKr 55m 
against SKr 40m in 1977. 

Afler completion of the first 
phase of the Braviken expan- 
sion, Holmen's investments will 
plunge from SKr 4l»4in last year 
to an estimated SKr 75m in 1978. 
During the first eight months the 
company took up SKr 185m in 
new long-term loans and 
amortised SKr 65m. The short- 
term debt has been reduced 
considerably and the company's 
liquidity is reported to have 
improved. 


Swiss rates return to 
with SwFr 60m issue 


BY JOHN WICKS 

A RETURN to 3 per cent coupons 
has been made by the Swiss 
domestic bond market with a 
SwFr 60m (S3Smi issue, for sub- 
scription between October 16 and 
20, of Canton Argovia. The 10- 
year loan will be priced at 09$. 

In Marcb of this year, the City 
of Zurich had floated 3 per cent 
bonds with a 13-vear maturity, 
priced at 99 per ’cent but this 
was an isolated case and the mar- 
ket rate for first-class borrowers 
subsequently rose again. Swiss 
capital market rates are cur- 
rently at their lowest levels since 
the 1950s. 

Other new domestic issues 
scheduled for mid-October 


ZURICH, Oct. 10. 

include a 3J per cent float of 
SwFr 50m by the Zurich Can- 
tonal Bank over 12 years and 
priced at 101 per cent, and a 
SwFr 100m issue by the nuclear 
power station Kernkraftwerke 
Leibstadt, also with a 12-year 
maturity; the interest rate is 3£ 
per cent and priced at par. 

* * * 

The Swiss heating company 
Oertli AG, of Duebendorf, has 
acquired the Danish burner 
manufacturer DanheaL Oertli 
claims to be the first non-Scandi- 
navian company to obtain a 
noticeable position in this mar- 
ket. Danbeat has a 15 per cent 
market share. 


The Bank of Tokyo, Ltd, 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series C Maturity date 
14 October 1980 



In accordance with the provisions of the Certificates, 
of Deposit notice is hereby given-chat for the 
six month interest period from 11 October 1978 
to 1 1 April 1979 the Certificates will cany an 
Interest Rate of 1 On - % per annum. 

Agent Bank 

The Chase Manhattan Bank; N*A., 
London 




October 10, 1978 


General Signal Corporation 


lias acquired 


Leeds & Northrup Company 


The undersigned acted as financial advisor to Leeds & Northrup Company 
in connection with the above transaction. 


Smith Barney, Hams Upham & Co. 

• ' Incorporated 


The excellent progress mode by ARC in recent years 
continues with a further increase in profits over last year's 
record figures. 

Turnover Increased by 74% from £159.751m to. 
£277.403m,yieldinga profit before tax for lhe year just ended 
of £31. 6 76m, an improvement of 75% over the preceding 
year 


Amey Roadstone Corporation Limited 

ANNUAL RESUITS Year to 30ft Jane 

2978 1977 

Turnover 

£.000 

277,403 

£’000 

159,751 

Margin on trading 
Depredation and depiction 

44,954 
. 12.1X12 

26,045 

7.327 

Operating surplus 

Less: Interest 

32/JS2 

38,715 

1 .813 

Profit from Amey Roadstone 
Corporation operations 
Dividends received 

29.225 

2,550 

16,905 

1,227 

Profit before taxation and 
extraordinary items 

31,676 

38,132 

Taxation- current year 
-prior year 

S.843 

1,271 

5,434 

(70) 


10,214 

5,364 

Profit after taxation and before 
extraordinary items 

* 

21.5*2 

12.763 

Dividends 

11,701 

7,810 


The profit achievement by Amey Roadstone 
Corpora tion over the past decade is all the more remarkable 
when viewed in the light of the world recession that has 
dominated this period. 

Growth in terms of operating surplus in relation to 
capital employed during the past 10 years is best 
demonstrated by the graph below. 

TURNOVER; 

£Vnlllom 



OPERATING SURPLUS AS % LL . 

OF CAPITAL EMPLOYED. 2b% ***» 

Operating surplus has multiplied some fifteen times 
but capital employed is only five times greater 

Of course the profit figures are higher because of 
inflation, whereas assets are stated at historic cost 

Nevertheless there has been a substantial growth in 
real terms which is no mean achievement. . 

_ If you would like more information about ARC group 
activities, products and financial results for the lastyear, 
please write to us for a copy of our Annual Report and Grou p 
Profile. 


These very substantial increases reflect not only 
generally improved performance in the UK but more 
particularly the results of ARC activities in America included 
tor the first time. 

The extension of ARC'S global development has 
brought increased prosperity and a broader operating base* . 
This in turn provides greater stability for the group to 
withstand major fluctuations in demand for construction 
materials. 




A member of lhe Gold- Fields ( jioup 

Making more of our natural resources 

Amey Roadstone Corporation Limited 
25 Stanhope Gate London WTY6AB 


. V* 





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NORINCHUKIN BANK 


Surging ahead on the rice harvest 


BY ROBERT WOOD IN TOKYO 


Dollar declines 

in thin trading 


THE POUND SPOT 


SS81& "ShS? 


m mm iraamg ^ 

JAPAN’S rice farmers are pre- Banker listed It this year, when because it toakes agricultural hanltere have 

paring to harvest one of their it was shown as the 27th largest chemicals. But even a weak The US. dollar closed fairly ing to 2.45 cent from 159 cant Spaa-F®*- 

largest crops ever. For Norin- bank in the world, and the limitation on the use of syndicated Joan. But the hang. near its Weakest levels of the day The pound’s tradewetghtrf Index 

chukin Bank— the central bank seventh largest in Japan. Norinchukin’s funds exacerbates has had t° torn dow “ .“JpiL5 U nf against other major currencies, fell to 62.6 from 62.7 on Bank of 

*1 iwiniimnl and forestry Norincbukin's recent erowth the problem of finding uses for proposals because Ministry of The. foreign exchange market was England figures, and stood at 626 sWSSh £ 

SLJiiJSSShh threaten ? to has been striking. Sts 5^28 money. regulations limit it to sUghtly m 6 0re active than on Mon- at noon aSk in the morning. The 1*“ 

co-operatives— -this threatens to oas ucc ■ Assets rose S2m in net foreign currency dav hut trexfimr wk nnt beam. ifnibirv <tonrm>intinn. as calculate* Austria Bd 


Canadians ‘rm kW* 4 '™ 

«»., V* uSeaVM I mMS io^ 6 « 


— T — iUK-iareign nr raian ge maraei was Jsngiana ngurea, ana atuuu at ik.q 

siSas sssssyssfsS SJvSSrSS SHsSSSm rEBSFSE i s | m\m 

rKSM ^ ifflgus.'ss tSLguus tu* sar &om Friday -' at “■’? 

sr»rasj!2f isri^s b^'sh^m^s* STiasa 

tives. facing a weak demand for t»0 per cent, to 539bo. operative feaeranons nave risk — but they rarely can. SwFr L5S50 previously. major currencies during the morn- 

loans, will in turn deposit the The Banks officials say that always paid interest a a rate ^ Japanese banks have limi- In terms of the Deutsche Mark ing. There was some nervousness t an SPOT 

monev with their prefecture! Norinchukin .is now number two slightly above | that paid by ’tong- tetlons ,^ n their net foreign the doff roseVto DM L9060. and surrounding the Canadian. doBar THE DOLLAH 

co-operative federations. These in Japan, behind Dai-Ichl Kangyo term credit banks on five-year jj abmt ies, as a safeguard against fell to a low point of DM 15910, however, which is expected -to SyT “ : 

m . ^ _I r I • v,.t .1. i onos POffiP iinrfw inr*TM<Vfl DTfM»ai1« m — . _ ... ClOH 


1 sa* ags 

“ hStKS!:” ,SS» 

k ■$&? S 

jkh. aa 


federations— also having little 
scope to make loans — will invest 
about half the money in Norin- 
chukin’s special onc-year time 
deposits, which pay interest of 
6.3 per cenL 

Norinchukin will then have to 
find a use for the money — facing 
the problem that short-term 
interest rales in Japan are as 
low as 4 per cent to 5 per cent, 
while there are few opportuni- 
ties to make profitable long- 
term loans. 


For Norinchukin Bank, the central Japanese bank for 
agricultural and forestry co-operatives, the coming rice crop 
threatens to create a cash surplus without parallel anywhere 
in the world. In spite of difficulties over where to invest 
the funds involved to secure an adequate return, Norinchukin 
welcomes the money on the grounds that by next month it 
expects to be the largest bank in Japan. 


foreign' exchange losses, but before closing at DM 15935, come under increased pressure as October 10 

Norinchukin officials say that no against DM 15040 on Monday. * £53“ ” SF,*™ dt ™® nd c^ad'iT? maz-w.« 

other major bank has a limit as The Belgian franc, Dutch V*U*T- „ r Judder ***%£* 

trifling as theirs. Now that they guilder, Danish krone, and Nor- The dollar .feJIto BeigianFf 

have heavy, excess liquidity, wegian krone, members of the ^*^2?“ SSt twaSt*!*} 

while interest rates are far European currency snake, re- BFr 29.8SI-30.03! previously. The osm*sj2s 

htohlrabSd than ^homl and “alned under pressure against French franc also lost ground U£ 

5f2£j^.£lK Deutsche Mark, and continued to against the Belgian franc, and was tirwsn. kt *-2£fj£s 

rise asunst the dollar, in lino SHd otBFrCJflM^^coB- 

pared with BFr 65690-6.9990 :«n Sj* tehKr js 7 »jl 88S 

Monday. ' ' Austria sen 

FRANKFURT— The Bundediank swSaFr 


Cnnto' fnnoim tn FP- Hse against the dollar, in Im 

Zee S5& I Sa S ^“of“paT -« «— » 

ments surplus, the bank is peti- / ' '■< 

tioning for an increase of a 44’i — — — — — ' 

huge amount" in its limit. I j ' 

Norinchukin says that the I 


S4A2MA5 

2A5U-2JST5 

29X7-29.90 

U9K-5X565 

U920AX930 

4S.OO-45XD - 

KUlOMUSO 

5X245*5X255 

A29504J51D 

A3UM3690 

187.90-U8JB 

13.m-13.7U 

L5MO-U5TB5 


did not intervene when the U.S. * u- 5 - wnU pcr Canad,an *• • 

dollar was fixed at 101 15946- 

15026 against the DrUiark yester- -A-rrc rilOQI 

day. This was the third lowest fix- CURRENCY RATES CURRI 

ing level ever recorded, and a — ■ . _ — ■ 

decline from the early motrfing nfSSStol ^utfcoF October is 

rate of DM 15045. The Swiss oaaiwr* SEES Accmnrt 

franc rose to DM: L2020-L2040 ■ n. Mn S5STT 

from DM L1989-15009. and steri- SjerHns unavaUaWo ux. dollar 

ing fell to DM 3.7550-3.7880 from 
mi 3.7630-3.7770 at the fixing. SSSSSST 

The Bundesbank’s trade- weigh ted Eelsian franc ■■ tre 

revaluation index of the D-mark Danish fcwpe ” ^ SS Deutsche i 

against 22 currencies was im- 2S!i^ cl,e MarK — I! • 2.7QM Swiss tram 

changed at 1505. ... ggg ^ „ smu 

ZURICH—' Die dollar eased against Lira - . • JS 3 ^ 

major currencies during the Yen •••••••• — •’ Sum Yen l"""' 

morning, but trading was- fairly 5£T^ eslan hron " t vuu2S Based cm 

quiet, with the curreagr. drifting gSJdteh'teiM'"- - Wojjungtoo 

on the lack of any new factors. At swtw franc 2 - 1Mn lBank 01 • 

mid-morning . the dollar' -was - • • 

SwFr l_5S12f, compared with an 


xenm iod . Bank. By November they expect debentures sold to the public. Mioistry of Finance appears will- 

- Ea ,\, e ™^ deP SJ ,nt?nr to be number one. Since the cost of handling ing to acccptTmore oF this 

inevitably means a net loss tor Norinchukin, which is owned deposits from prefecture! fed era- Jdnd. but that there is little 
NonncmiKin. in oraer id report b Japail - S agricultural coopera- tions was far below the cost of likelihood of the ministry remov- 
an acceptable profit, of \8.5bn tives j g not wor |(|- s on i y selling debentures to the public ing its restrictions entirely. 
<&44.7rai last year, tne hank naa ™g anl j C agricultural bank. The these deposits were, traditionally. The bank is optimistic that 
to support its results with sales jj gt j n g jjy The Banker showed a profitable 'source of funds Japanese loan demand will 
of securities it would otherwise France’s Caisse Nationale de despite their relatively short return to normal within the next 
have continued to hold— a prac- credit Agricole as the largest maturity. few years, and that its swollen 

tice that is permitted under bank outside the U.S. But But short-term rates have deposit base will then stand it in 
Japanese law. Norinchukin's rapid growth has dropped so far below the rate on good stead. The bank says that 

Norinchukin officials never- created unprecedented liquidity, long-term debentures that Norm- last year it would just about have 
theless welcome the harvest Half its assets are short-term chukin is now paying 6.3 per broken even without juggling its 

mnndlf TVlClU Kaliovo tint it U»lll ■ nnl'lnff 1 n.. t-knn Ilia i. r _ 3 1 u:i- ^ »» - « ■ r 


CURRENCY RATES ) CURRENCY MOVEl^ 


Special European 
Orwtas October » 

Rfgbts Accent 


LIRA 


largest assets of any financial ture-related companies, and finan cial institutions at 4.75 per one-to -three years, expecting 
institution in Japan. invests the rest of its money in cent. Tbe bank is now changing Japanese long-term loan demand 


DJ FMAMJJASO 


Thev argue that the bank did securities. Sometimes its clients' its rules so that it can cut its to have expanded by the time the °L rate of SwFr 15842}, against 

not appear in any international relationship to axgriculture is rates further. investments are repaid, and that ™ ■“ ^ 

list of the world's largest banks tenuous — almost any chemical Hearing about Norinchukin’s it will be able then to employ MLAN—TOe dollar was shortly 


FORWARD AGOUMSf^ 

” "7 ^ 

Inc bwUi P.a. Ttmrawh 

«<« 2c t*m - <U3 8^7-0 J0cpm~~»V 
JSUOq dHtr -X» L42-l3eS- 3 
MBc dls -7JB &2fc*c“-3 
.TOMSpre db -ASS T.1ManaJ^l 

r« lire CBS -5A» lUSkAViS 

JMShn Out - *51 7AMja5l?^2 
LSSUABciub'- ' . UU i.TO^Mcv^m 
JDore pm-par OJT 
J5-L05vpbi M5. iSeSrwiJ 
JSi75sro pm 2LM MMlSObtSeS 
JMJQcpm - ' SJ7T JAMnScjp^g 


Bukof, 
Enslandt 
Index .ct 


SterUflK - — — BJB 

US. dollar SUS 

Canadian dollar . ,™ Thjm '-jS 

timWtn sOUlBnS 4 .V*~ ~ 

Belgian franc U3JM +m- ’ 

Danish krone — . U&Z 7 " 4 si 

Deutsche Mark M6J* . jgfc 

Swiss franc 2BL53 mp 

Guilder 12232 ."+55 

French franc 98.71 -m 

Lira 55A8 r-ftS 

Yen IJBjrr +5L|l 

Based on trade weighted chants, t 
Washington agreement Decemfier, ■ 
(Bank of •gnytenil Index -IB#);.. 


OTHER MARKETS 


ntil a compilation by The company is “ agriculture-related,” accumulation of funds, foreign its money profitably^ 

News Ltd. dividend raised despite setback 


BY JAMES FORTH orirwAir, ucl iu. $15785,' and touched a low_ point L515. compared with L516.76 "9T35-9.57 a.7X3M.7»»o jitiiy imo-ib 

NEWS LnCTED. the inter- A 54.75m to AS2.97m. The direc- The directors said that the newspapers, particularly in SoutSaM^JS^StoSta?!™* PI pARr2i'rh« ^ Su^iwKiji: o^32-aMB 0^^05732 Su 

national newspaper, publishing tors said the lower result came group's earlier acquisitions in Sydney had experienced difficult ed ifsfq£s?i 9^ the tho Lusembour* Fmc 59.15-6^25 

and media group, suffered a 4 about mainly because of the the U.S. had traded profitably trading conditions during some BSSloi aS no'tor f fe** 1 

per rent downturn in group inclusion of the full year’s equity during the year. months. Overall costsincreased $i_ 9S40, a' rise of 30 pointsman tbe fisin^from FFr-L2S4rf-L2fld7i on "essses 3J}B7i-3'.33 75 j Stotfj 

profit for the year to June 30. share of the development costs Th _ __ - t> ,_ although newsprint pnees were day Mon da v The D-marlTwas also Srair»»re Doiinr.-. 4^frA.37is a^06o-a^o.7ofcoucd states — i l.Sfrta 

mainly affected by the purchase and the “adverse trading” of "ttlinn u fairly stable ' rose by Forward sterling was also aLn tener ia£^the ^<SS s.Tb'ASla.ltodl 1.704-1.7 W, Iww a mWl.*. I <H Mf 

early last year of The New York the New York Post. ri Vwf Wnird had 13 ^ from AS173m to firmer, with the three-month dis- currency, at FFr 25615-25665, 

Post, the struggling New York The previous year's results I maf} _ substantial %niri- AS 198ra (U.S.$227m). The count against the dollar narrow- compared with FFr2552955579 
afternoon newspaper. However, had incorporated only the half £?.♦!!?„ J to nvnflt 8 A^nito th* group’s television subsidiaries 

the dividend has been increased year’s trading. The New York SSfSS-i. and .****£{* mn had increased profits, but those 

- o .. _i « ti.., 7; i inaus tn ai ana economic con- — ■ ,- n — a rrv/iu**ir*c ^nAee battc 


SYDNEY, OeL 10. 

The directors said that the newspapers, particularly 


against the dollar in the forward easier at yesterday’s fixing, falling ~ 

m iru et w— v« to LS19-70 from LS20.05. Trading “ _ . i 

The French franc ires slightly was slow, with the Baftk of lte& Ort.io £ " . s • • ' ' 

weaker against the dollar, easing supplying most of the SSm. - — 

to FFr 45970 from FFr 45945, but exchanged. The D-mark rose to Afsenmu Peso 1.723-1.727 8M.67-870.6a AuBtria 

the Italian lira and sterling gained ajWd high of L43L70 from aKh. Dollar.... i.707^i.7i2p gj*^" 

^ “ 3L “' and the.SwiE fmnowas miUaii I 

The pound opened at $1.9775- also firmer against the lira, at cZL dSvSjm.... 7i.oei-72.aoi 35A3J6.TO iGereiiwy-:.-^— 


- 

HoteSift 

27 . 028 . 

82 . 2063 . 

10.4010: 

&4&4S 

3.72AS 

1690-16 

. 371^(8 

4.W4J 


Rate given tor Aotentliui lx free rate. 


from S cents u share to 9 cents Post was acquired at the start of dittanT th at or evailed News en 8 a S ed 111 r ecoMing and book EXCHANGE CROSS RATES 

and is still well-covered by earn- 1977 for just over U.S.$30m. Si™? L H prevmiea. wews pu bijshing contributed less to the — 

ings of 42 cents a share compared Since the balance date the Post, lastmonth rennrtpd group result. Oct. io ew<l sterns! u. s .Doi 

■with 44 cents in 1976-77. The along with New York’s two other J“ ri g 0, ffi' JS-tfv iroM P from ^ « J. ■ . ^ v, 7~ 7^ 

group profit actually declined daily newspapers, has been f7 P R9m to £9 08m The re3 ^ 1 ^, r ®P res ®? te( * a 5 ^ a TP U5. Doihr^^ 0.504 l 

from A$13.99m to A$13.4m involved in an eight-week strike OTJ* ^ turnaround during the year. In 

(US 815 6m) which put the papers off the 111 half. ear to first half profit rose 26 per Deutsche Uark 0.266 0.528 

(.U.b.%>i9.bm ) at ^et. but the PoS has now June 30. cent, from ASS.4to to ASIOfim, J-p«.ese Y« i^x» „ a.677 5.3ii 

The decline came in the equity reached an agreement with the The Australian economy but plunged 50 per cent in the FMaoh FntUs 1G 

accounted profits from associated unions involved and is back in generally had not responded as second half, from. A$5.6m to ?-*!■« vnoe aaai 0.636 

companies, which dro pped from publication. expected and some of the group's Ag2.8m. uutciiGiL»i^ — 0 246 — — owe 

~ ' — — imitea Lire 1^)00 o]615 1^20 

Wolfson-Clore-Mayer profits up Losses rise sssc 

or LOAN, it TEL AVIV, Oct llh at 11^1)0111* 


lax 1 UeutaclipUarij Japanese Xen I French t'ram.-' SwUa I'niu.- [ Dutcu Gulnler I Iteiixa Ura I GuiaUa UoliK< [ iW^tw'P 



TEL AVIV, Oct 10. 


1VOLFSON-CLORE-MAYER Cor- controlling interest in two other cent to 12280m Export T7« • • 

poration has announced a rise in real estate firms— will pay a sales alone Increased at a farter i4 TICFIfIPPnnO 

its net profit for 1977-7S to gross dividend in respect of 1977- rate— fay 93 per cent to I£70m. 

l£20m (Sl.lm), from l£3.4m in 1978 of 15 per cent compared Costs increased by 85 per cent Rv 4nAoiw Row i„ 

the previous year. with 12.6 per cent in the fiscal to I£259.7m. Much of the increase ** Anmony k wi y 

_ , . vear 1976-77. in gross and net profit was HONG KONG. OeL 10. 

Profits were increased by extra- book vafue of its assets is accounted for the gains from in- HARBOUR ENGINEERING, a 

ordinary income froni the sale gWen as 1£1{7>4gi (USS 85m) vestments in index-linked Gov- subsidiary of Hatchlson 
of a hotel for I£lJ.Sm. aDd were (u 2g per cent ) while its time ernment bonds (which are not Whampoa announced a con- 
5l?S. ed f25? lt t^ fall i«rt5 deposit* in foreign currency taxable) and whi<* came to SO tidated loss of HKS355m 

arising from the fall in the f.nm nil tn tha anninilanl TFR 4 rn (ml in 197 R- 77 Y ill D M 14 AAA\ ....... 


EURO-CURRENCY INTEREST RATES 


Oct. 10 

Sterling 

F.S. Dollar 

Canadian 

Dollar 

Dutch Guilder 

owtas Franc 

West German 
Mark 

- French Frans 

Italian Lira 

tdluirt lenn 

7 lUy'u notice 

.Mnotli 

Three monlba... 

Six niuurliK 

One year. 

8S ( -9l< 
1058-1 n# 
135« 12U 
1Z3 + 13I« 
lote-135 4 
1310-liSg 

eve 

B7a9i a 

9,.,-9, t - 

M7 B .1C»8 

BTg-lQlg 

9i8-10ia 

8 U- 0 ^ 

6 I 4 -BU 

?!>■* 

Siv-9* 

20-23 

18-21 

17.17te 

1214-1254 

IOI 4 -IO 34 

s-gic 

per-ri 

P»r-iV 

Its- 

«2-58 

54-7 8 

••HA- 
- tfr** 

■ 2»S 

36fl-j5 4 

7-71, 

7l a 738 
778-aig 
9l*-el* 
9te-97 B 

10 i a - to 58 

12-15 

10-17 

143«-I5fli 

14V16te 

14-16 

13te-Mte 


arising trora tne xaii in me grew {rom ^ to ^ equ jvalent UE6.4m (nil in 1976-77). 

Israeli pound after its float at r ci ? 7 m Argaman engages mainly in 

end-October, 19i i , at a time when ^ ^ dyeing and finishing of materials, 

the company's liabilities in an d weaving of woollen and syn- 

foreign currencies exceeded its ARGAMAN Industries, one of thetic materials. A subsidiary 
foreign currency assets. . Israel's leading textile producers, making printed cotton cloth for 
■Wolfson-Clore-Mayer — which which also makes and sells tex- export which started operations 

owns the whole of the Tel Aviv tile machinery through a sub- last year, was the only member 

municipal building, the Shalom sidiary — reports that its net pro- of the group to show a loss. 
Department store (as to 66.7 per fit doubled in 1977-78 to I£17fim A profit was shown by Arel 
cent), the Jerusalem Develop- (Sim). It is proposed to pay an and by Argatan, Argaman's sub- 
ment and Mortgage Bank (64.5 unchanged dividend of 10 per sidiaries which plan, produce 
per cent), the Yitzhak Wolfson cent in cash and bonus shares and market control equipment 
Com pan v, for housing, in Jerusa- at the -rate of one-for-five. for the textile industry, 

lein (100 per cent), and has a Total sales rose by 72 per Reuter • 

A ‘difficult year’ for Challenge 

BY DONALD MACLEAN 

CHALLENGE CORPORATION, fU.S5806m), which was down tions to achieve " a significant 
the diversified concern, which 4.8 per cent is regarded by tbe profit improvement" Net 
claims to be New Zealand's company as fundamental to income from finance and 
largest company in terras of group operations. In the farm- PjJWrfa dcv il? pme ^ t r «J? 0 ^oi? 
turnover faced the most difficult ing sector, costs suffered a con- NZ91J5m, from N^4S4,000. 
conditions, overall, experienced tinued rise, and it was not until Challenge Finance is said to have 
by most of its executives in the half-way through the year that continued its seady growth, with 
year to June 30, Mr. Ron Trotter, it was able to "adjust some a profit increase of 56 per cent, 
the chairman says in the annual charges." Challenge Securities, whose 

■report Until the Moneylenders Act results were the previous year 

The vear's net income includ- was amended in November, the affected by the release of interest 
ing results of associate com- company was restricted to an controls, resumed its upward 
panies fell bv 21 per cent to interest rate "well below the growth pattern. 

NZSi0 25m (USSlOOmi from cost of funds. The American Express fran- 

NZS13m in the previous vear The br0ild finance area was chise. South Pacific Credit Card, 
retorn on P ^Se y Sa're- only sector of the group's opera- produced its maiden profit 
holders funds, fell to S.4 per ” 

Israeli computer centre 

*.E? V ? rtliele ^.. ®\ epS *- “. Wer ! BY L DANIEL TEL AVIV. Oct 10. 

taken to meet the situation," and , . .. .. , , _ . . „ . .. 


nncmiciCM, siC|JO WCIE Dv ■ najjiri TEL AVTV Oct 10 ™ *““*owv> <uiu UlO ««■“- 

taken to meet the situation," and L *“1“ , _ v 1 ‘ \ ratio “ list ^ open and close 

“most units did well to achieve NATIONAL SEMICONDUCTOR a plant woul d be the first of its on October 24. Of the new 
the results they did." of California has opened a 81m kind in IsraeL shares, 155m will be reserved 

At the same time, the outlook centre at Herztiah, close to Tel Intel, a direct competitor of for management and staff of 

for the first half of the current Aviv, for the design of what it National in many areas, also has the OUR group, 

year is seen as favourable. The believes may become the next a microprocessor design centre The issue will increase tbe 

company believes that the New generation of mini-computers. in IsraeL at Haifa, but it, too, paid-up capital of Overseas 


(UB5712ffOO) after extra- 
ordinary items for the first 
half of this year. This com- 
pares with a lass of HK$259m 
for the corresponding period of 
last year. No Interim dividend 
is being paid. 

The chairman, Mr. J. A. 
Richardson, said that the com- 
pany had limited its operations 
In the first half of 1978 In 
order to work out contracts 
entered into by the previous 
management Good progress, 
had been made on the majority 
of these eon tracts but tbe com- 
pany was still exposed to 
potential losses on some of 
them, which would mean 
farther losses for the company. 

The size of these losses 
could not be forecast he said. 
Work was now being tendered 
for “ realistic margins.” 

Subsidiary 
of OUB 
to go public 

SINGAPORE, Oct 10. 
OVERSEAS UNION SECURI- 
TIES, the subsidiary of 
(Overseas Union Bank (OUB) 
is to offer 12.5m new shares of 
S$1 each at par For. public 
subscription, the hank said. 

A prospectus is to be Issued 
on Thursday, and the appli- 
cation list will open and close 
on October 24. .Of tbe new 
shores, 155m will be reserved 


7 lUy'n DOllcej MSa-M’* «*•»!« 6l 4 -9U IB-21 pw-ric Oil-* 7l a 7* 10-17 S£ B* 1£* 

'Mnotii. 234rJ2l* aV»J a 17.171* rf; I" 3,V3.fc . 7^-81* 144rJ54i JMfc*- 

Tim* irnjnlb*... 1Z3 + 13J« MT B .lCl8 9, >9/“ 12U-X83* S-l3' »U-sH* SfrJ lOife 3-3* 

Six DiuatliB lai4-l3S4 Bls-lQl* S-.j-Uji 10i*-103 4 la b* 36a-o3* B6 tB7 b 14-16 B;- s 11W,- 

I lSia-iase BTe-ioia 9i;,-9a- -B-gie V?* 3^-3;a lQia-lcag 13i*-I4ia 3)’,- 

The foUovin* nominal rates vrere gonted for London dollar certificates of deposit: one month 9.05-9. IS per cent; three months 9.3541.60 per cent: six months' M 
per cem; one year 9.80-9.90 per cent. 

LoiM-tenn Eurodollar deposits: Two years 9Uis^9u per cent: three years Bli|6-S9|o per cent; four years 91 Iis-99k pop cent: five years 97pi-ll9u per cent no 
cjosing raies. Short term rates are call for sterling, uA dollars and Canadian dollars and C a nad i a n dollars, two day call for guilders and Swiss francs. Aslan ran 
closing rates In Singapore. 


INTERNATIONAL MONEY MARKET 

Rise in Belgian rates 


IGOLD 


Record 

level 


The rate on Belgian four-month rose to S-S$ per cent against 7J-8J from 9.15 per cent l/VETShl 

bond fund papers rose from 7.5 per cent as did six-month funds Bankers acceptance offered 
pe l ff n ^. to 7 : re P® r cent a i to Wft Per cent from per rates were quoted at 8.65 per 
yesterdays aucuon as announced cent 12-month funds rose to 81-8} cent for 30-days, 8.75 per cent . 

*E5°5SL?"JS^ -A? per frora *** P er “Ht for 60-days and 85S per cent for Go]d continued to rise in 
Sd 1“mon3i ^aSS rertifi-’ , NEW ™BK-mih Federal &<!*>**■ «te for l^days London 
cates were raised to 7.5^ per cent f “ n ^*J radi “S at Stf-SJ per cent, 8 - 95 P® r finishing at a record doahg 

and 8.0per SmrespectivS? from Hi* Fed ? ral Re ? e f ve “tered l^daya and 0.0 per cent of $2251-226, a rise of $31 ?n 

74 per cen^ LS P 7 7 oef ren? *5® market to liquidity into Hl ^ fa S™*** com- day. The metal opened, at. * 

However 1 was stre-^d toS ^ system by making two^ay »* 8.80 5224. and iras fixed at & 

these rises were dSSd to ^ ur ?S ase orders Later in the 3 IW ays, 8.90 per cent (n 12555) in the moming. 

bring rates more in I toe with day .- tJler ® further inter- JjJ S '®° ^ cent demand fw* other metals, 

market movements. This was un- wben th ^. Fe l mad ^ over " . 9(Ways - ticuiariy platinum, seemed J 

deriined by the authorities leav- 5J®5* PARIS — Money market rates gold’s further rise; 

mg the one-, two- and three-month fan ds reached 9 per cent. continued to decline followin'* was ^ced at $2aJS0 (fill 

Treasury certificates unchanged Treasury bills were generally Monday’s easier conditions with in *^ ie afternoon. The New 
at 755 per cent, 7.5 per cent and mixed with 13-week biHs at S54 one-month money at 6fg-7 7 '- per a ® rI{et t^ened firm, ana ■ 

7.75 per cent. Consequently it is Per cent compared with an cent against 7J per cent While * ouclie d a best level of? 

now generally felt in foreign ex- average of 8556 per cent at the three-month rate stayed at S 22 ®* before easing sugon: 
change and money markets that Friday's auction and 26-week bills 7J-7J per cent six-month funds tbe close, 

the Central Bank's lombard and at 8.11 per cent against 8.122 per eased to 7|i-7|2 per cent com- ' • 

discount rates will be left un- cent at the auction. One-year pared with 7J-73 per cent The 

changed at to-day's Board meet- bills were sHgfatly firmer at S58 one-year rate also fell to 8A-81 5 - -~ r— : rt— r; 

“R- p L per cent from 8.27 per cent. One- Per cent from Si-Si per cent - 01110 1 ^ 

Deposit rates -for the Belgian month certificates of deposit were FRANKFURT Tntorhonv Grid Bullion <* fine) . . 

franc (commercial) were firmer unchanged at 8.85 per cent as «... v ^ 

throughout with one-month at was the two-month rate at Sange overall ^rwn 3 ^ 0 ^*; 11 ^® S 1 *®" szsi-aiM Igajj 

• H-7J per cent from «j-75 per cent per cent, Three-month certificates r^nt for V ^n "-J’ 3 - 45 .P er Opening _,»asi-EW 

previously. Three-month deposits rose slightly to 9.1S per ceM Sla ^r^ent for oi^S? 1 * ,tota »“*--"SS3U Sffi 

Aiternodn slap $225.80 322Z-*. 

UK MONEY MARKET' wc«. * mm 


The issue will increase tbe 
paid-up capital of Overseas 


Moderate assistance rmS?® 

„ (£3L52i 

- Cold Colas 

Day to day credit was in short call loans at the start and closin'* Tn tha t. «. tnianuai«*ii.r — _ , — ’ 

supply in the London money balances were taken between nioEt m 5 1 ?, e i. over * Krn «® n * nd " — — — sasu-ws* s®J* 

market yesterday and the authori- 8 per cent and 84 per cent Mn 0 ^! ne f, per ., 

ties gave assistance by buying a Factors affecting the market toe* forecast* wSh 8& nJI«r •?«*,£” ®Sr 

moderate amount of Treasury were all on the minus side with dS^taSnv 0ld Sovereign. isfll^ea* [Mif-* 

bOLs all direct from the discount banks bringing forward balances 1 ?er cent. (£Si-S2i i«M 

houses. There seemed to be some below tanfet and a sltehtif? f°”® ba, ®?“ s were taken at ;s»7-5io 

2^S^& h !MJ"SL£i: JavpurSe refetion .. ' 

done. Discount houses were nav- hurJmentc -,nrf a to » t _ b ® totest banldng SLatistics. — — 


„ tfitti.flEO) 

Oolrl Coins. 
rioraestlcelly 

Krugenauui £E«!t 4-232* $232* 


Zealand Government’s steps to The centre, which will be concentrates so far on design Union Securities to S$25m 


restructure the economy have headed by au Israeli who, until only. 

“a long way to go before the recently, was manager of 

problems of inflation and the advanced microprocessor pro- (VT^'m- /pnlonfl 
balance of payments are over- ducts at the company’s head- ZJ^aiauu 

come.” quarters at Santa Clara, will c i. A | — 

In 1977-78. the group was hit employ 40 large computers. dLUlJk UlXcr j 

by the economic recession, by Israel was cbosen os the site B Da - Havward 
drought, cost inflation, and “ the of the design centre because of 1 in 

unprecedented tightness of the availability of well-trained r m - F m 

liquidity for most of the year,” personnel, according to Mr. 

which affected business in Pierre Lamond, vice-president JfnZJFtn J hmJri 

general. Most strongly affected of National. He disclosed that f %JL SS? 

were the group’s motor, trading the company is in the "very Sth a£ totera? Si te of il ner 
and manufacturing subsidiaries, prehminaiy rtages ” of exploring has a term offi-re veari but 
Challenge’s rural business the possibility of budding a pro £jSd S redeemed s5 ^anv&lte 
accounting for 57 per cent or duetion plant in Israel, to com- December 15 1979 TTip 

the group's total of NZS757.9m plement the design centre. Such j ssue D f stock, the New 

— — Zealand Government savings 

stock, is seen as supporting the 

... - Government's effort to finance its 

CLIVE INVESTMENTS LIMITED expenditure by Don-inflationary 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 110L measures, 
index Guide as at October 10, 1978 (Base 100 at 14.1.77) Tbe issue, which opened this 

CUve Fixed Interest Capital 129.65 month, win run until December 

Clive Fixed Interest Income 11450 15- The acting Minister of 

— ■ ■ -- 1 Finance. Mr. Hugh Templeton. 

says that the easy redeemabitity 

and interest rate will appeal to 

ALLEN war vey St ROSS INVESTMENT MANAGEMENT LTD. investors seeing a secure invest- 

45 CornhiU, London EC3V 3PB. Tel: 01-623 6314 SBan’o? w™ t V£ ta tw , ? , 5 

Index Guide as at October 5, 1978 I 1 

Capital Fixed Interest Portfolio 100.00' which mav h L h3? U h! 

Incom. Fixed Interest Portfoiip - 100,00 ioSrTN^OOO * 


(U.S5U5m) from S$125m. 
The company, incorporated on 
October 22, last year, has an 
authorised capital of S$50m. 

Zim pays $lm 
to settle U.S. 
rebates dispute 


done. Discount houses were pay- burseineots and a slight net take Halw in iiS.^ku 
mg around 8 4 per cent for secured up of Treasury biUsT^ JSSX £ 1 SSe^ S . be,OW 

LONDON MONEY RATES 


MONEY RATES 


NEW YORK 

PHms Rale 


s«a SRf s: 


ALLEN HARVXY St ROSS INVESTMENT MANAGEMENT LTD. 
45 CornhiU, London EC3V 3PB. Tel: 01-623 6314 
Index Guide as at October 5, 1978 

Capital Fixed Interest Portfolio 100.00" 

Income Fixed Interest Portfolio 100.00 


Urprmcbt _ 

2 days, notice-. — 

? days «r 

I 'Ihj’b. n-ttice.. - 

One monili.... 

1 wo monil»ji... 

Three uinutliv. lOlp-lO" 


Her«Bii*| depwdt 


8Sfl-frfa 

9ig.yi< 

10I3-1U14 


^ NEW YORK, Oct. 10. LONDON MONEY RATES NFW YOBlf 

ZIM ISRAEL NAVIGATION NEW YORK 

to a P recent d SIm at penal? e to Interbank Comr«nv Bleglbla ' 

Sb!lteS U b^S arg?S ° f depqm Dcporit, BUta = S 

rebates, because it wanted to uvernicht _ o q — — ■»> gwp 

avoid lengthy litigation. zd«ji □««».. _ •_ B7 ; I Z 8-9 ’- 81 * - . _ Germany . 

The Israeli steamship com- _ _ _ B ,„ ~ — - — «k«ant 

pany said to at it settled oSX: g.-g- ~ ' ei^.- T. 7 : ' 

because the UA was demand- h«r ,, y,w ikj ** u - ass.- sl ww •«» toi a iwsa=±z±==a 

“S 3hn produces docu- s^ r n T n ,“ '“' i2 ,p ‘?2 , Mij-iui* avio ioiosb tote m.t bJJou 9* ell o/fo? 1 JS 1 ® — — *3* 

S5W5?Sa^?aJSS SBSSC- X- 1 - ««-»* jjvkj >«,>«* . . - - - ««« 

Zim also- said that the w aSE m« s f0 1 r .. primL ’ pjp<ir ' »'e far fwHBoatt Swu Mb w ir ^ntT^ iMMouSfuati? bite ^ ublB Sf™ *5“°“ S 

settlement With the UJS. was 9SM j ttrSSf“"*J elta 5." t * Jdr ooc-mowB Treasury DUls Hlatar ccat: and twoSSSSSsi!^ iftSL w SfcK “ 

-i— — - » japan 

Bills. AVEfagc Under rates of discount S445L - Jcwuas 10 wr cenL Thsanny CW1 (UimrellHnnan tf, 

- - hiflfi Dlsvwmt.ilais ** 


SlSTnoD«W..J lOia-lOi lUfin-ltjal 
Mno nHnilnJ lOSe-lOj, 10^ 1 l^. 

101,10i « «*»« 


9-9 U 9>g-97g 
0i.-lOia 

BJflO 10 103s 

10 10103 9 

tOte lore 
IOi 4 -l'->s lOte 107a 


aij-83* - • _ 

S^-9U BIff-9^ 9&-0& 
914 [%■ 9 t >BGa 

*ifc-bi 9*-9u 9<i-97 B 

lOig-lOri 


‘■ >wra -j_ I I uu-nsci - 1 - , 1- } 

4°onmin?ite r !? “ a finan “ Smses seven liars’ notice, otkei* soven days’ Bred. 


.Treasaiy SUis (26-weeW . — — ^ 

GERMANY • 

piseount Rato 

OvarnlBlit .V. ~ 

One momb • .mmmmrnj. . — (Hi#****™ „ 

Three months ... 

Six months 

FRANCE 

Discount Rate' Jf, 

OrernigJu J® 


J 


^X->l-r‘rv*c 







Blttamflai Tttnes Weaneaiay OctolJer. IT 197S 



Za 


WORLD STOCK MARKETS 



after moderate early tra 


i35] 







INVESTMENT DOLLAR 
PREMIUM 

S2.W to £i—se% ($i%) 


Occidental Petroleum .raid the p„ no r 
Ohio Securities Division has vallaQa 
demanded mors disclosure and an 


Vt 

5*- 

tft. 

U 


V 

iS 


S3 

*25 

r 

'55 

5 * 


Heavy turnover was noted in The 8 per cent Pans Chamber disclosures about the size of its 
Siemens, the large Electrical of Commerce GDP growth fore- nickel stockpile. 

. ‘ l S, JJr* 1 ’’ demanded more disclosure and an Markets reopened after the group, but after rising to cast for 1979 compared with an Renison Tin lost 10 cents to 

*• _ p 9 *-v 8 *a 341 % tor.%) amendment of its offer for Meud. holiday-lengthened week-end on a D-M.t05.00, the shares retreated to official estimate of 3.7 per cent A8I0.60, Consolidated Goldfields 

; . r 1 -i j-'-r. M’lTlI SOME cautious nroGt-taldnc; Occidental 'put on i to S19f and strong note in fairly active trad- DM3U2.70, down 20 pfennigs on made little impact on the stock 20 cents to A$3.55, CRA 6 cents 

. ; taking place after Monday’s sharp was the second most active stock, ing. At mid-day, the Toronto Com- the day. market to AS3.60 and Metals Exploration 

: -• - . technical rise. Wall Street -r n .. * , n **31 Merrill Index was 6.8 higher at Among Banks, Deutsche Bank Two issues posted outstanding 5 cents to 38 cents. 

• .*• - fluctuated narrowly in moderate t-X haoT , aereed that ?* 322 - 8 - "'Me the Gold index gained DM250 and Bayerische gauufr-EimU* l, which put on Coal Mining issues showed some 

• . . . early activity yesterday before a rmTVm ^ M?r»d Merrill for J u »»Ped 40.4 to 1,750.9 as London Hypobank DM 5.30. while else- 14 per cent, and Saiuuer Duval, resistance to the downtrend, but 

recording mixed movements at A‘rn wSJirtn Hiooed ? to bull 'on prices reached a record where. Boesch moved ahead which advanced 10 per cent Oak bridge declined 5 cents more 
•- . -■ . v mid-session. eSE ;* 1 < *“ arC " *“ tfrnI1 aippea * ‘° high. Oils and Gas advanced DM 2.40, Dcgussa DM 550. Metall- Vallourec* which said results to AS1.65. 

The Dow Jones Industrial Aver- 15.8 to 1,749.9, Metals and seselfcehaft DM 10.50, Preussag arc likely to improve in the BNS Wales led Banks lower 

— _ " •. nqe, after shuwm^ a loss of -L73- Abbott Laboratories rose i to Minerals 33B to 1,220. J. Utilities DM 3.00, Kaufhof DM 250 and second half of 1978. rose 1.40 to with a fall of 14 cents to AS7.7G. 

■*■— *»*- ' at noon, was a net 1.13 firmer at $25s in response to higher third- 1.12 to 19550 and Banks 0.64 to Thyssen DM 250. FFrIQS.40. ANZ receded 10 cents to ASS .85 

SW.32 at i p m but the NYSE quarter profits. 20058. DeuLsche Babcock, which re- Also firmer at the end of busi- and National 5 cents to A$2.75. 

•All Common icdt- vr+* 5 cents Giant „i c ked up 3 to S35 „ Imperial OH "A" sained 2 to P°ru-d satisfactory tradinp in the ness were Ge du Nord. Cofradet, Textiles, Tobaccos and. Foods 

easier at S3M3. Declines and - -nd Hfebury added l at 543 . {*»• The company said it plans Orel 10 months of the year to Carrefour. PolieL : Pernod R«ard. drifted down, but Breweries. Re- 
% Ram were fa.rjy WUR «y matched. pYisburThS bocun its offer for lo invert its Montreal refinery end-September, were DM 2 50 Perrier, Jeuraom-Schneider, CFP tailers, Engmee 

v ' tsii Rrw'n tti-mt shares at S3755 t0 Process a higher proportion of higher. and Pierrefitte-Auby. and Transports 

l.sm Lretn Uuinl aiaras ar»rf/-.a more ^ uci5 i„ y, e Bonds sector. Public in contrast Codetel. Cie du welL 

- Alcan Aluminium added 14 at Authority issues sustained losses Midi. Saint-Louis, Aimliaire 

Whirlpool sited SI to.$22J on S43. Dome Petroleum CSJ at CS031 ranging to DM 0.40. The Bundes- p’Enterprises, Poe Iain and Tohannesllliri* 

bank purchased DM 65ni nominal rmuaot-Lolre lost ffround. iivuflmivauuig 

of stock after selling DM 7.1m on 
Monday. Mark Foreign Loans 

also weakened. 



Closing prices and market 
reports were not available 
for this edition. 


Electricals 
held up fairly 


Indices 

NEW YORK “Dow joses 



OcL 

9 

O.t. | 
8 | 

; Oct. 1 

1 & i 

ok. j 

A 

Ocu 

5 { 







1 nd u stria la- 

885.19 

i 

680.02! 

97B.47 1 875J7 

867.90 

! j 

871.58 607.74 

! 742.12 | 

1051.70 

41.22 







! lb, Si ■ 

rhb.'in i 

iftl/1/73) 

(2/7/32) 

ITiim RWi* 

28.30 

99.52 

88.31 

66.47 

89.52 

96.75] zB.65 

85.73 | 

— 








i (4/1 1 

(1 1:71 ! 


i 

Tmuppct,,.. 

248 JO 

246.88 

246.36 

245 -M 

244.40 

244.74; 251.46 

15531 | 

, 273.88 

133B 








(5.1. 

i ii/ivas) 

iS/7/32) 


106.65 

108.23 

106.12 

1O6J08 

135.96 

■ 105. S? 110.38 , 

107.84 

| 16B.S2 

10.58 

ia ; 






'■ (3/1) | 

dSi't 1 


(26/4:42) 

Tnuliuc toL 






! 1 





19.720, 

27.560 

: 

27.820,26. 146 

22.630 

! 1!.580[ — ; 

1 ” ! 


| — 


* Buis of IdiIbx L-liaa^i troni August W 


lad. dir. yield % 


Oi4. 6 l Sept. '.3 • Si-pi. si iTmr i">i approx) 


6.59 


5.48 


5.50 


5.37 


-turnover corny to 174Kni 


7 ■■ ‘c .Sha res. up from t 

N «o!ulajr - rolricLe 
' i ii lifilm 1 ^m. 


Germany 


Switzerland 



Tokyo 


on S43. Dome Petroleum C$1 at CS934 ranging to DM 0.40. The Bundes- p’Enterprfses, Poe Iain 

reporting a fall in third -quarter and Pacific Petroleum 3' at C$461 bank purchased DM 65m nominal Creusot-Loire lost ground. 

earnings. *' “* “*— *■ nM " T 

Citicorp ted the actives list but 

the previuua day'^ ensed. 1 to S27J. 

v>iricLfid volume 7^5 AMERICAN SE Market Value After the recent corrective 

after rising' further to pease, shares generally showed 
d, partially reacted renewed strength yesterday in 
. jim for "a net gain lively trading. The Commerzbank f 0r physical Education Day 
Volume was 3 moderate index rebounded G.4 to 855.3, holiday. 

57 m). only slightly below last Tuesday's 

., pn 4 . me, eight year high of 856.7, Paric 

Golden Nugget roseSS to S25}. Brokers said buying orders 
,ics purchased laud 10 " an came from both ■ domestic and Failing to maintain Monday's 

foreign investors, but they could upward momentum, stocks turned 
not pinpoint any clear-cut reason easier at the opening yesterday, 01 Leading 


Market was dosed yesterday in 
observance of Kruger Day. 


Overshadowed by fresh currency 
instability, stocks mainly gave 
further ground in restricted 
The stock market was closed trading. 

~ ] nves ' tors are also wondering 


Brussels 


Local issues continued to move 
irregularly in moderate trading. 
Non-ferrous Metals were In 


=v.< 


C !! Pae» evening, many Hrade^ would be 
"* icavin? work early, the? added. 

— - — “ 4* A numher of Glamour and Blue Atlantic City casino. 

'• Chip issues that rose .sharply the Resea rch-CottrcU put on * to 

y.prt-vioiis day, gave back some of on winning a SfiMm contract- 
tains yesterday' raarnin. - — 

< Active- American Tide- phone 
:t lo SteJ. Du Puri 1 to 


how long the Swiss National Bank firmer mood. Hoboken put on 50 
can maintain the degree of inter- to BFr 2^30. Astunemie IS to 
vention on the foreign exchange BFr 780 and Union Minlere 20 to 
market evident in the sharp rise 84S. but m Steels, 

in reserves announced on Monday, ® a , l * ec ** |hed 60 to BFr 1.580 and 

Hainan t-Sambre lost 26 to BFr S34. 
the Chemicals also declined, with 



CVU 4 

Sept. 27 

se)a. 20 

l'usr bu>i (n|i|,r.'i.) 

Ind dlv. yield % 

4.79 

4.8b 

4.85 

4.67 

In,!. P.iK Hntio 

9.59 

9.45 

9.43 

9. IS 

Ltmf’ Gov, Bond yield 

8.64 

8.58 

6.47 

7.55 




_ - . - . . response — — — — 

:EasTmun Kodak l lo 6041 , Polaroid exchange of securities and economic indices, which showed a restore had been major sellers in chanced 

-i 10 S52J, Alcoa « lo &i0»‘ arid reported a fiscal .second-quarter rise m industrial orders and de- the early part of the session but t? § "“iS Amnnc 

v rel«»:1>ne ; to sfus?. ” 

- Active Mead decline Ji lo S' 


loss. Film ways, on the NYSE, lost ciincs in'uneVnpioyment and the had ^sLarlecT buying later in the ver -%J^ stoefc 10 ^ d va n ced "f ofio wing Mon- 

S3UL * to'SLSi. inflation rate. day. retrSSi t? to' day's overnight gains on Wall 


(.let. 

9 

Oct. 

8 

Oct. 

6 

Qni. 

4 

1073 

Hl«li 

Low 

68-98 

6B.54 

68.18 

58.03 

BO 48 

48.57 

(6/3) 




■KEliV YOKK 


r*l- 



1 U'.'niii):- 1 .:.. - .. .. 

• IiiI'ii.'I'-j)*.' 

• t rsiir ... 

V .JCVv;. Sn( 

> ...W«, /••••(•)- <.. 1 . 

j V 1 . 11 . r 


62 if 

51V; 

34 U 

2S:-- 

351. 

37 

18-V. 


6 0 * j 

PI 

34Jr 

£Bia 

Mr- 

37 

18)2 


•Itirt 


Oi-t. 


tii-t. 

6 


oirr.i— j 

air. J 

In'T. ljii.- I 

■hit. bn 
in--. Iii-i. J-,.,.. 
ni-r. Ki'fi .P 1 .-. j 
i>'i r . KiHf*r • 
Nitr.ll. iiitl'n»i| 

(HI T. '■•il-p; .. 1 

niur. Not. I tin., 
in. r. aiHiiilnnl .1 

•m-r. Mmk* I 

im.r.T,-:. ,v r* 

nwU'k .1 

'll’ | 

Ml’ 

ni|T^ — I 

iicii-.t H'Vi.mj J 

iihv»:< a r Uiim'Ii.I 
-TfUCO 


•a..\ 

'■jiluini on 


oreo ..._ I 

Oitaiui on » 

“.I. Ui.-Jili.-Jii j 

i|n l«Ata ‘ 


MU 1 ‘rVllULTH . I 

u. tir»- itieoi. 
tn;nr Punlu...., 
11 k oitii-nua. ..f 
-■ like).- T/. A.V .] 

n-i-r «.»ii..._.. . 

vler TraivuiM.I 
iln.v Ki-j .1 | 


a ni<i!l)ick«nK<a' 

11 i Ron e! 1 | 

lUtlx ! 

bijuc! rVii),. *b'j 
lb! 0 l) 0 t:( otl-fl.: 
.iv b S. IHxkcr..! 

MUX 

LW-iulu..^.! 

.I.len 

ru V.'nni-i 1 

null! I III 


GOLD 


■u-vaii - A 1 : 

Irl.d Ml VII | 

1Y1 A Dm it.... | 
ovkr.iiv lilK.-,„j 

-iin-wivk I 

•:\ ru- Hi If..... [ 
1 I. 1 H Wulnh,. . I 
-rCn^u-u Mini.' 

UT»>U"U I 

II»t4»llSOll|s... 
luilma PtviriL-.l 
tun Jinnii(i(]it)..j 

merit U*ftrnli 
otr Hi'Wk*.....J 
terpillBr'lTnvt- 

l» | 

i(U)(^« lurpu 


17'4 

50 

bS'i 

sa., 

CS.’v 
2SM 
Jii 2 
34s» 
2^12 
2BJ- 1 
6=4 
4tl J'9 
501- ■ 
350h 
64 1 3 ' 
551- 
22 - 1 . 1 
34i : 
-6*1 j 
SO. ? 

25 \j ! 

22J 8 : 
SOU 
18)4 • 
16k : 
46% I 
55 t 
33)4 : 
14 | 

31U 
57)4 ! 

26 ta | 
29 l S r 
87 la 
58 I 4 
2Sv k ! 
43*4 ; 
26% I 
3B • : 

ZCdr. 

395s 

I 

?5 7 * ' 

5Qi u 1 
64^8 I 
30T 5 
29ii 
SS»« I 
17 '4 ! 
145 H 


ir-i 

50 

67:? 

39-4 

295.; 

29 

25lj 

54i? 

293j 

2833 

6-i; 

46 

50 
35 
631- 
341;, 

22;, 

349- 

16’j 

51 
25^ 
22 
30^ 
18)4 
16i6 
465a 
54I« 


I Dsba ' 

I'ii ft Itt-Sii-lfr- .. 

1 Oi-t.- 1 

. n. 

1 IJ««: -c- .. . . 

R M ;.ii li ur 

Udn..l (.ten. 

I ’MM* 'I'l-lumm 
fr.. j«pa. . ... 

; ]'‘4it3.ri<i')>i«. .. 

j Ji-nei it.'i. i>...^. 

! Dover I'.r.n 

! Ik. a- I'bc niit .., • 

1 Urarn 

• L*c(i-mt .' 45); 

1 Dupont.^ - 155i? ; 

HiU-Iili ■ £2 | 

HhtI Auli-K-.. .. • 12Tp J 
h.1rtnKD K^lali..' 6-1 j'c 


31 1; 

441, 

06.'- 

43^ 

13: 

2J 

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25 

ievj 

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31 

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19 

15T, 

2655 

17i5 

49*1 

42*4 

.48 

29 

51 

423j 

1551; 
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15 
63! 9 
4055 


E.O.Mi : 317g 

1st y«tti .\nl. Cias! 17!; 

Kirn. 1 33:- 

Lnitr-oiLt .36 

Kinei^-AtrFi'i-lii' 22*; 

i. 1 ll hu rt V 39 

K.1S.I I 3U 


iu>Sr:hwn. MM • 261< 

hjindj-a ...... „....; 27 u 


14:g 
305, 
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26 '-4 
29 
275a 
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42*4 
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37T3 

20 s a 

59*2 
61, 
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63^4 
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j Pue.i.iu- l'yn:...' '13% 

[ r>U NnI. HrMon. ' ,32 ; 

Ji-'iea Van J 21.1- 

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f-on.ta Hi>aw....| 




i t 


32-’, 

31i, 

39% 


311, 
17% 
33% 
34 
2255 
39% 
3*, 
2b 
26-4 
241- 
521- 
36* a 
56 

If* 
211 ; 
331 H 
31 ia 
40 


jiinri- llanvi'U' - 
Johinwo John-on 
ji-hnwn Cnnrmi 
Jo\ Uumlectui'-,- 

1». Mm Corp. J 

Kal srrA limn ni'inl 
KtMt Id-i iisi no' 

Hal-er men* ; 

Kav n ....... m ...... 

Rciu urotl 

bmt McBte- 

Ki.i te Waller-... 

tvjurvrtv Cierk J 

'h'l'Mcr’"--— — - 

brail I 

Kroner Ul... I 

Lunruvlrnn*. 

Len 

Ubtr Ov. Fwrt J 


3 1.3 
82'.-? 
2B1| 
34 
26“b 
40 
2'c 
25% 
14«f, 
28 >4 
471- 
35 1 4 
47U 
22% 
47:.- 
34 r 
37 
381- 
275a 


3H;> 

821, 

285, 

34 

267 S 

39>e 

2'b 

26ig 

14 

£854 

47% 

34% 

46% 

225, 

47i c 

34% 

357 B 

371, 

27% 


Ltfcet li map... ._l 

juU*V »Eli> ‘ 

Litina lnftu-l..., 
LaeBlMMlAiicr'l 
LOHShulsdUU 
Lay; Uand Ltd 
bpinaww liiiht... 

Luin^i. 

Lne*yriture- 

U'UC i'unprt'irn 

ibicMiUmj^ 

Vu> It. H. 

11 1 la. Hunvpr.... 

MxnlhuD Dll 

UaruieMiUiwHi^ 
Uartliali rtebt.... 


33:, 

49% 

28 

29% 

27 

185b 

24% 

46% 

rat- 

io 

11 % 

41% 

39 

337a 

54% 

ra*>, 
21% 1 


337b 

4860 

27i a 

28% 

26 

18% 

241* 

45% 

16% 

97b 

11 % 

41U 

38% 

33% 

53U 

16*- 

21 >« 


f.m.c 

I'onl Mumr > 

K.:irvmc-.i Mcfc....! 


28!« 

46% 

21 % 


I'lahtlV •_ . 3faj; 

v r4nL,in Mini i. .J_Q^ 


>radkun .Mini 
rrwjLunit Ibn.cml^ 27;* 

Krn-H'iui 32U 

rui|ua Inds. | 


121 - 


27% 

451* 

21 

567 a 

95, 

27.7a 

32 

1E4 


33% ! 53% 


17>, 
52 
17 ' 
21 
B7* 
43i, 
757* 
34% 
20i, 
11% 
32% 

565 

587,; 

57 

427, 


__ lull— 6 V'lrpu ..i 

B? « iTfi’ncrai ± a.W... ■ 16U 
*-*' jjirtmniee. • 


f O i ^ 

1C " 


■niLKi Air rail | 

kh; Manhr.llwn' 
emioii Uk.\ V'.j 
e-rrtinjli Vr.T,.l., 
i-oe-V-Uiii...! 
i h-m Bn'1-e.. ; 

iy* |, ; r i 

IV- MII&.TD3 — | 



nes- Service.. — 

V LuCl-SLiIU!. ! 

■velxii'l L'lilT 1 ..i 
3,1. > *la ......; 


2i.7a 


17% 

3K a 

16% 

20% 

67, 

43% 

75% 

341? 

20% 

lisa 

3iia 

13 

181- 

sn c 

96*4 
42 % 
151* 
23% 


457 d | 45^ 

SC. I. ' 1C-. 


lam.' 1’ai in j 

inn- Aikin-n..j 

liiintua (in, - 

iinnl.UA FivU 

ID. I U,l‘o.'.'lA III 

mbii*u>.u< Kn^.j 


::i 


561- 
45 • 

25 ' 

50% I 
67*; i 
117* ! 

36-'.: ! 

277j 
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30% I 
44 a* 1 
£01* ) 
12 i 
£8% I 
BZ-% 
18 H \ 
38% ; 


iTlho-tk'll 161- 

• :i' win Kill -■ni.j 27 
■rim. s'Hlerhte.! 44% 
i|iiiier9>.-U'D«. ■! 


jd Life It; 
irw: - j 

j J-Vlit’-fi MY.. J 

iiiji tvK-Jk : 

T_-U I Nut linh...j 

i-.uir.er Vrrn cTj 
luiienoil f>r|a.j 
lUuvnUU CHI.. 
itiueriUl Te.e| 

itr»l Oiiia. i 

•tier Uiiiu.- | 


14 j* 

41 

aii 4 

Z4% 

24% 

39L, 

24 U 

4>07'4 

291- 

lb l; 

39% 

485a 


397^ 
42if 
247a 
30% 
57 
11% 
36 
27% 
56% 
Id 
30% 
44% 
20 
Hi- 
ts U 
2I*s 
1&> 5 
38*- 
15% 
26 % 
45% 
14% 
40 
21% 
24 I C 
24% 

24 
30% 
29 1 4 
16 
38% 
48?4 


O.A.Ir j 

Unmiert. _.... 

Ueli.Auhir. in)...' 

li.A.l.A, i 

•i'in. l.iililv 

■ ibi. Oyimniii*j...l 
Ua. b!e<.trin>w..| 

lic-n. Fwi- ' 

linirwl Mill'....! 
tirueiKl lira (•!>..[ 
lien. l^n. 

iibli. J i-uuu • 

Kiijr,. <ei.fai*n.-t...| 
lieu, l i'iv— ....... i 

iiiVitnaii 

fiecrcM Vbcibi-...i 

ij<iwnurL<-..» 

DeU> On 'i 


14 

451 8 

l ll< 

367* . 
17% 1 
831;- 
531m 
34% j 
SOi’c. ' 
64% 
19 I 
307b ; 
307* | 

28 i 
„5i; 
29I B 

29 i, 
44% j 


14 

45% 

29% 

17% 

82% 

52% 

35>a 

301; 

637* 

187 3 . 

31. 

306* 

B77* 

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29 
'30 i a 
43 : 


I illicit*- .1 

In. Mil' icli 8. 

uuodveAr In j 

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i irvvliui iilu ... j 

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••nr i.'i ) 

dalliiunon •- 

dHinia Miatn-...! 

£tarfii?eiii«LPi... I 

ilai ii - Uirjm | 

ili-ui/ U. J, ...... 

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32 I 
20% 
17% 
32*4 
32 ! 

6% I 
271;. 
13% I 

14--4 
253; ! 
74% j 
36*4 

20a* ! 
36 I 
43% ; 
30 


32 
201 ; 
171; 
3 IS; 
32 
7 

27 U 
13% 
145a 
25% 
72.8 
35% 
20 >4 
26% 
42% 
29% 


Hen ie IVkHnC..: 

Horn lav luru. | 

HuUiestoke, ..... 

Uvun-weii.^.,;. 
H'-iv’i-f ... ........ 

Uo* t-C-.ii. Anna 
Hcu ion NiilAin i 
HumiVli AH'iiui 

Ifulliiii lb.l.|, 

I.C. liiliu)r>» ... 

I VI 

liuernni ][an>i...: 



Iiuiiuo. 


89% 

243; 

37% 

68% 

12% 

30 

25% 

14% 

20% 

28% 

45% 

60% 

38 

155* 


881* 

24% 

37% 

66% 

12% 

3Ql a 

25% 

14% 

20% 

287 0 

44% 

59% 

37% 

15% 


mil : 282 

irn.. I'mvnur . 24% 
Inti. Harve^iei...] 

Inti. MiuiC bcm; 

Inn. 11 ulliloi,i,_[ 



lutl. 

1M. hectifior^ 

l nr. 1 ei. .I Td-. 

Iowa Lee) 

IL Inematiunai.. 

JUQ VVttlUJ | 


40% 

39 

20% 

19% 

45 

13% 

32% 

41 

12% 

33% 


278.75 
"24 7g 
397a 
3B7* 
201 ; 
19% 
44% 
131- 
3 IS; 
41 
12% 
32% 


.Uay-Oepi.aieicM 

MIA; 

UcUemiott ....... 

Alclionneli Unuc 
SlcOiaw 

.Vltitk. 

ttrtnli Lynch... 
11 run I'mi.llouio.- 

UU11_ 

Alum UmciUllK 
Alrtin CWp„..„-„ 
ALwauto 

J. P. 

Aliittavia „J 


.ilm |4i.v . On 63 % 

.Vidilhui 9H 


« mo.’ UiienuqBir. 
Aaliuuu laiL' 


27 
53% 
28i 4 
34% 
237* 
51% 
60 
21% 
367b 
4850 
59 1 a 
72 
59% 
49): 
44*„ 


28 

-99 i 
18% 


27 

53% 

27% 

34: a 

24% 

4S 

58% 

20? b 

36 i a 

465 4 

59% 

71% 

571* 

48% 

43% 

63% 

27% 

29 

IBS* 


SimcU 


llurlnn 

Iti-vnnlilB Metal* 

HpvnnblB K. J. .. 
UiL'ii'wm M email 
Hia;K WAl * 111 I l-r.. 
Kriiini A Rau...... 


Or*. 

a 


54 

39% 

62 t B 

27 

36% 

38 


l>L 

6 


52% 

3B% 

617g 

267b 

36% 

365* 


IfaiVAi l*nU:h..._ 

iriK 

KIIT.B 10-41. 

Kj'itcr SyUem .. 
Mien-av >torea. 
il. Jue Uiooralk 
7k Kevin Hi|wr. 
irnibft IdiIh... 

-nan I Invest 

Kaxoo loda 

->clj ill? 8 re wine 
sielii um fiercer^. 

-CM 

MXUt 

sum'll lire 

vurtiifr Du6.Ci| 


64% 

14 

11T S 

28 

441* 

29% 

33Sb 

36 

6% 

7Sk 

137a 

90i- 

£2^4 

167* 

22i- 

a% 


651* 

13% 

117B 

27 

44% 

29 

3Z7 0 

367* 

6% 

7% 

131; 

90 

217 S 

lbi; 

32% 

8% 


na Container. 

>M{(nini 

-rarfe lU.IJ.k.... 
, »an Koehncb-. 

s'b'UCM 

■shell Oil....: 

sheiitmnNporl.. 

IICOAI « 


slcmxleCwp. 

simplicity I'M....; 


’ nicer 

ouiltb hi I ne. 

-ml U roil 

-TRXllllitOWTI ■■■ 
souiliernljii.Krt.| 

dvaiibeni Co 

sum.' Not. Jto.„ 
roudietu Pwaflc-I 
XniLbeniRailnAv 


273, 

271- 

14% 

223; 

403- 

361- 

45 

68i* 

365* 

12 

19 

95% 

47# 

40% 

25% 

15% 

35% 

311* 

55 


27% 

27% 

137* 

22% 

401, 

36% 

45% 

647* 

36% 

22% 

183; 

94% 

4% 

401c 

25% 

15% 

35 

307*. 

65 


Nal. OittiJiV 


ru....] 

Ind.i 


217a 

raig 

31% 

4©7a 

62% 


All. bn 

ftAtiuml'sleiil^.. 

SEE T=z. . 

■vejjfuuilmp i 261- 

Ati* Koriaud LU 22% 
Ln«lau-llc:| 
.VuIl-hiu .lliJuiuk, 
AiAKiUu Maic_...i 
S. L. In-iiinLne.. | 
AiinolkiWuiem 1 
XurtJi -Vlil. i jar... | 

■Nlliu. Slaltu l‘wi 
Ntb»est Airune«| 
■Mtinem bancorpi 
,-vonun simon....] 
Lk^hienLai 1‘efitill 
U^llv.v AlaUior....; 

Ohio L'liiKiu ; 

uim l 


34 

14% 

11% 

23 

26% 

35% 

25% 

32% 

26% 

20 

19% 

25% 

17% 

25% 


21% 

16% 

30% 

60 

62% 

26% 

22% 

34 

14 

11% 

23% 

26% 

56 

2S% 

32 

26% 

19% 

18% 

26% 

17% 

24% 


liven*it» .-shipe... 
Una: Coniine...! 
l.lHCJln (Hull'll*... 
VutiIu Ua> 

KrciIU' Lirhlitii;. 

1*ao Pwr. A Liu.. | 
VluiAni Won An 
Parker Unutnhn.| 
l*ej» L-o.lv Inn,. 

I*«r. Vw. A I I 

PennvJ.C 

Pennroii 

Peut-ei- Linn- 

Pei'piesClar. ... 

ft- pans' 


271* 

32% 

21% 

23% 

21 

21% 

B% 

277* 

27% 

21% 

38% 

321, 

13 

357* 

28% 


251, 

32% 

217* 

23% 
21 . 
21 % 
„S% 
27% 
27 
21% 
37A, 
32% 
13 
35S; 
28% 


Vein id Knner..... 

l*W- 

Vh Mtr I 

Ptnupu ItolRe 

PftllH>hTi(ifitn hlfe. 

Hlnlip Morr ik.. 
Pui'iipa IVln/ui., 

Vnrtiurj- 

Viinc-i 1 Kune's..... 

VnlMuu 

Piesaey L»<« AliK 


28%. 

643, 

35% 

26% 

27% 

74% 

34% 

427* 

26% 

sai* 

24 


27% 

643, 

35% 

263, 

17% 

73% 

34% 

42% 

26 

22% 

23% 


P..IHH-1.1 

|*'4vllltx Klo...... 

PVti liulllulner.. 

1‘ruU.t tiuiiilile.. 

Pul* Kleel...^ 

pm man 

Pure* 

i/naker Om- 

Kapi" Amenmn.l 

JhVTbcun.. 

IUJA —I 

Kcpiibliir riteel. J 
llrwrU lull..— 


523, 

14% 

301* 

B7% 

23% 

46% 

18 

27 

14% 

48% 

293, 

27 

46 


513; 
14% 
297* 
86% ■ 
23% 
457* 
177* 
26% 
14% 
48 
29% 
263; 
45 


Southland.—, 
s'w'i Han slim**.! 

sparry Hiiicb 

at«em Umiui., 

squibh 

htaudaxKl Brand.; 
sbi.UliUiulornia 
Sita. Otf Indiana. 
3td. Oil Ohm... 
stout! Chemical..] 
iterlloii Unii.„., 
dturletaker— ...... J 

5un Cu — [ 

oumumni 

aymex 

I'econicolor. ... 

lektmnix 

luedyne 

Oiex 

leueco 


307* 

28% 

21 

45% 

31% 

25% 

48% 

64% 

39% 

44% 

17% 

65 

44% 

49 

36 

14% 

47% 

104 

73, 

33% 


307* 

28% 

ai 

44% 

313; 

253, 

48% 

537* 

39% 

43% 

17% 

62 

433, 

49% 

357 B 

14% 

48 

101 % 

77b 

33% 


ie-ur>ireLn>eum 

ibxai».< 

lexnu^Dll .......... 

lean* bautem.. 

l'exa.- 1 list' in.,.,, 
lesaa OH & Gaa. 

rexas Uiiiuien ... 
limes inn—....... 

l'noes 

fiiukMi - , 

Hue 

A'raiumenua n ..„.i 

f ra naco. ] 

I ran* Union [ 

Inu-Hsi Inir'n. 
1 ram Worm Air.] 

traveler^ 

In Oonlinenia>.J 


10% 

25% 

24% 

38 

90 

31 

20% 

483, 

323, 

491, 

43% 


IB* 


11% 

36% 

23% 

25% 

39 

19% 


10% 

26 

24% 

38% 

90 

307* 

20% 

■473; 

32% 

49 

433, 

18% 

21% 

36% 

23 

£5 

3B 

195* 


Lnion OH 4 lia* 

IKW 

ARbCediury Vox 

U-VJ-...—. 

UAJtUO 

Util , 

Uauever 

Outievei NV 1 

Union HfinCf>rp ■ 
Uumn Cannrte.... 
Union Onunovi 
Union Oil Calir.:. 
Union Pacific.....) 


63, 

39 

36 

403, 

27% 

20% 

44% 

615, 

267* 

41% 

10 

65 

66 


65* 

381* 

35% 

40% 

27% 

20% 

433, 

62 

263, 

40 

^ 97b 

55% 

64% 


umrovai. 


United Brands _ 

ba Him eery. 

Ui Gypsum. ..... 

Via Shoe. 

t'd "In" — 

Us leL-UDOkuiie- 

LV Imlu&ine*. 

k i r: mw 6'evt.... 

U Hifireen. ....... . 

Vk Amer-Coiumn . 
Wai nei- laimi«rl 
Wuie-Uan'mcni 


W«ii«(hareii j 

ii Uancrirt 


H eel fern 
Weaiiiu A. Afliei 
Webiern Union... 
IVcsliat-b’se bie> 

W avw»- 

W*_s erhaumset 
,Vmri|iooi ......... 

IMiire Cnu. liul.J 
William On.—— I 

W l-4XHIr|U KleeuJ 


■ 7% 
13% 
33% 
32% 
277* 
27% 
445 9 
221 * 
14% 
297* 
49% 
27% 
28 
29% 
30 
36% 
19% 
22% 

29 

30 
233, 
21 
187* 
28% 


7% 
127* 
53% 
317 8 
S7% 
26T S 
433, 
22% 
14% 
293, 
48 
27% 
28 , 
297* 
30 
36 
19% 
22% 


287* 

29% 

237* 

20% 

i® T » 

28% 


Stock 


Wool worth 

Wviv _.... 

Xerox 

/intuits.. ...... 

Amitli Ihi-lla. — 
U.T..JYMn.4'J,m! 
U:rreaa41%/snk 

1 1. ft. 41. i;t- ■ ■lll«.. | 


Oct. 

9 


21% 
6% 
563; 
16% 
16 U 
t94% 
TBOl, 


Oct. 


21% 

6% 

55% 

16% 

16% 

194% 

1803; 

8.1% 


CANADA 


V’itlM Paficr— _ 

%DICU Wl'l'.-. 

AicanAiuminium 

Aiguin* Sleei 1 

Asiemik 

Uanuot Montreal 
iKtnb Nova Tnx,ia 
Bam.- KeaDtirceii.J 
UeK telephone 

Bov Valiev lrai-1 


u-r. 

0 

18% 

7% 

41% 

26 

48% 

24 

207 b 

4.00 

623; 

46 


Oi-L 

s.m 

18% 

7% 
41 
26 
147% 
24 
207b 
4.00 
6 25a 
455, 


UP UuMda. 

Bwiain ' 

B linco. ....... .. 

Cs'enry Power...! 
(Jam how Mines— 
UAinula Cenieni..! 
Uuiada ft\V Lsn. 
Can. Imp Be Cum 
CaiudA JndtiB,.... 

Can. Phot lie 

Can. Piurlrtc lav 
Can. Super Oil... 
Carling O' Keel r.J 
Cawiar AxlMMrv. j 


177* 

175a 

8.00 

387* 

16% 

12% 

10% 

287* 

;21% 

241* 

24% 

663, 

4.30 

10% 


17% 

17% 

te.oa 

383; 

16% 

lli, 

10% 

29 

21% 

233, 

24 

t66fi 

4.35 

10% 


Utneltaro—. 

Com loco— ....... 

C on- Uathuna.. 
Consumer Gw-._ 
Coseka Ue-ouim 

CVwTaid„ 

Uaua Uevei. „ — , 
LleuiRon Mines- 
Uoine Miner— 
Uoiue Petroleum 
Dominion Bn>%r 

Domtur..— 

1/upom 

Vaieon'xe Buekei.; 
Fut« Miolnr Can., 


277* 

34% 

37 

18% 

53, 

tlB 

13 

76% 

105 

92% 

27 

23% 

17% 

35% 

62- 


27% 

34 

37 

18% 

53, 

13% 

127* 

783, 

106 

93% 

26% 

237* 

17% 

346* 

BIT* 


MeaMw 

UiautYei’w unite, 
la tin On Canada. 1 
Haw kersi-i.Can 
HuUioKer.— .— 
Home Oil -A'-— I 
Hudson Uav Mrm 
Hudson Uav— ..| 
Hudson Ull£ Giu 

1-A.U 

Imaacp — . 

Imperial Oil.. 
Inoo 


^7A B 

15% 

335, 

9% 

42% 

43 

22 

23 

437* 

197* 

377* 

23% 

223, 


.36% 

U5% 

331, 

9% 

41 

43 

21% 

.22% 

43% 

197* 

38 

23% 

215, 


Imuu .... — 

imam Nm. tin*.. 
lnt‘p.vPipc Une 
Kauer Bewunw 
Uuun Pin. Dorp.. 
LoUaw Com. *B'. 
Jd cm i i’ii u men 
Maa-ey Vergnwn 
McIntyre........ 

Moore Corps I 

MoumauuitareKi' 
-Vuntn-la Miuer_. 
Norvea Bnemy.. 
Mum. leiecom.. 
Oarwood Pel rl'm 
Pa-IIU; CoppOf M 


16i* 

Hi, 

17% 

15% 

9% 

4.75 

26% 

13 

30% 

37% 

3.10 

38% 

17% 

305, 

4.40 

1.95 


16% 

11% 

17 

15% 

9 

4.75 

247* 

13% 

29% 

37% 

3.00 

373, 

167* 

40% 

4.40 

1.90 


Pho i BcPetroieumi 
Man. Can. Prt'm 

Patino 

Peoples uep,. s. 
Place Can. ft Oi> 
PweerUeveiofinit 
P.iwferCorporai'u! 

Price.. 

Quw-ec Slur; eon] 
Us nt(er On ........ 

Ueed suautaiuire. 

Hw AJjium — 

Uuyal Ufc.ul Can. 
Koyai 'J niai.— . 


46% 

35 

193, 

5% 

2.22 

27% 

21% 

22% 

2.20 

1B% 

11% 

38% 

35% 

19% 


457* 

35 

191, 

15% 

2^4 

27% 

21% 

22% 

2.20 

187* 

1U, 

375, 

35% 

19% 


EUROPEAN OPTIONS EXCHANGE 



Series | 

Oc 

Vol. 

f 

Lftrf | 

Vol. 

Jan. 
j Lart 

Am. 

Vol. J Last. 

Stock 

ABN’ 

F.35D 


— | 

i 

1 34 



F.373 

AK<. 

F.32.50 

30 

0.50 ! 

36 

2.90 

4^ 

4.20 

F.32 

AKZ 

P.55 


— 1 

— 

1 ““ 

17 

2. SC 

- 

A KB 

F.6B.30 

5 

9.20 

— 

1 ~Z 

_ 

— 

F.77.B0 

A KB 

V. 75.90 

— 


9 

! 7 

“ 

— 

" 

.licit 

F.78 .90; 44 

0.50 | 

— 

— 




KK 

545 ‘ 1 

19Sb| 

— 

J 

_ 


S64% 

KK 

sso 

3 

' I4%j 

■ 5 

j 15% 

— 



KK 

seo 



— 1 

2 

i z* 



» 

b'K 

*70 

• 


5 

; 2% 




F.\C 

625 9 

"31*] 

. — 

i "T . 

— 


930 

FMJ 

630 

— 

— ' 

6 

i i% 

— 

“ 

** 


Hi- 


fi u 

Hu 

HO 

HO 

I UAL 

I MM 

IBM 

KOI 

KM1 

KL.U 

KLH 


f 601 
F.37.50 
F.40 
F.451 
5260! 
S380| 
$3001 
P.142.90! 
F.150 

F.ieoj 

F.161^0) 


7 ! 45,1 - 




24 

29 


9 

25 


‘li 

as* 


5.80 

5.50 


.7 

c - 
5.70 

E6 

4.10 

6 

29% 

4. 

6% 

2 • 

24.50 

3 

18.50 

6 

18 


1 

21 

90 


i — 


- >564% 

7 1F.40-40 
5.50 


3JQ 


2282 


— ' IF.168 - 


KLJE 

Kf-Sl 

KLU 

KLJl 

PHI 

I’HI 

i:» 

CD 

T 

L'KZ 


F.170I 

P.171.40 

F.1S1 

r.190.50 

F.27.50 

F.30 

F.150 

F.14D 1 

§65j 

. r.izoj 


31 

11 

1 


1.20 

0.30 


35 

18 


0 . 20 , 

3.10 


7.20 


8 

10 

2 

10 

143 

51 

40 


(11.50 
,10.50 
1 , 7 


4.60 

1.60 
0.90 

7 


10 


46 

60 


50 




26 


3 

1.80 


4.50 


P.27.40 
P. 153.90 


S64% 

|F. 137.30 


BA 

BA 


860| 

f70| 


Sw. 
6 1 


?%i 


Fell. 


May 


T i I \ -- ] 5e4Gfl 


B%| — i — 


TOTAl VOLU3IK IN COSTltlCTS 


1057 


BASE LENDING RATES 


A.B.N. Bank 10 95 

Allied Irish Banks Ltd. 20 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd l€ % 

Henry Ansbacher 10 9o 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W. 10 % 

Basque Beige Ltd. ... 10 % 

Banque du Klume 101% 

Barclays Bank 10 % 

Barnett Christie Ltd,... 11 % 
Bremar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't Trust... 10 % 

CayzerLtd 10 % 

Cedar Holdings 101% 

■ Charterhouse Japhet... 10 % 

■ Choulartons 10 % 

C..SL Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank +10 % 

Corinthian Securities . 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

EagiL Trust 10 % 

English Transcont ... 11 % 
First Nat. Fin. Corn. ... 11 J% 
First Nat Secs. Ltd. ... 11 % 

■ Antony Gibbs 10 % 

Greyhound Gnaranty... 10 % 
Grindlays Bank tlO % 

■ Guinness Mahon 10 % 

■Hambros Bank — . 10 % 


■ Hill Samuel glO % 

C. Hoara & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullmana 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11}% 
Midland Bank 10 % 

■ Samuel Montague ...... 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd* 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 
Trade Dev. Bank 10 % 

- Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 10} % 
Williams & Glyn's ... 10% 
Yorkshire Bank 10 % 


Q Members of the Accepting Houses 
Cmnmlnee: 

* 7-day deposits 7%. 1-month deposits 
7*^. ... 

t 7-day dGPMta. «n sums of £JMM 
and under' C|%, up to £25.000 JJft, 
rod over iSAAOO 7JS. 
f Can deposits over JQiOOO 7%.- 
E Demand and deposits 


where, Sandoz 
SwFr 3.435. 


retreated 73 to 


Street IBM were up 130 at 


Domestic and Foreign Bonds, |pj i^ff'aBidTjnUm cSue 38 
however, were slightly higiier in BFr 1 - 042 -^ ld Lmon t;arblde 3b 
moderately active trading. 


Hong Kong 


for 


firmer at BFr L340. 

German and Dutch sectors also 
gained ground, while French, 
issues closed generally steady. In 
higher South African Golds, Vaal 
the Reefs rose 6 Id BFr 672. 


Markets were closed 
Chung Yeung Festival 

Australia Milan 

. ,, . Technical settlements pushed 

Leading Mining and Industrial prices lower for the second con- 
stocks mainly iveakened jn slug- secutive session as sales prevailed 
gish trading in the absence of throughout in quiet trading. 
Overseas support, with _BHP re- Insurance and Real Estate 
treating 6 cents to ASS.56. issues were particularly affected. 

Uraniums provided a partlcu- Late support action by Banks 
larly dull sector, with Panconti- reduced the extent of some losses 
nenial receding 30 cents to but did not reverse the general 
.4812.80, Peko-Wallsend 20 cents downward trend, 
to A$5-S0, Kathleen Investments ANIC fell 7 to L75 in Chemicals. 
10 cents to AS2.55 and Queensland Elsewhere, Olivetti Privileged 
Mines 5 cents to AS3.20. weakened 47 to LL470, but Pirelli 

Elsewhere in Minings, Western provided a bright spot with a 
Mining shed 2 cents to AS 1.72 on gain of S at L2.053. 


NOTES: Overseas prices shown below and/or scrip Issue, e Per share. I Francs, 
exclude S premium. Belgian dividends p Grass dlv. %. h Assumed dividend after 
are after withholding tax. scrip and/or rights Issue, t After local 

4 pm SO denom. unless otherwise staled, taxes, m % tax free, n Francs: tod ud Ins 

yields based oa net dividends pins rax- UniUc dlv. p Norn, u Share split, a Dlv. 

V Pia 500. denom. unless otherwise stated, and yield exclude special payment. 1 Indl- 
DKr 1M denom. unless uhervlse slated, cated dlv. p Unofficial trading, v Minority 
«h SwFr 500 denom. and Bearer shares holders only. V Merger pending. * Asked, 
unless otherwise stated. SV50 denom. T Bid. {Traded, r Seller, z Assumed, 
unless otherwise stated. 9 Price at time xr Ex rights, xd Ex din dead, xc Ex 

or suspension, o Florins. t> Schillings, scrip Issue, xa Ex all. a Interim since 

c Cents, d Dividend after pending rights Increased. 


STANDARD AND POORS 


I Oct. 


tCumpnalta 


Oct. 

f. 


jlaiuamabj 116.B9 114.64' liarart 114.6a 115. 


104.5K 105-621 M3.27I 105.01 


Ovt. 

4 


Oct. 


3 


Out. 


197? iftrapilatn 


Ulyb j %■«■ • Hijb 


U'W 


114.22 115.71 
t | 02.^1 

102.5V 103.^106..-? 

! i .lu’wi 


35.S2 j 164.54 ; 5.52 

(fi.Jl il!/i 1 75»:ia0)B;32l 

65.50 I 125.65 I 4.40 
if' ’5) llll.'l.'bj) ilto.32) 


N.Y.S.E- ALL COMMON 


E Rises and Palis 

, LKit, U I o-t. 6 


Oct. 6 


iniilfe>t..._.l 

1.842 

1.B78 

1,896 

Ri^ 

1,003 

800 

871 

Fall- j 

435 

643 

594 

UacbBii-jci 

404 

455 

431 

Nl-w • #MB ( 



45 


Suw l.-rr , , 

— 

10 

17 


MONTREAL 

(ndiutnal 
Combine, I 



; 1 107c 


LyW 




162.90 llAffit 
170.62 i30/l) 

TORONTO Ccnn-j-itv 

(el 

1516 -d 

lSOB.si 1295.1! 1316.0 (6iK«> 

338.2 tSCvll 

JOHANNESBURG 

Unlit 
Inilu'U mi 

263.1 

267.G 

2E4J 

2B7.2 

i 

264. B i 266.3 272.0 ilft-Bl 

267.11266.0 271.1 (13.-VI 

13i. 0 iS0/a) 
134.9 ililil 


Oil. 

10 


j Pre 

I VIMUS 


1978 

High 


19711 

Low 


AttEtraiiaff:)! ^64-77 ; et*.n j ant>.l9 ! 411.19 

(I/O) 

90/43 


nJ 


99^6 


Belgium 

Denmark t**j «^7 ! 94 is 
ctu| 


fZS/9) 
10u.CC , 10L16 


France 


83 Jj 


Germany itr Sa6ja 


Tt nUn-nit t**y 88.0 



7SJ2 


Hong 
Italy 

Japan fcjj 
Singapore^) 375.68 377.29 


62.7 

849.1 


8c .2 


618.63 


434.22 


18/61 

93.95 

(14/5) 

S3.0 


b5A' 
(3/1C5 
93.1 
(11/9) 
707.70 
(4/9) 
b2_b2 
(25«) 
435.76 
( 6 / 10 ) 
414 toO 
18/9) 


(83^) 

94.00 
(6/2) 
47/6 
(3/2) 

769.4 

(17/6i 

16.0 
|4/4| 

383.4) 

(13.14) 

60.46 

( 10 .- 1 , 

364.1:4 

(4/10) 

262.0 

(9/11 


l «X-L 

i 10 

Pr^- 

VliJMI-9 

19?a 

H«l. 

1973 

Laiw 

Spain iti) | 97.45 

ivl 

1 1-J.Tt 




< 17;5) 

Sweden i«t 37.-i.91 


40* .00 

i4 /tr> 

32h.’/4 

Switzerldt / j K7J2 

i 

239.2 

i25.7 

1 14.-2) 

261.6 

|U6i9i 


tX Comm-. _ 

bank Dec. 1833. it ,msienlain liKlustrlal 
1<im. Tit Hang Sens Bank 31-7 M. dU Banca 
Commercial*- Italians 1971. n Tew vq 
N ew SE 4'I/6S 0 Straits Times l«M. 

•Closed d Madrid SE 10/12/75. e Stock- 
holm Indiwmai 1/1/S8. > Swiss Ranh 

Cnronrannn « IlnavailaMe 


MONDAY'S ACTIVE STOCKS 


Chance 


Litton lads. 
AMP 


Indices and base dales (all base values Raraada Inns .. 
100 exoepi NYSE All Common — 50 Aider. Tel. and ' 
Sinnaards and Poors - ID and Toronto Dm* Chemical ... 
300—1.000. the Iasi named based on 1075). Occidental Petra 
t Excluding bonds. 1 400 Industrials, carrier 

industrials. 40 Utilities. 40 Ktnance Techmcare 

and 20 Transport, a Svflner All Ordinary. Citicorp 

it Reiman SE Sl/12'Cl ** Conentioe-ft SR Pirrlrit PetrnTm 


Sincb 

CImIok 

no 

traded 

pnee 

day 

?S2.!hJ0 

28 

+ i 

23;. TOO 

V1» 

-fr 

233.000 

133 

+ 1 

21G.9U0 

614 

+1 

191.200 

303 

+t* 

1SS.700 

191 

+5 

J74.SO0 

2(3) 

+t 

164.100 

131 

+1 

1C .700 

2TJ 

+f 

i S3 /mu 

12 

+tl 


GERMANY ♦ 


CM. 10 


Price 

L»m. 


| + or 


A KG 

Allianz Varatob— 

itMW 

BASF. - 

Bayer, 


B7 

520 

227.0), 


142.*+ 1 


144 


+0.6 
+ 2 
1.0 


- U.8 


ssrtssstf 

Uihalnt.i\wi.wrt»‘ 


lxnninerzl«nk._..' 
(JuaiiGunimi— 
Onlmler-tlenz. ... 
Uemiraa 

UcuiHK 

Ueaudie «aut_. 
UreolnerUaak ... 
Uvcktirtii>n Kemt.| 
GutehoBnun/*.... 

Ha(jag Lloyd 

Herpener 

Bceehri, 

Unewth 

Hurten 

Kali unrt Salz.— .; 

KnreuulL 

kaulbol 

Klccfcoer Dll 100. 

KHU 

hrupp — . 

Limle „J 

Lawenbrau 100.... 

LaltbaoEa. — -.| 

il.VN . 
Mauue-mann..—., 

Uetallge- 

lluiicfaencr Kuch. 
N n -kermai i in— . 
t'reim-n-j DM 100 
Khali i We-t. Klei-. 

Tcheruia 

■enien ....... 

u>i ZiKrker 

Ciiyr.-eu .(.li ...... 

Cana 

VEKA 

v'erem-A We UJk 
Volk-vrimeu 


309.5; +5.5 
352.01+2.0 

IbU | 

235.6 + 1.6 

7a.0 

d4o.0;+l 
271.2+5J 
lB2.0i+5 
315.5;+ 2,5 


2o4 

163 

228.51 


+ 1.5 
-2.5 
+ 5 


109 

h 1 - 5 

14.04 

6.4 

173 

-1.9 

,*16.75, 

9.7 

141.G 

+ U.5 

18.7b 

6.6 

53.4|+2.4 

— 

— 

175.5 


9.36 

2.6 

169.5 

+ 1.5 

14JK 

4.4 

336.51+ l.S 


3.5 

254.5 

+ 2.5 

18.72 

3.7 

94.5 

+ 1.5 

— 

— 

183.5 

+ 0.5 

18.7E 

5.1 

119 

+ 1 

— 

— 

284.5 

-0.5 

25 

,4.4 

1.595 


25 

7.8 

98 

r-i.t> 

9.38 

4.9 

232 i) 

+ 7.0 

12 

2.6 

1S1.5 

+ 1.3 

18. IS 

4.7 

271.0 

+ 10.5 

10 

i.a 

640 

-5 

18 

1.4 

178 

-0.5 

ra* 



143.5 

+ 3 

— 

— 

188.0 


26 

6.6 

881 

+ 0.5 

2B.12 

5.0 

302.7 

-0.2 

23 

4.1 

873.6 

r— 1-3 

2b.S4 

4.9 

123.7 

+ 2.3 

1/.16 

7.0 

191.0 

-1 

17.16 

4.5 

132.4 

+ 0.6 

9.38 

3.6 

301 

+ 2 

18 

3.0 

238.5 



25 

6.2 


Uiv. 

% 


31.2 

26.0B] 

A8-/b| 

18.75 

28.12 

18 


26^6) 


28.12; 

17 

11 

28.12! 

128.121 

9.3a| 

12 


Xlrf. 


3.0 


6.6 

6di 

4.5 

2.6 


6.6 


4.1 

3.1 
3.0 

4.5 

5.5 

2.6 
2.6 


TOKYO f 


Oct. 9 


•Price* 

Yen 


332 

438 

915 

430 

587 

557 

218 

487 

1.16U 

244 

1,830 

780 


AMSTERDAM 


sceptre Wandieea, 
Seagrams,. 

7% 

32% 

7% 

326* 

On. V) 

Frkw 

YW. 

+ ar 

Uiv. 

% 

fill 

% 

Micrriiiu. Mine* 

B% 

81* 

Mlunt l»i. i'l 

118.3 

+0.3 

tiO 

4.8 

Diehenr O. U 

36% 

36% 

ifr'l. 'A'l 

32JJ +0.2 

— 

— 

?llD(j«kUfl 

6% 

6% 

ViueraSnkit'i.l'A 

SV3.D 

-1 


7.6 

JIBfei til LlUIMilH.. 

28J« 

28 

\MhV iFi. 

89.7+0.1 

tsu 

3.6 

■lK-p Kock Inm- 

3.85 

3.80 

•Imranmuk it- 1. JJ] 

77.9*rl — 0.3 

A as* 

3.B 

lexacuCH/bota,... 

481; 

48% 

tiljenkori 

tkikn We*i m.K.iO) 

97J +0.3 

2b 

3.3 

IVjronloLiuni. 

20% 

£0% 

1*1.5+ 1.0 

82S 

0.4 

IrnuBlali Pi|eLn 

18% 

18t* 

diibrm leuciiaie. 

73.6-0.4 

lo 

7.0 

irans llnanl 0|>r 

9 

9 


*06 


27.fr 





143.5 



5.3 

4.8 

Limit) line — 

117* 

ll 3 * 

aiirCmulel+’.'ll' 

713 + 0.3 

94.b 

Un.-Tiocue Miner 

8% 

8% 

■ >inai Bra«. mii-»Fi 

40.1— u.4 

20 

4.9 

Walker Hiram—. 

38 

37 

Hf'nekeii ifr-. ifi 

101.6 — 0.9 

14 

3.4 

West Laaai I ra mb 

ii* 

.1H« 

doi^Dveuii |F:JXJ- 

40.5]+ L3 




mad. 

U.UM. ifr'i. l-«.»i-. 
lot. Mil lifer ilULii. 

154.9}+ 0.9 
46.5+0.4 

8 

19 

4.9 

8.3 

II New 

node. 

.Viurueii 'H. IX. 

H6-2|— 0.5 

12.8 

4.8 


Su.Nelhitil' :.n>t 
Ae-lUtwl UkiH-X 
Ae.lMid8kiH.aJi 

113.7^ — 0.3 
06 ^— O.a 
209.0i+2 

4a 

21 

22 

4.2 
'».4 

5.3 


Viwhi Gians..—.. 

Genoo 



L'binm 

Uai hiiminn Prim 

Fun Hhotr. 

Him. -tn 

Honda Motor* 

Houae Kooi.— .... 

U ltefa 

•lo-Yokado — . 

latt.. , 

J-4.L- 2.910 

Kannai Kit*+.H«k.' 1,120 

knmm ru.. J a43 

huUrta. 290 

hyuto-Ceraioic — 3,510 
■UfttMj^biDa In i.J 770 
Uilanbinhi Uank.i 
Mitsuixuhi Heavvj 
Mitsubishi CorpJ 
Mitsui i Co. 

U itsukur- bi...— ... 

-Vijj^Hto Denso.....] 1.6 /U 
-Vippua obinfjen..] 796 
X'*-au Motor*-. . ■ bt8 

Pwiea 1,540 

Sanyo Ki«L-Lriu...J 248 

aeaiBU) Prsmb [ 968 

5Disfe>io„ 1 1,330 

*wy —..] 1,450 

tai-.hu Marine..... 
tnaiels L'bemnn-J 

1DK 

■ CIJ1U | 

tuLjv Mw-iue.....; 
(■+yotieeil 1 oiv*i 

Cnfcyu ranyo- 

luray.._.....__.. 

Iis hits* Unrv 

iftyiti Motor. : 


+ or 


1-3 
+ 10 


Dit^I 

i 


|Yhi. 

% 


1—8. 
j— 3 

&° 

> — 60 
i-lQ 
+ 1 


t 3 


10 


279 

118 

440 

298 

n69 


tv 


229 

458 

2.060 

lid 

+90 

1,050 

334 

ill 

125 

565 


+ 5 


po 

ci 4 

-40 
+ 2 
+ 10 
—30 
+ 10 
+ 1 
—7 
—30 
!— 1 


14 

12 

25 

2J 

IB 

IS. 

12 

18 

3b 

12 

30 

la 


+ 50 
+ 4 


-1 

1—16 


2.1 

1.4 

1.4 

A3 

1.3 

1.3 

2.8 

».«s 

1.6 

Z .6 

OM 

Om 


4.6 

2.6 
2.6 
0.9 
La 
1.8 
6.1 
Z.B 

2.3 
LB 

0. 4 
0.6 
1.2 
L6 

2.4 

1.5 
0.8 
1.4 
2.h 
L6 
u. I 

4.2 

1. ) 
3.8 
iM 

3.0 

4.0 

1.2 


Sonrce NUtkn Sectinaea. Tokyo 


BRUSSELS/LUXEMBOURG 


Oct. 10 


Price 

Prv. 


+ <+ 


Dlv. 

Fra. 

>ei 


Lli-eil-iJUi 

■Jjiwn. 

vbii uiiiuicivii... 

rskhissi 'I- Jit.... 

t'llilijm in. li,’).,. 
i« in VenH. li». 

IMjUer.M 

rtuhuun (Fi.n0>.... 
lf'WiU'IH^U... 

■(o^si Llulcbil- i£i. 
.-in veriHii 

ilevinUrpit'i.JL 
'•hV. • pMl-.Ul, I -.1 
timleii-iiFl. ■!>... 
unc lb.-. i-ir.L 
— ii.Ltr.Hvi-i'k 


179.41+1.0 
14J2 +0.7 

149.0— 0.5 
49.31 + 0.7 
2-7.2 +0.1 
75.01+1 

176 5 +0.5 
IhS.0,+0.5 
123.1+0.1 
132.9-0.4 

245.0— 1. 
li.6.0' + 1 
140.5+0.5 


17 


A25t| 


j9.3 

90. /O 
^0 
274j 

sj.mI 


4.0 

6.9 


At+od. j2.445 

hertert -B" 2.550 

u.H.tt. Cement— ..) 1.212 

Co kenli J 454 

5 BUa —.12.320 

Fife.-tmiieii ;o,62J 

rni+iqiie Mat— — .'3.095 
h.li. iitnreUm.— k.470 

U i-vsrii -J l.-i 3 6 

GBL iHrus LL... .11.800 

HrVaiJica..— .2,650 

I ill en u m. 1 1.025 


!— 5 


—2 

—2 


— 20 


■— 5 
-16 
-20 
.+ 50 


hialietljuili ... 


U Royal* Reiee.. 
Pan UuiiiirtK&....> 
Peuuti os 

tn'c. Uen- Benqiie] 


( 6.000 

5.020 

^.645 

3.100 


no. .lien J%i(pqiie(2.u45 


fttMina ... 

Ail vay | 

liai ilon bleu i 

UCB 

LinAIiu. (liiOl 

Vi ci lie MuDLoyucI 


7.140 


3.195 

2.590 

2.b30 

1.22B 

848 

2,040 


1—50 


+ 5 
1—26 
+ 10 
l—io 
+ 20 
+ 10 
1 + 20 
'+15 


lib 

loo 


177 

)43U 

170 

15U 

U5 

90 

1/0 

142 

29u 

l«5^b 

lSd.il: 

180 

209 

140 

215 

Ai.10 

170 


50 


Ym. 


4.6 

B.2 


7.6 

6.3 

6.5 
6.1 
^.9 

6.7 
6.0 
f-8 

4.1 

3.4 

2.6 


AUSTRALIA 


Oct. 10 


ACM IL C ac ceui*)— 

Ai-row Auatrnlia...— 

■U1ATILSI 

Ampnl Rxpkvratlivi„„ , 

\nipra Petniifeiiro ....h 

\«snp. Mineral*...— 

V'*m Pni|, Paper *l_;... 
t»«oc. Con. Indiinncft..._. 
Ausi. Fnun-laiiofi Inresl... 

A.N.I 

Ai»iinux>..... 


AucL. Oil ft flea.. 

Uamlnn Creek Oolrl 

time U+tal In>1 — 

Ui'uieBlnville Copper - 

tirami.lt* lo>1iutrie« 

dhJben Hid Pmprirtnn-... 

UH South 

Car, ua Unicoi brewery.... 
'.OK i61).,.„ 


Aunt. S 


Cccaium Cemenu. 

Unei(U. J.} 

Con.-, Gohifieiil' Aim 

Container (51)..— 

uaziDc Riotmtn 

•Main Aof-traVin 

Uumop KuN<er (SI)—. 
tSCOR 


Rkier-omith 

hiPleavour Ke*onn»s— — 

HZ. lnrtu>tnes — 

Ueo. Property Tnw j 

U&meniiev— 


th-caer 

id Au-tnuia. , 

l liter -Copper 

lt. , nninai,|ii-iii.irieH....^...J 


Juno (lia vM). 

l«11D(inl (Jll 

•ietaic Kspkiraiion^ 

UIM Hi in I iiu>! ... • 

.Uve/ Rmioriiim .... 

Mews 

Mi.-ImIiu iDteriiMtiunai— . 

Monti uit-keu HMicu:s(bL« 

/ JaLUrMuv 

'll Beer.-ti 


Jtter haiMiWwilrin 

I'u tiiTi tuik-rete.— J 

ilo-kiu a. l oi mam...,..— .. 

tl. l . 3'lelKh 

x.i!illi()iuil Mining 

B(niu>>s U'n.iocni w.n ... 

_ 41) 

lm*.„ 

i» wlii n Minim ft*' witr 

« 


10.76 

t0.95 

12.15 
11.35 
10.87 
tl.S5 
tl.67 

ti.eo 
11.12 
tl-68 
tO.70 
10.70 
tO. 25 
11.23 
tl-55 
12.00 
T856 

11.39 
11. /B 
t3.49 
:i.3s 

12.40 
r3.S5 

ta.ao 

13.60 
11.85 
tl.45 
t0.85 
12.55 
10^6 
13.05 
tl.b5 
t2.30 

10.84 
t2.32 

10.15 
11.13 
tl.lu 

JJ. 43 

10.38 
12.42 

11.69 

12.60 

IU. M4 

11.39 
Tl.65 
rO.iZ 
10.60 
11.63 

12.85 

10.70 
t0.36 
tU.4 3 


|+ u. 


+0.01 


-O.uB 


+ 0.01 

-d.i.6 


HI 

+ 0.02 


-0.i'5 

-O.OS 

I-0.C2 

-0-01 


-11.06 

-0.U1 


- 0.01 


I 

-OJO 


-O.UB 


.ue 

- 0.01 


+ 0.01 
+0 .05 
+ u,5 


-J.u-.’ 
-I. B 


[+0.01 
ML 01 


,-0.05 

Ml.ul 

-D.P5 

+ 0.01 

Pll.05 


il.e7noHL01 


10.76 

11.72 

11.70 


[+0.02 

U4.B\ 


[-0.01 

1 - 0.02 

M>-02 


PARIS 


life!. 10 


5.9 


b.3 


7.5 


127J-y.3i42.h 


42.3 +0.3 [50.20, 
410.5-5.5 f ii 


o.fc 

o.O 

8.1 

5.2 

0.6 

6.8 

1.1 

3.9 


COPENHAGEN * 


tfc-t. 10 


Pnee" 

Knuin 


Aiiiieibinuhcn, 

ihuinKi Bant 

hart .\>imil- Cu— ; 
Fiiun-J a n ken . — 

tir>2pener 

For. Pk|iit .. — .... 
Uhui lei- tank 

.X'uTn H.(KrtOi 

Mniil ivalel..., 1 

UiielaUnk 

rivaUenk.— 

Pr.ivm 'lunik...... 

oupli. Herwi'en., 
3upeiit«— 


141 

12o3 ( 

180 % 

132 

357 

&6% 

127% 

252 

190% 

122 % 

132i*i 

159 

400 

170 


-+-OT 


+ % 


Hi 


z 


[—3% 
+ % 


Urv. ,VM. 


7.9 

9.5 

7.5 
8.8 
3.4 


VIENNA 


tl. 1 . 10 

I’HW 


INI. 

I.... 

fra MiMihlail— 

342 


lo 

AM 

IV+lniocMcr 

271 

835 



h-d 



84 

+ 1 



dint Oalmier..... 


+2 

Bx 

5.6 

Veil SlBKIiealt— ■! 

834 

J 

lu 

4.3 


SWITZERLAND • 


IM. 1(1 


Price 

Fra. 


+ or 


1-10 

-25 


2.150 
l.'iSOml 
, 545 . 
[61.500 [ — 2&0| 

19.150 i — 25 
j.&Oui ,—25 


A -i 975 J— 5 

tihL-A 1 . >1,530 1-5 

ClLM LM-lKV 1-r.lO.! 915 j— 15 
Uc riiflL^Srt. t&o J + 5 

LWc Ifex ! 663 1+2 

Cre-nt buiffsc. 

Llevtmwiill 

r'lwlirr lli ft true 1 . 1 
tiodnuui PiCerc. 

Do, ;aiualn.,... 
llllrlliX'l B 

Miim.i iFr.lv/ji.. 

.iiM.r iFr, I'A'i ■ . 

Ik i. He- 

Irniti4ii)il,c3.' 

Pir+iii slPtr.l-JJ 
amha iFr. «kh„ 

Li-. Pari Cvtf*., 
j .-ill ndier Ll F-vb 
5'ii/cr Ct (1 t. 1U.0I 
^■iiuaii /Fr.JOUl! 
a ulss Uni. iFr.tuL 

saiM(He»(Fr^E».r. 

L- ii inn Bauft..— ..| 
liincb lm... M ., 


1.3/0 

3.C23 

[2.16J 

2. b20 
298 

3.420 

i73 

-451 

2ti5 

7i4 

362 

4,679 

3. U05 


— 5 
,-50 
-c0 
— 3o 
— 1 
1-75 


;+l 

;+4 

Pi 


—15 


10,075 -225 


Uiv.i 

t 


11001 

110 

XI 

21 

iaUa.B; 

lie,/ 

Is 

15 

2b 

Jo 

12 

14 

hJ 

ID 

40 

20 

44 


Y.i. 


4.1 

3.3 

4.4 

a.2 

4.0 

3.7 
<:.o 

4.5 

1.8 

1. B 

2.9 

1.5 

2. b 

4.0 

i,*+ 

3.0 

1.9 

3.5 
4.B 

4.0 
ft.5 

2.9 

2.1 
3.3 
2.2 


MILAN 


Uei . LO 


VMt 
daAoi;! -■■—>•..-■•■ 

CHt.H.1 — .... 

lliFni'..,..... 

rni'i.ifef 

iiaKtemenii 

lulMitcr ! 

llftlUllblll,^.— .... 

.11 ran c*iiMin.— .. . 

Olivetti Pnv I 

Hi vl ii ft Co..—— 1 
PireUI > i|H_. 

■snla Vlseoa. 


8.957 U20 


2.155 


Price 

Lira* 


73 

640 


+ 1,r 


-7 

-U 


-14 


179.75 j— 7.0 
23, 100;— 1951 


r—2 


355 

142.900 , 
[278.75 f — 1.0 
1.470 
12.065 
1.109.0! 

885 


|-47 
+ 8 
!-0.5 
+ 5 


llsv. V..i 
Lire’ 


150 5.1 
1501 7.0 


buO 2.6 


UfflB 2.8 


130 6.4 
BO 7.2 


l I|-I||NC I.Ji.VJllVfe. 

\’i Ligimlfe......... 

ti;nilainr ..... i 

olC .... 

Uon.i hi ie~ .. 

U.a.\. tierviH*. | 

Jarrotoi/r 

C’.C.f 

L.l.t. Aiem 

Cie Balifttne | 

Cml, Mi.-IiU-i.... 
Creilil- Coin. + r‘. 

Lirruuil Lone. 

Liunirv | 

Kr. PUi>ne+ 

IlHIl. L'l.-l-l'IC-lllH'l 

linOUl 

IM'IIIR. Ik.l •.■>.... 
Uiler^fe 

l-'Vreftl 

UtKiumi - 

.ll'iiwim Pbriift... 
UiL-nellil "ll - .... 

Jhvt Heniiiaei-v 
ili'4)iiin«( 

Pit I 11 

I't'VlIllllM 

iVruiil.lfiiwnl ._ 

icii^ii'l.i llnwi. 

i‘, nun 

iin.il'- I ue 1 1 mi 1 1 ,e 


Price 

Fr*. 


733 

455 

379 

560 

528 

eei 

615 

2,090 

•+1B 

1.098 

443 

505 

137J)| 

80.6j 

&51 

144.71 

275.ffl 


-4 
+ 4 


.+ 1 


I in*. 

Fra. 


OSLO 


Out. 10 


“l _ Pntv 


! Kramer 


+ or fLiivj 


Htmen Hank ...... 

BorTHs.'irand 

Cre-litinnk 

Kiriiiin 

Krft1itkHiv«ri 

.NurUl Hf.IrnKi+i 
rumetirand 


99.5 

72.5 

115.51+0.5 
300 |-rS 
111.0,-O.ai 

223.75 -2.2B 
99.5 1-0.5 , 


yih: 

■t. 


9.1 


8.7 

6.7 
9.9 
4J5 
7.0 


BRAZIL 


• •■«. 10 

Hi,* 

Cm* 

+ *» 

v.m^ 

Uiv. 

AL«Mla.._ 

0.98 

+ 0.05 

J. li 

pf’iiciniiB I tTTTTIP 

2.06 

+ 0.0* 



1.42 



1.20 

+ 0.01 

9.-6 


3.»2 

-0.05 


iVmU'nu, FH 

2.39 

+ U.0J 


Fire'll UP 

1.47 


J.lc 

1011 M Crui t«P... 

2.47 

-0.05 

J.22 

bmp PK 

5.75 

-0.05 

J.k; 

\nie Kin 1 Her- HP 

1.16 

-0.02 

>.It 


- ,o.ua 
: 5.43 


Tumov..*r Cr. 96.4m, Volume Mjm, 
Source ■ Rio de Janeiro SE. 

JOHANNESBURG 


Oct. 0 

Anxlo American Corpn. 

ClufTL’T Cnnsnhdated 

Rand 
■ OS 
14. 0C 

+or- 

—0.05 













Rusienhurq PlaMnnm ...„ 
Si. Helena 

2. OS 

+0.04 




Unlit Field. 1 : SA .............. 

06 30 


Union Cnrpnraiinn ......... 


De Ueers Deferred 

ftlyvnnriilraichi — . 

7.SS 

-o.ie 

Raw Rand Piy. 

Free Slate Geduld 

•6 r* 
137 SO 

— D./IS 
-0.T5 





(5 ?0 







WM'crn Hnidincs .. 

Weil era Deep 

13R.II0 

n.ro 



IMDU5T7IIALS 

AEC! 

tnulrakmer. Imtnsirlal ... 

'.jrlnw Rand 

lnre>:mems 

f'nrrli- Kinan-e 

Dr Heerr Inriuxirlal 

F.-lcary r*nTi<Ji|iiiaied ir,v. 


4ie 

21.15 
16.r 
do.2b| 
la. A 
42 
■+U.5I 
7o 
31.5, 
76. at 
14 
1 l.2t 
12 


mlv, 


it+ niv IVnal. ■ i. 


l(i+-ii. , iv„ 


I vli-lllii al|i> 
i In ,iii -, iii ttraiiiii.i 


I+-3 


+ 6 
+ 10 
+ 50 
— 1 

Pi 
+ 6 
—1.1 
-2.9 

-6 Jii./t! 
+ 3.2 1«. It 
+ 1.6 | t».3t 
J l.B; +0.3, 6.7 
179.9 +1.9 1 - 
2oo 
765 
1.936 
3/0 
1,459 
595 i — 4 
| + B 

214.Q' + u.5 ,lr.ii-i 
106.2, + 0.4. 7.&! 
338.0;+ 7,0 1 1U 
525 >_4 1 1/.2C 

236.51-5.6, - 
alS 1—4 
bl4 (,4 I 
1;,4.4|+1.4, 9 
171.9) — w.l lifts: 
1.850 L i | 5 y 
416.2—3.8 
876 1-3 
277 [ + 3 

22s I 


u\c 

4.6 

4.+ 


4./ 


2.t> 

4.0 

b.6 

3.6 

7.6 

7.0 

1.7 
A. 2 

8.8 


1 16.fi 
„-ls.:l 

I 39.: 

■fi£ 

3 


.13,1 

<15.161 


r \ 7 


Friuara Sinron 

Ever Readv SA 

Kivleralr Vn|^ .hplecelnn; . 

rcn»ufermans Smrrs 

■ hurAtan Annurance <SA' 

Hnleilt 

IT\ 

NcdBanR 

OK Raraara 

Premier Mlllma .... 

Pretoria r;pmen? 

Prnrea HnlrtlOL" 


3J0 
10 50 
4 ID 
? HI 
0.57 
112 50 
:i on 


-o.M 

-O.flB 


Rand Mines +’r-irierties ... 

n+ml+arilt Grnttn 

Rejeri 

S.iee llrliJmcs — .... 

SAPPI 

i* (1 Sni' - h Sncar ......... 

SA Pr»wferle« 

T:.”e’ Oats ami \’nil MIc. 
llnKm* 


rcs.nfl 
tl 95 

1. m 
tsuo 

2.25 

2. (15 
5.15 
2 W 

tT.flO 
S SO 
t3.:i0 
1.S2 
2 15 
13 45 
0.35 
1.411 
1 40 
5.4 1 
I 45 
11 S-i 
1 tl xd 


+0 30 
-0.03 


+ D.03 


+0.M 


+0.03 


-ona 
-n.03 
— 0 02 
-0 05 
+0.02 


+0.10 


+0.10 


SccurMJps Rand U.S.S0.73} 
I Discount of 36.1%) 


SPAIN e 

Oclfb-.T 10 


Per reni 


STOCKHOLM 


10 


■VyK AB iKr.Sx'J-. 
Alii IflvaKh'rjyi)! 
A ft EA (Kr.&Cu... 
Atioa Cnjo.'i Krl*-j 

Uiltenni 

ikn i ■(*..._ 

UnlA 

C+ltllllftH 

Lie».it , Hix-B , iArc' 

Brti-nnitrB’i k rtOV 

EtM'liu ■• 8 ’* 

Fititeiaui — ., 

l-imneen (Free* | 

HiDdteslanLen.. 

Murai <ju 

Mu Oeh Dpnirte J 
rauhvtit "B* kra.j 
a.k.F. •»' Kr*...., 
kati'l Enokllda.J 

Tamtam ‘B'fKttfl 

t.Mfiioiin.,„K 
Volvo (Kr. b01..J 


.t*™* i + or 
kmuur 


134 }~2 
143 —2 

85.5— 3.0 

121 • 

56.5- L1.S 

114 | 

184a -i 
2a 3 4 

>19 j 

126 J 

E65xef + 10 

94 l—l 

63-0i-3.5 


373 

125 

82 

250 

b8 

153 

bSJH 

62 


-4 , 

+ S 

i—i 

-I 
+ 1 
-2 
+0.5 
+ 1 


flasl— 2.5 


Div.fXnt. 
Kr. ; z 


5.5 ! 2.8 
* | a.5 
6 1 9.9 
6 ! 5.0 
4 | 7.1 
V*1 : 5.3 

3. la 3.1 
ill ' 4 3 
o.A o.i 
6 . 5.0 


fl.cl 

4 


0.75! 

4.3 

8 

a 


a.6 

4.3 


7.3 


Asluiid 

Panro Rilban 

Banco Atlantiro il.onOi 
Banve Ceiiiral . . . 
Panco Ertenor . 
fiance C-n.ir.il 
Ranw r, ran, irt.i fUNHIi 
Bnnro Kispano 
Banco Tnd Cm. I'l.flOOi 
R. tnd. Med:ierraneo . 
Banen Madrid . . .. 
Banco Popular . . 

Banco S/iniander 1 3511 • 
Banco Urquiio (1,000)... 

Banco Vtzravs 

Banco Zaracozaoo 

Rank muon 

Banus Andaiurta 

Babcock Wilcox 

CIC 

Dratsados 

Inoinbamf 

E. 1 . Arasoncsas 

Espannla iliflc 

Ei pi. Rie Tmto 

Frcsa it.lHOi 

Fenosa • 1.000' 

fljl. Pruiurtos 
n r.ir«i Velazquez 
Hidrola 


125 

203 

231 

303 

2M 

3U 

147 
243 
1S5 
105 

m 

254 

.-J9 

284 

256 

269 

148 
430 

n 

S3 

253 

70 


+ 2 


- 2 


+ 3 


+ 2 


+ 3 


- 2 


1400) 


Hierdaero 

OUrra 

Payeteras Reumdas 

P.iroliVr 

Petrol eOS 

Same Pa pale la ..... 

Sniace - 

SeSefisa — . 

Tiiicfnnica 

■ n ornK Tins i each 

Tubacex 

UnFia Elec 


101 

61 

65 

62 

n 

71 JO 

a 

os 

50-50 

124 

188 

30 

45 

127 

78 

W 

83 

66J8 


- 1 
+ A25 


- 2 


+ OJB 


+ S 
+ 32» 


- 5 


USB 


+ 2JB 


* .*• 































































-*1 


p 

tr 

w 

Si 

tfc 

01 

It 


at 
A 
m 
Fi 
D 
M 
c a 
U: 


■vi 

ye 

ru 

m 

A j 
fu 
aii 


ID 

ag 

ne 

Pr 

Da 

ag 


CU 

*. wt 
io 
wl 
coi 
tbi 
“s 


Pr 

Be 

La 

trc 

mi 

he 

sh< 

1 

Da 

vis 

Me 

me 

“s; 

fro 

.Ca- 

1 

. the 
the 
obi 
we 
mil 
aft 
wo 
. Cai 
pos 
tre 
ope 

.SOD 

to. 

& 

Syr 
acc 
at i 
the 
in i 

P 
to 
of I 

• had 
con.- 
leac 
met 
.situ 

F 

give 

Fre 

cun 

bet* 

.Chr 

• T| 
hert 
min 
to tl 

;iurr 
..ihe 
outs 
V Cl 
cons 
by <tL 
;»cral 
rto 1 
vital 
"Sine 
Jour 


SG 


-INI 
futui 
tefldi 
men! 
If tb 

•Ugg' 

a tii 
natio 
Afrit 
a mo 
reali 
It 
patri 
Both 
in hi 
of P: 
ratio 
optic 
Mini- 
pare 
■sancf 
■path 
• Th 
gtree 
Tteinj 
state 
that 
a r* 
Souti 
surpl 
,of tb 
has i 
Mo 
men 
.ecoD 
corn* 
■ion. 
year, 
duct 
virtu 
Marc 
Harv 
Flna 
eauti 
ecop- 
be tl 

, Y « 
pum 
have 
runn 

furtf 

cfiiOl 
is fc 
cure 
Mini 
sdry 
2 pe 
Tb 

dard 

refer 

Shat 


26 


Financial Times Wednesday; 




I v RM INC. A M) R Ml M VII Rl \ I S 



S ilkin to 
visit Bonn 


next week 


By Christopher Parkes 
MR. JOHN SILKIN'. Minister of 
Agriculture, has been included 
in the Prime Minister's party 
which is to visit Bonn on October 
IS aod 19 at the invitation of 
Chancellor Schmidt. Also in the 
party are Mr. Healey, the Chan- 
cellor of the Exchequer, and Mr. 
Edmund Dell. Secretary of State 
for Trade. 

Mr. Silk in's main job will be 
to back Mr. Callaghan’s appeals 
to the West German leader for 
more support in the British-led 
campaign to reduce the European 
Community’s surluses of butter, 
beef. wine, milk powder and 
other farm commodities. 

The invitation to such a high- 
level meeting, one oF a regular 
series between the British and 
German leaders, represents a 
substantial political leg-up for 
the Agriculture Minister. 

An ardent supporter of Mr. 
Michael Foot in the party leader- 
ship campaigns, and well to the 
Left of the Prime Minister in his 
political views, he has never been 
a favourite of Mr. Callaghan. 

But his rumbustious style in 
Comcm Market negotiations has 
won him the attention if not the 
affection of the most senior mem 
bers of the British Cabinet. 

The German Government, it Is 
understood, is particularly eager 
to see Mr. Silkin because it wants 
to calm the continuing storm over 
the EEC’s fisheries policy — a dis- 
turbance which centres on the 
UK Minister. 


Tin and platinum prices 
rise to new peaks 


BY JOHN EDWARDS, COMMODITIES EDITOR 


Gundelach to 
seek Thai 
manioc curb 


BRUSSELS. Oct. 

MR. FINN OLAV GUNDELACH. 
EEC Farm Commissioner, is 
likely to visit Thailand during the 
first week of December for talks 
on cutting back Thai manioc 
exports to the EEC. Commission 
officials said here today. 

They said nn formal reply has 
been given yet to the invitation 
from Thailand but the visit is 
fairly certain to take place. 

Mr. Gundelach recently 
rejected the idea of the EEC 
imposing import taxes nn cereals 
substitutes, but he added there 
would be no problem in persuad- 
ing Far Eastern countries to 
exercise voluntary restraint to cut 
back their exports to the EEC. 

He said then that Thailand 
should cut back its manioc 
exports this year to 1977 levels 
which correspond with Common 
Market needs. However, Thai 
Commerce Ministry sources have 
said their exports will rise this 
year although attempts will then 
be made to hold them at 197S 
levels. 

Reuter 


TIN PRICES advanced to record 
levels on the London Metal Ex- 
change yesterday as the squeeze 
on nearby supplies tightened. 
Platinum also reached a new 
peak. 

Standard grade cash tin rose 
by II12.S to £7,402.5 a tonne, 
wbile the three months quotation 
gained £47.5 to £7,162.5 — both 
above the previous peaks reached 
last Friday. 

The new upsurge was encour- 
aged hy the upward trend in 
other base metals and ra pre- 
cious metals. 

There was covering against 
Continental demand, but ner- 
vousness over the planned 
renewal oF hearings in Congress 
over stockpile releases of sur- 
plus tin brought some profit- 
taking sales. 

Lead continued its upward 
climb, although there was con- 
siderable profit-taking at the 
higher levels. Cash lead closed 
£3 higher at £433.5 a tonne. 

Dealers reported further buy- 
ing interest from the Soviet 
Union which took the market to 
an lP-month high, hut the upward 
trend was halted later by some 
heavy selling. 


Zinc was only marginally 
higher, but copper prices 
advanced strongly with cash 
wirebars closing £11-75 up at 
£766 a tonne. 

The overnight rise in New 
York gave a firm opening to the 
copper market in London, and 
covering against Japanese buy- 
ing boosted prices further. 

In the afternoon the higher 
trend was encouraged by the 
U.S. producer. Copper Range, 
announcing a rise in its domestic 
price of 2 cents to 71 cents a lb. 


Agreement 

News that Zambian copper will 
be exported through South 
Africa under an agreement 
reached between the railways of 
the two countries had virtually 
no impact on the market Zambia 
recently announced its plans .to 
cut supplies to fabricators next 
year. 

Mr. Robert Strauss. U.S. 
special trade representative, told 
the American Mining Congress 
in Las Vegas that the Adminis- 
tration bad to consider the 
impact on the economy and the 
fight against inflation before 


President Carter decided on the 
proposal for a quota on refined 
copper imports. 

President Carter has until 
October 22 to make a recom- 
mendation. 

The rise in base metals was 
fuelled by the sharp inrrease in 
precious metals, with gold and 
platinum prices rising to record 
levels and silver also advancing 
strongly. 

Platinum broke through the 
S300 an ounce mark in New York 
overnigh! and surged further 
ahead in London and New York 
yesterday. In the afternoon free 
market platinum Jrn London was 
raised by £7.65 to £157.50 an 
ounce and the dollar quotation 
gained S15 to $312.50. 

In New York last night in 
early trading, platinum futures 
rose the permissible limit of $10 
an ounce as strong consumer and 
speculative demand continued. 

The London silver bullion spot 
quotation was lifted by 9.6p to 
302.1p an ounce at the morning 
fixing. This rise reflected the 
increase in U.S. markers over- 
night and the record prices for 
gold and platinum. 


Odds against 
sugar Bill 
-Bergland 


>razil raises coffee estimate 


Br RICHARD MOONEY 


BRAZIL HAS raised its estimate 
of the 1978-79 coffee crop by 

300.000 bags (60 kilos each) to 
19.2m bags. 

Following its third official crop 
survey made towards the end of 
the harvest in August the Brazi- 
lian Coffee Institute (IBC) has 
lifted the Sao Paulo and Espirito 
Santo estimates hy 500,000 and 

200.000 bags respectively while 
cutting the Parana and Minas 


Gerais figures by 200,000 bags 
each. 

The IBC’s final figure for the 
1977-78 season was 16.1m bags 
and the first 1978-79 estimate 
was 20.7m. 

The main reason for the 
reduced level of this year’s 
second estimate was a persistent 
drought which reduced the aver- 
age size of the beans. Despite 
continuing dry weather the insti- 


tute now estimates Sao Paulo 
yields 10 per cent higher than at 
the time of the second survey. 

The latest Brazilian crop figure 
prompted little response on the 
London coffee futures market 
where the January position 
ended £22.5 lower on the day at 
£1,536 a tonne. 


Cocoa output rise forecast 


Dealers were not surprised that 
the crop forecast had been dis- 
regarded but they thought Mon- 
day’s. news of a rise in the 
Brazilian coffee export tax (con- 
tribution quota) might have been 
expected to have more impact. 


BY OUR COMMODITIES EDITOR 

BRAZIL AND the ivory Coast are same period is expected to rise 
expected to move above Ghana in from 253,000 tb 449.000 tonnes 
the cocoa production “league and Ivory Coast from 279,000 to 
table" in 1979-80. with Brazil 406.000 tonnes, 
becoming the biggest individual Total world production is pre- 
producer by 19S3-S4, according to dieted to rise from L461.000 
a survey of the world cocoa tonnes in 1978-79 to 1.872,000 
economy, released by the Inter- tonnes in 1984-S5 with Nigerian 
national Cocoa Organisation yes- production showing only a small 
terday. rise from 190,000 to 235,000 

tonnes. 


The tax was raised by SO to 
$80 a bag which should have a 
proportionate effect on exporting 
costs. Dealers thought the 
absence of a noticeable price 
reaction might reflect the mar- 
ket’s obsession with consumer 
offtake. They though an upturn 
in the market was unlikely until 
consumption began to show some 
positive signs of recovery. 






SfWJB fiss At “JSSWTI ™. the 

price of cocoa is predicted to 
tonnes by 1934S5. fal , from 159 ^ l979 t0 74 

Brazilian output during the cents by 1985. 


Some observers saw tbe higher 
tax rate as an attempt to cause 
a short-term fall-off in exports, 
thereby tightening the market 
and forcing prices up. But trade 
sources in Rio de Janeiro thought 
the institute was mainly 
interested in defending its mini- 
mum export price. 


WASHINGTON, Oct- 10. 
MR. BOB BERGLAND, US. 
Agriculture Secretary, said 
today that sugar legislation 
had less than a 50-50 chance of 
completion this Congressional 
session, reports Reuter.' 

The Carter A dminis tration 
considers the Boose Bill 
passed last week as unaccept- 
able, he said, but he did not 
know if President Cartrr 
would veto it. 

This Bill sets a 15 cent a 
pound 'sugar support price. 
With allowance for automatic 
price increases based on pro- 
duction costs. 

“We stand by 15 cents as 
the maximum, acceptable price 
support with no escalator pro- 
vision as the escalator would 
undermine the international 
Sugar Agreement, Hr. Berg- 
land said. 

The Senate’s Bill, with a 17 
cents' price support, was sure 
to be vetoed if sent to Presi- 
dent Carter, he added. 

A representative for Senator 
Howard Metzenbaum said he 
was to introduce an amend- 
ment to the pending sugar 
legislation calling for a 15 
cents price objective with no 
escalator clause. 

Hie amendment, which is 
identical to the Carter Admini- 
stration position, will be intro- 
duced when the sugar 
legislation reaches the Senate 
floor for debate and possibly 
a vote later this week, he 
added. 

• UJ3. sugar consumption is 
estimated at between 32b n and 
33bn lb a year for the next five 
years, according to Hr. 
Bergland. 


SPANISH CITRUS 





iJM* 



or worse 




Weather hits 
U.S. cotton 
production 


LUBBOCK, TEXAS, Oct. 10. 

A COMMITTEE of the 
Lubbock Cotton Exchange has 
reduced its cottoo production 
estimate for the 25 county Texas 
high plains area by 181,000 bales 
from a month earlier to 1,631,000 
bales, reports Reuter. 

Sources on the committee, 
which is made up of extension 
specialists, agricultural meteoro- 
logists. prominent merchants 
and shippers, say the reduction 
is due to cool, wet weather in 
late September which retarded 
progress of the irrigated crop 
and to a fungus infection which 
turned leaves black in some 
fields. 

The committee estimated the 
standing acreage at 3.471,000 
down from its estimate of 
3,601,000 a month earlier. The 
reduction included drought 
stricken dryland cotton that 
farmers have plowed under. 


AS THE export season for 
Spanish citrus begins, its pros- 
pects are being gauged on the 
basis of the usual factors — and 
others not so usual. One influ- 
ence, always lurking in the back- 
ground, that has come to .the 
fore this year is drought The 
south and south-west of Spam 
have seldom known such a long 
spell without rain. 

Beni dorm and other tourist 
spots are in the limelight, with, 
holiday-makers rioting over - dry 
taps and ships pumping water 
ashore through hastily-built 
pipelines. But over wide areas 
of the country dams have 
emptied, wells dried . up and 
crops, including citrus, ' that 
depend on irrigation are 
imperilled — not to mention those 
that depend on rain direct from 
.the sky. . 

Estimates of the possible scale 
of citrus losses are still vague, 
not least because there is .tittle 
agreement among the authori- 
ties as to what the level of pro- 
duction might be if things .were 
normal. Acording to present 
estimates, the tonnage could be 5 
per cent more than last year's 
or 5 per cent less. 

Prospects are also being 
measured in terms of quality. 
Spain has become increasingly 
self-critical about lapses in 
quality standards- and infringe- 
ments of regulations. At a recent 
meeting between various sections 
of the industry it was resolved 
that tougher penalties should be 
applied this season for lowering 
quality by picking and exporting 
fruit before the dates set ■ ■ 


BY A CORRESPONDENT 

is- the advantage wiped out but 

‘aSKB-r-g 

A factor receiving more atten- 
tim thS vear is the virus disease 

ESwSTas ^ fezo (sa , d ^ s) ’ 

5E? was long ago declared a 
na Low-hite?e e ^1oans. exemption 

from™ social-security payments 
and other concessions were 
Offered to enable growers to 
bridge the 10-ycar drop in pro- 
duction entailed by a progressive 
changeover to resistant 
mgs. Nurseries were set up and 
blistered as sources of stock 
ff S tristeza, and publicity 
was aimed at encouraging pro- 
ducers to use these short-term 
aids to avert long-term disaster. 


question that . there was- no -4. 
son for Spanish fruit to. eo» 
under suspicion. ; : 

Regarding', radioactivity, Q 
ever, reality has replaced S 
our to the extent -that ther^ 
actually a ' nuclear plant be2 
built at the- Valencran centred 
Conf rentes. Apprehension^ 

growing over not so 
possibility -that the regionisif 
gallon water -could be. ciartM. 

nated by irudear waste blit - a 
tbe industry's foreign eueton* 
might think it will be, 'and^fi 
elsewhere- - 


Rumours 


The incentive for doing this Is 
to cream off the premium for the 
earliest deliveries. But if the 
fruit is too immature not only 


Replanting, however, is pro- 
ceeding much more slowly than 
hoped, partly, it is said. Decause 
nurseries are exporting resistant 
stocks meant for Spain. Mean- 
while. the disease, which affects, 
among others, about 8,000 small- 
holders and 10 per cent of the 
country’s citrus trees, costs the 
industry an estimated £17rn a 
year because of inroads on both 
quantity and quality. 

A factor that has not before 
entered into the seasonal calcu- 
lations is fears that a nuclear 
power station being built in the 
Valencia region could have the 
same sort of effect on sales 
abroad of Spanish fruit as did 
last year’s mercury scare on 

Israeli. „ - . _ 

Rumours circulated that Israeli 
oranges might not be the only 
ones to have been poisoned— 
rumours that ceased only when 
it was officially shown beyond 



It is now being revealed*? 
in 1971 a nuclear aeddoit -j 
to contamination of 
Spain's longest, river. . 'jftjV 
time, the - Spanish PriSS* 
silenced on the inciden^j^ 
day Spain is “ open ” 
could not be imposed t'otpi 
media of consuming ctra hriq 

Meanwhile Spaints- 
towards entering the. 
already - influencing- - 
expectations about . 
aid and what might corned, 
way of interim concession^ j 
the Community. ••••• • 

The mounting hostility 
French fanning to Spain’s & 
bership is. of course, viewed^ 
dismay, however, citrus': j 
ducers are showing in'thear 
tangible way their confldeijiK 
a future within- the Comma 
by planting new inrand^f- 

All readily useable $grl 
tural land in Spain was4 
ago brought under product 
Producers are now haraes 
land once regarded as bin 
and useless. Already prodo- 
are' watching green young- 1 
growing up to swell SpainVd 
crop— at present about 3m,4irt 
—for better or for worse^i 


Consumers demand milk price freeze? 


BY OUR COMMODITIES STAFF 

CONSUMER representatives prices yet agahk The price is 


have demanded that the Govern- also saw Mr. 

ment should reject appeals from Q Wens> director-general of 
! farmers, the Milk Marketing Dairy Trade Federation, who 
Boards, and the dairies for a argued that ip on a pint would 
ip a pint rise in the retail price cover his industry’s cost in- 
of m iit - -■ creases for a full 12 months. 

. _ J. , Mr. Owens said recently that 

A delegation from the National _ pr j ce increase was Inevitable. 

; Consumer Council saw Mr. Roy he wou jd prefer - ip now 
Hattersley, Prices Siaretary, rather lp ear i y ^xt year, 
yesterday, and asked for. the Farmers say they meed some 
price to be held down at 124 p extra income from their milk to 
'a P mt * cover the cost of feeding their 

Mr. Michael Shanks, chairman cattle during the winter when 
of the Council, said: “We told the grass stops growing, 
him in no uncertain terms that However, they have. had a good 
housewives would be incensed by year so far. Milk yields have 
any attempt to', pu r ' up -riiillk'' Increased, gra® haOeeti plenfi-' 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


forward metal reaching the day’s high easing a shade to IT.145 on the late kerb, 
of i*S6.5 on the morning kerb. In the Turnover. 2,013 tonnes. 


COCOA 


COPPER— Gained ground 


October 10: GB cattle G6.74p per kg.Lw. (same) a tonne for home trade 
«+0.34i. UK sheep 13i3p per kg.est.d.c.xr. £174.00 <same> for export- 


and 


PRICE CHANGES 


strorudr on the prc-markel to touch £753 . Am alga mated Metal Trading reported 


This buying continued in Uw rings,. with S5. 83.3. 83. Cathodes', cash IT 

53.5, three months rjT4, 715. 74. 


corpE»| 

a.ni. 

Official 


p.m. Jt+oi 

nnclliclai j — 

i 

£ 

£■ 

~ ! U 

Wirebara 

Ot-li ) 

V65-.5 

+ 11 

1 

765.5-6.5 -rll.7 

a iri 'fitli- j 

785-. 5 

-i-ll 

7 86-. 5 +12.5 

tsetM’ni'nt 

766.5 

+ 11 

— i 

Cathodes 1 

LasU........ 

753-. 5 

+11.7 

754-5 +12.2 


Wirebars, three months 


85.5 . 80. Ca 
75. Kerb: 

90. S5.5. S3. 


tix 

i.tn. | 
Official 1 

r-i 

p.tn. 

Unnflk'lHi 

+ or 

ttisn Ura'de l ! 

K 1 

c 

£ 

C'asl, 

7375-95 

+67.5 

7400-20 +117. 

o mimtho. 

7145 75 

-+52-517170-200 + 50 

MKi.uni't. 

Standard. 

7a9S 

+76 | 

| . — j 


Ca.D 

7370-80 

I+B2.S 7395-410+112. 

i mentis. 

7135-40 

+27.5 

7160-5 . 

+47.5 

■lettiem’t. 

/a80 

+ bbl 

— i 

l(M(l 

ImiL- E„ 

tSlorf4 

+ 4 

— 1 


.L. » Yill. 

— 


— 



Price lit manes unless otherwise stated- 


COCOA 


YeweTda'ysi + or Burines* 
. Close 1 — • Uone 


- . np 0i 1T - S pe r o 5 enu average !34.5p LONDON — The market was 


doll and 


Uonr 


Nu.r.wimr'tj 

J-iec. ,1307.0-08.0 -25.5 1W0.0- ISOS 


per cent, average TO.Wo (+0.Sdi; Sheep 
tip 5J per cem. average t27.fip i-0.3): 
Pigs up 14.0 per cent, average si.lp 

r+o.2>. 


both cash and forward standard material. 

Forward standard metal opened frac- gs^ so, itirce months £7,140. 45. 50. 43^ 


•wi*. -..|lr4S.C-65.0 !-ii.b 1806.0-1046 

— llHB.0-15-1 j-b.Q :iai0.0-1005 

Morning: Standard, cash £7,380, 33. 90'. 'l-aO-e-hOP U 8. 0 ' - 


per package except where otherwise 
stated i; Imported Produce: Lemons— 
Italian: 128/ 150s new crop 5.50-6 JUJ; 


Jin, with- .J 773.5-4 +1 1.5 ; 775-.5 
pvtti'nt'DL 753.5 +11.5! — 

V. . -nil.l 626 1 63-66 


i+13 


rtonaUy eiajci- at £7.ll0 owing to the 30. 43, 40. Kerb: Standard, three months 
faU m the Penang price. However, the £7,130, 35. Aftemuon: Standard, cash 
funner gains to other metals prompted £7,390, ihree months £7.158, 55, 50, 80, 


Sales: 223 t7 41> lots of 10 tonnes- 

COFFEE 


7.50; Cyprus: Trays 3.00-3.30. Oranges — 
S. African; Valencia Late 4.30-500: 
Brazilian; Valencia Late 3.50: Argentine: 
4.80-5.40: Uruguayan: 4.20-5.90. Satsnmas— 
5.00-5-50. Grapefruit— 


.4ii-m.utn 

Vci+pn-jX "f 

burtoesN 

titroyffnoi 

t-'iose 


1 lime 

‘feW'-er 

224.0-50.0 



ttocemner ... 

2i7.0-a0.ii 



■Harcu 

244.0-48.0 



Nay 

248JMU.0 

_. hi 

— 

tJCtl<«l 

244.0-40.0 



D*+«l'+r ... 

265.0-44.0 



«I 

268.0-47.0 

— 



! fresh buying of tin with h-rward metal m 60 M KeTb- ^nd^ three monlta traded in a nanw range Spania: Traya 5.C _ 

. moving up to a high of £7.rro prior to ft 170 S’ 5^ «' 45 40 so 55 50 45. « throuaboat ihe mnrnlnn and it was only Dominican: 3.6O-4.80: Cyprus: Cuban: seller, business, sales 1: Micron Contract: Pree Market i C t Du' 

. ' ’ ' ' ,a ‘ ' ' ' In the afternoon that an imlnipresvnre 4.08-LM: Israeli: J' - 


Sales: Xll f2> Inis of 1.500 kilos.' 
SYDNEY GREASY (in order boyer. 


lietaie 

Aluminium...- 

Free market, twsi 
Copper nwh W.Uai 
a iTWKJtb* .kg in. 

C«*h Uarhule. 

J months do. tin. 

t'Sviiri .Ton* or. 

Lee l eH*h. — 

J month*. 

Nlr-Jie 


Z.G. Index Limited 01-351 3466. Three months Silver 307.7-310.2 
29 Lamont Road, London SWI0 OHS 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


CONTRACTS AND TENDERS 


GOVERNMENT OF THE YEMEN ARAB 
REPUBLIC HIGHWAY AUTHORITY 


TENDER NOTICE 

FOR ROAD CONSTRUCTION 


The High way Authority of the Yemen Arab Republic 
invites tenders forthe construction of one or both 
(each to be submitted separately! of the following 
roads, the construction of which is being financed by 
the Government of the Kingdom of Saudi Arabia. 


1 . HUTH - AL QAFLA - AAH EM 
HARAD ROAD 


This will be an asphalt paved, single carriageway road, 
7.00 m wide with two 1 .25 m shoulders. 1 57 km long, 
located in the north western part of the Republic. 


2 . J1H AN A— SARWAH — 
MARIB ROAD 


This will be an asphalt paved, single carriageway road, 
7.00 m wide with two 1 .25 m shoulders, 129 km long, 
located in the middle eastern part of the Republic. 

Tender Documents can be purchased, starting October 
25th 1 978 for a nonrefundable cash price of U.S. 
Dollars 500 per complete set for each road. Interested 
Tenders should personally or through their authorized 
representatives collect the documents from: 


Highway Authority 
Zubeiry Street 
P.0. 80x1185, Sana'a 
YEMEN ARAB REPUBLIC 


Cable: TOROKAT — Sana'a 
Telex: 2208 ASHG AL (YEJ 


Tenders duly completed should be submitted by hand 
In sealed envelopes to the Chairman of the Highway 
Authority not later than 10.00 ajn. (local time) on 
January 23rd 1979. 


LEAD— Higher again with fresh buying. 


New York 


Ccmiract 


„ Qcl 338. 1-340.0, 339.5-338 0. 4: Dec. 349 ol 

prompted — Frenai:_ New crop Golden Delicious 340.9. 349.0-348.5. 7: March 356.3-336 3. 


Oct. 10 

+ ot 

197e 



E710 
sl.120,’50 

f766 !+ 1I.5U 738.25 


-710 
j— &5.QjrlQ7fi/&> 


£ 786.25| 
C, S4.tr 


;775.0y+l3.Ok 746.6 


-'225.625] 

£463.5 

£418.251 

#1.78 

1.90 


+ 3.76 
+ 3.0 


Mwah 


-t-t1.7Ni.7S5. 75 
+ 12.2® -.729 


:20E-37B 
1. 552.75 


+ 5.71* £267.75 


fl.BQ 

1.93 


i-b-T!-riKt huvtne and Rhnrt~rooprimz nush- UQUManon in WiDuan. Values were at M-n> 72 100-2.10, E4 1.S0-1JM; 40-lb 3.80- 356.5-3 SL3. 
™ ?n the day* lows OO the dose. £30 on the 4.26. Start Crimson 58-lb S4 S.40. 73 2.7t 

day after some late nop-Ioss selling. Granny Smith 2.19-3.30. Penn— French 


Ing forward metal np to f423.5 on the 
pre-market. Heavy profit taking In the 


morning rings caused the price to rail ?T” e L. Barl,h;u ?_ L:in ’ l5 ££ t _!^ 50, 3^ 
bach lo £413 but renewed buying in the 
afternoon saw forward metal finally £417 
on the late kerb. 


L1-..1 M 


uh«u 

j mcni h-.. 
eii'uieiu 
. 'i-i. 


H.lll. 

1 ■ IT lc in ■ 




| -.111. 


-for 


1 nrjTi.;m I — 


£ 

433-4 


+ 8 


331.03 


433.5 4 +7 
415-& 1 + 5 
434 j+7 

3S..5 I ... 

Mnming: 'Cash £4«^ 36. 33," 32." 32.5.* 34, 
three muaihs £422. 2L 20.5. ID. 19.5. 19, 

IS. 16. 15. 14. 13. XXS. 14, 15. 16. Kerb: 
Cash £433. 34 . 34J. three months £415. 

13 j, 16, 16.5, 17. Afternntin: Cash £437. 

32. 33, tlrree months £419. 20, 20.5, 19, 

IS, ----- - — 

0, 21. 20.5. 20. 19. 15, 17. Ing 


COFFRB 

t Vvrtenldi't , 

C'l<>ve- J + ur 

£ i*t inline ] I 

llu-ltlUM 

Done 

November... 

Janiinrv 

.Man.li 1 

)li v 

July 

Vjcemt-Hr.. 

Nnvtmlier... 

1 1C31-32 : — 21.01 
1535-37 -22.51 
1433-39 —27.0; 
1 1*76-79 -31.51 
1640-43 -29.5i 
1295-301 —29.5/ 
1280 90 — 59_Oj 

1658-30 

1567 35 

1467 37 

1410-330 

1366-4U 

13Z3-00 

1295 


Alexandria 2.80: Per pound Italian 

WUflam* 0.14-6.20. Plums— Romanian: nji. ^ Total sales: 25 

Anna Spath per tray L90: Italian: Per NEW ZEALAND CROSSBREDS 
pound Stanley 0.10. Grapes— Italian: order buyer 
Regina 1.40-LS0, Black Regina 2.50: 1573-190, 



4 tii'iorh^.^.,. 


inycr. seller <aH uniradedi— Dec. 

French: Alnhonse per pound 0.15: Spanish: laiio.' jiiiy lSLO-lSG^^Ort 1'untrrten 

AJmeria JBM.00. Negri S.M. Bananas— Dec. 193.0-194.5. March 191.0-195.0. No eif 


Jamaican: Per pound 0.14. Avocados— sales. 
Israeli: 4.50-4.80. Capsicums— Dutch: Per 
5 kilns 3 .SO. OuIdbb— S panish: 3.D0-.1.10; 

Duich: 1.60-3 J0: Hungarian: 3 00. 
Melons— Spanish: Yellow fi'14 2.70-3.30. 

Green 2.80-3.00. Tomatoes — Dutch: 2.40- 
! 56: Jersey: 2.00-2.20: Spanish: 2J0-2.5O: 
Gnernsey: 2.40-2.60. Dates— Algerian: Per 
glove box 0.33-0.35. Pomegranates— 
Spanish: Per bos 40/ Ms 3.6O-2.S0. Wahmts 
— Italian: Net per pound 0.40; French: 


Sales: 2.639 ( 3.089: lots of 5 tonnes. 

fcKAUNS 

LONDON FUTURES fGAFTAV— The Grcnobles 0.40. 

18 j. Kerb: Three months £418. 19, market opened lOp lower. Country sell- . English Prod ace: Potatoes— Per 25 kilos 
” ““ *” ” Inn cased vafm-s to trade 20p lower *55 12 round 0.60. Cos 

initially but some buying support was webos LHJ. CwrnrnberR— Per tray 
Zinc— A shade firmer nd mainly reflect- seen at these levels which rallied the MDS «roo 

log the continuing bnoyancy 
merals. Forward metal 

quickly on the pre-market l — .. _ _ 

In the rings profit-! airing pared the price trade. Barley was generally neglect ed PcarmaLn 0.03-0.08, Russets 0.07-0.10. Jeast 
to £379 but it moved up afresh m the and closed l&-2irp lower. Adi reports. Pears— Per pound Conference 0.03-0.11. tliroi 


India to build 
up copper 
buffer stock 


Arne ,wh.„ 

5 

Pn-tiicere 


tl30 
<■'157.6 
>1 C.2£ 
302. lp 
i- 9.7 
£7.402.5 
t'7. 162.5 
& 142.94 
•142/47, 
L374 
8381.751 
.•b/o 


+7.B5 


+ 9.6 
+ 9.7 


+47.5 


4 0 25! 
+ B.a 


EX30 
bios. SO 
^125/00 
<83p 

89 Mp 
^7.290 
f 7.067 J 
61s « 82 
.-14044 

325.25 

535.26 


.|4C40 


Oils 

UncnaiilYPhil) JS776n 

linvni'laui 

Ltn-iH: 1 L'nnie 
Fslifl Mulaynn. 


By K. K. Shanrta 

NEW DELHL OcL 10. 

THE METALS and minerals Grama 


Seeds 
Lupre Phillip... 


I 

t'320 

6615ii 


6535' 


wwwn (U-B m i,...|$27B c L-^.o|e287.90 


+ 5.0 


6785 
1708 
2327 
+ 10.0)5-692 


9520 


mey of oii'-r market. Some shipper buying was seen pound 0.434511. Apples — Per pound Pnrnnmtinn of TnHii u_.. , . U rains 

tl moved up in «dieat distant options which closed Eramley O.OM^a. Lord Derty 0.D4-0.03. 0f J D ~ Ja has decided | r 

to touch £3M. nnchansed Mp lower on ne&rbys In thin Cos’s Orange Pippin 0.06-0.12. Worcester to DUlid up a buffer Stock of at U‘« n eFuturea.„.ie83.. 


5,000 tonnes of copper 


Maiw 

Ytimcb No. 6 Am 


aficrnaon 

before dosltut on the late kerb 

at £376. 

Turnover. 2,930 

loanee. 



(LIU. 



t +nr 

A! NO 

Official 


Lnnfiiclfl 

— 


C 

£ 

£ 

£ 

• aah^„... 

374-5 

+4.75 

373-5 

+ .!5 

-i mi ml hi-.. 

380-1 

+4.76 

381.5-2 

+ 2.5 

I’mcm 

375 

+ 6 

— 


^rlili.lftin.1 

- 


29.31 


MorniRB 

: Casta £376. ihree mnnths 

£382. 

S3. 93.3. 83. SO. SI. 

S0ft. 

79, 80. 

Kerb: 

Three manihs £331. 

Attern non: 

Three 

monthb £3£2, 91.5. S3. 81 

. Kerb: 

Three 

months £383, 30. 79, 

, 79. 

77, 70. 


Aluiuln'm 

■ B-ITI- 

jt+otj 

p.m. 

t+or 


1 Official 

1 

J __ I 

rnofficiai 



i £ 


1 £ 





+ 1JL&I 



o month ».|589. 5-90 


692-. 5 

+ 4.5 

■ C*n»f 

per ponnd. i 

SM oar 



[YeeteidayVI + or 
cbm — 


Mar.. 

SLai-.J 


88.10 

9U.SO 

93.26 

96.8U 


h- O.20 
1 -o.ofi! 
-U.lOi 


BARLEY 


Xesterduy'^ + er 

el two 


80.60 
05. 3 U 
85.55 
67.90. 


seedling o.io-D-15. Laztan 0.03. Damsons— minim am considered necessarv 
Per pound 0.15. Tomatoes — &it 12-lb t 0 prevent the rise in prices of 


» * l tot -H 


1 - >un 
Ho. -'HanlVriritei 


English l.W-2.20. Cabbages— Per cram rnnn'rV'Tn "tKn'^nr™ f 11 " 3 Eiigu^n Unuii .t 

0.80-0.90. Celen^-FVfr head 0 07. Caull- C0 PP® r IU the Country and Uuua -<li.iim.Tit 

nowers— Per 12 Lincoln 1.40-1.50. Runner represents about four months’ Future lUr, 

I_n 1C Beaus— Per pound Slick O.li Beetroot— needs, Lotfer Fm 

1-0-16 Per 28 -Bj 0.60. Carrots— Per 28-th 0.5ft- SSL. . , .\ P ». 

o.to. capsicums— per pound ojo. . “ces have risen mainly oguMi'A' in.ie* 

■10 courgettes— per pound o.iw.is. onions— because speculators have hoarded «um« km, 

re SSS 2 10 £ 


.16 


— 0.7 


C102 


+0.5 


L93.3 
1395.05 
LSI 
ill. 887 I— 2b.o! 
*1.945 1-28.75 


Toul sales: 1M. Bartey: F« r pound 0.07-0.98. Cobnuts— Per pound inadequate indigenous Drodiw*. 

llsh 0.45. Coro Cobs— Each 0.0+0.05. lion and imports. 


51:11® | 

SH^P^ 

I I 


180.10 


dlul 


E92 

f&aax) 

019.5 

-2,072 

>■'2,032 


i' 1,625. 6 
174.15: 
P9p 
103 
278p 


63.5ftS3.30. March English 
S5.65-S5.50, May S8.Oft67.go_ Total sales: 

60. 

HGCA— Location ex- farm spot prices: 


SOYABEAN MEAL 


Feed wheat— ME England SUM. ' Berts Wf®? 1 BOFTH3 tO T3..I S0 


CrOD 1 Unuuntwl 
I”. n July -Sept. xSttof. r.Kr, 

a Ocl.-hny. r -llec « Nov. i»Dec 
r Inn 1 cal ur ones. 


a Per ton. 


and Oxoo £S3.$0. Feed hariay — NE a,ld befd these gains in (he morning 

England £74.30. Berfcs and Oxon £75.00. lost erfiund laier. when Chicagu slipped . 

The UK monel ary coefficient for the away from opening levels of 3 cent rn cimQr miltlllf 

j^"i: week beginning Oct. 16 is unacted tli 5 cent gains. Rotterdam Physical prices: — t*wt4£ UUIlfUl 

T,lB Increase la 1.34. were SI 10 33 higher, SNW Commodities — * 

______ reports. 

RUBBER 


INDICES 


tin -irorln'it innftn-t»i e | tmp 

Mornlug: Three months I3M. S9 j. ss.5, EASIER opening on the Loudon physical 
S9.J. herb: Three monrijs £ao. After- market. Liule Interest throughout the 

ESS: SStol’ I™ ' • eU ^15 And Pest 


SILVER 


261 i2C3) cents I buyer. Nov.t. 


Silver was fixed sharply hlgltcr In tlie 
Lurtdon bulllnn market yeaterday ar 
ri.lp. a rise vf b.6d trnm the previous 


l\ol 1 

K.".s. 


flxin^. U.S. rent equivalents of the fixing 
level- were: Spot 5M.Bc. up liutc: throe- ‘„L. 


month 6095c. up IB.4c: six-month 019.7c, 
up IS ,9c: and 13-muoth 644.0c. up lB.lc. 

The ' 

and 


Previous [Yesterday ' b( Bus! net* 
Close Cline Dooe 


62.06-62.25’ E2.40-fi2.6ol 
fc2.SO-t3.2S bS.2o-85.Sffl 


ntcial 

closed 


opened at 2Br:-2»Jp'i53ft390Jci , 

at 30D.7-301.7u t596i-509ci. r': 3 fP* 


PUBLIC NOTICES 


METROPOLITAN BOROUGH 
OF SAND WELL 


fljro. Bills offered 11 Octoher 
197S due 10 January 1979 at 
9 j-{;. Total applicatioos £12ni. 
Bills outstandine £5im. 


CITY OV MANCHESTER BILLS 


amounting to £12 *l3m wero lx sued on nth 
October 1ft78 lor maturity on tfltli January 
1979. The lOtal amount applied for was 
LSS^m. Vne maatmum rate acccotcd was 
ncr annum at which SD.32“o 
were alii. red. Inc total amount of ants 
Outstanding la £ 12.45m. 


COUNTY OF CLEVELAND 


£13. 9m mih issuco 11.10.78 a: an 
acecMe rate ol 9.43075% to mat arc 
10.1.79. Total applications were £70. 5m 
and those arc Uie only outstanding bilb. 


31LVEU j 
I«r 1 

tPJ.V ec. | 

j Bullion 

1 fLsiru; 

[ price 

+ OI 

Lftf-E. L or 
clone 1 — 



302.1m 

+9.6 ■ 

301.1m +3.25 

i niontbs. 

3U9.7J. 

+9.7 1 

aOS.85p 46.4 

it ciuoiiu. 

3l7.8it 

.+9.7 ; 


12 mnziilip 3i4.3f- 

'+9-7 | 


LHE— Turnover 301 fffl 

> tofl of 10.000 

Ora. Uarnina: Cash 3IW.- 

1. three months 


Ucs-Ure 
J nn-Morl 


82.15 81.90 
b 2.7 5 
84.80-64. SO 



Ye'teniavl •* or 
Cmw ' 1 _ 

Mrv.|(ieK- 
I tone 


Ctiennnnei 

117.00.18.71—0.40 
1 19.90-20.0: + T.BO 
121.70-11.9,+ 1.20 


December 

Fetirunry 

170.SO- 18.5" 
122.BftZ1.30 


122.5J -23.T. + 1. 10 123.50-25.50 
I22.6ftj4.0>lft6 — 

I23.0ft26.fc! + lftfi! — 


deinli+r 

Sales: 1IU! 1 43 1 lots of a tonnes. 


RANGOON, Oct. 10. 
WITH THE help of a S31.5m 40- 
year “soft” loan recently ob- 
tained from the Aslan Develop- 
ment Bank and $6.5m aid from 
the OPEC special fund. Burma 


67.20-fci.30! 67.50 -67. &5J 6/ JO-66. 95 


SUGAR 


69.4J 69.45| 69.flS-B8.70 
1 1.4ft/ 1 fid 7 1.76- IT. B0 
75.46-73.60 73.75-7 S.kE 
■ ' 7E.76-n.sa 


SepU 77.E5-77.fi0l, 77.76-77-BOj 77.70-77.&0 


ised sugar industry. 

The project will involve build- 
ing irrigation and drainage 
canals and roads, agricultural 
development to raise sugar out- 
put, setting up of a new sugar 




shipment. White sugar dally price was existing mill (built by Hitachi 
axed at £114.50 (£114.001. of Japan in 19SS) — all to be car- 


Sales: 38S (45F< lots of 15 tonnes. 
Physical closing prices ihuyersl were: 


Both markets were very steady through- ried 
not the day la moderate trading cotj- 
diaons. C. CzarnlRow reports. 


Dec. Kl.ap (64.0) 


MEAT/VEGETABLES 


^IlgU 

Fref. ! 

Jfestenlay's 

Kwricnm 

Bn»in«fl 

Ucmra. 

l7lo»c 

Ck**j 

Done 

On. j 
1 




out in Pyiomana area. 
After completion early in 
1985. the project Is expected to 


. SMITHFIELD (pence per pounds — Beef: Dec : 


from the area to 51.000 tons 
annually from the present 18,000 
tons, and brown sugar hy more 


7.9. Kerbs: Three months 30m. s.g, 309, hustlers $2.0 to &L0, fareqaarters 35.0 to Mav 

9.5, 9X .Afternoon : Three months 308g, 3s.n. Auc..,.. 

nOTJ. 9.1. a.:. 30S.7, gj. Kerbs: Threo Lan*: F.ngllsh sinan SE-fl to 60.0. o, t._.. 
months 3(8.fi, 8J. 6.7. 8.6. 8J. medium 52 ji to SJ.n. heavy ffl.0 to 34.0. Dec 


1^ per r^wintt .. . ... . 

ii7.(H>-i7.i5|i 17.45- 17.C0 117.75-18 65 than double to 21,0C9 tons. In 
ia*i.SB 2 i.L-sJ 121.63.2 1.65 121 5-2065 addition, it will help increase 

1IIS.1S I “ S'„V’ mpul ot the area by 10000 

IL7.O-77.30 12 (.9* S8.WI2B Eft:7 W luns - 


FINANCIAL TIMES 


U«- 9 ( Oct-e j 

Numb mr- 

[ in, ,* 

262 D 6 1260.86 1 

362.54 , 

L* 41.77 

-IMi 

. . (Base: Jnly i. 1953-5 

REUTERS 

Oct. 10 j Oct. 9 w 

ten, 

1517 . 1 11512.8 j 1464.7 

. 1504.5 


DOW JONES 



8.39i .16.55 


(Average 102445-38= 188)” 

MOODY'S 


huon'- 

Uri. 

e 

Ur* | 
b 

U-HIlfiJViai 

. | ■ 1 #11111111 

■70.4 

«*6.b 1 

^37.9‘eaaj 


fbecemher 51. mi =1001“ 


fuL and grain-based feedaShi 
not be over-expensive thiswi 
in view of another record, rtt 
harvest • . \K 

The Milk Marketing .8$ 
have also recently we* 
increase in tbe prico patf 
milk by cheese factories.^ 
should provide some extra' 
for distribution amoog.fan 
although the Boards tefa® 
say how much of an incite 
imposed. 

The Minister of Agricul 
has also heard the appeals^ 
the farming and dairy iitfiB 
The Government’s main- 
cern is not to take anyffc 
which might imperil 
inflation* policy. . 

tiff 


U.S. Markets 


NEW YORk, * ■ 

PLATINUM future soared aheNi 
*300 an nonce when Commtnml 
entered the 'market to firaBr'.. 
Itanmsti the psychotoslcai torOCt. 
was very firm and silver gataaf- 
10 cents an ounce. Copper, ft 
oredons metals higher. Soyabean^ 
and maize all staged com K 
advances. 

Copper— O lI. S7J8 787.05). N0»5 
107.55). Dec. 58- SO. Jan. 09.45. Man* 
May n^5, July J2J0. Sept. «3.fl 
74.60, Jan. TS.ilO. March 7580. May 
July 77.40 setnements. Sales: 3.W 

Cotton— Nn. 2: Oct. 64-80 (64JM 
<17.10-67.12 <67. 0b). March WJftSILK' 
70^3-70.60. July 70S6. OcL B7.N-673 




ilitC s 


This edition went to . p 
before yesterday’s price* :! 
available. 

New York's coffee, cocoa 
sugar markets were A 
to mark Coiembus Day, * 
all Canadian grain mar 
were also dosed. 


BA.45-8SJ0. March 67.lft67.50. SataK 
*G*td— Oct. 224.18 1222 JO), NOT, 
1224.00). Dec: 227.20. Feb. 230.70, 
234 JO. June 238.08. Aag. . Ml JOi 

245.50. Dec. . 248 JO. Feb. 23320. 
257.30. June 2&1.50, Aug. 265.10- 
mentit. Sales: 13.D80 lots. . . 

tt-am— Chlcaso ! loose 3U8 .< 
NY prime neam 25SS- man.. fra» 
maize— Dec. 23ft279a (2MI, lla« 
239 123511, . Mar 245+245, J nfr 2“ 
Sept. 249. Dec. 252*. 

tPIarinmn-OM. 39050 0529); 
302 JftMQ.50 <297.001, April 305.®: 

309.50. Oct. 312.2ft312.40r Tin. 
315.90, April 81 BJ 031 0.40. SalSK 
lots. 

ASDver— OcL 586^0 f 57001. Not. 
>57930 i. Dec. 553.30/ JatL 37^;- 
606.00. May 614 SO. July 6^®*- 
632.70, Dec. 647.00. Jan. 651 JVj- 
861.20. May 670.80, Jnly saOSfl settN 
Salas: 11.500 low. Handy \a«LJ 
spot bad km nnt available (57531 
Soyabeans— Nov. B77-B78 1662ft 


684-6831 iBTtHi, March 681-fl»V gg 


695*. July 693-6931, Aug; tSt 
*63. Nov. 6514. 

Soyabean Heal — OcL ® 

(176.101, Dee. 182.5ftJS2.40 OSSJUl 
183.20-193.80; March 1SU1H813, 

1S4.3ftlS4.SO. July 184J«-lS»'-3t*; 

183.00. Sept. ] 79 ftft 188.00. OS*:- 
17S 50. 

Soyabean OU— Ocf 25^5-26. Ift-j 

Dec. 35.4ft35.42 136.021.- Jan. 4BJ 
March ' 24J>ft24.flO. May 24.75-ty^ 
24.45- 34 ft0. Aag. 24.15-24^0, Sept 
23.85. OcL 23.30-23.40. 

Tin— 87O.0ftfi80.OO turn. 1* 

"•Wbaal— Dec. 34flWJ6i ,(34«1g. 
341+34ij i3S9i, May 337. Jatf.* 
SepL 326. Dee. 332. 

AD cents per pound et-vMt 
unless otherwise stated.. *3> V* 
nance— too ounce lota. + CMcas** 

*s ner ieo Jbs— Depr. of Aft 
vloas day. Prime steam fofe NJ 
rank cars, t Coots per 56 B hntf 
warehouse. 5.00ft boshei tots. . 5; 
troy ounce for E8 ox units of . “ 
cent parity delivered .7TV. . 9 Cell 
troy ounce ex-warehouse. SR 6 *, 
ron tract in 53 a short ton for t* 
of 190 short tons delivered tns. 
Chicago. Tolodo. St. Lotus 
Cents per 00 ■ lb boshef »•« 


Lower Frenci 


sugar crop 
forecast 

PARIS, OeL 


LIVERPOOL COTTON—Sptlt and shift io 54.0. 
meat sales amounted lo 199 lonnc*. bring- 
iac the total for ihe 
1 .887 umner. reports F. 

Occasional purchases were 
Colombian 
styles 


-- — — - — — ---- ...lift' b*-.- 6 Joliso.M-lLMisi nrT«o wi Including the Pyinmana 'mill • 

to _mS ufed^FnS.n^NzH^ 3 -lS ^^■-liM-TC-3E.i io|i.-6j,^.7 & i. < '7a Burma has four s tat e-owned Crimsdy fish-SoppU poor, 
la SLH-. Safes: 2.442 i5.4«li Iota of 50 tonnes. S US3T millS^ all Old and worn Prtees at ship's side < unprocessed ) 



lMa ® *** ® , hj !r Sculh American MEAT COMMiSSiONl-Avcraiic fatstortt Tate ' ,md Lyle es-rellnery "nrlcu fnr Of the Country’S estimated ri»- X4JW * O.9ft"ni40. large skinned 

with U.S. staples also in request. pnc« s «i r«wv*aiuiwe markets on sraimiuvd basu whins su^wM h c»u5 quirement of 100,000 tons. a»,. medium £».«!, toiaw £LfS 


FRENCH SUGAR output ; 
year sh'ould reach 3Jm tor 
down -from tbe record-S.fla 
1977, according to tbe.:-^ 
Planters Association,’ . : ' ' 

Reuter ■ rt.s'Nt 

The beet yield is estimate 
11 tonnes per hectare, ‘ [L 


changed from last year. 

The condition of the hB 
not as good as last year de 
favourable weather in .At 
and September, with, some < 
small and vegetation yellow 
Association- added. 



x- : • 



.--v 

• . i ■ 




Financial Times .Wedaesstay October 11 1978 


S LOCK EXCHANGE REPORT 


• s > • / ¥: ■■'&& "• -T\"? 7K->y 

vS<: • : VSfep. X - 1 If-'- 




awaiting development on pay talks 

«ading equities surrender early gains— GOts static 


Account Dealing Halos 
Option 

. »r sl Ooclara- Ijst Account 
'filings tions Dealings Day 
V- 2 Ocl. 12 Ocl. IS Ort. 24 
• 1U Oct. 26 Ort. 27 Nov. 7 
3,1 Nov. 3 Nov. 10 Nov. 21 

... ■" Omc “ (testings may lake pl«e 
.. :: s - l ° a - m - «» Dimness, days earner, 
lock markets began in 

•-■ouraglns fas) lion yesterday , 

.‘■■cling roller that the prospect 
strike at Kill’. hud diminished 
- optimism that the dispute at 
■\ p may soon be resolved. Mon* 
s upturn m leading ipduitriaL 
(.‘Mended at the openin'.*, 
V ‘Jh' 1 ' trade remained thin, and 
bu,k of secondary issue* also 
Cd forward. 

ist before midday, however, 
rest began to falLer ana mixed 
hi*» developed about the m- 
onnry and oilier implication!. 

■ vajje renJcmenis above tlic 5 
.-7 cent limit. Suto-uqueiitly. the 

ket appeared resigned to await 
lupinonts not oqJy at BQC and 
' ‘ d but also in the Gavornmunl- 
«n talks on pay which started 
unlay afternoon. 

;• . te FT .'iD-shan.' index, as a 
t 'h. finally shed U-D to oUQ.3 
;• ‘r having been 2.!) up at the 
•'•-m. calculation. The rises-lo- 
ratio in all FT-quoted mdus* 
s widened to 7-ro;;, compared 
■■.the 1 1 rev in us day's 7-to4. 
■ilish Funds tried in vain to 
. run* bm '.vert* finally dis* 
'aued hy the latest Central 
-eminent borrowing require- 
t. winch nlTiet any slight 
'lit rvj.nll in- from the Seplem- 
bankme Mallories. The longer 
... .iriiiL-s again dosed unchanged 

■ e marginal gains among the 
• i> wen* given up after the 

iaf clove of business. 

. .mbi'.i’s reopi'iiiug of Its rail 
■ e links through Rhodesia 
‘VatcJ fresh small support for 
hem Rhodesian bonds hut a 
lull in demand saw quola- 
. .. s react and the 2j per cent 
I -TO slipped hack from £57{ 
•nd ;* net two points lower 
.it. 

• 'om an opening; level of kli 
cent, the investment currency 

—-•jiiuin traded around that level 
ng the course of 3 siezable 
(way institutional business 
„-rc reacting late to dose a net 
down at SU per cent following 
late upward move in sterling, 
erday'a SE conversion factor 
0.7224 < 0.7247 ». 
if volume of business in 
led Options increased con- 
rably, the number of contracts 
; jumping to 084 compared 
the previous day’s 052. GEC 
particularly active with 302 
rads done; its January 220 
■s added 6 to -15p. Outs. Gold- 
. v, 157 deals made, were 
. ed in front of today's pre- 

• • lary figures. 

iks quietly finn 

ietly firm conditions prevailed 
he major clearing banks. 
Js improved A more to 25Sp 
; r Barclays added 5 at 340p. 
.' : of Ireland gained a to 432p 
Lhin markeL Merchant banks 


were inch pod harder in placei and 
Guinness Peat and Wiatruid ruse 
3 to 2»p and 73p respectively. 
Dealings in I-'NFC quietened qt*n- 
sideraWy after the recent specu- 
lative actively. Uie ordinary’ closed 
i cheaper at G(p but the Si per 
cent Unsecured laian 1832-M 
gained a fracuott more to v)«. 
sttit on hopes of a resumption of 
interest payments. 

Narrow* irregulur price move- 
ments were the order of the day 
in insurances after a smal tralde. 
Alexander Ilowdrn edged, for- 
ward a penny to 149p following 
Prosi comment and Hazhbro Life, 
st dt drawing strength from 
recent favourable interim figures, 
gained 2 nip re l«i 40jp. 

Allied Breweries were actively 
traded up lo SSJp before dosing 
a net 2 beUcr on balance at S6p 
following Press ■ comment. 
J. Lyons rose 5 to 157p in 
sympathy. . , ,. e 

News items injected a little life 
into a selectively traded Building 
sector. Hewden - Stuart drew 


HSBBAHCE ■ 



Jus Jot Hog Sep Oct 


n r 

fe 


strength from the higher interim 
profits and firmed another' 4 to 
72p. but the 7 per cent convertible, 
at £180, save back 3 of the pre- 
vious. day 1 * advance. Satisfactory 
mid-term returns left RuberoM _2 
up a; 47p, a Press- comment on the 
lower interim praiits unsettled 
Marcbwtel which lost 8 at 126p, 
while the first half loss .. left 
McNeill a penny lower at 42p 
Ahead of Thursday’s interim state- 
ment. Feb International ordinary 
and A added 2 apiece to 27p and 
26p respectively. Renewed interest 
lifted G. H. Downing 8 to 143p, 
while a revival of bid rumours 
helped Modem Engineers of 
Bristol gain 3 to 4flp, after 48p. 
Leyiaod Paint added, a couple of 
pence at 93 p following Press 
comment. 

Still drawing strength from the 
-excellent Interim 'profits, 
IVolstenhobne Bronze gained 10 
more to 2S0p. Croda International 
found support at «J3 Jp. up 2; it 
u as announced yesterday that the 
company had acquired Richard- 
son Ink of Chicago for $6.15m. 

Compared with the excellent 
interim figures produced by 
fellow mail-order concern Free- 
mans the previous day, first-half 


profits from Grattan Warehouses 
wme XI Jm bcluiv market 
estimates were especially dis- 
npiiointing and the shares fell 20 
lo 1 1 1 1>. Freemans at 305p, gave 
up 10 of Monday's rise or 25 in 
sympathy, while Empire, mid- 
term results expected today, 
declined 5 to 172p. Elsewhere in 
Store*. Midland Educational 
jumped 43 to 225p in ruspnnae lo 
■ he counter-hid from lamsdale 
Universal, 4 0 ir at Sip. Ahead of 
interim .siaieinenis tomorrow, 
Poster Bro*. gamed 3 to I Sap and 
Lee Cooper firmed ."» lo 130p. Tile 
loaders lacked support and 
drifted lower. 

Sub*i ant lally iucroaacd firsi- 
half crolii* I if let! Parnell 
Elect nudes 10 to 4at>p. while 
Bowthorpt: reflect etl savisf action 
with ihu interim report with a 
ri.se cf 2 In H5p. Higher earnings 
left Highland Electronics a penny 
harder at 4J»p. Among the leaders, 
GKC closed 2 better at u 1U78 peak 
Of 32!IJj. 

Engineering leaders tended' a 
shade firmer initially, but lack of 
follow-through support saw prices 
eventually drift lower and final 
quotations were a few pence down 
on oalance. John Brown hardened 
afresh to 47Bp before settling at 
472p for a fall of 2 on the day. 
GKN closed 4 cheaper at 271 p 
and Viekers J down at HXl]i. 
Occasional buying in teres r. how- 
ever. was evident in secondary 
issues. Revived demand in a thin 
market lifted ML Holding* 10 10 
220p. while Dunks Uowcrtun re- 
sponded 10 the proposed one-for- 
one scrip issue with a rise of 4 
to lllip. Porter Chudhurn. 1 15p. 
and Starlrile. 147p, firmed 3 
apiece and gains of 4 were 
marked against Jones Shipman, 
I64p. and Ash and Lacy, 14lp. 
R. Cartwright hardened a penny 
to 75p on the increased interim 
profit*. Weir Gronp were firm at 
121p. up 3. along with G. M. Firth, 
2 higher at 3Sp. Davy Corpora- 
tion. unaltered at 152p, were 
unaffected by new* that the anti- 
trust division of (he L'.S. Justice 
Department is investigating the 
company's bid for AlcKee Corpo- 
ration- Disappointment with the 
interim results prompted a reac- 
tion of 7 to 149p in Amalgamated 
Power. 

Cartiers. which recently 
announced a sizeable extention of 
iLs activities, hardened 3 to 93p 
for a two -day improvement of 9. 
A speculative flurry left Morgan 
Edwards fi higher at 72p; the price 
in Tuesday's issue was incorrect. 
Associated Biscuit put on ?• to 82p 
on the better-! han-expected in- 
terim figures. Similar gains were 
seen in Alpine Soft Drinks, 160p. 
and British Sugar, 159p. 

Ladhroke, at 192p, gave up 8 of 
the recent good advance. 

Heed Int. up 

Comment on the disappointing 
preliminary figures served to de- 
press Glaxo further and the 
shares fell 17 to 538p. for a two- 
day relapse of 39. Reed Inter- 
national. however, touched 17ap 
before closing a net 5 up at 172p 
oh hopes of early news on the 


Canadian licud Puper sale. Hopes 
of an early settlement to I he 
company's labour dispute, ROC 
International edged forward a 
fraction to 7lp. All investment 
recommendation ai traded re- 
newed investment demand in 1CL 
which rosi? 17 afrcNh to 4S7p, 
while Sul he by Parke Rente! 
added 8 more lo 3UJp cm the com- 
pany's U.S. expanainn pronpecis. 
Lundon and Northern came in Tor 
good support al 38 Jp. up 4!p. 
after Slip; the interim resulis are 
due on November S. BTK roe 
9 In 331p and further buying on 
consideration of I he group's 
growth potential helped lift 
Ricardo 7 more to U.12p. Gains 
of around 7 were seen in Man- 
chester Ship Canal, 2S4n. Red- 
feam National Glass, Slop, am! 
Whatman Reeve Angel, 2S2p. 
while Vinton improved 3 to Ijilp. 
Waterford Glass hardened a penny 
in 5Sp following Ule higher in- 
terim profits and Halma Invesl- 
ments gained 2 to 49p in response 
to The chairman's encouraging 
.statement. RefiecUng the profits 
recovery in the first- ha If McClctrry 
L’Amlc put on 3 to Hip. 

Barr and Wallace Arnold “A" 
became a laic feature, rising IS lo 
175p on Ihe higher inlerini profits 
and proposed scrip issues. 

The record car sales in the first 
nine months of the year and news 
that Volkswagen-Audi is to spend 
£17 m nn Brllish car components 
helped underlying sentiment in 
Ihe Motor sectors. Among Garages 
and Distributors, T. Harrison 
rcatumi with n rise of ti to ll.Sp 
on Ihe good interim restdl*. 
II. and J. Quick continued firmly 
at 42} p. up 2. Tate o I Leeds, a 
good market late, came buck 2 
In 74p following the interim state- 
ment. Components «o harden a 
shade included Lucas,_315p, and 
Automotive Product s. 77n. 

East Midland Allied Press “A” 
siood out with a rise of 6 to 70 d 
on renewed investment demand. 
In Pa per/Prl filings, Ault and 
Wlborg closed 2! up at 44!p. after 
H5p and, awaiting today's Interim 
statement, Collett Dickenson 
hardened a penny to S7p. 

Oils quietly firm 

Leading Properties remained 
subdued and little changed, but 
secondary issues attracted selec- 
tive interest. Second City firmed 
3} lo 43 4p on the news that Con- 
trol Securities, unchanged at 37p, 
had purchased about 5 per cent of 
the equity. Higher annual income 
prompted a gain of a penny to 
107p vn Estates Property Invest- 
ment and, for a similar reason, 
Scottish Metropolitan added a like 
amount at 108p. R. Green finished 
2 up at 44p on further considera- 
tion of the satisfactory annual 
results. Buyers supported Pro- 
perty Security Investment, llfip, 
.and Traffurd Park Estates, 134p, 
which put on 4 and 5 respectively. 

Oil shares traded firmly despite 
the continuing low volume of 
business. Helped by overnight 
firmness an Wall Street, British 
Petroleum pushed ahead to D16p 


heron? settling at 9!4p for a gain 
of 12 on balance. Shell advanced 
7 to 5S2p, but currency and dollar 
premium influences k*f! Royal 
Duich a shade lower ar £-h; Out. 
side the leaders, Stehcns (UK) 
firmed 6 to 334p and Lasmo 4 to 
15U|), but Ultramar clo-ed without 
alteration at 23<ip, after having 
been up to 24flp. 

Carpet shares encountered 
occasional support. Shaw and 
Carpels Internativaal, both at 
Gk'n, firmed around 2. while 
Stoddard "A" unproved 2 to 32p 
and Vonghal were similarly 
dt-arer at 40p. 

Golds improve 

Among .Rubbers. Plan la I inn 
Holdings edged forward 2 10 tklp 
awaiting further develop mc-n is in 
ihe bid .nil 1 tali on. Anglo- 
Indonesian, Mill reflecting Press 
comment, improved nmilarly to 
llHp Tor a two-day gain of 7. 

The W.73 ri**.- in the bullion 
price to an all-lime high of 
$225.(125 per ounce hui>cd .Souih 
African Golds recoup some of the 
previous day's losses Imi activity 
remained at minlnal levels 


reflecting thp elosure of ihe Cape. 

The Gold Mines index recovered 
1.7 In 188.8. Most uf Ihe buying 
of Golds was centred around the 
hiuh-quahty issues and emanated 
from the IJi?. 

Among the JieaiyweighK West 
Dricfontein were outstanding 
and rose i to 123;. while gains 
of j were common 10 IlartebevsU 
£13, Vaal Reefs, £14;, Free Slate 
Geduld, £!Hj and Western 
Holdings. £2i)!. 

bouth African Financials staged 
a good recovery following 
American buying. Dc Evers 
rallied Hi in 4 Rip and Anglo 
American Corporation 15 to 371p. 

London - rcgtsicred Financials 
continued In benefit from the 
upsurge in base-metal prices on 

the London Metal Exchange Rio 
Tintu-Zinc added 2 more to 25fip. 
Gold Fields rose 4 lo 192n 
reflecting the good results frmn 
Amvy Hnadhtone: Gold Field's 
ow n results are dun today while 
the group's quarterly gold mining 
reports will be published 

tomorrow. 

The sirenglli of bullion helped 
push the Tree market platinum 
price up to record levels and 
prompted a good London demand 


1 FINANCIAL TIMES STOCK INDICES 

— . — . 

i. •“ «>•!.' 

11. 1, i Ott. 

' ('.-I. ' 

.A i rnr 


, | i n 

it a 

3 






77.52 

Filial liiii-u-4 

i 71.67 71.05, 71.B3- 

71.82' 71.61 

71.69 

79.25 



504. B- 511.1: 

505.2; 

511.8 



173.S 174.1 

iee.2. 

154.1 

1 Inl. hit. Yield.... .. 

5 29 6.28 5.34. 

5.31 5.24 

5.31 

5.26 

Kn ruing*. Y'Ml. il nil n* 

< 14.60 14.66; 14.301 

14.98 14.79 

14.98 

15.46 

IVK If hi n> ii mi i i*i;.. 

9 01 9.03- 8.34 

5.85 B.96 

5.H5 

£.14 

limllU"- innrl.ii.1 

4 835 4.594. 4.172, 

4.793 £.038 

4.629: 

5.672 

Ki|n»i- liiriP'vemu . 

•i - j 59.3b 71.61: 

69.83 87.36 

62.74, 

77.36 

tvjnirv Iihi^hiiis i.-ihI 

- j 15.667; 12.168. 

15.363 1C.20Z 

15 499i 

16.320 

lu am 

jL'h. 11 HU r.r.,1. Nunn 311 1. 1 DIQ j'.f 

j. 



pm ulii.-l. pm 

j:n l. 




Laicsi Index 01-240 

60 2b. 



p r.j.v 

on .v: |H.-r t-mt i-nrixira'jsn Ijv. :Nil= - 7 


Gin J 

Oasis Vll (inti. 

S:-t-. i." in 16 Ki*i-i1 lid 

Itrji. llld. t'tu. 1 I-.L 

lilllu* 1.' 9. -hi. 

It 1 iv n y Ju!y-Dtc. 1942. 




HIGHS 

AND LOWS 

S.E. ACTIVITY 1 

J \ J tt m 'SUM- l.'nlniiilitl lull 







i ■■ i n 

| Uiiai' 

1 Ln» . Hwli , L-«" 


in : 

f 

Ui't L 79,56 

66.79 127.4 ! 49. IS 


167.1 

135.4 | 

. I-Vl. 

, i iJil-.wi . i.': l ii i 

. 1 n-tia: i : ]•— .... 

161.1 

152.0 Q 

Fitcil 1 nt .... '- U1.27 

i HI. 

70.73 . 15U.4 ; 50.33 

1 'lib: 1 1 >47t| i.“» li’ a i!>i 

S| ii-ii Inl it.. . 

• l..t^- .. 

40.6 

110.1 

luSife | 

Imi. Onl i 535.5 

| lUCJt 

' 433 4 549.2 ' 49.4 

.i,-.. -.la.v/i. : d.i.,1 :si 

."-.In_i \ti-ni-.- 
i i.niT Kiiunl . 

153.3 

160.6 

162.9 1 
161.2 g 

Gol.l llin.y.r 206.6 

1 loO * . 442.3 j 43.5 


39.6 

37.9 0 

! '.isv, 

•->- i » •IS.a.-k-i I'iii'I'Jil 

1 ,-ini- 

10b. 7 

105.7 | 


ACTIVE STOCKS 

No. 


Denomina- 

ni 

Closing 

Change 

i;i7s 

197S 

Stock lion 

marks 

price tp) 

on «.hy 

hiyh 

low 

Glaxo •"»*'!> 

IS 

5SS 

-17 

1*48 

SIS 

Shell Transport... 2.i|» 

12 

f>S2 

-L. "J* 

i;tr2 

4S4 

BP £1 

U 

014 

+ 12 

'I2li 

720 

ICf XI 

11 

4{lfl 

4- t 

42? 

328 

BATs Defd 2»p 

Ml 

2l»7 

4- 2 

2lM 

227 

GEC 2.i|i 

9 

.Till 

mlm O 

MS 

22« 

Barclays Bank ... £1 

S 

3-in 

— 3 

3liS 

2!H* 

Burmah Oil £1 

S 

7T 

-f- 1 

S9 

42 

Du Beers Defd. ... till.05 

S 

41(1 

1(7 

4KS 

2S3 

Allied Breweries 2ri ( j 

7 

Sti 

+ 2 

94 

78 

Farnelt Eloctr'cs 20p 

7 

43D 

-Ml) 

42(1 

IKK 

I CL n 

7 

4S7 

-H7 

4S7 

20l! 

Dunlop 

li 

7.3 

_ o 

uu 

71 

GKN £1 

a 

271 

- 4 

298 

248 

Murks & Spencer 25p 

fi 

53 

- 1 

94 

•i7i 


for platinum share.'.. Rises of 3 
were common in Bi.shopsgale, 
107 p, Lydenburg. Slip, and Rns ten- 
burg, at a 1978 high nf mjp. 

The proposed opening of ihe 
Zambia. 'Rhodesia rail runic con- 
tinued to pu-h RCM higher witii 
the shares :• to (he good at 75 p 
Other copper nil arcs m move 
ahead included Miuorcn, 5 up at 


is5|i and Messina 2 bctiur at 74 p. 

On ihe mher hand. AuMralians 
again sulTered from lack of in- 
I crest and the weakness uf over- 
night Sydney and Melbourne 
markeH. Couzinr Riulinto fell 4 
to 29>'.p and North West .Mining 
w ere 2 n(T m rurp. The coal pro- 
ducing Oakbridgc slipped 4 lo 
L>7p. 


LONDON TRADED OPTIONS 


NEW HIGHS AND LOWS FOR 1S78 


The to'lcwina sectir.oci ouoim m tn» 
Sh^rc iniurmabon Scr»>cif 
■ lUlncd nrt WBhi and Lows tor 197S. 

NEW HIGHS (82) 

BANKS 121 

Isl NIL Wrrts '7S-B3 Wimmst 
BUILDINGS (6> 

Grown & Jackson L^ijr^c SA. 

Burnett A HillamiM t Modern Engineers 
Hcvrocn- Stuart Ruoerpia 

CHEMICALS (II 
Wolstentmlme bmnxe 

STORES i7l 

Allied Retailers Midland Educational 

Casket fS- 1 Owen Owen 

Foster Bros. Status Discount 

Home Charm 

ELECTRICALS (7) 

Oubllior Jor.es Stroud 

Eloctrocomnonorm Perkin. Elmer 4 PC 

Fidelity Rad>o wcsiinghoose 

GtC ENGINEERING (101 
Boulton lWn.1 Redman HCCAan 

IrtHM* Richards (Leicester) 

British Alirmlnrvm Startrlte 

Cartwright (R.i Vlaor Prods. 

Norton (W. E.) Williams A James 

FOODS (71 

British Sugar Panto (P.) 

Cart ten Tesco 

Lyons (J.) Un.gatc 

Morgan Dtwards 

INDUSTRIALS (141 

BTR McClecrv L'Amle 

Christies- IntL R-lron PBWS 

Copvdex Pcstmor 

Halma Ricardo 

ICC Sandhurst Marketing 

Inter-City Shama Ware 

London & Northern Sal he by p.B. 


LEI5URE (31 

Assoc. Leisure Norton & Wright 

Car t & 4T.A.T. A 

MOTORS (1) 

Hanger Invs. 

NEWSPAPERS >1t 
Oallv Mail A 

PAPER (1) 

Ault A Wiborg 

PROPERTY 1 Si 

Allied London Prop. Securities 

Country A New TownRegallan 
County & District Second C'lY 
Fairview Ests. Stock Conv. 

SHIPPING 11) 

Brit. & Commonwcath 

SHOES (1i 

Stylo 

TEXTILES IE> 

Reliance Knitwear 
Shaw Carpets 
Yorks. Fine Woollens 


Bnr. Mohair 
Lyles (S.) 
Notts. Martin. 


TRUSTS (3) 
Kwahu 


Camellia Inrs. 

Govctt Euro. 

RUBBERS HI 
Anglo- Indonesian 

MINE!? I2> 

Lydenburg Rustenhurg 

NEW LOWS (6) 

BRITISH FUNDS (3) 

Treas. 11 '.-pc 1979 Trcas. Variable 19BZ 
Exchenuer 12’.oc 1381 

BANKS (1) 

Hill Samuel Wrrts. 

BUILDINGS (11 
Aberdeen Const. 

OILS (II 

Aran Energy 




■ ll Si 14 


4 nil. 

.IV 

\|- 





. . 







• I] ,1 !■ ill 

r-rv.v 

• •*1. "- " 

V..i. 

"..ir-'i ’• 

V..I. 

,tr„ r 


■ <IM> 

nr 

900 

25 

7 

69 

20 

94 


915,. 

lb' 

960 

41- 

_ . 

42 

54 

64 

25 


(.'•■in 1 un-H 

lt*o 



6 

15 

0i- 


142,. 

L|iU-j laiil.l 

160 

54 

6 

5B 

25 

41 

- ' 

191|. 

'.Ofl ■■■■III 

loo 

15 

21 

22 

14 

30 

7 


U U«v l.nM 

L’OO 

Ji 


lOt. 

40 

ia 

li 


Cnuiinidil, 

100 

24 


26 

1 


- 

124 1. 

t >4irlHllli1r 

120 

ft 

1 

10 





C.uiruuiHlM 

130 

l 

20 

Si. 

23 

9 



li liC 

260 

80 

5 

92 


99 

1 l 

33B|> 

tin.' 

300 

40 

27 

57 

24 

66 

.. 1 


rib..- 

330 

15 

48 

56 - 

47 

42 



UK! 

560 

2 

32 

19 


20 

10 


IJ I'lllhl Mft 

100 

14 

— 

22 

— 

24i.: 

10 

112|. 

' i mini Met 

120 

1 

55 

6 ' 


9 • 

18 | 


III 

330 

74 


04 1 

3 

87 

... | 

4 00). 

It 1 

560 

44 


57 

10 

60 • 

_ 1 


111 

390 

15 

17 

34 


41 i 

— | 


tit 

420 

1 

59 

I6i- 

9 

23 1 

' 


Lfln-I Sei--. 

440 

4>; 

a 

17'-. 



231; 

— ! 

236|i 

I*m.| snr-.. 

260 

Uv 

- 


15 

IS':' 

— i 


Al,i-k- .V -| . 

7U 

15 

15 

IB 

— 

25 

_ . . 

84,. 

ilnrUs A S|>. 

80 

6I-. 

— 

12 

9 

15 

15 1 


■lire- A :>i . 

90 

2 

— 

6 

22 

9i : 

2 I 


61U-11 

550 

55 

9 

56 

4 

68 

3 • 

582). 

'III*'' 

rulalB 

600 

4'i 

10 

349 

29 

35 

356 

38 

104 ! 




.\niei'ii.i'r 

K<H-rii»rv 

11<m 



BOC lull. 

70 

4b 

- 1 

7I-- 

3 

10 


?I|» 

UUi: In ll. 

80 

l»i 

- 1 

3I-; 

45 

4«- 

52 

Iii,.i«i 

2oO 

13 

1 

21 1 

1 

30 



207 P 

15.-11 

220 

41- 

is ! 

10 i 


10 

— 

llr..K 

240 

l-'l 

_ 

6i.l 

7 

11 

— 


bill 

14U 

27 

i : 

27 : 

5 

36 , 

— 

I62|. 

Kill 

160 

12 

5 1 

17 ; 

2 

24 ! 

— 

Kill 

180 

4 

— . 

9 ; 

21 

16 1 


.. 

hiijit-riaJGp. 

90 

>• 

— 1 

4'.. 


I'?; 

10 

33 1 . 

lit. 

240 

25 


36 ! 

10 

45 | 

— 

256p 

i:tz 

260 

9i- 

5 ■ 

25 : 

10 

■ 31 1 

— 

liTF. 

280 

4 


15 | 

- 

20 1 

5 

•1 

Tui ni- 



24 . 

1 

104 

1 

47 


P0INTMENT5 


Barclays International posts 


John Probert has been 
inled divisional general 
iger of BARCLAYS BANK 
:R NATIONAL with responsi- 
. ’ for the bank's ADddle East 
North Africa opera tlonsi He 
previously assistant general 
*ger of BBI's Africa line. 
Colin Mcllors, at present 
. iging director, Barclays Bank 
ambia, succeeds Mr. Prabert 
?ad office as assistant general 
iger, BBl, Africa, from 
_^ary 1, 1D79. Mr. Mark Tress 
replace Mr. Meflors as man- 
. ’ director, Barclays Bank of 
" bia. Mr. TYess is manager of 
. lays Bank International, 
Lerdani and a manager of 
lays Kol and Co' NV, 
‘.terdara. 

*■ 

Martin Greenwood hats been 
•inted managing director of 
ONSPUR. He succeeds 
U. S. Sand J5-Ren ton who 
.mres as executive chairman. 

cumpuny is 3 Guinness 
ire subsidiary. 

G. N. Davies has been 
inted managing director and 
R. Johnson, a director of 
WOOD-SANTA FE. Mr. 
es is a director of Taylor 
drew Construction and Mr. 
son Ihe project manager nf 
She 1 1 /Esso partnership’s 
h Cormorant Platform 
*d. Taywood-Santa Fe began 
h joint venture in 1974 
eon Taylor Woodrow Con- 
:tion and Santa Fe Jnter- 
mal Corporation. 

*■ 

J- H. Burgess has been 
inted managing director of 
PLASTICS and its sub- 
ries, members of the indus- 
di vision of -the Dun bee- 
fa ex-Marx Group. 

■* 

JPORT announce that Mr. S. 
ants, Mr. R. A. Mnnlder and 
p. W. Slone have been 
inted to the group executive 

nittce whi-Ii has executive 
? risibility for the co-ordina- 
of the Group's ,-jcliviUes. Ulr. 
irds is managing director of 
Ion Work* Steel Company, 
Moulder, managing director 
wish Products and Mr. Slone, ' 
igingr director of Duporl 
jture Products. 

•4r 

. William Griffiths has re. 
as chairman and a director 
■ZAPAPER. Melbourne. Aus= 
1 , Mr. T. R. B. ThrelfaH lias 
elected chairman. 

* . 

r Marshal Sir Rex Roe it to 
Promoted to the substantive 
' of Air Chief -Marshal, on 
mber 1 and will become Air 
,'jber for Supply and Organisa- 
on that date. He takes over 
, Air Marshal Sir John 


NichoIIs, who is to beepme Vice- 
Chief of the Air Stall from Air 
Marshal Sir Pelcr .Terry from 
January 30, 1979. Both appoint- 
ments carry ’ membership pf the 
Air Force Board -of the Defence 
Council. 

. if 

Mr. J. F. Sdater has joined the 
Board of HOGG ROBINSON AND 
GARDNER MOUNTAIN INTER- 
NATIONAL, u member of the 
Hogg Robinson Group. 

Mr, Graeme Scott, who left 
Tea cher' s to join BR1TVIC 
MINSTER in January as finance 
director, has been given in addi- 
tion the newly-created position 
of deputy chief executive. 

*■ 

Mr.. Paul Rlvett has been pro- 
moted from group director of 
marketing to the newly-created 
post of group director, general 
di.stribution of NATIONAL 
CARRIERS. 

■k 

Mr. Harry van Daesdonk. deputy 
chief executive of GRANTS OF 
ST. JAMES’S, has been appointed 
managing director. 

Mr. Douglas Gadd, at present 
managing director of GEC 
Measurements, has been ap- 
pointed managing director of a 
group formed to co-ordinate and 
develop - GEC companies engaged 
in energy measurement and 
control. 

*■ 

Mr. James B. Didims hag been 
appointed managing director of 
PROCON (GREAT BRITAIN) an 
affiliate of Procon International 
Inc. He succeeds Mr. J. Douglas 
Scott, who recently became vice- 
president, international -opera- 
tions, for Procon International 
Jnc. 

* 

- Mr. ' David Clark has been 
appointed a director of HOGARTH 
SHIPPING COMPANY. 

* 

Mr. Bonn Fawcett, formerly 
feed director, has become man- 
aging director or ' DALGJ3TY 
CROSFEELDS, within the Dafcety 
Agricultural Division. He succeeds 
Mr. Maurice Warren who. in 
addition to his pew appointment 
as deputy managing director of 
PaJgety UK, continues as . man- 
aging director of Dalgety Agri- 
cultural Division. 

* 

Mr. Gordon Golby hBS been 
appoinler soles director and 
Mr . Percy Garner, technical 
director, on the hoard of 
V, E- SYKES, a member of the 
600 Group. 

+ 

BASS CHARRINGTON has 
agreed to release Ur. P. B. Hossell 
from his executive appointments 
to allow him to devote more time 


SUKLDING SOCIETY INTEREST RATES 
ENWfCff mm GDLDHAWK 


H8S212J 

ilivonwlcli lllph Road, 
oa»TCb. SE10 J>NL- 

•nasit Pale «.45*4. Sftarr AccMnw 
SiUi'im. Shares 7.9K-. Terra 
res 2 yra. i’> above share MW. 
re. lTi a bore share rai*j. iBlcrvSt 
I QuancrJ? . on JJiaresrtorm. snares.- 
IlhLT Iiuxhob Shares 


tfll-ns 8321) 

]5.’ir outvie* Rich Road. 
London W4 -NU. 


Sob" jm.- Shares 8.20: 

QpposU Rale 6, *5,' Share Arcounu 5.85. 


to his position as president of the 
Institute of Brewing. Mr. Hossell 
has become a director of Bass 
Central Services. 

★ 

Mr. A. J. Hutchings, investment 
manager of IMPERIAL GROUP 
pension funds, is to retire on 
October SI. He will be succeeded 
by Mr. N. W. H. Ferguson, at 
present deputy .investment 
manager. 

* 

The AGRICULTURAL DE- 
VELOPMENT AND ADVISORY 
SERVICE of the Ministry . of 
Agriculture announces that Mr. 
R. J. Dan cry has been appointed 
senior farm management advisory 
officer at ADAS headquarters. 
London, with effect from 
October 30. He succeeds Mr. 
W. H- Helme. 

+ 

Within LETRASET INTER- 
NATIONAL a graphics division 
has been established, and Mr. J. D. 
Burdncr has been appointed 
managing director. Mr. A. R. 
PhiUpson has been appointed u 
director responsible for European 
operations. A leisure products 
division has been established, and 
Mr. M. D. Bracey has been 
appointed managing director. 

* 

HUDSON’S BAY AND ANNINGS 
has appointed Mr. J. Billings as 
director, agency affairs; Mr. D. 
Gearing, director, technical opera- 
tions; .and Mr. II. Eklund director, 
Scandinavian area. 

* 

Mr. Michael T. Uagerty has been 
appointed a director of J. H. 
MENET AND CO.. Lloyd's insur- 
ance brokers. 

* 

Mr. J. B. Ashworth has resigned 
jts a director of THE NORTH 
BRITISH DISTILLERY COMPANY. 
* 

Mr. Ernest S. Owens has been 
appointed a director of the BANK 
OF NEW SOUTH WALES to fill 
the vacancy created by the retire- 
ment of Sfr John Cadwallader. 
Mr. Owens is a company director 
and ig chairman of Concrete 
Industries (Monier). Hill Samuel 
Australia, Ririls-Roy;o of 
Australia Ply. and Simon 
Engineering (Aunt) Ply. 

* 

Mr P- A. Taylor has been 
appointed production development 
manager with REMPLOY, based 
at CrickJewood. London, NW2. 

* 

Mr. ». Sawyer is relinquishing 
his position as managing director 
of RANK HOTELS at the end of 
October. He will be succeeded 
by Mr. Stuart May, assistant 
manag ing director. 

Dr David Davies, managing 
director of Cathodic Protection 
Company, Grantham, has been 
appointed a director of COR- 
ROSION CONTROL f ARABIA). 
Al-Kobar— a joint venture between 
J C. Van. Der Velde. Holland, 
and Rezayar Trading Company- 
part of the Aliresa Group, Saudi 
Arabia. 

+ 

Mr. Terry Siadcr .has been 
promoted from general manager 
to divisional operations director 
Of ALLTRANSPORT INTER- 
NATIONAL GROUP'S travel 
division. Mr. Keitb Thomas has 
been appointed divisional sales 
director. 


DEALING DATES 
First Last Last For 

Deal- Deal- Declara- Settle- 
ings ings tion ment 

Oet. M Ocl. 23 Jan. 11 Jan. 23 
OcL 24 Nov. 6 Jan. 25 Feb. 6 
Nov. 7 Nov. 20 Feb. 8 Feb. 20 

For rate indications see end oi 
Share Information Service 

Money was given for the call 
in BP, Consolidated Gold Fields, 
English Property, Shell Trans- 
port, Ladbroke Warrants, 
Bambers, Parker Knoll, John 
Haggas Appleyard. Id, P and 0. 
Deferred, Tosco James Halstead, 
Grand Metropolitan, . First 
National Finance 9i per cent 
1992-97, Common Bros^ New 
Throgmorton Warrants, Asso- 


OPTRONS 

dated Leisure. Manganese 
Bronze, Bougainville and Bristol 
Channel, while doubles were 
arranged In Plessey, Premier Con 
soli da ted Oil, Slebens Oil (U.K.) 
First National Finance 91 per 
cent 1992-97 and Yougbal. 


RISES AND FALLS 
YESTERDAY 

Up Down Same 

British Fundi fc 5 ST 

Connu* Dorn. and 

Foreign Bonds 5 5 54 

Industrials . 5B2 149 E31 

Financial and Prep. ... 205 35 2M 

Oils U 2 a 

Plantations S 5 a 

Hh#» - .49 . 23 M 

Recent Issues 15 6 2fc 


Totals 


799 224 MB 


RECENT ISSUES 


EQUITIES 


l«MIO 

Pm 

■•I 


773 

UJ1 

101 

mm 

*4- 


-9 . 

5- 


IP 


iiwh 


F.l'. 

F.P. 

Nil 

Y.V. 

F.P. 


127/101 
.aaill' 
&2ilu 
[24/11 


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7£ -j+_ v 


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11.9, 

2.2110.2 

1 ** 

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1.4! 

9.4,11.8 

118 



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FIXED INTEREST STOCKS 


£ J 

5ji 

ini 

mill. 

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F.l’, 

10/21 

«i 

Clu 

4/1 

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till * -lllttll l»l 

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Inllwnt James fc'£ (Jum. frvl 

.llanJiaiti tlaliiuv l(% Fn 


i i <+ o< 
Oil [ 


rtl^^fnip. ."cf. tin . o% Prl. . 

;idj.iii|Pn.v. lanitulntw 12% (.'nv. o/eo 

HD !l(t-lil VI IM.. lu^l.4.Hlv. I.n-.. lA*i 

i* aorttUtrarli Ci'ili ISJla® lk*t. l^-. 

■r/ 1 ? hlratlMiHiip tar. Hate tree... - 

JWlajWuKl Kent Water 7® l'«x-f. IWS_ 


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82/9 

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50(0 

84ril 

44 

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Nil 

VSlVl 

30/11 

lid 

F.l*. 

21(9 

4/11 

mu 

N ' 

— 


265 

F.y. 

BriO 

17/11 

100 

F.l’. 

6(101 2/11 

65 

F.P. 

6/10(10 11 

74 

Nil 

26(927/10 

10 

F.P. 


-• 

77 

V.K 

11/9,27/10 

80 

K.F. 

6/10 

27/10 

38 

811 

mmm 


77rts. 

Ml 

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— 

40 

K.F. 

29 19 

27/10 

42 

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61 10 

3/lt 

200 

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25/9 

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26 

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Uarinu KjhuI 

UuHtb Atari H>at»C 

Hrilikd Hnutioa 

L7MI1U0 Warn 

LtlUUl... ....... ...... lH.illln.NIHN. 

L’le. Fi. Klu*- ■. ... 

JUataelt 


ta 
*£/ 

?2t> 
uQ 

6J 

Isti 

sae , „ 

luu lUulavfllt'insstu.- iu.il iir.Ui , 6c^li| 

03 HuPtloD Uroup...... 

b 4 iiiilBiiflrrriim.... 

lOii rtKunick lioldut^y 

}£4uiit l*-t aervire... ...... 

97 Lnii. .V lliilland I it* I -....1.1 

oyru fan wm tW.L.}.— 

i[m. ItaDii Uiatlrui 

Qd llfaHtipn- iJewL'llera) 


"'I 


4S 

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Ififlurlo kiqr. 

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340 -7 
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53 |+I t 

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307 1 *-6 
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71 I- 1 

51 

338 |+ IB 

38 

1 |«n»' 


FT-ACTUARIES SHARE INDICES 

Tbese indices are the joint coagulation of the Financial Times, (be Institute of Actuaries 

and the Faculty of Actuaries 



EQUITY GROUPS 

Tues., Oct. 10, 1978 

Mini.. 

m-l. 

4 

hi. 

H.-L 

n 

Tlmr.. 

'•if 

Wed . 

Ui-L 

4 

Year 

Ufill 

idppnM 

tiKUUrS & aUB-SECTIONS 

Kiuures 10 parentfieso* show nunilwr of 
storks per section 

hirR-v 

No 

1 lay's 

Change 

EkL 
Kamlncv 
Yield ^ 
1 Max 1 
<-'orp 
Tiu.:^ 

Urns* 

nn 

Yield °« 
i-MT 
al W,' 

F.o 
1"E 
Ralm 
»Nei ' 

Cun* 

Ta-.fc*. 

rniln* 

No 

Index 

Niu 

InrW 

K.». 

Iiiitcx 

N«i 

llWli-X 

Tv. 

1 

CAPITAL GOODS (171 1 

247.67 

+03 

1559 

505 

881 

246 97 

244 63 

24513 

248 32 

21707 

n 

Building Materials (27 j 

212 35 

+0.6 

16 57 

5.33 

8.31 

211.14 

209 B4 

210 06 

212 67 

205 84 

3 

Contracting. Construction (28).. 

3B7.69 

+0.3 

17.89 

4.08 

B 12 

366 57 

38381 

385 81 

33745 

34946 

4 

Electricals 1 14) 

583.72 

+0 7 

12.42 

317 

1113 

579 79 

57081 

56840 

580 62 

47194 

5 

Engineering Contractors! 14) ... 

382 32 

— 

17.37 

5.69 

780 

38228 

380 43 

3B013 

381.45 

311 37 

e 

Mechanical Engineer! ngiTJ.) 

194.42 

+01 

1698 

562 

786 

194 23 

192 80 

19436 

1%70 

16658 

8 

Metals and Metal Forming/ 16».. 
CONSUMER GOODS 

171.19 

-0.5 

15 60 

832 

B.S8 

172.09 

170.44 

170.93 

17237 

16313 

11 

(DUKABLEX53! 

21934 

+04 

15.64 

4. 83 

893 

218 75 

216.13 

21632 

218 50 

20931 

12 

U Electronics, Rariio.TVllB).. 

271.31 

+0.4 

13.57 

3.76 

10.34 

270.20 

2b673 

267.08 

270 40 

25729 

13 

Household Goods il2> 

187.63 

+0.B 

15.87 

604 

868 

18623 

186.06 

185.89 

185% 

190 17 

14 

Motors and Distri butors i25) 

CONSUMER GOODS 

130.03 

+0.2 

19.09 

6.37 

7.30 

129.80 

12610 

12818 

12924 

123.27 

21 

(NON-Dl’R ABLE) (172) 

21835 

+0.2 

15.05 

5.60 

895 

21544 

215.78 

216.65 

21809 

207 92 

22 

Breweries (14i 

234.13 

+ 13 

1433 

6.06 

9.b0 

23117 

228.98 

230.91 

231 72 

219.91 

23 

Wines and Spirits (61 

290.41 

+0.5 

14.66 

4.95 

10 18 

289.00 

285 40 

236.82 

290.52 

24586 

24 

Enlertaii]/nent.Ca(ering(l7j .... 

275.45 

+0.2 

1330 

633 

11 05 

274 89 

271.06 

27142 

270 73 

257 53 

25 

Food Manufacturing 119) 

214.10 

+0.6 

1807 

5.04 

733 

212 88 

210.60 

21137 

212.78 

210 98 

26 

Food Retailing* 1 5). 

23467 

+0.9 

12.88 

4.39 

10 79 

232.63 

229.20 

230 27 

229.91 

234 88 

32 

Newspapers. Publishing ( 12) 

398 J7 

+10 

19.19 

6 05 

7 31 

394 42 

390 74 

39192 

38758 

343 74 

33 

Packaging and Paper 1 IS* — 

14926 

+0.B 

17.26 

7.18 

763 

148.12 

145 51 

14621 

14744 

139 62 

34 

Stores i40) 

205 00 

-0.7 

10 68 

4.44 

13 67 

20633 

204 03 

204 40 

20681 

197 27 

35 

Textiles i25i. 

188.29 

— 

1751 

7.40 

743 

18834 

1B6 56 

18651 

189.16 

177.62 

36 

Tobaccos i3> — 

245.15 

+0.4 

22.46 

7.65 

527 

244 07 

240 » 

24241 

243 99 

23483 

37 

Toys and Games <t>i 

11756 

-0 3 

19.28 

5.43 

6.06 

117.97 

11747 

11694 

11822 

110.D6 

41 

OTHER GROUPS 199) 

213.35 

-01 

14 69 

. 5.70 

8.7S 

21367 

21277 

21337 

21480 

205 37 

42 

Chemicals U9i 

30093 

+0 5 

15.22 

628 

855 

29936 

297.06 

297 81 

30030 

28145 

43 

Pharmaceutical Products »7i ... 

27356 

-0 7 

10.41 

3.79 

1178 

27537 

27761 

280.89 

284.13 

0.00 

44 

Office Equipment 161 

140.55 

-0.2 

17.29 

5.41 

690 

140.89 

140 73 

13985 

141.91 

13502 

45 

Shipping (10) 

425 49 

-0.5 

14.61 

7.17 

874 

427 77 

42835 

426.74 

43156 

502.10 

46 

Miscellaneous '57>.. ...... .. 

230 50 

-04_ 

1631 

6.11 

816 

23146 

229.12 

22924 

22912 

21050 

49 

INDUSTRIAL GROUP (495) 

23202 

+02 

15.14 

5.43 

887 

231.64 

22944 

23013 

- 23230‘ 

21692 

51 

Oils (5 1 

51648 

+13 

1353 

389 

8 02 

510.04 

50750 

511.71 

51620 

51772 

61 

FINANCIAL GROUP* 100) 

16728 

+0.5 


5 81 


255 35 
16652 

165 51 

253.76 

165.24 

166 28 

178 08 

62 

Banks(6i 

18583 

+ 12 

25 16 

6.31 

596 

18365 

18189 

180.% 

18341 

187.57 

63 

Discount Houses • lf)» . .. 

20690 

+0.1 

— 

8.36 



206 69 

20791 

20843 

20698 

240.71 

64 

Hire Purchase (5). - 

158.63 

+0.7 

15.36 

520 

8 59 

157 53 

15816 

15837 

15802 

197 67 

65 

Insurance iLifeiilUi 

138 09 

+0.5 

— 

6.80 



137.47 

13548 

136. IS 

13553 

15221 

66 

Insurance i Composite ii7 ■ 

124 06 

-0.1 

. ... 

707 

— 

124 14 

123 37 

IS 56 

124 79 

15416 

67 

Insurance Brokers* 10* 

342 50 

+ 0.4 

13.85 

4.84 

10.33 

34129 

340 48 

34101 

344 83 

33110 

68 

Merchant Ranks (Hi. 

8410 

+1.0 

— 

5.78 


8330 

S3 26 

82 69 

82.17 

9577 

69 

Property (31i .. 

26147 

+0.1 

330 

2.81 

52 05 

261 14 

260 24 

258.67 

259 21 

233 73 

7(1 

MiHcel!anef*UM7>... 

10845 

— 

23.28 

7.70 

5.56 

10S.45 

109. ID 

109.16 

108.30 

11032 

71 

Investment Trusts (50) 

225.01 

+ 0.8 

3.10 

4.61 

32.30 

22331 

223.03 

223 92 

22383 

20614' 

81 

Mining Finance (4i 

11249 

+0.9 

15.66 

6.33 

778 

11149 

11025 

11031 

11040 

99.87 

91 

Overseas Traders! 1 9i 

330.05 

+04 

14 77 

6.97 

B.49 

32963 

32775 

32606 

324 74 

290.78 

99 1 

ALL-SHARF. INDEX (673) Zj 

232 971 

+0.4 

— 

5.34 

— 

232.09 

230.25 T 

23086 

23256 

22357 









FIXED 

INTEREST 





FfXKD INTEREST PRICE INDICES 



YIELDS 











Dr iJovl. .U. Crus*: Ued 

in 

ii 

laiipnix. 





'td uiij 
Tu-d.iv 


I 

Low 

3 years . . . 

9.05 

905 

623 

British Government 

Tuit'., 

IJcL 

Day s 
cliuntic 

Ml rati. 
1B7H 


t.’oupons 

hi year* . . . 

1105 

1104 

930 



10 

0 » 

tn dale 

3 


* year* 

11.90 

11.89 

1018 








Medium 

tijupons 

ft jear«. 

15 years .. .. 

1202 

1227 

1202 

1226 

8.99 

10.17 

1 

Under 5 years 

10433 

+0.04 

- 

738 

5 

*» 

5-i5years 

114.55 

— 

— 

761 

Cl 


2j years .. . . 

12.27 

1226 

1043 

3 


119.44 



1091 

7 

High 

5 years 

1204 

1204 

936 

4 

Irredeemables 

12721 

— 

- 

902 

R 

9 

Coupuns 

15 years .... 
•i r - )Tar> 

1280 

1295 

12.80 

1294 

1119 

1126 

5 

At] stock.-.. 

11215 

+0.01 

— 

8.75 

It) 

liTedeemuhle< 

1172 

H.71 

1026 


Ri-niumaiwn dair miialty la-J dav fnr dralina Irec nl "tame duo. u hit:>ire.r 
based mi nruMiL'Clua t-^lliaalt;. y A-isnmnd dividend jimI yield. « KurnaM dividend: 
nnrir bn*n1 on grey Inns year's caraiiud. r Dividend and >WW hfistd nn gnraikhr/ns 
nr oilier utflcial eMl (males fur lDil. u Grtiba. t Kwmiia assumed, t Cover uikiws 
rnr t'limersniD nt shares Hot sow ranluiiu fnr dividend nr raRhiiij only fur resiruirrf 
dividunrts. l Racine ertee to uliblur, ul Pence unleM oiiwrwi** mdlratinl. 1 1s.-ned 
hy ivrtder. || Offmd Id 'holder , of nrdinary iharcc a -1 a ” riBhi^.' - ** I^->nr-d 
by way of. cagltalhMilnii. 1} Kemirnduced. K bsttrd in t-nnnp«iDn iriTh ronrjwnisd- 
uon. lucTEur or idtenvcr. [j|| Ini rad uel Inn. pissuol w td™w nrrterence tmldpra. 
■ AiloLmCnt letters lor iulky-pud). # Prnvisioual or puiUy-paW altouncu leuem. 
★ Wild warraaia, . 


Tin*.. < h- 1 . 10 


lUtios . I| t: M 


M«n. Kit. 
Ihl. i l»,-l. 

d ' i, 


M.rl. 
■ •i l. 
4 


Tin-., 
i h-1 . 
i 


H..1I. 
i hi. 


IS 

20-yr. Red. Deb & Loans 115) 

57.70 

712.87 

57.70 

IS 

investment Trust Prefs. (J5i 

61.S5 

1S.S8 

SI. 74 

17 

Conil. and Indl. Profs. (20) 

71.28 

13.08 

71.20 


Knilriy Vror 

.Sl'Jll . I «gH 

L*.i 


57.72 | 57.70; 57.70 37.70 j 57.71 57.70 J 61.97 

51.74 j 51.74 j 51.74; 51.22 j 51.37.' 61.37! 56.42 

71.571 71.37 : 71.37 71.31 71.34? 71.47 j 70.77 


t RcfledWtlon yteld. Hlm« and ™*J*'"* and rensilraem changre are published in Sarurt*. 

dS'n. EC4P^ AUt” ufKoS aL m **» Times, Bracken House. Cannon sire*. 


ISSQU, 

London. 



Financial Times Wednesday October 11 1978 




NOTICE OF REDEMPTION 


N M & I 


To tlie Holders of 


KJ? 


BY ARNOLD KRANSDORFF 


THE slfalehnardin; orarO. whkh 
bnui-.-hi wirh n a multi-ntilli":) 
pxuiui indu-fry. ha» all but 
burnt ii-self i>ul. Jeai’MVJ ;n u- 
wakt- a enn^idurabli.* mnnlM.r «*l 
ihiappoiiiu.-il i-iitrepr.-iii.-iirs. Mr. 
G. K. Benscher. i.bairman >>r 
Campari. ha, an embarrassing 
number >»f import id j-k.il'.- 
hoards hf can't sell. 1 1 he < ani 
S'.-i nd of ih-.-m in European 
market.,. he rei-kmis .in j 
laria- bcui Hre. j\Ieanwhil<\ lie 
has fnurul a novel use f>*r the 
im-'hanv wheels — by adaptin'-! 
1 he m to his warehuU'-e l ml leys. 

Fur Mr. I*. -I. Neill, a til reel or 
uf Vnrk^reen Invest mi. 1 ills, the 
remedy i» just as derisive He 
is threatening in dis a Imle an-.l 
hury the 5 kale hoard.- that — be- 
cause or lale delivery — resulted 
in a £30 .<xhi write-off m the last 
aeeuunLs. 

Mr. Ian Testa, a former direc- 
tor of London' a butyesr skate- 
park. Ska teeny (mm- defunct), 
it as - .000 pairs uf elbow /knee 
pads on his hands. Oistiny £1.7:* 
a m»i. and at one time retail ink 
for £6. he «-an'i even yet a JHy 
offer Tor them now. 

ThC'C are ju-n three examples 
ii f v.-hat ha- happened to a Sledy- 
ling industry which just HI 
motirhs- ayu was hua-nny uf an 
annual turnover of finite £H0m. 
A I present, the over-eapaeily of 
skateboard equipment in the 
t : .F\. is epidemic. 

Last year it was variously e-ti- 
nuiled that up In 'Jni -,kalehoaid> 
h-:ri bei-n -ultl. hut. as the *imi- 
mer of 107S approached, manu- 
facturer* and retailers alike 
were nervously wait inn lor cun- 
lirmaiiiiii that the kids would 
carry on ska line. Ai Hie time, 
iheir stuck levels matched the 
euphoria 2e iterated hy ihc d re- 
Christmas l-oiim. 

In the event. th-* kids did n«u 
re-appenr in the numliej-- that 
the uptiniisis hail pred.i.icd. A* 
tin: m; miner pro crewed. t h* ■ 
number of voluntary liquidations 


« tar Jed mountin'.'. Tim--.- who 
foc-unilii'd have l»een mainly 
>:ii:il! Iiiim newsmen v. ho had -cen 
Hi' 1 chance of ruling a very 
proli i a bic banrlwayun. 

i-Ir:it -neh manuiactnrers .is 
Nevporier with debts of 
i'l’uu i'iJU. Red ruth-ha. -ted Scan 
Dy 11.1 mil’s V.ilh delils uf £75. UK'. 
Uipbnard in London with credi- 
tor- i 'Hall my; £27 ,iniu. Film.’i I >rin 
in Huddersiieid and SBS Skale- 
imaiils uf Middlesex, Hi Jut com- 
panies that have gone in she 
i. all include Skateboard Sam. 
Sk.uc 3 and Spun .-.way-.. dll uf 
London. Dolphin Skate boards m 
Bnebion and tin* Bath Skate- 
board Centre. 

«if around a dozen UK mami- 
fiii.iin-'T.-i. only about -m-en 
have .urvivcd. mainly because 
i hey have had other product.- to 
fall back on. Inevitably, they 
are all producing at a in ue fi- 
red need rate. 

They ini-hide skulehnard 
manufacturers such as Morris 
Vulcan, who have roller skates 
10 iviurn lo. Frishee. Beadle. 
i.Ieclu and Benjyboard-. and 
wheel manufacturer.' such as 
Klexello or Slougii and Avon lo- 
iiii'tri;.i Polymers, a subsidiary 
of Aeon Ku hber Company. 

A loir-’ with i he slump has 
gone i wo of the uidusiry's 
weekly newspapers, one with 
advert iM'n still owing about 
i'oU.iM'U. Mr. R. Howell, adver- 
tising m a linger of Skateboard — 
i lie only surviving publication — 
said ■’ Never m all mi life on 
pit '.ilu-.it ions have 1 experienced 
such bad deb i - generated by a 
.single produce" he said. if** 
p"i’.>nnaliy knew of 14 com- 
p.in;e' that had gone info l.qni- 
d-ition. 

Alsu beating a hasty re: real 
have been a number of skriie- 
huard p.irk opi.r.ilor*. uicludin-.' 
Skate-ways. London's fir-i skate 
park. Jointly owned In Tate 
and Lyle and National C'ar 
Parks, Skate ways once claimed 



Wti 











" We're hoping co interest the EEC in this mountain " 


that it had (he backing and ex- 
pertise to become a stabilising 
influence on lhe eonirol and 
operation of .special bed parks. 
Fls excursion info the >fcnic- 
hoard industry has proved to 
be an embarrassing failure. 

The previous operator*. Skatc- 
dty. which also failed to make 
ill*? park piofilable. pulled out 
of :\ jiimf venture with But is 
Civil Engineering, which was to 
olfer a const ru cl i*m and inic-si- 
nu-ni service lo park operator*. 

Fine hitler .-kalehuard mann- 
farlurcr purs the blame .squarely 
on local tail ho rates. Having 
legt-lafed the kids olT the 
si reels through local bylaws, 
they did not provide adequate 
facihtl 1 .'.- lo enable skaie- 
lioarders to niaintdai their cn- 
tluisin^m. ho said. 

Fie argued that local auf bon- 
ne- were reluctant lo provide 
proper I. ici I tile- bi.i-ayv tliey 
were ii.T-ei’iain the i-rii/e vnuld 
la.-t — and l»c*au.r> ihov lu*-i- 
laied. I h«- I.r.'/e died. I.'alch -"i 
At I he ;arne time, man; local 
anthorifies were -low — and m 


sniiio cases reluctant — in give 
i be necessary planning permis- 
sion to private developers, who 
were all very anxious to supply 
a need and get a guod return on 
their investment. 

But this was to proie difficult 
for those who tried, a:- Skater.-ny 
in South nark showed. The 
market could only hear entrance 
fees uf around 7np per -e-'iun 
and even in high population 
area.' the return on capital 
employed was iou low. 

In .spit*? of this. :hc private 
sector hat been responsible fur 
about :>4 skate parks around the 
cminlry representing a total 
nivisimcnt of around ISm. Hew 
!uvf proved to In? a success, 
with I he main critici-m being 
i hat i hey have been ummagina- 
tiK’ly designed. 

‘July about half of them ;*re 
mdrmr parks wliiih will a!»o\v 
iliem in be used throughout the 
uinler. Perhaps Hie mosi 
suec ’-I'ful of the skatepark 
opera i iias been Skateopia. a 
mint venture beiwcen Morris 
Vulcan and Wetenhall Cooper. 


part of I he Cooper Industries 
Croup. They have three, skate- 
parks. including one at Kneb- 
worth House, a stately home in 
Hertfordshire. but — as else- 
where — utilisation levels have 
been disappointing. 

The consensus around the 
industry is that while the craze 
is dead. skateboarding has 
round us own level as •• a fairly 
solid minority sport." 

This is confirmed hy the 
newly- formed Skateboard Foun- 
dation. whose function it is to 
develop | he sport. Co-ordinator 
Mrs. Margaret Howard estimated 
that there wore only lo.bOO 
hardcore skaters left in Fhe 
country, with perhaps another 
15,000 uf the less serious variety. 

Meanwhile, skateboarding's 
switch from being a toy to a 
sport has meant that distribu- 
tors are seeing only a minimal 
demand for cheap ranges. 
Alpine Sports, probably the 
largest wholesaler/ retailer, said 
that orders were mainly for the 
top professional-quality Ameri- 
can product. Their sales amoun- 
ted In around LOAD decks a 
week I compared with 10.000 a 
week before Christmas last 
year) wiih much »f the demand 
coming frniTi European buyers. 

Morris Vulcan, which was 
producing about 4O.OU0 skate- 
boards a week last November, 
is now turning nut about 5.000 
a week, mainly fur the Swedish. 
Belgium and French markets. A 
spokesman said he expected UK 
demand tu recover in 1979. 

In the meantime, quite 
audible sighs of relier have 
emiie from the casualty depart- 
ments of hospitals, which had 
been gearing themselves up for 
queues of concussion case? and 
broken limbs. F.lsowhere. the 
iny companies and Ijtevcle manu- 
f.v-lurers are positively glowing. 
Tin: year sFralehnards won’t 
flivrt expenditure a way from 
their coffers as it did in 19* f- 


Comalco Investments Europe S.A. 

Collateral Trust Bonds Due 1985 

Issued under Collateral Trust Indenture dated as of November 1, 19<0 

NOTICE IS HEJREBY GIVEN Uui pursuant l* die provision-* nr the ulmvn mentioned Indenture, 
SLOOO.OUU principal amount of llio above Hes«?rilied Domi- has been 'fli’iicrt for rr-Iempuon on 
November 1. 1978. through operation of the Sinking fund, at the principal amount thereof, together 
with accrued interest to said date, as follows; 


BONDS OF SI, 000 -EACH 


-J305 rasp 
11316 9666 
S330 36W 
2330 3687 
23M 3722 

237.1 182* 
2IK<6 3852 

U1 1*99 
2445 3904 
2468 3922 
249* 3925 
2506 3940 
2308 3979 
2572 3992 
2600 3993 
26 U 1 4036 
2640 403 

*U5 404 

674 4084 

675 4110 
2094 4114 
27D5 4126 

OH 4142 
35 4133 
90 4172 
_8H 4183 
2*25 4196 
2851 4234 
2860 4244 
2871 4282 
2875 4299 
2902 4320 
2946 4379 
2971 4393 
3UU3 4412 
30tO 441 
1059 4418 
3087 4433 
3085 4473 
3104 4493 
311IJ 4498 
2126 4502 
3118 452! 
1194 4560 
9205 4566 
3258 4564 
3256 4592 
3298 4608 
3301 4633 
3106 4838 
3384 4688 
3392 4698 
3409 4701 

1451.1 4720 
.1460 4751 
34*4 4791 
3514 4*19 

3563 4823 

3564 4*32 


6255 7544 
6266 7G1G 
6269 7821 
6280 7022 
6308 7043 
6330 7052 
6332 7705 
8348 7711 
6354 7728 
*426 7750 
644-! 779* 
6479 7810 
6509 78IR 
6513 7842 
6584 7R43 
65*9 7845 
6017 7851 
6762 789*1 
G7C3 7892 
8779 7916 
680+ 7931 
6832 7939 
6852 7955 
6855 7971 
6863 798D 
6871 79*2 
6893 8014 
6914 8030 
6952 '9039 
6980 8048 
”080 8096 
102 8007 
7115 8117 
7139 8129 
7169 8131 
184 B138 
89 8140 
.1*4 8175 
7224 8214 
7” 3* 8215 
66 823 
7290 8244 
7293 8278 
7313 8291 
7365 829 
7371 8317 
7373 8326 
7394 8334 
198 842* 
404 *4:14 
413 8490 
426 8494 
4 63 *497 
7464 8501 
7499 8505 
502 854* 
509 8572 
524 3579 
7513 8587 



On November I, 1978, the Bonds designated aimvc will become due and payable as aforesaid in 
siicli coin or currency of ihe United Ijiaie- oL America a* at die lime of payment -hall ii*- legal 
tender for public and private debt-. Said Bonds will lie paid, upon presentation and surrender 
thereof wilh ail coupons appertaining thereto maturing after lhe reilempiion date, at the option 
nf the holder either (a) at the Corporate Trust Office of Morgan Guaranty Trust Company 
of New York, 30 West Broadway, New York, New York 10015, or <b) subject to applicable 
bus and regulations, at the main offices of Morgan Guaranty Trust Company of New \ork in 
Brussels. Frankfurt iMainl. London. Paris or Zurich, or Bauca Xonwiiler & C. S.p.A. in Milan, 
or Banque Generate dn Lmcmlioiirg. S.A. in Luxembourg, or Enropean-Americjn Bank & Trti*t 
Company in New York City, or Deutsche Bank Aktienpe'ellscliaft in Frankfurt 1 Main I. Paymenls 
at the office? referred to in lb) aliove will hr made by a check dranu on. or by a transfer to, a 
I nited States dollar account maintained with n Imnk in the Borough of Manhattan, The City of 
New York. 

Coupons due November 1, 1978 should be detached and collected in the usual manner. 

On and after November 2, 1978 interest shall cease to accrue 011 the Bonds herein designated 
for redemption. 

COMALCO DNYESTMENTS EUROPE S.A. 

Dated: September 27, 1978 

NOTICE 

The following Bond’ previously called for redemption have not as yet been presented for payment: 



LEGAL NOTICES 


the name and address of the perron, or. 
il a firm ihc name and address of th* 
arm and mom be sisoed by lhe person 
or firm, or hJa or their soUeizor uf anyi 
and ro osi be served, or, if posted, mom 
No. 0O3DM of 197R Peilrion* are directed 10 be heart before be sent br post la sufficient time to 

In the HIGH CO HUT OF JUSTICE the Conn wiling ai die Royal Courts of reach rlw above-named not later dun 

Chantry Hi vision Companies Court, in Jnstice. -Sirand. London WC2A 2L!,. on four o'clock; in the afternoon of the 

cbe Matter of VECTGLADE LIMITED the «ib day of November I97S. and any 3rd day of November 1078. 

md in the Matter of The Companies Act. creditor or conrrlhurory of any or the 

,w -- _ **id Companies desirous to support or 

NOTICE IS HEREBY GrVEN that a oppose the malclna of an Order on any “ — — 

Petition for the winding up of tbc above- of the said Petitions mar appear ai the mHIIDAIlIV 

named Company by The High Court time of bearing, in perron or br his 'UI/IHr HIS ■ 

of Jusucc was on ’he 2*:h dar Of counsel, for rbai purpose: and a copy aiafFiesr-e' 

September. 197S. presented to ihc said of itw Petition wiH be furnished by ibe NO I ILt5 

Couri by MO DELUXE LINEN SER nndersimed io any creditor or eoniribu- 

VlCES LIMITED. Ill Foundry Lane, lory of any of tbc said Companies 

nou'hamproo SOI "GB. and dial the said recrafnng such copy on payment of the .. 

Petition is directed to be heart before regulated charye for the same. I] bondtkaoe 

:1 k Court siiuna a; lhe Rnya! Cnuris nl A. ELLERY. f| , _ , .. 

^“ n « h S J rand , , -' on<1 2 n 2L i" on Borough Sollelior. ]| 

she .10th dar of uciober. and any The Town Hail 

.re.jiror or L-onmboiary of «hc seid Hornton Strc-’t. 

Company desirous in soppon or oppose London WS 7NN. 

ih*- makin* of an Ordrr on iftc said Ref: WGM-1.T.FG.2I. 

Peinion may apprar ai the unie or Tel. 01-977 5464 Ext, SB. 

Icaring in person or by his Counsel for Solicitor for ibe Petiuooers. 

hat purpose: and a copy of the Peuuon NOTE. — Any person who Intends to 

.mII he rumiahrd by iho uodersUJicd tn appear on the hearing of any of Hie said 

any creditor or ■■omriboiory nf the said Petillons must srrvp on. or send by post 

Curupanv rrqu'nnK such copy on paymem lo. ihc above-named nonce in writing 

of thi- reguiarid charge for ihc samr. of bis intention so io do. The nortec 

HOWELLrJOXES & PARTNERS, must stair the name and address or the 

llfn Wimbledon Bridge. person, or. if a firm Hie name and address 

London SW 19 TV Ft. of the firm and must be signed hy tbe 

SoHeiiors for me Peiltioner. person or firm, or his or their solicitor 


NOTE.— Any person who Inlands to 'if snr> and rau« be served, nr. If 
-ippear on the hearing of Lhe said Petition powed. mosi be sem by post in sufficient 
mov sene on or send by post to tbe rtme to resdi die above-named not later 
ihove-named. notice m writing of his than four o'clock m the afternoon of the 
intention so to do. The notice must state 3rd day of November 1978. 

■he namr and address of tbe person, or. 

:f a firm, tbe name and address of tbe No. 0031 JO of 187? 

5m-. and must he signed by rbc person In the HIGH COURT OF JUSTICE 
nr firm, or bis or their solicitor uf »ny>. Chancery Division Companies Court. Io 
nnd must h-: served or. U posted, must fbo Matter of ArR FAISAL LIMITED 
hr sent by post m sufficient time in *nd in the Miner of The Companies 
reach ihr a bo 1 -'-named nor later than Act. 3946. 

four o'cloUt in thr- afternoon of die 2Tth NOTICE IS HEREBY GIVEN, that a 
day of u.-toher. 197*. PeflLlon for ihe v.'lndiru tip of the above- 

named Company hy ihc Rush court of 

No. otuon of tPTx Justice was on the 4:h day of October 

In ah<" HIGH COURT OF JUSTICE IMS- presented 10 the said Couri hy. 

Chan-cry Division Companies Court. In J5HELL UK LIhirTED of Shell Me* Hdiwe. 
:h- .M.,ii*r of ALLWOUD F’URNITURE Strand. London. W.C.2. and ihai the said 
PRnrii’CTS LIMITED and in lhe Matter Petition is directed 10 be heart before 
ol Th.: Companies Ad. I94 4 '-he Cnnri sluing ai (he Roj-al Courts of 

NuTiCK is HEREBY given. 1 h .11 a Jounce. Strand. London wcia 7LL. on 

IViition inr the Wimlinc up of the aboic- the 6th day of November 1978. and any 
lamed Company by ih- Rich Coup of creditor or contributory- of tbe said 
fostice -i*s on the 29tb day of September Company desirous io suppon or npposr 
I07>. presemed to ibe said Coori hy rhe making of an Order on the said 
VLLWOOD FURNITURE PRODUCTS Peutton may appear ai the time of 
LIMITED of Lynwood House. 24-12 Kllbura heanng. tn person or by hi* eoonsel. for 
High Road. London. N.W.6. Manufacturer that purpose: and a copy of Lhe Pent lan 
or rumliure. and that the said Peiiuon «'iU be furnished by Ihc undersigned to 
is directed 10 be hoard before lhe Conn any creditor or contributory of ihc said 
lining at lhe Royal Coons of Juaiicc. Company requiring such copy on payment 
Si rand. London WC2A 2LL. on the .HJth day of the regulated charge for the same, 
af OciDbcr 19TS. end any ■ndHor or WM.'F. PRIOR & CO., 

•.-oninbujory of the said Company desirous Temple Bar House, 

io support or oppove the mailing or 11 . 23^23 Fleet Street. 

Order on rhe said Petition may appear London EC4Y IAA. 

ai the time of hearing, to person or by Raft TB/8123. Tel: 01-153 3571. 

bis eoonsel Car that purpose: and a copy Soilcliars for the Petitioner, 

or me PttlUon will be rurnlshed by lhe NOTE.— Any person vrho . latcnds ta 

undersigned 10 any creditor or contrlbu- appear on the hearing of the said Petition 
lory or ihe said Company requiring such must serve 00 . or send by post lo. the 
,-opy 00 payment of the regtdaied Charge above-named notice la wriunc of his 


In view of the continuing concen- 
tration In London Of rhe Eurobond 
Secondary Market, the partners or 
Bond trade have decided to move their 
trading operation from Brussels to 
London. This will facilitate air con- 
solidation of Bondcrade’s present activi- 
ties and provide the necessary environ- 
ment tor further expansion. 

The new management or Bond trade 
*•’!' he assumed bv Robert G. L. 
Smith. 

Present partners of Bond trade are 
Sochire Gene rale de Banque S.A., 
Amsterdam -Rotterdam Bank N.V.. 
European Banking Company Limited. 
Nomura Securities Co. Ltd.. Pierson. 
Hefdrlng and Pierson N.V. and 
SocJ«* Generals. 


for the- same. 

WM. F. PRinR * CO.. 
T-mpIr Kar House. 

23 Fl-.-^t Sired, 
l-nn-fon EC4Y J.V1. 

Ref: JM.S179. Tel: Ol rBI 1571. 
Soliriiors for iho Peilnnm r 


Intention so ta do. The notice mum stall- 
rbc Tfamr and address of tb.' person, or. 
H a. firm [fie name and address of UK- 
firm and must . be signed by the person 
or firm or his or their SDllctlor a if anyi 
and musi be served, or. if posted, must 
be s.-nr br post in sufllrien' lime 10 


The transfer will become effective 
« soon as all technical and physical 
arrangements are completed. 


NORTH OF SCOTLAND 
HYDRO ELECTRIC BOARD 
8 A. 1B69M 984 UA 8.000.000 

On Seotember 28. 1978. Bonds for 
the amount of UA 430.000 have been 
drawn for redemption in the presence 
erf a Notary Public. 

Thu Bonds will be reimbursed 
coupon No. 10 and following attached 
on and after December 10. 1978. 

The numbers Of the drawn Bonds 
are as follows: 

6474 to 6873 incl. 

Amount subject to redemption: 

UA 400.000 

Amount ansmorttxcd: UA 5.150.000 
Outstanding drawn Bonds: 

4226 to 422B incl.. 4292 ro 4294 
Incl.. 4302 to 4306 md.. 4311 to 
4S16 incl:. 4535 and *336. 4360 fo 
4389 md.. 4400. 4468 to 4471 Incl. 

Th« Tnrciee. 

FINIMTRUST S.A. 

Liureinbou. 9 . 

October TO. 1976. 


REPUBLIC OF 
COSTA RICA 

Floating rate note issue of 
$US 20 million April 1978/85 

The race of interest applicable 
.for the six months period begin- 
ning on October 10th 1978 and 
set by the reference agent is 
11/*% annually. 


NOTE. — Any prrson nan Intend* to reach tbe above-named noi later than 
iDD-.-ar <111 the hearing of the said petition fonr o’dtirt' tn rh« afternoon of rhe 
mu i serve on. or s-.nd by po&i to. ih.- -»rt ^#7 nf November 1978. 
ibuv- namrd notice in writing or hi* 7 ;— j 

h- nam- and address ol ih-:-' pT^n or r J* ^ ^ L ' R ' r OF JUSTICE 

-f a firm :h. name and address ol ih. r ^ncery Division Corn pan iea Court. In 
‘.mi and must be signed by .hT «rsan ‘ hc Mallir ACE VERO. SERVICES 

nr firm or h-s nr .hmr so ”,mr ,if ant-l JENC17TEE RJNH UMITED and the 
■md must be vrvi-d. or. ir nuKieri min. Matter or The UWnpanlM Art. i«S 
*- b> post in tufficcT lc ™ NOTICE. IS HEREBY CIITCN thal- a 
r--.i-.-b ih.- abov.. -named mil l.vrer man Poiliion for the. Windmc up of lhe above- 
-nur (. etm.4: m th.- afternoon of the named Company by lhe High Coori of 
.Tih day of Oelnher i»7f. J police wad' on Ihc 4ib day of October 

— — — — - — - — -- - — — 1979. preaemed 10 uie said Court by 

In rite HH7H COURT CiF JUSTICE SITELL UK LtM fTED or Shed Me* Bouse. 

< lun.-.-ry Diriilon Companies Court. In Strand. London WC2R DDT, and thal the 

ihc Matters nf: sa - 4 . p^uuon is dlreciad to be heard 

c, boforc the Coun smitu: at rhe Royal 

SfL\ERCREE.N LIMITED Courts Of Justice. Strand. London- WC!A I 

,B ‘ ,, SLL- on tbe Sth day of November 1978. 


ihc Matters ot: 

No. 091139 or 197< 
SILVERS KEEN LIMITED 
No. 0Q.114P of 1971. 

MEUTA REST.UHANT LIMITED 
No. 003142 nf igfts 
ANN AC HADE LIMITED 
No. 00S144 of 1979 
EDFTJY LIMITED 
No. 003145 Of i972> 
c raj an LiiirrEn 
No. 00314* Of WIN 
LONDONIA LIMITED 
No. 003147 of 1978 


NEWFOUNDLAND MUNICIPAL 
FINANCING CORPORATION 
SUS 35-000.000 9'«* b 197B.19BB 
BONDS 

PurMianl to th* provisions ol Biv 
PurehaM .Fund, notice is hereby gtreii 
to Bondholders Chat no Bonds have 
been purchased during th* twelve- 
.„ 0 '2 ?L l T om . September is. 
1977. to September 14 . 1978. 

Amount outstanding; SU53S. 000.000 
The Fiscal Agent 
KREDIETBANK 
S.A. Lnaembourgeolsc. 
Luxembourg. 

October 10. 1978. 

J. W. CAMERON* CO. LIMITED 
NOTICE IS HEKEBY GIVEN that the 


and any creditor or contributory of (he Preference Share Registers or mo eom- 
mid Company desirous to support or lroro lath. Octabnr 

oppose lie matang ol an Order on (be 10 avK -gartMirsciumivO’ 

Wd rtttBon may appear at the time D. 

of hearing. In person, or by his counsel. Greenban* Officer, "-"t- 

for lb 01 purpose: and a copy of the Lion , Brewery, 

Petition will be rumlsbad by the under- cSIwSSd’waA to*. 
signed to any creditor or contributory T**? 0 a 5 - 


STUtcrriF iRESTAUR.\XTS. LIMITED for the um. 


nf the said Company requiring nidi copy 
on payment of the retaliated ebanse 


in Ihe manrr nf ihc Companies Act. 

19 W. 

■t'TICF IS HEREBY GIVEN, that 
'•■iliioii' fur ih- Winding up of ih-- abot-L- 
um-il ConipHitits by ihc nigh Court rrf 
(uMua- v>-J\ ntt thr 4’U day ot <>e , .Qb-r 
i?7.'. pr>-.VMt<i-d in ihc cairt Couri hy 


WM. F. PRIOR A CO.. 

Temple B»r Rouse. 

23 -3» Fl-cl S:rei?I. . . . 

LomJul EC4Y LU. 

Rtf: TB.MU. TeK 0S-.T53 3571. 
So'.uniorg for Uu: PcIiSioiipt 
NOTE —Any perron u-hn Iniendc in 


CLUBS 


CVI. 189- Jawnt Stmt. 734 0SS7 A la 
Carte or Ait-m Menu. Three' spectacular 
Floor. Stmwa 10AS. 13.45 and 1AS m4rf 
music, of Johnny Hnwkeswgrtli A Friends. 


THE 1 OR AND BLRflESSER OF THE appear on ihc hrarlns uf jhi? said Periuon [ GARGOYLE- 6 9. D ean Amrct London. w.1~ 

"!->YAL RitpiiL'GB n I' KENSINGTON ■ muji s.rve on nr send hy post 40. Ihe • N^yL^WfffTEASL floc wsh ow 

i’.'D i.HELCF.A ivf ihe Ti'un Hall, ilormon I abovr-umrel nonce in wnilfia of bts { sh2w « MidnSi’S! 

Sire-'i, London, W.8, and that Ute laid I mb julon so to do. The nsnrc moat state Mon.-Ffv^Closed Saturdays. 01.437 6439 , 






*njS 


"s 


tiir 


Financial Times Wednesday October II 197s 


UU >]iK 




»AJ> L*“ 


FINANCIAL TIMES SURVEY 

Wednesday October 11 1978 



29 


AVj? 



The rate of growth in aluminium consumption is 
expected to settle down at about 6 per cent in a year. But the 
major producers, anxious to improve profitability, are taking a cautious view about expanding 
capacity despite the possibility of a world shortage by the early 1980s. 


Bright 

future 

looks 

assured 

By Roy Hodson 


THE National Geographic maga- 
zine recently called aluminium 
the “ magic metal 11 in a wide- 
ranging survey of its uses and 
it-s potential. The international 
aluminium industry frequently 
wishes the magic could act more 
potently. 

In spite of it being the most 
abundant metallic element in 
the world the usage of 
aluminium is still small in 
comparison with iron, and steel. 
The Western world produces 
some 400m tonnes of steel a 
year but only Ilm tonnes of 
aluminium. 

The true aluminium age Is 
.vet to come. It could arrive 
within the next decade through 
the pressing need of indus- 
trialised nations to make better 
. use of the metal's special . 
virtues: :in‘ particular its com- 


paratively light weight (half the 
weight of steel for similar 
strength); its resistance to 
corrosion; and the ' ease with 
which it can be formed. In a 
world which is newly-conscious 
of the price of energy, 
aluminium represents one 
certain route towards substan- 
tial energy-saving across conti- 
nents by its adoption for light- 
weight machines, vehicles, and 
components. 

The long-term future for 
aluminium is thus accounted 
bright. But cynics irithe busi- 
ness reply* that it always has 
been: while, as always, that big 
leap forward in aluminium 
usage remains tantalisingly 
round the corner. 


Growth 


Of more practical importance 
is the predictable growth of 
the aluminium Industry during 
the next five years. Definite 
patterns are how emerging. 

For more than 30 years — 
right up to the latest world 
trading recession— production 
and usage of aluminium grew' 1 
at a fairly steady 8 per cent a 
year. Dominated by the big 
north American producers the 
industry became thoroughly 
attuned to that brisk fate of 
growth. Meanwhile., metal 
prices tended to lag - behind 
what would be necessary for a 
sound rate of return upon ,the 
capital invested in the industry. 
Only during the past yeaYhave 


some of ihe producers shown a 
new resolve w sacrifice ^ome 
growth for a period of several 
years if necessary in order to 
secure a greater level of profit- 
ability from their production. 

Between now and 1982 world 
aluminium demand is ex- 
pected to grow at some 6 per 
cent a year. But surveys of new 
aluminium smelter capacity 
being built or contemplated 
(for the production of the pri- 
mary metal from alumina) point 
tn a consensus opinion that the 
industry's production capacity 
is only going to grow by 3 per 
cent a year up to 19S2. The 
inevitable outcome of those two 
different growth rates is simply 
shown on the accompanying 
chart. 

In 1982 aluminium consump- 
tion in the western world can 
be expected lo overtake produc- 
tion. 

By 1980. perhaps before, it 
is likely that aluminium prices 
will be hardening because of a 
looming general shortage of the 
inetal and an actual tightening 
of supply in some market areas. 

The expected annual growth 
rate in aluminium consumption 
is unlikely to prove optimistic, 
although copper has become 
extremely price competitive and 
must set back aluminium growth 
in certain specific applications/ 
The 6 per cent growth estimate 
for aluminium could yet prove 
to be too low on estimate if 
moves towards greater use of 
aluminium in the world auto- 


m»»biJe industry take place 
rather more quickly than 
expected: 

Meanwhile, the trend tmvards 
building new smelter capacity 
in underdeveloped corners of 
live world, where power fur the 
energy-hungry process is both 
cheap and plentiful, is having 
its own dampening effect upon 
the expansion of -the industry. 
Plants are coming on-stream 
more slowly than expected. 
Some are not meeting design 
performance. 


Shortage 


A shortage of aluminium in 
the early ]9S0s seems inevitable 
unless there is a sudden flurry 
of new activity to invest in 
further smelters. And so far 
there is no sign of that. Tim 
companies generally would pre- 
fer aluminium users to become 
accustomed to paying a higher 
price for rite metal before 
serious plans are Jaid for a 
major new round of investment 
in •’ additional . production 
capacity. 

In the United Stales where 
aluminium smelter capacity 
will grow at less than 2 per cent 
during the next few years the 
majors— Alcoa, -.Reynolds and 
Kaiser— are prepared for sub- 
stantially higher ' imports to 
meet anticipated demand levels. 
.Some elements in the United 
States industry seem to be 
actively encouraging that trend. 

So far aluminium prices have 


mmt 


Gapacity 
(Est.3« Growth) 


Demand 

(Este;; Growth) 


M- 


How Aluminium Demand 
, is catching up with 
Production Capacity 
in the Western World 



not risen dramatically although 
British market prices recently 
rose by 8 per cent and U.S. 
prices have been pushed up 
where possible. 

Instead, the traditionally 
tight pricing structure world- 
wide -is loosening. The ruling 
United States price, quoted in 
U.S. cents per pound, was tradi- 
tionally; accepted as the world 
standard price for aluminium. 
But it is becoming steadily less 
relevant as ever : increasing per- 
centage of total supplies are 
manufactured outside North 
America - and as the North 
American, producers export pro- 


gressively less metal from their 
home smelters. 

This autumn the London 
Metal Exchange introduced 
a futures market in aluminium. 
The aluminium industry is 
solidly against it claiming that 
the market will merely 
encourage gambling in the 
metal and do nothing to 
stabilise or hold down prices. 
But a number of observers see 
tbe LME move as just another 
stage in the detachment of the 
world aluminium industry' 
from the rules and mores of the 
big North American producers. 
The next stage could be a 
sterling or other European 


currency aluminium price 
quoted by the producers. 

Retrenchment by the North 
American companies has also 
helped bring m being this year 
a true British aluminium sector 
which is being studied with 
interest by investors. First it 
became possible in invest in 
Alcan UK on the London market 
through the c-onversinn of con- 
vertible loan stoek into ordinary 
shares representing 16 per cent 
of the company's equity. That 
happened in June. Quickly and 
unexpectedly the Alcan move 
was followed by ihe reversion oF 
British Aluminium to the role 
of an all-British company. 

Investment 

Early in September Reynolds 
Metals sold its 49 per cent bold- 
ing in British Alminiura for 
£45m to Tube Investments and 
a number of British financial 
institutions. The official ex- 
lanation was that Reynolds — 
for 20 years a part-owner uf 
British Aluminium — had be- 
come so far removed from the 
day-to-day running of the British 
company that its investment had 
become simply a portfolio hold- 
ing. Reynolds claimed it would 
prefer to put the money to work 
in new aluminium investment 
in the U.S. 

An active British aluminium 
sector promises to enliven the 
industrial scene from now on. 
In actual investment terms the 
most important development 
this year has been by one U.S. 


major which still clearly be- 
lieves in making new investment 
in the European .Community. 
Alcoa — the biggest producer in- 
side the U.S. market — has 
opened a £4l'm aluminium 
rolling mill near Swansea to 
produce light gauge aluminium 
sheet specifically as a feedstock 
fur British and continental can- 
makers. 

The investment is interesting 
as it points up the looming 
battle between steel and alumi- 
nium for the European can 
market. The Alcoa product is, 
however, likely to be sufficient 
to meet British and continental 
canncrs demands for several 
years to come. None of the 
other aluminium companies arc 
contemplating building another 
plant lo compete in that particu- 
lar market sector with Alcoa. 

There is a sense of 
expectancy in the aluminium 
business this autumn. Tbe 
trend towards looser pricing 
arrangements has yet to be 
evaluated properly. The 
changing roles of the companies 
(as production in developing 
nations where power is cheap 
becomes of increasing impor- 
tance;, is another factor which 
can only be certainly measured 
with the passage of time. 

The one thing most 
producers will agree upon is 
that growth will continue and 
most of them will be surprised 
if it falls far short of 6 per 
cent a year for some years to 
come. 


eir utmost to 



In our time, we've made quiteafew breakthroughs 
in aluminium technology: in smelting and semi-fabricating. 
But tliis isrit the only difference between us and other 
Muminium producers. 

We also 

our aluminium is used for. 


V Toimprovethe quality of these products, we'll go 
b eyond altuninium. Into safety glass, for instance. 
Because we're trying our best to prevent scenes like the 
onebelow. * 

In Alcan Safety Glass Ltd, we have one of Europe's 


In the UK, we certainly have more 

specialised manufacturing subsidiaries than any other 
al uminium company. 

This concern for the standard of finished Aw 
products not only gives us a nice, warm feeling. 

We find its also good for business. 



















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ALUMINIUM H 


Changing world 




d 

es 


i-yi® 


■5673 ats- 





B- 




- 


a ' 


as semi or fully automatic high-speed lines 
for collapsible tubes, aerosol and beverage 
cans, tablet cases, etc., preferably adap- 
ted to processing aluminium. 


Em Ur.iemehmencJerRheinmelaJhGnippe 
Hertan & Co. - Masch'menfabriK GmbH 
Po&llach 3140 - GerwigibaCe 63-87 
7500 Karlsruhe 1 • Telelon {07 21) 61 50 71 
Telex 07 325808 • Telegramme: Herianco 


IN MANY WAYS North 
America is the pace-setter for 
the world aluminium industry. 
The big companies — Alcoa, 
Alcan, Reynolds, and Kaiser — 
grew up there. Until recently 
rhe bit: demand volume was con- 
centrated there. The U.S. metal 
price still rules although its 
grip is slackening with such 
developments as the London 
Metal Exchange's aluminium 
market. And the North Ameri- 
can market still has one more 
crucial card to play in the 
future. Jf demand for the metal 
is to increase dramatically 
through a policy decision by 
automobile makers to switch to 
a material lighter (with conse- 
quent fuel-saving* than steel 
Lliat development will pivot 
around the big auto-makers of 
Deiroit. They will set the pace 
and buy the metal. 

An interesting point is that 
the world aluminium industry 
could not, at present, cope with 
a sudden preference for 
aluminium by Detroit. The 
aluminium industry's balance 
between supply and demand is 
closer than it has been at any 
time in the fast 20 years. All 
the signs are that demand will 
continue to edge up towards the 
level uf production until a 
meeting point between the two 
figures will occur probably in 
I9S2. The metal will be in short 
supply. 

Meanwhile, the U.S. market 
has its own problems and 
challenges. On the one hand 
there are enticing opportuni- 
ties for companies prepared to 
invest in fast-growing sectors. of 
aluminium demand — in particu- 
lar foil and packaging. When 
Reynolds Metals recently 
puiled its £45m stake out of 
British Aluminium it explained 
the money was needed back 
home saying: “The demand for 
aluminium in the U.S. is pre- 
sently growing rapidly. Rey- 
nolds anticipates relatively 
strong growth in the U.S. 
demand for some time to come. 
Strong expansion in aluminium 
demand stems partly from 
several years of U.S. economic 
growth and partly from a 
marked structural change in the 
nature of U.S. aluminium 
markets." 

. . The most important 
structural changes are occurring 
in certain domestic markets . . . 
all-aluminium beverage con- 
tainers, flexible packaging, and 
household aluminium foil, and 
the transportation-related mar- 
kets are all presently under- 
going substantial changes which 


point to larger aluminium 
requirements.” 

That statement from Reynolds 
— made in London to explain its 
change of policy over British 
Aluminium — represents the 
clearest exposition yet of how 
the big companies sec the U.S. 
aluminium market developing. 
The Implication must be that 
what is happening in America 
today will happen in the re- 
mainder of the world tomorrow. 

On the other band, it is 
becoming more difficult and 
more expensive to produce 
aluminium on the North 
American continent A number 
of the very cheap power con- 
tracts which have so helped the 
industry down the years are now 
being renegotiated at far higher 
levels thus knocking the indus- 
try's traditional — some might 
say hide-bound— -economics into 
a cocked hat Smelters are 
more expensive to build. There 
are new environmental restric- 
tions. 


In other parts of the world 
smelter development will con- 
tinue at a slow but steady rate 
for as far ahead as forecasts 
can he- made. One exception is 
Japan where high fuel costs are 
causing contraction, in the 
industry. 


The activities of the Bast bloc 
nations and China pose some 
interesting questions about the 
future development of inter- 
national aluminium trading. 


The Competition Department 
of the European Commission is 
presently putting the finishing 
touches to <a statement of objec- 
tions to certain aspects of trad- 
ing between the aluminium pro- 
ducers.' Tie investigation was 
sparked-off by interest in some 


arrangements by which the 
Western companies were, for a 
limited period, purchasing 
aluminium from Russia, Czecho- 
slovakia, Poland, and Hungary. 
The Comecon production looks 
like being an important factor- 
in future. Will it continue to be 
available to “top up" western 
market needs? 

China has been a net buyer 
of aluminium until now. Will 
that situation continue or will 
it change? China has excellent 
hydro-electric - power potential 
and aluminium smelting might 
be considered a good way to use 
it during the industrialisation 
of the country. In which case 
Chinese aluminium could 
become a factor on the world 
market. 


Imports 


Mr. Cornell C. Maier. chair- 
man and chief executive officer 
of Kaiser, recently told analysts 
that. “In the mid to long-term 
additional imports wiil be re- 
quired to meet demand in the 
U.S. market.” Already imports 
of aluminium account for about 
10 per cent of the- U.S. domestic 
supply. That figure is sure to 
rise. 

The same U.S. major pro- 
ducers have, oE course, invested 
heavily in new smelter capacity 
around the world wherever deep 
water is available for alumina 
cargoes and power supplies can 
be obtained sufficiently cheaply 
to make a smelter viable. 

Sometimes those investments 
do not run as smoothly as might 
be expected from a home-based 
operation in the U.S. When 
power is cut from a smelter the 
pots *' freeze ” and have to be 
chipped out with pneumatic 
drills. The process costs mil- 
lions of pounds in a typical 
smelter and takes . months. 
There have been a series of 
cases of smelters “ freezing " in 
various remote parts of the 
world because of interruptions 
to power. 

But the trend is clear. The 
U.S. industry' will concentrate 
upon . supplying most of the 
demands of its home market 
and nearest export markets such 
as central America,. Imports of 
aluminium into the U.S. will 
grow meanwhile. 


The major 
uses 






We can, moreover, sqppjytbem 
in special sizes and gractes. 


That fe why we are one of Ihe 
biggest semi-fabheates works 
in Europe. 

The range of uses to which 
aluminium may be put is increa- 
sing and wnri it the market 
In order to supply the latter’s 
needs es compfkeiy as 
possible we offer our customer;, 
for example, over 12000 
sections, tube, wire, rods and 
m any types of sheet and plate 
lor the most widely differing 
applications. 


Such a service naturally requires 
flexibility from a firm, continuous 
research and development and 
the most modem equipment 
Because we recognized this in 
time, we coukfmake Ihe 
appropriate preparations. That is 
why today the products leaving 
our foundry, extrusion plant or 
rolling mill are synonymous, aff 
over the world, with the very 
best quality: 

When experts talk about 
A/ramag Dekoral AJradur, 
Perradur or Torradur, they mean 
us, flansho/en-Bemdbrf. 


We find new wavs every da y. 

Come with us, with aluminium. 


THE MAJOR markets for subject to some variation, have 
UK-produced aluminium have been surprisingly stable for the 
moved little in relation to each past two years: most volatile, 
other over the past few years, the trade reckons, will be the 
though the industry believes domestic. automobile and 
that there may be significant packaging sectors, where some 
growth in some sectors— not- extra capacity has recently been 
ably transport and packaging, installed. Alcan, for example. 
The industry is cautiously has recently completed a new 
buovant on most sectors of the plant in Leeds for the manufao 
mar'ket — though perhaps the ture of laminated glass windows 
can market leaves the greatest with aluminium frames, 
room for uncertainty and World demand for aluminium 
debate. No one knows for sure has made a generally good — 
whether or not it Will take off surprisingly good — recovery 
in a big way. from the deep slump of 1975, 

First, however, the major most major sectors of the 
uses of aluminium. The broad market are thought to be on a 
market categories are: the rising trend. The UK industry 
building and construction n °w confident enough to be 
industries: the transport indus- pressing the government for 
tries; (cars, lorries, planes, assistance in expansion plans — 
trains and ships); domestic 50 I° n S «U5 a special price can 
appliances; electricity supply: arranged for the industry's 

machines and industrial equip- supplies of electricity, which it 
ment; and containers of various uses enormous quantities. ■ • 
kinds, including here aluminium The packaging part of the 
foil. This list of the main uses market seems at the moment 
is in order of importance: one of the most interesting, if 
though it may be that, con- only because of its nnpredict- 
tainers should soon move up ability. The industry is quite 
one. simply wholly divided over 

In building and construction, whether it will Increase drama- 
aluminium is used for a variety tlc®ny» or continue much as it 
of decorative uses (or a com- I s now, with only slow growth,: • 
bination of decorative and Oyer the past ten years .and 
utility uses); waU facings, roof; “ or ®’ P®ck«SSng has proven to 
ing, side panels, partitions, growth area, and 

windows and doors, and awn- ftomraium producers, especially 
ings. It is growing in popu- m F' S '* * ia . ve moun ted a 
larity in the manufacture of sustained campaign to increase 
prefabricated houses, and * elr * bare in the. market Its 
custom-built exhibition stands advantages as a n^aterial-hoth 
la rapidly growing market in rustf i’ ee and soft— lend it to a 

its own right) are now often nu * ni>er of applications, 

made in aluminium. " ^4?^ increase in sales in 

the U.S. has been running at 

Troncnnrf betler than 15 per cent - a figure 

x I aUDjlUl l which can be sustained largely 

. , by the growth in the sale of the 

The transport sector uses to- products tte dumtaium 

c ode lalnnuuum components in p ackage s. Convenience foods of 
almost every form of transport a jj Kinds have grown in popu- 
by land, sea and air. There are larity m the U.S. and now in' 

now alumimum-made trains and Europe: within that overall 

rolling-stock; and in automobile market, the sale of beer and 
manufacture, the product is soft drinks in cans has greatly 
used for body trims, for radia- increased. Aluminium’s eontri- 
tors, for brakes and for wheel .button to the beer can was the 
tmns. There is a growing mar- pull-off top, now so universal it 
ket in ships engines, while has become one of the symbols 
aluminium superstructures are of disposable culture. The use 
becoming more popular as are of aluminium in this market 
hul,s - has grown further with the 

In the electricity ' sector, development of the two-piece 
aluminium is used extensively can, which can be filled very 
in Jong distance electric trails- quickly by the drinks producers, 
mission lines, and in the manu- The market for beer cans in 
facture of condenser foil. In the the UK this year is expected to 
general industrial machinery be around 3bn cans (both beer 
market, it is used for making and soft drinks): this is up from 
cranes, hoists, scaffolding and a total for 1975 of around 2J!bn 


A recent survey of smelter 

s*!:r te ” r w-i 

increase of some 3 P=r cent a 
year during the next five : yeare 
might even be on the bl «*? *J de ’ 
There are indications that a 
number of the paperP™^ 
may have been postponed or 

canned. 

The world capacity for pro- 
ducing alumina— the base 
material made from bauxite— is 
far less uncertain. New alumina 
reduction plants— Jt is a snnple 
chemical process — are buil din g 
worldwide. For instance, Alcan 
has an 800.000 tonnes a year 
plant under construction near 
limerick ('shared with Atlantic 
Richfield and Billiton) to help 
supply European smelters, and 
another alumina plant is being 
built in Spain. 

The usual yardstick for 
growth in aluminium usage in 
industrialised societies is that 
the rate of growth is about twice 
that of the gross domestic 
product. 

The international aluminium 
industry sees no reason to 
depart from that, rule-of-thumb 
yet, Indeed the rate could be 


considerably higher in j apaiL 
Europe, and North America 
during the next few yeaxs.^ 
the automobile manufacturers 
rev-up their plans for mate.* 


more use of ahirainhmt i 
number of automobile 'n6ko«- 
and components companies 'ati 
now in the process .df^ina^Q.- 
hard decisions of the 
i tun or steel?” variety for 
models and new comport* 
due to appear early in.the:igg§t 

A much bigger market T 

secondary aluminium 1 — 
that has been. :used and" 7 *, 
melted — is also expected { 
develop as more alarmed 
scrap appears on' the marke 
The aircraft industry 
increasingly rich source^ 
material for secondary 
the breaking-up of sorae ^Jg. 
earlier big jets begins. , Kiste 
secondary metal supplies*^, 
in turn, help automobile ragg 
makers to choose- afrjrniniiunifc 
castings and cylinder h$ti£& 


As more scrap aluminiu^ 
culates it is inevitable 


manufacturers of many prodoe 
now made from other materia 
will increasingly consul er-a 
ondary aluminium as an ahefi; 
tive. 


Rov Hodso 


CAST 


WITH 


PRECISION 


-- y. 

Fine tolerance precision castings if 
Aluminium produced by Shell, Plaster an< 
Investment processes. 


Sand and Permanent Mould castings Jf 
Aluminium in bulk or prototype quantities. 


Seventy years* experience of production 
techniques, die and pattern desigj 
augmented by laboratory’an duality contSf _ .. 

' . • -iii i 



BIRMIlf 

QUALCASTj 


STERMETi 


RBSOTRADCIUAK 


STERLING METALS LTD 


ENGLAND 


Phone: NUNEATON 384221 Telex 3135:- •:“?.* v 




lights. Finally, the container cans. Most of this is taken up 
(can) market is growing, as is by tinplate, with some 


wm 



mm 

■4:f 


MM 



fj ! i W 







■■ ■ 




VERBNJGTC METAHWBKE 
fUWSHOFBI-SERNDORFAG 

A-52ffiBrajnau-Ranflhoten 

Austria 


(can) market is growing, as is by tinplate, with some 
that of aluminium foil (though aluminium, “topping and bot- 
there may be future decline, toming." where aluminium is 
nr stagnation here, because of more flexible. However, it will 
the competition from trans- not greatly increase its share of 
parent cooking foil). The this sector unless there is more 
breakthrough in the can market widespread use of it in the 
will come, the industry believes, construction of the entire can. 
if it proves itself a competitive ^ 

alternative to tin: at the Pgpjrggjug 
moment, it is largely used as A wv,,i “6 All b 
the top and bottom of beer cans. Foil still remains the most 
and in the manufacture of beer important packaging use for the 
kegs. product in the UK. The conveni- 

There are three main products ei ^ ce f 001 * ma rket has certainly 

from aluminium mills : cast, stimulated demand — takeaway 

rolled and extruded (including f ° ods . are wrapped in 

tubes). The UK production for alu “ ini “ ra r P re- 

19 77 for these three main Packaged foods. The changing 

products was: in cast, 121.000 “2 s1 — w o men m, creas- 

tonnes; in rolled, 203,000 tonnes; ^? gly drawn into the full- 

in extruded, 141,000 tonnes. ^?. e m f ant ' “ d 

Growth is expected this year, but ‘ » 

the Aluminium Federation is 2"?“ .*T owth Wll, .^ e 1 

reluctant to predict how much : l ,nium * can wth ' 

fourth quarter figures could, go temperatures, it 

sharnlv un or down ,ends 1,0 taste of ,ts own t0 the | 

sharply up or down. foQd ic covefs and it js W8hly j 

The breakdown of the main flexible: ail these qualities 
uses of the various products ensure its continuing success 
are roughly— for cast, 54 per Foil laminates are also much j 
cent in transport, mainly in the more widely used in the kitchen 
automobile industry; .15 per {by those who do not always 
cent domestic; 10 per cent use convenience foods) as a 
electrical: perhaps 10 per cent baiting aid, a trend some -pro- 
to stockholders. For rolled ducers have shrewdly capital- 
products, 20 per cent goes to j sed 0 n by producing cook- 
cans and foil; 14 per cent books with recipes designed 
domestic: 11 per cent road f or use -witb. foil. The foil also 
transport: more than 10 per ^ use d in general packaging, for 
cent to stockholders; 3 per cent such products M butter, 
to builders and 1* per cent to crea m, coffee, soap, soiro 
aircraft manufacture Extra- powders shampoos P 

to° DS th e n elec&icUy* 4 indurtry: req^red” t? Se** a^ boom™’ 
25 per cent to the building fu ^ e ^ n almninium cansTal 

raade most notably by 
holders. 8 per cent to domestic, Alcoa, which has invested £40m 



■ s. j. 




22/25A, SACKVILLE STREET,' '.V 7* 
LONDON WIX .IDE; 

(01) 734-2296. London tX 233f.>^ .\' ' 


Sales Agent for ' 

•’ * ' 4 

• -• i^'**“**r j - ” 

VEREINIGTE METALLWERKE 

_ * 


RANSHOFEN-BERNDORF AG, 


AUSTRIA. 


Quality producers of aluminium semi^ ^ > L* 

in the form of s • ■ '0 

■ . B **** ' . / \ 

SHEETS, STRIP IN COIL, CIRCLES? 4 
TUBES, WIRE, ROD, BAR, " " 

TREADPLATE. ' : : ^ 

for a wide range of industries. V 

Special Products: . 

BRIGHT SHEET & COIL, ' ■ 

STRUCTURAL PANELS, PVC-FOIL ^ l 
COATED MATERIALS. 




mm*??! 

--3 


! y transport; over the Jast five yQars ^ ~ 

1 These proportions, though Joha Lloyd 


'Industrial anoefcers atuated h I AIIRARI 
ite^Mid^withgood S a.ur libM/ 
i -wtrehouseandthelcx^f^ rlNpHIW 
i 6 metre length Rnbfeg semi 
I"' brightdridefchmrKrtural 

orgoldUMflEP 

jtQBtw233, Bradford Sf^Bhr w nghom 8l20P£ Te!; 021-773 











"Etendal Wednesday October XL 197g 


ALUMINIUM m 



A bumpy ride for UK suppliers 


SC 


2=±, 


W.i ■ 


AS? 



Z tTbifaU of — ™ IKS , 

wr&s dSf! S5sv« ^afsu-- - — — - - - 

Sllriltannac ..binl. U i - - __ ... l : BUUIOn 3t 


in 

less 


i^offlftSaiSi? c a p aciiy. Yet Brirain stiJI become politically respectable. Mcawhile, British Aluminium into canning through active aluminium company also decides 

riUTr s s™M " % °%£rT & zssss x pm ts&s r^ ns ni a “ d “” s ^e *? ^ ** piunse r 

L«caaoer the aluminium companies. The aluminium can material pro due- 

tion in Britain. 

UIIli 141 ^ uiuinrm „„„ is -« k Aluminium imports have now 

sudd*nnp« with „h!-h i* W u' — ^ J ;» — — wucuun at its smelter. That British tradition has been to investment in the British “*"* **' r -°ff . 5 i.f2 ♦? penetrated the British .market 

bcmn* UleS 'lai!»« t k ^f 611 traded . “ **, ord i par f would only be economical if supply power as cheaply as aluminium industry earlier this dl , fisbt very hard , t0 to a higher degree than ever 

evSJetw S 18 ^ 0n *5? 1? S > 0C J mor e cheap power-competitive possible to consumers without year— the company’s biggest J*Jg ^"?° nes ‘ 1 J25 ar ‘«5I? before and 30 P 61- cent of 

?f cJian ? e ' Meanwhile, British with power prices to overseas favouring one at the expense of single project so far outside the Un P !ate ™^ keT 19101 aluminium rolled products are 
tata JU ™ inlmn has J 1 ''?'" 5 , tte smelters — were to he made onother. In many other parts o( U.S.-with a new £40m «"»«*; ^ has recently comin . from abnlai ^ 

MnsnmlrW™ Thmf .M.J5 only wholly-Bnfash aluminium available. So far neither the the world industry gets a aluminium sheet plant in South [ nstaljEd ne * tmplate-manufa* figure does not. however, unduly 

Derind company following ^ e .wuh- Kavernm ^t nor the nationalised special cheap tariff because gov- Wales. The interesting feature tunns ca P acit 2 r - disturb the companies, most of 

mark-Pt da™Sncift2 hire.™ 1^1 r drawal of the former 49 per power authorities have shown ernments believe that it is of the Alcoa plant is that it is Alcoa has already found ready whom are well used to operat- 

That market aniWsis-a mn. -«*M shareholder Reynolds any interest in aluminium economically desirable to dis- designed specifically to turn out markets for its South Wales ing internationally themselves, 

sensus nf nnininne fmra the ^ etals - Tube Investments now smelting expansion. But the criminate in favour of the aluminium feedstock for the production in Britain and They consider it a normal level 

v s e holds 5$ per cent of British companies keep talking and industrial power user at the canning industry. In the U.S. Europe. But it is likely to be for a European country nowa- 


aluminium has made big inroads some years before another days. 


The futures market 



opinions 

burn'ov ride^oraluminfumf t The Alumininin but intends that hope that one day the idea will expense or 'the domestic user, 
important i^int i s thar' the **. company sho^d PUKUC a 
fluctuations in demand should PojfCF of vigorous «. h 
he seen against the long-term und * r . md^ent . manage- 

prowth in sales of both rolled ™ eut wth ° at e from 

products and extrusions. Alu- majority shareholder, 
minium in Britain has enjoyed The feet that the two British 
continuing growth in spite of companies can now be regarded 
many temporary fluctuations. as a fledgling aluminium invest- 
or is being hoped that the meut sector in London has 
industry will achieve some 4 per been enough to cause rising 
cent growth next year. Thai interest in al umin ium affairs, 
will not be up to expected world n, e pundits are prophesying an 

if will 'l^near'enouch^worid ^ “ TI * E MORE the producers one would expect a great deal certain extent just as they do most widely traded. This is in attracting financial support 

performance to give the UK S-iJSiviSSSl need P rotest . the more we are en- more aluminium to find its way in copper. partly to widen the quantity of from banks and speculators to 

companies confidence in the ^ *u e «se. couraged about prospects for onto M * ree market not the same time the Metal aluminium supplies that can be help finance the cost of carry- 

basic ability of the aluminium ^ ta the aluminium futures market Exchange is basically a residual delivered__on to themarkel; and ing ajtay surplus stocks 

market to grew. . to heenm. Qn London Metal Ex- 

Importance That «- 


Aluminium growth in the 
British market is expected to 
■closely follow world trends with 
the most lively areas being 
found in packaging transport, 
and building, while hope 
remains deferred for really 
solid penertation of the auto- 
mobile industry. But in one 
area — military aircraft usage — 
the British market for 
aluminium looks particularly 
brigbt due to the inflow of 
orders for British aud joint 
European designs. 

Rov Hodson 


plies to dispose of, but also buyers or sellers. In times of trading the fluctuating differen- jt is claimed that aluminium 
, . +ha _ #h by one of the lead- f™” 1 , ■>nxmus to shortages buyers would look to lials between quality grades, producers, during the period 

When demand in Britain used Industry^usS to In earlier £*. !i pp0 !lt?„ 0 i the ^ “5 5chhS*“ ’ SL iLSLTZ 52? 


“ dpri “ S J°^ "I,! expressed 


view 
of the lead- 


was 


to sustain an 8 per cent annual yea re when headlong growth ^ n Ff.^ op JJJ 

growth such minor matters as a j] t h e Tbe British on October 2nd. 

stock levels did not matter over- aluminium companies may yet It was an historic occasion 
“UL-h. prove to be far less cyclical than { or the Metal Exchange. It was 


shortfalls in supplies from the Metal Exchange contract is to carry huge surplus stocks, 

In times of surplus the Metal established producers. One of whether the market will attract we re more amenable to the idea 

Exchange estimate that the the functions of the aretal Ex- sufficient supplies to be able 0 f a futures market being 

“free market” accounts for 10 change is to operate the free to operate effectively. started casting envious eyes on TJnlf Pfl 


The Exchange has been 
greatly encouraged by the trend 
in copper, where the U.S. pro- 
ducer price system has been 
undermined by the decision of 
Kennecott, the biggest pro- 
ducer, to abandon a producer 
price and base its prices on the 
New York copper exchange 
** free market *’ quotations. 


But lately stock levels have exported backed as ttey are by the first new market introduced p f, r n JJ rket mechanism in ful1 and Tbe fear is that if the mar- the financial support provided 

assumed a new importance in ^tracts for ^ supples to since silver trading was re- f£L_ s _ ^ \ U L “M* 11 * 5 ket is starved of supplies, as to the copper producers 

calculating aluminium supply their smelters at favourable Mtad in 1968. Since.silver WdS^d£tliJl5 Sg priSs ****** *J*» through the Exchange. 

equals only 2 per cent of the Consumers, and produo 


their smelters 

and demand in Britain. Many rates. 

of the bigger swings either Tht. t 

side of the standard growth in Britain, ^ The "^Holyhead duced on the Metal Exchange 
curve during the last couple of janelter on Anglesey is owned f ince W <?U before the second ^ . 

years have been the result of by Anglesey Aluminium, in turn World War - L*OlllTaCl 

aluminium users and storidsts two-thirds owned by Kaiser and To the Metal Exchange the ~ Metal Evchance ar mik the cash price premium is suffi- T^omror 
either stocking up in antici- omMhird owned by Rio Timo introduction of an aluminium t ciently high Thev simnlv sell UHIIgCr 

pation of price rises or booms zinc. British Aluminium has a futures market is very logical. coDceirod the aSmilium forlheSghMsh The Exchange is well aware tiv c influence, but this is often 

m demand or, just as actively, smelter at Invergordon together In volume terms, aluminium is „,ThHrJv nrice and buy an equivalent iiiw 1 «. ai 5J5 because the trade does not play 

de-stocking because of oncer- with two "‘^r and stnaUer the mes, important non-ferrous “«J “J 'S?g ^ back Tor“ h^at ^ ttere t.u -- -"- -'-- '- 

smelters m the Scottish High- metal exceeding copper. At the ° - ■ ^ wa * 


. then prices will be artificially This useful ro’e played bv 

”*» «• vsr^^ss^rs. r^zri* sws« asrs:?.: 

supplied tSST not ££ “ 3 ^ ^ *** m 

Immediately to «» market it med "“- ^ del E OeS^th^ 

on occasions too much specula- 


*11 tainties about the economy. 


in aluminium, outside future date. 


so much delay in 
launching tbe new contract. But 


The result of stocking and lands. Alcan has a big modem same time many of the LME prodwers’ rentrel’ It is <>“« problem with lending tTsTtSed that imTeK a real would a^ue 

•SSi ESfiL-JL, W TSSSZ “Ln5 *• SSLi to m'im « «?.«*“«• «• 




a sufficiently active role. 
Fundamentally the Exchange 
that the real price 

tile a'umimima produceis inw S3MSftr"JS«SSS! KTSeMW « SSEKTJTSSSl £ 

a cycle of stop go in which modem smelters were all free market , that is alumin- ^ free juar^e^ or indeed in a t sellers option — in other a reasonable proportion of tbe sumer is prepared to pay. At 

they oscillate froinno-ffoirih brought Intoterngwia^csu^ JJ™ i not sold at a pri« con- awthumn. A lot of pressure words the seller can specify the present “free market” alumi- the same time there are increas- 

to a faster rate of^owth than JJSL f Western to start the contract came from warehouse where the metal is mum traded, particularly from ingly other important influences 

they are geared to handle. The world P roducers ' aluminium scrap traders, for ex- held and also the brand to be the Communist bloc countries on raw material prices these 

industry is hoping that ^ “ d f ®I Estimates of the importance ample. Although scrap alu- detivered. There is scope for W ho no longer co-operate days, apart from the cost of 

swings wiU not be a permanent 'own power smum^at ^ ^ aluminium “free market” minium wiU not normally be of switching, but the contract directly with Western world pro- production. Changes in foreign 
feature of the market scene. Lynemouth from a pit -.next accord ing to the vested sufficiently high quality to de- specification has deliberately ducers in pricing arrangements, exchange rates, inflation and 

interest consulted and also the liver against the contract, been fixed at the low quality In future too the Exchange sees possible future developments 

All three smelters are now state of the overall market In traders will be able to hedge grade of 99.5 per cent purity itself providing the sarfie kind are all part of the mix put into 

running at or. near their design, times .of surplus, for example, against price fluctuations to a compared with the 99.7 per cent of service as it does with copper arriving at a free market price. 


Lynemouth 

Already there are signs that door * 
they are disappearing as the 
rate of inflation fa 11s. 


Although aluminium pro- 
ducers are more closely linked, 
and integrated, with the fabri- 
cating industry, it is felt they 
too will have increasing diffi- 
culty in maintaining a producer 
price system. The entry of 
new aluminium producers, in 
the Far East for example, out- 
side the established Western 
world “ club ” may be one 
destabilising influence. And a 
further threat to the producer 
price system must result from 
the present EEC anti-cartel 
investigation that might well be 
taken up by the U.S. authorities 
as well. 

In these circumstances, the 
Exchange is confident that even 
though it may take some time 
to establish a viable market, 
eventually the new contract will 
play an increasingly important 
role. 

John Edwards 



% nsrrAi?; 

t 


After twenty years of part 
American o wnership^ British 
Aluminium is British ag ain. 
Once again, the cooking 
q 1 1 H ■' foil housewives wrap round 
? 1 1 1 ’ the Sunday joint will make 

a real British meal of it 
And the aluminium 
from one of Europe’s 
largest producers of 
aircraft sheet will be 
? a u >■ ■ British to its wing tips. 

Return to British 
ownership could 
hardly have been 
more timely. 

Experts predict a 
worldwide increase in 


.<■% 




■f 

<•> 5 ■" 




a 5 


V- 

■ . • 



demand for aluminium right 
f§| through the 1980’s. 

So as the largest pro- 
ducer of primary al uminium 
in Britain and with our roll- 
ing mills, extrusion plants, 
our nationwide stockholder 
network, chemical plants 
and fabricators we’re well 
placed to take advantage. 

E arnin g money in all 
kinds of likely and un- 
likely ways. All round the 
world. 

In future, more than 
fever, what’s good for British 
Aluminium is good for 
Britain. 

B. 

The British Aluminium Company limited, 

7 Baker Streeti London W1M lAR 


— Tf— ^ 





V 


32 


Financial Times Wednesday OctoBe^ ^ 


-A 


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IIMtfMMMieMU 


Electrolytic Metal Corporation 
(PTY) Ltd is one of the world's 
leading suppliers of Electrolytic 
Manganese (99,9% min) in flake 
or powder form 

Sole Selling representative . . - 

A- JOHNSON & 09 HAS 

Bok 77H 103 95 Stockholm, Sweden 


Branch offices and agents: 

Hamburg. Hilden, Paris, Barcelona, Wien, 
Milano, Brussels, New York, Sao Paulo, 
Sydney, Montreal. 


London office: 
A JOHNSON &CO (London) LTD., 
Viiliers House, 41-47 Strand, 
London WC2N5LE. 


1MCOB 




ALUMINIUM IV 


Stockholding 



FOR THE first time in two or 
three years the fourth quarter 
looks as though it will resume 
Us place as ■traditionally the 
best of the year. There are a 
n um ber of demand pointers 
strongly suggesting this. But 
optimism is becoming harder to 
sustain with the prospect of 
industrial strife over the Gov- 
ernment’s pay policy. If events 
turn out to be as tad as some 
envisage they could knock the 
stockholding business off course. 
On the other band, the under- 
lying strength of the market 
displayed in the past few 
months may not be so severely 
affected as some pundits 
believe. 

Views tend to equate with 
the status and size of the 
operator — the smaller in- 
dependents noticeably more 
nervous than the front rankers. 
They are also influenced by the 
degree to which stockists are 
more widely involved in non- 




LONCONEX LTD 

A SUBSIDIARY OF PRIMARY INDUSTRIES CORPORATION 
29 Mincing Lane London EC3R 7EU U.K./Tel. 01-626 4383 


Lonconex Ring dealing member LM£. 



ferrous metals. Most handle 
copper and brass products 
which also are making some- 
thing of a comeback under the 
stimulus of general engineering 
demand. 

The biggest stockholders are 
also producers, so stockholding 
has a vertical structure in terms 
of tonnages handled. Two of the 
biggest, Alcan Metal Centres 
and British Aluminium Com- 
pany (BACO) are thought to 
handle about a third of total 
turnover, estimated at around 
£110m^£115m. In receding order 
of market shares are Amari, 
RTZ (Rio Tinto Zinc) north 
and south, and Alcoa (Alumin- 
ium company of America). The 
independents, and European- 
based stockists like .-VI met 
Stocfch alders (Perth net), , Alu- 
stock (Norsk Hydro) and Si dal 
Service Centres (Belgian) are 
fighting over the remaining 
third or so of the market. 

In tonnage terms the average 
consumption of sheet from UK 
sources is probably around 6,200 
tons a month, and 2,600 tons of 
extrusions. Imports of sheet are 
running about 7,300 tons a 
month, with imports of extru- 
sions just under 900 tons. Even 
the stockists find it bard to 


arrive at accurate figures and 
these have been rounded up. 
Even then it gives little indica- 
tion of the volume of business 
done. A ton of foil, for instance, 
is a lot of foil, compared with a 
ton of extruded window frames. 

One of toe most noticeable 
changes in the s tr u c tur e of 
the business over the past few 
years has been the emergence 
of Continental-based stockists. 

This is a logical progression 
since most of the imported 
aluminium - is of European 
origin and seems to have filled 
up any gaps there may have 
been. At any rate no more 
newcomers are expected in the 
medium term — “ It’s tough 
enough going for those already 
in it” was one comment. Almost 
the only change recently has 
been the withdrawal of Reynolds 
Metals, the world’s third largest 
aluminium producer, from 
BACO, in which it held 48 per 
cent. This has been largely a 
change in proprietorship than in 
deed or policy, since Reynolds 
has not taken an active manage- 
ment role for some time. All 
the same, it will give BACO 
more freedom to invest and to 
pursue a more aggressive policy 
if it wishes. This seems likely. 


The year started better than 
most expected and heralded an 
end to destocking. The run- 
down has been a painful experi- 
ence for all concerned. The 
accompaniment of falling prices 
and stock losses has tested the 
strongest nerves and the 
deepest pockets. The first 
quarter turaround was therefore 
extremely welcome. Since then 
business generally has been at 
higher levels wi]h many 
stockists looking for a 5 to 7 per 
cent improvement over the full 
year compared with 1977. 

The more cautious believe 
that the improvement has signi- 
fied no more than a summer 
peak of demand, and are waiting 
for an analysis of September’s 
re-ordering to come to firmer 
conclusions. Nevertheless! the 
Government stimulated home 
improvement schemes, the 
heavy advertising of aluminium 
replacement windows and 
double glazing (some producers 
have their own double glaring 
specialists), and small but dis- 
tinct signs of a stirring in 
demand from the general 
engineering industries begin: to 
add up to better times ahead. 
Prices, too, are tending to 
harden after a period in winch 


Recycling efforts 


THE IMPORTANCE of recycled Glasgow, where Metal Box has 
materials, to the overall econo- an aluminium can plant And 
mics of the aluminium industry Alcoa' also promised, at the 
can be simply outlined. They opening of its Swansea rolling 
account for nearly half the total mill designed specifically to 
consumption and the waste make material for cans and can 
materials are converted into ends, to initiate a recycling 
usable products at about 5 per scheme. 


cent of the cost of making virgin 


There are other possibilities. 


J” roU ° t Materia! Recovery la e joint 

the 500,000 tonnes of aluminium venHlre „ Metal’ Box. British 
p,o| annually into manufac. s , Corporatioo ud Batchelor 

tured products aome Robinson to recover aod recede 

tonnes come from recycled used ^ „ a my 

materials. allow us to sort 100,000 tons of 

This is thought to be a higher refnse a year> ^ ^ of ton . 
percentage than from most one ^ expect from a 

other European countries and is towru we will put ^ a 

due to a well organised scrap plant and provide ^ people to 
merch anting system that pro- it because we shall make 
vides some 70 per cent of all monev » I was told . The 
scrap for the secondary machinery, invented bv Metal 
smelters. Nearly half of this is Box _ has been ^ opera tioD for 
consumer scrap. Other substan- a Md 1s now being offered 
tial sources are the semi- t0 pubIic authorities . 0n a 
fabricators, fabricators and throughput nf 100,000 tons of 
founders some of which, because dustbio waste it is expected to 
it is clean and of known com- recover 6000 tons of metal 
position, goes direct to the metal is stee] 0 r, if it is an 
smelters, sited to serve the a hi minium ended can, a minute 
various regions. There the proportion of aluminium. All 
metal is re-sorted according to ^minium scrap will pass by 
requirements, there being a the magnets designed to extract 
number of different refining s teel. 
techniques related to differences 
in quality. , 

Yields vary widely, from 25 lV13§D6iS 
per cent to 95 per cent Dirty 
or oxidised scrap, discarded food However, magnets have been 
containers, bottle tops and other developed by Alcoa and others 
domestic waste not only pro- Eric Laithwaite, of Lon- 

vides poorer yields but also con- University, is involved in 
stitutes an actual or potential pis country) that repel alumin- 
health hazard. Aluminium pre- 1 H m * 5 n0 * a rontradic- 

fabs, washing machines and * lon 1T }. *55™^ ou * 

cigar containers, for instance, Jr 0111 waste * Uke paper. 

nvide higher yields. " * evi ™L J vere , put 

_ . , , behind steel extraction plants 

P st U nt\?\ h krv 'E*XZL d ;° nn at tips and incinerators there is 

■ ? no doubt that worthwhile ton- 
doubt that a comprehensively nagGS of could be 

lection of waste, saved for further use. And be- 
perhaps based on schools, could cause [jj cre asing quantities of 
prevent _ substantial tonnages aluminium are being used for 
fl ?™. ® 0 -P s waste, domestic and industrial uses the 

whether it would result in more p rojec t could become of grow- 
energy being expended than j ng value 
that needed to produce virgin _. . . , „ . 

aluminium is debatable. ? ’ h ° wever * !t 

Tf . .. . , „ . would seem to need more ex- 

it kitchen foil, food con- pertinents than have so far 
tainers, bottle tops and so on been carried out to arrive at 
have to be washed before col- some conclusions as to the best 
lection, cars used in getting it way of going about It It also, 
to a central point and other perhaps, needs a clearer dis- 
forms of energy used, the tinction between recovery of 
energy savings may be minimal, waste in topnage terms and in 
though favourite charities may energy terms — which is going 
benefit Nevertheless, there to be terribly difficult to reach 
appear to be some areas where firm conclusions on. 

a more intense effort could yield ™, a ,, . 

worthwhile results. ™e three month scheme in 

T . . . . . Buckinghamshire which ended 

rt, Ir L AraenC3, * OT JJ2£j; anc ^ >n midJuly has not yet been 
there are more than 2.000 col- analysed in detail, but it seems 
lection sites for aluminium cans, evident that the sympathetic 
Last year $43m was paid to and whole-hearted co-operation 

fu Ie i C ,5 rs 3 n cents a can * of a smelting unit is one of the 
the IK well over 7.000 tons of ^ey factors. International 
aluminium are used in cans and Alloys, an Alcoa British com- 
mi*st of it is wasted. One draw- pany, and a leading secondary 
back is that the proportion of metals smelter at Aylesbury, 
all-aluminium cans is Still so has for a number of years been 
small — 2 to 3 per cent — that buying charity scrap — milk 
except in exceptional circum- bottle tops, ring pulls from. Cans, 
stances it is not economically and so on-— for Guide Dogs for 
worth while to employ plant to the Blind and Oxfam. In this 
recover them. There may be, exercise it collaborated with the 
for example, a case for it in Aluminium Federation and 


Buckinghamshire education 
authority to organise a special 
effort which had the encourage- 
ment of the national anti-waste 
programme. It was a pioneer 
scheme in which school- 
children were asked to collect 
clean scrap and take it to school 
for later recycling. The schools 
were paid for the scrap they 
collected at the rate of £250 a 
ton, which conveniently breaks 
down into 25p a kilo or lOp a 
pound. 

Peter Cartwright 


aluminium prices tended tola 
behind other 

changes. Standard sheet is 
now being quoted at more than 
£900 a ton compared with a low 
of £870. and there is a wide 
expectation that prices will con- 
tinue to float upwards. 

This is in line with increases 
occurring on the Continent and 
elsewhere. At the peak of price 
attrition, competition from 
Greece, Turkey. Italy and else- 
where was formidable and it 
was often a case of limiting 
Tosses rather than of making 
profits. Since then their atten- 
tion has turned to America, 
where demand has been 
strengthening- 

If current uncertainties over 
the extent to which industry 
may be disrupted by labour 
reaction to incomes policy were 
removed the outlook for a re- 
sumption of the previous 5-6 
per cent market expansion 
would be correspondingly 
brighter. The 3 per cent growth 
in the economy to which Mr. 
Healey. Chancellor of the Ex- 
chequer, referred in his report 
to the recent meeting of the 
World Bank and International 
Monetary Fund organisations is 
beginning to show through and 
unemployment is happily fall- 
ing. 

Other factors are at work as 
well in key sectors of 
aluminium’s markets. Energy 
conservation measures have 
taken root and will increasingly 
flourish in the design and con- 
struction of vehicles, especially 
vans and trucks but also cars. 
This is an area of demand 
largely dependent on legislation, 
and the tougher it is the greater 
the demand for aluminium for 
components like engines and 
bodies, clutch housings and so 
forth. Without such legislation 
there can be no doubt that 
vehicle manufacturers- would be 
using far greater amounts of. 
steeL or iron, which are 
cheaper. 

Transport (including aero- 
planes and ships) is easily the 
biggest outlet for aluminium. 


an .::..te 


and road transport 
creasingly- important __ 

All the indications are thatrw 
eminent policies on energy'^ 
serration are likely to cali tor 
greater use of akuninium ana 
its alloys. . They can makTI 
very positive contribution, 
Environmental- . . RrOtecag 
Agency* which is response 
for supervising the conservator 
programme in America, &£ 
estimated that by the eazfi 
19S0s it ought to l«r pijssia 
by the greater . \use'^ 

aluminium, to. save up. to 69 
gallons of_petTol over the-ijf 
of an average car. In .-ffie gj. 
a blg effort is being put n beMh 
the development of.-.e&Sl 
vehicles. While it was;^ 
thought that cars would ojW* 
suitable subject for coirvttaJo - 
to battery-power,’ thinldji^'jH 
turned to vans and light tr&e 
especially those, which, 

Post Office,' and ’NafiSg 
Carriers* have a lot or^EE 
urban routes. The greater^* 
of aluminium alloy couhl^ 
doubtedly significantly 
acceleration and range ^ 

'r-.’i) 

Advantages : ? 

While some of the exlra^l 
mand appearing over.. a 
horizon will follow the paft# 
of being placed directly- wf 
customers, stockists 'jp 
benefit. They have two 
stantial advantages over^t) 
mills, which used to do muAi 
the business. Stockists are 
flexible and have shorter. l£ 
times. And where cost'-; 
possession by a manufaettir 
can easily, at around fCffljQ- 
ton, tie up more than £50tidX 
transferring this burden to't * 
stockist 7 is legicaL Over^ 
years stockists have been takr 
an increasing amount of t 
business available. Today if- " 
believed that more than ; £. 
the rolled products ami.'i 
trusions pass through Tfla 
hands, and about a third'! 
wrought prodnets. 

Peter CartwrigJ 




CASTINGS IN UGH 


Wariey, West Midlands, B66 1BW, England, 
Telephone: 021-558 1431 Telex: 337438 


STERLING METALS LTD 
BIRMAL CASTINGS LTD 

PERRY BARR 
METAL COMPANY LTD 


BIRMID 

QUALDAST 





FinMclal Times Wednesday. October II 197g 


AUTHORISED UNIT I TRUSTS 



33 


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■i-jmkroArr >-n } r?P 7 

lu-.iimr- Incth 

.+ -P 5 «' 

I’l'lli Ini.iCu.- .. ...1701 

* '* M i-ic ; 4 t .7 

t-urm.iir+iBl Fends 
Jrt.rv.i,.,n.i! .... J 278 

'J-inwa A 6 .S- 

> '■ X F.-’J-.|.li .[97 S 

hand-; 

i •• 

V/.' tpjlj 

ii 1 :'. • [302 7 

> C .. .. . dr. kjB 

i\ ■■ 7 

—-St f our.- -. 5 *243 2 

Andt npa Vail Tru'd Managers Lid. it' 7 

1 “ 1 ■. '«• iH.-'-hi.t.I.'t'-.Me.V.L 622 0^1 3 ik Acmm .3457 

Ai'-'TfWll'.. 153 9 Wllet-C 7 | tat} te.iU-xenipt Fit — 

Ansbacher Unit SlgmL Co. Ud. 

* r r !■■ S* . Ft " 5 V 7 J .. :il «3 637 G 

ts«- Uur.lti’j r*..id.i !75 1 851 .... J 9.20 

Arbcibnot Sworities Ltd. raHcl 
‘ -■'-■a M L.-«.i<n H’.-i il 1 RV |i ; 32a r ,y\i 

F. : . , lr. nn... Fd...[I 09 3 118 H - " M 5 b 

i .ili >L>' I u»! 1*21 

% 1 'iiiU-. . STB 

; . V. .lr-.| L fjs 357 2 
.'■Vifi v. *"umi ‘24 b 

• t.. ••-•it. • m..v 1 18 1 

’. ••••■>»: } iind 21 0 

• < -I. n. H,n.S. <M 4 

-r_ i in J 

f! I i _ i 56.8 
• r d l 

••I . _|«.T 

•••*•■ . . k? B 

"'•i ... 3*9 


, •' ,inslpr fumt Managrrs lid. l*mvinrlal Life Inv. Co. 

BK 1 M' 0 , ',T l l* r ARhnrM ,K*.'d. Dl-CailKO =£Ki!ib..|rki;.l!i> > t:.>‘i. • 


\ ^ ;!i»i- 4 ern.-i ;■ _ .... IMS 
2 ,r 3 -^'inuriu-t 2 . „|1005 


5.50 
5 35 


1 “rnli f u - 1 'pits ..IRC 

!l<i;hliu;.inii>. . .fl 27.4 


975 
136 51 


90 5 ! } 

fc-IJ .. |MH 13 104 5 <q •■•I 

2 07 Ml- A Vnil Trust Mgtmnt. UA 

2 07 ”liHJm-|i.,Sir«|.Sttiii}U|i. Ol BSnTltl. 

Frirnds* Trovdt. l : nit Tr. Mgn.V Mi.', r it in . _ i47o MU+DM'3-W 
riThwni.nrt. Cortina. .rq'c :jrr, Murray Johns! anr I’.T. Mgitl.V la) 

>nendclTW Itiv.WJ 49 6[<0*j j g; MI -371 .•.VI 

[40 0 M. 5 | tO. 5 ) 3^7 MJ 1 -u-opi.Tii. . |B 3 4 M 71 1 2.91 

DraliiiK Uiv Fritbit. 

Mutual Unit Trust ManageiuV fallgl _ 

nnbjii ,\i r.. Kt'iliiTDU. ni-rtju4rtia Krlianoe Lmt Mgrs. Ltd.y 


Ltd.¥ San 1 & Piwpor run [in Led 
111-217 tT ,13 Sent bits SMOrilirs Lid.V 




5 . 3 b 

704 


oi-fasnni 


*■--• 1 ’ J-H-- I.M 9 

.S.mM.-iil. | 5 i 0 

Prudi. Portfolio Mngrs. Ltd.V laUbgf ) 'izw o 

lloliiom Bjri.lJ.TS 2 M I ui-justci-j h l bl.* 4 .. 

J'ruiliniijl ....[ 134,0 1425 ; iLOj 444 

^uilter Managroirnt Co. Ll<|.¥ 

TtM<SlLR%r!iOTK>‘.i*'' 2 ^ III I* 01600417 : 

Oit.i.lunni.-n. FU . 1111.2 U 59'9 J 4 89 

i^iuilroM lbi-o&u>. |134 7 13 B 9 | | 7 60 


41 3 * '92 
59 2 .d .-,14 
to il ? 
37 b S ' 
las 


Target Tsi. Mcrs. (Scotland) (a)tbt 

IS. .V rlii 1 1 ‘ I—I-Mt. 3 . <flI- 32 B 8 K!I 2 

Tarsn Ka 4 lr ,279 . 30 . 8 ) + 0.31 1.72 


:°4 

r 02 { 


5 31 

9 09 


M ’ov 3M ^"Iiidfber Flu,.... 152 9 56 § -HI 6J 

2 7 .it *72 1*4 . 735 787 i.ua 

A'- 24 S JJ'i'uj! !(!:„■( hip M 4 7 4 B 3 -»ni[ 

W^Ob Ota Mu,u “HI'Kh\ld.. kdO 65 M«D 5 


F'n ■-■'.• -t Si-ri ST N. %: .-.ui . ifj 
Srhlesingor Trust Mngrs, Ltd. 
I tl. Jlrt'llh SUl'M. I rtiili 
Air. ISiWnut— i '5 9 

.^iii i .rfi'vi n .. . ?^0 

i:\i-mpi ibch vw - ,584 

l...eini«Mk[.UJr. ] 2 “ b 


393 - . . „. a 

6 8S law* Ipi;’> . . 4 J 0 4 * 2 ' 

4 37 Eif.i Income Ft . '.bfl 5 65 1 b 4 
213 

7 04 Trades Union I'nit Tst. ManagersV 

’ M ini.U.m.' S’ {••••!. K<1' 01O2HW1 

iaii /1 Ti L rik! 3 512 54 5 b| ... j 526 

nca*>.»« 44 t _ . _ _ _ „ „ 

2i h - -i ■.[ 3 13 Transatlantic and Gen. Secs. Co.¥ 


118 
194 , 

1522 ! 

98 

15 Z. 9 ! 7 

171 fl-'. 5 i 
62 . 6 | +0^! 


619 
6 6b 
bSO 

080 "‘S'l iiu.. |o4u ntqtu?| 825 

jw National anti Commercial 

7 00 V 1 • ‘ A ■' , itl | «m- Squjn-. Filinbiirvh (Ol-S Jtlflir.l 

™ in- •■to- hi ■ * liii 5 IMjr....l 558 

Z 31 BI t 558 

136 ffl ..... 3 89 
167 3 . . J 3 84 


ii.Jri’l DI- TI .. -;)3 2 
Relirtni.eHi-.,Tmiliriili.'v iVell-.KI. (W . 1 22271 i m -.i£n«*|il«.- . W 9 
tl|<|kiiiiniiiT , .|.. | 71 B 7 B Oj t 2 5 J 494 - ••-*•»..■' !i-e 

Sekl.uM- T • c..._ Mb 5 49 7 ^ . J 4 V, 

Sw-kliinU- V. ini.' . . (44 4 *47 5 >ifl -il 1 | 

Ride Wield Management Ltd. 

an-W Keun<Mi S' . V.uu hrsl<-r .K 1 SWR'i'l J r. l ii.lH Tru-.l.. | 22 S 

IliiflsHn-IrtlnLl'T IIDIO lOBOi I 2 b?. 

ILdCHii-in inciwiir |97 104 Oj . J 904 >1 fr S 7 

1 K. 'irD rt'T.uni J.-'v 

I K liilii.Diii .. 120 7 


li.i-. TVrfrv. 1 [ 3 ? 5 

Intiil '.rwuih . . 5 i .5 

9 85 . inv. l.-r. I nils .. |27 a 
31 .iri r[ La’iirl'TS .. !.«f 
•:.-i! 1 irlii" - '29 5 


29 i| -1) 
2s ]. .n - 
3 .’ SI - 3 
96 i: -0 
Ml --It 
55 7 : 

29 7! -a 

, 3 ?*i 

31 ?ij' -2 


rot 

7 J 9 
4 03 
S% 
9.06 

297 

398 

422 


91 -W.\.-* inniibnCd Cbcln;«Et>fil iK*.i 51851 


_ '79 J 
... 122.7 


1 lii 1 ••mi-ii. ■ 4 Ibjj 

"l. '-um, Fuii.,i„. 1 ...p2J6 

• •i:>i i ii-i t 1132 0 _. . 

i 07 rri 2 K;»m'Aw..#nii nun ]ibi 6 1673 . . 1 3 84 Rothschild Asset Management tg» 

37.5! -fli| *142 National Provident Inv. Mngrs. I.tAV “■ »i 
C» art mo re Fund Managers 

2 SI. Murv Au-. El.TtA.KR!*. 


Rarhira - : 1 

1 Vfi ..m I mi. . . .„i 

Uarli ha. Si'lS-ZT. 90 4 

H i.-kni "■ . ‘84 6 

• \i< nm I ni's ... .;’(M 8 

t i’lrvi‘1. 1 |i 

■ .'.’.uni I ini' : !63 7 

1 ’ 1 1 ml •I.. 1 k. 1 1 !SS 2 

1 *<---iiin 1 n;'j- .. . . 593 
Men iii'i .. 57 5 

• •Vviiin l'i.:i'. .779 

.MsirllHfrb i'll, til ;53 4 

• Irt. uin t. mi-.. .. U 5 

JrtTh I*-: :.i '522 




. '.xenpt . . . 
Li.Till Ta-.tAc*... 


.[40 b 
.[ 34 . 8 ' 




844 National WeMminster¥ Cal 

6 55 *«l. '*lir.UrtiiU-. KCT 1 V fiEU. ill-rtW fiom. 


3 J 1 ' ' ■•IHi.'iliAirilin.i... 

5 i 23 I -Uuliii- „., uy 

8 89 1 'm.mnji [349 

Gibbs (.Antony) Unit Tst. Mgs. Ltd. {yrr!!,,.. “ ™ 

3 frcslrritk vfLDkJ Jinny , TXZ 0 :<«t 4 iit * Ci, 

ia-A.«. lecuw_. !44 0 * 73 rf...| -01 v. '. l ,d Q ' ' , fc8 


686 

731 

+ 0 * 

709 

762 

+IM 

W 9 

37 5 

+ 0 ? 

902 

9*1 

+D .7 

379 

40 7 u 

+0 t 

750 

78 ft 

+ 9 .'l 

M 5 - 

*28 

+ 0.6 


St sviiliie-' Unc, l^lii.U -1 
■N.-HI -.7 RM-nirX— ltUlO 141 Oi 
ITif cs in sepk-mher !:.. Scti d 
1 C 

Rowan Unit Trust Mngt Ltd.V fa) 
rurtiaic H&e.. FlaslmiT Sit. tr? 


• II" : IV .fl 

- 1 r-Tu 


4 b 2 j- 0 .il 880 
b 4 .J| -0 «: 3 SO 
61 h -h j) e 00 
26 4 . ,0 if 12 40 

[ uea 
6 lS*n?; 4 69 
190 41 * 0 .J 4 69 
61 11 .9 ?' IM 
19 . 5 . z *r.-.' 2 Cb 

If 1 


- A r..firinifhrt ..[414 
iaiA. G. FJurf.am- -,261 2 R 
Dc-aiuu', ‘TilC*. tftte 


Govett fJobnlV 

77 . 1 -widmi U'ali.E C 2 . 
Shiriirf. fl . . _. .| 1 S 4 B 
tbj. A.-u-m I'mi . [1741 ' 
trait: 


+ 6.8 


Ned draliOK day Oct. 

Grieveson Management Co. Ltd. 


4 70 ,NRL Trust Managers Ltd.V la/UI* 

0.5 ViPMnrmm.DtiriJac.Suim. 

Relsiar |U 9 672 J+ 0 F, 

k«-l .iar High Inc. ...| 51.5 542 s|+ 0 Z| 756 

01 wssicn J'-orw.-ieh Union Insurance Group fb) 

6 !... I 188 l *" Nnruich.NKiaMI. I*> 3221!00 

3 J IAB ‘iffl ip r I Id 1377.9 397 B| + 1 B] 4 86 

^ Pearl Trust Manage rs Lid. (abgMz) 


Amerkau lh-|. 5 . « 

Sn-unllmlii-i, 10.. 

HlnhYliLlK-l.C 

rAcuni I'nllsj 

•WU Mrrllm'h-T -t 

4 57 1 Aceum. L'nirx 


TOO 
1810 
58 2 
871 
85 7 
1059 


73 0 
1910 ) 
6 ) 2 | 
86 i 
90 3 

m 3 


04 f 345 Tr.iChaFctSeraJo 18 a 6 
uSineOuuibur ■sput-v iw 13 . 2 ab 4 
■UceiwerySepi ! 2 | 21 S 2 

-FiVWie -m. . 

n.^nr.nre Scottish Equitable Fnd. .Mgrs. Ud.V 'Ae«an Fn.i*- — | 107 B 

TIT? MM AwfcewS.t.Cd'r.i. ,..1 ivsmai 

3 91 InitmwI'nJls 152 S 55 0 '^ - 1 1| 4 90 Ini Earn «K-i 4 . .izsfflfe 


1561 

Fnr l» e'i-nrrt Jiimii nn!-.- 


Tj ndaJI Managers Ltd.V 
lfi. 1 aatngr Rud. Briwal. 

1 1; com. ■ lii - 1 4. [ 103-2 108 4 ] 

1 An-iirn. C nits. 190 8 300 4 ) 

I'jMialiirt 4 .. Jl 32 8 d 139 6 J 

1972 } 


’ 45 
745 
334 
3-34 


urn r niL- 
l'rrl 1 h.i 4 .. 
■Ai.-tum. l'niL»i 


Rus al Tst. Can. Fd. Mgrs. Ud. 
S 4 .JcmiynSlitrt.-t, S.'A'.l. 01 ICSS 2 .T 2 

t'apilal Fif 69 4 73 21 . 

Ln>-uiiu- I'd J 71.5 75 5 ! . 

it Srpl. 2 tt S’ 


Acruio. tnlll. - lbl 0 64 l} il 

Dtsilinc it.iv .'.rtii.- i|,. . 

Srbag VniL Tst. Managers Ltd.V >a) 

Ib.iUcrv SH.RcUlie. ll-t-.Ll, 4 n; m.'daa) 24 . 1 ’urlr Edmbuncb. 
SchnS 1 4 pilaIFd. ..| 3 S« JTb.rJ-O'I 3 89 ■'■'••I. Ini- Hi : 4 1 HJ 
bi-hjcmtonscFd. 1327 34*2 *hl 8 SI ffl 


yricc-. at Srpl. 2 ft Next dealing UrL lx 


27 b.f( -Of 

. j 42 *n. *0 4 

3 M Security Selection Ltd. 

7 45 I r . !!l L 1 iicoIb> Inn b,..|x. a ‘Ai‘? 


490 


1 1 i-'ii u«.ib.»m.Wiri vtlb in -HJ 5 M 4 I Save & Prosper Group 




i ini. 


J * 92 
127 9 
712 
4 T 9 
1 llLb 


51 .. . .. 

59 71 -& :i 
• « 7 fr. -D.i; 
3141 .. < 

30 Din -»ii :i 
2 S 9 rf +oJ 
105 31 i 
- 340 ; +3 3 


221 
2 15 
364 
177 
137 
155 
200 


Wi-.-r.ih.imSl . r-’SPSSIS. . 
i'.+rrinLlict 1 k :. 4 ..'-S 29 9 

■ Seram I nilti ,[H 14 

Rm.- fl r<L«n - | 1 M 5 ■ 

'Arrnm I'niLn [ 319 b 

I-ntlr-ii.ilt-i. :i 0334 

• it 1 um t niei .12434 

Cr.it Ii.ir.Ort 6 _ .JW 1 

■ -i' u.t 1 'ml'* jlOJ 9 

I n &Rid..nci i._!74 4 
(A-.t-URi l nit+i [782 


2303 

Sit 

193 4 n 

2304 . 
244.0 

254 4 + 4 J 
3021 .... J 

sIeI 


I'enrl Irt- 

799 nil T i .. . 

799 


BS .3 
1301 
33 8 
37 b 
M 87 


27.3 +0 1 
124 + 0 ? 

364 m < 0.2 

40 5 + 0 ..- 

52.4 +mi 


462 
462 
683 
*67 
4 67 


226 p Wican Units Admin. Lid. igllxi 

2 - 2 S 81 Fnu.-irain SI., Mnm hnlt-r IW 1 - 2305 BHS 

?£} INlirjp 1 suit „ |90 1 96 . 0 nl+ 01 } 4 B 0 

in Perp<>iual Unit Trust Mngmt.V fat 
3.89 48 lluri Si . Menlc.-en TtUHU -5 0*112 «M» 
ypt-l.. 0 ll>pi.lh .144 0 47 a ......1 352 


Aicbv.r.v Vnit TsL Mgs. Ud.V <a»c> Guardian Ruj-al Ex. Unit MgrsT Ltd. pSjbrBil'rlo rt l^bl 1 

■' .-“I n • 1 -‘ , !l-'»r:.. *■ tVTM. IV. sainiii Itnyal fjicKaeiCi - . ELTIP 0 DN. OlliMfBI 1 A,,,... riblt .u 

1 c.-.d. WbS 92 3 J .. | 5*2 i 3 B CacrdhiJITaL-WJ IBOUf + 0 . 9 * 4.21 .. \ "T t "“ Tlu “ M*""**^ N<L 

• '• •• si i.‘u. •■ !i,i(| -tih. day Lkl li h “■ ' r r‘ , 'l.i' ,,p k s Harr. «jid Jcvny. Ll-lt 8 


4 , ilreal SI. Ht-lrns. Lrnichm K^SP 3 KP 
6 rt 73 ilni-cn Si. Kdinhnrrih KII 2 4 \.\ 
UnaLniiA l»v Ul S!*4 KKB0 ur (Ull -326 ~ 3 l 

Save & Prosper Securities Ltd.p 

Inlemallmal FmuIx 

1 'apilal 1382 

1 .TU -. - 127 0 

Unir.Umnlh *73 1 

Iki*m!ir Inenme Fund 

Hnih-Yl'.-ld ( 57.4 6 L 7 nJ +0 6j 

High Inmmr Fandn 


I'nil^lhTJArr. |?4 9 TbS) ... | 333 

FiulUIhT+ttni . 1217 S 3 l|... [ 223 

Stewart I’nit Tsi. Managers Ltd. ia» 

4 'i.i'barlmieSg.Rdiil.i r^.i. v 3 ! - 226327 ! 

TSienTU Amrriran lund 

Standard r'nlls .. . 167 2 71 5 f .. I 1.37 

A- tub I -nits... - 724 77 ll | _ 

Wiihdra-*xl L oilx |53 b E 72 

*Sinu*n Bit U 4 b lanital Fund 


_ Illarion Wall ITrmip 
n . IH I fifflH 9 1 ap"ol ‘iri'Wih |B 65 


•i> ATiim ■ .DO 7 
Kviralnr Crouth. .41 3 
Dn.\..-uni .148 7 
Financial Pr fl». -16 0 
t'u Aivum . | 20 ff 

lUtilitr.t- I'Tiorii’. 'ba 7 
Inii-r-iahnnal. . . j 31 0 
Special S;is. __ ,.| 3&7 



42 Hi 0 31 2 56 «Sipio8 R BjrftUb (anital Tund 

39 0 +0 1 ) 3 68 Standard T .40 5 152 9 ] 

78 6 J -d 210 ArrunL l nil-. Il 635 1780 : 


75 g -051 
47 71 +0 21 


Hnr-jJa-. 


Henderson AdintastnlionV IzHcHg) 


dvirranpa Rd. E 7 . < 1.-5215544 BrmMol, Euex. U 277 - 3 I»J 38 l.'npiinl Fund 


•^4 6 

jfcC.8 
, 170 ? 
] 117.7 
.uvC 
[W b 
.ISOS 


1 JL Funrfa 

s 21 rnbrt Ucr'fpiv „M -4 
ni ~r t JZ 3 Cap Crwib Frc ...)492 
53 f-p i.roatti Ac . 504 

*r Ji 4 )r 'I Imunpb tini+i. 1355 

4 i -0 J] 

iri 


r ‘ - r ‘llni . .-[25 
: f. . Il- T L .Jm 

•i 67 2 

■ ' i-i'^i |76 9 


122 d; +u.> 

31 4 -fl j) 

69 

370 .. ... 

3 6 Jg+ t 0 2 | 

480 ; +8 j 

wi.uS 

155 5 } . 

'n-.t suh d.iv urt. 31 

*46 9 58 71 + 93 ! 5 . 4 X 


■44 4 
90 7 

..»M” 


Inifi inr It .VMMi. . [355 
Hich Income 1 'iunb 
Hichlnnnnr _ . '66B 

■ ab+4 tom Inc. ,6fl 5 

Sector Fuads 

Financial 8 r ITU 128.6 

».*il A Nat lies [ 30.7 

International 

-an .1 -v,>, i-i tflC.td MI 6 

Uji+PD 1 4 86 InlrmaJimoJ 064 

5741 -3 5 j 2 06 U IdUideOcIJi .1769 

70 0] +OJ 4 72 Otnrsrat I'unda 

80 J[+ 04 | 4 72 Ai.sl.-ailaa (413 

I-'jropcan-.. 


311 
471 
549 
5.72 
383 
566 
4 73 


58 
524 
53 7 : 
37 


+EJ 

*os\ 

+ 4 U 


1 -,. 


Ir.1 fm. . A A 
660 1 'rnal. Fund 
27 b Acnamlir Fund. > 
2 76 roifcnnjrci Fund 
5.97 Far lju.i Prt 

Anu-m-u FTind 


8.17 


71 « + 0.3 

63 . 7 ^ + 0 ^ 

32 ?} LSI A*- cu ® Cmut«j:|Sij 


310 

33 5 


43 b 

47 ] 


473 

Sl 1 

+01 

479 

51 E 

*0 1 

179 

411 

+0 1 

59 5 

75.1 

+D;J 

5*8 

72.2 

+02 

29 B 

32 .B 


2 b 1 

281 

*0 l| 


BHD. 

9.6 
47 
4 2 
47 
38 
2.9 
29 
120 
L 4 


■H. HI.H-mshun Sq. WCl A 2 RA UHC 3 B 8 KI 

3D7 Praril.-alih i i 11577 167 . 4 MI | 4.11 

??: AiCUUL (. nils 12279 241 . 4 ) 4.11 




2 !- ring Unriben? & Ca UdLV fail's) FartTasi.. 

:>i...l: s. . r »• f. ot-saaano fcnean* 

■ Am. ^ ..... ^ . 


I -■ [ 181.6 197 J 1 J 

m ... [ill fa 243 . 5 1 _.i 
-■■i .1 on!, dar October IL 


3.95 

3.95 


N. \mEcpi.UrtB._ 

CfahitAm. Sbl.. 


1036 

419 

1268 

57.9 



rbop.rrate Progressive Mgjait. Co.V 

••h..p.jar.;.F:ai 11 1 [>886230 


Hill Sanmel Unit Tst. Mgrs.t (a) 

•iSBAerhS! . EC 1 P 3 I-X (114088011 


■■mi t.i.,i :%9 
'‘sen: ^-...JiiSo 

■••••! -I * '*. 1.3 


209 71 +071 

_ _ 249 « + 1.2 

1944 19 b Jf { 

‘ + • E 04 5 217 61 .. | 

-TT .ab. df.r. , Oct. 17 . •■DcL Itt. 


324 

324 

118 

2J8 


•b> 3 iitisiiTnd 3 .. .. 

'iilnilTruM 

lfi) Dollar TruM. : 

iha'apilalTius: 

ibi Financial Trust. 
'hUrrmw Trn-a 


r-rid’i Fund ManagersV (a)fc> 


ihiStc un tr Trual _|545 
(biHiefa Yield TsL..| 3 L 7 


1613 

389 

B 2 4 
>312 
•Ul 

sSI 



II«Mi.\ iiotuc, Kinfi Willi aw SL. EC 4 R _ . , 

n;-<S:i 4 jHi. Inlel.V (aMg) 

^4? s3J ■ " |1 oi ls - <“h ndophiT Street. RCi 
345 
345 
543 
408 

4 08 Key Energy I n Fd~ 


37.26 
IL 5 
882 
33 4 
98 6 a 
305 
58 Ji 
34 . [ 


+ 0.91 

+05 

* 0.4 


+ 0 J^ 


503 

2.80 

224 

455 

491 

733 

501 

7.79 


fill 
r.i.. -K-^n i: Geo.i - 
In. •'wu-' ....... .1 

•'.•ri! aiinc r^; — 

Itrr 

F..-npl* . — ..... 
•rivru’j Ini t— — 


J Acc 7 .. p 96 



Taalinc ■Tiu.-st'.W EThurs. Price? On . 3 4 0 Ki>v Eentifv& lien.. 

_ *Kcy Exempt Fd.... 

Sirtannia TVrust Management taUg) k«- income Fund.. 
n i.wrii'ii Wi.il BnlldiiiH London Wait. Key Fi.ird int Fit. 


Lontiai EiTlil SQL 

A::+I- - - WO 

V 4 sutul Ace — 59.7 

< rs'a-n!. Im .1 |bl B 

■ .wniwo-'il’. — — ifi 53 

’ 2 -°. 

iiraifll • 1246 

t.rtr-Jncunre™_. 114 

F.-.r E>j . ^224 

Financial ^ecs_ — 669 

GoU&Lcnural.... . I 0 L* 

fn^rtSSihlr-WS 

Jnfir.rmrth.. _ — iUt' 
Jl.. ir^-Tsl j'harus. 492 

Slinerals 41.2 

N. » Inch lac — - e 5 4 
Ncerlicue.. 390 

;.r: 1 b Americas 30.3 

577.0 



' 01^380478 04 Tfl 
8611 + 0 . 7 I 
642 +04 
. 57.*, +94 
918 +o!a 
452 +04 
131 ! J 
44 b -+ 02 H 
247 u 
720 +04 
2090 - 0 £) 

95 9 +071 
83 1 + 06 ) 

73 3 +D 

53.8 + 0 . 5 ) 

■4434 - 0.1 
91 M -041 
42 0 + 02 ) 

325 + 9.4 


-. 01 - 2477:43 

lafel Inv. Fund ( 92.1 ; 99 R 10 

Key- Fund Managers LfcMaHg).'-- 

!! 5 . MjlkSuEUSVBlE. 01-6067070 

1828 88 ( 524)4 322 

[744 792 +06 444 

|l 72 Old. ID 0 a ... . ; 545 
|MJ - 9 L 7 + 0 J . 9.03 

6 634 -r 0 .« 1256 

27 1191 +O .0 + 552 


594.1 + 5 ^ 
• 16 i 2 n +0J^ 
526 a + 0 .? 
375 *t + 0.7 
374 +U. 4 ) 


Key Small Co aKd. 

Klein wort Benson Unit Managers^ 


449 
349 
408 

4 57 KR.rnltPrf tnc... 
3 . 78 . 4 >hLC. UnlU-'dAc — 
6 66 K-B.Fd.lnv.TidS. .. 
8 79 . K JLFdJn.Tot.Acr.. 

'dine.. 


20 . FcncKim-hSt., EC 2 


01-022 8000 1 


2 93 
434 
264 
3.61 
6.98 
215 
364 
291 


KBSmliTo'+Fi- 

KR.Sm.Cos. FtLAcc 
Hleb Yl<t..Fd.Inc„ 
HlfibUd. FiLAcc^ 



L & C Unit Trust Management LuLV 

The Stock Eehungc. EC 2 X JHP. «l -588 MOO 

J usia&niiai 

LSI 


807 

L 91 


£3 

4 . 46 . 

451 

2 J 7 


Lawson Sees. Ltd* <9tye) 

3 SitJneen - «SL. Lombut BCfSIRY. 01 - 236 SM 1 


iRaw.Miicnali. 

■*f Accum. I’nrlei — 


Tbe British Life Office Ltd-V ta) 
Ss-danc c j TnnUndue Well+. KL 4 BSQ 2 M 7 I 


1400 

m 

630 

402 




Ul. BnlisJi Life |533 . 564»4 + 0.41 5 41 I. 4 u 5 hV 

VLJ.J-;Iio«t: 54 . 7 . 3 .... 56 Z Jl 1 **; 

BiriAi.t.ti'J*. .143 9 47 .M- 14 ) 957 

rPncei ncL.'l. Next de.xlins Ocl 1 & l * al - * 


UnjwtliFTind.. . _ 
■•.AcGUm. I’nitei. —Il 
ttCili and Warrant ! 
tAfnojuan Fd , — 124.8 

Ji Accum L’nlis.' 124.9 

■H mb Yield :»54 

i Accum. Uniuu_ 1652 


M 
lil . 

43.3 -+ 0 «H 

2591 

26 U 

49 01 

703 


2.64 
2.64 
175 
0 50 
050 
11 16 
11J6 
Fn. 


PriTn'n Shipley & Co. Ltd-V 

Migr+.. Fou c dura CL.' KC 2 

FSIniwOcLS 1224 4 

Jw A'C iiTrt. 3 JZ 842 


Oi -COO 8520 

2412 ) I 460 

305 5 ) -.-I A 60 




2 } 4 . 
L 2 5 
J 5 
? 5 


. 37 Od + 0 , 

ZOOS - + D 

512 + 0 . 

12 9v to il 938 Leo .\pcum_ . — ) 92.0 
“zfS +”3 4J2 ■ IJo ^ ,s Vnit TsL Mngre. LULV la) 


4.55 

526 

5.01 

SOL 

938 


Leo Dir 


dr+jnlc Trusts Ul m» 
p 577 

C.M-.i+ral .;_.:.I 19.7 
(IroHlIi Aci-unj._-.^f 4 R.R 
i lloVLh infuffiC — 38 A 
Ii i .’it T irume 30 J 

i ^ d«. “Errii'EET ( 2 * o 

Ci . e+seib ... — .— Z 3 .s 
IVrfomune *.. — .[*2 8 
y..-i.«ry . — 1210 

Kst-mrl. WUUI Jb22! 

Canada Life Unit Tsf. Mngrs. Ud.V Do •Amnh.i.:- 

j i) ilifchSi . Poi:c«»Bnr. Herts. P. Fnr 5 11 22 

4 T. 7 J +0 31 4 29 
52^+0 4 ). 429 
371+0 2 7 . 31 - 

48 W +05 720 


*51 oa. *TucS. TtWed. ITburs 

Legal & General Tyndall FundV 

lRCanyngeRoad,EriaIoL (C 72 32241 

Dis.Repl. 13 :..— [M .4 68 . 7 ) | 4 A 1 

lAccidn. Urutai ( 8 L 2 860 | j 4.41 

Nexl Bub. day October 11 . 

Leonine AdndnSriraiion Ltd. 

=. Duke St, London win BiP. 01 -UB 5®1 


.(Ml 


»g+og 

96 V +ii) 


447 

409 


Z 15 + 0.1 
66 6 + 0.1 
24.4 + 02 | 
MI -O’ 


310 ’ r.cg'Btrar's Dcpi , Um-infi-by-Soa. 
4 26 WonhlTULWolSllLjCV 


601 

4.57 


Balanced 

Du f Accum. > — 


Worldwide Onib. ..(569 


Iwomc B 9 . 


Dn i Ai-nijjii .. 

Eitra I ncoine 7 

Do iAituitl)- 173.7 


| 54 J 
74 7 


5831 . 

30 J] +0 b| 
+ 0.1 
7691 +oa 
95 U +oeJ 


S 21 9 131 0 ^ 




01-033 IMB 
430 
430 
2.13 
2.13 
5 71 
571 
7 35 
735 


Oil 

+ 0.51 


Cfi»e! • James) Mngt.- LtiLV 

tflft I -!'j F.-uud SU EC 2 N 1 BQ 

. .-il. M . . „^.IM 2 blflrf 1 562 

Jnoim- BiZ . «M 799 

r*lic.?s on i.R-L 4 . J.iaU dealing th. 1 . 1 & 








■Jr- ■ t.' 


ti rr 


Carlio! Unit fd. Mgrs. Ltd-V WWc) ABwri«ra^^.._ 
M;(lHiraIiou».vN«»Ta; 4 i 6 Hp<w;-T> 7 je 211 B 5 ^ 

C.irliol [WA . 7214 * „....! iot -AuatialaaiaB. 

L-o. As-crnr. Units -las* . JRl) ..—1 

3 '.vfIiC*iVicM [433 45 

Ih\ Accum UriLs.- 156 -O 


Lloyd's Life Unit TsL Mngrs. Ltd. 
TJ-W, Galehouic Rd., Avlcsburi 1 ( 1 M 05941 
01 -S 8 S 6016 Emmy Accum. -i — ( 17 L 4 . 180 . 4 ] .....J 3.73 

M & G GtoupV (yKcRzi 
Tlmrc QuaIs. Tower HOI, EC 3 R 6 RQ. 01626 4 S 88 
See also Slock Ea chance Dealings. 


VTLondenWaU.KCaa IDS. 



SflSl.-d 

>t\i dealinc date Oviober 18 

Charities Official- Invest. Fd 4 * 


397 

387 

829 

a 39 


i.Vrcum. L'nivd 

Co mm odity — 

iAccuin.Dniis> 

Compound DrovUi. 
Convert i on Gronti» 6 B 7 


Canvrndaolnc. 

Dividend... . 


01 - 3 E 81 B 1 S r Accum. Units)— ^ 


a 14227 — I I 62 B Ku rr peon 

77666 ' — I _....1 — lArcum I nitt). 

available to Ree Charities. Extra Yield — 

t Accum. I nilsi — . 


Japtet we James Finlay 


a - : ii! Chieftain Trust Managers Ltd-V <ane> i^SKi hSlSHCT 

3 1 " 5 - n f*-M jTp ' - ' OI-ZKKSKC lAci um-lmiis.. 




r-a-.ic iiesrre isti^ou 
Inent. Growth Tst... ' 22 H 

Confederation Foods Mgt- Ltd-V «a> ....... 

han«n- Lane, WCLA IHE OI -StfASK tKHSSaC . . Z.” 


I'.eiierai — 

iArcum.l'Di[A>- 

Hlsh Inrame 

' Accum UnilF 1 

Japan inenme 

i Accum Unite' 

Mac mi in ._ 


Oreirfihtljnd .....) 47.1 


4961+131 366 


Cosmopolitan Fund Managers. 

Br - 3 a Font Street. London SWLSSW. P 1 - 3 M 8 KS. 
«. l «rwjniaGlbFd.{ 19 l - 20 . 6 { + 0 JI 4.70 

^ , , _ rh>.IOivuui? Fd ..w^+ 14 & 2 . 52.01 | Uflfl 

Cralgnwant iipit Trt. Mgra. Ltd.. 


M:ilMoontlIi«hlnc.| 58 .i 

r- t 1 Tnli Tst 


S 10 Footer Lane. ET 2 V 8 H tL 

M , rt h Income— NJ 

Niir!h 4 aiPnC 4 nH.-J 50.9 

*J 


T Accum I'nilrj- — 

Hcrm-co' — . 

lAn um. Unicsi — ... 

SrcMdfiin 

lAccurti l.'n!l+.> 
Smallor'^ov ' Spec 
« Atl udl umr.-.).;- J 226.4 
Special Mad Funds 


516 . 

ll 

S ?67 


714 

127.4 

1246 

593 

643 

668 

»L 5 

m- 

187.8 
179 B 
1815 
2 fl 5 
279 5 
1910 
3162 
907 
936 
11853 
11.3 
' 0 


55 :oi +o 
563 + 0.3 
. 59.0 -D .7 
603 - 0.7 
US -1 +03 

93.7 + 0 i 
0261 +05 

732 -Ob 
760 +02 
1382 +05 
262.0 + 0.9 

57.7 - 0.1 
. 590 — 0.1 
965 * + 0.5 
132 7 +0 7 

63 0 - 0.1 
69 6 -01 
711 - 0.1 

870 

196 9 + 0.0 
3064 +12 
118 8 +0 5 
200 0 +lli 
1915 - 0 .* 
1933 -0 8 
SMI -03 
3085-04 
2034 +0 3 
3968 +0 5 
96 6 + 1.0 
99 7 +L 1 
' 200 9 + 0.6 
305 2 +)D 
19 L 4 +03 
243.4 +03 


L 91 

L 91 

156 

1.56 
453 
4.53 

3.56 
293 
7.79 

7.56 
7.50 
32 b 
326 
798 
790 
2-51 
251 
458 
45 S 
550 
550 
7.96 
7.96 
236 
216 
395 
395 
*37 
637 
■L 83 
3.83 
4.77 
477 
3.90 
3.90 


327 2 



DI-OHgXS Trustee 

(Accum. Units' 13102 

) — , Chan bond net 3 ._ 

— CharilH. 0 d. 10 — 

. . - | Accum. I'nitri 

Crescent Unit Tst. Mgrs. Ltd. (aHf 0 Pms.Es. Ocl 9 , — 

-Julio L'ri».^Ed:nbiirgh 3 . 03 I-S 534 R 71 Mnwnl.ifg Management Ltd. 


1582 l*t?f+ 0 .?( 6.17 

b 17 
1093 
749 
749 
551 


1095 

'.0 1594 

197 9 280.5 

*«J 15 A fl 


kl: 


+.10 

+ 3.7 


Air.pr.-FdT 126 3 - 
Irrcnwl‘ 1 . — ,.lH 5 . 

.. HiRh. Dif*. .-..| 464 . 

WM ^SSKhiRS 

Fond Managers 

KSU 7 AL ‘ 01«384485 


2831 + 0 . 4 ) 
663 + 0 S 

49.1 + 0-9 
44.4 - 0 J| 
26.6 


1.46 

108 

866 

4.79 





St. Gv~.ir£r'r War. Sltv 'MUfie. 013858101 

GmwlhUnlL': ( 56.6 . 59 . 6 | | L 79 

file Mayflower Management Co- Lid. 

14 ] 8 Rrcsha]n&L,EllSY _ Ol«fi 80 B 9 

InciimpIiCL 10 . jUU 1173 ] + 03 ) 812 

('■eni-ril i.ict. Ill ( 72.7 76 S +0 5 l 5 47 

r;Vln*S*Pl.»— I.PB 62 19 a«...»J 4 . 65 " Ui 1 enill.Ocl.IU — [ 45.9 483 | - 0 . 9 ] 3 .W 

E • F. Winchester Fuad MngL Lid. Mercury Fund Managers Lid. 

SS ra-a . ui fi 0 d 21 E 7 M.iTrwhamSuEUZP'JKB’ 

ii S?5^!L SSSSfe 

3 < EmfWD I'Hdlo Yti-ITLl - ^-4 1 ‘ J _ 

.vI r-- FaaiLK ■fecurilies Midland Bank Group 

* / Unit Trust Managers Ltd.V ia) 

« 5 see .Abbe ,- 1 Bit Trust Mngrs. f;(Hjftwonrt ^ ^ 


01 ^ 00+555 



3 ! S^ili- & L» fn. Tr. JL» lUlbllrllz) 3 -£“« . 

^ a 7 cr'hsmRd..Jf;2M)‘vcomlie. 0491 33377 Do Arciuti 

§ Euuitv&Uw. I70J! 73.M+0«I *M gjjfc 

^ James Finlay Unit-Trust 3 b«LIJd. 

lirii.fteNSilehlJvcLinlAsgmi-. 01120111-131 • 

j. Finlari Inicraal'L JM .6 2 bte.. r 

*■’"* VMS- g! gg 

28.0 . Min — 

32.0 355 « — 

.292 M 7 a — . 


l.Fn.ivIncorw'- 
j Fininyfcurn.pin. 
Ao-arn - 1 '.=Jis . 
il Finla-. rd InTiA. 


Aecu.-ri 


Foil- l »7 


I'ncub OcL t 


364 rf ._.. 


Next dealing 


Ocl IL 



_ 46.6 

*98 

Hich Yield— — .... M .7 
Div -Accum .. 70 7 
Kquirv F-ManpL*. — 10 * J. 
Do Accum, ■ — ~n.mi B04-7 



*Pn«ti at'Seyt W. K«l dealing Ocl 3 L 

CORAL INDEX: Close 508-513 


. INSURANCE base rates 


t Property Growifc, 

TVanbrugh Guaranteed.^-.-. 


-10*4% 
...! .9.75% 


t.\ddre« khown under Tqrarance and Property Bond Table. 


Mifih ltd urn ... [70 6 

In inmo. j 44.4 

t.K. I'nndi 

l'KKuuilj )462 

Ihrnctn FUncb+zi 

Kurupv 

Japan. . 

S f. AM 0 l;n+h K«l' 

Uj; : 

‘IniliaJ Jan neb until 
Kfrtur Funds 

rnmmo.ii ly |SD 6 

KniTK .1 1 712 

Fiih.niial Sri-j .. (71 3 
High-Minimum FuruU 
Spirt: I liiicnuit . |266 1 280 El +2 l| 

Svlpci Innime 56.0 59 la +0 5 ) 


+!■ 

...|94 0 10101+0 4 

1060 113 -0-; 

H*. [46 5 50 ffl . ! 
... 74.9 SO 5 + 0 b 


iKtelini; tTu.-. £. 

6.95 Sun Alliance Fund Mngt. Lid. 

Sim AMinnccH+u, ituch.nn. (.mCiBIN! 

7 74 6 . in EAT* Bn* 13 1-242 4 255 2 : f 3.72 

8 84 yrh+Familj Fd. (104 e 1113 +0 7 ) 3.46 

Target Tst. Mngrs. IJdV taiigl 
49 6 J+<i:i 4 BO 3 !.i.rtoJiajn Sl.F«t 

Tnrfit-M'iwiimoiJiiv 139 2 
3 07 Tarst-i Finuncixl ibi 2 
O 11 Toryil IJiual* ■ . 41 0 

Tarfirl Rfi.prt. 1 1 j 2 T 2 4 


TSB Unit Trusts ty) 

4 JJ 2 I.fhanu> Wav.Antlnrcr Hanfr. 0264 B 2 IS 8 
9 -U IV-a 1 infi« -n 0264 65432 3 


'hiTSP'>nnraJ .. >477 
' hi I In 4 i-i-lini . (614 
> 1 ., TSB InrniGc .. jMl 

•h. L**i Aicum i *68 

ThBSc.HUsh _ ...i 40 0 
1 1 " Do. Accum | 9 b .4 


51 1 
657 
6S2 
71 ] 
95 B 
102 6 


+0 51 
+0 7 
-0 6 
+0 6 
-0 7 
- 0.7 


370 

378 

688 

688 

229 

229 


■Vi. 23 . 


86 6 x 11 -0 
776 -D 
780 +0 


LSD 

1.29 


317 
1 70 

3.10 

208 

7.11 


®D.i'ArP Unite 
TarreJ Gill Fund . 
Tnnirf Grunl h .. . 
Tatcrt I'.H-ifl'-F.f 
Ik. Ki+m. i riis 
Tare cl lev... - - 
T 4 l ITOU.U. - 
Tsi Inc. • - - 

Tip IT+’f - 


TtX .Special Silt. ... [ 21.5 



ai.nfij 1 - 1298 5 W 1 I'lster Banky la) 

354 UarmuSirccr. Beltj+t. 023235231 

4 40 .fc,.l lAirrUrtiulh — : 39.9 429 | -0 J( 496 

646 Unit Trust Account JL MgmL Ltd. 


Kinfi l!laraSl.E-. - 4 R ftiR 
FnnrsHsc Fund .. 1165 0 
Wiek-rrtnn Fhd. J 32 1 
Lk> A. cum (37 7 


646 
300 
4 40 
073 
0 73 

3 99 Wider Grom h Fond 

762 Kmc Williams! L-. 4 H 93 R 
1 |C Inn.mi-l’nls.. . _ : J 21 

4 75 At cum. funs „..j 37 7 


174 
33 , 
397 


61-623 4951 

] 444 

4.49 

I 449 


( 11-623 JOal 

33 M 1 449 

449 


Wl :::::) 


Crusader Insurance Co. Ltd. 


£qu ily Fund. . ....... 

Equilj'.Vc 

iTojifily Kit 

Properly Ace 

Selective Fu nd . 
Cwn-erti hie Fund 
IMnnry Fund . . . 

•Prop m Jjer 4 

FUan. K.I Ser 4 


'hurrhyarri, RC 4 . OI- 2488 IU V lnrola Ho«r«e. Towr TL. ECi. 01 - 826 »Q 1 I R- 20. The Fort un-. Kva.litic'+n.'ili 


London lndemoit, & GnL Ins. Co. Ltd. Save Sc Prosper GroupV 


1497 
1599 
|94 2 
1331 
123 6 
1131 1 
[1383 


9 EquilyKri > lH.-r. 4 ..Q 68 


** 7 onv. Fd Ser 4 _. 
♦Money Fit Ser 4 


[1137 

1116 


48 3] +0 6 ) 
34 7 + 0.5 
1576 +02 
168 4 +0 2 
99 2 + 04 
1402 +0 7 
1302 +01 
1301 + 0.1 
145 6 +1 7 
389+0 6 
1197 *92 
1175 + 0.1 


— Gth.rrop.OcL 3 | 73 J 


8321 1 - 


Mnue> Manager 35 3 

M 9 {-lexibir- .. 31 5 
Fued InicrovL_... 345 


LSI Helen s Lndn , Ec^P 0 FP. 01 -554 


Eagle Star Insur/Midland Assur. 

l. Thread neediest. Km. ni.. r 4 iBi 2 i 2 The Loudon & Manchester Ass. Gp.V 


_ Eafile;M id. Unite.. | 56 J 


5 & 4 | +0 3 | 5.83 


Pal Inc Fd 

Property Fd 1 

till! Fd 

Hep*-!! Frit. . .. 
'ump Pen-- Fdt 


in+lade Pari. K-h«. 
i'ai» c'.roi vth F und. 

Equity & Law Life Ass. Soc. Ud V SHSLmTprm.V.J 
Amersham Road. HlKh Wycomhc (H!M 3 X 777 *Bt, pL Inv. TA F d 


Pncex aL 'Vi lo. Vnhialioa normally Tucs. 
Albany Life Assurance Co. Ltd. 


F 4 |uilvI 4 ] ... 
Properly Fd j 


FIcMlnicrex F.^.o 094 


0 M 373 BB 2 Mixed Fd 


31 . Old Burl i net on SL. W 1 . 
ffckpnty F'i.Acr.. _ 

VFive+linl Ai-c.. . 
pGirt AliuievFd A'. - .. 
flnil.Man KdAcm. 

VProp.Fd Ate 

VM'ple Inv. Acc 

Eqnllv Pen.Fil Ace. 

Fixed I Pen. Ao...... 

Gtd Mon Rmi Acc. . 
lull Ain PnFdArc_ 

Proi.PenArc 

M'pk* inv.PeruAiT. 

AIHEV life Assurance LULV 

Alma H-k. Alma Rd. Reifiatc. Rmfislc 40101 . 


Hid. Ucposit Fd. ... 


[1960 209 Z 


141.6 149 . S 

„ 

1156 121.9 



1 X 4.1 120 0 


110 5 116.3 



172.1 181 1 

... 

236.9 249 ft 



1801 189.5 



1319 138.8 



1217 1280 

, 

1263 132.9 


212 6 229.7 



1214 

109.4 


127 71 + 08 ) 

lisif 40 i 


100 5 
11421 


1151 
105 7 
1202 


4 2 ? 

+ 0 . 1 , 

+ 0 J 


Fir ii hie Fund — 

Inv Trust Fund 

Properly Fund . 
UM.UemwitFd.- . 

MAG Group* 


I 242 0 


141 1 


95.5 


120 2 


120 2 


1482 


844 


100.8 



(OV'VIV. Uquilv IVns 

ICK.-X. 1 Xi l-mr, Pi-ni. Vrl < 


l -Top POICkKd. 

« ilh Pens Fd 

Uepoa.l'env Fd t._ 


2101 

196.1 
232 2 

95.1 
1009 


1411 
169.1 
1303 
1318 
2212 
207 0 
2451 
1002 
106 3 


0.2 


I Tire* on September 2 B. 
deal mint 



TWmrkly 


Schroder Life GroupV 

Enterprise House. FoiuiMUIh. 

2502 


070527733 


General Portfolio Life Ins. C. Ltd-V Three Quay*. Toner HillErnRCBiJ. 
BO Kanholcunei* UL. Waltham Cross. WXJIS 71 


~ Poritblio Fund | 149.9 

Poninlio Capi Lol „. |422 ‘ 


— Gresham Life Ass. Soc. Ltd. 


•J = 


Per* Pcnslou?**. - 
Com- Dcyw+U* 

BSl'SSS"-- 

Fnmily 81 - 8 eh*^_ . 
■ill Bond*-*.. 


_ 3 Prince or Wole* Hd . B'mouth. 1002 7 E 7 BS 5 Imerniilnl Bnml- ■ 

*. GL. Cash Fund. ..WBl 1033 ) | _ Manured Rd—_ . 

«SL Equity Fluid.... 1094 1153 — iTor+n+y Hd«.. . 


AMIEV Mnnaeed — 
AMEV Mfiri. 

AM E V. Money Fd... 
AMEV Equity Hd™ 
AMEV Fixed inL._ 
AMEV Prop. Fd .... 
EVMkAP 


14*5 154 «] ... 

1114 . UC .1 

1065 1121 

119.0 1254 j 

922 97.1 

. 9 B 5 3038 

.. Pen Fd. 1054 1111 

IV Mfid-Pen. B ' 1855 1112 

Fhnupian [989 IMj) ..™| 

-IKEV/Framllnfiloo 

American 1935 95 

Income 56.6 »J 

lnL Growth .J 934 98 ..,.. . 

For Arrow life Assurance pee 
Providence Capitol Life Assurance 
Barclays-Life Assur. Co. lad. 

232 Komford Rd.E. 7 . 

Barclay bonds' 1129 9 

Equity ..... 1258 

GUt-cdced™. ...1107 


H I. Gill Fund... 
U.L. Init Fun.1 
UX. Ppty.-Fund.- 


B 


E^V&FABdv 
Rewieiy Fd Bd 1 
Amcnran Fd lld 


— 'Growth Sc See. Life Ass. Soc. Ltd.V 




Bd.- 


Ill 9.6 
144 7 
169 3 
198 3 
107 3 
107 6 
246 0 
164 9 
87 b 
£ 9.7 
53 0 
bU 


251.0 


ex on -i.Vi. 4 . 


125 7 ' 

15 ? i 


3U , 
113 1 
3514 
173 3 

It 

Oct ft 


Equilj 1 

Kquitv 4 

Fivcflnl .4 

Managed 4 

Money 4 „ 


oct e. 


Oieneos 4 .... 

Properly 4 

KlSi+Hl Se- .v 4 . 

B S, Pen Cal'. « 

B.S Pen. Aic B.... . 

Mniid Ccn. i.'ap. R. |210 1 
Mncd. Pea. Arv B SiO 
F. Ini Pen. I'ap. B |%7 
K Int Pen. Avc. BpB 1 
Money Pen Cap B. 
Mone> Pen. Are B.. 

Prop Pen. Cap B_ 

Prop. Pen. Ave.B.. 


C 2 B 3 
S 3 a 4 
135.8 
IDS 9 
99 9 
1591 
123 2 
1231 
1352 


967 

981 

1025 

103.9 


240.4 
145 7 
143 B 
1147 
99.1 
1675 
1295 
1293 
142 0 
2212 
2653 
1011 
103 4 
1019 
1034 
100.0 
109 J 


OFFSHORE ANB 
OVERSEAS FUNBS 


Rnselex Mngt.. jcr.se>' Ltd. 

|v i 99 . Sl Hell.'- Jcr-r-. . ‘ ii.- uldnQTCTni 

Funelin . . - I--- 13 T 1 

Bunil+'ft-' |«:. 17 B 

Ko> +.‘Ie-. 7 np,-in i£ 14 < 

LcnL A+xCtei. ip . UL 136.98 


Atotander Fund 

717 , rue Kutro li.mu. (ji>i-nihnurc. 

Alexander Fund | Sl ’%7 30 | ...I — 

Nex a»vt value Urlubrr 4 . 

Allen Harvey & Ross lav. Mgt. (C.T.) 

l.L'harinjjCrp-i SL Melier.J OSM 73741 ... _ r c,, _ <r 

M.bfJ . 3 lHDi King A- Shaison Mgrs. 

Arbuthnot Securities iT.Li Limited 

PI*. Box 3 * 1 . . M Heliw. Jerxi". IIVM 711177 
'ap. Ti 4 iJer+evi._!I 17 0 121 0 ) -1 0 J 4.13 


. ii. ni-iiuj 

. 15 *) .. .j 3 0 
137 021+0 0 ?j — ; 


A HR Gill Edj; Fil...}Llfl 05 U.D*! 

1 i iianni'i'ro-* si Ib-lier l«-r-.ej 
Valb*v H-+-. .si Is-ler I'nrl i •••i •» 
1 TIkmiu- Slti .-I 1 + 4 H-U-.I 
Kill * uril.Jt-r-.i- ■ <£885 
ii:!'Tru-l<lo\l . .1103 7 
S*-»( llenlin>: >late iiundu-r li ' i:,K * nd. <-utTn.-*->;L 4 22 

Gov't Secs Tsi _ . (99 1011 . ...| 1200 | n |l <^, f . See* Txl 

Nexi dealt Dr dale i h-Ii.i.it IG Fir 1 Sb-rlinC irZ 7 92 

Eart&lollTM-n. .]ll 5 122 d 307 tiriuui ” S 

.Next dealing date lalubcr Ii 


dCKrTCIt 

i M IK. : e 

B 87 .-J 12 00 

iota 1 -.o:! i? os 
9 M»! . ) 12 J 0 

1806 .- 01*1 - , 
aVZI-i.iJ: — : 


Australian Selection Fund XV 

Market npponuniiies. <■ o !n-.h Yuum! * 
imthwaiie, I ITT, Kent .si . suincv 

I’SSl Shares.. | SI'M 5 a | I — 

Net asset value i.klulmr & 

Bank oT America Internationa! S-L 

2.9 Ruulerant Hrnal. I Jiv>-mUvur.* I ML 
Willi nvvvt 1 nrr.n» |U +11577 mw . . | 734 
prices J* WL 5 . .Veil sut. dale UfL IL 

Banqne Bruxelles Lambert 

2 . Rue Dr la Refieiu e B [mu Hrmvels 
Ocala Fund LF ( 1.931 1 . 991 | ......] 7.71 

Barclays Unicorn Int. (Ch. Is.) Ltd. 
l.t'hannfi iVox*. SL Helicr.Jrsy. 0534 T 3741 

Kerveaa Income ...147 0 49 5 ) [1200 

'airtoliorTruic.™.|R.s 2 )U 1222 e . . ) 18 

L'nibond Tnm (ll'S'JCf? l£v]tOJ 9 | EDO 


Klein wort Reason Limited 

ftu 1 em-liun-h M . Ei ~J fUST. SWl 


Eimn< iir Lu %. i 
• .niTitefyinr 

I »a \i-i-nni . 

KP Far KoM FO. 

KRIuU Fund. _ 
KR Japan KunJ . 
b il ( S. I.lvtli. hit 
Sifin.-t Heniiu l.1 . 
*L Qif 4 nit'.i]>U 


I 1 IBS 

ImO 73 «j 

i« 5 1 icy 

6 VM 432 
S' -::J 5 
il— 4 ! 4 ; 

SI 'Hi; 04 
ir.*S ?3 
m.io 21 r; 


'i' it i 


245 
•1 IB 
■J V,. 


0 67 
171 
A 02 


kb avl hi- Umtlon [tii'ici: a/rnte urlj. 

Lloyds Bk. fC.I.l V/T Mgrs. 

P ■ •. Ho» I US M llrlrr.ji'.-Sii . 1 AU 2 TV 2 
UoyfL. l- 4 .li ^>- [63 1 66 i.r) j 0 b 7 

Ne.t: dealing dat*.- r'civ'.w-r id 

Lloyds Rank Internationa! Geneva. 

1 . I'bi-c !V-I X.r I'll Hci- rjl l^ll ;« nr.+ ' I. 
IJ.rt-.i- ini. Gro-'H". i k F 713 X KJi 5 J 163 
UvcduIoL Ii.cbnx-. 13127+0 365 SO] ' £50 

Barclays Unicom InL if. 0 . Man) Ltd. M & (! Group 

I ThoniaA St.. Doufilax. I uU. 0624 *e <6 Tiins- O.iawToww 11.11 E< T.KuPQ rt! 


L'ni.-orn Auto. Exl . 

Ml 



[k> Anxt. Mm . 

16 ft 



Do tlrtr. Pacific . 

597 




394 



Do 1 at Xian IM. ._ 

45 9 



Do. IUiu Mutual 

26 ft 

28 S 



1 50 
150 
B 30 
83 
B 4 
140 


Ail am i r i iu ISI'MS 
Au 4 r . . is - 4 ...ill < 2 . 6 ! 
l.l*l t. Avv.nu 4 . hi 1173 

1 land 1360 

• 4 v*mn i Unite- !l 96 0 


S$Sr* 0 ti 7 ( 

\? { I Z 

is* 3 d *0 «3 ’.3 

::p Si -,0 :■ «3 is 


Bishopsgale Commodity Ser. Ltd. 

p.i 
AI 



Bridge Management Ltd. 

PO. Hoc 5 U 3 . Grand Cayman. Cayman ly. 

N'baxhi tk-i . 5 1 Y 17 J 76 I | — 

GPU. Bax 590 . Hone Konfi 

N:pponPd.ocL 4 _|ntaia sm| [ 0.72 

Britannia Tst. Mngmt. (C!) Ltd. 

30 Rath Si .SL livrlier.Jurv^r. 05 uH 73114 

SlrrlinK Itnuninalrrf Frio. 


Cmxih InvM (38 6 41 ' 

Imnl Fd . .. 93 1 1001 

Jrrvry Energy T+L . 132 4 M 3 l] 
Linik-hl.STn Slfi . £2 28 2.4 

Hieb lm.stle.TM. ..]o 96 0 • 

I'X Dollar Drmuiri Bated Fd*. 

L'miU ST *1 KI-SS 54 

InlJLftb InL Tn |o 97 


200 
1 DO 
1 50 
1 DO 
12.12 


io 5 $::'::l » 9 o 

Value Ov-L 8 . Next dealmfi ikL 18 . 

Brown Shipley Tst. Co. ijerseyi Ltd. 

p.i». Hot MB. SI Heller. Jersey. UKM 74777 . 
Slerimfi Band Fd. . |£ 9.96 10.001 i H -75 

BaLterfield Management Co. Ltd, 

P.O. Bor IDS. Hamilton. Rrrnuda. 

Rurtreai Equity |tls 25 J 2621 t 148 

HuttreMlnranie . .HUttC 2 H . . ..) 7 34 
Plitea at Sepl. (1 Next mb. day ucL ft 

Capital International 3 .A- 

37 rue Notre- Dame. Luxembourg. 

Capi'al InL FuuL..| 5 US 19 JU ) 

Charterhouse Japhet 

1 . Paternoster Row. EC 4 . 

Xdiropa. 


Samuel Montagu Ldn. Agts. 

m .v.i.H-H 
4 C 63 [ ... . I 3 51 

;>d ' on 

llJ- . ] 3 2 » 

6 l 3 .- 09 ei OuL 

UPft .. ■ — 

Murray. Johnstone ilnv. Adtisen 

on iioi*cM .'iin-ortv 1 " imi r-' 2 i 

■Ilnpi'S: lif .. _ 1 S '. -'-42 17 [ — 

"Muttos Fund 1 SI ->12 15 ; j — 

WAV MlilvRiftt SO 

Negit S.A. 

lil.l rl'Uilt'tnrrl Rd’-al. l.U';r»nhiurT 

AAV i.Kl. 6 | SL 61231 . 1+6 IS! — 

Negil Ltd. 

Hank v<( Kv-rmnda CI.ica, Hamilion, Rrr.+ii. 
NAV w.in.» lib 92 — ; | — 

Phoenix International 

rn riuv TT. >1 iVlvT Port, Gutrn-nv. 
Iiilci-Ditlbr I'unJ jl 42 2611 j — 

Quest Fund Mn^sint. 'Jersey) Lid. 
r.u. Bov lf*i. Sl Hvlivr Jv-r. +.-;■■ iftti Ji-nl 

QuwSlK.I"J InL {616 95 11 . .1 — 

Quwl !u(i -A.-CI. SI MM: On) 1 — 

Qui+Hnil Brf 097 b] i — ; 

PriL-vr al i.VL 4 . ,\r vl dv-jlin^ OiL IL 


Richmond lJie Ass. Ud. 

48 Alhol Sirr+ 4 . Iiv-i^la-. IOM 
• viThi-MlierTruM 1133 5 1167 , 

R1rhnkir.1l vhI Ud 1 XS 1 224 +J 

Do Plnurum Pol Il 45 S 15 '- 1 

Ito liiamoiulfui 97 0 2 00 01 

Do. Em K.'Xi Mri. _| 164 9 173 U 


CK 24 33 i 4 

+ 5 a| 1 DS 2 

iTso 



Weir Bank. Bray -on- Thames. Berks. 0 S 28 - 3 «jB 4 Merchant Investors Assurance? 


Flexible Finance.. 
LanribiuikKees.. , 
Land ban V St—. Arc ]118 1 
C. 6 S. Super FtL_, 


W J : ::::| = 

uHd = 


Propeny... 


1361 
1325 + 1.0 
1166 + 0 J 
1151 ... 
1016 +10 
120.6 + 0 * 
1055 ..... 
1087 + 2.0 
104.9 +19 
1023 +03 
981 +01 
108 0 +01 
1038 + 0 . 1 ] 


Propeny - . — -~ 
Property ren> — 

Equity . 

. Equity Pens. .. 

Guardian Rayal Exchange 

Royal Exchanfie. E 1 . 3 . 01 -283 7107 Dcptr il - 

Property Bonds __..|l 87.6 195 . 4 ) 1 — HepiwitlViue 

Manneed - 

Hambro Life Assurance limited V t*?’. \ LZ!! 

PI 4 B 4 SSM 7 Old Park Lane, London. W 1 0 MD 00 IB 1 lna MamwcU. 

Fixed int. Dep_ 

Equity. . . 

Properly 

Managed Hap 

Menaced Acc 
Oienteas. ....._ 

GiUEdsed _..., 


— Levin Hf .233 Hinh Sl, i "rovdan. 014880171 Inv. Ply .Sene* I 

Inv Ply Serl«n 2 _. 
lnvti'ashOrL 2 .. 
KxUL Avc IUJL 4 .. 
Ex. 1*1 lnr.Orl. 4 .... 


Scottish Widows’ Group 

*ViRox» 12 . Edinburgh EH 16 SBU. 031-8550000 


157.9 



1661 + 2.0 


619 


1787 


142.9 


1854 


190.5 

...... 

143 5 


109 2 


143 4 


106 * 


104.9 



1102 

W 

1414 


11021 
1094 ) 
104 .S 
151 j] 

277.71 


lnLenuitionaJ„ 

Manafied .1114 5 

Mom.-) .... „JlB 02 

Hn.PM.tAcriua.pl 02 

Da. InUial (996 

CiKEdaPeiuLAce... 97 J 

Do- Initial M 3 9 

Money Pena. act. — (1026 

Do-Tnilial — (986 , 

■Current umLx value Lirtoher 5 . 

Beehive Life Assur. Co. LULV 

7 L Lombard SC. EC 7 L 

Blk. Horse. OCL 2 ... I 133.70 | L...J — 

Canada. Life Assurance Co. 

Z -6 ICfita SL. Pullers JBar. Heats. P.Bar 31122 
EqtylRhl-dOcL 2 ...I 633 

ReUnC Ped. Sept. 7 .) J 26 J 

Cannon Assurance Ltd-V 
1 , Olympic Wy., Wembley HAB 0 NR 0 I-WJ 2 R 87 B H earls olOai [372 


Aibeinran Acc. (1016 

JVo.F.I.Den Fan.. . 
I'en.F J JTeteA cc. _. 

Pen Prop. Cap 

IVn. Prop. Avc. [ 2*98 

Pen. Man. Tap ... . 2134 

Pen. Man. Acc 1277.4 

Pen IHUEdd.Cap— 

014 B 312 S 8 E^S , ? 5 dc **- 
Pen- B.A Cap 


J— J - 


Pen. DJV K. Cap 

Pen. IXAJ-'. Arc 


11269 133 * 


1909 201 a 


1665 . 17 SJ 

■ •-a.. 

1485 1564 


1841 , 193 i 


1292 U 6 J 


125.6 1323 


101 * 107.0 

_ 

129 ft 136 0 


152.1 1*82 


207 5 2185 


2698 2840 


213 4 2247 


277.4 292 0 


122.5 129 0 


130 ft 1371 , 


1261 132 8 



145.1 1526 


103.6 

fci „ 

1060 . 



NEL Pensions Ltd. 

MJlion L'mirt. Dorkinc. Surrey. 
NclevEqvap. ...189 0 
NoJcxEq V-i-um... 1230 
Ndcx Money Cap . 62 9 
Nclex Mon. Acc. 67 7 
Nelex GHi liu Cap. 53 9 
Nrtex filh Im- Arc. 55 7 
Ncl Mid Krt. i op._ 48 5 
Nd Mid K.I 4 .-C ...1497 
Ni il Sub. 


iSSJ+O'd — 


66 Z 
712 .. 
56 7 .. 
Mb . 
510 . 
52 J| 
da? October 25 


Med. Pen OCL .5 „)2777 

- Solar Life Assurance Limited 

— in 12 Ely riai-el 4 >nrion EC.lNinT. 0124-2905 
Solar ManaiiedS.^ 

Solar Property S 

Solar Equity S 

SnlarFid.ini S . 

Solar Caab S 

.■volar inU S 

SOU Solar Manaeed P . . 

Solar Property P ... 

Solar Equity I* _ 

SolarKiHJni P._. 

Solar ('ash 1 * .. . . 

Solar lull P 

Sun Alliance Fund Man grot. Ltd. 

Sun Alliance I louse. Horsham. 040384141 
E*pTd lnLSep 4 . 13 .IQ 57 2 163 .* ... .J — 

InLBnAicL 10 | £ 13-39 1 + 0 . 24 ) — 


1327 139.7 


113.7 119 7 


1767 186 1 


1174 123 * 


1018 106 ft 


994 105 * 


132 ft 1392 


113.4 119.4 

■ ■■ 

1763 185 6 


1170 123 fti 


Ml* 1080 


993 1055 



NP 1 Pensions Management Ltd. 

48 . HracediurrhSL.ui^iPaHH. 01-8234200 Si* -Alliance Linked Life Ins. Ltd. 


Equity Unite .'. _ 

J Unite — 
. _ juffEvec . 
Pnw.Bond.'Exec _.. 
BaL BdJEicccIUnit 
Deposit Rind . ... 

Equity Accum. 

Property Arcum. . . 

Mncd. Accum.——. 

2ad Eqnily 

2 nd Property — .. 

2 nd Mb maced.— 

2 nd Depod t.— , 

2 nd ill 


£1816 — 
£28 36 
£ 12.08 
£U!U _ 

£13 62 14 41 ) 

Uia 1194 

190 
( 03.12 

[ 99.7 W 77 l*^ 
(l06 8 uaq 
101.0 106 . 
( 98 J loiaf 


2 nd. American.. 

SndBq. Pons /Acc.. 
2 ndPm Pens/ Acc. _ 

2 nd Mjid. Pem/Arr 

2 nd Dep.PanB,''ALT.L 

and Gift PenK/AccJ 9 L 4 
IndAoLTmt-Mcc * ‘ 
L*ES.LF_, 


JW 9 

iS’i 

fioij 


tea 


— S3 


+0 ML 

+QCW] 

12 7*+0 03 
14 4 ^-. 0 . 

+ 0 ^ 
+0 4 1 
+ 0 . 4 . 
+fli 

+oi 

fOil 
+ 0 ^ 
+0 5 | 

+oa 
+oa 

+OJS 


962 
985 
108.9 
1180 
110 9 
3177.2 
967 
100.7 
42.5 
305 


+ 03 ) 


Hearts of Oak Benefit Society Klu - f>ylm Plan . 

15 - 17 , Tavistock Place. WC 1 H 9 SM 01 4 J 87 5020 Small «V> v K.I . _ . 

39 J| I — Techiioliw:. I-. 1 .— 

Ijilra Iw. Fit . — 

Rill Samuel. Life Assur. Ltd.V ZZ : 

NI^ Twr . Addteromhe Rd. rrny. 01-8864355 ‘Jill Edqcd F.l - — , 


— ilanwe .1 Fund 11572 163 71 1 — 

rn.ts '.XL 2 . Next dealing Nov. !. 

"* JV'ew Zealand fns. Co. U'.Kl UcLV 
* Maitland Mouv,?. Southend SSI 2 JS 070282055 


•Property Unite ... 
Properl} KerhryA- 

- Managed L 1 oils ... 

Manneed Series A . 
Managed Sen ca C . 

Money U cite 

Money Series -V 

T-ljced InL Srr. A 


1161-2 

105.1 

1718 

MU 

979 

1222 

98.7 

933 


Senes A — 197.7 
1460 
155.6 
1068 
113 9 
1072 
0088 

III 
m* 


PnfL ManotMd Cap. 
Pns. Managed Act. 
UnK. ITteed. i'ap — 

Pns. Cteed. Acc 

Penn. Equity t'op— 

Penv. Equity Arc 

PitePid-lot Cap _ 

Pna.FxdJnt.Acc 

Pens. Prop. Cap. 


Pcns^ Projx Acc — 1978 

Imperial Life Ass. Co. of Canada 


L&ESXF .2 

- Current value' October ft 

Capital Life AssnranceV _ . 

Cqsistou House. Ctaapd Ash VTtoa OfltQ 28511 impcnal House, GuildTonL 

Key lovi exL Fd. ■--... | 1 D 7 .« J ...... — r.n Fd.Od .6 [ 77.1 

Pacemaker. J nu.Fd. . { 1 W .76 j 1 — PoiuxFd. Sen 2 S. . 712 

C^arterfumse Magna Gp.V ■ .. Mai«i rtatfahTi 

Stephen son Ilse. Brunei L'mire, Blctchloy. — |S 5 

MllUK KCynedVOBtHlZlS 101 


1693 
1107 . 

180.1 +05 
1067 + 0 l 

103.1 +flj) — 
328 7 
1040 

983 + 01 , 

102 9 +0 J 
3537 ..... 

1631 

1124 ...- 
U 99 

332.1 _... 

3146 

1012 

1026 

1015 

103.0 ...... 


v’on lH.-poMt F-t - 


1574 
106 7 
1173 
100 7 
12 1.8 
1190 
1049 
197 9 


162 JI 
112 3 
123 5 
2061 
117 7 t 
1253 : 
110 « 
103.01 


+ 0.2 
+ 1 6 


Su n Alliance House, Horsham 
Equity Fund - _. 

Ki \e<ll nU-rcrt Fd. 

Property Fund 

InternMIOnal Fd. . 

Deposit Fund ..... 

Manafird Fuad 

Sun Life of Canada tl'.K.! Lid. 

2.1 J. l.ocltepurM . SWIY 5 BH 01 830 MOO 



Maple IJ flrtli 

Maple Lf. Mnmld. ... 

Mai<lcll Ear.- 

Peran I . Pn r.i 


214 1 
1372 
1351 
2115 


Norwich Union Insurance GroupV 
ptiRnx-t.NunvichNRi 3 .Mi. «sw2iaiio Target Life A&surance Ca Ltd. 


Managed Ki' nil. -. 


— Equity Film I [3698 


Property Fur d 
Fixed ln> Fluid — 
Itepn.ll Fund 
♦NvW.UiUlSpl.l.i— 


12219 


|1326 
1533 
1075 113.1 

22&0 


233 5 
389 , 
139 . 5 ) 

161 jj +0 2 


+0 5 ) — 


+ 0 . 1 1 


— Target House, Ualehouse Hd . Aylexbury. 

— Burks. Aylesbury | 0296 j .W 4 I 


Phoenix Assurance Ca LUL 

+ 5 , Kind William SI .EC 4 P 4 KR 

Weaiih Av- 11153 

F.l.'r PI. 1 82.2 

Eb'r. Pli.Eq h [ 8 L 7 


Man. Fund lne_ 

Man Fluid Acc 

Tn*p Fd.Iiie. 

Prop. F'd. Arc. 

Prop Fd. Inv 

Fixed ini. Fd. Joe 


Su 

fi 329 


12131 0 l .T~* :«»» Acrivnvr 

b 6 a| — 


— Prop. Eqniiy & Life Ass. CaV 


lis sirecLWi H ftxs. 

R. Silk proii. Hd 1 IBS 9 

769 
1515 


an. Pen — 

Man. Pen Fcl. Ar 

Man.IVTi.Fd. L'ap 

Clli Pen.FU.Acr 

Ci It Pen Fd i'ap - 


01-186 0857 F-ropFYnFflArc. p 554 


Tl+SS I * 0 EflUlIJ H*l 

•jqj ■ Flex Mon* 1 } l'-J • • - 

77 ,31 ZZj - 


I*top.K-ilKH i'ap. 
Cuar Pen. Fd-Acv— 


iluar Pen Fd Cap, K -5 


Properti- Growth Assur. Ca Ltd.V 


II.A Pea Fd Al 
DAJP enJ-UUap— 


, 1110 - 

1015 

»! 

@319 

Mo 

1312 

1233 


144 0 


lSl 


+2 0 
+S .0 
106 + 0.5 


1545 

959 


]95 B 
1955 


1016 

807 

66 E 

1381 

1264 ) 

138.7 

1291 

3636 

1626 

1001 

1005 

1001 

2 SB.S 


+ 0 4 ) 

+04 


+4 1 
+ 3 .a 


Oirthse Everts- 

Clinlu*. Money 

llmllwi Manaced . 


38.4 

29.7 

M.D 


Chifltee- Equity — 04.9 

-Mafina Bid-Soc 

Mama Managed 


oflal jJlll Secure. Cap F’d. — [973 103 

40 . 41 + 01 ] -- Equity Fund [lflO .9 106 


31 7 \ + 0.71 


36 tt 


1345 

1510 


-S 7 i 


36 H- 1.1 


1 — Leonllou.-e' 


— Irish Life Assurance Ca Ltd. 

1 L FfriKhu ry Squaro. Et’i 

THueSbp. OcL B. " 


City of .Westminster Assur. Ca Ltd. Managed Fund . Z 

Riaitelead House, 6 While bon* Rood. Exempt. Map. Kv‘ 

t'roydoo CRO 2 J A. 01 - 884 WS 4 . Proix Mod.Orbl 


. Fond. 

_ ..-Fund 

Equity Fund- 

FarnJihd Fund^-.- 

Mooev- 5 'niHl 

<3111 Fund ... 

PULA Fond 

Pmiv, Mncd- Cap.—. 
Pen*. Mnfid. Acc..— 
Pcre- Money Cnjx _ 
nxv Money Arc ... 
Pens Eqaity Cap.... 
Pens. EquiiyAc. _. 
Fund nirrqntly e 
Perform Unite ] 


| 61 ft 

65 0 ...... 

184 ft 

190 0 ..... 

640 

673 + 0 ft 

B 19 

S 6 Z 

125-5 

1321 

624 

*56 ..... 

1710 

174 0 

124 3 

IMS ...... 

1300 

136 S ..... 

476 

501 

098 

521 

572 

602 + 0.4 

598 

62 9 | + 0 . 3 ] 


] To periy Fund 

Propcrrv Fur'l 1 \-.. 
.Anni.uI 1 ur.xT Fund 
Aanc Kaud-A' — 
Abhev NaL riuui... 
Abbey *«ai. F'd < 

111-8288253 Inviranicnl Fund 

5.00 lnii-»lrm-n» F-! ' »' 

JvquSiv F*un <1 . ■ 

— Eqnllv FXiii.I'Ai — 
— Wcim-v Fun.J. 

__ Mnucv fxnidi \i. -. 

Ai luorial Fii-'rf . .. 

King Sc Shaxson Ltd. JlSSdjS 

52 .iVmihiIi.EC 3 . niR 235433 ♦R+lireAimuiP...... 

Bond Fd. Exempt -. J 1 DU 10353 [- 0 . 01 | — 9 lmnwx 1 inu'U 

exl dcallr - 


_ Pnnv.Mod.LKh., 


rL 8 . pftl 8231 

ind 2353 247 7 

o.Fii— 111.0 1160 

fctl-_ 180.7 1902 « 

Kh. 201.9 2125 


Next d cafln£ dale Oct. 18 . 


AM^B lhi-r Ac? Is.) 
VAUWVrther' ai*. 
9 lnv- Fd UL-.. 


rvc-dtib, CRSll.L* 
1887 
186 9 
7 B 74 
7 B 0 0 
1577 
1575 
703 
699 
1850 
1839 
14 Z 9 
142 0 
1176 
1235 
1235 
1552 
147 5 


oi-BBonsx) Translate irrational Life Ins. Ca Lid. 


+10 
+1 0 | 


2 Hn-»m Bide- .EC 41 NV. 


Tulip Incexr Fd .. 
Tulip Maurri F'd. 
Man Rond F'd. - .. 
Man Pv-n FM i'ap 
Man Pen. Fit .V c. . 
ManCd Inv Fd Inti. 
Mncd.lav.Fd Acc.... 


[1499 
118 6 
122 6 
1269 
135 3 
1012 
J 0 L 9 


m~Klf «407 
157 8 ( -t -0 5 [ - 
1241 +0 2 - 
129 0 + 0.4 - 

1315 +D.J - 
1424 +05 - 

1065 +03 - 
1072 +8 4 - 


Trident Life Assurance Co. Ltd.V 

Run-Jade Houur.GlourcsIer 0 -UC 36 S 41 


owif to npw InvevimenL 
218.4 1 . .1 


Langfcam Life Assurance Ca LUL 

Lancham FIii.noImlirooLDr.NWI. ul -308 5211 " 

jiirs-a - cTSs&'vii 

!na Fd| 77 J 81 . 5 } 


(■rinvlh Pro Aldus It AaBnltin ltd. 
11383 1451 

Kf.” 3 * 


TProp. Rond 

Wisp iSPj Una 


Man.Penx F>1 
— Man Peni taw. Ut 

ojjniSjdj-a-r.-^ua 2 »* r ,p.. 4 » J ui 

RSS&fclSV W :d - fiSS?® 

Cenanercial Union Group 

KL Hrten'.i i.Uwfcrsiiafl.WS. 


Kmc-.-u-owl . House. Mngjrwwwl. Tadvwuih. EihS . jj.' Ul 
Bunjh lleai h 53458 


1331 
15 U 
135 J. 
152 5 
138.5 
1505 
1353 
134.9 
1224 


VrAnAeAl Ocl. 7 . , 
Do. Annuily UL+ 1 


S 905 

19.20 


Db Av-cum. 

. 01 -SR 37 S 0 D Eqmiylnuial- 
Do. Accum. . . 


I - 


Confede ration life Insurance Ca 

50 . GhanM-ry Lane. Wt 2 \ 1 HE. 


Fixed Initial.. 
Du. AC 'urn. . 


1 all. Initial-, 

01-2420283 Uf Anum ...... 


,nd 1173.8 

■ ) 191.3 


9 Equity Fund 

VVatiatfed Fund,,.. 

VPIPFand... 

PMirt. Pen. Mnjid |79 5 

5 taUed.Mncd i’a_. 
(iroupilned. Pea. _ 
Fixed InL Pei 


132 . 5 ) _.._| 
200 9 ..._. 


42 L 5 

#3 5 ) 

795 ■ 835 

199.6 
2078 
2591 
MU 


Mannycd Initial. 

Dn. Av'iiURx — 
Properly I nil ial-^„ 

Dn Acrum — 

L«al & lieneral (I 
Exempt I Qfcfa IniL . 

Do Accum ..v , 

"Exempt Butt, toil... 

I« Accum 

Exempt Fixed IuiL 

Im Accum 

01 -G 28541 D Exempt .MnBd.liuL| 
- Fii> Accum , 
Exempt Prop. IniL 
Do. Accum. 


Pen 

Equity l<enK|on 
Propprty PcnuJon -, 

Cornhtll Insurance Ca Ltd. 

S2.Cornhll1.E.O. 

Top Feb.SepL 15-|1350 — 1 1 — 

MnSlhFtUrfpillo - j 1855 MSjj — 

Credit St Commerce Insurance . 
ns. RmtMit sl, L ontion wiRSFE ui -4397081 Legal & General Prop. Fd. Mgrs. Ud 
C&CMnpd. Kit- 1122.0 132 . 0 ] ( — 11 . Quern VirlonaNl .EU 4 N 4 TP 01-2489878 

Crown Life Assurance Ca Ltd. V u*UPnx Fd. on. ■» |* 7 1013] .....j _ 


959 

996 
1301 
133 9 


101 0 | _... 

103.3 


1170 

1209 


1375 

1410 


10 J 1 
1104 5 
122 B 
1263 
100.0 
102.4 


32321 _ . 

12 * 3+01 


108.6 
1108 
129 3 
3338 
105 J 
1084 


+ 1 . 1 , 

+12 


+ 0.3 

+04 

♦05 

+D 5 

+U 


nil Peaskwui Ud. 


Providence Capiloi Life Ass. Ca Ltd. 

311 . L -.hn*l+ , -lina' 1 .Wla 8 FU 01 - 7499111 . 


Monjuft+I - 

Kid Mart 

Prapvrtr. — 

Equitv'Amencan . 

IK Equily Fund— 

Hich Yield 

UillEdued 

Mnnev 1 

1 niernai 1 onol 

FX-vcal. 

KrovrtliCaii 

Croulh \rr 

I'cnK. Allied. I'ap. .. 
lA-ni-Mnsd Act . 
Puiih KUl |iep Cap 
I 't+ix Kill Dcp Avc. 
l'v-nr. Ppi> i'ap.,... 

IVn-.PIv Acc. 

Tnh. Konrl . 
■TrtlLK F F-unii .... 

■L'ish value 


126 2 

1482 

1514 

B 71 

3166 

142 0 

122.4 


J 33 7 F. | — 

157.0 
160 3 
925 
123 5 
1504 
129.6 
1312 
112 8 
1365 
1361 

141 3 
1256 
132 0 
HOD 
115 6 
172.2 
1284 
393 

I 


124 5 
,1065 
1128 9 

iras 

133 4 
11&6 
1246 
103 9 
1091 
iU 54 
,1212 

b,J «i 

For £lWi premium. 


1978 
1002 
.1333 
U 366 
U 14.7 
1175 
1292 
13 T 4 
97 8 
1M.2 


1030 , 
105 5 ; 
140.3 
143 3 
120 i 

136 n 
139 4 
103 0 | 
1055 


Sel.Mfcl Fd. 1 ate- 41 1 

S«.-l Mr T Fd '"I - *®S 3 ' 
Pi-n-.mn Equite ...... 132.8 

riwiwiK-d isr. 118.9 

Hcpo*iiF.i ap- ^4 

tvpwii 1 -.5** 

Lquit> K»l. 1 h»i • ■ — 465 
Equilj Fd. U«- 
K*.l Ini ' il* 
l-\il I iri let .- 
2 1 il xi I i.’ap - 

lulnl An 

MniUiOHl F«i ■ , 

MaliJCi+l Fd A 
Propert) IM I’aiv- |f 74 
Prupcrty K'lA fP - -i*» 7.4 


963 
114 8 
1364 


Tyndall .Issuraare/PensionsV 
1 H, f 'aiivtttie Ruail, Rnjlul 027232341 


12 


— 11 Wa>- 

127 * 


50.0 


— Kquilv-Iirl S 

1738 

_ .. 

500 


— Knndix-l ft _ 

167 3 


49 0 

— - 

— riojtorfvmL'i 

1038 

. 

49.0 


— |fpis-il‘K'l.ft - 

124 * 


500 


9 -Wav I‘n Sr-pf _ 

1537 



50 0 


— nSra.. inv lu-t ft... 

82 ft 

- .. 

481 


— Sir rnft w>)i t -■ 

178 2 


488 


— li.vKqiiitj. Mi -1 tt.. . 

280 4 


49 3 


— Tin Onn'itef It 

1812 


49 3 


— ■ lu. 1 ’rop. IAL 2 

89.8 




provincial Life .\ssurance Co. Lid. 

■J 2 :. Ki-.lirtr.calc. FT 'ML 
I'niv Muna. .-.I F'.L.| 129.1 


50.0)- _ Vanbrugh Life Assurance 

41 - 43 Ma.Uim.'vI .Ldn WIKSH.V 

Munastwi Krt 


niAtotaa 


l*rov. t’sL'-h F'i— 
Kill Fund txi 
PY«i|M+- 1 - Fund . — 
Equil.v Fluid . — 


Crown Lire Him. WekiaiL KU 21 1 XW 04882 5033 


Smi btrtx day Nor. 1 


1 D 6 .D 

1371 

1013 

110.2 

,969 


136 0 | 
311.6 
123 J 
1067 
3160 
102.1 


01 * 247 BTi 33 Fqiijl^Fd. 


+D 2 — 

+fl.« — 


1511 

1*1 2 

-0 5 ) 

2511 

2*00 

+ 1 7 

1055 

111.1 

+ 0.9 

168 3 

177 2 


147 * 

155 0 


120 * 

1270 

+ 0.1 


Uattffrt Fund Are . 
ManifdFd Inrm.... 
Mark'd Fd. fnil 
Equity FiL Acc 
Equitj' Fd. Inrm-.. 
Equity FrLTri it «.- 
ProportyFA ■'<+' .. 
Property F<L Inem- 
ProperTy Fd. IniL 
(m.T:i Ftt Avi- — . 
Inv.TsL K ri. Inrm - 
Ini.TM Fil lull - 
Fixed Int. F*tt Acv 
Fxd. InL Kd. lucra.. 

Jnturtl.Fd- Ace 

inuo-J. Fit liicm.-- 

Monry KdLAt-L- 

.Money FVJ. Iucm._- 
Fh>* Fd Inrm. ...- 
Crown Bn. lavVA’— { 


, 108.8 
3066 
1072 ' 
1012 
(99 4 
100.3 
[969 
(969 
95 7 
106 7 
184.0 

nos* 

[995 

11 R 7 

,1187 

97.1 

194.9 

1046 

'1687 


U 4 9 


1128 +0 4 
1065 +06 
104.6 +06 
105.5 +07 


102 0 ] 


102 81+0 a 


100 7 ] 

112.3 

109.4 
110 9 
104 7 
1035 

124.4 
124.9 
102 2 

998 

110.1 


+04 


+0 3 | 


+o 3 

+ 05 ) 

+D.l] 


+od 

+DU 


Fxil.lnl.r'ui-d- - 

Prudential Pensions Limited^) 

HullKiniRHrf.r-'-INrMl. 0 I-PWI 1222 


601 

759 
ft 88 


FM dvid K ?7 50 20 . 35 ) ) - 

„l Si.,v 2 H . £19 46 '19 72 _ 

Fd-M-pi ai ..|£ 26.68 27.50 ... -I — 


mil + 0 . 4 ) 656 Life Assur. Ca Of Pennsylvania 

8042 New Bond SL. WIT (mu. 014 H 3 RM 5 Equd 

LACOF FmUL ..._|990 _ ZM 0 | 1 — 

Lloyds’ Bk. I'nit Tst. Mngrs. Ltd. Rrlianrr Mutual 

7 I.LmnbardSLU.-A 1 ) 1 - 8 X 11298 Tuiilirulcr '* ’ U' -^nt- ‘ 

Exempt-. J 99 J 304 2 rt| J 7.77 lie!. Prop, hd- - 1 2 D 5 J }_..., 

RothMrhild Asset Management 


jjm Lloj'ds I Jfe Assurance 

_ 20 . niflcm Sl . EC 2 A 4 MX 


SI Pii’illnie-I -*!>x* Lunriiin. Ei '4 


448 

1000 

531 


MHI.KL SFM Ml 
«h» 5 'ATr.Oci.ri-. . 
(ip 5 .VEiii. 0 cun... 
Oprt-VlIYWt 1 ... 
1 h+n-A’.Vlan 0.1 3 
OjuS.X DcpIScpUB., 


140607 
Q 40.6 148 0 

142 0 _ 1445 
1575 36*0 

,357 5 3*5 8 

im 129 .n 




■Chi ^illi llo}' 


6- 126 3 ) ....4 _ 


Inlnl.FuiHi 

]■ ixd J11U+-4 Fd .. 

Frupprtx Fd . . 

< a>h Fund - 

Vanbrugh Pension's limited 
4 r-t 3 .MaiUirtSt.laln WIR 9 L 4 01-4904023 
107 
317 
103 . 

104 

Guaranteed mx- ‘Inr.. Ba-c Hater.' table. 
Welfare insurance Ca Lld.V 

I W 1 n-:lwli> Part- Fxrter 0302 SSI 55 

Uam-niteriM . | 109 5 [ | 

Far oihrr lun-U jdeve rutur tn The Uaiiu 6 
Mflbtin+lru' (jroufi. 

UI«! 843 M Windsor Life Assur. Ca Lid. 


rasa: 


Ijfclnv Plpn 1 - . . 

Koval insurance Group Fuiur«-v.vd lifixa. 

:..;w Hull no' v. I i'hwI m: 2274432 Hi!l U te-rt’pe‘nv" T ”' 

Ku-V.il Slut-Id F.L.-IH 66 155 J] +1 5 ) — FlCxi luV.'lifQUtii _ 


Huyal Advert If.w . Sh «4 SL. W«ml*or 88144 


176.4 726 ( 

22 00 
44 00 

£ 26.40 

1053 11 LO 


Aitiveraa — ... 

Fan dak 

Kandli. 

Emperor Fund 

Hivpaoo 

Clive Investments (Jersey) lid. 

P.IA Box 320 . Sl I teller. Jrrscv. 0534 37361 . 
lii vc Hill Fd. if.L ( . |9 78 9 . 81 ] .... ( 1100 

L’ltveGt]tFd.<J’*.i.| 97 S 9 . 77 ] .. .. ) U 00 

Corah ill Ins. (Guernsey) Ltd. 

P.O. Box 187 , SL Fexer Port, ibiernvcy 
Intnl Man. Fd. [1776 192 . 5 ] „:...| — 

Delta Group 

’.i.i Rot 3012 . Nassau. Bahama*. 

Delia JBV.OCL 6 — PH.-S 2 J 5 22 »| ._..J — 

Den (seller Investment-Trust 

Poxdach 2 H 85 Bteberca+M 6-10 flfXX) Franidu rL 

Vonrentro n»£ 212 » 22.U)+020| — 

liaRenlra(Mi<ls....|DMUU 7 l 3 )+O 10 ) - 

Dreyfns Intercontinental Inv. Fd. 

PO. Box N 3712 , N'a-wau. Bahamas. 

NAV OcL 3 |niS 2 A 61 1767 | | — 


Rothschild Asset Management |C.L* 

l’i>Kov 58 .bl.Julia>>s<'LiiUfru-«y uVU 2 I 3 K 


i.'Eq Kr Sew 2 H [55 3 


O V li«- Krt ilcl -* 
in.' I nil fdt... 
ui'Snw.'ciFd-tepC£« 
U.C I'onmwdifv... 
OA* lllr«.'om.1l> 1 


, 102.2 
!S 1 54 
1525 
•144 6 
S 2 SB 0 


58 bd 
172 U 
142 
162 Zo 

153 a 

30 52 


. 76 
679 
124 

3 11 

4 19 
066 
1.2 


■Prices on '.K-t ;1 Nxrvl ilculiiii' 
t Prices un September 2 1 . f.c-.l dcalicd Uctubor 

23 . 

Rothschild Asset' DTuk'. (Eencadis 1 

I'd Hn\ 661 . Bk rt th-niudc Bid. r>-roiii.la. 
Reserve As«eU Fd | S'.'MO 00 j I - 
Price on iAL J. Ne.l itealiuK OrL in 

Royal Trust (CD Fd. Mgt. Ltd. 

r«l Bux IW. Royal T --1 llv., J«r«y. ijik! 4 274*1 
RTlnllFd.. |B.S 9 W 10 K|*D 17 ] 3 M “. 
R.T lnl ‘1 « 4 s> . Fd (97 0 9 C 0 | +2 0 ) 3 21 
Prices at OvL lu Ne*t dcnlios WL 17 . 

Save & Prosper International 
I ■online to 

27 Brand SI . Sl Helier,.lee«y U.W- 3 X\ 9 t 
t‘S Dallir-dnimiialnl Funds 


I'lr F'.xdL 

Imernal llr •» ._ 
FarEaHern't . 
Nv+th Amerti-an’t 


92 ? 
805 
53 60 
«02 
15.61 


? 85 | 
8 71 , 
5795 
435 
17 06 


Eomo Sc Dudley Tst.MgLJrsy.Ltd. 

P.O. Rox 73 .Sl Helier.Jency. 053420501 tapnrt't- 

E.DLC.T. 1124.4 UZM 1 3 00 Slrrlte^nom^lcd Funds 

_ „ i.'hannvl I'apiLnl* (2525 265 S| 

Eurobond Holdings N.F. vhannel islands* . ' 

HandelKkade 24 . Willemstad. Curacao *.“* 

Laodm Ax cow: ImteL 15 Cbrtctephcr SI, ECt Z pj£ 2 , . , i: r 

TeL 61-247 7843 . Tclou 8614408 . _ on iw' 9 "rieL 4 

NAV per share Oct. 6 5 U& 20 BS. rr, " K * on ^ 9 , rt - * 




7 31 


11574 
1350 
100 4 
U 4 6 


„ 70 

365 7] +2 0 
1422 
100 6 
1212 ) 

«>CL 


23 * 

4 69 

025 

1 L 47 

5 . 


F. & C. Mgmc. Ltd. Inv. Advisers 
1 - 2 . Laurence Pountney Hill. EC-lit OBA. 
01-623 4680 

Cent Fd UcL 4 1 5 US 6.42 | | — 

Fidelity MgmL Sc Res. (Bda.) Ltd. 

P.O. Box 67 D. Hamilton. Bermuda. 

Fidelity Am. .Am „ I SUS 2 B 75 
FldelHy Ini. Fund..) SUS 2529 
Fidelity Pac.Fd.-... SU 560 95 

Fidelity Wrld Fd — | SUSUUU 


Srhlesinger International Mngt. Ltd. 

41 . la Mot U- SUM Ih-licr, Jcrsv-J uKHTT^W. 

S.A.U. 

SAUL— 

Hill F >1 ... .... . 

Inti F'd. Jersey. _ 

Intnl F'd Lx mbrj.- 
■Far E<c+ Fund ... 

•Neal suh. d*}' lA'IoLer IL 


82 

37 

+1 

£13 

95 

100 

+1 

450 

225 

227 


12 11 

108 

114 >-+ 

+11 

3 22 

[U 7 b 12 83 



1103 

IN 

t! 

Iri 

in 


+015] — Schroder Life Group 

EuleryrL- e Hou:+-. I'urtsmuuth. 

Fidelity MgmL Research l Jersey) Ltd. imemM tonal Funds 

.Waterloo Hat. Don SL, M. Helwr, imn . 

0504 27561 

Senes A ilntnt.i I £ 4 J* l...| — 

Series BlPacifici— £10 46 1+031 — 

Senes D lAnxAiW 4 £ 19.03 I — 


0705 . 1-7723 


tEquily 

SEquily ... 
£Fite<tlnlL-resl 
SKI led lnlere -4 . 

tMinuid.. . _ . 
SMa nsjied 


1171 
142 5 
1398 

10 b 6 
1308 
124 2 


1245 ' 
151 . 5 ) 
148 7 j 
113 4 
139 1 
132.1 


First Viking Commodity Trusts 
8 . Si Ueorfie sSL. Dmiftla^Io.M. 

06 E 4 4682 Ldn Ante. Dunbar It Co. TJd . 

50 . Pall Mail. London SW 173 JH 01990 7657 


J. Henry Schroder Wagg ft- Co. T.UL^ 

icn.i'hcaiasiite. E.i ". 'ii-.vffijff")' 


F*L V Ik. Cm T«L ..B 72 
FaLVkJTbLOp.Tx-libb.e 


7 o.oi z:..| 


240 

360 


Fleming Japan Fund S_-\. 

37 . rue Noire- Dome. Luxembourc 
Flraunfi 0 rL 2 1 5 US 6837 |+ 124 | - 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton. Berniurln 

NAV S+VL 29 1 SLIS 19623 ( + 3-321 - 

G.T. Management Ud. 

Park Hae.. 16 Finsbury Circus, London Ei 
Tel: 01 - 87-8 8131 . TLX: 866100 
London Acenls for 


1 'heap 5 < Vi. IK 
TrafnlenrSepi.:iO 
A.ian FM 1V1 " . 
tiarlinx- F .1 ivr liij 
Jar-an F'd. Ocl 


12 42 
SI .' 3137 03 

.sen c 

I 5 A 2 06 
K >882 


gJ” 

21 A +011 

«« I I 


2 J 5 

7 52 
4 70 
0.42 


Sentry Assurance fnternaLinnai Ltd. 

Hi 1 v. XS 5 . 5 . Bvnvo,do 

Manured Kurd . . ftlfUK L 55 ?( . .. I — 

Singer & Friedlandor Ldn. Agents 

2 >l. I'anium SI.EC 4 . i'l--' 4 . 3 :+'-lft 

Itokalonds 11+12738 X 9 M+V 30 I 5 C 3 

Tokyo Trf Ocl. 2 | SCS 4090 |.. | 151 


Anchor 'B' UuiLx 

Anchor GJ It EdfiC— 

Anchor InL Fd 

Anchor In. Jxy.T+ 4 . 

Berry Pac Fd. 

Berry Par Strip 

G.T. Am a Pd 

S.T. Asia Sier line 

II T. Bond Fund 

UT Dollar Fd..._, 

: .T Parifii-Fd . 

G T. Mull mane Fd —| 


im 


IB 5 S 187 
S. 9.45 
P'SSJI 5511 

iUS 58 M*^ 

P6M 173 V 
SU 514 16 
5 US 7 JS 4 
_ SUS 1723 _ 
(r ram ntri 


951 . 4 + 003 ) 1335 
1 91 
1.01 


189 Stronghold Manage me a l Limited 

P 1 » Bov 2 1 ft At Heli'-r. Jroci'. uSM- 71 -WO 

Votnmodlij Trust. !® 15 98 . 06 ) ( — 


0.68 

0 B 

17 b 

l.l* 

524 

0.66 

089 


Sarinvesl (Jersey) Ltd. fx> 

Queenv Hxx.- Don Rri Sr Holier. J.-rr DM 47743 
AmenranlndTst 1£7 76 7 921+0871 _ 

i'i.p|«rTni+ _ |U 1 80 1203 + 0^31 ~ 

Jap Index Trl.... |U 0 88 11 .U - 0 . 10 J — 


Gartmore Invest. Lid. Ldn. Agts. 


TSB Unit Trust Managers (C.I.i Ltd. 

Hottaielle Hil .St Sa-. iour.Ji-rx.-y. 0 S .4 2 rlM. 
2 . SL Man - Axe. 1 +mdon. El 2 J til ao 3 W 1 Jer *■> Fund . |51 0 5? 71 +0 W 4.47 

iortiuore Fund Maid, tb'ar K«JI Ud ouernse)' F'unri i 510 53 71+0 8 ] 442 

•VQ Hulchivon H^»- 10 Horcourl R»l. 11 K011K FTue+ on tVI II *.ext Mih. daj- tel lii. 
HK 4 > Par. U.Tfl . ISHK 4 JD 4 jQ| I 1 90 

^SSJn^fKTEwiw SS' a n IM Tokyo Pacific Holdings VV. 

InU Bond Fund . IfVSiaiU u£aj .. ] 5 b 0 in'inu-- Manaecmv-ni Co N V . ■ 'ur.irao. 

NAV |+r Miare tel 2 S'JS 7 I < 2 . 

Tokyo Pacific .HldR*. I Seaboard! N.V. 

Inlint- Manauerm.-nl < N v' . nro-'/m. 

NAV !•*+■ -.bare vKL — SL'SiftCH. 

Tyndall Group 

y II Ho* 1466 llaniillnn S. Drnuuda. 2 -JtSO 


Inve n t re ro t Miurt. rut. 
H<« Box 32 .ltous 1 a.vloM. 

Gan morel nil Ine |Z 3 5 25 01 

Gartmore (nil. Grlh |74 S 79 


rvU 4 OTl I 
1030 
2.20 


SI" i 


Hambro Pacific Fund MRm|. Ltd. 

110 . Cob naught Centre. Hone hom: 

Far Fist u«-L 4 mtkUTl U SB ..I — 

Japan Fund llPSUli 1 |r( j — 

Hanbres Bank (Guernsey) Ud./ 
Hambros Fd. Mgrs. (C.I.i Lid. ■ 

O. Bov B 8 . Guernsev- (mil TST 


i> -eavtlvl 4 
» An um. I ; i:iL-i 
3 -Wov lul Sv |4 21 


lirsia. 

b'.s )“7 
Iii-iNa 
Jer— y 




Fund . 

Intnl Bond Sl'Sl 
Ini. Equity JUS 
InL Sxfiv -A' Jl'sl 


054.4 
1109 75 
1239 

107 


lot Sis-. B' SI ISjl 26 


1644|+3 , 
lU. 14 te 0 .? 7 . 
U 77 J+ 033 ) 
liffl+OOl 
J 301 +OOV — 


370 

850 

2.10 


Pneea Oft OcL 11 . Next dealinu ib'l IS 
Henderson Baring Fund Mgrs. IJd. 

'605 Gonmnn llouve. Iloni! Kiinq. 
ipanFri Oct 4 ..pl : .s»J 5 S 4 H . ..] -- 
Bnrini; Hmd Bond Frt Oe| ?, jGKliirirw 
•Rxx-luatv e of any prx-hnL L-harttn 

Hill-Ramuel & Co. (Gucmsex i lid. 

■ LeFf+nn* si . Finer Pun Gux-rnM-}'. »'l. 

uerni— j T*v | 1 *U 1716 ) +0 4 | 3.44 

Hill Samuel Overseas Fund S.A. 

7 . Rue Notre>Dame. ( jnerahcmr- 

pesan imj + 0.191 - 

International Pacific Inv. Mngt. Lid. 

CU Box RZ 37 . 56 . lilt S. Sjdnei. Auvl 
Jai elia Equity T j 4 ..[J.A 239 2 15 ] ...| — 

.E.T. Managrrs (Jersey) Ltd. 
l+» Box IW. Huial Tvl Hve , Jer+uylAM 27+11 
(Jersey tvlrnl.T -4 (197 0 209 0 ].. I - 

A» at Ausiul 31 . Next sub. rtaj- jve) 4 . 2 ). 

pardine Fleming St Co. Ltd- 
Ufth Floor. I'onnaufiht Venire, llnnfi Kum* 


Ti ihNI l u t 

I 7 M 

850 

. 

• \ri-uin Sivvr-.. 

C” 60 

13 M 


Aiucnuii'b!.:. . ... 

900 

%.5 


i Vcuni’-lMfi-vi. -. 

900 

9*5 


■If T-»-l ) if l 6-1 f. 

217 b 

230 ? 


.Nun J A.- 1 L* .. 

3060 

52*6 


ilillV uml oil £. 

165 b 

181 £ 


■ X. •■•nil Share*. 

140 2 

143 0 



br.M3736i.-a 


1113 


tb+up Iteu-K-. Itaicla-v lilroi Bin U 624 'J 4 I 12 . 
Munukuil S»-pi. 2 ! . 11362 143 . 4 ) ) _ 

Vtd. Intnl. Mngmnt. iC.I.t Lid. *' 

14 Miilia..ti-r .Street si Itelu r Jcrj+.-r. 

L'l U 5 uiul 1 MV.M 16 105 E) I 7.79 

I’nited Slates Tst. lull. Adv. Co. 

14 . Hue XMniui'-r. I.ii-:eml«iurr.. 


t;..S.Tat. lux. J- ii - 1 
.\el 


at'SlI 25 

■k-L 


i 4 0.W 


S. G. Warburg ft Ca Ltd. 

:o«. 1 .re- i.nm Mrec-t. f.C L* 


lunx.Bd ‘k -1 V 

Flnfi In! '•.■! M 
i.r Si 1 F*I \uu 31 
Mi-O'Etelih r 4 
MenMii>MM<h(B. 


SCS 970 
' SI-S 14.00 
SI 7 58 

y ■ > 04 * >157; 

L 10.03 10 05 


f»i-r«xi 4 te >5 

|-?W| 


,-DIOj _ 
D. 2 B 75 


lardlneEHn T<L„ 
lardiDe J'pn Kd.‘_. 
JanilreSKA . 
Jordtne F]em.lnl ... 
Inll 1 ‘ac.Sern line.} 
Ito. 1 Arrum. 1. . 
NAV Sept. 313 


IIKXU 3 70 
HKM«« 
SUMS 74 
HKS 12 48 
U Kill 75 
iiKsifl.m 
■Equivalent V 


Now sub. Met. ia.' 


7 00 
060 
180 


Warburg Invest. Mngt. Jrsv. Ud. 

] 1 Imrui'.’ i'Ixp-v Ili-lir-t J.i 'I fiK) 47 Tr. 

i'MFTj '1 si-pt 2 H.. wi-viiij :aai 
i'MT I J-l. Sv |4 2 H .£WJ 9 14 76 

£1238 
!JI' k U 48 
£ 11 19 


X 1 .-t.il-.T-.-l Sv| 4 JH 
T’-ITS 
TMTl 


TMTSfi* 14 ' 

I 4 d Sew. H 


12 68 

U 3 * . . 

11 b9 


.'SB? 21 . 


World Wide Growth Management^ ) 

Ufa. Bciult!-. uni Kinal. teivcmluiur?. 1 

Uwldkliie ihli F.l] JUSI67B J+601]- — i 


NOTES 


B S‘<rr ,u „ rtp S 'premium rxnei* whi-ro Indi. flirei r and are in pr-nns unless nlhcroripo 
!JShiS 5 ?ii - ,fW< ^ t>hown In ln<t .-(iiunm> allow f<«r all imyinfi o.i-vnues. ■ (iftcreil prices 
^ To-tta- n pnrev v Melil baiwl nnoMer tini-i- ri L.*iihiai>-rl c To-div a 
iE^ 1 .«™ P 7 ™.!L n, ‘ 0 , 1 * >u i}P n '' ,?rpf 11 h tu % r r P IVnwIir nremiunun-uraiii vpiam 1 Miult 
? r n«ISe*t I ^ P’rite- inrludev all iv.ivnM-H <rtr »|4 a^ui - comnuxvton. 

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34 


Financial Times Wednesday 



32 Baker Street London Wl 
i elephone 01-486 4231 

'Nine regional offices 
Specialists in the sale of privately j 
owned businesses and companies) 
^^Valuers - Licensed Dealers 


FT SHARE INFORMATION SERVICE 


isra '■ 

High Lew 


BONDS & RAILS— Cont. 


BANKS & HP— Continued 


[CAIS ? PLASTICS— Cont 


raw 

High Low 


1STR 

High Lor 


BRITISH FUNDS 

I , M 


Stock 


Tirlrf 
lot. 1 Red. 


Stock 

iRiin? 134 \£7 

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nos-Vn-vi-* — 

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irm,te3r*.- . 

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(.'mutiny 3-s*: - 


' Price 

+ nr 

£ 

— 

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68 


821; 

+»4 

79% 


400 



70 


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75 p 


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305% 

97 

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104 ‘J <W% 


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72% 

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37% 

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1101 

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U.S. $ & DM prices, exclude inv. $ premium 

AMERICANS 
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92% 

98*. 


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INTERNATIONAL BANK 

81% [ape Stack 7T-E2 


81% 


6.14 I HOI 


CORPORATION LOANS 


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94*4 

107 

112 

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26 

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S.E. List Premium 37% ( V (based on l*SSL9827 per £) 
Conversion (actor 0.7234 (0.7247) 


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14*n*r 
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65 9.8 
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BEERS, WINES AND SPIRITS 


94 

46 

171 

2% 

56 

111 

92 

128 

51 

157 

174 

68 

168 

215 

29 

63 

136 

310 

191 

159 

153 

177 

520 

70 

72 

131 

135 

104 

234 

185 


78 

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196 

37 

92 
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40 

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114 

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109 

270 

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62 

95 

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Lhstillm 
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Greene King 

Guinness 

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Wole. Dudley , 

Young Brew.VSDpI 


-2 


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3.45 

279 

5.79 

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346 

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3.014.41150 

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BUILDING INDUSTRY, TIMBER! g 
AND ROADS 


102 

164 

18 

77 

263 

34 
15 
91 

128 

9 

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83 

1303 

87 

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260 

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53 

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73 

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162 

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27 
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4.6 


S.E. List Pram am S7\% (based on $23408 per £) 


COMMONWEALTH & AFRICAN LOANS 


BANKS AND HIRE PURCHASE 

-1 


Stock 


Price 


Dir 

Net 


Fid I 

C\r Gr’s| P/E 


95J* 

88** 

300% 

%% 

87% 

95% 

70 

% 


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■FINANCIAL TIMES 

BRACKEN HOUSE, 10. CANNON STREET, LONDON EC4P 4BT 
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310 

58 

114 

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172 
156 

173 
96 

104 

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33 

43 

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174 
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38 

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63 

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45 

37 

147 

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ADVERTISEMENT OFFICES 

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SUBSCRIPTIONS . " 

ruties ohlalnablE from twwmb™* 8 * ar - rf htwledalls worldnirte or on msular sobscription from 
‘ SuhKt'npuon Depart mm:. Financial Ttnws. London 


86 

138 

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Roberto Adtaid- 

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Rcft-co Group. — 

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RnEhy P. Cement 

SGBW«ni 

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Taylor Woodrow, 

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7.5 7 A 
7.1 98 
12 74 
_ = , 7.8 (881 

a i §:S l O 
Jii u it 
ii M 11 

11 1 


424 


ELECTRICAL AND RADIO 


5.9 82 
7.8 7 0 
3.7133 
61 58 
4 9 1651 
6.5 43 
55 25.0 


10.7 42 
10.1 83 
27103 
102 5.9 
31 7.9 

5.4 83 

92 14.4 
5.9 87 
82 93 

(Hi 


AJ.Etoctrumc. 
Allied Iiuntatoni| 
.XudioFriditylOpJ 
AtfloTed Sec. IM 

BICCSOp 

BSE lOp 

iBerec,. 

Best t May 10 

r _ , ,fl 

Brocks Id, 

Bui Bin ‘A fm — . 
Cablefannap — 
k'ompbenisfi^ 
Chloride Grp. — 
fcWtarf&SoeU5p. 
K'oort R Serv. 5 {l. 
jCrwEnrooiclOp.. 

JCrrilon lDp 

Ilk, I2pc C«k . T9- BL 
le Elect 10p_ 
_cca — 
Da'.v„ 
DerritnalOp — 

Dewburst'AlOp [ 

DondinEfty-Sp. 
Dreamland lOp- 

DtibilicrSp 

[EMI50P 

DoftACcnv.SJ 

EecSS 

|Hec.Rattrisl0p| 
Semlfl 
mnULl-. 
Farnell Etec.SOp 
Fidelity Rad. 30p 
Fora®uTech.50p. 

IGJE.C. 

,HigMand&.a)p. 

[Jones Stroud 

Kodelnt 

jLaurence Scott- 

[LecTtefrtg 

AIK. Electric- 
[Motorola J3 — 

Mulrbeari 

Newman Inds 

NewmackLauls-I 
NormandELSOp.) 
pBrin-EJmcrtoi 
[PctbowHldfli 

' Da'A’2^:, 


[CALS, PLASTICS 


£ 11 % 

.302 

1146 

90 

. 79 

B 

^218 

31 

'66 

14% 

41 

49 

jCTS 

-£99 

81 

79 

78 

27 

68 

i*40 

1U% 

65 

4 


600 14KZO 

253 .Uginatelnds 

84 Al ula Pack iOp_ 
61 AlTd Colloid JOp. 
60 Anchor Chem _ 
£401; Bayer AG DM SO. 

122 BlaodeaNoakes. 
134 Brent Chens lOp 
19 BriLBeoiriJOp. 
45 Bril. Tar Prd. lOp 
10% Barren 5p — ^ 
27 Carl ks Cape! lOp J 

41 CataliD 

£8? CitaffsTVikn 1 
£ 86 % DoKCmfll*. 
£ 86*2 Da8WMJK52.B5 

64 OaliieCbenj — 

59 Crate Bro s 

57 Da‘A'NV___ 
19 I'oyiHOtaceisp. 
43*2 CTOdaW-l^J— 
16 Crvsialateap— . 
69 HllsfcRreranL. 

42 Enaton nasties— 
36 Farm Peed—.. 
325 Fisms£I_~--~ 
13% HaMeadiJ-ilflp. 

234 1156 p^VckbaQo. 


H«LTJdr, 


.«114J7| 22 
4642 
| LTD 


111 69 87 

.32 33 142 

.ftd422i 24 93 53 

' - L4 24 23.5 

7.4105 
-6C 2317.4 


+1 


+2 

-1 

-V 

+2 


M337I 

till 

a93 

0.93 

E90 


236 
236 
M0.75 
t282 
50-6.7 
>83 
458 
0.67 , 
tl304 
0.8 

tb351 


841 ?.5l 


4.5 
4.7 
58 
53 

3.0 93 
10)10515 5 
31) 5.7 



+% 


+2% 


+15 



Reififiusian.. 
[RoiriteaaiDp 
ScbriesiGHI— 

SonyCo-TSO 

SoaniiDifisii.5p. 

|Trie{usHn5p_ 

Oa'A’N/VSp 

iTeie. Rentals 

IThoni Elect. 

jTh’rpeF.W. lOpj. 
"Dnitechlto___ 
Ctd.SdaulBe._ 
Ward ft Grid. 
WrileoHlds.5p.- 
Westingbraise.- 
WW (worth El. 5p 

WtesateFttaip- 
WldaDiILi. 


1+2 


-3 


+2 

+2 


: hbic .30 
— |L47 ) 

27P 
1L95 
2L95 
0.74 
+0.84 
121 
|thl29f 
fl.01 
938 


b680 

4.07 

dL9 

4.69 

4.77 

5.03 , 

"W 

Pd 

15.08 

676 

287 


Coi 

3.01 

5.49 

BP 

3.94 

486 

&5S 
m, 
24 
132 
132 
5.93 
1L62 

11.49 
4.05 
M609 
455 
tll5 
12 16 
0.81 
5.89 
bus.70 


24 


R5) 


3.8 ^.6 
7.4184 
7.1 119 

62 7.4 

3.4 44 
63117 
26194 
23144 

63 9.9 

f86 
22 175 
32 189 
44 17.7 

4.6 10.0 
89104 

62 ft 

5.7 64, 
5J 13.9 

9.0 287 
f8.7 

121481 

56 (82* 
24153 
27 186 

23 17.0 
84 127 

7.7 17.9 
L8 121 

3.7 
74 

4.9 

7.1 

5.0 
3 - 7 
17 172|i 
35161 
8 0 3.7 

3.7 84 
93 5.4 
13.£ - , 

4.7 83 

noi ~ 

4.6 10.7 

4.4 7.1 
4 6 69 

61 55 

1.7 13.8 
7313.3 
61 56 

9.0 ft 

1.0 ft 

4.2 5.7 
5.0162 
52158 
61125 
46 95 
2f 102 
24 15.9 
26 139 
70 84; 

63 61 

5.0 66 

5.6 
39 4tJ 

7.7 (Uil 


Price 


BakerPerit.a^_i 
Barriore 
BanroC^B _ 

[Bearianl Iftp~ . I 

BirnhdQiiatest| 

Rmr u-hm Mh» 1 

namPaBttlflp 
BtackR’dUH 
BaaserEaBI 
BsuBonWinlH 
|BrahamMUlJQp] 
BrritinaiteEl J 
Braswar HJp__ 
B7mreDu£l0p 
I Bristol Cham*! - 
BriLAlnniButmil 
British NotOmp 
BriLSJenmaOpSj 
Brockhurse'js| 

I term's Casli 
Bronx En&aH 
lBrooteTocLi_ 

iiirown & rawse—l 

Brown Jrim£L_ 
Buirou^h3Jp__ 
Burgess P rod — 
tertiddMd 

ICBn/ordH 


-124 


+1% 



llQrnayBgiiL— 1| 

—fordKXlfli,- 
|CohealA)20p 

|Conreaftrfclfip._ 
CoakW.SheK^ 
CooperfFMlto- ■ 
paper ImklOp. 

i Danhs Gdmtna. 
iDartmUite.Bfl 

tovsSMdL'A-i 

jpennSlflO 

QraheiSco}] 

IftictSleStieels— 

I EUiott(8)_. | 

Efeg. Card doth J 
EHtlndastries-^ 

Pi,,.-- j,, J ftl a- l 

bspanoedlteia. 

FxmariS.W.)__ 
FlusjdH-IireSIO 
Firth {QOl^J— 
Fl«ii6is^0p^_ 
FbOiCsHfasfrSp 

Fmnrisln rfc 

(X3InM^H 
GaiitscW 


+% 


1+4 


+1 


+2 

+2 



CraoKCsKIOO. 

GreealjSnkIDp-J 
GhsirsBeon.. 
GJLMfl , ... . 

Brinl Prerison 5pj 
Jladen Cartier _T1 





52 


Hawker Sd_ 

Ifill ft Snath; . . 
HopkinsonsaOp. 
Howard Sacfe.-^ 1 
HowdenGroop—l 
HnrriMoSCTopSp 

LMI., 1 

lacksnJftHB5 
leaks ft Cattelt - 
Johnson ft Hrth.) 
l Jones Group U p- 

Jooes Shipman . 
i Laird Grotm_ 
Lake&EKot: 
Laaeitecyll 
LeetArthurr' 
LeysFo ‘ 
Unread: 

Lloyd lFH.li: ,_| 

:-'p 

{liL.HoUirgs._l 
I Bronze.- 

r jnr 20 

JikKechmel 
tap— 

MkflairflS&5p| 
ffiniogSup. Ith 
WtcbeUSraald. , 

MriefM 120 p _1 

Mohts — * 

Moss Eng) 

” psewL 

JiJasiHdgs 

Newman Tonks_ | 
Northern Eng. 
Norton iW.E'Sp: 
Pedo- Ealt'rsley J 

Porter Chad. 20 p. I 

Pran i Fi 

Priest (Bern 

ProcttllWSHB 
R.CF. Hokhni 
RaroeEnggli 

R.FLP 

RnsomesSim.0 1 

R^diffelnds 1 

RatctiRs(G. 2 i | 

Record Rittewa 
R'drm Ifnaa 10 

Renown , 

RicbairisotLeic.) 
RichnE West. 50plJ 
Robinson (Thos-j 
Rotark Kip. 
Sanderson K 3 
l SarilleG.UOp*. 
Senior Eng's Up 

jjqppfr 

Shatepte J. 5p_ 

! ShawFraarij 2 (h)_ 
a*eepbrids?e._ 
Simon EiWg^. 

i 6D0 Group 

SmithiWiut.i5p.. 
Spear ft Jacfeson. 
Spencer Cl k.30p. 
Speiro Gears 5p_ 

sr-Sarro 

TiteSOp 

ekwlnds-a 
e-Plati___ 
Srothert&Pitlti 
Sykes^Ttemyi. 

Tecak-nit... 

Tex.Abras. I0n_ 
Thys*nDmltf._ 
TombnsFH.5p. 
Tnplex Fdries^ 
T% 6 efnve>i[s.n_ 

TnmfL 

! ftraektW.A.iiOp 
lltd. Enc'e 1C 
CldSanogl 
Ltd. mreGrriup . , 

tickers £1 J 

Vkior Products .{ 
W.G1_1 

Wadkin50p 

Wagon InduMtr'L 

Walka-[CftWj_ 

WaidiT.W.i 

Wane WtigblKto 

W>"ieltEng. 20 p 

Weeta.teoc. 10 p 


+1 


+1 


+1 


r 


1-2 


rGfoujp_ 

ImanFnp 1 ^ 


WesCn-Eransajn 

Wbew«__Z!3 
[ WbewwWlsn l(to„ 
WhitenouseaOp. 
Williams 
i Wins ft James 
Wolf ElecL Tools 
Wrisl'y Hushes, 
W1wrilF«4-.l(h) 
WoodiS.9i.i20n 
Wh'seRixn 12 ijj 


a 


+5 

a 

n 
0.88 
3.90 
867 
5. 27 
11.93 
25.02 
tL84 
958 

Jib 87 

4.45 1 
dl.63 
. _ L19 
Fl% |6 63 


Stock 

trfJdrei Foscad 
i Harifctftfsraip 
i HJIanfclt®— 
. _.i. Hmlra-.iA.llOp-, 
£28t a Kraft £250_ 

‘ — KwiSawJOp^. 
ItaUKcvi'GpL lOp. 

UnfoodF&Ks 

LocJnBWdx . , 
TanelltGJF:^.>; 

lxw.iWrai20p 

L>ons'JT£I 

Matthews'B) 

MeatTfcjdeSnp . 
MoraanEdiJ^p.- 
Moms'rrWj ttto , 
Northern Foods. 
NuRhnPItllta— 
PantotPr" 
PyfeeitVJ.I 
Raknsen 
. RHJL_ . 
RobertsonFdm^ 
Rawntreet£5Qpj 

Sainsharyilj 

Sonnorte 

i Spilfers 

' S^urrdJfnaj. 
Sods flosepfii.. 
Tate&WetL- 
Tavener RnL30p 

Tev(>5p^ s- 

Ltaisrie __ __ 
United Eisnrits_ 
WalsooPIiiplOp 



-F-taj 

Price 


105r 


' fife e 


710 

-2. 



i33*a 

7%- 


+1 

122 


56 

_ 

: 98 . 

“ - 

$L 

+5. 

asv 

-1 

72 

+6- 

■jr- 

+1 

+1- 

= -86-- 


.31 

+1- 

45 


I»j9 


• -S7-. 

+1»; 

«ss - 

+3 . 



34 

+K 

41’" 

•*» i- 

178rt 

+2 

73 : 


& 

-76 


87 

+1 

-’56. 

-i 





HWjrf 

375 

h&L. 

155" 

4dD67 : 


P* r . 


HOTELS AND CATERERS 


7.7 (63*1 

3.6 45 
5.9 -5.9 
75 86 

5.8 8 5 
17 148 

7.6 i54i 
85 4.6 


98 7b 
55 9.7 
8Q 4.6 
68 43 
67 62 
281112 53 
3.4 

141111 92 

32) 38 124 
22 93 73 
16 89 93 

13 104 18.2 
10 9 916.1 
A3 59 62 
3.4) 4.4 10 1 

62 . 
2.6 65 88 
1.0 120 12 1 
57 25 20.5 
62 5.7 44 
35 63 69 
08 

. 86 
4 2j 

37\ 

22 
10.3 
6i 

15| 4'3r781 
ft 10.« ft 
3.4 10.« I 
25 9.3 65 
L7 MS 87 

14 84(104 
21 U.5| 64 
3.0 Lti 7.7 


h4.54 

3.89 
9.14 
T3.6 

vt- 

L27 

4.55 

S* 

4.70 

121.271 

239 

130 

225 

11.47 

476 

9.96 

338 

5.89 

H6.6 

}IU 

0.84 
132 
t528 
243 , 
KdO.99 
43.18 
zft743) 
14.6T 
h0.89 
233 
cfL15 
12.49 
h!29 
16.80 
122 
d4.35 
236 


28| 
h 

4.C 
32 

3.7 
3.9 
3.4 
53 
39 
10 

34 
48 
26 
52 
32 
26 

3.3 6.9 67! 
22108 62 

2.7 7.9 69, 
52 2010.1 
25 6.4 88 

3.7 61 55 

2.4 7 6 81 
4.0 7.E 5.3 
21 84 9.0 

35 7.7 43 
19 31212 

4.7 6.4 3.6 

3.7 66 52 
28 67 79 
5^ 4.4 52 

ElI M7 
95 44 
63 64 

life 

32 9 71 
23 as 
4.5| 86 


Adda fnt lOp __ 
Gord(J.iE2i00-| 
(Brent Walter 5p.j 
CityHotelsaO 
•DevereaAe 
I f nn u n> s p 
ktenduea^^ 
ISnrsaaUWILeffi 
LadbrukeJOp — 
bft CharludeWp 


North (3L I . 

Prince d Wales- 
QiieecVMoatSp.- 
Ffontan Hotels 
Saiw" , A-’Hta — 
StatasfBeoiIOp- - 
Swan Evan Mro- 
TnislH. Forte. — 
WkraerHBbn'ntL. 
Wheeler's 10p__ 




......sfisSt 

'+!%} *A 31 


1-1 


INDUSTRIALS; Offish 


122 1 92 
162(7^. 
-*81 \ 5Q 
42 

57 
79*a 
352 

67 
.76 
131 

58 
13% 

226 

64 
125 
79 
>351 181 
1% 145 
38 25- 

*259 129 
52 27 

83 62 


I.AAH-. 


[1U 


AGB Research.-.) 157 
. AanwffiiBicL Mpl 74 
^AWxyLtdL-l- 
Antilods.: - 
Alpine Hldj: . 

JAboL Metal t£li. 
{AW-'.te Asptkdt- 
.Anfnson'lAiIOp- . 
.teirdCcasrs'A': 124 
57 

Austin FileyiL 
A\mRnbber£l_( 

BRA Group - 
BET DefdL. 

WV tntnl 

9TR. : ^) 

\Wnn£l—:j 


fidRIik 
Hspborn 

ftPratlarsL _ 

£3ffa £29% Barter Trawnri. £30% +% 

203 152 BeemnOttk— 201 -I 

743 <563 Beecham 70 O 

12% BeflairCra. 10p- . 25 

23 BentirmJ -43 , 

s , 62 4 

Berwick Timm_. -71 

IftetohelL 164 

Riddle Hides.-... .106 
Rifcri'3i«J£n£- 55 ... .. 

371; Billmt] iIOp 42 1-1 

26 Black .Arrows 

125 Biact(piHld) 

58 Body>?rieIni'i. 


Kfl.ffF 

6£5' 


. 5.81. , 
i 1313 1 


t335 

|Q28fc 

'M76 


BcfiodM A ifc—l 
Bootia IK 5up 

, BoriiHeniyiaOp 

1B4 W> « . 

n7Ss Bnr;-W. C5385J. £23%J+% 
1 -- Braraserfl 200 — 


55 


iS^-s- 


Brady folds, 'A 
BranaoeriH'Sp 
teifeendProc cp.l 

Bndon 

. 20p- 

B£EA_: , 

:Btl£Ctae?.U33l-l 
finLSteriCaK.I 

itiafiVita 

_ Attains — : 

8-H.Prop.SA2. 
iSruoASL Bar.lOp. 
28% )ErooteWac20p- 
Brown Bov. Kent 
BnmtonsIMuss,-- 
BintoDejn — -2 
,5p — 

Ti 18p_ 

CEIn(fta.Mp- 
rarcraafitaV 

linfllW.i— 

, ^Industrie 
|C*ptanPrd.lO 
Caravanslnta 


CdetionInd.5pJ 
Central MfniOp 1 
Cent. Sheened. ? 


F4 Dr 


1-1 ffiiza^i 

j+2 


23 




-3» 


*43*4 13% 
■2Z% 13% 
85 65 

131 70 

*142 106 
80 58 

136 103 
74 25 

£28% £20*2 
40 33 


'Tan PL id 
Waresiop , 
ftoCnrCoaPiieoJ 
stie-T.lOp— j 
Christies InLtOpI 
iThubbate. 

Cfoirte luemenfoi 
■flleiRH i 

Webh20p: 

Grp. 51 — £21% +% 
ouLStaiioo'ylOp. -3A 
tape Altaian 5p%] ^ +i% 


10p — l-i 


53 
27 

40*2 - 

I 55 CourtnyPa* 

1 47*2 Cowan debit 10 
(140 CreaniJ.l5teJ_ 
Cre?i Nichof lOp. 
Crosby House u. 
rrosbySpCEHJp- 
Davies & NTram. 

\ IV La Rue. 

lBafc^jtaCrS'9 1 
, . , Tstiiop 
)Dinlde Heel Eft 1 
lDi{d«ra Invs.__ 
iPshlftaL 


68 


18% 

140 
500 
105 

£87% £80 
27 16 

-12 b 
209 128 
122 -67 

85 63 

£38% £24*2 PoierOnp.il 
. 52 30 (Dcmos SanfL ^ 

*48% 3B% Dufay BrtuialOp, 

162 122 |DunbeeCoBil0p| 138rf 
Duodaniaa 20p _ | ,40 
Duple lut. tip. — 
Duraripe-:-, .. 
Dw^GrraiplOp. 

DykesiJ) 

PysiniJ.iJj 

Da -A 1 : 

C.Cases JOp 
Eastern Prod. 5l _. .. 

QtarclnkaOp— 260 

. 7T 46 
|BecUnd.5ec„ 64. 
Fh-rolOp- 19 
i ^ .£3 son ft Robbins 88 

£35% EiaisESSfSnP® £27%)-% 
*4 [ 11 |a^ress5erv.l(h)_! 121 

^eTslOpI 27 
China Clays | 83 


066 
1 741 
10J05S 
d5.45f 


itboar. 

IMS*. 


s 


« 


L2%J» 

1G% 


FOOD, GROCERIES, ETC. 


ENGINEERING 
MACHINE TOOLS 


$£ iiife, 

OS 122 Mil UB 
33 4.1 9.4llU 
L9104 &0i308 
♦ gl -‘165 
ft rt.l — 1 65 
ft J9.5 — I Ijj 
4.7) 681 565172 
89' 


8-5 1 « 


[105 


ACEMKhmeryJ 
AF.V.50p 

Acme 

Da 'A' 

AtteJ Group _ 
Alcan Ahinunm. 

Alien 1 El Balfour 

Allen W.G 

AmaL Power : 

Andfn.S’clyde- 

.Anjlo-Swlsf 

Ash 6 
.AssBritii 
v:«:t. Tootinfi _ 

i .Astra Isdlltip- 

Aurora fflds. 

-Aurim(]anea}_ 

Avery\.._, 

Babcock ft W 

flslItsriaiUL^. 




+3 


853 

mo 

9.9 

4.40 

2.84 

536 

h2.39 


+4 


i+Wi 


2.91 4.7T1X4 

4.4 3.7 8^, 

4 2 Z8 12.4] 

42 32 O 
ft 5.0 ft j . 

89 9.5 5.S 1 
L7 126 (5.re 
33 81 4.1) 

5.4 5.4 

W w«UI 

« « i'll 

L0 921fd¥fi | 

3.4 7.0 m “‘j I 

3.1 85 4.4 ” 
2J 84 86 ; 78 
3.0 42 10 Jf 42 
U 5.3 7.4^74 
QJ 5Ji*Mi » 


Alpine Sofl D UhL. 
Asi Biscuit 20n_ 
Asl Brit. Fds.5p 

Ass. Dames 

te Fisheries 

2 Arana Group 5n 
Banks iSidnej-i.i 
Barter* D 10 n 
BarriA.G,...-?^; 
BanwMilllnj;., 

Ba-BettiGeoi 

Batters York lOp 
j BejamlOp__ 

ffiwyfl.io 

Bishop's Staea- 

Pa “A'-NA'c 

\ Bluebird Com... 
BriL Sugar 
BritVcrnTfiiOp. 
Brooke Braid. 
Cadbury Sch' os.. 
Cflrr'KMUIine-_ 

Cart tore 20p 

Cliflrad Daines. 
Da'A'N/V,^. 
Cultens 30p— 

1*0 -A”aiS|j 

2 Danifh Ben -AX1 
Eart»oid(J8)5tL_ 
EraydcLcaC.iSp- 
En^tendiJ.Eiift 

n»«lieriA.iSp __ 
Fifchto*HiiflcL 
20 {(Hsatitanr^i- 


. — \td3.(£l 


(th2J.8j 

M 

i.82 

d3.66 

162 

1670 

d2.63 

d2.63 

23 

jtb4B2] 

tOJZ 

1280 

3.09 

1267, 

bdZAl 

1.94 

1.94 

,439 

IA39 

674 

+3.44 


+3 


t2.44 

4.06 

0.65 

4.1i 

t!25 






2.2 6.212.1 
3.6 5.9 .5J. 

4 0 4.7 7.7 
"’.9 0.516.3 

i:?!ai A3 

66 1661 

11 *■« 

3.9 ft 

HiHI 

3-4 83| 

45 4.9 

32 63 
8.5 4.1 
82(82) 

60 4.8 
3.J 84 
5.0 65 
66 4.9 
4.4 35.6 

4.4 353 

9.4 4,6 

1 2 ^ 

8.4 5.8 65 

96 ll.9 
9.2112 S 

asljg 


lt2%p- 135 

Ferries. _ 130 
?Hldg^2%j| -41 
GearaelOp 
. 

Fatrini . 

FeedexlOp _I 

| Fenner [T.R) f 164 

il«i_ 120 

I uiaOp-i 30 
FiudteyiA.Ri_ 

First (tostie itte-. 

FttzwUton 

FleseUoC tW„ 

Fogarty lE) 

Fnseco Miusep— 
^hereillJtaw- 
rankfonttintlL- 
PrenrtThos. inp 
Friedland Fftt— 

'iRlHdgsi 

Gesletner‘A“_:_ 

ijibbonsDudtey- 

GihbonsiSi—™ 

Jieies Group, 


3.63. 

1+1 3*3 

rii 1 ' 4 42' 
UD.0: 


a97.| 

1284.1 
hi 16 
hLBTi 
5.50- 


1^2 


1.4B 

_.A“' 

...:40.41 

« Jtfc, 


mm 


lii59 

«65{ 

630 


. . T »IDp 

lUoldnanfHiiop. 

Dune HLds 

ranftjanTteiga. 

(Granada "A". 

shawe20n_l 
appemxis ]i 
bell On. 

. ..aSIoffL^ 

Habra lOp 

[^ollbraKhr 
JmniCp.- 
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112 103 
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NEWSPAPERS, PUBLISHERS § 

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56 34 

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124 
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216 160 
129 94 

205 116 
85 67 

24 
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h2 355 


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MINES— Continued 
CENTRAL AFRICAN 

l I It ml Hie. 


41 j 3.8] 3.0 91 


15TS i j 

ISiQb lim I Suck | 

;!9 (155 r aSron Rh .51' 

34 15 Kmx'.'sOkp ll?i 

30 52 R'wu’on.-. K4 — 

41 "2 tt':ui»ie 1. 1>] pj I _ 

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— Net Ctrl fir's 


170 .... 
17 ... 
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106 6 



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79 

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87 1 

195 

190 -5 
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66 

65 


th4 19 4 6 4 i'i 6 
6 29 1.114 5-8 

1152 3.1 3 6 94 

u5.0 3.0 75 5.1 

hJ 43 32 4 ;l 9.9 
012“ » 2.4 15 22.4 
♦2211 22 60.10.7 
4 32 16 7.7 10 J 

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5.45 1711.21 6 4. 
113.4 A 9^4. 
252 25 5.0 7.8 

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6*0 4.4 4J5&0 

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1313 3 
1.6 7.5 
65 4.3 

2010.1 
06 14.2 
11 91 
5J 68 
— 3.1 
08 10.9 
1.6 ± 
iM i 


COPPER 

| 70 IMcsjLuHOiO { 74 |+2 |tQ30c| 1.9{ 

MISCELLANEOUS 

35 Barmin 56 ..... —4 — 

9 Burntt Miras 13 — ~- 

215 Conj Mnrch. IOllT- 240 +5 tQ30c 26 

245 NortbiaLeCSl 420 — — 


RUBBERS AND SISALS 


164 K.TZ 256 +2 95 

30 Sabina Inds.CSI— 56 ..... — 

750 TaraExp’.n.Sl 975 — 

43 tebidrUlnmL'Iib- 75 413 

120 {i’uloii Cons. C$1 _ 150 Q7i 


56 ..... — 

975 — 

75 4135 

150 ..... Q7c 


H5?h Low 


1+ orf IHt. I TH 
I - I Net (nr Crs 


+2 179 47( 

355 * j 

4173 l.oi 
sl_84 1.0 


NOTES 


57 s2B4 

Elxri 4hl4 

44m 03 0 

11% 056 

Eit - ic —n 


350 -5 
111 

112 -1 
69 -2 

48 

183 .... 

66 -rl 

55 +1 
66nl +2 
80 


±SP i 

3 at tj 

SllSc 0; 

'.-MB 1.: 
■fl hQISc V 
+1 40.48 3.' 


TEAS 

Isdia and BangTedcsh 



1L63 10 
5.23 1J 

m 11 

'4 JO 12 
1.51 U 

.41 * 

m Li 

3.0. 1.3 



255 ♦9.65 5.S 56 3 

305 121 * 6.1 + 

100 7.11 3.7 10.6 * 

27 4201 16111 * 

532 ..... bl5 - 6.7 r 

2Z7h! 13.5 26 8.9 * 

355 ..... 1531 4.9 6.4 4 

26 IFL75 32 10.4 - 

129xc -1 h7.44 49 85 t 
158 -2 125 42118* 


Sri 


~ ~ L'ntesii nlbmrisr indicated, prices and net dividend* one In 
4n ?■"! Peace and nominations arc 2Sp. Estiisaird priL-rfeaninES 
1C lb railov and eoien axe haxed aalnlesl annual rrparl Kami arrancia 
12 4.1 and. where powdUe. are updated on ball-} earl}' figures. p/Es ara 
4) 102 rnimlBiei on the basis of net distribution: Nmekneri (inum 
O 7.2 indi ca t e !Q per cenL cr marc dUfemwe if calculated on “nil’ 
1 j 6 6 5 disriibulioa. foicit are based on "rnmamun" distribution. 
a 55 Yields arc baud on middle pricen. air Rnm. adjusted to ACT of 
_ in C pc cent, and allow for nine of declared distributions and 
■> c ig rtcbiH. GcnuUn with d e n ond nation* other than nctlug am 
g J | j quoted inclusive of th« in vestment dollar premium. 

i'i c'o A Sterliac don ona aided securities which indoria Investmect 
-2 S-S dollar premium. 

3.9 Lj • “Tap" Stock. 

2.C 5.0 • HiRhs and Lows narked tims have been adjusted to allow 
L9| 25 far nebt* l-sucs far cosh. 

t liitorim since increased or rosurned. 
t Interim since reduced, passed or deferred, 
tf. Tax-free to non-residents, on application. 

6 Futures or report a wailed, 
rf Unlisted secuntr. 
e Frice at lime or suspension. 

_ . 5 Indicated dividcod after pcndinR rciip and ’or ripbls issue) 

5.9 5jo cover rvlaies u> pren inus dmdends or fotecasls. 

* 61 * Murder bid or reorganisation in proBreas. 

3.7 10.6 a 'lot comparable. , 

16111 Same i n t erim : reduced final and.’or reduced earning* 
_ 0.7 indicated. 

2.6 g o 5 Forecast dn-idend; cover on earnings updated by latest 
H (j 1 j inienm Hatcnxml. 

3 1 10 4 > allows far conversion of shares not now ranking (cr 

a'q pi. divirtends or ranking only for restricted cfivnleud. 

3 7 llfl * f«vcr does not alluw for share* which may alio rank for 
dividend at a future date. No P/E ratio usually provided. 
? Excluding a final dividend declaration. • 

■i* Regional price. 


225 |123 iLnnsvaa 1 220 | |55S ! L5{ 32 \« based on prospectus or other offi rial 


Africa 


620 

ITaaJ -r5 


MINES 
CENTRAL RAND 

383 +2 { - 
343 +9 ~ 

£34% tOTSOr 

122 +1 ItQBc 

EASTERN RAND • 

I 75 1-rJLJOMC 


cRtimau.-. c Cents, d Dividend rale paid or payable on part 
o! capital: cover based on dinderd on full capital. 

I ! 50761 * (TJ 1 ■- Redemption yield, f Flat yield. K Assumed dividend and 
j" il?'- 2 a 7 jictd. h Assumed dividend and yield after scrip issue. 
J U***- i v j Payment from capital sources, k Kenya, n lnhmmlngher 

Chan previous total- n Righto issue pending q Earmnes 
bj-'ed on preliminary figure' s Dividend and yield exclude a 
■ pecial payicenL. t Indicated divideod: cover relates to 
rrciioe.1 dividend. P,E ratio based on latest annual 
earn Laps. ■ Forecast dividend: cover based on prerionsjear's 
earnings, v Tax tree up to 30p in the L w Yield allows foe 
. , 1 currency clause, j |r Dividend and; iield Uwed on merger terms. 

q | r pindend and yield include a special payment: lover does not 

l+mc/i- S'c ~ n apply to special pajmcnL A Net dividend and yield. B 
"1" l*Ara ts Preference dividend passed or deferred. C Canadian. E Issue 
+1 |TV*J3C fc.7 a4 pr.ee. K Ptridend and yield based on prospectus or olhec 
official estimate* far 19TO-80. C Assumed dividend and jieid 
5WFI alter pending scrip amlor righto issue. H Dividend and yield 

aJilAa • haMi-d on prospccUn: or other official estimates for 

. „ . urn I37S-*!*- K Figures based on prospectus or other official 

+l % Q53 C J 35.0 l-Jj mates far 1978. H Dividend and yield haied on prospectus 

1y2DC 12 49.8 or oilier official csinuues for 1978. N Dividend and yield 

+2 FtrtOc — E.4 tied cn prori-crtus or other official estimates lor 19TO. P 
+5 1Q39c 12 U.4 Figures hosed *m prnspecius or other official estimates for 
+3 Cp5c ^ 9.6 Q Croi“. T Fltuns araimwi. Z Dividend loud to 

021 c <h 2 2.6 dato- Ai Yield based on assumption Treasury BUI Rato staju 

—1 iQ46c £o 41ii uorhanved unlLl maturity of stock. 

IlK Q-ign n~k -Mitre. Uiovy x3 cx drriderd: ccr scrip issue; c ex rights; a cr 
+5 “ J lij 01,1 * VK cap,,aI »*Btnbii!laii. 


l+fcl ~ - - 


FAR WEST RAND 


- decent Issues ” and “ Sights " Page 27 


331 42 
836 45 


This service Is available to every Campauy.deaK in on 
tl l,?£rn I J-SH S stock Kr. changes throegbeut (be United Kingdom lor a 
+u j^P c J fee of £400 per annum for each security 


REGIONAL BSAKKETS 


565 48 
317 +2 
£14% +i A 
2Z6 +1 
+% 


orations of shares 
■ts. Prtc«, of Irish 
listed in London. 


O.F.S. 


ey 3 

352xr +1 

94 

W5 443 
516 + 25 


27 ^'5 Albcnvlnv. 2Pp 26 +1 
24 5 8 .^sh Spinning _ 49 .... 

» f a ii's Bt-rfivn. 18 

9 ^ Bdfi’wtT El 50p 330 .... 

C4cucrCroit...._ 26 .... 

Crass tEcecil 520 ..... 

'Tiyr-oniR. A-i A. 37 .... 

i 5 -T -EllicCMcridy 67 

L S-S H Evcrcd 27 

Ic 2 7 7.6jf,£evor3e. 52 

— - FinlsyF^ bo.. 21 41 

c i-9 ?-3 riraig Ship. £1- 1« +3 

Jib 3.81 Jli.tEuns isrcw_ . 80 

e 2 6 i l.ov.siin £1 167 .... 

r 9.9 33 HoInJvw; iSi>p_. 253 


+1 Sheff. Refrshmt.I 63 | 
g Smdalli.Win.l_l 107 1+2'^ 


r«nv.<F»-80.B2.| £90r fl f 


785xri +23 «ei90c <t> 14,5 N ihr..«toldMOiUi 67 


67 Alliance Ua?-.-. 68 

27 Amott 360 

52 CarrolltPJ.f^. 95 

21 +1 Clcmdaltdn.. 75 

L4G +3 CuitTetePnKhb. 130 

80 HeiloniHId^s.} 49 

67 ln.« Corp ISO 

53 Irish Ropes. 305 

67 Jacoh 63 


220 42 — —I— PecircelC. 193 Sunbeam— 

‘ 335 +10 t035c L9^ 6? IVclMilis 21 TM.G 

£20J;+k vj&k 15] 8.2 ShetDoid Brick 56 Ucidare.— 


l9Sa»Ul . 
65 : 


FINANCE 


M0 . OMr 3.4) 5.6 

371 +15 Q3o2c ZO 5 a 

|18i 4 +i4 J®ge II 5.? 

825 0115c 4 8J 

154 £43 1)14 8.2 

+4 W.15 16 7.1 

107 13 82 

10225c 2.1 7.01 

■V* Q135c 19 5M 

...... Q17_0c d> 6.7i 


83 3 

B.2 v 

82 Industrials 


OPTIONS 

S-month Call Sates' 


27 1.' 


13 82 Ineustnals 7CT 2D TuheTnvost.l 

2.1 7. Of A. Brcw.^ 6% ■■Irnifc'' 6 Unilever — __ 

L9 5.9f A-P. Cement- 18 LCL — 20 UW. Drapery! 

A 6 .T.KS.R 9 luvercck 8 Vickers. 

15 ail Babcock 13 KCA~..._. UW . 3 Wool worths — I 

t-i _'±i u nc I «lkmU 1? 


+1 t03Oc 
+3 fQ38c 
Ki7%c 


DIAMOND AND PLATiNDM 


s a at 
at??© 


v'qj BanJa>^ tSank. 25 Ladbrokc 17 

liBeecham 35 Legal fc fk'n. „ 14 F»p«:p 

og| Boots Drug — . 15 Lax Service 7 Brit Land 

,f|8!a== z4 w.^.- f 

i issi:*!". i. iss.^ I 

8^ Burton 'A' 12 Lucaslnds. 25 wept "”~ 

i Cadhurys 5 LyonrM.T.i. 10 p ea<; i 1 ' ev “ . 

Si TourtEuIAs 10 “Mams" 7 .SrfprSST 

i 7.7 Debcnhama.. 3 Mrks iSoncr 19 

; DuAillon 15 Midland Bank 25 * OW3 «'- u a~ 

r r Dunlon 7 N.E1 .. . ^ 12 oils 

I 7a Eagle Star— . 11 MCAftiEant 22 . 

£2 E.MJ 14 Do. Warrants 10 Bni TetidmtB- 

1 twfl! Acrifienl 17 F A- O Wit 8 “ ir » naJ, t c Ri.— 

Gen.ElecLric» 18 Fiesstry 8 Chancfhall^ 

Glaxo 40 R.ii.M 5 SwU 

Grand Mot 9 KankOrt.'AV 18 I'lir amfl r.-— . 

G.U.S '-V 20 RoodlnloL_ 12 

8£ Guardian. — 18 fipiUer* 3 SDnes 

5 JLKJV n Tpfico 4 Charter Cons, I 

7J Ha«.tvrSidd„ 20 Thom. 22 Cons.GbkL_J 

11.4 House of Fnaer. 12 Trust Houses- 15 b^ t. bS — | 

§■£ A selMtion of Options Traded fs given on tha 

“J Ijfinrion STiVt Rv(*han«va 


A selection of Options traded is given on tha 
London stock Exchange Report gata 


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IFairview 

Creating hives for Industry 


Money supply starts 
to climb again 



BY MICHAEL BLANDEN 

THE MONEY supply resumed its 
upward trend last month after 
the sharp decline in August, 
according to the latest banking 
figures published yesterday. 

The figures indicated a 
renewed though modest increase 
in the eligible liabilities of the 
hanking system, the main 
deposit funds, which are an im- 
portant constituent of the 
sterling money stock on the 
wider definition (M3). 

They also suggested that after 
substantial rises in earlier 
months, the demand for bank 
loans slackened during the 
September banking period. 

As a result of the relatively 
slow underlying growth, the 
banks remained well within their 
ceilings under the official corset 
controls. 

The Bank of England's figures 
for the banking system as a 
whole showed that eligible 
liabilities rose by about OUT per 
cent to £43-52bn during the five- 
week period lo mid-September. 
This followed the record drop of 
3.8 per cent in August. 

The indications are, however, 
thatl he growth in sterling M3 — 
thet figures will be published 


next week — may be rather 
greater than the increase in 
eligible liabilities. This will 
bring it closer to the official 
target levels for the current 
financial year. 

After a fall of 1 per cent in 
hanking August, sterling M3 had 
increased during the first four 
months of the year at an annual 
rate of only just over 34 per 
cent, well below the target range 
of 8-12 per cent. 

Last month's figures may have 
been influenced by further move- 
ments of funds between the 
banks and the money market, 
which have the effect of holding 
down eligible liabilities but not 
money supply. 

The money stock may also have 
been boosted by the relatively 
high level of Government borrow- 
ing. and will be subject to a small 
upward seasonal adjustment. 

The London clearing banks 
reported that their sterling 
advances to the UK private sector 
fell by £157m during the period. 
The fall was largely in borrowing 
bv manufacturing industries. 

'It was in line with the seasonal 
expectation. and therefore 
suggested that there was little or 
no further underlying growth 
during the month. 


This appeared to confirm the 
slowdown reported in August. 
The banks, however, suggested 
that the figures might understate 
the underlying trend because 
with relatively low Tates ruling 
in the money markets during the 
period, larger customers con 
tinued to switch their borrowing 
away from overdraft finance. 

The clearing banks reported a 
£39 Ln rise in sterling deposits of 
the UK private sector, which 
after allowing for an expected 
seasonal fall, suggested a rather 
higher underlying increase. 

This increase was difficult to 
reconcile with the fall in eligible 
liabilities, and may indicate that 
there were other factors at work 
which could also influence the 
money stock. 

The banking system as a whole 
recorded a decline in its interest- 
bearing eligible liabilities, the 
key to the corset controls, by 
£l20m to £2$.15bn. 

As a result, the banks remained 
well within the growth limits 
under the corset September was 
the second of three months which 
count towards the average on 
which any penalties under the 
corset will be imposed. 

Table Page 10 

Editorial comment Page 18 


Profit squeeze, 
capital spending 
hit companies 

8Y PETER RIDDELL, ECONOMICS CORRESPONDENT 


CBI will reassess backing 
for pay limit 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE CONFEDERATION of 
British Industry's support for the 
Government's 5 per cent pay 
limit is to be reassessed during 
the coming week before indus- 
trialists meet Mr. Denis Healey, 
Chancellor of the Exchequer. 

It seems likely that the con- 
federation will have to amend its 
broad endorsement for the limit 
in the light of the willingness 
of some of its leading member 
companies— such as British 
Oxygen and Ford Motor— to offer 
more. 

Yesterday Mr. John Greeen- 
borough. the confederation's 
president, said during a visit to 
Birmingham that the rigidity of 
the Government’s 5 per cent limit 
was “unrealistic.” There had to 
be more flexibility within an 
overall target of holding infla- 
tion to 7J per cent for another 
year. 

However there are differing 
views among leading companies 
about the extent of such flexi- 



UK TODAY 
CLOUDY with rain. 

London, S.E. England, E. Anglia, 
Cent. S. England. E. Midlands, 
E. England. Cent. N. England 
• Bright intervals, heavy showers. 
Max. 19C <66F>. 

"W. Midlands, Channel Islands, 
S.W. England, S. Wales, N. Wales 
Heavy rain, becoming brighter. 
Max. ISC (64F). 

Ni England, Borders, Edin- 
burgh, Dundee. Aberdeen, Moray 
Firth 

Bright intervals, heavy rain 
later. Max. 16C. (61F). 

N.W. England, Lake District. Isle 
of Man. S.W. Scotland, Glasgow, 
CenL Highlands, Argyll. N. Ire- 
land 

Cloudy, showers or iieavy rain. 
Max. 15C (59Fj. 

NX. Scotland. N.W. Scotland, 
Orkney and Shetland 
Cloudy, some heavv rain. Max. 
11-13C I52F-55F i. 

Outlook: Sunny intervals and 
showers. local night fog. Becom- 
ing less warm. 


BUSINESS CENTRES 


sane) 


Vrtay , 



Y’day ! 

'path 

midday 
°C 9 F 


midday - 1 

r r »fi 

Th 

Amstrdm. F 

SO 

6 S 

Litxemhg; 

F 

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68 


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S 4 

73 

Madrid 

S 

25 

77 

fUcc 

Bahrain S 

31 

8 S ; 

Manohstr. 

C 

16 

61 

bein; 

Barcelona F 

2 

72 

Melbourne 

R 

16 

61 

state 

H 

11 

52 . 

Milan 

S 

19 

M 


Belgrade S 

SI 

<n 

Montreal 

C 

15 

59 

rnai 

Berlin . S 

21 

70 

Moscow 

R 

11 

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a r- 

BinnRbm. C. 

IT 

£1 

Munlcb 

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15 

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Souf 

Brisbane Sh 19 

B* 

Newcastle 

C 

11 

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surpl 

Bristol C 

IS 

64 ' 

New York 

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15 

59 


Brussels F 

SI 

70 

Oslo 

C 

9 

49 

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Budapest S 

SO 

eg 

Paris • 

F 

21 

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has r 

B. Aires S 

34 

73 

Ferth 

F 

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79 


Cairo S 

34 

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Praijoe 

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Cardl C 

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59 

ReyldavDr 

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45 

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Chicago C 

IG 

SI 1 

Rio de J'o 

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Cologne F 

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Rome 

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n. 

72 

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CorahaAO. C 

14 

57 ' 

Singapore 

s 

39 

84 

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Dublin R 

IS 

54 

Stockholm 

c 

11 

52 

Sion. 

Edinburgh C 

It 

55 i 

SLrjsbrg. 

s 

19 

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year. 

Frankfurt R 

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OS 

Sydney 

p 

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73 

Geneva S 

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so! 

Tehran 

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Glasgow C 

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571 

Tel Aviy 

s 

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51 

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Helsinki R 

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Tokyo 

c 

20 

68 


II. Kong S 

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Toronto 

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JoTjutb S 

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Vienna 

s 

21 

70 

Horv 

Lisbon C 

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Warsaw 

K 

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London F 

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| Zorich 

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be tl 

HOLIDAY RESORTS 



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midday 



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Jersey . 

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F 

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73 

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Bordeaux F 

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Malaga 

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Nairobi 

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Cape To. C 

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Naples 

s 

22 

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sot } 1 

Corfu S 

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Nice 

s 

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Dubrovnik 5 

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Nicosia 

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Faro F 

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73 : Oporto 

F 

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Florence S 

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Rhodes 

S 

26 

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dard 

Funchal C 

iv 

S 3 1 Salzburg 

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Gibraltar C 

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1 Tangier 

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Guernsey C 

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fi— Sunny. F— Fur. 

C— Cloudy. 

_r» n rrlf 

R— Rain, j 


hility. Some only want to be able 
to vary the size of rises for indi- 
vidual groups of workers within 
an overall settlement limit of 5 
per cenL Others, like British Oxy- 
gen. want the flexibility to in- 
clude raising the general level 
of settlements. 

Because oF this the talks with 
Mr. Healey are unlikely to take 
place before the issue is debated 
at the monthly meeting of the 
confederation s ccuncil next Wed- 
nesday. Industrialists who intend 
to stress the need for longer- 
term pay reforms, hope that by 
then some progress may have 
been made by the Government 
in the talks with the TUC that 
began last night 

The meeting was arranged fol- 
lowing informal talks between 
Mr. Healey- and Sir John 
Methven, the confederation's 
director general, at the National 
Economic Development Council 
meeting on Monday. 

A confederation spokesman 
last night refused to comment on 
the progress of pay negotiations 
in individual companies; but Mr. 
Greenborough showed in 


Birmingham that there is 
general concern that the pay 
limit should not be raised too 
far too quickly. 

“With Ford, the unions say 
they will take the national 
interest into account and one 
hopes that what comes out of 
that will not be too far removed 
from the national average 
figure.” he* declared. 

So far the prospect of higher 
pay offers has not been reflected 
in figures collated by the con 
federation's pay data bank. By 
the end of last week the ecu 
federation had reports of 40 
settlements covering 430,000 
people, mostly for around 5 per 
cent. There were 56 claims 
covering 1.25m workers, and 
most of these would add more 
than 20 per cent to labour costs 

The Association of British 
Chambers of Commerce last 
night said it wanted to meet the 
Prime Minister to discuss the 
pay policy and the National Con- 
sumer Council wrote to Mr. 
Healey saying there soould be no 
general increase in pay beyond 
5 per cent. 


Plessey executive leaves 
to take Vickers post 


BY PAUL TAYLOR 

DR. BILL WILLETTS, chairman 
of Plessey Telecommunications 
International a deputy chief 
executive and Board member of 
the Plessey Group, has resigned 
to become an assistant managing 
director of Vickers and a mem- 
ber of the Vickers Board. 

Announcement of the surprise 
Boardroom changes came in 
statements from Plessey and 
Vickers yesterday. Dr. Willetts 
will join Vickers rfom November 
1 but wil Ireraain in his posts 
with the Plessey Group until 
November 30. 

It is understood that Dr. Wil- 
letts accepted the Vickers job 
some time ago after an approach 
from the company. 

Last night, Sir John Clark, 
chairman of Plessey, said Dr. 
Willetts’ decision to leave the 
group had been accepted “with 
regret” He said Dr. Willetts 
had given “unstinting dedicated 
effort not noly to the company 
but also to the telecommunica- 
tions industry” for more than 10 
years. 

Sir John said: “We shall- miss 
him greatly and we extend to 
him our best wishes for con- 
tinued success.” The company 
denied that there had been any 
policy disagreement between Dr. 


Willetts and his fellow Board 
members and said tbe parting 
was "amicable.’’ 

Dr. Willetts joined Plessey 
from Massey Ferguson where he 
was deputy managing director. 
Previously he had worked with 
Vickers-Armstrongs and Vickers- 
Arm strongs (Engineers) from 
1954 to 1958. 

He has been in charge of Ples- 
sey Telecommunications since 
August 196S and a main board 
director of the group since 
December 1969. He was 
appointed a deputy chief execu- 
tive of the Plessey Group in 
January 1976. 

Mr. Desmond Pitcher, formerly 
managing director of Leyland 
vehicles, who was appointed man- 
aging director of Plessey Tele- 
communications International 
last month and took up his 
duties on October 1, will share 
the running of the telecommuni- 
cations subsidiary with Sir John, 
who will become chairman when 
Dr. Willetts leaves at the end of 
next month. At Vickers, Dr. 
Willetts, aged 51. will share the 
post of assistant managing 
director with Mr. Jim Hendin, 
who has held tbe position sauce 
1976. 

Feature, Page 18 


Continued from Page 1 


Mrs. Thatcher takes 
a tough line 


greater flexibility. The aim of 
the next Conservative Govern- 
ment wonld be to lead Britain 
away from the “damaging cycle” 
of strict pay limits followed by 
periods of excessive and leap- 
frogging settlements. 

“ This vicious circle has 
soured industrial relations and 
held ns all back. We must 

encourage realistic and respons- 
ible collective bargaining.” 

That was why. the country 
needed a Government that would 
pursue sound and consistent 
economic policies, and a Govern- 
ment which would be far more 
open in its assumptions about 
the economy. 

Mr, Prior believed the past 


few weeks had witnessed - the 
explosion of a carefully cultivated 
myth that only a Labour Govern- 
ment could work with the trade 
unions. 

“It is healthier that the 
country should recognise this, 
and judge the Government of tbe 
day accordingly," he said. 

He pledged that although 
opposed to the 5 per cent pay 
guideline, the party would not 
seek to undermine the Govern- 
ment's attempts in the coming 
session to restrain wage demands. 

He, like Mrs. Thatcher, con- 
demned the decision of the Ford 
workers to strike while still sub- 
ject to a wages agreement. 


THE FINANCIAL POSITION of 
industry deteriorated signifi- 
cantly in the summer to its worst 
level for four years as a result 
of a squeeze on profits and 
higher capital spending. 

Accounts of industrial and 
commercial companies, pub- 
lished yesterday by tbe Central 
Statistical Office, indicate a 
financial deficit of £1.41bn in tbe 
three montbs to tbe end of Sep-- 
tember, against £545 m in the 
previous quarter. This is by far 
the highest quarterly deficit since 
the corporate liquidity squeeze 
of early 1974. 

Indicator 

The company sector’s financial 
balance is the undistributed in- 
come left after allowing for 
taxes, dividends, increase in 
value and volume of stocks of 
goods and materials, and fixed 
capital spending. 

This is widely regarded as an 
indicator of the financial health 
of companies; a deficit shows the 
amount companies have to raise 
externally.- normally by bank 
borrowings. 

Tbe financial balance would 
normally be expected to 
deteriorate when economic 
activity and investment are 
rising, but the extent of this 
year’s rise in the deficit has been 
surprising. 

In the first half of this year 
industrial and commercial com- 
panies had a financial deficit of 
£1.95bn. on a seasonally-adjusted 
basis, compared with £666m in 
the previous half-year. 

This principally reflected an 
increase of nearly £SQ0m in 
expenditure on fixed capital and 
of an additional £500m for stock- 
building. with little change in 
gross profits. 


- The decline in profits became 
clearly apparent in the second 
quarter. After allowing for the 
increase in value of stocks, gross 
trading profits of industrial and 
commercial companies fell by 

13.5 per cent to £3.22hn from 
tbe first to the second quarters, 

But there was a deeline of 

16.5 per cent after excluding 
profits from North Sea oil and 
gas activities, which acconnt for 
about a sixth of the totaL 

On a six-month comparison. 
North Sea profits, net of stock 
appreciation, were more than 
20 per cent higher, while other 
profits were 3i per cent lower. 
This may reflect intense competi- 
tion in some markets and tbe 
effects of the rise in sterling. 

The prospects for company- 
sector finances remain unclear, 
though the slowdown in growth 
in bank lending in the last two 
months after the sharp increase 
earlier in the summer suggests 
that there may not have been a 
further deterioration in the third 
quarter. 

Stock values 

Although capital investment is 
likely to have risen further, 
there is unlikely to have been a 
rise in stock values or volume 
on the scale of tbe first half. 

The CBI noted before tbe 
latest figure that “with a poor 
outlook for profits ” the " unsatis- 
factory ” financial position of 
companies could be expected to 
continue. 

Development in internally- 
generated funds available for 
distribution, capital expenditure 
or stockbuilding are best in- 
dicated by changes is total dis- 
posable income. There was a fall 
of about £200m to £5S3bn 
between the second half of 1977 
and the first half of this year. 


Central Government 
borrowing doubles 


BY PETER RIDDELL 

CENTRAL GOVERNMENT bor- 
rowing rose sharply last month 
and. over the first half of the 
1978-79 financial year has been 
more than double the level of 
the same period last year. 

Treasury officials do not be- 
lieve that there is yet any reason 
to revise the forecasts made in 
the April budget for borrowing 
either by the Government or by 
tbe public sector as a whole 
since borrowing may be lower in 
the second half of this financial 
year. 

The Treasury announced yes- 
terday that Government borrow- 
ing last month was £L25bn com- 
pared with £506m a year ago. In 
the first six months of tbe finan- 
cial year, borrowing was £4.88bn, 
compared with £2.01bn in the 
same period a year ago. A rise 
of 79.1 per cent for the whole 
financial year was forecast in 
tbe budget. 

The discrepancy arises in part 
from differences in the timing of 
tax cuts between tbe periods. 
Last year, for example, a large 
part of the tax cuts, in particu- 
lar those announced in- the late 
October budget did not come 
through until the second half, 
whereas this year, most of the 
cuts have already come into 
effect. - ■ 

Accordingly, Consolidated Fund 
receipts — up 8 per cent in the 
first half of the financial year — 
are officially expected to Increase 
by about the forecast level of 10 
per cent by the end of 1978-79. 
It is possible the rise.;cou!d be 
larger since earnings are increas- 
ing by slightly more than was 
assumed in April. - - 

The expenditure side is rather 
more worrying. Although ex- 
penditure on supply services — 
the main departmental pro- 


grammes— has been rising by 15 
per cent, as expected, total 
Consolidated Fund spending has 
so far increased by roughly 19 
per cent, compared with the 
projected rise of 17 per cent for 
the full financial year. 

This is mainly because of a 
doubling over six months to 
£L67bn in spending on the ser- 
vice of the National Debt This 
may have partially represented 
changes in timing but there has 
also probably been a larger than 
expected level of interest pay- 
ments on a higher volume of 
debt as a result of the rise in 
interest rates since the spring. 

The other features of tbe 
government accounts are more 
in line with expectations. 
Nationalised industries have 
borrowed a net £314m in the 
first half of the financial year, in 
contrast with repayments of 
£4S4m in tbe same, period last 
year. This partly reflected a 
switch to the central government 
to finance the repayment of 
overseas market loans with no 
net overall effect on public 
borrowing. 

There baa been a sharp redac- 
tion in local authority borrowing 
from the government so far this 
year and there are tentative in- 
dications that there may not 
have been a corresponding rise 
in borrowing from the market 

Although some City analysts 
were puzzled by yesterday’s 
figures — and slightly disturbed 
by the size of the debt interest 
payments — the view until now 
has been that public sector bor- 
rowing should be up to £lbn 
less than the £8.5bn ceiling for 
this year. It has been suggested 
that any rise in debt interest 
could be offset towards the end 

of* the year by buoyant 
revenues, 


Management company 
planned for Lloyds 


BY MICHAEL BLANDEN 

LLOYDS BANK plans to set up 
a new wholly-owned management 
company to be responsible for 
the operations of its clearing 
bank in the UK. 

The company is intended to 
come into operation at tbe begin- 
ning of next year. Following the 
change, the main -Board of 
Lloyds wil operate as a group 
Board devoted to overall policy 
and strategy. 

The new man age men t company 
will concentrate on the control 
and development of the UK clear- 
ing bank business, reporting to 
the group Board on the same 
lines as tbe Lloyds Bank Inter- 
national and other main sub- 
sidiaries. 

Announcing the . proposal 
yesterday. Sir Jeremy Morse, 
chairman of Lloyds, said: “At 
the present time the. Board of 
Lloyds Bank has a dual role. It 
bears the overall responsibility 
for the Lloyds Bank Group as a 
whole, and it also controls and 
supervises the clearing bank in 
the UK.” 

Following the rapid expansion 

of the hank ia recent years — 


both internationally and in the 
range of services offered, he 
added — the directors, believed “it 
wonld now be better to separate 
the two roles of tbe present 
board.” 

Undr the proposed reorganisa- 
tion, Sir Jeremy would remain 
chairman of the parent company 
and would also be chairman of 
the new company. The directors 
of the present main- board would 
be divided between the new 
group board and the new 
management company, with 
some on both. 

The bank also proposes to 
appoint some senior executives 
as directors of the new manage- 
ment company. It is not intended 
to transfer the assets and 
liabilities of Lloyds Bank to the 
management company. 

The proposals will require an 
amendment to the company's 
artices of association, which is 
to be considered at an extra- 
ordinary general meeting <m 
November 3. . 

News Analysis Page X. 



of the 


Sr.m 


The only surprise about the 
Treasury’s (damp down on th? 
use of preference scrip issues-as 
a way around dividend controls 
is that it did not come earlier.. 
Deso utter Brothers started;, the 
ball rolling 18 months ago with 
a scheme- that was primarily 
devised to enable major share- 
holders to realise capital from 
the business without diluting' 
their voting controL They were' 
as surprised as anyone else-to 
find that the Treasury did not 
set the dividend received on the 
preference scrip off against the 
payment on the ordinary when 
calculating the permitted "divi- 
dend increase. . ' . 

Since then the use of this 
device has become increasingly 
blatant, culminating at the. god 
of last month with ah" issue from 
Campari which gave share-, 
holders a once for -an of 
65 per cent , in annuals pash , 
income. It is fair to assume tbat 
this was tbe one that finally 
stirred the Treasury into action. 

Scrips which have already 
been declared though not yet 
issued will pass through the 
net, . altho ugh . the . .mere 
announcement of fan intention 
will not be enough. The^Issue 
of stock for cash at a ’deep 
discount will also be caught by 
the " new order., though: . tire 
Treasury will be prepared to 
approve what it regards as a 
genuine . discount for capital 
raising purposes. 

So the preference share 
market, after its brief glimpse 
of excitement, may now sink 
back into obscurity. It is hard 
to see the institutions allowing 
controlling shareholders totake 
out capital in . the form of 
preference stock if that is going 
to damage dividend prospects 
on the ordinaiy- 
However, most of the likely 
candidates have already had 
plenty of time to get through 
the loophole. And yesterday’s 
order does not marie a tougher 
attitude by the authorities, who 
already have quite enough on 
their plate in working out the 
new dividend cover provision. 


Index fell 0.9 to 509.3 


Gilt-edged 

The gilt-edged market was 
resolutely unmoved by yester- 
day’s salvo of statistics. The 
September banking figures defy 
extrapolation, if only because 
the shift in private sector bor- 
rowing from the clearing banks 
may have been reversed in the 
current month as money market 
rates have risen and made over- 
draft borrowing more attractive. 
The banks have become so adept 
at disposing of Ibeis that the 
corset has been left high and 
dry. 

Reaction to the banking 
figures blight have been more 
enthusiastic had the very large - 
Central Government Borrowing 
Requirement (£lJJ5bn for 
September) not been published 
simultaneously. Undershooting 
of the £7.94bn target for 
1978-79 looks increasingly 
unlikely, which is no comfort 
for a market already too - 
conscious of the weight of 
funding to be done. 

Treasury bill rates . are* . if 
anything, still creeping up from 
last week's tender levels. 
Sterling CDs. however* now 
yield less in the one year 
position than in the six months; 
but this may reflect expecta- 
tions that banks, constrained by 
the corset will be issuing fewer 
CDs rather than that money 
rates will be falling in six 
months. 

While the gilts market tries 
to extract a forecast for Sep- 
tember sterling m3 growth from 
the banking figures— something 
of the order of I per cent was 
being canvassed — the equity 
market had to come to terms 
with a sharp worsening of the 1 
corporate sector’s financial posi- 
tion. The sector’s financial de- 
ficit of £L4bn in the second 
quarter compares with £545m 




in the first quarter 
in' the whole 
1977.. The figureg are _ 
significant revision 
stand and taken_With,Qie.^\_ 
they tell an unsettling 

Grattan 

Interim figures ■froia-t 
Warehouses 'are ' in stark 
trast "■with the buoyant^! 
reported by . Freemans ,'u^l 
day.' After .several 
declining marketsbare 
Grattan. ' could produce i-i 
first six months -of .'ifisfc 
year was a 6 per cent 
in sales. So volumeLhas aS 
declined further — m vaz-v 
during-" which sales 
the mail order indq^yHSf 
about 7 per cent Oplyexpeflf 
seem to"h a.v eL be enup to tsj* 
tatiohs,' The net result a;^' 
Grattan's intefifirpro^Lpr^ 
are down 27, per -emit to.f^ 

- There seems -to be jap- ^ 
cause for the present riaMt:* 
Grattan's sprir^/simunerja 
logue got off to ‘a gobtf:^ 
bqt then- just faded 
tbe problem niay have beegj 
company’s less aggressive,-® 
tude to getting new’ -asetas 
a time when the • competition}, 
been pressing hard. 
have been .warehpus&.^nt 
ciency, or just poor (^cpiftj, • 
Whatever .the, : rear: 
Grattan's board Is hour. sep* " 
three-year programme toggB 
the; recent depressing-' reaT 
A bigger catalogue; moreaga 
keener. pricing, sales Hcompoi 
isation and better distrtttf’^ 
systems are among the r&aed 

Bdt; the fitst. 
these: will- be higher esprit 
So Grattan will do well tflri 
£10m pretax for the yetfSfc 
£llBm last time. H is ^ 
to recall that- this compass 
made £10m profit five seas: i 
Grattan’s shares droprifjfe 
yesterday to close at 
a prospective fully 
of about lO, and a yield 3 
cent.' 


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The super-rich, have their own ways of fighting rnffa fidil 
And the people at the other end of the scale seem to get reguS ’ 
wage rises. - 

But the people in the middle are feeling the fuH force- > 
of inflation. 

We know howyou feeLWhatfs more we aim to help yutZ 
do something about it-the same way we've beenhelping V 

people like you for fortyyeto now: • 

With an excellent range of schemes and funds to help : 
your money fight back. 

Over the years weVe had a great deal of suecess ih; , 

helping over 98,000 unit trust holders; . - 

And perhaps we have exactly the right scheme foryoS?: 

But wed rather you first sought the impartial and ' , . {A; 
expert advice of your professional adviser 

If he thinks wetetkerightu^^ ’ 

porbQjs we can get together and work out a plan pi attack . 
on mflation,and defence of yourway of life. 


•*» K ^ * £ 

I 




“WERE ON TOUR SIDE’ 

ALU£D HA-^BROCROUP, 41 Bl&HOl*3GATE^«XDON EC2P2AA. 


Press fir irt MUM.* 

W - limes UiL, nractea. Houso, Cjddm street, London, SC4P «Y. 

C 3S» Financial m ajg